iShares Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a brisk pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Trust

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2021

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		9.18	%		30.00	%

U.S. small cap equities (Russell 2000^® Index)		(0.25	)		47.68

International equities (MSCI Europe, Australasia, Far East Index)		4.70			25.73

Emerging market equities (MSCI Emerging Markets Index)		(3.45	)		18.20

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.01			0.07

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		2.92			(6.22	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		1.88			(0.90	)

Tax-exempt municipal bonds (S&P Municipal Bond Index)		1.24			2.71

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		3.65			11.27

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

The iShares Micro-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of micro-capitalization U.S. equities, as represented by the Russell MicroCap^® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

The iShares Russell 2500 ETF (the “Fund”) seeks to track the investment results of an index composed of mid- and small-capitalization U.S. equities, as represented by the Russell 2500^TM Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

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

The iShares Russell 3000 ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the Russell 3000^® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The iShares Russell Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the Russell MidCap^® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The iShares Russell Mid-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell MidCap^® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The iShares Russell Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell MidCap^® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

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 by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
AerSale Corp.^(a)(b)		21,304	$	362,168
Air Industries Group^(a)(b)		61,555		65,864
Astronics Corp.^(a)		57,485		808,239
Astrotech Corp.^(a)		112,892		118,537
Byrna Technologies Inc.^(a)(b)		43,100		942,166
CPI Aerostructures Inc.^(a)(b)		22,681		62,373
Ducommun Inc.^(a)		25,667		1,292,333
Innovative Solutions & Support Inc.		29,987		214,407
National Presto Industries Inc.		12,232		1,004,003
PAE Inc.^(a)(b)		163,472		977,563
Park Aerospace Corp.		46,373		634,383
SIFCO Industries Inc.^(a)		8,604		73,994
Sigma Labs Inc.^(a)(b)		27,084		82,877
Triumph Group Inc.^(a)		150,929		2,811,807
Vectrus Inc.^(a)		27,177		1,366,459
Virtra Inc.^(a)(b)		18,202		184,568


				11,001,741

Air Freight & Logistics — 0.3%
Air T Inc.^(a)		2,818		77,833
Echo Global Logistics Inc.^(a)		62,215		2,968,278
Radiant Logistics Inc.^(a)		92,668		592,148


				3,638,259

Airlines — 0.1%
Mesa Air Group Inc.^(a)(b)		81,398		623,509


Auto Components — 0.5%
Cooper-Standard Holdings Inc.^(a)(b)		39,574		867,066
Horizon Global Corp.^(a)		52,683		370,361
Modine Manufacturing Co.^(a)		117,434		1,330,527
Motorcar Parts of America Inc.^(a)(b)		44,129		860,516
Stoneridge Inc.^(a)(b)		62,079		1,265,791
Strattec Security Corp.^(a)		8,795		342,126
Superior Industries International Inc.^(a)		58,688		413,750
Sypris Solutions Inc.^(a)		28,895		103,155
Unique Fabricating Inc.^(a)(b)		21,556		71,135
XL Fleet Corp.^(a)(b)		81,680		503,149


				6,127,576

Automobiles — 0.3%
Arcimoto Inc.^(a)(b)		64,140		733,120
AYRO Inc.^(a)(b)		78,649		268,193
Workhorse Group Inc.^(a)(b)		285,812		2,186,462


				3,187,775

Banks — 12.0%
1st Constitution Bancorp.		21,470		508,195
ACNB Corp.		20,758		581,224
Affinity Bancshares Inc.^(a)		13,844		194,785
Allegiance Bancshares Inc.		45,409		1,732,353
Amalgamated Financial Corp.		32,941		521,127
Amerant Bancorp Inc.^(a)(b)		49,343		1,220,746
American National Bankshares Inc.		26,007		859,271
AmeriServ Financial Inc.		29,993		117,273
Ames National Corp.		21,238		493,996
Arrow Financial Corp.		33,205		1,140,924
Atlantic Capital Bancshares Inc.^(a)		46,611		1,234,725
Auburn National Bancorp. Inc.		5,730		194,820
Bancorp. Inc. (The)^(a)(b)		122,982		3,129,892
Bank First Corp.^(b)		15,932		1,129,101
Bank of Marin Bancorp., Class A		38,063		1,436,878


Security	Shares		Value

Banks (continued)
Bank of Princeton (The)		13,602	$	408,604
Bank of South Carolina Corp.		8,478		170,493
Bank of the James Financial Group Inc.		9,308		135,897
Bank7 Corp.		5,939		127,273
BankFinancial Corp.		30,641		351,759
Bankwell Financial Group Inc.		13,987		411,637
Bar Harbor Bankshares		35,133		985,481
Baycom Corp.^(a)		24,211		450,325
BCB Bancorp. Inc.		35,489		523,818
Blue Ridge Bankshares Inc.		40,573		713,679
Bryn Mawr Bank Corp.		47,074		2,163,050
Business First Bancshares Inc.		45,284		1,059,193
Byline Bancorp Inc.		59,421		1,459,380
C&F Financial Corp.		8,206		435,821
California Bancorp Inc.^(a)		17,672		304,842
Cambridge Bancorp.		16,215		1,426,920
Camden National Corp.		35,502		1,700,546
Capital Bancorp Inc./MD^(b)		18,570		446,794
Capital City Bank Group Inc.		32,334		799,943
Capstar Financial Holdings Inc.		48,423		1,028,504
Carter Bankshares Inc.^(a)		61,680		877,090
CB Financial Services Inc.		11,892		273,873
CBTX Inc.		43,702		1,152,859
Central Pacific Financial Corp.		45,208		1,160,941
Central Valley Community Bancorp.		24,454		525,761
Century Bancorp. Inc./MA, Class A, NVS		6,371		734,194
Chemung Financial Corp.		8,353		378,391
ChoiceOne Financial Services Inc.		17,271		424,694
Citizens & Northern Corp.		38,121		962,936
Citizens Community Bancorp. Inc./WI		24,065		334,503
Citizens Holding Co.		11,812		220,766
Civista Bancshares Inc.		35,531		825,385
CNB Financial Corp./PA		38,871		946,120
Coastal Financial Corp./WA^(a)		22,197		707,196
Codorus Valley Bancorp. Inc.		22,277		502,124
Colony Bankcorp Inc.		20,821		389,977
Community Bankers Trust Corp.		51,447		584,952
Community Financial Corp. (The)		12,508		461,170
Community Trust Bancorp. Inc.		37,993		1,599,505
Community West Bancshares		16,676		220,957
ConnectOne Bancorp. Inc.		88,586		2,658,466
Cortland Bancorp.		9,105		253,210
County Bancorp. Inc.^(b)		10,860		395,847
CrossFirst Bankshares Inc.^(a)		111,356		1,447,628
Customers Bancorp. Inc.^(a)		70,553		3,035,190
Dime Community Bancshares Inc.		82,427		2,692,066
Eagle Bancorp. Montana Inc.		15,098		337,742
Emclaire Financial Corp.		6,010		159,205
Enterprise Bancorp. Inc./MA		22,307		801,937
Equity Bancshares Inc., Class A^(b)		32,147		1,073,067
Esquire Financial Holdings Inc.^(a)(b)		15,861		454,576
Evans Bancorp. Inc.		12,428		475,992
Farmers & Merchants Bancorp. Inc./Archbold OH		24,549		549,898
Farmers National Banc Corp.		62,112		975,779
Fidelity D&D Bancorp. Inc.		9,731		490,734
Financial Institutions Inc.		38,102		1,167,826
First Bancorp. Inc. (The)		25,090		731,123
First Bancshares Inc. (The)		48,426		1,877,960
First Bank/Hamilton NJ		37,118		522,993
First Business Financial Services Inc.		19,628		563,520


