LOGO

  SEPTEMBER 30, 2021

 

 

2021 Semi-Annual Report

(Unaudited)

 

iShares Trust

·  iShares Micro-Cap ETF | IWC | NYSE Arca

·  iShares Russell 2500 ETF | SMMD | Cboe BZX

·  iShares Russell 3000 ETF | IWV | NYSE Arca

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

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

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


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of 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.

 

 

 

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


Table of Contents

 

      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

 

Investment Objective

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

Performance

 

               Average Annual Total Returns               Cumulative Total Returns  
     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  

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.

Expense Example

 

    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

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

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   
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   
  (a)

Excludes money market funds.

 

 

 

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

 

Investment Objective

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

Performance

 

             Average Annual Total Returns                   Cumulative Total Returns    
     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  

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

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.

Expense Example

 

    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

 

  (a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

 
  (b)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR
   
Sector  

Percent of   

Total Investments(a)

Investment Companies

  44.1%

Information Technology

  10.4   

Industrials

  9.3   

Financials

  7.6   

Consumer Discretionary

  7.2   

Health Care

  6.7   

Real Estate

  5.2   

Materials

  3.5   

Energy

  1.8   

Consumer Staples

  1.6   

Communication Services

  1.3   

Utilities

  1.3   
TEN LARGEST HOLDINGS
   
Security  

Percent of   

Total Investments(a)

iShares Russell 2000 ETF   44.1%

MongoDB Inc.

  0.4   

Devon Energy Corp.

  0.4   

Avantor Inc.

  0.4   

Monolithic Power Systems Inc.

  0.3   

Catalent Inc.

  0.3   

Bill.com Holdings Inc.

  0.3   

Charles River Laboratories International Inc.

  0.3   

Enphase Energy Inc.

  0.3   

PerkinElmer Inc.

  0.3   
  (a)

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  5


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

 

Investment Objective

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

Performance

 

           Average Annual Total Returns             Cumulative Total Returns  
     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  

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.

Expense Example

 

      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

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector  

 

Percent of   

Total Investments(a)

Information Technology

  27.1%

Health Care

  13.6   

Consumer Discretionary

  12.2   

Financials

  11.9   

Communication Services

  10.1   

Industrials

  9.0   

Consumer Staples

  5.3   

Real Estate

  3.4   

Energy

  2.7   

Utilities

  2.4   

Materials

  2.3   

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   
  (a)

Excludes money market funds.

 

 

 

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

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     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  

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.

Expense Example

 

      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          $       1,063.80          $         0.93               $      1,000.00       $       1,024.20          $         0.91          0.18

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR
Sector  

 

Percent of   

Total Investments(a)

Information Technology

  18.9%

Industrials

  15.1   

Consumer Discretionary

  12.8   

Financials

  12.5   

Health Care

  11.9   

Real Estate

  7.7   

Materials

  5.2   

Utilities

  4.5   

Communication Services

  4.3   

Energy

  3.8   

Consumer Staples

  3.3   
TEN LARGEST HOLDINGS
Security  

 

Percent of   

Total Investments(a)

Dexcom Inc.

  0.5%

IDEXX Laboratories Inc.

  0.5   

Chipotle Mexican Grill Inc.

  0.5   

Marvell Technology Inc.

  0.4   

DocuSign Inc.

  0.4   

MSCI Inc.

  0.4   

Crowdstrike Holdings Inc., Class A

  0.4   

Agilent Technologies Inc.

  0.4   

Twitter Inc.

  0.4   

Lululemon Athletica Inc.

  0.4   

 

  (a)

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  7


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

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     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  

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.

Expense Example

 

      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          $       1,101.10          $        1.21               $       1,000.00       $      1,023.90          $          1.17          0.23

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR
Sector  

 

Percent of   

Total Investments(a)

Information Technology

  34.3%

Health Care

  17.8   

Consumer Discretionary

  16.3   

Industrials

  14.4   

Financials

  5.0   

Communication Services

  4.9   

Real Estate

  1.9   

Consumer Staples

  1.8   

Materials

  1.8   

Energy

  1.6   

Utilities

  0.2   
TEN LARGEST HOLDINGS
Security  

 

Percent of   

Total Investments(a)

Dexcom Inc.

  1.3%

IDEXX Laboratories Inc.

  1.3   

Chipotle Mexican Grill Inc.

  1.3   

DocuSign Inc.

  1.2   

Crowdstrike Holdings Inc., Class A

  1.2   

Lululemon Athletica Inc.

  1.1   

Palo Alto Networks Inc.

  1.1   

Match Group Inc.

  1.1   

Agilent Technologies Inc.

  1.1   

Cadence Design Systems Inc.

  1.0   

 

  (a)

Excludes money market funds.

 

 

 

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

 

Investment Objective

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

Performance

 

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

Fund NAV

    4.47      42.07     10.38     13.70        42.07      63.87      261.07

Fund Market

    4.34        42.22       10.39       13.69          42.22        63.91        260.90  

Index

    4.59        42.40       10.59       13.93                42.40        65.44        268.57  

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.

Expense Example

 

    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          $        1,044.70          $         1.18               $        1,000.00       $        1,023.90          $         1.17          0.23

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR
   
Sector  

Percent of   

Total Investments(a)

Financials

  16.8%

Industrials

  15.6   

Real Estate

  11.1   

Consumer Discretionary

  10.7   

Information Technology

  9.8   

Health Care

  8.4   

Materials

  7.2   

Utilities

  7.0   

Energy

  5.2   

Consumer Staples

  4.2   

Communication Services

  4.0   
TEN LARGEST HOLDINGS
   
Security  

Percent of   

Total Investments(a)

Marvell Technology Inc.

  0.7%

IHS Markit Ltd.

  0.6   

Twitter Inc.

  0.6   

Prudential Financial Inc.

  0.6   

Marathon Petroleum Corp.

  0.6   

Motorola Solutions Inc.

  0.6   

SVB Financial Group

  0.5   

Otis Worldwide Corp.

  0.5   

Welltower Inc.

  0.5   

Aflac Inc.

  0.5   

 

  (a)

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  9


About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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.

Shareholder Expenses

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.

 

 

10  

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


Schedule of Investments (unaudited)

September 30, 2021

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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  

 

 

12  

2 0 2 1   I S H A R E 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


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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  

 

 

14  

2 0 2 1   I S H A R E 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


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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  

 

 

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

  15


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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  

 

 

16  

2 0 2 1   I S H A R E 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


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Micro-Cap ETF

(Percentages shown are based on Net Assets)

 

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