| Schedule of Investments (unaudited) | iShares® High Yield Bond Factor ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Corporate Bonds & Notes | ||||||||
| Aerospace & Defense — 2.7% | ||||||||
| Bombardier Inc., 7.88%, 04/15/27 (Call 07/04/23)(a) | $ | 1,235 | $ | 1,221,043 | ||||
| Rolls-Royce PLC | ||||||||
| 3.63%, 10/14/25 (Call 07/14/25)(a) | 275 | 258,098 | ||||||
| 5.75%, 10/15/27 (Call 07/15/27)(a) | 1,255 | 1,221,541 | ||||||
| Spirit AeroSystems Inc. | ||||||||
| 7.50%, 04/15/25 (Call 04/15/24)(a)(b) | 1,195 | 1,180,069 | ||||||
| 9.38%, 11/30/29 (Call 11/30/25)(a) | 385 | 410,071 | ||||||
| TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/15/24) | 200 | 198,523 | ||||||
| 4,489,345 | ||||||||
| Agriculture — 0.7% | ||||||||
| Vector Group Ltd., 5.75%, 02/01/29 (Call 02/01/24)(a) | 1,240 | 1,077,489 | ||||||
| Airlines — 2.6% | ||||||||
| Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a) | 1,330 | 1,234,621 | ||||||
| Allegiant Travel Co., 7.25%, 08/15/27 (Call 08/15/24)(a)(b) | 680 | 674,900 | ||||||
| American Airlines Inc., 11.75%, 07/15/25(a) | 1,000 | 1,095,386 | ||||||
| Delta Air Lines Inc. | ||||||||
| 4.38%, 04/19/28 (Call 01/19/28)(b) | 495 | 463,951 | ||||||
| 7.38%, 01/15/26 (Call 12/15/25)(b) | 845 | 886,973 | ||||||
| 4,355,831 | ||||||||
| Auto Manufacturers — 2.6% | ||||||||
| Allison Transmission Inc., 5.88%, 06/01/29 (Call 06/01/24)(a)(b) | 340 | 327,876 | ||||||
| Ford Motor Co. | ||||||||
| 5.29%, 12/08/46 (Call 06/08/46) | 615 | 486,034 | ||||||
| 7.45%, 07/16/31(b) | 45 | 47,000 | ||||||
| 9.63%, 04/22/30 (Call 01/22/30)(b) | 275 | 313,321 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 4.13%, 08/04/25 | 620 | 586,998 | ||||||
| 5.13%, 06/16/25 (Call 05/16/25) | 990 | 959,815 | ||||||
| Jaguar Land Rover Automotive PLC | ||||||||
| 4.50%, 10/01/27 (Call 07/01/27)(a)(b) | 750 | 639,194 | ||||||
| 5.50%, 07/15/29 (Call 07/15/24)(a) | 615 | 524,886 | ||||||
| 5.88%, 01/15/28 (Call 01/15/24)(a) | 310 | 278,942 | ||||||
| 7.75%, 10/15/25 (Call 10/15/23)(a) | 150 | 149,993 | ||||||
| 4,314,059 | ||||||||
| Banks — 1.0% | ||||||||
| Intesa Sanpaolo SpA | ||||||||
| 4.20%, 06/01/32 (Call 06/01/31), (1-year CMT + 2.600%)(a)(c) | 100 | 75,661 | ||||||
| 4.95%, 06/01/42 (Call 06/01/41), (1-year CMT + 2.750%)(a)(c) | 650 | 417,431 | ||||||
| 5.02%, 06/26/24(a) | 475 | 461,998 | ||||||
| 5.71%, 01/15/26(a) | 800 | 761,395 | ||||||
| 1,716,485 | ||||||||
| Biotechnology — 0.6% | ||||||||
| Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)(a) | 1,170 | 989,762 | ||||||
| Building Materials — 0.5% | ||||||||
| Builders FirstSource Inc., 6.38%, 06/15/32 (Call 06/15/27)(a)(b) | 885 | 870,725 | ||||||
| Chemicals — 2.4% | ||||||||
| Avient Corp., 5.75%, 05/15/25 (Call 05/15/24)(a) | 55 | 54,731 | ||||||
| CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)(a) | 745 | 646,502 | ||||||
| EverArc Escrow Sarl, 5.00%, 10/30/29 (Call 10/30/24)(a) | 1,055 | 837,596 | ||||||
| Methanex Corp., 5.25%, 12/15/29 (Call 09/15/29) | 230 | 209,214 | ||||||
| Security | Par (000) | Value | ||||||
| Chemicals (continued) | ||||||||
| Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 07/03/23)(a) | $ | 745 | $ | 722,374 | ||||
| Sasol Financing USA LLC | ||||||||
| 5.50%, 03/18/31 (Call 03/18/30) | 1,340 | 1,040,661 | ||||||
| 6.50%, 09/27/28 (Call 06/27/28) | 510 | 451,648 | ||||||
| 3,962,726 | ||||||||
| Coal — 0.5% | ||||||||
| SunCoke Energy Inc., 4.88%, 06/30/29 (Call 06/30/24)(a) | 720 | 592,770 | ||||||
| Warrior Met Coal Inc., 7.88%, 12/01/28 (Call 12/01/24)(a) | 295 | 295,244 | ||||||
| 888,014 | ||||||||
| Commercial Services — 7.1% | ||||||||
| ADT Security Corp. (The) | ||||||||
| 4.13%, 08/01/29 (Call 08/01/28)(a)(b) | 675 | 588,938 | ||||||
| 4.88%, 07/15/32(a)(b) | 1,015 | 864,628 | ||||||
| Adtalem Global Education Inc., 5.50%, 03/01/28 (Call 03/01/24)(a) | 378 | 353,120 | ||||||
| APX Group Inc. | ||||||||
| 5.75%, 07/15/29 (Call 07/15/24)(a) | 775 | 662,120 | ||||||
| 6.75%, 02/15/27 (Call 02/15/24)(a)(b) | 734 | 722,948 | ||||||
| Cimpress PLC, 7.00%, 06/15/26 (Call 07/03/23)(b) | 1,010 | 871,125 | ||||||
| Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)(a) | 735 | 565,621 | ||||||
| Graham Holdings Co., 5.75%, 06/01/26 (Call 06/01/23)(a) | 164 | 161,919 | ||||||
| Hertz Corp. (The), 5.00%, 12/01/29 (Call 12/01/24)(a) | 1,500 | 1,204,241 | ||||||
| Korn Ferry, 4.63%, 12/15/27 (Call 12/15/23)(a) | 310 | 293,632 | ||||||
| NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)(a) | 1,230 | 1,087,086 | ||||||
| Prime Security Services Borrower LLC/Prime Finance Inc. | ||||||||
| 5.75%, 04/15/26(a) | 988 | 966,581 | ||||||
| 6.25%, 01/15/28 (Call 07/03/23)(a)(b) | 885 | 812,858 | ||||||
| Sabre GLBL Inc. | ||||||||
| 7.38%, 09/01/25 (Call 07/03/23)(a) | 960 | 811,806 | ||||||
| 9.25%, 04/15/25 (Call 03/16/25)(a)(b) | 515 | 491,825 | ||||||
| 11.25%, 12/15/27 (Call 06/15/25)(a)(b) | 85 | 65,340 | ||||||
| United Rentals North America Inc., 4.88%, 01/15/28 (Call 06/12/23)(b) | 540 | 515,166 | ||||||
| ZipRecruiter Inc., 5.00%, 01/15/30 (Call 01/15/25)(a) | 775 | 653,216 | ||||||
| 11,692,170 | ||||||||
| Computers — 0.4% | ||||||||
| Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29 (Call 11/01/24)(a)(b) | 765 | 625,468 | ||||||
| Cosmetics & Personal Care — 0.9% | ||||||||
| Coty Inc., 5.00%, 04/15/26 (Call 07/03/23)(a) | 835 | 801,892 | ||||||
| Coty Inc./HFC Prestige Products Inc./HFC Prestige | ||||||||
| International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(a) | 670 | 615,144 | ||||||
| 1,417,036 | ||||||||
| Diversified Financial Services — 7.0% | ||||||||
| Burford Capital Global Finance LLC | ||||||||
| 6.25%, 04/15/28 (Call 04/15/24)(a) | 306 | 285,772 | ||||||
| 6.88%, 04/15/30 (Call 04/15/25)(a) | 490 | 452,785 | ||||||
| Coinbase Global Inc. | ||||||||
| 3.38%, 10/01/28 (Call 10/01/24)(a) | 2,030 | 1,279,705 | ||||||
| 3.63%, 10/01/31 (Call 10/01/26)(a) | 315 | 183,480 | ||||||
| Credit Acceptance Corp., 6.63%, 03/15/26 (Call 03/15/24)(b) | 280 | 267,154 | ||||||
| goeasy Ltd., 5.38%, 12/01/24 (Call 07/04/23)(a)(b) | 690 | 662,107 | ||||||
| Nationstar Mortgage Holdings Inc. | ||||||||
| 5.13%, 12/15/30 (Call 12/15/25)(a)(b) | 820 | 660,945 | ||||||
| 5.50%, 08/15/28 (Call 08/15/23)(a) | 205 | 177,325 | ||||||
| 5.75%, 11/15/31 (Call 11/15/26)(a)(b) | 855 | 694,321 | ||||||
| OneMain Finance Corp. | ||||||||
| 5.38%, 11/15/29 (Call 05/15/29) | 50 | 40,871 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® High Yield Bond Factor ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Diversified Financial Services (continued) | ||||||||
| 6.63%, 01/15/28 (Call 07/15/27)(b) | $ | 85 | $ | 76,928 | ||||
| 6.88%, 03/15/25 | 870 | 838,291 | ||||||
| 7.13%, 03/15/26 | 1,270 | 1,214,337 | ||||||
| PennyMac Financial Services Inc. | ||||||||
| 5.38%, 10/15/25 (Call 10/15/23)(a) | 590 | 548,368 | ||||||
| 5.75%, 09/15/31 (Call 09/15/26)(a) | 725 | 583,767 | ||||||
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. | ||||||||
| 3.63%, 03/01/29 (Call 03/09/24)(a)(b) | 150 | 123,699 | ||||||
| 3.88%, 03/01/31 (Call 03/01/26)(a) | 1,550 | 1,220,346 | ||||||
| 4.00%, 10/15/33 (Call 10/15/27)(a) | 420 | 316,312 | ||||||
| SLM Corp. | ||||||||
| 3.13%, 11/02/26 (Call 10/02/26) | 720 | 617,242 | ||||||
| 4.20%, 10/29/25 (Call 09/29/25)(b) | 675 | 617,672 | ||||||
| Synchrony Financial, 7.25%, 02/02/33 (Call 11/02/32) | 695 | 617,856 | ||||||
| 11,479,283 | ||||||||
| Electric — 3.0% | ||||||||
| Drax Finco PLC, 6.63%, 11/01/25 (Call 06/12/23)(a) | 631 | 615,225 | ||||||
| FirstEnergy Corp. | ||||||||
| Series C, 3.40%, 03/01/50 (Call 09/01/49) | 875 | 583,196 | ||||||
| Series C, 5.10%, 07/15/47 (Call 01/15/47) | 399 | 353,116 | ||||||
| Mercury Chile Holdco LLC, 6.50%, 01/24/27 (Call 01/24/24)(a)(b) | 325 | 296,563 | ||||||
| NRG Energy Inc., 5.75%, 01/15/28 (Call 06/16/23) | 555 | 527,787 | ||||||
| PG&E Corp. | ||||||||
| 5.00%, 07/01/28 (Call 07/03/23)(b) | 1,330 | 1,226,831 | ||||||
| 5.25%, 07/01/30 (Call 06/15/25)(b) | 275 | 248,511 | ||||||
| Vistra Operations Co. LLC | ||||||||
| 5.50%, 09/01/26 (Call 06/12/23)(a) | 700 | 680,125 | ||||||
| 5.63%, 02/15/27 (Call 02/15/24)(a) | 435 | 418,387 | ||||||
| 4,949,741 | ||||||||
| Electrical Components & Equipment — 0.9% | ||||||||
| Energizer Holdings Inc. | ||||||||
| 4.38%, 03/31/29 (Call 09/30/23)(a) | 805 | 689,281 | ||||||
| 4.75%, 06/15/28 (Call 07/01/23)(a) | 875 | 778,330 | ||||||
| 1,467,611 | ||||||||
| Engineering & Construction — 1.7% | ||||||||
| AECOM, 5.13%, 03/15/27 (Call 12/15/26) | 1,065 | 1,027,725 | ||||||
| Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 02/01/24)(a)(b) | 300 | 278,250 | ||||||
| IHS Holding Ltd., 5.63%, 11/29/26 (Call 11/29/23)(a) | 360 | 306,000 | ||||||
| IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 09/18/23)(a)(b) | 1,370 | 1,222,725 | ||||||
| 2,834,700 | ||||||||
| Entertainment — 2.8% | ||||||||
| AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)(a)(b) | 1,185 | 830,981 | ||||||
| Live Nation Entertainment Inc., 6.50%, 05/15/27 (Call 07/03/23)(a) | 1,035 | 1,036,758 | ||||||
| Odeon Finco PLC, 12.75%, 11/01/27 (Call 11/01/24)(a)(b) | 585 | 563,063 | ||||||
| Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)(a)(b) | 1,740 | 1,411,677 | ||||||
| Universal Entertainment Corp., 8.50%, 12/11/24 (Call 12/11/23)(a)(b) | 785 | 745,648 | ||||||
| 4,588,127 | ||||||||
| Environmental Control — 0.8% | ||||||||
| GFL Environmental Inc. | ||||||||
| 3.50%, 09/01/28 (Call 03/01/28)(a) | 953 | 849,497 | ||||||
| 5.13%, 12/15/26 (Call 12/15/23)(a)(b) | 461 | 444,326 | ||||||
| 1,293,823 | ||||||||
| Security | Par (000) | Value | ||||||
| Gas — 0.4% | ||||||||
| AmeriGas Partners LP/AmeriGas Finance Corp. | ||||||||
| 5.75%, 05/20/27 (Call 02/20/27) | $ | 561 | $ | 508,150 | ||||
| 5.88%, 08/20/26 (Call 05/20/26) | 120 | 111,574 | ||||||
| 619,724 | ||||||||
| Health Care - Products — 0.3% | ||||||||
| Garden Spinco Corp., 8.63%, 07/20/30 (Call 07/20/27)(a)(b) | 395 | 427,457 | ||||||
| Health Care - Services — 1.0% | ||||||||
| DaVita Inc. | ||||||||
| 3.75%, 02/15/31 (Call 02/15/26)(a) | 525 | 416,514 | ||||||
| 4.63%, 06/01/30 (Call 06/01/25)(a) | 1,485 | 1,271,822 | ||||||
| 1,688,336 | ||||||||
| Holding Companies - Diversified — 0.2% | ||||||||
| Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a)(b) | 335 | 295,845 | ||||||
| Home Builders — 0.8% | ||||||||
| Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC | ||||||||
| 4.88%, 02/15/30 (Call 02/15/25)(a) | 805 | 607,613 | ||||||
| 6.25%, 09/15/27 (Call 07/04/23)(a) | 845 | 756,389 | ||||||
| 1,364,002 | ||||||||
| Housewares — 0.4% | ||||||||
| Newell Brands Inc., 6.00%, 04/01/46 (Call 10/01/45) | 920 | 670,324 | ||||||
| Insurance — 0.2% | ||||||||
| NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)(a) | 276 | 276,313 | ||||||
| Internet — 2.2% | ||||||||
| Gen Digital Inc., 5.00%, 04/15/25 (Call 06/12/23)(a) | 770 | 752,088 | ||||||
| GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 06/12/23)(a) | 900 | 593,623 | ||||||
| Rakuten Group Inc., 10.25%, 11/30/24 (Call 11/28/23)(a)(b) | 1,170 | 1,172,925 | ||||||
| Uber Technologies Inc., 7.50%, 09/15/27 (Call 07/03/23)(a) | 1,085 | 1,113,001 | ||||||
| 3,631,637 | ||||||||
| Iron & Steel — 1.6% | ||||||||
| Cleveland-Cliffs Inc., 5.88%, 06/01/27 (Call 07/03/23)(b) | 625 | 603,200 | ||||||
| Mineral Resources Ltd. | ||||||||
| 8.13%, 05/01/27 (Call 05/01/24)(a) | 838 | 838,126 | ||||||
| 8.50%, 05/01/30 (Call 05/01/25)(a) | 660 | 662,475 | ||||||
| U.S. Steel Corp., 6.88%, 03/01/29 (Call 03/01/24) | 595 | 575,029 | ||||||
| 2,678,830 | ||||||||
| Leisure Time — 4.5% | ||||||||
| Carnival Corp. | ||||||||
| 7.63%, 03/01/26 (Call 03/01/24)(a)(b) | 1,565 | 1,483,792 | ||||||
| 9.88%, 08/01/27 (Call 02/01/24)(a)(b) | 485 | 500,578 | ||||||
| 10.50%, 02/01/26 (Call 08/01/23)(a) | 635 | 659,846 | ||||||
| 10.50%, 06/01/30 (Call 06/01/25)(a) | 180 | 180,628 | ||||||
| NCL Corp. Ltd., 5.88%, 02/15/27 (Call 02/15/24)(a)(b) | 1,330 | 1,266,594 | ||||||
| NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)(b) | 20 | 17,050 | ||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| 4.25%, 07/01/26 (Call 01/01/26)(a)(b) | 705 | 646,032 | ||||||
| 5.50%, 08/31/26 (Call 02/28/26)(a)(b) | 1,535 | 1,443,144 | ||||||
| 11.63%, 08/15/27 (Call 08/15/24)(a) | 500 | 543,393 | ||||||
| Vista Outdoor Inc., 4.50%, 03/15/29 (Call 03/15/24)(a) | 795 | 651,145 | ||||||
| 7,392,202 | ||||||||
| Lodging — 2.0% | ||||||||
| Genting New York LLC, 3.30%, 02/15/26 (Call 01/15/26)(a) | 710 | 634,555 | ||||||
| Las Vegas Sands Corp., 3.20%, 08/08/24 (Call 07/08/24) | 300 | 289,330 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® High Yield Bond Factor ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Lodging (continued) | ||||||||
| Travel + Leisure Co. | ||||||||
| 4.50%, 12/01/29 (Call 09/01/29)(a)(b) | $ | 920 | $ | 779,746 | ||||
| 6.63%, 07/31/26 (Call 04/30/26)(a)(b) | 770 | 762,847 | ||||||
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | ||||||||
| 5.25%, 05/15/27 (Call 02/15/27)(a)(b) | 150 | 141,071 | ||||||
| 5.50%, 03/01/25 (Call 12/01/24)(a) | 780 | 764,731 | ||||||
| 3,372,280 | ||||||||
| Machinery — 1.0% | ||||||||
| GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)(a) | 730 | 582,202 | ||||||
| Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)(a)(b) | 1,160 | 1,037,473 | ||||||
| 1,619,675 | ||||||||
| Manufacturing — 0.5% | ||||||||
| LSB Industries Inc., 6.25%, 10/15/28 (Call 10/15/24)(a)(b) | 955 | 864,275 | ||||||
| Media — 6.2% | ||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
| 4.25%, 01/15/34 (Call 01/15/28)(a) | 1,484 | 1,097,876 | ||||||
| 4.50%, 06/01/33 (Call 06/01/27)(a) | 1,360 | 1,038,176 | ||||||
| Directv Financing LLC/Directv Financing Co-Obligor Inc., | ||||||||
| 5.88%, 08/15/27 (Call 08/15/23)(a) | 1,380 | 1,215,528 | ||||||
| GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)(a) | 860 | 726,084 | ||||||
| Sirius XM Radio Inc. | ||||||||
| 3.88%, 09/01/31 (Call 09/01/26)(a) | 375 | 276,727 | ||||||
| 4.13%, 07/01/30 (Call 07/01/25)(a) | 1,005 | 790,427 | ||||||
| 5.50%, 07/01/29 (Call 07/01/24)(a)(b) | 1,340 | 1,169,682 | ||||||
| TEGNA Inc. | ||||||||
| 4.63%, 03/15/28 (Call 03/15/24) | 568 | 494,160 | ||||||
| 5.00%, 09/15/29 (Call 09/15/24) | 450 | 385,855 | ||||||
| Townsquare Media Inc., 6.88%, 02/01/26 (Call 02/01/24)(a) | 690 | 639,768 | ||||||
| UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a) | 1,465 | 1,230,307 | ||||||
| UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/23)(a)(b) | 245 | 214,988 | ||||||
| Urban One Inc., 7.38%, 02/01/28 (Call 02/01/24)(a) | 1,110 | 999,000 | ||||||
| 10,278,578 | ||||||||
| Mining — 3.3% | ||||||||
| Eldorado Gold Corp., 6.25%, 09/01/29 (Call 09/01/24)(a)(b) | 775 | 695,563 | ||||||
| Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(a)(b) | 730 | 644,225 | ||||||
| First Quantum Minerals Ltd. | ||||||||
| 6.88%, 03/01/26 (Call 06/12/23)(a)(b) | 780 | 758,550 | ||||||
| 7.50%, 04/01/25 (Call 06/12/23)(a)(b) | 889 | 887,213 | ||||||
| Hecla Mining Co., 7.25%, 02/15/28 (Call 02/15/24) | 560 | 550,900 | ||||||
| IAMGOLD Corp., 5.75%, 10/15/28 (Call 10/15/23)(a) | 745 | 581,517 | ||||||
| Stillwater Mining Co. | ||||||||
| 4.00%, 11/16/26 (Call 11/16/23)(a) | 850 | 739,517 | ||||||
| 4.50%, 11/16/29 (Call 11/16/25)(a) | 830 | 654,488 | ||||||
| 5,511,973 | ||||||||
| Office Furnishings — 0.3% | ||||||||
| Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28) | 645 | 555,816 | ||||||
| Oil & Gas — 9.9% | ||||||||
| Antero Resources Corp., 7.63%, 02/01/29 (Call 02/01/24)(a)(b) | 471 | 479,144 | ||||||
| Baytex Energy Corp. | ||||||||
| 8.50%, 04/30/30(a) | 600 | 586,387 | ||||||
| 8.75%, 04/01/27 (Call 04/01/24)(a) | 635 | 641,688 | ||||||
| California Resources Corp., 7.13%, 02/01/26 (Call 07/03/23)(a)(b) | 750 | 761,250 | ||||||
| Civitas Resources Inc., 5.00%, 10/15/26 (Call 10/15/23)(a) | 351 | 329,961 | ||||||
| CNX Resources Corp. | ||||||||
| 6.00%, 01/15/29 (Call 01/15/24)(a)(b) | 405 | 373,998 | ||||||
| 7.25%, 03/14/27 (Call 03/14/24)(a) | 399 | 393,778 | ||||||
| Security | Par (000) | Value | ||||||
| Oil & Gas (continued) | ||||||||
| 7.38%, 01/15/31 (Call 01/15/26)(a)(b) | $ | 640 | $ | 616,018 | ||||
| Comstock Resources Inc., 6.75%, 03/01/29 (Call 03/01/24)(a) | 625 | 546,253 | ||||||
| Crescent Energy Finance LLC, 9.25%, 02/15/28 (Call 02/15/25)(a)(b) | 510 | 493,746 | ||||||
| Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (Call 04/15/24)(a)(b) | 680 | 661,844 | ||||||
| Energean PLC, 6.50%, 04/30/27 (Call 10/30/23)(a)(b) | 635 | 572,592 | ||||||
| Gulfport Energy Corp., 8.00%, 05/17/26 (Call 05/17/24) | 390 | 389,025 | ||||||
| Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)(a) | 655 | 603,661 | ||||||
| Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 05/01/24)(a) | 915 | 851,026 | ||||||
| Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 07/15/23)(a) | 785 | 739,250 | ||||||
| Kosmos Energy Ltd. | ||||||||
| 7.13%, 04/04/26 (Call 04/04/24)(a) | 945 | 826,875 | ||||||
| 7.50%, 03/01/28 (Call 03/01/24)(a) | 625 | 515,638 | ||||||
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas | ||||||||
| Finance Corp., 6.00%, 08/01/26 (Call 08/01/23)(a) | 180 | 173,700 | ||||||
| Matador Resources Co., 5.88%, 09/15/26 (Call 06/16/23)(b) | 1,253 | 1,209,678 | ||||||
| Northern Oil and Gas Inc., 8.13%, 03/01/28 (Call 03/01/24)(a) | 945 | 919,476 | ||||||
| Oasis Petroleum Inc., 6.38%, 06/01/26 (Call 06/01/23)(a) | 325 | 320,125 | ||||||
| Patterson-UTI Energy Inc., 3.95%, 02/01/28 (Call 11/01/27)(b) | 460 | 406,549 | ||||||
| PBF Holding Co. LLC/PBF Finance Corp. | ||||||||
| 6.00%, 02/15/28 (Call 07/03/23)(b) | 605 | 562,650 | ||||||
| 7.25%, 06/15/25 (Call 07/03/23)(b) | 850 | 847,161 | ||||||
| PDC Energy Inc., 5.75%, 05/15/26 (Call 05/15/24)(b) | 350 | 348,933 | ||||||
| Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27 (Call 04/15/24) | 380 | 373,737 | ||||||
| Talos Production Inc., 12.00%, 01/15/26 (Call 06/16/23) | 765 | 805,162 | ||||||
| 16,349,305 | ||||||||
| Oil & Gas Services — 2.8% | ||||||||
| Archrock Partners LP/Archrock Partners Finance Corp. | ||||||||
| 6.25%, 04/01/28 (Call 04/01/24)(a) | 280 | 259,689 | ||||||
| 6.88%, 04/01/27 (Call 07/03/23)(a)(b) | 635 | 606,747 | ||||||
| Bristow Group Inc., 6.88%, 03/01/28 (Call 03/01/24)(a)(b) | 340 | 317,060 | ||||||
| CGG SA, 8.75%, 04/01/27 (Call 04/01/24)(a)(b) | 690 | 595,125 | ||||||
| USA Compression Partners LP/USA Compression Finance Corp. | ||||||||
| 6.88%, 04/01/26 (Call 07/03/23) | 975 | 927,264 | ||||||
| 6.88%, 09/01/27 (Call 07/03/23) | 605 | 566,604 | ||||||
| Weatherford International Ltd., 8.63%, 04/30/30 (Call 10/30/24)(a)(b) | 1,340 | 1,346,537 | ||||||
| 4,619,026 | ||||||||
| Packaging & Containers — 0.8% | ||||||||
| Berry Global Inc., 5.63%, 07/15/27 (Call 07/03/23)(a)(b) | 620 | 611,475 | ||||||
| Graham Packaging Co. Inc., 7.13%, 08/15/28 (Call 08/15/23)(a) | 735 | 623,140 | ||||||
| 1,234,615 | ||||||||
| Pharmaceuticals — 2.0% | ||||||||
| Bausch Health Americas Inc., 8.50%, 01/31/27 (Call 07/04/23)(a)(b) | 1,220 | 640,500 | ||||||
| Bausch Health Companies Inc. | ||||||||
| 6.13%, 02/01/27 (Call 02/01/24)(a) | 1,505 | 978,250 | ||||||
| 6.25%, 02/15/29 (Call 02/15/24)(a) | 570 | 254,094 | ||||||
| 14.00%, 10/15/30 (Call 10/15/25)(a) | 710 | 442,923 | ||||||
| Elanco Animal Health Inc., 6.65%, 08/28/28 (Call 05/28/28)(b) | 1,020 | 976,048 | ||||||
| 3,291,815 | ||||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® High Yield Bond Factor ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Pipelines — 4.2% | ||||||||
| Antero Midstream Partners LP/Antero Midstream | ||||||||
| Finance Corp. | ||||||||
| 5.75%, 03/01/27 (Call 06/16/23)(a) | $ | 685 | $ | 656,338 | ||||
| 7.88%, 05/15/26 (Call 05/15/24)(a) | 644 | 652,751 | ||||||
| Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | ||||||||
| 5.75%, 04/01/25 (Call 07/03/23) | 475 | 465,890 | ||||||
| 8.00%, 04/01/29 (Call 04/01/24)(a)(b) | 540 | 542,889 | ||||||
| Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 06/01/28 (Call 06/01/24)(a) | 325 | 295,750 | ||||||
| EnLink Midstream Partners LP, 4.15%, 06/01/25 (Call 03/01/25) | 510 | 492,150 | ||||||
| EQM Midstream Partners LP, 6.50%, 07/15/48 (Call 01/15/48) | 480 | 392,103 | ||||||
| Holly Energy Partners LP/Holly Energy Finance Corp., 5.00%, 02/01/28 (Call 06/16/23)(a)(b) | 650 | 598,800 | ||||||
| New Fortress Energy Inc. | ||||||||
| 6.50%, 09/30/26 (Call 07/03/23)(a) | 1,370 | 1,214,156 | ||||||
| 6.75%, 09/15/25 (Call 09/15/23)(a) | 388 | 357,185 | ||||||
| NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 07/03/23)(a) | 1,280 | 1,223,013 | ||||||
| 6,891,025 | ||||||||
| Real Estate — 0.5% | ||||||||
| Kennedy-Wilson Inc. | ||||||||
| 4.75%, 03/01/29 (Call 03/01/24) | 910 | 714,921 | ||||||
| 4.75%, 02/01/30 (Call 09/01/24) | 245 | 184,669 | ||||||
| 899,590 | ||||||||
| Real Estate Investment Trusts — 3.8% | ||||||||
| Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)(a)(b) | 815 | 619,165 | ||||||
| Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL | ||||||||
| 4.50%, 04/01/27 (Call 10/01/23)(a)(b) | 270 | 215,773 | ||||||
| 5.75%, 05/15/26 (Call 06/12/23)(a)(b) | 1,390 | 1,234,362 | ||||||
| Iron Mountain Inc. | ||||||||
| 4.50%, 02/15/31 (Call 02/15/26)(a)(b) | 220 | 187,339 | ||||||
| 5.25%, 03/15/28 (Call 12/27/23)(a) | 100 | 93,555 | ||||||
| 5.63%, 07/15/32 (Call 07/15/26)(a) | 260 | 231,644 | ||||||
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | ||||||||
| 4.88%, 05/15/29 (Call 05/15/24)(a)(b) | 105 | 90,300 | ||||||
| 5.88%, 10/01/28 (Call 10/01/23)(a)(b) | 875 | 799,409 | ||||||
| 7.50%, 06/01/25 (Call 06/01/23)(a)(b) | 455 | 455,000 | ||||||
| RLJ Lodging Trust LP | ||||||||
| 3.75%, 07/01/26 (Call 07/01/23)(a) | 660 | 601,425 | ||||||
| 4.00%, 09/15/29 (Call 09/15/24)(a) | 720 | 602,100 | ||||||
| Service Properties Trust, 4.75%, 10/01/26 (Call 08/01/26) | 675 | 576,253 | ||||||
| XHR LP, 6.38%, 08/15/25 (Call 06/12/23)(a)(b) | 602 | 588,455 | ||||||
| 6,294,780 | ||||||||
| Retail — 4.7% | ||||||||
| Arko Corp., 5.13%, 11/15/29 (Call 11/15/24)(a)(b) | 675 | 531,414 | ||||||
| Bath & Body Works Inc. | ||||||||
| 6.75%, 07/01/36(b) | 615 | 548,976 | ||||||
| 6.88%, 11/01/35 | 1,210 | 1,096,136 | ||||||
| Carvana Co. | ||||||||
| 5.50%, 04/15/27 (Call 04/15/24)(a) | 875 | 521,009 | ||||||
| 5.63%, 10/01/25 (Call 10/01/23)(a) | 675 | 505,386 | ||||||
| 5.88%, 10/01/28 (Call 10/01/23)(a) | 950 | 542,032 | ||||||
| 10.25%, 05/01/30 (Call 05/01/27)(a)(b) | 300 | 201,928 | ||||||
| Dave & Buster’s Inc., 7.63%, 11/01/25 (Call 11/01/23)(a)(b) | 351 | 355,387 | ||||||
| Security | Par/ Shares (000) | Value | ||||||
| Retail (continued) | ||||||||
| FirstCash Inc. | ||||||||
| 4.63%, 09/01/28 (Call 09/01/23)(a) | $ | 670 | $ | 596,220 | ||||
| 5.63%, 01/01/30 (Call 01/01/25)(a)(b) | 725 | 658,391 | ||||||
| Gap Inc. (The) | ||||||||
| 3.63%, 10/01/29 (Call 10/01/24)(a) | 702 | 493,833 | ||||||
| 3.88%, 10/01/31 (Call 10/01/26)(a)(b) | 660 | 455,259 | ||||||
| Kohl’s Corp., 4.63%, 05/01/31 (Call 02/01/31) | 550 | 358,116 | ||||||
| Macy’s Retail Holdings LLC, 6.13%, 03/15/32 (Call 03/15/27)(a)(b) | 360 | 305,100 | ||||||
| QVC Inc., 4.75%, 02/15/27 (Call 11/15/26)(b) | 1,075 | 660,050 | ||||||
| 7,829,237 | ||||||||
| Software — 1.5% | ||||||||
| Alteryx Inc., 8.75%, 03/15/28 (Call 03/15/25)(a) | 560 | 537,427 | ||||||
| MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)(a)(b) | 775 | 674,250 | ||||||
| ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a) | 1,510 | 1,293,013 | ||||||
| 2,504,690 | ||||||||
| Telecommunications — 1.8% | ||||||||
| Frontier Communications Holdings LLC | ||||||||
| 6.75%, 05/01/29 (Call 05/01/24)(a)(b) | 1,200 | 885,149 | ||||||
| 8.63%, 03/15/31 (Call 03/15/26)(a)(b) | 195 | 179,951 | ||||||
| 8.75%, 05/15/30 (Call 05/15/25)(a)(b) | 600 | 560,988 | ||||||
| Hughes Satellite Systems Corp. | ||||||||
| 5.25%, 08/01/26 | 640 | 596,000 | ||||||
| 6.63%, 08/01/26(b) | 824 | 761,054 | ||||||
| 2,983,142 | ||||||||
| Trucking & Leasing — 0.9% | ||||||||
| Fortress Transportation and Infrastructure Investors LLC | ||||||||
| 5.50%, 05/01/28 (Call 05/01/24)(a) | 1,345 | 1,207,430 | ||||||
| 6.50%, 10/01/25 (Call 10/01/23)(a) | 275 | 267,083 | ||||||
| 1,474,513 | ||||||||
| Total Long-Term Investments — 96.0% | ||||||||
| (Cost: $165,142,117) | 158,631,400 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 21.6% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.29%(d)(e)(f) | 34,575 | 34,581,642 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 5.07%(d)(e) | 1,130 | 1,130,000 | ||||||
| Total Short-Term Securities — 21.6% | ||||||||
| (Cost: $35,706,065) | 35,711,642 | |||||||
| Total Investments — 117.6% | ||||||||
| (Cost: $200,848,182) | 194,343,042 | |||||||
| Liabilities in Excess of Other Assets — (17.6)% | (29,140,871 | ) | ||||||
| Net Assets — 100.0% | $ | 165,202,171 | ||||||
| (a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (b) | All or a portion of this security is on loan. |
| (c) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (d) | Affiliate of the Fund. |
| (e) | Annualized 7-day yield as of period end. |
| (f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
4
| Schedule of Investments (unaudited) (continued) | iShares® High Yield Bond Factor ETF |
| May 31, 2023 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 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 02/28/23 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/23 | Shares Held at 05/31/23 (000) | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 24,449,304 | $ | 10,144,634 | (a) | $ | — | $ | (3,641 | ) | $ | (8,655 | ) | $ | 34,581,642 | 34,575 | $ | 54,479 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 1,280,000 | — | (150,000 | )(a) | — | — | 1,130,000 | 1,130 | 11,991 | — | ||||||||||||||||||||||||||
| $ | (3,641 | ) | $ | (8,655 | ) | $ | 35,711,642 | $ | 66,470 | $ | — | |||||||||||||||||||||||||
| (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. |
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 each 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 | ||||||||||||||||
| Corporate Bonds & Notes | $ | — | $ | 158,631,400 | $ | — | $ | 158,631,400 | ||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 35,711,642 | — | — | 35,711,642 | ||||||||||||
| $ | 35,711,642 | $ | 158,631,400 | $ | — | $ | 194,343,042 | |||||||||
| Portfolio Abbreviation | |
| CMT | Constant Maturity Treasury |
| REIT | Real Estate Investment Trust |
5