LOGO

  MARCH 31, 2022

 

 

   

 

2022 Annual Report

 

 

iShares Trust

·  iShares Micro-Cap ETF | IWC | NYSE Arca

·  iShares Russell 2500 ETF | SMMD | Cboe BZX

·  iShares Russell 3000 ETF | IWV | NYSE Arca

·  iShares Russell Mid-Cap ETF | IWR | NYSE Arca

·  iShares Russell Mid-Cap Growth ETF | IWP | NYSE Arca

·  iShares Russell Mid-Cap Value ETF | IWS | NYSE Arca


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.

 

 

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


Table of Contents

 

     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  

 

 

 


Market Overview

 

iShares Trust

Domestic Market Overview

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.

 

 

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Fund Summary as of March 31, 2022       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

 

      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  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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.

Expense Example

 

   

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

 

  (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 “Shareholder Expenses” for more information.

 

 

 

U N D   S U M M A R Y

  5


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

 

Portfolio Management Commentary

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.

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
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   

TEN LARGEST HOLDINGS

 

   
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   
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of March 31, 2022      

  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 2500TM 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

 

       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  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

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.

Expense Example

 

   

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

       $        977.10          $        0.35               $      1,000.00          $      1,024.60          $        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 “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

 

 

 

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  7


Fund Summary as of March 31, 2022   (continued)    iShares® Russell 2500 ETF

 

Portfolio Management Commentary

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.

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
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   

TEN LARGEST HOLDINGS

 

   
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   
  (a) 

Excludes money market funds.

 

 

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

 

Investment Objective

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.

Performance

 

      Average Annual Total Returns             Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    11.75      15.20      14.09       11.75      102.91      273.68

Fund Market

    11.85        15.23        14.10         11.85        103.12        274.10  

Index

    11.92        15.40        14.28               11.92        104.64        280.04  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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.

Expense Example

 

   

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

       $     1,034.30          $        1.01               $     1,000.00          $     1,023.90          $        1.01          0.20

 

  (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 “Shareholder Expenses” for more information.

 

 

 

U N D   S U M M A R Y

  9


Fund Summary as of March 31, 2022   (continued)    iShares® Russell 3000 ETF

 

Portfolio Management Commentary

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.

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector  

Percent of    

Total Investments(a)

Information Technology

  27.2%

Health Care

  13.5   

Consumer Discretionary

  11.8   

Financials

  11.7   

Industrials

  8.9   

Communication Services

  8.5   

Consumer Staples

  5.6   

Energy

  3.9   

Real Estate

  3.6   

Utilities

  2.7   

Materials

  2.6   

TEN LARGEST HOLDINGS

 

   
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   
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of March 31, 2022       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

 

      Average Annual Total Returns             Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    6.72      12.45      12.68       6.72      79.84      229.91

Fund Market

    6.74        12.47        12.69         6.74        79.94        230.13  

Index

    6.92        12.62        12.85               6.92        81.18        235.10  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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.

Expense Example

 

   

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

       $       1,003.10          $        0.90               $      1,000.00          $      1,024.00          $    0.91          0.18

 

  (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 “Shareholder Expenses” for more information.

 

 

 

U N D   S U M M A R Y

  11


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

 

Portfolio Management Commentary

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.

Portfolio Information

 

ALLOCATION BY SECTOR

   
Sector  

Percent of    

Total Investments(a)

 

Information Technology

    17.9%  

Industrials

    14.5     

Financials

    12.7     

Consumer Discretionary

    11.3     

Health Care

    10.9     

Real Estate

    8.5     

Materials

    6.1     

Energy

    5.7     

Utilities

    5.2     

Consumer Staples

    3.8     

Communication Services

    3.4     

TEN LARGEST HOLDINGS

   
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   

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of March 31, 2022       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

 

      Average Annual Total Returns             Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (1.09 )%       14.86      13.29       (1.09 )%       99.87      248.23

Fund Market

    (1.16      14.85        13.29         (1.16      99.86        248.31  

Index

    (0.89      15.10        13.52               (0.89      102.04        255.35  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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.

Expense Example

 

   

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

       $         898.30          $       1.09               $      1,000.00          $      1,023.80          $    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 “Shareholder Expenses” for more information.

 

 

 

U N D   S U M M A R Y

  13


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

 

Portfolio Management Commentary

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.

Portfolio Information

 

ALLOCATION BY SECTOR

   
Sector   Percent of    
Total Investments(a)

Information Technology

  34.8%

Health Care

  17.1   

Industrials

  15.3   

Consumer Discretionary

  15.2   

Financials

  5.3   

Communication Services

  3.2   

Energy

  2.5   

Real Estate

  2.4   

Consumer Staples

  2.0   

Materials

  2.0   

Utilities

  0.2   

TEN LARGEST HOLDINGS

   
Security   Percent of    
Total Investments(a)

Palo Alto Networks Inc.

  1.7%

Dexcom Inc.

  1.4   

IDEXX Laboratories Inc.

  1.3   

Fortinet Inc.

  1.3   

Crowdstrike Holdings Inc., Class A

  1.3   

Cadence Design Systems Inc.

  1.3   

Chipotle Mexican Grill Inc.

  1.2   

Lululemon Athletica Inc.

  1.2   

Datadog Inc., Class A

  1.1   

Paychex Inc.

  1.1   

 

  (a) 

Excludes money market funds.

 

 

 

14  

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

 

Investment Objective

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.

Performance

 

      Average Annual Total Returns             Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    11.19      9.78      11.78       11.19      59.48      204.62

Fund Market

    11.12        9.81        11.79         11.12        59.64        204.90  

Index

    11.45        9.99        12.01               11.45        61.01        210.96  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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.

Expense Example

 

   

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

       $       1,064.30          $        1.18               $      1,000.00          $      1,023.80          $    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 “Shareholder Expenses” for more information.

 

 

 

U N D   S U M M A R Y

  15


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

 

Portfolio Management Commentary

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.

Portfolio Information

 

ALLOCATION BY SECTOR

   
Sector   Percent of    
Total Investments(a)

Financials

  16.4%

Industrials

  14.1   

Real Estate

  11.5   

Information Technology

  9.4   

Consumer Discretionary

  9.3   

Materials

  8.1   

Health Care

  7.8   

Utilities

  7.8   

Energy

  7.3   

Consumer Staples

  4.7   

Communication Services

  3.6   

TEN LARGEST HOLDINGS

   
Security   Percent of    
Total Investments(a)

Marvell Technology Inc.

  0.8%

Marathon Petroleum Corp.

  0.7   

Archer-Daniels-Midland Co.

  0.7   

Prudential Financial Inc.

  0.6   

Kroger Co. (The)

  0.6   

Welltower Inc.

  0.6   

Corteva Inc.

  0.6   

Occidental Petroleum Corp.

  0.6   

Aflac Inc.

  0.6   

Valero Energy Corp.

  0.6   

 

  (a) 

Excludes money market funds.

 

 

 

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About Fund Performance

 

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.

Shareholder 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 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.

 

 

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


Schedule of Investments   

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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  

 

 

18  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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  

 

 

C H E D U L E   O F   I N V E S  T M E N T S

  19


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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  

 

 

20  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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  

 

 

C H E D U L E   O F   I N V E S  T M E N T S

  21


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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  

 

 

22  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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  

 

 

C H E D U L E   O F   I N V E S  T M E N T S

  23


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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  

 

 

24  

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


Schedule of Investments   (continued)

March 31, 2022

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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