SEPTEMBER
30,
2023
2023
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
combination
of
continued
economic
growth
and
moderating
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
September
30,
2023.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation
while
the
economy
proved
more
resilient
than
many
investors
anticipated.
A
moderating
labor
market
also
helped
ease
inflationary
pressure,
although
wages
continued
to
grow
and
unemployment
rates
touched
the
lowest
levels
in
decades.
This
robust
labor
market
powered
further
growth
in
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
substantial,
as
the
durability
of
consumer
sentiment
and
spending
mitigated
investors’
concerns
about
the
economy’s
trajectory.
The
U.S.
economy
resumed
growth
in
the
third
quarter
of
2022
and
continued
to
expand
thereafter.
All
major
classes
of
equities
rose,
although
large-capitalization
U.S.
stocks
posted
significantly
higher
returns
than
small-capitalization
U.S.
stocks
due
primarily
to
the
performance
of
large
technology
companies.
International
developed
market
equities
also
advanced
strongly,
and
emerging
market
equities
posted
solid
gains.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
six
times
during
the
12-month
period.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
However,
the
Fed
declined
to
raise
interest
rates
at
two
of
its
meetings
late
in
the
period.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
recently
opted
for
two
pauses,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt.
While
we
favor
an
overweight
position
in
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
Japanese
stocks
in
the
near
term
as
shareholder-friendly
policies
generate
increased
investor
interest.
We
also
believe
that
stocks
with
an
AI
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
euro
area
government
bonds
and
gilts,
U.S.
mortgage-backed
securities,
and
hard-
currency
emerging
market
bonds.
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,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
5.18
%
21.62
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(0.19
)
8.93
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(1.28
)
25.65
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(2.05
)
11.70
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.50
4.47
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(6.98
)
(2.90
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(4.05
)
0.64
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(4.05
)
2.66
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
2.22
10.28
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
.........................................................................................
55
Statements
of
Operations
................................................................................................
56
Statements
of
Changes
in
Net
Assets
........................................................................................
57
Financial
Highlights
.....................................................................................................
59
Notes
to
Financial
Statements
...............................................................................................
62
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
70
Supplemental
Information
.................................................................................................
76
General
Information
.....................................................................................................
77
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
78
Fund
Summary
as
of
September
30,
2023
2023
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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.31‌)%
8.79‌%
2.30‌%
6.61‌%
8.79‌%
12.03‌%
89.74‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.19‌)
8.86‌
2.29‌
6.61‌
8.86‌
11.99‌
89.60‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.19‌)
8.93‌
2.40‌
6.65‌
8.93‌
12.56‌
90.30‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
996.90‌
$
0.95‌
$
1,000.00‌
$
1,024.05‌
$
0.96‌
0.19‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/366
(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)
—
Industrials
......................................
17.3‌
%
Financials
......................................
15.9‌
Health
Care
....................................
14.9‌
Information
Technology
.............................
13.3‌
Consumer
Discretionary
............................
10.6‌
Energy
........................................
8.5‌
Real
Estate
.....................................
6.1‌
Materials
......................................
4.6‌
Consumer
Staples
................................
3.6‌
Utilities
........................................
2.8‌
Communication
Services
............................
2.4‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Super
Micro
Computer,
Inc.
...........................
0.6‌
%
Chart
Industries,
Inc.
...............................
0.3‌
ChampionX
Corp.
.................................
0.3‌
Chord
Energy
Corp.
................................
0.3‌
Murphy
Oil
Corp.
..................................
0.3‌
Matador
Resources
Co.
.............................
0.3‌
Light
&
Wonder,
Inc.,
Class
A
..........................
0.3‌
Weatherford
International
plc
..........................
0.3‌
Simpson
Manufacturing
Co.,
Inc.
.......................
0.3‌
SPS
Commerce,
Inc.
...............................
0.3‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2023
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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.86‌)%
9.51‌%
1.50‌%
6.74‌%
9.51‌%
7.71‌%
92.04‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.83‌)
9.36‌
1.48‌
6.73‌
9.36‌
7.60‌
91.80‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.78‌)
9.59‌
1.55‌
6.72‌
9.59‌
8.01‌
91.56‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
991.40‌
$
1.19‌
$
1,000.00‌
$
1,023.80‌
$
1.21‌
0.24‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/366
(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
....................................
21.5‌
%
Information
Technology
.............................
21.2‌
Industrials
......................................
20.1‌
Consumer
Discretionary
............................
11.0‌
Financials
......................................
6.4‌
Energy
........................................
5.8‌
Consumer
Staples
................................
4.5‌
Materials
......................................
4.2‌
Communication
Services
............................
2.1‌
Real
Estate
.....................................
1.6‌
Utilities
........................................
1.6‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Super
Micro
Computer,
Inc.
...........................
1.2‌
%
ChampionX
Corp.
.................................
0.6‌
Weatherford
International
plc
..........................
0.6‌
Simpson
Manufacturing
Co.,
Inc.
.......................
0.6‌
SPS
Commerce,
Inc.
...............................
0.6‌
Selective
Insurance
Group,
Inc.
........................
0.6‌
HealthEquity
,
Inc.
..................................
0.6‌
Fabrinet
........................................
0.6‌
Rambus,
Inc.
....................................
0.6‌
Comfort
Systems
USA,
Inc.
...........................
0.5‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2023
2023
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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.09‌)%
7.61‌%
2.40‌%
6.04‌%
7.61‌%
12.57‌%
79.79‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.06‌
7.61‌
2.40‌
6.04‌
7.61‌
12.57‌
79.72‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.13‌
7.84‌
2.59‌
6.19‌
7.84‌
13.65‌
82.33‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
999.10‌
$
1.20‌
$
1,000.00‌
$
1,023.80‌
$
1.21‌
0.24‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/366
(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
......................................
25.4‌
%
Industrials
......................................
14.6‌
Energy
........................................
11.0‌
Real
Estate
.....................................
10.4‌
Consumer
Discretionary
............................
10.2‌
Health
Care
....................................
8.4‌
Information
Technology
.............................
5.8‌
Materials
......................................
4.9‌
Utilities
........................................
4.0‌
Consumer
Staples
................................
2.7‌
Communication
Services
............................
2.6‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Chord
Energy
Corp.
................................
0.6‌
%
Murphy
Oil
Corp.
..................................
0.6‌
PBF
Energy,
Inc.,
Class
A
............................
0.5‌
Commercial
Metals
Co.
..............................
0.5‌
Civitas
Resources,
Inc.
..............................
0.5‌
Matador
Resources
Co.
.............................
0.5‌
UFP
Industries,
Inc.
................................
0.5‌
SouthState
Corp.
..................................
0.4‌
Essent
Group
Ltd.
.................................
0.4‌
Asbury
Automotive
Group,
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.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
September
30,
2023
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)
......................
796,998
$
47,445,291
AeroVironment,
Inc.
(a)(b)
...............
592,193
66,047,285
AerSale
Corp.
(a)(b)
...................
583,614
8,719,193
Archer
Aviation,
Inc.,
Class
A
(a)(b)
.........
3,468,818
17,552,219
Astronics
Corp.
(a)(b)
..................
600,738
9,527,705
Cadre
Holdings,
Inc.
.................
435,519
11,606,581
Ducommun,
Inc.
(a)(b)
.................
293,189
12,756,653
Eve
Holding,
Inc.
(a)(b)
.................
398,644
3,304,759
Kaman
Corp.
.....................
644,478
12,663,993
Kratos
Defense
&
Security
Solutions,
Inc.
(a)(b)
2,849,399
42,797,973
Leonardo
DRS,
Inc.
(a)(b)
...............
1,144,342
19,110,511
Moog,
Inc.,
Class
A
.................
647,356
73,125,334
National
Presto
Industries,
Inc.
..........
115,265
8,352,102
Park
Aerospace
Corp.
................
428,812
6,659,450
Parsons
Corp.
(a)(b)
...................
947,301
51,485,809
Redwire
Corp.
(a)(b)
...................
225,178
650,764
Rocket
Lab
USA,
Inc.
(a)(b)
..............
6,360,141
27,857,418
Terran
Orbital
Corp.
(a)(b)
...............
1,949,603
1,622,850
Triumph
Group,
Inc.
(a)
................
1,476,379
11,309,063
V2X,
Inc.
(a)(b)
......................
259,541
13,407,888
Virgin
Galactic
Holdings,
Inc.,
Class
C
(a)(b)
...
5,739,192
10,330,546
456,333,387
Air
Freight
&
Logistics
—
0.3%
Air
Transport
Services
Group,
Inc.
(a)(b)
.....
1,281,910
26,753,462
Forward
Air
Corp.
..................
596,563
41,007,741
Hub
Group,
Inc.,
Class
A
(a)
.............
714,567
56,122,092
Radiant
Logistics,
Inc.
(a)
..............
818,291
4,623,344
128,506,639
Automobile
Components
—
1.5%
Adient
plc
(a)
.......................
2,185,111
80,193,574
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
(b)
...........................
2,603,119
18,898,644
Atmus
Filtration
Technologies,
Inc.
(a)(b)
.....
367,481
7,661,979
Cooper-Standard
Holdings,
Inc.
(a)(b)
.......
386,471
5,186,441
Dana,
Inc.
........................
2,986,586
43,813,217
Dorman
Products,
Inc.
(a)(b)
.............
597,537
45,269,403
Fox
Factory
Holding
Corp.
(a)(b)
..........
970,860
96,192,809
Gentherm,
Inc.
(a)
...................
752,526
40,832,061
Goodyear
Tire
&
Rubber
Co.
(The)
(a)(b)
.....
6,415,596
79,745,858
Holley,
Inc.
(a)(b)
.....................
1,206,953
6,022,695
LCI
Industries
.....................
560,474
65,810,857
Luminar
Technologies,
Inc.,
Class
A
(a)(b)
....
6,219,983
28,300,923
Modine
Manufacturing
Co.
(a)(b)
..........
1,172,129
53,624,902
Patrick
Industries,
Inc.
(b)
..............
490,339
36,804,845
Solid
Power,
Inc.,
Class
A
(a)(b)
...........
3,556,012
7,183,144
Standard
Motor
Products,
Inc.
..........
481,154
16,176,397
Stoneridge,
Inc.
(a)(b)
..................
600,610
12,054,243
Visteon
Corp.
(a)(b)
...................
640,732
88,465,867
XPEL,
Inc.
(a)(b)(c)
....................
512,783
39,540,697
771,778,556
Automobiles
—
0.1%
(b)
Fisker,
Inc.,
Class
A
(a)
................
4,458,211
28,621,715
Livewire
Group,
Inc.
(a)
................
230,561
1,597,788
Winnebago
Industries,
Inc.
............
671,156
39,900,224
Workhorse
Group,
Inc.
(a)
..............
4,147,150
1,718,579
71,838,306
Banks
—
8.4%
1st
Source
Corp.
...................
389,439
16,391,487
ACNB
Corp.
......................
194,456
6,146,754
Amalgamated
Financial
Corp.
..........
454,826
7,832,104
Amerant
Bancorp,
Inc.,
Class
A
.........
627,492
10,943,460
Security
Shares
Shares
Value
Banks
(continued)
American
National
Bankshares,
Inc.
......
239,728
$
9,095,280
Ameris
Bancorp
....................
1,504,042
57,740,172
Ames
National
Corp.
................
195,332
3,240,558
Arrow
Financial
Corp.
(b)
...............
372,969
6,347,936
Associated
Banc-Corp.
...............
3,502,760
59,932,224
Atlantic
Union
Bankshares
Corp.
........
1,567,960
45,125,889
Axos
Financial,
Inc.
(a)(b)
...............
1,301,258
49,265,628
Banc
of
California,
Inc.
...............
1,166,940
14,446,717
BancFirst
Corp.
....................
503,248
43,646,699
Bancorp,
Inc.
(The)
(a)(b)
...............
1,118,450
38,586,525
Bank
First
Corp.
(b)
..................
210,541
16,243,238
Bank
of
Hawaii
Corp.
................
817,365
40,614,867
Bank
of
Marin
Bancorp
...............
385,769
7,051,857
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
....
1,155,301
31,285,551
Bank7
Corp.
......................
68,921
1,551,412
BankUnited,
Inc.
...................
1,586,630
36,016,501
Bankwell
Financial
Group,
Inc.
..........
159,951
3,882,011
Banner
Corp.
.....................
702,049
29,752,837
Bar
Harbor
Bankshares
..............
368,318
8,703,354
BayCom
Corp.
....................
287,191
5,516,939
BCB
Bancorp,
Inc.
..................
388,676
4,329,851
Berkshire
Hills
Bancorp,
Inc.
...........
895,570
17,956,178
Blue
Foundry
Bancorp
(a)(b)
.............
575,080
4,813,420
Blue
Ridge
Bankshares,
Inc.
...........
425,225
1,922,017
Bridgewater
Bancshares,
Inc.
(a)(b)
........
513,268
4,865,781
Brookline
Bancorp,
Inc.
(b)
..............
1,944,364
17,713,156
Burke
&
Herbert
Financial
Services
Corp.
(b)
.
156,399
7,267,080
Business
First
Bancshares,
Inc.
.........
561,110
10,526,424
Byline
Bancorp,
Inc.
.................
593,363
11,695,185
C&F
Financial
Corp.
.................
66,857
3,583,535
Cadence
Bank
....................
3,760,891
79,806,107
Cambridge
Bancorp
.................
182,072
11,341,265
Camden
National
Corp.
..............
353,186
9,966,909
Capital
Bancorp,
Inc.
(b)
...............
219,053
4,190,484
Capital
City
Bank
Group,
Inc.
...........
314,062
9,368,469
Capitol
Federal
Financial,
Inc.
..........
2,883,683
13,755,168
Capstar
Financial
Holdings,
Inc.
.........
478,824
6,794,513
Carter
Bankshares,
Inc.
(a)(b)
............
565,880
7,090,476
Cathay
General
Bancorp
..............
1,535,490
53,373,632
Central
Pacific
Financial
Corp.
..........
550,458
9,181,639
Central
Valley
Community
Bancorp
.......
199,668
2,817,315
Chemung
Financial
Corp.
(b)
............
75,723
2,999,388
ChoiceOne
Financial
Services,
Inc.
.......
140,300
2,755,492
Citizens
&
Northern
Corp.
.............
359,265
6,305,101
Citizens
Financial
Services,
Inc.
(b)
........
87,304
4,183,608
City
Holding
Co.
...................
317,082
28,648,359
Civista
Bancshares,
Inc.
..............
374,057
5,797,883
CNB
Financial
Corp.
.................
503,609
9,120,359
Coastal
Financial
Corp.
(a)(b)
............
248,288
10,654,038
Codorus
Valley
Bancorp,
Inc.
...........
188,815
3,519,512
Colony
Bankcorp,
Inc.
...............
444,322
4,440,998
Columbia
Financial,
Inc.
(a)(b)
............
686,856
10,790,508
Community
Bank
System,
Inc.
..........
1,122,323
47,373,254
Community
Trust
Bancorp,
Inc.
.........
374,582
12,833,179
ConnectOne
Bancorp,
Inc.
............
856,354
15,268,792
CrossFirst
Bankshares,
Inc.
(a)(b)
.........
1,054,295
10,637,837
Customers
Bancorp,
Inc.
(a)
.............
650,572
22,412,205
CVB
Financial
Corp.
.................
2,917,178
48,337,639
Dime
Community
Bancshares,
Inc.
.......
796,561
15,899,358
Eagle
Bancorp,
Inc.
.................
626,442
13,437,181
Eastern
Bankshares,
Inc.
.............
3,545,279
44,457,799
Enterprise
Bancorp,
Inc.
..............
223,151
6,109,874
Enterprise
Financial
Services
Corp.
......
835,878
31,345,425
Equity
Bancshares,
Inc.,
Class
A
........
368,334
8,865,799
Esquire
Financial
Holdings,
Inc.
.........
158,892
7,259,775
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
Schedules
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
ESSA
Bancorp,
Inc.
(b)
................
167,001
$
2,506,685
Evans
Bancorp,
Inc.
.................
121,152
3,246,874
Farmers
&
Merchants
Bancorp,
Inc.
......
303,931
5,327,910
Farmers
National
Banc
Corp.
...........
859,849
9,939,854
FB
Financial
Corp.
..................
837,983
23,765,198
Fidelity
D&D
Bancorp,
Inc.
(b)
...........
99,048
4,496,779
Financial
Institutions,
Inc.
.............
368,400
6,200,172
First
Bancorp
.....................
4,726,708
76,010,999
First
Bancorp,
Inc.
(The)
..............
247,054
5,805,769
First
Bancshares,
Inc.
(The)
............
701,729
18,925,631
First
Bank
........................
488,159
5,262,354
First
Busey
Corp.
...................
1,223,155
23,509,039
First
Business
Financial
Services,
Inc.
.....
191,620
5,750,516
First
Commonwealth
Financial
Corp.
......
2,172,906
26,531,182
First
Community
Bankshares,
Inc.
.......
409,959
12,073,293
First
Community
Corp.
(b)
..............
140,943
2,434,086
First
Financial
Bancorp
...............
2,071,497
40,601,341
First
Financial
Bankshares,
Inc.
.........
2,973,751
74,700,625
First
Financial
Corp.
.................
296,166
10,013,372
First
Foundation,
Inc.
................
1,273,765
7,744,491
First
Interstate
BancSystem,
Inc.,
Class
A
..
1,920,880
47,906,747
First
Merchants
Corp.
................
1,389,677
38,660,814
First
Mid
Bancshares,
Inc.
.............
465,184
12,355,287
First
of
Long
Island
Corp.
(The)
.........
552,659
6,361,105
First
Western
Financial,
Inc.
(a)(b)
.........
198,473
3,602,285
Five
Star
Bancorp
..................
301,266
6,043,396
Flushing
Financial
Corp.
..............
670,995
8,810,164
FS
Bancorp,
Inc.
...................
129,419
3,817,860
Fulton
Financial
Corp.
................
3,572,873
43,267,492
FVCBankcorp,
Inc.
(a)(b)
...............
373,726
4,787,430
German
American
Bancorp,
Inc.
.........
683,236
18,508,863
Glacier
Bancorp,
Inc.
(b)
...............
2,545,774
72,554,559
Great
Southern
Bancorp,
Inc.
...........
219,936
10,539,333
Greene
County
Bancorp,
Inc.
(b)
..........
161,439
3,882,608
Guaranty
Bancshares,
Inc.
(b)
...........
207,209
5,944,826
Hancock
Whitney
Corp.
..............
1,983,520
73,370,405
Hanmi
Financial
Corp.
...............
714,416
11,594,972
HarborOne
Bancorp,
Inc.
.............
1,011,525
9,629,718
HBT
Financial,
Inc.
..................
326,994
5,964,371
Heartland
Financial
USA,
Inc.
..........
973,681
28,655,432
Heritage
Commerce
Corp.
.............
1,465,974
12,416,800
Heritage
Financial
Corp.
..............
773,259
12,611,854
Hilltop
Holdings,
Inc.
.................
1,068,397
30,299,739
Hingham
Institution
for
Savings
(The)
(b)
....
35,666
6,660,625
Home
Bancorp,
Inc.
.................
174,800
5,570,876
Home
BancShares,
Inc.
(b)
.............
4,360,076
91,299,991
HomeStreet,
Inc.
...................
432,692
3,370,671
HomeTrust
Bancshares,
Inc.
...........
373,380
8,091,145
Hope
Bancorp,
Inc.
.................
2,510,847
22,220,996
Horizon
Bancorp,
Inc.
................
995,998
10,637,259
Independent
Bank
Corp.
..............
1,429,377
55,739,756
Independent
Bank
Group,
Inc.
..........
824,063
32,591,692
International
Bancshares
Corp.
.........
1,232,378
53,411,263
John
Marshall
Bancorp,
Inc.
(b)
..........
270,341
4,825,587
Kearny
Financial
Corp.
...............
1,360,332
9,427,101
Lakeland
Bancorp,
Inc.
...............
1,476,728
18,636,307
Lakeland
Financial
Corp.
..............
528,121
25,064,623
LCNB
Corp.
......................
203,684
2,906,571
Live
Oak
Bancshares,
Inc.
(b)
............
765,867
22,171,850
Luther
Burbank
Corp.
................
419,596
3,524,606
Macatawa
Bank
Corp.
...............
626,266
5,611,343
MainStreet
Bancshares,
Inc.
...........
111,731
2,294,955
Mercantile
Bank
Corp.
...............
375,206
11,597,617
Metrocity
Bankshares,
Inc.
............
444,463
8,747,032
Metropolitan
Bank
Holding
Corp.
(a)
.......
243,319
8,827,613
Security
Shares
Shares
Value
Banks
(continued)
Mid
Penn
Bancorp,
Inc.
...............
343,313
$
6,910,891
Middlefield
Banc
Corp.
...............
150,148
3,815,261
Midland
States
Bancorp,
Inc.
...........
489,639
10,057,185
MidWestOne
Financial
Group,
Inc.
.......
369,799
7,518,014
MVB
Financial
Corp.
................
275,705
6,225,419
National
Bank
Holdings
Corp.,
Class
A
....
711,226
21,166,086
National
Bankshares,
Inc.
.............
122,002
3,054,930
NBT
Bancorp,
Inc.
..................
933,631
29,586,766
Nicolet
Bankshares,
Inc.
(b)
.............
291,848
20,365,153
Northeast
Bank
(b)
...................
157,362
6,939,664
Northeast
Community
Bancorp,
Inc.
......
273,025
4,029,849
Northfield
Bancorp,
Inc.
..............
960,795
9,079,513
Northrim
BanCorp,
Inc.
...............
129,668
5,137,446
Northwest
Bancshares,
Inc.
............
2,706,972
27,692,324
Norwood
Financial
Corp.
..............
155,198
3,997,900
Oak
Valley
Bancorp
(b)
................
134,913
3,383,618
OceanFirst
Financial
Corp.
............
1,360,821
19,691,080
OFG
Bancorp
.....................
981,106
29,295,825
Old
National
Bancorp
................
6,687,068
97,229,969
Old
Second
Bancorp,
Inc.
.............
1,013,355
13,791,762
Orange
County
Bancorp,
Inc.
(b)
..........
111,576
4,816,736
Origin
Bancorp,
Inc.
.................
678,087
19,576,372
Orrstown
Financial
Services,
Inc.
........
259,485
5,451,780
Pacific
Premier
Bancorp,
Inc.
...........
2,226,529
48,449,271
PacWest
Bancorp
..................
2,850,672
22,548,816
Park
National
Corp.
(b)
................
336,757
31,830,272
Parke
Bancorp,
Inc.
.................
264,480
4,308,379
Pathward
Financial,
Inc.
..............
577,204
26,603,332
PCB
Bancorp
.....................
268,533
4,148,835
Peapack-Gladstone
Financial
Corp.
(b)
.....
427,235
10,958,578
Penns
Woods
Bancorp,
Inc.
(b)
..........
127,564
2,689,049
Peoples
Bancorp,
Inc.
...............
797,311
20,235,753
Peoples
Financial
Services
Corp.
........
169,927
6,814,073
Pioneer
Bancorp,
Inc.
(a)(b)
..............
277,026
2,365,802
Plumas
Bancorp
(b)
..................
111,522
3,807,361
Ponce
Financial
Group,
Inc.
(a)(b)
.........
419,382
3,279,567
Preferred
Bank
....................
212,051
13,200,175
Premier
Financial
Corp.
..............
817,957
13,954,346
Primis
Financial
Corp.
................
564,081
4,597,260
Princeton
Bancorp,
Inc.
...............
96,811
2,806,551
Provident
Financial
Services,
Inc.
........
1,555,051
23,776,730
QCR
Holdings,
Inc.
(b)
................
381,649
18,517,609
RBB
Bancorp
.....................
414,291
5,294,639
Red
River
Bancshares,
Inc.
............
106,700
4,903,932
Renasant
Corp.
....................
1,195,342
31,306,007
Republic
Bancorp,
Inc.,
Class
A
.........
201,992
8,897,748
S&T
Bancorp,
Inc.
..................
847,267
22,943,990
Sandy
Spring
Bancorp,
Inc.
............
1,034,501
22,169,356
Seacoast
Banking
Corp.
of
Florida
.......
1,810,445
39,757,372
ServisFirst
Bancshares,
Inc.
...........
1,164,669
60,760,782
Shore
Bancshares,
Inc.
...............
713,263
7,503,527
Sierra
Bancorp
....................
343,019
6,503,640
Simmons
First
National
Corp.,
Class
A
....
2,565,996
43,519,292
SmartFinancial,
Inc.
.................
370,395
7,915,341
South
Plains
Financial,
Inc.
............
290,751
7,687,456
Southern
First
Bancshares,
Inc.
(a)(b)
.......
192,708
5,191,554
Southern
Missouri
Bancorp,
Inc.
.........
205,813
7,962,905
Southern
States
Bancshares,
Inc.
(b)
.......
138,643
3,131,945
Southside
Bancshares,
Inc.
............
654,559
18,785,843
SouthState
Corp.
...................
1,742,741
117,391,034
Stellar
Bancorp,
Inc.
.................
1,109,257
23,649,359
Sterling
Bancorp,
Inc.
(a)
...............
444,020
2,593,077
Stock
Yards
Bancorp,
Inc.
.............
620,923
24,396,065
Summit
Financial
Group,
Inc.
...........
271,472
6,118,979
Texas
Capital
Bancshares,
Inc.
(a)
........
1,096,456
64,581,258
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Third
Coast
Bancshares,
Inc.
(a)
..........
299,311
$
5,118,218
Timberland
Bancorp,
Inc.
.............
164,782
4,465,592
Tompkins
Financial
Corp.
.............
312,697
15,319,026
Towne
Bank
......................
1,627,645
37,321,900
TriCo
Bancshares
..................
716,051
22,935,114
Triumph
Financial,
Inc.
(a)(b)
.............
508,405
32,939,560
TrustCo
Bank
Corp.
.................
411,892
11,240,533
Trustmark
Corp.
...................
1,340,275
29,124,176
UMB
Financial
Corp.
................
1,014,811
62,969,023
United
Bankshares,
Inc.
..............
2,976,351
82,117,524
United
Community
Banks,
Inc.
..........
2,543,533
64,631,174
Unity
Bancorp,
Inc.
(b)
................
187,388
4,390,501
Univest
Financial
Corp.
...............
696,785
12,110,123
USCB
Financial
Holdings,
Inc.,
Class
A
(a)(b)
..
248,248
2,609,086
Valley
National
Bancorp
..............
10,035,298
85,902,151
Veritex
Holdings,
Inc.
................
1,127,508
20,238,769
Virginia
National
Bankshares
Corp.
(b)
......
96,655
2,933,479
Washington
Federal,
Inc.
..............
1,356,747
34,759,858
Washington
Trust
Bancorp,
Inc.
.........
403,520
10,624,682
WesBanco,
Inc.
....................
1,326,508
32,393,325
West
Bancorp,
Inc.
..................
398,058
6,492,326
Westamerica
Bancorp
...............
570,118
24,657,603
WSFS
Financial
Corp.
...............
1,291,362
47,134,713
4,283,932,535
Beverages
—
0.4%
Coca-Cola
Consolidated,
Inc.
...........
108,802
69,232,889
Duckhorn
Portfolio,
Inc.
(The)
(a)(b)
........
1,012,949
10,392,857
MGP
Ingredients,
Inc.
(b)
...............
360,336
38,008,241
National
Beverage
Corp.
(a)
.............
535,427
25,175,777
Primo
Water
Corp.
..................
3,568,169
49,240,732
Vita
Coco
Co.,
Inc.
(The)
(a)(b)
...........
654,367
17,039,717
Zevia
PBC,
Class
A
(a)(b)
...............
512,426
1,137,586
210,227,799
Biotechnology
—
6.6%
2seventy
bio,
Inc.
(a)(b)
................
1,137,330
4,458,334
4D
Molecular
Therapeutics,
Inc.
(a)(b)
.......
887,988
11,304,087
89bio,
Inc.
(a)
......................
1,408,731
21,750,807
Aadi
Bioscience,
Inc.
(a)
...............
370,739
1,794,377
ACADIA
Pharmaceuticals,
Inc.
(a)(b)
........
2,761,078
57,540,866
ACELYRIN,
Inc.
(a)(b)
.................
739,118
7,516,830
Acrivon
Therapeutics,
Inc.
(a)(b)
...........
192,991
1,844,994
Actinium
Pharmaceuticals,
Inc.
(a)(b)
.......
610,436
3,613,781
Adicet
Bio,
Inc.
(a)(b)
..................
684,672
938,001
ADMA
Biologics,
Inc.
(a)(b)
..............
4,777,952
17,105,068
Aerovate
Therapeutics,
Inc.
(a)(b)
..........
247,936
3,364,492
Agenus,
Inc.
(a)(b)
....................
7,993,540
9,032,700
Agios
Pharmaceuticals,
Inc.
(a)(b)
.........
1,269,414
31,417,996
Akero
Therapeutics,
Inc.
(a)(b)
............
1,168,089
59,081,942
Aldeyra
Therapeutics,
Inc.
(a)(b)
...........
1,058,317
7,069,558
Alector,
Inc.
(a)(b)
....................
1,453,936
9,421,505
Alkermes
plc
(a)
.....................
3,781,844
105,929,450
Allakos,
Inc.
(a)(b)
....................
1,509,473
3,426,504
Allogene
Therapeutics,
Inc.
(a)(b)
..........
1,880,716
5,961,870
Allovir,
Inc.
(a)(b)
.....................
1,139,763
2,450,490
Alpine
Immune
Sciences,
Inc.
(a)(b)
........
713,624
8,170,995
Altimmune,
Inc.
(a)(b)
..................
1,186,780
3,085,628
ALX
Oncology
Holdings,
Inc.
(a)(b)
.........
513,031
2,462,549
Amicus
Therapeutics,
Inc.
(a)(b)
...........
6,386,773
77,663,160
AnaptysBio,
Inc.
(a)(b)
.................
437,139
7,851,016
Anavex
Life
Sciences
Corp.
(a)(b)
.........
1,614,161
10,572,755
Anika
Therapeutics,
Inc.
(a)(b)
............
342,591
6,382,470
Annexon,
Inc.
(a)(b)
...................
1,012,002
2,388,325
Apogee
Therapeutics,
Inc.
(a)(b)
..........
425,473
9,062,575
Security
Shares
Shares
Value
Biotechnology
(continued)
Arbutus
Biopharma
Corp.
(a)
............
2,737,330
$
5,556,780
Arcellx,
Inc.
(a)(b)
....................
861,516
30,911,194
Arcturus
Therapeutics
Holdings,
Inc.
(a)(b)
....
532,121
13,595,692
Arcus
Biosciences,
Inc.
(a)(b)
............
1,208,651
21,695,285
Arcutis
Biotherapeutics,
Inc.
(a)(b)
.........
1,177,627
6,253,199
Ardelyx,
Inc.
(a)(b)
....................
4,850,592
19,790,415
Arrowhead
Pharmaceuticals,
Inc.
(a)(b)
......
2,306,337
61,971,275
ARS
Pharmaceuticals,
Inc.
(a)(b)
..........
564,575
2,134,093
Astria
Therapeutics,
Inc.
(a)(b)
............
574,610
4,286,591
Atara
Biotherapeutics,
Inc.
(a)(b)
..........
2,236,511
3,310,036
Aura
Biosciences,
Inc.
(a)
..............
614,442
5,511,545
Aurinia
Pharmaceuticals,
Inc.
(a)(b)
........
3,075,119
23,893,675
Avid
Bioservices,
Inc.
(a)(b)
..............
1,414,624
13,354,051
Avidity
Biosciences,
Inc.
(a)(b)
............
1,601,668
10,218,642
Avita
Medical,
Inc.
(a)(b)
................
581,037
8,488,951
Beam
Therapeutics,
Inc.
(a)(b)
............
1,590,682
38,255,902
BioAtla,
Inc.
(a)(b)
....................
975,796
1,658,853
BioCryst
Pharmaceuticals,
Inc.
(a)(b)
.......
4,301,975
30,457,983
Biohaven
Ltd.
(a)(b)
...................
1,324,873
34,459,947
Biomea
Fusion,
Inc.
(a)(b)
...............
449,914
6,190,817
Bioxcel
Therapeutics,
Inc.
(a)(b)
...........
435,737
1,102,415
Bluebird
Bio,
Inc.
(a)(b)
.................
2,490,051
7,569,755
Blueprint
Medicines
Corp.
(a)(b)
...........
1,386,710
69,640,576
Bridgebio
Pharma,
Inc.
(a)(b)
.............
2,608,191
68,777,997
Cabaletta
Bio,
Inc.
(a)(b)
................
778,256
11,845,056
CareDx,
Inc.
(a)
.....................
1,188,163
8,317,141
Caribou
Biosciences,
Inc.
(a)(b)
...........
1,694,772
8,101,010
Carisma
Therapeutics,
Inc.
(b)
...........
608,930
2,575,774
Catalyst
Pharmaceuticals,
Inc.
(a)(b)
........
2,280,253
26,656,158
Celcuity,
Inc.
(a)(b)
....................
378,321
3,457,854
Celldex
Therapeutics,
Inc.
(a)(b)
...........
1,055,964
29,060,129
Century
Therapeutics,
Inc.
(a)(b)
..........
525,551
1,051,102
Cerevel
Therapeutics
Holdings,
Inc.
(a)(b)
....
1,408,810
30,754,322
Cogent
Biosciences,
Inc.
(a)(b)
...........
1,842,618
17,965,525
Coherus
Biosciences,
Inc.
(a)(b)
...........
2,268,562
8,484,422
Compass
Therapeutics,
Inc.
(a)(b)
.........
2,024,139
3,987,554
Crinetics
Pharmaceuticals,
Inc.
(a)(b)
.......
1,468,417
43,670,722
Cue
Biopharma,
Inc.
(a)(b)
..............
795,670
1,830,041
Cullinan
Oncology,
Inc.
(a)(b)
.............
535,916
4,850,040
Cytokinetics,
Inc.
(a)(b)
.................
2,120,092
62,457,910
Day
One
Biopharmaceuticals,
Inc.
(a)(b)
.....
1,424,187
17,474,774
Deciphera
Pharmaceuticals,
Inc.
(a)
.......
1,197,217
15,228,600
Denali
Therapeutics,
Inc.
(a)(b)
...........
2,692,820
55,552,877
Design
Therapeutics,
Inc.
(a)(b)
...........
752,718
1,776,414
Disc
Medicine,
Inc.
(a)(b)
...............
199,617
9,378,007
Dynavax
Technologies
Corp.
(a)(b)
.........
2,945,646
43,507,191
Dyne
Therapeutics,
Inc.
(a)(b)
............
968,399
8,676,855
Eagle
Pharmaceuticals,
Inc.
(a)(b)
.........
233,853
3,687,862
Editas
Medicine,
Inc.
(a)(b)
..............
1,874,483
14,620,967
Emergent
BioSolutions,
Inc.
(a)(b)
.........
1,171,067
3,981,628
Enanta
Pharmaceuticals,
Inc.
(a)(b)
........
459,709
5,134,950
Entrada
Therapeutics,
Inc.
(a)(b)
..........
477,422
7,543,268
EQRx,
Inc.
(a)(b)
.....................
7,263,059
16,123,991
Erasca,
Inc.
(a)(b)
....................
1,876,598
3,696,898
Fate
Therapeutics,
Inc.
(a)(b)
.............
1,973,616
4,184,066
Fennec
Pharmaceuticals,
Inc.
(a)(b)
........
369,949
2,778,317
FibroGen,
Inc.
(a)(b)
...................
2,047,186
1,766,517
Foghorn
Therapeutics,
Inc.
(a)(b)
..........
461,640
2,308,200
Genelux
Corp.
(a)(b)
..................
401,487
9,832,417
Generation
Bio
Co.
(a)(b)
...............
1,038,069
3,934,282
Geron
Corp.
(a)(b)
....................
11,362,152
24,087,762
Graphite
Bio,
Inc.
(a)
..................
623,519
1,546,327
Gritstone
bio,
Inc.
(a)(b)
................
1,963,189
3,376,685
Halozyme
Therapeutics,
Inc.
(a)(b)
.........
2,949,016
112,652,411
Heron
Therapeutics,
Inc.
(a)(b)
............
2,358,101
2,428,844
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
Schedules
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
HilleVax,
Inc.
(a)(b)
...................
472,859
$
6,359,954
Humacyte,
Inc.
(a)(b)
..................
1,418,095
4,155,018
Icosavax,
Inc.
(a)(b)
...................
636,449
4,932,480
Ideaya
Biosciences,
Inc.
(a)(b)
............
1,237,115
33,377,363
IGM
Biosciences,
Inc.
(a)(b)
.............
281,076
2,346,985
Immuneering
Corp.,
Class
A
(a)(b)
.........
482,654
3,706,783
ImmunityBio,
Inc.
(a)(b)
.................
2,537,073
4,287,653
ImmunoGen,
Inc.
(a)(b)
.................
5,458,326
86,623,634
Immunovant,
Inc.
(a)
..................
1,227,019
47,105,259
Inhibrx,
Inc.
(a)(b)
....................
787,493
14,450,497
Inozyme
Pharma,
Inc.
(a)(b)
.............
794,377
3,336,383
Insmed,
Inc.
(a)(b)
....................
2,998,854
75,721,063
Intellia
Therapeutics,
Inc.
(a)(b)
...........
2,011,910
63,616,594
Intercept
Pharmaceuticals,
Inc.
(a)(b)
.......
919,492
17,047,382
Iovance
Biotherapeutics,
Inc.
(a)(b)
.........
5,214,615
23,726,498
Ironwood
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
.
3,163,546
30,464,948
iTeos
Therapeutics,
Inc.
(a)
.............
575,705
6,303,970
Janux
Therapeutics,
Inc.
(a)(b)
............
393,764
3,969,141
KalVista
Pharmaceuticals,
Inc.
(a)(b)
........
574,579
5,533,196
Karyopharm
Therapeutics,
Inc.
(a)(b)
.......
2,555,771
3,424,733
Keros
Therapeutics,
Inc.
(a)(b)
............
515,966
16,448,996
Kezar
Life
Sciences,
Inc.
(a)(b)
...........
1,608,175
1,913,728
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
(a)(b)
...
712,569
12,377,324
Kodiak
Sciences,
Inc.
(a)(b)
..............
746,509
1,343,716
Krystal
Biotech,
Inc.
(a)(b)
...............
492,838
57,169,208
Kura
Oncology,
Inc.
(a)(b)
...............
1,599,617
14,588,507
Kymera
Therapeutics,
Inc.
(a)(b)
..........
870,056
12,093,778
Larimar
Therapeutics,
Inc.
(a)
............
504,935
1,994,493
Lexicon
Pharmaceuticals,
Inc.
(a)(b)
........
2,150,457
2,343,998
Lineage
Cell
Therapeutics,
Inc.
(a)(b)
.......
2,723,311
3,213,507
Lyell
Immunopharma,
Inc.
(a)(b)
...........
3,987,108
5,861,049
MacroGenics,
Inc.
(a)(b)
................
1,381,549
6,438,018
Madrigal
Pharmaceuticals,
Inc.
(a)(b)
.......
310,273
45,312,269
MannKind
Corp.
(a)(b)
.................
5,838,127
24,111,465
MeiraGTx
Holdings
plc
(a)
..............
733,724
3,602,585
Merrimack
Pharmaceuticals,
Inc.
(a)(b)
......
236,325
2,913,887
Mersana
Therapeutics,
Inc.
(a)(b)
..........
2,407,118
3,057,040
MiMedx
Group,
Inc.
(a)(b)
...............
2,629,963
19,172,430
Mineralys
Therapeutics,
Inc.
(a)(b)
.........
315,480
3,000,215
Mirum
Pharmaceuticals,
Inc.
(a)(b)
.........
567,683
17,938,783
Monte
Rosa
Therapeutics,
Inc.
(a)(b)
.......
705,976
3,381,625
Morphic
Holding,
Inc.
(a)(b)
..............
783,922
17,959,653
Myriad
Genetics,
Inc.
(a)(b)
..............
1,845,757
29,605,942
Nkarta,
Inc.
(a)(b)
....................
720,606
1,001,642
Novavax,
Inc.
(a)(b)
...................
1,988,606
14,397,507
Nurix
Therapeutics,
Inc.
(a)(b)
............
1,074,213
8,443,314
Nuvalent,
Inc.,
Class
A
(a)(b)
.............
546,576
25,126,099
Nuvectis
Pharma,
Inc.
(a)(b)
.............
156,748
2,020,482
Ocean
Biomedical,
Inc.
(a)(b)
.............
218,641
852,700
Olema
Pharmaceuticals,
Inc.
(a)(b)
.........
617,187
7,622,259
Omega
Therapeutics,
Inc.
(a)(b)
...........
491,698
1,057,151
Organogenesis
Holdings,
Inc.,
Class
A
(a)(b)
..
1,635,402
5,200,578
ORIC
Pharmaceuticals,
Inc.
(a)(b)
.........
893,703
5,406,903
Outlook
Therapeutics,
Inc.
(a)(b)
..........
3,584,298
792,130
Ovid
therapeutics,
Inc.
(a)(b)
.............
1,304,529
5,009,391
PDL
BioPharma,
Inc.
(a)(d)
..............
11,853
—
PDS
Biotechnology
Corp.
(a)(b)
...........
632,916
3,196,226
PepGen,
Inc.
(a)
....................
248,269
1,261,207
PMV
Pharmaceuticals,
Inc.
(a)(b)
..........
906,287
5,564,602
Point
Biopharma
Global,
Inc.
(a)(b)
.........
2,047,073
13,653,977
Poseida
Therapeutics,
Inc.
(a)(b)
..........
1,536,943
3,657,924
Precigen,
Inc.
(a)(b)
...................
3,143,223
4,463,377
Prelude
Therapeutics,
Inc.
(a)
............
187,836
580,413
Prime
Medicine,
Inc.
(a)(b)
..............
912,579
8,706,004
ProKidney
Corp.,
Class
A
(a)(b)
...........
1,014,398
4,645,943
Security
Shares
Shares
Value
Biotechnology
(continued)
Protagonist
Therapeutics,
Inc.
(a)(b)
........
1,300,511
$
21,692,523
Protalix
BioTherapeutics,
Inc.
(a)(b)
........
1,428,344
2,371,051
Prothena
Corp.
plc
(a)
.................
943,328
45,515,576
PTC
Therapeutics,
Inc.
(a)(b)
.............
1,611,824
36,120,976
Rallybio
Corp.
(a)(b)
...................
664,585
2,239,651
RAPT
Therapeutics,
Inc.
(a)(b)
............
671,556
11,161,261
Recursion
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
3,100,902
23,721,900
REGENXBIO,
Inc.
(a)(b)
................
929,875
15,305,742
Relay
Therapeutics,
Inc.
(a)(b)
............
2,055,513
17,286,864
Reneo
Pharmaceuticals,
Inc.
(a)(b)
.........
270,347
2,058,692
Replimune
Group,
Inc.
(a)(b)
.............
945,470
16,176,992
REVOLUTION
Medicines,
Inc.
(a)(b)
........
2,312,243
64,002,886
Rhythm
Pharmaceuticals,
Inc.
(a)(b)
........
1,172,424
26,877,820
Rigel
Pharmaceuticals,
Inc.
(a)(b)
..........
3,844,660
4,152,233
Rocket
Pharmaceuticals,
Inc.
(a)(b)
........
1,280,665
26,240,826
Sage
Therapeutics,
Inc.
(a)(b)
............
1,210,502
24,912,131
Sagimet
Biosciences,
Inc.,
Class
A
(a)(b)
.....
104,678
921,166
Sana
Biotechnology,
Inc.
(a)(b)
...........
2,146,468
8,306,831
Sangamo
Therapeutics,
Inc.
(a)(b)
.........
3,333,752
1,999,584
Savara,
Inc.
(a)
.....................
2,023,369
7,648,335
Scholar
Rock
Holding
Corp.
(a)(b)
.........
955,785
6,786,073
Selecta
Biosciences,
Inc.
(a)(b)
...........
2,440,144
2,586,553
Seres
Therapeutics,
Inc.
(a)(b)
............
2,210,396
5,260,742
SpringWorks
Therapeutics,
Inc.
(a)(b)
.......
1,329,498
30,737,994
Stoke
Therapeutics,
Inc.
(a)(b)
............
631,646
2,488,685
Summit
Therapeutics,
Inc.
(a)(b)
...........
2,666,933
4,987,165
Sutro
Biopharma,
Inc.
(a)(b)
.............
1,360,841
4,722,118
Syndax
Pharmaceuticals,
Inc.
(a)(b)
........
1,504,147
21,840,214
Tango
Therapeutics,
Inc.
(a)(b)
............
1,016,077
11,441,027
Tenaya
Therapeutics,
Inc.
(a)(b)
...........
1,033,009
2,634,173
TG
Therapeutics,
Inc.
(a)(b)
..............
3,130,414
26,170,261
Travere
Therapeutics,
Inc.
(a)(b)
..........
1,661,402
14,852,934
Turnstone
Biologics
Corp.
(a)(b)
...........
107,946
425,307
Twist
Bioscience
Corp.
(a)(b)
.............
1,302,336
26,385,327
Tyra
Biosciences,
Inc.
(a)(b)
.............
310,805
4,279,785
UroGen
Pharma
Ltd.
(a)(b)
..............
447,933
6,275,541
Vanda
Pharmaceuticals,
Inc.
(a)(b)
.........
1,285,810
5,554,699
Vaxcyte,
Inc.
(a)(b)
....................
2,134,997
108,842,147
Vaxxinity,
Inc.,
Class
A
(a)(b)
.............
975,253
1,336,097
Vera
Therapeutics,
Inc.,
Class
A
(a)(b)
.......
767,607
10,523,892
Veracyte,
Inc.
(a)(b)
...................
1,662,251
37,118,065
Vericel
Corp.
(a)(b)
....................
1,088,392
36,482,900
Verve
Therapeutics,
Inc.
(a)(b)
............
1,153,803
15,299,428
Vigil
Neuroscience,
Inc.
(a)(b)
............
351,125
1,892,564
Viking
Therapeutics,
Inc.
(a)(b)
............
2,188,800
24,230,016
Vir
Biotechnology,
Inc.
(a)
..............
1,909,582
17,892,783
Viridian
Therapeutics,
Inc.
(a)(b)
...........
964,225
14,791,212
Vor
BioPharma,
Inc.
(a)(b)
...............
762,413
1,616,316
Voyager
Therapeutics,
Inc.
(a)(b)
..........
714,757
5,539,367
X4
Pharmaceuticals,
Inc.
(a)(b)
...........
2,792,570
3,043,901
Xencor,
Inc.
(a)(b)
....................
1,322,438
26,647,126
XOMA
Corp.
(a)(b)
....................
153,331
2,160,434
Y-mAbs
Therapeutics,
Inc.
(a)(b)
..........
857,112
4,671,260
Zentalis
Pharmaceuticals,
Inc.
(a)(b)
........
1,325,483
26,589,189
Zura
Bio
Ltd.,
Class
A
(a)(b)
.............
250,269
1,651,775
Zymeworks,
Inc.
(a)(b)
.................
1,217,611
7,719,654
3,375,275,007
Broadline
Retail
—
0.1%
Big
Lots,
Inc.
(b)
.....................
687,235
3,511,771
ContextLogic,
Inc.,
Class
A
(a)(b)
..........
526,882
2,323,550
Dillard's,
Inc.,
Class
A
(b)
...............
79,485
26,294,433
Savers
Value
Village,
Inc.
(a)
............
547,032
10,213,087
42,342,841
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Building
Products
—
1.9%
AAON,
Inc.
(b)
......................
1,541,549
$
87,667,892
American
Woodmark
Corp.
(a)(b)
..........
375,082
28,359,950
Apogee
Enterprises,
Inc.
..............
505,405
23,794,467
AZZ,
Inc.
(b)
.......................
564,255
25,718,743
CSW
Industrials,
Inc.
................
349,786
61,296,499
Gibraltar
Industries,
Inc.
(a)
.............
699,072
47,194,351
Griffon
Corp.
......................
997,929
39,587,843
Insteel
Industries,
Inc.
(b)
..............
426,438
13,842,177
Janus
International
Group,
Inc.
(a)(b)
.......
1,923,943
20,586,190
JELD-WEN
Holding,
Inc.
(a)(b)
............
1,937,949
25,890,999
Masonite
International
Corp.
(a)(b)
.........
507,487
47,307,938
Masterbrand,
Inc.
(a)
.................
2,955,223
35,905,959
PGT
Innovations,
Inc.
(a)
...............
1,293,866
35,904,782
Quanex
Building
Products
Corp.
.........
755,069
21,270,294
Resideo
Technologies,
Inc.
(a)
...........
3,348,182
52,901,276
Simpson
Manufacturing
Co.,
Inc.
........
976,226
146,248,417
UFP
Industries,
Inc.
.................
1,368,746
140,159,590
Zurn
Elkay
Water
Solutions
Corp.
........
3,369,870
94,423,757
948,061,124
Capital
Markets
—
1.4%
AlTi
Global,
Inc.,
Class
A
(a)(b)
...........
466,587
3,247,445
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
1,334,119
49,922,733
AssetMark
Financial
Holdings,
Inc.
(a)(b)
.....
496,453
12,451,041
Avantax,
Inc.
(a)
.....................
877,041
22,434,709
B
Riley
Financial,
Inc.
................
427,138
17,508,387
Bakkt
Holdings,
Inc.,
Class
A
(a)(b)
.........
1,699,811
1,988,779
BGC
Group,
Inc.,
Class
A
.............
7,220,095
38,122,102
Brightsphere
Investment
Group,
Inc.
(b)
.....
747,239
14,488,964
Cohen
&
Steers,
Inc.
................
591,462
37,078,753
Diamond
Hill
Investment
Group,
Inc.
......
66,214
11,161,694
Donnelley
Financial
Solutions,
Inc.
(a)
......
563,622
31,720,646
Forge
Global
Holdings,
Inc.
(a)(b)
..........
2,515,947
5,107,372
GCM
Grosvenor,
Inc.,
Class
A
..........
924,025
7,170,434
Hamilton
Lane,
Inc.,
Class
A
...........
832,257
75,269,323
MarketWise,
Inc.,
Class
A
.............
687,913
1,100,661
Moelis
&
Co.,
Class
A
................
1,454,017
65,619,787
NexPoint
Strategic
Cash
Accrual
(a)(d)
......
679,291
81,515
Open
Lending
Corp.,
Class
A
(a)(b)
........
2,258,627
16,533,150
P10,
Inc.,
Class
A
..................
889,229
10,359,518
Patria
Investments
Ltd.,
Class
A
.........
1,207,014
17,598,264
Perella
Weinberg
Partners,
Class
A
.......
966,078
9,834,674
Piper
Sandler
Cos.
..................
397,181
57,714,371
PJT
Partners,
Inc.,
Class
A
............
543,736
43,194,388
Sculptor
Capital
Management,
Inc.,
Class
A
.
490,816
5,693,466
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
.......................
211,196
3,351,681
StepStone
Group,
Inc.,
Class
A
.........
1,230,049
38,844,947
StoneX
Group,
Inc.
(a)(b)
...............
408,997
39,639,989
Value
Line,
Inc.
....................
20,654
902,993
Victory
Capital
Holdings,
Inc.,
Class
A
.....
630,289
21,013,835
Virtus
Investment
Partners,
Inc.
.........
158,709
32,057,631
WisdomTree,
Inc.
