MARCH
31,
2023
2023
Annual
Report
iShares
Trust
iShares
Micro-Cap
ETF
|
IWC
|
NYSE
Arca
iShares
Russell
2500
ETF
|
SMMD
|
Cboe
BZX
iShares
Russell
Mid-Cap
ETF
|
IWR
|
NYSE
Arca
iShares
Russell
Mid-Cap
Growth
ETF
|
IWP
|
NYSE
Arca
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
March
31,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
declined,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
volatile
commodities
prices.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
eight
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
accelerated
the
reduction
of
its
balance
sheet.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
we
believe
that
it
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
Turmoil
in
the
banking
sector
late
in
the
period
highlighted
the
potential
for
the
knock-on
effects
of
substantially
higher
interest
rates
to
disrupt
markets
with
little
warning.
While
we
favor
an
overweight
to
equities
in
the
long
term,
we
prefer
an
underweight
stance
on
equities
overall
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
the
possibility
of
a
recession.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
as
we
believe
a
weakening
U.S.
dollar
provides
a
supportive
backdrop.
We
also
see
long-term
opportunities
in
credit,
where
we
believe
that
valuations
are
appealing
and
higher
yields
provide
attractive
income,
although
we
are
neutral
on
credit
in
the
near
term,
as
we’re
concerned
about
tightening
credit
and
financial
conditions.
However,
we
believe
there
are
still
some
strong
opportunities
for
a
six-
to
twelve-month
horizon,
particularly
short-term
U.S.
Treasuries,
global
inflation-linked
bonds,
and
emerging
market
bonds
denominated
in
local
currency.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
March
31,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
15.62
%
(7.73
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
9.14
(11.61
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
27.27
(1.38
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
14.04
(10.70
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.93
2.52
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
4.38
(6.90
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
4.89
(4.78
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.00
0.26
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
7.88
(3.35
)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
13
Disclosure
of Expenses
...................................................................................................
13
Schedules
of
Investments
.................................................................................................
14
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
56
Statements
of
Operations
................................................................................................
57
Statements
of
Changes
in
Net
Assets
........................................................................................
58
Financial
Highlights
.....................................................................................................
60
Notes
to
Financial
Statements
...............................................................................................
64
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
73
Important
Tax
Information
.................................................................................................
74
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
75
Supplemental
Information
.................................................................................................
76
Trustee
and
Officer
Information
..............................................................................................
77
General
Information
.....................................................................................................
79
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
80
Market
Overview
2023
iShares
Annual
Report
To
Shareholders
4
iShares
Trust
Domestic
Market
Overview
U.S.
stocks declined
for
the
12
months
ended March
31,
2023
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
-8.58%.
Elevated
inflation
and
rapid
tightening
of
monetary
policy
dampened
growth
and
weighed
on
equities.
Higher
interest
rates
drove
bond
yields
higher
and
increased
borrowing
costs
for
businesses
and
consumers.
Equities
began
to
recover
in
the
second
half
of
the
reporting
period,
as
the
broader
economy
remained
resilient
and
the
pace
of
inflation
declined.
In
March
2023,
two
banks
suddenly
failed,
representing
the
second
and
third
largest
bank
failures
in
U.S.
history
by
asset
value.
This
drove
concern
among
investors
about
the
resiliency
of
the
financial
system
in
the
face
of
rapidly
rising
interest
rates.
However,
government
agencies
acted
swiftly
to
organize
a
sale
of
the
failed
banks’
assets
and
inject
liquidity,
and
equity
prices
recovered.
Inflation
was
a
significant
driver
of
the
economic
outlook.
As
the
reporting
period
began,
the
consumer
price
index,
a
widely
followed
measure
of
inflation,
stood
at
multi-
decade
highs.
Strong
consumer
spending
and
a
tight
labor
market,
along
with
continued
supply
chain
disruptions
in
Asia,
combined
to
drive
prices
higher.
But
the
rate
of
inflation
began
to
decline
as
the
reporting
period
wore
on,
decelerating
for
nine
consecutive
months
beginning
in
July
2022.
Nonetheless,
inflation
remained
elevated
by
historic
standards,
and
higher
prices
negatively
impacted
both
consumers
and
businesses.
The
U.S.
economy
recovered
from
a
decline
in
the
first
half
of
2022
to
post
modest
growth
in
the
third
and
fourth
quarters
of
2022.
Consumers
continued
to
power
the
economy
with
growing
spending,
despite
higher
prices
for
many
consumer
goods
and
services.
The
strong
labor
market
supported
spending,
as
unemployment
remained
very
low,
at
one
point
dropping
to
the
lowest
recorded
level
since
1969.
Furthermore,
the
labor
force
participation
rate—which
measures
the
total
proportion
of
employed
persons
of
working
age—rose,
indicating
that
more
people
were
being
drawn
into
the
labor
force.
Amid
tightening
labor
supply,
wages
rose
significantly,
with
the
largest
gains
at
the
lower
end
of
the
wage
spectrum.
To
contain
inflation,
the
U.S.
Federal
Reserve
(“Fed”)
tightened
monetary
policy
rapidly,
raising
short-term
interest
rates
eight
times
over
the
course
of
the
reporting
period.
The
pace
of
tightening
accelerated
as
the
Fed
twice
stepped
up
the
increment
of
increase
before
reducing
it
again
as
inflation
began
to
subside.
The
Fed
also
started
to
reduce
the
size
of
its
balance
sheet
by
reducing
the
store
of
U.S.
Treasuries
it
had
accumulated
to
stabilize
markets
in
the
early
phases
of
the
coronavirus
pandemic.
While
the
Fed
indicated
that
more
tightening
could
be
needed
to
achieve
its
long-term
inflation
goal,
it
sounded
a
more
cautious
note
about
the
potential
for
further
interest
rate
increases
near
the
end
of
the
reporting
period.
Despite
economic
headwinds,
corporate
profits
remained
robust,
and
many
companies
were
able
to
sufficiently
raise
prices
to
preserve
profit
margins
even
in
the
face
of
rising
labor
and
input
costs.
Nonetheless,
profits
declined
overall
in
the
fourth
quarter
of
2022,
and
the
yield
curve
(a
graphical
representation
of
U.S.
Treasury
rates
at
different
maturities)
inverted,
a
sign
that
markets
were
concerned
about
the
impact
of
higher
borrowing
costs
on
the
economy.
Furthermore,
dwindling
personal
savings
and
rising
household
debt
raised
questions
about
the
sustainability
of
consumer
spending
as
an
engine
of
economic
growth.
Fund
Summary
as
of
March
31,
2023
5
Fund
Summary
iShares
®
Micro-Cap
ETF
Investment
Objective
The 
iShares
Micro-Cap
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
micro-capitalization
U.S.
equities,
as
represented
by
the
Russell
MicroCap
®
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(17.97‌)%
2.79‌%
7.16‌%
(17.97‌)%
14.75‌%
99.71‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(17.80‌)
2.82‌
7.17‌
(17.80‌)
14.91‌
99.83‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(17.93‌)
2.96‌
7.27‌
(17.93‌)
15.71‌
101.77‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,017.30‌
$
3.02‌
$
1,000.00‌
$
1,021.94‌
$
3.02‌
0.60‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
6
iShares
®
Micro-Cap
ETF
Portfolio
Management
Commentary
Micro-capitalization
U.S.
stocks
declined
for
the
reporting
period,
as
high
inflation
and
tighter
financial
conditions
impeded
economic
growth
and
weighed
on
equities.
The
healthcare
sector
detracted
the
most
from
the
Index’s
return,
primarily
due
to
weakness
in
the
biotechnology
industry.
Higher
interest
rates
and
more
challenging
market
conditions
weighed
on
the
industry,
as
biotechnology
companies
typically
depend
on
financing
for
development
of
new
drugs
and
products
with
long
development
cycles.
Companies
shut
down
less
promising
development
projects
and
engaged
in
layoffs
and
other
cost-cutting
measures
to
conserve
cash.
The
passage
of
a
new
law
that
authorized
Medicare
to
negotiate
some
prescription
drug
prices
also
increased
uncertainty
in
the
industry,
as
the
extent
of
potential
discounts
remained
unknown.
The
financials
sector
detracted
notably
from
the
Index’s
performance
amid
tightening
financial
conditions.
The
banking
industry
faced
significant
challenges
as
the
potential
impact
of
a
slowing
economy
outweighed
the
benefits
of
being
able
to
charge
more
for
loans.
Persistently
high
inflation
led
to
significant
tightening
from
the
Fed,
and
investors
became
concerned
about
the
long-term
effect
on
loan
growth
and
credit
losses.
Bank
stocks
were
further
pressured
late
in
the
reporting
period
after
the
sudden
failure
of
two
regional
banks
led
to
government
intervention
to
cover
depositors
and
prevent
a
contagion
effect.
The
consumer
discretionary
sector
also
detracted.
While
consumer
spending
continued
to
grow,
rising
inflation
drove
up
costs
for
companies
and
prices
for
consumers,
who
increasingly
sought
bargains.
The
sharp
rise
in
e-commerce
that
boosted
the
industry
early
in
the
pandemic
waned,
as
more
workers
returned
to
the
office
and
brick-and-
mortar
retailers
gained
market
share,
weighing
on
the
internet
and
direct
marketing
retail
industry.
The
industrials
sector
also
detracted,
as
capital
goods
companies
faced
supply
chain
challenges
and
rising
input
costs.
Portfolio
Information
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Health
Care
....................................
28.5‌
%
Financials
......................................
20.0‌
Industrials
......................................
11.5‌
Information
Technology
.............................
10.9‌
Consumer
Discretionary
............................
9.6‌
Energy
........................................
6.8‌
Materials
......................................
3.8‌
Real
Estate
.....................................
3.3‌
Communication
Services
............................
2.8‌
Consumer
Staples
................................
1.9‌
Utilities
........................................
0.9‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Prometheus
Biosciences,
Inc.
.........................
0.9‌
%
Impinj,
Inc.
......................................
0.7‌
TransMedics
Group,
Inc.
.............................
0.6‌
Tidewater,
Inc.
....................................
0.5‌
International
Seaways,
Inc.
...........................
0.5‌
Prothena
Corp.
plc
.................................
0.5‌
Celldex
Therapeutics,
Inc.
............................
0.4‌
Agilysys,
Inc.
.....................................
0.4‌
Catalyst
Pharmaceuticals,
Inc.
.........................
0.4‌
Sitio
Royalties
Corp.,
Class
A
..........................
0.4‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
March
31,
2023
7
Fund
Summary
iShares
®
Russell
2500
ETF
Investment
Objective
The 
iShares
Russell
2500
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-
and
small-capitalization
U.S.
equities,
as
represented
by
the
Russell
2500
TM
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(SINCE
INCEPTION
AT
NET
ASSET
VALUE)
The
inception
date
of
the
Fund
was
July
6,
2017.
The
first
day
of
secondary
market
trading
was
July
7,
2017.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
Since
Inception
1
Year
5
Years
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(10.30‌)%
6.67‌%
7.72‌%
(10.30‌)%
38.08‌%
53.21‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(10.47‌)
6.66‌
7.73‌
(10.47‌)
38.03‌
53.29‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(10.39‌)
6.65‌
7.72‌
(10.39‌)
37.95‌
53.20‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,110.90‌
$
0.37‌
$
1,000.00‌
$
1,024.58‌
$
0.35‌
0.07‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
8
iShares
®
Russell
2500
ETF
Portfolio
Management
Commentary
Mid-
and
small-capitalization
U.S.
stocks
declined
for
the
reporting
period,
as
high
inflation
and
tighter
financial
conditions
impeded
economic
growth
and
weighed
on
equities.
The
financials
sector
detracted
the
most
from
the
Index’s
performance
amid
tightening
financial
conditions.
The
banking
industry
faced
significant
challenges
as
the
potential
impact
of
a
slowing
economy
outweighed
the
benefits
of
being
able
to
charge
more
for
loans.
While
bank
profitability
is
typically
supported
by
higher
interest
rates,
persistently
high
inflation
led
to
significant
tightening
from
the
Fed,
and
investors
became
concerned
about
the
long-term
effect
of
this
tightening
on
loan
growth
and
credit
losses.
Bank
stocks
were
further
pressured
late
in
the
reporting
period
after
the
liquidation
of
a
key
bank
for
cryptocurrency
firms
and
the
sudden
failure
of
two
regional
banks.
The
healthcare
sector
also
detracted
from
the
Index’s
performance.
Despite
continued
growth,
life
sciences,
tools,
and
services
companies
faced
headwinds
from
investor
concerns
about
the
outlook
for
biotechnology-related
stocks
and
unfavorable
foreign
exchange
fluctuations.
Weakness
in
the
healthcare
equipment
and
supplies
industry
also
weighed
on
the
sector.
Despite
generally
high
demand
for
medical
supplies
and
equipment,
high
inflation,
labor
constraints,
and
supply
chain
disruptions
made
it
difficult
for
companies
to
meet
demand.
The
information
technology
sector
also
declined,
driven
by
the
software
industry,
as
higher
interest
rates
reduced
the
current
value
of
future
earnings.
Furthermore,
increased
concerns
about
economic
growth
worked
against
investors’
growth
expectations
for
information
technology
stocks.
Since
consumers
and
businesses
often
seek
to
reduce
spending
on
technology
products
and
services
during
a
downturn,
high
inflation
and
slow
growth
weighed
on
the
sector.
The
failure
of
a
bank
that
served
a
large
number
of
software
and
technology
companies
also
worked
against
the
industry,
particularly
smaller
companies
that
faced
potentially
tighter
financing.
Portfolio
Information
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Investment
Funds
................................
43.4‌
%
Industrials
......................................
12.0‌
Financials
......................................
8.5‌
Information
Technology
.............................
7.7‌
Consumer
Discretionary
............................
7.2‌
Health
Care
....................................
5.5‌
Real
Estate
.....................................
4.9‌
Materials
......................................
4.0‌
Consumer
Staples
................................
1.9‌
Energy
........................................
1.9‌
Utilities
........................................
1.5‌
Communication
Services
............................
1.5‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
iShares
Russell
2000
ETF
............................
43.4‌
%
Quanta
Services,
Inc.
...............................
0.4‌
First
Solar,
Inc.
...................................
0.4‌
Steel
Dynamics,
Inc.
................................
0.4‌
Fair
Isaac
Corp.
...................................
0.3‌
LPL
Financial
Holdings,
Inc.
...........................
0.3‌
FactSet
Research
Systems,
Inc.
........................
0.3‌
Howmet
Aerospace,
Inc.
.............................
0.3‌
Iron
Mountain,
Inc.
.................................
0.3‌
Axon
Enterprise,
Inc.
...............................
0.3‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
March
31,
2023
9
Fund
Summary
iShares
®
Russell
Mid-Cap
ETF
Investment
Objective
The 
iShares
Russell
Mid-Cap
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-capitalization
U.S.
equities,
as
represented
by
the
Russell
MidCap
®
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(8.90‌)%
7.90‌%
9.88‌%
(8.90‌)%
46.26‌%
156.57‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(8.90‌)
7.91‌
9.89‌
(8.90‌)
46.30‌
156.75‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(8.78‌)
8.05‌
10.05‌
(8.78‌)
47.30‌
160.60‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,135.40‌
$
1.01‌
$
1,000.00‌
$
1,023.98‌
$
0.96‌
0.19‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
10
iShares
®
Russell
Mid-Cap
ETF
Portfolio
Management
Commentary
Mid-capitalization
U.S.
stocks
declined
for
the
reporting
period,
as
high
inflation
and
tighter
financial
conditions
impeded
economic
growth
and
weighed
on
equities.
The
information
technology
sector
detracted
the
most
from
the
Index’s
return.
Interest
rates
rose
sharply
during
the
reporting
period,
which
reduced
the
current
value
of
future
earnings.
Furthermore,
increased
concerns
about
economic
growth
worked
against
investors’
growth
expectations
for
information
technology
stocks,
which
are
sensitive
to
economic
conditions.
Since
consumers
and
businesses
often
seek
to
reduce
spending
on
technology
products
and
services
during
a
downturn,
high
inflation
and
slow
growth
weighed
on
the
sector.
The
software
industry
was
the
primary
source
of
weakness
in
the
sector,
as
cuts
to
corporate
information
technology
budgets
reduced
revenue
growth.
The
financials
sector
detracted
significantly
from
the
Index’s
performance
amid
tightening
financial
conditions.
The
banking
industry
faced
significant
challenges,
as
the
potential
impact
of
a
slowing
economy
outweighed
the
benefits
of
being
able
to
charge
more
for
loans.
Persistently
high
inflation
led
to
significant
tightening
from
the
Fed,
and
investors
became
concerned
about
the
long-term
effect
of
this
tightening
on
loan
growth
and
credit
losses.
Bank
stocks
were
further
pressured
late
in
the
reporting
period
after
the
sudden
failure
of
two
regional
banks.
The
real
estate
sector
also
detracted
meaningfully
amid
higher
interest
rates
and
changing
usage
patterns.
Equity
real
estate
investment
trusts
(“REITs”)
were
the
largest
source
of
weakness.
REITs
typically
take
on
substantial
debt
to
finance
the
purchase
of
the
properties
they
manage,
and
higher
interest
rates
make
financing
more
expensive.
Furthermore,
higher
interest
rates
also
meant
increased
bond
yields,
making
dividend
yields
from
REITs
comparatively
less
attractive
to
income-oriented
investors,
although
many
REITs
raised
dividends
during
the
reporting
period.
Portfolio
Information
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Industrials
......................................
17.2‌
%
Information
Technology
.............................
15.0‌
Financials
......................................
13.2‌
Consumer
Discretionary
............................
11.9‌
Health
Care
....................................
11.0‌
Real
Estate
.....................................
7.3‌
Materials
......................................
6.3‌
Utilities
........................................
5.7‌
Energy
........................................
4.7‌
Consumer
Staples
................................
4.0‌
Communication
Services
............................
3.7‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Synopsys,
Inc.
....................................
0.6‌
%
Cadence
Design
Systems,
Inc.
.........................
0.6‌
O'Reilly
Automotive,
Inc.
.............................
0.5‌
Amphenol
Corp.,
Class
A
............................
0.5‌
Phillips
66
.......................................
0.5‌
Motorola
Solutions,
Inc.
.............................
0.5‌
Chipotle
Mexican
Grill,
Inc.
...........................
0.5‌
AutoZone,
Inc.
....................................
0.5‌
Dexcom
,
Inc.
.....................................
0.5‌
Microchip
Technology,
Inc.
............................
0.5‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
March
31,
2023
11
Fund
Summary
iShares
®
Russell
Mid-Cap
Growth
ETF
Investment
Objective
The 
iShares
Russell
Mid-Cap
Growth
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
Russell
MidCap
®
Growth
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(8.67‌)%
8.85‌%
10.94‌%
(8.67‌)%
52.80‌%
182.50‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(8.68‌)
8.84‌
10.94‌
(8.68‌)
52.72‌
182.51‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(8.52‌)
9.07‌
11.17‌
(8.52‌)
54.37‌
188.30‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/22)
Ending
Account
Value
(03/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,165.70‌
$
1.24‌
$
1,000.00‌
$
1,023.78‌
$
1.16‌
0.23‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
March
31,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
12
iShares
®
Russell
Mid-Cap
Growth
ETF
Portfolio
Management
Commentary
Growth-oriented
mid-capitalization
U.S.
stocks
declined
for
the
reporting
period,
as
high
inflation
and
tighter
financial
conditions
impeded
economic
growth
and
weighed
on
equities.
Mid-capitalization
growth
stocks,
which
derive
a
significant
portion
of
their
price
from
investors’
expectations
of
future
growth,
faced
significant
headwinds
relative
to
other
equities.
Growth
stocks
are
particularly
sensitive
to
interest
rates,
which
rose
notably
as
the
Fed
sharply
tightened
monetary
policy.
The
information
technology
sector
detracted
the
most
from
the
Index’s
return.
Interest
rates
rose
sharply
during
the
reporting
period,
which
reduced
the
current
value
of
future
earnings.
Furthermore,
increased
concerns
about
economic
growth
worked
against
investors’
growth
expectations
for
information
technology
stocks,
which
are
sensitive
to
economic
conditions.
Since
consumers
and
businesses
often
seek
to
reduce
spending
on
technology
products
and
services
during
a
downturn,
high
inflation
and
slow
growth
weighed
on
the
sector.
The
software
and
services
industry
was
the
primary
source
of
weakness,
as
cuts
to
corporate
information
technology
budgets
reduced
revenue
growth.
The
failure
of
a
bank
that
served
a
large
number
of
software
and
technology
companies
also
worked
against
the
industry,
particularly
smaller
companies
that
faced
potentially
tighter
financing.
Stocks
in
the
healthcare
sector
also
detracted
from
the
Index’s
performance.
Companies
in
the
healthcare
equipment
and
supplies
industry
faced
challenges,
including
high
inflation,
which
negatively
affected
customer
purchase
decisions,
staffing
difficulties,
and
continued
supply
chain
disruptions.
The
life
sciences,
tools,
and
services
industry
faced
headwinds
due
to
lower
COVID-19
related
revenue
and
unfavorable
foreign
exchange
fluctuations.
The
consumer
discretionary
sector
also
detracted
from
the
Index’s
return.
While
consumer
spending
continued
to
grow
despite
inflation,
investors
became
increasingly
concerned
about
the
eventual
effect
of
eroded
personal
spending
power
on
the
hotel,
restaurant,
and
leisure
industry.
Portfolio
Information
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Information
Technology
.............................
25.9‌
%
Industrials
......................................
17.7‌
Health
Care
....................................
17.1‌
Consumer
Discretionary
............................
15.1‌
Financials
......................................
6.7‌
Communication
Services
............................
4.4‌
Energy
........................................
4.2‌
Materials
......................................
3.5‌
Consumer
Staples
................................
3.3‌
Real
Estate
.....................................
1.9‌
Utilities
........................................
0.2‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Synopsys,
Inc.
....................................
1.7‌
%
Cadence
Design
Systems,
Inc.
.........................
1.6‌
Chipotle
Mexican
Grill,
Inc.
...........................
1.3‌
Dexcom
,
Inc.
.....................................
1.3‌
Fortinet,
Inc.
.....................................
1.2‌
AutoZone,
Inc.
....................................
1.2‌
Arista
Networks,
Inc.
...............................
1.2‌
IDEXX
Laboratories,
Inc.
.............................
1.2‌
Lululemon
Athletica
,
Inc.
.............................
1.1‌
Microchip
Technology,
Inc.
............................
1.1‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
13
About
Fund
Performance
/
Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Since
shares
of
a
fund
may
not
trade
in
the
secondary
market
until
after
the
fund’s
inception,
for
the
period
from
inception
to
the
first
day
of
secondary
market
trading
in
shares
of
the
fund,
the
NAV
of
the
fund
is
used
as
a
proxy
for
the
Market
Price
to
calculate
market
returns.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
March
31,
2023
iShares
®
Micro-Cap
ETF
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.9%
AerSale
Corp.
(a)(b)
...................
53,818
$
926,746
Archer
Aviation,
Inc.,
Class
A
(a)(b)
.........
315,687
902,865
Astra
Space,
Inc.,
Class
A
(a)(b)
...........
343,594
146,027
Astronics
Corp.
(b)
...................
55,863
746,330
Byrna
Technologies,
Inc.
(a)(b)
............
29,552
224,300
Cadre
Holdings,
Inc.
.................
41,493
893,759
Ducommun,
Inc.
(b)
..................
24,098
1,318,401
Innovative
Solutions
and
Support,
Inc.
(b)
....
24,265
178,105
Momentus,
Inc.,
Class
A
(b)
.............
120,371
70,417
National
Presto
Industries,
Inc.
..........
11,162
804,669
Park
Aerospace
Corp.
................
42,409
570,401
Redwire
Corp.
(a)(b)
...................
43,487
131,766
Terran
Orbital
Corp.
(a)(b)
...............
88,724
163,252
V2X,
Inc.
(a)(b)
......................
26,123
1,037,605
VirTra,
Inc.
(a)(b)
.....................
23,222
93,585
8,208,228
Air
Freight
&
Logistics
—
0.1%
(b)
Air
T,
Inc.
(a)
.......................
2,254
54,547
Radiant
Logistics,
Inc.
...............
80,634
528,959
583,506
Automobile
Components
—
0.6%
(b)
Cooper-Standard
Holdings,
Inc.
(a)
........
36,391
518,208
Modine
Manufacturing
Co.
.............
107,970
2,488,709
Motorcar
Parts
of
America,
Inc.
.........
41,075
305,598
Spruce
Power
Holding
Corp.,
Class
A
(a)
....
277,617
227,646
Stoneridge,
Inc.
(a)
...................
57,202
1,069,677
Strattec
Security
Corp.
(a)
..............
8,479
192,897
Superior
Industries
International,
Inc.
.....
47,237
233,823
Sypris
Solutions,
Inc.
................
28,563
55,984
5,092,542
Automobiles
—
0.2%
(a)(b)
Arcimoto,
Inc.
.....................
9,712
13,597
AYRO,
Inc.
.......................
77,745
42,729
Cenntro
Electric
Group
Ltd.
............
389,072
179,673
Faraday
Future
Intelligent
Electric,
Inc.
....
1,103,352
390,697
Lordstown
Motors
Corp.,
Class
A
........
378,133
250,740
Mullen
Automotive,
Inc.
...............
2,205,746
289,614
Volcon,
Inc.
.......................
28,886
43,329
Workhorse
Group,
Inc.
...............
334,035
444,267
1,654,646
Banks
—
13.2%
1895
Bancorp
of
Wisconsin,
Inc.
(a)(b)
......
12,268
98,635
ACNB
Corp.
......................
17,971
584,956
Affinity
Bancshares,
Inc.
(b)
.............
10,615
152,007
Amalgamated
Financial
Corp.
..........
38,452
680,216
Amerant
Bancorp,
Inc.,
Class
A
.........
60,389
1,314,065
American
National
Bankshares,
Inc.
......
22,596
716,293
AmeriServ
Financial,
Inc.
.............
33,394
101,852
Ames
National
Corp.
................
18,962
394,410
Arrow
Financial
Corp.
................
30,858
768,673
Auburn
National
BanCorp,
Inc.
..........
5,003
113,368
Bancorp,
Inc.
(The)
(a)(b)
...............
112,345
3,128,808
Bank
First
Corp.
...................
16,833
1,238,572
Bank
of
Marin
Bancorp
...............
34,116
746,799
Bank
of
South
Carolina
Corp.
...........
8,215
129,961
Bank
of
the
James
Financial
Group,
Inc.
...
9,196
96,650
Bank7
Corp.
......................
8,305
203,888
BankFinancial
Corp.
.................
25,318
221,532
Bankwell
Financial
Group,
Inc.
..........
12,268
304,982
Bar
Harbor
Bankshares
..............
32,175
851,029
BayCom
Corp.
....................
26,326
449,648
Security
Shares
Shares
Value
Banks
(continued)
Bayfirst
Financial
Corp.
...............
7,527
$
116,894
BCB
Bancorp,
Inc.
..................
31,292
410,864
Blue
Foundry
Bancorp
(b)
..............
55,090
524,457
Blue
Ridge
Bankshares,
Inc.
...........
37,442
381,908
Bogota
Financial
Corp.
(a)(b)
.............
12,320
124,925
Bridgewater
Bancshares,
Inc.
(a)(b)
........
44,296
480,169
Broadway
Financial
Corp.
(a)(b)
...........
82,516
86,642
Business
First
Bancshares,
Inc.
.........
51,289
878,581
Byline
Bancorp,
Inc.
.................
53,529
1,157,297
C&F
Financial
Corp.
.................
7,255
375,156
California
Bancorp
(b)
.................
16,780
327,378
Cambridge
Bancorp
.................
14,877
964,178
Camden
National
Corp.
..............
31,330
1,133,833
Capital
Bancorp,
Inc.
................
19,684
327,542
Capital
City
Bank
Group,
Inc.
...........
29,453
863,267
Capstar
Financial
Holdings,
Inc.
.........
44,292
671,024
Carter
Bankshares,
Inc.
(b)
.............
51,895
726,530
Carver
Bancorp,
Inc.
(b)
...............
8,972
35,798
Catalyst
Bancorp,
Inc.
(a)(b)
.............
10,242
117,783
CB
Financial
Services,
Inc.
............
9,932
215,624
Central
Pacific
Financial
Corp.
..........
55,563
994,578
Central
Valley
Community
Bancorp
.......
21,527
443,026
CF
Bankshares,
Inc.
.................
9,710
189,345
CFSB
Bancorp,
Inc.
(a)(b)
...............
5,958
46,294
Chemung
Financial
Corp.
.............
7,678
318,637
ChoiceOne
Financial
Services,
Inc.
.......
15,543
392,305
Citizens
&
Northern
Corp.
.............
32,847
702,269
Citizens
Community
Bancorp,
Inc.
.......
21,839
231,712
Citizens
Holding
Co.
(a)
................
10,296
124,376
Civista
Bancshares,
Inc.
..............
33,394
563,691
CNB
Financial
Corp.
.................
43,939
843,629
Coastal
Financial
Corp.
(a)(b)
............
23,117
832,443
Codorus
Valley
Bancorp,
Inc.
...........
20,054
416,120
Colony
Bankcorp,
Inc.
...............
36,182
369,056
Community
Financial
Corp.
(The)
........
11,330
375,363
Community
Trust
Bancorp,
Inc.
.........
34,151
1,296,030
Community
West
Bancshares
..........
15,147
191,610
ConnectOne
Bancorp,
Inc.
............
80,830
1,429,074
CrossFirst
Bankshares,
Inc.
(a)(b)
.........
97,175
1,018,394
Cullman
Bancorp,
Inc.
(a)
..............
12,182
130,956
Dime
Community
Bancshares,
Inc.
.......
70,871
1,610,189
Eagle
Bancorp
Montana,
Inc.
...........
13,336
188,171
ECB
Bancorp,
Inc.
(a)(b)
................
18,425
255,739
Enterprise
Bancorp,
Inc.
..............
20,324
639,393
Equity
Bancshares,
Inc.,
Class
A
(a)
.......
32,742
797,923
Esquire
Financial
Holdings,
Inc.
.........
15,484
605,424
ESSA
Bancorp,
Inc.
.................
19,394
304,874
Evans
Bancorp,
Inc.
.................
11,601
389,388
Farmers
&
Merchants
Bancorp,
Inc.
......
27,668
672,886
Farmers
National
Banc
Corp.
...........
76,026
960,968
Fidelity
D&D
Bancorp,
Inc.
.............
10,227
466,965
Financial
Institutions,
Inc.
.............
32,891
634,138
Finward
Bancorp
(a)
..................
8,202
238,678
Finwise
Bancorp
(a)(b)
.................
21,264
187,336
First
Bancorp,
Inc.
(The)
..............
21,178
548,298
First
Bancshares,
Inc.
(The)
............
53,774
1,388,982
First
Bank
........................
33,756
340,936
First
Business
Financial
Services,
Inc.
.....
17,246
526,175
First
Capital,
Inc.
...................
7,236
185,603
First
Community
Bankshares,
Inc.
.......
34,360
860,718
First
Community
Corp.
...............
16,041
320,820
First
Financial
Corp.
.................
24,142
904,842
First
Financial
Northwest,
Inc.
..........
15,602
199,238
First
Foundation,
Inc.
................
111,380
829,781
First
Guaranty
Bancshares,
Inc.
.........
13,556
212,423
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
First
Internet
Bancorp
................
18,493
$
307,908
First
Mid
Bancshares,
Inc.
.............
40,582
1,104,642
First
National
Corp.
.................
11,406
180,329
First
Northwest
Bancorp
..............
17,645
202,917
First
of
Long
Island
Corp.
(The)
.........
47,131
636,268
First
Savings
Financial
Group,
Inc.
.......
12,356
198,808
First
Seacoast
Bancorp
(a)
.............
5,240
45,169
First
United
Corp.
..................
14,319
241,418
First
US
Bancshares,
Inc.
.............
11,737
87,793
First
Western
Financial,
Inc.
(b)
..........
17,354
343,609
Five
Star
Bancorp
..................
27,340
583,436
Flushing
Financial
Corp.
..............
60,866
906,295
FNCB
Bancorp,
Inc.
.................
35,890
222,518
Franklin
Financial
Services
Corp.
........
9,059
268,509
FS
Bancorp,
Inc.
...................
14,739
442,317
FVCBankcorp,
Inc.
(a)(b)
...............
32,518
346,317
German
American
Bancorp,
Inc.
.........
60,291
2,011,911
Glen
Burnie
Bancorp
................
5,809
42,057
Great
Southern
Bancorp,
Inc.
...........
20,311
1,029,361
Greene
County
Bancorp,
Inc.
...........
14,744
334,394
Guaranty
Bancshares,
Inc.
............
17,716
493,745
Hanmi
Financial
Corp.
...............
62,121
1,153,587
Hanover
Bancorp,
Inc.
(a)
..............
11,882
213,876
HarborOne
Bancorp,
Inc.
.............
95,313
1,162,819
Hawthorn
Bancshares,
Inc.
............
12,997
303,805
HBT
Financial,
Inc.
..................
26,285
518,340
Heritage
Commerce
Corp.
.............
127,941
1,065,749
Hingham
Institution
for
Savings
(The)
.....
3,171
740,238
HMN
Financial,
Inc.
.................
7,982
153,813
Home
Bancorp,
Inc.
.................
15,906
525,375
Home
Federal
Bancorp,
Inc.
of
Louisiana
...
4,898
83,609
HomeStreet,
Inc.
...................
36,623
658,848
HomeTrust
Bancshares,
Inc.
...........
31,473
773,921
Horizon
Bancorp,
Inc.
................
87,553
968,336
HV
Bancorp,
Inc.
(a)(b)
.................
3,434
103,123
Independent
Bank
Corp.
..............
44,053
782,822
Investar
Holding
Corp.
...............
20,350
284,086
John
Marshall
Bancorp,
Inc.
...........
25,084
541,814
Kentucky
First
Federal
Bancorp
.........
7,438
46,487
Lake
Shore
Bancorp,
Inc.
.............
4,166
42,035
Lakeland
Bancorp,
Inc.
...............
135,513
2,119,423
Landmark
Bancorp,
Inc.
..............
9,914
204,823
LCNB
Corp.
......................
23,504
384,055
Limestone
Bancorp,
Inc.
(a)
.............
11,776
262,723
Luther
Burbank
Corp.
................
32,322
306,413
Macatawa
Bank
Corp.
...............
57,195
584,533
Magyar
Bancorp,
Inc.
................
12,716
134,790
MainStreet
Bancshares,
Inc.
...........
15,292
359,209
Malvern
Bancorp,
Inc.
(a)(b)
.............
16,237
246,721
Mercantile
Bank
Corp.
...............
33,528
1,025,286
Meridian
Corp.
....................
20,792
261,979
Metrocity
Bankshares,
Inc.
............
40,180
686,676
Metropolitan
Bank
Holding
Corp.
(b)
.......
22,397
759,034
Mid
Penn
Bancorp,
Inc.
...............
31,209
799,262
Middlefield
Banc
Corp.
...............
12,006
336,348
Midland
States
Bancorp,
Inc.
...........
46,535
996,780
Mid-Southern
Bancorp,
Inc.
............
6,077
69,035
MidWestOne
Financial
Group,
Inc.
.......
30,805
752,258
MVB
Financial
Corp.
................
22,626
467,001
National
Bankshares,
Inc.
.............
12,871
404,922
Nicolet
Bankshares,
Inc.
(a)(b)
............
26,763
1,687,407
Northeast
Bank
....................
14,244
479,453
Northeast
Community
Bancorp,
Inc.,
NVS
..
32,037
420,325
Northfield
Bancorp,
Inc.
..............
88,595
1,043,649
Northrim
BanCorp,
Inc.
...............
12,034
567,764
Security
Shares
Shares
Value
Banks
(continued)
Norwood
Financial
Corp.
..............
16,125
$
474,398
NSTS
Bancorp,
Inc.
(a)(b)
...............
10,495
95,400
Oak
Valley
Bancorp
.................
14,624
346,004
Oconee
Federal
Financial
Corp.
.........
2,003
37,056
Ohio
Valley
Banc
Corp.
...............
9,428
220,709
Old
Point
Financial
Corp.
.............
8,056
191,813
Old
Second
Bancorp,
Inc.
.............
92,246
1,296,979
OP
Bancorp
......................
26,708
237,968
Orange
County
Bancorp,
Inc.
...........
11,191
492,404
Origin
Bancorp,
Inc.
.................
48,916
1,572,649
Orrstown
Financial
Services,
Inc.
........
22,565
448,141
Parke
Bancorp,
Inc.
.................
22,243
395,481
Partners
Bancorp
...................
21,510
168,423
Pathfinder
Bancorp,
Inc.
..............
7,298
126,036
PB
Bankshares,
Inc.
(a)(b)
..............
4,757
62,079
PCB
Bancorp
.....................
24,785
359,135
Peapack-Gladstone
Financial
Corp.
......
37,262
1,103,700
Penns
Woods
Bancorp,
Inc.
............
15,170
350,427
Peoples
Bancorp
of
North
Carolina,
Inc.
...
10,294
327,040
Peoples
Bancorp,
Inc.
...............
60,580
1,559,935
Peoples
Financial
Services
Corp.
........
15,235
660,437
Pioneer
Bancorp,
Inc.
(b)
...............
25,589
252,308
Plumas
Bancorp
...................
11,964
407,494
Ponce
Financial
Group,
Inc.
(a)(b)
.........
45,498
357,159
Preferred
Bank
....................
22,900
1,255,149
Premier
Financial
Corp.
..............
77,139
1,599,091
Primis
Financial
Corp.
................
48,750
469,462
Princeton
Bancorp,
Inc.
...............
11,507
365,002
Provident
Bancorp,
Inc.
...............
31,402
214,790
Provident
Financial
Holdings,
Inc.
(a)
.......
12,772
174,082
QCR
Holdings,
Inc.
.................
34,467
1,513,446
RBB
Bancorp
.....................
31,844
493,582
Red
River
Bancshares,
Inc.
............
9,599
461,808
Republic
Bancorp,
Inc.,
Class
A
.........
18,947
803,921
Republic
First
Bancorp,
Inc.
(a)(b)
.........
121,578
165,346
Rhinebeck
Bancorp,
Inc.
(a)(b)
............
9,207
70,434
Richmond
Mutual
BanCorp,
Inc.
.........
23,147
240,034
Riverview
Bancorp,
Inc.
..............
42,028
224,430
Salisbury
Bancorp,
Inc.
...............
11,771
283,681
SB
Financial
Group,
Inc.
..............
14,173
200,264
Shore
Bancshares,
Inc.
...............
38,744
553,264
Sierra
Bancorp
....................
29,846
513,948
SmartFinancial,
Inc.
.................
33,784
781,762
Sound
Financial
Bancorp,
Inc.
..........
4,799
177,611
South
Plains
Financial,
Inc.
............
21,270
455,391
Southern
First
Bancshares,
Inc.
(b)
........
16,501
506,581
Southern
Missouri
Bancorp,
Inc.
.........
16,771
627,403
Southern
States
Bancshares,
Inc.
........
16,553
373,270
Stellar
Bancorp,
Inc.
.................
98,559
2,425,537
Sterling
Bancorp,
Inc.
(b)
...............
37,920
214,627
Summit
Financial
Group,
Inc.
...........
24,234
502,856
Summit
State
Bank
.................
11,373
157,744
TC
Bancshares,
Inc.
(a)
................
9,650
140,408
Territorial
Bancorp,
Inc.
...............
16,764
323,713
Texas
Community
Bancshares,
Inc.
(a)
.....
5,430
74,174
Third
Coast
Bancshares,
Inc.
(b)
..........
28,046
440,603
Timberland
Bancorp,
Inc.
.............
16,438
444,155
TrustCo
Bank
Corp.
.................
39,383
1,257,893
Union
Bankshares,
Inc.
(a)
..............
8,802
194,612
United
Bancorp,
Inc.
.................
10,017
145,247
United
Security
Bancshares
............
30,868
196,938
Unity
Bancorp,
Inc.
..................
15,545
354,581
Univest
Financial
Corp.
...............
62,774
1,490,255
USCB
Financial
Holdings,
Inc.,
Class
A
(b)
...
23,925
236,618
Village
Bank
and
Trust
Financial
Corp.
....
1,248
70,836
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Virginia
National
Bankshares
Corp.
.......
10,233
$
367,979
Washington
Trust
Bancorp,
Inc.
.........
37,218
1,289,976
West
BanCorp,
Inc.
.................
35,275
644,474
Western
New
England
Bancorp,
Inc.
......
43,276
355,296
William
Penn
Bancorp
(a)
..............
26,603
301,412
118,604,124
Beverages
—
0.2%
(b)
Fresh
Vine
Wine,
Inc.
(a)
...............
20,569
10,077
Splash
Beverage
Group,
Inc.
(a)
..........
68,332
112,064
Vintage
Wine
Estates,
Inc.
(a)
...........
70,702
75,651
Vita
Coco
Co.,
Inc.
(The)
..............
60,708
1,191,091
Willamette
Valley
Vineyards,
Inc.
........
9,569
58,945
Zevia
PBC,
Class
A
(a)
................
29,288
112,759
1,560,587
Biotechnology
—
16.2%
(b)
2seventy
bio,
Inc.
...................
81,407
830,351
4D
Molecular
Therapeutics,
Inc.
(a)
........
65,343
1,123,246
89bio,
Inc.
.......................
51,529
784,787
Aadi
Bioscience,
Inc.
................
31,937
231,224
Absci
Corp.
(a)
.....................
114,168
199,794
ABVC
BioPharma,
Inc.
(a)
..............
41,055
25,873
Acrivon
Therapeutics,
Inc.
(a)
............
18,846
239,156
Actinium
Pharmaceuticals,
Inc.
(a)
........
55,930
528,538
Acumen
Pharmaceuticals,
Inc.
..........
58,171
236,174
Acurx
Pharmaceuticals,
Inc.
(a)
..........
14,911
51,592
Adicet
Bio,
Inc.
(a)
...................
65,732
378,616
ADMA
Biologics,
Inc.
(a)
...............
455,881
1,508,966
Adverum
Biotechnologies,
Inc.
..........
209,074
149,990
Aeglea
BioTherapeutics,
Inc.
...........
111,435
32,316
Aerovate
Therapeutics,
Inc.
(a)
...........
19,935
402,089
Affimed
NV
(a)
......................
309,643
230,870
Agenus,
Inc.
(a)
.....................
663,285
1,008,193
AIM
ImmunoTech,
Inc.
(a)
..............
101,670
43,718
Akero
Therapeutics,
Inc.
(a)
.............
75,667
2,895,019
Aldeyra
Therapeutics,
Inc.
(a)
............
103,679
1,029,532
Alector,
Inc.
(a)
.....................
135,083
836,164
Aligos
Therapeutics,
Inc.
..............
70,539
61,651
Allakos,
Inc.
(a)
.....................
84,797
377,347
Allovir,
Inc.
(a)
......................
66,948
263,775
Alpine
Immune
Sciences,
Inc.
..........
50,055
386,425
Altimmune,
Inc.
(a)
...................
106,565
449,704
ALX
Oncology
Holdings,
Inc.
(a)
..........
47,220
213,434
AnaptysBio,
Inc.
...................
44,123
960,116
Anavex
Life
Sciences
Corp.
(a)
...........
150,572
1,290,402
Anika
Therapeutics,
Inc.
(a)
.............
31,740
911,573
Anixa
Biosciences,
Inc.
...............
64,328
276,610
Annexon,
Inc.
.....................
79,798
307,222
Annovis
Bio,
Inc.
