iShares Core U.S. REIT ETF (USRT) NPORT-P iShares S&P Mid-Cap 400 Growth ETF (Dec 2024 report)

Schedule

of

Investments

(unaudited)

December

31,

2024

iShares

®

S&P

Mid-Cap

400

Growth

ETF

1

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.4%

BWX

Technologies,

Inc.

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

570,010

$

63,493,414‌

Curtiss-Wright

Corp.

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

236,545

83,942,724‌

Hexcel

Corp.

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

253,121

15,870,686‌

Woodward,

Inc.

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

371,878

61,887,937‌

225,194,761‌

Automobile

Components

—

0.2%

Gentex

Corp.

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

579,590

16,651,621‌

Banks

—

4.2%

Commerce

Bancshares,

Inc.

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

434,991

27,104,289‌

Cullen/Frost

Bankers,

Inc.

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

279,833

37,567,580‌

East

West

Bancorp,

Inc.

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

864,133

82,749,376‌

First

Financial

Bankshares,

Inc.

..........

447,576

16,135,115‌

Glacier

Bancorp,

Inc.

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

318,918

16,016,062‌

Home

BancShares,

Inc.

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

439,077

12,425,879‌

International

Bancshares

Corp.

..........

237,371

14,992,353‌

Pinnacle

Financial

Partners,

Inc.

..........

305,286

34,921,666‌

Synovus

Financial

Corp.

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

433,834

22,225,316‌

UMB

Financial

Corp.

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

160,149

18,074,416‌

Western

Alliance

Bancorp

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

679,871

56,796,423‌

Wintrust

Financial

Corp.

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

215,337

26,854,677‌

Zions

Bancorp

NA

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

367,492

19,936,441‌

385,799,593‌

Beverages

—

0.7%

Celsius

Holdings,

Inc.

(a)

(b)

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

626,541

16,503,090‌

Coca-Cola

Consolidated,

Inc.

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

36,743

46,295,812‌

62,798,902‌

Biotechnology

—

4.4%

(b)

Arrowhead

Pharmaceuticals,

Inc.

(a)

........

303,009

5,696,569‌

Cytokinetics,

Inc.

(a)

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

366,797

17,254,131‌

Exelixis,

Inc.

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

1,780,133

59,278,429‌

Halozyme

Therapeutics,

Inc.

(a)

...........

793,059

37,916,151‌

Neurocrine

Biosciences,

Inc.

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

631,116

86,147,334‌

Roivant

Sciences

Ltd.

(a)

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

2,676,155

31,658,914‌

Sarepta

Therapeutics,

Inc.

(a)

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

595,416

72,396,631‌

United

Therapeutics

Corp.

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

278,289

98,191,491‌

408,539,650‌

Broadline

Retail

—

0.3%

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

.....

225,426

24,735,995‌

Building

Products

—

3.4%

AAON,

Inc.

(a)

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

420,521

49,486,911‌

Advanced

Drainage

Systems,

Inc.

........

210,855

24,374,838‌

Carlisle

Cos.,

Inc.

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

281,756

103,922,883‌

Owens

Corning

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

534,727

91,074,703‌

Simpson

Manufacturing

Co.,

Inc.

.........

173,370

28,749,947‌

Trex

Co.,

Inc.

(a)

(b)

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

328,117

22,649,917‌

320,259,199‌

Capital

Markets

—

5.6%

Affiliated

Managers

Group,

Inc.

(a)

.........

77,449

14,321,869‌

Carlyle

Group,

Inc.

(The)

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

486,101

24,543,239‌

Evercore,

Inc.

,

Class

A

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

220,689

61,172,784‌

Federated

Hermes,

Inc.

,

Class

B

.........

297,053

12,211,849‌

Hamilton

Lane,

Inc.

,

Class

A

(a)

...........

259,732

38,453,323‌

Houlihan

Lokey,

Inc.

,

Class

A

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

334,024

58,006,608‌

Interactive

Brokers

Group,

Inc.

,

Class

A

.....

678,689

119,903,986‌

Janus

Henderson

Group

plc

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

317,979

13,523,647‌

Jefferies

Financial

Group,

Inc.

...........

536,339

42,048,978‌

Morningstar,

Inc.

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

168,410

56,713,751‌

SEI

Investments

Co.

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

372,363

30,712,500‌

Security

Shares

Shares

Value

Capital

Markets

(continued)

Stifel

Financial

Corp.

