| Schedule of Investments (unaudited) | iShares® Morningstar Large-Cap Value ETF |
| January 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 2.8% | ||||||||
| Boeing Co. (The) | 33,829 | $ | 6,569,254 | |||||
| General Dynamics Corp. | 14,818 | 2,173,504 | ||||||
| Raytheon Technologies Corp. | 96,818 | 6,460,665 | ||||||
| 15,203,423 | ||||||||
| Automobiles — 0.8% | ||||||||
| General Motors Co. | 80,295 | 4,069,351 | ||||||
| Banks — 12.3% | ||||||||
| Bank of America Corp. | 485,306 | 14,389,323 | ||||||
| Citigroup Inc. | 132,724 | 7,696,665 | ||||||
| JPMorgan Chase & Co. | 194,322 | 25,003,412 | ||||||
| PNC Financial Services Group Inc. (The) | 27,011 | 3,876,619 | ||||||
| Truist Financial Corp. | 85,942 | 4,123,497 | ||||||
| U.S. Bancorp | 87,392 | 3,744,747 | ||||||
| Wells Fargo & Co. | 263,572 | 7,875,531 | ||||||
| 66,709,794 | ||||||||
| Beverages — 5.0% | ||||||||
| Coca-Cola Co. (The) | 246,564 | 11,872,057 | ||||||
| Constellation Brands Inc., Class A | 10,806 | 2,279,310 | ||||||
| Keurig Dr Pepper Inc. | 36,890 | 1,173,102 | ||||||
| PepsiCo Inc. | 88,099 | 12,031,680 | ||||||
| 27,356,149 | ||||||||
| Biotechnology — 5.3% | ||||||||
| AbbVie Inc. | 112,548 | 11,533,919 | ||||||
| Amgen Inc. | 37,113 | 8,960,191 | ||||||
| Biogen Inc.(a) | 9,810 | 2,772,404 | ||||||
| Gilead Sciences Inc. | 79,911 | 5,242,162 | ||||||
| 28,508,676 | ||||||||
| Capital Markets — 3.5% | ||||||||
| Bank of New York Mellon Corp. (The) | 51,971 | 2,070,005 | ||||||
| Charles Schwab Corp. (The) | 95,094 | 4,901,145 | ||||||
| Goldman Sachs Group Inc. (The) | 21,934 | 5,947,843 | ||||||
| Morgan Stanley | 91,115 | 6,109,260 | ||||||
| 19,028,253 | ||||||||
| Chemicals — 1.1% | ||||||||
| Dow Inc. | 47,287 | 2,454,195 | ||||||
| DuPont de Nemours Inc.(b) | 46,782 | 3,716,830 | ||||||
| 6,171,025 | ||||||||
| Communications Equipment — 2.2% | ||||||||
| Cisco Systems Inc. | 269,375 | 12,008,737 | ||||||
| Consumer Finance — 0.6% | ||||||||
| Capital One Financial Corp. | 29,159 | 3,040,117 | ||||||
| Diversified Telecommunication Services — 5.1% | ||||||||
| AT&T Inc. | 454,280 | 13,006,036 | ||||||
| Verizon Communications Inc. | 263,802 | 14,443,160 | ||||||
| 27,449,196 | ||||||||
| Electric Utilities — 2.9% | ||||||||
| American Electric Power Co. Inc. | 31,645 | 2,560,397 | ||||||
| Duke Energy Corp. | 46,917 | 4,410,198 | ||||||
| Exelon Corp. | 62,193 | 2,584,741 | ||||||
| Southern Co. (The) | 67,335 | 3,967,378 | ||||||
| Xcel Energy Inc. | 33,498 | 2,143,537 | ||||||
| 15,666,251 | ||||||||
| Electrical Equipment — 1.1% | ||||||||
| Eaton Corp. PLC | 25,410 | 2,990,757 | ||||||
| Security | Shares | Value | ||||||
| Electrical Equipment (continued) | ||||||||
| Emerson Electric Co. | 38,125 | $ | 3,025,219 | |||||
| 6,015,976 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 0.4% | ||||||||
| Public Storage | 9,696 | 2,207,003 | ||||||
| Food & Staples Retailing — 2.3% | ||||||||
| Walmart Inc. | 88,379 | 12,416,366 | ||||||
| Food Products — 1.6% | ||||||||