Security	Shares		Value

Banks (continued)
First Capital Inc.		7,839	$	319,674
First Community Bankshares Inc.		40,826		1,295,001
First Community Corp./SC		17,588		350,881
First Financial Corp./IN		28,544		1,200,275
First Financial Northwest Inc.		17,677		289,372
First Foundation Inc.		93,761		2,465,914
First Guaranty Bancshares Inc.		12,513		251,136
First Internet Bancorp.		21,994		685,773
First Mid Bancshares Inc.		39,473		1,620,761
First National Corp./VA^(b)		9,879		227,711
First Northwest Bancorp.		19,478		342,034
First of Long Island Corp. (The)		54,641		1,125,605
First Savings Financial Group Inc.		13,454		378,326
First U.S. Bancshares Inc.		10,536		113,157
First United Corp.		15,761		293,155
First Western Financial Inc.^(a)		15,153		439,285
Five Star Bancorp.		13,101		313,638
Flushing Financial Corp.		71,109		1,607,063
FNCB Bancorp Inc.		40,336		334,789
Franklin Financial Services Corp.		10,179		329,291
FVCBankcorp Inc.^(a)(b)		27,799		555,702
German American Bancorp. Inc.		58,869		2,274,109
Glen Burnie Bancorp.		6,872		84,869
Great Southern Bancorp. Inc.		26,011		1,425,663
Guaranty Bancshares Inc./TX		19,068		683,588
Hanmi Financial Corp.		72,797		1,460,308
Harborone Bancorp. Inc.		118,248		1,660,202
Hawthorn Bancshares Inc.		14,043		325,236
HBT Financial Inc.		24,594		382,437
Heritage Commerce Corp.		138,834		1,614,639
HomeTrust Bancshares Inc.		35,807		1,001,880
Horizon Bancorp Inc./IN		101,966		1,852,722
Howard Bancorp. Inc.^(a)		30,874		626,125
Independent Bank Corp./MI		50,207		1,078,446
Investar Holding Corp.		23,440		516,149
Lakeland Bancorp. Inc.		119,044		2,098,746
Landmark Bancorp. Inc./Manhattan KS		9,624		266,489
LCNB Corp.		29,276		516,429
Level One Bancorp. Inc.		11,741		345,420
Limestone Bancorp. Inc.^(a)(b)		12,307		221,157
Macatawa Bank Corp.		67,709		543,703
MainStreet Bancshares Inc.^(a)(b)		16,740		401,593
Malvern Bancorp. Inc.^(a)(b)		17,228		292,704
Mercantile Bank Corp.		37,725		1,208,332
Meridian Corp.		12,750		365,542
Metrocity Bankshares Inc.		44,845		940,400
Metropolitan Bank Holding Corp.^(a)(b)		18,210		1,535,103
Mid Penn Bancorp. Inc.		23,471		646,626
Middlefield Banc Corp.		14,181		341,337
Midland States Bancorp. Inc.		53,152		1,314,449
MidWestOne Financial Group Inc.		35,920		1,083,347
MVB Financial Corp.		23,480		1,005,648
National Bankshares Inc.		14,924		541,890
Nicolet Bankshares Inc.^(a)		25,640		1,901,975
Northeast Bank		17,662		595,563
Northrim Bancorp. Inc.		14,630		621,921
Norwood Financial Corp.		17,998		462,729
Oak Valley Bancorp.		16,882		299,993
Ohio Valley Banc Corp.		10,483		285,976
Old Point Financial Corp.		9,453		202,672


Security	Shares		Value

Banks (continued)
Old Second Bancorp. Inc.		65,192	$	851,408
Orange County Bancorp Inc.		2,857		100,395
Origin Bancorp Inc.		52,198		2,210,585
Orrstown Financial Services Inc.		26,357		616,754
Pacific Mercantile Bancorp.^(a)		45,393		418,070
Parke Bancorp. Inc.		23,916		524,478
Partners Bancorp.		20,259		167,542
Pathfinder Bancorp. Inc.		7,991		130,253
Patriot National Bancorp Inc.^(a)		10,149		106,463
PCB Bancorp.		27,969		556,863
Peapack Gladstone Financial Corp.		42,778		1,427,074
Penns Woods Bancorp. Inc.		16,561		393,489
Peoples Bancorp. Inc./OH		61,705		1,950,495
Peoples Bancorp. of North Carolina Inc.		10,563		299,884
Peoples Financial Services Corp.		16,776		764,482
Plumas Bancorp.		11,374		356,347
Preferred Bank/Los Angeles CA		32,600		2,173,768
Primis Financial Corp.		57,917		837,480
Professional Holding Corp., Class A^(a)		29,662		557,646
QCR Holdings Inc.		36,564		1,880,852
RBB Bancorp.		33,438		842,972
Red River Bancshares Inc.		10,919		544,312
Reliant Bancorp Inc.		35,927		1,134,934
Republic Bancorp. Inc./KY, Class A		22,756		1,152,591
Republic First Bancorp. Inc.^(a)		106,420		327,774
Richmond Mutual Bancorp. Inc.		26,239		416,938
Riverview Financial Corp.^(a)		21,297		280,694
Salisbury Bancorp. Inc.		6,307		331,117
SB Financial Group Inc.		15,631		282,921
Select Bancorp. Inc.^(a)		35,413		610,874
Shore Bancshares Inc.		27,614		489,596
Sierra Bancorp		33,812		820,955
SmartFinancial Inc.		32,412		837,850
Sound Financial Bancorp. Inc.^(b)		5,117		230,265
South Plains Financial Inc.		25,037		610,402
Southern First Bancshares Inc.^(a)		17,503		936,410
Southern States Bancshares Inc.^(a)(b)		4,942		94,244
Spirit of Texas Bancshares Inc.		30,128		729,098
Stock Yards Bancorp. Inc.		56,865		3,335,132
Summit Financial Group Inc.		27,262		668,192
Summit State Bank		11,280		223,344
TriState Capital Holdings Inc.^(a)(b)		68,277		1,444,059
U.S. Century Bank^(a)		9,014		109,791
Union Bankshares Inc./Morrisville VT		9,553		305,314
United Bancorp. Inc./OH		11,745		168,541
United Bancshares Inc./OH		6,570		200,385
United Security Bancshares/Fresno CA		33,743		269,944
Unity Bancorp. Inc.		16,876		394,898
Univest Financial Corp.		69,454		1,902,345
Village Bank and Trust Financial Corp.^(a)		1,684		86,979
Virginia National Bankshares Corp.^(b)		11,154		403,106
Washington Trust Bancorp. Inc.		41,157		2,180,498
West Bancorp. Inc.		38,336		1,151,230


				150,954,115

Beverages — 0.1%
Alkaline Water Co. Inc. (The)^(a)(b)		198,925		316,291
NewAge Inc.^(a)(b)		315,435		438,455
Reed’s Inc.^(a)(b)		219,849		131,909
Willamette Valley Vineyards Inc.^(a)(b)		11,252		143,125


