NPORT-EX 2 iShares_Russell_2000_Val_ETF.htm PART F
Schedule
of
Investments
(unaudited)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.8%
AAR
Corp.
(a)
........................
239,831
$
16,497,975‌
AerSale
Corp.
(a)
......................
288,382
1,733,176‌
Astronics
Corp.
(a)
.....................
22,996
769,906‌
Ducommun,
Inc.
(a)
....................
123,997
10,245,872‌
Intuitive
Machines,
Inc.
,
Class
A
(a)
(b)
.........
927,100
10,077,577‌
Mercury
Systems,
Inc.
(a)
(b)
...............
358,370
19,301,808‌
National
Presto
Industries,
Inc.
............
46,989
4,603,042‌
Park
Aerospace
Corp.
..................
91,481
1,351,174‌
Satellogic,
Inc.
,
Class
A
(a)
(b)
..............
130,148
471,136‌
Triumph
Group,
Inc.
(a)
..................
408,023
10,506,592‌
V2X,
Inc.
(a)
.........................
140,905
6,840,938‌
82,399,196‌
Air
Freight
&
Logistics
—
0.2%
Forward
Air
Corp.
(a)
(b)
..................
125,065
3,069,095‌
Hub
Group,
Inc.
,
Class
A
................
533,263
17,826,982‌
Radiant
Logistics,
Inc.
(a)
................
311,960
1,896,717‌
22,792,794‌
Automobile
Components
—
1.5%
Adient
plc
(a)
.........................
748,740
14,570,480‌
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
(b)
1,025,341
4,183,391‌
Cooper-Standard
Holdings,
Inc.
(a)
..........
152,580
3,280,470‌
Dana,
Inc.
..........................
1,184,075
20,306,886‌
Fox
Factory
Holding
Corp.
(a)
..............
280,110
7,266,053‌
Garrett
Motion,
Inc.
...................
1,129,102
11,866,862‌
Gentherm,
Inc.
(a)
.....................
270,916
7,664,214‌
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
........
2,333,157
24,194,838‌
Holley,
Inc.
(a)
(b)
.......................
529,492
1,058,984‌
LCI
Industries
.......................
197,132
17,976,467‌
Luminar
Technologies,
Inc.
,
Class
A
(a)
(b)
......
215,509
618,511‌
Motorcar
Parts
of
America,
Inc.
(a)
(b)
.........
162,240
1,817,088‌
Phinia,
Inc.
.........................
353,075
15,708,307‌
Solid
Power,
Inc.
,
Class
A
(a)
(b)
.............
1,174,459
2,572,065‌
Standard
Motor
Products,
Inc.
............
188,607
5,794,007‌
Stoneridge,
Inc.
(a)
.....................
36,687
258,277‌
Strattec
Security
Corp.
(a)
................
27,784
1,728,443‌
Visteon
Corp.
(a)
......................
245,523
22,907,296‌
163,772,639‌
Automobiles
—
0.1%
Faraday
Future
Intelligent
Electric,
Inc.
(a)
(b)
....
791,298
1,329,381‌
Winnebago
Industries,
Inc.
..............
246,780
7,156,620‌
8,486,001‌
Banks
—
18.7%
1st
Source
Corp.
.....................
171,347
10,635,508‌
ACNB
Corp.
........................
91,504
3,920,031‌
Amalgamated
Financial
Corp.
............
208,260
6,497,712‌
Amerant
Bancorp,
Inc.
,
Class
A
...........
195,917
3,571,567‌
Ameris
Bancorp
......................
590,585
38,210,850‌
Ames
National
Corp.
..................
81,206
1,446,279‌
Arrow
Financial
Corp.
..................
144,181
3,809,262‌
Associated
Banc-Corp.
.................
1,485,154
36,222,906‌
Atlantic
Union
Bankshares
Corp.
..........
1,260,179
39,418,399‌
Axos
Financial,
Inc.
(a)
..................
403,685
30,696,207‌
Banc
of
California,
Inc.
.................
1,152,885
16,198,034‌
BancFirst
Corp.
......................
15,440
1,908,693‌
Bank
First
Corp.
.....................
68,356
8,042,083‌
Bank
of
Hawaii
Corp.
..................
78,401
5,294,420‌
Bank
of
Marin
Bancorp
.................
139,810
3,193,260‌
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
......
389,622
17,252,462‌
Bank7
Corp.
........................
35,888
1,501,195‌
BankFinancial
Corp.
...................
99,191
1,147,640‌
BankUnited,
Inc.
.....................
679,286
24,175,789‌
Security
Shares
Shares
Value
Banks
(continued)
Bankwell
Financial
Group,
Inc.
............
58,723
$
2,115,790‌
Banner
Corp.
.......................
304,126
19,509,683‌
Bar
Harbor
Bankshares
................
133,345
3,995,016‌
BayCom
Corp.
......................
95,999
2,660,132‌
BCB
Bancorp,
Inc.
....................
131,975
1,111,230‌
Berkshire
Hills
Bancorp,
Inc.
.............
394,598
9,880,734‌
Blue
Foundry
Bancorp
(a)
(b)
...............
181,390
1,735,902‌
Blue
Ridge
Bankshares,
Inc.
(a)
(b)
...........
571,137
2,050,382‌
Bridgewater
Bancshares,
Inc.
(a)
...........
97,955
1,558,464‌
Brookline
Bancorp,
Inc.
.................
774,920
8,175,406‌
Burke
&
Herbert
Financial
Services
Corp.
....
120,675
7,207,918‌
Business
First
Bancshares,
Inc.
...........
253,216
6,241,774‌
BV
Financial,
Inc.
(a)
...................
77,017
1,172,969‌
Byline
Bancorp,
Inc.
...................
242,613
6,485,046‌
C&F
Financial
Corp.
...................
27,131
1,674,797‌
Cadence
Bank
......................
1,549,860
49,564,523‌
California
Bancorp
(a)
...................
169,876
2,677,246‌
Camden
National
Corp.
................
150,958
6,125,876‌
Capital
Bancorp,
Inc.
..................
83,030
2,788,147‌
Capital
City
Bank
Group,
Inc.
.............
124,603
4,903,128‌
Capitol
Federal
Financial,
Inc.
............
1,090,248
6,650,513‌
Carter
Bankshares,
Inc.
(a)
(b)
..............
168,172
2,916,102‌
Cathay
General
Bancorp
................
612,111
27,869,414‌
CB
Financial
Services,
Inc.
..............
41,457
1,181,525‌
Central
Pacific
Financial
Corp.
............
234,828
6,582,229‌
CF
Bankshares,
Inc.
...................
34,164
818,911‌
Chain
Bridge
Bancorp,
Inc.
,
Class
A
(a)
.......
20,805
536,145‌
Chemung
Financial
Corp.
...............
37,028
1,794,747‌
ChoiceOne
Financial
Services,
Inc.
.........
127,199
3,650,611‌
Citizens
&
Northern
Corp.
...............
132,672
2,512,808‌
Citizens
Community
Bancorp,
Inc.
.........
85,303
1,177,181‌
Citizens
Financial
Services,
Inc.
...........
38,159
2,240,696‌
City
Holding
Co.
.....................
46,430
5,683,961‌
Civista
Bancshares,
Inc.
................
135,509
3,143,809‌
CNB
Financial
Corp.
...................
186,839
4,271,140‌
Colony
Bankcorp,
Inc.
.................
149,091
2,455,529‌
Columbia
Financial,
Inc.
(a)
(b)
..............
224,491
3,257,364‌
Community
Financial
System,
Inc.
.........
365,060
20,760,962‌
Community
Trust
Bancorp,
Inc.
...........
141,990
7,514,111‌
Community
West
Bancshares
............
121,972
2,379,674‌
ConnectOne
Bancorp,
Inc.
..............
319,488
7,399,342‌
Customers
Bancorp,
Inc.
(a)
...............
242,383
14,237,577‌
CVB
Financial
Corp.
...................
1,179,989
23,351,982‌
Dime
Community
Bancshares,
Inc.
.........
290,628
7,829,518‌
Eagle
Bancorp
Montana,
Inc.
.............
65,850
1,097,720‌
Eagle
Bancorp,
Inc.
...................
211,590
4,121,773‌
Eagle
Financial
Services,
Inc.
............
38,765
1,186,984‌
Eastern
Bankshares,
Inc.
...............
1,756,417
26,820,488‌
ECB
Bancorp,
Inc.
(a)
...................
68,409
1,056,235‌
Enterprise
Bancorp,
Inc.
................
87,451
3,466,558‌
Enterprise
Financial
Services
Corp.
........
328,232
18,085,583‌
Equity
Bancshares,
Inc.
,
Class
A
..........
144,317
5,888,134‌
ESSA
Bancorp,
Inc.
...................
78,823
1,529,166‌
Farmers
&
Merchants
Bancorp,
Inc.
........
114,544
2,895,672‌
Farmers
National
Banc
Corp.
.............
329,738
4,547,087‌
FB
Bancorp,
Inc.
(a)
....................
158,553
1,783,721‌
FB
Financial
Corp.
....................
317,048
14,362,274‌
Fidelity
D&D
Bancorp,
Inc.
...............
42,915
1,974,090‌
Financial
Institutions,
Inc.
...............
177,262
4,552,088‌
Finward
Bancorp
(b)
....................
30,513
842,769‌
Finwise
Bancorp
(a)
(b)
...................
29,070
436,341‌
First
Bancorp
.......................
1,011,264
29,415,620‌
First
Bancorp,
Inc.
(The)
................
95,768
2,433,465‌
First
Bank
..........................
186,334
2,882,587‌
First
Busey
Corp.
.....................
766,236
17,535,311‌
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
First
Business
Financial
Services,
Inc.
.......
66,130
$
3,350,146‌
First
Capital,
Inc.
.....................
28,137
1,161,777‌
First
Commonwealth
Financial
Corp.
........
900,878
14,621,250‌
First
Community
Bankshares,
Inc.
.........
138,903
5,440,831‌
First
Community
Corp.
(b)
................
50,095
1,221,316‌
First
Financial
Bancorp
.................
850,976
20,644,678‌
First
Financial
Corp.
...................
88,670
4,805,027‌
First
Foundation,
Inc.
(a)
(b)
................
564,560
2,879,256‌
First
Internet
Bancorp
..................
35,667
959,442‌
First
Interstate
BancSystem,
Inc.
,
Class
A
....
786,997
22,681,254‌
First
Merchants
Corp.
..................
493,345
18,895,114‌
First
Mid
Bancshares,
Inc.
...............
184,217
6,906,295‌
First
National
Corp.
...................
65,431
1,273,942‌
First
Savings
Financial
Group,
Inc.
.........
49,260
1,233,470‌
First
United
Corp.
....................
53,528
1,659,903‌
First
Western
Financial,
Inc.
(a)
............
52,640
1,187,558‌
Firstsun
Capital
Bancorp
(a)
(b)
..............
112,067
3,894,328‌
Five
Star
Bancorp
....................
48,869
1,394,721‌
Flagstar
Financial,
Inc.
.................
2,712,744
28,755,086‌
Flushing
Financial
Corp.
................
286,727
3,406,317‌
Franklin
Financial
Services
Corp.
..........
37,269
1,290,439‌
FS
Bancorp,
Inc.
.....................
58,875
2,318,498‌
Fulton
Financial
Corp.
..................
1,643,524
29,649,173‌
FVCBankcorp,
Inc.
(a)
...................
145,474
1,716,593‌
GBank
Financial
Holdings,
Inc.
(a)
..........
69,866
2,473,955‌
German
American
Bancorp,
Inc.
...........
322,511
12,419,899‌
Glacier
Bancorp,
Inc.
..................
812,465
35,000,992‌
Great
Southern
Bancorp,
Inc.
.............
76,115
4,474,040‌
Greene
County
Bancorp,
Inc.
.............
25,004
555,589‌
Guaranty
Bancshares,
Inc.
..............
71,166
3,020,285‌
Hancock
Whitney
Corp.
................
768,746
44,126,020‌
Hanmi
Financial
Corp.
.................
268,224
6,619,768‌
Hanover
Bancorp,
Inc.
.................
39,747
909,809‌
HarborOne
Bancorp,
Inc.
...............
339,187
3,961,704‌
Hawthorn
Bancshares,
Inc.
..............
46,383
1,351,601‌
HBT
Financial,
Inc.
....................
112,543
2,837,209‌
Heritage
Commerce
Corp.
...............
537,629
5,338,656‌
Heritage
Financial
Corp.
................
303,335
7,231,506‌
Hilltop
Holdings,
Inc.
...................
411,756
12,496,795‌
Hingham
Institution
for
Savings
(The)
(b)
......
12,610
3,131,694‌
Home
Bancorp,
Inc.
...................
64,056
3,316,820‌
Home
BancShares,
Inc.
................
1,681,500
47,855,490‌
HomeStreet,
Inc.
(a)
....................
164,685
2,152,433‌
HomeTrust
Bancshares,
Inc.
.............
142,402
5,327,259‌
Hope
Bancorp,
Inc.
...................
997,362
10,701,694‌
Horizon
Bancorp,
Inc.
..................
390,130
6,000,199‌
Independent
Bank
Corp.
................
566,857
30,001,705‌
International
Bancshares
Corp.
...........
435,363
28,977,761‌
Investar
Holding
Corp.
.................
87,173
1,684,182‌
John
Marshall
Bancorp,
Inc.
.............
110,261
2,043,136‌
Kearny
Financial
Corp.
.................
509,081
3,288,663‌
Lakeland
Financial
Corp.
................
101,737
6,251,739‌
Landmark
Bancorp,
Inc.
................
40,365
1,067,251‌
LCNB
Corp.
........................
119,673
1,738,849‌
LINKBANCORP,
Inc.
..................
183,005
1,337,767‌
Live
Oak
Bancshares,
Inc.
(b)
..............
178,051
5,305,920‌
MainStreet
Bancshares,
Inc.
.............
59,304
1,120,846‌
Mercantile
Bank
Corp.
.................
141,786
6,580,288‌
Meridian
Corp.
......................
66,169
852,918‌
Metrocity
Bankshares,
Inc.
..............
69,751
1,993,484‌
Metropolitan
Bank
Holding
Corp.
(a)
(b)
........
66,362
4,645,340‌
Mid
Penn
Bancorp,
Inc.
.................
179,078
5,050,000‌
Middlefield
Banc
Corp.
.................
65,125
1,960,914‌
Midland
States
Bancorp,
Inc.
.............
186,792
3,235,237‌
MidWestOne
Financial
Group,
Inc.
.........
182,409
5,247,907‌
Security
Shares
Shares
Value
Banks
(continued)
MVB
Financial
Corp.
..................
101,841
$
2,294,478‌
National
Bank
Holdings
Corp.
,
Class
A
......
334,945
12,597,281‌
National
Bankshares,
Inc.
...............
53,603
1,458,002‌
NB
Bancorp,
Inc.
(a)
(b)
...................
311,362
5,560,925‌
NBT
Bancorp,
Inc.
....................
426,545
17,722,945‌
Nicolet
Bankshares,
Inc.
................
86,494
10,680,279‌
Northeast
Bank
(b)
.....................
26,332
2,343,285‌
Northeast
Community
Bancorp,
Inc.
........
113,796
2,645,188‌
Northfield
Bancorp,
Inc.
................
294,512
3,380,998‌
Northpointe
Bancshares,
Inc.
(b)
............
93,840
1,286,546‌
Northrim
Bancorp,
Inc.
.................
23,258
2,169,041‌
Northwest
Bancshares,
Inc.
..............
1,138,582
14,551,078‌
Norwood
Financial
Corp.
................
73,086
1,884,157‌
Oak
Valley
Bancorp
...................
60,823
1,656,819‌
OceanFirst
Financial
Corp.
..............
508,470
8,954,157‌
OFG
Bancorp
.......................
414,624
17,745,907‌
Ohio
Valley
Banc
Corp.
.................
26,515
854,578‌
Old
National
Bancorp
..................
2,527,181
53,930,043‌
Old
Point
Financial
Corp.
(b)
..............
20,946
822,131‌
Old
Second
Bancorp,
Inc.
...............
385,134
6,832,277‌
OP
Bancorp
........................
95,496
1,240,493‌
Orange
County
Bancorp,
Inc.
.............
60,216
1,555,981‌
Origin
Bancorp,
Inc.
...................
248,610
8,885,321‌
Orrstown
Financial
Services,
Inc.
..........
165,358
5,263,345‌
Pacific
Premier
Bancorp,
Inc.
.............
854,338
18,017,988‌
Park
National
Corp.
...................
132,362
22,138,868‌
Parke
Bancorp,
Inc.
...................
92,841
1,891,171‌
PCB
Bancorp
.......................
