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

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 91.2%
iShares 10+ Year Investment Grade Corporate Bond ETF(a)		1,467,684	$	82,028,859
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(a)(b)		750,000		750,000
Total Short-Term Securities — 0.8%
(Cost: $750,000)				750,000
Total Investments in Securities — 92.0%
(Cost: $102,939,017)				82,778,859
Other Assets Less Liabilities — 8.0%				7,178,894
Net Assets — 100.0%			$	89,957,753

^(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, 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(a)	$	—	$	2,562	(b)	$	—		$	(2,562	)	$	—		$	—		—	$	9,319	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,120,000		—			(5,370,000	)(b)		—			—			750,000		750,000		8,417			—
iShares 10+ Year Investment Grade Corporate Bond ETF		760,352,723		209,356,991			(772,888,503	)		(89,033,536	)		(25,758,816	)		82,028,859		1,467,684		11,491,960			—
									$	(89,036,098	)	$	(25,758,816	)	$	82,778,859			$	11,509,696		$	—

^(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.

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)
1.19%	Annual	1-Day SOFR, 2.32%	Annual	N/A	08/12/22	$	(40,000	)	$	16,956		$	8	$	16,948
1.92%	Annual	1-Day SOFR, 2.32%	Annual	N/A	09/21/22		(20,000	)		12,463			16		12,447
0.23%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	10/19/22		(15,000	)		85,377			134		85,243
1.49%	Annual	1-Day SOFR, 2.32%	Annual	N/A	02/18/24		(3,800	)		85,782			15		85,767
2.48%	Annual	1-Day SOFR, 2.32%	Annual	N/A	04/13/24		(890	)		6,787			4		6,783
0.40%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	10/19/25		(3,850	)		295,295			39		295,256
3.25%	Annual	1-Day SOFR, 2.32%	Annual	N/A	06/21/27		(1,500	)		(55,035	)		15		(55,050	)
0.48%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	09/15/27		(2,335	)		248,969			79,992		168,977
0.78%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	10/19/30		(7,590	)		1,083,869			116		1,083,753
2.10%	Annual	1-Day SOFR, 2.32%	Annual	N/A	04/04/32		(3,960	)		117,231			67		117,164

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Schedule of Investments (unaudited) (continued)	iShares® Interest Rate Hedged Long-Term 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)
2.47%	Annual	1-Day SOFR, 2.32%	Annual	N/A	08/01/32	$	(750	)	$	(1,234	)	$	13		$	(1,247	)
1.75%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	06/17/36		(17,085	)		2,166,273			(498,604	)		2,664,877
1.95%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	05/10/41		(18,927	)		2,622,011			(1,131,377	)		3,753,388
1.61%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	08/24/46		(6,200	)		1,354,115			62,186			1,291,929
1.71%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	09/14/46		(4,400	)		883,567			117			883,450
1.40%	Annual	1-Day SOFR, 2.32%	Annual	N/A	11/12/46		(2,700	)		559,680			73			559,607
1.44%	Annual	1-Day SOFR, 2.32%	Annual	N/A	12/10/46		(1,550	)		308,669			49			308,620
2.04%	Semi-annual	3-Month LIBOR, 2.79%	Quarterly	N/A	05/07/51		(15,815	)		2,357,252			(1,536,479	)		3,893,731
									$	12,148,027		$	(3,023,616	)	$	15,171,643

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	$	82,028,859	$	—		$	—	$	82,028,859
Money Market Funds		750,000		—			—		750,000
	$	82,778,859	$	—		$	—	$	82,778,859
Derivative financial instruments(a)
Assets
Swaps	$	—	$	15,227,940		$	—	$	15,227,940
Liabilities
Swaps		—		(56,297	)		—		(56,297	)
	$	—	$	15,171,643		$	—	$	15,171,643

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

Portfolio Abbreviations - Fixed Income

SOFR Secured Overnight Financing Rate

LIBOR London Interbank Offered Rate

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