Schedule

of

Investments

(unaudited)

January

31,

2025

iShares

®

Short

Maturity

Municipal

Bond

Active

ETF

1

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Municipal

Bonds

Alabama

—

6.3%

Black

Belt

Energy

Gas

District

Series

2022C-1

,

RB

,

5.25

%

,

06/01/25

....

USD

615

$

617,522

Series

2023C

,

RB

,

5.50

%

,

06/01/26

.....

1,000

1,021,928

Series

2024D

,

RB

,

5.00

%

,

11/01/26

.....

2,000

2,037,616

Series

2024C

,

RB

,

5.00

%

,

07/01/27

.....

935

964,588

Series

2024C

,

RB

,

5.00

%

,

07/01/28

.....

1,480

1,540,818

Series

2024D

,

RB

,

5.00

%

,

11/01/29

.....

3,500

3,653,878

Series

2022E

,

RB

,

VRDN

5.00

%

,

06/01/28

(a)

5,000

5,172,548

Energy

Southeast

A

Cooperative

District

Series

2023B-1

,

RB

,

5.50

%

,

11/01/26

....

800

823,510

Series

2024B

,

RB

,

5.00

%

,

12/01/26

.....

100

102,194

Series

2023B-1

,

RB

,

5.50

%

,

05/01/27

....

1,570

1,628,349

Series

2024B

,

RB

,

5.00

%

,

06/01/27

.....

115

118,153

Series

2024B

,

RB

,

5.00

%

,

12/01/27

.....

100

103,277

Series

2024B

,

RB

,

5.00

%

,

06/01/28

.....

240

249,101

Series

2024B

,

RB

,

5.00

%

,

12/01/28

.....

250

260,718

Industrial

Development

Board

of

the

City

of

Mobile

Alabama,

Series

2008,

RB,

VRDN,

3.30%, 03/12/26

(a)

................

9,000

9,011,409

Southeast

Alabama

Gas

Supply

District

(The)

Series

2024A

,

RB

,

5.00

%

,

04/01/25

.....

3,500

3,507,077

Series

2024B

,

RB

,

5.00

%

,

05/01/25

.....

965

967,574

Series

2024B

,

RB

,

5.00

%

,

05/01/26

.....

800

812,459

Southeast

Energy

Authority

A

Cooperative

District

Series

2023B

,

RB

,

(

Royal

Bank

of

Canada

LIQ

),

5.00

%

,

06/01/25

............

170

170,650

Series

2023A

,

RB

,

5.00

%

,

07/01/25

.....

650

653,000

Series

2023B

,

RB

,

(

Royal

Bank

of

Canada

LIQ

),

5.00

%

,

06/01/26

............

185

188,125

Series

2024C

,

RB

,

5.00

%

,

11/01/26

.....

1,000

1,023,471

Series

2023B

,

RB

,

(

Royal

Bank

of

Canada

LIQ

),

5.00

%

,

06/01/27

............

1,000

1,028,895

Series

2024C

,

RB

,

5.00

%

,

11/01/27

.....

1,000

1,034,560

Series

2024C

,

RB

,

5.00

%

,

11/01/28

.....

1,000

1,043,785

Series

2025A

,

RB

,

5.00

%

,

06/01/29

.....

170

177,531

Series

2022B-1

,

RB

,

VRDN

5.00

%

,

08/01/28

(a)

...............

10,500

10,896,905

48,809,641

Arizona

—

0.7%

Arizona

Health

Facilities

Authority

(a)(b)

Series

2015B

,

RB

,

VRDN

2.50

%

,

02/06/25

3,500

3,500,816

Series

2015B

,

RB

,

VRDN

3.21

%

,

02/06/25

100

98,144

City

of

Phoenix

Civic

Improvement

Corp.,

Series

2017A,

RB,

AMT,

5.00%, 07/01/29

......

1,700

1,751,072

5,350,032

California

—

1.3%

City

of

Los

Angeles,

Series

2024,

RB,

5.00%, 06/26/25

.................

10,000

10,063,222

Colorado

—

0.6%

Colorado

School

of

Mines,

Series

2022D,

RB,

VRDN,

3.12%, 02/06/25

(a)

(b)

..........

4,715

4,735,036

Connecticut

—

1.7%

Connecticut

Housing

Finance

Authority,

Series

2020C-3,

RB,

VRDN

(TD

Bank

NA

SBPA),

2.24%, 02/06/25

(a)

................

870

870,000

Connecticut

State

Health

&

Educational

Facilities

Authority

Series

2024A

,

RB

,

5.00

%

,

07/01/25

.....

550

554,621

Series

2024A

,

RB

,

5.00

%

,

07/01/26

.....

