# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-26-003782
**Filing Date:** 2026-1
**Character Count:** 666262
**Document Hash:** 5d1f303a8244ace9ef124d7fe31ff34e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-003782.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001193125-26-003782

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iSHARES TRUST
- **CENTRAL INDEX KEY:** 0001100663

**ORGANIZATION NAME:**
- **EIN:** 943351276
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09729
- **FILM NUMBER:** 26510037

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES TRUST
- **DATE OF NAME CHANGE:** 19991213

## Series and Classes Contracts Data

### iShares Select Dividend ETF (Series ID: S000004334)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000012064 | iShares Select Dividend ETF | DVY             |

### iShares Morningstar U.S. Equity ETF (Series ID: S000004367)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000012097 | iShares Morningstar U.S. Equity ETF | ILCB            |

### iShares Morningstar Value ETF (Series ID: S000004369)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000012099 | iShares Morningstar Value ETF | ILCV            |

### iShares Morningstar Mid-Cap Value ETF (Series ID: S000004432)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000012195 | iShares Morningstar Mid-Cap Value ETF | IMCV            |

### iShares Morningstar Small-Cap ETF (Series ID: S000004433)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000012196 | iShares Morningstar Small-Cap ETF | ISCB            |

### iShares Core U.S. REIT ETF (Series ID: S000015627)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000042588 | iShares Core U.S. REIT ETF | USRT            |

### iShares Core High Dividend ETF (Series ID: S000031844)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000099165 | iShares Core High Dividend ETF | HDV             |

### iShares Core Dividend Growth ETF (Series ID: S000045648)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000141931 | iShares Core Dividend Growth ETF | DGRO            |

### iShares Core Dividend ETF (Series ID: S000059298)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000194634 | iShares Core Dividend ETF | DIVB            |

?xml version='1.0' encoding='ASCII'? iShares Trust

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:

&nbsp;&nbsp;&nbsp;&nbsp;(415) 670-2000

Date of fiscal year end:

04/30/2026

Date of reporting period:

10/31/2025

Item 1 — Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith

![TSR - iShares Fund Logo](g34007images_29995.jpg)

### iShares Core U.S. REIT ETF

### USRT \| NYSE Arca

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares Core U.S. REIT ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| iShares Core U.S. REIT ETF | $4 | 0.08%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3131101800 |
| Number of Portfolio Holdings | &nbsp;&nbsp;136 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Specialized REITs | 27.2% |
| Health Care REITs | 18.1% |
| Retail REITs | 17.0% |
| Residential REITs | 15.2% |
| Industrial REITs | 12.9% |
| Office REITs | 4.3% |
| Diversified REITs | 2.7% |
| Hotel & Resort REITs | 2.6% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Welltower, Inc. | 8.7% |
| Prologis, Inc. | 8.3% |
| Equinix, Inc. | 6.3% |
| Simon Property Group, Inc. | 4.5% |
| Digital Realty Trust, Inc. | 4.4% |
| Realty Income Corp. | 4.3% |
| Public Storage | 3.9% |
| Ventas, Inc. | 3.1% |
| VICI Properties, Inc. | 2.9% |
| Iron Mountain, Inc. | 2.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g34007images_29993.jpg)

iShares Core U.S. REIT ETF

Semi-Annual Shareholder Report — October 31, 2025

USRT-10/25-SAR

![TSR - iShares Fund Logo](g34007images_29995.jpg)

### iShares Core Dividend ETF

### DIVB \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares Core Dividend ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| iShares Core Dividend ETF | $3 | 0.05%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1093763854 |
| Number of Portfolio Holdings | &nbsp;&nbsp;439 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 26.0% |
| Financials | 20.3% |
| Industrials | 10.3% |
| Health Care | 9.4% |
| Consumer Staples | 9.3% |
| Energy | 8.1% |
| Consumer Discretionary | 5.1% |
| Communication Services | 3.9% |
| Real Estate | 2.9% |
| Utilities | 2.6% |
| Materials | 2.1% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Cisco Systems, Inc. | 5.3% |
| Exxon Mobil Corp. | 4.0% |
| QUALCOMM, Inc. | 3.8% |
| JPMorgan Chase & Co. | 3.7% |
| International Business Machines Corp. | 3.0% |
| Accenture PLC, Class A | 2.6% |
| Wells Fargo & Co. | 2.3% |
| Dell Technologies, Inc., Class C | 2.1% |
| Bank of America Corp. | 2.0% |
| Texas Instruments, Inc. | 1.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g34007images_29993.jpg)

iShares Core Dividend ETF

Semi-Annual Shareholder Report — October 31, 2025

DIVB-10/25-SAR

![TSR - iShares Fund Logo](g34007images_29995.jpg)

### iShares Core Dividend Growth ETF

### DGRO \| NYSE Arca

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares Core Dividend Growth ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| iShares Core Dividend Growth ETF | $4 | 0.08%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$34571460076 |
| Number of Portfolio Holdings | &nbsp;&nbsp;403 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 19.8% |
| Information Technology | 19.0% |
| Health Care | 17.3% |
| Consumer Staples | 11.3% |
| Industrials | 11.2% |
| Utilities | 7.2% |
| Consumer Discretionary | 5.3% |
| Energy | 5.1% |
| Materials | 2.7% |
| Communication Services | 1.1% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Apple Inc. | 3.3% |
| JPMorgan Chase & Co. | 3.1% |
| Johnson & Johnson | 3.1% |
| Microsoft Corp. | 3.1% |
| Exxon Mobil Corp. | 3.0% |
| AbbVie, Inc. | 2.8% |
| Broadcom, Inc. | 2.7% |
| Procter & Gamble Co. (The) | 2.2% |
| UnitedHealth Group, Inc. | 2.0% |
| Home Depot, Inc. (The) | 1.9% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g34007images_29993.jpg)

iShares Core Dividend Growth ETF

Semi-Annual Shareholder Report — October 31, 2025

DGRO-10/25-SAR

![TSR - iShares Fund Logo](g34007images_29995.jpg)

### iShares Core High Dividend ETF

### HDV \| NYSE Arca

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares Core High Dividend ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| iShares Core High Dividend ETF | $4 | 0.08%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$11278802054 |
| Number of Portfolio Holdings | &nbsp;&nbsp;79 |
| Portfolio Turnover Rate | &nbsp;&nbsp;35% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Consumer Staples | 24.6% |
| Energy | 22.2% |
| Health Care | 21.0% |
| Utilities | 9.4% |
| Consumer Discretionary | 6.2% |
| Information Technology | 5.8% |
| Communication Services | 3.5% |
| Financials | 3.3% |
| Industrials | 3.0% |
| Materials | 1.0% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Exxon Mobil Corp. | 8.9% |
| Chevron Corp. | 6.8% |
| Johnson & Johnson | 6.7% |
| AbbVie, Inc. | 6.1% |
| Procter & Gamble Co. (The) | 4.8% |
| Home Depot, Inc. (The) | 4.2% |
| Coca-Cola Co. (The) | 4.1% |
| Merck & Co., Inc. | 4.1% |
| PepsiCo, Inc. | 4.1% |
| Philip Morris International, Inc. | 3.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g34007images_29993.jpg)

iShares Core High Dividend ETF

Semi-Annual Shareholder Report — October 31, 2025

HDV-10/25-SAR

![TSR - iShares Fund Logo](g34007images_29995.jpg)

### iShares Select Dividend ETF

### DVY \| NASDAQ

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares Select Dividend ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| iShares Select Dividend ETF | $20 | 0.38%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$20359905314 |
| Number of Portfolio Holdings | &nbsp;&nbsp;104 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Utilities | 26.2% |
| Financials | 25.9% |
| Consumer Staples | 10.5% |
| Consumer Discretionary | 7.3% |
| Energy | 5.9% |
| Materials | 5.7% |
| Information Technology | 5.6% |
| Communication Services | 5.4% |
| Health Care | 5.3% |
| Industrials | 2.2% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Ford Motor Co. | 2.7% |
| Seagate Technology Holdings PLC | 2.4% |
| Altria Group, Inc. | 2.3% |
| Edison International | 1.9% |
| Pfizer, Inc. | 1.9% |
| Eversource Energy | 1.8% |
| Verizon Communications, Inc. | 1.8% |
| Archer-Daniels-Midland Co. | 1.7% |
| KeyCorp | 1.6% |
| Dominion Energy, Inc. | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g34007images_29993.jpg)

iShares Select Dividend ETF

Semi-Annual Shareholder Report — October 31, 2025

DVY-10/25-SAR

![TSR - iShares Fund Logo](g34007images_29995.jpg)

### iShares Morningstar Mid-Cap Value ETF

### IMCV \| NASDAQ

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares Morningstar Mid-Cap Value ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| iShares Morningstar Mid-Cap Value ETF | $3 | 0.06%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$864289973 |
| Number of Portfolio Holdings | &nbsp;&nbsp;285 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 19.3% |
| Industrials | 11.8% |
| Utilities | 11.1% |
| Energy | 10.0% |
| Information Technology | 9.4% |
| Consumer Staples | 7.7% |
| Consumer Discretionary | 7.5% |
| Materials | 7.4% |
| Health Care | 7.3% |
| Real Estate | 6.0% |
| Communication Services | 2.5% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Capital One Financial Corp. | 2.4% |
| Newmont Corp. | 1.5% |
| U.S. Bancorp | 1.2% |
| CSX Corp. | 1.1% |
| General Motors Co. | 1.1% |
| American Electric Power Co., Inc. | 1.1% |
| Travelers Cos., Inc. (The) | 1.0% |
| Sempra | 1.0% |
| Marathon Petroleum Corp. | 1.0% |
| Truist Financial Corp. | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc., and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g34007images_29993.jpg)

iShares Morningstar Mid-Cap Value ETF

Semi-Annual Shareholder Report — October 31, 2025

IMCV-10/25-SAR

![TSR - iShares Fund Logo](g34007images_29995.jpg)

### iShares Morningstar Small-Cap ETF

### ISCB \| NYSE Arca

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares Morningstar Small-Cap ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| iShares Morningstar Small-Cap ETF | $2 | 0.04%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$252749612 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1556 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 20.9% |
| Financials | 15.7% |
| Information Technology | 15.3% |
| Health Care | 12.7% |
| Consumer Discretionary | 11.9% |
| Real Estate | 6.0% |
| Materials | 4.5% |
| Energy | 4.0% |
| Communication Services | 3.2% |
| Utilities | 3.1% |
| Consumer Staples | 2.7% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Credo Technology Group Holding Ltd. | 0.5% |
| Ciena Corp. | 0.5% |
| Bloom Energy Corp., Class A | 0.5% |
| Rocket Lab Corp. | 0.5% |
| Astera Labs, Inc. | 0.5% |
| Sandisk Corp. | 0.4% |
| Coherent Corp. | 0.4% |
| BWX Technologies, Inc. | 0.4% |
| nVent Electric PLC | 0.4% |
| IonQ, Inc. | 0.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc., and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g34007images_29993.jpg)

iShares Morningstar Small-Cap ETF

Semi-Annual Shareholder Report — October 31, 2025

ISCB-10/25-SAR

![TSR - iShares Fund Logo](g34007images_29995.jpg)

### iShares Morningstar U.S. Equity ETF

### ILCB \| NYSE Arca

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares Morningstar U.S. Equity ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| iShares Morningstar U.S. Equity ETF | $2 | 0.03%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1178299046 |
| Number of Portfolio Holdings | &nbsp;&nbsp;567 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 35.8% |
| Financials | 12.9% |
| Consumer Discretionary | 10.7% |
| Communication Services | 9.9% |
| Health Care | 9.1% |
| Industrials | 8.4% |
| Consumer Staples | 4.6% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Real Estate | 1.8% |
| Materials | 1.8% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| NVIDIA Corp. | 8.0% |
| Apple Inc. | 6.7% |
| Microsoft Corp. | 6.5% |
| Amazon.com, Inc. | 4.0% |
| Broadcom, Inc. | 2.9% |
| Alphabet, Inc., Class A | 2.6% |
| Meta Platforms, Inc., Class A | 2.4% |
| Alphabet, Inc., Class C, NVS | 2.2% |
| Tesla, Inc. | 2.2% |
| Berkshire Hathaway, Inc., Class B | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc., and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g34007images_29993.jpg)

iShares Morningstar U.S. Equity ETF

Semi-Annual Shareholder Report — October 31, 2025

ILCB-10/25-SAR

![TSR - iShares Fund Logo](g34007images_29995.jpg)

### iShares Morningstar Value ETF

### ILCV \| NYSE Arca

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about iShares Morningstar Value ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| iShares Morningstar Value ETF | $2 | 0.04%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1129193563 |
| Number of Portfolio Holdings | &nbsp;&nbsp;406 |
| Portfolio Turnover Rate | &nbsp;&nbsp;12% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 18.5% |
| Information Technology | 17.0% |
| Communication Services | 12.8% |
| Health Care | 12.4% |
| Consumer Discretionary | 9.3% |
| Industrials | 8.9% |
| Consumer Staples | 7.0% |
| Energy | 5.6% |
| Utilities | 3.9% |
| Materials | 2.5% |
| Real Estate | 2.1% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Apple Inc. | 7.3% |
| Alphabet, Inc., Class A | 5.9% |
| Amazon.com, Inc. | 4.3% |
| Alphabet, Inc., Class C, NVS | 3.7% |
| Berkshire Hathaway, Inc., Class B | 3.2% |
| JPMorgan Chase & Co. | 3.1% |
| Exxon Mobil Corp. | 1.8% |
| Johnson & Johnson | 1.6% |
| AbbVie, Inc. | 1.4% |
| Home Depot, Inc. (The) | 1.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc., and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - iShares Footer Logo](g34007images_29993.jpg)

iShares Morningstar Value ETF

Semi-Annual Shareholder Report — October 31, 2025

ILCV-10/25-SAR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

------

---

| | |
|:---|:---|
| ![LOGO](g34007sp1.jpg)  | **OCTOBER 31, 2025** |

---

**2025 Semi-Annual Financial**<br> **Statements and Additional**<br> **Information (Unaudited)**<br>

#### iShares Trust
• iShares Core U.S. REIT ETF \| USRT \| NYSE Arca

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Schedule of Investments](#fin134007_1) | 3 |
|  [Statement of Assets and Liabilities](#fin134007_2) | 7 |
|  [Statement of Operations](#fin134007_3) | 8 |
|  [Statements of Changes in Net Assets](#fin134007_4) | 9 |
|  [Financial Highlights](#fin134007_5) | 10 |
|  [Notes to Financial Statements](#fin134007_6) | 11 |
|  [Additional Information](#fin134007_7) | 17 |
|  [Board Review and Approval of Investment Advisory Contract](#fin134007_8) | 18 |
|  [Glossary of Terms Used in these Financial Statements](#fin134007_9) | 21 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core U.S. REIT ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Diversified REITs — 2.7%** |  |  |
|  Alexander & Baldwin, Inc. | 206908 | $3304321 |
|  Alpine Income Property Trust, Inc. | 37556 | 551322 |
|  American Assets Trust, Inc. | 147429 | 2817368 |
|  Armada Hoffler Properties, Inc. | 227552 | 1488190 |
|  Broadstone Net Lease, Inc. | 536557 | 9615101 |
|  CTO Realty Growth, Inc. | 86650 | 1445322 |
|  Essential Properties Realty Trust, Inc. | 561415 | 16775080 |
|  Gladstone Commercial Corp. | 131060 | 1498016 |
|  Global Net Lease, Inc. | 565648 | 4310238 |
|  NexPoint Diversified Real Estate Trust | 100845 | 320687 |
|  WP Carey, Inc. | 618719 | 40835454 |
|  |  | 82961099 |
| **Health Care REITs — 18.1%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 489613 | 28505269 |
|  American Healthcare REIT, Inc. | 449818 | 20385752 |
|  CareTrust REIT, Inc. | 602155 | 20864671 |
|  Community Healthcare Trust, Inc. | 78682 | 1153478 |
|  Diversified Healthcare Trust | 620100 | 2641626 |
|  Global Medical REIT, Inc. | 36435 | 1118554 |
|  Healthcare Realty Trust, Inc. | 936680 | 16597970 |
|  Healthpeak Properties, Inc. | 1978690 | 35517485 |
|  LTC Properties, Inc. | 128858 | 4520339 |
|  Medical Properties Trust, Inc. | 1424013 | 7362147 |
|  National Health Investors, Inc. | 130606 | 9731453 |
|  Omega Healthcare Investors, Inc. | 819728 | 34453168 |
|  Sabra Health Care REIT, Inc. | 671791 | 11971316 |
|  Sila Realty Trust, Inc. | 157645 | 3736186 |
|  Universal Health Realty Income Trust | 36813 | 1406993 |
|  Ventas, Inc. | 1293181 | 95423826 |
|  Welltower, Inc. | 1494676 | 270596143 |
|  |  | 565986376 |
| **Hotel & Resort REITs — 2.6%** |  |  |
|  Apple Hospitality REIT, Inc. | 633675 | 7090823 |
|  Chatham Lodging Trust | 133818 | 856435 |
|  DiamondRock Hospitality Co. | 583886 | 4565989 |
|  Host Hotels & Resorts, Inc. | 1957480 | 31358830 |
|  Park Hotels & Resorts, Inc. | 561519 | 5778031 |
|  Pebblebrook Hotel Trust<sup>(a)</sup>  | 333104 | 3484268 |
|  RLJ Lodging Trust | 420925 | 2862290 |
|  Ryman Hospitality Properties, Inc. | 174530 | 15168402 |
|  Service Properties Trust | 440425 | 942509 |
|  Summit Hotel Properties, Inc. | 312086 | 1604122 |
|  Sunstone Hotel Investors, Inc. | 538007 | 4761362 |
|  Xenia Hotels & Resorts, Inc. | 280314 | 3447862 |
|  |  | 81920923 |
| **Industrial REITs — 12.9%** |  |  |
|  Americold Realty Trust, Inc. | 814581 | 10499949 |
|  EastGroup Properties, Inc. | 151127 | 26376195 |
|  First Industrial Realty Trust, Inc. | 365330 | 20195442 |
|  Industrial Logistics Properties Trust | 153876 | 812465 |
|  Innovative Industrial Properties, Inc. | 78679 | 3945752 |
|  Lineage, Inc. | 201609 | 7943395 |
|  LXP Industrial Trust | 824803 | 7827380 |
|  One Liberty Properties, Inc. | 52151 | 1047714 |
|  Plymouth Industrial REIT, Inc. | 115906 | 2549932 |
|  Prologis, Inc. | 2076792 | 257709119 |
|  Rexford Industrial Realty, Inc. | 676499 | 27952939 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Industrial REITs (continued)** |  |  |
|  STAG Industrial, Inc. | 532843 | $20391902 |
|  Terreno Realty Corp. | 288984 | 16509656 |
|  |  | 403761840 |
| **Office REITs — 4.3%** |  |  |
|  Brandywine Realty Trust | 489345 | 1678453 |
|  BXP, Inc. | 452120 | 32186423 |
|  City Office REIT, Inc. | 111241 | 767563 |
|  COPT Defense Properties | 322358 | 9080825 |
|  Cousins Properties, Inc. | 476314 | 12350822 |
|  Douglas Emmett, Inc. | 408066 | 5280374 |
|  Easterly Government Properties, Inc. | 116784 | 2524870 |
|  Empire State Realty Trust, Inc., Class A | 389925 | 2881546 |
|  Highwoods Properties, Inc. | 302971 | 8674060 |
|  Hudson Pacific Properties, Inc.<sup>(b)</sup>  | 1054907 | 2573973 |
|  JBG SMITH Properties | 176301 | 3436107 |
|  Kilroy Realty Corp. | 334799 | 14145258 |
|  NET Lease Office Properties | 42775 | 1255446 |
|  Orion Properties, Inc. | 147653 | 364703 |
|  Paramount Group, Inc.<sup>(b)</sup>  | 527714 | 3451250 |
|  Peakstone Realty Trust, Class E | 104795 | 1415780 |
|  Piedmont Realty Trust, Inc., Class A | 352408 | 2840408 |
|  Postal Realty Trust, Inc., Class A | 64094 | 949232 |
|  SL Green Realty Corp. | 203025 | 10425334 |
|  Vornado Realty Trust | 503430 | 19100134 |
|  |  | 135382561 |
| **Residential REITs — 15.1%** |  |  |
|  American Homes 4 Rent, Class A | 975279 | 30818816 |
|  Apartment Investment & Management Co., Class A | 374834 | 1994117 |
|  AvalonBay Communities, Inc. | 405954 | 70603520 |
|  BRT Apartments Corp. | 32420 | 476898 |
|  Camden Property Trust | 306798 | 30520265 |
|  Centerspace | 47774 | 2830610 |
|  Elme Communities | 249266 | 4100426 |
|  Equity LifeStyle Properties, Inc. | 548447 | 33482689 |
|  Equity Residential | 1081164 | 64264388 |
|  Essex Property Trust, Inc. | 181924 | 45803005 |
|  Independence Realty Trust, Inc. | 664760 | 10589627 |
|  Invitation Homes, Inc. | 1746587 | 49166424 |
|  Mid-America Apartment Communities, Inc. | 332142 | 42590569 |
|  NexPoint Residential Trust, Inc. | 63511 | 1947882 |
|  Sun Communities, Inc. | 360667 | 45660442 |
|  UDR, Inc. | 943030 | 31770681 |
|  UMH Properties, Inc. | 224576 | 3265335 |
|  Veris Residential, Inc. | 223770 | 3213337 |
|  |  | 473099031 |
| **Retail REITs — 16.9%** |  |  |
|  Acadia Realty Trust | 372873 | 7110688 |
|  Agree Realty Corp. | 309008 | 22560674 |
|  Alexander's, Inc. | 6148 | 1358278 |
|  Brixmor Property Group, Inc. | 869039 | 22734060 |
|  CBL & Associates Properties, Inc. | 51589 | 1525487 |
|  Curbline Properties Corp. | 275459 | 6352085 |
|  Federal Realty Investment Trust | 242814 | 23356279 |
|  FrontView REIT, Inc. | 54812 | 729000 |
|  Getty Realty Corp. | 149623 | 4104159 |
|  InvenTrust Properties Corp. | 220824 | 6050578 |
|  Kimco Realty Corp. | 1907467 | 39408268 |
|  Kite Realty Group Trust | 624037 | 13816179 |
|  Macerich Co. (The) | 717602 | 12306874 |
|  NETSTREIT Corp. | 268004 | 4990234 |
|  NNN REIT, Inc. | 533746 | 21595363 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core U.S. REIT ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Retail REITs (continued)** |  |  |
|  Phillips Edison & Co., Inc. | 356800 | $12074112 |
|  Realty Income Corp. | 2301783 | 133457378 |
|  Regency Centers Corp. | 515636 | 35553102 |
|  Saul Centers, Inc. | 34971 | 1035491 |
|  Simon Property Group, Inc. | 796712 | 140030101 |
|  SITE Centers Corp. | 143026 | 1048381 |
|  Tanger, Inc. | 316120 | 10292867 |
|  Urban Edge Properties | 359426 | 6911762 |
|  Whitestone REIT | 128288 | 1608732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530010132 |
| **Specialized REITs — 27.2%** |  |  |
|  CubeSmart | 646140 | 24340094 |
|  Digital Realty Trust, Inc. | 808501 | 137776656 |
|  EPR Properties | 213169 | 10449544 |
|  Equinix, Inc. | 233723 | 197731995 |
|  Extra Space Storage, Inc. | 601374 | 80307484 |
|  Farmland Partners, Inc. | 117437 | 1177893 |
|  Four Corners Property Trust, Inc. | 281924 | 6664683 |
|  Gaming & Leisure Properties, Inc. | 775043 | 34613420 |
|  Gladstone Land Corp. | 99680 | 903101 |
|  Iron Mountain, Inc. | 837497 | 86220316 |
|  Lamar Advertising Co., Class A | 250111 | 29660664 |
|  Millrose Properties, Inc., Class A<sup>(a)</sup>  | 341953 | 11014306 |
|  National Storage Affiliates Trust | 200976 | 5846392 |
|  Outfront Media, Inc. | 393585 | 6962519 |
|  Public Storage | 433035 | 120626230 |
|  Safehold, Inc. | 159298 | 2298670 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Specialized REITs (continued)** |  |  |
|  Smartstop Self Storage REIT, Inc. | 88155 | $3028124 |
|  VICI Properties, Inc. | 3014793 | 90413642 |
|  |  | 850035733 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $3,195,130,339)** | **Total Long-Term Investments — 99.8%<br>(Cost: $3,195,130,339)** | 3123157695 |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 0.3%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.27%<sup>(c)(d)(e)</sup>  | 4302388 | 4304539 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.05%<sup>(c)(d)</sup>  | 5998150 | 5998150 |
|  **Total Short-Term Securities — 0.3%<br>(Cost: $10,302,558)** | **Total Short-Term Securities — 0.3%<br>(Cost: $10,302,558)** | 10302689 |
|  **Total Investments — 100.1%<br>(Cost: $3,205,432,897)** | **Total Investments — 100.1%<br>(Cost: $3,205,432,897)** | 3133460384 |
|  **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (2358584) |
|  **Net Assets — 100.0%** |  | $3131101800 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2025 for purposes of Section 2(a) (3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/25* | *Purchases<br>at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized<br>Gain<br>(Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/25* | *Shares*<br> *Held at<br>10/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $5873641 | $— | $(1569106)<sup>(a)</sup> | $6 | $(2) | $4304539 | 4302388 | $2381 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 5262548 | 735602 <sup>(a)</sup> |  |  |  | 5998150 | 5998150 | 132349 |  |
|  |  |  |  | $6 | $(2) | $10302689 |  | $134730 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> 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.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core U.S. REIT ETF** |

---

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount*<br> *(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow Jones U.S. Real Estate Index | 210 | 12/19/25 | $7564 | $(128963) |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $128963 | $— | $— | $— | $128963 |

---

<sup>(a)</sup> 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 October 31, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(37889) | $— | $— | $— | $(37889) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(149485) | $— | $— | $— | $(149485) |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $6478255.0 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core U.S. REIT ETF** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $3123157695 | $— | $— | $3123157695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 10302689 |  |  | 10302689 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3133460384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3133460384 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(128963) | $— | $— | $(128963) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

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

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Statement of Assets and Liabilities (unaudited)

October 31, 2025

---

| | |
|:---|:---|
|  | iShares<br> Core U.S. REIT ETF |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $3123157695 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 10302689 |
|  Cash | 3 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 543000 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 1556172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 17289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 18900 |
|  Total assets | 3135596714 |
|  **LIABILITIES** |  |
|  Collateral on securities loaned | 4280044 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 214870 |
|  Total liabilities | 4494914 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $3131101800 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $3247182845 |
|  Accumulated loss | (116081045) |
|  NET ASSETS | $3131101800 |
|  **NET ASSET VALUE** |  |
|  Shares outstanding | 54350000 |
|  Net asset value | $57.61 |
|  Shares authorized | Unlimited |
|  Par value |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $3195130339 |
|  <sup>(b)</sup> Securities loaned, at value | $4086579 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $10302558 |

---

*See notes to financial statements.* 

S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S 7

------

Statement of Operations (unaudited)

Six Months Ended October 31, 2025

---

| | |
|:---|:---|
|  | iShares<br> Core U.S. REIT ETF |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $65432215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 132349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 2381 |
|  Total investment income | 65567060 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 1217868 |
|  Total expenses | 1217868 |
|  Net investment income | 64349192 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (17868113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (37889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | 4005070 |
|  | (13900926) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 74118654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (149485) |
|  | 73969167 |
|  Net realized and unrealized gain | 60068241 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $124417433 |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

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

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Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF |
|  | Six Months<br> Ended<br> 10/31/25<br> (unaudited) | Year Ended<br> 04/30/25 |
| INCREASE (DECREASE) IN NET ASSETS |  |  |
| OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $64349192 | $81659394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (13900926) | 36773344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 73969167 | 211684320 |
|  Net increase in net assets resulting from operations | 124417433 | 330117058 |
| DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup> |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (42419078)<sup>(b)</sup> | (76166281) |
| CAPITAL SHARE TRANSACTIONS |  |  |
|  Net increase in net assets derived from capital share transactions | 191808876 | 365462812 |
| NET ASSETS |  |  |
|  Total increase in net assets | 273807231 | 619413589 |
|  Beginning of period | 2857294569 | 2237880980 |
|  End of period | $3131101800 | $2857294569 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 9

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF |
|  | Six Months<br>Ended<br> 10/31/25<br>(unaudited) | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/23 | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 |
|  **Net asset value, beginning of period** | $56.03 | $50.06 | $50.84 | $61.83 | $56.60 | $42.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.22 | 1.73 | 1.77 | 1.71 | 1.24 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | 1.16 | 5.85 | (0.85) | (10.95) | 5.45 | 14.39 |
|  Net increase (decrease) from investment operations | 2.38 | 7.58 | 0.92 | (9.24) | 6.69 | 15.56 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.80)<sup>(d)</sup> | (1.61) | (1.70) | (1.75) | (1.43) | (1.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.03) |  |
|  Total distributions | (0.80) | (1.61) | (1.70) | (1.75) | (1.46) | (1.41) |
|  **Net asset value, end of period** | $57.61 | $56.03 | $50.06 | $50.84 | $61.83 | $56.60 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 4.27 %<sup>(f)</sup> | 15.03% | 1.82% | (14.84)% | 11.82% | 37.43% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.08 %<sup>(h)</sup> | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
|  Net investment income | 4.23 %<sup>(h)</sup> | 3.01% | 3.47% | 3.24% | 2.00% | 2.48% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $3131102 | $2857295 | $2237881 | $1891337 | $2318550 | $1986692 |
|  Portfolio turnover rate<sup>(i)</sup>  | 6% | 7% | 5% | 8% | 9% | 5% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

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

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Notes to Financial Statements (unaudited)

**1.**  ***ORGANIZATION*** 

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following fund (the "Fund"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* |
|  Core U.S. REIT | Diversified |

---

**2.**  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**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 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:

• 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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 11

------

Notes to Financial Statements (unaudited) (continued)

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

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

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 the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

**4.**  ***SECURITIES AND OTHER INVESTMENTS*** 

**Securities Lending:** 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 market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can 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.

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

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Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Securities* | *Cash* | *Non-Cash*<br> *Collateral Received,* | *Net* |
| *Counterparty* | *Loaned at Value* | *Collateral Received* *<sup>(a)</sup>* | *at Fair Value* *<sup>(a)</sup>* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $2542826 | $(2542826) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 1347022 | (1347022) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 3221 | (3221) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 193510 | (193510) |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086579 | $(4086579) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Statement of Assets and Liabilities. 

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

**5.**  ***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 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. 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 average daily net assets of the Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  Core U.S. REIT | 0.08% |

---

**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

N O T E S T O F I N A N C I A L S T A T E M E N T S 13

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Notes to Financial Statements (unaudited) (continued)

fees the Fund bears to an annual rate of 0.04%. The SLAgency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income - affiliated - net in its Statement of Operations. For the six months ended October 31, 2025, the Fund paid BTC $831 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 six months ended October 31, 2025, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  Core U.S. REIT | $34458236 | $66493069 | $(5354880) |

---

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 six months ended October 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  Core U.S. REIT | $211574976 | $189930409 |

---

For the six months ended October 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br> *Purchases*  | *In-kind*<br> *Sales* |
|  Core U.S. REIT | $210260722 | $19959267 |

---

**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.

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

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Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

As of April 30, 2025, the Fund had non-expiring capital loss carryforwards of $32,683,125 available to offset future realized capital gains.

As of October 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Core U.S. REIT | $3236491675 | $300435229 | $(403595483) | $(103160254) |

---

**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. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

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

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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 15

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Notes to Financial Statements (unaudited) (continued)

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 invest.

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>10/31/25 | Six Months Ended<br>10/31/25 | Year Ended<br>04/30/25 | Year Ended<br>04/30/25 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3700000 | $211930482 | 11000000 | $634727230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (350000) | (20121606) | (4700000) | (269264418) |
|  | 3350000 | $191808876 | 6300000 | $365462812 |

---

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.

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

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Additional Information

#### Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

#### Availability of Portfolio Holdings Information
A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

A D D I T I O N A L I N F O R M A T I O N 17

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Board Review and Approval of Investment Advisory Contract

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

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

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

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

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

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

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

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

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

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

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

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

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

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

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 19

------

Board Review and Approval of Investment Advisory Contract (continued)

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

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

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Glossary of Terms Used in these Financial Statements

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| | |
|:---|:---|
| Portfolio Abbreviation | Portfolio Abbreviation |
| REIT | Real Estate Investment Trust |

---

G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S 21

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### 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 FTSE International Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

<sup>©</sup>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.

---

| | |
|:---|:---|
| ![LOGO](g34007sp24a.jpg)  | ![LOGO](g34007g64y15.jpg) |

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| | |
|:---|:---|
| ![LOGO](g34007sp1.jpg)  | **OCTOBER 31, 2025** |