(a)
..................
12,082
186,184
Applied
Molecular
Transport,
Inc.
........
59,529
19,049
Applied
Therapeutics,
Inc.
(a)
............
67,709
54,919
Aptinyx,
Inc.
(a)
.....................
104,861
13,087
AquaBounty
Technologies,
Inc.
.........
154,037
91,621
Aravive,
Inc.
(a)
.....................
69,290
138,580
Arbutus
Biopharma
Corp.
.............
246,102
745,689
ARCA
biopharma,
Inc.
(a)
..............
30,087
59,873
Arcellx,
Inc.
(a)
.....................
64,392
1,983,918
Arcturus
Therapeutics
Holdings,
Inc.
(a)
.....
50,323
1,206,242
Armata
Pharmaceuticals,
Inc.
(a)
.........
23,367
39,023
ARS
Pharmaceuticals,
Inc.
(a)
...........
53,783
350,127
Assembly
Biosciences,
Inc.
(a)
...........
100,280
84,275
Astria
Therapeutics,
Inc.
(a)
.............
47,249
628,412
Atara
Biotherapeutics,
Inc.
(a)
...........
205,362
595,550
Atossa
Therapeutics,
Inc.
(a)
............
258,197
187,167
Security
Shares
Shares
Value
Biotechnology
(continued)
Atreca,
Inc.,
Class
A
(a)
................
60,501
$
68,971
aTyr
Pharma,
Inc.
(a)
.................
109,044
228,992
Aura
Biosciences,
Inc.
...............
51,504
477,957
Avid
Bioservices,
Inc.
(a)
...............
132,993
2,494,949
Avidity
Biosciences,
Inc.
..............
141,706
2,175,187
Avita
Medical,
Inc.
(a)
.................
53,278
744,294
Avrobio,
Inc.
(a)
.....................
80,758
80,758
Axcella
Health,
Inc.
(a)
................
47,588
22,842
Aziyo
Biologics,
Inc.,
Class
A
(a)
..........
9,467
14,295
Beyondspring,
Inc.
(a)
.................
51,013
57,135
BioAtla,
Inc.
(a)
.....................
84,909
227,556
Biomea
Fusion,
Inc.
(a)
................
35,438
1,098,932
BioVie,
Inc.
(a)
......................
11,420
92,274
Bioxcel
Therapeutics,
Inc.
(a)
............
41,642
777,040
Black
Diamond
Therapeutics,
Inc.
(a)
......
49,433
93,428
Blue
Water
Vaccines,
Inc.
.............
16,680
17,848
Bluebird
Bio,
Inc.
...................
224,426
713,675
Bolt
Biotherapeutics,
Inc.
..............
50,301
69,918
BrainStorm
Cell
Therapeutics,
Inc.
(a)
......
74,793
246,817
C4
Therapeutics,
Inc.
................
91,528
287,398
Cabaletta
Bio,
Inc.
(a)
.................
45,920
379,758
Candel
Therapeutics,
Inc.
.............
41,188
56,428
Capricor
Therapeutics,
Inc.
(a)
...........
49,182
207,548
Cardiff
Oncology,
Inc.
................
90,630
149,539
Caribou
Biosciences,
Inc.
(a)
............
122,127
648,494
Catalyst
Pharmaceuticals,
Inc.
..........
210,711
3,493,588
Celcuity,
Inc.
(a)
.....................
21,992
225,418
Celldex
Therapeutics,
Inc.
.............
99,545
3,581,629
CEL-SCI
Corp.
(a)
...................
76,008
176,339
Century
Therapeutics,
Inc.
.............
43,243
150,053
Checkpoint
Therapeutics,
Inc.
(a)
.........
13,234
29,776
Chimerix,
Inc.
.....................
182,250
229,635
Chinook
Therapeutics,
Inc.
............
110,383
2,555,366
Clene,
Inc.
(a)
......................
53,441
60,388
Cogent
Biosciences,
Inc.
(a)
.............
139,390
1,504,018
Coherus
Biosciences,
Inc.
.............
159,990
1,094,332
Compass
Therapeutics,
Inc.
(a)
..........
155,031
506,951
Corvus
Pharmaceuticals,
Inc.
...........
74,102
67,433
Coya
Therapeutics,
Inc.
(a)
.............
7,217
28,435
Crinetics
Pharmaceuticals,
Inc.
(a)
........
114,585
1,840,235
CTI
BioPharma
Corp.
(a)
...............
218,027
915,713
Cue
Biopharma,
Inc.
.................
73,298
261,674
Cullinan
Oncology,
Inc.
...............
57,013
583,243
Curis,
Inc.
(a)
.......................
201,565
120,133
Cyteir
Therapeutics,
Inc.
..............
54,558
99,296
CytomX
Therapeutics,
Inc.
(a)
...........
145,116
219,125
Day
One
Biopharmaceuticals,
Inc.
(a)
......
60,288
806,051
Decibel
Therapeutics,
Inc.
.............
29,836
90,105
Deciphera
Pharmaceuticals,
Inc.
........
112,506
1,738,218
DermTech,
Inc.
(a)
...................
55,984
206,021
Design
Therapeutics,
Inc.
(a)
............
73,542
424,337
DiaMedica
Therapeutics,
Inc.
...........
53,864
82,412
Disc
Medicine,
Inc.
(a)
.................
13,496
285,980
Dyadic
International,
Inc.
(a)
.............
43,026
76,586
Dynavax
Technologies
Corp.
(a)
..........
259,386
2,544,577
Dyne
Therapeutics,
Inc.
..............
68,976
794,604
Eagle
Pharmaceuticals,
Inc.
...........
22,096
626,864
eFFECTOR
Therapeutics,
Inc.
..........
50,531
18,186
Eiger
BioPharmaceuticals,
Inc.
(a)
.........
92,248
82,737
Eledon
Pharmaceuticals,
Inc.
...........
22,833
53,886
Elevation
Oncology,
Inc.
(a)
.............
28,997
55,094
Eliem
Therapeutics,
Inc.
(a)
.............
14,294
41,453
Enochian
Biosciences,
Inc.
(a)
...........
42,254
38,667
Entrada
Therapeutics,
Inc.
(a)
...........
42,057
609,826
Equillium,
Inc.
(a)
....................
41,763
30,487
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Eterna
Therapeutics,
Inc.
(a)
............
6,310
$
22,085
Evelo
Biosciences,
Inc.
(a)
..............
65,372
11,813
Exagen,
Inc.
......................
20,665
50,216
Fennec
Pharmaceuticals,
Inc.
(a)
.........
38,354
319,105
Finch
Therapeutics
Group,
Inc.
(a)
........
58,727
23,080
Foghorn
Therapeutics,
Inc.
(a)
...........
44,263
274,431
Fortress
Biotech,
Inc.
(a)
...............
174,974
143,479
Frequency
Therapeutics,
Inc.
(a)
..........
71,860
36,146
G1
Therapeutics,
Inc.
................
102,337
274,263
Gain
Therapeutics,
Inc.
...............
22,853
110,151
Galectin
Therapeutics,
Inc.
(a)
...........
74,820
157,122
Galera
Therapeutics,
Inc.
(a)
............
48,137
123,231
Gamida
Cell
Ltd.
(a)
..................
141,531
114,640
Gelesis
Holdings,
Inc.
................
50,195
8,167
Genelux
Corp.
(a)
....................
5,487
152,209
Generation
Bio
Co.
(a)
................
105,588
454,028
Genprex,
Inc.
.....................
103,547
94,217
Geron
Corp.
......................
931,988
2,022,414
Gossamer
Bio,
Inc.
(a)
................
137,927
173,788
Graphite
Bio,
Inc.
(a)
..................
59,729
146,336
Greenwich
Lifesciences,
Inc.
(a)
..........
13,533
186,620
Gritstone
bio,
Inc.
..................
168,858
469,425
GT
Biopharma,
Inc.
(a)
................
64,979
35,738
Harpoon
Therapeutics,
Inc.
(a)
...........
38,332
28,527
HCW
Biologics,
Inc.
.................
40,684
56,144
Heron
Therapeutics,
Inc.
(a)
.............
223,396
337,328
HilleVax,
Inc.
(a)
.....................
37,755
624,090
Homology
Medicines,
Inc.
(a)
............
89,499
92,184
Hookipa
Pharma,
Inc.
................
106,971
78,731
Humacyte,
Inc.
....................
126,784
391,763
Humanigen,
Inc.
...................
203,754
29,239
Icosavax,
Inc.
.....................
47,641
276,318
Ideaya
Biosciences,
Inc.
..............
96,442
1,324,149
IGM
Biosciences,
Inc.
(a)
...............
23,163
318,260
ImmuCell
Corp.
(a)
...................
13,959
71,889
Immuneering
Corp.,
Class
A
(a)
..........
43,935
426,609
Immunic,
Inc.
.....................
53,033
79,019
ImmunoGen,
Inc.
(a)
..................
467,501
1,795,204
Immunome,
Inc.
(a)
..................
22,119
110,374
Immunovant,
Inc.
...................
96,791
1,501,228
Impel
Pharmaceuticals,
Inc.
(a)
...........
13,279
18,591
IN8bio,
Inc.
(a)
......................
30,636
39,827
Inhibrx,
Inc.
.......................
70,937
1,338,581
Inmune
Bio,
Inc.
(a)
..................
26,005
167,992
Inovio
Pharmaceuticals,
Inc.
...........
533,239
437,256
Inozyme
Pharma,
Inc.
(a)
..............
38,025
217,883
Intercept
Pharmaceuticals,
Inc.
(a)
........
53,250
715,147
Invivyd,
Inc.
(a)
.....................
111,732
134,078
iTeos
Therapeutics,
Inc.
..............
51,232
697,268
Janux
Therapeutics,
Inc.
(a)
.............
37,512
453,895
Jasper
Therapeutics,
Inc.
(a)
............
127,682
231,104
Jounce
Therapeutics,
Inc.
.............
93,848
173,619
KalVista
Pharmaceuticals,
Inc.
(a)
.........
52,611
413,522
Karyopharm
Therapeutics,
Inc.
(a)
........
169,523
659,444
Keros
Therapeutics,
Inc.
..............
41,895
1,788,916
Kezar
Life
Sciences,
Inc.
..............
114,618
358,754
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
.....
67,832
729,872
Kinnate
Biopharma,
Inc.
..............
62,713
391,956
Kodiak
Sciences,
Inc.
................
71,602
443,932
Kronos
Bio,
Inc.
....................
88,400
129,064
Lantern
Pharma,
Inc.
(a)
...............
16,028
77,415
Larimar
Therapeutics,
Inc.
.............
59,980
271,709
Leap
Therapeutics,
Inc.
(a)
.............
159,447
54,212
Lexicon
Pharmaceuticals,
Inc.
(a)
.........
179,629
436,498
Lineage
Cell
Therapeutics,
Inc.
(a)
........
280,462
420,693
Security
Shares
Shares
Value
Biotechnology
(continued)
Longeveron,
Inc.,
Class
A
(a)
............
9,286
$
24,794
Lumos
Pharma,
Inc.
(a)
................
13,179
44,677
MacroGenics,
Inc.
..................
131,254
941,091
Magenta
Therapeutics,
Inc.
(a)
...........
95,039
75,527
MAIA
Biotechnology,
Inc.
(a)
............
3,792
13,120
MannKind
Corp.
(a)
..................
554,279
2,272,544
MediciNova,
Inc.
...................
101,349
218,914
MeiraGTx
Holdings
plc
...............
71,376
369,014
Merrimack
Pharmaceuticals,
Inc.
........
22,303
274,104
Mersana
Therapeutics,
Inc.
............
201,043
826,287
MiMedx
Group,
Inc.
.................
245,677
837,759
Mineralys
Therapeutics,
Inc.
...........
26,346
412,578
MiNK
Therapeutics,
Inc.
(a)
.............
10,194
19,572
Mirum
Pharmaceuticals,
Inc.
...........
40,068
962,433
Molecular
Templates,
Inc.
(a)
............
85,789
32,591
Moleculin
Biotech,
Inc.
...............
57,342
55,048
Monte
Rosa
Therapeutics,
Inc.
..........
64,765
504,519
Neoleukin
Therapeutics,
Inc.
(a)
..........
73,634
51,544
NeuBase
Therapeutics,
Inc.
(a)
...........
61,639
11,403
NexImmune,
Inc.
(a)
..................
40,082
15,231
NextCure,
Inc.
.....................
50,711
75,052
NightHawk
Biosciences,
Inc.
(a)
..........
52,711
46,101
Nkarta,
Inc.
(a)
......................
71,064
252,277
Nurix
Therapeutics,
Inc.
(a)
.............
101,033
897,173
Nuvalent,
Inc.,
Class
A
...............
43,829
1,143,499
Nuvectis
Pharma,
Inc.
(a)
..............
12,624
165,501
Nymox
Pharmaceutical
Corp.
(a)
.........
112,238
38,161
Ocugen,
Inc.
(a)
.....................
476,127
406,184
Olema
Pharmaceuticals,
Inc.
(a)
..........
57,240
198,623
Omega
Therapeutics,
Inc.
(a)
............
45,718
275,680
Oncocyte
Corp.
(a)
...................
200,103
70,917
Oncternal
Therapeutics,
Inc.
(a)
..........
106,880
83,901
Orgenesis,
Inc.
(a)
...................
46,249
54,574
ORIC
Pharmaceuticals,
Inc.
(a)
..........
85,794
489,026
Outlook
Therapeutics,
Inc.
(a)
............
336,746
367,053
Ovid
therapeutics,
Inc.
(a)
..............
127,924
330,044
Pardes
Biosciences,
Inc.
..............
72,954
96,299
Passage
Bio,
Inc.
...................
94,721
90,714
PDS
Biotechnology
Corp.
(a)
............
56,627
348,256
PepGen,
Inc.
......................
32,501
397,487
PharmaCyte
Biotech,
Inc.
(a)
............
38,799
112,905
Pieris
Pharmaceuticals,
Inc.
(a)
..........
143,601
140,155
PMV
Pharmaceuticals,
Inc.
............
79,164
377,612
Point
Biopharma
Global,
Inc.
(a)
..........
188,716
1,371,965
Portage
Biotech,
Inc.
(a)
...............
21,574
66,664
Poseida
Therapeutics,
Inc.
............
85,787
264,224
Praxis
Precision
Medicines,
Inc.
.........
87,305
70,630
Precigen,
Inc.
.....................
265,614
281,551
Precision
BioSciences,
Inc.
............
187,694
141,446
Prelude
Therapeutics,
Inc.
(a)
............
24,971
142,335
Prometheus
Biosciences,
Inc.
..........
75,577
8,110,924
Protagonist
Therapeutics,
Inc.
..........
101,309
2,330,107
Protalix
BioTherapeutics,
Inc.
(a)
.........
107,841
226,466
Protara
Therapeutics,
Inc.
.............
20,967
64,998
Prothena
Corp.
plc
(a)
.................
84,995
4,119,708
Puma
Biotechnology,
Inc.
.............
75,150
232,214
Pyxis
Oncology,
Inc.
(a)
................
65,115
261,111
Quince
Therapeutics,
Inc.
(a)
............
54,859
85,580
Rallybio
Corp.
(a)
....................
41,043
234,356
RAPT
Therapeutics,
Inc.
(a)
.............
64,936
1,191,576
Reneo
Pharmaceuticals,
Inc.
(a)
..........
21,507
128,612
Replimune
Group,
Inc.
...............
101,619
1,794,592
Rezolute,
Inc.
(a)
....................
63,295
121,526
Rhythm
Pharmaceuticals,
Inc.
(a)
.........
111,272
1,985,092
Rigel
Pharmaceuticals,
Inc.
............
372,223
491,334
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Rocket
Pharmaceuticals,
Inc.
...........
121,572
$
2,082,528
SAB
Biotherapeutics,
Inc.
(a)
............
53,316
23,459
Sangamo
Therapeutics,
Inc.
...........
292,220
514,307
Savara,
Inc.
(a)
.....................
163,879
319,564
Scholar
Rock
Holding
Corp.
............
90,088
720,704
SELLAS
Life
Sciences
Group,
Inc.
(a)
......
45,194
64,627
Sensei
Biotherapeutics,
Inc.
...........
35,427
53,141
Sera
Prognostics,
Inc.,
Class
A
(a)
........
44,560
170,665
Seres
Therapeutics,
Inc.
(a)
.............
153,419
869,886
Shattuck
Labs,
Inc.
.................
71,915
211,430
Sigilon
Therapeutics,
Inc.
.............
42,217
39,266
Spero
Therapeutics,
Inc.
..............
66,163
95,936
Spruce
Biosciences,
Inc.
(a)
.............
25,631
56,645
SQZ
Biotechnologies
Co.
(a)
............
53,703
30,074
Stoke
Therapeutics,
Inc.
..............
48,433
403,447
Summit
Therapeutics,
Inc.
(a)
............
200,730
351,278
Surface
Oncology,
Inc.
(a)
..............
118,464
82,783
Surrozen,
Inc.
(a)
....................
46,166
27,792
Sutro
Biopharma,
Inc.
................
117,380
542,296
Synaptogenix,
Inc.
(a)
.................
14,978
11,981
Syndax
Pharmaceuticals,
Inc.
..........
130,621
2,758,716
Synlogic,
Inc.
.....................
140,272
88,652
Syros
Pharmaceuticals,
Inc.
(a)
..........
23,905
63,826
Talaris
Therapeutics,
Inc.
.............
51,929
97,627
Tango
Therapeutics,
Inc.
(a)
.............
100,327
396,292
Taysha
Gene
Therapies,
Inc.
(a)
..........
71,954
57,391
TCR2
Therapeutics,
Inc.
..............
66,880
100,320
Tenaya
Therapeutics,
Inc.
.............
94,277
268,689
Tracon
Pharmaceuticals,
Inc.
(a)
..........
35,554
67,197
TScan
Therapeutics,
Inc.
(a)
............
31,685
66,539
Tyra
Biosciences,
Inc.
(a)
..............
28,875
464,021
UNITY
Biotechnology,
Inc.
(a)
............
24,355
39,699
UroGen
Pharma
Ltd.
(a)
...............
43,161
398,808
Vaccinex,
Inc.
(a)
....................
46,099
18,417
Vanda
Pharmaceuticals,
Inc.
...........
120,212
816,239
Vaxart,
Inc.
(a)
......................
277,078
209,665
VBI
Vaccines,
Inc.
..................
427,180
129,436
Vera
Therapeutics,
Inc.,
Class
A
(a)
........
47,260
366,738
Verastem,
Inc.
(a)
....................
455,042
188,933
Verve
Therapeutics,
Inc.
(a)
.............
101,816
1,468,187
Vigil
Neuroscience,
Inc.
...............
15,491
151,657
Viking
Therapeutics,
Inc.
(a)
.............
145,603
2,424,290
Vincerx
Pharma,
Inc.
................
39,273
40,844
Viracta
Therapeutics,
Inc.
(a)
............
58,702
93,336
Viridian
Therapeutics,
Inc.
(a)
............
83,042
2,112,588
Virios
Therapeutics,
Inc.
(a)
.............
38,500
14,149
VistaGen
Therapeutics,
Inc.
(a)
...........
470,531
58,675
Vor
BioPharma,
Inc.
(a)
................
61,803
332,500
Voyager
Therapeutics,
Inc.
(a)
...........
59,109
455,730
Werewolf
Therapeutics,
Inc.
............
13,030
33,878
X4
Pharmaceuticals,
Inc.
(a)
............
118,381
102,991
XBiotech,
Inc.
.....................
32,750
112,988
Xilio
Therapeutics,
Inc.
(a)
..............
44,850
142,623
XOMA
Corp.
......................
14,462
305,293
Y-mAbs
Therapeutics,
Inc.
.............
80,267
402,138
145,831,911
Broadline
Retail
—
0.1%
(a)(b)
1stdibs.com,
Inc.
...................
51,418
204,129
ContextLogic,
Inc.,
Class
A
............
1,259,968
561,694
Groupon,
Inc.
.....................
48,012
202,131
iMedia
Brands,
Inc.,
Class
A
...........
42,838
21,830
989,784
Security
Shares
Shares
Value
Building
Products
—
0.4%
Alpha
Pro
Tech
Ltd.
(a)(b)
...............
24,448
$
101,704
Caesarstone
Ltd.
...................
48,210
199,107
Insteel
Industries,
Inc.
................
40,762
1,133,999
Molekule
Group,
Inc.
(a)(b)
..............
39,616
66,951
Quanex
Building
Products
Corp.
.........
71,924
1,548,524
View,
Inc.,
Class
A
(a)(b)
................
294,810
147,405
3,197,690
Capital
Markets
—
1.1%
Ashford,
Inc.
(b)
.....................
1,892
24,010
Associated
Capital
Group,
Inc.,
Class
A
....
3,751
138,599
Avantax,
Inc.
(b)
.....................
103,689
2,729,095
Bakkt
Holdings,
Inc.,
Class
A
(a)(b)
.........
126,468
217,525
Diamond
Hill
Investment
Group,
Inc.
......
6,240
1,026,979
Donnelley
Financial
Solutions,
Inc.
(a)(b)
.....
55,188
2,254,982
Greenhill
&
Co.,
Inc.
.................
28,589
253,584
Hennessy
Advisors,
Inc.
..............
9,729
75,302
Heritage
Global,
Inc.
(b)
...............
71,407
204,938
MarketWise,
Inc.,
Class
A
(b)
............
38,887
71,941
Marygold
Cos.,
Inc.
(The)
(a)(b)
...........
30,923
54,734
Oppenheimer
Holdings,
Inc.,
Class
A,
NVS
.
17,169
672,166
Perella
Weinberg
Partners,
Class
A
.......
80,904
736,226
Safeguard
Scientifics,
Inc.
(a)(b)
...........
33,843
58,210
Sculptor
Capital
Management,
Inc.,
Class
A
.
54,093
465,741
Siebert
Financial
Corp.
(a)(b)
.............
30,261
57,950
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
.......................
21,450
389,961
Value
Line,
Inc.
....................
2,112
102,073
Westwood
Holdings
Group,
Inc.
.........
16,452
184,427
9,718,443
Chemicals
—
1.4%
Advanced
Emissions
Solutions,
Inc.
(b)
.....
36,680
72,626
AdvanSix,
Inc.
.....................
57,997
2,219,545
AgroFresh
Solutions,
Inc.
(a)(b)
...........
67,207
201,621
American
Vanguard
Corp.
.............
61,033
1,335,402
Aspen
Aerogels,
Inc.
(b)
...............
109,444
815,358
Core
Molding
Technologies,
Inc.
(a)(b)
.......
17,250
310,328
Danimer
Scientific,
Inc.,
Class
A
(a)(b)
.......
199,122
686,971
Flexible
Solutions
International,
Inc.
(b)
.....
18,180
56,722
Flotek
Industries,
Inc.
(b)
...............
142,428
98,275
FutureFuel
Corp.
(a)
..................
56,150
414,387
Hawkins,
Inc.
.....................
42,224
1,848,567
Intrepid
Potash,
Inc.
(a)(b)
...............
24,245
669,162
Koppers
Holdings,
Inc.
...............
44,228
1,546,653
Northern
Technologies
International
Corp.
..
17,039
201,571
Origin
Materials,
Inc.,
Class
A
(a)(b)
........
228,211
974,461
Rayonier
Advanced
Materials,
Inc.
(b)
......
134,477
843,171
Valhi,
Inc.
........................
5,467
95,180
12,390,000
Commercial
Services
&
Supplies
—
2.1%
ACCO
Brands
Corp.
.................
199,854
1,063,223
Acme
United
Corp.
..................
4,923
113,229
Aqua
Metals,
Inc.
(a)(b)
................
166,288
166,288
ARC
Document
Solutions,
Inc.
..........
75,054
237,921
Aris
Water
Solutions,
Inc.,
Class
A
.......
47,758
372,035
CECO
Environmental
Corp.
(b)
...........
64,302
899,585
Charah
Solutions,
Inc.
(a)(b)
.............
4,053
8,471
CompX
International,
Inc.
.............
3,360
60,749
Ennis,
Inc.
.......................
55,342
1,167,163
Fuel
Tech,
Inc.
(a)(b)
..................
51,539
65,970
GEO
Group,
Inc.
(The)
(b)
..............
257,860
2,034,516
Harsco
Corp.
(b)
....................
171,039
1,168,196
Heritage-Crystal
Clean,
Inc.
(b)
...........
34,144
1,215,868
Interface,
Inc.
.....................
125,056
1,015,455
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
Kimball
International,
Inc.,
Class
B
.......
77,901
$
965,972
Liquidity
Services,
Inc.
(b)
..............
52,812
695,534
Montrose
Environmental
Group,
Inc.
(a)(b)
....
59,812
2,133,494
NL
Industries,
Inc.
..................
18,537
112,334
Odyssey
Marine
Exploration,
Inc.
(a)(b)
......
28,852
93,769
Performant
Financial
Corp.
(a)(b)
..........
148,376
504,478
Perma-Fix
Environmental
Services,
Inc.
(a)(b)
.
27,108
319,332
Quad/Graphics,
Inc.,
Class
A
(b)
..........
69,866
299,725
Quest
Resource
Holding
Corp.
(a)(b)
.......
35,492
217,921
Shapeways
Holdings,
Inc.
(b)
............
35,729
12,262
SP
Plus
Corp.
(a)(b)
...................
43,820
1,502,588
Team,
Inc.
(a)(b)
.....................
6,147
33,685
Viad
Corp.
(b)
......................
44,255
922,274
Virco
Mfg.
Corp.
(b)
..................
21,233
84,295
VSE
Corp.
.......................
23,032
1,034,137
18,520,469
Communications
Equipment
—
1.5%
Airspan
Networks
Holdings,
Inc.
(a)(b)
.......
75,266
52,107
Applied
Optoelectronics,
Inc.
(a)(b)
.........
60,788
134,342
Aviat
Networks,
Inc.
(b)
................
22,665
781,036
BK
Technologies
Corp.
...............
29,825
85,001
CalAmp
Corp.
(b)
....................
81,361
292,086
Cambium
Networks
Corp.
(b)
............
25,011
443,195
Casa
Systems,
Inc.
(b)
................
77,479
98,398
Clearfield,
Inc.
(a)(b)
...................
27,821
1,295,902
Comtech
Telecommunications
Corp.
......
56,341
703,136
Digi
International,
Inc.
(a)(b)
.............
75,457
2,541,392
DZS,
Inc.
(b)
.......................
43,917
346,505
EMCORE
Corp.
(a)(b)
.................
79,868
91,848
Franklin
Wireless
Corp.
(b)
.............
18,236
90,815
Genasys,
Inc.
(a)(b)
...................
78,428
231,363
Harmonic,
Inc.
(b)
....................
200,436
2,924,361
Inseego
Corp.
(a)(b)
...................
190,988
111,231
KVH
Industries,
Inc.
(a)(b)
...............
40,980
466,352
Lantronix,
Inc.
(b)
....................
61,100
265,174
NETGEAR,
Inc.
(b)
...................
61,510
1,138,550
Network-1
Technologies,
Inc.
...........
37,205
79,991
Ondas
Holdings,
Inc.
(a)(b)
..............
77,909
84,142
Optical
Cable
Corp.
(b)
................
10,334
44,540
PCTEL,
Inc.
......................
37,724
159,573
Ribbon
Communications,
Inc.
(b)
.........
156,627
535,664
TESSCO
Technologies,
Inc.
(b)
..........
14,834
71,203
13,067,907
Construction
&
Engineering
—
0.9%
Argan,
Inc.
.......................
27,892
1,128,789
Bowman
Consulting
Group
Ltd.
(a)(b)
.......
19,364
555,940
Concrete
Pumping
Holdings,
Inc.
(a)(b)
......
55,821
379,583
Great
Lakes
Dredge
&
Dock
Corp.
(a)(b)
.....
141,120
766,282
IES
Holdings,
Inc.
(b)
.................
18,602
801,560
INNOVATE
Corp.
(a)(b)
.................
98,869
293,641
iSun,
Inc.
(a)(b)
......................
25,191
25,947
Limbach
Holdings,
Inc.
(a)(b)
.............
20,366
352,332
Matrix
Service
Co.
(b)
.................
56,750
306,450
Northwest
Pipe
Co.
(a)(b)
...............
21,277
664,481
Orbital
Infrastructure
Group,
Inc.
(b)
.......
186,345
27,188
Orion
Group
Holdings,
Inc.
(b)
...........
68,100
176,379
QualTek
Services,
Inc.,
Class
A
(a)(b)
.......
26,179
10,338
Sterling
Infrastructure,
Inc.
(b)
...........
63,773
2,415,721
Tutor
Perini
Corp.
(b)
.................
90,727
559,786
Williams
Industrial
Services
Group,
Inc.
(a)(b)
..
36,617
37,715
8,502,132
Security
Shares
Shares
Value
Construction
Materials
—
0.1%
Smith-Midland
Corp.
(b)
...............
9,519
$
178,576
United
States
Lime
&
Minerals,
Inc.
.......
4,417
674,432
853,008
Consumer
Finance
—
0.8%
Atlanticus
Holdings
Corp.
(a)(b)
...........
9,399
254,995
Consumer
Portfolio
Services,
Inc.
(a)(b)
......
20,144
215,339
Curo
Group
Holdings
Corp.
............
47,662
82,455
Enova
International,
Inc.
(b)
.............
66,985
2,976,144
EZCORP,
Inc.,
Class
A,
NVS
(a)(b)
.........
106,788
918,377
Katapult
Holdings,
Inc.
(a)(b)
.............
112,416
50,115
Medallion
Financial
Corp.
.............
41,675
319,647
Moneylion,
Inc.,
Class
A
(a)(b)
............
315,798
179,310
NerdWallet,
Inc.,
Class
A
(b)
.............
57,205
925,577
Nicholas
Financial,
Inc.
(b)
..............
8,944
53,127
Oportun
Financial
Corp.
(a)(b)
............
62,470
241,134
OppFi,
Inc.,
Class
A
(a)(b)
...............
20,969
42,987
Regional
Management
Corp.
...........
16,497
430,407
Sunlight
Financial
Holdings,
Inc.
(a)(b)
......
52,082
16,265
World
Acceptance
Corp.
(a)(b)
............
8,476
705,966
7,411,845
Consumer
Staples
Distribution
&
Retail
—
0.6%
Blue
Apron
Holdings,
Inc.,
Class
A
(a)(b)
.....
71,048
48,135
Boxed,
Inc.
(a)(b)
.....................
121,834
23,124
Chefs'
Warehouse,
Inc.
(The)
(a)(b)
........
74,256
2,528,417
HF
Foods
Group,
Inc.
(a)(b)
..............
78,231
306,666
MedAvail
Holdings,
Inc.
(a)(b)
............
80,877
23,179
Natural
Grocers
by
Vitamin
Cottage,
Inc.
...
20,185
237,174
Rite
Aid
Corp.
(a)(b)
...................
122,484
274,364
SpartanNash
Co.
...................
75,914
1,882,667
Village
Super
Market,
Inc.,
Class
A
.......
18,519
423,715
5,747,441
Containers
&
Packaging
—
0.2%
Cryptyde,
Inc.
(b)
....................
92,138
7,666
Myers
Industries,
Inc.
................
79,018
1,693,356
Ranpak
Holdings
Corp.,
Class
A
(a)(b)
......
94,405
492,794
2,193,816
Distributors
—
0.1%
AMCON
Distributing
Co.
(a)
.............
343
57,281
Educational
Development
Corp.
(b)
........
14,389
42,304
Funko,
Inc.,
Class
A
(a)(b)
...............
69,131
651,905
Weyco
Group,
Inc.
..................
12,666
320,450
1,071,940
Diversified
Consumer
Services
—
0.9%
American
Public
Education,
Inc.
(b)
........
40,902
221,689
Beachbody
Co.,
Inc.
(The),
Class
A
(a)(b)
....
226,699
109,314
Carriage
Services,
Inc.
...............
28,932
883,005
Lincoln
Educational
Services
Corp.
(a)(b)
.....
50,374
285,117
Nerdy,
Inc.,
Class
A
(a)(b)
...............
121,180
506,532
OneSpaWorld
Holdings
Ltd.
(a)(b)
.........
146,126
1,752,051
Perdoceo
Education
Corp.
(b)
...........
146,451
1,966,837
Regis
Corp.
(a)(b)
....................
100,394
111,437
Rover
Group,
Inc.,
Class
A
(a)(b)
..........
204,043
924,315
Universal
Technical
Institute,
Inc.
(b)
.......
71,619
528,548
WW
International,
Inc.
(a)(b)
.............
116,896
481,611
XWELL,
Inc.
(a)(b)
....................
178,492
64,418
7,834,874
Diversified
REITs
—
0.4%
Alpine
Income
Property
Trust,
Inc.
.......
28,526
480,092
American
Strategic
Investment
Co.
.......
4,505
38,383
CTO
Realty
Growth,
Inc.
..............
48,002
828,514
Gladstone
Commercial
Corp.
...........
85,302
1,077,364
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Diversified
REITs
(continued)
Modiv,
Inc.,
Class
C
.................
16,420
$
174,545
One
Liberty
Properties,
Inc.
............
35,332
810,163
Presidio
Property
Trust,
Inc.,
Class
A
......
24,772
25,763
3,434,824
Diversified
Telecommunication
Services
—
0.6%
Anterix,
Inc.
(b)
.....................
40,081
1,324,276
ATN
International,
Inc.
...............
23,755
972,055
Bandwidth,
Inc.,
Class
A
(a)(b)
............
50,433
766,582
Charge
Enterprises,
Inc.
(b)
.............
286,374
315,011
Consolidated
Communications
Holdings,
Inc.
(b)
162,700
419,766
IDT
Corp.,
Class
B
(b)
.................
33,784
1,151,359
Ooma,
Inc.
(a)(b)
.....................
50,289
629,115
5,578,164
Electric
Utilities
—
0.1%
Genie
Energy
Ltd.,
Class
B
............
43,222
597,328
Via
Renewables,
Inc.
................
5,496
101,016
698,344
Electrical
Equipment
—
1.2%
Advent
Technologies
Holdings,
Inc.
(a)(b)
....
84,006
89,046
Allied
Motion
Technologies,
Inc.
.........
29,095
1,124,522
American
Superconductor
Corp.
(a)(b)
......
62,294
305,864
Babcock
&
Wilcox
Enterprises,
Inc.
(a)(b)
.....
132,312
801,811
Beam
Global
(a)(b)
...................
19,204
305,536
Blink
Charging
Co.
(a)(b)
................
91,803
794,096
Broadwind,
Inc.
(a)(b)
..................
40,983
157,375
Capstone
Green
Energy
Corp.
(a)(b)
........
38,964
51,822
Energous
Corp.
(a)(b)
..................
165,743
89,501
Eos
Energy
Enterprises,
Inc.,
Class
A
(a)(b)
...
120,362
309,330
Espey
Mfg.
&
Electronics
Corp.
.........
3,326
67,352
ESS
Tech,
Inc.
(a)(b)
..................
172,374
239,600
Flux
Power
Holdings,
Inc.
(a)(b)
...........
25,100
121,986
FTC
Solar,
Inc.
(a)(b)
..................
92,657
208,478
Heliogen,
Inc.
(a)(b)
...................
198,356
47,645
Ideal
Power,
Inc.
(a)(b)
.................
12,675
132,454
KULR
Technology
Group,
Inc.
(a)(b)
........
147,035
128,994
LSI
Industries,
Inc.
..................
57,169
796,364
Nuvve
Holding
Corp.
(a)(b)
..............
43,906
30,734
Ocean
Power
Technologies,
Inc.
(a)(b)
......
114,453
60,660
Orion
Energy
Systems,
Inc.
(a)(b)
..........
67,433
136,889
Pioneer
Power
Solutions,
Inc.
(b)
.........
15,099
53,148
Polar
Power,
Inc.
(a)(b)
.................
17,520
23,126
Powell
Industries,
Inc.
................
19,900
847,541
Preformed
Line
Products
Co.
...........
5,428
695,001
Sunworks,
Inc.
(a)(b)
..................
78,601
113,185
Thermon
Group
Holdings,
Inc.
(b)
.........
72,127
1,797,405
TPI
Composites,
Inc.
(a)(b)
..............
79,659
1,039,550
Ultralife
Corp.
(a)(b)
...................
20,931
84,143
Westwater
Resources,
Inc.
(b)
...........
102,022
113,244
10,766,402
Electronic
Equipment,
Instruments
&
Components
—
2.5%
908
Devices,
Inc.
(b)
..................
47,806
411,132
Aeva
Technologies,
Inc.
(b)
.............
210,394
250,369
AEye,
Inc.,
Class
A
(a)(b)
...............
219,922
69,231
Airgain,
Inc.
(a)(b)
....................
19,098
102,556
Akoustis
Technologies,
Inc.
(b)
...........
144,695
445,661
Arlo
Technologies,
Inc.
(b)
..............
189,050
1,145,643
Bel
Fuse,
Inc.,
Class
B,
NVS
...........
22,245
835,967
Cepton,
Inc.
(a)(b)
....................
103,603
48,113
ClearSign
Technologies
Corp.
(a)(b)
........
56,188
44,838
Climb
Global
Solutions,
Inc.
............
8,986
478,864
Coda
Octopus
Group,
Inc.
(a)(b)
..........
13,557
98,288
CPS
Technologies
Corp.
(b)
.............
28,542
81,059
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
CTS
Corp.
.......................
69,046
$
3,415,015
Daktronics,
Inc.
(b)
...................
80,920
458,816
Digital
Ally,
Inc.
(b)
...................
5,115
23,631
Evolv
Technologies
Holdings,
Inc.,
Class
A
(a)(b)
182,022
567,909
FARO
Technologies,
Inc.
(b)
.............
40,863
1,005,638
Focus
Universal,
Inc.
(a)(b)
..............
58,137
145,343
Frequency
Electronics,
Inc.
............
12,783
88,075
Identiv,
Inc.
(b)
......................
47,716
292,976
Interlink
Electronics,
Inc.
(a)(b)
............
2,853
26,191
Iteris,
Inc.
(b)
.......................
92,523
433,933
Key
Tronic
Corp.
(a)(b)
.................
21,724
157,934
Kimball
Electronics,
Inc.
(b)
.............
52,200
1,258,020
LGL
Group,
Inc.
(The)
(b)
..............
7,336
31,398
LightPath
Technologies,
Inc.,
Class
A
(b)
....
79,800
112,518
Luna
Innovations,
Inc.
(a)(b)
.............
69,584
500,309
MicroVision,
Inc.
(a)(b)
.................
359,684
960,356
M-Tron
Industries,
Inc.
(a)(b)
.............
3,641
39,141
Napco
Security
Technologies,
Inc.
(b)
......
68,581
2,577,274
nLight,
Inc.
(b)
......................
96,740
984,813
Nortech
Systems,
Inc.
(b)
..............
2,185
23,270
Ouster,
Inc.,
Class
A
(b)
................
608,837
509,414
Powerfleet,
Inc.
(b)
...................
75,386
258,574
Red
Cat
Holdings,
Inc.
(a)(b)
.............
70,163
72,970
Research
Frontiers,
Inc.
(a)(b)
............
66,664
113,995
RF
Industries
Ltd.
(b)
.................
20,608
89,439
Richardson
Electronics
Ltd.
............
20,216
451,221
ScanSource,
Inc.
(b)
..................
52,380
1,594,447
SigmaTron
International,
Inc.
(a)(b)
.........
12,700
33,401
SmartRent,
Inc.,
Class
A
(a)(b)
............
264,018
673,246
Sono-Tek
Corp.
(a)(b)
..................
16,301
83,461
Vishay
Precision
Group,
Inc.
(b)
..........
27,051
1,129,650
Wireless
Telecom
Group,
Inc.
(b)
.........
36,907
68,278
Wrap
Technologies,
Inc.
(a)(b)
............
57,659
99,174
22,291,551
Energy
Equipment
&
Services
—
2.5%
Borr
Drilling
Ltd.
(b)
..................
437,608
3,317,069
Bristow
Group,
Inc.
(b)
................
50,870
1,139,488
Dawson
Geophysical
Co.
(b)
............
14,224
24,892
Diamond
Offshore
Drilling,
Inc.
(a)(b)
.......
220,349
2,653,002
DMC
Global,
Inc.
(b)
..................
40,788
896,112
Energy
Services
of
America
Corp.
.......
19,913
45,601
ENGlobal
Corp.
(a)(b)
..................
60,402
28,963
Enservco
Corp.
(a)(b)
..................
18,131
8,612
Forum
Energy
Technologies,
Inc.
(b)
.......
9,634
244,993
Geospace
Technologies
Corp.
(b)
.........
27,256
192,155
Gulf
Island
Fabrication,
Inc.
(b)
...........
29,406
108,802
Helix
Energy
Solutions
Group,
Inc.
(b)
......
311,434
2,410,499
Independence
Contract
Drilling,
Inc.
(b)
.....
19,607
63,919
KLX
Energy
Services
Holdings,
Inc.
(a)(b)
....
21,657
252,304
Mammoth
Energy
Services,
Inc.
(a)(b)
.......
40,932
172,733
National
Energy
Services
Reunited
Corp.
(b)
.
83,520
439,315
Natural
Gas
Services
Group,
Inc.
(b)
.......
25,495
262,853
NCS
Multistage
Holdings,
Inc.
(a)(b)
........
1,348
31,948
Newpark
Resources,
Inc.
(b)
............
188,638
726,256
Nine
Energy
Service,
Inc.
(a)(b)
...........
38,688
215,105
Oil
States
International,
Inc.
(b)
...........
136,737
1,139,019
Profire
Energy,
Inc.
(b)
................
79,663
98,782
Ranger
Energy
Services,
Inc.
(b)
.........
23,954
244,091
SEACOR
Marine
Holdings,
Inc.
(b)
........
51,628
392,889
Select
Energy
Services,
Inc.,
Class
A
.....
155,481
1,082,148
Smart
Sand,
Inc.
(b)
..................
53,039
93,349
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
..
69,268
591,549
Superior
Drilling
Products,
Inc.
(a)(b)
........
36,137
32,241
TETRA
Technologies,
Inc.
(b)
............
271,052
718,288
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Energy
Equipment
&
Services
(continued)
Tidewater,
Inc.
(b)
...................
101,170
$
4,459,574
22,086,551
Entertainment
—
0.2%
Chicken
Soup
For
The
Soul
Entertainment,
Inc.
(a)(b)
........................
16,926
33,852
CuriosityStream,
Inc.,
Class
A
(a)(b)
........
53,095
71,678
FG
Group
Holdings,
Inc.
(a)(b)
............
29,560
59,416
Gaia,
Inc.,
Class
A
(a)(b)
................
27,889
77,252
Golden
Matrix
Group,
Inc.
(b)
............
33,607
89,059
Marcus
Corp.
(The)
(a)
................
51,807
828,912
Mobile
Global
Esports,
Inc.
(a)(b)
..........
33,956
23,769
Playstudios,
Inc.,
Class
A
(b)
............
172,553
636,721
Reading
International,
Inc.,
Class
A,
NVS
(a)(b)
36,329
118,069
Reservoir
Media,
Inc.
(a)(b)
..............
44,847
292,402
2,231,130
Financial
Services
—
1.8%
Acacia
Research
Corp.
(a)(b)
.............
81,898
316,126
Alerus
Financial
Corp.
...............
32,923
528,414
A-Mark
Precious
Metals,
Inc.
...........
40,000
1,386,000
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
....................
60,454
1,050,691
BM
Technologies,
Inc.,
Class
A
(b)
........
19,752
69,527
Cantaloupe,
Inc.
(b)
..................
124,507
709,690
Cass
Information
Systems,
Inc.
