iShares

®

U.S.

Infrastructure

ETF

Schedule

of

Investments

(unaudited)

June

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

1

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aluminum

 — 1.1%

Century

Aluminum

Co.

(a)

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

825,996

$

13,835,433

Kaiser

Aluminum

Corp.

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

143,747

12,635,361

26,470,794

a

Automotive

Parts

&

Equipment

 — 0.5%

XPEL,

Inc.

(a)(b)

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

333,648

11,864,523

a

Building

Products

 — 6.0%

Advanced

Drainage

Systems,

Inc.

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

80,705

12,944,275

Apogee

Enterprises,

Inc.

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

212,397

13,345,966

Armstrong

World

Industries,

Inc.

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

115,469

13,075,710

AZEK

Co.,

Inc.

(The),

Class

A

(a)

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

294,555

12,409,602

Builders

FirstSource,

Inc.

(a)

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

89,274

12,356,414

Carlisle

Companies,

Inc.

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

31,942

12,943,218

Gibraltar

Industries,

Inc.

(a)

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

186,451

12,781,216

Insteel

Industries,

Inc.

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

425,930

13,186,793

Owens

Corning

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

73,963

12,848,852

Simpson

Manufacturing

Co.,

Inc.

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

81,248

13,692,725

Trex

Co.,

Inc.

(a)

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

163,290

12,103,055

141,687,826

a

Commodity

Chemicals

 — 3.8%

AdvanSix,

Inc.

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

554,051

12,698,849

Hawkins,

Inc.

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

150,907

13,732,537

Koppers

Holdings,

Inc.

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

314,702

11,640,827

LyondellBasell

Industries

NV,

Class

A

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

136,191

13,028,031

Mativ

Holdings,

Inc.

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

778,240

13,198,950

Olin

Corp.

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

260,815

12,297,427

Westlake

Corp.

(b)

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

85,347

12,359,953

88,956,574

a

Construction

&

Engineering

 — 12.2%

AECOM

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

152,203

13,415,172

API

Group

Corp.

(a)(b)

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

349,638

13,156,878

Argan,

Inc.

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

171,362

12,536,844

Bowman

Consulting

Group,

Ltd.

(a)(b)

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

431,418

13,714,778

Comfort

Systems

USA,

Inc.

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

42,929

13,055,567

Construction

Partners,

Inc.,

Class

A

(a)(b)

...........

243,775

13,458,818

EMCOR

Group,

Inc.

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

34,795

12,702,959

Fluor

Corp.

(a)

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

295,252

12,858,225

Granite

Construction,

Inc.

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

220,740

13,679,258

Great

Lakes

Dredge

&

Dock

Corp.

(a)

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

1,482,293

13,014,532

Limbach

Holdings,

Inc.

(a)(b)

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

227,963

12,977,934

MasTec,

Inc.

(a)

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

122,182

13,072,252

Matrix

Service

Co.

(a)

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

1,204,705

11,962,721

MDU

Resources

Group,

Inc.

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

534,613

13,418,786

MYR

Group,

Inc.

(a)

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

88,472

12,006,535

Northwest

Pipe

Co.

(a)

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

387,180

13,152,505

Primoris

Services

Corp.

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

249,313

12,438,226

Quanta

Services,

Inc.

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

48,576

12,342,676

Stantec,

Inc.,

ADR

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

159,321

13,311,269

Sterling

Infrastructure,

Inc.

(a)

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

116,041

13,732,292

Tutor

Perini

Corp.

(a)

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

658,292

14,337,600

Valmont

Industries,

Inc.

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

51,059

14,013,142

288,358,969

a

Construction

Machinery

&

Heavy

Transportation

Equipment

 — 2.7%

Astec

Industries,

Inc.

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

420,715

12,478,407

Greenbrier

Companies,

Inc.

(The)

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

256,832

12,726,026

Oshkosh

Corp.

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

118,750

12,848,750

Terex

Corp.

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

230,922

12,663,762

Trinity

Industries,

Inc.