---

**2025 Semi-Annual Financial**<br> **Statements and Additional**<br> **Information (Unaudited)**<br>

#### iShares Trust
• iShares Core Dividend ETF \| DIVB \| Cboe BZX Exchange

• iShares Core Dividend Growth ETF \| DGRO \| NYSE Arca

• iShares Core High Dividend ETF \| HDV \| NYSE Arca

• iShares Select Dividend ETF \| DVY \| NASDAQ

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Schedules of Investments](#fin234007_1) | 3 |
|  [Statements of Assets and Liabilities](#fin234007_2) | 24 |
|  [Statements of Operations](#fin234007_3) | 25 |
|  [Statements of Changes in Net Assets](#fin234007_4) | 26 |
|  [Financial Highlights](#fin234007_5) | 28 |
|  [Notes to Financial Statements](#fin234007_6) | 32 |
|  [Additional Information](#fin234007_7) | 39 |
|  [Board Review and Approval of Investment Advisory Contract](#fin234007_8) | 40 |
|  [Glossary of Terms Used in these Financial Statements](#fin234007_9) | 47 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 2.2%** |  |  |
|  General Dynamics Corp. | 6963 | $2401538 |
|  Huntington Ingalls Industries, Inc. | 1139 | 366781 |
|  L3Harris Technologies, Inc. | 5368 | 1551889 |
|  Lockheed Martin Corp. | 13731 | 6754004 |
|  Northrop Grumman Corp. | 4975 | 2902664 |
|  RTX Corp. | 58436 | 10430826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24407702 |
| **Air Freight & Logistics — 1.0%** |  |  |
|  CH Robinson Worldwide, Inc. | 2602 | 400682 |
|  Expeditors International of Washington, Inc. | 7481 | 911934 |
|  FedEx Corp. | 14431 | 3662876 |
|  United Parcel Service, Inc., Class B | 63148 | 6088730 |
|  |  | 11064222 |
| **Automobile Components — 0.1%** |  |  |
|  Autoliv, Inc. | 4640 | 541952 |
|  BorgWarner, Inc. | 9421 | 404726 |
|  Gentex Corp. | 11291 | 264774 |
|  |  | 1211452 |
| **Automobiles — 0.4%** |  |  |
|  Ford Motor Co. | 282749 | 3712494 |
|  Thor Industries, Inc. | 1405 | 146612 |
|  |  | 3859106 |
| **Banks — 11.1%** |  |  |
|  Bank of America Corp. | 411841 | 22012901 |
|  Bank OZK | 4363 | 196291 |
|  BOK Financial Corp. | 1026 | 107299 |
|  Cadence Bank | 353 | 13322 |
|  Cathay General Bancorp | 3330 | 151349 |
|  Citigroup, Inc. | 90159 | 9126796 |
|  Citizens Financial Group, Inc. | 34169 | 1738177 |
|  Columbia Banking System, Inc. | 12559 | 336581 |
|  Comerica, Inc. | 7990 | 611235 |
|  Commerce Bancshares, Inc. | 5501 | 289518 |
|  Cullen/Frost Bankers, Inc. | 2420 | 297999 |
|  East West Bancorp, Inc. | 5212 | 529539 |
|  Fifth Third Bancorp | 34395 | 1431520 |
|  First Bancorp | 12062 | 235088 |
|  First Financial Bankshares, Inc. | 2570 | 79387 |
|  First Hawaiian, Inc. | 7324 | 179658 |
|  First Horizon Corp. | 39912 | 852520 |
|  FNB Corp. | 12096 | 190149 |
|  Fulton Financial Corp. | 1416 | 24596 |
|  Glacier Bancorp, Inc. | 3459 | 141300 |
|  Hancock Whitney Corp. | 3646 | 208223 |
|  Home BancShares, Inc. | 8449 | 225673 |
|  Huntington Bancshares, Inc. | 56451 | 871603 |
|  International Bancshares Corp. | 1296 | 86028 |
|  JPMorgan Chase & Co. | 127829 | 39770158 |
|  KeyCorp | 44139 | 776405 |
|  M&T Bank Corp. | 10603 | 1949574 |
|  Old National Bancorp | 1141 | 23311 |
|  PNC Financial Services Group, Inc. (The) | 17176 | 3135479 |
|  Popular, Inc. | 3417 | 380893 |
|  Prosperity Bancshares, Inc. | 4189 | 275720 |
|  Regions Financial Corp. | 54901 | 1328604 |
|  SouthState Bank Corp. | 2612 | 231554 |
|  Synovus Financial Corp. | 9330 | 416491 |
|  Truist Financial Corp. | 91309 | 4075121 |
|  U.S. Bancorp | 64582 | 3014688 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  United Bankshares, Inc. | 6797 | $243265 |
|  United Community Banks, Inc. | 3526 | 102959 |
|  Valley National Bancorp | 1447 | 15729 |
|  Webster Financial Corp. | 8114 | 462823 |
|  Wells Fargo & Co. | 282866 | 24600856 |
|  Western Alliance Bancorp | 414 | 32023 |
|  Zions Bancorp N.A. | 5661 | 294995 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121067400 |
| **Beverages — 2.5%** |  |  |
|  Brown-Forman Corp., Class A | 2673 | 72492 |
|  Brown-Forman Corp., Class B, NVS | 17844 | 485892 |
|  Coca-Cola Co. (The) | 163753 | 11282582 |
|  Constellation Brands, Inc., Class A | 12275 | 1612689 |
|  Keurig Dr. Pepper, Inc. | 78553 | 2133499 |
|  Molson Coors Beverage Co., Class B | 20441 | 893681 |
|  PepsiCo, Inc. | 75390 | 11013725 |
|  |  | 27494560 |
| **Biotechnology — 2.0%** |  |  |
|  AbbVie, Inc. | 57175 | 12466437 |
|  Amgen, Inc. | 16875 | 5036006 |
|  Gilead Sciences, Inc. | 39762 | 4763090 |
|  |  | 22265533 |
| **Broadline Retail — 0.3%** |  |  |
|  eBay, Inc. | 32793 | 2666399 |
|  Macy's, Inc. | 13212 | 257502 |
|  |  | 2923901 |
| **Building Products — 0.3%** |  |  |
| A. O. Smith Corp. | 6671 | 440219 |
|  Carlisle Cos., Inc. | 3938 | 1280047 |
|  Fortune Brands Innovations, Inc. | 5939 | 301701 |
|  Griffon Corp. | 2985 | 220920 |
|  Masco Corp. | 11007 | 712813 |
|  Owens Corning | 5166 | 657684 |
|  |  | 3613384 |
| **Capital Markets — 5.0%** |  |  |
|  Ameriprise Financial, Inc. | 6652 | 3011826 |
|  Ares Management Corp., Class A | 4260 | 633505 |
|  Bank of New York Mellon Corp. (The) | 42487 | 4585622 |
|  BlackRock, Inc.<sup>(a)</sup> | 4558 | 4935448 |
|  Blackstone, Inc., Class A | 23392 | 3430203 |
|  Blue Owl Capital, Inc., Class A | 29847 | 470687 |
|  Carlyle Group, Inc. (The) | 10053 | 536026 |
|  CME Group, Inc., Class A | 14382 | 3818277 |
|  Cohen & Steers, Inc. | 1161 | 79319 |
|  Evercore, Inc., Class A | 1989 | 585880 |
|  Federated Hermes, Inc., Class B, NVS | 7580 | 367478 |
|  Franklin Resources, Inc. | 24441 | 552611 |
|  Goldman Sachs Group, Inc. (The) | 19255 | 15199319 |
|  Invesco Ltd. | 17660 | 418542 |
|  Janus Henderson Group PLC | 7189 | 313153 |
|  Jefferies Financial Group, Inc. | 5240 | 276829 |
|  Lazard, Inc. | 4861 | 237217 |
|  Moelis & Co., Class A | 1345 | 85179 |
|  Morgan Stanley | 64054 | 10504856 |
|  Northern Trust Corp. | 12681 | 1631664 |
|  StepStone Group, Inc., Class A | 2027 | 123404 |
|  Stifel Financial Corp. | 4556 | 539567 |
|  T Rowe Price Group, Inc. | 15771 | 1617001 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Capital Markets (continued)** |  |  |
|  TPG, Inc., Class A | 4669 | $256982 |
|  Victory Capital Holdings, Inc., Class A | 2767 | 172301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54382896 |
| **Chemicals — 0.6%** |  |  |
|  Air Products & Chemicals, Inc. | 5167 | 1253463 |
|  Albemarle Corp. | 2233 | 219348 |
|  Avient Corp. | 2293 | 73537 |
|  Cabot Corp. | 2927 | 197514 |
|  Celanese Corp., Class A | 1584 | 60889 |
|  DuPont de Nemours, Inc. | 22783 | 1860232 |
|  Eastman Chemical Co. | 8247 | 490861 |
|  FMC Corp. | 6603 | 100167 |
|  HB Fuller Co. | 1560 | 89497 |
|  International Flavors & Fragrances, Inc.<sup>(b)</sup> | 5760 | 362707 |
|  Mosaic Co. (The) | 15032 | 412628 |
|  PPG Industries, Inc. | 11121 | 1087078 |
|  RPM International, Inc. | 2606 | 284784 |
|  Scotts Miracle-Gro Co. (The) | 1845 | 98744 |
|  Solstice Advanced Materials, Inc.<sup>(b)</sup> | 6198 | 279344 |
|  Westlake Corp. | 889 | 61172 |
|  |  | 6931965 |
| **Commercial Services & Supplies — 0.0%** |  |  |
|  ABM Industries, Inc. | 2885 | 124055 |
|  Brink's Co. (The) | 2229 | 247776 |
|  |  | 371831 |
| **Communications Equipment — 5.3%** |  |  |
|  Cisco Systems, Inc. | 791789 | 57887694 |
| **Construction Materials — 0.3%** |  |  |
|  CRH PLC | 26122 | 3111130 |
| **Consumer Finance — 0.3%** |  |  |
|  Ally Financial, Inc. | 9981 | 388960 |
|  OneMain Holdings, Inc. | 10752 | 636411 |
|  SLM Corp. | 12225 | 328241 |
|  Synchrony Financial | 25404 | 1889549 |
|  |  | 3243161 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |  |
|  Albertsons Cos., Inc., Class A | 22757 | 402572 |
|  Dollar General Corp. | 6036 | 595512 |
|  Kroger Co. (The) | 58186 | 3702375 |
|  Sysco Corp. | 34240 | 2543347 |
|  Target Corp. | 36657 | 3398837 |
|  |  | 10642643 |
| **Containers & Packaging — 0.5%** |  |  |
|  Amcor PLC | 153015 | 1208819 |
|  Avery Dennison Corp. | 3668 | 641497 |
|  Ball Corp. | 29514 | 1387158 |
|  Graphic Packaging Holding Co. | 14180 | 226738 |
|  International Paper Co. | 20930 | 808735 |
|  Packaging Corp. of America | 2244 | 439285 |
|  Sealed Air Corp. | 3371 | 112962 |
|  Smurfit WestRock PLC | 17643 | 651380 |
|  Sonoco Products Co. | 4381 | 177737 |
|  |  | 5654311 |
| **Distributors — 0.1%** |  |  |
|  Genuine Parts Co. | 4940 | 628911 |
|  LKQ Corp. | 16401 | 524176 |
|  Pool Corp. | 1499 | 400323 |
|  |  | 1553410 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Diversified Consumer Services — 0.1%** |  |  |  |
|  ADT, Inc. | 26954 | $| 238273 |
|  H&R Block, Inc. | 11744 |  | 584147 |
|  Service Corp. International | 7605 |  | 635093 |
|  |  |  | 1457513 |
| **Diversified REITs — 0.1%** |  |  |  |
|  Broadstone Net Lease, Inc. | 10087 |  | 180759 |
|  WP Carey, Inc. | 10616 |  | 700656 |
|  |  |  | 881415 |
| **Diversified Telecommunication Services — 2.5%** | **Diversified Telecommunication Services — 2.5%** |  |  |
|  AT&T Inc. | 451970 |  | 11186257 |
|  Verizon Communications, Inc. | 399824 |  | 15889006 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27075263 |
| **Electric Utilities — 1.7%** |  |  |  |
|  ALLETE, Inc. | 2245 |  | 151156 |
|  Alliant Energy Corp. | 6250 |  | 417625 |
|  American Electric Power Co., Inc. | 10079 |  | 1212101 |
|  Duke Energy Corp. | 23829 |  | 2961945 |
|  Edison International | 23962 |  | 1327016 |
|  Entergy Corp. | 5790 |  | 556361 |
|  Evergy, Inc. | 8130 |  | 624465 |
|  Eversource Energy | 6688 |  | 493641 |
|  Exelon Corp. | 31484 |  | 1452042 |
|  FirstEnergy Corp. | 19123 |  | 876407 |
|  IDACORP, Inc. | 1077 |  | 138955 |
|  MGE Energy, Inc. | 546 |  | 45247 |
|  NextEra Energy, Inc. | 47503 |  | 3866744 |
|  OGE Energy Corp. | 7282 |  | 321427 |
|  Otter Tail Corp. | 1117 |  | 86255 |
|  Pinnacle West Capital Corp. | 2975 |  | 263347 |
|  PPL Corp. | 19720 |  | 720174 |
|  Southern Co. (The) | 32006 |  | 3009844 |
|  Xcel Energy, Inc. | 833 |  | 67615 |
|  |  |  | 18592367 |
| **Electrical Equipment — 0.4%** |  |  |  |
|  Emerson Electric Co. | 15158 |  | 2115602 |
|  Rockwell Automation, Inc. | 2989 |  | 1101028 |
|  Sensata Technologies Holding PLC | 24717 |  | 786742 |
|  |  |  | 4003372 |
| **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |
|  Avnet, Inc. | 26984 |  | 1307375 |
|  Corning, Inc. | 53327 |  | 4750369 |
|  TD SYNNEX Corp. | 19240 |  | 3010868 |
|  TE Connectivity PLC | 48408 |  | 11957260 |
|  |  |  | 21025872 |
| **Energy Equipment & Services — 0.8%** |  |  |  |
|  Archrock, Inc. | 1632 |  | 41241 |
|  Baker Hughes Co., Class A | 39739 |  | 1923765 |
|  Halliburton Co. | 77984 |  | 2093091 |
|  NOV, Inc. | 30641 |  | 447359 |
|  SLB Ltd. | 123958 |  | 4469925 |
|  Weatherford International PLC | 3109 |  | 229102 |
|  |  |  | 9204483 |
| **Entertainment — 0.0%** |  |  |  |
|  Warner Music Group Corp., Class A | 4689 |  | 149860 |
| **Financial Services — 1.5%** |  |  |  |
|  Enact Holdings, Inc. | 3426 |  | 122377 |
|  Equitable Holdings, Inc. | 4476 |  | 221114 |
|  Essent Group Ltd. | 6083 |  | 368447 |
|  Fidelity National Information Services, Inc. | 209474 |  | 13096315 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Financial Services (continued)** |  |  |
|  Global Payments, Inc. | 15128 | $1176353 |
|  MGIC Investment Corp. | 26157 | 717225 |
|  Radian Group, Inc. | 16601 | 563438 |
|  TFS Financial Corp. | 4823 | 64146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16329415 |
| **Food Products — 1.7%** |  |  |
|  Cal-Maine Foods, Inc. | 4236 | 371921 |
|  Campbell's Co. (The) | 12858 | 387412 |
|  Conagra Brands, Inc. | 47050 | 808789 |
|  Flowers Foods, Inc. | 18077 | 215659 |
|  General Mills, Inc. | 70535 | 3287636 |
|  Hershey Co. (The) | 7161 | 1214720 |
|  Hormel Foods Corp. | 16775 | 362172 |
|  Ingredion, Inc. | 3683 | 425055 |
|  J M Smucker Co. (The) | 5205 | 538978 |
|  Kellanova | 8484 | 704681 |
|  Kraft Heinz Co. (The) | 96470 | 2385703 |
|  Lamb Weston Holdings, Inc. | 9157 | 565262 |
|  Marzetti Co. (The) | 492 | 77141 |
|  McCormick & Co., Inc., NVS | 8946 | 573975 |
|  Mondelez International, Inc., Class A | 99248 | 5702790 |
|  Tyson Foods, Inc., Class A | 13173 | 677224 |
|  |  | 18299118 |
| **Gas Utilities — 0.1%** |  |  |
|  MDU Resources Group, Inc. | 5860 | 112395 |
|  National Fuel Gas Co. | 3447 | 272003 |
|  New Jersey Resources Corp. | 2475 | 109642 |
|  UGI Corp. | 9126 | 305082 |
|  |  | 799122 |
| **Ground Transportation — 1.0%** |  |  |
|  CSX Corp. | 99672 | 3590186 |
|  Norfolk Southern Corp. | 5438 | 1541020 |
|  Ryder System, Inc. | 2614 | 442367 |
|  Union Pacific Corp. | 22859 | 5037438 |
|  |  | 10611011 |
| **Health Care Equipment & Supplies — 0.7%** |  |  |
|  Baxter International, Inc. | 13419 | 247849 |
|  Becton Dickinson & Co. | 8800 | 1572648 |
|  Medtronic PLC | 59316 | 5379961 |
|  |  | 7200458 |
| **Health Care Providers & Services — 2.8%** |  |  |
|  Cigna Group (The) | 20119 | 4917285 |
|  CVS Health Corp. | 64913 | 5072951 |
|  Elevance Health, Inc. | 13035 | 4134702 |
|  Humana, Inc. | 4129 | 1148646 |
|  Quest Diagnostics, Inc. | 1781 | 313367 |
|  UnitedHealth Group, Inc. | 43684 | 14920707 |
|  |  | 30507658 |
| **Health Care REITs — 0.1%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 9643 | 561415 |
|  Healthpeak Properties, Inc. | 47109 | 845607 |
|  National Health Investors, Inc. | 402 | 29953 |
|  Sabra Health Care REIT, Inc. | 10185 | 181497 |
|  |  | 1618472 |
| **Hotel & Resort REITs — 0.1%** |  |  |
|  Host Hotels & Resorts, Inc. | 41669 | 667537 |
|  Ryman Hospitality Properties, Inc. | 1504 | 130713 |
|  |  | 798250 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Hotels, Restaurants & Leisure — 1.3%** |  |  |  |
|  Darden Restaurants, Inc. | 5044 | $| 908677 |
|  Las Vegas Sands Corp. | 20343 |  | 1207357 |
|  McDonald's Corp. | 24976 |  | 7453588 |
|  Starbucks Corp. | 40830 |  | 3301922 |
|  Vail Resorts, Inc. | 2792 |  | 414137 |
|  Wyndham Hotels & Resorts, Inc. | 5048 |  | 370675 |
|  Yum! Brands, Inc. | 7834 |  | 1082737 |
|  |  |  | 14739093 |
| **Household Durables — 0.5%** |  |  |  |
|  DR Horton, Inc. | 16597 |  | 2474281 |
|  Installed Building Products, Inc. | 606 |  | 150427 |
|  Lennar Corp., Class A | 15714 |  | 1944922 |
|  Lennar Corp., Class B | 834 |  | 98454 |
|  Meritage Homes Corp. | 2859 |  | 193154 |
|  Whirlpool Corp. | 3775 |  | 270403 |
|  |  |  | 5131641 |
| **Household Products — 2.3%** |  |  |  |
|  Clorox Co. (The) | 7676 |  | 863243 |
|  Colgate-Palmolive Co. | 45702 |  | 3521339 |
|  Kimberly-Clark Corp. | 22355 |  | 2676117 |
|  Procter & Gamble Co. (The) | 121591 |  | 18283639 |
|  Reynolds Consumer Products, Inc. | 2840 |  | 69409 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25413747 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  AES Corp. (The) | 36905 |  | 511872 |
|  Clearway Energy, Inc., Class A | 1992 |  | 59740 |
|  Clearway Energy, Inc., Class C | 5718 |  | 182576 |
|  |  |  | 754188 |
| **Industrial Conglomerates — 0.8%** |  |  |  |
|  3M Co. | 21657 |  | 3605890 |
|  Honeywell International, Inc. | 27975 |  | 5632207 |
|  |  |  | 9238097 |
| **Industrial REITs — 0.4%** |  |  |  |
|  Americold Realty Trust, Inc. | 15240 |  | 196444 |
|  First Industrial Realty Trust, Inc. | 3708 |  | 204978 |
|  Prologis, Inc. | 30041 |  | 3727788 |
|  STAG Industrial, Inc. | 4164 |  | 159356 |
|  |  |  | 4288566 |
| **Insurance — 2.3%** |  |  |  |
|  Aflac, Inc. | 39754 |  | 4261231 |
|  Allstate Corp. (The) | 7061 |  | 1352323 |
|  American Financial Group, Inc. | 2472 |  | 325513 |
|  Arch Capital Group Ltd. | 2383 |  | 205677 |
|  Assurant, Inc. | 2626 |  | 555977 |
|  Axis Capital Holdings Ltd. | 5240 |  | 490778 |
|  Cincinnati Financial Corp. | 4266 |  | 659481 |
|  CNO Financial Group, Inc. | 11692 |  | 467914 |
|  Fidelity National Financial, Inc., Class A | 9625 |  | 531685 |
|  First American Financial Corp. | 4760 |  | 297548 |
|  Hanover Insurance Group, Inc. (The) | 897 |  | 153279 |
|  Hartford Insurance Group, Inc. (The) | 17993 |  | 2234371 |
|  Kemper Corp. | 1991 |  | 89575 |
|  Mercury General Corp. | 523 |  | 40428 |
|  MetLife, Inc. | 69275 |  | 5529530 |
|  Old Republic International Corp. | 21449 |  | 846378 |
|  Primerica, Inc. | 2573 |  | 668645 |
|  Principal Financial Group, Inc. | 21897 |  | 1840224 |
|  Prudential Financial, Inc. | 30622 |  | 3184688 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Insurance (continued)** |  |  |  |
|  Reinsurance Group of America, Inc. | 1858 | $| 339011 |
|  Unum Group | 15077 |  | 1106953 |
|  |  |  | 25181209 |
| **IT Services — 6.1%** |  |  |  |
|  Accenture PLC, Class A | 112743 |  | 28197024 |
|  Cognizant Technology Solutions Corp., Class A | 87952 |  | 6409942 |
|  International Business Machines Corp. | 104922 |  | 32254072 |
|  |  |  | 66861038 |
| **Leisure Products — 0.1%** |  |  |  |
|  Acushnet Holdings Corp. | 1859 |  | 143756 |
|  Brunswick Corp. | 4297 |  | 284075 |
|  Hasbro, Inc. | 4888 |  | 373003 |
|  |  |  | 800834 |
| **Machinery — 2.0%** |  |  |  |
|  Caterpillar, Inc. | 23015 |  | 13285639 |
|  CNH Industrial NV | 53658 |  | 562873 |
|  Cummins, Inc. | 2425 |  | 1061374 |
|  Illinois Tool Works, Inc. | 11299 |  | 2756052 |
|  Lincoln Electric Holdings, Inc. | 1832 |  | 429512 |
|  Oshkosh Corp. | 1448 |  | 178524 |
|  Otis Worldwide Corp. | 17799 |  | 1651035 |
|  Snap-on, Inc. | 2024 |  | 679153 |
|  Stanley Black & Decker, Inc. | 5911 |  | 400293 |
|  Toro Co. (The) | 4783 |  | 357434 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21361889 |
| **Marine Transportation — 0.0%** |  |  |  |
|  Matson, Inc. | 2083 |  | 210279 |
| **Media — 0.8%** |  |  |  |
|  Comcast Corp., Class A | 212685 |  | 5920087 |
|  Interpublic Group of Cos., Inc. (The) | 45722 |  | 1173227 |
|  Omnicom Group, Inc. | 16557 |  | 1242106 |
|  Sirius XM Holdings, Inc. | 15102 |  | 327562 |
|  |  |  | 8662982 |
| **Metals & Mining — 0.7%** |  |  |  |
|  Commercial Metals Co. | 4085 |  | 242486 |
|  Newmont Corp. | 29710 |  | 2405619 |
|  Nucor Corp. | 14372 |  | 2156518 |
|  Reliance, Inc. | 3598 |  | 1016183 |
|  Southern Copper Corp. | 2288 |  | 317574 |
|  Steel Dynamics, Inc. | 9640 |  | 1511552 |
|  |  |  | 7649932 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
|  Annaly Capital Management, Inc. | 11324 |  | 239729 |
|  Rithm Capital Corp. | 22790 |  | 250006 |
|  Starwood Property Trust, Inc. | 21308 |  | 387380 |
|  |  |  | 877115 |
| **Multi-Utilities — 0.7%** |  |  |  |
|  Ameren Corp. | 4214 |  | 429912 |
|  Avista Corp. | 2028 |  | 77165 |
|  Black Hills Corp. | 597 |  | 37868 |
|  CenterPoint Energy, Inc. | 11369 |  | 434750 |
|  CMS Energy Corp. | 5498 |  | 404378 |
|  Consolidated Edison, Inc. | 5538 |  | 539457 |
|  Dominion Energy, Inc. | 30313 |  | 1779070 |
|  DTE Energy Co. | 6249 |  | 846989 |
|  NiSource, Inc. | 5582 |  | 235058 |
|  Northwestern Energy Group, Inc. | 2007 |  | 119758 |
|  Public Service Enterprise Group, Inc. | 14450 |  | 1164092 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Multi-Utilities (continued)** |  |  |
|  Sempra | 11822 | $1086915 |
|  WEC Energy Group, Inc. | 7129 | 796523 |
|  |  | 7951935 |
| **Office REITs — 0.1%** |  |  |
|  BXP, Inc. | 7000 | 498330 |
|  COPT Defense Properties | 4148 | 116849 |
|  Highwoods Properties, Inc. | 5288 | 151395 |
|  Kilroy Realty Corp. | 5230 | 220968 |
|  SL Green Realty Corp. | 391 | 20078 |
|  Vornado Realty Trust | 2943 | 111657 |
|  |  | 1119277 |
| **Oil, Gas & Consumable Fuels — 7.2%** |  |  |
|  Antero Midstream Corp. | 20216 | 348726 |
|  APA Corp. | 32665 | 739862 |
|  California Resources Corp. | 7107 | 335237 |
|  ConocoPhillips | 118079 | 10492500 |
|  Core Natural Resources, Inc. | 4461 | 352419 |
|  Coterra Energy, Inc. | 46788 | 1107004 |
|  Devon Energy Corp. | 53458 | 1736850 |
|  Diamondback Energy, Inc. | 7591 | 1086955 |
|  DT Midstream, Inc. | 3469 | 379821 |
|  EOG Resources, Inc. | 45852 | 4852976 |
|  Expand Energy Corp. | 10626 | 1097772 |
|  Exxon Mobil Corp. | 384119 | 43927849 |
|  Kinder Morgan, Inc. | 105145 | 2753748 |
|  Magnolia Oil & Gas Corp., Class A | 16356 | 367356 |
|  Matador Resources Co. | 4095 | 161589 |
|  Occidental Petroleum Corp. | 7254 | 298865 |
|  ONEOK, Inc. | 43012 | 2881804 |
|  Ovintiv, Inc. | 20867 | 782721 |
|  Permian Resources Corp., Class A | 28700 | 360472 |
|  Targa Resources Corp. | 10785 | 1661321 |
|  Williams Cos., Inc. (The) | 48765 | 2822031 |
|  |  | 78547878 |
| **Passenger Airlines — 0.1%** |  |  |
|  Southwest Airlines Co. | 42248 | 1280114 |
| **Personal Care Products — 0.1%** |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 6086 | 588456 |
|  Interparfums, Inc. | 648 | 57769 |
|  |  | 646225 |
| **Pharmaceuticals — 3.9%** |  |  |
|  Bristol-Myers Squibb Co. | 140701 | 6482095 |
|  Johnson & Johnson | 79465 | 15008554 |
|  Merck & Co., Inc. | 112070 | 9635779 |
|  Organon & Co. | 13061 | 88162 |
|  Perrigo Co. PLC | 6147 | 127489 |
|  Pfizer, Inc. | 370828 | 9140910 |
|  Royalty Pharma PLC, Class A | 22855 | 857977 |
|  Viatris, Inc. | 78284 | 811022 |
|  |  | 42151988 |
| **Professional Services — 2.1%** |  |  |
|  Automatic Data Processing, Inc. | 51288 | 13350266 |
|  Booz Allen Hamilton Holding Corp., Class A | 7929 | 691092 |
|  Genpact Ltd. | 25806 | 984499 |
|  Korn Ferry | 2006 | 129788 |
|  Maximus, Inc. | 2643 | 219686 |
|  Paychex, Inc. | 45884 | 5369805 |
|  Science Applications International Corp. | 24059 | 2254569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22999705 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Residential REITs — 0.5%** |  |  |
|  American Homes 4 Rent, Class A | 6999 | $221168 |
|  AvalonBay Communities, Inc. | 4524 | 786814 |
|  Camden Property Trust | 4095 | 407371 |
|  Equity LifeStyle Properties, Inc. | 5873 | 358547 |
|  Equity Residential | 13836 | 822412 |
|  Essex Property Trust, Inc. | 2171 | 546593 |
|  Independence Realty Trust, Inc. | 3324 | 52951 |
|  Invitation Homes, Inc. | 20320 | 572008 |
|  Mid-America Apartment Communities, Inc. | 4577 | 586909 |
|  Sun Communities, Inc. | 2852 | 361063 |
|  UDR, Inc. | 12992 | 437700 |
|  |  | 5153536 |
| **Retail REITs — 0.4%** |  |  |
|  Brixmor Property Group, Inc. | 10238 | 267826 |
|  Federal Realty Investment Trust | 1383 | 133031 |
|  Kimco Realty Corp. | 26018 | 537532 |
|  Kite Realty Group Trust | 9684 | 214404 |
|  NNN REIT, Inc. | 6830 | 276342 |
|  Phillips Edison & Co., Inc. | 3836 | 129810 |
|  Regency Centers Corp. | 7422 | 511747 |
|  Simon Property Group, Inc. | 14493 | 2547289 |
|  Tanger, Inc. | 3389 | 110346 |
|  |  | 4728327 |
| **Semiconductors & Semiconductor Equipment — 8.3%** | **Semiconductors & Semiconductor Equipment — 8.3%** |  |
|  Analog Devices, Inc. | 52953 | 12397886 |
|  Microchip Technology, Inc. | 87780 | 5479227 |
|  NXP Semiconductors NV | 41195 | 8614698 |
|  QUALCOMM, Inc. | 226431 | 40961368 |
|  Skyworks Solutions, Inc. | 51254 | 3983461 |
|  Texas Instruments, Inc. | 122969 | 19854575 |
|  |  | 91291215 |
| **Software — 0.2%** |  |  |
|  Dolby Laboratories, Inc., Class A | 2673 | 177274 |
|  Gen Digital, Inc. | 91256 | 2405508 |
|  |  | 2582782 |
| **Specialized REITs — 1.2%** |  |  |
|  American Tower Corp. | 15038 | 2691501 |
|  Crown Castle, Inc. | 24053 | 2170062 |
|  CubeSmart | 9203 | 346677 |
|  EPR Properties | 4652 | 228041 |
|  Equinix, Inc. | 847 | 716570 |
|  Extra Space Storage, Inc. | 8521 | 1137894 |
|  Gaming & Leisure Properties, Inc. | 7042 | 314496 |
|  Iron Mountain, Inc. | 8928 | 919138 |
|  Lamar Advertising Co., Class A | 4306 | 510649 |
|  PotlatchDeltic Corp. | 4114 | 164560 |
|  Public Storage | 5898 | 1642947 |
|  Rayonier, Inc. | 6293 | 138886 |
|  SBA Communications Corp. | 3406 | 652181 |
|  VICI Properties, Inc. | 30633 | 918684 |
|  Weyerhaeuser Co. | 26928 | 619344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13171630 |
| **Specialty Retail — 1.6%** |  |  |
|  Bath & Body Works, Inc. | 18515 | 453247 |
|  Best Buy Co., Inc. | 14470 | 1188566 |
|  Dick's Sporting Goods, Inc. | 3266 | 723256 |
|  Gap, Inc. (The) | 9011 | 205901 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Specialty Retail (continued)** |  |  |
|  Home Depot, Inc. (The) | 24881 | $9444579 |
|  Lowe's Cos., Inc. | 20269 | 4826657 |
|  Penske Automotive Group, Inc. | 745 | 119252 |
|  Tractor Supply Co. | 15207 | 822851 |
|  |  | 17784309 |
| **Technology Hardware, Storage & Peripherals — 4.0%** | **Technology Hardware, Storage & Peripherals — 4.0%** | **Technology Hardware, Storage & Peripherals — 4.0%** |
|  Dell Technologies, Inc., Class C | 139857 | 22658233 |
|  Hewlett Packard Enterprise Co. | 151871 | 3708690 |
|  HP, Inc. | 324921 | 8990564 |
|  NetApp, Inc. | 45747 | 5388082 |
|  Seagate Technology Holdings PLC | 12797 | 3274496 |
|  |  | 44020065 |
| **Textiles, Apparel & Luxury Goods — 0.6%** |  |  |
|  Kontoor Brands, Inc. | 2113 | 170984 |
|  NIKE, Inc., Class B | 69962 | 4518846 |
|  Tapestry, Inc. | 12282 | 1348809 |
|  VF Corp. | 7673 | 107729 |
|  |  | 6146368 |
| **Tobacco — 1.7%** |  |  |
|  Altria Group, Inc. | 173615 | 9788414 |
|  Philip Morris International, Inc. | 64631 | 9328192 |
|  |  | 19116606 |
| **Trading Companies & Distributors — 0.3%** |  |  |
|  Fastenal Co. | 18716 | 770163 |
|  Ferguson Enterprises, Inc. | 5717 | 1420675 |
|  Herc Holdings, Inc. | 648 | 92048 |
|  MSC Industrial Direct Co., Inc., Class A | 2437 | 206926 |
|  Rush Enterprises, Inc., Class A | 2545 | 125748 |
|  Watsco, Inc. | 581 | 213814 |
|  |  | 2829374 |
| **Water Utilities — 0.1%** |  |  |
|  American States Water Co. | 410 | 29237 |
|  American Water Works Co., Inc. | 4219 | 541846 |
|  Essential Utilities, Inc. | 1836 | 71659 |
|  |  | 642742 |
| **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** |  |
|  T-Mobile U.S., Inc. | 33847 | 7109562 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $1,006,404,055)** |  | 1090684198 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.05%<sup>(a)(c)</sup> | 1357124 | 1357124 |
|  **Total Short-Term Securities — 0.1%<br>(Cost: $1,357,124)** |  | 1357124 |
|  **Total Investments — 99.8%<br>(Cost: $1,007,761,179)** |  | 1092041322 |
|  **Other Assets Less Liabilities — 0.2%** |  | 1722532 |
|  **Net Assets — 100.0%** |  | $1093763854 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Annualized 7-day yield as of period end.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core Dividend ETF** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/25* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain<br>(Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/25* | *Shares<br>Held at<br>10/31/25* | *Income* | *Capital<br>Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $2006283 | $— | $(649159)<sup>(a)</sup> | $— | $— | $1357124 | 1357124 | $41745 | $— |
|  BlackRock, Inc. | 3912119 | 2641381 | (2351205) | 262410 | 470743 | 4935448 | 4558 | 47744 |  |
|  |  |  |  | $262410 | $470743 | $6292572 |  | $89489 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 1000 Value E-Mini Index | 31 | 12/19/25 | $3129 | $(4572) |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $4572 | $— | $— | $— | $4572 |

---

<sup>(a)</sup> 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 October 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $337570 | $— | $— | $— | $337570 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(57017) | $— | $— | $— | $(57017) |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $2866713 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core Dividend ETF** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1090684198 | $— | $— | $1090684198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1357124 |  |  | 1357124 |
|  | $1092041322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1092041322 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(4572) | $— | $— | $(4572) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 2.6%** |  |  |
|  BWX Technologies, Inc. | 46319 | $9894202 |
|  Curtiss-Wright Corp. | 5799 | 3454638 |
|  General Dynamics Corp. | 359937 | 124142271 |
|  HEICO Corp. | 2550 | 810314 |
|  HEICO Corp., Class A | 7488 | 1855002 |
|  Huntington Ingalls Industries, Inc. | 64921 | 20905860 |
|  L3Harris Technologies, Inc. | 259913 | 75140848 |
|  Lockheed Martin Corp. | 455021 | 223815730 |
|  Northrop Grumman Corp. | 174198 | 101635823 |
|  RTX Corp. | 1882650 | 336053025 |
|  |  | 897707713 |
| **Air Freight & Logistics — 0.1%** |  |  |
|  CH Robinson Worldwide, Inc. | 184553 | 28419317 |
|  Expeditors International of Washington, Inc. | 134518 | 16397744 |
|  |  | 44817061 |
| **Automobile Components — 0.0%** |  |  |
|  Gentex Corp. | 280243 | 6571698 |
| **Automobiles — 0.0%** |  |  |
|  Thor Industries, Inc. | 71645 | 7476156 |
| **Banks — 8.5%** |  |  |
|  Atlantic Union Bankshares Corp. | 409500 | 13316940 |
|  BancFirst Corp. | 27179 | 2958706 |
|  Bank of America Corp. | 11410129 | 609871395 |
|  Bank OZK | 269651 | 12131598 |
|  BOK Financial Corp. | 40287 | 4213214 |
|  Cadence Bank | 145900 | 5506266 |
|  Cathay General Bancorp | 152059 | 6911082 |
|  Citigroup, Inc. | 3671450 | 371660883 |
|  Commerce Bancshares, Inc. | 187820 | 9884967 |
|  Cullen/Frost Bankers, Inc. | 147326 | 18141724 |
|  East West Bancorp, Inc. | 241931 | 24580190 |
|  Fifth Third Bancorp | 1727689 | 71906416 |
|  First Bancorp | 394779 | 7694243 |
|  First Financial Bankshares, Inc. | 189695 | 5859679 |
|  Fulton Financial Corp. | 556787 | 9671390 |
|  Home BancShares, Inc. | 400150 | 10688006 |
|  JPMorgan Chase & Co. | 3421316 | 1064439834 |
|  M&T Bank Corp. | 338474 | 62235214 |
|  PNC Financial Services Group, Inc. (The) | 1046540 | 191045877 |
|  Popular, Inc. | 120055 | 13382531 |
|  Prosperity Bancshares, Inc. | 245180 | 16137748 |
|  Regions Financial Corp. | 2533046 | 61299713 |
|  ServisFirst Bancshares, Inc. | 77511 | 5446698 |
|  SouthState Bank Corp. | 180061 | 15962408 |
|  Synovus Financial Corp. | 346478 | 15466778 |
|  U.S. Bancorp | 5094274 | 237800710 |
|  UMB Financial Corp. | 69906 | 7471553 |
|  United Community Banks, Inc. | 273580 | 7988536 |
|  Western Alliance Bancorp | 157875 | 12211631 |
|  Wintrust Financial Corp. | 72302 | 9400706 |
|  Zions Bancorp N.A | 354989 | 18498477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923785113 |
| **Beverages — 3.9%** |  |  |
|  Brown-Forman Corp., Class A | 111635 | 3027541 |
|  Brown-Forman Corp., Class B, NVS | 764280 | 20811344 |
|  Coca-Cola Co. (The) | 9426857 | 649510447 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Beverages (continued)** |  |  |
|  Constellation Brands, Inc., Class A | 337717 | $44369260 |
|  PepsiCo, Inc. | 4383816 | 640431680 |
|  |  | 1358150272 |
| **Biotechnology — 5.0%** |  |  |
|  AbbVie, Inc. | 4402570 | 959936363 |
|  Amgen, Inc. | 1456457 | 434650463 |
|  Gilead Sciences, Inc. | 2709717 | 324596999 |
|  |  | 1719183825 |
| **Broadline Retail — 0.1%** |  |  |
|  Dillard's, Inc., Class A | 690 | 414055 |
|  eBay, Inc. | 462396 | 37597419 |
|  |  | 38011474 |
| **Building Products — 0.7%** |  |  |
| A. O. Smith Corp. | 166615 | 10994924 |
|  AAON, Inc. | 26598 | 2616977 |
|  Advanced Drainage Systems, Inc. | 32178 | 4506529 |
|  Allegion PLC | 83742 | 13881911 |
|  Armstrong World Industries, Inc. | 19625 | 3737189 |
|  Carlisle Cos., Inc. | 38572 | 12537829 |
|  Carrier Global Corp. | 867473 | 51605969 |
|  CSW Industrials, Inc. | 4128 | 1033734 |
|  Fortune Brands Innovations, Inc. | 152450 | 7744460 |
|  Griffon Corp. | 33492 | 2478743 |
|  Lennox International, Inc. | 23265 | 11748825 |
|  Masco Corp. | 274287 | 17762826 |
|  Owens Corning | 120814 | 15380830 |
|  Simpson Manufacturing Co., Inc. | 23139 | 4084034 |
|  Trane Technologies PLC | 160753 | 72121833 |
|  UFP Industries, Inc. | 67340 | 6204034 |
|  |  | 238440647 |
| **Capital Markets — 5.8%** |  |  |
|  Ameriprise Financial, Inc. | 97272 | 44041843 |
|  Ares Management Corp., Class A | 411079 | 61131558 |
|  Bank of New York Mellon Corp. (The) | 1102676 | 119011821 |
|  BlackRock, Inc.<sup>(a)</sup> | 208774 | 226062575 |
|  CME Group, Inc., Class A | 545808 | 144906566 |
|  Cohen & Steers, Inc. | 75421 | 5152763 |
|  Evercore, Inc., Class A | 30314 | 8929292 |
|  FactSet Research Systems, Inc. | 35407 | 9446588 |
|  Goldman Sachs Group, Inc. (The) | 527752 | 416591596 |
|  Hamilton Lane, Inc., Class A | 44070 | 5022217 |
|  Houlihan Lokey, Inc., Class A | 54160 | 9698973 |
|  Intercontinental Exchange, Inc. | 503811 | 73702511 |
|  Jefferies Financial Group, Inc. | 316050 | 16696921 |
|  KKR & Co., Inc., Class A | 282443 | 33421480 |
|  MarketAxess Holdings, Inc. | 39301 | 6290518 |
|  Moody's Corp. | 91431 | 43914309 |
|  Morgan Stanley | 2645277 | 433825428 |
|  Morningstar, Inc. | 14230 | 3021029 |
|  MSCI, Inc., Class A | 74804 | 44025894 |
|  Nasdaq, Inc. | 350185 | 29937316 |
|  Northern Trust Corp. | 356065 | 45814883 |
|  Raymond James Financial, Inc. | 164131 | 26042666 |
|  S&P Global, Inc. | 172166 | 83880997 |
|  SEI Investments Co. | 86428 | 6966961 |
|  State Street Corp. | 626359 | 72444682 |
|  Stifel Financial Corp. | 139013 | 16463310 |
|  Victory Capital Holdings, Inc., Class A | 111236 | 6926666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993371363 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Chemicals — 1.7%** |  |  |  |
|  Air Products & Chemicals, Inc. | 441183 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107026584 |
|  Albemarle Corp. | 184096 |  | 18083750 |
|  Avient Corp. | 196024 |  | 6286490 |
|  Balchem Corp. | 13028 |  | 1998365 |
|  Cabot Corp. | 92817 |  | 6263291 |
|  Corteva, Inc. | 504696 |  | 31008522 |
|  Eastman Chemical Co. | 441728 |  | 26291651 |
|  Ecolab, Inc. | 192966 |  | 49476482 |
|  HB Fuller Co. | 68896 |  | 3952563 |
|  Linde PLC | 473095 |  | 197895638 |
|  Mosaic Co. (The) | 658557 |  | 18077390 |
|  NewMarket Corp. | 7960 |  | 6112484 |
|  PPG Industries, Inc. | 459829 |  | 44948285 |
|  RPM International, Inc. | 163081 |  | 17821492 |
|  Sherwin-Williams Co. (The) | 154191 |  | 53186644 |
|  Solstice Advanced Materials, Inc.<sup>(b)</sup> | 266262 |  | 12000428 |
|  Westlake Corp. | 72770 |  | 5007304 |
|  |  |  | 605437363 |
| **Commercial Services & Supplies — 0.5%** |  |  |  |
|  ABM Industries, Inc. | 97963 |  | 4212409 |
|  Brady Corp., Class A, NVS | 46464 |  | 3527082 |
|  Cintas Corp. | 244520 |  | 44813180 |
|  MSA Safety, Inc. | 39050 |  | 6132021 |
|  Republic Services, Inc. | 164445 |  | 34244027 |
|  Tetra Tech, Inc. | 143419 |  | 4586540 |
|  Waste Management, Inc. | 440266 |  | 87951939 |
|  |  |  | 185467198 |
| **Communications Equipment — 1.8%** |  |  |  |
|  Cisco Systems, Inc. | 7743789 |  | 566148414 |
|  Motorola Solutions, Inc. | 121181 |  | 49285524 |
|  |  |  | 615433938 |
| **Construction & Engineering — 0.1%** |  |  |  |
|  Comfort Systems U.S.A., Inc. | 7842 |  | 7572078 |
|  Quanta Services, Inc. | 13240 |  | 5946481 |
|  Valmont Industries, Inc. | 12990 |  | 5370456 |
|  |  |  | 18889015 |
| **Construction Materials — 0.3%** |  |  |  |
|  CRH PLC | 706673 |  | 84164754 |
|  Martin Marietta Materials, Inc. | 24255 |  | 14870741 |
|  Vulcan Materials Co. | 71791 |  | 20783494 |
|  |  |  | 119818989 |
| **Consumer Finance — 0.6%** |  |  |  |
|  American Express Co. | 438532 |  | 158191648 |
|  FirstCash Holdings, Inc. | 35791 |  | 5672874 |
|  Synchrony Financial | 472324 |  | 35131459 |
|  |  |  | 198995981 |
| **Consumer Staples Distribution & Retail — 2.4%** | **Consumer Staples Distribution & Retail — 2.4%** | **Consumer Staples Distribution & Retail — 2.4%** | **Consumer Staples Distribution & Retail — 2.4%** |
|  Casey's General Stores, Inc. | 12723 |  | 6529316 |
|  Costco Wholesale Corp. | 189255 |  | 172496470 |
|  Dollar General Corp. | 378657 |  | 37358300 |
|  Kroger Co. (The) | 1005707 |  | 63993136 |
|  Sysco Corp. | 1009467 |  | 74983209 |
|  Target Corp. | 1802575 |  | 167134754 |
|  Walmart, Inc. | 3152548 |  | 318974807 |
|  |  |  | 841469992 |
| **Containers & Packaging — 0.3%** |  |  |  |
|  AptarGroup, Inc. | 68003 |  | 7889028 |
|  Avery Dennison Corp. | 139605 |  | 24415519 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Containers & Packaging (continued)** |  |  |  |
|  Silgan Holdings, Inc. | 125649 | $| 4852564 |
|  Smurfit WestRock PLC | 1516109 |  | 55974744 |
|  |  |  | 93131855 |
| **Distributors — 0.2%** |  |  |  |
|  Genuine Parts Co. | 324996 |  | 41375241 |
|  Pool Corp. | 43838 |  | 11707376 |
|  |  |  | 53082617 |
| **Diversified Consumer Services — 0.1%** |  |  |  |
|  H&R Block, Inc. | 306331 |  | 15236904 |
|  Service Corp. International | 183252 |  | 15303374 |
|  |  |  | 30540278 |
| **Electric Utilities — 4.6%** |  |  |  |
|  Alliant Energy Corp. | 642826 |  | 42953633 |
|  American Electric Power Co., Inc. | 1420791 |  | 170864326 |
|  Duke Energy Corp. | 2194795 |  | 272813018 |
|  Edison International | 1899955 |  | 105219508 |
|  Entergy Corp. | 978696 |  | 94042899 |
|  IDACORP, Inc. | 118504 |  | 15289386 |
|  MGE Energy, Inc. | 66269 |  | 5491712 |
|  NextEra Energy, Inc. | 5328284 |  | 433722318 |
|  NRG Energy, Inc. | 182689 |  | 31396931 |
|  OGE Energy Corp. | 618560 |  | 27303238 |
|  Otter Tail Corp. | 87286 |  | 6740225 |
|  Southern Co. (The) | 2858797 |  | 268841270 |
|  TXNM Energy, Inc. | 216571 |  | 12301233 |
|  Xcel Energy, Inc. | 1455182 |  | 118117123 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605096820 |
| **Electrical Equipment — 1.0%** |  |  |  |
|  AMETEK, Inc. | 123955 |  | 25052545 |
|  Eaton Corp. PLC | 371445 |  | 141728554 |
|  Emerson Electric Co. | 712510 |  | 99445021 |
|  Hubbell, Inc. | 53322 |  | 25061340 |
|  nVent Electric PLC | 118421 |  | 13541441 |
|  Regal Rexnord Corp. | 50629 |  | 7133120 |
|  Rockwell Automation, Inc. | 136752 |  | 50373967 |
|  |  |  | 362335988 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
|  Amphenol Corp., Class A | 579428 |  | 80737497 |
|  Avnet, Inc. | 171125 |  | 8291006 |
|  Badger Meter, Inc. | 20404 |  | 3681902 |
|  CDW Corp. | 155973 |  | 24857417 |
|  Cognex Corp. | 91838 |  | 3801175 |
|  Littelfuse, Inc. | 24158 |  | 5877883 |
|  TD SYNNEX Corp. | 72610 |  | 11362739 |
|  TE Connectivity PLC | 322059 |  | 79551794 |
|  |  |  | 218161413 |
| **Entertainment — 0.0%** |  |  |  |
|  Warner Music Group Corp., Class A | 257238 |  | 8221327 |
| **Financial Services — 1.7%** |  |  |  |
|  Equitable Holdings, Inc. | 407755 |  | 20143097 |
|  Essent Group Ltd. | 158212 |  | 9582901 |
|  Jack Henry & Associates, Inc. | 82703 |  | 12317785 |
|  Mastercard, Inc., Class A | 340435 |  | 187916716 |
|  MGIC Investment Corp. | 380599 |  | 10436024 |
|  Radian Group, Inc. | 333178 |  | 11308061 |
|  Visa, Inc., Class A | 933963 |  | 318238553 |
|  Voya Financial, Inc. | 181362 |  | 13504214 |
|  |  |  | 583447351 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Food Products — 1.8%** |  |  |  |
|  Archer-Daniels-Midland Co. | 1180964 | $| 71483751 |
|  General Mills, Inc. | 2124063 |  | 99002576 |
|  Hershey Co. (The) | 342881 |  | 58162904 |
|  Hormel Foods Corp. | 1048238 |  | 22631458 |
|  Ingredion, Inc. | 122554 |  | 14143957 |
|  J M Smucker Co. (The) | 328901 |  | 34057699 |
|  Kellanova | 623200 |  | 51762992 |
|  Lamb Weston Holdings, Inc. | 267906 |  | 16537837 |
|  Marzetti Co. (The) | 35048 |  | 5495176 |
|  McCormick & Co., Inc., NVS | 513035 |  | 32916326 |
|  Mondelez International, Inc., Class A | 3136536 |  | 180225359 |
|  Tyson Foods, Inc., Class A | 774674 |  | 39825990 |
|  |  |  | 626246025 |
| **Gas Utilities — 0.3%** |  |  |  |
|  Atmos Energy Corp. | 267641 |  | 45959312 |
|  MDU Resources Group, Inc. | 502965 |  | 9646869 |
|  National Fuel Gas Co. | 175737 |  | 13867407 |
|  New Jersey Resources Corp. | 302043 |  | 13380505 |
|  ONE Gas, Inc. | 161305 |  | 12935048 |
|  |  |  | 95789141 |
| **Ground Transportation — 1.2%** |  |  |  |
|  CSX Corp. | 2381115 |  | 85767763 |
|  JB Hunt Transport Services, Inc. | 76984 |  | 12999518 |
|  Knight-Swift Transportation Holdings, Inc. | 210624 |  | 9503355 |
|  Landstar System, Inc. | 33750 |  | 4334513 |
|  Old Dominion Freight Line, Inc. | 105003 |  | 14744521 |
|  Ryder System, Inc. | 66466 |  | 11248041 |
|  Union Pacific Corp. | 1200379 |  | 264527520 |
|  |  |  | 403125231 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
|  Abbott Laboratories | 2475272 |  | 305993125 |
|  Becton Dickinson & Co. | 497406 |  | 88891426 |
|  Medtronic PLC | 3123570 |  | 283307799 |
|  ResMed, Inc. | 100410 |  | 24789221 |
|  STERIS PLC | 69432 |  | 16365122 |
|  Stryker Corp. | 246679 |  | 87876927 |
|  |  |  | 807223620 |
| **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** |
|  Cardinal Health, Inc. | 257857 |  | 49191380 |
|  Cencora, Inc. | 110124 |  | 37200988 |
|  Chemed Corp. | 6018 |  | 2595563 |
|  Elevance Health, Inc. | 399113 |  | 126598644 |
|  Ensign Group, Inc. (The) | 9543 |  | 1718694 |
|  HCA Healthcare, Inc. | 93604 |  | 43027887 |
|  Humana, Inc. | 109149 |  | 30364160 |
|  McKesson Corp. | 40631 |  | 32965556 |
|  Quest Diagnostics, Inc. | 156875 |  | 27602156 |
|  UnitedHealth Group, Inc. | 1994858 |  | 681363699 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032628727 |
| **Hotels, Restaurants & Leisure — 1.4%** |  |  |  |
|  Churchill Downs, Inc. | 19850 |  | 1969120 |
|  Domino's Pizza, Inc. | 37723 |  | 15031107 |
|  McDonald's Corp. | 1292486 |  | 385716597 |
|  Texas Roadhouse, Inc. | 86182 |  | 14097651 |
|  Wingstop, Inc. | 8765 |  | 1898762 |
|  Yum! Brands, Inc. | 431690 |  | 59663875 |
|  |  |  | 478377112 |
| **Household Durables — 0.2%** |  |  |  |
|  DR Horton, Inc. | 184982 |  | 27577116 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Household Durables (continued)** |  |  |  |
|  Garmin Ltd. | 193340 | $| 41363160 |
|  PulteGroup, Inc. | 104253 |  | 12496807 |
|  |  |  | 81437083 |
| **Household Products — 3.1%** |  |  |  |
|  Church & Dwight Co., Inc. | 244564 |  | 21445817 |
|  Clorox Co. (The) | 388550 |  | 43696333 |
|  Colgate-Palmolive Co. | 1596097 |  | 122979274 |
|  Kimberly-Clark Corp. | 1030708 |  | 123386055 |
|  Procter & Gamble Co. (The) | 4971121 |  | 747507465 |
|  WD-40 Co. | 18144 |  | 3525016 |
|  |  |  | 1062539960 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  Vistra Corp. | 128973 |  | 24285616 |
| **Industrial Conglomerates — 0.6%** |  |  |  |
|  Honeywell International, Inc. | 1065051 |  | 214426718 |
| **Insurance — 3.3%** |  |  |  |
|  Aflac, Inc. | 845926 |  | 90674808 |
|  Allstate Corp. (The) | 420278 |  | 80491643 |
|  American Financial Group, Inc. | 134485 |  | 17708985 |
|  Aon PLC, Class A | 137779 |  | 46938550 |
|  Arthur J. Gallagher & Co. | 175909 |  | 43887536 |
|  Assurant, Inc. | 63092 |  | 13357838 |
|  Assured Guaranty Ltd. | 58575 |  | 4719974 |
|  Axis Capital Holdings Ltd. | 100873 |  | 9447765 |
|  Brown & Brown, Inc. | 140573 |  | 11209291 |
|  Chubb Ltd. | 413480 |  | 114509151 |
|  Cincinnati Financial Corp. | 280915 |  | 43426650 |
|  CNO Financial Group, Inc. | 134958 |  | 5401019 |
|  Erie Indemnity Co., Class A, NVS | 32512 |  | 9514312 |
|  Everest Group Ltd. | 79895 |  | 25128575 |
|  Fidelity National Financial, Inc., Class A | 677684 |  | 37435264 |
|  First American Financial Corp. | 259117 |  | 16197404 |
|  Globe Life, Inc. | 54254 |  | 7134944 |
|  Hanover Insurance Group, Inc. (The) | 55188 |  | 9430525 |
|  Hartford Insurance Group, Inc. (The) | 359455 |  | 44637122 |
|  Kinsale Capital Group, Inc. | 2419 |  | 966318 |
|  Marsh & McLennan Cos., Inc. | 695350 |  | 123876602 |
|  MetLife, Inc. | 1522075 |  | 121492027 |
|  Old Republic International Corp. | 526172 |  | 20762747 |
|  Primerica, Inc. | 40878 |  | 10622966 |
|  Principal Financial Group, Inc. | 680806 |  | 57214936 |
|  Reinsurance Group of America, Inc. | 101277 |  | 18479001 |
|  RenaissanceRe Holdings Ltd. | 24533 |  | 6233590 |
|  RLI Corp. | 56488 |  | 3330532 |
|  Selective Insurance Group, Inc. | 92019 |  | 6932711 |
|  Travelers Cos., Inc. (The) | 287468 |  | 77219654 |
|  Unum Group | 318206 |  | 23362685 |
| W. R. Berkley Corp. | 113544 |  | 8100229 |
|  Willis Towers Watson PLC | 83788 |  | 26234023 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136079377 |
| **IT Services — 2.7%** |  |  |  |
|  Accenture PLC, Class A | 1149404 |  | 287465941 |
|  Cognizant Technology Solutions Corp., Class A | 683106 |  | 49784765 |
|  International Business Machines Corp. | 1949308 |  | 599236772 |
|  |  |  | 936487478 |
| **Leisure Products — 0.0%** |  |  |  |
|  Acushnet Holdings Corp. | 29118 |  | 2251695 |
|  Brunswick Corp. | 128060 |  | 8466047 |
|  |  |  | 10717742 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Life Sciences Tools & Services — 0.5%** |  |  |
|  Agilent Technologies, Inc. | 175489 | $25684570 |
|  Danaher Corp. | 334822 | 72113963 |
|  Thermo Fisher Scientific, Inc. | 105918 | 60096814 |
|  West Pharmaceutical Services, Inc. | 20876 | 5888493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163783840 |
| **Machinery — 2.9%** |  |  |
|  AGCO Corp. | 51914 | 5355448 |
|  Allison Transmission Holdings, Inc. | 81305 | 6711728 |
|  Caterpillar, Inc. | 535832 | 309314380 |
|  Cummins, Inc. | 220198 | 96376261 |
|  Donaldson Co., Inc. | 143252 | 12068981 |
|  Dover Corp. | 127807 | 23191858 |
|  Enpro, Inc. | 9976 | 2314532 |
|  Franklin Electric Co., Inc. | 36094 | 3420628 |
|  Graco, Inc. | 170911 | 13975393 |
|  IDEX Corp. | 98791 | 16938705 |
|  Illinois Tool Works, Inc. | 527036 | 128554621 |
|  Ingersoll Rand, Inc. | 30757 | 2347682 |
|  ITT, Inc. | 52762 | 9764663 |
|  Kadant, Inc. | 3522 | 974397 |
|  Lincoln Electric Holdings, Inc. | 57877 | 13569263 |
|  Mueller Water Products, Inc., Class A | 125264 | 3214274 |
|  Nordson Corp. | 57236 | 13275890 |
|  Oshkosh Corp. | 73852 | 9105213 |
|  Otis Worldwide Corp. | 603778 | 56006447 |
|  PACCAR, Inc. | 557339 | 54842158 |
|  Parker-Hannifin Corp. | 92436 | 71437314 |
|  Pentair PLC | 118724 | 12626297 |
|  Snap-on, Inc. | 106748 | 35819291 |
|  Stanley Black & Decker, Inc. | 508669 | 34447065 |
|  Timken Co. (The) | 96869 | 7605185 |
|  Toro Co. (The) | 148196 | 11074687 |
|  Watts Water Technologies, Inc., Class A | 18633 | 5079356 |
|  Xylem, Inc. | 218968 | 33031323 |
|  |  | 992443040 |
| **Marine Transportation — 0.0%** |  |  |
|  Matson, Inc. | 29171 | 2944812 |
| **Media — 1.1%** |  |  |
|  Comcast Corp., Class A | 11530453 | 320950159 |
|  New York Times Co. (The), Class A | 156215 | 8902693 |
|  Omnicom Group, Inc. | 551552 | 41377431 |
|  |  | 371230283 |
| **Metals & Mining — 0.3%** |  |  |
|  Nucor Corp. | 282110 | 42330605 |
|  Reliance, Inc. | 67339 | 19018554 |
|  Royal Gold, Inc. | 51936 | 9077893 |
|  Steel Dynamics, Inc. | 163327 | 25609674 |
|  |  | 96036726 |
| **Multi-Utilities — 2.0%** |  |  |
|  Ameren Corp. | 619588 | 63210368 |
|  CMS Energy Corp. | 728776 | 53601475 |
|  Consolidated Edison, Inc. | 1010915 | 98473230 |
|  DTE Energy Co. | 530481 | 71901394 |
|  NiSource, Inc. | 1036367 | 43641414 |
|  Public Service Enterprise Group, Inc. | 1244707 | 100273596 |
|  Sempra | 1689054 | 155291625 |
|  WEC Energy Group, Inc. | 815915 | 91162183 |
|  |  | 677555285 |
| **Oil, Gas & Consumable Fuels — 5.1%** |  |  |
|  ConocoPhillips | 3396459 | 301809347 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |  |
|  Diamondback Energy, Inc. | 439752 | $| 62968089 |
|  EOG Resources, Inc. | 1439925 |  | 152401662 |
|  Exxon Mobil Corp. | 9141060 |  | 1045371621 |
|  Ovintiv, Inc. | 618975 |  | 23217752 |
|  Phillips 66 | 1195371 |  | 162737808 |
|  Texas Pacific Land Corp. | 10597 |  | 9996998 |
|  |  |  | 1758503277 |
| **Paper & Forest Products — 0.0%** |  |  |  |
|  Louisiana-Pacific Corp. | 60141 |  | 5238883 |
| **Personal Care Products — 0.0%** |  |  |  |
|  Interparfums, Inc. | 34937 |  | 3114634 |
| **Pharmaceuticals — 6.5%** |  |  |  |
|  Eli Lilly & Co. | 517571 |  | 446591313 |
|  Johnson & Johnson | 5604087 |  | 1058443912 |
|  Merck & Co., Inc. | 7476322 |  | 642814166 |
|  Perrigo Co. PLC | 532025 |  | 11034198 |
|  Royalty Pharma PLC, Class A | 686668 |  | 25777517 |
|  Zoetis, Inc., Class A | 467856 |  | 67413371 |
|  |  |  | 2252074477 |
| **Professional Services — 0.9%** |  |  |  |
|  Automatic Data Processing, Inc. | 666498 |  | 173489429 |
|  Booz Allen Hamilton Holding Corp., Class A | 210382 |  | 18336895 |
|  Broadridge Financial Solutions, Inc. | 131349 |  | 28949320 |
|  Exponent, Inc. | 61016 |  | 4320543 |
|  Genpact Ltd. | 181790 |  | 6935288 |
|  Jacobs Solutions, Inc. | 86104 |  | 13415864 |
|  KBR, Inc. | 140919 |  | 6036970 |
|  Robert Half, Inc. | 527130 |  | 13805535 |
|  SS&C Technologies Holdings, Inc. | 192792 |  | 16371897 |
|  Verisk Analytics, Inc. | 73566 |  | 16093298 |
|  |  |  | 297755039 |
| **Semiconductors & Semiconductor Equipment — 5.9%** | **Semiconductors & Semiconductor Equipment — 5.9%** | **Semiconductors & Semiconductor Equipment — 5.9%** | **Semiconductors & Semiconductor Equipment — 5.9%** |
|  Analog Devices, Inc. | 629014 |  | 147271048 |
|  Applied Materials, Inc. | 725472 |  | 169107523 |
|  Broadcom, Inc. | 2512308 |  | 928624406 |
|  KLA Corp. | 88226 |  | 106642295 |
|  Lam Research Corp. | 885028 |  | 139356509 |
|  Microchip Technology, Inc. | 1203588 |  | 75127963 |
|  Monolithic Power Systems, Inc. | 26278 |  | 26409390 |
|  NXP Semiconductors NV | 346363 |  | 72431430 |
|  QUALCOMM, Inc. | 1911661 |  | 345819475 |
|  Skyworks Solutions, Inc. | 468033 |  | 36375525 |
|  Universal Display Corp. | 46621 |  | 6866341 |
|  |  |  | 2054031905 |
| **Software — 4.2%** |  |  |  |
|  Intuit, Inc. | 134280 |  | 89638614 |
|  Microsoft Corp. | 2036806 |  | 1054678515 |
|  Oracle Corp. | 1089533 |  | 286122261 |
|  Roper Technologies, Inc. | 53356 |  | 23804779 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454244169 |
| **Specialty Retail — 2.9%** |  |  |  |
|  Dick's Sporting Goods, Inc. | 96577 |  | 21386977 |
|  Group 1 Automotive, Inc. | 4569 |  | 1816360 |
|  Home Depot, Inc. (The) | 1736479 |  | 659150064 |
|  Lithia Motors, Inc., Class A | 14736 |  | 4628283 |
|  Lowe's Cos., Inc. | 784322 |  | 186770598 |
|  Murphy U.S.A., Inc. | 6999 |  | 2507042 |
|  Penske Automotive Group, Inc. | 47335 |  | 7576913 |
|  Ross Stores, Inc. | 274952 |  | 43695372 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Specialty Retail (continued)** |  |  |  |
|  Tractor Supply Co. | 619755 | $| 33534943 |
|  Williams-Sonoma, Inc. | 126986 |  | 24678459 |
|  |  |  | 985745011 |
| **Technology Hardware, Storage & Peripherals — 3.6%** | **Technology Hardware, Storage & Peripherals — 3.6%** | **Technology Hardware, Storage & Peripherals — 3.6%** | **Technology Hardware, Storage & Peripherals — 3.6%** |
|  Apple Inc. | 4213087 |  | 1139092332 |
|  HP, Inc. | 2962622 |  | 81975751 |
|  NetApp, Inc. | 262923 |  | 30967071 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252035154 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
|  Columbia Sportswear Co. | 40517 |  | 2010859 |
|  Kontoor Brands, Inc. | 114125 |  | 9234995 |
|  NIKE, Inc., Class B | 1939180 |  | 125251636 |
|  |  |  | 136497490 |
| **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
|  Air Lease Corp., Class A | 115978 |  | 7406355 |
|  Applied Industrial Technologies, Inc. | 23870 |  | 6136738 |
|  Boise Cascade Co. | 28395 |  | 2001564 |
|  Fastenal Co. | 1659321 |  | 68281059 |
|  Ferguson Enterprises, Inc. | 222828 |  | 55372758 |
|  GATX Corp. | 42810 |  | 6714749 |
|  Rush Enterprises, Inc., Class A | 68672 |  | 3393084 |
|  Rush Enterprises, Inc., Class B | 11518 |  | 604349 |
|  Watsco, Inc. | 81140 |  | 29860331 |
|  WW Grainger, Inc. | 32595 |  | 31910505 |
|  |  |  | 211681492 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Water Utilities — 0.2%** |  |  |
|  American States Water Co. | 84158 | $6001307 |
|  American Water Works Co., Inc. | 366203 | 47031451 |
|  Essential Utilities, Inc. | 711025 | 27751306 |
|  |  | 80784064 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $26,651,319,322)** | **Total Long-Term Investments — 99.7%<br>(Cost: $26,651,319,322)** | 34472108858 |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 0.2%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.05%<sup>(a)(c)</sup> | 64260341 | 64260341 |
|  **Total Short-Term Securities — 0.2%<br>(Cost: $64,260,341)** |  | 64260341 |
|  **Total Investments — 99.9%<br>(Cost: $26,715,579,663)** |  | 34536369199 |
|  **Other Assets Less Liabilities — 0.1%** |  | 35090877 |
|  **Net Assets — 100.0%** |  | $34571460076 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Annualized 7-day yield as of period end.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/25* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain<br>(Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/25* | *Shares<br>Held at<br>10/31/25* | *Income* | *Capital<br>Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $71530596 | $— | $(7270255)<sup>(a)</sup> | $— | $— | $64260341 | 64260341 | $1333920 | $— |
|  BlackRock, Inc. | 215320115 | 28110776 | (55774584) | 9888421 | 28517847 | 226062575 | 208774 | 2379287 |  |
|  |  |  |  | $9888421 | $28517847 | $290322916 |  | $3713207 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core Dividend Growth ETF** |

