NPORT-EX 2 iShares_AB_ETF.htm PART F
Schedule
of
Investments
(unaudited)
May
31,
2025
iShares
®
Agency
Bond
ETF
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Corporate
Bonds
Financial
Services
—
1.4%
Private
Export
Funding
Corp.
Series
PP
,
1.40%
,
07/15/28
............
USD
6,233‌
$
5,720,095‌
Series
RR
,
4.30%
,
12/15/28
...........
2,960‌
2,963,738‌
8,683,833‌
Total
Corporate
Bonds
—
1
.4
%
(Cost:
$
9,231,882
)
...............................
8,683,833‌
Foreign
Government
Obligations
Israel
—
0.4%
State
of
Israel
,
5.50
%
,
09/18/33
...........
2,368‌
2,497,867‌
Total
Foreign
Government
Obligations
—
0
.4
%
(Cost:
$
2,540,450
)
...............................
2,497,867‌
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
90.3%
Federal
Farm
Credit
Bank
Bonds
1.00
%
,
10/07/26
-
08/03/27
............
5,500‌
5,219,815‌
1.10
%
,
03/03/27
...................
6,000‌
5,689,503‌
1.15
%
,
08/12/30
...................
10,100‌
8,592,903‌
1.32
%
,
09/09/30
...................
3,365‌
2,879,297‌
1.38
%
,
01/14/31
...................
3,000‌
2,548,494‌
1.55
%
,
07/26/30
...................
1,000‌
879,370‌
1.69
%
,
08/20/35
...................
1,000‌
736,964‌
1.88
%
,
06/16/31
...................
1,000‌
861,589‌
2.08
%
,
01/23/30
...................
1,700‌
1,560,016‌
2.47
%
,
07/18/35
...................
1,000‌
821,129‌
3.11
%
,
08/05/48
...................
1,000‌
690,493‌
3.19
%
,
01/16/29
...................
500‌
486,448‌
3.30
%
,
03/23/32
...................
1,000‌
927,192‌
3.33
%
,
07/12/32
...................
1,000‌
935,280‌
3.38
%
,
09/15/27
...................
1,500‌
1,480,762‌
3.50
%
,
10/02/26
...................
200‌
198,636‌
3.80
%
,
04/05/32
...................
2,000‌
1,896,839‌
3.88
%
,
09/03/26
...................
1,000‌
998,276‌
4.00
%
,
08/06/27
-
04/01/30
............
5,300‌
5,295,503‌
4.25
%
,
03/20/28
-
02/28/29
............
6,800‌
6,854,907‌
4.38
%
,
06/23/26
-
04/10/29
............
9,625‌
9,697,357‌
4.50
%
,
03/02/26
-
09/22/28
............
18,515‌
18,626,661‌
4.58
%
,
04/02/29
...................
4,000‌
3,980,555‌
4.63
%
,
03/05/26
-
07/17/26
............
4,435‌
4,449,603‌
4.75
%
,
03/09/26
(a)
..................
250‌
250,796‌
4.75
%
,
05/28/26
-
04/30/29
............
6,647‌
6,723,204‌
4.82
%
,
06/23/26
...................
500‌
499,664‌
4.88
%
,
04/20/26
-
10/27/32
............
5,750‌
5,811,182‌
5.00
%
,
07/30/26
...................
255‌
257,369‌
Federal
Home
Loan
Bank
Bonds
0.83
%
,
02/10/27
...................
1,500‌
1,417,965‌
0.85
%
,
02/26/26
-
02/17/27
............
3,500‌
3,379,434‌
0.88
%
,
06/12/26
...................
500‌
483,178‌
0.90
%
,
02/26/27
...................
20,575‌
19,493,271‌
0.92
%
,
02/26/27
...................
1,000‌
945,842‌
0.96
%
,
03/05/26
...................
13,000‌
12,653,771‌
1.00
%
,
03/23/26
-
02/26/27
............
13,178‌
12,665,000‌
1.02
%
,
02/24/27
...................
1,500‌
1,421,903‌
1.10
%
,
08/20/26
...................
12,500‌
12,027,928‌
1.12
%
,
02/26/27
...................
3,000‌
2,845,889‌
1.25
%
,
12/21/26
...................
205‌
196,565‌
1.88
%
,
09/11/26
...................
2,500‌
2,430,555‌
2.01
%
,
02/17/27
...................
4,500‌
4,335,477‌
2.13
%
,
12/11/26
-
12/14/29
............
3,950‌
3,667,326‌
2.50
%
,
06/12/26
...................
3,500‌
3,438,239‌
Security
Par
(000)
Par
(000)
Value
Agency
Obligations
(continued)
2.75
%
,
03/25/27
...................
USD
3,000‌
$
2,924,167‌
3.00
%
,
09/11/26
-
03/12/27
............
6,070‌
5,985,005‌
3.25
%
,
06/09/28
-
11/16/28
............
11,315‌
11,087,227‌
3.63
%
,
09/04/26
...................
4,200‌
4,175,566‌
4.00
%
,
10/09/26
-
06/30/28
............
16,700‌
16,733,473‌
4.13
%
,
03/13/26
-
01/15/27
............
10,700‌
10,719,790‌
4.38
%
,
06/12/26
-
03/11/33
............
3,000‌
3,010,313‌
4.44
%
,
05/26/32
...................
200‌
194,849‌
4.50
%
,
03/13/26
-
03/09/29
............
2,650‌
2,673,360‌
4.63
%
,
09/11/26
-
06/08/29
............
32,165‌
32,491,247‌
4.75
%
,
06/12/26
-
03/10/34
............
5,000‌
5,060,029‌
4.75
%
,
04/09/27
(a)
..................
1,560‌
1,582,361‌
4.88
%
,
09/11/26
...................
2,400‌
2,423,439‌
5.50
%
,
07/15/36
...................
6,300‌
6,768,633‌
5.63
%
,
03/14/36
...................
1,560‌
1,676,151‌
Federal
Home
Loan
Mortgage
Corp.
0.00
%
,
12/14/29
-
11/15/38
(b)
...........
16,550‌
12,617,893‌
0.00
%
,
11/15/38
(a)
(b)
.................
3,250‌
1,707,944‌
0.80
%
,
10/27/26
...................
1,000‌
954,964‌
6.25
%
,
07/15/32
...................
12,807‌
14,376,174‌
6.75
%
,
09/15/29
-
03/15/31
............
18,110‌
20,464,412‌
Federal
National
Mortgage
Association
0.00
%
,
01/15/30
(b)
..................
910‌
749,134‌
0.75
%
,
10/08/27
(a)
..................
17,530‌
16,292,418‌
0.88
%
,
12/18/26
-
08/05/30
............
34,342‌
31,113,757‌
1.63
%
,
08/24/35
...................
5,000‌
3,671,372‌
1.88
%
,
09/24/26
...................
36,300‌
35,321,700‌
2.13
%
,
04/24/26
...................
7,950‌
7,802,768‌
5.63
%
,
07/15/37
...................
3,300‌
3,573,678‌
6.21
%
,
08/06/38
...................
2,500‌
2,842,855‌
6.25
%
,
05/15/29
...................
7,450‌
8,065,611‌
6.63
%
,
11/15/30
...................
19,852‌
22,277,619‌
7.13
%
,
01/15/30
...................
6,019‌
6,799,792‌
7.25
%
,
05/15/30
...................
10,686‌
12,231,498‌
Resolution
Funding
Corp.
Interest
STRIPS
,
0.00
%
,
01/15/30
(b)
(c)
.................
2,100‌
1,725,901‌
Resolution
Funding
Corp.
Principal
STRIPS
,
0.00
%
,
01/15/30
(b)
(c)
.................
3,500‌
2,888,130‌
Tennessee
Valley
Authority
1.50
%
,
09/15/31
...................
2,050‌
1,731,595‌
2.88
%
,
02/01/27
...................
2,385‌
2,340,117‌
3.50
%
,
12/15/42
...................
165‌
131,817‌
3.88
%
,
03/15/28
...................
3,200‌
3,196,024‌
4.25
%
,
09/15/52
-
09/15/65
............
7,879‌
6,313,979‌
4.38
%
,
08/01/34
(a)
..................
2,500‌
2,446,684‌
4.63
%
,
09/15/60
...................
3,500‌
2,965,796‌
4.65
%
,
06/15/35
...................
500‌
499,632‌
4.70
%
,
07/15/33
...................
2,662‌
2,681,068‌
4.88
%
,
01/15/48
...................
2,483‌
2,294,879‌
5.25
%
,
09/15/39
-
02/01/55
............
7,005‌
7,141,065‌
5.38
%
,
04/01/56
...................
2,600‌
2,519,508‌
5.50
%
,
06/15/38
...................
282‌
296,055‌
5.88
%
,
04/01/36
...................
7,171‌
7,809,117‌
6.15
%
,
01/15/38
...................
2,000‌
2,227,284‌
7.13
%
,
05/01/30
...................
11,247‌
12,791,893‌
Total
U.S.
Government
Sponsored
Agency
Securities
—
90
.3
%
(Cost:
$
560,082,802
)
..............................
551,621,893‌
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
Agency
Bond
ETF
2
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
May
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
,
5.00
%
,
05/15/45
......
USD
2,500‌
$
2,526,074‌
Total
U.S.
Treasury
Obligations
—
0
.4
%
(Cost:
$
2,522,498
)
...............................
2,526,074‌
Total
Long-Term
Investments
—
92.5%
(Cost:
$
574,377,632
)
..............................
565,329,667‌
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
1.2%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(d)
(e)
(f)
.................
7,122,948
7,122,948‌
Total
Money
Market
Funds
—
1
.2
%
(Cost:
$
7,122,948
)
...............................
7,122,948‌
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
6.4%
U.S.
Treasury
Bills
(c)
4.21
%
,
06/17/25
...................
14,500‌
14,474,443‌
4.24
%
,
07/03/25
...................
15,000‌
14,945,562‌
4.28
%
,
08/21/25
...................
10,000‌
9,905,907‌
Total
U.S.
Treasury
Obligations
—
6
.4
%
(Cost:
$
39,320,781
)
...............................
39,325,912‌
Total
Short-Term
Securities
—
7.6%
(Cost:
$
46,443,729
)
...............................
46,448,860‌
Total
Investments
—
100
.1
%
(Cost:
$
620,821,361
)
..............................
611,778,527‌
Liabilities
in
Excess
of
Other
Assets
—
(
0.1
)
%
.............
(
561,587‌
)
Net
Assets
—
100.0%
...............................
$
611,216,940‌
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Zero-coupon
bond.
(c)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(d)
Affiliate
of
the
Fund.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(f)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
02/28/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
05/31/25
Shares
Held
at
05/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
$
29,903,858
$
—
$
(
22,780,910
)
(a)
$
—
$
—
$
7,122,948
7,122,948
$
36,281
(b)
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
Agency
Bond
ETF
3
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
—
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for
the
asset
or
liability
(including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds,
that
may
not have
a
secondary
market,
and/
or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Corporate
Bonds
.........................................
$
—
$
8,683,833
$
—
$
8,683,833
Foreign
Government
Obligations
..............................
—
2,497,867
—
2,497,867
U.S.
Government
Sponsored
Agency
Securities
....................
—
551,621,893
—
551,621,893
U.S.
Treasury
Obligations
...................................
—
2,526,074
—
2,526,074
Short-Term
Securities
Money
Market
Funds
......................................
7,122,948
—
—
7,122,948
U.S.
Treasury
Obligations
...................................
—
39,325,912
—
39,325,912
$
7,122,948
$
604,655,579
$
—
$
611,778,527
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
STRIPS
Separate
Trading
of
Registered
Interest
&
Principal
of
Securities