96,429
2,023,080‌
Peapack-Gladstone
Financial
Corp.
........
83,503
2,358,960‌
Penns
Woods
Bancorp,
Inc.
..............
65,608
1,991,859‌
Peoples
Bancorp
of
North
Carolina,
Inc.
.....
39,609
1,142,720‌
Peoples
Bancorp,
Inc.
.................
313,743
9,581,711‌
Peoples
Financial
Services
Corp.
..........
74,492
3,677,670‌
Pioneer
Bancorp,
Inc.
(a)
.................
106,340
1,279,270‌
Plumas
Bancorp
.....................
47,990
2,133,635‌
Ponce
Financial
Group,
Inc.
(a)
............
172,147
2,382,514‌
Preferred
Bank
......................
85,074
7,362,729‌
Primis
Financial
Corp.
..................
194,989
2,115,631‌
Princeton
Bancorp,
Inc.
.................
46,571
1,422,278‌
Provident
Bancorp,
Inc.
(a)
...............
144,348
1,802,907‌
Provident
Financial
Services,
Inc.
..........
950,707
16,665,894‌
QCR
Holdings,
Inc.
...................
148,658
10,093,878‌
RBB
Bancorp
.......................
150,231
2,585,476‌
Red
River
Bancshares,
Inc.
..............
40,580
2,382,046‌
Renasant
Corp.
......................
838,759
30,136,611‌
Republic
Bancorp,
Inc.
,
Class
A
...........
74,429
5,441,504‌
Rhinebeck
Bancorp,
Inc.
(a)
...............
40,151
470,971‌
Richmond
Mutual
Bancorp,
Inc.
(b)
..........
71,211
982,712‌
Riverview
Bancorp,
Inc.
................
181,693
999,312‌
S&T
Bancorp,
Inc.
....................
340,210
12,866,742‌
SB
Financial
Group,
Inc.
................
52,812
1,008,709‌
Seacoast
Banking
Corp.
of
Florida
.........
756,480
20,893,978‌
Shore
Bancshares,
Inc.
.................
241,284
3,792,984‌
Sierra
Bancorp
......................
115,027
3,415,152‌
Simmons
First
National
Corp.
,
Class
A
......
1,116,860
21,175,666‌
SmartFinancial,
Inc.
...................
106,987
3,614,021‌
Sound
Financial
Bancorp,
Inc.
............
19,042
875,932‌
South
Plains
Financial,
Inc.
..............
114,385
4,122,435‌
Southern
First
Bancshares,
Inc.
(a)
..........
70,481
2,680,392‌
Southern
Missouri
Bancorp,
Inc.
...........
78,704
4,311,405‌
Southern
States
Bancshares,
Inc.
..........
73,495
2,673,013‌
Southside
Bancshares,
Inc.
..............
258,017
7,593,440‌
SR
Bancorp,
Inc.
.....................
69,966
944,541‌
Stellar
Bancorp,
Inc.
...................
422,254
11,814,667‌
Sterling
Bancorp,
Inc.
(a)
(b)
(c)
...............
207,134
2‌
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Stock
Yards
Bancorp,
Inc.
...............
13,611
$
1,074,997‌
Texas
Capital
Bancshares,
Inc.
(a)
..........
350,626
27,839,704‌
Third
Coast
Bancshares,
Inc.
(a)
(b)
...........
114,447
3,738,984‌
Timberland
Bancorp,
Inc.
...............
68,351
2,132,551‌
Tompkins
Financial
Corp.
...............
119,888
7,520,574‌
Towne
Bank
........................
631,943
21,599,812‌
TriCo
Bancshares
....................
274,894
11,130,458‌
Triumph
Financial,
Inc.
(a)
(b)
...............
109,243
6,020,382‌
TrustCo
Bank
Corp.
...................
166,052
5,549,458‌
Trustmark
Corp.
.....................
505,207
18,419,847‌
UMB
Financial
Corp.
..................
592,915
62,350,941‌
United
Bankshares,
Inc.
................
1,259,040
45,866,827‌
United
Community
Banks,
Inc.
............
1,080,809
32,197,300‌
United
Security
Bancshares
..............
122,434
1,059,054‌
Unity
Bancorp,
Inc.
....................
34,442
1,621,529‌
Univest
Financial
Corp.
.................
256,215
7,696,699‌
USCB
Financial
Holdings,
Inc.
,
Class
A
......
72,743
1,203,169‌
Valley
National
Bancorp
................
3,268,188
29,184,919‌
Veritex
Holdings,
Inc.
..................
471,248
12,299,573‌
Virginia
National
Bankshares
Corp.
.........
42,390
1,568,430‌
WaFd,
Inc.
.........................
696,886
20,404,822‌
Washington
Trust
Bancorp,
Inc.
...........
172,001
4,864,188‌
WesBanco,
Inc.
......................
800,076
25,306,404‌
West
Bancorp,
Inc.
....................
114,303
2,243,768‌
Westamerica
Bancorp
.................
226,497
10,971,515‌
Western
New
England
Bancorp,
Inc.
........
163,475
1,508,874‌
WSFS
Financial
Corp.
.................
526,393
28,951,615‌
2,050,445,838‌
Beverages
—
0.0%
MGP
Ingredients,
Inc.
..................
125,275
3,754,492‌
Biotechnology
—
3.8%
4D
Molecular
Therapeutics,
Inc.
(a)
(b)
.........
356,980
1,324,396‌
89bio,
Inc.
(a)
........................
729,887
7,167,490‌
Abeona
Therapeutics,
Inc.
(a)
..............
20,417
115,969‌
Absci
Corp.
(a)
(b)
......................
193,746
497,927‌
Acrivon
Therapeutics,
Inc.
(a)
..............
12,490
14,863‌
Acumen
Pharmaceuticals,
Inc.
(a)
...........
15,546
18,033‌
Adverum
Biotechnologies,
Inc.
(a)
...........
17,327
37,253‌
Agenus,
Inc.
(a)
.......................
9,820
44,877‌
Agios
Pharmaceuticals,
Inc.
(a)
(b)
...........
503,822
16,757,120‌
Akebia
Therapeutics,
Inc.
(a)
(b)
.............
1,976,316
7,193,790‌
Aldeyra
Therapeutics,
Inc.
(a)
(b)
.............
89,837
344,076‌
Alector,
Inc.
(a)
.......................
651,204
911,686‌
Alkermes
plc
(a)
.......................
361,092
10,330,842‌
Allogene
Therapeutics,
Inc.
(a)
(b)
............
1,348,029
1,523,273‌
Anika
Therapeutics,
Inc.
(a)
...............
110,806
1,172,327‌
Annexon,
Inc.
(a)
(b)
.....................
862,500
2,070,000‌
Applied
Therapeutics,
Inc.
(a)
..............
79,344
24,684‌
Arbutus
Biopharma
Corp.
(a)
..............
77,741
240,220‌
Arcturus
Therapeutics
Holdings,
Inc.
(a)
(b)
......
138,480
1,801,625‌
Arcus
Biosciences,
Inc.
(a)
................
161,813
1,317,158‌
Artiva
Biotherapeutics,
Inc.
(a)
.............
15,195
22,944‌
Astria
Therapeutics,
Inc.
(a)
...............
380,030
2,036,961‌
Atossa
Therapeutics,
Inc.
(a)
..............
18,257
15,153‌
aTyr
Pharma,
Inc.
(a)
(b)
..................
47,484
240,744‌
Aura
Biosciences,
Inc.
(a)
(b)
...............
225,652
1,412,582‌
Avidity
Biosciences,
Inc.
(a)
...............
82,723
2,349,333‌
Bicara
Therapeutics,
Inc.
(a)
(b)
.............
286,210
2,658,891‌
Black
Diamond
Therapeutics,
Inc.
(a)
........
3,152
7,817‌
C4
Therapeutics,
Inc.
(a)
.................
42,506
60,784‌
Cabaletta
Bio,
Inc.
(a)
...................
10,669
16,217‌
CAMP4
Therapeutics
Corp.
(a)
.............
5,785
8,388‌
Candel
Therapeutics,
Inc.
(a)
..............
31,671
160,255‌
Security
Shares
Shares
Value
Biotechnology
(continued)
Cardiff
Oncology,
Inc.
(a)
(b)
................
315,298
$
993,189‌
Cargo
Therapeutics,
Inc.
(a)
(b)
..............
315,406
1,299,473‌
Caribou
Biosciences,
Inc.
(a)
..............
67,853
85,495‌
Cartesian
Therapeutics,
Inc.
(a)
(b)
...........
72,329
751,498‌
Celcuity,
Inc.
(a)
.......................
14,600
194,910‌
Celldex
Therapeutics,
Inc.
(a)
(b)
.............
587,671
11,959,105‌
Century
Therapeutics,
Inc.
(a)
.............
54,116
30,235‌
Cibus,
Inc.
,
Class
A
(a)
..................
37,149
51,266‌
Cidara
Therapeutics,
Inc.
(a)
..............
149,516
7,282,924‌
Climb
Bio,
Inc.
(a)
......................
17,300
21,452‌
Cogent
Biosciences,
Inc.
(a)
(b)
.............
60,232
432,466‌
Coherus
Oncology,
Inc.
(a)
(b)
..............
705,129
515,661‌
Compass
Therapeutics,
Inc.
(a)
(b)
...........
380,872
990,267‌
Corbus
Pharmaceuticals
Holdings,
Inc.
(a)
.....
9,323
64,329‌
CRISPR
Therapeutics
AG
(a)
(b)
.............
561,753
27,323,666‌
Cullinan
Therapeutics,
Inc.
(a)
(b)
............
453,566
3,415,352‌
Cytokinetics,
Inc.
(a)
(b)
...................
926,760
30,620,150‌
Day
One
Biopharmaceuticals,
Inc.
(a)
(b)
.......
607,721
3,950,186‌
Denali
Therapeutics,
Inc.
(a)
(b)
.............
1,116,508
15,619,947‌
Design
Therapeutics,
Inc.
(a)
(b)
.............
269,899
909,560‌
Dianthus
Therapeutics,
Inc.
(a)
(b)
............
158,657
2,955,780‌
Dyne
Therapeutics,
Inc.
(a)
...............
567,616
5,403,704‌
Editas
Medicine,
Inc.
(a)
(b)
................
746,517
1,642,337‌
Eledon
Pharmaceuticals,
Inc.
(a)
............
488,633
1,324,195‌
Elevation
Oncology,
Inc.
(a)
...............
16,797
6,166‌
Emergent
BioSolutions,
Inc.
(a)
(b)
...........
437,402
2,790,625‌
Enanta
Pharmaceuticals,
Inc.
(a)
...........
173,879
1,314,525‌
Entrada
Therapeutics,
Inc.
(a)
(b)
............
250,058
1,680,390‌
Erasca,
Inc.
(a)
(b)
......................
1,597,891
2,029,322‌
Fate
Therapeutics,
Inc.
(a)
................
966,889
1,082,916‌
Fennec
Pharmaceuticals,
Inc.
(a)
...........
152,750
1,267,825‌
Foghorn
Therapeutics,
Inc.
(a)
(b)
............
82,876
389,517‌
Galectin
Therapeutics,
Inc.
(a)
(b)
............
12,428
26,223‌
Generation
Bio
Co.
(a)
..................
89,632
28,691‌
GRAIL,
Inc.
(a)
(b)
......................
255,964
13,161,669‌
Heron
Therapeutics,
Inc.
(a)
(b)
..............
1,207,744
2,500,030‌
Humacyte,
Inc.
(a)
(b)
....................
853,697
1,784,227‌
Ideaya
Biosciences,
Inc.
(a)
...............
750,043
15,765,904‌
IGM
Biosciences,
Inc.
(a)
.................
2,305
2,582‌
ImmunityBio,
Inc.
(a)
(b)
...................
358,607
946,722‌
Inhibikase
Therapeutics,
Inc.
(a)
............
466,060
908,817‌
Inhibrx
Biosciences,
Inc.
(a)
(b)
..............
80,588
1,149,991‌
Inovio
Pharmaceuticals,
Inc.
(a)
............
16,489
33,555‌
Inozyme
Pharma,
Inc.
(a)
................
445,331
1,781,324‌
Intellia
Therapeutics,
Inc.
(a)
(b)
.............
917,030
8,601,741‌
Invivyd,
Inc.
(a)
.......................
161,224
115,275‌
Iovance
Biotherapeutics,
Inc.
(a)
............
2,279,304
3,920,403‌
Ironwood
Pharmaceuticals,
Inc.
,
Class
A
(a)
....
113,885
81,678‌
iTeos
Therapeutics,
Inc.
(a)
...............
265,529
2,647,324‌
Jade
Biosciences,
Inc.
.................
231,152
2,309,208‌
Janux
Therapeutics,
Inc.
(a)
...............
237,306
5,481,769‌
Keros
Therapeutics,
Inc.
(a)
...............
300,185
4,007,470‌
Kodiak
Sciences,
Inc.
(a)
(b)
................
281,840
1,051,263‌
Korro
Bio,
Inc.
(a)
(b)
.....................
58,978
736,635‌
Kura
Oncology,
Inc.
(a)
..................
703,114
4,056,968‌
Kyverna
Therapeutics,
Inc.
(a)
.............
7,555
23,194‌
Larimar
Therapeutics,
Inc.
(a)
..............
376,361
1,087,683‌
Lexeo
Therapeutics,
Inc.
(a)
...............
212,314
853,502‌
MacroGenics,
Inc.
(a)
...................
8,439
10,211‌
MeiraGTx
Holdings
plc
(a)
(b)
...............
95,242
620,978‌
Mersana
Therapeutics,
Inc.
(a)
.............
116,393
34,452‌
Metagenomi,
Inc.
(a)
....................
4,721
6,987‌
Metsera,
Inc.
(a)
(b)
.....................
69,327
1,972,353‌
Monte
Rosa
Therapeutics,
Inc.
(a)
(b)
.........
414,660
1,870,117‌
Myriad
Genetics,
Inc.
(a)
.................
814,513
4,325,064‌
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Neurogene,
Inc.
(a)
(b)
...................
87,522
$
1,308,454‌
Nkarta,
Inc.
(a)
(b)
......................
484,057
803,535‌
Novavax,
Inc.
(a)
(b)
.....................
235,541
1,483,908‌
Nurix
Therapeutics,
Inc.
(a)
(b)
..............
670,220
7,633,806‌
Olema
Pharmaceuticals,
Inc.
(a)
(b)
...........
529,438
2,255,406‌
ORIC
Pharmaceuticals,
Inc.
(a)
............
285,711
2,899,967‌
Oruka
Therapeutics,
Inc.
................
217,838
2,441,964‌
Outlook
Therapeutics,
Inc.
(a)
..............
2,607
4,171‌
PepGen,
Inc.
(a)
......................
4,275
4,745‌
Perspective
Therapeutics,
Inc.
(a)
(b)
..........
529,832
1,822,622‌
Praxis
Precision
Medicines,
Inc.
(a)
..........
145,635
6,123,952‌
Precigen,
Inc.
(a)
(b)
.....................
86,767
123,209‌
Prelude
Therapeutics,
Inc.
(a)
..............
26,915
21,785‌
Prime
Medicine,
Inc.
(a)
(b)
................
518,861
1,281,587‌
ProKidney
Corp.
,
Class
A
(a)
..............
17,014
10,074‌
Protara
Therapeutics,
Inc.
(a)
..............
287,166
870,113‌
Prothena
Corp.
plc
(a)
...................
312,793
1,898,654‌
PTC
Therapeutics,
Inc.
(a)
(b)
...............
129,644
6,331,813‌
Puma
Biotechnology,
Inc.
(a)
(b)
.............
377,194
1,293,775‌
Pyxis
Oncology,
Inc.
(a)
..................
41,142
45,256‌
Q32
Bio,
Inc.
(a)
.......................
13,075
19,482‌
REGENXBIO,
Inc.
(a)
(b)
..................
416,992
3,423,504‌
Relay
Therapeutics,
Inc.
(a)
(b)
..............
1,177,324
4,073,541‌
Renovaro,
Inc.
(a)
.....................
83,865
24,229‌
Replimune
Group,
Inc.
(a)
(b)
...............
601,969
5,592,292‌
Revolution
Medicines,
Inc.
(a)
..............
24,154
888,626‌
Rezolute,
Inc.
(a)
......................
81,550
363,713‌
Rocket
Pharmaceuticals,
Inc.
(a)
(b)
..........
632,072
1,548,576‌
Sage
Therapeutics,
Inc.
(a)
...............
505,350
4,608,792‌
Sana
Biotechnology,
Inc.
(a)
(b)
.............
1,052,782
2,874,095‌
Scholar
Rock
Holding
Corp.
(a)
(b)
...........