Security	Shares		Value

Beverages (continued)
Zevia PBC, Class A^(a)(b)		22,815	$	262,601


				1,292,381

Biotechnology — 16.7%
180 Life Sciences Corp.^(a)(b)		24,721		133,741
4D Molecular Therapeutics Inc.^(a)		49,415		1,332,723
89bio Inc.^(a)		22,932		449,238
Aadi Bioscience Inc.^(a)		6,750		198,259
Abeona Therapeutics Inc.^(a)(b)		202,902		227,250
Acorda Therapeutics Inc.^(a)(b)		21,732		99,967
Actinium Pharmaceuticals Inc.^(a)(b)		45,510		403,219
Acumen Pharmaceuticals Inc.^(a)		22,203		329,937
Acurx Pharmaceuticals Inc.^(a)(b)		5,868		30,162
Adamas Pharmaceuticals Inc.^(a)		93,285		458,029
Adicet Bio Inc.^(a)		49,234		385,995
Aditx Therapeutics Inc.^(a)(b)		30,374		51,332
ADMA Biologics Inc.^(a)(b)		283,524		320,382
Adverum Biotechnologies Inc.^(a)		204,172		443,053
Aeglea BioTherapeutics Inc.^(a)		94,978		755,075
Aerovate Therapeutics Inc.^(a)		23,911		501,653
Affimed NV^(a)		275,125		1,700,273
Agenus Inc.^(a)(b)		487,250		2,558,063
AgeX Therapeutics Inc.^(a)		58,894		55,360
Aileron Therapeutics Inc.^(a)(b)		179,548		183,139
AIM ImmunoTech Inc.^(a)(b)		114,024		230,328
Akebia Therapeutics Inc.^(a)		413,719		1,191,511
Akero Therapeutics Inc.^(a)(b)		60,353		1,348,890
Akouos Inc.^(a)(b)		56,478		655,710
Albireo Pharma Inc.^(a)		39,668		1,237,642
Aldeyra Therapeutics Inc.^(a)		113,984		1,000,780
Aligos Therapeutics Inc.^(a)(b)		49,420		766,504
Allena Pharmaceuticals Inc.^(a)(b)		126,284		113,933
Alpine Immune Sciences Inc.^(a)(b)		28,339		302,377
Altimmune Inc.^(a)		94,017		1,063,332
AnaptysBio Inc.^(a)(b)		45,271		1,227,750
Anavex Life Sciences Corp.^(a)(b)		151,456		2,718,635
Anika Therapeutics Inc.^(a)		33,994		1,446,785
Anixa Biosciences Inc.^(a)(b)		64,604		308,161
Annexon Inc.^(a)(b)		73,272		1,363,592
Annovis Bio Inc.^(a)(b)		12,314		390,970
Applied Genetic Technologies Corp./DE^(a)(b)		101,328		304,997
Applied Therapeutics Inc.^(a)		41,686		691,988
Aprea Therapeutics Inc.^(a)(b)		40,633		207,635
Aptevo Therapeutics Inc.^(a)(b)		5,933		91,606
Aptinyx Inc., Class A^(a)		106,081		248,230
AquaBounty Technologies Inc.^(a)(b)		123,218		501,497
Aravive Inc.^(a)		36,175		134,571
Arbutus Biopharma Corp.^(a)		188,366		808,090
ARCA biopharma Inc.^(a)(b)		35,607		105,397
Arcturus Therapeutics Holdings Inc.^(a)(b)		49,958		2,386,993
Ardelyx Inc.^(a)(b)		211,088		278,636
Aridis Pharmaceuticals Inc.^(a)		23,543		86,638
Armata Pharmaceuticals Inc.^(a)		18,570		67,223
Assembly Biosciences Inc.^(a)		94,975		330,513
Astria Therapeutics Inc.^(a)		9,250		81,770
Athenex Inc.^(a)		203,368		612,138
Athersys Inc.^(a)(b)		481,115		639,883
Atossa Therapeutics Inc.^(a)(b)		274,590		895,163
Atreca Inc., Class A^(a)(b)		61,205		381,307
aTyr Pharma Inc.^(a)		37,060		336,505
AVEO Pharmaceuticals Inc.^(a)(b)		71,694		443,069


Security	Shares		Value

Biotechnology (continued)
Avid Bioservices Inc.^(a)(b)		142,492	$	3,073,552
Avidity Biosciences Inc.^(a)		89,147		2,195,691
Avita Medical Inc.^(a)		57,015		1,010,306
Avrobio Inc.^(a)		90,439		504,650
Axcella Health Inc.^(a)(b)		48,142		143,463
Aziyo Biologics Inc., Class A^(a)		6,041		42,710
Benitec Biopharma Inc.^(a)(b)		18,281		65,263
Beyondspring Inc.^(a)		52,592		828,850
BioCardia Inc.^(a)(b)		32,488		102,012
Biocept Inc.^(a)		34,803		139,560
Biomea Fusion Inc.^(a)(b)		21,028		251,705
Bio-Path Holdings Inc.^(a)		18,252		93,633
BioVie Inc.^(a)(b)		5,875		39,539
Bioxcel Therapeutics Inc.^(a)(b)		41,009		1,244,623
Bolt Biotherapeutics Inc.^(a)(b)		53,410		675,637
BrainStorm Cell Therapeutics Inc.^(a)		74,416		245,573
Cabaletta Bio Inc.^(a)		38,807		471,893
Caladrius Biosciences Inc.^(a)		140,788		171,761
Calithera Biosciences Inc.^(a)(b)		163,765		357,008
Calyxt Inc.^(a)(b)		34,134		115,032
Candel Therapeutics Inc.^(a)(b)		20,729		224,702
Capricor Therapeutics Inc.^(a)(b)		50,166		201,667
Cardiff Oncology Inc.^(a)		89,845		598,368
CASI Pharmaceuticals Inc.^(a)(b)		255,600		304,164
Catalyst Biosciences Inc.^(a)(b)		74,093		304,522
Catalyst Pharmaceuticals Inc.^(a)(b)		228,259		1,209,773
Celcuity Inc.^(a)		22,446		404,028
Celldex Therapeutics Inc.^(a)		108,530		5,859,535
Cellectar Biosciences Inc.^(a)		134,433		124,351
CEL-SCI Corp.^(a)(b)		84,374		927,270
Celsion Corp.^(a)(b)		197,396		182,473
Checkmate Pharmaceuticals Inc.^(a)		19,944		79,178
Checkpoint Therapeutics Inc.^(a)(b)		151,307		499,313
ChemoCentryx Inc.^(a)		127,782		2,185,072
Chimerix Inc.^(a)		171,270		1,060,161
Chinook Therapeutics Inc.^(a)		78,606		1,003,013
Cidara Therapeutics Inc.^(a)(b)		104,426		233,914
Clene Inc.^(a)(b)		46,247		315,867
Clovis Oncology Inc.^(a)(b)		264,575		1,180,005
Codiak Biosciences Inc.^(a)(b)		37,340		609,762
Cogent Biosciences Inc.^(a)		87,325		734,403
Cohbar Inc.^(a)(b)		100,942		96,904
Concert Pharmaceuticals Inc.^(a)(b)		73,752		241,169
ContraFect Corp.^(a)(b)		93,084		376,990
Corbus Pharmaceuticals Holdings Inc.^(a)(b)		282,200		287,844
Corvus Pharmaceuticals Inc.^(a)(b)		66,862		323,612
Crinetics Pharmaceuticals Inc.^(a)		87,887		1,850,021
CTI BioPharma Corp.^(a)(b)		203,688		600,880
Cue Biopharma Inc.^(a)(b)		72,237		1,052,493
Curis Inc.^(a)(b)		203,339		1,592,144
Cyclacel Pharmaceuticals Inc.^(a)(b)		23,862		125,753
Cyclerion Therapeutics Inc.^(a)		72,210		221,685
Cyclo Therapeutics Inc.^(a)		12,322		83,174
CytomX Therapeutics Inc.^(a)(b)		152,675		777,116
Decibel Therapeutics Inc.^(a)(b)		32,633		251,600
Dermtech Inc.^(a)(b)		56,995		1,830,109
DiaMedica Therapeutics Inc.^(a)		43,818		175,710
Dyadic International Inc.^(a)(b)		46,842		260,442
Dynavax Technologies Corp.^(a)(b)		254,135		4,881,933
Eagle Pharmaceuticals Inc./DE^(a)(b)		27,612		1,540,197


