Schedule of Investments  (unaudited) July 31, 2020 iShares^® Interest Rate Hedged High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 97.8%
iShares iBoxx $ High Yield Corporate Bond ETF(a)		816,209	$	69,696,087
Total Investment Companies — 97.8% (Cost: $71,870,250)				69,696,087
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares,     0.12%(a)(b)		290,000		290,000
Total Short-Term Investments — 0.4% (Cost: $290,000)				290,000
Total Investments in Securities — 98.2% (Cost: $72,160,250)				69,986,087
Other Assets, Less Liabilities — 1.8%				1,269,427
Net Assets — 100.0%			$	71,255,514

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2020, for purposes of Section 2(a)(3) of the Investment CompanyAct of 1940, as amended, were as follows:

Affiliated Issuer		Value at 10/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/20	Shares Held at 07/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	49,951,105	$	—	$	(49,960,971	)(b)	$	18,399		$	(8,533	)	$	—	—	$	175,094	(c)	$	—
BlackRock Cash Funds: Treasury,
SL Agency Shares		1,324,000		—		(1,034,000	)(b)		—			—			290,000	290,000		12,653			—
iShares iBoxx $ High Yield Corporate Bond ETF		111,613,267		839,070		(38,678,718	)		(3,581,465	)		(496,067	)		69,696,087	816,209		3,493,013			—
								$	(3,563,066	)	$	(504,600	)	$	69,986,087		$	3,680,760		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  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.

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate(a)	Frequency
1.82%	Semi-annual	0.25%	Quarterly		N/A		12/09/21	$	(22,036	)	$	(482,842	)	$	(370,218	)	$	(112,624	)
2.38	Semi-annual	0.25	Quarterly		N/A		01/12/23		(11,135	)		(599,000	)		141,135			(740,135	)
2.46	Semi-annual	0.25	Quarterly		N/A		01/12/25		(11,744	)		(1,166,218	)		78,288			(1,244,506	)
1.44	Semi-annual	0.25	Quarterly		N/A		12/08/26		(138	)		(9,639	)		2,451			(12,090	)
2.23	Semi-annual	0.25	Quarterly		N/A		12/09/26		(13,175	)		(1,583,205	)		419,190			(2,002,395	)
3.25	Semi-annual	0.25	Quarterly		N/A		10/18/28		(1,062	)		(243,237	)		(212,382	)		(30,855	)
0.77	Semi-annual	0.25	Quarterly		N/A		04/01/30		(3,060	)		(76,101	)		(13,125	)		(62,976	)
0.86	Semi-annual	0.25	Quarterly		N/A		03/30/45		(10	)		(211	)		—			(211	)

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Schedule of Investments  (unaudited) (continued) July 31, 2020 iShares^® Interest Rate Hedged High Yield Bond ETF

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate(a)	Frequency
3.33%	Semi-annual	0.25%	Quarterly		N/A		10/24/48	$	(10	)	$	(6,741	)	$	(14,278	)	$	7,537
0.87	Semi-annual	0.25	Quarterly		N/A		03/30/50		(10	)		(268	)		—			(268	)
											$	(4,167,462	)	$	31,061		$	(4,198,523	)

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

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 iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of July 31, 2020. 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	$	69,696,087	$	—		$	—	$	69,696,087
Money Market Funds		290,000		—			—		290,000
	$	69,986,087	$	—		$	—	$	69,986,087
Derivative financial instruments(a)
Assets
Swaps	$	—	$	7,537		$	—	$	7,537
Liabilities
Swaps		—		(4,206,060	)		—		(4,206,060	)
	$	—	$	(4,198,523	)	$	—	$	(4,198,523	)

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

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