58,595
2,075,435‌
Shattuck
Labs,
Inc.
(a)
..................
25,991
20,580‌
Skye
Bioscience,
Inc.
(a)
.................
18,893
78,973‌
Solid
Biosciences,
Inc.
(a)
(b)
...............
583,343
2,840,880‌
Spyre
Therapeutics,
Inc.
(a)
(b)
..............
146,039
2,186,204‌
Sutro
Biopharma,
Inc.
(a)
.................
67,522
48,204‌
Syndax
Pharmaceuticals,
Inc.
(a)
...........
50,699
474,796‌
Tango
Therapeutics,
Inc.
(a)
(b)
..............
662,204
3,390,484‌
Tectonic
Therapeutic,
Inc.
(a)
..............
73,635
1,463,127‌
Tenaya
Therapeutics,
Inc.
(a)
..............
70,675
43,197‌
Tevogen
Bio
Holdings,
Inc.
(a)
(b)
............
107,476
134,345‌
Tonix
Pharmaceuticals
Holding
Corp.
(a)
(b)
.....
50,706
1,824,402‌
Tourmaline
Bio,
Inc.
(a)
(b)
.................
169,219
2,705,812‌
Travere
Therapeutics,
Inc.
(a)
..............
49,582
733,814‌
TriSalus
Life
Sciences,
Inc.
(a)
.............
108,681
592,311‌
TScan
Therapeutics,
Inc.
(a)
..............
7,668
11,119‌
Tyra
Biosciences,
Inc.
(a)
................
214,139
2,049,310‌
Upstream
Bio,
Inc.
(a)
(b)
..................
309,840
3,402,043‌
UroGen
Pharma
Ltd.
(a)
(b)
................
75,686
1,036,898‌
Vanda
Pharmaceuticals,
Inc.
(a)
(b)
...........
491,599
2,320,347‌
Vaxcyte,
Inc.
(a)
.......................
1,122,053
36,477,943‌
Verastem,
Inc.
(a)
......................
177,230
735,504‌
Verve
Therapeutics,
Inc.
(a)
(b)
..............
607,386
6,820,945‌
Vir
Biotechnology,
Inc.
(a)
................
811,134
4,088,115‌
Viridian
Therapeutics,
Inc.
(a)
(b)
.............
128,191
1,792,110‌
Voyager
Therapeutics,
Inc.
(a)
(b)
............
417,297
1,297,794‌
Werewolf
Therapeutics,
Inc.
(a)
............
33,653
36,682‌
XBiotech,
Inc.
(a)
......................
14,431
42,860‌
Xencor,
Inc.
(a)
.......................
626,312
4,922,812‌
XOMA
Royalty
Corp.
(a)
(b)
................
26,874
677,225‌
Zenas
Biopharma,
Inc.
(a)
(b)
...............
144,415
1,399,381‌
Zentalis
Pharmaceuticals,
Inc.
(a)
...........
84,297
97,785‌
420,097,204‌
Security
Shares
Shares
Value
Broadline
Retail
—
0.1%
1stdibs.com,
Inc.
(a)
....................
13,357
$
36,732‌
Kohl's
Corp.
(b)
.......................
970,110
8,226,533‌
Savers
Value
Village,
Inc.
(a)
..............
14,071
143,524‌
8,406,789‌
Building
Products
—
1.3%
American
Woodmark
Corp.
(a)
.............
130,635
6,971,990‌
Apogee
Enterprises,
Inc.
................
188,261
7,643,397‌
Caesarstone
Ltd.
(a)
....................
24,449
48,164‌
Gibraltar
Industries,
Inc.
(a)
...............
267,242
15,767,278‌
Insteel
Industries,
Inc.
..................
75,106
2,794,694‌
Janus
International
Group,
Inc.
(a)
..........
758,654
6,175,444‌
JELD-WEN
Holding,
Inc.
(a)
(b)
..............
755,989
2,963,477‌
Masterbrand,
Inc.
(a)
...................
1,139,956
12,459,719‌
Quanex
Building
Products
Corp.
...........
421,040
7,957,656‌
Resideo
Technologies,
Inc.
(a)
.............
1,326,051
29,252,685‌
UFP
Industries,
Inc.
...................
510,971
50,770,079‌
142,804,583‌
Capital
Markets
—
0.5%
AlTi
Global,
Inc.
,
Class
A
(a)
(b)
.............
378,393
1,570,331‌
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
.............................
249,806
11,073,900‌
Bakkt
Holdings,
Inc.
,
Class
A
(a)
............
26,986
376,455‌
Cohen
&
Steers,
Inc.
..................
21,923
1,651,898‌
Diamond
Hill
Investment
Group,
Inc.
........
20,383
2,961,854‌
DigitalBridge
Group,
Inc.
,
Class
A
..........
1,534,591
15,883,017‌
Donnelley
Financial
Solutions,
Inc.
(a)
(b)
.......
65,974
4,067,297‌
Forge
Global
Holdings,
Inc.
(a)
(b)
............
90,690
1,726,737‌
GCM
Grosvenor,
Inc.
,
Class
A
............
50,847
587,791‌
Marex
Group
plc
.....................
88,749
3,502,923‌
MarketWise,
Inc.
(b)
....................
18,816
372,369‌
Open
Lending
Corp.
,
Class
A
(a)
............
911,455
1,768,223‌
Siebert
Financial
Corp.
(a)
................
112,693
498,103‌
Silvercrest
Asset
Management
Group,
Inc.
,
Class
A
.............................
84,764
1,344,357‌
Virtus
Investment
Partners,
Inc.
...........
59,045
10,710,763‌
Westwood
Holdings
Group,
Inc.
...........
51,073
796,739‌
58,892,757‌
Chemicals
—
1.7%
AdvanSix,
Inc.
.......................
233,539
5,546,551‌
American
Vanguard
Corp.
(a)
..............
215,070
843,074‌
Arq,
Inc.
(a)
(b)
.........................
281,296
1,510,560‌
Aspen
Aerogels,
Inc.
(a)
(b)
................
589,525
3,489,988‌
Avient
Corp.
........................
820,473
26,509,483‌
Cabot
Corp.
........................
31,502
2,362,650‌
Core
Molding
Technologies,
Inc.
(a)
(b)
.........
75,389
1,250,704‌
Ecovyst,
Inc.
(a)
(b)
......................
960,312
7,903,368‌
Flotek
Industries,
Inc.
(a)
(b)
................
84,459
1,246,615‌
Ginkgo
Bioworks
Holdings,
Inc.
(a)
(b)
.........
291,368
3,277,890‌
HB
Fuller
Co.
.......................
488,270
29,369,441‌
Innospec,
Inc.
.......................
213,289
17,935,472‌
Intrepid
Potash,
Inc.
(a)
..................
95,672
3,418,361‌
Koppers
Holdings,
Inc.
.................
171,739
5,521,409‌
Kronos
Worldwide,
Inc.
.................
194,807
1,207,803‌
LSB
Industries,
Inc.
(a)
(b)
.................
484,378
3,778,148‌
Mativ
Holdings,
Inc.
...................
487,878
3,327,328‌
Minerals
Technologies,
Inc.
..............
286,049
15,752,718‌
Orion
SA
..........................
493,288
5,174,591‌
Perimeter
Solutions,
Inc.
(a)
(b)
..............
1,245,711
17,340,297‌
Quaker
Chemical
Corp.
................
124,326
13,917,052‌
Rayonier
Advanced
Materials,
Inc.
(a)
........
575,964
2,217,461‌
Stepan
Co.
.........................
191,706
10,463,314‌
Trinseo
plc
.........................
302,682
944,368‌
Tronox
Holdings
plc
...................
1,067,187
5,410,638‌
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Chemicals
(continued)
Valhi,
Inc.
..........................
23,352
$
377,368‌
190,096,652‌
Commercial
Services
&
Supplies
—
1.8%
ABM
Industries,
Inc.
...................
554,457
26,175,915‌
ACCO
Brands
Corp.
...................
797,237
2,854,108‌
Acme
United
Corp.
....................
25,811
1,069,866‌
BrightView
Holdings,
Inc.
(a)
(b)
.............
538,694
8,969,255‌
Cimpress
plc
(a)
(b)
.....................
105,349
4,951,403‌
CompX
International,
Inc.
...............
4,276
113,613‌
CoreCivic,
Inc.
(a)
.....................
816,452
17,202,644‌
Deluxe
Corp.
........................
394,765
6,280,711‌
Ennis,
Inc.
.........................
223,292
4,050,517‌
Enviri
Corp.
(a)
(b)
......................
705,923
6,127,412‌
Healthcare
Services
Group,
Inc.
(a)
..........
355,254
5,339,468‌
HNI
Corp.
..........................
174,728
8,593,123‌
Interface,
Inc.
.......................
457,850
9,582,801‌
MillerKnoll,
Inc.
......................
604,103
11,731,680‌
Mobile
Infrastructure
Corp.
(a)
.............
115,413
522,821‌
Montrose
Environmental
Group,
Inc.
(a)
.......
288,562
6,316,622‌
NL
Industries,
Inc.
....................
67,940
434,816‌
OPENLANE,
Inc.
(a)
(b)
...................
950,434
23,238,111‌
Perma-Fix
Environmental
Services,
Inc.
(a)
....
130,099
1,368,641‌
Pitney
Bowes,
Inc.
....................
769,990
8,400,591‌
Quad/Graphics,
Inc.
,
Class
A
.............
110,928
626,743‌
Steelcase,
Inc.
,
Class
A
................
745,663
7,777,265‌
UniFirst
Corp.
.......................
134,763
25,365,092‌
Vestis
Corp.
........................
1,025,938
5,878,625‌
Virco
Mfg.
Corp.
.....................
92,499
738,142‌
VSE
Corp.
(b)
........................
24,941
3,266,772‌
196,976,757‌
Communications
Equipment
—
0.7%
(a)
Applied
Optoelectronics,
Inc.
(b)
............
98,090
2,519,932‌
Aviat
Networks,
Inc.
(b)
..................
102,696
2,469,839‌
Clearfield,
Inc.
.......................
58,971
2,559,931‌
CommScope
Holding
Co.,
Inc.
............
728,373
6,030,928‌
Digi
International,
Inc.
(b)
.................
324,059
11,296,697‌
Harmonic,
Inc.
.......................
749,209
7,095,009‌
Inseego
Corp.
(b)
......................
89,692
739,062‌
NETGEAR,
Inc.
......................
249,051
7,239,913‌
NetScout
Systems,
Inc.
.................
626,461
15,542,497‌
Ribbon
Communications,
Inc.
(b)
...........
833,963
3,344,192‌
Viasat,
Inc.
(b)
........................
1,008,212
14,719,895‌
73,557,895‌
Construction
&
Engineering
—
1.4%
Ameresco,
Inc.
,
Class
A
(a)
(b)
..............
285,573
4,337,854‌
Arcosa,
Inc.
........................
312,087
27,061,064‌
Bowman
Consulting
Group
Ltd.
(a)
..........
6,282
180,608‌
Concrete
Pumping
Holdings,
Inc.
..........
204,106
1,255,252‌
Fluor
Corp.
(a)
........................
1,493,972
76,595,944‌
Granite
Construction,
Inc.
...............
54,030
5,052,345‌
Great
Lakes
Dredge
&
Dock
Corp.
(a)
........
591,852
7,214,676‌
Matrix
Service
Co.
(a)
(b)
..................
182,608
2,467,034‌
NWPX
Infrastructure,
Inc.
(a)
..............
86,332
3,540,475‌
Orion
Group
Holdings,
Inc.
(a)
(b)
............
269,270
2,442,279‌
Primoris
Services
Corp.
................
30,880
2,406,787‌
Southland
Holdings,
Inc.
(a)
(b)
..............
96,132
401,832‌
Tutor
Perini
Corp.
(a)
(b)
..................
398,399
18,637,105‌
151,593,255‌
Consumer
Finance
—
0.9%
Atlanticus
Holdings
Corp.
(a)
..............
47,362
2,593,070‌
Bread
Financial
Holdings,
Inc.
............
383,728
21,918,543‌
Consumer
Portfolio
Services,
Inc.
(a)
(b)
........
75,557
742,725‌
Security
Shares
Shares
Value
Consumer
Finance
(continued)
Encore
Capital
Group,
Inc.
(a)
.............
207,092
$
8,016,531‌
Green
Dot
Corp.
,
Class
A
(a)
..............
484,797
5,226,112‌
LendingClub
Corp.
(a)
...................
1,016,209
12,224,994‌
LendingTree,
Inc.
(a)
(b)
..................
7,231
268,053‌
Medallion
Financial
Corp.
...............
162,364
1,547,329‌
Navient
Corp.
.......................
629,481
8,875,682‌
Nelnet,
Inc.
,
Class
A
...................
123,985
15,017,063‌
Oportun
Financial
Corp.
(a)
...............
297,662
2,131,260‌
PRA
Group,
Inc.
(a)
....................
353,661
5,216,500‌
PROG
Holdings,
Inc.
..................
358,102
10,510,294‌
Regional
Management
Corp.
.............
70,615
2,062,664‌
Vroom,
Inc.
(a)
........................
6,938
197,802‌
World
Acceptance
Corp.
(a)
(b)
..............
30,012
4,955,582‌
101,504,204‌
Consumer
Staples
Distribution
&
Retail
—
0.6%
Andersons,
Inc.
(The)
..................
291,148
10,699,689‌
Grocery
Outlet
Holding
Corp.
(a)
............
851,229
10,572,264‌
HF
Foods
Group,
Inc.
(a)
(b)
................
355,202
1,129,542‌
Ingles
Markets,
Inc.
,
Class
A
.............
130,232
8,254,104‌
SpartanNash
Co.
.....................
299,765
7,940,775‌
United
Natural
Foods,
Inc.
(a)
..............
537,962
12,539,894‌
Village
Super
Market,
Inc.
,
Class
A
.........
81,375
3,132,938‌
Weis
Markets,
Inc.
....................
148,395
10,757,154‌
65,026,360‌
Containers
&
Packaging
—
0.5%
Ardagh
Metal
Packaging
SA
.............
923,432
3,952,289‌
Greif,
Inc.
,
Class
A,
NVS
................
227,038
14,755,200‌
Greif,
Inc.
,
Class
B
....................
42,884
2,959,425‌
Myers
Industries,
Inc.
..................
283,435
4,106,973‌
O-I
Glass,
Inc.
(a)
......................
1,039,327
15,319,680‌
Ranpak
Holdings
Corp.
,
Class
A
(a)
.........
403,218
1,439,488‌
TriMas
Corp.
(b)
.......................
295,389
8,451,079‌
50,984,134‌
Distributors
—
0.1%
A-Mark
Precious
Metals,
Inc.
.............
168,879
3,745,736‌
GigaCloud
Technology,
Inc.
,
Class
A
(a)
(b)
......
235,516
4,658,507‌
Weyco
Group,
Inc.
....................
54,799
1,817,135‌
10,221,378‌
Diversified
Consumer
Services
—
0.8%
American
Public
Education,
Inc.
(a)
(b)
.........
8,454
257,509‌
Chegg,
Inc.
(a)
........................
67,868
82,120‌
European
Wax
Center,
Inc.
,
Class
A
(a)
.......
20,385
114,768‌
Graham
Holdings
Co.
,
Class
B
............
28,686
27,141,833‌
Laureate
Education,
Inc.
(a)
...............
752,205
17,586,553‌
Matthews
International
Corp.
,
Class
A
.......
266,491
6,371,800‌
Mister
Car
Wash,
Inc.
(a)
(b)
................
114,750
689,647‌
Perdoceo
Education
Corp.
...............
543,699
17,773,520‌
Strategic
Education,
Inc.
................
215,488
18,344,493‌
88,362,243‌
Diversified
REITs
—
1.3%
Alexander
&
Baldwin,
Inc.
...............
643,853
11,479,899‌
Alpine
Income
Property
Trust,
Inc.
.........
117,141
1,723,144‌
American
Assets
Trust,
Inc.
..............
467,974
9,242,486‌
Armada
Hoffler
Properties,
Inc.
...........
711,472
4,887,813‌
Broadstone
Net
Lease,
Inc.
..............
1,694,439
27,195,746‌
CTO
Realty
Growth,
Inc.
................
270,755
4,673,231‌
Essential
Properties
Realty
Trust,
Inc.
.......
1,773,600
56,595,576‌
Gladstone
Commercial
Corp.
.............
332,831
4,769,468‌
Global
Net
Lease,
Inc.
.................
1,786,413
13,487,418‌
Modiv
Industrial,
Inc.
,
Class
C
............
83,165
1,170,963‌
NexPoint
Diversified
Real
Estate
Trust
......
322,078
1,349,507‌
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Diversified
REITs
(continued)
One
Liberty
Properties,
Inc.
..............
163,153
$
3,892,831‌
140,468,082‌
Diversified
Telecommunication
Services
—
0.3%
AST
SpaceMobile,
Inc.
,
Class
A
(a)
..........
85,318
3,986,910‌
ATN
International,
Inc.
.................
92,495
1,503,044‌
Bandwidth,
Inc.
,
Class
A
(a)
...............
182,544
2,902,450‌
IDT
Corp.
,
Class
B
....................
32,817
2,242,057‌
Liberty
Latin
America
Ltd.
,
Class
A
(a)
........
294,543
1,796,712‌
Liberty
Latin
America
Ltd.
,
Class
C,
NVS
(a)
(b)
...
1,128,520
7,019,395‌
Lumen
Technologies,
Inc.
(a)
(b)
.............
985,323
4,315,715‌
Shenandoah
Telecommunications
Co.
.......
451,473
6,167,121‌
29,933,404‌
Electric
Utilities
—
2.0%
ALLETE,
Inc.
.......................
522,243
33,460,109‌
Genie
Energy
Ltd.
,
Class
B
..............
170,296
4,577,557‌
Hawaiian
Electric
Industries,
Inc.
(a)
.........
1,556,468
16,545,255‌
MGE
Energy,
Inc.
.....................
157,203
13,903,033‌
Oklo,
Inc.
(a)
(b)
........................
701,897
39,299,213‌
Otter
Tail
Corp.
......................
320,687
24,721,761‌
Portland
General
Electric
Co.
.............
984,200
39,988,046‌
TXNM
Energy,
Inc.
....................
827,451
46,602,040‌
219,097,014‌
Electrical
Equipment
—
1.1%
Allient,
Inc.
.........................
120,372
4,370,707‌
Array
Technologies,
Inc.
(a)
...............
1,058,193
6,243,339‌
Atkore,
Inc.
.........................
307,568
21,698,922‌
Blink
Charging
Co.
(a)
...................
57,349
53,902‌
Complete
Solaria,
Inc.
(a)
(b)
...............
410,702
755,692‌
Energy
Vault
Holdings,
Inc.
(a)
.............
52,142
37,375‌
EnerSys
...........................
331,025
28,392,014‌
Fluence
Energy,
Inc.
,
Class
A
(a)
(b)
..........
128,158
859,940‌
FuelCell
Energy,
Inc.
(a)
(b)
................
2,717
15,242‌
GrafTech
International
Ltd.
(a)
.............
13,908
13,527‌
Hyliion
Holdings
Corp.
,
Class
A
(a)
(b)
.........
1,218,340
1,608,209‌
LSI
Industries,
Inc.
....................
55,791
949,005‌
NANO
Nuclear
Energy,
Inc.
(a)
(b)
............
14,288
492,793‌
Net
Power,
Inc.
,
Class
A
(a)
(b)
..............
301,894
745,678‌
NEXTracker,
Inc.
,
Class
A
(a)
..............
253,305
13,772,193‌
Plug
Power,
Inc.
(a)
(b)
...................
8,128,654
12,111,695‌
Power
Solutions
International,
Inc.
(a)
........
4,713
304,837‌
Preformed
Line
Products
Co.
.............
19,750
3,156,248‌
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
...
1,255,084
5,334,107‌
SolarMax
Technology,
Inc.
(a)
..............
10,913
11,895‌
Stem,
Inc.
(a)
(b)
.......................
10,875
67,751‌
Sunrun,
Inc.
(a)
(b)
......................
1,864,161
15,248,837‌
T1
Energy,
Inc.
(a)
(b)
....................
968,807
1,191,633‌
Thermon
Group
Holdings,
Inc.
(a)
(b)
..........
263,905
7,410,452‌
TPI
Composites,
Inc.
(a)
.................
36,678
31,518‌
124,877,511‌
Electronic
Equipment,
Instruments
&
Components
—
2.4%
908
Devices,
Inc.
(a)
(b)
...................
57,012
406,496‌
Bel
Fuse,
Inc.
,
Class
A
(b)
................
15,436
1,386,924‌
Bel
Fuse,
Inc.
,
Class
B,
NVS
(b)
............
92,775
9,063,190‌
Benchmark
Electronics,
Inc.
.............
319,201
12,394,575‌
CTS
Corp.
.........................
225,285
9,599,394‌
Daktronics,
Inc.
(a)
(b)
....................
306,057
4,627,582‌
ePlus,
Inc.
(a)
(b)
.......................
236,128
17,024,829‌
FARO
Technologies,
Inc.
(a)
(b)
.............
90,833
3,989,385‌
Insight
Enterprises,
Inc.
(a)
...............
163,551
22,583,940‌
Itron,
Inc.
(a)
.........................
209,007
27,511,591‌
Kimball
Electronics,
Inc.
(a)
...............
218,664
4,204,909‌
Knowles
Corp.
(a)
.....................
716,976
12,633,117‌
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Methode
Electronics,
Inc.
...............
310,512
$
2,952,969‌
MicroVision,
Inc.
(a)
(b)
...................
835,717
952,717‌
Motomova,
Inc.
(a)
(c)
....................
19,086
—‌
Neonode,
Inc.
(a)
(b)
.....................
8,466
215,883‌
nLight,
Inc.
(a)
........................
399,852
7,869,087‌
PAR
Technology
Corp.
(a)
(b)
...............
148,756
10,319,204‌
PC
Connection,
Inc.
...................
102,363
6,733,438‌
Plexus
Corp.
(a)
.......................
16,853
2,280,379‌
Powerfleet,
Inc.
(a)
(b)
....................
1,105,175
4,763,304‌
Richardson
Electronics
Ltd.
..............
104,988
1,013,134‌
Rogers
Corp.
(a)
......................
164,256
11,248,251‌
Sanmina
Corp.
(a)
(b)
....................
257,803
25,220,867‌
ScanSource,
Inc.
(a)
....................
193,800
8,102,778‌
SmartRent,
Inc.
,
Class
A
(a)
...............
59,937
59,338‌
TTM
Technologies,
Inc.
(a)
................
898,775
36,687,996‌
Vishay
Intertechnology,
Inc.
..............
1,084,294
17,218,589‌
Vishay
Precision
Group,
Inc.
(a)
(b)
...........
106,486
2,992,257‌
264,056,123‌
Energy
Equipment
&
Services
—
2.0%
Atlas
Energy
Solutions,
Inc.
..............
195,105
2,608,554‌
Borr
Drilling
Ltd.
(b)
....................
2,071,238
3,790,366‌
Bristow
Group,
Inc.
(a)
..................
253,010
8,341,740‌
ChampionX
Corp.
....................
254,594
6,324,115‌
Core
Laboratories,
Inc.
.................
417,639
4,811,201‌
DMC
Global,
Inc.
(a)
....................
124,661
1,004,768‌
Expro
Group
Holdings
NV
(a)
(b)
.............
918,166
7,887,046‌
Flowco
Holdings,
Inc.
,
Class
A
(b)
...........
72,461
1,290,530‌
Forum
Energy
Technologies,
Inc.
(a)
.........
105,129
2,046,862‌
Geospace
Technologies
Corp.
(a)
...........
24,872
354,675‌
Helix
Energy
Solutions
Group,
Inc.
(a)
........
973,919
6,077,255‌
Helmerich
&
Payne,
Inc.
................
874,971
13,264,560‌
Innovex
International,
Inc.
(a)
(b)
.............
344,756
5,385,089‌
Liberty
Energy,
Inc.
,
Class
A
.............
1,414,480
16,238,230‌
Mammoth
Energy
Services,
Inc.
(a)
..........
198,066
554,585‌
Nabors
Industries
Ltd.
(a)
(b)
...............
125,722
3,522,730‌
National
Energy
Services
Reunited
Corp.
(a)
(b)
..
444,551
2,676,197‌
Natural
Gas
Services
Group,
Inc.
(a)
.........
76,080
1,963,625‌
Noble
Corp.
plc
......................
1,127,488
29,934,806‌
Oceaneering
International,
Inc.
(a)
..........
97,063
2,011,145‌
Oil
States
International,
Inc.
(a)
(b)
...........
542,771
2,909,253‌
Patterson-UTI
Energy,
Inc.
..............
3,160,113
18,739,470‌
ProFrac
Holding
Corp.
,
Class
A
(a)
(b)
.........
109,490
849,642‌
ProPetro
Holding
Corp.
(a)
................
712,286
4,252,347‌
Ranger
Energy
Services,
Inc.
,
Class
A
.......
152,424
1,819,943‌
RPC,
Inc.
..........................
794,851
3,759,645‌
SEACOR
Marine
Holdings,
Inc.
(a)
(b)
.........
210,927
1,075,728‌
Seadrill
Ltd.
(a)
(b)
......................
354,500
9,305,625‌
Select
Water
Solutions,
Inc.
,
Class
A
........
812,461
7,019,663‌
TETRA
Technologies,
Inc.
(a)
..............
1,129,684
3,795,738‌
Tidewater,
Inc.
(a)
.....................
23,984
1,106,382‌
Transocean
Ltd.
(a)
(b)
...................
6,669,336
17,273,580‌
Valaris
Ltd.
(a)
(b)
.......................
569,426
23,978,529‌
215,973,624‌
Entertainment
—
0.4%
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(a)
(b)
.
3,870,419
11,998,299‌
CuriosityStream,
Inc.
,
Class
A
............
22,920
129,039‌
Eventbrite,
Inc.
,
Class
A
(a)
(b)
..............
661,916
1,740,839‌
Gaia,
Inc.
,
Class
A
(a)
...................
151,484
665,015‌
Lionsgate
Studios
Corp.
(a)
...............
1,721,082
9,999,486‌
LiveOne,
Inc.
(a)
......................
7,272
5,490‌
Marcus
Corp.
(The)
...................
213,480
3,599,273‌
Playstudios,
Inc.
,
Class
A
(a)
..............
774,362
1,014,414‌
Playtika
Holding
Corp.
.................
383,303
1,813,023‌
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Entertainment
(continued)
Reservoir
Media,
Inc.
(a)
(b)
................
156,380
$
1,199,435‌
Sphere
Entertainment
Co.
,
Class
A
(a)
(b)
.......
247,257
10,335,343‌
Starz
Entertainment
Corp.
...............
113,727
1,827,593‌
Vivid
Seats,
Inc.
,
Class
A
(a)
..............
201,828
341,089‌
44,668,338‌
Financial
Services
—
3.3%
Acacia
Research
Corp.
(a)
(b)
...............
314,334
1,125,316‌
Alerus
Financial
Corp.
.................
200,243
4,333,259‌
Banco
Latinoamericano
de
Comercio
Exterior
SA
,
Class
E
......................
261,490
10,538,047‌
Better
Home
&
Finance
Holding
Co.
(a)
.......
43,658
540,923‌
Burford
Capital
Ltd.
...................
622,111
8,871,303‌
Cannae
Holdings,
Inc.
.................
517,585
10,791,647‌
Cass
Information
Systems,
Inc.
...........
17,715
769,717‌
Compass
Diversified
Holdings
............
595,829
3,741,806‌
Enact
Holdings,
Inc.
...................
257,467
9,564,899‌
Essent
Group
Ltd.
....................
887,187
53,878,867‌
Federal
Agricultural
Mortgage
Corp.
,
Class
C,
NVS
...........................
7,597
1,475,945‌
Finance
of
America
Cos.,
Inc.
,
Class
A
(a)
.....
39,462
920,254‌
Flywire
Corp.
(a)
......................
99,950
1,169,415‌
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
......................
1,092,352
29,340,575‌
Jackson
Financial,
Inc.
,
Class
A
...........
632,823
56,188,354‌
loanDepot,
Inc.
,
Class
A
(a)
...............
725,896
921,888‌
Marqeta,
Inc.
,
Class
A
(a)
(b)
...............
1,875,086
10,931,751‌
Merchants
Bancorp
...................
230,658
7,627,860‌
Mr
Cooper
Group,
Inc.
(a)
................
15,076
2,249,490‌
NewtekOne,
Inc.
.....................
218,890
2,469,079‌
NMI
Holdings,
Inc.
,
Class
A
(a)
.............
697,759
29,438,452‌
Onity
Group,
Inc.
(a)
....................
59,828
2,283,635‌
Pagseguro
Digital
Ltd.
,
Class
A
...........
599,950
5,783,518‌
Paysafe
Ltd.
(a)
(b)
......................
297,028
3,748,493‌
PennyMac
Financial
Services,
Inc.
.........
261,187
26,024,673‌
Radian
Group,
Inc.
....................
1,262,161
45,463,039‌
Repay
Holdings
Corp.
,
Class
A
(a)
..........
692,143
3,336,129‌
Security
National
Financial
Corp.
,
Class
A
(a)
...
120,903
1,190,895‌
Sezzle,
Inc.
(a)
(b)
......................
11,599
2,079,121‌
SWK
Holdings
Corp.
..................
27,110
399,601‌
Triller
Group,
Inc.
(a)
....................
825,131
767,784‌
Velocity
Financial,
Inc.
(a)
................
99,585
1,846,306‌
Walker
&
Dunlop,
Inc.
..................
294,786
20,776,517‌
Waterstone
Financial,
Inc.
...............
148,437
2,049,915‌
362,638,473‌
Food
Products
—
0.6%
Alico,
Inc.
..........................
47,497
1,552,202‌
B&G
Foods,
Inc.
.....................
693,710
2,934,393‌
Beyond
Meat,
Inc.
(a)
(b)
..................
599,991
2,093,969‌
Calavo
Growers,
Inc.
..................
13,161
349,951‌
Dole
plc
...........................
589,982
8,253,848‌
Fresh
Del
Monte
Produce,
Inc.
............
300,940
9,756,475‌
Hain
Celestial
Group,
Inc.
(The)
(a)
..........
807,168
1,226,895‌
John
B
Sanfilippo
&
Son,
Inc.
.............
28,206
1,783,747‌
Limoneira
Co.
.......................
151,138
2,365,310‌
Mission
Produce,
Inc.
(a)
(b)
................
428,807
5,025,618‌
Seneca
Foods
Corp.
,
Class
A
(a)
...........
41,790
4,238,760‌
Simply
Good
Foods
Co.
(The)
(a)
...........
298,595
9,432,616‌
TreeHouse
Foods,
Inc.
(a)
................
447,124
8,683,148‌
Utz
Brands,
Inc.
,
Class
A
................
643,859
8,080,431‌
WK
Kellogg
Co.
......................
42,510
677,609‌
66,454,972‌
Security
Shares
Shares
Value
Gas
Utilities
—
2.2%
Brookfield
Infrastructure
Corp.
,
Class
A
(b)
.....
1,075,349
$
44,734,518‌
Chesapeake
Utilities
Corp.
..............
135,183
16,251,700‌
New
Jersey
Resources
Corp.
.............
901,896
40,422,979‌
Northwest
Natural
Holding
Co.
............
359,977
14,298,286‌
ONE
Gas,
Inc.
.......................
534,650
38,419,949‌
RGC
Resources,
Inc.
..................
72,505
1,622,662‌
Southwest
Gas
Holdings,
Inc.
............
577,953
42,993,924‌
Spire,
Inc.
..........................
514,933
37,584,960‌
236,328,978‌
Ground
Transportation
—
0.6%
ArcBest
Corp.
.......................
206,624
15,912,114‌
Covenant
Logistics
Group,
Inc.
,
Class
A
......
117,971
2,844,281‌
Heartland
Express,
Inc.
.................
454,184
3,924,150‌
Marten
Transport
Ltd.
..................
518,736
6,738,381‌
PAMT
Corp.
(a)
.......................
46,620
599,999‌
Proficient
Auto
Logistics,
Inc.
(a)
(b)
...........
209,871
1,523,664‌
RXO,
Inc.
(a)
.........................
1,367,293
21,493,846‌
Universal
Logistics
Holdings,
Inc.
..........
60,087
1,525,008‌
Werner
Enterprises,
Inc.
................
454,395
12,432,247‌
66,993,690‌
Health
Care
Equipment
&
Supplies
—
1.3%
Accuray,
Inc.
(a)
.......................
65,003
89,054‌
AngioDynamics,
Inc.
(a)
.................
268,927
2,667,756‌
Artivion,
Inc.
(a)
.......................
63,344
1,969,998‌
Avanos
Medical,
Inc.
(a)
.................
402,698
4,929,023‌
Beta
Bionics,
Inc.
(a)
(b)
..................
14,179
206,446‌
CONMED
Corp.
......................
277,099
14,431,316‌
Embecta
Corp.
......................
463,129
4,487,720‌
Enovis
Corp.
(a)
(b)
......................
511,810
16,050,362‌
Fractyl
Health,
Inc.
(a)
...................
8,239
13,347‌
ICU
Medical,
Inc.
