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to
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This
report
is
intended
for
the
Funds’
shareholders.
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may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
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involves
risk,
including
possible
loss
of
principal.
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iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by S&P
Dow
Jones
Indices
LLC,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2022
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
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trademarks
of
BlackRock,
Inc.
or
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subsidiaries.
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other
marks
are
the
property
of
their
respective
owners.
SEPTEMBER
30,
2022
2022
Semi-Annual
Report
(Unaudited)
iShares
Trust
iShares
Russell
2000
ETF
|
IWM
|
NYSE
Arca
iShares
Russell
2000
Growth
ETF
|
IWO
|
NYSE
Arca
iShares
Russell
2000
Value
ETF
|
IWN
|
NYSE
Arca
Dear
Shareholder,
The
12-month
reporting
period
as
of September
30,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets
of
2021.
The
U.S.
economy
shrank
in
the
first
half
of
2022,
ending
the
run
of
robust
growth
that
followed
the
reopening
of
global
economies
and
the
development
of
COVID-19
vaccines.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
weighing
on
relatively
high-valuation
growth
stocks
and
economically
sensitive
small-capitalization
stocks.
While
both
large-
and
small-capitalization
U.S.
stocks
fell,
declines
for
small-capitalization
U.S.
stocks
were
steeper.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
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
notably
during
the
reporting
period
as
investors
reacted
to
higher
inflation
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
proving
more
persistent
than
expected,
raised
interest
rates
five
times
while
indicating
that
additional
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
As
investors
attempted
to
assess
the
Fed’s
future
trajectory,
the
Fed’s
statements
late
in
the
reporting
period
led
markets
to
believe
that
additional
tightening
is
likely
in
the
near
term.
The
pandemic’s
restructuring
of
the
economy
brought
an
ongoing
mismatch
between
supply
and
demand,
contributing
to
the
current
inflationary
regime.
While
growth
has
slowed
in
2022,
we
believe
that
taming
inflation
requires
a
more
dramatic
economic
decline
to
bring
demand
back
to
a
lower
level
that
is
more
in
line
with
the
economy’s
capacity.
The
Fed
has
been
raising
interest
rates
at
the
fastest
pace
in
decades,
and
seems
set
to
overtighten
in
its
effort
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
and
the
outlook
for
Europe
and
the
U.K.
is
also
troubling.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Rising
input
costs
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near
term.
However,
we
see
better
opportunities
in
credit,
where
higher
spreads
provide
income
opportunities
and
partially
compensate
for
inflation
risk.
We
believe
that
investment-grade
corporates,
local-
currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
September
30,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(20.20
)%
(15.47
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(19.01
)
(23.50
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(22.51
)
(25.13
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(21.70
)
(28.11
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.58
0.63
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(10.81
)
(16.20
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(9.22
)
(14.60
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(6.30
)
(11.50
)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(10.42
)
(14.15
)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
7
Disclosure
of Expenses
...................................................................................................
7
Schedules
of
Investments
.................................................................................................
8
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
58
Statements
of
Operations
................................................................................................
59
Statements
of
Changes
in
Net
Assets
........................................................................................
60
Financial
Highlights
.....................................................................................................
62
Notes
to
Financial
Statements
...............................................................................................
65
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
73
Supplemental
Information
.................................................................................................
79
General
Information
.....................................................................................................
80
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
81
Fund
Summary
as
of
September
30,
2022
2022
iShares
Semi-Annual
Report
To
Shareholders
4
iShares
®
Russell
2000
ETF
Investment
Objective
The 
iShares
Russell
2000
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities,
as
represented
by
the
Russell
2000
®
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
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(19.03‌)%
(23.56‌)%
3.48‌%
8.54‌%
(23.56‌)%
18.64‌%
126.83‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(19.02‌)
(23.63‌)
3.46‌
8.54‌
(23.63‌)
18.52‌
126.86‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(19.01‌)
(23.50‌)
3.55‌
8.55‌
(23.50‌)
19.08‌
127.20‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
809.70‌
$
0.86‌
$
1,000.00‌
$
1,024.12‌
$
0.96‌
0.19‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Health
Care
....................................
18.9‌
%
Financials
......................................
17.2‌
Industrials
......................................
14.8‌
Information
Technology
.............................
12.9‌
Consumer
Discretionary
............................
10.2‌
Real
Estate
.....................................
6.4‌
Energy
........................................
6.1‌
Materials
......................................
4.0‌
Consumer
Staples
................................
3.4‌
Utilities
........................................
3.4‌
Communication
Services
............................
2.7‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Shockwave
Medical,
Inc.
.............................
0.5‌
%
Biohaven
Pharmaceutical
Holding
Co.
Ltd.
.................
0.4‌
Chart
Industries,
Inc.
...............................
0.3‌
Karuna
Therapeutics,
Inc.
............................
0.3‌
Apellis
Pharmaceuticals,
Inc.
..........................
0.3‌
Murphy
USA,
Inc.
.................................
0.3‌
RBC
Bearings,
Inc.
................................
0.3‌
SouthState
Corp.
..................................
0.3‌
Texas
Roadhouse,
Inc.
..............................
0.3‌
Chord
Energy
Corp.
................................
0.3‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2022
5
Fund
Summary
iShares
®
Russell
2000
Growth
ETF
Investment
Objective
The 
iShares
Russell
2000
Growth
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities
that
exhibit
growth
characteristics, as
represented
by
the
Russell
2000
®
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
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(19.01‌)%
(29.27‌)%
3.55‌%
8.85‌%
(29.27‌)%
19.07‌%
133.56‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(18.88‌)
(29.20‌)
3.56‌
8.87‌
(29.20‌)
19.10‌
133.94‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(19.06‌)
(29.27‌)
3.60‌
8.81‌
(29.27‌)
19.32‌
132.59‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
809.90‌
$
1.09‌
$
1,000.00‌
$
1,023.87‌
$
1.22‌
0.24‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Health
Care
....................................
25.3‌
%
Information
Technology
.............................
19.5‌
Industrials
......................................
17.2‌
Consumer
Discretionary
............................
10.8‌
Energy
........................................
6.5‌
Financials
......................................
6.0‌
Materials
......................................
4.3‌
Consumer
Staples
................................
4.2‌
Communication
Services
............................
2.4‌
Real
Estate
.....................................
2.2‌
Utilities
........................................
1.6‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Shockwave
Medical,
Inc.
.............................
0.9‌
%
Chart
Industries,
Inc.
...............................
0.6‌
Karuna
Therapeutics,
Inc.
............................
0.6‌
Apellis
Pharmaceuticals,
Inc.
..........................
0.6‌
Murphy
USA,
Inc.
.................................
0.5‌
Biohaven
Pharmaceutical
Holding
Co.
Ltd.
.................
0.5‌
Texas
Roadhouse,
Inc.
..............................
0.5‌
Iridium
Communications,
Inc.
..........................
0.5‌
EMCOR
Group,
Inc.
................................
0.5‌
HealthEquity,
Inc.
..................................
0.5‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2022
2022
iShares
Semi-Annual
Report
To
Shareholders
6
iShares
®
Russell
2000
Value
ETF
Investment
Objective
The
iShares
Russell
2000
Value
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities
that
exhibit value
characteristics, as
represented
by
the
Russell
2000
®
 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
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(19.26‌)%
(17.87‌)%
2.70‌%
7.80‌%
(17.87‌)%
14.24‌%
111.90‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(19.25‌)
(17.94‌)
2.68‌
7.80‌
(17.94‌)
14.15‌
111.93‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(19.18‌)
(17.69‌)
2.87‌
7.94‌
(17.69‌)
15.21‌
114.78‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
807.40‌
$
1.09‌
$
1,000.00‌
$
1,023.87‌
$
1.22‌
0.24‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Financials
......................................
29.0‌
%
Industrials
......................................
12.4‌
Health
Care
....................................
12.1‌
Real
Estate
.....................................
10.8‌
Consumer
Discretionary
............................
9.6‌
Information
Technology
.............................
5.9‌
Energy
........................................
5.7‌
Utilities
........................................
5.1‌
Materials
......................................
3.7‌
Communication
Services
............................
3.0‌
Consumer
Staples
................................
2.7‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
SouthState
Corp.
..................................
0.6‌
%
Agree
Realty
Corp.
................................
0.5‌
STAG
Industrial,
Inc.
...............................
0.5‌
RBC
Bearings,
Inc.
................................
0.5‌
Old
National
Bancorp
...............................
0.5‌
Selective
Insurance
Group,
Inc.
........................
0.5‌
Glacier
Bancorp,
Inc.
...............................
0.5‌
United
Bankshares,
Inc.
.............................
0.4‌
Valley
National
Bancorp
.............................
0.4‌
TEGNA,
Inc.
.....................................
0.4‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
7
About
Fund
Performance
/
Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
Russell
2000
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.9%
AAR
Corp.
(a)
......................
760,219
$
27,231,045
Aerojet
Rocketdyne
Holdings,
Inc.
(a)
......
1,723,768
68,933,482
AeroVironment
,
Inc.
(a)(b)
...............
537,680
44,821,005
AerSale
Corp.
(a)(b)
...................
335,132
6,213,347
Archer
Aviation,
Inc.,
Class
A
(a)(b)
.........
3,101,608
8,095,197
Astra
Space,
Inc.,
Class
A
(a)(b)
...........
3,108,126
1,899,065
Astronics
Corp.
(a)(b)
..................
532,957
4,189,042
Cadre
Holdings,
Inc.
(b)
................
406,018
9,768,793
Ducommun,
Inc.
(a)(b)
.................
233,874
9,275,443
Kaman
Corp.
.....................
620,445
17,329,029
Kratos
Defense
&
Security
Solutions,
Inc.
(a)(b)
2,718,256
27,617,481
Maxar
Technologies,
Inc.
(b)
............
1,594,541
29,849,807
Momentus
,
Inc.,
Class
A
(a)(b)
............
1,080,452
1,480,219
Moog,
Inc.,
Class
A
.................
627,046
44,112,686
National
Presto
Industries,
Inc.
..........
110,593
7,194,075
Park
Aerospace
Corp.
................
429,370
4,740,245
Parsons
Corp.
(a)(b)
...................
739,430
28,985,656
Redwire
Corp.
(a)(b)
...................
378,770
901,473
Rocket
Lab
USA,
Inc.
(a)(b)
..............
4,743,641
19,306,619
Terran
Orbital
Corp.
(a)(b)
...............
461,692
817,195
Triumph
Group,
Inc.
(a)
................
1,420,484
12,201,957
V2X,
Inc.
(a)(b)
......................
260,810
9,232,674
Virgin
Galactic
Holdings,
Inc.
(a)(b)
.........
5,017,373
23,631,827
407,827,362
Air
Freight
&
Logistics
—
0.4%
(b)
Air
Transport
Services
Group,
Inc.
(a)
......
1,284,422
30,941,726
Atlas
Air
Worldwide
Holdings,
Inc.
(a)
......
605,845
57,900,607
Forward
Air
Corp.
..................
587,985
53,071,526
Hub
Group,
Inc.,
Class
A
(a)
.............
732,002
50,493,498
Radiant
Logistics,
Inc.
(a)
..............
844,708
4,806,388
197,213,745
Airlines
—
0.3%
Allegiant
Travel
Co.
(a)
................
336,550
24,561,419
Blade
Air
Mobility,
Inc.,
Class
A
(a)(b)
.......
1,265,593
5,100,340
Frontier
Group
Holdings,
Inc.
(a)(b)
.........
816,024
7,915,433
Hawaiian
Holdings,
Inc.
(a)(b)
............
1,126,697
14,816,066
Joby
Aviation,
Inc.,
Class
A
(a)(b)
..........
5,427,148
23,499,551
SkyWest,
Inc.
(a)
....................
1,103,846
17,948,536
Spirit
Airlines,
Inc.
(b)
.................
2,380,070
44,792,917
Sun
Country
Airlines
Holdings,
Inc.
(a)(b)
.....
729,169
9,923,990
Wheels
Up
Experience,
Inc.,
Class
A
(a)(b)
...
3,435,588
3,950,926
152,509,178
Auto
Components
—
1.3%
Adient
plc
(a)(b)
......................
2,075,199
57,586,772
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
2,435,800
16,636,514
Dana,
Inc.
........................
2,811,798
32,138,851
Dorman
Products,
Inc.
(a)
..............
571,577
46,937,903
Fox
Factory
Holding
Corp.
(a)(b)
..........
927,335
73,333,652
Gentherm
,
Inc.
(a)
...................
719,411
35,776,309
Goodyear
Tire
&
Rubber
Co.
(The)
(a)(b)
.....
6,097,107
61,519,810
Holley,
Inc.
(a)(b)
.....................
1,097,606
4,445,304
LCI
Industries
.....................
540,810
54,870,583
Luminar
Technologies,
Inc.,
Class
A
(a)(b)
....
5,321,369
38,766,173
Modine
Manufacturing
Co.
(a)(b)
..........
1,087,534
14,072,690
Motorcar
Parts
of
America,
Inc.
(a)(b)
.......
398,740
6,068,823
Patrick
Industries,
Inc.
...............
478,456
20,975,511
Solid
Power,
Inc.,
Class
A
(a)(b)
...........
2,806,698
14,763,231
Standard
Motor
Products,
Inc.
..........
423,163
13,752,798
Stoneridge,
Inc.
(a)(b)
..................
559,457
9,482,796
Tenneco,
Inc.,
Class
A
(a)(b)
.............
1,775,420
30,874,554
Visteon
Corp.
(a)(b)
...................
605,556
64,225,269
Security
Shares
Shares
Value
Auto
Components
(continued)
XPEL,
Inc.
(a)(b)(c)
....................
471,289
$
30,369,863
626,597,406
Automobiles
—
0.2%
(b)
Canoo
,
Inc.,
Class
A
(a)
................
3,081,008
5,776,890
Cenntro
Electric
Group
Ltd.
(a)
...........
4,191,840
4,317,595
Faraday
Future
Intelligent
Electric,
Inc.
(a)
...
2,153,505
1,370,060
Fisker
,
Inc.,
Class
A
(a)
................
3,536,586
26,701,224
Lordstown
Motors
Corp.,
Class
A
(a)
.......
3,721,131
6,809,670
Mullen
Automotive,
Inc.
(a)
..............
7,347,143
2,408,394
Winnebago
Industries,
Inc.
............
678,056
36,079,360
Workhorse
Group,
Inc.
(a)
..............
3,390,944
9,732,009
93,195,202
Banks
—
10.1%
1st
Source
Corp.
...................
364,130
16,859,219
ACNB
Corp.
......................
179,164
5,382,087
Allegiance
Bancshares,
Inc.
............
422,668
17,595,669
Amalgamated
Financial
Corp.
..........
314,126
7,083,541
Amerant
Bancorp,
Inc.,
Class
A
(b)
........
602,753
14,972,384
American
National
Bankshares
,
Inc.
......
236,858
7,567,613
Ameris
Bancorp
....................
1,427,709
63,832,869
Arrow
Financial
Corp.
................
313,998
9,049,422
Associated
Banc-Corp.
...............
3,243,487
65,129,219
Atlantic
Union
Bankshares
Corp.
........
1,625,163
49,372,452
Banc
of
California,
Inc.
...............
1,167,344
18,642,484
BancFirst
Corp.
(b)
...................
430,129
38,483,642
Bancorp,
Inc.
(The)
(a)(b)
...............
1,176,691
25,863,668
Bank
First
Corp.
(b)
..................
147,480
11,279,270
Bank
of
Marin
Bancorp
...............
351,347
10,522,843
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
....
1,087,982
35,315,896
BankUnited
,
Inc.
...................
1,690,296
57,757,414
Bankwell
Financial
Group,
Inc.
..........
119,376
3,475,035
Banner
Corp.
.....................
688,510
40,677,171
Bar
Harbor
Bankshares
..............
324,614
8,608,763
BayCom
Corp.
(b)
...................
272,571
4,791,798
BCB
Bancorp,
Inc.
..................
304,675
5,127,680
Berkshire
Hills
Bancorp,
Inc.
...........
938,965
25,633,744
Blue
Ridge
Bankshares
,
Inc.
...........
389,305
4,948,067
Brookline
Bancorp,
Inc.
...............
1,694,763
19,743,989
Business
First
Bancshares,
Inc.
.........
434,832
9,361,933
Byline
Bancorp,
Inc.
.................
554,101
11,220,545
Cadence
Bank
....................
3,760,243
95,547,775
Cambridge
Bancorp
.................
151,097
12,048,475
Camden
National
Corp.
..............
327,185
13,938,081
Capital
Bancorp,
Inc.
................
191,485
4,423,303
Capital
City
Bank
Group,
Inc.
...........
300,762
9,356,706
Capstar
Financial
Holdings,
Inc.
.........
465,301
8,622,028
Carter
Bankshares
,
Inc.
(a)(b)
............
547,074
8,807,891
Cathay
General
Bancorp
..............
1,567,516
60,286,665
CBTX,
Inc.
.......................
424,382
12,413,173
Central
Pacific
Financial
Corp.
..........
550,458
11,388,976
Citizens
&
Northern
Corp.
.............
340,492
8,233,097
City
Holding
Co.
...................
319,645
28,349,315
Civista
Bancshares,
Inc.
..............
317,737
6,596,220
CNB
Financial
Corp.
.................
359,497
8,473,344
Coastal
Financial
Corp.
(a)(b)
............
222,200
8,830,228
Colony
Bankcorp
,
Inc.
...............
347,121
4,522,987
Columbia
Banking
System,
Inc.
.........
1,690,281
48,832,218
Community
Bank
System,
Inc.
..........
1,154,356
69,353,708
Community
Trust
Bancorp,
Inc.
.........
354,958
14,393,547
ConnectOne
Bancorp,
Inc.
............
813,939
18,769,433
CrossFirst
Bankshares
,
Inc.
(a)(b)
.........
1,043,089
13,612,311
Customers
Bancorp,
Inc.
(a)
.............
674,293
19,878,158
CVB
Financial
Corp.
.................
2,884,920
73,046,174
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
Schedules
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Dime
Community
Bancshares,
Inc.
.......
722,613
$
21,158,109
Eagle
Bancorp,
Inc.
.................
695,132
31,155,816
Eastern
Bankshares
,
Inc.
(b)
............
3,384,301
66,467,672
Enterprise
Bancorp,
Inc.
..............
196,486
5,876,896
Enterprise
Financial
Services
Corp.
(b)
.....
771,773
33,988,883
Equity
Bancshares,
Inc.,
Class
A
........
307,272
9,104,469
Esquire
Financial
Holdings,
Inc.
.........
146,970
5,518,723
Farmers
&
Merchants
Bancorp,
Inc.
(b)
.....
256,618
6,895,326
Farmers
National
Banc
Corp.
...........
699,412
9,155,303
FB
Financial
Corp.
(b)
.................
761,643
29,102,379
Financial
Institutions,
Inc.
.............
358,408
8,626,881
First
Bancorp
.....................
782,358
28,618,656
First
BanCorp
.....................
4,018,770
54,976,774
First
Bancorp,
Inc.
(The)
..............
227,249
6,260,710
First
Bancshares,
Inc.
(The)
(b)
..........
446,825
13,346,663
First
Bank
........................
346,429
4,735,684
First
Busey
Corp.
...................
1,132,885
24,900,812
First
Business
Financial
Services,
Inc.
(b)
....
170,085
5,495,446
First
Commonwealth
Financial
Corp.
......
2,010,661
25,816,887
First
Community
Bankshares
,
Inc.
.......
370,974
11,882,297
First
Financial
Bancorp
...............
2,038,212
42,965,509
First
Financial
Bankshares
,
Inc.
(b)
........
2,835,573
118,612,019
First
Financial
Corp.
.................
249,341
11,267,720
First
Foundation,
Inc.
................
1,108,140
20,101,660
First
Guaranty
Bancshares,
Inc.
.........
87,426
1,912,881
First
Internet
Bancorp
(b)
...............
199,184
6,744,370
First
Interstate
BancSystem
,
Inc.,
Class
A
..
1,982,615
79,998,515
First
Merchants
Corp.
................
1,243,324
48,091,772
First
Mid
Bancshares,
Inc.
.............
401,257
12,828,186
First
of
Long
Island
Corp.
(The)
.........
507,153
8,743,318
First
Western
Financial,
Inc.
(a)(b)
.........
167,414
4,126,755
Five
Star
Bancorp
..................
249,594
7,078,486
Flushing
Financial
Corp.
..............
648,912
12,569,425
Fulton
Financial
Corp.
................
3,501,055
55,316,669
FVCBankcorp
,
Inc.
(a)(b)
...............
253,307
4,855,895
German
American
Bancorp,
Inc.
.........
573,244
20,470,543
Glacier
Bancorp,
Inc.
................
2,415,666
118,681,671
Great
Southern
Bancorp,
Inc.
(b)
.........
200,495
11,442,250
Guaranty
Bancshares,
Inc.
(b)
...........
174,910
6,050,137
Hancock
Whitney
Corp.
..............
1,875,537
85,918,350
Hanmi
Financial
Corp.
...............
640,061
15,156,644
HarborOne
Bancorp,
Inc.
.............
1,001,018
13,433,662
HBT
Financial,
Inc.
..................
205,052
3,721,694
Heartland
Financial
USA,
Inc.
..........
888,434
38,522,498
Heritage
Commerce
Corp.
.............
1,293,418
14,667,360
Heritage
Financial
Corp.
..............
762,866
20,193,063
Hilltop
Holdings,
Inc.
.................
1,092,480
27,148,128
Home
BancShares
,
Inc.
..............
4,145,753
93,320,900
HomeStreet
,
Inc.
...................
396,143
11,412,880
HomeTrust
Bancshares,
Inc.
...........
350,877
7,754,382
Hope
Bancorp,
Inc.
.................
2,553,370
32,274,597
Horizon
Bancorp,
Inc.
................
912,980
16,397,121
Independent
Bank
Corp.
..............
1,472,712
82,980,387
Independent
Bank
Group,
Inc.
..........
787,259
48,329,830
International
Bancshares
Corp.
(b)
........
1,174,434
49,913,445
John
Marshall
Bancorp,
Inc.
(b)
..........
241,580
5,933,205
Lakeland
Bancorp,
Inc.
...............
1,377,255
22,049,853
Lakeland
Financial
Corp.
..............
537,748
39,153,432
Live
Oak
Bancshares,
Inc.
(b)
............
724,337
22,164,712
Macatawa
Bank
Corp.
...............
584,130
5,409,044
Mercantile
Bank
Corp.
...............
354,876
10,543,366
Metrocity
Bankshares
,
Inc.
............
427,914
8,404,231
Metropolitan
Bank
Holding
Corp.
(a)(b)
......
227,730
14,656,703
Mid
Penn
Bancorp,
Inc.
...............
312,230
8,970,368
Midland
States
Bancorp,
Inc.
...........
478,495
11,278,127
Security
Shares
Shares
Value
Banks
(continued)
MidWestOne
Financial
Group,
Inc.
.......
322,918
$
8,812,432
MVB
Financial
Corp.
................
219,193
6,100,141
National
Bank
Holdings
Corp.,
Class
A
....
654,478
24,209,141
NBT
Bancorp,
Inc.
..................
919,347
34,889,219
Nicolet
Bankshares
,
Inc.
(a)(b)
............
274,128
19,309,576
Northeast
Bank
(b)
...................
142,400
5,221,808
Northwest
Bancshares,
Inc.
............
2,643,639
35,715,563
OceanFirst
Financial
Corp.
............
1,272,646
23,722,121
OFG
Bancorp
.....................
1,022,354
25,691,756
Old
National
Bancorp
................
6,390,157
105,245,886
Old
Second
Bancorp,
Inc.
.............
899,211
11,734,704
Origin
Bancorp,
Inc.
.................
504,469
19,406,922
Orrstown
Financial
Services,
Inc.
........
238,044
5,694,012
Pacific
Premier
Bancorp,
Inc.
...........
2,030,659
62,869,203
Park
National
Corp.
.................
313,441
39,017,136
Parke
Bancorp,
Inc.
(b)
................
214,367
4,493,132
Pathward
Financial,
Inc.
..............
624,653
20,588,563
PCB
Bancorp
.....................
246,674
4,457,399
PCSB
Financial
Corp.
(b)
..............
290,888
5,215,622
Peapack
-Gladstone
Financial
Corp.
(b)
.....
393,165
13,230,002
Peoples
Bancorp,
Inc.
...............
579,885
16,776,073
Peoples
Financial
Services
Corp.
........
155,021
7,261,184
Preferred
Bank
....................
212,051
13,832,087
Premier
Financial
Corp.
..............
790,335
20,311,609
Primis
Financial
Corp.
................
544,453
6,604,215
Professional
Holding
Corp.,
Class
A
(a)(b)
....
273,923
7,105,563
QCR
Holdings,
Inc.
(b)
................
358,273
18,250,427
RBB
Bancorp
.....................
323,620
6,724,824
Red
River
Bancshares,
Inc.
(b)
...........
101,059
4,995,346
Renasant
Corp.
....................
1,180,886
36,938,114
Republic
Bancorp,
Inc.,
Class
A
.........
194,016
7,430,813
Republic
First
Bancorp,
Inc.
(a)(b)
.........
969,491
2,743,660
S&T
Bancorp,
Inc.
..................
794,390
23,283,571
Sandy
Spring
Bancorp,
Inc.
............
978,164
34,490,063
Seacoast
Banking
Corp.
of
Florida
.......
1,281,128
38,728,499
ServisFirst
Bancshares,
Inc.
(b)
..........
1,090,538
87,243,040
Shore
Bancshares,
Inc.
...............
377,434
6,537,157
Sierra
Bancorp
....................
313,671
6,195,002
Silvergate
Capital
Corp.,
Class
A
(a)(b)
......
682,779
51,447,398
Simmons
First
National
Corp.,
Class
A
....
2,663,598
58,039,800
SmartFinancial
,
Inc.
.................
306,317
7,569,093
South
Plains
Financial,
Inc.
............
238,945
6,585,324
Southern
First
Bancshares,
Inc.
(a)(b)
.......
170,905
7,119,902
Southside
Bancshares,
Inc.
............
680,863
24,075,316
SouthState
Corp.
...................
1,627,471
128,765,505
Stock
Yards
Bancorp,
Inc.
(b)
............
616,471
41,926,193
Summit
Financial
Group,
Inc.
...........
250,135
6,738,637
Texas
Capital
Bancshares,
Inc.
(a)
........
1,086,286
64,123,463
Third
Coast
Bancshares,
Inc.
(a)(b)
.........
269,651
4,613,729
Tompkins
Financial
Corp.
.............
302,281
21,951,646
Towne
Bank
......................
1,477,988
39,654,418
TriCo
Bancshares
..................
683,026
30,497,111
Triumph
Bancorp,
Inc.
(a)(b)
.............
511,430
27,796,220
Trustmark
Corp.
...................
1,341,665
41,095,199
UMB
Financial
Corp.
................
960,142
80,930,369
United
Bankshares
,
Inc.
..............
2,836,972
101,421,749
United
Community
Banks,
Inc.
..........
2,237,778
74,070,452
Unity
Bancorp,
Inc.
(b)
................
149,236
3,747,316
Univest
Financial
Corp.
...............
660,120
15,499,618
USCB
Financial
Holdings,
Inc.,
Class
A
(a)(b)
..
228,451
2,994,993
Valley
National
Bancorp
..............
9,377,745
101,279,646
Veritex
Holdings,
Inc.
................
1,124,669
29,904,949
Washington
Federal,
Inc.
..............
1,426,861
42,777,293
Washington
Trust
Bancorp,
Inc.
.........
386,283
17,954,434
WesBanco
,
Inc.
....................
1,259,172
42,018,570
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
West
BanCorp
,
Inc.
.................
356,635
$
7,421,574
Westamerica
BanCorp
(b)
..............
572,622
29,942,404
4,785,710,285
Beverages
—
0.6%
Celsius
Holdings,
Inc.
(a)(b)
..............
1,207,366
109,483,949
Coca-Cola
Consolidated,
Inc.
(b)
.........
101,961
41,980,403
Duckhorn
Portfolio,
Inc.
(The)
(a)
.........
803,964
11,601,201
MGP
Ingredients,
Inc.
(b)
...............
301,547
32,012,229
National
Beverage
Corp.
..............
513,854
19,803,933
Primo
Water
Corp.
..................
3,446,017
43,247,513
Vintage
Wine
Estates,
Inc.
(a)(b)
..........
603,870
1,672,720
Vita
Coco
Co.,
Inc.
(The)
(a)(b)
...........
600,228
6,836,597
266,638,545
Biotechnology
—
8.4%
(a)
2seventy
bio,
Inc.
(b)
.................
828,019
12,047,676
4D
Molecular
Therapeutics,
Inc.
.........
630,795
5,071,592
Aadi
Bioscience,
Inc.
(b)
...............
327,028
4,620,906
ACADIA
Pharmaceuticals,
Inc.
(b)
.........
2,610,654
42,710,299
Adicet
Bio,
Inc.
(b)
...................
620,998
8,830,592
ADMA
Biologics,
Inc.
(b)
...............
3,998,075
9,715,322
Aerovate
Therapeutics,
Inc.
(b)
...........
222,757
3,693,311
Affimed
NV
(b)
......................
3,024,170
6,229,790
Agenus,
Inc.
(b)
.....................
6,182,298
12,673,711
Agios
Pharmaceuticals,
Inc.
(b)
..........
1,187,875
33,593,105
Akero
Therapeutics,
Inc.
(b)
.............
603,592
20,552,308
Albireo
Pharma,
Inc.
(b)
................
381,945
7,394,455
Alector
,
Inc.
(b)
.....................
1,378,094
13,036,769
Alkermes
plc
(b)
.....................
3,542,125
79,095,651
Allogene
Therapeutics,
Inc.
(b)
...........
1,741,482
18,808,006
Allovir
,
Inc.
(b)
......................
642,715
5,071,021
Alpine
Immune
Sciences,
Inc.
(b)
.........
319,842
2,302,862
ALX
Oncology
Holdings,
Inc.
(b)
..........
477,675
4,571,350
Amicus
Therapeutics,
Inc.
(b)
............
6,007,997
62,723,489
AnaptysBio
,
Inc.
(b)
..................
443,777
11,320,751
Anavex
Life
Sciences
Corp.
(b)
...........
1,521,618
15,703,098
Anika
Therapeutics,
Inc.
(b)
.............
314,512
7,485,386
Apellis
Pharmaceuticals,
Inc.
(b)
..........
2,039,633
139,306,934
Arbutus
Biopharma
Corp.
(b)
............
2,263,160
4,322,636
Arcellx
,
Inc.
(b)
.....................
632,190
11,866,206
Arcturus
Therapeutics
Holdings,
Inc.
(b)
.....
499,966
7,409,496
Arcus
Biosciences,
Inc.
(b)
..............
1,106,094
28,935,419
Arcutis
Biotherapeutics
,
Inc.
(b)
..........
888,721
16,983,458
Arrowhead
Pharmaceuticals,
Inc.
(b)
.......
2,253,302
74,471,631
Atara
Biotherapeutics
,
Inc.
(b)
...........
2,087,879
7,892,183
Aura
Biosciences,
Inc.
(b)
..............
398,857
7,227,289
Aurinia
Pharmaceuticals,
Inc.
(b)
..........
2,889,875
21,731,860
Avid
Bioservices
,
Inc.
(b)
...............
1,349,656
25,805,423
Avidity
Biosciences,
Inc.
(b)
.............
1,111,739
18,154,698
Beam
Therapeutics,
Inc.
(b)
.............
1,383,094
65,890,598
BioCryst
Pharmaceuticals,
Inc.
(b)
.........
4,062,116
51,182,662
Biohaven
Pharmaceutical
Holding
Co.
Ltd.
..
1,374,286
207,750,815
Bioxcel
Therapeutics,
Inc.
(b)
............
423,866
5,010,096
Bluebird
Bio,
Inc.
(b)
..................
1,690,422
10,700,371
Blueprint
Medicines
Corp.
(b)
............
1,299,331
85,612,920
Bridgebio
Pharma,
Inc.
(b)
..............
2,258,968
22,454,142
C4
Therapeutics,
Inc.
(b)
...............
898,882
7,883,195
CareDx
,
Inc.
(b)
.....................
1,116,411
19,001,315
Caribou
Biosciences,
Inc.
(b)
............
1,211,519
12,781,525
Catalyst
Pharmaceuticals,
Inc.
(b)
.........
2,054,246
26,355,976
Celldex
Therapeutics,
Inc.
(b)
............
1,003,960
28,221,316
Celularity
,
Inc.,
Class
A
(b)
..............
1,309,286
3,024,451
Century
Therapeutics,
Inc.
(b)
...........
420,298
4,156,747
Cerevel
Therapeutics
Holdings,
Inc.
(b)
.....
1,187,959
33,571,721
Security
Shares
Shares
Value
Biotechnology
(continued)
ChemoCentryx
,
Inc.
(b)
................
1,374,978
$
71,031,363
Chimerix
,
Inc.
(b)
....................
1,832,061
3,535,878
Chinook
Therapeutics,
Inc.
............
1,080,854
21,249,590
Cogent
Biosciences,
Inc.
(b)
.............
1,388,086
20,710,243
Coherus
Biosciences,
Inc.
(b)
............
1,613,411
15,504,880
Crinetics
Pharmaceuticals,
Inc.
(b)
........
1,135,075
22,292,873
CTI
BioPharma
Corp.
(b)
...............
2,181,279
12,695,044
Cullinan
Oncology,
Inc.
(b)
..............
640,578
8,212,210
Cytokinetics,
Inc.
(b)
..................
1,783,414
86,406,408
Day
One
Biopharmaceuticals,
Inc.
(b)
......
603,217
12,082,437
Deciphera
Pharmaceuticals,
Inc.
(b)
.......
971,761
17,977,579
Denali
Therapeutics,
Inc.
(b)
............
2,158,889
66,256,303
Design
Therapeutics,
Inc.
(b)
............
737,044
12,323,376
Dynavax
Technologies
Corp.
(b)
..........
2,587,000
27,008,280
Dyne
Therapeutics,
Inc.
..............
689,789
8,760,320
Eagle
Pharmaceuticals,
Inc.
(b)
..........
227,627
6,013,905
Editas
Medicine,
Inc.
(b)
...............
1,512,776
18,516,378
Eiger
BioPharmaceuticals
,
Inc.
(b)
.........
866,593
6,525,445
Emergent
BioSolutions
,
Inc.
(b)
..........
1,093,310
22,948,577
Enanta
Pharmaceuticals,
Inc.
(b)
.........
428,251
22,213,379
Enochian
Biosciences,
Inc.
(b)
...........
344,085
622,794
EQRx
,
Inc.
(b)
......................
4,349,733
21,531,178
Erasca
,
Inc.
(b)
.....................
1,408,006
10,982,447
Fate
Therapeutics,
Inc.
(b)
..............
1,812,064
40,608,354
FibroGen
,
Inc.
(b)
....................
1,882,502
24,491,351
Foghorn
Therapeutics,
Inc.
(b)
...........
425,139
3,647,693
Forma
Therapeutics
Holdings,
Inc.
.......
787,789
15,716,391
Generation
Bio
Co.
(b)
................
1,047,888
5,564,285
Geron
Corp.
(b)
.....................
7,915,651
18,522,623
Global
Blood
Therapeutics,
Inc.
(b)
........
1,403,688
95,591,153
Gossamer
Bio,
Inc.
(b)
................
1,368,083
16,389,634
GreenLight
Biosciences
Holdings
PBC
(b)
...
1,321,727
3,066,407
Halozyme
Therapeutics,
Inc.
(b)
..........
2,946,487
116,504,096
Heron
Therapeutics,
Inc.
(b)
.............
2,220,656
9,371,168
HilleVax
,
Inc.
(b)
.....................
269,270
4,601,824
Humacyte
,
Inc.
(b)
...................
370,277
1,207,103
Icosavax
,
Inc.
(b)
....................
496,434
1,568,731
Ideaya
Biosciences,
Inc.
(b)
.............
756,848
11,292,172
IGM
Biosciences,
Inc.
(b)
...............
222,021
5,048,758
Imago
Biosciences,
Inc.
(b)
.............
580,500
8,736,525
ImmunityBio
,
Inc.
(b)
..................
1,800,804
8,949,996
ImmunoGen
,
Inc.
(b)
..................
4,688,791
22,412,421
Immunovant
,
Inc.
(b)
..................
864,334
4,822,984
Inhibrx
,
Inc.
(b)
.....................
637,385
11,441,061
Inovio
Pharmaceuticals,
Inc.
(b)
..........
5,406,326
9,325,912
Insmed
,
Inc.
(b)
.....................
2,586,086
55,704,292
Instil
Bio,
Inc.
(b)
....................
1,490,767
7,215,312
Intellia
Therapeutics,
Inc.
(b)
............
1,640,253
91,788,558
Intercept
Pharmaceuticals,
Inc.
(b)
........
512,237
7,145,706
Invivyd
,
Inc.
(b)
.....................
1,126,464
3,525,832
Iovance
Biotherapeutics
,
Inc.
(b)
..........
3,310,789
31,717,359
Ironwood
Pharmaceuticals,
Inc.,
Class
A
(b)
..
2,994,550
31,023,538
iTeos
Therapeutics,
Inc.
..............
514,709
9,805,206
IVERIC
bio,
Inc.
(b)
...................
2,587,680
46,422,979
Janux
Therapeutics,
Inc.
(b)
.............
358,049
4,847,983
Jounce
Therapeutics,
Inc.
(b)
............
889,014
2,080,293
KalVista
Pharmaceuticals,
Inc.
(b)
.........
529,065
7,676,733
Karuna
Therapeutics,
Inc.
(b)
............
649,973
146,198,427
Karyopharm
Therapeutics,
Inc.
(b)
........
1,629,046
8,894,591
Keros
Therapeutics,
Inc.
(b)
.............
391,620
14,732,744
Kezar
Life
Sciences,
Inc.
(b)
.............
1,145,065
9,859,010
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
(b)
....
681,738
8,753,516
Kinnate
Biopharma,
Inc.
(b)
.............
621,004
7,420,998
Kodiak
Sciences,
Inc.
................
725,610
5,616,221
Kronos
Bio,
Inc.
(b)
...................
845,273
2,831,665
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
Schedules
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Krystal
Biotech,
Inc.
(b)
................
465,733
$
32,461,590
Kura
Oncology,
Inc.
(b)
................
1,370,693
18,723,666
Kymera
Therapeutics,
Inc.
(b)
............
830,012
18,069,361
Lexicon
Pharmaceuticals,
Inc.
(b)
.........
1,776,623
4,263,895
Ligand
Pharmaceuticals,
Inc.
(b)
..........
333,370
28,706,491
Lyell
Immunopharma
,
Inc.
(b)
............
3,770,641
27,638,799
MacroGenics
,
Inc.
(b)
.................
1,302,005
4,504,937
Madrigal
Pharmaceuticals,
Inc.
(b)
........
280,830
18,251,142
MannKind
Corp.
(b)
..................
5,461,472
16,875,949
MeiraGTx
Holdings
plc
(b)
..............
647,873
5,448,612
Mersana
Therapeutics,
Inc.
(b)
...........
1,949,998
13,181,986
MiMedx
Group,
Inc.
(b)
................
2,534,355
7,273,599
Mirum
Pharmaceuticals,
Inc.
(b)
..........
390,795
8,210,603
Monte
Rosa
Therapeutics,
Inc.
(b)
.........
602,958
4,926,167
Morphic
Holding,
Inc.
(b)
...............
570,740
16,151,942
Myriad
Genetics,
Inc.
(b)
...............
1,746,615
33,325,414
Nkarta
,
Inc.
(b)
......................
720,908
9,487,149
Nurix
Therapeutics,
Inc.
(b)
.............
1,011,732
13,182,868
Nuvalent
,
Inc.,
Class
A
(b)
..............
380,045
7,388,075
Ocugen
,
Inc.
(b)
.....................
4,605,583
8,197,938
Organogenesis
Holdings,
Inc.,
Class
A
(b)
...
1,565,896
5,073,503
Outlook
Therapeutics,
Inc.
(b)
............
2,401,494
2,929,823
Pardes
Biosciences,
Inc.
(b)
.............
695,524
1,286,719
PDL
BioPharma
,
Inc.
(d)
...............
11,853
10,454
PepGen
,
Inc.
(b)
....................
152,707
1,386,580
PMV
Pharmaceuticals,
Inc.
(b)
...........
796,023
9,472,674
Point
Biopharma
Global,
Inc.
(b)
..........
1,580,645
12,218,386
Praxis
Precision
Medicines,
Inc.
(b)
........
952,212
2,161,521
Precigen
,
Inc.
(b)
....................
2,264,435
4,800,602
Prometheus
Biosciences,
Inc.
(b)
.........
667,558
39,392,598
Protagonist
Therapeutics,
Inc.
(b)
.........
1,023,305
8,626,461
Prothena
Corp.
plc
..................
779,423
47,256,417
PTC
Therapeutics,
Inc.
(b)
..............
1,525,835
76,596,917
Rallybio
Corp.
(b)
....................
391,605
5,666,524
RAPT
Therapeutics,
Inc.
(b)
.............
576,270
13,865,056
Recursion
Pharmaceuticals,
Inc.,
Class
A
(b)
.
2,979,988
31,707,072
REGENXBIO,
Inc.
(b)
.................
879,225
23,237,917
Relay
Therapeutics,
Inc.
(b)
.............
1,664,891
37,243,612
Replimune
Group,
Inc.
(b)
..............
861,529
14,878,606
REVOLUTION
Medicines,
Inc.
(b)
.........
1,618,675
31,920,271
Rigel
Pharmaceuticals,
Inc.
............
3,719,037
4,388,464
Rocket
Pharmaceuticals,
Inc.
(b)
..........
963,627
15,379,487
Sage
Therapeutics,
Inc.
(b)
.............
1,135,900
44,481,844
Sana
Biotechnology,
Inc.
(b)
.............
1,931,267
11,587,602
Sangamo
Therapeutics,
Inc.
(b)
..........
2,796,300
13,701,870
Seres
Therapeutics,
Inc.
(b)
.............
1,516,785
9,737,760
Sorrento
Therapeutics,
Inc.
(b)
...........
8,322,042
13,065,606
SpringWorks
Therapeutics,
Inc.
(b)
........
761,230
21,717,892
Stoke
Therapeutics,
Inc.
(b)
.............
485,183
6,229,750
Sutro
Biopharma,
Inc.
(b)
...............
1,049,507
5,824,764
Syndax
Pharmaceuticals,
Inc.
(b)
.........
1,166,238
28,024,699
Talaris
Therapeutics,
Inc.
.............
407,007
1,070,428
Tango
Therapeutics,
Inc.
(b)
.............
900,629
3,260,277
Tenaya
Therapeutics,
Inc.
(b)
............
618,679
1,794,169
TG
Therapeutics,
Inc.
(b)
...............
2,890,826
17,113,690
Travere
Therapeutics,
Inc.
(b)
............
1,327,488
32,709,304
Twist
Bioscience
Corp.
(b)
..............
1,228,874
43,305,520
Tyra
Biosciences,
Inc.
(b)
..............
249,682
2,194,705
Vanda
Pharmaceuticals,
Inc.
(b)
..........
1,172,595
11,585,239
Vaxart
,
Inc.
(b)
......................
2,798,817
6,101,421
Vaxcyte
,
Inc.
......................
1,183,014
28,392,336
VBI
Vaccines,
Inc.
(b)
.................
4,086,337
2,884,137
Vera
Therapeutics,
Inc.,
Class
A
(b)
........
306,995
6,542,063
Veracyte
,
Inc.
(b)
....................
1,565,257
25,983,266
Vericel
Corp.
(b)
.....................
1,036,464
24,045,965
Security
Shares
Shares
Value
Biotechnology
(continued)
Verve
Therapeutics,
Inc.
(b)
.............
991,291
$
34,050,846
Vir
Biotechnology,
Inc.
(b)
..............
1,570,936
30,287,646
Viridian
Therapeutics,
Inc.
(b)
............
589,838
12,097,577
VistaGen
Therapeutics,
Inc.
(b)
...........
4,181,283
635,973
Xencor
,
Inc.
(b)
.....................
1,257,032
32,657,691
Y-
mAbs
Therapeutics,
Inc.
(b)
............
791,883
11,418,953
Zentalis
Pharmaceuticals,
Inc.
(b)
.........
1,023,488
22,168,750
3,982,940,615
Building
Products
—
1.3%
AAON,
Inc.
.......................
953,184
51,357,554
American
Woodmark
Corp.
(a)
...........
353,764
15,516,089
Apogee
Enterprises,
Inc.
..............
488,699
18,678,076
Caesarstone
Ltd.
...................
507,871
4,728,279
CSW
Industrials,
Inc.
................
319,734
38,304,133
Gibraltar
Industries,
Inc.
(a)
.............
698,295
28,581,214
Griffon
Corp.
......................
1,003,697
29,629,135
Insteel
Industries,
Inc.
(b)
..............
406,607
10,787,284
Janus
International
Group,
Inc.
(a)(b)
.......
1,786,188
15,932,797
JELD-WEN
Holding,
Inc.
(a)(b)
............
1,843,405
16,129,794
Masonite
International
Corp.
(a)(b)
.........
489,856
34,921,834
PGT
Innovations,
Inc.
(a)
...............
1,267,633
26,569,588
Quanex
Building
Products
Corp.
.........
709,415
12,882,976
Resideo
Technologies,
Inc.
(a)
...........
3,151,749
60,072,336
Simpson
Manufacturing
Co.,
Inc.
........
940,800
73,758,720
UFP
Industries,
Inc.
.................
1,300,779
93,864,213
View,
Inc.,
Class
A
(a)(b)
................
2,321,923
3,111,377
Zurn
Elkay
Water
Solutions
Corp.
(b)
.......
2,702,692
66,215,954
601,041,353
Capital
Markets
—
1.5%
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
1,304,538
35,131,208
AssetMark
Financial
Holdings,
Inc.
(a)(b)
.....
415,837
7,605,659
Associated
Capital
Group,
Inc.,
Class
A
(b)
...
36,756
1,351,151
B
Riley
Financial,
Inc.
................
446,065
19,858,814
Bakkt
Holdings,
Inc.,
Class
A
(a)(b)
.........
1,320,793
3,011,408
BGC
Partners,
Inc.,
Class
A
............
6,989,892
21,948,261
Blucora
,
Inc.
(a)(b)
....................
1,027,912
19,879,818
Brightsphere
Investment
Group,
Inc.
......
704,169
10,499,160
Cohen
&
Steers,
Inc.
................
557,271
34,901,883
Cowen,
Inc.,
Class
A
(b)
...............
573,448
22,158,031
Diamond
Hill
Investment
Group,
Inc.
......
67,314
11,106,810
Donnelley
Financial
Solutions,
Inc.
(a)(b)
.....
570,608
21,095,378
Federated
Hermes,
Inc.,
Class
B
........
1,851,505
61,321,846
Focus
Financial
Partners,
Inc.,
Class
A
(a)(b)
..
1,277,117
40,241,957
GAMCO
Investors,
Inc.,
Class
A
(b)
........
127,610
2,175,750
GCM
Grosvenor,
Inc.,
Class
A
..........
905,066
7,140,971
Hamilton
Lane,
Inc.,
Class
A
(b)
..........
772,899
46,072,509
Houlihan
Lokey
,
Inc.,
Class
A
...........
1,087,244
81,956,453
Manning
&
Napier,
Inc.,
Class
A
.........
356,566
4,375,065
MarketWise
,
Inc.,
Class
A
(a)(b)
...........
255,858
583,356
Moelis
&
Co.,
Class
A
................
1,400,459
47,349,519
Open
Lending
Corp.,
Class
A
(a)(b)
........
2,341,289
18,823,964
Oppenheimer
Holdings,
Inc.,
Class
A,
NVS
.
179,157
5,550,284
Perella
Weinberg
Partners,
Class
A
.......
922,586
5,839,969
Piper
Sandler
Cos.
..................
374,352
39,209,628
PJT
Partners,
Inc.,
Class
A
(b)
...........
518,139
34,622,048
Pzena
Investment
Management,
Inc.,
Class
A
349,557
3,313,800
Sculptor
Capital
Management,
Inc.,
Class
A
.
544,452
4,812,956
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
(b)
......................
210,426
3,440,465
StepStone
Group,
Inc.,
Class
A
.........
1,155,396
28,318,756
StoneX
Group,
Inc.
(a)
................
374,400
31,052,736
Value
Line,
Inc.
....................
24,655
1,082,354
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Capital
Markets
(continued)
Victory
Capital
Holdings,
Inc.,
Class
A
.....
370,156
$
8,628,336
Virtus
Investment
Partners,
Inc.
.........
154,039
24,572,301
WisdomTree
Investments,
Inc.
..........
2,912,487
13,630,439
722,663,043
Chemicals
—
2.1%
AdvanSix
,
Inc.
.....................
593,216
19,042,234
American
Vanguard
Corp.
(b)
............
648,897
12,134,374
Amyris
,
Inc.
(a)(b)
....................
4,278,473
12,493,141
Aspen
Aerogels,
Inc.
(a)(b)
..............
670,277
6,179,954
Avient
Corp.
......................
1,976,715
59,894,465
Balchem
Corp.
....................
692,603
84,206,673
Cabot
Corp.
......................
1,209,597
77,281,152
Chase
Corp.
......................
159,988
13,370,197
Danimer
Scientific,
Inc.,
Class
A
(a)(b)
.......
1,975,983
5,829,150
Diversey
Holdings
Ltd.
(a)(b)
.............
1,699,093
8,257,592
Ecovyst
,
Inc.
(a)
.....................
1,604,734
13,543,955
FutureFuel
Corp.
...................
585,101
3,534,010
Hawkins,
Inc.
.....................
417,333
16,271,814
HB
Fuller
Co.
.....................
1,155,155
69,424,816
Ingevity
Corp.
(a)(b)
...................
839,891
50,922,591
Innospec
,
Inc.
(b)
....................
536,225
45,938,396
Intrepid
Potash,
Inc.
(a)(b)
...............
244,564
9,677,397
Koppers
Holdings,
Inc.
...............
443,136
9,208,366
Kronos
Worldwide,
Inc.
...............
487,380
4,552,129
Livent
Corp.
(a)(b)
....................
3,534,131
108,321,115
LSB
Industries,
Inc.
(a)(b)
...............
695,501
9,910,889
Mativ
Holdings,
Inc.
.................
1,192,992
26,341,263
Minerals
Technologies,
Inc.
(b)
...........
715,450
35,350,385
Origin
Materials,
Inc.,
Class
A
(a)(b)
........
2,327,482
12,009,807
Orion
Engineered
Carbons
SA
(b)
.........
1,316,997
17,581,910
Perimeter
Solutions
SA
(a)
..............
2,687,469
21,526,627
PureCycle
Technologies,
Inc.
(a)(b)
.........
2,314,669
18,679,379
Quaker
Chemical
Corp.
(b)
.............
296,003
42,736,913
Rayonier
Advanced
Materials,
Inc.
(a)(b)
.....
1,334,809
4,204,648
Sensient
Technologies
Corp.
...........
912,235
63,254,375
Stepan
Co.
.......................
467,801
43,818,920
Tredegar
Corp.
....................
558,467
5,271,928
Trinseo
plc
.......................
775,193
14,201,536
Tronox
Holdings
plc,
Class
A
...........
2,553,085
31,275,291
Valhi,
Inc.
(b)
.......................
53,107
1,336,172
977,583,564
Commercial
Services
&
Supplies
—
1.4%
ABM
Industries,
Inc.
.................
1,467,321
56,095,682
ACCO
Brands
Corp.
.................
2,005,386
9,826,391
ACV
Auctions,
Inc.,
Class
A
(a)(b)
..........
2,519,285
18,113,659
Aris
Water
Solution,
Inc.,
Class
A
........
485,742
6,198,068
Brady
Corp.,
Class
A,
NVS
............
997,515
41,626,301
BrightView
Holdings,
Inc.
(a)(b)
...........
963,239
7,648,118
Brink's
Co.
(The)
...................
1,009,259
48,888,506
Casella
Waste
Systems,
Inc.,
Class
A
(a)(b)
...
1,087,633
83,084,285
Cimpress
plc
(a)(b)
...................
381,596
9,341,470
CompX
International,
Inc.
.............
38,695
628,407
CoreCivic
,
Inc.
(a)
...................
2,561,480
22,643,483
Deluxe
Corp.
......................
918,993
15,301,233
Ennis,
Inc.
.......................
540,892
10,888,156
GEO
Group,
Inc.
(The)
(a)
..............
2,532,932
19,503,576
Harsco
Corp.
(a)(b)
...................
1,775,679
6,641,040
Healthcare
Services
Group,
Inc.
.........
1,631,596
19,725,996
Heritage-Crystal
Clean,
Inc.
(a)
...........
341,405
10,095,346
HNI
Corp.
........................
917,575
24,324,913
Interface,
Inc.
.....................
1,264,594
11,368,700
KAR
Auction
Services,
Inc.
(a)(b)
..........
2,480,431
27,706,414
Kimball
International,
Inc.,
Class
B
.......
791,440
4,978,158
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
Li-Cycle
Holdings
Corp.
(a)(b)
............
3,015,260
$
16,041,183
Matthews
International
Corp.,
Class
A
(b)
....
661,857
14,832,215
MillerKnoll
,
Inc.
....................
1,664,145
25,960,662
Montrose
Environmental
Group,
Inc.
(a)(b)
....
599,055
20,158,201
NL
Industries,
Inc.
(b)
.................
196,295
1,517,360
Pitney
Bowes,
Inc.
..................
2,823,565
6,578,906
Quad/Graphics,
Inc.,
Class
A
(a)(b)
.........