.........
29,206
1,264,912
Federal
Agricultural
Mortgage
Corp.,
Class
C,
NVS
.........................
19,828
2,640,891
Finance
of
America
Cos.,
Inc.,
Class
A
(a)(b)
..
88,605
109,870
Home
Point
Capital,
Inc.
..............
18,792
36,269
I3
Verticals,
Inc.,
Class
A
(b)
.............
50,264
1,232,976
Income
Opportunity
Realty
Investors,
Inc.
(b)
.
1,745
19,859
International
Money
Express,
Inc.
(a)(b)
......
68,219
1,758,686
Merchants
Bancorp
.................
34,256
892,026
MoneyGram
International,
Inc.
(a)(b)
........
204,221
2,127,983
Ocwen
Financial
Corp.
(a)(b)
.............
16,270
441,242
Paysign,
Inc.
(a)(b)
....................
69,812
253,418
Priority
Technology
Holdings,
Inc.
(b)
.......
38,246
137,303
Ryvyl,
Inc.
(b)
......................
57,122
23,351
Security
National
Financial
Corp.,
Class
A
(b)
.
23,007
142,873
SWK
Holdings
Corp.
(b)
...............
7,967
142,291
Usio,
Inc.
(b)
.......................
42,157
73,353
Velocity
Financial,
Inc.
(b)
..............
19,470
175,814
Waterstone
Financial,
Inc.
.............
41,199
623,341
16,156,906
Food
Products
—
0.8%
Alico,
Inc.
(a)
.......................
15,292
370,066
AppHarvest,
Inc.
(b)
..................
225,078
137,815
Barfresh
Food
Group,
Inc.
(b)
............
11,062
15,266
Benson
Hill,
Inc.
(b)
..................
372,803
428,723
Better
Choice
Co.,
Inc.
(a)(b)
.............
49,774
18,416
Bridgford
Foods
Corp.
(a)(b)
.............
3,750
52,125
Calavo
Growers,
Inc.
................
37,572
1,080,946
Farmer
Bros
Co.
(a)(b)
.................
28,706
110,805
Lifecore
Biomedical,
Inc.
(b)
.............
56,636
213,801
Lifeway
Foods,
Inc.
(a)(b)
...............
9,540
57,622
Limoneira
Co.
.....................
37,675
627,666
Local
Bounti
Corp.
(a)(b)
................
139,626
111,296
MamaMancini's
Holdings,
Inc.
(b)
.........
38,181
72,544
Real
Good
Food
Co.,
Inc.
(The),
Class
A
(b)
..
12,890
54,396
Rocky
Mountain
Chocolate
Factory,
Inc.
(b)
..
9,657
51,665
S&W
Seed
Co.
(b)
...................
52,114
75,305
Seneca
Foods
Corp.,
Class
A
(b)
.........
11,116
581,033
SunOpta,
Inc.
(b)
....................
212,665
1,637,521
Tattooed
Chef,
Inc.,
Class
A
(a)(b)
.........
107,996
153,354
Security
Shares
Shares
Value
Food
Products
(continued)
Vital
Farms,
Inc.
(b)
..................
64,883
$
992,710
Whole
Earth
Brands,
Inc.,
Class
A
(b)
......
88,693
227,054
7,070,129
Gas
Utilities
—
0.0%
RGC
Resources,
Inc.
................
17,388
403,228
Ground
Transportation
—
0.3%
Bird
Global,
Inc.,
Class
A
(a)(b)
...........
387,330
108,414
Covenant
Logistics
Group,
Inc.,
Class
A
....
20,262
717,680
Daseke,
Inc.
(b)
.....................
87,421
675,764
Micromobility.com,
Inc.
(a)(b)
.............
10,690
39,125
PAM
Transportation
Services,
Inc.
(b)
......
14,359
411,098
Universal
Logistics
Holdings,
Inc.
........
15,440
450,076
US
Xpress
Enterprises,
Inc.,
Class
A
(a)(b)
...
57,986
344,437
Yellow
Corp.
(a)(b)
....................
111,124
225,582
2,972,176
Health
Care
Equipment
&
Supplies
—
4.3%
Accelerate
Diagnostics,
Inc.
(a)(b)
.........
104,742
73,319
Accuray,
Inc.
(a)(b)
....................
196,605
583,917
Alphatec
Holdings,
Inc.
(b)
..............
157,826
2,462,086
AngioDynamics,
Inc.
(b)
...............
81,034
837,892
Apollo
Endosurgery,
Inc.
(b)
.............
86,966
862,703
Apyx
Medical
Corp.
(a)(b)
...............
65,936
189,896
Artivion,
Inc.
(b)
.....................
84,799
1,110,867
AxoGen,
Inc.
(b)
.....................
88,286
834,303
Beyond
Air,
Inc.
(a)(b)
..................
55,285
373,174
Biomerica,
Inc.
(a)(b)
..................
22,194
41,503
Bioventus,
Inc.,
Class
A
(b)
.............
69,414
74,273
Butterfly
Network,
Inc.,
Class
A
(a)(b)
.......
286,755
539,099
Cardiovascular
Systems,
Inc.
(b)
..........
88,610
1,759,795
ClearPoint
Neuro,
Inc.
(a)(b)
.............
50,044
422,371
Co-Diagnostics,
Inc.
(a)(b)
...............
67,132
99,355
Cutera,
Inc.
(a)(b)
....................
36,134
853,485
CVRx,
Inc.
(b)
......................
20,572
191,731
CytoSorbents
Corp.
(a)(b)
...............
88,318
297,632
DarioHealth
Corp.
(a)(b)
................
46,137
190,084
Delcath
Systems,
Inc.
(a)(b)
.............
15,135
87,026
Eargo,
Inc.
(a)(b)
.....................
37,649
176,197
Electromed,
Inc.
(a)(b)
.................
16,867
175,417
enVVeno
Medical
Corp.
(a)(b)
............
18,484
87,429
FONAR
Corp.
(a)(b)
...................
14,124
228,809
Hyperfine,
Inc.,
Class
A
(a)(b)
............
103,147
148,532
Inogen,
Inc.
(b)
.....................
49,928
623,101
iRadimed
Corp.
....................
15,390
605,596
IRIDEX
Corp.
(b)
....................
31,800
66,144
Kewaunee
Scientific
Corp.
(b)
...........
5,597
88,041
KORU
Medical
Systems,
Inc.
(a)(b)
.........
64,313
271,401
LeMaitre
Vascular,
Inc.
...............
42,426
2,183,666
LENSAR,
Inc.
(b)
....................
19,730
48,536
Lucid
Diagnostics,
Inc.
(a)(b)
.............
17,711
24,795
Microbot
Medical,
Inc.
(a)(b)
.............
13,620
28,330
Milestone
Scientific,
Inc.
(a)(b)
............
109,690
98,721
Minerva
Surgical,
Inc.
(b)
...............
32,526
7,139
Modular
Medical,
Inc.
(b)
...............
13,963
21,922
Nano-X
Imaging
Ltd.
(a)(b)
..............
99,455
573,855
Nemaura
Medical,
Inc.
(a)(b)
.............
25,807
22,581
Neuronetics,
Inc.
(b)
..................
56,409
164,150
NeuroPace,
Inc.
(b)
..................
20,781
96,424
OraSure
Technologies,
Inc.
(b)
...........
156,298
945,603
Orthofix
Medical,
Inc.
(b)
...............
74,656
1,250,488
OrthoPediatrics
Corp.
(a)(b)
..............
33,023
1,462,589
Owlet,
Inc.,
Class
A
(a)(b)
...............
154,285
50,050
PAVmed,
Inc.
(a)(b)
...................
171,203
63,944
Pro-Dex,
Inc.
(b)
....................
4,684
77,520
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Pulmonx
Corp.
(b)
...................
74,312
$
830,808
Pulse
Biosciences,
Inc.
(a)(b)
.............
32,164
108,071
Retractable
Technologies,
Inc.
(a)(b)
........
35,745
62,554
ReWalk
Robotics
Ltd.
(a)(b)
..............
129,561
93,284
RxSight,
Inc.
(b)
.....................
51,704
862,423
Sanara
Medtech,
Inc.
(a)(b)
..............
7,558
311,768
Semler
Scientific,
Inc.
(b)
...............
10,325
276,710
Senseonics
Holdings,
Inc.
(a)(b)
...........
1,029,754
731,125
Sensus
Healthcare,
Inc.
(a)(b)
............
30,590
159,374
SI-BONE,
Inc.
(b)
....................
73,962
1,454,833
Sientra,
Inc.
(a)(b)
....................
22,077
33,999
Sight
Sciences,
Inc.
(a)(b)
...............
47,742
417,265
Sonendo,
Inc.
(a)(b)
...................
41,092
82,184
Stereotaxis,
Inc.
(a)(b)
.................
120,979
246,797
Strata
Skin
Sciences,
Inc.
(a)(b)
...........
47,087
51,796
Surmodics,
Inc.
(b)
...................
29,359
668,798
Tactile
Systems
Technology,
Inc.
(b)
.......
42,685
700,888
Tela
Bio,
Inc.
(a)(b)
....................
13,759
146,396
Tenon
Medical,
Inc.
(a)(b)
...............
16,145
28,577
TransMedics
Group,
Inc.
(a)(b)
............
66,273
5,018,854
UFP
Technologies,
Inc.
(b)
..............
14,877
1,931,630
Utah
Medical
Products,
Inc.
............
7,437
704,804
Vapotherm,
Inc.
(a)(b)
..................
54,146
35,633
Venus
Concept,
Inc.
(a)(b)
...............
62,712
13,746
Vicarious
Surgical,
Inc.,
Class
A
(a)(b)
.......
119,008
270,148
ViewRay,
Inc.
(b)
....................
321,599
1,112,733
Vivani
Medical,
Inc.
(a)(b)
...............
16,387
16,387
VolitionRX
Ltd.
(a)(b)
..................
84,898
162,155
Zimvie,
Inc.
(b)
......................
45,905
331,893
Zynex,
Inc.
(a)(b)
.....................
46,942
563,304
38,904,428
Health
Care
Providers
&
Services
—
1.9%
Accolade,
Inc.
(a)(b)
...................
145,119
2,086,811
AirSculpt
Technologies,
Inc.
(a)
...........
27,336
137,773
Akumin,
Inc.
(a)(b)
....................
119,665
81,372
ATI
Physical
Therapy,
Inc.,
Class
A
(a)(b)
.....
167,326
42,534
Aveanna
Healthcare
Holdings,
Inc.
(b)
......
97,211
101,099
Biodesix,
Inc.
(a)(b)
...................
61,560
114,502
CareMax,
Inc.,
Class
A
(b)
..............
126,020
336,473
Castle
Biosciences,
Inc.
(a)(b)
............
53,428
1,213,884
Cross
Country
Healthcare,
Inc.
(a)(b)
.......
77,787
1,736,206
Cryo-Cell
International,
Inc.
............
11,563
34,921
DocGo,
Inc.
(a)(b)
....................
179,673
1,554,171
Enzo
Biochem,
Inc.
(b)
................
90,675
220,340
GeneDx
Holdings
Corp.,
Class
A
(b)
.......
644,248
235,151
Great
Elm
Group,
Inc.
(b)
..............
29,422
66,788
Hims
&
Hers
Health,
Inc.,
Class
A
(a)(b)
.....
263,383
2,612,759
InfuSystem
Holdings,
Inc.
(b)
............
38,767
300,444
Joint
Corp.
(The)
(b)
..................
30,396
511,565
Oncology
Institute,
Inc.
(The)
(b)
..........
75,984
51,510
Pennant
Group,
Inc.
(The)
(b)
............
56,209
802,665
PetIQ,
Inc.,
Class
A
(b)
................
58,761
672,226
Psychemedics
Corp.
................
9,839
51,655
Quipt
Home
Medical
Corp.
(b)
...........
70,656
495,299
RadNet,
Inc.
(a)(b)
....................
108,699
2,720,736
Sonida
Senior
Living,
Inc.
(b)
............
7,490
50,857
Talkspace,
Inc.
(a)(b)
..................
261,643
181,868
Viemed
Healthcare,
Inc.
(b)
.............
76,509
739,077
Vivos
Therapeutics,
Inc.
(a)(b)
............
44,203
15,078
17,167,764
Health
Care
REITs
—
0.4%
Diversified
Healthcare
Trust
............
517,345
698,416
Global
Medical
REIT,
Inc.
.............
132,903
1,210,746
Security
Shares
Shares
Value
Health
Care
REITs
(continued)
Universal
Health
Realty
Income
Trust
.....
27,905
$
1,342,510
3,251,672
Health
Care
Technology
—
0.7%
Augmedix,
Inc.
(a)(b)
..................
33,104
57,601
Babylon
Holdings
Ltd.,
Class
A
(a)(b)
.......
9,537
48,543
Better
Therapeutics,
Inc.
(b)
.............
22,875
16,653
Biotricity,
Inc.
(a)(b)
...................
57,872
26,910
CareCloud,
Inc.
(b)
...................
21,854
73,211
Computer
Programs
&
Systems,
Inc.
(b)
.....
30,528
921,946
Forian,
Inc.
(a)(b)
.....................
40,390
153,886
HealthStream,
Inc.
(b)
.................
52,631
1,426,300
iCAD,
Inc.
(b)
.......................
47,260
58,602
OptimizeRx
Corp.
(b)
.................
36,162
529,050
Pear
Therapeutics,
Inc.,
Class
A
(a)(b)
......
149,854
38,213
Sharecare,
Inc.,
Class
A
(a)(b)
............
649,109
921,735
Simulations
Plus,
Inc.
(a)
...............
34,006
1,494,224
Streamline
Health
Solutions,
Inc.
(b)
.......
83,037
149,467
Tabula
Rasa
HealthCare,
Inc.
(a)(b)
........
54,792
306,287
6,222,628
Hotel
&
Resort
REITs
—
0.3%
Ashford
Hospitality
Trust,
Inc.
(b)
.........
75,597
242,666
Braemar
Hotels
&
Resorts,
Inc.
(a)
........
140,069
540,666
Chatham
Lodging
Trust
...............
104,387
1,095,020
Hersha
Hospitality
Trust,
Class
A
........
68,394
459,608
Sotherly
Hotels,
Inc.
(b)
................
33,639
67,110
2,405,070
Hotels,
Restaurants
&
Leisure
—
2.5%
Allied
Gaming
&
Entertainment,
Inc.
(a)(b)
....
36,632
44,142
Ark
Restaurants
Corp.
...............
3,908
67,608
Biglari
Holdings,
Inc.,
Class
B,
NVS
(b)
.....
1,592
269,366
BJ's
Restaurants,
Inc.
(b)
...............
49,379
1,438,904
Bluegreen
Vacations
Holding
Corp.
.......
20,827
570,243
BurgerFi
International,
Inc.
(a)(b)
..........
30,477
35,963
Canterbury
Park
Holding
Corp.
..........
6,650
162,825
Carrols
Restaurant
Group,
Inc.
(b)
.........
76,818
171,304
Century
Casinos,
Inc.
(b)
...............
59,308
434,728
Chuy's
Holdings,
Inc.
(a)(b)
..............
38,920
1,395,282
Denny's
Corp.
(b)
....................
121,280
1,353,485
EBET,
Inc.
(b)
......................
30,683
12,623
El
Pollo
Loco
Holdings,
Inc.
............
41,940
402,205
F45
Training
Holdings,
Inc.
(b)
...........
79,082
91,735
FAT
Brands,
Inc.,
Class
A
(a)
............
10,080
70,963
FAT
Brands,
Inc.,
Class
B
.............
14
80
Fiesta
Restaurant
Group,
Inc.
(b)
.........
37,101
304,970
First
Watch
Restaurant
Group,
Inc.
(a)(b)
.....
32,659
524,503
Flanigan's
Enterprises,
Inc.
............
1,774
50,162
Full
House
Resorts,
Inc.
(a)(b)
............
71,009
513,395
GAN
Ltd.
(b)
.......................
85,033
109,693
Golden
Entertainment,
Inc.
(b)
...........
43,798
1,905,651
Good
Times
Restaurants,
Inc.
(a)(b)
........
19,144
51,114
Inspirato,
Inc.,
Class
A
(a)(b)
.............
47,823
45,857
Inspired
Entertainment,
Inc.
(b)
...........
46,050
588,979
Kura
Sushi
USA,
Inc.,
Class
A
(a)(b)
........
10,073
663,206
Lindblad
Expeditions
Holdings,
Inc.
(a)(b)
....
73,126
699,085
Lottery.com,
Inc.
(b)
..................
75,995
21,279
Monarch
Casino
&
Resort,
Inc.
..........
28,981
2,148,941
Nathan's
Famous,
Inc.
(a)
..............
6,135
463,806
NeoGames
SA
(b)
...................
28,113
427,318
Noodles
&
Co.,
Class
A
(b)
.............
87,985
426,727
ONE
Group
Hospitality,
Inc.
(The)
(a)(b)
.....
49,347
399,711
PlayAGS,
Inc.
(b)
....................
61,981
443,164
Potbelly
Corp.
(b)
....................
56,138
467,630
RCI
Hospitality
Holdings,
Inc.
...........
18,741
1,464,984
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Red
Robin
Gourmet
Burgers,
Inc.
(a)(b)
......
34,155
$
489,100
Ruth's
Hospitality
Group,
Inc.
...........
68,781
1,129,384
Sonder
Holdings,
Inc.,
Class
A
(a)(b)
........
415,027
314,217
Target
Hospitality
Corp.
(b)
.............
63,661
836,505
Xponential
Fitness,
Inc.,
Class
A
(a)(b)
......
44,474
1,351,565
22,362,402
Household
Durables
—
1.1%
Aterian,
Inc.
(a)(b)
....................
141,289
121,523
Bassett
Furniture
Industries,
Inc.
........
18,229
324,476
Beazer
Homes
USA,
Inc.
(b)
............
64,578
1,025,499
Dixie
Group,
Inc.
(The),
Class
A
(a)(b)
.......
35,094
26,671
Ethan
Allen
Interiors,
Inc.
.............
49,271
1,352,982
Flexsteel
Industries,
Inc.
..............
10,340
199,148
Green
Brick
Partners,
Inc.
(a)(b)
...........
59,129
2,073,063
Hamilton
Beach
Brands
Holding
Co.,
Class
A
16,451
168,458
Harbor
Custom
Development,
Inc.
(a)(b)
.....
1,332
5,781
Hooker
Furnishings
Corp.
.............
24,489
445,455
Hovnanian
Enterprises,
Inc.,
Class
A
(a)(b)
...
10,534
714,627
Koss
Corp.
(a)(b)
.....................
10,418
48,131
Landsea
Homes
Corp.
(b)
..............
20,311
123,085
Legacy
Housing
Corp.
(b)
..............
18,923
430,687
Lifetime
Brands,
Inc.
.................
27,916
164,146
Live
Ventures,
Inc.
(b)
.................
3,449
109,230
Lovesac
Co.
(The)
(a)(b)
................
30,329
876,508
Purple
Innovation,
Inc.
(a)(b)
.............
137,061
361,841
Traeger,
Inc.
(a)(b)
....................
71,847
295,291
Tupperware
Brands
Corp.
(a)(b)
...........
96,677
241,693
Universal
Electronics,
Inc.
(b)
............
26,619
269,917
VOXX
International
Corp.,
Class
A
(a)(b)
.....
32,365
399,060
Vuzix
Corp.
(a)(b)
....................
129,594
536,519
10,313,791
Household
Products
—
0.1%
Oil-Dri
Corp.
of
America
..............
10,569
439,776
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Altus
Power,
Inc.,
Class
A
(b)
............
200,021
1,096,115
Industrial
REITs
—
0.3%
Indus
Realty
Trust,
Inc.
...............
11,575
767,307
Plymouth
Industrial
REIT,
Inc.
..........
82,044
1,723,744
2,491,051
Insurance
—
1.5%
Ambac
Financial
Group,
Inc.
(b)
..........
96,168
1,488,681
Atlantic
American
Corp.
(a)
.............
11,840
29,008
Citizens,
Inc.,
Class
A
(a)(b)
.............
111,495
413,646
Crawford
&
Co.,
Class
A,
NVS
..........
33,557
280,537
Donegal
Group,
Inc.,
Class
A
...........
33,883
517,732
eHealth,
Inc.
(b)
.....................
53,659
502,248
Greenlight
Capital
Re
Ltd.,
Class
A
(b)
......
56,912
534,404
Hallmark
Financial
Services,
Inc.
(a)(b)
......
2,915
18,947
HCI
Group,
Inc.
....................
13,608
729,389
Heritage
Insurance
Holdings,
Inc.
........
51,737
159,350
Hippo
Holdings,
Inc.
(a)(b)
...............
37,771
613,023
ICC
Holdings,
Inc.
(a)(b)
................
3,962
62,362
Investors
Title
Co.
..................
2,816
425,216
Kingstone
Cos.,
Inc.
.................
21,446
29,381
Kingsway
Financial
Services,
Inc.
(b)
.......
23,213
204,507
Maiden
Holdings
Ltd.
(a)(b)
..............
101,314
211,746
MBIA,
Inc.
(b)
......................
104,576
968,374
Midwest
Holding,
Inc.
(b)
...............
6,208
102,432
National
Western
Life
Group,
Inc.,
Class
A
(a)
.
4,942
1,199,028
NI
Holdings,
Inc.
(b)
..................
18,629
242,177
Oxbridge
Re
Holdings
Ltd.
(b)
...........
10,280
18,196
Security
Shares
Shares
Value
Insurance
(continued)
Root,
Inc.,
Class
A
(a)(b)
................
16,932
$
76,363
Selectquote,
Inc.
(a)(b)
.................
294,794
639,703
Skyward
Specialty
Insurance
Group,
Inc.
(b)
..
22,603
494,328
Tiptree,
Inc.
......................
53,935
785,833
Trean
Insurance
Group,
Inc.
(b)
..........
49,854
305,106
United
Fire
Group,
Inc.
...............
44,300
1,176,165
United
Insurance
Holdings
Corp.
(b)
.......
43,486
122,631
Universal
Insurance
Holdings,
Inc.
.......
54,320
989,710
Vericity,
Inc.
(b)
.....................
5,114
40,605
13,380,828
Interactive
Media
&
Services
—
0.8%
(b)
Arena
Group
Holdings,
Inc.
(The)
(a)
.......
25,846
109,846
Cars.com,
Inc.
(a)
....................
144,069
2,780,532
DHI
Group,
Inc.
....................
92,549
359,090
EverQuote,
Inc.,
Class
A
(a)
.............
43,510
604,789
fuboTV,
Inc.
(a)
.....................
408,276
494,014
IZEA
Worldwide,
Inc.
(a)
...............
131,182
85,386
Leafly
Holdings,
Inc.
(a)
................
59,386
23,749
Liberty
TripAdvisor
Holdings,
Inc.,
Class
A
(a)
.
163,680
140,601
Outbrain,
Inc.
(a)
....................
79,214
327,154
QuinStreet,
Inc.
....................
110,130
1,747,763
Society
Pass,
Inc.
(a)
.................
16,618
16,950
Super
League
Gaming,
Inc.
(a)
...........
56,043
31,093
Travelzoo
(a)
.......................
15,267
92,213
TrueCar,
Inc.
......................
192,318
442,331
Vinco
Ventures,
Inc.
(a)
................
522,662
167,931
Wejo
Group
Ltd.
...................
123,721
60,994
Zedge,
Inc.,
Class
B
.................
24,911
48,576
7,533,012
IT
Services
—
0.6%
AgileThought,
Inc.,
Class
A
(b)
...........
58,355
183,818
Brightcove,
Inc.
(b)
...................
90,015
400,567
Cerberus
Cyber
Sentinel
Corp.
(a)(b)
.......
99,006
33,464
Computer
Task
Group,
Inc.
(a)(b)
..........
31,920
231,420
Crexendo,
Inc.
(a)
...................
17,339
27,916
CSP,
Inc.
........................
7,377
100,106
DecisionPoint
Systems,
Inc.
(a)(b)
.........
12,254
81,612
Edgio,
Inc.
(b)
......................
299,858
237,218
Glimpse
Group,
Inc.
(The)
(a)(b)
...........
21,101
79,340
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)(b)
..
116,785
1,338,356
Hackett
Group,
Inc.
(The)
.............
49,812
920,526
Information
Services
Group,
Inc.
.........
77,354
393,732
OMNIQ
Corp.
(a)(b)
...................
10,876
52,857
PFSweb,
Inc.
.....................
37,056
157,117
Research
Solutions,
Inc.
(b)
.............
37,395
75,164
Tucows,
Inc.,
Class
A
(a)(b)
..............
21,427
416,755
Unisys
Corp.
(a)(b)
....................
144,087
559,057
WaveDancer,
Inc.
(b)
.................
34,920
10,109
WidePoint
Corp.
(b)
..................
19,136
34,636
5,333,770
Leisure
Products
—
0.6%
American
Outdoor
Brands,
Inc.
(a)(b)
.......
29,049
285,842
AMMO,
Inc.
(a)(b)
....................
193,693
381,575
Clarus
Corp.
......................
59,257
559,979
Escalade,
Inc.
.....................
21,470
313,462
JAKKS
Pacific,
Inc.
(b)
................
15,601
269,897
Johnson
Outdoors,
Inc.,
Class
A
.........
11,608
731,420
Marine
Products
Corp.
...............
18,109
238,858
MasterCraft
Boat
Holdings,
Inc.
(b)
........
38,314
1,165,895
Nautilus,
Inc.
(b)
.....................
65,521
87,798
Smith
&
Wesson
Brands,
Inc.
...........
98,890
1,217,336
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Leisure
Products
(continued)
Solo
Brands,
Inc.,
Class
A
(a)(b)
...........
48,366
$
347,268
5,599,330
Life
Sciences
Tools
&
Services
—
0.8%
(b)
Akoya
Biosciences,
Inc.
..............
33,848
276,877
Alpha
Teknova,
Inc.
.................
13,787
40,810
BioLife
Solutions,
Inc.
(a)
...............
73,393
1,596,298
Bionano
Genomics,
Inc.
(a)
.............
651,502
723,167
Champions
Oncology,
Inc.
(a)
............
14,872
59,785
ChromaDex
Corp.
(a)
.................
112,097
171,508
Codexis,
Inc.
(a)
.....................
133,291
551,825
Harvard
Bioscience,
Inc.
(a)
.............
88,334
371,003
Inotiv,
Inc.
(a)
.......................
44,391
192,213
MaxCyte,
Inc.
.....................
190,329
942,129
Miromatrix
Medical,
Inc.
(a)
.............
35,745
60,052
Nautilus
Biotechnology,
Inc.
(a)
...........
103,881
287,750
Personalis,
Inc.
(a)
...................
80,117
221,123
PhenomeX,
Inc.
....................
146,412
169,838
Quantum-Si,
Inc.,
Class
A
.............
198,882
350,032
Rapid
Micro
Biosystems,
Inc.,
Class
A
(a)
....
46,892
61,429
Science
37
Holdings,
Inc.
.............
137,290
38,661
Seer,
Inc.,
Class
A
..................
112,549
434,439
Singular
Genomics
Systems,
Inc.
(a)
.......
122,196
147,857
Standard
BioTools,
Inc.
(a)
..............
171,573
334,567
Telesis
Bio,
Inc.
(a)
...................
22,444
69,576
7,100,939
Machinery
—
2.7%
Berkshire
Grey,
Inc.,
Class
A
(a)(b)
.........
107,342
148,132
Blue
Bird
Corp.
(a)(b)
..................
38,039
777,137
CIRCOR
International,
Inc.
(b)
...........
40,235
1,252,113
Columbus
McKinnon
Corp.
............
61,013
2,267,243
Commercial
Vehicle
Group,
Inc.
(b)
........
69,894
510,226
Douglas
Dynamics,
Inc.
..............
48,848
1,557,763
Eastern
Co.
(The)
..................
11,407
222,208
Energy
Recovery,
Inc.
(b)
..............
119,844
2,762,404
Fathom
Digital
Manufacturing
C
(a)(b)
.......
62,789
34,101
FreightCar
America,
Inc.
(a)(b)
............
30,453
95,013
Gencor
Industries,
Inc.
(b)
..............
22,634
347,885
Graham
Corp.
(b)
....................
21,791
285,026
Hurco
Cos.,
Inc.
....................
13,601
344,377
Hydrofarm
Holdings
Group,
Inc.
(a)(b)
.......
96,537
167,009
Hyliion
Holdings
Corp.,
Class
A
(b)
........
299,084
592,186
Hyster-Yale
Materials
Handling,
Inc.
......
23,599
1,177,354
Hyzon
Motors,
Inc.,
Class
A
(a)(b)
.........
190,788
155,511
L
B
Foster
Co.,
Class
A
(b)
..............
21,546
247,348
Lightning
eMotors,
Inc.
(b)
..............
84,546
24,222
LS
Starrett
Co.
(The),
Class
A
(b)
.........
13,622
152,839
Luxfer
Holdings
plc
.................
58,768
993,179
Manitex
International,
Inc.
(b)
............
31,886
166,126
Manitowoc
Co.,
Inc.
(The)
(b)
............
75,571
1,291,508
Markforged
Holding
Corp.
(b)
............
248,505
238,267
Mayville
Engineering
Co.,
Inc.
(b)
.........
20,956
312,664
Miller
Industries,
Inc.
................
24,048
850,097
NN,
Inc.
(a)(b)
.......................
92,392
98,860
Park-Ohio
Holdings
Corp.
.............
18,745
226,440
Perma-Pipe
International
Holdings,
Inc.
(a)(b)
..
16,736
177,904
REV
Group,
Inc.
...................
71,488
857,141
Sarcos
Technology
&
Robotics
Corp.
(b)
....
239,408
113,647
Shyft
Group,
Inc.
(The)
...............
75,185
1,710,459
Titan
International,
Inc.
(b)
..............
111,424
1,167,724
Twin
Disc,
Inc.
(a)(b)
..................
22,896
220,260
Urban-Gro,
Inc.
(a)(b)
..................
17,129
46,248
Velo3D,
Inc.
(a)(b)
....................
124,409
282,408
Wabash
National
Corp.
...............
103,546
2,546,196
Security
Shares
Shares
Value
Machinery
(continued)
Xos,
Inc.
(a)(b)
......................
123,172
$
64,665
24,483,890
Marine
Transportation
—
0.5%
Eagle
Bulk
Shipping,
Inc.
.............
29,224
1,329,692
Eneti,
Inc.
........................
48,186
450,539
Genco
Shipping
&
Trading
Ltd.
..........
79,839
1,250,279
Navios
Maritime
Holdings,
Inc.
(a)(b)
........
43,531
78,791
Pangaea
Logistics
Solutions
Ltd.
(a)
.......
77,418
454,444
Safe
Bulkers,
Inc.
..................
155,929
575,378
4,139,123
Media
—
0.9%
AdTheorent
Holding
Co.,
Inc.
(a)(b)
.........
80,567
136,158
Audacy,
Inc.,
Class
A
(a)(b)
..............
280,022
37,719
Beasley
Broadcast
Group,
Inc.,
Class
A
(b)
...
20,823
17,148
Boston
Omaha
Corp.,
Class
A
(a)(b)
........
47,552
1,125,556
Clear
Channel
Outdoor
Holdings,
Inc.
(a)(b)
...
801,158
961,390
comScore,
Inc.
(a)(b)
..................
171,094
210,446
Cumulus
Media,
Inc.,
Class
A
(a)(b)
........
37,272
137,534
Daily
Journal
Corp.
(a)(b)
...............
2,632
750,015
DallasNews
Corp.
..................
9,308
41,141
Digital
Media
Solutions,
Inc.,
Class
A
(a)(b)
...
11,718
13,124
Direct
Digital
Holdings,
Inc.,
Class
A
(b)
.....
6,181
20,026
Emerald
Holding,
Inc.
(a)(b)
..............
48,701
181,168
Entravision
Communications
Corp.,
Class
A
.
129,344
782,531
Fluent,
Inc.
(a)(b)
.....................
96,882
79,443
Gambling.com
Group
Ltd.
(a)(b)
...........
19,323
191,491
Gannett
Co.,
Inc.
(b)
..................
313,575
586,385
Harte
Hanks,
Inc.
(b)
..................
10,186
95,850
Innovid
Corp.
(b)
....................
170,768
240,783
Lee
Enterprises,
Inc.
(b)
...............
11,854
147,582
Marchex,
Inc.,
Class
B
(b)
..............
45,034
81,962
National
CineMedia,
Inc.
..............
138,361
18,277
Quotient
Technology,
Inc.
(b)
............
197,288
647,105
Saga
Communications,
Inc.,
Class
A
......
8,433
187,466
Salem
Media
Group,
Inc.,
Class
A
(b)
......
28,458
31,019
Stran
&
Co.,
Inc.
(a)(b)
.................
19,225
33,451
Thryv
Holdings,
Inc.
(b)
................
55,340
1,276,140
Townsquare
Media,
Inc.,
Class
A
........
24,987
199,896
Treasure
Global,
Inc.
(a)(b)
..............
7,349
12,273
Urban
One,
Inc.,
Class
A
(a)(b)
...........
17,694
133,590
Urban
One,
Inc.,
Class
D,
NVS
(b)
........
23,538
129,459
8,506,128
Metals
&
Mining
—
1.9%
5E
Advanced
Materials,
Inc.
(a)(b)
.........
84,924
460,288
Ampco-Pittsburgh
Corp.
(b)
.............
31,760
77,812
Ascent
Industries
Co.
(b)
...............
15,930
145,600
Caledonia
Mining
Corp.
plc
............
31,870
484,424
Dakota
Gold
Corp.
(b)
.................
113,355
410,345
Friedman
Industries,
Inc.
..............
15,594
176,836
Gatos
Silver,
Inc.
(a)(b)
.................
100,314
655,050
Gold
Resource
Corp.
................
196,334
206,151
Haynes
International,
Inc.
.............
26,929
1,348,874
Hycroft
Mining
Holding
Corp.,
Class
A
(a)(b)
...
322,615
139,499
Idaho
Strategic
Resources,
Inc.
(a)(b)
.......
22,356
108,874
Ivanhoe
Electric,
Inc.
(b)
...............
100,914
1,226,105
Olympic
Steel,
Inc.
..................
20,847
1,088,422
Perpetua
Resources
Corp.
(a)(b)
..........
70,390
313,235
Piedmont
Lithium,
Inc.
(a)(b)
.............
37,811
2,270,550
PolyMet
Mining
Corp.
(b)
...............
63,258
136,005
Ramaco
Resources,
Inc.
..............
48,815
430,060
Ryerson
Holding
Corp.
...............
42,307
1,539,129
Schnitzer
Steel
Industries,
Inc.,
Class
A
....
55,669
1,731,306
SunCoke
Energy,
Inc.
................
181,471
1,629,609
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
TimkenSteel
Corp.
(b)
.................
96,350
$
1,767,059
Tredegar
Corp.
....................
59,195
540,450
Universal
Stainless
&
Alloy
Products,
Inc.
(a)(b)
18,262
170,750
US
Gold
Corp.
(a)(b)
..................
15,517
86,585
17,143,018
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
1.5%
ACRES
Commercial
Realty
Corp.
(a)(b)
.....
17,941
174,387
AFC
Gamma,
Inc.
..................
36,013
437,918
AG
Mortgage
Investment
Trust,
Inc.
......
45,951
264,218
Angel
Oak
Mortgage
REIT,
Inc.
.........
26,628
194,384
Ares
Commercial
Real
Estate
Corp.
......
111,784
1,016,117
Arlington
Asset
Investment
Corp.,
Class
A
(b)
.
59,125
169,097
ARMOUR
Residential
REIT,
Inc.
.........
353,184
1,854,216
Cherry
Hill
Mortgage
Investment
Corp.
(a)
...
46,783
258,242
Chicago
Atlantic
Real
Estate
Finance,
Inc.
..
11,788
159,256
Dynex
Capital,
Inc.
..................
114,870
1,392,224
Ellington
Financial,
Inc.
...............
138,077
1,685,920
Ellington
Residential
Mortgage
REIT
......
28,632
209,014
Franklin
BSP
Realty
Trust,
Inc.
..........
180,677
2,155,477
Granite
Point
Mortgage
Trust,
Inc.
.......
113,379
562,360
Great
Ajax
Corp.
...................
47,476
312,392
Invesco
Mortgage
Capital,
Inc.
..........
77,948
864,443
Lument
Finance
Trust,
Inc.
............
68,334
138,035
Manhattan
Bridge
Capital,
Inc.
..........
19,487
100,943
Nexpoint
Real
Estate
Finance,
Inc.
.......
17,491
274,084
Orchid
Island
Capital,
Inc.
.............
81,425
873,690
Sachem
Capital
Corp.
................
81,814
304,348
Western
Asset
Mortgage
Capital
Corp.
....
12,891
117,695
13,518,460
Multi-Utilities
—
0.2%
Unitil
Corp.
.......................
34,520
1,969,021
Office
REITs
—
0.3%
City
Office
REIT,
Inc.
................
84,301
581,677
Creative
Media
&
Community
Trust
Corp.
...
30,332
123,451
Franklin
Street
Properties
Corp.
.........
213,077
334,531
Orion
Office
REIT,
Inc.
...............
124,255
832,509
Postal
Realty
Trust,
Inc.,
Class
A
........
38,864
591,510
2,463,678
Oil,
Gas
&
Consumable
Fuels
—
4.3%
Adams
Resources
&
Energy,
Inc.
........
2,951
113,377
Aemetis,
Inc.
(a)(b)
...................
63,940
148,341
Alto
Ingredients,
Inc.
(b)
...............
158,296
237,444
American
Resources
Corp.,
Class
A
(a)(b)
....
120,111
180,166
Amplify
Energy
Corp.
(a)(b)
..............
77,672
533,607
Ardmore
Shipping
Corp.
..............
90,294
1,342,672
Battalion
Oil
Corp.
(b)
.................
5,528
36,319
Berry
Corp.
.......................
165,907
1,302,370
BitNile
Metaverse,
Inc.
(a)(b)
.............
52,000
6,094
Centrus
Energy
Corp.,
Class
A
(a)(b)
.......
21,693
698,515
Comstock,
Inc.
(b)
...................
132,773
44,758
Dorian
LPG
Ltd.
....................
66,877
1,333,527
Empire
Petroleum
Corp.
(b)
.............
22,190
275,378
Energy
Fuels,
Inc.
(a)(b)
................
339,765
1,895,889
Epsilon
Energy
Ltd.
.................
30,407
162,373
Evolution
Petroleum
Corp.
.............
67,428
425,471
Gevo,
Inc.
(a)(b)
.....................
428,615
660,067
Hallador
Energy
Co.
(a)(b)
...............
47,335
435,009
Houston
American
Energy
Corp.
(b)
.......
20,058
51,950
International
Seaways,
Inc.
............
105,787
4,409,202
Lightbridge
Corp.
(a)(b)
.................
23,043
94,015
Mexco
Energy
Corp.
(b)
...............
2,174
24,746
NACCO
Industries,
Inc.,
Class
A
.........
8,738
315,180
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
NextDecade
Corp.
(a)(b)
................
79,716
$
396,188
Nordic
American
Tankers
Ltd.
..........
447,002
1,770,128
Overseas
Shipholding
Group,
Inc.,
Class
A
(a)(b)
141,218
550,750
Par
Pacific
Holdings,
Inc.
(b)
............
106,484
3,109,333
PEDEVCO
Corp.
(a)(b)
.................
57,327
60,767
PHX
Minerals,
Inc.,
Class
A
............
72,430
189,767
PrimeEnergy
Resources
Corp.
(b)
.........
1,792
150,707
REX
American
Resources
Corp.
(b)
.......
33,778
965,713
Riley
Exploration
Permian,
Inc.
..........
23,415
891,175
Ring
Energy,
Inc.
(a)(b)
.................
205,277
390,026
SandRidge
Energy,
Inc.
(b)
.............
64,685
932,111
SilverBow
Resources,
Inc.
(a)(b)
..........
25,549
583,795
Sitio
Royalties
Corp.,
Class
A
...........
154,568
3,493,237
Stabilis
Solutions,
Inc.
(a)(b)
.............
7,297
26,926
Teekay
Corp.
(b)
....................
151,415
935,745
Teekay
Tankers
Ltd.,
Class
A
(b)
..........
49,781
2,137,098
Uranium
Energy
Corp.
(a)(b)
.............
777,922
2,240,415
Ur-Energy,
Inc.
(a)(b)
..................
456,004
483,364
US
Energy
Corp.
...................
10,372
18,255
VAALCO
Energy,
Inc.
................
231,395
1,048,219
Vertex
Energy,
Inc.
(a)(b)
...............
117,476
1,160,663
Vital
Energy,
Inc.
(a)(b)
.................
36,114
1,644,632
W&T
Offshore,
Inc.
(b)
................
205,874
1,045,840
38,951,324
Paper
&
Forest
Products
—
0.2%
Clearwater
Paper
Corp.
(b)
.............
36,322
1,213,881
Glatfelter
Corp.
....................
95,256
303,867
1,517,748
Passenger
Airlines
—
0.1%
(b)
Blade
Air
Mobility,
Inc.,
Class
A
(a)
........
122,118
412,759
Mesa
Air
Group,
Inc.
.................
73,358
173,858
Wheels
Up
Experience,
Inc.,
Class
A
......
344,982
218,305
804,922
Personal
Care
Products
—
0.2%
Honest
Co.,
Inc.
(The)
(b)
..............
144,817
260,671
LifeMD,
Inc.
(a)(b)
....................
45,121
76,706
Lifevantage
Corp.
..................
27,753
99,633
Mannatech,
Inc.
....................
2,303
38,575
Natural
Alternatives
International,
Inc.
(a)(b)
...
10,744
99,167
Natural
Health
Trends
Corp.
...........
14,935
73,779
Nature's
Sunshine
Products,
Inc.
(b)
.......
29,649
302,717
Thorne
HealthTech,
Inc.
(b)
.............
30,497
140,896
United-Guardian,
Inc.
................
7,083
65,801
Upexi,
Inc.
(b)
......................
16,144
65,383
Veru,
Inc.
(a)(b)
......................
144,607
167,744
Zivo
Bioscience,
Inc.
(a)(b)
..............
14,648
44,823
1,435,895
Pharmaceuticals
—
4.4%
Acer
Therapeutics,
Inc.
(a)(b)
.............
24,268
18,407
Aclaris
Therapeutics,
Inc.
(b)
............
140,668
1,138,004
Adial
Pharmaceuticals,
Inc.
(b)
...........
32,539
11,389
Alimera
Sciences,
Inc.
(b)
..............
12,485
25,844
Amylyx
Pharmaceuticals,
Inc.
(b)
.........
109,506
3,212,906
AN2
Therapeutics,
Inc.
(a)(b)
.............
23,853
235,429
Anebulo
Pharmaceuticals,
Inc.
(a)(b)
........
6,931
20,516
Angion
Biomedica
Corp.
(a)(b)
............
51,039
29,603
ANI
Pharmaceuticals,
Inc.
(b)
............
27,751
1,102,270
Aquestive
Therapeutics,
Inc.
(a)(b)
.........
59,904
68,291
Assertio
Holdings,
Inc.
(a)(b)
.............
104,329
664,576
Atea
Pharmaceuticals,
Inc.
(b)
...........
166,140
556,569
Athira
Pharma,
Inc.
(a)(b)
...............
72,917
182,293
Biofrontera,
Inc.
(a)(b)
.................
37,929
23,141
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Cara
Therapeutics,
Inc.
(b)
.............
97,537
$
478,907
Citius
Pharmaceuticals,
Inc.
(a)(b)
.........
