Schedule

of

Investments

(unaudited)

July

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

1

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.1%

AAR

Corp.

(a)

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

6,980

$

417,404

AerSale

Corp.

(a)

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

3,157

47,387

BWX

Technologies,

Inc.

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

8,673

598,437

Curtiss-Wright

Corp.

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

2,640

505,190

Ducommun,

Inc.

(a)

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

1,042

52,246

Kaman

Corp.

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

3,169

72,538

Mercury

Systems,

Inc.

(a)

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

12,016

456,368

Moog,

Inc.,

Class

A

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

3,383

356,704

National

Presto

Industries,

Inc.

..........

1,016

79,563

Parsons

Corp.

(a)

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

3,029

149,693

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

..

21,655

689,062

Triumph

Group,

Inc.

(a)

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

7,225

91,396

V2X,

Inc.

(a)

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

2,324

119,593

Woodward,

Inc.

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

6,308

759,357

4,394,938

Air

Freight

&

Logistics

—

0.4%

Air

Transport

Services

Group,

Inc.

(a)

......

7,899

159,244

Forward

Air

Corp.

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

1,946

231,262

GXO

Logistics,

Inc.

(a)

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

11,640

780,695

Hub

Group,

Inc.,

Class

A

(a)

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

6,762

609,459

1,780,660

Automobile

Components

—

1.0%

Adient

plc

(a)

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

6,382

271,618

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

24,253

229,191

Autoliv,

Inc.

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

7,544

761,416

Dana,

Inc.

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

9,106

172,832

Garrett

Motion,

Inc.

(a)

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

11,945

92,932

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

......

58,414

939,297

LCI

Industries

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

2,930

399,271

Modine

Manufacturing

Co.

(a)

...........

4,987

187,312

Patrick

Industries,

Inc.

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

4,435

383,849

QuantumScape

Corp.,

Class

A

(a)(b)

.......

18,946

252,171

Standard

Motor

Products,

Inc.

..........

3,861

147,375

Stoneridge,

Inc.

(a)

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

5,648

115,445

3,952,709

Automobiles

—

0.5%

Harley-Davidson,

Inc.

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

26,939

1,040,115

Thor

Industries,

Inc.

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

5,616

648,592

Winnebago

Industries,

Inc.

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

3,788

260,614

1,949,321

Banks

—

13.8%

1st

Source

Corp.

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

3,789

177,704

Amalgamated

Financial

Corp.

..........

3,995

79,740

Amerant

Bancorp,

Inc.,

Class

A

.........

5,557

110,140

Ameris

Bancorp

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

14,141

617,255

Associated

Banc-Corp.

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

32,243

611,005

Atlantic

Union

Bankshares

Corp.

........

15,746

503,557

Axos

Financial,

Inc.

(a)

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

4,990

234,530

Banc

of

California,

Inc.

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

12,385

175,991

BancFirst

Corp.

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

1,888

188,611

Bank

First

Corp.

(b)

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

1,059

93,573

Bank

of

Hawaii

Corp.

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

8,310

474,750

Bank

OZK

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

22,525

985,018

BankUnited,

Inc.

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

15,768

470,517

Banner

Corp.

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

7,661

364,740

Berkshire

Hills

Bancorp,

Inc.

...........

9,614

219,295

BOK

Financial

Corp.

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

6,026

536,796

Brookline

Bancorp,

Inc.

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

17,625

188,235

Byline

Bancorp,

Inc.

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

5,335

117,103

Cadence

Bank

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

38,568

966,128

Cambridge

Bancorp

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

1,703

104,803

Security

Shares

Shares

Value

Banks

(continued)

Camden

National

Corp.

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

3,322

$

114,875

Capital

City

Bank

Group,

Inc.

...........

2,162

70,114

Capitol

Federal

Financial,

Inc.

..........

27,340

181,264

Cathay

General

Bancorp

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

15,782

600,347

Central

Pacific

Financial

Corp.

..........

3,937

71,811

City

Holding

Co.

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

1,945

192,380

CNB

Financial

Corp.

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

5,023

97,748

Coastal

Financial

Corp.

(a)

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

1,384

62,515

Columbia

Banking

System,

Inc.

.........

43,294

967,621

Columbia

Financial,

Inc.

(a)

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

3,385

59,170

Comerica,

Inc.

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

27,263

1,471,111

Commerce

Bancshares,

Inc.

...........

23,501

1,249,783

Community

Bank

System,

Inc.

..........

11,233

604,672

Community

Trust

Bancorp,

Inc.

.........

3,407

130,761

ConnectOne

Bancorp,

Inc.

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

7,759

158,827

CrossFirst

Bankshares,

Inc.

(a)

...........

6,540

76,322

Cullen/Frost

Bankers,

Inc.

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

8,559

929,336

Customers

Bancorp,

Inc.

(a)

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

6,193

259,982

CVB

Financial

Corp.

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

26,983

509,169

Dime

Community

Bancshares,

Inc.

.......

6,714

150,394

Eagle

Bancorp,

Inc.

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

6,481

179,524

Eastern

Bankshares,

Inc.

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

33,588

474,263

Enterprise

Financial

Services

Corp.

......

8,201

336,241

Farmers

National

Banc

Corp.

...........

7,318

100,623

FB

Financial

Corp.

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

7,906

280,031

First

Bancorp

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

8,779

290,409

First

BanCorp

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

33,056

490,882

First

Bancshares,

Inc.

(The)

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

6,071

190,083

First

Busey

Corp.

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

11,435

247,682

First

Commonwealth

Financial

Corp.

......

22,049

318,388

First

Financial

Bancorp

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

20,424

471,590

First

Financial

Bankshares,

Inc.

.........

17,403

567,164

First

Financial

Corp.

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

2,766

105,689

First

Hawaiian,

Inc.

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

27,012

558,878

First

Interstate

BancSystem,

Inc.,

Class

A

..

18,571

533,545

First

Merchants

Corp.

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

12,907

414,573

First

Mid

Bancshares,

Inc.

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

4,165

127,491

FNB

Corp.

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

76,558

979,177

Fulton

Financial

Corp.

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

35,179

503,060

German

American

Bancorp,

Inc.

.........

4,413

130,007

Glacier

Bancorp,

Inc.

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

22,893

748,601

Great

Southern

Bancorp,

Inc.

...........

2,074

114,754

Hancock

Whitney

Corp.

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

18,105

796,801

Hanmi

Financial

Corp.

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

6,196

117,724

HarborOne

Bancorp,

Inc.

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

8,717

91,441

HBT

Financial,

Inc.

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

3,073

60,968

Heartland

Financial

USA,

Inc.

..........

8,386

287,975

Heritage

Commerce

Corp.

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

13,943

133,853

Heritage

Financial

Corp.

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

7,698

144,415

Hilltop

Holdings,

Inc.

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

9,861

305,001

Hingham

Institution

for

Savings

(The)

.....

317

70,517

Home

BancShares,

Inc.

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

39,410

958,057

Hope

Bancorp,

Inc.

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

25,728

279,406

Horizon

Bancorp,

Inc.

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

8,614

106,727

Independent

Bank

Corp.

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

9,301

560,385

Independent

Bank

Group,

Inc.

..........

7,545

338,544

International

Bancshares

Corp.

.........

11,157

553,833

Kearny

Financial

Corp.

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

14,395

123,653

Lakeland

Bancorp,

Inc.

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

14,527

219,503

Lakeland

Financial

Corp.

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

3,469

192,321

Luther

Burbank

Corp.

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

3,296

33,949

Mercantile

Bank

Corp.

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

3,454

121,304

Metrocity

Bankshares,

Inc.

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

4,161

89,212

Midland

States

Bancorp,

Inc.

...........

5,161

120,922

National

Bank

Holdings

Corp.,

Class

A

....

6,754

232,067

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

NBT

Bancorp,

Inc.

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

9,176

$

341,347

New

York

Community

Bancorp,

Inc.

......

148,934

2,065,715

Nicolet

Bankshares,

Inc.

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

2,809

234,973

Northfield

Bancorp,

Inc.

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

9,381

114,261

Northwest

Bancshares,

Inc.

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

27,910

344,968

OceanFirst

Financial

Corp.

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

12,913

240,569

OFG

Bancorp

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

10,403

348,396

Old

National

Bancorp

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

61,359

1,044,944

Old

Second

Bancorp,

Inc.

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

8,608

137,642

Origin

Bancorp,

Inc.

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

6,304

205,510

Pacific

Premier

Bancorp,

Inc.

...........

19,961

509,804

PacWest

Bancorp

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

24,478

227,645

Park

National

Corp.

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

3,044

339,467

Pathward

Financial,

Inc.

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

3,413

177,339

Peapack-Gladstone

Financial

Corp.

......

2,208

64,540

Peoples

Bancorp,

Inc.

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

7,059

198,852

Pinnacle

Financial

Partners,

Inc.

.........

16,067

1,219,485

Popular,

Inc.

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

15,067

1,093,111

Premier

Financial

Corp.

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

7,926

171,677

Prosperity

Bancshares,

Inc.

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

19,621

1,242,402

Provident

Financial

Services,

Inc.

........

15,592

289,076

QCR

Holdings,

Inc.

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

3,813

195,340

Renasant

Corp.

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

9,822

303,893

Republic

Bancorp,

Inc.,

Class

A

.........

2,002

91,752

S&T

Bancorp,

Inc.

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

7,951

251,093

Sandy

Spring

Bancorp,

Inc.

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

9,652

236,184

Seacoast

Banking

Corp.

of

Florida

.......

6,735

166,422

Simmons

First

National

Corp.,

Class

A

....

23,992

484,398

Southern

Missouri

Bancorp,

Inc.

.........

2,057

98,880

Southside

Bancshares,

Inc.

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

6,499

215,832

SouthState

Corp.

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

15,756

1,223,769

Stellar

Bancorp,

Inc.

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

9,513

236,493

Synovus

Financial

Corp.

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

30,562

1,036,052

Texas

Capital

Bancshares,

Inc.

(a)

........

10,068

642,842

Tompkins

Financial

Corp.

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

2,819

169,591

Towne

Bank

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

14,814

374,498

TriCo

Bancshares

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

7,121

266,183

Triumph

Financial,

Inc.

(a)

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

2,260

160,257

TrustCo

Bank

Corp.

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

3,711

112,777

Trustmark

Corp.

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

13,039

342,404

UMB

Financial

Corp.

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

9,104

646,384

United

Bankshares,

Inc.

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

28,301

946,385

United

Community

Banks,

Inc.

..........