2,050

2,109,354

Security

Par

(000)

Par

(000)

Value

Connecticut

(continued)

State

of

Connecticut

Series

2013A

,

GO

,

VRDN

3.24

%

,

02/06/25

(a)

(b)

..............

USD

4,600

$

4,587,138

Series

2023B

,

GO

,

5.00

%

,

08/01/25

.....

4,575

4,626,434

12,747,547

District

of

Columbia

—

0.7%

(a)

District

of

Columbia,

Series

A,

RB,

VRDN

(TD

Bank

NA

LOC),

1.85%, 02/03/25

.......

3,000

3,000,000

District

of

Columbia

Housing

Finance

Agency,

Series

2025B,

RB,

VRDN,

5.00%, 02/01/28

2,010

2,100,462

Metropolitan

Washington

Airports

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates,

Series

2019-XG0267,

RB,

VRDN

(Bank

of

America

NA

LOC),

2.30%, 02/10/25

(c)

(d)

...............

220

220,000

5,320,462

Florida

—

4.3%

County

of

Miami-Dade,

Series

2024A,

RB,

AMT,

5.00%, 10/01/28

.................

1,760

1,840,662

County

of

Miami-Dade

Water

&

Sewer

System,

Series

2015,

RB,

5.00%, 10/01/26

......

1,515

1,534,779

Hillsborough

County

Aviation

Authority

Series

2022A

,

RB,

AMT

,

5.00

%

,

10/01/27

.

600

623,490

Series

2024B

,

RB,

AMT

,

5.00

%

,

10/01/27

.

330

343,044

Series

2024B

,

RB,

AMT

,

5.00

%

,

10/01/28

.

3,200

3,361,692

Miami-Dade

County

Housing

Finance

Authority,

Series

2025B,

RB,

VRDN,

3.55%, 03/01/28

(a)

3,000

3,000,432

Monroe

County

School

District,

RB,

4.00%, 05/29/25

.................

7,000

7,026,407

Orlando

Utilities

Commission,

Series

2008-

1,

RB,

VRDN

(TD

Bank

NA

SBPA),

2.74%, 02/05/25

(a)

................

15,200

15,200,000

32,930,506

Georgia

—

3.3%

Development

Authority

of

Burke

County

(The),

Series

2013-1,

RB,

VRDN,

3.38%, 03/12/27

(a)

3,750

3,765,039

Main

Street

Natural

Gas,

Inc.

Series

2023B

,

RB

,

5.00

%

,

03/01/25

.....

290

290,325

Series

2024A

,

RB

,

5.00

%

,

03/01/25

.....

555

555,622

Series

2023A

,

RB

,

5.00

%

,

06/01/25

.....

750

753,226

Series

2023B

,

RB

,

5.00

%

,

09/01/25

.....

260

262,453

Series

2024B

,

RB

,

5.00

%

,

09/01/25

.....

245

247,311

Series

2024A

,

RB

,

5.00

%

,

09/01/25

.....

500

504,717

Series

2023D

,

RB

,

5.00

%

,

12/01/25

.....

550

556,480

Series

2024A

,

RB

,

5.00

%

,

03/01/26

.....

680

691,882

Series

2024B

,

RB

,

5.00

%

,

03/01/26

.....

350

356,116

Series

2019A

,

RB

,

5.00

%

,

05/15/26

.....

5,695

5,789,472

Series

2024B

,

RB

,

5.00

%

,

09/01/26

.....

200

204,996

Series

2023D

,

RB

,

5.00

%

,

12/01/26

.....

1,000

1,024,617

Series

2024B

,

RB

,

5.00

%

,

03/01/27

.....

490

505,675

Series

2022B

,

RB

,

5.00

%

,

06/01/27

.....

1,750

1,802,617

Series

2024C

,

RB

,

5.00

%

,

12/01/27

.....

750

776,122

Series

2024C

,

RB

,

5.00

%

,

12/01/28

.....

925

964,032

Series

2024E

,

RB

,

5.00

%

,

12/01/28

.....

2,220

2,313,682

Series

2024E

,

RB

,

5.00

%

,

12/01/29

.....

2,810

2,945,784

Series

2025A

,

RB

,

5.00

%

,

12/01/29

(e)

....

750

792,322

25,102,490

Hawaii

—

0.4%

State

of

Hawaii,

Series

EY,

GO,

5.00%, 10/01/27

3,405

3,449,165

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2025

iShares

®

Short

Maturity

Municipal

Bond

Active

ETF

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Illinois

—

3.6%

Chicago

Midway

International

Airport

Series

2024A

,

RB,

AMT

,

5.00

%

,

01/01/26

.

USD

1,350

$

1,369,165

Series

2024A

,

RB,

AMT

,

5.00

%

,

01/01/27

.

