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

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 96.6%
iShares iBoxx $ High Yield Corporate Bond ETF(a)(b)		1,699,200	$	129,699,936
Total Investment Companies
(Cost: $142,090,005)				129,699,936
Short-Term Securities
Money Market Funds — 47.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(a)(c)(d)		61,470,239		61,507,121
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(a)(c)		1,530,000		1,530,000
Total Short-Term Securities — 47.0%
(Cost: $63,024,642)				63,037,121
Total Investments in Securities — 143.6%
(Cost: $205,114,647)				192,737,057
Liabilities in Excess of Other Assets — (43.6)%				(58,516,889	)
Net Assets — 100.0%			$	134,220,168

^(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	$	50,132,602	$	11,338,338	(a)	$	—		$	24,037		$	12,144	$	61,507,121		61,470,239	$	84,814	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		880,000		650,000	(a)		—			—			—		1,530,000		1,530,000		14,193			3
iShares iBoxx $ High Yield Corporate Bond ETF		107,333,659		21,488,859			(3,771,539	)		(624,611	)		5,273,568		129,699,936		1,699,200		1,513,383			—
									$	(600,574	)	$	5,285,712	$	192,737,057			$	1,612,390		$	3

^(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)
4.42%	Annual	1-Day SOFR, 4.30%	Annual	N/A	03/06/23	$	(20,000	)	$	3,370	$	10	$	3,360
4.54%	Annual	1-Day SOFR, 4.30%	Annual	N/A	03/27/23		(15,000	)		1,804		13		1,791
4.63%	Annual	1-Day SOFR, 4.30%	Annual	N/A	04/13/23		(20,000	)		532		22		510
0.33%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	06/30/23		(1,070	)		20,101		—		20,101
0.77%	Annual	1-Day SOFR, 4.30%	Annual	N/A	01/05/24		(1,520	)		55,977		3		55,974
1.44%	Annual	1-Day SOFR, 4.30%	Annual	N/A	02/22/24		(2,600	)		90,038		7		90,031