609,582
1,560,530
SP
Plus
Corp.
(a)
....................
501,846
15,717,817
Steelcase,
Inc.,
Class
A
..............
1,906,125
12,427,935
UniFirst
Corp.
(b)
....................
325,860
54,819,428
Viad
Corp.
(a)
......................
444,384
14,033,647
VSE
Corp.
.......................
231,813
8,206,180
646,481,966
Communications
Equipment
—
0.9%
ADTRAN
Holdings,
Inc.
..............
1,537,335
30,101,019
Aviat
Networks,
Inc.
(a)(b)
...............
180,767
4,949,401
Calix,
Inc.
(a)(b)
......................
1,237,201
75,642,469
Cambium
Networks
Corp.
(a)(b)
...........
231,184
3,911,633
Casa
Systems,
Inc.
(a)(b)
...............
783,770
2,453,200
Clearfield,
Inc.
(a)(b)
...................
249,760
26,134,887
CommScope
Holding
Co.,
Inc.
(a)(b)
........
4,450,096
40,985,384
Comtech
Telecommunications
Corp.
......
565,678
5,662,437
Digi
International,
Inc.
(a)(b)
.............
744,195
25,726,821
DZS,
Inc.
(a)(b)
......................
372,002
4,203,623
Extreme
Networks,
Inc.
(a)
..............
2,766,019
36,151,868
Harmonic,
Inc.
(a)(b)
..................
2,005,424
26,210,892
Infinera
Corp.
(a)(b)
...................
4,128,164
19,980,314
Inseego
Corp.
(a)(b)
...................
1,825,304
3,778,379
NETGEAR,
Inc.
(a)(b)
..................
626,786
12,560,792
NetScout
Systems,
Inc.
(a)(b)
............
1,489,148
46,640,115
Ondas
Holdings,
Inc.
(a)(b)
..............
807,499
2,987,746
Ribbon
Communications,
Inc.
(a)(b)
........
1,514,250
3,361,635
Viavi
Solutions,
Inc.
(a)(b)
...............
5,000,127
65,251,657
436,694,272
Construction
&
Engineering
—
1.5%
Ameresco
,
Inc.,
Class
A
(a)(b)
............
686,014
45,606,211
API
Group
Corp.
(a)(b)
.................
4,519,504
59,973,818
Arcosa
,
Inc.
(b)
.....................
1,056,752
60,425,079
Argan
,
Inc.
.......................
294,069
9,460,200
Comfort
Systems
USA,
Inc.
(b)
...........
768,998
74,846,575
Concrete
Pumping
Holdings,
Inc.
(a)(b)
......
522,244
3,368,474
Construction
Partners,
Inc.,
Class
A
(a)(b)
....
871,118
22,849,425
Dycom
Industries,
Inc.
(a)(b)
.............
630,287
60,211,317
EMCOR
Group,
Inc.
.................
1,062,759
122,727,409
Fluor
Corp.
(a)(b)
.....................
3,085,674
76,802,426
Granite
Construction,
Inc.
.............
964,787
24,495,942
Great
Lakes
Dredge
&
Dock
Corp.
(a)(b)
.....
1,392,661
10,556,370
IES
Holdings,
Inc.
(a)(b)
................
188,135
5,196,289
Infrastructure
and
Energy
Alternatives,
Inc.
(a)(b)
652,321
8,832,426
MYR
Group,
Inc.
(a)(b)
.................
360,980
30,585,836
Northwest
Pipe
Co.
(a)(b)
...............
219,255
6,161,066
NV5
Global,
Inc.
(a)(b)
.................
295,393
36,575,561
Primoris
Services
Corp.
..............
1,154,184
18,755,490
Sterling
Infrastructure,
Inc.
(a)(b)
..........
619,283
13,296,006
Tutor
Perini
Corp.
(a)(b)
................
908,696
5,016,002
695,741,922
Construction
Materials
—
0.1%
(b)
Summit
Materials,
Inc.,
Class
A
(a)
........
2,600,533
62,308,771
United
States
Lime
&
Minerals,
Inc.
.......
45,377
4,637,529
66,946,300
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
Schedules
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Finance
—
0.7%
Atlanticus
Holdings
Corp.
(a)(b)
...........
107,496
$
2,819,620
Bread
Financial
Holdings,
Inc.
..........
608,374
19,133,362
Consumer
Portfolio
Services,
Inc.
(a)(b)
......
233,871
1,700,242
Curo
Group
Holdings
Corp.
............
467,169
1,873,348
Encore
Capital
Group,
Inc.
(a)(b)
..........
516,798
23,503,973
Enova
International,
Inc.
(a)
.............
690,291
20,204,818
EZCORP,
Inc.,
Class
A,
NVS
(a)(b)
.........
1,106,706
8,532,703
FirstCash
Holdings,
Inc.
..............
842,736
61,814,686
Green
Dot
Corp.,
Class
A
(a)(b)
...........
1,058,150
20,083,687
LendingClub
Corp.
(a)(b)
................
2,240,321
24,755,547
LendingTree
,
Inc.
(a)(b)
................
232,385
5,544,706
Moneylion
,
Inc.,
Class
A
(a)(b)
............
2,963,031
2,644,801
Navient
Corp.
.....................
2,450,456
35,997,199
Nelnet,
Inc.,
Class
A
(b)
................
316,930
25,097,687
NerdWallet
,
Inc.,
Class
A
(a)(b)
...........
568,860
5,045,788
Oportun
Financial
Corp.
(a)(b)
............
573,098
2,504,438
OppFi
,
Inc.,
Class
A
(a)(b)
...............
214,870
494,201
PRA
Group,
Inc.
(a)(b)
.................
847,491
27,848,554
PROG
Holdings,
Inc.
(a)
...............
1,103,557
16,531,284
Regional
Management
Corp.
...........
168,746
4,731,638
Sunlight
Financial
Holdings,
Inc.
(a)(b)
......
518,815
643,331
World
Acceptance
Corp.
(a)(b)
............
86,923
8,415,885
319,921,498
Containers
&
Packaging
—
0.3%
Cryptyde
,
Inc.
(a)(b)
...................
389,955
270,122
Greif,
Inc.,
Class
A,
NVS
..............
550,557
32,796,680
Greif,
Inc.,
Class
B
..................
126,505
7,691,504
Myers
Industries,
Inc.
................
789,524
13,003,460
O-I
Glass,
Inc.
(a)(b)
...................
3,366,137
43,591,474
Pactiv
Evergreen,
Inc.
...............
943,346
8,235,411
Ranpak
Holdings
Corp.,
Class
A
(a)(b)
......
999,902
3,419,665
TriMas
Corp.
(b)
.....................
927,683
23,257,013
132,265,329
Distributors
—
0.0%
Funko
,
Inc.,
Class
A
(a)(b)
...............
682,248
13,795,055
Weyco
Group,
Inc.
..................
125,036
2,543,232
16,338,287
Diversified
Consumer
Services
—
1.0%
2U,
Inc.
(a)(b)
.......................
1,643,398
10,271,237
Adtalem
Global
Education,
Inc.
(a)(b)
.......
973,143
35,471,062
American
Public
Education,
Inc.
(a)(b)
.......
404,486
3,697,002
Beachbody
Co.,
Inc.
(The),
Class
A
(a)(b)
....
2,038,173
2,058,555
Carriage
Services,
Inc.
...............
296,712
9,542,258
Chegg
,
Inc.
(a)(b)
....................
2,702,157
56,934,448
Coursera,
Inc.
(a)(b)
...................
2,507,628
27,032,230
Duolingo
,
Inc.,
Class
A
(a)(b)
.............
514,779
49,022,404
European
Wax
Center,
Inc.,
Class
A
(b)
.....
524,009
9,667,966
Frontdoor
,
Inc.
(a)(b)
..................
1,810,746
36,921,111
Graham
Holdings
Co.,
Class
B
..........
80,949
43,548,943
Laureate
Education,
Inc.
..............
2,331,374
24,595,996
Nerdy,
Inc.,
Class
A
(a)(b)
...............
1,265,571
2,670,355
OneSpaWorld
Holdings
Ltd.
(a)(b)
.........
1,414,045
11,877,978
Perdoceo
Education
Corp.
(a)(b)
..........
1,471,703
15,158,541
PowerSchool
Holdings,
Inc.,
Class
A
(a)(b)
...
987,020
16,473,364
Rover
Group,
Inc.,
Class
A
(a)(b)
..........
2,023,627
6,758,914
StoneMor
,
Inc.
(a)(b)
..................
545,517
1,871,123
Strategic
Education,
Inc.
..............
496,553
30,493,320
Stride,
Inc.
(a)(b)
.....................
876,101
36,822,525
Udemy
,
Inc.
(a)
.....................
1,571,391
18,998,117
Universal
Technical
Institute,
Inc.
(a)(b)
......
685,132
3,727,118
Vivint
Smart
Home,
Inc.,
Class
A
(a)(b)
......
2,070,595
13,624,515
Security
Shares
Shares
Value
Diversified
Consumer
Services
(continued)
WW
International,
Inc.
(a)(b)
.............
1,212,929
$
4,766,811
472,005,893
Diversified
Financial
Services
—
0.3%
Alerus
Financial
Corp.
...............
336,202
7,430,064
A-Mark
Precious
Metals,
Inc.
...........
399,103
11,330,534
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
....................
622,674
8,132,122
Cannae
Holdings,
Inc.
(a)(b)
.............
1,557,150
32,170,719
Compass
Diversified
Holdings
..........
1,334,266
24,096,844
Jackson
Financial,
Inc.,
Class
A
.........
1,665,925
46,229,419
SWK
Holdings
Corp.
(a)(b)
..............
24,558
417,486
129,807,188
Diversified
Telecommunication
Services
—
0.6%
Anterix
,
Inc.
(a)(b)
....................
395,009
14,109,721
ATN
International,
Inc.
(b)
..............
241,665
9,321,019
Bandwidth,
Inc.,
Class
A
(a)(b)
............
527,379
6,275,810
Charge
Enterprises,
Inc.
(a)(b)
............
2,772,678
4,879,913
Cogent
Communications
Holdings,
Inc.
....
949,179
49,509,177
Consolidated
Communications
Holdings,
Inc.
(a)
(b)
...........................
1,585,113
6,594,070
EchoStar
Corp.,
Class
A
(a)(b)
............
758,346
12,489,959
Globalstar
,
Inc.
(a)(b)
..................
14,977,549
23,814,303
IDT
Corp.,
Class
B
(a)(b)
................
321,560
7,984,335
Iridium
Communications,
Inc.
(a)(b)
.........
2,784,241
123,536,773
Liberty
Latin
America
Ltd.,
Class
A
(a)
......
936,483
5,796,830
Liberty
Latin
America
Ltd.,
Class
C,
NVS
(a)
..
3,223,513
19,824,605
Ooma
,
Inc.
(a)(b)
.....................
518,329
6,375,447
Radius
Global
Infrastructure,
Inc.
(a)(b)
......
1,668,750
15,719,625
Starry
Group
Holdings,
Inc.,
Class
A
(a)(b)
....
474,964
707,696
306,939,283
Electric
Utilities
—
0.7%
ALLETE,
Inc.
.....................
1,259,404
63,033,170
MGE
Energy,
Inc.
...................
797,155
52,317,283
Otter
Tail
Corp.
(b)
...................
895,222
55,074,057
PNM
Resources,
Inc.
................
1,860,910
85,099,414
Portland
General
Electric
Co.
...........
1,943,969
84,484,893
Via
Renewables,
Inc.,
Class
A
..........
274,125
1,894,204
341,903,021
Electrical
Equipment
—
1.4%
Allied
Motion
Technologies,
Inc.
(b)
........
275,532
7,885,726
Array
Technologies,
Inc.
(a)(b)
............
3,294,316
54,619,759
Atkore
,
Inc.
(a)(b)
.....................
894,366
69,590,619
AZZ,
Inc.
........................
549,300
20,054,943
Babcock
&
Wilcox
Enterprises,
Inc.
(a)(b)
.....
1,300,735
8,298,689
Blink
Charging
Co.
(a)(b)
................
795,972
14,104,624
Bloom
Energy
Corp.,
Class
A
(a)(b)
........
3,819,630
76,354,404
Encore
Wire
Corp.
(b)
.................
398,423
46,033,793
Energy
Vault
Holdings,
Inc.
(a)(b)
..........
1,310,351
6,918,653
EnerSys
(b)
........................
889,788
51,758,968
Enovix
Corp.
(a)(b)
....................
2,375,253
43,550,264
ESS
Tech,
Inc.
(a)(b)
..................
1,773,300
7,252,797
Fluence
Energy,
Inc.,
Class
A
(a)(b)
........
759,300
11,078,187
FTC
Solar,
Inc.
(a)(b)
..................
954,266
2,824,627
FuelCell
Energy,
Inc.
(a)(b)
..............
8,509,600
29,017,736
GrafTech
International
Ltd.
(b)
...........
4,286,094
18,473,065
Heliogen
,
Inc.
(a)(b)
...................
1,838,838
3,420,239
NuScale
Power
Corp.,
Class
A
(a)(b)
........
669,205
7,816,314
Powell
Industries,
Inc.
................
205,601
4,334,069
Preformed
Line
Products
Co.
...........
59,616
4,241,678
Shoals
Technologies
Group,
Inc.,
Class
A
(a)(b)
2,428,563
52,335,533
Stem,
Inc.
(a)(b)
.....................
3,129,989
41,754,053
SunPower
Corp.
(a)(b)
.................
1,771,549
40,816,489
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electrical
Equipment
(continued)
Thermon
Group
Holdings,
Inc.
(a)(b)
........
707,349
$
10,900,248
TPI
Composites,
Inc.
(a)(b)
..............
798,027
9,001,745
Vicor
Corp.
(a)(b)
.....................
482,968
28,562,728
670,999,950
Electronic
Equipment,
Instruments
&
Components
—
2.3%
908
Devices,
Inc.
(a)(b)
.................
474,253
7,801,462
Advanced
Energy
Industries,
Inc.
(b)
.......
819,736
63,455,764
Aeva
Technologies,
Inc.
(a)(b)
............
2,280,504
4,264,543
AEye
,
Inc.,
Class
A
(a)(b)
...............
562,673
624,567
Akoustis
Technologies,
Inc.
(a)(b)
..........
1,094,343
3,250,199
Arlo
Technologies,
Inc.
(a)
..............
1,866,372
8,659,966
Badger
Meter,
Inc.
(b)
.................
636,407
58,797,643
Belden,
Inc.
(b)
.....................
942,505
56,569,150
Benchmark
Electronics,
Inc.
...........
762,983
18,906,719
Cepton
,
Inc.
(a)(b)
....................
702,242
1,376,394
CTS
Corp.
.......................
694,373
28,920,635
ePlus
,
Inc.
(a)(b)
.....................
578,744
24,041,026
Evolv
Technologies
Holdings,
Inc.
(a)(b)
.....
1,861,253
3,945,856
Fabrinet
(a)
........................
807,178
77,045,140
FARO
Technologies,
Inc.
(a)(b)
...........
393,703
10,803,210
Focus
Universal,
Inc.
(a)(b)
..............
387,790
3,637,470
Identiv
,
Inc.
(a)(b)
.....................
464,506
5,824,905
Insight
Enterprises,
Inc.
(a)(b)
............
687,292
56,639,734
Itron
,
Inc.
(a)(b)
......................
985,877
41,515,280
Kimball
Electronics,
Inc.
(a)(b)
............
524,902
9,002,069
Knowles
Corp.
(a)
...................
1,976,079
24,048,881
Lightwave
Logic,
Inc.
(a)(b)
..............
2,435,254
17,874,764
Methode
Electronics,
Inc.
.............
803,169
29,837,728
MicroVision
,
Inc.
(a)(b)
.................
3,613,666
13,045,334
Mirion
Technologies,
Inc.,
Class
A
(a)(b)
.....
2,995,199
22,374,137
Napco
Security
Technologies,
Inc.
(a)(b)
.....
630,531
18,335,842
nLight
,
Inc.
(a)(b)
.....................
980,004
9,261,038
Novanta
,
Inc.
(a)(b)
...................
774,161
89,531,720
OSI
Systems,
Inc.
(a)(b)
................
354,736
25,562,276
Ouster,
Inc.,
Class
A
(a)(b)
..............
2,909,763
2,803,266
PAR
Technology
Corp.
(a)(b)
.............
571,817
16,885,756
PC
Connection,
Inc.
.................
244,099
11,006,424
Plexus
Corp.
(a)(b)
....................
590,750
51,726,070
Rogers
Corp.
(a)
....................
408,547
98,819,348
Sanmina
Corp.
(a)(b)
..................
1,233,535
56,841,293
ScanSource
,
Inc.
(a)
..................
564,624
14,911,720
SmartRent
,
Inc.,
Class
A
(a)(b)
............
2,583,850
5,865,340
TTM
Technologies,
Inc.
(a)(b)
............
2,196,060
28,944,071
Velodyne
Lidar,
Inc.
(a)(b)
...............
4,436,798
4,202,091
Vishay
Intertechnology
,
Inc.
............
2,868,815
51,036,219
Vishay
Precision
Group,
Inc.
(a)(b)
.........
266,361
7,881,622
1,085,876,672
Energy
Equipment
&
Services
—
1.6%
Archrock
,
Inc.
.....................
2,996,900
19,240,098
Borr
Drilling
Ltd.
(a)(b)
.................
4,217,398
14,001,761
Bristow
Group,
Inc.
(a)(b)
...............
514,852
12,093,873
Cactus,
Inc.,
Class
A
(b)
...............
1,283,998
49,344,043
ChampionX
Corp.
..................
4,467,870
87,436,216
Diamond
Offshore
Drilling,
Inc.
(a)(b)
.......
2,233,688
14,809,351
DMC
Global,
Inc.
(a)(b)
.................
404,180
6,458,796
Dril
-Quip,
Inc.
(a)(b)
...................
762,115
14,876,485
Expro
Group
Holdings
NV
(a)(b)
...........
1,688,591
21,512,649
Helix
Energy
Solutions
Group,
Inc.
(a)
......
3,202,750
12,362,615
Helmerich
&
Payne,
Inc.
..............
2,246,370
83,048,299
Liberty
Energy,
Inc.,
Class
A
(a)(b)
.........
3,094,879
39,243,066
Nabors
Industries
Ltd.
(a)(b)
.............
198,918
20,180,231
National
Energy
Services
Reunited
Corp.
(a)(b)
817,772
4,857,566
Newpark
Resources,
Inc.
(a)(b)
...........
2,004,527
5,051,408
Security
Shares
Shares
Value
Energy
Equipment
&
Services
(continued)
NexTier
Oilfield
Solutions,
Inc.
(a)(b)
........
3,816,428
$
28,241,567
Noble
Corp.
plc
(a)(b)
..................
1,594,136
47,154,543
Oceaneering
International,
Inc.
(a)
........
2,200,342
17,514,722
Oil
States
International,
Inc.
(a)
...........
1,340,139
5,213,141
Patterson-UTI
Energy,
Inc.
............
4,690,486
54,784,877
ProFrac
Holding
Corp.,
Class
A
(a)
........
267,983
4,076,021
ProPetro
Holding
Corp.
(a)
..............
1,974,425
15,894,121
RPC,
Inc.
(b)
.......................
1,632,921
11,316,143
Select
Energy
Services,
Inc.,
Class
A
(a)
....
1,517,360
10,575,999
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
..
679,921
6,364,061
TETRA
Technologies,
Inc.
(a)(b)
...........
2,679,188
9,618,285
Tidewater,
Inc.
(a)(b)
..................
926,794
20,111,430
US
Silica
Holdings,
Inc.
(a)
.............
1,611,544
17,646,407
Valaris
Ltd.
(a)(b)
.....................
1,320,125
64,606,918
Weatherford
International
plc
(a)(b)
.........
1,517,435
48,997,976
766,632,668
Entertainment
—
0.3%
(b)
Chicken
Soup
For
The
Soul
Entertainment,
Inc.
(a)
.........................
76
523
Cinemark
Holdings,
Inc.
(a)
.............
2,370,933
28,711,999
IMAX
Corp.
(a)
.....................
1,049,845
14,823,811
Liberty
Media
Corp.-Liberty
Braves,
Class
A
(a)
217,479
6,122,034
Liberty
Media
Corp.-Liberty
Braves,
Class
C,
NVS
(a)
........................
807,077
22,194,617
Lions
Gate
Entertainment
Corp.,
Class
A
(a)
..
1,336,574
9,930,745
Lions
Gate
Entertainment
Corp.,
Class
B,
NVS
(a)
........................
2,481,622
17,247,273
Madison
Square
Garden
Entertainment
Corp.
(a)
563,017
24,823,420
Marcus
Corp.
(The)
.................
508,559
7,063,885
Playstudios
,
Inc.,
Class
A
(a)
............
1,717,329
5,993,478
Reservoir
Media,
Inc.
(a)
...............
410,521
2,003,342
Skillz
,
Inc.,
Class
A
(a)
................
6,892,805
7,030,661
145,945,788
Equity
Real
Estate
Investment
Trusts
(REITs)
—
5.7%
Acadia
Realty
Trust
.................
2,009,684
25,362,212
Agree
Realty
Corp.
(b)
................
1,716,337
115,990,054
Alexander
&
Baldwin,
Inc.
.............
1,593,583
26,421,606
Alexander's,
Inc.
...................
46,202
9,654,370
American
Assets
Trust,
Inc.
............
1,099,225
28,272,067
Apartment
Investment
and
Management
Co.,
Class
A
.......................
3,223,224
23,529,535
Apple
Hospitality
REIT,
Inc.
............
4,697,140
66,041,788
Armada
Hoffler
Properties,
Inc.
.........
1,431,284
14,856,728
Ashford
Hospitality
Trust,
Inc.
(a)(b)
........
794,431
5,410,075
Bluerock
Residential
Growth
REIT,
Inc.
....
622,481
16,651,367
Braemar
Hotels
&
Resorts,
Inc.
.........
1,479,656
6,362,521
Brandywine
Realty
Trust
..............
3,738,352
25,233,876
Broadstone
Net
Lease,
Inc.
............
3,626,333
56,316,951
BRT
Apartments
Corp.
...............
243,784
4,951,253
CareTrust
REIT,
Inc.
.................
2,106,405
38,146,995
CBL
&
Associates
Properties,
Inc.
(b)
.......
586,454
15,019,087
Centerspace
......................
334,290
22,504,403
Chatham
Lodging
Trust
(a)
.............
1,035,436
10,219,753
City
Office
REIT,
Inc.
................
921,808
9,190,426
Clipper
Realty,
Inc.
..................
265,255
1,848,827
Community
Healthcare
Trust,
Inc.
........
526,273
17,235,441
Corporate
Office
Properties
Trust
........
2,445,520
56,809,430
CTO
Realty
Growth,
Inc.
(b)
.............
380,937
7,138,759
DiamondRock
Hospitality
Co.
...........
4,600,389
34,548,921
Diversified
Healthcare
Trust
............
5,153,249
5,102,232
Easterly
Government
Properties,
Inc.
(b)
....
2,009,457
31,689,137
Empire
State
Realty
Trust,
Inc.,
Class
A
(b)
...
2,931,204
19,228,698
Equity
Commonwealth
...............
2,303,824
56,121,153
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Essential
Properties
Realty
Trust,
Inc.
.....
3,079,080
$
59,888,106
Farmland
Partners,
Inc.
(b)
.............
1,054,085
13,355,257
Four
Corners
Property
Trust,
Inc.
........
1,755,227
42,458,941
Franklin
Street
Properties
Corp.
.........
2,156,042
5,670,390
Getty
Realty
Corp.
..................
937,406
25,206,847
Gladstone
Commercial
Corp.
...........
804,539
12,470,355
Gladstone
Land
Corp.
(b)
..............
707,999
12,814,782
Global
Medical
REIT,
Inc.
.............
1,289,448
10,986,097
Global
Net
Lease,
Inc.
...............
2,288,292
24,370,310
Hersha
Hospitality
Trust,
Class
A
........
704,764
5,624,017
Independence
Realty
Trust,
Inc.
.........
4,805,895
80,402,623
Indus
Realty
Trust,
Inc.
(b)
..............
113,572
5,947,766
Industrial
Logistics
Properties
Trust
(b)
......
1,404,465
7,724,557
Innovative
Industrial
Properties,
Inc.
......
605,018
53,544,093
InvenTrust
Properties
Corp.
............
1,476,214
31,487,645
iStar
,
Inc.
........................
1,496,692
13,859,368
Kite
Realty
Group
Trust
(b)
.............
4,739,467
81,613,622
LTC
Properties,
Inc.
.................
864,494
32,375,300
LXP
Industrial
Trust
.................
6,012,724
55,076,552
Macerich
Co.
(The)
.................
4,726,733
37,530,260
National
Health
Investors,
Inc.
..........
942,012
53,251,938
Necessity
Retail
REIT,
Inc.
(The),
Class
A
..
2,841,984
16,710,866
NETSTREIT
Corp.
..................
1,299,343
23,141,299
NexPoint
Residential
Trust,
Inc.
.........
493,041
22,783,425
Office
Properties
Income
Trust
..........
1,041,670
14,635,463
One
Liberty
Properties,
Inc.
............
349,227
7,340,752
Orion
Office
REIT,
Inc.
...............
1,298,914
11,365,498
Outfront
Media,
Inc.
.................
3,173,448
48,204,675
Paramount
Group,
Inc.
(b)
..............
4,150,699
25,858,855
Pebblebrook
Hotel
Trust
(b)
.............
2,813,440
40,823,014
Phillips
Edison
&
Co.,
Inc.
.............
2,536,852
71,158,699
Physicians
Realty
Trust
...............
4,887,893
73,513,911
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
..
2,704,188
28,556,225
Plymouth
Industrial
REIT,
Inc.
(b)
.........
823,244
13,838,732
Postal
Realty
Trust,
Inc.,
Class
A
........
376,173
5,518,458
PotlatchDeltic
Corp.
.................
1,734,904
71,200,460
Retail
Opportunity
Investments
Corp.
.....
2,643,455
36,373,941
RLJ
Lodging
Trust
..................
3,544,467
35,870,006
RPT
Realty
.......................
1,807,804
13,666,998
Ryman
Hospitality
Properties,
Inc.
(b)
......
1,173,082
86,327,104
Sabra
Health
Care
REIT,
Inc.
...........
5,031,324
66,010,971
Safehold
,
Inc.
.....................
472,909
12,513,172
Saul
Centers,
Inc.
..................
254,472
9,542,700
Service
Properties
Trust
(b)
.............
3,596,532
18,666,001
SITE
Centers
Corp.
.................
4,255,097
45,572,089
STAG
Industrial,
Inc.
................
3,931,423
111,770,356
Summit
Hotel
Properties,
Inc.
(b)
.........
2,316,368
15,565,993
Sunstone
Hotel
Investors,
Inc.
..........
4,641,500
43,722,930
Tanger
Factory
Outlet
Centers,
Inc.
.......
2,201,705
30,119,324
Terreno
Realty
Corp.
................
1,624,311
86,072,240
UMH
Properties,
Inc.
................
1,083,364
17,496,329
Uniti
Group,
Inc.
...................
5,142,579
35,740,924
Universal
Health
Realty
Income
Trust
.....
282,233
12,195,288
Urban
Edge
Properties
...............
2,523,475
33,663,156
Urstadt
Biddle
Properties,
Inc.,
Class
A
....
649,652
10,076,103
Veris
Residential,
Inc.
(a)
...............
1,925,800
21,896,346
Washington
REIT
...................
1,895,833
33,290,827
Whitestone
REIT
...................
1,002,908
8,484,602
Xenia
Hotels
&
Resorts,
Inc.
...........
2,497,767
34,444,207
2,709,248,430
Food
&
Staples
Retailing
—
0.6%
Andersons,
Inc.
(The)
................
699,720
21,712,312
Chefs'
Warehouse,
Inc.
(The)
(a)(b)
........
737,891
21,376,702
Fresh
Market,
Inc.
(The),
NVS
(a)(b)(d)
.......
673,064
7
Security
Shares
Shares
Value
Food
&
Staples
Retailing
(continued)
HF
Foods
Group,
Inc.
(a)(b)
..............
721,888
$
2,793,707
Ingles
Markets,
Inc.,
Class
A
...........
311,697
24,689,519
Natural
Grocers
by
Vitamin
Cottage,
Inc.
...
186,662
2,014,083
PriceSmart
,
Inc.
....................
534,909
30,805,409
Rite
Aid
Corp.
(a)(b)
...................
1,193,316
5,906,914
SpartanNash
Co.
...................
782,041
22,694,830
Sprouts
Farmers
Market,
Inc.
(a)(b)
........
2,348,348
65,166,657
United
Natural
Foods,
Inc.
(a)
............
1,264,853
43,472,998
Village
Super
Market,
Inc.,
Class
A
.......
179,019
3,460,437
Weis
Markets,
Inc.
(b)
.................
357,093
25,439,305
269,532,880
Food
Products
—
1.2%
Alico
,
Inc.
........................
132,935
3,754,084
AppHarvest
,
Inc.
(a)(b)
.................
1,505,283
2,965,408
B&G
Foods,
Inc.
(b)
..................
1,539,345
25,383,799
Benson
Hill,
Inc.
(a)(b)
.................
3,709,225
10,163,276
Beyond
Meat,
Inc.
(a)(b)
................
1,346,080
19,073,954
BRC,
Inc.,
Class
A
(a)(b)
................
588,183
4,546,655
Calavo
Growers,
Inc.
................
380,526
12,081,701
Cal-Maine
Foods,
Inc.
(b)
..............
822,250
45,708,877
Fresh
Del
Monte
Produce,
Inc.
..........
679,457
15,790,581
Hain
Celestial
Group,
Inc.
(The)
(a)
........
1,664,518
28,097,064
Hostess
Brands,
Inc.,
Class
A
(a)(b)
........
2,972,643
69,084,223
J
&
J
Snack
Foods
Corp.
(b)
............
331,613
42,933,935
John
B
Sanfilippo
&
Son,
Inc.
...........
187,866
14,227,092
Lancaster
Colony
Corp.
..............
422,508
63,494,502
Landec
Corp.
(a)(b)
...................
547,914
4,870,955
Local
Bounti
Corp.
(a)(b)
................
776,624
2,205,612
Mission
Produce,
Inc.
(a)(b)
..............
840,395
12,152,112
Seneca
Foods
Corp.,
Class
A
(a)
.........
123,319
6,220,210
Simply
Good
Foods
Co.
(The)
(a)(b)
........
1,972,545
63,101,715
Sovos
Brands,
Inc.
(a)(b)
...............
807,921
11,504,795
SunOpta
,
Inc.
(a)(b)
...................
2,140,232
19,476,111
Tattooed
Chef,
Inc.,
Class
A
(a)(b)
.........
1,105,804
5,506,904
Tootsie
Roll
Industries,
Inc.
(b)
...........
331,017
11,016,246
TreeHouse
Foods,
Inc.
(a)(b)
.............
1,105,469
46,893,995
Utz
Brands,
Inc.,
Class
A
(b)
............
1,451,777
21,921,833
Vital
Farms,
Inc.
(a)(b)
.................
654,651
7,836,172
Whole
Earth
Brands,
Inc.,
Class
A
(a)(b)
.....
812,856
3,121,367
573,133,178
Gas
Utilities
—
1.2%
Brookfield
Infrastructure
Corp.,
Class
A
....
2,134,677
86,881,354
Chesapeake
Utilities
Corp.
(b)
...........
376,592
43,454,951
New
Jersey
Resources
Corp.
...........
2,104,026
81,425,806
Northwest
Natural
Holding
Co.
..........
759,837
32,961,729
ONE
Gas,
Inc.
.....................
1,165,399
82,032,435
South
Jersey
Industries,
Inc.
...........
2,669,197
89,204,564
Southwest
Gas
Holdings,
Inc.
(b)
.........
1,454,433
101,446,702
Spire,
Inc.
........................
1,114,318
69,455,441
586,862,982
Health
Care
Equipment
&
Supplies
—
4.2%
Alphatec
Holdings,
Inc.
(a)(b)
.............
1,584,942
13,852,393
AngioDynamics
,
Inc.
(a)(b)
..............
811,619
16,605,725
Artivion
,
Inc.
(a)(b)
....................
851,254
11,781,355
AtriCure
,
Inc.
(a)(b)
...................
1,002,288
39,189,461
Atrion
Corp.
......................
28,933
16,347,145
Avanos
Medical,
Inc.
(a)
...............
1,034,972
22,541,690
AxoGen
,
Inc.
(a)(b)
...................
876,740
10,450,741
Axonics
,
Inc.
(a)(b)
....................
1,068,443
75,261,125
BioLife
Solutions,
Inc.
(a)(b)
..............
738,127
16,792,389
Bioventus
,
Inc.,
Class
A
(a)(b)
............
666,955
4,668,685
Butterfly
Network,
Inc.,
Class
A
(a)(b)
.......
2,896,979
13,615,801
Cardiovascular
Systems,
Inc.
(a)
..........
855,744
11,860,612
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Cerus
Corp.
(a)(b)
....................
3,822,458
$
13,760,849
CONMED
Corp.
(b)
..................
634,126
50,837,881
CryoPort
,
Inc.
(a)(b)
...................
952,723
23,208,332
Cue
Health,
Inc.
(a)(b)
.................
2,355,595
7,090,341
Cutera
,
Inc.
(a)(b)
....................
357,646
16,308,658
Embecta
Corp.
....................
1,273,344
36,659,574
Figs,
Inc.,
Class
A
(a)(b)
................
2,762,667
22,792,003
Glaukos
Corp.
(a)(b)
...................
990,343
52,725,861
Haemonetics
Corp.
(a)(b)
...............
1,107,206
81,966,460
Heska
Corp.
(a)(b)
....................
211,360
15,412,371
Inari
Medical,
Inc.
(a)(b)
................
1,050,528
76,310,354
Inogen
,
Inc.
(a)(b)
....................
505,108
12,264,022
Inspire
Medical
Systems,
Inc.
(a)(b)
........
615,740
109,213,804
Integer
Holdings
Corp.
(a)(b)
.............
726,663
45,220,238
iRadimed
Corp.
....................
137,843
4,143,561
iRhythm
Technologies,
Inc.
(a)(b)
..........
649,648
81,387,901
Lantheus
Holdings,
Inc.
(a)(b)
............
1,484,336
104,393,351
LeMaitre
Vascular,
Inc.
...............
429,573
21,770,760
LivaNova
plc
(a)(b)
....................
1,168,302
59,314,692
Meridian
Bioscience,
Inc.
(a)
............
939,508
29,622,687
Merit
Medical
Systems,
Inc.
(a)
...........
1,217,932
68,825,337
Mesa
Laboratories,
Inc.
(b)
.............
112,248
15,807,886
Nano-X
Imaging
Ltd.
(a)(b)
..............
995,531
11,418,741
Neogen
Corp.
(a)
....................
2,373,350
33,155,699
Nevro
Corp.
(a)(b)
....................
762,501
35,532,547
NuVasive
,
Inc.
(a)(b)
...................
1,142,513
50,053,494
Omnicell
,
Inc.
(a)(b)
...................
953,326
82,967,962
OraSure
Technologies,
Inc.
(a)
...........
1,567,462
5,940,681
Orthofix
Medical,
Inc.
(a)(b)
..............
407,971
7,796,326
OrthoPediatrics
Corp.
(a)(b)
..............
322,278
14,869,907
Outset
Medical,
Inc.
(a)(b)
...............
1,050,023
16,726,866
Paragon
28,
Inc.
(a)(b)
.................
1,012,737
18,046,973
PROCEPT
BioRobotics
Corp.
(a)(b)
........
556,222
23,060,964
Pulmonx
Corp.
(a)(b)
..................
763,594
12,721,476
RxSight
,
Inc.
(a)(b)
....................
423,045
5,076,540
SeaSpine
Holdings
Corp.
(a)(b)
...........
773,172
4,391,617
Senseonics
Holdings,
Inc.
(a)(b)
...........
10,028,387
13,237,471
Shockwave
Medical,
Inc.
(a)(b)
...........
774,873
215,468,933
SI-BONE,
Inc.
(a)(b)
...................
723,204
12,627,142
Sight
Sciences,
Inc.
(a)(b)
...............
455,533
2,892,635
Silk
Road
Medical,
Inc.
(a)(b)
.............
760,683
34,230,735
STAAR
Surgical
Co.
(a)(b)
...............
1,039,971
73,369,954
Surmodics
,
Inc.
(a)
...................
294,015
8,938,056
Tactile
Systems
Technology,
Inc.
(a)
.......
416,882
3,247,511
TransMedics
Group,
Inc.
(a)(b)
............
664,432
27,733,392
Treace
Medical
Concepts,
Inc.
(a)(b)
........
732,855
16,174,110
UFP
Technologies,
Inc.
(a)(b)
.............
150,540
12,922,354
Utah
Medical
Products,
Inc.
............
73,144
6,239,915
Varex
Imaging
Corp.
(a)(b)
..............
861,951
18,221,644
Vicarious
Surgical,
Inc.,
Class
A
(a)(b)
.......
1,171,872
3,925,771
ViewRay
,
Inc.
(a)(b)
...................
3,250,014
11,830,051
Zimvie
,
Inc.
(a)
......................
445,844
4,400,480
Zynex
,
Inc.
(b)
......................
508,686
4,613,782
1,993,837,774
Health
Care
Providers
&
Services
—
3.2%
1Life
Healthcare,
Inc.
(a)(b)
..............
3,906,710
67,000,077
23andMe
Holding
Co.,
Class
A
(a)(b)
.......
5,601,649
16,020,716
Accolade,
Inc.
(a)(b)
...................
1,413,851
16,146,178
AdaptHealth
Corp.
(a)(b)
................
1,558,905
29,276,236
Addus
HomeCare
Corp.
(a)(b)
............
337,267
32,121,309
Agiliti
,
Inc.
(a)(b)
.....................
593,737
8,496,376
AirSculpt
Technologies,
Inc.
............
233,553
1,501,746
Alignment
Healthcare,
Inc.
(a)(b)
..........
1,837,856
21,760,215
AMN
Healthcare
Services,
Inc.
(a)(b)
.......
941,269
99,736,863
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
Apollo
Medical
Holdings,
Inc.
(a)(b)
.........
842,654
$
32,863,506
ATI
Physical
Therapy,
Inc.,
Class
A
(a)(b)
.....
1,391,332
1,391,332
Aveanna
Healthcare
Holdings,
Inc.
(a)(b)
.....
841,081
1,261,622
Brookdale
Senior
Living,
Inc.
(a)(b)
.........
4,040,957
17,254,886
Cano
Health,
Inc.,
Class
A
(a)(b)
..........
3,515,723
30,481,318
CareMax
,
Inc.,
Class
A
(a)(b)
.............
1,276,295
9,048,932
Castle
Biosciences,
Inc.
(a)(b)
............
533,146
13,904,448
Clover
Health
Investments
Corp.
(a)(b)
......
8,446,029
14,358,249
Community
Health
Systems,
Inc.
(a)
.......
2,791,445
6,001,607
CorVel
Corp.
(a)(b)
....................
191,016
26,442,345
Covetrus
,
Inc.
(a)
....................
2,298,618
47,995,144
Cross
Country
Healthcare,
Inc.
(a)(b)
.......
797,150
22,615,145
DocGo
,
Inc.
(a)(b)
....................
1,726,803
17,129,886
Ensign
Group,
Inc.
(The)
..............
1,174,295
93,356,453
Fulgent
Genetics,
Inc.
(a)(b)
.............
476,678
18,170,965
Hanger,
Inc.
(a)
.....................
832,006
15,575,152
HealthEquity
,
Inc.
(a)(b)
................
1,804,835
121,230,767
Hims
&
Hers
Health,
Inc.,
Class
A
(a)(b)
.....
2,632,349
14,688,507
Innovage
Holding
Corp.
(a)(b)
............
398,507
2,343,221
Invitae
Corp.
(a)(b)
....................
5,194,721
12,779,014
Joint
Corp.
(The)
(a)
..................
301,534
4,737,099
LHC
Group,
Inc.
(a)(b)
.................
648,417
106,119,926
LifeStance
Health
Group,
Inc.
(a)(b)
........
1,588,775
10,517,691
ModivCare
,
Inc.
(a)
...................
279,350
27,845,608
National
HealthCare
Corp.
.............
265,546
16,819,684
National
Research
Corp.
..............
295,338
11,754,452
Oncology
Institute,
Inc.
(The)
(a)(b)
.........
645,998
2,990,971
OPKO
Health,
Inc.
(a)(b)
................
8,856,682
16,739,129
Option
Care
Health,
Inc.
(a)(b)
............
3,408,619
107,269,240
Owens
&
Minor,
Inc.
.................
1,613,152
38,876,963
P3
Health
Partners,
Inc.,
Class
A
(a)(b)
......
437,723
2,022,280
Patterson
Cos.,
Inc.
.................
1,898,283
45,596,758
Pediatrix
Medical
Group,
Inc.
(a)(b)
.........
1,805,726
29,812,536
Pennant
Group,
Inc.
(The)
(a)(b)
..........
558,022
5,809,009
PetIQ
,
Inc.,
Class
A
(a)(b)
...............
581,010
4,008,969
Privia
Health
Group,
Inc.
(a)(b)
............
973,033
33,141,504
Progyny
,
Inc.
(a)(b)
...................
1,629,631
60,394,125
R1
RCM,
Inc.
(a)(b)
...................
3,243,414
60,100,461
RadNet
,
Inc.
(a)(b)
....................
1,077,748
21,932,172
Select
Medical
Holdings
Corp.
(b)
.........
2,274,419
50,264,660
Sema4
Holdings
Corp.,
Class
A
(a)(b)
.......
3,210,549
2,817,257
Surgery
Partners,
Inc.
(a)(b)
.............
875,408
20,484,547
US
Physical
Therapy,
Inc.
.............
280,344
21,311,751
1,512,319,007
Health
Care
Technology
—
0.6%
Allscripts
Healthcare
Solutions,
Inc.
(a)(b)
....
2,370,510
36,102,867
American
Well
Corp.,
Class
A
(a)(b)
........
5,081,538
18,242,721
Babylon
Holdings
Ltd.,
Class
A
(a)(b)
.......
2,027,723
957,694
Computer
Programs
&
Systems,
Inc.
(a)(b)
...
306,693
8,550,601
Convey
Health
Solutions
Holdings,
Inc.
(a)(b)
..
342,479
3,599,454
Evolent
Health,
Inc.,
Class
A
(a)(b)
.........
1,782,754
64,054,351
Health
Catalyst,
Inc.
(a)(b)
...............
1,199,525
11,635,392
HealthStream
,
Inc.
(a)
.................
552,964
11,756,015
Multiplan
Corp.,
Class
A
(a)(b)
............
8,223,543
23,519,333
NextGen
Healthcare,
Inc.
(a)
............
1,256,037
22,231,855
Nutex
Health,
Inc.
(a)(b)
................
819,993
1,229,989
OptimizeRx
Corp.
(a)
.................
409,134
6,063,366
Pear
Therapeutics,
Inc.,
Class
A
(a)
........
1,158,438
2,363,214
Phreesia
,
Inc.
(a)(b)
...................
1,076,064
27,418,111
Schrodinger,
Inc.
(a)(b)
.................
1,180,551
29,490,164
Sharecare
,
Inc.,
Class
A
(a)(b)
............
6,121,973
11,631,749
Simulations
Plus,
Inc.
................
341,085
16,556,266
295,403,142
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
—
2.3%
Accel
Entertainment,
Inc.,
Class
A
(a)(b)
.....
1,215,054
$
9,489,572
Bally's
Corp.
(a)(b)
....................
810,644
16,018,325
Biglari
Holdings,
Inc.,
Class
B,
NVS
(a)(b)
....
17,693
2,045,311
BJ's
Restaurants,
Inc.
(a)
...............
501,583
11,962,755
Bloomin
'
Brands,
Inc.
................
1,922,668
35,242,504
Bluegreen
Vacations
Holding
Corp.
.......
276,355
4,565,385
Bowlero
Corp.
(a)(b)
...................
869,520
10,703,791
Brinker
International,
Inc.
(a)(b)
...........
956,356
23,889,773
Century
Casinos,
Inc.
(a)(b)
..............
578,131
3,792,539
Cheesecake
Factory,
Inc.
(The)
.........
1,073,869
31,442,884
Chuy's
Holdings,
Inc.
(a)(b)
..............
413,900
9,594,202
Cracker
Barrel
Old
Country
Store,
Inc.
.....
496,713
45,985,690
Dave
&
Buster's
Entertainment,
Inc.
(a)
.....
935,908
29,041,225
Denny's
Corp.
(a)(b)
...................
1,270,160
11,952,206
Dine
Brands
Global,
Inc.
..............
329,376
20,935,139
El
Pollo
Loco
Holdings,
Inc.
(a)(b)
..........
421,717
3,761,716
Everi
Holdings,
Inc.
(a)(b)
...............
1,879,482
30,485,198
F45
Training
Holdings,
Inc.
(a)(b)
..........
663,818
2,051,198
First
Watch
Restaurant
Group,
Inc.
(a)(b)
.....
216,437
3,134,008
Full
House
Resorts,
Inc.
(a)(b)
............
718,974
4,040,634
Golden
Entertainment,
Inc.
(a)
...........
430,139
15,007,550
Hilton
Grand
Vacations,
Inc.
(a)(b)
.........
1,908,706
62,777,340
Inspirato
,
Inc.,
Class
A
(a)(b)
.............
396,157
934,931
Inspired
Entertainment,
Inc.
(a)(b)
..........
466,109
4,115,742
International
Game
Technology
plc
.......
2,149,903
33,968,467
Jack
in
the
Box,
Inc.
.................
459,584
34,041,387
Krispy
Kreme,
Inc.
(b)
.................
1,561,108
17,999,575
Kura
Sushi
USA,
Inc.,
Class
A
(a)(b)
........
102,978
7,577,121
Life
Time
Group
Holdings,
Inc.
(a)(b)
........
899,315
8,768,321
Light
&
Wonder,
Inc.,
Class
A
(a)(b)
........
2,054,863
88,112,525
Lindblad
Expeditions
Holdings,
Inc.
(a)(b)
....
721,587
4,877,928
Monarch
Casino
&
Resort,
Inc.
(a)(b)
.......
293,371
16,469,848
NeoGames
SA
(a)(b)
..................
278,949
3,598,442
Noodles
&
Co.,
Class
A
(a)
.............
884,219
4,155,829
ONE
Group
Hospitality,
Inc.
(The)
(a)
.......
445,699
2,959,441
Papa
John's
International,
Inc.
..........
705,491
49,391,425
Portillo's,
Inc.,
Class
A
(a)(b)
.............
503,802
9,919,861
RCI
Hospitality
Holdings,
Inc.
(b)
..........
190,958
12,477,196
Red
Rock
Resorts,
Inc.,
Class
A
.........
1,119,468
38,352,974
Rush
Street
Interactive,
Inc.,
Class
A
(a)(b)
...
1,329,857
4,893,874
Ruth's
Hospitality
Group,
Inc.
...........
706,382
11,909,601
SeaWorld
Entertainment,
Inc.
(a)(b)
........
920,377
41,886,357
Shake
Shack,
Inc.,
Class
A
(a)(b)
..........
822,006
36,973,830
Sonder
Holdings,
Inc.,
Class
A
(a)(b)
........
3,907,248
6,486,032
Sweetgreen
,
Inc.,
Class
A
(a)(b)
...........
1,894,264
35,043,884
Target
Hospitality
Corp.
(a)(b)
............
604,699
7,631,301
Texas
Roadhouse,
Inc.
...............
1,453,772
126,856,145
Vacasa
,
Inc.,
Class
A
(a)(b)
..............
2,390,107
7,337,628
Wingstop
,
Inc.
(b)
....................
651,930
81,765,061
Xponential
Fitness,
Inc.,
Class
A
(a)(b)
......
384,855
7,027,452
1,093,451,123
Household
Durables
—
1.5%
Aterian
,
Inc.
(a)(b)
....................
1,316,747
1,632,766
Beazer
Homes
USA,
Inc.
(a)
............
640,933
6,197,822
Cavco
Industries,
Inc.
(a)
...............
192,814
39,673,409
Century
Communities,
Inc.
(b)
...........
632,550
27,060,489
Dream
Finders
Homes,
Inc.,
Class
A
(a)(b)
....
442,422
4,689,673
Ethan
Allen
Interiors,
Inc.
.............
483,625
10,223,833
GoPro,
Inc.,
Class
A
(a)(b)
...............
2,821,296
13,908,989
Green
Brick
Partners,
Inc.
(a)
............
574,075
12,273,724
Helen
of
Troy
Ltd.
(a)(b)
................
517,252
49,883,783
Hovnanian
Enterprises,
Inc.,
Class
A
(a)(b)
...
111,350
3,975,195
Installed
Building
Products,
Inc.
.........
516,199
41,806,957
iRobot
Corp.
(a)(b)
....................
580,756
32,713,985
Security
Shares
Shares
Value
Household
Durables
(continued)
KB
Home
........................
1,697,845
$
44,008,142
Landsea
Homes
Corp.
(a)(b)
.............
231,682
1,105,123
La-Z-Boy,
Inc.
.....................
947,034
21,374,557
Legacy
Housing
Corp.
(a)(b)
.............
177,058
3,036,545
LGI
Homes,
Inc.
(a)(b)
.................
443,593
36,095,162
Lifetime
Brands,
Inc.
.................
279,543
1,892,506
Lovesac
Co.
(The)
(a)(b)
................
311,819
6,354,871
M/I
Homes,
Inc.
(a)
...................
590,606
21,397,655
MDC
Holdings,
Inc.
.................
1,243,373
34,093,288
Meritage
Homes
Corp.
(a)(b)
.............
781,562
54,920,362
Purple
Innovation,
Inc.
(a)(b)
.............
1,240,272
5,023,102
Skyline
Champion
Corp.
(a)(b)
............
1,156,577
61,148,226
Snap
One
Holdings
Corp.
(a)(b)
...........
384,824
3,902,115
Sonos
,
Inc.
(a)(b)
.....................
2,794,355
38,841,535
Taylor
Morrison
Home
Corp.
(a)(b)
.........
2,410,506
56,213,000
Traeger
,
Inc.
(a)(b)
....................
643,850
1,815,657
TRI
Pointe
Homes,
Inc.
(a)(b)
............
2,211,726
33,419,180
Tupperware
Brands
Corp.
(a)(b)
...........
981,387
6,428,085
Universal
Electronics,
Inc.
(a)(b)
...........
280,709
5,521,546
Vizio
Holding
Corp.,
Class
A
(a)(b)
.........
1,470,219
12,849,714
Vuzix
Corp.
(a)(b)
....................
1,347,183
7,800,190
Weber,
Inc.,
Class
A
(b)
................
627,762
4,124,396
705,405,582
Household
Products
—
0.3%
Central
Garden
&
Pet
Co.
(a)
............
211,938
7,638,245
Central
Garden
&
Pet
Co.,
Class
A,
NVS
(a)(b)
.
885,836
30,260,158
Energizer
Holdings,
Inc.
..............
1,457,382
36,638,584
WD-40
Co.
(b)
......................
297,492
52,281,244
126,818,231
Independent
Power
and
Renewable
Electricity
Producers
—
0.5%
Altus
Power,
Inc.,
Class
A
(a)(b)
...........
925,818
10,193,256
Clearway
Energy,
Inc.,
Class
A
..........
780,461
22,711,415
Clearway
Energy,
Inc.,
Class
C
.........
1,757,277
55,969,272
Montauk
Renewables,
Inc.
(a)(b)
..........
1,401,600
24,443,904
Ormat
Technologies,
Inc.
(b)
............
984,819
84,891,398
Sunnova
Energy
International,
Inc.
(a)(b)
.....
2,164,698
47,796,532
246,005,777
Industrial
Conglomerates
—
0.0%
Brookfield
Business
Corp.,
Class
A
(b)
......
550,834
12,173,431
Insurance
—
2.0%
Ambac
Financial
Group,
Inc.
(a)
..........
973,143
12,407,573
American
Equity
Investment
Life
Holding
Co.
1,572,998
58,657,095
AMERISAFE,
Inc.
..................
406,161
18,979,904
Argo
Group
International
Holdings
Ltd.
....
699,603
13,474,354
Bright
Health
Group,
Inc.
(a)(b)
...........
4,519,290
4,745,254
BRP
Group,
Inc.,
Class
A
(a)(b)
...........
1,297,339
34,184,883
CNO
Financial
Group,
Inc.
.............
2,485,436
44,663,285
Crawford
&
Co.,
Class
A,
NVS
..........
356,068
2,043,830
Donegal
Group,
Inc.,
Class
A
...........
321,251
4,333,676
eHealth,
Inc.
(a)
.....................
544,117
2,127,497
Employers
Holdings,
Inc.
..............
595,115
20,525,516
Enstar
Group
Ltd.
(a)(b)
................
244,664
41,492,568
Genworth
Financial,
Inc.,
Class
A
(a)(b)
......
10,932,709
38,264,481
Goosehead
Insurance,
Inc.,
Class
A
(a)
.....
416,251
14,835,186
Greenlight
Capital
Re
Ltd.,
Class
A
(a)(b)
.....
582,532
4,334,038
HCI
Group,
Inc.
....................
144,372
5,659,382
Hippo
Holdings,
Inc.
(a)(b)
...............
333,181
6,173,837
Horace
Mann
Educators
Corp.
..........
897,256
31,664,164
Investors
Title
Co.
..................
28,232
3,980,712
James
River
Group
Holdings
Ltd.
........
796,590
18,170,218
Kinsale
Capital
Group,
Inc.
(b)
...........
471,666
120,472,930
Lemonade,
Inc.
(a)(b)
..................
