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

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 94.9%
iShares Core U.S. Aggregate Bond ETF(a)		49,616	$	4,916,946
Total Investment Companies
(Cost: $4,895,234)				4,916,946
Short-Term Securities
Money Market Funds — 1.9%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(a)(b)		100,000		100,000
Total Short-Term Securities — 1.9%
(Cost: $100,000)				100,000
Total Investments in Securities — 96.8%
(Cost: $4,995,234)				5,016,946
Other Assets Less Liabilities — 3.2%				163,707
Net Assets — 100.0%			$	5,180,653

^(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 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(a)	$	—	$	0	(b)	$	—		$	—		$	—	$	—	—	$	17	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		180,000		—			(80,000	)(b)		—			—		100,000	100,000		807		—
iShares Core U.S. Aggregate Bond ETF		4,717,779		—			(145,852	)		(4,526	)		349,545		4,916,946	49,616		42,226		—
									$	(4,526	)	$	349,545	$	5,016,946		$	43,050	$	—

^(a)  As of period end, the entity is no longer held.

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

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)
5.39%	At Termination	1-Day SOFR, 5.32%	At Termination	N/A	07/07/24	USD	100	$	(21	)	$	6	$	(27	)
3.01%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/11/24	USD	250		2,478			—		2,478
4.86%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/05/25	USD	300		(1,688	)		1		(1,689	)
2.87%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/11/25	USD	310		6,708			1		6,707
2.83%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/04/25	USD	30		676			—		676
3.14%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/23/25	USD	10		182			—		182
4.04%	Annual	1-Day SOFR, 5.32%	Annual	N/A	12/30/25	USD	30		58			1		57
3.69%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/27/26	USD	50		395			1		394
3.66%	Annual	1-Day SOFR, 5.32%	Annual	N/A	02/06/26	USD	20		167			—		167
3.58%	Annual	1-Day SOFR, 5.32%	Annual	N/A	04/11/26	USD	20		185			—		185
3.73%	Annual	1-Day SOFR, 5.32%	Annual	N/A	05/04/26	USD	10		61			—		61
4.45%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/05/26	USD	450		(4,977	)		3		(4,980	)