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

445,851

13,339,862

64,056,807

a

Security

Shares

Value

a

Construction

Materials

 — 3.4%

Eagle

Materials,

Inc.

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

58,120

$

12,638,775

Knife

River

Corp.

(a)

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

190,286

13,346,660

Martin

Marietta

Materials,

Inc.

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

23,706

12,843,911

Summit

Materials,

Inc.,

Class

A

(a)

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

346,208

12,674,675

United

States

Lime

&

Minerals,

Inc.

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

40,545

14,765,678

Vulcan

Materials

Co.

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

52,839

13,140,002

79,409,701

a

Copper

 — 0.6%

Taseko

Mines,

Ltd.

(a)(b)

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

5,510,124

13,499,804

a

Distributors

 — 0.5%

Pool

Corp.

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

38,311

11,774,120

a

Diversified

Chemicals

 — 0.5%

LSB

Industries,

Inc.

(a)(b)

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

1,416,377

11,585,964

a

Diversified

Metals

&

Mining

 — 0.4%

Compass

Minerals

International,

Inc.

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

976,008

10,082,163

a

Electric

Utilities

 — 18.7%

ALLETE,

Inc.

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

274,189

17,095,684

Alliant

Energy

Corp.

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

344,021

17,510,669

American

Electric

Power

Co.,

Inc.

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

195,314

17,136,850

Avangrid,

Inc.

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

484,448

17,212,437

Constellation

Energy

Corp.

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

87,099

17,443,317

Duke

Energy

Corp.

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

167,830

16,821,601

Edison

International

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

233,129

16,740,993

Entergy

Corp.

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

158,779

16,989,353

Evergy,

Inc.

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

325,645

17,249,416

Eversource

Energy

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

294,415

16,696,275

Exelon

Corp.

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

476,162

16,479,967

FirstEnergy

Corp.

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

444,265

17,002,022

Fortis,

Inc.,

ADR

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

431,064

16,742,526

Hawaiian

Electric

Industries,

Inc.

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

1,675,363

15,111,774

IDACORP,

Inc.

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

188,009

17,513,038

MGE

Energy,

Inc.

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

224,130

16,746,994

NextEra

Energy,

Inc.

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

228,767

16,198,991

NRG

Energy,

Inc.

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

221,416

17,239,450

OGE

Energy

Corp.

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

487,042

17,387,399

PG&E

Corp.

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

955,514

16,683,274

Pinnacle

West

Capital

Corp.

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

227,852

17,403,336

PNM

Resources,

Inc.

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

462,977

17,111,630

Portland

General

Electric

Co.

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

402,947

17,423,428

PPL

Corp.

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

607,068

16,785,430

Southern

Co.

(The)

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

221,274

17,164,224

Xcel

Energy,

Inc.

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

315,065

16,827,622

440,717,700

a

Environmental

&

Facilities

Services

 — 1.2%

Enviri

Corp.

(a)(b)

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

1,602,331

13,828,116

Tetra

Tech,

Inc.

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

64,256

13,139,067

26,967,183

a

Forest

Products

 — 1.1%

Louisiana-Pacific

Corp.

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

145,133

11,948,800

West

Fraser

Timber

Co.,

Ltd.

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

167,686

12,890,023

24,838,823

a

Gas

Utilities

 — 4.2%

Atmos

Energy

Corp.

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

150,252

17,526,896

Chesapeake

Utilities

Corp.

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

159,555

16,944,741

Northwest

Natural

Holding

Co.

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

477,479

17,241,767

ONE

Gas,

Inc.

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

285,378

18,221,385

Southwest

Gas

Holdings,

Inc.

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

176,260

12,405,179

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

iShares

®

U.S.

Infrastructure

ETF

(Percentages

shown

are

based

on

Net

Assets)

2

Security

Shares

Value

a

Gas

Utilities

(continued)

Spire,

Inc.

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

288,687

$

17,531,961

99,871,929

a

Homebuilding

 — 0.5%

TopBuild

Corp.

(a)

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

32,478

12,512,799

a

Household

Appliances

 — 0.5%

Worthington

Enterprises,

Inc.