Security	Shares		Value

Biotechnology (continued)
Eiger BioPharmaceuticals Inc.^(a)		75,159	$	502,062
Eledon Pharmaceuticals Inc.^(a)(b)		32,248		199,293
Elevation Oncology Inc.^(a)(b)		15,553		121,158
Eliem Therapeutics Inc.^(a)		16,358		294,117
Enochian Biosciences Inc.^(a)(b)		37,184		250,248
Entasis Therapeutics Holdings Inc.^(a)		24,440		81,630
Epizyme Inc.^(a)(b)		210,903		1,079,823
Equillium Inc.^(a)(b)		30,679		209,231
Evelo Biosciences Inc.^(a)(b)		71,380		502,515
Exicure Inc.^(a)(b)		141,932		170,318
Fennec Pharmaceuticals Inc.^(a)(b)		41,840		394,133
Finch Therapeutics Group Inc.^(a)(b)		18,568		241,384
Flexion Therapeutics Inc.^(a)		112,961		689,062
Foghorn Therapeutics Inc.^(a)(b)		45,930		639,805
Forte Biosciences Inc.^(a)(b)		28,115		83,220
Fortress Biotech Inc.^(a)		168,226		541,688
Frequency Therapeutics Inc.^(a)(b)		75,269		531,399
G1 Therapeutics Inc.^(a)		92,983		1,247,832
Gain Therapeutics Inc.^(a)(b)		10,057		74,874
Galectin Therapeutics Inc.^(a)		89,214		346,150
Galera Therapeutics Inc.^(a)(b)		34,015		275,522
Gemini Therapeutics Inc.^(a)(b)		54,095		218,544
Genocea Biosciences Inc.^(a)(b)		98,144		188,436
Genprex Inc.^(a)(b)		107,093		287,009
GeoVax Labs Inc.^(a)(b)		16,619		71,794
Geron Corp.^(a)(b)		708,348		970,437
GlycoMimetics Inc.^(a)(b)		98,888		216,565
Gossamer Bio Inc.^(a)		145,981		1,834,981
Graphite Bio Inc.^(a)(b)		37,954		622,066
Greenwich Lifesciences Inc.^(a)(b)		9,674		377,963
Gritstone bio Inc.^(a)		94,805		1,023,894
GT Biopharma Inc.^(a)		41,627		280,566
Harpoon Therapeutics Inc.^(a)		43,931		347,055
HCW Biologics Inc.^(a)(b)		15,099		48,166
Heat Biologics Inc.^(a)(b)		57,313		341,012
Homology Medicines Inc.^(a)(b)		98,429		774,636
Hookipa Pharma Inc.^(a)		44,888		264,390
Humanigen Inc.^(a)(b)		106,718		632,838
iBio Inc.^(a)(b)		506,717		537,120
Icosavax Inc.^(a)(b)		31,740		939,187
Ideaya Biosciences Inc.^(a)		77,308		1,970,581
Idera Pharmaceuticals Inc.^(a)(b)		110,282		113,590
Imago Biosciences Inc.^(a)		22,637		453,419
Immucell Corp.^(a)		12,963		119,778
Immuneering Corp., Class A^(a)		19,648		521,654
Immunic Inc.^(a)		43,514		385,099
ImmunoGen Inc.^(a)		468,541		2,656,627
Immunome Inc.^(a)(b)		20,624		502,194
Impel Neuropharma Inc.^(a)(b)		12,595		153,407
IN8bio Inc.^(a)		8,640		59,616
Infinity Pharmaceuticals Inc.^(a)(b)		205,101		701,445
Inhibikase Therapeutics Inc.^(a)(b)		42,512		80,773
Inhibrx Inc.^(a)		65,925		2,195,962
Inmune Bio Inc.^(a)(b)		21,545		418,404
Inozyme Pharma Inc.^(a)		33,845		392,264
Intercept Pharmaceuticals Inc.^(a)(b)		65,930		979,061
iTeos Therapeutics Inc.^(a)		47,436		1,280,772
IVERIC bio Inc.^(a)(b)		246,349		4,000,708
Janux Therapeutics Inc.^(a)(b)		31,453		680,328
Jounce Therapeutics Inc.^(a)		77,590		576,494


Security	Shares		Value

Biotechnology (continued)
Kadmon Holdings Inc.^(a)(b)		409,306	$	3,565,055
KalVista Pharmaceuticals Inc.^(a)(b)		46,768		816,102
Karyopharm Therapeutics Inc.^(a)(b)		169,041		983,819
Keros Therapeutics Inc.^(a)		36,683		1,451,180
Kezar Life Sciences Inc.^(a)		80,276		693,585
Kintara Therapeutics Inc.^(a)		68,281		58,735
Kiromic BioPharma Inc.^(a)(b)		28,411		87,222
La Jolla Pharmaceutical Co.^(a)(b)		40,178		160,310
Lantern Pharma Inc.^(a)(b)		18,068		202,000
Larimar Therapeutics Inc.^(a)		26,041		300,253
Leap Therapeutics Inc.^(a)(b)		93,492		374,903
Lexicon Pharmaceuticals Inc.^(a)(b)		159,414		766,781
Lineage Cell Therapeutics Inc.^(a)		296,767		747,853
Lixte Biotechnology Holdings Inc.^(a)(b)		13,122		27,294
LogicBio Therapeutics Inc.^(a)(b)		50,799		232,659
Lumos Pharma Inc.^(a)(b)		15,100		143,601
Magenta Therapeutics Inc.^(a)		70,235		511,311
MannKind Corp.^(a)		583,258		2,537,172
Marker Therapeutics Inc.^(a)		144,742		244,614
MediciNova Inc.^(a)		110,049		417,086
MEI Pharma Inc.^(a)(b)		254,814		703,287
MeiraGTx Holdings PLC^(a)		69,908		921,387
Merrimack Pharmaceuticals Inc.^(a)		23,642		114,191
Mersana Therapeutics Inc.^(a)		168,459		1,588,568
Metacrine Inc.^(a)		37,212		127,637
MiMedx Group Inc.^(a)(b)		260,980		1,581,539
Minerva Neurosciences Inc.^(a)(b)		81,266		141,403
Mirum Pharmaceuticals Inc.^(a)(b)		8,844		176,172
Molecular Templates Inc.^(a)(b)		86,787		582,341
Moleculin Biotech Inc.^(a)(b)		65,058		195,174
Monopar Therapeutics Inc.^(a)(b)		10,854		52,533
Mustang Bio Inc.^(a)(b)		163,467		439,726
NanoViricides Inc.^(a)(b)		24,416		113,290
Navidea Biopharmaceuticals Inc.^(a)		55,875		97,781
Neoleukin Therapeutics Inc.^(a)		82,843		598,955
NeuBase Therapeutics Inc.^(a)(b)		62,355		225,102
NeuroBo Pharmaceuticals Inc.^(a)(b)		21,420		79,682
NexImmune Inc.^(a)		41,838		633,427
NextCure Inc.^(a)		43,948		296,210
Nkarta Inc.^(a)(b)		33,171		922,486
Nuvalent Inc., Class A^(a)(b)		25,015		564,088
Nymox Pharmaceutical Corp.^(a)(b)		108,357		223,215
Olema Pharmaceuticals Inc.^(a)		59,617		1,643,045
Omega Therapeutics Inc.^(a)(b)		17,639		332,495
Oncocyte Corp.^(a)		141,234		502,793
Oncorus Inc.^(a)		48,011		448,423
OncoSec Medical Inc.^(a)(b)		60,779		129,459
Oncternal Therapeutics Inc.^(a)		103,701		432,433
Oncternal Therapeutics Inc. New^(b)(c)		1,634		1,675
OpGen Inc.^(a)(b)		89,921		258,972
Organovo Holdings Inc.^(a)		20,568		139,862
Orgenesis Inc.^(a)(b)		52,605		260,395
ORIC Pharmaceuticals Inc.^(a)(b)		74,903		1,566,222
Outlook Therapeutics Inc.^(a)		213,101		462,429
Ovid therapeutics Inc.^(a)(b)		133,768		449,460
Oyster Point Pharma Inc.^(a)(b)		26,211		310,600
Panbela Therapeutics Inc.^(a)(b)		27,697		60,103
PDS Biotechnology Corp.^(a)(b)		55,131		821,452
PhaseBio Pharmaceuticals Inc.^(a)		84,130		261,644
Phio Pharmaceuticals Corp.^(a)(b)		32,572		65,795