24,170

702,622

Univest

Financial

Corp.

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

6,584

128,388

Valley

National

Bancorp

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

87,678

899,576

Veritex

Holdings,

Inc.

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

10,594

227,877

Washington

Federal,

Inc.

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

14,101

437,695

Washington

Trust

Bancorp,

Inc.

.........

3,730

119,584

Webster

Financial

Corp.

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

36,190

1,712,511

WesBanco,

Inc.

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

12,542

351,301

Westamerica

BanCorp

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

5,725

281,613

Western

Alliance

Bancorp

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

22,583

1,173,187

Wintrust

Financial

Corp.

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

12,990

1,095,836

WSFS

Financial

Corp.

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

9,436

412,825

Zions

Bancorp

NA

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

30,619

1,171,177

56,806,270

Beverages

—

0.0%

(a)

Duckhorn

Portfolio,

Inc.

(The)

..........

4,264

53,641

National

Beverage

Corp.

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

2,339

123,616

177,257

Biotechnology

—

2.1%

(a)

4D

Molecular

Therapeutics,

Inc.

.........

7,679

140,526

Agenus,

Inc.

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

36,354

55,258

Security

Shares

Shares

Value

Biotechnology

(continued)

Agios

Pharmaceuticals,

Inc.

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

3,987

$

105,735

Alector,

Inc.

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

6,728

46,154

Allogene

Therapeutics,

Inc.

(b)

...........

8,967

44,476

Amicus

Therapeutics,

Inc.

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

20,791

283,173

AnaptysBio,

Inc.

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

2,502

49,314

Arcturus

Therapeutics

Holdings,

Inc.

(b)

.....

2,765

96,664

Arcus

Biosciences,

Inc.

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

4,441

88,376

ARS

Pharmaceuticals,

Inc.

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

4,007

29,452

Beam

Therapeutics,

Inc.

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

3,938

121,566

Biohaven

Ltd.

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

7,311

145,343

Bluebird

Bio,

Inc.

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

9,921

38,990

CareDx,

Inc.

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

5,550

60,551

Catalyst

Pharmaceuticals,

Inc.

..........

10,560

146,045

Chinook

Therapeutics,

Inc.

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

4,445

174,155

Coherus

Biosciences,

Inc.

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

9,577

46,161

CRISPR

Therapeutics

AG

(b)

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

16,254

931,842

Dyne

Therapeutics,

Inc.

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

6,518

79,389

Editas

Medicine,

Inc.

(b)

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

6,480

56,894

Emergent

BioSolutions,

Inc.

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

9,316

64,094

Enanta

Pharmaceuticals,

Inc.

...........

4,072

77,246

EQRx,

Inc.

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

29,974

51,256

FibroGen,

Inc.

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

10,514

21,659

Geron

Corp.

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

42,626

138,108

Inhibrx,

Inc.

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

2,788

55,899

Intercept

Pharmaceuticals,

Inc.

.........

2,878

31,082

Ionis

Pharmaceuticals,

Inc.

(b)

...........

16,878

699,256

Iovance

Biotherapeutics,

Inc.

...........

44,444

322,663

Ironwood

Pharmaceuticals,

Inc.,

Class

A

...

27,985

310,354

iTeos

Therapeutics,

Inc.

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

5,209

73,239

Karyopharm

Therapeutics,

Inc.

..........

11,821

21,278

Krystal

Biotech,

Inc.

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

1,600

206,560

Kura

Oncology,

Inc.

(b)

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

8,928

93,208

Lexicon

Pharmaceuticals,

Inc.

..........

11,709

23,535

Lyell

Immunopharma,

Inc.

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

19,553

56,508

Madrigal

Pharmaceuticals,

Inc.

..........

1,296

266,069

MiMedx

Group,

Inc.

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

23,926

193,083

Mirati

Therapeutics,

Inc.

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

3,514

106,369

Myriad

Genetics,

Inc.

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

16,803

375,547

Novavax,

Inc.

(b)

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

17,803

165,212

Nurix

Therapeutics,

Inc.

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

5,178

50,278

Protagonist

Therapeutics,

Inc.

..........

4,888

94,827

PTC

Therapeutics,

Inc.

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

5,745

231,753

REGENXBIO,

Inc.

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

7,816

148,504

REVOLUTION

Medicines,

Inc.

(b)

.........

8,485

222,731

Sage

Therapeutics,

Inc.

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

6,860

237,905

Seres

Therapeutics,

Inc.

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

9,922

47,725

SpringWorks

Therapeutics,

Inc.

.........

4,569

143,375

Travere

Therapeutics,

Inc.

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

6,292

108,160

Ultragenyx

Pharmaceutical,

Inc.

(b)

........

5,400

232,848

uniQure

NV

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

3,292

34,138

Vaxcyte,

Inc.

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

10,548

506,937

Vir

Biotechnology,

Inc.

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

15,768

222,013

Viridian

Therapeutics,

Inc.

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

5,006

93,913

Zymeworks,

Inc.

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

7,683

57,315

8,524,711

Broadline

Retail

—

0.7%

Dillard's,

Inc.,

Class

A

(b)

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

700

240,128

Kohl's

Corp.

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

22,868

650,595

Macy's,

Inc.

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

56,366

935,112

Nordstrom,

Inc.

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

23,283

538,070

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

5,445

396,831

2,760,736

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Building

Products

—

1.1%

American

Woodmark

Corp.

(a)

...........

1,990

$

152,514

Apogee

Enterprises,

Inc.

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

2,854

141,359

Armstrong

World

Industries,

Inc.

.........

3,970

307,119

AZZ,

Inc.

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

3,131

138,797

Griffon

Corp.

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

6,673

278,398

Hayward

Holdings,

Inc.

(a)(b)

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

28,569

381,682

Insteel

Industries,

Inc.

(b)

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

2,098

67,660

Janus

International

Group,

Inc.

(a)

........

6,661

76,069

JELD-WEN

Holding,

Inc.

(a)

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

17,684

314,952

Masonite

International

Corp.

(a)

..........

2,967

310,200

Masterbrand,

Inc.

(a)

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

26,513

327,435

PGT

Innovations,

Inc.

(a)

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

6,392

182,875

Quanex

Building

Products

Corp.

.........

4,174

117,456

Resideo

Technologies,

Inc.

(a)

...........

14,930

279,490

Trex

Co.,

Inc.

(a)

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

7,361

508,939

UFP

Industries,

Inc.

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

6,185

635,571

Zurn

Elkay

Water

Solutions

Corp.

........

17,198

523,507

4,744,023

Capital

Markets

—

2.7%

Affiliated

Managers

Group,

Inc.

.........

4,364

605,025

Artisan

Partners

Asset

Management,

Inc.,

Class

A

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

6,880

285,451

B

Riley

Financial,

Inc.

(b)

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

3,258

180,917

BGC

Group,

Inc.,

Class

A

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

70,449

335,337

Diamond

Hill

Investment

Group,

Inc.

......

633

114,896

Donnelley

Financial

Solutions,

Inc.

(a)

......

5,276

249,555

Evercore,

Inc.,

Class

A

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

7,314

987,829

Federated

Hermes,

Inc.,

Class

B

........

7,870

266,242

Focus

Financial

Partners,

Inc.,

Class

A

(a)

...

6,728

352,076

Hamilton

Lane,

Inc.,

Class

A

...........

3,130

276,786

Houlihan

Lokey,

Inc.,

Class

A

...........

5,208

520,019

Janus

Henderson

Group

plc

...........

27,419

804,748

Jefferies

Financial

Group,

Inc.

..........

38,769

1,426,312

Moelis

&

Co.,

Class

A

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

13,799

673,805

Open

Lending

Corp.,

Class

A

(a)

..........

11,864

133,945

Oppenheimer

Holdings,

Inc.,

Class

A,

NVS

.

1,452

55,336

Piper

Sandler

Cos.

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

3,064

448,447

Runway

Growth

Finance

Corp.

..........

3,670

47,159

StepStone

Group,

Inc.,

Class

A

.........

10,279

288,532

Stifel

Financial

Corp.

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

22,086

1,403,344

StoneX

Group,

Inc.

(a)

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

3,682

338,781

TPG,

Inc.,

Class

A

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

10,858

319,551

Victory

Capital

Holdings,

Inc.,

Class

A

.....

5,646

187,221

Virtu

Financial,

Inc.,

Class

A

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

18,390

341,318

Virtus

Investment

Partners,

Inc.

.........

843

173,430

WisdomTree,

Inc.

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

13,367

93,034

10,909,096

Chemicals

—

2.0%

AdvanSix,

Inc.

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

5,818

233,360

American

Vanguard

Corp.

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

5,675

102,490

Avient

Corp.

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

9,211

373,322

Axalta

Coating

Systems

Ltd.

(a)

..........

22,234

711,488

Cabot

Corp.

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

6,495

461,145

Chemours

Co.

(The)

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

30,769

1,137,838

Element

Solutions,

Inc.

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

29,706

622,638

HB

Fuller

Co.

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

5,038

372,963

Huntsman

Corp.

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

35,323

1,051,566

Ingevity

Corp.

(a)

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

3,891

249,102

Innospec,

Inc.

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

1,561

167,245

Koppers

Holdings,

Inc.

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

2,973

113,747

Kronos

Worldwide,

Inc.

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

4,741

44,328

LSB

Industries,

Inc.

(a)(b)

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

9,827

109,768

Mativ

Holdings,

Inc.

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

11,264

177,295

Security

Shares

Shares

Value

Chemicals

(continued)

Minerals

Technologies,

Inc.

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

6,754

$

414,358

NewMarket

Corp.

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

721

325,676

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

25,739

115,311

Scotts

Miracle-Gro

Co.

(The)

...........

8,421

589,807

Sensient

Technologies

Corp.

...........

3,860

247,194

Stepan

Co.

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

2,059

197,293

Trinseo

plc

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

7,228

127,357

Tronox

Holdings

plc

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

24,392

324,170

8,269,461

Commercial

Services

&

Supplies

—

1.2%

ABM

Industries,

Inc.

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

9,102

421,241

ACCO

Brands

Corp.

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

19,947

121,477

Brady

Corp.,

Class

A,

NVS

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

5,299

273,322

BrightView

Holdings,

Inc.

(a)

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

8,169

62,983

Brink's

Co.

(The)

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

3,544

258,570

Cimpress

plc

(a)

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

4,077

283,352

CoreCivic,

Inc.

(a)

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

23,744

230,317

Deluxe

Corp.

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

9,116

173,113

Ennis,

Inc.

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

5,317

114,528

Enviri

Corp.

