| Schedule of Investments (unaudited) | iShares® Evolved U.S. Healthcare Staples ETF |
| April 30, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Biotechnology — 1.7% | ||||||||
| Amgen Inc. | 365 | $ | 85,114 | |||||
| Bio-Rad Laboratories Inc., Class A(a) | 190 | 97,291 | ||||||
| Guardant Health Inc.(a) | 892 | 55,036 | ||||||
| Illumina Inc.(a) | 1,215 | 360,430 | ||||||
| Myriad Genetics Inc.(a) | 874 | 17,917 | ||||||
| NeoGenomics Inc.(a) | 1,404 | 13,268 | ||||||
| Veracyte Inc.(a) | 665 | 13,613 | ||||||
| 642,669 | ||||||||
| Commercial Services — 0.4% | ||||||||
| AMN Healthcare Services Inc.(a) | 476 | 46,529 | ||||||
| Bright Horizons Family Solutions Inc.(a) | 304 | 34,729 | ||||||
| Grand Canyon Education Inc.(a) | 287 | 27,543 | ||||||
| Progyny Inc.(a) | 498 | 19,148 | ||||||
| R1 RCM Inc.(a) | 928 | 20,899 | ||||||
| Strategic Education Inc. | 95 | 6,137 | ||||||
| 154,985 | ||||||||
| Computers — 0.1% | ||||||||
| Maximus Inc. | 403 | 29,371 | ||||||
| Cosmetics & Personal Care — 0.1% | ||||||||
| Procter & Gamble Co. (The) | 228 | 36,605 | ||||||
| Electrical Components & Equipment — 0.1% | ||||||||
| Novanta Inc.(a) | 341 | 43,887 | ||||||
| Electronics — 0.9% | ||||||||
| Agilent Technologies Inc. | 2,112 | 251,898 | ||||||
| Fortive Corp. | 1,758 | 101,085 | ||||||
| OSI Systems Inc.(a) | 81 | 6,407 | ||||||
| 359,390 | ||||||||
| Environmental Control — 0.0% | ||||||||
| Stericycle Inc.(a) | 265 | 13,300 | ||||||
| Food Service — 0.0% | ||||||||
| Healthcare Services Group Inc. | 683 | 11,673 | ||||||
| Health Care - Products — 43.0% | ||||||||
| 10X Genomics Inc., Class A(a) | 248 | 11,844 | ||||||
| Abbott Laboratories | 25,993 | 2,950,206 | ||||||
| ABIOMED Inc.(a) | 589 | 168,796 | ||||||
| Adaptive Biotechnologies Corp.(a) | 552 | 4,554 | ||||||
| Align Technology Inc.(a) | 402 | 116,544 | ||||||
| AngioDynamics Inc.(a) | 456 | 9,599 | ||||||
| AtriCure Inc.(a) | 456 | 23,680 | ||||||
| Avanos Medical Inc.(a) | 380 | 11,081 | ||||||
| Avantor Inc.(a) | 1,395 | 44,473 | ||||||
| Axogen Inc.(a) | 209 | 1,513 | ||||||
| Baxter International Inc. | 3,572 | 253,826 | ||||||
| Bio-Techne Corp. | 321 | 121,880 | ||||||
| Boston Scientific Corp.(a) | 19,857 | 836,178 | ||||||
| Bruker Corp. | 722 | 41,508 | ||||||
| Cardiovascular Systems Inc.(a)(b) | 399 | 7,461 | ||||||
| CareDx Inc.(a) | 515 | 15,677 | ||||||
| Cooper Companies Inc. (The) | 627 | 226,372 | ||||||
| Cutera Inc.(a) | 133 | 7,223 | ||||||
| Danaher Corp. | 6,635 | 1,666,248 | ||||||
| DENTSPLY SIRONA Inc. | 1,595 | 63,784 | ||||||
| Edwards Lifesciences Corp.(a) | 8,721 | 922,507 | ||||||
| Envista Holdings Corp.(a) | 1,080 | 42,790 | ||||||
| Security | Shares | Value | ||||||
| Health Care - Products (continued) | ||||||||
| Exact Sciences Corp.(a) | 1,885 | $ | 103,769 | |||||
| Glaukos Corp.(a) | 266 | 12,579 | ||||||
| Globus Medical Inc., Class A(a)(b) | 1,121 | 74,233 | ||||||