Security	Shares		Value

Biotechnology (continued)
Pieris Pharmaceuticals Inc.^(a)		123,386	$	637,906
Plus Therapeutics Inc.^(a)		29,347		56,053
Portage Biotech Inc.^(a)		11,904		241,889
Poseida Therapeutics Inc.^(a)(b)		67,551		492,447
Precision BioSciences Inc.^(a)(b)		117,392		1,354,704
Prometheus Biosciences Inc.^(a)(b)		26,589		630,425
Protagonist Therapeutics Inc.^(a)		105,064		1,861,734
Protalix BioTherapeutics Inc.^(a)(b)		103,131		137,164
Protara Therapeutics Inc.^(a)(b)		25,444		176,072
Proteostasis Therapeutics Inc.^(b)(c)		128,549		13,883
Prothena Corp. PLC^(a)		82,534		5,878,897
Puma Biotechnology Inc.^(a)		75,911		532,136
Qualigen Therapeutics Inc.^(a)(b)		70,957		92,244
Rallybio Corp.^(a)(b)		17,106		300,723
RAPT Therapeutics Inc.^(a)		50,463		1,566,876
Reneo Pharmaceuticals Inc.^(a)		15,448		115,088
Rezolute Inc.^(a)		11,237		83,379
Rigel Pharmaceuticals Inc.^(a)(b)		401,108		1,456,022
Salarius Pharmaceuticals Inc.^(a)(b)		105,749		107,864
Savara Inc.^(a)(b)		181,584		250,586
Scholar Rock Holding Corp.^(a)(b)		65,453		2,161,258
Scopus Biopharma Inc.^(a)		17,750		73,663
Selecta Biosciences Inc.^(a)		212,977		885,984
SELLAS Life Sciences Group Inc.^(a)		37,818		346,413
Sensei Biotherapeutics Inc.^(a)(b)		49,417		519,867
Sera Prognostics Inc., Class A^(a)(b)		11,009		122,310
Sesen Bio Inc.^(a)(b)		462,769		367,068
Sierra Oncology Inc.^(a)		15,239		334,039
Sigilon Therapeutics Inc.^(a)		34,794		196,586
Sio Gene Therapies Inc.^(a)		121,128		262,848
Soleno Therapeutics Inc.^(a)		116,378		107,591
Solid Biosciences Inc.^(a)(b)		139,806		334,136
Soligenix Inc.^(a)(b)		91,762		97,268
Spectrum Pharmaceuticals Inc.^(a)(b)		383,796		836,675
Spero Therapeutics Inc.^(a)(b)		56,723		1,044,270
Spruce Biosciences Inc.^(a)(b)		21,469		129,029
SQZ Biotechnologies Co.^(a)(b)		53,509		771,600
Statera Biopharma Inc.^(a)(b)		17,182		39,690
Summit Therapeutics Inc.^(a)		61,175		306,487
Surface Oncology Inc.^(a)		83,133		629,317
Sutro Biopharma Inc.^(a)(b)		102,805		1,941,986
Syndax Pharmaceuticals Inc.^(a)(b)		105,634		2,018,666
Synlogic Inc.^(a)		77,177		235,390
Syros Pharmaceuticals Inc.^(a)(b)		135,118		603,977
T2 Biosystems Inc.^(a)(b)		334,450		306,089
Talaris Therapeutics Inc.^(a)(b)		21,695		294,184
Taysha Gene Therapies Inc.^(a)(b)		52,265		973,174
TCR2 Therapeutics Inc.^(a)		71,694		610,116
Tenax Therapeutics Inc.^(a)(b)		30,215		53,481
Tenaya Therapeutics Inc.^(a)		33,071		682,916
Tonix Pharmaceuticals Holding Corp.^(a)		844,348		507,538
Tracon Pharmaceuticals Inc.^(a)		35,968		139,196
TransCode Therapeutics Inc.^(a)(b)		14,981		44,793
Trevena Inc.^(a)(b)		384,236		472,610
Trillium Therapeutics Inc.^(a)(b)		234,293		4,114,185
TScan Therapeutics Inc., NVS^(a)(b)		14,172		118,194
Tyme Technologies Inc.^(a)(b)		160,164		164,969
Unicycive Therapeutics Inc.^(a)(b)		10,142		28,702
UNITY Biotechnology Inc.^(a)		100,005		300,015
UroGen Pharma Ltd.^(a)(b)		45,821		770,709


Security	Shares		Value

Biotechnology (continued)
Vaccinex Inc.^(a)(b)		42,398	$	91,580
Vanda Pharmaceuticals Inc.^(a)(b)		129,830		2,225,286
Vaxart Inc.^(a)(b)		280,694		2,231,517
Vaxcyte Inc.^(a)		94,930		2,408,374
VBI Vaccines Inc.^(a)(b)		437,204		1,359,704
Vera Therapeutics Inc.^(a)		16,252		281,972
Verastem Inc.^(a)(b)		404,675		1,246,399
Viking Therapeutics Inc.^(a)(b)		160,422		1,007,450
Vincerx Pharma Inc.^(a)		30,234		488,884
Viracta Therapeutics Inc.^(a)(b)		85,299		684,098
Viridian Therapeutics Inc.^(a)		20,556		338,146
Virios Therapeutics Inc.^(a)(b)		14,517		76,795
VistaGen Therapeutics Inc.^(a)		455,196		1,247,237
Vor BioPharma Inc.^(a)(b)		45,117		707,435
Voyager Therapeutics Inc.^(a)(b)		65,194		171,460
vTv Therapeutics Inc., Class A^(a)(b)		53,471		81,811
Vyant Bio Inc.^(a)(b)		72,590		169,135
Werewolf Therapeutics Inc.^(a)		18,282		313,719
Windtree Therapeutics Inc.^(a)(b)		45,648		94,035
X4 Pharmaceuticals Inc.^(a)		55,858		295,489
XBiotech Inc.		35,673		461,965
XOMA Corp.^(a)(b)		14,208		351,648
Yield10 Bioscience Inc.^(a)		10,015		60,791
Yumanity Therapeutics Inc.^(a)(b)		21,663		223,562
ZIOPHARM Oncology Inc.^(a)(b)		492,828		896,947


				209,191,182

Building Products — 0.4%
Alpha Pro Tech Ltd.^(a)(b)		27,945		188,070
Applied UV Inc.^(a)(b)		10,274		72,945
Armstrong Flooring Inc.^(a)(b)		50,609		158,406
Caesarstone Ltd.		53,163		660,285
Insteel Industries Inc.		44,111		1,678,424
Jewett-Cameron Trading Co. Ltd.^(a)		6,917		81,482
Quanex Building Products Corp.		80,057		1,714,020


				4,553,632

Capital Markets — 1.2%
Ashford Inc.^(a)		2,557		37,204
Associated Capital Group Inc., Class A		4,197		157,010
Blucora Inc.^(a)		115,441		1,799,725
Cohen & Co. Inc.		1,629		31,472
Cowen Inc., Class A		66,314		2,275,233
Diamond Hill Investment Group Inc.		7,214		1,267,211
Donnelley Financial Solutions Inc.^(a)		69,546		2,407,683
GAMCO Investors Inc., Class A		12,112		319,515
Greenhill & Co. Inc.		33,986		496,875
Hennessy Advisors Inc.		10,976		105,589
Heritage Global Inc.^(a)(b)		54,484		106,789
Manning & Napier Inc.		32,610		297,729
Oppenheimer Holdings Inc., Class A, NVS		22,148		1,003,083
Pzena Investment Management Inc., Class A		41,181		405,221
Safeguard Scientifics Inc.^(a)		47,533		422,093
Siebert Financial Corp.^(a)		30,613		102,554
Silvercrest Asset Management Group Inc., Class A		23,345		363,715
StoneX Group Inc.^(a)		39,861		2,626,840
Value Line Inc.		2,454		84,074
Westwood Holdings Group Inc.		17,712		336,528


				14,646,143

Chemicals — 1.0%
Advanced Emissions Solutions Inc.^(a)		39,667		253,472


Security	Shares		Value

Chemicals (continued)
AdvanSix Inc.^(a)		64,448	$	2,561,808
AgroFresh Solutions Inc.^(a)		66,397		143,418
American Vanguard Corp.		68,938		1,037,517
Core Molding Technologies Inc.^(a)		18,262		210,196
Crown ElectroKinetics Corp.^(a)(b)		17,259		69,036
Flexible Solutions International Inc.^(a)		18,392		66,211
Flotek Industries Inc.^(a)(b)		159,011		200,354
FutureFuel Corp.		66,653		475,236
Hawkins Inc.		45,234		1,577,762
Intrepid Potash Inc.^(a)(b)		23,380		722,442
Koppers Holdings Inc.^(a)		49,602		1,550,558
LSB Industries Inc.^(a)		47,435		484,311
Marrone Bio Innovations Inc.^(a)(b)		244,345		220,155
Northern Technologies International Corp.		18,100		276,025
Rayonier Advanced Materials Inc.^(a)		145,159		1,088,692
Trecora Resources^(a)(b)		55,150		451,127
Tredegar Corp.		62,203		757,633
Valhi Inc.		6,080		141,846