(a)
....................
53,630
7,087,204‌
Inmode
Ltd.
(a)
.......................
26,177
377,996‌
Inogen,
Inc.
(a)
.......................
212,587
1,494,487‌
Integra
LifeSciences
Holdings
Corp.
(a)
.......
598,112
7,338,834‌
Kestra
Medical
Technologies
Ltd.
(a)
.........
14,281
236,779‌
LivaNova
plc
(a)
.......................
487,221
21,934,689‌
Lucid
Diagnostics,
Inc.
(a)
(b)
...............
351,178
403,855‌
Merit
Medical
Systems,
Inc.
(a)
.............
36,953
3,454,366‌
Neogen
Corp.
(a)
......................
1,945,605
9,299,992‌
Omnicell,
Inc.
(a)
......................
418,027
12,289,994‌
OraSure
Technologies,
Inc.
(a)
(b)
............
668,502
2,005,506‌
Orthofix
Medical,
Inc.
(a)
(b)
................
344,980
3,846,527‌
OrthoPediatrics
Corp.
(a)
(b)
................
114,357
2,456,388‌
Outset
Medical,
Inc.
(a)
..................
72,493
1,392,591‌
QuidelOrtho
Corp.
(a)
...................
340,078
9,801,048‌
Semler
Scientific,
Inc.
(a)
(b)
................
62,183
2,408,969‌
STAAR
Surgical
Co.
(a)
..................
62,665
1,051,519‌
Stereotaxis,
Inc.
(a)
(b)
...................
59,931
127,054‌
Tactile
Systems
Technology,
Inc.
(a)
(b)
........
209,399
2,123,306‌
Utah
Medical
Products,
Inc.
..............
26,042
1,482,311‌
Varex
Imaging
Corp.
(a)
.................
367,559
3,186,737‌
Zimvie,
Inc.
(a)
........................
241,461
2,257,660‌
140,902,834‌
Health
Care
Providers
&
Services
—
1.4%
AdaptHealth
Corp.
(a)
(b)
..................
822,528
7,756,439‌
Addus
HomeCare
Corp.
(a)
(b)
..............
83,237
9,588,070‌
AirSculpt
Technologies,
Inc.
(a)
(b)
...........
29,471
142,345‌
AMN
Healthcare
Services,
Inc.
(a)
...........
340,756
7,043,427‌
Ardent
Health,
Inc.
(a)
(b)
..................
191,854
2,620,726‌
Aveanna
Healthcare
Holdings,
Inc.
(a)
(b)
.......
151,323
791,419‌
Brookdale
Senior
Living,
Inc.
(a)
(b)
...........
231,216
1,609,263‌
Castle
Biosciences,
Inc.
(a)
...............
252,563
5,157,336‌
Community
Health
Systems,
Inc.
(a)
(b)
........
418,981
1,424,535‌
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
Concentra
Group
Holdings
Parent,
Inc.
......
61,393
$
1,262,854‌
Cross
Country
Healthcare,
Inc.
(a)
..........
283,325
3,697,391‌
DocGo,
Inc.
(a)
(b)
......................
809,947
1,271,617‌
Enhabit,
Inc.
(a)
.......................
440,627
4,247,644‌
Fulgent
Genetics,
Inc.
(a)
................
186,418
3,705,990‌
Innovage
Holding
Corp.
(a)
(b)
..............
105,352
388,749‌
LifeStance
Health
Group,
Inc.
(a)
(b)
..........
523,639
2,707,214‌
ModivCare,
Inc.
(a)
.....................
10,525
32,838‌
Nano-X
Imaging
Ltd.
(a)
(b)
................
435,341
2,250,713‌
National
HealthCare
Corp.
...............
113,957
12,194,539‌
NeoGenomics,
Inc.
(a)
..................
1,040,992
7,609,652‌
OPKO
Health,
Inc.
(a)
(b)
..................
3,216,342
4,245,571‌
Owens
&
Minor,
Inc.
(a)
(b)
.................
670,426
6,100,877‌
PACS
Group,
Inc.
(a)
...................
27,006
348,918‌
Pediatrix
Medical
Group,
Inc.
(a)
............
767,011
11,006,608‌
Performant
Healthcare,
Inc.
(a)
.............
196,048
784,192‌
Premier,
Inc.
,
Class
A
..................
818,306
17,945,451‌
Quipt
Home
Medical
Corp.
(a)
.............
35,275
63,142‌
RadNet,
Inc.
(a)
.......................
109,739
6,245,246‌
SBC
Medical
Group
Holdings,
Inc.
(a)
(b)
.......
46,074
213,783‌
Select
Medical
Holdings
Corp.
............
1,001,456
15,202,102‌
Sonida
Senior
Living,
Inc.
(a)
(b)
.............
18,759
468,037‌
Surgery
Partners,
Inc.
(a)
(b)
...............
692,631
15,397,187‌
US
Physical
Therapy,
Inc.
...............
52,625
4,115,275‌
157,639,150‌
Health
Care
REITs
—
1.7%
American
Healthcare
REIT,
Inc.
...........
918,029
33,728,386‌
CareTrust
REIT,
Inc.
...................
1,520,113
46,515,458‌
Community
Healthcare
Trust,
Inc.
..........
243,364
4,047,143‌
Diversified
Healthcare
Trust
..............
1,963,130
7,028,005‌
Global
Medical
REIT,
Inc.
...............
568,327
3,938,506‌
LTC
Properties,
Inc.
...................
407,910
14,117,765‌
National
Health
Investors,
Inc.
............
319,692
22,416,803‌
Sabra
Health
Care
REIT,
Inc.
.............
2,122,290
39,135,028‌
Sila
Realty
Trust,
Inc.
..................
499,457
11,822,147‌
Universal
Health
Realty
Income
Trust
.......
15,336
612,980‌
183,362,221‌
Health
Care
Technology
—
0.3%
Definitive
Healthcare
Corp.
,
Class
A
(a)
(b)
......
315,191
1,229,245‌
Evolent
Health,
Inc.
,
Class
A
(a)
............
703,874
7,925,621‌
Health
Catalyst,
Inc.
(a)
..................
601,283
2,266,837‌
HealthStream,
Inc.
....................
125,888
3,483,321‌
LifeMD,
Inc.
(a)
.......................
97,482
1,327,705‌
Teladoc
Health,
Inc.
(a)
(b)
.................
1,290,520
11,240,429‌
Waystar
Holding
Corp.
(a)
(b)
...............
124,074
5,070,904‌
32,544,062‌
Hotel
&
Resort
REITs
—
0.8%
Apple
Hospitality
REIT,
Inc.
..............
2,015,130
23,516,567‌
Braemar
Hotels
&
Resorts,
Inc.
...........
568,315
1,392,372‌
Chatham
Lodging
Trust
.................
436,794
3,044,454‌
DiamondRock
Hospitality
Co.
.............
783,433
6,001,097‌
Pebblebrook
Hotel
Trust
................
1,063,562
10,624,984‌
RLJ
Lodging
Trust
....................
1,340,270
9,757,166‌
Service
Properties
Trust
................
1,456,362
3,480,705‌
Summit
Hotel
Properties,
Inc.
.............
976,329
4,969,515‌
Sunstone
Hotel
Investors,
Inc.
............
1,603,595
13,919,205‌
Xenia
Hotels
&
Resorts,
Inc.
.............
777,801
9,776,958‌
86,483,023‌
Hotels,
Restaurants
&
Leisure
—
1.1%
Biglari
Holdings,
Inc.
,
Class
B,
NVS
(a)
(b)
......
6,250
1,826,312‌
BJ's
Restaurants,
Inc.
(a)
.................
73,816
3,292,194‌
Bloomin'
Brands,
Inc.
..................
279,705
2,408,260‌
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Cracker
Barrel
Old
Country
Store,
Inc.
.......
143,510
$
8,765,591‌
Denny's
Corp.
(a)
(b)
.....................
411,924
1,688,888‌
Dine
Brands
Global,
Inc.
................
115,919
2,820,309‌
El
Pollo
Loco
Holdings,
Inc.
(a)
.............
236,254
2,601,157‌
Full
House
Resorts,
Inc.
(a)
...............
36,762
134,549‌
Global
Business
Travel
Group
I
(a)
(b)
.........
94,376
594,569‌
Golden
Entertainment,
Inc.
..............
173,640
5,110,225‌
International
Game
Technology
plc
.........
998,308
15,783,249‌
Jack
in
the
Box,
Inc.
...................
26,435
461,555‌
Krispy
Kreme,
Inc.
....................
600,323
1,746,940‌
Marriott
Vacations
Worldwide
Corp.
.........
285,992
20,680,082‌
Nathan's
Famous,
Inc.
.................
2,901
320,793‌
Papa
John's
International,
Inc.
............
265,979
13,017,012‌
PlayAGS,
Inc.
(a)
......................
24,592
307,154‌
Portillo's,
Inc.
,
Class
A
(a)
................
501,833
5,856,391‌
Potbelly
Corp.
(a)
......................
24,146
295,789‌
Pursuit
Attractions
&
Hospitality,
Inc.
(a)
.......
177,209
5,108,935‌
RCI
Hospitality
Holdings,
Inc.
(b)
............
34,735
1,324,098‌
Red
Rock
Resorts,
Inc.
,
Class
A
...........
195,012
10,146,474‌
Sabre
Corp.
(a)
.......................
2,379,105
7,517,972‌
Serve
Robotics,
Inc.
(a)
(b)
.................
34,496
394,634‌
Six
Flags
Entertainment
Corp.
(a)
(b)
..........
171,725
5,225,592‌
Target
Hospitality
Corp.
(a)
...............
285,707
2,034,234‌
United
Parks
&
Resorts,
Inc.
(a)
(b)
...........
16,205
764,066‌
120,227,024‌
Household
Durables
—
2.5%
Bassett
Furniture
Industries,
Inc.
..........
72,463
1,101,438‌
Beazer
Homes
USA,
Inc.
(a)
(b)
.............
256,325
5,733,990‌
Century
Communities,
Inc.
..............
238,675
13,442,176‌
Cricut,
Inc.
,
Class
A
...................
409,344
2,771,259‌
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
.......
204,172
5,130,842‌
Ethan
Allen
Interiors,
Inc.
...............
206,525
5,751,721‌
Flexsteel
Industries,
Inc.
................
32,840
1,183,225‌
GoPro,
Inc.
,
Class
A
(a)
..................
34,817
26,367‌
Green
Brick
Partners,
Inc.
(a)
..............
185,391
11,657,386‌
Hamilton
Beach
Brands
Holding
Co.
,
Class
A
..
72,144
1,290,656‌
Helen
of
Troy
Ltd.
(a)
...................
202,758
5,754,272‌
Hooker
Furnishings
Corp.
...............
11,909
125,997‌
Hovnanian
Enterprises,
Inc.
,
Class
A
(a)
.......
43,362
4,533,497‌
KB
Home
..........................
624,475
33,078,441‌
La-Z-Boy,
Inc.
.......................
371,564
13,811,034‌
Legacy
Housing
Corp.
(a)
(b)
...............
76,758
1,739,336‌
Leggett
&
Platt,
Inc.
...................
1,186,200
10,580,904‌
LGI
Homes,
Inc.
(a)
(b)
...................
184,924
9,527,284‌
Lovesac
Co.
(The)
(a)
(b)
..................
58,514
1,064,955‌
M/I
Homes,
Inc.
(a)
.....................
236,429
26,508,420‌
Meritage
Homes
Corp.
.................
635,116
42,533,719‌
Purple
Innovation,
Inc.
(a)
................
131,088
95,589‌
Sonos,
Inc.
(a)
........................
86,431
934,319‌
Taylor
Morrison
Home
Corp.
(a)
............
880,206
54,062,253‌
Traeger,
Inc.
(a)
.......................
301,663
515,844‌
TRI
Pointe
Homes,
Inc.
(a)
(b)
..............
798,867
25,523,801‌
278,478,725‌
Household
Products
—
0.3%
Central
Garden
&
Pet
Co.
(a)
..............
82,583
2,905,270‌
Central
Garden
&
Pet
Co.
,
Class
A,
NVS
(a)
....
463,200
14,493,528‌
Energizer
Holdings,
Inc.
................
127,051
2,561,348‌
Oil-Dri
Corp.
of
America
................
18,279
1,078,278‌
Spectrum
Brands
Holdings,
Inc.
...........
229,462
12,161,486‌
33,199,910‌
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
Hallador
Energy
Co.
(a)
..................
19,032
301,277‌
Montauk
Renewables,
Inc.
(a)
.............
470,765
1,045,098‌
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Ormat
Technologies,
Inc.
................
545,108
$
45,658,246‌
47,004,621‌
Industrial
Conglomerates
—
0.0%
Brookfield
Business
Corp.
,
Class
A
(b)
........
137,820
4,299,984‌
Industrial
REITs
—
0.9%
Industrial
Logistics
Properties
Trust
.........
475,552
2,163,762‌
Innovative
Industrial
Properties,
Inc.
........
250,745
13,846,139‌
LXP
Industrial
Trust
...................
2,611,078
21,567,504‌
Plymouth
Industrial
REIT,
Inc.
............
366,135
5,880,128‌
Terreno
Realty
Corp.
..................
912,939
51,188,490‌
94,646,023‌
Insurance
—
2.4%
Ambac
Financial
Group,
Inc.
(a)
............
422,319
2,998,465‌
American
Coastal
Insurance
Corp.
.........
120,906
1,344,475‌
AMERISAFE,
Inc.
....................
80,461
3,518,559‌
Citizens,
Inc.
,
Class
A
(a)
(b)
...............
402,034
1,403,099‌
CNO
Financial
Group,
Inc.
...............
885,241
34,152,598‌
Donegal
Group,
Inc.
,
Class
A
.............
145,337
2,910,373‌
eHealth,
Inc.
(a)
.......................
255,856
1,112,974‌
Employers
Holdings,
Inc.
................
213,272
10,062,173‌
Enstar
Group
Ltd.
(a)
...................
106,295
35,753,386‌
F&G
Annuities
&
Life,
Inc.
...............
177,548
5,677,985‌
Fidelis
Insurance
Holdings
Ltd.
............
530,100
8,789,058‌
Genworth
Financial,
Inc.
,
Class
A
(a)
.........
3,648,496
28,385,299‌
GoHealth,
Inc.
,
Class
A
(a)
................
37,718
209,335‌
Goosehead
Insurance,
Inc.
,
Class
A
........
44,176
4,661,010‌
Greenlight
Capital
Re
Ltd.
,
Class
A
(a)
........
240,094
3,450,151‌
Hamilton
Insurance
Group
Ltd.
,
Class
B
(a)
....
400,092
8,649,989‌
Heritage
Insurance
Holdings,
Inc.
(a)
(b)
........
44,855
1,118,684‌
Hippo
Holdings,
Inc.
(a)
..................
73,432
2,050,956‌
Horace
Mann
Educators
Corp.
............
377,954
16,240,683‌
Investors
Title
Co.
....................
10,602
2,240,203‌
James
River
Group
Holdings
Ltd.
..........
328,656
1,925,924‌
Kestrel
Group
Ltd.
....................
38,380
1,017,838‌
MBIA,
Inc.
(a)
........................
396,749
1,721,891‌
Mercury
General
Corp.
.................
241,031
16,231,027‌
NI
Holdings,
Inc.
(a)
....................
65,807
838,381‌
ProAssurance
Corp.
(a)
..................
450,527
10,285,531‌
Safety
Insurance
Group,
Inc.
.............
132,607
10,527,670‌
Selective
Insurance
Group,
Inc.
...........
63,964
5,542,481‌
Selectquote,
Inc.
(a)
....................
346,010
823,504‌
SiriusPoint
Ltd.
(a)
.....................
679,229
13,849,479‌
Stewart
Information
Services
Corp.
.........
248,935
16,205,668‌
Tiptree,
Inc.
........................
149,265
3,519,669‌
United
Fire
Group,
Inc.
.................
189,015
5,424,730‌
Universal
Insurance
Holdings,
Inc.
.........
174,302
4,833,394‌
267,476,642‌
Interactive
Media
&
Services
—
0.5%
Angi,
Inc.
(a)
.........................
385,184
5,877,908‌
Bumble,
Inc.
,
Class
A
(a)
(b)
................
574,451
3,785,632‌
Cars.com,
Inc.
(a)
(b)
....................
517,099
6,127,623‌
Getty
Images
Holdings,
Inc.
,
Class
A
(a)
.......
978,969
1,625,089‌
Nextdoor
Holdings,
Inc.
,
Class
A
(a)
.........
1,882,344
3,124,691‌
Rumble,
Inc.
,
Class
A
(a)
(b)
................
536,694
4,819,512‌
Shutterstock,
Inc.