| Haemonetics Corp.(a) | 456 | 23,106 | ||||||
| Henry Schein Inc.(a) | 1,364 | 110,620 | ||||||
| Hologic Inc.(a) | 2,828 | 203,588 | ||||||
| ICU Medical Inc.(a) | 190 | 40,658 | ||||||
| IDEXX Laboratories Inc.(a) | 757 | 325,873 | ||||||
| Inari Medical Inc.(a) | 344 | 27,761 | ||||||
| Inspire Medical Systems Inc.(a)(b) | 344 | 70,781 | ||||||
| Insulet Corp.(a) | 912 | 217,959 | ||||||
| Integer Holdings Corp.(a) | 285 | 21,423 | ||||||
| Integra LifeSciences Holdings Corp.(a) | 798 | 48,806 | ||||||
| Intersect ENT Inc.(a) | 209 | 5,720 | ||||||
| Intuitive Surgical Inc.(a) | 5,219 | 1,248,907 | ||||||
| iRhythm Technologies Inc.(a) | 358 | 44,166 | ||||||
| LeMaitre Vascular Inc. | 209 | 9,031 | ||||||
| LivaNova PLC(a) | 566 | 43,390 | ||||||
| Masimo Corp.(a) | 703 | 79,418 | ||||||
| Medtronic PLC | 18,528 | 1,933,582 | ||||||
| Merit Medical Systems Inc.(a) | 646 | 40,058 | ||||||
| NanoString Technologies Inc.(a) | 434 | 8,151 | ||||||
| Natera Inc.(a) | 987 | 34,663 | ||||||
| Neogen Corp.(a) | 342 | 9,029 | ||||||
| Nevro Corp.(a) | 304 | 18,754 | ||||||
| Novocure Ltd.(a) | 649 | 49,700 | ||||||
| NuVasive Inc.(a) | 684 | 35,185 | ||||||
| Omnicell Inc.(a) | 379 | 41,375 | ||||||
| OraSure Technologies Inc.(a) | 663 | 4,071 | ||||||
| Ortho Clinical Diagnostics Holdings PLC(a) | 950 | 16,730 | ||||||
| Orthofix Medical Inc.(a) | 227 | 7,037 | ||||||
| Pacific Biosciences of California Inc.(a) | 1,350 | 8,559 | ||||||
| Patterson Companies Inc. | 762 | 23,447 | ||||||
| Penumbra Inc.(a) | 535 | 92,320 | ||||||
| PerkinElmer Inc. | 895 | 131,216 | ||||||
| Quanterix Corp.(a) | 300 | 6,657 | ||||||
| Quidel Corp.(a) | 478 | 48,096 | ||||||
| ResMed Inc. | 1,880 | 375,944 | ||||||
| Shockwave Medical Inc.(a) | 424 | 64,079 | ||||||
| Silk Road Medical Inc.(a) | 341 | 11,952 | ||||||
| STAAR Surgical Co.(a) | 512 | 29,230 | ||||||
| STERIS PLC | 549 | 123,003 | ||||||
| Stryker Corp. | 4,654 | 1,122,824 | ||||||
| Tandem Diabetes Care Inc.(a) | 648 | 62,519 | ||||||
| Teleflex Inc. | 593 | 169,373 | ||||||
| Thermo Fisher Scientific Inc. | 2,633 | 1,455,838 | ||||||
| Waters Corp.(a) | 343 | 103,936 | ||||||
| Zimmer Biomet Holdings Inc. | 2,265 | 273,499 | ||||||
| Zimvie Inc.(a) | 226 | 5,085 | ||||||
| 16,565,444 | ||||||||
| Health Care - Services — 29.1% | ||||||||
| Acadia Healthcare Co. Inc.(a) | 946 | 64,215 | ||||||
| Addus HomeCare Corp.(a) | 154 | 12,979 | ||||||
| agilon health Inc.(a)(b) | 2,006 | 35,647 | ||||||
| Amedisys Inc.(a) | 477 | 60,889 | ||||||
| Anthem Inc. | 2,691 | 1,350,694 | ||||||
| Centene Corp.(a) | 6,857 | 552,331 | ||||||
| Charles River Laboratories International Inc.(a) | 171 | 41,298 | ||||||
| Chemed Corp. | 134 | 65,846 | ||||||
| Community Health Systems Inc.(a) | 1,541 | 11,819 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® Evolved U.S. Healthcare Staples ETF |