266,278
311,545
Clearside
Biomedical,
Inc.
(b)
............
122,085
126,968
Clever
Leaves
Holdings,
Inc.
(b)
..........
76,883
29,362
Cognition
Therapeutics,
Inc.
(a)(b)
.........
32,192
63,740
Collegium
Pharmaceutical,
Inc.
(b)
........
73,202
1,756,116
CorMedix,
Inc.
(a)(b)
..................
88,891
368,009
Cumberland
Pharmaceuticals,
Inc.
(b)
......
19,688
38,392
Cymabay
Therapeutics,
Inc.
(a)(b)
.........
211,135
1,841,097
Dare
Bioscience,
Inc.
(b)
...............
185,808
193,240
DICE
Therapeutics,
Inc.
(a)(b)
............
77,064
2,207,884
Edgewise
Therapeutics,
Inc.
(b)
..........
82,531
550,482
Enliven
Therapeutics,
Inc.
(b)
............
7,594
166,309
Esperion
Therapeutics,
Inc.
(a)(b)
..........
160,560
255,290
Eton
Pharmaceuticals,
Inc.
(a)(b)
..........
44,361
170,790
Evolus,
Inc.
(a)(b)
....................
77,108
652,334
Eyenovia,
Inc.
(a)(b)
...................
57,763
203,903
EyePoint
Pharmaceuticals,
Inc.
(a)(b)
.......
56,212
165,263
Fulcrum
Therapeutics,
Inc.
(b)
...........
112,331
320,143
Harrow
Health,
Inc.
(b)
................
50,086
1,059,820
Hepion
Pharmaceuticals,
Inc.
(a)(b)
........
162,526
126,201
Ikena
Oncology,
Inc.
(a)(b)
..............
52,061
179,610
Journey
Medical
Corp.
(a)(b)
.............
8,046
12,632
Landos
Biopharma,
Inc.
(a)(b)
............
32,394
9,653
Lipocine,
Inc.
(a)(b)
...................
181,952
57,879
Liquidia
Corp.
(a)(b)
...................
103,913
718,039
Longboard
Pharmaceuticals,
Inc.
(b)
.......
27,079
106,420
Lyra
Therapeutics,
Inc.
(b)
..............
36,277
75,093
Marinus
Pharmaceuticals,
Inc.
(a)(b)
........
105,187
725,790
MediWound
Ltd.
(b)
..................
6,376
84,928
MyMD
Pharmaceuticals,
Inc.
(a)(b)
.........
84,534
145,398
Novan,
Inc.
(b)
......................
41,291
53,678
NRX
Pharmaceuticals,
Inc.
(b)
...........
77,884
51,333
Nutriband,
Inc.
(a)(b)
..................
10,997
36,400
Ocular
Therapeutix,
Inc.
(a)(b)
............
167,778
884,190
Ocuphire
Pharma,
Inc.
(b)
..............
45,153
169,324
Omeros
Corp.
(a)(b)
...................
131,217
610,159
Optinose,
Inc.
(b)
....................
162,469
313,565
Oramed
Pharmaceuticals,
Inc.
(a)(b)
........
83,182
181,337
Paratek
Pharmaceuticals,
Inc.
(a)(b)
........
113,337
287,876
Phathom
Pharmaceuticals,
Inc.
(a)(b)
.......
53,866
384,603
Phibro
Animal
Health
Corp.,
Class
A
......
44,503
681,786
Pliant
Therapeutics,
Inc.
(a)(b)
............
83,763
2,228,096
PLx
Pharma,
Inc.
(a)(b)
.................
55,383
7,205
Processa
Pharmaceuticals,
Inc.
(a)(b)
.......
27,006
14,310
ProPhase
Labs,
Inc.
.................
29,654
225,963
Provention
Bio,
Inc.
(b)
................
136,982
3,301,266
Rain
Oncology,
Inc.
(a)(b)
...............
16,794
146,780
Relmada
Therapeutics,
Inc.
(a)(b)
..........
59,273
133,957
RVL
Pharmaceuticals
plc
(a)(b)
...........
97,491
111,140
Satsuma
Pharmaceuticals,
Inc.
(b)
........
44,886
31,353
Scilex
Holding
Co.(Acquired
01/06/23,
cost
$1,421,381)
(a)(b)(c)
.................
135,628
1,099,483
scPharmaceuticals,
Inc.
(a)(b)
............
45,526
412,921
SCYNEXIS,
Inc.
(a)(b)
.................
70,123
210,369
SIGA
Technologies,
Inc.
..............
102,565
589,749
Societal
CDMO,
Inc.
(a)(b)
..............
170,872
203,338
Tarsus
Pharmaceuticals,
Inc.
(b)
..........
39,706
499,104
Terns
Pharmaceuticals,
Inc.
(a)(b)
.........
58,431
691,823
TFF
Pharmaceuticals,
Inc.
(b)
............
53,547
36,696
Theravance
Biopharma,
Inc.
(b)
..........
142,187
1,542,729
Theseus
Pharmaceuticals,
Inc.
(a)(b)
.......
37,228
330,585
Third
Harmonic
Bio,
Inc.
(a)(b)
............
27,168
111,932
Trevi
Therapeutics,
Inc.
(a)(b)
............
67,825
125,476
Ventyx
Biosciences,
Inc.
(b)
.............
54,297
1,818,950
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Verrica
Pharmaceuticals,
Inc.
(a)(b)
........
41,461
$
269,497
WaVe
Life
Sciences
Ltd.
(a)(b)
............
143,467
621,212
Xeris
Biopharma
Holdings,
Inc.
(a)(b)
.......
289,033
471,124
Zevra
Therapeutics,
Inc.
(a)(b)
............
74,484
409,662
Zynerba
Pharmaceuticals,
Inc.
(b)
.........
90,653
38,981
39,828,427
Professional
Services
—
1.5%
Atlas
Technical
Consultants,
Inc.
(b)
.......
41,452
505,300
Barrett
Business
Services,
Inc.
..........
14,905
1,321,179
BGSF,
Inc.
.......................
20,961
223,235
BlackSky
Technology,
Inc.,
Class
A
(a)(b)
.....
181,756
272,634
CRA
International,
Inc.
...............
15,125
1,630,777
DLH
Holdings
Corp.
(b)
................
20,038
229,836
Forrester
Research,
Inc.
(b)
.............
24,631
796,813
Franklin
Covey
Co.
(b)
................
26,482
1,018,762
Heidrick
&
Struggles
International,
Inc.
....
42,555
1,291,970
HireQuest,
Inc.
(a)
...................
11,518
248,443
Hudson
Global,
Inc.
(b)
................
5,631
125,628
IBEX
Holdings
Ltd.
(b)
.................
19,347
472,067
Innodata,
Inc.
(b)
....................
53,533
457,172
Kelly
Services,
Inc.,
Class
A,
NVS
.......
73,313
1,216,263
Mastech
Digital,
Inc.
(a)(b)
...............
8,494
104,688
Mistras
Group,
Inc.
(b)
................
43,844
297,262
RCM
Technologies,
Inc.
(a)(b)
............
15,469
178,822
Red
Violet,
Inc.
(b)
...................
21,081
371,026
Resources
Connection,
Inc.
............
69,883
1,192,204
Skillsoft
Corp.,
Class
A
(b)
..............
175,295
350,590
Spire
Global,
Inc.,
Class
A
(a)(b)
..........
274,128
183,117
StarTek,
Inc.
(b)
.....................
35,484
146,549
Steel
Connect,
Inc.
(b)
................
80,703
92,001
Where
Food
Comes
From,
Inc.
(b)
........
5,783
76,914
Willdan
Group,
Inc.
(a)(b)
...............
24,984
390,250
13,193,502
Real
Estate
Management
&
Development
—
0.5%
Altisource
Portfolio
Solutions
SA
(a)(b)
......
11,620
53,452
American
Realty
Investors,
Inc.
(b)
........
3,167
83,355
AMREP
Corp.
(a)(b)
...................
5,740
80,303
Comstock
Holding
Cos.,
Inc.,
Class
A
(a)(b)
...
5,134
25,978
Doma
Holdings,
Inc.
(a)(b)
...............
301,908
123,028
Douglas
Elliman,
Inc.
................
164,597
511,897
Fathom
Holdings,
Inc.
(a)(b)
.............
18,894
80,299
Forestar
Group,
Inc.
(a)(b)
...............
39,853
620,113
FRP
Holdings,
Inc.
(b)
.................
14,591
844,527
InterGroup
Corp.
(The)
(b)
..............
893
40,167
JW
Mays,
Inc.
(b)
....................
964
43,766
LuxUrban
Hotels,
Inc.
(a)(b)
..............
6,654
18,298
Maui
Land
&
Pineapple
Co.,
Inc.
(a)(b)
......
15,465
184,961
Rafael
Holdings,
Inc.,
Class
B
(a)(b)
........
28,952
44,876
RE/MAX
Holdings,
Inc.,
Class
A
.........
38,387
720,140
Stratus
Properties,
Inc.
...............
12,484
249,680
Tejon
Ranch
Co.
(b)
..................
44,950
821,237
Transcontinental
Realty
Investors,
Inc.
(b)
...
2,647
112,206
Trinity
Place
Holdings,
Inc.
(a)(b)
..........
42,192
20,252
4,678,535
Residential
REITs
—
0.3%
Bluerock
Homes
Trust,
Inc.,
Class
A
(a)(b)
....
8,564
169,739
BRT
Apartments
Corp.
...............
26,292
518,478
Clipper
Realty,
Inc.
..................
25,737
147,730
UMH
Properties,
Inc.
................
114,891
1,699,238
2,535,185
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Retail
REITs
—
0.6%
CBL
&
Associates
Properties,
Inc.
(a)
.......
57,841
$
1,483,043
NETSTREIT
Corp.
..................
120,011
2,193,801
Urstadt
Biddle
Properties,
Inc.,
Class
A
....
62,185
1,092,591
Whitestone
REIT
...................
101,847
936,992
5,706,427
Semiconductors
&
Semiconductor
Equipment
—
3.0%
ACM
Research,
Inc.,
Class
A
(b)
..........
104,149
1,218,543
Aehr
Test
Systems
(b)
.................
54,891
1,702,719
Alpha
&
Omega
Semiconductor
Ltd.
(a)(b)
....
47,954
1,292,360
Amtech
Systems,
Inc.
(b)
...............
24,827
236,850
Atomera,
Inc.
(a)(b)
...................
44,909
286,070
AXT,
Inc.
(a)(b)
......................
89,353
355,625
CEVA,
Inc.
(b)
......................
49,634
1,510,363
CVD
Equipment
Corp.
(a)(b)
.............
13,707
182,303
Everspin
Technologies,
Inc.
(b)
...........
41,377
281,777
GSI
Technology,
Inc.
(a)(b)
..............
39,653
68,203
Ichor
Holdings
Ltd.
(a)(b)
................
61,088
2,000,021
Impinj,
Inc.
(a)(b)
.....................
46,623
6,318,349
indie
Semiconductor,
Inc.,
Class
A
(a)(b)
.....
232,497
2,452,843
inTEST
Corp.
(b)
....................
23,422
485,772
Kopin
Corp.
(a)(b)
....................
190,779
207,949
NVE
Corp.
.......................
10,358
859,611
PDF
Solutions,
Inc.
(b)
................
65,481
2,776,394
Peraso,
Inc.
(a)(b)
....................
27,565
15,034
Photronics,
Inc.
(b)
...................
130,512
2,163,889
Pixelworks,
Inc.
(a)(b)
..................
118,070
174,744
QuickLogic
Corp.
(a)(b)
.................
26,068
155,365
Rigetti
Computing,
Inc.
(a)(b)
.............
169,338
122,499
SkyWater
Technology,
Inc.
(b)
...........
25,219
286,992
SMART
Global
Holdings,
Inc.
(a)(b)
........
106,227
1,831,354
Transphorm,
Inc.
(b)
..................
49,030
195,630
27,181,259
Software
—
2.7%
A10
Networks,
Inc.
..................
139,024
2,153,482
Agilysys,
Inc.
(b)
....................
43,148
3,560,141
American
Software,
Inc.,
Class
A
........
68,451
863,167
Applied
Digital
Corp.
(a)(b)
..............
149,130
334,051
Arteris,
Inc.
(b)
......................
39,136
165,545
Asure
Software,
Inc.
(b)
................
40,709
590,281
AudioEye,
Inc.
(a)(b)
..................
16,192
114,963
authID,
Inc.
(b)
......................
48,156
21,670
AvePoint,
Inc.,
Class
A
(a)(b)
.............
284,743
1,173,141
Aware,
Inc.
(a)(b)
.....................
30,817
52,389
Bit
Digital,
Inc.
(a)(b)
...................
176,203
271,353
Blackboxstocks,
Inc.
(b)
................
17,879
13,767
Blend
Labs,
Inc.,
Class
A
(a)(b)
...........
416,925
415,341
BTCS,
Inc.
(b)
......................
12,977
17,778
Cipher
Mining,
Inc.
(a)(b)
................
84,490
196,862
Cleanspark,
Inc.
(b)
..................
158,702
441,192
CoreCard
Corp.
(a)(b)
.................
15,437
465,117
Couchbase,
Inc.
(b)
..................
61,604
866,152
CYNGN,
Inc.
(a)(b)
...................
15,731
19,506
DatChat,
Inc.
(b)
....................
34,962
19,963
Digimarc
Corp.
(a)(b)
..................
29,652
582,662
eGain
Corp.
(b)
.....................
45,938
348,669
Greenidge
Generation
Holdings,
Inc.
(a)(b)
...
25,859
11,688
GSE
Systems,
Inc.
(a)(b)
...............
43,500
30,233
Intellicheck,
Inc.
(a)(b)
.................
38,291
95,727
Intrusion,
Inc.
(a)(b)
...................
39,874
47,051
IronNet,
Inc.
(a)(b)
....................
138,162
48,578
Issuer
Direct
Corp.
(a)(b)
................
5,769
121,293
Kaleyra,
Inc.
(a)(b)
....................
20,337
33,556
Kaltura,
Inc.
(a)(b)
....................
153,311
294,357
Security
Shares
Shares
Value
Software
(continued)
Latch,
Inc.
(a)(b)
.....................
240,346
$
183,168
LiveVox
Holdings,
Inc.,
Class
A
(a)(b)
.......
49,991
154,472
Marin
Software,
Inc.
(a)(b)
...............
31,031
28,254
Mind
CTI
Ltd.
.....................
36,935
73,131
Mitek
Systems,
Inc.
(b)
................
91,928
881,590
NetSol
Technologies,
Inc.
(a)(b)
...........
23,286
61,475
NextNav,
Inc.
(a)(b)
...................
147,017
298,445
ON24,
Inc.
(a)(b)
.....................
91,024
797,370
OneSpan,
Inc.
(a)(b)
...................
86,084
1,506,470
Park
City
Group,
Inc.
(a)
...............
24,876
157,465
Phunware,
Inc.
(a)(b)
..................
216,027
153,379
Porch
Group,
Inc.
(a)(b)
................
180,883
258,663
Quantum
Computing,
Inc.
(a)(b)
...........
54,552
71,463
Rekor
Systems,
Inc.
(a)(b)
...............
106,007
132,509
Rimini
Street,
Inc.
(b)
.................
108,530
447,144
SAITECH
Global
Corp.,
Class
A
(a)(b)
.......
8,265
10,166
SeaChange
International,
Inc.
(b)
.........
101,044
36,770
ShotSpotter,
Inc.
(a)(b)
.................
19,351
760,881
Smith
Micro
Software,
Inc.
(a)(b)
..........
111,092
128,867
SRAX,
Inc.,
NVS
(b)
..................
49,878
2,993
Stronghold
Digital
Mining,
Inc.,
Class
A
(b)
...
43,002
26,661
Synchronoss
Technologies,
Inc.
(a)(b)
.......
168,761
158,635
T
Stamp,
Inc.,
Class
A
(b)
..............
7,609
19,555
Telos
Corp.
(b)
......................
117,303
296,777
Terawulf,
Inc.
(b)
....................
153,070
143,549
Upland
Software,
Inc.
(b)
...............
65,425
281,328
Veritone,
Inc.
(b)
....................
68,775
400,958
Viant
Technology,
Inc.,
Class
A
(b)
.........
31,817
138,404
VirnetX
Holding
Corp.
(b)
...............
138,152
180,979
Weave
Communications,
Inc.
(b)
.........
68,334
339,620
WM
Technology,
Inc.,
Class
A
(a)(b)
........
166,448
141,348
Yext,
Inc.
(b)
.......................
244,976
2,354,219
23,996,383
Specialized
REITs
—
0.3%
CorEnergy
Infrastructure
Trust,
Inc.
.......
30,823
39,454
Farmland
Partners,
Inc.
..............
108,450
1,160,415
Gladstone
Land
Corp.
(a)
..............
70,014
1,165,733
Global
Self
Storage,
Inc.
..............
23,174
119,114
Power
REIT
(b)
.....................
5,978
22,330
2,507,046
Specialty
Retail
—
3.1%
1-800-Flowers.com,
Inc.,
Class
A
(a)(b)
......
56,543
650,245
Aaron's
Co.,
Inc.
(The)
...............
65,485
632,585
aka
Brands
Holding
Corp.
(b)
............
26,754
14,573
America's
Car-Mart,
Inc.
(a)(b)
............
12,813
1,014,918
BARK,
Inc.
(a)(b)
.....................
235,856
341,991
Barnes
&
Noble
Education,
Inc.
(b)
........
101,093
153,661
Big
5
Sporting
Goods
Corp.
(a)
...........
46,883
360,530
Build-A-Bear
Workshop,
Inc.
...........
29,051
675,145
Caleres,
Inc.
......................
74,406
1,609,402
CarParts.com,
Inc.
(a)(b)
................
109,718
585,894
Cato
Corp.
(The),
Class
A
.............
38,525
340,561
Chico's
FAS,
Inc.
(b)
..................
266,001
1,463,005
Children's
Place,
Inc.
(The)
(a)(b)
..........
25,885
1,041,871
Citi
Trends,
Inc.
(b)
...................
17,485
332,565
Conn's,
Inc.
(b)
.....................
28,358
171,849
Container
Store
Group,
Inc.
(The)
(b)
.......
69,821
239,486
Destination
XL
Group,
Inc.
(b)
...........
125,509
691,555
Duluth
Holdings,
Inc.,
Class
B
(b)
.........
28,843
184,018
Envela
Corp.
(a)(b)
...................
16,330
106,145
Express,
Inc.
(a)(b)
...................
135,782
107,037
Genesco,
Inc.
(a)(b)
...................
26,353
971,899
GrowGeneration
Corp.
(a)(b)
.............
123,702
423,061
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Haverty
Furniture
Cos.,
Inc.
............
31,703
$
1,011,643
Hibbett,
Inc.
......................
27,619
1,628,969
J
Jill,
Inc.
(a)(b)
......................
8,793
228,970
JOANN,
Inc.
(a)
.....................
25,307
40,238
Kirkland's,
Inc.
(a)(b)
..................
22,238
63,378
Lands'
End,
Inc.
(b)
..................
33,593
326,524
Lazydays
Holdings,
Inc.
(a)(b)
............
20,793
242,654
LL
Flooring
Holdings,
Inc.
(b)
............
62,218
236,428
Lulu's
Fashion
Lounge
Holdings,
Inc.
(a)(b)
...
37,249
88,653
MarineMax,
Inc.
(b)
...................
46,754
1,344,178
OneWater
Marine,
Inc.,
Class
A
(b)
........
24,711
691,167
PARTS
iD,
Inc.,
Class
A
(b)
.............
18,477
4,296
PetMed
Express,
Inc.
................
43,950
713,748
Polished.com,
Inc.
(a)(b)
................
221,690
115,301
RealReal,
Inc.
(The)
(a)(b)
...............
192,001
241,921
Rent
the
Runway,
Inc.,
Class
A
(a)(b)
.......
101,187
288,383
RumbleON,
Inc.,
Class
B
(a)(b)
...........
22,856
138,507
Shift
Technologies,
Inc.
(a)(b)
.............
21,480
24,058
Shoe
Carnival,
Inc.
(a)
................
37,005
949,178
Sportsman's
Warehouse
Holdings,
Inc.
(a)(b)
..
81,326
689,644
ThredUp,
Inc.,
Class
A
(a)(b)
.............
128,708
325,631
Tile
Shop
Holdings,
Inc.
(b)
.............
67,468
316,425
Tilly's,
Inc.,
Class
A
(b)
................
48,842
376,572
Torrid
Holdings,
Inc.
(b)
................
33,071
144,190
TravelCenters
of
America,
Inc.
(b)
.........
27,490
2,377,885
Vroom,
Inc.
(a)(b)
.....................
274,638
246,817
Winmark
Corp.
....................
6,128
1,963,595
Zumiez,
Inc.
(a)(b)
....................
34,070
628,251
27,559,200
Technology
Hardware,
Storage
&
Peripherals
—
0.6%
AstroNova,
Inc.
(a)(b)
..................
14,242
200,670
Avid
Technology,
Inc.
(a)(b)
..............
75,751
2,422,517
Boxlight
Corp.,
Class
A
(b)
..............
150,346
57,507
CompoSecure,
Inc.,
Class
A
(b)
..........
17,487
128,704
CPI
Card
Group,
Inc.
(b)
...............
8,999
405,045
Diebold
Nixdorf,
Inc.
(a)(b)
...............
158,227
189,872
Eastman
Kodak
Co.
(a)(b)
...............
123,954
508,212
Immersion
Corp.
...................
69,832
624,298
Intevac,
Inc.
(b)
.....................
55,223
404,785
Movano,
Inc.
(a)(b)
....................
53,088
65,298
One
Stop
Systems,
Inc.
(a)(b)
............
32,113
79,640
Quantum
Corp.
(a)(b)
..................
156,590
180,079
TransAct
Technologies,
Inc.
(b)
...........
19,411
120,154
Turtle
Beach
Corp.
(b)
.................
34,302
343,706
5,730,487
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
Allbirds,
Inc.,
Class
A
(a)(b)
..............
212,490
254,988
Charles
&
Colvard
Ltd.
(b)
..............
59,695
55,516
Crown
Crafts,
Inc.
..................
19,084
110,306
Culp,
Inc.
........................
25,986
135,127
Delta
Apparel,
Inc.
(a)(b)
................
13,597
149,567
Fossil
Group,
Inc.
(b)
.................
101,115
323,568
Jerash
Holdings
US,
Inc.
..............
14,299
67,491
Lakeland
Industries,
Inc.
(a)
.............
15,067
219,978
Movado
Group,
Inc.
.................
32,954
948,087
PLBY
Group,
Inc.
(a)(b)
................
90,169
178,535
Rocky
Brands,
Inc.
..................
15,042
347,019
Superior
Group
of
Cos.,
Inc.
...........
25,927
204,045
Unifi,
Inc.
(a)(b)
......................
31,139
254,406
Vera
Bradley,
Inc.
(b)
.................
57,944
347,085
Vince
Holding
Corp.
(a)(b)
...............
6,724
46,597
3,642,315
Security
Shares
Shares
Value
Tobacco
—
0.1%
22nd
Century
Group,
Inc.
(a)(b)
...........
353,367
$
271,739
Turning
Point
Brands,
Inc.
.............
32,031
672,651
944,390
Trading
Companies
&
Distributors
—
0.9%
Alta
Equipment
Group,
Inc.,
Class
A
......
45,146
715,564
BlueLinx
Holdings,
Inc.
(b)
..............
19,077
1,296,473
Distribution
Solutions
Group,
Inc.
(b)
.......
10,710
486,877
DXP
Enterprises,
Inc.
(b)
...............
33,076
890,406
EVI
Industries,
Inc.
(b)
.................
9,611
190,298
Hudson
Technologies,
Inc.
(b)
...........
93,921
819,930
iPower,
Inc.
(a)(b)
....................
30,798
16,588
Karat
Packaging,
Inc.
................
12,167
162,186
Mega
Matrix
Corp.
(b)
.................
32,786
50,818
Titan
Machinery,
Inc.
(b)
...............
44,079
1,342,205
Transcat,
Inc.
(a)(b)
...................
15,505
1,385,992
Willis
Lease
Finance
Corp.
(b)
...........
6,165
337,719
7,695,056
Water
Utilities
—
0.4%
Artesian
Resources
Corp.,
Class
A,
NVS
...
18,023
997,753
Cadiz,
Inc.
(b)
......................
65,499
264,616
Consolidated
Water
Co.
Ltd.
...........
32,666
536,702
Global
Water
Resources,
Inc.
...........
29,319
364,435
Pure
Cycle
Corp.
(b)
..................
42,400
400,680
York
Water
Co.
(The)
................
30,891
1,380,828
3,945,014
Wireless
Telecommunication
Services
—
0.1%
FingerMotion,
Inc.
(a)(b)
................
75,837
113,755
KORE
Group
Holdings,
Inc.
(b)
...........
89,768
109,517
Spok
Holdings,
Inc.
.................
39,620
401,351
SurgePays,
Inc.
(a)(b)
.................
14,727
66,124
690,747
Total
Common
Stocks
—
99.7%
(Cost:
$1,094,005,464)
...........................
895,094,054
Rights
Biotechnology
—
0.0%
(b)(d)
Contra
Aduro
Biotech
I,
CVR
...........
33,109
84,063
Disc
Medicine,
Inc.,
CVR
(a)
............
44,944
—
OncoMed
Pharmaceuticals,
Inc.,
CVR
.....
60,904
14,331
Oncternal
Therapeutics,
Inc.,
CVR
(a)
......
1,634
1,675
100,069
Diversified
Telecommunication
Services
—
0.0%
Contra
Communications,
CVR
(b)(d)
........
4,194
—
Metals
&
Mining
—
0.0%
PolyMet
Mining
Corp.(Expires
04/04/23,
Strike
Price
USD
2.11)
(b)
................
63,258
171
Pharmaceuticals
—
0.0%
Contra
CVR
Bioblast
PH,
CVR
(a)(b)
........
37,156
11,890
Total
Rights
—
0.0%
(Cost:
$15,237)
................................
112,130
Total
Long-Term
Investments
—
99.7%
(Cost:
$1,094,020,701)
...........................
895,206,184
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
March
31,
2023
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
—
16.1%
(e)(f)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(g)
............
142,579,098
$
142,621,872
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
..................
1,674,220
1,674,220
Total
Short-Term
Securities
—
16.1%
(Cost:
$144,219,527)
.............................
144,296,092
Total
Investments
—
115.8%
(Cost:
$1,238,240,228
)
...........................
1,039,502,276
Liabilities
in
Excess
of
Other
Assets
—
(15.8)%
...........
(141,580,833)
Net
Assets
—
100.0%
..............................
$
897,921,443
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$1,099,483,
representing
0.12%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$1,421,381.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
Shares
Held
at
03/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
172,784,783
$
—
$
(30,265,147)
(a)
$
14,309
$
87,927
$
142,621,872
142,579,098
$
4,019,343
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
1,230,000
444,220
(a)
—
—
—
1,674,220
1,674,220
32,237
1
$
14,309
$
87,927
$
144,296,092
$
4,051,580
$
1
—
—
(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.
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
Russell
2000
E-Mini
Index
....................................................
24
06/16/23
$
2,176
$
43,121
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Micro-Cap
ETF
30
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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.
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.
See
notes
to
financial
statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
43,121
$
—
$
—
$
—
$
43,121
(a)
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
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(114,062)
$
—
$
—
$
—
$
(114,062)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
29,348
$
—
$
—
$
—
$
29,348
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,097,366
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
893,789,957
$
1,304,097
$
—
$
895,094,054
Rights
................................................
171
11,890
100,069
112,130
Warrants
..............................................
—
—
—
—
Short-Term
Securities
Money
Market
Funds
......................................
144,296,092
—
—
144,296,092
$
1,038,086,220
$
1,315,987
$
100,069
$
1,039,502,276
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
43,121
$
—
$
—
$
43,121
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2023
iShares
®
Russell
2500
ETF
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.6%
Axon
Enterprise,
Inc.
(a)(b)
..............
8,760
$
1,969,686
BWX
Technologies,
Inc.
..............
11,834
746,015
Curtiss-Wright
Corp.
.................
4,961
874,426
Hexcel
Corp.
......................
10,860
741,195
Howmet
Aerospace,
Inc.
(a)
.............
47,971
2,032,531
Huntington
Ingalls
Industries,
Inc.
........
5,100
1,055,802
Mercury
Systems,
Inc.
(b)
..............
6,372
325,737
Spirit
AeroSystems
Holdings,
Inc.,
Class
A
..
13,529
467,157
Textron,
Inc.
......................
27,037
1,909,623
Woodward,
Inc.
....................
7,516
731,833
10,854,005
Air
Freight
&
Logistics
—
0.1%
GXO
Logistics,
Inc.
(b)
................
13,699
691,252
Automobile
Components
—
0.5%
BorgWarner,
Inc.
...................
30,262
1,486,167
Gentex
Corp.
.....................
30,594
857,550
Lear
Corp.
.......................
7,640
1,065,703
QuantumScape
Corp.,
Class
A
(a)(b)
.......
33,417
273,351
3,682,771
Automobiles
—
0.2%
Harley-Davidson,
Inc.
................
17,434
661,969
Thor
Industries,
Inc.
.................
6,740
536,774
1,198,743
Banks
—
2.1%
Bank
of
Hawaii
Corp.
................
5,191
270,347
Bank
OZK
.......................
14,563
498,055
BOK
Financial
Corp.
.................
3,829
323,206
Columbia
Banking
System,
Inc.
.........
27,020
578,768
Comerica,
Inc.
.....................
16,955
736,186
Commerce
Bancshares,
Inc.
...........
14,826
865,097
Cullen/Frost
Bankers,
Inc.
.............
7,611
801,743
East
West
Bancorp,
Inc.
..............
18,388
1,020,534
First
Citizens
BancShares,
Inc.,
Class
A
....
1,430
1,391,533
First
Hawaiian,
Inc.
.................
16,679
344,088
First
Horizon
Corp.
..................
68,322
1,214,765
FNB
Corp.
.......................
46,398
538,217
New
York
Community
Bancorp,
Inc.
......
87,213
788,406
PacWest
Bancorp
(a)
.................
15,056
146,495
Pinnacle
Financial
Partners,
Inc.
.........
9,720
536,155
Popular,
Inc.
......................
9,123
523,751
Prosperity
Bancshares,
Inc.
............
11,434
703,420
Synovus
Financial
Corp.
..............
18,843
580,930
Webster
Financial
Corp.
..............
22,505
887,147
Western
Alliance
Bancorp
.............
13,719
487,573
Wintrust
Financial
Corp.
..............
7,800
569,010
Zions
Bancorp
NA
..................
19,270
576,751
14,382,177
Beverages
—
0.1%
Boston
Beer
Co.,
Inc.
(The),
Class
A,
NVS
(a)(b)
1,240
407,588
Biotechnology
—
1.2%
(b)
Exact
Sciences
Corp.
(a)
...............
22,660
1,536,575
Exelixis,
Inc.
......................
41,460
804,739
Ionis
Pharmaceuticals,
Inc.
(a)
...........
18,310
654,399
Mirati
Therapeutics,
Inc.
..............
5,925
220,292
Natera,
Inc.
.......................
12,693
704,715
Neurocrine
Biosciences,
Inc.
...........
12,411
1,256,241
Novavax,
Inc.
(a)
....................
11,126
77,103
Sarepta
Therapeutics,
Inc.
.............
10,904
1,502,898
Ultragenyx
Pharmaceutical,
Inc.
.........
8,743
350,594
Security
Shares
Shares
Value
Biotechnology
(continued)
United
Therapeutics
Corp.
.............
5,762
$
1,290,458
8,398,014
Broadline
Retail
—
0.2%
Kohl's
Corp.
......................
14,256
335,586
Macy's,
Inc.
......................
34,934
610,996
Nordstrom,
Inc.
....................
14,487
235,703
Ollie's
Bargain
Outlet
Holdings,
Inc.
(b)
.....
8,087
468,561
1,650,846
Building
Products
—
1.6%
Advanced
Drainage
Systems,
Inc.
(a)
......
8,071
679,659
Allegion
plc
.......................
11,312
1,207,330
AO
Smith
Corp.
....................
16,226
1,122,028
Armstrong
World
Industries,
Inc.
.........
5,861
417,538
AZEK
Co.,
Inc.
(The),
Class
A
(a)(b)
........
14,349
337,775
Builders
FirstSource,
Inc.
(b)
............
18,850
1,673,503
Carlisle
Cos.,
Inc.
..................
6,664
1,506,531
Fortune
Brands
Innovations,
Inc.
........
16,632
976,797
Hayward
Holdings,
Inc.
(a)(b)
.............
8,613
100,944
Lennox
International,
Inc.
.............
4,148
1,042,309
Masterbrand,
Inc.
(b)
.................
17,030
136,921
Owens
Corning
....................
12,091
1,158,318
Trex
Co.,
Inc.
(a)(b)
...................
14,243
693,207
11,052,860
Capital
Markets
—
2.3%
Affiliated
Managers
Group,
Inc.
.........
4,873
694,013
Carlyle
Group,
Inc.
(The)
..............
27,004
838,744
Cboe
Global
Markets,
Inc.
.............
13,730
1,843,115
Evercore,
Inc.,
Class
A
...............
4,699
542,171
FactSet
Research
Systems,
Inc.
.........
4,932
2,047,224
Invesco
Ltd.
......................
48,421
794,104
Janus
Henderson
Group
plc
...........
17,773
473,473
Jefferies
Financial
Group,
Inc.
..........
25,646
814,004
Lazard
Ltd.,
Class
A
.................
10,734
355,403
LPL
Financial
Holdings,
Inc.
............
10,320
2,088,768
MarketAxess
Holdings,
Inc.
............
4,813
1,883,279
Morningstar,
Inc.
...................
3,251
660,050
Robinhood
Markets,
Inc.,
Class
A
(a)(b)
......
74,069
719,210
SEI
Investments
Co.
.................
13,367
769,271
Stifel
Financial
Corp.
................
13,304
786,133
Virtu
Financial,
Inc.,
Class
A
............
12,370
233,793
15,542,755
Chemicals
—
1.0%
Ashland,
Inc.
......................
6,564
674,189
Axalta
Coating
Systems
Ltd.
(b)
..........
28,763
871,231
Chemours
Co.
(The)
.................
19,091
571,585
Element
Solutions,
Inc.
...............
29,165
563,176
Ginkgo
Bioworks
Holdings,
Inc.,
Class
A
(a)(b)
.
116,318
154,703
Huntsman
Corp.
...................
23,631
646,544
NewMarket
Corp.
...................
753
274,830
Olin
Corp.
........................
15,806
877,233
RPM
International,
Inc.
...............
16,550
1,443,822
Scotts
Miracle-Gro
Co.
(The)
...........
5,315
370,668
Valvoline,
Inc.
.....................
22,267
778,009
7,225,990
Commercial
Services
&
Supplies
—
0.6%
Clean
Harbors,
Inc.
(b)
................
6,611
942,464
Driven
Brands
Holdings,
Inc.
(b)
..........
8,004
242,601
MSA
Safety,
Inc.
...................
4,785
638,798
Ritchie
Bros
Auctioneers,
Inc.
..........
9,118
513,252
Stericycle,
Inc.
(b)
...................
11,937
520,573
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
2500
ETF
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
Tetra
Tech,
Inc.
....................
6,808
$
1,000,163
3,857,851
Communications
Equipment
—
0.6%
Ciena
Corp.
(b)
.....................
19,137
1,005,075
F5,
Inc.
(a)(b)
.......................
7,690
1,120,356
Juniper
Networks,
Inc.
...............
41,453
1,426,812
Lumentum
Holdings,
Inc.
(b)
............
8,894
480,365
Viasat,
Inc.
(b)
......................
9,421
318,807
4,351,415
Construction
&
Engineering
—
1.2%
AECOM
.........................
17,072
1,439,511
MasTec,
Inc.
(b)
.....................
7,896
745,698
MDU
Resources
Group,
Inc.
...........
26,182
798,028
Quanta
Services,
Inc.
(a)
...............
18,406
3,067,176
Valmont
Industries,
Inc.
...............
2,718
867,803
WillScot
Mobile
Mini
Holdings
Corp.
(b)
.....
26,367
1,236,085
8,154,301
Construction
Materials
—
0.1%
Eagle
Materials,
Inc.
.................
4,630
679,453
Consumer
Finance
—
0.3%
Credit
Acceptance
Corp.
(a)(b)
............
853
371,942
OneMain
Holdings,
Inc.
...............
15,016
556,793
SLM
Corp.
.......................
31,046
384,660
SoFi
Technologies,
Inc.
(a)(b)
............
104,811
636,203
Upstart
Holdings,
Inc.
(a)(b)
..............
9,619
152,846
2,102,444
Consumer
Staples
Distribution
&
Retail
—
0.8%
Albertsons
Cos.,
Inc.,
Class
A
..........
30,206
627,681
BJ's
Wholesale
Club
Holdings,
Inc.
(b)
......
17,304
1,316,315
Casey's
General
Stores,
Inc.
...........
4,803
1,039,657
Grocery
Outlet
Holding
Corp.
(b)
..........
11,476
324,312
Performance
Food
Group
Co.
(b)
.........
19,720
1,189,905
US
Foods
Holding
Corp.
(b)
.............
26,258
969,970
5,467,840
Containers
&
Packaging
—
1.5%
AptarGroup,
Inc.
...................
8,491
1,003,551
Ardagh
Group
SA,
Class
A
(b)
...........
885
5,912
Ardagh
Metal
Packaging
SA
...........
20,086
81,951
Avery
Dennison
Corp.
................
10,556
1,888,785
Berry
Global
Group,
Inc.
..............
15,756
928,028
Crown
Holdings,
Inc.
................
14,921
1,234,116
Graphic
Packaging
Holding
Co.
.........
39,648
1,010,628
Packaging
Corp.
of
America
...........
11,793
1,637,222
Sealed
Air
Corp.
...................
18,893
867,378
Silgan
Holdings,
Inc.
.................
10,896
584,788
Sonoco
Products
Co.
................
12,612
769,332
10,011,691
Distributors
—
0.2%
Pool
Corp.
.......................
4,927
1,687,202
Diversified
Consumer
Services
—
0.5%
ADT,
Inc.
........................
27,768
200,763
Bright
Horizons
Family
Solutions,
Inc.
(b)
....
7,459
574,268
Grand
Canyon
Education,
Inc.
(b)
.........
3,975
452,753
H&R
Block,
Inc.
....................
19,729
695,447
Mister
Car
Wash,
Inc.
(a)(b)
..............
10,481
90,346
Service
Corp.
International
............
19,388
1,333,507
3,347,084
Security
Shares
Shares
Value
Diversified
Telecommunication
Services
—
0.1%
Frontier
Communications
Parent,
Inc.
(a)(b)
...
31,745
$
722,834
Electric
Utilities
—
0.6%
Hawaiian
Electric
Industries,
Inc.
........
14,100
541,440
IDACORP,
Inc.
....................
6,524
706,745
NRG
Energy,
Inc.
...................
27,517
943,558
OGE
Energy
Corp.
..................
25,886
974,867
Pinnacle
West
Capital
Corp.
...........
14,632
1,159,439
4,326,049
Electrical
Equipment
—
1.1%
Acuity
Brands,
Inc.
..................
4,135
755,589
ChargePoint
Holdings,
Inc.,
Class
A
(a)(b)
....
32,630
341,636
Hubbell,
Inc.
......................
6,946
1,690,031
nVent
Electric
plc
...................
21,494
922,952
Plug
Power,
Inc.
(a)(b)
.................
67,038
785,685
Regal
Rexnord
Corp.
................
8,445
1,188,465
Sensata
Technologies
Holding
plc
........
19,555
978,141
Sunrun,
Inc.
(a)(b)
....................
27,127
546,609
Vertiv
Holdings
Co.,
Class
A
...........
39,593
566,576
7,775,684
Electronic
Equipment,
Instruments
&
Components
—
1.2%
Arrow
Electronics,
Inc.
(b)
..............
7,525
939,647
Avnet,
Inc.
.......................
11,789
532,863
Cognex
Corp.
.....................
22,530
1,116,361
Coherent
Corp.
(b)
...................
15,378
585,594
IPG
Photonics
Corp.
(b)
...............
4,229
521,478
Jabil,
Inc.
........................
16,864
1,486,730
Littelfuse,
Inc.
.....................
3,128
838,585
National
Instruments
Corp.
............
16,958
888,769
TD
SYNNEX
Corp.
..................
6,083
588,774
Vontier
Corp.
......................
20,385
557,326
8,056,127
Energy
Equipment
&
Services
—
0.1%
NOV,
Inc.
........................
50,739
939,179
Entertainment
—
0.5%
AMC
Entertainment
Holdings,
Inc.,
Class
A
(a)(b)
67,262
336,983
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A
(b)
......................
2,742
185,085
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(b)
..................
26,020
1,947,077
Madison
Square
Garden
Sports
Corp.
.....
2,419
471,342
Playtika
Holding
Corp.
(a)(b)
.............
11,744
132,237
World
Wrestling
Entertainment,
Inc.,
Class
A
(a)
5,577
508,957
3,581,681
Financial
Services
—
1.0%
Affirm
Holdings,
Inc.,
Class
A
(a)(b)
.........
28,673
323,145
Euronet
Worldwide,
Inc.
(b)
.............
6,117
684,492
Jack
Henry
&
Associates,
Inc.
..........
9,404
1,417,371
MGIC
Investment
Corp.
..............
37,152
498,580
Shift4
Payments,
Inc.,
Class
A
(a)(b)
........
6,542
495,884
TFS
Financial
Corp.
.................
6,815
86,073
Toast,
Inc.,
Class
A
(b)
................
33,178
588,910
UWM
Holdings
Corp.,
Class
A
..........
13,241
65,013
Voya
Financial,
Inc.
.................
12,688
906,684
Western
Union
Co.
(The)
.............
41,781
465,858
WEX,
Inc.
(b)
.......................
5,636
1,036,404
6,568,414
Food
Products
—
0.9%
Darling
Ingredients,
Inc.
(a)(b)
............
20,749
1,211,742
Flowers
Foods,
Inc.
.................
24,181
662,801
Freshpet,
Inc.
(a)(b)
...................
5,917
391,646
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
2500
ETF
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
(continued)
Ingredion,
Inc.
.....................
8,525
$
867,248
Lamb
Weston
Holdings,
Inc.
...........
18,681
1,952,538
Pilgrim's
Pride
Corp.
(b)
...............
6,065
140,587
Post
Holdings,
Inc.
(a)(b)
................
6,977
627,023
Seaboard
Corp.
....................
33
124,410
5,977,995
Gas
Utilities
—
0.2%
National
Fuel
Gas
Co.
...............
11,370
656,504
UGI
Corp.
........................
27,244
947,001
1,603,505
Ground
Transportation
—
0.8%
Avis
Budget
Group,
Inc.
(b)
.............
3,312
645,178
Hertz
Global
Holdings,
Inc.
(a)(b)
..........
23,627
384,884
Knight-Swift
Transportation
Holdings,
Inc.
..
20,138
1,139,408
Landstar
System,
Inc.
................
4,610
826,389
Lyft,
Inc.,
Class
A
(a)(b)
.................
42,256
391,713
RXO,
Inc.
(b)
.......................
14,729
289,277
Ryder
System,
Inc.
..................
6,341
565,871
Schneider
National,
Inc.,
Class
B
........
7,084
189,497
U-Haul
Holding
Co.,
NVS
.............
11,677
614,633
XPO,
Inc.
(b)
.......................