1,026,882
21,749,361
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
MBIA,
Inc.
(a)(b)
.....................
1,026,156
$
9,440,635
Mercury
General
Corp.
...............
570,979
16,227,223
National
Western
Life
Group,
Inc.,
Class
A
(b)
.
51,725
8,834,630
NI
Holdings,
Inc.
(a)(b)
.................
193,161
2,580,631
Oscar
Health,
Inc.,
Class
A
(a)(b)
..........
2,586,041
12,904,345
Palomar
Holdings,
Inc.
(a)(b)
.............
528,522
44,247,862
ProAssurance
Corp.
.................
1,159,638
22,624,537
RLI
Corp.
........................
846,725
86,687,705
Root,
Inc.,
Class
A
(a)(b)
................
158,948
1,252,512
Safety
Insurance
Group,
Inc.
...........
308,961
25,198,859
Selective
Insurance
Group,
Inc.
(b)
........
1,294,984
105,411,698
Selectquote
,
Inc.
(a)(b)
.................
2,955,482
2,157,502
SiriusPoint
Ltd.
(a)
...................
1,994,403
9,872,295
Stewart
Information
Services
Corp.
.......
583,144
25,448,404
Tiptree,
Inc.
......................
505,785
5,442,247
Trean
Insurance
Group,
Inc.
(a)
..........
400,701
1,362,383
Trupanion
,
Inc.
(a)(b)
..................
847,955
50,393,966
United
Fire
Group,
Inc.
...............
463,527
13,317,131
Universal
Insurance
Holdings,
Inc.
.......
605,774
5,966,874
972,311,183
Interactive
Media
&
Services
—
0.7%
Arena
Group
Holdings,
Inc.
(The)
(a)(b)
......
235,948
3,090,919
Bumble,
Inc.,
Class
A
(a)(b)
..............
1,863,407
40,044,616
Cargurus
,
Inc.,
Class
A
(a)(b)
.............
2,212,693
31,353,860
Cars.com,
Inc.
(a)
....................
1,491,386
17,150,939
DHI
Group,
Inc.
(a)(b)
..................
871,913
4,690,892
Eventbrite,
Inc.,
Class
A
(a)(b)
............
1,674,099
10,178,522
EverQuote
,
Inc.,
Class
A
(a)(b)
............
412,942
2,816,264
fuboTV
,
Inc.
(a)(b)
....................
3,894,176
13,824,325
Leafly
Holdings,
Inc.
(a)(b)
...............
463,306
314,585
MediaAlpha
,
Inc.,
Class
A
(a)(b)
...........
518,374
4,535,773
Outbrain
,
Inc.
(a)(b)
...................
825,557
3,013,283
QuinStreet
,
Inc.
(a)(b)
..................
1,126,350
11,826,675
Shutterstock
,
Inc.
...................
528,197
26,499,643
TrueCar
,
Inc.
(a)
.....................
2,054,382
3,102,117
Vimeo,
Inc.
(a)(b)
.....................
3,202,074
12,808,296
Vinco
Ventures,
Inc.
(a)(b)
...............
4,947,910
4,607,494
Wejo
Group
Ltd.
(a)(b)
.................
582,636
635,073
Yelp,
Inc.
(a)(b)
......................
1,505,475
51,050,657
Ziff
Davis,
Inc.
(a)(b)
...................
999,481
68,444,459
ZipRecruiter,
Inc.,
Class
A
(a)(b)
...........
1,737,059
28,661,473
338,649,865
Internet
&
Direct
Marketing
Retail
—
0.4%
1-800-Flowers.com,
Inc.,
Class
A
(a)(b)
......
585,460
3,799,635
1stdibs.com,
Inc.
(a)(b)
.................
507,237
3,190,521
aka
Brands
Holding
Corp.
(a)(b)
...........
153,535
222,626
BARK,
Inc.
(a)(b)
.....................
2,486,470
4,525,375
Boxed,
Inc.
(a)(b)
.....................
1,078,462
994,342
CarParts.com,
Inc.
(a)(b)
................
1,133,111
5,858,184
ContextLogic
,
Inc.,
Class
A
(a)(b)
..........
12,669,901
9,298,440
Duluth
Holdings,
Inc.,
Class
B
(a)(b)
........
263,891
1,857,793
Groupon,
Inc.
(a)(b)
...................
473,165
3,766,393
Lands'
End,
Inc.
(a)(b)
.................
314,616
2,428,835
Liquidity
Services,
Inc.
(a)(b)
.............
544,602
8,855,229
Lulu's
Fashion
Lounge
Holdings,
Inc.
(a)(b)
...
305,266
1,422,540
Overstock.com,
Inc.
(a)(b)
...............
930,037
22,646,401
PetMed
Express,
Inc.
................
436,379
8,518,118
Porch
Group,
Inc.
(a)(b)
................
1,870,388
4,208,373
Poshmark
,
Inc.,
Class
A
(a)
.............
1,010,219
15,830,132
Quotient
Technology,
Inc.
(a)(b)
...........
2,104,181
4,860,658
Qurate
Retail,
Inc.
..................
7,569,984
15,215,668
RealReal
,
Inc.
(The)
(a)(b)
...............
2,001,603
3,002,404
Rent
the
Runway,
Inc.,
Class
A
(a)(b)
.......
963,978
2,120,752
Security
Shares
Shares
Value
Internet
&
Direct
Marketing
Retail
(continued)
Revolve
Group,
Inc.,
Class
A
(a)(b)
.........
884,878
$
19,193,004
RumbleON
,
Inc.,
Class
B
(a)(b)
...........
229,424
3,881,854
Stitch
Fix,
Inc.,
Class
A
(a)(b)
.............
1,827,275
7,217,736
ThredUp
,
Inc.,
Class
A
(a)(b)
.............
1,241,856
2,285,015
Vivid
Seats,
Inc.,
Class
A
(b)
............
555,101
4,252,074
Xometry
,
Inc.,
Class
A
(a)(b)
.............
737,150
41,862,748
201,314,850
IT
Services
—
2.1%
AvidXchange
Holdings,
Inc.
(a)(b)
..........
3,179,722
26,773,259
BigCommerce
Holdings,
Inc.
(a)(b)
.........
1,420,933
21,029,808
Brightcove
,
Inc.
(a)
...................
876,178
5,519,921
Cantaloupe,
Inc.
(a)(b)
.................
1,267,004
4,409,174
Cass
Information
Systems,
Inc.
.........
310,921
10,785,849
Cerberus
Cyber
Sentinel
Corp.
(a)(b)
.......
912,066
2,690,595
Conduent
,
Inc.
(a)
...................
3,652,300
12,198,682
Core
Scientific,
Inc.
(a)(b)
...............
5,835,057
7,585,574
CSG
Systems
International,
Inc.
.........
701,146
37,076,600
Cyxtera
Technologies,
Inc.,
Class
A
(a)(b)
....
854,368
3,485,821
DigitalOcean
Holdings,
Inc.
(a)(b)
..........
1,527,483
55,249,060
Edgio
,
Inc.
(a)(b)
.....................
2,994,600
8,324,988
EVERTEC,
Inc.
....................
1,358,459
42,587,690
Evo
Payments,
Inc.,
Class
A
(a)
..........
1,032,795
34,392,073
ExlService
Holdings,
Inc.
(a)(b)
...........
703,374
103,649,193
Fastly
,
Inc.,
Class
A
(a)(b)
...............
2,478,523
22,703,271
Flywire
Corp.
(a)(b)
...................
1,214,825
27,892,382
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)(b)
..
1,068,683
20,016,433
Hackett
Group,
Inc.
(The)
.............
579,885
10,275,562
I3
Verticals,
Inc.,
Class
A
(a)(b)
...........
478,456
9,583,474
IBEX
Holdings
Ltd.
(a)(b)
...............
123,261
2,288,957
Information
Services
Group,
Inc.
.........
735,260
3,499,838
International
Money
Express,
Inc.
(a)(b)
......
723,404
16,486,377
Marqeta
,
Inc.,
Class
A
(a)(b)
.............
9,479,374
67,493,143
Maximus,
Inc.
.....................
1,314,786
76,086,666
MoneyGram
International,
Inc.
(a)(b)
........
2,044,770
21,265,608
Paya
Holdings,
Inc.,
Class
A
(a)(b)
.........
1,905,194
11,640,735
Payoneer
Global,
Inc.
(a)(b)
..............
4,694,056
28,399,039
Paysafe
Ltd.
(a)(b)
....................
7,480,276
10,322,781
Perficient
,
Inc.
(a)(b)
...................
743,796
48,361,616
PFSweb
,
Inc.
(a)(b)
...................
314,306
2,929,332
Priority
Technology
Holdings,
Inc.
(a)(b)
......
216,779
977,673
Rackspace
Technology,
Inc.
(a)(b)
.........
1,309,792
5,343,951
Remitly
Global,
Inc.
(a)(b)
...............
2,154,218
23,954,904
Repay
Holdings
Corp.,
Class
A
(a)(b)
.......
1,962,032
13,851,946
Sabre
Corp.
(a)(b)
....................
7,128,246
36,710,467
SolarWinds
Corp.
(a)
.................
1,109,863
8,601,438
Squarespace,
Inc.,
Class
A
(a)(b)
..........
691,216
14,764,374
StoneCo
Ltd.,
Class
A
(a)(b)
.............
6,058,778
57,740,154
TTEC
Holdings,
Inc.
.................
410,870
18,205,650
Tucows
,
Inc.,
Class
A
(a)(b)
..............
206,992
7,743,571
Unisys
Corp.
(a)(b)
....................
1,475,501
11,140,033
Verra
Mobility
Corp.,
Class
A
(a)(b)
.........
3,126,153
48,048,972
1,002,086,634
Leisure
Products
—
0.4%
Acushnet
Holdings
Corp.
(b)
............
731,366
31,807,107
AMMO,
Inc.
(a)(b)
....................
1,988,745
5,827,023
Clarus
Corp.
(b)
.....................
625,770
8,429,122
Johnson
Outdoors,
Inc.,
Class
A
.........
111,806
5,736,766
Latham
Group,
Inc.
(a)(b)
...............
961,601
3,452,148
Malibu
Boats,
Inc.,
Class
A
(a)(b)
..........
442,667
21,243,589
Marine
Products
Corp.
...............
178,998
1,514,323
MasterCraft
Boat
Holdings,
Inc.
(a)(b)
.......
410,516
7,738,227
Smith
&
Wesson
Brands,
Inc.
...........
999,423
10,364,016
Solo
Brands,
Inc.,
Class
A
(a)(b)
...........
429,689
1,632,818
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Leisure
Products
(continued)
Sturm
Ruger
&
Co.,
Inc.
..............
373,759
$
18,983,220
Topgolf
Callaway
Brands
Corp.
(a)(b)
.......
3,059,316
58,922,426
Vista
Outdoor,
Inc.
(a)(b)
................
1,211,775
29,470,368
205,121,153
Life
Sciences
Tools
&
Services
—
0.7%
(a)(b)
AbCellera
Biologics,
Inc.
..............
4,486,175
44,368,271
Absci
Corp.
.......................
1,160,246
3,631,570
Adaptive
Biotechnologies
Corp.
.........
2,436,597
17,348,571
Akoya
Biosciences,
Inc.
..............
326,518
3,836,586
Alpha
Teknova
,
Inc.
.................
150,788
503,632
Berkeley
Lights,
Inc.
.................
1,211,200
3,464,032
Bionano
Genomics,
Inc.
..............
6,265,731
11,466,288
Codexis
,
Inc.
......................
1,343,378
8,140,871
Cytek
Biosciences,
Inc.
...............
2,498,724
36,781,217
Inotiv
,
Inc.
........................
373,567
6,294,604
MaxCyte
,
Inc.
.....................
1,963,892
12,765,298
Medpace
Holdings,
Inc.
..............
553,588
87,007,426
NanoString
Technologies,
Inc.
..........
1,016,896
12,985,762
Nautilus
Biotechnology,
Inc.
............
905,113
1,918,839
NeoGenomics
,
Inc.
.................
2,742,367
23,611,780
Pacific
Biosciences
of
California,
Inc.
.....
4,911,689
28,512,355
Quanterix
Corp.
....................
787,129
8,674,161
Quantum-Si,
Inc.,
Class
A
.............
2,037,610
5,603,427
Science
37
Holdings,
Inc.
.............
1,266,398
2,038,901
Seer,
Inc.,
Class
A
..................
1,101,377
8,524,658
Singular
Genomics
Systems,
Inc.
........
1,195,490
2,988,725
SomaLogic
,
Inc.,
Class
A
..............
3,215,948
9,326,249
339,793,223
Machinery
—
3.6%
Alamo
Group,
Inc.
..................
214,479
26,224,347
Albany
International
Corp.,
Class
A
(b)
......
685,758
54,058,303
Altra
Industrial
Motion
Corp.
(b)
..........
1,422,289
47,817,356
Astec
Industries,
Inc.
................
491,595
15,332,848
Barnes
Group,
Inc.
..................
1,077,223
31,110,200
Berkshire
Grey,
Inc.,
Class
A
(a)(b)
.........
967,380
1,644,546
Blue
Bird
Corp.
(a)(b)
..................
374,440
3,126,574
Chart
Industries,
Inc.
(a)(b)
..............
799,668
147,418,796
CIRCOR
International,
Inc.
(a)(b)
..........
402,426
6,636,005
Columbus
McKinnon
Corp.
............
598,506
15,656,917
Desktop
Metal,
Inc.,
Class
A
(a)(b)
.........
5,676,941
14,703,277
Douglas
Dynamics,
Inc.
..............
492,577
13,802,007
Energy
Recovery,
Inc.
(a)(b)
.............
1,185,926
25,782,031
Enerpac
Tool
Group
Corp.,
Class
A
(a)
......
1,301,093
23,198,488
EnPro
Industries,
Inc.
................
456,506
38,793,880
ESCO
Technologies,
Inc.
.............
565,936
41,562,340
Evoqua
Water
Technologies
Corp.
(a)(b)
.....
2,555,065
84,495,999
Federal
Signal
Corp.
(b)
...............
1,298,453
48,458,266
Franklin
Electric
Co.,
Inc.
.............
1,000,580
81,757,392
Gorman-Rupp
Co.
(The)
..............
480,670
11,435,139
Greenbrier
Cos.,
Inc.
(The)
............
707,349
17,167,360
Helios
Technologies,
Inc.
..............
710,321
35,942,243
Hillenbrand,
Inc.
...................
1,516,540
55,687,349
Hillman
Solutions
Corp.
(a)(b)
............
2,905,363
21,906,437
Hydrofarm
Holdings
Group,
Inc.
(a)(b)
.......
880,447
1,708,067
Hyliion
Holdings
Corp.,
Class
A
(a)(b)
.......
2,820,951
8,096,129
Hyster
-Yale
Materials
Handling,
Inc.
......
236,025
5,076,898
Hyzon
Motors,
Inc.,
Class
A
(a)(b)
.........
1,998,868
3,398,076
John
Bean
Technologies
Corp.
(b)
.........
690,174
59,354,964
Kadant
,
Inc.
......................
254,607
42,470,994
Kennametal,
Inc.
...................
1,811,386
37,278,324
Lightning
eMotors
,
Inc.
(a)(b)
.............
783,721
1,214,768
Lindsay
Corp.
.....................
239,042
34,249,938
Luxfer
Holdings
plc
.................
592,529
8,591,670
Security
Shares
Shares
Value
Machinery
(continued)
Manitowoc
Co.,
Inc.
(The)
(a)(b)
...........
759,700
$
5,887,675
Markforged
Holding
Corp.
(a)(b)
...........
2,429,220
4,809,856
Microvast
Holdings,
Inc.
(a)(b)
............
3,800,697
6,879,262
Miller
Industries,
Inc.
................
239,514
5,099,253
Mueller
Industries,
Inc.
...............
1,217,365
72,360,176
Mueller
Water
Products,
Inc.,
Class
A
.....
3,438,571
35,314,124
Nikola
Corp.
(a)(b)
....................
6,572,267
23,134,380
Omega
Flex,
Inc.
(b)
..................
67,372
6,239,995
Proterra
,
Inc.
(a)(b)
...................
4,830,584
24,056,308
Proto
Labs,
Inc.
(a)(b)
..................
598,789
21,813,883
RBC
Bearings,
Inc.
(a)(b)
...............
620,071
128,856,954
REV
Group,
Inc.
(b)
..................
720,770
7,950,093
Sarcos
Technology
&
Robotics
Corp.
(a)(b)
...
2,240,722
4,974,403
Shyft
Group,
Inc.
(The)
(b)
..............
764,822
15,625,313
SPX
Technologies,
Inc.
(a)(b)
.............
949,801
52,448,011
Standex
International
Corp.
............
249,425
20,365,551
Tennant
Co.
......................
397,703
22,494,082
Terex
Corp.
.......................
1,469,958
43,716,551
Titan
International,
Inc.
(a)(b)
.............
1,108,657
13,459,096
Trinity
Industries,
Inc.
................
1,799,079
38,410,337
Velo3D,
Inc.
(a)(b)
....................
1,281,322
5,048,409
Wabash
National
Corp.
(b)
..............
1,082,854
16,849,208
Watts
Water
Technologies,
Inc.,
Class
A
(b)
..
595,431
74,863,540
Xos
,
Inc.
(a)(b)
......................
1,020,700
1,224,840
1,717,039,228
Marine
—
0.2%
Costamare
,
Inc.
....................
1,150,597
10,297,843
Eagle
Bulk
Shipping,
Inc.
.............
293,166
12,658,908
Eneti
,
Inc.
(b)
.......................
497,269
3,316,784
Genco
Shipping
&
Trading
Ltd.
..........
797,722
9,995,457
Golden
Ocean
Group
Ltd.
.............
2,679,259
20,014,065
Matson,
Inc.
......................
841,632
51,777,200
Safe
Bulkers,
Inc.
(b)
.................
1,555,111
3,841,124
111,901,381
Media
—
0.9%
AdTheorent
Holding
Co.,
Inc.
(a)(b)
.........
610,043
1,311,593
Advantage
Solutions,
Inc.,
Class
A
(a)(b)
.....
1,669,748
3,556,563
AMC
Networks,
Inc.,
Class
A
(a)(b)
.........
659,412
13,386,064
Audacy
,
Inc.,
Class
A
(a)(b)
..............
2,550,711
984,830
Boston
Omaha
Corp.,
Class
A
(a)(b)
........
468,161
10,786,429
Cardlytics,
Inc.
(a)(b)
..................
708,279
6,657,823
Clear
Channel
Outdoor
Holdings,
Inc.
(a)(b)
...
8,145,329
11,159,101
Cumulus
Media,
Inc.,
Class
A
(a)
.........
359,978
2,530,645
Daily
Journal
Corp.
(a)(b)
...............
26,421
6,774,080
Entravision
Communications
Corp.,
Class
A
.
1,323,887
5,255,831
EW
Scripps
Co.
(The),
Class
A,
NVS
(a)
....
1,246,445
14,047,435
Gambling.com
Group
Ltd.
(a)(b)
...........
134,511
1,022,284
Gannett
Co.,
Inc.
(a)(b)
.................
3,047,544
4,662,742
Gray
Television,
Inc.
.................
1,830,772
26,216,655
iHeartMedia
,
Inc.,
Class
A
(a)(b)
...........
2,647,521
19,406,329
Innovid
Corp.
(a)(b)
...................
1,493,166
4,046,480
Integral
Ad
Science
Holding
Corp.
(a)(b)
.....
872,010
6,313,352
John
Wiley
&
Sons,
Inc.,
Class
A
........
940,825
35,337,387
Loyalty
Ventures,
Inc.
(a)(b)
..............
409,766
495,817
Magnite
,
Inc.
(a)(b)
....................
2,863,786
18,815,074
PubMatic,
Inc.,
Class
A
(a)(b)
.............
935,548
15,558,163
Scholastic
Corp.,
NVS
...............
644,747
19,832,418
Sinclair
Broadcast
Group,
Inc.,
Class
A
....
896,643
16,220,272
Stagwell
,
Inc.,
Class
A
(a)(b)
.............
1,690,311
11,747,662
TechTarget
,
Inc.
(a)(b)
.................
598,614
35,437,949
TEGNA,
Inc.
......................
4,849,208
100,281,621
Thryv
Holdings,
Inc.
(a)(b)
...............
555,305
12,677,613
Urban
One,
Inc.,
Class
A
(a)(b)
...........
221,647
1,172,513
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Media
(continued)
Urban
One,
Inc.,
Class
D,
NVS
(a)(b)
.......
156,802
$
666,408
WideOpenWest
,
Inc.
(a)(b)
..............
1,167,104
14,320,366
420,681,499
Metals
&
Mining
—
1.4%
5E
Advanced
Materials,
Inc.
(a)(b)
.........
701,741
7,129,689
Alpha
Metallurgical
Resources,
Inc.
......
362,265
49,572,343
Arconic
Corp.
(a)(b)
...................
2,228,451
37,972,805
ATI,
Inc.
(a)(b)
.......................
2,689,087
71,556,605
Carpenter
Technology
Corp.
...........
1,046,289
32,581,439
Century
Aluminum
Co.
(a)(b)
.............
1,127,930
5,955,470
Coeur
Mining,
Inc.
(a)(b)
................
6,062,347
20,733,227
Commercial
Metals
Co.
...............
2,609,690
92,591,801
Compass
Minerals
International,
Inc.
......
742,120
28,593,884
Constellium
SE,
Class
A
(a)
.............
2,755,390
27,939,655
Dakota
Gold
Corp.
(a)(b)
................
1,112,018
3,391,655
Haynes
International,
Inc.
.............
281,488
9,885,859
Hecla
Mining
Co.
(b)
..................
12,083,266
47,608,068
Hycroft
Mining
Holding
Corp.,
Class
A
(a)(b)
...
3,120,431
1,886,300
Ivanhoe
Electric,
Inc.
(a)(b)
..............
246,210
2,031,232
Kaiser
Aluminum
Corp.
...............
348,868
21,403,052
Materion
Corp.
....................
444,491
35,559,280
Novagold
Resources,
Inc.
(a)(b)
...........
5,172,126
24,257,271
Olympic
Steel,
Inc.
..................
210,467
4,800,752
Piedmont
Lithium,
Inc.
(a)(b)
.............
377,964
20,217,294
PolyMet
Mining
Corp.
(a)(b)
..............
627,567
1,807,393
Ramaco
Resources,
Inc.
..............
493,749
4,542,491
Ryerson
Holding
Corp.
...............
414,141
10,659,989
Schnitzer
Steel
Industries,
Inc.,
Class
A
....
561,437
15,978,497
SunCoke
Energy,
Inc.
................
1,823,941
10,597,097
TimkenSteel
Corp.
(a)(b)
................
1,015,354
15,220,156
Warrior
Met
Coal,
Inc.
(b)
...............
1,128,956
32,107,509
Worthington
Industries,
Inc.
(b)
...........
683,713
26,076,814
662,657,627
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
1.2%
AFC
Gamma,
Inc.
..................
325,440
4,979,232
Angel
Oak
Mortgage,
Inc.
(b)
............
237,500
2,845,250
Apollo
Commercial
Real
Estate
Finance,
Inc.
3,111,419
25,824,778
Arbor
Realty
Trust,
Inc.
...............
3,575,832
41,122,068
Ares
Commercial
Real
Estate
Corp.
......
1,072,896
11,211,763
ARMOUR
Residential
REIT,
Inc.
.........
2,466,521
12,011,957
Blackstone
Mortgage
Trust,
Inc.,
Class
A
...
3,671,946
85,703,220
BrightSpire
Capital,
Inc.,
Class
A
........
1,996,173
12,595,852
Broadmark
Realty
Capital,
Inc.
..........
2,771,376
14,161,731
Chicago
Atlantic
Real
Estate
Finance,
Inc.
..
95,287
1,373,086
Chimera
Investment
Corp.
.............
5,147,001
26,867,345
Claros
Mortgage
Trust,
Inc.
............
2,008,343
23,577,947
Dynex
Capital,
Inc.
..................
906,969
10,566,189
Ellington
Financial,
Inc.
...............
1,239,331
14,091,193
Franklin
BSP
Realty
Trust,
Inc.
..........
1,786,370
19,239,205
Granite
Point
Mortgage
Trust,
Inc.
.......
1,248,713
8,041,712
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
(b)
...................
1,861,026
55,700,508
Invesco
Mortgage
Capital,
Inc.
..........
740,063
8,214,699
KKR
Real
Estate
Finance
Trust,
Inc.
......
1,213,022
19,711,607
Ladder
Capital
Corp.,
Class
A
..........
2,504,700
22,442,112
MFA
Financial,
Inc.
..................
2,281,138
17,747,254
New
York
Mortgage
Trust,
Inc.
..........
8,419,954
19,702,692
Nexpoint
Real
Estate
Finance,
Inc.
.......
144,108
2,158,738
Orchid
Island
Capital,
Inc.
(b)
............
832,323
6,825,048
PennyMac
Mortgage
Investment
Trust
.....
1,996,619
23,520,172
Ready
Capital
Corp.
(b)
................
1,556,913
15,787,098
Redwood
Trust,
Inc.
.................
2,554,543
14,663,077
TPG
RE
Finance
Trust,
Inc.
............
1,451,659
10,161,613
Security
Shares
Shares
Value
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(continued)
Two
Harbors
Investment
Corp.
..........
7,619,462
$
25,296,614
556,143,760
Multiline
Retail
—
0.1%
Big
Lots,
Inc.
......................
632,774
9,877,602
Dillard's,
Inc.,
Class
A
(b)
...............
89,297
24,356,650
Franchise
Group,
Inc.
................
608,265
14,780,839
49,015,091
Multi-Utilities
—
0.5%
Avista
Corp.
......................
1,553,286
57,549,246
Black
Hills
Corp.
...................
1,413,095
95,708,925
NorthWestern
Corp.
.................
1,218,542
60,049,750
Unitil
Corp.
.......................
337,385
15,671,533
228,979,454
Oil,
Gas
&
Consumable
Fuels
—
4.5%
Aemetis
,
Inc.
(a)(b)
...................
680,167
4,162,622
Alto
Ingredients,
Inc.
(a)(b)
..............
1,688,429
6,145,882
Amplify
Energy
Corp.
(a)(b)
..............
776,348
5,100,606
Arch
Resources,
Inc.,
Class
A
..........
330,596
39,208,686
Archaea
Energy,
Inc.,
Class
A
(a)(b)
........
1,297,965
23,376,350
Ardmore
Shipping
Corp.
(a)(b)
............
787,601
7,190,797
Battalion
Oil
Corp.
(a)(b)
................
31,065
369,673
Berry
Corp.
(b)
......................
1,719,437
12,895,777
Brigham
Minerals,
Inc.,
Class
A
.........
1,153,568
28,458,523
California
Resources
Corp.
(b)
...........
1,650,358
63,423,258
Callon
Petroleum
Co.
(a)(b)
..............
1,078,613
37,762,241
Centrus
Energy
Corp.,
Class
A
(a)(b)
.......
237,650
9,738,897
Chord
Energy
Corp.
.................
904,468
123,704,088
Civitas
Resources,
Inc.
...............
1,605,325
92,129,602
Clean
Energy
Fuels
Corp.
(a)(b)
...........
3,733,844
19,938,727
CNX
Resources
Corp.
(a)(b)
.............
4,109,533
63,821,047
Comstock
Resources,
Inc.
(a)(b)
..........
1,995,501
34,502,212
CONSOL
Energy,
Inc.
................
748,743
48,159,150
Crescent
Energy
Co.,
Class
A
(b)
.........
732,089
9,861,239
CVR
Energy,
Inc.
...................
659,304
19,106,630
Delek
US
Holdings,
Inc.
..............
1,567,235
42,534,758
Denbury,
Inc.
(a)(b)
...................
1,089,236
93,957,497
DHT
Holdings,
Inc.
..................
3,015,066
22,793,899
Dorian
LPG
Ltd.
....................
698,562
9,479,486
Earthstone
Energy,
Inc.,
Class
A
(a)(b)
......
979,631
12,069,054
Empire
Petroleum
Corp.
(a)(b)
............
198,578
2,611,301
Energy
Fuels,
Inc.
(a)(b)
................
3,393,324
20,767,143
Equitrans
Midstream
Corp.
............
8,947,839
66,929,836
Excelerate
Energy,
Inc.,
Class
A
(b)
........
406,534
9,512,896
FLEX
LNG
Ltd.
(b)
...................
617,798
19,565,663
Frontline
Ltd.
(b)
....................
2,706,077
29,577,422
Gevo
,
Inc.
(a)(b)
.....................
4,504,453
10,270,153
Golar
LNG
Ltd.
(a)(b)
..................
2,180,265
54,332,204
Green
Plains,
Inc.
(a)(b)
................
800,530
23,271,407
Gulfport
Energy
Corp.
(a)(b)
.............
247,626
21,862,900
HighPeak
Energy,
Inc.
(b)
..............
127,781
2,767,736
International
Seaways,
Inc.
............
1,081,950
38,008,903
Kinetik
Holdings,
Inc.,
Class
A
..........
385,877
12,571,873
Kosmos
Energy
Ltd.
(a)(b)
...............
9,842,111
50,883,714
Laredo
Petroleum,
Inc.
(a)(b)
.............
367,558
23,101,020
Magnolia
Oil
&
Gas
Corp.,
Class
A
(b)
......
3,658,938
72,483,562
Matador
Resources
Co.
(b)
.............
2,458,410
120,265,417
Murphy
Oil
Corp.
...................
3,209,819
112,889,334
NACCO
Industries,
Inc.,
Class
A
.........
82,961
3,901,656
NextDecade
Corp.
(a)(b)
................
714,693
4,302,452
Nordic
American
Tankers
Ltd.
..........
4,266,984
11,392,847
Northern
Oil
and
Gas,
Inc.
.............
1,459,942
40,017,010
Par
Pacific
Holdings,
Inc.
(a)(b)
...........
1,123,586
18,438,046
PBF
Energy,
Inc.,
Class
A
(a)(b)
...........
2,115,091
74,366,600
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Peabody
Energy
Corp.
(a)(b)
.............
2,557,681
$
63,481,642
Permian
Resources
Corp.,
Class
A
(a)(b)
.....
4,460,893
30,334,072
Petrocorp,
Inc.,
NVS
(a)(d)
..............
26,106
—
Ranger
Oil
Corp.,
Class
A
(b)
............
442,673
13,922,066
REX
American
Resources
Corp.
(a)(b)
......
371,858
10,382,275
Riley
Exploration
Permian,
Inc.
..........
230,600
4,376,788
Ring
Energy,
Inc.
(a)(b)
.................
1,955,472
4,536,695
SandRidge
Energy,
Inc.
(a)(b)
............
456,548
7,446,298
Scorpio
Tankers,
Inc.
................
1,056,713
44,424,214
SFL
Corp.
Ltd.
.....................
2,544,189
23,177,562
SilverBow
Resources,
Inc.
(a)(b)
..........
254,979
6,853,835
Sitio
Royalties
Corp.,
Class
A
(b)
.........
266,279
5,887,429
SM
Energy
Co.
(b)
...................
2,639,375
99,266,894
Talos
Energy,
Inc.
(a)(b)
................
1,445,677
24,070,522
Teekay
Corp.
(a)
....................
1,509,774
5,420,089
Teekay
Tankers
Ltd.,
Class
A
(a)
..........
500,081
13,772,231
Tellurian,
Inc.
(a)(b)
...................
11,185,064
26,732,303
Uranium
Energy
Corp.
(a)(b)
.............
7,001,918
24,506,713
Ur-Energy,
Inc.
(a)(b)
..................
4,490,859
4,895,036
VAALCO
Energy,
Inc.
(b)
...............
1,245,238
5,429,238
Vertex
Energy,
Inc.
(a)(b)
...............
1,193,082
7,432,901
W&T
Offshore,
Inc.
(a)(b)
...............
2,013,321
11,798,061
World
Fuel
Services
Corp.
.............
1,375,573
32,243,431
2,144,372,091
Paper
&
Forest
Products
—
0.1%
Clearwater
Paper
Corp.
(a)
.............
360,665
13,561,004
Glatfelter
Corp.
....................
960,618
2,987,522
Resolute
Forest
Products,
Inc.
(a)
.........
998,971
19,979,420
Sylvamo
Corp.
....................
775,259
26,281,280
62,809,226
Personal
Products
—
0.7%
Beauty
Health
Co.
(The),
Class
A
(a)(b)
......
2,158,628
25,450,224
BellRing
Brands,
Inc.
(a)(b)
..............
2,866,726
59,083,223
Edgewell
Personal
Care
Co.
(b)
..........
1,117,978
41,812,377
elf
Beauty,
Inc.
(a)
...................
1,045,068
39,315,458
Herbalife
Nutrition
Ltd.
(a)(b)
.............
2,122,212
42,210,797
Honest
Co.,
Inc.
(The)
(a)(b)
.............
1,532,533
5,363,865
Inter
Parfums
,
Inc.
..................
393,186
29,669,816
Medifast
,
Inc.
.....................
238,276
25,819,587
Nature's
Sunshine
Products,
Inc.
(a)
.......
264,239
2,177,329
Nu
Skin
Enterprises,
Inc.,
Class
A
........
1,094,860
36,535,478
Thorne
HealthTech
,
Inc.
(a)(b)
............
210,812
997,141
USANA
Health
Sciences,
Inc.
(a)
.........
250,058
14,015,751
Veru
,
Inc.
(a)(b)
......................
1,426,040
16,427,981
338,879,027
Pharmaceuticals
—
1.7%
Aclaris
Therapeutics,
Inc.
(a)(b)
...........
1,398,753
22,016,372
Aerie
Pharmaceuticals,
Inc.
(a)
...........
1,044,068
15,796,749
Amneal
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
..
2,132,103
4,306,848
Amphastar
Pharmaceuticals,
Inc.
(a)
.......
832,053
23,380,689
Amylyx
Pharmaceuticals,
Inc.
(a)(b)
........
763,425
21,490,414
AN2
Therapeutics,
Inc.
(a)(b)
.............
84,061
1,460,980
ANI
Pharmaceuticals,
Inc.
(a)
............
279,686
8,989,108
Arvinas
,
Inc.
(a)(b)
....................
1,061,622
47,231,563
Atea
Pharmaceuticals,
Inc.
(a)(b)
..........
1,694,319
9,640,675
Athira
Pharma,
Inc.
(a)(b)
...............
858,022
2,548,325
Axsome
Therapeutics,
Inc.
(a)(b)
..........
649,441
28,978,057
Cara
Therapeutics,
Inc.
(a)(b)
............
974,324
9,119,673
Cassava
Sciences,
Inc.
(a)(b)
............
831,868
34,788,720
CinCor
Pharma,
Inc.
(a)(b)
..............
429,680
14,102,098
Collegium
Pharmaceutical,
Inc.
(a)(b)
.......
757,062
12,128,133
Corcept
Therapeutics,
Inc.
(a)(b)
..........
1,860,370
47,699,887
DICE
Therapeutics,
Inc.
(a)(b)
............
623,332
12,641,173
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Edgewise
Therapeutics,
Inc.
(a)
..........
678,582
$
6,677,247
Esperion
Therapeutics,
Inc.
(a)(b)
..........
1,455,325
9,750,677
Evolus
,
Inc.
(a)(b)
....................
807,267
6,498,499
EyePoint
Pharmaceuticals,
Inc.
(a)(b)
.......
526,724
4,166,387
Fulcrum
Therapeutics,
Inc.
(a)(b)
..........
750,705
6,073,203
Harmony
Biosciences
Holdings,
Inc.
(a)(b)
....
574,842
25,459,752
Innoviva
,
Inc.
(a)(b)
...................
1,386,069
16,092,261
Intra-Cellular
Therapies,
Inc.
(a)(b)
.........
1,996,131
92,879,975
Liquidia
Corp.
(a)(b)
...................
1,037,524
5,644,131
Nektar
Therapeutics
(a)(b)
...............
4,000,442
12,801,414
NGM
Biopharmaceuticals,
Inc.
(a)(b)
........
851,036
11,131,551
Nuvation
Bio,
Inc.,
Class
A
(a)(b)
..........
2,667,224
5,974,582
Ocular
Therapeutix
,
Inc.
(a)(b)
............
1,673,191
6,943,743
Pacira
BioSciences
,
Inc.
(a)(b)
............
987,236
52,511,083
Phathom
Pharmaceuticals,
Inc.
(a)(b)
.......
498,085
5,518,782
Phibro
Animal
Health
Corp.,
Class
A
......
446,434
5,933,108
Prestige
Consumer
Healthcare,
Inc.
(a)(b)
....
1,083,667
53,999,127
Provention
Bio,
Inc.
(a)(b)
...............
1,332,413
5,995,858
Reata
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
...
604,339
15,187,039
Relmada
Therapeutics,
Inc.
(a)(b)
..........
603,432
22,339,053
Revance
Therapeutics,
Inc.
(a)(b)
..........
1,550,971
41,876,217
SIGA
Technologies,
Inc.
(b)
.............
1,039,999
10,711,990
Supernus
Pharmaceuticals,
Inc.
(a)(b)
.......
1,072,409
36,301,045
Tarsus
Pharmaceuticals,
Inc.
(a)(b)
.........
376,056
6,438,079
Theravance
Biopharma,
Inc.
(a)(b)
.........
1,378,267
13,975,627
Theseus
Pharmaceuticals,
Inc.
(a)(b)
.......
297,787
1,727,165
Tricida
,
Inc.
(a)(b)
....................
715,459
7,498,010
Ventyx
Biosciences,
Inc.
(a)(b)
............
485,792
16,958,999
Xeris
Biopharma
Holdings,
Inc.
(a)(b)
.......
2,953,495
4,607,452
827,991,520
Professional
Services
—
1.7%
Alight,
Inc.,
Class
A
(a)(b)
...............
7,394,197
54,199,464
ASGN,
Inc.
(a)(b)
.....................
1,072,330
96,906,462
Atlas
Technical
Consultants,
Inc.
(a)(b)
......
363,759
2,418,997
Barrett
Business
Services,
Inc.
..........
156,350
12,195,300
CBIZ,
Inc.
(a)(b)
......................
1,053,590
45,072,580
CRA
International,
Inc.
(b)
..............
157,002
13,932,358
Exponent,
Inc.
.....................
1,107,688
97,111,007
First
Advantage
Corp.
(a)(b)
.............
1,289,476
16,543,977
Forrester
Research,
Inc.
(a)
.............
238,157
8,576,034
Franklin
Covey
Co.
(a)(b)
...............
269,772
12,244,951
Heidrick
&
Struggles
International,
Inc.
....
420,160
10,919,959
HireRight
Holdings
Corp.
(a)(b)
...........
442,995
6,760,104
Huron
Consulting
Group,
Inc.
(a)(b)
........
450,940
29,874,775
ICF
International,
Inc.
(b)
...............
399,836
43,590,121
Insperity
,
Inc.
......................
788,980
80,546,968
Kelly
Services,
Inc.,
Class
A,
NVS
.......
743,543
10,104,749
Kforce
,
Inc.
.......................
442,981
25,980,836
Korn
Ferry
.......................
1,185,889
55,677,489
Legalzoom.com,
Inc.
(a)(b)
..............
2,110,753
18,089,153
Planet
Labs
PBC
(a)(b)
.................
3,402,966
18,478,106
Red
Violet,
Inc.
(a)(b)
..................
192,604
3,335,901
Resources
Connection,
Inc.
............
702,819
12,699,939
Skillsoft
Corp.,
Class
A
(a)(b)
.............
1,841,304
3,369,586
Spire
Global,
Inc.,
Class
A
(a)(b)
..........
2,818,940
3,044,455
Sterling
Check
Corp.
(a)(b)
..............
506,677
8,937,782
TriNet
Group,
Inc.
(a)(b)
................
817,764
58,241,152
TrueBlue
,
Inc.
(a)
....................
709,137
13,530,334
Upwork
,
Inc.
(a)(b)
....................
2,614,911
35,615,088
Willdan
Group,
Inc.
(a)(b)
...............
239,525
3,547,365
801,544,992
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
—
0.7%
Anywhere
Real
Estate,
Inc.
(a)(b)
..........
2,482,659
$
20,134,365
Compass,
Inc.,
Class
A
(a)(b)
............
5,986,618
13,888,954
Cushman
&
Wakefield
plc
(a)(b)
...........
3,495,472
40,023,154
DigitalBridge
Group,
Inc.,
Class
A
(b)
.......
3,524,913
44,096,662
Doma
Holdings,
Inc.
(a)(b)
...............
2,709,382
1,190,503
Douglas
Elliman
,
Inc.
................
1,556,702
6,382,478
eXp
World
Holdings,
Inc.
(b)
.............
1,501,876
16,836,030
Forestar
Group,
Inc.
(a)(b)
...............
376,098
4,208,537
FRP
Holdings,
Inc.
(a)(b)
................
149,254
8,113,447
Kennedy-Wilson
Holdings,
Inc.
..........
2,563,442
39,630,813
Marcus
&
Millichap,
Inc.
..............
552,485
18,110,458
Newmark
Group,
Inc.,
Class
A
..........
3,131,005
25,235,900
Offerpad
Solutions,
Inc.,
Class
A
(a)(b)
......
1,378,499
1,667,984
RE/MAX
Holdings,
Inc.,
Class
A
.........
412,381
7,798,125
Redfin
Corp.
(a)(b)
....................
2,307,035
13,473,084
RMR
Group,
Inc.
(The),
Class
A
.........
338,536
8,019,918
Seritage
Growth
Properties,
Class
A
(a)
.....
887,298
8,003,428
St.
Joe
Co.
(The)
(b)
..................
744,412
23,843,516
Stratus
Properties,
Inc.
...............
124,923
2,910,706
Tejon
Ranch
Co.
(a)(b)
.................
441,067
6,351,365
Transcontinental
Realty
Investors,
Inc.
(a)
...
13,563
547,267
310,466,694
Road
&
Rail
—
0.6%
ArcBest
Corp.
(b)
....................
533,819
38,824,656
Bird
Global,
Inc.,
Class
A
(a)(b)
...........
3,365,626
1,187,729
Covenant
Logistics
Group,
Inc.,
Class
A
....
227,590
6,531,833
Daseke
,
Inc.
(a)(b)
....................
867,141
4,691,233
Heartland
Express,
Inc.
...............
951,120
13,610,527
Marten
Transport
Ltd.
................
1,271,141
24,355,062
PAM
Transportation
Services,
Inc.
(a)(b)
.....
160,384
4,965,489
Saia,
Inc.
(a)(b)
......................
578,685
109,950,150
TuSimple
Holdings,
Inc.,
Class
A
(a)(b)
......
3,099,762
23,558,191
Universal
Logistics
Holdings,
Inc.
(b)
.......
165,652
5,254,482
Werner
Enterprises,
Inc.
(b)
.............
1,381,854
51,957,710
284,887,062
Semiconductors
&
Semiconductor
Equipment
—
2.4%
ACM
Research,
Inc.,
Class
A
(a)(b)
.........
1,065,062
13,270,673
Alpha
&
Omega
Semiconductor
Ltd.
(a)(b)
....
488,137
15,015,094
Ambarella
,
Inc.
(a)(b)
..................
789,842
44,373,324
Amkor
Technology,
Inc.
...............
2,232,211
38,059,198
Atomera
,
Inc.
(a)(b)
...................
441,228
4,469,640
Axcelis
Technologies,
Inc.
(a)(b)
...........
713,919
43,234,935
AXT,
Inc.
(a)
.......................
851,613
5,705,807
CEVA,
Inc.
(a)(b)
.....................
485,038
12,722,547
Cohu
,
Inc.
(a)
......................
1,056,607
27,239,328
Credo
Technology
Group
Holding
Ltd.
(a)(b)
...
2,081,898
22,900,878
CyberOptics
Corp.
(a)
.................
153,135
8,235,600
Diodes,
Inc.
(a)(b)
....................
975,140
63,296,337
FormFactor
,
Inc.
(a)
..................
1,689,224
42,315,061
Ichor
Holdings
Ltd.
(a)(b)
................
626,076
15,157,300
Impinj
,
Inc.
(a)(b)
.....................
455,879
36,483,996
indie
Semiconductor,
Inc.,
Class
A
(a)(b)
.....
2,215,689
16,218,843
Kulicke
&
Soffa
Industries,
Inc.
(b)
.........
1,234,690
47,572,606
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
(b)
...........................
1,101,719
57,058,027
MaxLinear
,
Inc.
(a)(b)
..................
1,592,524
51,948,133
Onto
Innovation,
Inc.
(a)(b)
..............
1,078,777
69,095,667
PDF
Solutions,
Inc.
(a)(b)
...............
642,791
15,767,663
Photronics
,
Inc.
(a)
...................
1,313,349
19,201,162
Power
Integrations,
Inc.
(b)
.............
1,231,901
79,235,872
Rambus,
Inc.
(a)(b)
...................
2,404,756
61,128,898
Rigetti
Computing,
Inc.
(a)(b)
.............
649,193
1,220,483
Rockley
Photonics
Holdings
Ltd.
(a)(b)
......
1,995,478
1,416,989
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Semtech
Corp.
(a)
...................
1,373,771
$
40,402,605
Silicon
Laboratories,
Inc.
(a)(b)
............
742,281
91,627,167
SiTime
Corp.
(a)(b)
...................
351,663
27,686,428
SkyWater
Technology,
Inc.
(a)(b)
..........
215,522
1,648,743
SMART
Global
Holdings,
Inc.
(a)(b)
........
1,067,731
16,944,891
Synaptics
,
Inc.
(a)(b)
..................
864,059
85,550,482
Transphorm
,
Inc.
(a)(b)
.................
393,993
1,981,785
Ultra
Clean
Holdings,
Inc.
(a)
............
994,506
25,608,529
Veeco
Instruments,
Inc.
(a)(b)
............
1,106,600
20,272,912
1,124,067,603
Software
—
4.8%
8x8,
Inc.
(a)(b)
.......................
2,605,347
8,988,447
A10
Networks,
Inc.
..................
1,431,072
18,990,325
ACI
Worldwide,
Inc.
(a)(b)
...............
2,536,407
53,010,906
Agilysys
,
Inc.
(a)
....................
429,687
23,783,175
Alarm.com
Holdings,
Inc.
(a)(b)
...........
1,048,986
68,037,232
Alkami
Technology,
Inc.
(a)(b)
............
796,772
11,991,419
Altair
Engineering,
Inc.,
Class
A
(a)(b)
.......
1,145,002
50,631,988
American
Software,
Inc.,
Class
A
........
745,354
11,418,823
Amplitude,
Inc.,
Class
A
(a)(b)
............
1,213,822
18,777,826
Appfolio
,
Inc.,
Class
A
(a)(b)
.............
416,342
43,599,334
Appian
Corp.,
Class
A
(a)(b)
.............
872,434
35,621,480
Applied
Blockchain
,
Inc.
(a)(b)
............
245,286
416,986
Arteris
,
Inc.
(a)(b)
.....................
331,819
2,209,915
Asana,
Inc.,
Class
A
(a)(b)
...............
1,608,910
35,766,069
Avaya
Holdings
Corp.
(a)(b)
..............
1,792,530
2,850,123
AvePoint
,
Inc.,
Class
A
(a)(b)
.............
2,835,686
11,371,101
Benefitfocus
,
Inc.
(a)(b)
.................
544,886
3,460,026
Blackbaud
,
Inc.
(a)(b)
..................
1,019,953
44,939,129
Blackline,
Inc.
(a)(b)
...................
1,199,865
71,871,914
Blend
Labs,
Inc.,
Class
A
(a)(b)
...........
4,023,653
8,892,273
Box,
Inc.,
Class
A
(a)(b)
................
3,043,710
74,236,087
BTRS
Holdings,
Inc.,
Class
A
(a)(b)
........
2,259,415
20,922,183
C3.ai,
Inc.,
Class
A
(a)(b)
...............
1,507,845
18,848,063
Cerence
,
Inc.
(a)(b)
...................
873,237
13,753,483
ChannelAdvisor
Corp.
(a)
..............
619,620
14,040,589
Cipher
Mining,
Inc.
(a)(b)
................
796,057
1,003,032
Cleanspark
,
Inc.
(a)(b)
.................
982,642
3,124,802
Clear
Secure,
Inc.,
Class
A
(a)(b)
..........
1,347,129
30,795,369
CommVault
Systems,
Inc.
(a)
............
971,997
51,554,721
Consensus
Cloud
Solutions,
Inc.
(a)(b)
......
344,833
16,310,601
Couchbase
,
Inc.
(a)
..................
574,123
8,192,735
CS
Disco,
Inc.
(a)(b)
...................
469,695
4,696,950
Cvent
Holding
Corp.
(a)(b)
...............
1,104,490
5,798,573
Digimarc
Corp.
(a)(b)
..................
278,945
3,779,705
Digital
Turbine,
Inc.
(a)(b)
...............
2,054,037
29,598,673
Domo,
Inc.,
Class
B
(a)(b)
...............
678,715
12,210,083
Duck
Creek
Technologies,
Inc.
(a)(b)
........
1,665,488
19,736,033
E2open
Parent
Holdings,
Inc.,
Class
A
(a)(b)
..
4,372,810
26,542,957
Ebix
,
Inc.
(b)
.......................
581,187
11,025,117
eGain
Corp.
(a)(b)
....................
445,366
3,273,440
Enfusion
,
Inc.,
Class
A
(a)(b)
.............
549,554
6,781,496
EngageSmart
,
Inc.
(a)(b)
................
750,685
15,531,673
Envestnet
,
Inc.
(a)(b)
..................
1,178,862
52,341,473
Everbridge
,
Inc.
(a)(b)
..................
863,706
26,671,241
EverCommerce
,
Inc.
(a)(b)
..............
558,453
6,103,891
ForgeRock,
Inc.,
Class
A
(a)(b)
...........
658,725
9,571,274
Greenidge
Generation
Holdings,
Inc.
(a)(b)
...
200,166
400,332
Instructure
Holdings,
Inc.
(a)(b)
...........
381,433
8,498,327
Intapp
,
Inc.
(a)(b)
.....................
285,749
5,334,934
InterDigital
,
Inc.
....................
645,191
26,078,620
IronNet
,
Inc.
(a)(b)
....................
1,324,091
912,299
Kaleyra
,
Inc.
(a)(b)
....................
552,361
535,790
KnowBe4,
Inc.,
Class
A
(a)(b)
............
1,600,007
33,296,146
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
Latch,
Inc.
(a)(b)
.....................
2,187,506
$
2,086,006
LivePerson
,
Inc.
(a)(b)
.................
1,553,841
14,637,182
LiveRamp
Holdings,
Inc.
(a)
.............
1,453,309
26,392,091
LiveVox
Holdings,
Inc.,
Class
A
(a)(b)
.......
248,699
733,662
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
2,435,069
26,079,589
Matterport
,
Inc.,
Class
A
(a)(b)
............
4,778,372
18,110,030
MeridianLink
,
Inc.
(a)(b)
................
507,263
8,258,242
MicroStrategy
,
Inc.,
Class
A
(a)(b)
..........
204,079
43,317,809
Mitek
Systems,
Inc.
(a)(b)
...............
926,944
8,490,807
Model
N,
Inc.
(a)(b)
...................
792,148
27,115,226
Momentive
Global,
Inc.
(a)
..............
2,906,590
16,887,288
N-able,
Inc.
(a)(b)
....................
1,480,660
13,666,492
NextNav
,
Inc.
(a)(b)
...................
1,352,139
3,637,254
Olo
,
Inc.,
Class
A
(a)(b)
.................
1,967,000
15,539,300
ON24,
Inc.
(a)(b)
.....................
928,680
8,172,384
OneSpan
,
Inc.
(a)
....................
845,612
7,280,719
PagerDuty
,
Inc.
(a)(b)
..................
1,880,181
43,375,776
Ping
Identity
Holding
Corp.
(a)(b)
..........
1,688,251
47,389,206
Progress
Software
Corp.
..............
963,717
41,006,158
PROS
Holdings,
Inc.
(a)(b)
..............
885,254
21,865,774
Q2
Holdings,
Inc.
(a)(b)
.................
1,220,984
39,315,685
Qualys
,
Inc.
(a)(b)
....................
838,609
116,893,709
Rapid7,
Inc.
(a)(b)
....................
1,263,370
54,198,573
Rimini
Street,
Inc.
(a)(b)
................
1,045,248
4,870,856
Riot
Blockchain
,
Inc.
(a)(b)
..............
2,966,236
20,793,314
Sapiens
International
Corp.
NV
(b)
........
672,402
12,896,670
SecureWorks
Corp.,
Class
A
(a)(b)
.........
220,534
1,775,299
ShotSpotter,
Inc.
(a)(b)
.................
189,617
5,453,385
Sprout
Social,
Inc.,
Class
A
(a)(b)
..........
1,006,418
61,069,444
SPS
Commerce,
Inc.
(a)(b)
..............
789,639
98,096,853
Sumo
Logic,
Inc.
(a)
..................
2,423,823
18,178,673
Telos
Corp.
(a)(b)
.....................
1,148,528
10,210,414
Tenable
Holdings,
Inc.
(a)(b)
.............
2,384,383
82,976,528
Terawulf
,
Inc.
(a)(b)
...................
510,455
643,173
Upland
Software,
Inc.
(a)(b)
..............
622,964
5,064,697
UserTesting
,
Inc.
(a)(b)
.................
968,395
3,796,108
Varonis
Systems,
Inc.
(a)(b)
..............
2,369,796
62,846,990
Verint
Systems,
Inc.
(a)(b)
...............
1,384,717
46,498,797
Veritone
,
Inc.
(a)(b)
...................
734,405
4,134,700
Viant
Technology,
Inc.,
Class
A
(a)(b)
.......
248,348
1,045,545
Weave
Communications,
Inc.