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

452,986

$

48,052,755‌

519,665,289‌

Chemicals

—

1.3%

Axalta

Coating

Systems

Ltd.

(b)

...........

733,246

25,091,678‌

Cabot

Corp.

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

190,879

17,429,162‌

NewMarket

Corp.

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

21,106

11,151,355‌

RPM

International,

Inc.

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

457,283

56,273,246‌

Scotts

Miracle-Gro

Co.

(The)

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

98,544

6,537,409‌

116,482,850‌

Commercial

Services

&

Supplies

—

3.0%

Brink's

Co.

(The)

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

136,380

12,651,973‌

Clean

Harbors,

Inc.

(b)

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

315,817

72,682,124‌

MSA

Safety,

Inc.

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

122,838

20,362,855‌

RB

Global,

Inc.

(a)

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

1,149,536

103,699,643‌

Tetra

Tech,

Inc.

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

1,668,791

66,484,633‌

275,881,228‌

Communications

Equipment

—

0.7%

(a)(b)

Ciena

Corp.

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

540,165

45,811,393‌

Lumentum

Holdings,

Inc.

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

269,387

22,615,039‌

68,426,432‌

Construction

&

Engineering

—

3.8%

AECOM

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

442,918

47,312,501‌

Comfort

Systems

USA,

Inc.

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

221,160

93,785,109‌

EMCOR

Group,

Inc.

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

286,751

130,156,279‌

MasTec,

Inc.

(b)

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

383,758

52,244,814‌

Valmont

Industries,

Inc.

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

91,104

27,938,864‌

351,437,567‌

Construction

Materials

—

0.9%

(a)

Eagle

Materials,

Inc.

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

208,992

51,570,866‌

Knife

River

Corp.

(b)

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

352,892

35,867,943‌

87,438,809‌

Consumer

Finance

—

0.6%

FirstCash

Holdings,

Inc.

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

155,729

16,133,524‌

SLM

Corp.

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

1,323,541

36,503,261‌

52,636,785‌

Consumer

Staples

Distribution

&

Retail

—

1.9%

BJ's

Wholesale

Club

Holdings,

Inc.

(b)

.......

388,440

34,707,114‌

Casey's

General

Stores,

Inc.

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

159,636

63,252,572‌

Sprouts

Farmers

Market,

Inc.

(b)

...........

623,286

79,200,952‌

177,160,638‌

Containers

&

Packaging

—

0.6%

AptarGroup,

Inc.

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

219,832

34,535,607‌

Graphic

Packaging

Holding

Co.

..........

728,182

19,777,423‌

54,313,030‌

Diversified

Consumer

Services

—

2.1%

Duolingo,

Inc.

,

Class

A

(b)

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

236,228

76,592,204‌

Grand

Canyon

Education,

Inc.

(b)

..........

179,070

29,331,666‌

H&R

Block,

Inc.

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

854,265

45,139,363‌

Service

Corp.

International

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

549,936

43,895,891‌

194,959,124‌

Diversified

Telecommunication

Services

—

0.1%

Iridium

Communications,

Inc.

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

348,647

10,117,736‌

Electric

Utilities

—

0.2%

IDACORP,

Inc.

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

136,500

14,916,720‌

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

S&P

Mid-Cap

400

Growth

ETF

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

—

1.3%

Acuity

Brands,

Inc.

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

190,511

$

55,653,978‌

nVent

Electric

plc

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

1,027,367

70,025,335‌

125,679,313‌

Electronic

Equipment,

Instruments

&

Components

—

2.4%

Belden,

Inc.

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

251,287

28,297,429‌

Cognex

Corp.

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

428,770

15,375,692‌

Coherent

Corp.

(b)

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

964,086

91,327,867‌

Crane

NXT

Co.

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

122,927

7,156,810‌

Fabrinet

(a)

(b)

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

226,074

49,709,151‌

Novanta,

Inc.

(a)

(b)

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

136,340

20,828,662‌

Vontier

Corp.

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

394,259

14,378,626‌

227,074,237‌

Energy

Equipment

&

Services

—

0.5%

ChampionX

Corp.

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

476,235

12,948,830‌

Valaris

Ltd.

(a)

(b)

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

406,647

17,990,063‌

Weatherford

International

plc

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

217,949

15,611,687‌

46,550,580‌

Entertainment

—

0.8%

TKO

Group

Holdings,

Inc.