				12,287,799

Commercial Services & Supplies — 1.6%
ACCO Brands Corp.		222,197		1,908,672
Acme United Corp.		5,340		174,832
Aqua Metals Inc.^(a)(b)		160,838		332,935
ARC Document Solutions Inc.		85,852		253,263
BioHiTech Global Inc.^(a)(b)		44,129		60,898
CECO Environmental Corp.^(a)		73,147		514,955
Charah Solutions Inc.^(a)(b)		35,026		161,120
CompX International Inc.		3,842		79,837
Document Security Systems Inc.^(a)(b)		131,301		169,378
Ennis Inc.		61,586		1,160,896
Fuel Tech Inc.^(a)		59,483		103,500
Heritage-Crystal Clean Inc.^(a)		36,754		1,065,131
Interface Inc.		137,752		2,086,943
Kimball International Inc., Class B		86,415		967,848
Montrose Environmental Group Inc.^(a)(b)		54,586		3,370,140
NL Industries Inc.		20,004		115,223
Odyssey Marine Exploration Inc.^(a)		28,606		200,242
Performant Financial Corp.^(a)		88,019		348,555
Perma-Fix Environmental Services Inc.^(a)		25,552		169,921
Quad/Graphics Inc.^(a)		80,606		342,575
Quest Resource Holding Corp.^(a)		37,670		229,033
RR Donnelley & Sons Co.^(a)		166,857		857,645
SP Plus Corp.^(a)		54,892		1,683,538
Team Inc.^(a)		62,167		187,123
TOMI Environmental Solutions Inc.^(a)(b)		28,576		39,006
Viad Corp.^(a)		48,226		2,189,943
Vidler Water Resouces Inc.^(a)		38,753		441,009
Virco Mfg. Corp.^(a)		25,432		87,740
VSE Corp.		24,964		1,202,516


				20,504,417

Communications Equipment — 1.3%
Applied Optoelectronics Inc.^(a)(b)		61,959		444,866
Aviat Networks Inc.^(a)(b)		22,665		744,772
BK Technologies Corp.		29,515		83,380
CalAmp Corp.^(a)		81,322		809,154
Cambium Networks Corp.^(a)		25,293		915,354
Casa Systems Inc.^(a)		73,882		500,920
Clearfield Inc.^(a)(b)		26,761		1,181,498
ClearOne Inc.^(a)(b)		20,227		47,736


Security	Shares		Value

Communications Equipment (continued)
Communications Systems Inc.^(a)		17,176	$	148,572
ComSovereign Holding Corp.^(a)(b)		121,397		195,449
Comtech Telecommunications Corp.		60,093		1,538,982
Digi International Inc.^(a)(b)		79,259		1,666,024
DZS Inc.^(a)		39,447		483,620
EMCORE Corp.^(a)		85,631		640,520
Franklin Wireless Corp.^(a)(b)		15,904		115,622
Genasys Inc.^(a)(b)		78,386		406,040
Harmonic Inc.^(a)(b)		209,636		1,834,315
Inseego Corp.^(a)(b)		195,852		1,304,374
KVH Industries Inc.^(a)(b)		35,684		343,637
Lantronix Inc.^(a)		51,715		300,981
Network-1 Technologies Inc.		29,936		88,811
Ondas Holdings Inc.^(a)(b)		58,019		531,454
PCTEL Inc.		42,681		265,476
Resonant Inc.^(a)(b)		134,076		324,464
Ribbon Communications Inc.^(a)(b)		165,310		988,554
TESSCO Technologies Inc.^(a)		17,002		94,871
Vislink Technologies Inc.^(a)(b)		109,656		198,477


				16,197,923

Construction & Engineering — 1.5%
Argan Inc.		35,247		1,539,237
Bowman Consulting Group Ltd.^(a)(b)		8,678		119,323
Concrete Pumping Holdings Inc.^(a)(b)		60,448		516,226
Great Lakes Dredge & Dock Corp.^(a)(b)		151,913		2,292,367
IES Holdings Inc.^(a)		20,286		926,867
Infrastructure and Energy Alternatives Inc.^(a)(b)		64,279		734,709
INNOVATE Corp.^(a)(b)		111,428		456,855
iSun Inc.^(a)		17,051		141,523
Limbach Holdings Inc.^(a)		22,897		151,578
Matrix Service Co.^(a)		61,803		646,459
Moving Image Technologies LLC^(a)(b)		10,408		29,351
MYR Group Inc.^(a)		38,941		3,874,630
Northwest Pipe Co.^(a)		22,769		539,625
NV5 Global Inc.^(a)(b)		31,151		3,070,554
Orbital Energy Group Inc.^(a)(b)		104,487		321,820
Orion Group Holdings Inc.^(a)(b)		68,507		372,678
Sterling Construction Co. Inc.^(a)		65,251		1,479,240
Tutor Perini Corp.^(a)		98,616		1,280,036
Williams Industrial Services Group Inc.^(a)(b)		42,808		182,653


				18,675,731

Construction Materials — 0.2%
Forterra Inc.^(a)		69,057		1,626,983
Smith-Midland Corp.^(a)(b)		9,797		135,884
United State Lime & Minerals Inc.		4,880		589,504


				2,352,371

Consumer Finance — 0.8%
Atlanticus Holdings Corp.^(a)(b)		12,536		665,160
Consumer Portfolio Services Inc.^(a)(b)		41,140		240,669
Curo Group Holdings Corp.		49,566		858,979
Elevate Credit Inc.^(a)		52,987		218,836
Enova International Inc.^(a)(b)		85,834		2,965,565
EZCORP Inc., Class A, NVS^(a)		115,621		875,251
Medallion Financial Corp.^(a)(b)		48,971		383,932
Nicholas Financial Inc.^(a)		11,497		141,413
Oportun Financial Corp.^(a)(b)		48,991		1,226,245
Regional Management Corp.		18,662		1,085,755
World Acceptance Corp.^(a)(b)		10,165		1,927,081


				10,588,886


Security	Shares		Value

Containers & Packaging — 0.4%
Myers Industries Inc.		84,881	$	1,661,121
Ranpak Holdings Corp.^(a)(b)		88,714		2,379,309
UFP Technologies Inc.^(a)		16,137		993,878


				5,034,308

Distributors — 0.1%
AMCON Distributing Co.		387		57,655
Educational Development Corp.		15,775		153,806
Funko Inc., Class A^(a)		62,242		1,133,427
Greenlane Holdings Inc., Class A^(a)		39,428		93,445
Weyco Group Inc.		14,349		325,148


				1,763,481

Diversified Consumer Services — 1.1%
American Public Education Inc.^(a)		43,642		1,117,672
Amesite Inc.^(a)(b)		28,231		50,675
Aspen Group Inc./CO^(a)(b)		53,172		296,168
Carriage Services Inc.		38,443		1,714,173
Elite Education Group International Ltd.^(a)(b)		2,000		8,220
European Wax Center Inc., Class A^(a)(b)		24,016		672,688
Houghton Mifflin Harcourt Co.^(a)(b)		299,590		4,023,494
Lincoln Educational Services Corp.^(a)		57,578		385,197
OneSpaWorld Holdings Ltd.^(a)		125,363		1,249,869
Perdoceo Education Corp.^(a)		167,096		1,764,534
Regis Corp.^(a)(b)		55,594		193,467
Select Interior Concepts Inc., Class A^(a)(b)		43,084		621,271
StoneMor Inc.^(a)		76,298		188,456
Universal Technical Institute Inc.^(a)		75,999		513,753
XpresSpa Group Inc.^(a)		247,140		363,296
Zovio Inc., Class A^(a)(b)		68,128		162,826


				13,325,759

Diversified Financial Services — 0.4%
Alerus Financial Corp.		35,939		1,073,857
A-Mark Precious Metals Inc.		20,501		1,230,470
Banco Latinoamericano de Comercio Exterior SA, Class E		74,265		1,302,608
FlexShopper Inc.^(a)		36,440		113,328
Greenidge Generation Holdings Inc.^(a)		3,994		102,007
GWG Holdings Inc.^(a)		7,246		72,460
Marlin Business Services Corp.		19,118		424,993
SWK Holdings Corp.^(a)(b)		7,663		139,237


				4,458,960

Diversified Telecommunication Services — 0.8%
Anterix Inc.^(a)		27,101		1,645,031
ATN International Inc.		26,097		1,222,644
Consolidated Communications Holdings Inc.^(a)		171,004		1,571,527
Cuentas Inc.^(a)		14,205		41,052
IDT Corp., Class B^(a)(b)		47,037		1,973,202
Ooma Inc.^(a)		50,811		945,593
Radius Global Infrastructure Inc., Class A^(a)(b)		139,054		2,270,752


				9,669,801

Electric Utilities — 0.1%
Genie Energy Ltd., Class B		49,252		321,615
Via Renewables Inc.		29,030		295,816


				617,431

Electrical Equipment — 1.2%
Advent Technologies Holdings Inc.^(a)(b)		36,992		321,830
Allied Motion Technologies Inc.		27,288		853,569
American Superconductor Corp.^(a)(b)		65,499		954,975
Ault Global Holdings Inc.^(a)(b)		113,923		276,833


Security	Shares		Value

Electrical Equipment (continued)
Babcock & Wilcox Enterprises Inc.^(a)(b)		130,408	$	835,915
Beam Global^(a)(b)		20,628		564,588
Blink Charging Co.^(a)(b)		86,262		2,467,956
Broadwind Inc.^(a)(b)		42,283		109,513
Capstone Green Energy Corp.^(a)		34,175		164,382
Energous Corp.^(a)(b)		150,681		313,417
Eos Energy Enterprises Inc.^(a)(b)		101,467		1,423,582
Espey Manufacturing & Electronics Corp.		5,538		80,578
Flux Power Holdings Inc.^(a)(b)		18,560		94,285
FTC Solar Inc.^(a)(b)		44,328		345,315
Ideal Power Inc.^(a)(b)		14,608		222,334
LSI Industries Inc.		62,075		481,081
Nuvve Holding Corp.^(a)(b)		18,702		201,982
Ocean Power Technologies Inc.^(a)(b)		125,507		291,176
Orion Energy Systems Inc.^(a)(b)		68,324		265,780
Pioneer Power Solutions Inc.		9,578		31,799
Polar Power Inc.^(a)(b)		17,095		94,706
Powell Industries Inc.		22,289		547,641
Preformed Line Products Co.		6,988		454,500
Romeo Power Inc.^(a)(b)		297,998		1,475,090
Sunworks Inc.^(a)(b)		65,565		402,569
Thermon Group Holdings Inc.^(a)(b)		77,255		1,337,284
Ultralife Corp.^(a)(b)		23,154		163,699
Westwater Resources Inc.^(a)(b)		80,038		286,536


				15,062,915

Electronic Equipment, Instruments & Components — 1.5%
Airgain Inc.^(a)(b)		20,956		264,255
Akoustis Technologies Inc.^(a)		101,798		987,441
AmpliTech Group Inc.^(a)(b)		6,428		23,012
Arlo Technologies Inc.(a)		197,266		1,264,475
Autoscope Technologies Corp.		9,830		72,840
Bel Fuse Inc., Class B, NVS		24,291		301,937
ClearSign Technologies Corp.^(a)		56,842		113,684
Coda Octopus Group Inc.^(a)		13,715		122,886
CPS Technologies Corp.^(a)(b)		26,374		131,079
CTS Corp.		75,793		2,342,762
Daktronics Inc.^(a)		87,290		473,985
Data I/O Corp.^(a)		18,233		118,697
Digital Ally Inc.^(a)(b)		115,557		139,824
Frequency Electronics Inc.^(a)		14,260		148,304
Identiv Inc.^(a)		49,874		939,626
IEC Electronics Corp.^(a)		23,132		354,613
Intellicheck Inc.^(a)(b)		41,930		343,407
Interlink Electronics Inc.^(a)		1,823		17,173
Iteris Inc.^(a)(b)		99,516		525,444
Key Tronic Corp.^(a)		22,104		143,676
Kimball Electronics Inc.^(a)(b)		56,718		1,461,623
LGL Group Inc. (The)^(a)		7,367		101,591
LightPath Technologies Inc., Class A^(a)(b)		61,073		130,085
Luna Innovations Inc.^(a)(b)		72,378		687,591
Mechanical Technology Inc.^(a)(b)		18,591		149,100
MICT Inc.^(a)(b)		265,098		410,902
Napco Security Technologies Inc.^(a)(b)		33,944		1,462,307
Powerfleet Inc.^(a)(b)		78,488		525,870
Red Cat Holdings Inc.^(a)(b)		73,416		255,488
Research Frontiers Inc.^(a)(b)		71,744		183,665
RF Industries Ltd.^(a)		22,875		184,601
Richardson Electronics Ltd.		26,129		253,190
ScanSource Inc.^(a)		59,619		2,074,145
VerifyMe Inc.^(a)(b)		16,522		56,175


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Vishay Precision Group Inc.^(a)		29,351	$	1,020,534
Wayside Technology Group Inc.		9,343		251,981
Wireless Telecom Group Inc.^(a)(b)		41,576		86,062
Wrap Technologies Inc.^(a)(b)		49,227		294,870


				18,418,900

Energy Equipment & Services — 1.5%
Aspen Aerogels Inc.^(a)		52,031		2,393,946
Bristow Group Inc.^(a)		55,973		1,781,621
Dawson Geophysical Co.^(a)		50,800		126,492
DMC Global Inc.^(a)		43,755		1,614,997
ENGlobal Corp.^(a)(b)		61,104		163,148
Exterran Corp.^(a)(b)		58,544		259,935
Forum Energy Technologies Inc.^(a)(b)		10,441		235,340
Frank’s International NV^(a)		390,954		1,149,405
FTS International Inc., Class A^(a)(b)		20,975		515,985
Geospace Technologies Corp.^(a)		30,295		289,317
Gulf Island Fabrication Inc.^(a)		29,953		118,913
Helix Energy Solutions Group Inc.^(a)		337,479		1,309,419
ION Geophysical Corp.^(a)(b)		62,665		83,345
KLX Energy Services Holdings Inc.^(a)(b)		11,657		55,487
Mammoth Energy Services Inc.^(a)		30,378		88,400
MIND Technology Inc.^(a)		32,036		60,228
Nabors Industries Ltd.^(a)(b)		16,763		1,617,294
Natural Gas Services Group Inc.^(a)(b)		30,519		316,787
NCS Multistage Holdings Inc.^(a)(b)		1,561		45,815
Newpark Resources Inc.^(a)		212,830		702,339
Nine Energy Service Inc.^(a)(b)		38,513		70,479
Nuverra Environmental Solutions Inc.^(a)(b)		8,256		16,324
Oil States International Inc.^(a)(b)		142,797		912,473
Profire Energy Inc.^(a)		93,408		107,419
Ranger Energy Services Inc.^(a)		11,841		108,937
SEACOR Marine Holdings Inc.^(a)(b)		49,692		230,074
Select Energy Services Inc., Class A^(a)		145,225		753,718
Smart Sand Inc.^(a)(b)		55,539		136,071
Solaris Oilfield Infrastructure Inc., Class A		74,619		622,323
TETRA Technologies Inc.^(a)		288,411		899,842
Tidewater Inc.^(a)(b)		96,721		1,166,455
U.S. Silica Holdings Inc.^(a)		172,771		1,380,440


				19,332,768

Entertainment — 0.3%
Ballantyne Strong Inc.^(a)		30,388		93,291
Chicken Soup For The Soul Entertainment Inc.^(a)		16,768		383,484
Cinedigm Corp., Class A^(a)		341,165		856,324
CuriosityStream Inc.^(a)(b)		61,108		644,078
Dolphin Entertainment Inc.^(a)(b)		16,692		202,975
Eros STX Global Corp.^(a)(b)		746,171		686,104
Gaia Inc., Class A^(a)(b)		28,385		269,090
Marcus Corp. (The)^(a)		53,715		937,327
Reading International Inc., Class A, NVS^(a)(b)		38,865		196,657


				4,269,330

Equity Real Estate Investment Trusts (REITs) — 3.3%
Alpine Income Property Trust Inc.		25,216		463,218
Ashford Hospitality Trust Inc.^(a)(b)		40,062		589,713
Bluerock Residential Growth REIT Inc., Class A		62,944		801,907
Braemar Hotels & Resorts Inc.^(a)		124,146		602,108
BRT Apartments Corp.		27,583		531,800
CatchMark Timber Trust Inc., Class A		117,216		1,391,354
Cedar Realty Trust Inc.		30,212		655,298
Chatham Lodging Trust^(a)		114,332		1,400,567


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
CIM Commercial Trust Corp.		42,958	$	389,199
City Office REIT Inc.		101,530		1,813,326
Clipper Realty Inc.		30,367		245,973
Condor Hospitality Trust Inc.^(a)		14,778		103,003
CorEnergy Infrastructure Trust Inc.		32,382		143,452
CorePoint Lodging Inc.^(a)		92,883		1,439,686
CTO Realty Growth Inc.		14,195		763,123
Farmland Partners Inc.		67,036		803,762
Franklin Street Properties Corp., Class C		245,781		1,140,424
GEO Group Inc. (The)		188,669		1,409,357
Gladstone Commercial Corp.		89,157		1,874,972
Gladstone Land Corp.		68,147		1,551,707
Global Medical REIT Inc.		142,976		2,101,747
Global Self Storage Inc.		24,535		126,355
Hersha Hospitality Trust, Class A^(a)		76,369		712,523
Indus Realty Trust Inc.		10,304		722,310
InnSuites Hospitality Trust^(b)		8,250		34,155
NETSTREIT Corp.		93,531		2,212,008
New York City REIT Inc., Class A^(b)		23,066		186,143
NexPoint Residential Trust Inc.		52,976		3,278,155
One Liberty Properties Inc.		38,706		1,180,146
Pennsylvania REIT^(a)		187,819		364,369
Plymouth Industrial REIT Inc.		69,279		1,576,097
Postal Realty Trust Inc., Class A		29,749		554,521
Power REIT^(a)		5,343		266,963
Preferred Apartment Communities Inc.		122,446		1,497,515
Presidio Property Trust Inc., Class A^(b)		25,401		95,762
Retail Value Inc.		41,129		1,082,927
Seritage Growth Properties, Class A^(a)		88,089		1,306,360
Sotherly Hotels Inc.^(a)		34,031		87,119
UMH Properties Inc.		100,756		2,307,312
Universal Health Realty Income Trust		30,780		1,701,211
Urstadt Biddle Properties Inc., Class A		71,422		1,352,018
Ventas Inc.		1		55
Wheeler Real Estate Investment Trust Inc.^(a)		19,008		56,074
Whitestone REIT		104,783		1,024,778


				41,940,572

Food & Staples Retailing — 0.6%
Blue Apron Holdings Inc., Class A^(a)(b)		40,331		296,433
Chefs’ Warehouse Inc. (The)^(a)(b)		74,624		2,430,504
HF Foods Group Inc.^(a)(b)		84,842		513,294
Ifresh Inc.^(a)		54,766		56,409
MedAvail Holdings Inc.^(a)(b)		28,564		83,407
Natural Grocers by Vitamin Cottage Inc.		21,619		242,565
Rite Aid Corp.^(a)(b)		130,073		1,847,037
SpartanNash Co.		85,069		1,863,011
Village Super Market Inc., Class A		20,896		453,025


				7,785,685

Food Products — 0.4%
Alico Inc.		12,583		430,842
Arcadia Biosciences Inc.^(a)(b)		53,976		111,730
Bridgford Foods Corp.^(a)		4,745		56,845
Farmer Bros. Co.^(a)		39,163		329,361
Laird Superfood Inc.^(a)(b)		14,636		279,255
Landec Corp.^(a)(b)		61,268		564,891
Lifeway Foods Inc.^(a)(b)		11,196		62,586
Limoneira Co.		37,355		604,030
Nuzee Inc.^(a)(b)		27,272


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(1.34	)%		60.63	%		14.28	%		15.29	%		60.63	%		94.92	%		314.76	%
Fund Market		(1.53	)		60.64			14.30			15.32			60.64			95.07			315.82
Index		(1.05	)		61.07			14.47			15.42			61.07			96.53			319.40



Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 986.60	$ 2.99			$ 1,000.00	$ 1,022.10	$ 3.04		0.60	%



ALLOCATION BY SECTOR

Sector		Percent of Total Investments^(a)

Health Care		29.4%
Financials		19.7
Industrials		11.4
Consumer Discretionary		11.3
Information Technology		9.4
Energy		6.2
Real Estate		3.7
Materials		3.2
Communication Services		3.1
Consumer Staples		2.1
Other (each representing less than 1%)		0.5


				Average Annual Total Returns						Cumulative Total Returns

	6 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		2.51	%		44.90	%		14.09	%		44.90	%		74.81	%
Fund Market		2.66			45.23			14.14			45.23			75.16
Index		2.61			45.03			14.10			45.03			74.83



Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)(b)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio	^(a)

	$ 1,000.00	$ 1,025.10	$ 0.36			$ 1,000.00	$ 1,024.70	$ 0.36		0.07	%


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


		Page

The Markets in Review		2
Fund Summary		4
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		89
Statements of Operations		91
Statements of Changes in Net Assets		93
Financial Highlights		96
Notes to Financial Statements		102
Board Review and Approval of Investment Advisory Contract		114
Supplemental Information		124
General Information		125
Glossary of Terms Used in this Report		126


Fund Summary as of September 30, 2021		iShares^® Micro-Cap ETF



TEN LARGEST HOLDINGS

Security		Percent of Total Investments^(a)

Apollo Medical Holdings Inc.		0.7%
Prothena Corp. PLC		0.5
Celldex Therapeutics Inc.		0.5
Beauty Health Co. (The)		0.4
Everi Holdings Inc.		0.4
Dynavax Technologies Corp.		0.4
Trillium Therapeutics Inc.		0.3
Lantheus Holdings Inc.		0.3
Houghton Mifflin Harcourt Co.		0.3
IVERIC bio Inc.		0.3


4		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2021		iShares^® Russell 2500 ETF


Fund Summary as of September 30, 2021		iShares^® Russell 3000 ETF


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,080.40	$ 1.04			$ 1,000.00	$ 1,024.10	$ 1.01		0.20	%


Fund Summary as of September 30, 2021		iShares^® Russell Mid-Cap ETF


Fund Summary as of September 30, 2021		iShares^® Russell Mid-Cap Growth ETF


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		8.04	%		31.63	%		16.65	%		16.40	%		31.63	%		115.99	%		356.65	%
Fund Market		8.00			31.80			16.65			16.40			31.80			116.01			356.48
Index		8.13			31.88			16.85			16.60			31.88			117.85			364.64


TEN LARGEST HOLDINGS
Security		Percent of Total Investments^(a)

Apple Inc.		5.1%
Microsoft Corp.		4.8
Amazon.com Inc.		3.3
Facebook Inc., Class A		1.9
Alphabet Inc., Class A		1.8
Alphabet Inc., Class C		1.7
Tesla Inc.		1.4
Berkshire Hathaway Inc., Class B		1.2
NVIDIA Corp.		1.1
JPMorgan Chase & Co.		1.1


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		6.38	%		37.85	%		14.22	%		15.34	%		37.85	%		94.38	%		316.73	%
Fund Market		6.36			37.87			14.21			15.34			37.87			94.33			316.52
Index		6.50			38.11			14.39			15.52			38.11			95.85			323.39


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		10.11	%		30.17	%		19.01	%		17.30	%		30.17	%		138.70	%		393.31	%
Fund Market		9.99			30.04			18.99			17.30			30.04			138.57			393.00
Index		10.23			30.45			19.27			17.54			30.45			141.30			403.49


Fund Summary as of September 30, 2021		iShares^® Russell Mid-Cap Value ETF