(a)

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

16,464

155,256

GEO

Group,

Inc.

(The)

(a)

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

26,318

196,596

Healthcare

Services

Group,

Inc.

.........

15,330

193,311

Heritage-Crystal

Clean,

Inc.

(a)

...........

1,585

73,021

HNI

Corp.

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

9,837

286,158

Interface,

Inc.

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

8,063

78,776

Matthews

International

Corp.,

Class

A

.....

6,327

290,409

MillerKnoll,

Inc.

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

15,726

307,758

OPENLANE,

Inc.

(a)

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

22,551

354,051

Pitney

Bowes,

Inc.

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

4,409

17,371

SP

Plus

Corp.

(a)

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

2,592

99,662

Steelcase,

Inc.,

Class

A

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

19,513

167,226

Stericycle,

Inc.

(a)

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

8,670

368,388

UniFirst

Corp.

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

1,536

249,293

VSE

Corp.

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

963

51,761

4,827,940

Communications

Equipment

—

0.6%

ADTRAN

Holdings,

Inc.

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

14,789

143,897

Ciena

Corp.

(a)

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

14,328

604,642

Clearfield,

Inc.

(a)

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

1,456

68,053

CommScope

Holding

Co.,

Inc.

(a)(b)

........

43,245

194,602

Infinera

Corp.

(a)

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

13,973

62,879

Lumentum

Holdings,

Inc.

(a)(b)

...........

8,357

437,573

NETGEAR,

Inc.

(a)

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

6,055

82,590

NetScout

Systems,

Inc.

(a)

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

9,510

265,804

Ribbon

Communications,

Inc.

(a)

.........

18,858

59,968

Viasat,

Inc.

(a)(b)

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

8,957

277,130

Viavi

Solutions,

Inc.

(a)

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

23,200

252,184

2,449,322

Construction

&

Engineering

—

0.8%

API

Group

Corp.

(a)

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

14,424

414,834

Arcosa,

Inc.

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

4,397

339,361

Argan,

Inc.

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

1,654

62,918

Fluor

Corp.

(a)(b)

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

10,538

326,467

Granite

Construction,

Inc.

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

5,112

209,234

IES

Holdings,

Inc.

(a)

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

713

40,869

MasTec,

Inc.

(a)

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

4,179

492,077

MDU

Resources

Group,

Inc.

...........

42,120

931,695

Primoris

Services

Corp.

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

6,763

214,793

Sterling

Infrastructure,

Inc.

(a)

...........

3,309

198,507

3,230,755

Construction

Materials

—

0.2%

Eagle

Materials,

Inc.

(b)

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

4,123

760,158

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

—

1.3%

Atlanticus

Holdings

Corp.

(a)

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

1,107

$

45,055

Bread

Financial

Holdings,

Inc.

..........

10,330

429,418

Credit

Acceptance

Corp.

(a)(b)

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

1,244

692,410

Encore

Capital

Group,

Inc.

(a)(b)

..........

4,925

263,488

Enova

International,

Inc.

(a)

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

6,558

361,280

EZCORP,

Inc.,

Class

A,

NVS

(a)(b)

.........

11,422

103,483

Green

Dot

Corp.,

Class

A

(a)

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

5,076

99,236

Navient

Corp.

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

20,605

392,319

Nelnet,

Inc.,

Class

A

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

2,269

223,905

OneMain

Holdings,

Inc.

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

24,991

1,136,591

PRA

Group,

Inc.

(a)

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

8,111

193,528

PROG

Holdings,

Inc.

(a)

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

9,679

392,774

SLM

Corp.

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

50,088

810,424

World

Acceptance

Corp.

(a)

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

695

109,734

5,253,645

Consumer

Staples

Distribution

&

Retail

—

0.6%

Andersons,

Inc.

(The)

(b)

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

6,510

317,818

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

4,039

146,777

Grocery

Outlet

Holding

Corp.

(a)(b)

.........

6,238

208,661

Ingles

Markets,

Inc.,

Class

A

...........

1,809

153,403

PriceSmart,

Inc.

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

2,812

218,577

SpartanNash

Co.

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

7,287

163,521

Sprouts

Farmers

Market,

Inc.

(a)

..........

21,188

831,629

United

Natural

Foods,

Inc.

(a)

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

12,309

256,027

Weis

Markets,

Inc.

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

2,227

147,739

2,444,152

Containers

&

Packaging

—

1.7%

AptarGroup,

Inc.

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

5,110

620,661

Berry

Global

Group,

Inc.

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

24,583

1,611,907

Greif,

Inc.,

Class

A,

NVS

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

5,267

389,600

Greif,

Inc.,

Class

B

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

1,194

94,410

Myers

Industries,

Inc.

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

3,092

60,634

O-I

Glass,

Inc.

(a)

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

32,165

738,508

Pactiv

Evergreen,

Inc.

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

8,754

75,372

Sealed

Air

Corp.

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

29,694

1,354,640

Silgan

Holdings,

Inc.

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

17,241

756,018

Sonoco

Products

Co.

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

20,122

1,179,954

TriMas

Corp.

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

8,603

221,613

7,103,317

Diversified

Consumer

Services

—

0.7%

2U,

Inc.

(a)

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

16,795

80,280

ADT,

Inc.

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

44,299

282,628

Adtalem

Global

Education,

Inc.

(a)

........

3,471

150,086

Carriage

Services,

Inc.

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

1,563

50,594

European

Wax

Center,

Inc.,

Class

A

(a)

.....

3,354

64,967

Frontdoor,

Inc.

(a)

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

16,775

585,783

Graham

Holdings

Co.,

Class

B

..........

778

456,491

H&R

Block,

Inc.

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

15,333

515,342

Laureate

Education,

Inc.

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

13,281

170,262

Mister

Car

Wash,

Inc.

(a)

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

6,182

61,387

Perdoceo

Education

Corp.

(a)

...........

14,179

189,290

Strategic

Education,

Inc.

(b)

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

1,830

137,433

Stride,

Inc.

(a)

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

3,179

121,470

WW

International,

Inc.

(a)

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

6,775

78,929

2,944,942

Diversified

REITs

—

0.4%

Alexander

&

Baldwin,

Inc.

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

8,090

155,328

American

Assets

Trust,

Inc.

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

6,488

145,980

Armada

Hoffler

Properties,

Inc.

.........

14,335

178,041

Broadstone

Net

Lease,

Inc.

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

17,883

291,493

Empire

State

Realty

Trust,

Inc.,

Class

A

(b)

...

27,228

243,691

Essential

Properties

Realty

Trust,

Inc.

.....

15,679

384,919

Security

Shares

Shares

Value

Diversified

REITs

(continued)

Gladstone

Commercial

Corp.

...........

8,028

$

106,772

Global

Net

Lease,

Inc.

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

21,329

228,007

One

Liberty

Properties,

Inc.

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

3,621

73,977

1,808,208

Diversified

Telecommunication

Services

—

0.4%

ATN

International,

Inc.

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

2,190

79,585

Cogent

Communications

Holdings,

Inc.

....

3,966

242,878

Consolidated

Communications

Holdings,

Inc.

(a)

15,664

56,077

EchoStar

Corp.,

Class

A

(a)

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

7,550

146,696

Frontier

Communications

Parent,

Inc.

(a)

....

46,022

838,061

Liberty

Latin

America

Ltd.,

Class

A

(a)

......

4,707

39,539

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)

..

13,043

108,518

Lumen

Technologies,

Inc.

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

190,432

340,873

1,852,227

Electric

Utilities

—

1.1%

ALLETE,

Inc.

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

11,802

677,789

Hawaiian

Electric

Industries,

Inc.

........

22,604

867,768

IDACORP,

Inc.

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

6,234

640,980

MGE

Energy,

Inc.

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

3,698

296,727

Otter

Tail

Corp.

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

3,746

303,463

PNM

Resources,

Inc.

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

17,573

787,622

Portland

General

Electric

Co.

...........

19,912

949,205

4,523,554

Electrical

Equipment

—

1.5%

Acuity

Brands,

Inc.

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

3,438

568,095

Atkore,

Inc.

(a)(b)

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

5,119

812,232

Babcock

&

Wilcox

Enterprises,

Inc.

(a)

......

5,107

27,986

Blink

Charging

Co.

(a)(b)

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

5,536

35,430

Encore

Wire

Corp.

(b)

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

2,190

373,811

EnerSys

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

3,205

347,166

FREYR

Battery

SA

(a)(b)

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

21,285

179,220

Generac

Holdings,

Inc.

(a)(b)

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

7,135

1,096,649

GrafTech

International

Ltd.

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

39,920

210,778

nVent

Electric

plc

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

15,197

803,617

Powell

Industries,

Inc.

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

705

42,850

Preformed

Line

Products

Co.

...........

258

44,766

Sensata

Technologies

Holding

plc

........

16,560

699,660

Sunrun,

Inc.

(a)(b)

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

44,398

842,674

Thermon

Group

Holdings,

Inc.

(a)

.........

4,134

114,140

TPI

Composites,

Inc.

(a)

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

3,776

22,429

6,221,503

Electronic

Equipment,

Instruments

&

Components

—

2.6%

Advanced

Energy

Industries,

Inc.

........

2,892

362,021

Arlo

Technologies,

Inc.

(a)

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

19,024

216,113

Arrow

Electronics,

Inc.

(a)

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

11,646

1,660,021

Avnet,

Inc.

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

18,958

919,463

Bel

Fuse,

Inc.,

Class

B,

NVS

...........

874

46,890

Belden,

Inc.

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

3,057

295,428

Benchmark

Electronics,

Inc.

...........

4,553

120,700

Coherent

Corp.

(a)

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

28,696

1,359,043

ePlus,

Inc.

(a)

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

5,583

314,602

FARO

Technologies,

Inc.

(a)

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

1,490

24,719

Insight

Enterprises,

Inc.

(a)(b)

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

3,848

564,463

IPG

Photonics

Corp.

(a)

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

3,637

478,084

Kimball

Electronics,

Inc.

(a)

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

5,110

149,110

Knowles

Corp.

(a)

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

12,586

229,946

Methode

Electronics,

Inc.

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

4,301

144,686

Mirion

Technologies,

Inc.,

Class

A

(a)

......

11,985

90,487

National

Instruments

Corp.

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

9,073

535,307

nLight,

Inc.

(a)

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

5,262

75,773

OSI

Systems,

Inc.

(a)

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

1,253

149,395

PC

Connection,

Inc.

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

1,764

85,395

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Plexus

Corp.

(a)

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

2,060

$

202,889

Sanmina

Corp.

(a)

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

12,042

740,101

ScanSource,

Inc.

(a)

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

5,545

166,849

TTM

Technologies,

Inc.

(a)

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

14,849

213,232

Vishay

Intertechnology,

Inc.

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

26,312

740,683

Vishay

Precision

Group,

Inc.

(a)

..........

796

29,778

Vontier

Corp.

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

32,010

990,069

10,905,247

Energy

Equipment

&

Services

—

1.5%

Archrock,

Inc.

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

27,961

326,025

Atlas

Energy

Solutions,

Inc.,

Class

A

......

3,742

73,905

Bristow

Group,

Inc.

(a)

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

4,899

150,742

Diamond

Offshore

Drilling,

Inc.

(a)

.........

8,747

138,465

Helix

Energy

Solutions

Group,

Inc.

(a)

......

10,242

98,323

Helmerich

&

Payne,

Inc.

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

21,165

947,557

Liberty

Energy,

Inc.,

Class

A

...........

14,075

231,815

Nabors

Industries

Ltd.

(a)

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

831

101,789

NexTier

Oilfield

Solutions,

Inc.

(a)

.........

31,006

369,592

NOV,

Inc.

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

36,538

733,683

Oil

States

International,

Inc.

(a)

...........

6,870

55,235

Patterson-UTI

Energy,

Inc.

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

24,191

383,185

ProFrac

Holding

Corp.,

Class

A

(a)

........

3,730

48,005

ProPetro

Holding

Corp.

(a)

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

20,174

210,617

RPC,

Inc.

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

7,709

64,139

Select

Water

Solutions,

Inc.,

Class

A

......

7,917

66,582

Tidewater,

Inc.

(a)

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

4,254

268,470

Transocean

Ltd.

(a)(b)

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

145,433

1,279,810

US

Silica

Holdings,

Inc.

(a)

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

15,994

208,082

Valaris

Ltd.

(a)

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

7,786

597,965

6,353,986

Entertainment

—

0.3%

(a)

AMC

Entertainment

Holdings,

Inc.,

Class

A

(b)

53,644

266,611

Cinemark

Holdings,

Inc.

(b)

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

13,356

222,912

Lions

Gate

Entertainment

Corp.,

Class

A

...

12,081

92,782

Lions

Gate

Entertainment

Corp.,

Class

B,

NVS

26,170

191,564

Playstudios,

Inc.,

Class

A

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

5,893

29,052

Playtika

Holding

Corp.

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

19,074

227,744

Sphere

Entertainment

Co.,

Class

A

.......

5,418

229,994

1,260,659

Financial

Services

—

2.6%

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

43,827

849,806

A-Mark

Precious

Metals,

Inc.

...........

3,710

151,331

Cannae

Holdings,

Inc.

(a)

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

14,752

300,646

Cass

Information

Systems,

Inc.

.........

1,552

58,898

Compass

Diversified

Holdings

..........

12,735

286,920

Enact

Holdings,

Inc.

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

6,376

173,427

Essent

Group

Ltd.

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

22,284

1,105,286

EVERTEC,

Inc.

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

5,832

229,373

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

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

1,961

315,231

I3

Verticals,

Inc.,

Class

A

(a)

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

2,146

53,671

Jackson

Financial,

Inc.,

Class

A

.........

12,250

404,495

Merchants

Bancorp

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

2,911

92,017

MGIC

Investment

Corp.

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

59,641

998,390

Mr

Cooper

Group,

Inc.

(a)

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

14,117

818,363

NMI

Holdings,

Inc.,

Class

A

(a)

...........

9,923

265,043

PennyMac

Financial

Services,

Inc.

.......

6,265

471,316

Radian

Group,

Inc.

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

32,685

880,207

Repay

Holdings

Corp.,

Class

A

(a)(b)

.......

7,131

59,544

Rocket

Cos.,

Inc.,

Class

A

(a)

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

26,324

287,721

TFS

Financial

Corp.

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

10,098

146,522

UWM

Holdings

Corp.,

Class

A

(b)

.........

19,443

127,546

Voya

Financial,

Inc.

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

13,047

968,870

Security

Shares

Shares

Value

Financial

Services

(continued)

Walker

&

Dunlop,

Inc.

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

6,450

$

586,821

Western

Union

Co.

(The)

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

71,717

873,513

10,504,957

Food

Products

—

1.1%

B&G

Foods,

Inc.

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

14,859

197,030

Calavo

Growers,

Inc.

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

1,979

74,668

Cal-Maine

Foods,

Inc.

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

5,274

243,606

Flowers

Foods,

Inc.

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

39,622

979,060

Fresh

Del

Monte

Produce,

Inc.

..........

4,535

120,540

Hain

Celestial

Group,

Inc.

(The)

(a)

........

18,578

235,383

Ingredion,

Inc.

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

6,422

714,512

J

&

J

Snack

Foods

Corp.

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

990

158,717

John

B

Sanfilippo

&

Son,

Inc.

...........

900

98,019

Lancaster

Colony

Corp.

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

1,601

308,401

Mission

Produce,

Inc.

(a)(b)

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

2,618

30,421

Pilgrim's

Pride

Corp.

(a)

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

9,388

232,541

Post

Holdings,

Inc.

(a)

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

5,812

495,764

Seaboard

Corp.

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

32

115,360

Sovos

Brands,

Inc.

(a)

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

4,444

79,103

TreeHouse

Foods,

Inc.

(a)

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

10,410

537,260

Utz

Brands,

Inc.,

Class

A

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

5,654

94,704

4,715,089

Gas

Utilities

—

1.4%

Chesapeake

Utilities

Corp.

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

1,472

174,049

National

Fuel

Gas

Co.

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

18,941

1,005,957

New

Jersey

Resources

Corp.

...........

10,029

448,296

Northwest

Natural

Holding

Co.

..........

7,494

322,017

ONE

Gas,

Inc.

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

11,381

900,579

Southwest

Gas

Holdings,

Inc.

..........

13,478

888,739

Spire,

Inc.

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

10,814

687,446

UGI

Corp.

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

43,145

1,164,484

5,591,567

Ground

Transportation

—

1.4%

ArcBest

Corp.

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

4,962

577,180

Covenant

Logistics

Group,

Inc.,

Class

A

....

1,683

92,161

Daseke,

Inc.

(a)

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

8,974

69,818

Heartland

Express,

Inc.

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

5,418

88,584

Hertz

Global

Holdings,

Inc.

(a)(b)

..........

18,298

308,321

Landstar

System,

Inc.

(b)

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

3,223

656,171

Lyft,

Inc.,

Class

A

(a)

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

37,473

476,282

PAM

Transportation

Services,

Inc.

(a)

......

611

15,800

RXO,

Inc.

(a)

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

14,802

326,384

Ryder

System,

Inc.

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

5,386

550,180

Schneider

National,

Inc.,

Class

B

........

7,822

240,996

Universal

Logistics

Holdings,

Inc.

........

1,474

45,827

Werner

Enterprises,

Inc.

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

12,059

567,014

XPO,

Inc.

(a)

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

23,869

1,652,689

5,667,407

Health

Care

Equipment

&

Supplies

—

1.0%

Artivion,

Inc.

(a)

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

8,470

147,547

Atrion

Corp.

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

126

70,637

Avanos

Medical,

Inc.

(a)(b)

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

3,896

95,335

Cutera,

Inc.

(a)

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

1,420

28,414

Embecta

Corp.

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

11,798

251,769

Enovis

Corp.

(a)

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

9,897

632,418

Envista

Holdings

Corp.

(a)

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

15,533

534,491

Integer

Holdings

Corp.

(a)

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

3,064

283,359

Integra

LifeSciences

Holdings

Corp.

(a)

.....

5,901

268,318

Neogen

Corp.

(a)

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

19,092

442,744

NuVasive,

Inc.

(a)

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

5,399

222,493

OraSure

Technologies,

Inc.

(a)(b)

..........

5,974

28,197

Orthofix

Medical,

Inc.

(a)

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

4,038

79,508

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Outset

Medical,

Inc.

(a)

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

4,178

$

85,983

QuidelOrtho

Corp.

(a)(b)

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

11,113

970,832

Varex

Imaging

Corp.

(a)

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

3,292

76,671

4,218,716

Health

Care

Providers

&

Services

—

1.7%

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

59,745

114,710

Accolade,

Inc.

(a)(b)

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

4,953

74,394

AdaptHealth

Corp.

(a)

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

8,533

117,243

Amedisys,

Inc.

(a)(b)

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

3,040

276,154

AMN

Healthcare

Services,

Inc.

(a)(b)

.......

8,139

872,094

Brookdale

Senior

Living,

Inc.

(a)(b)

.........

38,769

136,467

Community

Health

Systems,

Inc.

(a)

.......

26,479

116,243

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

7,084

182,767

Encompass

Health

Corp.

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

11,544

762,250

Enhabit,

Inc.

(a)

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

10,332

141,858

Fulgent

Genetics,

Inc.

(a)

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

4,150

161,144

ModivCare,

Inc.

(a)

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

1,740

76,108

National

HealthCare

Corp.

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

1,634

96,439

NeoGenomics,

Inc.

(a)(b)

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

26,306

455,883

OPKO

Health,

Inc.

(a)(b)

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

85,101

158,288

Owens

&

Minor,

Inc.

(a)

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

15,740

302,838

Patterson

Cos.,

Inc.

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

17,847

586,988

Pediatrix

Medical

Group,

Inc.

(a)

..........

17,074

234,426

Pennant

Group,

Inc.

(The)

(a)

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

2,125

24,395

Premier,

Inc.,

Class

A

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

16,873

468,226

Select

Medical

Holdings

Corp.

..........

8,143

244,371

Tenet

Healthcare

Corp.

(a)

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

20,993

1,568,807

7,172,093

Health

Care

REITs

—

1.3%

CareTrust

REIT,

Inc.

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

20,583

427,920

Community

Healthcare

Trust,

Inc.

........

2,425

85,457

Global

Medical

REIT,

Inc.

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

6,319

62,558

LTC

Properties,

Inc.

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

8,559

287,240

Medical

Properties

Trust,

Inc.

...........

123,218

1,243,270

National

Health

Investors,

Inc.

..........

8,971

492,597

Omega

Healthcare

Investors,

Inc.

........

48,262

1,539,558

Physicians

Realty

Trust

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

32,354

476,898

Sabra

Health

Care

REIT,

Inc.

...........

47,638

618,818

Universal

Health

Realty

Income

Trust

.....

1,342

64,054

5,298,370

Health

Care

Technology

—

0.4%

(a)

American

Well

Corp.,

Class

A

..........

51,009

124,972

Health

Catalyst,

Inc.

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

6,675

93,650

Multiplan

Corp.,

Class

A

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

48,516

104,309

NextGen

Healthcare,

Inc.

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

11,227

186,705

Sharecare,

Inc.,

Class

A

(b)

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

66,855

92,929

Teladoc

Health,

Inc.

(b)

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

19,891

592,155

Veradigm,

Inc.

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

22,783

308,026

1,502,746

Hotel

&

Resort

REITs

—

0.5%

Park

Hotels

&

Resorts,

Inc.

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

44,706

609,343

Pebblebrook

Hotel

Trust

(b)

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

13,800

213,210

Ryman

Hospitality

Properties,

Inc.

.......

5,540

527,907

Service

Properties

Trust

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

34,229

290,604

Summit

Hotel

Properties,

Inc.

...........

22,800

146,832

Sunstone

Hotel

Investors,

Inc.

..........

20,854

212,502

2,000,398

Hotels,

Restaurants

&

Leisure

—

2.4%

Accel

Entertainment,

Inc.,

Class

A

(a)

......

10,909

124,363

Bally's

Corp.

(a)

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

2,326

37,867

Bloomin'

Brands,

Inc.

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

18,046

484,896

Boyd

Gaming

Corp.

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

9,820

670,902

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Brinker

International,

Inc.

(a)(b)

...........

9,198

$

361,297

Cheesecake

Factory,

Inc.

(The)

.........

9,860

362,651

Chuy's

Holdings,

Inc.

(a)

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

1,220

50,740

Cracker

Barrel

Old

Country

Store,

Inc.

.....

4,576

426,483

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

5,526

253,091

Denny's

Corp.

(a)

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

6,531

76,805

Dine

Brands

Global,

Inc.

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

3,246

195,799

Golden

Entertainment,

Inc.

(a)

...........

4,594

194,510

Hilton

Grand

Vacations,

Inc.

(a)

..........

6,279

291,974

Jack

in

the

Box,

Inc.

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

1,281

127,344

Light

&

Wonder,

Inc.,

Class

A

(a)

..........

6,495

456,598

Marriott

Vacations

Worldwide

Corp.

.......

2,559

328,857

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

.....

87,369

1,928,234

Papa

John's

International,

Inc.

..........

2,857

236,274

Penn

Entertainment,

Inc.

(a)(b)

...........

15,961

419,615

Red

Rock

Resorts,

Inc.,

Class

A

.........

5,586

270,921

Sabre

Corp.

(a)

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

68,960

282,736

SeaWorld

Entertainment,

Inc.

(a)

.........

5,681

314,557

Six

Flags

Entertainment

Corp.

(a)

.........

15,328

366,339

Target

Hospitality

Corp.

(a)

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

1,904

24,314

Travel

+

Leisure

Co.

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

15,785

642,923

Wendy's

Co.

(The)

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

14,770

317,407

Wyndham

Hotels

&

Resorts,

Inc.

........

9,863

768,525

10,016,022

Household

Durables

—

2.7%

Beazer

Homes

USA,

Inc.

(a)

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

6,143

206,589

Century

Communities,

Inc.

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

2,693

207,954

Cricut,

Inc.,

Class

A

(b)

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

5,116

60,676

Dream

Finders

Homes,

Inc.,

Class

A

(a)

.....

4,360

111,180

Ethan

Allen

Interiors,

Inc.

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

4,721

148,570

GoPro,

Inc.,

Class

A

(a)

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

18,105

74,049

Green

Brick

Partners,

Inc.

(a)

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

5,514

311,651

Helen

of

Troy

Ltd.

(a)(b)

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

4,944

698,587

Hovnanian

Enterprises,

Inc.,

Class

A

(a)

.....

973

103,741

iRobot

Corp.

(a)

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

3,345

133,800

KB

Home

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

16,519

891,530

La-Z-Boy,

Inc.

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

8,977

281,609

Legacy

Housing

Corp.

(a)

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

700

16,604

Leggett

&

Platt,

Inc.

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

16,945

495,811

LGI

Homes,

Inc.

(a)(b)

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

4,279

593,711

Lovesac

Co.

(The)

(a)

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

1,208

35,370

M/I

Homes,

Inc.

(a)

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

5,910

591,000

MDC

Holdings,

Inc.

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

12,049

617,873

Meritage

Homes

Corp.

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

4,037

601,311

Mohawk

Industries,

Inc.

(a)(b)

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

10,891

1,158,149

Newell

Brands,

Inc.

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

77,863

868,951

Sonos,

Inc.

(a)

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

8,621

147,764

Taylor

Morrison

Home

Corp.

(a)

..........

12,972

628,104

Tempur

Sealy

International,

Inc.

.........

14,393

642,360

Toll

Brothers,

Inc.

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

14,005

1,125,022

Tri

Pointe

Homes,

Inc.

(a)

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

13,772

439,051

11,191,017

Household

Products

—

0.4%

Central

Garden

&

Pet

Co.

(a)

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

1,988

80,474

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)

..

8,861

338,668

Energizer

Holdings,

Inc.

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

4,047

144,478

Reynolds

Consumer

Products,

Inc.

.......

11,103

307,331

Spectrum

Brands

Holdings,

Inc.

.........

8,442

661,937

WD-40

Co.

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

845

193,927

1,726,815

Industrial

REITs

—

0.4%

Innovative

Industrial

Properties,

Inc.

......

3,508

277,939

LXP

Industrial

Trust

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

38,266

385,339

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Industrial

REITs

(continued)

Plymouth

Industrial

REIT,

Inc.

..........

4,341

$

98,844

STAG

Industrial,

Inc.

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

19,908

722,660

1,484,782

Insurance

—

3.8%

Ambac

Financial

Group,

Inc.

(a)

..........

9,659

136,578

American

Equity

Investment

Life

Holding

Co.

13,480

723,472

AMERISAFE,

Inc.

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

4,126

215,047

Argo

Group

International

Holdings

Ltd.

....

7,327

217,612

Assurant,

Inc.

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

11,024

1,482,838

Assured

Guaranty

Ltd.

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

12,493

746,832

Axis

Capital

Holdings

Ltd.

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

16,495

909,204

Brighthouse

Financial,

Inc.

(a)

...........

14,404

750,881

CNO

Financial

Group,

Inc.

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

24,796

637,753

Donegal

Group,

Inc.,

Class

A

...........

3,876

56,473

Employers

Holdings,

Inc.

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

4,948

191,141

Enstar

Group

Ltd.

(a)

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

2,841

726,955

F&G

Annuities

&

Life,

Inc.

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

3,905

102,311

First

American

Financial

Corp.

..........

21,257

1,347,269

Genworth

Financial,

Inc.,

Class

A

(a)

.......

81,798

479,336

Hanover

Insurance

Group,

Inc.

(The)

.....

4,103

465,608

HCI

Group,

Inc.

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

584

36,681

Horace

Mann

Educators

Corp.

..........

8,145

245,409

James

River

Group

Holdings

Ltd.

........

7,675

141,911

Kemper

Corp.

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

13,265

676,117

Lemonade,

Inc.

(a)(b)

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

4,224

98,208

Lincoln

National

Corp.

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

32,188

902,552

MBIA,

Inc.

(a)(b)

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

9,961

87,059

Mercury

General

Corp.

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

5,617

180,755

National

Western

Life

Group,

Inc.,

Class

A

..

508

214,208

Primerica,

Inc.

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

3,873

823,787

ProAssurance

Corp.

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

9,567

160,726

Safety

Insurance

Group,

Inc.

...........

3,223

232,056

Selective

Insurance

Group,

Inc.

.........

12,599

1,300,091

SiriusPoint

Ltd.

(a)

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

18,083

168,895

Stewart

Information

Services

Corp.

.......

5,850

275,711

Tiptree,

Inc.

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

4,378

64,663

Trupanion,

Inc.

(a)

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

3,995

123,246

United

Fire

Group,

Inc.

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

4,712

113,276

Universal

Insurance

Holdings,

Inc.

.......

5,642

87,620

White

Mountains

Insurance

Group

Ltd.

....

252

389,849

15,512,130

Interactive

Media

&

Services

—

0.6%

Cars.com,

Inc.

(a)(b)

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

6,950

158,529

Eventbrite,

Inc.,

Class

A

(a)

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

7,837

90,204

IAC,

Inc.

(a)(b)

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

15,773

1,097,801

Shutterstock,

Inc.

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

2,331

119,930

Taboola.com

Ltd.

(a)

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

33,647

125,840

Yelp,

Inc.

(a)

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

5,451

245,567

Ziff

Davis,

Inc.

(a)

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

6,590

477,907

2,315,778

IT

Services

—

0.5%

BigCommerce

Holdings,

Inc.

(a)

..........

7,062

76,340

DXC

Technology

Co.

(a)

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

47,049

1,300,905

Fastly,

Inc.,

Class

A

(a)

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

10,445

191,875

Hackett

Group,

Inc.

(The)

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

2,208

51,336

Kyndryl

Holdings,

Inc.

(a)(b)

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

42,406

579,266

2,199,722

Leisure

Products

—

1.2%

Acushnet

Holdings

Corp.

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

2,860

170,542

Brunswick

Corp.

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

8,380

723,278

Funko,

Inc.,

Class

A

(a)

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

7,047

57,503

Johnson

Outdoors,

Inc.,

Class

A

.........

664

39,256

Security

Shares

Shares

Value

Leisure

Products

(continued)

Malibu

Boats,

Inc.,

Class

A

(a)(b)

..........

4,251

$

254,847

MasterCraft

Boat

Holdings,

Inc.

(a)

........

3,611

110,677

Mattel,

Inc.

(a)(b)

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

43,057

917,114

Peloton

Interactive,

Inc.,

Class

A

(a)(b)

......

69,156

671,505

Polaris,

Inc.

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

6,613

898,310

Smith

&

Wesson

Brands,

Inc.

...........

5,277

67,176

Solo

Brands,

Inc.,

Class

A

(a)

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

3,029

17,750

Sturm

Ruger

&

Co.,

Inc.

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

3,582

189,667

Vista

Outdoor,

Inc.

(a)

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

11,890

360,267

YETI

Holdings,

Inc.

(a)(b)

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

6,472

275,707

4,753,599

Life

Sciences

Tools

&

Services

—

0.4%

(a)

BioLife

Solutions,

Inc.

(b)

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

2,190

43,537

CryoPort,

Inc.

(b)

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

2,849

45,783

Cytek

Biosciences,

Inc.

(b)

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

10,595

94,931

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

22,561

255,165

NanoString

Technologies,

Inc.

..........

5,194

24,724

Quanterix

Corp.

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

4,558

113,221

Syneos

Health,

Inc.,

Class

A

...........

21,362

905,962

1,483,323

Machinery

—

2.9%

3D

Systems

Corp.

(a)

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

27,297

237,757

Albany

International

Corp.,

Class

A

.......

2,938

282,871

Allison

Transmission

Holdings,

Inc.

.......

18,675

1,096,036

Astec

Industries,

Inc.

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

4,695

231,933

Barnes

Group,

Inc.

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

5,919

232,617

CIRCOR

International,

Inc.

(a)

...........

1,899

105,774

Columbus

McKinnon

Corp.

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

3,218

136,250

Crane

Co.

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

5,437

509,393

Crane

NXT

Co.

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

9,945

588,247

Douglas

Dynamics,

Inc.

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

2,789

86,598

EnPro

Industries,

Inc.

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

1,858

257,853

Esab

Corp.

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

10,722

736,601

Flowserve

Corp.

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

13,068

493,448

Gates

Industrial

Corp.

plc

(a)

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

26,331

358,628

Gorman-Rupp

Co.

(The)

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

1,575

49,927

Greenbrier

Cos.,

Inc.

(The)

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

6,586

304,207

Hillenbrand,

Inc.

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

5,800

301,252

Hillman

Solutions

Corp.

(a)

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

21,186

208,470

Hyster-Yale

Materials

Handling,

Inc.

......

2,160

103,162

ITT,

Inc.

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

6,109

608,456

Kadant,

Inc.

(b)

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

829

184,743

Kennametal,

Inc.

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

16,546

504,322

Luxfer

Holdings

plc

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

5,617

71,111

Manitowoc

Co.,

Inc.

(The)

(a)

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

3,335

60,430

Mueller

Industries,

Inc.

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

5,129

415,757

Mueller

Water

Products,

Inc.,

Class

A

.....

13,935

224,214

Nikola

Corp.

(a)(b)

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

112,358

299,996

Oshkosh

Corp.

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

7,011

645,503

REV

Group,

Inc.

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

6,688

86,476

Standex

International

Corp.

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

1,016

150,947

Tennant

Co.

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

1,731

138,895

Terex

Corp.

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

5,328

312,381

Timken

Co.

(The)

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

13,573

1,260,389

Titan

International,

Inc.

(a)

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

5,483

68,483

Wabash

National

Corp.

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

5,360

126,925

Watts

Water

Technologies,

Inc.,

Class

A

....

1,627

303,484

11,783,536

Marine

Transportation

—

0.2%

Eagle

Bulk

Shipping,

Inc.

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

1,238

57,183

Genco

Shipping

&

Trading

Ltd.

..........

7,831

113,550

Kirby

Corp.

(a)

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

5,717

465,821

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Marine

Transportation

(continued)

Matson,

Inc.

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

3,252

$

303,932

940,486

Media

—

1.1%

Advantage

Solutions,

Inc.,

Class

A

(a)

......

19,378

50,189

Altice

USA,

Inc.,

Class

A

(a)(b)

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

45,547

154,404

AMC

Networks,

Inc.,

Class

A

(a)(b)

.........

5,956

75,165

Cable

One,

Inc.

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

631

456,806

Clear

Channel

Outdoor

Holdings,

Inc.

(a)(b)

...

99,620

179,316

DISH

Network

Corp.,

Class

A

(a)

.........

52,627

417,332

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)

....

4,262

42,023

Gray

Television,

Inc.

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

9,906

93,810

iHeartMedia,

Inc.,

Class

A

(a)

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

21,564

101,998

John

Wiley

&

Sons,

Inc.,

Class

A

........

8,786

300,745

Nexstar

Media

Group,

Inc.

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

7,383

1,378,554

Scholastic

Corp.,

NVS

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

3,923

169,434

Sinclair,

Inc.,

Class

A

(b)

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

7,774

108,136

Stagwell,

Inc.,

Class

A

(a)(b)

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

20,912

140,319

TechTarget,

Inc.

(a)(b)

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

2,843

92,341

TEGNA,

Inc.

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

24,251

409,842

Thryv

Holdings,

Inc.

(a)

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

6,451

152,889

WideOpenWest,

Inc.

(a)

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

5,023

41,390

4,364,693

Metals

&

Mining

—

1.8%

Alcoa

Corp.

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

36,716

1,328,752

Alpha

Metallurgical

Resources,

Inc.

......

1,222

211,675

Arconic

Corp.

(a)

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

11,928

356,528

Century

Aluminum

Co.

(a)

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

4,503

41,878

Coeur

Mining,

Inc.

(a)(b)

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

68,462

210,863

Commercial

Metals

Co.

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

24,117

1,379,975

Compass

Minerals

International,

Inc.

......

4,004

151,631

Gatos

Silver,

Inc.

(a)(b)

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

3,767

19,551

Haynes

International,

Inc.

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

935

46,900

Hecla

Mining

Co.

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

66,139

380,961

Ivanhoe

Electric,

Inc.

(a)

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

1,440

23,414

Kaiser

Aluminum

Corp.

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

3,249

263,819

Olympic

Steel,

Inc.

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

1,993

111,189

Ryerson

Holding

Corp.

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

4,194

178,203

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

5,278

191,116

SunCoke

Energy,

Inc.

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

17,723

157,380

TimkenSteel

Corp.

(a)

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

8,082

188,311

United

States

Steel

Corp.

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

46,909

1,196,180

Warrior

Met

Coal,

Inc.

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

10,734

474,979

Worthington

Industries,

Inc.

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

6,245

466,002

7,379,307

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

2.3%

AGNC

Investment

Corp.

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

123,095

1,254,338

Apollo

Commercial

Real

Estate

Finance,

Inc.

27,240

321,432

Arbor

Realty

Trust,

Inc.

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

37,242

629,762

Ares

Commercial

Real

Estate

Corp.

......

11,140

118,753

ARMOUR

Residential

REIT,

Inc.

.........

39,110

199,852

Blackstone

Mortgage

Trust,

Inc.,

Class

A

...

35,489

815,892

BrightSpire

Capital,

Inc.,

Class

A

........

27,043

199,037

Chimera

Investment

Corp.

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

47,841

300,442

Claros

Mortgage

Trust,

Inc.

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

25,154

309,897

Dynex

Capital,

Inc.

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

11,945

155,882

Ellington

Financial,

Inc.

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

7,333

99,142

Franklin

BSP

Realty

Trust,

Inc.

..........

8,388

119,948

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

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

21,576

563,349

KKR

Real

Estate

Finance

Trust,

Inc.

......

11,919

148,511

Ladder

Capital

Corp.,

Class

A

..........

23,491

258,166

MFA

Financial,

Inc.

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

18,661

210,123

New

York

Mortgage

Trust,

Inc.

..........

18,836

191,185

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

Orchid

Island

Capital,

Inc.

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

7,878

$

82,089

PennyMac

Mortgage

Investment

Trust

.....

17,897

228,724

Ready

Capital

Corp.

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

33,266

384,888

Redwood

Trust,

Inc.

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

23,292

175,389

Rithm

Capital

Corp.

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

100,359

1,011,619

Starwood

Property

Trust,

Inc.

...........

64,291

1,333,395

TPG

RE

Finance

Trust,

Inc.

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

12,440

97,032

Two

Harbors

Investment

Corp.

..........

20,035

268,669

9,477,516

Multi-Utilities

—

0.6%

Avista

Corp.

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

15,651

604,755

Black

Hills

Corp.

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

13,686

825,676

NorthWestern

Corp.

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

12,209

689,442

Unitil

Corp.

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

3,368

175,271

2,295,144

Office

REITs

—

1.4%

Brandywine

Realty

Trust

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

36,588

184,769

Corporate

Office

Properties

Trust

........

7,379

191,854

Cousins

Properties,

Inc.

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

31,375

766,491

Douglas

Emmett,

Inc.

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

27,024

397,253

Easterly

Government

Properties,

Inc.

.....

10,280

151,733

Equity

Commonwealth

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

22,625

443,224

Highwoods

Properties,

Inc.

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

21,928

554,120

Hudson

Pacific

Properties,

Inc.

..........

26,897

157,885

JBG

SMITH

Properties

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

20,279

339,268

Kilroy

Realty

Corp.

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

21,703

774,797

Paramount

Group,

Inc.

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

34,429

180,408

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

..

26,715

198,760

SL

Green

Realty

Corp.

(b)

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

13,408

505,616

Vornado

Realty

Trust

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

33,138

744,942

5,591,120

Oil,

Gas

&

Consumable

Fuels

—

5.1%

Antero

Midstream

Corp.

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

68,613

819,239

Antero

Resources

Corp.

(a)(b)

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

57,009

1,524,991

Arch

Resources,

Inc.,

Class

A

..........

1,816

233,247

Berry

Corp.

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

13,827

107,851

California

Resources

Corp.

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

14,567

777,149

Callon

Petroleum

Co.

(a)(b)

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

10,651

400,052

Centrus

Energy

Corp.,

Class

A

(a)(b)

.......

1,660

62,416

Chord

Energy

Corp.

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

8,534

1,338,473

Civitas

Resources,

Inc.

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

10,120

757,583

CNX

Resources

Corp.

(a)(b)

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

16,433

335,233

Comstock

Resources,

Inc.

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

9,212

117,453

CONSOL

Energy,

Inc.

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

3,571

266,111

Crescent

Energy,

Inc.,

Class

A

..........

7,781

92,360

CVR

Energy,

Inc.

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

5,971

219,375

Delek

US

Holdings,

Inc.

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

13,552

373,900

Dorian

LPG

Ltd.

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

6,622

196,938

DT

Midstream,

Inc.

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

19,958

1,068,152

Earthstone

Energy,

Inc.,

Class

A

(a)(b)

......

8,054

128,703

Equitrans

Midstream

Corp.

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

89,109

924,060

Excelerate

Energy,

Inc.,

Class

A

.........

3,660

77,665

Gulfport

Energy

Corp.

(a)

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

2,255

231,025

HighPeak

Energy,

Inc.

(b)

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

868

13,150

International

Seaways,

Inc.

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

4,534

194,463

Kinetik

Holdings,

Inc.,

Class

A

..........

2,773

99,828

Kosmos

Energy

Ltd.

(a)

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

95,020

674,642

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

18,930

419,299

Matador

Resources

Co.

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

14,335

797,456

Murphy

Oil

Corp.

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

30,288

1,310,562

Northern

Oil

&

Gas,

Inc.

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

8,773

345,393

Par

Pacific

Holdings,

Inc.

(a)

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

11,659

367,025

PBF

Energy,

Inc.,

Class

A

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

22,631

1,073,615

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

PDC

Energy,

Inc.

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

8,508

$

645,672

Peabody

Energy

Corp.

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

24,170

542,375

Permian

Resources

Corp.,

Class

A

.......

48,643

568,637

REX

American

Resources

Corp.

(a)

.......

2,120

78,482

Riley

Exploration

Permian,

Inc.

..........

328

12,284

SandRidge

Energy,

Inc.

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

4,047

69,123

SilverBow

Resources,

Inc.

(a)

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

2,824

101,127

Sitio

Royalties

Corp.,

Class

A

...........

16,420

448,923

SM

Energy

Co.

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

13,093

475,145

Southwestern

Energy

Co.

(a)

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

226,923

1,470,461

Talos

Energy,

Inc.

(a)(b)

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

22,346

357,536

Tellurian,

Inc.

(a)(b)

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

104,309

179,411

VAALCO

Energy,

Inc.

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

21,622

96,218

Vital

Energy,

Inc.

(a)(b)

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

3,815

201,356

Vitesse

Energy,

Inc.

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

2,347

59,121

W&T

Offshore,

Inc.

(a)

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

20,319

88,997

World

Kinect

Corp.

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

12,875

290,203

21,032,480

Paper

&

Forest

Products

—

0.3%

Clearwater

Paper

Corp.

(a)

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

3,485

112,322

Louisiana-Pacific

Corp.

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

14,802

1,126,876

Mercer

International,

Inc.

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

2,958

26,326

Sylvamo

Corp.

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

3,803

186,613

1,452,137

Passenger

Airlines

—

0.6%

Alaska

Air

Group,

Inc.

(a)

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

26,341

1,280,963

Hawaiian

Holdings,

Inc.

(a)(b)

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

4,852

56,235

JetBlue

Airways

Corp.

(a)(b)

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

42,389

329,363

SkyWest,

Inc.

(a)

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

9,184

404,004

Spirit

Airlines,

Inc.

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

22,468

411,164

2,481,729

Personal

Care

Products

—

0.3%

Edgewell

Personal

Care

Co.

...........

10,563

416,288

Herbalife

Ltd.

(a)(b)

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

20,419

331,605

Medifast,

Inc.

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

1,306

133,068

Nu

Skin

Enterprises,

Inc.,

Class

A

........

10,313

303,099

Olaplex

Holdings,

Inc.

(a)

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

11,532

41,515

USANA

Health

Sciences,

Inc.

(a)(b)

........

917

59,523

1,285,098

Pharmaceuticals

—

1.3%

Collegium

Pharmaceutical,

Inc.

(a)

........

7,147

162,666

Corcept

Therapeutics,

Inc.

(a)

...........

8,614

219,485

Cymabay

Therapeutics,

Inc.

(a)

..........

10,319

134,663

Elanco

Animal

Health,

Inc.

(a)

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

95,344

1,150,802

Innoviva,

Inc.

(a)(b)

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

12,328

167,044

Organon

&

Co.

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

52,597

1,156,082

Perrigo

Co.

plc

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

27,831

1,019,728

Prestige

Consumer

Healthcare,

Inc.

(a)

.....

10,208

665,664

SIGA

Technologies,

Inc.

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

5,466

31,375

Supernus

Pharmaceuticals,

Inc.

(a)

........

5,922

181,746

Tarsus

Pharmaceuticals,

Inc.

(a)(b)

.........

2,500

55,025

Theravance

Biopharma,

Inc.

(a)

..........

5,158

51,013

Tilray

Brands,

Inc.,

Class

2

(a)(b)

..........

54,763

138,550

Ventyx

Biosciences,

Inc.

(a)

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

3,563

132,009

5,265,852

Professional

Services

—

2.0%

Alight,

Inc.,

Class

A

(a)

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

32,065

313,596

ASGN,

Inc.

(a)

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

4,351

332,068

Barrett

Business

Services,

Inc.

..........

701

63,602

CACI

International,

Inc.,

Class

A

(a)

.......

2,930

1,026,789

Clarivate

plc

(a)

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

48,611

462,290

Concentrix

Corp.

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

8,802

732,678

Security

Shares

Shares

Value

Professional

Services

(continued)

Conduent,

Inc.

(a)

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

35,504

$

122,844

CSG

Systems

International,

Inc.

.........

3,915

201,975

Dun

&

Bradstreet

Holdings,

Inc.

.........

45,399

536,616

First

Advantage

Corp.

(a)

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

6,725

100,875

Forrester

Research,

Inc.

(a)

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

1,279

40,762

Heidrick

&

Struggles

International,

Inc.

....

2,894

78,919

HireRight

Holdings

Corp.

(a)

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

2,515

26,935

ICF

International,

Inc.

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

1,486

174,739

Kelly

Services,

Inc.,

Class

A,

NVS

.......

6,915

126,683

Kforce,

Inc.

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

1,854

117,618

Korn

Ferry

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

5,963

314,131

ManpowerGroup,

Inc.

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

10,476

826,347

Maximus,

Inc.

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

5,724

479,442

Resources

Connection,

Inc.

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

4,467

71,383

Science

Applications

International

Corp.

...

11,164

1,354,640

Sterling

Check

Corp.

(a)

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

2,983

35,826

TriNet

Group,

Inc.

(a)(b)

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

4,208

442,808

TrueBlue,

Inc.

(a)

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

6,501

97,190

TTEC

Holdings,

Inc.

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

3,998

137,691

8,218,447

Real

Estate

Management

&

Development

—

1.1%

Anywhere

Real

Estate,

Inc.

(a)

...........

22,840

191,399

Compass,

Inc.,

Class

A

(a)

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

55,907

234,250

Cushman

&

Wakefield

plc

(a)

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

34,367

337,828

DigitalBridge

Group,

Inc.,

Class

A

........

13,244

212,169

Forestar

Group,

Inc.

(a)(b)

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

2,161

63,706

Howard

Hughes

Corp.

(The)

(a)

..........

2,445

206,431

Jones

Lang

LaSalle,

Inc.

(a)

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

9,867

1,643,349

Kennedy-Wilson

Holdings,

Inc.

..........

24,393

402,485

Marcus

&

Millichap,

Inc.

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

2,678

98,229

Newmark

Group,

Inc.,

Class

A

..........

26,834

185,691

Opendoor

Technologies,

Inc.

(a)(b)

.........

107,124

547,404

Redfin

Corp.

(a)(b)

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

22,876

342,682

Seritage

Growth

Properties,

Class

A

(a)

.....

7,607

71,430

4,537,053

Residential

REITs

—

0.5%

Apartment

Income

REIT

Corp.

..........

17,166

592,913

Apartment

Investment

&

Management

Co.,

Class

A

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

17,559

146,266

Centerspace

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

3,039

188,813

Elme

Communities

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

18,591

302,104

Independence

Realty

Trust,

Inc.

.........

22,568

384,559

NexPoint

Residential

Trust,

Inc.

.........

2,328

96,752

UMH

Properties,

Inc.

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

11,631

193,656

Veris

Residential,

Inc.

(a)

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

6,219

116,171

2,021,234

Retail

REITs

—

1.5%

Acadia

Realty

Trust

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

10,775

169,275

Agree

Realty

Corp.

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

9,430

610,875

Alexander's,

Inc.

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

436

84,309

Brixmor

Property

Group,

Inc.

...........

31,928

726,043

CBL

&

Associates

Properties,

Inc.

........

5,115

111,354

Getty

Realty

Corp.

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

5,947

192,207

InvenTrust

Properties

Corp.

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

8,520

207,377

Kite

Realty

Group

Trust

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

26,391

603,826

Macerich

Co.

(The)

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

44,646

569,236

Necessity

Retail

REIT,

Inc.

(The),

Class

A

..

27,654

196,343

Phillips

Edison

&

Co.,

Inc.

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

12,045

425,309

Retail

Opportunity

Investments

Corp.

.....

17,343

255,462

RPT

Realty

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

17,853

194,062

Saul

Centers,

Inc.

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

2,603

100,346

SITE

Centers

Corp.

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

22,637

318,050

Spirit

Realty

Capital,

Inc.

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

18,526

747,154

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Retail

REITs

(continued)

Tanger

Factory

Outlet

Centers,

Inc.

.......

12,263

$

287,077

Urban

Edge

Properties

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

13,791

234,585

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

3,873

87,840

Whitestone

REIT

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

5,747

59,309

6,180,039

Semiconductors

&

Semiconductor

Equipment

—

1.4%

ACM

Research,

Inc.,

Class

A

(a)(b)

.........

3,871

50,710

Alpha

&

Omega

Semiconductor

Ltd.

(a)

.....

4,660

153,221

Amkor

Technology,

Inc.

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

11,445

332,935

Cirrus

Logic,

Inc.

(a)(b)

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

7,446

601,637

Diodes,

Inc.

(a)

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

4,540

428,984

Ichor

Holdings

Ltd.

(a)

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

2,061

79,802

Magnachip

Semiconductor

Corp.

(a)

.......

4,152

38,406

MaxLinear,

Inc.

(a)

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

10,133

249,981

MKS

Instruments,

Inc.

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

7,998

873,142

Photronics,

Inc.

(a)

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

12,903

341,284

Power

Integrations,

Inc.

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

6,629

643,941

Semtech

Corp.

(a)

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

4,863

141,999

SMART

Global

Holdings,

Inc.

(a)

..........

10,188

271,001

Synaptics,

Inc.

(a)

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

4,177

377,225

Ultra

Clean

Holdings,

Inc.

(a)

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

3,449

131,407

Veeco

Instruments,

Inc.

(a)(b)

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

4,737

133,394

Wolfspeed,

Inc.

(a)(b)

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

12,913

850,967

5,700,036

Software

—

1.5%

ACI

Worldwide,

Inc.

(a)

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

8,892

206,205

Adeia,

Inc.

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

21,988

264,296

Alteryx,

Inc.,

Class

A

(a)

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

4,797

198,884

Aurora

Innovation,

Inc.,

Class

A

(a)

........

94,272

309,212

Blackbaud,

Inc.

(a)

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

3,426

258,492

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

...

8,786

96,822

Cerence,

Inc.

(a)

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

2,768

76,978

CommVault

Systems,

Inc.

(a)

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

5,206

405,704

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

3,633

117,746

Digital

Turbine,

Inc.

(a)

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

11,937

129,397

Dropbox,

Inc.,

Class

A

(a)(b)

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

24,793

668,171

Ebix,

Inc.

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

4,895

151,549

Guidewire

Software,

Inc.

(a)

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

7,198

610,534

Informatica,

Inc.,

Class

A

(a)

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

4,171

79,416

Matterport,

Inc.,

Class

A

(a)

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

33,497

113,555

Mitek

Systems,

Inc.

(a)

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

4,850

49,518

NCR

Corp.

(a)

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

29,131

783,041

Nutanix,

Inc.,

Class

A

(a)

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

16,034

484,227

ON24,

Inc.

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

8,522

75,420

PROS

Holdings,

Inc.

(a)

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

5,360

203,680

RingCentral,

Inc.,

Class

A

(a)

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

8,802

364,051

SolarWinds

Corp.

(a)

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

6,122

64,526

Verint

Systems,

Inc.

(a)

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

9,046

338,049

Xperi,

Inc.

(a)

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

8,866

116,322

Yext,

Inc.

(a)

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

7,509

72,987

6,238,782

Specialized

REITs

—

0.6%

EPR

Properties

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

9,900

441,936

Four

Corners

Property

Trust,

Inc.

........

8,837

232,413

Gladstone

Land

Corp.

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

3,943

66,006

National

Storage

Affiliates

Trust

.........

7,064

238,693

Outfront

Media,

Inc.

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

13,263

205,046

PotlatchDeltic

Corp.

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

9,735

522,088

Rayonier,

Inc.

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

15,483

512,797

Safehold,

Inc.

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

4,569

112,991

Uniti

Group,

Inc.

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

49,270

274,927

2,606,897

Security

Shares

Shares

Value

Specialty

Retail

—

4.0%

Aaron's

Co.,

Inc.

(The)

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

6,365

$

100,694

Abercrombie

&

Fitch

Co.,

Class

A

(a)

.......

6,046

239,482

Academy

Sports

&

Outdoors,

Inc.

........

7,933

474,314

American

Eagle

Outfitters,

Inc.

..........

37,973

533,521

America's

Car-Mart,

Inc.

(a)

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

1,209

144,016

Arhaus,

Inc.,

Class

A

(a)(b)

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

4,398

50,401

Arko

Corp.

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

9,564

79,764

Asbury

Automotive

Group,

Inc.

(a)

.........

4,438

1,001,213

AutoNation,

Inc.

(a)

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

6,486

1,044,116

Boot

Barn

Holdings,

Inc.

(a)

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

3,044

285,832

Buckle,

Inc.

(The)

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

6,092

222,724

Caleres,

Inc.

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

7,532

203,665

Camping

World

Holdings,

Inc.,

Class

A

....

4,140

132,604

Carvana

Co.,

Class

A

(a)

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

20,675

950,016

Chico's

FAS,

Inc.

(a)(b)

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

25,668

156,575

Designer

Brands,

Inc.,

Class

A

..........

10,883

108,286

Foot

Locker,

Inc.

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

16,395

440,534

Franchise

Group,

Inc.

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

3,440

102,374

GameStop

Corp.,

Class

A

(a)(b)

...........

29,512

655,166

Gap,

Inc.

(The)

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

43,880

451,964

Genesco,

Inc.

(a)

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

2,543

71,738

Group

1

Automotive,

Inc.

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

2,928

756,976

Guess?,

Inc.

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

6,282

131,859

Haverty

Furniture

Cos.,

Inc.

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

2,767

98,505

Hibbett,

Inc.

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

2,664

123,610

Leslie's,

Inc.

(a)(b)

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

30,428

193,826

Lithia

Motors,

Inc.

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

5,670

1,760,705

MarineMax,

Inc.

(a)(b)

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

4,546

183,340

Monro,

Inc.

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

2,465

90,342

National

Vision

Holdings,

Inc.

(a)

.........

8,742

189,089

ODP

Corp.

(The)

(a)

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

7,115

354,896

Overstock.com,

Inc.

(a)

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

6,414

233,919

Petco

Health

&

Wellness

Co.,

Inc.

(a)(b)

.....

16,657

135,921

Revolve

Group,

Inc.,

Class

A

(a)

..........

2,735

53,934

RH

(a)(b)

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

1,345

522,089

Sally

Beauty

Holdings,

Inc.

(a)

...........

22,253

266,368

Shoe

Carnival,

Inc.

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

3,583

95,344

Signet

Jewelers

Ltd.

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

9,330

750,972

Sleep

Number

Corp.

(a)

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

4,627

128,122

Sonic

Automotive,

Inc.,

Class

A

.........

3,291

157,606

Upbound

Group,

Inc.

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

10,370

359,113

Urban

Outfitters,

Inc.

(a)

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

12,361

449,570

Valvoline,

Inc.

(b)

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

13,215

501,774

Victoria's

Secret

&

Co.

(a)(b)

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

16,209

332,122

Wayfair,

Inc.,

Class

A

(a)

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

16,943

1,319,351

16,638,352

Technology

Hardware,

Storage

&

Peripherals

—

0.5%

Avid

Technology,

Inc.

(a)

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

3,995

95,241

Corsair

Gaming,

Inc.

(a)

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

4,140

76,507

CPI

Card

Group,

Inc.

(a)

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

519

12,669

Super

Micro

Computer,

Inc.

(a)

...........

4,115

1,359,061

Xerox

Holdings

Corp.

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

23,423

374,299

1,917,777

Textiles,

Apparel

&

Luxury

Goods

—

1.7%

Capri

Holdings

Ltd.

(a)

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

25,935

957,261

Carter's,

Inc.

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

7,720

579,077

Columbia

Sportswear

Co.

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

2,507

197,075

Crocs,

Inc.

(a)

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

3,998

433,183

G-III

Apparel

Group

Ltd.

(a)

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

8,447

174,938

Hanesbrands,

Inc.

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

71,827

378,528

Kontoor

Brands,

Inc.

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

10,253

434,317

Levi

Strauss

&

Co.,

Class

A

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

20,282

305,650

Movado

Group,

Inc.

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

3,236

92,873

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Oxford

Industries,

Inc.

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

1,973

$

212,788

PVH

Corp.

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

12,946

1,160,480

Ralph

Lauren

Corp.,

Class

A

...........

8,440

1,108,425

Steven

Madden

Ltd.

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

9,337

311,669

Under

Armour,

Inc.,

Class

A

(a)

...........

38,871

313,300

Under

Armour,

Inc.,

Class

C,

NVS

(a)

......

40,651

301,631

Wolverine

World

Wide,

Inc.

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

9,540

120,872

7,082,067

Tobacco

—

0.2%

Turning

Point

Brands,

Inc.

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

1,780

42,453

Universal

Corp.

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

5,119

258,868

Vector

Group

Ltd.

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

27,366

359,042

660,363

Trading

Companies

&

Distributors

—

2.4%

Air

Lease

Corp.,

Class

A

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

21,223

898,582

Alta

Equipment

Group,

Inc.,

Class

A

......

2,107

34,028

Beacon

Roofing

Supply,

Inc.

(a)

..........

4,582

392,540

BlueLinx

Holdings,

Inc.

(a)(b)

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

1,285

121,098

Boise

Cascade

Co.

.................

8,184

846,962

DXP

Enterprises,

Inc.

(a)

...............

1,550

58,869

FTAI

Aviation

Ltd.

...................

7,026

226,308

GATX

Corp.

......................

4,194

525,760

Global

Industrial

Co.

.................

1,462

41,667

GMS,

Inc.

(a)

.......................

8,547

629,829

H&E

Equipment

Services,

Inc.

..........

3,488

169,447

Herc

Holdings,

Inc.

..................

2,186

292,552

MRC

Global,

Inc.

(a)

..................

17,398

196,423

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

5,335

538,408

NOW,

Inc.

(a)

......................

22,244

253,359

Rush

Enterprises,

Inc.,

Class

A

.........

4,298

277,995

Rush

Enterprises,

Inc.,

Class

B

.........

865

59,434

Titan

Machinery,

Inc.

(a)

...............

2,411

76,959

Triton

International

Ltd.

...............

11,333

955,485

Univar

Solutions,

Inc.

(a)

...............

32,577

1,177,333

Veritiv

Corp.

......................

2,829

396,428

WESCO

International,

Inc.

.............

9,303

1,633,328

9,802,794

Water

Utilities

—

0.2%

American

States

Water

Co.

............

2,788

246,487

Artesian

Resources

Corp.,

Class

A,

NVS

...

773

35,218

California

Water

Service

Group

.........

5,587

296,223

SJW

Group

.......................

2,171

152,968

York

Water

Co.

(The)

................

1,090

45,050

775,946

Wireless

Telecommunication

Services

—

0.1%

Shenandoah

Telecommunications

Co.

.....

4,394

82,036

Telephone

&

Data

Systems,

Inc.

.........

20,419

163,760

United

States

Cellular

Corp.

(a)

..........

2,933

51,944

297,740

Total

Long-Term

Investments

—

99.7%

(Cost:

$389,690,503)

.............................

409,589,953

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

7.3%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.42%

(e)

............

29,478,301

$

29,484,197

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.22%

..................

432,227

432,227

Total

Short-Term

Securities

—

7.3%

(Cost:

$29,908,305)

..............................

29,916,424

Total

Investments

—

107.0%

(Cost:

$419,598,808

)

.............................

439,506,377

Liabilities

in

Excess

of

Other

Assets

—

(7.0)%

............

(28,785,106)

Net

Assets

—

100.0%

..............................

$

410,721,271

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

12

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

July

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

07/31/23

Shares

Held

at

07/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

31,694,311

$

—

$

(2,206,616)

(a)

$

(878)

$

(2,620)

$

29,484,197

29,478,301

$

166,468

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,090,401

—

(658,174)

(a)

—

—

432,227

432,227

8,590

—

$

(878)

$

(2,620)

$

29,916,424

$

175,058

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

5

09/15/23

$

503

$

9,866

S&P

Midcap

400

E-Mini

Index

.................................................

2

09/15/23

549

13,015

$

22,881

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

13

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

—

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Valuation

Committee's

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds.

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

.........................................

$

409,589,953

$

—

$

—

$

409,589,953

Short-Term

Securities

Money

Market

Funds

......................................

29,916,424

—

—

29,916,424

$

439,506,377

$

—

$

—

$

439,506,377

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

22,881

$

—

$

—

$

22,881

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust