iShares Core U.S. REIT ETF (USRT) NPORT-P iShares Russell 2000 Value ETF (Dec 2024 report)

Schedule

of

Investments

(unaudited)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

1

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.9%

AAR

Corp.

(a)

.......................

264,650

$

16,217,752

AerSale

Corp.

(a)

(b)

....................

293,609

1,849,737

Archer

Aviation,

Inc.

,

Class

A

(a)

(b)

..........

118,392

1,154,322

Astronics

Corp.

(a)

(b)

...................

268,293

4,281,956

Ducommun,

Inc.

(a)

...................

128,646

8,189,604

Intuitive

Machines,

Inc.

,

Class

A

(a)

(b)

........

273,196

4,961,239

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

(b)

.

777,491

20,510,213

Mercury

Systems,

Inc.

(a)

(b)

..............

489,993

20,579,706

National

Presto

Industries,

Inc.

...........

47,026

4,628,299

Park

Aerospace

Corp.

.................

86,717

1,270,404

Redwire

Corp.

(a)

(b)

....................

153,172

2,521,211

Triumph

Group,

Inc.

(a)

(b)

................

692,667

12,925,166

V2X,

Inc.

(a)

(b)

.......................

133,914

6,405,107

Virgin

Galactic

Holdings,

Inc.

(a)

(b)

..........

228,622

1,344,298

106,839,014

Air

Freight

&

Logistics

—

0.4%

Air

Transport

Services

Group,

Inc.

(a)

(b)

......

481,656

10,586,799

Forward

Air

Corp.

(a)

..................

235,038

7,579,975

Hub

Group,

Inc.

,

Class

A

...............

572,288

25,501,153

Radiant

Logistics,

Inc.

(a)

...............

315,984

2,117,093

45,785,020

Automobile

Components

—

0.8%

Adient

plc

(a)

(b)

.......................

831,194

14,321,473

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

1,081,487

6,305,069

Cooper-Standard

Holdings,

Inc.

(a)

.........

158,575

2,150,277

Dana,

Inc.

.........................

1,227,290

14,187,472

Fox

Factory

Holding

Corp.

(a)

.............

401,669

12,158,521

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

.......

2,689,386

24,204,474

Holley,

Inc.

(a)

.......................

199,726

603,173

Luminar

Technologies,

Inc.

(a)

(b)

...........

27,106

145,830

Phinia,

Inc.

........................

394,944

19,024,453

Solid

Power,

Inc.

,

Class

A

(a)

(b)

............

1,462,242

2,763,637

Standard

Motor

Products,

Inc.

...........

199,204

6,171,340

Stoneridge,

Inc.

(a)

....................

250,205

1,568,785

103,604,504

Automobiles

—

0.1%

Canoo,

Inc.

(a)

(b)

.....................

27,534

38,823

Winnebago

Industries,

Inc.

.............

271,791

12,986,174

13,024,997

Banks

—

20.0%

1st

Source

Corp.

....................

182,216

10,637,770

ACNB

Corp.

.......................

80,338

3,199,863

Amalgamated

Financial

Corp.

...........

180,557

6,043,243

Amerant

Bancorp,

Inc.

,

Class

A

..........

351,956

7,887,334

Ameris

Bancorp

.....................

627,600

39,268,932

Ames

National

Corp.

.................

87,644

1,439,991

Arrow

Financial

Corp.

.................

166,612

4,783,430

Associated

Banc-Corp.

................

1,519,949

36,326,781

Atlantic

Union

Bankshares

Corp.

.........

825,460

31,268,425

Axos

Financial,

Inc.

(a)

(b)

................

461,777

32,255,123

Banc

of

California,

Inc.

................

1,326,430

20,506,608

BancFirst

Corp.

.....................

169,194

19,826,153

Bancorp,

Inc.

(The)

(a)

(b)

................

22,131

1,164,755

Bank

First

Corp.

....................

93,517

9,266,600

Bank

of

Hawaii

Corp.

.................

358,865

25,565,543

Bank

of

Marin

Bancorp

................

160,189

3,807,693

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

.....

430,816

15,746,325

Bank7

Corp.

.......................

41,715

1,946,422

BankUnited,

Inc.

....................

689,318

26,311,268

Bankwell

Financial

Group,

Inc.

...........

63,385

1,974,443

Banner

Corp.

......................

314,851

21,022,601

Security

Shares

Shares

Value

Banks

(continued)

Bar

Harbor

Bankshares

...............

153,080

$

4,681,186

BayCom

Corp.

.....................

103,658

2,782,181

BCB

Bancorp,

Inc.

...................

158,607

1,877,907

Berkshire

Hills

Bancorp,

Inc.

............

385,135

10,949,388

Blue

Foundry

Bancorp

(a)

...............

195,927

1,922,044

Bridgewater

Bancshares,

Inc.

(a)

..........

193,098

2,608,754

Brookline

Bancorp,

Inc.

................

837,487

9,882,347

Burke

&

Herbert

Financial

Services

Corp.

...

128,358

8,004,405

Business

First

Bancshares,

Inc.

..........

235,724

6,058,107

Byline

Bancorp,

Inc.

..................

312,115

9,051,335

Cadence

Bank

.....................

1,592,456

54,860,109

California

Bancorp

(a)

..................

231,677

3,831,938

Camden

National

Corp.

...............

148,700

6,355,438

Capital

Bancorp,

Inc.

.................

95,204

2,713,314

Capital

City

Bank

Group,

Inc.

............

135,240

4,956,546

Capitol

Federal

Financial,

Inc.

...........

1,195,794

7,067,143

Carter

Bankshares,

Inc.

(a)

..............

218,956

3,851,436

Cathay

General

Bancorp

...............

617,458

29,397,175

Central

Pacific

Financial

Corp.

...........

237,117

6,888,249

Chemung

Financial

Corp.

..............

32,421

1,582,469

ChoiceOne

Financial

Services,

Inc.

........

79,400

2,829,816

Citizens

&

Northern

Corp.

..............

143,217

2,663,836

Citizens

Financial

Services,

Inc.

..........

40,778

2,581,655

City

Holding

Co.

....................

127,197

15,070,301

Civista

Bancshares,

Inc.

...............

152,513

3,208,873

CNB

Financial

Corp.

..................

206,803

5,141,123

Coastal

Financial

Corp.

(a)

..............

9,834

835,005

Colony

Bankcorp,

Inc.

................

168,653

2,722,059

Columbia

Financial,

Inc.

(a)

(b)

.............

249,713

3,947,963

Community

Financial

System,

Inc.

........

485,680

29,956,742

Community

Trust

Bancorp,

Inc.

..........

155,512

8,246,801

Community

West

Bancshares

...........

162,422

3,146,114

ConnectOne

Bancorp,

Inc.

.............

355,625

8,147,369

CrossFirst

Bankshares,

Inc.

(a)

............

446,553

6,765,278

Customers

Bancorp,

Inc.

(a)

(b)

............

284,813

13,864,697

CVB

Financial

Corp.

..................

1,296,151

27,750,593

Dime

Community

Bancshares,

Inc.

........

336,580

10,344,786

Eagle

Bancorp,

Inc.

..................

281,132

7,317,866

Eastern

Bankshares,

Inc.

..............

1,851,435

31,937,254

Enterprise

Bancorp,

Inc.

...............

95,742

3,785,639

Enterprise

Financial

Services

Corp.

.......

357,468

20,161,195

Equity

Bancshares,

Inc.

,

Class

A

.........

144,023

6,109,456

Esquire

Financial

Holdings,

Inc.

..........

12,107

962,506

ESSA

Bancorp,

Inc.

..................

85,150

1,660,425

Farmers

&

Merchants

Bancorp,

Inc.

.......

123,646

3,641,375

Farmers

National

Banc

Corp.

............

357,964

5,090,248

FB

Financial

Corp.

...................

345,323

17,787,588

Fidelity

D&D

Bancorp,

Inc.

..............

46,356

2,262,173

Financial

Institutions,

Inc.

..............

153,396

4,186,177

First

Bancorp

......................

1,721,187

41,607,105

First

Bancorp,

Inc.

(The)

...............

103,427

2,828,728

First

Bancshares,

Inc.

(The)

.............

295,590

10,345,650

First

Bank

.........................

210,625

2,963,494

First

Busey

Corp.

....................

500,965

11,807,745

First

Business

Financial

Services,

Inc.

......

78,039

3,612,425

First

Commonwealth

Financial

Corp.

.......

959,708

16,238,259

First

Community

Bankshares,

Inc.

........

170,449

7,097,496

First

Financial

Bancorp

................

888,133

23,873,015

First

Financial

Corp.

..................

117,360

5,420,858

First

Financial

Northwest,

Inc.

...........

66,623

1,445,719

First

Foundation,

Inc.

.................

443,107

2,751,694

First

Internet

Bancorp

.................

50,824

1,829,156

First

Interstate

BancSystem,

Inc.

,

Class

A

...

763,846

24,802,080

First

Merchants

Corp.

.................

562,784

22,449,454

First

Mid

Bancshares,

Inc.

..............

228,775

8,423,495

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

First

of

Long

Island

Corp.

(The)

..........

224,119

$

2,617,710

First

Western

Financial,

Inc.

(a)

...........

56,858

1,111,574

Five

Star

Bancorp

...................

163,251

4,912,223

Flagstar

Financial,

Inc.

(b)

...............

2,395,958

22,354,288

Flushing

Financial

Corp.

...............

259,171

3,700,962

FS

Bancorp,

Inc.

....................

67,335

2,764,775

Fulton

Financial

Corp.

.................

1,627,451

31,377,255

FVCBankcorp,

Inc.

(a)

(b)

................

157,129

1,975,112

German

American

Bancorp,

Inc.

..........

281,195

11,309,663

Glacier

Bancorp,

Inc.

.................

1,083,496

54,413,169

Great

Southern

Bancorp,

Inc.

............

85,593

5,109,902

Guaranty

Bancshares,

Inc.

(b)

............

80,171

2,773,917

Hancock

Whitney

Corp.

...............

823,857

45,081,455

Hanmi

Financial

Corp.

................

269,582

6,367,527

HarborOne

Bancorp,

Inc.

..............

366,271

4,332,986

HBT

Financial,

Inc.

...................

131,624

2,882,566

Heartland

Financial

USA,

Inc.

...........

408,854

25,064,794

Heritage

Commerce

Corp.

..............

605,671

5,681,194

Heritage

Financial

Corp.

...............

320,694

7,857,003

Hilltop

Holdings,

Inc.

..................

437,937

12,538,136

Hingham

Institution

for

Savings

(The)

(b)

.....

15,591

3,962,297

Home

Bancorp,

Inc.

..................

72,558

3,352,905

Home

BancShares,

Inc.

...............

1,751,825

49,576,647

HomeStreet,

Inc.

(a)

...................

177,783

2,030,282

HomeTrust

Bancshares,

Inc.

............

150,857

5,080,864

Hope

Bancorp,

Inc.

..................

1,134,665

13,945,033

Horizon

Bancorp,

Inc.

.................

439,224

7,075,899

Independent

Bank

Corp.

...............

599,548

32,531,864

Independent

Bank

Group,

Inc.

...........

347,478

21,081,490

International

Bancshares

Corp.

..........

518,158

32,726,859

Investar

Holding

Corp.

................

94,166

2,067,885

John

Marshall

Bancorp,

Inc.

............

119,030

2,390,122

Kearny

Financial

Corp.

................

542,196

3,838,748

Lakeland

Financial

Corp.

...............

225,020

15,472,375

LCNB

Corp.

.......................

119,274

1,804,616

LINKBANCORP,

Inc.

.................

197,657

1,478,474

Live

Oak

Bancshares,

Inc.

(b)

.............

46,376

1,834,171

Mercantile

Bank

Corp.

................

158,066

7,032,356

Metrocity

Bankshares,

Inc.

.............

171,150

5,468,242

Metropolitan

Bank

Holding

Corp.

(a)

........

102,864

6,007,258

Mid

Penn

Bancorp,

Inc.

................

150,379

4,336,930

Middlefield

Banc

Corp.

................

70,342

1,973,093

Midland

States

Bancorp,

Inc.

............

195,093

4,760,269

MidWestOne

Financial

Group,

Inc.

........

182,323

5,309,246

MVB

Financial

Corp.

.................

109,944

2,275,841

National

Bank

Holdings

Corp.

,

Class

A

.....

344,925

14,852,470

National

Bankshares,

Inc.

..............

57,932

1,663,228

NB

Bancorp,

Inc.

(a)

...................

381,404

6,888,156

NBT

Bancorp,

Inc.

...................

430,107

20,541,910

Nicolet

Bankshares,

Inc.

...............

101,835

10,683,510

Northeast

Bank

(b)

....................

69,603

6,384,683

Northeast

Community

Bancorp,

Inc.

.......

128,127

3,133,986

Northfield

Bancorp,

Inc.

...............

375,455

4,362,787

Northrim

Bancorp,

Inc.

................

53,150

4,142,511

Northwest

Bancshares,

Inc.

.............

1,207,127

15,922,005

Norwood

Financial

Corp.

...............

71,201

1,937,023

Oak

Valley

Bancorp

..................

65,707

1,921,930

OceanFirst

Financial

Corp.

.............

571,716

10,348,060

OFG

Bancorp

......................

432,404

18,299,337

Old

National

Bancorp

.................

2,958,225

64,208,274

Old

Second

Bancorp,

Inc.

..............

428,540

7,619,441

Orange

County

Bancorp,

Inc.

............

49,582

2,755,272

Origin

Bancorp,

Inc.

..................

282,528

9,405,357

Orrstown

Financial

Services,

Inc.

.........

183,218

6,707,611

Pacific

Premier

Bancorp,

Inc.

............

895,395

22,313,243

Security

Shares

Shares

Value

Banks

(continued)

Park

National

Corp.

..................

138,498

$

23,742,712

Parke

Bancorp,

Inc.

..................

108,917

2,233,888

Pathward

Financial,

Inc.

(b)

..............

165,450

12,173,811

PCB

Bancorp

......................

110,381

2,234,111

Peapack-Gladstone

Financial

Corp.

.......

168,235

5,391,932

Peoples

Bancorp

of

North

Carolina,

Inc.

....

42,717

1,334,906

Peoples

Bancorp,

Inc.

................

343,005

10,869,828

Peoples

Financial

Services

Corp.

.........

66,625

3,409,867

Pioneer

Bancorp,

Inc.

(a)

................

114,815

1,322,669

Plumas

Bancorp

....................

51,875

2,451,612

Ponce

Financial

Group,

Inc.

(a)

(b)

..........

185,911

2,416,843

Preferred

Bank

.....................

89,774

7,754,678

Premier

Financial

Corp.

...............

349,336

8,932,522

Primis

Financial

Corp.

.................

196,832

2,295,061

Princeton

Bancorp,

Inc.

................

50,238

1,729,694

Provident

Bancorp,

Inc.

(a)

..............

146,361

1,668,515

Provident

Financial

Services,

Inc.

.........

1,115,242

21,044,617

QCR

Holdings,

Inc.

(b)

.................

153,992

12,417,915

RBB

Bancorp

......................

173,953

3,564,297

Red

River

Bancshares,

Inc.

.............

46,114

2,489,234

Renasant

Corp.

.....................

575,541

20,575,591

Republic

Bancorp,

Inc.

,

Class

A

..........

84,786

5,923,998

S&T

Bancorp,

Inc.

...................

356,274

13,616,792

Sandy

Spring

Bancorp,

Inc.

.............

413,098

13,925,534

Seacoast

Banking

Corp.

of

Florida

........

807,249

22,223,565

ServisFirst

Bancshares,

Inc.

(b)

...........

355,882

30,157,441

Shore

Bancshares,

Inc.

................

264,522

4,192,674

Sierra

Bancorp

.....................

127,152

3,677,236

Simmons

First

National

Corp.

,

Class

A

.....

1,174,032

26,040,030

SmartFinancial,

Inc.

..................

164,993

5,111,483

South

Plains

Financial,

Inc.

.............

119,329

4,146,683

Southern

First

Bancshares,

Inc.

(a)

.........

76,142

3,026,644

Southern

Missouri

Bancorp,

Inc.

..........

95,856

5,499,259

Southern

States

Bancshares,

Inc.

.........

79,643

2,652,908

Southside

Bancshares,

Inc.

.............

275,685

8,755,756

SouthState

Corp.

....................

715,060

71,134,169

Stellar

Bancorp,

Inc.

..................

463,475

13,139,516

Sterling

Bancorp,

Inc.

(a)

................

214,427

1,020,672

Stock

Yards

Bancorp,

Inc.

..............

248,591

17,801,601

Texas

Capital

Bancshares,

Inc.

(a)

.........

444,052

34,724,866

Third

Coast

Bancshares,

Inc.

(a)

(b)

..........

109,832

3,728,796

Timberland

Bancorp,

Inc.

..............

73,790

2,251,333

Tompkins

Financial

Corp.

..............

124,438

8,440,630

Towne

Bank

.......................

678,832

23,121,018

TriCo

Bancshares

...................

300,805

13,145,178

Triumph

Financial,

Inc.

(a)

(b)

..............

20,432

1,856,860

TrustCo

Bank

Corp.

..................

171,838

5,723,924

Trustmark

Corp.

....................

566,621

20,041,385

UMB

Financial

Corp.

.................

421,714

47,594,642

United

Bankshares,

Inc.

...............

1,278,742

48,016,762

United

Community

Banks,

Inc.

...........

1,099,184

35,514,635

Unity

Bancorp,

Inc.

...................

74,824

3,263,075

Univest

Financial

Corp.

................

289,447

8,541,581

USCB

Financial

Holdings,

Inc.

,

Class

A

.....

78,515

1,393,641

Valley

National

Bancorp

...............

4,459,113

40,399,564

Veritex

Holdings,

Inc.

.................

498,898

13,550,070

Virginia

National

Bankshares

Corp.

........

45,818

1,750,248

WaFd,

Inc.

........................

657,238

21,189,353

Washington

Trust

Bancorp,

Inc.

..........

172,431

5,405,712

WesBanco,

Inc.

.....................

560,228

18,229,819

West

BanCorp,

Inc.

..................

158,805

3,438,128

Westamerica

Bancorp

................

247,399

12,978,552

WSFS

Financial

Corp.

................

550,191

29,231,648

2,470,554,515

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Beverages

—

0.3%

Primo

Brands

Corp.

,

Class

A

(b)

...........

1,308,102

$

40,250,299

Biotechnology

—

3.9%

2seventy

bio,

Inc.

(a)

(b)

.................

481,837

1,416,601

4D

Molecular

Therapeutics,

Inc.

(a)

.........

166,722

928,642

89bio,

Inc.

(a)

(b)

......................

777,468

6,079,800

Absci

Corp.

(a)

(b)

.....................

209,175

548,038

ACELYRIN,

Inc.

(a)

....................

699,801

2,197,375

Achieve

Life

Sciences,

Inc.

(a)

(b)

...........

122,128

429,891

Acrivon

Therapeutics,

Inc.

(a)

(b)

............

115,023

692,438

Acumen

Pharmaceuticals,

Inc.

(a)

..........

384,547

661,421

ADC

Therapeutics

SA

(a)

(b)

..............

302,297

601,571

Adverum

Biotechnologies,

Inc.

(a)

..........

191,975

896,523

Agenus,

Inc.

(a)

(b)

.....................

165,896

454,555

Agios

Pharmaceuticals,

Inc.

(a)

(b)

..........

532,947

17,512,638

Akebia

Therapeutics,

Inc.

(a)

(b)

............

1,769,264

3,361,602

Akero

Therapeutics,

Inc.

(a)

..............

531,509

14,786,580

Aldeyra

Therapeutics,

Inc.

(a)

(b)

............

413,931

2,065,516

Allogene

Therapeutics,

Inc.

(a)

(b)

...........

1,209,325

2,575,862

Altimmune,

Inc.

(a)

(b)

...................

294,804

2,125,537

Anavex

Life

Sciences

Corp.

(a)

(b)

..........

521,685

5,602,897

Anika

Therapeutics,

Inc.

(a)

..............

93,646

1,541,413

Annexon,

Inc.

(a)

(b)

....................

931,318

4,777,661

Applied

Therapeutics,

Inc.

(a)

.............

356,664

305,376

Arbutus

Biopharma

Corp.

(a)

(b)

............

118,988

389,091

Arcturus

Therapeutics

Holdings,

Inc.

(a)

(b)

.....

25,379

430,682

ArriVent

Biopharma,

Inc.

(a)

(b)

.............

104,133

2,774,103

Artiva

Biotherapeutics,

Inc.

(a)

(b)

...........

52,992

534,159

Astria

Therapeutics,

Inc.

(a)

..............

66,524

594,725

Atossa

Therapeutics,

Inc.

(a)

(b)

............

1,061,692

1,002,343

Aura

Biosciences,

Inc.

(a)

(b)

..............

433,545

3,563,740

Aurinia

Pharmaceuticals,

Inc.

(a)

...........

340,434

3,057,097

Avid

Bioservices,

Inc.

(a)

(b)

...............

34,567

426,902

Beam

Therapeutics,

Inc.

(a)

(b)

.............

719,959

17,854,983

Bicara

Therapeutics,

Inc.

(a)

(b)

............

77,329

1,347,071

Black

Diamond

Therapeutics,

Inc.

(a)

(b)

......

116,277

248,833

Bluebird

Bio,

Inc.

(a)

(b)

..................

91,746

765,162

Boundless

Bio,

Inc.

(a)

(b)

................

27,990

81,171

Bridgebio

Pharma,

Inc.

(a)

(b)

..............

499,129

13,696,100

C4

Therapeutics,

Inc.

(a)

(b)

...............

553,749

1,993,496

Cabaletta

Bio,

Inc.

(a)

(b)

.................

314,811

714,621

CAMP4

Therapeutics

Corp.

(a)

(b)

...........

25,148

131,273

Capricor

Therapeutics,

Inc.

(a)

(b)

...........

55,379

764,230

Cardiff

Oncology,

Inc.

(a)

(b)

...............

233,663

1,014,097

CareDx,

Inc.

(a)

(b)

.....................

369,573

7,912,558

Cargo

Therapeutics,

Inc.

(a)

(b)

.............

290,823

4,193,668

Caribou

Biosciences,

Inc.

(a)

(b)

............

804,462

1,279,095

Celcuity,

Inc.

(a)

(b)

.....................

15,788

206,665

Celldex

Therapeutics,

Inc.

(a)

(b)

............

112,889

2,852,705

Century

Therapeutics,

Inc.

(a)

............

416,832

421,000

CG

oncology,

Inc.

(a)

..................

176,583

5,064,400

Cibus,

Inc.

(a)

(b)

......................

176,154

489,708

Climb

Bio,

Inc.

(a)

.....................

256,956

462,521

Cogent

Biosciences,

Inc.

(a)

(b)

............

65,005

507,039

Coherus

Biosciences,

Inc.

(a)

(b)

............

761,406

1,050,740

Compass

Therapeutics,

Inc.

(a)

(b)

..........

936,274

1,357,597

Corbus

Pharmaceuticals

Holdings,

Inc.

(a)

....

47,287

557,987

Cullinan

Therapeutics,

Inc.

(a)

(b)

...........

56,048

682,665

Cytokinetics,

Inc.

(a)

...................

975,886

45,905,677

Day

One

Biopharmaceuticals,

Inc.

(a)

(b)

......

52,847

669,571

Denali

Therapeutics,

Inc.

(a)

.............

502,649

10,243,987

Design

Therapeutics,

Inc.

(a)

.............

291,433

1,798,142

Dianthus

Therapeutics,

Inc.

(a)

(b)

...........

210,895

4,597,511

Disc

Medicine,

Inc.

(a)

..................

164,804

10,448,574

Dynavax

Technologies

Corp.

(a)

(b)

..........

245,945

3,140,718

Security

Shares

Shares

Value

Biotechnology

(continued)

Editas

Medicine,

Inc.

(a)

(b)

...............

872,968

$

1,108,669

Elevation

Oncology,

Inc.

(a)

..............

192,799

108,469

Enanta

Pharmaceuticals,

Inc.

(a)

..........

187,754

1,079,585

Entrada

Therapeutics,

Inc.

(a)

(b)

...........

228,393

3,948,915

Erasca,

Inc.

(a)

(b)

.....................

1,725,069

4,329,923

Fate

Therapeutics,

Inc.

(a)

...............

941,969

1,554,249

Fennec

Pharmaceuticals,

Inc.

(a)

..........

164,960

1,042,547

Foghorn

Therapeutics,

Inc.

(a)

(b)

...........

89,536

422,610

Galectin

Therapeutics,

Inc.

(a)

(b)

...........

73,625

94,976

Generation

Bio

Co.

(a)

.................

465,761

493,707

Geron

Corp.

(a)

......................

1,699,480

6,016,159

Gyre

Therapeutics,

Inc.

(a)

(b)

.............

65,569

793,385

Heron

Therapeutics,

Inc.

(a)

(b)

.............

999,267

1,528,879

HilleVax,

Inc.

(a)

(b)

....................

233,818

484,003

IGM

Biosciences,

Inc.

(a)

(b)

..............

11,560

70,632

ImmunityBio,

Inc.

(a)

(b)

..................

325,686

833,756

Inhibrx

Biosciences,

Inc.

(a)

..............

48,577

748,086

Inovio

Pharmaceuticals,

Inc.

(a)

(b)

..........

258,198

472,502

Inozyme

Pharma,

Inc.

(a)

(b)

..............

482,683

1,337,032

Intellia

Therapeutics,

Inc.

(a)

(b)

............

957,254

11,161,582

Invivyd,

Inc.

(a)

(b)

.....................

716,639

317,543

Ironwood

Pharmaceuticals,

Inc.

,

Class

A

(a)

...

872,537

3,865,339

iTeos

Therapeutics,

Inc.

(a)

..............

254,894

1,957,586

Kodiak

Sciences,

Inc.

(a)

................

307,180

3,056,441

Korro

Bio,

Inc.

(a)

(b)

....................

42,174

1,605,564

Kyverna

Therapeutics,

Inc.

(a)

............

93,845

350,980

LENZ

Therapeutics,

Inc.

(b)

..............

118,104

3,409,662

Lexeo

Therapeutics,

Inc.

(a)

(b)

.............

13,980

91,988

Lexicon

Pharmaceuticals,

Inc.

(a)

(b)

.........

673,860

497,646

Lyell

Immunopharma,

Inc.

(a)

(b)

............

1,546,769

989,932

MacroGenics,

Inc.

(a)

(b)

.................

99,803

324,360

MannKind

Corp.

(a)

...................

595,274

3,827,612

MeiraGTx

Holdings

plc

(a)

(b)

..............

140,504

855,669

Mersana

Therapeutics,

Inc.

(a)

(b)

...........

518,459

741,396

Metagenomi,

Inc.

(a)

(b)

..................

85,025

306,940

MiMedx

Group,

Inc.

(a)

(b)

................

592,369

5,698,590

Mineralys

Therapeutics,

Inc.

(a)

(b)

..........

210,230

2,587,931

Monte

Rosa

Therapeutics,

Inc.

(a)

(b)

........

384,415

2,667,840

Myriad

Genetics,

Inc.

(a)

................

847,157

11,614,522

Neurogene,

Inc.

(a)

(b)

..................

45,766

1,046,211

Nkarta,

Inc.

(a)

(b)

.....................

522,685

1,301,486

Novavax,

Inc.

(a)

(b)

....................

329,454

2,648,810

Nurix

Therapeutics,

Inc.

(a)

(b)

.............

206,182

3,884,469

Olema

Pharmaceuticals,

Inc.

(a)

(b)

..........

278,692

1,624,774

Organogenesis

Holdings,

Inc.

,

Class

A

(a)

(b)

...

605,495

1,937,584

ORIC

Pharmaceuticals,

Inc.

(a)

(b)

..........

446,831

3,605,926

Outlook

Therapeutics,

Inc.

(a)

(b)

...........

56,690

107,144

PepGen,

Inc.

(a)

(b)

....................

20,186

76,505

Perspective

Therapeutics,

Inc.

(a)

..........

98,284

313,526

Poseida

Therapeutics,

Inc.

(a)

............

458,620

4,402,752

Precigen,

Inc.

(a)

(b)

....................

1,087,184

1,217,646

Prelude

Therapeutics,

Inc.

(a)

.............

129,018

164,498

ProKidney

Corp.

,

Class

A

(a)

(b)

............

202,036

341,441

Prothena

Corp.

plc

(a)

(b)

.................

165,569

2,293,131

PTC

Therapeutics,

Inc.

(a)

...............

171,962

7,762,365

Puma

Biotechnology,

Inc.

(a)

(b)

............

235,573

718,498

Pyxis

Oncology,

Inc.

(a)

(b)

................

490,398

765,021

Q32

Bio,

Inc.

(a)

(b)

....................

57,704

198,502

RAPT

Therapeutics,

Inc.

(a)

(b)

.............

282,291

446,020

REGENXBIO,

Inc.

(a)

(b)

.................

432,568

3,343,751

Regulus

Therapeutics,

Inc.

(a)

(b)

...........

435,284

687,749

Relay

Therapeutics,

Inc.

(a)

..............

1,141,704

4,703,820

Renovaro,

Inc.

(a)

(b)

...................

370,696

309,717

Replimune

Group,

Inc.

(a)

(b)

..............

574,490

6,957,074

REVOLUTION

Medicines,

Inc.

(a)

(b)

.........

546,879

23,920,487

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Rigel

Pharmaceuticals,

Inc.

(a)

(b)

...........

38,576

$

648,848

Sage

Therapeutics,

Inc.

(a)

(b)

.............

524,100

2,845,863

Savara,

Inc.

(a)

(b)

.....................

228,300

700,881

Scholar

Rock

Holding

Corp.

(a)

(b)

..........

73,169

3,162,364

Shattuck

Labs,

Inc.

(a)

.................

126,353

152,887

Skye

Bioscience,

Inc.

(a)

(b)

...............

136,364

385,910

Solid

Biosciences,

Inc.

(a)

...............

211,263

845,052

Spyre

Therapeutics,

Inc.

(a)

(b)

.............

293,981

6,843,878

Summit

Therapeutics,

Inc.

(a)

(b)

............

45,771

816,784

Sutro

Biopharma,

Inc.

(a)

(b)

..............

768,524

1,414,084

Tenaya

Therapeutics,

Inc.

(a)

(b)

............

373,773

534,495

Tevogen

Bio

Holdings,

Inc.

(a)

(b)

...........

116,023

119,504

Tourmaline

Bio,

Inc.

(a)

(b)

................

216,976

4,400,273

Travere

Therapeutics,

Inc.

(a)

(b)

...........

711,382

12,392,274

TScan

Therapeutics,

Inc.

(a)

.............

126,952

385,934

Upstream

Bio,

Inc.

(a)

(b)

.................

69,541

1,143,254

UroGen

Pharma

Ltd.

(a)

(b)

...............

81,680

869,892

Vanda

Pharmaceuticals,

Inc.

(a)

...........

530,893

2,542,977

Veracyte,

Inc.

(a)

.....................

724,158

28,676,657

Verve

Therapeutics,

Inc.

(a)

..............

667,536

3,764,903

Vir

Biotechnology,

Inc.

(a)

...............

842,985

6,187,510

Viridian

Therapeutics,

Inc.

(a)

(b)

............

182,794

3,504,161

Voyager

Therapeutics,

Inc.

(a)

............

421,453

2,389,639

Werewolf

Therapeutics,

Inc.

(a)

...........

211,064

312,375

XBiotech,

Inc.

(a)

(b)

....................

207,319

818,910

Xencor,

Inc.

(a)

......................

340,658

7,828,321

XOMA

Royalty

Corp.

(a)

................

28,983

761,673

Zenas

Biopharma,

Inc.

(a)

...............

60,882

498,624

Zentalis

Pharmaceuticals,

Inc.

(a)

..........

536,169

1,624,592

Zymeworks,

Inc.

(a)

(b)

..................

515,842

7,551,927

486,088,904

Broadline

Retail

—

0.0%

(a)(b)

1stdibs.com,

Inc.

....................

166,763

590,341

Groupon,

Inc.

......................

108,999

1,324,338

1,914,679

Building

Products

—

1.1%

American

Woodmark

Corp.

(a)

............

138,383

11,005,600

Apogee

Enterprises,

Inc.

...............

141,459

10,101,587

AZZ,

Inc.

.........................

47,800

3,915,776

Caesarstone

Ltd.

(a)

...................

177,784

755,582

Gibraltar

Industries,

Inc.

(a)

..............

150,806

8,882,473

Insteel

Industries,

Inc.

(b)

...............

90,774

2,451,806

JELD-WEN

Holding,

Inc.

(a)

..............

519,472

4,254,476

Masterbrand,

Inc.

(a)

..................

1,193,185

17,432,433

Quanex

Building

Products

Corp.

..........

424,013

10,278,075

Resideo

Technologies,

Inc.

(a)

............

1,379,260

31,791,943

UFP

Industries,

Inc.

..................

248,511

27,994,764

Zurn

Elkay

Water

Solutions

Corp.

.........

72,451

2,702,422

131,566,937

Capital

Markets

—

0.6%

AlTi

Global,

Inc.

,

Class

A

(a)

(b)

............

332,347

1,465,650

BGC

Group,

Inc.

,

Class

A

..............

3,076,241

27,870,744

Diamond

Hill

Investment

Group,

Inc.

.......

4,361

676,391

DigitalBridge

Group,

Inc.

,

Class

A

.........

1,109,700

12,517,416

Donnelley

Financial

Solutions,

Inc.

(a)

.......

86,537

5,428,466

Forge

Global

Holdings,

Inc.

(a)

(b)

...........

1,110,394

1,033,666

GCM

Grosvenor,

Inc.

,

Class

A

...........

59,805

733,807

MarketWise,

Inc.

,

Class

A

..............

405,975

230,391

P10,

Inc.

,

Class

A

...................

54,440

686,488

Silvercrest

Asset

Management

Group,

Inc.

,

Class

A

........................

91,535

1,683,329

StoneX

Group,

Inc.

(a)

.................

234,670

22,990,620

Security

Shares

Shares

Value

Capital

Markets

(continued)

Virtus

Investment

Partners,

Inc.

..........

12,750

$

2,812,395

78,129,363

Chemicals

—

1.9%

AdvanSix,

Inc.

......................

240,326

6,846,888

American

Vanguard

Corp.

..............

232,275

1,075,433

Arcadium

Lithium

plc

(a)

(b)

...............

10,199,429

52,323,071

Arq,

Inc.

(a)

.........................

231,738

1,754,257

Aspen

Aerogels,

Inc.

(a)

(b)

...............

453,470

5,387,224

Avient

Corp.

.......................

859,099

35,102,785

Core

Molding

Technologies,

Inc.

(a)

.........

70,242

1,161,803

Ecovyst,

Inc.

(a)

(b)

.....................

1,092,658

8,347,907

HB

Fuller

Co.

......................

369,523

24,935,412

Innospec,

Inc.

......................

34,054

3,747,983

Intrepid

Potash,

Inc.

(a)

.................

103,331

2,265,015

Koppers

Holdings,

Inc.

................

192,071

6,223,100

Kronos

Worldwide,

Inc.

................

210,347

2,050,883

LSB

Industries,

Inc.

(a)

.................

501,576

3,806,962

Mativ

Holdings,

Inc.

..................

505,074

5,505,307

Minerals

Technologies,

Inc.

.............

298,500

22,748,685

Perimeter

Solutions,

Inc.

(a)

(b)

.............

1,265,397

16,171,774

PureCycle

Technologies,

Inc.

(a)

(b)

..........

943,270

9,668,517

Rayonier

Advanced

Materials,

Inc.

(a)

.......

604,339

4,985,797

Sensient

Technologies

Corp.

............

18,378

1,309,616

Stepan

Co.

........................

179,650

11,623,355

Tronox

Holdings

plc

..................

1,131,573

11,394,940

Valhi,

Inc.

.........................

25,239

590,340

239,027,054

Commercial

Services

&

Supplies

—

2.1%

ABM

Industries,

Inc.

..................

602,952

30,859,083

ACCO

Brands

Corp.

..................

878,994

4,614,718

Aris

Water

Solutions,

Inc.

,

Class

A

........

238,719

5,717,320

Bridger

Aerospace

Group

Holdings,

Inc.

(a)

(b)

..

91,351

194,578

BrightView

Holdings,

Inc.

(a)

(b)

............

557,510

8,914,585

Cimpress

plc

(a)

(b)

....................

51,849

3,718,610

CompX

International,

Inc.

..............

4,609

120,525

CoreCivic,

Inc.

(a)

....................

1,027,449

22,336,741

Deluxe

Corp.

.......................

419,242

9,470,677

Ennis,

Inc.

........................

225,197

4,749,405

Enviri

Corp.

(a)

(b)

.....................

785,801

6,050,668

GEO

Group,

Inc.

(The)

(a)

...............

1,200,970

33,603,141

Healthcare

Services

Group,

Inc.

(a)

(b)

........

695,827

8,082,031

HNI

Corp.

.........................

233,034

11,737,922

Interface,

Inc.

......................

489,832

11,927,409

Matthews

International

Corp.

,

Class

A

......

277,850

7,690,888

MillerKnoll,

Inc.

.....................

656,747

14,835,915

NL

Industries,

Inc.

...................

73,379

570,155

OPENLANE,

Inc.

(a)

(b)

..................

1,014,529

20,128,255

Pitney

Bowes,

Inc.

...................

754,759

5,464,455

Quad/Graphics,

Inc.

,

Class

A

............

119,808

835,062

Steelcase,

Inc.

,

Class

A

...............

886,540

10,478,903

UniFirst

Corp.

......................

142,422

24,366,980

Virco

Mfg.

Corp.

(b)

...................

99,936

1,024,344

VSE

Corp.

(b)

.......................

140,293

13,341,864

260,834,234

Communications

Equipment

—

1.0%

(a)

ADTRAN

Holdings,

Inc.

...............

733,775

6,112,346

Applied

Optoelectronics,

Inc.

(b)

...........

384,031

14,155,383

Aviat

Networks,

Inc.

(b)

.................

105,430

1,909,337

Calix,

Inc.

(b)

........................

146,381

5,104,305

Clearfield,

Inc.

......................

111,675

3,461,925

CommScope

Holding

Co.,

Inc.

...........

2,028,226

10,567,057

Digi

International,

Inc.

.................

337,899

10,214,687

Extreme

Networks,

Inc.

................

569,577

9,534,719

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Communications

Equipment

(continued)

NETGEAR,

Inc.

.....................

264,992

$

7,385,327

NetScout

Systems,

Inc.

................

656,739

14,224,967

Ribbon

Communications,

Inc.

...........

866,609

3,605,093

Viasat,

Inc.

(b)

.......................

1,164,111

9,906,585

Viavi

Solutions,

Inc.

(b)

.................

2,068,487

20,891,719

117,073,450

Construction

&

Engineering

—

0.8%

Ameresco,

Inc.

,

Class

A

(a)

(b)

.............

203,347

4,774,588

Arcosa,

Inc.

.......................

456,762

44,187,156

Concrete

Pumping

Holdings,

Inc.

(a)

........

203,888

1,357,894

Fluor

Corp.

(a)

.......................

133,221

6,570,460

Granite

Construction,

Inc.

..............

72,841

6,388,884

Great

Lakes

Dredge

&

Dock

Corp.

(a)

.......

614,808

6,941,182

Matrix

Service

Co.

(a)

..................

248,548

2,975,120

Northwest

Pipe

Co.

(a)

.................

74,750

3,607,435

Orion

Group

Holdings,

Inc.

(a)

............

290,344

2,128,221

Primoris

Services

Corp.

...............

39,198

2,994,727

Southland

Holdings,

Inc.

(a)

..............

103,791

337,321

Tutor

Perini

Corp.

(a)

..................

414,060

10,020,252

92,283,240

Construction

Materials

—

0.5%

Summit

Materials,

Inc.

,

Class

A

(a)

.........

1,141,621

57,766,023

Consumer

Finance

—

1.1%

Atlanticus

Holdings

Corp.

(a)

(b)

............

51,035

2,846,732

Bread

Financial

Holdings,

Inc.

...........

403,728

24,651,632

Consumer

Portfolio

Services,

Inc.

(a)

........

81,551

885,644

Encore

Capital

Group,

Inc.

(a)

(b)

...........

224,825

10,739,890

Enova

International,

Inc.

(a)

..............

244,136

23,407,760

Green

Dot

Corp.

,

Class

A

(a)

.............

419,834

4,467,034

LendingClub

Corp.

(a)

..................

1,054,158

17,066,818

LendingTree,

Inc.

(a)

...................

7,786

301,707

Medallion

Financial

Corp.

..............

175,351

1,646,546

Navient

Corp.

......................

770,900

10,245,261

Nelnet,

Inc.

,

Class

A

..................

136,393

14,568,136

PRA

Group,

Inc.

(a)

...................

368,103

7,689,672

PROG

Holdings,

Inc.

.................

324,196

13,700,523

Regional

Management

Corp.

............

71,044

2,414,075

World

Acceptance

Corp.

(a)

(b)

.............

3,320

373,301

135,004,731

Consumer

Staples

Distribution

&

Retail

—

0.5%

Andersons,

Inc.

(The)

.................

274,722

11,131,735

Guardian

Pharmacy

Services,

Inc.

,

Class

A

(a)

.

44,538

902,340

HF

Foods

Group,

Inc.

(a)

(b)

...............

358,843

1,151,886

Ingles

Markets,

Inc.

,

Class

A

............

135,767

8,748,826

Natural

Grocers

by

Vitamin

Cottage,

Inc.

....

67,635

2,686,462

PriceSmart,

Inc.

.....................

87,813

8,093,724

SpartanNash

Co.

....................

311,911

5,714,210

United

Natural

Foods,

Inc.

(a)

.............

556,692

15,203,259

Village

Super

Market,

Inc.

,

Class

A

........

78,435

2,501,292

Weis

Markets,

Inc.

...................

154,007

10,429,354

66,563,088

Containers

&

Packaging

—

0.4%

Greif,

Inc.

,

Class

A,

NVS

...............

239,423

14,633,534

Greif,

Inc.

,

Class

B

...................

46,325

3,143,151

O-I

Glass,

Inc.

(a)

(b)

....................

1,473,785

15,975,829

Pactiv

Evergreen,

Inc.

................

338,633

5,915,919

Ranpak

Holdings

Corp.

,

Class

A

(a)

........

407,738

2,805,237

TriMas

Corp.

.......................

380,312

9,351,872

51,825,542

Security

Shares

Shares

Value

Distributors

—

0.1%

A-Mark

Precious

Metals,

Inc.

............

166,718

$

4,568,073

Weyco

Group,

Inc.

...................

54,005

2,027,888

6,595,961

Diversified

Consumer

Services

—

0.9%

Adtalem

Global

Education,

Inc.

(a)

(b)

........

288,999

26,255,559

American

Public

Education,

Inc.

(a)

.........

136,154

2,936,842

Carriage

Services,

Inc.

................

30,309

1,207,814

Chegg,

Inc.

(a)

.......................

911,952

1,468,243

European

Wax

Center,

Inc.

,

Class

A

(a)

(b)

.....

19,149

127,724

Graham

Holdings

Co.

,

Class

B

...........

30,400

26,506,368

KinderCare

Learning

Cos.,

Inc.

(a)

(b)

........

132,069

2,350,828

Laureate

Education,

Inc.

(a)

..............

238,858

4,368,713

Lincoln

Educational

Services

Corp.

(a)

.......

248,209

3,926,666

Mister

Car

Wash,

Inc.

(a)

................

109,664

799,450

Perdoceo

Education

Corp.

..............

582,441

15,417,213

Strategic

Education,

Inc.

...............

208,459

19,474,240

104,839,660

Diversified

REITs

—

1.3%

Alexander

&

Baldwin,

Inc.

..............

684,312

12,139,695

Alpine

Income

Property

Trust,

Inc.

........

118,911

1,996,516

American

Assets

Trust,

Inc.

.............

450,542

11,831,233

Armada

Hoffler

Properties,

Inc.

..........

684,292

7,000,307

Broadstone

Net

Lease,

Inc.

.............

1,797,590

28,509,777

CTO

Realty

Growth,

Inc.

...............

268,170

5,285,631

Empire

State

Realty

Trust,

Inc.

,

Class

A

.....

1,300,848

13,424,751

Essential

Properties

Realty

Trust,

Inc.

......

1,656,434

51,813,256

Gladstone

Commercial

Corp.

............

340,991

5,537,694

Global

Net

Lease,

Inc.

................

1,901,322

13,879,651

NexPoint

Diversified

Real

Estate

Trust

.....

320,304

1,953,854

One

Liberty

Properties,

Inc.

.............

159,272

4,338,569

157,710,934

Diversified

Telecommunication

Services

—

0.8%

Anterix,

Inc.

(a)

......................

9,766

299,523

AST

SpaceMobile,

Inc.

,

Class

A

(a)

(b)

........

1,271,246

26,823,291

ATN

International,

Inc.

................

99,932

1,679,857

Bandwidth,

Inc.

,

Class

A

(a)

..............

29,036

494,193

Globalstar,

Inc.

(a)

(b)

...................

1,021,706

2,114,931

IDT

Corp.

,

Class

B

...................

42,017

1,996,648

Liberty

Latin

America

Ltd.

,

Class

A

(a)

(b)

......

314,028

1,997,218

Liberty

Latin

America

Ltd.

,

Class

C,

NVS

(a)

(b)

..

1,200,389

7,610,466

Lumen

Technologies,

Inc.

(a)

.............

9,534,300

50,627,133

Shenandoah

Telecommunications

Co.

......

453,838

5,722,897

99,366,157

Electric

Utilities

—

1.4%

ALLETE,

Inc.

......................

545,460

35,345,808

Genie

Energy

Ltd.

,

Class

B

.............

70,046

1,092,017

Hawaiian

Electric

Industries,

Inc.

(a)

........

1,554,924

15,129,410

MGE

Energy,

Inc.

....................

197,391

18,546,858

Otter

Tail

Corp.

.....................

216,040

15,952,394

Portland

General

Electric

Co.

............

988,285

43,108,992

TXNM

Energy,

Inc.

...................

846,380

41,616,505

170,791,984

Electrical

Equipment

—

0.7%

Allient,

Inc.

........................

125,336

3,043,158

Blink

Charging

Co.

(a)

(b)

.................

506,463

703,984

Bloom

Energy

Corp.

,

Class

A

(a)

(b)

.........

162,995

3,620,119

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

1,628,594

1,742,596

Energy

Vault

Holdings,

Inc.

(a)

(b)

...........

980,114

2,234,660

EnerSys

..........................

31,082

2,872,909

Freyr

Battery,

Inc.

(a)

(b)

.................

1,040,691

2,684,983

FuelCell

Energy,

Inc.

(a)

(b)

...............

172,974

1,563,685

GrafTech

International

Ltd.

(a)

............

172,083

297,704

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

LSI

Industries,

Inc.

...................

75,771

$

1,471,473

NANO

Nuclear

Energy,

Inc.

(a)

(b)

...........

38,445

957,088

Net

Power,

Inc.

,

Class

A

(a)

(b)

.............

206,065

2,182,228

NEXTracker,

Inc.

,

Class

A

(a)

(b)

............

350,248

12,794,559

Plug

Power,

Inc.

(a)

(b)

..................

6,890,400

14,676,552

Preformed

Line

Products

Co.

............

19,492

2,490,883

SES

AI

Corp.

,

Class

A

(a)

(b)

..............

1,114,317

2,440,354

SolarMax

Technology,

Inc.

(a)

(b)

...........

116,829

189,263

Stem,

Inc.

(a)

(b)

......................

1,433,034

864,119

Sunrun,

Inc.

(a)

(b)

.....................

2,069,767

19,145,345

Thermon

Group

Holdings,

Inc.

(a)

(b)

.........

276,872

7,965,607

TPI

Composites,

Inc.

(a)

(b)

...............

432,782

817,958

Ultralife

Corp.

(a)

.....................

90,298

672,720

Vicor

Corp.

(a)

.......................

94,910

4,586,051

90,017,998

Electronic

Equipment,

Instruments

&

Components

—

2.4%

908

Devices,

Inc.

(a)

...................

219,446

482,781

Aeva

Technologies,

Inc.

(a)

(b)

.............

223,154

1,059,982

Bel

Fuse,

Inc.

,

Class

A

................

16,657

1,500,463

Bel

Fuse,

Inc.

,

Class

B,

NVS

............

97,135

8,010,723

Belden,

Inc.

.......................

179,440

20,206,738

Benchmark

Electronics,

Inc.

............

337,506

15,322,772

CTS

Corp.

........................

57,881

3,052,065

Daktronics,

Inc.

(a)

(b)

...................

322,513

5,437,569

ePlus,

Inc.

(a)

(b)

......................

82,549

6,098,720

FARO

Technologies,

Inc.

(a)

(b)

............

183,387

4,650,694

Itron,

Inc.

(a)

........................

41,799

4,538,535

Kimball

Electronics,

Inc.

(a)

..............

228,563

4,280,985

Knowles

Corp.

(a)

(b)

...................

807,863

16,100,710

Methode

Electronics,

Inc.

..............

332,359

3,918,513

MicroVision,

Inc.

(a)

(b)

..................

902,428

1,182,181

Mirion

Technologies,

Inc.

,

Class

A

(a)

(b)

......

1,689,058

29,474,062

Motomova,

Inc.

(a)

(c)

...................

19,086

—

nLight,

Inc.

(a)

(b)

......................

413,623

4,338,905

OSI

Systems,

Inc.

(a)

(b)

.................

8,737

1,462,836

Ouster,

Inc.

,

Class

A

(a)

(b)

...............

359,932

4,398,369

PAR

Technology

Corp.

(a)

(b)

..............

18,873

1,371,501

PC

Connection,

Inc.

..................

111,975

7,756,508

Plexus

Corp.

(a)

(b)

.....................

177,972

27,849,059

Powerfleet,

Inc.

(a)

(b)

...................

902,316

6,009,425

Richardson

Electronics

Ltd.

.............

113,424

1,591,339

Rogers

Corp.

(a)

(b)

....................

175,212

17,803,291

Sanmina

Corp.

(a)

(b)

...................

507,948

38,436,425

ScanSource,

Inc.

(a)

(b)

..................

224,387

10,647,163

SmartRent,

Inc.

,

Class

A

(a)

(b)

.............

1,790,397

3,133,195

TTM

Technologies,

Inc.

(a)

...............

953,881

23,608,555

Vishay

Intertechnology,

Inc.

.............

1,193,145

20,211,876

Vishay

Precision

Group,

Inc.

(a)

...........

105,880

2,485,004

296,420,944

Energy

Equipment

&

Services

—

2.1%

Borr

Drilling

Ltd.

(b)

...................

2,231,293

8,702,043

Bristow

Group,

Inc.

(a)

.................

230,135

7,893,630

DMC

Global,

Inc.

(a)

(b)

..................

134,651

989,685

Drilling

Tools

International

Corp.

(a)

.........

39,311

128,547

Expro

Group

Holdings

NV

(a)

(b)

............

895,398

11,165,613

Forum

Energy

Technologies,

Inc.

(a)

........

99,955

1,548,303

Geospace

Technologies

Corp.

(a)

(b)

.........

114,384

1,146,128

Helix

Energy

Solutions

Group,

Inc.

(a)

.......

1,102,362

10,274,014

Helmerich

&

Payne,

Inc.

...............

914,929

29,296,026

Innovex

International,

Inc.

(a)

(b)

............

317,002

4,428,518

Kodiak

Gas

Services,

Inc.

..............

221,525

9,044,866

Liberty

Energy,

Inc.

,

Class

A

............

1,407,940

28,003,926

Mammoth

Energy

Services,

Inc.

(a)

.........

213,828

641,484

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Nabors

Industries

Ltd.

(a)

(b)

..............

59,328

$

3,391,782

Natural

Gas

Services

Group,

Inc.

(a)

(b)

.......

77,509

2,077,241

Noble

Corp.

plc

.....................

455,965

14,317,301

NPK

International,

Inc.

(a)

(b)

..............

781,670

5,995,409

Oil

States

International,

Inc.

(a)

............

562,944

2,848,497

Patterson-UTI

Energy,

Inc.

.............

3,708,764

30,634,391

ProFrac

Holding

Corp.

,

Class

A

(a)

(b)

........

210,670

1,634,799

ProPetro

Holding

Corp.

(a)

...............

809,909

7,556,451

Ranger

Energy

Services,

Inc.

,

Class

A

......

137,426

2,127,354

RPC,

Inc.

.........................

793,038

4,710,646

SEACOR

Marine

Holdings,

Inc.

(a)

.........

227,799

1,494,361

Seadrill

Ltd.

(a)

......................

459,572

17,891,138

Select

Water

Solutions,

Inc.

,

Class

A

.......

867,397

11,484,336

Solaris

Energy

Infrastructure,

Inc.

,

Class

A

...

244,729

7,043,301

Transocean

Ltd.

(a)

(b)

..................

6,882,320

25,808,700

Valaris

Ltd.

(a)

(b)

......................

210,071

9,293,541

261,572,031

Entertainment

—

0.5%

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

3,286,170

13,078,957

Cinemark

Holdings,

Inc.

(a)

(b)

.............

214,783

6,653,977

Eventbrite,

Inc.

,

Class

A

(a)

..............

91,207

306,455

Lions

Gate

Entertainment

Corp.

,

Class

A

(a)

(b)

..

590,623

5,043,921

Lions

Gate

Entertainment

Corp.

,

Class

B,

NVS

(a)

.........................

1,137,426

8,587,566

LiveOne,

Inc.

(a)

(b)

....................

101,083

148,592

Madison

Square

Garden

Entertainment

Corp.

(a)

332,813

11,848,143

Marcus

Corp.

(The)

..................

223,590

4,807,185

Playstudios,

Inc.

,

Class

A

(a)

.............

836,189

1,555,311

Reservoir

Media,

Inc.

(a)

(b)

...............

168,851

1,528,102

Sphere

Entertainment

Co.

,

Class

A

(a)

(b)

......

257,335

10,375,747

63,933,956

Financial

Services

—

3.3%

Acacia

Research

Corp.

(a)

(b)

..............

339,420

1,473,083

Alerus

Financial

Corp.

................

206,830

3,979,409

Banco

Latinoamericano

de

Comercio

Exterior

SA

,

Class

E

.....................

263,384

9,368,569

Burford

Capital

Ltd.

..................

1,899,482

24,218,395

Cannae

Holdings,

Inc.

................

543,871

10,801,278

Cantaloupe,

Inc.

(a)

(b)

..................

30,819

293,089

Cass

Information

Systems,

Inc.

..........

22,155

906,361

Compass

Diversified

Holdings

...........

637,460

14,712,577

Enact

Holdings,

Inc.

..................

281,967

9,130,091

Essent

Group

Ltd.

...................

987,122

53,738,922

Federal

Agricultural

Mortgage

Corp.

,

Class

C,

NVS

..........................

10,563

2,080,383

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

.....................

1,090,170

29,249,261

I3

Verticals,

Inc.

,

Class

A

(a)

(b)

............

210,023

4,838,930

Jackson

Financial,

Inc.

,

Class

A

..........

709,170

61,754,524

Marqeta,

Inc.

,

Class

A

(a)

...............

626,771

2,375,462

Merchants

Bancorp

..................

175,421

6,397,604

Mr

Cooper

Group,

Inc.

(a)

...............

381,937

36,669,771

NewtekOne,

Inc.

....................

228,453

2,917,345

NMI

Holdings,

Inc.

,

Class

A

(a)

............

695,843

25,579,189

Onity

Group,

Inc.

(a)

...................

62,270

1,912,312

Pagseguro

Digital

Ltd.

,

Class

A

(a)

(b)

........

874,097

5,471,847

Payoneer

Global,

Inc.

(a)

................

544,709

5,468,878

Paysafe

Ltd.

(a)

......................

305,007

5,215,620

PennyMac

Financial

Services,

Inc.

........

116,932

11,943,434

Radian

Group,

Inc.

...................

1,424,749

45,193,038

Repay

Holdings

Corp.

,

Class

A

(a)

(b)

........

825,417

6,297,932

Sezzle,

Inc.

(a)

(b)

.....................

2,855

730,309

StoneCo

Ltd.

,

Class

A

(a)

...............

1,309,766

10,438,835

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Financial

Services

(continued)

SWK

Holdings

Corp.

(a)

(b)

...............

30,015

$

476,038

Velocity

Financial,

Inc.

(a)

...............

86,004

1,682,238

Walker

&

Dunlop,

Inc.

.................

86,508

8,409,443

Waterstone

Financial,

Inc.

..............

160,314

2,154,620

405,878,787

Food

Products

—

0.8%

Alico,

Inc.

.........................

58,754

1,523,491

B&G

Foods,

Inc.

....................

713,059

4,912,977

BRC,

Inc.

,

Class

A

(a)

(b)

.................

44,389

140,713

Calavo

Growers,

Inc.

.................

130,039

3,315,994

Cal-Maine

Foods,

Inc.

.................

363,740

37,436,121

Dole

plc

..........................

720,655

9,757,669

Fresh

Del

Monte

Produce,

Inc.

...........

320,923

10,657,853

Hain

Celestial

Group,

Inc.

(The)

(a)

.........

843,200

5,185,680

Limoneira

Co.

......................

155,815

3,811,235

Mission

Produce,

Inc.

(a)

(b)

...............

359,477

5,165,684

Seneca

Foods

Corp.

,

Class

A

(a)

..........

43,828

3,473,807

TreeHouse

Foods,

Inc.

(a)

(b)

..............

444,281

15,607,592

Utz

Brands,

Inc.

,

Class

A

(b)

.............

186,756

2,924,599

103,913,415

Gas

Utilities

—

2.0%

Brookfield

Infrastructure

Corp.

,

Class

A

.....

1,134,499

45,391,305

Chesapeake

Utilities

Corp.

.............

206,510

25,059,989

New

Jersey

Resources

Corp.

............

923,886

43,099,282

Northwest

Natural

Holding

Co.

...........

359,865

14,236,259

ONE

Gas,

Inc.

......................

533,327

36,932,895

RGC

Resources,

Inc.

.................

72,096

1,446,246

Southwest

Gas

Holdings,

Inc.

...........

576,540

40,767,143

Spire,

Inc.

.........................

538,756

36,543,819

243,476,938

Ground

Transportation

—

0.4%

Covenant

Logistics

Group,

Inc.

,

Class

A

.....

63,769

3,476,048

FTAI

Infrastructure,

Inc.

................

948,647

6,887,177

Heartland

Express,

Inc.

................

240,236

2,695,448

Hertz

Global

Holdings,

Inc.

(a)

(b)

...........

1,191,444

4,360,685

Marten

Transport

Ltd.

.................

419,054

6,541,433

PAMT

Corp.

(a)

......................

50,394

825,453

Proficient

Auto

Logistics,

Inc.

(a)

(b)

..........

103,382

834,293

Universal

Logistics

Holdings,

Inc.

.........

42,820

1,967,151

Werner

Enterprises,

Inc.

...............

505,328

18,151,382

45,739,070

Health

Care

Equipment

&

Supplies

—

1.6%

Accuray,

Inc.

(a)

(b)

.....................

70,220

139,036

AngioDynamics,

Inc.

(a)

................

357,582

3,275,451

Artivion,

Inc.

(a)

(b)

.....................

85,935

2,456,882

AtriCure,

Inc.

(a)

.....................

154,561

4,723,384

Avanos

Medical,

Inc.

(a)

................

417,668

6,649,275

Bioventus,

Inc.

,

Class

A

(a)

(b)

.............

228,723

2,401,592

Ceribell,

Inc.

(a)

(b)

.....................

33,739

873,165

Embecta

Corp.

.....................

492,914

10,178,674

Fractyl

Health,

Inc.

(a)

(b)

.................

111,320

229,319

ICU

Medical,

Inc.

(a)

(b)

..................

202,134

31,365,133

Inmode

Ltd.

(a)

(b)

.....................

591,082

9,871,069

Inogen,

Inc.

(a)

(b)

.....................

229,570

2,105,157

Integer

Holdings

Corp.

(a)

(b)

..............

94,053

12,463,904

Integra

LifeSciences

Holdings

Corp.

(a)

......

636,170

14,428,336

LivaNova

plc

(a)

......................

483,008

22,368,101

Neogen

Corp.

(a)

(b)

....................

2,051,786

24,908,682

Nevro

Corp.

(a)

......................

340,274

1,265,819

Omnicell,

Inc.

(a)

(b)

....................

429,365

19,115,330

OraSure

Technologies,

Inc.

(a)

............

668,983

2,415,029

Orchestra

BioMed

Holdings,

Inc.

(a)

(b)

.......

130,676

522,704

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Orthofix

Medical,

Inc.

(a)

................

319,551

$

5,579,360

OrthoPediatrics

Corp.

(a)

(b)

...............

153,991

3,569,511

SI-BONE,

Inc.

(a)

.....................

73,813

1,034,858

Stereotaxis,

Inc.

(a)

...................

64,704

147,525

Surmodics,

Inc.

(a)

....................

45,765

1,812,294

Tactile

Systems

Technology,

Inc.

(a)

........

218,711

3,746,519

Utah

Medical

Products,

Inc.

.............

26,158

1,607,932

Varex

Imaging

Corp.

(a)

(b)

...............

359,613

5,246,754

Zimvie,

Inc.

(a)

.......................

260,775

3,637,811

198,138,606

Health

Care

Providers

&

Services

—

1.5%

Accolade,

Inc.

(a)

.....................

461,492

1,578,303

AdaptHealth

Corp.

(a)

(b)

.................

540,164

5,142,361

Addus

HomeCare

Corp.

(a)

(b)

.............

98,309

12,323,033

Ardent

Health

Partners,

Inc.

(a)

(b)

..........

34,110

582,599

Aveanna

Healthcare

Holdings,

Inc.

(a)

(b)

......

163,422

746,839

Brookdale

Senior

Living,

Inc.

(a)

(b)

..........

249,642

1,255,699

Castle

Biosciences,

Inc.

(a)

..............

165,388

4,407,590

Community

Health

Systems,

Inc.

(a)

(b)

.......

518,553

1,550,473

Concentra

Group

Holdings

Parent,

Inc.

.....

325,314

6,434,711

Cross

Country

Healthcare,

Inc.

(a)

.........

306,308

5,562,553

DocGo,

Inc.

(a)

(b)

.....................

762,764

3,234,119

Enhabit,

Inc.

(a)

......................

406,746

3,176,686

Fulgent

Genetics,

Inc.

(a)

(b)

..............

193,768

3,578,895

GeneDx

Holdings

Corp.

,

Class

A

(a)

(b)

.......

105,463

8,105,886

Innovage

Holding

Corp.

(a)

..............

113,788

447,187

LifeStance

Health

Group,

Inc.

(a)

..........

705,862

5,202,203

ModivCare,

Inc.

(a)

(b)

...................

52,080

616,627

Nano-X

Imaging

Ltd.

(a)

(b)

...............

27,923

201,046

National

HealthCare

Corp.

..............

116,903

12,574,087

NeoGenomics,

Inc.

(a)

(b)

................

1,105,498

18,218,607

OPKO

Health,

Inc.

(a)

(b)

.................

3,085,937

4,536,327

Option

Care

Health,

Inc.

(a)

..............

861,894

19,995,941

Owens

&

Minor,

Inc.

(a)

.................

601,940

7,867,356

Patterson

Cos.,

Inc.

..................

606,098

18,704,184

Pediatrix

Medical

Group,

Inc.

(a)

...........

811,607

10,648,284

Performant

Healthcare,

Inc.

(a)

............

211,699

639,331

Quipt

Home

Medical

Corp.

(a)

(b)

...........

289,006

881,468

Select

Medical

Holdings

Corp.

...........

323,150

6,091,378

Sonida

Senior

Living,

Inc.

(a)

(b)

............

20,309

468,732

Surgery

Partners,

Inc.

(a)

(b)

..............

723,998

15,327,038

180,099,543

Health

Care

REITs

—

1.5%

American

Healthcare

REIT,

Inc.

..........

1,438,292

40,876,259

CareTrust

REIT,

Inc.

..................

1,611,219

43,583,474

Community

Healthcare

Trust,

Inc.

.........

241,118

4,631,877

Diversified

Healthcare

Trust

.............

2,072,472

4,766,685

Global

Medical

REIT,

Inc.

..............

584,185

4,509,908

LTC

Properties,

Inc.

..................

424,204

14,656,248

National

Health

Investors,

Inc.

...........

401,259

27,807,249

Sabra

Health

Care

REIT,

Inc.

............

2,254,815

39,053,396

Universal

Health

Realty

Income

Trust

......

23,985

892,482

180,777,578

Health

Care

Technology

—

0.2%

Definitive

Healthcare

Corp.

,

Class

A

(a)

(b)

.....

510,970

2,100,087

Health

Catalyst,

Inc.

(a)

.................

504,537

3,567,076

HealthStream,

Inc.

...................

150,891

4,798,334

LifeMD,

Inc.

(a)

(b)

.....................

125,885

623,131

Teladoc

Health,

Inc.

(a)

(b)

................

1,368,706

12,441,537

Waystar

Holding

Corp.

(a)

(b)

..............

143,647

5,271,845

28,802,010

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotel

&

Resort

REITs

—

1.1%

Apple

Hospitality

REIT,

Inc.

.............

2,180,137

$

33,465,103

Braemar

Hotels

&

Resorts,

Inc.

..........

613,714

1,841,142

Chatham

Lodging

Trust

................

471,648

4,221,249

DiamondRock

Hospitality

Co.

............

1,987,793

17,949,771

Pebblebrook

Hotel

Trust

...............

1,126,133

15,259,102

RLJ

Lodging

Trust

...................

1,456,452

14,870,375

Service

Properties

Trust

(b)

..............

1,572,690

3,994,633

Summit

Hotel

Properties,

Inc.

............

992,793

6,800,632

Sunstone

Hotel

Investors,

Inc.

...........

1,987,733

23,534,759

Xenia

Hotels

&

Resorts,

Inc.

............

978,092

14,534,447

136,471,213

Hotels,

Restaurants

&

Leisure

—

1.0%

Bally's

Corp.

(a)

......................

221,794

3,967,895

Biglari

Holdings,

Inc.

,

Class

B,

NVS

(a)

(b)

.....

6,807

1,730,952

BJ's

Restaurants,

Inc.

(a)

(b)

..............

85,196

2,993,361

Bloomin'

Brands,

Inc.

.................

350,119

4,274,953

Brinker

International,

Inc.

(a)

.............

40,600

5,370,974

Cracker

Barrel

Old

Country

Store,

Inc.

......

163,191

8,626,276

Denny's

Corp.

(a)

(b)

....................

136,513

825,904

Despegar.com

Corp.

(a)

(b)

...............

499,264

9,610,832

Dine

Brands

Global,

Inc.

...............

125,132

3,766,473

El

Pollo

Loco

Holdings,

Inc.

(a)

(b)

...........

244,676

2,823,561

Empire

Resorts,

Inc.

(a)

(c)

...............

19,883

—

Everi

Holdings,

Inc.

(a)

.................

347,127

4,689,686

Full

House

Resorts,

Inc.

(a)

..............

299,962

1,223,845

Global

Business

Travel

Group

I

(a)

(b)

........

159,975

1,484,568

Golden

Entertainment,

Inc.

.............

187,124

5,913,118

International

Game

Technology

plc

........

930,177

16,426,926

Life

Time

Group

Holdings,

Inc.

(a)

..........

586,218

12,967,142

Lindblad

Expeditions

Holdings,

Inc.

(a)

.......

105,428

1,250,376

Papa

John's

International,

Inc.

...........

86,680

3,559,948

Portillo's,

Inc.

,

Class

A

(a)

(b)

..............

105,227

989,134

RCI

Hospitality

Holdings,

Inc.

(b)

...........

37,510

2,155,700

Red

Rock

Resorts,

Inc.

,

Class

A

..........

252,924

11,695,206

Sabre

Corp.

(a)

(b)

.....................

2,843,304

10,378,060

Six

Flags

Entertainment

Corp.

(b)

..........

228,664

11,019,318

United

Parks

&

Resorts,

Inc.

(a)

(b)

..........

18,437

1,035,975

Vacasa,

Inc.

,

Class

A

(a)

................

82,475

404,127

129,184,310

Household

Durables

—

2.7%

Beazer

Homes

USA,

Inc.

(a)

.............

271,496

7,455,280

Century

Communities,

Inc.

.............

231,832

17,007,196

Champion

Homes,

Inc.

(a)

(b)

..............

264,961

23,343,064

Cricut,

Inc.

,

Class

A

..................

91,964

524,195

Ethan

Allen

Interiors,

Inc.

..............

207,743

5,839,656

Flexsteel

Industries,

Inc.

...............

44,820

2,435,519

GoPro,

Inc.

,

Class

A

(a)

.................

1,225,206

1,335,475

Green

Brick

Partners,

Inc.

(a)

.............

210,668

11,900,635

Hamilton

Beach

Brands

Holding

Co.

,

Class

A

.

72,035

1,212,349

Helen

of

Troy

Ltd.

(a)

(b)

.................

214,084

12,808,646

Hooker

Furnishings

Corp.

..............

94,492

1,323,833

Hovnanian

Enterprises,

Inc.

,

Class

A

(a)

......

44,538

5,960,075

iRobot

Corp.

(a)

(b)

.....................

283,157

2,194,467

KB

Home

.........................

528,309

34,720,467

Landsea

Homes

Corp.

(a)

(b)

..............

158,174

1,342,897

La-Z-Boy,

Inc.

......................

399,529

17,407,479

Legacy

Housing

Corp.

(a)

(b)

..............

93,353

2,303,952

LGI

Homes,

Inc.

(a)

...................

181,436

16,220,378

Lifetime

Brands,

Inc.

..................

113,464

670,572

Lovesac

Co.

(The)

(a)

(b)

.................

63,176

1,494,744

M/I

Homes,

Inc.

(a)

(b)

...................

251,949

33,496,620

Meritage

Homes

Corp.

................

337,349

51,891,023

Purple

Innovation,

Inc.

(a)

(b)

..............

585,228

456,478

Security

Shares

Shares

Value

Household

Durables

(continued)

Sonos,

Inc.

(a)

(b)

......................

123,557

$

1,858,297

Taylor

Morrison

Home

Corp.

(a)

...........

966,949

59,186,948

Traeger,

Inc.

(a)

(b)

.....................

325,750

778,542

TRI

Pointe

Homes,

Inc.

(a)

(b)

.............

614,264

22,273,213

Worthington

Enterprises,

Inc.

............

32,945

1,321,424

338,763,424

Household

Products

—

0.2%

Central

Garden

&

Pet

Co.

(a)

(b)

............

79,813

3,096,744

Central

Garden

&

Pet

Co.

,

Class

A,

NVS

(a)

...

398,976

13,186,157

Oil-Dri

Corp.

of

America

...............

35,422

3,104,384

19,387,285

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

Altus

Power,

Inc.

,

Class

A

(a)

(b)

............

711,474

2,895,699

Ormat

Technologies,

Inc.

...............

543,344

36,795,256

Sunnova

Energy

International,

Inc.

(a)

(b)

......

1,000,396

3,431,358

43,122,313

Industrial

Conglomerates

—

0.1%

Brookfield

Business

Corp.

,

Class

A

........

245,236

5,949,425

Industrial

REITs

—

0.8%

Industrial

Logistics

Properties

Trust

........

605,809

2,211,203

Innovative

Industrial

Properties,

Inc.

.......

267,183

17,805,075

LXP

Industrial

Trust

..................

2,774,231

22,526,756

Plymouth

Industrial

REIT,

Inc.

...........

373,633

6,650,667

Terreno

Realty

Corp.

(b)

................

901,049

53,288,038

102,481,739

Insurance

—

2.4%

Ambac

Financial

Group,

Inc.

(a)

...........

430,241

5,442,549

American

Coastal

Insurance

Corp.

(a)

.......

135,788

1,827,706

AMERISAFE,

Inc.

...................

103,355

5,326,917

Bowhead

Specialty

Holdings,

Inc.

(a)

........

82,474

2,929,476

CNO

Financial

Group,

Inc.

..............

993,679

36,974,795

Donegal

Group,

Inc.

,

Class

A

............

146,691

2,269,310

Employers

Holdings,

Inc.

...............

225,426

11,548,574

Enstar

Group

Ltd.

(a)

..................

120,105

38,679,815

F&G

Annuities

&

Life,

Inc.

..............

153,487

6,360,501

Fidelis

Insurance

Holdings

Ltd.

...........

493,021

8,938,471

Genworth

Financial,

Inc.

,

Class

A

(a)

........

4,028,741

28,160,899

GoHealth,

Inc.

,

Class

A

(a)

...............

40,715

545,174

Greenlight

Capital

Re

Ltd.

,

Class

A

(a)

.......

263,356

3,686,984

Hamilton

Insurance

Group

Ltd.

,

Class

B

(a)

...

385,790

7,341,584

Heritage

Insurance

Holdings,

Inc.

(a)

........

220,710

2,670,591

Hippo

Holdings,

Inc.

(a)

.................

193,723

5,185,965

Horace

Mann

Educators

Corp.

...........

380,788

14,938,313

Investors

Title

Co.

(b)

..................

11,929

2,824,310

James

River

Group

Holdings

Ltd.

.........

354,596

1,726,882

Lemonade,

Inc.

(a)

(b)

...................

88,634

3,251,095

Maiden

Holdings

Ltd.

(a)

(b)

...............

827,406

1,398,316

MBIA,

Inc.

(a)

.......................

428,384

2,767,361

Mercury

General

Corp.

................

225,907

15,018,297

NI

Holdings,

Inc.

(a)

...................

71,024

1,115,077

ProAssurance

Corp.

(a)

.................

487,171

7,750,891

Safety

Insurance

Group,

Inc.

............

139,702

11,511,445

Selective

Insurance

Group,

Inc.

..........

87,754

8,206,754

Selectquote,

Inc.

(a)

...................

1,293,100

4,810,332

SiriusPoint

Ltd.

(a)

....................

832,849

13,650,395

Skyward

Specialty

Insurance

Group,

Inc.

(a)

...

271,057

13,699,221

Stewart

Information

Services

Corp.

........

246,463

16,633,788

Tiptree,

Inc.

.......................

190,979

3,983,822

United

Fire

Group,

Inc.

................

199,957

5,688,777

Universal

Insurance

Holdings,

Inc.

........

189,966

4,000,684

300,865,071

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Interactive

Media

&

Services

—

0.5%

Bumble,

Inc.

,

Class

A

(a)

(b)

...............

825,513

$

6,719,676

Cars.com,

Inc.

(a)

.....................

621,442

10,769,590

fuboTV,

Inc.

(a)

......................

2,797,006

3,524,227

Nextdoor

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

1,627,080

3,856,179

Outbrain,

Inc.

(a)

.....................

360,094

2,585,475

Shutterstock,

Inc.

....................

49,268

1,495,284

TrueCar,

Inc.

(a)

......................

821,444

3,063,986

Vimeo,

Inc.

(a)

.......................

1,372,452

8,783,693

Webtoon

Entertainment,

Inc.

(a)

(b)

..........

81,345

1,104,665

Ziff

Davis,

Inc.

(a)

(b)

....................

416,482

22,631,632

64,534,407

IT

Services

—

0.4%

Applied

Digital

Corp.

(a)

(b)

...............

562,276

4,295,789

ASGN,

Inc.

(a)

(b)

......................

320,356

26,698,469

BigBear.ai

Holdings,

Inc.

(a)

(b)

.............

268,872

1,196,480

Core

Scientific,

Inc.

(a)

(b)

................

360,614

5,066,627

Fastly,

Inc.

,

Class

A

(a)

.................

255,263

2,409,683

Grid

Dynamics

Holdings,

Inc.

,

Class

A

(a)

.....

129,928

2,889,599

Hackett

Group,

Inc.

(The)

..............

19,685

604,723

Information

Services

Group,

Inc.

..........

321,040

1,072,274

Rackspace

Technology,

Inc.

(a)

(b)

..........

647,639

1,431,282

Unisys

Corp.

(a)

......................

633,722

4,011,460

49,676,386

Leisure

Products

—

0.5%

AMMO,

Inc.

(a)

(b)

.....................

824,091

906,500

Clarus

Corp.

.......................

272,462

1,228,804

Escalade,

Inc.

......................

88,797

1,268,021

Funko,

Inc.

,

Class

A

(a)

(b)

................

298,115

3,991,760

JAKKS

Pacific,

Inc.

(a)

.................

76,617

2,156,768

Johnson

Outdoors,

Inc.

,

Class

A

..........

43,083

1,421,739

Latham

Group,

Inc.

(a)

.................

382,382

2,661,379

Malibu

Boats,

Inc.

,

Class

A

(a)

(b)

...........

184,440

6,933,099

Marine

Products

Corp.

................

36,993

339,226

MasterCraft

Boat

Holdings,

Inc.

(a)

(b)

........

155,153

2,958,768

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

.......

248,168

2,159,062

Revelyst,

Inc.

(a)

(b)

....................

563,800

10,841,874

Smith

&

Wesson

Brands,

Inc.

............

394,242

3,983,815

Solo

Brands,

Inc.

,

Class

A

(a)

.............

245,615

280,001

Sturm

Ruger

&

Co.,

Inc.

...............

104,272

3,688,101

Topgolf

Callaway

Brands

Corp.

(a)

.........

1,345,780

10,577,831

55,396,748

Life

Sciences

Tools

&

Services

—

0.4%

Adaptive

Biotechnologies

Corp.

(a)

(b)

........

1,083,317

6,494,486

BioLife

Solutions,

Inc.

(a)

(b)

...............

37,040

961,558

Codexis,

Inc.

(a)

(b)

....................

666,854

3,180,894

Conduit

Pharmaceuticals,

Inc.

(a)

..........

105,599

7,244

CryoPort,

Inc.

(a)

(b)

....................

69,362

539,636

Cytek

Biosciences,

Inc.

(a)

(b)

.............

1,146,816

7,442,836

Harvard

Bioscience,

Inc.

(a)

..............

252,939

533,701

Lifecore

Biomedical,

Inc.

(a)

(b)

.............

214,317

1,592,375

MaxCyte,

Inc.

(a)

.....................

978,071

4,068,775

Mesa

Laboratories,

Inc.

...............

32,556

4,293,160

Nautilus

Biotechnology,

Inc.

(a)

............

432,245

726,172

OmniAb,

Inc.

(a)

(b)

....................

726,808

2,572,900

OmniAb,

Inc.,

12.50

Earnout

Shares

(a)

(c)

.....

52,020

1

OmniAb,

Inc.,

15.00

Earnout

Shares

(a)

(c)

.....

52,020

1

Pacific

Biosciences

of

California,

Inc.

(a)

(b)

....

2,571,694

4,706,200

Quanterix

Corp.

(a)

(b)

..................

291,583

3,099,527

Quantum-Si,

Inc.

,

Class

A

(a)

(b)

............

933,544

2,520,569

Standard

BioTools,

Inc.

(a)

...............

2,169,511

3,796,644

46,536,679

Security

Shares

Shares

Value

Machinery

—

2.8%

3D

Systems

Corp.

(a)

(b)

.................

1,186,628

$

3,892,140

Albany

International

Corp.

,

Class

A

........

222,556

17,797,803

Astec

Industries,

Inc.

.................

213,674

7,179,446

Barnes

Group,

Inc.

...................

436,210

20,615,285

Columbus

McKinnon

Corp.

.............

266,044

9,907,479

Commercial

Vehicle

Group,

Inc.

(a)

(b)

........

302,365

749,865

Douglas

Dynamics,

Inc.

...............

29,641

700,417

Eastern

Co.

(The)

...................

48,375

1,283,873

Enpro,

Inc.

........................

176,356

30,412,592

ESCO

Technologies,

Inc.

..............

124,342

16,563,598

Gencor

Industries,

Inc.

(a)

...............

90,252

1,592,948

Greenbrier

Cos.,

Inc.

(The)

.............

290,169

17,697,407

Helios

Technologies,

Inc.

(b)

.............

97,473

4,351,195

Hillenbrand,

Inc.

....................

439,957

13,541,876

Hillman

Solutions

Corp.

(a)

(b)

.............

1,526,969

14,872,678

Hyliion

Holdings

Corp.

,

Class

A

(a)

(b)

........

1,315,668

3,433,893

Hyster-Yale,

Inc.

,

Class

A

..............

41,818

2,129,791

John

Bean

Technologies

Corp.

(b)

..........

410,706

52,200,733

Kennametal,

Inc.

....................

737,094

17,704,998

L

B

Foster

Co.

,

Class

A

(a)

...............

84,597

2,275,659

Lindsay

Corp.

......................

49,187

5,819,314

Luxfer

Holdings

plc

..................

253,719

3,321,182

Manitowoc

Co.,

Inc.

(The)

(a)

.............

325,791

2,974,472

Mayville

Engineering

Co.,

Inc.

(a)

(b)

.........

106,791

1,678,755

Miller

Industries,

Inc.

.................

96,912

6,334,168

Mueller

Industries,

Inc.

................

80,029

6,351,101

NN,

Inc.

(a)

(b)

........................

455,862

1,490,669

Park-Ohio

Holdings

Corp.

..............

85,604

2,248,817

Proto

Labs,

Inc.

(a)

....................

236,945

9,262,180

REV

Group,

Inc.

(b)

...................

107,970

3,441,004

Shyft

Group,

Inc.

(The)

................

301,458

3,539,117

Standex

International

Corp.

.............

25,367

4,743,375

Tennant

Co.

.......................

97,096

7,916,237

Terex

Corp.

........................

630,668

29,149,475

Titan

International,

Inc.

(a)

...............

478,499

3,249,008

Trinity

Industries,

Inc.

.................

64,739

2,272,339

Twin

Disc,

Inc.

......................

103,616

1,217,488

Wabash

National

Corp.

................

404,688

6,932,305

340,844,682

Marine

Transportation

—

0.5%

Costamare,

Inc.

.....................

379,323

4,874,301

Genco

Shipping

&

Trading

Ltd.

...........

400,556

5,583,751

Golden

Ocean

Group

Ltd.

..............

1,154,216

10,341,775

Matson,

Inc.

.......................

309,334

41,710,597

Pangaea

Logistics

Solutions

Ltd.

.........

300,076

1,608,407

Safe

Bulkers,

Inc.

...................

566,632

2,022,876

66,141,707

Media

—

1.1%

Advantage

Solutions,

Inc.

,

Class

A

(a)

(b)

......

1,014,376

2,961,978

AMC

Networks,

Inc.

,

Class

A

(a)

...........

302,700

2,996,730

Boston

Omaha

Corp.

,

Class

A

(a)

(b)

.........

212,832

3,017,958

Cable

One,

Inc.

.....................

53,247

19,281,803

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

.....

2,934,691

4,020,527

EchoStar

Corp.

,

Class

A

(a)

(b)

.............

1,146,703

26,259,499

Emerald

Holding,

Inc.

.................

144,927

698,548

Entravision

Communications

Corp.

,

Class

A

..

484,177

1,137,816

EW

Scripps

Co.

(The)

,

Class

A

(a)

.........

609,617

1,347,253

Gannett

Co.,

Inc.

(a)

(b)

..................

1,346,280

6,812,177

Gray

Television,

Inc.

..................

807,246

2,542,825

iHeartMedia,

Inc.

,

Class

A

(a)

(b)

............

1,021,691

2,022,948

Innovid

Corp.

(a)

.....................

889,842

2,749,612

Integral

Ad

Science

Holding

Corp.

(a)

(b)

......

601,229

6,276,831

John

Wiley

&

Sons,

Inc.

,

Class

A

.........

181,345

7,926,590

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

(continued)

Magnite,

Inc.

(a)

(b)

.....................

134,520

$

2,141,558

National

CineMedia,

Inc.

(a)

(b)

.............

650,989

4,322,567

Scholastic

Corp.

....................

218,479

4,660,157

Stagwell,

Inc.

,

Class

A

(a)

(b)

..............

682,781

4,492,699

TEGNA,

Inc.

.......................

1,572,856

28,767,536

WideOpenWest,

Inc.

(a)

................

451,900

2,241,424

136,679,036

Metals

&

Mining

—

1.9%

Arch

Resources,

Inc.

,

Class

A

...........

165,881

23,425,715

Caledonia

Mining

Corp.

plc

.............

148,643

1,398,731

Coeur

Mining,

Inc.

(a)

(b)

.................

3,733,429

21,355,214

Commercial

Metals

Co.

................

1,076,624

53,400,550

Compass

Minerals

International,

Inc.

.......

321,547

3,617,404

Contango

ORE,

Inc.

(a)

(b)

................

57,048

571,621

Dakota

Gold

Corp.

(a)

..................

238,970

525,734

Hecla

Mining

Co.

....................

5,541,221

27,207,395

i-80

Gold

Corp.

(a)

(b)

...................

2,927,674

1,419,922

Kaiser

Aluminum

Corp.

................

10,239

719,494

Lifezone

Metals

Ltd.

(a)

(b)

................

339,451

2,359,184

MAC

Copper

Ltd.

,

Class

A

(a)

(b)

...........

355,011

3,770,217

Materion

Corp.

(b)

....................

12,068

1,193,284

Metallus,

Inc.

(a)

.....................

401,334

5,670,849

Novagold

Resources,

Inc.

(a)

(b)

............

2,268,591

7,554,408

Olympic

Steel,

Inc.

...................

95,433

3,131,157

Piedmont

Lithium,

Inc.

(a)

(b)

..............

122,787

1,073,158

Radius

Recycling,

Inc.

,

Class

A

..........

253,284

3,854,982

Ryerson

Holding

Corp.

................

258,018

4,775,913

SSR

Mining,

Inc.

(a)

...................

1,905,733

13,263,902

SunCoke

Energy,

Inc.

.................

795,447

8,511,283

Tredegar

Corp.

(a)

....................

247,978

1,904,471

Universal

Stainless

&

Alloy

Products,

Inc.

(a)

..

82,056

3,612,926

Warrior

Met

Coal,

Inc.

.................

488,019

26,470,151

Worthington

Steel,

Inc.

................

309,357

9,843,740

230,631,405

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.8%

Advanced

Flower

Capital,

Inc.

...........

176,227

1,467,971

AG

Mortgage

Investment

Trust,

Inc.

.......

233,649

1,553,766

Angel

Oak

Mortgage

REIT,

Inc.

..........

75,925

704,584

Apollo

Commercial

Real

Estate

Finance,

Inc.

.

1,324,214

11,467,693

Arbor

Realty

Trust,

Inc.

(b)

...............

1,636,892

22,670,954

Ares

Commercial

Real

Estate

Corp.

.......

505,670

2,978,396

ARMOUR

Residential

REIT,

Inc.

..........

524,282

9,887,959

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

....

1,653,378

28,785,311

BrightSpire

Capital,

Inc.

,

Class

A

.........

1,243,464

7,013,137

Chicago

Atlantic

Real

Estate

Finance,

Inc.

...

159,383

2,457,686

Chimera

Investment

Corp.

..............

764,376

10,701,264

Claros

Mortgage

Trust,

Inc.

.............

837,609

3,785,993

Dynex

Capital,

Inc.

...................

734,227

9,287,972

Ellington

Financial,

Inc.

................

788,786

9,560,086

Franklin

BSP

Realty

Trust,

Inc.

...........

770,532

9,662,471

Granite

Point

Mortgage

Trust,

Inc.

........

503,294

1,404,190

Invesco

Mortgage

Capital,

Inc.

...........

515,870

4,152,754

KKR

Real

Estate

Finance

Trust,

Inc.

.......

393,679

3,976,158

Ladder

Capital

Corp.

,

Class

A

...........

1,106,217

12,378,568

MFA

Financial,

Inc.

...................

970,697

9,891,403

New

York

Mortgage

Trust,

Inc.

...........

857,669

5,197,474

Nexpoint

Real

Estate

Finance,

Inc.

........

79,502

1,247,386

Orchid

Island

Capital,

Inc.

..............

722,221

5,618,879

PennyMac

Mortgage

Investment

Trust

......

837,431

10,543,256

Ready

Capital

Corp.

..................

1,554,942

10,604,705

Redwood

Trust,

Inc.

..................

1,249,467

8,159,020

Seven

Hills

Realty

Trust

...............

137,055

1,792,679

Sunrise

Realty

Trust,

Inc.

(b)

.............

58,628

825,482

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

TPG

RE

Finance

Trust,

Inc.

.............

572,220

$

4,863,870

Two

Harbors

Investment

Corp.

...........

978,339

11,573,750

224,214,817

Multi-Utilities

—

0.9%

Avista

Corp.

.......................

768,693

28,157,224

Black

Hills

Corp.

....................

667,169

39,042,730

Northwestern

Energy

Group,

Inc.

.........

584,171

31,229,782

Unitil

Corp.

........................

146,241

7,924,800

106,354,536

Office

REITs

—

1.4%

Brandywine

Realty

Trust

...............

1,602,455

8,973,748

City

Office

REIT,

Inc.

.................

383,319

2,115,921

COPT

Defense

Properties

..............

1,073,944

33,238,567

Douglas

Emmett,

Inc.

.................

1,294,668

24,029,038

Easterly

Government

Properties,

Inc.

......

922,115

10,475,226

Franklin

Street

Properties

Corp.

..........

923,835

1,690,618

Hudson

Pacific

Properties,

Inc.

...........

1,336,921

4,050,871

JBG

SMITH

Properties

................

774,804

11,908,737

NET

Lease

Office

Properties

(a)

(b)

..........

144,474

4,509,034

Orion

Office

REIT,

Inc.

................

553,657

2,054,067

Paramount

Group,

Inc.

................

1,761,512

8,701,869

Peakstone

Realty

Trust

,

Class

E

.........

348,393

3,856,711

Piedmont

Office

Realty

Trust,

Inc.

,

Class

A

...

1,200,920

10,988,418

Postal

Realty

Trust,

Inc.

,

Class

A

.........

106,713

1,392,605

SL

Green

Realty

Corp.

................

669,398

45,465,512

173,450,942

Oil,

Gas

&

Consumable

Fuels

—

4.9%

Aemetis,

Inc.

(a)

(b)

....................

356,421

958,773

Amplify

Energy

Corp.

(a)

................

354,973

2,129,838

Ardmore

Shipping

Corp.

...............

388,481

4,720,044

Berry

Corp.

........................

480,046

1,982,590

BKV

Corp.

(a)

(b)

......................

101,848

2,421,945

California

Resources

Corp.

.............

650,081

33,732,703

Centrus

Energy

Corp.

,

Class

A

(a)

(b)

........

38,624

2,572,745

Clean

Energy

Fuels

Corp.

(a)

(b)

............

1,596,008

4,005,980

CNX

Resources

Corp.

(a)

...............

1,384,121

50,755,717

Comstock

Resources,

Inc.

(a)

.............

872,906

15,904,347

CONSOL

Energy,

Inc.

(b)

...............

276,593

29,506,941

Crescent

Energy,

Inc.

,

Class

A

...........

1,147,217

16,760,840

CVR

Energy,

Inc.

....................

35,559

666,376

Delek

US

Holdings,

Inc.

...............

438,257

8,107,755

DHT

Holdings,

Inc.

...................

1,248,690

11,600,330

Diversified

Energy

Co.

plc

(d)

.............

413,672

6,949,690

Dorian

LPG

Ltd.

.....................

166,384

4,054,778

Encore

Energy

Corp.

(a)

(b)

...............

468,667

1,598,154

Energy

Fuels,

Inc.

(a)

(b)

.................

1,754,702

9,001,621

Evolution

Petroleum

Corp.

..............

182,385

953,874

Excelerate

Energy,

Inc.

,

Class

A

..........

165,223

4,997,996

FLEX

LNG

Ltd.

.....................

107,559

2,467,403

FutureFuel

Corp.

....................

252,566

1,336,074

Golar

LNG

Ltd.

.....................

929,964

39,356,076

Granite

Ridge

Resources,

Inc.

...........

447,457

2,890,572

Green

Plains,

Inc.

(a)

..................

625,127

5,926,204

Gulfport

Energy

Corp.

(a)

...............

59,117

10,889,351

Hallador

Energy

Co.

(a)

(b)

................

234,279

2,682,495

HighPeak

Energy,

Inc.

(b)

...............

127,878

1,879,807

International

Seaways,

Inc.

.............

384,219

13,808,831

Kinetik

Holdings,

Inc.

,

Class

A

...........

328,577

18,633,602

Magnolia

Oil

&

Gas

Corp.

,

Class

A

(b)

.......

131,318

3,070,215

Murphy

Oil

Corp.

....................

1,348,645

40,809,998

NACCO

Industries,

Inc.

,

Class

A

..........

32,541

970,373

Nordic

American

Tankers

Ltd.

...........

1,845,124

4,612,810

Northern

Oil

&

Gas,

Inc.

...............

884,877

32,882,029

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Par

Pacific

Holdings,

Inc.

(a)

.............

522,673

$

8,566,610

PBF

Energy,

Inc.

,

Class

A

..............

953,127

25,305,522

Peabody

Energy

Corp.

................

1,195,395

25,031,571

PrimeEnergy

Resources

Corp.

(a)

(b)

.........

6,093

1,337,962

REX

American

Resources

Corp.

(a)

(b)

.......

113,542

4,733,566

Riley

Exploration

Permian,

Inc.

...........

92,246

2,944,492

Ring

Energy,

Inc.

(a)

(b)

..................

1,424,987

1,937,982

SandRidge

Energy,

Inc.

...............

276,933

3,242,885

Scorpio

Tankers,

Inc.

.................

419,318

20,835,911

SFL

Corp.

Ltd.

......................

941,156

9,618,614

Sitio

Royalties

Corp.

,

Class

A

............

750,965

14,403,509

SM

Energy

Co.

.....................

903,448

35,017,645

Talos

Energy,

Inc.

(a)

(b)

.................

1,369,915

13,301,875

Teekay

Corp.

Ltd.

(b)

..................

514,203

3,563,427

Teekay

Tankers

Ltd.

,

Class

A

............

224,137

8,918,411

Ur-Energy,

Inc.

(a)

(b)

...................

247,544

284,676

VAALCO

Energy,

Inc.

.................

880,449

3,847,562

Vital

Energy,

Inc.

(a)

(b)

..................

272,865

8,436,986

Vitesse

Energy,

Inc.

..................

225,176

5,629,400

World

Kinect

Corp.

...................

487,845

13,420,616

605,978,099

Paper

&

Forest

Products

—

0.2%

Clearwater

Paper

Corp.

(a)

(b)

.............

156,010

4,644,418

Sylvamo

Corp.

.....................

258,822

20,452,114

25,096,532

Passenger

Airlines

—

0.6%

Allegiant

Travel

Co.

..................

146,001

13,741,614

Blade

Air

Mobility,

Inc.

,

Class

A

(a)

(b)

........

534,277

2,270,677

JetBlue

Airways

Corp.

(a)

(b)

..............

2,959,400

23,260,884

SkyWest,

Inc.

(a)

.....................

375,246

37,573,382

Sun

Country

Airlines

Holdings,

Inc.

(a)

.......

196,275

2,861,690

79,708,247

Personal

Care

Products

—

0.3%

Edgewell

Personal

Care

Co.

............

456,191

15,328,017

Herbalife

Ltd.

(a)

(b)

....................

329,702

2,205,706

Honest

Co.,

Inc.

(The)

(a)

...............

452,091

3,132,991

Medifast,

Inc.

(a)

.....................

107,719

1,898,009

Nature's

Sunshine

Products,

Inc.

(a)

........

96,589

1,415,995

Nu

Skin

Enterprises,

Inc.

,

Class

A

.........

470,814

3,243,908

Olaplex

Holdings,

Inc.

(a)

(b)

..............

1,310,855

2,267,779

USANA

Health

Sciences,

Inc.

(a)

..........

106,383

3,818,086

Veru,

Inc.

(a)

........................

339,045

220,549

Waldencast

plc

,

Class

A

(a)

(b)

.............

227,302

913,754

34,444,794

Pharmaceuticals

—

1.2%

Alto

Neuroscience,

Inc.

(a)

(b)

..............

76,030

321,607

Alumis,

Inc.

(a)

(b)

.....................

52,988

416,486

Amneal

Pharmaceuticals,

Inc.

,

Class

A

(a)

....

258,660

2,048,587

ANI

Pharmaceuticals,

Inc.

(a)

(b)

............

49,629

2,743,491

Aquestive

Therapeutics,

Inc.

(a)

(b)

..........

511,184

1,819,815

Atea

Pharmaceuticals,

Inc.

(a)

............

733,956

2,458,753

BioAge

Labs,

Inc.

(a)

(b)

.................

50,307

291,278

Biote

Corp.

,

Class

A

(a)

.................

15,827

97,811

Contineum

Therapeutics,

Inc.

,

Class

A

(a)

....

36,567

535,707

CorMedix,

Inc.

(a)

(b)

...................

52,899

428,482

Enliven

Therapeutics,

Inc.

(a)

(b)

............

19,991

449,798

Esperion

Therapeutics,

Inc.

(a)

(b)

...........

1,289,976

2,837,947

EyePoint

Pharmaceuticals,

Inc.

(a)

(b)

........

332,774

2,479,166

Fulcrum

Therapeutics,

Inc.

(a)

(b)

...........

335,151

1,575,210

Innoviva,

Inc.

(a)

(b)

....................

468,380

8,126,393

Ligand

Pharmaceuticals,

Inc.

(a)

(b)

..........

163,209

17,487,844

MBX

Biosciences,

Inc.

(a)

(b)

..............

43,485

801,429

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Nektar

Therapeutics

(a)

.................

1,755,826

$

1,632,918

Nuvation

Bio,

Inc.

,

Class

A

(a)

(b)

...........

1,678,120

4,463,799

Omeros

Corp.

(a)

(b)

....................

343,600

3,394,768

Pacira

BioSciences,

Inc.

(a)

(b)

.............

399,139

7,519,779

Phathom

Pharmaceuticals,

Inc.

(a)

(b)

........

287,431

2,333,940

Phibro

Animal

Health

Corp.

,

Class

A

.......

144,677

3,038,217

Pliant

Therapeutics,

Inc.

(a)

(b)

.............

532,001

7,006,453

Prestige

Consumer

Healthcare,

Inc.

(a)

(b)

.....

465,880

36,380,569

Rapport

Therapeutics,

Inc.

(a)

(b)

...........

36,814

653,080

Scilex

Holding

Co.

,

(Acquired

01/06/23

,

cost

$

17,290

)

(a)

(b)

(e)

....................

578,384

244,499

Septerna,

Inc.

(a)

.....................

74,369

1,703,050

SIGA

Technologies,

Inc.

...............

110,173

662,140

Supernus

Pharmaceuticals,

Inc.

(a)

(b)

........

439,963

15,909,062

Telomir

Pharmaceuticals,

Inc.

(a)

(b)

.........

69,799

287,572

Terns

Pharmaceuticals,

Inc.

(a)

............

622,681

3,449,653

Theravance

Biopharma,

Inc.

(a)

(b)

..........

342,657

3,224,402

Third

Harmonic

Bio,

Inc.

(a)

..............

187,043

1,924,672

Trevi

Therapeutics,

Inc.

(a)

(b)

.............

209,729

864,083

Ventyx

Biosciences,

Inc.

(a)

(b)

.............

566,747

1,241,176

WaVe

Life

Sciences

Ltd.

(a)

..............

125,747

1,555,490

Zevra

Therapeutics,

Inc.

(a)

(b)

.............

231,853

1,933,654

144,342,780

Professional

Services

—

1.0%

Alight,

Inc.

,

Class

A

(b)

.................

3,975,242

27,508,675

Asure

Software,

Inc.

(a)

.................

219,233

2,062,982

Barrett

Business

Services,

Inc.

(b)

..........

25,568

1,110,674

BlackSky

Technology,

Inc.

(a)

(b)

............

234,201

2,527,029

Conduent,

Inc.

(a)

....................

1,503,275

6,073,231

DLH

Holdings

Corp.

(a)

(b)

................

56,169

451,037

First

Advantage

Corp.

(a)

(b)

..............

225,422

4,222,154

Forrester

Research,

Inc.

(a)

..............

115,444

1,809,007

Heidrick

&

Struggles

International,

Inc.

.....

192,367

8,523,782

HireQuest,

Inc.

.....................

9,100

128,856

IBEX

Holdings

Ltd.

(a)

..................

78,533

1,687,674

Kelly

Services,

Inc.

,

Class

A,

NVS

........

296,975

4,139,831

Korn

Ferry

........................

494,291

33,339,928

Mistras

Group,

Inc.

(a)

.................

189,503

1,716,897

NV5

Global,

Inc.

(a)

...................

433,388

8,165,030

Planet

Labs

PBC

,

Class

A

(a)

(b)

............

2,020,946

8,164,622

Resources

Connection,

Inc.

.............

309,520

2,640,206

TrueBlue,

Inc.

(a)

.....................

290,497

2,440,175

TTEC

Holdings,

Inc.

..................

193,429

965,211

Willdan

Group,

Inc.

(a)

.................

122,729

4,674,748

122,351,749

Real

Estate

Management

&

Development

—

0.7%

American

Realty

Investors,

Inc.

(a)

.........

14,519

213,139

Anywhere

Real

Estate,

Inc.

(a)

............

946,347

3,122,945

Cushman

&

Wakefield

plc

(a)

(b)

............

1,441,626

18,856,468

Forestar

Group,

Inc.

(a)

.................

158,438

4,106,713

FRP

Holdings,

Inc.

(a)

..................

122,322

3,746,723

Kennedy-Wilson

Holdings,

Inc.

...........

1,077,579

10,765,014

Marcus

&

Millichap,

Inc.

...............

225,243

8,617,797

Maui

Land

&

Pineapple

Co.,

Inc.

(a)

(b)

.......

6,387

140,386

Newmark

Group,

Inc.

,

Class

A

...........

1,267,068

16,231,141

Offerpad

Solutions,

Inc.

,

Class

A

(a)

(b)

.......

82,904

236,276

Opendoor

Technologies,

Inc.

(a)

(b)

..........

5,679,082

9,086,531

RE/MAX

Holdings,

Inc.

,

Class

A

(a)

.........

170,847

1,822,938

RMR

Group,

Inc.

(The)

,

Class

A

..........

143,979

2,971,727

Star

Holdings

(a)

.....................

129,972

1,264,628

Stratus

Properties,

Inc.

(a)

...............

52,440

1,088,654

Tejon

Ranch

Co.

(a)

(b)

..................

192,634

3,062,881

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

(continued)

Transcontinental

Realty

Investors,

Inc.

(a)

....

11,703

$

348,866

85,682,827

Residential

REITs

—

0.9%

Apartment

Investment

&

Management

Co.

,

Class

A

(a)

.......................

691,820

6,288,644

BRT

Apartments

Corp.

................

111,973

2,018,873

Centerspace

.......................

157,958

10,448,922

Elme

Communities

...................

833,832

12,732,615

Independence

Realty

Trust,

Inc.

..........

2,141,363

42,484,642

NexPoint

Residential

Trust,

Inc.

..........

214,822

8,968,818

UMH

Properties,

Inc.

.................

584,241

11,030,470

Veris

Residential,

Inc.

.................

743,517

12,364,688

106,337,672

Retail

REITs

—

2.5%

Acadia

Realty

Trust

..................

1,123,625

27,146,780

CBL

&

Associates

Properties,

Inc.

.........

66,270

1,949,001

Curbline

Properties

Corp.

..............

902,823

20,963,550

FrontView

REIT,

Inc.

..................

135,198

2,451,140

Getty

Realty

Corp.

...................

473,657

14,271,285

InvenTrust

Properties

Corp.

.............

738,118

22,239,495

Kite

Realty

Group

Trust

................

2,041,554

51,528,823

Macerich

Co.

(The)

..................

2,242,267

44,665,959

NETSTREIT

Corp.

...................

580,605

8,215,561

Phillips

Edison

&

Co.,

Inc.

..............

988,783

37,039,811

Retail

Opportunity

Investments

Corp.

......

1,175,240

20,402,166

Saul

Centers,

Inc.

...................

8,729

338,685

SITE

Centers

Corp.

(b)

.................

448,522

6,857,901

Tanger,

Inc.

........................

611,132

20,857,935

Urban

Edge

Properties

................

1,213,283

26,085,585

Whitestone

REIT

....................

464,903

6,587,676

311,601,353

Semiconductors

&

Semiconductor

Equipment

—

1.2%

(a)

ACM

Research,

Inc.

,

Class

A

............

151,957

2,294,551

Alpha

&

Omega

Semiconductor

Ltd.

(b)

......

224,169

8,300,978

Ambarella,

Inc.

.....................

169,933

12,360,926

CEVA,

Inc.

........................

32,490

1,025,060

Cohu,

Inc.

(b)

.......................

435,110

11,617,437

Diodes,

Inc.

.......................

384,536

23,714,335

Everspin

Technologies,

Inc.

(b)

............

41,797

267,083

Ichor

Holdings

Ltd.

...................

217,306

7,001,599

indie

Semiconductor,

Inc.

,

Class

A

(b)

.......

1,058,118

4,285,378

MaxLinear,

Inc.

.....................

41,675

824,332

Navitas

Semiconductor

Corp.

(b)

..........

1,019,601

3,639,976

Penguin

Solutions,

Inc.

(b)

...............

490,854

9,419,488

Photronics,

Inc.

.....................

383,461

9,034,341

Rigetti

Computing,

Inc.

(b)

...............

1,483,766

22,642,269

Synaptics,

Inc.

(b)

....................

345,917

26,400,385

Veeco

Instruments,

Inc.

...............

78,684

2,108,731

144,936,869

Software

—

1.3%

Adeia,

Inc.

........................

161,433

2,256,833

Aurora

Innovation,

Inc.

,

Class

A

(a)

(b)

........

4,163,265

26,228,570

Bit

Digital,

Inc.

(a)

(b)

....................

1,126,651

3,301,087

Cerence,

Inc.

(a)

(b)

....................

393,016

3,085,176

Cipher

Mining,

Inc.

(a)

(b)

.................

633,852

2,941,073

Commvault

Systems,

Inc.

(a)

.............

27,504

4,150,629

Consensus

Cloud

Solutions,

Inc.

(a)

(b)

.......

170,846

4,076,386

CS

Disco,

Inc.

(a)

.....................

98,038

489,210

Daily

Journal

Corp.

(a)

(b)

................

3,904

2,217,433

Digimarc

Corp.

(a)

(b)

...................

9,048

338,848

Digital

Turbine,

Inc.

(a)

(b)

................

924,999

1,563,248

D-Wave

Quantum,

Inc.

(a)

(b)

..............

427,687

3,592,571

Security

Shares

Shares

Value

Software

(continued)

E2open

Parent

Holdings,

Inc.

,

Class

A

(a)

(b)

...

1,940,452

$

5,161,602

EverCommerce,

Inc.

(a)

(b)

...............

60,407

665,081

Hut

8

Corp.

(a)

(b)

.....................

770,575

15,789,082

Life360,

Inc.

(a)

(b)

.....................

18,321

756,108

Logility

Supply

Chain

Solutions,

Inc.

,

Class

A

.

294,926

3,267,780

MARA

Holdings,

Inc.

(a)

(b)

...............

487,126

8,169,103

Meridianlink,

Inc.

(a)

...................

123,713

2,554,674

NCR

Voyix

Corp.

(a)

...................

127,192

1,760,337

Olo,

Inc.

,

Class

A

(a)

...................

506,343

3,888,714

ON24,

Inc.

(a)

.......................

263,896

1,704,768

OneSpan,

Inc.

(a)

.....................

36,965

685,331

Ooma,

Inc.

(a)

.......................

204,087

2,869,463

Pagaya

Technologies

Ltd.

,

Class

A

(a)

(b)

......

342,542

3,182,215

Rekor

Systems,

Inc.

(a)

(b)

................

96,850

151,086

Rimini

Street,

Inc.

(a)

(b)

.................

438,533

1,170,883

Riot

Platforms,

Inc.

(a)

(b)

................

2,332,604

23,815,887

Roadzen,

Inc.

(a)

(b)

....................

309,716

675,181

Silvaco

Group,

Inc.

(a)

(b)

................

13,191

106,583

SolarWinds

Corp.

...................

520,301

7,414,289

SoundThinking,

Inc.

(a)

.................

11,124

145,280

Telos

Corp.

(a)

(b)

......................

529,436

1,810,671

Terawulf,

Inc.

(a)

(b)

....................

174,688

988,734

Verint

Systems,

Inc.

(a)

.................

575,152

15,787,922

Xperi,

Inc.

(a)

........................

442,505

4,544,526

161,306,364

Specialized

REITs

—

0.8%

Farmland

Partners,

Inc.

...............

412,607

4,852,258

Four

Corners

Property

Trust,

Inc.

.........

927,554

25,173,816

Gladstone

Land

Corp.

................

309,651

3,359,713

Outfront

Media,

Inc.

..................

861,169

15,277,138

PotlatchDeltic

Corp.

..................

756,662

29,698,984

Safehold,

Inc.

(b)

.....................

494,049

9,130,026

Uniti

Group,

Inc.

....................

2,306,279

12,684,534

100,176,469

Specialty

Retail

—

2.8%

1-800-Flowers.com,

Inc.

,

Class

A

(a)

(b)

.......

170,491

1,392,911

Academy

Sports

&

Outdoors,

Inc.

(b)

........

480,229

27,627,574

aka

Brands

Holding

Corp.

(a)

(b)

............

8,428

157,772

American

Eagle

Outfitters,

Inc.

...........

344,071

5,735,664

America's

Car-Mart,

Inc.

(a)

..............

67,261

3,447,126

Arhaus,

Inc.

,

Class

A

.................

71,845

675,343

Arko

Corp.

........................

664,760

4,380,768

Asbury

Automotive

Group,

Inc.

(a)

(b)

.........

185,715

45,134,316

BARK,

Inc.

(a)

(b)

......................

1,240,532

2,282,579

Beyond,

Inc.

(a)

(b)

.....................

454,405

2,240,217

Caleres,

Inc.

.......................

223,059

5,166,046

Citi

Trends,

Inc.

(a)

(b)

...................

61,546

1,615,583

Designer

Brands,

Inc.

,

Class

A

...........

398,604

2,128,545

Destination

XL

Group,

Inc.

(a)

(b)

...........

488,138

1,313,091

EVgo,

Inc.

,

Class

A

(a)

(b)

................

831,346

3,366,951

Foot

Locker,

Inc.

(a)

...................

792,216

17,238,620

Genesco,

Inc.

(a)

(b)

....................

71,977

3,077,017

Group

1

Automotive,

Inc.

(b)

..............

124,924

52,652,968

GrowGeneration

Corp.

(a)

...............

554,666

937,386

Haverty

Furniture

Cos.,

Inc.

.............

133,703

2,976,229

J

Jill,

Inc.

.........................

5,084

140,420

Lands'

End,

Inc.

(a)

...................

135,699

1,783,085

Leslie's,

Inc.

(a)

......................

669,611

1,493,233

MarineMax,

Inc.

(a)

(b)

..................

205,638

5,953,220

Monro,

Inc.

........................

280,543

6,957,466

National

Vision

Holdings,

Inc.

(a)

(b)

.........

682,395

7,110,556

ODP

Corp.

(The)

(a)

...................

309,535

7,038,826

OneWater

Marine,

Inc.

,

Class

A

(a)

(b)

........

111,668

1,940,790

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Petco

Health

&

Wellness

Co.,

Inc.

(a)

.......

802,105

$

3,056,020

RealReal,

Inc.

(The)

(a)

(b)

................

285,905

3,124,942

RumbleON,

Inc.

,

Class

B

(a)

(b)

............

155,742

845,679

Sally

Beauty

Holdings,

Inc.

(a)

(b)

...........

970,082

10,137,357

Shoe

Carnival,

Inc.

...................

169,002

5,590,586

Signet

Jewelers

Ltd.

(b)

.................

399,141

32,214,670

Sleep

Number

Corp.

(a)

(b)

...............

203,341

3,098,917

Sonic

Automotive,

Inc.

,

Class

A

..........

98,763

6,256,636

Stitch

Fix,

Inc.

,

Class

A

(a)

...............

959,448

4,135,221

ThredUp,

Inc.

,

Class

A

(a)

...............

643,438

894,379

Tile

Shop

Holdings,

Inc.

(a)

..............

163,657

1,134,143

Tilly's,

Inc.

,

Class

A

(a)

.................

151,042

641,929

Urban

Outfitters,

Inc.

(a)

................

428,538

23,518,165

Victoria's

Secret

&

Co.

(a)

...............

566,713

23,473,252

Winmark

Corp.

.....................

26,866

10,560,219

Zumiez,

Inc.

(a)

(b)

.....................

146,754

2,813,274

347,459,691

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

CompoSecure,

Inc.

,

Class

A

............

35,830

549,274

Corsair

Gaming,

Inc.

(a)

(b)

...............

330,701

2,185,934

Diebold

Nixdorf,

Inc.

(a)

(b)

................

239,560

10,310,662

Eastman

Kodak

Co.

(a)

(b)

................

581,451

3,820,133

Immersion

Corp.

....................

288,086

2,514,991

Turtle

Beach

Corp.

(a)

..................

64,263

1,112,392

Xerox

Holdings

Corp.

.................

1,112,209

9,375,922

29,869,308

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

Figs,

Inc.

,

Class

A

(a)

(b)

.................

1,144,527

7,084,622

G-III

Apparel

Group

Ltd.

(a)

(b)

.............

369,133

12,041,118

Movado

Group,

Inc.

..................

140,027

2,755,731

Oxford

Industries,

Inc.

................

42,433

3,342,872

Rocky

Brands,

Inc.

...................

44,307

1,010,200

Superior

Group

of

Cos.,

Inc.

............

101,305

1,674,572

Vera

Bradley,

Inc.

(a)

(b)

.................

234,754

922,583

28,831,698

Tobacco

—

0.1%

Turning

Point

Brands,

Inc.

(b)

.............

23,253

1,397,505

Universal

Corp.

.....................

226,664

12,430,254

13,827,759

Trading

Companies

&

Distributors

—

1.4%

Beacon

Roofing

Supply,

Inc.

(a)

...........

39,986

4,061,778

BlueLinx

Holdings,

Inc.

(a)

...............

78,492

8,018,743

Boise

Cascade

Co.

..................

193,056

22,946,636

Custom

Truck

One

Source,

Inc.

(a)

.........

148,950

716,449

Distribution

Solutions

Group,

Inc.

(a)

(b)

.......

8,879

305,438

DNOW,

Inc.

(a)

......................

992,761

12,915,821

DXP

Enterprises,

Inc.

(a)

(b)

...............

107,470

8,879,171

EVI

Industries,

Inc.

...................

6,838

111,801

GATX

Corp.

.......................

334,633

51,854,730

GMS,

Inc.

(a)

(b)

.......................

37,102

3,147,363

H&E

Equipment

Services,

Inc.

...........

27,610

1,351,786

Hudson

Technologies,

Inc.

(a)

............

355,939

1,986,140

MRC

Global,

Inc.

(a)

...................

795,226

10,162,988

Rush

Enterprises,

Inc.

,

Class

A

..........

571,372

31,305,472

Rush

Enterprises,

Inc.

,

Class

B

..........

85,074

4,631,428

Titan

Machinery,

Inc.

(a)

(b)

...............

193,894

2,739,722

Willis

Lease

Finance

Corp.

.............

27,311

5,668,398

170,803,864

Water

Utilities

—

0.5%

American

States

Water

Co.

.............

152,910

11,884,165

California

Water

Service

Group

..........

407,586

18,475,873

Consolidated

Water

Co.

Ltd.

............

102,057

2,642,256

Security

Shares

Shares

Value

Water

Utilities

(continued)

Middlesex

Water

Co.

.................

149,239

$

7,854,449

Pure

Cycle

Corp.

(a)

...................

187,222

2,373,975

SJW

Group

........................

308,964

15,207,208

York

Water

Co.

(The)

.................

108,670

3,555,682

61,993,608

Wireless

Telecommunication

Services

—

0.3%

Gogo,

Inc.

(a)

(b)

......................

339,207

2,744,185

Spok

Holdings,

Inc.

..................

161,521

2,592,412

Telephone

&

Data

Systems,

Inc.

..........

929,066

31,690,441

37,027,038

Total

Common

Stocks

—

99

.9

%

(Cost:

$

12,638,455,632

)

............................

12,318,674,012

Rights

Biotechnology

—

0.0%

(a)(c)

Contra

Aduro

Biotech

I,

CVR

............

19,180

9,015

Contra

Chinook

Therape,

CVR

..........

381,225

320,229

Inhibrx,

Inc.,

CVR

(b)

..................

106,185

118,927

448,171

Total

Rights

—

0.0

%

(Cost:

$

217,433

)

.................................

448,171

Warrants

Health

Care

Equipment

&

Supplies

—

0.0

%

(a)

(b)

Pulse

Biosciences,

Inc.

(

1

Share

for

1

Warrant,

Expires

06/26/29

,

Strike

Price

USD

11.00

)

.

11,820

37,883

Pulse

Biosciences,

Inc.

(

1

Share

for

1

Warrant,

Expires

06/27/29

)

.................

11,820

37,883

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)

(b)

...

21,281

72,355

Total

Warrants

—

0.0

%

(Cost:

$

1,746,784

)

...............................

148,121

Total

Long-Term

Investments

—

99.9%

(Cost:

$

12,640,419,849

)

............................

12,319,270,304

Short-Term

Securities

Money

Market

Funds

—

6.4%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.63

%

(h)

..................

768,331,489

768,715,655

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.44

%

...................

16,464,484

16,464,484

Total

Short-Term

Securities

—

6

.4

%

(Cost:

$

784,721,742

)

..............................

785,180,139

Total

Investments

—

106

.3

%

(Cost:

$

13,425,141,591

)

............................

13,104,450,443

Liabilities

in

Excess

of

Other

Assets

—

(

6.3

)

%

.............

(

777,693,800

)

Net

Assets

—

100.0%

...............................

$

12,326,756,643

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

14

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

December

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(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)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$244,499,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$17,290.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/24

Shares

Held

at

12/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

934,241,356

$

—

$

(

165,531,170

)

(a)

$

100,764

$

(

95,295

)

$

768,715,655

768,331,489

$

7,622,007

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

25,050,880

—

(

8,586,396

)

(a)

—

—

16,464,484

16,464,484

1,076,465

—

$

100,764

$

(

95,295

)

$

785,180,139

$

8,698,472

$

—

—

—

(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

....................................................

508

03/21/25

$

57,145

$

(

1,532,206

)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2024

iShares

®

Russell

2000

Value

ETF

15

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.

There

may

not

be

a

secondary

market,

and/

or

there

are

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

.........................................

$

12,318,429,511

$

244,499

$

2

$

12,318,674,012

Rights

................................................

—

—

448,171

448,171

Warrants

..............................................

72,355

75,766

—

148,121

Short-Term

Securities

Money

Market

Funds

......................................

785,180,139

—

—

785,180,139

$

13,103,682,005

$

320,265

$

448,173

$

13,104,450,443

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(

1,532,206

)

$

—

$

—

$

(

1,532,206

)

(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