...................
3,150,812
22,055,684
713,268,936
Chemicals
—
1.9%
AdvanSix,
Inc.
.....................
611,624
19,009,274
American
Vanguard
Corp.
(b)
............
610,092
6,668,306
Aspen
Aerogels,
Inc.
(a)(b)
..............
1,177,388
10,125,537
Avient
Corp.
......................
2,065,852
72,965,893
Balchem
Corp.
....................
725,971
90,049,443
Cabot
Corp.
......................
1,262,169
87,430,447
Chase
Corp.
......................
167,696
21,335,962
Core
Molding
Technologies,
Inc.
(a)(b)
.......
162,501
4,629,654
Security
Shares
Shares
Value
Chemicals
(continued)
Danimer
Scientific,
Inc.,
Class
A
(a)(b)
.......
2,043,385
$
4,229,807
Ecovyst,
Inc.
(a)(b)
....................
2,171,982
21,372,303
FutureFuel
Corp.
...................
679,312
4,870,667
Hawkins,
Inc.
.....................
438,801
25,823,439
HB
Fuller
Co.
.....................
1,225,981
84,114,556
Ingevity
Corp.
(a)(b)
...................
834,734
39,741,686
Innospec,
Inc.
.....................
564,904
57,733,189
Intrepid
Potash,
Inc.
(a)(b)
...............
249,796
6,284,867
Koppers
Holdings,
Inc.
(b)
..............
462,415
18,288,513
Kronos
Worldwide,
Inc.
...............
553,297
4,288,052
Livent
Corp.
(a)(b)
....................
4,106,728
75,604,862
LSB
Industries,
Inc.
(a)(b)
...............
1,263,394
12,924,521
Mativ
Holdings,
Inc.
.................
1,243,535
17,732,809
Minerals
Technologies,
Inc.
............
743,483
40,713,129
Origin
Materials,
Inc.,
Class
A
(a)(b)
........
2,626,917
3,362,454
Orion
SA
........................
1,278,630
27,209,246
Perimeter
Solutions
SA
(a)(b)
............
3,542,010
16,080,725
PureCycle
Technologies,
Inc.
(a)(b)
.........
2,648,185
14,856,318
Quaker
Chemical
Corp.
(b)
.............
316,711
50,673,760
Rayonier
Advanced
Materials,
Inc.
(a)
......
1,444,948
5,115,116
Sensient
Technologies
Corp.
...........
960,057
56,144,133
Stepan
Co.
.......................
484,789
36,344,631
Trinseo
plc
.......................
801,719
6,550,044
Tronox
Holdings
plc
.................
2,682,112
36,047,585
Valhi,
Inc.
(b)
.......................
67,824
899,346
979,220,274
Commercial
Services
&
Supplies
—
1.6%
ABM
Industries,
Inc.
.................
1,506,213
60,263,582
ACCO
Brands
Corp.
.................
2,123,354
12,188,052
ACV
Auctions,
Inc.,
Class
A
(a)(b)
..........
2,895,421
43,952,491
Aris
Water
Solutions,
Inc.,
Class
A
(b)
......
676,763
6,754,095
BrightView
Holdings,
Inc.
(a)
............
958,738
7,430,219
Brink's
Co.
(The)
...................
1,049,744
76,253,404
Casella
Waste
Systems,
Inc.,
Class
A
(a)(b)
...
1,278,315
97,535,434
CECO
Environmental
Corp.
(a)(b)
.........
671,801
10,728,662
Cimpress
plc
(a)(b)
...................
407,157
28,505,062
CompX
International,
Inc.
.............
29,591
550,097
CoreCivic,
Inc.
(a)
...................
2,596,531
29,210,974
Deluxe
Corp.
......................
992,867
18,755,258
Ennis,
Inc.
.......................
588,809
12,494,527
Enviri
Corp.
(a)
.....................
1,798,255
12,983,401
GEO
Group,
Inc.
(The)
(a)
..............
2,756,039
22,544,399
Healthcare
Services
Group,
Inc.
.........
1,707,433
17,808,526
Heritage-Crystal
Clean,
Inc.
(a)(b)
.........
396,915
18,000,095
HNI
Corp.
........................
1,050,225
36,369,292
Interface,
Inc.
(b)
....................
1,320,060
12,949,789
LanzaTech
Global,
Inc.
(a)(b)
.............
467,954
2,185,345
Li-Cycle
Holdings
Corp.
(a)(b)
............
3,150,141
11,183,001
Liquidity
Services,
Inc.
(a)(b)
.............
527,510
9,294,726
Matthews
International
Corp.,
Class
A
(b)
....
681,124
26,502,535
MillerKnoll,
Inc.
....................
1,738,634
42,509,601
Montrose
Environmental
Group,
Inc.
(a)(b)
....
639,034
18,698,135
NL
Industries,
Inc.
..................
197,077
936,116
OPENLANE,
Inc.
(a)(b)
.................
2,471,675
36,877,391
Performant
Financial
Corp.
(a)
...........
1,518,512
3,431,837
Pitney
Bowes,
Inc.
..................
2,823,565
8,527,166
Quad/Graphics,
Inc.,
Class
A
(a)(b)
.........
728,844
3,666,085
SP
Plus
Corp.
(a)
....................
444,247
16,037,317
Steelcase,
Inc.,
Class
A
..............
2,122,601
23,709,453
UniFirst
Corp.
.....................
342,217
55,784,793
Viad
Corp.
(a)(b)
.....................
469,505
12,301,031
VSE
Corp.
.......................
287,883
14,520,818
811,442,709
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
Schedules
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Communications
Equipment
—
0.7%
ADTRAN
Holdings,
Inc.
..............
1,790,603
$
14,736,663
Aviat
Networks,
Inc.
(a)(b)
...............
242,170
7,555,704
Calix,
Inc.
(a)(b)
......................
1,346,971
61,745,151
Cambium
Networks
Corp.
(a)
............
275,474
2,019,224
Clearfield,
Inc.
(a)(b)
...................
300,685
8,617,632
CommScope
Holding
Co.,
Inc.
(a)(b)
........
4,751,597
15,965,366
Comtech
Telecommunications
Corp.
......
617,007
5,398,811
Digi
International,
Inc.
(a)(b)
.............
800,602
21,616,254
DZS,
Inc.
(a)(b)
......................
536,052
1,125,709
Extreme
Networks,
Inc.
(a)
..............
2,875,342
69,612,030
Harmonic,
Inc.
(a)(b)
..................
2,509,616
24,167,602
Infinera
Corp.
(a)(b)
...................
4,544,053
18,994,141
KVH
Industries,
Inc.
(a)(b)
...............
393,808
2,008,421
NETGEAR,
Inc.
(a)
...................
672,533
8,467,190
NetScout
Systems,
Inc.
(a)(b)
............
1,569,272
43,971,001
Ribbon
Communications,
Inc.
(a)(b)
........
2,043,067
5,475,420
Viavi
Solutions,
Inc.
(a)
................
5,055,197
46,204,501
357,680,820
Construction
&
Engineering
—
1.6%
Ameresco,
Inc.,
Class
A
(a)(b)
............
736,231
28,389,067
API
Group
Corp.
(a)(b)
.................
4,763,199
123,509,750
Arcosa,
Inc.
......................
1,105,092
79,456,115
Argan,
Inc.
.......................
282,336
12,851,935
Bowman
Consulting
Group
Ltd.
(a)(b)
.......
227,036
6,363,819
Comfort
Systems
USA,
Inc.
............
804,925
137,167,269
Concrete
Pumping
Holdings,
Inc.
(a)(b)
......
553,329
4,747,563
Construction
Partners,
Inc.,
Class
A
(a)(b)
....
915,169
33,458,579
Dycom
Industries,
Inc.
(a)(b)
.............
652,902
58,108,278
Eneti,
Inc.
........................
572,615
5,771,959
Fluor
Corp.
(a)
......................
3,254,495
119,439,966
Granite
Construction,
Inc.
.............
1,016,173
38,634,897
Great
Lakes
Dredge
&
Dock
Corp.
(a)(b)
.....
1,486,924
11,850,784
IES
Holdings,
Inc.
(a)(b)
................
186,165
12,262,689
INNOVATE
Corp.
(a)(b)
.................
1,128,884
1,828,792
Limbach
Holdings,
Inc.
(a)(b)
.............
207,915
6,597,143
MYR
Group,
Inc.
(a)
..................
374,892
50,520,446
Northwest
Pipe
Co.
(a)(b)
...............
211,777
6,389,312
Primoris
Services
Corp.
(b)
.............
1,212,261
39,677,303
Sterling
Infrastructure,
Inc.
(a)
...........
681,733
50,093,741
Tutor
Perini
Corp.
(a)
.................
984,828
7,711,203
834,830,610
Construction
Materials
—
0.3%
(b)
Knife
River
Corp.
(a)
..................
1,284,751
62,734,391
Summit
Materials,
Inc.,
Class
A
(a)
........
2,726,161
84,892,654
United
States
Lime
&
Minerals,
Inc.
.......
46,397
9,325,797
156,952,842
Consumer
Finance
—
0.8%
Atlanticus
Holdings
Corp.
(a)(b)
...........
113,100
3,428,061
Bread
Financial
Holdings,
Inc.
..........
642,741
21,981,742
Consumer
Portfolio
Services,
Inc.
(a)(b)
......
196,029
1,777,983
Encore
Capital
Group,
Inc.
(a)(b)
..........
531,290
25,374,410
Enova
International,
Inc.
(a)
.............
690,708
35,136,316
FirstCash
Holdings,
Inc.
..............
857,565
86,082,375
Green
Dot
Corp.,
Class
A
(a)
............
1,011,599
14,091,574
LendingClub
Corp.
(a)
.................
2,446,929
14,926,267
LendingTree,
Inc.
(a)(b)
................
245,537
3,805,824
Navient
Corp.
.....................
2,057,319
35,427,033
Nelnet,
Inc.,
Class
A
.................
330,555
29,525,173
NerdWallet,
Inc.,
Class
A
(a)(b)
...........
789,083
7,014,948
OppFi,
Inc.,
Class
A
(a)(b)
...............
249,690
629,219
PRA
Group,
Inc.
(a)(b)
.................
885,466
17,009,802
PROG
Holdings,
Inc.
(a)
...............
1,057,320
35,113,597
Regional
Management
Corp.
...........
190,527
5,273,787
Security
Shares
Shares
Value
Consumer
Finance
(continued)
Upstart
Holdings,
Inc.
(a)(b)
..............
1,639,254
$
46,784,309
World
Acceptance
Corp.
(a)(b)
............
92,300
11,727,638
395,110,058
Consumer
Staples
Distribution
&
Retail
—
0.6%
Andersons,
Inc.
(The)
................
735,560
37,888,696
Chefs'
Warehouse,
Inc.
(The)
(a)(b)
........
807,042
17,093,150
HF
Foods
Group,
Inc.
(a)(b)
..............
858,515
3,408,304
Ingles
Markets,
Inc.,
Class
A
(b)
..........
326,969
24,630,575
Natural
Grocers
by
Vitamin
Cottage,
Inc.
(b)
..
204,155
2,635,641
PriceSmart,
Inc.
....................
589,907
43,906,778
SpartanNash
Co.
...................
811,762
17,858,764
Sprouts
Farmers
Market,
Inc.
(a)(b)
........
2,362,076
101,096,853
United
Natural
Foods,
Inc.
(a)(b)
..........
1,343,008
18,990,133
Village
Super
Market,
Inc.,
Class
A
.......
188,507
4,267,798
Weis
Markets,
Inc.
(b)
.................
378,292
23,832,396
295,609,088
Containers
&
Packaging
—
0.3%
Greif,
Inc.,
Class
A,
NVS
..............
563,848
37,670,685
Greif,
Inc.,
Class
B
..................
113,902
7,581,317
Myers
Industries,
Inc.
................
832,431
14,925,488
O-I
Glass,
Inc.
(a)(b)
...................
3,544,378
59,297,444
Pactiv
Evergreen,
Inc.
...............
970,914
7,893,531
Ranpak
Holdings
Corp.,
Class
A
(a)(b)
......
1,001,414
5,447,692
TriMas
Corp.
(b)
.....................
946,475
23,434,721
156,250,878
Distributors
—
0.0%
Weyco
Group,
Inc.
..................
126,158
3,198,105
Diversified
Consumer
Services
—
1.2%
2U,
Inc.
(a)(b)
.......................
1,824,301
4,506,023
Adtalem
Global
Education,
Inc.
(a)(b)
.......
991,156
42,471,035
Carriage
Services,
Inc.
...............
297,885
8,415,251
Chegg,
Inc.
(a)(b)
....................
2,703,343
24,113,820
Coursera,
Inc.
(a)
....................
2,972,145
55,549,390
Duolingo,
Inc.,
Class
A
(a)(b)
.............
654,148
108,503,529
European
Wax
Center,
Inc.,
Class
A
(a)(b)
....
770,621
12,484,060
Frontdoor,
Inc.
(a)
....................
1,868,758
57,165,307
Graham
Holdings
Co.,
Class
B
..........
81,642
47,597,286
Laureate
Education,
Inc.
..............
2,987,445
42,122,974
Lincoln
Educational
Services
Corp.
(a)(b)
.....
495,033
4,183,029
Nerdy,
Inc.,
Class
A
(a)(b)
...............
1,371,921
5,076,108
OneSpaWorld
Holdings
Ltd.
(a)
..........
1,885,520
21,155,534
Perdoceo
Education
Corp.
(b)
...........
1,517,489
25,949,062
Rover
Group,
Inc.,
Class
A
(a)(b)
..........
2,125,457
13,305,361
Strategic
Education,
Inc.
(b)
.............
517,389
38,933,522
Stride,
Inc.
(a)(b)
.....................
964,805
43,445,169
Udemy,
Inc.
(a)(b)
....................
1,961,100
18,630,450
Universal
Technical
Institute,
Inc.
(a)(b)
......
711,189
5,959,764
WW
International,
Inc.
(a)(b)
.............
1,253,656
13,877,972
593,444,646
Diversified
REITs
—
0.6%
Alexander
&
Baldwin,
Inc.
.............
1,704,489
28,516,101
Alpine
Income
Property
Trust,
Inc.
.......
301,173
4,927,190
American
Assets
Trust,
Inc.
............
1,122,400
21,830,680
Armada
Hoffler
Properties,
Inc.
.........
1,554,359
15,916,636
Broadstone
Net
Lease,
Inc.
............
4,320,211
61,779,017
CTO
Realty
Growth,
Inc.
..............
554,553
8,989,304
Empire
State
Realty
Trust,
Inc.,
Class
A
(b)
...
3,023,028
24,305,145
Essential
Properties
Realty
Trust,
Inc.
.....
3,569,885
77,216,613
Gladstone
Commercial
Corp.
...........
947,280
11,518,925
Global
Net
Lease,
Inc.
...............
4,482,688
43,078,632
NexPoint
Diversified
Real
Estate
Trust
....
710,151
6,185,415
One
Liberty
Properties,
Inc.
............
387,067
7,303,954
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Diversified
REITs
(continued)
Star
Holdings
(a)(b)
...................
310,328
$
3,885,307
315,452,919
Diversified
Telecommunication
Services
—
0.4%
Anterix,
Inc.
(a)(b)
....................
300,137
9,418,299
AST
SpaceMobile,
Inc.,
Class
A
(a)(b)
.......
1,817,992
6,908,370
ATN
International,
Inc.
...............
242,631
7,657,434
Bandwidth,
Inc.,
Class
A
(a)(b)
............
544,044
6,131,376
Charge
Enterprises,
Inc.
(a)(b)
............
3,042,343
1,512,653
Cogent
Communications
Holdings,
Inc.
....
984,204
60,922,228
Consolidated
Communications
Holdings,
Inc.
(a)
(b)
...........................
1,728,471
5,911,371
EchoStar
Corp.,
Class
A
(a)(b)
............
783,506
13,123,725
Globalstar,
Inc.
(a)(b)
..................
15,753,505
20,637,092
IDT
Corp.,
Class
B
(a)
.................
350,260
7,723,233
Liberty
Latin
America
Ltd.,
Class
A
(a)
......
861,231
7,027,645
Liberty
Latin
America
Ltd.,
Class
C,
NVS
(a)(b)
.
3,234,470
26,393,275
Lumen
Technologies,
Inc.
(a)
............
23,153,139
32,877,457
Ooma,
Inc.
(a)(b)
.....................
534,016
6,947,548
213,191,706
Electric
Utilities
—
0.7%
ALLETE,
Inc.
.....................
1,325,817
70,003,138
Genie
Energy
Ltd.,
Class
B
(b)
...........
437,890
6,450,120
MGE
Energy,
Inc.
...................
833,165
57,080,134
Otter
Tail
Corp.
....................
940,127
71,374,442
PNM
Resources,
Inc.
................
1,947,758
86,889,484
Portland
General
Electric
Co.
...........
2,213,097
89,586,166
381,383,484
Electrical
Equipment
—
1.6%
Allient,
Inc.
.......................
297,930
9,211,996
Amprius
Technologies,
Inc.
(a)(b)
..........
165,284
783,446
Array
Technologies,
Inc.
(a)(b)
............
3,448,339
76,518,642
Atkore,
Inc.
(a)(b)
.....................
878,279
131,030,444
Babcock
&
Wilcox
Enterprises,
Inc.
(a)
......
1,324,026
5,574,149
Blink
Charging
Co.
(a)(b)
................
1,234,765
3,778,381
Bloom
Energy
Corp.,
Class
A
(a)(b)
........
4,392,109
58,239,365
Dragonfly
Energy
Holdings
Corp.
(a)(b)
......
561,528
864,753
Encore
Wire
Corp.
(b)
.................
364,654
66,534,769
Energy
Vault
Holdings,
Inc.
(a)(b)
..........
2,227,295
5,679,602
EnerSys
.........................
939,556
88,947,767
Enovix
Corp.
(a)(b)
....................
3,110,058
39,031,228
Eos
Energy
Enterprises,
Inc.,
Class
A
(a)(b)
...
2,466,236
5,302,407
ESS
Tech,
Inc.
(a)(b)
..................
2,184,877
4,107,569
Fluence
Energy,
Inc.,
Class
A
(a)(b)
........
900,478
20,701,989
FTC
Solar,
Inc.
(a)(b)
..................
1,519,120
1,944,474
FuelCell
Energy,
Inc.
(a)(b)
..............
9,326,154
11,937,477
GrafTech
International
Ltd.
(b)
...........
4,403,332
16,864,762
LSI
Industries,
Inc.
..................
588,978
9,352,971
NEXTracker,
Inc.,
Class
A
(a)(b)
...........
1,128,389
45,316,102
NuScale
Power
Corp.,
Class
A
(a)(b)
........
1,204,514
5,902,119
Powell
Industries,
Inc.
................
208,897
17,317,561
Preformed
Line
Products
Co.
(b)
..........
56,798
9,234,219
SES
AI
Corp.,
Class
A
(a)(b)
.............
2,903,792
6,591,608
Shoals
Technologies
Group,
Inc.,
Class
A
(a)(b)
3,901,654
71,205,185
SKYX
Platforms
Corp.
(a)(b)
.............
1,302,563
1,849,639
Stem,
Inc.
(a)(b)
.....................
3,224,161
13,670,443
SunPower
Corp.
(a)(b)
.................
2,015,064
12,432,945
Thermon
Group
Holdings,
Inc.
(a)(b)
........
758,908
20,847,203
TPI
Composites,
Inc.
(a)(b)
..............
959,807
2,543,489
Vicor
Corp.
(a)(b)
.....................
505,915
29,793,334
793,110,038
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
—
2.8%
908
Devices,
Inc.
(a)(b)
.................
498,486
$
3,319,917
Advanced
Energy
Industries,
Inc.
(b)
.......
854,150
88,079,948
Aeva
Technologies,
Inc.
(a)(b)
............
1,881,492
1,439,153
Akoustis
Technologies,
Inc.
(a)(b)
..........
1,610,201
1,212,320
Arlo
Technologies,
Inc.
(a)(b)
.............
1,989,888
20,495,846
Badger
Meter,
Inc.
(b)
.................
669,170
96,273,488
Bel
Fuse,
Inc.,
Class
B,
NVS
...........
240,618
11,482,291
Belden,
Inc.
(b)
.....................
968,965
93,553,571
Benchmark
Electronics,
Inc.
...........
822,650
19,957,489
Climb
Global
Solutions,
Inc.
(b)
...........
93,883
4,037,908
CTS
Corp.
.......................
713,862
29,796,600
Daktronics,
Inc.
(a)(b)
..................
856,214
7,637,429
ePlus,
Inc.
(a)
......................
607,609
38,595,324
Evolv
Technologies
Holdings,
Inc.
(a)(b)
.....
2,580,622
12,541,823
Fabrinet
(a)
........................
838,515
139,713,369
FARO
Technologies,
Inc.
(a)(b)
...........
436,213
6,643,524
Insight
Enterprises,
Inc.
(a)(b)
............
655,961
95,442,325
Iteris,
Inc.
(a)(b)
......................
883,761
3,658,771
Itron,
Inc.
(a)
.......................
1,039,024
62,944,074
Kimball
Electronics,
Inc.
(a)
.............
542,926
14,865,314
Knowles
Corp.
(a)(b)
..................
2,072,081
30,687,520
Lightwave
Logic,
Inc.
(a)(b)
..............
2,620,536
11,713,796
Luna
Innovations,
Inc.
(a)(b)
.............
731,963
4,289,303
Methode
Electronics,
Inc.
.............
808,991
18,485,444
MicroVision,
Inc.
(a)(b)
.................
4,009,437
8,780,667
Mirion
Technologies,
Inc.,
Class
A
(a)(b)
.....
4,557,936
34,047,782
Motomova,
Inc.,
NVS
(a)(d)
..............
26,106
—
Napco
Security
Technologies,
Inc.
.......
712,201
15,846,472
nLight,
Inc.
(a)(b)
.....................
1,017,798
10,585,099
Novanta,
Inc.
(a)(b)
...................
814,721
116,863,580
OSI
Systems,
Inc.
(a)(b)
................
361,584
42,681,375
PAR
Technology
Corp.
(a)(b)
.............
605,641
23,341,404
PC
Connection,
Inc.
.................
263,992
14,091,893
Plexus
Corp.
(a)(b)
....................
627,168
58,314,081
Presto
Automation,
Inc.
(a)(b)
............
184,611
263,994
Richardson
Electronics
Ltd.
............
266,127
2,908,768
Rogers
Corp.
(a)
....................
394,519
51,867,413
Sanmina
Corp.
(a)
...................
1,308,824
71,042,967
ScanSource,
Inc.
(a)(b)
.................
574,286
17,406,609
SmartRent,
Inc.,
Class
A
(a)(b)
............
4,223,944
11,024,494
TTM
Technologies,
Inc.
(a)
..............
2,330,540
30,017,355
Vishay
Intertechnology,
Inc.
............
2,920,600
72,197,232
Vishay
Precision
Group,
Inc.
(a)(b)
.........
268,709
9,023,248
Vuzix
Corp.
(a)(b)
....................
1,359,241
4,934,045
1,412,105,025
Energy
Equipment
&
Services
—
3.0%
Archrock,
Inc.
.....................
3,171,779
39,964,415
Atlas
Energy
Solutions,
Inc.,
Class
A
(b)
.....
369,415
8,212,096
Borr
Drilling
Ltd.
(a)(b)
.................
5,006,183
35,543,899
Bristow
Group,
Inc.
(a)(b)
...............
532,871
15,010,976
Cactus,
Inc.,
Class
A
................
1,470,273
73,822,407
ChampionX
Corp.
(b)
.................
4,540,539
161,733,999
Core
Laboratories,
Inc.
...............
1,065,223
25,576,004
Diamond
Offshore
Drilling,
Inc.
(a)(b)
.......
2,324,657
34,125,965
DMC
Global,
Inc.
(a)
..................
443,620
10,855,381
Dril-Quip,
Inc.
(a)(b)
...................
775,426
21,843,750
Expro
Group
Holdings
NV
(a)(b)
...........
2,006,309
46,606,558
Forum
Energy
Technologies,
Inc.
(a)(b)
......
212,879
5,113,354
Helix
Energy
Solutions
Group,
Inc.
(a)
......
3,282,715
36,667,927
Helmerich
&
Payne,
Inc.
..............
2,222,389
93,695,920
KLX
Energy
Services
Holdings,
Inc.
(a)(b)
....
285,198
3,379,596
Kodiak
Gas
Services,
Inc.
(a)(b)
...........
311,842
5,575,735
Liberty
Energy,
Inc.,
Class
A
...........
3,776,572
69,942,114
Mammoth
Energy
Services,
Inc.
(a)(b)
.......
515,622
2,392,486
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Energy
Equipment
&
Services
(continued)
Nabors
Industries
Ltd.
(a)
..............
210,160
$
25,879,102
Newpark
Resources,
Inc.
(a)
............
1,718,286
11,873,356
Noble
Corp.
plc
(b)
...................
2,518,227
127,548,198
Oceaneering
International,
Inc.
(a)(b)
.......
2,293,132
58,979,355
Oil
States
International,
Inc.
(a)(b)
.........
1,463,312
12,247,921
Patterson-UTI
Energy,
Inc.
............
8,069,145
111,676,967
ProFrac
Holding
Corp.,
Class
A
(a)(b)
.......
590,700
6,426,816
ProPetro
Holding
Corp.
(a)(b)
............
2,269,362
24,123,318
Ranger
Energy
Services,
Inc.
...........
318,815
4,520,797
RPC,
Inc.
........................
1,939,881
17,342,536
SEACOR
Marine
Holdings,
Inc.
(a)(b)
.......
539,578
7,489,343
Seadrill
Ltd.
(a)
.....................
1,151,243
51,564,174
Select
Water
Solutions,
Inc.,
Class
A
......
1,867,371
14,845,600
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
..
717,333
7,646,770
TETRA
Technologies,
Inc.
(a)
............
2,865,721
18,283,300
Tidewater,
Inc.
(a)(b)
..................
1,082,807
76,955,094
US
Silica
Holdings,
Inc.
(a)
.............
1,716,478
24,099,351
Valaris
Ltd.
(a)
......................
1,398,945
104,892,896
Weatherford
International
plc
(a)
..........
1,621,707
146,488,793
1,542,946,269
Entertainment
—
0.4%
Atlanta
Braves
Holdings,
Inc.,
Class
A
(a)(b)
...
253,135
9,889,984
Atlanta
Braves
Holdings,
Inc.,
Class
C,
NVS
(a)(b)
1,037,209
37,059,478
Cinemark
Holdings,
Inc.
(a)(b)
............
2,506,615
45,996,385
IMAX
Corp.
(a)(b)
....................
1,023,745
19,778,753
Lions
Gate
Entertainment
Corp.,
Class
A
(a)(b)
.
1,393,538
11,817,203
Lions
Gate
Entertainment
Corp.,
Class
B,
NVS
(a)(b)
.......................
2,622,937
20,642,514
Loop
Media,
Inc.
(a)
..................
763,458
379,439
Madison
Square
Garden
Entertainment
Corp.
(a)
(b)
...........................
986,149
32,454,164
Marcus
Corp.
(The)
(b)
................
568,100
8,805,550
Playstudios,
Inc.,
Class
A
(a)(b)
...........
1,912,590
6,082,036
Reservoir
Media,
Inc.
(a)(b)
..............
444,689
2,712,603
Sphere
Entertainment
Co.,
Class
A
(a)(b)
.....
598,906
22,255,347
Vivid
Seats,
Inc.,
Class
A
(a)(b)
...........
577,427
3,707,081
221,580,537
Financial
Services
—
2.3%
Acacia
Research
Corp.
(a)(b)
.............
811,602
2,962,347
Alerus
Financial
Corp.
...............
432,630
7,865,213
A-Mark
Precious
Metals,
Inc.
...........
430,350
12,622,166
AvidXchange
Holdings,
Inc.
(a)(b)
..........
3,424,634
32,465,530
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
....................
626,060
13,272,472
Cannae
Holdings,
Inc.
(a)(b)
.............
1,654,849
30,846,385
Cantaloupe,
Inc.
(a)
..................
1,338,052
8,362,825
Cass
Information
Systems,
Inc.
.........
321,875
11,989,844
Compass
Diversified
Holdings
..........
1,456,401
27,336,647
Enact
Holdings,
Inc.
.................
697,409
18,990,447
Essent
Group
Ltd.
..................
2,413,539
114,136,259
EVERTEC,
Inc.
....................
1,485,278
55,222,636
Federal
Agricultural
Mortgage
Corp.,
Class
C,
NVS
.........................
207,707
32,049,190
Finance
of
America
Cos.,
Inc.,
Class
A
(a)(b)
..
1,070,165
1,369,811
Flywire
Corp.
(a)(b)
...................
2,197,339
70,073,141
I3
Verticals,
Inc.,
Class
A
(a)(b)
...........
512,123
10,826,280
International
Money
Express,
Inc.
(a)(b)
......
748,810
12,677,353
Jackson
Financial,
Inc.,
Class
A
.........
1,802,169
68,878,899
Marqeta,
Inc.,
Class
A
(a)(b)
.............
11,177,633
66,842,245
Merchants
Bancorp
.................
365,529
10,132,464
Mr
Cooper
Group,
Inc.
(a)(b)
.............
1,494,635
80,052,651
NewtekOne,
Inc.
(b)
..................
538,185
7,938,229
NMI
Holdings,
Inc.,
Class
A
(a)
...........
1,869,598
50,647,410
Security
Shares
Shares
Value
Financial
Services
(continued)
Ocwen
Financial
Corp.
(a)(b)
.............
145,939
$
3,776,901
Pagseguro
Digital
Ltd.,
Class
A
(a)
........
4,578,356
39,419,645
Payoneer
Global,
Inc.
(a)
...............
5,753,020
35,208,482
Paysafe
Ltd.
(a)
.....................
754,852
9,050,676
Paysign,
Inc.
(a)(b)
....................
702,241
1,369,370
PennyMac
Financial
Services,
Inc.
.......
580,933
38,690,138
Priority
Technology
Holdings,
Inc.
(a)(b)
......
203,124
658,122
Radian
Group,
Inc.
..................
3,296,667
82,779,308
Remitly
Global,
Inc.
(a)(b)
...............
2,973,954
75,003,120
Repay
Holdings
Corp.,
Class
A
(a)(b)
.......
1,875,599
14,235,797
Security
National
Financial
Corp.,
Class
A
(a)(b)
253,711
1,989,097
StoneCo
Ltd.,
Class
A
(a)
..............
6,633,370
70,778,058
SWK
Holdings
Corp.
(a)(b)
..............
37,842
596,012
Velocity
Financial,
Inc.
(a)(b)
.............
206,529
2,333,778
Walker
&
Dunlop,
Inc.
................
725,022
53,825,633
Waterstone
Financial,
Inc.
.............
442,741
4,848,014
1,182,122,595
Food
Products
—
1.2%
Alico,
Inc.
(b)
.......................
169,928
4,241,403
B&G
Foods,
Inc.
...................
1,625,352
16,074,731
Benson
Hill,
Inc.
(a)(b)
.................
3,925,681
1,301,363
Beyond
Meat,
Inc.
(a)(b)
................
1,349,209
12,979,391
BRC,
Inc.,
Class
A
(a)(b)
................
859,967
3,087,282
Calavo
Growers,
Inc.
................
391,971
9,889,428
Cal-Maine
Foods,
Inc.
................
869,422
42,097,413
Dole
plc
(b)
........................
1,633,456
18,915,420
Forafric
Global
plc
(a)(b)
................
46,935
529,896
Fresh
Del
Monte
Produce,
Inc.
..........
786,133
20,313,677
Hain
Celestial
Group,
Inc.
(The)
(a)
........
2,046,171
21,218,793
Hostess
Brands,
Inc.,
Class
A
(a)
.........
3,024,581
100,748,793
J
&
J
Snack
Foods
Corp.
..............
343,580
56,226,867
John
B
Sanfilippo
&
Son,
Inc.
...........
204,071
20,162,215
Lancaster
Colony
Corp.
..............
444,958
73,431,419
Limoneira
Co.
(b)
....................
376,388
5,766,264
Mission
Produce,
Inc.
(a)(b)
..............
1,080,592
10,460,131
Seneca
Foods
Corp.,
Class
A
(a)(b)
........
120,814
6,503,418
Simply
Good
Foods
Co.
(The)
(a)(b)
........
2,061,554
71,164,844
Sovos
Brands,
Inc.
(a)(b)
...............
1,155,835
26,064,079
SunOpta,
Inc.
(a)(b)
...................
2,063,717
6,954,726
TreeHouse
Foods,
Inc.
(a)
..............
1,175,096
51,210,684
Utz
Brands,
Inc.,
Class
A
(b)
............
1,619,752
21,753,269
Vital
Farms,
Inc.
(a)(b)
.................
684,795
7,929,926
Westrock
Coffee
Co.
(a)(b)
..............
628,272
5,566,490
614,591,922
Gas
Utilities
—
0.9%
Brookfield
Infrastructure
Corp.,
Class
A
(b)
...
2,246,434
79,388,978
Chesapeake
Utilities
Corp.
............
398,420
38,945,555
New
Jersey
Resources
Corp.
...........
2,216,291
90,047,903
Northwest
Natural
Holding
Co.
..........
826,998
31,558,244
ONE
Gas,
Inc.
.....................
1,262,036
86,171,818
RGC
Resources,
Inc.
................
164,875
2,852,337
Southwest
Gas
Holdings,
Inc.
..........
1,409,602
85,154,057
Spire,
Inc.
........................
1,179,750
66,750,255
480,869,147
Ground
Transportation
—
0.5%
ArcBest
Corp.
(b)
....................
550,423
55,950,498
Bird
Global,
Inc.,
Class
A
(a)
............
2
1
Covenant
Logistics
Group,
Inc.,
Class
A
....
190,237
8,341,893
Daseke,
Inc.
(a)(b)
....................
945,304
4,849,410
FTAI
Infrastructure,
Inc.
...............
2,173,212
6,997,743
Heartland
Express,
Inc.
(b)
.............
1,039,502
15,270,284
Marten
Transport
Ltd.
................
1,316,309
25,944,450
PAM
Transportation
Services,
Inc.
(a)(b)
.....
153,708
3,312,407
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Ground
Transportation
(continued)
RXO,
Inc.
(a)(b)
......................
2,649,479
$
52,274,221
TuSimple
Holdings,
Inc.,
Class
A
(a)(b)
......
3,879,398
6,051,861
Universal
Logistics
Holdings,
Inc.
........
154,967
3,902,069
Werner
Enterprises,
Inc.
..............
1,433,060
55,817,687
238,712,524
Health
Care
Equipment
&
Supplies
—
3.0%
Accuray,
Inc.
(a)(b)
....................
2,131,520
5,797,734
Alphatec
Holdings,
Inc.
(a)(b)
.............
1,820,256
23,608,720
AngioDynamics,
Inc.
(a)(b)
..............
872,913
6,380,994
Artivion,
Inc.
(a)(b)
....................
896,044
13,584,027
AtriCure,
Inc.
(a)(b)
...................
1,061,669
46,501,102
Atrion
Corp.
......................
30,327
12,530,207
Avanos
Medical,
Inc.
(a)(b)
..............
1,058,213
21,397,067
AxoGen,
Inc.
(a)
.....................
919,277
4,596,385
Axonics,
Inc.
(a)(b)
....................
1,116,487
62,657,250
Beyond
Air,
Inc.
(a)(b)
..................
607,817
1,404,057
Butterfly
Network,
Inc.,
Class
A
(a)(b)
.......
3,219,087
3,798,523
Cerus
Corp.
(a)(b)
....................
4,100,975
6,643,579
ClearPoint
Neuro,
Inc.
(a)(b)
.............
507,320
2,541,673
CONMED
Corp.
(b)
..................
699,550
70,549,618
Cutera,
Inc.
(a)(b)
....................
415,638
2,502,141
CVRx,
Inc.
(a)(b)
.....................
250,680
3,802,816
Embecta
Corp.
....................
1,314,953
19,790,043
Glaukos
Corp.
(a)(b)
...................
1,067,772
80,349,843
Haemonetics
Corp.
(a)(b)
...............
1,140,792
102,192,147
Inari
Medical,
Inc.
(a)(b)
................
1,217,124
79,599,910
Inmode
Ltd.
(a)(b)
....................
1,763,238
53,708,229
Inogen,
Inc.
(a)
.....................
527,521
2,753,660
Integer
Holdings
Corp.
(a)(b)
.............
757,382
59,401,470
iRadimed
Corp.
....................
160,770
7,133,365
iRhythm
Technologies,
Inc.
(a)(b)
..........
699,101
65,897,260
KORU
Medical
Systems,
Inc.
(a)(b)
.........
638,457
1,723,834
Lantheus
Holdings,
Inc.
(a)(b)
............
1,548,481
107,588,460
LeMaitre
Vascular,
Inc.
...............
447,325
24,370,266
LivaNova
plc
(a)
.....................
1,236,852
65,404,734
Merit
Medical
Systems,
Inc.
(a)(b)
..........
1,295,051
89,384,420
Nano-X
Imaging
Ltd.
(a)(b)
..............
1,082,946
7,104,126
Neogen
Corp.
(a)(b)
...................
4,959,858
91,955,767
Nevro
Corp.
(a)(b)
....................
808,629
15,541,849
Omnicell,
Inc.
(a)(b)
...................
1,023,679
46,106,502
OraSure
Technologies,
Inc.
(a)(b)
..........
1,643,241
9,744,419
Orchestra
BioMed
Holdings,
Inc.
(a)(b)
......
244,488
2,131,935
Orthofix
Medical,
Inc.
(a)(b)
..............
807,306
10,381,955
OrthoPediatrics
Corp.
(a)(b)
..............
360,871
11,547,872
Outset
Medical,
Inc.
(a)(b)
...............
1,131,996
12,316,116
Paragon
28,
Inc.
(a)(b)
.................
1,000,417
12,555,233
PROCEPT
BioRobotics
Corp.
(a)(b)
........
824,776
27,060,901
Pulmonx
Corp.
(a)(b)
..................
834,643
8,621,862
Pulse
Biosciences,
Inc.
(a)(b)
.............
366,828
1,478,317
RxSight,
Inc.
(a)(b)
....................
615,094
17,154,972
Sanara
Medtech,
Inc.
(a)(b)
..............
83,546
2,600,787
Semler
Scientific,
Inc.
(a)(b)
..............
110,662
2,807,495
SI-BONE,
Inc.
(a)(b)
...................
797,280
16,934,227
Sight
Sciences,
Inc.
(a)(b)
...............
477,637
1,609,637
Silk
Road
Medical,
Inc.
(a)(b)
.............
880,348
13,196,417
STAAR
Surgical
Co.
(a)(b)
...............
1,109,328
44,572,799
Surmodics,
Inc.
(a)(b)
..................
311,945
10,010,315
Tactile
Systems
Technology,
Inc.
(a)(b)
......
535,213
7,519,743
Tela
Bio,
Inc.
(a)(b)
....................
353,333
2,826,664
TransMedics
Group,
Inc.
(a)(b)
............
720,832
39,465,552
Treace
Medical
Concepts,
Inc.
(a)(b)
........
1,029,577
13,497,754
UFP
Technologies,
Inc.
(a)(b)
.............
161,446
26,065,457
Utah
Medical
Products,
Inc.
............
70,138
6,031,868
Varex
Imaging
Corp.
(a)(b)
..............
881,291
16,559,458
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Vicarious
Surgical,
Inc.,
Class
A
(a)(b)
.......
1,518,202
$
896,802
Zimvie,
Inc.
(a)(b)
....................
590,902
5,560,388
Zynex,
Inc.
(a)(b)
.....................
443,247
3,545,976
1,534,996,699
Health
Care
Providers
&
Services
—
2.7%
23andMe
Holding
Co.,
Class
A
(a)(b)
.......
6,034,316
5,899,751
Accolade,
Inc.
(a)(b)
...................
1,539,947
16,292,639
AdaptHealth
Corp.
(a)(b)
................
2,166,982
19,719,536
Addus
HomeCare
Corp.
(a)
.............
355,503
30,285,301
Agiliti,
Inc.
(a)(b)
.....................
665,044
4,316,135
AirSculpt
Technologies,
Inc.
(a)(b)
.........
267,403
1,829,036
Alignment
Healthcare,
Inc.
(a)(b)
..........
1,962,688
13,621,055
AMN
Healthcare
Services,
Inc.
(a)(b)
.......
906,627
77,226,488
Apollo
Medical
Holdings,
Inc.
(a)(b)
.........
976,096
30,112,562
ATI
Physical
Therapy,
Inc.
(a)
............
2
18
Aveanna
Healthcare
Holdings,
Inc.
(a)(b)
.....
1,134,431
1,349,973
Brookdale
Senior
Living,
Inc.
(a)(b)
.........
4,225,923
17,495,321
Cano
Health,
Inc.,
Class
A
(a)(b)
..........
5,443,847
1,380,560
CareMax,
Inc.,
Class
A
(a)(b)
.............
1,768,560
3,749,347
Castle
Biosciences,
Inc.
(a)(b)
............
567,145
9,579,079
Community
Health
Systems,
Inc.
(a)(b)
......
2,872,523
8,330,317
CorVel
Corp.
(a)(b)
....................
197,621
38,862,170
Cross
Country
Healthcare,
Inc.
(a)(b)
.......
786,733
19,503,111
DocGo,
Inc.
(a)(b)
....................
1,764,266
9,403,538
Enhabit,
Inc.
(a)(b)
....................
1,150,283
12,940,684
Ensign
Group,
Inc.
(The)
(b)
.............
1,239,241
115,162,666
Fulgent
Genetics,
Inc.
(a)(b)
.............
464,688
12,425,757
Guardant
Health,
Inc.
(a)
...............
2,571,653
76,223,795
HealthEquity,
Inc.
(a)(b)
................
1,915,031
139,893,014
Hims
&
Hers
Health,
Inc.,
Class
A
(a)(b)
.....
2,787,968
17,536,319
InfuSystem
Holdings,
Inc.
(a)(b)
...........
372,633
3,592,182
Innovage
Holding
Corp.
(a)(b)
............
434,541
2,602,901
Invitae
Corp.
(a)(b)
....................
6,121,289
3,704,604
Joint
Corp.
(The)
(a)
..................
329,646
2,963,517
LifeStance
Health
Group,
Inc.
(a)(b)
........
2,427,592
16,677,557
ModivCare,
Inc.
(a)
...................
292,007
9,201,141
National
HealthCare
Corp.
.............
282,241
18,057,779
National
Research
Corp.
..............
327,418
14,527,537
NeoGenomics,
Inc.
(a)(b)
...............
2,912,344
35,821,831
OPKO
Health,
Inc.
(a)(b)
................
9,266,001
14,825,602
Option
Care
Health,
Inc.
(a)
.............
3,873,775
125,316,621
Owens
&
Minor,
Inc.
(a)
................
1,695,550
27,400,088
P3
Health
Partners,
Inc.,
Class
A
(a)(b)
......
924,569
1,359,116
Patterson
Cos.,
Inc.
.................
1,952,894
57,883,778
Pediatrix
Medical
Group,
Inc.
(a)(b)
.........
1,929,247
24,520,729
Pennant
Group,
Inc.
(The)
(a)(b)
..........
649,308
7,226,798
PetIQ,
Inc.,
Class
A
(a)(b)
...............
629,648
12,404,066
Privia
Health
Group,
Inc.
(a)(b)
............
2,498,442
57,464,166
Progyny,
Inc.
(a)(b)
...................
1,785,446
60,740,873
Quipt
Home
Medical
Corp.
(a)(b)
..........
846,488
4,308,624
RadNet,
Inc.
(a)(b)
....................
1,349,187
38,033,581
Select
Medical
Holdings
Corp.
..........
2,367,355
59,823,061
Surgery
Partners,
Inc.
(a)(b)
.............
1,540,394
45,056,524
US
Physical
Therapy,
Inc.
.............
330,447
30,311,903
Viemed
Healthcare,
Inc.
(a)(b)
............
707,123
4,758,938
1,361,721,689
Health
Care
REITs
—
0.6%
CareTrust
REIT,
Inc.
.................
2,335,054
47,868,607
Community
Healthcare
Trust,
Inc.
........
592,498
17,597,191
Diversified
Healthcare
Trust
............
5,498,773
10,667,620
Global
Medical
REIT,
Inc.
.............
1,461,753
13,111,924
LTC
Properties,
Inc.
.................
969,731
31,157,457
National
Health
Investors,
Inc.
..........
971,893
49,916,424
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
REITs
(continued)
Physicians
Realty
Trust
...............
5,505,742
$
67,114,995
Sabra
Health
Care
REIT,
Inc.
...........
5,323,471
74,209,186
Universal
Health
Realty
Income
Trust
.....
314,951
12,733,469
324,376,873
Health
Care
Technology
—
0.5%
American
Well
Corp.,
Class
A
(a)(b)
........
5,584,202
6,533,516
Computer
Programs
&
Systems,
Inc.
(a)(b)
...
319,787
5,097,405
Definitive
Healthcare
Corp.,
Class
A
(a)(b)
....
1,056,790
8,443,752
Evolent
Health,
Inc.,
Class
A
(a)(b)
.........
2,513,381
68,439,365
Health
Catalyst,
Inc.
(a)(b)
...............
1,274,505
12,897,990
HealthStream,
Inc.
(b)
.................
545,926
11,781,083
Multiplan
Corp.,
Class
A
(a)(b)
............
8,908,506
14,966,290
NextGen
Healthcare,
Inc.
(a)
............
1,255,997
29,804,809
OptimizeRx
Corp.
(a)(b)
................
393,156
3,058,754
Phreesia,
Inc.
(a)(b)
...................
1,178,471
22,013,838
Schrodinger,
Inc.
(a)(b)
.................
1,238,233
35,004,847
Sharecare,
Inc.,
Class
A
(a)(b)
............
7,051,902
6,631,609
Simulations
Plus,
Inc.
(b)
...............
359,983
15,011,291
Veradigm,
Inc.
(a)(b)
...................
2,478,579
32,568,528
272,253,077
Hotel
&
Resort
REITs
—
0.9%
Apple
Hospitality
REIT,
Inc.
............
4,971,165
76,257,671
Braemar
Hotels
&
Resorts,
Inc.
.........
1,548,856
4,290,331
Chatham
Lodging
Trust
...............
1,102,933
10,555,069
DiamondRock
Hospitality
Co.
(b)
.........
4,879,100
39,179,173
Hersha
Hospitality
Trust,
Class
A
........
723,951
7,138,157
Pebblebrook
Hotel
Trust
(b)
.............
2,789,038
37,903,026
RLJ
Lodging
Trust
..................
3,646,665
35,700,850
Ryman
Hospitality
Properties,
Inc.
.......
1,319,056
109,850,984
Service
Properties
Trust
..............
3,793,626
29,172,984
Summit
Hotel
Properties,
Inc.
...........
2,451,866
14,220,823
Sunstone
Hotel
Investors,
Inc.
(b)
.........
4,791,248
44,798,169
Xenia
Hotels
&
Resorts,
Inc.
...........
2,487,321
29,300,641
438,367,878
Hotels,
Restaurants
&
Leisure
—
2.2%
Accel
Entertainment,
Inc.,
Class
A
(a)(b)
.....
1,215,694
13,311,849
Bally's
Corp.
(a)(b)
....................
667,665
8,753,088
Biglari
Holdings,
Inc.,
Class
B,
NVS
(a)(b)
....
16,337
2,711,942
BJ's
Restaurants,
Inc.
(a)
...............
529,215
12,415,384
Bloomin'
Brands,
Inc.
................
2,004,257
49,284,680
Bluegreen
Vacations
Holding
Corp.
.......
248,160
9,102,509
Bowlero
Corp.,
Class
A
(a)(b)
.............
676,919
6,511,961
Brinker
International,
Inc.
(a)(b)
...........
1,002,830
31,679,400
Carrols
Restaurant
Group,
Inc.
(a)(b)
.......
852,757
5,619,669
Century
Casinos,
Inc.
(a)
...............
580,431
2,977,611
Cheesecake
Factory,
Inc.
(The)
(b)
........
1,110,456
33,646,817
Chuy's
Holdings,
Inc.
(a)(b)
..............
411,878
14,654,619
Cracker
Barrel
Old
Country
Store,
Inc.
.....
506,968
34,068,250
Dave
&
Buster's
Entertainment,
Inc.
(a)(b)
....
825,175
30,589,237
Denny's
Corp.
(a)
....................
1,233,112
10,444,459
Dine
Brands
Global,
Inc.
..............
365,187
18,058,497
El
Pollo
Loco
Holdings,
Inc.
............
651,838
5,833,950
Everi
Holdings,
Inc.
(a)(b)
...............
1,920,800
25,392,976
Fiesta
Restaurant
Group,
Inc.
(a)
.........
398,917
3,374,838
First
Watch
Restaurant
Group,
Inc.
(a)(b)
.....
484,317
8,373,841
Full
House
Resorts,
Inc.
(a)(b)
............
721,849
3,082,295
Global
Business
Travel
Group
I
(a)(b)
.......
710,948
3,910,214
Golden
Entertainment,
Inc.
............
462,753
15,816,898
Hilton
Grand
Vacations,
Inc.
(a)(b)
.........
1,856,172
75,546,200
Inspired
Entertainment,
Inc.
(a)(b)
..........
481,369
5,757,173
International
Game
Technology
plc
.......
2,478,968
75,162,310
Jack
in
the
Box,
Inc.
.................
467,778
32,304,749
Krispy
Kreme,
Inc.
(b)
.................
2,003,103
24,978,694
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Kura
Sushi
USA,
Inc.,
Class
A
(a)(b)
........
133,401
$
8,820,474
Life
Time
Group
Holdings,
Inc.
(a)(b)
........
1,021,849
15,542,323
Light
&
Wonder,
Inc.,
Class
A
(a)(b)
........
2,081,141
148,447,788
Lindblad
Expeditions
Holdings,
Inc.
(a)(b)
....
801,635
5,771,772
Monarch
Casino
&
Resort,
Inc.
..........
306,484
19,032,656
Mondee
Holdings,
Inc.,
Class
A
(a)(b)
.......
1,034,303
3,692,462
Nathan's
Famous,
Inc.
...............
53,037
3,747,594
Noodles
&
Co.,
Class
A
(a)(b)
............
946,237
2,327,743
ONE
Group
Hospitality,
Inc.
(The)
(a)(b)
.....
472,853
2,600,692
Papa
John's
International,
Inc.
(b)
.........
749,259
51,114,449
PlayAGS,
Inc.
(a)
....................
841,533
5,486,795
Portillo's,
Inc.,
Class
A
(a)(b)
.............
1,022,800
15,740,892
Potbelly
Corp.
(a)(b)
...................
571,148
4,454,954
RCI
Hospitality
Holdings,
Inc.
(b)
..........
194,336
11,788,422
Red
Robin
Gourmet
Burgers,
Inc.
(a)(b)
......
364,031
2,926,809
Red
Rock
Resorts,
Inc.,
Class
A
.........
1,088,114
44,612,674
Rush
Street
Interactive,
Inc.,
Class
A
(a)(b)
...
1,428,362
6,599,032
Sabre
Corp.
(a)
.....................
7,548,421
33,892,410
SeaWorld
Entertainment,
Inc.
(a)(b)
........
833,229
38,536,841
Shake
Shack,
Inc.,
Class
A
(a)(b)
..........