---

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Consumer Staples Select Sector Index | 157 | 12/19/25 | $12136 | $(433908) |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Health Care Select Sector Index | 84 | 12/19/25 | 12285 | 390621 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Technology Select Sector Index | 14 | 12/19/25 | 4262 | 355321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 1000 Value E-Mini Index | 606 | 12/19/25 | 61170 | 160286 |
|  |  |  |  | $472320 |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $906228 | $— | $— | $— | $906228 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $433908 | $— | $— | $— | $433908 |

---

<sup>(a)</sup> 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 October 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $8123287 | $— | $— | $— | $8123287 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $1064307 | $— | $— | $— | $1064307 |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $87082173 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core Dividend Growth ETF** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $34472108858 | $— | $— | $34472108858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 64260341 |  |  | 64260341 |
|  | $34536369199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $34536369199 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $906228 | $— | $— | $906228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (433908) |  |  | (433908) |
|  | $472320 | $— | $— | $472320 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core High Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Common Stocks** |  |  |  |
| **Air Freight & Logistics — 0.2%** |  |  |  |
|  CH Robinson Worldwide, Inc. | 132625 | $| 20422924 |
| **Banks — 1.2%** |  |  |  |
|  PNC Financial Services Group, Inc. (The) | 751002 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137095415 |
| **Beverages — 8.2%** |  |  |  |
|  Coca-Cola Co. (The) | 6765763 |  | 466161071 |
|  PepsiCo, Inc. | 3146307 |  | 459643989 |
|  |  |  | 925805060 |
| **Biotechnology — 8.2%** |  |  |  |
|  AbbVie, Inc. | 3159783 |  | 688959086 |
|  Gilead Sciences, Inc. | 1944789 |  | 232966274 |
|  |  |  | 921925360 |
| **Capital Markets — 2.0%** |  |  |  |
|  Blackstone, Inc., Class A | 1004622 |  | 147317770 |
|  Cohen & Steers, Inc. | 55558 |  | 3795722 |
|  Moelis & Co., Class A | 135512 |  | 8581975 |
|  T Rowe Price Group, Inc. | 595628 |  | 61069739 |
|  |  |  | 220765206 |
| **Chemicals — 1.0%** |  |  |  |
|  Air Products & Chemicals, Inc. | 315305 |  | 76489840 |
|  PPG Industries, Inc. | 330633 |  | 32319376 |
|  |  |  | 108809216 |
| **Communications Equipment — 3.6%** |  |  |  |
|  Cisco Systems, Inc. | 5557812 |  | 406331635 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
|  Sysco Corp. | 723953 |  | 53775229 |
| **Diversified Consumer Services — 0.1%** |  |  |  |
|  H&R Block, Inc. | 221033 |  | 10994181 |
| **Diversified Telecommunication Services — 3.4%** | **Diversified Telecommunication Services — 3.4%** | **Diversified Telecommunication Services — 3.4%** | **Diversified Telecommunication Services — 3.4%** |
|  AT&T Inc. | 15718673 |  | 389037157 |
| **Electric Utilities — 6.7%** |  |  |  |
|  ALLETE, Inc. | 152246 |  | 10250723 |
|  Alliant Energy Corp. | 462514 |  | 30905185 |
|  American Electric Power Co., Inc. | 1019715 |  | 122630926 |
|  Duke Energy Corp. | 1577028 |  | 196024580 |
|  Evergy, Inc. | 496573 |  | 38141772 |
|  IDACORP, Inc. | 82147 |  | 10598606 |
|  OGE Energy Corp. | 443776 |  | 19588273 |
|  PPL Corp. | 1235894 |  | 45134849 |
|  Southern Co. (The) | 2051800 |  | 192951272 |
|  Xcel Energy, Inc. | 1044405 |  | 84774354 |
|  |  |  | 751000540 |
| **Energy Equipment & Services — 0.9%** |  |  |  |
|  SLB Ltd. | 2704847 |  | 97536783 |
| **Food Products — 1.9%** |  |  |  |
|  Hormel Foods Corp. | 753176 |  | 16261070 |
|  Ingredion, Inc. | 88451 |  | 10208130 |
|  Kellanova | 449347 |  | 37322762 |
|  McCormick & Co., Inc., NVS | 369832 |  | 23728421 |
|  Mondelez International, Inc., Class A | 2250594 |  | 129319131 |
|  |  |  | 216839514 |
| **Gas Utilities — 0.2%** |  |  |  |
|  National Fuel Gas Co. | 130116 |  | 10267453 |
|  New Jersey Resources Corp. | 215876 |  | 9563307 |
|  |  |  | 19830760 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Ground Transportation — 1.7%** |  |  |  |
|  Union Pacific Corp. | 861530 | $| 189855366 |
| **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** |
|  Medtronic PLC | 2241811 |  | 203332258 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
|  Darden Restaurants, Inc. | 190716 |  | 34357487 |
|  Starbucks Corp. | 1884104 |  | 152367491 |
|  |  |  | 186724978 |
| **Household Products — 6.6%** |  |  |  |
|  Clorox Co. (The) | 279379 |  | 31418962 |
|  Colgate-Palmolive Co. | 1145992 |  | 88298684 |
|  Kimberly-Clark Corp. | 739759 |  | 88556550 |
|  Procter & Gamble Co. (The) | 3567838 |  | 536495800 |
|  Reynolds Consumer Products, Inc. | 123833 |  | 3026478 |
|  |  |  | 747796474 |
| **Insurance — 0.1%** |  |  |  |
|  Old Republic International Corp. | 378595 |  | 14939359 |
| **Leisure Products — 0.2%** |  |  |  |
|  Hasbro, Inc. | 265872 |  | 20288692 |
| **Machinery — 0.2%** |  |  |  |
|  Snap-on, Inc. | 76365 |  | 25624276 |
| **Multi-Utilities — 2.3%** |  |  |  |
|  Ameren Corp. | 438833 |  | 44769743 |
|  CenterPoint Energy, Inc. | 879560 |  | 33634374 |
|  CMS Energy Corp. | 524746 |  | 38595068 |
|  DTE Energy Co. | 381796 |  | 51748630 |
|  NiSource, Inc. | 743015 |  | 31288362 |
|  WEC Energy Group, Inc. | 585797 |  | 65451099 |
|  |  |  | 265487276 |
| **Oil, Gas & Consumable Fuels — 21.3%** | **Oil, Gas & Consumable Fuels — 21.3%** | **Oil, Gas & Consumable Fuels — 21.3%** | **Oil, Gas & Consumable Fuels — 21.3%** |
|  Antero Midstream Corp. | 897894 |  | 15488672 |
|  Chevron Corp. | 4820805 |  | 760337365 |
|  ConocoPhillips | 2437685 |  | 216612689 |
|  DT Midstream, Inc. | 175658 |  | 19232795 |
|  EOG Resources, Inc. | 1033445 |  | 109379819 |
|  Exxon Mobil Corp. | 8787441 |  | 1004931753 |
|  Kinder Morgan, Inc. | 4969090 |  | 130140467 |
|  Magnolia Oil & Gas Corp., Class A | 261138 |  | 5865159 |
|  Williams Cos., Inc. (The) | 2445581 |  | 141525772 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403514491 |
| **Personal Care Products — 0.6%** |  |  |  |
|  Kenvue, Inc. | 4471888 |  | 64261031 |
| **Pharmaceuticals — 11.0%** |  |  |  |
|  Johnson & Johnson | 4022111 |  | 759656104 |
|  Merck & Co., Inc. | 5365841 |  | 461355009 |
|  Royalty Pharma PLC, Class A | 493477 |  | 18525127 |
|  |  |  | 1239536240 |
| **Professional Services — 0.6%** |  |  |  |
|  Paychex, Inc. | 591417 |  | 69213532 |
| **Semiconductors & Semiconductor Equipment — 2.2%** | **Semiconductors & Semiconductor Equipment — 2.2%** | **Semiconductors & Semiconductor Equipment — 2.2%** | **Semiconductors & Semiconductor Equipment — 2.2%** |
|  Texas Instruments, Inc. | 1521817 |  | 245712573 |
| **Specialty Retail — 4.2%** |  |  |  |
|  Home Depot, Inc. (The) | 1246290 |  | 473079221 |
|  Penske Automotive Group, Inc. | 32334 |  | 5175704 |
|  |  |  | 478254925 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core High Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Tobacco — 6.8%** |  |  |  |
|  Altria Group, Inc. | 5964510 | $| 336279074 |
|  Philip Morris International, Inc. | 2953613 |  | 426294964 |
|  |  |  | 762574038 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
|  MSC Industrial Direct Co., Inc., Class A | 83878 |  | 7122081 |
|  Watsco, Inc. | 58543 |  | 21544409 |
|  |  |  | 28666490 |
| **Water Utilities — 0.2%** |  |  |  |
|  American States Water Co. | 61624 |  | 4394407 |
|  Essential Utilities, Inc. | 510831 |  | 19937734 |
|  |  |  | 24332141 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $10,608,176,372)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250283120 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 0.2%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.05%<sup>(a)(b)</sup> | 23027906 | $23027906 |
|  **Total Short-Term Securities — 0.2%<br>(Cost: $23,027,906)** |  | 23027906 |
|  **Total Investments — 100.0%<br>(Cost: $10,631,204,278)** |  | 11273311026 |
|  **Other Assets Less Liabilities — 0.0%** |  | 5491028 |
|  **Net Assets — 100.0%** |  | $11278802054 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/25* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Value at<br>10/31/25* | *Shares<br>Held at<br>10/31/25* | *Income* | *Capital<br>Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $12578606 | $10449300 <sup>(a)</sup> | $– $– $– $| 23027906 | 23027906 | $393781 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation*<br> *(Depreciation)* |
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Consumer Staples Select Sector Index | 204 | 12/19/25 | $15769 | $(505559) |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Dow Jones Industrial Average Index | 19 | 12/19/25 | 4534 | 146851 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Energy Select Sector Index | 75 | 12/19/25 | 6946 | 67372 |
|  |  |  |  | $(291336) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Core High Dividend ETF** |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $214223 | $— | $— | $— | $214223 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $505559 | $— | $— | $— | $505559 |

---

<sup>(a)</sup> 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 October 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $181311 | $— | $— | $— | $181311 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(499462) | $— | $— | $— | $(499462) |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $28325620 |

---

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $11250283120 | $— | $— | $11250283120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 23027906 |  |  | 23027906 |
|  | $11273311026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $11273311026 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $214223 | $— | $— | $214223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (505559) |  |  | (505559) |
|  | $(291336) | $— | $— | $(291336) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2025 | **iShares**<sup>®</sup> **Select Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Common Stocks** |  |  |  |
| **Aerospace & Defense — 1.0%** |  |  |  |
|  Lockheed Martin Corp. | 404864 | $| 199144504 |
| **Automobiles — 2.7%** |  |  |  |
|  Ford Motor Co. | 41717418 |  | 547749698 |
| **Banks — 13.2%** |  |  |  |
|  Citizens Financial Group, Inc. | 5432119 |  | 276331894 |
|  Comerica, Inc. | 2989674 |  | 228710061 |
|  Fifth Third Bancorp | 5291676 |  | 220239555 |
|  First Horizon Corp. | 9064411 |  | 193615819 |
|  FNB Corp. | 7840877 |  | 123258587 |
|  Huntington Bancshares, Inc. | 15493310 |  | 239216706 |
|  KeyCorp | 18477068 |  | 325011626 |
|  Regions Financial Corp. | 12084985 |  | 292456637 |
|  Truist Financial Corp. | 6555942 |  | 292591692 |
|  U.S. Bancorp | 6056034 |  | 282695667 |
|  United Bankshares, Inc. | 2801317 |  | 100259135 |
|  Valley National Bancorp | 10239452 |  | 111302843 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685690222 |
| **Beverages — 0.9%** |  |  |  |
|  Coca-Cola Co. (The) | 2536819 |  | 174786829 |
| **Biotechnology — 0.9%** |  |  |  |
|  Gilead Sciences, Inc. | 1548034 |  | 185438993 |
| **Capital Markets — 4.5%** |  |  |  |
|  Franklin Resources, Inc. | 6554367 |  | 148194238 |
|  Invesco Ltd. | 9906903 |  | 234793601 |
|  Janus Henderson Group PLC | 2766280 |  | 120499157 |
|  Lazard, Inc. | 2395141 |  | 116882881 |
|  T Rowe Price Group, Inc. | 2944901 |  | 301940699 |
|  |  |  | 922310576 |
| **Chemicals — 1.8%** |  |  |  |
|  Chemours Co. (The) | 3688728 |  | 49392068 |
|  FMC Corp. | 2517405 |  | 38189034 |
|  Huntsman Corp. | 3387333 |  | 28047117 |
|  LyondellBasell Industries NV, Class A | 5450454 |  | 253010075 |
|  |  |  | 368638294 |
| **Consumer Finance — 0.8%** |  |  |  |
|  OneMain Holdings, Inc. | 2711571 |  | 160497888 |
| **Containers & Packaging — 2.6%** |  |  |  |
|  International Paper Co. | 3947123 |  | 152516833 |
|  Packaging Corp. of America | 728294 |  | 142570833 |
|  Smurfit WestRock PLC | 4172920 |  | 154064206 |
|  Sonoco Products Co. | 2055282 |  | 83382791 |
|  |  |  | 532534663 |
| **Distributors — 1.1%** |  |  |  |
|  Genuine Parts Co. | 1699318 |  | 216340175 |
| **Diversified Consumer Services — 0.7%** |  |  |  |
|  H&R Block, Inc. | 2826423 |  | 140586280 |
| **Diversified Telecommunication Services — 3.0%** | **Diversified Telecommunication Services — 3.0%** | **Diversified Telecommunication Services — 3.0%** | **Diversified Telecommunication Services — 3.0%** |
|  AT&T Inc. | 9884757 |  | 244647736 |
|  Verizon Communications, Inc. | 9175046 |  | 364616328 |
|  |  |  | 609264064 |
| **Electric Utilities — 15.6%** |  |  |  |
|  Alliant Energy Corp. | 3170898 |  | 211879404 |
|  American Electric Power Co., Inc. | 2120036 |  | 254955529 |
|  Edison International | 7129416 |  | 394827058 |
|  Entergy Corp. | 2066758 |  | 198594776 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Electric Utilities (continued)** |  |  |  |
|  Eversource Energy | 5010786 | $| 369846115 |
|  Exelon Corp. | 5278327 |  | 243436441 |
|  FirstEnergy Corp. | 6472226 |  | 296622118 |
|  IDACORP, Inc. | 1103144 |  | 142327639 |
|  NextEra Energy, Inc. | 2785309 |  | 226724153 |
|  OGE Energy Corp. | 4186757 |  | 184803454 |
|  Pinnacle West Capital Corp. | 2349840 |  | 208007837 |
|  PPL Corp. | 5657622 |  | 206616355 |
|  Xcel Energy, Inc. | 2825239 |  | 229324650 |
|  |  | 3167965529 | 3167965529 |
| **Financial Services — 0.3%** |  |  |  |
|  Western Union Co. (The) | 6748563 |  | 62964093 |
| **Food Products — 5.4%** |  |  |  |
|  Archer-Daniels-Midland Co. | 5732615 |  | 346995186 |
|  Bunge Global SA | 2922042 |  | 276425173 |
|  Campbell's Co. (The) | 4197866 |  | 126481703 |
|  Conagra Brands, Inc. | 9994195 |  | 171800212 |
|  General Mills, Inc. | 4003787 |  | 186616512 |
|  |  |  | 1108318786 |
| **Gas Utilities — 1.7%** |  |  |  |
|  New Jersey Resources Corp. | 1986485 |  | 88001286 |
|  Southwest Gas Holdings, Inc. | 1290267 |  | 102576226 |
|  UGI Corp. | 4413571 |  | 147545679 |
|  |  |  | 338123191 |
| **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** |
|  CVS Health Corp. | 3959409 |  | 309427813 |
| **Hotels, Restaurants & Leisure — 0.8%** |  |  |  |
|  McDonald's Corp. | 470458 |  | 140398781 |
|  Wendy's Co. (The) | 3594272 |  | 30695083 |
|  |  |  | 171093864 |
| **Household Durables — 0.6%** |  |  |  |
|  Newell Brands, Inc. | 8812692 |  | 29963153 |
|  Whirlpool Corp. | 1300496 |  | 93154528 |
|  |  |  | 123117681 |
| **Household Products — 0.9%** |  |  |  |
|  Kimberly-Clark Corp. | 1579180 |  | 189043638 |
| **Insurance — 7.0%** |  |  |  |
|  Cincinnati Financial Corp. | 1138576 |  | 176012464 |
|  Fidelity National Financial, Inc., Class A | 3306986 |  | 182677907 |
|  Lincoln National Corp. | 2231914 |  | 93740388 |
|  MetLife, Inc. | 2056759 |  | 164170503 |
|  Old Republic International Corp. | 4730741 |  | 186675040 |
|  Principal Financial Group, Inc. | 2538662 |  | 213349154 |
|  Prudential Financial, Inc. | 2772256 |  | 288314624 |
|  Unum Group | 1737031 |  | 127532816 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432472896 |
| **IT Services — 1.0%** |  |  |  |
|  International Business Machines Corp. | 632091 |  | 194311094 |
| **Media — 2.4%** |  |  |  |
|  Interpublic Group of Cos., Inc. (The) | 7629017 |  | 195760576 |
|  Nexstar Media Group, Inc., Class A | 538315 |  | 105364395 |
|  Omnicom Group, Inc. | 2577175 |  | 193339669 |
|  |  |  | 494464640 |
| **Metals & Mining — 1.2%** |  |  |  |
|  Newmont Corp. | 3130752 |  | 253496989 |
| **Multi-Utilities — 8.9%** |  |  |  |
|  Black Hills Corp. | 1464735 |  | 92908141 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Select Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Multi-Utilities (continued)** |  |  |  |
|  CenterPoint Energy, Inc. | 4724013 | $| 180646257 |
|  CMS Energy Corp. | 2601768 |  | 191360036 |
|  Dominion Energy, Inc. | 5330560 |  | 312850566 |
|  DTE Energy Co. | 1556926 |  | 211025750 |
|  NiSource, Inc. | 4373597 |  | 184172170 |
|  Public Service Enterprise Group, Inc. | 2280505 |  | 183717483 |
|  Sempra | 2455887 |  | 225794251 |
|  WEC Energy Group, Inc. | 2042139 |  | 228168191 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810642845 |
| **Oil, Gas & Consumable Fuels — 5.9%** |  |  |  |
|  Chevron Corp. | 1793416 |  | 282857571 |
|  Exxon Mobil Corp. | 2111428 |  | 241462906 |
|  HF Sinclair Corp. | 3866514 |  | 199512122 |
|  ONEOK, Inc. | 2835811 |  | 189999337 |
|  Valero Energy Corp. | 1723157 |  | 292178501 |
|  |  |  | 1206010437 |
| **Pharmaceuticals — 2.9%** |  |  |  |
|  Merck & Co., Inc. | 2418021 |  | 207901445 |
|  Pfizer, Inc. | 15635832 |  | 385423259 |
|  |  |  | 593324704 |
| **Professional Services — 0.3%** |  |  |  |
|  Robert Half, Inc. | 2268783 |  | 59419427 |
| **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** |
|  Skyworks Solutions, Inc. | 3271977 |  | 254298052 |
| **Specialty Retail — 1.4%** |  |  |  |
|  Best Buy Co., Inc. | 3440831 |  | 282629858 |
| **Technology Hardware, Storage & Peripherals — 3.4%** | **Technology Hardware, Storage & Peripherals — 3.4%** | **Technology Hardware, Storage & Peripherals — 3.4%** | **Technology Hardware, Storage & Peripherals — 3.4%** |
|  HP, Inc. | 7047534 |  | 195005266 |
|  Seagate Technology Holdings PLC | 1914862 |  | 489974888 |
|  |  |  | 684980154 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Tobacco — 3.3%** |  |  |
|  Altria Group, Inc. | 8213881 | $463098611 |
|  Philip Morris International, Inc. | 1421219 | 205124538 |
|  |  | 668223149 |
| **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** |
|  MSC Industrial Direct Co., Inc., Class A | 957419 | 81294448 |
|  Watsco, Inc. | 269021 | 99002418 |
|  |  | 180296866 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $18,237,602,603)** | **Total Long-Term Investments — 99.8%<br>(Cost: $18,237,602,603)** | 20327607892 |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 0.3%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.05%<sup>(a)(b)</sup> | 49870300 | 49870300 |
|  **Total Short-Term Securities — 0.3%<br>(Cost: $49,870,300)** |  | 49870300 |
|  **Total Investments — 100.1%<br>(Cost: $18,287,472,903)** |  | 20377478192 |
|  **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (17572878) |
|  **Net Assets — 100.0%** |  | $20359905314 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> Annualized 7-day yield as of period end.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/25* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain<br>(Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/25* | *Shares<br>Held at<br>10/31/25* | *Income* | *Capital<br>Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $— | $— | $(6165)<sup>(b)</sup> | $6165 | $– $|  |  | $204266 <sup>(c)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 51046182 |  | (1175882)<sup>(b)</sup> |  | – | 49870300 | 49870300 | 1055920 |  |
|  |  |  |  | $6165 | $– $| 49870300 |  | $1260186 | $— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold). 

<sup>(c)</sup> 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.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Select Dividend ETF** |

---

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Energy Select Sector Index | 65 | 12/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;6020 | $90234 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Financials Select Sector Index | 96 | 12/19/25 | 15558 | (263361) |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Utilities Select Sector Index | 109 | 12/19/25 | 9832 | 421446 |
|  |  |  |  | $248319 |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $511680 | $— | $— | $— | $511680 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $263361 | $— | $— | $— | $263361 |

---

<sup>(a)</sup> 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 October 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $6890561 | $— | $— | $— | $6890561 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $333291 | $— | $— | $— | $333291 |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $43919450 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Select Dividend ETF** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $20327607892 | $— | $— | $20327607892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 49870300 |  |  | 49870300 |
|  | $20377478192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $20377478192 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $511680 | $— | $— | $511680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (263361) |  |  | (263361) |
|  | $248319 | $— | $— | $248319 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

Statements of Assets and Liabilities (unaudited)

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>Core Dividend<br>ETF | iShares<br>Core Dividend<br>Growth ETF | iShares<br> Core High<br>Dividend ETF | iShares<br> Select Dividend ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup> | $1085748750 | $34246046283 | $11250283120 | $20327607892 |
|  Investments, at value — affiliated<sup>(b)</sup> | 6292572 | 290322916 | 23027906 | 49870300 |
|  Cash | 17 | 785 | 124503 |  |
|  Cash pledged: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 173000 | 5965000 | 2190000 | 3979000 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 35395 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated |  |  |  | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 33275 |  | 56052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 1508933 | 31070853 | 19471672 | 26440219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 6367 | 198156 | 59042 | 159985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 10585 | 201090 | 9200 | 18417 |
|  Total assets | 1093808894 | 34573805083 | 11295221495 | 20408076728 |
|  **LIABILITIES** |  |  |  |  |
|  Bank overdraft |  |  |  | 10699 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  | 15634665 | 41534802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 45040 | 2345007 | 784776 | 6625913 |
|  Total liabilities | 45040 | 2345007 | 16419441 | 48171414 |
| **Commitments and contingent liabilities** |  |  |  |  |
|  NET ASSETS | $1093763854 | $34571460076 | $11278802054 | $20359905314 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
|  Paid-in capital | $1003469937 | $26239480712 | $11507176720 | $19825699105 |
|  Accumulated earnings (loss) | 90293917 | 8331979364 | (228374666) | 534206209 |
|  NET ASSETS | $1093763854 | $34571460076 | $11278802054 | $20359905314 |
|  **NET ASSET VALUE** |  |  |  |  |
|  Shares outstanding | $21050000 | $507800000 | $94600000 | $146300000 |
|  Net asset value | $51.96 | $68.08 | $119.23 | $139.17 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $1002347198 | $26510170838 | $10608176372 | $18237602603 |
|  <sup>(b)</sup> Investments, at cost — affiliated | $5413981 | $205408825 | $23027906 | $49870300 |

---

*See notes to financial statements.* 

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

------

Statements of Operations (unaudited)

Six Months Ended October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>Core Dividend<br>ETF | iShares<br>Core Dividend<br>Growth ETF | iShares<br>Core High<br>Dividend ETF | iShares<br>Select Dividend ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $13465135 | $370347422 | $192237036 | $421279935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 89489 | 3713207 | 393781 | 1055920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 1050 | 10800 | 4364 | 7417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net |  |  |  | 204266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (12316) | (159825) |  |  |
|  Total investment income | 13543358 | 373911604 | 192635181 | 422547538 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 235860 | 13204782 | 4550243 | 38283628 |
|  Total expenses | 235860 | 13204782 | 4550243 | 38283628 |
|  Net investment income | 13307498 | 360706822 | 188084938 | 384263910 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (13144240) | (65762749) | 17274211 | (9031540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (8466) | 160128 |  | 6165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 337570 | 8123287 | 181311 | 6890561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | 51336838 | 1561896264 | 77669111 | 124183176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(a)</sup> | 270876 | 9728293 |  |  |
|  | 38792578 | 1514145223 | 95124633 | 122048362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 52136270 | 2418140647 | 268640955 | 1440333358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 470743 | 28517847 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (57017) | 1064307 | (499462) | 333291 |
|  | 52549996 | 2447722801 | 268141493 | 1440666649 |
|  Net realized and unrealized gain | 91342574 | 3961868024 | 363266126 | 1562715011 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $104650072 | $4322574846 | $551351064 | $1946978921 |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

S T A T E M E N T S O F O P E R A T I O N S 25

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Core Dividend ETF | iShares Core Dividend ETF | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF |
|  | Six Months<br>Ended<br>10/31/25<br>(unaudited) | Year Ended<br>04/30/25 | Six Months<br>Ended<br>10/31/25<br>(unaudited) | Year Ended<br>04/30/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $13307498 | $15510254 | $360706822 | $684406805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 38792578 | 16673233 | 1514145223 | 1335964157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 52549996 | 8652068 | 2447722801 | 644740189 |
|  Net increase in net assets resulting from operations | 104650072 | 40835555 | 4322574846 | 2665111151 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (11898807)<sup>(b)</sup> | (14603091) | (348238858)<sup>(b)</sup> | (669265034) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 264151656 | 378542343 | 544378443 | 1572860704 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 356902921 | 404774807 | 4518714431 | 3568706821 |
|  Beginning of period | 736860933 | 332086126 | 30052745645 | 26484038824 |
|  End of period | $1093763854 | $736860933 | $34571460076 | $30052745645 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

*See notes to financial statements.* 

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

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Core High Dividend ETF | iShares Core High Dividend ETF | iShares Select Dividend ETF | iShares Select Dividend ETF |
|  | Six Months<br> Ended<br> 10/31/25<br> (unaudited) | Year Ended<br> 04/30/25 | Six Months<br> Ended<br> 10/31/25<br> (unaudited) | Year Ended<br>04/30/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $188084938 | $384037108 | $384263910 | $735238372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 95124633 | 815175845 | 122048362 | 722755249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 268141493 | (128694288) | 1440666649 | 603519893 |
|  Net increase in net assets resulting from operations | 551351064 | 1070518665 | 1946978921 | 2061513514 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (176383764)<sup>(b)</sup> | (391600925) | (364895511)<sup>(b)</sup> | (723622177) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (121555297) | 154661189 | (224650816) | (461536679) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 253412003 | 833578929 | 1357432594 | 876354658 |
|  Beginning of period | 11025390051 | 10191811122 | 19002472720 | 18126118062 |
|  End of period | $11278802054 | $11025390051 | $20359905314 | $19002472720 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 27

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Core Dividend ETF | iShares Core Dividend ETF | iShares Core Dividend ETF | iShares Core Dividend ETF | iShares Core Dividend ETF | iShares Core Dividend ETF |
|  | Six Months<br>Ended<br> 10/31/25<br>(unaudited) | Year Ended<br> 04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/23 | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 |
|  **Net asset value, beginning of period** | $46.49 | $42.58 | $37.51 | $39.14 | $38.39 | $25.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.72 | 1.38 | 1.27 | 0.96 | 0.77 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | 5.38 | 3.83 | 5.04 | (1.68) | 0.68 | 12.43 |
|  Net increase (decrease) from investment operations | 6.10 | 5.21 | 6.31 | (0.72) | 1.45 | 13.13 |
|  Distributions from net investment income<sup>(c)</sup> | (0.63)<sup>(d)</sup> | (1.30) | (1.24) | (0.91) | (0.70) | (0.68) |
|  **Net asset value, end of period** | $51.96 | $46.49 | $42.58 | $37.51 | $39.14 | $38.39 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 13.17 %<sup>(f)</sup> | 12.25% | 17.14% | (1.75)% | 3.71% | 51.33% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.05 %<sup>(h)</sup> | 0.05% | 0.05% | 0.15% | 0.25% | 0.25% |
|  Net investment income | 2.82 %<sup>(h)</sup> | 2.93% | 3.21% | 2.54% | 1.87% | 2.20% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1093764 | $736861 | $332086 | $260699 | $260263 | $67180 |
|  Portfolio turnover rate<sup>(i)</sup> | 26% | 36% | 36% | 65% | 25% | 30% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF |
|  | Six Months<br>Ended<br> 10/31/25<br> (unaudited) | Year Ended<br> 04/30/25 | Year Ended<br> 04/30/24 | Year Ended<br> 04/30/23 | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 |
|  **Net asset value, beginning of period** | $60.16 | $55.95 | $50.88 | $50.58 | $49.87 | $36.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.72 | 1.41 | 1.33 | 1.22 | 1.10 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(b)</sup> | 7.89 | 4.19 | 5.07 | 0.28 | 0.68 | 13.44 |
|  Net increase from investment operations | 8.61 | 5.60 | 6.40 | 1.50 | 1.78 | 14.52 |
|  Distributions from net investment income<sup>(c)</sup> | (0.69)<sup>(d)</sup> | (1.39) | (1.33) | (1.20) | (1.07) | (1.04) |
|  **Net asset value, end of period** | $68.08 | $60.16 | $55.95 | $50.88 | $50.58 | $49.87 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 14.38 %<sup>(f)</sup> | 9.99% | 12.77% | 3.13% | 3.51% | 40.52% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.08 %<sup>(h)</sup> | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
|  Net investment income | 2.19 %<sup>(h)</sup> | 2.32% | 2.53% | 2.47% | 2.10% | 2.53% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $34571460 | $30052746 | $26484039 | $23511203 | $22742798 | $18403156 |
|  Portfolio turnover rate<sup>(i)</sup> | 8% | 25% | 25% | 30% | 22% | 31% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 29

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Core High Dividend ETF | iShares Core High Dividend ETF | iShares Core High Dividend ETF | iShares Core High Dividend ETF | iShares Core High Dividend ETF | iShares Core High Dividend ETF |
|  | Six Months<br>Ended<br> 10/31/25<br> (unaudited) | Year Ended<br> 04/30/25 | Year Ended<br> 04/30/24 | Year Ended<br> 04/30/23 | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 |
|  **Net asset value, beginning of period** | $115.21 | $107.85 | $102.75 | $103.67 | $95.59 | $81.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.99 | 4.04 | 3.95 | 3.95 | 3.68 | 3.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | 3.89 | 7.39 | 4.84 | (0.88) | 7.80 | 13.72 |
|  Net increase from investment operations | 5.88 | 11.43 | 8.79 | 3.07 | 11.48 | 17.28 |
|  Distributions from net investment income<sup>(c)</sup> | (1.86)<sup>(d)</sup> | (4.07) | (3.69) | (3.99) | (3.40) | (3.54) |
|  **Net asset value, end of period** | $119.23 | $115.21 | $107.85 | $102.75 | $103.67 | $95.59 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 5.12 %<sup>(f)</sup> | 10.69% | 8.82% | 3.16% | 12.21% | 21.70% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.08 %<sup>(h)</sup> | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
|  Net investment income | 3.31 %<sup>(h)</sup> | 3.52% | 3.87% | 3.86% | 3.68% | 4.13% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $11278802 | $11025390 | $10191811 | $11137665 | $9630902 | $6839327 |
|  Portfolio turnover rate<sup>(i)</sup> | 35% | 82% | 67% | 74% | 74% | 75% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

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

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Select Dividend ETF | iShares Select Dividend ETF | iShares Select Dividend ETF | iShares Select Dividend ETF | iShares Select Dividend ETF | iShares Select Dividend ETF |
|  | Six Months<br>Ended<br> 10/31/25<br> (unaudited) | Year Ended<br> 04/30/25 | Year Ended<br> 04/30/24 | Year Ended<br> 04/30/23 | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/21 |
|  **Net asset value, beginning of period** | $128.44 | $119.41 | $117.61 | $123.50 | $118.37 | $80.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 2.61 | 4.92 | 4.60 | 4.24 | 3.91 | 3.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | 10.60 | 8.96 | 1.67 | (5.87) | 4.97 | 37.74 |
|  Net increase (decrease) from investment operations | 13.21 | 13.88 | 6.27 | (1.63) | 8.88 | 41.25 |
|  Distributions from net investment income<sup>(c)</sup> | (2.48)<sup>(d)</sup> | (4.85) | (4.47) | (4.26) | (3.75) | (3.54) |
|  **Net asset value, end of period** | $139.17 | $128.44 | $119.41 | $117.61 | $123.50 | $118.37 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 10.35 %<sup>(f)</sup> | 11.61 %<sup>(g)</sup> | 5.58% | (1.23)% | 7.63% | 52.54% |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.38 %<sup>(i)</sup> | 0.38 %<sup>(j)</sup> | 0.38% | 0.38% | 0.38% | 0.38% |
|  Net investment income | 3.80 %<sup>(i)</sup> | 3.76% | 4.04% | 3.52% | 3.23% | 3.78% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $20359905 | $19002473 | $18126118 | $21422388 | $21666936 | $18495567 |
|  Portfolio turnover rate<sup>(k)</sup> | 2% | 19% | 17% | 15% | 15% | 55% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

<sup>(j)</sup> Includes payment from an affiliate with no financial impact to the expense ratios.

<sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 31

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Notes to Financial Statements (unaudited)

**1.**  ***ORGANIZATION*** 

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* |
|  Core Dividend | Diversified |
|  Core Dividend Growth | Diversified |
|  Core High Dividend | Non-Diversified |
|  Select Dividend | Diversified |

---

**2.**  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. 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.

**ForeignTaxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

**Segment Reporting:** The 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 each Fund's financial statements.

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

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Notes to Financial Statements (unaudited) (continued)

**3.**  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

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

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

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

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

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

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

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

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

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

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

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

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

**4.**  ***SECURITIES AND OTHER INVESTMENTS*** 

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market 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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 33

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Notes to Financial Statements (unaudited) (continued)

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.

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

**5.**  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

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

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

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

**6.**  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  Core Dividend | 0.05% |
|  Core Dividend Growth | 0.08 |
|  Core High Dividend | 0.08 |

---

For its investment advisory services to the iShares Select Dividend ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
|  First $46 billion | 0.4000% |
|  Over $46 billion, up to and including $81 billion | 0.380000 |
|  Over $81 billion, up to and including $111 billion | 0.361000 |
|  Over $111 billion, up to and including $141 billion | 0.342950 |
|  Over $141 billion, up to and including $171 billion | 0.325802 |
|  Over $171 billion | 0.309512 |

---

**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.

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

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Notes to Financial Statements (unaudited) (continued)

**ETF Servicing Fees**: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

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

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

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended October 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  Select Dividend | $50646 |

---

**Trustees and Officers**: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended October 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  Core Dividend | $133514313 | $105513773 | $(9767818) |
|  Core Dividend Growth | 1175891865 | 554793921 | (18372262) |
|  Core High Dividend | 703489299 | 628468404 | 34157933 |
|  Select Dividend |  | 9560689 | 142162 |

---

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends - affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

N O T E S T O F I N A N C I A L S T A T E M E N T S 35

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Notes to Financial Statements (unaudited) (continued)

**7.**  ***PURCHASES AND SALES*** 

For the six months ended October 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  Core Dividend | $244548851 | $239129246 |
|  Core Dividend Growth | 2608553423 | 2549118557 |
|  Core High Dividend | 3947275988 | 3933808272 |
|  Select Dividend | 378470480 | 320352797 |

---

For the six months ended October 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind<br>Sales* |
|  Core Dividend | $484742388 | $&nbsp;&nbsp;&nbsp;&nbsp;225062232 |
|  Core Dividend Growth | 3417815228 | 2905072568 |
|  Core High Dividend | 485348285 | 605838034 |
|  Select Dividend | 318501363 | 534181574 |

---

**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 October 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of April 30, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring Capital<br>Loss Carryforwards<sup>(a)</sup>* |
|  Core Dividend | $(35496754) |
|  Core Dividend Growth | (1045626635) |
|  Core High Dividend | (999400456) |
|  Select Dividend | (1670716085) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

As of October 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Core Dividend | $1008476689 | $121438802 | $(37878741) | $83560061 |
|  Core Dividend Growth | 26756726196 | 8536689896 | (756574573) | 7780115323 |
|  Core High Dividend | 10644920582 | 1062458374 | (434359266) | 628099108 |
|  Select Dividend | 18375489067 | 3453646134 | (1451408690) | 2002237444 |

---

**9.**  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which each Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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.

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

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Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>10/31/25 | Six Months Ended<br>10/31/25 | Year Ended<br>04/30/25 | Year Ended<br>04/30/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Core Dividend |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 9750000 | $490142893 | 9650000 | $450411441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4550000) | (225991237) | (1600000) | (71869098) |
|  | 5200000 | $264151656 | 8050000 | $378542343 |
|  Core Dividend Growth |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 52750000 | $3438918262 | 88300000 | $5391633220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (44500000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2894539819) | (62100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3818772516) |
|  | 8250000 | $544378443 | 26200000 | $1572860704 |
|  Core High Dividend |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4050000 | $488765309 | 16150000 | $1883315929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5150000) | (610320606) | (14950000) | (1728654740) |
|  | (1100000) | $(121555297) | 1200000 | $154661189 |
|  Select Dividend |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2400000 | $325193286 | 26850000 | $3570138163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4050000) | (549844102) | (30700000) | (4031674842) |
|  | (1650000) | $(224650816) | (3850000) | $(461536679) |

---

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

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

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

**11.**  ***SUBSEQUENT EVENTS*** 

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

38 2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Additional Information

#### Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

#### Availability of Portfolio Holdings Information
A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

A D D I T I O N A L I N F O R M A T I O N 39

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Board Review and Approval of Investment Advisory Contract

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

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

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

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

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

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

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

40 2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

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

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

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

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

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

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

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 41

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

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

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

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

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

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Board Review and Approval of Investment Advisory Contract (continued)

for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

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

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

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

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

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

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods. The Board also noted the revised investment advisory fee rate for the Fund adopted by the Board at a meeting held on December 9-11, 2024 to reflect calculation of the rate to the sixth decimal place on the same or lower basis than the prior fee rate.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's

44 2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

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

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

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

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the

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Board Review and Approval of Investment Advisory Contract (continued)

Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

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

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

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Glossary of Terms Used in these Financial Statements

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| Portfolio Abbreviation | Portfolio Abbreviation |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

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G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S 47

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### Want to know more?
**iShares.com \|** 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

#### Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc. or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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|:---|:---|
| ![LOGO](g34007sp24a.jpg)  | ![LOGO](g34007sp72.jpg) |

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|:---|:---|
| ![LOGO](g34007g92r62.jpg)  | **OCTOBER 31, 2025** |

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**2025 Semi-Annual Financial**<br> **Statements and Additional**<br> **Information (Unaudited)**<br>

#### iShares Trust
• iShares Morningstar Mid-Cap Value ETF \| IMCV \| NASDAQ

• iShares Morningstar Small-Cap ETF \| ISCB \| NYSE Arca

• iShares Morningstar U.S. Equity ETF \| ILCB \| NYSE Arca

• iShares Morningstar Value ETF \| ILCV \| NYSE Arca

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**Table of Contents**

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|:---|:---|
|  | **Page** |
|  [Schedules of Investments](#fin334007_1a) | 3 |
|  [Statements of Assets and Liabilities](#fin334007_2b) | 40 |
|  [Statements of Operations](#fin334007_3c) | 41 |
|  [Statements of Changes in Net Assets](#fin334007_4d) | 42 |
|  [Financial Highlights](#fin334007_5e) | 44 |
|  [Notes to Financial Statements](#fin334007_6f) | 48 |
|  [Additional Information](#fin334007_7g) | 56 |
|  [Board Review and Approval of Investment Advisory Contract](#fin334007_8h) | 57 |
|  [Glossary of Terms Used in these Financial Statements](#fin334007_9i) | 60 |

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|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

