Schedule of Investments (unaudited)	iShares® Interest Rate Hedged Long-Term Corporate Bond ETF
January 31, 2022	(Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 91.7%
iShares 10+ Year Investment Grade Corporate
Bond ETF(a)		11,594,773	$	767,226,129
Total Investment Companies — 91.7%
(Cost: $810,659,769)				767,226,129
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.00%(a)(b)		6,720,000		6,720,000
Total Short-Term Investments — 0.8%
(Cost: $6,720,000)				6,720,000
Total Investments in Securities — 92.5%
(Cost: $817,379,769)				773,946,129
Other Assets, Less Liabilities — 7.5%				62,495,620
Net Assets — 100.0%			$	836,441,749

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	2,562	(b)	$	—		$	(2,562	)	$	—		$	—		—	$	6,688	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,120,000		600,000	(b)		—			—			—			6,720,000		6,720,000		196			—
iShares 10+ Year Investment Grade Corporate Bond ETF		760,352,723		125,369,639			(73,068,128	)		3,604,193			(49,032,298	)		767,226,129		11,594,773		5,853,710			—
									$	3,601,631		$	(49,032,298	)	$	773,946,129			$	5,860,594		$	—

^(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

											Upfront
						Notional					Premium		Unrealized
Paid by the Fund		Received by the Fund		Effective	Termination	Amount					Paid		Appreciation
Rate	Frequency	Rate	Frequency	Date	Date	(000)			Value		(Received)		(Depreciation)
0.23%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	10/15/22	$	(12,900	)	$	41,740	$	59	$	41,681
0.23%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	10/19/22		(60,000	)		197,045		654		196,391
0.32%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	09/14/23		(3,000	)		41,414		11		41,403
0.32%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	09/14/23		(1,000	)		13,788		3		13,785
0.57%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	07/01/24		(9,600	)		193,640		35		193,605
1.13%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/14/25		(15,863	)		86,595		125		86,470
0.40%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	10/19/25		(26,000	)		1,131,559		301		1,131,258
0.90%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	06/04/26		(3,700	)		117,231		30		117,201

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Schedule of Investments (unaudited) (continued)	iShares® Interest Rate Hedged Long-Term Corporate Bond ETF
January 31, 2022

Centrally Cleared Interest Rate Swaps (continued)