855,581
49,683,589
Six
Flags
Entertainment
Corp.
(a)
.........
1,654,462
38,896,402
Super
Group
SGHC
Ltd.
(a)(b)
............
3,074,870
11,346,270
Sweetgreen,
Inc.,
Class
A
(a)(b)
...........
2,204,012
25,897,141
Target
Hospitality
Corp.
(a)(b)
............
713,442
11,329,459
Xponential
Fitness,
Inc.,
Class
A
(a)(b)
......
562,802
8,723,431
1,134,377,184
Household
Durables
—
2.0%
Beazer
Homes
USA,
Inc.
(a)(b)
...........
672,679
16,756,434
Cavco
Industries,
Inc.
(a)(b)
..............
198,365
52,697,646
Century
Communities,
Inc.
............
656,340
43,830,385
Cricut,
Inc.,
Class
A
(b)
................
1,085,445
10,083,784
Dream
Finders
Homes,
Inc.,
Class
A
(a)(b)
....
548,763
12,199,002
Ethan
Allen
Interiors,
Inc.
.............
519,579
15,535,412
GoPro,
Inc.,
Class
A
(a)(b)
...............
3,057,347
9,600,070
Green
Brick
Partners,
Inc.
(a)(b)
...........
592,734
24,604,388
Helen
of
Troy
Ltd.
(a)(b)
................
548,479
63,930,712
Hooker
Furnishings
Corp.
.............
234,820
4,567,249
Hovnanian
Enterprises,
Inc.,
Class
A
(a)
.....
109,928
11,175,281
Installed
Building
Products,
Inc.
.........
539,249
67,346,808
iRobot
Corp.
(a)(b)
....................
629,156
23,845,012
KB
Home
........................
1,657,559
76,711,831
Landsea
Homes
Corp.
(a)
..............
307,732
2,766,511
La-Z-Boy,
Inc.
.....................
991,515
30,617,983
Legacy
Housing
Corp.
(a)(b)
.............
205,459
3,987,959
LGI
Homes,
Inc.
(a)(b)
.................
473,911
47,149,405
Lovesac
Co.
(The)
(a)(b)
................
323,259
6,439,319
M/I
Homes,
Inc.
(a)
...................
612,743
51,494,922
MDC
Holdings,
Inc.
.................
1,346,484
55,515,535
Meritage
Homes
Corp.
(b)
..............
825,214
100,997,941
Purple
Innovation,
Inc.
(b)
..............
1,300,474
2,223,811
Skyline
Champion
Corp.
(a)(b)
............
1,217,503
77,579,291
Snap
One
Holdings
Corp.
(a)(b)
...........
407,852
3,768,553
Sonos,
Inc.
(a)(b)
.....................
2,901,619
37,459,901
Taylor
Morrison
Home
Corp.
(a)(b)
.........
2,397,882
102,173,752
Traeger,
Inc.
(a)(b)
....................
814,274
2,222,968
TRI
Pointe
Homes,
Inc.
(a)
..............
2,252,684
61,610,907
United
Homes
Group,
Inc.,
Class
A
(a)(b)
.....
89,161
499,302
Vizio
Holding
Corp.,
Class
A
(a)(b)
.........
1,714,423
9,275,028
VOXX
International
Corp.,
Class
A
(a)(b)
.....
290,535
2,318,469
1,030,985,571
Household
Products
—
0.3%
Central
Garden
&
Pet
Co.
(a)(b)
...........
212,789
9,392,506
Central
Garden
&
Pet
Co.,
Class
A,
NVS
(a)(b)
.
906,599
36,345,554
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Household
Products
(continued)
Energizer
Holdings,
Inc.
(b)
.............
1,638,384
$
52,493,823
Oil-Dri
Corp.
of
America
..............
109,211
6,743,779
WD-40
Co.
(b)
......................
308,656
62,731,246
167,706,908
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
(b)
Altus
Power,
Inc.,
Class
A
(a)
............
1,466,759
7,700,485
Montauk
Renewables,
Inc.
(a)
...........
1,524,253
13,885,945
Ormat
Technologies,
Inc.
..............
1,219,381
85,259,119
Sunnova
Energy
International,
Inc.
(a)
......
2,294,944
24,028,064
130,873,613
Industrial
Conglomerates
—
0.0%
Brookfield
Business
Corp.,
Class
A
(b)
......
585,551
10,586,762
Industrial
REITs
—
0.5%
Innovative
Industrial
Properties,
Inc.
......
637,587
48,239,832
LXP
Industrial
Trust
.................
6,644,675
59,137,608
Plymouth
Industrial
REIT,
Inc.
..........
988,831
20,716,009
Terreno
Realty
Corp.
................
1,866,146
105,997,093
234,090,542
Insurance
—
1.8%
Ambac
Financial
Group,
Inc.
(a)
..........
1,024,982
12,361,283
American
Coastal
Insurance
Corp.
(a)(b)
.....
446,945
3,289,515
American
Equity
Investment
Life
Holding
Co.
1,774,879
95,204,510
AMERISAFE,
Inc.
..................
446,246
22,343,537
Argo
Group
International
Holdings
Ltd.
....
735,201
21,938,398
BRP
Group,
Inc.,
Class
A
(a)(b)
...........
1,372,157
31,875,207
CNO
Financial
Group,
Inc.
.............
2,626,097
62,317,282
Crawford
&
Co.,
Class
A,
NVS
..........
337,204
3,149,485
Donegal
Group,
Inc.,
Class
A
...........
350,577
4,997,475
eHealth,
Inc.
(a)(b)
....................
628,152
4,648,325
Employers
Holdings,
Inc.
..............
575,934
23,008,563
Enstar
Group
Ltd.
(a)
.................
273,149
66,102,058
F&G
Annuities
&
Life,
Inc.
.............
434,769
12,199,618
Fidelis
Insurance
Holdings
Ltd.
(a)
........
301,689
4,428,795
Genworth
Financial,
Inc.,
Class
A
(a)
.......
9,814,509
57,513,023
GoHealth,
Inc.,
Class
A
(a)(b)
............
85,600
1,240,344
Goosehead
Insurance,
Inc.,
Class
A
(a)(b)
....
492,694
36,720,484
Greenlight
Capital
Re
Ltd.,
Class
A
(a)(b)
.....
564,901
6,067,037
HCI
Group,
Inc.
....................
147,298
7,996,808
Hippo
Holdings,
Inc.
(a)(b)
...............
249,540
1,988,834
Horace
Mann
Educators
Corp.
..........
860,597
25,284,340
Investors
Title
Co.
..................
28,347
4,197,907
James
River
Group
Holdings
Ltd.
........
777,010
11,927,103
Kingsway
Financial
Services,
Inc.
(a)(b)
......
209,150
1,579,082
Lemonade,
Inc.
(a)(b)
..................
1,165,772
13,546,271
Maiden
Holdings
Ltd.
(a)
...............
1,632,598
2,873,372
MBIA,
Inc.
(a)(b)
.....................
1,127,734
8,130,962
Mercury
General
Corp.
...............
628,983
17,630,393
National
Western
Life
Group,
Inc.,
Class
A
(b)
.
52,044
22,768,730
NI
Holdings,
Inc.
(a)
..................
194,224
2,499,663
Oscar
Health,
Inc.,
Class
A
(a)
...........
3,539,608
19,715,617
Palomar
Holdings,
Inc.
(a)(b)
.............
559,609
28,400,157
ProAssurance
Corp.
.................
1,126,638
21,282,192
Safety
Insurance
Group,
Inc.
...........
305,137
20,807,292
Selective
Insurance
Group,
Inc.
.........
1,375,186
141,877,940
Selectquote,
Inc.
(a)(b)
.................
3,209,990
3,755,688
SiriusPoint
Ltd.
(a)
...................
2,090,496
21,260,344
Skyward
Specialty
Insurance
Group,
Inc.
(a)(b)
.
534,869
14,634,016
Stewart
Information
Services
Corp.
.......
567,693
24,864,953
Tiptree,
Inc.
......................
549,082
9,202,614
Trupanion,
Inc.
(a)(b)
..................
901,923
25,434,229
United
Fire
Group,
Inc.
...............
470,909
9,300,453
Security
Shares
Shares
Value
Insurance
(continued)
Universal
Insurance
Holdings,
Inc.
.......
585,329
$
8,206,313
938,570,212
Interactive
Media
&
Services
—
0.7%
Bumble,
Inc.,
Class
A
(a)(b)
..............
2,309,136
34,452,309
Cargurus,
Inc.,
Class
A
(a)
..............
2,238,754
39,222,970
Cars.com,
Inc.
(a)(b)
..................
1,517,562
25,586,095
DHI
Group,
Inc.
(a)
...................
1,001,986
3,066,077
Eventbrite,
Inc.,
Class
A
(a)(b)
............
1,765,702
17,409,822
EverQuote,
Inc.,
Class
A
(a)(b)
............
497,935
3,600,070
fuboTV,
Inc.
(a)(b)
....................
6,444,424
17,206,612
Grindr,
Inc.
(a)(b)
.....................
919,703
5,288,292
MediaAlpha,
Inc.,
Class
A
(a)(b)
...........
487,572
4,027,345
Nextdoor
Holdings,
Inc.,
Class
A
(a)(b)
......
3,371,294
6,135,755
Outbrain,
Inc.
(a)
....................
899,783
4,381,943
QuinStreet,
Inc.
(a)(b)
..................
1,189,429
10,669,178
Shutterstock,
Inc.
...................
566,528
21,556,390
System1,
Inc.,
Class
A
(a)(b)
.............
714,403
864,428
TrueCar,
Inc.
(a)(b)
....................
1,982,827
4,104,452
Vimeo,
Inc.
(a)
......................
3,275,363
11,594,785
Yelp,
Inc.
(a)(b)
......................
1,536,644
63,909,024
Ziff
Davis,
Inc.
(a)(b)
...................
1,075,729
68,513,180
ZipRecruiter,
Inc.,
Class
A
(a)(b)
...........
1,560,540
18,710,875
360,299,602
IT
Services
—
0.5%
BigBear.ai
Holdings,
Inc.
(a)(b)
............
702,026
1,060,059
BigCommerce
Holdings,
Inc.
(a)(b)
.........
1,539,727
15,197,105
Brightcove,
Inc.
(a)(b)
..................
938,510
3,087,698
DigitalOcean
Holdings,
Inc.
(a)(b)
..........
1,444,026
34,699,945
Fastly,
Inc.,
Class
A
(a)(b)
...............
2,700,796
51,774,259
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)(b)
..
1,269,839
15,466,639
Hackett
Group,
Inc.
(The)
.............
570,267
13,452,599
Information
Services
Group,
Inc.
.........
813,614
3,563,629
Perficient,
Inc.
(a)(b)
...................
784,188
45,373,118
Rackspace
Technology,
Inc.
(a)(b)
.........
1,573,456
3,697,622
Squarespace,
Inc.,
Class
A
(a)(b)
..........
1,021,388
29,589,610
Thoughtworks
Holding,
Inc.
(a)(b)
..........
2,136,995
8,718,940
Tucows,
Inc.,
Class
A
(a)(b)
..............
229,163
4,677,217
Unisys
Corp.
(a)(b)
....................
1,555,749
5,367,334
235,725,774
Leisure
Products
—
0.4%
Acushnet
Holdings
Corp.
(b)
............
707,468
37,524,103
AMMO,
Inc.
(a)(b)
....................
2,131,179
4,304,982
Clarus
Corp.
(b)
.....................
646,085
4,884,403
Escalade,
Inc.
(b)
....................
183,957
2,816,382
Funko,
Inc.,
Class
A
(a)(b)
...............
808,729
6,186,777
JAKKS
Pacific,
Inc.
(a)
................
166,035
3,086,591
Johnson
Outdoors,
Inc.,
Class
A
.........
122,519
6,700,564
Latham
Group,
Inc.
(a)(b)
...............
928,300
2,599,240
Malibu
Boats,
Inc.,
Class
A
(a)(b)
..........
460,611
22,579,151
Marine
Products
Corp.
...............
179,711
2,553,693
MasterCraft
Boat
Holdings,
Inc.
(a)(b)
.......
384,431
8,542,057
Smith
&
Wesson
Brands,
Inc.
...........
1,057,197
13,648,413
Solo
Brands,
Inc.,
Class
A
(a)(b)
...........
491,177
2,505,003
Sturm
Ruger
&
Co.,
Inc.
..............
397,746
20,730,521
Topgolf
Callaway
Brands
Corp.
(a)(b)
.......
3,279,809
45,392,556
Vista
Outdoor,
Inc.
(a)(b)
................
1,312,788
43,479,538
227,533,974
Life
Sciences
Tools
&
Services
—
0.4%
Adaptive
Biotechnologies
Corp.
(a)(b)
.......
2,618,582
14,271,272
Akoya
Biosciences,
Inc.
(a)(b)
............
486,635
2,262,853
BioLife
Solutions,
Inc.
(a)(b)
..............
788,203
10,885,083
Codexis,
Inc.
(a)
.....................
1,573,483
2,973,883
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
CryoPort,
Inc.
(a)(b)
...................
923,435
$
12,660,294
Cytek
Biosciences,
Inc.
(a)(b)
............
2,760,060
15,235,531
Harvard
Bioscience,
Inc.
(a)(b)
............
885,566
3,807,934
MaxCyte,
Inc.
(a)(b)
...................
2,013,713
6,282,785
Mesa
Laboratories,
Inc.
(b)
.............
117,112
12,304,958
NanoString
Technologies,
Inc.
(a)(b)
........
1,130,484
1,944,432
Nautilus
Biotechnology,
Inc.
(a)(b)
.........
1,118,920
3,535,787
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares,
NVS
(a)(d)
.................
130,676
1
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares,
NVS
(a)(d)
.................
130,676
1
OmniAb,
Inc.
(a)(b)
...................
2,133,584
11,073,301
Pacific
Biosciences
of
California,
Inc.
(a)(b)
...
5,738,030
47,912,551
Quanterix
Corp.
(a)
...................
806,619
21,891,640
Quantum-Si,
Inc.,
Class
A
(a)(b)
...........
2,271,202
3,770,195
Seer,
Inc.,
Class
A
(a)
.................
1,353,534
2,991,310
SomaLogic,
Inc.,
Class
A
(a)(b)
...........
3,503,660
8,373,747
182,177,558
Machinery
—
3.7%
374Water,
Inc.
(a)(b)
..................
1,229,872
1,525,041
3D
Systems
Corp.
(a)(b)
................
2,913,831
14,306,910
Alamo
Group,
Inc.
..................
229,246
39,627,464
Albany
International
Corp.,
Class
A
.......
710,163
61,272,864
Astec
Industries,
Inc.
................
519,676
24,481,936
Barnes
Group,
Inc.
..................
1,122,837
38,142,773
Blue
Bird
Corp.
(a)(b)
..................
406,275
8,673,971
Chart
Industries,
Inc.
(a)(b)
..............
978,944
165,559,009
CIRCOR
International,
Inc.
(a)
...........
462,566
25,788,055
Columbus
McKinnon
Corp.
............
642,008
22,412,499
Commercial
Vehicle
Group,
Inc.
(a)(b)
.......
744,037
5,773,727
Desktop
Metal,
Inc.,
Class
A
(a)(b)
.........
6,410,306
9,359,047
Douglas
Dynamics,
Inc.
..............
515,766
15,565,818
Energy
Recovery,
Inc.
(a)(b)
.............
1,261,995
26,766,914
Enerpac
Tool
Group
Corp.,
Class
A
(b)
......
1,289,167
34,072,684
EnPro
Industries,
Inc.
................
476,983
57,805,570
ESCO
Technologies,
Inc.
.............
578,837
60,453,736
Federal
Signal
Corp.
................
1,360,494
81,262,307
Franklin
Electric
Co.,
Inc.
.............
1,048,667
93,572,556
Gencor
Industries,
Inc.
(a)(b)
.............
203,705
2,878,352
Gorman-Rupp
Co.
(The)
..............
506,191
16,653,684
Greenbrier
Cos.,
Inc.
(The)
............
696,676
27,867,040
Helios
Technologies,
Inc.
(b)
............
747,158
41,452,326
Hillenbrand,
Inc.
...................
1,572,727
66,542,079
Hillman
Solutions
Corp.
(a)(b)
............
4,389,811
36,215,941
Hyliion
Holdings
Corp.,
Class
A
(a)(b)
.......
3,408,424
4,021,940
Hyster-Yale
Materials
Handling,
Inc.
......
249,841
11,137,912
John
Bean
Technologies
Corp.
(b)
.........
725,463
76,275,180
Kadant,
Inc.
(b)
.....................
265,385
59,857,587
Kennametal,
Inc.
...................
1,852,897
46,100,077
Lindsay
Corp.
.....................
252,095
29,666,540
Luxfer
Holdings
plc
.................
612,384
7,991,611
Manitowoc
Co.,
Inc.
(The)
(a)(b)
...........
805,174
12,117,869
Mayville
Engineering
Co.,
Inc.
(a)(b)
........
247,284
2,712,706
Microvast
Holdings,
Inc.
(a)(b)
............
2,415,753
4,565,773
Miller
Industries,
Inc.
................
247,707
9,712,591
Mueller
Industries,
Inc.
...............
1,275,004
95,829,301
Mueller
Water
Products,
Inc.,
Class
A
(b)
....
3,533,624
44,806,352
Nikola
Corp.
(a)(b)
....................
14,111,840
22,155,589
Omega
Flex,
Inc.
(b)
..................
73,458
5,783,348
Park-Ohio
Holdings
Corp.
.............
188,558
3,754,190
Proto
Labs,
Inc.
(a)(b)
..................
601,866
15,889,262
REV
Group,
Inc.
...................
723,998
11,583,968
Shyft
Group,
Inc.
(The)
(b)
..............
784,265
11,740,447
SPX
Technologies,
Inc.
(a)
..............
1,004,416
81,759,462
Security
Shares
Shares
Value
Machinery
(continued)
Standex
International
Corp.
............
268,723
$
39,150,254
Tennant
Co.
......................
421,269
31,237,096
Terex
Corp.
(b)
.....................
1,531,650
88,253,673
Titan
International,
Inc.
(a)
..............
1,197,526
16,082,774
Trinity
Industries,
Inc.
................
1,849,684
45,039,805
Velo3D,
Inc.
(a)(b)
....................
2,039,570
3,181,729
Wabash
National
Corp.
(b)
..............
1,083,414
22,881,704
Watts
Water
Technologies,
Inc.,
Class
A
....
619,429
107,049,720
1,888,370,763
Marine
Transportation
—
0.3%
Costamare,
Inc.
....................
1,105,720
10,637,026
Eagle
Bulk
Shipping,
Inc.
(b)
............
212,475
8,930,324
Genco
Shipping
&
Trading
Ltd.
..........
968,409
13,548,042
Golden
Ocean
Group
Ltd.
.............
2,821,959
22,237,037
Himalaya
Shipping
Ltd.
(a)
..............
295,194
1,425,787
Matson,
Inc.
......................
811,730
72,016,686
Pangaea
Logistics
Solutions
Ltd.
........
765,133
4,498,982
Safe
Bulkers,
Inc.
..................
1,564,691
5,069,599
138,363,483
Media
—
0.7%
Advantage
Solutions,
Inc.,
Class
A
(a)(b)
.....
2,047,999
5,816,317
AMC
Networks,
Inc.,
Class
A
(a)(b)
.........
715,473
8,428,272
Boston
Omaha
Corp.,
Class
A
(a)(b)
........
522,714
8,567,282
Cardlytics,
Inc.
(a)(b)
..................
778,031
12,837,512
Clear
Channel
Outdoor
Holdings,
Inc.
(a)(b)
...
8,448,404
13,348,478
Daily
Journal
Corp.
(a)
................
28,440
8,361,360
Emerald
Holding,
Inc.
(a)(b)
..............
316,271
1,429,545
Entravision
Communications
Corp.,
Class
A
.
1,329,458
4,852,522
EW
Scripps
Co.
(The),
Class
A,
NVS
(a)(b)
...
1,371,021
7,513,195
Gambling.com
Group
Ltd.
(a)
............
235,877
3,085,271
Gannett
Co.,
Inc.
(a)(b)
.................
3,272,538
8,017,718
Gray
Television,
Inc.
.................
1,918,521
13,276,165
iHeartMedia,
Inc.,
Class
A
(a)(b)
...........
2,380,329
7,521,840
Integral
Ad
Science
Holding
Corp.
(a)(b)
.....
1,086,182
12,914,704
John
Wiley
&
Sons,
Inc.,
Class
A
........
980,426
36,442,434
Magnite,
Inc.
(a)(b)
....................
3,066,484
23,121,289
PubMatic,
Inc.,
Class
A
(a)(b)
.............
973,670
11,781,407
Scholastic
Corp.,
NVS
...............
625,047
23,839,293
Sinclair,
Inc.,
Class
A
(b)
...............
769,364
8,632,264
Stagwell,
Inc.,
Class
A
(a)(b)
.............
1,800,024
8,442,113
TechTarget,
Inc.
(a)
...................
602,341
18,287,073
TEGNA,
Inc.
......................
4,600,669
67,031,747
Thryv
Holdings,
Inc.
(a)(b)
...............
715,139
13,423,159
Townsquare
Media,
Inc.,
Class
A
........
249,222
2,173,216
Urban
One,
Inc.,
Class
A
(a)
.............
186,238
934,915
Urban
One,
Inc.,
Class
D,
NVS
(a)(b)
.......
210,601
1,059,323
WideOpenWest,
Inc.
(a)(b)
..............
1,167,380
8,930,457
340,068,871
Metals
&
Mining
—
1.9%
5E
Advanced
Materials,
Inc.
(a)(b)
.........
958,737
2,166,746
Alpha
Metallurgical
Resources,
Inc.
......
284,919
74,002,012
Arch
Resources,
Inc.,
Class
A
..........
417,469
71,245,259
ATI,
Inc.
(a)(b)
.......................
2,931,544
120,633,036
Caledonia
Mining
Corp.
plc
(b)
...........
327,093
3,225,137
Carpenter
Technology
Corp.
...........
1,098,338
73,819,297
Century
Aluminum
Co.
(a)(b)
.............
1,224,497
8,804,133
Coeur
Mining,
Inc.
(a)(b)
................
7,516,587
16,686,823
Commercial
Metals
Co.
...............
2,668,271
131,839,270
Compass
Minerals
International,
Inc.
......
783,288
21,892,900
Constellium
SE,
Class
A
(a)(b)
............
2,888,353
52,568,025
Contango
ORE,
Inc.
(a)(b)
...............
82,249
1,491,997
Dakota
Gold
Corp.
(a)(b)
................
1,181,272
3,047,682
Haynes
International,
Inc.
.............
277,194
12,895,065
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Hecla
Mining
Co.
(b)
..................
13,884,278
$
54,287,527
i-80
Gold
Corp.
(a)(b)
..................
4,312,306
6,597,828
Ivanhoe
Electric,
Inc.
(a)(b)
..............
1,278,326
15,212,079
Kaiser
Aluminum
Corp.
...............
366,784
27,604,164
Materion
Corp.
....................
467,867
47,680,326
Novagold
Resources,
Inc.
(a)(b)
...........
5,518,995
21,192,941
Olympic
Steel,
Inc.
..................
227,880
12,809,135
Perpetua
Resources
Corp.
(a)(b)
..........
815,358
2,658,067
Piedmont
Lithium,
Inc.
(a)(b)
.............
410,504
16,297,009
PolyMet
Mining
Corp.
(a)(b)
..............
796,874
1,657,498
Ramaco
Resources,
Inc.,
Class
A
(b)
.......
504,974
5,549,664
Ramaco
Resources,
Inc.,
Class
B
(b)
......
100,744
1,201,876
Ryerson
Holding
Corp.
...............
550,257
16,006,976
Schnitzer
Steel
Industries,
Inc.,
Class
A
....
594,309
16,551,506
SunCoke
Energy,
Inc.
................
1,932,474
19,614,611
TimkenSteel
Corp.
(a)(b)
................
991,256
21,530,080
Tredegar
Corp.
....................
588,541
3,184,007
Warrior
Met
Coal,
Inc.
................
1,179,677
60,257,901
Worthington
Industries,
Inc.
............
700,125
43,281,727
987,492,304
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
1.2%
AFC
Gamma,
Inc.
..................
364,077
4,274,264
Angel
Oak
Mortgage
REIT,
Inc.
(b)
........
282,856
2,412,762
Apollo
Commercial
Real
Estate
Finance,
Inc.
3,252,048
32,943,246
Arbor
Realty
Trust,
Inc.
...............
3,767,702
57,193,716
Ares
Commercial
Real
Estate
Corp.
......
1,241,322
11,817,386
ARMOUR
Residential
REIT,
Inc.
.........
5,159,781
21,929,069
Blackstone
Mortgage
Trust,
Inc.,
Class
A
...
3,941,615
85,730,126
BrightSpire
Capital,
Inc.,
Class
A
........
3,013,865
18,866,795
Chicago
Atlantic
Real
Estate
Finance,
Inc.
..
374,056
5,506,104
Chimera
Investment
Corp.
.............
5,379,466
29,371,884
Claros
Mortgage
Trust,
Inc.
............
2,097,186
23,236,821
Dynex
Capital,
Inc.
..................
1,197,498
14,298,126
Ellington
Financial,
Inc.
...............
1,447,247
18,047,170
Franklin
BSP
Realty
Trust,
Inc.
..........
1,875,607
24,833,037
Granite
Point
Mortgage
Trust,
Inc.
.......
1,209,050
5,900,164
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
(b)
...................
2,366,596
50,171,835
Invesco
Mortgage
Capital,
Inc.
..........
979,337
9,803,163
KKR
Real
Estate
Finance
Trust,
Inc.
......
1,333,469
15,828,277
Ladder
Capital
Corp.,
Class
A
..........
2,619,253
26,873,536
MFA
Financial,
Inc.
..................
2,337,349
22,461,924
New
York
Mortgage
Trust,
Inc.
..........
2,082,121
17,677,207
NexPoint
Real
Estate
Finance,
Inc.
.......
205,913
3,368,737
Orchid
Island
Capital,
Inc.
.............
991,021
8,433,589
PennyMac
Mortgage
Investment
Trust
.....
2,035,376
25,238,662
Ready
Capital
Corp.
.................
3,644,796
36,848,888
Redwood
Trust,
Inc.
.................
2,589,620
18,463,991
TPG
RE
Finance
Trust,
Inc.
............
1,574,169
10,594,157
Two
Harbors
Investment
Corp.
..........
2,251,852
29,814,521
631,939,157
Multi-Utilities
—
0.4%
Avista
Corp.
......................
1,770,235
57,302,507
Black
Hills
Corp.
...................
1,530,885
77,447,472
Northwestern
Energy
Group,
Inc.
........
1,383,355
66,484,041
Unitil
Corp.
.......................
361,623
15,444,919
216,678,939
Office
REITs
—
0.7%
Brandywine
Realty
Trust
..............
3,968,942
18,018,997
City
Office
REIT,
Inc.
................
980,759
4,168,226
COPT
Defense
Properties
.............
2,587,861
61,668,728
Douglas
Emmett,
Inc.
................
1,764,076
22,509,610
Easterly
Government
Properties,
Inc.
.....
2,194,989
25,088,724
Security
Shares
Shares
Value
Office
REITs
(continued)
Equity
Commonwealth
...............
2,412,020
$
44,308,807
Hudson
Pacific
Properties,
Inc.
..........
3,162,521
21,030,765
JBG
SMITH
Properties
...............
2,484,253
35,922,298
Office
Properties
Income
Trust
..........
1,131,052
4,637,313
Orion
Office
REIT,
Inc.
...............
1,373,757
7,157,274
Paramount
Group,
Inc.
...............
4,382,393
20,246,656
Peakstone
Realty
Trust,
Class
E,
NVS
(b)
...
808,355
13,451,027
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
..
2,934,896
16,494,116
Postal
Realty
Trust,
Inc.,
Class
A
........
445,337
6,012,049
SL
Green
Realty
Corp.
(b)
..............
1,265,545
47,204,828
347,919,418
Oil,
Gas
&
Consumable
Fuels
—
5.4%
Amplify
Energy
Corp.
(a)(b)
..............
832,441
6,118,441
Ardmore
Shipping
Corp.
..............
941,828
12,253,182
Berry
Corp.
.......................
1,811,129
14,851,258
California
Resources
Corp.
............
1,641,811
91,957,834
Callon
Petroleum
Co.
(a)(b)
..............
1,401,447
54,824,607
Centrus
Energy
Corp.,
Class
A
(a)(b)
.......
278,302
15,796,422
Chord
Energy
Corp.
.................
955,363
154,835,681
Civitas
Resources,
Inc.
...............
1,578,067
127,618,278
Clean
Energy
Fuels
Corp.
(a)(b)
...........
3,872,309
14,830,943
CNX
Resources
Corp.
(a)(b)
.............
3,631,733
82,004,531
Comstock
Resources,
Inc.
(b)
............
2,096,264
23,121,792
CONSOL
Energy,
Inc.
................
762,471
79,990,833
Crescent
Energy,
Inc.,
Class
A
..........
882,173
11,150,667
CVR
Energy,
Inc.
...................
741,427
25,230,761
Delek
US
Holdings,
Inc.
..............
1,553,359
44,130,929
Denbury,
Inc.
(a)(b)
...................
1,160,044
113,695,912
DHT
Holdings,
Inc.
..................
3,142,001
32,362,610
Dorian
LPG
Ltd.
....................
730,094
20,975,601
Earthstone
Energy,
Inc.,
Class
A
(a)(b)
......
1,303,402
26,380,857
Empire
Petroleum
Corp.
(a)(b)
............
260,971
2,513,151
Encore
Energy
Corp.
(a)(b)
..............
3,184,874
10,382,689
Energy
Fuels,
Inc.
(a)(b)
................
3,584,822
29,467,237
Enviva,
Inc.
.......................
733,100
5,476,257
Equitrans
Midstream
Corp.
............
9,952,624
93,256,087
Evolution
Petroleum
Corp.
.............
705,436
4,825,182
Excelerate
Energy,
Inc.,
Class
A
(b)
........
417,057
7,106,651
FLEX
LNG
Ltd.
....................
683,437
20,612,460
Gevo,
Inc.
(a)(b)
.....................
5,834,234
6,942,738
Golar
LNG
Ltd.
....................
2,316,285
56,193,074
Granite
Ridge
Resources,
Inc.
..........
557,980
3,403,678
Green
Plains,
Inc.
(a)(b)
................
800,581
24,097,488
Gulfport
Energy
Corp.
(a)(b)
.............
249,144
29,563,427
Hallador
Energy
Co.
(a)(b)
...............
520,172
7,500,880
HighPeak
Energy,
Inc.
(b)
..............
269,485
4,548,907
International
Seaways,
Inc.
............
925,554
41,649,930
Kinetik
Holdings,
Inc.,
Class
A
..........
394,364
13,309,785
Kosmos
Energy
Ltd.
(a)(b)
...............
10,408,882
85,144,655
Magnolia
Oil
&
Gas
Corp.,
Class
A
.......
4,189,348
95,977,963
Matador
Resources
Co.
..............
2,585,579
153,790,239
Murphy
Oil
Corp.
...................
3,392,588
153,853,866
NACCO
Industries,
Inc.,
Class
A
.........
90,574
3,176,430
NextDecade
Corp.
(a)(b)
................
682,087
3,492,285
Nordic
American
Tankers
Ltd.
..........
4,677,377
19,270,793
Northern
Oil
&
Gas,
Inc.
..............
1,854,247
74,596,357
Overseas
Shipholding
Group,
Inc.,
Class
A
(a)(b)
1,363,085
5,983,943
Par
Pacific
Holdings,
Inc.
(a)(b)
...........
1,310,180
47,087,869
PBF
Energy,
Inc.,
Class
A
.............
2,596,192
138,974,158
Peabody
Energy
Corp.
(b)
..............
2,843,701
73,907,789
Permian
Resources
Corp.,
Class
A
.......
6,270,359
87,534,212
PrimeEnergy
Resources
Corp.
(a)(b)
........
12,544
1,454,979
REX
American
Resources
Corp.
(a)(b)
......
386,488
15,737,791
Riley
Exploration
Permian,
Inc.
..........
197,928
6,292,131
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Ring
Energy,
Inc.
(a)(b)
.................
2,711,480
$
5,287,386
SandRidge
Energy,
Inc.
..............
567,830
8,892,218
Scorpio
Tankers,
Inc.
................
1,126,712
60,977,653
SFL
Corp.
Ltd.
.....................
2,619,440
29,206,756
SilverBow
Resources,
Inc.
(a)
............
404,465
14,467,713
Sitio
Royalties
Corp.,
Class
A
...........
1,840,378
44,555,551
SM
Energy
Co.
....................
2,742,977
108,759,038
Talos
Energy,
Inc.
(a)(b)
................
2,519,592
41,422,093
Teekay
Corp.
(a)(b)
...................
1,545,294
9,534,464
Teekay
Tankers
Ltd.,
Class
A
...........
545,660
22,715,826
Tellurian,
Inc.
(a)(b)
...................
12,135,569
14,077,260
Uranium
Energy
Corp.
(a)(b)
.............
8,401,070
43,265,511
VAALCO
Energy,
Inc.
................
2,465,593
10,823,953
Verde
Clean
Fuels,
Inc.,
Class
A
(a)(b)
......
85,697
323,078
Vertex
Energy,
Inc.
(a)(b)
...............
1,489,398
6,627,821
Vital
Energy,
Inc.
(a)(b)
.................
387,134
21,454,966
Vitesse
Energy,
Inc.
.................
567,531
12,990,785
W&T
Offshore,
Inc.
(a)(b)
...............
2,260,345
9,900,311
World
Kinect
Corp.
..................
1,445,345
32,419,088
2,776,957,691
Paper
&
Forest
Products
—
0.1%
Clearwater
Paper
Corp.
(a)(b)
............
383,220
13,891,725
Glatfelter
Corp.
(a)
...................
1,032,853
2,065,706
Sylvamo
Corp.
....................
831,773
36,548,106
52,505,537
Passenger
Airlines
—
0.4%
Allegiant
Travel
Co.
.................
361,140
27,757,220
Blade
Air
Mobility,
Inc.,
Class
A
(a)
........
1,365,314
3,536,163
Frontier
Group
Holdings,
Inc.
(a)(b)
.........
885,950
4,287,998
Hawaiian
Holdings,
Inc.
(a)(b)
............
1,173,408
7,427,673
JetBlue
Airways
Corp.
(a)(b)
.............
7,564,275
34,795,665
Joby
Aviation,
Inc.,
Class
A
(a)(b)
..........
6,367,775
41,072,149
SkyWest,
Inc.
(a)(b)
...................
1,005,620
42,175,703
Spirit
Airlines,
Inc.
..................
2,495,497
41,175,701
Sun
Country
Airlines
Holdings,
Inc.
(a)(b)
.....
862,279
12,796,220
215,024,492
Personal
Care
Products
—
0.9%
Beauty
Health
Co.
(The),
Class
A
(a)(b)
......
1,863,780
11,219,956
BellRing
Brands,
Inc.
(a)
...............
3,048,244
125,679,100
Edgewell
Personal
Care
Co.
...........
1,176,724
43,491,719
elf
Beauty,
Inc.
(a)
...................
1,214,216
133,357,343
Herbalife
Ltd.
(a)(b)
...................
2,256,996
31,575,374
Inter
Parfums,
Inc.
..................
417,863
56,135,715
Medifast,
Inc.
.....................
246,482
18,449,178
Nature's
Sunshine
Products,
Inc.
(a)
.......
293,867
4,869,376
Nu
Skin
Enterprises,
Inc.,
Class
A
........
1,159,605
24,595,222
Thorne
HealthTech,
Inc.
(a)(b)
............
320,537
3,266,272
USANA
Health
Sciences,
Inc.
(a)(b)
........
259,949
15,235,611
Waldencast
plc,
Class
A
(a)(b)
............
705,588
6,646,639
474,521,505
Pharmaceuticals
—
1.7%
Aclaris
Therapeutics,
Inc.
(a)(b)
...........
1,583,296
10,845,578
Amneal
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
..
2,782,031
11,740,171
Amphastar
Pharmaceuticals,
Inc.
(a)(b)
......
864,215
39,745,248
Amylyx
Pharmaceuticals,
Inc.
(a)(b)
........
1,161,442
21,266,003
ANI
Pharmaceuticals,
Inc.
(a)(b)
...........
326,706
18,968,550
Arvinas,
Inc.
(a)(b)
....................
1,122,349
22,042,934
Assertio
Holdings,
Inc.
(a)(b)
.............
2,072,382
5,305,298
Atea
Pharmaceuticals,
Inc.
(a)(b)
..........
1,741,139
5,223,417
Axsome
Therapeutics,
Inc.
(a)(b)
..........
800,742
55,963,858
Biote
Corp.,
Class
A
(a)(b)
...............
290,944
1,489,633
Bright
Green
Corp.
(a)(b)
...............
1,273,971
504,365
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Cara
Therapeutics,
Inc.
(a)(b)
............
1,118,175
$
1,878,534
Cassava
Sciences,
Inc.
(a)(b)
............
910,618
15,152,684
Citius
Pharmaceuticals,
Inc.
(a)(b)
.........
2,769,304
1,895,312
Collegium
Pharmaceutical,
Inc.
(a)(b)
.......
788,006
17,611,934
Corcept
Therapeutics,
Inc.
(a)(b)
..........
1,823,927
49,692,891
CorMedix,
Inc.
(a)(b)
..................
1,175,237
4,348,377
Cymabay
Therapeutics,
Inc.
(a)(b)
.........
2,228,301
33,223,968
Edgewise
Therapeutics,
Inc.
(a)(b)
.........
945,760
5,419,205
Enliven
Therapeutics,
Inc.
(a)(b)
...........
525,862
7,183,275
Evolus,
Inc.
(a)(b)
....................
942,805
8,617,238
Eyenovia,
Inc.
(a)(b)
...................
661,529
1,098,138
EyePoint
Pharmaceuticals,
Inc.
(a)(b)
.......
593,907
4,745,317
Harmony
Biosciences
Holdings,
Inc.
(a)(b)
....
750,473
24,593,000
Harrow,
Inc.
(a)(b)
....................
660,442
9,490,552
Ikena
Oncology,
Inc.
(a)(b)
..............
511,753
2,215,890
Innoviva,
Inc.
(a)(b)
...................
1,335,389
17,346,703
Intra-Cellular
Therapies,
Inc.
(a)(b)
.........
2,132,751
111,095,000
Ligand
Pharmaceuticals,
Inc.
(a)(b)
.........
380,457
22,796,983
Liquidia
Corp.
(a)(b)
...................
1,069,296
6,779,337
Longboard
Pharmaceuticals,
Inc.
(a)
.......
345,025
1,918,339
Marinus
Pharmaceuticals,
Inc.
(a)(b)
........
1,133,055
9,121,093
NGM
Biopharmaceuticals,
Inc.
(a)(b)
........
1,034,203
1,106,597
Nuvation
Bio,
Inc.,
Class
A
(a)
...........
3,283,443
4,399,814
Ocular
Therapeutix,
Inc.
(a)(b)
............
1,773,082
5,567,477
Omeros
Corp.
(a)(b)
...................
1,354,914
3,956,349
Optinose,
Inc.
(a)(b)
...................
1,654,419
2,034,935
Pacira
BioSciences,
Inc.
(a)(b)
............
1,038,923
31,874,158
Phathom
Pharmaceuticals,
Inc.
(a)(b)
.......
695,258
7,209,825
Phibro
Animal
Health
Corp.,
Class
A
......
461,477
5,893,061
Pliant
Therapeutics,
Inc.
(a)(b)
............
1,289,672
22,362,912
Prestige
Consumer
Healthcare,
Inc.
(a)(b)
....
1,131,706
64,722,266
Rain
Oncology,
Inc.
(a)
................
469,162
404,324
Revance
Therapeutics,
Inc.
(a)(b)
..........
1,904,494
21,844,546
Scilex
Holding
Co.,
(Acquired
01/06/23
,
cost
$14,991,359)
(a)(b)(e)
................
1,430,473
1,967,616
scPharmaceuticals,
Inc.
(a)(b)
............
646,822
4,605,373
SIGA
Technologies,
Inc.
..............
1,078,658
5,662,955
Supernus
Pharmaceuticals,
Inc.
(a)(b)
.......
1,123,580
30,977,101
Taro
Pharmaceutical
Industries
Ltd.
(a)(b)
....
184,945
6,974,276
Tarsus
Pharmaceuticals,
Inc.
(a)(b)
.........
535,433
9,514,644
Terns
Pharmaceuticals,
Inc.
(a)(b)
.........
968,075
4,869,417
Theravance
Biopharma,
Inc.
(a)(b)
.........
1,269,590
10,956,562
Theseus
Pharmaceuticals,
Inc.
(a)(b)
.......
467,936
1,258,748
Third
Harmonic
Bio,
Inc.
(a)(b)
............
428,003
2,734,939
Trevi
Therapeutics,
Inc.
(a)(b)
............
908,046
1,979,540
Ventyx
Biosciences,
Inc.
(a)(b)
............
1,065,392
37,001,064
Verrica
Pharmaceuticals,
Inc.
(a)(b)
........
480,501
1,866,746
WaVe
Life
Sciences
Ltd.
(a)(b)
............
1,321,504
7,598,648
Xeris
Biopharma
Holdings,
Inc.
(a)(b)
.......
3,051,275
5,675,372
Zevra
Therapeutics,
Inc.
(a)(b)
............
772,396
3,722,949
858,061,039
Professional
Services
—
2.5%
Alight,
Inc.,
Class
A
(a)(b)
...............
9,074,849
64,340,679
ASGN,
Inc.
(a)
......................
1,103,215
90,110,601
Asure
Software,
Inc.
(a)(b)
...............
421,572
3,988,071
Barrett
Business
Services,
Inc.
(b)
.........
157,507
14,213,432
BlackSky
Technology,
Inc.,
Class
A
(a)(b)
.....
2,743,894
3,210,356
CBIZ,
Inc.
(a)(b)
......................
1,079,795
56,041,360
Conduent,
Inc.
(a)(b)
..................
4,014,398
13,970,105
CRA
International,
Inc.
...............
156,938
15,813,073
CSG
Systems
International,
Inc.
.........
725,633
37,094,359
ExlService
Holdings,
Inc.
(a)(b)
...........
3,682,296
103,251,580
Exponent,
Inc.
.....................
1,151,490
98,567,544
First
Advantage
Corp.
................
1,244,070
17,155,725
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
(continued)
FiscalNote
Holdings,
Inc.,
Class
A
(a)(b)
.....
1,499,287
$
3,118,517
Forrester
Research,
Inc.
(a)(b)
............
272,334
7,870,453
Franklin
Covey
Co.
(a)(b)
...............
263,381
11,304,312
Heidrick
&
Struggles
International,
Inc.
....
454,824
11,379,696
HireQuest,
Inc.
(b)
...................
106,002
1,635,611
HireRight
Holdings
Corp.
(a)(b)
...........
339,815
3,231,641
Huron
Consulting
Group,
Inc.
(a)(b)
........
433,569
45,160,547
IBEX
Holdings
Ltd.
(a)
.................
242,271
3,743,087
ICF
International,
Inc.
(b)
...............
426,748
51,555,426
Innodata,
Inc.
(a)(b)
...................
590,478
5,036,777
Insperity,
Inc.
......................
829,964
81,004,486
Kelly
Services,
Inc.,
Class
A,
NVS
.......
739,605
13,453,415
Kforce,
Inc.
.......................
443,389
26,452,588
Korn
Ferry
.......................
1,192,870
56,589,753
Legalzoom.com,
Inc.
(a)(b)
..............
2,379,523
26,031,982
Maximus,
Inc.
.....................
1,384,987
103,430,829
Mistras
Group,
Inc.
(a)(b)
...............
424,429
2,313,138
NV5
Global,
Inc.
(a)(b)
.................
312,032
30,026,839
Planet
Labs
PBC,
Class
A
(a)(b)
...........
3,865,686
10,050,784
Resources
Connection,
Inc.
............
758,378
11,307,416
Skillsoft
Corp.,
Class
A
(a)(b)
.............
1,848,641
1,638,635
Sterling
Check
Corp.
(a)(b)
..............
708,569
8,942,141
TriNet
Group,
Inc.
(a)(b)
................
857,150
99,840,832
TrueBlue,
Inc.
(a)(b)
...................
700,398
10,274,839
TTEC
Holdings,
Inc.
.................
461,366
12,097,017
Upwork,
Inc.
(a)(b)
....................
2,822,509
32,063,702
Verra
Mobility
Corp.,
Class
A
(a)(b)
.........
3,178,773
59,443,055
Willdan
Group,
Inc.
(a)(b)
...............
279,779
5,715,885
1,252,470,288
Real
Estate
Management
&
Development
—
0.7%
American
Realty
Investors,
Inc.
(a)
........
30,689
448,673
Anywhere
Real
Estate,
Inc.
(a)(b)
..........
2,487,453
15,994,323
Compass,
Inc.,
Class
A
(a)(b)
............
6,841,981
19,841,745
Cushman
&
Wakefield
plc
(a)(b)
...........
3,370,926
25,686,456
DigitalBridge
Group,
Inc.,
Class
A
(b)
.......
3,701,890
65,079,226
Douglas
Elliman,
Inc.
................
1,949,584
4,406,060
eXp
World
Holdings,
Inc.
(b)
.............
1,626,757
26,418,534
Forestar
Group,
Inc.
(a)(b)
...............
414,316
11,161,673
FRP
Holdings,
Inc.
(a)(b)
................
146,404
7,901,424
Kennedy-Wilson
Holdings,
Inc.
..........
2,747,167
40,493,242
Marcus
&
Millichap,
Inc.
(b)
.............
557,461
16,355,906
Maui
Land
&
Pineapple
Co.,
Inc.
(a)(b)
......
144,398
1,913,273
Newmark
Group,
Inc.,
Class
A
..........
3,170,938
20,389,131
Opendoor
Technologies,
Inc.
(a)(b)
.........
12,467,869
32,915,174
RE/MAX
Holdings,
Inc.,
Class
A
.........
424,995
5,499,435
Redfin
Corp.
(a)(b)
....................
2,429,552
17,104,046
RMR
Group,
Inc.
(The),
Class
A
.........
372,901
9,143,533
St.
Joe
Co.
(The)
...................
783,543
42,569,891
Stratus
Properties,
Inc.
(a)
..............
133,082
3,646,447
Tejon
Ranch
Co.
(a)(b)
.................
455,535
7,388,778
Transcontinental
Realty
Investors,
Inc.
(a)
...
26,517
811,951
375,168,921
Residential
REITs
—
0.4%
Apartment
Investment
&
Management
Co.,
Class
A
(a)
......................
3,423,464
23,279,555
BRT
Apartments
Corp.
...............
294,078
5,078,727
Centerspace
......................
352,017
21,212,545
Clipper
Realty,
Inc.
..................
325,545
1,686,323
Elme
Communities
..................
2,014,239
27,474,220
Independence
Realty
Trust,
Inc.
.........
5,164,505
72,664,585
NexPoint
Residential
Trust,
Inc.
.........
524,384
16,874,677
UMH
Properties,
Inc.
................
1,303,203
18,270,906
Security
Shares
Shares
Value
Residential
REITs
(continued)
Veris
Residential,
Inc.
................
1,827,125
$
30,147,563
216,689,101
Retail
REITs
—
1.2%
Acadia
Realty
Trust
.................
2,124,244
30,482,901
Alexander's,
Inc.
...................
53,311
9,714,864
CBL
&
Associates
Properties,
Inc.
(b)
.......
618,179
12,969,395
Getty
Realty
Corp.
..................
1,042,164
28,899,208
InvenTrust
Properties
Corp.
............
1,589,645
37,849,448
Kite
Realty
Group
Trust
...............
4,980,039
106,672,435
Macerich
Co.
(The)
.................
4,981,621
54,349,485
NETSTREIT
Corp.
..................
1,507,048
23,479,808
Phillips
Edison
&
Co.,
Inc.
.............
2,696,354
90,435,713
Retail
Opportunity
Investments
Corp.
.....
2,874,808
35,590,123
RPT
Realty
.......................
1,967,542
20,777,244
Saul
Centers,
Inc.
..................
283,938
10,014,493
SITE
Centers
Corp.
.................
4,421,188
54,513,248
Tanger
Factory
Outlet
Centers,
Inc.
.......
2,339,620
52,875,412
Urban
Edge
Properties
...............
2,645,264
40,366,729
Whitestone
REIT
...................
1,171,732
11,283,779
620,274,285
Semiconductors
&
Semiconductor
Equipment
—
3.1%
ACM
Research,
Inc.,
Class
A
(a)(b)
.........
1,094,835
19,821,988
Aehr
Test
Systems
(a)(b)
................
589,606
26,944,994
Alpha
&
Omega
Semiconductor
Ltd.
(a)
.....
532,117
15,878,371
Ambarella,
Inc.
(a)(b)
..................
863,009
45,765,367
Amkor
Technology,
Inc.
...............
2,335,052
52,772,175
Atomera,
Inc.
(a)(b)
...................
491,793
3,078,624
Axcelis
Technologies,
Inc.
(a)
............
741,799
120,950,327
CEVA,
Inc.
(a)
......................
535,317
10,379,797
Cohu,
Inc.
(a)
......................
1,065,764
36,704,912
Credo
Technology
Group
Holding
Ltd.
(a)
....
2,223,448
33,907,582
Diodes,
Inc.
(a)(b)
....................
1,027,151
80,980,585
FormFactor,
Inc.
(a)(b)
.................
1,758,289
61,434,618
Ichor
Holdings
Ltd.
(a)(b)
................
649,810
20,118,118
Impinj,
Inc.
(a)(b)
.....................
525,279
28,906,103
indie
Semiconductor,
Inc.,
Class
A
(a)(b)
.....
3,126,135
19,694,651
inTEST
Corp.
(a)
....................
248,449
3,768,971
Kulicke
&
Soffa
Industries,
Inc.
..........
1,258,347
61,193,415
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
(b)
...........................
1,235,454
100,788,337
Maxeon
Solar
Technologies
Ltd.
(a)(b)
.......
668,220
7,744,670
MaxLinear,
Inc.
(a)(b)
..................
1,704,019
37,914,423
Navitas
Semiconductor
Corp.
(a)(b)
........
2,479,323
17,231,295
NVE
Corp.
.......................
108,362
8,900,855
Onto
Innovation,
Inc.
(a)(b)
..............
1,114,612
142,135,322
PDF
Solutions,
Inc.
(a)(b)
...............
695,737
22,541,879
Photronics,
Inc.
(a)
...................
1,382,638
27,943,114
Power
Integrations,
Inc.
(b)
.............
1,288,982
98,362,216
Rambus,
Inc.
(a)(b)
...................
2,485,351
138,657,732
Semtech
Corp.
(a)(b)
..................
1,455,318
37,474,438
Silicon
Laboratories,
Inc.
(a)(b)
............
723,024
83,791,251
SiTime
Corp.
(a)(b)
...................
391,116
44,685,003
SkyWater
Technology,
Inc.
(a)(b)
..........
387,232
2,331,137
SMART
Global
Holdings,
Inc.
(a)(b)
........
1,104,348
26,890,874
Synaptics,
Inc.
(a)(b)
..................
899,884
80,485,625
Transphorm,
Inc.
(a)(b)
.................
551,377
1,224,057
Ultra
Clean
Holdings,
Inc.
