Schedule of Investments (unaudited)	iShares® Interest Rate Hedged Corporate Bond ETF
January 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 96.4%
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)(b)		3,036,200	$	336,623,494
Total Investment Companies
(Cost: $339,850,400)				336,623,494
Short-Term Securities
Money Market Funds — 28.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(a)(c)(d)		87,372,886		87,425,310
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(a)(c)		12,340,000		12,340,000
Total Short-Term Securities — 28.6%
(Cost: $99,763,349)				99,765,310
Total Investments in Securities — 125.0%
(Cost: $439,613,749)				436,388,804
Liabilities in Excess of Other Assets — (25.0)%				(87,216,201	)
Net Assets — 100.0%			$	349,172,603

^(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 January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	94,026,906	$	—		$	(6,636,971	)(a)	$	20,460		$	14,915	$	87,425,310		87,372,886	$	24,435	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,120,000		11,220,000	(a)		—			—			—		12,340,000		12,340,000		145,158			27
iShares iBoxx $ Investment Grade Corporate Bond ETF		644,356,037		80,825,012			(435,470,280	)		(108,506,022	)		155,418,747		336,623,494		3,036,200		5,317,826			—
									$	(108,485,562	)	$	155,433,662	$	436,388,804			$	5,487,419		$	27

^(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)
4.52%	Annual	1-Day SOFR, 4.30%	Annual	N/A	03/23/23	$	(70,000	)	$	9,712	$	54		$	9,658
4.60%	Annual	1-Day SOFR, 4.30%	Annual	N/A	04/05/23		(60,000	)		3,387		59			3,328
4.65%	Annual	1-Day SOFR, 4.30%	Annual	N/A	04/23/23		(100,000	)		3,670		126			3,544
3.27%	Annual	1-Day SOFR, 4.30%	Annual	N/A	07/15/23		(23,200	)		170,650		(12,060	)		182,710
4.32%	Annual	1-Day SOFR, 4.30%	Annual	N/A	09/26/23		(10,000	)		39,438		9			39,429

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Schedule of Investments (unaudited) (continued)	iShares® Interest Rate Hedged Corporate Bond ETF
January 31, 2023

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)
0.40%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	10/19/25	$	(47,900	)	$	4,545,640		$	101,595		$	4,444,045
0.86%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	08/23/26		(4,420	)		438,031			29			438,002
0.87%	Annual	1-Day SOFR, 4.30%	Annual	N/A	10/01/26		(7,500	)		696,078			51			696,027
1.00%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/07/26		(5,000	)		455,892			37			455,855
0.49%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	09/22/27		(62,232	)		8,431,731			571,684			7,860,047
1.19%	Annual	1-Day SOFR, 4.30%	Annual	N/A	10/20/28		(25,300	)		2,789,632			268			2,789,364
0.77%	Semi-annual	3-Month LIBOR, 4.82%	Quarterly	N/A	04/01/30		(13,514	)		2,345,993			(118,594	)		2,464,587
0.78%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	10/19/30		(27,400	)		5,041,456			392			5,041,064
1.22%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	02/12/31		(25,180	)		4,013,430			776,996			3,236,434
1.63%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	05/25/31		(1,000	)		134,667			(15,244	)		149,911
1.03%	Annual	1-Day SOFR, 4.30%	Annual	N/A	08/23/31		(1,000	)		162,384			14			162,370
1.28%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	08/23/31		(5,000	)		818,370			69			818,301
1.37%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	09/22/31		(5,460	)		862,479			77			862,402
1.24%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/15/31		(18,300	)		2,756,357			282			2,756,075
1.28%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/17/31		(3,100	)		458,854			48			458,806
0.91%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	09/25/35		(26,000	)		6,859,579			120,327			6,739,252
1.35%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/15/36		(10,500	)		2,156,597			209			2,156,388
1.34%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/21/36		(3,500	)		726,284			66			726,218
3.25%	Annual	1-Day SOFR, 4.30%	Annual	N/A	01/31/38		(1,500	)		(8,678	)		32			(8,710	)
1.11%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	10/19/40		(21,700	)		6,874,531			1,166,332			5,708,199
1.57%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	08/23/41		(3,470	)		911,228			78			911,150
0.86%	Semi-annual	3-Month LIBOR, 4.82%	Quarterly	N/A	03/30/45		(23,747	)		9,521,630			1,119,522			8,402,108
1.16%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	10/19/45		(8,783	)		3,148,818			1,177,181			1,971,637
1.06%	Semi-annual	3-Month LIBOR, 4.82%	Quarterly	N/A	09/18/50		(18,755	)		7,670,377			437,902			7,232,475
1.18%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	10/19/50		(18,750	)		7,250,395			2,368,855			4,881,540
1.29%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/07/51		(3,700	)		1,188,805			128			1,188,677
1.38%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/15/51		(3,600	)		1,091,626			125			1,091,501
									$	81,569,043		$	7,696,649		$	73,872,394

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 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 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.

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Schedule of Investments (unaudited) (continued)	iShares® Interest Rate Hedged Corporate Bond ETF
January 31, 2023

Fair Value Hierarchy as of Period End (continued)

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
Assets
Investments
Long-Term Investments
Investment Companies	$	336,623,494	$	—		$	—	$	336,623,494
Short-Term Securities
Money Market Funds		99,765,310		—			—		99,765,310
	$	436,388,804	$	—		$	—	$	436,388,804
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	—	$	73,881,104		$	—	$	73,881,104
Liabilities
Interest Rate Contracts		—		(8,710	)		—		(8,710	)
	$	—	$	73,872,394		$	—		73,872,394

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

Portfolio Abbreviation

SOFR	Secured Overnight Financing Rate
LIBOR	London Interbank Offered Rate

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