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|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** |  |
| **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** |  |
|  L3Harris Technologies, Inc. | 14509 | $4194552 |
|  Textron, Inc. | 17180 | 1388316 |
|  |  | 5582868 |
| **Air Freight & Logistics — 1.2%** | **Air Freight & Logistics — 1.2%** |  |
|  Expeditors International of Washington, Inc. | 19533 | 2381073 |
|  FedEx Corp. | 32339 | 8208285 |
|  |  | 10589358 |
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |  |
|  Aptiv PLC<sup>(a)(b)</sup> | 30576 | 2479714 |
| **Automobiles — 2.2%** | **Automobiles — 2.2%** |  |
|  Ford Motor Co. | 578066 | 7590006 |
|  General Motors Co. | 139918 | 9666935 |
|  Rivian Automotive, Inc., Class A<sup>(a)(b)</sup> | 110581 | 1500584 |
|  |  | 18757525 |
| **Banks — 5.0%** | **Banks — 5.0%** |  |
|  Citizens Financial Group, Inc. | 64875 | 3300191 |
|  East West Bancorp, Inc. | 20527 | 2085543 |
|  Fifth Third Bancorp | 98126 | 4084004 |
|  First Citizens BancShares, Inc., Class A | 597 | 1089418 |
|  Huntington Bancshares, Inc. | 224595 | 3467747 |
|  KeyCorp | 138945 | 2444043 |
|  M&T Bank Corp. | 23061 | 4240226 |
|  Regions Financial Corp. | 126710 | 3066382 |
|  Truist Financial Corp. | 189532 | 8458813 |
|  U.S. Bancorp | 228505 | 10666613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42902980 |
| **Beverages — 1.1%** | **Beverages — 1.1%** |  |
|  Brown-Forman Corp., Class A | 3476 | 94269 |
|  Brown-Forman Corp., Class B, NVS | 24272 | 660927 |
|  Constellation Brands, Inc., Class A | 22409 | 2944094 |
|  Keurig Dr. Pepper, Inc. | 178613 | 4851129 |
|  Primo Brands Corp., Class A | 30646 | 673293 |
|  |  | 9223712 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |  |
|  Biogen, Inc.<sup>(a)</sup> | 20710 | 3194932 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 7814 | 418596 |
|  Incyte Corp.<sup>(a)</sup> | 23634 | 2209306 |
|  United Therapeutics Corp.<sup>(a)</sup> | 6058 | 2698415 |
|  |  | 8521249 |
| **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** |  |
|  Coupang, Inc., Class A<sup>(a)</sup> | 59537 | 1903398 |
|  eBay, Inc. | 45160 | 3671959 |
|  |  | 5575357 |
| **Building Products — 1.4%** | **Building Products — 1.4%** |  |
|  Allegion PLC | 5356 | 887864 |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 16746 | 1945383 |
|  Carrier Global Corp. | 58532 | 3482069 |
|  Johnson Controls International PLC | 28477 | 3257484 |
|  Masco Corp. | 18237 | 1181028 |
|  Owens Corning | 12639 | 1609071 |
|  |  | 12362899 |
| **Capital Markets — 2.8%** | **Capital Markets — 2.8%** |  |
|  Ameriprise Financial, Inc. | 6450 | 2920367 |
|  Bank of New York Mellon Corp. (The) | 50685 | 5470432 |
|  Carlyle Group, Inc. (The) | 31844 | 1697922 |
|  Northern Trust Corp. | 28060 | 3610480 |
|  Raymond James Financial, Inc. | 13185 | 2092064 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Capital Markets (continued)** |  |  |
|  State Street Corp. | 42466 | $4911618 |
|  T Rowe Price Group, Inc. | 32576 | 3340017 |
|  |  | 24042900 |
| **Chemicals — 2.8%** | **Chemicals — 2.8%** |  |
|  Air Products & Chemicals, Inc. | 32636 | 7917167 |
|  CF Industries Holdings, Inc. | 24447 | 2036190 |
|  Corteva, Inc. | 37560 | 2307686 |
|  Dow, Inc. | 68722 | 1639020 |
|  DuPont de Nemours, Inc. | 35681 | 2913354 |
|  International Flavors & Fragrances, Inc.<sup>(a)</sup> | 17822 | 1122251 |
|  LyondellBasell Industries NV, Class A | 38254 | 1775751 |
|  PPG Industries, Inc. | 33517 | 3276287 |
|  RPM International, Inc. | 9189 | 1004174 |
|  Westlake Corp. | 3159 | 217371 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24209251 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |  |
|  Veralto Corp. | 11384 | 1123373 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |  |
|  F5, Inc.<sup>(a)</sup> | 2891 | 731567 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |  |
|  AECOM | 6006 | 806906 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |  |
|  Martin Marietta Materials, Inc. | 4531 | 2777956 |
| **Consumer Finance — 2.6%** | **Consumer Finance — 2.6%** |  |
|  Capital One Financial Corp. | 93808 | 20636822 |
|  Synchrony Financial | 29784 | 2215334 |
|  |  | 22852156 |
| **Consumer Staples Distribution & Retail — 2.7%** | **Consumer Staples Distribution & Retail — 2.7%** |  |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)(b)</sup> | 5340 | 471308 |
|  Dollar General Corp. | 32278 | 3184548 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 29116 | 2885978 |
|  Kroger Co. (The) | 90125 | 5734654 |
|  Performance Food Group Co.<sup>(a)</sup> | 6735 | 651544 |
|  Sysco Corp. | 44503 | 3305683 |
|  Target Corp. | 66689 | 6183404 |
|  U.S. Foods Holding Corp.<sup>(a)</sup> | 11723 | 851324 |
|  |  | 23268443 |
| **Containers & Packaging — 1.5%** | **Containers & Packaging — 1.5%** |  |
|  Amcor PLC | 334293 | 2640915 |
|  Avery Dennison Corp. | 7382 | 1291038 |
|  Ball Corp. | 18877 | 887219 |
|  International Paper Co. | 76462 | 2954491 |
|  Packaging Corp. of America | 13047 | 2554081 |
|  Smurfit WestRock PLC | 75836 | 2799865 |
|  |  | 13127609 |
| **Distributors — 0.3%** | **Distributors — 0.3%** |  |
|  Genuine Parts Co. | 20373 | 2593687 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |  |
|  Service Corp. International | 6360 | 531124 |
| **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** |  |
|  WP Carey, Inc. | 31808 | 2099328 |
| **Electric Utilities — 6.3%** | **Electric Utilities — 6.3%** |  |
|  Alliant Energy Corp. | 37336 | 2494792 |
|  American Electric Power Co., Inc. | 75607 | 9092498 |
|  Edison International | 56254 | 3115346 |
|  Entergy Corp. | 65393 | 6283613 |
|  Evergy, Inc. | 33610 | 2581584 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** |  |  |
|  Eversource Energy | 51506 | $| 3801658 |
|  Exelon Corp. | 148288 |  | 6839043 |
|  FirstEnergy Corp. | 75721 |  | 3470293 |
|  NRG Energy, Inc. | 16444 |  | 2826066 |
|  PG&E Corp. | 321079 |  | 5124421 |
|  PPL Corp. | 57487 |  | 2099425 |
|  Xcel Energy, Inc. | 84265 |  | 6839790 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54568529 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |  |  |
|  Emerson Electric Co. | 39055 |  | 5450906 |
|  Rockwell Automation, Inc. | 6826 |  | 2514426 |
|  |  |  | 7965332 |
| **Electronic Equipment, Instruments & Components — 2.2%** | **Electronic Equipment, Instruments & Components — 2.2%** | **Electronic Equipment, Instruments & Components — 2.2%** | **Electronic Equipment, Instruments & Components — 2.2%** |
|  CDW Corp. | 12582 |  | 2005193 |
|  Corning, Inc. | 49496 |  | 4409104 |
|  Flex Ltd.<sup>(a)</sup> | 31070 |  | 1942497 |
|  Jabil, Inc. | 6106 |  | 1348754 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 7764 |  | 1420502 |
|  TE Connectivity PLC | 21621 |  | 5340603 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 2037 |  | 1073132 |
|  Trimble, Inc.<sup>(a)</sup> | 10168 |  | 810898 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup> | 2565 |  | 690626 |
|  |  |  | 19041309 |
| **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** |  |  |
|  Baker Hughes Co., Class A | 72627 |  | 3515873 |
|  Halliburton Co. | 126416 |  | 3393005 |
|  SLB Ltd. | 218330 |  | 7872980 |
|  |  |  | 14781858 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** |  |  |
|  Electronic Arts, Inc. | 17801 |  | 3561268 |
|  Warner Bros Discovery, Inc., Class A<sup>(a)</sup> | 332511 |  | 7464872 |
|  |  |  | 11026140 |
| **Financial Services — 1.1%** | **Financial Services — 1.1%** |  |  |
|  Block, Inc., Class A<sup>(a)</sup> | 32913 |  | 2499413 |
|  Corpay, Inc.<sup>(a)</sup> | 3241 |  | 843794 |
|  Equitable Holdings, Inc. | 35580 |  | 1757652 |
|  Fidelity National Information Services, Inc. | 25051 |  | 1566189 |
|  Global Payments, Inc. | 35904 |  | 2791895 |
|  |  |  | 9458943 |
| **Food Products — 2.8%** | **Food Products — 2.8%** |  |  |
|  Archer-Daniels-Midland Co. | 66453 |  | 4022400 |
|  Conagra Brands, Inc. | 69997 |  | 1203248 |
|  General Mills, Inc. | 80282 |  | 3741944 |
|  Hershey Co. (The) | 14004 |  | 2375499 |
|  Hormel Foods Corp. | 43124 |  | 931047 |
|  J M Smucker Co. (The) | 15446 |  | 1599433 |
|  Kellanova | 39933 |  | 3316835 |
|  Kraft Heinz Co. (The) | 127412 |  | 3150899 |
|  McCormick & Co., Inc., NVS | 18285 |  | 1173166 |
|  Pilgrim's Pride Corp. | 6439 |  | 245326 |
|  Tyson Foods, Inc., Class A | 39815 |  | 2046889 |
|  |  |  | 23806686 |
| **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** |  |  |
|  Atmos Energy Corp. | 12149 |  | 2086226 |
| **Ground Transportation — 1.7%** | **Ground Transportation — 1.7%** |  |  |
|  CSX Corp. | 273593 |  | 9854820 |
|  JB Hunt Transport Services, Inc. | 5426 |  | 916234 |
|  Norfolk Southern Corp. | 13090 |  | 3709444 |
|  |  |  | 14480498 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |  |
|  Align Technology, Inc.<sup>(a)</sup> | 5284 | $728558 |
|  Baxter International, Inc. | 75324 | 1391234 |
|  Becton Dickinson & Co. | 42135 | 7529946 |
|  Cooper Cos., Inc. (The)<sup>(a)</sup> | 8672 | 606260 |
|  GE HealthCare Technologies, Inc. | 39557 | 2964797 |
|  Hologic, Inc.<sup>(a)</sup> | 32797 | 2424026 |
|  Solventum Corp.<sup>(a)</sup> | 20415 | 1409452 |
|  Zimmer Biomet Holdings, Inc. | 29352 | 2951637 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20005910 |
| **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** |  |
|  Cardinal Health, Inc. | 14763 | 2816337 |
|  Centene Corp.<sup>(a)</sup> | 68673 | 2428964 |
|  Humana, Inc. | 17706 | 4925632 |
|  Labcorp Holdings, Inc. | 12303 | 3124470 |
|  Molina Healthcare, Inc.<sup>(a)(b)</sup> | 3593 | 549945 |
|  Quest Diagnostics, Inc. | 16232 | 2856020 |
|  Tenet Healthcare Corp.<sup>(a)(b)</sup> | 8593 | 1774369 |
|  |  | 18475737 |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |  |
|  Alexandria Real Estate Equities, Inc. | 13781 | 802330 |
|  Healthpeak Properties, Inc. | 58164 | 1044044 |
|  |  | 1846374 |
| **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** |  |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 21207 | 2683534 |
|  Carnival Corp.<sup>(a)</sup> | 159278 | 4591985 |
|  Darden Restaurants, Inc. | 6956 | 1253123 |
|  Expedia Group, Inc. | 9611 | 2114420 |
|  Las Vegas Sands Corp. | 19927 | 1182667 |
|  |  | 11825729 |
| **Household Durables — 1.7%** | **Household Durables — 1.7%** |  |
|  DR Horton, Inc. | 39339 | 5864658 |
|  Garmin Ltd. | 6214 | 1329423 |
|  Lennar Corp., Class A | 31470 | 3895042 |
|  Lennar Corp., Class B | 1388 | 163853 |
|  NVR, Inc.<sup>(a)</sup> | 218 | 1571959 |
|  PulteGroup, Inc. | 16591 | 1988763 |
|  |  | 14813698 |
| **Household Products — 0.5%** | **Household Products — 0.5%** |  |
|  Clorox Co. (The) | 4538 | 510344 |
|  Kimberly-Clark Corp. | 31796 | 3806299 |
|  |  | 4316643 |
| **Insurance — 7.8%** | **Insurance — 7.8%** |  |
|  Aflac, Inc. | 71517 | 7665907 |
|  Allstate Corp. (The) | 18027 | 3452531 |
|  American International Group, Inc. | 45588 | 3599628 |
|  Arch Capital Group Ltd. | 54878 | 4736520 |
|  Cincinnati Financial Corp. | 22808 | 3525889 |
|  Everest Group Ltd. | 6295 | 1979903 |
|  Fidelity National Financial, Inc., Class A | 37749 | 2085255 |
|  Hartford Insurance Group, Inc. (The) | 41645 | 5171476 |
|  Loews Corp. | 14707 | 1464229 |
|  Markel Group, Inc.<sup>(a)</sup> | 700 | 1382171 |
|  MetLife, Inc. | 82914 | 6618195 |
|  Principal Financial Group, Inc. | 32863 | 2761807 |
|  Prudential Financial, Inc. | 52195 | 5428280 |
|  Reinsurance Group of America, Inc. | 9742 | 1777525 |
|  RenaissanceRe Holdings Ltd. | 6800 | 1727812 |
|  Travelers Cos., Inc. (The) | 33050 | 8877891 |
|  Unum Group | 23483 | 1724122 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Insurance (continued)** | **Insurance (continued)** |  |
| W. R. Berkley Corp. | 17529 | $1250519 |
|  Willis Towers Watson PLC | 7465 | 2337292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67566952 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |  |
|  Pinterest, Inc., Class A<sup>(a)</sup> | 47659 | 1577513 |
|  Reddit, Inc., Class A<sup>(a)</sup> | 6265 | 1309072 |
|  Snap, Inc., Class A, NVS<sup>(a)</sup> | 71833 | 560297 |
|  |  | 3446882 |
| **IT Services — 1.0%** | **IT Services — 1.0%** |  |
|  Akamai Technologies, Inc.<sup>(a)</sup> | 20482 | 1538198 |
|  Cognizant Technology Solutions Corp., Class A | 72410 | 5277241 |
|  CoreWeave, Inc., Class A<sup>(a)</sup> | 3594 | 480554 |
|  Twilio, Inc., Class A<sup>(a)</sup> | 6890 | 929323 |
|  |  | 8225316 |
| **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** |  |
|  Agilent Technologies, Inc. | 25732 | 3766136 |
|  Illumina, Inc.<sup>(a)</sup> | 22659 | 2799293 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 16681 | 3610769 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 1270 | 1798688 |
|  Revvity, Inc. | 10900 | 1020131 |
|  West Pharmaceutical Services, Inc. | 4285 | 1208670 |
|  |  | 14203687 |
| **Machinery — 2.6%** | **Machinery — 2.6%** |  |
|  CNH Industrial NV | 130784 | 1371924 |
|  Cummins, Inc. | 10761 | 4709875 |
|  Dover Corp. | 7393 | 1341534 |
|  Fortive Corp. | 25320 | 1274609 |
|  IDEX Corp. | 4831 | 828323 |
|  Ingersoll Rand, Inc. | 20171 | 1539652 |
|  Otis Worldwide Corp. | 19116 | 1773200 |
|  PACCAR, Inc. | 75654 | 7444354 |
|  Pentair PLC | 6781 | 721159 |
|  Snap-on, Inc. | 4977 | 1670032 |
|  |  | 22674662 |
| **Media — 0.8%** | **Media — 0.8%** |  |
|  Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 13728 | 3210155 |
|  Fox Corp., Class A, NVS | 17547 | 1134413 |
|  Fox Corp., Class B | 11221 | 655419 |
|  Omnicom Group, Inc. | 28884 | 2166878 |
|  |  | 7166865 |
| **Metals & Mining — 2.7%** | **Metals & Mining — 2.7%** |  |
|  Freeport-McMoRan, Inc. | 62954 | 2625182 |
|  Newmont Corp. | 160964 | 13033255 |
|  Nucor Corp. | 34191 | 5130359 |
|  Reliance, Inc. | 4452 | 1257378 |
|  Steel Dynamics, Inc. | 10157 | 1592618 |
|  |  | 23638792 |
| **Multi-Utilities — 4.3%** | **Multi-Utilities — 4.3%** |  |
|  Ameren Corp. | 23466 | 2394001 |
|  CenterPoint Energy, Inc. | 52411 | 2004197 |
|  CMS Energy Corp. | 26501 | 1949149 |
|  Consolidated Edison, Inc. | 52967 | 5159515 |
|  Dominion Energy, Inc. | 58613 | 3439997 |
|  DTE Energy Co. | 30324 | 4110115 |
|  NiSource, Inc. | 68796 | 2897000 |
|  Public Service Enterprise Group, Inc. | 44750 | 3605060 |
|  Sempra | 95595 | 8789004 |
|  WEC Energy Group, Inc. | 26197 | 2926991 |
|  |  | 37275029 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels — 8.2%** | **Oil, Gas & Consumable Fuels — 8.2%** |  |
|  Cheniere Energy, Inc. | 32535 | $6897420 |
|  Coterra Energy, Inc. | 110914 | 2624225 |
|  Devon Energy Corp. | 90077 | 2926602 |
|  Diamondback Energy, Inc. | 27869 | 3990562 |
|  EOG Resources, Inc. | 79872 | 8453652 |
|  EQT Corp. | 47007 | 2518635 |
|  Expand Energy Corp. | 16700 | 1725277 |
|  Kinder Morgan, Inc. | 288446 | 7554401 |
|  Marathon Petroleum Corp. | 43400 | 8459094 |
|  Occidental Petroleum Corp. | 96266 | 3966159 |
|  ONEOK, Inc. | 91173 | 6108591 |
|  Phillips 66 | 59757 | 8135318 |
|  Valero Energy Corp. | 45528 | 7719728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71079664 |
| **Passenger Airlines — 1.2%** | **Passenger Airlines — 1.2%** |  |
|  Delta Air Lines, Inc. | 95896 | 5502513 |
|  Southwest Airlines Co. | 18236 | 552551 |
|  United Airlines Holdings, Inc.<sup>(a)</sup> | 48158 | 4528778 |
|  |  | 10583842 |
| **Personal Care Products — 0.7%** | **Personal Care Products — 0.7%** |  |
|  Estee Lauder Cos., Inc. (The), Class A | 22749 | 2199601 |
|  Kenvue, Inc. | 254665 | 3659536 |
|  |  | 5859137 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |  |
|  Royalty Pharma PLC, Class A | 51987 | 1951592 |
| **Professional Services — 0.9%** | **Professional Services — 0.9%** |  |
|  Jacobs Solutions, Inc. | 10318 | 1607648 |
|  Leidos Holdings, Inc. | 10194 | 1941651 |
|  Paychex, Inc. | 15042 | 1760365 |
|  SS&C Technologies Holdings, Inc. | 31759 | 2696974 |
|  |  | 8006638 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |  |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 14728 | 2244989 |
| **Residential REITs — 1.3%** | **Residential REITs — 1.3%** |  |
|  American Homes 4 Rent, Class A | 18957 | 599041 |
|  AvalonBay Communities, Inc. | 9843 | 1711895 |
|  Camden Property Trust | 9525 | 947547 |
|  Equity LifeStyle Properties, Inc. | 10786 | 658485 |
|  Equity Residential | 25746 | 1530342 |
|  Essex Property Trust, Inc. | 4199 | 1057182 |
|  Invitation Homes, Inc. | 35094 | 987896 |
|  Mid-America Apartment Communities, Inc. | 9397 | 1204978 |
|  Sun Communities, Inc. | 10170 | 1287522 |
|  UDR, Inc. | 25407 | 855962 |
|  |  | 10840850 |
| **Retail REITs — 1.5%** | **Retail REITs — 1.5%** |  |
|  Kimco Realty Corp. | 99913 | 2064203 |
|  Realty Income Corp. | 32521 | 1885568 |
|  Regency Centers Corp. | 14617 | 1007842 |
|  Simon Property Group, Inc. | 47748 | 8392188 |
|  |  | 13349801 |
| **Semiconductors & Semiconductor Equipment — 1.8%** | **Semiconductors & Semiconductor Equipment — 1.8%** |  |
|  First Solar, Inc.<sup>(a)</sup> | 14898 | 3976872 |
|  Microchip Technology, Inc. | 79358 | 4953526 |
|  NXP Semiconductors NV | 17887 | 3740530 |
|  ON Semiconductor Corp.<sup>(a)</sup> | 32976 | 1651438 |
|  Teradyne, Inc. | 8291 | 1506972 |
|  |  | 15829338 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Software — 0.5%** |  |  |  |
|  Gen Digital, Inc. | 53712 | $| 1415848 |
|  Zoom Communications, Inc., Class A<sup>(a)</sup> | 35102 |  | 3061948 |
|  |  |  | 4477796 |
|  **Specialized REITs — 2.5%** |  |  |  |
|  Crown Castle, Inc. | 17244 |  | 1555754 |
|  Digital Realty Trust, Inc. | 23425 |  | 3991854 |
|  Extra Space Storage, Inc. | 15356 |  | 2050640 |
|  Gaming & Leisure Properties, Inc. | 38878 |  | 1736292 |
|  Iron Mountain, Inc. | 15671 |  | 1613329 |
|  Public Storage | 13820 |  | 3849699 |
|  VICI Properties, Inc. | 155038 |  | 4649590 |
|  Weyerhaeuser Co. | 102170 |  | 2349910 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21797068 |
|  **Specialty Retail — 0.7%** |  |  |  |
|  Best Buy Co., Inc. | 28576 |  | 2347233 |
|  Ulta Beauty, Inc.<sup>(a)</sup> | 3747 |  | 1947990 |
|  Williams-Sonoma, Inc. | 9241 |  | 1795896 |
|  |  |  | 6091119 |
|  **Technology Hardware, Storage & Peripherals — 3.8%** | **Technology Hardware, Storage & Peripherals — 3.8%** | **Technology Hardware, Storage & Peripherals — 3.8%** | **Technology Hardware, Storage & Peripherals — 3.8%** |
|  Dell Technologies, Inc., Class C | 45198 |  | 7322528 |
|  Hewlett Packard Enterprise Co. | 193143 |  | 4716552 |
|  HP, Inc. | 138786 |  | 3840209 |
|  NetApp, Inc. | 14950 |  | 1760811 |
|  Seagate Technology Holdings PLC | 29911 |  | 7653627 |
|  Western Digital Corp. | 50545 |  | 7592364 |
|  |  |  | 32886091 |
|  **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |  |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 5290 |  | 902157 |
|  Tapestry, Inc. | 12369 |  | 1358363 |
|  |  |  | 2260520 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** |  |
|  Ferguson Enterprises, Inc. | 19587 | $4867369 |
|  United Rentals, Inc. | 2915 | 2539490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7406859 |
|  **Water Utilities — 0.2%** |  |  |
|  American Water Works Co., Inc. | 11195 | 1437774 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $730,943,215)** |  | 862960837 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 0.7%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.27%<sup>(c)(d)(e)</sup> | 4956287 | 4958766 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.05%<sup>(c)(d)</sup> | 905027 | 905027 |
|  **Total Short-Term Securities — 0.7%<br>(Cost: $5,861,901)** |  | 5863793 |
|  **Total Investments — 100.5%<br>(Cost: $736,805,116)** |  | 868824630 |
|  **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (4534657) |
|  **Net Assets — 100.0%** |  | $864289973 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/25* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain<br>(Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/25* | *Shares<br>Held at<br>10/31/25* | *Income* | *Capital<br>Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $9134200 | $— | $(4175177)<sup>(a)</sup> | $(52) | $(205) | $4958766 | 4956287 | $55290 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 564701 | 340326 <sup>(a)</sup> |  |  |  | 905027 | 905027 | 18853 |  |
|  |  |  |  | $(52) | $(205) | $5863793 |  | $74143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> 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.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF** |

---

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Utilities Select Sector Index | 6 | 12/19/25 | $541 | $(1809) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Mid 400 E-Mini Index | 2 | 12/19/25 | 652 | (7959) |
|  |  |  |  | $(9768) |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $9768 | $— | $— | $— | $9768 |

---

<sup>(a)</sup> 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 October 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $150593 | $— | $— | $— | $150593 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(9923) | $— | $— | $— | $(9923) |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $1015115 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $862960837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $862960837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 5863793 |  |  | 5863793 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868824630 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868824630 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(9768) | $— | $— | $(9768) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 3.0%** |  |  |
|  AAR Corp.<sup>(a)</sup> | 1704 | $143494 |
|  AeroVironment, Inc.<sup>(a)</sup> | 1728 | 639205 |
|  Archer Aviation, Inc., Class A<sup>(a)(b)</sup> | 23112 | 259317 |
|  ATI, Inc.<sup>(a)</sup> | 6454 | 638752 |
|  BWX Technologies, Inc. | 4231 | 903784 |
|  Cadre Holdings, Inc. | 1142 | 48489 |
|  Ducommun, Inc.<sup>(a)</sup> | 611 | 56059 |
|  Eve Holding, Inc., Class A<sup>(a)(b)</sup> | 2252 | 9819 |
|  Hexcel Corp. | 3700 | 264180 |
|  Huntington Ingalls Industries, Inc. | 1815 | 584466 |
|  Intuitive Machines, Inc., Class A<sup>(a)(b)</sup> | 5004 | 59698 |
|  Karman Holdings, Inc.<sup>(a)(b)</sup> | 1630 | 137311 |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 7610 | 689466 |
|  Leonardo DRS, Inc. | 3367 | 123098 |
|  Loar Holdings, Inc.<sup>(a)(b)</sup> | 1076 | 85144 |
|  Mercury Systems, Inc.<sup>(a)</sup> | 2399 | 185707 |
|  Moog, Inc., Class A | 1299 | 266100 |
|  Redwire Corp.<sup>(a)(b)</sup> | 2220 | 17471 |
|  Rocket Lab Corp.<sup>(a)</sup> | 19363 | 1219482 |
|  Spirit AeroSystems Holdings, Inc., Class A<sup>(a)</sup> | 5167 | 189577 |
|  StandardAero, Inc.<sup>(a)</sup> | 5142 | 148552 |
|  V2X, Inc.<sup>(a)</sup> | 775 | 44245 |
|  VSE Corp.<sup>(b)</sup> | 852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153939 |
|  Woodward, Inc. | 2720 | 712939 |
|  |  | 7580294 |
| **Air Freight & Logistics — 0.5%** |  |  |
|  CH Robinson Worldwide, Inc. | 5453 | 839707 |
|  GXO Logistics, Inc.<sup>(a)</sup> | 5408 | 303984 |
|  Hub Group, Inc., Class A | 2573 | 94764 |
|  |  | 1238455 |
| **Automobile Components — 1.3%** |  |  |
|  Adient PLC<sup>(a)</sup> | 3831 | 88841 |
|  Autoliv, Inc. | 3148 | 367686 |
|  BorgWarner, Inc. | 9643 | 414263 |
|  Dana, Inc. | 6081 | 123444 |
|  Dorman Products, Inc.<sup>(a)(b)</sup> | 1202 | 161224 |
|  Fox Factory Holding Corp.<sup>(a)</sup> | 1834 | 40550 |
|  Garrett Motion, Inc. | 5432 | 92018 |
|  Gentex Corp. | 9742 | 228450 |
|  Gentherm, Inc.<sup>(a)</sup> | 1356 | 49901 |
|  Goodyear Tire & Rubber Co. (The)<sup>(a)(b)</sup> | 11972 | 82487 |
|  LCI Industries | 1128 | 116737 |
|  Lear Corp. | 2465 | 257962 |
|  Mobileye Global, Inc., Class A<sup>(a)</sup> | 7342 | 96547 |
|  Modine Manufacturing Co.<sup>(a)(b)</sup> | 2285 | 350085 |
|  Patrick Industries, Inc. | 1496 | 156138 |
|  Phinia, Inc. | 1793 | 93075 |
|  QuantumScape Corp., Class A<sup>(a)(b)</sup> | 19205 | 354140 |
|  Standard Motor Products, Inc. | 959 | 35608 |
|  Visteon Corp. | 1145 | 122698 |
|  XPEL, Inc.<sup>(a)</sup> | 983 | 33520 |
|  |  | 3265374 |
| **Automobiles — 0.2%** |  |  |
|  Harley-Davidson, Inc. | 5206 | 140458 |
|  Lucid Group, Inc.<sup>(a)(b)</sup> | 5728 | 101672 |
|  Thor Industries, Inc. | 2364 | 246683 |
|  Winnebago Industries, Inc. | 1132 | 42688 |
|  |  | 531501 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks — 6.4%** |  |  |
|  1st Source Corp. | 857 | $50940 |
|  Amalgamated Financial Corp. | 840 | 22898 |
|  Amerant Bancorp, Inc., Class A | 1610 | 27000 |
|  Ameris Bancorp | 2861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204905 |
|  Associated Banc-Corp | 7584 | 187856 |
|  Atlantic Union Bankshares Corp. | 6033 | 196193 |
|  Axos Financial, Inc.<sup>(a)</sup> | 2287 | 178340 |
|  Banc of California, Inc. | 5664 | 96118 |
|  BancFirst Corp. | 971 | 105703 |
|  Bancorp, Inc. (The)<sup>(a)</sup> | 2086 | 136362 |
|  Bank First Corp. | 418 | 51046 |
|  Bank of Hawaii Corp. | 1819 | 118108 |
|  Bank OZK | 4672 | 210193 |
|  BankUnited, Inc. | 3261 | 130701 |
|  Banner Corp. | 1456 | 87928 |
|  Beacon Financial Corp. | 3734 | 90886 |
|  BOK Financial Corp. | 950 | 99351 |
|  Burke & Herbert Financial Services Corp. | 604 | 35551 |
|  Business First Bancshares, Inc. | 1302 | 31925 |
|  Byline Bancorp, Inc. | 1573 | 42062 |
|  Cadence Bank | 8344 | 314903 |
|  Camden National Corp. | 778 | 29681 |
|  Capital City Bank Group, Inc. | 644 | 25052 |
|  Capitol Federal Financial, Inc. | 5413 | 32695 |
|  Cathay General Bancorp | 2988 | 135805 |
|  Central Pacific Financial Corp. | 1167 | 33271 |
|  City Holding Co. | 651 | 76740 |
|  Coastal Financial Corp.<sup>(a)(b)</sup> | 553 | 58895 |
|  Columbia Banking System, Inc. | 13154 | 352527 |
|  Columbia Financial, Inc.<sup>(a)(b)</sup> | 1213 | 17892 |
|  Comerica, Inc. | 5866 | 448749 |
|  Commerce Bancshares, Inc. | 6042 | 317990 |
|  Community Financial System, Inc. | 2343 | 129990 |
|  Community Trust Bancorp, Inc. | 740 | 37884 |
|  ConnectOne Bancorp, Inc. | 2162 | 52018 |
|  Cullen/Frost Bankers, Inc. | 2791 | 343684 |
|  Customers Bancorp, Inc.<sup>(a)</sup> | 1473 | 98868 |
|  CVB Financial Corp. | 5750 | 105628 |
|  Dime Community Bancshares, Inc. | 1869 | 49061 |
|  Eastern Bankshares, Inc. | 8883 | 155719 |
|  Enterprise Financial Services Corp. | 1670 | 87458 |
|  Equity Bancshares, Inc., Class A | 697 | 28235 |
|  Esquire Financial Holdings, Inc. | 367 | 34425 |
|  FB Financial Corp. | 1825 | 98568 |
|  First Bancorp | 1779 | 86353 |
|  First Bancorp | 6825 | 133019 |
|  First Busey Corp. | 4013 | 89731 |
|  First Commonwealth Financial Corp. | 4411 | 67444 |
|  First Community Bankshares, Inc. | 693 | 22412 |
|  First Financial Bancorp | 4083 | 95583 |
|  First Financial Bankshares, Inc. | 5569 | 172026 |
|  First Financial Corp. | 551 | 29379 |
|  First Hawaiian, Inc. | 5635 | 138227 |
|  First Horizon Corp. | 22720 | 485299 |
|  First Interstate BancSystem, Inc., Class A | 4093 | 127906 |
|  First Merchants Corp. | 2517 | 89303 |
|  First Mid Bancshares, Inc. | 957 | 34194 |
|  Firstsun Capital Bancorp<sup>(a)(b)</sup> | 502 | 17088 |
|  Five Star Bancorp | 770 | 27343 |
|  Flagstar Bank NA | 13833 | 157973 |
|  FNB Corp. | 14934 | 234762 |
|  Fulton Financial Corp. | 8329 | 144675 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
|  German American Bancorp, Inc. | 1713 | $66019 |
|  Glacier Bancorp, Inc. | 5671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231660 |
|  Great Southern Bancorp, Inc. | 399 | 22224 |
|  Hancock Whitney Corp. | 3793 | 216618 |
|  Hanmi Financial Corp. | 1367 | 36089 |
|  Heritage Commerce Corp. | 2630 | 27352 |
|  Heritage Financial Corp. | 1514 | 33596 |
|  Hilltop Holdings, Inc. | 1940 | 62662 |
|  Home BancShares, Inc. | 8502 | 227088 |
|  HomeTrust Bancshares, Inc. | 766 | 30111 |
|  Hope Bancorp, Inc. | 5635 | 59111 |
|  Horizon Bancorp, Inc. | 1983 | 30935 |
|  Independent Bank Corp. | 2191 | 147432 |
|  Independent Bank Corp. | 924 | 27923 |
|  International Bancshares Corp. | 2491 | 165353 |
|  Lakeland Financial Corp. | 1146 | 65379 |
|  Live Oak Bancshares, Inc. | 1639 | 51038 |
|  Mercantile Bank Corp. | 706 | 30958 |
|  Metrocity Bankshares, Inc. | 976 | 24995 |
|  Metropolitan Bank Holding Corp. | 446 | 29556 |
|  Mid Penn Bancorp, Inc. | 890 | 25321 |
|  MidWestOne Financial Group, Inc. | 640 | 23674 |
|  National Bank Holdings Corp., Class A | 1564 | 55772 |
|  NB Bancorp, Inc. | 1605 | 29002 |
|  NBT Bancorp, Inc. | 2260 | 91462 |
|  Nicolet Bankshares, Inc. | 629 | 74310 |
|  Northeast Bank<sup>(b)</sup> | 371 | 32010 |
|  Northwest Bancshares, Inc. | 6245 | 73129 |
|  OceanFirst Financial Corp. | 2556 | 46468 |
|  OFG Bancorp | 1920 | 74227 |
|  Old National Bancorp | 15969 | 326247 |
|  Old Second Bancorp, Inc. | 1937 | 34769 |
|  Origin Bancorp, Inc. | 1386 | 48039 |
|  Orrstown Financial Services, Inc. | 806 | 26824 |
|  Park National Corp. | 672 | 102272 |
|  Pathward Financial, Inc. | 1098 | 74730 |
|  Peoples Bancorp, Inc. | 1534 | 43872 |
|  Pinnacle Financial Partners, Inc. | 3464 | 295167 |
|  Popular, Inc. | 2988 | 333072 |
|  Prosperity Bancshares, Inc. | 4191 | 275852 |
|  Provident Financial Services, Inc. | 5600 | 102424 |
|  QCR Holdings, Inc. | 702 | 52222 |
|  Renasant Corp. | 4260 | 143264 |
|  Republic Bancorp, Inc., Class A | 397 | 26162 |
|  S&T Bancorp, Inc. | 1593 | 58368 |
|  Seacoast Banking Corp. of Florida | 3612 | 109444 |
|  ServisFirst Bancshares, Inc. | 2509 | 176307 |
|  Simmons First National Corp., Class A | 6277 | 109094 |
|  Southern Missouri Bancorp, Inc. | 460 | 24122 |
|  Southside Bancshares, Inc. | 1302 | 36612 |
|  SouthState Bank Corp. | 4484 | 397507 |
|  Stellar Bancorp, Inc. | 2254 | 66335 |
|  Stock Yards Bancorp, Inc. | 1202 | 78154 |
|  Synovus Financial Corp. | 6451 | 287973 |
|  Texas Capital Bancshares, Inc.<sup>(a)</sup> | 1994 | 167177 |
|  Tompkins Financial Corp. | 597 | 37886 |
|  Towne Bank | 3189 | 103674 |
|  TriCo Bancshares | 1400 | 61922 |
|  Triumph Financial, Inc.<sup>(a)</sup> | 986 | 53698 |
|  TrustCo Bank Corp. | 812 | 30621 |
|  Trustmark Corp. | 2618 | 97442 |
|  UMB Financial Corp. | 3313 | 354093 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
|  United Bankshares, Inc. | 6459 | $231168 |
|  United Community Banks, Inc. | 5253 | 153388 |
|  Univest Financial Corp. | 1350 | 39636 |
|  Valley National Bancorp | 20746 | 225509 |
|  WaFd, Inc. | 3475 | 100879 |
|  Webster Financial Corp. | 7513 | 428542 |
|  WesBanco, Inc. | 4185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125968 |
|  Westamerica BanCorp | 1108 | 52796 |
|  Western Alliance Bancorp | 5118 | 395877 |
|  Wintrust Financial Corp. | 2923 | 380048 |
|  WSFS Financial Corp. | 2505 | 130485 |
|  Zions Bancorp N.A. | 6517 | 339601 |
|  |  | 16173237 |
| **Beverages — 0.5%** |  |  |
|  Boston Beer Co., Inc. (The), Class A<sup>(a)</sup> | 383 | 79277 |
|  Celsius Holdings, Inc.<sup>(a)</sup> | 7569 | 455881 |
|  Coca-Cola Consolidated, Inc. | 2414 | 314737 |
|  MGP Ingredients, Inc. | 695 | 16819 |
|  Molson Coors Beverage Co., Class B | 7807 | 341322 |
|  National Beverage Corp.<sup>(a)</sup> | 1221 | 41844 |
|  Vita Coco Co., Inc. (The)<sup>(a)(b)</sup> | 1902 | 78324 |
|  |  | 1328204 |
| **Biotechnology — 5.3%** |  |  |
|  ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 5739 | 130275 |
|  ADMA Biologics, Inc.<sup>(a)</sup> | 10783 | 166921 |
|  Agios Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 2682 | 115970 |
|  Akebia Therapeutics, Inc.<sup>(a)(b)</sup> | 11656 | 25760 |
|  Akero Therapeutics, Inc.<sup>(a)</sup> | 2936 | 159131 |
|  Alkermes PLC<sup>(a)</sup> | 7293 | 223895 |
|  Amicus Therapeutics, Inc.<sup>(a)(b)</sup> | 11649 | 105190 |
|  AnaptysBio, Inc.<sup>(a)(b)</sup> | 866 | 31678 |
|  Anavex Life Sciences Corp.<sup>(a)(b)</sup> | 3751 | 29895 |
|  Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 3726 | 79997 |
|  Apogee Therapeutics, Inc.<sup>(a)</sup> | 1554 | 87941 |
|  Arbutus Biopharma Corp.<sup>(a)(b)</sup> | 6040 | 28569 |
|  Arcellx, Inc.<sup>(a)(b)</sup> | 1772 | 159923 |
|  Arcus Biosciences, Inc.<sup>(a)</sup> | 3126 | 61645 |
|  Arcutis Biotherapeutics, Inc.<sup>(a)(b)</sup> | 4947 | 125209 |
|  Ardelyx, Inc.<sup>(a)</sup> | 10165 | 61600 |
|  ArriVent Biopharma, Inc.<sup>(a)(b)</sup> | 468 | 8766 |
|  Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 5561 | 235731 |
|  ARS Pharmaceuticals, Inc.<sup>(a)</sup> | 1425 | 12768 |
|  Aurinia Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 5467 | 72000 |
|  Avidity Biosciences, Inc.<sup>(a)(b)</sup> | 5102 | 356375 |
|  Beam Therapeutics, Inc.<sup>(a)(b)</sup> | 4247 | 106217 |
|  Bicara Therapeutics, Inc.<sup>(a)(b)</sup> | 1341 | 21791 |
|  BioCryst Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 8805 | 64453 |
|  Biohaven Ltd.<sup>(a)</sup> | 4127 | 70984 |
|  Bridgebio Pharma, Inc.<sup>(a)(b)</sup> | 6492 | 406659 |
|  Capricor Therapeutics, Inc.<sup>(a)(b)</sup> | 1904 | 12395 |
|  CareDx, Inc.<sup>(a)</sup> | 2474 | 37110 |
|  Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 5201 | 110625 |
|  Celldex Therapeutics, Inc.<sup>(a)(b)</sup> | 2383 | 63698 |
|  CG oncology, Inc.<sup>(a)</sup> | 2508 | 108521 |
|  Cogent Biosciences, Inc.<sup>(a)</sup> | 4867 | 79332 |
|  CRISPR Therapeutics AG<sup>(a)(b)</sup> | 3988 | 255192 |
|  Cytokinetics, Inc.<sup>(a)</sup> | 5430 | 345294 |
|  Day One Biopharmaceuticals, Inc.<sup>(a)(b)</sup> | 3283 | 24426 |
|  Denali Therapeutics, Inc.<sup>(a)(b)</sup> | 6268 | 102043 |
|  Dianthus Therapeutics, Inc.<sup>(a)</sup> | 888 | 31062 |
|  Disc Medicine, Inc.<sup>(a)(b)</sup> | 1186 | 102257 |
|  Dynavax Technologies Corp.<sup>(a)(b)</sup> | 4769 | 48930 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Dyne Therapeutics, Inc.<sup>(a)(b)</sup> | 5127 | $115768 |
|  Exact Sciences Corp.<sup>(a)</sup> | 8487 | 549024 |
|  Exelixis, Inc.<sup>(a)</sup> | 11632 | 449809 |
|  Geron Corp.<sup>(a)</sup> | 25234 | 31795 |
|  GRAIL, Inc.<sup>(a)(b)</sup> | 1169 | 107466 |
|  Gyre Therapeutics, Inc.<sup>(a)(b)</sup> | 686 | 5317 |
|  Halozyme Therapeutics, Inc.<sup>(a)</sup> | 5720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372887 |
|  Ideaya Biosciences, Inc.<sup>(a)(b)</sup> | 3929 | 125178 |
|  ImmunityBio, Inc.<sup>(a)(b)</sup> | 10201 | 24482 |
|  Immunome, Inc.<sup>(a)(b)</sup> | 3466 | 55699 |
|  Immunovant, Inc.<sup>(a)(b)</sup> | 3256 | 80358 |
|  Intellia Therapeutics, Inc.<sup>(a)(b)</sup> | 4480 | 56538 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 6886 | 511630 |
|  Iovance Biotherapeutics, Inc.<sup>(a)(b)</sup> | 11771 | 23189 |
|  Janux Therapeutics, Inc.<sup>(a)(b)</sup> | 1750 | 50243 |
|  KalVista Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 1098 | 11979 |
|  Keros Therapeutics, Inc.<sup>(a)</sup> | 1514 | 23043 |
|  Kiniksa Pharmaceuticals International PLC<sup>(a)(b)</sup> | 1616 | 59808 |
|  Krystal Biotech, Inc., Class A3<sup>(a)</sup> | 1199 | 236815 |
|  Kura Oncology, Inc.<sup>(a)</sup> | 3083 | 31662 |
|  Kymera Therapeutics, Inc.<sup>(a)</sup> | 2188 | 135306 |
|  Madrigal Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 845 | 353971 |
|  MannKind Corp.<sup>(a)(b)</sup> | 13538 | 75677 |
|  MeiraGTx Holdings PLC<sup>(a)(b)</sup> | 1611 | 14628 |
|  Metsera, Inc.<sup>(a)</sup> | 682 | 42993 |
|  MiMedx Group, Inc.<sup>(a)</sup> | 5250 | 40163 |
|  Mineralys Therapeutics, Inc.<sup>(a)(b)</sup> | 2279 | 93120 |
|  Mirum Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 1806 | 131206 |
|  Moderna, Inc.<sup>(a)(b)</sup> | 15936 | 432822 |
|  MoonLake Immunotherapeutics<sup>(a)</sup> | 1303 | 13160 |
|  Myriad Genetics, Inc.<sup>(a)</sup> | 3877 | 31171 |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup> | 4571 | 654613 |
|  Novavax, Inc.<sup>(a)(b)</sup> | 6238 | 52399 |
|  Nurix Therapeutics, Inc.<sup>(a)</sup> | 3864 | 50000 |
|  Nuvalent, Inc., Class A<sup>(a)(b)</sup> | 1847 | 183444 |
|  Organogenesis Holdings, Inc., Class A<sup>(a)(b)</sup> | 3335 | 14174 |
|  Praxis Precision Medicines, Inc.<sup>(a)(b)</sup> | 813 | 161592 |
|  Protagonist Therapeutics, Inc.<sup>(a)</sup> | 2433 | 191282 |
|  PTC Therapeutics, Inc.<sup>(a)(b)</sup> | 3270 | 223374 |
|  Recursion Pharmaceuticals, Inc., Class A<sup>(a)(b)</sup> | 15164 | 83705 |
|  Relay Therapeutics, Inc.<sup>(a)(b)</sup> | 6030 | 43054 |
|  Replimune Group, Inc.<sup>(a)(b)</sup> | 2332 | 22690 |
|  Revolution Medicines, Inc.<sup>(a)(b)</sup> | 6927 | 407585 |
|  Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 2191 | 249248 |
|  Rocket Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 4047 | 15257 |
|  Roivant Sciences Ltd.<sup>(a)</sup> | 17864 | 357101 |
|  Sarepta Therapeutics, Inc.<sup>(a)</sup> | 4417 | 106052 |
|  Savara, Inc.<sup>(a)</sup> | 3822 | 15861 |
|  Scholar Rock Holding Corp.<sup>(a)(b)</sup> | 3269 | 96828 |
|  Soleno Therapeutics, Inc.<sup>(a)</sup> | 1963 | 131835 |
|  Spyre Therapeutics, Inc.<sup>(a)(b)</sup> | 2586 | 63254 |
|  Syndax Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 3621 | 49608 |
|  TG Therapeutics, Inc.<sup>(a)</sup> | 6677 | 232226 |
|  Travere Therapeutics, Inc.<sup>(a)</sup> | 3854 | 135507 |
|  Twist Bioscience Corp.<sup>(a)(b)</sup> | 2775 | 91270 |
|  Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 4137 | 143140 |
|  uniQure NV<sup>(a)</sup> | 2435 | 164825 |
|  Vaxcyte, Inc.<sup>(a)</sup> | 5303 | 240120 |
|  Vera Therapeutics, Inc., Class A<sup>(a)</sup> | 2147 | 61104 |
|  Veracyte, Inc.<sup>(a)</sup> | 3290 | 118703 |
|  Vericel Corp.<sup>(a)</sup> | 2291 | 80322 |
|  Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 4906 | 186820 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Vir Biotechnology, Inc.<sup>(a)(b)</sup> | 4140 | $24674 |
|  Viridian Therapeutics, Inc.<sup>(a)(b)</sup> | 3205 | 75734 |
|  Xencor, Inc.<sup>(a)</sup> | 2695 | 39643 |
|  Zymeworks, Inc.<sup>(a)</sup> | 1809 | 34525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13358704 |
| **Broadline Retail — 0.4%** |  |  |
|  Dillard's, Inc., Class A | 182 | 109214 |
|  Etsy, Inc.<sup>(a)</sup> | 4803 | 297786 |
|  Groupon, Inc.<sup>(a)</sup> | 1130 | 22747 |
|  Kohl's Corp. | 4910 | 79886 |
|  Macy's, Inc. | 12198 | 237739 |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 2849 | 344188 |
|  Savers Value Village, Inc.<sup>(a)</sup> | 1097 | 10103 |
|  |  | 1101663 |
| **Building Products — 1.7%** |  |  |
| A. O. Smith Corp. | 5282 | 348559 |
|  AAON, Inc. | 3113 | 306288 |
|  Advanced Drainage Systems, Inc. | 3191 | 446900 |
|  American Woodmark Corp.<sup>(a)</sup> | 668 | 42572 |
|  Apogee Enterprises, Inc. | 894 | 32729 |
|  Armstrong World Industries, Inc. | 2007 | 382193 |
|  AZZ, Inc. | 1312 | 131003 |
|  CSW Industrials, Inc. | 760 | 190319 |
|  Fortune Brands Innovations, Inc. | 5367 | 272644 |
|  Gibraltar Industries, Inc.<sup>(a)</sup> | 1336 | 83353 |
|  Griffon Corp. | 1856 | 137363 |
|  Hayward Holdings, Inc.<sup>(a)</sup> | 9349 | 158653 |
|  Janus International Group, Inc.<sup>(a)</sup> | 4947 | 47491 |
|  Masterbrand, Inc.<sup>(a)</sup> | 5559 | 70210 |
|  Quanex Building Products Corp. | 1907 | 27098 |
|  Resideo Technologies, Inc.<sup>(a)</sup> | 6452 | 276146 |
|  Simpson Manufacturing Co., Inc. | 1942 | 342763 |
|  Tecnoglass, Inc. | 1117 | 66607 |
|  Trex Co., Inc.<sup>(a)</sup> | 4970 | 240150 |
|  UFP Industries, Inc. | 2795 | 257503 |
|  Zurn Elkay Water Solutions Corp. | 6989 | 329252 |
|  |  | 4189796 |
| **Capital Markets — 2.7%** |  |  |
|  Acadian Asset Management, Inc. | 1273 | 61231 |
|  Affiliated Managers Group, Inc. | 1329 | 316249 |
|  Artisan Partners Asset Management, Inc., Class A | 3261 | 142375 |
|  BGC Group, Inc., Class A | 16398 | 149878 |
|  Cohen & Steers, Inc. | 1273 | 86971 |
|  DigitalBridge Group, Inc., Class A<sup>(b)</sup> | 7128 | 84324 |
|  Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 1137 | 52245 |
|  Evercore, Inc., Class A | 1732 | 510178 |
|  Federated Hermes, Inc., Class B, NVS | 3760 | 182285 |
|  Franklin Resources, Inc. | 13233 | 299198 |
|  Freedom Holding Corp.<sup>(a)(b)</sup> | 837 | 128614 |
|  GCM Grosvenor, Inc., Class A | 1967 | 22640 |
|  Hamilton Lane, Inc., Class A | 1761 | 200684 |
|  Houlihan Lokey, Inc., Class A | 2504 | 448416 |
|  Invesco Ltd. | 15833 | 375242 |
|  Janus Henderson Group PLC | 5499 | 239537 |
|  Jefferies Financial Group, Inc. | 7394 | 390625 |
|  Kayne Anderson BDC, Inc. | 1867 | 26810 |
|  Lazard, Inc. | 4083 | 199250 |
|  MarketAxess Holdings, Inc. | 1715 | 274503 |
|  Moelis & Co., Class A | 3305 | 209306 |
|  Oppenheimer Holdings, Inc., Class A, NVS | 274 | 19114 |
|  P10, Inc., Class A | 2486 | 25258 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Capital Markets (continued)** |  |  |
|  Perella Weinberg Partners, Class A | 2674 | $49950 |
|  Piper Sandler Cos. | 709 | 226355 |
|  PJT Partners, Inc., Class A | 1018 | 164010 |
|  SEI Investments Co. | 4431 | 357183 |
|  StepStone Group, Inc., Class A | 2932 | 178500 |
|  Stifel Financial Corp. | 4705 | 557213 |
|  StoneX Group, Inc.<sup>(a)</sup> | 2010 | 184759 |
|  TPG, Inc., Class A | 5565 | 306298 |
|  Victory Capital Holdings, Inc., Class A | 2137 | 133071 |
|  Virtu Financial, Inc., Class A | 3740 | 130302 |
|  Virtus Investment Partners, Inc. | 289 | 47055 |
|  WisdomTree, Inc. | 5595 | 66916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6846545 |
| **Chemicals — 1.7%** |  |  |
|  AdvanSix, Inc. | 1150 | 21379 |
|  Albemarle Corp. | 5407 | 531130 |
|  Ashland, Inc. | 2056 | 100538 |
|  Avient Corp. | 3990 | 127959 |
|  Axalta Coating Systems Ltd.<sup>(a)</sup> | 9499 | 270437 |
|  Balchem Corp. | 1500 | 230085 |
|  Cabot Corp. | 2348 | 158443 |
|  Celanese Corp., Class A | 4747 | 182475 |
|  Chemours Co. (The) | 6943 | 92967 |
|  Eastman Chemical Co. | 5319 | 316587 |
|  Ecovyst, Inc.<sup>(a)</sup> | 4904 | 40164 |
|  Element Solutions, Inc. | 10092 | 269658 |
|  FMC Corp. | 5296 | 80340 |
|  Hawkins, Inc.<sup>(b)</sup> | 887 | 125821 |
|  HB Fuller Co. | 2409 | 138204 |
|  Huntsman Corp. | 7104 | 58821 |
|  Ingevity Corp.<sup>(a)</sup> | 1535 | 82460 |
|  Innospec, Inc. | 1080 | 79466 |
|  Kronos Worldwide, Inc. | 1076 | 5294 |
|  Minerals Technologies, Inc. | 1323 | 75080 |
|  Mosaic Co. (The) | 14221 | 390366 |
|  NewMarket Corp. | 333 | 255711 |
|  Olin Corp. | 5205 | 107744 |
|  Orion SA | 2351 | 12460 |
|  Perimeter Solutions, Inc.<sup>(a)(b)</sup> | 6152 | 144634 |
|  PureCycle Technologies, Inc.<sup>(a)(b)</sup> | 6002 | 69503 |
|  Quaker Chemical Corp. | 636 | 88334 |
|  Scotts Miracle-Gro Co. (The) | 2016 | 107896 |
|  Sensient Technologies Corp. | 1951 | 183960 |
|  Stepan Co. | 925 | 40099 |
|  Tronox Holdings PLC | 5036 | 17626 |
|  |  | 4405641 |
| **Commercial Services & Supplies — 1.0%** |  |  |
|  ABM Industries, Inc. | 2638 | 113434 |
|  ACV Auctions, Inc., Class A<sup>(a)(b)</sup> | 7075 | 64170 |
|  Brady Corp., Class A, NVS | 1954 | 148328 |
|  BrightView Holdings, Inc.<sup>(a)</sup> | 2589 | 31896 |
|  Brink's Co. (The) | 1913 | 212649 |
|  Casella Waste Systems, Inc., Class A<sup>(a)(b)</sup> | 2877 | 254816 |
|  CECO Environmental Corp.<sup>(a)(b)</sup> | 1346 | 65806 |
|  Cimpress PLC<sup>(a)</sup> | 692 | 47893 |
|  CoreCivic, Inc.<sup>(a)</sup> | 5062 | 93799 |
|  Deluxe Corp. | 1944 | 35206 |
|  Enviri Corp.<sup>(a)</sup> | 3325 | 40598 |
|  GEO Group, Inc. (The)<sup>(a)</sup> | 6133 | 104077 |
|  Healthcare Services Group, Inc.<sup>(a)</sup> | 3087 | 55165 |
|  HNI Corp. | 2143 | 87692 |
|  Interface, Inc., Class A | 2441 | 60781 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Commercial Services & Supplies (continued)** |  |  |
|  Liquidity Services, Inc.<sup>(a)</sup> | 1137 | $27220 |
|  MillerKnoll, Inc. | 3050 | 47641 |
|  MSA Safety, Inc. | 1717 | 269621 |
|  OPENLANE, Inc.<sup>(a)</sup> | 4676 | 123540 |
|  Pitney Bowes, Inc. | 1953 | 19296 |
|  Steelcase, Inc., Class A | 4303 | 68676 |
|  Tetra Tech, Inc. | 11577 | 370232 |
|  UniFirst Corp. | 669 | 103260 |
|  Vestis Corp. | 5944 | 31206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477002 |
| **Communications Equipment — 1.2%** |  |  |
|  ADTRAN Holdings, Inc.<sup>(a)(b)</sup> | 3368 | 35094 |
|  Applied Optoelectronics, Inc.<sup>(a)(b)</sup> | 2377 | 84526 |
|  Calix, Inc.<sup>(a)</sup> | 2730 | 186787 |
|  Ciena Corp.<sup>(a)</sup> | 6540 | 1242077 |
|  CommScope Holding Co., Inc.<sup>(a)</sup> | 9543 | 165094 |
|  Digi International, Inc.<sup>(a)</sup> | 1594 | 58468 |
|  Extreme Networks, Inc.<sup>(a)</sup> | 6201 | 117943 |
|  Harmonic, Inc.<sup>(a)</sup> | 5176 | 55383 |
|  Lumentum Holdings, Inc.<sup>(a)</sup> | 3200 | 644992 |
|  NETGEAR, Inc.<sup>(a)</sup> | 1258 | 43678 |
|  NetScout Systems, Inc.<sup>(a)</sup> | 3052 | 84846 |
|  Ribbon Communications, Inc.<sup>(a)(b)</sup> | 4168 | 14004 |
|  Viasat, Inc.<sup>(a)</sup> | 4756 | 189384 |
|  Viavi Solutions, Inc.<sup>(a)</sup> | 9517 | 168451 |
|  |  | 3090727 |
| **Construction & Engineering — 1.9%** |  |  |
|  API Group Corp.<sup>(a)</sup> | 14297 | 526416 |
|  Arcosa, Inc. | 2121 | 216342 |
|  Argan, Inc. | 603 | 184645 |
|  Centuri Holdings, Inc.<sup>(a)</sup> | 796 | 16071 |
|  Construction Partners, Inc., Class A<sup>(a)(b)</sup> | 2157 | 246653 |
|  Dycom Industries, Inc.<sup>(a)</sup> | 1285 | 369810 |
|  Everus Construction Group, Inc.<sup>(a)</sup> | 2350 | 213591 |
|  Fluor Corp.<sup>(a)</sup> | 7310 | 356509 |
|  Granite Construction, Inc. | 1911 | 196661 |
|  Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 2875 | 32631 |
|  IES Holdings, Inc.<sup>(a)(b)</sup> | 391 | 153225 |
|  Limbach Holdings, Inc.<sup>(a)(b)</sup> | 482 | 45539 |
|  MasTec, Inc.<sup>(a)</sup> | 2826 | 576956 |
|  MYR Group, Inc.<sup>(a)</sup> | 694 | 151084 |
|  Primoris Services Corp. | 2465 | 348847 |
|  Sterling Infrastructure, Inc.<sup>(a)</sup> | 1408 | 532083 |
|  Tutor Perini Corp.<sup>(a)</sup> | 2003 | 134922 |
|  Valmont Industries, Inc. | 929 | 384076 |
|  WillScot Holdings Corp., Class A | 8434 | 183440 |
|  |  | 4869501 |
| **Construction Materials — 0.2%** |  |  |
|  Eagle Materials, Inc. | 1529 | 324637 |
|  Knife River Corp.<sup>(a)</sup> | 2353 | 142262 |
|  United States Lime & Minerals, Inc.<sup>(b)</sup> | 494 | 57907 |
|  |  | 524806 |
| **Consumer Finance — 1.0%** |  |  |
|  Ally Financial, Inc. | 12727 | 495971 |
|  Atlanticus Holdings Corp.<sup>(a)(b)</sup> | 263 | 14494 |
|  Bread Financial Holdings, Inc. | 2115 | 132505 |
|  Credit Acceptance Corp.<sup>(a)(b)</sup> | 248 | 110940 |
|  Dave, Inc., Class A<sup>(a)(b)</sup> | 452 | 108173 |
|  Encore Capital Group, Inc.<sup>(a)</sup> | 960 | 39917 |
|  Enova International, Inc.<sup>(a)</sup> | 1121 | 134038 |
|  EZCORP, Inc., Class A, NVS<sup>(a)</sup> | 2165 | 39511 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Consumer Finance (continued)** |  |  |
|  FirstCash Holdings, Inc. | 1840 | $291640 |
|  LendingClub Corp.<sup>(a)</sup> | 5237 | 91071 |
|  LendingTree, Inc.<sup>(a)</sup> | 512 | 32768 |
|  Navient Corp. | 3169 | 38757 |
|  Nelnet, Inc., Class A | 525 | 67751 |
|  OneMain Holdings, Inc. | 5553 | 328682 |
|  PRA Group, Inc.<sup>(a)</sup> | 1553 | 21292 |
|  PROG Holdings, Inc. | 1896 | 54851 |
|  SLM Corp. | 9115 | 244738 |
|  Upstart Holdings, Inc.<sup>(a)(b)</sup> | 3831 | 182049 |
|  World Acceptance Corp.<sup>(a)</sup> | 150 | 19121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448269 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |  |
|  Albertsons Cos., Inc., Class A | 17407 | 307930 |
|  Andersons, Inc. (The) | 1506 | 69743 |
|  Chefs' Warehouse, Inc. (The)<sup>(a)</sup> | 1701 | 100359 |
|  Grocery Outlet Holding Corp.<sup>(a)</sup> | 4230 | 57570 |
|  Guardian Pharmacy Services, Inc., Class A<sup>(a)</sup> | 541 | 15169 |
|  Ingles Markets, Inc., Class A | 677 | 46781 |
|  Maplebear, Inc.<sup>(a)</sup> | 8508 | 313605 |
|  Natural Grocers by Vitamin Cottage, Inc. | 305 | 9787 |
|  PriceSmart, Inc. | 1066 | 122526 |
|  United Natural Foods, Inc.<sup>(a)</sup> | 2786 | 104893 |
|  Weis Markets, Inc. | 649 | 41108 |
|  |  | 1189471 |
| **Containers & Packaging — 0.7%** |  |  |
|  AptarGroup, Inc. | 3035 | 352090 |
|  Crown Holdings, Inc. | 5403 | 525064 |
|  Graphic Packaging Holding Co. | 12789 | 204496 |
|  Greif, Inc., Class A, NVS | 1125 | 64001 |
|  O-I Glass, Inc.<sup>(a)</sup> | 6850 | 77337 |
|  Sealed Air Corp. | 6503 | 217916 |
|  Silgan Holdings, Inc. | 4082 | 157647 |
|  Sonoco Products Co. | 4469 | 181307 |
|  TriMas Corp. | 1557 | 55320 |
|  |  | 1835178 |
| **Distributors — 0.3%** |  |  |
|  A-Mark Precious Metals, Inc. | 711 | 18899 |
|  LKQ Corp. | 11866 | 379237 |
|  Pool Corp. | 1704 | 455070 |
|  |  | 853206 |
| **Diversified Consumer Services — 0.9%** |  |  |
|  ADT, Inc. | 16053 | 141909 |
|  Adtalem Global Education, Inc.<sup>(a)</sup> | 1701 | 166732 |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 2555 | 279083 |
|  Carriage Services, Inc. | 635 | 28384 |
|  Coursera, Inc.<sup>(a)</sup> | 5273 | 44399 |
|  Driven Brands Holdings, Inc.<sup>(a)</sup> | 2822 | 40496 |
|  Frontdoor, Inc.<sup>(a)</sup> | 3315 | 220215 |
|  Graham Holdings Co., Class B | 154 | 155868 |
|  Grand Canyon Education, Inc.<sup>(a)</sup> | 1290 | 242907 |
|  H&R Block, Inc. | 6169 | 306846 |
|  KinderCare Learning Cos., Inc.<sup>(a)</sup> | 1525 | 8997 |
|  Laureate Education, Inc., Class A<sup>(a)</sup> | 5738 | 166574 |
|  Matthews International Corp., Class A | 1314 | 30774 |
|  Mister Car Wash, Inc.<sup>(a)</sup> | 4668 | 26094 |
|  OneSpaWorld Holdings Ltd. | 4295 | 99945 |
|  Perdoceo Education Corp. | 2967 | 94232 |
|  Strategic Education, Inc. | 1038 | 78867 |
|  Stride, Inc.<sup>(a)</sup> | 1852 | 126010 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Diversified Consumer Services (continued)** |  |  |
|  Udemy, Inc.<sup>(a)</sup> | 3784 | $21550 |
|  Universal Technical Institute, Inc.<sup>(a)</sup> | 2126 | 63185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343067 |
| **Diversified REITs — 0.2%** |  |  |
|  Alexander & Baldwin, Inc. | 3432 | 54809 |
|  American Assets Trust, Inc. | 2181 | 41679 |
|  Broadstone Net Lease, Inc. | 7954 | 142536 |
|  CTO Realty Growth, Inc. | 1317 | 21968 |
|  Essential Properties Realty Trust, Inc. | 9126 | 272685 |
|  Gladstone Commercial Corp. | 2085 | 23831 |
|  Global Net Lease, Inc. | 9081 | 69197 |
|  |  | 626705 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |  |
|  Anterix, Inc.<sup>(a)(b)</sup> | 493 | 9968 |
|  AST SpaceMobile, Inc., Class A<sup>(a)(b)</sup> | 10348 | 830427 |
|  Cogent Communications Holdings, Inc. | 2062 | 85058 |
|  Frontier Communications Parent, Inc.<sup>(a)</sup> | 10089 | 380961 |
|  Globalstar, Inc.<sup>(a)</sup> | 2321 | 126286 |
|  IDT Corp., Class B | 894 | 45290 |
|  Iridium Communications, Inc. | 4498 | 86137 |
|  Liberty Global Ltd., Class A<sup>(a)</sup> | 7607 | 83677 |
|  Liberty Global Ltd., Class C, NVS<sup>(a)(b)</sup> | 6616 | 73768 |
|  Liberty Latin America Ltd., Class A<sup>(a)(b)</sup> | 1555 | 12129 |
|  Liberty Latin America Ltd., Class C, NVS<sup>(a)</sup> | 4991 | 39479 |
|  Lumen Technologies, Inc.<sup>(a)</sup> | 42116 | 432952 |
|  Uniti Group, Inc.<sup>(a)</sup> | 6340 | 36518 |
|  |  | 2242650 |
| **Electric Utilities — 1.1%** |  |  |
|  ALLETE, Inc. | 2641 | 177818 |
|  Hawaiian Electric Industries, Inc.<sup>(a)(b)</sup> | 8105 | 94180 |
|  IDACORP, Inc. | 2383 | 307455 |
|  MGE Energy, Inc. | 1673 | 138641 |
|  OGE Energy Corp. | 9271 | 409222 |
|  Oklo, Inc., Class A<sup>(a)(b)</sup> | 4145 | 550332 |
|  Otter Tail Corp. | 1927 | 148803 |
|  Pinnacle West Capital Corp. | 5509 | 487657 |
|  Portland General Electric Co. | 5073 | 231735 |
|  TXNM Energy, Inc. | 4368 | 248102 |
|  |  | 2793945 |
| **Electrical Equipment — 2.5%** |  |  |
|  Acuity, Inc. | 1386 | 505959 |
|  American Superconductor Corp.<sup>(a)(b)</sup> | 2018 | 119526 |
|  Array Technologies, Inc.<sup>(a)</sup> | 6222 | 53883 |
|  Atkore, Inc. | 1507 | 104360 |
|  Bloom Energy Corp., Class A<sup>(a)</sup> | 9285 | 1227106 |
|  EnerSys | 1752 | 221032 |
|  Enovix Corp.<sup>(a)(b)</sup> | 6875 | 82431 |
|  Eos Energy Enterprises, Inc., Class A<sup>(a)(b)</sup> | 11623 | 186317 |
|  Generac Holdings, Inc.<sup>(a)</sup> | 2749 | 461887 |
|  NANO Nuclear Energy, Inc.<sup>(a)(b)</sup> | 1349 | 64132 |
|  NEXTracker, Inc., Class A<sup>(a)(b)</sup> | 6650 | 673113 |
|  NuScale Power Corp., Class A<sup>(a)(b)</sup> | 5968 | 267784 |
|  nVent Electric PLC | 7618 | 871118 |
|  Plug Power, Inc.<sup>(a)(b)</sup> | 47764 | 128485 |
|  Powell Industries, Inc. | 432 | 165625 |
|  Power Solutions International, Inc.<sup>(a)(b)</sup> | 257 | 22004 |
|  Preformed Line Products Co.<sup>(b)</sup> | 122 | 25877 |
|  Regal Rexnord Corp. | 3069 | 432391 |
|  Sensata Technologies Holding PLC | 6631 | 211065 |
|  Shoals Technologies Group, Inc., Class A<sup>(a)</sup> | 7350 | 77249 |
|  Sunrun, Inc.<sup>(a)</sup> | 9707 | 201517 |