| General Mills Inc. | 38,970 | 2,264,157 | ||||||
| Kraft Heinz Co. (The) | 41,275 | 1,383,125 | ||||||
| Mondelez International Inc., Class A | 91,172 | 5,054,576 | ||||||
| 8,701,858 | ||||||||
| Health Care Equipment & Supplies — 2.7% | ||||||||
| Becton Dickinson and Co. | 18,490 | 4,840,497 | ||||||
| Medtronic PLC. | 85,809 | 9,553,116 | ||||||
| 14,393,613 | ||||||||
| Health Care Providers & Services — 1.6% | ||||||||
| CVS Health Corp. | 83,442 | 5,978,619 | ||||||
| HCA Healthcare Inc. | 16,826 | 2,733,889 | ||||||
| 8,712,508 | ||||||||
| Hotels, Restaurants & Leisure — 0.6% | ||||||||
| Las Vegas Sands Corp. | 20,905 | 1,005,321 | ||||||
| Marriott International Inc./MD, Class A | 16,954 | 1,971,920 | ||||||
| 2,977,241 | ||||||||
| Household Products — 5.1% | ||||||||
| Colgate-Palmolive Co. | 54,645 | 4,262,310 | ||||||
| Kimberly-Clark Corp. | 21,683 | 2,864,324 | ||||||
| Procter & Gamble Co. (The) | 158,074 | 20,266,668 | ||||||
| 27,393,302 | ||||||||
| Industrial Conglomerates — 3.9% | ||||||||
| 3M Co. | 36,772 | 6,459,369 | ||||||
| General Electric Co. | 558,438 | 5,964,118 | ||||||
| Honeywell International Inc. | 44,732 | 8,739,291 | ||||||
| 21,162,778 | ||||||||
| Insurance — 1.2% | ||||||||
| Chubb Ltd. | 28,775 | 4,191,654 | ||||||
| MetLife Inc. | 48,766 | 2,348,083 | ||||||
| 6,539,737 | ||||||||
| IT Services — 1.7% | ||||||||
| Cognizant Technology Solutions Corp., Class A | 34,083 | 2,656,770 | ||||||
| International Business Machines Corp. | 56,805 | 6,766,043 | ||||||
| 9,422,813 | ||||||||
| Machinery — 2.2% | ||||||||
| Caterpillar Inc. | 34,632 | 6,332,115 | ||||||
| Cummins Inc. | 9,435 | 2,211,753 | ||||||
| Illinois Tool Works Inc. | 18,362 | 3,566,084 | ||||||
| 12,109,952 | ||||||||
| Media — 2.7% | ||||||||
| Comcast Corp., Class A | 291,073 | 14,428,489 | ||||||
| Multi-Utilities — 1.5% | ||||||||
| Dominion Energy Inc. | 52,008 | 3,790,863 | ||||||
| Sempra Energy | 18,390 | 2,275,947 | ||||||
| WEC Energy Group Inc. | 20,108 | 1,787,601 | ||||||
| 7,854,411 | ||||||||
| Oil, Gas & Consumable Fuels — 4.8% | ||||||||
| Chevron Corp. | 122,721 | 10,455,829 | ||||||
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| Schedule of Investments (unaudited) (continued) | iShares® Morningstar Large-Cap Value ETF |
| January 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||
| ConocoPhillips | 86,326 | $ | 3,455,630 | |||||
| Exxon Mobil Corp. | 269,547 | 12,086,487 | ||||||
| 25,997,946 | ||||||||
| Pharmaceuticals — 11.3% | ||||||||
| Bristol-Myers Squibb Co. | 144,058 | 8,849,483 | ||||||
| Johnson & Johnson | 167,823 | 27,376,966 | ||||||
| Merck & Co. Inc. | 161,289 | 12,430,543 | ||||||
| Pfizer Inc. | 354,346 | 12,721,022 | ||||||
| 61,378,014 | ||||||||
| Road & Rail — 3.0% | ||||||||
| CSX Corp. | 48,754 | 4,180,899 | ||||||
| Norfolk Southern Corp. | 16,191 | 3,831,115 | ||||||
| Union Pacific Corp. | 42,958 | 8,482,916 | ||||||
| 16,494,930 | ||||||||
| Semiconductors & Semiconductor Equipment — 5.8% | ||||||||