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

244,964

11,594,146

a

Independent

Power

Producers

&

Energy

Traders

 — 0.7%

Vistra

Corp.

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

202,724

17,430,209

a

Industrial

Machinery

&

Supplies

&

Components

 — 1.2%

Luxfer

Holdings

PLC

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

1,149,559

13,323,389

Mueller

Industries,

Inc.

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

236,436

13,462,666

26,786,055

a

Multi-Utilities

 — 10.9%

Algonquin

Power

&

Utilities

Corp.,

ADR

...........

2,899,450

16,990,777

Ameren

Corp.

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

242,336

17,232,513

Avista

Corp.

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

492,031

17,029,193

Black

Hills

Corp.

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

321,694

17,493,720

CenterPoint

Energy,

Inc.

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

571,619

17,708,757

CMS

Energy

Corp.

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

284,455

16,933,606

Consolidated

Edison,

Inc.

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

188,263

16,834,477

Dominion

Energy,

Inc.

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

335,286

16,429,014

DTE

Energy

Co.

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

153,535

17,043,920

NiSource,

Inc.

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

609,817

17,568,828

Northwestern

Energy

Group,

Inc.

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

341,245

17,089,550

Public

Service

Enterprise

Group,

Inc.

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

236,638

17,440,221

Sempra

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

228,940

17,413,176

Unitil

Corp.

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

339,088

17,561,367

WEC

Energy

Group,

Inc.

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

215,689

16,922,959

257,692,078

a

Oil

&

Gas

Equipment

&

Services

 — 1.1%

Atlas

Energy

Solutions,

Inc.

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

616,309

12,283,038

U.S.

Silica

Holdings,

Inc.

(a)

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

841,972

13,008,468

25,291,506

a

Oil

&

Gas

Storage

&

Transportation

 — 8.1%

Antero

Midstream

Corp.

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

1,191,004

17,555,399

DT

Midstream,

Inc.

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

252,494

17,934,649

Enbridge,

Inc.

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

482,286

17,164,559

EnLink

Midstream

LLC

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

1,317,474

18,128,442

Equitrans

Midstream

Corp.

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

1,228,490

15,945,800

Kinder

Morgan,

Inc.,

Class

P

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

879,003

17,465,790

Kinetik

Holdings,

Inc.,

Class

A

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

432,327

17,915,631

New

Fortress

Energy,

Inc.,

Class

A

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

739,808

16,260,980

ONEOK,

Inc.

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

219,271

17,881,550

TC

Energy

Corp.,

ADR

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

437,458

16,579,658

Williams

Companies,

Inc.

(The)

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

423,720

18,008,100

190,840,558

a

Rail

Transportation

 — 2.2%

CSX

Corp.

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

526,597

17,614,670

Norfolk

Southern

Corp.

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

76,864

16,501,932

Union

Pacific

Corp.

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

75,655

17,117,700

51,234,302

a

Research

&

Consulting

Services

 — 1.1%

Jacobs

Solutions,

Inc.

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

93,909

13,120,026

NV5

Global,

Inc.

(a)

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

142,008

13,202,484

26,322,510

a

Security

Shares

Value

a

Specialty

Chemicals

 — 1.5%

Eastman

Chemical

Co.

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

126,418

$

12,385,172

Ecovyst,

Inc.

(a)

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

1,412,898

12,673,695

Ingevity

Corp.

(a)

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

272,365

11,905,074

36,963,941

a

Steel

 — 7.0%

Algoma

Steel

Group,

Inc.

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

1,753,930

12,207,353

ATI,

Inc.

(a)

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

224,259

12,435,161

Carpenter

Technology

Corp.

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

125,546

13,757,331

Cleveland-Cliffs,

Inc.

(a)

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

828,085

12,744,228

Commercial

Metals

Co.

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

249,753

13,733,917

Haynes

International,

Inc.

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

222,380

13,053,706

Metallus,

Inc.

(a)

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

585,343

11,864,903

Nucor

Corp.

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

81,264

12,846,213

Olympic

Steel,

Inc.