13,271
423,345
5,470,195
Health
Care
Equipment
&
Supplies
—
1.2%
Dentsply
Sirona,
Inc.
................
27,803
1,092,102
Enovis
Corp.
(b)
.....................
6,589
352,446
Envista
Holdings
Corp.
(b)
..............
21,098
862,486
Globus
Medical,
Inc.,
Class
A
(b)
.........
10,008
566,853
ICU
Medical,
Inc.
(b)
..................
2,622
432,525
Integra
LifeSciences
Holdings
Corp.
(b)
.....
9,462
543,213
Masimo
Corp.
(b)
....................
6,156
1,136,028
Novocure
Ltd.
(a)(b)
...................
13,321
801,125
Penumbra,
Inc.
(b)
...................
4,618
1,286,991
QuidelOrtho
Corp.
(b)
.................
6,358
566,434
Tandem
Diabetes
Care,
Inc.
(b)
..........
8,274
336,007
7,976,210
Health
Care
Providers
&
Services
—
1.3%
Acadia
Healthcare
Co.,
Inc.
(b)
...........
11,573
836,149
agilon
health,
Inc.
(a)(b)
................
24,369
578,764
Amedisys,
Inc.
(b)
...................
4,202
309,057
Chemed
Corp.
.....................
1,894
1,018,499
DaVita,
Inc.
(a)(b)
....................
7,196
583,668
Encompass
Health
Corp.
.............
12,613
682,363
Enhabit,
Inc.
(b)
.....................
6,526
90,777
Guardant
Health,
Inc.
(a)(b)
..............
12,614
295,672
Henry
Schein,
Inc.
(b)
.................
17,530
1,429,396
Oak
Street
Health,
Inc.
(b)
..............
15,228
589,019
Premier,
Inc.,
Class
A
................
15,225
492,833
Tenet
Healthcare
Corp.
(a)(b)
.............
13,723
815,421
Universal
Health
Services,
Inc.,
Class
B
...
8,043
1,022,265
8,743,883
Health
Care
REITs
—
0.4%
Healthcare
Realty
Trust,
Inc.,
Class
A
.....
49,243
951,867
Medical
Properties
Trust,
Inc.
...........
76,445
628,378
Omega
Healthcare
Investors,
Inc.
........
30,578
838,143
2,418,388
Health
Care
Technology
—
0.2%
(b)
Certara,
Inc.
......................
15,088
363,772
Definitive
Healthcare
Corp.,
Class
A
......
4,437
45,834
Doximity,
Inc.,
Class
A
(a)
..............
14,572
471,841
Security
Shares
Shares
Value
Health
Care
Technology
(continued)
Teladoc
Health,
Inc.
(a)
................
20,889
$
541,025
1,422,472
Hotel
&
Resort
REITs
—
0.3%
Host
Hotels
&
Resorts,
Inc.
............
91,786
1,513,551
Park
Hotels
&
Resorts,
Inc.
............
28,847
356,549
1,870,100
Hotels,
Restaurants
&
Leisure
—
1.7%
Aramark
.........................
30,483
1,091,291
Boyd
Gaming
Corp.
.................
9,893
634,339
Choice
Hotels
International,
Inc.
.........
4,174
489,151
Churchill
Downs,
Inc.
................
4,604
1,183,458
Hyatt
Hotels
Corp.,
Class
A
(a)(b)
..........
6,132
685,496
Marriott
Vacations
Worldwide
Corp.
.......
4,844
653,262
Norwegian
Cruise
Line
Holdings
Ltd.
(a)(b)
...
54,000
726,300
Penn
Entertainment,
Inc.
(a)(b)
...........
20,028
594,031
Planet
Fitness,
Inc.,
Class
A
(b)
..........
10,828
841,011
Six
Flags
Entertainment
Corp.
(b)
.........
9,845
262,960
Travel
+
Leisure
Co.
.................
10,309
404,113
Vail
Resorts,
Inc.
...................
5,202
1,215,603
Wendy's
Co.
(The)
..................
22,196
483,429
Wyndham
Hotels
&
Resorts,
Inc.
........
11,205
760,259
Wynn
Resorts
Ltd.
(b)
.................
13,480
1,508,547
11,533,250
Household
Durables
—
0.9%
Leggett
&
Platt,
Inc.
.................
17,306
551,715
Mohawk
Industries,
Inc.
(b)
.............
6,816
683,100
Newell
Brands,
Inc.
.................
48,941
608,826
PulteGroup,
Inc.
...................
29,410
1,714,015
Tempur
Sealy
International,
Inc.
.........
21,678
856,064
Toll
Brothers,
Inc.
...................
14,292
857,949
TopBuild
Corp.
(b)
...................
4,129
859,410
6,131,079
Household
Products
—
0.1%
Reynolds
Consumer
Products,
Inc.
.......
7,232
198,880
Spectrum
Brands
Holdings,
Inc.
.........
5,196
344,079
542,959
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
Brookfield
Renewable
Corp.
...........
16,554
578,562
Vistra
Corp.
......................
50,935
1,222,440
1,801,002
Industrial
REITs
—
0.6%
Americold
Realty
Trust,
Inc.
............
34,881
992,364
EastGroup
Properties,
Inc.
............
5,331
881,321
First
Industrial
Realty
Trust,
Inc.
.........
17,103
909,880
Rexford
Industrial
Realty,
Inc.
..........
25,348
1,512,008
4,295,573
Insurance
—
2.4%
American
Financial
Group,
Inc.
.........
8,446
1,026,189
Assurant,
Inc.
.....................
5,116
614,278
Assured
Guaranty
Ltd.
...............
7,548
379,438
Axis
Capital
Holdings
Ltd.
.............
10,190
555,559
Brighthouse
Financial,
Inc.
(b)
...........
8,786
387,550
Brown
&
Brown,
Inc.
.................
30,668
1,760,957
Erie
Indemnity
Co.,
Class
A,
NVS
........
3,259
754,980
Everest
Re
Group
Ltd.
...............
5,044
1,805,853
First
American
Financial
Corp.
..........
12,806
712,782
Globe
Life,
Inc.
....................
11,614
1,277,772
Hanover
Insurance
Group,
Inc.
(The)
.....
4,545
584,032
Kemper
Corp.
.....................
8,344
456,083
Lincoln
National
Corp.
...............
22,115
496,924
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
2500
ETF
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Old
Republic
International
Corp.
.........
36,202
$
903,964
Primerica,
Inc.
.....................
4,758
819,518
Reinsurance
Group
of
America,
Inc.
......
8,668
1,150,764
RenaissanceRe
Holdings
Ltd.
..........
5,578
1,117,497
Ryan
Specialty
Holdings,
Inc.,
Class
A
(a)(b)
..
10,791
434,230
Unum
Group
......................
25,774
1,019,619
White
Mountains
Insurance
Group
Ltd.
....
325
447,684
16,705,673
Interactive
Media
&
Services
—
0.1%
(b)
IAC,
Inc.
.........................
9,992
515,587
TripAdvisor,
Inc.
(a)
..................
13,475
267,614
783,201
IT
Services
—
0.6%
Amdocs
Ltd.
......................
15,398
1,478,670
DXC
Technology
Co.
(a)(b)
..............
29,824
762,301
Globant
SA
(b)
......................
5,277
865,481
Kyndryl
Holdings,
Inc.
(b)
...............
26,813
395,760
Thoughtworks
Holding,
Inc.
(b)
...........
11,525
84,824
Wix.com
Ltd.
(b)
.....................
7,145
713,071
4,300,107
Leisure
Products
—
0.5%
Brunswick
Corp.
...................
9,346
766,372
Mattel,
Inc.
(a)(b)
.....................
45,576
839,054
Peloton
Interactive,
Inc.,
Class
A
(a)(b)
......
40,331
457,354
Polaris,
Inc.
.......................
7,130
788,792
YETI
Holdings,
Inc.
(b)
................
11,204
448,160
3,299,732
Life
Sciences
Tools
&
Services
—
1.2%
10X
Genomics,
Inc.,
Class
A
(b)
..........
11,850
661,112
Azenta,
Inc.
(b)
.....................
8,852
394,976
Bio-Techne
Corp.
...................
20,167
1,496,190
Bruker
Corp.
......................
13,891
1,095,166
Charles
River
Laboratories
International,
Inc.
(b)
6,537
1,319,297
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
(b)
14,400
201,744
QIAGEN
NV
(b)
.....................
29,406
1,350,618
Repligen
Corp.
(a)(b)
..................
7,175
1,207,983
Sotera
Health
Co.
(b)
.................
12,986
232,579
Syneos
Health,
Inc.,
Class
A
(b)
..........
13,237
471,502
8,431,167
Machinery
—
2.4%
AGCO
Corp.
......................
8,054
1,088,901
Allison
Transmission
Holdings,
Inc.
.......
11,946
540,437
Crane
Holdings
Co.
.................
6,094
691,669
Donaldson
Co.,
Inc.
.................
15,751
1,029,170
Esab
Corp.
.......................
7,344
433,810
Flowserve
Corp.
...................
16,991
577,694
Gates
Industrial
Corp.
plc
(b)
............
14,285
198,419
Graco,
Inc.
.......................
21,763
1,588,917
ITT,
Inc.
.........................
10,849
936,269
Lincoln
Electric
Holdings,
Inc.
..........
7,233
1,223,100
Middleby
Corp.
(The)
(b)
...............
6,936
1,016,887
Nordson
Corp.
.....................
7,412
1,647,391
Oshkosh
Corp.
....................
8,519
708,611
Pentair
plc
.......................
21,331
1,178,964
Snap-on,
Inc.
.....................
6,815
1,682,555
Timken
Co.
(The)
...................
7,945
649,265
Toro
Co.
(The)
.....................
13,530
1,503,995
16,696,054
Marine
Transportation
—
0.1%
Kirby
Corp.
(b)
......................
7,792
543,102
Security
Shares
Shares
Value
Media
—
0.8%
Altice
USA,
Inc.,
Class
A
(b)
.............
27,157
$
92,877
Cable
One,
Inc.
....................
756
530,712
Interpublic
Group
of
Cos.,
Inc.
(The)
......
50,184
1,868,852
New
York
Times
Co.
(The),
Class
A
.......
21,081
819,629
News
Corp.,
Class
A,
NVS
............
49,015
846,489
News
Corp.,
Class
B
................
15,498
270,130
Nexstar
Media
Group,
Inc.
.............
4,702
811,848
5,240,537
Metals
&
Mining
—
1.3%
Alcoa
Corp.
.......................
23,024
979,902
Cleveland-Cliffs,
Inc.
(a)(b)
..............
66,249
1,214,344
MP
Materials
Corp.,
Class
A
(b)
..........
11,789
332,332
Reliance
Steel
&
Aluminum
Co.
.........
7,569
1,943,265
Royal
Gold,
Inc.
....................
8,497
1,102,146
SSR
Mining,
Inc.
...................
26,936
407,272
Steel
Dynamics,
Inc.
.................
21,586
2,440,513
United
States
Steel
Corp.
.............
29,108
759,719
9,179,493
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.4%
AGNC
Investment
Corp.
..............
74,000
745,920
Annaly
Capital
Management,
Inc.
........
60,759
1,161,104
Rithm
Capital
Corp.
.................
56,490
451,920
Starwood
Property
Trust,
Inc.
...........
35,775
632,860
2,991,804
Multi-Utilities
—
0.2%
NiSource,
Inc.
.....................
52,649
1,472,066
Office
REITs
—
0.3%
Cousins
Properties,
Inc.
..............
19,742
422,084
Douglas
Emmett,
Inc.
................
22,041
271,765
Highwoods
Properties,
Inc.
............
13,645
316,428
Hudson
Pacific
Properties,
Inc.
..........
18,670
124,155
JBG
SMITH
Properties
...............
14,000
210,840
Kilroy
Realty
Corp.
..................
15,102
489,305
SL
Green
Realty
Corp.
...............
7,921
186,302
Vornado
Realty
Trust
................
22,984
353,264
2,374,143
Oil,
Gas
&
Consumable
Fuels
—
1.7%
Antero
Midstream
Corp.
..............
43,592
457,280
Antero
Resources
Corp.
(b)
.............
36,916
852,391
APA
Corp.
.......................
41,441
1,494,363
Chesapeake
Energy
Corp.
............
15,723
1,195,577
DT
Midstream,
Inc.
..................
12,563
620,235
Enviva,
Inc.
.......................
3,956
114,249
EQT
Corp.
.......................
47,776
1,524,532
HF
Sinclair
Corp.
...................
17,498
846,553
New
Fortress
Energy,
Inc.,
Class
A
.......
7,295
214,692
Ovintiv,
Inc.
(a)
......................
31,822
1,148,138
PDC
Energy,
Inc.
...................
11,380
730,368
Range
Resources
Corp.
..............
30,569
809,161
Southwestern
Energy
Co.
(b)
............
142,408
712,040
Texas
Pacific
Land
Corp.
..............
742
1,262,157
Vitesse
Energy,
Inc.
.................
3,149
59,926
12,041,662
Paper
&
Forest
Products
—
0.1%
Louisiana-Pacific
Corp.
...............
9,217
499,654
Passenger
Airlines
—
0.4%
(b)
Alaska
Air
Group,
Inc.
................
16,225
680,801
American
Airlines
Group,
Inc.
...........
83,760
1,235,460
Copa
Holdings
SA,
Class
A,
NVS
(a)
.......
3,681
339,940
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
2500
ETF
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Passenger
Airlines
(continued)
JetBlue
Airways
Corp.
................
41,682
$
303,445
2,559,646
Personal
Care
Products
—
0.1%
(b)
Coty,
Inc.,
Class
A
(a)
.................
45,856
553,023
Olaplex
Holdings,
Inc.
................
16,240
69,345
622,368
Pharmaceuticals
—
0.4%
Jazz
Pharmaceuticals
plc
(b)
............
7,988
1,168,884
Organon
&
Co.
....................
33,018
776,583
Perrigo
Co.
plc
....................
17,472
626,721
2,572,188
Professional
Services
—
1.4%
Booz
Allen
Hamilton
Holding
Corp.
.......
17,023
1,577,862
CACI
International,
Inc.,
Class
A
(b)
.......
3,014
892,988
Clarivate
plc
(a)(b)
....................
61,198
574,649
Concentrix
Corp.
...................
5,497
668,160
Dun
&
Bradstreet
Holdings,
Inc.
.........
32,595
382,665
FTI
Consulting,
Inc.
(b)
................
4,364
861,235
Genpact
Ltd.
......................
23,130
1,069,069
KBR,
Inc.
........................
17,626
970,311
ManpowerGroup,
Inc.
................
6,540
539,746
Robert
Half
International,
Inc.
...........
13,671
1,101,473
Science
Applications
International
Corp.
...
7,125
765,653
9,403,811
Real
Estate
Management
&
Development
—
0.4%
(b)
Howard
Hughes
Corp.
(The)
...........
4,757
380,560
Jones
Lang
LaSalle,
Inc.
..............
6,188
900,292
Opendoor
Technologies,
Inc.
(a)
..........
62,899
110,702
WeWork,
Inc.,
Class
A
(a)
..............
27,436
21,326
Zillow
Group,
Inc.,
Class
A
.............
7,276
317,961
Zillow
Group,
Inc.,
Class
C,
NVS
(a)
.......
20,504
911,813
2,642,654
Residential
REITs
—
0.7%
American
Homes
4
Rent,
Class
A
........
39,905
1,255,012
Apartment
Income
REIT
Corp.
..........
19,004
680,533
Camden
Property
Trust
...............
13,446
1,409,679
Equity
LifeStyle
Properties,
Inc.
.........
23,029
1,545,937
4,891,161
Retail
REITs
—
0.9%
Brixmor
Property
Group,
Inc.
...........
38,868
836,439
Federal
Realty
Investment
Trust
.........
10,426
1,030,402
Kimco
Realty
Corp.
.................
78,308
1,529,355
National
Retail
Properties,
Inc.
..........
23,456
1,035,582
Regency
Centers
Corp.
..............
22,222
1,359,542
Spirit
Realty
Capital,
Inc.
..............
18,045
718,913
6,510,233
Semiconductors
&
Semiconductor
Equipment
—
1.5%
Allegro
MicroSystems,
Inc.
(a)(b)
..........
8,597
412,570
Cirrus
Logic,
Inc.
(b)
..................
7,091
775,614
Entegris,
Inc.
(a)
....................
19,244
1,578,200
First
Solar,
Inc.
(b)
...................
13,742
2,988,885
Lattice
Semiconductor
Corp.
(b)
..........
17,594
1,680,227
MKS
Instruments,
Inc.
...............
7,433
658,712
Universal
Display
Corp.
..............
5,637
874,468
Wolfspeed,
Inc.
(a)(b)
..................
15,969
1,037,187
10,005,863
Software
—
3.7%
Alteryx,
Inc.,
Class
A
(b)
...............
7,760
456,598
AppLovin
Corp.,
Class
A
(b)
.............
28,370
446,828
Aspen
Technology,
Inc.
(b)
..............
3,500
801,045
Security
Shares
Shares
Value
Software
(continued)
Bentley
Systems,
Inc.,
Class
B
..........
21,894
$
941,223
BILL
Holdings,
Inc.
(a)(b)
................
12,820
1,040,215
Black
Knight,
Inc.
(b)
..................
19,984
1,150,279
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)(b)
..
22,619
202,892
Ceridian
HCM
Holding,
Inc.
(b)
...........
17,750
1,299,655
Confluent,
Inc.,
Class
A
(b)
.............
16,100
387,527
Dolby
Laboratories,
Inc.,
Class
A
........
7,678
655,855
DoubleVerify
Holdings,
Inc.
(b)
...........
11,126
335,449
Dropbox,
Inc.,
Class
A
(b)
..............
34,591
747,857
Dynatrace,
Inc.
(b)
...................
28,058
1,186,853
Elastic
NV
(b)
......................
10,079
583,574
Fair
Isaac
Corp.
(b)
...................
3,144
2,209,257
Five9,
Inc.
(b)
......................
9,009
651,261
Gen
Digital,
Inc.
....................
71,165
1,221,191
Guidewire
Software,
Inc.
(b)
.............
10,621
871,453
Informatica,
Inc.,
Class
A
(a)(b)
...........
4,953
81,229
Jamf
Holding
Corp.
(b)
................
8,821
171,304
Manhattan
Associates,
Inc.
(b)
...........
8,026
1,242,826
nCino,
Inc.
(a)(b)
.....................
9,125
226,118
NCR
Corp.
(b)
......................
16,715
394,307
New
Relic,
Inc.
(b)
...................
6,945
522,889
Nutanix,
Inc.,
Class
A
(b)
...............
29,812
774,814
Paycor
HCM,
Inc.
(a)(b)
................
7,874
208,819
Paylocity
Holding
Corp.
(a)(b)
............
5,210
1,035,644
Pegasystems,
Inc.
..................
5,403
261,938
Procore
Technologies,
Inc.
(a)(b)
..........
9,253
579,515
PTC,
Inc.
(b)
.......................
13,805
1,770,215
RingCentral,
Inc.,
Class
A
(b)
............
11,046
338,781
SentinelOne,
Inc.,
Class
A
(b)
............
24,988
408,804
Smartsheet,
Inc.,
Class
A
(b)
............
16,489
788,174
Teradata
Corp.
(a)(b)
..................
13,233
533,025
UiPath,
Inc.,
Class
A
(a)(b)
..............
48,921
859,053
25,386,467
Specialized
REITs
—
1.3%
CubeSmart
.......................
28,973
1,339,132
EPR
Properties
....................
9,561
364,274
Gaming
and
Leisure
Properties,
Inc.
......
31,548
1,642,389
Iron
Mountain,
Inc.
..................
37,429
1,980,368
Lamar
Advertising
Co.,
Class
A
.........
11,211
1,119,867
Life
Storage,
Inc.
...................
10,902
1,429,143
National
Storage
Affiliates
Trust
.........
10,983
458,870
Rayonier,
Inc.
.....................
18,943
630,044
8,964,087
Specialty
Retail
—
1.4%
AutoNation,
Inc.
(b)
...................
4,382
588,766
Carvana
Co.,
Class
A
(a)(b)
..............
10,873
106,447
Dick's
Sporting
Goods,
Inc.
............
6,886
977,055
Five
Below,
Inc.
(b)
...................
7,076
1,457,444
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
...
13,377
1,313,889
GameStop
Corp.,
Class
A
(a)(b)
...........
34,807
801,257
Gap,
Inc.
(The)
....................
25,330
254,313
Leslie's,
Inc.
(b)
.....................
22,735
250,312
Lithia
Motors,
Inc.,
Class
A
............
3,515
804,689
Penske
Automotive
Group,
Inc.
.........
3,340
473,645
Petco
Health
&
Wellness
Co.,
Inc.
(a)(b)
.....
10,709
96,381
RH
(b)
...........................
2,352
572,830
Victoria's
Secret
&
Co.
(b)
..............
10,541
359,975
Wayfair,
Inc.,
Class
A
(a)(b)
..............
10,192
349,993
Williams-Sonoma,
Inc.
...............
8,587
1,044,694
9,451,690
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Pure
Storage,
Inc.,
Class
A
(b)
...........
36,969
943,079
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
2500
ETF
36
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
—
1.0%
Capri
Holdings
Ltd.
(b)
................
15,886
$
746,642
Carter's,
Inc.
......................
4,832
347,517
Columbia
Sportswear
Co.
.............
4,694
423,587
Deckers
Outdoor
Corp.
(a)(b)
.............
3,417
1,536,112
Hanesbrands,
Inc.
..................
45,518
239,425
PVH
Corp.
.......................
8,177
729,061
Ralph
Lauren
Corp.,
Class
A
...........
5,256
613,217
Skechers
USA,
Inc.,
Class
A
(b)
..........
17,342
824,092
Tapestry,
Inc.
......................
30,617
1,319,899
Under
Armour,
Inc.,
Class
A
(b)
...........
24,930
236,586
Under
Armour,
Inc.,
Class
C,
NVS
(b)
......
24,532
209,258
7,225,396
Trading
Companies
&
Distributors
—
0.7%
Air
Lease
Corp.,
Class
A
..............
13,567
534,133
Core
&
Main,
Inc.,
Class
A
(a)(b)
..........
9,509
219,658
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
6,031
506,604
SiteOne
Landscape
Supply,
Inc.
(b)
........
5,742
785,908
Univar
Solutions,
Inc.
(b)
...............
20,884
731,566
Watsco,
Inc.
......................
4,270
1,358,543
WESCO
International,
Inc.
.............
5,793
895,250
5,031,662
Water
Utilities
—
0.2%
Essential
Utilities,
Inc.
................
30,030
1,310,810
Total
Common
Stocks
—
56.5%
(Cost:
$403,892,640)
.............................
388,582,371
Security
Shares
Shares
Value
Investment
Companies
iShares
Russell
2000
ETF
(a)(c)
...........
1,668,582
$
297,675,029
Total
Investment
Companies
—
43.3%
(Cost:
$320,029,454)
.............................
297,675,029
Total
Long-Term
Investments
—
99.8%
(Cost:
$723,922,094)
.............................
686,257,400
Short-Term
Securities
Money
Market
Funds
—
44.5%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(e)
............
305,452,078
305,543,714
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
..................
697,539
697,539
Total
Short-Term
Securities
—
44.5%
(Cost:
$306,244,743)
.............................
306,241,253
Total
Investments
—
144.3%
(Cost:
$1,030,166,837
)
...........................
992,498,653
Liabilities
in
Excess
of
Other
Assets
—
(44.3)%
...........
(304,932,847)
Net
Assets
—
100.0%
..............................
$
687,565,806
(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
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
Shares
Held
at
03/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
110,837,007
$
194,593,821
(a)
$
—
$
116,627
$
(3,741)
$
305,543,714
305,452,078
$
906,215
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
440,000
257,539
(a)
—
—
—
697,539
697,539
19,129
1
iShares
Russell
2000
ETF
.....
181,091,247
209,526,028
(71,020,270)
6,113,004
(28,034,980)
297,675,029
1,668,582
3,549,047
—
$
6,229,631
$
(28,038,721)
$
603,916,282
$
4,474,391
$
1
—
—
(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.
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
2500
ETF
Schedules
of
Investments
37
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
Russell
2000
E-Mini
Index
....................................................
7
06/16/23
$
635
$
13,716
Russell
2000
Micro
E-Mini
Index
................................................
5
06/16/23
45
669
S&P
Midcap
400
E-Mini
Index
.................................................
2
06/16/23
506
12,334
$
26,719
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
26,719
$
—
$
—
$
—
$
26,719
(a)
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
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(62,248)
$
—
$
—
$
—
$
(62,248)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
12,974
$
—
$
—
$
—
$
12,974
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,176,219
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
2500
ETF
38
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
388,576,459
$
5,912
$
—
$
388,582,371
Investment
Companies
....................................
297,675,029
—
—
297,675,029
Short-Term
Securities
Money
Market
Funds
......................................
306,241,253
—
—
306,241,253
$
992,492,741
$
5,912
$
—
$
992,498,653
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
26,719
$
—
$
—
$
26,719
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2023
iShares
®
Russell
Mid-Cap
ETF
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.4%
Axon
Enterprise,
Inc.
(a)
...............
193,279
$
43,458,783
BWX
Technologies,
Inc.
..............
262,424
16,543,209
Curtiss-Wright
Corp.
.................
109,433
19,288,660
HEICO
Corp.
(b)
....................
128,413
21,963,759
HEICO
Corp.,
Class
A
................
226,054
30,720,739
Hexcel
Corp.
......................
238,676
16,289,637
Howmet
Aerospace,
Inc.
(b)
.............
1,064,307
45,094,688
Huntington
Ingalls
Industries,
Inc.
........
112,788
23,349,372
Mercury
Systems,
Inc.
(a)(b)
.............
140,399
7,177,197
Spirit
AeroSystems
Holdings,
Inc.,
Class
A
..
299,975
10,358,137
Textron,
Inc.
......................
598,088
42,242,955
TransDigm
Group,
Inc.
...............
147,303
108,569,676
Woodward,
Inc.
....................
165,910
16,154,657
401,211,469
Air
Freight
&
Logistics
—
0.4%
CH
Robinson
Worldwide,
Inc.
..........
333,294
33,119,425
Expeditors
International
of
Washington,
Inc.
(b)
454,100
50,005,492
GXO
Logistics,
Inc.
(a)(b)
...............
301,540
15,215,708
98,340,625
Automobile
Components
—
0.6%
Aptiv
plc
(a)
........................
773,999
86,834,948
BorgWarner,
Inc.
...................
670,190
32,913,031
Gentex
Corp.
.....................
671,826
18,831,283
Lear
Corp.
.......................
168,357
23,484,118
QuantumScape
Corp.,
Class
A
(a)(b)
.......
736,937
6,028,144
168,091,524
Automobiles
—
0.2%
Harley-Davidson,
Inc.
................
386,372
14,670,545
Lucid
Group,
Inc.
(a)(b)
.................
1,668,050
13,411,122
Rivian
Automotive,
Inc.,
Class
A
(a)(b)
.......
1,485,760
22,999,565
Thor
Industries,
Inc.
.................
147,748
11,766,650
62,847,882
Banks
—
2.2%
Bank
of
Hawaii
Corp.
(b)
...............
113,489
5,910,507
Bank
OZK
.......................
319,175
10,915,785
BOK
Financial
Corp.
.................
83,507
7,048,826
Citizens
Financial
Group,
Inc.
..........
1,397,752
42,449,728
Columbia
Banking
System,
Inc.
.........
593,543
12,713,691
Comerica,
Inc.
.....................
374,568
16,263,743
Commerce
Bancshares,
Inc.
(b)
..........
324,895
18,957,623
Cullen/Frost
Bankers,
Inc.
.............
168,016
17,698,805
East
West
Bancorp,
Inc.
..............
405,163
22,486,547
Fifth
Third
Bancorp
.................
1,950,510
51,961,586
First
Citizens
BancShares,
Inc.,
Class
A
....
31,485
30,638,054
First
Hawaiian,
Inc.
.................
369,040
7,613,295
First
Horizon
Corp.
..................
1,513,904
26,917,213
First
Republic
Bank
(b)
................
532,204
7,445,534
FNB
Corp.
.......................
1,027,831
11,922,840
Huntington
Bancshares,
Inc.
...........
4,108,296
46,012,915
KeyCorp
.........................
2,663,949
33,352,642
M&T
Bank
Corp.
...................
493,549
59,013,654
New
York
Community
Bancorp,
Inc.
......
1,925,791
17,409,151
PacWest
Bancorp
..................
336,688
3,275,974
Pinnacle
Financial
Partners,
Inc.
.........
214,554
11,834,799
Popular,
Inc.
......................
203,281
11,670,362
Prosperity
Bancshares,
Inc.
............
250,060
15,383,691
Regions
Financial
Corp.
..............
2,675,728
49,661,512
Synovus
Financial
Corp.
..............
412,415
12,714,754
Webster
Financial
Corp.
..............
496,517
19,572,700
Western
Alliance
Bancorp
(b)
............
302,737
10,759,273
Wintrust
Financial
Corp.
..............
171,954
12,544,044
Security
Shares
Shares
Value
Banks
(continued)
Zions
Bancorp
NA
..................
425,673
$
12,740,393
606,889,641
Beverages
—
0.3%
Boston
Beer
Co.,
Inc.
(The),
Class
A,
NVS
(a)(b)
27,434
9,017,556
Brown-Forman
Corp.,
Class
A
(b)
.........
129,354
8,432,587
Brown-Forman
Corp.,
Class
B,
NVS
......
524,806
33,729,282
Molson
Coors
Beverage
Co.,
Class
B
(b)
....
499,476
25,812,919
76,992,344
Biotechnology
—
2.2%
(a)
Alnylam
Pharmaceuticals,
Inc.
..........
351,853
70,483,193
Biogen,
Inc.
......................
411,150
114,312,035
BioMarin
Pharmaceutical,
Inc.
..........
528,256
51,367,613
Exact
Sciences
Corp.
(b)
...............
499,595
33,877,537
Exelixis,
Inc.
......................
918,881
17,835,480
Horizon
Therapeutics
plc
..............
635,532
69,361,963
Incyte
Corp.
(b)
.....................
523,870
37,860,085
Ionis
Pharmaceuticals,
Inc.
(b)
...........
405,520
14,493,285
Mirati
Therapeutics,
Inc.
..............
128,306
4,770,417
Natera,
Inc.
.......................
279,822
15,535,717
Neurocrine
Biosciences,
Inc.
...........
275,074
27,842,990
Novavax,
Inc.
(b)
....................
251,919
1,745,799
Sarepta
Therapeutics,
Inc.
.............
241,358
33,266,373
Seagen,
Inc.
......................
389,174
78,796,060
Ultragenyx
Pharmaceutical,
Inc.
(b)
........
193,720
7,768,172
United
Therapeutics
Corp.
.............
127,574
28,571,473
607,888,192
Broadline
Retail
—
0.5%
eBay,
Inc.
........................
1,554,496
68,972,987
Etsy,
Inc.
(a)(b)
......................
358,388
39,899,336
Kohl's
Corp.
......................
315,753
7,432,826
Macy's,
Inc.
......................
778,906
13,623,066
Nordstrom,
Inc.
(b)
...................
322,045
5,239,672
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)(b)
....
177,980
10,312,161
145,480,048
Building
Products
—
1.8%
Advanced
Drainage
Systems,
Inc.
(b)
......
178,848
15,060,790
Allegion
plc
.......................
250,088
26,691,892
AO
Smith
Corp.
....................
358,066
24,760,264
Armstrong
World
Industries,
Inc.
.........
128,957
9,186,897
AZEK
Co.,
Inc.
(The),
Class
A
(a)(b)
........
322,979
7,602,926
Builders
FirstSource,
Inc.
(a)
............
417,597
37,074,262
Carlisle
Cos.,
Inc.
..................
147,705
33,391,669
Carrier
Global
Corp.
.................
2,397,372
109,679,769
Fortune
Brands
Innovations,
Inc.
........
365,785
21,482,553
Hayward
Holdings,
Inc.
(a)(b)
.............
187,884
2,202,001
Lennox
International,
Inc.
.............
91,229
22,924,023
Masco
Corp.
......................
646,945
32,166,105
Masterbrand,
Inc.
(a)(b)
................
368,220
2,960,489
Owens
Corning
....................
266,303
25,511,827
Trane
Technologies
plc
...............
657,892
121,038,970
Trex
Co.,
Inc.
(a)(b)
...................
317,279
15,441,969
507,176,406
Capital
Markets
—
4.3%
Affiliated
Managers
Group,
Inc.
(b)
........
107,243
15,273,548
Ameriprise
Financial,
Inc.
.............
301,806
92,503,539
Ares
Management
Corp.,
Class
A
........
440,189
36,729,370
Bank
of
New
York
Mellon
Corp.
(The)
.....
2,107,682
95,773,070
Blue
Owl
Capital,
Inc.,
Class
A
..........
1,212,870
13,438,600
Carlyle
Group,
Inc.
(The)
..............
593,049
18,420,102
Cboe
Global
Markets,
Inc.
.............
302,474
40,604,110
Coinbase
Global,
Inc.,
Class
A
(a)(b)
........
456,810
30,866,652
Evercore,
Inc.,
Class
A
...............
104,438
12,050,056
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
ETF
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Capital
Markets
(continued)
FactSet
Research
Systems,
Inc.
.........
108,779
$
45,153,075
Franklin
Resources,
Inc.
..............
814,062
21,930,830
Interactive
Brokers
Group,
Inc.,
Class
A
....
265,456
21,916,047
Invesco
Ltd.
......................
1,072,353
17,586,589
Janus
Henderson
Group
plc
...........
392,832
10,465,045
Jefferies
Financial
Group,
Inc.
..........
566,036
17,965,983
KKR
&
Co.,
Inc.
....................
1,641,152
86,193,303
Lazard
Ltd.,
Class
A
.................
235,913
7,811,079
LPL
Financial
Holdings,
Inc.
............
227,871
46,121,090
MarketAxess
Holdings,
Inc.
............
106,488
41,667,690
Morningstar,
Inc.
...................
71,302
14,476,445
MSCI,
Inc.
.......................
222,809
124,703,969
Nasdaq,
Inc.
......................
984,277
53,810,424
Northern
Trust
Corp.
.................
588,409
51,856,485
Raymond
James
Financial,
Inc.
.........
557,265
51,976,107
Robinhood
Markets,
Inc.,
Class
A
(a)(b)
......
1,648,442
16,006,372
SEI
Investments
Co.
.................
294,733
16,961,884
State
Street
Corp.
..................
998,601
75,584,110
Stifel
Financial
Corp.
................
292,281
17,270,884
T.
Rowe
Price
Group,
Inc.
.............
629,896
71,115,258
Tradeweb
Markets,
Inc.,
Class
A
.........
307,831
24,324,806
Virtu
Financial,
Inc.,
Class
A
............
273,241
5,164,255
1,195,720,777
Chemicals
—
3.2%
Albemarle
Corp.
(b)
..................
335,032
74,055,473
Ashland,
Inc.
......................
145,480
14,942,251
Axalta
Coating
Systems
Ltd.
(a)(b)
.........
635,322
19,243,903
Celanese
Corp.
....................
309,933
33,748,604
CF
Industries
Holdings,
Inc.
............
561,297
40,688,420
Chemours
Co.
(The)
.................
421,021
12,605,369
Corteva,
Inc.
......................
2,051,770
123,742,249
DuPont
de
Nemours,
Inc.
.............
1,316,069
94,454,272
Eastman
Chemical
Co.
...............
343,795
28,995,670
Element
Solutions,
Inc.
...............
648,659
12,525,605
FMC
Corp.
.......................
361,121
44,103,708
Ginkgo
Bioworks
Holdings,
Inc.,
Class
A
(a)(b)
.
2,464,174
3,277,352
Huntsman
Corp.
...................
520,348
14,236,721
International
Flavors
&
Fragrances,
Inc.
....
731,623
67,280,051
LyondellBasell
Industries
NV,
Class
A
.....
735,698
69,074,685
Mosaic
Co.
(The)
...................
974,910
44,728,871
NewMarket
Corp.
...................
16,360
5,971,073
Olin
Corp.
........................
350,141
19,432,826
PPG
Industries,
Inc.
.................
674,652
90,120,014
RPM
International,
Inc.
...............
364,793
31,824,541
Scotts
Miracle-Gro
Co.
(The)
...........
116,250
8,107,275
Valvoline,
Inc.
.....................
493,216
17,232,967
Westlake
Corp.
(b)
...................
95,188
11,039,904
881,431,804
Commercial
Services
&
Supplies
—
1.4%
Cintas
Corp.
......................
248,309
114,887,608
Clean
Harbors,
Inc.
(a)
................
146,528
20,889,032
Copart,
Inc.
(a)
.....................
1,220,300
91,778,763
Driven
Brands
Holdings,
Inc.
(a)(b)
.........
177,565
5,381,995
MSA
Safety,
Inc.
...................
106,470
14,213,745
Republic
Services,
Inc.
...............
590,427
79,837,539
Ritchie
Bros
Auctioneers,
Inc.
..........
202,022
11,371,818
Rollins,
Inc.
.......................
666,354
25,008,266
Stericycle,
Inc.
(a)
...................
261,620
11,409,248
Tetra
Tech,
Inc.
....................
150,893
22,167,691
396,945,705
Communications
Equipment
—
1.3%
Arista
Networks,
Inc.
(a)
...............
705,712
118,460,816
Ciena
Corp.
(a)
.....................
423,012
22,216,590
Security
Shares
Shares
Value
Communications
Equipment
(continued)
F5,
Inc.
(a)
........................
170,277
$
24,807,656
Juniper
Networks,
Inc.
...............
915,925
31,526,139
Lumentum
Holdings,
Inc.
(a)
............
195,512
10,559,603
Motorola
Solutions,
Inc.
..............
472,151
135,096,566
Ubiquiti,
Inc.
......................
11,894
3,231,481
Viasat,
Inc.
(a)(b)
.....................
206,349
6,982,850
352,881,701
Construction
&
Engineering
—
0.7%
AECOM
.........................
377,625
31,841,340
MasTec,
Inc.
(a)(b)
....................
175,419
16,566,570
MDU
Resources
Group,
Inc.
...........
578,172
17,622,682
Quanta
Services,
Inc.
(b)
...............
407,329
67,877,305
Valmont
Industries,
Inc.
...............
59,996
19,155,523
WillScot
Mobile
Mini
Holdings
Corp.
(a)
.....
580,328
27,205,777
180,269,197
Construction
Materials
—
0.5%
Eagle
Materials,
Inc.
.................
102,695
15,070,491
Martin
Marietta
Materials,
Inc.
(b)
.........
178,031
63,211,687
Vulcan
Materials
Co.
................
380,198
65,226,769
143,508,947
Consumer
Finance
—
0.7%
Ally
Financial,
Inc.
..................
857,926
21,868,534
Credit
Acceptance
Corp.
(a)(b)
............
18,944
8,260,342
Discover
Financial
Services
............
763,550
75,469,282
OneMain
Holdings,
Inc.
...............
330,186
12,243,297
SLM
Corp.
.......................
687,676
8,520,305
SoFi
Technologies,
Inc.
(a)(b)
............
2,302,352
13,975,277
Synchrony
Financial
.................
1,244,304
36,184,360
Upstart
Holdings,
Inc.
(a)(b)
..............
205,165
3,260,072
179,781,469
Consumer
Staples
Distribution
&
Retail
—
1.1%
Albertsons
Cos.,
Inc.,
Class
A
..........
669,262
13,907,264
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
......
384,276
29,231,875
Casey's
General
Stores,
Inc.
...........
105,857
22,913,806
Dollar
Tree,
Inc.
(a)(b)
.................
597,712
85,801,558
Grocery
Outlet
Holding
Corp.
(a)(b)
.........
257,201
7,268,500
Kroger
Co.
(The)
...................
1,881,474
92,888,372
Performance
Food
Group
Co.
(a)(b)
........
437,049
26,371,537
US
Foods
Holding
Corp.
(a)
.............
580,450
21,441,823
299,824,735
Containers
&
Packaging
—
1.4%
Amcor
plc
........................
4,241,692
48,270,455
AptarGroup,
Inc.
...................
187,411
22,150,106
Ardagh
Group
SA,
Class
A
(a)
...........
58,704
392,143
Ardagh
Metal
Packaging
SA
...........
423,698
1,728,688
Avery
Dennison
Corp.
................
233,058
41,701,068
Ball
Corp.
........................
882,803
48,651,273
Berry
Global
Group,
Inc.
..............
348,981
20,554,981
Crown
Holdings,
Inc.
................
329,804
27,278,089
Graphic
Packaging
Holding
Co.
.........
876,278
22,336,326
International
Paper
Co.
...............
1,019,131
36,749,864
Packaging
Corp.
of
America
...........
261,942
36,365,408
Sealed
Air
Corp.
...................
416,541
19,123,397
Silgan
Holdings,
Inc.
.................
241,633
12,968,443
Sonoco
Products
Co.
................
278,676
16,999,236
WestRock
Co.
.....................
729,333
22,222,776
377,492,253
Distributors
—
0.5%
Genuine
Parts
Co.
..................
397,450
66,497,360
LKQ
Corp.
.......................
717,287
40,713,210
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
ETF
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Distributors
(continued)
Pool
Corp.
.......................
109,105
$
37,361,916
144,572,486
Diversified
Consumer
Services
—
0.3%
ADT,
Inc.
........................
604,321
4,369,241
Bright
Horizons
Family
Solutions,
Inc.
(a)(b)
...
165,083
12,709,740
Grand
Canyon
Education,
Inc.
(a)
.........
88,893
10,124,913
H&R
Block,
Inc.
(b)
...................
435,451
15,349,648
Mister
Car
Wash,
Inc.
(a)(b)
..............
221,813
1,912,028
Service
Corp.
International
............
429,840
29,564,395
74,029,965
Diversified
REITs
—
0.2%
WP
Carey,
Inc.
....................
599,652
46,443,047
Diversified
Telecommunication
Services
—
0.1%
Frontier
Communications
Parent,
Inc.
(a)(b)
...
700,699
15,954,916
Lumen
Technologies,
Inc.
.............
2,949,293
7,815,627
23,770,543
Electric
Utilities
—
2.8%
Alliant
Energy
Corp.
.................
716,271
38,248,872
Avangrid,
Inc.
.....................
203,042
8,097,315
Constellation
Energy
Corp.
............
937,428
73,588,098
Edison
International
.................
1,076,445
75,986,253
Entergy
Corp.
.....................
581,187
62,617,087
Evergy,
Inc.
.......................
636,284
38,889,678
Eversource
Energy
.................
988,920
77,392,879
FirstEnergy
Corp.
..................
1,554,671
62,280,120
Hawaiian
Electric
Industries,
Inc.
........
313,456
12,036,710
IDACORP,
Inc.
....................
145,064
15,714,783
NRG
Energy,
Inc.
...................
609,492
20,899,481
OGE
Energy
Corp.
..................
570,403
21,481,377
PG&E
Corp.
(a)
.....................
4,726,400
76,425,888
Pinnacle
West
Capital
Corp.
...........
322,405
25,547,372
PPL
Corp.
.......................
2,109,910
58,634,399
Xcel
Energy,
Inc.
...................
1,564,548
105,513,117
773,353,429
Electrical
Equipment
—
1.4%
Acuity
Brands,
Inc.
(b)
.................
91,743
16,764,198
AMETEK,
Inc.
.....................
659,674
95,870,423
ChargePoint
Holdings,
Inc.,
Class
A
(a)(b)
....
722,458
7,564,135
Generac
Holdings,
Inc.
(a)(b)
.............
179,136
19,348,479
Hubbell,
Inc.
