NPORT-EX 2 NPORT_2QA2_82697173_0125.htm EDGAR HTML
Schedule of Investments (unaudited)
January 31, 2025
iShares® Interest Rate Hedged Corporate Bond ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Investment Companies
Exchange-Traded Funds — 92.6%
iShares iBoxx $ Investment Grade Corporate
Bond ETF(a)(b)
3,989,215
$428,681,044
Total Investment Companies
(Cost: $429,587,710)
428,681,044
Short-Term Securities
Money Market Funds — 44.5%
BlackRock Cash Funds: Institutional, SL Agency
Shares,
4.54%(a)(c)(d)
173,483,600
173,570,342
BlackRock Cash Funds: Treasury, SL Agency
Shares,
4.35%(a)(c)
32,110,000
32,110,000
Total Short-Term Securities — 44.5%
(Cost: $205,669,243)
205,680,342
Total Investments in Securities — 137.1%
(Cost: $635,256,953)
634,361,386
Liabilities in Excess of Other Assets — (37.1)%
(171,671,127
)
Net Assets — 100.0%
$462,690,259
 
(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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/24
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 Cash Funds: Institutional,
SL Agency Shares
$196,944,950
$—
$(23,337,955
)(a)
$(1,491
)
$(35,162
)
$173,570,342
173,483,600
$367,543
(b)
$—
BlackRock Cash Funds: Treasury,
SL Agency Shares
22,640,000
9,470,000
(a)
—
—
—
32,110,000
32,110,000
318,599
—
iShares iBoxx $ Investment Grade
Corporate Bond ETF
404,042,278
43,458,561
(13,267,129
)
1,125,422
(6,678,088
)
428,681,044
3,989,215
4,324,712
—
 
$1,123,931
$(6,713,250
)
$634,361,386
$5,010,854
$—
 
(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.
 
1
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares® Interest Rate Hedged Corporate Bond ETF
 