---

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

------

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Electrical Equipment (continued)** |  |  |  |
|  Thermon Group Holdings, Inc.<sup>(a)</sup> | 1432 | $| 41141 |
|  Vicor Corp.<sup>(a)</sup> | 1052 |  | 95448 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6239450 |
| **Electronic Equipment, Instruments & Components — 2.9%** | **Electronic Equipment, Instruments & Components — 2.9%** | **Electronic Equipment, Instruments & Components — 2.9%** | **Electronic Equipment, Instruments & Components — 2.9%** |
|  Advanced Energy Industries, Inc. | 1753 |  | 355386 |
|  Arlo Technologies, Inc.<sup>(a)</sup> | 4650 |  | 89931 |
|  Arrow Electronics, Inc.<sup>(a)</sup> | 2180 |  | 243179 |
|  Avnet, Inc. | 3999 |  | 193751 |
|  Badger Meter, Inc. | 1362 |  | 245773 |
|  Bel Fuse, Inc., Class B, NVS<sup>(b)</sup> | 478 |  | 73607 |
|  Belden, Inc. | 1791 |  | 218233 |
|  Benchmark Electronics, Inc. | 1461 |  | 64021 |
|  Cognex Corp. | 7431 |  | 307569 |
|  Coherent Corp.<sup>(a)</sup> | 7100 |  | 936916 |
|  Crane NXT Co. | 2495 |  | 157809 |
|  CTS Corp. | 1339 |  | 55582 |
|  Daktronics, Inc.<sup>(a)</sup> | 1793 |  | 33690 |
|  ePlus, Inc. | 1150 |  | 84134 |
|  Fabrinet<sup>(a)</sup> | 1682 |  | 741039 |
|  Insight Enterprises, Inc.<sup>(a)</sup> | 1287 |  | 128700 |
|  IPG Photonics Corp.<sup>(a)(b)</sup> | 1217 |  | 103591 |
|  Itron, Inc.<sup>(a)</sup> | 2094 |  | 210091 |
|  Knowles Corp.<sup>(a)</sup> | 3723 |  | 87900 |
|  Littelfuse, Inc. | 1158 |  | 281753 |
|  Mirion Technologies, Inc., Class A<sup>(a)</sup> | 10534 |  | 309384 |
|  Napco Security Technologies, Inc. | 1587 |  | 70066 |
|  Novanta, Inc.<sup>(a)(b)</sup> | 1635 |  | 207661 |
|  OSI Systems, Inc.<sup>(a)</sup> | 732 |  | 203833 |
|  PC Connection, Inc. | 546 |  | 33290 |
|  Plexus Corp.<sup>(a)</sup> | 1182 |  | 165362 |
|  Powerfleet, Inc.<sup>(a)</sup> | 5314 |  | 27101 |
|  Rogers Corp.<sup>(a)</sup> | 777 |  | 68019 |
|  Sanmina Corp.<sup>(a)</sup> | 2294 |  | 314393 |
|  ScanSource, Inc.<sup>(a)</sup> | 1158 |  | 49684 |
|  TD SYNNEX Corp. | 3486 |  | 545524 |
|  TTM Technologies, Inc.<sup>(a)</sup> | 4350 |  | 292320 |
|  Vishay Intertechnology, Inc. | 4688 |  | 79602 |
|  Vontier Corp. | 6870 |  | 264495 |
|  |  |  | 7243389 |
| **Energy Equipment & Services — 1.2%** |  |  |  |
|  Archrock, Inc. | 7880 |  | 199128 |
|  Atlas Energy Solutions, Inc. | 3366 |  | 41671 |
|  Bristow Group, Inc.<sup>(a)</sup> | 896 |  | 36467 |
|  Cactus, Inc., Class A | 3109 |  | 137324 |
|  Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 5905 |  | 39682 |
|  Helmerich & Payne, Inc. | 4280 |  | 112393 |
|  Innovex International, Inc.<sup>(a)</sup> | 1756 |  | 35243 |
|  Kodiak Gas Services, Inc. | 2384 |  | 87922 |
|  Liberty Energy, Inc., Class A | 7291 |  | 132040 |
|  Noble Corp. PLC | 5796 |  | 170113 |
|  NOV, Inc. | 16711 |  | 243981 |
|  Oceaneering International, Inc.<sup>(a)</sup> | 4585 |  | 106785 |
|  Patterson-UTI Energy, Inc. | 15946 |  | 99981 |
|  RPC, Inc. | 4049 |  | 21055 |
|  Seadrill Ltd.<sup>(a)(b)</sup> | 2751 |  | 86821 |
|  Select Water Solutions, Inc., Class A | 3713 |  | 42922 |
|  Solaris Energy Infrastructure, Inc., Class A | 1585 |  | 84369 |
|  TechnipFMC PLC | 19165 |  | 792473 |
|  Tidewater, Inc.<sup>(a)</sup> | 2156 |  | 109072 |
|  Transocean Ltd.<sup>(a)</sup> | 38771 |  | 148881 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Energy Equipment & Services (continued)** |  |  |
|  Valaris Ltd.<sup>(a)</sup> | 2834 | $159044 |
|  Weatherford International PLC | 3384 | 249367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136734 |
| **Entertainment — 0.7%** |  |  |
|  AMC Entertainment Holdings, Inc., Class A<sup>(a)(b)</sup> | 19697 | 51015 |
|  Atlanta Braves Holdings, Inc., Class A<sup>(a)(b)</sup> | 483 | 20837 |
|  Atlanta Braves Holdings, Inc., Class C, NVS<sup>(a)</sup> | 2160 | 87955 |
|  Cinemark Holdings, Inc. | 4640 | 125327 |
|  IMAX Corp.<sup>(a)</sup> | 2008 | 65240 |
|  Liberty Media Corp. - Liberty Live, Class A<sup>(a)</sup> | 905 | 79405 |
|  Liberty Media Corp. - Liberty Live, Class C, NVS<sup>(a)</sup> | 2155 | 194834 |
|  Lionsgate Studios Corp.<sup>(a)(b)</sup> | 10550 | 67837 |
|  Madison Square Garden Entertainment Corp., Class A<sup>(a)(b)</sup> | 1815 | 80150 |
|  Madison Square Garden Sports Corp., Class A<sup>(a)</sup> | 780 | 167224 |
|  Playtika Holding Corp. | 3472 | 12742 |
|  Roku, Inc., Class A<sup>(a)</sup> | 5902 | 626379 |
|  Sphere Entertainment Co., Class A<sup>(a)(b)</sup> | 1105 | 75670 |
|  Starz Entertainment Corp.<sup>(a)(b)</sup> | 579 | 6085 |
|  Warner Music Group Corp., Class A | 6367 | 203489 |
|  |  | 1864189 |
| **Financial Services — 1.7%** |  |  |
|  Burford Capital Ltd. | 9167 | 91212 |
|  Cannae Holdings, Inc. | 2681 | 47936 |
|  Cantaloupe, Inc.<sup>(a)</sup> | 2906 | 30687 |
|  Compass Diversified Holdings | 3035 | 19363 |
|  Enact Holdings, Inc. | 1487 | 53116 |
|  Essent Group Ltd. | 4569 | 276744 |
|  Euronet Worldwide, Inc.<sup>(a)</sup> | 1765 | 133893 |
|  EVERTEC, Inc. | 2735 | 77865 |
|  Federal Agricultural Mortgage Corp., Class C, NVS | 390 | 61870 |
|  Flywire Corp.<sup>(a)</sup> | 4827 | 64296 |
|  HA Sustainable Infrastructure Capital, Inc. | 5470 | 151574 |
|  Jackson Financial, Inc., Class A | 2981 | 300515 |
|  Marqeta, Inc., Class A<sup>(a)</sup> | 18615 | 84326 |
|  Merchants Bancorp | 1004 | 31315 |
|  MGIC Investment Corp. | 10471 | 287115 |
|  NCR Atleos Corp.<sup>(a)</sup> | 3419 | 126161 |
|  NMI Holdings, Inc., Class A<sup>(a)</sup> | 3409 | 124190 |
|  Paymentus Holdings, Inc., Class A<sup>(a)(b)</sup> | 1834 | 52452 |
|  Payoneer Global, Inc.<sup>(a)</sup> | 9532 | 55190 |
|  PennyMac Financial Services, Inc., Class A | 1317 | 165692 |
|  Priority Technology Holdings, Inc.<sup>(a)</sup> | 1252 | 8714 |
|  Radian Group, Inc. | 6524 | 221425 |
|  Remitly Global, Inc.<sup>(a)(b)</sup> | 7214 | 115713 |
|  Rocket Cos., Inc., Class A | 40765 | 679145 |
|  Sezzle, Inc.<sup>(a)(b)</sup> | 874 | 57291 |
|  Shift4 Payments, Inc., Class A<sup>(a)(b)</sup> | 3034 | 209649 |
|  TFS Financial Corp. | 2574 | 34234 |
|  UWM Holdings Corp., Class A | 7461 | 42005 |
|  Velocity Financial, Inc.<sup>(a)</sup> | 509 | 9478 |
|  Voya Financial, Inc. | 4425 | 329485 |
|  Walker & Dunlop, Inc. | 1521 | 121558 |
|  Western Union Co. (The) | 15095 | 140836 |
|  WEX, Inc.<sup>(a)</sup> | 1450 | 211526 |
|  |  | 4416571 |
| **Food Products — 1.2%** |  |  |
|  Bunge Global SA | 6439 | 609129 |
|  Cal-Maine Foods, Inc. | 1981 | 173932 |
|  Campbell's Co. (The) | 9207 | 277407 |
|  Darling Ingredients, Inc.<sup>(a)</sup> | 6770 | 216978 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Food Products (continued)** |  |  |
|  Flowers Foods, Inc. | 9273 | $110627 |
|  Fresh Del Monte Produce, Inc. | 1663 | 58787 |
|  Freshpet, Inc.<sup>(a)</sup> | 2121 | 104374 |
|  Ingredion, Inc. | 2841 | 327880 |
|  J & J Snack Foods Corp. | 692 | 58578 |
|  John B. Sanfilippo & Son, Inc. | 395 | 24798 |
|  Lamb Weston Holdings, Inc. | 6024 | 371862 |
|  Marzetti Co. (The) | 946 | 148323 |
|  Mission Produce, Inc.<sup>(a)</sup> | 2351 | 27084 |
|  Post Holdings, Inc.<sup>(a)</sup> | 2302 | 239247 |
|  Seaboard Corp. | 12 | 40440 |
|  Seneca Foods Corp., Class A<sup>(a)</sup> | 212 | 22861 |
|  Simply Good Foods Co. (The)<sup>(a)</sup> | 3965 | 77595 |
|  Tootsie Roll Industries, Inc. | 813 | 28691 |
|  TreeHouse Foods, Inc.<sup>(a)</sup> | 2064 | 37565 |
|  Utz Brands, Inc., Class A | 3393 | 35728 |
|  Vital Farms, Inc.<sup>(a)(b)</sup> | 1571 | 51607 |
|  |  | 3043493 |
| **Gas Utilities — 0.8%** |  |  |
|  Chesapeake Utilities Corp. | 1033 | 131480 |
|  MDU Resources Group, Inc. | 9078 | 174116 |
|  National Fuel Gas Co. | 4202 | 331580 |
|  New Jersey Resources Corp. | 4501 | 199394 |
|  Northwest Natural Holding Co. | 1854 | 84413 |
|  ONE Gas, Inc. | 2648 | 212343 |
|  Southwest Gas Holdings, Inc. | 2728 | 216876 |
|  Spire, Inc. | 2677 | 231293 |
|  UGI Corp. | 9951 | 332662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914157 |
| **Ground Transportation — 0.9%** |  |  |
|  ArcBest Corp. | 1002 | 74469 |
|  Avis Budget Group, Inc.<sup>(a)</sup> | 806 | 109672 |
|  Heartland Express, Inc. | 2674 | 20857 |
|  Hertz Global Holdings, Inc.<sup>(a)(b)</sup> | 5264 | 27004 |
|  Knight-Swift Transportation Holdings, Inc. | 7256 | 327391 |
|  Landstar System, Inc. | 1613 | 207158 |
|  Lyft, Inc., Class A<sup>(a)</sup> | 18079 | 369896 |
|  Marten Transport Ltd. | 2416 | 24764 |
|  RXO, Inc.<sup>(a)</sup> | 7564 | 134110 |
|  Ryder System, Inc. | 1872 | 316799 |
|  Saia, Inc.<sup>(a)</sup> | 1224 | 358020 |
|  Schneider National, Inc., Class B | 2077 | 44385 |
|  U-Haul Holding Co.<sup>(a)(b)</sup> | 360 | 19138 |
|  U-Haul Holding Co., NVS<sup>(b)</sup> | 4458 | 216168 |
|  Universal Logistics Holdings, Inc. | 269 | 4352 |
|  Werner Enterprises, Inc. | 2475 | 64845 |
|  |  | 2319028 |
| **Health Care Equipment & Supplies — 1.8%** |  |  |
|  Alphatec Holdings, Inc.<sup>(a)(b)</sup> | 5081 | 96488 |
|  Artivion, Inc.<sup>(a)</sup> | 1967 | 89243 |
|  AtriCure, Inc.<sup>(a)</sup> | 2249 | 77703 |
|  Avanos Medical, Inc.<sup>(a)</sup> | 1950 | 21664 |
|  Axogen, Inc.<sup>(a)(b)</sup> | 1750 | 38885 |
|  Ceribell, Inc.<sup>(a)(b)</sup> | 857 | 9770 |
|  CONMED Corp. | 1405 | 61820 |
|  DENTSPLY SIRONA, Inc. | 8935 | 112670 |
|  Embecta Corp. | 2498 | 33323 |
|  Enovis Corp.<sup>(a)</sup> | 2495 | 77944 |
|  Envista Holdings Corp.<sup>(a)</sup> | 7840 | 159544 |
|  Establishment Labs Holdings, Inc.<sup>(a)(b)</sup> | 1098 | 52649 |
|  Glaukos Corp.<sup>(a)</sup> | 2444 | 215243 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** |  |  |
|  Globus Medical, Inc., Class A<sup>(a)</sup> | 5337 | $322301 |
|  Haemonetics Corp.<sup>(a)</sup> | 2074 | 103721 |
|  ICU Medical, Inc.<sup>(a)</sup> | 1079 | 129577 |
|  Inspire Medical Systems, Inc.<sup>(a)</sup> | 1365 | 98389 |
|  Integer Holdings Corp.<sup>(a)</sup> | 1593 | 102860 |
|  Integra LifeSciences Holdings Corp.<sup>(a)</sup> | 3177 | 38156 |
|  iRadimed Corp. | 362 | 27805 |
|  iRhythm Technologies, Inc.<sup>(a)</sup> | 1449 | 271398 |
|  Kestra Medical Technologies Ltd.<sup>(a)</sup> | 1049 | 28722 |
|  Lantheus Holdings, Inc.<sup>(a)(b)</sup> | 3117 | 179820 |
|  LeMaitre Vascular, Inc. | 944 | 81760 |
|  LivaNova PLC<sup>(a)</sup> | 2519 | 132575 |
|  Masimo Corp.<sup>(a)</sup> | 2174 | 305773 |
|  Merit Medical Systems, Inc.<sup>(a)</sup> | 2722 | 238284 |
|  Neogen Corp.<sup>(a)</sup> | 8896 | 54888 |
|  Novocure Ltd.<sup>(a)</sup> | 4692 | 60104 |
|  OmniAb, Inc., 12.50 Earnout Shares<sup>(a)(c)</sup> | 359 |  |
|  OmniAb, Inc., 15.00 Earnout Shares<sup>(a)(c)</sup> | 359 |  |
|  Omnicell, Inc.<sup>(a)</sup> | 1993 | 66905 |
|  Penumbra, Inc.<sup>(a)(b)</sup> | 1718 | 390622 |
|  PROCEPT BioRobotics Corp.<sup>(a)(b)</sup> | 2471 | 84088 |
|  Pulse Biosciences, Inc.<sup>(a)(b)</sup> | 817 | 13832 |
|  QuidelOrtho Corp.<sup>(a)</sup> | 3030 | 81780 |
|  RxSight, Inc.<sup>(a)(b)</sup> | 1404 | 12341 |
|  STAAR Surgical Co.<sup>(a)</sup> | 1518 | 39271 |
|  Tandem Diabetes Care, Inc.<sup>(a)</sup> | 3028 | 42392 |
|  Teleflex, Inc. | 2136 | 265868 |
|  TransMedics Group, Inc.<sup>(a)</sup> | 1442 | 189681 |
|  UFP Technologies, Inc.<sup>(a)</sup> | 348 | 67039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4476898 |
| **Health Care Providers & Services — 2.4%** |  |  |
|  Acadia Healthcare Co., Inc.<sup>(a)</sup> | 4160 | 89440 |
|  AdaptHealth Corp.<sup>(a)</sup> | 4158 | 37380 |
|  Addus HomeCare Corp.<sup>(a)</sup> | 842 | 98421 |
|  agilon health, Inc.<sup>(a)(b)</sup> | 14061 | 11200 |
|  Alignment Healthcare, Inc.<sup>(a)</sup> | 5015 | 84553 |
|  AMN Healthcare Services, Inc.<sup>(a)</sup> | 1789 | 35225 |
|  Ardent Health, Inc.<sup>(a)(b)</sup> | 1097 | 15972 |
|  Astrana Health, Inc.<sup>(a)</sup> | 1887 | 58893 |
|  Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 2345 | 21222 |
|  BrightSpring Health Services, Inc.<sup>(a)</sup> | 3206 | 105958 |
|  Brookdale Senior Living, Inc.<sup>(a)</sup> | 10183 | 94396 |
|  Castle Biosciences, Inc.<sup>(a)</sup> | 1231 | 31391 |
|  Chemed Corp. | 674 | 290696 |
|  Clover Health Investments Corp., Class A<sup>(a)(b)</sup> | 18034 | 63660 |
|  Concentra Group Holdings Parent, Inc. | 5490 | 109361 |
|  CorVel Corp.<sup>(a)</sup> | 1347 | 99611 |
|  DaVita, Inc.<sup>(a)(b)</sup> | 1852 | 220425 |
|  Encompass Health Corp.<sup>(b)</sup> | 4434 | 504811 |
|  Ensign Group, Inc. (The) | 2660 | 479066 |
|  GeneDx Holdings Corp., Class A<sup>(a)</sup> | 928 | 127052 |
|  Guardant Health, Inc.<sup>(a)(b)</sup> | 5374 | 499890 |
|  HealthEquity, Inc.<sup>(a)(b)</sup> | 3936 | 372267 |
|  Henry Schein, Inc.<sup>(a)</sup> | 4875 | 308100 |
|  Hims & Hers Health, Inc., Class A<sup>(a)(b)</sup> | 9415 | 428006 |
|  LifeStance Health Group, Inc.<sup>(a)(b)</sup> | 7116 | 34868 |
|  National HealthCare Corp. | 566 | 67603 |
|  NeoGenomics, Inc.<sup>(a)</sup> | 5813 | 56793 |
|  Nutex Health, Inc.<sup>(a)(b)</sup> | 164 | 20182 |
|  OPKO Health, Inc.<sup>(a)</sup> | 17135 | 23304 |
|  Option Care Health, Inc.<sup>(a)</sup> | 7541 | 196292 |
|  PACS Group, Inc.<sup>(a)</sup> | 1994 | 24088 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
|  Pediatrix Medical Group, Inc.<sup>(a)(b)</sup> | 3849 | $65318 |
|  Pennant Group, Inc. (The)<sup>(a)</sup> | 1563 | 38653 |
|  Premier, Inc., Class A | 3817 | 107334 |
|  Privia Health Group, Inc.<sup>(a)</sup> | 5023 | 122059 |
|  Progyny, Inc.<sup>(a)</sup> | 3352 | 62716 |
|  RadNet, Inc.<sup>(a)</sup> | 3021 | 229566 |
|  Select Medical Holdings Corp. | 4997 | 69109 |
|  Surgery Partners, Inc.<sup>(a)(b)</sup> | 3379 | 74101 |
|  U.S. Physical Therapy, Inc. | 663 | 57197 |
|  Universal Health Services, Inc., Class B | 2584 | 560754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5996933 |
| **Health Care REITs — 0.8%** |  |  |
|  American Healthcare REIT, Inc. | 7020 | 318146 |
|  CareTrust REIT, Inc. | 9273 | 321309 |
|  Healthcare Realty Trust, Inc. | 15696 | 278133 |
|  LTC Properties, Inc. | 2081 | 73002 |
|  Medical Properties Trust, Inc. | 23534 | 121671 |
|  National Health Investors, Inc. | 2074 | 154534 |
|  Omega Healthcare Investors, Inc. | 13278 | 558074 |
|  Sabra Health Care REIT, Inc. | 10038 | 178877 |
|  Sila Realty Trust, Inc. | 2600 | 61620 |
|  |  | 2065366 |
| **Health Care Technology — 0.3%** |  |  |
|  Certara, Inc.<sup>(a)</sup> | 5535 | 64372 |
|  Doximity, Inc., Class A<sup>(a)</sup> | 6018 | 397188 |
|  Evolent Health, Inc., Class A<sup>(a)</sup> | 4859 | 32410 |
|  HealthStream, Inc. | 1066 | 26224 |
|  Phreesia, Inc.<sup>(a)(b)</sup> | 2449 | 55445 |
|  Schrodinger, Inc.<sup>(a)</sup> | 2535 | 53336 |
|  Teladoc Health, Inc.<sup>(a)</sup> | 8241 | 71120 |
|  Waystar Holding Corp.<sup>(a)</sup> | 3697 | 132537 |
|  |  | 832632 |
| **Hotel & Resort REITs — 0.5%** |  |  |
|  Apple Hospitality REIT, Inc. | 10512 | 117629 |
|  DiamondRock Hospitality Co. | 9134 | 71428 |
|  Host Hotels & Resorts, Inc. | 32363 | 518455 |
|  Park Hotels & Resorts, Inc. | 9658 | 99381 |
|  Pebblebrook Hotel Trust | 5397 | 56453 |
|  RLJ Lodging Trust | 6803 | 46260 |
|  Ryman Hospitality Properties, Inc. | 2863 | 248823 |
|  Sunstone Hotel Investors, Inc. | 8484 | 75084 |
|  Xenia Hotels & Resorts, Inc. | 4321 | 53148 |
|  |  | 1286661 |
| **Hotels, Restaurants & Leisure — 2.9%** |  |  |
|  Accel Entertainment, Inc., Class A<sup>(a)</sup> | 2484 | 25312 |
|  Aramark | 12108 | 458651 |
|  Biglari Holdings, Inc., Class B, NVS<sup>(a)</sup> | 30 | 10839 |
|  BJ's Restaurants, Inc.<sup>(a)</sup> | 759 | 25776 |
|  Bloomin' Brands, Inc. | 4009 | 27381 |
|  Boyd Gaming Corp. | 2697 | 210015 |
|  Brinker International, Inc.<sup>(a)</sup> | 2040 | 221666 |
|  Caesars Entertainment, Inc.<sup>(a)</sup> | 9375 | 188438 |
|  Cava Group, Inc.<sup>(a)</sup> | 4529 | 243343 |
|  Cheesecake Factory, Inc. (The) | 2165 | 107817 |
|  Choice Hotels International, Inc.<sup>(b)</sup> | 1230 | 114341 |
|  Churchill Downs, Inc. | 3205 | 317936 |
|  Cracker Barrel Old Country Store, Inc.<sup>(b)</sup> | 1045 | 35217 |
|  Dave & Buster's Entertainment, Inc.<sup>(a)(b)</sup> | 1216 | 17863 |
|  Dutch Bros, Inc., Class A<sup>(a)</sup> | 5297 | 294195 |
|  First Watch Restaurant Group, Inc.<sup>(a)(b)</sup> | 1795 | 29600 |
|  Global Business Travel Group I, Class A<sup>(a)(b)</sup> | 4705 | 36981 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  Golden Entertainment, Inc. | 908 | $18342 |
|  Hilton Grand Vacations, Inc.<sup>(a)</sup> | 2758 | 114319 |
|  Hyatt Hotels Corp., Class A<sup>(b)</sup> | 1863 | 255995 |
|  Krispy Kreme, Inc. | 3817 | 13703 |
|  Kura Sushi U.S.A., Inc., Class A<sup>(a)(b)</sup> | 288 | 16396 |
|  Life Time Group Holdings, Inc.<sup>(a)</sup> | 5602 | 138537 |
|  Light & Wonder, Inc., Class A<sup>(a)</sup> | 3931 | 285784 |
|  Lucky Strike Entertainment Corp., Class A<sup>(b)</sup> | 818 | 6855 |
|  Marriott Vacations Worldwide Corp. | 1368 | 90261 |
|  MGM Resorts International<sup>(a)</sup> | 9229 | 295605 |
|  Monarch Casino & Resort, Inc. | 601 | 54132 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 20522 | 460103 |
|  Papa John's International, Inc. | 1420 | 72150 |
|  Penn Entertainment, Inc.<sup>(a)</sup> | 6570 | 108142 |
|  Planet Fitness, Inc., Class A<sup>(a)</sup> | 3748 | 339906 |
|  Portillo's, Inc., Class A<sup>(a)(b)</sup> | 2353 | 12589 |
|  Pursuit Attractions and Hospitality, Inc.<sup>(a)</sup> | 970 | 34416 |
|  Red Rock Resorts, Inc., Class A | 2349 | 125225 |
|  Rush Street Interactive, Inc., Class A<sup>(a)(b)</sup> | 4077 | 69146 |
|  Sabre Corp.<sup>(a)</sup> | 16623 | 33994 |
|  Shake Shack, Inc., Class A<sup>(a)</sup> | 1765 | 170340 |
|  Six Flags Entertainment Corp.<sup>(a)</sup> | 4367 | 100354 |
|  Sweetgreen, Inc., Class A<sup>(a)(b)</sup> | 4478 | 28167 |
|  Target Hospitality Corp.<sup>(a)(b)</sup> | 1535 | 11804 |
|  Texas Roadhouse, Inc. | 3086 | 504808 |
|  Travel + Leisure Co. | 2988 | 187587 |
|  United Parks & Resorts, Inc.<sup>(a)</sup> | 1111 | 53772 |
|  Vail Resorts, Inc. | 1626 | 241185 |
|  Wendy's Co. (The) | 7136 | 60941 |
|  Wingstop, Inc. | 1288 | 279019 |
|  Wyndham Hotels & Resorts, Inc. | 3370 | 247459 |
|  Wynn Resorts Ltd. | 3861 | 459420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7255827 |
| **Household Durables — 1.5%** |  |  |
|  Beazer Homes U.S.A., Inc.<sup>(a)</sup> | 1372 | 30733 |
|  Cavco Industries, Inc.<sup>(a)</sup> | 339 | 179602 |
|  Century Communities, Inc. | 1147 | 68132 |
|  Champion Homes, Inc.<sup>(a)</sup> | 2476 | 168938 |
|  Dream Finders Homes, Inc., Class A<sup>(a)</sup> | 1190 | 23562 |
|  Ethan Allen Interiors, Inc. | 988 | 23880 |
|  Green Brick Partners, Inc.<sup>(a)</sup> | 1432 | 92708 |
|  Helen of Troy Ltd.<sup>(a)</sup> | 999 | 18611 |
|  Installed Building Products, Inc. | 1071 | 265854 |
|  KB Home | 3005 | 187572 |
|  La-Z-Boy, Inc. | 1766 | 55982 |
|  Legacy Housing Corp.<sup>(a)</sup> | 498 | 11183 |
|  Leggett & Platt, Inc. | 6103 | 57002 |
|  LGI Homes, Inc.<sup>(a)</sup> | 906 | 36974 |
|  M/I Homes, Inc.<sup>(a)</sup> | 1143 | 143092 |
|  Meritage Homes Corp. | 3308 | 223489 |
|  Mohawk Industries, Inc.<sup>(a)</sup> | 2277 | 258758 |
|  Newell Brands, Inc. | 17253 | 58660 |
|  Sonos, Inc.<sup>(a)</sup> | 4979 | 85490 |
|  Taylor Morrison Home Corp., Class A<sup>(a)(b)</sup> | 4646 | 275368 |
|  Toll Brothers, Inc. | 4607 | 621715 |
|  TopBuild Corp.<sup>(a)</sup> | 1307 | 552181 |
|  Tri Pointe Homes, Inc.<sup>(a)</sup> | 3773 | 120170 |
|  Whirlpool Corp. | 2559 | 183301 |
|  |  | 3742957 |
| **Household Products — 0.2%** |  |  |
|  Central Garden & Pet Co.<sup>(a)</sup> | 418 | 12820 |
|  Central Garden & Pet Co., Class A, NVS<sup>(a)</sup> | 2344 | 65187 |

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Household Products (continued)** | **Household Products (continued)** | **Household Products (continued)** | **Household Products (continued)** |
|  Energizer Holdings, Inc. | 2914 | $| 67692 |
|  Reynolds Consumer Products, Inc. | 2518 |  | 61540 |
|  Spectrum Brands Holdings, Inc. | 1168 |  | 62932 |
|  WD-40 Co. | 618 |  | 120065 |
|  |  |  | 390236 |
| **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** |
|  AES Corp. (The) | 32751 |  | 454256 |
|  Clearway Energy, Inc., Class A | 1590 |  | 47684 |
|  Clearway Energy, Inc., Class C | 3768 |  | 120312 |
|  Hallador Energy Co.<sup>(a)</sup> | 1490 |  | 32229 |
|  Ormat Technologies, Inc. | 2648 |  | 281668 |
|  Talen Energy Corp.<sup>(a)</sup> | 1931 |  | 771975 |
|  |  |  | 1708124 |
| **Industrial REITs — 0.9%** |  |  |  |
|  Americold Realty Trust, Inc. | 11534 |  | 148673 |
|  EastGroup Properties, Inc. | 2419 |  | 422188 |
|  First Industrial Realty Trust, Inc. | 5610 |  | 310121 |
|  Innovative Industrial Properties, Inc. | 1322 |  | 66298 |
|  Lineage, Inc. | 2757 |  | 108626 |
|  LXP Industrial Trust | 13583 |  | 128903 |
|  Plymouth Industrial REIT, Inc. | 1725 |  | 37950 |
|  Rexford Industrial Realty, Inc. | 10915 |  | 451008 |
|  STAG Industrial, Inc. | 8582 |  | 328433 |
|  Terreno Realty Corp. | 4644 |  | 265312 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267512 |
| **Insurance — 2.8%** |  |  |  |
|  Abacus Global Management, Inc., Class A<sup>(a)(b)</sup> | 1769 |  | 8880 |
|  American Financial Group, Inc. | 3313 |  | 436256 |
|  AMERISAFE, Inc. | 905 |  | 36272 |
|  Assurant, Inc. | 2356 |  | 498812 |
|  Assured Guaranty Ltd. | 2222 |  | 179049 |
|  Axis Capital Holdings Ltd. | 3527 |  | 330339 |
|  Baldwin Insurance Group, Inc. (The), Class A<sup>(a)(b)</sup> | 3250 |  | 71825 |
|  Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 701 |  | 16796 |
|  Brighthouse Financial, Inc.<sup>(a)</sup> | 2733 |  | 155972 |
|  CNO Financial Group, Inc. | 4710 |  | 188494 |
|  Donegal Group, Inc., Class A | 913 |  | 17119 |
|  Employers Holdings, Inc. | 1007 |  | 38397 |
|  F&G Annuities & Life, Inc. | 1052 |  | 31192 |
|  First American Financial Corp. | 4562 |  | 285171 |
|  Genworth Financial, Inc., Class A<sup>(a)</sup> | 19035 |  | 160655 |
|  Globe Life, Inc.<sup>(b)</sup> | 3632 |  | 477644 |
|  Goosehead Insurance, Inc., Class A | 1132 |  | 77734 |
|  Hamilton Insurance Group Ltd., Class B<sup>(a)</sup> | 1852 |  | 43837 |
|  Hanover Insurance Group, Inc. (The) | 1607 |  | 274604 |
|  HCI Group, Inc. | 469 |  | 95681 |
|  Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 1062 |  | 25095 |
|  Hippo Holdings, Inc.<sup>(a)(b)</sup> | 849 |  | 31226 |
|  Horace Mann Educators Corp. | 1760 |  | 78690 |
|  Kemper Corp. | 2644 |  | 118954 |
|  Kinsale Capital Group, Inc. | 1020 |  | 407459 |
|  Lemonade, Inc.<sup>(a)(b)</sup> | 2474 |  | 148638 |
|  Lincoln National Corp. | 7799 |  | 327558 |
|  Mercury General Corp. | 1165 |  | 90055 |
|  Old Republic International Corp. | 10717 |  | 422893 |
|  Oscar Health, Inc., Class A<sup>(a)(b)</sup> | 8890 |  | 160020 |
|  Palomar Holdings, Inc.<sup>(a)</sup> | 1208 |  | 137724 |
|  Primerica, Inc. | 1550 |  | 402799 |
|  ProAssurance Corp.<sup>(a)</sup> | 2173 |  | 52043 |
|  RLI Corp. | 3864 |  | 227821 |
|  Root, Inc., Class A<sup>(a)(b)</sup> | 550 |  | 44286 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
|  Ryan Specialty Holdings, Inc., Class A | 4877 | $267260 |
|  Safety Insurance Group, Inc. | 647 | 44468 |
|  Selective Insurance Group, Inc. | 2792 | 210349 |
|  SiriusPoint Ltd.<sup>(a)</sup> | 3476 | 63263 |
|  Skyward Specialty Insurance Group, Inc.<sup>(a)(b)</sup> | 1393 | 63507 |
|  Stewart Information Services Corp. | 1218 | 83153 |
|  Tiptree, Inc. | 908 | 16081 |
|  Trupanion, Inc.<sup>(a)</sup> | 1621 | 64824 |
|  Universal Insurance Holdings, Inc. | 1267 | 39049 |
|  White Mountains Insurance Group Ltd. | 110 | 209502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7161446 |
| **Interactive Media & Services — 0.6%** |  |  |
|  Angi, Inc., Class A<sup>(a)</sup> | 2000 | 26540 |
|  Cargurus, Inc., Class A<sup>(a)</sup> | 3585 | 125905 |
|  Cars.com, Inc.<sup>(a)</sup> | 2626 | 28203 |
|  fuboTV, Inc., Class A<sup>(a)(b)</sup> | 15288 | 57789 |
|  Getty Images Holdings, Inc., Class A<sup>(a)</sup> | 2240 | 4211 |
|  Grindr, Inc.<sup>(a)(b)</sup> | 1501 | 20804 |
|  IAC, Inc.<sup>(a)</sup> | 3158 | 101751 |
|  Match Group, Inc. | 11439 | 369937 |
|  QuinStreet, Inc.<sup>(a)</sup> | 2308 | 34135 |
|  Rumble, Inc., Class A<sup>(a)(b)</sup> | 4854 | 33298 |
|  Shutterstock, Inc. | 1030 | 25781 |
|  Taboola.com Ltd.<sup>(a)</sup> | 7436 | 26547 |
|  TripAdvisor, Inc.<sup>(a)</sup> | 5294 | 85022 |
|  Trump Media & Technology Group Corp.,<br>Class A<sup>(a)(b)</sup>  | 5432 | 83245 |
|  Vimeo, Inc.<sup>(a)</sup> | 6535 | 50973 |
|  Webtoon Entertainment, Inc.<sup>(a)(b)</sup> | 724 | 12692 |
|  Yelp, Inc.<sup>(a)</sup> | 2861 | 94356 |
|  Ziff Davis, Inc.<sup>(a)</sup> | 1746 | 59189 |
|  ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | 13890 | 155846 |
|  |  | 1396224 |
| **IT Services — 0.6%** |  |  |
|  Applied Digital Corp.<sup>(a)(b)</sup> | 10689 | 370481 |
|  ASGN, Inc.<sup>(a)</sup> | 1943 | 86969 |
|  BigBear.ai Holdings, Inc.<sup>(a)(b)</sup> | 17033 | 117868 |
|  DigitalOcean Holdings, Inc.<sup>(a)(b)</sup> | 2914 | 118483 |
|  DXC Technology Co.<sup>(a)</sup> | 7702 | 109368 |
|  EPAM Systems, Inc.<sup>(a)</sup> | 2555 | 417845 |
|  Fastly, Inc., Class A<sup>(a)(b)</sup> | 6324 | 52426 |
|  Grid Dynamics Holdings, Inc., Class A<sup>(a)</sup> | 2904 | 27123 |
|  Hackett Group, Inc. (The) | 1148 | 20790 |
|  Kyndryl Holdings, Inc.<sup>(a)</sup> | 10705 | 309589 |
|  |  | 1630942 |
| **Leisure Products — 0.6%** |  |  |
|  Acushnet Holdings Corp. | 1279 | 98905 |
|  Brunswick Corp. | 2898 | 191587 |
|  Hasbro, Inc. | 6080 | 463965 |
|  Latham Group, Inc.<sup>(a)</sup> | 2299 | 16668 |
|  Malibu Boats, Inc., Class A<sup>(a)</sup> | 862 | 24024 |
|  Mattel, Inc.<sup>(a)</sup> | 14848 | 272906 |
|  Peloton Interactive, Inc., Class A<sup>(a)(b)</sup> | 17059 | 123848 |
|  Polaris, Inc. | 2385 | 157648 |
|  Sturm Ruger & Co., Inc. | 754 | 31977 |
|  Topgolf Callaway Brands Corp.<sup>(a)</sup> | 5729 | 53910 |
|  YETI Holdings, Inc.<sup>(a)(b)</sup> | 3721 | 126477 |
|  |  | 1561915 |
| **Life Sciences Tools & Services — 1.4%** |  |  |
|  10X Genomics, Inc., Class A<sup>(a)(b)</sup> | 4716 | 64326 |
|  Adaptive Biotechnologies Corp.<sup>(a)</sup> | 4747 | 82408 |
|  Avantor, Inc.<sup>(a)</sup> | 31206 | 368855 |