......................
153,156
37,264,386
nVent
Electric
plc
...................
473,010
20,311,049
Plug
Power,
Inc.
(a)(b)
.................
1,484,353
17,396,617
Regal
Rexnord
Corp.
................
186,991
26,315,244
Rockwell
Automation,
Inc.
.............
329,566
96,711,143
Sensata
Technologies
Holding
plc
........
434,190
21,718,184
Sunrun,
Inc.
(a)(b)
....................
594,518
11,979,538
Vertiv
Holdings
Co.,
Class
A
...........
875,681
12,530,995
383,774,391
Electronic
Equipment,
Instruments
&
Components
—
2.5%
Amphenol
Corp.,
Class
A
.............
1,679,363
137,237,544
Arrow
Electronics,
Inc.
(a)
..............
166,711
20,817,203
Avnet,
Inc.
.......................
259,555
11,731,886
CDW
Corp.
.......................
388,043
75,625,700
Cognex
Corp.
.....................
496,478
24,600,485
Coherent
Corp.
(a)(b)
..................
338,673
12,896,668
Corning,
Inc.
......................
2,106,367
74,312,628
IPG
Photonics
Corp.
(a)
...............
93,209
11,493,602
Jabil,
Inc.
........................
373,641
32,940,191
Keysight
Technologies,
Inc.
(a)
...........
513,117
82,858,133
Littelfuse,
Inc.
.....................
69,495
18,630,914
National
Instruments
Corp.
............
375,666
19,688,655
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
TD
SYNNEX
Corp.
..................
133,563
$
12,927,563
Teledyne
Technologies,
Inc.
(a)(b)
.........
132,563
59,303,384
Trimble,
Inc.
(a)(b)
....................
706,507
37,035,097
Vontier
Corp.
......................
450,066
12,304,804
Zebra
Technologies
Corp.,
Class
A
(a)
......
147,892
47,029,656
691,434,113
Energy
Equipment
&
Services
—
0.7%
Baker
Hughes
Co.,
Class
A
(b)
...........
2,703,530
78,023,876
Halliburton
Co.
....................
2,572,357
81,389,376
NOV,
Inc.
........................
1,126,028
20,842,778
180,256,030
Entertainment
—
1.8%
AMC
Entertainment
Holdings,
Inc.,
Class
A
(a)(b)
1,474,570
7,387,596
Electronic
Arts,
Inc.
.................
784,236
94,461,226
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A
(a)(b)
.....................
61,728
4,166,640
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(a)(b)
.................
574,122
42,961,549
Live
Nation
Entertainment,
Inc.
(a)(b)
.......
448,158
31,371,060
Madison
Square
Garden
Sports
Corp.
.....
53,076
10,341,859
Playtika
Holding
Corp.
(a)
..............
258,513
2,910,856
ROBLOX
Corp.,
Class
A
(a)(b)
............
1,282,755
57,698,320
Roku,
Inc.,
Class
A
(a)(b)
...............
347,746
22,888,642
Spotify
Technology
SA
(a)(b)
.............
400,727
53,545,142
Take-Two
Interactive
Software,
Inc.
(a)(b)
....
473,057
56,435,700
Warner
Bros
Discovery,
Inc.
(a)
..........
6,753,937
101,984,449
World
Wrestling
Entertainment,
Inc.,
Class
A
(b)
124,586
11,369,718
497,522,757
Financial
Services
—
1.4%
Affirm
Holdings,
Inc.,
Class
A
(a)(b)
.........
641,262
7,227,023
Apollo
Global
Management,
Inc.
.........
1,387,818
87,654,585
Equitable
Holdings,
Inc.
..............
1,052,598
26,725,463
Euronet
Worldwide,
Inc.
(a)(b)
............
136,472
15,271,217
FleetCor
Technologies,
Inc.
(a)(b)
..........
206,005
43,436,154
Global
Payments,
Inc.
...............
749,519
78,879,380
Jack
Henry
&
Associates,
Inc.
..........
208,655
31,448,482
MGIC
Investment
Corp.
..............
848,821
11,391,178
Rocket
Cos.,
Inc.,
Class
A
(a)(b)
...........
341,850
3,097,161
Shift4
Payments,
Inc.,
Class
A
(a)(b)
........
146,170
11,079,686
TFS
Financial
Corp.
.................
157,685
1,991,561
Toast,
Inc.,
Class
A
(a)(b)
...............
740,054
13,135,958
UWM
Holdings
Corp.,
Class
A
(b)
.........
268,687
1,319,253
Voya
Financial,
Inc.
.................
281,130
20,089,550
Western
Union
Co.
(The)
.............
956,104
10,660,560
WEX,
Inc.
(a)
.......................
124,445
22,884,191
386,291,402
Food
Products
—
2.1%
Bunge
Ltd.
.......................
396,918
37,913,607
Campbell
Soup
Co.
.................
554,650
30,494,657
Conagra
Brands,
Inc.
................
1,350,472
50,723,728
Darling
Ingredients,
Inc.
(a)(b)
............
457,884
26,740,426
Flowers
Foods,
Inc.
.................
538,233
14,752,967
Freshpet,
Inc.
(a)(b)
...................
131,979
8,735,690
Hershey
Co.
(The)
..................
418,684
106,517,396
Hormel
Foods
Corp.
.................
822,951
32,819,286
Ingredion,
Inc.
.....................
187,169
19,040,702
JM
Smucker
Co.
(The)
...............
295,772
46,545,640
Kellogg
Co.
.......................
730,867
48,938,854
Lamb
Weston
Holdings,
Inc.
...........
413,947
43,265,741
McCormick
&
Co.,
Inc.,
NVS
...........
717,634
59,714,325
Pilgrim's
Pride
Corp.
(a)
...............
136,200
3,157,116
Post
Holdings,
Inc.
(a)(b)
................
154,344
13,870,895
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
ETF
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
(continued)
Seaboard
Corp.
....................
725
$
2,733,257
Tyson
Foods,
Inc.,
Class
A
............
795,753
47,204,068
593,168,355
Gas
Utilities
—
0.3%
Atmos
Energy
Corp.
.................
408,215
45,867,037
National
Fuel
Gas
Co.
...............
251,485
14,520,744
UGI
Corp.
........................
597,740
20,777,443
81,165,224
Ground
Transportation
—
0.9%
Avis
Budget
Group,
Inc.
(a)(b)
............
72,930
14,206,764
Hertz
Global
Holdings,
Inc.
(a)(b)
..........
521,653
8,497,727
JB
Hunt
Transport
Services,
Inc.
........
236,300
41,461,198
Knight-Swift
Transportation
Holdings,
Inc.
..
447,209
25,303,085
Landstar
System,
Inc.
(b)
...............
101,791
18,247,055
Lyft,
Inc.,
Class
A
(a)(b)
.................
936,228
8,678,833
Old
Dominion
Freight
Line,
Inc.
.........
284,365
96,922,967
RXO,
Inc.
(a)(b)
......................
326,206
6,406,686
Ryder
System,
Inc.
..................
140,528
12,540,719
Schneider
National,
Inc.,
Class
B
........
153,569
4,107,971
U-Haul
Holding
Co.
.................
25,497
1,520,896
U-Haul
Holding
Co.,
NVS
(b)
............
232,706
12,065,806
XPO,
Inc.
(a)
.......................
297,274
9,483,040
259,442,747
Health
Care
Equipment
&
Supplies
—
3.3%
Align
Technology,
Inc.
(a)(b)
..............
224,616
75,053,190
Cooper
Cos.,
Inc.
(The)
(b)
.............
139,325
52,018,382
Dentsply
Sirona,
Inc.
................
612,383
24,054,404
Dexcom,
Inc.
(a)
....................
1,105,262
128,409,339
Enovis
Corp.
(a)(b)
....................
147,399
7,884,372
Envista
Holdings
Corp.
(a)(b)
.............
466,626
19,075,671
Globus
Medical,
Inc.,
Class
A
(a)
.........
221,823
12,564,055
Hologic,
Inc.
(a)
.....................
696,064
56,172,365
ICU
Medical,
Inc.
(a)(b)
.................
57,499
9,485,035
IDEXX
Laboratories,
Inc.
(a)
.............
235,736
117,886,859
Insulet
Corp.
(a)(b)
....................
197,060
62,854,258
Integra
LifeSciences
Holdings
Corp.
(a)
.....
206,430
11,851,146
Masimo
Corp.
(a)(b)
...................
136,280
25,149,111
Novocure
Ltd.
(a)(b)
...................
294,952
17,738,413
Penumbra,
Inc.
(a)(b)
..................
101,944
28,410,773
QuidelOrtho
Corp.
(a)
.................
140,428
12,510,731
ResMed,
Inc.
.....................
414,586
90,790,188
STERIS
plc
.......................
285,677
54,644,297
Tandem
Diabetes
Care,
Inc.
(a)(b)
.........
183,029
7,432,808
Teleflex,
Inc.
(b)
.....................
134,328
34,026,626
Zimmer
Biomet
Holdings,
Inc.
..........
602,206
77,805,015
925,817,038
Health
Care
Providers
&
Services
—
1.7%
Acadia
Healthcare
Co.,
Inc.
(a)
...........
256,435
18,527,429
agilon
health,
Inc.
(a)(b)
................
539,827
12,820,891
Amedisys,
Inc.
(a)
...................
92,056
6,770,719
AmerisourceBergen
Corp.
.............
466,751
74,731,503
Cardinal
Health,
Inc.
.................
737,387
55,672,718
Chemed
Corp.
.....................
41,791
22,473,110
DaVita,
Inc.
(a)(b)
....................
159,508
12,937,694
Encompass
Health
Corp.
.............
281,674
15,238,563
Enhabit,
Inc.
(a)
.....................
136,880
1,904,001
Guardant
Health,
Inc.
(a)(b)
..............
283,221
6,638,700
Henry
Schein,
Inc.
(a)
.................
388,390
31,669,321
Laboratory
Corp.
of
America
Holdings
.....
253,502
58,158,429
Molina
Healthcare,
Inc.
(a)
..............
164,157
43,910,356
Oak
Street
Health,
Inc.
(a)
..............
335,275
12,968,437
Premier,
Inc.,
Class
A
................
340,803
11,031,793
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
Quest
Diagnostics,
Inc.
...............
317,745
$
44,954,563
Tenet
Healthcare
Corp.
(a)(b)
.............
305,155
18,132,310
Universal
Health
Services,
Inc.,
Class
B
(b)
..
177,261
22,529,873
471,070,410
Health
Care
REITs
—
0.8%
Healthcare
Realty
Trust,
Inc.,
Class
A
.....
1,083,459
20,943,262
Healthpeak
Properties,
Inc.
............
1,569,630
34,484,771
Medical
Properties
Trust,
Inc.
(b)
..........
1,696,645
13,946,422
Omega
Healthcare
Investors,
Inc.
(b)
.......
672,604
18,436,076
Ventas,
Inc.
......................
1,142,907
49,545,018
Welltower,
Inc.
.....................
1,354,411
97,097,725
234,453,274
Health
Care
Technology
—
0.4%
(a)
Certara,
Inc.
(b)
.....................
334,078
8,054,620
Definitive
Healthcare
Corp.,
Class
A
(b)
.....
104,961
1,084,247
Doximity,
Inc.,
Class
A
(b)
..............
319,091
10,332,167
Teladoc
Health,
Inc.
(b)
................
458,431
11,873,363
Veeva
Systems,
Inc.,
Class
A
...........
398,928
73,318,977
104,663,374
Hotel
&
Resort
REITs
—
0.2%
Host
Hotels
&
Resorts,
Inc.
............
2,024,228
33,379,520
Park
Hotels
&
Resorts,
Inc.
............
643,192
7,949,853
41,329,373
Hotels,
Restaurants
&
Leisure
—
3.6%
Aramark
.........................
675,434
24,180,537
Boyd
Gaming
Corp.
.................
220,709
14,151,861
Caesars
Entertainment,
Inc.
(a)
..........
588,942
28,746,259
Carnival
Corp.
(a)(b)
...................
2,803,714
28,457,697
Chipotle
Mexican
Grill,
Inc.
(a)
...........
78,815
134,638,876
Choice
Hotels
International,
Inc.
(b)
........
91,759
10,753,237
Churchill
Downs,
Inc.
................
101,919
26,198,279
Darden
Restaurants,
Inc.
.............
350,889
54,443,937
Domino's
Pizza,
Inc.
.................
101,231
33,393,070
DoorDash,
Inc.,
Class
A
(a)(b)
............
715,387
45,469,998
DraftKings,
Inc.,
Class
A
(a)(b)
............
1,010,405
19,561,441
Expedia
Group,
Inc.
(a)(b)
...............
421,542
40,902,220
Hilton
Worldwide
Holdings,
Inc.
.........
752,927
106,064,827
Hyatt
Hotels
Corp.,
Class
A
(a)(b)
..........
135,239
15,118,368
Las
Vegas
Sands
Corp.
(a)
.............
946,869
54,397,624
Marriott
Vacations
Worldwide
Corp.
.......
106,797
14,402,644
MGM
Resorts
International
............
909,569
40,403,055
Norwegian
Cruise
Line
Holdings
Ltd.
(a)(b)
...
1,196,294
16,090,154
Penn
Entertainment,
Inc.
(a)(b)
...........
440,905
13,077,242
Planet
Fitness,
Inc.,
Class
A
(a)
..........
239,251
18,582,625
Royal
Caribbean
Cruises
Ltd.
(a)(b)
........
629,911
41,133,188
Six
Flags
Entertainment
Corp.
(a)
.........
210,542
5,623,577
Travel
+
Leisure
Co.
.................
228,241
8,947,047
Vail
Resorts,
Inc.
...................
115,251
26,931,854
Wendy's
Co.
(The)
..................
490,437
10,681,718
Wyndham
Hotels
&
Resorts,
Inc.
........
247,811
16,813,976
Wynn
Resorts
Ltd.
(a)
.................
298,449
33,399,428
Yum!
Brands,
Inc.
..................
808,919
106,842,022
989,406,761
Household
Durables
—
1.5%
DR
Horton,
Inc.
....................
903,301
88,243,475
Garmin
Ltd.
.......................
442,235
44,630,356
Leggett
&
Platt,
Inc.
(b)
................
384,091
12,244,821
Lennar
Corp.,
Class
A
................
717,904
75,458,889
Lennar
Corp.,
Class
B
...............
42,100
3,759,951
Mohawk
Industries,
Inc.
(a)
.............
151,080
15,141,238
Newell
Brands,
Inc.
.................
1,083,028
13,472,868
NVR,
Inc.
(a)
.......................
8,388
46,739,530
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
ETF
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Household
Durables
(continued)
PulteGroup,
Inc.
...................
650,676
$
37,921,397
Tempur
Sealy
International,
Inc.
.........
475,930
18,794,476
Toll
Brothers,
Inc.
...................
316,597
19,005,318
TopBuild
Corp.
(a)
...................
91,417
19,027,534
Whirlpool
Corp.
....................
153,024
20,202,229
414,642,082
Household
Products
—
0.5%
Church
&
Dwight
Co.,
Inc.
.............
697,439
61,660,582
Clorox
Co.
(The)
...................
352,768
55,822,008
Reynolds
Consumer
Products,
Inc.
.......
153,860
4,231,150
Spectrum
Brands
Holdings,
Inc.
.........
114,395
7,575,237
129,288,977
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
AES
Corp.
(The)
...................
1,912,190
46,045,535
Brookfield
Renewable
Corp.
...........
364,238
12,730,118
Vistra
Corp.
......................
1,121,804
26,923,296
85,698,949
Industrial
REITs
—
0.3%
Americold
Realty
Trust,
Inc.
............
766,812
21,815,801
EastGroup
Properties,
Inc.
............
117,628
19,446,261
First
Industrial
Realty
Trust,
Inc.
.........
376,620
20,036,184
Rexford
Industrial
Realty,
Inc.
..........
561,543
33,496,040
94,794,286
Insurance
—
4.4%
Aflac,
Inc.
........................
1,750,018
112,911,161
Allstate
Corp.
(The)
.................
756,790
83,859,900
American
Financial
Group,
Inc.
.........
193,297
23,485,585
Arch
Capital
Group
Ltd.
(a)(b)
............
1,013,912
68,814,207
Arthur
J
Gallagher
&
Co.
..............
596,753
114,164,816
Assurant,
Inc.
.....................
152,436
18,302,991
Assured
Guaranty
Ltd.
...............
164,366
8,262,679
Axis
Capital
Holdings
Ltd.
.............
224,468
12,237,995
Brighthouse
Financial,
Inc.
(a)(b)
..........
195,836
8,638,326
Brown
&
Brown,
Inc.
.................
676,452
38,841,874
Cincinnati
Financial
Corp.
.............
439,736
49,285,611
CNA
Financial
Corp.
.................
77,067
3,007,925
Erie
Indemnity
Co.,
Class
A,
NVS
........
71,715
16,613,497
Everest
Re
Group
Ltd.
...............
111,762
40,013,031
F&G
Annuities
&
Life,
Inc.
.............
51,023
924,537
Fidelity
National
Financial,
Inc.
..........
741,113
25,887,077
First
American
Financial
Corp.
..........
289,538
16,115,685
Globe
Life,
Inc.
....................
256,420
28,211,328
Hanover
Insurance
Group,
Inc.
(The)
.....
101,726
13,071,791
Hartford
Financial
Services
Group,
Inc.
(The)
911,744
63,539,439
Kemper
Corp.
.....................
183,630
10,037,216
Lincoln
National
Corp.
...............
489,491
10,998,863
Loews
Corp.
(b)
.....................
558,493
32,403,764
Markel
Corp.
(a)(b)
....................
37,799
48,284,821
Old
Republic
International
Corp.
.........
800,115
19,978,872
Primerica,
Inc.
(b)
....................
105,498
18,170,975
Principal
Financial
Group,
Inc.
..........
692,900
51,496,328
Prudential
Financial,
Inc.
..............
1,054,012
87,208,953
Reinsurance
Group
of
America,
Inc.
......
191,543
25,429,249
RenaissanceRe
Holdings
Ltd.
..........
123,632
24,768,435
Ryan
Specialty
Holdings,
Inc.,
Class
A
(a)(b)
..
234,542
9,437,970
Unum
Group
......................
565,400
22,367,224
White
Mountains
Insurance
Group
Ltd.
....
7,120
9,807,729
Willis
Towers
Watson
plc
..............
308,181
71,615,101
WR
Berkley
Corp.
..................
591,032
36,797,652
1,224,992,607
Security
Shares
Shares
Value
Interactive
Media
&
Services
—
0.4%
(a)(b)
IAC,
Inc.
.........................
221,442
$
11,426,407
Match
Group,
Inc.
..................
799,901
30,708,200
Pinterest,
Inc.,
Class
A
...............
1,706,301
46,530,828
TripAdvisor,
Inc.
....................
290,312
5,765,596
ZoomInfo
Technologies,
Inc.
...........
789,180
19,500,638
113,931,669
IT
Services
—
1.8%
Akamai
Technologies,
Inc.
(a)
............
442,545
34,651,274
Amdocs
Ltd.
......................
341,196
32,765,052
Cloudflare,
Inc.,
Class
A
(a)(b)
............
810,823
49,995,346
DXC
Technology
Co.
(a)(b)
..............
661,356
16,904,259
EPAM
Systems,
Inc.
(a)(b)
..............
157,117
46,977,983
Gartner,
Inc.
(a)(b)
....................
220,310
71,770,389
Globant
SA
(a)
......................
116,269
19,069,279
GoDaddy,
Inc.,
Class
A
(a)(b)
.............
447,897
34,810,555
Kyndryl
Holdings,
Inc.
(a)
...............
587,499
8,671,485
MongoDB,
Inc.,
Class
A
(a)(b)
............
190,203
44,340,123
Okta,
Inc.,
Class
A
(a)
.................
432,262
37,278,275
Thoughtworks
Holding,
Inc.
(a)(b)
..........
266,501
1,961,447
Twilio,
Inc.,
Class
A
(a)(b)
...............
500,518
33,349,514
VeriSign,
Inc.
(a)
....................
265,606
56,130,516
Wix.com
Ltd.
(a)(b)
...................
159,477
15,915,805
504,591,302
Leisure
Products
—
0.3%
Brunswick
Corp.
...................
208,787
17,120,534
Hasbro,
Inc.
......................
376,490
20,213,748
Mattel,
Inc.
(a)
......................
1,007,275
18,543,933
Peloton
Interactive,
Inc.,
Class
A
(a)(b)
......
879,701
9,975,809
Polaris,
Inc.
(b)
.....................
157,137
17,384,066
YETI
Holdings,
Inc.
(a)(b)
...............
247,454
9,898,160
93,136,250
Life
Sciences
Tools
&
Services
—
2.7%
10X
Genomics,
Inc.,
Class
A
(a)(b)
.........
265,820
14,830,098
Agilent
Technologies,
Inc.
.............
848,462
117,376,233
Avantor,
Inc.
(a)(b)
....................
1,749,693
36,988,510
Azenta,
Inc.
(a)
.....................
196,188
8,753,909
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)(b)
....
61,305
29,366,321
Bio-Techne
Corp.
...................
444,596
32,984,577
Bruker
Corp.
......................
306,172
24,138,600
Charles
River
Laboratories
International,
Inc.
(a)
144,312
29,125,048
IQVIA
Holdings,
Inc.
(a)
................
532,215
105,852,241
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
(a)
316,453
4,433,507
Mettler-Toledo
International,
Inc.
(a)(b)
......
62,963
96,346,612
PerkinElmer,
Inc.
...................
361,570
48,182,818
QIAGEN
NV
(a)(b)
....................
649,995
29,854,270
Repligen
Corp.
(a)(b)
..................
158,321
26,654,924
Sotera
Health
Co.
(a)
.................
288,446
5,166,068
Syneos
Health,
Inc.,
Class
A
(a)
..........
295,981
10,542,843
Waters
Corp.
(a)(b)
...................
169,084
52,353,479
West
Pharmaceutical
Services,
Inc.
(b)
.....
211,983
73,445,750
746,395,808
Machinery
—
4.3%
AGCO
Corp.
......................
177,336
23,975,827
Allison
Transmission
Holdings,
Inc.
.......
262,957
11,896,175
Crane
Holdings
Co.
.................
135,415
15,369,603
Cummins,
Inc.
.....................
403,517
96,392,141
Donaldson
Co.,
Inc.
.................
347,672
22,716,888
Dover
Corp.
......................
400,988
60,926,117
Esab
Corp.
.......................
162,764
9,614,469
Flowserve
Corp.
...................
372,591
12,668,094
Fortive
Corp.
......................
1,016,723
69,310,007
Gates
Industrial
Corp.
plc
(a)(b)
...........
319,974
4,444,439
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
ETF
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Machinery
(continued)
Graco,
Inc.
.......................
480,126
$
35,053,999
IDEX
Corp.
.......................
217,820
50,322,955
Ingersoll
Rand,
Inc.
.................
1,166,480
67,865,806
ITT,
Inc.
.........................
238,592
20,590,490
Lincoln
Electric
Holdings,
Inc.
..........
160,061
27,066,315
Middleby
Corp.
(The)
(a)
...............
153,309
22,476,633
Nordson
Corp.
.....................
164,051
36,461,975
Oshkosh
Corp.
....................
188,320
15,664,458
Otis
Worldwide
Corp.
................
1,196,116
100,952,190
PACCAR,
Inc.
.....................
1,468,015
107,458,698
Parker-Hannifin
Corp.
................
367,042
123,366,487
Pentair
plc
.......................
470,378
25,997,792
Snap-on,
Inc.
.....................
150,326
37,113,986
Stanley
Black
&
Decker,
Inc.
...........
423,199
34,101,375
Timken
Co.
(The)
...................
174,731
14,279,017
Toro
Co.
(The)
.....................
298,444
33,175,035
Westinghouse
Air
Brake
Technologies
Corp.
.
518,189
52,368,180
Xylem,
Inc.
.......................
512,767
53,686,705
1,185,315,856
Marine
Transportation
—
0.0%
Kirby
Corp.
(a)
......................
170,675
11,896,047
Media
—
1.4%
Altice
USA,
Inc.,
Class
A
(a)
.............
611,309
2,090,677
Cable
One,
Inc.
....................
16,634
11,677,068
DISH
Network
Corp.,
Class
A
(a)(b)
........
713,508
6,657,030
Fox
Corp.,
Class
A,
NVS
..............
837,833
28,528,213
Fox
Corp.,
Class
B
..................
399,061
12,494,600
Interpublic
Group
of
Cos.,
Inc.
(The)
......
1,113,119
41,452,552
Liberty
Broadband
Corp.,
Class
A
(a)(b)
......
49,084
4,030,778
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)(b)
.
342,649
27,994,423
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(a)
214,452
6,023,957
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
C,
NVS
(a)
........................
442,642
12,389,549
New
York
Times
Co.
(The),
Class
A
.......
466,237
18,127,294
News
Corp.,
Class
A,
NVS
............
1,092,331
18,864,556
News
Corp.,
Class
B
................
342,390
5,967,858
Nexstar
Media
Group,
Inc.
.............
103,465
17,864,267
Omnicom
Group,
Inc.
................
573,630
54,116,254
Paramount
Global,
Class
A
(b)
...........
30,910
798,715
Paramount
Global,
Class
B,
NVS
........
1,650,820
36,829,794
Sirius
XM
Holdings,
Inc.
(b)
.............
2,015,270
8,000,622
Trade
Desk,
Inc.
(The),
Class
A
(a)(b)
.......
1,256,304
76,521,477
390,429,684
Metals
&
Mining
—
1.1%
Alcoa
Corp.
.......................
509,078
21,666,360
Cleveland-Cliffs,
Inc.
(a)(b)
..............
1,461,827
26,795,289
MP
Materials
Corp.,
Class
A
(a)(b)
.........
259,897
7,326,496
Nucor
Corp.
......................
735,458
113,606,197
Reliance
Steel
&
Aluminum
Co.
.........
167,585
43,025,773
Royal
Gold,
Inc.
....................
187,540
24,325,813
SSR
Mining,
Inc.
...................
588,049
8,891,301
Steel
Dynamics,
Inc.
.................
476,542
53,877,839
United
States
Steel
Corp.
.............
644,837
16,830,246
316,345,314
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.2%
AGNC
Investment
Corp.
..............
1,628,485
16,415,129
Annaly
Capital
Management,
Inc.
........
1,343,329
25,671,017
Rithm
Capital
Corp.
.................
1,238,876
9,911,008
Starwood
Property
Trust,
Inc.
...........
841,776
14,891,017
66,888,171
Security
Shares
Shares
Value
Multi-Utilities
—
1.9%
Ameren
Corp.
.....................
739,220
$
63,861,216
CenterPoint
Energy,
Inc.
..............
1,805,975
53,204,024
CMS
Energy
Corp.
..................
829,859
50,936,745
Consolidated
Edison,
Inc.
.............
1,016,096
97,209,904
DTE
Energy
Co.
...................
552,310
60,500,037
NiSource,
Inc.
.....................
1,166,701
32,620,960
Public
Service
Enterprise
Group,
Inc.
.....
1,428,988
89,240,301
WEC
Energy
Group,
Inc.
..............
903,554
85,647,884
533,221,071
Office
REITs
—
0.5%
Alexandria
Real
Estate
Equities,
Inc.
......
491,807
61,766,041
Boston
Properties,
Inc.
...............
448,405
24,267,679
Cousins
Properties,
Inc.
..............
433,789
9,274,409
Douglas
Emmett,
Inc.
................
483,975
5,967,412
Highwoods
Properties,
Inc.
............
300,632
6,971,656
Hudson
Pacific
Properties,
Inc.
..........
386,861
2,572,626
JBG
SMITH
Properties
...............
307,160
4,625,829
Kilroy
Realty
Corp.
..................
334,334
10,832,422
SL
Green
Realty
Corp.
(b)
..............
182,714
4,297,433
Vornado
Realty
Trust
................
510,387
7,844,648
138,420,155
Oil,
Gas
&
Consumable
Fuels
—
4.0%
Antero
Midstream
Corp.
..............
956,856
10,037,419
Antero
Resources
Corp.
(a)(b)
............
817,019
18,864,969
APA
Corp.
.......................
919,010
33,139,501
Cheniere
Energy,
Inc.
................
713,943
112,517,417
Chesapeake
Energy
Corp.
............
348,000
26,461,920
Coterra
Energy,
Inc.
.................
2,246,641
55,132,570
Devon
Energy
Corp.
.................
1,866,385
94,457,745
Diamondback
Energy,
Inc.
.............
512,552
69,281,654
DT
Midstream,
Inc.
..................
276,918
13,671,442
Enviva,
Inc.
.......................
89,059
2,572,024
EQT
Corp.
.......................
1,058,250
33,768,757
Hess
Corp.
.......................
807,746
106,897,106
HF
Sinclair
Corp.
...................
385,403
18,645,797
Marathon
Oil
Corp.
..................
1,812,223
43,420,863
New
Fortress
Energy,
Inc.,
Class
A
.......
157,266
4,628,338
ONEOK,
Inc.
......................
1,272,646
80,863,927
Ovintiv,
Inc.
.......................
704,909
25,433,117
PDC
Energy,
Inc.
...................
250,888
16,101,992
Phillips
66
........................
1,336,621
135,506,637
Range
Resources
Corp.
(b)
.............
672,230
17,793,928
Southwestern
Energy
Co.
(a)
............
3,179,351
15,896,755
Targa
Resources
Corp.
...............
648,036
47,274,226
Texas
Pacific
Land
Corp.
..............
16,387
27,874,615
Vitesse
Energy,
Inc.
.................
67,416
1,282,926
Williams
Cos.,
Inc.
(The)
..............
3,494,399
104,342,754
1,115,868,399
Paper
&
Forest
Products
—
0.0%
Louisiana-Pacific
Corp.
...............
202,822
10,994,981
Passenger
Airlines
—
0.8%
Alaska
Air
Group,
Inc.
(a)
...............
359,866
15,099,977
American
Airlines
Group,
Inc.
(a)(b)
........
1,852,717
27,327,576
Copa
Holdings
SA,
Class
A,
NVS
(a)(b)
......
80,969
7,477,487
Delta
Air
Lines,
Inc.
(a)
................
1,838,417
64,197,522
JetBlue
Airways
Corp.
(a)
..............
926,999
6,748,553
Southwest
Airlines
Co.
...............
1,695,361
55,167,047
United
Airlines
Holdings,
Inc.
(a)
..........
936,324
41,432,337
217,450,499
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
ETF
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Personal
Care
Products
—
0.1%
(a)(b)
Coty,
Inc.,
Class
A
..................
1,003,092
$
12,097,290
Olaplex
Holdings,
Inc.
................
347,460
1,483,654
13,580,944
Pharmaceuticals
—
0.6%
Catalent,
Inc.
(a)(b)
...................
513,588
33,747,867
Elanco
Animal
Health,
Inc.
(a)
............
1,276,302
11,997,239
Jazz
Pharmaceuticals
plc
(a)(b)
...........
175,807
25,725,838
Organon
&
Co.
....................
726,414
17,085,257
Perrigo
Co.
plc
....................
386,218
13,853,640
Royalty
Pharma
plc,
Class
A
...........
1,066,953
38,442,317
Viatris,
Inc.
.......................
3,478,797
33,466,027
174,318,185
Professional
Services
—
2.7%
Booz
Allen
Hamilton
Holding
Corp.
.......
377,118
34,955,067
Broadridge
Financial
Solutions,
Inc.
......
334,680
49,054,048
CACI
International,
Inc.,
Class
A
(a)
.......
66,243
19,626,476
Clarivate
plc
(a)(b)
....................
1,361,066
12,780,410
Concentrix
Corp.
...................
122,090
14,840,040
CoStar
Group,
Inc.
(a)
.................
1,154,710
79,501,783
Dun
&
Bradstreet
Holdings,
Inc.
.........
718,952
8,440,496
Equifax,
Inc.
......................
347,940
70,576,150
FTI
Consulting,
Inc.
(a)(b)
...............
96,626
19,069,141
Genpact
Ltd.
......................
510,703
23,604,693
Jacobs
Solutions,
Inc.
................
359,922
42,294,434
KBR,
Inc.
........................
389,185
21,424,634
Leidos
Holdings,
Inc.
................
391,139
36,008,256
ManpowerGroup,
Inc.
(b)
...............
143,813
11,868,887
Paychex,
Inc.
.....................
925,388
106,040,211
Robert
Half
International,
Inc.
...........
301,772
24,313,770
Science
Applications
International
Corp.
...
157,741
16,950,848
SS&C
Technologies
Holdings,
Inc.
.......
630,933
35,628,787
TransUnion
.......................
552,278
34,318,555
Verisk
Analytics,
Inc.
(b)
...............
445,769
85,525,240
746,821,926
Real
Estate
Management
&
Development
—
0.4%
(a)
CBRE
Group,
Inc.,
Class
A
(b)
...........
905,198
65,907,466
Howard
Hughes
Corp.
(The)
(b)
..........
106,383
8,510,640
Jones
Lang
LaSalle,
Inc.
..............
136,877
19,914,235
Opendoor
Technologies,
Inc.
(b)
..........
1,349,294
2,374,757
WeWork,
Inc.,
Class
A
(b)
..............
609,570
473,819
Zillow
Group,
Inc.,
Class
A
.............
162,345
7,094,477
Zillow
Group,
Inc.,
Class
C,
NVS
(b)
.......
450,803
20,047,209
124,322,603
Residential
REITs
—
1.7%
American
Homes
4
Rent,
Class
A
........
884,938
27,831,300
Apartment
Income
REIT
Corp.
..........
426,678
15,279,339
AvalonBay
Communities,
Inc.
..........
399,872
67,202,489
Camden
Property
Trust
...............
297,561
31,196,295
Equity
LifeStyle
Properties,
Inc.
.........
507,907
34,095,797
Equity
Residential
..................
1,060,181
63,610,860
Essex
Property
Trust,
Inc.
.............
184,628
38,613,100
Invitation
Homes,
Inc.
................
1,746,983
54,558,279
Mid-America
Apartment
Communities,
Inc.
..
328,650
49,639,296
Sun
Communities,
Inc.
...............
348,250
49,061,460
UDR,
Inc.
........................
941,716
38,666,859
469,755,074
Retail
REITs
—
1.3%
Brixmor
Property
Group,
Inc.
...........
852,580
18,347,522
Federal
Realty
Investment
Trust
.........
230,064
22,737,225
Kimco
Realty
Corp.
.................
1,725,003
33,689,309
National
Retail
Properties,
Inc.
..........
519,758
22,947,316
Realty
Income
Corp.
.................
1,800,145
113,985,181
Security
Shares
Shares
Value
Retail
REITs
(continued)
Regency
Centers
Corp.
..............
490,138
$
29,986,643
Simon
Property
Group,
Inc.
............
933,949
104,574,269
Spirit
Realty
Capital,
Inc.
..............
401,985
16,015,082
362,282,547
Semiconductors
&
Semiconductor
Equipment
—
2.7%
Allegro
MicroSystems,
Inc.
(a)(b)
..........
188,689
9,055,185
Cirrus
Logic,
Inc.
(a)(b)
.................
156,978
17,170,254
Enphase
Energy,
Inc.
(a)(b)
..............
374,704
78,792,757
Entegris,
Inc.
(b)
....................
424,805
34,838,258
First
Solar,
Inc.
(a)
...................
304,905
66,316,838
GLOBALFOUNDRIES,
Inc.
(a)(b)
..........
182,817
13,195,731
Lattice
Semiconductor
Corp.
(a)(b)
.........
387,638
37,019,429
Microchip
Technology,
Inc.
.............
1,526,569
127,895,951
MKS
Instruments,
Inc.
(b)
..............
164,952
14,618,046
Monolithic
Power
Systems,
Inc.
.........
131,234
65,687,866
ON
Semiconductor
Corp.
(a)(b)
...........
1,242,107
102,250,248
Qorvo,
Inc.
(a)
......................
286,129
29,062,123
Skyworks
Solutions,
Inc.
..............
456,381
53,843,830
Teradyne,
Inc.
.....................
448,955
48,267,152
Universal
Display
Corp.
..............
125,038
19,397,145
Wolfspeed,
Inc.
(a)(b)
..................
351,585
22,835,446
740,246,259
Software
—
5.8%
Alteryx,
Inc.,
Class
A
(a)
...............
173,157
10,188,558
ANSYS,
Inc.
(a)
.....................
249,001
82,867,533
AppLovin
Corp.,
Class
A
(a)
.............
635,115
10,003,061
Aspen
Technology,
Inc.
(a)(b)
.............
77,575
17,754,590
Bentley
Systems,
Inc.,
Class
B
(b)
.........
482,762
20,753,938
BILL
Holdings,
Inc.
(a)(b)
................
282,019
22,883,022
Black
Knight,
Inc.
(a)
..................
442,710
25,482,388
Cadence
Design
Systems,
Inc.
(a)
........
782,090
164,309,288
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)(b)
..
494,966
4,439,845
Ceridian
HCM
Holding,
Inc.
(a)(b)
..........
390,548
28,595,925
Confluent,
Inc.,
Class
A
(a)(b)
............
354,674
8,537,003
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
616,646
84,640,830
Datadog,
Inc.,
Class
A
(a)
..............
760,057
55,225,742
DocuSign,
Inc.
(a)(b)
..................
565,239
32,953,434
Dolby
Laboratories,
Inc.,
Class
A
........
169,974
14,519,179
DoubleVerify
Holdings,
Inc.
(a)
...........
246,195
7,422,779
Dropbox,
Inc.,
Class
A
(a)(b)
.............
766,423
16,570,065
Dynatrace,
Inc.
(a)
...................
621,523
26,290,423
Elastic
NV
(a)
......................
223,211
12,923,917
Fair
Isaac
Corp.
(a)(b)
.................
69,650
48,942,359
Five9,
Inc.
(a)(b)
.....................
199,868
14,448,458
Fortinet,
Inc.
(a)(b)
....................
1,850,624
122,992,471
Gen
Digital,
Inc.
....................
1,576,433
27,051,590
Guidewire
Software,
Inc.
(a)
.............
234,568
19,246,304
HubSpot,
Inc.
(a)(b)
...................
132,791
56,934,141
Informatica,
Inc.,
Class
A
(a)(b)
...........
107,066
1,755,882
Jamf
Holding
Corp.
(a)(b)
...............
190,825
3,705,822
Manhattan
Associates,
Inc.
(a)
...........
177,567
27,496,250
nCino,
Inc.
(a)(b)
.....................
203,284
5,037,378
NCR
Corp.
(a)
......................
364,981
8,609,902
New
Relic,
Inc.
(a)
...................
152,120
11,453,115
Nutanix,
Inc.,
Class
A
(a)
...............
655,464
17,035,509
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
5,277,181
44,592,179
Paycom
Software,
Inc.
(a)
..............
146,849
44,643,564
Paycor
HCM,
Inc.
(a)(b)
................
174,534
4,628,642
Paylocity
Holding
Corp.
(a)
.............
115,354
22,930,068
Pegasystems,
Inc.
..................
117,927
5,717,101
Procore
Technologies,
Inc.
(a)(b)
..........
202,921
12,708,942
PTC,
Inc.
(a)
.......................
305,803
39,213,119
RingCentral,
Inc.,
Class
A
(a)
............
242,379
7,433,764
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
ETF
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
SentinelOne,
Inc.,
Class
A
(a)(b)
..........
545,041
$
8,916,871
Smartsheet,
Inc.,
Class
A
(a)(b)
...........
362,886
17,345,951
Splunk,
Inc.
(a)(b)
....................
466,894
44,765,797
Synopsys,
Inc.
(a)
...................
437,080
168,822,150
Teradata
Corp.
(a)
...................
296,268
11,933,675
Tyler
Technologies,
Inc.
(a)(b)
............
117,716
41,746,802
UiPath,
Inc.,
Class
A
(a)(b)
..............
1,078,151
18,932,332
Unity
Software,
Inc.
(a)(b)
...............
678,064
21,996,396
Zoom
Video
Communications,
Inc.,
Class
A
(a)(b)
702,997
51,909,298
Zscaler,
Inc.
(a)(b)
....................
242,509
28,332,326
1,607,639,678
Specialized
REITs
—
1.8%
CubeSmart
.......................
641,470
29,648,743
EPR
Properties
....................
211,576
8,061,046
Extra
Space
Storage,
Inc.
.............
379,311
61,801,141
Gaming
and
Leisure
Properties,
Inc.
......
699,782
36,430,651
Iron
Mountain,
Inc.
..................
825,807
43,693,448
Lamar
Advertising
Co.,
Class
A
.........
247,268
24,699,601
Life
Storage,
Inc.
...................
241,470
31,654,302
National
Storage
Affiliates
Trust
.........
242,081
10,114,144
Rayonier,
Inc.
.....................
416,946
13,867,624
SBA
Communications
Corp.,
Class
A
......
306,016
79,891,597
VICI
Properties,
Inc.
.................
2,876,689
93,837,595
Weyerhaeuser
Co.
..................
2,106,697
63,474,781
497,174,673
Specialty
Retail
—
3.3%
Advance
Auto
Parts,
Inc.
..............
170,115
20,687,685
AutoNation,
Inc.
(a)(b)
.................
96,255
12,932,822
AutoZone,
Inc.
(a)
...................
53,736
132,091,148
Bath
&
Body
Works,
Inc.
..............
655,320
23,971,606
Best
Buy
Co.,
Inc.
..................
565,271
44,243,761
Burlington
Stores,
Inc.
(a)
..............
185,564
37,502,484
CarMax,
Inc.
(a)(b)
....................
453,648
29,160,494
Carvana
Co.,
Class
A
(a)(b)
..............
294,935
2,887,414
Dick's
Sporting
Goods,
Inc.
............
151,783
21,536,490
Five
Below,
Inc.
(a)(b)
..................
156,710
32,277,559
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
...
296,319
29,104,452
GameStop
Corp.,
Class
A
(a)(b)
...........
770,566
17,738,429
Gap,
Inc.
(The)
....................
562,162
5,644,107
Leslie's,
Inc.
(a)(b)
....................
503,551
5,544,097
Lithia
Motors,
Inc.,
Class
A
............
77,366
17,711,398
O'Reilly
Automotive,
Inc.
(a)
.............
177,786
150,936,758
Penske
Automotive
Group,
Inc.
(b)
........
73,659
10,445,583
Petco
Health
&
Wellness
Co.,
Inc.
(a)(b)
.....
224,958
2,024,622
RH
(a)(b)
..........................
52,206
12,714,771
Ross
Stores,
Inc.
...................
978,074
103,802,994
Tractor
Supply
Co.
..................
316,129
74,302,960
Ulta
Beauty,
Inc.
(a)(b)
.................
144,663
78,938,259
Victoria's
Secret
&
Co.
(a)(b)
.............
235,982
8,058,785
Wayfair,
Inc.,
Class
A
(a)(b)
..............
225,163
7,732,097
Williams-Sonoma,
Inc.
(b)
..............
189,104
23,006,393
904,997,168
Technology
Hardware,
Storage
&
Peripherals
—
1.0%
Dell
Technologies,
Inc.,
Class
C
.........
678,654
27,288,677
Hewlett
Packard
Enterprise
Co.
.........
3,679,800
58,619,214
HP,
Inc.
.........................
2,813,298
82,570,296
NetApp,
Inc.
......................
623,445
39,806,963
Pure
Storage,
Inc.,
Class
A
(a)
...........
819,088
20,894,935
Western
Digital
Corp.
(a)
...............
912,208
34,362,876
263,542,961
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
—
1.1%
Capri
Holdings
Ltd.
(a)
................
352,008
$
16,544,376
Carter's,
Inc.