Derivative Financial Instruments Outstanding as of Period End
Centrally Cleared Interest Rate Swaps 
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
0.40%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/19/25
USD
10,900
$294,276
$(14,457
)
$308,733
1.00%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/07/26
USD
3,800
206,106
14
206,092
0.49%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/22/27
USD
55,232
4,880,957
(60,900
)
4,941,857
3.54%
Annual
1-Day SOFR,
4.38%
Annual
N/A
05/24/28
USD
1,500
23,263
10
23,253
1.19%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/20/28
USD
22,300
2,180,366
156
2,180,210
3.58%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/28/28
USD
800
12,969
6
12,963
3.70%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/12/29
USD
2,000
24,394
16
24,378
3.79%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/25/29
USD
4,000
36,069
32
36,037
3.86%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/14/29
USD
500
3,168
4
3,164
3.97%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/20/29
USD
3,500
8,006
29
7,977
3.84%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/11/29
USD
2,000
14,791
17
14,774
3.97%
Annual
1-Day SOFR,
4.38%
Annual
N/A
04/02/29
USD
1,000
2,722
8
2,714
4.14%
Annual
1-Day SOFR,
4.38%
Annual
N/A
04/09/29
USD
2,000
(7,357
)
(39
)
(7,318
)
4.37%
Annual
1-Day SOFR,
4.38%
Annual
N/A
04/25/29
USD
3,500
(45,180
)
29
(45,209
)
4.25%
Annual
1-Day SOFR,
4.38%
Annual
N/A
05/07/29
USD
2,000
(16,338
)
17
(16,355
)
4.28%
Annual
1-Day SOFR,
4.38%
Annual
N/A
05/14/29
USD
2,000
(18,602
)
17
(18,619
)
4.17%
Annual
1-Day SOFR,
4.38%
Annual
N/A
05/20/29
USD
2,000
(9,785
)
17
(9,802
)
4.10%
Annual
1-Day SOFR,
4.38%
Annual
N/A
06/06/29
USD
2,000
(4,792
)
17
(4,809
)
3.98%
Annual
1-Day SOFR,
4.38%
Annual
N/A
06/27/29
USD
3,000
7,008
26
6,982
3.40%
Annual
1-Day SOFR,
4.38%
Annual
N/A
08/22/29
USD
1,400
37,228
13
37,215
3.24%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/09/29
USD
2,000
67,174
18
67,156
3.18%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/10/29
USD
2,000
71,847
18
71,829
3.21%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/25/29
USD
2,500
88,036
23
88,013
3.66%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/23/29
USD
3,000
49,302
28
49,274
3.68%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/24/29
USD
4,500
70,047
42
70,005
3.72%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/29/29
USD
3,000
41,226
28
41,198
3.85%
Annual
1-Day SOFR,
4.38%
Annual
N/A
11/05/29
USD
1,000
8,542
10
8,532
3.80%
Annual
1-Day SOFR,
4.38%
Annual
N/A
11/07/29
USD
6,000
62,679
57
62,622
2 
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares® Interest Rate Hedged Corporate Bond ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
4.29%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/15/30
USD
2,000
$(21,878
)
$19
$(21,897
)
4.12%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/24/30
USD
3,000
(9,779
)
29
(9,808
)
0.78%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/19/30
USD
25,400
4,232,875
(345,121
)
4,577,996
1.22%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/12/31
USD
13,180
1,996,653
128,194
1,868,459
3.91%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/20/31
USD
2,000
15,747
24
15,723
3.80%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/07/31
USD
2,000
27,440
24
27,416
3.76%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/11/31
USD
1,000
16,122
12
16,110
3.91%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/28/31
USD
1,000
8,107
12
8,095
3.87%
Annual
1-Day SOFR,
4.38%
Annual
N/A
04/02/31
USD
1,000
10,146
12
10,134
4.04%
Annual
1-Day SOFR,
4.38%
Annual
N/A
04/11/31
USD
2,000
2,125
25
2,100
4.28%
Annual
1-Day SOFR,
4.38%
Annual
N/A
04/25/31
USD
1,200
(14,531
)
14
(14,545
)
4.32%
Annual
1-Day SOFR,
4.38%
Annual
N/A
05/03/31
USD
1,000
(14,323
)
13
(14,336
)
4.17%
Annual
1-Day SOFR,
4.38%
Annual
N/A
05/07/31
USD
1,500
(8,919
)
19
(8,938
)
4.14%
Annual
1-Day SOFR,
4.38%
Annual
N/A
05/13/31
USD
1,000
(4,291
)
12
(4,303
)
4.07%
Annual
1-Day SOFR,
4.38%
Annual
N/A
05/20/31
USD
1,000
(417
)
13
(430
)
4.00%
Annual
1-Day SOFR,
4.38%
Annual
N/A
06/06/31
USD
2,000
6,412
25
6,387
4.09%
Annual
1-Day SOFR,
4.38%
Annual
N/A
07/03/31
USD
2,500
(4,125
)
32
(4,157
)
1.03%
Annual
1-Day SOFR,
4.38%
Annual
N/A
08/23/31
USD
1,000
174,445
11
174,434
1.28%
Annual
1-Day SOFR,
4.38%
Annual
N/A
08/23/31
USD
5,000
800,768
(77,468
)
878,236
3.23%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/09/31
USD
3,000
143,201
39
143,162
3.20%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/10/31
USD
1,000
49,826
13
49,813
3.29%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/07/31
USD
2,000
90,084
27
90,057
3.57%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/15/31
USD
1,500
43,649
19
43,630
3.69%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/24/31
USD
4,000
86,817
53
86,764
3.73%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/29/31
USD
3,000
59,164
39
59,125
3.84%
Annual
1-Day SOFR,
4.38%
Annual
N/A
11/05/31
USD
1,000
13,158
13
13,145
3.78%
Annual
1-Day SOFR,
4.38%
Annual
N/A
11/07/31
USD
3,500
59,474
47
59,427
1.24%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/15/31
USD
18,300
3,079,742
223
3,079,519
1.28%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/17/31
USD
3,100
515,601
38
515,563
 