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

261,179

11,708,655

Reliance,

Inc.

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

45,509

12,997,370

Ryerson

Holding

Corp.

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

582,731

11,363,254

Steel

Dynamics,

Inc.

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

104,228

13,497,526

United

States

Steel

Corp.

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

341,872

12,922,762

165,132,379

a

Trading

Companies

&

Distributors

 — 2.1%

BlueLinx

Holdings,

Inc.

(a)

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

133,991

12,473,222

Boise

Cascade

Co.

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

101,304

12,077,463

H&E

Equipment

Services,

Inc.

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

290,006

12,809,565

United

Rentals,

Inc.

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

20,335

13,151,255

50,511,505

a

Water

Utilities

 — 6.0%

American

States

Water

Co.

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

243,793

17,692,058

American

Water

Works

Co.,

Inc.

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

134,472

17,368,403

Artesian

Resources

Corp.,

Class

A,

NVS

(c)

.........

505,273

17,765,399

California

Water

Service

Group

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

362,383

17,571,952

Essential

Utilities,

Inc.

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

466,485

17,413,885

Middlesex

Water

Co.

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

327,998

17,141,175

SJW

Group

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

327,433

17,753,417

York

Water

Co.

(The)

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

475,742

17,645,271

140,351,560

a

Total

Long-Term Investments

— 99.8%

(Cost:

$2,168,967,993)

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

2,352,806,428

a

Short-Term

Securities

Money

Market

Funds

 — 

0.8%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.48%

(c)(d)(e)

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

15,172,841

15,177,393

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.28%

(c)(d)

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

4,360,316

4,360,316

a

Total

Short-Term

Securities — 0.8%

(Cost:

$19,530,122)

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

19,537,709

Total

Investments

—

100.6%

(Cost:

$2,188,498,115)

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

2,372,344,137

Liabilities

in

Excess

of

Other

Assets

—

(0.6)%

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

(15,255,260)

Net

Assets

—

100.0%

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

$

2,357,088,877

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

U.S.

Infrastructure

ETF

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

3

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

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

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(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. 

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

June

30,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/24

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/24

  Shares

Held

at

06/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

Artesian

Resources

Corp.

(a)

.....

N/A

$

1,598,567

‌

$

(124,377

)

$

(4,273

)

$

(916,543

)

$

17,765,399

‌

505,273

‌

$

139,826

‌

$

—

‌

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

42,165,349

‌

—

‌

(26,984,873

)

(b)

2,104

‌

(5,187

)

15,177,393

‌

15,172,841

‌

18,330

(c)

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.....

4,277,258

‌

83,058

(b)

—

‌

—

‌

—

‌

4,360,316

‌

4,360,316

‌

51,102

‌

—

‌

$

(2,169

)

$

(921,730

)

$

37,303,108

‌

$

209,258

‌

$

—

‌

(a)

As

of

the

beginning

of

the

period,

the

entity

was

not

considered

an

affiliate.

(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

E-Mini

Energy

Select

Sector

Index

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

2

09/20/24

$

193

$

5,944

E-Mini

S&P

MidCap

400

Index

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

9

09/20/24

2,662

19,497

E-Mini

Utilities

Select

Sector

Index

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

19

09/20/24

1,321

(17,389

)

$

8,052

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

iShares

®

U.S.

Infrastructure

ETF

4

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

2,352,806,428

‌

$

—

‌

$

—

‌

$

2,352,806,428

‌

Short-Term

Securities

Money

Market

Funds

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

19,537,709

‌

—

‌

—

‌

19,537,709

‌

$

2,372,344,137

‌

$

—

‌

$

—

‌

$

2,372,344,137

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

25,441

‌

$

—

‌

$

—

‌

$

25,441

‌

Liabilities

Equity

Contracts

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

(17,389

)

—

‌

—

‌

(17,389

)

$

8,052

‌

$

—

‌

$

—

‌

$

8,052

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Portfolio

Abbreviation

ADR

American

Depositary

Receipt

NVS

Non-Voting

Shares

Fair

Value

Hierarchy

as

of

Period

End

(continued)