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |
|  Azenta, Inc.<sup>(a)</sup> | 1816 | $54843 |
|  BioLife Solutions, Inc.<sup>(a)</sup> | 1725 | 48076 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 900 | 287595 |
|  Bio-Techne Corp. | 7301 | 456823 |
|  Bruker Corp. | 4766 | 185588 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 2098 | 377787 |
|  Fortrea Holdings, Inc.<sup>(a)</sup> | 3887 | 40658 |
|  Medpace Holdings, Inc.<sup>(a)</sup> | 1059 | 619420 |
|  Mesa Laboratories, Inc. | 239 | 17182 |
|  Niagen Bioscience, Inc.<sup>(a)(b)</sup> | 2364 | 17824 |
|  Repligen Corp.<sup>(a)</sup> | 2457 | 366240 |
|  Sotera Health Co.<sup>(a)</sup> | 6998 | 116167 |
|  Tempus AI, Inc., Class A<sup>(a)(b)</sup> | 3889 | 349427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3453219 |
| **Machinery — 4.7%** |  |  |
|  AGCO Corp. | 2758 | 284515 |
|  Alamo Group, Inc. | 474 | 84713 |
|  Albany International Corp., Class A | 1363 | 77119 |
|  Allison Transmission Holdings, Inc. | 3925 | 324009 |
|  Astec Industries, Inc. | 972 | 45227 |
|  Atmus Filtration Technologies, Inc. | 731 | 33246 |
|  Blue Bird Corp.<sup>(a)(b)</sup> | 1451 | 72492 |
|  Chart Industries, Inc.<sup>(a)</sup> | 2078 | 414810 |
|  Crane Co. | 2276 | 432440 |
|  Donaldson Co., Inc. | 5564 | 468767 |
|  Energy Recovery, Inc.<sup>(a)</sup> | 2488 | 42570 |
|  Enerpac Tool Group Corp., Class A | 2487 | 102066 |
|  Enpro, Inc. | 917 | 212753 |
|  Esab Corp. | 2608 | 304667 |
|  ESCO Technologies, Inc. | 1115 | 244709 |
|  Federal Signal Corp. | 2821 | 332963 |
|  Flowserve Corp. | 6036 | 411957 |
|  Franklin Electric Co., Inc. | 1831 | 173524 |
|  Gates Industrial Corp. PLC<sup>(a)</sup> | 11352 | 250652 |
|  Gorman-Rupp Co. (The) | 948 | 42632 |
|  Greenbrier Cos., Inc. (The) | 1266 | 52881 |
|  Helios Technologies, Inc. | 1450 | 80272 |
|  Hillenbrand, Inc. | 3148 | 99477 |
|  Hillman Solutions Corp.<sup>(a)</sup> | 8680 | 80030 |
|  ITT, Inc. | 3638 | 673285 |
|  JBT Marel Corp. | 2389 | 301253 |
|  Kadant, Inc. | 520 | 143863 |
|  Kennametal, Inc. | 3585 | 78691 |
|  Lincoln Electric Holdings, Inc. | 2591 | 607460 |
|  Lindsay Corp. | 497 | 55286 |
|  Microvast Holdings, Inc.<sup>(a)(b)</sup> | 9442 | 51459 |
|  Middleby Corp. (The)<sup>(a)</sup> | 2476 | 307593 |
|  Mueller Industries, Inc. | 5105 | 540466 |
|  Mueller Water Products, Inc., Class A | 7244 | 185881 |
|  Nordson Corp. | 2405 | 557840 |
|  Oshkosh Corp. | 2774 | 342006 |
|  Proto Labs, Inc.<sup>(a)</sup> | 1072 | 53343 |
|  RBC Bearings, Inc.<sup>(a)</sup> | 1431 | 613226 |
|  REV Group, Inc. | 2135 | 109461 |
|  SPX Technologies, Inc.<sup>(a)(b)</sup> | 2282 | 510917 |
|  Standex International Corp. | 536 | 125011 |
|  Stanley Black & Decker, Inc. | 7053 | 477629 |
|  Symbotic, Inc., Class A<sup>(a)(b)</sup> | 1985 | 160686 |
|  Tennant Co. | 851 | 68080 |
|  Terex Corp. | 2922 | 134470 |
|  Timken Co. (The) | 2954 | 231919 |
|  Toro Co. (The) | 4590 | 343011 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
|  Trinity Industries, Inc. | 3536 | $| 96780 |
|  Watts Water Technologies, Inc., Class A | 1262 |  | 344021 |
|  Worthington Enterprises, Inc. | 1410 |  | 79087 |
|  |  |  | 11861215 |
| **Marine Transportation — 0.2%** |  |  |  |
|  Genco Shipping & Trading Ltd. | 2012 |  | 34284 |
|  Kirby Corp.<sup>(a)(b)</sup> | 2525 |  | 261287 |
|  Matson, Inc. | 1368 |  | 138100 |
|  |  |  | 433671 |
| **Media — 0.9%** |  |  |  |
|  Altice U.S.A., Inc., Class A<sup>(a)(b)</sup> | 10863 |  | 24225 |
|  Cable One, Inc. | 197 |  | 29264 |
|  DoubleVerify Holdings, Inc.<sup>(a)</sup> | 6346 |  | 72217 |
|  EchoStar Corp., Class A<sup>(a)(b)</sup> | 6168 |  | 461798 |
|  Ibotta, Inc., Class A<sup>(a)(b)</sup> | 692 |  | 22324 |
|  Integral Ad Science Holding Corp.<sup>(a)(b)</sup> | 3174 |  | 32407 |
|  Interpublic Group of Cos., Inc. (The) | 17061 |  | 437785 |
|  John Wiley & Sons, Inc., Class A | 2056 |  | 75805 |
|  Magnite, Inc.<sup>(a)(b)</sup> | 6129 |  | 109587 |
|  New York Times Co. (The), Class A | 7231 |  | 412095 |
|  Newsmax, Inc., Class B<sup>(a)(b)</sup> | 1899 |  | 18990 |
|  Nexstar Media Group, Inc., Class A | 1277 |  | 249947 |
|  Sinclair, Inc., Class A | 1631 |  | 22279 |
|  Sirius XM Holdings, Inc. | 8774 |  | 190308 |
|  Stagwell, Inc., Class A<sup>(a)(b)</sup> | 4859 |  | 23080 |
|  TechTarget, Inc.<sup>(a)(b)</sup> | 1435 |  | 7878 |
|  TEGNA, Inc. | 7016 |  | 138005 |
|  Thryv Holdings, Inc.<sup>(a)</sup> | 1708 |  | 13169 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341163 |
| **Metals & Mining — 1.7%** |  |  |  |
|  Alcoa Corp. | 12052 |  | 443393 |
|  Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 506 |  | 87670 |
|  Carpenter Technology Corp. | 2201 |  | 695296 |
|  Century Aluminum Co.<sup>(a)</sup> | 2310 |  | 68422 |
|  Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | 21917 |  | 272428 |
|  Coeur Mining, Inc.<sup>(a)(b)</sup> | 29085 |  | 499389 |
|  Commercial Metals Co. | 4896 |  | 290627 |
|  Constellium SE, Class A<sup>(a)</sup> | 5966 |  | 93845 |
|  Hecla Mining Co. | 26274 |  | 338146 |
|  Ivanhoe Electric, Inc.<sup>(a)(b)</sup> | 4968 |  | 73477 |
|  Kaiser Aluminum Corp. | 707 |  | 64005 |
|  Materion Corp. | 906 |  | 103855 |
|  MP Materials Corp., Class A<sup>(a)(b)</sup> | 5767 |  | 363840 |
|  Royal Gold, Inc. | 3724 |  | 650918 |
|  Ryerson Holding Corp. | 1234 |  | 27222 |
|  SunCoke Energy, Inc. | 3940 |  | 31559 |
|  USA Rare Earth, Inc., Class A<sup>(a)</sup> | 1893 |  | 36819 |
|  Warrior Met Coal, Inc. | 2273 |  | 154200 |
|  Worthington Steel, Inc. | 1406 |  | 44978 |
|  |  |  | 4340089 |
| **Mortgage Real Estate Investment Trusts (REITs) — 1.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.0%** |
|  AGNC Investment Corp. | 47907 |  | 479070 |
|  Annaly Capital Management, Inc. | 29693 |  | 628601 |
|  Apollo Commercial Real Estate Finance, Inc. | 5637 |  | 55186 |
|  Arbor Realty Trust, Inc. | 8136 |  | 82092 |
|  ARMOUR Residential REIT, Inc. | 5150 |  | 83533 |
|  Blackstone Mortgage Trust, Inc., Class A | 7633 |  | 141058 |
|  BrightSpire Capital, Inc., Class A | 6002 |  | 30970 |
|  Chimera Investment Corp. | 3642 |  | 46472 |
|  Dynex Capital, Inc. | 5609 |  | 74263 |
|  Ellington Financial, Inc. | 4322 |  | 57569 |

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** |
|  Franklin BSP Realty Trust, Inc. | 3893 | $39475 |
|  KKR Real Estate Finance Trust, Inc. | 2652 | 21587 |
|  Ladder Capital Corp., Class A | 5461 | 57723 |
|  MFA Financial, Inc. | 4350 | 39107 |
|  Orchid Island Capital, Inc. | 5623 | 40654 |
|  PennyMac Mortgage Investment Trust | 3828 | 46089 |
|  Ready Capital Corp. | 7709 | 22587 |
|  Redwood Trust, Inc. | 5636 | 29927 |
|  Rithm Capital Corp. | 24885 | 272989 |
|  Starwood Property Trust, Inc. | 16056 | 291898 |
|  TPG RE Finance Trust, Inc. | 2529 | 21876 |
|  Two Harbors Investment Corp. | 4575 | 44469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607195 |
| **Multi-Utilities — 0.2%** |  |  |
|  Avista Corp. | 3678 | 139948 |
|  Black Hills Corp. | 3329 | 211159 |
|  Northwestern Energy Group, Inc. | 2648 | 158006 |
|  Unitil Corp. | 724 | 35295 |
|  |  | 544408 |
| **Office REITs — 0.8%** |  |  |
|  Brandywine Realty Trust | 7957 | 27293 |
|  BXP, Inc. | 6665 | 474481 |
|  COPT Defense Properties | 5238 | 147554 |
|  Cousins Properties, Inc. | 7238 | 187681 |
|  Douglas Emmett, Inc. | 7115 | 92068 |
|  Easterly Government Properties, Inc. | 1917 | 41446 |
|  Empire State Realty Trust, Inc., Class A<sup>(b)</sup> | 6229 | 46032 |
|  Highwoods Properties, Inc. | 4786 | 137023 |
|  JBG SMITH Properties | 2863 | 55800 |
|  Kilroy Realty Corp. | 4976 | 210236 |
|  Paramount Group, Inc.<sup>(a)</sup> | 8711 | 56970 |
|  Piedmont Realty Trust, Inc., Class A | 5626 | 45346 |
|  SL Green Realty Corp. | 3285 | 168685 |
|  Vornado Realty Trust | 7510 | 284929 |
|  |  | 1975544 |
| **Oil, Gas & Consumable Fuels — 2.8%** |  |  |
|  Antero Midstream Corp. | 14543 | 250867 |
|  Antero Resources Corp.<sup>(a)(b)</sup> | 12209 | 377380 |
|  APA Corp. | 16669 | 377553 |
|  BKV Corp.<sup>(a)(b)</sup> | 748 | 17645 |
|  California Resources Corp. | 2919 | 137689 |
|  Calumet, Inc.<sup>(a)(b)</sup> | 3007 | 58817 |
|  Centrus Energy Corp., Class A<sup>(a)(b)</sup> | 745 | 273758 |
|  Chord Energy Corp. | 2782 | 252383 |
|  Civitas Resources, Inc. | 3630 | 104653 |
|  CNX Resources Corp.<sup>(a)</sup> | 6522 | 219531 |
|  Comstock Resources, Inc.<sup>(a)</sup> | 3213 | 60244 |
|  Core Natural Resources, Inc. | 2350 | 185650 |
|  Crescent Energy Co., Class A | 8537 | 71967 |
|  CVR Energy, Inc.<sup>(a)</sup> | 1390 | 49470 |
|  Delek U.S. Holdings, Inc. | 2803 | 105841 |
|  Dorian LPG Ltd. | 1767 | 50978 |
|  DT Midstream, Inc. | 4520 | 494895 |
|  Excelerate Energy, Inc., Class A | 1050 | 27205 |
|  Granite Ridge Resources, Inc. | 3216 | 16980 |
|  Gulfport Energy Corp.<sup>(a)</sup> | 698 | 129835 |
|  HF Sinclair Corp. | 7077 | 365173 |
|  HighPeak Energy, Inc.<sup>(b)</sup> | 586 | 3897 |
|  International Seaways, Inc. | 1725 | 88372 |
|  Kinetik Holdings, Inc., Class A | 1027 | 39550 |
|  Kosmos Energy Ltd.<sup>(a)(b)</sup> | 19664 | 30872 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Magnolia Oil & Gas Corp., Class A | 8210 | $184397 |
|  Matador Resources Co. | 5131 | 202469 |
|  Murphy Oil Corp. | 6197 | 175375 |
|  New Fortress Energy, Inc., Class A<sup>(a)(b)</sup> | 6069 | 7829 |
|  NextDecade Corp.<sup>(a)(b)</sup> | 7438 | 44107 |
|  Northern Oil & Gas, Inc. | 3769 | 83408 |
|  Ovintiv, Inc. | 11996 | 449970 |
|  Par Pacific Holdings, Inc.<sup>(a)</sup> | 2470 | 98751 |
|  PBF Energy, Inc., Class A | 3903 | 133366 |
|  Peabody Energy Corp. | 5072 | 139074 |
|  Permian Resources Corp., Class A | 29289 | 367870 |
|  Range Resources Corp. | 11089 | 394214 |
|  REX American Resources Corp.<sup>(a)</sup> | 1328 | 42536 |
|  SM Energy Co. | 4871 | 101755 |
|  Talos Energy, Inc.<sup>(a)</sup> | 5145 | 50472 |
|  Uranium Energy Corp.<sup>(a)(b)</sup> | 19572 | 296124 |
|  Venture Global, Inc., Class A<sup>(b)</sup> | 4515 | 38694 |
|  Viper Energy, Inc., Class A | 7691 | 288874 |
|  Vitesse Energy, Inc. | 1297 | 28210 |
|  World Kinect Corp. | 2500 | 64625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6983325 |
| **Paper & Forest Products — 0.1%** |  |  |
|  Louisiana-Pacific Corp. | 2947 | 256713 |
|  Sylvamo Corp. | 1570 | 63742 |
|  |  | 320455 |
| **Passenger Airlines — 0.5%** |  |  |
|  Alaska Air Group, Inc.<sup>(a)(b)</sup> | 5058 | 211070 |
|  Allegiant Travel Co.<sup>(a)</sup> | 597 | 37121 |
|  American Airlines Group, Inc.<sup>(a)</sup> | 29969 | 393493 |
|  Frontier Group Holdings, Inc.<sup>(a)</sup> | 3816 | 14730 |
|  JetBlue Airways Corp.<sup>(a)</sup> | 13538 | 56860 |
|  Joby Aviation, Inc., Class A<sup>(a)(b)</sup> | 21832 | 378567 |
|  SkyWest, Inc.<sup>(a)</sup> | 1795 | 180362 |
|  Wheels Up Experience, Inc., Class A<sup>(a)</sup> | 4307 | 5900 |
|  |  | 1278103 |
| **Personal Care Products — 0.3%** |  |  |
|  BellRing Brands, Inc.<sup>(a)</sup> | 5942 | 179032 |
|  Coty, Inc., Class A<sup>(a)</sup> | 15793 | 62698 |
|  Edgewell Personal Care Co. | 2038 | 39517 |
|  elf Beauty, Inc.<sup>(a)(b)</sup> | 2318 | 283120 |
|  Herbalife Ltd.<sup>(a)(b)</sup> | 4575 | 36600 |
|  Interparfums, Inc. | 826 | 73638 |
|  Olaplex Holdings, Inc.<sup>(a)(b)</sup> | 6538 | 6800 |
|  |  | 681405 |
| **Pharmaceuticals — 1.6%** |  |  |
|  Amneal Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 5668 | 61328 |
|  Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 1534 | 39117 |
|  ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 822 | 74473 |
|  Arvinas, Inc.<sup>(a)</sup> | 2649 | 26861 |
|  Avadel Pharmaceuticals PLC<sup>(a)</sup> | 4009 | 75730 |
|  Axsome Therapeutics, Inc.<sup>(a)(b)</sup> | 1814 | 244872 |
|  Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 1287 | 46332 |
|  Corcept Therapeutics, Inc.<sup>(a)</sup> | 4488 | 329733 |
|  CorMedix, Inc.<sup>(a)(b)</sup> | 2902 | 32299 |
|  Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | 4279 | 186136 |
|  Edgewise Therapeutics, Inc.<sup>(a)(b)</sup> | 3571 | 65278 |
|  Elanco Animal Health, Inc.<sup>(a)</sup> | 21988 | 487034 |
|  Enliven Therapeutics, Inc.<sup>(a)(b)</sup> | 1540 | 36067 |
|  Evolus, Inc.<sup>(a)(b)</sup> | 2149 | 13883 |
|  Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 1937 | 55340 |
|  Harrow, Inc.<sup>(a)(b)</sup> | 1221 | 46117 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
|  Innoviva, Inc.<sup>(a)</sup> | 2515 | $| 45773 |
|  Jazz Pharmaceuticals PLC<sup>(a)</sup> | 2758 |  | 379611 |
|  LENZ Therapeutics, Inc.<sup>(a)(b)</sup> | 581 |  | 17267 |
|  Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 846 |  | 161848 |
|  Liquidia Corp.<sup>(a)(b)</sup> | 3040 |  | 74054 |
|  Nuvation Bio, Inc., Class A<sup>(a)(b)</sup> | 10000 |  | 52200 |
|  Ocular Therapeutix, Inc.<sup>(a)(b)</sup> | 6872 |  | 80128 |
|  Organon & Co. | 11538 |  | 77882 |
|  Pacira BioSciences, Inc.<sup>(a)</sup> | 2008 |  | 42931 |
|  Perrigo Co. PLC | 5962 |  | 123652 |
|  Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 2169 |  | 131441 |
|  Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 2258 |  | 124484 |
|  Tarsus Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 1354 |  | 93169 |
|  Trevi Therapeutics, Inc.<sup>(a)</sup> | 4587 |  | 53484 |
|  Viatris, Inc. | 55535 |  | 575343 |
|  WaVe Life Sciences Ltd.<sup>(a)</sup> | 5171 |  | 46746 |
|  Xeris Biopharma Holdings, Inc.<sup>(a)(b)</sup> | 7118 |  | 69045 |
|  |  |  | 3969658 |
| **Professional Services — 2.2%** |  |  |  |
|  Alight, Inc., Class A | 18905 |  | 54446 |
|  Amentum Holdings, Inc.<sup>(a)</sup> | 6115 |  | 137037 |
|  Barrett Business Services, Inc. | 1146 |  | 46379 |
|  CACI International, Inc., Class A<sup>(a)</sup> | 1017 |  | 571808 |
|  CBIZ, Inc.<sup>(a)(b)</sup> | 2380 |  | 130900 |
|  Clarivate PLC<sup>(a)(b)</sup> | 15394 |  | 52340 |
|  Concentrix Corp. | 1894 |  | 76347 |
|  CRA International, Inc. | 275 |  | 52385 |
|  CSG Systems International, Inc. | 1185 |  | 92750 |
|  Dayforce, Inc.<sup>(a)(b)</sup> | 7209 |  | 495547 |
|  ExlService Holdings, Inc.<sup>(a)</sup> | 7463 |  | 291803 |
|  Exponent, Inc. | 2306 |  | 163288 |
|  First Advantage Corp.<sup>(a)(b)</sup> | 3577 |  | 45177 |
|  FTI Consulting, Inc.<sup>(a)</sup> | 1478 |  | 243885 |
|  Genpact Ltd. | 6941 |  | 264799 |
|  Heidrick & Struggles International, Inc. | 876 |  | 51132 |
|  Huron Consulting Group, Inc.<sup>(a)</sup> | 779 |  | 128099 |
|  ICF International, Inc. | 797 |  | 63983 |
|  Innodata, Inc.<sup>(a)(b)</sup> | 1400 |  | 104454 |
|  Insperity, Inc. | 1616 |  | 71298 |
|  KBR, Inc. | 6070 |  | 260039 |
|  Kforce, Inc. | 787 |  | 19911 |
|  Korn Ferry | 2261 |  | 146287 |
|  Legalzoom.com, Inc.<sup>(a)</sup> | 5236 |  | 52203 |
|  ManpowerGroup, Inc. | 2079 |  | 63742 |
|  Maximus, Inc. | 2588 |  | 215115 |
|  Parsons Corp.<sup>(a)(b)</sup> | 2472 |  | 205522 |
|  Paylocity Holding Corp.<sup>(a)</sup> | 2050 |  | 289603 |
|  Planet Labs PBC, Class A<sup>(a)(b)</sup> | 10044 |  | 135092 |
|  Robert Half, Inc. | 4674 |  | 122412 |
|  Science Applications International Corp. | 2168 |  | 203163 |
|  TriNet Group, Inc. | 1191 |  | 71460 |
|  UL Solutions, Inc., Class A | 2770 |  | 215700 |
|  Upwork, Inc.<sup>(a)</sup> | 5393 |  | 85964 |
|  Verra Mobility Corp., Class A<sup>(a)</sup> | 7338 |  | 170315 |
|  Willdan Group, Inc.<sup>(a)</sup> | 637 |  | 60203 |
|  |  |  | 5454588 |
| **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |
|  Compass, Inc., Class A<sup>(a)</sup> | 20457 |  | 157723 |
|  Cushman & Wakefield PLC<sup>(a)</sup> | 7919 |  | 124328 |
|  eXp World Holdings, Inc. | 3842 |  | 39342 |
|  Forestar Group, Inc.<sup>(a)</sup> | 750 |  | 19508 |
|  Howard Hughes Holdings, Inc.<sup>(a)(b)</sup> | 1459 |  | 115670 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
|  Jones Lang LaSalle, Inc.<sup>(a)</sup> | 2187 | $| 667232 |
|  Kennedy-Wilson Holdings, Inc. | 4717 |  | 35661 |
|  Marcus & Millichap, Inc. | 1069 |  | 31225 |
|  Newmark Group, Inc., Class A | 6764 |  | 120602 |
|  Opendoor Technologies, Inc., Class A<sup>(a)(b)</sup> | 28526 |  | 221647 |
|  St. Joe Co. (The) | 1895 |  | 107598 |
|  |  |  | 1640536 |
| **Residential REITs — 0.2%** |  |  |  |
|  Apartment Investment & Management Co., Class A | 6089 |  | 32394 |
|  Centerspace | 723 |  | 42838 |
|  Elme Communities | 4018 |  | 66096 |
|  Independence Realty Trust, Inc. | 10285 |  | 163840 |
|  NexPoint Residential Trust, Inc. | 960 |  | 29443 |
|  UMH Properties, Inc. | 3604 |  | 52402 |
|  Veris Residential, Inc. | 3705 |  | 53204 |
|  |  |  | 440217 |
| **Retail REITs — 1.2%** |  |  |  |
|  Acadia Realty Trust | 6075 |  | 115850 |
|  Agree Realty Corp. | 4995 |  | 364685 |
|  Alexander's, Inc. | 99 |  | 21872 |
|  Brixmor Property Group, Inc. | 14206 |  | 371629 |
|  CBL & Associates Properties, Inc. | 676 |  | 19989 |
|  Curbline Properties Corp. | 4831 |  | 111403 |
|  Federal Realty Investment Trust | 3971 |  | 381970 |
|  Getty Realty Corp. | 2451 |  | 67231 |
|  InvenTrust Properties Corp. | 3410 |  | 93434 |
|  Kite Realty Group Trust | 10143 |  | 224566 |
|  Macerich Co. (The) | 11698 |  | 200621 |
|  NETSTREIT Corp. | 4145 |  | 77180 |
|  NNN REIT, Inc. | 8710 |  | 352407 |
|  Phillips Edison & Co., Inc. | 5537 |  | 187372 |
|  Saul Centers, Inc. | 554 |  | 16404 |
|  SITE Centers Corp. | 2378 |  | 17431 |
|  Tanger, Inc. | 5199 |  | 169279 |
|  Urban Edge Properties | 5802 |  | 111572 |
|  Whitestone REIT | 2175 |  | 27275 |
|  |  |  | 2932170 |
| **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** |
|  ACM Research, Inc., Class A<sup>(a)</sup> | 2303 |  | 95482 |
|  Allegro MicroSystems, Inc.<sup>(a)</sup> | 5700 |  | 170544 |
|  Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 1089 |  | 30557 |
|  Ambarella, Inc.<sup>(a)</sup> | 1891 |  | 161170 |
|  Amkor Technology, Inc. | 5307 |  | 171310 |
|  Astera Labs, Inc.<sup>(a)</sup> | 6048 |  | 1129041 |
|  Axcelis Technologies, Inc.<sup>(a)(b)</sup> | 1431 |  | 113850 |
|  CEVA, Inc.<sup>(a)</sup> | 1064 |  | 28951 |
|  Cirrus Logic, Inc.<sup>(a)</sup> | 2455 |  | 325656 |
|  Cohu, Inc.<sup>(a)(b)</sup> | 2000 |  | 47580 |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 6714 |  | 1259681 |
|  Diodes, Inc.<sup>(a)</sup> | 2027 |  | 108161 |
|  Enphase Energy, Inc.<sup>(a)</sup> | 6122 |  | 186782 |
|  FormFactor, Inc.<sup>(a)</sup> | 3571 |  | 196227 |
|  Ichor Holdings Ltd.<sup>(a)</sup> | 1537 |  | 34859 |
|  Impinj, Inc.<sup>(a)</sup> | 1235 |  | 249668 |
|  Kulicke & Soffa Industries, Inc. | 2196 |  | 87686 |
|  Lattice Semiconductor Corp.<sup>(a)</sup> | 6376 |  | 465193 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 2924 |  | 433132 |
|  MaxLinear, Inc.<sup>(a)</sup> | 3835 |  | 58100 |
|  MKS, Inc. | 2431 |  | 349359 |
|  Onto Innovation, Inc.<sup>(a)</sup> | 2268 |  | 306089 |
|  PDF Solutions, Inc.<sup>(a)</sup> | 1434 |  | 41772 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Penguin Solutions, Inc.<sup>(a)</sup> | 2367 | $52713 |
|  Photronics, Inc.<sup>(a)</sup> | 2851 | 68139 |
|  Power Integrations, Inc. | 2497 | 104599 |
|  Qorvo, Inc.<sup>(a)</sup> | 3911 | 371232 |
|  Rambus, Inc.<sup>(a)</sup> | 4976 | 511732 |
|  Rigetti Computing, Inc.<sup>(a)(b)</sup> | 13447 | 595299 |
|  Semtech Corp.<sup>(a)(b)</sup> | 4008 | 271983 |
|  Silicon Laboratories, Inc.<sup>(a)</sup> | 1496 | 196096 |
|  SiTime Corp.<sup>(a)</sup> | 990 | 286744 |
|  Skyworks Solutions, Inc. | 7264 | 564558 |
|  SolarEdge Technologies, Inc.<sup>(a)</sup> | 2650 | 92989 |
|  Synaptics, Inc.<sup>(a)</sup> | 1830 | 129820 |
|  Ultra Clean Holdings, Inc.<sup>(a)</sup> | 1939 | 53148 |
|  Universal Display Corp. | 2192 | 322838 |
|  Veeco Instruments, Inc.<sup>(a)</sup> | 2447 | 70351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9743091 |
| **Software — 5.8%** | **Software — 5.8%** |  |
|  A10 Networks, Inc. | 3331 | 59425 |
|  ACI Worldwide, Inc.<sup>(a)</sup> | 4868 | 231863 |
|  Adeia, Inc. | 4981 | 84876 |
|  Agilysys, Inc.<sup>(a)</sup> | 1173 | 147165 |
|  Alarm.com Holdings, Inc.<sup>(a)</sup> | 2302 | 113304 |
|  Alkami Technology, Inc.<sup>(a)(b)</sup> | 2925 | 59348 |
|  Amplitude, Inc., Class A<sup>(a)</sup> | 3852 | 38713 |
|  Appfolio, Inc., Class A<sup>(a)</sup> | 1068 | 271731 |
|  Appian Corp., Class A<sup>(a)</sup> | 1410 | 42201 |
|  Asana, Inc., Class A<sup>(a)(b)</sup> | 4225 | 59361 |
|  Aurora Innovation, Inc., Class A<sup>(a)(b)</sup> | 50117 | 262613 |
|  AvePoint, Inc., Class A<sup>(a)</sup> | 5087 | 71574 |
|  BILL Holdings, Inc.<sup>(a)(b)</sup> | 3868 | 192085 |
|  Blackbaud, Inc.<sup>(a)</sup> | 1762 | 112839 |
|  BlackLine, Inc.<sup>(a)(b)</sup> | 2334 | 133622 |
|  Blend Labs, Inc., Class A<sup>(a)(b)</sup> | 8880 | 29393 |
|  Box, Inc., Class A<sup>(a)</sup> | 6602 | 211858 |
|  Braze, Inc., Class A<sup>(a)(b)</sup> | 3212 | 92056 |
|  C3.ai, Inc., Class A<sup>(a)(b)</sup> | 5502 | 96725 |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)(b)</sup> | 23405 | 204092 |
|  Cipher Mining, Inc.<sup>(a)(b)</sup> | 12060 | 224919 |
|  Cleanspark, Inc.<sup>(a)</sup> | 12641 | 225010 |
|  Clear Secure, Inc., Class A | 3893 | 118620 |
|  Clearwater Analytics Holdings, Inc., Class A<sup>(a)(b)</sup> | 12306 | 226553 |
|  Commvault Systems, Inc.<sup>(a)</sup> | 2028 | 282338 |
|  Confluent, Inc., Class A<sup>(a)</sup> | 12998 | 303763 |
|  Core Scientific, Inc.<sup>(a)(b)</sup> | 12821 | 276164 |
|  Dolby Laboratories, Inc., Class A | 2817 | 186823 |
|  Dropbox, Inc., Class A<sup>(a)</sup> | 8613 | 249777 |
|  D-Wave Quantum, Inc.<sup>(a)(b)</sup> | 15303 | 567129 |
|  Elastic NV<sup>(a)</sup> | 4070 | 363125 |
|  Five9, Inc.<sup>(a)(b)</sup> | 3144 | 76336 |
|  Freshworks, Inc., Class A<sup>(a)</sup> | 9161 | 101687 |
|  Gitlab, Inc., Class A<sup>(a)(b)</sup> | 6051 | 294986 |
|  Hut 8 Corp.<sup>(a)</sup> | 4339 | 219814 |
|  Informatica, Inc., Class A<sup>(a)</sup> | 7784 | 193588 |
|  Intapp, Inc.<sup>(a)</sup> | 2570 | 98637 |
|  InterDigital, Inc. | 1104 | 399604 |
|  Jamf Holding Corp.<sup>(a)</sup> | 2341 | 30082 |
|  JFrog Ltd.<sup>(a)</sup> | 4464 | 211951 |
|  Klaviyo, Inc., Class A<sup>(a)</sup> | 5120 | 133120 |
|  Life360, Inc.<sup>(a)(b)</sup> | 3420 | 337588 |
|  LiveRamp Holdings, Inc.<sup>(a)</sup> | 2944 | 80489 |
|  Manhattan Associates, Inc.<sup>(a)</sup> | 2801 | 509978 |
|  MARA Holdings, Inc.<sup>(a)(b)</sup> | 16791 | 306772 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Software (continued)** |  |  |
|  N-able, Inc.<sup>(a)</sup> | 3368 | $26371 |
|  nCino, Inc.<sup>(a)</sup> | 4730 | 126196 |
|  NCR Voyix Corp.<sup>(a)</sup> | 6755 | 77075 |
|  NextNav, Inc.<sup>(a)(b)</sup> | 2887 | 38541 |
|  OneSpan, Inc. | 1565 | 17841 |
|  Onestream, Inc., Class A<sup>(a)(b)</sup> | 3704 | 69969 |
|  Pagaya Technologies Ltd., Class A<sup>(a)(b)</sup> | 1862 | 50069 |
|  PagerDuty, Inc.<sup>(a)</sup> | 3939 | 63260 |
|  PAR Technology Corp.<sup>(a)(b)</sup> | 1879 | 66404 |
|  Pegasystems, Inc.<sup>(b)</sup> | 4223 | 268794 |
|  Porch Group, Inc.<sup>(a)(b)</sup> | 3655 | 55008 |
|  Procore Technologies, Inc.<sup>(a)</sup> | 5437 | 401359 |
|  Progress Software Corp.<sup>(a)</sup> | 1866 | 79566 |
|  PROS Holdings, Inc.<sup>(a)(b)</sup> | 2035 | 46907 |
|  Q2 Holdings, Inc.<sup>(a)</sup> | 2781 | 171755 |
|  Qualys, Inc.<sup>(a)</sup> | 1616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199188 |
|  Rapid7, Inc.<sup>(a)</sup> | 2723 | 50403 |
|  RingCentral, Inc., Class A<sup>(a)</sup> | 3384 | 101926 |
|  Riot Platforms, Inc.<sup>(a)</sup> | 15064 | 297966 |
|  Rubrik, Inc., Class A<sup>(a)</sup> | 5423 | 408189 |
|  SailPoint, Inc.<sup>(a)</sup> | 2739 | 59382 |
|  Samsara, Inc., Class A<sup>(a)</sup> | 12332 | 495376 |
|  SEMrush Holdings, Inc., Class A<sup>(a)(b)</sup> | 2042 | 14825 |
|  SentinelOne, Inc., Class A<sup>(a)</sup> | 14439 | 257736 |
|  ServiceTitan, Inc., Class A<sup>(a)(b)</sup> | 508 | 47935 |
|  SoundHound AI, Inc., Class A<sup>(a)(b)</sup> | 16727 | 294730 |
|  Sprinklr, Inc., Class A<sup>(a)</sup> | 5261 | 40615 |
|  Sprout Social, Inc., Class A<sup>(a)</sup> | 2151 | 22091 |
|  SPS Commerce, Inc.<sup>(a)</sup> | 1742 | 143262 |
|  Tenable Holdings, Inc.<sup>(a)</sup> | 5569 | 161612 |
|  Teradata Corp.<sup>(a)</sup> | 3956 | 82483 |
|  Terawulf, Inc.<sup>(a)(b)</sup> | 13265 | 205608 |
|  UiPath, Inc., Class A<sup>(a)</sup> | 19761 | 313409 |
|  Unity Software, Inc.<sup>(a)(b)</sup> | 14826 | 561905 |
|  Varonis Systems, Inc.<sup>(a)</sup> | 5101 | 179708 |
|  Verint Systems, Inc.<sup>(a)</sup> | 2713 | 55020 |
|  Vertex, Inc., Class A<sup>(a)(b)</sup> | 3074 | 70395 |
|  Weave Communications, Inc.<sup>(a)</sup> | 2705 | 20044 |
|  Workiva, Inc., Class A<sup>(a)(b)</sup> | 2402 | 204194 |
|  Yext, Inc.<sup>(a)</sup> | 4958 | 41994 |
|  Zeta Global Holdings Corp., Class A<sup>(a)</sup> | 8745 | 157323 |
|  |  | 14580131 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |  |
|  CubeSmart | 10518 | 396213 |
|  EPR Properties | 3485 | 170835 |
|  Four Corners Property Trust, Inc. | 4608 | 108933 |
|  Lamar Advertising Co., Class A | 4015 | 476139 |
|  Millrose Properties, Inc., Class A<sup>(b)</sup> | 5585 | 179893 |
|  National Storage Affiliates Trust | 3304 | 96113 |
|  Outfront Media, Inc. | 6624 | 117178 |
|  PotlatchDeltic Corp. | 3391 | 135640 |
|  Rayonier, Inc. | 6557 | 144713 |
|  Safehold, Inc. | 2092 | 30188 |
|  Smartstop Self Storage REIT, Inc. | 1478 | 50769 |
|  |  | 1906614 |
| **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** |  |
|  Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 2145 | 155620 |
|  Academy Sports & Outdoors, Inc. | 3043 | 145729 |
|  Advance Auto Parts, Inc. | 2635 | 124188 |
|  American Eagle Outfitters, Inc. | 7306 | 122083 |
|  Asbury Automotive Group, Inc.<sup>(a)</sup> | 836 | 196126 |
|  AutoNation, Inc.<sup>(a)</sup> | 1284 | 256633 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Specialty Retail (continued)** |  |  |  |
|  Bath & Body Works, Inc. | 9424 | $| 230699 |
|  Boot Barn Holdings, Inc.<sup>(a)</sup> | 1321 |  | 250528 |
|  Buckle, Inc. (The) | 1493 |  | 81816 |
|  Camping World Holdings, Inc., Class A | 2816 |  | 37059 |
|  CarMax, Inc.<sup>(a)</sup> | 7073 |  | 296429 |
|  Chewy, Inc., Class A<sup>(a)</sup> | 10136 |  | 341786 |
|  Dick's Sporting Goods, Inc. | 3010 |  | 666564 |
|  Five Below, Inc.<sup>(a)</sup> | 2501 |  | 393332 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)(b)</sup> | 4846 |  | 302778 |
|  GameStop Corp., Class A<sup>(a)(b)</sup> | 18796 |  | 418963 |
|  Gap, Inc. (The) | 10947 |  | 250139 |
|  Group 1 Automotive, Inc. | 584 |  | 232163 |
|  Guess?, Inc. | 1307 |  | 22193 |
|  Lithia Motors, Inc., Class A | 1202 |  | 377524 |
|  Murphy U.S.A., Inc. | 887 |  | 317723 |
|  National Vision Holdings, Inc.<sup>(a)</sup> | 3495 |  | 89996 |
|  Penske Automotive Group, Inc. | 919 |  | 147104 |
|  Petco Health & Wellness Co., Inc.<sup>(a)</sup> | 3482 |  | 11073 |
|  RealReal, Inc. (The)<sup>(a)(b)</sup> | 3961 |  | 48364 |
|  Revolve Group, Inc., Class A<sup>(a)(b)</sup> | 1824 |  | 40347 |
|  RH<sup>(a)</sup> | 706 |  | 121778 |
|  Sally Beauty Holdings, Inc.<sup>(a)</sup> | 4296 |  | 64913 |
|  Signet Jewelers Ltd. | 1724 |  | 170417 |
|  Sonic Automotive, Inc., Class A | 637 |  | 40469 |
|  Torrid Holdings, Inc.<sup>(a)</sup> | 1127 |  | 1409 |
|  Upbound Group, Inc. | 2430 |  | 47093 |
|  Urban Outfitters, Inc.<sup>(a)</sup> | 2712 |  | 175222 |
|  Valvoline, Inc.<sup>(a)(b)</sup> | 5865 |  | 193604 |
|  Victoria's Secret & Co.<sup>(a)</sup> | 3191 |  | 112483 |
|  Warby Parker, Inc., Class A<sup>(a)(b)</sup> | 4128 |  | 80868 |
|  Wayfair, Inc., Class A<sup>(a)</sup> | 4570 |  | 473041 |
|  Winmark Corp. | 137 |  | 55234 |
|  |  |  | 7093490 |
| **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** |
|  CompoSecure, Inc., Class A<sup>(a)</sup> | 2187 |  | 43434 |
|  Corsair Gaming, Inc.<sup>(a)</sup> | 2467 |  | 20106 |
|  Diebold Nixdorf, Inc.<sup>(a)</sup> | 1589 |  | 93989 |
|  IonQ, Inc.<sup>(a)(b)</sup> | 13590 |  | 847744 |
|  Quantum Computing, Inc.<sup>(a)(b)</sup> | 6043 |  | 100979 |
|  Sandisk Corp.<sup>(a)</sup> | 5379 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072196 |
|  Xerox Holdings Corp. | 6172 |  | 20491 |
|  |  |  | 2198939 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
|  Capri Holdings Ltd.<sup>(a)</sup> | 5502 |  | 114167 |
|  Carter's, Inc. | 1533 |  | 48136 |
|  Columbia Sportswear Co. | 1207 |  | 59903 |
|  Crocs, Inc.<sup>(a)</sup> | 2492 |  | 203571 |
|  Figs, Inc., Class A<sup>(a)(b)</sup> | 3673 |  | 27401 |
|  G-III Apparel Group Ltd.<sup>(a)</sup> | 1596 |  | 42853 |
|  Hanesbrands, Inc.<sup>(a)</sup> | 15441 |  | 102065 |
|  Kontoor Brands, Inc. | 2557 |  | 206912 |
|  Levi Strauss & Co., Class A | 3996 |  | 81039 |
|  Oxford Industries, Inc. | 627 |  | 23105 |
|  PVH Corp.<sup>(b)</sup> | 2196 |  | 172013 |
|  Ralph Lauren Corp., Class A | 1778 |  | 568355 |
|  Steven Madden Ltd. | 3014 |  | 102205 |
|  Under Armour, Inc., Class A<sup>(a)(b)</sup> | 8319 |  | 38351 |
|  Under Armour, Inc., Class C, NVS<sup>(a)</sup> | 6437 |  | 28580 |
|  VF Corp. | 15235 |  | 213899 |
|  Wolverine World Wide, Inc. | 3784 |  | 85897 |
|  |  |  | 2118452 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Tobacco — 0.0%** | **Tobacco — 0.0%** | **Tobacco — 0.0%** |
|  Turning Point Brands, Inc. | 707 | $63559 |
|  Universal Corp. | 1080 | 54735 |
|  |  | 118294 |
| **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** |
|  Air Lease Corp., Class A | 4394 | 280601 |
|  Applied Industrial Technologies, Inc. | 1786 | 459163 |
|  Boise Cascade Co. | 1754 | 123639 |
|  Core & Main, Inc., Class A<sup>(a)</sup> | 7785 | 406221 |
|  Custom Truck One Source, Inc.<sup>(a)(b)</sup> | 2953 | 17393 |
|  Distribution Solutions Group, Inc.<sup>(a)(b)</sup> | 507 | 13861 |
|  DNOW, Inc.<sup>(a)</sup> | 4481 | 65871 |
|  DXP Enterprises, Inc.<sup>(a)</sup> | 580 | 69397 |
|  FTAI Aviation Ltd. | 4693 | 811420 |
|  GATX Corp. | 1612 | 252842 |
|  Global Industrial Co. | 359 | 10203 |
|  Herc Holdings, Inc. | 1430 | 203132 |
|  McGrath RentCorp | 1128 | 121192 |
|  MRC Global, Inc.<sup>(a)</sup> | 3811 | 53163 |
|  MSC Industrial Direct Co., Inc., Class A | 1814 | 154027 |
|  QXO, Inc.<sup>(a)(b)</sup> | 27243 | 481384 |
|  Rush Enterprises, Inc., Class A | 2901 | 143338 |
|  Rush Enterprises, Inc., Class B | 363 | 19047 |
|  SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 2054 | 266548 |
|  Transcat, Inc.<sup>(a)</sup> | 433 | 31457 |
|  WESCO International, Inc. | 2215 | 574859 |
|  Willis Lease Finance Corp.<sup>(b)</sup> | 144 | 18487 |
|  Xometry, Inc., Class A<sup>(a)(b)</sup> | 1832 | 89200 |
|  |  | 4666445 |
| **Water Utilities — 0.3%** |  |  |
|  American States Water Co. | 1761 | 125577 |
|  California Water Service Group | 2718 | 120625 |
|  Essential Utilities, Inc. | 11600 | 452748 |
|  H2O America | 1455 | 67294 |
|  Middlesex Water Co. | 817 | 46953 |
|  |  | 813197 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
|  Array Digital Infrastructure, Inc. | 570 | 27998 |
|  Gogo, Inc.<sup>(a)(b)</sup> | 2938 | 26736 |
|  Shenandoah Telecommunications Co. | 2066 | 25453 |
|  Telephone & Data Systems, Inc. | 4218 | 163743 |
|  |  | 243930 |
|  **Total Common Stocks — 99.7%<br>(Cost: $210,666,122)** | **Total Common Stocks — 99.7%<br>(Cost: $210,666,122)** | 252004169 |
|  **Rights** |  |  |
| **Biotechnology — 0.0%** |  |  |
|  Inhibrx, Inc., CVR<sup>(a)(c)</sup> | 1489 | 1742 |
|  **Total Rights — 0.0%<br>(Cost: $—)** | **Total Rights — 0.0%<br>(Cost: $—)** | 1742 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $210,666,122)** | **Total Long-Term Investments — 99.7%<br>(Cost: $210,666,122)** | 252005911 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 11.2%** |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 4.27%<sup>(d)(e)(f)</sup> | 27582125 | $27595916 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 4.05%<sup>(d)(e)</sup> | 600869 | 600869 |
|  **Total Short-Term Securities — 11.2%<br>(Cost: $28,182,701)** | **Total Short-Term Securities — 11.2%<br>(Cost: $28,182,701)** | 28196785 |
|  **Total Investments — 110.9%<br>(Cost: $238,848,823)** | **Total Investments — 110.9%<br>(Cost: $238,848,823)** | 280202696 |
|  **Liabilities in Excess of Other Assets — (10.9)%** | **Liabilities in Excess of Other Assets — (10.9)%** | (27453084) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $252749612 |

---

<sup>(a)</sup> Non-income producing security. <sup></sup>

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. <sup></sup>

<sup>(d)</sup> Affiliate of the Fund. <sup></sup>

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *04/30/25* | *Purchases*<br> *at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain*<br> *(Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/25* | *Shares*<br> *Held at*<br> *10/31/25* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $23095740 | $4497928 <sup>(a)</sup> | $— | $(13) | $2261 | $27595916 | 27582125 | $117159 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares |  | 600869 <sup>(a)</sup> |  |  |  | 600869 | 600869 | 13981 |  |
|  |  |  |  | $(13) | $2261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28196785 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131140 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> 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*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 E-Mini Index | 6 | 12/19/25 | $747 | $7116 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF** |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $7116 | $— | $— | $— | $7116 |