,

Class

A

(b)

.......

414,789

58,945,665‌

Warner

Music

Group

Corp.

,

Class

A

.......

424,795

13,168,645‌

72,114,310‌

Financial

Services

—

1.9%

Equitable

Holdings,

Inc.

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

961,724

45,364,521‌

Euronet

Worldwide,

Inc.

(b)

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

152,275

15,659,961‌

MGIC

Investment

Corp.

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

756,093

17,926,965‌

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

.........

428,017

44,419,604‌

Voya

Financial,

Inc.

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

312,695

21,522,797‌

WEX,

Inc.

(a)

(b)

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

173,489

30,416,092‌

175,309,940‌

Food

Products

—

0.7%

Ingredion,

Inc.

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

174,439

23,995,829‌

Lancaster

Colony

Corp.

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

59,095

10,231,708‌

Pilgrim's

Pride

Corp.

(b)

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

251,936

11,435,375‌

Post

Holdings,

Inc.

(b)

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

164,898

18,874,225‌

64,537,137‌

Ground

Transportation

—

1.5%

Ryder

System,

Inc.

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

140,082

21,973,263‌

Saia,

Inc.

(a)

(b)

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

165,777

75,549,552‌

XPO,

Inc.

(a)

(b)

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

355,534

46,628,284‌

144,151,099‌

Health

Care

Equipment

&

Supplies

—

2.2%

(b)

Globus

Medical,

Inc.

,

Class

A

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

708,972

58,639,074‌

Haemonetics

Corp.

(a)

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

182,054

14,214,776‌

Lantheus

Holdings,

Inc.

(a)

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

433,393

38,771,338‌

LivaNova

plc

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

139,140

6,443,574‌

Masimo

Corp.

(a)

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

277,007

45,789,257‌

Penumbra,

Inc.

(a)

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

155,500

36,928,140‌

200,786,159‌

Health

Care

Providers

&

Services

—

2.2%

Chemed

Corp.

(a)

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

43,074

22,820,605‌

Encompass

Health

Corp.

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

445,893

41,178,218‌

Ensign

Group,

Inc.

(The)

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

354,706

47,126,239‌

HealthEquity,

Inc.

(b)

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

544,327

52,228,176‌

Tenet

Healthcare

Corp.

(b)

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

361,594

45,644,011‌

208,997,249‌

Health

Care

REITs

—

0.3%

Omega

Healthcare

Investors,

Inc.

.........

672,394

25,450,113‌

Security

Shares

Shares

Value

Health

Care

Technology

—

0.5%

Doximity,

Inc.

,

Class

A

(b)

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

798,727

$

42,644,034‌

Hotel

&

Resort

REITs

—

0.1%

Park

Hotels

&

Resorts,

Inc.

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

632,092

8,893,534‌

Hotels,

Restaurants

&

Leisure

—

5.2%

Boyd

Gaming

Corp.

(a)

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

251,424

18,238,297‌

Choice

Hotels

International,

Inc.

(a)

.........

138,964

19,730,109‌

Churchill

Downs,

Inc.

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

458,138

61,179,748‌

Hilton

Grand

Vacations,

Inc.

(b)

...........

387,785

15,104,226‌

Hyatt

Hotels

Corp.

,

Class

A

(a)

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

263,610

41,381,498‌

Light

&

Wonder,

Inc.

,

Class

A

(a)

(b)

.........

550,461

47,548,821‌

Planet

Fitness,

Inc.

,

Class

A

(b)

...........

524,734

51,880,451‌

Texas

Roadhouse,

Inc.

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

415,856

75,032,898‌

Travel

+

Leisure

Co.

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

427,517

21,568,233‌

Vail

Resorts,

Inc.

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

124,089

23,260,483‌

Wendy's

Co.

(The)

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

481,565

7,849,509‌

Wingstop,

Inc.

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

182,066

51,743,157‌

Wyndham

Hotels

&

Resorts,

Inc.

.........

484,892

48,872,265‌

483,389,695‌

Household

Durables

—

2.0%

KB

Home

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

228,905

15,043,637‌

Tempur

Sealy

International,

Inc.

..........

638,622

36,203,481‌

Toll

Brothers,

Inc.

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

629,401

79,273,056‌

TopBuild

Corp.