(a)
............
1,012,712
30,047,165
Veeco
Instruments,
Inc.
(a)(b)
............
1,153,437
32,423,114
1,583,873,105
Software
—
5.4%
8x8,
Inc.
(a)(b)
.......................
2,613,091
6,584,989
A10
Networks,
Inc.
..................
1,620,839
24,361,210
ACI
Worldwide,
Inc.
(a)(b)
...............
2,482,082
55,995,770
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
Adeia,
Inc.
.......................
2,454,450
$
26,213,526
Agilysys,
Inc.
(a)
....................
457,388
30,260,790
Alarm.com
Holdings,
Inc.
(a)
............
1,090,729
66,687,171
Alkami
Technology,
Inc.
(a)(b)
............
910,739
16,593,665
Altair
Engineering,
Inc.,
Class
A
(a)(b)
.......
1,229,788
76,935,537
American
Software,
Inc.,
Class
A
(b)
.......
733,596
8,407,010
Amplitude,
Inc.,
Class
A
(a)(b)
............
1,548,745
17,918,980
Appfolio,
Inc.,
Class
A
(a)(b)
.............
438,463
80,076,498
Appian
Corp.,
Class
A
(a)(b)
.............
938,511
42,805,487
Applied
Digital
Corp.
(a)(b)
..............
1,564,528
9,762,655
Asana,
Inc.,
Class
A
(a)(b)
...............
1,818,167
33,290,638
Aurora
Innovation,
Inc.,
Class
A
(a)(b)
.......
7,567,106
17,782,699
AvePoint,
Inc.,
Class
A
(a)(b)
.............
3,504,385
23,549,467
Bit
Digital,
Inc.
(a)(b)
...................
1,668,231
3,570,014
Blackbaud,
Inc.
(a)
...................
992,354
69,782,333
BlackLine,
Inc.
(a)(b)
..................
1,285,047
71,281,557
Box,
Inc.,
Class
A
(a)(b)
................
3,208,381
77,674,904
Braze,
Inc.,
Class
A
(a)(b)
...............
1,192,650
55,732,534
C3.ai,
Inc.,
Class
A
(a)(b)
...............
1,379,382
35,201,829
Cerence,
Inc.
(a)(b)
...................
928,701
18,917,639
Cipher
Mining,
Inc.
(a)(b)
................
1,010,547
2,354,574
Cleanspark,
Inc.
(a)(b)
.................
2,521,498
9,606,907
Clear
Secure,
Inc.,
Class
A
(b)
...........
1,893,920
36,060,237
CommVault
Systems,
Inc.
(a)
............
1,002,283
67,764,354
Consensus
Cloud
Solutions,
Inc.
(a)(b)
......
452,465
11,393,069
CoreCard
Corp.
(a)(b)
.................
145,583
2,911,660
Couchbase,
Inc.
(a)(b)
.................
781,156
13,404,637
CS
Disco,
Inc.
(a)(b)
...................
531,022
3,525,986
Digimarc
Corp.
(a)(b)
..................
327,394
10,637,031
Digital
Turbine,
Inc.
(a)(b)
...............
2,194,841
13,278,788
Domo,
Inc.,
Class
B
(a)(b)
...............
713,007
6,994,599
E2open
Parent
Holdings,
Inc.,
Class
A
(a)(b)
..
3,865,881
17,551,100
Ebix,
Inc.
(b)
.......................
603,229
5,959,903
eGain
Corp.
(a)(b)
....................
477,647
2,927,976
Enfusion,
Inc.,
Class
A
(a)(b)
.............
847,620
7,603,151
EngageSmart,
Inc.
(a)(b)
................
1,098,149
19,755,700
Envestnet,
Inc.
(a)(b)
..................
1,091,954
48,078,735
Everbridge,
Inc.
(a)(b)
..................
929,452
20,838,314
EverCommerce,
Inc.
(a)
...............
533,023
5,346,221
Expensify,
Inc.,
Class
A
(a)(b)
............
1,277,293
4,151,202
Freshworks,
Inc.,
Class
A
(a)(b)
...........
3,692,251
73,549,640
Instructure
Holdings,
Inc.
(a)(b)
...........
428,562
10,885,475
Intapp,
Inc.
(a)(b)
.....................
500,351
16,771,766
InterDigital,
Inc.
....................
610,236
48,965,337
Jamf
Holding
Corp.
(a)(b)
...............
1,597,062
28,204,115
Kaltura,
Inc.
(a)(b)
....................
1,825,285
3,157,743
LivePerson,
Inc.
(a)(b)
.................
1,644,267
6,396,199
LiveRamp
Holdings,
Inc.
(a)
.............
1,499,402
43,242,754
LiveVox
Holdings,
Inc.,
Class
A
(a)(b)
.......
497,362
1,661,189
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
3,900,406
33,153,451
Matterport,
Inc.,
Class
A
(a)(b)
............
5,806,641
12,600,411
MeridianLink,
Inc.
(a)(b)
................
604,292
10,309,222
MicroStrategy,
Inc.,
Class
A
(a)(b)
..........
251,633
82,606,081
Mitek
Systems,
Inc.
(a)(b)
...............
970,004
10,398,443
Model
N,
Inc.
(a)(b)
...................
851,682
20,789,558
N-able,
Inc.
(a)
......................
1,584,642
20,441,882
NextNav,
Inc.
(a)(b)
...................
1,249,759
6,423,761
Olo,
Inc.,
Class
A
(a)(b)
.................
2,359,171
14,296,576
ON24,
Inc.
.......................
764,106
4,836,791
OneSpan,
Inc.
(a)(b)
...................
930,810
10,006,207
PagerDuty,
Inc.
(a)(b)
..................
2,021,397
45,461,219
PowerSchool
Holdings,
Inc.,
Class
A
(a)(b)
...
1,277,496
28,948,059
Progress
Software
Corp.
..............
989,735
52,040,266
PROS
Holdings,
Inc.
(a)(b)
..............
1,018,852
35,272,656
Q2
Holdings,
Inc.
(a)(b)
.................
1,301,310
41,993,274
Security
Shares
Shares
Value
Software
(continued)
Qualys,
Inc.
(a)(b)
....................
847,947
$
129,354,315
Rapid7,
Inc.
(a)(b)
....................
1,366,714
62,568,167
Red
Violet,
Inc.
(a)(b)
..................
234,790
4,698,148
Rimini
Street,
Inc.
(a)(b)
................
1,205,458
2,652,008
Riot
Platforms,
Inc.
(a)(b)
...............
3,890,651
36,299,774
Sapiens
International
Corp.
NV
.........
701,387
19,940,432
SEMrush
Holdings,
Inc.,
Class
A
(a)(b)
......
729,583
6,201,455
SolarWinds
Corp.
(a)(b)
................
1,174,153
11,084,004
SoundHound
AI,
Inc.,
Class
A
(a)(b)
........
3,208,407
6,448,898
SoundThinking,
Inc.
(a)(b)
...............
211,836
3,791,864
Sprinklr,
Inc.,
Class
A
(a)(b)
..............
2,340,206
32,388,451
Sprout
Social,
Inc.,
Class
A
(a)(b)
..........
1,090,502
54,394,240
SPS
Commerce,
Inc.
(a)(b)
..............
835,625
142,565,981
Tenable
Holdings,
Inc.
(a)(b)
.............
2,602,518
116,592,806
Terawulf,
Inc.
(a)(b)
...................
3,038,480
3,828,485
Varonis
Systems,
Inc.
(a)(b)
..............
2,480,038
75,740,361
Verint
Systems,
Inc.
(a)(b)
...............
1,431,854
32,918,323
Veritone,
Inc.
(a)(b)
...................
693,463
1,789,135
Viant
Technology,
Inc.,
Class
A
(a)(b)
.......
305,351
1,709,966
Weave
Communications,
Inc.
(a)
.........
750,982
6,120,503
Workiva,
Inc.,
Class
A
(a)(b)
.............
1,114,472
112,940,592
Xperi,
Inc.
(a)(b)
.....................
985,498
9,717,010
Yext,
Inc.
(a)(b)
......................
2,456,504
15,549,670
Zeta
Global
Holdings
Corp.,
Class
A
(a)(b)
....
3,132,086
26,152,918
Zuora,
Inc.,
Class
A
(a)(b)
...............
2,946,116
24,275,996
2,781,666,623
Specialized
REITs
—
0.4%
Farmland
Partners,
Inc.
..............
1,121,543
11,507,031
Four
Corners
Property
Trust,
Inc.
........
2,007,147
44,538,592
Gladstone
Land
Corp.
(b)
..............
775,478
11,035,052
Outfront
Media,
Inc.
.................
3,420,473
34,546,777
PotlatchDeltic
Corp.
.................
1,810,810
82,192,666
Safehold,
Inc.
.....................
1,006,744
17,920,043
Uniti
Group,
Inc.
...................
5,479,583
25,863,632
227,603,793
Specialty
Retail
—
2.5%
1-800-Flowers.com,
Inc.,
Class
A
(a)(b)
......
590,990
4,136,930
Aaron's
Co.,
Inc.
(The)
...............
705,474
7,386,313
Abercrombie
&
Fitch
Co.,
Class
A
(a)(b)
......
1,113,091
62,744,940
Academy
Sports
&
Outdoors,
Inc.
(b)
.......
1,701,824
80,445,220
American
Eagle
Outfitters,
Inc.
..........
4,165,483
69,188,673
America's
Car-Mart,
Inc.
(a)(b)
............
138,977
12,645,517
Arko
Corp.
.......................
1,824,557
13,045,583
Asbury
Automotive
Group,
Inc.
(a)(b)
........
471,191
108,406,913
BARK,
Inc.
(a)(b)
.....................
2,969,315
3,563,178
Big
5
Sporting
Goods
Corp.
(b)
...........
550,869
3,861,592
Boot
Barn
Holdings,
Inc.
(a)(b)
............
675,098
54,811,207
Buckle,
Inc.
(The)
..................
694,632
23,193,762
Build-A-Bear
Workshop,
Inc.
...........
302,842
8,906,583
Caleres,
Inc.
(b)
.....................
796,557
22,908,979
Camping
World
Holdings,
Inc.,
Class
A
(b)
...
955,654
19,504,898
CarParts.com,
Inc.
(a)(b)
................
1,215,712
5,008,733
Carvana
Co.,
Class
A
(a)(b)
..............
2,184,690
91,713,286
Cato
Corp.
(The),
Class
A
.............
410,324
3,143,082
Chico's
FAS,
Inc.
(a)(b)
.................
2,753,889
20,599,090
Children's
Place,
Inc.
(The)
(a)(b)
..........
278,849
7,537,288
Designer
Brands,
Inc.,
Class
A
..........
1,132,718
14,340,210
Destination
XL
Group,
Inc.
(a)(b)
..........
1,312,942
5,881,980
Duluth
Holdings,
Inc.,
Class
B
(a)(b)
........
297,882
1,790,271
Envela
Corp.
(a)(b)
...................
95,398
452,187
EVgo,
Inc.,
Class
A
(a)(b)
...............
2,315,475
7,826,306
Foot
Locker,
Inc.
...................
1,874,310
32,519,279
Genesco,
Inc.
(a)(b)
...................
275,498
8,490,848
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Group
1
Automotive,
Inc.
(b)
.............
316,966
$
85,171,934
GrowGeneration
Corp.
(a)(b)
.............
1,388,089
4,053,220
Guess?,
Inc.
......................
665,018
14,390,990
Haverty
Furniture
Cos.,
Inc.
............
332,146
9,559,162
Hibbett,
Inc.
......................
287,538
13,660,930
J
Jill,
Inc.
(a)(b)
......................
92,400
2,735,040
Lands'
End,
Inc.
(a)(b)
.................
343,580
2,566,543
Lazydays
Holdings,
Inc.
(a)(b)
............
254,355
1,933,098
Leslie's,
Inc.
(a)(b)
....................
4,037,410
22,851,741
MarineMax,
Inc.
(a)(b)
.................
482,654
15,840,704
Monro,
Inc.
(b)
......................
715,658
19,873,823
National
Vision
Holdings,
Inc.
(a)(b)
........
1,772,149
28,673,371
ODP
Corp.
(The)
(a)(b)
.................
759,581
35,054,663
OneWater
Marine,
Inc.,
Class
A
(a)(b)
.......
262,462
6,724,276
Overstock.com,
Inc.
(a)(b)
...............
1,027,850
16,260,587
PetMed
Express,
Inc.
................
517,011
5,299,363
Rent
the
Runway,
Inc.,
Class
A
(a)(b)
.......
1,133,670
771,576
Revolve
Group,
Inc.,
Class
A
(a)(b)
.........
933,259
12,701,655
Sally
Beauty
Holdings,
Inc.
(a)(b)
..........
2,452,748
20,554,028
Shoe
Carnival,
Inc.
(b)
................
409,572
9,842,015
Signet
Jewelers
Ltd.
(b)
................
1,017,156
73,041,972
Sleep
Number
Corp.
(a)(b)
..............
485,866
11,947,445
Sonic
Automotive,
Inc.,
Class
A
.........
359,748
17,181,564
Sportsman's
Warehouse
Holdings,
Inc.
(a)(b)
..
850,269
3,817,708
Stitch
Fix,
Inc.,
Class
A
(a)(b)
.............
1,985,198
6,848,933
ThredUp,
Inc.,
Class
A
(a)(b)
.............
1,627,452
6,526,083
Tile
Shop
Holdings,
Inc.
(a)
.............
681,643
3,742,220
Tilly's,
Inc.,
Class
A
(a)
................
469,777
3,814,589
Torrid
Holdings,
Inc.
(a)(b)
...............
372,171
822,498
Upbound
Group,
Inc.
................
1,261,354
37,146,875
Urban
Outfitters,
Inc.
(a)(b)
..............
1,453,463
47,513,705
Warby
Parker,
Inc.,
Class
A
(a)(b)
..........
1,932,738
25,434,832
Winmark
Corp.
....................
63,600
23,731,068
Zumiez,
Inc.
(a)(b)
....................
378,985
6,745,933
1,290,886,992
Technology
Hardware,
Storage
&
Peripherals
—
0.9%
Avid
Technology,
Inc.
(a)(b)
..............
776,901
20,875,330
CompoSecure,
Inc.,
Class
A
(a)(b)
.........
348,508
2,247,877
Corsair
Gaming,
Inc.
(a)(b)
..............
847,435
12,313,231
CPI
Card
Group,
Inc.
(a)(b)
..............
96,616
1,789,328
Eastman
Kodak
Co.
(a)
................
1,290,449
5,432,790
Immersion
Corp.
...................
683,944
4,520,870
Intevac,
Inc.
(a)(b)
....................
519,840
1,616,702
IonQ,
Inc.
(a)(b)
......................
3,666,922
54,563,799
Super
Micro
Computer,
Inc.
(a)(b)
..........
1,056,480
289,707,946
Turtle
Beach
Corp.
(a)(b)
................
356,887
3,238,749
Xerox
Holdings
Corp.
................
2,653,761
41,637,510
437,944,132
Textiles,
Apparel
&
Luxury
Goods
—
0.5%
Allbirds,
Inc.,
Class
A
(a)(b)
..............
2,171,104
2,409,925
Figs,
Inc.,
Class
A
(a)(b)
................
2,900,844
17,114,980
Fossil
Group,
Inc.
(a)(b)
................
1,142,998
2,354,576
G-III
Apparel
Group
Ltd.
(a)(b)
............
946,174
23,578,656
Hanesbrands,
Inc.
..................
8,051,926
31,885,627
Kontoor
Brands,
Inc.
.................
1,279,134
56,166,774
Movado
Group,
Inc.
.................
344,349
9,417,945
Oxford
Industries,
Inc.
...............
341,042
32,784,368
Rocky
Brands,
Inc.
..................
155,283
2,282,660
Steven
Madden
Ltd.
.................
1,714,475
54,468,871
Vera
Bradley,
Inc.
(a)
.................
596,800
3,944,848
Wolverine
World
Wide,
Inc.
............
1,771,220
14,276,033
250,685,263
Security
Shares
Shares
Value
Tobacco
—
0.1%
22nd
Century
Group,
Inc.
(a)
............
1
$
1
Turning
Point
Brands,
Inc.
.............
389,843
9,001,475
Universal
Corp.
....................
556,661
26,279,966
Vector
Group
Ltd.
..................
3,329,669
35,427,678
70,709,120
Trading
Companies
&
Distributors
—
2.2%
Alta
Equipment
Group,
Inc.,
Class
A
......
495,044
5,970,231
Applied
Industrial
Technologies,
Inc.
......
878,203
135,778,966
Beacon
Roofing
Supply,
Inc.
(a)(b)
.........
1,228,692
94,818,162
BlueLinx
Holdings,
Inc.
(a)(b)
.............
200,655
16,471,769
Boise
Cascade
Co.
.................
904,307
93,179,793
Custom
Truck
One
Source,
Inc.
(a)(b)
.......
1,275,352
7,907,182
Distribution
Solutions
Group,
Inc.
(a)(b)
......
205,329
5,338,554
DXP
Enterprises,
Inc.
(a)(b)
..............
321,911
11,247,570
EVI
Industries,
Inc.
(a)
.................
101,553
2,520,545
FTAI
Aviation
Ltd.
...................
2,268,778
80,655,058
GATX
Corp.
......................
804,097
87,509,877
Global
Industrial
Co.
.................
295,055
9,884,342
GMS,
Inc.
(a)
.......................
931,321
59,576,604
H&E
Equipment
Services,
Inc.
..........
728,283
31,454,543
Herc
Holdings,
Inc.
..................
643,863
76,581,065
Hudson
Technologies,
Inc.
(a)(b)
..........
990,916
13,179,183
Karat
Packaging,
Inc.
................
120,946
2,789,015
McGrath
RentCorp
..................
556,923
55,825,962
MRC
Global,
Inc.
(a)(b)
.................
1,928,578
19,767,924
NOW,
Inc.
(a)
......................
2,441,918
28,985,567
Rush
Enterprises,
Inc.,
Class
A
.........
1,414,249
57,743,787
Rush
Enterprises,
Inc.,
Class
B
.........
210,964
9,554,559
Textainer
Group
Holdings
Ltd.
..........
945,991
35,238,165
Titan
Machinery,
Inc.
(a)
...............
468,512
12,453,049
Transcat,
Inc.
(a)(b)
...................
167,078
16,368,632
Triton
International
Ltd.
(d)
..............
1,222,160
100,540,907
Veritiv
Corp.
......................
299,349
50,560,046
Willis
Lease
Finance
Corp.
(a)(b)
..........
63,064
2,667,607
Xometry,
Inc.,
Class
A
(a)(b)
.............
783,251
13,299,602
1,137,868,266
Water
Utilities
—
0.5%
American
States
Water
Co.
............
837,350
65,882,698
Artesian
Resources
Corp.,
Class
A,
NVS
...
200,479
8,418,113
Cadiz,
Inc.
(a)(b)
.....................
903,465
2,990,469
California
Water
Service
Group
.........
1,307,881
61,875,850
Consolidated
Water
Co.
Ltd.
...........
342,626
9,744,284
Global
Water
Resources,
Inc.
...........
275,981
2,690,815
Middlesex
Water
Co.
................
398,117
26,375,251
Pure
Cycle
Corp.
(a)(b)
.................
437,945
4,204,272
SJW
Group
.......................
724,355
43,540,979
York
Water
Co.
(The)
................
306,569
11,493,272
237,216,003
Wireless
Telecommunication
Services
—
0.2%
Gogo,
Inc.
(a)(b)
.....................
1,517,285
18,101,210
Shenandoah
Telecommunications
Co.
(b)
....
1,106,443
22,803,790
Spok
Holdings,
Inc.
.................
414,783
5,918,954
Telephone
&
Data
Systems,
Inc.
.........
2,258,876
41,360,020
Tingo
Group,
Inc.
(a)(b)
.................
2,738,535
2,806,998
90,990,972
Total
Common
Stocks
—
99.8%
(Cost:
$75,180,550,503)
...........................
51,067,965,305
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
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%
Contra
Chinook
Therape,
CVR
(a)(b)(d)
......
1,316,575
566,127
Total
Rights
—
0.0%
(Cost:
$540,672)
................................
1,271,200
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)
.....
92,645
2,542,179
Chord
Energy
Corp.
(Issued/Exercisable
09/01/20,
1
Share
for
1
Warrant,
Expires
09/01/25,
Strike
Price
USD
133.70)
(b)
...
46,322
822,215
Total
Warrants
—
0.0%
(Cost:
$11,350,880)
..............................
3,364,394
Total
Long-Term
Investments
—
99.8%
(Cost:
$75,192,442,055)
...........................
51,072,600,899
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
12.4%
(f)(g)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(h)
............
5,927,897,783
$
5,930,268,942
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
..................
401,990,327
401,990,327
Total
Short-Term
Securities
—
12.4%
(Cost:
$6,328,515,174)
...........................
6,332,259,269
Total
Investments
—
112.2%
(Cost:
$81,520,957,229
)
...........................
57,404,860,168
Liabilities
in
Excess
of
Other
Assets
—
(12.2)%
...........
(6,223,506,524)
Net
Assets
—
100.0%
..............................
$
51,181,353,644
(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)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$1,967,616,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$14,991,359.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
03/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
6,230,712,235
$
—
$
(301,067,456)
(a)
$
48,840
$
575,323
$
5,930,268,942
5,927,897,783
$
42,617,776
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
83,779,266
318,211,061
(a)
—
—
—
401,990,327
401,990,327
2,771,269
—
$
48,840
$
575,323
$
6,332,259,269
$
45,389,045
$
—
—
—
(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
....................................................
1,757
12/15/23
$
158,007
$
703,419
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
ETF
26
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
703,419
$
—
$
—
$
—
$
703,419
(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,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
1,625,821
$
—
$
—
$
—
$
1,625,821
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(4,343,242)
$
—
$
—
$
—
$
(4,343,242)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
171,428,140
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
50,965,375,265
$
1,967,616
$
100,622,424
$
51,067,965,305
Rights
................................................
—
—
1,271,200
1,271,200
Warrants
..............................................
3,364,394
—
—
3,364,394
Short-Term
Securities
Money
Market
Funds
......................................
6,332,259,269
—
—
6,332,259,269
$
57,300,998,928
$
1,967,616
$
101,893,624
$
57,404,860,168
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
703,419
$
—
$
—
$
703,419
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2023
iShares
®
Russell
2000
Growth
ETF
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.7%
AeroVironment,
Inc.
(a)
................
223,120
$
24,884,574
Cadre
Holdings,
Inc.
.................
167,807
4,472,056
Eve
Holding,
Inc.
(a)(b)
.................
161,945
1,342,524
Leonardo
DRS,
Inc.
(a)(b)
...............
433,240
7,235,108
Moog,
Inc.,
Class
A
.................
49,485
5,589,826
Parsons
Corp.
(a)(b)
...................
161,598
8,782,851
Redwire
Corp.
(a)(b)
...................
45,681
132,018
Rocket
Lab
USA,
Inc.
(a)(b)
..............
2,384,494
10,444,084
Terran
Orbital
Corp.
(a)(b)
...............
68,689
57,177
Virgin
Galactic
Holdings,
Inc.,
Class
C
(a)(b)
...
1,214,444
2,185,999
65,126,217
Air
Freight
&
Logistics
—
0.2%
Forward
Air
Corp.
..................
224,768
15,450,552
Automobile
Components
—
1.6%
Atmus
Filtration
Technologies,
Inc.
(a)(b)
.....
87,012
1,814,200
Cooper-Standard
Holdings,
Inc.
(a)(b)
.......
44,808
601,323
Dorman
Products,
Inc.
(a)
..............
225,760
17,103,578
Fox
Factory
Holding
Corp.
(a)(b)
..........
365,282
36,192,141
Gentherm,
Inc.
(a)(b)
..................
284,047
15,412,390
LCI
Industries
.....................
80,594
9,463,347
Luminar
Technologies,
Inc.,
Class
A
(a)(b)
....
2,325,678
10,581,835
Modine
Manufacturing
Co.
(a)(b)
..........
282,354
12,917,696
Patrick
Industries,
Inc.
...............
23,194
1,740,942
Stoneridge,
Inc.
(a)(b)
..................
44,905
901,243
Visteon
Corp.
(a)(b)
...................
241,431
33,334,378
XPEL,
Inc.
(a)(b)(c)
....................
193,957
14,956,024
155,019,097
Automobiles
—
0.1%
(a)(b)
Fisker,
Inc.,
Class
A
.................
1,670,426
10,724,135
Livewire
Group,
Inc.
.................
98,226
680,706
Workhorse
Group,
Inc.
...............
229,107
94,942
11,499,783
Banks
—
1.0%
Axos
Financial,
Inc.
(a)
................
58,729
2,223,480
BancFirst
Corp.
....................
28,485
2,470,504
Bancorp,
Inc.
(The)
(a)(b)
...............
452,768
15,620,496
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
....
35,335
956,872
Bank7
Corp.
......................
9,876
222,309
BayCom
Corp.
....................
19,876
381,818
Burke
&
Herbert
Financial
Services
Corp.
(b)
.
5,240
243,477
Capital
City
Bank
Group,
Inc.
...........
46,468
1,386,140
Citizens
Financial
Services,
Inc.
(b)
........
6,806
326,144
City
Holding
Co.
...................
6,050
546,617
Coastal
Financial
Corp.
(a)(b)
............
94,635
4,060,788
Columbia
Financial,
Inc.
(a)(b)
............
111,047
1,744,548
Esquire
Financial
Holdings,
Inc.
.........
56,923
2,600,812
First
Bancorp
.....................
115,934
1,560,472
First
Financial
Bankshares,
Inc.
.........
1,121,334
28,167,910
Five
Star
Bancorp
..................
53,136
1,065,908
FS
Bancorp,
Inc.
...................
15,847
467,486
Greene
County
Bancorp,
Inc.
...........
32,959
792,664
HomeTrust
Bancshares,
Inc.
...........
38,127
826,212
Lakeland
Financial
Corp.
..............
13,404
636,154
Metropolitan
Bank
Holding
Corp.
(a)
.......
10,398
377,239
MVB
Financial
Corp.
................
13,783
311,220
NBT
Bancorp,
Inc.
..................
6,052
191,788
Pathward
Financial,
Inc.
..............
69,032
3,181,685
Plumas
Bancorp
...................
9,883
337,406
ServisFirst
Bancshares,
Inc.
...........
148,758
7,760,705
Stellar
Bancorp,
Inc.
.................
29,189
622,309
Stock
Yards
Bancorp,
Inc.
.............
207,047
8,134,877
Security
Shares
Shares
Value
Banks
(continued)
Westamerica
Bancorp
...............
65,554
$
2,835,210
90,053,250
Beverages
—
0.6%
Coca-Cola
Consolidated,
Inc.
...........
40,849
25,993,036
Duckhorn
Portfolio,
Inc.
(The)
(a)
.........
72,683
745,728
MGP
Ingredients,
Inc.
(b)
...............
135,301
14,271,549
National
Beverage
Corp.
(a)
.............
202,584
9,525,500
Primo
Water
Corp.
..................
186,164
2,569,063
Vita
Coco
Co.,
Inc.
(The)
(a)(b)
...........
244,150
6,357,666
Zevia
PBC,
Class
A
(a)
................
120,141
266,713
59,729,255
Biotechnology
—
9.0%
(a)
4D
Molecular
Therapeutics,
Inc.
(b)
........
30,519
388,507
89bio,
Inc.
.......................
531,405
8,204,893
ACADIA
Pharmaceuticals,
Inc.
(b)
.........
1,039,870
21,670,891
ACELYRIN,
Inc.
....................
127,959
1,301,343
Actinium
Pharmaceuticals,
Inc.
(b)
........
220,567
1,305,757
ADMA
Biologics,
Inc.
(b)
...............
957,602
3,428,215
Aerovate
Therapeutics,
Inc.
............
96,791
1,313,454
Agenus,
Inc.
(b)
.....................
485,975
549,152
Akero
Therapeutics,
Inc.
(b)
.............
440,145
22,262,534
Aldeyra
Therapeutics,
Inc.
(b)
............
405,966
2,711,853
Alector,
Inc.
......................
544,243
3,526,695
Alkermes
plc
......................
1,419,672
39,765,013
Alpine
Immune
Sciences,
Inc.
(b)
.........
142,739
1,634,362
Amicus
Therapeutics,
Inc.
(b)
............
2,396,575
29,142,352
AnaptysBio,
Inc.
...................
134,910
2,422,984
Anavex
Life
Sciences
Corp.
(b)
...........
608,339
3,984,620
Apogee
Therapeutics,
Inc.
.............
75,207
1,601,909
Arbutus
Biopharma
Corp.
.............
644,683
1,308,707
Arcellx,
Inc.
(b)
.....................
323,914
11,622,034
Arcturus
Therapeutics
Holdings,
Inc.
(b)
.....
18,233
465,853
Arcus
Biosciences,
Inc.
(b)
..............
136,254
2,445,759
Arcutis
Biotherapeutics,
Inc.
(b)
..........
449,322
2,385,900
Ardelyx,
Inc.
(b)
.....................
1,185,553
4,837,056
Arrowhead
Pharmaceuticals,
Inc.
(b)
.......
865,023
23,243,168
ARS
Pharmaceuticals,
Inc.
(b)
...........
42,438
160,416
Astria
Therapeutics,
Inc.
(b)
.............
199,281
1,486,636
Aurinia
Pharmaceuticals,
Inc.
(b)
..........
1,157,007
8,989,944
Avid
Bioservices,
Inc.
(b)
...............
536,243
5,062,134
Avita
Medical,
Inc.
(b)
.................
215,968
3,155,293
Beam
Therapeutics,
Inc.
(b)
.............
541,697
13,027,813
BioCryst
Pharmaceuticals,
Inc.
(b)
.........
1,224,542
8,669,757
Biomea
Fusion,
Inc.
(b)
................
168,637
2,320,445
Bioxcel
Therapeutics,
Inc.
(b)
............
162,708
411,651
Blueprint
Medicines
Corp.
(b)
............
520,202
26,124,544
Bridgebio
Pharma,
Inc.
(b)
..............
682,452
17,996,259
Cabaletta
Bio,
Inc.
(b)
.................
261,964
3,987,092
Catalyst
Pharmaceuticals,
Inc.
(b)
.........
861,263
10,068,164
Celldex
Therapeutics,
Inc.
(b)
............
102,580
2,823,002
Cerevel
Therapeutics
Holdings,
Inc.
(b)
.....
530,770
11,586,709
Cogent
Biosciences,
Inc.
(b)
.............
376,582
3,671,675
Coherus
Biosciences,
Inc.
(b)
............
701,389
2,623,195
Compass
Therapeutics,
Inc.
(b)
..........
73,877
145,538
Crinetics
Pharmaceuticals,
Inc.
.........
92,124
2,739,768
Cue
Biopharma,
Inc.
(b)
...............
310,312
713,718
Cytokinetics,
Inc.
(b)
..................
738,002
21,741,539
Day
One
Biopharmaceuticals,
Inc.
(b)
......
490,377
6,016,926
Deciphera
Pharmaceuticals,
Inc.
........
155,069
1,972,478
Denali
Therapeutics,
Inc.
(b)
............
1,010,037
20,837,063
Disc
Medicine,
Inc.
(b)
.................
70,589
3,316,271
Dynavax
Technologies
Corp.
(b)
..........
934,298
13,799,581
Dyne
Therapeutics,
Inc.
(b)
.............
104,453
935,899
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Growth
ETF
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Enanta
Pharmaceuticals,
Inc.
(b)
.........
21,391
$
238,938
Fennec
Pharmaceuticals,
Inc.
(b)
.........
38,617
290,014
Foghorn
Therapeutics,
Inc.
(b)
...........
177,641
888,205
Genelux
Corp.
(b)
....................
39,464
966,473
Geron
Corp.
(b)
.....................
3,222,986
6,832,730
Halozyme
Therapeutics,
Inc.
(b)
..........
1,110,387
42,416,783
Heron
Therapeutics,
Inc.
(b)
.............
811,682
836,032
HilleVax,
Inc.
......................
42,977
578,041
Humacyte,
Inc.
(b)
...................
466,937
1,368,125
Ideaya
Biosciences,
Inc.
..............
300,339
8,103,146
Immuneering
Corp.,
Class
A
(b)
..........
146,087
1,121,948
ImmunityBio,
Inc.
(b)
..................
778,609
1,315,849
ImmunoGen,
Inc.
(b)
..................
1,196,684
18,991,375
Immunovant,
Inc.
...................
463,125
17,779,369
Inhibrx,
Inc.
.......................
194,884
3,576,121
Insmed,
Inc.
(b)
.....................
1,126,269
28,438,292
Intellia
Therapeutics,
Inc.
(b)
............
109,784
3,471,370
Intercept
Pharmaceuticals,
Inc.
(b)
........
347,436
6,441,463
Ironwood
Pharmaceuticals,
Inc.,
Class
A
...
482,380
4,645,319
Janux
Therapeutics,
Inc.
(b)
.............
17,488
176,279
Karyopharm
Therapeutics,
Inc.
(b)
........
960,788
1,287,456
Keros
Therapeutics,
Inc.
(b)
.............
193,147
6,157,526
Krystal
Biotech,
Inc.
(b)
................
185,424
21,509,184
Kymera
Therapeutics,
Inc.
(b)
............
326,470
4,537,933
Lexicon
Pharmaceuticals,
Inc.
(b)
.........
349,301
380,738
Lineage
Cell
Therapeutics,
Inc.
(b)
........
1,133,467
1,337,491
MacroGenics,
Inc.
..................
157,804
735,367
Madrigal
Pharmaceuticals,
Inc.
(b)
........
116,843
17,063,752
MannKind
Corp.
(b)
..................
1,787,552
7,382,590
MeiraGTx
Holdings
plc
...............
198,062
972,484
Merrimack
Pharmaceuticals,
Inc.
........
87,146
1,074,510
Mersana
Therapeutics,
Inc.
............
548,153
696,154
Mineralys
Therapeutics,
Inc.
(b)
..........
31,692
301,391
Mirum
Pharmaceuticals,
Inc.
(b)
..........
211,823
6,693,607
Morphic
Holding,
Inc.
................
261,551
5,992,133
Novavax,
Inc.
(b)
....................
608,617
4,406,387
Nuvalent,
Inc.,
Class
A
(b)
..............
205,611
9,451,938
Nuvectis
Pharma,
Inc.
(b)
..............
63,491
818,399
Omega
Therapeutics,
Inc.
(b)
............
202,111
434,539
Organogenesis
Holdings,
Inc.,
Class
A
(b)
...
81,785
260,076
Outlook
Therapeutics,
Inc.
(b)
............
1,307,761
289,015
PDS
Biotechnology
Corp.
(b)
............
235,529
1,189,421
PepGen,
Inc.
(b)
....................
36,950
187,706
Prime
Medicine,
Inc.
(b)
................
341,474
3,257,662
ProKidney
Corp.,
Class
A
(b)
............
100,628
460,876
Protagonist
Therapeutics,
Inc.
(b)
.........
307,899
5,135,755
Prothena
Corp.
plc
(b)
.................
355,692
17,162,139
PTC
Therapeutics,
Inc.
...............
490,639
10,995,220
RAPT
Therapeutics,
Inc.
(b)
.............
189,477
3,149,108
Reneo
Pharmaceuticals,
Inc.
(b)
..........
69,354
528,131
REVOLUTION
Medicines,
Inc.
(b)
.........
867,137
24,002,352
Rhythm
Pharmaceuticals,
Inc.
(b)
.........
442,308
10,139,911
Rigel
Pharmaceuticals,
Inc.
............
1,211,469
1,308,387
Rocket
Pharmaceuticals,
Inc.
(b)
..........
425,735
8,723,310
Sage
Therapeutics,
Inc.
(b)
.............
425,570
8,758,231
Sagimet
Biosciences,
Inc.,
Class
A
(b)
......
20,346
179,045
Sana
Biotechnology,
Inc.
(b)
.............
61,717
238,845
Savara,
Inc.
(b)
.....................
44,606
168,611
Selecta
Biosciences,
Inc.
(b)
............
250,709
265,752
Seres
Therapeutics,
Inc.
(b)
.............
557,915
1,327,838
SpringWorks
Therapeutics,
Inc.
(b)
........
497,631
11,505,229
Summit
Therapeutics,
Inc.
(b)
............
982,742
1,837,728
Syndax
Pharmaceuticals,
Inc.
(b)
.........
471,708
6,849,200
TG
Therapeutics,
Inc.
(b)
...............
1,178,029
9,848,322
Travere
Therapeutics,
Inc.
(b)
............
579,161
5,177,699
Security
Shares
Shares
Value
Biotechnology
(continued)
Turnstone
Biologics
Corp.
(b)
............
23,056
$
90,841
Tyra
Biosciences,
Inc.
(b)
..............
42,662
587,456
UroGen
Pharma
Ltd.
(b)
...............
132,843
1,861,130
Vaxcyte,
Inc.
(b)
.....................
802,679
40,920,575
Vaxxinity,
Inc.,
Class
A
(b)
..............
354,264
485,342
Vera
Therapeutics,
Inc.,
Class
A
.........
141,853
1,944,805
Vericel
Corp.
(b)
.....................
407,445
13,657,556
Viking
Therapeutics,
Inc.
(b)
.............
824,961
9,132,318
Vir
Biotechnology,
Inc.
...............
35,296
330,724
Viridian
Therapeutics,
Inc.
(b)
............
281,640
4,320,358
Voyager
Therapeutics,
Inc.
(b)
...........
268,748
2,082,797
X4
Pharmaceuticals,
Inc.
(b)
............
520,910
567,792
Xencor,
Inc.
(b)
.....................
270,442
5,449,406
Y-mAbs
Therapeutics,
Inc.
(b)
............
152,434
830,765
Zentalis
Pharmaceuticals,
Inc.
(b)
.........
499,929
10,028,576
850,851,982
Broadline
Retail
—
0.1%
Dillard's,
Inc.,
Class
A
................
29,916
9,896,512
Qurate
Retail,
Inc.,
Class
B
(a)(b)
..........
14,924
113,721
Savers
Value
Village,
Inc.
(a)
............
109,364
2,041,826
12,052,059
Building
Products
—
2.0%
AAON,
Inc.
(b)
......................
579,679
32,966,345
American
Woodmark
Corp.
(a)
...........
9,082
686,690
Apogee
Enterprises,
Inc.
..............
72,933
3,433,686
CSW
Industrials,
Inc.
................
131,605
23,062,460
Gibraltar
Industries,
Inc.
(a)
.............
147,610
9,965,151
Griffon
Corp.
......................
224,529
8,907,066
Janus
International
Group,
Inc.
(a)
........
723,546
7,741,942
Masonite
International
Corp.
(a)
..........
189,830
17,695,953
PGT
Innovations,
Inc.
(a)(b)
..............
486,427
13,498,349
Simpson
Manufacturing
Co.,
Inc.
........
367,563
55,064,613
UFP
Industries,
Inc.
.................
77,938
7,980,851
Zurn
Elkay
Water
Solutions
Corp.
........
253,021
7,089,648
188,092,754
Capital
Markets
—
2.0%
AlTi
Global,
Inc.,
Class
A
(a)(b)
...........
186,566
1,298,499
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
305,209
11,420,921
AssetMark
Financial
Holdings,
Inc.
(a)
......
191,493
4,802,645
Avantax,
Inc.
(a)
.....................
294,202
7,525,687
B
Riley
Financial,
Inc.
................
163,058
6,683,747
BGC
Group,
Inc.,
Class
A
.............
1,301,747
6,873,224
Brightsphere
Investment
Group,
Inc.
......
114,538
2,220,892
Cohen
&
Steers,
Inc.
................
224,867
14,096,912
Diamond
Hill
Investment
Group,
Inc.
......
25,455
4,290,949
Donnelley
Financial
Solutions,
Inc.
(a)
......
151,816
8,544,205
GCM
Grosvenor,
Inc.,
Class
A
..........
335,258
2,601,602
Hamilton
Lane,
Inc.,
Class
A
...........
186,766
16,891,117
Moelis
&
Co.,
Class
A
................
277,122
12,506,516
Open
Lending
Corp.,
Class
A
(a)(b)
........
786,561
5,757,627
P10,
Inc.,
Class
A
(b)
.................
367,219
4,278,101
Patria
Investments
Ltd.,
Class
A
.........
477,383
6,960,244
Perella
Weinberg
Partners,
Class
A
.......
368,860
3,754,995
Piper
Sandler
Cos.
..................
123,823
17,992,720
PJT
Partners,
Inc.,
Class
A
............
205,285
16,307,840
Sculptor
Capital
Management,
Inc.,
Class
A
.
109,174
1,266,418
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
.......................
93,256
1,479,973
StepStone
Group,
Inc.,
Class
A
.........
467,771
14,772,208
StoneX
Group,
Inc.
(a)(b)
...............
17,745
1,719,845
Value
Line,
Inc.
....................
6,927
302,849
Victory
Capital
Holdings,
Inc.,
Class
A
.....
213,475
7,117,257
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Growth
ETF
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Capital
Markets
(continued)
Virtus
Investment
Partners,
Inc.
.........
8,325
$
1,681,567
WisdomTree,
Inc.
...................
1,184,627
8,292,389
191,440,949
Chemicals
—
2.4%
American
Vanguard
Corp.
(b)
............
41,298
451,387
Balchem
Corp.
....................
273,663
33,945,159
Cabot
Corp.
......................
474,950
32,899,786
Chase
Corp.
......................
54,494
6,933,272
Core
Molding
Technologies,
Inc.
(a)
........
4,921
140,199
Ecovyst,
Inc.
(a)(b)
....................
174,827
1,720,298
Hawkins,
Inc.
.....................
166,200
9,780,870
HB
Fuller
Co.
(b)
....................
413,000
28,335,930
Ingevity
Corp.
(a)
....................
314,032
14,951,064
Innospec,
Inc.
.....................
188,979
19,313,654
Livent
Corp.
(a)(b)
....................
1,545,304
28,449,047
Orion
SA
(b)
.......................
480,287
10,220,507
PureCycle
Technologies,
Inc.
(a)(b)
.........
215,735
1,210,273
Quaker
Chemical
Corp.
..............
119,338
19,094,080
Sensient
Technologies
Corp.
...........
362,158
21,179,000
Stepan
Co.
.......................
22,224
1,666,133
230,290,659
Commercial
Services
&
Supplies
—
1.3%
ACV
Auctions,
Inc.,
Class
A
(a)(b)
..........
1,091,205
16,564,492
Aris
Water
Solutions,
Inc.,
Class
A
(b)
......
21,705
216,616
Brink's
Co.
(The)
...................
394,067
28,625,027
Casella
Waste
Systems,
Inc.,
Class
A
(a)
....
481,264
36,720,443
Cimpress
plc
(a)(b)
...................
87,317
6,113,063
Healthcare
Services
Group,
Inc.
.........
608,777
6,349,544
Heritage-Crystal
Clean,
Inc.
(a)(b)
.........
23,182
1,051,304
HNI
Corp.
........................
39,300
1,360,959
LanzaTech
Global,
Inc.
(a)(b)
.............
178,445
833,338
Liquidity
Services,
Inc.
(a)
..............
114,523
2,017,895
Matthews
International
Corp.,
Class
A
(b)
....
68,630
2,670,393
Montrose
Environmental
Group,
Inc.
(a)
.....
238,928
6,991,033
Performant
Financial
Corp.
(a)(b)
..........
471,478
1,065,540
Pitney
Bowes,
Inc.
..................
598,066
1,806,160
SP
Plus
Corp.
(a)
....................
167,881
6,060,504
Viad
Corp.
(a)
......................
175,609
4,600,956
123,047,267
Communications
Equipment
—
1.0%
(a)
Calix,
Inc.
........................
506,696
23,226,945
Cambium
Networks
Corp.
.............
101,280
742,382
Clearfield,
Inc.
(b)
....................
112,091
3,212,528
CommScope
Holding
Co.,
Inc.
..........
1,792,923
6,024,221
Digi
International,
Inc.
(b)
...............
268,095
7,238,565
Extreme
Networks,
Inc.
...............
1,080,514
26,159,244
Harmonic,
Inc.
(b)
....................
941,623
9,067,830
Infinera
Corp.
(b)
....................
1,709,787
7,146,910
Viavi
Solutions,
Inc.
(b)
................
1,571,888
14,367,056
97,185,681
Construction
&
Engineering
—
2.3%
Ameresco,
Inc.,
Class
A
(a)(b)
............
275,726
10,631,995
API
Group
Corp.
(a)(b)
.................
1,201,305
31,149,839
Bowman
Consulting
Group
Ltd.
(a)(b)
.......
87,080
2,440,852
Comfort
Systems
USA,
Inc.
(b)
...........
303,161
51,661,666
Concrete
Pumping
Holdings,
Inc.
(a)(b)
......
127,436
1,093,401
Construction
Partners,
Inc.,
Class
A
(a)(b)
....
342,961
12,538,654
Dycom
Industries,
Inc.
(a)(b)
.............
245,104
21,814,256
Fluor
Corp.
(a)
......................
1,138,165
41,770,655
Granite
Construction,
Inc.
.............
53,482
2,033,386
IES
Holdings,
Inc.
(a)(b)
................
69,733
4,593,313
INNOVATE
Corp.
(a)(b)
.................
91,781
148,685
Security
Shares
Shares
Value
Construction
&
Engineering
(continued)
Limbach
Holdings,
Inc.
(a)
..............
14,153
$
449,075
MYR
Group,
Inc.
(a)
..................
141,053
19,008,302
Primoris
Services
Corp.
..............
27,937
914,378
Sterling
Infrastructure,
Inc.
(a)
...........
224,411
16,489,720
216,738,177
Construction
Materials
—
0.0%
United
States
Lime
&
Minerals,
Inc.
.......
17,499
3,517,299
Consumer
Finance
—
0.6%
FirstCash
Holdings,
Inc.
..............
324,756
32,599,007
LendingTree,
Inc.
(a)(b)
................
24,027
372,418
NerdWallet,
Inc.,
Class
A
(a)(b)
...........
301,546
2,680,744
PROG
Holdings,
Inc.
(a)
...............
75,789
2,516,953
Regional
Management
Corp.
...........
15,420
426,826
Upstart
Holdings,
Inc.
(a)(b)
..............
618,646
17,656,157
World
Acceptance
Corp.
(a)(b)
............
2,740
348,144
56,600,249
Consumer
Staples
Distribution
&
Retail
—
0.6%
Chefs'
Warehouse,
Inc.
(The)
(a)(b)
........
303,781
6,434,082
PriceSmart,
Inc.
....................
155,787
11,595,226
Sprouts
Farmers
Market,
Inc.
(a)(b)
........
888,009
38,006,785
56,036,093
Containers
&
Packaging
—
0.3%
Myers
Industries,
Inc.
................
317,720
5,696,720
O-I
Glass,
Inc.
(a)
....................
1,136,233
19,009,178
24,705,898
Diversified
Consumer
Services
—
1.6%
Carriage
Services,
Inc.
...............
112,462
3,177,052
Chegg,
Inc.
(a)
......................
869,896
7,759,472
Coursera,
Inc.
(a)
....................
1,117,158
20,879,683
Duolingo,
Inc.,
Class
A
(a)(b)
.............
245,668
40,748,951
European
Wax
Center,
Inc.,
Class
A
(a)(b)
....
272,001
4,406,416
Frontdoor,
Inc.
(a)
....................
706,175
21,601,893
Laureate
Education,
Inc.
..............
950,411
13,400,795
Nerdy,
Inc.,
Class
A
(a)
................
509,638
1,885,661
OneSpaWorld
Holdings
Ltd.
(a)
..........
712,629
7,995,697
Rover
Group,
Inc.,
Class
A
(a)(b)
..........
792,063
4,958,315
Stride,
Inc.
(a)(b)
.....................
363,642
16,374,799
Udemy,
Inc.
(a)(b)
....................
736,487
6,996,627
Universal
Technical
Institute,
Inc.
(a)
.......
47,976
402,039
150,587,400
Diversified
REITs
—
0.0%
Essential
Properties
Realty
Trust,
Inc.
.....
146,701
3,173,143
Gladstone
Commercial
Corp.
...........
64,870
788,819
3,961,962
Diversified
Telecommunication
Services
—
0.4%
Anterix,
Inc.
(a)(b)
....................
101,080
3,171,890
AST
SpaceMobile,
Inc.,
Class
A
(a)(b)
.......
690,538
2,624,044
Bandwidth,
Inc.,
Class
A
(a)(b)
............
49,187
554,337
Charge
Enterprises,
Inc.
(a)(b)
............
1,141,401
567,505
Cogent
Communications
Holdings,
Inc.
....
233,852
14,475,439
Consolidated
Communications
Holdings,
Inc.
(a)
46,442
158,832
Globalstar,
Inc.
(a)(b)
..................
5,155,824
6,754,129
IDT
Corp.,
Class
B
(a)(b)
................
103,317
2,278,140
Ooma,
Inc.
(a)(b)
.....................
202,351
2,632,587
33,216,903
Electric
Utilities
—
0.3%
Genie
Energy
Ltd.,
Class
B
............
86,149
1,268,975
MGE
Energy,
Inc.
...................
158,996
10,892,816
Otter
Tail
Corp.
....................
187,273
14,217,766
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Growth
ETF
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electric
Utilities
(continued)
PNM
Resources,
Inc.
................
77,083
$
3,438,673
29,818,230
Electrical
Equipment
—
2.5%
Allient,
Inc.
.......................
111,283
3,440,870
Amprius
Technologies,
Inc.
(a)(b)
..........
46,404
219,955
Array
Technologies,
Inc.
(a)(b)
............
1,297,119
28,783,071
Atkore,
Inc.
(a)(b)
.....................
331,105
49,397,555
Babcock
&
Wilcox
Enterprises,
Inc.
(a)
......
35,735
150,444
Blink
Charging
Co.
(a)(b)
................
254,289
778,124
Bloom
Energy
Corp.,
Class
A
(a)(b)
........
1,647,388
21,844,365
Dragonfly
Energy
Holdings
Corp.
(a)(b)
......
233,155
359,059
EnerSys
.........................
329,739
31,216,391
Enovix
Corp.
(a)(b)
....................
1,175,151
14,748,145
Eos
Energy
Enterprises,
Inc.,
Class
A
(a)(b)
...
838,925
1,803,689
Fluence
Energy,
Inc.,
Class
A
(a)(b)
........
335,610
7,715,674
FTC
Solar,
Inc.
(a)(b)
..................
547,709
701,068
GrafTech
International
Ltd.
............
945,283
3,620,434
LSI
Industries,
Inc.
..................
172,476
2,738,919
NEXTracker,
Inc.,
Class
A
(a)(b)
...........
426,157
17,114,465
NuScale
Power
Corp.,
Class
A
(a)(b)
........
451,422
2,211,968
Preformed
Line
Products
Co.
...........
9,541
1,551,176
SES
AI
Corp.,
Class
A
(a)(b)
.............
122,242
277,489
Shoals
Technologies
Group,
Inc.,
Class
A
(a)(b)
1,467,637
26,784,375
SKYX
Platforms
Corp.
(a)(b)
.............
536,492
761,819
SunPower
Corp.
(a)(b)
.................
757,962
4,676,626
Thermon
Group
Holdings,
Inc.
(a)(b)
........
31,284
859,371
TPI
Composites,
Inc.
(a)(b)
..............
358,685
950,515
Vicor
Corp.
(a)(b)
.....................
190,481
11,217,426
233,922,993
Electronic
Equipment,
Instruments
&
Components
—
3.4%
Advanced
Energy
Industries,
Inc.
(b)
.......
321,891
33,193,400
Akoustis
Technologies,
Inc.
(a)(b)
..........
572,422
430,977
Arlo
Technologies,
Inc.
(a)
..............
660,195
6,800,008
Badger
Meter,
Inc.
(b)
.................
252,105
36,270,346
Bel
Fuse,
Inc.,
Class
B,
NVS
...........
7,424
354,273
Belden,
Inc.
(b)
.....................
226,022
21,822,424
Climb
Global
Solutions,
Inc.
............
32,268
1,387,847
CTS
Corp.
.......................
268,169
11,193,374
ePlus,
Inc.
(a)
......................
12,977
824,299
Evolv
Technologies
Holdings,
Inc.
(a)(b)
.....
179,037
870,120
Fabrinet
(a)
........................
315,285
52,532,787
FARO
Technologies,
Inc.
(a)
.............
12,166
185,288
Insight
Enterprises,
Inc.
(a)(b)
............
247,260
35,976,330
Iteris,
Inc.
(a)(b)
......................
199,215
824,750
Itron,
Inc.
(a)
.......................
37,367
2,263,693
Kimball
Electronics,
Inc.
(a)(b)
............
48,157
1,318,539
Lightwave
Logic,
Inc.
(a)(b)
..............
980,393
4,382,357
Luna
Innovations,
Inc.
(a)(b)
.............
272,075
1,594,359
MicroVision,
Inc.
(a)(b)
.................
1,508,097
3,302,732
Napco
Security
Technologies,
Inc.
(b)
......
268,777
5,980,288
Novanta,
Inc.
(a)(b)
...................
306,850
44,014,564
OSI
Systems,
Inc.
(a)
.................
136,079
16,062,765
PAR
Technology
Corp.
(a)(b)
.............
17,809
686,359
Plexus
Corp.
(a)
.....................
209,073
19,439,608
Rogers
Corp.
(a)(b)
...................
109,064
14,338,644
Sanmina
Corp.
(a)(b)
..................
25,072
1,360,908
317,411,039
Energy
Equipment
&
Services
—
3.4%
Archrock,
Inc.
.....................
218,095
2,747,997
Atlas
Energy
Solutions,
Inc.,
Class
A
......
22,180
493,061
Borr
Drilling
Ltd.
(a)(b)
.................
1,888,523
13,408,513
Cactus,
Inc.,
Class
A
................
553,589
27,795,704
ChampionX
Corp.
..................
1,706,030
60,768,789
Security
Shares
Shares
Value
Energy
Equipment
&
Services
(continued)
Core
Laboratories,
Inc.
(b)
..............
129,689
$
3,113,833
DMC
Global,
Inc.
(a)(b)
.................
51,778
1,267,008
Expro
Group
Holdings
NV
(a)
............
284,207
6,602,129
KLX
Energy
Services
Holdings,
Inc.
(a)(b)
....
11,950
141,607
Kodiak
Gas
Services,
Inc.
(a)(b)
...........
41,659
744,863
Liberty
Energy,
Inc.,
Class
A
...........
84,802
1,570,533
Nabors
Industries
Ltd.
(a)
..............
71,457
8,799,215
Noble
Corp.
plc
....................
785,154
39,768,050
Oceaneering
International,
Inc.
(a)
........
862,739
22,189,647
Patterson-UTI
Energy,
Inc.
............
177,416
2,455,437
ProFrac
Holding
Corp.,
Class
A
(a)(b)
.......
49,887
542,770
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
..
25,910
276,201
TETRA
Technologies,
Inc.
(a)
............
1,072,871
6,844,917
Tidewater,
Inc.
(a)(b)
..................
407,784
28,981,209
Valaris
Ltd.
(a)(b)
.....................
525,907
39,432,507
Weatherford
International
plc
(a)
..........
609,722
55,076,188
323,020,178
Entertainment
—
0.6%
(a)
Atlanta
Braves
Holdings,
Inc.,
Class
A
(b)
....
88,951
3,475,316
Atlanta
Braves
Holdings,
Inc.,
Class
C,
NVS
(b)
384,793
13,748,654
Cinemark
Holdings,
Inc.
(b)
.............
785,432
14,412,677
IMAX
Corp.
(b)
.....................
388,854
7,512,659
Lions
Gate
Entertainment
Corp.,
Class
A
(b)
..
363,349
3,081,200
Lions
Gate
Entertainment
Corp.,
Class
B,
NVS
664,482
5,229,473
Loop
Media,
Inc.
(b)
..................
306,588
152,374
Madison
Square
Garden
Entertainment
Corp.
(b)
316,218
10,406,734
Vivid
Seats,
Inc.,
Class
A
(b)
............
66,087
424,279
58,443,366
Financial
Services
—
1.6%
AvidXchange
Holdings,
Inc.
(a)(b)
..........
1,169,890
11,090,557
Cantaloupe,
Inc.
(a)(b)
.................
334,937
2,093,356
Cass
Information
Systems,
Inc.
.........
105,390
3,925,777
EVERTEC,
Inc.
....................
557,515
20,728,408
Federal
Agricultural
Mortgage
Corp.,
Class
C,
NVS
.........................
14,183
2,188,437
Flywire
Corp.
(a)(b)
...................
821,903
26,210,487
I3
Verticals,
Inc.,
Class
A
(a)
.............
192,015
4,059,197
International
Money
Express,
Inc.
(a)(b)
......
281,663
4,768,555
Marqeta,
Inc.,
Class
A
(a)(b)
.............
557,713
3,335,124
NMI
Holdings,
Inc.,
Class
A
(a)
...........
56,768
1,537,845
Pagseguro
Digital
Ltd.,
Class
A
(a)
........
1,012,321
8,716,084
Payoneer
Global,
Inc.
(a)
...............
2,222,077
13,599,111
Paysign,
Inc.
(a)(b)
....................
314,508
613,291
PennyMac
Financial
Services,
Inc.
.......
15,866
1,056,676
Priority
Technology
Holdings,
Inc.
(a)(b)
......
149,880
485,611
Remitly
Global,
Inc.
(a)(b)
...............
1,121,375
28,281,077
StoneCo
Ltd.,
Class
A
(a)(b)
.............
1,514,406
16,158,712
148,848,305
Food
Products
—
1.6%
Beyond
Meat,
Inc.
(a)(b)
................
507,066
4,877,975
BRC,
Inc.,
Class
A
(a)(b)
................
292,158
1,048,847
Calavo
Growers,
Inc.
................
150,075
3,786,392
Cal-Maine
Foods,
Inc.
................
309,060
14,964,685
Dole
plc
.........................
348,541
4,036,105
Hostess
Brands,
Inc.,
Class
A
(a)
.........
211,198
7,035,005
J
&
J
Snack
Foods
Corp.
(b)
............
129,380
21,173,037
John
B
Sanfilippo
&
Son,
Inc.
...........
77,055
7,613,034
Lancaster
Colony
Corp.
..............
167,402
27,626,352
Mission
Produce,
Inc.
(a)(b)
..............
56,674
548,604
Simply
Good
Foods
Co.
(The)
(a)
.........
776,005
26,787,693
Sovos
Brands,
Inc.
(a)(b)
...............
436,354
9,839,783
SunOpta,
Inc.
(a)(b)
...................
731,072
2,463,713
TreeHouse
Foods,
Inc.
(a)(b)
.............
53,495
2,331,312
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Growth
ETF
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
(continued)
Utz
Brands,
Inc.,
Class
A
(b)
............
610,795
$
8,202,977
Vital
Farms,
Inc.
(a)(b)
.................
260,516
3,016,775
Westrock
Coffee
Co.
(a)(b)
..............
245,350
2,173,801
147,526,090
Gas
Utilities
—
0.3%
Brookfield
Infrastructure
Corp.,
Class
A
....
84,574
2,988,845
Chesapeake
Utilities
Corp.
............
96,708
9,453,207
New
Jersey
Resources
Corp.
...........
439,032
17,837,870
RGC
Resources,
Inc.
................
4,587
79,355
30,359,277
Ground
Transportation
—
0.4%
ArcBest
Corp.
.....................
81,467
8,281,121
Daseke,
Inc.
(a)(b)
....................
348,250
1,786,522
Marten
Transport
Ltd.
................
399,721
7,878,501
PAM
Transportation
Services,
Inc.
(a)
......
8,054
173,564
RXO,
Inc.
(a)(b)
......................
866,958
17,105,081
Werner
Enterprises,
Inc.
..............
80,272
3,126,594
38,351,383
Health
Care
Equipment
&
Supplies
—
4.6%
Accuray,
Inc.
(a)(b)
....................
777,300
2,114,256
Alphatec
Holdings,
Inc.
(a)(b)
.............
281,193
3,647,073
Artivion,
Inc.
(a)
.....................
48,187
730,515
AtriCure,
Inc.
(a)(b)
...................
287,240
12,581,112
Atrion
Corp.
......................
11,864
4,901,849
AxoGen,
Inc.
(a)(b)
...................
342,340
1,711,700
Axonics,
Inc.
(a)(b)
....................
420,930
23,622,592
Beyond
Air,
Inc.
(a)(b)
..................
190,906
440,993
Cerus
Corp.
(a)(b)
....................
1,520,228
2,462,769
ClearPoint
Neuro,
Inc.
(a)(b)
.............
177,075
887,146
CONMED
Corp.
(b)
..................
262,611
26,484,319
CVRx,
Inc.
(a)(b)
.....................
82,190
1,246,822
Embecta
Corp.
....................
53,382
803,399
Glaukos
Corp.
(a)(b)
...................
400,919
30,169,155
Haemonetics
Corp.
(a)(b)
...............
429,079
38,436,897
Inari
Medical,
Inc.
(a)(b)
................
425,375
27,819,525
Inmode
Ltd.
(a)(b)
....................
662,473
20,178,928
iRadimed
Corp.
....................
63,176
2,803,119
iRhythm
Technologies,
Inc.
(a)(b)
..........
262,406
24,734,390
KORU
Medical
Systems,
Inc.
(a)(b)
.........
271,835
733,954
Lantheus
Holdings,
Inc.
(a)(b)
............
582,353
40,461,886
LeMaitre
Vascular,
Inc.
...............
168,969
9,205,431
LivaNova
plc
(a)
.....................
31,339
1,657,206
Merit
Medical
Systems,
Inc.
(a)
...........
488,100
33,688,662
Nano-X
Imaging
Ltd.
(a)(b)
..............
41,137
269,859
Nevro
Corp.
(a)
.....................
104,754
2,013,372
Omnicell,
Inc.
(a)(b)
...................
190,479
8,579,174
Orchestra
BioMed
Holdings,
Inc.
(a)(b)
......
116,743
1,017,999
OrthoPediatrics
Corp.
(a)(b)
..............
118,776
3,800,832
Outset
Medical,
Inc.
(a)(b)
...............
425,496
4,629,396
Paragon
28,
Inc.
(a)(b)
.................
374,714
4,702,661
PROCEPT
BioRobotics
Corp.
(a)(b)
........
309,075
10,140,751
Pulmonx
Corp.
(a)(b)
..................
313,030
3,233,600
Pulse
Biosciences,
Inc.
(a)(b)
.............
35,252
142,066
RxSight,
Inc.
(a)(b)
....................
233,408
6,509,749
Sanara
Medtech,
Inc.
(a)(b)
..............
31,432
978,478
Semler
Scientific,
Inc.
(a)
...............
41,019
1,040,652
SI-BONE,
Inc.
(a)
....................
300,386
6,380,199
Sight
Sciences,
Inc.
(a)(b)
...............
180,052
606,775
Silk
Road
Medical,
Inc.
(a)
..............
331,293
4,966,082
STAAR
Surgical
Co.
(a)(b)
...............
417,550
16,777,159
Surmodics,
Inc.
(a)
...................
117,751
3,778,630
Tactile
Systems
Technology,
Inc.
(a)(b)
......
197,544
2,775,493
Tela
Bio,
Inc.
(a)(b)
....................
132,778
1,062,224
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
TransMedics
Group,
Inc.
(a)(b)
............
272,190
$
14,902,402
Treace
Medical
Concepts,
Inc.
(a)(b)
........
385,675
5,056,199
UFP
Technologies,
Inc.
(a)(b)
.............
60,819
9,819,228
Utah
Medical
Products,
Inc.
............
25,392
2,183,712
Vicarious
Surgical,
Inc.,
Class
A
(a)
........
304,249
179,720
Zynex,
Inc.
(a)
......................
163,935
1,311,480
428,381,590
Health
Care
Providers
&
Services
—
4.3%
Accolade,
Inc.
(a)(b)
...................
548,912
5,807,489
AdaptHealth
Corp.
(a)(b)
................
424,099
3,859,301
Addus
HomeCare
Corp.
(a)
.............
62,558
5,329,316
Agiliti,
Inc.
(a)(b)
.....................
224,232
1,455,266
AirSculpt
Technologies,
Inc.
(a)(b)
.........
98,468
673,521
Alignment
Healthcare,
Inc.
(a)(b)
..........
726,066
5,038,898
AMN
Healthcare
Services,
Inc.
(a)
.........
340,306
28,987,265
Apollo
Medical
Holdings,
Inc.
(a)(b)
.........
366,315
11,300,818
Aveanna
Healthcare
Holdings,
Inc.
(a)
......
111,190
132,316
Castle
Biosciences,
Inc.
(a)(b)
............
82,169
1,387,834
CorVel
Corp.
(a)(b)
....................
74,868
14,722,792
Cross
Country
Healthcare,
Inc.
(a)(b)
.......
44,350
1,099,436
DocGo,
Inc.
(a)(b)
....................
674,267
3,593,843
Ensign
Group,
Inc.
(The)
..............
466,392
43,341,809
Guardant
Health,
Inc.
(a)
...............
965,744
28,624,652
HealthEquity,
Inc.
(a)(b)
................
720,022
52,597,607
Hims
&
Hers
Health,
Inc.,
Class
A
(a)(b)
.....
1,048,272
6,593,631
InfuSystem
Holdings,
Inc.
(a)(b)
...........
144,444
1,392,440
Innovage
Holding
Corp.
(a)(b)
............
167,761
1,004,888
Invitae
Corp.
(a)(b)
....................
2,022,737
1,224,160
Joint
Corp.
(The)
(a)
..................
121,169
1,089,309
LifeStance
Health
Group,
Inc.
(a)(b)
........
497,118
3,415,201
ModivCare,
Inc.
(a)(b)
..................
109,203
3,440,987
National
Research
Corp.
..............
122,648
5,441,892
NeoGenomics,
Inc.
(a)(b)
...............
95,768
1,177,946
Option
Care
Health,
Inc.
(a)
.............
1,456,102
47,104,900
P3
Health
Partners,
Inc.,
Class
A
(a)(b)
......
342,287
503,162
Patterson
Cos.,
Inc.
.................
162,304
4,810,691
Pennant
Group,
Inc.
(The)
(a)(b)
..........
246,203
2,740,239
PetIQ,
Inc.,
Class
A
(a)(b)
...............
195,011
3,841,717
Privia
Health
Group,
Inc.
(a)(b)
............
942,745
21,683,135
Progyny,
Inc.
(a)
.....................
670,099
22,796,768
Quipt
Home
Medical
Corp.
(a)(b)
..........
342,775
1,744,725
RadNet,
Inc.
(a)(b)
....................
510,642
14,394,998
Select
Medical
Holdings
Corp.
..........
893,803
22,586,402
Surgery
Partners,
Inc.
(a)(b)
.............
527,008
15,414,984
US
Physical
Therapy,
Inc.
.............
125,405
11,503,401
Viemed
Healthcare,
Inc.
(a)
.............
278,611
1,875,052
403,732,791
Health
Care
REITs
—
0.1%
CareTrust
REIT,
Inc.
.................
85,767
1,758,223
Community
Healthcare
Trust,
Inc.
........
148,038
4,396,729
National
Health
Investors,
Inc.
..........
37,866
1,944,798
Universal
Health
Realty
Income
Trust
.....
112,113
4,532,728
12,632,478
Health
Care
Technology
—
0.7%
Definitive
Healthcare
Corp.,
Class
A
(a)(b)
....
134,980
1,078,490
Evolent
Health,
Inc.,
Class
A
(a)(b)
.........
942,421
25,662,124
Health
Catalyst,
Inc.
(a)
................
256,948
2,600,314
HealthStream,
Inc.
..................
87,035
1,878,215
NextGen
Healthcare,
Inc.
(a)(b)
...........
268,573
6,373,237
OptimizeRx
Corp.
(a)(b)
................
142,947
1,112,128
Phreesia,
Inc.
(a)(b)
...................
442,571
8,267,226
Schrodinger,
Inc.
(a)(b)
.................
468,234
13,236,975
Sharecare,
Inc.,
Class
A
(a)(b)
............
158,254
148,822
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Growth
ETF
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Technology
(continued)
Simulations
Plus,
Inc.
(b)
...............
134,867
$
5,623,954
65,981,485
Hotel
&
Resort
REITs
—
0.4%
Ryman
Hospitality
Properties,
Inc.
.......
493,302
41,082,191
Hotels,
Restaurants
&
Leisure
—
3.6%
Accel
Entertainment,
Inc.,
Class
A
(a)
......
454,805
4,980,115
Bally's
Corp.
(a)(b)
....................
135,429
1,775,474
BJ's
Restaurants,
Inc.
(a)(b)
.............
124,287
2,915,773
Bloomin'
Brands,
Inc.
................
752,350
18,500,286
Bluegreen
Vacations
Holding
Corp.
.......
72,642
2,664,509
Bowlero
Corp.,
Class
A
(a)(b)
.............
220,573
2,121,912
Brinker
International,
Inc.
(a)(b)
...........
344,217
10,873,815
Century
Casinos,
Inc.
(a)
...............
206,600
1,059,858
Cheesecake
Factory,
Inc.
(The)
.........
419,409
12,708,093
Chuy's
Holdings,
Inc.
(a)(b)
..............
125,664
4,471,125
Cracker
Barrel
Old
Country
Store,
Inc.
.....
191,069
12,839,837
Dave
&
Buster's
Entertainment,
Inc.
(a)(b)
....
310,524
11,511,125
Denny's
Corp.
(a)(b)
...................
358,004
3,032,294
Dine
Brands
Global,
Inc.
..............
122,534
6,059,306
Everi
Holdings,
Inc.
(a)
................
448,350
5,927,187
First
Watch
Restaurant
Group,
Inc.
(a)(b)
.....
74,409
1,286,532
Full
House
Resorts,
Inc.
(a)(b)
............
251,455
1,073,713
Global
Business
Travel
Group
I
(a)(b)
.......
277,154
1,524,347
Golden
Entertainment,
Inc.
............
172,578
5,898,716
Hilton
Grand
Vacations,
Inc.
(a)(b)
.........
694,617
28,270,912
Inspired
Entertainment,
Inc.
(a)
...........
185,180
2,214,753
International
Game
Technology
plc
.......
934,062
28,320,760
Jack
in
the
Box,
Inc.
.................
176,512
12,189,919
Krispy
Kreme,
Inc.
..................
240,868
3,003,624
Kura
Sushi
USA,
Inc.,
Class
A
(a)(b)
........
48,888
3,232,475
Life
Time
Group
Holdings,
Inc.
(a)(b)
........
117,672
1,789,791
Light
&
Wonder,
Inc.,
Class
A
(a)(b)
........
366,056
26,110,774
Lindblad
Expeditions
Holdings,
Inc.
(a)(b)
....
30,097
216,698
Monarch
Casino
&
Resort,
Inc.
..........
115,192
7,153,423
Mondee
Holdings,
Inc.,
Class
A
(a)(b)
.......
334,912
1,195,636
Nathan's
Famous,
Inc.
...............
21,430
1,514,244
Noodles
&
Co.,
Class
A
(a)(b)
............
349,746
860,375
ONE
Group
Hospitality,
Inc.
(The)
(a)(b)
.....
177,215
974,683
Papa
John's
International,
Inc.
..........
219,902
15,001,714
PlayAGS,
Inc.
(a)
....................
308,984
2,014,576
Portillo's,
Inc.,
Class
A
(a)(b)
.............
387,672
5,966,272
Potbelly
Corp.
(a)(b)
...................
227,612
1,775,374
RCI
Hospitality
Holdings,
Inc.
...........
74,231
4,502,852
Red
Robin
Gourmet
Burgers,
Inc.
(a)
.......
132,635
1,066,385
Red
Rock
Resorts,
Inc.,
Class
A
.........
221,152
9,067,232
Rush
Street
Interactive,
Inc.,
Class
A
(a)
....
541,471
2,501,596
Sabre
Corp.
(a)
.....................
717,868
3,223,227
SeaWorld
Entertainment,
Inc.
(a)(b)
........
296,307
13,704,199
Shake
Shack,
Inc.,
Class
A
(a)
...........
323,212
18,768,921
Six
Flags
Entertainment
Corp.
(a)
.........
491,195
11,547,994
Super
Group
SGHC
Ltd.
(a)(b)
............
1,169,548
4,315,632
Sweetgreen,
Inc.,
Class
A
(a)(b)
...........
665,387
7,818,297
Target
Hospitality
Corp.
(a)(b)
............
265,263
4,212,376
Xponential
Fitness,
Inc.,
Class
A
(a)(b)
......
179,405
2,780,778
336,539,509
Household
Durables
—
1.1%
Cavco
Industries,
Inc.
(a)
...............
74,555
19,806,281
Cricut,
Inc.,
Class
A
(b)
................
411,744
3,825,102
Dream
Finders
Homes,
Inc.,
Class
A
(a)(b)
....
82,931
1,843,556
Green
Brick
Partners,
Inc.
(a)(b)
...........
71,953
2,986,769
Installed
Building
Products,
Inc.
.........
202,970
25,348,923
iRobot
Corp.
(a)
.....................
213,712
8,099,685
LGI
Homes,
Inc.
(a)(b)
.................
12,886
1,282,028
Security
Shares
Shares
Value
Household
Durables
(continued)
Lovesac
Co.
(The)
(a)(b)
................
120,178
$
2,393,946
Skyline
Champion
Corp.
(a)(b)
............
256,636
16,352,846
Sonos,
Inc.
(a)(b)
.....................
1,092,515
14,104,369
Vizio
Holding
Corp.,
Class
A
(a)(b)
.........
575,529
3,113,612
99,157,117
Household
Products
—
0.5%
Energizer
Holdings,
Inc.
(b)
.............
618,696
19,823,020
Oil-Dri
Corp.
of
America
..............
10,863
670,790
WD-40
Co.
(b)
......................
116,165
23,609,375
44,103,185
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
Montauk
Renewables,
Inc.
(a)(b)
..........
574,257
5,231,481
Ormat
Technologies,
Inc.
..............
293,527
20,523,408
Sunnova
Energy
International,
Inc.
(a)(b)
.....
422,233
4,420,780
30,175,669
Industrial
Conglomerates
—
0.0%
Brookfield
Business
Corp.,
Class
A
(b)
......
220,281
3,982,680
Insurance
—
1.2%
AMERISAFE,
Inc.
..................
86,895
4,350,833
BRP
Group,
Inc.,
Class
A
(a)(b)
...........
516,047
11,987,772
Crawford
&
Co.,
Class
A,
NVS
..........
128,038
1,195,875
eHealth,
Inc.
(a)(b)
....................
79,994
591,956
F&G
Annuities
&
Life,
Inc.
.............
9,053
254,027
Fidelis
Insurance
Holdings
Ltd.
(a)
........
31,398
460,923
Goosehead
Insurance,
Inc.,
Class
A
(a)(b)
....
184,439
13,746,239
HCI
Group,
Inc.
....................
56,037
3,042,249
Investors
Title
Co.
..................
2,137
316,468
Kingsway
Financial
Services,
Inc.
(a)(b)
......
84,039
634,494
Lemonade,
Inc.
(a)(b)
..................
69,805
811,134
Oscar
Health,
Inc.,
Class
A
(a)(b)
..........
99,620
554,883
Palomar
Holdings,
Inc.
(a)
..............
208,448
10,578,736
Selective
Insurance
Group,
Inc.
.........
516,839
53,322,280
SiriusPoint
Ltd.
(a)
...................
73,124
743,671
Skyward
Specialty
Insurance
Group,
Inc.
(a)(b)
.
57,252
1,566,415
Tiptree,
Inc.
......................
59,206
992,292
Trupanion,
Inc.
(a)(b)
..................
340,601
9,604,948
Universal
Insurance
Holdings,
Inc.
.......
46,807
656,234
115,411,429
Interactive
Media
&
Services
—
0.9%
Cargurus,
Inc.,
Class
A
(a)
..............
835,896
14,644,898
Cars.com,
Inc.
(a)
....................
573,863
9,675,330
Eventbrite,
Inc.,
Class
A
(a)(b)
............
596,781
5,884,261
EverQuote,
Inc.,
Class
A
(a)(b)
............
171,361
1,238,940
Grindr,
Inc.
(a)(b)
.....................
359,072
2,064,664
MediaAlpha,
Inc.,
Class
A
(a)(b)
...........
151,834
1,254,149
Nextdoor
Holdings,
Inc.,
Class
A
(a)
.......
750,503
1,365,915
QuinStreet,
Inc.
(a)
...................
446,620
4,006,181
Shutterstock,
Inc.
...................
212,677
8,092,360
Vimeo,
Inc.
(a)(b)
.....................
163,133
577,491
Yelp,
Inc.
(a)
.......................
576,315
23,968,941
Ziff
Davis,
Inc.
(a)(b)
...................
93,023
5,924,635
ZipRecruiter,
Inc.,
Class
A
(a)(b)
...........
588,449
7,055,503
85,753,268
IT
Services
—
0.7%
BigBear.ai
Holdings,
Inc.
(a)(b)
............
248,571
375,342
BigCommerce
Holdings,
Inc.
(a)(b)
.........
571,046
5,636,224
DigitalOcean
Holdings,
Inc.
(a)(b)
..........
545,230
13,101,877
Fastly,
Inc.,
Class
A
(a)(b)
...............
849,616
16,287,139
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)(b)
..
384,345
4,681,322
Hackett
Group,
Inc.
(The)
.............
198,134
4,673,981
Information
Services
Group,
Inc.
.........
161,055
705,421
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Growth
ETF
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
IT
Services
(continued)
Perficient,
Inc.
(a)(b)
...................
294,784
$
17,056,202
Squarespace,
Inc.,
Class
A
(a)
...........
114,960
3,330,391
Thoughtworks
Holding,
Inc.
(a)(b)
..........
804,024
3,280,418
Tucows,
Inc.,
Class
A
(a)(b)
..............
34,263
699,308
69,827,625
Leisure
Products
—
0.4%
Acushnet
Holdings
Corp.
(b)
............
266,901
14,156,429
Clarus
Corp.
(b)
.....................
18,955
143,300
Escalade,
Inc.
.....................
7,034
107,690
Funko,
Inc.,
Class
A
(a)
................
203,104
1,553,745
Malibu
Boats,
Inc.,
Class
A
(a)(b)
..........
106,308
5,211,218
Marine
Products
Corp.
...............
77,871
1,106,547
MasterCraft
Boat
Holdings,
Inc.
(a)(b)
.......
146,082
3,245,942
Solo
Brands,
Inc.,
Class
A
(a)(b)
...........
135,997
693,585
Sturm
Ruger
&
Co.,
Inc.
..............
139,989
7,296,227
33,514,683
Life
Sciences
Tools
&
Services
—
0.4%
Adaptive
Biotechnologies
Corp.
(a)(b)
.......
711,503
3,877,691
Akoya
Biosciences,
Inc.
(a)(b)
............
191,218
889,164
BioLife
Solutions,
Inc.
(a)(b)
..............
270,404
3,734,279
CryoPort,
Inc.
(a)(b)
...................
297,454
4,078,094
Cytek
Biosciences,
Inc.
(a)(b)
............
1,039,215
5,736,467
Harvard
Bioscience,
Inc.
(a)(b)
............
348,324
1,497,793
MaxCyte,
Inc.
(a)
....................
28,958
90,349
Mesa
Laboratories,
Inc.
(b)
.............
44,138
4,637,580
NanoString
Technologies,
Inc.
(a)(b)
........
372,192
640,170
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares,
NVS
(a)(d)
.................
5,861
—
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares,
NVS
(a)(d)
.................
5,861
—
Pacific
Biosciences
of
California,
Inc.
(a)(b)
...
1,185,343
9,897,614
Quanterix
Corp.
(a)
...................
49,449
1,342,046
36,421,247
Machinery
—
4.8%
374Water,
Inc.
(a)(b)
..................
495,929
614,952
Alamo
Group,
Inc.
..................
86,429
14,940,117
Albany
International
Corp.,
Class
A
.......
234,201
20,206,862
Blue
Bird
Corp.
(a)
...................
11,980
255,773
Chart
Industries,
Inc.
(a)(b)
..............
226,003
38,221,627
CIRCOR
International,
Inc.
(a)
...........
155,200
8,652,400
Commercial
Vehicle
Group,
Inc.
(a)
........
33,456
259,619
Douglas
Dynamics,
Inc.
..............
196,696
5,936,285
Energy
Recovery,
Inc.
(a)(b)
.............
478,880
10,157,045
Enerpac
Tool
Group
Corp.,
Class
A
.......
483,853
12,788,235
ESCO
Technologies,
Inc.
.............
127,091
13,273,384
Federal
Signal
Corp.
................
512,001
30,581,820
Franklin
Electric
Co.,
Inc.
.............
395,280
35,270,834
Gorman-Rupp
Co.
(The)
..............
41,718
1,372,522
Helios
Technologies,
Inc.
..............
280,959
15,587,605
Hillenbrand,
Inc.
...................
591,323
25,018,876
Hyster-Yale
Materials
Handling,
Inc.
......
91,949
4,099,087
John
Bean
Technologies
Corp.
(b)
.........
272,412
28,641,398
Kadant,
Inc.
(b)
.....................
100,135
22,585,449
Lindsay
Corp.
.....................
94,958
11,174,658
Mayville
Engineering
Co.,
Inc.
(a)(b)
........
10,306
113,057
Miller
Industries,
Inc.
................
7,391
289,801
Mueller
Industries,
Inc.
...............
208,911
15,701,751
Mueller
Water
Products,
Inc.,
Class
A
.....
1,328,286
16,842,667
Omega
Flex,
Inc.
(b)
..................
27,747
2,184,521
Shyft
Group,
Inc.
(The)
...............
293,755
4,397,512
SPX
Technologies,
Inc.
(a)
..............
311,103
25,323,784
Standex
International
Corp.
............
81,865
11,926,912
Tennant
Co.
......................
83,526
6,193,453
Security
Shares
Shares
Value
Machinery
(continued)
Terex
Corp.
.......................
334,960
$
19,300,395
Trinity
Industries,
Inc.
................
127,154
3,096,200
Velo3D,
Inc.
(a)(b)
....................
773,409
1,206,518
Wabash
National
Corp.
(b)
..............
407,426
8,604,837
Watts
Water
Technologies,
Inc.,
Class
A
....
234,495
40,525,426
455,345,382
Media
—
0.2%
Boston
Omaha
Corp.,
Class
A
(a)(b)
........
12,909
211,578
Daily
Journal
Corp.
(a)(b)
...............
1,815
533,610
Entravision
Communications
Corp.,
Class
A
.
533,990
1,949,063
EW
Scripps
Co.
(The),
Class
A,
NVS
(a)(b)
...
236,722
1,297,237
Gambling.com
Group
Ltd.
(a)
............
92,944
1,215,708
Gray
Television,
Inc.
.................
48,399
334,921
Integral
Ad
Science
Holding
Corp.
(a)(b)
.....
411,068
4,887,599
Magnite,
Inc.
(a)(b)
....................
484,549
3,653,499
PubMatic,
Inc.,
Class
A
(a)(b)
.............
65,248
789,501
Sinclair,
Inc.,
Class
A
(b)
...............
45,027
505,203
TechTarget,
Inc.
(a)
...................
222,450
6,753,582
Townsquare
Media,
Inc.,
Class
A
........
95,445
832,280
22,963,781
Metals
&
Mining
—
1.3%
5E
Advanced
Materials,
Inc.
(a)(b)
.........
259,952
587,491
Alpha
Metallurgical
Resources,
Inc.
......
7,480
1,942,780
ATI,
Inc.
(a)(b)
.......................
1,103,665
45,415,815
Century
Aluminum
Co.
(a)(b)
.............
448,902
3,227,605
Compass
Minerals
International,
Inc.
......
292,746
8,182,251
Constellium
SE,
Class
A
(a)
.............
670,082
12,195,492
Contango
ORE,
Inc.
(a)(b)
...............
12,797
232,138
Dakota
Gold
Corp.
(a)(b)
................
306,067
789,653
Hecla
Mining
Co.
(b)
..................
1,094,127
4,278,036
i-80
Gold
Corp.
(a)(b)
..................
118,403
181,157
Ivanhoe
Electric,
Inc.
(a)(b)
..............
479,874
5,710,501
Kaiser
Aluminum
Corp.
...............
129,927
9,778,306
Materion
Corp.
....................
175,270
17,861,766
NioCorp
Developments
Ltd.
(a)
...........
19,074
69,239
Novagold
Resources,
Inc.
(a)(b)
...........
2,063,097
7,922,292
Perpetua
Resources
Corp.
(a)(b)
..........
330,689
1,078,046
Piedmont
Lithium,
Inc.
(a)(b)
.............
51,783
2,055,785
Ryerson
Holding
Corp.
...............
12,731
370,345
121,878,698
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
....................
69,081
1,464,517
Multi-Utilities
—
0.0%
Unitil
Corp.
.......................
41,484
1,771,782
Oil,
Gas
&
Consumable
Fuels
—
2.4%
Crescent
Energy,
Inc.,
Class
A
..........
133,787
1,691,068
CVR
Energy,
Inc.
...................
235,355
8,009,131
Denbury,
Inc.
(a)
....................
436,462
42,777,641
Dorian
LPG
Ltd.
....................
161,411
4,637,338
Empire
Petroleum
Corp.
(a)(b)
............
105,393
1,014,935
Energy
Fuels,
Inc.
(a)(b)
................
1,157,946
9,518,316
Enviva,
Inc.
.......................
280,921
2,098,480
Equitrans
Midstream
Corp.
............
1,091,337
10,225,828
Evolution
Petroleum
Corp.
.............
273,979
1,874,016
Excelerate
Energy,
Inc.,
Class
A
.........
122,148
2,081,402
FLEX
LNG
Ltd.
....................
175,751
5,300,650
Golar
LNG
Ltd.
....................
55,648
1,350,020
HighPeak
Energy,
Inc.
(b)
..............
85,849
1,449,131
Kinetik
Holdings,
Inc.,
Class
A
..........
21,316
719,415
Kosmos
Energy
Ltd.
(a)(b)
...............
3,909,705
31,981,387
Magnolia
Oil
&
Gas
Corp.,
Class
A
.......
1,478,708
33,877,200
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Growth
ETF
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Matador
Resources
Co.
(b)
.............
172,710
$
10,272,791
NextDecade
Corp.
(a)(b)
................
266,540
1,364,685
Northern
Oil
&
Gas,
Inc.
..............
619,249
24,912,387
Par
Pacific
Holdings,
Inc.
(a)
............
185,257
6,658,136
Permian
Resources
Corp.,
Class
A
.......
371,776
5,189,993
REX
American
Resources
Corp.
(a)(b)
......
37,675
1,534,126
Riley
Exploration
Permian,
Inc.
..........
74,990
2,383,932
SilverBow
Resources,
Inc.
(a)(b)
..........
15,478
553,648
Sitio
Royalties
Corp.,
Class
A
...........
311,541
7,542,408
Tellurian,
Inc.
(a)(b)
...................
306,155
355,140
VAALCO
Energy,
Inc.
................
91,670
402,431
Vertex
Energy,
Inc.
(a)(b)
...............
555,381
2,471,445
W&T
Offshore,
Inc.
(a)(b)
...............
849,058
3,718,874
225,965,954
Paper
&
Forest
Products
—
0.2%
Sylvamo
Corp.
....................
312,259
13,720,660
Passenger
Airlines
—
0.1%
Allegiant
Travel
Co.
.................
13,515
1,038,763
Frontier
Group
Holdings,
Inc.
(a)(b)
.........
330,352
1,598,904
Joby
Aviation,
Inc.,
Class
A
(a)(b)
..........
791,329
5,104,072
Sun
Country
Airlines
Holdings,
Inc.
(a)(b)
.....
180,641
2,680,712
10,422,451
Personal
Care
Products
—
1.2%
Beauty
Health
Co.
(The),
Class
A
(a)(b)
......
707,685
4,260,264
BellRing
Brands,
Inc.
(a)
...............
305,908
12,612,587
elf
Beauty,
Inc.
(a)(b)
..................
456,930
50,184,622
Herbalife
Ltd.
(a)(b)
...................
618,434
8,651,892
Inter
Parfums,
Inc.
..................
156,953
21,085,066
Medifast,
Inc.
.....................
93,554
7,002,517
Thorne
HealthTech,
Inc.
(a)(b)
............
60,574
617,249
USANA
Health
Sciences,
Inc.
(a)(b)
........
98,186
5,754,681
110,168,878
Pharmaceuticals
—
2.6%
Aclaris
Therapeutics,
Inc.
(a)(b)
...........
592,607
4,059,358
Amphastar
Pharmaceuticals,
Inc.
(a)(b)
......
325,680
14,978,023
Amylyx
Pharmaceuticals,
Inc.
(a)(b)
........
434,848
7,962,067
ANI
Pharmaceuticals,
Inc.
(a)
............
94,440
5,483,186
Arvinas,
Inc.
(a)(b)
....................
397,928
7,815,306
Axsome
Therapeutics,
Inc.
(a)(b)
..........
301,715
21,086,861
Biote
Corp.,
Class
A
(a)
................
47,442
242,903
Bright
Green
Corp.
(a)(b)
...............
502,565
198,965
Cassava
Sciences,
Inc.
(a)(b)
............
343,398
5,714,143
Citius
Pharmaceuticals,
Inc.
(a)(b)
.........
119,220
81,594
Collegium
Pharmaceutical,
Inc.
(a)
........
294,907
6,591,171
Corcept
Therapeutics,
Inc.
(a)(b)
..........
688,136
18,748,265
CorMedix,
Inc.
(a)(b)
..................
414,704
1,534,405
Cymabay
Therapeutics,
Inc.
(a)(b)
.........
839,083
12,510,727
Evolus,
Inc.
(a)(b)
....................
351,420
3,211,979
Eyenovia,
Inc.
(a)(b)
...................
280,942
466,364
EyePoint
Pharmaceuticals,
Inc.
(a)(b)
.......
122,308
977,241
Harmony
Biosciences
Holdings,
Inc.
(a)(b)
....
282,565
9,259,655
Harrow,
Inc.
(a)(b)
....................
250,009
3,592,629
Innoviva,
Inc.
(a)(b)
...................
44,806
582,030
Intra-Cellular
Therapies,
Inc.
(a)
..........
801,551
41,752,792
Ligand
Pharmaceuticals,
Inc.
(a)
..........
21,997
1,318,060
Liquidia
Corp.
(a)(b)
...................
283,744
1,798,937
Longboard
Pharmaceuticals,
Inc.
(a)
.......
44,332
246,486
Marinus
Pharmaceuticals,
Inc.
(a)(b)
........
438,131
3,526,955
Ocular
Therapeutix,
Inc.
(a)(b)
............
656,311
2,060,817
Omeros
Corp.
(a)(b)
...................
207,490
605,871
Optinose,
Inc.
(a)(b)
...................
669,290
823,227
Pacira
BioSciences,
Inc.
(a)
.............
390,196
11,971,213
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Phathom
Pharmaceuticals,
Inc.
(a)(b)
.......
67,328
$
698,191
Phibro
Animal
Health
Corp.,
Class
A
......
51,122
652,828
Pliant
Therapeutics,
Inc.
(a)(b)
............
483,768
8,388,537
Revance
Therapeutics,
Inc.
(a)(b)
..........
715,604
8,207,978
Scilex
Holding
Co.,
(Acquired
01/06/23
,
cost
$809,658)
(a)(b)(e)
..................
77,257
106,268
scPharmaceuticals,
Inc.
(a)(b)
............
242,565
1,727,063
SIGA
Technologies,
Inc.
..............
391,836
2,057,139
Supernus
Pharmaceuticals,
Inc.
(a)
........
421,294
11,615,076
Terns
Pharmaceuticals,
Inc.
(a)
...........
240,140
1,207,904
Ventyx
Biosciences,
Inc.
(a)(b)
............
400,146
13,897,071
Verrica
Pharmaceuticals,
Inc.
(a)(b)
........
175,375
681,332
Xeris
Biopharma
Holdings,
Inc.
(a)
........
1,131,450
2,104,497
240,545,114
Professional
Services
—
3.8%
ASGN,
Inc.
(a)
......................
109,263
8,924,602
Asure
Software,
Inc.
(a)
................
27,892
263,858
Barrett
Business
Services,
Inc.
..........
53,757
4,851,032
CBIZ,
Inc.
(a)(b)
......................
407,836
21,166,689
CRA
International,
Inc.
...............
58,400
5,884,384
CSG
Systems
International,
Inc.
.........
272,514
13,930,916
ExlService
Holdings,
Inc.
(a)
............
1,391,346
39,013,342
Exponent,
Inc.
.....................
433,541
37,111,110
First
Advantage
Corp.
................
40,784
562,411
FiscalNote
Holdings,
Inc.,
Class
A
(a)(b)
.....
123,917
257,747
Forrester
Research,
Inc.
(a)
.............
101,441
2,931,645
Franklin
Covey
Co.
(a)
................
100,052
4,294,232
HireQuest,
Inc.
....................
46,025
710,166
Huron
Consulting
Group,
Inc.
(a)
..........
162,708
16,947,665
IBEX
Holdings
Ltd.
(a)(b)
...............
90,895
1,404,328
ICF
International,
Inc.
(b)
...............
160,514
19,391,696
Innodata,
Inc.
(a)(b)
...................
216,044
1,842,855
Insperity,
Inc.
......................
312,240
30,474,624
Kforce,
Inc.
.......................
166,555
9,936,671
Legalzoom.com,
Inc.
(a)(b)
..............
896,510
9,807,819
Maximus,
Inc.
.....................
520,744
38,889,162
NV5
Global,
Inc.
(a)
..................
105,837
10,184,695
Planet
Labs
PBC,
Class
A
(a)(b)
...........
1,307,482
3,399,453
Sterling
Check
Corp.
(a)(b)
..............
13,662
172,415
TriNet
Group,
Inc.
(a)(b)
................
322,319
37,543,717
TTEC
Holdings,
Inc.
.................
172,395
4,520,197
Upwork,
Inc.
(a)
.....................
1,062,773
12,073,101
Verra
Mobility
Corp.,
Class
A
(a)(b)
.........
1,193,152
22,311,942
358,802,474
Real
Estate
Management
&
Development
—
0.6%
Anywhere
Real
Estate,
Inc.
(a)(b)
..........
89,704
576,797
Compass,
Inc.,
Class
A
(a)(b)
............
2,203,668
6,390,637
DigitalBridge
Group,
Inc.,
Class
A
(b)
.......
439,151
7,720,275
eXp
World
Holdings,
Inc.
(b)
.............
611,744
9,934,722
Marcus
&
Millichap,
Inc.
..............
75,568
2,217,165
Maui
Land
&
Pineapple
Co.,
Inc.
(a)(b)
......
58,648
777,086
Opendoor
Technologies,
Inc.
(a)(b)
.........
267,328
705,746
Redfin
Corp.
(a)(b)
....................
905,351
6,373,671
RMR
Group,
Inc.
(The),
Class
A
.........
93,698
2,297,475
St.
Joe
Co.
(The)
...................
294,442
15,997,034
52,990,608
Residential
REITs
—
0.0%
Clipper
Realty,
Inc.
..................
90,081
466,620
NexPoint
Residential
Trust,
Inc.
.........
57,494
1,850,157
UMH
Properties,
Inc.
................
82,464
1,156,145
3,472,922
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Growth
ETF
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Retail
REITs
—
0.3%
Alexander's,
Inc.
...................
18,378
$
3,349,023
CBL
&
Associates
Properties,
Inc.
(b)
.......
173,416
3,638,268
Phillips
Edison
&
Co.,
Inc.
.............
170,062
5,703,879
Saul
Centers,
Inc.
..................
90,266
3,183,682
Tanger
Factory
Outlet
Centers,
Inc.
.......
410,404
9,275,130
25,149,982
Semiconductors
&
Semiconductor
Equipment
—
4.5%
ACM
Research,
Inc.,
Class
A
(a)(b)
.........
68,646
1,242,836
Aehr
Test
Systems
(a)(b)
................
222,688
10,176,842
Ambarella,
Inc.
(a)
...................
199,480
10,578,424
Atomera,
Inc.
(a)(b)
...................
115,812
724,983
Axcelis
Technologies,
Inc.
(a)(b)
...........
279,094
45,506,277
CEVA,
Inc.
(a)
......................
173,921
3,372,328
Credo
Technology
Group
Holding
Ltd.
(a)
....
836,495
12,756,549
Diodes,
Inc.
(a)
.....................
304,113
23,976,269
FormFactor,
Inc.
(a)(b)
.................
662,594
23,151,034
Impinj,
Inc.
(a)(b)
.....................
197,400
10,862,922
indie
Semiconductor,
Inc.,
Class
A
(a)(b)
.....
1,102,074
6,943,066
inTEST
Corp.
(a)
....................
91,162
1,382,928
Kulicke
&
Soffa
Industries,
Inc.
(b)
.........
335,842
16,331,996
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
(b)
...........................
465,160
37,947,753
Maxeon
Solar
Technologies
Ltd.
(a)(b)
.......
169,299
1,962,175
MaxLinear,
Inc.
(a)
...................
637,955
14,194,499
Navitas
Semiconductor
Corp.
(a)
.........
150,463
1,045,718
NVE
Corp.
.......................
36,687
3,013,470
Onto
Innovation,
Inc.
(a)(b)
..............
359,300
45,817,936
PDF
Solutions,
Inc.
(a)
................
261,892
8,485,301
Power
Integrations,
Inc.
..............
487,106
37,171,059
Rambus,
Inc.
(a)(b)
...................
935,902
52,213,973
Silicon
Laboratories,
Inc.
(a)(b)
............
271,949
31,516,170
SiTime
Corp.
(a)(b)
...................
147,542
16,856,673
SkyWater
Technology,
Inc.
(a)(b)
..........
149,544
900,255
SMART
Global
Holdings,
Inc.
(a)(b)
........
91,665
2,232,043
Synaptics,
Inc.
(a)
...................
27,778
2,484,464
Transphorm,
Inc.
(a)(b)
.................
221,425
491,563
423,339,506
Software
—
10.2%
8x8,
Inc.
(a)(b)
.......................
983,557
2,478,564
A10
Networks,
Inc.
..................
610,305
9,172,884
ACI
Worldwide,
Inc.
(a)
................
804,175
18,142,188
Adeia,
Inc.
.......................
802,499
8,570,689
Agilysys,
Inc.
(a)
....................
172,197
11,392,553
Alarm.com
Holdings,
Inc.
(a)
............
410,281
25,084,580
Alkami
Technology,
Inc.
(a)(b)
............
338,052
6,159,307
Altair
Engineering,
Inc.,
Class
A
(a)(b)
.......
459,809
28,765,651
American
Software,
Inc.,
Class
A
........
224,498
2,572,747
Amplitude,
Inc.,
Class
A
(a)(b)
............
583,120
6,746,698
Appfolio,
Inc.,
Class
A
(a)(b)
.............
164,984
30,131,028
Appian
Corp.,
Class
A
(a)(b)
.............
352,475
16,076,385
Applied
Digital
Corp.
(a)(b)
..............
581,843
3,630,700
Asana,
Inc.,
Class
A
(a)(b)
...............
681,036
12,469,769
AvePoint,
Inc.,
Class
A
(a)(b)
.............
1,311,684
8,814,516
Blackbaud,
Inc.
(a)
...................
373,089
26,235,618
BlackLine,
Inc.
(a)(b)
..................
482,436
26,760,725
Box,
Inc.,
Class
A
(a)(b)
................
1,207,941
29,244,252
Braze,
Inc.,
Class
A
(a)
................
449,807
21,019,481
C3.ai,
Inc.,
Class
A
(a)(b)
...............
396,458
10,117,608
Cipher
Mining,
Inc.
(a)(b)
................
45,293
105,533
Cleanspark,
Inc.
(a)(b)
.................
119,519
455,367
Clear
Secure,
Inc.,
Class
A
............
715,443
13,622,035
CommVault
Systems,
Inc.
(a)
............
356,565
24,107,360
Consensus
Cloud
Solutions,
Inc.
(a)(b)
......
97,910
2,465,374
Security
Shares
Shares
Value
Software
(continued)
CoreCard
Corp.
(a)
...................
62,806
$
1,256,120
Couchbase,
Inc.
(a)(b)
.................
290,785
4,989,871
CXApp,
Inc.
(a)
.....................
16,536
29,930
Digimarc
Corp.
(a)(b)
..................
121,197
3,937,691
Digital
Turbine,
Inc.
(a)(b)
...............
213,334
1,290,671
Domo,
Inc.,
Class
B
(a)(b)
...............
274,003
2,687,969
Ebix,
Inc.
........................
59,575
588,601
eGain
Corp.
(a)
.....................
177,468
1,087,879
Enfusion,
Inc.,
Class
A
(a)(b)
.............
324,364
2,909,545
EngageSmart,
Inc.
(a)(b)
................
418,066
7,521,007
Envestnet,
Inc.
(a)(b)
..................
421,233
18,546,889
Everbridge,
Inc.
(a)(b)
..................
346,641
7,771,691
EverCommerce,
Inc.
(a)(b)
..............
154,297
1,547,599
Expensify,
Inc.,
Class
A
(a)
.............
472,912
1,536,964
Freshworks,
Inc.,
Class
A
(a)
............
1,387,041
27,629,857
Instructure
Holdings,
Inc.
(a)(b)
...........
165,857
4,212,768
Intapp,
Inc.
(a)(b)
.....................
188,940
6,333,269
InterDigital,
Inc.
(b)
...................
230,113
18,464,267
Jamf
Holding
Corp.
(a)(b)
...............
600,513
10,605,060
Kaltura,
Inc.
(a)(b)
....................
687,240
1,188,925
LivePerson,
Inc.
(a)(b)
.................
620,001
2,411,804
LiveVox
Holdings,
Inc.,
Class
A
(a)
........
180,041
601,337
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
1,469,688
12,492,348
MeridianLink,
Inc.
(a)(b)
................
154,774
2,640,444
MicroStrategy,
Inc.,
Class
A
(a)(b)
..........
94,647
31,070,717
Mitek
Systems,
Inc.
(a)(b)
...............
340,105
3,645,926
Model
N,
Inc.
(a)(b)
...................
320,753
7,829,581
N-able,
Inc.
(a)
......................
543,177
7,006,983
NextNav,
Inc.
(a)(b)
...................
426,071
2,190,005
Olo,
Inc.,
Class
A
(a)(b)
.................
510,841
3,095,696
OneSpan,
Inc.
(a)
....................
327,045
3,515,734
PagerDuty,
Inc.
(a)(b)
..................
762,468
17,147,905
PowerSchool
Holdings,
Inc.,
Class
A
(a)(b)
...