1

Schedule of Investments (unaudited) (continued)	iShares® Interest Rate Hedged U.S. Aggregate 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)
4.43%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/07/26	USD	40		$	(434	)	$	6	$	(440	)
4.56%	Annual	1-Day SOFR, 5.32%	Annual	N/A	11/14/26	USD	40			(726	)		—		(726	)
2.91%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/01/27	USD	15			403			—		403
2.80%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/11/27	USD	380			11,644			3		11,641
3.08%	Annual	1-Day SOFR, 5.32%	Annual	N/A	09/02/27	USD	10			219			1		218
4.20%	Annual	1-Day SOFR, 5.32%	Annual	N/A	10/24/27	USD	10			(165	)		—		(165	)
4.17%	Annual	1-Day SOFR, 5.32%	Annual	N/A	11/03/27	USD	10			(157	)		—		(157	)
3.98%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/05/28	USD	380			(4,864	)		3		(4,867	)
3.97%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/07/28	USD	30			(375	)		4		(379	)
2.88%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/01/29	USD	15			538			—		538
2.78%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/11/29	USD	320			13,007			4		13,003
2.64%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/22/29	USD	20			971			1		970
3.60%	Annual	1-Day SOFR, 5.32%	Annual	N/A	10/07/29	USD	10			3			—		3
4.06%	Annual	1-Day SOFR, 5.32%	Annual	N/A	10/24/29	USD	12			(281	)		—		(281	)
3.62%	Annual	1-Day SOFR, 5.32%	Annual	N/A	12/30/29	USD	10			(10	)		—		(10	)
3.32%	Annual	1-Day SOFR, 5.32%	Annual	N/A	02/07/30	USD	15			222			—		222
3.32%	Annual	1-Day SOFR, 5.32%	Annual	N/A	05/04/30	USD	10			156			—		156
3.46%	Annual	1-Day SOFR, 5.32%	Annual	N/A	06/07/30	USD	15			112			—		112
3.76%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/05/30	USD	320			(2,911	)		4		(2,915	)
3.75%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/07/30	USD	30			(267	)		12		(279	)
3.98%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/07/30	USD	15			(330	)		—		(330	)
4.02%	Annual	1-Day SOFR, 5.32%	Annual	N/A	09/07/30	USD	20			(497	)		—		(497	)
4.26%	Annual	1-Day SOFR, 5.32%	Annual	N/A	11/14/30	USD	40			(1,605	)		1		(1,606	)
2.89%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/01/32	USD	10			501			1		500
2.81%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/11/32	USD	210			11,854			3		11,851
2.61%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/22/32	USD	10			716			—		716
2.80%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/25/32	USD	10			578			—		578
2.93%	Annual	1-Day SOFR, 5.32%	Annual	N/A	09/02/32	USD	10			484			1		483
3.56%	Annual	1-Day SOFR, 5.32%	Annual	N/A	12/30/32	USD	10			17			—		17
3.81%	Annual	1-Day SOFR, 5.32%	Annual	N/A	03/06/33	USD	10			(181	)		—		(181	)
3.42%	Annual	1-Day SOFR, 5.32%	Annual	N/A	06/07/33	USD	20			272			1		271
3.61%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/05/33	USD	210			(219	)		3		(222	)
3.60%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/07/33	USD	15			(9	)		36		(45	)
3.92%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/07/33	USD	10			(258	)		—		(258	)
3.94%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/18/33	USD	20			(561	)		8		(569	)
2.89%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/11/37	USD	130			10,435			2		10,433
2.68%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/22/37	USD	10			1,034			1		1,033
2.86%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/25/37	USD	7			588			—		588
3.53%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/05/38	USD	140			1,945			3		1,942
3.53%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/07/38	USD	10			139			38		101
3.96%	Annual	1-Day SOFR, 5.32%	Annual	N/A	09/07/38	USD	10			(338	)		—		(338	)
2.86%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/11/42	USD	125			13,350			3		13,347
2.67%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/22/42	USD	10			1,336			—		1,336
2.84%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/25/42	USD	10			1,112			—		1,112
3.48%	Annual	1-Day SOFR, 5.32%	Annual	N/A	12/30/42	USD	5			120			1		119
3.45%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/05/43	USD	140			4,000			4		3,996
3.46%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/07/43	USD	14			386			74		312
3.60%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/09/44	USD	10			72			—		72
2.76%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/11/47	USD	105			14,096			3		14,093
2.56%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/05/47	USD	15			2,478			—		2,478
3.08%	Annual	1-Day SOFR, 5.32%	Annual	N/A	10/05/47	USD	10			827			1		826
3.11%	Annual	1-Day SOFR, 5.32%	Annual	N/A	03/17/48	USD	5			380			1		379
3.32%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/05/48	USD	130			5,737			5		5,732
3.34%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/07/48	USD	10			420			55		365
3.75%	Annual	1-Day SOFR, 5.32%	Annual	N/A	08/18/48	USD	15			(383	)		7		(390	)
3.52%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/09/49	USD	10			106			1		105
2.70%	Annual	1-Day SOFR, 5.32%	Annual	N/A	06/24/52	USD	3			433			—		433
2.65%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/11/52	USD	75			11,793			2		11,791

2

Schedule of Investments (unaudited) (continued)	iShares® Interest Rate Hedged U.S. Aggregate 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)
2.92%	Annual	1-Day SOFR, 5.32%	Annual	N/A	04/12/53	USD	10		$	1,047		$	—	$	1,047
3.24%	Annual	1-Day SOFR, 5.32%	Annual	N/A	05/24/53	USD	10			512			—		512
3.20%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/05/53	USD	70			4,051			2		4,049
3.22%	Annual	1-Day SOFR, 5.32%	Annual	N/A	07/07/53	USD	15			822			103		719
3.69%	Annual	1-Day SOFR, 5.32%	Annual	N/A	09/07/53	USD	10			(313	)		1		(314	)
3.44%	Annual	1-Day SOFR, 5.32%	Annual	N/A	01/09/54	USD	10			132			—		132
									$	108,388		$	412	$	107,976

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	$	4,916,946	$	—		$	—	$	4,916,946
Short-Term Securities
Money Market Funds		100,000		—			—		100,000
	$	5,016,946	$	—		$	—	$	5,016,946
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	—	$	129,641		$	—	$	129,641
Liabilities
Interest Rate Contracts		—		(21,665	)		—		(21,665	)
	$	—	$	107,976		$	—		107,976

^(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