---

<sup>(a)</sup> 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 October 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $156537 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156537 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(4164) | $— | $— | $— | $(4164) |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $753760 |

---

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $252004169 | $— | $— | $252004169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | 1742 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 28196785 |  |  | 28196785 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280200954 | $— | $1742 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280202696 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $7116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $7116 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** |  |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |  |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 1449 | $1061001 |
|  Boeing Co. (The)<sup>(a)</sup> | 14810 | 2977106 |
|  Curtiss-Wright Corp. | 741 | 441436 |
|  General Dynamics Corp. | 4755 | 1640000 |
|  General Electric Co. | 20788 | 6422453 |
|  HEICO Corp. | 828 | 263114 |
|  HEICO Corp., Class A | 1515 | 375311 |
|  Howmet Aerospace, Inc. | 7633 | 1572016 |
|  L3Harris Technologies, Inc. | 3674 | 1062153 |
|  Lockheed Martin Corp. | 3914 | 1925218 |
|  Northrop Grumman Corp. | 2704 | 1577649 |
|  RTX Corp. | 26244 | 4684554 |
|  Textron, Inc. | 3521 | 284532 |
|  TransDigm Group, Inc. | 1051 | 1375244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25661787 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |  |
|  Expeditors International of Washington, Inc. | 2600 | 316940 |
|  FedEx Corp. | 4324 | 1097518 |
|  United Parcel Service, Inc., Class B | 14280 | 1376877 |
|  |  | 2791335 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |  |
|  Aptiv PLC<sup>(a)</sup> | 4080 | 330888 |
| **Automobiles — 2.3%** | **Automobiles — 2.3%** |  |
|  Ford Motor Co. | 76963 | 1010524 |
|  General Motors Co. | 18649 | 1288460 |
|  Rivian Automotive, Inc., Class A<sup>(a)(b)</sup> | 14874 | 201840 |
|  Tesla, Inc.<sup>(a)</sup> | 55075 | 25145042 |
|  |  | 27645866 |
| **Banks — 3.4%** | **Banks — 3.4%** |  |
|  Bank of America Corp. | 133572 | 7139423 |
|  Citigroup, Inc. | 36060 | 3650354 |
|  Citizens Financial Group, Inc. | 8764 | 445825 |
|  East West Bancorp, Inc. | 2691 | 273406 |
|  Fifth Third Bancorp | 13201 | 549426 |
|  First Citizens BancShares, Inc., Class A | 201 | 366789 |
|  Huntington Bancshares, Inc. | 30076 | 464373 |
|  JPMorgan Chase & Co. | 53913 | 16773413 |
|  KeyCorp. | 18388 | 323445 |
|  M&T Bank Corp. | 3065 | 563561 |
|  PNC Financial Services Group, Inc. (The) | 7754 | 1415493 |
|  Regions Financial Corp. | 16747 | 405277 |
|  Truist Financial Corp. | 25256 | 1127175 |
|  U.S. Bancorp | 30612 | 1428968 |
|  Wells Fargo & Co. | 63143 | 5491547 |
|  |  | 40418475 |
| **Beverages — 1.0%** | **Beverages — 1.0%** |  |
|  Brown-Forman Corp., Class A | 934 | 25330 |
|  Brown-Forman Corp., Class B, NVS | 5734 | 156137 |
|  Coca-Cola Co. (The) | 76781 | 5290211 |
|  Constellation Brands, Inc., Class A | 2999 | 394009 |
|  Keurig Dr. Pepper, Inc. | 23720 | 644235 |
|  Monster Beverage Corp.<sup>(a)</sup> | 13479 | 900801 |
|  PepsiCo, Inc. | 26847 | 3922078 |
|  Primo Brands Corp., Class A | 4010 | 88100 |
|  |  | 11420901 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |  |
|  AbbVie, Inc. | 34669 | 7559229 |
|  Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 2460 | 1121858 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Amgen, Inc. | 10573 | $3155300 |
|  Biogen, Inc.<sup>(a)</sup> | 2813 | 433961 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 3685 | 197405 |
|  Gilead Sciences, Inc. | 24435 | 2927069 |
|  Incyte Corp.<sup>(a)</sup> | 3187 | 297921 |
|  Insmed, Inc.<sup>(a)</sup> | 4093 | 776033 |
|  Natera, Inc.<sup>(a)</sup> | 2563 | 509858 |
|  Regeneron Pharmaceuticals, Inc. | 2041 | 1330324 |
|  Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 2183 | 41280 |
|  United Therapeutics Corp.<sup>(a)</sup> | 806 | 359017 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 5056 | 2151682 |
|  |  | 20860937 |
| **Broadline Retail — 4.3%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 191226 | 46701214 |
|  Coupang, Inc., Class A<sup>(a)</sup> | 23931 | 765074 |
|  eBay, Inc. | 9104 | 740246 |
|  MercadoLibre, Inc.<sup>(a)</sup> | 921 | 2143406 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50349940 |
| **Building Products — 0.5%** |  |  |
|  Allegion PLC | 1716 | 284461 |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 2225 | 258478 |
|  Carlisle Cos., Inc. | 842 | 273692 |
|  Carrier Global Corp. | 15586 | 927211 |
|  Johnson Controls International PLC | 12933 | 1479406 |
|  Lennox International, Inc. | 641 | 323705 |
|  Masco Corp. | 4119 | 266747 |
|  Owens Corning | 1667 | 212226 |
|  Trane Technologies PLC | 4377 | 1963741 |
|  |  | 5989667 |
| **Capital Markets — 3.3%** |  |  |
|  Ameriprise Financial, Inc. | 1857 | 840794 |
|  Ares Management Corp., Class A | 3964 | 589486 |
|  Bank of New York Mellon Corp. (The) | 13302 | 1435685 |
|  BlackRock, Inc.<sup>(c)</sup> | 2727 | 2952823 |
|  Blackstone, Inc., Class A | 14476 | 2122761 |
|  Blue Owl Capital, Inc., Class A | 11253 | 177460 |
|  Carlyle Group, Inc. (The) | 4299 | 229223 |
|  Charles Schwab Corp. (The) | 33485 | 3165002 |
|  CME Group, Inc., Class A | 7066 | 1875952 |
|  Coinbase Global, Inc., Class A<sup>(a)</sup> | 4099 | 1409154 |
|  FactSet Research Systems, Inc. | 754 | 201167 |
|  Goldman Sachs Group, Inc. (The) | 6016 | 4748850 |
|  Interactive Brokers Group, Inc., Class A | 8462 | 595386 |
|  Intercontinental Exchange, Inc. | 11205 | 1639179 |
|  KKR & Co., Inc., Class A | 13016 | 1540183 |
|  LPL Financial Holdings, Inc. | 1587 | 598791 |
|  Moody's Corp. | 3059 | 1469238 |
|  Morgan Stanley | 24193 | 3967652 |
|  Morningstar, Inc. | 505 | 107212 |
|  MSCI, Inc., Class A | 1462 | 860460 |
|  Nasdaq, Inc. | 7648 | 653828 |
|  Northern Trust Corp. | 3768 | 484829 |
|  Raymond James Financial, Inc. | 3398 | 539161 |
|  Robinhood Markets, Inc., Class A<sup>(a)</sup> | 14375 | 2109962 |
|  S&P Global, Inc. | 6010 | 2928132 |
|  State Street Corp. | 5678 | 656717 |
|  T Rowe Price Group, Inc. | 4341 | 445083 |
|  Tradeweb Markets, Inc., Class A | 2254 | 237549 |
|  |  | 38581719 |
| **Chemicals — 1.0%** |  |  |
|  Air Products & Chemicals, Inc. | 4351 | 1055509 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** |  |
|  CF Industries Holdings, Inc. | 3228 | $268860 |
|  Corteva, Inc. | 13454 | 826614 |
|  Dow, Inc. | 14017 | 334305 |
|  DuPont de Nemours, Inc. | 8270 | 675245 |
|  Ecolab, Inc. | 4980 | 1276872 |
|  International Flavors & Fragrances, Inc.<sup>(a)</sup> | 4979 | 313528 |
|  Linde PLC | 9222 | 3857563 |
|  LyondellBasell Industries NV, Class A | 5048 | 234328 |
|  PPG Industries, Inc. | 4434 | 433424 |
|  RPM International, Inc. | 2512 | 274511 |
|  Sherwin-Williams Co. (The) | 4544 | 1567407 |
|  Solstice Advanced Materials, Inc.<sup>(a)</sup> | 3112 | 140258 |
|  Westlake Corp. | 692 | 47617 |
|  |  | 11306041 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |  |
|  Cintas Corp. | 6800 | 1246236 |
|  Clean Harbors, Inc.<sup>(a)</sup> | 995 | 209458 |
|  Copart, Inc.<sup>(a)</sup> | 16409 | 705751 |
|  Republic Services, Inc. | 4006 | 834209 |
|  Rollins, Inc. | 5745 | 330970 |
|  Veralto Corp. | 4710 | 464783 |
|  Waste Management, Inc. | 7203 | 1438943 |
|  |  | 5230350 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 20148 | 3177138 |
|  Cisco Systems, Inc. | 77766 | 5685472 |
|  F5, Inc.<sup>(a)</sup> | 1123 | 284175 |
|  Motorola Solutions, Inc. | 3274 | 1331569 |
|  |  | 10478354 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |  |
|  AECOM | 2498 | 335606 |
|  Comfort Systems U.S.A., Inc. | 694 | 670113 |
|  EMCOR Group, Inc. | 881 | 595362 |
|  Quanta Services, Inc. | 2867 | 1287656 |
|  |  | 2888737 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |  |
|  Amrize Ltd.<sup>(a)(b)</sup> | 9674 | 501500 |
|  CRH PLC | 13185 | 1570334 |
|  Martin Marietta Materials, Inc. | 1184 | 725910 |
|  Vulcan Materials Co. | 2622 | 759069 |
|  |  | 3556813 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |  |
|  American Express Co. | 10697 | 3858729 |
|  Capital One Financial Corp. | 12519 | 2754055 |
|  SoFi Technologies, Inc.<sup>(a)</sup> | 22689 | 673409 |
|  Synchrony Financial | 7429 | 552569 |
|  |  | 7838762 |
| **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |  |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 2265 | 199909 |
|  Casey's General Stores, Inc. | 711 | 364878 |
|  Costco Wholesale Corp. | 8717 | 7945110 |
|  Dollar General Corp. | 4281 | 422363 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 3872 | 383793 |
|  Kroger Co. (The) | 11989 | 762860 |
|  Performance Food Group Co.<sup>(a)</sup> | 3036 | 293703 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 1940 | 153182 |
|  Sysco Corp. | 9363 | 695484 |
|  Target Corp. | 8912 | 826320 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
|  U.S. Foods Holding Corp.<sup>(a)</sup> | 4460 | $| 323885 |
|  Walmart, Inc. | 84454 |  | 8545056 |
|  |  |  | 20916543 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
|  Amcor PLC | 44338 |  | 350270 |
|  Avery Dennison Corp. | 1560 |  | 272828 |
|  Ball Corp. | 5223 |  | 245481 |
|  International Paper Co. | 10342 |  | 399615 |
|  Packaging Corp. of America | 1732 |  | 339056 |
|  Smurfit WestRock PLC | 10079 |  | 372117 |
|  |  |  | 1979367 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
|  Genuine Parts Co. | 2731 |  | 347684 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
|  Duolingo, Inc., Class A<sup>(a)</sup> | 759 |  | 205416 |
|  Service Corp. International | 2859 |  | 238755 |
|  |  |  | 444171 |
| **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** |
|  WP Carey, Inc. | 4258 |  | 281028 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
|  AT&T Inc. | 140600 |  | 3479850 |
|  Verizon Communications, Inc. | 82671 |  | 3285346 |
|  |  |  | 6765196 |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
|  Alliant Energy Corp. | 5000 |  | 334100 |
|  American Electric Power Co., Inc. | 10158 |  | 1221601 |
|  Constellation Energy Corp. | 6128 |  | 2310256 |
|  Duke Energy Corp. | 15239 |  | 1894208 |
|  Edison International | 7611 |  | 421497 |
|  Entergy Corp. | 8692 |  | 835214 |
|  Evergy, Inc. | 4463 |  | 342803 |
|  Eversource Energy | 6859 |  | 506263 |
|  Exelon Corp. | 19714 |  | 909210 |
|  FirstEnergy Corp. | 10134 |  | 464441 |
|  NextEra Energy, Inc. | 40337 |  | 3283432 |
|  NRG Energy, Inc. | 3779 |  | 649459 |
|  PG&E Corp. | 43317 |  | 691339 |
|  PPL Corp. | 13774 |  | 503026 |
|  Southern Co. (The) | 21570 |  | 2028443 |
|  Xcel Energy, Inc. | 11310 |  | 918033 |
|  |  |  | 17313325 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
|  AMETEK, Inc. | 4532 |  | 915962 |
|  Eaton Corp. PLC | 7673 |  | 2927710 |
|  Emerson Electric Co. | 11061 |  | 1543784 |
|  GE Vernova, Inc. | 5351 |  | 3131084 |
|  Hubbell, Inc. | 1064 |  | 500080 |
|  Rockwell Automation, Inc. | 2207 |  | 812971 |
|  Vertiv Holdings Co., Class A | 7375 |  | 1422342 |
|  |  |  | 11253933 |
| **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** |
|  Amphenol Corp., Class A | 23915 |  | 3332316 |
|  CDW Corp. | 2620 |  | 417549 |
|  Corning, Inc. | 14845 |  | 1322393 |
|  Flex Ltd.<sup>(a)</sup> | 7147 |  | 446830 |
|  Jabil, Inc. | 1947 |  | 430073 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 3355 |  | 613831 |
|  TE Connectivity PLC | 5789 |  | 1429941 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 915 |  | 482040 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
|  Trimble, Inc.<sup>(a)</sup> | 4657 | $371396 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup> | 1018 | 274097 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9120466 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |  |
|  Baker Hughes Co., Class A | 19454 | 941768 |
|  Halliburton Co. | 17100 | 458964 |
|  SLB Ltd. | 28995 | 1045560 |
|  |  | 2446292 |
| **Entertainment — 1.6%** | **Entertainment — 1.6%** |  |
|  Electronic Arts, Inc. | 4469 | 894068 |
|  Liberty Media Corp. - Liberty Formula One,<br>Class A<sup>(a)</sup> | 485 | 44125 |
|  Liberty Media Corp. - Liberty Formula One,<br>Class C, NVS<sup>(a)</sup> | 4216 | 420967 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup> | 2800 | 418684 |
|  Netflix, Inc.<sup>(a)</sup> | 8342 | 9333530 |
|  ROBLOX Corp., Class A<sup>(a)</sup> | 12115 | 1377718 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 3333 | 854481 |
|  TKO Group Holdings, Inc., Class A | 1332 | 250949 |
|  Walt Disney Co. (The) | 35306 | 3976162 |
|  Warner Bros Discovery, Inc., Class A<sup>(a)</sup> | 44404 | 996870 |
|  |  | 18567554 |
| **Financial Services — 3.7%** | **Financial Services — 3.7%** |  |
|  Affirm Holdings, Inc., Class A<sup>(a)</sup> | 5309 | 381611 |
|  Apollo Global Management, Inc. | 8851 | 1100268 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 36103 | 17240627 |
|  Block, Inc., Class A<sup>(a)</sup> | 10957 | 832075 |
|  Corpay, Inc.<sup>(a)</sup> | 1324 | 344703 |
|  Equitable Holdings, Inc. | 5820 | 287508 |
|  Fidelity National Information Services, Inc. | 10413 | 651021 |
|  Fiserv, Inc.<sup>(a)</sup> | 10585 | 705914 |
|  Global Payments, Inc. | 4893 | 380480 |
|  Jack Henry & Associates, Inc. | 1461 | 217601 |
|  Mastercard, Inc., Class A | 16168 | 8924574 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 18882 | 1307956 |
|  Toast, Inc., Class A<sup>(a)</sup> | 9952 | 359665 |
|  Visa, Inc., Class A | 33341 | 11360612 |
|  |  | 44094615 |
| **Food Products — 0.4%** | **Food Products — 0.4%** |  |
|  Archer-Daniels-Midland Co. | 8856 | 536054 |
|  Conagra Brands, Inc. | 9274 | 159420 |
|  General Mills, Inc. | 10684 | 497981 |
|  Hershey Co. (The) | 2928 | 496677 |
|  Hormel Foods Corp. | 5735 | 123819 |
|  J M Smucker Co. (The) | 2044 | 211656 |
|  Kellanova | 5321 | 441962 |
|  Kraft Heinz Co. (The) | 17101 | 422908 |
|  McCormick & Co., Inc., NVS | 4934 | 316565 |
|  Mondelez International, Inc., Class A | 25496 | 1465000 |
|  Pilgrim's Pride Corp. | 807 | 30747 |
|  Tyson Foods, Inc., Class A | 5257 | 270262 |
|  |  | 4973051 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |  |
|  Atmos Energy Corp. | 3090 | 530615 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |  |
|  CSX Corp. | 36684 | 1321358 |
|  JB Hunt Transport Services, Inc. | 1610 | 271864 |
|  Norfolk Southern Corp. | 4447 | 1260191 |
|  Old Dominion Freight Line, Inc. | 3478 | 488381 |
|  Uber Technologies, Inc.<sup>(a)</sup> | 39486 | 3810399 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
|  Union Pacific Corp. | 11658 | $2569073 |
|  XPO, Inc.<sup>(a)</sup> | 2349 | 337951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10059217 |
| **Health Care Equipment & Supplies — 1.9%** |  |  |
|  Abbott Laboratories | 34092 | 4214453 |
|  Align Technology, Inc.<sup>(a)</sup> | 1443 | 198961 |
|  Baxter International, Inc. | 9990 | 184515 |
|  Becton Dickinson & Co. | 5648 | 1009354 |
|  Boston Scientific Corp.<sup>(a)</sup> | 28978 | 2918664 |
|  Cooper Cos., Inc. (The)<sup>(a)</sup> | 3828 | 267616 |
|  Dexcom, Inc.<sup>(a)</sup> | 7727 | 449866 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 11515 | 949412 |
|  GE HealthCare Technologies, Inc. | 8876 | 665256 |
|  Hologic, Inc.<sup>(a)</sup> | 4351 | 321582 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 1587 | 999032 |
|  Insulet Corp.<sup>(a)</sup> | 1359 | 425381 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 7015 | 3747974 |
|  Medtronic PLC | 25181 | 2283917 |
|  ResMed, Inc. | 2897 | 715211 |
|  Solventum Corp.<sup>(a)</sup> | 2691 | 185787 |
|  STERIS PLC | 1854 | 436988 |
|  Stryker Corp. | 7082 | 2522892 |
|  Zimmer Biomet Holdings, Inc. | 3870 | 389167 |
|  |  | 22886028 |
| **Health Care Providers & Services — 1.6%** |  |  |
|  Cardinal Health, Inc. | 4676 | 892041 |
|  Cencora, Inc. | 3613 | 1220508 |
|  Centene Corp.<sup>(a)</sup> | 9156 | 323848 |
|  Cigna Group (The) | 5055 | 1235493 |
|  CVS Health Corp. | 24803 | 1938354 |
|  Elevance Health, Inc. | 4407 | 1397900 |
|  HCA Healthcare, Inc. | 3348 | 1539009 |
|  Humana, Inc. | 2376 | 660979 |
|  Labcorp Holdings, Inc. | 1654 | 420050 |
|  McKesson Corp. | 2464 | 1999142 |
|  Molina Healthcare, Inc.<sup>(a)(b)</sup> | 1046 | 160101 |
|  Quest Diagnostics, Inc. | 2170 | 381811 |
|  Tenet Healthcare Corp.<sup>(a)</sup> | 1715 | 354130 |
|  UnitedHealth Group, Inc. | 17799 | 6079426 |
|  |  | 18602792 |
| **Health Care REITs — 0.3%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 2887 | 168081 |
|  Healthpeak Properties, Inc. | 13771 | 247189 |
|  Ventas, Inc. | 8474 | 625297 |
|  Welltower, Inc. | 13115 | 2374340 |
|  |  | 3414907 |
| **Health Care Technology — 0.1%** |  |  |
|  Veeva Systems, Inc., Class A<sup>(a)</sup> | 2925 | 851760 |
| **Hotels, Restaurants & Leisure — 1.7%** |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 8190 | 1036363 |
|  Booking Holdings, Inc. | 635 | 3224365 |
|  Carnival Corp.<sup>(a)</sup> | 21099 | 608284 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 26280 | 832813 |
|  Darden Restaurants, Inc. | 2330 | 419750 |
|  Domino's Pizza, Inc. | 615 | 245053 |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 7161 | 1821544 |
|  DraftKings, Inc., Class A<sup>(a)(b)</sup> | 9607 | 293878 |
|  Expedia Group, Inc. | 2391 | 526020 |
|  Flutter Entertainment PLC<sup>(a)(b)</sup> | 3238 | 753126 |
|  Hilton Worldwide Holdings, Inc. | 4325 | 1111352 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |  |
|  Las Vegas Sands Corp. | 6178 | $366664 |
|  Marriott International, Inc., Class A | 4450 | 1159581 |
|  McDonald's Corp. | 14050 | 4192941 |
|  Royal Caribbean Cruises Ltd. | 4953 | 1420669 |
|  Starbucks Corp. | 22314 | 1804533 |
|  Yum! Brands, Inc. | 5472 | 756285 |
|  |  | 20573221 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** |  |
|  DR Horton, Inc. | 5243 | 781627 |
|  Garmin Ltd. | 3160 | 676050 |
|  Lennar Corp., Class A | 4182 | 517606 |
|  Lennar Corp., Class B | 160 | 18888 |
|  NVR, Inc.<sup>(a)</sup> | 53 | 382174 |
|  PulteGroup, Inc. | 3974 | 476363 |
|  Somnigroup International, Inc. | 3645 | 289194 |
|  |  | 3141902 |
| **Household Products — 0.8%** | **Household Products — 0.8%** |  |
|  Church & Dwight Co., Inc. | 4863 | 426436 |
|  Clorox Co. (The) | 2441 | 274515 |
|  Colgate-Palmolive Co. | 15959 | 1229641 |
|  Kimberly-Clark Corp. | 6556 | 784819 |
|  Procter & Gamble Co. (The) | 46055 | 6925290 |
|  |  | 9640701 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |  |
|  Vistra Corp. | 6637 | 1249747 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |  |
|  3M Co. | 10500 | 1748250 |
|  Honeywell International, Inc. | 12449 | 2506357 |
|  |  | 4254607 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |  |
|  Prologis, Inc. | 18168 | 2254467 |
| **Insurance — 1.7%** | **Insurance — 1.7%** |  |
|  Aflac, Inc. | 9529 | 1021414 |
|  Allstate Corp. (The) | 5173 | 990733 |
|  American International Group, Inc. | 10515 | 830264 |
|  Aon PLC, Class A | 4243 | 1445505 |
|  Arch Capital Group Ltd. | 7354 | 634724 |
|  Arthur J. Gallagher & Co. | 5011 | 1250194 |
|  Brown & Brown, Inc. | 5483 | 437214 |
|  Chubb Ltd. | 7276 | 2015015 |
|  Cincinnati Financial Corp. | 3018 | 466553 |
|  Erie Indemnity Co., Class A, NVS | 494 | 144564 |
|  Everest Group Ltd. | 840 | 264197 |
|  Fidelity National Financial, Inc., Class A | 4976 | 274874 |
|  Hartford Insurance Group, Inc. (The) | 5602 | 695656 |
|  Loews Corp. | 3468 | 345274 |
|  Markel Group, Inc.<sup>(a)</sup> | 233 | 460066 |
|  Marsh & McLennan Cos., Inc. | 9654 | 1719860 |
|  MetLife, Inc. | 11163 | 891031 |
|  Principal Financial Group, Inc. | 4376 | 367759 |
|  Progressive Corp. (The) | 11461 | 2360966 |
|  Prudential Financial, Inc. | 6900 | 717600 |
|  Reinsurance Group of America, Inc. | 1286 | 234644 |
|  RenaissanceRe Holdings Ltd. | 899 | 228427 |
|  Travelers Cos., Inc. (The) | 4405 | 1183271 |
|  Unum Group | 3194 | 234504 |
| W. R. Berkley Corp. | 5610 | 400217 |
|  Willis Towers Watson PLC | 1854 | 580487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20195013 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Interactive Media & Services — 7.2%** | **Interactive Media & Services — 7.2%** | **Interactive Media & Services — 7.2%** |
|  Alphabet, Inc., Class A<sup>(a)</sup> | 107668 | $30275165 |
|  Alphabet, Inc., Class C, NVS | 92825 | 26159942 |
|  Meta Platforms, Inc., Class A | 42612 | 27627490 |
|  Pinterest, Inc., Class A<sup>(a)</sup> | 11571 | 383000 |
|  Reddit, Inc., Class A<sup>(a)</sup> | 2308 | 482257 |
|  Snap, Inc., Class A, NVS<sup>(a)</sup> | 21006 | 163847 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85091701 |
| **IT Services — 1.3%** | **IT Services — 1.3%** |  |
|  Accenture PLC, Class A | 12236 | 3060224 |
|  Akamai Technologies, Inc.<sup>(a)</sup> | 2735 | 205399 |
|  Cloudflare, Inc., Class A<sup>(a)</sup> | 5979 | 1514481 |
|  Cognizant Technology Solutions Corp., Class A | 9629 | 701762 |
|  CoreWeave, Inc., Class A<sup>(a)</sup> | 1075 | 143738 |
|  Gartner, Inc.<sup>(a)</sup> | 1498 | 372013 |
|  GoDaddy, Inc., Class A<sup>(a)</sup> | 2772 | 369036 |
|  International Business Machines Corp. | 18302 | 5626218 |
|  MongoDB, Inc., Class A<sup>(a)</sup> | 1559 | 560959 |
|  Okta, Inc., Class A<sup>(a)</sup> | 3276 | 299852 |
|  Snowflake, Inc., Class A<sup>(a)(b)</sup> | 6410 | 1761981 |
|  Twilio, Inc., Class A<sup>(a)</sup> | 2855 | 385082 |
|  VeriSign, Inc. | 1555 | 372889 |
|  |  | 15373634 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |  |
|  Agilent Technologies, Inc. | 5631 | 824153 |
|  Danaher Corp. | 12803 | 2757510 |
|  Illumina, Inc.<sup>(a)</sup> | 3101 | 383098 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 3303 | 714967 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 408 | 577846 |
|  Revvity, Inc. | 2384 | 223119 |
|  Thermo Fisher Scientific, Inc. | 7402 | 4199821 |
|  Waters Corp.<sup>(a)</sup> | 1158 | 404837 |
|  West Pharmaceutical Services, Inc. | 1417 | 399693 |
|  |  | 10485044 |
| **Machinery — 1.5%** | **Machinery — 1.5%** |  |
|  Caterpillar, Inc. | 9222 | 5323492 |
|  CNH Industrial NV | 17629 | 184928 |
|  Cummins, Inc. | 2686 | 1175609 |
|  Deere & Co. | 4899 | 2261525 |
|  Dover Corp. | 2737 | 496656 |
|  Fortive Corp. | 6607 | 332596 |
|  Graco, Inc. | 3282 | 268369 |
|  IDEX Corp. | 1405 | 240901 |
|  Illinois Tool Works, Inc. | 5763 | 1405711 |
|  Ingersoll Rand, Inc. | 8000 | 610640 |
|  Otis Worldwide Corp. | 7708 | 714994 |
|  PACCAR, Inc. | 10064 | 990298 |
|  Parker-Hannifin Corp. | 2411 | 1863293 |
|  Pentair PLC | 3263 | 347020 |
|  Snap-on, Inc. | 988 | 331523 |
|  Westinghouse Air Brake Technologies Corp. | 3338 | 682421 |
|  Xylem, Inc. | 4781 | 721214 |
|  |  | 17951190 |
| **Media — 0.3%** | **Media — 0.3%** |  |
|  Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 1831 | 428161 |
|  Comcast Corp., Class A | 73072 | 2033959 |
|  Fox Corp., Class A, NVS | 4226 | 273211 |
|  Fox Corp., Class B | 2665 | 155663 |
|  Liberty Broadband Corp., Class A<sup>(a)</sup> | 329 | 17598 |
|  Liberty Broadband Corp., Class C, NVS<sup>(a)</sup> | 2045 | 110062 |
|  News Corp., Class A, NVS | 7394 | 195941 |
|  News Corp., Class B | 1988 | 60574 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
|  Omnicom Group, Inc. | 3815 | $286201 |
|  Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 8828 | 443872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005242 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |  |
|  Freeport-McMoRan, Inc. | 27342 | 1140161 |
|  Newmont Corp. | 21515 | 1742070 |
|  Nucor Corp. | 4589 | 688579 |
|  Reliance, Inc. | 1025 | 289491 |
|  Southern Copper Corp. | 1797 | 249424 |
|  Steel Dynamics, Inc. | 2763 | 433238 |
|  |  | 4542963 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |  |
|  Ameren Corp. | 5281 | 538768 |
|  CenterPoint Energy, Inc. | 12842 | 491078 |
|  CMS Energy Corp. | 5841 | 429605 |
|  Consolidated Edison, Inc. | 7064 | 688104 |
|  Dominion Energy, Inc. | 16644 | 976836 |
|  DTE Energy Co. | 4027 | 545820 |
|  NiSource, Inc. | 9084 | 382527 |
|  Public Service Enterprise Group, Inc. | 9796 | 789166 |
|  Sempra | 12857 | 1182073 |
|  WEC Energy Group, Inc. | 6012 | 671721 |
|  |  | 6695698 |
| **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** |  |
|  Cheniere Energy, Inc. | 4368 | 926016 |
|  Chevron Corp. | 37259 | 5876489 |
|  ConocoPhillips | 24463 | 2173782 |
|  Coterra Energy, Inc. | 14967 | 354119 |
|  Devon Energy Corp. | 11948 | 388190 |
|  Diamondback Energy, Inc. | 3756 | 537822 |
|  EOG Resources, Inc. | 10748 | 1137568 |
|  EQT Corp. | 12139 | 650408 |
|  Expand Energy Corp. | 4444 | 459110 |
|  Exxon Mobil Corp. | 83608 | 9561411 |
|  Kinder Morgan, Inc. | 38364 | 1004753 |
|  Marathon Petroleum Corp. | 5788 | 1128139 |
|  Occidental Petroleum Corp. | 12785 | 526742 |
|  ONEOK, Inc. | 12125 | 812375 |
|  Phillips 66 | 7934 | 1080135 |
|  Targa Resources Corp. | 4265 | 656981 |
|  Texas Pacific Land Corp. | 378 | 356598 |
|  Valero Energy Corp. | 6072 | 1029568 |
|  Williams Cos., Inc. (The) | 23922 | 1384366 |
|  |  | 30044572 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |  |
|  Delta Air Lines, Inc. | 12752 | 731710 |
|  Southwest Airlines Co. | 8990 | 272397 |
|  United Airlines Holdings, Inc.<sup>(a)</sup> | 6437 | 605335 |
|  |  | 1609442 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |  |
|  Estee Lauder Cos., Inc. (The), Class A | 4534 | 438393 |
|  Kenvue, Inc. | 33828 | 486108 |
|  |  | 924501 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |  |
|  Bristol-Myers Squibb Co. | 40006 | 1843076 |
|  Eli Lilly & Co. | 15682 | 13531371 |
|  Johnson & Johnson | 47264 | 8926752 |
|  Merck & Co., Inc. | 47709 | 4102020 |
|  Pfizer, Inc. | 111118 | 2739059 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Pharmaceuticals (continued)** |  |  |  |
|  Royalty Pharma PLC, Class A | 6860 | $| 257524 |
|  Zoetis, Inc., Class A | 8791 |  | 1266695 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32666497 |
| **Professional Services — 0.5%** |  |  |  |
|  Automatic Data Processing, Inc. | 7962 |  | 2072508 |
|  Booz Allen Hamilton Holding Corp., Class A | 2385 |  | 207877 |
|  Broadridge Financial Solutions, Inc. | 2324 |  | 512210 |
|  Equifax, Inc. | 2399 |  | 506429 |
|  Jacobs Solutions, Inc. | 2390 |  | 372386 |
|  Leidos Holdings, Inc. | 2357 |  | 448938 |
|  Paychex, Inc. | 6320 |  | 739629 |
|  Paycom Software, Inc. | 1007 |  | 188400 |
|  SS&C Technologies Holdings, Inc. | 4281 |  | 363542 |
|  TransUnion | 3762 |  | 305399 |
|  Verisk Analytics, Inc. | 2739 |  | 599184 |
|  |  |  | 6316502 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 5808 |  | 885313 |
|  CoStar Group, Inc.<sup>(a)</sup> | 7773 |  | 534860 |
|  Zillow Group, Inc., Class A<sup>(a)</sup> | 1065 |  | 76180 |
|  Zillow Group, Inc., Class C, NVS<sup>(a)</sup> | 3283 |  | 246159 |
|  |  |  | 1742512 |
| **Residential REITs — 0.2%** |  |  |  |
|  American Homes 4 Rent, Class A | 6169 |  | 194941 |
|  AvalonBay Communities, Inc. | 2673 |  | 464888 |
|  Camden Property Trust | 2166 |  | 215474 |
|  Equity LifeStyle Properties, Inc. | 3733 |  | 227900 |
|  Equity Residential | 6675 |  | 396762 |
|  Essex Property Trust, Inc. | 1199 |  | 301872 |
|  Invitation Homes, Inc. | 11127 |  | 313225 |
|  Mid-America Apartment Communities, Inc. | 2332 |  | 299032 |
|  Sun Communities, Inc. | 2317 |  | 293332 |
|  UDR, Inc. | 5819 |  | 196042 |
|  |  |  | 2903468 |
| **Retail REITs — 0.2%** |  |  |  |
|  Kimco Realty Corp. | 13572 |  | 280398 |
|  Realty Income Corp. | 17141 |  | 993835 |
|  Regency Centers Corp. | 3281 |  | 226225 |
|  Simon Property Group, Inc. | 6336 |  | 1113615 |
|  |  |  | 2614073 |
| **Semiconductors & Semiconductor Equipment — 14.3%** | **Semiconductors & Semiconductor Equipment — 14.3%** | **Semiconductors & Semiconductor Equipment — 14.3%** | **Semiconductors & Semiconductor Equipment — 14.3%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 31764 |  | 8135396 |
|  Analog Devices, Inc. | 9741 |  | 2280660 |
|  Applied Materials, Inc. | 15719 |  | 3664099 |
|  Broadcom, Inc. | 90559 |  | 33473323 |
|  Entegris, Inc. | 2915 |  | 266926 |
|  First Solar, Inc.<sup>(a)</sup> | 1985 |  | 529876 |
|  Intel Corp.<sup>(a)</sup> | 85631 |  | 3424384 |
|  KLA Corp. | 2595 |  | 3136680 |
|  Lam Research Corp. | 24928 |  | 3925163 |
|  Marvell Technology, Inc. | 16878 |  | 1582144 |
|  Microchip Technology, Inc. | 10563 |  | 659342 |
|  Micron Technology, Inc. | 21975 |  | 4917346 |
|  Monolithic Power Systems, Inc. | 894 |  | 898470 |
|  NVIDIA Corp. | 461412 |  | 93431316 |
|  NXP Semiconductors NV | 4792 |  | 1002103 |
|  ON Semiconductor Corp.<sup>(a)</sup> | 8348 |  | 418068 |
|  QUALCOMM, Inc. | 21156 |  | 3827120 |

---

S C H E D U L E O F I N V E S T M E N T S 29

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Teradyne, Inc. | 3147 | $571999 |
|  Texas Instruments, Inc. | 17809 | 2875441 |
|  |  | 169019856 |
| **Software — 11.1%** |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 8318 | 2830699 |
|  AppLovin Corp., Class A<sup>(a)</sup> | 4175 | 2660853 |
|  Atlassian Corp., Class A<sup>(a)</sup> | 3160 | 535367 |
|  Autodesk, Inc.<sup>(a)</sup> | 4158 | 1252972 |
|  Bentley Systems, Inc., Class B | 2601 | 132209 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 5341 | 1808943 |
|  Circle Internet Group, Inc.<sup>(a)(b)</sup> | 802 | 101838 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 4721 | 2563550 |
|  Datadog, Inc., Class A<sup>(a)</sup> | 5831 | 949345 |
|  Docusign, Inc.<sup>(a)</sup> | 3954 | 289196 |
|  Dynatrace, Inc.<sup>(a)</sup> | 5803 | 293458 |
|  Fair Isaac Corp.<sup>(a)</sup> | 462 | 766703 |
|  Fortinet, Inc.<sup>(a)</sup> | 12836 | 1109415 |
|  Gen Digital, Inc. | 11142 | 293703 |
|  Guidewire Software, Inc.<sup>(a)</sup> | 1654 | 386441 |
|  HubSpot, Inc.<sup>(a)</sup> | 991 | 487493 |
|  Intuit, Inc. | 5361 | 3578735 |
|  Microsoft Corp. | 145921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75559353 |
|  Nutanix, Inc., Class A<sup>(a)</sup> | 5017 | 357411 |
|  Oracle Corp. | 31985 | 8399581 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 42836 | 8587333 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 13047 | 2873471 |
|  PTC, Inc.<sup>(a)</sup> | 2339 | 464385 |
|  Roper Technologies, Inc. | 2084 | 929777 |
|  Salesforce, Inc. | 18163 | 4729827 |
|  ServiceNow, Inc.<sup>(a)</sup> | 4081 | 3751582 |
|  Strategy, Inc., Class A<sup>(a)(b)</sup> | 5175 | 1394714 |
|  Synopsys, Inc.<sup>(a)</sup> | 3620 | 1642828 |
|  Tyler Technologies, Inc.<sup>(a)</sup> | 836 | 398153 |
|  Workday, Inc., Class A<sup>(a)</sup> | 4218 | 1011982 |
|  Zoom Communications, Inc., Class A<sup>(a)</sup> | 4703 | 410243 |
|  Zscaler, Inc.<sup>(a)</sup> | 1906 | 631153 |
|  |  | 131182713 |
| **Specialized REITs — 0.7%** |  |  |
|  American Tower Corp. | 9127 | 1633551 |
|  Crown Castle, Inc. | 8060 | 727173 |
|  Digital Realty Trust, Inc. | 6240 | 1063358 |
|  Equinix, Inc. | 1913 | 1618417 |
|  Extra Space Storage, Inc. | 3994 | 533359 |
|  Gaming & Leisure Properties, Inc. | 5305 | 236921 |
|  Iron Mountain, Inc. | 5813 | 598448 |
|  Public Storage | 3101 | 863815 |
|  SBA Communications Corp. | 2103 | 402683 |
|  VICI Properties, Inc. | 20887 | 626401 |
|  Weyerhaeuser Co. | 13513 | 310799 |
|  |  | 8614925 |
| **Specialty Retail — 1.7%** |  |  |
|  AutoZone, Inc.<sup>(a)</sup> | 327 | 1201539 |
|  Best Buy Co., Inc. | 3808 | 312789 |
|  Burlington Stores, Inc.<sup>(a)</sup> | 1236 | 338157 |
|  Carvana Co., Class A<sup>(a)</sup> | 2697 | 826738 |
|  Home Depot, Inc. (The) | 19519 | 7409217 |
|  Lowe's Cos., Inc. | 10980 | 2614667 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 16547 | 1562699 |
|  Ross Stores, Inc. | 6352 | 1009460 |
|  TJX Cos., Inc. (The) | 21853 | 3062480 |
|  Tractor Supply Co. | 9936 | 537637 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Specialty Retail (continued)** |  |  |
|  Ulta Beauty, Inc.<sup>(a)(b)</sup> | 880 | $457494 |
|  Williams-Sonoma, Inc. | 2427 | 471663 |
|  |  | 19804540 |
| **Technology Hardware, Storage & Peripherals — 7.2%** | **Technology Hardware, Storage & Peripherals — 7.2%** |  |
|  Apple Inc. | 291294 | 78757159 |
|  Dell Technologies, Inc., Class C | 6031 | 977082 |
|  Hewlett Packard Enterprise Co. | 25904 | 632575 |
|  HP, Inc. | 18697 | 517346 |
|  NetApp, Inc. | 3774 | 444502 |
|  Pure Storage, Inc., Class A<sup>(a)</sup> | 6091 | 601182 |
|  Seagate Technology Holdings PLC | 3994 | 1021985 |
|  Super Micro Computer, Inc.<sup>(a)</sup> | 10299 | 535136 |
|  Western Digital Corp. | 6804 | 1022029 |
|  |  | 84508996 |
| **Textiles, Apparel & Luxury Goods — 0.2%** |  |  |
|  Deckers Outdoor Corp.<sup>(a)</sup> | 2988 | 243522 |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 2074 | 353700 |
|  NIKE, Inc., Class B | 22106 | 1427827 |
|  Tapestry, Inc. | 4037 | 443343 |
|  |  | 2468392 |
| **Tobacco — 0.5%** |  |  |
|  Altria Group, Inc. | 32938 | 1857045 |
|  Philip Morris International, Inc. | 30489 | 4400477 |
|  |  | 6257522 |
| **Trading Companies & Distributors — 0.4%** |  |  |
|  Fastenal Co. | 22290 | 917233 |
|  Ferguson Enterprises, Inc. | 3926 | 975611 |
|  United Rentals, Inc. | 1259 | 1096816 |
|  Watsco, Inc. | 678 | 249511 |
|  WW Grainger, Inc. | 887 | 868373 |
|  |  | 4107544 |
| **Water Utilities — 0.0%** |  |  |
|  American Water Works Co., Inc. | 3802 | 488291 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
|  T-Mobile U.S., Inc. | 8231 | 1728922 |
|  **Total Long-Term Investments — 99.5%<br>(Cost: $726,103,233)** | **Total Long-Term Investments — 99.5%<br>(Cost: $726,103,233)** | 1172657514 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.7%** |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 4.27%<sup>(c)(d)(e)</sup> | 3181231 | 3182821 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.05%<sup>(c)(d)</sup> | 4787912 | 4787912 |
|  **Total Short-Term Securities — 0.7%<br>(Cost: $7,969,657)** |  | 7970733 |
|  **Total Investments — 100.2%<br>(Cost: $734,072,890)** | **Total Investments — 100.2%<br>(Cost: $734,072,890)** | 1180628247 |
|  **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (2329201) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1178299046 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

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

------

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/25* | *Purchases*<br> *at Cost* | *Proceeds<br>from Sales* | *Net*<br> *Realized*<br> *Gain*<br> *(Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/25* | *Shares<br>Held at<br>10/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from*<br> *Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $7199567 | $— | $(4017441)<sup>(a)</sup> | $963 | $(268) | $3182821 | 3181231 | $23859 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 1903827 | 2884085 <sup>(a)</sup> |  |  |  | 4787912 | 4787912 | 38549 |  |
|  BlackRock, Inc. | 2533415 | 130898 | (163765) | 33101 | 419174 | 2952823 | 2727 | 28410 |  |
|  |  |  |  | $34064 | $418906 | $10923556 |  | $90818 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> 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<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 16 | 12/19/25 | $5499 | $58318 |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $58318 | $— | $— | $— | $58318 |

---

<sup>(a)</sup> 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 October 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $454888 | $— | $— | $— | $454888 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $28229 | $— | $— | $— | $28229 |

---

S C H E D U L E O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF** |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $4024450 |

---

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1172657514 | $— | $— | $1172657514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 7970733 |  |  | 7970733 |
|  | $1180628247 | $— | $— | $1180628247 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $58318 | $— | $— | $58318 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** |  |
| **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |  |
|  Boeing Co. (The)<sup>(a)</sup> | 30663 | $6163876 |
|  General Dynamics Corp. | 9871 | 3404508 |
|  General Electric Co. | 10244 | 3164884 |
|  L3Harris Technologies, Inc. | 4002 | 1156978 |
|  Lockheed Martin Corp. | 8073 | 3970947 |
|  Northrop Grumman Corp. | 5608 | 3271988 |
|  RTX Corp. | 54374 | 9705759 |
|  Textron, Inc. | 4655 | 376171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31215111 |
| **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** |  |
|  Expeditors International of Washington, Inc. | 5448 | 664111 |
|  FedEx Corp. | 8938 | 2268643 |
|  United Parcel Service, Inc., Class B | 29678 | 2861553 |
|  |  | 5794307 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |  |
|  Aptiv PLC<sup>(a)</sup> | 8435 | 684079 |
| **Automobiles — 0.5%** | **Automobiles — 0.5%** |  |
|  Ford Motor Co. | 159748 | 2097491 |
|  General Motors Co. | 38544 | 2663005 |
|  Rivian Automotive, Inc., Class A<sup>(a)(b)</sup> | 30606 | 415324 |
|  |  | 5175820 |
| **Banks — 7.4%** | **Banks — 7.4%** |  |
|  Bank of America Corp. | 276376 | 14772297 |
|  Citigroup, Inc. | 74642 | 7556010 |
|  Citizens Financial Group, Inc. | 17891 | 910115 |
|  East West Bancorp, Inc. | 5694 | 578510 |
|  Fifth Third Bancorp | 26988 | 1123241 |
|  First Citizens BancShares, Inc., Class A | 163 | 297446 |
|  Huntington Bancshares, Inc. | 62226 | 960769 |
|  JPMorgan Chase & Co. | 111570 | 34711658 |
|  KeyCorp | 38422 | 675843 |
|  M&T Bank Corp. | 6337 | 1165184 |
|  PNC Financial Services Group, Inc. (The) | 15996 | 2920070 |
|  Regions Financial Corp. | 34925 | 845185 |
|  Truist Financial Corp. | 52202 | 2329775 |
|  U.S. Bancorp | 63211 | 2950690 |
|  Wells Fargo & Co. | 130799 | 11375589 |
|  |  | 83172382 |
| **Beverages — 1.9%** | **Beverages — 1.9%** |  |
|  Brown-Forman Corp., Class A | 1088 | 29507 |
|  Brown-Forman Corp., Class B, NVS | 6624 | 180371 |
|  Coca-Cola Co. (The) | 158701 | 10934499 |
|  Constellation Brands, Inc., Class A | 6184 | 812454 |
|  Keurig Dr. Pepper, Inc. | 49524 | 1345072 |
|  PepsiCo, Inc. | 55563 | 8117199 |
|  Primo Brands Corp., Class A | 8253 | 181318 |
|  |  | 21600420 |
| **Biotechnology — 3.1%** | **Biotechnology — 3.1%** |  |
|  AbbVie, Inc. | 71710 | 15635648 |
|  Amgen, Inc. | 21821 | 6512041 |
|  Biogen, Inc.<sup>(a)</sup> | 5765 | 889367 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 2175 | 116515 |
|  Gilead Sciences, Inc. | 50610 | 6062572 |
|  Incyte Corp.<sup>(a)</sup> | 6625 | 619305 |
|  Regeneron Pharmaceuticals, Inc. | 4198 | 2736256 |
|  United Therapeutics Corp.<sup>(a)</sup> | 1691 | 753222 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2796 | 1189894 |
|  |  | 34514820 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Broadline Retail — 4.4%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 197867 | $48323079 |
|  Coupang, Inc., Class A<sup>(a)</sup> | 16705 | 534059 |
|  eBay, Inc. | 12489 | 1015480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49872618 |
| **Building Products — 0.4%** | **Building Products — 0.4%** |  |
|  Allegion PLC | 1478 | 245008 |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 4628 | 537635 |
|  Carrier Global Corp. | 16106 | 958146 |
|  Johnson Controls International PLC | 7863 | 899449 |
|  Masco Corp. | 4940 | 319914 |
|  Owens Corning | 3506 | 446349 |
|  Trane Technologies PLC | 2559 | 1148095 |
|  |  | 4554596 |
| **Capital Markets — 3.9%** | **Capital Markets — 3.9%** |  |
|  Ameriprise Financial, Inc. | 1799 | 814533 |
|  Bank of New York Mellon Corp. (The) | 13975 | 1508322 |
|  BlackRock, Inc.<sup>(c)</sup> | 5643 | 6110297 |
|  Blackstone, Inc., Class A | 9814 | 1439125 |
|  Carlyle Group, Inc. (The) | 8695 | 463617 |
|  Charles Schwab Corp. (The) | 31267 | 2955357 |
|  CME Group, Inc., Class A | 14617 | 3880667 |
|  Goldman Sachs Group, Inc. (The) | 12465 | 9839497 |
|  Intercontinental Exchange, Inc. | 10222 | 1495376 |
|  KKR & Co., Inc., Class A | 13859 | 1639936 |
|  Morgan Stanley | 50144 | 8223616 |
|  Northern Trust Corp. | 7703 | 991145 |
|  Raymond James Financial, Inc. | 3647 | 578670 |
|  S&P Global, Inc. | 3677 | 1791471 |
|  State Street Corp. | 11681 | 1351024 |
|  T Rowe Price Group, Inc. | 8939 | 916516 |
|  |  | 43999169 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** |  |
|  Air Products & Chemicals, Inc. | 9005 | 2184523 |
|  CF Industries Holdings, Inc. | 6751 | 562291 |
|  Corteva, Inc. | 10366 | 636887 |
|  Dow, Inc. | 18853 | 449644 |
|  DuPont de Nemours, Inc. | 9950 | 812417 |
|  Ecolab, Inc. | 2617 | 670999 |
|  International Flavors & Fragrances, Inc.<sup>(a)</sup> | 4910 | 309183 |
|  Linde PLC | 12419 | 5194868 |
|  LyondellBasell Industries NV, Class A | 10617 | 492841 |
|  PPG Industries, Inc. | 9224 | 901646 |
|  RPM International, Inc. | 2467 | 269594 |
|  Sherwin-Williams Co. (The) | 3844 | 1325949 |
|  Westlake Corp. | 814 | 56011 |
|  |  | 13866853 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |  |
|  Republic Services, Inc. | 2679 | 557875 |
|  Veralto Corp. | 3130 | 308868 |
|  Waste Management, Inc. | 6000 | 1198620 |
|  |  | 2065363 |
| **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** |  |
|  Cisco Systems, Inc. | 160840 | 11759012 |
|  F5, Inc.<sup>(a)</sup> | 790 | 199910 |
|  Motorola Solutions, Inc. | 2113 | 859378 |
|  |  | 12818300 |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
|  AECOM | 1646 | 221140 |