.....................
213,173
4,041,760‌
Teads
Holding
Co.
(a)
(b)
..................
344,738
854,950‌
TripAdvisor,
Inc.
(a)
(b)
...................
537,112
7,009,312‌
TrueCar,
Inc.
(a)
.......................
760,727
1,445,381‌
Vimeo,
Inc.
(a)
(b)
.......................
813,238
3,285,481‌
Webtoon
Entertainment,
Inc.
(a)
(b)
...........
159,609
1,449,250‌
Security
Shares
Shares
Value
Interactive
Media
&
Services
(continued)
Ziff
Davis,
Inc.
(a)
(b)
.....................
378,482
$
11,456,650‌
54,903,239‌
IT
Services
—
0.5%
Applied
Digital
Corp.
(a)
(b)
................
378,589
3,812,391‌
ASGN,
Inc.
(a)
........................
382,836
19,115,002‌
BigBear.ai
Holdings,
Inc.
(a)
(b)
..............
1,971,384
13,385,697‌
Fastly,
Inc.
,
Class
A
(a)
..................
1,218,423
8,602,066‌
Grid
Dynamics
Holdings,
Inc.
,
Class
A
(a)
......
111,045
1,282,570‌
Hackett
Group,
Inc.
(The)
...............
21,832
554,970‌
Information
Services
Group,
Inc.
...........
200,942
964,522‌
Rackspace
Technology,
Inc.
(a)
............
590,387
755,695‌
Tucows,
Inc.
,
Class
A
(a)
(b)
................
50,816
1,001,583‌
Unisys
Corp.
(a)
.......................
120,544
546,064‌
50,020,560‌
Leisure
Products
—
0.6%
American
Outdoor
Brands,
Inc.
(a)
(b)
.........
89,219
932,338‌
Clarus
Corp.
........................
272,462
945,443‌
Escalade,
Inc.
.......................
82,248
1,149,827‌
Funko,
Inc.
,
Class
A
(a)
..................
309,080
1,471,221‌
JAKKS
Pacific,
Inc.
...................
79,599
1,654,067‌
Johnson
Outdoors,
Inc.
,
Class
A
...........
47,363
1,433,678‌
Latham
Group,
Inc.
(a)
..................
48,015
306,336‌
Malibu
Boats,
Inc.
,
Class
A
(a)
(b)
............
174,040
5,454,414‌
Marine
Products
Corp.
.................
34,218
291,195‌
MasterCraft
Boat
Holdings,
Inc.
(a)
(b)
.........
143,720
2,670,318‌
Outdoor
Holding
Co.
(a)
(b)
................
838,242
1,072,950‌
Peloton
Interactive,
Inc.
,
Class
A
(a)
(b)
........
2,124,534
14,744,266‌
Polaris,
Inc.
.........................
476,924
19,386,961‌
Smith
&
Wesson
Brands,
Inc.
.............
390,661
3,390,937‌
Sturm
Ruger
&
Co.,
Inc.
................
93,096
3,342,146‌
Topgolf
Callaway
Brands
Corp.
(a)
..........
1,174,058
9,451,167‌
67,697,264‌
Life
Sciences
Tools
&
Services
—
0.4%
(a)
10X
Genomics,
Inc.
,
Class
A
.............
692,449
8,018,559‌
Azenta,
Inc.
(b)
.......................
322,446
9,924,888‌
Codexis,
Inc.
(b)
.......................
133,456
325,633‌
CryoPort,
Inc.
(b)
......................
338,227
2,523,173‌
Cytek
Biosciences,
Inc.
.................
1,045,970
3,556,298‌
Fortrea
Holdings,
Inc.
..................
812,148
4,012,011‌
Harvard
Bioscience,
Inc.
................
57,428
25,487‌
Lifecore
Biomedical,
Inc.
(b)
...............
68,431
555,660‌
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
..
1,085,202
2,615,337‌
MaxCyte,
Inc.
(b)
......................
934,780
2,037,820‌
Nautilus
Biotechnology,
Inc.
..............
69,163
50,136‌
OmniAb,
Inc.
(b)
.......................
759,958
1,322,327‌
OmniAb,
Inc.,
12.50
Earnout
Shares
(c)
.......
52,020
1‌
OmniAb,
Inc.,
15.00
Earnout
Shares
(c)
.......
52,020
1‌
Pacific
Biosciences
of
California,
Inc.
(b)
......
2,456,641
3,046,235‌
Personalis,
Inc.
......................
354,479
2,325,382‌
Quanterix
Corp.
(b)
.....................
327,289
2,176,472‌
Quantum-Si,
Inc.
,
Class
A
(b)
..............
1,254,019
2,457,877‌
Standard
BioTools,
Inc.
(b)
................
2,661,240
3,193,488‌
48,166,785‌
Machinery
—
2.6%
3D
Systems
Corp.
(a)
(b)
..................
1,201,897
1,850,921‌
AirJoule
Technologies
Corp.
(a)
............
173,141
801,643‌
Alamo
Group,
Inc.
....................
63,775
13,927,185‌
Albany
International
Corp.
,
Class
A
.........
187,120
13,122,726‌
Astec
Industries,
Inc.
..................
204,154
8,511,180‌
Atmus
Filtration
Technologies,
Inc.
.........
71,566
2,606,434‌
Columbus
McKinnon
Corp.
..............
252,135
3,850,101‌
Douglas
Dynamics,
Inc.
................
31,553
929,867‌
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Machinery
(continued)
Eastern
Co.
(The)
....................
51,094
$
1,165,965‌
Enpro,
Inc.
.........................
164,459
31,502,121‌
Gencor
Industries,
Inc.
(a)
................
91,988
1,287,832‌
Greenbrier
Cos.,
Inc.
(The)
..............
274,978
12,662,737‌
Helios
Technologies,
Inc.
................
295,022
9,844,884‌
Hillenbrand,
Inc.
.....................
628,074
12,605,445‌
Hillman
Solutions
Corp.
(a)
(b)
..............
1,761,624
12,577,995‌
Hyster-Yale,
Inc.
,
Class
A
...............
104,399
4,152,992‌
JBT
Marel
Corp.
.....................
241,607
29,055,658‌
Kennametal,
Inc.
.....................
692,558
15,901,132‌
L
B
Foster
Co.
,
Class
A
(a)
(b)
..............
90,887
1,987,699‌
Luxfer
Holdings
plc
...................
234,960
2,861,813‌
Manitowoc
Co.,
Inc.
(The)
(a)
(b)
.............
304,618
3,661,508‌
Mayville
Engineering
Co.,
Inc.
(a)
(b)
..........
114,435
1,826,383‌
Microvast
Holdings,
Inc.
(a)
(b)
..............
641,252
2,327,745‌
Miller
Industries,
Inc.
..................
98,341
4,372,241‌
Palladyne
AI
Corp.
(a)
(b)
..................
226,980
1,965,647‌
Park-Ohio
Holdings
Corp.
...............
85,446
1,526,066‌
Proto
Labs,
Inc.
(a)
.....................
211,607
8,472,744‌
Shyft
Group,
Inc.
(The)
.................
279,147
3,500,503‌
Standex
International
Corp.
..............
19,476
3,047,604‌
Tennant
Co.
........................
167,135
12,949,620‌
Terex
Corp.
.........................
581,840
27,166,110‌
Titan
International,
Inc.
(a)
(b)
...............
451,784
4,639,822‌
Trinity
Industries,
Inc.
..................
391,418
10,572,200‌
Wabash
National
Corp.
.................
374,718
3,983,252‌
Worthington
Enterprises,
Inc.
.............
191,781
12,204,943‌
283,422,718‌
Marine
Transportation
—
0.5%
Costamare
Bulkers
Holdings
Ltd.
(a)
.........
70,318
609,657‌
Costamare,
Inc.
......................
393,730
3,586,880‌
Genco
Shipping
&
Trading
Ltd.
............
349,830
4,572,278‌
Golden
Ocean
Group
Ltd.
...............
909,442
6,657,116‌
Himalaya
Shipping
Ltd.
(b)
................
247,673
1,429,073‌
Matson,
Inc.
........................
290,464
32,343,166‌
Pangaea
Logistics
Solutions
Ltd.
..........
318,585
1,497,350‌
Safe
Bulkers,
Inc.
....................
554,220
2,000,734‌
52,696,254‌
Media
—
1.0%
Advantage
Solutions,
Inc.
,
Class
A
(a)
(b)
.......
939,340
1,239,929‌
Altice
USA,
Inc.
,
Class
A
(a)
(b)
..............
1,974,236
4,224,865‌
AMC
Networks,
Inc.
,
Class
A
(a)
............
280,278
1,757,343‌
Boston
Omaha
Corp.
,
Class
A
(a)
(b)
..........
197,070
2,766,863‌
Cable
One,
Inc.
......................
45,851
6,227,024‌
EchoStar
Corp.
,
Class
A
(a)
(b)
..............
1,210,391
33,527,831‌
Entravision
Communications
Corp.
,
Class
A
...
448,324
1,040,112‌
EW
Scripps
Co.
(The)
,
Class
A
(a)
..........
573,450
1,685,943‌
Gannett
Co.,
Inc.
(a)
(b)
...................
126,587
453,181‌
Gray
Media,
Inc.
.....................
779,873
3,532,825‌
iHeartMedia,
Inc.
,
Class
A
(a)
(b)
.............
1,060,156
1,865,874‌
Integral
Ad
Science
Holding
Corp.
(a)
(b)
.......
581,964
4,836,121‌
John
Wiley
&
Sons,
Inc.
,
Class
A
..........
21,333
952,092‌
National
CineMedia,
Inc.
(b)
...............
619,439
3,001,182‌
Newsmax,
Inc.
(a)
.....................
67,541
1,021,895‌
Nexxen
International
Ltd.
(a)
(b)
.............
313,974
3,268,469‌
PubMatic,
Inc.
,
Class
A
(a)
................
371,118
4,616,708‌
Scholastic
Corp.
.....................
192,905
4,047,147‌
Sinclair,
Inc.
,
Class
A
..................
343,504
4,747,225‌
TechTarget,
Inc.
(a)
.....................
212,969
1,654,769‌
TEGNA,
Inc.
........................
1,435,549
24,059,801‌
WideOpenWest,
Inc.
(a)
(b)
................
444,343
1,804,033‌
112,331,232‌
Security
Shares
Shares
Value
Metals
&
Mining
—
2.2%
Alpha
Metallurgical
Resources,
Inc.
(a)
.......
73,043
$
8,215,877‌
American
Battery
Technology
Co.
(a)
(b)
........
340,856
552,187‌
Ascent
Industries
Co.
(a)
(b)
................
70,727
891,867‌
Caledonia
Mining
Corp.
plc
..............
144,347
2,788,784‌
Coeur
Mining,
Inc.
(a)
...................
2,860,711
25,345,899‌
Commercial
Metals
Co.
.................
1,012,177
49,505,577‌
Compass
Minerals
International,
Inc.
(a)
.......
73,285
1,472,296‌
Constellium
SE
,
Class
A
(a)
...............
807,017
10,733,326‌
Critical
Metals
Corp.
(a)
..................
179,746
643,491‌
Ferroglobe
plc
.......................
1,062,867
3,900,722‌
Friedman
Industries,
Inc.
................
55,902
925,737‌
Hecla
Mining
Co.
(b)
....................
4,091,768
24,509,690‌
i-80
Gold
Corp.
(a)
(b)
....................
144,316
86,359‌
Ivanhoe
Electric,
Inc.
(a)
(b)
................
111,171
1,008,321‌
Kaiser
Aluminum
Corp.
.................
68,293
5,456,611‌
MAC
Copper
Ltd.
,
Class
A
(a)
(b)
............
634,607
7,672,399‌
Materion
Corp.
......................
149,916
11,898,833‌
Metallus,
Inc.
(a)
......................
326,395
5,029,747‌
Novagold
Resources,
Inc.
(a)
..............
153,273
626,887‌
Olympic
Steel,
Inc.
....................
88,329
2,878,642‌
Piedmont
Lithium,
Inc.
(a)
(b)
...............
12,849
74,781‌
Radius
Recycling,
Inc.
,
Class
A
...........
247,006
7,333,608‌
Ryerson
Holding
Corp.
.................
243,854
5,259,931‌
SSR
Mining,
Inc.
(a)
....................
1,820,276
23,190,316‌
SunCoke
Energy,
Inc.
..................
760,653
6,534,009‌
Tredegar
Corp.
(a)
.....................
229,663
2,021,034‌
Warrior
Met
Coal,
Inc.
..................
466,128
21,362,646‌
Worthington
Steel,
Inc.
.................
294,116
8,773,480‌
238,693,057‌
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
1.8%
ACRES
Commercial
Realty
Corp.
(a)
.........
47,778
857,137‌
Advanced
Flower
Capital,
Inc.
............
163,240
731,315‌
AG
Mortgage
Investment
Trust,
Inc.
........
248,008
1,872,460‌
Angel
Oak
Mortgage
REIT,
Inc.
...........
58,853
554,395‌
Apollo
Commercial
Real
Estate
Finance,
Inc.
..
628,373
6,082,651‌
Arbor
Realty
Trust,
Inc.
(b)
................
1,636,892
17,514,744‌
Ares
Commercial
Real
Estate
Corp.
........
468,263
2,233,615‌
ARMOUR
Residential
REIT,
Inc.
...........
740,133
12,441,636‌
Blackstone
Mortgage
Trust,
Inc.
,
Class
A
.....
1,452,605
27,962,646‌
BrightSpire
Capital,
Inc.
,
Class
A
..........
1,151,556
5,815,358‌
Chicago
Atlantic
Real
Estate
Finance,
Inc.
....
154,819
2,161,273‌
Chimera
Investment
Corp.
...............
711,966
9,874,968‌
Claros
Mortgage
Trust,
Inc.
..............
820,702
2,339,001‌
Dynex
Capital,
Inc.
....................
946,685
11,568,491‌
Ellington
Financial,
Inc.
.................
829,652
10,777,179‌
Franklin
BSP
Realty
Trust,
Inc.
............
732,359
7,828,918‌
Invesco
Mortgage
Capital,
Inc.
............
586,349
4,596,976‌
KKR
Real
Estate
Finance
Trust,
Inc.
........
507,891
4,454,204‌
Ladder
Capital
Corp.
,
Class
A
............
1,026,214
11,031,801‌
Lument
Finance
Trust,
Inc.
..............
405,720
896,641‌
MFA
Financial,
Inc.
....................
920,202
8,705,111‌
New
York
Mortgage
Trust,
Inc.
............
794,288
5,321,730‌
Nexpoint
Real
Estate
Finance,
Inc.
.........
73,619
1,015,206‌
Orchid
Island
Capital,
Inc.
...............
958,836
6,721,440‌
PennyMac
Mortgage
Investment
Trust
.......
777,425
9,997,686‌
Ready
Capital
Corp.
(b)
..................
1,482,091
6,476,738‌
Redwood
Trust,
Inc.
...................
1,181,300
6,981,483‌
Rithm
Property
Trust,
Inc.
...............
374,446
1,011,004‌
Seven
Hills
Realty
Trust
................
129,489
1,562,932‌
Sunrise
Realty
Trust,
Inc.
...............
101,818
1,079,271‌
TPG
RE
Finance
Trust,
Inc.
..............
609,381
4,704,421‌
Two
Harbors
Investment
Corp.
............
450,987
4,857,130‌
200,029,561‌
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Multi-Utilities
—
0.9%
Avista
Corp.
........................
719,242
$
27,295,234‌
Black
Hills
Corp.
.....................
648,935
36,405,253‌
Northwestern
Energy
Group,
Inc.
..........
551,016
28,267,121‌
Unitil
Corp.
.........................
143,314
7,473,825‌
99,441,433‌
Office
REITs
—
1.5%
Brandywine
Realty
Trust
................
1,536,654
6,592,245‌
City
Office
REIT,
Inc.
..................
368,989
1,970,401‌
COPT
Defense
Properties
...............
1,017,161
28,053,300‌
Douglas
Emmett,
Inc.
..................
1,342,671
20,193,772‌
Easterly
Government
Properties,
Inc.
(b)
......
354,621
7,872,586‌
Empire
State
Realty
Trust,
Inc.
,
Class
A
......
1,241,154
10,040,936‌
Franklin
Street
Properties
Corp.
...........
675,231
1,107,379‌
Hudson
Pacific
Properties,
Inc.
(a)
..........
2,858,682
7,832,789‌
JBG
SMITH
Properties
(b)
................
652,720
11,292,056‌
NET
Lease
Office
Properties
(a)
............
133,820
4,355,841‌
Paramount
Group,
Inc.
(a)
................
1,679,449
10,244,639‌
Peakstone
Realty
Trust
,
Class
E
..........