......................
107,312
7,717,879
Columbia
Sportswear
Co.
.............
104,224
9,405,174
Deckers
Outdoor
Corp.
(a)
..............
75,505
33,943,273
Hanesbrands,
Inc.
..................
1,001,145
5,266,023
Lululemon
Athletica,
Inc.
(a)(b)
............
319,775
116,458,857
PVH
Corp.
.......................
181,026
16,140,278
Ralph
Lauren
Corp.,
Class
A
...........
115,671
13,495,336
Skechers
USA,
Inc.,
Class
A
(a)
..........
384,276
18,260,795
Tapestry,
Inc.
......................
678,227
29,238,366
Under
Armour,
Inc.,
Class
A
(a)
...........
538,989
5,115,005
Under
Armour,
Inc.,
Class
C,
NVS
(a)(b)
.....
537,424
4,584,227
VF
Corp.
........................
1,001,703
22,949,016
299,118,605
Trading
Companies
&
Distributors
—
1.3%
Air
Lease
Corp.,
Class
A
..............
300,020
11,811,787
Core
&
Main,
Inc.,
Class
A
(a)(b)
..........
210,633
4,865,622
Fastenal
Co.
......................
1,648,004
88,893,336
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
133,337
11,200,308
SiteOne
Landscape
Supply,
Inc.
(a)(b)
.......
128,026
17,522,919
United
Rentals,
Inc.
.................
200,412
79,315,053
Univar
Solutions,
Inc.
(a)
...............
460,171
16,119,790
Watsco,
Inc.
(b)
.....................
94,580
30,091,573
WESCO
International,
Inc.
.............
127,738
19,740,631
WW
Grainger,
Inc.
..................
128,998
88,855,112
368,416,131
Water
Utilities
—
0.4%
American
Water
Works
Co.,
Inc.
.........
552,419
80,923,859
Essential
Utilities,
Inc.
................
662,197
28,904,899
109,828,758
Total
Long-Term
Investments
—
99.8%
(Cost:
$21,297,959,943)
...........................
27,661,087,057
Short-Term
Securities
Money
Market
Funds
—
5.2%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(e)
............
1,433,624,247
1,434,054,335
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
..................
26,292,390
26,292,390
Total
Short-Term
Securities
—
5.2%
(Cost:
$1,459,583,422)
...........................
1,460,346,725
Total
Investments
—
105.0%
(Cost:
$22,757,543,365
)
...........................
29,121,433,782
Liabilities
in
Excess
of
Other
Assets
—
(5.0)%
............
(1,399,170,643)
Net
Assets
—
100.0%
..............................
$
27,722,263,139
(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.
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
ETF
Schedules
of
Investments
47
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
Shares
Held
at
03/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
1,271,208,989
$
161,972,368
(a)
$
—
$
126,717
$
746,261
$
1,434,054,335
1,433,624,247
$
13,229,862
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
42,720,000
—
(16,427,610)
(a)
—
—
26,292,390
26,292,390
1,023,625
28
$
126,717
$
746,261
$
1,460,346,725
$
14,253,487
$
28
—
—
(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.
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
.................................................
218
06/16/23
$
55,147
$
1,238,350
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
1,238,350
$
—
$
—
$
—
$
1,238,350
(a)
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
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(6,208,408)
$
—
$
—
$
—
$
(6,208,408)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(1,221,066)
$
—
$
—
$
—
$
(1,221,066)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
56,344,826
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
ETF
48
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
27,660,694,914
$
392,143
$
—
$
27,661,087,057
Short-Term
Securities
Money
Market
Funds
......................................
1,460,346,725
—
—
1,460,346,725
$
29,121,041,639
$
392,143
$
—
$
29,121,433,782
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
1,238,350
$
—
$
—
$
1,238,350
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2023
iShares
®
Russell
Mid-Cap
Growth
ETF
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.5%
Axon
Enterprise,
Inc.
(a)(b)
..............
179,353
$
40,327,522
BWX
Technologies,
Inc.
..............
122,153
7,700,525
HEICO
Corp.
(a)
....................
144,396
24,697,492
HEICO
Corp.,
Class
A
................
253,914
34,506,912
Howmet
Aerospace,
Inc.
(a)
.............
124,601
5,279,344
Huntington
Ingalls
Industries,
Inc.
........
29,483
6,103,571
Spirit
AeroSystems
Holdings,
Inc.,
Class
A
..
338,076
11,673,764
TransDigm
Group,
Inc.
...............
68,149
50,229,221
180,518,351
Air
Freight
&
Logistics
—
0.3%
CH
Robinson
Worldwide,
Inc.
..........
106,960
10,628,615
Expeditors
International
of
Washington,
Inc.
(a)
167,881
18,487,056
GXO
Logistics,
Inc.
(a)(b)
...............
39,018
1,968,848
31,084,519
Automobile
Components
—
0.2%
Aptiv
plc
(b)
........................
232,515
26,085,858
Automobiles
—
0.1%
Lucid
Group,
Inc.
(a)(b)
.................
1,872,505
15,054,940
Banks
—
0.1%
First
Citizens
BancShares,
Inc.,
Class
A
....
9,399
9,146,167
Western
Alliance
Bancorp
.............
221,365
7,867,312
17,013,479
Beverages
—
0.3%
(a)
Boston
Beer
Co.,
Inc.
(The),
Class
A,
NVS
(b)
.
30,635
10,069,724
Brown-Forman
Corp.,
Class
A
..........
91,627
5,973,164
Brown-Forman
Corp.,
Class
B,
NVS
......
369,714
23,761,519
39,804,407
Biotechnology
—
3.6%
(b)
Alnylam
Pharmaceuticals,
Inc.
(a)
.........
421,367
84,408,237
Exact
Sciences
Corp.
(a)
...............
108,888
7,383,695
Exelixis,
Inc.
......................
951,153
18,461,880
Horizon
Therapeutics
plc
..............
706,033
77,056,442
Incyte
Corp.
......................
540,744
39,079,569
Ionis
Pharmaceuticals,
Inc.
(a)
...........
446,760
15,967,202
Natera,
Inc.
.......................
310,787
17,254,894
Neurocrine
Biosciences,
Inc.
...........
328,916
33,292,877
Novavax,
Inc.
(a)
....................
294,758
2,042,673
Sarepta
Therapeutics,
Inc.
.............
288,319
39,739,008
Seagen,
Inc.
......................
466,244
94,400,423
Ultragenyx
Pharmaceutical,
Inc.
.........
177,579
7,120,918
436,207,818
Broadline
Retail
—
0.5%
eBay,
Inc.
........................
241,907
10,733,413
Etsy,
Inc.
(a)(b)
......................
429,287
47,792,522
Nordstrom,
Inc.
(a)
...................
327,226
5,323,967
Ollie's
Bargain
Outlet
Holdings,
Inc.
(b)
.....
10,468
606,516
64,456,418
Building
Products
—
1.7%
Advanced
Drainage
Systems,
Inc.
(a)
......
213,881
18,010,919
Allegion
plc
.......................
237,482
25,346,454
AO
Smith
Corp.
(a)
...................
103,889
7,183,924
Armstrong
World
Industries,
Inc.
.........
89,342
6,364,724
Carlisle
Cos.,
Inc.
..................
148,484
33,567,778
Fortune
Brands
Innovations,
Inc.
........
150,843
8,859,010
Masco
Corp.
......................
40,374
2,007,395
Masterbrand,
Inc.
(b)
.................
150,246
1,207,978
Trane
Technologies
plc
...............
458,385
84,333,672
Security
Shares
Shares
Value
Building
Products
(continued)
Trex
Co.,
Inc.
(a)(b)
...................
378,844
$
18,438,338
205,320,192
Capital
Markets
—
3.6%
Ameriprise
Financial,
Inc.
.............
230,143
70,538,829
Ares
Management
Corp.,
Class
A
........
525,356
43,835,705
Blue
Owl
Capital,
Inc.,
Class
A
..........
1,448,810
16,052,815
FactSet
Research
Systems,
Inc.
.........
130,295
54,084,152
LPL
Financial
Holdings,
Inc.
............
273,269
55,309,646
MarketAxess
Holdings,
Inc.
............
127,265
49,797,522
Morningstar,
Inc.
...................
77,418
15,718,176
MSCI,
Inc.
.......................
200,674
112,315,231
Raymond
James
Financial,
Inc.
.........
53,449
4,985,188
Tradeweb
Markets,
Inc.,
Class
A
.........
232,977
18,409,842
441,047,106
Chemicals
—
1.8%
Albemarle
Corp.
...................
206,492
45,642,992
Axalta
Coating
Systems
Ltd.
(a)(b)
.........
181,867
5,508,751
CF
Industries
Holdings,
Inc.
............
672,295
48,734,664
Chemours
Co.
(The)
.................
304,985
9,131,251
FMC
Corp.
.......................
148,012
18,076,706
Ginkgo
Bioworks
Holdings,
Inc.,
Class
A
(a)(b)
.
545,865
726,000
Mosaic
Co.
(The)
...................
143,895
6,601,903
PPG
Industries,
Inc.
.................
428,744
57,271,623
RPM
International,
Inc.
...............
22,482
1,961,330
Scotts
Miracle-Gro
Co.
(The)
...........
48,041
3,350,379
Valvoline,
Inc.
.....................
589,807
20,607,857
217,613,456
Commercial
Services
&
Supplies
—
2.5%
Cintas
Corp.
......................
277,033
128,177,628
Copart,
Inc.
(b)
.....................
1,461,979
109,955,441
Driven
Brands
Holdings,
Inc.
(b)
..........
10,530
319,164
MSA
Safety,
Inc.
...................
48,841
6,520,273
Republic
Services,
Inc.
...............
45,118
6,100,856
Ritchie
Bros
Auctioneers,
Inc.
..........
201,745
11,356,226
Rollins,
Inc.
.......................
737,003
27,659,723
Tetra
Tech,
Inc.
....................
73,646
10,819,334
300,908,645
Communications
Equipment
—
1.2%
Arista
Networks,
Inc.
(b)
...............
844,000
141,673,840
Ubiquiti,
Inc.
(a)
.....................
4,040
1,097,628
142,771,468
Construction
&
Engineering
—
0.6%
AECOM
.........................
28,162
2,374,620
Quanta
Services,
Inc.
(a)
...............
266,228
44,364,234
Valmont
Industries,
Inc.
...............
9,949
3,176,517
WillScot
Mobile
Mini
Holdings
Corp.
(a)(b)
....
370,732
17,379,916
67,295,287
Construction
Materials
—
0.5%
Eagle
Materials,
Inc.
.................
101,930
14,958,228
Martin
Marietta
Materials,
Inc.
..........
18,701
6,639,977
Vulcan
Materials
Co.
................
221,947
38,077,227
59,675,432
Consumer
Finance
—
0.0%
(a)(b)
Credit
Acceptance
Corp.
..............
2,372
1,034,287
Upstart
Holdings,
Inc.
................
46,850
744,446
1,778,733
Consumer
Staples
Distribution
&
Retail
—
0.5%
(b)
BJ's
Wholesale
Club
Holdings,
Inc.
.......
290,268
22,080,687
Dollar
Tree,
Inc.
(a)
...................
222,332
31,915,759
Grocery
Outlet
Holding
Corp.
(a)
..........
21,497
607,505
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
Growth
ETF
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
(continued)
Performance
Food
Group
Co.
..........
161,845
$
9,765,727
64,369,678
Containers
&
Packaging
—
1.1%
Ardagh
Metal
Packaging
SA
...........
160,572
655,134
Avery
Dennison
Corp.
................
171,835
30,746,437
Ball
Corp.
........................
420,719
23,185,824
Berry
Global
Group,
Inc.
..............
201,557
11,871,707
Crown
Holdings,
Inc.
................
347,314
28,726,341
Graphic
Packaging
Holding
Co.
.........
810,429
20,657,835
Sealed
Air
Corp.
...................
499,270
22,921,486
138,764,764
Distributors
—
0.4%
Genuine
Parts
Co.
..................
38,411
6,426,544
Pool
Corp.
(a)
......................
130,625
44,731,225
51,157,769
Diversified
Consumer
Services
—
0.2%
(a)
Bright
Horizons
Family
Solutions,
Inc.
(b)
....
55,482
4,271,559
H&R
Block,
Inc.
....................
431,595
15,213,724
Mister
Car
Wash,
Inc.
(b)
...............
200,659
1,729,681
21,214,964
Electrical
Equipment
—
1.0%
ChargePoint
Holdings,
Inc.,
Class
A
(a)(b)
....
866,961
9,077,082
Generac
Holdings,
Inc.
(a)(b)
.............
213,585
23,069,316
Plug
Power,
Inc.
(a)(b)
.................
884,391
10,365,062
Rockwell
Automation,
Inc.
.............
265,925
78,035,691
Vertiv
Holdings
Co.,
Class
A
...........
162,205
2,321,154
122,868,305
Electronic
Equipment,
Instruments
&
Components
—
3.4%
Amphenol
Corp.,
Class
A
.............
1,514,660
123,778,015
Arrow
Electronics,
Inc.
(b)
..............
9,846
1,229,470
CDW
Corp.
.......................
463,574
90,345,937
Cognex
Corp.
(a)
....................
554,143
27,457,786
Coherent
Corp.
(a)(b)
..................
64,233
2,445,992
Corning,
Inc.
......................
149,131
5,261,342
Jabil,
Inc.
(a)
.......................
364,600
32,143,136
Keysight
Technologies,
Inc.
(a)(b)
..........
569,038
91,888,256
National
Instruments
Corp.
............
58,731
3,078,092
Vontier
Corp.
......................
337,366
9,223,586
Zebra
Technologies
Corp.,
Class
A
(a)(b)
.....
72,627
23,095,386
409,946,998
Energy
Equipment
&
Services
—
0.4%
Halliburton
Co.
....................
1,397,970
44,231,771
Entertainment
—
2.8%
Electronic
Arts,
Inc.
.................
58,221
7,012,720
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A
(b)
......................
7,737
522,248
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(b)
..................
77,600
5,806,808
Live
Nation
Entertainment,
Inc.
(b)
........
267,062
18,694,340
Madison
Square
Garden
Sports
Corp.
.....
32,111
6,256,828
Playtika
Holding
Corp.
(b)
..............
283,724
3,194,732
ROBLOX
Corp.,
Class
A
(a)(b)
............
1,535,961
69,087,526
Roku,
Inc.,
Class
A
(a)(b)
...............
118,042
7,769,524
Spotify
Technology
SA
(a)(b)
.............
480,617
64,220,044
Take-Two
Interactive
Software,
Inc.
(a)(b)
....
469,021
55,954,205
Warner
Bros
Discovery,
Inc.
(b)
..........
5,937,158
89,651,086
World
Wrestling
Entertainment,
Inc.,
Class
A
(a)
147,947
13,501,643
341,671,704
Security
Shares
Shares
Value
Financial
Services
—
2.0%
Apollo
Global
Management,
Inc.
.........
1,263,146
$
79,780,301
Euronet
Worldwide,
Inc.
(a)(b)
............
122,221
13,676,530
FleetCor
Technologies,
Inc.
(a)(b)
..........
245,996
51,868,257
Jack
Henry
&
Associates,
Inc.
..........
248,548
37,461,154
Rocket
Cos.,
Inc.,
Class
A
(a)(b)
...........
219,273
1,986,613
Shift4
Payments,
Inc.,
Class
A
(a)(b)
........
173,456
13,147,965
Toast,
Inc.,
Class
A
(a)(b)
...............
873,244
15,500,081
UWM
Holdings
Corp.,
Class
A
(a)
.........
277,762
1,363,811
Western
Union
Co.
(The)
.............
379,291
4,229,095
WEX,
Inc.
(a)(b)
......................
108,367
19,927,608
238,941,415
Food
Products
—
1.7%
Darling
Ingredients,
Inc.
(a)(b)
............
37,924
2,214,762
Freshpet,
Inc.
(a)(b)
...................
86,219
5,706,836
Hershey
Co.
(The)
..................
434,013
110,417,247
Kellogg
Co.
.......................
478,591
32,046,453
Lamb
Weston
Holdings,
Inc.
...........
493,804
51,612,394
Pilgrim's
Pride
Corp.
(b)
...............
85,997
1,993,410
203,991,102
Gas
Utilities
—
0.0%
National
Fuel
Gas
Co.
...............
25,226
1,456,549
Ground
Transportation
—
1.6%
JB
Hunt
Transport
Services,
Inc.
........
252,233
44,256,802
Landstar
System,
Inc.
(a)
...............
108,800
19,503,488
Lyft,
Inc.,
Class
A
(a)(b)
.................
895,527
8,301,535
Old
Dominion
Freight
Line,
Inc.
(a)
........
340,665
116,112,259
RXO,
Inc.
(a)(b)
......................
26,717
524,722
XPO,
Inc.
(b)
.......................
26,717
852,272
189,551,078
Health
Care
Equipment
&
Supplies
—
5.2%
Align
Technology,
Inc.
(a)(b)
..............
201,689
67,392,363
Dexcom,
Inc.
(b)
....................
1,322,030
153,593,445
Globus
Medical,
Inc.,
Class
A
(b)
.........
18,055
1,022,635
ICU
Medical,
Inc.
(a)(b)
.................
13,072
2,156,357
IDEXX
Laboratories,
Inc.
(a)(b)
...........
281,923
140,984,054
Insulet
Corp.
(a)(b)
....................
235,957
75,260,845
Masimo
Corp.
(b)
....................
124,719
23,015,644
Novocure
Ltd.
(a)(b)
...................
353,919
21,284,689
Penumbra,
Inc.
(a)(b)
..................
122,540
34,150,673
ResMed,
Inc.
.....................
495,503
108,510,202
Tandem
Diabetes
Care,
Inc.
(a)(b)
.........
204,253
8,294,714
635,665,621
Health
Care
Providers
&
Services
—
1.5%
agilon
health,
Inc.
(a)(b)
................
606,065
14,394,044
AmerisourceBergen
Corp.
.............
559,197
89,533,031
Chemed
Corp.
.....................
17,865
9,606,904
DaVita,
Inc.
(a)(b)
....................
190,553
15,455,754
Guardant
Health,
Inc.
(a)(b)
..............
332,870
7,802,473
Molina
Healthcare,
Inc.
(a)(b)
.............
152,682
40,840,908
177,633,114
Health
Care
Technology
—
0.8%
(b)
Certara,
Inc.
(a)
.....................
259,830
6,264,501
Definitive
Healthcare
Corp.,
Class
A
(a)
.....
62,961
650,387
Doximity,
Inc.,
Class
A
(a)
..............
178,347
5,774,876
Teladoc
Health,
Inc.
(a)
................
50,759
1,314,658
Veeva
Systems,
Inc.,
Class
A
...........
477,712
87,798,689
101,803,111
Hotels,
Restaurants
&
Leisure
—
5.3%
Caesars
Entertainment,
Inc.
(b)
..........
482,165
23,534,474
Chipotle
Mexican
Grill,
Inc.
(a)(b)
..........
94,271
161,042,207
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
Growth
ETF
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Choice
Hotels
International,
Inc.
(a)
........
110,214
$
12,915,979
Churchill
Downs,
Inc.
(a)
...............
122,640
31,524,612
Darden
Restaurants,
Inc.
.............
306,248
47,517,440
Domino's
Pizza,
Inc.
.................
88,334
29,138,737
DoorDash,
Inc.,
Class
A
(b)
.............
757,917
48,173,204
DraftKings,
Inc.,
Class
A
(a)(b)
............
1,211,813
23,460,700
Expedia
Group,
Inc.
(a)(b)
...............
505,352
49,034,305
Hilton
Worldwide
Holdings,
Inc.
.........
650,869
91,687,916
Las
Vegas
Sands
Corp.
(b)
.............
423,544
24,332,603
Norwegian
Cruise
Line
Holdings
Ltd.
(a)(b)
...
108,954
1,465,431
Planet
Fitness,
Inc.,
Class
A
(b)
..........
210,654
16,361,496
Six
Flags
Entertainment
Corp.
(b)
.........
127,368
3,401,999
Travel
+
Leisure
Co.
.................
196,479
7,701,977
Vail
Resorts,
Inc.
...................
130,621
30,523,515
Wendy's
Co.
(The)
..................
583,487
12,708,347
Wyndham
Hotels
&
Resorts,
Inc.
........
206,378
14,002,747
Wynn
Resorts
Ltd.
(b)
.................
45,507
5,092,688
Yum!
Brands,
Inc.
..................
110,955
14,654,936
648,275,313
Household
Durables
—
1.2%
DR
Horton,
Inc.
....................
566,663
55,357,309
NVR,
Inc.
(a)(b)
......................
7,236
40,320,367
PulteGroup,
Inc.
...................
303,678
17,698,354
Toll
Brothers,
Inc.
...................
196,082
11,770,802
TopBuild
Corp.
(b)
...................
92,274
19,205,910
144,352,742
Household
Products
—
0.7%
Church
&
Dwight
Co.,
Inc.
.............
377,636
33,386,799
Clorox
Co.
(The)
...................
350,729
55,499,357
88,886,156
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
AES
Corp.
(The)
...................
413,734
9,962,715
Vistra
Corp.
......................
776,672
18,640,128
28,602,843
Insurance
—
1.0%
Arch
Capital
Group
Ltd.
(a)(b)
............
394,547
26,777,905
Arthur
J
Gallagher
&
Co.
..............
81,123
15,519,641
Assurant,
Inc.
.....................
11,260
1,351,988
Brown
&
Brown,
Inc.
.................
61,337
3,521,971
Erie
Indemnity
Co.,
Class
A,
NVS
........
63,845
14,790,333
Everest
Re
Group
Ltd.
...............
41,355
14,805,917
Lincoln
National
Corp.
...............
119,305
2,680,783
Markel
Corp.
(a)(b)
....................
10,383
13,263,348
RenaissanceRe
Holdings
Ltd.
..........
80,494
16,126,168
Ryan
Specialty
Holdings,
Inc.,
Class
A
(a)(b)
..
281,833
11,340,960
120,179,014
Interactive
Media
&
Services
—
0.6%
(b)
Match
Group,
Inc.
..................
894,795
34,351,180
Pinterest,
Inc.,
Class
A
(a)
..............
430,441
11,738,126
TripAdvisor,
Inc.
....................
28,116
558,384
ZoomInfo
Technologies,
Inc.
...........
941,607
23,267,109
69,914,799
IT
Services
—
2.7%
(b)
Cloudflare,
Inc.,
Class
A
(a)
.............
970,860
59,863,228
EPAM
Systems,
Inc.
.................
188,042
56,224,558
Gartner,
Inc.
......................
263,118
85,715,951
Globant
SA
.......................
139,433
22,868,406
GoDaddy,
Inc.,
Class
A
...............
73,721
5,729,596
MongoDB,
Inc.,
Class
A
(a)
.............
227,717
53,085,387
Okta,
Inc.,
Class
A
(a)
.................
69,975
6,034,644
Thoughtworks
Holding,
Inc.
(a)
...........
292,213
2,150,688
Security
Shares
Shares
Value
IT
Services
(continued)
Twilio,
Inc.,
Class
A
.................
225,580
$
15,030,395
VeriSign,
Inc.
.....................
34,359
7,261,087
Wix.com
Ltd.
(a)
.....................
146,867
14,657,327
328,621,267
Leisure
Products
—
0.3%
Brunswick
Corp.
...................
42,459
3,481,638
Mattel,
Inc.
(b)
......................
581,626
10,707,734
Polaris,
Inc.
(a)
.....................
139,736
15,458,994
YETI
Holdings,
Inc.
(a)(b)
...............
295,181
11,807,240
41,455,606
Life
Sciences
Tools
&
Services
—
5.8%
10X
Genomics,
Inc.,
Class
A
(a)(b)
.........
283,023
15,789,853
Agilent
Technologies,
Inc.
.............
911,186
126,053,471
Avantor,
Inc.
(a)(b)
....................
1,945,855
41,135,375
Bio-Techne
Corp.
(a)
..................
533,034
39,545,792
Bruker
Corp.
......................
367,284
28,956,671
Charles
River
Laboratories
International,
Inc.
(a)
(b)
...........................
161,203
32,533,989
IQVIA
Holdings,
Inc.
(a)(b)
...............
636,332
126,560,072
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
(b)
375,292
5,257,841
Mettler-Toledo
International,
Inc.
(a)(b)
......
75,427
115,419,150
Repligen
Corp.
(a)(b)
..................
134,956
22,721,192
Sotera
Health
Co.
(a)(b)
................
339,417
6,078,958
Syneos
Health,
Inc.,
Class
A
(b)
..........
61,406
2,187,282
Waters
Corp.
(b)
....................
202,778
62,786,152
West
Pharmaceutical
Services,
Inc.
......
253,974
87,994,372
713,020,170
Machinery
—
1.6%
AGCO
Corp.
......................
28,041
3,791,143
Allison
Transmission
Holdings,
Inc.
.......
249,657
11,294,483
Donaldson
Co.,
Inc.
.................
70,489
4,605,751
Graco,
Inc.
.......................
394,433
28,797,553
IDEX
Corp.
.......................
46,200
10,673,586
Lincoln
Electric
Holdings,
Inc.
..........
191,865
32,444,372
Middleby
Corp.
(The)
(a)(b)
..............
12,539
1,838,343
Nordson
Corp.
.....................
45,769
10,172,618
Otis
Worldwide
Corp.
................
174,311
14,711,848
Parker-Hannifin
Corp.
................
99,746
33,525,628
Toro
Co.
(The)
.....................
357,522
39,742,146
Xylem,
Inc.
.......................
86,470
9,053,409
200,650,880
Media
—
1.0%
Cable
One,
Inc.
....................
12,108
8,499,816
Liberty
Broadband
Corp.,
Class
A
(a)(b)
......
27,819
2,284,496
Liberty
Broadband
Corp.,
Class
C,
NVS
(b)
..
189,931
15,517,363
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(a)
(b)
...........................
71,315
2,003,238
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
C,
NVS
(b)
........................
146,963
4,113,495
Nexstar
Media
Group,
Inc.
.............
11,005
1,900,123
Trade
Desk,
Inc.
(The),
Class
A
(a)(b)
.......
1,505,113
91,676,433
125,994,964
Metals
&
Mining
—
0.1%
MP
Materials
Corp.,
Class
A
(a)(b)
.........
312,742
8,816,197
Royal
Gold,
Inc.
....................
15,097
1,958,232
10,774,429
Oil,
Gas
&
Consumable
Fuels
—
3.8%
Antero
Resources
Corp.
(a)(b)
............
632,474
14,603,825
Cheniere
Energy,
Inc.
................
490,615
77,320,924
Coterra
Energy,
Inc.
.................
438,732
10,766,483
Devon
Energy
Corp.
.................
1,092,076
55,269,967
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
Growth
ETF
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Diamondback
Energy,
Inc.
.............
350,249
$
47,343,157
Enviva,
Inc.
.......................
104,832
3,027,548
Hess
Corp.
.......................
756,262
100,083,713
New
Fortress
Energy,
Inc.,
Class
A
.......
188,812
5,556,737
ONEOK,
Inc.
......................
172,807
10,980,157
Ovintiv,
Inc.
.......................
600,164
21,653,917
PDC
Energy,
Inc.
...................
161,312
10,353,004
Range
Resources
Corp.
..............
532,574
14,097,234
Southwestern
Energy
Co.
(b)
............
277,602
1,388,010
Targa
Resources
Corp.
...............
773,988
56,462,425
Texas
Pacific
Land
Corp.
..............
19,655
33,433,548
462,340,649
Paper
&
Forest
Products
—
0.0%
Louisiana-Pacific
Corp.
...............
22,894
1,241,084
Passenger
Airlines
—
0.6%
Delta
Air
Lines,
Inc.
(b)
................
2,194,145
76,619,543
Personal
Care
Products
—
0.0%
Olaplex
Holdings,
Inc.
(b)
..............
420,638
1,796,124
Pharmaceuticals
—
0.1%
Catalent,
Inc.
(b)
....................
195,499
12,846,239
Professional
Services
—
3.9%
Booz
Allen
Hamilton
Holding
Corp.
.......
450,931
41,796,794
Broadridge
Financial
Solutions,
Inc.
......
363,017
53,207,402
CoStar
Group,
Inc.
(a)(b)
................
197,566
13,602,419
Equifax,
Inc.
(a)
.....................
208,772
42,347,313
FTI
Consulting,
Inc.
(a)(b)
...............
48,652
9,601,472
Genpact
Ltd.
......................
323,568
14,955,313
KBR,
Inc.
........................
302,503
16,652,790
Paychex,
Inc.
.....................
1,106,456
126,788,793
Robert
Half
International,
Inc.
...........
319,357
25,730,594
TransUnion
.......................
483,223
30,027,477
Verisk
Analytics,
Inc.
(a)
...............
532,664
102,196,915
476,907,282
Real
Estate
Management
&
Development
—
0.3%
(b)
CBRE
Group,
Inc.,
Class
A
............
528,441
38,475,789
Opendoor
Technologies,
Inc.
(a)
..........
418,151
735,946
Zillow
Group,
Inc.,
Class
A
.............
12,458
544,414
Zillow
Group,
Inc.,
Class
C,
NVS
(a)
.......
32,393
1,440,517
41,196,666
Residential
REITs
—
0.2%
Apartment
Income
REIT
Corp.
..........
41,254
1,477,306
Camden
Property
Trust
...............
29,652
3,108,716
Equity
LifeStyle
Properties,
Inc.
.........
372,873
25,030,964
29,616,986
Retail
REITs
—
0.5%
Simon
Property
Group,
Inc.
............
543,212
60,823,448
Semiconductors
&
Semiconductor
Equipment
—
4.6%
Allegro
MicroSystems,
Inc.
(b)
...........
226,260
10,858,217
Enphase
Energy,
Inc.
(a)(b)
..............
448,760
94,365,253
Entegris,
Inc.
(a)
....................
508,388
41,692,900
GLOBALFOUNDRIES,
Inc.
(a)(b)
..........
52,241
3,770,755
Lattice
Semiconductor
Corp.
(b)
..........
465,298
44,435,959
Microchip
Technology,
Inc.
.............
1,559,250
130,633,965
Monolithic
Power
Systems,
Inc.
.........
157,231
78,700,405
ON
Semiconductor
Corp.
(a)(b)
...........
928,550
76,438,236
Teradyne,
Inc.
(a)
....................
487,772
52,440,368
Universal
Display
Corp.
..............
149,365
23,170,992
556,507,050
Security
Shares
Shares
Value
Software
—
13.1%
Alteryx,
Inc.,
Class
A
(b)
...............
205,609
$
12,098,034
ANSYS,
Inc.
(b)
.....................
157,404
52,384,051
AppLovin
Corp.,
Class
A
(a)(b)
............
753,565
11,868,649
Aspen
Technology,
Inc.
(a)(b)
.............
92,441
21,156,972
Bentley
Systems,
Inc.,
Class
B
(a)
.........
577,939
24,845,598
Black
Knight,
Inc.
(b)
..................
49,118
2,827,232
Cadence
Design
Systems,
Inc.
(b)
........
935,788
196,599,701
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)(b)
..
228,708
2,051,511
Ceridian
HCM
Holding,
Inc.
(a)(b)
..........
89,345
6,541,841
Confluent,
Inc.,
Class
A
(a)(b)
............
426,685
10,270,308
Crowdstrike
Holdings,
Inc.,
Class
A
(a)(b)
....
738,777
101,404,531
Datadog,
Inc.,
Class
A
(b)
..............
911,483
66,228,355
DocuSign,
Inc.
(a)(b)
..................
677,141
39,477,320
DoubleVerify
Holdings,
Inc.
(b)
...........
256,348
7,728,892
Dropbox,
Inc.,
Class
A
(b)
..............
856,452
18,516,492
Dynatrace,
Inc.
(b)
...................
743,151
31,435,287
Elastic
NV
(b)
......................
264,636
15,322,424
Fair
Isaac
Corp.
(a)(b)
.................
83,198
58,462,403
Five9,
Inc.
(a)(b)
.....................
239,841
17,338,106
Fortinet,
Inc.
(b)
.....................
2,213,392
147,102,032
Gen
Digital,
Inc.
....................
674,869
11,580,752
HubSpot,
Inc.
(b)
....................
158,672
68,030,620
Informatica,
Inc.,
Class
A
(a)(b)
...........
20,868
342,235
Jamf
Holding
Corp.
(a)(b)
...............
194,838
3,783,754
Manhattan
Associates,
Inc.
(a)(b)
..........
131,145
20,307,803
nCino,
Inc.
(a)(b)
.....................
46,075
1,141,738
NCR
Corp.
(b)
......................
22,390
528,180
New
Relic,
Inc.
(b)
...................
182,514
13,741,479
Nutanix,
Inc.,
Class
A
(b)
...............
409,735
10,649,013
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
6,303,125
53,261,406
Paycom
Software,
Inc.
(a)(b)
.............
175,432
53,333,082
Paylocity
Holding
Corp.
(b)
.............
137,923
27,416,334
Pegasystems,
Inc.
..................
142,588
6,912,666
Procore
Technologies,
Inc.
(b)
...........
175,426
10,986,930
PTC,
Inc.
(b)
.......................
365,691
46,892,557
RingCentral,
Inc.,
Class
A
(b)
............
290,142
8,898,655
SentinelOne,
Inc.,
Class
A
(a)(b)
..........
459,708
7,520,823
Smartsheet,
Inc.,
Class
A
(b)
............
435,597
20,821,537
Splunk,
Inc.
(b)
.....................
558,610
53,559,527
Synopsys,
Inc.
(b)
...................
522,983
202,002,184
Teradata
Corp.
(b)
...................
190,688
7,680,913
Tyler
Technologies,
Inc.
(a)(b)
............
123,074
43,646,963
UiPath,
Inc.,
Class
A
(b)
...............
121,921
2,140,933
Unity
Software,
Inc.
(a)(b)
...............
545,745
17,703,968
Zoom
Video
Communications,
Inc.,
Class
A
(a)(b)
425,383
31,410,281
Zscaler,
Inc.
(a)(b)
....................
288,968
33,760,131
1,601,714,203
Specialized
REITs
—
0.8%
Extra
Space
Storage,
Inc.
.............
54,043
8,805,226
Iron
Mountain,
Inc.
..................
740,738
39,192,448
Lamar
Advertising
Co.,
Class
A
.........
260,686
26,039,924
SBA
Communications
Corp.,
Class
A
......
83,310
21,749,742
95,787,340
Specialty
Retail
—
5.3%
Advance
Auto
Parts,
Inc.
..............
16,515
2,008,389
AutoZone,
Inc.
(a)(b)
..................
58,376
143,496,964
Best
Buy
Co.,
Inc.
..................
212,540
16,635,506
Burlington
Stores,
Inc.
(a)(b)
.............
208,426
42,122,895
CarMax,
Inc.
(a)(b)
....................
63,239
4,065,003
Carvana
Co.,
Class
A
(a)(b)
..............
360,370
3,528,022
Five
Below,
Inc.
(a)(b)
..................
187,152
38,547,698
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
...
353,596
34,730,199
Leslie's,
Inc.
(a)(b)
....................
535,746
5,898,564
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
Growth
ETF
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Specialty
Retail
(continued)
O'Reilly
Automotive,
Inc.
(a)(b)
............
86,755
$
73,653,260
RH
(a)(b)
..........................
23,354
5,687,867
Ross
Stores,
Inc.
...................
496,425
52,685,585
Tractor
Supply
Co.
..................
378,608
88,988,024
Ulta
Beauty,
Inc.
(b)
..................
172,778
94,279,771
Victoria's
Secret
&
Co.
(a)(b)
.............
197,435
6,742,405
Wayfair,
Inc.,
Class
A
(a)(b)
..............
173,077
5,943,464
Williams-Sonoma,
Inc.
(a)
..............
179,559
21,845,148
640,858,764
Technology
Hardware,
Storage
&
Peripherals
—
1.0%
Dell
Technologies,
Inc.,
Class
C
.........
124,154
4,992,232
HP,
Inc.
.........................
1,545,345
45,355,876
NetApp,
Inc.
......................
744,507
47,536,772
Pure
Storage,
Inc.,
Class
A
(b)
...........
979,370
24,983,729
122,868,609
Textiles,
Apparel
&
Luxury
Goods
—
1.5%
Deckers
Outdoor
Corp.
(b)
..............
79,652
35,807,557
Lululemon
Athletica,
Inc.
(b)
.............
383,084
139,515,362
Skechers
USA,
Inc.,
Class
A
(b)
..........
70,174
3,334,668
Tapestry,
Inc.
......................
109,111
4,703,775
183,361,362
Trading
Companies
&
Distributors
—
2.5%
Core
&
Main,
Inc.,
Class
A
(a)(b)
..........
86,908
2,007,575
Fastenal
Co.
......................
1,974,155
106,485,921
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
SiteOne
Landscape
Supply,
Inc.
(a)(b)
.......
92,676
$
12,684,564
United
Rentals,
Inc.
(a)
................
110,085
43,567,240
Watsco,
Inc.
(a)
.....................
59,601
18,962,654
WESCO
International,
Inc.
.............
81,160
12,542,466
WW
Grainger,
Inc.
..................
154,555
106,459,029
302,709,449
Total
Long-Term
Investments
—
99.8%
(Cost:
$11,251,669,427)
...........................
12,177,827,033
Short-Term
Securities
Money
Market
Funds
—
7.8%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.01%
(e)
............
931,442,973
931,722,406
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.73%
..................
22,661,607
22,661,607
Total
Short-Term
Securities
—
7.8%
(Cost:
$953,920,487)
.............................
954,384,013
Total
Investments
—
107.6%
(Cost:
$12,205,589,914
)
...........................
13,132,211,046
Liabilities
in
Excess
of
Other
Assets
—
(7.6)%
............
(927,215,386)
Net
Assets
—
100.0%
..............................
$
12,204,995,660
(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
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
Shares
Held
at
03/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
784,962,169
$
146,328,357
(a)
$
—
$
22,406
$
409,474
$
931,722,406
931,442,973
$
5,570,726
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
17,950,000
4,711,607
(a)
—
—
—
22,661,607
22,661,607
444,872
11
$
22,406
$
409,474
$
954,384,013
$
6,015,598
$
11
—
—
(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.
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
Growth
ETF
54
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
NASDAQ
100
E-Mini
Index
...................................................
42
06/16/23
$
11,173
$
1,047,164
Russell
2000
E-Mini
Index
....................................................
142
06/16/23
12,876
233,920
$
1,281,084
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
1,281,084
$
—
$
—
$
—
$
1,281,084
(a)
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
March
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(3,552,792)
$
—
$
—
$
—
$
(3,552,792)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
213,013
$
—
$
—
$
—
$
213,013
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
22,874,135
Schedule
of
Investments
(continued)
March
31,
2023
iShares
®
Russell
Mid-Cap
Growth
ETF
Schedules
of
Investments
55
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
12,177,827,033
$
—
$
—
$
12,177,827,033
Short-Term
Securities
Money
Market
Funds
......................................
954,384,013
—
—
954,384,013
$
13,132,211,046
$
—
$
—
$
13,132,211,046
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
1,281,084
$
—
$
—
$
1,281,084
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities

March
31,
2023
2023
iShares
Annual
Report
to
Shareholders
56
See
notes
to
financial
statements.
iShares
Micro-
Cap
ETF
iShares
Russell
2500
ETF
iShares
Russell
Mid-Cap
ETF
iShares
Russell
Mid-Cap
Growth
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
895,206,184‌
$
388,582,371‌
$
27,661,087,057‌
$
12,177,827,033‌
Investments,
at
value
—
affiliated
(c)
............................................
144,296,092‌
603,916,282‌
1,460,346,725‌
954,384,013‌
Cash  
...............................................................
178,158‌
10,026‌
745,138‌
187,591‌
Cash
pledged:
Futures
contracts
......................................................
165,710‌
77,000‌
3,488,420‌
1,762,990‌
Receivables:
–‌
–‌
–‌
–‌
Investments
sold
......................................................
233,461‌
47,601‌
1,089,103‌
432,055‌
Securities
lending
income
—
affiliated
........................................
188,189‌
74,611‌
1,722,891‌
364,515‌
Capital
shares
sold
.....................................................
—‌
22,994‌
—‌
435,879‌
Dividends
—
unaffiliated
.................................................
717,050‌
455,243‌
30,925,903‌
3,178,904‌
Dividends
—
affiliated
...................................................
4,596‌
2,955‌
140,600‌
61,688‌
Variation
margin
on
futures
contracts
.........................................
40,054‌
21,404‌
970,160‌
421,723‌
Total
assets
...........................................................
1,041,029,494‌
993,210,487‌
29,160,515,997‌
13,139,056,391‌
LIABILITIES
Collateral
on
securities
loaned
...............................................
142,565,891‌
305,528,941‌
1,433,898,769‌
931,694,556‌
Payables:
–‌
–‌
–‌
–‌
Investments
purchased
..................................................
74,190‌
81,705‌
—‌
—‌
Capital
shares
redeemed
.................................................
—‌
—‌
—‌
25,724‌
Investment
advisory
fees
.................................................
467,970‌
34,035‌
4,354,089‌
2,340,451‌
Total
liabilities
..........................................................
143,108,051‌
305,644,681‌
1,438,252,858‌
934,060,731‌
NET
ASSETS
..........................................................
$
897,921,443‌
$
687,565,806‌
$
27,722,263,139‌
$
12,204,995,660‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
1,310,720,341‌
$
740,216,416‌
$
22,841,356,304‌
$
13,287,483,944‌
Accumulated
earnings
(loss)
................................................
(412,798,898‌)
(52,650,610‌)
4,880,906,835‌
(1,082,488,284‌)
NET
ASSETS
..........................................................
$
897,921,443‌
$
687,565,806‌
$
27,722,263,139‌
$
12,204,995,660‌
NET
ASSET
VALUE
Shares
outstanding
......................................................
8,600,000‌
12,550,000‌
396,550,000‌
134,000,000‌
Net
asset
value
.........................................................
$
104.41‌
$
54.79‌
$
69.91‌
$
91.08‌
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
  Investments,
at
cost
—
unaffiliated
..........................................
$
1,094,020,701‌
$
403,892,640‌
$
21,297,959,943‌
$
11,251,669,427‌
(b)
  Securities
loaned,
at
value
................................................
$
134,926,769‌
$
305,035,104‌
$
1,439,187,090‌
$
935,218,827‌
(c)
  Investments,
at
cost
—
affiliated
............................................
$
144,219,527‌
$
626,274,197‌
$
1,459,583,422‌
$
953,920,487‌
Statements
of
Operations

Year
Ended
March
31,
2023
57
Financial
Statements
iShares
Micro-
Cap
ETF
iShares
Russell
2500
ETF
iShares
Russell
Mid-Cap
ETF
iShares
Russell
Mid-Cap
Growth
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
unaffiliated
.................................................
$
12,074,611‌
$
4,747,147‌
$
457,567,917‌
$
99,651,920‌
Dividends
—
affiliated
...................................................
32,237‌
3,568,176‌
1,023,625‌
444,872‌
Securities
lending
income
—
affiliated
—
net
...................................
4,019,343‌
906,215‌
13,229,862‌
5,570,726‌
Foreign
taxes
withheld
..................................................
(5,759‌)
(4,671‌)
(142,010‌)
(13,535‌)
Total
investment
income
...................................................
16,120,432‌
9,216,867‌
471,679,394‌
105,653,983‌
EXPENSES
Investment
advisory
....................................................
5,626,941‌
746,556‌
51,904,847‌
28,021,337‌
Total
expenses
.........................................................
5,626,941‌
746,556‌
51,904,847‌
28,021,337‌
Less:
–‌
–‌
–‌
–‌
Investment
advisory
fees
waived
...........................................
—‌
(414,648‌)
—‌
—‌
Total
expenses
after
fees
waived
.............................................
5,626,941‌
331,908‌
51,904,847‌
28,021,337‌
Net
investment
income
....................................................
10,493,491‌
8,884,959‌
419,774,547‌
77,632,646‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(210,069,142‌)
$
(42,470,540‌)
$
(3,082,080,128‌)
$
(1,247,881,046‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................
$
(81,622,143‌)
$
(9,901,454‌)
$
(537,825,503‌)
$
(1,167,394,971‌)
Investments
—
affiliated
...............................................
14,309‌
(1,978,483‌)
126,717‌
22,406‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
........................
1‌
1‌
28‌
11‌
Futures
contracts
....................................................
(114,062‌)
(62,248‌)
(6,208,408‌)
(3,552,792‌)
In-kind
redemptions
—
unaffiliated
(a)
.......................................
12,367,199‌
25,277,247‌
1,092,888,412‌
769,583,476‌
In-kind
redemptions
—
affiliated
(a)
.........................................
—‌
8,208,114‌
—‌
—‌
(69,354,696‌)
21,543,177‌
548,981,246‌
(401,341,870‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................
(140,831,723‌)
(35,987,971‌)
(3,630,586,568‌)
(847,161,663‌)
Investments
—
affiliated
...............................................
87,927‌
(28,038,721‌)
746,261‌
409,474‌
Futures
contracts
....................................................
29,348‌
12,974‌
(1,221,066‌)
213,013‌
(140,714,448‌)
(64,013,718‌)
(3,631,061,373‌)
(846,539,176‌)
Net
realized
and
unrealized
loss
..............................................
(210,069,144‌)
(42,470,541‌)
(3,082,080,127‌)
(1,247,881,046‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................
$
(199,575,653‌)
$
(33,585,582‌)
$
(2,662,305,580‌)
$
(1,170,248,400‌)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2023
iShares
Annual
Report
to
Shareholders
58
See
notes
to
financial
statements.
iShares
Micro-Cap
ETF
iShares
Russell
2500
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
10,493,491‌
$
6,779,950‌
$
8,884,959‌
$
4,274,061‌
Net
realized
gain
(loss)
....................................................
(69,354,696‌)
257,217,922‌
21,543,177‌
20,793,126‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(140,714,448‌)
(412,829,935‌)
(64,013,718‌)
(29,311,149‌)
Net
decrease
in
net
assets
resulting
from
operations
..................................
(199,575,653‌)
(148,832,063‌)
(33,585,582‌)
(4,243,962‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(11,888,480‌)
(9,212,592‌)
(9,129,972‌)
(4,296,696‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
12,741,862‌
(131,900,161‌)
307,131,820‌
164,572,268‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(198,722,271‌)
(289,944,816‌)
264,416,266‌
156,031,610‌
Beginning
of
year
..........................................................
1,096,643,714‌
1,386,588,530‌
423,149,540‌
267,117,930‌
End
of
year
..............................................................
$
897,921,443‌
$
1,096,643,714‌
$
687,565,806‌
$
423,149,540‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
59
Financial
Statements
See
notes
to
financial
statements.
iShares
Russell
Mid-Cap
ETF
iShares
Russell
Mid-Cap
Growth
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/23
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
419,774,547‌
$
316,421,146‌
$
77,632,646‌
$
51,781,649‌
Net
realized
gain
(loss)
....................................................
548,981,246‌
1,713,410,418‌
(401,341,870‌)
2,906,532,378‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(3,631,061,373‌)
(183,235,163‌)
(846,539,176‌)
(3,078,657,283‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(2,662,305,580‌)
1,846,596,401‌
(1,170,248,400‌)
(120,343,256‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(443,722,962‌)
(335,661,159‌)
(92,809,126‌)
(57,154,726‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
524,749,292‌
1,669,289,907‌
(309,085,530‌)
(867,632,402‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(2,581,279,250‌)
3,180,225,149‌
(1,572,143,056‌)
(1,045,130,384‌)
Beginning
of
year
..........................................................
30,303,542,389‌
27,123,317,240‌
13,777,138,716‌
14,822,269,100‌
End
of
year
..............................................................
$
27,722,263,139‌
$
30,303,542,389‌
$
12,204,995,660‌
$
13,777,138,716‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Annual
Report
to
Shareholders
60
iShares
Micro-Cap
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
year
...............................
$
129.02
‌
$
146.73
‌
$
67.33
‌
$
92.88
‌
$
96.11
‌
Net
investment
income
(a)
......................................
1.26
‌
0.76
‌
0.96
‌
0.94
‌
0.89
‌
Net
realized
and
unrealized
gain
(loss)
(b)
............................
(24.44
)
(17.42
)
79.50
‌
(25.28
)
(3.24
)
Net
increase
(decrease)
from
investment
operations
.....................
(23.18
)
(16.66
)
80.46
‌
(24.34
)
(2.35
)
Distributions
from
net
investment
income
(c)
............................
(1.43
)
(1.05
)
(1.06
)
(1.21
)
(0.88
)
Net
asset
value,
end
of
year
....................................
$
104.41
‌
$
129.02
‌
$
146.73
‌
$
67.33
‌
$
92.88
‌
Total
Return
(d)
(17.97)%
—
—
—
—
Based
on
net
asset
value
.......................................
(17.97
)%
(11.41
)%
120.24
%
(26.47
)%
(2.48
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
..............................................
0.60
%
0.60
%
0.60
%
0.60
%
0.60
%
Net
investment
income
.........................................
1.12
%
0.54
%
0.92
%
1.03
%
0.91
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.....................................
$
897,921
‌
$
1,096,644
‌
$
1,386,589
‌
$
562,206
‌
$
882,335
‌
Portfolio
turnover
rate
(f)
.........................................
35
%
44
%
35
%
24
%
25
%
(a)
Based
on
average
shares
outstanding.
(b)
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.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
61
Financial
Highlights
iShares
Russell
2500
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
year
...............................
$
62.23
‌
$
62.85
‌
$
33.62
‌
$
44.13
‌
$
43.24
‌
Net
investment
income
(a)
......................................
0.99
‌
0.79
‌
0.75
‌
0.72
‌
0.65
‌
Net
realized
and
unrealized
gain
(loss)
(b)
............................
(7.45
)
(0.66
)
29.21
‌
(10.50
)
1.22
‌
Net
increase
(decrease)
from
investment
operations
.....................
(6.46
)
0.13
‌
29.96
‌
(9.78
)
1.87
‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
...................................
(0.98
)
(0.75
)
(0.73
)
(0.73
)
(0.62
)
From
net
realized
gain
........................................
—
‌
—
‌
—
‌
—
‌
(0.36
)
Total
distributions
............................................
(0.98
)
(0.75
)
(0.73
)
(0.73
)
(0.98
)
Net
asset
value,
end
of
year
....................................
$
54.79
‌
$
62.23
‌
$
62.85
‌
$
33.62
‌
$
44.13
‌
Total
Return
(d)
(10.30)%
—
—
—
—
Based
on
net
asset
value
.......................................
(10.30
)%
(e)
0.17
%
89.71
%
(22.47
)%
4.49
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
..............................................
0.15
%
0.15
%
0.15
%
0.15
%
0.15
%
Total
expenses
after
fees
waived
..................................
0.07
%
0.07
%
0.07
%
0.07
%
0.06
%
Net
investment
income
.........................................
1.78
%
1.22
%
1.44
%
1.60
%
1.49
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.....................................
$
687,566
‌
$
423,150
‌
$
267,118
‌
$
42,021
‌
$
35,302
‌
Portfolio
turnover
rate
(g)
.........................................
11
%
12
%
16
%
14
%
12
%
(a)
Based
on
average
shares
outstanding.
(b)
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.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Annual
Report
to
Shareholders
62
iShares
Russell
Mid-Cap
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
(a)
Net
asset
value,
beginning
of
year
.................................
$
78.02
‌
$
73.93
‌
$
43.20
‌
$
53.93
‌
$
51.61
‌
Net
investment
income
(b)
........................................
1.05
‌
0.84
‌
0.74
‌
0.91
‌
0.81
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............................
(8.05
)
4.14
‌
30.79
‌
(10.71
)
2.44
‌
Net
increase
(decrease)
from
investment
operations
.......................
(7.00
)
4.98
‌
31.53
‌
(9.80
)
3.25
‌
Distributions
from
net
investment
income
(d)
..............................
(1.11
)
(0.89
)
(0.80
)
(0.93
)
(0.93
)
Net
asset
value,
end
of
year
......................................
$
69.91
‌
$
78.02
‌
$
73.93
‌
$
43.20
‌
$
53.93
‌
Total
Return
(e)
(8.90)%
—
—
—
—
Based
on
net
asset
value
.........................................
(8.90
)%
6.72
%
73.38
%
(18.44
)%
6.38
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................................
0.19
%
0.18
%
0.19
%
0.19
%
0.19
%
Net
investment
income
...........................................
1.52
%
1.07
%
1.23
%
1.63
%
1.55
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
27,722,263
‌
$
30,303,542
‌
$
27,123,317
‌
$
15,753,591
‌
$
18,593,536
‌
Portfolio
turnover
rate
(g)
...........................................
12
%
13
%
14
%
10
%
11
%
(a)
Per
share
amounts
reflect
a
four-for-one
stock
split
effective
after
the
close
of
trading
on
October
25,
2018.
(b)
Based
on
average
shares
outstanding.
(c)
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.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
63
Financial
Highlights
iShares
Russell
Mid-Cap
Growth
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
(a)
Year
Ended
03/31/20
(a)
Year
Ended
03/31/19
(a)
Net
asset
value,
beginning
of
year
................................
$
100.53
‌
$
102.01
‌
$
60.86
‌
$
67.81
‌
$
61.46
‌
Net
investment
income
(b)
.......................................
0.56
‌
0.37
‌
0.32
‌
0.47
‌
0.56
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.............................
(9.34
)
(1.44
)
41.16
‌
(6.97
)
6.35
‌
Net
increase
(decrease)
from
investment
operations
......................
(8.78
)
(1.07
)
41.48
‌
(6.50
)
6.91
‌
Distributions
from
net
investment
income
(d)
.............................
(0.67
)
(0.41
)
(0.33
)
(0.45
)
(0.56
)
Net
asset
value,
end
of
year
.....................................
$
91.08
‌
$
100.53
‌
$
102.01
‌
$
60.86
‌
$
67.81
‌
Total
Return
(e)
(8.67)%
—
—
—
—
Based
on
net
asset
value
........................................
(8.67
)%
(1.09
)%
68.27
%
(9.67
)%
11.28
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................................
0.23
%
0.23
%
0.23
%
0.24
%
0.24
%
Net
investment
income
..........................................
0.65
%
0.34
%
0.36
%
0.65
%
0.88
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
12,204,996
‌
$
13,777,139
‌
$
14,822,269
‌
$
9,353,644
‌
$
10,217,865
‌
Portfolio
turnover
rate
(g)
..........................................
26
%
35
%
23
%
23
%
20
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
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.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
2023
iShares
Annual
Report
to
Shareholders
64
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”):
Currently
the
iShares
Russell
2500
ETF seeks
to
achieve
its
investment
objective
by
investing
a
substantial
portion
of
its
assets
in
an
iShares
fund
(an
“underlying
fund”).
The
financial
statements,
including
the
accounting
policies,
and
Schedule
of
Investments
for
the
underlying
fund
are
available
on
iShares.com
and
should
be
read
in
conjunction
with
the
Fund’s
financial
statements.
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. 
Foreign
Taxes:
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
“Other
foreign
taxes”,
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
March
31,
2023
,
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. 
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.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
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.
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
iShares
ETF
Diversification
Classification
Micro-Cap
.........................................................................................................
Diversified
Russell
2500
........................................................................................................
Diversified
Russell
Mid-Cap
.....................................................................................................
Diversified
Russell
Mid-Cap
Growth
................................................................................................
Diversified
Notes
to
Financial
Statements
(continued)
65
Notes
to
Financial
Statements
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.
Exchange-traded
funds
and
closed-end
funds
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
fund
is
primarily
traded.
Funds
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
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.
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.
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 each
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
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
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.
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
to
Shareholders
66
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
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Micro-Cap
Barclays
Bank
PLC
.....................................
$
7,171,960‌
$
(7,171,960‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
1,611,256‌
(1,611,256‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
12,573‌
(12,380‌)
–‌
193‌
BNP
Paribas
SA
.......................................
15,710,563‌
(15,710,563‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
10,039,342‌
(10,039,342‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
464,318‌
(464,318‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
8,009,341‌
(8,009,341‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
189,825‌
(189,825‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
20,166,798‌
(20,166,798‌)
–‌
–‌
HSBC
Bank
PLC
......................................
1,179,834‌
(1,179,834‌)
–‌
–‌
ING
Financial
Markets
LLC
...............................
13,680‌
(13,680‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
27,622,311‌
(27,622,311‌)
–‌
–‌
Jefferies
LLC
.........................................
6,834,705‌
(6,834,705‌)
–‌
–‌
Morgan
Stanley
.......................................
14,710,350‌
(14,710,350‌)
–‌
–‌
National
Financial
Services
LLC
............................
5,143,238‌
(5,143,238‌)
–‌
–‌
Natixis
SA
...........................................
52,172‌
(52,172‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
75,510‌
(75,510‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
913,269‌
(913,269‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
105,792‌
(105,792‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
2,763,712‌
(2,739,573‌)
–‌
24,139‌
Toronto-Dominion
Bank
..................................
4,083,247‌
(4,083,247‌)
–‌
–‌
UBS
AG
............................................
3,600,781‌
(3,600,781‌)
–‌
–‌
UBS
Securities
LLC
....................................
631,996‌
(631,996‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
1,270,827‌
(1,270,827‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
2,549,369‌
(2,549,369‌)
–‌
–‌
$
134,926,769‌
$
(134,902,437‌)
$
–‌
$
24,332‌
Russell
2500
Barclays
Bank
PLC
.....................................
$
147,219,430‌
$
(147,219,430‌)
$
–‌
$
–‌
BNP
Paribas
SA
.......................................
5,573,504‌
(5,573,504‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
2,057,525‌
(2,057,525‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
2,467,125‌
(2,454,431‌)
–‌
12,694‌
Citigroup
Global
Markets,
Inc.
..............................
107,114,560‌
(107,114,560‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
393,320‌
(393,320‌)
–‌
–‌
HSBC
Bank
PLC
......................................
354,237‌
(345,098‌)
–‌
9,139‌
J.P.
Morgan
Securities
LLC
...............................
4,228,897‌
(4,220,541‌)
–‌
8,356‌
Jefferies
LLC
.........................................
707,627‌
(695,150‌)
–‌
12,477‌
Scotia
Capital
(USA),
Inc.
................................
4,270,950‌
(4,270,950‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
22,838,815‌
(22,838,815‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
187,376‌
(186,563‌)
–‌
813‌
Toronto-Dominion
Bank
..................................
1,341,246‌
(1,341,246‌)
–‌
–‌
UBS
AG
............................................
2,760,656‌
(2,728,566‌)
–‌
32,090‌
UBS
Securities
LLC
....................................
2,499,679‌
(2,499,679‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
504,735‌
(496,587‌)
–‌
8,148‌
Wells
Fargo
Securities
LLC
...............................
515,422‌
(507,293‌)
–‌
8,129‌
$
305,035,104‌
$
(304,943,258‌)
$
–‌
$
91,846‌
Russell
Mid-Cap
Barclays
Bank
PLC
.....................................
$
139,764,358‌
$
(139,583,947‌)
$
–‌
$
180,411‌
Barclays
Capital,
Inc.
...................................
8,229,929‌
(8,205,038‌)
–‌
24,891‌
BNP
Paribas
SA
.......................................
112,864,958‌
(111,958,502‌)
–‌
906,456‌
BofA
Securities,
Inc.
....................................
91,927,278‌
(91,927,278‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
34,832,225‌
(34,832,225‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
116,537,355‌
(116,388,482‌)
–‌
148,873‌
Credit
Suisse
Securities
(USA)
LLC
..........................
549,258‌
(544,143‌)
–‌
5,115‌
Deutsche
Bank
Securities,
Inc.
.............................
132‌
(132‌)
–‌
–‌
Notes
to
Financial
Statements
(continued)
67
Notes
to
Financial
Statements
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,
Inc.
(“BlackRock”).
BlackRock’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.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Russell
Mid-Cap
(continued)
Goldman
Sachs
&
Co.
LLC
...............................
251,479,808‌
(249,582,025‌)
–‌
1,897,783‌
HSBC
Bank
PLC
......................................
10,959,372‌
(10,959,372‌)
–‌
–‌
ING
Financial
Markets
LLC
...............................
128,580‌
(128,147‌)
–‌
433‌
J.P.
Morgan
Securities
LLC
...............................
135,978,389‌
(135,978,389‌)
–‌
–‌
Jefferies
LLC
.........................................
7,553,282‌
(7,553,282‌)
–‌
–‌
Morgan
Stanley
.......................................
262,556,923‌
(261,434,381‌)
–‌
1,122,542‌
National
Financial
Services
LLC
............................
7,784,454‌
(7,784,454‌)
–‌
–‌
Natixis
SA
...........................................
11,393,412‌
(11,185,048‌)
–‌
208,364‌
Nomura
Securities
International,
Inc.
.........................
1,787,028‌
(1,787,028‌)
–‌
–‌
Pershing
LLC
.........................................
276,717‌
(276,717‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
78,966,102‌
(77,669,548‌)
–‌
1,296,554‌
Scotia
Capital
(USA),
Inc.
................................
35,586,707‌
(35,151,915‌)
–‌
434,792‌
SG
Americas
Securities
LLC
..............................
3,637,264‌
(3,572,460‌)
–‌
64,804‌
State
Street
Bank
&
Trust
Co.
..............................
13,324,780‌
(13,324,780‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
21,766,720‌
(21,766,720‌)
–‌
–‌
UBS
AG
............................................
49,897,849‌
(49,136,402‌)
–‌
761,447‌
UBS
Securities
LLC
....................................
12,198,949‌
(12,165,398‌)
–‌
33,551‌
Virtu
Americas
LLC
.....................................
2,667,746‌
(2,633,718‌)
–‌
34,028‌
Wells
Fargo
Bank
N.A.
..................................
25,618,392‌
(25,335,627‌)
–‌
282,765‌
Wells
Fargo
Securities
LLC
...............................
919,123‌
(909,095‌)
–‌
10,028‌
$
1,439,187,090‌
$
(1,431,774,253‌)
$
–‌
$
7,412,837‌
Russell
Mid-Cap
Growth
Barclays
Bank
PLC
.....................................
$
19,566,610‌
$
(19,522,901‌)
$
–‌
$
43,709‌
Barclays
Capital,
Inc.
...................................
11,108,076‌
(10,917,963‌)
–‌
190,113‌
BNP
Paribas
SA
.......................................
31,849,803‌
(31,374,488‌)
–‌
475,315‌
BofA
Securities,
Inc.
....................................
35,180,525‌
(35,180,525‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
25,064,075‌
(25,014,026‌)
–‌
50,049‌
Citigroup
Global
Markets,
Inc.
..............................
111,222,622‌
(111,222,622‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
40,550‌
(40,001‌)
–‌
549‌
Deutsche
Bank
Securities,
Inc.
.............................
4,430‌
(4,289‌)
–‌
141‌
Goldman
Sachs
&
Co.
LLC
...............................
167,433,428‌
(165,869,510‌)
–‌
1,563,918‌
HSBC
Bank
PLC
......................................
10,358,844‌
(10,358,844‌)
–‌
–‌
ING
Financial
Markets
LLC
...............................
380,477‌
(379,364‌)
–‌
1,113‌
J.P.
Morgan
Securities
LLC
...............................
99,418,327‌
(99,418,327‌)
–‌
–‌
Jefferies
LLC
.........................................
3,020,543‌
(3,020,543‌)
–‌
–‌
Morgan
Stanley
.......................................
135,218,790‌
(134,122,091‌)
–‌
1,096,699‌
National
Financial
Services
LLC
............................
1,985,162‌
(1,962,606‌)
–‌
22,556‌
Natixis
SA
...........................................
14,693,293‌
(14,432,088‌)
–‌
261,205‌
Nomura
Securities
International,
Inc.
.........................
94,744‌
(93,809‌)
–‌
935‌
RBC
Capital
Markets
LLC
................................
72,800,259‌
(72,265,757‌)
–‌
534,502‌
Scotia
Capital
(USA),
Inc.
................................
80,038,511‌
(78,835,175‌)
–‌
1,203,336‌
SG
Americas
Securities
LLC
..............................
4,055,154‌
(4,047,806‌)
–‌
7,348‌
State
Street
Bank
&
Trust
Co.
..............................
4,072,055‌
(4,072,055‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
33,213,640‌
(33,213,640‌)
–‌
–‌
UBS
AG
............................................
50,464,735‌
(50,393,608‌)
–‌
71,127‌
UBS
Securities
LLC
....................................
15,507,105‌
(15,344,139‌)
–‌
162,966‌
Virtu
Americas
LLC
.....................................
214,922‌
(214,922‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
7,795,780‌
(7,544,131‌)
–‌
251,649‌
Wells
Fargo
Securities
LLC
...............................
416,367‌
(416,367‌)
–‌
–‌
$
935,218,827‌
$
(929,281,597‌)
$
–‌
$
5,937,230‌
(a)
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
Fund’s
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
March
31,
2023.
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.
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
to
Shareholders
68
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:
For
its
investment
advisory
services
to
the iShares
Russell
Mid-Cap
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:
For
its
investment
advisory
services
to
the iShares
Russell
Mid-Cap
Growth
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:
Expense
Waivers:
A
fund
may
incur
its
pro
rata
share
of
fees
and
expenses
attributable
to
its
investments
in
other
investment
companies
(“acquired
fund
fees
and
expenses”).
The
total
of
the
investment
advisory
fee
and
acquired
fund
fees
and
expenses,
if
any,
is
a
fund’s
total
annual
operating
expenses.
Total
expenses
as
shown
in
the
Statements
of
Operations
does
not
include
acquired
fund
fees
and
expenses.
For
the
iShares
Russell
2500
ETF,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
for
the
Fund
through
July
31,
2027
in
an
amount
equal
to
the
acquired
fund
fees
and
expenses,
if
any,
attributable
to
the
Fund’s
investments
in
other
iShares
funds,
provided
that
the
waiver
be
no
greater
than
the
Fund’s
investment
advisory
fee
of
0.15%. 
These
amounts are
included
in
investment
advisory
fees
waived
in
the
Statements
of
Operations.
For
the
year ended March
31,
2023,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
this
arrangement
were
as
follows:
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.
iShares
ETF
Investment
Advisory
Fees
Micro-Cap
......................................................................................................
0.60‌
%
Russell
2500
.....................................................................................................
0.15‌
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$121
billion
..................................................................................................
0.2000%
Over
$121
billion,
up
to
and
including
$181
billion
............................................................................
0.1900
Over
$181
billion,
up
to
and
including
$231
billion
............................................................................
0.1805
Over
$231
billion,
up
to
and
including
$281
billion
............................................................................
0.1715
Over
$281
billion
..................................................................................................
0.1630
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$121
billion
..................................................................................................
0.2500%
Over
$121
billion,
up
to
and
including
$181
billion
............................................................................
0.2375
Over
$181
billion,
up
to
and
including
$231
billion
............................................................................
0.2257
Over
$231
billion,
up
to
and
including
$281
billion
............................................................................
0.2144
Over
$281
billion
..................................................................................................
0.2037
iShares
ETF
Amounts
Waived
Russell
2500
........................................................................................................
$
414,648
Notes
to
Financial
Statements
(continued)
69
Notes
to
Financial
Statements
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.
Prior
to
April
25,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company. 
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“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.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
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
all
1940
Act
iShares
exchange-traded
funds
(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
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.
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 year ended
March
31,
2023,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or 
trustees
of
the 
Trust
are
officers
and/or 
trustees
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 year ended March
31,
2023,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
During
the
year
ended
March
31,
2023,
iShares
Russell
2500
ETF received
a
reimbursement
of
$1,715
from
an
affiliate,
which
is
included
in
payment
by
affiliate
in
the
Statement
of
Operations,
related
to
an
operating
event.
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.
7.
Purchases
and
Sales
For
the year ended
March
31,
2023,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
iShares
ETF
Amounts
Micro-Cap
.............................................................................................................
$
1,009,983‌
Russell
2500
............................................................................................................
276,075‌
Russell
Mid-Cap
.........................................................................................................
3,734,803‌
Russell
Mid-Cap
Growth
....................................................................................................
1,702,962‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Micro-Cap
..........................................................................
$
48,166,894‌
$
113,265,188‌
$
6,910,608‌
Russell
2500
.........................................................................
12,993,940‌
6,123,389‌
(2,218,890‌)
Russell
Mid-Cap
......................................................................
787,365,752‌
788,702,473‌
(408,203,235‌)
Russell
Mid-Cap
Growth
.................................................................
1,821,446,112‌
1,267,440,537‌
(885,940,994‌)
iShares
ETF
Purchases
Sales
Micro-Cap
..........................................................................................
$
326,835,017‌
$
324,822,977‌
Russell
2500
.........................................................................................
56,414,339‌
56,349,062‌
Russell
Mid-Cap
......................................................................................
3,398,334,703‌
3,394,305,451‌
Russell
Mid-Cap
Growth
.................................................................................
3,187,128,617‌
3,209,331,844‌
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
to
Shareholders
70
For
the year ended
March
31,
2023,
in-kind
transactions
were
as
follows:
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
March
31,
2023,
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.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of March
31,
2023,
permanent
differences
attributable
to distributions
paid
in
excess
of
taxable
income
and
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
March
31,
2023,
the
tax
components
of
accumulated
net
earnings
(losses)
were
as
follows:
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
iShares
ETF
In-kind
Purchases
In-kind
Sales
Micro-Cap
..........................................................................................
$
72,644,096‌
$
60,405,833‌
Russell
2500
.........................................................................................
462,751,574‌
156,108,874‌
Russell
Mid-Cap
......................................................................................
2,549,069,643‌
2,016,833,965‌
Russell
Mid-Cap
Growth
.................................................................................
2,096,988,432‌
2,406,000,734‌
iShares
ETF
Paid-In
Capital
Accumulated
Earnings
(Loss)
Micro-Cap
...............................................................................
$
7,906,992‌
$
(7,906,992‌)
Russell
2500
..............................................................................
33,294,487‌
(33,294,487‌)
Russell
Mid-Cap
...........................................................................
1,083,298,971‌
(1,083,298,971‌)
Russell
Mid-Cap
Growth
......................................................................
755,012,895‌
(755,012,895‌)
—‌
iShares
ETF
Year
Ended
03/31/23
Year
Ended
03/31/22
Micro-Cap
Ordinary
income
...........................................................................................
$
11,888,480‌
$
9,212,592‌
Russell
2500
Ordinary
income
...........................................................................................
$
9,129,972‌
$
4,296,696‌
Russell
Mid-Cap
Ordinary
income
...........................................................................................
$
443,722,962‌
$
335,661,159‌
Russell
Mid-Cap
Growth
Ordinary
income
...........................................................................................
$
92,809,126‌
$
57,154,726‌
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-Year
Losses
(c)
Total
Micro-Cap
...........................................................
$
(191,112,983‌)
$
(221,675,988‌)
$
(9,927‌)
$
(412,798,898‌)
Russell
2500
..........................................................
(12,977,443‌)
(39,673,167‌)
—‌
(52,650,610‌)
Russell
Mid-Cap
.......................................................
(1,175,348,813‌)
6,056,630,618‌
(374,970‌)
4,880,906,835‌
Russell
Mid-Cap
Growth
..................................................
(1,950,017,880‌)
867,529,596‌
—‌
(1,082,488,284‌)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
were
attributable
primarily
to
the
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains(losses)
on
certain
futures
contracts,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies,
the
timing
and
recognition
of
partnership
income,
the
timing
and
recognition
of
realized
gains
(losses)
for
tax
purposes
and
the
characterization
of
corporate
actions.
(c)
The
Fund
has
elected
to
defer
certain
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
Notes
to
Financial
Statements
(continued)
71
Notes
to
Financial
Statements
As
of
March
31,
2023,
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:
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
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
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
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
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
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
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
a
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.
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.
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.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Micro-Cap
......................................................
$
1,261,178,264‌
$
157,103,348‌
$
(378,779,336‌)
$
(221,675,988‌)
Russell
2500
....................................................
1,032,171,820‌
25,270,220‌
(64,943,387‌)
(39,673,167‌)
Russell
Mid-Cap
..................................................
23,064,803,164‌
8,746,452,670‌
(2,689,822,052‌)
6,056,630,618‌
Russell
Mid-Cap
Growth
............................................
12,264,681,450‌
2,350,088,835‌
(1,482,559,239‌)
867,529,596‌
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
to
Shareholders
72
Concentration
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.
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.
Transactions
in
capital
shares
were
as
follows:
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.
Investors
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.
Investors
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.
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.
Year
Ended
03/31/23
Year
Ended
03/31/22
iShares
ETF
Shares
Amount
Shares
Amount
Micro-Cap
Shares
sold
650,000‌
$
74,999,301‌
1,550,000‌
$
233,160,533‌
Shares
redeemed
(550,000‌)
(62,257,439‌)
(2,500,000‌)
(365,060,694‌)
100,000‌
$
12,741,862‌
(950,000‌)
$
(131,900,161‌)
Russell
2500
Shares
sold
8,600,000‌
$
465,221,423‌
3,450,000‌
$
222,742,394‌
Shares
redeemed
(2,850,000‌)
(158,089,603‌)
(900,000‌)
(58,170,126‌)
5,750,000‌
$
307,131,820‌
2,550,000‌
$
164,572,268‌
Russell
Mid-Cap
Shares
sold
37,800,000‌
$
2,568,756,078‌
46,450,000‌
$
3,657,110,774‌
Shares
redeemed
(29,650,000‌)
(2,044,006,786‌)
(24,950,000‌)
(1,987,820,867‌)
8,150,000‌
$
524,749,292‌
21,500,000‌
$
1,669,289,907‌
Russell
Mid-Cap
Growth
Shares
sold
24,700,000‌
$
2,102,349,511‌
42,850,000‌
$
4,740,611,315‌
Shares
redeemed
(27,750,000‌)
(2,411,435,041‌)
(51,100,000‌)
(5,608,243,717‌)
(3,050,000‌)
$
(309,085,530‌)
(8,250,000‌)
$
(867,632,402‌)
Report
of
Independent
Registered
Public
Accounting
Firm
73
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the four
funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed in
the
table
below
(four
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the “Funds”)
as
of
March
31,
2023,
the
related
statements
of
operations
for
the
year
ended
March
31,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
March
31,
2023 (collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
March
31,
2023,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2023
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
March
31,
2023 in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
May
25,
2023 
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
Micro-Cap
ETF
iShares
Russell
2500
ETF
iShares
Russell
Mid-Cap
ETF
iShares
Russell
Mid-Cap
Growth
ETF
Important
Tax
Information
(unaudited)
2023
iShares
Annual
Report
to
Shareholders
74
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
March
31,
2023:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified business
income
for
individuals
for
the
fiscal
year
ended
March
31,
2023:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended March
31,
2023
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
Micro-Cap
.......................................................................................................
$
8,752,862‌
Russell
2500
......................................................................................................
5,444,599‌
Russell
Mid-Cap
...................................................................................................
396,151,529‌
Russell
Mid-Cap
Growth
..............................................................................................
103,427,485‌
iShares
ETF
Qualified
Business
Income
Micro-Cap
.......................................................................................................
$
822,852‌
Russell
2500
......................................................................................................
747,565‌
Russell
Mid-Cap
...................................................................................................
39,166,425‌
Russell
Mid-Cap
Growth
..............................................................................................
4,768,141‌
iShares
ETF
Dividends-Received
Deduction
Micro-Cap
.........................................................................................................
73.11
%
‌
Russell
2500
........................................................................................................
37.94
‌
Russell
Mid-Cap
.....................................................................................................
85.95
‌
Russell
Mid-Cap
Growth
................................................................................................
100.00
‌
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
75
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
Micro-Cap
ETF,
iShares
Russell
2500
ETF,
iShares
Russell
Mid-Cap
ETF
and
iShares
Russell
Mid-Cap
Growth
ETF (the
“Funds”
or
“ETFs”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
December
9,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays, the
imposition
of
capital
controls
in
certain
non-U.S.
countries,
Russian
sanctions
and
the
closure
of
the
Russian
securities
market.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
(“RATS”).
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
2023
iShares
Annual
Report
to
Shareholders
76
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
March
31,
2023
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Total
Cumulative
Distributions
for
the
Fiscal
Year
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Russell
2500
(a)
........................
$
0.966861‌
$
—‌
$
0.008723‌
$
0.975584‌
99‌
%
—‌%
1‌
%
100‌
%
Russell
Mid-Cap
(a)
.....................
1.093586‌
—‌
0.020161‌
1.113747‌
98‌
—‌
2‌
100‌
Russell
Mid-Cap
Growth
(a)
................
0.570243‌
—‌
0.100220‌
0.670463‌
85‌
—‌
15‌
100‌
(a)
The
Fund
estimates
that
it
has
distributed
more
than
its
net
investment
income
and
net
realized
capital
gains;
therefore,
a
portion
of
the
distribution
may
be
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
shareholder’s
investment
in
the
Fund
is
returned
to
the
shareholder.
A
return
of
capital
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
When
distributions
exceed
total
return
performance,
the
difference
will
incrementally
reduce
the
Fund’s
net
asset
value
per
share.
Trustee
and
Officer
Information
(unaudited)
77
Trustee
and
Officer
Information
The
Board
of
Trustees
has
responsibility
for
the
overall
management
and
operations
of
the
Funds,
including
general
supervision
of
the
duties
performed
by
BFA
and
other
service
providers.
Each
Trustee
serves
until
he
or
she
resigns,
is
removed,
dies,
retires
or
becomes
incapacitated.
Each
officer
shall
hold
office
until
his
or
her
successor
is
elected
and
qualifies
or
until
his
or
her
death,
resignation
or
removal.
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
1940
Act)
of
the
Trust
are
referred
to
as
independent
trustees
(“Independent
Trustees”).
The
registered
investment
companies
advised
by
BFA
or
its
affiliates
(the
“BlackRock-advised
Funds”)
are
organized
into
one
complex
of
open-end
equity,
multi-asset,
index
and
money
market
funds
and
ETFs
(the
“BlackRock
Multi-Asset
Complex”),
one
complex
of
closed-end
funds
and
open-end
non-index
fixed-income
funds
(including
ETFs)
(the
“BlackRock
Fixed-Income
Complex”)
and
one
complex
of
ETFs
(“Exchange-Traded
Fund
Complex”)
(each,
a
“BlackRock
Fund
Complex”).
Each
Fund
is
included
in
the
Exchange-Traded
Fund
Complex.
Each
Trustee
also
serves
as
a
Director
of
iShares,
Inc.
and
a
Trustee
of
iShares
U.S.
ETF
Trust,
and,
as
a
result,
oversees
all
of
the
funds
within
the
Exchange-Traded
Fund
Complex,
which
consists
of
380
funds
as
of
March
31,
2023.
With
the
exception
of
Robert
S.
Kapito,
Salim
Ramji
and
Charles
Park,
the
address
of
each
Trustee
and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito,
Mr.
Ramji
and
Mr.
Park
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New York,
NY
10001.
The
Board
has
designated
John
E.
Kerrigan
as
its
Independent
Board
Chair.
Additional
information
about
the
Funds’
Trustees
and
officers
may
be
found
in
the
Funds’
combined
Statement
of
Additional
Information,
which
is
available
without
charge,
upon
request,
by
calling
toll-free
1-800-iShares
(1-800-474-2737).
Interested
Trustees
(a)
Robert
S.
Kapito
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
(b)
Salim
Ramji
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
Independent
Trustees
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
Robert
S.
Kapito
(a)
(1957)
Trustee
(since
2009).
President,
BlackRock,
Inc.
(since
2006);
Vice
Chairman
of
BlackRock,
Inc.
and
Head
of
BlackRock’s
Portfolio
Management
Group
(since
its
formation
in
1998)
and
BlackRock,
Inc.’s
predecessor
entities
(since
1988);
Trustee,
University
of
Pennsylvania
(since
2009);
President
of
Board
of
Directors,
Hope
&
Heroes
Children’s
Cancer
Fund
(since
2002).
Director
of
BlackRock,
Inc.
(since
2006);
Director
of
iShares,
Inc.
(since
2009);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Salim
Ramji
(b)
(1970)
Trustee
(since
2019).
Senior
Managing
Director,
BlackRock,
Inc.
(since
2014);
Global
Head
of
BlackRock’s
ETF
and
Index
Investments
Business
(since
2019);
Head
of
BlackRock’s
U.S.
Wealth
Advisory
Business
(2015-2019);
Global
Head
of
Corporate
Strategy,
BlackRock,
Inc.
(2014-2015);
Senior
Partner,
McKinsey
&
Company
(2010-2014).
Director
of
iShares,
Inc.
(since
2019);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2019).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
John
E.
Kerrigan
(1955)
Trustee
(since
2005);
Independent
Board
Chair
(since
2022).
Chief
Investment
Officer,
Santa
Clara
University
(since
2002).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Independent
Board
Chair
of
iShares,
Inc.
and
iShares
U.S.
ETF
Trust
(since
2022).
Jane
D.
Carlin
(1956)
Trustee
(since
2015);
Risk
Committee
Chair
(since
2016).
Consultant
(since
2012);
Member
of
the
Audit
Committee
(2012-2018),
Chair
of
the
Nominating
and
Governance
Committee
(2017-2018)
and
Director
of
PHH
Corporation
(mortgage
solutions)
(2012-2018);
Managing
Director
and
Global
Head
of
Financial
Holding
Company
Governance
&
Assurance
and
the
Global
Head
of
Operational
Risk
Management
of
Morgan
Stanley
(2006-2012).
Director
of
iShares,
Inc.
(since
2015);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2015);
Member
of
the
Audit
Committee
(since
2016),
Chair
of
the
Audit
Committee
(since
2020)
and
Director
of
The
Hanover
Insurance
Group,
Inc.
(since
2016).
Richard
L.
Fagnani
(1954)
Trustee
(since
2017);
Audit
Committee
Chair
(since
2019).
Partner,
KPMG
LLP
(2002-2016);
Director
of
One
Generation
Away
(since
2021).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
Cecilia
H.
Herbert
(1949)
Trustee
(since
2005);
Nominating
and
Governance
and
Equity
Plus
Committee
Chairs
(since
2022).
Chair
of
the
Finance
Committee
(since
2019)
and
Trustee
and
Member
of
the
Finance,
Audit
and
Quality
Committees
of
Stanford
Health
Care
(since
2016);
Trustee
of
WNET,
New
York’s
public
media
company
(since
2011)
and
Member
of
the
Audit
Committee
(since
2018),
Investment
Committee
(since
2011)
and
Personnel
Committee
(since
2022);
Chair
(1994-2005)
and
Member
(1992-2021)
of
the
Investment
Committee,
Archdiocese
of
San
Francisco;
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-2018);
Director
(1998-2013)
and
President
(2007-2011)
of
the
Board
of
Directors,
Catholic
Charities
CYO;
Trustee
(2002-2011)
and
Chair
of
the
Finance
and
Investment
Committee
(2006-2010)
of
the
Thacher
School;
Director
of
the
Senior
Center
of
Jackson
Hole
(since
2020);
Director
of
the
Jackson
Hole
Center
for
the
Arts
(since
2021);
Member
of
the
Wyoming
State
Investment
Funds
Committee
(since
2022).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Trustee
and
Officer
Information
(unaudited)
(continued)
2023
iShares
Annual
Report
to
Shareholders
78
Officers
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
Drew
E.
Lawton
(1959)
Trustee
(since
2017);
15(c)
Committee
Chair
(since
2017).
Senior
Managing
Director
of
New
York
Life
Insurance
Company
(2010-2015).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017);
Director
of
Jackson
Financial
Inc.
(since
2021).
John
E.
Martinez
(1961)
Trustee
(since
2003);
Securities
Lending
Committee
Chair
(since
2019).
Director
of
Real
Estate
Equity
Exchange,
Inc.
(since
2005);
Director
of
Cloudera
Foundation
(2017-2020);
and
Director
of
Reading
Partners
(2012-2016).
Director
of
iShares,
Inc.
(since
2003);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Madhav
V.
Rajan
(1964)
Trustee
(since
2011);
Fixed-
Income
Plus
Committee
Chair
(since
2019).
Dean,
and
George
Pratt
Shultz
Professor
of
Accounting,
University
of
Chicago
Booth
School
of
Business
(since
2017);
Advisory
Board
Member
(since
2016)
and
Director
(since
2020)
of
C.M.
Capital
Corporation;
Chair
of
the
Board
for
the
Center
for
Research
in
Security
Prices,
LLC
(since
2020);
Robert
K.
Jaedicke
Professor
of
Accounting,
Stanford
University
Graduate
School
of
Business
(2001-2017);
Professor
of
Law
(by
courtesy),
Stanford
Law
School
(2005-2017);
Senior
Associate
Dean
for
Academic
Affairs
and
Head
of
MBA
Program,
Stanford
University
Graduate
School
of
Business
(2010-2016).
Director
of
iShares,
Inc.
(since
2011);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Dominik
Rohé
(1973)
President
(since
2023).
Managing
Director,
BlackRock,
Inc.
(since
2005);
Head
of
Americas
ETF
and
Index
Investments
(since
2023);
Head
of
Latin
America
(2019-
2023).
Trent
Walker
(1974)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director,
BlackRock,
Inc.
(since
September
2019);
Chief
Financial
Officer
of
iShares
Delaware
Trust
Sponsor
LLC,
BlackRock
Funds,
BlackRock
Funds
II,
BlackRock
Funds
IV,
BlackRock
Funds
V
and
BlackRock
Funds
VI
(since
2021);
Executive
Vice
President
of
PIMCO
(2016-2019);
Senior
Vice
President
of
PIMCO
(2008-2015);
Treasurer
(2013-2019)
and
Assistant
Treasurer
(2007-2017)
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Charles
Park
(1967)
Chief
Compliance
Officer
(since
2006).
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
(since
2014);
Chief
Compliance
Officer
of
BFA
(since
2006).
Marisa
Rolland
(1980)
Secretary
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2023);
Director,
BlackRock,
Inc.
(2018-2022);
Vice
President,
BlackRock,
Inc.
(2010-2017).
Rachel
Aguirre
(1982)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2018);
Director,
BlackRock,
Inc.
(2009-2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
(2020-
2021);
Head
of
Developed
Markets
Portfolio
Engineering
(2016-2019).
Jennifer
Hsui
(1976)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
(since
2022).
James
Mauro
(1970)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
(since
2020).
Effective
June
15,
2022,
Marisa
Rolland
replaced
Deepa
Damre
Smith
as
Secretary.
Effective
March
30,
2023,
Dominik
Rohé
replaced
Armando
Senra
as
President.
Independent
Trustees
(continued)
General
Information
79
General
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.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
2023
iShares
Annual
Report
to
Shareholders
80
USD
United
States
Dollar
Currency
Abbreviation
Portfolio
Abbreviation
CVR
Contingent
Value
Rights
ETF
Exchange-Traded
Fund
MSCI
Morgan
Stanley
Capital
International
NASDAQ
National
Association
of
Securities
Dealers
Automated
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
iS-AR-318-0323
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 FTSE
Russell,
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.
©2023
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.