Schedule of Investments (unaudited)	iShares® Inflation Hedged High Yield Bond ETF
July 31, 2022	(Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 94.5%
iShares iBoxx $ High Yield Corporate Bond ETF(a)		64,144	$	5,015,419
Short-Term Securities
Money Market Funds — 3.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(a)(b)		180,000		180,000
Total Short-Term Securities — 3.4%
(Cost: $180,000)				180,000
Total Investments in Securities — 97.9%
(Cost: $4,954,559)				5,195,419
Other Assets Less Liabilities — 2.1%				113,222
Net Assets — 100.0%			$	5,308,641

^(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 06/22/22(a)		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: Treasury, SL Agency Shares	$	—	$	180,000	(b)	$	—	$	—	$	—	$	180,000		180,000	$	234	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		—		4,774,559			—		—		240,860		5,015,419		64,144		10,557		—
								$	—	$	240,860	$	5,195,419			$	10,791	$	—

^(a) Commencement of operations.

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

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Inflation Swaps

										Upfront
					Notional					Premium		Unrealized
Paid by the Fund		Received by the Fund		Termination	Amount					Paid		Appreciation
Reference	Frequency	Rate	Frequency	Date	(000)			Value		(Received)		(Depreciation)
3.13%	At Termination	U.S. CPI Urban Consumers NAS	At Termination	07/12/25	$	(800	)	$	6,516	$	8	$	6,508
2.90%	At Termination	U.S. CPI Urban Consumers NAS	At Termination	07/12/27		(650	)		8,345		8		8,337
2.75%	At Termination	U.S. CPI Urban Consumers NAS	At Termination	07/12/29		(650	)		11,316		11		11,305
								$	26,177	$	27	$	26,150

OTC Inflation Swaps

Upfront

Notional

Premium

Unrealized

Paid by the Fund

Received by the Fund

Termination

Amount

Paid

Appreciation

Reference

Frequency

Rate

Frequency

Counterparty

Date

(000)

Value

(Received)

(Depreciation)

4.05%

At Termination

U.S. CPI Urban Consumers NAS

At Termination

Goldman Sachs International

06/24/24

$

(540

)

$

(2,045

)

$

—

$

(2,045

)

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Schedule of Investments (unaudited) (continued)	iShares® Inflation Hedged High Yield Bond ETF
July 31, 2022

OTC Inflation Swaps (continued)

												Upfront
						Notional						Premium		Unrealized
Paid by the Fund		Received by the Fund			Termination	Amount						Paid		Appreciation
Reference	Frequency	Rate	Frequency	Counterparty	Date	(000)			Value			(Received)		(Depreciation)
4.06%	At Termination	U.S. CPI Urban Consumers NAS	At Termination	Goldman Sachs International	06/24/24	$	(50	)	$	(198	)	$	—	$	(198	)
3.55%	At Termination	U.S. CPI Urban Consumers NAS	At Termination	Goldman Sachs International	06/24/25		(520	)		(693	)		—		(693	)
3.05%	At Termination	U.S. CPI Urban Consumers NAS	At Termination	Goldman Sachs International	06/24/27		(535	)		4,737			—		4,737
2.86%	At Termination	U.S. CPI Urban Consumers NAS	At Termination	Goldman Sachs International	06/24/29		(530	)		6,964			—		6,964
2.82%	At Termination	U.S. CPI Urban Consumers NAS	At Termination	Goldman Sachs International	06/24/32		(150	)		1,698			—		1,698
									$	10,463		$	—	$	10,463

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.

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
InvestmentCompanies	$	5,015,419	$	—		$	—	$	5,015,419
Money Market Funds		180,000		—			—		180,000
	$	5,195,419	$	—		$	—	$	5,195,419
Derivative financial instruments(a)
Assets
Swaps	$	—	$	39,549		$	—	$	39,549
Liabilities
Swaps		—		(2,936	)		—		(2,936	)
	$	—	$	36,613		$	—	$	36,613

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

Portfolio Abbreviations - Fixed Income

CPI Consumer Price Index

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