329,687
4,355,165‌
Piedmont
Realty
Trust,
Inc.
,
Class
A
........
1,109,230
8,086,287‌
Postal
Realty
Trust,
Inc.
,
Class
A
..........
199,455
2,937,972‌
SL
Green
Realty
Corp.
.................
641,383
39,701,608‌
164,636,976‌
Oil,
Gas
&
Consumable
Fuels
—
4.8%
Aemetis,
Inc.
(a)
.......................
12,518
31,045‌
Ardmore
Shipping
Corp.
................
306,753
2,944,829‌
Berry
Corp.
.........................
685,065
1,897,630‌
BKV
Corp.
(a)
(b)
.......................
148,979
3,593,373‌
California
Resources
Corp.
..............
583,642
26,654,930‌
Calumet,
Inc.
(a)
......................
490,909
7,734,271‌
Centrus
Energy
Corp.
,
Class
A
(a)
(b)
.........
29,552
5,413,335‌
Clean
Energy
Fuels
Corp.
(a)
(b)
.............
1,592,932
3,106,217‌
CNX
Resources
Corp.
(a)
(b)
...............
1,271,380
42,820,078‌
Comstock
Resources,
Inc.
(a)
..............
200,730
5,554,199‌
Core
Natural
Resources,
Inc.
(b)
............
309,368
21,575,324‌
Crescent
Energy,
Inc.
,
Class
A
............
1,591,098
13,683,443‌
DHT
Holdings,
Inc.
....................
1,137,388
12,295,164‌
Diversified
Energy
Co.
plc
(d)
..............
488,948
7,172,867‌
Dorian
LPG
Ltd.
......................
330,564
8,059,150‌
Encore
Energy
Corp.
(a)
(b)
................
1,637,423
4,683,030‌
Energy
Fuels,
Inc.
(a)
(b)
..................
1,357,438
7,805,269‌
Epsilon
Energy
Ltd.
...................
156,781
1,157,044‌
Evolution
Petroleum
Corp.
...............
32,965
154,936‌
Excelerate
Energy,
Inc.
,
Class
A
...........
204,771
6,003,886‌
FLEX
LNG
Ltd.
(b)
.....................
236,307
5,194,028‌
FutureFuel
Corp.
.....................
233,918
907,602‌
Gevo,
Inc.
(a)
(b)
.......................
2,057,469
2,715,859‌
Golar
LNG
Ltd.
......................
891,956
36,739,668‌
Granite
Ridge
Resources,
Inc.
............
480,742
3,062,327‌
Green
Plains,
Inc.
(a)
(b)
..................
572,818
3,454,093‌
HighPeak
Energy,
Inc.
(b)
................
162,598
1,593,460‌
Infinity
Natural
Resources,
Inc.
,
Class
A
(a)
(b)
...
106,970
1,958,621‌
International
Seaways,
Inc.
..............
359,829
13,126,562‌
Kinetik
Holdings,
Inc.
,
Class
A
............
110,313
4,859,288‌
Kolibri
Global
Energy,
Inc.
(a)
(b)
.............
242,899
1,663,858‌
Kosmos
Energy
Ltd.
(a)
..................
4,218,621
7,256,028‌
Magnolia
Oil
&
Gas
Corp.
,
Class
A
.........
1,330,413
29,907,684‌
Murphy
Oil
Corp.
.....................
1,207,209
27,162,202‌
NACCO
Industries,
Inc.
,
Class
A
...........
35,730
1,583,196‌
Navigator
Holdings
Ltd.
.................
290,727
4,113,787‌
New
Fortress
Energy,
Inc.
,
Class
A
(a)
(b)
.......
1,504,139
4,993,741‌
NextNRG,
Inc.
(a)
(b)
....................
106,616
295,326‌
Nordic
American
Tankers
Ltd.
............
1,831,731
4,817,453‌
Northern
Oil
&
Gas,
Inc.
................
825,606
23,405,930‌
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Par
Pacific
Holdings,
Inc.
(a)
..............
338,803
$
8,988,444‌
PBF
Energy,
Inc.
,
Class
A
...............
750,569
16,264,830‌
Peabody
Energy
Corp.
.................
1,088,176
14,603,322‌
Prairie
Operating
Co.
(a)
.................
192,037
575,151‌
PrimeEnergy
Resources
Corp.
(a)
...........
3,717
544,094‌
REX
American
Resources
Corp.
(a)
.........
96,473
4,699,200‌
Riley
Exploration
Permian,
Inc.
............
95,431
2,503,155‌
SandRidge
Energy,
Inc.
................
323,343
3,498,571‌
Scorpio
Tankers,
Inc.
..................
389,965
15,259,330‌
SFL
Corp.
Ltd.
.......................
1,082,317
9,015,701‌
Sitio
Royalties
Corp.
,
Class
A
.............
706,580
12,986,940‌
SM
Energy
Co.
......................
1,018,584
25,169,211‌
Summit
Midstream
Corp.
(a)
..............
87,988
2,158,346‌
Talos
Energy,
Inc.
(a)
...................
1,070,706
9,079,587‌
Teekay
Corp.
Ltd.
....................
479,718
3,957,674‌
Teekay
Tankers
Ltd.
,
Class
A
.............
215,801
9,003,218‌
Ur-Energy,
Inc.
(a)
.....................
18,409
19,329‌
VAALCO
Energy,
Inc.
..................
843,712
3,045,800‌
Vital
Energy,
Inc.
(a)
....................
265,055
4,264,735‌
Vitesse
Energy,
Inc.
...................
262,218
5,792,396‌
W&T
Offshore,
Inc.
....................
882,588
1,456,270‌
World
Kinect
Corp.
....................
430,011
12,190,812‌
526,226,849‌
Paper
&
Forest
Products
—
0.2%
Clearwater
Paper
Corp.
(a)
...............
144,466
3,935,254‌
Magnera
Corp.
(a)
.....................
295,980
3,575,439‌
Sylvamo
Corp.
......................
225,793
11,312,229‌
18,822,922‌
Passenger
Airlines
—
0.6%
(a)
Allegiant
Travel
Co.
...................
105,665
5,806,292‌
Blade
Air
Mobility,
Inc.
,
Class
A
............
570,099
2,297,499‌
Frontier
Group
Holdings,
Inc.
(b)
............
244,194
886,424‌
JetBlue
Airways
Corp.
(b)
................
2,886,648
12,210,521‌
SkyWest,
Inc.
.......................
361,134
37,185,968‌
Spirit
Aviation
Holdings,
Inc.
..............
135,277
675,032‌
Sun
Country
Airlines
Holdings,
Inc.
.........
200,371
2,354,359‌
61,416,095‌
Personal
Care
Products
—
0.2%
Beauty
Health
Co.
(The)
,
Class
A
(a)
.........
154,475
295,047‌
Edgewell
Personal
Care
Co.
.............
421,635
9,870,475‌
Herbalife
Ltd.
(a)
(b)
.....................
233,819
2,015,520‌
Honest
Co.,
Inc.
(The)
(a)
................
438,011
2,229,476‌
Medifast,
Inc.
(a)
......................
99,727
1,401,164‌
Nature's
Sunshine
Products,
Inc.
(a)
(b)
........
96,995
1,434,556‌
Nu
Skin
Enterprises,
Inc.
,
Class
A
..........
435,960
3,483,321‌
Olaplex
Holdings,
Inc.
(a)
(b)
...............
1,213,952
1,699,533‌
USANA
Health
Sciences,
Inc.
(a)
(b)
..........
98,502
3,007,266‌
Waldencast
plc
,
Class
A
(a)
(b)
..............
376,505
922,437‌
26,358,795‌
Pharmaceuticals
—
1.2%
Aardvark
Therapeutics,
Inc.
(a)
.............
16,632
224,865‌
Aclaris
Therapeutics,
Inc.
(a)
..............
807,003
1,145,944‌
Alto
Neuroscience,
Inc.
(a)
................
13,236
29,119‌
Alumis,
Inc.
(a)
(b)
......................
431,358
1,294,074‌
Amneal
Pharmaceuticals,
Inc.
,
Class
A
(a)
.....
170,332
1,377,986‌
Amphastar
Pharmaceuticals,
Inc.
(a)
.........
306,960
7,047,802‌
Amylyx
Pharmaceuticals,
Inc.
(a)
...........
127,611
817,986‌
Aquestive
Therapeutics,
Inc.
(a)
(b)
...........
506,483
1,676,459‌
Arvinas,
Inc.
(a)
.......................
524,071
3,857,163‌
Atea
Pharmaceuticals,
Inc.
(a)
.............
679,677
2,446,837‌
BioAge
Labs,
Inc.
(a)
(b)
..................
210,900
871,017‌
Biote
Corp.
,
Class
A
(a)
(b)
.................
182,004
731,656‌
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Esperion
Therapeutics,
Inc.
(a)
(b)
............
1,194,627
$
1,175,991‌
EyePoint
Pharmaceuticals,
Inc.
(a)
(b)
.........
551,156
5,186,378‌
Fulcrum
Therapeutics,
Inc.
(a)
(b)
............
437,541
3,010,282‌
Indivior
plc
(a)
........................
144,882
2,135,561‌
Innoviva,
Inc.
(a)
(b)
.....................
68,292
1,371,986‌
Ligand
Pharmaceuticals,
Inc.
(a)
(b)
...........
150,565
17,116,229‌
Maze
Therapeutics,
Inc.
(a)
(b)
..............
73,488
901,698‌
MBX
Biosciences,
Inc.
(a)
(b)
...............
134,176
1,530,948‌
Mind
Medicine
MindMed,
Inc.
(a)
...........
460,529
2,988,833‌
Nektar
Therapeutics
(a)
..................
7,835
202,456‌
Nuvation
Bio,
Inc.
,
Class
A
(a)
(b)
............
2,042,778
3,983,417‌
Omeros
Corp.
(a)
(b)
.....................
56,571
169,713‌
Pacira
BioSciences,
Inc.
(a)
(b)
..............
377,441
9,020,840‌
Phathom
Pharmaceuticals,
Inc.
(a)
(b)
.........
277,371
2,659,988‌
Pliant
Therapeutics,
Inc.
(a)
...............
113,867
132,086‌
Prestige
Consumer
Healthcare,
Inc.
(a)
.......
361,091
28,833,116‌
Rapport
Therapeutics,
Inc.
(a)
(b)
............
156,092
1,774,766‌
Septerna,
Inc.
(a)
(b)
.....................
190,033
2,008,649‌
SIGA
Technologies,
Inc.
................
75,329
491,145‌
Supernus
Pharmaceuticals,
Inc.
(a)
..........
439,285
13,846,263‌
Telomir
Pharmaceuticals,
Inc.
(a)
...........
5,723
7,154‌
Terns
Pharmaceuticals,
Inc.
(a)
.............
642,839
2,397,789‌
Theravance
Biopharma,
Inc.
(a)
(b)
...........
65,951
727,440‌
Third
Harmonic
Bio,
Inc.
(a)
...............
223,311
1,212,579‌
Tvardi
Therapeutics,
Inc.
(a)
...............
26,757
624,241‌
Ventyx
Biosciences,
Inc.
(a)
...............
46,330
99,146‌
Veru,
Inc.
(a)
.........................
21,552
12,539‌
WaVe
Life
Sciences
Ltd.
(a)
(b)
..............
118,306
768,989‌
125,911,130‌
Professional
Services
—
1.0%
Acuren
Corp.
(a)
(b)
.....................
565,791
6,246,333‌
Alight,
Inc.
,
Class
A
...................
3,854,974
21,819,153‌
Asure
Software,
Inc.
(a)
(b)
.................
213,603
2,084,765‌
Conduent,
Inc.
(a)
.....................
1,407,870
3,716,777‌
CSG
Systems
International,
Inc.
...........
26,474
1,729,017‌
First
Advantage
Corp.
(a)
(b)
...............
224,030
3,721,138‌
Forrester
Research,
Inc.
(a)
...............
106,897
1,058,280‌
Franklin
Covey
Co.
(a)
..................
13,587
310,055‌
Heidrick
&
Struggles
International,
Inc.
......
182,185
8,336,786‌
HireQuest,
Inc.
......................
44,479
445,235‌
ICF
International,
Inc.
..................
163,341
13,836,616‌
Kelly
Services,
Inc.
,
Class
A,
NVS
.........
274,997
3,220,215‌
Kforce,
Inc.
.........................
24,900
1,024,137‌
Korn
Ferry
.........................
251,012
18,406,710‌
Mistras
Group,
Inc.
(a)
..................
146,348
1,172,247‌
NV5
Global,
Inc.
(a)
....................
521,421
12,039,611‌
Resolute
Holdings
Management,
Inc.
(a)
......
23,235
740,499‌
Resources
Connection,
Inc.
..............
286,654
1,539,332‌
Skillsoft
Corp.
,
Class
A
(a)
(b)
...............
39,641
633,067‌
TrueBlue,
Inc.
(a)
......................
268,960
1,742,861‌
TTEC
Holdings,
Inc.
(a)
..................
179,110
861,519‌
Willdan
Group,
Inc.
(a)
..................
39,313
2,457,456‌
107,141,809‌
Real
Estate
Management
&
Development
—
0.6%
American
Realty
Investors,
Inc.
(a)
..........
13,409
189,335‌
Anywhere
Real
Estate,
Inc.
(a)
.............
938,326
3,396,740‌
Cushman
&
Wakefield
plc
(a)
..............
1,441,626
15,958,800‌
Douglas
Elliman,
Inc.
(a)
.................
651,948
1,512,519‌
Forestar
Group,
Inc.
(a)
..................
172,470
3,449,400‌
FRP
Holdings,
Inc.
(a)
...................
103,880
2,793,333‌
Kennedy-Wilson
Holdings,
Inc.
............
1,091,960
7,425,328‌
Logistic
Properties
of
The
Americas
(a)
.......
26,139
178,529‌
Marcus
&
Millichap,
Inc.
................
214,548
6,588,769‌
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
Maui
Land
&
Pineapple
Co.,
Inc.
(a)
(b)
........
5,943
$
108,103‌
Newmark
Group,
Inc.
,
Class
A
............
1,216,495
14,780,414‌
Offerpad
Solutions,
Inc.
,
Class
A
(a)
(b)
........
17,033
15,500‌
RE/MAX
Holdings,
Inc.
,
Class
A
(a)
..........
170,431
1,394,126‌
RMR
Group,
Inc.
(The)
,
Class
A
...........
139,700
2,284,095‌
Seaport
Entertainment
Group,
Inc.
(a)
........
66,360
1,237,614‌
Star
Holdings
(a)
......................
23,724
185,285‌
Stratus
Properties,
Inc.
(a)
................
48,555
916,719‌
Tejon
Ranch
Co.
(a)
(b)
...................
184,990
3,137,430‌
Transcontinental
Realty
Investors,
Inc.
(a)
.....
14,328
610,516‌
66,162,555‌
Residential
REITs
—
0.7%
Apartment
Investment
&
Management
Co.
,
Class
A
.............................
494,829
4,280,271‌
BRT
Apartments
Corp.
.................
103,648
1,621,055‌
Centerspace
........................
151,661
9,128,476‌
Clipper
Realty,
Inc.
....................
114,517
420,277‌
Elme
Communities
....................
785,126
12,483,503‌
Independence
Realty
Trust,
Inc.
...........
2,075,821
36,721,273‌
NexPoint
Residential
Trust,
Inc.
...........
136,852
4,559,909‌
Veris
Residential,
Inc.
..................
706,976
10,526,873‌
79,741,637‌
Retail
REITs
—
2.1%
Acadia
Realty
Trust
...................
1,177,936
21,874,272‌
CBL
&
Associates
Properties,
Inc.
..........
39,433
1,001,204‌
Curbline
Properties
Corp.
...............
870,680
19,877,624‌
FrontView
REIT,
Inc.
...................
157,291
1,887,492‌
Getty
Realty
Corp.
....................
465,454
12,865,149‌
InvenTrust
Properties
Corp.
..............
698,086
19,127,556‌
Kite
Realty
Group
Trust
.................
1,971,427
44,652,822‌
Macerich
Co.
(The)
...................
2,267,014
36,680,287‌
NETSTREIT
Corp.
....................
558,037
9,447,566‌
Phillips
Edison
&
Co.,
Inc.
...............
927,889
32,503,952‌
Saul
Centers,
Inc.
....................
10,864
370,897‌
SITE
Centers
Corp.
...................
446,497
5,049,881‌
Tanger,
Inc.
.........................
95,106
2,908,341‌
Urban
Edge
Properties
.................
1,131,670
21,116,962‌
Whitestone
REIT
.....................
401,309
5,008,336‌
234,372,341‌
Semiconductors
&
Semiconductor
Equipment
—
1.5%
ACM
Research,
Inc.
