Schedule of Investments (unaudited)	iShares® Interest Rate Hedged Corporate Bond ETF
January 31, 2024	(Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 94.5%
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)(b)		2,454,469	$	270,408,850
Total Investment Companies
(Cost: $262,227,909)				270,408,850
Short-Term Securities
Money Market Funds — 51.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(a)(c)(d)		129,105,918		129,183,381
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(a)(c)		16,590,000		16,590,000
Total Short-Term Securities — 51.0%
(Cost: $145,772,135)				145,773,381
Total Investments in Securities — 145.5%
(Cost: $408,000,044)				416,182,231
Liabilities in Excess of Other Assets — (45.5)%				(130,124,408	)
Net Assets — 100.0%			$	286,057,823

^(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, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24	Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	107,796,134	$	21,384,852	(a)	$	—		$	9,639		$	(7,244	)	$	129,183,381	129,105,918	$	237,145	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		15,240,000		1,350,000	(a)		—			—			—			16,590,000	16,590,000		104,167			—
iShares iBoxx $ Investment Grade Corporate Bond ETF		240,053,877		23,039,801			(19,688,729	)		(359,450	)		27,363,351			270,408,850	2,454,469		2,830,893			—
									$	(349,811	)	$	27,356,107		$	416,182,231		$	3,172,205		$	—

^(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)

5.36%

At Termination

1-Day SOFR, 5.32%

At Termination

N/A

07/05/24

USD

7,000

$

(317

)

$

9

$

(326

)

0.40%

Annual

1-Day SOFR, 5.32%

Annual

N/A

10/19/25

USD

10,900

688,923

(33,956

)

722,879

1.00%

Annual

1-Day SOFR, 5.32%

Annual

N/A

12/07/26

USD

3,800

289,190

21

289,169

0.49%

Annual

1-Day SOFR, 5.32%

Annual

N/A

09/22/27

USD

61,232

6,666,722

(91,440

)

6,758,162

3.54%

Annual

1-Day SOFR, 5.32%

Annual

N/A

05/24/28

USD

1,500

7,271

13

7,258

1

Schedule of Investments (unaudited) (continued)	iShares® Interest Rate Hedged Corporate Bond ETF
January 31, 2024