3
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares® Interest Rate Hedged Corporate Bond ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
4.08%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/30/31
USD
4,000
$(3,310
)
$54
$(3,364
)
4.12%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/24/32
USD
2,300
(8,062
)
32
(8,094
)
3.42%
Annual
1-Day SOFR,
4.38%
Annual
N/A
05/24/33
USD
1,000
46,953
14
46,939
3.55%
Annual
1-Day SOFR,
4.38%
Annual
N/A
07/05/33
USD
1,500
57,253
21
57,232
3.56%
Annual
1-Day SOFR,
4.38%
Annual
N/A
07/18/33
USD
1,500
55,609
22
55,587
4.08%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/22/33
USD
600
163
9
154
3.51%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/28/33
USD
800
34,133
13
34,120
3.65%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/12/34
USD
400
12,882
6
12,876
3.72%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/24/34
USD
2,000
53,845
32
53,813
3.77%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/25/34
USD
1,000
23,214
16
23,198
3.66%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/06/34
USD
2,500
79,062
39
79,023
3.80%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/14/34
USD
700
15,070
11
15,059
3.95%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/26/34
USD
1,000
10,258
16
10,242
3.76%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/07/34
USD
1,300
32,589
21
32,568
3.71%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/11/34
USD
1,000
28,277
16
28,261
3.87%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/28/34
USD
1,000
16,397
16
16,381
3.82%
Annual
1-Day SOFR,
4.38%
Annual
N/A
04/02/34
USD
1,200
24,398
20
24,378
3.99%
Annual
1-Day SOFR,
4.38%
Annual
N/A
04/11/34
USD
1,000
7,742
16
7,726
4.22%
Annual
1-Day SOFR,
4.38%
Annual
N/A
04/25/34
USD
900
(9,248
)
14
(9,262
)
4.09%
Annual
1-Day SOFR,
4.38%
Annual
N/A
05/13/34
USD
1,000
181
17
164
3.96%
Annual
1-Day SOFR,
4.38%
Annual
N/A
06/06/34
USD
1,000
10,549
17
10,532
3.90%
Annual
1-Day SOFR,
4.38%
Annual
N/A
06/07/34
USD
1,000
14,693
16
14,677
4.06%
Annual
1-Day SOFR,
4.38%
Annual
N/A
07/03/34
USD
2,000
5,084
33
5,051
3.37%
Annual
1-Day SOFR,
4.38%
Annual
N/A
08/22/34
USD
1,000
56,978
17
56,961
3.27%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/09/34
USD
2,000
131,216
33
131,183
3.25%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/10/34
USD
1,000
67,030
16
67,014
3.29%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/25/34
USD
1,000
63,711
17
63,694
3.34%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/07/34
USD
1,000
59,951
16
59,935
3.72%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/23/34
USD
2,000
59,749
34
59,715
4 
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares® Interest Rate Hedged Corporate Bond ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
3.73%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/24/34
USD
1,000
$29,164
$17
$29,147
3.76%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/29/34
USD
2,000
53,876
33
53,843
3.78%
Annual
1-Day SOFR,
4.38%
Annual
N/A
11/07/34
USD
1,600
41,276
27
41,249
3.72%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/04/34
USD
1,500
45,901
26
45,875
4.09%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/30/34
USD
1,000
783
17
766
4.31%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/15/35
USD
1,300
(22,351
)
22
(22,373
)
4.07%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/29/35
USD
1,000
2,700
17
2,683
0.91%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/25/35
USD
26,000
7,170,784
(505,047
)
7,675,831
1.35%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/15/36
USD
6,400
1,660,936
111
1,660,825
3.53%
Annual
1-Day SOFR,
4.38%
Annual
N/A
07/18/38
USD
1,000
63,313
19
63,294
3.94%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/07/38
USD
500
10,726
9
10,717
3.83%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/25/39
USD
600
20,270
12
20,258
3.81%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/07/39
USD
500
17,878
11
17,867
3.83%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/14/39
USD
500
17,117
10
17,107
3.76%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/07/39
USD
500
20,898
10
20,888
3.72%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/11/39
USD
500
22,705
10
22,695
3.88%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/28/39
USD
700
20,215
15
20,200
3.83%
Annual
1-Day SOFR,
4.38%
Annual
N/A
04/02/39
USD
400
13,757
8
13,749
4.08%
Annual
1-Day SOFR,
4.38%
Annual
N/A
05/13/39
USD
1,000
7,331
20
7,311
4.01%
Annual
1-Day SOFR,
4.38%
Annual
N/A
05/20/39
USD
500
7,585
10
7,575
3.90%
Annual
1-Day SOFR,
4.38%
Annual
N/A
06/07/39
USD
700
19,153
14
19,139
4.07%
Annual
1-Day SOFR,
4.38%
Annual
N/A
07/03/39
USD
500
4,794
11
4,783
3.49%
Annual
1-Day SOFR,
4.38%
Annual
N/A
08/20/39
USD
1,000
72,373
21
72,352
3.34%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/09/39
USD
1,000
89,368
21
89,347
3.33%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/10/39
USD
400
36,094
9
36,085
3.31%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/11/39
USD
800
73,717
16
73,701
3.80%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/23/39
USD
1,000
38,973
21
38,952
3.80%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/24/39
USD
700
27,164
15
27,149
3.82%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/29/39
USD
1,200
43,985
25
43,960
 
5
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares® Interest Rate Hedged Corporate Bond ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
3.90%
Annual
1-Day SOFR,
4.38%
Annual
N/A
11/05/39
USD
1,000
$27,937
$21
$27,916
3.80%
Annual
1-Day SOFR,
4.38%
Annual
N/A
11/07/39
USD
500
19,475
10
19,465
3.75%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/04/39
USD
1,000
44,541
21
44,520
4.18%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/24/40
USD
1,800
(5,001
)
38
(5,039
)
1.11%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/19/40
USD
20,700
7,299,631
351,184
6,948,447
3.47%
Annual
1-Day SOFR,
4.38%
Annual
N/A
07/18/43
USD
1,200
106,400
32
106,368
3.78%
Annual
1-Day SOFR,
4.38%
Annual
N/A
08/31/43
USD
1,000
49,122
26
49,096
3.82%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/14/43
USD
500
22,444
14
22,430
3.52%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/28/43
USD
1,000
83,576
27
83,549
3.76%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/24/44
USD
1,000
52,121
27
52,094
3.79%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/07/44
USD
500
23,851
14
23,837
3.80%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/14/44
USD
500
23,212
13
23,199
3.93%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/26/44
USD
500
15,251
14
15,237
3.78%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/15/44
USD
500
24,918
14
24,904
3.88%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/28/44
USD
700
25,558
19
25,539
3.80%
Annual
1-Day SOFR,
4.38%
Annual
N/A
04/02/44
USD
300
14,322
8
14,314
3.87%
Annual
1-Day SOFR,
4.38%
Annual
N/A
06/07/44
USD
800
30,982
22
30,960
3.41%
Annual
1-Day SOFR,
4.38%
Annual
N/A
08/22/44
USD
400
39,966
11
39,955
3.45%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/05/44
USD
500
47,261
14
47,247
3.35%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/09/44
USD
1,000
108,248
27
108,221
3.35%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/10/44
USD
200
21,654
5
21,649
3.33%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/20/44
USD
600
66,357
16
66,341
3.41%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/25/44
USD
1,500
150,579
42
150,537
3.68%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/14/44
USD
1,000
63,570
28
63,542
3.81%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/24/44
USD
1,500
68,787
42
68,745
3.82%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/29/44
USD
750
33,237
21
33,216
3.78%
Annual
1-Day SOFR,
4.38%
Annual
N/A
11/07/44
USD
800
40,236
22
40,214
3.89%
Annual
1-Day SOFR,
4.38%
Annual
N/A
11/12/44
USD
1,000
35,226
28
35,198
3.93%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/17/44
USD
1,000
29,904
27
29,877
6 
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares® Interest Rate Hedged Corporate Bond ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
4.10%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/30/44
USD
1,000
$6,623
$28
$6,595
4.11%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/29/45
USD
1,000
5,659
28
5,631
0.86%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/30/45
USD
19,747
8,861,035
113,302
8,747,733
3.60%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/12/49
USD
400
30,211
13
30,198
3.68%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/19/49
USD
550
35,021
18
35,003
3.69%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/15/49
USD
400
24,782
12
24,770
3.34%
Annual
1-Day SOFR,
4.38%
Annual
N/A
08/22/49
USD
700
80,915
22
80,893
3.39%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/05/49
USD
600
65,022
20
65,002
3.28%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/09/49
USD
1,200
149,716
38
149,678
3.28%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/10/49
USD
400
49,721
13
49,708
3.27%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/20/49
USD
700
88,260
23
88,237
3.35%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/25/49
USD
1,000
113,532
32
113,500
3.62%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/15/49
USD
1,000
72,169
32
72,137
3.75%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/24/49
USD
1,900
98,483
62
98,421
3.76%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/29/49
USD
800
40,709
25
40,684
3.70%
Annual
1-Day SOFR,
4.38%
Annual
N/A
11/07/49
USD
700
41,920
22
41,898
4.09%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/24/50
USD
550
(714
)
18
(732
)
4.04%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/29/50
USD
1,900
13,667
61
13,606
1.06%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/18/50
USD
16,655
7,933,190
(399,923
)
8,333,113
1.18%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/19/50
USD
14,550
6,653,971
1,085,894
5,568,077
1.29%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/07/51
USD
3,700
1,659,357
122
1,659,235
3.13%
Annual
1-Day SOFR,
4.38%
Annual
N/A
06/27/53
USD
900
135,361
28
135,333
3.18%
Annual
1-Day SOFR,
4.38%
Annual
N/A
07/05/53
USD
1,200
171,654
36
171,618
3.27%
Annual
1-Day SOFR,
4.38%
Annual
N/A
07/07/53
USD
1,000
126,445
35
126,410
3.74%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/22/53
USD
1,000
47,902
35
47,867
3.35%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/28/53
USD
700
78,898
25
78,873
3.52%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/12/54
USD
500
42,135
18
42,117
3.60%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/19/54
USD
550
38,885
19
38,866
3.67%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/25/54
USD
700
41,413
25
41,388
 