| Broadcom Inc. | 25,787 | 11,617,044 | ||||||
| Intel Corp. | 261,246 | 14,501,765 | ||||||
| Micron Technology Inc.(a) | 70,967 | 5,554,587 | ||||||
| 31,673,396 | ||||||||
| Software — 1.3% | ||||||||
| Oracle Corp. | 120,924 | 7,307,437 | ||||||
| Tobacco — 2.4% | ||||||||
| Altria Group Inc. | 118,473 | 4,866,871 | ||||||
| Philip Morris International Inc. | 99,278 | 7,907,493 | ||||||
| 12,774,364 | ||||||||
| Security | Shares | Value | ||||||
| Wireless Telecommunication Services — 0.9% | ||||||||
| T-Mobile U.S. Inc.(a) | 37,188 | $ | 4,688,663 | |||||
| Total Common Stocks — 99.7% | ||||||||
| (Cost: $486,640,165) | 539,861,769 | |||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 0.8% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.14%(c)(d)(e) | 3,830,173 | 3,832,471 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d) | 620,000 | 620,000 | ||||||
| 4,452,471 | ||||||||
| Total Short-Term Investments — 0.8% | ||||||||
| (Cost: $4,452,471) | 4,452,471 | |||||||
| Total Investments in Securities — 100.5% | ||||||||
| (Cost: $491,092,636) | 544,314,240 | |||||||
| Other Assets, Less Liabilities — (0.5)% | (2,507,352 | ) | ||||||
| Net Assets — 100.0% | $ | 541,806,888 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period-end. |
| (e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act 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 01/31/21 | Shares Held at 01/31/21 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | — | $ | 3,832,471 | (a) | $ | — | $ | — | $ | — | $ | 3,832,471 | 3,830,173 | $ | 328 | (b) | $ | — | |||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 1,210,000 | — | (590,000 | )(a) | — | — | 620,000 | 620,000 | 832 | — | ||||||||||||||||||||||||||
| $ | — | $ | — | $ | 4,452,471 | $ | 1,160 | $ | — | |||||||||||||||||||||||||||
| (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 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 | 2 | 03/19/21 | $ | 370 | $ | (3,984 | ) | |||||||
| S&P Select Sector Consumer Staples E-Mini Index | 10 | 03/19/21 | 644 | (21,861 | ) | |||||||||
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| Schedule of Investments (unaudited) (continued) | iShares® Morningstar Large-Cap Value ETF |
| January 31, 2021 |
Futures Contracts (continued)
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||
| S&P Select Sector Financial E-Mini Index | 9 | 03/19/21 | $ | 801 | $ | (15,131 | ) | |||||||
| $ | (40,976 | ) | ||||||||||||
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.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2021. 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 | $ | 539,861,769 | $ | — | $ | — | $ | 539,861,769 | ||||||||
| Money Market Funds | 4,452,471 | — | — | 4,452,471 | ||||||||||||
| $ | 544,314,240 | $ | — | $ | — | $ | 544,314,240 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Futures Contracts | $ | (40,976 | ) | $ | — | $ | — | $ | (40,976 | ) | ||||||
| (a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
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