---

S C H E D U L E O F I N V E S T M E N T S 33

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Construction Materials — 0.4%** |  |  |  |
|  CRH PLC | 27347 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257028 |
|  Martin Marietta Materials, Inc. | 1260 |  | 772506 |
|  |  |  | 4029534 |
| **Consumer Finance — 0.9%** |  |  |  |
|  American Express Co. | 9412 |  | 3395191 |
|  Capital One Financial Corp. | 25933 |  | 5705001 |
|  Synchrony Financial | 8296 |  | 617056 |
|  |  |  | 9717248 |
| **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 1454 |  | 128330 |
|  Costco Wholesale Corp. | 5772 |  | 5260889 |
|  Dollar General Corp. | 8912 |  | 879258 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 8001 |  | 793059 |
|  Kroger Co. (The) | 24981 |  | 1589541 |
|  Performance Food Group Co.<sup>(a)</sup> | 1863 |  | 180227 |
|  Sysco Corp. | 12314 |  | 914684 |
|  Target Corp. | 18472 |  | 1712724 |
|  U.S. Foods Holding Corp.<sup>(a)</sup> | 3231 |  | 234635 |
|  Walmart, Inc. | 91398 |  | 9247650 |
|  |  |  | 20940997 |
| **Containers & Packaging — 0.3%** |  |  |  |
|  Amcor PLC | 92797 |  | 733096 |
|  Avery Dennison Corp. | 2056 |  | 359574 |
|  Ball Corp. | 5187 |  | 243789 |
|  International Paper Co. | 21153 |  | 817352 |
|  Packaging Corp. of America | 3636 |  | 711783 |
|  Smurfit WestRock PLC | 20987 |  | 774840 |
|  |  |  | 3640434 |
| **Distributors — 0.1%** |  |  |  |
|  Genuine Parts Co. | 5659 |  | 720447 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
|  Service Corp. International | 1707 |  | 142552 |
| **Diversified REITs — 0.1%** |  |  |  |
|  WP Carey, Inc. | 8896 |  | 587136 |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |
|  AT&T Inc. | 290649 |  | 7193563 |
|  Verizon Communications, Inc. | 171424 |  | 6812390 |
|  |  |  | 14005953 |
| **Electric Utilities — 2.9%** |  |  |  |
|  Alliant Energy Corp. | 10426 |  | 696665 |
|  American Electric Power Co., Inc. | 20896 |  | 2512953 |
|  Constellation Energy Corp. | 6123 |  | 2308371 |
|  Duke Energy Corp. | 31588 |  | 3926389 |
|  Edison International | 15603 |  | 864094 |
|  Entergy Corp. | 18035 |  | 1732983 |
|  Evergy, Inc. | 9369 |  | 719633 |
|  Eversource Energy | 14267 |  | 1053047 |
|  Exelon Corp. | 41046 |  | 1893042 |
|  FirstEnergy Corp. | 20987 |  | 961834 |
|  NextEra Energy, Inc. | 83503 |  | 6797144 |
|  NRG Energy, Inc. | 4537 |  | 779729 |
|  PG&E Corp. | 89334 |  | 1425771 |
|  PPL Corp. | 16083 |  | 587351 |
|  Southern Co. (The) | 44698 |  | 4203400 |
|  Xcel Energy, Inc. | 23271 |  | 1888907 |
|  |  |  | 32351313 |
| **Electrical Equipment — 0.5%** |  |  |  |
|  Eaton Corp. PLC | 8063 |  | 3076518 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Electrical Equipment (continued)** |  |  |  |
|  Emerson Electric Co. | 10850 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514335 |
|  Rockwell Automation, Inc. | 1901 |  | 700252 |
|  |  |  | 5291105 |
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
|  CDW Corp. | 3499 |  | 557636 |
|  Corning, Inc. | 13724 |  | 1222534 |
|  Flex Ltd.<sup>(a)</sup> | 8669 |  | 541986 |
|  Jabil, Inc. | 1650 |  | 364468 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 2190 |  | 400682 |
|  TE Connectivity PLC | 5973 |  | 1475391 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 551 |  | 290278 |
|  Trimble, Inc.<sup>(a)</sup> | 2748 |  | 219153 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup> | 692 |  | 186321 |
|  |  |  | 5258449 |
| **Energy Equipment & Services — 0.4%** |  |  |  |
|  Baker Hughes Co., Class A | 20034 |  | 969846 |
|  Halliburton Co. | 35017 |  | 939856 |
|  SLB Ltd. | 60109 |  | 2167531 |
|  |  |  | 4077233 |
| **Entertainment — 1.0%** |  |  |  |
|  Electronic Arts, Inc. | 4922 |  | 984695 |
|  Walt Disney Co. (The) | 73053 |  | 8227229 |
|  Warner Bros Discovery, Inc., Class A<sup>(a)</sup> | 91929 |  | 2063806 |
|  |  |  | 11275730 |
| **Financial Services — 3.8%** |  |  |  |
|  Apollo Global Management, Inc. | 10493 |  | 1304385 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 74714 |  | 35678923 |
|  Block, Inc., Class A<sup>(a)</sup> | 9135 |  | 693712 |
|  Corpay, Inc.<sup>(a)</sup> | 902 |  | 234836 |
|  Equitable Holdings, Inc. | 11535 |  | 569829 |
|  Fidelity National Information Services, Inc. | 6918 |  | 432513 |
|  Fiserv, Inc.<sup>(a)</sup> | 11240 |  | 749596 |
|  Global Payments, Inc. | 9934 |  | 772468 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 38827 |  | 2689546 |
|  |  |  | 43125808 |
| **Food Products — 0.8%** |  |  |  |
|  Archer-Daniels-Midland Co. | 18395 |  | 1113449 |
|  Conagra Brands, Inc. | 19171 |  | 329550 |
|  General Mills, Inc. | 22180 |  | 1033810 |
|  Hershey Co. (The) | 3903 |  | 662066 |
|  Hormel Foods Corp. | 11641 |  | 251329 |
|  J M Smucker Co. (The) | 4317 |  | 447025 |
|  Kellanova | 11085 |  | 920720 |
|  Kraft Heinz Co. (The) | 35354 |  | 874304 |
|  McCormick & Co., Inc., NVS | 5005 |  | 321121 |
|  Mondelez International, Inc., Class A | 52696 |  | 3027912 |
|  Pilgrim's Pride Corp. | 1665 |  | 63437 |
|  Tyson Foods, Inc., Class A | 11116 |  | 571474 |
|  |  |  | 9616197 |
| **Gas Utilities — 0.0%** |  |  |  |
|  Atmos Energy Corp. | 3401 |  | 584020 |
| **Ground Transportation — 0.8%** |  |  |  |
|  CSX Corp. | 75705 |  | 2726894 |
|  JB Hunt Transport Services, Inc. | 1455 |  | 245691 |
|  Norfolk Southern Corp. | 3633 |  | 1029520 |
|  Union Pacific Corp. | 24054 |  | 5300780 |
|  |  |  | 9302885 |
| **Health Care Equipment & Supplies — 1.5%** |  |  |  |
|  Abbott Laboratories | 32752 |  | 4048802 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** |  |  |
|  Align Technology, Inc.<sup>(a)</sup> | 1442 | $198823 |
|  Baxter International, Inc. | 20931 | 386596 |
|  Becton Dickinson & Co. | 11699 | 2090728 |
|  Cooper Cos., Inc. (The)<sup>(a)</sup> | 2293 | 160304 |
|  GE HealthCare Technologies, Inc. | 10957 | 821227 |
|  Hologic, Inc.<sup>(a)</sup> | 9155 | 676646 |
|  Medtronic PLC | 52086 | 4724200 |
|  Solventum Corp.<sup>(a)</sup> | 5560 | 383863 |
|  Stryker Corp. | 5901 | 2102172 |
|  Zimmer Biomet Holdings, Inc. | 8114 | 815944 |
|  |  | 16409305 |
| **Health Care Providers & Services — 2.8%** |  |  |
|  Cardinal Health, Inc. | 4048 | 772237 |
|  Centene Corp.<sup>(a)</sup> | 19184 | 678538 |
|  Cigna Group (The) | 10485 | 2562639 |
|  CVS Health Corp. | 51360 | 4013784 |
|  Elevance Health, Inc. | 9137 | 2898256 |
|  HCA Healthcare, Inc. | 6947 | 3193397 |
|  Humana, Inc. | 4874 | 1355898 |
|  Labcorp Holdings, Inc. | 3403 | 864226 |
|  McKesson Corp. | 1884 | 1528565 |
|  Molina Healthcare, Inc.<sup>(a)</sup> | 978 | 149693 |
|  Quest Diagnostics, Inc. | 4512 | 793886 |
|  Tenet Healthcare Corp.<sup>(a)</sup> | 2349 | 485045 |
|  UnitedHealth Group, Inc. | 36808 | 12572140 |
|  |  | 31868304 |
| **Health Care REITs — 0.0%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 3720 | 216579 |
|  Healthpeak Properties, Inc. | 16034 | 287810 |
|  |  | 504389 |
| **Hotels, Restaurants & Leisure — 1.2%** |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 5888 | 745068 |
|  Carnival Corp.<sup>(a)</sup> | 43785 | 1262322 |
|  Darden Restaurants, Inc. | 1955 | 352193 |
|  Expedia Group, Inc. | 2671 | 587620 |
|  Las Vegas Sands Corp. | 5408 | 320965 |
|  Marriott International, Inc., Class A | 6023 | 1569473 |
|  McDonald's Corp. | 19642 | 5861762 |
|  Starbucks Corp. | 31458 | 2544008 |
|  |  | 13243411 |
| **Household Durables — 0.4%** |  |  |
|  DR Horton, Inc. | 10837 | 1615580 |
|  Garmin Ltd. | 1705 | 364768 |
|  Lennar Corp., Class A | 8642 | 1069620 |
|  Lennar Corp., Class B | 362 | 42734 |
|  NVR, Inc.<sup>(a)</sup> | 62 | 447071 |
|  PulteGroup, Inc. | 4629 | 554878 |
|  |  | 4094651 |
| **Household Products — 1.5%** |  |  |
|  Clorox Co. (The) | 1260 | 141700 |
|  Colgate-Palmolive Co. | 16295 | 1255530 |
|  Kimberly-Clark Corp. | 8780 | 1051054 |
|  Procter & Gamble Co. (The) | 95239 | 14321088 |
|  |  | 16769372 |
| **Industrial Conglomerates — 0.8%** |  |  |
|  3M Co. | 21657 | 3605891 |
|  Honeywell International, Inc. | 25783 | 5190891 |
|  |  | 8796782 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Industrial REITs — 0.4%** |  |  |
|  Prologis, Inc. | 37535 | $4657718 |
| **Insurance — 2.5%** |  |  |
|  Aflac, Inc. | 19803 | 2122684 |
|  Allstate Corp. (The) | 4972 | 952237 |
|  American International Group, Inc. | 12544 | 990474 |
|  Aon PLC, Class A | 3900 | 1328652 |
|  Arch Capital Group Ltd. | 15092 | 1302590 |
|  Arthur J. Gallagher & Co. | 2764 | 689590 |
|  Chubb Ltd. | 15057 | 4169886 |
|  Cincinnati Financial Corp. | 6294 | 972989 |
|  Everest Group Ltd. | 1742 | 547894 |
|  Fidelity National Financial, Inc., Class A | 10553 | 582948 |
|  Hartford Insurance Group, Inc. (The) | 11455 | 1422482 |
|  Loews Corp. | 4091 | 407300 |
|  Markel Group, Inc.<sup>(a)</sup> | 195 | 385033 |
|  Marsh & McLennan Cos., Inc. | 11533 | 2054604 |
|  MetLife, Inc. | 22824 | 1821812 |
|  Principal Financial Group, Inc. | 8997 | 756108 |
|  Progressive Corp. (The) | 7310 | 1505860 |
|  Prudential Financial, Inc. | 14409 | 1498536 |
|  Reinsurance Group of America, Inc. | 2699 | 492460 |
|  RenaissanceRe Holdings Ltd. | 1884 | 478706 |
|  Travelers Cos., Inc. (The) | 9105 | 2445785 |
|  Unum Group | 6439 | 472751 |
| W. R. Berkley Corp. | 4869 | 347354 |
|  Willis Towers Watson PLC | 2060 | 644986 |
|  |  | 28393721 |
| **Interactive Media & Services — 9.7%** |  |  |
|  Alphabet, Inc., Class A<sup>(a)</sup> | 236265 | 66435355 |
|  Alphabet, Inc., Class C, NVS | 149566 | 42150690 |
|  Pinterest, Inc., Class A<sup>(a)</sup> | 13368 | 442481 |
|  Reddit, Inc., Class A<sup>(a)</sup> | 1745 | 364618 |
|  Snap, Inc., Class A, NVS<sup>(a)</sup> | 19474 | 151897 |
|  |  | 109545041 |
| **IT Services — 1.6%** |  |  |
|  Accenture PLC, Class A | 17438 | 4361244 |
|  Akamai Technologies, Inc.<sup>(a)</sup> | 5653 | 424540 |
|  Cognizant Technology Solutions Corp., Class A | 20100 | 1464888 |
|  CoreWeave, Inc., Class A<sup>(a)</sup> | 1000 | 133710 |
|  International Business Machines Corp. | 37835 | 11630857 |
|  Twilio, Inc., Class A<sup>(a)</sup> | 1847 | 249124 |
|  |  | 18264363 |
| **Life Sciences Tools & Services — 1.6%** |  |  |
|  Agilent Technologies, Inc. | 7147 | 1046035 |
|  Danaher Corp. | 26524 | 5712739 |
|  Illumina, Inc.<sup>(a)</sup> | 6320 | 780773 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 4589 | 993335 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 357 | 505615 |
|  Revvity, Inc. | 2977 | 278617 |
|  Thermo Fisher Scientific, Inc. | 15340 | 8703763 |
|  West Pharmaceutical Services, Inc. | 1183 | 333689 |
|  |  | 18354566 |
| **Machinery — 2.1%** |  |  |
|  Caterpillar, Inc. | 13799 | 7965611 |
|  CNH Industrial NV | 36149 | 379203 |
|  Cummins, Inc. | 2976 | 1302536 |
|  Deere & Co. | 10133 | 4677697 |
|  Dover Corp. | 2035 | 369271 |
|  Fortive Corp. | 6931 | 348906 |
|  IDEX Corp. | 1336 | 229070 |

---

S C H E D U L E O F I N V E S T M E N T S 35

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Machinery (continued)** |  |  |
|  Illinois Tool Works, Inc. | 11978 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921674 |
|  Ingersoll Rand, Inc. | 5660 | 432028 |
|  Otis Worldwide Corp. | 5348 | 496080 |
|  PACCAR, Inc. | 20951 | 2061578 |
|  Parker-Hannifin Corp. | 3165 | 2446007 |
|  Pentair PLC | 1868 | 198662 |
|  Snap-on, Inc. | 1396 | 468428 |
|  |  | 24296751 |
| **Media — 0.5%** |  |  |
|  Charter Communications, Inc., Class A<sup>(a)</sup> | 3786 | 885318 |
|  Comcast Corp., Class A | 151288 | 4211101 |
|  Fox Corp., Class A, NVS | 4721 | 305213 |
|  Fox Corp., Class B | 2997 | 175055 |
|  Omnicom Group, Inc. | 7995 | 599785 |
|  |  | 6176472 |
| **Metals & Mining — 0.6%** |  |  |
|  Freeport-McMoRan, Inc. | 17411 | 726039 |
|  Newmont Corp. | 44607 | 3611829 |
|  Nucor Corp. | 9411 | 1412120 |
|  Reliance, Inc. | 1226 | 346259 |
|  Southern Copper Corp. | 3704 | 514115 |
|  Steel Dynamics, Inc. | 2862 | 448762 |
|  |  | 7059124 |
| **Multi-Utilities — 0.9%** |  |  |
|  Ameren Corp. | 6537 | 666905 |
|  CenterPoint Energy, Inc. | 14641 | 559872 |
|  CMS Energy Corp. | 7365 | 541696 |
|  Consolidated Edison, Inc. | 14601 | 1422284 |
|  Dominion Energy, Inc. | 16202 | 950895 |
|  DTE Energy Co. | 8363 | 1133521 |
|  NiSource, Inc. | 18994 | 799837 |
|  Public Service Enterprise Group, Inc. | 12372 | 996688 |
|  Sempra | 26419 | 2428963 |
|  WEC Energy Group, Inc. | 7284 | 813841 |
|  |  | 10314502 |
| **Oil, Gas & Consumable Fuels — 5.2%** |  |  |
|  Cheniere Energy, Inc. | 8970 | 1901640 |
|  Chevron Corp. | 77024 | 12148225 |
|  ConocoPhillips | 50679 | 4503336 |
|  Coterra Energy, Inc. | 30803 | 728799 |
|  Devon Energy Corp. | 24880 | 808351 |
|  Diamondback Energy, Inc. | 7692 | 1101418 |
|  EOG Resources, Inc. | 22074 | 2336312 |
|  EQT Corp. | 12896 | 690968 |
|  Expand Energy Corp. | 4686 | 484111 |
|  Exxon Mobil Corp. | 172984 | 19782450 |
|  Kinder Morgan, Inc. | 80059 | 2096745 |
|  Marathon Petroleum Corp. | 11964 | 2331903 |
|  Occidental Petroleum Corp. | 26535 | 1093242 |
|  ONEOK, Inc. | 25224 | 1690008 |
|  Phillips 66 | 16478 | 2243315 |
|  Valero Energy Corp. | 12617 | 2139339 |
|  Williams Cos., Inc. (The) | 49415 | 2859646 |
|  |  | 58939808 |
| **Passenger Airlines — 0.3%** |  |  |
|  Delta Air Lines, Inc. | 26381 | 1513742 |
|  Southwest Airlines Co. | 5070 | 153621 |
|  United Airlines Holdings, Inc.<sup>(a)</sup> | 13243 | 1245371 |
|  |  | 2912734 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Personal Care Products — 0.1%** |  |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 6349 | $| 613885 |
|  Kenvue, Inc. | 70116 |  | 1007567 |
|  |  |  | 1621452 |
| **Pharmaceuticals — 3.4%** |  |  |  |
|  Bristol-Myers Squibb Co. | 82705 |  | 3810219 |
|  Johnson & Johnson | 97775 |  | 18466764 |
|  Merck & Co., Inc. | 98862 |  | 8500155 |
|  Pfizer, Inc. | 230077 |  | 5671398 |
|  Royalty Pharma PLC, Class A | 14422 |  | 541402 |
|  Zoetis, Inc., Class A | 8773 |  | 1264102 |
|  |  |  | 38254040 |
| **Professional Services — 0.3%** |  |  |  |
|  Automatic Data Processing, Inc. | 6564 |  | 1708609 |
|  Jacobs Solutions, Inc. | 2864 |  | 446240 |
|  Leidos Holdings, Inc. | 2839 |  | 540744 |
|  Paychex, Inc. | 4160 |  | 486845 |
|  SS&C Technologies Holdings, Inc. | 8780 |  | 745598 |
|  |  |  | 3928036 |
| **Real Estate Management & Development — 0.1%** |  |  |  |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 4075 |  | 621152 |
| **Residential REITs — 0.3%** |  |  |  |
|  American Homes 4 Rent, Class A | 5039 |  | 159232 |
|  AvalonBay Communities, Inc. | 2754 |  | 478976 |
|  Camden Property Trust | 2659 |  | 264517 |
|  Equity LifeStyle Properties, Inc. | 3083 |  | 188217 |
|  Equity Residential | 7218 |  | 429038 |
|  Essex Property Trust, Inc. | 1150 |  | 289536 |
|  Invitation Homes, Inc. | 9508 |  | 267650 |
|  Mid-America Apartment Communities, Inc. | 2571 |  | 329679 |
|  Sun Communities, Inc. | 2796 |  | 353974 |
|  UDR, Inc. | 6880 |  | 231787 |
|  |  |  | 2992606 |
| **Retail REITs — 0.3%** |  |  |  |
|  Kimco Realty Corp. | 27784 |  | 574017 |
|  Realty Income Corp. | 9101 |  | 527676 |
|  Regency Centers Corp. | 4061 |  | 280006 |
|  Simon Property Group, Inc. | 13155 |  | 2312123 |
|  |  |  | 3693822 |
| **Semiconductors & Semiconductor Equipment — 4.3%** | **Semiconductors & Semiconductor Equipment — 4.3%** | **Semiconductors & Semiconductor Equipment — 4.3%** | **Semiconductors & Semiconductor Equipment — 4.3%** |
|  Analog Devices, Inc. | 20160 |  | 4720061 |
|  Applied Materials, Inc. | 22133 |  | 5159202 |
|  First Solar, Inc.<sup>(a)</sup> | 4149 |  | 1107534 |
|  Intel Corp.<sup>(a)</sup> | 177068 |  | 7080949 |
|  Lam Research Corp. | 22522 |  | 3546314 |
|  Microchip Technology, Inc. | 22070 |  | 1377609 |
|  Micron Technology, Inc. | 45418 |  | 10163186 |
|  NXP Semiconductors NV | 4978 |  | 1040999 |
|  ON Semiconductor Corp.<sup>(a)</sup> | 9263 |  | 463891 |
|  QUALCOMM, Inc. | 43794 |  | 7922335 |
|  Teradyne, Inc. | 2276 |  | 413686 |
|  Texas Instruments, Inc. | 36891 |  | 5956421 |
|  |  |  | 48952187 |
| **Software — 1.4%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 6500 |  | 2212015 |
|  Gen Digital, Inc. | 14976 |  | 394767 |
|  Oracle Corp. | 19469 |  | 5112754 |
|  Salesforce, Inc. | 16546 |  | 4308744 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Software (continued)** |  |  |  |
|  Strategy, Inc., Class A<sup>(a)(b)</sup> | 10740 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894538 |
|  Zoom Communications, Inc., Class A<sup>(a)</sup> | 9760 |  | 851365 |
|  |  |  | 15774183 |
| **Specialized REITs — 0.9%** |  |  |  |
|  American Tower Corp. | 18954 |  | 3392387 |
|  Crown Castle, Inc. | 4798 |  | 432875 |
|  Digital Realty Trust, Inc. | 6477 |  | 1103746 |
|  Equinix, Inc. | 998 |  | 844318 |
|  Extra Space Storage, Inc. | 4283 |  | 571952 |
|  Gaming & Leisure Properties, Inc. | 10825 |  | 483444 |
|  Iron Mountain, Inc. | 4398 |  | 452774 |
|  Public Storage | 3825 |  | 1065492 |
|  VICI Properties, Inc. | 42720 |  | 1281173 |
|  Weyerhaeuser Co. | 28194 |  | 648462 |
|  |  |  | 10276623 |
| **Specialty Retail — 2.4%** |  |  |  |
|  Best Buy Co., Inc. | 7990 |  | 656299 |
|  Home Depot, Inc. (The) | 40370 |  | 15324048 |
|  Lowe's Cos., Inc. | 22745 |  | 5416267 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 12890 |  | 1217331 |
|  TJX Cos., Inc. (The) | 23628 |  | 3311228 |
|  Ulta Beauty, Inc.<sup>(a)</sup> | 1049 |  | 545354 |
|  Williams-Sonoma, Inc. | 2585 |  | 502369 |
|  |  |  | 26972896 |
| **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** | **Technology Hardware, Storage & Peripherals — 8.0%** |
|  Apple Inc. | 302498 |  | 81786384 |
|  Dell Technologies, Inc., Class C | 12537 |  | 2031119 |
|  Hewlett Packard Enterprise Co. | 53261 |  | 1300634 |
|  HP, Inc. | 38245 |  | 1058239 |
|  NetApp, Inc. | 4135 |  | 487020 |
|  Seagate Technology Holdings PLC | 8262 |  | 2114081 |
|  Western Digital Corp. | 13985 |  | 2100687 |
|  |  |  | 90878164 |
| **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |  |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 1438 |  | 245236 |
|  NIKE, Inc., Class B | 45851 |  | 2961516 |
|  Tapestry, Inc. | 3469 |  | 380966 |
|  |  |  | 3587718 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Tobacco — 0.8%** |  |  |
|  Altria Group, Inc. | 68244 | $3847597 |
|  Philip Morris International, Inc. | 34959 | 5045632 |
|  |  | 8893229 |
| **Trading Companies & Distributors — 0.2%** |  |  |
|  Ferguson Enterprises, Inc. | 5415 | 1345628 |
|  United Rentals, Inc. | 813 | 708269 |
|  |  | 2053897 |
| **Water Utilities — 0.0%** |  |  |
|  American Water Works Co., Inc. | 3119 | 400573 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
|  T-Mobile U.S., Inc. | 17066 | 3584713 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $852,075,431)** | **Total Long-Term Investments — 99.8%<br>(Cost: $852,075,431)** | 1127308324 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.2%** |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 4.27%<sup>(c)(d)(e)</sup> | 83713 | 83755 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.05%<sup>(c)(d)</sup> | 1929427 | 1929427 |
|  **Total Short-Term Securities — 0.2%<br>(Cost: $2,013,107)** | **Total Short-Term Securities — 0.2%<br>(Cost: $2,013,107)** | 2013182 |
|  **Total Investments — 100.0%<br>(Cost: $854,088,538)** | **Total Investments — 100.0%<br>(Cost: $854,088,538)** | 1129321506 |
|  **Liabilities in Excess of Other Assets — (0.0)%** | **Liabilities in Excess of Other Assets — (0.0)%** | (127943) |
|  **Net Assets — 100.0%** |  | $1129193563 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E O F I N V E S T M E N T S 37

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Value ETF** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/25* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain<br>(Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/25* | *Shares<br>Held at<br>10/31/25* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from<br>Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $1594808 | $— | $(1511351)<sup>(a)</sup> | $893 | $(595) | $83755 | 83713 | $16995 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 1189375 | 740052 <sup>(a)</sup> |  |  |  | 1929427 | 1929427 | 35263 |  |
|  BlackRock, Inc. | 5576986 | 658727 | (1102374) | 107586 | 869372 | 6110297 | 5643 | 60493 |  |
|  |  |  |  | $108479 | $868777 | $8123479 |  | $112751 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> 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<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Russell 1000 Value Index | 16 | 12/19/25 | $1615 | $9652 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini S&P Communication Services Select Sector Index | 1 | 12/19/25 | 151 | (5440) |
|  |  |  |  | $4212 |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $9652 | $— | $— | $— | $9652 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $5440 | $— | $— | $— | $5440 |

---

<sup>(a)</sup> 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 October 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $340428 | $— | $— | $— | $340428 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(26536) | $— | $— | $— | $(26536) |

---

38 2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2025 | **iShares**<sup>®</sup> **Morningstar Value ETF** |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $2062578 |

---

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.

---

| | | |
|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Level 2 | Level 3 |
|  Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  |  |
|  | $— | $— |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts) |  | —) |
|  | $— | $— |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 39

------

Statements of Assets and Liabilities (unaudited)

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>Morningstar<br>Mid-Cap<br> Value ETF | iShares<br>Morningstar<br>Small-Cap ETF | iShares<br>Morningstar<br> U.S. Equity<br> ETF | iShares<br>Morningstar<br>Value ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $862960837 | $252005911 | $1169704691 | $1121198027 |
|  Investments, at value — affiliated<sup>(c)</sup> | 5863793 | 28196785 | 10923556 | 8123479 |
|  Cash | 5 |  | 1 |  |
|  Cash pledged: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 65000 | 52000 | 345000 | 173000 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  |  | 290427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 1911 | 11405 | 1941 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 399645 | 84183 | 520538 | 904619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 2857 | 2491 | 7220 | 5900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 1045 | 3558 | 14800 | 10374 |
|  Total assets | 869295093 | 280356333 | 1181517747 | 1130706037 |
|  **LIABILITIES** |  |  |  |  |
|  Bank overdraft |  | 7504 |  | 579 |
|  Collateral on securities loaned | 4961422 | 27590637 | 3189448 | 85166 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  |  | 1388968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 43698 | 8580 | 29253 | 37761 |
|  Total liabilities | 5005120 | 27606721 | 3218701 | 1512474 |
|  **Commitments and contingent liabilities** |  |  |  |  |
|  NET ASSETS | $864289973 | $252749612 | $1178299046 | $1129193563 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
|  Paid-in capital | $751717758 | $245670977 | $805379264 | $840611625 |
|  Accumulated earnings | 112572215 | 7078635 | 372919782 | 288581938 |
|  NET ASSETS | $864289973 | $252749612 | $1178299046 | $1129193563 |
|  **NET ASSET VALUE** |  |  |  |  |
|  Shares outstanding | $10850000 | $3950000 | $12450000 | $12300000 |
|  Net asset value | $79.66 | $63.99 | $94.64 | $91.80 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $730943215 | $210666122 | $724466792 | $847779220 |
|  <sup>(b)</sup> Securities loaned, at value | $4816125 | $27354419 | $3159858 | $87289 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $5861901 | $28182701 | $9606098 | $6309318 |

---

*See notes to financial statements.* 

40 2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Statements of Operations (unaudited)

Six Months Ended October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>Morningstar<br>Mid-Cap<br>Value ETF | iShares<br>Morningstar<br>Small-Cap ETF | iShares<br>Morningstar<br>U.S. Equity<br>ETF | iShares<br>Morningstar<br>Value ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $9433250 | $1854400 | $6505958 | $10361265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 18853 | 13981 | 66959 | 95756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 766 | 782 | 225 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 55290 | 117159 | 23859 | 16995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (4952) | (1294) | (1440) | (1516) |
|  Total investment income | 9503207 | 1985028 | 6595561 | 10472886 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 228859 | 48259 | 161843 | 213250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 9 | 39 |  |  |
|  Total expenses | 228868 | 48298 | 161843 | 213250 |
|  Net investment income | 9274339 | 1936730 | 6433718 | 10259636 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (4255229) | (1739756) | (3769395) | (18023992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (52) | (13) | 2571 | (3648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 150593 | 156537 | 454888 | 340428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | 9360453 | 1748642 | 9079353 | 53600342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(a)</sup> |  |  | 31493 | 112127 |
|  | 5255765 | 165410 | 5798910 | 36025257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 70695662 | 43345130 | 210939644 | 122397427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (205) | 2261 | 418906 | 868777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (9923) | (4164) | 28229 | (26536) |
|  | 70685534 | 43343227 | 211386779 | 123239668 |
|  Net realized and unrealized gain | 75941299 | 43508637 | 217185689 | 159264925 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $85215638 | $45445367 | $223619407 | $169524561 |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

S T A T E M E N T S O F O P E R A T I O N S 41

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Morningstar Mid-Cap Value <br>ETF | iShares Morningstar Mid-Cap Value <br>ETF | iShares Morningstar Small-Cap<br>ETF | iShares Morningstar Small-Cap<br>ETF |
|  | Six Months<br>Ended<br> 10/31/25<br>(unaudited) | Year Ended<br>04/30/25 | Six Months<br>Ended<br> 10/31/25<br>(unaudited) | Year Ended<br>04/30/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $9274339 | $15073584 | $1936730 | $3183599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 5255765 | 35484121 | 165410 | 5622904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 70685534 | (17451928) | 43343227 | (2429398) |
|  Net increase in net assets resulting from operations | 85215638 | 33105777 | 45445367 | 6377105 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (8433289)<sup>(b)</sup> | (15757832) | (1668783)<sup>(b)</sup> | (3073951) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 144101736 | 27828236 | (5809765) | 1712963 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 220884085 | 45176181 | 37966819 | 5016117 |
|  Beginning of period | 643405888 | 598229707 | 214782793 | 209766676 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864289973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643405888 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252749612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214782793 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

*See notes to financial statements.* 

42 2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF | iShares Morningstar Value ETF | iShares Morningstar Value ETF |
|  | Six Months<br> Ended<br> 10/31/25<br> (unaudited) | Year Ended<br> 04/30/25 | Six Months<br> Ended<br> 10/31/25<br> (unaudited) | Year Ended<br> 04/30/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $6433718 | $13293355 | $10259636 | $19780627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 5798910 | 100620801 | 36025257 | 64638775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 211386779 | 7849204 | 123239668 | (3362319) |
|  Net increase in net assets resulting from operations | 223619407 | 121763360 | 169524561 | 81057083 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (6082188)<sup>(b)</sup> | (13415529) | (9920150)<sup>(b)</sup> | (19972638) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 22940721 | (28336126) | (24731481) | 37008330 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 240477940 | 80011705 | 134872930 | 98092775 |
|  Beginning of period | 937821106 | 857809401 | 994320633 | 896227858 |
|  End of period | $1178299046 | $937821106 | $1129193563 | $994320633 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 43

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF |
|  | Six Months Ended<br>10/31/25<br>(unaudited) | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/23 | Year Ended<br>04/30/22 | Year Ended<br>04/30/21<br><sup>(a)</sup> |
|  **Net asset value, beginning of period** | $71.49 | $69.56 | $62.19 | $65.46 | $64.01 | $40.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.95 | 1.76 | 1.62 | 1.53 | 1.24 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | 8.08 | 2.03 | 7.26 | (3.29) | 1.50 | 23.92 |
|  Net increase (decrease) from investment operations | 9.03 | 3.79 | 8.88 | (1.76) | 2.74 | 25.06 |
|  Distributions from net investment income<sup>(d)</sup> | (0.86)<sup>(e)</sup> | (1.86) | (1.51) | (1.51) | (1.29) | (1.18) |
|  **Net asset value, end of period** | $79.66 | $71.49 | $69.56 | $62.19 | $65.46 | $64.01 |
|  **Total Return<sup>(f)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 12.68 %<sup>(g)</sup> | 5.39% | 14.49% | (2.60)% | 4.28% | 63.45% |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.06 %<sup>(i)</sup> | 0.06% | 0.06% | 0.06% | 0.06% | 0.27% |
|  Net investment income | 2.43 %<sup>(i)</sup> | 2.38% | 2.50% | 2.44% | 1.88% | 2.32% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $864290 | $643406 | $598230 | $516215 | $497491 | $457694 |
|  Portfolio turnover rate<sup>(j)</sup> | 17% | 31% | 43% | 37% | 42% | 95% |

---

<sup>(a)</sup> Per share amounts reflect a three-for-one stock split effective after the close of trading on April 16, 2021. 

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

<sup>(f)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

44 2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF |
|  | Six Months<br>Ended<br>10/31/25<br>(unaudited) | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/23 | Year Ended<br>04/30/22 | Year Ended<br>04/30/21<br><sup>(a)</sup> |
|  **Net asset value, beginning of period** | $53.03 | $52.44 | $46.57 | $48.77 | $58.27 | $35.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.49 | 0.81 | 0.77 | 0.79 | 0.72 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | 10.89 | 0.56 | 5.86 | (2.20) | (9.50) | 22.71 |
|  Net increase (decrease) from investment operations | 11.38 | 1.37 | 6.63 | (1.41) | (8.78) | 23.27 |
|  Distributions from net investment income<sup>(d)</sup> | (0.42)<sup>(e)</sup> | (0.78) | (0.76) | (0.79) | (0.72) | (0.60) |
|  **Net asset value, end of period** | $63.99 | $53.03 | $52.44 | $46.57 | $48.77 | $58.27 |
|  **Total Return<sup>(f)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 21.49 %<sup>(g)</sup> | 2.51% | 14.32% | (2.85)% | (15.22)% | 65.95% |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.04 %<sup>(i)</sup> | 0.04% | 0.04% | 0.04% | 0.04% | 0.22% |
|  Net investment income | 1.61 %<sup>(i)</sup> | 1.41% | 1.54% | 1.67% | 1.28% | 1.24% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $252750 | $214783 | $209767 | $200259 | $199971 | $241801 |
|  Portfolio turnover rate<sup>(j)</sup> | 14% | 25% | 28% | 28% | 41% | 175% |

---

<sup>(a)</sup> Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021. 

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

<sup>(f)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 45

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF |
|  | Six Months<br>Ended<br>10/31/25<br>(unaudited) | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/23 | Year Ended<br>04/30/22 | Year Ended<br>04/30/21<br><sup>(a)</sup> |
|  **Net asset value, beginning of period** | $76.87 | $69.46 | $57.11 | $57.06 | $59.02 | $40.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.52 | 1.00 | 0.94 | 0.90 | 0.79 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | 17.75 | 7.41 | 12.35 | 0.04 | (1.95) | 18.21 |
|  Net increase (decrease) from investment operations | 18.27 | 8.41 | 13.29 | 0.94 | (1.16) | 18.87 |
|  Distributions from net investment income<sup>(d)</sup> | (0.50)<sup>(e)</sup> | (1.00) | (0.94) | (0.89) | (0.80) | (0.65) |
|  **Net asset value, end of period** | $94.64 | $76.87 | $69.46 | $57.11 | $57.06 | $59.02 |
|  **Total Return<sup>(f)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 23.82 %<sup>(g)</sup> | 12.08% | 23.44% | 1.77% | (2.08)% | 46.58% |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.03 %<sup>(i)</sup> | 0.03% | 0.03% | 0.03% | 0.03% | 0.18% |
|  Net investment income | 1.19 %<sup>(i)</sup> | 1.27% | 1.48% | 1.65% | 1.27% | 1.32% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1178299 | $937821 | $857809 | $748145 | $790314 | $891187 |
|  Portfolio turnover rate<sup>(j)</sup> | 2% | 4% | 5% | 4% | 6% | 131% |

---

<sup>(a)</sup> Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021. 

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

<sup>(f)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(</sup><sup>i)</sup> Annualized.

<sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

46 2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Morningstar Value ETF | iShares Morningstar Value ETF | iShares Morningstar Value ETF | iShares Morningstar Value ETF | iShares Morningstar Value ETF | iShares Morningstar Value ETF |
|  | Six Months Ended<br>10/31/25<br>(unaudited) | Year Ended<br>04/30/25 | Year Ended<br>04/30/24 | Year Ended<br>04/30/23 | Year Ended<br>04/30/22 | Year Ended<br>04/30/21<br><sup>(a)</sup> |
|  **Net asset value, beginning of period** | $78.91 | $73.76 | $64.93 | $64.89 | $63.68 | $48.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.83 | 1.62 | 1.61 | 1.54 | 1.38 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(c)</sup> | 12.86 | 5.18 | 8.81 | 0.00 <sup>(d)</sup> | 1.20 | 15.58 |
|  Net increase from investment operations | 13.69 | 6.80 | 10.42 | 1.54 | 2.58 | 17.13 |
|  Distributions from net investment income<sup>(e)</sup> | (0.80)<sup>(f)</sup> | (1.65) | (1.59) | (1.50) | (1.37) | (1.57) |
|  **Net asset value, end of period** | $91.80 | $78.91 | $73.76 | $64.93 | $64.89 | $63.68 |
|  **Total Return<sup>(g)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 17.44 %<sup>(h)</sup> | 9.20% | 16.27% | 2.53% | 4.02% | 36.36% |
|  **Ratios to Average Net Assets<sup>(i)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.04 %<sup>(j)</sup> | 0.04% | 0.04% | 0.04% | 0.04% | 0.22% |
|  Net investment income | 1.92 %<sup>(j)</sup> | 2.02% | 2.34% | 2.43% | 2.08% | 2.88% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1129194 | $994321 | $896228 | $782374 | $788443 | $687758 |
|  Portfolio turnover rate<sup>(k)</sup> | 12% | 22% | 22% | 27% | 21% | 112% |

---

<sup>(a)</sup> Per share amounts reflect a two-for-one stock split effective after the close of trading on April 16, 2021. 

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Amount is less than $0.005 per share. 

<sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

<sup>(g)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(h)</sup> Not annualized.

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

<sup>(j)</sup> Annualized.

<sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 47

------

Notes to Financial Statements (unaudited)

**1.**  ***ORGANIZATION*** 

iShares Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* |
|  Morningstar Mid-Cap Value | Diversified |
|  Morningstar Small-Cap | Diversified |
|  Morningstar U.S. Equity | Diversified |
|  Morningstar Value | Diversified |

---

**2.**  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. 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.

**ForeignTaxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

**Segment Reporting:** The 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 each Fund's financial statements.

48 2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

**3.**  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

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

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

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

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

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

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

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

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

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

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

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

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

**4.**  ***SECURITIES AND OTHER INVESTMENTS*** 

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market 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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 49

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Notes to Financial Statements (unaudited) (continued)

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<br>Loaned at Value* | *Cash<br>Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net<br>Amount* |
|  Morningstar Mid-Cap Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $2449220 | $(2449220) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 1901273 | (1901273) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 4209 | (4209) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 450126 | (450126) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 6093 | (5972) |  | 121 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 5204 | (5204) |  |  |
|  | $4816125 | $(4816004) | $— | $121 |
|  Morningstar Small-Cap |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $555965 | $(555965) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 61198 | (61198) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 131510 | (131510) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 1672890 | (1672890) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 1796762 | (1796762) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Clearing LLC | 11071 | (11071) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 2673051 | (2593870) |  | 79181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 4877834 | (4877834) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 117610 | (117610) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Financial Markets LLC | 13741 | (13741) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 4468557 | (4468557) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 347142 | (347142) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 4298921 | (4298921) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 1540058 | (1540058) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis SA | 190188 | (190188) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 35773 | (35773) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 2977 | (2977) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 34721 | (33903) |  | 818 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 262833 | (262833) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 100360 | (98459) |  | 1901 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 846012 | (807004) |  | 39008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Americas LLC | 498702 | (498702) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 1610248 | (1610248) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 1206295 | (1206295) |  |  |
|  | $27354419 | $(27233511) | $— | $120908 |
|  Morningstar U.S. Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | $7831 | $(7831) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 1717725 | (1717725) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 59552 | (59181) |  | 371 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 297483 | (297483) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 497520 | (497520) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 516599 | (515204) |  | 1395 <sup>(b)</sup> |

---

50 2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities*<br> *Loaned at Value* | *Cash*<br> *Collateral Received<sup>(a)</sup>* | *Non-Cash*<br> *Collateral Received,*<br> *at Fair Value<sup>(a)</sup>*  | *Net*<br> *Amount* |
|  Morningstar U.S. Equity (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | $38879 | $(38879) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 1004 | (980) |  | 24 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 23265 | (23265) |  |  |
|  | $3159858 | $(3158068) | $— | $1790 |
|  Morningstar Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | $63033 | $(61766) | $— | $1267 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 24256 | (23400) |  | 856 <sup>(b)</sup> |
|  | $87289 | $(85166) | $— | $2123 |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of October 31, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

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

**5.**  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

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

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

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

**6.**  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  Morningstar Mid-Cap Value | 0.06% |
|  Morningstar Small-Cap | 0.04 |
|  Morningstar U.S. Equity | 0.03 |
|  Morningstar Value | 0.04 |

---

**Distributor:** BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

N O T E S T O F I N A N C I A L S T A T E M E N T S 51

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Notes to Financial Statements (unaudited) (continued)

**ETF Servicing Fees:** Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

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

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

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended October 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  Morningstar Mid-Cap Value | $14806 |
|  Morningstar Small-Cap | 32497 |
|  Morningstar U.S. Equity | 7147 |
|  Morningstar Value | 4494 |

---

**Trustees and Officers**: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended October 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized*<br> *Gain (Loss)* |
|  Morningstar Mid-Cap Value | $63218339 | $77978483 | $(3714911) |
|  Morningstar Small-Cap | 17938902 | 14396043 | 592531 |
|  Morningstar U.S. Equity | 6069927 | 6505141 | (3531130) |
|  Morningstar Value | 45424332 | 63340745 | (12619527) |

---

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.

52 2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

**7.**  ***PURCHASES AND SALES*** 

For the six months ended October 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  Morningstar Mid-Cap Value | $132767345 | $130351603 |
|  Morningstar Small-Cap | 32390833 | 32096777 |
|  Morningstar U.S. Equity | 21046364 | 23133995 |
|  Morningstar Value | 127413146 | 126176773 |

---

For the six months ended October 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind*<br> *Purchases* | *In-kind*<br> *Sales* |
|  Morningstar Mid-Cap Value | $168401827 | $26119991 |
|  Morningstar Small-Cap |  | 5698195 |
|  Morningstar U.S. Equity | 43584080 | 20751876 |
|  Morningstar Value | 96783891 | 121701568 |

---

**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 October 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of April 30, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring Capital*<br> *Loss Carryforwards<sup>(a)</sup>* |
|  Morningstar Mid-Cap Value | $(24558579) |
|  Morningstar Small-Cap | (33851271) |
|  Morningstar U.S. Equity | (79790332) |
|  Morningstar Value | (23259843) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of October 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized*<br> *Appreciation* | *Gross Unrealized*<br> *Depreciation* | *Net Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Morningstar Mid-Cap Value | $738463724 | $166452555 | $(36101417) | $130351138 |
|  Morningstar Small-Cap | 240144503 | 70542219 | (30476910) | 40065309 |
|  Morningstar U.S. Equity | 735073641 | 486286450 | (40673526) | 445612924 |
|  Morningstar Value | 855650927 | 307187138 | (33512347) | 273674791 |

---

**9.**  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which each Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

N O T E S T O F I N A N C I A L S T A T E M E N T S 53

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Notes to Financial Statements (unaudited) (continued)

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

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

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

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

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

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

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

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

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

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

**10.** **CAPITAL SHARE TRANSACTIONS** 

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

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Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>10/31/25 | Six Months Ended<br>10/31/25 | Year Ended<br>04/30/25 | Year Ended<br>04/30/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Morningstar Mid-Cap Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2200000 | $170152362 | 1650000 | $118585540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (350000) | (26050626) | (1250000) | (90757304) |
|  | 1850000 | $144101736 | 400000 | $27828236 |
|  Morningstar Small-Cap |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 200000 | $10521406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (100000) | (5809765) | (150000) | (8808443) |
|  | (100000) | $(5809765) | 50000 | $1712963 |
|  Morningstar U.S. Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 500000 | $43776509 | 2750000 | $212119848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (250000) | (20835788) | (2900000) | (240455974) |
|  | 250000 | $22940721 | (150000) | $(28336126) |
|  Morningstar Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1200000 | $97479404 | 2100000 | $167239190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1500000) | (122210885) | (1650000) | (130230860) |
|  | (300000) | $(24731481) | 450000 | $37008330 |

---

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

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

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

**11.** **SUBSEQUENT EVENTS** 

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 55

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Additional Information

#### Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

#### Availability of Portfolio Holdings Information
A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at **iShares.com**.

56 2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Board Review and Approval of Investment Advisory Contract

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

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

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

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

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

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

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

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 57

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

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

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

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

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

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

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Board Review and Approval of Investment Advisory Contract (continued)

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

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 59

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Glossary of Terms Used in these Financial Statements

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| | |
|:---|:---|
| <br>**Portfolio Abbreviation** | <br>**Portfolio Abbreviation** |
| CVR | Contingent Value Rights |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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### Want to know more?
**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

#### Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by 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.

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| | |
|:---|:---|
| ![LOGO](g34007sp24a.jpg)  | ![LOGO](g34007dsp136b.jpg) |

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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 – Not Applicable

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

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| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

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Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 – Not Applicable to this semi-annual report

(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.](d34007dex99cert.htm)

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(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached.](d34007dex99906cert.htm)

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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

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| | |
|:---|:---|
| By: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: December 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: December 22, 2025

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| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of |
|  | iShares Trust |

---

Date: December 22, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Jessica Tan, President (principal executive officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following nine series: iShares Core Dividend ETF, iShares Core Dividend Growth ETF, iShares Core High Dividend ETF, iShares Core U.S. REIT ETF, iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar U.S. Equity ETF, iShares Morningstar Value ETF and iShares Select Dividend ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 22, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

------

President (principal executive officer) of

iShares Trust

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**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Treasurer and Chief Financial Officer (principal financial officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following nine series: iShares Core Dividend ETF, iShares Core Dividend Growth ETF, iShares Core High Dividend ETF, iShares Core U.S. REIT ETF, iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar U.S. Equity ETF, iShares Morningstar Value ETF and iShares Select Dividend ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

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Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust, (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: December 22, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust, (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: December 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**