1,000

1,026,886

Chicago

O'Hare

International

Airport

Series

2022C

,

RB,

AMT

,

5.00

%

,

01/01/26

.

1,400

1,423,000

Series

2024C

,

RB,

AMT

,

5.00

%

,

01/01/26

.

6,000

6,095,308

Series

2024C

,

RB,

AMT

,

5.00

%

,

01/01/29

.

10,000

10,507,817

DeKalb

Park

District

Series

2025

,

GO

,

5.00

%

,

03/01/28

(

BAM

)

.

310

325,142

Series

2025

,

GO

,

5.00

%

,

03/01/29

(

BAM

)

.

325

345,506

DuPage

County

Forest

Preserve

District,

Series

2025,

GO,

5.00%, 11/01/29

..........

700

761,262

Illinois

Finance

Authority

Series

2024

,

RB

,

5.00

%

,

08/01/25

......

325

326,691

Series

2024

,

RB

,

5.00

%

,

08/01/26

......

400

405,964

Series

2024

,

RB

,

5.00

%

,

08/01/27

......

425

434,830

State

of

Illinois

Series

2024B

,

GO

,

5.00

%

,

05/01/25

.....

1,000

1,004,288

Series

2024B

,

GO

,

5.00

%

,

05/01/26

.....

2,300

2,353,558

Series

2024B

,

GO

,

5.00

%

,

05/01/28

.....

1,600

1,684,952

28,064,369

Indiana

—

2.0%

Indiana

Finance

Authority

Series

2024

,

RB

,

5.00

%

,

03/01/27

......

275

284,272

Series

2024

,

RB

,

5.00

%

,

03/01/28

......

900

942,867

Series

2024

,

RB

,

5.00

%

,

03/01/29

......

765

811,381

Series

2010A

,

RB,

AMT

,

VRDN

4.20

%

,

03/03/25

(a)

...............

6,700

6,680,116

Series

2021B

,

RB

,

VRDN

2.55

%

,

02/06/25

(a)

(b)

880

864,602

Indiana

Moral

Obligation,

Tender

Option

Bond

Trust

Receipts/Certificates,

Series

2016-

XL0019,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

2.40%, 02/06/25

(a)

(c)

(d)

..............

6,000

6,000,000

15,583,238

Iowa

—

8.1%

Iowa

Finance

Authority

Series

2016E

,

RB

,

5.00

%

,

08/15/29

.....

795

807,831

Series

2021

,

RB

,

VRDN

(

Korea

Development

Bank

LOC

),

2.50

%

,

02/06/25

(a)

(d)

.....

29,600

29,600,000

Series

2021

,

RB,

AMT

,

VRDN

(

Citibank

NA

LOC

),

3.88

%

,

04/01/26

(a)

...........

7,000

7,000,231

Series

2017D

,

RB

,

VRDN

(

Federal

Home

Loan

Bank

SBPA

),

2.22

%

,

02/06/25

(

GNMA/FNMA/FHLMC

)

(a)

..........

450

450,000

PEFA,

Inc.,

Series

2019,

RB,

VRDN,

5.00%, 09/01/26

(a)

................

24,140

24,598,879

62,456,941

Kansas

—

1.7%

City

of

Burlington

(a)

Series

2007A

,

RB

,

VRDN

2.63

%

,

02/05/25

4,000

4,000,000

Series

2007B

,

RB

,

VRDN

2.63

%

,

02/05/25

9,000

9,000,000

13,000,000

Kentucky

—

1.8%

Kentucky

Economic

Development

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates,

Series

2018-XG0161,

RB,

VRDN

(Bank

of

America

NA

LOC),

2.28%, 02/10/25

(AGM)

(a)

(c)

(d)

....................

500

500,000

Kentucky

Public

Energy

Authority

Series

2024A

,

RB

,

5.00

%

,

07/01/25

.....

315

316,306

Series

2024B

,

RB

,

5.00

%

,

08/01/25

.....

375

377,338

Security

Par

(000)

Par

(000)

Value

Kentucky

(continued)

Series

2024A

,

RB

,

5.00

%

,

07/01/26

.....

USD

375

$

380,516

Series

2024A

,

RB

,

5.00

%

,

07/01/27

.....

425

435,145

Series

2024B

,

RB

,

5.00

%

,

08/01/27

.....

865

890,089

Series

2023A-1

,

RB

,

5.00

%

,

08/01/28

....

490

508,839

Series

2024B

,

RB

,

5.00

%

,

08/01/28

.....

920

955,372

Series

2018C-1

,

RB

,

VRDN

4.00

%

,

06/01/25

(a)

...............

4,000

4,006,262

Kentucky

State

Property

&

Building

Commission

Series

2024B

,

RB

,

5.00

%

,

11/01/25

.....

5,250

5,335,352

Series

A

,

RB

,

5.00

%

,

11/01/25

.........

375

381,096

14,086,315

Louisiana

—

4.7%

(a)

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Auth,

Series

2002,

RB,

VRDN,

2.75%, 02/06/25

.

6,000

6,000,000

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority,

Series

2001,

RB,

VRDN,

2.75%, 02/06/25

.................

4,000

4,000,000

Parish

of

St

James,

Series

2010B-1,

RB,

VRDN,

2.43%, 02/05/25

.................

26,500

26,500,000

36,500,000

Maine

—

1.3%

Maine

State

Housing

Authority,

Series

2024E,

RB,

VRDN,

3.25%, 11/15/25

(a)

.........

10,000

9,997,755

Massachusetts

—

2.2%

City

of

Quincy

Series

2024

,

GO

,

5.00

%

,

05/01/25

......

1,180

1,186,585

Series

2024

,

GO

,

5.00

%

,

05/01/26

......

1,240

1,277,317

Series

2024

,

GO

,

5.00

%

,

05/01/27

......

1,300

1,368,508

Series

2024

,

GO

,

5.00

%

,

05/01/28

......

1,370

1,471,629

Series

2024

,

GO

,

5.00

%

,

05/01/29

......

1,435

1,570,880

Massachusetts

Bay

Transportation

Authority,

TECP

(TD

Bank

NA

SBPA),

2.77%, 03/06/25

5,200

5,199,737

Massachusetts

Water

Resources

Authority

(TD

Bank

NA

LOC),

2.85%, 05/07/25

.......

4,000

3,999,946

Town

of

Sharon,

GO,

4.50%, 02/27/25

.....

1,000

1,001,204

17,075,806

Michigan

—

0.6%

Michigan

Strategic

Fund,

Series

2001,

RB,

0.58%, 08/01/27

.................

2,700

2,731,496

Okemos

Public

Schools,

Series

2024II,

GO,

5.00%, 05/01/26

(Q-SBLF)

..........

1,200

1,232,940

Walled

Lake

Consolidated

School

District

Series

2024

,

GO

,

5.00

%

,

05/01/25

(

Q-SBLF

)

405

407,051

Series

2024

,

GO

,

5.00

%

,

05/01/26

(

Q-SBLF

)

475

488,039

4,859,526

Minnesota

—

0.6%

City

of

Minneapolis,

Series

2009,

RB,

VRDN

(Wells

Fargo

Bank

NA

SBPA),

2.25%, 02/06/25

(a)

................

1,800

1,800,000

Minneapolis-St

Paul

Metropolitan

Airports

Commission,

Series

2024B,

RB,

AMT,

5.00%, 01/01/28

.................

2,850

2,978,069

4,778,069

Mississippi

—

0.0%

Mississippi

Business

Finance

Corp.,

Series

2010B,

RB,

VRDN,

2.24%, 02/05/25

(a)

....

200

200,000

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2025

iShares

®

Short

Maturity

Municipal

Bond

Active

ETF

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Missouri

—

0.3%

Missouri

State

Health

&

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates,

Series

2018C-16,

RB,

VRDN

(Royal

Bank

of

Canada

LOC),

2.30%, 02/06/25

(a)

(c)

(d)

..............

USD

2,000

$

2,000,000

Nebraska

—

2.4%

County

of

Douglas,

Series

2021B,

RB,

VRDN,

2.78%, 02/06/25

(a)

(b)

(d)

..............

3,400

3,354,157

Lincoln

Nebraska

Electric,

TECP

(JPMorgan

Chase

Bank

NA

SBPA),

3.12%, 02/13/25

..

5,000

5,000,605

Omaha

Nebraska

Airport

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates,

Series

2024-XG0593,

RB,

VRDN

(Bank

of

America

NA

LIQ),

2.45%, 02/10/25

(AGC)

(a)

(c)

(d)

10,000

10,000,000

18,354,762

Nevada

—

0.2%

Reno-Tahoe

Airport

Authority,

Series

2024A,

RB,

AMT,

5.00%, 07/01/29

.............

1,260

1,330,233

New

Hampshire

—

2.7%

(a)

New

Hampshire

Business

Finance

Authority,

Series

2018A,

RB,

AMT,

VRDN,

4.50%, 07/01/25

.................

15,000

15,018,236

New

Hampshire

Housing

Finance

Authority,

Series

2024D,

RB,

VRDN,

3.58%, 07/01/25

(GNMA/FNMA/FHLMC)

............

5,950

5,951,615

20,969,851

New

Jersey

—

4.5%

Borough

of

Haledon,

GO,

4.00%, 09/25/25

..

3,338

3,348,151

Borough

of

Manasquan,

GO,

4.00%, 10/01/25

2,711

2,725,635

Borough

of

Pompton

Lakes,

GO,

4.50%, 06/06/25

.................

700

703,980

Essex

County

Improvement

Authority,

Series

2024,

RB,

5.00%, 06/18/25

(GTD)

......

8,295

8,358,888

Jersey

City

Municipal

Utilities

Authority,

Series

2024B,

RB,

5.00%, 05/01/25

(GTD)

.....

3,550

3,562,974

New

Jersey

Higher

Education

Student

Assistance

Authority,

Series

2024B,

RB,

AMT,

5.00%, 12/01/27

.................

1,600

1,657,837

Township

of

Bordentown,

GO,

4.50%, 04/01/25

1,000

1,002,616

Township

of

Egg

Harbor,

GO,

4.00%, 08/07/25

900

904,677

Township

of

Maplewood,

GO,

4.00%, 10/07/25

5,100

5,129,206

Township

of

Mount

Holly,

GO,

4.00%, 09/24/25

3,417

3,432,587

Township

of

Pemberton,

GO,

4.50%, 05/27/25

3,477

3,492,916

34,319,467

New

Mexico

—

0.1%

New

Mexico

Mortgage

Finance

Authority,

Series

2023,

RB,

VRDN,

5.00%, 09/01/25

(a)

.....

970

973,141

New

York

—

11.5%

Babylon

Union

Free

School

District,

GO,

4.00%, 06/24/25

(SAW)

............

3,100

3,105,783

Hempstead

Town

Local

Development

Corp.,

Series

2021A,

RB,

5.00%, 07/01/25

.....

520

524,666

Lafayette

Central

School

District,

Series

2024,

GO,

4.50%, 06/20/25

(SAW)

.........

1,000

1,005,329

Monroe

County

Industrial

Development

Corp.,

Series

2023B-1,

RB,

VRDN,

5.00%, 07/01/27

(a)

................

4,000

4,162,355

New

York

City

Housing

Development

Corp.,

Series

2024F-2,

RB,

VRDN,

3.40%, 01/02/29

(a)

................

10,000

9,901,144

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

City

Municipal

Water

Finance

Authority,

Series

AA-6,

RB,

VRDN

(Mizuho

Bank

Ltd.

SBPA),

1.80%, 02/03/25

(a)

.....

USD

20,190

$

20,190,000

New

York

City

Transitional

Finance

Authority

Series

2025D

,

RB

,

5.00

%

,

05/01/26

.....

4,450

4,576,007

Series

2025D

,

RB

,

5.00

%

,

05/01/29

.....

2,500

2,717,757

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2019C-4,

RB,

VRDN

(Barclays

Bank

plc

SBPA),

1.85%, 02/03/25

(a)

................

9,815

9,815,000

Onondaga

County

Resource

Recovery

Agency,

Series

2015A,

RB,

AMT,

5.00%, 05/01/27

(AGM)

.......................

2,830

2,842,437

Palmyra

Macedon

Central

School

District,

GO,

4.50%, 06/17/25

(SAW)

............

4,320

4,339,976

Schodack

Central

School

District,

GO,

4.00%, 07/15/25

(SAW)

............

1,200

1,203,169

Town

of

Ossining,

GO,

4.50%, 08/01/25

....

3,536

3,561,950

Triborough

Bridge

&

Tunnel

Authority,

Series

2022E-2A,

RB,

VRDN,

3.96%, 02/03/25

,(1-

day

SOFR

+

1.05%)

(a)

(b)

............

11,000

10,997,539

Union

Endicott

Central

School

District,

GO,

4.50%, 06/27/25

(SAW)

............

4,800

4,818,899

Webutuck

Central

School

District,

GO,

4.50%, 06/20/25

(SAW)

............

4,700

4,721,764

88,483,775

North

Carolina

—

2.2%

Cumberland

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority,

Series

2024,

RB,

AMT,

VRDN,

3.75%, 11/01/25

(a)

.

15,000

15,012,974

Durham

Capital

Financing

Corp.,

Series

2016,

RB,

5.00%, 12/01/28

..............

1,000

1,035,066

North

Carolina

Housing

Finance

Agency,

Series

56,

RB,

VRDN,

3.38%, 07/15/25

(GNMA/

FNMA/FHLMC)

(a)

................

655

654,490

16,702,530

North

Dakota

—

0.1%

North

Dakota

Housing

Finance

Agency,

Series

2015E,

RB,

VRDN

(TD

Bank

NA

SBPA),

2.25%, 02/06/25

(a)

................

675

675,000

Ohio

—

2.1%

City

of

Hamilton,

Series

2024,

GO,

4.00%, 12/17/25

.................

2,900

2,923,978

City

of

Miamisburg,

Series

2025,

GO,

3.75%, 02/10/26

(e)

................

2,000

2,014,297

Columbus

Regional

Airport

Authority,

Series

2025A,

RB,

AMT,

5.00%, 01/01/30

(e)

.....

1,675

1,778,331

Ohio

Air

Quality

Development

Authority,

Series

2005C,

RB,

AMT,

3.70%, 04/01/28

......

3,250

3,217,131

Ohio

Higher

Educational

Facility

Commission,

Series

2021B,

RB,

VRDN,

2.48%, 02/06/25

(a)

(b)

6,500

6,418,225

16,351,962

Oklahoma

—

0.8%

Garfield

County

Industrial

Authority,

Series

2024A,

RB,

VRDN,

2.35%, 02/05/25

(a)

....

5,400

5,400,000

Oklahoma

Industries

Authority,

Series

2024,

RB,

5.00%, 04/01/26

.................

400

409,665

University

of

Oklahoma

(The),

Series

2024A,

RB,

5.00%, 07/01/25

(BAM)

..........

300

302,492

6,112,157

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2025

iShares

®

Short

Maturity

Municipal

Bond

Active

ETF

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oregon

—

1.6%

State

of

Oregon

Housing

&

Community

Services

Department,

Series

2024R,

RB,

VRDN,

4.00%, 01/01/29

(a)

................

USD

12,000

$

12,121,190

Pennsylvania

—

2.6%

Allegheny

County

Hospital

Development

Authority,

Series

2017D-2

,

Sub-Series

D,

RB,

VRDN,

2.83%, 02/06/25

(a)

(b)

..........

1,000

997,644

Allegheny

County

Sanitary

Authority,

Series

2024,

RB,

5.00%, 12/01/25

..........

1,650

1,680,409

General

Authority

of

Southcentral

Pennsylvania,

Series

2015,

RB,

5.00%, 12/01/25

......

1,530

1,556,565

Luzerne

County

Industrial

Development

Authority,

Series

2017,

RB,

5.00%, 12/15/27

(AGM)

.......................

1,000

1,015,015

Pennsylvania

Economic

Development

Financing

Authority

(a)

Series

2019A

,

RB,

AMT

,

VRDN

4.25

%

,

08/01/25

................

7,000

7,026,967

Series

2019B-2

,

RB,

AMT

,

VRDN

4.20

%

,

07/15/25

................

2,780

2,778,294

Pennsylvania

Housing

Finance

Agency,

Series

2023-141B,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

2.30%, 02/05/25

(a)

......

2,500

2,500,000

Pennsylvania

Turnpike

Commission,

Series

2020,

RB,

VRDN

(TD

Bank

NA

LOC),

2.24%, 02/06/25

(a)

................

500

500,000

State

Public

School

Building

Authority,

Series

2025,

RB,

5.00%, 05/01/28

(AGC)

(e)

.....

1,870

1,983,725

20,038,619

South

Carolina

—

0.4%

South

Carolina

Public

Service

Authority

Series

2024A

,

RB

,

5.00

%

,

12/01/26

.....

675

698,746

Series

2024A

,

RB

,

5.00

%

,

12/01/27

.....

485

510,279

Series

2024A

,

RB

,

5.00

%

,

12/01/28

.....

485

517,991

South

Carolina

Public

Service

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates,

Series

2022-XG0398,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

2.37%, 02/06/25

(BAM-

TCRS)

(a)

(c)

(d)

....................

1,000

1,000,000

2,727,016

South

Dakota

—

0.1%

South

Dakota

Housing

Development

Authority,

Series

2022D,

RB,

VRDN

(Federal

Home

Loan

Bank

LIQ),

2.25%, 02/06/25

(a)

.....

600

600,000

Tennessee

—

5.2%

Metropolitan

Government

of

Nashville

&

Davidson

County

Water

&

Sewer

TECP

,

3.30

%

,

02/05/25

.............

10,000

10,000,527

TECP

,

3.05

%

,

03/17/25

.............

6,900

6,899,968

Tennergy

Corp.

Series

2022A

,

RB

,

5.25

%

,

12/01/25

.....

575

578,684

Series

2024A

,

RB

,

5.00

%

,

06/01/28

.....

210

219,919

Series

2024A

,

RB

,

5.00

%

,

06/01/29

.....

625

659,026

Series

2021A

,

RB

,

VRDN

4.00

%

,

09/01/28

(a)

3,435

3,465,415

Tennessee

Energy

Acquisition

Corp.

Series

2006A

,

RB

,

5.25

%

,

09/01/26

.....

3,355

3,401,320

Series

2006B

,

RB

,

5.63

%

,

09/01/26

.....

5,925

6,083,025

Series

2023A-1

,

RB

,

VRDN

5.00

%

,

05/01/28

(a)

...............

5,000

5,171,675

Security

Par

(000)

Par

(000)

Value

Tennessee

(continued)

Tennessee

Housing

Development

Agency,

Series

2024-3C,

RB,

VRDN,

3.50%, 10/01/25

(a)

................

USD

3,520

$

3,520,565

40,000,124

Texas

—

14.1%

Board

of

Regents

of

the

University

of

Texas

System

TECP

,

3.20

%

,

02/05/25

.............

5,000

5,000,385

TECP

,

3.28

%

,

02/05/25

.............

4,000

4,000,282

TECP

,

3.10

%

,

02/13/25

.............

5,000

5,000,749

TECP

,

3.12

%

,

05/12/25

.............

6,500

6,504,232

TECP

,

2.85

%

,

05/22/25

.............

3,200

3,199,966

TECP

,

2.85

%

,

07/01/25

.............

6,000

5,999,912

Series

2025A

,

RB

,

5.00

%

,

08/15/28

(e)

....

10,000

10,719,874

City

of

Austin

Combined

Utility

Systems,

TECP

(JPMorgan

Chase

Bank

NA

SBPA),

3.10%, 03/06/25

.................

1,360

1,360,303

City

of

Galveston

Series

2024A

,

RB,

AMT

,

5.00

%

,

08/01/26

.

625

637,702

Series

2024A

,

RB,

AMT

,

5.00

%

,

08/01/27

.

650

669,789

Series

2024A

,

RB,

AMT

,

5.00

%

,

08/01/28

.

725

753,146

City

of

Lubbock

Water

&

Wastewater

Series

2024

,

RB

,

5.00

%

,

02/15/26

......

2,200

2,247,029

Series

2024

,

RB

,

5.00

%

,

02/15/27

......

5,620

5,847,100

Series

2024

,

RB

,

5.00

%

,

02/15/28

......

2,250

2,380,878

Comal

Independent

School

District,

Series

2024,

GO,

5.00%, 02/15/26

(PSF)

..........

2,500

2,555,829

El

Paso

Electric

Co.

TECP

,

3.35

%

,

02/12/25

.............

3,500

3,500,553

TECP

,

3.25

%

,

03/06/25

.............

3,200

3,200,701

TECP

,

3.25

%

,

03/13/25

.............

3,200

3,200,852

Lamar

Consolidated

Independent

School

District,

Series

2024A,

GO,

5.00%, 02/15/26

(PSF)

.

5,000

5,111,920

Mission

Economic

Development

Corp.

(a)

Series

2020B

,

RB,

AMT

,

VRDN

4.12

%

,

03/03/25

................

5,750

5,743,315

Series

2020A

,

RB,

AMT

,

VRDN

4.25

%

,

02/03/25

(e)

...............

3,500

3,500,000

Plano

Independent

School

District,

Series

2025,

GO,

5.00%, 02/15/29

(PSF)

(e)

.........

4,500

4,858,533

San

Antonio

Water

System,

Series

2016A,

RB,

5.00%, 05/15/29

.................

1,010

1,032,687

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.,

Series

2024B,

RB,

5.00%, 07/01/26

.................

875

898,442

Tarrant

County

Housing

Finance

Corp.,

Series

2025,

RB,

VRDN,

3.60%, 02/01/28

(a)

.....

3,000

3,008,811

Tarrant

Regional

Water

District

Water

Supply

System,

Series

2015,

RB,

5.00%, 03/01/28

1,260

1,261,862

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Series

2021

,

RB

,

5.00

%

,

12/15/25

......

4,690

4,738,343

Series

2021

,

RB

,

5.00

%

,

12/15/26

......

1,850

1,889,345

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

V

Series

2024

,

RB

,

5.00

%

,

01/01/26

......

550

556,835

Series

2024

,

RB

,

5.00

%

,

01/01/28

......

750

777,093

Series

2024

,

RB

,

5.00

%

,

01/01/29

......

1,050

1,099,420

Texas

State

University

System,

Series

2024,

RB,

5.00%, 03/15/25

.................

2,755

2,761,598

Tomball

Independent

School

District,

Series

2024,

GO,

5.00%, 02/15/26

(PSF)

......

4,250

4,347,174

108,364,660

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2025

iShares

®

Short

Maturity

Municipal

Bond

Active

ETF

5

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

January

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Par

(000)

Par

(000)

Value

Utah

—

0.1%

City

of

Salt

Lake

City,

Series

2018A,

RB,

AMT,

5.00%, 07/01/29

.................

USD

1,000

$

1,044,256

Virginia

—

0.9%

Virginia

Housing

Development

Authority

Series

2024H

,

RB

,

3.60

%

,

12/01/28

.....

1,450

1,445,916

Series

2024H

,

RB

,

3.63

%

,

06/01/29

.....

3,965

3,944,124

Winchester

Economic

Development

Authority,

Series

2024A,

RB,

5.00%, 01/01/28

.....

1,090

1,144,355

6,534,395

Washington

—

2.8%

County

of

Spokane

Series

2024B

,

RB,

AMT

,

5.00

%

,

01/01/26

.

720

729,329

Series

2024B

,

RB,

AMT

,

5.00

%

,

01/01/27

.

1,600

1,640,157

Series

2024B

,

RB,

AMT

,

5.00

%

,

01/01/28

.

1,625

1,681,598

Series

2024B

,

RB,

AMT

,

5.00

%

,

01/01/29

.

1,760

1,837,261

Port

of

Seattle,

Series

2024B,

RB,

AMT,

5.00%, 07/01/28

.................

6,250

6,517,852

State

of

Washington,

Series

R-2024C,

GO,

5.00%, 08/01/25

.................

8,000

8,089,800

Washington

Health

Care

Facilities

Authority,

Series

2019B-2,

RB,

VRDN,

5.00%, 08/01/25

(a)

................

800

800,873

21,296,870

West

Virginia

—

0.1%

West

Virginia

Economic

Development

Authority,

Series

2015A,

RB,

VRDN,

3.38%, 06/15/28

(a)

1,000

997,954

Wisconsin

—

1.3%

State

of

Wisconsin,

Series

2024-2,

GO,

5.00%, 05/01/26

.................

7,000

7,197,179

Wisconsin

Health

&

Educational

Facilities

Authority,

Series

2018C-2,

RB,

VRDN,

2.43%, 02/06/25

(a)

(b)

...............

2,000

1,985,897

Security

Par

(000)

Par

(000)

Value

Wisconsin

(continued)

Wisconsin

Housing

&

Economic

Development

Authority

Home

Ownership,

Series

2016C,

RB,

VRDN

(Royal

Bank

of

Canada

SBPA),

2.25%, 02/06/25

(FNMA)

(a)

...........

USD

710

$

710,000

9,893,076

Total

Long-Term

Investments

—

102

.0

%

(Cost:

$

783,447,236

)

..............................

785,001,158

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

0.0%

BlackRock

Liquidity

MuniCash

Funds:

Institutional

Shares

,

1.99

%

(f)

(g)

.........

159,246

159,262

Total

Short-Term

Securities

—

0.0

%

(Cost:

$

159,262

)

.................................

159,262

Total

Investments

—

102

.0

%

(Cost:

$

783,606,498

)

..............................

785,160,420

Liabilities

in

Excess

of

Other

Assets

—

(

2.0

)

%

.............

(

15,176,922

)

Net

Assets

—

100.0%

...............................

$

769,983,498

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

These

securities

are

short-term

floating

rate

certificates

issued

by

tender

option

bond

trusts

and

are

secured

by

the

underlying

municipal

bond

securities.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

When-issued

security.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

10/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/25

Shares

Held

at

01/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

MuniCash

Funds:

Institutional

Shares

$

192,950

$

—

$

(

33,688

)

(a)

$

—

$

—

$

159,262

159,246

$

44,371

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2025

iShares

®

Short

Maturity

Municipal

Bond

Active

ETF

6

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

—

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability

(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,

that

may

not have

a

secondary

market,

and/

or

may

have

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

Municipal

Bonds

.........................................

$

—

$

785,001,158

$

—

$

785,001,158

Short-Term

Securities

Money

Market

Funds

......................................

159,262

—

—

159,262

$

159,262

$

785,001,158

$

—

$

785,160,420

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

AGC

Assured

Guaranty

Corp.

AGM

Assured

Guaranty

Municipal

Corp.

AMT

Alternative

Minimum

Tax

BAM

Build

America

Mutual

Assurance

Co.

BAM-TCRS

Build

America

Mutual

Assurance

Co.

-

Transferable

Custodial

Receipts

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

Bonds

GTD

Guaranteed

LIQ

Liquidity

Agreement

LOC

Letter

of

Credit

PSF

Permanent

School

Fund

Q-SBLF

Qualified

School

Bond

Loan

Fund

RB

Revenue

Bonds

SAW

State

Aid

Withholding

SBPA

Stand-by-Bond

Purchase

Agreement

SOFR

Secured

Overnight

Financing

Rate

TECP

Tax-Exempt

Commercial

Paper

VRDN

Variable

Rate

Demand

Notes