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

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.2%
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)(b)		6,337,123	$	726,297,667
Short-Term Securities
Money Market Funds — 11.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%(a)(c)(d)		84,585,647		84,577,189
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(a)(c)		360,000		360,000
Total Short-Term Securities — 11.6%
(Cost: $84,911,813)				84,937,189
Total Investments in Securities — 110.8%
(Cost: $919,725,873)				811,234,856
Liabilities in Excess of Other Assets — (10.8)%				(78,978,972	)
Net Assets — 100.0%			$	732,255,884

^(a) Affiliate of the Fund.

^(b) All or a portion of this security is on loan.

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

^(d) All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	322,620,459	$	—	$	(237,817,201	)(a)	$	(251,445	)	$	25,376		$	84,577,189		84,585,647	$	1,987,780	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,390,000		—		(7,030,000	)(a)		—			—			360,000		360,000		50,745			—
iShares iBoxx $ Investment Grade Corporate Bond ETF		709,029,875		975,997,658		(763,825,199	)		(84,363,467	)		(110,541,200	)		726,297,667		6,337,123		20,772,205			—
								$	(84,614,912	)	$	(110,515,824	)	$	811,234,856			$	22,810,730		$	—

^(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.

Derivative Financial Instruments Outstanding as of Period End

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, 2.79%	Quarterly	N/A	10/19/22	$	(47,770	)	$	271,898		$	91		$	271,807
3.27%	Annual	1-Day SOFR, 2.32%	Annual	N/A	07/15/23		(73,200	)		(156,440	)		(25,505	)		(130,935	)
3.11%	Annual	1-Day SOFR, 2.32%	Annual	N/A	07/15/24		(5,000	)		(21,598	)		(1,751	)		(19,847	)
2.96%	Annual	1-Day SOFR, 2.32%	Annual	N/A	07/27/24		(12,000	)		(18,903	)		57			(18,960	)
0.35%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	09/22/25		(21,500	)		1,633,954			5,689			1,628,265
0.40%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	10/19/25		(62,900	)		4,824,431			352,736			4,471,695
0.93%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	05/17/26		(1,000	)		67,370			7			67,363
0.93%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	05/17/26		(17,100	)		1,152,635			(5,304	)		1,157,939