481,822
10,918,087
Progress
Software
Corp.
..............
374,501
19,691,263
PROS
Holdings,
Inc.
(a)(b)
..............
275,402
9,534,417
Q2
Holdings,
Inc.
(a)(b)
.................
489,259
15,788,388
Qualys,
Inc.
(a)(b)
....................
319,077
48,675,196
Rapid7,
Inc.
(a)(b)
....................
514,025
23,532,064
Red
Violet,
Inc.
(a)
...................
97,574
1,952,456
Rimini
Street,
Inc.
(a)(b)
................
462,208
1,016,858
Riot
Platforms,
Inc.
(a)(b)
...............
1,023,361
9,547,958
Sapiens
International
Corp.
NV
.........
264,941
7,532,273
SEMrush
Holdings,
Inc.,
Class
A
(a)(b)
......
267,185
2,271,072
SoundHound
AI,
Inc.,
Class
A
(a)(b)
........
1,203,925
2,419,889
SoundThinking,
Inc.
(a)(b)
...............
82,214
1,471,631
Sprinklr,
Inc.,
Class
A
(a)(b)
..............
884,909
12,247,141
Sprout
Social,
Inc.,
Class
A
(a)(b)
..........
410,693
20,485,367
SPS
Commerce,
Inc.
(a)(b)
..............
314,796
53,707,346
Tenable
Holdings,
Inc.
(a)
..............
978,356
43,830,349
Varonis
Systems,
Inc.
(a)(b)
..............
931,180
28,438,237
Verint
Systems,
Inc.
(a)
................
499,362
11,480,332
Veritone,
Inc.
(a)(b)
...................
238,841
616,210
Viant
Technology,
Inc.,
Class
A
(a)
.........
129,211
723,582
Weave
Communications,
Inc.
(a)(b)
........
282,827
2,305,040
Workiva,
Inc.,
Class
A
(a)(b)
.............
418,887
42,450,009
Yext,
Inc.
(a)
.......................
923,243
5,844,128
Zeta
Global
Holdings
Corp.,
Class
A
(a)(b)
....
1,181,977
9,869,508
Zuora,
Inc.,
Class
A
(a)(b)
...............
1,115,416
9,191,028
957,666,494
Specialized
REITs
—
0.1%
Four
Corners
Property
Trust,
Inc.
........
80,868
1,794,461
Outfront
Media,
Inc.
.................
601,056
6,070,666
7,865,127
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Growth
ETF
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
—
1.7%
Abercrombie
&
Fitch
Co.,
Class
A
(a)(b)
......
216,697
$
12,215,210
Academy
Sports
&
Outdoors,
Inc.
(b)
.......
639,186
30,214,322
American
Eagle
Outfitters,
Inc.
..........
351,315
5,835,342
Arko
Corp.
.......................
704,962
5,040,478
Boot
Barn
Holdings,
Inc.
(a)(b)
............
254,210
20,639,310
Buckle,
Inc.
(The)
..................
264,766
8,840,537
Build-A-Bear
Workshop,
Inc.
...........
87,347
2,568,875
Camping
World
Holdings,
Inc.,
Class
A
....
356,957
7,285,492
CarParts.com,
Inc.
(a)(b)
................
449,302
1,851,124
Carvana
Co.,
Class
A
(a)(b)
..............
362,349
15,211,411
Envela
Corp.
(a)(b)
...................
53,787
254,950
EVgo,
Inc.,
Class
A
(a)(b)
...............
115,068
388,930
Guess?,
Inc.
......................
29,890
646,820
Hibbett,
Inc.
......................
89,995
4,275,663
Leslie's,
Inc.
(a)(b)
....................
137,830
780,118
National
Vision
Holdings,
Inc.
(a)
.........
46,912
759,036
Revolve
Group,
Inc.,
Class
A
(a)(b)
.........
352,422
4,796,464
Sally
Beauty
Holdings,
Inc.
(a)(b)
..........
862,651
7,229,015
Sleep
Number
Corp.
(a)(b)
..............
97,760
2,403,918
Stitch
Fix,
Inc.,
Class
A
(a)(b)
.............
353,626
1,220,010
ThredUp,
Inc.,
Class
A
(a)(b)
.............
115,378
462,666
Torrid
Holdings,
Inc.
(a)(b)
...............
97,394
215,241
Upbound
Group,
Inc.
................
444,618
13,094,000
Urban
Outfitters,
Inc.
(a)(b)
..............
182,200
5,956,118
Warby
Parker,
Inc.,
Class
A
(a)(b)
..........
729,588
9,601,378
161,786,428
Technology
Hardware,
Storage
&
Peripherals
—
1.3%
(a)
Avid
Technology,
Inc.
................
204,874
5,504,964
CompoSecure,
Inc.,
Class
A
(b)
..........
116,359
750,516
Corsair
Gaming,
Inc.
(b)
...............
324,374
4,713,154
CPI
Card
Group,
Inc.
................
38,344
710,131
IonQ,
Inc.
(b)
.......................
217,664
3,238,840
Super
Micro
Computer,
Inc.
(b)
...........
397,381
108,969,818
123,887,423
Textiles,
Apparel
&
Luxury
Goods
—
0.7%
Figs,
Inc.,
Class
A
(a)(b)
................
975,823
5,757,356
Hanesbrands,
Inc.
..................
2,025,343
8,020,358
Kontoor
Brands,
Inc.
.................
480,861
21,114,606
Oxford
Industries,
Inc.
...............
96,875
9,312,594
Rocky
Brands,
Inc.
..................
6,860
100,842
Steven
Madden
Ltd.
.................
647,146
20,559,828
Wolverine
World
Wide,
Inc.
............
611,329
4,927,312
69,792,896
Tobacco
—
0.1%
Ispire
Technology,
Inc.
(a)(b)
.............
23,744
217,257
Turning
Point
Brands,
Inc.
.............
147,079
3,396,054
Vector
Group
Ltd.
..................
227,773
2,423,505
6,036,816
Trading
Companies
&
Distributors
—
2.0%
Alta
Equipment
Group,
Inc.,
Class
A
......
193,226
2,330,306
Applied
Industrial
Technologies,
Inc.
......
330,563
51,108,346
Beacon
Roofing
Supply,
Inc.
(a)(b)
.........
48,151
3,715,813
Custom
Truck
One
Source,
Inc.
(a)
........
473,942
2,938,440
Distribution
Solutions
Group,
Inc.
(a)(b)
......
70,111
1,822,886
EVI
Industries,
Inc.
(a)
.................
32,969
818,291
FTAI
Aviation
Ltd.
...................
856,350
30,443,243
GATX
Corp.
......................
18,710
2,036,209
Global
Industrial
Co.
.................
89,908
3,011,918
GMS,
Inc.
(a)
.......................
111,056
7,104,252
H&E
Equipment
Services,
Inc.
..........
276,001
11,920,483
Herc
Holdings,
Inc.
..................
242,113
28,796,920
Hudson
Technologies,
Inc.
(a)
...........
60,788
808,480
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
Karat
Packaging,
Inc.
................
48,450
$
1,117,257
McGrath
RentCorp
..................
211,295
21,180,211
MRC
Global,
Inc.
(a)
..................
250,061
2,563,125
Transcat,
Inc.
(a)(b)
...................
62,863
6,158,688
Triton
International
Ltd.
(d)
..............
70,639
5,811,112
Xometry,
Inc.,
Class
A
(a)(b)
.............
31,746
539,047
184,225,027
Water
Utilities
—
0.6%
American
States
Water
Co.
............
316,861
24,930,623
Artesian
Resources
Corp.,
Class
A,
NVS
...
56,007
2,351,734
Cadiz,
Inc.
(a)(b)
.....................
340,657
1,127,575
California
Water
Service
Group
.........
156,906
7,423,223
Consolidated
Water
Co.
Ltd.
...........
37,783
1,074,548
Global
Water
Resources,
Inc.
...........
103,213
1,006,327
Middlesex
Water
Co.
................
150,218
9,951,942
Pure
Cycle
Corp.
(a)(b)
.................
173,736
1,667,866
York
Water
Co.
(The)
................
119,159
4,467,271
54,001,109
Wireless
Telecommunication
Services
—
0.0%
Gogo,
Inc.
(a)(b)
.....................
54,243
647,119
Total
Common
Stocks
—
99.8%
(Cost:
$10,385,983,931)
...........................
9,403,512,442
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
Pharmaceuticals
—
0.0%
Contra
Chinook
Therape,
CVR
(a)(d)
.......
137,855
59,278
Total
Rights
—
0.0%
(Cost:
$66,105)
................................
333,799
Total
Long-Term
Investments
—
99.8%
(Cost:
$10,386,050,036)
...........................
9,403,846,241
Short-Term
Securities
Money
Market
Funds
—
15.8%
(f)(g)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(h)
............
1,457,946,525
1,458,529,703
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
..................
33,873,036
33,873,036
Total
Short-Term
Securities
—
15.8%
(Cost:
$1,491,553,546)
...........................
1,492,402,739
Total
Investments
—
115.6%
(Cost:
$11,877,603,582
)
...........................
10,896,248,980
Liabilities
in
Excess
of
Other
Assets
—
(15.6)%
...........
(1,474,092,353)
Net
Assets
—
100.0%
..............................
$
9,422,156,627
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Growth
ETF
Schedules
of
Investments
37
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
(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)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$106,268,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$809,658.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
03/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
1,385,478,252
$
72,910,988
(a)
$
—
$
60,350
$
80,113
$
1,458,529,703
1,457,946,525
$
9,120,576
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
12,196,139
21,676,897
(a)
—
—
—
33,873,036
33,873,036
496,767
—
$
60,350
$
80,113
$
1,492,402,739
$
9,617,343
$
—
—
—
(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
....................................................
200
12/15/23
$
17,986
$
(355,483)
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)
......
$
—
$
—
$
355,483
$
—
$
—
$
—
$
355,483
(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).
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Growth
ETF
38
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
For
the
period
ended
September
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
1,789,937
$
—
$
—
$
—
$
1,789,937
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(906,021)
$
—
$
—
$
—
$
(906,021)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
21,842,975
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
9,397,595,062
$
106,268
$
5,811,112
$
9,403,512,442
Rights
................................................
—
—
333,799
333,799
Short-Term
Securities
Money
Market
Funds
......................................
1,492,402,739
—
—
1,492,402,739
$
10,889,997,801
$
106,268
$
6,144,911
$
10,896,248,980
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(355,483)
$
—
$
—
$
(355,483)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.1%
AAR
Corp.
(a)
......................
311,821
$
18,562,704
AerSale
Corp.
(a)(b)
...................
229,777
3,432,868
Archer
Aviation,
Inc.,
Class
A
(a)(b)
.........
1,369,986
6,932,129
Astronics
Corp.
(a)(b)
..................
237,210
3,762,151
Ducommun,
Inc.
(a)(b)
.................
116,815
5,082,621
Kaman
Corp.
.....................
253,842
4,987,995
Kratos
Defense
&
Security
Solutions,
Inc.
(a)(b)
1,126,203
16,915,569
Moog,
Inc.,
Class
A
.................
201,163
22,723,372
National
Presto
Industries,
Inc.
..........
45,686
3,310,408
Park
Aerospace
Corp.
................
162,215
2,519,199
Parsons
Corp.
(a)(b)
...................
201,344
10,943,046
Terran
Orbital
Corp.
(a)(b)
...............
748,002
622,637
Triumph
Group,
Inc.
(a)
................
583,842
4,472,230
V2X,
Inc.
(a)(b)
......................
101,857
5,261,933
Virgin
Galactic
Holdings,
Inc.,
Class
C
(a)(b)
...
1,020,091
1,836,164
111,365,026
Air
Freight
&
Logistics
—
0.3%
(a)
Air
Transport
Services
Group,
Inc.
(b)
......
505,438
10,548,491
Hub
Group,
Inc.,
Class
A
..............
282,464
22,184,722
Radiant
Logistics,
Inc.
...............
303,584
1,715,250
34,448,463
Automobile
Components
—
1.4%
Adient
plc
(a)
.......................
858,197
31,495,830
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
1,025,615
7,445,965
Atmus
Filtration
Technologies,
Inc.
(a)(b)
.....
56,202
1,171,812
Cooper-Standard
Holdings,
Inc.
(a)(b)
.......
104,704
1,405,128
Dana,
Inc.
........................
1,172,847
17,205,665
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
......
2,519,876
31,322,059
Holley,
Inc.
(a)
......................
479,421
2,392,311
LCI
Industries
.....................
137,909
16,193,275
Modine
Manufacturing
Co.
(a)
...........
165,286
7,561,834
Patrick
Industries,
Inc.
...............
169,630
12,732,428
Solid
Power,
Inc.,
Class
A
(a)(b)
...........
1,370,784
2,768,984
Standard
Motor
Products,
Inc.
..........
188,007
6,320,795
Stoneridge,
Inc.
(a)(b)
..................
194,533
3,904,277
141,920,363
Automobiles
—
0.2%
Winnebago
Industries,
Inc.
............
261,888
15,569,242
Workhorse
Group,
Inc.
(a)(b)
.............
1,613,364
668,578
16,237,820
Banks
—
15.6%
1st
Source
Corp.
...................
148,231
6,239,043
ACNB
Corp.
......................
74,883
2,367,052
Amalgamated
Financial
Corp.
..........
166,072
2,859,760
Amerant
Bancorp,
Inc.,
Class
A
.........
236,278
4,120,688
American
National
Bankshares,
Inc.
......
92,561
3,511,764
Ameris
Bancorp
....................
596,611
22,903,896
Ames
National
Corp.
................
70,763
1,173,958
Arrow
Financial
Corp.
................
137,837
2,345,986
Associated
Banc-Corp.
...............
1,361,312
23,292,048
Atlantic
Union
Bankshares
Corp.
........
677,523
19,499,112
Axos
Financial,
Inc.
(a)(b)
...............
450,192
17,044,269
Banc
of
California,
Inc.
...............
503,262
6,230,384
BancFirst
Corp.
....................
169,307
14,683,996
Bank
First
Corp.
...................
82,999
6,403,373
Bank
of
Hawaii
Corp.
................
341,289
16,958,650
Bank
of
Marin
Bancorp
...............
140,418
2,566,841
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
....
419,634
11,363,689
Bank7
Corp.
......................
22,786
512,913
BankUnited,
Inc.
...................
671,904
15,252,221
Bankwell
Financial
Group,
Inc.
..........
59,773
1,450,691
Security
Shares
Shares
Value
Banks
(continued)
Banner
Corp.
.....................
311,636
$
13,207,134
Bar
Harbor
Bankshares
..............
129,782
3,066,749
BayCom
Corp.
....................
99,058
1,902,904
BCB
Bancorp,
Inc.
..................
141,493
1,576,232
Berkshire
Hills
Bancorp,
Inc.
...........
397,609
7,972,060
Blue
Foundry
Bancorp
(a)(b)
.............
211,500
1,770,255
Blue
Ridge
Bankshares,
Inc.
...........
159,150
719,358
Bridgewater
Bancshares,
Inc.
(a)
.........
203,048
1,924,895
Brookline
Bancorp,
Inc.
...............
791,024
7,206,229
Burke
&
Herbert
Financial
Services
Corp.
(b)
.
52,621
2,445,035
Business
First
Bancshares,
Inc.
.........
216,880
4,068,669
Byline
Bancorp,
Inc.
.................
226,197
4,458,343
C&F
Financial
Corp.
.................
27,641
1,481,558
Cadence
Bank
....................
1,592,456
33,791,916
Cambridge
Bancorp
.................
67,757
4,220,584
Camden
National
Corp.
..............
128,674
3,631,180
Capital
Bancorp,
Inc.
................
86,287
1,650,670
Capital
City
Bank
Group,
Inc.
...........
78,990
2,356,272
Capitol
Federal
Financial,
Inc.
..........
1,148,975
5,480,611
Capstar
Financial
Holdings,
Inc.
.........
179,783
2,551,121
Carter
Bankshares,
Inc.
(a)(b)
............
210,263
2,634,595
Cathay
General
Bancorp
..............
631,024
21,934,394
Central
Pacific
Financial
Corp.
..........
249,654
4,164,229
Central
Valley
Community
Bancorp
.......
88,738
1,252,093
Chemung
Financial
Corp.
.............
30,736
1,217,453
ChoiceOne
Financial
Services,
Inc.
.......
54,323
1,066,904
Citizens
&
Northern
Corp.
.............
134,667
2,363,406
Citizens
Financial
Services,
Inc.
.........
28,408
1,361,311
City
Holding
Co.
...................
122,640
11,080,524
Civista
Bancshares,
Inc.
..............
142,086
2,202,333
CNB
Financial
Corp.
.................
188,093
3,406,364
Codorus
Valley
Bancorp,
Inc.
...........
75,119
1,400,218
Colony
Bankcorp,
Inc.
...............
159,993
1,599,130
Columbia
Financial,
Inc.
(a)(b)
............
156,148
2,453,085
Community
Bank
System,
Inc.
..........
479,085
20,222,178
Community
Trust
Bancorp,
Inc.
.........
140,629
4,817,950
ConnectOne
Bancorp,
Inc.
............
334,043
5,955,987
CrossFirst
Bankshares,
Inc.
(a)(b)
.........
403,266
4,068,954
Customers
Bancorp,
Inc.
(a)(b)
...........
258,558
8,907,323
CVB
Financial
Corp.
.................
1,198,975
19,867,016
Dime
Community
Bancshares,
Inc.
.......
314,155
6,270,534
Eagle
Bancorp,
Inc.
.................
267,215
5,731,762
Eastern
Bankshares,
Inc.
.............
1,394,082
17,481,788
Enterprise
Bancorp,
Inc.
..............
84,468
2,312,734
Enterprise
Financial
Services
Corp.
......
327,925
12,297,187
Equity
Bancshares,
Inc.,
Class
A
........
137,302
3,304,859
Esquire
Financial
Holdings,
Inc.
.........
5,564
254,219
ESSA
Bancorp,
Inc.
.................
73,337
1,100,788
Evans
Bancorp,
Inc.
.................
48,189
1,291,465
Farmers
&
Merchants
Bancorp,
Inc.
......
115,504
2,024,785
Farmers
National
Banc
Corp.
...........
327,515
3,786,073
FB
Financial
Corp.
..................
323,898
9,185,747
Fidelity
D&D
Bancorp,
Inc.
(b)
...........
39,637
1,799,520
Financial
Institutions,
Inc.
.............
143,324
2,412,143
First
Bancorp
.....................
1,820,528
29,782,794
First
Bancorp,
Inc.
(The)
..............
87,343
2,052,560
First
Bancshares,
Inc.
(The)
............
273,183
7,367,746
First
Bank
........................
193,716
2,088,258
First
Busey
Corp.
...................
467,367
8,982,794
First
Business
Financial
Services,
Inc.
.....
70,252
2,108,263
First
Commonwealth
Financial
Corp.
......
921,979
11,257,364
First
Community
Bankshares,
Inc.
.......
156,092
4,596,909
First
Community
Corp.
...............
59,346
1,024,905
First
Financial
Bancorp
...............
848,999
16,640,380
First
Financial
Corp.
.................
105,718
3,574,326
2023
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
First
Foundation,
Inc.
................
457,981
$
2,784,524
First
Interstate
BancSystem,
Inc.,
Class
A
..
743,613
18,545,708
First
Merchants
Corp.
................
536,999
14,939,312
First
Mid
Bancshares,
Inc.
.............
173,556
4,609,647
First
of
Long
Island
Corp.
(The)
.........
194,436
2,237,958
First
Western
Financial,
Inc.
(a)(b)
.........
77,314
1,403,249
Five
Star
Bancorp
..................
69,147
1,387,089
Flushing
Financial
Corp.
..............
254,051
3,335,690
FS
Bancorp,
Inc.
...................
44,543
1,314,019
Fulton
Financial
Corp.
................
1,470,628
17,809,305
FVCBankcorp,
Inc.
(a)(b)
...............
144,435
1,850,212
German
American
Bancorp,
Inc.
.........
253,769
6,874,602
Glacier
Bancorp,
Inc.
(b)
...............
1,002,273
28,564,780
Great
Southern
Bancorp,
Inc.
...........
80,376
3,851,618
Greene
County
Bancorp,
Inc.
...........
28,231
678,956
Guaranty
Bancshares,
Inc.
............
77,572
2,225,541
Hancock
Whitney
Corp.
..............
778,727
28,805,112
Hanmi
Financial
Corp.
...............
284,727
4,621,119
HarborOne
Bancorp,
Inc.
.............
379,695
3,614,696
HBT
Financial,
Inc.
..................
115,437
2,105,571
Heartland
Financial
USA,
Inc.
..........
377,003
11,095,198
Heritage
Commerce
Corp.
.............
545,605
4,621,274
Heritage
Financial
Corp.
..............
309,956
5,055,382
Hilltop
Holdings,
Inc.
.................
419,681
11,902,153
Hingham
Institution
for
Savings
(The)
(b)
....
13,754
2,568,559
Home
Bancorp,
Inc.
.................
65,180
2,077,287
Home
BancShares,
Inc.
..............
1,711,158
35,831,649
HomeStreet,
Inc.
...................
160,990
1,254,112
HomeTrust
Bancshares,
Inc.
...........
112,159
2,430,486
Hope
Bancorp,
Inc.
.................
1,055,059
9,337,272
Horizon
Bancorp,
Inc.
................
392,937
4,196,567
Independent
Bank
Corp.
..............
581,012
22,909,205
Independent
Bank
Group,
Inc.
..........
322,844
12,768,480
International
Bancshares
Corp.
.........
481,382
20,863,096
John
Marshall
Bancorp,
Inc.
...........
106,454
1,900,204
Kearny
Financial
Corp.
...............
516,064
3,576,324
Lakeland
Bancorp,
Inc.
...............
563,623
7,112,922
Lakeland
Financial
Corp.
..............
208,922
9,915,438
LCNB
Corp.
......................
87,702
1,251,508
Live
Oak
Bancshares,
Inc.
(b)
............
302,090
8,745,506
Luther
Burbank
Corp.
................
120,176
1,009,478
Macatawa
Bank
Corp.
...............
230,074
2,061,463
MainStreet
Bancshares,
Inc.
...........
52,508
1,078,514
Mercantile
Bank
Corp.
...............
141,770
4,382,111
Metrocity
Bankshares,
Inc.
............
157,981
3,109,066
Metropolitan
Bank
Holding
Corp.
(a)(b)
......
85,546
3,103,609
Mid
Penn
Bancorp,
Inc.
...............
128,157
2,579,800
Middlefield
Banc
Corp.
(b)
..............
66,428
1,687,935
Midland
States
Bancorp,
Inc.
...........
188,885
3,879,698
MidWestOne
Financial
Group,
Inc.
.......
134,443
2,733,226
MVB
Financial
Corp.
................
97,371
2,198,637
National
Bank
Holdings
Corp.,
Class
A
....
319,384
9,504,868
National
Bankshares,
Inc.
.............
46,543
1,165,437
NBT
Bancorp,
Inc.
..................
376,233
11,922,824
Nicolet
Bankshares,
Inc.
(b)
.............
115,625
8,068,313
Northeast
Bank
....................
59,770
2,635,857
Northeast
Community
Bancorp,
Inc.
......
112,566
1,661,474
Northfield
Bancorp,
Inc.
..............
376,041
3,553,587
Northrim
BanCorp,
Inc.
...............
48,866
1,936,071
Northwest
Bancshares,
Inc.
............
1,150,015
11,764,653
Norwood
Financial
Corp.
..............
60,840
1,567,238
Oak
Valley
Bancorp
(b)
................
56,661
1,421,058
OceanFirst
Financial
Corp.
............
521,843
7,551,068
OFG
Bancorp
.....................
420,484
12,555,652
Old
National
Bancorp
................
2,627,052
38,197,336
Security
Shares
Shares
Value
Banks
(continued)
Old
Second
Bancorp,
Inc.
.............
392,537
$
5,342,429
Orange
County
Bancorp,
Inc.
...........
45,306
1,955,860
Origin
Bancorp,
Inc.
.................
266,617
7,697,233
Orrstown
Financial
Services,
Inc.
........
94,528
1,986,033
Pacific
Premier
Bancorp,
Inc.
...........
859,509
18,702,916
PacWest
Bancorp
..................
1,060,131
8,385,636
Park
National
Corp.
.................
128,864
12,180,225
Parke
Bancorp,
Inc.
.................
89,688
1,461,018
Pathward
Financial,
Inc.
..............
160,821
7,412,240
PCB
Bancorp
.....................
102,832
1,588,754
Peapack-Gladstone
Financial
Corp.
(b)
.....
157,645
4,043,594
Penns
Woods
Bancorp,
Inc.
............
57,352
1,208,980
Peoples
Bancorp,
Inc.
...............
302,410
7,675,166
Peoples
Financial
Services
Corp.
........
63,309
2,538,691
Pioneer
Bancorp,
Inc.
(a)(b)
..............
116,664
996,311
Plumas
Bancorp
...................
40,094
1,368,809
Ponce
Financial
Group,
Inc.
(a)(b)
.........
170,347
1,332,114
Preferred
Bank
....................
97,374
6,061,532
Premier
Financial
Corp.
..............
319,629
5,452,871
Primis
Financial
Corp.
................
193,440
1,576,536
Princeton
Bancorp,
Inc.
...............
42,020
1,218,160
Provident
Financial
Services,
Inc.
........
667,272
10,202,589
QCR
Holdings,
Inc.
.................
149,246
7,241,416
RBB
Bancorp
.....................
152,378
1,947,391
Red
River
Bancshares,
Inc.
............
42,368
1,947,233
Renasant
Corp.
....................
498,131
13,046,051
Republic
Bancorp,
Inc.,
Class
A
.........
77,400
3,409,470
S&T
Bancorp,
Inc.
..................
350,675
9,496,279
Sandy
Spring
Bancorp,
Inc.
............
397,753
8,523,847
Seacoast
Banking
Corp.
of
Florida
.......
760,449
16,699,460
ServisFirst
Bancshares,
Inc.
...........
302,394
15,775,895
Shore
Bancshares,
Inc.
...............
264,025
2,777,543
Sierra
Bancorp
....................
126,012
2,389,188
Simmons
First
National
Corp.,
Class
A
....
1,144,144
19,404,682
SmartFinancial,
Inc.
.................
133,010
2,842,424
South
Plains
Financial,
Inc.
............
103,364
2,732,944
Southern
First
Bancshares,
Inc.
(a)(b)
.......
73,169
1,971,173
Southern
Missouri
Bancorp,
Inc.
.........
77,513
2,998,978
Southern
States
Bancshares,
Inc.
........
57,569
1,300,484
Southside
Bancshares,
Inc.
............
263,666
7,567,214
SouthState
Corp.
...................
683,398
46,033,689
Stellar
Bancorp,
Inc.
.................
415,167
8,851,360
Sterling
Bancorp,
Inc.
(a)(b)
..............
180,593
1,054,663
Stock
Yards
Bancorp,
Inc.
.............
32,209
1,265,492
Summit
Financial
Group,
Inc.
...........
101,031
2,277,239
Texas
Capital
Bancshares,
Inc.
(a)
........
430,517
25,357,451
Third
Coast
Bancshares,
Inc.
(a)
..........
105,675
1,807,042
Timberland
Bancorp,
Inc.
.............
63,623
1,724,183
Tompkins
Financial
Corp.
.............
125,534
6,149,911
Towne
Bank
......................
630,968
14,468,096
TriCo
Bancshares
..................
279,996
8,968,272
Triumph
Financial,
Inc.
(a)(b)
.............
198,978
12,891,785
TrustCo
Bank
Corp.
.................
170,738
4,659,440
Trustmark
Corp.
...................
549,657
11,944,047
UMB
Financial
Corp.
................
398,545
24,729,717
United
Bankshares,
Inc.
..............
1,173,564
32,378,631
United
Community
Banks,
Inc.
..........
1,042,729
26,495,744
Unity
Bancorp,
Inc.
..................
63,651
1,491,343
Univest
Financial
Corp.
...............
261,568
4,546,052
USCB
Financial
Holdings,
Inc.,
Class
A
(a)
...
97,065
1,020,153
Valley
National
Bancorp
..............
3,877,551
33,191,837
Veritex
Holdings,
Inc.
................
429,245
7,704,948
Virginia
National
Bankshares
Corp.
(b)
......
39,220
1,190,327
Washington
Federal,
Inc.
..............
592,483
15,179,414
Washington
Trust
Bancorp,
Inc.
.........
152,069
4,003,977
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
WesBanco,
Inc.
....................
522,095
$
12,749,560
West
Bancorp,
Inc.
..................
141,605
2,309,578
Westamerica
Bancorp
...............
163,230
7,059,697
WSFS
Financial
Corp.
...............
552,257
20,157,380
1,613,388,159
Beverages
—
0.2%
Duckhorn
Portfolio,
Inc.
(The)
(a)(b)
........
317,866
3,261,305
Primo
Water
Corp.
..................
1,208,758
16,680,860
Zevia
PBC,
Class
A
(a)(b)
...............
90,744
201,452
20,143,617
Biotechnology
—
4.2%
2seventy
bio,
Inc.
(a)(b)
................
449,166
1,760,731
4D
Molecular
Therapeutics,
Inc.
(a)(b)
.......
322,021
4,099,327
Aadi
Bioscience,
Inc.
(a)
...............
140,401
679,541
ACELYRIN,
Inc.
(a)(b)
.................
160,831
1,635,651
Acrivon
Therapeutics,
Inc.
(a)(b)
...........
76,816
734,361
Adicet
Bio,
Inc.
(a)(b)
..................
282,889
387,558
ADMA
Biologics,
Inc.
(a)(b)
..............
882,312
3,158,677
Agenus,
Inc.
(a)(b)
....................
2,694,640
3,044,943
Agios
Pharmaceuticals,
Inc.
(a)(b)
.........
497,969
12,324,733
Allakos,
Inc.
(a)(b)
....................
578,736
1,313,731
Allogene
Therapeutics,
Inc.
(a)(b)
..........
762,062
2,415,737
Allovir,
Inc.
(a)(b)
.....................
457,896
984,476
Alpine
Immune
Sciences,
Inc.
(a)(b)
........
127,532
1,460,241
Altimmune,
Inc.
(a)(b)
..................
441,945
1,149,057
ALX
Oncology
Holdings,
Inc.
(a)(b)
.........
207,968
998,246
AnaptysBio,
Inc.
(a)(b)
.................
30,381
545,643
Anika
Therapeutics,
Inc.
(a)(b)
............
131,911
2,457,502
Annexon,
Inc.
(a)(b)
...................
429,745
1,014,198
Apogee
Therapeutics,
Inc.
(a)(b)
..........
94,285
2,008,271
Arbutus
Biopharma
Corp.
(a)(b)
...........
384,944
781,436
Arcturus
Therapeutics
Holdings,
Inc.
(a)(b)
....
191,379
4,889,733
Arcus
Biosciences,
Inc.
(a)(b)
............
331,126
5,943,712
Ardelyx,
Inc.
(a)(b)
....................
636,891
2,598,515
ARS
Pharmaceuticals,
Inc.
(a)(b)
..........
170,394
644,089
Astria
Therapeutics,
Inc.
(a)(b)
............
32,757
244,367
Atara
Biotherapeutics,
Inc.
(a)
...........
748,604
1,107,934
Aura
Biosciences,
Inc.
(a)(b)
.............
250,835
2,249,990
Avidity
Biosciences,
Inc.
(a)(b)
............
632,712
4,036,703
Beam
Therapeutics,
Inc.
(a)(b)
............
62,687
1,507,622
BioAtla,
Inc.
(a)
.....................
396,608
674,234
BioCryst
Pharmaceuticals,
Inc.
(a)(b)
.......
414,959
2,937,910
Biohaven
Ltd.
(a)
....................
519,226
13,505,068
Bluebird
Bio,
Inc.
(a)(b)
.................
975,741
2,966,253
Bridgebio
Pharma,
Inc.
(a)(b)
.............
309,184
8,153,182
Cabaletta
Bio,
Inc.
(a)(b)
................
34,128
519,428
CareDx,
Inc.
(a)
.....................
468,504
3,279,528
Caribou
Biosciences,
Inc.
(a)(b)
...........
671,134
3,208,021
Carisma
Therapeutics,
Inc.
(b)
...........
236,144
998,889
Celcuity,
Inc.
(a)(b)
....................
156,980
1,434,797
Celldex
Therapeutics,
Inc.
(a)(b)
...........
308,534
8,490,856
Century
Therapeutics,
Inc.
(a)
...........
219,918
439,836
Cogent
Biosciences,
Inc.
(a)(b)
...........
334,084
3,257,319
Coherus
Biosciences,
Inc.
(a)(b)
...........
165,499
618,966
Compass
Therapeutics,
Inc.
(a)(b)
.........
699,927
1,378,856
Crinetics
Pharmaceuticals,
Inc.
(a)
........
482,348
14,345,030
Cullinan
Oncology,
Inc.
(a)
..............
211,523
1,914,283
Cytokinetics,
Inc.
(a)(b)
.................
63,562
1,872,537
Day
One
Biopharmaceuticals,
Inc.
(a)(b)
.....
45,060
552,886
Deciphera
Pharmaceuticals,
Inc.
(a)(b)
......
310,208
3,945,846
Design
Therapeutics,
Inc.
(a)(b)
...........
296,089
698,770
Disc
Medicine,
Inc.
(a)(b)
...............
3,980
186,980
Dynavax
Technologies
Corp.
(a)(b)
.........
189,985
2,806,078
Security
Shares
Shares
Value
Biotechnology
(continued)
Dyne
Therapeutics,
Inc.
(a)(b)
............
266,557
$
2,388,351
Eagle
Pharmaceuticals,
Inc.
(a)(b)
.........
92,766
1,462,920
Editas
Medicine,
Inc.
(a)(b)
..............
739,314
5,766,649
Emergent
BioSolutions,
Inc.
(a)(b)
.........
460,736
1,566,502
Enanta
Pharmaceuticals,
Inc.
(a)
.........
157,619
1,760,604
Entrada
Therapeutics,
Inc.
(a)(b)
..........
187,354
2,960,193
EQRx,
Inc.
(a)(b)
.....................
2,851,565
6,330,474
Erasca,
Inc.
(a)(b)
....................
742,627
1,462,975
Fate
Therapeutics,
Inc.
(a)(b)
.............
770,542
1,633,549
Fennec
Pharmaceuticals,
Inc.
(a)(b)
........
120,859
907,651
FibroGen,
Inc.
(a)(b)
...................
808,282
697,467
Genelux
Corp.
(a)(b)
..................
121,984
2,987,388
Generation
Bio
Co.
(a)(b)
...............
412,377
1,562,909
Geron
Corp.
(a)(b)
....................
1,107,400
2,347,688
Graphite
Bio,
Inc.
(a)
..................
230,808
572,404
Gritstone
bio,
Inc.
(a)(b)
................
797,308
1,371,370
HilleVax,
Inc.
(a)(b)
...................
150,047
2,018,132
Humacyte,
Inc.
(a)(b)
..................
59,718
174,974
Icosavax,
Inc.
(a)
....................
253,415
1,963,966
Ideaya
Biosciences,
Inc.
(a)(b)
............
171,631
4,630,604
IGM
Biosciences,
Inc.
(a)(b)
.............
109,304
912,688
Immuneering
Corp.,
Class
A
(a)(b)
.........
43,723
335,793
ImmunityBio,
Inc.
(a)(b)
.................
133,439
225,512
ImmunoGen,
Inc.
(a)(b)
.................
896,313
14,224,487
Inhibrx,
Inc.
(a)(b)
....................
104,111
1,910,437
Inozyme
Pharma,
Inc.
(a)
..............
313,371
1,316,158
Intellia
Therapeutics,
Inc.
(a)(b)
...........
678,846
21,465,111
Iovance
Biotherapeutics,
Inc.
(a)(b)
.........
2,057,836
9,363,154
Ironwood
Pharmaceuticals,
Inc.,
Class
A
(a)
..
734,333
7,071,627
iTeos
Therapeutics,
Inc.
(a)
.............
224,364
2,456,786
Janux
Therapeutics,
Inc.
(a)(b)
............
144,063
1,452,155
KalVista
Pharmaceuticals,
Inc.
(a)(b)
........
214,066
2,061,456
Kezar
Life
Sciences,
Inc.
(a)(b)
...........
638,257
759,526
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
(a)(b)
...
281,155
4,883,662
Kodiak
Sciences,
Inc.
(a)(b)
..............
299,720
539,496
Kura
Oncology,
Inc.
(a)(b)
...............
631,979
5,763,649
Larimar
Therapeutics,
Inc.
(a)
............
234,697
927,053
Lexicon
Pharmaceuticals,
Inc.
(a)(b)
........
497,451
542,222
Lyell
Immunopharma,
Inc.
(a)(b)
...........
1,571,511
2,310,121
MacroGenics,
Inc.
(a)(b)
................
382,774
1,783,727
MannKind
Corp.
(a)(b)
.................
431,331
1,781,397
MeiraGTx
Holdings
plc
(a)
..............
68,917
338,382
Mersana
Therapeutics,
Inc.
(a)
...........
341,843
434,141
MiMedx
Group,
Inc.
(a)
................
1,021,206
7,444,592
Mineralys
Therapeutics,
Inc.
(a)(b)
.........
91,916
874,121
Monte
Rosa
Therapeutics,
Inc.
(a)(b)
.......
273,900
1,311,981
Morphic
Holding,
Inc.
(a)
...............
35,854
821,415
Myriad
Genetics,
Inc.
(a)(b)
..............
725,361
11,634,790
Nkarta,
Inc.
(a)(b)
....................
306,454
425,971
Novavax,
Inc.
(a)(b)
...................
146,973
1,064,085
Nurix
Therapeutics,
Inc.
(a)(b)
............
435,691
3,424,531
Ocean
Biomedical,
Inc.
(a)(b)
.............
82,026
319,901
Olema
Pharmaceuticals,
Inc.
(a)(b)
.........
240,663
2,972,188
Organogenesis
Holdings,
Inc.,
Class
A
(a)(b)
..
561,083
1,784,244
ORIC
Pharmaceuticals,
Inc.
(a)(b)
.........
348,560
2,108,788
Ovid
therapeutics,
Inc.
(a)(b)
.............
492,212
1,890,094
PepGen,
Inc.
(a)(b)
...................
67,587
343,342
PMV
Pharmaceuticals,
Inc.
(a)(b)
..........
353,039
2,167,659
Point
Biopharma
Global,
Inc.
(a)(b)
.........
812,437
5,418,955
Poseida
Therapeutics,
Inc.
(a)(b)
..........
597,935
1,423,085
Precigen,
Inc.
(a)(b)
...................
1,248,977
1,773,547
Prelude
Therapeutics,
Inc.
(a)
............
79,270
244,944
ProKidney
Corp.,
Class
A
(a)(b)
...........
302,529
1,385,583
Protagonist
Therapeutics,
Inc.
(a)(b)
........
190,688
3,180,676
Protalix
BioTherapeutics,
Inc.
(a)(b)
........
585,461
971,865
2023
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
PTC
Therapeutics,
Inc.
(a)
..............
121,100
$
2,713,851
Rallybio
Corp.
(a)(b)
...................
266,654
898,624
RAPT
Therapeutics,
Inc.
(a)(b)
............
65,980
1,096,588
Recursion
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
1,218,899
9,324,577
REGENXBIO,
Inc.
(a)(b)
................
365,263
6,012,229
Relay
Therapeutics,
Inc.
(a)(b)
............
811,134
6,821,637
Reneo
Pharmaceuticals,
Inc.
(a)(b)
.........
18,851
143,550
Replimune
Group,
Inc.
(a)(b)
.............
372,851
6,379,481
Rigel
Pharmaceuticals,
Inc.
(a)
...........
257,707
278,324
Rocket
Pharmaceuticals,
Inc.
(a)(b)
........
59,809
1,225,486
Sage
Therapeutics,
Inc.
(a)(b)
............
29,048
597,808
Sagimet
Biosciences,
Inc.,
Class
A
(a)(b)
.....
24,628
216,726
Sana
Biotechnology,
Inc.
(a)(b)
...........
768,594
2,974,459
Sangamo
Therapeutics,
Inc.
(a)(b)
.........
1,312,130
787,016
Savara,
Inc.
(a)
.....................
754,095
2,850,479
Scholar
Rock
Holding
Corp.
(a)(b)
.........
386,106
2,741,353
Selecta
Biosciences,
Inc.
(a)(b)
...........
771,316
817,595
Seres
Therapeutics,
Inc.
(a)
.............
292,307
695,691
Stoke
Therapeutics,
Inc.
(a)(b)
............
246,053
969,449
Sutro
Biopharma,
Inc.
(a)
...............
542,392
1,882,100
Syndax
Pharmaceuticals,
Inc.
(a)(b)
........
97,849
1,420,768
Tango
Therapeutics,
Inc.
(a)
.............
404,039
4,549,479
Tenaya
Therapeutics,
Inc.
(a)(b)
...........
400,501
1,021,278
Travere
Therapeutics,
Inc.
(a)
............
42,710
381,827
Turnstone
Biologics
Corp.
(a)
............
27,346
107,743
Twist
Bioscience
Corp.
(a)(b)
.............
511,966
10,372,431
Tyra
Biosciences,
Inc.
(a)(b)
.............
80,504
1,108,540
UroGen
Pharma
Ltd.
(a)
...............
26,240
367,622
Vanda
Pharmaceuticals,
Inc.
(a)
..........
509,232
2,199,882
Vera
Therapeutics,
Inc.,
Class
A
(a)(b)
.......
158,713
2,175,955
Veracyte,
Inc.
(a)(b)
...................
651,981
14,558,736
Verve
Therapeutics,
Inc.
(a)(b)
............
454,442
6,025,901
Vigil
Neuroscience,
Inc.
(a)(b)
............
133,907
721,759
Vir
Biotechnology,
Inc.
(a)
..............
711,741
6,669,013
Viridian
Therapeutics,
Inc.
(a)(b)
...........
79,549
1,220,282
Vor
BioPharma,
Inc.
(a)(b)
...............
318,996
676,272
X4
Pharmaceuticals,
Inc.
(a)(b)
...........
525,119
572,380
Xencor,
Inc.
(a)(b)
....................
237,336
4,782,320
XOMA
Corp.
(a)(b)
....................
65,749
926,403
Y-mAbs
Therapeutics,
Inc.
(a)(b)
..........
171,720
935,874
Zura
Bio
Ltd.,
Class
A
(a)(b)
.............
104,337
688,624
Zymeworks,
Inc.
(a)(b)
.................
482,073
3,056,343
438,740,600
Broadline
Retail
—
0.0%
Big
Lots,
Inc.
(b)
.....................
254,549
1,300,745
ContextLogic,
Inc.,
Class
A
(a)(b)
..........
199,364
879,195
Savers
Value
Village,
Inc.
(a)
............
112,517
2,100,693
4,280,633
Building
Products
—
1.7%
American
Woodmark
Corp.
(a)
...........
137,482
10,395,014
Apogee
Enterprises,
Inc.
..............
120,754
5,685,098
AZZ,
Inc.
........................
224,019
10,210,786
Gibraltar
Industries,
Inc.
(a)(b)
............
120,510
8,135,630
Griffon
Corp.
......................
156,730
6,217,479
Insteel
Industries,
Inc.
................
168,984
5,485,221
JELD-WEN
Holding,
Inc.
(a)
.............
767,181
10,249,538
Masterbrand,
Inc.
(a)
.................
1,157,783
14,067,063
Quanex
Building
Products
Corp.
.........
296,905
8,363,814
Resideo
Technologies,
Inc.
(a)
...........
1,310,749
20,709,834
UFP
Industries,
Inc.
.................
456,012
46,695,629
Zurn
Elkay
Water
Solutions
Corp.
........
1,063,223
29,791,509
176,006,615
Security
Shares
Shares
Value
Capital
Markets
—
0.8%
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
152,727
$
5,715,044
Avantax,
Inc.
(a)
.....................
36,138
924,410
Bakkt
Holdings,
Inc.,
Class
A
(a)(b)
.........
648,867
759,174
BGC
Group,
Inc.,
Class
A
(b)
............
1,477,546
7,801,443
Brightsphere
Investment
Group,
Inc.
......
178,301
3,457,256
Donnelley
Financial
Solutions,
Inc.
(a)(b)
.....
63,342
3,564,888
Forge
Global
Holdings,
Inc.
(a)(b)
..........
1,015,856
2,062,188
GCM
Grosvenor,
Inc.,
Class
A
..........
38,200
296,432
Hamilton
Lane,
Inc.,
Class
A
...........
134,648
12,177,565
MarketWise,
Inc.,
Class
A
.............
311,809
498,895
Moelis
&
Co.,
Class
A
................
248,301
11,205,824
NexPoint
Strategic
Cash
Accrual
(a)(c)
......
299,955
35,995
Open
Lending
Corp.,
Class
A
(a)(b)
........
73,014
534,463
Piper
Sandler
Cos.
..................
27,607
4,011,573
Sculptor
Capital
Management,
Inc.,
Class
A
.
83,209
965,224
StoneX
Group,
Inc.
(a)
................
143,295
13,888,151
Victory
Capital
Holdings,
Inc.,
Class
A
.....
23,476
782,690
Virtus
Investment
Partners,
Inc.
.........
54,678
11,044,409
79,725,624
Chemicals
—
1.4%
AdvanSix,
Inc.
.....................
234,909
7,300,972
American
Vanguard
Corp.
.............
194,436
2,125,185
Aspen
Aerogels,
Inc.
(a)(b)
..............
463,441
3,985,593
Avient
Corp.
......................
808,941
28,571,796
Chase
Corp.
......................
8,995
1,144,434
Core
Molding
Technologies,
Inc.
(a)
........
62,457
1,779,400
Danimer
Scientific,
Inc.,
Class
A
(a)(b)
.......
799,929
1,655,853
Ecovyst,
Inc.
(a)(b)
....................
666,935
6,562,640
FutureFuel
Corp.
...................
222,269
1,593,669
HB
Fuller
Co.
.....................
52,371
3,593,174
Innospec,
Inc.
.....................
26,381
2,696,138
Intrepid
Potash,
Inc.
(a)(b)
...............
95,934
2,413,699
Koppers
Holdings,
Inc.
...............
181,574
7,181,252
Kronos
Worldwide,
Inc.
...............
208,583
1,616,518
LSB
Industries,
Inc.
(a)(b)
...............
493,403
5,047,513
Mativ
Holdings,
Inc.
.................
486,248
6,933,897
Minerals
Technologies,
Inc.
............
291,961
15,987,784
Origin
Materials,
Inc.,
Class
A
(a)(b)
........
1,052,892
1,347,702
Perimeter
Solutions
SA
(a)(b)
............
1,397,717
6,345,635
PureCycle
Technologies,
Inc.
(a)(b)
.........
814,495
4,569,317
Rayonier
Advanced
Materials,
Inc.
(a)
......
564,693
1,999,013
Stepan
Co.
.......................
167,935
12,590,087
Trinseo
plc
.......................
311,983
2,548,901
Tronox
Holdings
plc
.................
1,055,074
14,180,195
Valhi,
Inc.
........................
30,496
404,377
144,174,744
Commercial
Services
&
Supplies
—
1.8%
ABM
Industries,
Inc.
.................
593,993
23,765,660
ACCO
Brands
Corp.
.................
824,145
4,730,592
Aris
Water
Solutions,
Inc.,
Class
A
.......
240,917
2,404,352
BrightView
Holdings,
Inc.
(a)
............
362,957
2,812,917
CECO
Environmental
Corp.
(a)(b)
.........
270,069
4,313,002
Cimpress
plc
(a)(b)
...................
68,769
4,814,518
CompX
International,
Inc.
.............
14,417
268,012
CoreCivic,
Inc.
(a)
...................
1,020,904
11,485,170
Deluxe
Corp.
......................
392,221
7,409,055
Ennis,
Inc.
.......................
229,480
4,869,566
Enviri
Corp.
(a)(b)
....................
710,987
5,133,326
GEO
Group,
Inc.
(The)
(a)
..............
1,082,094
8,851,529
Healthcare
Services
Group,
Inc.
.........
39,161
408,449
Heritage-Crystal
Clean,
Inc.
(a)
...........
132,699
6,017,900
HNI
Corp.
........................
375,578
13,006,266
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
Interface,
Inc.
.....................
518,738
$
5,088,820
Li-Cycle
Holdings
Corp.
(a)(b)
............
1,249,314
4,435,065
Liquidity
Services,
Inc.
(a)
..............
82,635
1,456,029
Matthews
International
Corp.,
Class
A
.....
196,460
7,644,258
MillerKnoll,
Inc.
....................
682,025
16,675,511
NL
Industries,
Inc.
..................
74,555
354,136
OPENLANE,
Inc.
(a)(b)
.................
967,910
14,441,217
Performant
Financial
Corp.
(a)
...........
161,361
364,676
Quad/Graphics,
Inc.,
Class
A
(a)(b)
.........
282,141
1,419,169
Steelcase,
Inc.,
Class
A
..............
834,302
9,319,153
UniFirst
Corp.
.....................
134,593
21,940,005
VSE
Corp.
.......................
114,266
5,763,577
189,191,930
Communications
Equipment
—
0.4%
ADTRAN
Holdings,
Inc.
..............
702,202
5,779,122
Aviat
Networks,
Inc.
(a)
................
100,978
3,150,514
Comtech
Telecommunications
Corp.
......
249,614
2,184,123
Digi
International,
Inc.
(a)
...............
34,211
923,697
DZS,
Inc.
(a)
.......................
192,762
404,800
KVH
Industries,
Inc.
(a)(b)
...............
168,014
856,871
NETGEAR,
Inc.
(a)
...................
261,263
3,289,301
NetScout
Systems,
Inc.
(a)
.............
615,193
17,237,708
Ribbon
Communications,
Inc.
(a)(b)
........
776,941
2,082,202
Viavi
Solutions,
Inc.
(a)
................
351,494
3,212,655
39,120,993
Construction
&
Engineering
—
1.0%
API
Group
Corp.
(a)(b)
.................
615,952
15,971,635
Arcosa,
Inc.
......................
434,876
31,267,584
Argan,
Inc.
.......................
111,455
5,073,432
Concrete
Pumping
Holdings,
Inc.
(a)(b)
......
89,229
765,585
Eneti,
Inc.
........................
226,726
2,285,398
Fluor
Corp.
(a)
......................
87,693
3,218,333
Granite
Construction,
Inc.
.............
341,860
12,997,517
Great
Lakes
Dredge
&
Dock
Corp.
(a)(b)
.....
589,325
4,696,920
INNOVATE
Corp.
(a)(b)
.................
371,511
601,848
Limbach
Holdings,
Inc.
(a)(b)
.............
66,572
2,112,330
Northwest
Pipe
Co.
(a)
................
85,554
2,581,164
Primoris
Services
Corp.
(b)
.............
446,061
14,599,576
Southland
Holdings,
Inc.
(a)(b)
............
20,625
125,194
Sterling
Infrastructure,
Inc.
(a)
...........
33,306
2,447,325
Tutor
Perini
Corp.
(a)
.................
384,813
3,013,086
101,756,927
Construction
Materials
—
0.6%
(a)
Knife
River
Corp.
...................
507,232
24,768,138
Summit
Materials,
Inc.,
Class
A
(b)
........
1,073,113
33,416,739
58,184,877
Consumer
Finance
—
1.0%
Atlanticus
Holdings
Corp.