(a)(b)
........
606,809
3,064,385
WM
Technology,
Inc.,
Class
A
(a)(b)
........
1,482,517
2,386,852
Workiva
,
Inc.,
Class
A
(a)(b)
.............
1,047,157
81,468,815
Xperi
Holding
Corp.
.................
2,344,188
33,146,818
Yext
,
Inc.
(a)(b)
......................
2,597,133
11,583,213
Zeta
Global
Holdings
Corp.,
Class
A
(a)(b)
....
2,342,926
15,486,741
Zuora
,
Inc.,
Class
A
(a)(b)
...............
2,639,639
19,480,536
2,299,546,951
Specialty
Retail
—
2.3%
Aaron's
Co.,
Inc.
(The)
...............
676,253
6,573,179
Abercrombie
&
Fitch
Co.,
Class
A
(a)(b)
......
1,086,903
16,901,342
Academy
Sports
&
Outdoors,
Inc.
(b)
.......
1,793,195
75,636,965
American
Eagle
Outfitters,
Inc.
..........
3,358,067
32,673,992
America's
Car-Mart,
Inc.
(a)(b)
............
133,665
8,156,238
Arko
Corp.
(b)
......................
1,821,047
17,099,631
Asbury
Automotive
Group,
Inc.
(a)(b)
........
481,097
72,693,757
Bed
Bath
&
Beyond,
Inc.
(a)(b)
............
1,739,232
10,591,923
Big
5
Sporting
Goods
Corp.
(b)
...........
466,140
5,006,344
Boot
Barn
Holdings,
Inc.
(a)(b)
............
641,396
37,496,010
Buckle,
Inc.
(The)
..................
653,997
20,705,545
Build-A-Bear
Workshop,
Inc.
...........
306,604
4,087,031
Caleres
,
Inc.
(b)
.....................
773,872
18,743,180
Camping
World
Holdings,
Inc.,
Class
A
(b)
...
831,717
21,059,074
Cato
Corp.
(The),
Class
A
.............
459,367
4,382,361
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Chico's
FAS,
Inc.
(a)(b)
.................
2,674,307
$
12,943,646
Children's
Place,
Inc.
(The)
(a)(b)
..........
282,686
8,732,171
Citi
Trends,
Inc.
(a)(b)
..................
184,743
2,865,364
Conn's,
Inc.
(a)(b)
....................
311,387
2,204,620
Container
Store
Group,
Inc.
(The)
(a)(b)
.....
701,771
3,438,678
Designer
Brands,
Inc.,
Class
A
..........
1,235,038
18,908,432
Destination
XL
Group,
Inc.
(a)(b)
..........
1,241,773
6,730,410
EVgo
,
Inc.,
Class
A
(a)(b)
...............
1,455,764
11,515,093
Express,
Inc.
(a)(b)
...................
1,293,454
1,409,865
Foot
Locker,
Inc.
...................
1,782,736
55,496,572
Genesco,
Inc.
(a)(b)
...................
292,272
11,492,135
Group
1
Automotive,
Inc.
(b)
.............
330,673
47,243,251
GrowGeneration
Corp.
(a)(b)
.............
1,333,341
4,666,693
Guess?,
Inc.
......................
734,576
10,776,230
Haverty
Furniture
Cos.,
Inc.
............
313,538
7,807,096
Hibbett,
Inc.
......................
275,258
13,710,601
JOANN,
Inc.
(b)
.....................
261,665
1,732,222
LL
Flooring
Holdings,
Inc.
(a)(b)
...........
623,300
4,319,469
MarineMax
,
Inc.
(a)(b)
.................
457,931
13,641,764
Monro
,
Inc.
.......................
690,008
29,987,748
Murphy
USA,
Inc.
(b)
.................
470,694
129,398,488
National
Vision
Holdings,
Inc.
(a)(b)
........
1,700,889
55,534,026
ODP
Corp.
(The)
(a)
..................
927,074
32,586,651
OneWater
Marine,
Inc.,
Class
A
(a)
........
241,520
7,272,167
Party
City
Holdco,
Inc.
(a)(b)
.............
2,431,520
3,841,802
Rent-A-Center,
Inc.
.................
1,164,661
20,393,214
Sally
Beauty
Holdings,
Inc.
(a)(b)
..........
2,333,256
29,399,026
Shoe
Carnival,
Inc.
..................
385,253
8,259,824
Signet
Jewelers
Ltd.
(b)
................
1,000,601
57,224,371
Sleep
Number
Corp.
(a)(b)
..............
468,460
15,838,633
Sonic
Automotive,
Inc.,
Class
A
(b)
........
429,693
18,605,707
Sportsman's
Warehouse
Holdings,
Inc.
(a)
...
950,136
7,886,129
Tile
Shop
Holdings,
Inc.
..............
689,512
2,427,082
Tilly's,
Inc.,
Class
A
.................
484,937
3,355,764
Torrid
Holdings,
Inc.
(a)(b)
...............
370,699
1,545,815
TravelCenters
of
America,
Inc.
(a)(b)
........
275,298
14,846,821
Urban
Outfitters,
Inc.
(a)(b)
..............
1,397,912
27,468,971
Volta,
Inc.,
Class
A
(a)(b)
................
2,578,307
3,119,751
Warby
Parker,
Inc.,
Class
A
(a)(b)
..........
1,810,527
24,152,430
Winmark
Corp.
(b)
...................
59,184
12,803,867
Zumiez
,
Inc.
(a)(b)
....................
360,676
7,765,354
1,105,154,525
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
3D
Systems
Corp.
(a)(b)
................
2,798,176
22,329,444
Avid
Technology,
Inc.
(a)(b)
..............
783,081
18,214,464
CompoSecure
,
Inc.,
Class
A
(a)(b)
.........
123,484
618,655
Corsair
Gaming,
Inc.
(a)(b)
..............
859,655
9,757,084
Diebold
Nixdorf,
Inc.
(a)(b)
...............
1,595,543
3,893,125
Eastman
Kodak
Co.
(a)(b)
...............
1,293,701
5,938,088
IonQ
,
Inc.
(a)(b)
......................
2,628,399
13,325,983
Super
Micro
Computer,
Inc.
(a)(b)
..........
985,800
54,288,006
Turtle
Beach
Corp.
(a)(b)
................
331,144
2,258,402
Xerox
Holdings
Corp.
................
2,510,262
32,834,227
163,457,478
Textiles,
Apparel
&
Luxury
Goods
—
0.6%
Allbirds
,
Inc.,
Class
A
(a)(b)
..............
2,092,917
6,362,468
Crocs,
Inc.
(a)(b)
.....................
1,317,518
90,460,786
Ermenegildo
Zegna
NV
(b)
.............
1,002,948
10,781,691
Fossil
Group,
Inc.
(a)(b)
................
1,051,521
3,596,202
G-III
Apparel
Group
Ltd.
(a)(b)
............
982,956
14,695,192
Kontoor
Brands,
Inc.
.................
1,213,125
40,773,131
Movado
Group,
Inc.
.................
326,048
9,188,032
Oxford
Industries,
Inc.
...............
329,950
29,622,911
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
PLBY
Group,
Inc.
(a)(b)
................
652,698
$
2,630,373
Rocky
Brands,
Inc.
..................
144,821
2,905,109
Steven
Madden
Ltd.
.................
1,703,904
45,443,120
Superior
Group
of
Cos.,
Inc.
...........
251,167
2,230,363
Unifi,
Inc.
(a)(b)
......................
291,088
2,768,247
Wolverine
World
Wide,
Inc.
............
1,710,961
26,331,690
287,789,315
Thrifts
&
Mortgage
Finance
—
1.5%
Axos
Financial,
Inc.
(a)(b)
...............
1,255,202
42,965,564
Blue
Foundry
Bancorp
(a)(b)
.............
612,207
6,826,108
Bridgewater
Bancshares,
Inc.
(a)(b)
........
478,861
7,886,841
Capitol
Federal
Financial,
Inc.
..........
2,887,471
23,966,009
Columbia
Financial,
Inc.
(a)(b)
............
753,696
15,925,596
Enact
Holdings,
Inc.
(b)
................
647,957
14,365,207
Essent
Group
Ltd.
..................
2,298,372
80,144,232
Federal
Agricultural
Mortgage
Corp.,
Class
C,
NVS
.........................
201,914
20,017,754
Finance
of
America
Cos.,
Inc.,
Class
A
(a)(b)
..
509,435
753,964
Flagstar
Bancorp,
Inc.
...............
1,138,947
38,040,830
Greene
County
Bancorp,
Inc.
(b)
..........
71,944
4,120,233
Hingham
Institution
for
Savings
(The)
.....
32,271
8,103,571
Home
Bancorp,
Inc.
.................
166,835
6,504,897
Home
Point
Capital,
Inc.
(b)
.............
167,760
258,350
Kearny
Financial
Corp.
(b)
..............
1,404,652
14,917,404
Luther
Burbank
Corp.
................
347,194
4,034,394
Merchants
Bancorp
(b)
................
350,572
8,087,696
Mr
Cooper
Group,
Inc.
(a)(b)
.............
1,527,209
61,851,964
NMI
Holdings,
Inc.,
Class
A
(a)
...........
1,827,648
37,229,190
Northfield
Bancorp,
Inc.
..............
978,431
14,001,348
PennyMac
Financial
Services,
Inc.
.......
607,092
26,044,247
Pioneer
Bancorp,
Inc.
(a)(b)
..............
253,691
2,415,138
Provident
Bancorp,
Inc.
(b)
.............
340,785
4,876,633
Provident
Financial
Services,
Inc.
........
1,595,424
31,110,768
Radian
Group,
Inc.
..................
3,524,325
67,984,229
Southern
Missouri
Bancorp,
Inc.
.........
170,084
8,679,387
Sterling
Bancorp,
Inc.
(a)(b)
..............
319,216
1,924,872
TrustCo
Bank
Corp.
.................
411,892
12,941,647
Velocity
Financial,
Inc.
(a)(b)
.............
188,356
2,041,779
Walker
&
Dunlop,
Inc.
................
668,514
55,974,677
Waterstone
Financial,
Inc.
.............
453,599
7,330,160
WSFS
Financial
Corp.
...............
1,368,680
63,588,873
694,913,562
Tobacco
—
0.1%
22nd
Century
Group,
Inc.
(a)(b)
...........
3,430,673
3,181,263
Turning
Point
Brands,
Inc.
.............
334,838
7,108,611
Universal
Corp.
....................
519,062
23,897,615
Vector
Group
Ltd.
..................
3,153,030
27,778,194
61,965,683
Trading
Companies
&
Distributors
—
1.5%
Alta
Equipment
Group,
Inc.,
Class
A
......
411,089
4,526,090
Applied
Industrial
Technologies,
Inc.
......
832,504
85,564,761
Beacon
Roofing
Supply,
Inc.
(a)(b)
.........
1,114,483
60,984,510
BlueLinx
Holdings,
Inc.
(a)(b)
.............
197,687
12,276,363
Boise
Cascade
Co.
(b)
................
861,860
51,246,196
Custom
Truck
One
Source,
Inc.
(a)(b)
.......
1,298,734
7,571,619
Distribution
Solutions
Group,
Inc.
(a)(b)
......
105,870
2,982,358
DXP
Enterprises,
Inc.
(a)
...............
331,816
7,857,403
GATX
Corp.
(b)
.....................
771,760
65,715,364
Global
Industrial
Co.
.................
273,211
7,330,251
GMS,
Inc.
(a)
.......................
947,946
37,927,319
H&E
Equipment
Services,
Inc.
..........
708,773
20,086,627
Herc
Holdings,
Inc.
..................
560,625
58,237,725
Hudson
Technologies,
Inc.
(a)(b)
..........
919,889
6,761,184
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
Karat
Packaging,
Inc.
(a)(b)
..............
99,739
$
1,594,827
McGrath
RentCorp
..................
527,468
44,233,466
MRC
Global,
Inc.
(a)(b)
.................
1,799,262
12,936,694
NOW,
Inc.
(a)
......................
2,392,570
24,045,329
Rush
Enterprises,
Inc.,
Class
A
.........
913,473
40,064,926
Rush
Enterprises,
Inc.,
Class
B
.........
143,038
6,852,950
Textainer
Group
Holdings
Ltd.
..........
990,366
26,601,231
Titan
Machinery,
Inc.
(a)(b)
..............
434,455
12,277,698
Transcat
,
Inc.
(a)(b)
...................
156,127
11,817,253
Triton
International
Ltd.
...............
1,333,711
72,994,003
Veritiv
Corp.
(a)(b)
....................
296,637
29,002,199
711,488,346
Water
Utilities
—
0.5%
American
States
Water
Co.
(b)
...........
806,425
62,860,829
Artesian
Resources
Corp.,
Class
A,
NVS
...
182,079
8,761,641
California
Water
Service
Group
.........
1,186,090
62,495,082
Global
Water
Resources,
Inc.
...........
274,877
3,224,307
Middlesex
Water
Co.
................
377,518
29,144,390
Pure
Cycle
Corp.
(a)(b)
.................
418,160
3,491,636
SJW
Group
.......................
591,412
34,065,331
York
Water
Co.
(The)
................
295,511
11,356,488
215,399,704
Wireless
Telecommunication
Services
—
0.1%
Gogo
,
Inc.
(a)(b)
.....................
702,533
8,514,700
KORE
Group
Holdings,
Inc.
(a)(b)
..........
528,987
1,010,365
Shenandoah
Telecommunications
Co.
(b)
....
1,062,980
18,091,920
Telephone
&
Data
Systems,
Inc.
.........
2,218,962
30,843,572
United
States
Cellular
Corp.
(a)(b)
.........
332,234
8,648,051
67,108,608
Total
Common
Stocks
—
99.8%
(Cost:
$73,601,130,510)
...........................
47,480,149,207
Rights
Biotechnology
—
0.0%
(a)(b)(d)
Contra
Aduro
Biotech
I,
CVR
...........
272,340
691,468
Oncternal
Therapeutics,
Inc.,
CVR
.......
13,273
13,605
705,073
Pharmaceuticals
—
0.0%
Zogenix
,
Inc.,
CVR
(a)(b)(d)
..............
1,280,909
871,018
Total
Rights
—
0.0%
(Cost:
$898,226)
................................
1,576,091
Warrants
Oil,
Gas
&
Consumable
Fuels
—
0.0%
(a)(b)
Chord
Energy
Corp.
(Issued/Exercisable
09/01/20,
1
Share
for
1
Warrant,
Expires
09/01/24,
Strike
Price
USD
116.37)
.....
92,645
1,991,867
Chord
Energy
Corp.
(Issued/Exercisable
09/01/20,
1
Share
for
1
Warrant,
Expires
09/01/25,
Strike
Price
USD
133.70)
....
46,322
967,667
Total
Warrants
—
0.0%
(Cost:
$11,350,881)
..............................
2,959,534
Total
Long-Term
Investments
—
99.8%
(Cost:
$73,613,379,617)
...........................
47,484,684,832
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
12.9%
(e)(f)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(g)
............
6,075,788,535
$
6,077,611,271
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
..................
64,986,939
64,986,939
Total
Short-Term
Securities
—
12.9%
(Cost:
$6,139,329,525)
...........................
6,142,598,210
Total
Investments
—
112.7%
(Cost:
$79,752,709,142
)
...........................
53,627,283,042
Liabilities
in
Excess
of
Other
Assets
—
(12.7)%
...........
(6,028,091,733)
Net
Assets
—
100.0%
..............................
$
47,599,191,309
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
Shares
Held
at
09/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
5,977,476,546
$
96,597,891
(a)
$
—
$
197,598
$
3,339,236
$
6,077,611,271
6,075,788,535
$
46,594,970
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
60,200,000
4,786,939
(a)
—
—
—
64,986,939
64,986,939
717,367
—
$
197,598
$
3,339,236
$
6,142,598,210
$
47,312,337
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
....................................................
1,267
12/16/22
$
105,782
$
(206,339)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
206,339
$
—
$
—
$
—
$
206,339
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
26
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
For
the
period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(25,426,806)
$
—
$
—
$
—
$
(25,426,806)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(3,324,724)
$
—
$
—
$
—
$
(3,324,724)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
119,332,115
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
407,827,362
$
—
$
—
$
407,827,362
Air
Freight
&
Logistics
....................................
197,213,745
—
—
197,213,745
Airlines
..............................................
152,509,178
—
—
152,509,178
Auto
Components
......................................
626,597,406
—
—
626,597,406
Automobiles
..........................................
93,195,202
—
—
93,195,202
Banks
...............................................
4,785,710,285
—
—
4,785,710,285
Beverages
...........................................
266,638,545
—
—
266,638,545
Biotechnology
.........................................
3,982,930,161
—
10,454
3,982,940,615
Building
Products
.......................................
601,041,353
—
—
601,041,353
Capital
Markets
........................................
722,663,043
—
—
722,663,043
Chemicals
............................................
977,583,564
—
—
977,583,564
Commercial
Services
&
Supplies
.............................
646,481,966
—
—
646,481,966
Communications
Equipment
................................
436,694,272
—
—
436,694,272
Construction
&
Engineering
................................
695,741,922
—
—
695,741,922
Construction
Materials
....................................
66,946,300
—
—
66,946,300
Consumer
Finance
......................................
319,921,498
—
—
319,921,498
Containers
&
Packaging
..................................
132,265,329
—
—
132,265,329
Distributors
...........................................
16,338,287
—
—
16,338,287
Diversified
Consumer
Services
..............................
472,005,893
—
—
472,005,893
Diversified
Financial
Services
...............................
129,807,188
—
—
129,807,188
Diversified
Telecommunication
Services
........................
306,939,283
—
—
306,939,283
Electric
Utilities
........................................
341,903,021
—
—
341,903,021
Electrical
Equipment
.....................................
670,999,950
—
—
670,999,950
Electronic
Equipment,
Instruments
&
Components
.................
1,085,876,672
—
—
1,085,876,672
Energy
Equipment
&
Services
..............................
766,632,668
—
—
766,632,668
Entertainment
.........................................
145,945,788
—
—
145,945,788
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
2,709,248,430
—
—
2,709,248,430
Food
&
Staples
Retailing
..................................
269,532,873
—
7
269,532,880
Food
Products
.........................................
573,133,178
—
—
573,133,178
Gas
Utilities
...........................................
586,862,982
—
—
586,862,982
Health
Care
Equipment
&
Supplies
...........................
1,993,837,774
—
—
1,993,837,774
Health
Care
Providers
&
Services
............................
1,512,319,007
—
—
1,512,319,007
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
ETF
Schedules
of
Investments
27
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Health
Care
Technology
..................................
$
295,403,142
$
—
$
—
$
295,403,142
Hotels,
Restaurants
&
Leisure
..............................
1,093,451,123
—
—
1,093,451,123
Household
Durables
.....................................
705,405,582
—
—
705,405,582
Household
Products
.....................................
126,818,231
—
—
126,818,231
Independent
Power
and
Renewable
Electricity
Producers
............
246,005,777
—
—
246,005,777
Industrial
Conglomerates
..................................
12,173,431
—
—
12,173,431
Insurance
............................................
972,311,183
—
—
972,311,183
Interactive
Media
&
Services
...............................
338,649,865
—
—
338,649,865
Internet
&
Direct
Marketing
Retail
............................
201,314,850
—
—
201,314,850
IT
Services
...........................................
1,002,086,634
—
—
1,002,086,634
Leisure
Products
.......................................
205,121,153
—
—
205,121,153
Life
Sciences
Tools
&
Services
..............................
339,793,223
—
—
339,793,223
Machinery
............................................
1,717,039,228
—
—
1,717,039,228
Marine
..............................................
111,901,381
—
—
111,901,381
Media
...............................................
420,681,499
—
—
420,681,499
Metals
&
Mining
........................................
662,657,627
—
—
662,657,627
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
556,143,760
—
—
556,143,760
Multiline
Retail
.........................................
49,015,091
—
—
49,015,091
Multi-Utilities
..........................................
228,979,454
—
—
228,979,454
Oil,
Gas
&
Consumable
Fuels
...............................
2,144,372,091
—
—
2,144,372,091
Paper
&
Forest
Products
..................................
62,809,226
—
—
62,809,226
Personal
Products
......................................
338,879,027
—
—
338,879,027
Pharmaceuticals
.......................................
827,991,520
—
—
827,991,520
Professional
Services
....................................
801,544,992
—
—
801,544,992
Real
Estate
Management
&
Development
.......................
310,466,694
—
—
310,466,694
Road
&
Rail
...........................................
284,887,062
—
—
284,887,062
Semiconductors
&
Semiconductor
Equipment
....................
1,124,067,603
—
—
1,124,067,603
Software
.............................................
2,299,546,951
—
—
2,299,546,951
Specialty
Retail
........................................
1,105,154,525
—
—
1,105,154,525
Technology
Hardware,
Storage
&
Peripherals
....................
163,457,478
—
—
163,457,478
Textiles,
Apparel
&
Luxury
Goods
............................
287,789,315
—
—
287,789,315
Thrifts
&
Mortgage
Finance
................................
694,913,562
—
—
694,913,562
Tobacco
.............................................
61,965,683
—
—
61,965,683
Trading
Companies
&
Distributors
............................
711,488,346
—
—
711,488,346
Water
Utilities
.........................................
215,399,704
—
—
215,399,704
Wireless
Telecommunication
Services
.........................
67,108,608
—
—
67,108,608
Rights
................................................
—
—
1,576,091
1,576,091
Warrants
..............................................
2,959,534
—
—
2,959,534
Short-Term
Securities
Money
Market
Funds
......................................
6,142,598,210
—
—
6,142,598,210
$
53,625,696,490
$
—
$
1,586,552
$
53,627,283,042
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(206,339)
$
—
$
—
$
(206,339)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
Russell
2000
Growth
ETF
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.6%
Aerojet
Rocketdyne
Holdings,
Inc.
(a)
......
462,755
$
18,505,573
AeroVironment
,
Inc.
(a)(b)
...............
189,990
15,837,566
Cadre
Holdings,
Inc.
(b)
................
145,830
3,508,670
Momentus
,
Inc.,
Class
A
(a)(b)
............
144,300
197,691
Moog,
Inc.,
Class
A
.................
36,877
2,594,297
Redwire
Corp.
(a)(b)
...................
58,264
138,668
Rocket
Lab
USA,
Inc.
(a)
...............
1,664,107
6,772,916
Virgin
Galactic
Holdings,
Inc.
(a)(b)
.........
842,051
3,966,060
51,521,441
Air
Freight
&
Logistics
—
0.3%
Air
Transport
Services
Group,
Inc.
(a)(b)
.....
168,962
4,070,295
Forward
Air
Corp.
..................
206,401
18,629,754
Radiant
Logistics,
Inc.
(a)(b)
.............
71,118
404,661
23,104,710
Airlines
—
0.2%
(a)
Allegiant
Travel
Co.
.................
51,197
3,736,357
Frontier
Group
Holdings,
Inc.
...........
285,719
2,771,474
Joby
Aviation,
Inc.,
Class
A
(b)
...........
1,762,939
7,633,526
Sun
Country
Airlines
Holdings,
Inc.
(b)
......
254,477
3,463,432
17,604,789
Auto
Components
—
1.6%
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
(b)
...........................
43,053
294,052
Dorman
Products,
Inc.
(a)
..............
202,879
16,660,423
Fox
Factory
Holding
Corp.
(a)(b)
..........
325,504
25,740,856
Gentherm
,
Inc.
(a)
...................
254,508
12,656,683
Holley,
Inc.
(a)(b)
.....................
396,811
1,607,085
LCI
Industries
.....................
189,917
19,268,979
Luminar
Technologies,
Inc.,
Class
A
(a)(b)
....
1,895,240
13,806,823
Patrick
Industries,
Inc.
...............
14,968
656,197
Solid
Power,
Inc.,
Class
A
(a)(b)
...........
398,782
2,097,593
Stoneridge,
Inc.
(a)(b)
..................
29,345
497,398
Tenneco,
Inc.,
Class
A
(a)(b)
.............
635,116
11,044,667
Visteon
Corp.
(a)(b)
...................
213,597
22,654,098
XPEL,
Inc.
(a)(b)(c)
....................
164,913
10,626,994
137,611,848
Automobiles
—
0.2%
(a)(b)
Canoo
,
Inc.,
Class
A
.................
1,085,914
2,036,089
Faraday
Future
Intelligent
Electric,
Inc.
....
395,940
251,897
Fisker
,
Inc.,
Class
A
.................
1,254,790
9,473,664
Mullen
Automotive,
Inc.
...............
2,587,173
848,075
Workhorse
Group,
Inc.
...............
1,085,602
3,115,678
15,725,403
Banks
—
1.9%
BancFirst
Corp.
....................
90,883
8,131,302
Bancorp,
Inc.
(The)
(a)
................
236,872
5,206,447
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
....
22,571
732,655
BayCom
Corp.
(b)
...................
9,274
163,037
Cadence
Bank
....................
77,229
1,962,389
Coastal
Financial
Corp.
(a)(b)
............
80,041
3,180,829
Eastern
Bankshares
,
Inc.
.............
250,911
4,927,892
Esquire
Financial
Holdings,
Inc.
.........
45,665
1,714,721
Farmers
&
Merchants
Bancorp,
Inc.
(b)
.....
27,796
746,878
First
BanCorp
.....................
72,108
986,437
First
Financial
Bankshares
,
Inc.
(b)
........
1,001,320
41,885,216
First
Guaranty
Bancshares,
Inc.
.........
5,871
128,457
Five
Star
Bancorp
..................
35,214
998,669
FVCBankcorp
,
Inc.
(a)(b)
...............
13,019
249,574
Glacier
Bancorp,
Inc.
................
111,368
5,471,510
HomeTrust
Bancshares,
Inc.
...........
20,598
455,216
Security
Shares
Shares
Value
Banks
(continued)
Lakeland
Financial
Corp.
..............
172,320
$
12,546,619
Live
Oak
Bancshares,
Inc.
(b)
............
198,029
6,059,687
Metrocity
Bankshares
,
Inc.
............
38,538
756,886
Metropolitan
Bank
Holding
Corp.
(a)
.......
5,630
362,347
National
Bank
Holdings
Corp.,
Class
A
....
2,437
90,145
Nicolet
Bankshares
,
Inc.
(a)(b)
............
12,288
865,567
Pathward
Financial,
Inc.
..............
62,192
2,049,848
Professional
Holding
Corp.,
Class
A
(a)(b)
....
8,151
211,437
ServisFirst
Bancshares,
Inc.
(b)
..........
386,738
30,939,040
Silvergate
Capital
Corp.,
Class
A
(a)(b)
......
190,516
14,355,381
Stock
Yards
Bancorp,
Inc.
(b)
............
187,863
12,776,563
Triumph
Bancorp,
Inc.
(a)(b)
.............
66,935
3,637,917
Veritex
Holdings,
Inc.
................
58,161
1,546,501
West
BanCorp
,
Inc.
.................
27,467
571,588
Westamerica
BanCorp
...............
50,299
2,630,135
166,340,890
Beverages
—
0.9%
Celsius
Holdings,
Inc.
(a)(b)
..............
427,322
38,749,559
Coca-Cola
Consolidated,
Inc.
...........
36,057
14,845,749
Duckhorn
Portfolio,
Inc.
(The)
(a)
.........
288,475
4,162,694
MGP
Ingredients,
Inc.
(b)
...............
108,277
11,494,686
National
Beverage
Corp.
..............
183,862
7,086,042
Vintage
Wine
Estates,
Inc.
(a)(b)
..........
31,068
86,058
Vita
Coco
Co.,
Inc.
(The)
(a)(b)
...........
214,028
2,437,779
78,862,567
Biotechnology
—
10.0%
(a)
Aadi
Bioscience,
Inc.
(b)
...............
108,356
1,531,070
ACADIA
Pharmaceuticals,
Inc.
..........
923,394
15,106,726
ADMA
Biologics,
Inc.
................
653,149
1,587,152
Affimed
NV
(b)
......................
1,038,644
2,139,607
Agenus,
Inc.
(b)
.....................
2,173,173
4,455,005
Akero
Therapeutics,
Inc.
(b)
.............
16,313
555,458
Albireo
Pharma,
Inc.
(b)
................
135,875
2,630,540
Alector
,
Inc.
(b)
.....................
483,427
4,573,219
Alkermes
plc
......................
1,255,560
28,036,655
Alpine
Immune
Sciences,
Inc.
(b)
.........
51,962
374,126
Amicus
Therapeutics,
Inc.
(b)
............
2,124,448
22,179,237
Anavex
Life
Sciences
Corp.
(b)
...........
529,248
5,461,839
Apellis
Pharmaceuticals,
Inc.
(b)
..........
721,490
49,277,767
Arbutus
Biopharma
Corp.
(b)
............
464,348
886,905
Arcturus
Therapeutics
Holdings,
Inc.
(b)
.....
163,691
2,425,901
Arcutis
Biotherapeutics
,
Inc.
(b)
..........
315,091
6,021,389
Arrowhead
Pharmaceuticals,
Inc.
(b)
.......
792,594
26,195,232
Atara
Biotherapeutics
,
Inc.
(b)
...........
59,053
223,220
Aura
Biosciences,
Inc.
(b)
..............
137,743
2,495,903
Aurinia
Pharmaceuticals,
Inc.
(b)
..........
1,033,693
7,773,371
Avid
Bioservices
,
Inc.
(b)
...............
471,454
9,014,201
Beam
Therapeutics,
Inc.
(b)
.............
488,112
23,253,656
BioCryst
Pharmaceuticals,
Inc.
(b)
.........
982,616
12,380,962
Biohaven
Pharmaceutical
Holding
Co.
Ltd.
..
301,787
45,621,141
Blueprint
Medicines
Corp.
(b)
............
460,133
30,318,163
Bridgebio
Pharma,
Inc.
(b)
..............
498,232
4,952,426
CareDx
,
Inc.
(b)
.....................
394,382
6,712,382
Catalyst
Pharmaceuticals,
Inc.
(b)
.........
734,472
9,423,276
Celldex
Therapeutics,
Inc.
(b)
............
73,801
2,074,546
Celularity
,
Inc.,
Class
A
(b)
..............
505,762
1,168,310
Cerevel
Therapeutics
Holdings,
Inc.
(b)
.....
416,684
11,775,490
ChemoCentryx
,
Inc.
.................
360,013
18,598,272
Chimerix
,
Inc.
.....................
428,707
827,405
Coherus
Biosciences,
Inc.
(b)
............
567,789
5,456,452
Crinetics
Pharmaceuticals,
Inc.
(b)
........
58,551
1,149,942
CTI
BioPharma
Corp.
(b)
...............
144,083
838,563
Cytokinetics,
Inc.
(b)
..................
570,124
27,622,508
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Growth
ETF
Schedule
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Deciphera
Pharmaceuticals,
Inc.
(b)
.......
98,704
$
1,826,024
Denali
Therapeutics,
Inc.
(b)
............
758,102
23,266,150
Dynavax
Technologies
Corp.
(b)
..........
912,142
9,522,762
Eagle
Pharmaceuticals,
Inc.
...........
81,456
2,152,068
Eiger
BioPharmaceuticals
,
Inc.
(b)
.........
284,784
2,144,424
Enanta
Pharmaceuticals,
Inc.
...........
17,233
893,876
Fate
Therapeutics,
Inc.
(b)
..............
640,923
14,363,084
FibroGen
,
Inc.
(b)
....................
598,354
7,784,586
Foghorn
Therapeutics,
Inc.
(b)
...........
155,042
1,330,260
Geron
Corp.
(b)
.....................
1,934,203
4,526,035
Global
Blood
Therapeutics,
Inc.
.........
496,961
33,843,044
Gossamer
Bio,
Inc.
(b)
................
487,728
5,842,981
GreenLight
Biosciences
Holdings
PBC
(b)
...
532,145
1,234,576
Halozyme
Therapeutics,
Inc.
(b)
..........
1,044,082
41,283,002
Heron
Therapeutics,
Inc.
(b)
.............
784,355
3,309,978
HilleVax
,
Inc.
(b)
.....................
16,358
279,558
Humacyte
,
Inc.
(b)
...................
132,250
431,135
IGM
Biosciences,
Inc.
(b)
...............
62,381
1,418,544
Imago
Biosciences,
Inc.
(b)
.............
119,048
1,791,672
ImmunityBio
,
Inc.
(b)
..................
494,533
2,457,829
ImmunoGen
,
Inc.
...................
813,153
3,886,871
Inhibrx
,
Inc.
(b)
.....................
225,332
4,044,709
Insmed
,
Inc.
(b)
.....................
917,028
19,752,783
Intellia
Therapeutics,
Inc.
(b)
............
380,421
21,288,359
Intercept
Pharmaceuticals,
Inc.
(b)
........
187,323
2,613,156
Ironwood
Pharmaceuticals,
Inc.,
Class
A
(b)
..
1,057,742
10,958,207
IVERIC
bio,
Inc.
(b)
...................
911,090
16,344,955
Karuna
Therapeutics,
Inc.
.............
229,737
51,674,743
Karyopharm
Therapeutics,
Inc.
(b)
........
598,862
3,269,787
Keros
Therapeutics,
Inc.
..............
131,063
4,930,590
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
(b)
....
227,325
2,918,853
Krystal
Biotech,
Inc.
(b)
................
54,294
3,784,292
Lexicon
Pharmaceuticals,
Inc.
(b)
.........
243,174
583,618
Ligand
Pharmaceuticals,
Inc.
...........
14,035
1,208,554
Madrigal
Pharmaceuticals,
Inc.
(b)
........
98,807
6,421,467
MannKind
Corp.
(b)
..................
208,740
645,007
MeiraGTx
Holdings
plc
...............
15,564
130,893
Mirum
Pharmaceuticals,
Inc.
(b)
..........
139,256
2,925,769
Morphic
Holding,
Inc.
(b)
...............
168,778
4,776,417
Ocugen
,
Inc.
(b)
.....................
1,633,799
2,908,162
Organogenesis
Holdings,
Inc.,
Class
A
(b)
...
545,063
1,766,004
Outlook
Therapeutics,
Inc.
(b)
............
910,977
1,111,392
PepGen
,
Inc.
(b)
....................
14,366
130,443
Point
Biopharma
Global,
Inc.
(b)
..........
539,794
4,172,608
Praxis
Precision
Medicines,
Inc.
(b)
........
34,225
77,691
Precigen
,
Inc.
.....................
659,070
1,397,228
Prometheus
Biosciences,
Inc.
(b)
.........
235,215
13,880,037
Prothena
Corp.
plc
..................
271,983
16,490,329
PTC
Therapeutics,
Inc.
(b)
..............
408,442
20,503,788
Rallybio
Corp.
(b)
....................
90,722
1,312,747
RAPT
Therapeutics,
Inc.
(b)
.............
138,265
3,326,656
Recursion
Pharmaceuticals,
Inc.,
Class
A
(b)
.
93,341
993,148
Relay
Therapeutics,
Inc.
(b)
.............
46,962
1,050,540
REVOLUTION
Medicines,
Inc.
..........
81,969
1,616,429
Rigel
Pharmaceuticals,
Inc.
(b)
...........
1,360,510
1,605,402
Sangamo
Therapeutics,
Inc.
(b)
..........
48,725
238,753
Seres
Therapeutics,
Inc.
(b)
.............
536,979
3,447,405
Sorrento
Therapeutics,
Inc.
(b)
...........
426,589
669,745
SpringWorks
Therapeutics,
Inc.
.........
52,759
1,505,214
Syndax
Pharmaceuticals,
Inc.
(b)
.........
95,419
2,292,919
TG
Therapeutics,
Inc.
(b)
...............
1,030,077
6,098,056
Travere
Therapeutics,
Inc.
.............
425,190
10,476,682
Twist
Bioscience
Corp.
...............
300,110
10,575,876
Vaxart
,
Inc.
(b)
......................
199,411
434,716
Vaxcyte
,
Inc.
(b)
.....................
414,537
9,948,888
Security
Shares
Shares
Value
Biotechnology
(continued)
Vera
Therapeutics,
Inc.,
Class
A
(b)
........
96,111
$
2,048,125
Vericel
Corp.
(b)
.....................
364,872
8,465,030
Verve
Therapeutics,
Inc.
(b)
.............
52,706
1,810,451
Viridian
Therapeutics,
Inc.
(b)
............
148,832
3,052,544
VistaGen
Therapeutics,
Inc.
(b)
...........
1,188,876
180,828
Y-
mAbs
Therapeutics,
Inc.
(b)
............
285,108
4,111,257
Zentalis
Pharmaceuticals,
Inc.
(b)
.........
343,198
7,433,669
862,111,397
Building
Products
—
1.8%
AAON,
Inc.
(b)
......................
339,116
18,271,570
American
Woodmark
Corp.
(a)
...........
5,421
237,765
Apogee
Enterprises,
Inc.
..............
173,143
6,617,525
CSW
Industrials,
Inc.
................
113,360
13,580,528
Griffon
Corp.
......................
180,425
5,326,146
Insteel
Industries,
Inc.
................
145,279
3,854,252
Janus
International
Group,
Inc.
(a)(b)
.......
632,127
5,638,573
JELD-WEN
Holding,
Inc.
(a)(b)
............
235,088
2,057,020
Masonite
International
Corp.
(a)(b)
.........
171,323
12,213,617
PGT
Innovations,
Inc.
(a)
...............
445,256
9,332,566
Simpson
Manufacturing
Co.,
Inc.
........
334,103
26,193,675
UFP
Industries,
Inc.
.................
402,969
29,078,243
Zurn
Elkay
Water
Solutions
Corp.
(b)
.......
955,610
23,412,445
155,813,925
Capital
Markets
—
2.1%
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
299,810
8,073,883
Associated
Capital
Group,
Inc.,
Class
A
....
3,068
112,780
B
Riley
Financial,
Inc.
................
157,720
7,021,694
Blucora
,
Inc.
(a)(b)
....................
366,162
7,081,573
Brightsphere
Investment
Group,
Inc.
......
231,039
3,444,792
Cohen
&
Steers,
Inc.
................
196,195
12,287,693
Diamond
Hill
Investment
Group,
Inc.
......
23,568
3,888,720
Donnelley
Financial
Solutions,
Inc.
(a)(b)
.....
12,219
451,736
Federated
Hermes,
Inc.,
Class
B
........
656,562
21,745,333
Focus
Financial
Partners,
Inc.,
Class
A
(a)(b)
..
441,305
13,905,521
GAMCO
Investors,
Inc.,
Class
A
.........
36,353
619,819
GCM
Grosvenor,
Inc.,
Class
A
..........
274,045
2,162,215
Hamilton
Lane,
Inc.,
Class
A
...........
271,998
16,213,801
Houlihan
Lokey
,
Inc.,
Class
A
...........
385,272
29,041,803
Manning
&
Napier,
Inc.,
Class
A
.........
46,444
569,868
MarketWise
,
Inc.,
Class
A
(a)
............
52,216
119,053
Moelis
&
Co.,
Class
A
................
244,881
8,279,427
Open
Lending
Corp.,
Class
A
(a)(b)
........
811,295
6,522,812
Perella
Weinberg
Partners,
Class
A
.......
296,203
1,874,965
PJT
Partners,
Inc.,
Class
A
(b)
...........
181,792
12,147,341
Pzena
Investment
Management,
Inc.,
Class
A
129,925
1,231,689
Sculptor
Capital
Management,
Inc.,
Class
A
.
98,574
871,394
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
.......................
70,395
1,150,958
StepStone
Group,
Inc.,
Class
A
.........
406,472
9,962,629
StoneX
Group,
Inc.
(a)
................
11,594
961,606
Value
Line,
Inc.
....................
6,871
301,637
Victory
Capital
Holdings,
Inc.,
Class
A
.....
36,139
842,400
Virtus
Investment
Partners,
Inc.
.........
5,398
861,089
WisdomTree
Investments,
Inc.
..........
1,055,936
4,941,780
176,690,011
Chemicals
—
2.7%
AdvanSix
,
Inc.
.....................
71,019
2,279,710
American
Vanguard
Corp.
(b)
............
197,200
3,687,640
Amyris
,
Inc.
(a)(b)
....................
189,005
551,895
Aspen
Aerogels,
Inc.
(a)(b)
..............
235,181
2,168,369
Avient
Corp.
......................
512,842
15,539,113
Balchem
Corp.
....................
246,024
29,911,598
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Growth
ETF
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Chemicals
(continued)
Cabot
Corp.
......................
427,633
$
27,321,472
Chase
Corp.
......................
15,983
1,335,699
Diversey
Holdings
Ltd.
(a)(b)
.............
597,035
2,901,590
Hawkins,
Inc.
.....................
91,372
3,562,594
HB
Fuller
Co.
.....................
353,181
21,226,178
Ingevity
Corp.
(a)(b)
...................
294,544
17,858,203
Innospec
,
Inc.
.....................
163,381
13,996,850
Kronos
Worldwide,
Inc.
...............
174,241
1,627,411
Livent
Corp.
(a)(b)
....................
1,246,503
38,205,317
LSB
Industries,
Inc.
(a)(b)
...............
244,497
3,484,082
Mativ
Holdings,
Inc.
.................
28,684
633,343
Origin
Materials,
Inc.,
Class
A
(a)(b)
........
496,067
2,559,706
Orion
Engineered
Carbons
SA
(b)
.........
463,683
6,190,168
PureCycle
Technologies,
Inc.
(a)(b)
.........
644,397
5,200,284
Quaker
Chemical
Corp.
(b)
.............
68,732
9,923,526
Sensient
Technologies
Corp.
...........
307,143
21,297,296
Stepan
Co.
.......................
18,478
1,730,834
233,192,878
Commercial
Services
&
Supplies
—
1.1%
ACV
Auctions,
Inc.,
Class
A
(a)(b)
..........
432,974
3,113,083
Aris
Water
Solution,
Inc.,
Class
A
........
175,162
2,235,067
Brady
Corp.,
Class
A,
NVS
............
277,388
11,575,401
Brink's
Co.
(The)
...................
356,428
17,265,372
Casella
Waste
Systems,
Inc.,
Class
A
(a)
....
385,634
29,458,581
Cimpress
plc
(a)(b)
...................
134,967
3,303,992
Healthcare
Services
Group,
Inc.
.........
276,728
3,345,642
HNI
Corp.
........................
321,023
8,510,320
Interface,
Inc.
.....................
367,476
3,303,609
Li-Cycle
Holdings
Corp.
(a)(b)
............
397,266
2,113,455
Montrose
Environmental
Group,
Inc.
(a)(b)
....
212,510
7,150,962
Pitney
Bowes,
Inc.
..................
556,049
1,295,594
SP
Plus
Corp.
(a)(b)
...................
180,293
5,646,777
98,317,855
Communications
Equipment
—
1.3%
ADTRAN
Holdings,
Inc.
..............
492,852
9,650,042
Calix,
Inc.
(a)
.......................
344,511
21,063,403
Cambium
Networks
Corp.
(a)(b)
...........
90,900
1,538,028
Casa
Systems,
Inc.
(a)(b)
...............
275,910
863,598
Clearfield,
Inc.
(a)(b)
...................
88,940
9,306,682
CommScope
Holding
Co.,
Inc.
(a)(b)
........
1,581,019
14,561,185
Digi
International,
Inc.
(a)
...............
92,620
3,201,873
DZS,
Inc.
(a)(b)
......................
140,365
1,586,125
Extreme
Networks,
Inc.
(a)
..............
973,817
12,727,788
Harmonic,
Inc.
(a)(b)
..................
716,814
9,368,759
Infinera
Corp.
(a)(b)
...................
1,478,422
7,155,562
Inseego
Corp.
(a)(b)
...................
143,387
296,811
Ondas
Holdings,
Inc.
(a)(b)
..............
276,764
1,024,027
Viavi
Solutions,
Inc.
(a)(b)
...............
1,769,062
23,086,259
115,430,142
Construction
&
Engineering
—
2.0%
Ameresco
,
Inc.,
Class
A
(a)(b)
............
247,635
16,462,775
Comfort
Systems
USA,
Inc.
............
272,464
26,518,921
Construction
Partners,
Inc.,
Class
A
(a)(b)
....
308,332
8,087,548
Dycom
Industries,
Inc.
(a)
..............
221,686
21,177,664
EMCOR
Group,
Inc.
.................
376,348
43,460,667
Fluor
Corp.
(a)(b)
.....................
998,156
24,844,103
Great
Lakes
Dredge
&
Dock
Corp.
(a)(b)
.....
128,705
975,584
IES
Holdings,
Inc.
(a)
.................
44,968
1,242,016
Infrastructure
and
Energy
Alternatives,
Inc.
(a)
236,920
3,207,897
MYR
Group,
Inc.
(a)
..................
127,117
10,770,623
Northwest
Pipe
Co.
(a)(b)
...............
15,478
434,932
NV5
Global,
Inc.
(a)
..................
104,164
12,897,587
Primoris
Services
Corp.
..............
23,045
374,481
Security
Shares
Shares
Value
Construction
&
Engineering
(continued)
Sterling
Infrastructure,
Inc.
(a)(b)
..........
188,537
$
4,047,889
174,502,687
Construction
Materials
—
0.0%
United
States
Lime
&
Minerals,
Inc.
(b)
.....
13,222
1,351,288
Consumer
Finance
—
0.2%
Atlanticus
Holdings
Corp.
(a)(b)
...........
19,939
523,000
Curo
Group
Holdings
Corp.
............
131,530
527,435
FirstCash
Holdings,
Inc.
(b)
.............
148,452
10,888,954
Green
Dot
Corp.,
Class
A
(a)
............
37,058
703,361
LendingClub
Corp.
(a)(b)
................
39,807
439,867
LendingTree
,
Inc.
(a)(b)
................
80,517
1,921,136
Moneylion
,
Inc.,
Class
A
(a)(b)
............
114,970
102,622
NerdWallet
,
Inc.,
Class
A
(a)(b)
...........
200,862
1,781,646
PROG
Holdings,
Inc.
(a)
...............
59,826
896,194
World
Acceptance
Corp.
(a)(b)
............
20,629
1,997,300
19,781,515
Containers
&
Packaging
—
0.2%
Greif,
Inc.,
Class
A,
NVS
..............
29,651
1,766,310
Greif,
Inc.,
Class
B
..................
5,574
338,899
Myers
Industries,
Inc.
................
286,162
4,713,088
O-I
Glass,
Inc.
(a)(b)
...................
969,586
12,556,139
19,374,436
Distributors
—
0.1%
Funko
,
Inc.,
Class
A
(a)(b)
...............
244,392
4,941,606
Diversified
Consumer
Services
—
1.0%
(b)
Beachbody
Co.,
Inc.
(The),
Class
A
(a)
.....
79,266
80,059
Carriage
Services,
Inc.
...............
104,177
3,350,332
Chegg
,
Inc.
(a)
......................
955,951
20,141,888
Coursera,
Inc.
(a)
....................
875,486
9,437,739
Duolingo
,
Inc.,
Class
A
(a)
..............
180,445
17,183,777
European
Wax
Center,
Inc.,
Class
A
......
173,794
3,206,499
Nerdy,
Inc.,
Class
A
(a)
................
411,043
867,301
OneSpaWorld
Holdings
Ltd.
(a)
..........
501,727
4,214,507
PowerSchool
Holdings,
Inc.,
Class
A
(a)
.....
120,998
2,019,457
Rover
Group,
Inc.,
Class
A
(a)
...........
682,072
2,278,120
Stride,
Inc.
(a)
......................
313,728
13,185,988
Udemy
,
Inc.
(a)
.....................
554,030
6,698,223
Universal
Technical
Institute,
Inc.
(a)
.......
253,021
1,376,434
Vivint
Smart
Home,
Inc.,
Class
A
(a)
.......
180,600
1,188,348
85,228,672
Diversified
Telecommunication
Services
—
0.8%
Anterix
,
Inc.
(a)(b)
....................
42,683
1,524,637
Bandwidth,
Inc.,
Class
A
(a)
.............
37,818
450,034
Charge
Enterprises,
Inc.
(a)(b)
............
999,175
1,758,548
Cogent
Communications
Holdings,
Inc.
....
180,710
9,425,834
Consolidated
Communications
Holdings,
Inc.
(a)
52,506
218,425
Globalstar
,
Inc.
(a)(b)
..................
4,444,477
7,066,718
IDT
Corp.,
Class
B
(a)
.................
80,529
1,999,535
Iridium
Communications,
Inc.
(a)
..........
983,478
43,636,919
Ooma
,
Inc.
(a)(b)
.....................
180,013
2,214,160
Starry
Group
Holdings,
Inc.,
Class
A
(a)(b)
....
177,493
264,464
68,559,274
Electric
Utilities
—
0.2%
MGE
Energy,
Inc.
...................
122,782
8,058,183
Otter
Tail
Corp.
(b)
...................
144,518
8,890,747
Via
Renewables,
Inc.,
Class
A
..........
103,736
716,816
17,665,746
Electrical
Equipment
—
2.1%
Allied
Motion
Technologies,
Inc.
(b)
........
93,122
2,665,152
Array
Technologies,
Inc.
(a)(b)
............
1,158,040
19,200,303
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Growth
ETF
Schedule
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electrical
Equipment
(continued)
Atkore
,
Inc.
(a)(b)
.....................
316,565
$
24,631,923
Babcock
&
Wilcox
Enterprises,
Inc.
(a)(b)
.....
462,329
2,949,659
Blink
Charging
Co.
(a)(b)
................
276,481
4,899,243
Bloom
Energy
Corp.,
Class
A
(a)(b)
........
1,351,680
27,020,083
Energy
Vault
Holdings,
Inc.
(a)(b)
..........
485,430
2,563,070
EnerSys
.........................
36,929
2,148,160
Enovix
Corp.
(a)(b)
....................
836,160
15,330,994
ESS
Tech,
Inc.
(a)(b)
..................
553,829
2,265,161
Fluence
Energy,
Inc.,
Class
A
(a)(b)
........
278,627
4,065,168
FTC
Solar,
Inc.
(a)(b)
..................
315,848
934,910
FuelCell
Energy,
Inc.
(a)(b)
..............
2,172,744
7,409,057
GrafTech
International
Ltd.
............
1,492,825
6,434,076
Heliogen
,
Inc.
(a)(b)
...................
687,559
1,278,860
Shoals
Technologies
Group,
Inc.,
Class
A
(a)(b)
858,281
18,495,955
Stem,
Inc.
(a)(b)
.....................
1,047,984
13,980,106
SunPower
Corp.
(a)(b)
.................
629,889
14,512,643
TPI
Composites,
Inc.
(a)(b)
..............
282,003
3,180,994
Vicor
Corp.
(a)(b)
.....................
170,142
10,062,198
184,027,715
Electronic
Equipment,
Instruments
&
Components
—
2.7%
908
Devices,
Inc.
(a)(b)
.................
38,448
632,470
Advanced
Energy
Industries,
Inc.
(b)
.......
289,978
22,447,197
Aeva
Technologies,
Inc.
(a)
.............
49,095
91,808
AEye
,
Inc.,
Class
A
(a)(b)
...............
213,415
236,891
Akoustis
Technologies,
Inc.
(a)(b)
..........
388,016
1,152,407
Arlo
Technologies,
Inc.
(a)
..............
669,771
3,107,737
Badger
Meter,
Inc.
..................
225,564
20,839,858
Belden,
Inc.
(b)
.....................
176,960
10,621,139
Cepton
,
Inc.
(a)(b)
....................
265,431
520,245
CTS
Corp.
.......................
246,422
10,263,476
ePlus
,
Inc.
(a)
......................
156,894
6,517,377
Fabrinet
(a)
........................
284,631
27,168,029
FARO
Technologies,
Inc.
(a)(b)
...........
12,061
330,954
Focus
Universal,
Inc.
(a)(b)
..............
136,988
1,284,947
Identiv
,
Inc.
(a)(b)
.....................
166,607
2,089,252
Insight
Enterprises,
Inc.
(a)(b)
............
205,953
16,972,587
Itron
,
Inc.
(a)
.......................
28,344
1,193,566
Lightwave
Logic,
Inc.
(a)(b)
..............
857,771
6,296,039
MicroVision
,
Inc.
(a)(b)
.................
1,267,870
4,577,011
Napco
Security
Technologies,
Inc.
(a)(b)
.....
226,897
6,598,165
Novanta
,
Inc.
(a)(b)
...................
274,129
31,703,019
OSI
Systems,
Inc.
(a)
.................
13,539
975,620
PAR
Technology
Corp.
(a)(b)
.............
76,072
2,246,406
Plexus
Corp.
(a)
.....................
181,508
15,892,840
Rogers
Corp.
(a)
....................
144,486
34,948,274
SmartRent
,
Inc.,
Class
A
(a)
.............
944,961
2,145,061
230,852,375
Energy
Equipment
&
Services
—
1.8%
Borr
Drilling
Ltd.
(a)(b)
.................
683,125
2,267,975
Cactus,
Inc.,
Class
A
(b)
...............
454,205
17,455,098
ChampionX
Corp.
..................
1,575,126
30,825,216
DMC
Global,
Inc.
(a)
..................
38,821
620,360
Liberty
Energy,
Inc.,
Class
A
(a)(b)
.........
1,098,097
13,923,870
Nabors
Industries
Ltd.
(a)
..............
61,209
6,209,653
NexTier
Oilfield
Solutions,
Inc.
(a)
.........
1,360,004
10,064,030
Noble
Corp.
plc
(a)(b)
..................
102,920
3,044,374
Oceaneering
International,
Inc.
(a)
........
696,921
5,547,491
Patterson-UTI
Energy,
Inc.
............
1,114,408
13,016,285
ProFrac
Holding
Corp.,
Class
A
(a)
........
45,328
689,439
RPC,
Inc.
(b)
.......................
580,411
4,022,248
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
..
251,520
2,354,227
TETRA
Technologies,
Inc.