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Schedule of Investments (unaudited) (continued)	iShares® Interest Rate Hedged Corporate Bond ETF
July 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)
0.86%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	08/23/26	$	(4,420	)	$	323,629		$	33		$	323,596
0.87%	Annual	1-Day SOFR, 2.32%	Annual	N/A	10/01/26		(7,500	)		484,359			57			484,302
1.01%	Annual	1-Day SOFR, 2.32%	Annual	N/A	10/29/26		(950	)		57,021			7			57,014
0.98%	Annual	1-Day SOFR, 2.32%	Annual	N/A	11/10/26		(3,512	)		215,397			28			215,369
1.32%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	11/23/26		(1,000	)		58,291			8			58,283
1.00%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/07/26		(8,100	)		497,061			70			496,991
1.06%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/15/26		(29,360	)		1,735,444			253			1,735,191
1.09%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/17/26		(18,200	)		1,057,251			157			1,057,094
0.49%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	09/22/27		(65,232	)		6,949,618			740,594			6,209,024
1.08%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	08/19/28		(2,350	)		212,316			3,892			208,424
1.19%	Annual	1-Day SOFR, 2.32%	Annual	N/A	10/20/28		(38,300	)		2,720,584			442			2,720,142
1.23%	Annual	1-Day SOFR, 2.32%	Annual	N/A	10/22/28		(1,460	)		100,371			17			100,354
1.15%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/15/28		(27,500	)		2,053,103			343			2,052,760
1.19%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/30/28		(5,590	)		406,113			70			406,043
1.21%	Annual	1-Day SOFR, 2.32%	Annual	N/A	01/04/29		(1,600	)		114,551			20			114,531
1.33%	Annual	1-Day SOFR, 2.32%	Annual	N/A	01/06/29		(12,000	)		781,451			151			781,300
1.43%	Annual	1-Day SOFR, 2.32%	Annual	N/A	01/10/29		(11,385	)		669,332			144			669,188
2.69%	Annual	1-Day SOFR, 2.32%	Annual	N/A	07/15/29		(2,400	)		(42,148	)		32			(42,180	)
2.41%	Annual	1-Day SOFR, 2.32%	Annual	N/A	08/01/29		(4,500	)		1,579			61			1,518
0.77%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	04/01/30		(18,514	)		2,465,948			(126,711	)		2,592,659
0.78%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	10/19/30		(27,400	)		3,912,723			417			3,912,306
1.22%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	02/12/31		(25,180	)		2,871,464			822,798			2,048,666
1.63%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	05/25/31		(18,080	)		1,539,460			(138,248	)		1,677,708
1.03%	Annual	1-Day SOFR, 2.32%	Annual	N/A	08/23/31		(1,000	)		114,121			15			114,106
1.28%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	08/23/31		(5,000	)		580,039			73			579,966
1.37%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	09/22/31		(10,460	)		1,143,305			154			1,143,151
1.24%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/15/31		(18,300	)		1,829,555			296			1,829,259
1.28%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/17/31		(29,900	)		2,903,367			485			2,902,882
0.91%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	09/25/35		(26,000	)		5,557,870			124,853			5,433,017
1.59%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	09/14/36		(3,200	)		474,865			60			474,805
1.44%	Annual	1-Day SOFR, 2.32%	Annual	N/A	10/05/36		(3,600	)		480,791			68			480,723
1.46%	Annual	1-Day SOFR, 2.32%	Annual	N/A	10/29/36		(8,360	)		1,093,612			161			1,093,451
1.35%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/15/36		(20,000	)		2,912,232			410			2,911,822
1.34%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/21/36		(11,500	)		1,700,507			222			1,700,285
2.68%	Annual	1-Day SOFR, 2.32%	Annual	N/A	07/27/37		(2,000	)		(29,532	)		43			(29,575	)
1.11%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	10/19/40		(21,700	)		5,594,884			1,196,606			4,398,278
1.57%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	08/23/41		(17,970	)		3,522,283			37,118			3,485,165
1.41%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/15/41		(11,600	)		2,099,531			318			2,099,213
1.48%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/30/41		(3,890	)		661,788			107			661,681
0.86%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	03/30/45		(23,747	)		8,060,096			1,141,181			6,918,915
1.16%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	10/19/45		(13,283	)		3,896,268			1,930,044			1,966,224
1.61%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	08/23/46		(610	)		133,319			4,221			129,098
1.40%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/15/46		(7,000	)		1,443,508			222			1,443,286
1.45%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/17/46		(20,500	)		4,072,727			653			4,072,074
2.73%	Annual	1-Day SOFR, 2.32%	Annual	N/A	07/22/47		(1,700	)		(61,896	)		55			(61,951	)
2.52%	Annual	1-Day SOFR, 2.32%	Annual	N/A	08/01/47		(1,000	)		2,036			33			2,003
1.06%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	09/18/50		(18,755	)		6,457,531			444,876			6,012,655
1.18%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	10/19/50		(18,750	)		6,014,716			2,405,930			3,608,786
1.63%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	09/16/51		(2,500	)		583,741			75			583,666
1.52%	Annual	1-Day SOFR, 2.32%	Annual	N/A	09/29/51		(4,900	)		974,814			148			974,666
1.29%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/07/51		(3,700	)		919,421			131			919,290
1.38%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/15/51		(19,300	)		4,414,885			679			4,414,206
1.46%	Annual	1-Day SOFR, 2.32%	Annual	N/A	01/04/52		(1,815	)		384,159			64			384,095
2.54%	Annual	1-Day SOFR, 2.32%	Annual	N/A	07/15/52		(1,700	)		(23,699	)		60			(23,759	)
									$	104,849,109		$	8,920,016		$	95,929,093

2

Schedule of Investments (unaudited) (continued)	iShares® Interest Rate Hedged Corporate Bond ETF
July 31, 2022

Fair Value Hierarchy as of Period End

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
Investment Companies	$	726,297,667	$	—		$	—	$	726,297,667
Money Market Funds		84,937,189		—			—		84,937,189
	$	811,234,856	$	—		$	—	$	811,234,856
Derivative financial instruments(a)
Assets
Swaps	$	—	$	96,256,300		$	—	$	96,256,300
Liabilities
Swaps		—		(327,207	)		—		(327,207	)
	$	—	$	95,929,093		$	—	$	95,929,093

^(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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