7
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares® Interest Rate Hedged Corporate Bond ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
3.51%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/06/54
USD
600
$51,099
$22
$51,077
3.61%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/07/54
USD
700
47,765
25
47,740
3.64%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/14/54
USD
600
37,982
21
37,961
3.74%
Annual
1-Day SOFR,
4.38%
Annual
N/A
02/26/54
USD
300
13,980
10
13,970
3.53%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/07/54
USD
350
28,806
13
28,793
3.60%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/15/54
USD
900
63,381
32
63,349
3.72%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/25/54
USD
400
19,985
14
19,971
3.67%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/28/54
USD
200
11,616
7
11,609
3.70%
Annual
1-Day SOFR,
4.38%
Annual
N/A
03/28/54
USD
600
32,152
21
32,131
3.61%
Annual
1-Day SOFR,
4.38%
Annual
N/A
04/02/54
USD
200
13,633
7
13,626
3.75%
Annual
1-Day SOFR,
4.38%
Annual
N/A
04/04/54
USD
500
22,749
17
22,732
3.79%
Annual
1-Day SOFR,
4.38%
Annual
N/A
05/20/54
USD
300
11,468
10
11,458
3.82%
Annual
1-Day SOFR,
4.38%
Annual
N/A
05/23/54
USD
400
13,236
14
13,222
3.68%
Annual
1-Day SOFR,
4.38%
Annual
N/A
06/07/54
USD
500
28,122
18
28,104
3.33%
Annual
1-Day SOFR,
4.38%
Annual
N/A
08/20/54
USD
1,000
115,115
35
115,080
3.25%
Annual
1-Day SOFR,
4.38%
Annual
N/A
08/22/54
USD
400
51,441
14
51,427
3.31%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/05/54
USD
1,500
178,872
54
178,818
3.20%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/09/54
USD
800
109,962
29
109,933
3.18%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/11/54
USD
900
127,166
32
127,134
3.20%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/20/54
USD
500
69,270
18
69,252
3.28%
Annual
1-Day SOFR,
4.38%
Annual
N/A
09/25/54
USD
950
117,296
34
117,262
3.33%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/07/54
USD
600
69,282
22
69,260
3.55%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/15/54
USD
1,000
78,437
36
78,401
3.67%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/24/54
USD
1,300
73,256
46
73,210
3.68%
Annual
1-Day SOFR,
4.38%
Annual
N/A
10/29/54
USD
800
44,307
28
44,279
3.61%
Annual
1-Day SOFR,
4.38%
Annual
N/A
11/07/54
USD
700
47,542
25
47,517
3.73%
Annual
1-Day SOFR,
4.38%
Annual
N/A
11/12/54
USD
1,100
51,094
39
51,055
8 
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares® Interest Rate Hedged Corporate Bond ETF
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
 
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
3.77%
Annual
1-Day SOFR,
4.38%
Annual
N/A
12/17/54
USD
2,000
$79,969
$72
$79,897
4.13%
Annual
1-Day SOFR,
4.38%
Annual
N/A
01/15/55
USD
1,300
(30,025
)
46
(30,071
)
 
 
 
 
 
$66,846,532
$280,413
$66,566,119
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 
Investment Companies
$428,681,044
$—
$—
$428,681,044
Short-Term Securities 
Money Market Funds
205,680,342
—
—
205,680,342
 
$634,361,386
$—
$—
$634,361,386
Derivative Financial Instruments(a) 
Assets 
Interest Rate Contracts
$—
$66,825,580
$—
$66,825,580
Liabilities 
Interest Rate Contracts
—
(259,461
)
—
(259,461
)
 
$—
$66,566,119
$—
$66,566,119
 
(a)
Derivative financial instruments are swaps.  Swaps are valued at the unrealized appreciation (depreciation) on the instrument.   
 
Portfolio Abbreviation
SOFR
Secured Overnight Financing Rate
 
9