(a)

(b)

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

182,772

56,904,234‌

187,424,408‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Ormat

Technologies,

Inc.

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

161,142

10,912,536‌

Industrial

REITs

—

0.5%

EastGroup

Properties,

Inc.

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

144,988

23,269,124‌

First

Industrial

Realty

Trust,

Inc.

..........

444,792

22,297,423‌

45,566,547‌

Insurance

—

3.4%

American

Financial

Group,

Inc.

..........

197,810

27,086,123‌

Kinsale

Capital

Group,

Inc.

(a)

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

137,907

64,144,683‌

Primerica,

Inc.

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

208,015

56,459,431‌

RenaissanceRe

Holdings

Ltd.

(a)

..........

323,764

80,555,721‌

RLI

Corp.

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

259,914

42,841,625‌

Ryan

Specialty

Holdings,

Inc.

,

Class

A

......

663,211

42,551,618‌

313,639,201‌

IT

Services

—

0.3%

Kyndryl

Holdings,

Inc.

(b)

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

810,205

28,033,093‌

Leisure

Products

—

0.1%

YETI

Holdings,

Inc.

(a)

(b)

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

222,656

8,574,483‌

Life

Sciences

Tools

&

Services

—

1.8%

Bruker

Corp.

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

316,476

18,551,823‌

Illumina,

Inc.

(a)

(b)

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

514,082

68,696,778‌

Medpace

Holdings,

Inc.

(b)

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

158,873

52,782,377‌

Repligen

Corp.

(b)

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

136,087

19,588,363‌

Sotera

Health

Co.

(b)

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

439,714

6,015,287‌

165,634,628‌

Machinery

—

5.0%

Chart

Industries,

Inc.

(a)

(b)

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

262,117

50,022,408‌

Crane

Co.

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

160,531

24,360,579‌

Donaldson

Co.,

Inc.

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

425,231

28,639,308‌

Esab

Corp.

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

354,191

42,481,669‌

Flowserve

Corp.

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

573,155

32,967,876‌

Graco,

Inc.

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

515,732

43,471,050‌

ITT,

Inc.

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

360,697

51,536,387‌

Lincoln

Electric

Holdings,

Inc.

...........

200,483

37,584,548‌

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

S&P

Mid-Cap

400

Growth

ETF

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

(continued)

Mueller

Industries,

Inc.

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

708,959

$

56,262,986‌

RBC

Bearings,

Inc.

(b)

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

194,705

58,244,054‌

Toro

Co.

(The)

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

269,354

21,575,256‌

Watts

Water

Technologies,

Inc.

,

Class

A

.....

86,817

17,649,896‌

464,796,017‌

Marine

Transportation

—

0.4%

Kirby

Corp.

(b)

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

357,796

37,854,817‌

Media

—

0.3%

New

York

Times

Co.

(The)

,

Class

A

........

548,951

28,572,899‌

Metals

&

Mining

—

0.8%

Carpenter

Technology

Corp.

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

310,703

52,729,406‌

Royal

Gold,

Inc.

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

184,242

24,292,308‌

77,021,714‌

Office

REITs

—

0.5%

COPT

Defense

Properties

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

365,497

11,312,132‌

Vornado

Realty

Trust

(a)

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

754,414

31,715,565‌

43,027,697‌

Oil,

Gas

&

Consumable

Fuels

—

2.7%

Antero

Midstream

Corp.

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

1,052,856

15,887,597‌

CNX

Resources

Corp.

(b)

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

930,286

34,113,588‌

DT

Midstream,

Inc.

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

605,614

60,216,200‌

Matador

Resources

Co.

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

462,377

26,013,330‌

Permian

Resources

Corp.

,

Class

A

........

3,966,851

57,043,317‌

Range

Resources

Corp.

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

693,740

24,960,765‌

Viper

Energy,

Inc.

,

Class

A

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

641,653

31,485,913‌

249,720,710‌

Paper

&

Forest

Products

—

0.4%

Louisiana-Pacific

Corp.

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

389,662

40,349,500‌

Passenger

Airlines

—

0.8%

American

Airlines

Group,

Inc.

(b)

...........

4,096,172

71,396,278‌

Personal

Care

Products

—

0.8%

(b)

BellRing

Brands,

Inc.

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

370,367

27,903,450‌

elf

Beauty,

Inc.

(a)

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

351,134

44,084,873‌

71,988,323‌

Professional

Services

—

2.4%

CACI

International,

Inc.