| April 30, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Health Care - Services (continued) | ||||||||
| DaVita Inc.(a) | 991 | $ | 107,395 | |||||
| Encompass Health Corp. | 1,555 | 107,031 | ||||||
| Ensign Group Inc. (The) | 325 | 26,107 | ||||||
| Fulgent Genetics Inc.(a) | 264 | 14,488 | ||||||
| HCA Healthcare Inc. | 3,269 | 701,364 | ||||||
| Humana Inc. | 1,522 | 676,620 | ||||||
| ICON PLC(a)(b) | 110 | 24,883 | ||||||
| Invitae Corp.(a) | 1,975 | 10,487 | ||||||
| IQVIA Holdings Inc.(a) | 1,255 | 273,577 | ||||||
| Laboratory Corp. of America Holdings(a) | 1,142 | 274,400 | ||||||
| LHC Group Inc.(a) | 400 | 66,340 | ||||||
| MEDNAX Inc.(a) | 1,275 | 23,613 | ||||||
| Medpace Holdings Inc.(a) | 135 | 18,032 | ||||||
| ModivCare Inc.(a) | 134 | 13,932 | ||||||
| Molina Healthcare Inc.(a) | 562 | 176,159 | ||||||
| Oak Street Health Inc.(a) | 1,541 | 27,877 | ||||||
| OPKO Health Inc.(a) | 3,823 | 10,322 | ||||||
| Quest Diagnostics Inc. | 1,618 | 216,553 | ||||||
| Select Medical Holdings Corp. | 1,672 | 37,804 | ||||||
| Surgery Partners Inc.(a) | 475 | 24,301 | ||||||
| Syneos Health Inc., Class A(a) | 228 | 16,665 | ||||||
| Teladoc Health Inc.(a) | 1,507 | 50,876 | ||||||
| Tenet Healthcare Corp.(a) | 1,387 | 100,571 | ||||||
| U.S. Physical Therapy Inc. | 228 | 23,660 | ||||||
| UnitedHealth Group Inc. | 11,613 | 5,905,791 | ||||||
| Universal Health Services Inc., Class B | 949 | 116,281 | ||||||
| 11,240,847 | ||||||||
| Household Products & Wares — 0.3% | ||||||||
| Church & Dwight Co. Inc. | 1,081 | 105,462 | ||||||
| Machinery — 0.1% | ||||||||
| Enovis Corp.(a)(b) | 208 | 13,493 | ||||||
| Esab Corp.(a) | 208 | 9,776 | ||||||
| 23,269 | ||||||||
| Pharmaceuticals — 20.9% | ||||||||
| AbbVie Inc. | 8,434 | 1,238,786 | ||||||
| AdaptHealth Corp.(a) | 753 | 9,533 | ||||||
| AmerisourceBergen Corp. | 1,296 | 196,072 | ||||||
| Bausch Health Companies Inc.(a) | 1,062 | 20,189 | ||||||
| Becton Dickinson and Co. | 3,753 | 927,704 | ||||||
| Cardinal Health Inc. | 3,002 | 174,266 | ||||||
| Cigna Corp. | 2,908 | 717,636 | ||||||
| Covetrus Inc.(a) | 650 | 8,970 | ||||||
| CVS Health Corp. | 13,323 | 1,280,740 | ||||||
| Dexcom Inc.(a) | 1,234 | 504,188 | ||||||
| Eli Lilly & Co. | 231 | 67,482 | ||||||
| Embecta Corp.(a) | 750 | 22,822 | ||||||
| Johnson & Johnson | 10,319 | 1,862,167 | ||||||
| McKesson Corp. | 1,346 | 416,735 | ||||||
| Merck & Co. Inc. | 721 | 63,945 | ||||||
| Option Care Health Inc.(a) | 1,008 | 30,119 | ||||||
| Owens & Minor Inc. | 648 | 22,998 | ||||||
| Perrigo Co. PLC | 282 | 9,673 | ||||||
| Pfizer Inc. | 8,589 | 421,462 | ||||||
| Security | Shares | Value | ||||||
| Pharmaceuticals (continued) | ||||||||
| Premier Inc., Class A | 1,404 | $ | 50,839 | |||||
| Zoetis Inc. | 149 | 26,410 | ||||||
| 8,072,736 | ||||||||
| Real Estate Investment Trusts — 1.2% | ||||||||
| Healthpeak Properties Inc. | 1,461 | 47,935 | ||||||
| Medical Properties Trust Inc. | 4,389 | 80,714 | ||||||