												Upfront
						Notional						Premium			Unrealized
	Paid by the Fund	Received by the Fund		Effective	Termination	Amount						Paid			Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		(000)			Value		(Received)			(Depreciation)
0.92%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	09/14/26	$	(1,000	)	$	33,505		$	8		$	33,497
1.32%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	11/23/26		(1,000	)		16,548			9			16,539
1.10%	Annual	1-Day SOFR, 0.05%	Annual	N/A	12/24/26		(2,974	)		50,017			28			49,989
0.48%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	09/15/27		(16,575	)		1,122,802			503,353			619,449
0.78%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	10/19/30		(77,955	)		6,823,035			1,253			6,821,782
1.37%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	07/16/31		(20,375	)		893,060			(140,579	)		1,033,639
1.36%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	09/17/31		(4,400	)		203,420			68			203,352
1.40%	Annual	1-Day SOFR, 0.05%	Annual	N/A	11/16/31		(5,370	)		97,132			85			97,047
1.24%	Annual	1-Day SOFR, 0.05%	Annual	N/A	12/06/31		(5,400	)		175,202			92			175,110
1.63%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/21/32		(3,723	)		(12,361	)		64			(12,425	)
1.58%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/27/32		(3,327	)		5,819			57			5,762
1.75%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	06/17/36		(74,900	)		2,070,314			(2,426,397	)		4,496,711
1.62%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	09/09/36		(15,000	)		698,427			300			698,127
1.61%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	09/21/36		(10,100	)		472,946			195			472,751
1.49%	Annual	1-Day SOFR, 0.05%	Annual	N/A	10/01/36		(10,400	)		263,316			201			263,115
1.52%	Annual	1-Day SOFR, 0.05%	Annual	N/A	11/24/36		(2,700	)		60,381			57			60,324
1.41%	Annual	1-Day SOFR, 0.05%	Annual	N/A	12/01/36		(2,380	)		88,469			50			88,419
1.41%	Annual	1-Day SOFR, 0.05%	Annual	N/A	12/24/36		(3,780	)		141,601			80			141,521
1.67%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/11/37		(1,650	)		3,813			35			3,778
1.67%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/12/37		(14,855	)		31,336			315			31,021
1.95%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	05/10/41		(141,458	)		1,363,723			(8,565,103	)		9,928,826
1.68%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/10/42		(12,280	)		80,788			343			80,445
1.78%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/28/42		(2,139	)		(22,918	)		60			(22,978	)
1.81%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	07/01/46		(55,130	)		2,024,801			(1,921,419	)		3,946,220
1.61%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	08/24/46		(6,400	)		493,822			63,196			430,626
1.71%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	09/14/46		(7,600	)		437,913			206			437,707
1.53%	Annual	1-Day SOFR, 0.05%	Annual	N/A	09/29/46		(12,860	)		447,410			350			447,060
1.53%	Annual	1-Day SOFR, 0.05%	Annual	N/A	10/05/46		(3,550	)		120,272			98			120,174
1.57%	Annual	1-Day SOFR, 0.05%	Annual	N/A	10/20/46		(6,700	)		178,601			186			178,415
1.52%	Annual	1-Day SOFR, 0.05%	Annual	N/A	11/01/46		(4,870	)		178,947			135			178,812
1.40%	Annual	1-Day SOFR, 0.05%	Annual	N/A	11/12/46		(2,700	)		166,455			75			166,380
1.56%	Annual	1-Day SOFR, 0.05%	Annual	N/A	11/19/46		(7,300	)		204,233			203			204,030
1.54%	Annual	1-Day SOFR, 0.05%	Annual	N/A	11/26/46		(3,000	)		97,720			97			97,623
1.44%	Annual	1-Day SOFR, 0.05%	Annual	N/A	12/10/46		(10,100	)		527,374			326			527,048
1.44%	Annual	1-Day SOFR, 0.05%	Annual	N/A	12/13/46		(3,300	)		173,344			107			173,237
1.46%	Annual	1-Day SOFR, 0.05%	Annual	N/A	12/24/46		(3,800	)		187,237			123			187,114
1.70%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/11/47		(4,110	)		1,563			133			1,430
1.66%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/13/47		(4,687	)		31,562			152			31,410
2.04%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	05/07/51		(88,630	)		(1,565,896	)		(8,716,478	)		7,150,582
1.44%	Annual	1-Day SOFR, 0.05%	Annual	N/A	08/10/51		(1,000	)		55,745			30			55,715
1.70%	Semi-annual	3-Month LIBOR, 0.31%	Quarterly	N/A	08/10/51		(25,000	)		1,570,260			36,068			1,534,192
1.64%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/10/52		(5,300	)		44,659			189			44,470
1.64%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/14/52		(1,525	)		11,186			54			11,132
1.70%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/21/52		(3,558	)		(23,727	)		127			(23,854	)
									$	21,846,868		$	(21,160,250	)	$	43,007,118

Fair Value Measurements

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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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

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Schedule of Investments (unaudited) (continued)	iShares® Interest Rate Hedged Long-Term Corporate Bond ETF
January 31, 2022

Fair Value Measurements (continued)

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 Global 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
Investments
Assets
Investment Companies	$	767,226,129	$	—		$	—	$	767,226,129
Money Market Funds		6,720,000		—			—		6,720,000
	$	773,946,129	$	—		$	—	$	773,946,129
Derivative financial instruments(a)
Assets
Swaps	$	—	$	43,066,375		$	—	$	43,066,375
Liabilities
Swaps		—		(59,257	)		—		(59,257	)
	$	—	$	43,007,118		$	—	$	43,007,118

^(a) Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

Portfolio Abbreviations - Fixed Income

LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate

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