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Schedule of Investments (unaudited) (continued)	iShares® Interest Rate Hedged High Yield 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)
1.64%	Annual	1-Day SOFR, 4.30%	Annual	N/A	03/14/24	$	(1,500	)	$	51,098		$	4		$	51,094
0.44%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	06/17/24		(6,120	)		358,351			3,589			354,762
2.94%	Annual	1-Day SOFR, 4.30%	Annual	N/A	08/04/24		(4,000	)		94,316			14			94,302
3.20%	Annual	1-Day SOFR, 4.30%	Annual	N/A	08/09/24		(1,000	)		19,740			4			19,736
3.14%	Annual	1-Day SOFR, 4.30%	Annual	N/A	08/15/24		(2,000	)		41,456			8			41,448
4.62%	Annual	1-Day SOFR, 4.30%	Annual	N/A	11/04/24		(2,000	)		(7,591	)		8			(7,599	)
4.36%	Annual	1-Day SOFR, 4.30%	Annual	N/A	11/18/24		(1,000	)		93			4			89
4.54%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/02/24		(2,000	)		(7,097	)		9			(7,106	)
4.22%	Annual	1-Day SOFR, 4.30%	Annual	N/A	01/13/25		(2,000	)		1,369			9			1,360
0.33%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	09/15/25		(16,400	)		1,547,508			3,449			1,544,059
4.22%	Annual	1-Day SOFR, 4.30%	Annual	N/A	11/01/25		(1,000	)		(9,214	)		8			(9,222	)
4.47%	Annual	1-Day SOFR, 4.30%	Annual	N/A	11/09/25		(1,500	)		(23,705	)		11			(23,716	)
3.90%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/02/25		(3,200	)		(5,469	)		24			(5,493	)
3.90%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/27/25		(1,000	)		(2,340	)		8			(2,348	)
4.02%	Annual	1-Day SOFR, 4.30%	Annual	N/A	01/05/26		(1,500	)		(8,356	)		11			(8,367	)
3.77%	Annual	1-Day SOFR, 4.30%	Annual	N/A	01/13/26		(2,000	)		2,161			16			2,145
0.87%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	06/17/26		(1,250	)		119,255			(5,009	)		124,264
0.87%	Annual	1-Day SOFR, 4.29%	Annual	N/A	09/29/26		(2,900	)		268,489			20			268,469
1.13%	Annual	1-Day SOFR, 4.30%	Annual	N/A	11/18/26		(7,600	)		652,411			53			652,358
1.32%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	11/23/26		(500	)		43,949			4			43,945
1.32%	Annual	1-Day SOFR, 4.30%	Annual	N/A	01/10/27		(3,776	)		306,076			29			306,047
1.60%	Annual	1-Day SOFR, 4.30%	Annual	N/A	02/09/27		(1,916	)		137,193			15			137,178
1.70%	Annual	1-Day SOFR, 4.30%	Annual	N/A	02/28/27		(1,172	)		80,302			9			80,293
2.64%	Annual	1-Day SOFR, 4.30%	Annual	N/A	08/15/27		(300	)		9,979			3			9,976
3.56%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/22/27		(1,000	)		(7,143	)		10			(7,153	)
3.57%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/27/27		(1,200	)		(9,051	)		12			(9,063	)
3.67%	Annual	1-Day SOFR, 4.30%	Annual	N/A	01/05/28		(500	)		(6,083	)		4			(6,087	)
3.43%	Annual	1-Day SOFR, 4.30%	Annual	N/A	01/10/28		(700	)		(1,188	)		7			(1,195	)
1.42%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	04/07/28		(9,450	)		986,646			(45,860	)		1,032,506
1.23%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	06/08/28		(5,780	)		668,467			(21,557	)		690,024
1.12%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	09/03/28		(1,960	)		245,934			20			245,914
1.14%	Annual	1-Day SOFR, 4.29%	Annual	N/A	10/12/28		(2,500	)		280,722			27			280,695
1.21%	Annual	1-Day SOFR, 4.29%	Annual	N/A	10/22/28		(2,100	)		229,084			23			229,061
1.32%	Annual	1-Day SOFR, 4.30%	Annual	N/A	01/05/29		(4,300	)		456,539			50			456,489
1.45%	Annual	1-Day SOFR, 4.30%	Annual	N/A	01/27/29		(4,450	)		446,412			52			446,360
1.73%	Annual	1-Day SOFR, 4.30%	Annual	N/A	02/28/29		(355	)		30,401			4			30,397
1.70%	Annual	1-Day SOFR, 4.30%	Annual	N/A	03/11/29		(842	)		74,036			10			74,026
2.56%	Annual	1-Day SOFR, 4.30%	Annual	N/A	08/15/29		(300	)		12,525			4			12,521
3.10%	Annual	1-Day SOFR, 4.30%	Annual	N/A	09/12/29		(800	)		8,320			10			8,310
3.44%	Annual	1-Day SOFR, 4.30%	Annual	N/A	09/22/29		(500	)		(4,905	)		7			(4,912	)
3.88%	Annual	1-Day SOFR, 4.30%	Annual	N/A	10/27/29		(700	)		(25,402	)		10			(25,412	)
3.82%	Annual	1-Day SOFR, 4.30%	Annual	N/A	11/01/29		(700	)		(23,188	)		10			(23,198	)
3.37%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/02/29		(450	)		(2,800	)		6			(2,806	)
3.44%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/27/29		(1,300	)		(14,036	)		18			(14,054	)
3.29%	Annual	1-Day SOFR, 4.30%	Annual	N/A	01/10/30		(1,500	)		(2,726	)		20			(2,746	)
0.77%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	04/01/30		(10,500	)		1,822,771			338,835			1,483,936
1.59%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	06/04/31		(2,814	)		387,181			(55,803	)		442,984
1.36%	Annual	1-Day SOFR, 4.29%	Annual	N/A	10/20/31		(830	)		115,991			12			115,979
1.28%	Annual	1-Day SOFR, 4.30%	Annual	N/A	11/30/31		(1,100	)		161,632			16			161,616
1.52%	Annual	1-Day SOFR, 4.30%	Annual	N/A	01/10/32		(328	)		42,588			5			42,583
1.61%	Annual	1-Day SOFR, 4.30%	Annual	N/A	01/12/32		(2,033	)		250,196			31			250,165
1.78%	Annual	1-Day SOFR, 4.30%	Annual	N/A	02/28/32		(100	)		11,138			2			11,136
2.76%	Annual	1-Day SOFR, 4.30%	Annual	N/A	08/23/32		(150	)		5,491			3			5,488
3.83%	Annual	1-Day SOFR, 4.30%	Annual	N/A	10/27/32		(300	)		(15,466	)		5			(15,471	)
3.37%	Annual	1-Day SOFR, 4.30%	Annual	N/A	12/27/32		(300	)		(4,171	)		5			(4,176	)
3.45%	Annual	1-Day SOFR, 4.30%	Annual	N/A	01/05/33		(300	)		(6,223	)		5			(6,228	)
0.86%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	03/30/45		(80	)		32,077			2,272			29,805

2

Schedule of Investments (unaudited) (continued)	iShares® Interest Rate Hedged High Yield 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)
0.87%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	03/30/50	$	(10	)	$	4,396	$	—	$	4,396
1.06%	Semi-annual	3-Month LIBOR, 4.81%	Quarterly	N/A	09/18/50		(15	)		6,135		37		6,098
									$	9,998,096	$	220,667	$	9,777,429

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.

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	$	129,699,936	$	—		$	—	$	129,699,936
Short-Term Securities
Money Market Funds		63,037,121		—			—		63,037,121
	$	192,737,057	$	—		$	—	$	192,737,057
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	—	$	9,963,781		$	—	$	9,963,781
Liabilities
Interest Rate Contracts		—		(186,352	)		—		(186,352	)
	$	—	$	9,777,429		$	—		9,777,429

^(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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