(a)(b)
...........
40,210
1,218,765
Bread
Financial
Holdings,
Inc.
..........
403,728
13,807,497
Consumer
Portfolio
Services,
Inc.
(a)(b)
......
82,847
751,422
Encore
Capital
Group,
Inc.
(a)(b)
..........
209,252
9,993,875
Enova
International,
Inc.
(a)
.............
273,739
13,925,103
Green
Dot
Corp.,
Class
A
(a)
............
419,834
5,848,288
LendingClub
Corp.
(a)(b)
................
962,839
5,873,318
LendingTree,
Inc.
(a)
..................
71,196
1,103,538
Navient
Corp.
.....................
797,571
13,734,173
Nelnet,
Inc.,
Class
A
.................
130,030
11,614,280
OppFi,
Inc.,
Class
A
(a)(b)
...............
78,175
197,001
PRA
Group,
Inc.
(a)
..................
345,800
6,642,818
PROG
Holdings,
Inc.
(a)
...............
335,356
11,137,173
Regional
Management
Corp.
...........
64,209
1,777,305
Security
Shares
Shares
Value
Consumer
Finance
(continued)
World
Acceptance
Corp.
(a)(b)
............
34,019
$
4,322,454
101,947,010
Consumer
Staples
Distribution
&
Retail
—
0.6%
Andersons,
Inc.
(The)
................
289,516
14,912,969
HF
Foods
Group,
Inc.
(a)(b)
..............
364,579
1,447,379
Ingles
Markets,
Inc.,
Class
A
...........
125,480
9,452,409
Natural
Grocers
by
Vitamin
Cottage,
Inc.
...
82,842
1,069,490
PriceSmart,
Inc.
....................
68,256
5,080,294
SpartanNash
Co.
...................
312,182
6,868,004
United
Natural
Foods,
Inc.
(a)
............
524,086
7,410,576
Village
Super
Market,
Inc.,
Class
A
.......
75,230
1,703,207
Weis
Markets,
Inc.
..................
148,260
9,340,380
57,284,708
Containers
&
Packaging
—
0.3%
Greif,
Inc.,
Class
A,
NVS
..............
221,517
14,799,551
Greif,
Inc.,
Class
B
..................
43,727
2,910,469
O-I
Glass,
Inc.
(a)(b)
...................
207,860
3,477,498
Pactiv
Evergreen,
Inc.
...............
363,936
2,958,800
Ranpak
Holdings
Corp.,
Class
A
(a)(b)
......
387,074
2,105,682
TriMas
Corp.
......................
371,153
9,189,748
35,441,748
Distributors
—
0.0%
Weyco
Group,
Inc.
(b)
.................
50,523
1,280,758
Diversified
Consumer
Services
—
0.7%
2U,
Inc.
(a)(b)
.......................
692,885
1,711,426
Adtalem
Global
Education,
Inc.
(a)(b)
.......
389,667
16,697,231
Chegg,
Inc.
(a)
......................
142,196
1,268,388
European
Wax
Center,
Inc.,
Class
A
(a)
.....
19,461
315,268
Graham
Holdings
Co.,
Class
B
..........
32,029
18,672,907
Laureate
Education,
Inc.
..............
177,617
2,504,400
Lincoln
Educational
Services
Corp.
(a)(b)
.....
208,171
1,759,045
Perdoceo
Education
Corp.
.............
599,846
10,257,367
Strategic
Education,
Inc.
(b)
.............
202,667
15,250,692
Universal
Technical
Institute,
Inc.
(a)(b)
......
233,898
1,960,065
WW
International,
Inc.
(a)(b)
.............
485,528
5,374,795
75,771,584
Diversified
REITs
—
1.2%
Alexander
&
Baldwin,
Inc.
.............
668,552
11,184,875
Alpine
Income
Property
Trust,
Inc.
.......
141,351
2,312,502
American
Assets
Trust,
Inc.
............
434,736
8,455,615
Armada
Hoffler
Properties,
Inc.
.........
628,242
6,433,198
Broadstone
Net
Lease,
Inc.
............
1,688,037
24,138,929
CTO
Realty
Growth,
Inc.
..............
212,654
3,447,121
Empire
State
Realty
Trust,
Inc.,
Class
A
(b)
...
1,193,035
9,592,002
Essential
Properties
Realty
Trust,
Inc.
.....
1,245,913
26,949,098
Gladstone
Commercial
Corp.
...........
304,197
3,699,036
Global
Net
Lease,
Inc.
...............
1,760,094
16,914,503
NexPoint
Diversified
Real
Estate
Trust
(b)
...
277,865
2,420,204
One
Liberty
Properties,
Inc.
............
152,362
2,875,071
Star
Holdings
(a)
....................
121,095
1,516,110
119,938,264
Diversified
Telecommunication
Services
—
0.5%
Anterix,
Inc.
(a)(b)
....................
10,869
341,069
ATN
International,
Inc.
...............
97,438
3,075,143
Bandwidth,
Inc.,
Class
A
(a)(b)
............
162,519
1,831,589
Cogent
Communications
Holdings,
Inc.
....
143,237
8,866,370
Consolidated
Communications
Holdings,
Inc.
(a)
601,561
2,057,339
EchoStar
Corp.,
Class
A
(a)(b)
............
309,249
5,179,921
Globalstar,
Inc.
(a)(b)
..................
784,326
1,027,467
IDT
Corp.,
Class
B
(a)(b)
................
32,076
707,276
Liberty
Latin
America
Ltd.,
Class
A
(a)
......
302,294
2,466,719
2023
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Diversified
Telecommunication
Services
(continued)
Liberty
Latin
America
Ltd.,
Class
C,
NVS
(a)(b)
.
1,303,917
$
10,639,963
Lumen
Technologies,
Inc.
(a)
............
9,033,984
12,828,257
49,021,113
Electric
Utilities
—
1.1%
ALLETE,
Inc.
.....................
517,543
27,326,270
Genie
Energy
Ltd.,
Class
B
............
83,451
1,229,233
MGE
Energy,
Inc.
...................
160,706
11,009,968
Otter
Tail
Corp.
....................
173,806
13,195,352
PNM
Resources,
Inc.
................
684,691
30,544,066
Portland
General
Electric
Co.
...........
870,129
35,222,822
118,527,711
Electrical
Equipment
—
0.7%
Babcock
&
Wilcox
Enterprises,
Inc.
(a)
......
479,203
2,017,445
Blink
Charging
Co.
(a)(b)
................
235,550
720,783
Encore
Wire
Corp.
(b)
.................
143,453
26,174,434
Energy
Vault
Holdings,
Inc.
(a)(b)
..........
874,639
2,230,329
EnerSys
.........................
25,948
2,456,497
Eos
Energy
Enterprises,
Inc.,
Class
A
(a)(b)
...
76,165
163,755
ESS
Tech,
Inc.
(a)(b)
..................
872,000
1,639,360
FuelCell
Energy,
Inc.
(a)(b)
..............
3,625,506
4,640,648
GrafTech
International
Ltd.
............
763,426
2,923,921
LSI
Industries,
Inc.
..................
54,942
872,479
Powell
Industries,
Inc.
................
81,949
6,793,572
Preformed
Line
Products
Co.
...........
11,570
1,881,051
SES
AI
Corp.,
Class
A
(a)(b)
.............
1,014,225
2,302,291
Stem,
Inc.
(a)(b)
.....................
1,287,447
5,458,775
Thermon
Group
Holdings,
Inc.
(a)(b)
........
263,715
7,244,251
67,519,591
Electronic
Equipment,
Instruments
&
Components
—
2.2%
908
Devices,
Inc.
(a)(b)
.................
200,201
1,333,339
Aeva
Technologies,
Inc.
(a)(b)
............
709,388
542,611
Arlo
Technologies,
Inc.
(a)(b)
.............
92,407
951,792
Bel
Fuse,
Inc.,
Class
B,
NVS
...........
87,199
4,161,136
Belden,
Inc.
......................
144,125
13,915,269
Benchmark
Electronics,
Inc.
...........
318,262
7,721,036
Climb
Global
Solutions,
Inc.
............
6,061
260,684
Daktronics,
Inc.
(a)(b)
..................
336,962
3,005,701
ePlus,
Inc.
(a)
......................
226,241
14,370,828
Evolv
Technologies
Holdings,
Inc.
(a)
.......
824,206
4,005,641
FARO
Technologies,
Inc.
(a)(b)
...........
156,248
2,379,657
Iteris,
Inc.
(a)(b)
......................
168,125
696,037
Itron,
Inc.
(a)
.......................
369,847
22,405,331
Kimball
Electronics,
Inc.
(a)
.............
159,439
4,365,440
Knowles
Corp.
(a)(b)
..................
812,383
12,031,392
Methode
Electronics,
Inc.
.............
316,740
7,237,509
Mirion
Technologies,
Inc.,
Class
A
(a)(b)
.....
1,789,061
13,364,286
Motomova,
Inc.,
NVS
(a)(c)
..............
19,086
—
nLight,
Inc.
(a)(b)
.....................
392,715
4,084,236
PAR
Technology
Corp.
(a)(b)
.............
220,993
8,517,070
PC
Connection,
Inc.
.................
103,009
5,498,620
Plexus
Corp.
(a)
.....................
28,466
2,646,769
Richardson
Electronics
Ltd.
............
104,166
1,138,534
Rogers
Corp.
(a)(b)
...................
41,300
5,429,711
Sanmina
Corp.
(a)
...................
490,503
26,624,503
ScanSource,
Inc.
(a)
..................
225,176
6,825,085
SmartRent,
Inc.,
Class
A
(a)(b)
............
1,645,530
4,294,833
TTM
Technologies,
Inc.
(a)
..............
918,419
11,829,237
Vishay
Intertechnology,
Inc.
............
1,150,890
28,450,001
Vishay
Precision
Group,
Inc.
(a)
..........
112,477
3,776,978
Vuzix
Corp.
(a)(b)
....................
548,533
1,991,175
223,854,441
Security
Shares
Shares
Value
Energy
Equipment
&
Services
—
2.6%
Archrock,
Inc.
.....................
1,019,609
$
12,847,073
Atlas
Energy
Solutions,
Inc.,
Class
A
(b)
.....
122,999
2,734,268
Bristow
Group,
Inc.
(a)
................
211,430
5,955,983
Core
Laboratories,
Inc.
(b)
..............
288,792
6,933,896
Diamond
Offshore
Drilling,
Inc.
(a)(b)
.......
912,635
13,397,482
DMC
Global,
Inc.
(a)
..................
120,660
2,952,550
Dril-Quip,
Inc.
(a)
....................
304,756
8,584,976
Expro
Group
Holdings
NV
(a)
............
492,381
11,438,011
Forum
Energy
Technologies,
Inc.
(a)
.......
87,157
2,093,511
Helix
Energy
Solutions
Group,
Inc.
(a)
......
1,286,151
14,366,307
Helmerich
&
Payne,
Inc.
..............
873,043
36,807,493
KLX
Energy
Services
Holdings,
Inc.
(a)(b)
....
99,558
1,179,762
Kodiak
Gas
Services,
Inc.
(a)
............
89,828
1,606,125
Liberty
Energy,
Inc.,
Class
A
...........
1,399,123
25,911,758
Mammoth
Energy
Services,
Inc.
(a)(b)
.......
195,219
905,816
Nabors
Industries
Ltd.
(a)
..............
8,444
1,039,794
Newpark
Resources,
Inc.
(a)
............
678,408
4,687,799
Noble
Corp.
plc
....................
169,280
8,574,032
Oil
States
International,
Inc.
(a)
...........
569,843
4,769,586
Patterson-UTI
Energy,
Inc.
............
2,984,338
41,303,238
ProFrac
Holding
Corp.,
Class
A
(a)(b)
.......
181,844
1,978,463
ProPetro
Holding
Corp.
(a)
..............
892,852
9,491,017
Ranger
Energy
Services,
Inc.
...........
137,277
1,946,588
RPC,
Inc.
........................
766,414
6,851,741
SEACOR
Marine
Holdings,
Inc.
(a)(b)
.......
214,309
2,974,609
Seadrill
Ltd.
(a)
.....................
451,251
20,211,532
Select
Water
Solutions,
Inc.,
Class
A
......
731,498
5,815,409
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
..
256,653
2,735,921
US
Silica
Holdings,
Inc.
(a)
.............
675,954
9,490,394
269,585,134
Entertainment
—
0.2%
Cinemark
Holdings,
Inc.
(a)(b)
............
169,166
3,104,196
Lions
Gate
Entertainment
Corp.,
Class
A
(a)(b)
.
147,164
1,247,951
Lions
Gate
Entertainment
Corp.,
Class
B,
NVS
(a)(b)
.......................
368,488
2,900,000
Madison
Square
Garden
Entertainment
Corp.
(a)
(b)
...........................
56,039
1,844,244
Marcus
Corp.
(The)
(b)
................
217,122
3,365,391
Playstudios,
Inc.,
Class
A
(a)
............
793,410
2,523,044
Reservoir
Media,
Inc.
(a)
...............
155,891
950,935
Sphere
Entertainment
Co.,
Class
A
(a)(b)
.....
232,966
8,657,017
Vivid
Seats,
Inc.,
Class
A
(a)(b)
...........
154,208
990,015
25,582,793
Financial
Services
—
3.0%
Acacia
Research
Corp.
(a)(b)
.............
329,745
1,203,569
Alerus
Financial
Corp.
...............
164,434
2,989,410
A-Mark
Precious
Metals,
Inc.
...........
165,884
4,865,378
AvidXchange
Holdings,
Inc.
(a)(b)
..........
112,865
1,069,960
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
....................
244,595
5,185,414
Cannae
Holdings,
Inc.
(a)(b)
.............
648,399
12,086,157
Cantaloupe,
Inc.
(a)(b)
.................
168,345
1,052,156
Cass
Information
Systems,
Inc.
.........
17,928
667,818
Compass
Diversified
Holdings
..........
569,753
10,694,264
Enact
Holdings,
Inc.
.................
265,672
7,234,249
Essent
Group
Ltd.
..................
947,934
44,827,799
Federal
Agricultural
Mortgage
Corp.,
Class
C,
NVS
.........................
68,186
10,521,100
Finance
of
America
Cos.,
Inc.,
Class
A
(a)(b)
..
486,314
622,482
Jackson
Financial,
Inc.,
Class
A
.........
744,570
28,457,465
Marqeta,
Inc.,
Class
A
(a)(b)
.............
3,820,494
22,846,554
Merchants
Bancorp
.................
141,461
3,921,299
Mr
Cooper
Group,
Inc.
(a)(b)
.............
585,985
31,385,357
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Financial
Services
(continued)
NewtekOne,
Inc.
(b)
..................
208,572
$
3,076,437
NMI
Holdings,
Inc.,
Class
A
(a)
...........
674,717
18,278,084
Ocwen
Financial
Corp.
(a)(b)
.............
57,446
1,486,703
Pagseguro
Digital
Ltd.,
Class
A
(a)
........
700,043
6,027,370
Paysafe
Ltd.
(a)
.....................
291,414
3,494,054
PennyMac
Financial
Services,
Inc.
.......
214,393
14,278,574
Radian
Group,
Inc.
..................
1,416,938
35,579,313
Repay
Holdings
Corp.,
Class
A
(a)(b)
.......
722,999
5,487,562
Security
National
Financial
Corp.,
Class
A
(a)(b)
107,747
844,736
StoneCo
Ltd.,
Class
A
(a)
..............
1,023,020
10,915,623
SWK
Holdings
Corp.
(a)(b)
..............
19,428
305,991
Velocity
Financial,
Inc.
(a)(b)
.............
72,656
821,013
Walker
&
Dunlop,
Inc.
................
285,537
21,198,267
Waterstone
Financial,
Inc.
.............
164,542
1,801,735
313,225,893
Food
Products
—
0.8%
Alico,
Inc.
........................
64,742
1,615,960
B&G
Foods,
Inc.
...................
641,226
6,341,725
Benson
Hill,
Inc.
(a)(b)
.................
1,522,246
504,625
Cal-Maine
Foods,
Inc.
................
22,941
1,110,803
Dole
plc
.........................
273,518
3,167,338
Forafric
Global
plc
(a)(b)
................
35,831
404,532
Fresh
Del
Monte
Produce,
Inc.
..........
304,713
7,873,784
Hain
Celestial
Group,
Inc.
(The)
(a)
........
805,015
8,348,006
Hostess
Brands,
Inc.,
Class
A
(a)
.........
968,507
32,260,968
Limoneira
Co.
.....................
144,321
2,210,998
Mission
Produce,
Inc.
(a)(b)
..............
365,909
3,541,999
Seneca
Foods
Corp.,
Class
A
(a)(b)
........
47,221
2,541,906
SunOpta,
Inc.
(a)(b)
...................
31,518
106,216
TreeHouse
Foods,
Inc.
(a)
..............
405,781
17,683,936
87,712,796
Gas
Utilities
—
1.5%
Brookfield
Infrastructure
Corp.,
Class
A
....
796,330
28,142,302
Chesapeake
Utilities
Corp.
............
55,431
5,418,380
New
Jersey
Resources
Corp.
...........
414,078
16,823,989
Northwest
Natural
Holding
Co.
..........
323,671
12,351,286
ONE
Gas,
Inc.
.....................
494,485
33,763,436
RGC
Resources,
Inc.
................
67,367
1,165,449
Southwest
Gas
Holdings,
Inc.
..........
554,556
33,500,728
Spire,
Inc.
........................
460,545
26,057,636
157,223,206
Ground
Transportation
—
0.5%
ArcBest
Corp.
.....................
131,381
13,354,879
Bird
Global,
Inc.,
Class
A
(a)
............
2
1
Covenant
Logistics
Group,
Inc.,
Class
A
....
75,492
3,310,324
FTAI
Infrastructure,
Inc.
...............
869,911
2,801,113
Heartland
Express,
Inc.
(b)
.............
412,987
6,066,779
Marten
Transport
Ltd.
................
100,264
1,976,204
PAM
Transportation
Services,
Inc.
(a)
......
51,186
1,103,058
RXO,
Inc.
(a)(b)
......................
139,833
2,758,905
TuSimple
Holdings,
Inc.,
Class
A
(a)(b)
......
1,474,105
2,299,604
Universal
Logistics
Holdings,
Inc.
........
60,990
1,535,728
Werner
Enterprises,
Inc.
(b)
.............
483,769
18,842,803
54,049,398
Health
Care
Equipment
&
Supplies
—
1.5%
Alphatec
Holdings,
Inc.
(a)(b)
.............
424,943
5,511,511
AngioDynamics,
Inc.
(a)
...............
329,290
2,407,110
Artivion,
Inc.
(a)
.....................
300,367
4,553,564
AtriCure,
Inc.
(a)(b)
...................
116,679
5,110,540
Avanos
Medical,
Inc.
(a)(b)
..............
414,843
8,388,126
Butterfly
Network,
Inc.,
Class
A
(a)(b)
.......
1,247,413
1,471,947
Cutera,
Inc.
(a)(b)
....................
144,965
872,689
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
CVRx,
Inc.
(a)(b)
.....................
14,331
$
217,401
Embecta
Corp.
....................
463,520
6,975,976
Inari
Medical,
Inc.
(a)(b)
................
32,606
2,132,432
Inogen,
Inc.
(a)
.....................
218,237
1,139,197
Integer
Holdings
Corp.
(a)(b)
.............
297,875
23,362,336
LivaNova
plc
(a)
.....................
456,740
24,152,411
Nano-X
Imaging
Ltd.
(a)(b)
..............
382,936
2,512,060
Neogen
Corp.
(a)
....................
1,953,928
36,225,825
Nevro
Corp.
(a)
.....................
211,273
4,060,667
Omnicell,
Inc.
(a)
....................
203,716
9,175,369
OraSure
Technologies,
Inc.
(a)
...........
646,761
3,835,293
Orthofix
Medical,
Inc.
(a)
...............
315,995
4,063,696
OrthoPediatrics
Corp.
(a)(b)
..............
17,063
546,016
Pulse
Biosciences,
Inc.
(a)(b)
.............
97,964
394,795
Varex
Imaging
Corp.
(a)(b)
..............
346,160
6,504,346
Vicarious
Surgical,
Inc.,
Class
A
(a)
........
320,270
189,184
Zimvie,
Inc.
(a)
......................
234,771
2,209,195
156,011,686
Health
Care
Providers
&
Services
—
1.1%
23andMe
Holding
Co.,
Class
A
(a)(b)
.......
2,398,299
2,344,817
Accolade,
Inc.
(a)(b)
...................
37,361
395,279
AdaptHealth
Corp.
(a)(b)
................
414,920
3,775,772
Addus
HomeCare
Corp.
(a)
.............
73,275
6,242,297
Agiliti,
Inc.
(a)(b)
.....................
32,889
213,450
Aveanna
Healthcare
Holdings,
Inc.
(a)(b)
.....
333,278
396,601
Brookdale
Senior
Living,
Inc.
(a)(b)
.........
1,668,731
6,908,546
Cano
Health,
Inc.,
Class
A
(a)(b)
..........
2,291,164
581,039
CareMax,
Inc.,
Class
A
(a)(b)
.............
686,022
1,454,367
Castle
Biosciences,
Inc.
(a)
.............
135,730
2,292,480
Community
Health
Systems,
Inc.
(a)(b)
......
1,136,380
3,295,502
Cross
Country
Healthcare,
Inc.
(a)(b)
.......
261,539
6,483,552
Enhabit,
Inc.
(a)(b)
....................
452,943
5,095,609
Fulgent
Genetics,
Inc.
(a)(b)
.............
182,527
4,880,772
Invitae
Corp.
(a)(b)
....................
297,210
179,871
LifeStance
Health
Group,
Inc.
(a)(b)
........
429,730
2,952,245
National
HealthCare
Corp.
.............
110,728
7,084,377
NeoGenomics,
Inc.
(a)(b)
...............
1,041,003
12,804,337
OPKO
Health,
Inc.
(a)(b)
................
3,634,245
5,814,792
Owens
&
Minor,
Inc.
(a)
................
667,866
10,792,715
Patterson
Cos.,
Inc.
.................
604,402
17,914,475
Pediatrix
Medical
Group,
Inc.
(a)
..........
752,866
9,568,927
PetIQ,
Inc.,
Class
A
(a)
................
38,889
766,113
Surgery
Partners,
Inc.
(a)(b)
.............
57,259
1,674,826
113,912,761
Health
Care
REITs
—
1.1%
CareTrust
REIT,
Inc.
.................
828,342
16,981,011
Community
Healthcare
Trust,
Inc.
........
84,784
2,518,085
Diversified
Healthcare
Trust
............
2,160,300
4,190,982
Global
Medical
REIT,
Inc.
.............
574,886
5,156,728
LTC
Properties,
Inc.
.................
374,421
12,030,147
National
Health
Investors,
Inc.
..........
341,601
17,544,627
Physicians
Realty
Trust
...............
2,135,389
26,030,392
Sabra
Health
Care
REIT,
Inc.
...........
2,084,245
29,054,375
113,506,347
Health
Care
Technology
—
0.4%
American
Well
Corp.,
Class
A
(a)(b)
........
2,190,517
2,562,905
Computer
Programs
&
Systems,
Inc.
(a)(b)
...
122,636
1,954,818
Definitive
Healthcare
Corp.,
Class
A
(a)(b)
....
276,752
2,211,248
Health
Catalyst,
Inc.
(a)(b)
...............
226,430
2,291,472
HealthStream,
Inc.
..................
135,696
2,928,320
Multiplan
Corp.,
Class
A
(a)(b)
............
3,519,811
5,913,282
NextGen
Healthcare,
Inc.
(a)
............
215,058
5,103,326
Sharecare,
Inc.,
Class
A
(a)(b)
............
2,679,410
2,519,717
2023
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Technology
(continued)
Veradigm,
Inc.
(a)(b)
...................
969,442
$
12,738,468
38,223,556
Hotel
&
Resort
REITs
—
1.2%
Apple
Hospitality
REIT,
Inc.
............
1,939,354
29,749,690
Braemar
Hotels
&
Resorts,
Inc.
.........
618,940
1,714,464
Chatham
Lodging
Trust
...............
443,424
4,243,568
DiamondRock
Hospitality
Co.
...........
1,892,535
15,197,056
Hersha
Hospitality
Trust,
Class
A
........
286,833
2,828,173
Pebblebrook
Hotel
Trust
(b)
.............
1,089,872
14,811,361
RLJ
Lodging
Trust
..................
1,412,615
13,829,501
Service
Properties
Trust
..............
1,485,174
11,420,988
Summit
Hotel
Properties,
Inc.
...........
949,070
5,504,606
Sunstone
Hotel
Investors,
Inc.
..........
1,883,277
17,608,640
Xenia
Hotels
&
Resorts,
Inc.
...........
1,000,457
11,785,383
128,693,430
Hotels,
Restaurants
&
Leisure
—
0.9%
Bally's
Corp.
(a)(b)
....................
124,211
1,628,406
Biglari
Holdings,
Inc.,
Class
B,
NVS
(a)
.....
5,670
941,220
BJ's
Restaurants,
Inc.
(a)
...............
76,091
1,785,095
Bluegreen
Vacations
Holding
Corp.
.......
17,712
649,676
Bowlero
Corp.,
Class
A
(a)(b)
.............
37,203
357,893
Brinker
International,
Inc.
(a)(b)
...........
33,650
1,063,003
Carrols
Restaurant
Group,
Inc.
(a)
.........
327,693
2,159,497
Century
Casinos,
Inc.
(a)(b)
..............
42,900
220,077
Chuy's
Holdings,
Inc.
(a)(b)
..............
27,929
993,714
Denny's
Corp.
(a)(b)
...................
114,816
972,492
Dine
Brands
Global,
Inc.
..............
15,684
775,574
El
Pollo
Loco
Holdings,
Inc.
............
255,315
2,285,069
Everi
Holdings,
Inc.
(a)
................
289,608
3,828,618
Fiesta
Restaurant
Group,
Inc.
(a)
.........
158,174
1,338,152
First
Watch
Restaurant
Group,
Inc.
(a)(b)
.....
114,522
1,980,085
Full
House
Resorts,
Inc.
(a)
.............
32,373
138,233
Krispy
Kreme,
Inc.
(b)
.................
532,046
6,634,614
Life
Time
Group
Holdings,
Inc.
(a)(b)
........
277,973
4,227,969
Light
&
Wonder,
Inc.,
Class
A
(a)(b)
........
435,709
31,079,123
Lindblad
Expeditions
Holdings,
Inc.
(a)(b)
....
288,016
2,073,715
Mondee
Holdings,
Inc.,
Class
A
(a)(b)
.......
65,396
233,464
Papa
John's
International,
Inc.
..........
65,472
4,466,500
Red
Rock
Resorts,
Inc.,
Class
A
.........
197,746
8,107,586
Sabre
Corp.
(a)(b)
....................
2,209,023
9,918,513
SeaWorld
Entertainment,
Inc.
(a)(b)
........
18,499
855,579
Six
Flags
Entertainment
Corp.
(a)
.........
136,618
3,211,889
Sweetgreen,
Inc.,
Class
A
(a)(b)
...........
170,883
2,007,875
Xponential
Fitness,
Inc.,
Class
A
(a)(b)
......
31,239
484,204
94,417,835
Household
Durables
—
2.9%
Beazer
Homes
USA,
Inc.
(a)(b)
...........
263,760
6,570,262
Century
Communities,
Inc.
............
255,379
17,054,210
Dream
Finders
Homes,
Inc.,
Class
A
(a)(b)
....
127,176
2,827,122
Ethan
Allen
Interiors,
Inc.
.............
202,628
6,058,577
GoPro,
Inc.,
Class
A
(a)(b)
...............
1,187,786
3,729,648
Green
Brick
Partners,
Inc.
(a)(b)
...........
155,865
6,469,956
Helen
of
Troy
Ltd.
(a)(b)
................
215,605
25,130,919
Hooker
Furnishings
Corp.
.............
90,791
1,765,885
Hovnanian
Enterprises,
Inc.,
Class
A
(a)
.....
43,299
4,401,776
iRobot
Corp.
(a)(b)
....................
25,283
958,226
KB
Home
........................
650,545
30,107,223
Landsea
Homes
Corp.
(a)
..............
123,498
1,110,247
La-Z-Boy,
Inc.
.....................
391,720
12,096,314
Legacy
Housing
Corp.
(a)(b)
.............
84,525
1,640,630
LGI
Homes,
Inc.
(a)(b)
.................
171,550
17,067,509
M/I
Homes,
Inc.
(a)
...................
241,644
20,307,762
MDC
Holdings,
Inc.
.................
526,818
21,720,706
Security
Shares
Shares
Value
Household
Durables
(continued)
Meritage
Homes
Corp.
...............
326,612
$
39,974,043
Purple
Innovation,
Inc.
(b)
..............
505,091
863,706
Skyline
Champion
Corp.
(a)(b)
............
211,252
13,460,977
Snap
One
Holdings
Corp.
(a)(b)
...........
163,113
1,507,164
Taylor
Morrison
Home
Corp.
(a)
..........
944,391
40,240,501
Traeger,
Inc.
(a)(b)
....................
330,958
903,515
TRI
Pointe
Homes,
Inc.
(a)
..............
886,185
24,237,160
United
Homes
Group,
Inc.,
Class
A
(a)(b)
.....
41,919
234,746
Vizio
Holding
Corp.,
Class
A
(a)
..........
64,335
348,052
VOXX
International
Corp.,
Class
A
(a)(b)
.....
104,997
837,876
301,624,712
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.
(a)(b)
...........
91,802
4,052,140
Central
Garden
&
Pet
Co.,
Class
A,
NVS
(a)
..
348,388
13,966,875
Oil-Dri
Corp.
of
America
..............
32,764
2,023,177
20,042,192
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
(b)
Altus
Power,
Inc.,
Class
A
(a)
............
578,884
3,039,141
Ormat
Technologies,
Inc.
..............
171,756
12,009,179
Sunnova
Energy
International,
Inc.
(a)
......
460,519
4,821,634
19,869,954
Industrial
REITs
—
0.9%
Innovative
Industrial
Properties,
Inc.
......
250,578
18,958,732
LXP
Industrial
Trust
.................
2,601,799
23,156,011
Plymouth
Industrial
REIT,
Inc.
..........
388,786
8,145,067
Terreno
Realty
Corp.
................
735,589
41,781,455
92,041,265
Insurance
—
2.5%
Ambac
Financial
Group,
Inc.
(a)
..........
396,029
4,776,110
American
Coastal
Insurance
Corp.
(a)(b)
.....
172,187
1,267,296
American
Equity
Investment
Life
Holding
Co.
696,976
37,385,793
AMERISAFE,
Inc.
..................
82,941
4,152,856
Argo
Group
International
Holdings
Ltd.
....
285,155
8,509,025
CNO
Financial
Group,
Inc.
.............
1,021,281
24,234,998
Donegal
Group,
Inc.,
Class
A
...........
129,661
1,848,318
eHealth,
Inc.
(a)(b)
....................
163,910
1,212,934
Employers
Holdings,
Inc.
..............
242,544
9,689,633
Enstar
Group
Ltd.
(a)
.................
106,742
25,831,564
F&G
Annuities
&
Life,
Inc.
.............
155,935
4,375,536
Fidelis
Insurance
Holdings
Ltd.
(a)
........
99,475
1,460,293
Genworth
Financial,
Inc.,
Class
A
(a)
.......
4,295,764
25,173,177
GoHealth,
Inc.,
Class
A
(a)(b)
............
33,732
488,777
Greenlight
Capital
Re
Ltd.,
Class
A
(a)
......
229,357
2,463,294
Hippo
Holdings,
Inc.
(a)(b)
...............
99,628
794,035
Horace
Mann
Educators
Corp.
..........
374,234
10,994,995
Investors
Title
Co.
..................
8,634
1,278,609
James
River
Group
Holdings
Ltd.
........
338,113
5,190,035
Lemonade,
Inc.
(a)(b)
..................
379,510
4,409,906
Maiden
Holdings
Ltd.
(a)
...............
775,975
1,365,716
MBIA,
Inc.
(a)(b)
.....................
428,376
3,088,591
Mercury
General
Corp.
...............
242,146
6,787,352
National
Western
Life
Group,
Inc.,
Class
A
(b)
.
20,373
8,912,984
NI
Holdings,
Inc.
(a)
..................
71,416
919,124
Oscar
Health,
Inc.,
Class
A
(a)
...........
1,276,961
7,112,673
ProAssurance
Corp.
.................
482,287
9,110,401
Safety
Insurance
Group,
Inc.
...........
129,387
8,822,899
Selectquote,
Inc.
(a)(b)
.................
1,243,989
1,455,467
SiriusPoint
Ltd.
(a)
...................
745,470
7,581,430
Skyward
Specialty
Insurance
Group,
Inc.
(a)(b)
.
152,905
4,183,481
Stewart
Information
Services
Corp.
.......
241,214
10,565,173
Tiptree,
Inc.
......................
160,616
2,691,924
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
United
Fire
Group,
Inc.
...............
190,396
$
3,760,321
Universal
Insurance
Holdings,
Inc.
.......
178,282
2,499,514
254,394,234
Interactive
Media
&
Services
—
0.5%
(a)
Bumble,
Inc.,
Class
A
................
912,409
13,613,142
DHI
Group,
Inc.
....................
387,939
1,187,093
Eventbrite,
Inc.,
Class
A
(b)
.............
68,465
675,065
EverQuote,
Inc.,
Class
A
(b)
.............
16,091
116,338
fuboTV,
Inc.
(b)
.....................
2,544,683
6,794,304
Liberty
TripAdvisor
Holdings,
Inc.,
Class
B
..
2,348
68,937
MediaAlpha,
Inc.,
Class
A
(b)
............
33,469
276,454
Nextdoor
Holdings,
Inc.,
Class
A
(b)
.......
568,064
1,033,877
Outbrain,
Inc.
.....................
358,989
1,748,277
System1,
Inc.,
Class
A
(b)
..............
325,501
393,856
TrueCar,
Inc.
......................
799,806
1,655,598
Vimeo,
Inc.
.......................
436,467
1,545,093
Ziff
Davis,
Inc.
(b)
....................
324,920
20,694,155
49,802,189
IT
Services
—
0.2%
Brightcove,
Inc.
(a)
...................
398,308
1,310,433
Fastly,
Inc.,
Class
A
(a)(b)
...............
173,927
3,334,181
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)(b)
..
103,131
1,256,136
Hackett
Group,
Inc.
(The)
.............
18,027
425,257
Information
Services
Group,
Inc.
.........
141,582
620,129
Rackspace
Technology,
Inc.
(a)(b)
.........
594,024
1,395,956
Squarespace,
Inc.,
Class
A
(a)(b)
..........
279,270
8,090,452
Tucows,
Inc.,
Class
A
(a)(b)
..............
57,519
1,173,963
Unisys
Corp.
(a)(b)
....................
605,949
2,090,524
19,697,031
Leisure
Products
—
0.5%
AMMO,
Inc.
(a)(b)
....................
797,267
1,610,479
Clarus
Corp.
......................
229,323
1,733,682
Escalade,
Inc.
.....................
70,109
1,073,369
Funko,
Inc.,
Class
A
(a)(b)
...............
93,232
713,225
JAKKS
Pacific,
Inc.
(a)
................
64,879
1,206,101
Johnson
Outdoors,
Inc.,
Class
A
.........
48,971
2,678,224
Latham
Group,
Inc.
(a)
................
348,445
975,646
Malibu
Boats,
Inc.,
Class
A
(a)(b)
..........
67,969
3,331,840
Smith
&
Wesson
Brands,
Inc.
...........
409,216
5,282,979
Solo
Brands,
Inc.,
Class
A
(a)(b)
...........
52,617
268,347
Sturm
Ruger
&
Co.,
Inc.
..............
11,004
573,528
Topgolf
Callaway
Brands
Corp.
(a)(b)
.......
1,288,747
17,836,258
Vista
Outdoor,
Inc.
(a)(b)
................
518,486
17,172,256
54,455,934
Life
Sciences
Tools
&
Services
—
0.3%
(a)
Adaptive
Biotechnologies
Corp.
(b)
........
278,529
1,517,983
BioLife
Solutions,
Inc.
................
28,976
400,159
Codexis,
Inc.
......................
545,798
1,031,558
CryoPort,
Inc.
(b)
....................
54,843
751,898
MaxCyte,
Inc.
(b)
....................
735,412
2,294,485
Nautilus
Biotechnology,
Inc.
(b)
...........
439,157
1,387,736
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares,
NVS
(c)
..................
52,020
—
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares,
NVS
(c)
..................
52,020
—
OmniAb,
Inc.
(b)
.....................
847,980
4,401,016
Pacific
Biosciences
of
California,
Inc.
(b)
....
1,020,838
8,523,997
Quanterix
Corp.
(b)
...................
264,583
7,180,783
Quantum-Si,
Inc.,
Class
A
(b)
............
909,542
1,509,840
Seer,
Inc.,
Class
A
..................
541,174
1,195,995
SomaLogic,
Inc.,
Class
A
(b)
............
1,345,610
3,216,008
33,411,458
Security
Shares
Shares
Value
Machinery
—
2.6%
3D
Systems
Corp.
(a)(b)
................
1,145,090
$
5,622,392
Albany
International
Corp.,
Class
A
.......
34,893
3,010,568
Astec
Industries,
Inc.
................
204,694
9,643,134
Barnes
Group,
Inc.
..................
438,244
14,887,149
Blue
Bird
Corp.
(a)(b)
..................
146,641
3,130,785
Chart
Industries,
Inc.
(a)(b)
..............
148,918
25,185,012
CIRCOR
International,
Inc.
(a)
...........
19,067
1,062,985
Columbus
McKinnon
Corp.
............
253,696
8,856,527
Commercial
Vehicle
Group,
Inc.
(a)
........
245,108
1,902,038
Desktop
Metal,
Inc.,
Class
A
(a)(b)
.........
2,500,795
3,651,161
EnPro
Industries,
Inc.
................
187,692
22,746,393
ESCO
Technologies,
Inc.
.............
96,549
10,083,578
Gencor
Industries,
Inc.
(a)
..............
91,799
1,297,120
Gorman-Rupp
Co.
(The)
..............
158,160
5,203,464
Greenbrier
Cos.,
Inc.
(The)
............
274,038
10,961,520
Hillman
Solutions
Corp.
(a)(b)
............
1,740,189
14,356,559
Hyliion
Holdings
Corp.,
Class
A
(a)(b)
.......
1,325,518
1,564,111
Kennametal,
Inc.
...................
727,054
18,089,104
Luxfer
Holdings
plc
.................
241,033
3,145,481
Manitowoc
Co.,
Inc.
(The)
(a)(b)
...........
312,147
4,697,812
Mayville
Engineering
Co.,
Inc.
(a)(b)
........
86,565
949,618
Microvast
Holdings,
Inc.
(a)(b)
............
932,393
1,762,223
Miller
Industries,
Inc.
................
91,962
3,605,830
Mueller
Industries,
Inc.
...............
283,279
21,291,250
Nikola
Corp.
(a)(b)
....................
5,578,295
8,757,923
Park-Ohio
Holdings
Corp.
.............
73,716
1,467,686
Proto
Labs,
Inc.
(a)(b)
..................
236,741
6,249,962
REV
Group,
Inc.
...................
283,815
4,541,040
SPX
Technologies,
Inc.
(a)(b)
.............
68,532
5,578,505
Standex
International
Corp.
............
20,229
2,947,163
Tennant
Co.
......................
77,313
5,732,759
Terex
Corp.
.......................
253,522
14,607,938
Titan
International,
Inc.
(a)(b)
.............
468,289
6,289,121
Trinity
Industries,
Inc.
................
595,585
14,502,495
267,380,406
Marine
Transportation
—
0.5%
Costamare,
Inc.
....................
435,745
4,191,867
Eagle
Bulk
Shipping,
Inc.
.............
84,256
3,541,280
Genco
Shipping
&
Trading
Ltd.
..........
378,329
5,292,823
Golden
Ocean
Group
Ltd.
.............
1,108,903
8,738,156
Himalaya
Shipping
Ltd.
(a)
..............
82,516
398,552
Matson,
Inc.
......................
318,622
28,268,144
Pangaea
Logistics
Solutions
Ltd.
........
316,240
1,859,491
Safe
Bulkers,
Inc.
..................
596,923
1,934,030
54,224,343
Media
—
1.1%
Advantage
Solutions,
Inc.,
Class
A
(a)(b)
.....
787,021
2,235,140
AMC
Networks,
Inc.,
Class
A
(a)
..........
277,351
3,267,195
Boston
Omaha
Corp.,
Class
A
(a)(b)
........
196,931
3,227,699
Cardlytics,
Inc.
(a)(b)
..................
303,560
5,008,740
Clear
Channel
Outdoor
Holdings,
Inc.
(a)(b)
...
3,349,978
5,292,965
Daily
Journal
Corp.
(a)(b)
...............
9,412
2,767,128
Emerald
Holding,
Inc.
(a)(b)
..............
147,255
665,593
EW
Scripps
Co.
(The),
Class
A,
NVS
(a)
....
285,945
1,566,979
Gannett
Co.,
Inc.
(a)(b)
.................
1,277,904
3,130,865
Gray
Television,
Inc.
.................
696,449
4,819,427
iHeartMedia,
Inc.,
Class
A
(a)(b)
...........
918,449
2,902,299
John
Wiley
&
Sons,
Inc.,
Class
A
........
384,527
14,292,869
Magnite,
Inc.
(a)(b)
....................
690,851
5,209,016
PubMatic,
Inc.,
Class
A
(a)(b)
.............
315,913
3,822,547
Scholastic
Corp.,
NVS
...............
245,287
9,355,246
Sinclair,
Inc.,
Class
A
(b)
...............
251,698
2,824,052
Stagwell,
Inc.,
Class
A
(a)(b)
.............
715,454
3,355,479
2023
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Media
(continued)
TEGNA,
Inc.
......................
1,814,218
$
26,433,156
Thryv
Holdings,
Inc.
(a)(b)
...............
274,472
5,151,839
Urban
One,
Inc.,
Class
A
(a)(b)
...........
86,643
434,948
Urban
One,
Inc.,
Class
D,
NVS
(a)(b)
.......
83,548
420,246
WideOpenWest,
Inc.
(a)(b)
..............
462,847
3,540,780
109,724,208
Metals
&
Mining
—
2.5%
5E
Advanced
Materials,
Inc.
(a)(b)
.........
85,413
193,033
Alpha
Metallurgical
Resources,
Inc.
......
104,433
27,124,383
Arch
Resources,
Inc.,
Class
A
..........
164,138
28,011,791
Caledonia
Mining
Corp.
plc
(b)
...........
141,754
1,397,695
Carpenter
Technology
Corp.
...........
431,216
28,982,027
Coeur
Mining,
Inc.
(a)(b)
................
2,968,792
6,590,718
Commercial
Metals
Co.
...............
1,050,741
51,917,113
Constellium
SE,
Class
A
(a)
.............
436,385
7,942,207
Contango
ORE,
Inc.
(a)(b)
...............
13,195
239,357
Dakota
Gold
Corp.
(a)(b)
................
139,814
360,720
Haynes
International,
Inc.
.............
111,220
5,173,955
Hecla
Mining
Co.
(b)
..................
4,325,664
16,913,346
i-80
Gold
Corp.
(a)(b)
..................
1,638,112
2,506,311
Kaiser
Aluminum
Corp.
...............
7,866
591,995
Olympic
Steel,
Inc.
..................
89,632
5,038,215
Piedmont
Lithium,
Inc.
(a)(b)
.............
106,057
4,210,463
PolyMet
Mining
Corp.
(a)(b)
..............
308,793
642,290
Ramaco
Resources,
Inc.,
Class
A
(b)
.......
199,660
2,194,263
Ramaco
Resources,
Inc.,
Class
B
(b)
......
40,115
478,572
Ryerson
Holding
Corp.
...............
202,766
5,898,463
Schnitzer
Steel
Industries,
Inc.,
Class
A
....
229,642
6,395,530
SunCoke
Energy,
Inc.
................
748,926
7,601,599
TimkenSteel
Corp.
(a)
.................
388,441
8,436,939
Tredegar
Corp.
....................
249,198
1,348,161
Warrior
Met
Coal,
Inc.
................
463,427
23,671,851
Worthington
Industries,
Inc.
............
275,779
17,048,658
260,909,655
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
2.4%
AFC
Gamma,
Inc.
..................
142,437
1,672,210
Angel
Oak
Mortgage
REIT,
Inc.
(b)
........
104,051
887,555
Apollo
Commercial
Real
Estate
Finance,
Inc.
1,271,444
12,879,728
Arbor
Realty
Trust,
Inc.
(b)
..............
1,636,892
24,848,021
Ares
Commercial
Real
Estate
Corp.
......
478,277
4,553,197
ARMOUR
Residential
REIT,
Inc.
.........
2,044,813
8,690,455
Blackstone
Mortgage
Trust,
Inc.,
Class
A
...
1,542,006
33,538,630
BrightSpire
Capital,
Inc.,
Class
A
........
1,172,923
7,342,498
Chicago
Atlantic
Real
Estate
Finance,
Inc.
..
147,002
2,163,869
Chimera
Investment
Corp.
.............
2,077,275
11,341,921
Claros
Mortgage
Trust,
Inc.
............
821,235
9,099,284
Dynex
Capital,
Inc.
..................
477,583
5,702,341
Ellington
Financial,
Inc.
...............
572,573
7,139,985
Franklin
BSP
Realty
Trust,
Inc.
..........
743,358
9,842,060
Granite
Point
Mortgage
Trust,
Inc.
.......
471,435
2,300,603
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
(b)
...................
855,959
18,146,331
Invesco
Mortgage
Capital,
Inc.
..........
370,465
3,708,355
KKR
Real
Estate
Finance
Trust,
Inc.
......
532,989
6,326,579
Ladder
Capital
Corp.,
Class
A
..........
1,015,670
10,420,774
MFA
Financial,
Inc.
..................
907,934
8,725,246
New
York
Mortgage
Trust,
Inc.
(b)
.........
813,704
6,908,347
NexPoint
Real
Estate
Finance,
Inc.
.......
80,774
1,321,463
Orchid
Island
Capital,
Inc.
.............
395,052
3,361,893
PennyMac
Mortgage
Investment
Trust
.....
798,567
9,902,231
Ready
Capital
Corp.
.................
1,438,535
14,543,589
Redwood
Trust,
Inc.
.................
1,025,457
7,311,508
TPG
RE
Finance
Trust,
Inc.
............
619,056
4,166,247
Security
Shares
Shares
Value
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(continued)
Two
Harbors
Investment
Corp.
..........
879,292
$
11,641,826
248,486,746
Multi-Utilities
—
0.8%
Avista
Corp.
......................
679,581
21,998,037
Black
Hills
Corp.
...................
599,169
30,311,960
Northwestern
Energy
Group,
Inc.
........
539,885
25,946,873
Unitil
Corp.
.......................
100,974
4,312,599
82,569,469
Office
REITs
—
1.4%
Brandywine
Realty
Trust
..............
1,520,375
6,902,502
City
Office
REIT,
Inc.
................
345,887
1,470,020
COPT
Defense
Properties
.............
1,014,919
24,185,520
Douglas
Emmett,
Inc.
................
1,162,648
14,835,388
Easterly
Government
Properties,
Inc.
.....
845,809
9,667,597
Equity
Commonwealth
...............
940,526
17,277,463
Hudson
Pacific
Properties,
Inc.
..........
1,247,984
8,299,094
JBG
SMITH
Properties
...............
991,973
14,343,929
Office
Properties
Income
Trust
..........
429,109
1,759,347
Orion
Office
REIT,
Inc.
...............
522,242
2,720,881
Paramount
Group,
Inc.
...............
1,680,009
7,761,641
Peakstone
Realty
Trust,
Class
E,
NVS
(b)
...
322,773
5,370,943
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
..
1,126,710
6,332,110
Postal
Realty
Trust,
Inc.,
Class
A
........
167,718
2,264,193
SL
Green
Realty
Corp.
(b)
..............
546,332
20,378,184
143,568,812
Oil,
Gas
&
Consumable
Fuels
—
8.3%
Amplify
Energy
Corp.
(a)(b)
..............
320,736
2,357,410
Ardmore
Shipping
Corp.
..............
367,743
4,784,336
Berry
Corp.
.......................
686,050
5,625,610
California
Resources
Corp.
............
644,415
36,093,684
Callon
Petroleum
Co.
(a)(b)
..............
552,371
21,608,754
Centrus
Energy
Corp.,
Class
A
(a)(b)
.......
110,103
6,249,446
Chord
Energy
Corp.
.................
374,906
60,761,015
Civitas
Resources,
Inc.
...............
620,286
50,162,529
Clean
Energy
Fuels
Corp.
(a)(b)
...........
1,521,974
5,829,160
CNX
Resources
Corp.
(a)(b)
.............
1,429,162
32,270,478
Comstock
Resources,
Inc.
.............
826,201
9,112,997
CONSOL
Energy,
Inc.
................
300,033
31,476,462
Crescent
Energy,
Inc.,
Class
A
..........
213,951
2,704,341
CVR
Energy,
Inc.
...................
22,117
752,642
Delek
US
Holdings,
Inc.
..............
588,241
16,711,927
DHT
Holdings,
Inc.
..................
1,228,364
12,652,149
Dorian
LPG
Ltd.
....................
116,224
3,339,116
Earthstone
Energy,
Inc.,
Class
A
(a)(b)
......
510,025
10,322,906
Encore
Energy
Corp.
(a)(b)
..............
1,278,490
4,167,877
Energy
Fuels,
Inc.
(a)(b)
................
198,288
1,629,927
Equitrans
Midstream
Corp.
............
2,781,136
26,059,244
Excelerate
Energy,
Inc.,
Class
A
.........
34,931
595,224
FLEX
LNG
Ltd.
....................
83,037
2,504,396
Gevo,
Inc.
(a)(b)
.....................
2,151,930
2,560,797
Golar
LNG
Ltd.
....................
849,455
20,607,778
Granite
Ridge
Resources,
Inc.
..........
231,733
1,413,571
Green
Plains,
Inc.
(a)(b)
................
429,801
12,937,010
Gulfport
Energy
Corp.
(a)(b)
.............
98,242
11,657,396
Hallador
Energy
Co.
(a)(b)
...............
205,858
2,968,472
HighPeak
Energy,
Inc.
(b)
..............
17,478
295,029
International
Seaways,
Inc.
............
363,711
16,366,995
Kinetik
Holdings,
Inc.,
Class
A
..........
137,297
4,633,774
Magnolia
Oil
&
Gas
Corp.,
Class
A
.......
107,334
2,459,022
Matador
Resources
Co.
..............
837,112
49,791,422
Murphy
Oil
Corp.
...................
1,331,906
60,401,937
NACCO
Industries,
Inc.,
Class
A
.........
37,364
1,310,356
Nordic
American
Tankers
Ltd.
..........
1,835,137
7,560,764
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Northern
Oil
&
Gas,
Inc.
..............
89,487
$
3,600,062
Overseas
Shipholding
Group,
Inc.,
Class
A
(a)
551,030
2,419,022
Par
Pacific
Holdings,
Inc.
(a)
............
306,408
11,012,304
PBF
Energy,
Inc.,
Class
A
.............
1,019,822
54,591,072
Peabody
Energy
Corp.
...............
1,116,583
29,019,992
Permian
Resources
Corp.,
Class
A
.......
2,087,276
29,138,373
PrimeEnergy
Resources
Corp.
(a)(b)
........
6,189
717,862
REX
American
Resources
Corp.
(a)
.......
103,238
4,203,851
Ring
Energy,
Inc.
(a)(b)
.................
1,101,737
2,148,387
SandRidge
Energy,
Inc.
..............
219,574
3,438,529
Scorpio
Tankers,
Inc.
................
443,040
23,977,325
SFL
Corp.
Ltd.
.....................
1,029,376
11,477,542
SilverBow
Resources,
Inc.
(a)(b)
..........
142,911
5,111,926
Sitio
Royalties
Corp.,
Class
A
...........
403,396
9,766,217
SM
Energy
Co.
....................
1,075,141
42,629,341
Talos
Energy,
Inc.
(a)(b)
................
992,903
16,323,325
Teekay
Corp.
(a)(b)
...................
592,748
3,657,255
Teekay
Tankers
Ltd.,
Class
A
...........
213,891
8,904,282
Tellurian,
Inc.
(a)(b)
...................
4,513,425
5,235,573
Uranium
Energy
Corp.
(a)(b)
.............
3,289,018
16,938,443
VAALCO
Energy,
Inc.
................
866,576
3,804,269
Verde
Clean
Fuels,
Inc.,
Class
A
(a)(b)
......
42,407
159,874
Vital
Energy,
Inc.
(a)(b)
.................
152,684
8,461,747
Vitesse
Energy,
Inc.
.................
224,602
5,141,140
World
Kinect
Corp.
..................
552,785
12,398,968
857,012,634
Paper
&
Forest
Products
—
0.1%
(a)
Clearwater
Paper
Corp.
..............
151,506
5,492,093
Glatfelter
Corp.
....................
411,777
823,554
6,315,647
Passenger
Airlines
—
0.7%
Allegiant
Travel
Co.
.................
127,853
9,826,782
Blade
Air
Mobility,
Inc.,
Class
A
(a)
........
542,821
1,405,906
Hawaiian
Holdings,
Inc.
(a)(b)
............
457,107
2,893,487
JetBlue
Airways
Corp.
(a)(b)
.............
2,951,284
13,575,906
Joby
Aviation,
Inc.,
Class
A
(a)(b)
..........
1,673,613
10,794,804
SkyWest,
Inc.
(a)
....................
395,813
16,600,397
Spirit
Airlines,
Inc.
..................
985,733
16,264,595
Sun
Country
Airlines
Holdings,
Inc.
(a)(b)
.....
147,938
2,195,400
73,557,277
Personal
Care
Products
—
0.7%
BellRing
Brands,
Inc.
(a)
...............
880,541
36,304,706
Edgewell
Personal
Care
Co.
...........
458,719
16,954,254
Herbalife
Ltd.
(a)(b)
...................
236,895
3,314,161
Nature's
Sunshine
Products,
Inc.
(a)
.......
116,569
1,931,548
Nu
Skin
Enterprises,
Inc.,
Class
A
........
453,792
9,624,928
Thorne
HealthTech,
Inc.
(a)(b)
............
56,623
576,989
Waldencast
plc,
Class
A
(a)(b)
............
309,336
2,913,945
71,620,531
Pharmaceuticals
—
0.8%
Amneal
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
..
1,090,532
4,602,045
ANI
Pharmaceuticals,
Inc.
(a)
............
30,205
1,753,702
Arvinas,
Inc.
(a)(b)
....................
24,422
479,648
Assertio
Holdings,
Inc.
(a)(b)
.............
792,498
2,028,795
Atea
Pharmaceuticals,
Inc.
(a)
...........
683,377
2,050,131
Biote
Corp.,
Class
A
(a)(b)
...............
72,168
369,500
Cara
Therapeutics,
Inc.
(a)
.............
423,292
711,131
Citius
Pharmaceuticals,
Inc.
(a)(b)
.........
937,613
641,702
Edgewise
Therapeutics,
Inc.
(a)(b)
.........
378,020
2,166,055
Enliven
Therapeutics,
Inc.
(a)(b)
...........
205,125
2,802,007
EyePoint
Pharmaceuticals,
Inc.
(a)(b)
.......
104,011
831,048
Ikena
Oncology,
Inc.
(a)
................
218,839
947,573
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Innoviva,
Inc.
(a)(b)
...................
483,486
$
6,280,483
Ligand
Pharmaceuticals,
Inc.
(a)
..........
127,374
7,632,250
Liquidia
Corp.
(a)(b)
...................
117,330
743,872
Longboard
Pharmaceuticals,
Inc.
(a)
.......
79,704
443,154
NGM
Biopharmaceuticals,
Inc.
(a)(b)
........
404,526
432,843
Nuvation
Bio,
Inc.,
Class
A
(a)
...........
1,322,300
1,771,882
Omeros
Corp.
(a)(b)
...................
309,399
903,445
Phathom
Pharmaceuticals,
Inc.
(a)(b)
.......
205,358
2,129,562
Phibro
Animal
Health
Corp.,
Class
A
......
121,148
1,547,060
Prestige
Consumer
Healthcare,
Inc.
(a)(b)
....
447,054
25,567,018
Rain
Oncology,
Inc.
(a)
................
146,715
126,439
Scilex
Holding
Co.,
(Acquired
01/06/23
,
cost
$6,061,469)
(a)(b)(d)
.................
578,384
795,568
Taro
Pharmaceutical
Industries
Ltd.
(a)(b)
....
72,805
2,745,477
Tarsus
Pharmaceuticals,
Inc.
(a)(b)
.........
211,490
3,758,177
Terns
Pharmaceuticals,
Inc.
(a)
...........
126,723
637,417
Theravance
Biopharma,
Inc.
(a)(b)
.........
507,866
4,382,884
Theseus
Pharmaceuticals,
Inc.
(a)(b)
.......
177,297
476,929
Third
Harmonic
Bio,
Inc.
(a)
.............
183,302
1,171,300
Trevi
Therapeutics,
Inc.
(a)(b)
............
380,720
829,970
WaVe
Life
Sciences
Ltd.
(a)
.............
535,886
3,081,344
Zevra
Therapeutics,
Inc.
(a)(b)
............
298,139
1,437,030
86,277,441
Professional
Services
—
1.1%
Alight,
Inc.,
Class
A
(a)(b)
...............
3,578,162
25,369,169
ASGN,
Inc.
(a)(b)
.....................
319,787
26,120,202
Asure
Software,
Inc.
(a)
................
139,138
1,316,245
Barrett
Business
Services,
Inc.
..........
5,839
526,911
BlackSky
Technology,
Inc.,
Class
A
(a)(b)
.....
1,076,685
1,259,721
Conduent,
Inc.
(a)(b)
..................
1,554,161
5,408,480
First
Advantage
Corp.
................
446,382
6,155,608
FiscalNote
Holdings,
Inc.,
Class
A
(a)(b)
.....
446,432
928,579
Heidrick
&
Struggles
International,
Inc.
....
178,076
4,455,461
HireRight
Holdings
Corp.
(a)(b)
...........
129,512
1,231,659
Kelly
Services,
Inc.,
Class
A,
NVS
.......
287,521
5,230,007
Korn
Ferry
.......................
467,650
22,185,316
Mistras
Group,
Inc.
(a)(b)
...............
194,599
1,060,565
NV5
Global,
Inc.
(a)
..................
12,817
1,233,380
Planet
Labs
PBC,
Class
A
(a)(b)
...........
168,666
438,532
Resources
Connection,
Inc.
............
294,706
4,394,066
Skillsoft
Corp.,
Class
A
(a)
..............
842,502
746,794
Sterling
Check
Corp.
(a)(b)
..............
263,372
3,323,755
TrueBlue,
Inc.
(a)
....................
271,608
3,984,489
Willdan
Group,
Inc.
(a)(b)
...............
109,281
2,232,611
117,601,550
Real
Estate
Management
&
Development
—
0.9%
American
Realty
Investors,
Inc.
(a)
........
14,759
215,777
Anywhere
Real
Estate,
Inc.
(a)(b)
..........
876,430
5,635,445
Compass,
Inc.,
Class
A
(a)(b)
............
401,721
1,164,991
Cushman
&
Wakefield
plc
(a)
............
1,102,657
8,402,246
DigitalBridge
Group,
Inc.,
Class
A
(b)
.......
993,576
17,467,066
Douglas
Elliman,
Inc.
................
727,781
1,644,785
Forestar
Group,
Inc.
(a)
................
162,897
4,388,445
FRP
Holdings,
Inc.
(a)
.................
58,051
3,133,013
Kennedy-Wilson
Holdings,
Inc.
..........
1,075,684
15,855,582
Marcus
&
Millichap,
Inc.
(b)
.............
135,048
3,962,308
Newmark
Group,
Inc.,
Class
A
..........
1,250,005
8,037,532
Opendoor
Technologies,
Inc.
(a)(b)
.........
4,632,533
12,229,887
RE/MAX
Holdings,
Inc.,
Class
A
.........
159,036
2,057,926
RMR
Group,
Inc.
(The),
Class
A
.........
47,012
1,152,734
Stratus
Properties,
Inc.
(a)
..............
53,280
1,459,872
Tejon
Ranch
Co.
(a)
..................
184,870
2,998,591
2023
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
Transcontinental
Realty
Investors,
Inc.
(a)
...
14,822
$
453,850
90,260,050
Residential
REITs
—
0.8%
Apartment
Investment
&
Management
Co.,
Class
A
(a)
......................
1,315,699
8,946,753
BRT
Apartments
Corp.
...............
113,773
1,964,860
Centerspace
......................
137,597
8,291,595
Clipper
Realty,
Inc.
..................
31,161
161,414
Elme
Communities
..................
791,087
10,790,427
Independence
Realty
Trust,
Inc.
.........
2,021,998
28,449,512
NexPoint
Residential
Trust,
Inc.
.........
144,578
4,652,520
UMH
Properties,
Inc.
................
421,406
5,908,112
Veris
Residential,
Inc.
................
713,126
11,766,579
80,931,772
Retail
REITs
—
2.1%
Acadia
Realty
Trust
.................
848,849
12,180,983
CBL
&
Associates
Properties,
Inc.
........
63,378
1,329,670
Getty
Realty
Corp.
(b)
.................
407,413
11,297,562
InvenTrust
Properties
Corp.
............
618,529
14,727,176
Kite
Realty
Group
Trust
...............
1,950,917
41,788,642
Macerich
Co.
(The)
.................
1,941,631
21,183,194
NETSTREIT
Corp.
..................
608,171
9,475,304
Phillips
Edison
&
Co.,
Inc.
.............
879,696
29,505,004
Retail
Opportunity
Investments
Corp.
.....
1,120,191
13,867,965
RPT
Realty
.......................
780,798
8,245,227
Saul
Centers,
Inc.
..................
12,659
446,483
SITE
Centers
Corp.
.................
1,723,135
21,246,255
Tanger
Factory
Outlet
Centers,
Inc.
.......
491,127
11,099,470
Urban
Edge
Properties
...............
1,039,580
15,863,991
Whitestone
REIT
...................
452,692
4,359,424
216,616,350
Semiconductors
&
Semiconductor
Equipment
—
1.8%
ACM
Research,
Inc.,
Class
A
(a)(b)
.........
363,039
6,572,821
Alpha
&
Omega
Semiconductor
Ltd.
(a)
.....
210,504
6,281,439
Ambarella,
Inc.
(a)
...................
132,421
7,022,286
Amkor
Technology,
Inc.
...............
919,637
20,783,796
Atomera,
Inc.
(a)(b)
...................
51,128
320,061
CEVA,
Inc.
(a)(b)
.....................
27,599
535,145
Cohu,
Inc.
(a)
......................
417,499
14,378,666
Diodes,
Inc.
(a)(b)
....................
87,381
6,889,118
Ichor
Holdings
Ltd.
(a)(b)
................
258,486
8,002,727
indie
Semiconductor,
Inc.,
Class
A
(a)(b)
.....
72,327
455,660
Kulicke
&
Soffa
Industries,
Inc.
..........
148,023
7,198,359
Maxeon
Solar
Technologies
Ltd.
(a)(b)
.......
88,246
1,022,771
Navitas
Semiconductor
Corp.
(a)(b)
........
827,475
5,750,951
NVE
Corp.
.......................
3,495
287,079
Onto
Innovation,
Inc.
(a)(b)
..............
62,816
8,010,296
Photronics,
Inc.
(a)
...................
546,911
11,053,071
Semtech
Corp.
(a)(b)
..................
573,792
14,775,144
SMART
Global
Holdings,
Inc.
(a)(b)
........
340,821
8,298,991
Synaptics,
Inc.
(a)
...................
324,390
29,013,442
Ultra
Clean
Holdings,
Inc.
(a)
............
396,361
11,760,031
Veeco
Instruments,
Inc.
(a)
.............
455,211
12,795,981
181,207,835
Software
—
0.9%
ACI
Worldwide,
Inc.
(a)
................
130,816
2,951,209
Adeia,
Inc.
.......................
121,205
1,294,469
American
Software,
Inc.,
Class
A
........
64,907
743,834
Aurora
Innovation,
Inc.,
Class
A
(a)(b)
.......
2,992,660
7,032,751
Bit
Digital,
Inc.
(a)(b)
...................
505,206
1,081,141
C3.ai,
Inc.,
Class
A
(a)(b)
...............
131,477
3,355,293
Cerence,
Inc.
(a)(b)
...................
364,082
7,416,350
Security
Shares
Shares
Value
Software
(continued)
Cipher
Mining,
Inc.
(a)(b)
................
379,693
$
884,685
Cleanspark,
Inc.
(a)(b)
.................
873,938
3,329,704
CommVault
Systems,
Inc.
(a)
............
25,550
1,727,435
Consensus
Cloud
Solutions,
Inc.
(a)(b)
......
78,665
1,980,785
CS
Disco,
Inc.
(a)(b)
...................
213,588
1,418,224
Digital
Turbine,
Inc.
(a)
................
627,546
3,796,653
E2open
Parent
Holdings,
Inc.,
Class
A
(a)(b)
..
1,538,977
6,986,956
Ebix,
Inc.
........................
179,334
1,771,820
EverCommerce,
Inc.
(a)(b)
..............
58,959
591,359
LiveRamp
Holdings,
Inc.
(a)
.............
592,002
17,073,338
Matterport,
Inc.,
Class
A
(a)(b)
............
2,269,886
4,925,653
MeridianLink,
Inc.
(a)(b)
................
79,063
1,348,815
Mitek
Systems,
Inc.
(a)(b)
...............
24,378
261,332
N-able,
Inc.
(a)
......................
72,341
933,199
NextNav,
Inc.
(a)(b)
...................
29,902
153,696
Olo,
Inc.,
Class
A
(a)(b)
.................
402,862
2,441,344
ON24,
Inc.
.......................
304,084
1,924,852
OneSpan,
Inc.
(a)
....................
28,326
304,504
PROS
Holdings,
Inc.
(a)(b)
..............
115,174
3,987,324
Riot
Platforms,
Inc.
(a)(b)
...............
464,717
4,335,810
SolarWinds
Corp.
(a)
.................
461,311
4,354,776
Terawulf,
Inc.
(a)(b)
...................
1,214,675
1,530,490
Verint
Systems,
Inc.
(a)(b)
...............
39,327
904,128
Xperi,
Inc.
(a)(b)
.....................
393,725
3,882,128
94,724,057
Specialized
REITs
—
0.8%
Farmland
Partners,
Inc.
..............
438,439
4,498,384
Four
Corners
Property
Trust,
Inc.
........
702,882
15,596,951
Gladstone
Land
Corp.
...............
305,608
4,348,802
Outfront
Media,
Inc.
.................
717,567
7,247,427
PotlatchDeltic
Corp.
.................
709,733
32,214,781
Safehold,
Inc.
.....................
396,915
7,065,087
Uniti
Group,
Inc.
...................
2,134,322
10,074,000
81,045,432
Specialty
Retail
—
3.3%
1-800-Flowers.com,
Inc.,
Class
A
(a)(b)
......
227,509
1,592,563
Aaron's
Co.,
Inc.
(The)
...............
278,221
2,912,974
Abercrombie
&
Fitch
Co.,
Class
A
(a)(b)
......
210,281
11,853,540
American
Eagle
Outfitters,
Inc.
..........
1,266,815
21,041,797
America's
Car-Mart,
Inc.
(a)(b)
............
54,014
4,914,734
Asbury
Automotive
Group,
Inc.
(a)(b)
........
185,443
42,664,871
BARK,
Inc.
(a)(b)
.....................
1,195,026
1,434,031
Big
5
Sporting
Goods
Corp.
(b)
...........
201,860
1,415,039
Build-A-Bear
Workshop,
Inc.
...........
24,624
724,192
Caleres,
Inc.
......................
310,802
8,938,666
Carvana
Co.,
Class
A
(a)(b)
..............
480,423
20,168,158
Cato
Corp.
(The),
Class
A
.............
152,081
1,164,940
Chico's
FAS,
Inc.
(a)(b)
.................
1,081,510
8,089,695
Children's
Place,
Inc.
(The)
(a)(b)
..........
106,857
2,888,345
Designer
Brands,
Inc.,
Class
A
(b)
.........
445,851
5,644,474
Destination
XL
Group,
Inc.
(a)(b)
..........
524,596
2,350,190
Duluth
Holdings,
Inc.,
Class
B
(a)(b)
........
114,646
689,022
EVgo,
Inc.,
Class
A
(a)(b)
...............
789,457
2,668,365
Foot
Locker,
Inc.
...................
737,996
12,804,231
Genesco,
Inc.
(a)(b)
...................
109,454
3,373,372
Group
1
Automotive,
Inc.
(b)
.............
124,833
33,543,875
GrowGeneration
Corp.
(a)(b)
.............
527,334
1,539,815
Guess?,
Inc.
(b)
.....................
230,895
4,996,568
Haverty
Furniture
Cos.,
Inc.
............
131,588
3,787,103
Hibbett,
Inc.
......................
19,177
911,099
J
Jill,
Inc.
(a)(b)
......................
39,431
1,167,158
Lands'
End,
Inc.
(a)(b)
.................
141,573
1,057,550
Lazydays
Holdings,
Inc.
(a)(b)
............
111,444
846,974
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Leslie's,
Inc.
(a)(b)
....................
1,459,972
$
8,263,441
MarineMax,
Inc.
(a)(b)
.................
190,561
6,254,212
Monro,
Inc.
(b)
......................
281,529
7,818,060
National
Vision
Holdings,
Inc.
(a)
.........
646,196
10,455,451
ODP
Corp.
(The)
(a)(b)
.................
296,498
13,683,383
OneWater
Marine,
Inc.,
Class
A
(a)(b)
.......
104,127
2,667,734
Overstock.com,
Inc.
(a)(b)
...............
403,838
6,388,717
PetMed
Express,
Inc.
................
189,835
1,945,809
Rent
the
Runway,
Inc.,
Class
A
(a)(b)
.......
399,898
272,171
Sally
Beauty
Holdings,
Inc.
(a)(b)
..........
58,598
491,051
Shoe
Carnival,
Inc.
..................
164,128
3,943,996
Signet
Jewelers
Ltd.
(b)
................
400,115
28,732,258
Sleep
Number
Corp.
(a)(b)
..............
89,268
2,195,100
Sonic
Automotive,
Inc.,
Class
A
.........
140,180
6,694,997
Sportsman's
Warehouse
Holdings,
Inc.
(a)(b)
..
340,751
1,529,972
Stitch
Fix,
Inc.,
Class
A
(a)(b)
.............
406,874
1,403,715
ThredUp,
Inc.,
Class
A
(a)(b)
.............
544,649
2,184,042
Tile
Shop
Holdings,
Inc.
(a)
.............
252,389
1,385,616
Tilly's,
Inc.,
Class
A
(a)
................
194,247
1,577,286
Upbound
Group,
Inc.
................
29,470
867,891
Urban
Outfitters,
Inc.
(a)
...............
379,885
12,418,441
Winmark
Corp.
....................
25,346
9,457,353
Zumiez,
Inc.
(a)
.....................
147,468
2,624,930
338,438,967
Technology
Hardware,
Storage
&
Peripherals
—
0.4%
Avid
Technology,
Inc.
(a)(b)
..............
91,876
2,468,708
CompoSecure,
Inc.,
Class
A
(a)(b)
.........
15,035
96,976
Eastman
Kodak
Co.
(a)(b)
...............
515,900
2,171,939
Immersion
Corp.
...................
279,512
1,847,574
Intevac,
Inc.
(a)
.....................
225,488
701,268
IonQ,
Inc.
(a)(b)
......................
1,215,102
18,080,718
Turtle
Beach
Corp.
(a)(b)
................
141,189
1,281,290
Xerox
Holdings
Corp.
................
1,033,897
16,221,844
42,870,317
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
Allbirds,
Inc.,
Class
A
(a)(b)
..............
818,916
908,997
Figs,
Inc.,
Class
A
(a)(b)
................
146,225
862,727
Fossil
Group,
Inc.
(a)
.................
446,119
919,005
G-III
Apparel
Group
Ltd.
(a)
.............
371,876
9,267,150
Hanesbrands,
Inc.
..................
1,054,448
4,175,614
Movado
Group,
Inc.
.................
137,737
3,767,107
Oxford
Industries,
Inc.
...............
33,030
3,175,174
Rocky
Brands,
Inc.
..................
63,084
927,335
Vera
Bradley,
Inc.
(a)
.................
226,899
1,499,802
Wolverine
World
Wide,
Inc.
............
68,614
553,029
26,055,940
Tobacco
—
0.2%
Universal
Corp.
....................
216,595
10,225,450
Vector
Group
Ltd.
..................
1,068,917
11,373,277
21,598,727
Trading
Companies
&
Distributors
—
2.5%
Beacon
Roofing
Supply,
Inc.
(a)(b)
.........
433,175
33,428,115
BlueLinx
Holdings,
Inc.
(a)(b)
.............
78,284
6,426,334
Boise
Cascade
Co.
.................
356,127
36,695,326
Distribution
Solutions
Group,
Inc.
(a)(b)
......
5,028
130,728
DXP
Enterprises,
Inc.
(a)
...............
126,441
4,417,849
EVI
Industries,
Inc.
(a)
.................
6,958
172,698
GATX
Corp.
......................
296,289
32,245,132
Global
Industrial
Co.
.................
24,746
828,991
GMS,
Inc.
(a)
.......................
252,295
16,139,311
Hudson
Technologies,
Inc.
(a)
...........
331,044
4,402,885
MRC
Global,
Inc.
(a)(b)
.................
496,338
5,087,465
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
NOW,
Inc.
(a)
......................
961,935
$
11,418,168
Rush
Enterprises,
Inc.,
Class
A
.........
555,199
22,668,775
Rush
Enterprises,
Inc.,
Class
B
.........
84,032
3,805,809
Textainer
Group
Holdings
Ltd.
..........
376,565
14,027,046
Titan
Machinery,
Inc.
(a)
...............
181,633
4,827,805
Triton
International
Ltd.
(c)
..............
420,843
34,620,620
Veritiv
Corp.
......................
117,750
19,887,975
Willis
Lease
Finance
Corp.
(a)(b)
..........
27,631
1,168,791
Xometry,
Inc.,
Class
A
(a)(b)
.............
270,208
4,588,132
256,987,955
Water
Utilities
—
0.4%
Artesian
Resources
Corp.,
Class
A,
NVS
...
18,855
791,721
California
Water
Service
Group
.........
353,060
16,703,269
Consolidated
Water
Co.
Ltd.
...........
96,905
2,755,978
SJW
Group
.......................
285,929
17,187,192
37,438,160
Wireless
Telecommunication
Services
—
0.3%
Gogo,
Inc.
(a)
......................
539,339
6,434,314
Shenandoah
Telecommunications
Co.
(b)
....
435,389
8,973,367
Spok
Holdings,
Inc.
.................
163,728
2,336,399
Telephone
&
Data
Systems,
Inc.
.........
888,483
16,268,124
Tingo
Group,
Inc.
(a)(b)
.................
1,088,601
1,115,816
35,128,020
Total
Common
Stocks
—
99.7%
(Cost:
$12,047,805,032)
...........................
10,299,309,424
Rights
Biotechnology
—
0.0%
Contra
Aduro
Biotech
I,
CVR
(a)(c)
.........
19,180
48,698
Pharmaceuticals
—
0.0%
Contra
Chinook
Therape,
CVR
(a)(c)
........
381,225
163,927
Total
Rights
—
0.0%
(Cost:
$148,678)
................................
212,625
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)
.....
42,563
1,167,928
Chord
Energy
Corp.
(Issued/Exercisable
09/01/20,
1
Share
for
1
Warrant,
Expires
09/01/25,
Strike
Price
USD
133.70)
....
21,281
377,738
Total
Warrants
—
0.0%
(Cost:
$5,241,813)
..............................
1,545,666
Total
Long-Term
Investments
—
99.7%
(Cost:
$12,053,195,523)
...........................
10,301,067,715
2023
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
52
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
9.3%
(e)(f)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(g)
............
876,001,984
$
876,352,384
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
..................
88,901,938
88,901,938
Total
Short-Term
Securities
—
9.3%
(Cost:
$964,779,098)
.............................
965,254,322
Total
Investments
—
109.0%
(Cost:
$13,017,974,621
)
...........................
11,266,322,037
Liabilities
in
Excess
of
Other
Assets
—
(9.0)%
............
(929,888,434)
Net
Assets
—
100.0%
..............................
$
10,336,433,603
(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)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$795,568,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$6,061,469.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
03/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
1,029,227,065
$
—
$
(152,940,614)
(a)
$
81,917
$
(15,984)
$
876,352,384
876,001,984
$
8,007,194
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
35,812,559
53,089,379
(a)
—
—
—
88,901,938
88,901,938
600,824
—
$
81,917
$
(15,984)
$
965,254,322
$
8,608,018
$
—
—
—
(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,
2023
iShares
®
Russell
2000
Value
ETF
Schedules
of
Investments
53
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
....................................................
684
12/15/23
$
61,512
$
(7,800)
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)
......
$
—
$
—
$
7,800
$
—
$
—
$
—
$
7,800
(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,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(872,403)
$
—
$
—
$
—
$
(872,403)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(762,771)
$
—
$
—
$
—
$
(762,771)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
51,506,390
2023
ishares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Russell
2000
Value
ETF
54
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
10,263,857,241
$
795,568
$
34,656,615
$
10,299,309,424
Rights
................................................
—
—
212,625
212,625
Warrants
..............................................
1,545,666
—
—
1,545,666
Short-Term
Securities
Money
Market
Funds
......................................
965,254,322
—
—
965,254,322
$
11,230,657,229
$
795,568
$
34,869,240
$
11,266,322,037
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(7,800)
$
—
$
—
$
(7,800)
(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,
2023
55
Financial
Statements
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)
.........................................................
$
51,072,600,899‌
$
9,403,846,241‌
$
10,301,067,715‌
Investments,
at
value
—
affiliated
(c)
............................................................
6,332,259,269‌
1,492,402,739‌
965,254,322‌
Cash  
...............................................................................
4,046,128‌
2,206,977‌
34,017‌
Cash
pledged:
Futures
contracts
......................................................................
14,721,000‌
1,378,000‌
4,492,000‌
Receivables:
–‌
–‌
–‌
Securities
lending
income
—
affiliated
........................................................
4,559,979‌
1,081,908‌
686,712‌
Capital
shares
sold
.....................................................................
18,125,486‌
—‌
—‌
Dividends
—
unaffiliated
.................................................................
54,211,688‌
2,446,938‌
18,758,568‌
Dividends
—
affiliated
...................................................................
445,463‌
56,482‌
138,813‌
Total
assets
...........................................................................
57,500,969,912‌
10,903,419,285‌
11,290,432,147‌
LIABILITIES
Collateral
on
securities
loaned
...............................................................
5,928,380,911‌
1,457,896,843‌
875,937,240‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
50,368,779‌
2,381,222‌
2,427,981‌
Capital
shares
redeemed
.................................................................
95,663,071‌
—‌
1,174,088‌
Income
dividend
distributions
..............................................................
236,105,329‌
18,992,159‌
71,970,871‌
Investment
advisory
fees
.................................................................
8,199,247‌
1,887,266‌
2,121,803‌
Variation
margin
on
futures
contracts
.........................................................
898,931‌
105,168‌
366,561‌
Total
liabilities
..........................................................................
6,319,616,268‌
1,481,262,658‌
953,998,544‌
Commitments
and
contingent
liabilities
—‌
—‌
—‌
NET
ASSETS
..........................................................................
$
51,181,353,644‌
$
9,422,156,627‌
$
10,336,433,603‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................................
$
90,290,481,243‌
$
13,463,000,763‌
$
13,966,356,612‌
Accumulated
loss
.......................................................................
(39,109,127,599‌)
(4,040,844,136‌)
(3,629,923,009‌)
NET
ASSETS
..........................................................................
$
51,181,353,644‌
$
9,422,156,627‌
$
10,336,433,603‌
NET
ASSET
VALUE
Shares
outstanding
......................................................................
289,600,000‌
42,000,000‌
76,250,000‌
Net
asset
value
.........................................................................
$
176.73‌
$
224.34‌
$
135.56‌
Shares
authorized
.......................................................................
Unlimited
Unlimited
Unlimited
Par
value
.............................................................................
None
None
None
(a)
  Investments,
at
cost
—
unaffiliated
..........................................................
$
75,192,442,055‌
$
10,386,050,036‌
$
12,053,195,523‌
(b)
  Securities
loaned,
at
value
................................................................
$
5,708,398,896‌
$
1,409,508,656‌
$
836,469,970‌
(c)
  Investments,
at
cost
—
affiliated
............................................................
$
6,328,515,174‌
$
1,491,553,546‌
$
964,779,098‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
September
30,
2023
2023
iShares
Semi-Annual
Report
to
Shareholders
56
See
notes
to
financial
statements.
iShares
Russell
2000
ETF
iShares
Russell
2000
Growth
ETF
iShares
Russell
2000
Value
ETF
INVESTMENT
INCOME
–
–
–
Dividends
—
unaffiliated
.................................................................
$
425,077,372‌
$
36,095,199‌
$
120,121,498‌
Dividends
—
affiliated
...................................................................
2,771,269‌
496,767‌
600,824‌
Interest
—
unaffiliated
...................................................................
429,832‌
73,464‌
85,066‌
Securities
lending
income
—
affiliated
—
net
...................................................
42,617,776‌
9,120,576‌
8,007,194‌
Foreign
taxes
withheld
..................................................................
(594,696‌)
(87,112‌)
(150,144‌)
Total
investment
income
...................................................................
470,301,553‌
45,698,894‌
128,664,438‌
EXPENSES
Investment
advisory
....................................................................
50,291,731‌
11,602,918‌
13,320,041‌
Total
expenses
.........................................................................
50,291,731‌
11,602,918‌
13,320,041‌
Net
investment
income
....................................................................
420,009,822‌
34,095,976‌
115,344,397‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(544,398,397‌)
$
(118,856,048‌)
$
(107,322,386‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................................
(2,428,073,732‌)
(470,327,994‌)
(472,913,519‌)
Investments
—
affiliated
...............................................................
48,840‌
60,350‌
81,917‌
Futures
contracts
....................................................................
1,625,821‌
1,789,937‌
(872,403‌)
In-kind
redemptions
—
unaffiliated
(a)
.......................................................
2,269,888,242‌
304,240,859‌
266,723,336‌
(156,510,829‌)
(164,236,848‌)
(206,980,669‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................................
(384,119,651‌)
46,206,708‌
100,437,036‌
Investments
—
affiliated
...............................................................
575,323‌
80,113‌
(15,984‌)
Futures
contracts
....................................................................
(4,343,242‌)
(906,021‌)
(762,771‌)
(387,887,570‌)
45,380,800‌
99,658,281‌
Net
realized
and
unrealized
loss
..............................................................
(544,398,399‌)
(118,856,048‌)
(107,322,388‌)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..........................
$
(124,388,577‌)
$
(84,760,072‌)
$
8,022,009‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets

57
Financial
Statements
See
notes
to
financial
statements.
iShares
Russell
2000
ETF
iShares
Russell
2000
Growth
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
420,009,822‌
$
785,729,779‌
$
34,095,976‌
$
76,608,260‌
Net
realized
loss
................................................
(156,510,829‌)
(1,592,131,820‌)
(164,236,848‌)
(1,078,230,843‌)
Net
change
in
unrealized
appreciation
(depreciation)
........................
(387,887,570‌)
(6,402,013,183‌)
45,380,800‌
(65,525,691‌)
Net
decrease
in
net
assets
resulting
from
operations
..........................
(124,388,577‌)
(7,208,415,224‌)
(84,760,072‌)
(1,067,148,274‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(384,943,634‌)
(820,928,177‌)
(33,388,716‌)
(b)
(78,266,196‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
1,982,110,820‌
(4,215,356,230‌)
162,083,221‌
(307,182,293‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
1,472,778,609‌
(12,244,699,631‌)
43,934,433‌
(1,452,596,763‌)
Beginning
of
period
................................................
49,708,575,035‌
61,953,274,666‌
9,378,222,194‌
10,830,818,957‌
End
of
period
....................................................
$
51,181,353,644‌
$
49,708,575,035‌
$
9,422,156,627‌
$
9,378,222,194‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Statements
of
Changes
in
Net
Assets
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
58
See
notes
to
financial
statements.
iShares
Russell
2000
Value
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
115,344,397‌
$
243,336,335‌
Net
realized
gain
(loss)
..............................................................................
(206,980,669‌)
482,054,675‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
99,658,281‌
(2,530,831,492‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
8,022,009‌
(1,805,440,482‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(122,358,000‌)
(b)
(262,828,957‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(994,760,994‌)
(1,144,200,441‌)
NET
ASSETS
Total
decrease
in
net
assets
............................................................................
(1,109,096,985‌)
(3,212,469,880‌)
Beginning
of
period
..................................................................................
11,445,530,588‌
14,658,000,468‌
End
of
period
......................................................................................
$
10,336,433,603‌
$
11,445,530,588‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
59
Financial
Highlights
See
notes
to
financial
statements.
iShares
Russell
2000
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
period
...............
$
178.62
‌
$
205.42
‌
$
220.43
‌
$
114.62
‌
$
153.10
‌
$
151.96
‌
Net
investment
income
(a)
.......................
1.47
‌
2.67
‌
1.97
‌
1.73
‌
1.83
‌
1.89
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.............
(2.02
)
(26.65
)
(14.89
)
106.10
‌
(38.22
)
1.18
‌
Net
increase
(decrease)
from
investment
operations
......
(0.55
)
(23.98
)
(12.92
)
107.83
‌
(36.39
)
3.07
‌
Distributions
from
net
investment
income
(c)
.............
(1.34
)
(2.82
)
(2.09
)
(2.02
)
(2.09
)
(1.93
)
Net
asset
value,
end
of
period
....................
$
176.73
‌
$
178.62
‌
$
205.42
‌
$
220.43
‌
$
114.62
‌
$
153.10
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
........................
(0.31
)%
(e)
(11.63
)%
(5.92
)%
94.67
%
(24.04
)%
2.01
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
0.19
%
(g)
0.19
%
0.19
%
0.19
%
0.19
%
0.19
%
Net
investment
income
..........................
1.60
%
(g)
1.47
%
0.90
%
1.01
%
1.19
%
1.21
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
51,181,354
‌
$
49,708,575
‌
$
61,953,275
‌
$
69,303,587
‌
$
32,602,673
‌
$
43,174,723
‌
Portfolio
turnover
rate
(h)
..........................
12
%
18
%
23
%
20
%
18
%
22
%
(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)
2023
iShares
Semi-Annual
Report
to
Shareholders
60
See
notes
to
financial
statements.
iShares
Russell
2000
Growth
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
period
................
$
227.08
‌
$
256.05
‌
$
300.18
‌
$
158.74
‌
$
196.60
‌
$
190.63
‌
Net
investment
income
(a)
........................
0.82
‌
1.80
‌
0.67
‌
1.02
‌
1.32
‌
1.21
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............
(2.76
)
(28.92
)
(43.86
)
141.60
‌
(37.65
)
6.04
‌
Net
increase
(decrease)
from
investment
operations
.......
(1.94
)
(27.12
)
(43.19
)
142.62
‌
(36.33
)
7.25
‌
Distributions
from
net
investment
income
(c)
..............
(0.80
)
(d)
(1.85
)
(0.94
)
(1.18
)
(1.53
)
(1.28
)
Net
asset
value,
end
of
period
.....................
$
224.34
‌
$
227.08
‌
$
256.05
‌
$
300.18
‌
$
158.74
‌
$
196.60
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
(0.86
)%
(f)
(10.55
)%
(14.42
)%
90.06
%
(18.61
)%
3.81
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.24
%
(h)
0.24
%
0.23
%
0.24
%
0.24
%
0.24
%
Net
investment
income
...........................
0.70
%
(h)
0.80
%
0.23
%
0.42
%
0.66
%
0.61
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
9,422,157
‌
$
9,378,222
‌
$
10,830,819
‌
$
12,082,282
‌
$
6,936,895
‌
$
9,171,566
‌
Portfolio
turnover
rate
(i)
...........................
30
%
35
%
40
%
35
%
33
%
35
%
(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)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
61
Financial
Highlights
See
notes
to
financial
statements.
iShares
Russell
2000
Value
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
period
................
$
137.24
‌
$
161.43
‌
$
159.14
‌
$
82.34
‌
$
119.84
‌
$
122.00
‌
Net
investment
income
(a)
........................
1.45
‌
2.89
‌
2.26
‌
1.84
‌
2.07
‌
2.18
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............
(1.56
)
(23.96
)
2.61
‌
77.01
‌
(37.17
)
(2.10
)
Net
increase
(decrease)
from
investment
operations
.......
(0.11
)
(21.07
)
4.87
‌
78.85
‌
(35.10
)
0.08
‌
Distributions
from
net
investment
income
(c)
..............
(1.57
)
(d)
(3.12
)
(2.58
)
(2.05
)
(2.40
)
(2.24
)
Net
asset
value,
end
of
period
.....................
$
135.56
‌
$
137.24
‌
$
161.43
‌
$
159.14
‌
$
82.34
‌
$
119.84
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
(0.09
)%
(f)
(13.04
)%
3.07
%
96.79
%
(29.79
)%
0.03
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.24
%
(h)
0.24
%
0.23
%
0.24
%
0.24
%
0.24
%
Net
investment
income
...........................
2.08
%
(h)
1.99
%
1.39
%
1.57
%
1.74
%
1.73
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
10,336,434
‌
$
11,445,531
‌
$
14,658,000
‌
$
16,319,316
‌
$
6,607,533
‌
$
9,107,939
‌
Portfolio
turnover
rate
(i)
...........................
24
%
32
%
35
%
28
%
25
%
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)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
(unaudited)
2023
iShares
Semi-Annual
Report
To
Shareholders
62
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. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
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,
2023
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes. 
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
 Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
 (the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
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:
iShares
ETF
Diversification
Classification
Russell
2000
........................................................................................................
Diversified
Russell
2000
Growth
..................................................................................................
Diversified
Russell
2000
Value
...................................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
63
Notes
to
Financial
Statements
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
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
To
Shareholders
64
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
.....................................
$
236,785,377‌
$
(236,785,377‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
39,207,620‌
(39,207,620‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
635,974‌
(635,974‌)
–‌
–‌
BNP
Paribas
SA
.......................................
551,528,890‌
(551,528,890‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
418,330,967‌
(418,330,967‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
24,223,962‌
(24,223,962‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
198,111,909‌
(198,111,909‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
3,185,611‌
(3,185,611‌)
–‌
–‌
Deutsche
Bank
Securities,
Inc.
.............................
195,379‌
(195,379‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
718,985,582‌
(718,985,582‌)
–‌
–‌
HSBC
Bank
PLC
......................................
60,737,710‌
(60,737,710‌)
–‌
–‌
ING
Financial
Markets
LLC
...............................
937,231‌
(937,231‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
1,077,747,105‌
(1,077,747,105‌)
–‌
–‌
Jefferies
LLC
.........................................
53,069,054‌
(53,069,054‌)
–‌
–‌
Mizuho
Securities
USA
LLC
...............................
2,078,661‌
(2,078,661‌)
–‌
–‌
Morgan
Stanley
.......................................
1,189,770,776‌
(1,189,770,776‌)
–‌
–‌
National
Financial
Services
LLC
............................
170,928,278‌
(170,928,278‌)
–‌
–‌
Natixis
SA
...........................................
69,599,668‌
(69,599,668‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
5,427,581‌
(5,427,581‌)
–‌
–‌
Pershing
LLC
.........................................
3,805,766‌
(3,805,766‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
135,420,025‌
(135,420,025‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
166,190,252‌
(166,190,252‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
9,103,388‌
(9,103,388‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
38,410,355‌
(38,410,355‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
223,795,574‌
(223,795,574‌)
–‌
–‌
UBS
AG
............................................
115,565,368‌
(115,565,368‌)
–‌
–‌
UBS
Securities
LLC
....................................
11,315,134‌
(11,315,134‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
14,037,887‌
(14,037,887‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
110,921,821‌
(110,921,821‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
58,345,991‌
(58,345,991‌)
–‌
–‌
$
5,708,398,896‌
$
(5,708,398,896‌)
$
–‌
$
–‌
Russell
2000
Growth
Barclays
Bank
PLC
.....................................
$
63,599,483‌
$
(63,599,483‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
4,982,786‌
(4,982,786‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
154,876‌
(154,876‌)
–‌
–‌
BNP
Paribas
SA
.......................................
89,022,101‌
(89,022,101‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
77,760,025‌
(77,760,025‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
10,432,963‌
(10,432,963‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
37,806,173‌
(37,806,173‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
9,131,516‌
(9,131,516‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
216,418,349‌
(216,418,349‌)
–‌
–‌
HSBC
Bank
PLC
......................................
26,203,274‌
(26,203,274‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
251,737,039‌
(251,737,039‌)
–‌
–‌
Jefferies
LLC
.........................................
8,972,360‌
(8,972,360‌)
–‌
–‌
Mizuho
Securities
USA
LLC
...............................
62,590‌
(62,590‌)
–‌
–‌
Morgan
Stanley
.......................................
278,190,460‌
(278,190,460‌)
–‌
–‌
National
Financial
Services
LLC
............................
50,645,176‌
(50,645,176‌)
–‌
–‌
Natixis
SA
...........................................
23,224,059‌
(23,224,059‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
218,168‌
(218,168‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
33,126,645‌
(33,126,645‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
49,754,958‌
(49,754,958‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
1,399,489‌
(1,399,489‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
29,143,811‌
(29,143,811‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
58,825,818‌
(58,825,818‌)
–‌
–‌
Notes
to
Financial
Statements
(unaudited)
(continued)
65
Notes
to
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
 Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
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)
UBS
AG
............................................
28,611,879‌
(28,611,879‌)
–‌
–‌
UBS
Securities
LLC
....................................
7,045,398‌
(7,045,398‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
1,920,993‌
(1,920,993‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
28,431,635‌
(28,431,635‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
22,686,632‌
(22,686,632‌)
–‌
–‌
$
1,409,508,656‌
$
(1,409,508,656‌)
$
–‌
$
–‌
Russell
2000
Value
Barclays
Bank
PLC
.....................................
$
41,865,150‌
$
(41,865,150‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
3,257,115‌
(3,257,115‌)
–‌
–‌
BNP
Paribas
SA
.......................................
54,371,219‌
(54,371,219‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
74,315,805‌
(74,315,805‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
3,390,483‌
(3,390,483‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
28,757,180‌
(28,757,180‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
136,955,849‌
(136,955,849‌)
–‌
–‌
HSBC
Bank
PLC
......................................
5,215,120‌
(5,215,120‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
150,400,975‌
(150,400,975‌)
–‌
–‌
Jefferies
LLC
.........................................
9,744,101‌
(9,744,101‌)
–‌
–‌
Mizuho
Securities
USA
LLC
...............................
158,837‌
(158,837‌)
–‌
–‌
Morgan
Stanley
.......................................
148,545,722‌
(148,545,722‌)
–‌
–‌
National
Financial
Services
LLC
............................
24,133,947‌
(24,133,947‌)
–‌
–‌
Natixis
SA
...........................................
6,756,318‌
(6,756,318‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
60,735‌
(60,735‌)
–‌
–‌
Pershing
LLC
.........................................
1,867,758‌
(1,867,758‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
20,986,657‌
(20,986,657‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
43,018,850‌
(43,018,850‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
838,886‌
(838,886‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
5,485,947‌
(5,485,947‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
40,302,970‌
(40,302,970‌)
–‌
–‌
UBS
AG
............................................
13,902,772‌
(13,902,772‌)
–‌
–‌
UBS
Securities
LLC
....................................
1,232,291‌
(1,232,291‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
1,756,227‌
(1,756,227‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
10,539,521‌
(10,539,521‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
8,609,535‌
(8,609,535‌)
–‌
–‌
$
836,469,970‌
$
(836,469,970‌)
$
–‌
$
–‌
(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)
2023
iShares
Semi-Annual
Report
To
Shareholders
66
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. The Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the six
months ended
September
30,
2023,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or 
trustees
of
the 
Trust
are
officers
and/or 
trustees
of
BlackRock
or
its
affiliates.
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
iShares
ETF
Amounts
Russell
2000
............................................................................................................
$
11,267,444‌
Russell
2000
Growth
......................................................................................................
2,428,146‌
Russell
2000
Value
.......................................................................................................
2,069,415‌
Notes
to
Financial
Statements
(unaudited)
(continued)
67
Notes
to
Financial
Statements
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,
2023,
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,
2023,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
September
30,
2023,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
September
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’ financial
statements.
;
As
of
March
31,
2023,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
and
qualified
late-year
losses 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.
As
of
September
30,
2023,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Russell
2000
.........................................................................
$
693,522,304‌
$
1,473,119,062‌
$
(23,696,883‌)
Russell
2000
Growth
...................................................................
1,358,503,090‌
1,753,264,839‌
(464,074,068‌)
Russell
2000
Value
....................................................................
1,227,035,162‌
1,427,099,688‌
(27,269,285‌)
iShares
ETF
Purchases
Sales
Russell
2000
.........................................................................................
$
6,260,512,869‌
$
6,115,131,397‌
Russell
2000
Growth
...................................................................................
2,907,390,088‌
2,896,962,484‌
Russell
2000
Value
....................................................................................
2,612,938,188‌
2,673,432,668‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Russell
2000
.........................................................................................
$
37,813,289,697‌
$
35,916,995,308‌
Russell
2000
Growth
...................................................................................
1,426,240,408‌
1,266,018,997‌
Russell
2000
Value
....................................................................................
965,402,048‌
1,865,261,337‌
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
Qualified
 Late-Year
Capital
Losses
Russell
2000
..........................................................................................
$
14,270,567,827‌
$
1,007,325‌
Russell
2000
Growth
....................................................................................
2,744,343,857‌
—‌
Russell
2000
Value
.....................................................................................
1,506,466,766‌
—‌
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Russell
2000
....................................................
$
82,116,624,732‌
$
770,688,218‌
$
(25,481,749,363‌)
$
(24,711,061,145‌)
Russell
2000
Growth
...............................................
12,028,313,650‌
782,712,834‌
(1,915,132,987‌)
(1,132,420,153‌)
Russell
2000
Value
................................................
13,175,021,237‌
831,830,303‌
(2,740,537,303‌)
(1,908,707,000‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
To
Shareholders
68
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
each
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
each
Fund,
and
each
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Each
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
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.
Geographic/Asset
Class
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.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the Funds
invest. 
Notes
to
Financial
Statements
(unaudited)
(continued)
69
Notes
to
Financial
Statements
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
09/30/23
Year
Ended
03/31/23
iShares
ETF
Shares
Amount
Shares
Amount
Russell
2000
Shares
sold
219,400,000‌
$
39,890,475,404‌
417,700,000‌
$
75,423,168,543‌
Shares
redeemed
(208,100,000‌)
(37,908,364,584‌)
(441,000,000‌)
(79,638,524,773‌)
11,300,000‌
$
1,982,110,820‌
(23,300,000‌)
$
(4,215,356,230‌)
Russell
2000
Growth
Shares
sold
6,150,000‌
$
1,446,441,234‌
15,500,000‌
$
3,389,592,867‌
Shares
redeemed
(5,450,000‌)
(1,284,358,013‌)
(16,500,000‌)
(3,696,775,160‌)
700,000‌
$
162,083,221‌
(1,000,000‌)
$
(307,182,293‌)
Russell
2000
Value
Shares
sold
7,700,000‌
$
1,066,371,250‌
16,250,000‌
$
2,354,853,734‌
Shares
redeemed
(14,850,000‌)
(2,061,132,244‌)
(23,650,000‌)
(3,499,054,175‌)
(7,150,000‌)
$
(994,760,994‌)
(7,400,000‌)
$
(1,144,200,441‌)
Board
Review
and
Approval
of
Investment
Advisory
Contract
2023
iShares
Semi-Annual
Report
to
Shareholders
70
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
the
approval
of
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
2,
2023
and
May
15,
2023,
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
7-8,
2023,
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
other
fund(s)
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
any
waivers
and
reimbursements)
for
the
Fund
were
within
range
of
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
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,
2022,
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
ongoing
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,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
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
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
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
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
71
Board
Review
and
Approval
of
Investment
Advisory
Contract
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
(as
discussed
above),
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
or
have
a
similar
investment
strategy
or
mandate,
and
have
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
that
are
lower
than
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
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,
as
applicable
(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
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
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.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
72
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
the
approval
of
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
2,
2023
and
May
15,
2023,
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
7-8,
2023,
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
other
fund(s)
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
any
waivers
and
reimbursements)
for
the
Fund
were
within
range
of
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
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,
2022,
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
ongoing
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,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
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
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
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)
73
Board
Review
and
Approval
of
Investment
Advisory
Contract
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
(as
discussed
above),
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,
as
applicable
(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
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
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
the
approval
of
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
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
74
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
2,
2023
and
May
15,
2023,
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
7-8,
2023,
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
other
fund(s)
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
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
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,
2022,
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
ongoing
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,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
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
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
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.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
75
Board
Review
and
Approval
of
Investment
Advisory
Contract
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
(as
discussed
above),
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,
as
applicable
(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
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
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)
2023
iShares
Semi-Annual
Report
to
Shareholders
76
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
September
30,
2023
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
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
.........................
$
1.337551‌
$
—‌
$
—‌
$
1.337551‌
100‌%
—‌%
—‌%
100‌%
Russell
2000
Growth
(a)
..................
0.799363‌
—‌
0.004970‌
0.804333‌
99‌
—‌
1‌
100‌
Russell
2000
Value
(a)
...................
1.519301‌
—‌
0.049987‌
1.569288‌
97‌
—‌
3‌
100‌
(a)
The
Fund
estimates
that
it
has
distributed
more
than
its
net
investment
income
and
net
realized
capital
gains;
therefore,
a
portion
of
the
distribution
may
be
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
shareholder’s
investment
in
the
Fund
is
returned
to
the
shareholder.
A
return
of
capital
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
When
distributions
exceed
total
return
performance,
the
difference
will
incrementally
reduce
the
Fund’s
net
asset
value
per
share.
General
Information
77
General
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•  
Go
to
icsdelivery.com
.
• 
 If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
2023
iShares
Semi-Annual
Report
to
Shareholders
78
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
CVR
Contingent
Value
Rights
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
iS-SAR-316-0923
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
FTSE
Russell,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2023
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.