Schedule of Investments  (unaudited) July 31, 2020 iShares^® Morningstar Large-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.3%
Boeing Co. (The)		38,581	$	6,095,798
General Dynamics Corp.		16,790		2,463,765
Raytheon Technologies Corp.		105,846		5,999,351
				14,558,914
Air Freight & Logistics — 1.6%
United Parcel Service Inc., Class B		50,673		7,234,077
Automobiles — 0.5%
General Motors Co.		91,057		2,266,409
Banks — 13.4%
Bank of America Corp.		561,252		13,963,950
Citigroup Inc.		149,762		7,489,598
JPMorgan Chase & Co.		218,951		21,159,425
PNC Financial Services Group Inc. (The)		30,590		3,263,035
Truist Financial Corp.		97,112		3,637,815
U.S. Bancorp		98,798		3,639,718
Wells Fargo & Co.		268,457		6,512,767
				59,666,308
Biotechnology — 2.1%
Biogen Inc.(a)		11,768		3,232,552
Gilead Sciences Inc.		90,243		6,274,596
				9,507,148
Capital Markets — 2.4%
Bank of New York Mellon Corp. (The)		58,272		2,089,051
Goldman Sachs Group Inc. (The)		22,292		4,412,924
Morgan Stanley		86,269		4,216,829
				10,718,804
Chemicals — 1.1%
Dow Inc.(a)		53,573		2,199,707
DuPont de Nemours Inc.		48,469		2,592,122
				4,791,829
Communications Equipment — 3.2%
Cisco Systems Inc.		304,839		14,357,917
Consumer Finance — 0.5%
Capital One Financial Corp.		32,896		2,098,765
Diversified Telecommunication Services — 7.3%
AT&T Inc.		512,128		15,148,746
Verizon Communications Inc.		297,397		17,094,380
				32,243,126
Electric Utilities — 3.8%
American Electric Power Co. Inc.		35,748		3,105,786
Duke Energy Corp.		52,938		4,485,966
Exelon Corp.		70,340		2,715,828
Southern Co. (The)		76,083		4,154,893
Xcel Energy Inc.		37,930		2,618,687
				17,081,160
Electrical Equipment — 0.6%
Eaton Corp. PLC		28,884		2,689,967
Equity Real Estate Investment Trusts (REITs) — 0.5%
Public Storage		10,880		2,174,694
Food & Staples Retailing — 3.8%
Sysco Corp.		36,780		1,943,823
Walgreens Boots Alliance Inc.		46,883		1,908,607

Security	Shares		Value
Food & Staples Retailing (continued)
Walmart Inc.		101,796	$	13,172,402
				17,024,832
Food Products — 2.3%
General Mills Inc.		43,734		2,767,050
Kraft Heinz Co. (The)		45,206		1,554,182
Mondelez International Inc., Class A		102,749		5,701,542
				10,022,774
Health Care Providers & Services — 1.9%
CVS Health Corp.		94,073		5,920,955
HCA Healthcare Inc.		19,047		2,412,112
				8,333,067
Hotels, Restaurants & Leisure — 0.6%
Las Vegas Sands Corp.		24,466		1,067,696
Marriott International Inc./MD, Class A		19,484		1,633,246
				2,700,942
Household Products — 7.2%
Colgate-Palmolive Co.		61,686		4,762,159
Kimberly-Clark Corp.		24,542		3,731,366
Procter & Gamble Co. (The)		177,892		23,325,199
				31,818,724
Industrial Conglomerates — 2.2%
3M Co.		41,397		6,229,006
General Electric Co.		586,880		3,562,362
				9,791,368
Insurance — 2.3%
Aflac Inc.		51,906		1,846,296
Allstate Corp. (The)		22,744		2,146,806
Chubb Ltd.		32,515		4,137,209
MetLife Inc.		55,836		2,113,393
				10,243,704
Internet & Direct Marketing Retail — 0.6%
eBay Inc.		47,692		2,636,414
IT Services — 1.8%
International Business Machines Corp.		63,870		7,852,178
Machinery — 2.9%
Caterpillar Inc.		38,970		5,178,334
Deere & Co.		22,546		3,975,085
Illinois Tool Works Inc.		20,721		3,833,178
				12,986,597
Media — 3.1%
Comcast Corp., Class A		327,394		14,012,463
Multi-Utilities — 2.0%
Consolidated Edison Inc.		24,181		1,857,826
Dominion Energy Inc.		60,442		4,897,616
WEC Energy Group Inc.		22,793		2,171,261
				8,926,703
Multiline Retail — 1.0%
Target Corp.		36,014		4,533,442
Oil, Gas & Consumable Fuels — 6.9%
Chevron Corp.		134,227		11,267,014
ConocoPhillips		71,281		2,665,197
Exxon Mobil Corp.		303,947		12,790,090
Kinder Morgan Inc./DE		140,848		1,985,957
Phillips 66		31,571		1,958,033
				30,666,291

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Schedule of Investments  (unaudited) (continued) July 31, 2020 iShares^® Morningstar Large-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 9.7%
Johnson & Johnson		189,289	$	27,590,765
Pfizer Inc.		399,261		15,363,563
				42,954,328
Road & Rail — 1.7%
CSX Corp.		55,157		3,934,900
Norfolk Southern Corp.		18,466		3,549,350
				7,484,250
Semiconductors & Semiconductor Equipment — 6.2%
Broadcom Inc.		28,755		9,108,146
Intel Corp.		304,336		14,525,958
Micron Technology Inc.(a)		80,148		4,011,808
				27,645,912
Tobacco — 3.2%
Altria Group Inc.		133,803		5,505,994
Philip Morris International Inc.		111,993		8,602,182
				14,108,176
Total Common Stocks — 99.7% (Cost: $435,691,477)				443,131,283

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares,     0.12%(b)(c)		1,320,000	$	1,320,000
Total Short-Term Investments — 0.3% (Cost: $1,320,000)				1,320,000
Total Investments in Securities — 100.0% (Cost: $437,011,477)				444,451,283
Other Assets, Less Liabilities — (0.0)%				(125,116	)
Net Assets — 100.0%			$	444,326,167

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2020, for purposes of Section 2(a)(3) of the Investment CompanyAct of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 07/31/20		Shares Held at 07/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	0	(b)	$	—	$	—	$	—	$	—		—	$	33	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,210,000		110,000	(b)		—		—		—		1,320,000		1,320,000		376			—
								$	—	$	—	$	1,320,000			$	409		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

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

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		3		09/18/20	$	490	$	12,877
S&P Select Sector Consumer Staples E-Mini Index		3		09/18/20		188		4,904
S&P Select Sector Financial E-Mini Index		6		09/18/20		443		13,099
							$	30,880

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.

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Schedule of Investments  (unaudited) (continued) July 31, 2020 iShares^® Morningstar Large-Cap Value ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of July 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	443,131,283	$	—	$	—	$	443,131,283
Money Market Funds		1,320,000		—		—		1,320,000
	$	444,451,283	$	—	$	—	$	444,451,283
Derivative financial instruments(a)
Assets
Futures Contracts	$	30,880	$	—	$	—	$	30,880

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

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