,

Class

A

(b)

........

83,794

33,857,804‌

ExlService

Holdings,

Inc.

(b)

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

1,002,845

44,506,261‌

Exponent,

Inc.

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

190,356

16,960,719‌

Genpact

Ltd.

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

535,252

22,989,073‌

KBR,

Inc.

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

348,133

20,167,345‌

Parsons

Corp.

(b)

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

291,038

26,848,255‌

Paylocity

Holding

Corp.

(b)

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

271,046

54,065,546‌

219,395,003‌

Real

Estate

Management

&

Development

—

0.4%

Jones

Lang

LaSalle,

Inc.

(b)

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

156,745

39,678,429‌

Residential

REITs

—

0.9%

American

Homes

4

Rent

,

Class

A

.........

750,821

28,095,722‌

Equity

LifeStyle

Properties,

Inc.

..........

595,444

39,656,570‌

Independence

Realty

Trust,

Inc.

..........

838,040

16,626,714‌

84,379,006‌

Retail

REITs

—

0.7%

Agree

Realty

Corp.

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

263,360

18,553,712‌

Brixmor

Property

Group,

Inc.

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

1,016,002

28,285,496‌

Kite

Realty

Group

Trust

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

590,333

14,900,005‌

61,739,213‌

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

—

2.3%

Allegro

MicroSystems,

Inc.

(a)

(b)

...........

310,231

$

6,781,650‌

Cirrus

Logic,

Inc.

(b)

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

201,663

20,081,602‌

Lattice

Semiconductor

Corp.

(a)

(b)

..........

420,928

23,845,571‌

MACOM

Technology

Solutions

Holdings,

Inc.

(b)

361,040

46,902,706‌

MKS

Instruments,

Inc.

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

171,543

17,907,374‌

Onto

Innovation,

Inc.

(b)

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

172,863

28,811,076‌

Power

Integrations,

Inc.

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

120,832

7,455,334‌

Rambus,

Inc.

(b)

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

664,328

35,116,378‌

Silicon

Laboratories,

Inc.

(a)

(b)

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

87,202

10,832,232‌

Universal

Display

Corp.

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

126,278

18,461,844‌

216,195,767‌

Software

—

5.6%

(b)

Altair

Engineering,

Inc.

,

Class

A

(a)

.........

234,501

25,586,404‌

Appfolio,

Inc.

,

Class

A

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

143,869

35,495,360‌

Aspen

Technology,

Inc.

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

165,589

41,335,982‌

Blackbaud,

Inc.

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

120,036

8,873,061‌

Commvault

Systems,

Inc.

(a)

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

272,564

41,132,633‌

DocuSign,

Inc.

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

1,265,217

113,793,617‌

Dropbox,

Inc.

,

Class

A

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

845,479

25,398,189‌

Dynatrace,

Inc.

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

1,860,574

101,122,197‌

Manhattan

Associates,

Inc.

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

380,707

102,882,259‌

Qualys,

Inc.

(a)

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

131,985

18,506,937‌

Teradata

Corp.

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

209,338

6,520,879‌

520,647,518‌

Specialized

REITs

—

1.4%

CubeSmart

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

761,016

32,609,536‌

Gaming

&

Leisure

Properties,

Inc.

........

735,408

35,417,249‌

Lamar

Advertising

Co.

,

Class

A

..........

345,336

42,041,205‌

National

Storage

Affiliates

Trust

..........

435,896

16,524,817‌

126,592,807‌

Specialty

Retail

—

6.1%

Abercrombie

&

Fitch

Co.

,

Class

A

(b)

........

318,397

47,590,800‌

Burlington

Stores,

Inc.

(a)

(b)

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

392,582

111,909,425‌

Chewy,

Inc.

,

Class

A

(b)

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

1,026,927

34,391,785‌

Dick's

Sporting

Goods,

Inc.

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

216,331

49,505,186‌

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

....

374,314

37,319,106‌

GameStop

Corp.

,

Class

A

(a)

(b)

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

1,114,152

34,917,524‌

Murphy

USA,

Inc.

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

114,859

57,630,503‌

RH

(b)

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

46,706

18,383,014‌

Valvoline,

Inc.

(a)

(b)

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

804,543

29,108,366‌

Williams-Sonoma,

Inc.

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

787,523

145,833,509‌

566,589,218‌

Technology

Hardware,

Storage

&

Peripherals

—

1.3%

Pure

Storage,

Inc.

,

Class

A

(a)

(b)

...........

1,940,510

119,205,529‌

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Crocs,

Inc.

(a)

(b)

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

363,296

39,791,811‌

Trading

Companies

&

Distributors

—

1.9%

Applied

Industrial

Technologies,

Inc.

.......

239,658

57,390,901‌

Core

&

Main,

Inc.

,

Class

A

(a)

(b)

...........

744,526

37,903,819‌

GATX

Corp.

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

137,711

21,339,697‌

Watsco,

Inc.

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

134,608

63,789,385‌

180,423,802‌

Total

Long-Term

Investments

—

99

.3

%

(Cost:

$

7,384,375,395

)

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

9,212,144,283‌

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

S&P

Mid-Cap

400

Growth

ETF

4

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

December

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

3.6%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.63

%

(e)

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

277,064,981

$

277,203,514‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.44

%

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

55,713,189

55,713,189‌

Total

Short-Term

Securities

—

3

.6

%

(Cost:

$

332,673,417

)

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

332,916,703‌

Total

Investments

—

102

.9

%

(Cost:

$

7,717,048,812

)

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

9,545,060,986‌

Liabilities

in

Excess

of

Other

Assets

—

(

2.9

)

%

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

(

273,073,051‌

)

Net

Assets

—

100.0%

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

$

9,271,987,935‌

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/24

Shares

Held

at

12/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

472,685,493

$

—

$

(

195,503,377

)

(a)

$

66,753

$

(

45,355

)

$

277,203,514

277,064,981

$

819,203

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

31,639,348

24,073,841

(a)

—

—

—

55,713,189

55,713,189

1,065,317

—

$

66,753

$

(

45,355

)

$

332,916,703

$

1,884,520

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

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

33

03/21/25

$

10,384

$

(

10,505

)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

S&P

Mid-Cap

400

Growth

ETF

5

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Goldman

Sachs

Bank

USA

(b)

08/19/26

$

38,325,049‌

$

480,250‌

(c)

$

38,846,382‌

0

.4‌

%

Monthly

HSBC

Bank

plc

(d)

02/09/28

3,891,835‌

22,208‌

(e)

3,925,959‌

0

.0‌

Monthly

JPMorgan

Chase

Bank

NA

(f)

01/09/25

3,734,908‌

22,184‌

(g)

3,767,657‌

0

.0‌

$

524,642‌

$

46,539,998‌

(b)

(d)

(f)

Range:

40

basis

points

40

basis

points

40

basis

points

Benchmarks:

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

Goldman

Sachs

USA

(c)

Amount

includes

$(41,083)

of

net

dividends

and

financing

fees.

(d)

HSBC

(e)

Amount

includes

$(11,916)

of

net

dividends

and

financing

fees.

(f)

JPMChase

(g)

Amount

includes

$(10,565)

of

net

dividends

and

financing

fees.

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

S&P

Mid-Cap

400

Growth

ETF

6

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

as

of

period

end,

termination

date

August

19,

2026:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

–

Financial

Services

Equitable

Holdings,

Inc.

.....

823,540‌

$

38,846,382‌

100

.0‌

%

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

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

$

38,846,382‌

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

9,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

–

Financial

Services

Equitable

Holdings,

Inc.

.....

83,230‌

$

3,925,959‌

100

.0‌

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

3,925,959‌

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

January

9,

2025:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

–

Financial

Services

Equitable

Holdings,

Inc.

.....

79,874‌

$

3,767,657‌

100

.0‌

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

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

$

3,767,657‌

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

S&P

Mid-Cap

400

Growth

ETF

7

Fair

Value

Hierarchy

as

of

Period

End

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.

There

may

not

be

a

secondary

market,

and/

or

there

are

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.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

9,212,144,283

$

—

$

—

$

9,212,144,283

Short-Term

Securities

Money

Market

Funds

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

332,916,703

—

—

332,916,703

$

9,545,060,986

$

—

$

—

$

9,545,060,986

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

—

$

524,642

$

—

$

524,642

Liabilities

Equity

contracts

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

(

10,505

)

—

—

(

10,505

)

$

(

10,505

)

$

524,642

$

—

$

514,137

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Portfolio

Abbreviation

OTC

Over-the-counter

REIT

Real

Estate

Investment

Trust