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)
4.01%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/13/28	USD	2,300	$	(33,057	)	$	20		$	(33,077	)
4.05%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/31/28	USD	800		(13,484	)		8			(13,492	)
1.19%	Annual	1-Day SOFR, 5.32%	Annual	N/A	10/20/28	USD	22,300		2,341,604			197			2,341,407
4.53%	Annual	1-Day SOFR, 5.32%	Annual	N/A	10/30/28	USD	2,000		(76,508	)		19			(76,527	)
4.32%	Annual	1-Day SOFR, 5.32%	Annual	N/A	11/08/28	USD	2,000		(59,010	)		19			(59,029	)
4.15%	Annual	1-Day SOFR, 5.32%	Annual	N/A	11/22/28	USD	4,000		(90,131	)		38			(90,169	)
3.93%	Annual	1-Day SOFR, 5.32%	Annual	N/A	12/14/28	USD	900		(11,810	)		8			(11,818	)
3.58%	Annual	1-Day SOFR, 5.32%	Annual	N/A	12/28/28	USD	800		1,602			8			1,594
3.70%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/12/29	USD	2,000		(6,476	)		19			(6,495	)
3.79%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/25/29	USD	4,000		(29,528	)		40			(29,568	)
0.78%	Annual	1-Day SOFR, 5.32%	Annual	N/A	10/19/30	USD	25,400		4,219,580			(398,163	)		4,617,743
1.22%	Annual	1-Day SOFR, 5.32%	Annual	N/A	02/12/31	USD	13,180		1,920,438			146,795			1,773,643
1.03%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/23/31	USD	1,000		167,801			12			167,789
1.28%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/23/31	USD	5,000		757,026			(87,690	)		844,716
1.24%	Annual	1-Day SOFR, 5.32%	Annual	N/A	12/15/31	USD	18,300		2,918,967			253			2,918,714
1.28%	Annual	1-Day SOFR, 5.32%	Annual	N/A	12/17/31	USD	3,100		487,369			43			487,326
3.42%	Annual	1-Day SOFR, 5.32%	Annual	N/A	05/24/33	USD	1,000		12,809			15			12,794
3.55%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/05/33	USD	1,500		3,724			24			3,700
3.56%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/18/33	USD	1,500		3,918			25			3,893
4.08%	Annual	1-Day SOFR, 5.32%	Annual	N/A	09/22/33	USD	600		(23,520	)		11			(23,531	)
4.30%	Annual	1-Day SOFR, 5.32%	Annual	N/A	10/17/33	USD	1,000		(57,407	)		17			(57,424	)
4.07%	Annual	1-Day SOFR, 5.32%	Annual	N/A	11/22/33	USD	1,000		(38,974	)		17			(38,991	)
3.51%	Annual	1-Day SOFR, 5.32%	Annual	N/A	12/28/33	USD	800		5,695			14			5,681
3.65%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/12/34	USD	400		(1,882	)		7			(1,889	)
3.72%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/24/34	USD	2,000		(21,446	)		34			(21,480	)
3.77%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/25/34	USD	1,000		(14,854	)		17			(14,871	)
0.91%	Annual	1-Day SOFR, 5.32%	Annual	N/A	09/25/35	USD	26,000		6,639,340			(542,896	)		7,182,236
1.35%	Annual	1-Day SOFR, 5.32%	Annual	N/A	12/15/36	USD	6,400		1,496,515			119			1,496,396
3.53%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/18/38	USD	1,000		14,129			21			14,108
3.94%	Annual	1-Day SOFR, 5.32%	Annual	N/A	09/07/38	USD	500		(15,926	)		10			(15,936	)
4.14%	Annual	1-Day SOFR, 5.32%	Annual	N/A	11/20/38	USD	800		(44,202	)		17			(44,219	)
3.83%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/25/39	USD	600		(11,839	)		12			(11,851	)
1.11%	Annual	1-Day SOFR, 5.32%	Annual	N/A	10/19/40	USD	20,700		6,568,116			367,196			6,200,920
3.47%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/18/43	USD	1,200		30,706			33			30,673
3.78%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/31/43	USD	1,000		(17,471	)		28			(17,499	)
3.82%	Annual	1-Day SOFR, 5.32%	Annual	N/A	12/14/43	USD	500		(11,452	)		13			(11,465	)
3.52%	Annual	1-Day SOFR, 5.32%	Annual	N/A	12/28/43	USD	1,000		18,761			28			18,733
3.76%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/24/44	USD	1,000		(15,451	)		28			(15,479	)
0.86%	Annual	1-Day SOFR, 5.32%	Annual	N/A	03/30/45	USD	19,747		8,015,450			116,972			7,898,478
3.60%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/12/49	USD	400		(979	)		13			(992	)
3.68%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/19/49	USD	550		(8,405	)		18			(8,423	)
3.75%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/25/49	USD	700		(18,882	)		22			(18,904	)
1.06%	Annual	1-Day SOFR, 5.32%	Annual	N/A	09/18/50	USD	16,655		7,048,082			(409,000	)		7,457,082
1.18%	Annual	1-Day SOFR, 5.32%	Annual	N/A	10/19/50	USD	14,550		5,856,538			1,110,324			4,746,214
1.29%	Annual	1-Day SOFR, 5.32%	Annual	N/A	12/07/51	USD	3,700		1,464,061			125			1,463,936
3.13%	Annual	1-Day SOFR, 5.32%	Annual	N/A	06/27/53	USD	900		59,752			27			59,725
3.18%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/05/53	USD	1,200		70,066			37			70,029
3.27%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/07/53	USD	1,000		45,118			36			45,082
3.74%	Annual	1-Day SOFR, 5.32%	Annual	N/A	09/22/53	USD	1,000		(40,203	)		36			(40,239	)
3.87%	Annual	1-Day SOFR, 5.32%	Annual	N/A	09/26/53	USD	350		(22,357	)		12			(22,369	)
3.96%	Annual	1-Day SOFR, 5.32%	Annual	N/A	09/28/53	USD	500		(40,181	)		18			(40,199	)
4.03%	Annual	1-Day SOFR, 5.32%	Annual	N/A	11/14/53	USD	1,000		(93,410	)		35			(93,445	)
3.35%	Annual	1-Day SOFR, 5.32%	Annual	N/A	12/28/53	USD	700		20,649			25			20,624
3.52%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/12/54	USD	500		(676	)		18			(694	)
3.60%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/19/54	USD	550		(8,839	)		20			(8,859	)
3.67%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/25/54	USD	700		(20,012	)		25			(20,037	)
								$	56,991,233		$	179,826		$	56,811,407

2

Schedule of Investments (unaudited) (continued)	iShares® Interest Rate Hedged Corporate Bond ETF
January 31, 2024

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	$	270,408,850	$	—		$	—	$	270,408,850
Short-Term Securities
Money Market Funds		145,773,381		—			—		145,773,381
	$	416,182,231	$	—		$	—	$	416,182,231
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	—	$	57,660,704		$	—	$	57,660,704
Liabilities
Interest Rate Contracts		—		(849,297	)		—		(849,297	)
	$	—	$	56,811,407		$	—		56,811,407

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

Portfolio Abbreviation

SOFR Secured Overnight Financing Rate

3