iShares Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of March 31, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	5.92%	15.65%

U.S. small cap equities (Russell 2000^® Index)	(5.55)	(5.79)

International equities (MSCI Europe, Australasia, Far East Index)	(3.38)	1.16

Emerging market equities (MSCI Emerging Markets Index)	(8.20)	(11.37)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.07

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.04)	(3.31)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(5.92)	(4.15)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.55)	(4.47)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.16)	(0.66)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.

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.

Past performance is no guarantee 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” on page 17 for more information.

Micro-capitalization U.S. stocks declined meaningfully for the reporting period despite strong economic growth and robust consumer spending. The healthcare sector was the leading detractor from the Index’s return, as the stocks of many smaller companies in the sector declined. Rising interest rates worked against companies early in the product development process, as investors sought more predictable cash flows as the cost of borrowing increased. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas. Merger and acquisition activity also slowed significantly, dampening investor interest in smaller companies that could be acquired by larger firms. Additionally, a relative dearth of positive news and muted enthusiasm for stocks with high valuations and minimal earnings pressured the industry.

Stocks in the consumer discretionary sector detracted notably from the Index’s performance despite the overall increase in consumer spending. The consumer durables industry faced headwinds as higher input costs led to reduced profits despite rising sales. Rising prices also challenged the specialty retail industry, as inflation increased the wholesale cost of goods for retailers. The information technology sector also detracted, as higher inflation and interest rates disproportionately pressured small-capitalization information technology stocks.

On the upside, stocks in the financials sector contributed the most to the Index’s return. Regional banks advanced amid growth in loans, a reduction in the probability of loan defaults, and higher interest rates, which allowed banks to charge more for loans. The energy sector also contributed amid higher prices for energy commodities. Rising oil and gas prices benefited companies in the oil, gas, and consumable fuels industry, as increased cash flow allowed companies to reduce debt while minimizing spending.

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.

The inception date of the Fund was 7/6/17. The first day of secondary market trading was 7/7/17.

Mid- and small-capitalization U.S. stocks advanced marginally for the reporting period amid strong economic growth and robust consumer spending. The energy sector contributed the most to the Index’s return, as the rebounding economy accelerated demand for energy while supply remained constrained, leading to higher prices for energy commodities. The war in Ukraine drove further gains in oil prices as sanctions on Russia led to increased uncertainty surrounding supply. Rising oil and gas prices drove increased cash flow in the oil, gas, and consumable fuels industry, allowing companies to reduce their debt while minimizing spending.

The real estate sector was a notable contributor to the Index’s return amid a nationwide rise in both residential and commercial property prices. Despite rising interest rates, borrowing costs were historically low for much of the reporting period, which benefited real estate companies that rely heavily on debt financing.

On the downside, the healthcare sector was the leading detractor from the Index’s return, as the stocks of many smaller companies in the sector declined. Rising interest rates worked against companies early in the product development process, as investors sought more predictable cash flows as the cost of borrowing increased. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas. Merger and acquisition activity also slowed significantly, dampening investor enthusiasm for smaller companies that could be acquired by larger firms.

Stocks in the consumer discretionary sector also detracted from the Index’s performance despite an overall increase in consumer spending. The consumer durables industry declined amid investor expectations of a downturn in the housing market. The specialty retail industry faced headwinds from rising prices, as inflation increased the wholesale cost of goods for retailers.

The iShares Russell 3000 ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the Russell 3000^® 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.

U.S. stocks advanced solidly for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to attract new customers. The technology hardware and equipment industry was the top contributor amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits in the industry, as demand for these products outstripped supply, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry. The semiconductors and semiconductor equipment industry also gained amid a global shortage of semiconductors. High consumer demand for products that use semiconductors, including personal computers, video cards, and automobiles, led makers of semiconductors to ramp up production to record highs, boosting revenues.

The energy sector was a notable contributor to the Index’s return, as the rebounding economy accelerated demand for energy while supply remained constrained, leading to higher prices for energy commodities. The war in Ukraine drove further gains in oil prices. Rising oil and gas prices drove increased cash flow in the oil, gas, and consumable fuels industry, allowing companies to reduce their debt while minimizing spending.

The healthcare sector also contributed to the Index’s performance, buoyed by earnings growth. Elective medical procedures, which represent an important source of revenue for care providers, increased from pandemic-induced lows. The widespread adoption of COVID-19 vaccines and successful development of antiviral medications and antibody therapies to treat COVID-19 boosted sales for pharmaceuticals companies.

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.

Mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The energy sector contributed the most to the Index’s return, as the rebounding economy accelerated demand for energy while supply remained constrained, leading to higher prices for energy commodities. The war in Ukraine drove further gains in oil prices as sanctions on Russia led to increased uncertainty surrounding supply. Rising oil and gas prices drove increased cash flow in the oil, gas, and consumable fuels industry, allowing companies to reduce their debt while minimizing spending.

The real estate sector contributed meaningfully to the Index’s return amid a nationwide rise in residential property prices. Rising rents and high occupancy rates benefited real estate companies with residential properties, as younger workers moved out of family homes and into rental properties, boosting demand.

Stocks in the financials sector also contributed meaningfully, led by the insurance industry. As premiums and income grew, many insurers were able to increase insurance rates in an environment of higher inflation. The capital markets industry advanced amid growing assets under management and low interest rates, which facilitated borrowing to finance acquisitions. The materials sector was another contributor, as companies rebuilding their stocks of materials boosted demand, leading to strong earnings growth for materials companies.

On the downside, the consumer discretionary and communication services sectors detracted from the Index’s performance. The consumer durables industry faced headwinds amid slowing growth of home exercise equipment. Retailers also declined amid inflationary pressure, which weighed on earnings. The communication services sector declined as the media and entertainment industry was constrained by declining users on a photo-sharing platform. Changing consumer behavior also pressured makers of home-media entertainment devices as more customers enjoyed activities outside the home.

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.

Growth-oriented mid-capitalization U.S. stocks, which derive a significant portion of their prices from investors’ expectations of future growth, declined marginally for the reporting period. Growth stocks faced significant headwinds relative to other equities as they are particularly sensitive to interest rates, which rose as the Fed moved to a less accommodative monetary policy. Persistent inflation and the war in Ukraine led to concerns about slower economic growth, which also weighed on growth stocks.

The communication services sector was the largest detractor from the Index’s performance. The media and entertainment industry was negatively impacted by declining users on a photo-sharing platform amid stiff competition. Changing consumer behavior pressured makers of home-media entertainment devices, as more customers enjoyed outside activities. A slowdown in user growth for subscriptions to streaming audio also weighed on the industry.

Stocks in the consumer discretionary sector also detracted, despite an overall increase in consumer spending. The internet and direct marketing industry declined, as the high rate of growth that began with the pandemic receded amid slowing e-commerce, including sales for food delivery, goods, and used cars. Sales of home exercise equipment slowed as more people returned to gyms, weighing on the consumer durables industry.

On the upside, the information technology sector contributed the most to the Index’s return, led by the software and services industry. Makers of cybersecurity software benefited from increased sales, as more companies invested in security products to protect their online activities. The semiconductors and semiconductor equipment industry gained, as a global shortage of semiconductors helped support profits in the industry. The energy sector also contributed, as the oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow and allowed companies to reduce their debt.

The iShares Russell Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell MidCap^® Value 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.

Value-oriented mid-capitalization U.S. stocks advanced solidly for the reporting period amid strong economic growth and robust consumer spending. The energy sector was the leading contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded following the initial disruptions of the coronavirus pandemic, demand for energy accelerated while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The war in Ukraine drove further gains in oil prices as sanctions on Russia led to increased uncertainty surrounding supply. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

The real estate sector was another significant contributor to the Index’s performance amid a nationwide rise in residential property prices. Despite rising interest rates, borrowing costs were historically low for much of the reporting period, benefiting the real estate sector, which relies heavily on debt financing. Rising rents and high occupancy rates benefited real estate companies with residential properties, as younger workers moved out of family homes and into rental properties, boosting demand.

Stocks in the financials sector also contributed to the Index’s performance, as the strengthening economy and higher interest rates drove earnings growth. The insurance industry was the primary source of strength, continuing its recovery from the adverse effects of the pandemic. Premiums and income grew in the industry, as many insurers were able to increase insurance rates in an environment of higher inflation. The consumer durables industry faced headwinds as higher input costs led to reduced profits despite rising sales.

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.

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 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 a 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.


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
AerSale Corp.^(a)		36,976	$	581,263
Air Industries Group^(a)(b)		60,139		50,210
Astronics Corp.^(a)		57,836		747,820
Astrotech Corp.^(a)		110,296		79,512
Byrna Technologies Inc.^(a)(b)		42,725		349,063
Cadre Holdings Inc.		14,687		360,713
CPI Aerostructures Inc.^(a)		26,847		79,199
Ducommun Inc.^(a)		25,033		1,311,479
Innovative Solutions & Support Inc.^(a)		30,690		247,362
National Presto Industries Inc.		11,896		915,397
Park Aerospace Corp.		44,439		579,929
SIFCO Industries Inc.^(a)		6,362		31,545
Sigma Labs Inc.^(a)(b)		26,460		53,978
Triumph Group Inc.^(a)		147,571		3,730,595
Vectrus Inc.^(a)		26,870		963,558
Virtra Inc.^(a)(b)		17,782		108,470


				10,190,093

Air Freight & Logistics — 0.1%
Air T Inc.^(a)(b)		2,754		62,654
Radiant Logistics Inc.^(a)		90,471		576,300


				638,954

Airlines — 0.0%
Mesa Air Group Inc.^(a)		80,527		354,319


Auto Components — 0.5%
Cooper-Standard Holdings Inc.^(a)		39,144		343,293
Horizon Global Corp.^(a)		53,644		306,307
Modine Manufacturing Co.^(a)		115,401		1,039,763
Motorcar Parts of America Inc.^(a)		43,627		777,870
Stoneridge Inc.^(a)(b)		60,262		1,251,039
Strattec Security Corp.^(a)(b)		8,905		331,889
Superior Industries International Inc.^(a)		57,284		266,944
Sypris Solutions Inc.^(a)		28,231		75,941
Unique Fabricating Inc.^(a)		21,060		40,014
XL Fleet Corp.^(a)		274,975		547,200


				4,980,260

Automobiles — 0.2%
Arcimoto Inc.^(a)(b)		66,398		438,891
AYRO Inc.^(a)		76,841		98,356
Mullen Automotive Inc.^(a)(b)		35,372		105,409
Volcon Inc.^(a)(b)		14,853		28,369
Workhorse Group Inc.^(a)(b)		358,040		1,790,200


				2,461,225

Banks — 14.2%
ACNB Corp.		19,795		691,835
Affinity Bancshares Inc.^(a)		14,235		223,917
Allegiance Bancshares Inc.		44,031		1,967,305
Amalgamated Financial Corp.		31,944		574,034
Amerant Bancorp Inc.		60,917		1,924,368
American National Bankshares Inc.		24,321		916,415
AmeriServ Financial Inc.		32,603		131,716
Ames National Corp.		20,375		506,523
Arrow Financial Corp.		32,384		1,049,889
Auburn National Bancorp. Inc.		5,598		184,790
Bancorp. Inc. (The)^(a)		120,978		3,427,307
Bank First Corp.		15,406		1,109,078
Bank of Marin Bancorp., Class A		35,994		1,262,310
Bank of Princeton (The)		13,219		381,368


Security	Shares		Value

Banks (continued)
Bank of South Carolina Corp.		8,282	$	154,459
Bank of the James Financial Group Inc.		9,095		132,787
Bank7 Corp.		7,942		187,590
BankFinancial Corp.		27,484		284,734
Bankwell Financial Group Inc.		14,019		474,263
Bar Harbor Bankshares		34,319		982,210
Baycom Corp.		23,168		504,367
BCB Bancorp. Inc.		34,020		620,865
Blue Ridge Bankshares Inc.		40,336		611,897
Business First Bancshares Inc.		44,519		1,083,147
Byline Bancorp Inc.		58,437		1,559,099
C&F Financial Corp.		7,676		384,644
California Bancorp Inc.^(a)(b)		17,733		408,036
Cambridge Bancorp.		15,926		1,353,710
Camden National Corp.		33,760		1,588,070
Capital Bancorp Inc./MD		18,647		426,270
Capital City Bank Group Inc.		31,344		826,228
Capstar Financial Holdings Inc.		47,535		1,002,038
Carter Bankshares Inc.^(a)		60,072		1,043,451
CB Financial Services Inc.^(b)		11,182		263,336
CBTX Inc.		43,155		1,337,805
Central Pacific Financial Corp.		60,335		1,683,347
Central Valley Community Bancorp.		23,827		556,360
Chemung Financial Corp.		8,095		377,956
ChoiceOne Financial Services Inc.		16,180		405,471
Citizens & Northern Corp.		36,338		885,920
Citizens Community Bancorp. Inc./WI		23,360		352,970
Citizens Holding Co.		10,959		211,509
Civista Bancshares Inc.		34,042		820,412
CNB Financial Corp./PA		37,632		990,474
Coastal Financial Corp./WA^(a)(b)		23,696		1,084,092
Codorus Valley Bancorp. Inc.		21,366		470,052
Colony Bankcorp Inc.		25,758		480,902
Community Financial Corp. (The)		12,166		486,640
Community Trust Bancorp. Inc.		36,530		1,505,036
Community West Bancshares		16,292		228,251
ConnectOne Bancorp. Inc.		86,794		2,778,276
CrossFirst Bankshares Inc.^(a)(b)		106,962		1,685,721
Customers Bancorp. Inc.^(a)(b)		70,552		3,678,581
Dime Community Bancshares Inc.		78,208		2,703,651
Eagle Bancorp. Montana Inc.		14,750		329,368
Emclaire Financial Corp.		5,458		204,784
Enterprise Bancorp. Inc./MA		21,581		865,830
Equity Bancshares Inc., Class A^(b)		31,409		1,014,825
Esquire Financial Holdings Inc.^(a)(b)		16,289		547,473
Evans Bancorp. Inc.		12,155		461,890
Farmers & Merchants Bancorp. Inc./Archbold OH^(b)		23,814		860,876
Farmers National Banc Corp.		71,871		1,226,119
Fidelity D&D Bancorp. Inc.		9,281		430,917
Financial Institutions Inc.		36,600		1,102,758
Finwise Bancorp.^(a)(b)		8,178		140,253
First Bancorp. Inc. (The)		24,456		735,636
First Bancshares Inc. (The)		46,963		1,580,775
First Bank/Hamilton NJ		36,112		513,513
First Business Financial Services Inc.		18,777		616,073
First Capital Inc.		7,659		296,020
First Community Bankshares Inc.		38,978		1,099,569
First Community Corp./SC		17,184		364,301
First Financial Corp./IN		26,603		1,151,378
First Financial Northwest Inc.		16,636		284,642


Security	Shares		Value

Banks (continued)
First Foundation Inc.		116,704	$	2,834,740
First Guaranty Bancshares Inc.		23,831		570,514
First Internet Bancorp.		21,523		925,704
First Mid Bancshares Inc.		38,856		1,495,567
First National Corp./VA		9,651		202,671
First Northwest Bancorp.		18,614		411,183
First of Long Island Corp. (The)		51,898		1,009,935
First Savings Financial Group Inc.		14,436		354,259
First U.S. Bancshares Inc.		12,956		150,549
First United Corp.		14,894		335,562
First Western Financial Inc.^(a)		15,082		471,463
Five Star Bancorp.		28,808		815,266
Flushing Financial Corp.		67,972		1,519,174
FNCB Bancorp Inc.		39,408		373,194
Franklin Financial Services Corp.		9,623		323,140
FVCBankcorp Inc.^(a)(b)		27,665		574,049
German American Bancorp. Inc.		57,660		2,190,503
Glen Burnie Bancorp.		5,741		71,877
Great Southern Bancorp. Inc.		23,888		1,409,631
Guaranty Bancshares Inc./TX		18,889		661,115
Hanmi Financial Corp.		70,545		1,736,112
HarborOne Bancorp Inc.		109,422		1,534,096
Hawthorn Bancshares Inc.		13,824		349,471
HBT Financial Inc.		24,030		436,865
Heritage Commerce Corp.		135,506		1,524,443
HomeStreet Inc.		44,579		2,112,153
HomeTrust Bancshares Inc.		34,710		1,024,986
Horizon Bancorp Inc./IN		99,351		1,854,883
Independent Bank Corp./MI		47,769		1,050,918
Investar Holding Corp.^(b)		22,310		425,898
Lakeland Bancorp. Inc.		143,909		2,403,280
Landmark Bancorp. Inc./Manhattan KS		9,872		259,930
LCNB Corp.		23,505		412,748
Limestone Bancorp. Inc.		12,023		250,800
Macatawa Bank Corp.		60,955		549,205
MainStreet Bancshares Inc.		16,356		397,614
Malvern Bancorp. Inc.^(a)(b)		16,832		271,164
Mercantile Bank Corp.		36,213		1,282,664
Meridian Corp.		12,486		400,676
Metrocity Bankshares Inc.		43,932		1,031,523
Metropolitan Bank Holding Corp.^(a)(b)		23,418		2,383,250
Mid Penn Bancorp. Inc.		33,011		885,025
Middlefield Banc Corp.		13,214		327,971
Midland States Bancorp. Inc.		49,644		1,432,726
MidWestOne Financial Group Inc.		33,291		1,101,932
MVB Financial Corp.		23,821		988,572
National Bankshares Inc.		14,069		523,226
Nicolet Bankshares Inc.^(a)(b)		28,261		2,644,382
Northeast Bank		17,419		594,162
Northrim Bancorp. Inc.		13,849		603,401
Norwood Financial Corp.		17,516		500,782
Oak Valley Bancorp.		15,777		291,086
Ohio Valley Banc Corp.		10,178		307,376
Old Point Financial Corp.		8,804		215,698
Old Second Bancorp. Inc.		64,423		934,778
Orange County Bancorp Inc.		12,042		481,800
Origin Bancorp Inc.		52,064		2,201,787
Orrstown Financial Services Inc.		25,539		585,609
Parke Bancorp. Inc.		23,176		547,185
Partners Bancorp.		23,930		220,395


Security	Shares		Value

Banks (continued)
Pathfinder Bancorp. Inc.		7,807	$	166,367
Patriot National Bancorp Inc.^(a)		8,847		149,780
PCB Bancorp.		27,729		636,381
Peapack Gladstone Financial Corp.		41,170		1,430,658
Penns Woods Bancorp. Inc.		15,785		385,628
Peoples Bancorp. Inc./OH		59,186		1,853,114
Peoples Bancorp. of North Carolina Inc.		10,319		296,155
Peoples Financial Services Corp.		16,292		822,420
Plumas Bancorp.		11,090		422,529
Preferred Bank/Los Angeles CA		23,500		1,741,115
Premier Financial Corp.		83,864		2,543,595
Primis Financial Corp.		56,095		784,208
Professional Holding Corp., Class A^(a)		28,770		649,051
QCR Holdings Inc.		35,429		2,004,927
RBB Bancorp.		32,740		769,063
Red River Bancshares Inc.		10,416		551,111
Republic Bancorp. Inc./KY, Class A		21,857		982,254
Republic First Bancorp. Inc.^(a)(b)		105,361		543,663
Richmond Mutual Bancorp. Inc.		25,635		437,333
Riverview Bancorp. Inc.		49,107		370,758
Salisbury Bancorp. Inc.		6,163		345,128
SB Financial Group Inc.		15,949		317,545
Shore Bancshares Inc.		38,949		797,676
Sierra Bancorp.		32,555		813,224
SmartFinancial Inc.		32,137		822,064
Sound Financial Bancorp. Inc.		5,272		201,021
South Plains Financial Inc.		24,498		651,157
Southern First Bancshares Inc.^(a)		17,345		881,820
Southern States Bancshares Inc.^(b)		5,329		122,940
Spirit of Texas Bancshares Inc.		29,854		784,563
Stock Yards Bancorp. Inc.		56,102		2,967,796
Summit Financial Group Inc.		25,937		663,728
Summit State Bank		12,856		218,938
Third Coast Bancshares Inc.^(a)		9,216		212,890
TriState Capital Holdings Inc.^(a)		68,196		2,266,153
Union Bankshares Inc./Morrisville VT		9,333		286,990
United Bancorp. Inc./OH		11,475		206,894
United Bancshares Inc./OH		6,028		193,860
United Security Bancshares/Fresno CA		32,967		273,626
Unity Bancorp. Inc.		16,384		458,424
Univest Financial Corp.		67,588		1,808,655
USCB Financial Holdings Inc.^(a)		23,060		330,450
Village Bank and Trust Financial Corp.		1,448		76,454
Virginia National Bankshares Corp.^(b)		10,898		375,981
Washington Trust Bancorp. Inc.		40,289		2,115,172
West Bancorp. Inc.		37,636		1,024,076


				155,330,485

Beverages — 0.0%
Alkaline Water Co. Inc. (The)^(a)(b)		194,353		178,805
Fresh Vine Wine Inc.^(a)(b)		7,169		24,016
Reed’s Inc.^(a)(b)		214,795		64,546
Willamette Valley Vineyards Inc.^(a)		10,992		99,258
Winc Inc.^(a)		3,635		11,523
Zevia PBC, Class A^(a)(b)		24,429		111,640


				489,788

Biotechnology — 12.5%
180 Life Sciences Corp.^(a)(b)		68,995		178,697
4D Molecular Therapeutics Inc.^(a)(b)		64,449		974,469
89bio Inc.^(a)		23,320		87,916


Security	Shares		Value

Biotechnology (continued)
Aadi Bioscience Inc.^(a)(b)		42,383	$	719,240
Abeona Therapeutics Inc.^(a)(b)		274,613		86,503
Acorda Therapeutics Inc.^(a)(b)		24,858		40,021
Actinium Pharmaceuticals Inc.^(a)(b)		52,191		266,696
Acumen Pharmaceuticals Inc.^(a)(b)		66,096		258,435
Acurx Pharmaceuticals Inc.^(a)(b)		15,191		49,826
Adicet Bio Inc.^(a)		59,898		1,196,163
Aditx Therapeutics Inc.^(a)(b)		29,674		13,546
ADMA Biologics Inc.^(a)		415,086		759,607
Adverum Biotechnologies Inc.^(a)(b)		198,135		259,557
Aeglea BioTherapeutics Inc.^(a)		95,450		219,535
Aerovate Therapeutics Inc.^(a)(b)		30,631		561,466
Affimed NV^(a)		267,979		1,171,068
Agenus Inc.^(a)		505,949		1,244,635
AgeX Therapeutics Inc.^(a)		57,542		49,141
Aileron Therapeutics Inc.^(a)(b)		175,420		89,885
AIM ImmunoTech Inc.^(a)(b)		111,404		118,088
Akebia Therapeutics Inc.^(a)(b)		402,732		289,121
Akero Therapeutics Inc.^(a)		59,253		840,800
Akouos Inc.^(a)(b)		54,941		260,970
Alaunos Therapeutics Inc.^(a)(b)		491,811		320,857
Albireo Pharma Inc.^(a)(b)		38,955		1,162,028
Aldeyra Therapeutics Inc.^(a)(b)		113,545		504,708
Aligos Therapeutics Inc.^(a)		47,665		102,480
Allena Pharmaceuticals Inc.^(a)(b)		123,380		28,525
Alpine Immune Sciences Inc.^(a)(b)		26,780		240,217
Altimmune Inc.^(a)		92,169		561,309
AnaptysBio Inc.^(a)		44,961		1,112,335
Anavex Life Sciences Corp.^(a)(b)		155,777		1,917,615
Anika Therapeutics Inc.^(a)		33,258		835,108
Anixa Biosciences Inc.^(a)(b)		63,120		172,949
Annexon Inc.^(a)		73,214		199,874
Annovis Bio Inc.^(a)(b)		12,475		166,541
Applied Genetic Technologies Corp./DE^(a)(b)		99,000		105,930
Applied Therapeutics Inc.^(a)(b)		41,624		87,827
Aprea Therapeutics Inc.^(a)(b)		42,200		78,492
Aptevo Therapeutics Inc.^(a)		5,797		34,028
Aptinyx Inc.^(a)(b)		103,641		235,265
AquaBounty Technologies Inc.^(a)(b)		149,354		279,292
Aravive Inc.^(a)(b)		35,343		68,212
Arbutus Biopharma Corp.^(a)		209,606		624,626
ARCA biopharma Inc.^(a)(b)		34,787		80,010
Arcellx Inc.^(a)(b)		21,392		299,916
Arcturus Therapeutics Holdings Inc.^(a)		49,123		1,324,356
Ardelyx Inc.^(a)		218,932		234,257
Aridis Pharmaceuticals Inc.^(a)(b)		23,003		40,485
Armata Pharmaceuticals Inc.^(a)(b)		22,662		110,817
Assembly Biosciences Inc.^(a)(b)		99,114		204,175
Astria Therapeutics Inc.^(a)		9,038		60,645
Athenex Inc.^(a)(b)		197,634		163,937
Athersys Inc.^(a)(b)		493,273		298,677
Atossa Therapeutics Inc.^(a)(b)		267,397		334,246
Atreca Inc., Class A^(a)		59,797		189,556
aTyr Pharma Inc.^(a)(b)		62,745		335,686
Aura Biosciences Inc.^(a)		12,912		284,064
Avalo Therapeutics Inc.^(a)(b)		149,698		108,486
AVEO Pharmaceuticals Inc.^(a)(b)		70,712		395,280
Avid Bioservices Inc.^(a)(b)		139,989		2,851,576
Avidity Biosciences Inc.^(a)		86,955		1,606,059
Avita Medical Inc.^(a)(b)		56,616		480,104


Security	Shares		Value

Biotechnology (continued)
Avrobio Inc.^(a)(b)		88,359	$	116,634
Axcella Health Inc.^(a)(b)		47,034		120,877
Aziyo Biologics Inc., Class A^(a)(b)		5,901		35,111
Benitec Biopharma Inc.^(a)		17,861		41,705
Beyondspring Inc.^(a)		53,055		116,721
BioCardia Inc.^(a)(b)		31,740		65,702
Biocept Inc.^(a)(b)		38,675		89,726
Biomea Fusion Inc.^(a)(b)		50,417		224,860
Bio-Path Holdings Inc.^(a)		15,230		58,483
BioVie Inc.^(a)		9,039		42,664
Bioxcel Therapeutics Inc.^(a)(b)		40,099		838,470
Bolt Biotherapeutics Inc.^(a)		54,429		149,135
BrainStorm Cell Therapeutics Inc.^(a)		72,704		244,285
Cabaletta Bio Inc.^(a)		51,037		103,605
Caladrius Biosciences Inc.^(a)		137,552		99,313
Calithera Biosciences Inc.^(a)(b)		160,001		64,640
Calyxt Inc.^(a)		33,350		34,684
Candel Therapeutics Inc.^(a)(b)		37,262		189,664
Capricor Therapeutics Inc.^(a)(b)		51,522		176,720
Cardiff Oncology Inc.^(a)(b)		88,218		218,781
CASI Pharmaceuticals Inc.^(a)(b)		249,724		202,202
Catalyst Biosciences Inc.^(a)		72,389		47,777
Catalyst Pharmaceuticals Inc.^(a)		224,309		1,859,522
Celcuity Inc.^(a)(b)		22,753		212,741
Celldex Therapeutics Inc.^(a)(b)		106,499		3,627,356
Cellectar Biosciences Inc.^(a)		131,341		90,336
CEL-SCI Corp.^(a)(b)		83,913		329,778
CELSION Corp., NVS		12,856		65,051
Checkmate Pharmaceuticals Inc.^(a)		19,484		62,154
Checkpoint Therapeutics Inc.^(a)(b)		147,374		260,852
ChemoCentryx Inc.^(a)(b)		125,079		3,135,731
Chimerix Inc.^(a)		168,336		770,979
Chinook Therapeutics Inc.^(a)		93,663		1,532,327
Cidara Therapeutics Inc.^(a)		136,585		113,734
Clene Inc.^(a)(b)		48,180		189,829
Clovis Oncology Inc.^(a)		264,419		534,126
Codiak Biosciences Inc.^(a)		36,332		227,802
Cogent Biosciences Inc.^(a)		86,785		650,020
Cohbar Inc.^(a)		128,175		40,285
Concert Pharmaceuticals Inc.^(a)		72,056		242,829
Contra GTX Inc., NVS^(b)(c)		1,634		1,675
ContraFect Corp.^(a)(b)		90,944		331,946
Corbus Pharmaceuticals Holdings Inc.^(a)		275,712		146,541
Corvus Pharmaceuticals Inc.^(a)(b)		73,240		120,114
Crinetics Pharmaceuticals Inc.^(a)		106,960		2,347,772
CTI BioPharma Corp.^(a)(b)		200,611		936,853
Cue Biopharma Inc.^(a)		71,842		350,589
Curis Inc.^(a)		201,552		479,694
Cyclacel Pharmaceuticals Inc.^(a)(b)		23,314		71,108
Cyclerion Therapeutics Inc.^(a)		75,423		83,720
Cyclo Therapeutics Inc.^(a)(b)		15,988		50,682
Cyteir Therapeutics Inc.^(a)(b)		44,085		166,200
CytomX Therapeutics Inc.^(a)(b)		150,714		402,406
Decibel Therapeutics Inc.^(a)(b)		31,881		96,918
DermTech Inc.^(a)(b)		56,435		828,466
DiaMedica Therapeutics Inc.^(a)		42,869		107,172
Dyadic International Inc.^(a)(b)		45,766		137,756
Dynavax Technologies Corp.^(a)(b)		249,877		2,708,667
Eagle Pharmaceuticals Inc./DE^(a)		26,427		1,307,872
Eiger BioPharmaceuticals Inc.^(a)		74,560		618,848


Security	Shares		Value

Biotechnology (continued)
Eledon Pharmaceuticals Inc.^(a)		31,508	$	124,142
Elevation Oncology Inc.^(a)(b)		28,659		72,221
Eliem Therapeutics Inc.^(a)(b)		14,128		118,534
Enochian Biosciences Inc.^(a)(b)		45,371		374,311
Entasis Therapeutics Holdings Inc.^(a)(b)		23,880		44,656
Entrada Therapeutics Inc.^(a)(b)		23,904		224,459
Epizyme Inc.^(a)		334,857		385,086
Equillium Inc.^(a)(b)		29,975		94,421
Evelo Biosciences Inc.^(a)(b)		69,275		234,842
Exagen Inc.^(a)(b)		23,613		189,612
Exicure Inc.^(a)(b)		138,668		27,664
Fennec Pharmaceuticals Inc.^(a)(b)		40,880		228,928
Finch Therapeutics Group Inc.^(a)		18,140		91,244
Foghorn Therapeutics Inc.^(a)		45,439		692,036
Forte Biosciences Inc.^(a)(b)		27,002		39,423
Fortress Biotech Inc.^(a)		172,940		235,198
Frequency Therapeutics Inc.^(a)(b)		73,096		154,964
G1 Therapeutics Inc.^(a)(b)		91,263		693,599
Gain Therapeutics Inc.^(a)(b)		9,825		40,086
Galectin Therapeutics Inc.^(a)(b)		93,217		150,079
Galera Therapeutics Inc.^(a)		33,235		79,099
Gemini Therapeutics Inc.^(a)(b)		52,851		73,463
Genocea Biosciences Inc.^(a)(b)		95,888		119,860
Genprex Inc.^(a)(b)		104,633		236,471
GeoVax Labs Inc.^(a)		13,218		15,201
Geron Corp.^(a)(b)		703,619		956,922
GlycoMimetics Inc.^(a)(b)		96,616		110,142
Gossamer Bio Inc.^(a)(b)		143,543		1,245,953
Graphite Bio Inc.^(a)(b)		67,362		343,546
Greenwich Lifesciences Inc.^(a)(b)		9,450		185,409
Gritstone bio Inc.^(a)		98,371		405,289
GT Biopharma Inc.^(a)(b)		40,671		117,132
Harpoon Therapeutics Inc.^(a)		42,914		213,283
HCW Biologics Inc.^(a)(b)		36,201		98,829
Heat Biologics Inc.^(a)(b)		58,587		179,276
Hillstream BioPharma Inc., NVS^(b)		8,838		14,141
Homology Medicines Inc.^(a)(b)		98,673		299,966
Hookipa Pharma Inc.^(a)(b)		43,856		99,992
Humanigen Inc.^(a)(b)		112,380		338,264
iBio Inc.^(a)(b)		492,383		210,838
Icosavax Inc.^(a)(b)		56,220		395,789
Ideaya Biosciences Inc.^(a)		75,589		845,841
Idera Pharmaceuticals Inc.^(a)(b)		107,746		53,873
Imago Biosciences Inc.^(a)(b)		46,669		899,312
Immix Biopharma Inc., NVS^(b)		8,078		19,468
Immucell Corp.^(a)(b)		12,665		122,217
Immuneering Corp., Class A^(a)(b)		43,021		278,346
Immunic Inc.^(a)		43,450		490,985
ImmunoGen Inc.^(a)		498,325		2,372,027
Immunome Inc.^(a)(b)		20,148		114,441
Impel Neuropharma Inc.^(a)(b)		14,231		90,651
IN8bio Inc.^(a)(b)		15,663		54,351
Infinity Pharmaceuticals Inc.^(a)(b)		199,938		227,929
Inhibikase Therapeutics Inc.^(a)		48,089		71,172
Inhibrx Inc.^(a)		64,452		1,435,991
Inmune Bio Inc.^(a)(b)		21,049		177,233
Inozyme Pharma Inc.^(a)		34,428		140,811
Intercept Pharmaceuticals Inc.^(a)(b)		57,607		937,266
iTeos Therapeutics Inc.^(a)		46,649		1,501,165
IVERIC bio Inc.^(a)(b)		266,382		4,483,209


Security	Shares		Value

Biotechnology (continued)
Janux Therapeutics Inc.^(a)(b)		41,409	$	593,805
Jounce Therapeutics Inc.^(a)		76,913		522,239
KalVista Pharmaceuticals Inc.^(a)(b)		51,688		761,881
Karyopharm Therapeutics Inc.^(a)(b)		167,468		1,234,239
Keros Therapeutics Inc.^(a)		36,233		1,970,351
Kezar Life Sciences Inc.^(a)		88,030		1,463,059
Kintara Therapeutics Inc.^(a)(b)		85,425		33,991
Kiromic BioPharma Inc.^(a)(b)		32,313		27,595
La Jolla Pharmaceutical Co.^(a)		39,604		169,109
Lantern Pharma Inc.^(a)(b)		17,652		126,212
Larimar Therapeutics Inc.^(a)(b)		26,450		107,123
Leap Therapeutics Inc.^(a)(b)		138,478		242,336
Lexicon Pharmaceuticals Inc.^(a)(b)		161,311		337,140
Lineage Cell Therapeutics Inc.^(a)(b)		293,536		452,045
Lixte Biotechnology Holdings Inc.^(a)		12,822		15,515
LogicBio Therapeutics Inc.^(a)(b)		49,631		33,754
Lumos Pharma Inc.^(a)(b)		14,752		139,406
Magenta Therapeutics Inc.^(a)		70,408		204,183
MannKind Corp.^(a)(b)		572,824		2,107,992
Marker Therapeutics Inc.^(a)(b)		141,414		62,222
MediciNova Inc.^(a)(b)		107,521		287,081
MEI Pharma Inc.^(a)(b)		292,589		176,285
MeiraGTx Holdings PLC^(a)		69,509		962,700
Merrimack Pharmaceuticals Inc.^(a)		25,319		160,143
Mersana Therapeutics Inc.^(a)		166,066		662,603
Metacrine Inc.^(a)(b)		36,356		22,174
MiMedx Group Inc.^(a)		258,745		1,218,689
Minerva Neurosciences Inc.^(a)(b)		91,610		76,055
MiNK Therapeutics Inc.^(a)(b)		6,349		14,285
Mirum Pharmaceuticals Inc.^(a)		8,149		179,441
Molecular Templates Inc.^(a)		84,791		292,529
Moleculin Biotech Inc.^(a)(b)		63,562		113,140
Monopar Therapeutics Inc.^(a)(b)		10,606		27,151
Mustang Bio Inc.^(a)(b)		165,481		167,136
NanoViricides Inc.^(a)(b)		26,383		55,140
Navidea Biopharmaceuticals Inc.^(a)		54,591		43,127
Neoleukin Therapeutics Inc.^(a)		82,664		155,408
NeuBase Therapeutics Inc.^(a)(b)		60,923		114,535
NeuroBo Pharmaceuticals Inc.^(a)(b)		20,928		18,879
NexImmune Inc.^(a)		40,878		172,096
NextCure Inc.^(a)		42,727		207,653
Nkarta Inc.^(a)		33,082		376,473
Nuvalent Inc., Class A^(a)(b)		42,821		594,784
Nuvectis Pharma Inc.^(a)(b)		7,225		53,537
Nymox Pharmaceutical Corp.^(a)(b)		110,932		139,774
Olema Pharmaceuticals Inc.^(a)		59,572		253,777
Omega Therapeutics Inc.^(a)(b)		52,218		325,840
Oncocyte Corp.^(a)(b)		137,096		204,273
Oncorus Inc.^(a)		48,055		85,538
OncoSec Medical Inc.^(a)(b)		59,383		68,290
Oncternal Therapeutics Inc.^(a)		104,935		145,860
OpGen Inc.^(a)		87,853		65,899
Organovo Holdings Inc.^(a)(b)		20,096		75,561
Orgenesis Inc.^(a)(b)		51,397		178,348
ORIC Pharmaceuticals Inc.^(a)		73,552		392,768
Outlook Therapeutics Inc.^(a)(b)		261,357		465,215
Ovid therapeutics Inc.^(a)(b)		132,937		417,422
Oyster Point Pharma Inc.^(a)(b)		25,391		295,551
Panbela Therapeutics Inc.^(a)(b)		27,061		57,099
Pasithea Therapeutics Corp.^(a)(b)		8,995		11,694


Security	Shares		Value

Biotechnology (continued)
PDS Biotechnology Corp.^(a)(b)		59,947	$	371,072
PhaseBio Pharmaceuticals Inc.^(a)		86,542		114,235
Phio Pharmaceuticals Corp.^(a)(b)		31,824		28,228
Pieris Pharmaceuticals Inc.^(a)		132,272		400,784
Plus Therapeutics Inc.^(a)		39,940		39,940
Portage Biotech Inc.^(a)(b)		11,632		76,422
Poseida Therapeutics Inc.^(a)		65,817		294,860
Precision BioSciences Inc.^(a)(b)		118,595		365,273
Prometheus Biosciences Inc.^(a)		69,455		2,622,621
Protagonist Therapeutics Inc.^(a)		103,741		2,456,587
Protalix BioTherapeutics Inc.^(a)(b)		100,759		106,805
Protara Therapeutics Inc.^(a)		23,162		118,358
Prothena Corp. PLC^(a)		83,750		3,062,737
Puma Biotechnology Inc.^(a)		74,167		213,601
Pyxis Oncology Inc.^(a)		24,777		100,099
Qualigen Therapeutics Inc.^(a)		59,323		39,153
Rallybio Corp.^(a)(b)		42,436		296,203
RAPT Therapeutics Inc.^(a)		49,151		1,080,830
Reneo Pharmaceuticals Inc.^(a)(b)		21,257		62,496
Rezolute Inc.^(a)		19,951		67,434
Rigel Pharmaceuticals Inc.^(a)		394,346		1,179,095
Salarius Pharmaceuticals Inc.^(a)		103,317		41,131
Savara Inc.^(a)(b)		177,408		232,404
Scholar Rock Holding Corp.^(a)		65,128		839,500
Scopus Biopharma Inc.^(a)		35,407		24,470
Selecta Biosciences Inc.^(a)		210,104		258,428
SELLAS Life Sciences Group Inc.^(a)(b)		36,950		246,826
Sensei Biotherapeutics Inc.^(a)(b)		48,281		111,529
Sera Prognostics Inc., Class A^(a)		19,610		74,322
Sesen Bio Inc.^(a)(b)		465,537		280,579
Sierra Oncology Inc.^(a)(b)		23,014		737,599
Sigilon Therapeutics Inc.^(a)(b)		33,994		49,971
Sio Gene Therapies Inc.^(a)		123,826		82,963
Soleno Therapeutics Inc.^(a)(b)		113,702		25,356
Solid Biosciences Inc.^(a)(b)		136,594		163,913
Soligenix Inc.^(a)(b)		89,654		65,438
Spectrum Pharmaceuticals Inc.^(a)(b)		373,836		482,248
Spero Therapeutics Inc.^(a)(b)		55,779		485,277
Spruce Biosciences Inc.^(a)(b)		20,977		42,164
SQZ Biotechnologies Co.^(a)(b)		53,079		255,310
Statera Biopharma Inc.^(a)		51,889		16,345
Summit Therapeutics Inc.^(a)(b)		62,213		152,422
Surface Oncology Inc.^(a)(b)		81,221		238,790
Sutro Biopharma Inc.^(a)(b)		99,957		821,647
Syndax Pharmaceuticals Inc.^(a)(b)		113,848		1,978,678
Synlogic Inc.^(a)		99,912		239,789
Syros Pharmaceuticals Inc.^(a)(b)		131,678		156,697
T2 Biosystems Inc.^(a)(b)		326,762		171,256
Talaris Therapeutics Inc.^(a)		49,127		483,410
Taysha Gene Therapies Inc.^(a)		51,941		338,655
TCR2 Therapeutics Inc.^(a)		71,963		198,618
Tenax Therapeutics Inc.^(a)		29,519		23,899
Tenaya Therapeutics Inc.^(a)(b)		66,500		783,370
Tonix Pharmaceuticals Holding Corp.^(a)(b)		1,149,226		264,552
Tracon Pharmaceuticals Inc.^(a)(b)		35,140		92,418
TransCode Therapeutics Inc.^(a)		14,637		42,155
Trevena Inc.^(a)(b)		373,156		205,198
TScan Therapeutics Inc.^(a)(b)		34,989		97,969
Tyme Technologies Inc.^(a)		156,484		54,769
Tyra Biosciences Inc.^(a)(b)		27,239		291,457


Security	Shares		Value

Biotechnology (continued)
Unicycive Therapeutics Inc.^(a)(b)		22,865	$	29,496
UNITY Biotechnology Inc.^(a)(b)		97,705		109,430
UroGen Pharma Ltd.^(a)(b)		45,492		396,235
Vaccinex Inc.^(a)(b)		41,422		54,677
Vanda Pharmaceuticals Inc.^(a)		127,340		1,440,215
Vaxart Inc.^(a)(b)		284,743		1,435,105
Vaxcyte Inc.^(a)(b)		98,790		2,385,778
VBI Vaccines Inc.^(a)(b)		435,997		723,755
Vera Therapeutics Inc.^(a)		31,471		739,254
Verastem Inc.^(a)		402,879		568,059
Vigil Neuroscience Inc.^(a)(b)		14,938		105,014
Viking Therapeutics Inc.^(a)		158,954		476,862
Vincerx Pharma Inc.^(a)(b)		38,817		155,268
Viracta Therapeutics Inc.^(a)(b)		85,757		408,203
Viridian Therapeutics Inc.^(a)		41,235		762,435
Virios Therapeutics Inc.^(a)(b)		16,429		73,602
VistaGen Therapeutics Inc.^(a)		451,262		559,565
Vor BioPharma Inc.^(a)(b)		43,505		262,770
Voyager Therapeutics Inc.^(a)(b)		60,799		463,288
vTv Therapeutics Inc., Class A^(a)(b)		52,243		37,725
Vyant Bio Inc.^(a)(b)		70,922		101,418
Werewolf Therapeutics Inc.^(a)(b)		61,029		268,528
Windtree Therapeutics Inc.^(a)(b)		44,600		50,844
X4 Pharmaceuticals Inc.^(a)(b)		54,574		95,505
XBiotech Inc.		35,555		307,195
Xilio Therapeutics Inc.^(a)(b)		17,318		122,438
XOMA Corp.^(a)		13,880		388,362
Yield10 Bioscience Inc.^(a)(b)		9,783		51,850
Yumanity Therapeutics Inc.^(a)(b)		21,165		31,748


				137,559,932

Building Products — 0.4%
Aeroclean Technologies Inc.^(a)		4,615		16,614
Alpha Pro Tech Ltd.^(a)(b)		27,301		114,664
Applied UV Inc.^(a)(b)		14,961		22,441
Armstrong Flooring Inc.^(a)		49,445		70,706
Caesarstone Ltd.		51,750		544,410
Insteel Industries Inc.^(b)		43,332		1,602,851
Jewett-Cameron Trading Co. Ltd.^(a)		6,757		46,894
Quanex Building Products Corp.		77,331		1,623,178


				4,041,758

Capital Markets — 1.3%
Ashford Inc.^(a)		2,497		42,774
Associated Capital Group Inc., Class A		4,101		171,873
Blucora Inc.^(a)		112,917		2,207,527
Cohen & Co. Inc.		1,593		25,727
Cowen Inc., Class A		61,495		1,666,514
Diamond Hill Investment Group Inc.		7,017		1,314,284
Donnelley Financial Solutions Inc.^(a)		68,356		2,273,520
GAMCO Investors Inc., Class A		11,726		259,262
Greenhill & Co. Inc.		32,532		503,270
Hennessy Advisors Inc.		9,615		97,304
Heritage Global Inc.^(a)		53,232		71,863
Manning & Napier Inc.		32,002		291,538
Oppenheimer Holdings Inc., Class A, NVS		21,377		931,610
Pzena Investment Management Inc., Class A		38,579		309,404
Safeguard Scientifics Inc.^(a)(b)		37,903		197,854
Siebert Financial Corp.^(a)(b)		29,909		64,603
Silvercrest Asset Management Group Inc., Class A		22,809		466,444
StoneX Group Inc.^(a)		39,870		2,959,550


Security	Shares		Value

Capital Markets (continued)
Value Line Inc.		2,398	$	160,666
Westwood Holdings Group Inc.		17,140		262,585


				14,278,172

Chemicals — 1.7%
Advanced Emissions Solutions Inc.^(a)		38,862		241,722
AdvanSix Inc.		63,334		3,235,734
AgroFresh Solutions Inc.^(a)		70,519		133,986
American Vanguard Corp.		67,607		1,373,774
Aspen Aerogels Inc.^(a)(b)		51,264		1,767,583
Core Molding Technologies Inc.^(a)		17,842		191,980
Crown ElectroKinetics Corp.^(a)		16,863		30,691
Flexible Solutions International Inc.^(a)		17,968		73,130
Flotek Industries Inc.^(a)		155,355		195,747
FutureFuel Corp.		62,515		608,271
Hawkins Inc.		44,692		2,051,363
Intrepid Potash Inc.^(a)		23,171		1,903,266
Koppers Holdings Inc.		47,744		1,313,915
LSB Industries Inc.^(a)		138,752		3,030,344
Marrone Bio Innovations Inc.^(a)		238,729		257,827
Northern Technologies International Corp.		17,684		212,562
Rayonier Advanced Materials Inc.^(a)		142,568		936,672
Trecora Resources^(a)(b)		55,090		466,061
Tredegar Corp.		60,441		724,687
Valhi Inc.		5,562		163,022


				18,912,337

Commercial Services & Supplies — 1.9%
ACCO Brands Corp.		215,092		1,720,736
Acme United Corp.		5,216		176,040
Aqua Metals Inc.^(a)(b)		157,142		237,284
ARC Document Solutions Inc.		84,235		328,517
Aris Water Solution Inc., A		44,976		818,563
CECO Environmental Corp.^(a)(b)		71,467		392,354
Charah Solutions Inc.^(a)(b)		31,469		157,030
CompX International Inc.		3,754		88,294
DSS Inc.^(a)(b)		128,281		73,505
Ennis Inc.		59,140		1,092,316
Fuel Tech Inc.^(a)		58,115		84,267
GEO Group Inc. (The)^(a)		273,237		1,806,097
Heritage-Crystal Clean Inc.^(a)		36,059		1,067,707
Interface Inc.		134,299		1,822,437
Kimball International Inc., Class B		83,951		709,386
Montrose Environmental Group Inc.^(a)(b)		60,727		3,214,280
NL Industries Inc.		19,544		140,521
Odyssey Marine Exploration Inc.^(a)(b)		27,950		186,147
Performant Financial Corp.^(a)(b)		104,735		325,726
Perma-Fix Environmental Services Inc.^(a)		26,792		148,160
Quad/Graphics Inc.^(a)		78,559		545,199
Quest Resource Holding Corp.^(a)		38,462		236,541
Renovare Environmental Inc^(a)		43,113		23,691
SP Plus Corp.^(a)		53,473		1,676,913
Team Inc.^(a)		60,739		134,233
TOMI Environmental Solutions Inc.^(a)(b)		33,005		29,959
Viad Corp.^(a)		46,792		1,667,667
Vidler Water Resouces Inc.^(a)(b)		37,959		586,087
Virco Mfg. Corp.^(a)		24,848		74,296
VSE Corp.		24,435		1,126,209


				20,690,162

Communications Equipment — 1.2%
Applied Optoelectronics Inc.^(a)(b)		60,804		221,935


Security	Shares		Value

Communications Equipment (continued)
Aviat Networks Inc.^(a)(b)		22,665	$	697,402
BK Technologies Corp.		34,110		86,981
CalAmp Corp.^(a)		82,109		600,217
Cambium Networks Corp.^(a)		25,155		594,664
Casa Systems Inc.^(a)(b)		74,399		336,283
Clearfield Inc.^(a)(b)		26,391		1,721,221
ClearOne Inc.^(a)(b)		19,763		18,036
ComSovereign Holding Corp.^(a)(b)		118,605		99,628
Comtech Telecommunications Corp.		59,558		934,465
Digi International Inc.^(a)		80,817		1,739,182
DZS Inc.^(a)		40,267		558,503
EMCORE Corp.^(a)(b)		85,293		315,584
Franklin Wireless Corp.^(a)		22,519		89,738
Genasys Inc.^(a)		84,001		231,003
Harmonic Inc.^(a)(b)		210,762		1,957,979
Inseego Corp.^(a)(b)		196,646		796,416
KVH Industries Inc.^(a)		34,921		317,781
Lantronix Inc.^(a)		60,716		405,583
Network-1 Technologies Inc.		29,248		76,337
Ondas Holdings Inc.^(a)(b)		73,924		539,645
PCTEL Inc.		41,701		193,493
Ribbon Communications Inc.^(a)		162,368		501,717
TESSCO Technologies Inc.^(a)		14,891		89,942
Vislink Technologies Inc.^(a)(b)		107,136		113,564


				13,237,299

Construction & Engineering — 1.7%
Argan Inc.		34,569		1,403,156
Bowman Consulting Group Ltd.^(a)(b)		21,051		346,078
Concrete Pumping Holdings Inc.^(a)(b)		59,546		398,958
Great Lakes Dredge & Dock Corp.^(a)(b)		149,880		2,102,816
IES Holdings Inc.^(a)		19,975		802,995
Infrastructure and Energy Alternatives Inc.^(a)(b)		63,211		749,050
INNOVATE Corp.^(a)(b)		108,734		401,228
iSun Inc.^(a)		19,166		78,581
Limbach Holdings Inc.^(a)		22,369		155,465
Matrix Service Co.^(a)		61,070		501,995
Moving Image Technologies LLC^(a)(b)		15,443		19,304
MYR Group Inc.^(a)		38,331		3,604,647
Northwest Pipe Co.^(a)		22,749		578,962
NV5 Global Inc.^(a)		30,564		4,074,181
Orbital Energy Group Inc.^(a)(b)		107,728		198,220
Orion Group Holdings Inc.^(a)		66,931		165,989
Sterling Construction Co. Inc.^(a)(b)		64,625		1,731,950
Tutor Perini Corp.^(a)		96,446		1,041,617
Williams Industrial Services Group Inc.^(a)		41,824		83,230


				18,438,422

Construction Materials — 0.1%
Smith-Midland Corp.^(a)(b)		9,612		170,613
United States Lime & Minerals Inc.		4,798		556,760


				727,373

Consumer Finance — 0.9%
Atlanticus Holdings Corp.^(a)(b)		11,444		592,685
Consumer Portfolio Services Inc.^(a)		34,116		346,619
Curo Group Holdings Corp.		48,722		635,822
Elevate Credit Inc.^(a)		49,109		150,274
Enova International Inc.^(a)		84,073		3,192,252
EZCORP Inc., Class A, NVS^(a)		116,035		700,851
Medallion Financial Corp.^(b)		49,147		417,749
Nicholas Financial Inc.^(a)		11,233		115,138


Security	Shares		Value

Consumer Finance (continued)
Oportun Financial Corp.^(a)		48,609	$	698,025
Regional Management Corp.		17,512		850,558
World Acceptance Corp.^(a)(b)		9,830		1,885,787


				9,585,760

Containers & Packaging — 0.3%
Myers Industries Inc.		84,021		1,814,854
Ranpak Holdings Corp.^(a)(b)		87,385		1,785,275


				3,600,129

Distributors — 0.1%
AMCON Distributing Co.		379		58,859
Educational Development Corp.		14,221		110,213
Funko Inc., Class A^(a)(b)		62,090		1,071,052
Greenlane Holdings Inc., Class A^(a)		38,520		21,571
Weyco Group Inc.		14,026		346,723


				1,608,418

Diversified Consumer Services — 1.4%
American Public Education Inc.^(a)		42,904		911,281
Amesite Inc.^(a)(b)		37,409		21,323
Aspen Group Inc./CO^(a)		51,948		84,156
Carriage Services Inc.		35,466		1,891,402
Elite Education Group International Ltd.^(a)(b)		6,400		14,080
European Wax Center Inc., Class A^(a)(b)		30,822		911,098
Houghton Mifflin Harcourt Co.^(a)		294,643		6,190,450
Lincoln Educational Services Corp.^(a)		56,254		402,216
OneSpaWorld Holdings Ltd.^(a)(b)		123,192		1,256,558
Perdoceo Education Corp.^(a)		162,780		1,868,714
Regis Corp.^(a)(b)		101,474		215,125
StoneMor Inc.^(a)		74,545		194,563
Universal Technical Institute Inc.^(a)		74,741		661,458
XpresSpa Group Inc.^(a)(b)		241,448		272,836
Zovio Inc.^(a)		66,560		54,586


				14,949,846

Diversified Financial Services — 0.4%
Alerus Financial Corp.		35,099		970,136
A-Mark Precious Metals Inc.		20,853		1,612,771
Banco Latinoamericano de Comercio Exterior SA, Class E		71,302		1,110,885
FlexShopper Inc.^(a)(b)		35,604		60,883
GWG Holdings Inc.^(a)(b)		7,078		38,363
SWK Holdings Corp.^(a)(b)		8,042		135,749


				3,928,787

Diversified Telecommunication Services — 0.7%
Anterix Inc.^(a)		26,865		1,555,483
ATN International Inc.		25,523		1,017,857
Consolidated Communications Holdings Inc.^(a)		169,473		999,891
Cuentas Inc.^(a)(b)		13,877		17,901
IDT Corp., Class B^(a)		33,556		1,143,924
Ooma Inc.^(a)		51,446		771,176
Radius Global Infrastructure Inc., Class A^(a)(b)		166,679		2,380,176


				7,886,408

Electric Utilities — 0.1%
Genie Energy Ltd., Class B		48,120		324,810
Via Renewables Inc.		28,229		232,607


				557,417

Electrical Equipment — 1.0%
Advent Technologies Holdings Inc.^(a)(b)		76,873		178,345
Allied Motion Technologies Inc.		27,953		834,118
American Superconductor Corp.^(a)(b)		64,386		489,977


Security	Shares		Value

Electrical Equipment (continued)
Babcock & Wilcox Enterprises Inc.^(a)		128,163	$	1,045,810
Beam Global^(a)(b)		20,549		420,227
BitNile Holdings Inc.^(a)(b)		192,116		161,973
Blink Charging Co.^(a)(b)		84,727		2,241,876
Broadwind Inc.^(a)(b)		41,311		89,645
Capstone Green Energy Corp.^(a)(b)		35,703		147,096
Energous Corp.^(a)(b)		168,716		202,459
Eos Energy Enterprises Inc.^(a)(b)		104,095		435,117
Espey Manufacturing & Electronics Corp.^(a)		4,371		60,757
Flux Power Holdings Inc.^(a)(b)		20,641		55,111
FTC Solar Inc.^(a)(b)		94,035		463,593
Ideal Power Inc.^(a)(b)		14,272		125,594
LSI Industries Inc.		60,664		363,984
Nuvve Holding Corp.^(a)(b)		15,595		123,045
Ocean Power Technologies Inc.^(a)(b)		122,623		172,898
Orion Energy Systems Inc.^(a)		66,752		186,906
Pioneer Power Solutions Inc.		8,121		45,965
Polar Power Inc.^(a)(b)		16,703		53,450
Powell Industries Inc.		21,224		412,170
Preformed Line Products Co.		6,828		433,032
Romeo Power Inc.^(a)(b)		225,373		335,806
Sunworks Inc.^(a)(b)		67,739		170,702
Thermon Group Holdings Inc.^(a)		76,605		1,241,001
Ultralife Corp.^(a)		22,622		121,480
Westwater Resources Inc.^(a)		78,198		156,396


				10,768,533

Electronic Equipment, Instruments & Components — 1.5%
Airgain Inc.^(a)(b)		20,476		155,208
Akoustis Technologies Inc.^(a)(b)		117,935		766,577
AmpliTech Group Inc.^(a)(b)		9,358		31,443
Arlo Technologies Inc.^(a)		196,279		1,739,032
Autoscope Technologies Corp.		7,259		45,804
Bel Fuse Inc., Class B, NVS		23,729		423,325
ClearSign Technologies Corp.^(a)		55,534		90,520
Coda Octopus Group Inc.^(a)(b)		13,399		88,031
CPS Technologies Corp.^(a)(b)		25,766		134,241
CTS Corp.		74,093		2,618,447
Daktronics Inc.^(a)		85,282		327,483
Data I/O Corp.^(a)		17,813		75,705
Digital Ally Inc.^(a)(b)		112,901		123,062
Frequency Electronics Inc.^(a)		13,932		121,208
Identiv Inc.^(a)(b)		49,656		802,938
Intellicheck Inc.^(a)		41,160		104,958
Interlink Electronics Inc.^(a)(b)		2,819		27,232
Iteris Inc.^(a)		100,265		298,790
Key Tronic Corp.^(a)		23,467		132,589
Kimball Electronics Inc.^(a)(b)		55,559		1,110,624
LGL Group Inc. (The)^(a)(b)		7,199		78,829
LightPath Technologies Inc., Class A^(a)(b)		64,645		127,351
Luna Innovations Inc.^(a)(b)		71,608		552,098
MICT Inc.^(a)(b)		257,289		157,255
Napco Security Technologies Inc.^(a)(b)		67,003		1,374,902
Powerfleet Inc.^(a)(b)		76,684		227,751
Red Cat Holdings Inc.^(a)(b)		77,040		155,621
Research Frontiers Inc.^(a)(b)		70,096		134,584
RF Industries Ltd.^(a)		22,351		161,151
Richardson Electronics Ltd.		26,569		330,518
ScanSource Inc.^(a)(b)		58,195		2,024,604
Soluna Holdings Inc^(a)(b)		19,472		214,387
VerifyMe Inc.^(a)(b)		12,565		42,344


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Vishay Precision Group Inc.^(a)		28,687	$	922,287
Wayside Technology Group Inc.		9,525		325,755
Wireless Telecom Group Inc.^(a)(b)		34,885		60,002
Wrap Technologies Inc.^(a)(b)		48,095		129,857


				16,236,513

Energy Equipment & Services — 2.0%
Bristow Group Inc.^(a)		54,876		2,034,802
Dawson Geophysical Co.^(a)		49,268		115,287
DMC Global Inc.^(a)		44,478		1,356,579
ENGlobal Corp.^(a)(b)		59,700		77,610
Expro Group Holdings NV^(a)(b)		107,969		1,919,689
Exterran Corp.^(a)		58,992		366,340
Forum Energy Technologies Inc.^(a)(b)		10,285		235,527
Geospace Technologies Corp.^(a)		29,248		168,176
Gulf Island Fabrication Inc.^(a)		31,973		125,334
Helix Energy Solutions Group Inc.^(a)		330,829		1,581,363
ION Geophysical Corp.^(a)(b)		61,225		53,388
KLX Energy Services Holdings Inc.^(a)		14,717		76,087
Mammoth Energy Services Inc.^(a)		33,432		71,210
MIND Technology Inc.^(a)(b)		31,300		39,438
Nabors Industries Ltd.^(a)		16,392		2,503,386
Natural Gas Services Group Inc.^(a)		28,329		337,398
NCS Multistage Holdings Inc.^(a)		1,332		66,680
Newpark Resources Inc.^(a)		209,833		767,989
Nine Energy Service Inc.^(a)(b)		37,629		140,732
Oil States International Inc.^(a)		139,816		971,721
Profire Energy Inc.^(a)		91,260		118,638
Ranger Energy Services Inc.^(a)		11,569		118,582
SEACOR Marine Holdings Inc.^(a)(b)		48,548		391,782
Select Energy Services Inc., Class A^(a)		148,029		1,268,609
Smart Sand Inc.^(a)(b)		54,263		187,207
Solaris Oilfield Infrastructure Inc., Class A		72,310		816,380
TETRA Technologies Inc.^(a)		286,305		1,176,714
Tidewater Inc.^(a)		95,320		2,072,257
U.S. Silica Holdings Inc.^(a)		170,274		3,177,313


				22,336,218

Entertainment — 0.2%
Ballantyne Strong Inc.^(a)		29,688		91,439
Chicken Soup For The Soul Entertainment Inc.^(a)(b)		17,463		139,529
Cinedigm Corp., Class A^(a)(b)		347,175		282,462
CuriosityStream Inc.^(a)(b)		59,304		171,982
Dolphin Entertainment Inc.^(a)		27,073		141,050
Eros STX Global Corp.^(a)(b)		37,388		104,313
Gaia Inc.^(a)(b)		27,733		136,446
LiveOne Inc^(a)(b)		146,014		119,147
Marcus Corp. (The)^(a)		53,160		940,932
Reading International Inc., Class A, NVS^(a)		37,973		162,525


				2,289,825

Equity Real Estate Investment Trusts (REITs) — 4.0%
Alpine Income Property Trust Inc.		23,512		442,026
Ashford Hospitality Trust Inc.^(a)(b)		38,883		396,607
Bluerock Residential Growth REIT Inc., Class A		61,788		1,641,707
Braemar Hotels & Resorts Inc.^(b)		132,829		820,883
BRT Apartments Corp.		26,342		631,418
CatchMark Timber Trust Inc., Class A		112,671		923,902
Cedar Realty Trust Inc.		29,595		818,006
Chatham Lodging Trust^(a)		110,330		1,521,451
City Office REIT Inc.		99,276		1,753,214
Clipper Realty Inc.		28,059		254,495


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
CorEnergy Infrastructure Trust Inc.		34,069	$	104,592
Creative Media & Community Trust Corp.		39,999		309,592
CTO Realty Growth Inc.		13,538		897,840
Farmland Partners Inc.		66,769		918,074
Franklin Street Properties Corp., Class C		236,225		1,393,727
Gladstone Commercial Corp.		85,452		1,881,653
Gladstone Land Corp.		72,730		2,648,826
Global Medical REIT Inc.		139,061		2,269,475
Global Self Storage Inc.		23,971		134,238
Hersha Hospitality Trust, Class A^(a)		74,745		678,685
Indus Realty Trust Inc.		13,298		971,951
InnSuites Hospitality Trust^(b)		8,062		24,589
NETSTREIT Corp.		91,817		2,060,373
New York City REIT Inc., Class A^(b)		22,534		297,449
NexPoint Residential Trust Inc.		51,556		4,656,022
One Liberty Properties Inc.		37,291		1,148,190
Pennsylvania Real Estate Investment Trust^(a)		183,503		115,717
Plymouth Industrial REIT Inc.		72,401		1,962,067
Postal Realty Trust Inc., Class A		38,883		654,012
Power REIT^(a)		5,454		214,833
Preferred Apartment Communities Inc., Class A		120,828		3,013,450
Presidio Property Trust Inc., Class A		28,801		106,852
Retail Value Inc.		41,000		125,460
Seritage Growth Properties, Class A^(a)		86,901		1,100,167
Sotherly Hotels Inc.^(a)		33,247		68,489
UMH Properties Inc.		101,756		2,502,180
Universal Health Realty Income Trust		29,787		1,738,667
Urstadt Biddle Properties Inc., Class A		68,602		1,290,404
Wheeler Real Estate Investment Trust Inc.^(a)(b)		18,259		41,996
Whitestone REIT		106,285		1,408,276


				43,941,555

Food & Staples Retailing — 0.7%
Blue Apron Holdings Inc., Class A^(a)(b)		40,926		165,750
Chefs’ Warehouse Inc. (The)^(a)(b)		72,641		2,368,097
HF Foods Group Inc.^(a)(b)		85,894		572,054
MedAvail Holdings Inc.^(a)(b)		27,908		27,102
Natural Grocers by Vitamin Cottage Inc.		21,210		415,716
Rite Aid Corp.^(a)(b)		129,563		1,133,676
SpartanNash Co.		83,361		2,750,079
Village Super Market Inc., Class A		19,682		482,209


				7,914,683

Food Products — 0.4%
Alico Inc.		14,435		542,179
Arcadia Biosciences Inc.^(a)(b)		52,736		73,830
Bridgford Foods Corp.^(a)		4,637		49,384
Farmer Bros. Co.^(a)		39,880		283,946
Laird Superfood Inc.^(a)		14,300		51,623
Landec Corp.^(a)		60,374		699,131
Lifeway Foods Inc.^(a)(b)		9,432		68,099
Limoneira Co.		35,697		524,032
Nuzee Inc.^(a)(b)		26,412		57,842
Pineapple Energy Inc, NVS		4,194		26,212
Real Good Food Co. Inc. (The)^(a)		12,740		100,646
Rocky Mountain Chocolate Factory Inc.		11,452


	Page


The Markets in Review		2

Market Overview		4

Fund Summary		5

About Fund Performance		17

Shareholder Expenses		17

Schedules of Investments		18

Financial Statements

Statements of Assets and Liabilities		97

Statements of Operations		99

Statements of Changes in Net Assets		101

Financial Highlights		104

Notes to Financial Statements		110

Report of Independent Registered Public Accounting Firm		122

Important Tax Information (Unaudited)		123

Statement Regarding Liquidity Risk Management Program		124

Supplemental Information		125

Trustee and Officer Information		127

General Information		130

Glossary of Terms Used in this Report		131


	Average Annual Total Returns							Cumulative Total Returns

		1 Year		5 Years		10 Years			1 Year		5 Years		10 Years

Fund NAV		(11.41	)%	9.67	%	11.00	%		(11.41	)%	58.68	%	183.88	%
Fund Market		(11.65	)	9.67		10.97			(11.65	)	58.64		183.20
Index		(10.99	)	9.86		11.14			(10.99	)	60.02		187.46


Actual				Hypothetical 5% Return


Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 897.90	$ 2.84			$ 1,000.00	$ 1,021.90	$ 3.02		0.60	%



Sector		Percent of Total Investments^(a)

Health Care		23.8%
Financials		21.7
Industrials		11.6
Consumer Discretionary		10.7
Information Technology		9.4
Energy		8.3
Materials		4.6
Real Estate		4.4
Communication Services		2.9
Consumer Staples		2.0
Utilities		0.6


	Average Annual Total Returns				Cumulative Total Returns

	1 Year			Since Inception	1 Year			Since Inception

Fund NAV		0.17	%	11.97%		0.17	%		70.81	%
Fund Market		0.35		12.02		0.35			71.22
Index		0.34		11.99		0.34			70.96


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T


4		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of March 31, 2022		iShares^® Micro-Cap ETF


Fund Summary as of March 31, 2022 (continued)		iShares^® Micro-Cap ETF



Security		Percent of Total Investments^(a)

Lantheus Holdings Inc.		0.8%
Houghton Mifflin Harcourt Co.		0.6
Civitas Resources Inc.		0.6
Alpha Metallurgical Resources Inc.		0.5
Peabody Energy Corp.		0.5
Arch Resources Inc.		0.5
NexPoint Residential Trust Inc.		0.4
Tellurian Inc.		0.4
IVERIC bio Inc.		0.4
Veritiv Corp.		0.4


Fund Summary as of March 31, 2022		iShares^® Russell 2500 ETF



Sector		Percent of Total Investments^(a)

Investment Companies		42.9%
Information Technology		10.0
Industrials		9.8
Financials		8.0
Consumer Discretionary		6.5
Health Care		5.7
Real Estate		5.5
Materials		4.5
Energy		2.8
Consumer Staples		1.6
Utilities		1.4
Communication Services		1.3



Security		Percent of Total Investments^(a)

iShares Russell 2000 ETF		42.9%
Devon Energy Corp.		0.6
MongoDB Inc.		0.5
Enphase Energy Inc.		0.4
ON Semiconductor Corp.		0.4
Diamondback Energy Inc.		0.4
Mosaic Co. (The)		0.4
PerkinElmer Inc.		0.3
Monolithic Power Systems Inc.		0.3
CF Industries Holdings Inc.		0.3


Fund Summary as of March 31, 2022		iShares^® Russell 3000 ETF



Security		Percent of Total Investments^(a)

Apple Inc.		6.0%
Microsoft Corp.		5.2
Amazon.com Inc.		3.2
Tesla Inc.		2.0
Alphabet Inc., Class A		1.9
Alphabet Inc., Class C		1.7
NVIDIA Corp.		1.5
Berkshire Hathaway Inc., Class B		1.5
Meta Platforms Inc, Class A		1.2
UnitedHealth Group Inc.		1.1


Fund Summary as of March 31, 2022		iShares^® Russell Mid-Cap ETF



Security		Percent of Total Investments^(a)

Marvell Technology Inc.		0.6%
Palo Alto Networks Inc.		0.6
Pioneer Natural Resources Co.		0.5
Marathon Petroleum Corp.		0.5
Synopsys Inc.		0.5
Archer-Daniels-Midland Co.		0.5
Dexcom Inc.		0.5
Occidental Petroleum Corp.		0.4
IDEXX Laboratories Inc.		0.4
McKesson Corp.		0.4


Fund Summary as of March 31, 2022		iShares^® Russell Mid-Cap Growth ETF


Fund Summary as of March 31, 2022		iShares^® Russell Mid-Cap Value ETF


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		17