,
Class
A
(a)
(b)
...........
449,352
11,638,217‌
Aehr
Test
Systems
(a)
...................
50,039
647,004‌
Aeluma,
Inc.
(a)
(b)
......................
56,264
921,042‌
Alpha
&
Omega
Semiconductor
Ltd.
(a)
(b)
......
220,045
5,646,355‌
Axcelis
Technologies,
Inc.
(a)
..............
266,638
18,582,002‌
CEVA,
Inc.
(a)
........................
30,048
660,455‌
Cohu,
Inc.
(a)
........................
409,424
7,877,318‌
Diodes,
Inc.
(a)
.......................
409,543
21,660,729‌
Everspin
Technologies,
Inc.
(a)
.............
8,299
52,201‌
FormFactor,
Inc.
(a)
....................
174,951
6,020,064‌
Ichor
Holdings
Ltd.
(a)
...................
302,378
5,938,704‌
indie
Semiconductor,
Inc.
,
Class
A
(a)
(b)
.......
1,062,373
3,782,048‌
Kulicke
&
Soffa
Industries,
Inc.
............
193,883
6,708,352‌
MaxLinear,
Inc.
(a)
.....................
631,903
8,979,342‌
Navitas
Semiconductor
Corp.
(a)
(b)
..........
998,367
6,539,304‌
Penguin
Solutions,
Inc.
(a)
(b)
...............
474,237
9,394,635‌
Photronics,
Inc.
(a)
.....................
546,726
10,294,850‌
Synaptics,
Inc.
(a)
.....................
318,236
20,628,057‌
Ultra
Clean
Holdings,
Inc.
(a)
(b)
.............
369,656
8,343,136‌
Veeco
Instruments,
Inc.
(a)
...............
508,759
10,337,983‌
Wolfspeed,
Inc.
(a)
.....................
1,384,602
552,179‌
165,203,977‌
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
—
2.2%
8x8,
Inc.
(a)
..........................
1,159,454
$
2,272,530‌
A10
Networks,
Inc.
....................
98,930
1,914,295‌
Adeia,
Inc.
.........................
119,723
1,692,883‌
Airship
AI
Holdings,
Inc.
(a)
...............
37,776
222,501‌
Arteris,
Inc.
(a)
........................
227,519
2,168,256‌
Bit
Digital,
Inc.
(a)
(b)
.....................
1,613,039
3,532,555‌
Blackbaud,
Inc.
(a)
.....................
66,565
4,274,139‌
Box,
Inc.
,
Class
A
(a)
...................
278,462
9,515,047‌
Cerence,
Inc.
(a)
(b)
.....................
267,819
2,734,432‌
Cipher
Mining,
Inc.
(a)
(b)
..................
2,358,057
11,271,512‌
Cleanspark,
Inc.
(a)
....................
2,478,603
27,338,991‌
Consensus
Cloud
Solutions,
Inc.
(a)
.........
172,638
3,981,032‌
Core
Scientific,
Inc.
(a)
(b)
.................
413,591
7,059,998‌
CS
Disco,
Inc.
(a)
(b)
.....................
90,823
396,897‌
Daily
Journal
Corp.
(a)
(b)
.................
2,508
1,059,003‌
Digital
Turbine,
Inc.
(a)
(b)
.................
316,241
1,865,822‌
Domo,
Inc.
,
Class
B
(a)
..................
40,936
571,876‌
E2open
Parent
Holdings,
Inc.
,
Class
A
(a)
(b)
....
1,627,168
5,255,753‌
eGain
Corp.
(a)
.......................
51,143
319,644‌
Expensify,
Inc.
,
Class
A
(a)
...............
246,212
637,689‌
Hut
8
Corp.
(a)
(b)
......................
844,300
15,703,980‌
I3
Verticals,
Inc.
,
Class
A
(a)
(b)
.............
193,317
5,312,351‌
MARA
Holdings,
Inc.
(a)
(b)
................
3,096,762
48,557,228‌
Mercurity
Fintech
Holding,
Inc.
(a)
(b)
..........
265,023
1,020,339‌
Mitek
Systems,
Inc.
(a)
..................
315,848
3,126,895‌
N-able,
Inc.
(a)
........................
641,228
5,193,947‌
NCR
Voyix
Corp.
(a)
(b)
...................
1,237,241
14,512,837‌
Olo,
Inc.
,
Class
A
(a)
....................
425,172
3,784,031‌
ON24,
Inc.
(a)
........................
332,900
1,807,647‌
OneSpan,
Inc.
.......................
280,764
4,685,951‌
Porch
Group,
Inc.
(a)
...................
138,800
1,636,452‌
Rimini
Street,
Inc.
(a)
...................
406,121
1,531,076‌
Riot
Platforms,
Inc.
(a)
(b)
.................
2,949,566
33,330,096‌
Roadzen,
Inc.
(a)
......................
67,376
66,028‌
Silvaco
Group,
Inc.
(a)
(b)
.................
68,355
322,636‌
Telos
Corp.
(a)
........................
490,253
1,554,102‌
Terawulf,
Inc.
(a)
(b)
.....................
161,812
708,737‌
Verint
Systems,
Inc.
(a)
(b)
.................
553,196
10,881,365‌
Xperi,
Inc.
(a)
(b)
.......................
393,185
3,110,093‌
244,930,646‌
Specialized
REITs
—
0.8%
Farmland
Partners,
Inc.
................
391,100
4,501,561‌
Four
Corners
Property
Trust,
Inc.
..........
890,622
23,966,638‌
Gladstone
Land
Corp.
.................
307,963
3,131,984‌
PotlatchDeltic
Corp.
...................
662,259
25,410,878‌
Safehold,
Inc.
(b)
......................
506,388
7,879,397‌
Smartstop
Self
Storage
REIT,
Inc.
..........
254,709
9,228,107‌
Uniti
Group,
Inc.
(a)
....................
2,156,609
9,316,551‌
83,435,116‌
Specialty
Retail
—
3.0%
1-800-Flowers.com,
Inc.
,
Class
A
(a)
(b)
........
194,784
958,337‌
Academy
Sports
&
Outdoors,
Inc.
(b)
.........
592,458
26,548,043‌
Advance
Auto
Parts,
Inc.
................
536,219
24,928,821‌
American
Eagle
Outfitters,
Inc.
............
1,445,421
13,904,950‌
America's
Car-Mart,
Inc.
(a)
(b)
..............
66,743
3,740,278‌
Arko
Corp.
.........................
648,569
2,743,447‌
Asbury
Automotive
Group,
Inc.
(a)
...........
175,327
41,822,503‌
BARK,
Inc.
(a)
(b)
.......................
292,074
256,879‌
Barnes
&
Noble
Education,
Inc.
(a)
..........
133,096
1,566,540‌
Beyond,
Inc.
(a)
(b)
......................
489,145
3,365,318‌
Buckle,
Inc.
(The)
....................
18,599
843,465‌
Caleres,
Inc.
........................
293,707
3,589,099‌
Citi
Trends,
Inc.
(a)
.....................
42,468
1,418,006‌
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Designer
Brands,
Inc.
,
Class
A
............
299,592
$
713,029‌
EVgo,
Inc.
,
Class
A
(a)
(b)
.................
982,124
3,584,753‌
Foot
Locker,
Inc.
(a)
....................
765,606
18,757,347‌
Genesco,
Inc.
(a)
(b)
.....................
85,814
1,689,678‌
Group
1
Automotive,
Inc.
................
63,330
27,656,844‌
GrowGeneration
Corp.
(a)
................
98,196
91,823‌
Haverty
Furniture
Cos.,
Inc.
..............
128,839
2,621,874‌
J
Jill,
Inc.
..........................
65,116
953,298‌
Lands'
End,
Inc.
(a)
(b)
...................
125,709
1,346,343‌
Leslie's,
Inc.
(a)
.......................
59,018
24,782‌
MarineMax,
Inc.
(a)
(b)
...................
159,699
4,014,833‌
Monro,
Inc.
.........................
266,596
3,974,946‌
National
Vision
Holdings,
Inc.
(a)
...........
697,783
16,055,987‌
ODP
Corp.
(The)
(a)
(b)
...................
258,627
4,688,907‌
OneWater
Marine,
Inc.
,
Class
A
(a)
(b)
.........
103,431
1,384,941‌
Petco
Health
&
Wellness
Co.,
Inc.
(a)
(b)
.......
643,548
1,821,241‌
RealReal,
Inc.
(The)
(a)
(b)
.................
630,398
3,019,606‌
Sally
Beauty
Holdings,
Inc.
(a)
(b)
............
910,353
8,429,869‌
Shoe
Carnival,
Inc.
....................
161,814
3,027,540‌
Signet
Jewelers
Ltd.
...................
372,834
29,658,945‌
Sleep
Number
Corp.
(a)
(b)
................
194,837
1,316,124‌
Sonic
Automotive,
Inc.
,
Class
A
...........
84,558
6,758,721‌
Stitch
Fix,
Inc.
,
Class
A
(a)
(b)
...............
887,965
3,285,470‌
Tile
Shop
Holdings,
Inc.
(a)
(b)
..............
151,558
963,909‌
Tilly's,
Inc.
,
Class
A
(a)
..................
25,265
34,866‌
Torrid
Holdings,
Inc.
(a)
..................
210,560
621,152‌
Upbound
Group,
Inc.
..................
305,373
7,664,862‌
Urban
Outfitters,
Inc.
(a)
.................
367,402
26,651,341‌
Victoria's
Secret
&
Co.
(a)
(b)
...............
431,681
7,994,732‌
Winmark
Corp.
......................
26,487
10,001,756‌
Zumiez,
Inc.
(a)
(b)
......................
135,876
1,801,716‌
326,296,921‌
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
CompoSecure,
Inc.
,
Class
A
(a)
............
41,180
580,226‌
Corsair
Gaming,
Inc.
(a)
.................
414,982
3,913,280‌
Diebold
Nixdorf,
Inc.
(a)
(b)
.................
13,526
749,340‌
Eastman
Kodak
Co.
(a)
(b)
.................
565,276
3,193,810‌
Immersion
Corp.
.....................
280,172
2,207,755‌
Turtle
Beach
Corp.
(a)
(b)
..................
57,803
799,416‌
Xerox
Holdings
Corp.
..................
1,050,599
5,536,657‌
16,980,484‌
Textiles,
Apparel
&
Luxury
Goods
—
0.6%
Capri
Holdings
Ltd.
(a)
..................
1,041,171
18,428,727‌
Carter's,
Inc.
........................
316,596
9,539,037‌
G-III
Apparel
Group
Ltd.
(a)
...............
349,171
7,821,430‌
Kontoor
Brands,
Inc.
...................
93,580
6,173,473‌
Lakeland
Industries,
Inc.
(b)
...............
81,429
1,108,249‌
Movado
Group,
Inc.
...................
136,422
2,080,435‌
Oxford
Industries,
Inc.
.................
125,677
5,058,499‌
Rocky
Brands,
Inc.
....................
62,763
1,392,711‌
Steven
Madden
Ltd.
...................
562,512
13,489,038‌
Superior
Group
of
Cos.,
Inc.
.............
93,830
966,449‌
Vera
Bradley,
Inc.
(a)
...................
10,805
23,879‌
66,081,927‌
Tobacco
—
0.1%
Turning
Point
Brands,
Inc.
...............
17,209
1,303,926‌
Universal
Corp.
......................
215,168
12,531,384‌
13,835,310‌
Trading
Companies
&
Distributors
—
1.6%
Alta
Equipment
Group,
Inc.
,
Class
A
........
149,584
945,371‌
BlueLinx
Holdings,
Inc.
(a)
................
72,720
5,408,914‌
Boise
Cascade
Co.
...................
340,520
29,563,946‌
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
Custom
Truck
One
Source,
Inc.
(a)
(b)
.........
535,917
$
2,647,430‌
Distribution
Solutions
Group,
Inc.
(a)
(b)
........
11,809
324,393‌
DNOW,
Inc.
(a)
.......................
965,295
14,315,325‌
EVI
Industries,
Inc.
....................
45,018
982,743‌
GATX
Corp.
........................
295,714
45,409,842‌
GMS,
Inc.
(a)
.........................
192,357
20,918,824‌
Hudson
Technologies,
Inc.
(a)
.............
347,559
2,822,179‌
McGrath
RentCorp
....................
52,554
6,094,162‌
MRC
Global,
Inc.
(a)
(b)
...................
761,810
10,444,415‌
NPK
International,
Inc.
(a)
(b)
...............
741,008
6,305,978‌
Rush
Enterprises,
Inc.
,
Class
A
...........
255,701
13,171,158‌
Rush
Enterprises,
Inc.
,
Class
B
...........
37,520
1,969,050‌
Titan
Machinery,
Inc.
(a)
(b)
................
185,583
3,676,399‌
Transcat,
Inc.
(a)
(b)
.....................
40,366
3,469,861‌
Willis
Lease
Finance
Corp.
..............
28,701
4,097,929‌
172,567,919‌
Water
Utilities
—
0.6%
American
States
Water
Co.
..............
119,322
9,147,224‌
California
Water
Service
Group
...........
534,303
24,300,100‌
Consolidated
Water
Co.
Ltd.
.............
98,862
2,967,837‌
H2O
America
.......................
285,249
14,824,391‌
Middlesex
Water
Co.
..................
135,928
7,364,579‌
Pure
Cycle
Corp.
(a)
....................
173,347
1,858,280‌
York
Water
Co.
(The)
..................
109,528
3,461,085‌
63,923,496‌
Wireless
Telecommunication
Services
—
0.3%
Spok
Holdings,
Inc.
...................
181,103
3,201,901‌
Telephone
&
Data
Systems,
Inc.
...........
877,443
31,219,422‌
34,421,323‌
Total
Common
Stocks
—
99
.6
%
(Cost:
$
12,217,828,185
)
............................
10,913,799,930‌
Rights
Biotechnology
—
0.0%
(a)(c)
Contra
Aduro
Biotech
I,
CVR
.............
19,180
9,206‌
Contra
Chinook
Therape,
CVR
...........
381,225
60,996‌
Sanofi
Aatd,
Inc.,
CVR
(b)
................
106,185
122,113‌
192,315‌
Total
Rights
—
0.0
%
(Cost:
$
68,755
)
.................................
192,315‌
Warrants
Health
Care
Equipment
&
Supplies
—
0.0
%
Pulse
Biosciences,
Inc.
(
1
Share
for
1
Warrant,
Expires
06/27/29
)
(a)
(b)
................
11,820
24,172‌
Oil,
Gas
&
Consumable
Fuels
—
0.0
%
Chord
Energy
Corp.
(
Issued/Exercisable
09/01/20
,
1
Share
for
1
Warrant,
Expires
09/01/25
,
Strike
Price
USD
133.70
)
(a)
.....
21,281
13,833‌
Total
Warrants
—
0.0
%
(Cost:
$
1,746,784
)
...............................
38,005‌
Total
Long-Term
Investments
—
99.6%
(Cost:
$
12,219,643,724
)
............................
10,914,030,250‌
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
6.3%
(e)(f)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.47
%
(g)
...................
646,684,199
$
646,942,872‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
....................
47,513,193
47,513,193‌
Total
Short-Term
Securities
—
6
.3
%
(Cost:
$
694,081,357
)
..............................
694,456,065‌
Total
Investments
—
105
.9
%
(Cost:
$
12,913,725,081
)
............................
11,608,486,315‌
Liabilities
in
Excess
of
Other
Assets
—
(
5.9
)
%
.............
(
647,129,514‌
)
Net
Assets
—
100.0%
...............................
$
10,961,356,801‌
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
15
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
June
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/25
Shares
Held
at
06/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
732,054,773
$
—
$
(
85,061,052
)
(a)
$
26,340
$
(
77,189
)
$
646,942,872
646,684,199
$
2,390,284
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
18,993,843
28,519,350
(a)
—
—
—
47,513,193
47,513,193
237,574
—
$
26,340
$
(
77,189
)
$
694,456,065
$
2,627,858
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
....................................................
329
09/19/25
$
36,053
$
342,314
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
Russell
2000
Value
ETF
16
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
—
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for
the
asset
or
liability
(including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds,
that
may
not have
a
secondary
market,
and/
or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
10,913,799,926
$
—
$
4
$
10,913,799,930
Rights
................................................
—
—
192,315
192,315
Warrants
..............................................
13,833
24,172
—
38,005
Short-Term
Securities
Money
Market
Funds
......................................
694,456,065
—
—
694,456,065
$
11,608,269,824
$
24,172
$
192,319
$
11,608,486,315
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
342,314
$
—
$
—
$
342,314
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
CVR
Contingent
Value
Rights
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust