Schedule of Investments  (unaudited) July 31, 2019 iShares^® Interest Rate Hedged Emerging Markets Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 95.7%
iShares J.P. Morgan USD Emerging Markets Bond ETF(a)		63,477	$	7,216,065
Total Investment Companies — 95.7% (Cost: $7,009,923)				7,216,065
Short-Term Investments
Money Market Funds — 1.8%
BlackRock Cash Funds: Treasury, SL Agency Shares,     2.25%(a)(b)		135,000		135,000
Total Short-Term Investments — 1.8% (Cost: $135,000)				135,000
Total Investments in Securities — 97.5% (Cost: $7,144,923)				7,351,065
Other Assets, Less Liabilities — 2.5%				191,599
Net Assets — 100.0%			$	7,542,664

^(a)  Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the nine months ended July 31, 2019, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 10/31/18		Shares Purchased		Shares Sold			Shares Held at 07/31/19		Value at 07/31/19		Income			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		—		0	(a)		—	$	—	$	427	(b)	$	346	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		159,121		—		(24,121	)(a)		135,000		135,000		2,561			—		—
iShares J.P. Morgan USD Emerging Markets Bond ETF		127,721		12,450		(76,694	)		63,477		7,216,065		586,044			240,364		792,844
										$	7,351,065	$	589,032		$	240,710	$	792,844

^(a) Net of purchases and sales.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective		Termination		Notional Amount				Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate(a)	Frequency	Date		Date		(000)	Value			(Received)			(Depreciation)
1.17%	Semi-annual	2.27%	Quarterly		N/A		12/08/21	$(1,679)	$	28,454		$	71,559		$	(43,105	)
2.38	Semi-annual	2.27	Quarterly		N/A		01/12/23	(40)		(718	)		(34	)		(684	)
2.46	Semi-annual	2.27	Quarterly		N/A		01/12/25	(1,682)		(55,136	)		50,290			(105,426	)
1.44	Semi-annual	2.27	Quarterly		N/A		12/08/26	(833)		25,132			83,047			(57,915	)
3.25	Semi-annual	2.27	Quarterly		N/A		10/18/28	(1,097)		(122,586	)		(25,147	)		(97,439	)
2.34	Semi-annual	2.27	Quarterly		N/A		12/08/36	(553)		(17,616	)		53,838			(71,454	)
2.41	Semi-annual	2.27	Quarterly		N/A		06/19/37	(357)		(15,244	)		4,917			(20,161	)
1.77	Semi-annual	2.27	Quarterly		N/A		12/08/46	(365)		32,367			96,620			(64,253	)
3.33	Semi-annual	2.27	Quarterly		N/A		10/24/48	(240)		(61,564	)		(24,241	)		(37,323	)
									$	(186,911	)	$	310,849		$	(497,760	)

^(a)  Represents 3-month LIBOR. Rate shown is the rate in effect as of period-end.

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Schedule of Investments  (unaudited) (continued) July 31, 2019 iShares^® Interest Rate Hedged Emerging Markets Bond ETF

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of July 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	7,216,065	$	—		$	—	$	7,216,065
Money Market Funds		135,000		—			—		135,000
	$	7,351,065	$	—		$	—	$	7,351,065
Derivative financial instruments(a)
Liabilities
Swaps	$	—	$		(497,760)	$	—	$	(497,760	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations — Fixed Income
LIBOR	London Interbank Offered Rate

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