(a)(b)
...........
969,346
3,479,952
US
Silica
Holdings,
Inc.
(a)
.............
85,870
940,277
Security
Shares
Shares
Value
Energy
Equipment
&
Services
(continued)
Valaris
Ltd.
(a)(b)
.....................
468,500
$
22,928,390
Weatherford
International
plc
(a)(b)
.........
538,446
17,386,421
154,775,306
Entertainment
—
0.3%
(a)
Cinemark
Holdings,
Inc.
(b)
.............
661,375
8,009,251
IMAX
Corp.
.......................
220,769
3,117,258
Liberty
Media
Corp.-Liberty
Braves,
Class
A
(b)
79,571
2,239,924
Liberty
Media
Corp.-Liberty
Braves,
Class
C,
NVS
(b)
........................
294,568
8,100,620
Playstudios
,
Inc.,
Class
A
(b)
............
317,227
1,107,122
Reservoir
Media,
Inc.
(b)
...............
145,196
708,557
23,282,732
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.5%
Alexander's,
Inc.
...................
17,575
3,672,472
Bluerock
Residential
Growth
REIT,
Inc.
....
79,419
2,124,458
CareTrust
REIT,
Inc.
.................
65,162
1,180,084
CBL
&
Associates
Properties,
Inc.
........
37,221
953,230
Clipper
Realty,
Inc.
..................
105,361
734,366
Community
Healthcare
Trust,
Inc.
........
106,653
3,492,886
Corporate
Office
Properties
Trust
........
112,523
2,613,909
Essential
Properties
Realty
Trust,
Inc.
.....
99,047
1,926,464
Four
Corners
Property
Trust,
Inc.
........
54,930
1,328,757
Gladstone
Commercial
Corp.
...........
283,643
4,396,467
Gladstone
Land
Corp.
(b)
..............
135,505
2,452,641
Hersha
Hospitality
Trust,
Class
A
........
17,711
141,334
Industrial
Logistics
Properties
Trust
.......
29,984
164,912
Innovative
Industrial
Properties,
Inc.
......
213,811
18,922,273
NexPoint
Residential
Trust,
Inc.
.........
168,619
7,791,884
Outfront
Media,
Inc.
.................
1,130,329
17,169,698
Phillips
Edison
&
Co.,
Inc.
.............
908,145
25,473,467
Postal
Realty
Trust,
Inc.,
Class
A
........
88,203
1,293,938
PotlatchDeltic
Corp.
.................
62,084
2,547,927
Safehold
,
Inc.
.....................
106,455
2,816,799
Saul
Centers,
Inc.
..................
86,346
3,237,975
Tanger
Factory
Outlet
Centers,
Inc.
(b)
......
790,912
10,819,676
UMH
Properties,
Inc.
................
324,074
5,233,795
Universal
Health
Realty
Income
Trust
.....
102,598
4,433,260
124,922,672
Food
&
Staples
Retailing
—
0.4%
Chefs'
Warehouse,
Inc.
(The)
(a)(b)
........
185,550
5,375,383
Fresh
Market,
Inc.
(The),
NVS
(a)(d)
........
311,573
3
Natural
Grocers
by
Vitamin
Cottage,
Inc.
...
62,289
672,098
PriceSmart
,
Inc.
(b)
...................
120,325
6,929,517
Rite
Aid
Corp.
(a)
....................
197,456
977,407
Sprouts
Farmers
Market,
Inc.
(a)(b)
........
831,728
23,080,452
United
Natural
Foods,
Inc.
(a)
............
33,588
1,154,420
38,189,280
Food
Products
—
1.3%
Benson
Hill,
Inc.
(a)(b)
.................
651,508
1,785,132
Beyond
Meat,
Inc.
(a)(b)
................
471,481
6,680,886
BRC,
Inc.,
Class
A
(a)(b)
................
201,727
1,559,350
Calavo
Growers,
Inc.
................
135,355
4,297,521
Cal-Maine
Foods,
Inc.
................
269,503
14,981,672
J
&
J
Snack
Foods
Corp.
(b)
............
118,000
15,277,460
John
B
Sanfilippo
&
Son,
Inc.
...........
43,636
3,304,554
Lancaster
Colony
Corp.
..............
126,769
19,050,845
Local
Bounti
Corp.
(a)(b)
................
315,651
896,449
Mission
Produce,
Inc.
(a)(b)
..............
39,283
568,032
Simply
Good
Foods
Co.
(The)
(a)
.........
696,174
22,270,606
Sovos
Brands,
Inc.
(a)(b)
...............
204,948
2,918,460
SunOpta
,
Inc.
(a)(b)
...................
701,717
6,385,625
Tattooed
Chef,
Inc.,
Class
A
(a)(b)
.........
364,745
1,816,430
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Growth
ETF
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
(continued)
Tootsie
Roll
Industries,
Inc.
............
109,081
$
3,630,216
Utz
Brands,
Inc.,
Class
A
(b)
............
444,870
6,717,537
Vital
Farms,
Inc.
(a)
..................
236,460
2,830,426
114,971,201
Gas
Utilities
—
0.4%
Brookfield
Infrastructure
Corp.,
Class
A
....
754,447
30,705,993
New
Jersey
Resources
Corp.
...........
65,395
2,530,786
Southwest
Gas
Holdings,
Inc.
..........
49,484
3,451,509
36,688,288
Health
Care
Equipment
&
Supplies
—
7.1%
Alphatec
Holdings,
Inc.
(a)(b)
.............
497,984
4,352,380
Artivion
,
Inc.
(a)(b)
....................
258,337
3,575,384
AtriCure
,
Inc.
(a)(b)
...................
227,131
8,880,822
Atrion
Corp.
......................
10,802
6,103,130
AxoGen
,
Inc.
(a)(b)
...................
311,444
3,712,412
Axonics
,
Inc.
(a)(b)
....................
376,714
26,535,734
BioLife
Solutions,
Inc.
(a)(b)
..............
18,243
415,028
Cardiovascular
Systems,
Inc.
(a)
..........
168,588
2,336,630
Cerus
Corp.
(a)(b)
....................
1,349,906
4,859,662
CONMED
Corp.
(b)
..................
223,927
17,952,228
CryoPort
,
Inc.
(a)(b)
...................
274,683
6,691,278
Cutera
,
Inc.
(a)(b)
....................
127,039
5,792,978
Embecta
Corp.
....................
386,963
11,140,665
Figs,
Inc.,
Class
A
(a)(b)
................
833,715
6,878,149
Glaukos
Corp.
(a)
....................
351,981
18,739,468
Haemonetics
Corp.
(a)(b)
...............
390,571
28,913,971
Heska
Corp.
(a)(b)
....................
75,099
5,476,219
Inari
Medical,
Inc.
(a)(b)
................
338,166
24,564,378
Inogen
,
Inc.
(a)
.....................
10,482
254,503
Inspire
Medical
Systems,
Inc.
(a)(b)
........
217,193
38,523,522
iRadimed
Corp.
....................
55,855
1,679,001
iRhythm
Technologies,
Inc.
(a)(b)
..........
229,564
28,759,778
Lantheus
Holdings,
Inc.
(a)
.............
525,599
36,965,378
LeMaitre
Vascular,
Inc.
...............
154,280
7,818,910
LivaNova
plc
(a)(b)
....................
316,327
16,059,922
Meridian
Bioscience,
Inc.
(a)
............
333,208
10,506,048
Merit
Medical
Systems,
Inc.
(a)
...........
370,947
20,962,215
Mesa
Laboratories,
Inc.
(b)
.............
39,356
5,542,505
Nano-X
Imaging
Ltd.
(a)(b)
..............
34,668
397,642
Neogen
Corp.
(a)
....................
767,168
10,717,337
Nevro
Corp.
(a)(b)
....................
270,091
12,586,241
NuVasive
,
Inc.
(a)
....................
403,888
17,694,333
Omnicell
,
Inc.
(a)(b)
...................
338,122
29,426,758
OrthoPediatrics
Corp.
(a)(b)
..............
115,310
5,320,403
Outset
Medical,
Inc.
(a)(b)
...............
367,006
5,846,406
Owlet,
Inc.,
Class
A
(a)(b)
...............
132,645
141,930
Paragon
28,
Inc.
(a)(b)
.................
355,763
6,339,697
PROCEPT
BioRobotics
Corp.
(a)(b)
........
195,812
8,118,366
Pulmonx
Corp.
(a)(b)
..................
264,302
4,403,271
RxSight
,
Inc.
(a)
.....................
146,041
1,752,492
Senseonics
Holdings,
Inc.
(a)(b)
...........
3,539,201
4,671,745
Shockwave
Medical,
Inc.
(a)(b)
...........
273,903
76,164,207
SI-BONE,
Inc.
(a)(b)
...................
259,435
4,529,735
Sight
Sciences,
Inc.
(a)(b)
...............
24,784
157,378
Silk
Road
Medical,
Inc.
(a)(b)
.............
266,984
12,014,280
STAAR
Surgical
Co.
(a)(b)
...............
368,555
26,001,555
Surmodics
,
Inc.
(a)
...................
108,282
3,291,773
Tactile
Systems
Technology,
Inc.
(a)
.......
55,867
435,204
Tenon
Medical,
Inc.
(a)(b)
...............
78,725
103,130
TransMedics
Group,
Inc.
(a)(b)
............
234,816
9,801,220
Treace
Medical
Concepts,
Inc.
(a)(b)
........
257,164
5,675,610
UFP
Technologies,
Inc.
(a)(b)
.............
53,058
4,554,499
Utah
Medical
Products,
Inc.
............
25,147
2,145,291
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Vicarious
Surgical,
Inc.,
Class
A
(a)(b)
.......
412,801
$
1,382,883
ViewRay
,
Inc.
(a)(b)
...................
1,011,026
3,680,135
Zynex
,
Inc.
.......................
173,338
1,572,176
612,917,995
Health
Care
Providers
&
Services
—
4.4%
23andMe
Holding
Co.,
Class
A
(a)(b)
.......
849,445
2,429,413
Addus
HomeCare
Corp.
(a)
.............
48,021
4,573,520
Agiliti
,
Inc.
(a)(b)
.....................
216,349
3,095,954
AirSculpt
Technologies,
Inc.
............
97,649
627,883
Alignment
Healthcare,
Inc.
(a)(b)
..........
651,372
7,712,244
AMN
Healthcare
Services,
Inc.
(a)
.........
333,115
35,296,865
Apollo
Medical
Holdings,
Inc.
(a)(b)
.........
300,016
11,700,624
Cano
Health,
Inc.,
Class
A
(a)(b)
..........
1,249,898
10,836,616
Clover
Health
Investments
Corp.
(a)(b)
......
2,974,254
5,056,232
CorVel
Corp.
(a)(b)
....................
69,048
9,558,315
Cross
Country
Healthcare,
Inc.
(a)(b)
.......
36,362
1,031,590
DocGo
,
Inc.
(a)(b)
....................
625,598
6,205,932
Ensign
Group,
Inc.
(The)
..............
416,078
33,078,201
Hanger,
Inc.
(a)
.....................
292,847
5,482,096
HealthEquity
,
Inc.
(a)(b)
................
638,649
42,898,053
Hims
&
Hers
Health,
Inc.,
Class
A
(a)(b)
.....
796,894
4,446,669
Innovage
Holding
Corp.
(a)(b)
............
37,571
220,918
Joint
Corp.
(The)
(a)
..................
106,645
1,675,393
LHC
Group,
Inc.
(a)
..................
229,870
37,620,524
LifeStance
Health
Group,
Inc.
(a)(b)
........
32,658
216,196
ModivCare
,
Inc.
(a)
...................
29,991
2,989,503
National
Research
Corp.
..............
111,189
4,425,322
Oncology
Institute,
Inc.
(The)
(a)(b)
.........
255,783
1,184,275
Option
Care
Health,
Inc.
(a)(b)
............
1,202,278
37,835,689
Owens
&
Minor,
Inc.
.................
66,953
1,613,567
P3
Health
Partners,
Inc.,
Class
A
(a)(b)
......
120,678
557,532
Patterson
Cos.,
Inc.
.................
528,999
12,706,556
Pennant
Group,
Inc.
(The)
(a)(b)
..........
197,679
2,057,838
PetIQ
,
Inc.,
Class
A
(a)(b)
...............
168,274
1,161,091
Privia
Health
Group,
Inc.
(a)(b)
............
343,003
11,682,682
Progyny
,
Inc.
(a)(b)
...................
575,484
21,327,437
R1
RCM,
Inc.
(a)(b)
...................
1,159,000
21,476,270
RadNet
,
Inc.
(a)(b)
....................
380,951
7,752,353
Select
Medical
Holdings
Corp.
..........
678,775
15,000,928
Surgery
Partners,
Inc.
(a)(b)
.............
269,323
6,302,158
US
Physical
Therapy,
Inc.
.............
99,168
7,538,751
379,375,190
Health
Care
Technology
—
0.6%
Babylon
Holdings
Ltd.,
Class
A
(a)(b)
.......
783,101
369,859
Evolent
Health,
Inc.,
Class
A
(a)
..........
629,414
22,614,845
HealthStream
,
Inc.
(a)
.................
16,947
360,293
NextGen
Healthcare,
Inc.
(a)(b)
...........
209,285
3,704,345
Nutex
Health,
Inc.
(a)(b)
................
308,880
463,320
OptimizeRx
Corp.
(a)
.................
135,293
2,005,042
Pear
Therapeutics,
Inc.,
Class
A
(a)(b)
......
194,934
397,665
Phreesia
,
Inc.
(a)(b)
...................
179,335
4,569,456
Schrodinger,
Inc.
(a)(b)
.................
415,558
10,380,639
Simulations
Plus,
Inc.
(b)
...............
121,652
5,904,988
50,770,452
Hotels,
Restaurants
&
Leisure
—
3.1%
Accel
Entertainment,
Inc.,
Class
A
(a)(b)
.....
454,985
3,553,433
Bloomin
'
Brands,
Inc.
................
491,414
9,007,619
Bluegreen
Vacations
Holding
Corp.
.......
9,586
158,361
Brinker
International,
Inc.
(a)(b)
...........
299,673
7,485,832
Century
Casinos,
Inc.
(a)(b)
..............
162,893
1,068,578
Cheesecake
Factory,
Inc.
(The)
.........
380,675
11,146,164
Cracker
Barrel
Old
Country
Store,
Inc.
.....
175,294
16,228,719
Dave
&
Buster's
Entertainment,
Inc.
(a)
.....
330,068
10,242,010
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Growth
ETF
Schedule
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Denny's
Corp.
(a)(b)
...................
314,523
$
2,959,661
Dine
Brands
Global,
Inc.
..............
99,803
6,343,479
Everi
Holdings,
Inc.
(a)(b)
...............
354,989
5,757,922
F45
Training
Holdings,
Inc.
(a)(b)
..........
256,078
791,281
First
Watch
Restaurant
Group,
Inc.
(a)(b)
.....
25,219
365,171
Full
House
Resorts,
Inc.
(a)(b)
............
68,022
382,284
Golden
Entertainment,
Inc.
(a)
...........
153,026
5,339,077
Hilton
Grand
Vacations,
Inc.
(a)
..........
673,384
22,147,600
Inspired
Entertainment,
Inc.
(a)
...........
110,808
978,435
International
Game
Technology
plc
.......
164,307
2,596,051
Jack
in
the
Box,
Inc.
.................
22,663
1,678,648
Krispy
Kreme,
Inc.
(b)
.................
151,173
1,743,025
Kura
Sushi
USA,
Inc.,
Class
A
(a)(b)
........
36,216
2,664,773
Lindblad
Expeditions
Holdings,
Inc.
(a)(b)
....
20,469
138,370
Monarch
Casino
&
Resort,
Inc.
(a)(b)
.......
102,722
5,766,813
NeoGames
SA
(a)(b)
..................
102,896
1,327,358
Noodles
&
Co.,
Class
A
(a)
.............
300,606
1,412,848
ONE
Group
Hospitality,
Inc.
(The)
(a)(b)
.....
162,707
1,080,374
Papa
John's
International,
Inc.
..........
181,750
12,724,317
Portillo's,
Inc.,
Class
A
(a)(b)
.............
179,982
3,543,846
RCI
Hospitality
Holdings,
Inc.
(b)
..........
61,258
4,002,598
Red
Rock
Resorts,
Inc.,
Class
A
.........
171,702
5,882,510
Rush
Street
Interactive,
Inc.,
Class
A
(a)(b)
...
463,784
1,706,725
Ruth's
Hospitality
Group,
Inc.
...........
249,488
4,206,368
SeaWorld
Entertainment,
Inc.
(a)(b)
........
160,109
7,286,561
Shake
Shack,
Inc.,
Class
A
(a)
...........
288,376
12,971,152
Sonder
Holdings,
Inc.,
Class
A
(a)(b)
........
1,435,460
2,382,864
Sweetgreen
,
Inc.,
Class
A
(a)(b)
...........
681,363
12,605,215
Target
Hospitality
Corp.
(a)
.............
223,391
2,819,194
Texas
Roadhouse,
Inc.
...............
518,115
45,210,715
Wingstop
,
Inc.
(b)
....................
230,357
28,891,375
Xponential
Fitness,
Inc.,
Class
A
(a)(b)
......
40,823
745,428
267,342,754
Household
Durables
—
1.4%
Aterian
,
Inc.
(a)(b)
....................
77,917
96,617
Cavco
Industries,
Inc.
(a)
...............
69,113
14,220,691
Century
Communities,
Inc.
............
14,899
637,379
Dream
Finders
Homes,
Inc.,
Class
A
(a)(b)
....
162,549
1,723,019
Green
Brick
Partners,
Inc.
(a)
............
57,969
1,239,377
Helen
of
Troy
Ltd.
(a)(b)
................
182,740
17,623,446
Hovnanian
Enterprises,
Inc.,
Class
A
(a)(b)
...
40,100
1,431,570
Installed
Building
Products,
Inc.
.........
182,870
14,810,641
iRobot
Corp.
(a)(b)
....................
180,651
10,176,071
KB
Home
........................
105,707
2,739,926
LGI
Homes,
Inc.
(a)
..................
11,338
922,573
Lovesac
Co.
(The)
(a)(b)
................
107,779
2,196,536
M/I
Homes,
Inc.
(a)
...................
27,065
980,565
MDC
Holdings,
Inc.
.................
112,098
3,073,727
Meritage
Homes
Corp.
(a)
..............
16,583
1,165,287
Purple
Innovation,
Inc.
(a)(b)
.............
53,332
215,995
Skyline
Champion
Corp.
(a)
.............
410,460
21,701,020
Sonos
,
Inc.
(a)(b)
.....................
981,635
13,644,727
Taylor
Morrison
Home
Corp.
(a)(b)
.........
100,639
2,346,902
TRI
Pointe
Homes,
Inc.
(a)(b)
............
62,803
948,953
Vizio
Holding
Corp.,
Class
A
(a)(b)
.........
518,618
4,532,721
Vuzix
Corp.
(a)(b)
....................
398,597
2,307,877
118,735,620
Household
Products
—
0.4%
Central
Garden
&
Pet
Co.
(a)(b)
...........
28,535
1,028,401
Central
Garden
&
Pet
Co.,
Class
A,
NVS
(a)(b)
.
114,953
3,926,795
Energizer
Holdings,
Inc.
..............
515,150
12,950,871
WD-40
Co.
(b)
......................
105,646
18,566,228
36,472,295
Security
Shares
Shares
Value
Independent
Power
and
Renewable
Electricity
Producers
—
0.7%
Altus
Power,
Inc.,
Class
A
(a)(b)
...........
111,018
$
1,222,308
Clearway
Energy,
Inc.,
Class
A
..........
275,164
8,007,272
Clearway
Energy,
Inc.,
Class
C
.........
638,646
20,340,875
Montauk
Renewables,
Inc.
(a)(b)
..........
508,140
8,861,962
Ormat
Technologies,
Inc.
..............
198,158
17,081,220
55,513,637
Industrial
Conglomerates
—
0.1%
Brookfield
Business
Corp.,
Class
A
.......
178,627
3,947,657
Insurance
—
1.5%
BRP
Group,
Inc.,
Class
A
(a)(b)
...........
460,689
12,139,155
eHealth,
Inc.
(a)
.....................
61,232
239,417
Goosehead
Insurance,
Inc.,
Class
A
(a)
.....
129,422
4,612,600
HCI
Group,
Inc.
....................
51,475
2,017,820
Investors
Title
Co.
..................
2,116
298,356
Kinsale
Capital
Group,
Inc.
(b)
...........
167,618
42,812,990
Palomar
Holdings,
Inc.
(a)(b)
.............
188,181
15,754,513
RLI
Corp.
........................
300,589
30,774,302
SiriusPoint
Ltd.
(a)
...................
95,555
472,997
Trupanion
,
Inc.
(a)(b)
..................
300,737
17,872,800
Universal
Insurance
Holdings,
Inc.
.......
34,712
341,913
127,336,863
Interactive
Media
&
Services
—
0.8%
Arena
Group
Holdings,
Inc.
(The)
(a)(b)
......
65,142
853,360
Cargurus
,
Inc.,
Class
A
(a)(b)
.............
782,209
11,083,902
Cars.com,
Inc.
(a)(b)
..................
66,734
767,441
DHI
Group,
Inc.
(a)
...................
272,803
1,467,680
Eventbrite,
Inc.,
Class
A
(a)(b)
............
514,948
3,130,884
EverQuote
,
Inc.,
Class
A
(a)(b)
............
146,672
1,000,303
Leafly
Holdings,
Inc.
(a)(b)
...............
158,185
107,408
MediaAlpha
,
Inc.,
Class
A
(a)(b)
...........
178,303
1,560,151
QuinStreet
,
Inc.
(a)(b)
..................
25,942
272,391
Shutterstock
,
Inc.
...................
185,101
9,286,517
Vimeo,
Inc.
(a)(b)
.....................
1,109,452
4,437,808
Vinco
Ventures,
Inc.
(a)(b)
...............
1,000,456
931,625
Wejo
Group
Ltd.
(a)
..................
189,681
206,752
Yelp,
Inc.
(a)
.......................
526,337
17,848,088
Ziff
Davis,
Inc.
(a)(b)
...................
64,215
4,397,443
ZipRecruiter,
Inc.,
Class
A
(a)(b)
...........
614,898
10,145,817
67,497,570
Internet
&
Direct
Marketing
Retail
—
0.4%
CarParts.com,
Inc.
(a)(b)
................
391,965
2,026,459
Duluth
Holdings,
Inc.,
Class
B
(a)(b)
........
49,824
350,761
Groupon,
Inc.
(a)(b)
...................
18,352
146,082
Liquidity
Services,
Inc.
(a)(b)
.............
95,804
1,557,773
Lulu's
Fashion
Lounge
Holdings,
Inc.
(a)(b)
...
120,296
560,579
PetMed
Express,
Inc.
................
132,944
2,595,067
Quotient
Technology,
Inc.
(a)
............
77,307
178,579
RealReal
,
Inc.
(The)
(a)(b)
...............
96,913
145,370
Rent
the
Runway,
Inc.,
Class
A
(a)(b)
.......
357,395
786,269
Revolve
Group,
Inc.,
Class
A
(a)(b)
.........
315,113
6,834,801
Stitch
Fix,
Inc.,
Class
A
(a)(b)
.............
244,788
966,913
ThredUp
,
Inc.,
Class
A
(a)
..............
62,010
114,098
Vivid
Seats,
Inc.,
Class
A
(b)
............
52,005
398,358
Xometry
,
Inc.,
Class
A
(a)(b)
.............
258,999
14,708,553
31,369,662
IT
Services
—
3.3%
AvidXchange
Holdings,
Inc.
(a)(b)
..........
1,011,842
8,519,710
BigCommerce
Holdings,
Inc.
(a)(b)
.........
495,297
7,330,396
Brightcove
,
Inc.
(a)
...................
214,893
1,353,826
Cantaloupe,
Inc.
(a)
..................
263,057
915,438
Cass
Information
Systems,
Inc.
.........
19,107
662,822
Cerberus
Cyber
Sentinel
Corp.
(a)(b)
.......
349,212
1,030,175
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Growth
ETF
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
IT
Services
(continued)
Core
Scientific,
Inc.
(a)(b)
...............
150,363
$
195,472
CSG
Systems
International,
Inc.
.........
244,600
12,934,448
Cyxtera
Technologies,
Inc.,
Class
A
(a)(b)
....
287,772
1,174,110
DigitalOcean
Holdings,
Inc.
(a)(b)
..........
535,519
19,369,722
Edgio
,
Inc.
(a)
......................
987,763
2,745,981
EVERTEC,
Inc.
....................
481,730
15,102,235
Evo
Payments,
Inc.,
Class
A
(a)
..........
362,836
12,082,439
ExlService
Holdings,
Inc.
(a)(b)
...........
249,500
36,766,320
Flywire
Corp.
(a)
....................
430,353
9,880,905
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)(b)
..
372,338
6,973,891
Hackett
Group,
Inc.
(The)
.............
191,987
3,402,010
I3
Verticals,
Inc.,
Class
A
(a)(b)
...........
169,874
3,402,576
IBEX
Holdings
Ltd.
(a)(b)
...............
46,932
871,527
Information
Services
Group,
Inc.
.........
121,213
576,974
International
Money
Express,
Inc.
(a)(b)
......
246,710
5,622,521
Marqeta
,
Inc.,
Class
A
(a)(b)
.............
3,332,775
23,729,358
Maximus,
Inc.
.....................
441,166
25,530,276
Paya
Holdings,
Inc.,
Class
A
(a)
..........
668,502
4,084,547
Payoneer
Global,
Inc.
(a)(b)
..............
1,670,649
10,107,426
Perficient
,
Inc.
(a)
....................
262,849
17,090,442
Priority
Technology
Holdings,
Inc.
(a)(b)
......
119,172
537,466
Remitly
Global,
Inc.
(a)
................
757,993
8,428,882
Sabre
Corp.
(a)(b)
....................
516,760
2,661,314
Squarespace,
Inc.,
Class
A
(a)
...........
57,289
1,223,693
StoneCo
Ltd.,
Class
A
(a)(b)
.............
1,104,642
10,527,238
TTEC
Holdings,
Inc.
.................
145,742
6,457,828
Tucows
,
Inc.,
Class
A
(a)(b)
..............
74,985
2,805,189
Unisys
Corp.
(a)
.....................
375,387
2,834,172
Verra
Mobility
Corp.,
Class
A
(a)(b)
.........
1,100,386
16,912,933
283,844,262
Leisure
Products
—
0.3%
Acushnet
Holdings
Corp.
(b)
............
73,225
3,184,555
Clarus
Corp.
(b)
.....................
190,952
2,572,123
Latham
Group,
Inc.
(a)
................
338,666
1,215,811
Malibu
Boats,
Inc.,
Class
A
(a)(b)
..........
156,788
7,524,256
Marine
Products
Corp.
...............
68,978
583,554
MasterCraft
Boat
Holdings,
Inc.
(a)(b)
.......
137,468
2,591,272
Smith
&
Wesson
Brands,
Inc.
...........
24,186
250,809
Sturm
Ruger
&
Co.,
Inc.
..............
121,214
6,156,459
24,078,839
Life
Sciences
Tools
&
Services
—
0.7%
(a)
AbCellera
Biologics,
Inc.
(b)
.............
676,493
6,690,516
Adaptive
Biotechnologies
Corp.
(b)
........
40,755
290,176
Akoya
Biosciences,
Inc.
(b)
.............
119,337
1,402,210
Codexis
,
Inc.
......................
471,452
2,856,999
Cytek
Biosciences,
Inc.
...............
879,220
12,942,118
Medpace
Holdings,
Inc.
..............
195,406
30,711,961
NanoString
Technologies,
Inc.
(b)
.........
320,094
4,087,600
Quanterix
Corp.
....................
33,100
364,762
Science
37
Holdings,
Inc.
(b)
............
416,276
670,204
SomaLogic
,
Inc.,
Class
A
(b)
............
143,270
415,483
60,432,029
Machinery
—
4.0%
Alamo
Group,
Inc.
..................
66,611
8,144,527
Albany
International
Corp.,
Class
A
(b)
......
47,413
3,737,567
Berkshire
Grey,
Inc.,
Class
A
(a)(b)
.........
358,891
610,115
Blue
Bird
Corp.
(a)(b)
..................
133,267
1,112,779
Chart
Industries,
Inc.
(a)(b)
..............
282,495
52,077,953
CIRCOR
International,
Inc.
(a)
...........
38,197
629,869
Douglas
Dynamics,
Inc.
..............
172,716
4,839,502
Energy
Recovery,
Inc.
(a)(b)
.............
425,804
9,256,979
Enerpac
Tool
Group
Corp.,
Class
A
(a)
......
456,474
8,138,931
ESCO
Technologies,
Inc.
.............
19,503
1,432,300
Security
Shares
Shares
Value
Machinery
(continued)
Evoqua
Water
Technologies
Corp.
(a)(b)
.....
904,196
$
29,901,762
Federal
Signal
Corp.
(b)
...............
461,693
17,230,383
Franklin
Electric
Co.,
Inc.
.............
356,254
29,109,514
Gorman-Rupp
Co.
(The)
..............
34,428
819,042
Helios
Technologies,
Inc.
..............
251,221
12,711,783
Hillenbrand,
Inc.
...................
266,988
9,803,799
Hyzon
Motors,
Inc.,
Class
A
(a)(b)
.........
681,816
1,159,087
John
Bean
Technologies
Corp.
(b)
.........
243,099
20,906,514
Kadant
,
Inc.
......................
89,864
14,990,214
Lightning
eMotors
,
Inc.
(a)(b)
.............
290,212
449,829
Lindsay
Corp.
.....................
85,028
12,182,812
Luxfer
Holdings
plc
.................
90,155
1,307,247
Markforged
Holding
Corp.
(a)
............
118,111
233,860
Microvast
Holdings,
Inc.
(a)(b)
............
774,232
1,401,360
Miller
Industries,
Inc.
................
4,614
98,232
Mueller
Industries,
Inc.
...............
153,938
9,150,075
Mueller
Water
Products,
Inc.,
Class
A
.....
1,216,562
12,494,092
Nikola
Corp.
(a)(b)
....................
2,309,917
8,130,908
Omega
Flex,
Inc.
(b)
..................
25,413
2,353,752
Proterra
,
Inc.
(a)(b)
...................
773,088
3,849,978
Proto
Labs,
Inc.
(a)(b)
..................
35,409
1,289,950
RBC
Bearings,
Inc.
(a)(b)
...............
31,920
6,633,295
Sarcos
Technology
&
Robotics
Corp.
(a)(b)
...
826,892
1,835,700
Shyft
Group,
Inc.
(The)
...............
264,169
5,396,973
Tennant
Co.
......................
64,135
3,627,476
Terex
Corp.
.......................
251,848
7,489,959
Titan
International,
Inc.
(a)
..............
390,270
4,737,878
Trinity
Industries,
Inc.
................
96,652
2,063,520
Velo3D,
Inc.
(a)(b)
....................
431,395
1,699,696
Wabash
National
Corp.
...............
322,450
5,017,322
Watts
Water
Technologies,
Inc.,
Class
A
....
210,983
26,526,893
Xos
,
Inc.
(a)(b)
......................
414,094
496,913
345,080,340
Media
—
0.6%
AdTheorent
Holding
Co.,
Inc.
(a)(b)
.........
252,141
542,103
Boston
Omaha
Corp.,
Class
A
(a)(b)
........
9,299
214,249
Entravision
Communications
Corp.,
Class
A
.
326,335
1,295,550
Gambling.com
Group
Ltd.
(a)(b)
...........
65,827
500,285
Gray
Television,
Inc.
.................
275,118
3,939,690
Innovid
Corp.
(a)(b)
...................
507,810
1,376,165
Integral
Ad
Science
Holding
Corp.
(a)
......
96,000
695,040
John
Wiley
&
Sons,
Inc.,
Class
A
........
311,861
11,713,499
Loyalty
Ventures,
Inc.
(a)(b)
..............
86,878
105,122
PubMatic,
Inc.,
Class
A
(a)(b)
.............
296,993
4,938,994
Sinclair
Broadcast
Group,
Inc.,
Class
A
....
308,388
5,578,739
Stagwell
,
Inc.,
Class
A
(a)(b)
.............
58,884
409,244
TechTarget
,
Inc.
(a)(b)
.................
211,802
12,538,678
Thryv
Holdings,
Inc.
(a)(b)
...............
47,917
1,093,945
WideOpenWest
,
Inc.
(a)(b)
..............
239,506
2,938,739
47,880,042
Metals
&
Mining
—
1.2%
5E
Advanced
Materials,
Inc.
(a)(b)
.........
253,655
2,577,135
Alpha
Metallurgical
Resources,
Inc.
......
127,218
17,408,511
ATI,
Inc.
(a)(b)
.......................
954,560
25,400,841
Century
Aluminum
Co.
(a)
..............
397,465
2,098,615
Commercial
Metals
Co.
...............
158,179
5,612,191
Compass
Minerals
International,
Inc.
......
263,277
10,144,063
Constellium
SE,
Class
A
(a)
.............
514,619
5,218,237
Dakota
Gold
Corp.
(a)(b)
................
403,260
1,229,943
Hycroft
Mining
Holding
Corp.,
Class
A
(a)(b)
...
941,147
568,923
Ivanhoe
Electric,
Inc.
(a)(b)
..............
47,481
391,718
Kaiser
Aluminum
Corp.
...............
122,385
7,508,320
Materion
Corp.
....................
147,800
11,824,000
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Growth
ETF
Schedule
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Novagold
Resources,
Inc.
(a)(b)
...........
1,759,872
$
8,253,800
Piedmont
Lithium,
Inc.
(a)(b)
.............
36,349
1,944,308
Ramaco
Resources,
Inc.
..............
178,910
1,645,972
Ryerson
Holding
Corp.
...............
7,524
193,668
Schnitzer
Steel
Industries,
Inc.,
Class
A
....
17,397
495,119
Warrior
Met
Coal,
Inc.
................
43,010
1,223,204
103,738,568
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
(b)
...................
43,200
1,292,976
PennyMac
Mortgage
Investment
Trust
.....
135,682
1,598,334
2,891,310
Multiline
Retail
—
0.2%
Dillard's,
Inc.,
Class
A
(b)
...............
31,374
8,557,572
Franchise
Group,
Inc.
................
196,475
4,774,343
13,331,915
Oil,
Gas
&
Consumable
Fuels
—
4.7%
Amplify
Energy
Corp.
(a)(b)
..............
214,995
1,412,517
Arch
Resources,
Inc.,
Class
A
(b)
.........
117,885
13,981,161
Archaea
Energy,
Inc.,
Class
A
(a)(b)
........
161,115
2,901,681
Battalion
Oil
Corp.
(a)(b)
................
25,206
299,951
Berry
Corp.
.......................
100,542
754,065
Brigham
Minerals,
Inc.,
Class
A
.........
405,998
10,015,971
Callon
Petroleum
Co.
(a)(b)
..............
314,036
10,994,400
Chord
Energy
Corp.
(b)
................
189,976
25,983,018
CNX
Resources
Corp.
(a)
..............
79,374
1,232,678
Comstock
Resources,
Inc.
(a)(b)
..........
704,818
12,186,303
CONSOL
Energy,
Inc.
................
248,613
15,990,788
Crescent
Energy
Co.,
Class
A
(b)
.........
249,508
3,360,873
CVR
Energy,
Inc.
...................
228,076
6,609,643
Delek
US
Holdings,
Inc.
..............
544,502
14,777,784
Denbury,
Inc.
(a)
....................
386,048
33,300,501
Earthstone
Energy,
Inc.,
Class
A
(a)(b)
......
343,771
4,235,259
Empire
Petroleum
Corp.
(a)(b)
............
76,199
1,002,017
Energy
Fuels,
Inc.
(a)(b)
................
997,892
6,107,099
Equitrans
Midstream
Corp.
............
754,999
5,647,393
Golar
LNG
Ltd.
(a)
...................
42,566
1,060,745
Gulfport
Energy
Corp.
(a)(b)
.............
86,866
7,669,399
HighPeak
Energy,
Inc.
(b)
..............
52,932
1,146,507
Kinetik
Holdings,
Inc.,
Class
A
..........
12,578
409,791
Kosmos
Energy
Ltd.
(a)(b)
...............
3,468,924
17,934,337
Laredo
Petroleum,
Inc.
(a)(b)
.............
129,710
8,152,274
Magnolia
Oil
&
Gas
Corp.,
Class
A
.......
1,288,134
25,517,935
Matador
Resources
Co.
..............
865,676
42,348,870
Murphy
Oil
Corp.
...................
494,953
17,407,497
NextDecade
Corp.
(a)(b)
................
222,805
1,341,286
Northern
Oil
and
Gas,
Inc.
.............
435,934
11,948,951
Par
Pacific
Holdings,
Inc.
(a)
............
385,000
6,317,850
PBF
Energy,
Inc.,
Class
A
(a)
............
170,075
5,979,837
Permian
Resources
Corp.,
Class
A
(a)
......
206,208
1,402,214
Ranger
Oil
Corp.,
Class
A
.............
153,421
4,825,090
Riley
Exploration
Permian,
Inc.
..........
52,057
988,042
Ring
Energy,
Inc.
(a)(b)
.................
280,682
651,182
SandRidge
Energy,
Inc.
(a)(b)
............
203,540
3,319,737
SilverBow
Resources,
Inc.
(a)(b)
..........
91,361
2,455,784
Sitio
Royalties
Corp.,
Class
A
...........
90,747
2,006,416
SM
Energy
Co.
(b)
...................
930,889
35,010,735
Talos
Energy,
Inc.
(a)(b)
................
508,916
8,473,451
Tellurian,
Inc.
(a)(b)
...................
3,925,818
9,382,705
Uranium
Energy
Corp.
(a)(b)
.............
2,474,497
8,660,740
Ur-Energy,
Inc.
(a)(b)
..................
1,491,570
1,625,811
VAALCO
Energy,
Inc.
................
457,376
1,994,159
Vertex
Energy,
Inc.
(a)(b)
...............
369,172
2,299,942
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
W&T
Offshore,
Inc.
(a)(b)
...............
602,440
$
3,530,298
404,654,687
Paper
&
Forest
Products
—
0.1%
Sylvamo
Corp.
....................
258,004
8,746,336
Personal
Products
—
1.0%
Beauty
Health
Co.
(The),
Class
A
(a)(b)
......
684,629
8,071,776
BellRing
Brands,
Inc.
(a)(b)
..............
1,016,523
20,950,539
elf
Beauty,
Inc.
(a)
...................
372,229
14,003,255
Herbalife
Nutrition
Ltd.
(a)(b)
.............
501,476
9,974,358
Inter
Parfums
,
Inc.
..................
139,180
10,502,523
Medifast
,
Inc.
.....................
83,918
9,093,355
Nu
Skin
Enterprises,
Inc.,
Class
A
........
158,068
5,274,729
Thorne
HealthTech
,
Inc.
(a)(b)
............
104,047
492,142
USANA
Health
Sciences,
Inc.
(a)(b)
........
90,403
5,067,088
Veru
,
Inc.
(a)(b)
......................
499,029
5,748,814
89,178,579
Pharmaceuticals
—
2.4%
Aclaris
Therapeutics,
Inc.
(a)(b)
...........
496,462
7,814,312
Aerie
Pharmaceuticals,
Inc.
(a)
...........
309,645
4,684,929
Amneal
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
..
810,962
1,638,143
Amphastar
Pharmaceuticals,
Inc.
(a)
.......
296,138
8,321,478
Amylyx
Pharmaceuticals,
Inc.
(a)(b)
........
52,948
1,490,486
Arvinas
,
Inc.
(a)(b)
....................
374,271
16,651,317
Axsome
Therapeutics,
Inc.
(a)
...........
228,465
10,194,108
Cassava
Sciences,
Inc.
(a)(b)
............
292,975
12,252,214
Collegium
Pharmaceutical,
Inc.
(a)
........
261,157
4,183,735
Corcept
Therapeutics,
Inc.
(a)(b)
..........
655,795
16,814,584
Esperion
Therapeutics,
Inc.
(a)(b)
..........
512,451
3,433,422
Evolus
,
Inc.
(a)(b)
....................
273,027
2,197,867
EyePoint
Pharmaceuticals,
Inc.
(a)(b)
.......
91,996
727,688
Harmony
Biosciences
Holdings,
Inc.
(a)(b)
....
201,349
8,917,747
Innoviva
,
Inc.
(a)(b)
...................
492,657
5,719,748
Intra-Cellular
Therapies,
Inc.
(a)(b)
.........
704,891
32,798,578
Liquidia
Corp.
(a)(b)
...................
229,549
1,248,747
NGM
Biopharmaceuticals,
Inc.
(a)
.........
182,639
2,388,918
Ocular
Therapeutix
,
Inc.
(a)(b)
............
587,018
2,436,125
Pacira
BioSciences
,
Inc.
(a)(b)
............
344,745
18,336,987
Phathom
Pharmaceuticals,
Inc.
(a)(b)
.......
175,316
1,942,501
Phibro
Animal
Health
Corp.,
Class
A
......
152,840
2,031,244
Provention
Bio,
Inc.
(a)
................
392,751
1,767,379
Reata
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
...
176,568
4,437,154
Relmada
Therapeutics,
Inc.
(a)(b)
..........
152,654
5,651,251
Revance
Therapeutics,
Inc.
(a)(b)
..........
551,626
14,893,902
SIGA
Technologies,
Inc.
..............
365,965
3,769,439
Theravance
Biopharma,
Inc.
(a)(b)
.........
446,234
4,524,813
Tricida
,
Inc.
(a)(b)
....................
46,559
487,938
Ventyx
Biosciences,
Inc.
(a)(b)
............
172,104
6,008,151
Xeris
Biopharma
Holdings,
Inc.
(a)(b)
.......
982,698
1,533,009
209,297,914
Professional
Services
—
2.7%
ASGN,
Inc.
(a)
......................
377,178
34,085,576
Atlas
Technical
Consultants,
Inc.
(a)(b)
......
100,197
666,310
Barrett
Business
Services,
Inc.
..........
49,147
3,833,466
CBIZ,
Inc.
(a)(b)
......................
377,888
16,166,049
CRA
International,
Inc.
(b)
..............
54,182
4,808,111
Exponent,
Inc.
.....................
392,696
34,427,658
First
Advantage
Corp.
(a)(b)
.............
36,031
462,278
Forrester
Research,
Inc.
(a)
.............
90,370
3,254,224
Franklin
Covey
Co.
(a)(b)
...............
95,297
4,325,531
HireRight
Holdings
Corp.
(a)(b)
...........
167,364
2,553,975
Huron
Consulting
Group,
Inc.
(a)(b)
........
95,554
6,330,452
ICF
International,
Inc.
(b)
...............
101,389
11,053,429
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Growth
ETF
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
(continued)
Insperity
,
Inc.
(b)
....................
279,077
$
28,490,971
Kforce
,
Inc.
.......................
157,516
9,238,313
Korn
Ferry
.......................
417,630
19,607,728
Legalzoom.com,
Inc.
(a)(b)
..............
737,309
6,318,738
Planet
Labs
PBC
(a)(b)
.................
1,044,473
5,671,488
Red
Violet,
Inc.
(a)(b)
..................
72,130
1,249,292
Sterling
Check
Corp.
(a)(b)
..............
169,109
2,983,083
TriNet
Group,
Inc.
(a)(b)
................
289,358
20,608,077
Upwork
,
Inc.
(a)(b)
....................
920,481
12,536,951
Willdan
Group,
Inc.
(a)(b)
...............
10,429
154,453
228,826,153
Real
Estate
Management
&
Development
—
0.7%
Compass,
Inc.,
Class
A
(a)(b)
............
2,096,079
4,862,903
Cushman
&
Wakefield
plc
(a)(b)
...........
1,232,604
14,113,316
DigitalBridge
Group,
Inc.,
Class
A
........
1,122,203
14,038,760
Doma
Holdings,
Inc.
(a)(b)
...............
176,387
77,504
Douglas
Elliman
,
Inc.
................
58,970
241,777
eXp
World
Holdings,
Inc.
(b)
.............
537,325
6,023,413
Forestar
Group,
Inc.
(a)(b)
...............
36,091
403,858
Marcus
&
Millichap,
Inc.
(b)
.............
200,433
6,570,194
Newmark
Group,
Inc.,
Class
A
(b)
.........
88,186
710,779
Offerpad
Solutions,
Inc.,
Class
A
(a)(b)
......
486,332
588,462
Redfin
Corp.
(a)(b)
....................
815,263
4,761,136
RMR
Group,
Inc.
(The),
Class
A
.........
82,522
1,954,946
St.
Joe
Co.
(The)
(b)
..................
270,368
8,659,887
63,006,935
Road
&
Rail
—
0.7%
ArcBest
Corp.
(b)
....................
59,988
4,362,927
Daseke
,
Inc.
(a)(b)
....................
300,120
1,623,649
Marten
Transport
Ltd.
................
335,697
6,431,955
PAM
Transportation
Services,
Inc.
(a)(b)
.....
49,898
1,544,842
Saia,
Inc.
(a)(b)
......................
204,264
38,810,160
Universal
Logistics
Holdings,
Inc.
........
39,802
1,262,519
Werner
Enterprises,
Inc.
(b)
.............
56,961
2,141,734
56,177,786
Semiconductors
&
Semiconductor
Equipment
—
4.0%
ACM
Research,
Inc.,
Class
A
(a)(b)
.........
47,470
591,476
Alpha
&
Omega
Semiconductor
Ltd.
(a)(b)
....
129,875
3,994,955
Ambarella
,
Inc.
(a)
...................
280,780
15,774,220
Amkor
Technology,
Inc.
...............
153,436
2,616,084
Atomera
,
Inc.
(a)(b)
...................
159,872
1,619,503
Axcelis
Technologies,
Inc.
(a)
............
252,401
15,285,405
CEVA,
Inc.
(a)
......................
181,719
4,766,489
Credo
Technology
Group
Holding
Ltd.
(a)(b)
...
748,120
8,229,320
CyberOptics
Corp.
(a)(b)
................
54,956
2,955,534
Diodes,
Inc.
(a)
.....................
249,090
16,168,432
FormFactor
,
Inc.
(a)(b)
.................
596,147
14,933,482
Impinj
,
Inc.
(a)(b)
.....................
147,058
11,769,052
indie
Semiconductor,
Inc.,
Class
A
(a)(b)
.....
785,186
5,747,562
Kulicke
&
Soffa
Industries,
Inc.
(b)
.........
439,128
16,919,602
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
(b)
...........................
388,239
20,106,898
MaxLinear
,
Inc.
(a)
...................
558,825
18,228,871
Onto
Innovation,
Inc.
(a)
...............
381,997
24,466,908
PDF
Solutions,
Inc.
(a)(b)
...............
232,835
5,711,443
Photronics
,
Inc.
(a)
...................
336,096
4,913,724
Power
Integrations,
Inc.
..............
438,227
28,186,761
Rambus,
Inc.
(a)(b)
...................
711,909
18,096,727
Rockley
Photonics
Holdings
Ltd.
(a)(b)
......
770,294
546,986
Semtech
Corp.
(a)
...................
488,495
14,366,638
Silicon
Laboratories,
Inc.
(a)(b)
............
261,494
32,278,819
SiTime
Corp.
(a)(b)
...................
124,499
9,801,806
SkyWater
Technology,
Inc.
(a)(b)
..........
83,569
639,303
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
SMART
Global
Holdings,
Inc.
(a)(b)
........
378,461
$
6,006,176
Synaptics
,
Inc.
(a)(b)
..................
305,279
30,225,674
Transphorm
,
Inc.
(a)
..................
174,277
876,613
Ultra
Clean
Holdings,
Inc.
(a)
............
119,106
3,066,979
Veeco
Instruments,
Inc.
(a)(b)
............
310,648
5,691,071
344,582,513
Software
—
7.8%
8x8,
Inc.
(a)(b)
.......................
918,194
3,167,769
A10
Networks,
Inc.
..................
407,053
5,401,593
ACI
Worldwide,
Inc.
(a)
................
880,119
18,394,487
Agilysys
,
Inc.
(a)
....................
152,501
8,440,930
Alarm.com
Holdings,
Inc.
(a)
............
371,406
24,089,393
Alkami
Technology,
Inc.
(a)(b)
............
274,698
4,134,205
Altair
Engineering,
Inc.,
Class
A
(a)(b)
.......
400,968
17,730,805
American
Software,
Inc.,
Class
A
........
201,436
3,086,000
Amplitude,
Inc.,
Class
A
(a)(b)
............
432,153
6,685,407
Appfolio
,
Inc.,
Class
A
(a)(b)
.............
147,418
15,437,613
Appian
Corp.,
Class
A
(a)(b)
.............
308,138
12,581,275
Applied
Blockchain
,
Inc.
(a)
.............
44,074
74,926
Arteris
,
Inc.
(a)(b)
.....................
125,574
836,323
Asana,
Inc.,
Class
A
(a)(b)
...............
567,010
12,604,632
AvePoint
,
Inc.,
Class
A
(a)(b)
.............
988,296
3,963,067
Benefitfocus
,
Inc.
(a)(b)
.................
144,734
919,061
Blackbaud
,
Inc.
(a)
...................
340,053
14,982,735
Blackline,
Inc.
(a)(b)
...................
424,453
25,424,735
Box,
Inc.,
Class
A
(a)(b)
................
1,077,314
26,275,688
BTRS
Holdings,
Inc.,
Class
A
(a)
..........
766,159
7,094,632
C3.ai,
Inc.,
Class
A
(a)(b)
...............
102,531
1,281,638
Clear
Secure,
Inc.,
Class
A
(a)(b)
..........
480,358
10,980,984
CommVault
Systems,
Inc.
(a)
............
343,731
18,231,492
Consensus
Cloud
Solutions,
Inc.
(a)
.......
59,366
2,808,012
Couchbase
,
Inc.
(a)
..................
202,494
2,889,589
CS
Disco,
Inc.
(a)(b)
...................
172,059
1,720,590
Digimarc
Corp.
(a)(b)
..................
95,706
1,296,816
Digital
Turbine,
Inc.
(a)(b)
...............
721,953
10,403,343
Domo,
Inc.,
Class
B
(a)(b)
...............
234,968
4,227,074
Duck
Creek
Technologies,
Inc.
(a)(b)
........
598,925
7,097,261
Ebix
,
Inc.
........................
41,316
783,765
eGain
Corp.
(a)(b)
....................
74,005
543,937
Enfusion
,
Inc.,
Class
A
(a)(b)
.............
200,524
2,474,466
EngageSmart
,
Inc.
(a)(b)
................
268,374
5,552,658
Envestnet
,
Inc.
(a)(b)
..................
398,743
17,704,189
Everbridge
,
Inc.
(a)(b)
..................
303,405
9,369,146
EverCommerce
,
Inc.
(a)(b)
..............
24,709
270,069
ForgeRock,
Inc.,
Class
A
(a)(b)
...........
167,627
2,435,620
Instructure
Holdings,
Inc.
(a)(b)
...........
18,327
408,326
Intapp
,
Inc.
(a)(b)
.....................
106,845
1,994,796
InterDigital
,
Inc.
....................
87,621
3,541,641
IronNet
,
Inc.
(a)(b)
....................
487,461
335,861
KnowBe4,
Inc.,
Class
A
(a)
.............
558,007
11,612,126
LivePerson
,
Inc.
(a)(b)
.................
538,440
5,072,105
Matterport
,
Inc.,
Class
A
(a)(b)
............
1,234,845
4,680,063
MeridianLink
,
Inc.
(a)
.................
173,943
2,831,792
MicroStrategy
,
Inc.,
Class
A
(a)(b)
..........
42,930
9,112,322
Mitek
Systems,
Inc.
(a)(b)
...............
302,913
2,774,683
Model
N,
Inc.
(a)(b)
...................
281,786
9,645,535
Momentive
Global,
Inc.
(a)
..............
1,006,198
5,846,010
N-able,
Inc.
(a)(b)
....................
458,275
4,229,878
NextNav
,
Inc.
(a)(b)
...................
502,078
1,350,590
OneSpan
,
Inc.
(a)
....................
121,035
1,042,111
PagerDuty
,
Inc.
(a)(b)
..................
654,693
15,103,768
Progress
Software
Corp.
..............
339,932
14,464,107
PROS
Holdings,
Inc.
(a)(b)
..............
203,291
5,021,288
Q2
Holdings,
Inc.
(a)(b)
.................
429,770
13,838,594
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Growth
ETF
Schedule
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
Qualys
,
Inc.
(a)
.....................
296,903
$
41,385,309
Rapid7,
Inc.
(a)(b)
....................
447,526
19,198,865
Rimini
Street,
Inc.
(a)(b)
................
377,772
1,760,418
Sapiens
International
Corp.
NV
.........
172,403
3,306,690
ShotSpotter,
Inc.
(a)(b)
.................
69,078
1,986,683
Sprout
Social,
Inc.,
Class
A
(a)(b)
..........
352,846
21,410,695
SPS
Commerce,
Inc.
(a)(b)
..............
279,505
34,722,906
Sumo
Logic,
Inc.
(a)
..................
562,280
4,217,100
Telos
Corp.
(a)(b)
.....................
411,289
3,656,359
Tenable
Holdings,
Inc.
(a)(b)
.............
846,179
29,447,029
Terawulf
,
Inc.
(a)(b)
...................
111,624
140,646
UserTesting
,
Inc.
(a)(b)
.................
380,788
1,492,689
Varonis
Systems,
Inc.
(a)(b)
..............
836,901
22,194,615
Verint
Systems,
Inc.
(a)(b)
...............
446,559
14,995,451
Veritone
,
Inc.
(a)(b)
...................
236,853
1,333,482
Viant
Technology,
Inc.,
Class
A
(a)(b)
.......
105,969
446,130
Weave
Communications,
Inc.
(a)(b)
........
233,540
1,179,377
WM
Technology,
Inc.,
Class
A
(a)(b)
........
533,583
859,069
Workiva
,
Inc.,
Class
A
(a)(b)
.............
367,375
28,581,775
Yext
,
Inc.
(a)(b)
......................
887,543
3,958,442
Zeta
Global
Holdings
Corp.,
Class
A
(a)(b)
....
843,104
5,572,917
Zuora
,
Inc.,
Class
A
(a)(b)
...............
936,409
6,910,698
673,058,866
Specialty
Retail
—
1.7%
Arko
Corp.
(b)
......................
652,668
6,128,553
Asbury
Automotive
Group,
Inc.
(a)(b)
........
49,308
7,450,439
Bed
Bath
&
Beyond,
Inc.
(a)(b)
............
444,625
2,707,766
Boot
Barn
Holdings,
Inc.
(a)
.............
226,299
13,229,440
Buckle,
Inc.
(The)
..................
213,540
6,760,676
Build-A-Bear
Workshop,
Inc.
...........
78,485
1,046,205
Caleres
,
Inc.
......................
269,706
6,532,279
Camping
World
Holdings,
Inc.,
Class
A
(b)
...
291,266
7,374,855
Chico's
FAS,
Inc.
(a)(b)
.................
668,124
3,233,720
Children's
Place,
Inc.
(The)
(a)
...........
62,224
1,922,099
Designer
Brands,
Inc.,
Class
A
(b)
.........
307,753
4,711,698
Destination
XL
Group,
Inc.
(a)(b)
..........
230,259
1,248,004
EVgo
,
Inc.,
Class
A
(a)(b)
...............
90,827
718,442
Guess?,
Inc.
......................
258,367
3,790,244
Hibbett,
Inc.
......................
76,091
3,790,093
MarineMax
,
Inc.
(a)(b)
.................
11,550
344,074
Murphy
USA,
Inc.
(b)
.................
165,993
45,633,136
National
Vision
Holdings,
Inc.
(a)(b)
........
35,158
1,147,909
OneWater
Marine,
Inc.,
Class
A
(a)
........
5,542
166,870
Party
City
Holdco,
Inc.
(a)(b)
.............
294,795
465,776
Rent-A-Center,
Inc.
.................
406,159
7,111,844
Sally
Beauty
Holdings,
Inc.
(a)(b)
..........
759,660
9,571,716
Sleep
Number
Corp.
(a)(b)
..............
74,198
2,508,634
Torrid
Holdings,
Inc.
(a)(b)
...............
55,769
232,557
Warby
Parker,
Inc.,
Class
A
(a)(b)
..........
643,919
8,589,879
146,416,908
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
(a)
Avid
Technology,
Inc.
(b)
...............
173,664
4,039,425
CompoSecure
,
Inc.,
Class
A
(b)
..........
52,686
263,957
Corsair
Gaming,
Inc.
(b)
...............
167,606
1,902,328
Diebold
Nixdorf,
Inc.
.................
426,464
1,040,572
IonQ
,
Inc.
(b)
.......................
120,151
609,166
Super
Micro
Computer,
Inc.
............
349,501
19,247,020
Turtle
Beach
Corp.
(b)
.................
92,827
633,080
27,735,548
Textiles,
Apparel
&
Luxury
Goods
—
0.9%
Allbirds
,
Inc.,
Class
A
(a)(b)
..............
191,423
581,926
Crocs,
Inc.
(a)(b)
.....................
465,825
31,983,544
Ermenegildo
Zegna
NV
(b)
.............
80,112
861,204
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
Kontoor
Brands,
Inc.
.................
424,916
$
14,281,427
Oxford
Industries,
Inc.
...............
80,653
7,241,026
Rocky
Brands,
Inc.
..................
6,804
136,488
Steven
Madden
Ltd.
.................
599,771
15,995,893
Wolverine
World
Wide,
Inc.
............
596,177
9,175,164
80,256,672
Thrifts
&
Mortgage
Finance
—
0.2%
Axos
Financial,
Inc.
(a)
................
42,043
1,439,132
Bridgewater
Bancshares,
Inc.
(a)(b)
........
41,881
689,780
Columbia
Financial,
Inc.
(a)(b)
............
91,051
1,923,908
Greene
County
Bancorp,
Inc.
(b)
..........
27,131
1,553,792
Hingham
Institution
for
Savings
(The)
.....
1,316
330,461
NMI
Holdings,
Inc.,
Class
A
(a)
...........
51,317
1,045,327
Walker
&
Dunlop,
Inc.
................
163,211
13,665,657
20,648,057
Tobacco
—
0.1%
22nd
Century
Group,
Inc.
(a)(b)
...........
1,249,563
1,158,720
Turning
Point
Brands,
Inc.
(b)
............
115,955
2,461,724
Vector
Group
Ltd.
..................
165,406
1,457,227
5,077,671
Trading
Companies
&
Distributors
—
1.6%
Alta
Equipment
Group,
Inc.,
Class
A
(b)
.....
28,503
313,818
Applied
Industrial
Technologies,
Inc.
......
295,857
30,408,183
Beacon
Roofing
Supply,
Inc.
(a)(b)
.........
277,092
15,162,474
Boise
Cascade
Co.
.................
63,767
3,791,586
Custom
Truck
One
Source,
Inc.
(a)(b)
.......
133,035
775,594
Distribution
Solutions
Group,
Inc.
(a)(b)
......
32,922
927,413
GATX
Corp.
......................
15,081
1,284,147
Global
Industrial
Co.
.................
74,354
1,994,918
GMS,
Inc.
(a)
.......................
331,619
13,268,076
H&E
Equipment
Services,
Inc.
..........
243,668
6,905,551
Herc
Holdings,
Inc.
..................
196,597
20,422,496
Hudson
Technologies,
Inc.
(a)
...........
331,124
2,433,761
Karat
Packaging,
Inc.
(a)(b)
..............
42,521
679,911
McGrath
RentCorp
..................
188,857
15,837,548
MRC
Global,
Inc.
(a)(b)
.................
643,922
4,629,799
Textainer
Group
Holdings
Ltd.
..........
46,326
1,244,316
Transcat
,
Inc.
(a)(b)
...................
55,400
4,193,226
Veritiv
Corp.
(a)(b)
....................
104,154
10,183,137
134,455,954
Water
Utilities
—
0.4%
American
States
Water
Co.
............
138,300
10,780,485
Artesian
Resources
Corp.,
Class
A,
NVS
...
41,951
2,018,682
California
Water
Service
Group
.........
111,568
5,878,518
Global
Water
Resources,
Inc.
...........
114,740
1,345,900
Middlesex
Water
Co.
................
49,281
3,804,493
Pure
Cycle
Corp.
(a)(b)
.................
171,506
1,432,075
York
Water
Co.
(The)
................
115,320
4,431,748
29,691,901
Wireless
Telecommunication
Services
—
0.0%
Gogo
,
Inc.
(a)(b)
.....................
19,316
234,110
Total
Common
Stocks
—
99.8%
(Cost:
$10,154,646,604)
...........................
8,586,046,239
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Growth
ETF
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Rights
Biotechnology
—
0.0%
(a)(d)
Contra
Aduro
Biotech
I,
CVR
...........
105,692
$
268,351
Oncternal
Therapeutics,
Inc.,
CVR
(b)
......
6,020
6,170
274,521
Total
Rights
—
0.0%
(Cost:
$12,341)
................................
274,521
Total
Long-Term
Investments
—
99.8%
(Cost:
$10,154,658,945)
...........................
8,586,320,760
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
16.1%
(e)(f)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(g)
............
1,373,343,923
$
1,373,755,926
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
..................
8,101,687
8,101,687
Total
Short-Term
Securities
—
16.1%
(Cost:
$1,381,043,209)
...........................
1,381,857,613
Total
Investments
—
115.9%
(Cost:
$11,535,702,154
)
...........................
9,968,178,373
Liabilities
in
Excess
of
Other
Assets
—
(15.9)%
...........
(1,368,354,791)
Net
Assets
—
100.0%
..............................
$
8,599,823,582
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
Shares
Held
at
09/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
1,616,083,640
$
—
$
(243,175,908)
(a)
$
51,791
$
796,403
$
1,373,755,926
1,373,343,923
$
11,992,242
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
11,160,000
—
(3,058,313)
(a)
—
—
8,101,687
8,101,687
117,514
—
$
51,791
$
796,403
$
1,381,857,613
$
12,109,756
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Growth
ETF
Schedule
of
Investments
39
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
....................................................
172
12/16/22
$
14,360
$
(727,163)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
727,163
$
—
$
—
$
—
$
727,163
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(2,887,579)
$
—
$
—
$
—
$
(2,887,579)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(1,163,481)
$
—
$
—
$
—
$
(1,163,481)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
17,086,540
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Growth
ETF
40
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
51,521,441
$
—
$
—
$
51,521,441
Air
Freight
&
Logistics
....................................
23,104,710
—
—
23,104,710
Airlines
..............................................
17,604,789
—
—
17,604,789
Auto
Components
......................................
137,611,848
—
—
137,611,848
Automobiles
..........................................
15,725,403
—
—
15,725,403
Banks
...............................................
166,340,890
—
—
166,340,890
Beverages
...........................................
78,862,567
—
—
78,862,567
Biotechnology
.........................................
862,111,397
—
—
862,111,397
Building
Products
.......................................
155,813,925
—
—
155,813,925
Capital
Markets
........................................
176,690,011
—
—
176,690,011
Chemicals
............................................
233,192,878
—
—
233,192,878
Commercial
Services
&
Supplies
.............................
98,317,855
—
—
98,317,855
Communications
Equipment
................................
115,430,142
—
—
115,430,142
Construction
&
Engineering
................................
174,502,687
—
—
174,502,687
Construction
Materials
....................................
1,351,288
—
—
1,351,288
Consumer
Finance
......................................
19,781,515
—
—
19,781,515
Containers
&
Packaging
..................................
19,374,436
—
—
19,374,436
Distributors
...........................................
4,941,606
—
—
4,941,606
Diversified
Consumer
Services
..............................
85,228,672
—
—
85,228,672
Diversified
Telecommunication
Services
........................
68,559,274
—
—
68,559,274
Electric
Utilities
........................................
17,665,746
—
—
17,665,746
Electrical
Equipment
.....................................
184,027,715
—
—
184,027,715
Electronic
Equipment,
Instruments
&
Components
.................
230,852,375
—
—
230,852,375
Energy
Equipment
&
Services
..............................
154,775,306
—
—
154,775,306
Entertainment
.........................................
23,282,732
—
—
23,282,732
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
124,922,672
—
—
124,922,672
Food
&
Staples
Retailing
..................................
38,189,277
—
3
38,189,280
Food
Products
.........................................
114,971,201
—
—
114,971,201
Gas
Utilities
...........................................
36,688,288
—
—
36,688,288
Health
Care
Equipment
&
Supplies
...........................
612,917,995
—
—
612,917,995
Health
Care
Providers
&
Services
............................
379,375,190
—
—
379,375,190
Health
Care
Technology
..................................
50,770,452
—
—
50,770,452
Hotels,
Restaurants
&
Leisure
..............................
267,342,754
—
—
267,342,754
Household
Durables
.....................................
118,735,620
—
—
118,735,620
Household
Products
.....................................
36,472,295
—
—
36,472,295
Independent
Power
and
Renewable
Electricity
Producers
............
55,513,637
—
—
55,513,637
Industrial
Conglomerates
..................................
3,947,657
—
—
3,947,657
Insurance
............................................
127,336,863
—
—
127,336,863
Interactive
Media
&
Services
...............................
67,497,570
—
—
67,497,570
Internet
&
Direct
Marketing
Retail
............................
31,369,662
—
—
31,369,662
IT
Services
...........................................
283,844,262
—
—
283,844,262
Leisure
Products
.......................................
24,078,839
—
—
24,078,839
Life
Sciences
Tools
&
Services
..............................
60,432,029
—
—
60,432,029
Machinery
............................................
345,080,340
—
—
345,080,340
Media
...............................................
47,880,042
—
—
47,880,042
Metals
&
Mining
........................................
103,738,568
—
—
103,738,568
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
2,891,310
—
—
2,891,310
Multiline
Retail
.........................................
13,331,915
—
—
13,331,915
Oil,
Gas
&
Consumable
Fuels
...............................
404,654,687
—
—
404,654,687
Paper
&
Forest
Products
..................................
8,746,336
—
—
8,746,336
Personal
Products
......................................
89,178,579
—
—
89,178,579
Pharmaceuticals
.......................................
209,297,914
—
—
209,297,914
Professional
Services
....................................
228,826,153
—
—
228,826,153
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Growth
ETF
Schedule
of
Investments
41
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Real
Estate
Management
&
Development
.......................
$
63,006,935
$
—
$
—
$
63,006,935
Road
&
Rail
...........................................
56,177,786
—
—
56,177,786
Semiconductors
&
Semiconductor
Equipment
....................
344,582,513
—
—
344,582,513
Software
.............................................
673,058,866
—
—
673,058,866
Specialty
Retail
........................................
146,416,908
—
—
146,416,908
Technology
Hardware,
Storage
&
Peripherals
....................
27,735,548
—
—
27,735,548
Textiles,
Apparel
&
Luxury
Goods
............................
80,256,672
—
—
80,256,672
Thrifts
&
Mortgage
Finance
................................
20,648,057
—
—
20,648,057
Tobacco
.............................................
5,077,671
—
—
5,077,671
Trading
Companies
&
Distributors
............................
134,455,954
—
—
134,455,954
Water
Utilities
.........................................
29,691,901
—
—
29,691,901
Wireless
Telecommunication
Services
.........................
234,110
—
—
234,110
Rights
................................................
—
—
274,521
274,521
Short-Term
Securities
Money
Market
Funds
......................................
1,381,857,613
—
—
1,381,857,613
$
9,967,903,849
$
—
$
274,524
$
9,968,178,373
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(727,163)
$
—
$
—
$
(727,163)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.1%
AAR
Corp.
(a)
......................
346,557
$
12,413,672
Aerojet
Rocketdyne
Holdings,
Inc.
(a)
......
202,616
8,102,614
AerSale
Corp.
(a)(b)
...................
164,294
3,046,011
Archer
Aviation,
Inc.,
Class
A
(a)(b)
.........
1,463,806
3,820,534
Astra
Space,
Inc.,
Class
A
(a)(b)
...........
1,613,297
985,724
Astronics
Corp.
(a)
...................
252,968
1,988,328
Ducommun,
Inc.
(a)
..................
113,254
4,491,653
Kaman
Corp.
.....................
285,319
7,968,960
Kratos
Defense
&
Security
Solutions,
Inc.
(a)(b)
1,259,375
12,795,250
Maxar
Technologies,
Inc.
(b)
............
751,737
14,072,517
Momentus
,
Inc.,
Class
A
(a)(b)
............
354,302
485,394
Moog,
Inc.,
Class
A
.................
245,539
17,273,669
National
Presto
Industries,
Inc.
..........
52,572
3,419,808
Park
Aerospace
Corp.
................
198,899
2,195,845
Parsons
Corp.
(a)(b)
...................
346,064
13,565,709
Redwire
Corp.
(a)(b)
...................
189,757
451,622
Terran
Orbital
Corp.
(a)(b)
...............
249,602
441,795
Triumph
Group,
Inc.
(a)
................
656,119
5,636,062
V2X,
Inc.
(a)
.......................
122,103
4,322,446
Virgin
Galactic
Holdings,
Inc.
(a)(b)
.........
1,220,280
5,747,519
123,225,132
Air
Freight
&
Logistics
—
0.6%
(a)
Air
Transport
Services
Group,
Inc.
(b)
......
376,404
9,067,572
Atlas
Air
Worldwide
Holdings,
Inc.
........
285,830
27,316,773
Hub
Group,
Inc.,
Class
A
..............
343,777
23,713,738
Radiant
Logistics,
Inc.
...............
293,856
1,672,041
61,770,124
Airlines
—
0.4%
Allegiant
Travel
Co.
(a)
................
89,991
6,567,543
Blade
Air
Mobility,
Inc.,
Class
A
(a)
........
575,424
2,318,959
Hawaiian
Holdings,
Inc.
(a)(b)
............
511,668
6,728,434
Joby
Aviation,
Inc.,
Class
A
(a)(b)
..........
232,329
1,005,985
SkyWest,
Inc.
(a)
....................
517,079
8,407,704
Spirit
Airlines,
Inc.
(b)
.................
1,112,051
20,928,800
Wheels
Up
Experience,
Inc.,
Class
A
(a)(b)
...
1,608,060
1,849,269
47,806,694
Auto
Components
—
1.0%
Adient
plc
(a)(b)
......................
969,742
26,910,340
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
(b)
...........................
1,083,060
7,397,300
Dana,
Inc.
........................
1,325,886
15,154,877
Goodyear
Tire
&
Rubber
Co.
(The)
(a)(b)
.....
2,864,838
28,906,215
Modine
Manufacturing
Co.
(a)
...........
503,933
6,520,893
Motorcar
Parts
of
America,
Inc.
(a)
........
187,353
2,851,513
Patrick
Industries,
Inc.
...............
201,139
8,817,934
Solid
Power,
Inc.,
Class
A
(a)(b)
...........
804,414
4,231,218
Standard
Motor
Products,
Inc.
..........
204,912
6,659,640
Stoneridge,
Inc.
(a)(b)
..................
229,014
3,881,787
111,331,717
Automobiles
—
0.2%
(b)
Cenntro
Electric
Group
Ltd.
(a)
...........
1,871,348
1,927,488
Faraday
Future
Intelligent
Electric,
Inc.
(a)
...
489,016
311,112
Lordstown
Motors
Corp.,
Class
A
(a)
.......
1,718,955
3,145,688
Winnebago
Industries,
Inc.
............
317,329
16,885,076
Workhorse
Group,
Inc.
(a)
..............
119,635
343,353
22,612,717
Banks
—
18.5%
1st
Source
Corp.
...................
174,765
8,091,620
ACNB
Corp.
......................
84,428
2,536,217
Allegiance
Bancshares,
Inc.
............
194,632
8,102,530
Security
Shares
Shares
Value
Banks
(continued)
Amalgamated
Financial
Corp.
..........
147,009
$
3,315,053
Amerant
Bancorp,
Inc.,
Class
A
(b)
........
284,604
7,069,563
American
National
Bankshares
,
Inc.
......
106,687
3,408,650
Ameris
Bancorp
....................
661,561
29,578,392
Arrow
Financial
Corp.
................
147,583
4,253,342
Associated
Banc-Corp.
...............
1,575,247
31,630,960
Atlantic
Union
Bankshares
Corp.
........
784,456
23,831,773
Banc
of
California,
Inc.
...............
543,352
8,677,331
BancFirst
Corp.
....................
81,770
7,315,962
Bancorp,
Inc.
(The)
(a)
................
228,523
5,022,936
Bank
First
Corp.
(b)
..................
66,617
5,094,868
Bank
of
Marin
Bancorp
...............
164,186
4,917,371
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
....
487,934
15,838,338
BankUnited
,
Inc.
...................
769,702
26,300,717
Bankwell
Financial
Group,
Inc.
..........
61,222
1,782,172
Banner
Corp.
.....................
328,581
19,412,566
Bar
Harbor
Bankshares
..............
155,548
4,125,133
BayCom
Corp.
(b)
...................
118,794
2,088,399
BCB
Bancorp,
Inc.
..................
150,709
2,536,432
Berkshire
Hills
Bancorp,
Inc.
...........
447,718
12,222,701
Blue
Ridge
Bankshares
,
Inc.
(b)
..........
176,622
2,244,866
Brookline
Bancorp,
Inc.
...............
742,800
8,653,620
Business
First
Bancshares,
Inc.
.........
220,857
4,755,051
Byline
Bancorp,
Inc.
.................
259,709
5,259,107
Cadence
Bank
....................
1,529,105
38,854,558
Cambridge
Bancorp
.................
70,712
5,638,575
Camden
National
Corp.
..............
150,147
6,396,262
Capital
Bancorp,
Inc.
................
90,874
2,099,189
Capital
City
Bank
Group,
Inc.
...........
142,071
4,419,829
Capstar
Financial
Holdings,
Inc.
.........
214,121
3,967,662
Carter
Bankshares
,
Inc.
(a)(b)
............
256,271
4,125,963
Cathay
General
Bancorp
..............
760,840
29,261,906
CBTX,
Inc.
.......................
191,998
5,615,942
Central
Pacific
Financial
Corp.
..........
249,654
5,165,341
Citizens
&
Northern
Corp.
.............
158,078
3,822,326
City
Holding
Co.
...................
143,745
12,748,744
Civista
Bancshares,
Inc.
..............
156,639
3,251,826
CNB
Financial
Corp.
.................
170,705
4,023,517
Colony
Bankcorp
,
Inc.
...............
168,611
2,197,001
Columbia
Banking
System,
Inc.
.........
747,760
21,602,786
Community
Bank
System,
Inc.
..........
508,944
30,577,356
Community
Trust
Bancorp,
Inc.
.........
169,173
6,859,965
ConnectOne
Bancorp,
Inc.
............
392,632
9,054,094
CrossFirst
Bankshares
,
Inc.
(a)(b)
.........
473,700
6,181,785
Customers
Bancorp,
Inc.
(a)
.............
314,984
9,285,728
CVB
Financial
Corp.
.................
1,320,383
33,432,098
Dime
Community
Bancshares,
Inc.
.......
339,272
9,933,884
Eagle
Bancorp,
Inc.
.................
309,021
13,850,321
Eastern
Bankshares
,
Inc.
.............
1,293,284
25,400,098
Enterprise
Bancorp,
Inc.
(b)
.............
95,094
2,844,262
Enterprise
Financial
Services
Corp.
(b)
.....
371,827
16,375,261
Equity
Bancshares,
Inc.,
Class
A
........
161,362
4,781,156
Esquire
Financial
Holdings,
Inc.
.........
10,884
408,694
Farmers
&
Merchants
Bancorp,
Inc.
(b)
.....
88,085
2,366,844
Farmers
National
Banc
Corp.
...........
326,744
4,277,079
FB
Financial
Corp.
(b)
.................
378,964
14,480,214
Financial
Institutions,
Inc.
.............
167,041
4,020,677
First
Bancorp
.....................
349,223
12,774,577
First
BanCorp
.....................
1,725,783
23,608,711
First
Bancorp,
Inc.
(The)
..............
104,924
2,890,656
First
Bancshares,
Inc.
(The)
............
208,203
6,219,024
First
Bank
........................
159,608
2,181,841
First
Busey
Corp.
...................
557,389
12,251,410
First
Business
Financial
Services,
Inc.
.....
84,558
2,732,069
First
Commonwealth
Financial
Corp.
......
926,823
11,900,407
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
First
Community
Bankshares
,
Inc.
.......
169,869
$
5,440,904
First
Financial
Bancorp
...............
903,174
19,038,908
First
Financial
Corp.
.................
122,519
5,536,634
First
Foundation,
Inc.
................
538,422
9,766,975
First
Guaranty
Bancshares,
Inc.
.........
54,825
1,199,571
First
Internet
Bancorp
................
92,877
3,144,815
First
Interstate
BancSystem
,
Inc.,
Class
A
..
941,255
37,979,639
First
Merchants
Corp.
................
598,615
23,154,428
First
Mid
Bancshares,
Inc.
.............
195,717
6,257,073
First
of
Long
Island
Corp.
(The)
.........
238,801
4,116,929
First
Western
Financial,
Inc.
(a)(b)
.........
78,966
1,946,512
Five
Star
Bancorp
..................
79,621
2,258,052
Flushing
Financial
Corp.
..............
304,165
5,891,676
Fulton
Financial
Corp.
................
1,719,690
27,171,102
FVCBankcorp
,
Inc.
(a)(b)
...............
113,049
2,167,149
German
American
Bancorp,
Inc.
.........
287,918
10,281,552
Glacier
Bancorp,
Inc.
................
997,375
49,001,034
Great
Southern
Bancorp,
Inc.
(b)
.........
101,426
5,788,382
Guaranty
Bancshares,
Inc.
............
82,667
2,859,452
Hancock
Whitney
Corp.
..............
900,461
41,250,118
Hanmi
Financial
Corp.
...............
298,593
7,070,682
HarborOne
Bancorp,
Inc.
.............
458,636
6,154,895
HBT
Financial,
Inc.
..................
103,277
1,874,478
Heartland
Financial
USA,
Inc.
..........
437,678
18,977,718
Heritage
Commerce
Corp.
.............
617,848
7,006,396
Heritage
Financial
Corp.
..............
353,863
9,366,754
Hilltop
Holdings,
Inc.
(b)
...............
519,503
12,909,650
Home
BancShares
,
Inc.
..............
1,974,658
44,449,552
HomeStreet
,
Inc.
...................
188,376
5,427,113
HomeTrust
Bancshares,
Inc.
...........
127,728
2,822,789
Hope
Bancorp,
Inc.
.................
1,118,299
14,135,299
Horizon
Bancorp,
Inc.
................
426,693
7,663,406
Independent
Bank
Corp.
..............
649,519
36,045,987
Independent
Bank
Group,
Inc.
..........
373,813
22,948,380
International
Bancshares
Corp.
.........
561,510
23,864,175
John
Marshall
Bancorp,
Inc.
...........
114,035
2,800,700
Lakeland
Bancorp,
Inc.
...............
664,722
10,642,199
Lakeland
Financial
Corp.
(b)
............
23,394
1,703,317
Live
Oak
Bancshares,
Inc.
(b)
............
72,769
2,226,731
Macatawa
Bank
Corp.
...............
270,217
2,502,209
Mercantile
Bank
Corp.
...............
162,452
4,826,449
Metrocity
Bankshares
,
Inc.
............
145,562
2,858,838
Metropolitan
Bank
Holding
Corp.
(a)(b)
......
99,433
6,399,508
Mid
Penn
Bancorp,
Inc.
...............
149,255
4,288,096
Midland
States
Bancorp,
Inc.
...........
228,553
5,386,994
MidWestOne
Financial
Group,
Inc.
(b)
......
151,394
4,131,542
MVB
Financial
Corp.
................
108,072
3,007,644
National
Bank
Holdings
Corp.,
Class
A
....
278,439
10,299,459
NBT
Bancorp,
Inc.
..................
417,441
15,841,886
Nicolet
Bankshares
,
Inc.
(a)(b)
............
113,179
7,972,329
Northeast
Bank
(b)
...................
67,336
2,469,211
Northwest
Bancshares,
Inc.
............
1,193,088
16,118,619
OceanFirst
Financial
Corp.
............
625,118
11,652,200
OFG
Bancorp
.....................
469,943
11,809,668
Old
National
Bancorp
................
3,031,993
49,936,925
Old
Second
Bancorp,
Inc.
.............
444,226
5,797,149
Origin
Bancorp,
Inc.
.................
238,057
9,158,053
Orrstown
Financial
Services,
Inc.
........
110,278
2,637,850
Pacific
Premier
Bancorp,
Inc.
...........
901,554
27,912,112
Park
National
Corp.
(b)
................
146,649
18,254,868
Parke
Bancorp,
Inc.
(b)
................
106,709
2,236,621
Pathward
Financial,
Inc.
..............
209,626
6,909,273
PCB
Bancorp
.....................
122,943
2,221,580
PCSB
Financial
Corp.
................
135,741
2,433,836
Peapack
-Gladstone
Financial
Corp.
(b)
.....
183,588
6,177,736
Security
Shares
Shares
Value
Banks
(continued)
Peoples
Bancorp,
Inc.
...............
296,413
$
8,575,228
Peoples
Financial
Services
Corp.
........
72,977
3,418,243
Preferred
Bank
....................
97,374
6,351,706
Premier
Financial
Corp.
..............
378,726
9,733,258
Primis
Financial
Corp.
................
239,256
2,902,175
Professional
Holding
Corp.,
Class
A
(a)
.....
121,306
3,146,678
QCR
Holdings,
Inc.
.................
170,076
8,663,671
RBB
Bancorp
(b)
....................
153,587
3,191,538
Red
River
Bancshares,
Inc.
............
44,495
2,199,388
Renasant
Corp.
....................
534,959
16,733,518
Republic
Bancorp,
Inc.,
Class
A
.........
94,181
3,607,132
Republic
First
Bancorp,
Inc.
(a)(b)
.........
471,457
1,334,223
S&T
Bancorp,
Inc.
..................
366,977
10,756,096
Sandy
Spring
Bancorp,
Inc.
............
463,371
16,338,461
Seacoast
Banking
Corp.
of
Florida
.......
556,853
16,833,666
Shore
Bancshares,
Inc.
...............
188,192
3,259,485
Sierra
Bancorp
....................
149,638
2,955,351
Silvergate
Capital
Corp.,
Class
A
(a)(b)
......
68,098
5,131,184
Simmons
First
National
Corp.,
Class
A
....
1,192,036
25,974,464
SmartFinancial
,
Inc.
.................
155,503
3,842,479
South
Plains
Financial,
Inc.
............
103,930
2,864,311
Southern
First
Bancshares,
Inc.
(a)(b)
.......
80,145
3,338,841
Southside
Bancshares,
Inc.
............
317,407
11,223,512
SouthState
Corp.
...................
773,140
61,170,837
Stock
Yards
Bancorp,
Inc.
(b)
............
49,132
3,341,467
Summit
Financial
Group,
Inc.
...........
117,058
3,153,543
Texas
Capital
Bancshares,
Inc.
(a)
........
517,381
30,541,000
Third
Coast
Bancshares,
Inc.
(a)(b)
.........
124,177
2,124,668
Tompkins
Financial
Corp.
.............
141,061
10,243,850
Towne
Bank
......................
720,217
19,323,422
TriCo
Bancshares
..................
324,877
14,505,758
Triumph
Bancorp,
Inc.
(a)(b)
.............
150,445
8,176,686
Trustmark
Corp.
...................
600,990
18,408,324
UMB
Financial
Corp.
................
460,551
38,819,844
United
Bankshares
,
Inc.
..............
1,353,965
48,404,249
United
Community
Banks,
Inc.
..........
1,004,113
33,236,140
Unity
Bancorp,
Inc.
..................
75,708
1,901,028
Univest
Financial
Corp.
...............
305,568
7,174,737
USCB
Financial
Holdings,
Inc.,
Class
A
(a)(b)
..
107,817
1,413,481
Valley
National
Bancorp
..............
4,474,359
48,323,077
Veritex
Holdings,
Inc.
................
384,180
10,215,346
Washington
Federal,
Inc.
..............
683,935
20,504,371
Washington
Trust
Bancorp,
Inc.
.........
182,880
8,500,262
WesBanco
,
Inc.
....................
607,578
20,274,878
West
BanCorp
,
Inc.
.................
137,632
2,864,122
Westamerica
BanCorp
...............
198,542
10,381,761
2,020,904,548
Beverages
—
0.2%
(b)
Primo
Water
Corp.
..................
1,604,783
20,140,027
Vintage
Wine
Estates,
Inc.
(a)
...........
282,263
781,868
20,921,895
Biotechnology
—
6.6%
(a)
2seventy
bio,
Inc.
...................
378,119
5,501,631
4D
Molecular
Therapeutics,
Inc.
(b)
........
312,121
2,509,453
Adicet
Bio,
Inc.
....................
287,420
4,087,112
ADMA
Biologics,
Inc.
................
1,033,461
2,511,310
Aerovate
Therapeutics,
Inc.
(b)
...........
93,370
1,548,075
Affimed
NV
(b)
......................
108,890
224,313
Agios
Pharmaceuticals,
Inc.
(b)
..........
555,022
15,696,022
Akero
Therapeutics,
Inc.
..............
265,519
9,040,922
Allogene
Therapeutics,
Inc.
(b)
...........
811,787
8,767,300
Allovir
,
Inc.
(b)
......................
317,382
2,504,144
Alpine
Immune
Sciences,
Inc.
(b)
.........
86,570
623,304
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
ALX
Oncology
Holdings,
Inc.
(b)
..........
218,672
$
2,092,691
AnaptysBio
,
Inc.
(b)
..................
204,982
5,229,091
Anika
Therapeutics,
Inc.
(b)
.............
146,106
3,477,323
Arbutus
Biopharma
Corp.
(b)
............
448,323
856,297
Arcellx
,
Inc.
(b)
.....................
300,603
5,642,318
Arcturus
Therapeutics
Holdings,
Inc.
(b)
.....
22,103
327,566
Arcus
Biosciences,
Inc.
(b)
..............
523,916
13,705,643
Atara
Biotherapeutics
,
Inc.
(b)
...........
873,896
3,303,327
Avidity
Biosciences,
Inc.
(b)
.............
520,289
8,496,319
BioCryst
Pharmaceuticals,
Inc.
(b)
.........
589,315
7,425,369
Biohaven
Pharmaceutical
Holding
Co.
Ltd.
(b)
.
243,909
36,871,723
Bioxcel
Therapeutics,
Inc.
(b)
............
196,550
2,323,221
Bluebird
Bio,
Inc.
(b)
..................
794,407
5,028,596
Bridgebio
Pharma,
Inc.
(b)
..............
407,869
4,054,218
C4
Therapeutics,
Inc.
(b)
...............
433,091
3,798,208
Caribou
Biosciences,
Inc.
(b)
............
574,931
6,065,522
Celldex
Therapeutics,
Inc.
(b)
............
369,371
10,383,019
Century
Therapeutics,
Inc.
(b)
...........
201,820
1,996,000
ChemoCentryx
,
Inc.
(b)
................
167,640
8,660,282
Chimerix
,
Inc.
(b)
....................
286,990
553,891
Chinook
Therapeutics,
Inc.
(b)
...........
510,259
10,031,692
Cogent
Biosciences,
Inc.
..............
646,839
9,650,838
Crinetics
Pharmaceuticals,
Inc.
(b)
........
465,240
9,137,314
CTI
BioPharma
Corp.
................
826,097
4,807,884
Cullinan
Oncology,
Inc.
(b)
..............
303,618
3,892,383
Cytokinetics,
Inc.
(b)
..................
80,458
3,898,190
Day
One
Biopharmaceuticals,
Inc.
.......
277,929
5,566,918
Deciphera
Pharmaceuticals,
Inc.
(b)
.......
326,851
6,046,743
Design
Therapeutics,
Inc.
.............
345,475
5,776,342
Dyne
Therapeutics,
Inc.
..............
320,454
4,069,766
Editas
Medicine,
Inc.
(b)
...............
702,937
8,603,949
Eiger
BioPharmaceuticals
,
Inc.
..........
51,833
390,302
Emergent
BioSolutions
,
Inc.
............
512,770
10,763,042
Enanta
Pharmaceuticals,
Inc.
...........
177,163
9,189,445
Enochian
Biosciences,
Inc.
(b)
...........
209,214
378,677
EQRx
,
Inc.
(b)
......................
2,054,797
10,171,245
Erasca
,
Inc.
(b)
.....................
663,641
5,176,400
FibroGen
,
Inc.
(b)
....................
104,938
1,365,243
Forma
Therapeutics
Holdings,
Inc.
.......
372,099
7,423,375
Gelesis
Holdings,
Inc.
(b)
...............
172,945
186,781
Generation
Bio
Co.
.................
486,851
2,585,179
Geron
Corp.
......................
1,099,561
2,572,973
HilleVax
,
Inc.
(b)
.....................
107,363
1,834,834
Icosavax
,
Inc.
.....................
226,789
716,653
Ideaya
Biosciences,
Inc.
(b)
.............
356,038
5,312,087
IGM
Biosciences,
Inc.
(b)
...............
27,999
636,697
Imago
Biosciences,
Inc.
(b)
.............
113,510
1,708,325
ImmunityBio
,
Inc.
(b)
..................
203,444
1,011,117
ImmunoGen
,
Inc.
(b)
..................
1,106,716
5,290,102
Immunovant
,
Inc.
(b)
..................
410,456
2,290,344
Inovio
Pharmaceuticals,
Inc.
(b)
..........
2,485,653
4,287,751
Instil
Bio,
Inc.
(b)
....................
711,754
3,444,889
Intellia
Therapeutics,
Inc.
(b)
............
266,736
14,926,547
Invivyd
,
Inc.
(b)
.....................
529,621
1,657,714
Iovance
Biotherapeutics
,
Inc.
(b)
..........
1,545,022
14,801,311
iTeos
Therapeutics,
Inc.
..............
241,898
4,608,157
Janux
Therapeutics,
Inc.
(b)
.............
171,872
2,327,147
Jounce
Therapeutics,
Inc.
(b)
............
452,805
1,059,564
KalVista
Pharmaceuticals,
Inc.
..........
251,566
3,650,223
Keros
Therapeutics,
Inc.
(b)
.............
8,593
323,269
Kezar
Life
Sciences,
Inc.
(b)
.............
540,906
4,657,201
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
(b)
....
20,906
268,433
Kinnate
Biopharma,
Inc.
(b)
.............
298,501
3,567,087
Kodiak
Sciences,
Inc.
(b)
...............
341,033
2,639,595
Kronos
Bio,
Inc.
....................
403,998
1,353,393
Security
Shares
Shares
Value
Biotechnology
(continued)
Krystal
Biotech,
Inc.
(b)
................
144,404
$
10,064,959
Kura
Oncology,
Inc.
(b)
................
648,756
8,862,007
Kymera
Therapeutics,
Inc.
.............
387,375
8,433,154
Lexicon
Pharmaceuticals,
Inc.
(b)
.........
541,737
1,300,169
Ligand
Pharmaceuticals,
Inc.
...........
135,811
11,694,685
Lyell
Immunopharma
,
Inc.
(b)
............
1,767,054
12,952,506
MacroGenics
,
Inc.
..................
635,609
2,199,207
MannKind
Corp.
(b)
..................
2,281,613
7,050,184
MeiraGTx
Holdings
plc
...............
287,975
2,421,870
Mersana
Therapeutics,
Inc.
............
927,681
6,271,124
MiMedx
Group,
Inc.
(b)
................
1,125,510
3,230,214
Monte
Rosa
Therapeutics,
Inc.
(b)
.........
290,998
2,377,454
Morphic
Holding,
Inc.
................
37,479
1,060,656
Myriad
Genetics,
Inc.
................
808,683
15,429,672
Nkarta
,
Inc.
(b)
......................
331,519
4,362,790
Nurix
Therapeutics,
Inc.
(b)
.............
477,337
6,219,701
Nuvalent
,
Inc.,
Class
A
(b)
..............
169,818
3,301,262
Pardes
Biosciences,
Inc.
(b)
.............
336,567
622,649
PepGen
,
Inc.
......................
67,235
610,494
PMV
Pharmaceuticals,
Inc.
(b)
...........
376,607
4,481,623
Point
Biopharma
Global,
Inc.
(b)
..........
51,954
401,604
Praxis
Precision
Medicines,
Inc.
.........
350,749
796,200
Precigen
,
Inc.
(b)
....................
148,681
315,204
Protagonist
Therapeutics,
Inc.
..........
468,155
3,946,547
PTC
Therapeutics,
Inc.
(b)
..............
175,399
8,805,030
Rallybio
Corp.
(b)
....................
39,616
573,243
RAPT
Therapeutics,
Inc.
(b)
.............
82,794
1,992,024
Recursion
Pharmaceuticals,
Inc.,
Class
A
(b)
.
1,264,175
13,450,822
REGENXBIO,
Inc.
..................
409,302
10,817,852
Relay
Therapeutics,
Inc.
(b)
.............
716,792
16,034,637
Replimune
Group,
Inc.
(b)
..............
413,740
7,145,290
REVOLUTION
Medicines,
Inc.
(b)
.........
649,279
12,803,782
Rocket
Pharmaceuticals,
Inc.
(b)
..........
447,612
7,143,887
Sage
Therapeutics,
Inc.
..............
530,761
20,784,601
Sana
Biotechnology,
Inc.
(b)
.............
916,208
5,497,248
Sangamo
Therapeutics,
Inc.
(b)
..........
1,218,215
5,969,253
Sorrento
Therapeutics,
Inc.
(b)
...........
3,318,651
5,210,282
SpringWorks
Therapeutics,
Inc.
.........
284,244
8,109,481
Stoke
Therapeutics,
Inc.
..............
226,450
2,907,618
Sutro
Biopharma,
Inc.
(b)
...............
502,505
2,788,903
Syndax
Pharmaceuticals,
Inc.
(b)
.........
413,101
9,926,817
Talaris
Therapeutics,
Inc.
.............
224,561
590,595
Tango
Therapeutics,
Inc.
(b)
.............
471,409
1,706,501
Tenaya
Therapeutics,
Inc.
.............
279,983
811,951
Tonix
Pharmaceuticals
Holding
Corp.
.....
135
72
Travere
Therapeutics,
Inc.
.............
56,754
1,398,419
Twist
Bioscience
Corp.
(b)
..............
177,051
6,239,277
Tyra
Biosciences,
Inc.
(b)
..............
131,536
1,156,201
Vanda
Pharmaceuticals,
Inc.
...........
570,174
5,633,319
Vaxart
,
Inc.
(b)
......................
1,005,747
2,192,528
VBI
Vaccines,
Inc.
(b)
.................
1,948,821
1,375,478
Vera
Therapeutics,
Inc.,
Class
A
(b)
........
13,969
297,679
Veracyte
,
Inc.
(b)
....................
736,708
12,229,353
Verve
Therapeutics,
Inc.
(b)
.............
396,065
13,604,833
Vir
Biotechnology,
Inc.
...............
736,877
14,206,989
Viridian
Therapeutics,
Inc.
.............
69,790
1,431,393
VistaGen
Therapeutics,
Inc.
............
2,928
445
Xencor
,
Inc.
(b)
.....................
583,411
15,157,018
Zentalis
Pharmaceuticals,
Inc.
(b)
.........
22,091
478,491
724,238,578
Building
Products
—
0.7%
American
Woodmark
Corp.
(a)
...........
160,406
7,035,407
Caesarstone
Ltd.
...................
225,184
2,096,463
Gibraltar
Industries,
Inc.
(a)
.............
324,083
13,264,717
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Building
Products
(continued)
Griffon
Corp.
......................
229,410
$
6,772,183
JELD-WEN
Holding,
Inc.
(a)
.............
546,552
4,782,330
Quanex
Building
Products
Corp.
.........
334,064
6,066,602
Resideo
Technologies,
Inc.
(a)
...........
1,478,939
28,188,578
UFP
Industries,
Inc.
.................
76,691
5,534,023
View,
Inc.,
Class
A
(a)(b)
................
1,155,265
1,548,055
75,288,358
Capital
Markets
—
1.0%
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
221,150
5,955,570
AssetMark
Financial
Holdings,
Inc.
(a)
......
215,664
3,944,495
Associated
Capital
Group,
Inc.,
Class
A
(b)
...
17,749
652,453
Bakkt
Holdings,
Inc.,
Class
A
(a)(b)
.........
663,839
1,513,553
BGC
Partners,
Inc.,
Class
A
............
3,260,572
10,238,196
Brightsphere
Investment
Group,
Inc.
......
28,526
425,323
Cowen,
Inc.,
Class
A
(b)
...............
269,382
10,408,921
Donnelley
Financial
Solutions,
Inc.
(a)(b)
.....
245,410
9,072,808
GAMCO
Investors,
Inc.,
Class
A
.........
11,409
194,523
GCM
Grosvenor,
Inc.,
Class
A
..........
66,192
522,255
Manning
&
Napier,
Inc.,
Class
A
.........
101,645
1,247,184
MarketWise
,
Inc.,
Class
A
(a)
............
139,378
317,782
Moelis
&
Co.,
Class
A
................
328,803
11,116,829
Oppenheimer
Holdings,
Inc.,
Class
A,
NVS
.
84,431
2,615,672
Perella
Weinberg
Partners,
Class
A
.......
21,718
137,475
Piper
Sandler
Cos.
..................
174,580
18,285,509
Sculptor
Capital
Management,
Inc.,
Class
A
.
155,735
1,376,697
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
(b)
......................
13,123
214,561
StoneX
Group,
Inc.
(a)
................
160,201
13,287,071
Value
Line,
Inc.
....................
2,027
88,985
Victory
Capital
Holdings,
Inc.,
Class
A
.....
121,131
2,823,564
Virtus
Investment
Partners,
Inc.
.........
63,496
10,128,882
104,568,308
Chemicals
—
1.4%
AdvanSix
,
Inc.
.....................
183,216
5,881,234
American
Vanguard
Corp.
.............
40,396
755,405
Amyris
,
Inc.
(a)(b)
....................
1,775,778
5,185,272
Avient
Corp.
......................
249,825
7,569,698
Chase
Corp.
......................
56,751
4,742,681
Danimer
Scientific,
Inc.,
Class
A
(a)(b)
.......
919,362
2,712,118
Ecovyst
,
Inc.
(a)
.....................
768,660
6,487,490
FutureFuel
Corp.
...................
303,908
1,835,604
Hawkins,
Inc.
.....................
75,138
2,929,631
HB
Fuller
Co.
.....................
77,117
4,634,732
Innospec
,
Inc.
(b)
....................
39,625
3,394,674
Intrepid
Potash,
Inc.
(a)(b)
...............
113,444
4,488,979
Koppers
Holdings,
Inc.
(b)
..............
205,375
4,267,692
Mativ
Holdings,
Inc.
.................
519,640
11,473,651
Minerals
Technologies,
Inc.
............
330,862
16,347,891
Origin
Materials,
Inc.,
Class
A
(a)(b)
........
402,939
2,079,165
Perimeter
Solutions
SA
(a)
..............
1,242,894
9,955,581
PureCycle
Technologies,
Inc.
(a)(b)
.........
232,991
1,880,237
Quaker
Chemical
Corp.
(b)
.............
46,957
6,779,652
Rayonier
Advanced
Materials,
Inc.
(a)
......
638,726
2,011,987
Sensient
Technologies
Corp.
...........
24,541
1,701,673
Stepan
Co.
(b)
......................
196,427
18,399,317
Tredegar
Corp.
....................
272,248
2,570,021
Trinseo
plc
.......................
362,072
6,633,159
Tronox
Holdings
plc,
Class
A
...........
1,201,607
14,719,686
Valhi,
Inc.
(b)
.......................
24,582
618,483
150,055,713
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
—
1.6%
ABM
Industries,
Inc.
.................
686,538
$
26,246,348
ACCO
Brands
Corp.
.................
944,094
4,626,061
ACV
Auctions,
Inc.,
Class
A
(a)(b)
..........
609,128
4,379,630
Brady
Corp.,
Class
A,
NVS
............
106,215
4,432,352
BrightView
Holdings,
Inc.
(a)(b)
...........
448,664
3,562,392
CompX
International,
Inc.
.............
15,929
258,687
CoreCivic
,
Inc.
(a)
...................
1,187,201
10,494,857
Deluxe
Corp.
......................
447,766
7,455,304
Ennis,
Inc.
.......................
254,784
5,128,802
GEO
Group,
Inc.
(The)
(a)
..............
1,152,020
8,870,554
Harsco
Corp.
(a)(b)
...................
815,108
3,048,504
Healthcare
Services
Group,
Inc.
.........
395,798
4,785,198
Heritage-Crystal
Clean,
Inc.
(a)
...........
156,830
4,637,463
Interface,
Inc.
.....................
106,230
955,008
KAR
Auction
Services,
Inc.
(a)(b)
..........
1,172,700
13,099,059
Kimball
International,
Inc.,
Class
B
.......
364,810
2,294,655
Li-Cycle
Holdings
Corp.
(a)(b)
............
865,830
4,606,215
Matthews
International
Corp.,
Class
A
.....
310,080
6,948,893
MillerKnoll
,
Inc.
....................
776,826
12,118,486
NL
Industries,
Inc.
(b)
.................
82,787
639,943
Quad/Graphics,
Inc.,
Class
A
(a)(b)
.........
337,044
862,833
Steelcase,
Inc.,
Class
A
..............
898,014
5,855,051
UniFirst
Corp.
.....................
153,746
25,864,689
Viad
Corp.
(a)
......................
209,756
6,624,094
VSE
Corp.
.......................
107,044
3,789,358
171,584,436
Communications
Equipment
—
0.5%
ADTRAN
Holdings,
Inc.
..............
67,196
1,315,698
Aviat
Networks,
Inc.
(a)
................
100,440
2,750,047
Calix,
Inc.
(a)(b)
......................
125,279
7,659,558
Comtech
Telecommunications
Corp.
......
265,782
2,660,478
Digi
International,
Inc.
(a)(b)
.............
231,145
7,990,682
Inseego
Corp.
(a)(b)
...................
688,082
1,424,330
NETGEAR,
Inc.
(a)(b)
..................
286,849
5,748,454
NetScout
Systems,
Inc.
(a)
.............
699,587
21,911,065
Ribbon
Communications,
Inc.
(a)(b)
........
722,098
1,603,057
53,063,369
Construction
&
Engineering
—
0.9%
API
Group
Corp.
(a)(b)
.................
2,114,924
28,065,042
Arcosa
,
Inc.
......................
494,404
28,270,021
Argan
,
Inc.
.......................
135,897
4,371,807
Concrete
Pumping
Holdings,
Inc.
(a)(b)
......
263,041
1,696,614
Fluor
Corp.
(a)
......................
127,325
3,169,119
Granite
Construction,
Inc.
.............
452,409
11,486,665
Great
Lakes
Dredge
&
Dock
Corp.
(a)(b)
.....
502,190
3,806,600
IES
Holdings,
Inc.
(a)
.................
28,676
792,031
Northwest
Pipe
Co.
(a)(b)
...............
78,261
2,199,134
Primoris
Services
Corp.
..............
512,372
8,326,045
Sterling
Infrastructure,
Inc.
(a)(b)
..........
50,237
1,078,588
Tutor
Perini
Corp.
(a)
.................
429,743
2,372,181
95,633,847
Construction
Materials
—
0.3%
Summit
Materials,
Inc.,
Class
A
(a)(b)
.......
1,212,876
29,060,509
United
States
Lime
&
Minerals,
Inc.
.......
5,558
568,028
29,628,537
Consumer
Finance
—
1.2%
Atlanticus
Holdings
Corp.
(a)(b)
...........
18,122
475,340
Bread
Financial
Holdings,
Inc.
..........
388,800
12,227,760
Consumer
Portfolio
Services,
Inc.
(a)(b)
......
105,804
769,195
Curo
Group
Holdings
Corp.
............
67,452
270,482
Encore
Capital
Group,
Inc.
(a)(b)
..........
240,587
10,941,897
Enova
International,
Inc.
(a)
.............
319,536
9,352,819
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Finance
(continued)
EZCORP,
Inc.,
Class
A,
NVS
(a)(b)
.........
504,958
$
3,893,226
FirstCash
Holdings,
Inc.
..............
198,192
14,537,383
Green
Dot
Corp.,
Class
A
(a)
............
439,592
8,343,456
LendingClub
Corp.
(a)
.................
991,208
10,952,848
Moneylion
,
Inc.,
Class
A
(a)(b)
............
1,267,319
1,131,209
Navient
Corp.
.....................
1,142,341
16,780,989
Nelnet,
Inc.,
Class
A
(b)
................
148,614
11,768,743
Oportun
Financial
Corp.
(a)
.............
288,716
1,261,689
OppFi
,
Inc.,
Class
A
(a)(b)
...............
131,990
303,577
PRA
Group,
Inc.
(a)(b)
.................
391,217
12,855,391
PROG
Holdings,
Inc.
(a)
...............
433,164
6,488,797
Regional
Management
Corp.
...........
79,439
2,227,470
Sunlight
Financial
Holdings,
Inc.
(a)(b)
......
243,471
301,904
World
Acceptance
Corp.
(a)(b)
............
12,166
1,177,912
126,062,087
Containers
&
Packaging
—
0.3%
Cryptyde
,
Inc.
(a)(b)
...................
193,179
133,815
Greif,
Inc.,
Class
A,
NVS
..............
225,662
13,442,686
Greif,
Inc.,
Class
B
..................
47,404
2,882,163
O-I
Glass,
Inc.
(a)(b)
...................
298,822
3,869,745
Pactiv
Evergreen,
Inc.
...............
447,857
3,909,792
Ranpak
Holdings
Corp.,
Class
A
(a)(b)
......
438,394
1,499,307
TriMas
Corp.
(b)
.....................
424,120
10,632,688
36,370,196
Distributors
—
0.0%
Weyco
Group,
Inc.
..................
59,026
1,200,589
Diversified
Consumer
Services
—
1.0%
2U,
Inc.
(a)(b)
.......................
772,026
4,825,163
Adtalem
Global
Education,
Inc.
(a)(b)
.......
459,366
16,743,891
American
Public
Education,
Inc.
(a)(b)
.......
187,218
1,711,173
Beachbody
Co.,
Inc.
(The),
Class
A
(a)(b)
....
926,745
936,012
European
Wax
Center,
Inc.,
Class
A
......
16,392
302,432
Frontdoor
,
Inc.
(a)(b)
..................
842,386
17,176,251
Graham
Holdings
Co.,
Class
B
..........
37,993
20,439,474
Laureate
Education,
Inc.
..............
1,097,440
11,577,992
Perdoceo
Education
Corp.
(a)(b)
..........
674,710
6,949,513
PowerSchool
Holdings,
Inc.,
Class
A
(a)(b)
...
303,525
5,065,832
Rover
Group,
Inc.,
Class
A
(a)(b)
..........
43,968
146,853
StoneMor
,
Inc.
(a)(b)
..................
286,474
982,606
Strategic
Education,
Inc.
..............
231,173
14,196,334
Vivint
Smart
Home,
Inc.,
Class
A
(a)(b)
......
715,381
4,707,207
WW
International,
Inc.
(a)(b)
.............
539,924
2,121,901
107,882,634
Diversified
Financial
Services
—
0.6%
Alerus
Financial
Corp.
...............
156,239
3,452,882
A-Mark
Precious
Metals,
Inc.
...........
184,319
5,232,816
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
....................
284,000
3,709,040
Cannae
Holdings,
Inc.
(a)(b)
.............
727,003
15,019,882
Compass
Diversified
Holdings
..........
637,092
11,505,882
Jackson
Financial,
Inc.,
Class
A
.........
780,996
21,672,639
SWK
Holdings
Corp.
(a)(b)
..............
35,607
605,319
61,198,460
Diversified
Telecommunication
Services
—
0.5%
Anterix
,
Inc.
(a)(b)
....................
135,748
4,848,919
ATN
International,
Inc.
...............
113,574
4,380,549
Bandwidth,
Inc.,
Class
A
(a)(b)
............
195,747
2,329,389
Cogent
Communications
Holdings,
Inc.
....
202,115
10,542,318
Consolidated
Communications
Holdings,
Inc.
(a)
(b)
...........................
695,511
2,893,326
EchoStar
Corp.,
Class
A
(a)(b)
............
343,885
5,663,786
Globalstar
,
Inc.
(a)(b)
..................
1,156,248
1,838,434
Security
Shares
Shares
Value
Diversified
Telecommunication
Services
(continued)
IDT
Corp.,
Class
B
(a)(b)
................
47,079
$
1,168,972
Liberty
Latin
America
Ltd.,
Class
A
(a)
......
387,601
2,399,250
Liberty
Latin
America
Ltd.,
Class
C,
NVS
(a)
..
1,570,864
9,660,814
Radius
Global
Infrastructure,
Inc.
(a)(b)
......
774,273
7,293,652
Starry
Group
Holdings,
Inc.,
Class
A
(a)(b)
....
97,041
144,591
53,164,000
Electric
Utilities
—
1.3%
ALLETE,
Inc.
.....................
587,714
29,415,086
MGE
Energy,
Inc.
(b)
.................
214,884
14,102,837
Otter
Tail
Corp.
....................
233,204
14,346,710
PNM
Resources,
Inc.
................
872,917
39,918,494
Portland
General
Electric
Co.
...........
915,828
39,801,885
Via
Renewables,
Inc.,
Class
A
..........
32,626
225,446
137,810,458
Electrical
Equipment
—
0.6%
Allied
Motion
Technologies,
Inc.
.........
13,051
373,520
AZZ,
Inc.
........................
243,758
8,899,605
Encore
Wire
Corp.
(b)
.................
188,623
21,793,501
EnerSys
(b)
........................
369,743
21,507,950
ESS
Tech,
Inc.
(a)(b)
..................
75,371
308,267
FuelCell
Energy,
Inc.
(a)(b)
..............
1,102,128
3,758,256
NuScale
Power
Corp.,
Class
A
(a)(b)
........
317,531
3,708,762
Powell
Industries,
Inc.
................
91,299
1,924,583
Preformed
Line
Products
Co.
...........
25,821
1,837,164
Stem,
Inc.
(a)(b)
.....................
83,376
1,112,236
Thermon
Group
Holdings,
Inc.
(a)
.........
331,521
5,108,739
70,332,583
Electronic
Equipment,
Instruments
&
Components
—
1.9%
908
Devices,
Inc.
(a)(b)
.................
170,704
2,808,081
Aeva
Technologies,
Inc.
(a)
.............
921,522
1,723,246
Akoustis
Technologies,
Inc.
(a)(b)
..........
59,229
175,910
Belden,
Inc.
(b)
.....................
207,790
12,471,556
Benchmark
Electronics,
Inc.
...........
355,628
8,812,462
Cepton
,
Inc.
(a)(b)
....................
84,089
164,814
ePlus
,
Inc.
(a)(b)
.....................
66,888
2,778,528
Evolv
Technologies
Holdings,
Inc.
(a)(b)
.....
842,983
1,787,124
FARO
Technologies,
Inc.
(a)(b)
...........
169,965
4,663,840
Insight
Enterprises,
Inc.
(a)
.............
51,312
4,228,622
Itron
,
Inc.
(a)(b)
......................
425,622
17,922,942
Kimball
Electronics,
Inc.
(a)(b)
............
241,369
4,139,478
Knowles
Corp.
(a)(b)
..................
911,325
11,090,825
Methode
Electronics,
Inc.
.............
372,707
13,846,065
Mirion
Technologies,
Inc.,
Class
A
(a)(b)
.....
1,387,689
10,366,037
nLight
,
Inc.
(a)(b)
.....................
448,299
4,236,426
OSI
Systems,
Inc.
(a)
.................
145,046
10,452,015
Ouster,
Inc.,
Class
A
(a)(b)
..............
1,504,265
1,449,209
PAR
Technology
Corp.
(a)(b)
.............
169,942
5,018,387
PC
Connection,
Inc.
.................
114,246
5,151,352
Plexus
Corp.
(a)(b)
....................
40,143
3,514,921
Sanmina
Corp.
(a)(b)
..................
582,849
26,857,682
ScanSource
,
Inc.
(a)
..................
257,344
6,796,455
TTM
Technologies,
Inc.
(a)
..............
1,031,607
13,596,580
Velodyne
Lidar,
Inc.
(a)(b)
...............
1,890,850
1,790,824
Vishay
Intertechnology
,
Inc.
............
1,352,668
24,063,964
Vishay
Precision
Group,
Inc.
(a)
..........
124,515
3,684,399
203,591,744
Energy
Equipment
&
Services
—
1.4%
Archrock
,
Inc.
.....................
1,373,212
8,816,021
Borr
Drilling
Ltd.
(a)(b)
.................
1,074,700
3,568,004
Bristow
Group,
Inc.
(a)
................
236,740
5,561,023
Diamond
Offshore
Drilling,
Inc.
(a)
.........
1,021,120
6,770,025
DMC
Global,
Inc.
(a)
..................
144,841
2,314,559
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Energy
Equipment
&
Services
(continued)
Dril
-Quip,
Inc.
(a)(b)
...................
347,029
$
6,774,006
Expro
Group
Holdings
NV
(a)(b)
...........
795,802
10,138,517
Helix
Energy
Solutions
Group,
Inc.
(a)
......
1,472,877
5,685,305
Helmerich
&
Payne,
Inc.
..............
1,050,779
38,847,300
Nabors
Industries
Ltd.
(a)(b)
.............
11,784
1,195,487
National
Energy
Services
Reunited
Corp.
(a)(b)
391,705
2,326,728
Newpark
Resources,
Inc.
(a)
............
876,211
2,208,052
Noble
Corp.
plc
(a)(b)
..................
619,586
18,327,354
Oceaneering
International,
Inc.
(a)
........
105,005
835,840
Oil
States
International,
Inc.
(a)(b)
.........
638,204
2,482,613
Patterson-UTI
Energy,
Inc.
............
706,702
8,254,279
ProFrac
Holding
Corp.,
Class
A
(a)
........
72,815
1,107,516
ProPetro
Holding
Corp.
(a)(b)
............
899,941
7,244,525
Select
Energy
Services,
Inc.,
Class
A
(a)
....
735,880
5,129,084
Tidewater,
Inc.
(a)(b)
..................
434,987
9,439,218
US
Silica
Holdings,
Inc.
(a)(b)
............
642,625
7,036,744
154,062,200
Entertainment
—
0.3%
(b)
Cinemark
Holdings,
Inc.
(a)
.............
238,210
2,884,723
IMAX
Corp.
(a)
.....................
197,701
2,791,538
Lions
Gate
Entertainment
Corp.,
Class
A
(a)
..
594,729
4,418,837
Lions
Gate
Entertainment
Corp.,
Class
B,
NVS
(a)
........................
1,168,984
8,124,439
Madison
Square
Garden
Entertainment
Corp.
(a)
264,367
11,655,941
Marcus
Corp.
(The)
.................
250,990
3,486,251
Playstudios
,
Inc.,
Class
A
(a)
............
406,610
1,419,069
Reservoir
Media,
Inc.
(a)
...............
36,649
178,847
Skillz
,
Inc.,
Class
A
(a)
................
3,251,899
3,316,937
38,276,582
Equity
Real
Estate
Investment
Trusts
(REITs)
—
10.1%
Acadia
Realty
Trust
.................
893,444
11,275,263
Agree
Realty
Corp.
(b)
................
806,516
54,504,351
Alexander
&
Baldwin,
Inc.
.............
740,040
12,269,863
American
Assets
Trust,
Inc.
............
504,563
12,977,360
Apartment
Investment
and
Management
Co.,
Class
A
.......................
1,530,522
11,172,811
Apple
Hospitality
REIT,
Inc.
............
2,206,433
31,022,448
Armada
Hoffler
Properties,
Inc.
.........
672,644
6,982,045
Ashford
Hospitality
Trust,
Inc.
(a)(b)
........
359,786
2,450,143
Bluerock
Residential
Growth
REIT,
Inc.
....
186,509
4,989,116
Braemar
Hotels
&
Resorts,
Inc.
.........
696,732
2,995,948
Brandywine
Realty
Trust
..............
1,723,046
11,630,560
Broadstone
Net
Lease,
Inc.
............
1,719,951
26,710,839
BRT
Apartments
Corp.
...............
118,543
2,407,608
CareTrust
REIT,
Inc.
.................
908,618
16,455,072
CBL
&
Associates
Properties,
Inc.
........
227,480
5,825,763
Centerspace
......................
154,739
10,417,029
Chatham
Lodging
Trust
(a)
.............
494,242
4,878,168
City
Office
REIT,
Inc.
................
411,699
4,104,639
Clipper
Realty,
Inc.
..................
27,764
193,515
Community
Healthcare
Trust,
Inc.
........
97,998
3,209,434
Corporate
Office
Properties
Trust
........
1,019,957
23,693,601
CTO
Realty
Growth,
Inc.
..............
183,313
3,435,286
DiamondRock
Hospitality
Co.
...........
2,141,312
16,081,253
Diversified
Healthcare
Trust
............
2,451,426
2,427,157
Easterly
Government
Properties,
Inc.
.....
918,760
14,488,845
Empire
State
Realty
Trust,
Inc.,
Class
A
(b)
...
1,368,260
8,975,786
Equity
Commonwealth
...............
1,084,271
26,412,842
Essential
Properties
Realty
Trust,
Inc.
.....
1,301,010
25,304,644
Farmland
Partners,
Inc.
(b)
.............
483,912
6,131,165
Four
Corners
Property
Trust,
Inc.
........
751,564
18,180,333
Franklin
Street
Properties
Corp.
.........
1,008,495
2,652,342
Getty
Realty
Corp.
..................
423,873
11,397,945
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Gladstone
Commercial
Corp.
...........
35,427
$
549,118
Gladstone
Land
Corp.
(b)
..............
150,836
2,730,132
Global
Medical
REIT,
Inc.
.............
616,214
5,250,143
Global
Net
Lease,
Inc.
...............
1,058,821
11,276,444
Hersha
Hospitality
Trust,
Class
A
........
299,729
2,391,837
Independence
Realty
Trust,
Inc.
.........
2,263,942
37,875,750
Indus
Realty
Trust,
Inc.
...............
53,389
2,795,982
Industrial
Logistics
Properties
Trust
.......
629,396
3,461,678
InvenTrust
Properties
Corp.
............
691,378
14,747,093
iStar
,
Inc.
........................
704,136
6,520,299
Kite
Realty
Group
Trust
...............
2,226,295
38,336,800
LTC
Properties,
Inc.
.................
404,444
15,146,428
LXP
Industrial
Trust
.................
2,821,285
25,842,971
Macerich
Co.
(The)
.................
2,208,747
17,537,451
National
Health
Investors,
Inc.
..........
440,003
24,873,370
Necessity
Retail
REIT,
Inc.
(The),
Class
A
..
1,378,045
8,102,905
NETSTREIT
Corp.
..................
618,032
11,007,150
NexPoint
Residential
Trust,
Inc.
.........
12,219
564,640
Office
Properties
Income
Trust
..........
495,081
6,955,888
One
Liberty
Properties,
Inc.
(b)
...........
163,551
3,437,842
Orion
Office
REIT,
Inc.
...............
589,033
5,154,039
Paramount
Group,
Inc.
...............
1,965,132
12,242,772
Pebblebrook
Hotel
Trust
(b)
.............
1,326,559
19,248,371
Physicians
Realty
Trust
...............
2,304,404
34,658,236
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
..
1,252,741
13,228,945
Plymouth
Industrial
REIT,
Inc.
..........
382,576
6,431,103
Postal
Realty
Trust,
Inc.,
Class
A
........
73,655
1,080,519
PotlatchDeltic
Corp.
.................
739,835
30,362,828
Retail
Opportunity
Investments
Corp.
.....
1,235,772
17,004,223
RLJ
Lodging
Trust
..................
1,638,572
16,582,349
RPT
Realty
.......................
859,219
6,495,696
Ryman
Hospitality
Properties,
Inc.
.......
549,597
40,444,843
Sabra
Health
Care
REIT,
Inc.
...........
2,359,713
30,959,435
Safehold
,
Inc.
.....................
86,666
2,293,182
Saul
Centers,
Inc.
..................
12,731
477,412
Service
Properties
Trust
..............
1,665,489
8,643,888
SITE
Centers
Corp.
.................
2,013,335
21,562,818
STAG
Industrial,
Inc.
................
1,844,038
52,426,000
Summit
Hotel
Properties,
Inc.
...........
1,064,827
7,155,637
Sunstone
Hotel
Investors,
Inc.
..........
2,169,098
20,432,903
Terreno
Realty
Corp.
................
759,888
40,266,465
UMH
Properties,
Inc.
................
85,177
1,375,609
Uniti
Group,
Inc.
...................
2,422,300
16,834,985
Urban
Edge
Properties
...............
1,176,959
15,700,633
Urstadt
Biddle
Properties,
Inc.,
Class
A
....
297,985
4,621,747
Veris
Residential,
Inc.
(a)
...............
874,989
9,948,625
Washington
REIT
...................
890,437
15,636,074
Whitestone
REIT
...................
473,694
4,007,451
Xenia
Hotels
&
Resorts,
Inc.
...........
1,169,701
16,130,177
1,106,464,060
Food
&
Staples
Retailing
—
0.7%
Andersons,
Inc.
(The)
................
327,133
10,150,937
Chefs'
Warehouse,
Inc.
(The)
(a)(b)
........
103,425
2,996,222
HF
Foods
Group,
Inc.
(a)(b)
..............
365,696
1,415,244
Ingles
Markets,
Inc.,
Class
A
...........
145,684
11,539,630
Natural
Grocers
by
Vitamin
Cottage,
Inc.
...
15,896
171,518
PriceSmart
,
Inc.
(b)
...................
92,060
5,301,735
Rite
Aid
Corp.
(a)(b)
...................
301,979
1,494,796
SpartanNash
Co.
...................
362,189
10,510,725
United
Natural
Foods,
Inc.
(a)
............
552,368
18,984,888
Village
Super
Market,
Inc.,
Class
A
.......
87,449
1,690,389
Weis
Markets,
Inc.
(b)
.................
168,196
11,982,283
76,238,367
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
—
1.1%
Alico
,
Inc.
........................
62,694
$
1,770,479
AppHarvest
,
Inc.
(a)(b)
.................
776,559
1,529,821
B&G
Foods,
Inc.
(b)
..................
719,816
11,869,766
Benson
Hill,
Inc.
(a)(b)
.................
892,328
2,444,979
Cal-Maine
Foods,
Inc.
(b)
..............
31,530
1,752,753
Fresh
Del
Monte
Produce,
Inc.
..........
309,696
7,197,335
Hain
Celestial
Group,
Inc.
(The)
(a)(b)
.......
766,872
12,944,799
Hostess
Brands,
Inc.,
Class
A
(a)(b)
........
1,387,173
32,237,900
John
B
Sanfilippo
&
Son,
Inc.
...........
35,002
2,650,701
Lancaster
Colony
Corp.
..............
30,707
4,614,648
Landec
Corp.
(a)(b)
...................
262,511
2,333,723
Mission
Produce,
Inc.
(a)
...............
354,432
5,125,087
Seneca
Foods
Corp.,
Class
A
(a)(b)
........
54,610
2,754,528
Sovos
Brands,
Inc.
(a)(b)
...............
114,969
1,637,159
SunOpta
,
Inc.
(a)(b)
...................
66,650
606,515
Tattooed
Chef,
Inc.,
Class
A
(a)(b)
.........
27,523
137,065
Tootsie
Roll
Industries,
Inc.
............
22,272
741,212
TreeHouse
Foods,
Inc.
(a)(b)
.............
519,148
22,022,258
Utz
Brands,
Inc.,
Class
A
(b)
............
87,582
1,322,488
Whole
Earth
Brands,
Inc.,
Class
A
(a)
......
417,222
1,602,132
117,295,348
Gas
Utilities
—
2.0%
Chesapeake
Utilities
Corp.
............
75,646
8,728,792
New
Jersey
Resources
Corp.
...........
910,130
35,222,031
Northwest
Natural
Holding
Co.
..........
354,079
15,359,947
ONE
Gas,
Inc.
.....................
551,980
38,853,872
South
Jersey
Industries,
Inc.
...........
1,253,645
41,896,816
Southwest
Gas
Holdings,
Inc.
..........
622,465
43,416,934
Spire,
Inc.
........................
526,045
32,788,385
216,266,777
Health
Care
Equipment
&
Supplies
—
1.1%
Alphatec
Holdings,
Inc.
(a)(b)
.............
75,168
656,968
AngioDynamics
,
Inc.
(a)(b)
..............
378,480
7,743,701
Artivion
,
Inc.
(a)(b)
....................
61,539
851,700
AtriCure
,
Inc.
(a)(b)
...................
162,831
6,366,692
Avanos
Medical,
Inc.
(a)
...............
474,946
10,344,324
BioLife
Solutions,
Inc.
(a)(b)
..............
320,019
7,280,432
Bioventus
,
Inc.,
Class
A
(a)(b)
............
319,493
2,236,451
Butterfly
Network,
Inc.,
Class
A
(a)(b)
.......
1,359,747
6,390,811
Cardiovascular
Systems,
Inc.
(a)
..........
178,517
2,474,246
CryoPort
,
Inc.
(a)(b)
...................
82,082
1,999,517
Cue
Health,
Inc.
(a)(b)
.................
1,134,162
3,413,828
Embecta
Corp.
....................
79,738
2,295,657
Figs,
Inc.,
Class
A
(a)(b)
................
192,241
1,585,988
Inari
Medical,
Inc.
(a)(b)
................
43,824
3,183,375
Inogen
,
Inc.
(a)
.....................
223,754
5,432,747
Integer
Holdings
Corp.
(a)(b)
.............
335,327
20,867,399
LivaNova
plc
(a)(b)
....................
131,309
6,666,558
Merit
Medical
Systems,
Inc.
(a)
...........
80,918
4,572,676
Nano-X
Imaging
Ltd.
(a)(b)
..............
427,055
4,898,321
Neogen
Corp.
(a)(b)
...................
93,184
1,301,780
OraSure
Technologies,
Inc.
(a)
...........
738,733
2,799,798
Orthofix
Medical,
Inc.
(a)
...............
196,623
3,757,466
RxSight
,
Inc.
(a)(b)
....................
13,602
163,224
SeaSpine
Holdings
Corp.
(a)
............
355,285
2,018,019
Sight
Sciences,
Inc.
(a)(b)
...............
198,160
1,258,316
Tactile
Systems
Technology,
Inc.
(a)
.......
128,704
1,002,604
Utah
Medical
Products,
Inc.
............
4,341
370,331
Varex
Imaging
Corp.
(a)(b)
..............
389,404
8,232,001
ViewRay
,
Inc.
(a)(b)
...................
164,138
597,462
Zimvie
,
Inc.
(a)
......................
213,117
2,103,465
122,865,857
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
—
1.9%
1Life
Healthcare,
Inc.
(a)(b)
..............
1,838,520
$
31,530,618
23andMe
Holding
Co.,
Class
A
(a)(b)
.......
1,519,622
4,346,119
Accolade,
Inc.
(a)(b)
...................
666,789
7,614,730
AdaptHealth
Corp.
(a)(b)
................
739,448
13,886,833
Addus
HomeCare
Corp.
(a)
.............
95,256
9,072,181
ATI
Physical
Therapy,
Inc.,
Class
A
(a)(b)
.....
755,522
755,522
Aveanna
Healthcare
Holdings,
Inc.
(a)
......
453,682
680,523
Brookdale
Senior
Living,
Inc.
(a)(b)
.........
1,898,769
8,107,744
CareMax
,
Inc.,
Class
A
(a)(b)
.............
615,969
4,367,220
Castle
Biosciences,
Inc.
(a)(b)
............
252,288
6,579,671
Community
Health
Systems,
Inc.
(a)
.......
1,287,166
2,767,407
Covetrus
,
Inc.
(a)
....................
1,078,063
22,509,955
Cross
Country
Healthcare,
Inc.
(a)(b)
.......
327,008
9,277,217
Fulgent
Genetics,
Inc.
(a)(b)
.............
219,484
8,366,730
Hims
&
Hers
Health,
Inc.,
Class
A
(a)(b)
.....
182,956
1,020,895
Innovage
Holding
Corp.
(a)
.............
169,464
996,448
Invitae
Corp.
(a)(b)
....................
2,437,434
5,996,088
LifeStance
Health
Group,
Inc.
(a)(b)
........
686,224
4,542,803
ModivCare
,
Inc.
(a)(b)
..................
89,276
8,899,032
National
HealthCare
Corp.
.............
125,675
7,960,255
OPKO
Health,
Inc.
(a)(b)
................
4,147,640
7,839,040
Owens
&
Minor,
Inc.
.................
665,712
16,043,659
P3
Health
Partners,
Inc.,
Class
A
(a)(b)
......
110,331
509,729
Patterson
Cos.,
Inc.
.................
193,354
4,644,363
Pediatrix
Medical
Group,
Inc.
(a)(b)
.........
846,267
13,971,868
PetIQ
,
Inc.,
Class
A
(a)(b)
...............
57,268
395,149
Select
Medical
Holdings
Corp.
..........
159,492
3,524,773
Sema4
Holdings
Corp.,
Class
A
(a)(b)
.......
1,619,433
1,421,053
Surgery
Partners,
Inc.
(a)(b)
.............
43,639
1,021,153
208,648,778
Health
Care
Technology
—
0.6%
(a)
Allscripts
Healthcare
Solutions,
Inc.
(b)
.....
1,114,847
16,979,120
American
Well
Corp.,
Class
A
..........
2,348,861
8,432,411
Computer
Programs
&
Systems,
Inc.
......
142,943
3,985,251
Convey
Health
Solutions
Holdings,
Inc.
(b)
...
159,009
1,671,184
Health
Catalyst,
Inc.
(b)
................
565,007
5,480,568
HealthStream
,
Inc.
..................
235,848
5,014,128
Multiplan
Corp.,
Class
A
(b)
.............
3,853,956
11,022,314
NextGen
Healthcare,
Inc.
(b)
............
309,579
5,479,548
Pear
Therapeutics,
Inc.,
Class
A
(b)
........
358,245
730,820
Phreesia
,
Inc.
.....................
262,254
6,682,232
Sharecare
,
Inc.,
Class
A
(b)
.............
2,966,523
5,636,394
71,113,970
Hotels,
Restaurants
&
Leisure
—
1.4%
Bally's
Corp.
(a)(b)
....................
370,415
7,319,400
Biglari
Holdings,
Inc.,
Class
B,
NVS
(a)(b)
....
7,651
884,456
BJ's
Restaurants,
Inc.
(a)
...............
234,792
5,599,789
Bloomin
'
Brands,
Inc.
................
244,503
4,481,740
Bluegreen
Vacations
Holding
Corp.
.......
106,843
1,765,046
Bowlero
Corp.
(a)(b)
...................
408,849
5,032,931
Brinker
International,
Inc.
(a)(b)
...........
45,605
1,139,213
Century
Casinos,
Inc.
(a)
...............
47,604
312,282
Chuy's
Holdings,
Inc.
(a)
...............
189,596
4,394,835
Denny's
Corp.
(a)(b)
...................
160,326
1,508,668
Dine
Brands
Global,
Inc.
..............
19,715
1,253,085
El
Pollo
Loco
Holdings,
Inc.
(a)
...........
196,823
1,755,661
Everi
Holdings,
Inc.
(a)(b)
...............
407,559
6,610,607
First
Watch
Restaurant
Group,
Inc.
(a)(b)
.....
70,049
1,014,310
Full
House
Resorts,
Inc.
(a)(b)
............
246,417
1,384,864
Inspirato
,
Inc.,
Class
A
(a)(b)
.............
198,891
469,383
Inspired
Entertainment,
Inc.
(a)
...........
66,826
590,074
International
Game
Technology
plc
.......
777,091
12,278,038
Jack
in
the
Box,
Inc.
.................
186,056
13,781,168
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Krispy
Kreme,
Inc.
(b)
.................
542,435
$
6,254,276
Life
Time
Group
Holdings,
Inc.
(a)(b)
........
421,726
4,111,828
Light
&
Wonder,
Inc.,
Class
A
(a)(b)
........
965,059
41,381,730
Lindblad
Expeditions
Holdings,
Inc.
(a)(b)
....
315,512
2,132,861
Papa
John's
International,
Inc.
..........
94,322
6,603,483
RCI
Hospitality
Holdings,
Inc.
(b)
..........
6,366
415,954
Red
Rock
Resorts,
Inc.,
Class
A
.........
286,175
9,804,356
SeaWorld
Entertainment,
Inc.
(a)(b)
........
213,185
9,702,049
Vacasa
,
Inc.,
Class
A
(a)(b)
..............
1,141,785
3,505,280
Xponential
Fitness,
Inc.,
Class
A
(a)(b)
......
124,937
2,281,350
157,768,717
Household
Durables
—
1.6%
Aterian
,
Inc.
(a)(b)
....................
624,442
774,308
Beazer
Homes
USA,
Inc.
(a)
............
296,599
2,868,112
Century
Communities,
Inc.
............
274,059
11,724,244
Ethan
Allen
Interiors,
Inc.
.............
225,524
4,767,577
GoPro,
Inc.,
Class
A
(a)(b)
...............
1,312,175
6,469,023
Green
Brick
Partners,
Inc.
(a)
............
197,343
4,219,193
iRobot
Corp.
(a)(b)
....................
33,385
1,880,577
KB
Home
........................
660,097
17,109,714
Landsea
Homes
Corp.
(a)
..............
86,324
411,766
La-Z-Boy,
Inc.
.....................
436,917
9,861,217
Legacy
Housing
Corp.
(a)
..............
87,652
1,503,232
LGI
Homes,
Inc.
(a)(b)
.................
195,698
15,923,946
Lifetime
Brands,
Inc.
(b)
...............
128,220
868,049
M/I
Homes,
Inc.
(a)
...................
236,111
8,554,302
MDC
Holdings,
Inc.
.................
438,230
12,016,267
Meritage
Homes
Corp.
(a)
..............
347,225
24,399,501
Purple
Innovation,
Inc.
(a)(b)
.............
513,905
2,081,315
Snap
One
Holdings
Corp.
(a)
............
181,089
1,836,242
Taylor
Morrison
Home
Corp.
(a)(b)
.........
981,183
22,881,188
Traeger
,
Inc.
(a)(b)
....................
337,003
950,348
TRI
Pointe
Homes,
Inc.
(a)(b)
............
933,114
14,099,353
Tupperware
Brands
Corp.
(a)
............
439,692
2,879,983
Universal
Electronics,
Inc.
(a)
............
123,063
2,420,649
Vuzix
Corp.
(a)(b)
....................
88,560
512,762
Weber,
Inc.,
Class
A
(b)
................
277,066
1,820,324
172,833,192
Household
Products
—
0.1%
(a)
Central
Garden
&
Pet
Co.
.............
62,378
2,248,103
Central
Garden
&
Pet
Co.,
Class
A,
NVS
...
266,847
9,115,494
11,363,597
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
(b)
Altus
Power,
Inc.,
Class
A
(a)
............
287,315
3,163,338
Ormat
Technologies,
Inc.
..............
205,201
17,688,326
Sunnova
Energy
International,
Inc.
(a)
......
1,012,533
22,356,729
43,208,393
Industrial
Conglomerates
—
0.0%
Brookfield
Business
Corp.,
Class
A
.......
31,362
693,100
Insurance
—
2.6%
Ambac
Financial
Group,
Inc.
(a)
..........
456,769
5,823,805
American
Equity
Investment
Life
Holding
Co.
744,322
27,755,767
AMERISAFE,
Inc.
..................
199,719
9,332,869
Argo
Group
International
Holdings
Ltd.
....
325,688
6,272,751
Bright
Health
Group,
Inc.
(a)(b)
...........
1,987,666
2,087,049
CNO
Financial
Group,
Inc.
.............
1,169,677
21,019,096
Crawford
&
Co.,
Class
A,
NVS
..........
178,216
1,022,960
Donegal
Group,
Inc.,
Class
A
...........
165,500
2,232,595
eHealth,
Inc.
(a)
.....................
192,446
752,464
Employers
Holdings,
Inc.
..............
273,285
9,425,600
Enstar
Group
Ltd.
(a)(b)
................
115,856
19,648,019
Security
Shares
Shares
Value
Insurance
(continued)
Genworth
Financial,
Inc.,
Class
A
(a)
.......
4,867,798
$
17,037,293
Goosehead
Insurance,
Inc.,
Class
A
(a)
.....
26,824
956,007
Greenlight
Capital
Re
Ltd.,
Class
A
(a)
......
259,813
1,933,009
Hippo
Holdings,
Inc.
(a)(b)
...............
162,208
3,005,712
Horace
Mann
Educators
Corp.
..........
404,953
14,290,791
Investors
Title
Co.
..................
11,093
1,564,113
James
River
Group
Holdings
Ltd.
........
355,738
8,114,384
Lemonade,
Inc.
(a)(b)
..................
477,961
10,123,214
MBIA,
Inc.
(a)(b)
.....................
484,413
4,456,599
Mercury
General
Corp.
...............
278,732
7,921,563
National
Western
Life
Group,
Inc.,
Class
A
..
24,582
4,198,605
NI
Holdings,
Inc.
(a)
..................
88,714
1,185,219
Oscar
Health,
Inc.,
Class
A
(a)(b)
..........
1,220,836
6,091,972
ProAssurance
Corp.
.................
537,580
10,488,186
Root,
Inc.,
Class
A
(a)(b)
................
79,922
629,785
Safety
Insurance
Group,
Inc.
...........
140,680
11,473,861
Selective
Insurance
Group,
Inc.
(b)
........
612,527
49,859,698
Selectquote
,
Inc.
(a)
..................
1,359,167
992,192
SiriusPoint
Ltd.
(a)
...................
879,384
4,352,951
Stewart
Information
Services
Corp.
.......
257,830
11,251,701
Tiptree,
Inc.
......................
250,714
2,697,683
Trean
Insurance
Group,
Inc.
(a)
..........
224,955
764,847
United
Fire
Group,
Inc.
...............
215,013
6,177,323
Universal
Insurance
Holdings,
Inc.
.......
223,474
2,201,219
287,140,902
Interactive
Media
&
Services
—
0.6%
(a)
Arena
Group
Holdings,
Inc.
(The)
(b)
.......
30,902
404,816
Bumble,
Inc.,
Class
A
(b)
...............
879,552
18,901,572
Cars.com,
Inc.
.....................
591,207
6,798,881
DHI
Group,
Inc.
....................
66,418
357,329
Eventbrite,
Inc.,
Class
A
(b)
.............
94,788
576,311
fuboTV
,
Inc.
(b)
.....................
1,809,488
6,423,682
Leafly
Holdings,
Inc.
(b)
................
113,644
77,164
Outbrain
,
Inc.
(b)
....................
398,469
1,454,412
QuinStreet
,
Inc.
(b)
...................
491,717
5,163,029
TrueCar
,
Inc.
......................
939,382
1,418,467
Vinco
Ventures,
Inc.
(b)
................
963,210
896,941
Ziff
Davis,
Inc.
(b)
....................
377,432
25,846,543
68,319,147
Internet
&
Direct
Marketing
Retail
—
0.5%
1-800-Flowers.com,
Inc.,
Class
A
(a)(b)
......
269,612
1,749,782
1stdibs.com,
Inc.
(a)
..................
240,830
1,514,821
aka
Brands
Holding
Corp.
(a)(b)
...........
131,776
191,075
BARK,
Inc.
(a)(b)
.....................
1,202,084
2,187,793
Boxed,
Inc.
(a)(b)
.....................
564,455
520,427
ContextLogic
,
Inc.,
Class
A
(a)(b)
..........
5,972,965
4,383,559
Duluth
Holdings,
Inc.,
Class
B
(a)(b)
........
69,169
486,950
Groupon,
Inc.
(a)(b)
...................
203,902
1,623,060
Lands'
End,
Inc.
(a)(b)
.................
155,630
1,201,464
Liquidity
Services,
Inc.
(a)
..............
121,385
1,973,720
Overstock.com,
Inc.
(a)(b)
...............
437,820
10,660,917
PetMed
Express,
Inc.
................
38,518
751,871
Porch
Group,
Inc.
(a)(b)
................
858,821
1,932,347
Poshmark
,
Inc.,
Class
A
(a)
.............
469,991
7,364,759
Qurate
Retail,
Inc.
..................
3,589,923
7,215,745
RealReal
,
Inc.
(The)
(a)(b)
...............
744,218
1,116,327
RumbleON
,
Inc.,
Class
B
(a)(b)
...........
103,441
1,750,222
Stitch
Fix,
Inc.,
Class
A
(a)(b)
.............
503,451
1,988,631
ThredUp
,
Inc.,
Class
A
(a)(b)
.............
506,118
931,257
Vivid
Seats,
Inc.,
Class
A
(b)
............
191,072
1,463,612
51,008,339
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
IT
Services
—
0.8%
AvidXchange
Holdings,
Inc.
(a)(b)
..........
161,588
$
1,360,571
Brightcove
,
Inc.
(a)
...................
135,425
853,178
Cantaloupe,
Inc.
(a)(b)
.................
249,999
869,997
Cass
Information
Systems,
Inc.
.........
121,573
4,217,367
Conduent
,
Inc.
(a)(b)
..................
1,751,669
5,850,574
Core
Scientific,
Inc.
(a)(b)
...............
2,521,070
3,277,391
Edgio
,
Inc.
(a)
......................
81,373
226,217
Fastly
,
Inc.,
Class
A
(a)(b)
...............
1,140,711
10,448,913
Hackett
Group,
Inc.
(The)
.............
27,282
483,437
Information
Services
Group,
Inc.
.........
192,283
915,267
Maximus,
Inc.
.....................
36,863
2,133,262
MoneyGram
International,
Inc.
(a)(b)
........
956,120
9,943,648
Paysafe
Ltd.
(a)(b)
....................
3,532,009
4,874,172
PFSweb
,
Inc.
(a)
....................
166,321
1,550,112
Rackspace
Technology,
Inc.
(a)(b)
.........
598,720
2,442,778
Repay
Holdings
Corp.,
Class
A
(a)(b)
.......
906,468
6,399,664
Sabre
Corp.
(a)(b)
....................
2,646,176
13,627,806
SolarWinds
Corp.
(a)
.................
505,795
3,919,911
Squarespace,
Inc.,
Class
A
(a)(b)
..........
241,622
5,161,046
StoneCo
Ltd.,
Class
A
(a)(b)
.............
1,360,589
12,966,413
Unisys
Corp.
(a)(b)
....................
175,416
1,324,391
92,846,115
Leisure
Products
—
0.6%
Acushnet
Holdings
Corp.
(b)
............
248,724
10,817,007
AMMO,
Inc.
(a)(b)
....................
884,625
2,591,951
Clarus
Corp.
(b)
.....................
45,055
606,891
Johnson
Outdoors,
Inc.,
Class
A
.........
53,380
2,738,928
Smith
&
Wesson
Brands,
Inc.
...........
432,967
4,489,868
Solo
Brands,
Inc.,
Class
A
(a)(b)
...........
236,762
899,695
Sturm
Ruger
&
Co.,
Inc.
..............
14,182
720,304
Topgolf
Callaway
Brands
Corp.
(a)(b)
.......
1,430,894
27,559,018
Vista
Outdoor,
Inc.
(a)(b)
................
572,212
13,916,196
64,339,858
Life
Sciences
Tools
&
Services
—
0.7%
(a)
AbCellera
Biologics,
Inc.
(b)
.............
1,212,468
11,991,309
Absci
Corp.
(b)
.....................
537,199
1,681,433
Adaptive
Biotechnologies
Corp.
(b)
........
1,085,150
7,726,268
Alpha
Teknova
,
Inc.
(b)
................
68,949
230,290
Berkeley
Lights,
Inc.
.................
569,362
1,628,375
Bionano
Genomics,
Inc.
(b)
.............
3,011,507
5,511,058
Inotiv
,
Inc.
(b)
.......................
176,375
2,971,919
MaxCyte
,
Inc.
(b)
....................
891,827
5,796,875
NanoString
Technologies,
Inc.
(b)
.........
51,278
654,820
Nautilus
Biotechnology,
Inc.
(b)
...........
487,541
1,033,587
NeoGenomics
,
Inc.
(b)
................
1,282,553
11,042,781
Pacific
Biosciences
of
California,
Inc.
(b)
....
2,301,149
13,358,170
Quanterix
Corp.
....................
295,008
3,250,988
Quantum-Si,
Inc.,
Class
A
(b)
............
929,541
2,556,238
Science
37
Holdings,
Inc.
(b)
............
63,986
103,017
Seer,
Inc.,
Class
A
(b)
.................
522,652
4,045,326
Singular
Genomics
Systems,
Inc.
(b)
.......
567,571
1,418,928
SomaLogic
,
Inc.,
Class
A
..............
1,335,480
3,872,892
78,874,274
Machinery
—
3.2%
Alamo
Group,
Inc.
(b)
.................
15,124
1,849,211
Albany
International
Corp.,
Class
A
.......
255,177
20,115,603
Altra
Industrial
Motion
Corp.
(b)
..........
666,723
22,415,227
Astec
Industries,
Inc.
................
233,561
7,284,768
Barnes
Group,
Inc.
..................
500,866
14,465,010
CIRCOR
International,
Inc.
(a)
...........
131,943
2,175,740
Columbus
McKinnon
Corp.
............
284,886
7,452,618
Desktop
Metal,
Inc.,
Class
A
(a)(b)
.........
2,675,024
6,928,312
EnPro
Industries,
Inc.
................
212,011
18,016,695
Security
Shares
Shares
Value
Machinery
(continued)
ESCO
Technologies,
Inc.
.............
239,209
$
17,567,509
Fathom
Digital
Manufacturing
C
(a)(b)
.......
108,783
220,829
Gorman-Rupp
Co.
(The)
..............
186,170
4,428,984
Greenbrier
Cos.,
Inc.
(The)
............
326,339
7,920,248
Hillenbrand,
Inc.
...................
353,276
12,972,295
Hillman
Solutions
Corp.
(a)(b)
............
1,373,004
10,352,450
Hydrofarm
Holdings
Group,
Inc.
(a)(b)
.......
445,492
864,254
Hyliion
Holdings
Corp.,
Class
A
(a)(b)
.......
1,363,981
3,914,625
Hyster
-Yale
Materials
Handling,
Inc.
......
110,041
2,366,982
Kennametal,
Inc.
...................
831,572
17,113,752
Luxfer
Holdings
plc
.................
160,936
2,333,572
Manitowoc
Co.,
Inc.
(The)
(a)(b)
...........
356,854
2,765,618
Markforged
Holding
Corp.
(a)(b)
...........
993,053
1,966,245
Microvast
Holdings,
Inc.
(a)(b)
............
690,737
1,250,234
Miller
Industries,
Inc.
................
102,193
2,175,689
Mueller
Industries,
Inc.
(b)
..............
367,371
21,836,532
Proterra
,
Inc.
(a)(b)
...................
1,212,998
6,040,730
Proto
Labs,
Inc.
(a)(b)
..................
236,026
8,598,427
RBC
Bearings,
Inc.
(a)(b)
...............
249,007
51,746,145
REV
Group,
Inc.
...................
346,778
3,824,961
SPX
Technologies,
Inc.
(a)
..............
447,066
24,686,985
Standex
International
Corp.
............
120,778
9,861,524
Tennant
Co.
......................
105,145
5,947,001
Terex
Corp.
.......................
345,839
10,285,252
Trinity
Industries,
Inc.
................
712,873
15,219,839
Wabash
National
Corp.
...............
67,121
1,044,403
348,008,269
Marine
—
0.5%
Costamare
,
Inc.
....................
542,917
4,859,107
Eagle
Bulk
Shipping,
Inc.
.............
136,182
5,880,339
Eneti
,
Inc.
........................
238,293
1,589,414
Genco
Shipping
&
Trading
Ltd.
..........
372,942
4,672,963
Golden
Ocean
Group
Ltd.
.............
1,258,585
9,401,630
Matson,
Inc.
......................
394,411
24,264,165
Safe
Bulkers,
Inc.
..................
729,141
1,800,978
52,468,596
Media
—
1.2%
Advantage
Solutions,
Inc.,
Class
A
(a)(b)
.....
872,954
1,859,392
AMC
Networks,
Inc.,
Class
A
(a)(b)
.........
312,113
6,335,894
Audacy
,
Inc.,
Class
A
(a)(b)
..............
1,242,696
479,805
Boston
Omaha
Corp.,
Class
A
(a)(b)
........
211,622
4,875,771
Cardlytics,
Inc.
(a)(b)
..................
330,365
3,105,431
Clear
Channel
Outdoor
Holdings,
Inc.
(a)(b)
...
3,781,270
5,180,340
Cumulus
Media,
Inc.,
Class
A
(a)
.........
186,684
1,312,388
Daily
Journal
Corp.
(a)
................
12,248
3,140,265
Entravision
Communications
Corp.,
Class
A
.
207,411
823,422
EW
Scripps
Co.
(The),
Class
A,
NVS
(a)
....
602,813
6,793,702
Gannett
Co.,
Inc.
(a)
..................
1,470,963
2,250,573
Gray
Television,
Inc.
.................
475,287
6,806,110
iHeartMedia
,
Inc.,
Class
A
(a)(b)
...........
1,229,641
9,013,268
Innovid
Corp.
(a)(b)
...................
100,680
272,843
Integral
Ad
Science
Holding
Corp.
(a)
......
274,526
1,987,568
John
Wiley
&
Sons,
Inc.,
Class
A
........
32,235
1,210,747
Loyalty
Ventures,
Inc.
(a)
...............
152,942
185,060
Magnite
,
Inc.
(a)(b)
....................
1,346,059
8,843,608
PubMatic,
Inc.,
Class
A
(a)(b)
.............
40,981
681,514
Scholastic
Corp.,
NVS
...............
305,577
9,399,548
Stagwell
,
Inc.,
Class
A
(a)(b)
.............
718,637
4,994,527
TEGNA,
Inc.
......................
2,277,610
47,100,975
Thryv
Holdings,
Inc.
(a)
................
198,481
4,531,321
Urban
One,
Inc.,
Class
A
(a)(b)
...........
112,052
592,755
Urban
One,
Inc.,
Class
D,
NVS
(a)(b)
.......
92,788
394,349
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Media
(continued)
WideOpenWest
,
Inc.
(a)(b)
..............
237,910
$
2,919,156
135,090,332
Metals
&
Mining
—
1.6%
Arconic
Corp.
(a)(b)
...................
1,047,164
17,843,675
Carpenter
Technology
Corp.
...........
487,201
15,171,439
Coeur
Mining,
Inc.
(a)(b)
................
2,857,368
9,772,199
Commercial
Metals
Co.
...............
1,026,769
36,429,764
Constellium
SE,
Class
A
(a)
.............
594,345
6,026,658
Haynes
International,
Inc.
.............
121,855
4,279,548
Hecla
Mining
Co.
(b)
..................
5,667,704
22,330,754
Hycroft
Mining
Holding
Corp.,
Class
A
(a)(b)
...
246,895
149,248
Ivanhoe
Electric,
Inc.
(a)(b)
..............
65,281
538,568
Materion
Corp.
(b)
...................
13,304
1,064,320
Novagold
Resources,
Inc.
(a)(b)
...........
126,944
595,367
Olympic
Steel,
Inc.
..................
96,829
2,208,670
Piedmont
Lithium,
Inc.
(a)(b)
.............
128,914
6,895,610
PolyMet
Mining
Corp.
(a)
...............
292,892
843,529
Ryerson
Holding
Corp.
...............
187,404
4,823,779
Schnitzer
Steel
Industries,
Inc.,
Class
A
....
241,307
6,867,597
SunCoke
Energy,
Inc.
................
842,724
4,896,226
TimkenSteel
Corp.
(a)(b)
................
476,357
7,140,591
Warrior
Met
Coal,
Inc.
................
470,605
13,384,006
Worthington
Industries,
Inc.
............
320,977
12,242,063
173,503,611
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
2.4%
AFC
Gamma,
Inc.
..................
158,221
2,420,781
Angel
Oak
Mortgage,
Inc.
(b)
............
119,391
1,430,304
Apollo
Commercial
Real
Estate
Finance,
Inc.
1,430,398
11,872,303
Arbor
Realty
Trust,
Inc.
...............
1,689,078
19,424,397
Ares
Commercial
Real
Estate
Corp.
......
518,859
5,422,077
ARMOUR
Residential
REIT,
Inc.
.........
1,170,750
5,701,553
Blackstone
Mortgage
Trust,
Inc.,
Class
A
...
1,742,110
40,660,847
BrightSpire
Capital,
Inc.,
Class
A
........
954,471
6,022,712
Broadmark
Realty
Capital,
Inc.
..........
1,316,532
6,727,479
Chicago
Atlantic
Real
Estate
Finance,
Inc.
..
59,681
860,003
Chimera
Investment
Corp.
.............
2,382,736
12,437,882
Claros
Mortgage
Trust,
Inc.
............
941,396
11,051,989
Dynex
Capital,
Inc.
..................
433,300
5,047,945
Ellington
Financial,
Inc.
...............
568,369
6,462,356
Franklin
BSP
Realty
Trust,
Inc.
..........
849,356
9,147,564
Granite
Point
Mortgage
Trust,
Inc.
.......
535,931
3,451,396
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
(b)
...................
813,586
24,350,629
Invesco
Mortgage
Capital,
Inc.
..........
343,865
3,816,901
KKR
Real
Estate
Finance
Trust,
Inc.
......
568,335
9,235,444
Ladder
Capital
Corp.,
Class
A
..........
1,154,163
10,341,300
MFA
Financial,
Inc.
..................
1,047,567
8,150,071
New
York
Mortgage
Trust,
Inc.
..........
3,880,442
9,080,234
Nexpoint
Real
Estate
Finance,
Inc.
.......
78,572
1,177,009
Orchid
Island
Capital,
Inc.
(b)
............
366,937
3,008,883
PennyMac
Mortgage
Investment
Trust
.....
749,392
8,827,838
Ready
Capital
Corp.
(b)
................
759,433
7,700,651
Redwood
Trust,
Inc.
.................
1,201,326
6,895,611
TPG
RE
Finance
Trust,
Inc.
............
706,508
4,945,556
Two
Harbors
Investment
Corp.
..........
3,523,640
11,698,485
257,370,200
Multiline
Retail
—
0.0%
Big
Lots,
Inc.
......................
294,257
4,593,352
Franchise
Group,
Inc.
................
22,714
551,950
5,145,302
Security
Shares
Shares
Value
Multi-Utilities
—
1.0%
Avista
Corp.
......................
715,128
$
26,495,492
Black
Hills
Corp.
...................
671,146
45,456,719
NorthWestern
Corp.
.................
581,536
28,658,094
Unitil
Corp.
.......................
161,572
7,505,019
108,115,324
Oil,
Gas
&
Consumable
Fuels
—
4.3%
Aemetis
,
Inc.
(a)(b)
...................
330,766
2,024,288
Alto
Ingredients,
Inc.
(a)(b)
..............
794,650
2,892,526
Amplify
Energy
Corp.
(a)(b)
..............
81,147
533,136
Archaea
Energy,
Inc.,
Class
A
(a)(b)
........
409,587
7,376,662
Ardmore
Shipping
Corp.
(a)
.............
352,203
3,215,613
Berry
Corp.
(b)
......................
675,219
5,064,143
California
Resources
Corp.
............
776,556
29,843,047
Callon
Petroleum
Co.
(a)(b)
..............
87,121
3,050,106
Centrus
Energy
Corp.,
Class
A
(a)(b)
.......
107,341
4,398,834
Chord
Energy
Corp.
.................
173,038
23,666,407
Civitas
Resources,
Inc.
...............
753,367
43,235,732
Clean
Energy
Fuels
Corp.
(a)(b)
...........
1,728,515
9,230,270
CNX
Resources
Corp.
(a)(b)
.............
1,810,046
28,110,014
CONSOL
Energy,
Inc.
................
20,239
1,301,773
DHT
Holdings,
Inc.
..................
1,396,106
10,554,561
Dorian
LPG
Ltd.
....................
313,841
4,258,822
Energy
Fuels,
Inc.
(a)(b)
................
290,932
1,780,504
Equitrans
Midstream
Corp.
............
3,199,208
23,930,076
Excelerate
Energy,
Inc.,
Class
A
(b)
........
187,797
4,394,450
FLEX
LNG
Ltd.
(b)
...................
292,168
9,252,961
Frontline
Ltd.
(b)
....................
1,272,839
13,912,130
Gevo
,
Inc.
(a)(b)
.....................
2,092,645
4,771,231
Golar
LNG
Ltd.
(a)(b)
..................
964,448
24,034,044
Green
Plains,
Inc.
(a)(b)
................
401,727
11,678,204
International
Seaways,
Inc.
............
503,122
17,674,676
Kinetik
Holdings,
Inc.,
Class
A
..........
165,580
5,394,596
Murphy
Oil
Corp.
...................
850,567
29,914,441
NACCO
Industries,
Inc.,
Class
A
(b)
.......
41,405
1,947,277
NextDecade
Corp.
(a)(b)
................
41,373
249,065
Nordic
American
Tankers
Ltd.
(b)
.........
1,996,519
5,330,706
Northern
Oil
and
Gas,
Inc.
.............
104,048
2,851,956
PBF
Energy,
Inc.,
Class
A
(a)
............
765,018
26,898,033
Peabody
Energy
Corp.
(a)(b)
.............
1,202,118
29,836,569
Permian
Resources
Corp.,
Class
A
(a)
......
1,835,474
12,481,223
Petrocorp,
Inc.,
NVS
(a)(c)
..............
19,086
—
REX
American
Resources
Corp.
(a)(b)
......
180,022
5,026,214
Riley
Exploration
Permian,
Inc.
..........
40,658
771,689
Ring
Energy,
Inc.
(a)(b)
.................
540,407
1,253,744
Scorpio
Tankers,
Inc.
................
498,511
20,957,402
SFL
Corp.
Ltd.
.....................
1,170,987
10,667,692
Teekay
Corp.
(a)
....................
703,197
2,524,477
Teekay
Tankers
Ltd.,
Class
A
(a)
..........
231,865
6,385,562
Ur-Energy,
Inc.
(a)(b)
..................
238,306
259,754
Vertex
Energy,
Inc.
(a)(b)
...............
70,638
440,075
W&T
Offshore,
Inc.
(a)
................
162,467
952,057
World
Fuel
Services
Corp.
.............
639,689
14,994,310
469,321,052
Paper
&
Forest
Products
—
0.2%
Clearwater
Paper
Corp.
(a)(b)
............
169,932
6,389,443
Glatfelter
Corp.
....................
445,493
1,385,483
Resolute
Forest
Products,
Inc.
(a)
.........
468,329
9,366,580
Sylvamo
Corp.
....................
21,587
731,800
17,873,306
Personal
Products
—
0.4%
Beauty
Health
Co.
(The),
Class
A
(a)(b)
......
117,278
1,382,708
Edgewell
Personal
Care
Co.
(b)
..........
526,800
19,702,320
Herbalife
Nutrition
Ltd.
(a)(b)
.............
339,066
6,744,023
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Personal
Products
(continued)
Honest
Co.,
Inc.
(The)
(a)(b)
.............
666,324
$
2,332,134
Nature's
Sunshine
Products,
Inc.
(a)
.......
142,881
1,177,339
Nu
Skin
Enterprises,
Inc.,
Class
A
........
302,632
10,098,830
41,437,354
Pharmaceuticals
—
1.0%
Aerie
Pharmaceuticals,
Inc.
(a)
...........
72,562
1,097,863
Amylyx
Pharmaceuticals,
Inc.
(a)(b)
........
289,421
8,147,201
AN2
Therapeutics,
Inc.
(a)(b)
.............
43,480
755,682
ANI
Pharmaceuticals,
Inc.
(a)
............
129,046
4,147,539
Atea
Pharmaceuticals,
Inc.
(a)(b)
..........
782,247
4,450,985
Athira
Pharma,
Inc.
(a)(b)
...............
346,461
1,028,989
Cara
Therapeutics,
Inc.
(a)(b)
............
457,396
4,281,227
CinCor
Pharma,
Inc.
(a)(b)
..............
204,493
6,711,460
DICE
Therapeutics,
Inc.
(a)(b)
............
293,236
5,946,826
Edgewise
Therapeutics,
Inc.
(a)
..........
298,235
2,934,632
EyePoint
Pharmaceuticals,
Inc.
(a)(b)
.......
149,242
1,180,504
Fulcrum
Therapeutics,
Inc.
(a)(b)
..........
347,062
2,807,732
Liquidia
Corp.
(a)
....................
175,534
954,905
Nektar
Therapeutics
(a)
................
1,855,260
5,936,832
NGM
Biopharmaceuticals,
Inc.
(a)(b)
........
159,901
2,091,505
Nuvation
Bio,
Inc.,
Class
A
(a)
...........
1,172,016
2,625,316
Phibro
Animal
Health
Corp.,
Class
A
......
14,437
191,868
Prestige
Consumer
Healthcare,
Inc.
(a)
.....
508,574
25,342,242
Provention
Bio,
Inc.
(a)(b)
...............
99,985
449,933
Reata
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
...
45,535
1,144,295
Relmada
Therapeutics,
Inc.
(a)(b)
..........
74,656
2,763,765
Supernus
Pharmaceuticals,
Inc.
(a)(b)
.......
501,123
16,963,014
Tarsus
Pharmaceuticals,
Inc.
(a)
..........
183,367
3,139,243
Theravance
Biopharma,
Inc.
(a)(b)
.........
66,107
670,325
Theseus
Pharmaceuticals,
Inc.
(a)(b)
.......
171,044
992,055
Tricida
,
Inc.
(a)(b)
....................
268,569
2,814,603
109,570,541
Professional
Services
—
0.7%
Alight,
Inc.,
Class
A
(a)(b)
...............
3,466,519
25,409,584
Atlas
Technical
Consultants,
Inc.
(a)(b)
......
62,968
418,737
Barrett
Business
Services,
Inc.
..........
7,589
591,942
First
Advantage
Corp.
(a)(b)
.............
553,739
7,104,471
Heidrick
&
Struggles
International,
Inc.
....
200,709
5,216,427
Huron
Consulting
Group,
Inc.
(a)(b)
........
84,055
5,568,644
ICF
International,
Inc.
(b)
...............
55,977
6,102,613
Kelly
Services,
Inc.,
Class
A,
NVS
.......
341,427
4,639,993
Planet
Labs
PBC
(a)(b)
.................
201,689
1,095,171
Resources
Connection,
Inc.
............
330,653
5,974,900
Skillsoft
Corp.,
Class
A
(a)
..............
827,146
1,513,677
Spire
Global,
Inc.,
Class
A
(a)(b)
..........
1,272,389
1,374,180
Sterling
Check
Corp.
(a)(b)
..............
15,384
271,374
TrueBlue
,
Inc.
(a)
....................
326,614
6,231,795
Willdan
Group,
Inc.
(a)(b)
...............
105,137
1,557,079
73,070,587
Real
Estate
Management
&
Development
—
0.6%
American
Realty
Investors,
Inc.
(a)
........
16,439
261,709
Anywhere
Real
Estate,
Inc.
(a)(b)
..........
1,147,223
9,303,978
DigitalBridge
Group,
Inc.,
Class
A
(b)
.......
170,706
2,135,532
Doma
Holdings,
Inc.
(a)(b)
...............
1,294,496
568,802
Douglas
Elliman
,
Inc.
................
714,133
2,927,945
Forestar
Group,
Inc.
(a)(b)
...............
141,462
1,582,960
FRP
Holdings,
Inc.
(a)
.................
67,073
3,646,088
Kennedy-Wilson
Holdings,
Inc.
..........
1,211,644
18,732,016
Newmark
Group,
Inc.,
Class
A
..........
1,339,013
10,792,445
RE/MAX
Holdings,
Inc.,
Class
A
.........
187,523
3,546,060
RMR
Group,
Inc.
(The),
Class
A
.........
59,870
1,418,320
Seritage
Growth
Properties,
Class
A
(a)
.....
412,428
3,720,101
Stratus
Properties,
Inc.
...............
58,992
1,374,514
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
Tejon
Ranch
Co.
(a)
..................
208,148
$
2,997,331
Transcontinental
Realty
Investors,
Inc.
(a)
...
12,564
506,957
63,514,758
Road
&
Rail
—
0.5%
ArcBest
Corp.
.....................
168,232
12,235,513
Bird
Global,
Inc.,
Class
A
(a)(b)
...........
1,692,418
597,254
Covenant
Logistics
Group,
Inc.,
Class
A
....
101,269
2,906,420
Heartland
Express,
Inc.
...............
467,380
6,688,208
Marten
Transport
Ltd.
................
152,832
2,928,261
TuSimple
Holdings,
Inc.,
Class
A
(a)(b)
......
1,426,338
10,840,169
Universal
Logistics
Holdings,
Inc.
........
17,712
561,825
Werner
Enterprises,
Inc.
..............
572,970
21,543,672
58,301,322
Semiconductors
&
Semiconductor
Equipment
—
0.6%
ACM
Research,
Inc.,
Class
A
(a)(b)
.........
425,651
5,303,611
Alpha
&
Omega
Semiconductor
Ltd.
(a)(b)
....
51,008
1,569,006
Amkor
Technology,
Inc.
...............
822,975
14,031,724
AXT,
Inc.
(a)(b)
......................
406,368
2,722,665
Cohu
,
Inc.
(a)
......................
490,096
12,634,675
Diodes,
Inc.
(a)(b)
....................
124,224
8,063,380
Ichor
Holdings
Ltd.
(a)
.................
285,038
6,900,770
Impinj
,
Inc.
(a)(b)
.....................
20,164
1,613,725
Photronics
,
Inc.
(a)(b)
..................
163,798
2,394,727
Rambus,
Inc.
(a)
....................
179,551
4,564,186
Rigetti
Computing,
Inc.
(a)(b)
.............
335,719
631,152
Ultra
Clean
Holdings,
Inc.
(a)(b)
...........
302,572
7,791,229
Veeco
Instruments,
Inc.
(a)
.............
110,512
2,024,580
70,245,430
Software
—
1.7%
A10
Networks,
Inc.
..................
138,090
1,832,454
American
Software,
Inc.,
Class
A
........
98,798
1,513,585
Applied
Blockchain
,
Inc.
(a)(b)
............
105,270
178,959
Avaya
Holdings
Corp.
(a)(b)
..............
886,028
1,408,785
Benefitfocus
,
Inc.
(a)(b)
.................
79,546
505,117
Blackbaud
,
Inc.
(a)
...................
26,408
1,163,536
Blend
Labs,
Inc.,
Class
A
(a)(b)
...........
1,919,499
4,242,093
C3.ai,
Inc.,
Class
A
(a)(b)
...............
575,688
7,196,100
Cerence
,
Inc.
(a)(b)
...................
402,402
6,337,832
ChannelAdvisor
Corp.
(a)
..............
290,545
6,583,750
Cipher
Mining,
Inc.
(a)(b)
................
382,229
481,609
Cleanspark
,
Inc.
(a)(b)
.................
441,703
1,404,616
Consensus
Cloud
Solutions,
Inc.
(a)
.......
85,753
4,056,117
Cvent
Holding
Corp.
(a)(b)
...............
466,542
2,449,346
Digimarc
Corp.
(a)(b)
..................
8,787
119,064
E2open
Parent
Holdings,
Inc.,
Class
A
(a)(b)
..
2,044,948
12,412,834
Ebix
,
Inc.
(b)
.......................
214,476
4,068,610
eGain
Corp.
(a)(b)
....................
124,389
914,259
EverCommerce
,
Inc.
(a)(b)
..............
208,911
2,283,397
ForgeRock,
Inc.,
Class
A
(a)(b)
...........
87,602
1,272,857
Greenidge
Generation
Holdings,
Inc.
(a)(b)
...
93,087
186,174
Instructure
Holdings,
Inc.
(a)(b)
...........
151,491
3,375,219
InterDigital
,
Inc.
....................
190,608
7,704,375
Kaleyra
,
Inc.
(a)(b)
....................
326,213
316,427
Latch,
Inc.
(a)(b)
.....................
1,071,746
1,022,017
LiveRamp
Holdings,
Inc.
(a)
.............
675,523
12,267,498
LiveVox
Holdings,
Inc.,
Class
A
(a)(b)
.......
217,639
642,035
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
1,131,799
12,121,567
Matterport
,
Inc.,
Class
A
(a)(b)
............
615,203
2,331,619
MicroStrategy
,
Inc.,
Class
A
(a)(b)
..........
39,472
8,378,327
Mitek
Systems,
Inc.
(a)(b)
...............
38,054
348,575
N-able,
Inc.
(a)
......................
83,310
768,951
Olo
,
Inc.,
Class
A
(a)(b)
.................
919,078
7,260,716
ON24,
Inc.
(a)(b)
.....................
423,785
3,729,308
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
OneSpan
,
Inc.
(a)(b)
...................
259,340
$
2,232,917
Ping
Identity
Holding
Corp.
(a)(b)
..........
791,970
22,230,598
PROS
Holdings,
Inc.
(a)(b)
..............
148,223
3,661,108
Riot
Blockchain
,
Inc.
(a)(b)
..............
1,375,010
9,638,820
Sapiens
International
Corp.
NV
(b)
........
85,605
1,641,904
SecureWorks
Corp.,
Class
A
(a)(b)
.........
104,728
843,060
Sumo
Logic,
Inc.
(a)
..................
407,081
3,053,108
Terawulf
,
Inc.
(a)(b)
...................
166,298
209,535
Upland
Software,
Inc.
(a)(b)
..............
294,859
2,397,204
Verint
Systems,
Inc.
(a)(b)
...............
62,318
2,092,638
WM
Technology,
Inc.,
Class
A
(a)(b)
........
66,470
107,017
Xperi
Holding
Corp.
.................
1,067,422
15,093,347
184,078,984
Specialty
Retail
—
3.0%
Aaron's
Co.,
Inc.
(The)
...............
310,950
3,022,434
Abercrombie
&
Fitch
Co.,
Class
A
(a)(b)
......
499,987
7,774,798
Academy
Sports
&
Outdoors,
Inc.
(b)
.......
845,027
35,643,239
American
Eagle
Outfitters,
Inc.
..........
1,577,059
15,344,784
America's
Car-Mart,
Inc.
(a)(b)
............
62,291
3,800,997
Asbury
Automotive
Group,
Inc.
(a)(b)
........
160,404
24,237,044
Bed
Bath
&
Beyond,
Inc.
(a)(b)
............
232,708
1,417,192
Big
5
Sporting
Goods
Corp.
(b)
...........
219,570
2,358,182
Buckle,
Inc.
(The)
..................
22,145
701,111
Build-A-Bear
Workshop,
Inc.
...........
42,410
565,325
Cato
Corp.
(The),
Class
A
.............
179,852
1,715,788
Chico's
FAS,
Inc.
(a)
..................
341,959
1,655,082
Children's
Place,
Inc.
(The)
(a)(b)
..........
47,141
1,456,185
Citi
Trends,
Inc.
(a)(b)
..................
81,453
1,263,336
Conn's,
Inc.
(a)
.....................
130,836
926,319
Container
Store
Group,
Inc.
(The)
(a)(b)
.....
333,092
1,632,151
Designer
Brands,
Inc.,
Class
A
(b)
.........
152,944
2,341,573
Destination
XL
Group,
Inc.
(a)(b)
..........
275,423
1,492,793
EVgo
,
Inc.,
Class
A
(a)(b)
...............
623,299
4,930,295
Express,
Inc.
(a)(b)
...................
641,762
699,521
Foot
Locker,
Inc.
...................
834,672
25,983,339
Genesco,
Inc.
(a)
....................
132,772
5,220,595
Group
1
Automotive,
Inc.
..............
156,362
22,339,439
GrowGeneration
Corp.
(a)(b)
.............
589,270
2,062,445
Haverty
Furniture
Cos.,
Inc.
............
147,820
3,680,718
Hibbett,
Inc.
......................
27,474
1,368,480
JOANN,
Inc.
(b)
.....................
106,445
704,666
LL
Flooring
Holdings,
Inc.
(a)(b)
...........
299,287
2,074,059
MarineMax
,
Inc.
(a)(b)
.................
198,329
5,908,221
Monro
,
Inc.
.......................
325,513
14,146,795
National
Vision
Holdings,
Inc.
(a)(b)
........
752,492
24,568,864
ODP
Corp.
(The)
(a)(b)
.................
433,172
15,225,996
OneWater
Marine,
Inc.,
Class
A
(a)
........
105,338
3,171,727
Party
City
Holdco,
Inc.
(a)(b)
.............
707,488
1,117,831
Sally
Beauty
Holdings,
Inc.
(a)
...........
71,462
900,421
Shoe
Carnival,
Inc.
..................
173,576
3,721,469
Signet
Jewelers
Ltd.
.................
468,170
26,774,642
Sleep
Number
Corp.
(a)(b)
..............
119,819
4,051,080
Sonic
Automotive,
Inc.,
Class
A
.........
203,442
8,809,039
Sportsman's
Warehouse
Holdings,
Inc.
(a)
...
440,041
3,652,340
Tile
Shop
Holdings,
Inc.
..............
364,704
1,283,758
Tilly's,
Inc.,
Class
A
.................
237,145
1,641,043
Torrid
Holdings,
Inc.
(a)(b)
...............
52,464
218,775
TravelCenters
of
America,
Inc.
(a)(b)
........
130,393
7,032,094
Urban
Outfitters,
Inc.
(a)(b)
..............
652,032
12,812,429
Volta,
Inc.,
Class
A
(a)(b)
................
1,226,636
1,484,229
Winmark
Corp.
....................
28,144
6,088,673
Zumiez
,
Inc.
(a)(b)
....................
159,379
3,431,430
322,452,746
Security
Shares
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
—
0.4%
3D
Systems
Corp.
(a)(b)
................
1,290,455
$
10,297,831
Avid
Technology,
Inc.
(a)
...............
135,784
3,158,336
CompoSecure
,
Inc.,
Class
A
(a)(b)
.........
43,451
217,690
Corsair
Gaming,
Inc.
(a)(b)
..............
170,980
1,940,623
Diebold
Nixdorf,
Inc.
(a)(b)
...............
184,182
449,404
Eastman
Kodak
Co.
(a)(b)
...............
589,458
2,705,612
IonQ
,
Inc.
(a)(b)
......................
1,062,026
5,384,472
Turtle
Beach
Corp.
(a)(b)
................
39,993
272,752
Xerox
Holdings
Corp.
................
1,170,229
15,306,595
39,733,315
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
Allbirds
,
Inc.,
Class
A
(a)(b)
..............
714,671
2,172,600
Ermenegildo
Zegna
NV
(b)
.............
365,853
3,932,920
Fossil
Group,
Inc.
(a)
.................
495,343
1,694,073
G-III
Apparel
Group
Ltd.
(a)
.............
450,191
6,730,355
Movado
Group,
Inc.
.................
158,370
4,462,867
Oxford
Industries,
Inc.
...............
47,150
4,233,127
PLBY
Group,
Inc.
(a)(b)
................
323,987
1,305,668
Rocky
Brands,
Inc.
..................
64,565
1,295,174
Superior
Group
of
Cos.,
Inc.
...........
117,488
1,043,293
Unifi,
Inc.
(a)
.......................
139,218
1,323,963
28,194,040
Thrifts
&
Mortgage
Finance
—
2.7%
Axos
Financial,
Inc.
(a)
................
528,514
18,091,034
Blue
Foundry
Bancorp
(a)(b)
.............
270,912
3,020,669
Bridgewater
Bancshares,
Inc.
(a)(b)
........
162,386
2,674,497
Capitol
Federal
Financial,
Inc.
..........
1,323,192
10,982,494
Columbia
Financial,
Inc.
(a)(b)
............
233,233
4,928,213
Enact
Holdings,
Inc.
(b)
................
313,522
6,950,783
Essent
Group
Ltd.
..................
1,091,473
38,059,664
Federal
Agricultural
Mortgage
Corp.,
Class
C,
NVS
.........................
92,921
9,212,188
Finance
of
America
Cos.,
Inc.,
Class
A
(a)(b)
..
412,326
610,242
Flagstar
Bancorp,
Inc.
...............
501,024
16,734,202
Hingham
Institution
for
Savings
(The)
.....
13,931
3,498,213
Home
Bancorp,
Inc.
.................
77,064
3,004,725
Home
Point
Capital,
Inc.
(b)
.............
95,687
147,358
Kearny
Financial
Corp.
...............
658,981
6,998,378
Luther
Burbank
Corp.
................
156,772
1,821,691
Merchants
Bancorp
.................
166,604
3,843,554
Mr
Cooper
Group,
Inc.
(a)(b)
.............
719,010
29,119,905
NMI
Holdings,
Inc.,
Class
A
(a)
...........
793,741
16,168,504
Northfield
Bancorp,
Inc.
..............
434,791
6,221,859
PennyMac
Financial
Services,
Inc.
.......
290,757
12,473,475
Pioneer
Bancorp,
Inc.
(a)(b)
..............
129,547
1,233,287
Provident
Bancorp,
Inc.
...............
151,276
2,164,760
Provident
Financial
Services,
Inc.
........
725,083
14,139,119
Radian
Group,
Inc.
..................
1,672,045
32,253,748
Southern
Missouri
Bancorp,
Inc.
.........
81,133
4,140,217
Sterling
Bancorp,
Inc.
(a)(b)
..............
180,338
1,087,438
TrustCo
Bank
Corp.
.................
189,659
5,959,086
Velocity
Financial,
Inc.
(a)(b)
.............
80,720
875,005
Walker
&
Dunlop,
Inc.
................
98,286
8,229,487
Waterstone
Financial,
Inc.
.............
213,305
3,447,009
WSFS
Financial
Corp.
...............
622,232
28,908,899
296,999,703
Tobacco
—
0.2%
Universal
Corp.
....................
247,454
11,392,782
Vector
Group
Ltd.
..................
1,253,569
11,043,943
22,436,725
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
—
1.4%
Alta
Equipment
Group,
Inc.,
Class
A
......
172,439
$
1,898,553
Beacon
Roofing
Supply,
Inc.
(a)(b)
.........
156,770
8,578,454
BlueLinx
Holdings,
Inc.
(a)
..............
92,646
5,753,317
Boise
Cascade
Co.
.................
319,407
18,991,940
Custom
Truck
One
Source,
Inc.
(a)(b)
.......
414,679
2,417,579
Distribution
Solutions
Group,
Inc.
(a)
.......
6,627
186,683
DXP
Enterprises,
Inc.
(a)
...............
153,106
3,625,550
GATX
Corp.
(b)
.....................
341,730
29,098,310
Global
Industrial
Co.
.................
35,507
952,653
NOW,
Inc.
(a)
......................
1,124,433
11,300,552
Rush
Enterprises,
Inc.,
Class
A
.........
431,576
18,928,924
Rush
Enterprises,
Inc.,
Class
B
(b)
........
68,119
3,263,581
Textainer
Group
Holdings
Ltd.
..........
395,191
10,614,830
Titan
Machinery,
Inc.
(a)
...............
205,798
5,815,851
Triton
International
Ltd.
...............
627,891
34,364,474
155,791,251
Water
Utilities
—
0.5%
American
States
Water
Co.
............
198,208
15,450,314
Artesian
Resources
Corp.,
Class
A,
NVS
...
22,887
1,101,322
California
Water
Service
Group
.........
409,791
21,591,888
SJW
Group
.......................
276,100
15,903,360
54,046,884
Wireless
Telecommunication
Services
—
0.3%
Gogo
,
Inc.
(a)
......................
300,260
3,639,151
KORE
Group
Holdings,
Inc.
(a)(b)
..........
351,425
671,222
Shenandoah
Telecommunications
Co.
.....
499,490
8,501,320
Telephone
&
Data
Systems,
Inc.
.........
1,036,924
14,413,244
United
States
Cellular
Corp.
(a)(b)
.........
157,416
4,097,538
31,322,475
Total
Common
Stocks
—
99.6%
(Cost:
$13,181,645,709)
...........................
10,867,966,404
Rights
Biotechnology
—
0.0%
Contra
Aduro
Biotech
I,
CVR
(a)(c)
.........
19,180
48,698
Pharmaceuticals
—
0.0%
Zogenix
,
Inc.,
CVR
(a)(b)(c)
..............
583,774
396,966
Total
Rights
—
0.0%
(Cost:
$396,966)
................................
445,664
Security
Shares
Shares
Value
Warrants
Oil,
Gas
&
Consumable
Fuels
—
0.0%
(a)
Chord
Energy
Corp.
(Issued/Exercisable
09/01/20,
1
Share
for
1
Warrant,
Expires
09/01/24,
Strike
Price
USD
116.37)
(b)
...
42,563
$
915,104
Chord
Energy
Corp.
(Issued/Exercisable
09/01/20,
1
Share
for
1
Warrant,
Expires
09/01/25,
Strike
Price
USD
133.70)
....
21,281
444,560
Total
Warrants
—
0.0%
(Cost:
$5,241,813)
..............................
1,359,664
Total
Long-Term
Investments
—
99.6%
(Cost:
$13,187,284,488)
...........................
10,869,771,732
Short-Term
Securities
Money
Market
Funds
—
8.8%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(f)
............
938,789,724
939,071,361
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
..................
25,404,754
25,404,754
Total
Short-Term
Securities
—
8.8%
(Cost:
$963,986,425)
.............................
964,476,115
Total
Investments
—
108.4%
(Cost:
$14,151,270,913
)
...........................
11,834,247,847
Liabilities
in
Excess
of
Other
Assets
—
(8.4)%
............
(919,371,830)
Net
Assets
—
100.0%
..............................
$
10,914,876,017
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
Shares
Held
at
09/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
932,952,583
$
5,530,142
(a)
$
—
$
(4,726)
$
593,362
$
939,071,361
938,789,724
$
7,743,337
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
12,620,000
12,784,754
(a)
—
—
—
25,404,754
25,404,754
192,938
—
$
(4,726)
$
593,362
$
964,476,115
$
7,936,275
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
55
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
....................................................
505
12/16/22
$
42,162
$
(2,339,778)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
2,339,778
$
—
$
—
$
—
$
2,339,778
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(2,015,508)
$
—
$
—
$
—
$
(2,015,508)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(2,887,917)
$
—
$
—
$
—
$
(2,887,917)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
40,723,225
2022
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
56
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
123,225,132
$
—
$
—
$
123,225,132
Air
Freight
&
Logistics
....................................
61,770,124
—
—
61,770,124
Airlines
..............................................
47,806,694
—
—
47,806,694
Auto
Components
......................................
111,331,717
—
—
111,331,717
Automobiles
..........................................
22,612,717
—
—
22,612,717
Banks
...............................................
2,020,904,548
—
—
2,020,904,548
Beverages
...........................................
20,921,895
—
—
20,921,895
Biotechnology
.........................................
724,238,578
—
—
724,238,578
Building
Products
.......................................
75,288,358
—
—
75,288,358
Capital
Markets
........................................
104,568,308
—
—
104,568,308
Chemicals
............................................
150,055,713
—
—
150,055,713
Commercial
Services
&
Supplies
.............................
171,584,436
—
—
171,584,436
Communications
Equipment
................................
53,063,369
—
—
53,063,369
Construction
&
Engineering
................................
95,633,847
—
—
95,633,847
Construction
Materials
....................................
29,628,537
—
—
29,628,537
Consumer
Finance
......................................
126,062,087
—
—
126,062,087
Containers
&
Packaging
..................................
36,370,196
—
—
36,370,196
Distributors
...........................................
1,200,589
—
—
1,200,589
Diversified
Consumer
Services
..............................
107,882,634
—
—
107,882,634
Diversified
Financial
Services
...............................
61,198,460
—
—
61,198,460
Diversified
Telecommunication
Services
........................
53,164,000
—
—
53,164,000
Electric
Utilities
........................................
137,810,458
—
—
137,810,458
Electrical
Equipment
.....................................
70,332,583
—
—
70,332,583
Electronic
Equipment,
Instruments
&
Components
.................
203,591,744
—
—
203,591,744
Energy
Equipment
&
Services
..............................
154,062,200
—
—
154,062,200
Entertainment
.........................................
38,276,582
—
—
38,276,582
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
1,106,464,060
—
—
1,106,464,060
Food
&
Staples
Retailing
..................................
76,238,367
—
—
76,238,367
Food
Products
.........................................
117,295,348
—
—
117,295,348
Gas
Utilities
...........................................
216,266,777
—
—
216,266,777
Health
Care
Equipment
&
Supplies
...........................
122,865,857
—
—
122,865,857
Health
Care
Providers
&
Services
............................
208,648,778
—
—
208,648,778
Health
Care
Technology
..................................
71,113,970
—
—
71,113,970
Hotels,
Restaurants
&
Leisure
..............................
157,768,717
—
—
157,768,717
Household
Durables
.....................................
172,833,192
—
—
172,833,192
Household
Products
.....................................
11,363,597
—
—
11,363,597
Independent
Power
and
Renewable
Electricity
Producers
............
43,208,393
—
—
43,208,393
Industrial
Conglomerates
..................................
693,100
—
—
693,100
Insurance
............................................
287,140,902
—
—
287,140,902
Interactive
Media
&
Services
...............................
68,319,147
—
—
68,319,147
Internet
&
Direct
Marketing
Retail
............................
51,008,339
—
—
51,008,339
IT
Services
...........................................
92,846,115
—
—
92,846,115
Leisure
Products
.......................................
64,339,858
—
—
64,339,858
Life
Sciences
Tools
&
Services
..............................
78,874,274
—
—
78,874,274
Machinery
............................................
348,008,269
—
—
348,008,269
Marine
..............................................
52,468,596
—
—
52,468,596
Media
...............................................
135,090,332
—
—
135,090,332
Metals
&
Mining
........................................
173,503,611
—
—
173,503,611
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
257,370,200
—
—
257,370,200
Multiline
Retail
.........................................
5,145,302
—
—
5,145,302
Multi-Utilities
..........................................
108,115,324
—
—
108,115,324
Oil,
Gas
&
Consumable
Fuels
...............................
469,321,052
—
—
469,321,052
Paper
&
Forest
Products
..................................
17,873,306
—
—
17,873,306
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
57
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Personal
Products
......................................
$
41,437,354
$
—
$
—
$
41,437,354
Pharmaceuticals
.......................................
109,570,541
—
—
109,570,541
Professional
Services
....................................
73,070,587
—
—
73,070,587
Real
Estate
Management
&
Development
.......................
63,514,758
—
—
63,514,758
Road
&
Rail
...........................................
58,301,322
—
—
58,301,322
Semiconductors
&
Semiconductor
Equipment
....................
70,245,430
—
—
70,245,430
Software
.............................................
184,078,984
—
—
184,078,984
Specialty
Retail
........................................
322,452,746
—
—
322,452,746
Technology
Hardware,
Storage
&
Peripherals
....................
39,733,315
—
—
39,733,315
Textiles,
Apparel
&
Luxury
Goods
............................
28,194,040
—
—
28,194,040
Thrifts
&
Mortgage
Finance
................................
296,999,703
—
—
296,999,703
Tobacco
.............................................
22,436,725
—
—
22,436,725
Trading
Companies
&
Distributors
............................
155,791,251
—
—
155,791,251
Water
Utilities
.........................................
54,046,884
—
—
54,046,884
Wireless
Telecommunication
Services
.........................
31,322,475
—
—
31,322,475
Rights
................................................
—
—
445,664
445,664
Warrants
..............................................
1,359,664
—
—
1,359,664
Short-Term
Securities
Money
Market
Funds
......................................
964,476,115
—
—
964,476,115
$
11,833,802,183
$
—
$
445,664
$
11,834,247,847
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(2,339,778)
$
—
$
—
$
(2,339,778)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities
(unaudited)

September
30,
2022
2022
iShares
Semi-Annual
Report
to
Shareholders
58
See
notes
to
financial
statements.
iShares
Russell
2000
ETF
iShares
Russell
2000
Growth
ETF
iShares
Russell
2000
Value
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................................
$
47,484,684,832‌
$
8,586,320,760‌
$
10,869,771,732‌
Investments,
at
value
—
affiliated
(c)
............................................................
6,142,598,210‌
1,381,857,613‌
964,476,115‌
Cash  
...............................................................................
10,045,404‌
2,385,498‌
67,032‌
Cash
pledged:
Futures
contracts
......................................................................
8,830,000‌
563,000‌
3,086,000‌
Foreign
currency,
at
value
(d)
.................................................................
80,581‌
—‌
—‌
Receivables:
–‌
–‌
–‌
Investments
sold
......................................................................
266,520‌
—‌
—‌
Securities
lending
income
—
affiliated
........................................................
7,354,821‌
1,527,396‌
1,188,482‌
Capital
shares
sold
.....................................................................
10,272,872‌
—‌
636,114‌
Dividends
—
unaffiliated
.................................................................
55,219,648‌
2,340,664‌
22,541,086‌
Dividends
—
affiliated
...................................................................
250,781‌
38,241‌
75,102‌
Total
assets
...........................................................................
53,719,603,669‌
9,975,033,172‌
11,861,841,663‌
LIABILITIES
Collateral
on
securities
loaned
...............................................................
6,076,377,180‌
1,373,264,129‌
938,782,615‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
84,242‌
76,149‌
3,010,969‌
Capital
shares
redeemed
.................................................................
35,373,600‌
—‌
2,544,458‌
Investment
advisory
fees
.................................................................
8,063,100‌
1,806,299‌
2,317,030‌
Variation
margin
on
futures
contracts
.........................................................
514,238‌
63,013‌
310,574‌
Total
liabilities
..........................................................................
6,120,412,360‌
1,375,209,590‌
946,965,646‌
NET
ASSETS
..........................................................................
$
47,599,191,309‌
$
8,599,823,582‌
$
10,914,876,017‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................................
$
86,603,673,027‌
$
12,637,512,272‌
$
14,656,993,320‌
Accumulated
loss
.......................................................................
(39,004,481,718‌)
(4,037,688,690‌)
(3,742,117,303‌)
NET
ASSETS
..........................................................................
$
47,599,191,309‌
$
8,599,823,582‌
$
10,914,876,017‌
NET
ASSET
VALUE
Shares
outstanding
......................................................................
288,450,000‌
41,650,000‌
84,650,000‌
Net
asset
value
.........................................................................
$
165.02‌
$
206.48‌
$
128.94‌
Shares
authorized
.......................................................................
Unlimited
Unlimited
Unlimited
Par
value
.............................................................................
None
None
None
(a)
  Investments,
at
cost
—
unaffiliated
..........................................................
$
73,613,379,617‌
$
10,154,658,945‌
$
13,187,284,488‌
(b)
  Securities
loaned,
at
value
................................................................
$
5,820,882,811‌
$
1,321,409,812‌
$
890,937,461‌
(c)
  Investments,
at
cost
—
affiliated
............................................................
$
6,139,329,525‌
$
1,381,043,209‌
$
963,986,425‌
(d)
  Foreign
currency,
at
cost
.................................................................
$
82,328‌
$
—‌
$
—‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
September
30,
2022
59
Financial
Statements
See
notes
to
financial
statements.
iShares
Russell
2000
ETF
iShares
Russell
2000
Growth
ETF
iShares
Russell
2000
Value
ETF
INVESTMENT
INCOME
–
–
–
Dividends
—
unaffiliated
.................................................................
$
364,473,110‌
$
36,187,341‌
$
120,323,397‌
Dividends
—
affiliated
...................................................................
717,367‌
117,514‌
192,938‌
Securities
lending
income
—
affiliated
—
net
...................................................
46,594,970‌
11,992,242‌
7,743,337‌
Foreign
taxes
withheld
..................................................................
(615,315‌)
(87,338‌)
(172,589‌)
Total
investment
income
...................................................................
411,170,132‌
48,209,759‌
128,087,083‌
EXPENSES
Investment
advisory
....................................................................
51,539,574‌
11,339,480‌
14,811,253‌
Total
expenses
.........................................................................
51,539,574‌
11,339,480‌
14,811,253‌
Net
investment
income
....................................................................
359,630,558‌
36,870,279‌
113,275,830‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(11,741,833,535‌)
$
(2,061,152,268‌)
$
(2,793,908,299‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................................
(4,491,415,057‌)
(1,883,840,800‌)
(80,738,842‌)
Investments
—
affiliated
...............................................................
197,598‌
51,791‌
(4,726‌)
Foreign
currency
transactions
...........................................................
(84,371‌)
—‌
—‌
Futures
contracts
....................................................................
(25,426,806‌)
(2,887,579‌)
(2,015,508‌)
In-kind
redemptions
—
unaffiliated
(a)
.......................................................
1,575,036,399‌
432,210,070‌
287,726,448‌
(2,941,692,237‌)
(1,454,466,518‌)
204,967,372‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................................
(8,800,154,062‌)
(606,318,672‌)
(2,996,581,116‌)
Investments
—
affiliated
...............................................................
3,339,236‌
796,403‌
593,362‌
Foreign
currency
translations
............................................................
(1,747‌)
—‌
—‌
Futures
contracts
....................................................................
(3,324,724‌)
(1,163,481‌)
(2,887,917‌)
(8,800,141,297‌)
(606,685,750‌)
(2,998,875,671‌)
Net
realized
and
unrealized
loss
..............................................................
(11,741,833,534‌)
(2,061,152,268‌)
(2,793,908,299‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................
$
(11,382,202,976‌)
$
(2,024,281,989‌)
$
(2,680,632,469‌)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets

2022
iShares
Semi-Annual
Report
to
Shareholders
60
See
notes
to
financial
statements.
iShares
Russell
2000
ETF
iShares
Russell
2000
Growth
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
359,630,558‌
$
600,788,667‌
$
36,870,279‌
$
26,897,024‌
Net
realized
gain
(loss)
....................................................
(2,941,692,237‌)
10,401,978,974‌
(1,454,466,518‌)
1,971,046,885‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(8,800,141,297‌)
(14,941,857,623‌)
(606,685,750‌)
(3,784,056,671‌)
Net
decrease
in
net
assets
resulting
from
operations
..................................
(11,382,202,976‌)
(3,939,089,982‌)
(2,024,281,989‌)
(1,786,112,762‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(391,551,193‌)
(646,681,067‌)
(37,072,441‌)
(38,453,082‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(2,580,329,188‌)
(2,764,541,638‌)
(169,640,945‌)
573,103,014‌
NET
ASSETS
Total
decrease
in
net
assets
..................................................
(14,354,083,357‌)
(7,350,312,687‌)
(2,230,995,375‌)
(1,251,462,830‌)
Beginning
of
period
........................................................
61,953,274,666‌
69,303,587,353‌
10,830,818,957‌
12,082,281,787‌
End
of
period
............................................................
$
47,599,191,309‌
$
61,953,274,666‌
$
8,599,823,582‌
$
10,830,818,957‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
61
Financial
Statements
See
notes
to
financial
statements.
iShares
Russell
2000
Value
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
113,275,830‌
$
221,001,608‌
Net
realized
gain
......................................................................................
204,967,372‌
2,756,634,299‌
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(2,998,875,671‌)
(2,478,461,320‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................................................
(2,680,632,469‌)
499,174,587‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(125,120,607‌)
(248,644,243‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.......................................................
(937,371,375‌)
(1,911,845,387‌)
NET
ASSETS
Total
decrease
in
net
assets
................................................................................
(3,743,124,451‌)
(1,661,315,043‌)
Beginning
of
period
......................................................................................
14,658,000,468‌
16,319,315,511‌
End
of
period
..........................................................................................
$
10,914,876,017‌
$
14,658,000,468‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
iShares
Semi-Annual
Report
to
Shareholders
62
See
notes
to
financial
statements.
iShares
Russell
2000
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
................
$
205.42
‌
$
220.43
‌
$
114.62
‌
$
153.10
‌
$
151.96
‌
$
137.69
‌
Net
investment
income
(a)
........................
1.22
‌
1.97
‌
1.73
‌
1.83
‌
1.89
‌
1.79
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............
(40.26
)
(14.89
)
106.10
‌
(38.22
)
1.18
‌
14.38
‌
Net
increase
(decrease)
from
investment
operations
.......
(39.04
)
(12.92
)
107.83
‌
(36.39
)
3.07
‌
16.17
‌
Distributions
from
net
investment
income
(c)
..............
(1.36
)
(2.09
)
(2.02
)
(2.09
)
(1.93
)
(1.90
)
Net
asset
value,
end
of
period
.....................
$
165.02
‌
$
205.42
‌
$
220.43
‌
$
114.62
‌
$
153.10
‌
$
151.96
‌
Total
Return
(d)
(19.03)%
—
—
—
—
—
Based
on
net
asset
value
.........................
(19.03
)%
(e)
(5.92
)%
94.67
%
(24.04
)%
2.01
%
11.80
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.19
%
(g)
0.19
%
0.19
%
0.19
%
0.19
%
0.20
%
Net
investment
income
...........................
1.33
%
(g)
0.90
%
1.01
%
1.19
%
1.21
%
1.23
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
47,599,191
‌
$
61,953,275
‌
$
69,303,587
‌
$
32,602,673
‌
$
43,174,723
‌
$
41,918,598
‌
Portfolio
turnover
rate
(h)
...........................
14
%
23
%
20
%
18
%
22
%
16
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
63
Financial
Highlights
See
notes
to
financial
statements.
iShares
Russell
2000
Growth
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
................
$
256.05
‌
$
300.18
‌
$
158.74
‌
$
196.60
‌
$
190.63
‌
$
161.84
‌
Net
investment
income
(a)
........................
0.87
‌
0.67
‌
1.02
‌
1.32
‌
1.21
‌
1.23
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............
(49.56
)
(43.86
)
141.60
‌
(37.65
)
6.04
‌
28.91
‌
Net
increase
(decrease)
from
investment
operations
.......
(48.69
)
(43.19
)
142.62
‌
(36.33
)
7.25
‌
30.14
‌
Distributions
from
net
investment
income
(c)
..............
(0.88
)
(0.94
)
(1.18
)
(1.53
)
(1.28
)
(1.35
)
Net
asset
value,
end
of
period
.....................
$
206.48
‌
$
256.05
‌
$
300.18
‌
$
158.74
‌
$
196.60
‌
$
190.63
‌
Total
Return
(d)
(19.01)%
—
—
—
—
—
Based
on
net
asset
value
.........................
(19.01
)%
(e)
(14.42
)%
90.06
%
(18.61
)%
3.81
%
18.68
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.24
%
(g)
0.23
%
0.24
%
0.24
%
0.24
%
0.24
%
Net
investment
income
...........................
0.78
%
(g)
0.23
%
0.42
%
0.66
%
0.61
%
0.70
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
8,599,824
‌
$
10,830,819
‌
$
12,082,282
‌
$
6,936,895
‌
$
9,171,566
‌
$
9,207,286
‌
Portfolio
turnover
rate
(h)
...........................
31
%
40
%
35
%
33
%
35
%
26
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
iShares
Semi-Annual
Report
to
Shareholders
64
See
notes
to
financial
statements.
iShares
Russell
2000
Value
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
................
$
161.43
‌
$
159.14
‌
$
82.34
‌
$
119.84
‌
$
122.00
‌
$
118.27
‌
Net
investment
income
(a)
........................
1.34
‌
2.26
‌
1.84
‌
2.07
‌
2.18
‌
2.03
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............
(32.34
)
2.61
‌
77.01
‌
(37.17
)
(2.10
)
3.93
‌
Net
increase
(decrease)
from
investment
operations
.......
(31.00
)
4.87
‌
78.85
‌
(35.10
)
0.08
‌
5.96
‌
Distributions
from
net
investment
income
(c)
..............
(1.49
)
(2.58
)
(2.05
)
(2.40
)
(2.24
)
(2.23
)
Net
asset
value,
end
of
period
.....................
$
128.94
‌
$
161.43
‌
$
159.14
‌
$
82.34
‌
$
119.84
‌
$
122.00
‌
Total
Return
(d)
(19.26)%
—
—
—
—
—
Based
on
net
asset
value
.........................
(19.26
)%
(e)
3.07
%
96.79
%
(29.79
)%
0.03
%
5.06
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.24
%
(g)
0.23
%
0.24
%
0.24
%
0.24
%
0.24
%
Net
investment
income
...........................
1.82
%
(g)
1.39
%
1.57
%
1.74
%
1.73
%
1.67
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
10,914,876
‌
$
14,658,000
‌
$
16,319,316
‌
$
6,607,533
‌
$
9,107,939
‌
$
8,838,621
‌
Portfolio
turnover
rate
(h)
...........................
27
%
35
%
28
%
25
%
26
%
23
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
(unaudited)
65
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios. 
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. 
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
prevailing
market
rates
as
quoted
by
one
or
more
data
service
providers.
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
September
30,
2022
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes. 
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
iShares
ETF
Diversification
Classification
Russell
2000
........................................................................................................
Diversified
Russell
2000
Growth
..................................................................................................
Diversified
Russell
2000
Value
...................................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
66
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
 Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
 (the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock.
Securities
Lending:
 Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
Notes
to
Financial
Statements
(unaudited)
(continued)
67
Notes
to
Financial
Statements
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency. 
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Russell
2000
Barclays
Bank
PLC
...................................
$
175,825,472‌
$
(175,825,472‌)
$
–‌
$
–‌
$
–
$
–
$
–
$
–
Barclays
Capital,
Inc.
...................................
31,690,302‌
(31,690,302‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
4,020,741‌
(4,020,741‌)
–‌
–‌
BNP
Paribas
SA
.......................................
808,658,626‌
(808,658,626‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
314,025,451‌
(314,025,451‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
2,617,459‌
(2,617,459‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
171,021,258‌
(171,021,258‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
11,830,377‌
(11,830,377‌)
–‌
–‌
Deutsche
Bank
Securities,
Inc.
.............................
2,926,104‌
(2,926,104‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
905,739,906‌
(905,739,906‌)
–‌
–‌
HSBC
Bank
PLC
......................................
20,214,730‌
(20,214,730‌)
–‌
–‌
ING
Financial
Markets
LLC
...............................
882,899‌
(882,899‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
1,323,423,477‌
(1,323,423,477‌)
–‌
–‌
Jefferies
LLC
.........................................
72,964,680‌
(72,964,680‌)
–‌
–‌
Mizuho
Securities
USA
LLC
...............................
689,453‌
(689,453‌)
–‌
–‌
Morgan
Stanley
.......................................
924,738,718‌
(924,738,718‌)
–‌
–‌
National
Financial
Services
LLC
............................
120,804,190‌
(120,804,190‌)
–‌
–‌
Natixis
SA
...........................................
22,234,576‌
(22,234,576‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
7,518,700‌
(7,518,700‌)
–‌
–‌
Pershing
LLC
.........................................
6,592,865‌
(6,592,865‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
92,680,182‌
(92,680,182‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
127,162,075‌
(127,162,075‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
6,764,471‌
(6,764,471‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
73,654,282‌
(73,654,282‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
163,660,209‌
(163,660,209‌)
–‌
–‌
UBS
AG
............................................
201,708,603‌
(201,708,603‌)
–‌
–‌
UBS
Securities
LLC
....................................
59,133,910‌
(59,133,910‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
7,862,281‌
(7,862,281‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
69,671,597‌
(69,671,597‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
90,165,217‌
(90,165,217‌)
–‌
–‌
$
5,820,882,811‌
$
(5,820,882,811‌)
$
–‌
$
–‌
Russell
2000
Growth
Barclays
Bank
PLC
...................................
$
30,622,712‌
$
(30,622,712‌)
$
–‌
$
–‌
–
–
–
–
Barclays
Capital,
Inc.
...................................
9,933,333‌
(9,933,333‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
441,474‌
(441,474‌)
–‌
–‌
BNP
Paribas
SA
.......................................
203,562,979‌
(203,562,979‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
61,207,224‌
(61,207,224‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
28,817,970‌
(28,817,970‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
2,332,889‌
(2,332,889‌)
–‌
–‌
Deutsche
Bank
Securities,
Inc.
.............................
32,654‌
(32,654‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
211,048,553‌
(211,048,553‌)
–‌
–‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
68
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
 Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Russell
2000
Growth
(continued)
HSBC
Bank
PLC
......................................
$
12,916,537‌
$
(12,916,537‌)
$
–‌
$
–‌
ING
Financial
Markets
LLC
...............................
23,726‌
(23,726‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
246,897,142‌
(246,897,142‌)
–‌
–‌
Jefferies
LLC
.........................................
18,111,875‌
(18,111,875‌)
–‌
–‌
Morgan
Stanley
.......................................
231,450,170‌
(231,450,170‌)
–‌
–‌
National
Financial
Services
LLC
............................
14,692,450‌
(14,692,450‌)
–‌
–‌
Natixis
SA
...........................................
3,011,034‌
(3,011,034‌)
–‌
–‌
Pershing
LLC
.........................................
194,510‌
(194,510‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
43,075,213‌
(43,075,213‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
27,222,884‌
(27,222,884‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
1,524,218‌
(1,524,218‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
40,770,237‌
(40,770,237‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
48,279,720‌
(48,279,720‌)
–‌
–‌
UBS
AG
............................................
43,243,288‌
(43,243,288‌)
–‌
–‌
UBS
Securities
LLC
....................................
8,552,886‌
(8,552,886‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
567,786‌
(567,786‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
4,754,430‌
(4,754,430‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
28,121,918‌
(28,121,918‌)
–‌
–‌
$
1,321,409,812‌
$
(1,321,409,812‌)
$
–‌
$
–‌
Russell
2000
Value
Barclays
Bank
PLC
...................................
$
37,667,646‌
$
(37,667,646‌)
$
–‌
$
–‌
–
–
–
–
Barclays
Capital,
Inc.
...................................
7,402,894‌
(7,402,894‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
28,061‌
(28,061‌)
–‌
–‌
BNP
Paribas
SA
.......................................
73,270,872‌
(73,270,872‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
44,688,592‌
(44,688,592‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
28,327,199‌
(28,327,199‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
12,596‌
(12,596‌)
–‌
–‌
Deutsche
Bank
Securities,
Inc.
.............................
49,173‌
(49,173‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
171,714,982‌
(171,714,982‌)
–‌
–‌
HSBC
Bank
PLC
......................................
29,307,603‌
(29,307,603‌)
–‌
–‌
ING
Financial
Markets
LLC
...............................
49,652‌
(49,652‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
205,343,175‌
(205,343,175‌)
–‌
–‌
Jefferies
LLC
.........................................
15,176,281‌
(15,176,281‌)
–‌
–‌
Morgan
Stanley
.......................................
160,268,088‌
(160,268,088‌)
–‌
–‌
National
Financial
Services
LLC
............................
17,962,304‌
(17,962,304‌)
–‌
–‌
Natixis
SA
...........................................
7,568,232‌
(7,568,232‌)
–‌
–‌
Pershing
LLC
.........................................
10,103‌
(10,103‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
7,982,449‌
(7,982,449‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
9,121,983‌
(9,121,983‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
2,047,319‌
(2,047,319‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
12,367,449‌
(12,367,449‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
5,468,468‌
(5,468,468‌)
–‌
–‌
UBS
AG
............................................
17,127,777‌
(17,127,777‌)
–‌
–‌
UBS
Securities
LLC
....................................
7,474,089‌
(7,474,089‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
2,590,466‌
(2,590,466‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
11,402,976‌
(11,402,976‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
16,507,032‌
(16,507,032‌)
–‌
–‌
$
890,937,461‌
$
(890,937,461‌)
$
–‌
$
–‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
69
Notes
to
Financial
Statements
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the 
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to
the iShares
Russell
2000
ETF, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on the
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
For
its
investment
advisory
services
to
each
of
the iShares
Russell
2000
Growth
ETF
and
iShares
Russell
2000
Value
ETF, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on each
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
Each Fund
does
not
pay
BRIL
for
ETF
Services.
Prior
to
April
25,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company. 
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$46
billion
...................................................................................................
0.2000%
Over
$46
billion,
up
to
and
including
$81
billion
..............................................................................
0.1900
Over
$81
billion,
up
to
and
including
$111
billion
.............................................................................
0.1805
Over
$111
billion,
up
to
and
including
$141
billion
............................................................................
0.1715
Over
$141
billion,
up
to
and
including
$171
billion
............................................................................
0.1630
Over
$171
billion
..................................................................................................
0.1548
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$46
billion
...................................................................................................
0.2500%
Over
$46
billion,
up
to
and
including
$81
billion
..............................................................................
0.2375
Over
$81
billion,
up
to
and
including
$111
billion
.............................................................................
0.2257
Over
$111
billion,
up
to
and
including
$141
billion
............................................................................
0.2144
Over
$141
billion,
up
to
and
including
$171
billion
............................................................................
0.2037
Over
$171
billion
..................................................................................................
0.1935
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
70
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the six
months ended
September
30,
2022,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or 
trustees
of
the 
Trust
are
officers
and/or 
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the six
months ended September
30,
2022,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the six
months ended
September
30,
2022,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
September
30,
2022,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
September
30,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’ financial
statements.
As
of
March
31,
2022,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
iShares
ETF
Amounts
Russell
2000
............................................................................................................
$
12,289,995‌
Russell
2000
Growth
......................................................................................................
3,131,968‌
Russell
2000
Value
.......................................................................................................
2,018,528‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Russell
2000
.........................................................................
$
706,126,561‌
$
1,746,955,548‌
$
(493,357,876‌)
Russell
2000
Growth
...................................................................
1,599,035,892‌
1,450,864,228‌
(1,218,774,752‌)
Russell
2000
Value
....................................................................
1,374,540,121‌
1,623,890,742‌
132,969,008‌
iShares
ETF
Purchases
Sales
Russell
2000
.........................................................................................
$
7,463,747,606‌
$
7,646,088,188‌
Russell
2000
Growth
...................................................................................
2,932,110,341‌
2,932,634,863‌
Russell
2000
Value
....................................................................................
3,319,795,063‌
3,414,415,324‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Russell
2000
.........................................................................................
$
32,579,119,585‌
$
35,012,852,315‌
Russell
2000
Growth
...................................................................................
1,810,236,536‌
1,980,491,041‌
Russell
2000
Value
....................................................................................
861,222,552‌
1,719,919,009‌
iShares
ETF
Amounts
Russell
2000
...........................................................................................................
$
9,508,088,657‌
Russell
2000
Growth
.....................................................................................................
934,647,008‌
Russell
2000
Value
......................................................................................................
1,454,504,025‌
Notes
to
Financial
Statements
(unaudited)
(continued)
71
Notes
to
Financial
Statements
As
of
September
30,
2022,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk:
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund’s
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the
duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs.
Counterparty
Credit
Risk:
 The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Concentration
Risk:
 A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Russell
2000
....................................................
$
80,145,587,821‌
$
395,878,196‌
$
(26,914,389,314‌)
$
(26,518,511,118‌)
Russell
2000
Growth
...............................................
11,615,158,828‌
541,124,971‌
(2,188,832,589‌)
(1,647,707,618‌)
Russell
2000
Value
................................................
14,312,095,803‌
397,891,598‌
(2,878,079,332‌)
(2,480,187,734‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
72
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a
phase
out
of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31, 2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
09/30/22
Year
Ended
03/31/22
iShares
ETF
Shares
Amount
Shares
Amount
Russell
2000
Shares
sold
189,350,000‌
$
34,430,729,950‌
426,400,000‌
$
93,255,342,373‌
Shares
redeemed
(202,500,000‌)
(37,011,059,138‌)
(439,200,000‌)
(96,019,884,011‌)
(13,150,000‌)
$
(2,580,329,188‌)
(12,800,000‌)
$
(2,764,541,638‌)
Russell
2000
Growth
Shares
sold
8,400,000‌
$
1,830,983,243‌
17,950,000‌
$
5,179,049,200‌
Shares
redeemed
(9,050,000‌)
(2,000,624,188‌)
(15,900,000‌)
(4,605,946,186‌)
(650,000‌)
$
(169,640,945‌)
2,050,000‌
$
573,103,014‌
Russell
2000
Value
Shares
sold
6,450,000‌
$
954,485,108‌
33,300,000‌
$
5,495,477,619‌
Shares
redeemed
(12,600,000‌)
(1,891,856,483‌)
(45,050,000‌)
(7,407,323,006‌)
(6,150,000‌)
$
(937,371,375‌)
(11,750,000‌)
$
(1,911,845,387‌)
Board
Review
and
Approval
of
Investment
Advisory
Contract
73
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
Russell
2000
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
within
range
of
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
74
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
Further,
with
respect
to
comparisons
with
one
or
more
open-end
index
mutual
funds
registered
under
the
1940
Act
managed
by
BFA
(or
an
affiliate)
that
track
the
same
index
as
the
Fund
and
have
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
that
are
lower
than
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
Fund,
the
Board
gave
weight
to
management’s
explanations
of
the
relevant
circumstances
applicable
to
such
mutual
funds.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
Russell
2000
Growth
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
75
Board
Review
and
Approval
of
Investment
Advisory
Contract
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
within
range
of
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
76
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
Russell
2000
Value
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
77
Board
Review
and
Approval
of
Investment
Advisory
Contract
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
78
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Supplemental
Information
(unaudited)
79
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
September
30,
2022
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Russell
2000
(a)
........................
$
1.271729‌
$
—‌
$
0.083766‌
$
1.355495‌
94‌%
—‌%
6‌%
100‌%
Russell
2000
Growth
(a)
..................
0.847311‌
—‌
0.030932‌
0.878243‌
96‌
—‌
4‌
100‌
Russell
2000
Value
(a)
...................
1.370754‌
—‌
0.115387‌
1.486141‌
92‌
—‌
8‌
100‌
(a)
Each
Fund
estimates
that
it
has
distributed
more
than
its
net
investment
income
and
net
realized
capital
gains;
therefore,
a
portion
of
the
distribution
may
be
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
shareholder’s
investment
in
each
Fund
is
returned
to
the
shareholder.
A
return
of
capital
does
not
necessarily
reflect
each
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
When
distributions
exceed
total
return
performance,
the
difference
will
incrementally
reduce
each
Fund’s
net
asset
value
per
share.
General
Information
2022
iShares
Semi-Annual
Report
to
Shareholders
80
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•  
Go
to
icsdelivery.com
.
• 
 If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
81
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
CVR
Contingent
Value
Rights
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
iS-SAR-316-0922