| National Health Investors Inc. | 250 | 12,883 | ||||||
| Omega Healthcare Investors Inc. | 986 | 25,123 | ||||||
| Physicians Realty Trust | 1,558 | 26,704 | ||||||
| Sabra Health Care REIT Inc. | 1,520 | 17,754 | ||||||
| Ventas Inc. | 2,419 | 134,375 | ||||||
| Welltower Inc. | 1,338 | 121,504 | ||||||
| 466,992 | ||||||||
| Retail — 0.5% | ||||||||
| National Vision Holdings Inc.(a) | 362 | 13,630 | ||||||
| Walgreens Boots Alliance Inc. | 4,068 | 172,483 | ||||||
| 186,113 | ||||||||
| Software — 1.0% | ||||||||
| Allscripts Healthcare Solutions Inc.(a) | 1,324 | 27,354 | ||||||
| Apollo Medical Holdings Inc.(a) | 445 | 16,233 | ||||||
| Cerner Corp. | 2,601 | 243,558 | ||||||
| Change Healthcare Inc.(a) | 1,877 | 44,222 | ||||||
| Evolent Health Inc., Class A(a) | 984 | 27,080 | ||||||
| Outset Medical Inc.(a) | 498 | 17,370 | ||||||
| Phreesia Inc.(a) | 270 | 6,178 | ||||||
| Tabula Rasa HealthCare Inc.(a) | 190 | 640 | ||||||
| 382,635 | ||||||||
| Total Common Stocks — 99.4% | ||||||||
| (Cost: $33,514,330) | 38,335,378 | |||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 1.1% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(c)(d)(e) | 233,511 | 233,511 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(c)(d) | 196,000 | 196,000 | ||||||
| 429,511 | ||||||||
| Total Short-Term Investments — 1.1% | ||||||||
| (Cost: $429,511) | 429,511 | |||||||
| Total Investments in Securities — 100.5% | ||||||||
| (Cost: $33,943,841) | 38,764,889 | |||||||
| Other Assets, Less Liabilities — (0.5)% | (200,645 | ) | ||||||
| Net Assets — 100.0% | $ | 38,564,244 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period end. |
| (e) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
2
| Schedule of Investments (unaudited) (continued) | iShares® Evolved U.S. Healthcare Staples ETF |
| April 30, 2022 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/21 | Purchases
at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change
in Unrealized Appreciation (Depreciation) | Value
at 04/30/22 | Shares
Held at 04/30/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 175,635 | $ | 58,052 | (a) | $ | — | $ | (174 | ) | $ | (2 | ) | $ | 233,511 | 233,511 | $ | 172 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 1,006,000 | — | (810,000 | )(a) | — | — | 196,000 | 196,000 | 120 | — | ||||||||||||||||||||||||||
| $ | (174 | ) | $ | (2 | ) | $ | 429,511 | $ | 292 | $ | — | |||||||||||||||||||||||||
| (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 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 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 | ||||||||||||||||
| Common Stocks | $ | 38,335,378 | $ | — | $ | — | $ | 38,335,378 | ||||||||
| Money Market Funds | 429,511 | — | — | 429,511 | ||||||||||||
| $ | 38,764,889 | $ | — | $ | — | $ | 38,764,889 | |||||||||
| Portfolio Abbreviations - Equity | |
| REIT | Real Estate Investment Trust |
3