UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22649

iShares U.S. ETF Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: October 31, 2022

Date of reporting period: April 30, 2022

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

APRIL 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares U.S. ETF Trust

· BlackRock Short Maturity Bond ETF | NEAR | Cboe BZX

· BlackRock Short Maturity Municipal Bond ETF | MEAR | Cboe BZX

· BlackRock Ultra Short-Term Bond ETF | ICSH | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local- currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(9.65)	%		0.21	%
U.S. small cap equities (Russell 2000® Index)		(18.38)			(16.87)
International equities (MSCI Europe, Australasia, Far East Index)		(11.80)			(8.15)
Emerging market equities (MSCI Emerging Markets Index)		(14.15)			(18.33)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.07			0.08
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.29)			(8.86)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.47)			(8.51)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(7.90)			(7.88)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.40)			(5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S    P A G E    I S    N  O T    P A R T    O F    Y O U R    F U N D     R E P O R T

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		7
Shareholder Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		29
Statements of Operations		30
Statements of Changes in Net Assets		31
Financial Highlights		33
Notes to Financial Statements		36
Statement Regarding Liquidity Risk Management Program		45
Supplemental Information		46
General Information		47
Glossary of Terms Used in this Report		48

Fund Summary as of April 30, 2022  BlackRock Short Maturity Bond ETF

Investment Objective

The BlackRock Short Maturity Bond ETF (the “Fund”) seeks to maximize current income by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed income securities and maintain a weighted average maturity that is less than three years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(0.86	)%		(0.73	)%		1.43	%		1.26	%		(0.73	)%		7.33	%		11.39	%
Fund Market		(0.88	)		(0.75	)		1.41			1.26			(0.75	)		7.24			11.34
Bloomberg Short-Term Government/Corporate Index		(0.33	)		(0.28	)		1.30			0.93			(0.28	)		6.64			8.31

The inception date of the Fund was 9/25/13. The first day of secondary market trading was 9/26/13.

The Bloomberg Short-Term Government/Corporate Index is an unmanaged index that measures the performance of government and corporate securities with less than 1 year remaining to maturity.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	991.40	$	1.23		$	1,000.00	$	1,023.60	$	1.25		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of    Total Investments(a)
Corporate Bonds & Notes		72.9%
Asset-Backed Securities		15.4
Collaterized Mortgage Obligations		8.5
Commercial Paper		2.4
Certificates of Deposit		0.8

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of    Total Investments(a)
Aaa		14.3%
Aa		2.4
A		32.5
Baa		34.1
Ba		2.6
P-1		0.8
P-2		1.2
Not Rated		12.1

* Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(a)  Excludes money market funds.

4 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Fund Summary as of April 30, 2022  BlackRock Short Maturity Municipal Bond ETF

Investment Objective

The BlackRock Short Maturity Municipal Bond ETF (the “Fund”) seeks to maximize tax-free current income by investing, under normal circumstances, at least 80% of its net assets in municipal securities such that the interest on each bond is exempt from U.S. federal income taxes and the federal alternative minimum tax. Under normal circumstances, the effective duration of the Fund’s portfolio is expected to be 1.2 years or less, as calculated by the management team, and is not expected to exceed 1.5 years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(0.89	)%		(0.96	)%		0.84	%		0.81	%		(0.96	)%		4.27	%		5.94	%
Fund Market		(0.82	)		(0.93	)		0.84			0.82			(0.93	)		4.25			5.99
Bloomberg Municipal Bond: 1 Year (1-2) Index		(1.99	)		(1.98	)		0.85			0.81			(1.98	)		4.33			5.94

The inception date of the Fund was 3/3/15. The first day of secondary market trading was 3/5/15.

The Bloomberg Municipal Bond: 1 Year (1-2) Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	991.10	$	1.23		$	1,000.00	$	1,023.60	$	1.25		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

S&P Credit Rating*	Percent of Total Investments	(a)
AAA	0.5	%
AA+	0.9
AA	4.8
AA-	2.2
A+	5.6
A	37.1
A-	2.5
BBB+	9.3
BBB	2.0
BB+	0.6
Not Rated	34.5

TEN LARGEST STATES

State	Percent of Total Investments	(a)
Texas	13.3	%
New Jersey	13.0
Kentucky	8.3
Georgia	7.8
New York	6.3
Pennsylvania	5.1
Alabama	4.2
Mississippi	3.6
Illinois	3.3
Indiana	3.1

* Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of April 30, 2022 BlackRock Ultra Short-Term Bond ETF

Investment Objective

The BlackRock Ultra Short-Term Bond ETF (the “Fund”) seeks to provide current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed- and floating-rate debt securities and maintain a dollar-weighted average maturity that is less than 180 days. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(0.50	)%		(0.40	)%		1.54	%		1.20	%		(0.40	)%		7.96	%		10.52	%
Fund Market		(0.53	)		(0.47	)		1.54			1.20			(0.47	)		7.96			10.50
ICE BofA US 6-Month Treasury Bill Index		(0.07	)		(0.04	)		1.25			0.89			(0.04	)		6.43			7.75

The inception date of the Fund was 12/11/13. The first day of secondary market trading was 12/13/13.

On 3/1/2021 the Fund began referencing the 4pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	995.00	$	0.40		$	1,000.00	$	1,024.40	$	0.40		0.08	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Total Investments	(a)
Corporate Bonds & Notes	38.6	%
Commercial Paper	37.5
Certificates of Deposit	14.6
Repurchase Agreements	4.4
Municipal Debt Obligations	3.6
Asset-Backed Securities	1.2
U.S. Government & Agency Obligations	0.1

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	0.8	%
Aa	13.0
A	26.3
Baa	10.8
P-1	23.2
P-2	9.4
A-1	1.7
Not Rated	14.8

* Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(a) Excludes money market funds.

6 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T    F U N D    P E R F O  R M A N C E / S H A R E H O L D E R    E X P E N S E S 7

Schedule of Investments (unaudited)  April 30, 2022 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities
AGL Core CLO 4 Ltd., 2.13%, 04/20/33 (Call 07/20/22), (3 mo. LIBOR US + 1.070%)(a)(b)	USD		1,400	$	1,381,295
AIG CLO Ltd., 2.18%, 04/20/32 (Call 07/20/22), (3 mo. LIBOR US + 1.120%)(a)(b)	USD		1,000		1,003,523
American Express Credit Account Master Trust, Series 2018-9, Class A, 0.93%, 04/15/26, (1 mo. LIBOR US + 0.380%)(b)	USD		17,650		17,709,585
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class A2, 0.28%, 06/18/24 (Call 04/18/24)	USD		2,520		2,517,197
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class A, 1.33%, 01/28/31 (Call 07/28/22), (3 mo. LIBOR US + 1.050%)(a)(b)	USD		4,500		4,480,790
Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class AR2, 1.37%, 01/28/31 (Call 07/28/22), (3 mo. LIBOR US + 1.090%)(a)(b)	USD		13,840		13,780,858
Apidos CLO XII, 2.12%, 04/15/31 (Call 07/15/22), (3 mo. LIBOR US + 1.08%)(a)(b)	USD		500		496,103
ASSURANT CLO Ltd., Series 2018-2A, Class A, 2.10%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.040%)(a)(b)	USD		250		247,747
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 1.30%, 11/17/27 (Call 05/17/22), (3 mo. LIBOR US + 0.830%)(a)(b)	USD		6,574		6,534,225
Atrium XIII, Series 13A, Class A1, 2.36%, 11/21/30 (Call 07/23/22), (3 mo. LIBOR US + 1.180%)(a)(b)	USD		2,500		2,492,348
Autoflorence of Amyloids 0.15%, 12/24/44 (Call 11/24/26)(b)(c)	EUR		10,320		10,917,268
0.20%, 12/24/44 (Call 11/24/26)(b)(c)	EUR		898		938,976
Bain Capital Credit CLO Ltd., Series 2017-1A, Class A1R, 2.03%, 07/20/30 (Call 07/20/22), (3 mo. LIBOR US + 0.97%)(a)(b)	USD		3,200		3,174,017
Barings Clo Ltd., 2.37%, 01/15/33 (Call 07/15/22), (3 mo. LIBOR US + 1.330%)(a)(b)	USD		3,850		3,823,511
Barings CLO Ltd., 2.13%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.070%)(a)(b)	USD		550		543,586
Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class A1R2, 2.06%, 07/20/29 (Call 07/20/22), (3 mo. LIBOR US + 1.000%)(a)(b)	USD		360		358,468
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, 2.16%, 01/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.1%)(a)(b)	USD		750		746,293
Benefit Street Partners Clo XII Ltd., 1.99%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US + 0.95%)(a)(b)	USD		1,678		1,661,564
Capital One Prime Auto Receivables Trust, 2.71%, 06/16/25(b)	USD		15,385		15,383,543
Carlyle C17 CLO Ltd., Series C17A, Class A1AR, 2.32%, 04/30/31 (Call 04/30/22), (3 mo. LIBOR US + 1.030%)(a)(b)	USD		1,000		991,445
Carlyle Global Market Strategies CLO Ltd., Series 2014-1A, Class A1R2, 2.01%, 04/17/31 (Call 07/17/22), (3 mo. LIBOR US + 0.970%)(a)(b)	USD		5,234		5,174,951
Cbam Ltd., Series 2018-7A, Class A, 2.16%, 07/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.1%)(a)(b)	USD		750		745,229
Cedar Funding IX CLO Ltd., 2.04%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + 0.98%)(a)(b)	USD		2,130		2,110,386
Chesapeake Funding II LLC, Series 2020-1A, Class A2, 1.20%, 08/15/32 (Call 05/15/23), (1 mo. LIBOR US + 0.650%)(a)(b)	USD		6,981		6,980,397

Security		Par (000)		Value
CIFC Funding Ltd. Series 2014-2RA, Class A1, 2.23%, 04/24/30 (Call 07/24/22), (3 mo. LIBOR US + 1.050%)(a)(b)	USD		250	$	248,878
Series 2015-2A, Class AR2, 2.05%, 04/15/30 (Call 07/15/22), (3 mo. LIBOR US + 1.010%)(a)(b)	USD		13,000		12,941,132
Series 2018-1A, Class A, 2.04%, 04/18/31 (Call 07/18/22), (3 mo. LIBOR US + 1.0%)(a)(b)	USD		13,000		12,885,982
Series 2018-2A, Class A1, 2.10%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.040%)(a)(b)	USD		1,250		1,238,778
Citibank Credit Card Issuance Trust, Series 2019-A5, Class A5, 1.07%, 04/22/26, (1 mo. LIBOR + 0.620%)(b)	USD		40,505		40,747,277
College Ave Student Loans LLC, Series 2021-A, Class A1, 1.56%, 07/25/51 (Call 02/25/32), (1 mo. LIBOR US + 1.100%)(a)(b)	USD		245		243,531
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/30 (Call 11/15/24)(a)	USD		4,130		3,953,154
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.56%, 12/11/34(a)	USD		11,579		11,326,244
Dowson Dwson
1.61%, 01/20/29(b)	GBP		4,129		5,193,440
2.44%, 01/20/29(b)	GBP		646		812,408
Dowson PLC Series 2021-2, Class A, 1.37%, 10/20/28 (Call 11/20/24), (Sterning Ovenight Index Average + 0.680%)(b)(c)	GBP		7,554		9,494,652
Series 2021-2, Class B, 1.89%, 10/20/28 (Call 11/20/24), (Sterning Ovenight Index Average + 1.200%)(b)(c)	GBP		1,600		1,995,004
Drive Auto Receivables Trust, Series 2021-1, Class A3, 0.44%, 11/15/24 (Call 09/15/23)	USD		3,870		3,869,174
Dryden 49 Senior Loan Fund, Series 2017-49A, Class AR, 1.99%, 07/18/30 (Call 07/18/22), (3 mo. LIBOR US + 0.95%)(a)(b)	USD		10,750		10,655,424
Dryden 77 CLO Ltd., Series 2020-77A, Class XR, 1.48%, 05/20/34 (Call 05/20/23), (3 mo. LIBOR US + 1.0%)(a)(b)	USD		250		249,688
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, 1.94%, 04/15/29 (Call 07/15/22), (3 mo. LIBOR US + 0.900%)(a)(b)	USD		15,023		14,893,746
Dutch Property Finance, Series 2021-2, Class A, 0.29%, 04/28/59 (Call 04/28/26)(b)(c)	EUR		6,269		6,582,646
Dutch Property Finance BV, 1.00%, 10/28/59(b)	EUR		8,498		8,937,768
Elevation CLO Ltd., Series 2014-2A, Class A1R, 2.27%, 10/15/29 (Call 07/15/22), (3 mo. LIBOR US + 1.230%)(a)(b)	USD		480		478,459
Elmwood CLO X Ltd., Series 2021-3A, Class A, 2.10%, 10/20/34 (Call 10/20/22), (3 mo. LIBOR US + 1.04%)(a)(b)	USD		13,000		12,781,584
Elvet Mortgages PLC, Series 2021-1, Class A, 0.85%, 10/22/63 (Call 10/22/26)(b)(c)	GBP		10,830		13,526,096
Enterprise Fleet Funding LLC, Series 2021-1, Class A2, 0.44%, 12/21/26 (Call 07/20/24)(a)	USD		10,141		9,883,634
Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 2.01%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US + 0.97%)(a)(b)	USD		670		665,111
Gilbert Park CLO Ltd., 2.23%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US + 1.190%)(a)(b)	USD		250		249,196
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, 2.35%, 10/29/29 (Call 04/29/22), (3 mo. LIBOR US + 1.110%)(a)(b)	USD		16,240		16,185,993

8 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Gosforth Funding PLC, Series 2018-1A, Class A1, 0.63%, 08/25/60 (Call 08/25/23), (3 mo. LIBOR US + 0.450%)(a)(b)	USD		1,147	$	1,147,200
Highbridge Loan Management, Series 3A-2014, Class A1R, 2.22%, 07/18/29 (Call 07/18/22), (3 mo. LIBOR US + 1.18%)(a)(b)	USD		1,100		1,097,096
KKR CLO 21 Ltd., 2.04%, 04/15/31 (Call 07/15/22), (3 mo. LIBOR US + 1.000%)(a)(b)	USD		5,590		5,541,046
LCM 29 Ltd., Series 29A, Class AR, 2.11%, 04/15/31 (Call 07/15/22), (3 mo. LIBOR US + 1.07%)(a)(b)	USD		2,600		2,568,460
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, 1.99%, 04/19/30 (Call 07/19/22), (3 mo. LIBOR US + 0.950%)(a)(b)	USD		3,902		3,875,791
Madison Park Funding XVII Ltd., Series 2015-17A, Class AR2, 2.10%, 07/21/30 (Call 07/21/22), (3 mo. LIBOR US + 1.000%)(a)(b)	USD		800		795,045
Madison Park Funding XXIII Ltd., Series 2017-23A, Class AR, 1.24%, 07/27/31 (Call 07/27/22), (3 mo. LIBOR US + 0.970%)(a)(b)	USD		13,200		13,096,362
Madison Park Funding XXVI Ltd., Series 2007-4A, Class AR, 1.50%, 07/29/30, (3 mo. LIBOR US + 1.2%)(a)(b)	USD		4,875		4,880,057
Madison Park Funding XXXVII Ltd., 2.11%, 07/15/33 (Call 07/15/22), (3 mo. LIBOR US + 1.070%)(a)(b)	USD		1,750		1,725,991
Mariner CLO LLC, Series 2016-3A, Class AR2, 2.17%, 07/23/29 (Call 07/23/22), (3 mo. LIBOR US + 0.99%)(a)(b)	USD		1,058		1,053,228
Navient Private Education Loan Trust Series 2017-A, Class A2B, 1.45%, 12/16/58 (Call 06/15/28), (1 mo. LIBOR US + 0.900%)(a)(b)	USD		503		501,027
Series 2020-IA, Class A1B, 1.55%, 04/15/69 (Call 12/15/30), (1 mo. LIBOR US + 1.000%)(a)(b)	USD		6,788		6,746,282
Navient Private Education Refi Loan Trust Series 2021-BA, Class A, 0.94%, 07/15/69 (Call 07/15/28)(a)	USD		6,640		6,202,463
Series 2021-DA, Class A, 1.51%, 04/15/60 (Call 05/15/32), (PRIME - 1.99%)(a)(b)	USD		8,580		8,221,468
Nelnet Student Loan Trust 1.28%, 04/20/62 (Call 04/20/31), (1 mo. LIBOR US + 0.690%)(a)(b)	USD		3,321		3,302,698
1.33%, 04/20/62 (Call 01/20/31), (1 mo. LIBOR US + 0.740%)(a)(b)	USD		6,431		6,349,896
Series 2021-A, Class A1, 1.39%, 04/20/62 (Call 02/20/29), (1 mo. LIBOR US + 0.8%)(a)(b)	USD		8,030		7,963,557
Series 2021-BA, Class AFL, 1.37%, 04/20/62 (Call 07/20/29), (1 mo. LIBOR US + 0.780%)(a)(b)	USD		13,856		13,724,971
Neuberger Berman CLO Ltd., Series 2013-14A, Class AR2, 2.27%, 01/28/30 (Call 07/28/22), (3 mo. LIBOR US + 0.99%)(a)(b)	USD		497		494,125
Neuberger Berman Loan Advisers CLO 33 Ltd., 2.12%, 10/16/33 (Call 10/16/22), (3 mo. LIBOR US + 1.080%)(a)(b)	USD		2,050		2,023,770
OCP CLO Ltd., Series 2017-13A, 2.00%, 07/15/30 (Call 07/15/22), (3 mo. LIBOR US + 0.96%)(a)(b)	USD		2,350		2,328,404
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, 2.18%, 01/25/31 (Call 07/25/22), (3 mo. LIBOR US + 1.0%)(a)(b)	USD		3,000		2,976,446
OneMain Financial Issuance Trust, Series 2016-3A, Class A, 3.83%, 06/18/31 (Call 05/18/22)(a)	USD		184		183,909

Security		Par (000)		Value
Palmer Square CLO Ltd. 2.04%, 10/17/31 (Call 07/19/22), (3 mo. LIBOR US + 1.000%)(a)(b)	USD		1,800	$	1,781,429
Series 2015-2, 2.16%, 07/20/30 (Call 07/20/22), (3 mo. LIBOR US + 1.100%)(a)(b)	USD		3,650		3,632,292
Series 2021-3A, Class A1, 1.38%, 01/15/35 (Call 01/15/24)(a)(b)	USD		500		491,218
PFS Financing Corp. 0.87%, 02/15/26, (SOFR + 0.600%)(a)(b)	USD		22,642		22,601,059
Series 2020-F, Class A, 0.93%, 08/15/24(a)	USD		3,274		3,264,657
Pikes Peak CLO 1, Series 2018-1A, Class A, 2.36%, 07/24/31 (Call 07/24/22), (3 mo. LIBOR US + 1.180%)(a)(b)	USD		1,500		1,493,466
Prodigy Finance CM2021-1 DAC, Series 2021-1A, Class A, 1.71%, 07/25/51 (Call 02/25/27), (1 mo. LIBOR US + 1.25%)(a)(b)	USD		1,864		1,846,822
Red & Black Auto Germany 8 UG, Class B, 0.20%, 09/15/30 (Call 11/15/25)(b)(c)	EUR		400		418,106
Red & Black Auto Italy S.r.l., Class A, 0.16%, 12/28/31 (Call 09/28/25)(b)(c)	EUR		16,009		16,963,133
Romark WM-R Ltd., Series 2018-1A, Class A1, 2.09%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.03%)(a)(b)	USD		3,879		3,845,729
RR 3 Ltd., Series 2018-3A, Class A1R2, 2.13%, 01/15/30 (Call 07/15/22), (3 mo. LIBOR US + 1.09%)(a)(b)	USD		2,000		1,989,862
Santander Drive Auto Receivables Trust, Series 2021-1, Class A3, 0.32%, 09/16/24 (Call 09/15/23)	USD		6,381		6,375,210
Satus PLC
1.39%, 08/17/28 (Call 04/17/25), (Sterning Ovenight Index Average + 0.700%)(b)(c)	GBP		860		1,081,014
1.89%, 08/17/28 (Call 04/17/25), (Sterning Ovenight Index Average + 1.200%)(b)(c)	GBP		400		499,655
2.29%, 08/17/28 (Call 04/17/25), (Sterning Ovenight Index Average + 1.600%)(b)(c)	GBP		300		373,735
Shackleton Clo Ltd., Series 2017-11A, 1.60%, 08/15/30 (Call 05/15/22), (3 mo. LIBOR US + 1.09%)(a)(b)	USD		2,750		2,738,013
Shackleton CLO Ltd., Series 2015-7R, 2.19%, 07/15/31 (Call 07/15/22), (3 mo. LIBOR US + 1.150%)(a)(b)	USD		2,750		2,731,376
Signal Peak CLO 2 LLC, Series 2015-1A, Class AR2, 2.04%, 04/20/29 (Call 07/20/22), (3 mo. LIBOR US + 0.98%(a)(b)	USD		1,522		1,513,701
Silver Creek CLO Ltd., 2.30%, 07/20/30 (Call 07/20/22), (3 mo. LIBOR US + 1.240%)(a)(b)	USD		6,742		6,726,633
SILVERSTONE MASTER ISSUER SMI 2022 1X 2A REGS, 0.98%, 01/21/70 (Call 04/21/27)(b)(c)	GBP		3,485		4,345,527
SLM Private Credit Student Loan Trust
Series 2004-A, Class A3, 1.23%, 06/15/33 (Call 06/15/22), (3 mo. LIBOR US + 0.400%)(b)	USD		3,650		3,570,275
Series 2004-B, Class A3, 1.16%, 03/15/24 (Call 03/15/24), (3 mo. LIBOR US + 0.330%)(b)	USD		3,639		3,624,772
Series 2005-A, Class A4, 1.14%, 12/15/38 (Call 12/15/26), (3 mo. LIBOR US + 0.310%)(b)	USD		7,697		7,538,919
Series 2005-B, Class A4, 1.16%, 06/15/39 (Call 06/15/26), (3 mo. LIBOR US + 0.330%)(b)	USD		5,384		5,195,472
Series 2006-A, Class A5, 1.12%, 06/15/39 (Call 03/15/28), (3 mo. LIBOR US + 0.290%)(b)	USD		11,875		11,357,641
Series 2006-B, Class A5, 1.10%, 12/15/39 (Call 06/15/27), (3 mo. LIBOR US + 0.270%)(b)	USD		8,508		8,136,654

S C H E D U L E    O F    I N V E S T  M E N T S 9

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
SMB Private Education Loan Trust
Series 2017-A, Class A2B, 1.45%, 09/15/34, (1 mo. LIBOR US + 0.900%)(a)(b)	USD		12,379	$	12,386,643
Series 2021-C, Class A1, 0.80%, 01/15/53, (1 mo. LIBOR US + 0.400%)(a)(b)	USD		2,541		2,540,090
SoFi Professional Loan Program LLC, Series 16-C, Class A1, 1.77%, 10/27/36 (Call 12/25/22), (1 mo. LIBOR US + 1.100%)(a)(b)	USD		543		543,543
Sound Point Clo XV Ltd., Series 2017-1A, Class ARR, 2.08%, 01/23/29 (Call 07/23/22), (3 mo. LIBOR US + 0.900%)(a)(b)	USD		2,579		2,564,393
Sound Point CLO XXVIII Ltd., Series 2020 3A, Class A1, 2.46%, 01/25/32 (Call 07/25/22), (3 mo. LIBOR US + 1.28%)(a)(b)	USD		1,250		1,243,233
Southwick Park CLO LLC, 2.12%, 07/20/32 (Call 01/20/23), (3 mo. LIBOR US + 1.060%)(a)(b)	USD		8,760		8,635,000
Symphony CLO XVI Ltd., Series 2015-16A, Class AR, 1.39%, 10/15/31 (Call 07/15/22), (3 mo. LIBOR US + 1.15%)(a)(b)	USD		500		496,248
Tagus STC/Ulisses Finance No.2, 0.15%, 09/23/38 (Call 02/23/28)(b)(c)	EUR		12,100		12,823,936
TCI-Symphony CLO Ltd., 1.26%, 10/13/32 (Call 01/13/23), (3 mo. LIBOR US + 1.020%)(a)(b)	USD		5,235		5,183,263
TICP CLO IX Ltd., Series 2017-9A, Class A, 2.20%, 01/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.14%)(a)(b)	USD		500		497,126
Together Asset Backed Securitisation, 1.39%, 07/12/63 (Call 10/12/25)(b)(c)	GBP		2,886		3,598,205
Verizon Owner Trust, Series 2020-A, Class A1B, 0.86%, 07/22/24 (Call 04/20/23), (1 mo. LIBOR US + 0.270%)(b)	USD		6,484		6,484,624
VOYA CLO, Series 2017-2A, Class A1R, 2.02%, 06/07/30 (Call 07/15/22), (3 mo. LIBOR US + 0.980%)(a)(b)	USD		5,330		5,292,866
Voya Ltd., Series 2012-4, 2.04%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US + 1.000%)(a)(b)	USD		13,000		12,906,093
Wellfleet CLO Ltd., Series 2016-1A, Class AR, 1.97%, 04/20/28 (Call 07/20/22), (3 mo. LIBOR US + 0.91%)(a)(b)	USD		973		969,841
Westlake Automobile Receivables Trust, Series 2021-1A, Class A2A, 0.39%, 10/15/24 (Call 02/15/24)(a)	USD		7,369		7,329,906
Total Asset-Backed Securities — 13.7% (Cost: $618,923,552)					608,662,976
Certificates of Deposit
Sumitomo Mitsui Banking Corp./New York, 0.70%, 07/15/22	$		30,000		29,993,253
Total Certificates of Deposit — 0.7% (Cost: $30,000,000)					29,993,253
Collaterized Mortgage Obligations
Asset-Backed Securities — 1.2%
Arbor Realty Commercial Real Estate Notes Ltd., 1.62%, 08/15/34 (Call 03/15/24), (1 mo. LIBOR US + 1.070%)(a)(b)			14,450		14,396,442
BDS 2021-FL9 Ltd., 1.62%, 11/16/38 (Call 10/16/23), (1 mo. LIBOR US + 1.070%)(a)(b)			8,750		8,522,330

Security		Par (000)		Value
Asset-Backed Securities (continued)
FS Rialto Issuer LLC, 2.20%, 01/19/39 (Call 04/17/24), (SOFR + 1.900%)(a)(b)	$		5,000	$	4,998,781
HGI CRE CLO Ltd., 1.55%, 09/17/36 (Call 10/17/23), (1 mo. LIBOR US + 1.000%)(a)(b)			5,380		5,318,409
KREF Ltd., 1.97%, 02/17/39 (Call 02/17/24)(a)(b)			9,360		9,150,272
LoanCore Issuer Ltd.
1.85%, 11/15/38 (Call 11/15/23), (1 mo. LIBOR US + 1.300%)(a)(b)			2,640		2,597,100
Series 2018-CRE1, Class A, 1.68%, 05/15/28 (Call 05/15/22), (1 mo. LIBOR US + 1.130%)(a)(b)			1,463		1,457,357
MF1 Multifamily Housing Mortgage Loan Trust, 1.65%, 07/16/36 (Call 07/16/23),
(1 mo. LIBOR US + 1.1%)(a)(b)			4,520		4,458,206
Multifamily Housing Mortgage Loan Trust, 1.62%, 02/19/37 (Call 03/17/24)(a)(b)			1,860		1,825,125
NLY Commercial Mortgage Trust, Series 2019-FL2, Class A, 1.85%, 02/15/36 (Call 05/15/22), (1 mo. LIBOR US + 1.300%)(a)(b)			1,990		1,986,803
Mortgage-Backed Securities — 6.4%
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 1.37%, 09/15/34 (Call 05/15/22), (1 mo. LIBOR US + 0.880%)(a)(b)	USD		12,100		11,964,008
AREIT CRE TRUST 11/24 1, 1.30%, 11/17/24(a)(b)	USD		1,975		1,957,341
AREIT Trust, Series 2019-CRE3, Class A, 1.69%, 09/14/36, (1 mo. LIBOR US + 1.020%)(a)(b)	USD		6,813		6,778,451
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 1.25%, 09/15/34, (1 mo. LIBOR US + 0.850%)(a)(b)	USD		19,220		18,834,506
BBCMS-TALL Mortgage Trust, Series 2018-TALL, Class A, 1.12%, 03/15/37, (1 mo. LIBOR US + 0.722%)(a)(b)	USD		8,630		8,376,705
BX Commercial Mortgage Trust
1.24%, 10/15/38, (1 mo. LIBOR US + 0.69%)(a)(b)	USD		9,306		9,067,113
1.53%, 02/15/39(a)(b)	USD		10,702		10,470,369
Series 2018-BIOA, Class A, 1.23%, 03/15/37, (1 mo. LIBOR US + 0.671%)(a)(b)	USD		21,075		20,863,522
BX Trust
1.30%, 10/15/36, (1 mo. LIBOR US + 0.89%)(a)(b)	USD		8,520		8,306,662
Series 2019-CALM, Class A, 1.27%, 11/15/32, (1 mo. LIBOR US + 0.876%)(a)(b)	USD		6,798		6,712,798
Series 2021, Class A, 1.83%, 06/15/23, (1 mo. LIBOR US + 1.280%)(a)(b)	USD		2,070		2,041,536
CEDR Commercial Mortgage Trust, 1.04%, 02/15/39(a)(b)	USD		5,410		5,267,973
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A11, 1.57%, 07/25/49 (Call 11/25/23), (1 mo. LIBOR US + 0.900%)(a)(b)	USD		1,311		1,300,483
Cold Storage Trust, Series 2020-ICE5, Class A, 1.45%, 11/15/37, (1 mo. LIBOR US + 0.900%)(a)(b)	USD		1,843		1,821,684
Commission, Series 2013- GAM, Class A2, 3.37%, 02/10/28 (Call 02/10/23)(a)	USD		6,407		6,354,820
Commission Mortgage Trust, Series 2013-CR6, Class A3FL, 0.98%, 03/10/46 (Call 12/10/22), (1 mo. LIBOR US + 0.630%)(a)(b)	USD		788		787,928
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A, 1.38%, 05/15/36, (1 mo. LIBOR US + 0.980%)(a)(b)	USD		6,333		6,298,169

10 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Mortgage-Backed Securities (continued)
DBGS Mortgage Trust, Series 2018-5BP, Class A, 1.19%, 06/15/33 (Call 05/15/22), (1 mo. LIBOR US + 0.645%)(a)(b)	USD		4,200	$	4,136,834
Extended Stay America Trust, Series 2021-ESH, Class A, 1.48%, 07/15/38, (1 mo. LIBOR US + 1.08%)(a)(b)	USD		6,192		6,106,362
GCT Commercial Mortgage Trust, Series 2021-GCT, Class A, 1.35%, 02/15/38, (1 mo. LIBOR US + 0.800%)(a)(b)	USD		8,600		8,442,242
GS Mortgage Securities Corportation Trust, 1.50%, 10/15/36, (1 mo. LIBOR US + 0.95%)(a)(b)	USD		10,360		10,146,811
J.P. Morgan Chase Commercial Mortgage Securities Trust, 1.45%, 03/15/39 (Call 03/15/24)(a)(b)	USD		5,540		5,505,584
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 1.40%, 09/15/29, (1 mo. LIBOR US + 1.000%)(a)(b)	USD		1,645		1,633,232
KNDL Mortgage Trust, Series 2019-KNSQ, Class A, 1.35%, 05/15/36, (1 mo. LIBOR US + 0.800%)(a)(b)	USD		8,533		8,447,240
MED Trust LLC, 1.35%, 11/15/38(a)(b)	USD		4,260		4,187,899
MF1
1.37%, 12/15/34, (SOFR + 1.070%)(a)(b)	USD		1,230		1,229,201
1.67%, 12/15/34, (SOFR + 1.370%)(a)(b)	USD		480		479,683
Morgan Stanley Capital I Trust
Series 2017-CLS, Class A, 1.25%, 11/15/34, (1 mo. LIBOR US + 0.700%)(a)(b)	USD		14,512		14,438,981
Series 2018-BOP, Class A, 1.40%, 08/15/33, (1 mo. LIBOR US + 0.850%)(a)(b)	USD		5,549		5,512,184
Series 2018-SUN, Class A, 1.45%, 07/15/35 (Call 07/15/22), (1 mo. LIBOR US + 0.900%)(a)(b)	USD		19,045		18,663,355
MSCG Trust, 1.45%, 10/15/37, (1 mo. LIBOR US + 0.900%)(a)(b)	USD		5,300		5,253,281
MTN Commercial Mortgage Trust, 1.45%, 03/15/39(a)(b)	USD		8,930		8,885,292
Ready Capital Mortgage Financing LLC, 1.76%, 01/25/37 (Call 02/25/24), (SOFR + 1.650%)(a)(b)	USD		8,560		8,567,046
Rialto Real Estate Fund LP, 1.00%, 01/19/37(b)	USD		6,955		6,955,000
Taurus CMBS, 1.11%, 08/17/31 (Call 08/17/26), (SOFR + 0.95%)(b)(c)	GBP		6,966		8,657,771
TPGI Trust, Series 2021 DGWD, Class A, 1.25%, 06/15/26, (1 mo. LIBOR US + 0.700%)(a)(b)	USD		6,320		6,193,384
Vita Scientia, 1.30%, 08/27/25(b)	EUR		5,709		6,022,711
Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class A, 1.43%, 12/15/34, (1 mo. LIBOR US + 0.750%)(a)(b)	USD		17,280		17,068,377
Total Collaterized Mortgage Obligations — 7.6% (Cost: $343,767,143)					338,447,363
Commercial Paper
Enel Finance America
0.00%, 06/27/22(d)	$		13,800		13,773,018
0.00%, 08/09/22(d)			16,000		15,932,907
1.27%, 07/08/22(b)			20,000		19,950,728
Energy Transfer Partners, 0.00%, 05/16/22(b)(d)			30,000		29,986,216
GM Financial Co. Inc., 0.00%, 06/16/22(d)			15,000		14,975,240
Total Commercial Paper — 2.1% (Cost: $94,722,621)					94,618,109

Security	Par (000)		Value
Corporate Bonds & Notes
Aerospace & Defense — 0.1%
L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23)		$        5,000	$	5,040,771
Agriculture — 0.3%
BAT Capital Corp.
1.39%, 08/15/22 (Call 07/15/22), (3 mo. LIBOR US + 0.880%)(b)		10,000		10,005,948
2.76%, 08/15/22 (Call 07/15/22)(e)		2,994		2,997,895
				13,003,843
Auto Manufacturers — 7.5%
American Honda Finance Corp.
1.95%, 05/20/22		14,773		14,779,217
2.20%, 06/27/22		6,136		6,143,958
BMW Finance NV, 2.25%, 08/12/22(a)		16,350		16,351,108
BMW U.S. Capital LLC 0.43%, 08/12/24, (SOFR + 0.380%)(a)(b)(e)		22,230		22,070,135
0.80%, 04/01/24(a)		12,000		11,458,029
1.12%, 04/01/25, (SOFR + 0.840%)(a)(b)		11,100		11,132,271
Daimler Finance North America LLC 0.75%, 03/01/24(a)(e)		9,005		8,616,175
2.55%, 08/15/22(a)		19,691		19,720,233
Daimler Trucks Finance North America LLC, 1.13%, 12/14/23(a)(e)		15,000		14,500,293
General Motors Financial Co. Inc. 0.91%, 10/15/24, (SOFR + 0.620%)(b)		15,000		14,751,875
1.05%, 03/08/24(e)		20,000		19,091,212
Hyundai Capital America 0.80%, 04/03/23(a)(e)		17,710		17,304,296
1.00%, 09/17/24(a)		8,105		7,543,251
Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/24(a)(e)		10,520		9,776,521
Nissan Motor Acceptance Corp. 1.05%, 03/08/24(a)(e)		12,515		11,804,302
1.25%, 03/08/24,
(3 mo. LIBOR US + 0.640%)(a)(b)(e)		4,375		4,352,865
3.88%, 09/21/23(a)		4,000		3,998,416
Stellantis NV, 5.25%, 04/15/23		9,400		9,558,766
Volkswagen Group of America Finance LLC 0.75%, 11/23/22(a)(e)		44,345		43,905,785
0.88%, 11/22/23(a)		14,000		13,440,740
2.70%, 09/26/22(a)(e)		2,145		2,144,333
2.90%, 05/13/22(a)(e)		35,500		35,515,633
4.25%, 11/13/23(a)(e)		13,000		13,156,349
				331,115,763
Banks — 23.4%
Banco Santander SA 0.70%, 06/30/24 (Call 06/30/23)(b)		21,200		20,496,026
2.13%, 04/12/23, (3 mo. LIBOR US + 1.120%)(b)		10,000		10,058,804
3.85%, 04/12/23		9,291		9,372,228
Bank of America Corp.
3.00%, 12/20/23 (Call 12/20/22),
(3 mo. LIBOR US + 0.790%)(b)		58,985		58,846,706
3.30%, 01/11/23		25,000		25,201,082
3.55%, 03/05/24 (Call 03/05/23),
(3 mo. LIBOR US + 0.780%)(b)		30,000		30,019,139
3.86%, 07/23/24 (Call 07/23/23),
(3 mo. LIBOR US + 0.940%)(b)		10,000		10,023,319

S C H E D U L E    O F    I N V E S T  M E N T S 11

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Banque Federative du Credit Mutuel SA, 2.13%, 11/21/22(a)(e)		$        20,000		$        19,972,910
Barclays Bank PLC, 1.70%, 05/12/22		15,000		15,002,855
Barclays PLC, 1.84%, 05/16/24 (Call 05/16/23),
(3 mo. LIBOR US + 1.380%)(b)		41,000		41,258,254
BPCE SA 0.86%, 01/14/25, (SOFR + 0.570%)(a)(b)		3,110		3,089,059
2.04%, 09/12/23, (3 mo. LIBOR US + 1.240%)(a)(b)		15,000		15,121,500
3.00%, 05/22/22(a)		17,993		18,005,844
Canadian Imperial Bank of Commerce, 0.45%, 06/22/23		27,480		26,765,569
Citigroup Inc. 1.68%, 05/15/24 (Call 05/15/23),
(SOFR + 1.667%)(b)		15,000		14,778,455
1.91%, 10/27/22 (Call 09/27/22),
(3 mo. LIBOR US + 0.690%)(b)		10,000		10,014,510
2.70%, 10/27/22 (Call 09/27/22)(e)		33,800		33,887,050
2.88%, 07/24/23 (Call 07/24/22),
(3 mo. LIBOR US + 0.950%)(b)(e)		13,250		13,247,547
Cooperatieve Rabobank UA, 1.84%, 09/26/23,
(3 mo. LIBOR US + 0.860%)(a)(b)		10,000		10,054,153
Credit Suisse AG/New York NY, 0.52%, 08/09/23		25,000		24,200,901
Credit Suisse Group AG, 3.80%, 06/09/23		8,500		8,526,600
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22		19,380		19,489,874
Deutsche Bank AG/New York NY 2.22%, 09/18/24 (Call 09/18/23),
(SOFR + 2.159%)(b)		17,000		16,535,119
Series E, 0.55%, 11/08/23, (SOFR + 0.500%)(b)(e)		13,790		13,709,632
DNB Bank ASA, 1.11%, 03/28/25 (Call 03/28/24),
(3 mo. LIBOR US + 0.390%)(a)(b)(e)		15,000		15,014,250
Federation des Caisses Desjardins du Quebec, 0.48%, 05/21/24, (SOFR + 0.430%)(a)(b)		20,000		19,855,392
Goldman Sachs Group Inc. (The) 0.52%, 03/08/23 (Call 09/08/22)(e)		25,000		24,545,447
1.22%, 12/06/23 (Call 12/06/22)		28,860		28,028,386
2.11%, 11/29/23, (3 mo. LIBOR US + 1.600%)(b)		13,800		13,963,564
2.18%, 07/24/23 (Call 07/24/22),
(3 mo. LIBOR US + 1.000%)(b)		5,000		4,999,192
3.20%, 02/23/23 (Call 01/23/23)(e)		7,583		7,609,697
HSBC Holdings PLC 0.73%, 08/17/24 (Call 08/17/23),
(SOFR + 0.534%)(b)		11,120		10,702,284
1.98%, 03/11/25 (Call 03/11/24),
(3 mo. LIBOR US + 1.230%)(b)(e)		13,000		12,993,569
3.60%, 05/25/23(e)		10,000		10,074,433
Series ., 0.63%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)(b)		6,570		6,491,423
Huntington National Bank (The), 2.50%, 08/07/22 (Call 07/07/22)(e)		15,430		15,436,432
JPMorgan Chase & Co. 0.70%, 03/16/24 (Call 03/16/23),
(SOFR + 0.580%)(b)		2,000		1,954,835
1.51%, 06/01/24 (Call 06/01/23),
(SOFR + 1.455%)(b)		33,590		33,056,172
3.25%, 09/23/22		5,000		5,028,651
3.56%, 04/23/24 (Call 04/23/23),
(3 mo. LIBOR US + 0.730%)(b)		29,600		29,605,618
KeyBank N.A./Cleveland OH, 0.43%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)(b)		4,625		4,491,870

Security	Par (000)		Value
Banks (continued)
Mitsubishi UFJ Financial Group Inc. 1.97%, 07/25/22, (3 mo. LIBOR US + 0.790%)(b)		$        3,000		$        3,002,216
2.62%, 07/18/22(e)		5,000		5,010,505
2.67%, 07/25/22(e)		5,000		5,011,055
Mizuho Financial Group Inc. 1.13%, 05/25/24 (Call 05/25/23),
(3 mo. LIBOR US + 0.630%)(b)(e)		10,000		9,978,783
1.37%, 03/05/23, (3 mo. LIBOR US + 0.790%)(b)(e)		3,000		3,010,349
1.65%, 09/13/23 (Call 09/13/22),
(3 mo. LIBOR US + 0.850%)(b)(e)		25,000		25,036,118
3.55%, 03/05/23(e)		20,000		20,128,741
Morgan Stanley
0.53%, 01/25/24 (Call 01/25/23),
(SOFR + 0.455%)(b)		41,100		40,246,621
0.56%, 11/10/23 (Call 11/10/22),
(SOFR + 0.466%)(b)		5,500		5,424,495
2.58%, 10/24/23 (Call 10/24/22),
(3 mo. LIBOR US + 1.400%)(b)		23,700		23,784,591
3.74%, 04/24/24 (Call 04/24/23),
(3 mo. LIBOR US + 0.847%)(b)		20,000		19,990,698
3.75%, 02/25/23(e)		25,000		25,187,139
National Bank of Canada, 0.54%, 08/06/24,
(SOFR + 0.490%)(b)(e)		8,695		8,626,294
Natwest Group PLC 1.98%, 05/15/23 (Call 05/15/22),
(3 mo. LIBOR US + 1.470%)(b)		9,895		9,893,906
2.52%, 06/25/24 (Call 06/25/23),
(3 mo. LIBOR US + 1.550%)(b)		3,000		3,018,308
3.50%, 05/15/23 (Call 05/15/22), (3 mo. LIBOR US + 1.48%(b)(e)		8,500		8,500,414
3.88%, 09/12/23(e)		20,000		20,058,097
Skandinaviska Enskilda Banken AB, 1.45%, 12/12/22, (3 mo. LIBOR US + 0.645%)(a)(b)(e)		15,000		15,042,552
Sumitomo Mitsui Financial Group Inc. 1.84%, 10/16/23, (3 mo. LIBOR US + 0.800%)(b)(e)		4,000		4,013,966
2.78%, 07/12/22(e)		5,000		5,011,902
UBS AG/London, 0.50%, 08/09/24,
(SOFR + 0.450%)(a)(b)		15,725		15,596,746
UBS Group AG 1.70%, 05/23/23 (Call 05/23/22),
(3 mo. LIBOR US + 1.220%)(a)(b)		20,000		20,009,055
3.49%, 05/23/23 (Call 05/23/22)(a)		20,000		20,026,237
Wells Fargo & Co., 2.47%, 10/31/23 (Call 10/31/22), (3 mo. LIBOR US + 1.230%)(b)		14,000		14,054,316
				1,041,191,455
Beverages — 0.3%
Keurig Dr Pepper Inc., 0.75%, 03/15/24
(Call 05/31/22)(e)		11,955		11,407,116
Biotechnology — 0.6%
Gilead Sciences Inc., 0.75%, 09/29/23
(Call 05/10/22)(e)		25,438		24,610,097
Building Materials — 0.2%
Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 07/15/22)(e)		8,800		8,576,639
Chemicals — 0.4%
DuPont de Nemours Inc., 4.21%, 11/15/23
(Call 10/15/23)		2,000		2,025,994

12 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
International Flavors & Fragrances Inc. 0.70%, 09/15/22(a)		$      5,300	$	5,269,266
3.20%, 05/01/23 (Call 02/01/23)		9,000		9,011,220
Sherwin-Williams Co. (The), 2.75%, 06/01/22 (Call 05/31/22)(e)		1,254		1,254,805
				17,561,285
Computers — 0.5%
Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23)		10,523		10,752,512
International Business Machines Corp. 2.85%, 05/13/22		7,500		7,504,284
2.88%, 11/09/22(e)		3,679		3,693,059
				21,949,855
Diversified Financial Services — 6.2%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust 1.15%, 10/29/23(e)		35,000		33,404,907
4.63%, 07/01/22(e)		20,500		20,565,526
Air Lease Corp. 0.70%, 02/15/24 (Call 01/15/24)		4,840		4,587,981
1.18%, 12/15/22, (3 mo. LIBOR US + 0.350%)(b)(e)		28,600		28,566,029
3.88%, 07/03/23 (Call 06/03/23)		6,138		6,159,038
American Express Co. 0.98%, 03/04/25 (Call 02/01/25),
(SOFR + 0.930%)(b)(e)		8,930		8,989,856
1.16%, 02/27/23 (Call 01/27/23),
(3 mo. LIBOR US + 0.650%)(b)(e)		4,000		4,004,181
2.50%, 08/01/22 (Call 07/01/22)(e)		15,000		15,024,362
3.40%, 02/27/23 (Call 01/27/23)(e)		22,382		22,543,611
3.40%, 02/22/24 (Call 01/22/24)(e)		25,000		25,064,604
Aviation Capital Group LLC, 3.88%, 05/01/23
(Call 04/01/23)(a)		20,240		20,191,629
Capital One Financial Corp. 2.60%, 05/11/23 (Call 04/11/23)(e)		14,000		13,968,443
3.20%, 01/30/23 (Call 12/30/22)(e)		10,000		10,062,069
Charles Schwab Corp. (The), 0.55%, 03/18/24
(Call 02/18/24), (SOFR + 0.500%)(b)		34,500		34,456,644
International Lease Finance Corp., 5.88%, 08/15/22(e)		21,825		22,002,305
Synchrony Financial, 4.38%, 03/19/24
(Call 02/19/24)(e)		6,250		6,301,695
				275,892,880
Electric — 3.3%
Dominion Energy Inc., Series D, 1.36%, 09/15/23 (Call 05/20/22), (3 mo. LIBOR US + 0.530%)(b)(e)		10,975		10,955,648
Duke Energy Corp. 0.30%, 06/10/23, (SOFR + 0.250%)(b)(e)		13,865		13,812,413
3.05%, 08/15/22 (Call 05/31/22)(e)		17,045		17,066,679
NextEra Energy Capital Holdings Inc. 0.59%, 03/01/23, (SOFR + 0.540%)(b)(e)		5,580		5,573,397
0.65%, 03/01/23(e)		24,670		24,272,967
0.68%, 11/03/23 (Call 05/31/22),
(SOFR + 0.400%)(b)		24,300		24,166,981
0.75%, 02/22/23 (Call 05/31/22),
(3 mo. LIBOR US + 0.270%)(b)		26,954		26,879,223
Southern California Edison Co., 0.07%, 04/03/23		26,240		25,677,969
				148,405,277

Security	Par (000)		Value
Food — 0.3%
General Mills Inc. 2.05%, 10/17/23, (3 mo. LIBOR US + 1.010%)(b)(e)		$      2,696	$	2,726,466
2.60%, 10/12/22 (Call 09/12/22)(e)		9,135		9,139,707
				11,866,173
Gas — 0.6%
Atmos Energy Corp., 0.63%, 03/09/23
(Call 05/16/22)(e)		7,875		7,736,545
ONE Gas Inc., 0.85%, 03/11/23 (Call 05/31/22)(e)		20,000		19,650,288
				27,386,833
Health Care - Products — 0.4%
Baxter International Inc., 0.49%, 11/29/24,
(SOFR + 0.440%)(a)(b)		6,430		6,398,296
Thermo Fisher Scientific Inc., 0.82%, 10/18/24
(Call 10/18/22), (SOFR + 0.530%)(b)		12,850		12,796,159
				19,194,455
Health Care - Services — 1.7%
Anthem Inc. 2.95%, 12/01/22 (Call 11/01/22)(e)		4,555		4,571,317
3.13%, 05/15/22		27,616		27,631,027
Humana Inc., 0.65%, 08/03/23 (Call 05/09/22)		43,100		41,831,160
				74,033,504
Home Builders — 0.1%
Lennar Corp., 4.50%, 04/30/24 (Call 01/31/24)(e)		4,500		4,566,331
Household Products & Wares — 0.2%
Avery Dennison Corp., 0.85%, 08/15/24
(Call 08/15/22)(e)		10,440		9,836,278
Insurance — 0.4%
MassMutual Global Funding II, 0.92%, 03/21/25, (SOFR + 0.270%)(a)(b)		3,996		4,004,233
Metropolitan Life Global Funding I, 0.96%, 03/21/25, (SOFR + 0.910%)(a)(b)		8,745		8,775,172
New York Life Global Funding, 2.90%, 01/17/24(a)		5,000		4,974,700
				17,754,105
Internet — 0.3%
Amazon.com Inc., 3.00%, 04/13/25(b)(e)		14,825		14,778,005
Machinery — 0.3%
Caterpillar Financial Services Corp., 1.02%, 05/15/23, (3 mo. LIBOR US + 0.510%)(b)		9,600		9,626,006
Rockwell Automation Inc., 0.35%, 08/15/23
(Call 08/15/22), (SOFR + 0.25000%)		3,870		3,751,519
				13,377,525
Manufacturing — 0.6%
Carlisle Companies Inc., 0.55%, 09/01/23 (Call 09/01/22)		9,115		8,801,123
General Electric Co., 2.70%, 10/09/22		17,655		17,697,232
				26,498,355
Media — 2.3%
Charter Communications Operating LLC/Charter Communications Operating Capital 2.94%, 02/01/24 (Call 01/01/24), (3 mo. LIBOR US + 1.650%)(b)		18,300		18,639,087
4.46%, 07/23/22 (Call 05/31/22)(e)		74,155		74,282,030
4.50%, 02/01/24 (Call 01/01/24)		10,000		10,123,210
				103,044,327
Oil & Gas — 0.5%
ConocoPhillips Co., 2.40%, 03/07/25 (Call 03/07/23)		5,365		5,220,632

S C H E D U L E    O F    I N V E S T  M E N T S 13

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
Phillips 66, 0.90%, 02/15/24 (Call 05/31/22)(e)		$      19,400	$	18,628,701
				23,849,333
Pharmaceuticals — 5.4%
AbbVie Inc. 2.30%, 11/21/22		21,924		21,920,538
2.90%, 11/06/22(e)		50,000		50,132,701
Bayer U.S. Finance II LLC 1.84%, 12/15/23 (Call 11/15/23),
(3 mo. LIBOR US + 1.010%)(a)(b)		32,500		32,651,716
3.88%, 12/15/23 (Call 11/15/23)(a)		15,000		15,118,865
Bristol-Myers Squibb Co., 2.60%, 05/16/22		10,400		10,406,871
Cigna Corp. 0.61%, 03/15/24 (Call 05/31/22)(e)		9,360		8,920,107
3.05%, 11/30/22 (Call 10/31/22)(e)		19,937		20,029,674
CVS Health Corp. 2.75%, 12/01/22 (Call 09/01/22)(e)		15,000		15,037,587
3.50%, 07/20/22 (Call 05/20/22)(e)		33,390		33,423,423
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)(e)		9,760		9,736,004
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)		20,000		20,310,683
				237,688,169
Pipelines — 1.4%
Enbridge Inc. 0.45%, 02/17/23, (SOFR + 0.400%)(b)		3,130		3,123,849
0.55%, 10/04/23(e)		2,805		2,702,168
2.15%, 02/16/24		7,980		7,798,535
4.00%, 10/01/23 (Call 07/01/23)		6,000		6,057,256
Energy Transfer LP 3.45%, 01/15/23 (Call 10/15/22)		10,000		10,020,049
3.60%, 02/01/23 (Call 11/01/22)(e)		6,400		6,411,515
4.25%, 03/15/23 (Call 12/15/22)(e)		8,000		8,060,333
Kinder Morgan Energy Partners LP 3.50%, 09/01/23 (Call 06/01/23)(e)		7,123		7,137,713
4.30%, 05/01/24 (Call 02/01/24)(e)		4,820		4,874,647
Kinder Morgan Inc., 3.15%, 01/15/23 (Call 12/15/22)(e)		6,309		6,325,868
				62,511,933
Retail — 1.2%
7-Eleven Inc. 0.63%, 02/10/23 (Call 05/31/22)(a)(e)		34,000		33,400,342
0.80%, 02/10/24 (Call 05/31/22)(a)(e)		15,600		14,862,015
Starbucks Corp., 0.47%, 02/14/24 (Call 02/14/23), (SOFR + 0.420%)(b)		4,130		4,133,872
				52,396,229
Semiconductors — 0.1%
Analog Devices Inc., 0.52%, 10/01/24, (SOFR + 0.250%)(b)		5,025		5,001,108
Software — 3.3%
Fidelity National Information Services Inc., 0.38%, 03/01/23(e)		32,634		32,026,458
Fiserv Inc.
3.50%, 10/01/22 (Call 07/01/22)(e)		25,675		25,746,409
3.80%, 10/01/23 (Call 09/01/23)		11,769		11,878,406
Oracle Corp.
2.40%, 09/15/23 (Call 07/15/23)		8,000		7,924,816
2.50%, 10/15/22(e)		23,441		23,450,825
2.63%, 02/15/23 (Call 01/15/23)(e)		10,780		10,784,006

Security	Par/ Shares (000)		Value
Software (continued)
VMware Inc., 0.60%, 08/15/23(e)		$      34,000	$	32,897,056
				144,707,976
Telecommunications — 1.5%
AT&T Inc. 0.91%, 03/25/24 (Call 05/31/22),
(SOFR + 0.640%)(b)		22,000		21,978,902
1.98%, 06/12/24, (3 mo. LIBOR US + 1.180%)(b)		15,000		15,186,891
Rogers Communications Inc., 2.95%, 03/15/25 (Call 03/15/23)(a)		9,385		9,150,873
Verizon Communications Inc. 0.80%, 03/22/24, (SOFR + 0.500%)(b)		12,440		12,416,918
1.61%, 05/15/25 (Call 03/15/25),
(3 mo. LIBOR US + 1.100%)(b)		10,000		10,111,326
				68,844,910
Transportation — 1.0%
Ryder System Inc. 2.88%, 06/01/22 (Call 05/31/22)		20,000		20,025,266
3.65%, 03/18/24 (Call 02/18/24)(e)		19,000		18,933,901
3.88%, 12/01/23 (Call 11/01/23)(e)		5,000		5,039,284
				43,998,451
Trucking & Leasing — 0.7%
Penske Truck Leasing Co. LP/PTL Finance Corp. 2.70%, 03/14/23 (Call 02/14/23)(a)		10,000		9,966,446
4.13%, 08/01/23 (Call 07/01/23)(a)		15,000		15,104,947
4.88%, 07/11/22(a)		4,901		4,928,870
				30,000,263
Total Corporate Bonds & Notes — 65.1% (Cost: $2,933,848,702)				2,890,089,244
Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(f)(g)(h)		60,065		60,065,271
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(f)(g)		446,610		446,610,000
Total Money Market Funds — 11.4% (Cost: $506,663,262)				506,675,271
Total Investments in Securities — 100.6% (Cost: $4,527,925,280)				4,468,486,216
Other Assets, Less Liabilities — (0.6)%				(27,505,864	)
Net Assets — 100.0%			$	4,440,980,352

^(a)  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.

^(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)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(d)  Zero-coupon bond.

^(e)  All or a portion of this security is on loan.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

^(h)  All or a portion of this security was purchased with the cash collateral from loaned securities.

14 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Short Maturity Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	49,889,059	$	10,193,143	(a)	$	—	$	(20,226	)	$	3,295	$	60,065,271		60,065	$	36,943	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		208,310,000		238,300,000	(a)		—		—			—		446,610,000		446,610		153,334			—
								$	(20,226	)	$	3,295	$	506,675,271			$	190,277		$	—

^(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

Forward Foreign Currency Exchange Contracts

Currency Purchased	Currency Sold		Counterparty		Settlement Date	Unrealized Appreciation (Depreciation)
USD          9,116,021		EUR          8,473,000		BBP	06/15/22	$	159,832
USD        58,080,902		EUR        52,860,000		DB	06/15/22		2,206,455
USD        53,202,546		GBP        40,763,000		BBP	06/15/22		1,943,335
							4,309,622
Net unrealized appreciation						$	4,309,622

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	4,309,622

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	5,697,209
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	3,837,887

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	486,450
Average amounts sold — in USD	$	104,111,245

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E    O F    I N V E S T  M E N T S 15

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Short Maturity Bond ETF

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	4,309,622	$	—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		4,309,622		—
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		4,309,622		—

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Received	Net Amount of Derivative Assets	(a)(b)
Barclays Bank PLC	$2,103,167	$	—	$	—	$	—	$2,103,167
Deutsche Bank Securities Inc.	2,206,455		—		—		—	2,206,455
	$4,309,622	$	—	$	—	$	—	$    4,309,622

^(a)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(b)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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
Investments
Assets
Asset-Backed Securities	$	—	$	608,662,976	$	—	$	608,662,976
Certificates of Deposit		—		29,993,253		—		29,993,253
Collaterized Mortgage Obligations		—		338,447,363		—		338,447,363
Commercial Paper		—		94,618,109		—		94,618,109
Corporate Bonds & Notes		—		2,890,089,244		—		2,890,089,244
Money Market Funds		506,675,271		—		—		506,675,271
	$	506,675,271	$	3,961,810,945	$	—	$	4,468,486,216
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	4,309,622	$	—	$	4,309,622

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

16 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Schedule of Investments (unaudited) April 30, 2022 BlackRock Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Debt Obligations
Alabama — 4.3%
Black Belt Energy Gas District RB 4.00%, 06/01/22	$	170	$	170,330
4.00%, 12/01/22		240		243,144
4.00%, 12/01/22		750		758,653
4.00%, 06/01/23		240		244,391
4.00%, 12/01/24		1,250		1,277,215
Series A, VRDN, 4.00%, 08/01/47 (Put 05/20/22)(a)(b)		4,000		4,016,064
Columbia Industrial Development Board RB, VRDN, 0.39%, 12/01/37 (Put 04/29/22)(a)(b)		3,300		3,300,000
Southeast Alabama Gas Supply District (The) RB, Series A, 4.00%, 06/01/22		1,500		1,502,301
Southeast Energy Authority A Cooperative District RB
Series A, 4.00%, 10/01/22		355		357,606
Series A, 4.00%, 10/01/23		450		456,100
Series B, 4.00%, 06/01/24		1,200		1,221,662
				13,547,466
California — 0.6%
California County Tobacco Securitization Agency RB, Series A, 4.00%, 06/01/22		545		546,058
State of California GO, 5.00%, 12/01/24		1,190		1,267,883
				1,813,941
Colorado — 0.1%
City & County of Denver Co. Airport System Revenue RB, Series A, 5.00%, 11/15/23		250		259,571
Connecticut — 2.0%
Connecticut State Health & Educational Facilities Authority RB, 4.00%, 07/01/22		500		501,707
State of Connecticut GO
Series A, 3.00%, 01/15/23		2,000		2,017,876
Series C, VRDN, 0.48%, 05/15/34 (Put 04/29/22)(a)(b)		1,920		1,920,000
Series C, 3.00%, 06/01/22		900		901,140
Series C, 5.00%, 07/15/22		900		906,547
State of Connecticut Special Tax Revenue ST, Series A, 5.00%, 05/01/22		200		200,000
				6,447,270
District of Columbia — 2.7%
District of Columbia RB, VRDN, 0.55%, 04/01/38 (Put 04/29/22)(a)(b)		2,890		2,890,000
Metropolitan Washington Airports Authority RB, 5.00%, 10/01/22		1,200		1,215,068
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.49%, 10/01/53 (Put 10/01/29)(a)(b)(c)		4,525		4,525,000
				8,630,068
Florida — 2.8%
County of Martin FL RB, VRDN, 0.40%, 07/15/22 (Put 04/29/22)(a)(b)		500		500,000
County of Miami-Dade FL Aviation Revenue RB, Series A, 5.00%, 10/01/23		2,500		2,584,407
County of Palm Beach FL RB, VRDN, 0.48%, 07/01/32 (Put 05/02/22)(a)(b)		2,800		2,800,000
Florida Development Finance Corp. RB, VRDN, 0.30%, 12/01/56 (Put 05/31/22)(a)(b)		2,150		2,144,432
Miami-Dade County Industrial Development Authority RB, 0.40%, 08/01/23		1,000		967,265
				8,996,104

Security	Par (000)		Value
Georgia — 7.9%
Bartow County Development Authority RB, VRDN, 1.55%, 08/01/43 (Put 08/19/22)(a)(b)	$	2,000	$	1,995,994
Burke County Development Authority RB, VRDN, 2.25%, 10/01/32 (Put 05/25/23)(a)(b)		2,000		1,985,544
City of Atlanta GA TA, 5.00%, 12/01/22		3,975		4,040,063
Main Street Natural Gas Inc. RB
Series A, VRDN, 4.00%, 04/01/48 (Put 06/01/23)(a)(b)		5,685		5,775,869
Series D, VRDN, 1.14%, 08/01/48 (Put 09/01/23)(a)(b)		5,000		4,975,170
Monroe County Development Authority RB, VRDN, 0.39%, 06/01/49 (Put 04/29/22)(a)(b)		3,700		3,700,000
Municipal Electric Authority of Georgia RB, VRDN, 0.46%, 01/01/48 (Put 04/29/22)(a)(b)		1,000		1,000,000
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.49%, 01/01/44 (Put 07/01/28) (AGM)(a)(b)(c)		1,700		1,700,000
				25,172,640
Illinois — 3.4%
County of Cook IL GO, 4.00%, 11/15/22		1,395		1,411,630
Illinois Development Finance Authority RB, VRDN, 0.48%, 02/01/33 (Put 04/29/22)(a)(b)		2,000		2,000,000
Illinois Finance Authority RB, VRDN, 0.45%, 01/01/37 (Put 05/02/22)(a)(b)		3,300		3,300,000
Tender Option Bond Trust Receipts/Certificates GO, VRDN, 0.48%, 03/01/33 (Put 05/06/22)(a)(b)(c)		4,000		4,000,000
				10,711,630
Indiana — 3.2%
City of Rockport IN RB, VRDN, 1.35%, 07/01/25 (Put 09/01/22)(a)(b)		2,250		2,245,529
Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 06/01/23		1,800		1,851,027
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.59%, 04/01/30 (Put 05/06/22)(a)(b)(c)		6,000		6,000,000
				10,096,556
Iowa — 1.0%
Iowa Finance Authority RB, VRDN, 0.49%, 12/01/41 (Put 04/29/22)(a)(b)(c)		3,200		3,200,000
Kansas — 2.2%
City of Burlington KS RB
Series A, VRDN, 0.67%, 09/01/35 (Put 04/29/22)(a)(b)		4,000		4,000,000
Series B, VRDN, 0.67%, 09/01/35 (Put 04/29/22)(a)(b)		3,000		3,000,000
				7,000,000
Kentucky — 8.4%
County of Meade KY RB
VRDN, 0.60%, 08/01/61 (Put 04/29/22)(a)(b)		7,600		7,600,000
VRDN, 0.59%, 08/01/61 (Put 04/29/22)(a)(b)		7,500		7,500,000
Kentucky Public Energy Authority RB
4.00%, 02/01/23		1,000		1,013,616
Series A, VRDN, 4.00%, 04/01/48 (Put 01/02/24)(a)(b)		3,930		4,004,065
Kentucky State Property & Building Commission RB, Series A, 5.00%, 11/01/22		1,000		1,016,571
Louisville/Jefferson County Metropolitan Government RB, VRDN, 0.52%, 06/01/33 (Put 04/29/22)(a)(b)		5,000		5,000,000
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.47%, 12/01/41 (Put 12/01/27) (AGM)(a)(b)(c)		500		500,000
				26,634,252
Louisiana — 3.0%
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax RB, 5.00%, 08/01/22 (AGM)		465		469,236

S C H E D U L E    O F    I N V E S T  M E N T S 17

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Louisiana (continued)
Lake Charles Harbor & Terminal District RB, VRDN, 1.00%, 12/01/51 (Put 12/01/24)(a)(b)	$	4,325	$	4,091,761
Louisiana Offshore Terminal Authority RB, VRDN, 1.65%, 09/01/27 (Put 12/01/23)(a)(b)		400		392,594
Louisiana Stadium & Exposition District RB, 4.00%, 07/03/23 (Call 04/01/23)		2,325		2,362,358
Parish of St Charles LA RB, 4.00%, 12/01/40 (Put 06/01/22)(a)(b)		2,345		2,348,661
				9,664,610
Massachusetts — 1.9%
Massachusetts Educational Financing Authority RB 5.00%, 07/01/22		1,445		1,451,835
5.00%, 01/01/24		2,500		2,582,732
Massachusetts Housing Finance Agency RB
Series A, 0.30%, 12/01/23 (Call 06/01/22)		1,000		951,862
Series A, 0.40%, 06/01/24 (Call 06/01/23)		1,000		959,541
				5,945,970
Michigan — 2.1%
Michigan Finance Authority RB 0.40%, 10/15/23		665		644,694
5.00%, 10/15/22		3,250		3,289,552
5.00%, 11/01/22		240		243,867
5.00%, 12/01/22		1,390		1,415,583
Series A, 4.00%, 06/01/22		1,000		1,001,776
				6,595,472
Minnesota — 0.6%
City of Minneapolis MN RB, Class C, 0.33%, 11/15/48 (Put 04/29/22)(a)(b)		2,050		2,050,000
Mississippi — 3.6%
Mississippi Business Finance Corp. RB
VRDN, 0.33%, 12/01/30 (Put 05/02/22)(a)(b)		1,600		1,600,000
Series A, VRDN, 0.47%, 12/01/30 (Put 05/02/22)(a)(b)		10,000		10,000,000
				11,600,000
Missouri — 1.0%
City of Kansas City MO RB, 5.00%, 09/01/22		810		818,307
County of Greene MO COP, Series A, 3.00%, 03/01/23		350		353,409
RBC Municipal Products Inc. Trust RB, VRDN, 0.49%, 09/01/39 (Put 05/06/22)(a)(b)(c)		2,000		2,000,000
				3,171,716
Nebraska — 0.9%
Central Plains Energy Project RB, VRDN, 5.00%, 03/01/50 (Put 10/01/23)(a)(b)		1,000		1,028,529
County of Douglas NE RB, 0.97%, 07/01/35		2,000		1,950,722
				2,979,251
Nevada — 0.8%
County of Clark Department of Aviation RB, 5.00%, 07/01/22		2,165		2,176,806
Nevada Housing Division RB, 0.25%, 12/01/22 (Call 05/20/22)		485		480,648
				2,657,454
New Jersey — 13.2%
Jersey City Municipal Utilities Authority RB, 3.00%, 07/01/22		4,000		4,009,496
New Jersey Economic Development Authority RB 5.00%, 06/15/22		200		200,768
5.25%, 09/01/24 (c)		7,600		8,004,457
Series A, 4.00%, 07/01/22		2,000		2,007,336
Series AAA, 5.00%, 06/15/22		1,000		1,003,838
Series B, 5.00%, 11/01/23 (SAP)		1,450		1,498,634

Security	Par (000)		Value
New Jersey (continued)
Series B, 5.00%, 11/01/24	$	1,010	$	1,062,325
Series NN, 5.00%, 03/01/23		1,000		1,022,281
Series UU, 5.00%, 06/15/22		2,000		2,007,676
Series UU, 5.00%, 06/15/23		1,575		1,617,741
New Jersey Health Care Facilities Financing Authority RB, 5.00%, 10/01/23		1,500		1,549,686
New Jersey Higher Education Student Assistance Authority RB, 5.00%, 12/01/24		500		525,060
New Jersey Housing & Mortgage Finance Agency RB, 4.00%, 04/01/23		1,290		1,309,149
New Jersey Transportation Trust Fund Authority RB Series A, 5.00%, 06/15/22		220		220,854
Series A, 5.00%, 06/15/22		2,750		2,760,266
Series A, 5.00%, 06/15/24		1,575		1,653,378
Series A, 5.50%, 12/15/22		1,430		1,461,396
Series A, 5.50%, 12/15/22 (AGM-CR)		190		194,194
Series A, 5.50%, 12/15/23		155		161,782
Series B, 5.25%, 12/15/22 (AMBAC)		910		928,134
Series D, 5.00%, 12/15/23		470		487,395
Series D, 5.25%, 12/15/23		1,275		1,327,197
State of New Jersey GO, Series A, 4.00%, 06/01/23		1,290		1,311,985
Tobacco Settlement Financing Corp. RB, Series A, 5.00%, 06/01/22		3,000		3,008,067
Township of Deptford NJ RB, Series A, 1.00%, 07/13/22		1,478		1,477,297
Township of Evesham NJ GO, 1.00%, 06/14/22		988		987,090
				41,797,482
New Mexico — 0.2%
New Mexico Municipal Energy Acquisition Authority RB, Series A, 4.00%, 05/01/22		600		600,000
New York — 6.4%
Albany Industrial Development Agency RB, VRDN, 0.55%, 07/01/32 (Put 05/05/22)(a)(b)		900		900,000
Amherst Development Corp. RB, VRDN, 0.51%, 02/01/35 (Put 04/29/22)(a)(b)		1,720		1,720,000
City of New York NY GO, VRDN, 0.35%, 12/01/47 (Put 04/29/22)(a)(b)		2,400		2,400,000
Nassau Health Care Corp. RB, Series C, 5.00%, 08/01/23 (GTD)		1,425		1,470,415
New York City Housing Development Corp. RB, 0.45%, 11/01/25 (FHA)		1,560		1,444,189
New York City Transitional Finance Authority Future Tax Secured Revenue RB, VRDN, 0.36%, 02/01/44 (Put 04/29/22)(a)(b)		3,200		3,200,000
New York Transportation Development Corp. RB 5.00%, 12/01/22		495		502,761
Series A, 5.00%, 12/01/23		1,250		1,285,794
Tender Option Bond Trust Receipts/Certificates GO, VRDN, 0.47%, 09/01/26 (Put 05/06/22)(a)(b)(c)		2,195		2,195,000
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.47%, 07/01/50 (Put 07/01/30)(a)(b)(c)		2,000		2,000,000
Town of Newburgh NY GOL, 1.00%, 05/18/22		820		819,773
Town of Oyster Bay NY GOL 4.00%, 03/01/23		425		431,819
5.00%, 08/15/22 (BAM)		715		722,189
Village of Kings Point NY RB, 1.00%, 07/22/22		1,300		1,299,156
				20,391,096
North Carolina — 0.2%
North Carolina Medical Care Commission RB, VRDN, 0.47%, 10/01/35 (Put 04/29/22)(a)(b)		500		500,000

18 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
North Dakota — 2.2%
North Dakota Housing Finance Agency RB, VRDN, 0.44%, 07/01/36 (Put 05/06/22)(a)(b)	$	6,875	$	6,875,000
Ohio — 2.1%
Akron Bath Copley Joint Township Hospital District RB
5.00%, 11/15/22		225		228,295
5.00%, 11/15/23		325		337,185
City of Cleveland OH GOL, Series A, 2.00%, 12/01/22		300		300,832
Ohio Higher Educational Facility Commission RB, VRDN, 0.41%, 01/01/39 (Put 04/29/22)(a)(b)		5,975		5,975,000
				6,841,312
Oregon — 1.9%
Oregon State Facilities Authority RB, VRDN, 0.32%, 08/01/34 (Put 04/29/22)(a)(b)		6,100		6,100,000
Pennsylvania — 5.2%
Allegheny County Hospital Development Authority RB, 1.00%, 11/15/23(a)(b)		1,500		1,500,005
Butler County Industrial Development Authority/PA RB, VRDN, 0.53%, 05/01/34 (Put 05/02/22)(a)(b)		2,200		2,200,000
Connellsville Area School District GOL, 4.00%, 08/15/22 (BAM SAW)		500		503,561
Ephrata Area School District GO, 3.00%, 03/01/24		1,000		1,007,895
General Authority of Southcentral Pennsylvania RB, VRDN, 0.38%, 06/01/37 (Put 04/29/22)(a)(b)		3,300		3,300,000
Muhlenberg School District GOL, 4.00%, 05/15/22 (SAW)		700		700,614
Pennsylvania Economic Development Financing Authority RB, VRDN, 0.75%, 12/01/37 (Put 04/29/22)(a)(b)		3,000		3,000,000
Pennsylvania Housing Finance Agency RB 5.00%, 10/01/25		500		539,509
Series 133, 5.00%, 10/01/22		380		385,353
Philadelphia Gas Works Co. RB, Series A, 5.00%, 08/01/22		1,315		1,325,932
Southeastern Pennsylvania Transportation Authority RB, 5.00%, 06/01/22		360		361,001
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.47%, 10/01/41 (Put 10/01/29)(a)(b)(c)		1,620		1,620,000
				16,443,870
Puerto Rico — 1.0%
Puerto Rico Housing Finance Authority RB, 5.00%, 12/01/22		3,000		3,052,932
South Carolina — 0.3%
South Carolina Public Service Authority RB, VRDN, 0.50%, 01/01/36 (Put 04/29/22)(a)(b)		900		900,000
South Dakota — 0.6%
South Dakota Housing Development Authority RB, VRDN, 0.45%, 11/01/62 (Put 04/29/22)(a)(b)		1,780		1,780,000
Tennessee — 0.6%
Metropolitan Government Nashville & Davidson County Health & Educational Facility RB, 5.00%, 05/01/22		535		535,000
Tennergy Corp./TN
Series A, 4.00%, 09/01/22		335		337,375
Series A, 4.00%, 03/01/23		375		380,114
Series A, 4.00%, 09/01/23		320		325,633
Tennessee Energy Acquisition Corp. RB, Series A, 5.00%, 11/01/23		250		256,942
				1,835,064

Security	Par (000)		Value
Texas — 13.5%
Fort Bend Independent School District RB
0.55%, 05/27/22	$	5,000	$	4,999,244
0.60%, 05/27/22		5,000		4,999,313
Harris County Cultural Education Facilities Finance Corp. RB, VRDN, 5.00%, 06/01/32 (Put 09/01/22)(a)(b)		4,000		4,071,820
Port of Arthur Navigation District Industrial Development Corp. RB VRDN, 0.49%, 12/01/40 (Put 05/02/22)(a)(b)		7,000		7,000,000
VRDN, 0.49%, 06/01/41 (Put 05/02/22)(a)(b)		3,000		3,000,000
State of Texas GO
VRDN, 0.47%, 12/01/43 (Put 05/06/22)(a)(b)		9,700		9,700,000
Series A, VRDN, 0.47%, 06/01/44 (Put 05/02/22)(a)(b)		410		410,000
Series A, VRDN, 0.47%, 06/01/45 (Put 04/29/22)(a)(b)		2,910		2,910,000
Tarrant County Cultural Education Facilities Finance Corp. RB, VRDN, 0.32%, 10/01/41 (Put 04/29/22)(a)(b)		1,000		1,000,000
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.54%, 06/15/27 (Put 05/06/22)(a)(b)(c)		1,500		1,500,000
Texas Municipal Gas Acquisition & Supply Corp. III RB
5.00%, 12/15/22		2,000		2,030,104
5.00%, 12/15/23		1,150		1,183,122
				42,803,603
Virginia — 0.1%
Fairfax County Industrial Development Authority RB, 5.00%, 05/15/23		300		308,728
Washington — 0.3%
King County Housing Authority RB, 3.00%, 06/01/22		250		250,290
Washington Health Care Facilities Authority RB, VRDN, 5.00%, 08/01/49 (Put 02/01/25)(a)(b)		800		840,096
				1,090,386
Wisconsin — 1.0%
Public Finance Authority RB, 5.00%, 06/01/22		175		175,462
Wisconsin Health & Educational Facilities Authority RB, VRDN, 0.62%, 08/15/54 (Put 01/01/26)(a)(b)		2,000		1,956,224
Wisconsin Housing & Economic Development Authority RB, VRDN, 0.44%, 03/01/41 (Put 04/29/22)(a)(b)		1,000		1,000,000
				3,131,686
Total Municipal Debt Obligations — 101.3% (Cost $324,336,707)				321,625,130
Total Investments in Securities — 101.3% (Cost: $324,336,707)				321,625,130
Other Assets, Less Liabilities — (1.3)%			(4,063,007)
Net Assets — 100.0%			$317,562,123

^(a) 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.

^(b) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(c) 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.

S C H E D U L E    O F    I N V E S T  M E N T S 19

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Short Maturity Municipal Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds: MuniCash(a)	$	—	$	—		$        (3)(b)	$	3	$	—	$	—		—	$	11	$	—

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

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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
Investments
Assets
Municipal Debt Obligations	$	—	$	321,625,130	$	—	$	321,625,130

See notes to financial statements.

20 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Schedule of Investments (unaudited) April 30, 2022 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
CarMax Auto Owner Trust 2.81%, 05/15/25	$	3,752	$	3,751,689
Series 20-4, Class A2A, 0.31%, 01/16/24 (Call 06/15/24)		1,662		1,660,499
Ford Credit Auto Lease Trust 0.24%, 04/15/24 (Call 01/15/24)		7,361		7,296,796
3.06%, 10/15/24		4,343		4,344,384
Ford Credit Auto Owner Trust, 0.73%, 09/15/24 (Call 08/15/25)		11,021		10,905,104
Honda Auto Receivables Owner Trust, 1.44%, 10/15/24 (Call 05/15/25)		14,164		14,043,266
Hyundai Auto Lease Securitization Trust 0.24%, 01/16/24 (Call 03/15/24)(a)		14,741		14,580,326
0.81%, 04/15/24 (Call 06/15/24)(a)		10,000		9,861,733
Toyota Auto Receivables, 2.35%, 01/15/25		9,455		9,432,001
Total Asset-Backed Securities — 1.2% (Cost: $76,495,328)				75,875,798
Certificates of Deposit
Banco Santander SA, 0.62%, 08/01/22		10,000		9,982,436
Banco Santander SA/New York, 0.75%, 10/19/22, (SOFR + 0.450%)(b)		10,000		10,000,139
Bank of Montreal, 0.50%, 11/28/22		7,000		6,935,419
Barclays Bank PLC, 1.65%, 03/03/23		15,000		14,896,899
Barclays Bank PLC/NY, 0.57%, 02/03/23, (SOFR + 0.300%)(b)		30,000		29,958,136
Bayerische Landesbank/New York 0.90%, 06/27/23		15,000		14,821,625
1.38%, 01/27/23, (3 mo. LIBOR US + 0.160%)(b)		22,500		22,486,494
BNP Paribas NY, 0.20%, 09/08/22		35,000		34,841,396
Canadian Imperial Bank of Commerce 0.35%, 11/02/22		6,000		5,950,437
1.39%, 09/12/22		35,000		35,001,361
Canadian Imperial Bank of Commerce/New York NY 0.50%, 08/24/22, (SOFR + 0.220%)(b)		22,000		21,996,495
0.56%, 03/03/23, (SOFR + 0.280%)(b)		30,000		29,957,026
0.58%, 01/06/23, (SOFR + 0.300%)(b)		10,000		9,991,483
Credit Industriel et Commercial/New York, 0.37%, 05/06/22,
(3 mo. LIBOR US + 0.5000%)(b)		7,000		6,999,838
Credit Suisse AG/New York NY, 0.50%, 10/28/22		15,000		14,885,213
Kookmin Bank/New York 0.58%, 01/30/23, (SOFR + 0.300%)(b)		25,000		24,965,230
0.60%, 02/09/23, (SOFR + 0.320%)(b)		10,000		9,986,935
0.60%, 02/21/23, (SOFR + 0.320%)(b)		20,000		19,972,128
0.68%, 12/02/22, (3 mo. LIBOR US + 0.180%)(b)		10,000		10,002,880
1.35%, 10/24/22, (3 mo. LIBOR US + 0.170%)(b)		5,000		5,000,737
Landesbank Baden-Wuerttemberg 0.34%, 10/21/22		10,000		9,927,814
0.81%, 06/03/22, (SOFR + 0.28000%)		8,000		7,996,013
Lloyds Bank Corp. 0.23%, 08/17/22		6,700		6,677,059
0.40%, 12/01/22		16,000		15,845,779
Lloyds Bank Corporate Markets PLC, 0.23%, 06/30/22		15,000		14,980,635
Lloyds Bank Corporate Markets PLC/New York NY, 0.55%, 02/03/23, (SOFR + 0.280%)(b)		25,000		24,972,292
Mitsubishi UFJ Financial Group, 0.25%, 05/05/22, (SOFR + 0.466%)		8,000		7,999,778
Mizuho Bank Ltd./New York NY, 0.46%, 07/25/22, (SOFR + 0.160%)(b)		11,500		11,495,807

Security	Par (000)		Value
MUFG Bank Ltd. 0.23%, 07/15/22	$	7,000	$	6,985,690
0.30%, 10/31/22		7,500		7,440,330
0.32%, 08/08/22		5,000		4,985,744
MUFG Bank Ltd/New York NY 0.55%, 01/24/23, (SOFR + 0.280%)(b)		15,000		14,983,183
0.55%, 01/27/23, (SOFR + 0.280%)(b)		25,000		24,971,663
Natix NY, 0.56%, 06/17/22, (SOFR + 0.180%)(b)		12,000		11,999,163
Natixis SA/New York NY, 0.56%, 02/07/23, (SOFR + 0.280%)(b)		10,000		9,987,810
Nordea Bank Abp/New York NY, 0.46%, 10/27/22, (SOFR + 0.190%)(b)		20,000		19,979,828
Oversea Chinese Bannking Corp., 0.17%, 06/03/22, (3 mo. LIBOR US + 0.25%)		10,130		10,123,821
Royal Bank of Canada 0.20%, 08/16/22		18,000		17,933,956
0.37%, 11/10/22		10,000		9,910,767
0.40%, 11/15/22		15,000		14,863,004
0.53%, 01/11/23, (SOFR + 0.250%)(b)		18,000		17,976,174
Royal Bank of Canada/New York NY, 0.41%, 05/24/22, (SOFR + 0.130%)(b)		10,000		9,999,797
Standard Chartered Bank/New York 0.58%, 03/13/23, (SOFR + 0.300%)(b)		30,000		29,953,549
0.63%, 05/01/23, (SOFR + 0.350%)(b)		25,000		24,964,987
0.69%, 07/28/23, (SOFR + 0.420%)(b)		15,000		14,994,400
Sumitomo Mitsui Banking Corp., 2.70%, 04/25/23		50,000		49,970,811
Sumitomo Mitsui Banking Corp./New York 0.56%, 01/23/23, (SOFR + 0.280%)(b)		20,000		19,971,846
0.70%, 07/15/22		10,000		9,997,751
Sumitomo Mitsui Trust Bank, 0.25%, 05/11/22, (SOFR + 0.28%)		5,000		4,999,617
Svenska Handelsbanken/New York NY 0.44%, 09/09/22, (SOFR + 0.170%)(b)		10,000		9,993,875
0.72%, 10/27/22, (SOFR + 0.190%)(b)		15,000		14,984,871
Toronto Dominion Bank 0.50%, 07/26/22		20,000		19,964,584
0.73%, 12/30/22		8,000		7,917,643
Toronto-Dominion Bank 0.53%, 07/05/22		25,000		24,975,142
1.75%, 10/21/22		15,000		14,987,087
2.69%, 04/28/23		10,000		9,999,291
Toronto-Dominion Bank/NY, 0.34%, 10/28/22		7,000		6,943,114
UBS AG/Stamford Branch, 1.68%, 10/20/22		5,000		4,996,245
Westpac Banking Corp., 2.25%, 01/23/23		30,000		29,989,956
Total Certificates of Deposit — 14.6% (Cost: $922,323,732)				920,273,183
Commercial Paper
Amcor Flexibles North America 0.70%, 05/11/22(c)		30,000		29,992,980
1.09%, 06/09/22(c)		30,000		29,962,895
Ameren Corp. 0.70%, 05/12/22(c)		22,614		22,608,325
1.03%, 06/02/22(c)		15,000		14,985,451
American Electric Power Inc. 0.58%, 05/03/22(c)		28,250		28,248,189
0.59%, 05/04/22(c)		20,000		19,998,358
American Honda Financial, 1.26%, 07/06/22(c)		20,000		19,952,664
Amphenol Corp., 0.65%, 05/10/22(c)		19,000		18,996,255
Antalis SA, 1.40%, 08/04/22(c)		25,000		24,912,228

S C H E D U L E    O F    I N V E S T  M E N T S 21

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
ANZ New Zealand International Ltd. 0.36%, 05/02/22(c)	$	30,000	$	29,999,092
1.86%, 10/21/22(c)		25,000		24,776,389
ASB Bank Ltd., 0.84%, 09/15/22, (SOFR + 0.790%)(a)(b)		18,250		18,280,323
ASB Finance Ltd., 1.53%, 09/12/22(c)		15,000		14,913,640
AT&T Inc., 0.78%, 05/17/22(c)		66,300		66,274,276
AT+T Inc., 1.55%, 08/16/22(c)		45,000		44,789,358
Australia & New Zealand Banking Group Ltd., 1.20%, 07/28/22(c)		10,000		9,970,000
Avery Dennison Corp. 0.62%, 05/06/22(c)		5,250		5,249,367
0.67%, 05/10/22(c)		7,965		7,963,382
Barclays Bank PLC, Series 10-10.51%, 07/22/22, (SOFR + 0.230%)(a)(b)		10,000		9,998,670
Base Aktiengesellsch 1.72%, 09/02/22(c)		10,000		9,940,325
2.14%, 10/03/22(c)		17,400		17,239,051
Baxter International, 0.56%, 05/02/22(c)		37,037		37,035,262
Bedford Row Funding Corp., 0.44%, 06/27/22, (FEDL01 + 0.110%)(a)(b)		15,000		14,995,920
Bell Canada, 0.66%, 05/12/22(c)		30,000		29,992,872
BNZ Financial Funding Ltd., 0.82%, 06/13/22(c)		7,500		7,492,313
BNZ International Funding Ltd., 0.94%, 07/01/22(c)		10,000		9,983,585
BPCE SA 1.25%, 08/01/22(c)		15,000		14,951,198
2.43%, 03/01/23(c)		13,500		13,227,125
2.51%, 02/22/23(c)		10,000		9,795,600
Brookfield Infrastructure Holdings, 0.58%, 05/03/22(c)		19,316		19,314,762
Brookfield Renewable, 0.81%, 05/19/22(c)		12,000		11,994,580
Church & Dwight Co. Inc., 0.93%, 05/25/22(c)		14,060		14,050,607
Citigroup Global Markets Inc. 1.32%, 08/01/22(c)		18,000		17,938,383
2.20%, 01/03/23(c)		20,000		19,699,817
2.60%, 04/11/23(c)		30,000		29,267,541
Collateralized Commercial Paper Flex Co. LLC 0.27%, 08/18/22(a)		15,000		14,947,561
0.92%, 06/24/22(c)		30,000		29,955,153
Collateralized Commercial Paper V Co. 1.46%, 09/14/22(c)		18,750		18,634,497
1.66%, 10/14/22(c)		12,650		12,543,622
1.70%, 10/21/22(c)		15,000		14,865,250
Commonwealth Bank of Australia 0.63%, 10/14/22, (SOFR + 0.350%)(a)(b)		15,000		15,000,000
1.77%, 10/21/22(c)		5,000		4,957,465
Crown Point Capital Co., 0.30%, 10/04/22(a)		10,000		9,939,342
Disney (walt) Co. (The), 1.69%, 09/30/22(c)		5,000		4,964,174
DNB Bank ASA 1.73%, 10/19/22(c)		5,000		4,958,696
1.86%, 11/07/22(c)		5,000		4,950,933
2.41%, 03/02/23(c)		10,000		9,798,915
DZ Bank AG Deutsche Zentral, 1.36%, 08/12/22(c)		6,260		6,235,260
Enbridge Inc. 0.83%, 05/09/22(c)		10,000		9,997,686
0.95%, 05/18/22(c)		20,000		19,990,004
1.37%, 07/05/22(c)		30,000		29,923,843
Enel Finance America 1.07%, 06/08/22(c)		8,860		8,849,496
1.08%, 06/10/22(c)		10,000		9,987,400
1.27%, 07/08/22(c)		12,000		11,970,437
1.36%, 07/21/22(c)		15,000		14,953,209
1.45%, 08/03/22(c)		15,100		15,042,016

Security	Par (000)		Value
1.68%, 09/07/22(c)	$	10,000	$	9,939,376
1.73%, 09/15/22(c)		28,000		27,814,698
1.97%, 10/21/22(c)		15,500		15,352,696
Eversource Energy, 0.74%, 05/17/22(c)		10,000		9,996,325
Fidelity National Information Services, 0.89%, 05/23/22(c)		6,429		6,425,194
Goldman Sachs International, 1.93%, 11/10/22(c)		10,000		9,896,488
Hyundai Capital America, 0.70%, 05/11/22(c)		20,000		19,995,327
ING U.S Funding LLC. 0.56%, 05/12/22, (SOFR + 0.58%)(c)		25,000		24,994,962
0.64%, 05/17/22(c)		10,000		9,996,825
Intercontinental Exchange Inc., 0.91%, 05/17/22, (SOFR + 0.58%)(c)		9,499		9,494,678
J.P. Morgan Securities, 0.22%, 09/30/22,
(3 mo. LIBOR US + 0.17000 %)(a)		10,000		9,938,104
Kookmin Bank, 2.63%, 04/25/23(c)		25,000		24,356,467
Kookmin Bank/New York, 1.44%, 08/22/22,
(3 mo. LIBOR US + 0.35%)(c)		6,000		5,972,496
La Fayette Asset Security, 0.79%, 06/10/22(c)		32,000		31,967,968
Lloyds Bank Corp, 1.88%, 10/31/22(c)		15,000		14,856,317
Mackinac Funding, 0.56%, 05/03/22(c)		7,000		6,999,710
Macquarie Bank Ltd. 0.40%, 01/10/23, (SOFR + 0.350%)(a)(b)		15,000		14,990,631
0.45%, 09/20/22, (SOFR + 0.180%)(a)(b)		10,000		9,992,691
0.59%, 02/28/23, (SOFR + 0.3%)(a)(b)		25,000		24,967,325
1.45%, 08/01/22, (SOFR + 0.180%)(c)		5,000		4,981,135
2.01%, 11/01/22, (SOFR + 0.350%)(c)		10,000		9,897,442
Mitsubishi HC Capital America Inc. 0.56%, 05/02/22(c)		2,000		1,999,906
0.66%, 05/09/22(c)		5,000		4,999,086
0.74%, 05/12/22(c)		20,000		19,994,692
0.76%, 05/16/22(c)		12,536		12,531,519
National Australia Bank Ltd. 1.47%, 09/06/22(c)		30,000		29,841,075
1.57%, 09/26/22(c)		20,000		19,870,000
1.76%, 10/11/22, (3 mo. LIBOR US + 0.41 %)(c)		20,000		19,839,583
2.39%, 02/24/23(c)		17,000		16,667,253
National Bank of Canada 0.66%, 05/19/22(c)		8,000		7,997,076
1.86%, 10/31/22, (SOFR + 0.33%)(c)		10,000		9,905,239
National Grid Holdings, 1.06%, 06/07/22, (SOFR + 0.4%)(c) .		14,500		14,483,349
NatWest Market PLC 1.29%, 07/18/22(c)		15,600		15,555,523
1.34%, 07/26/22(c)		25,000		24,918,294
Nieuw Amsterdam Recv, 0.59%, 05/03/22(c)		30,000		29,998,690
Nordea Bank Abp, 1.72%, 10/21/22, (SOFR + 0.19000%)(c)		10,000		9,916,972
Nutrien Ltd. 0.82%, 05/17/22(c)		14,880		14,873,929
1.05%, 05/31/22(c)		15,000		14,985,960
Oscar AcquisitionCo LLC/Oscar Finance Inc., 0.70%, 05/12/22, (SOFR + 0.33%)(c)		26,787		26,780,277
Regatta Funding Co. LLC, 1.81%, 10/28/22(c)		5,000		4,953,236
Royal Bank of Canada, 1.75%, 09/12/22(c)		20,000		19,868,684
Skandinaviska Enskilda Banken AB 0.88%, 06/21/22(c)		7,000		6,990,900
1.69%, 09/12/22(c)		40,000		39,746,738
1.92%, 10/24/22, (3 mo. LIBOR US + 0.645 %)(c)		15,000		14,859,083
1.93%, 10/26/22(c)		30,000		29,713,500
Societe Generale SA 0.00%, 09/19/22, (SOFR + 0.35000%)(d)		10,000		9,938,270
0.37%, 05/03/22(c)		10,000		9,999,592
1.47%, 08/31/22, (SOFR + 0.42000%)(c)		15,000		14,924,205

22 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Stanley Works (The), 0.69%, 05/23/22(c)	$	15,000	$	14,993,100
Sumitomo Mitsui Banking Corp., 1.33%, 07/21/22(c)		15,000		14,954,315
Suncor Energy Inc., 0.61%, 05/05/22(c)		17,775		17,773,205
Swedbank AB 1.34%, 08/03/22(c)		20,000		19,928,853
1.41%, 08/15/22(c)		12,000		11,949,528
1.83%, 10/17/22(c)		35,000		34,698,921
1.88%, 10/24/22(c)		15,000		14,861,679
1.90%, 10/26/22(c)		20,000		19,812,000
Telus Corp., 1.26%, 07/06/22(c)		9,250		9,228,107
Thermo Fisher Scientific Inc., 1.02%, 06/01/22(c)		20,000		19,981,300
Toronto Dominion Bank, 1.29%, 08/03/22(c)		20,000		19,931,627
Toronto-Dominion Bank 2.19%, 12/09/22(c)		15,000		14,798,307
2.50%, 02/17/23(c)		20,000		19,599,670
Transcanada Pipelines Ltd. 0.56%, 05/02/22(c)		20,000		19,999,062
0.61%, 05/05/22(c)		30,000		29,996,970
1.35%, 07/20/22, (SOFR + 0.2%)(c)		20,000		19,938,637
UBS AG London, 1.64%, 09/01/22(c)		10,000		9,943,333
UBS AG/London 0.57%, 12/02/22, (SOFR + 0.300%)(a)(b)		10,000		9,991,147
1.51%, 08/18/22(c)		10,000		9,953,627
UBS AG/LONDON, 0.77%, 05/31/22(c)		25,000		24,982,822
Verizon Communications Inc. 0.66%, 05/09/22(c)		19,394		19,390,455
0.67%, 05/10/22(c)		25,000		24,994,882
1.25%, 07/05/22(c)		30,000		29,930,376
VW CR Inc. 0.76%, 05/16/22(c)		10,000		9,996,425
0.78%, 05/17/22(c)		15,000		14,994,180
1.15%, 06/21/22(c)		20,000		19,966,051
VW Credit Inc. 1.56%, 08/23/22(c)		19,500		19,402,231
1.57%, 08/24/22(c)		10,000		9,949,235
Walt Disney Co. (The) 0.85%, 06/15/22(c)		16,940		16,921,290
1.05%, 07/15/22(c)		10,950		10,925,478
Waste Management Inc. 1.38%, 07/25/22(c)		21,600		21,527,964
1.43%, 08/02/22(c)		4,805		4,786,906
1.47%, 08/09/22(c)		19,720		19,638,201
1.61%, 09/08/22(c)		25,000		24,853,333
Wec Energy Group Inc., 0.61%, 05/05/22(c)		10,000		9,998,990
Westpac Banking Corp./NY, 1.71%, 10/14/22(c)		5,000		4,960,520
Westpac Securities NZ Ltd., 1.00%, 07/01/22(c)		7,250		7,237,389
Total Commercial Paper — 37.5%
(Cost: $2,369,594,301)			2,367,025,344
Corporate Bonds & Notes
Aerospace & Defense — 0.1%
Raytheon Technologies Corp., 3.65%, 08/16/23 (Call 07/16/23)		4,000		4,027,791
Agriculture — 0.3%
Cargill Inc. 0.40%, 02/02/24 (Call 01/02/24)(a)(e)		10,165		9,694,625
3.50%, 04/22/25 (Call 04/22/23)(a)		6,825		6,817,179
				16,511,804

Security	Par (000)		Value
Auto Manufacturers — 5.2%
American Honda Finance Corp. 0.63%, 02/22/23, (3 mo. LIBOR US + 0.150%)(b)	$	8,820	$	8,815,666
0.65%, 09/08/23		20,000		19,404,953
0.75%, 08/09/24		3,235		3,060,447
0.88%, 07/07/23		7,025		6,878,059
1.03%, 09/08/23, (3 mo. LIBOR US + 0.420%)(b)		5,790		5,792,890
2.20%, 06/27/22		10,100		10,113,099
BMW Finance NV, 2.25%, 08/12/22(a)		1,890		1,890,128
BMW U.S. Capital LLC 0.43%, 08/12/24, (SOFR + 0.380%)(a)(b)		19,960		19,816,460
0.75%, 08/12/24(a)		2,925		2,769,225
0.80%, 04/01/24(a)		3,350		3,198,700
0.81%, 04/01/24, (SOFR + 0.530%)(a)(b)(e)		15,615		15,590,937
Daimler Finance North America LLC 0.75%, 03/01/24(a)		26,690		25,537,558
1.75%, 03/10/23(a)(e)		13,184		13,052,588
2.55%, 08/15/22(a)		2,247		2,250,336
Daimler Trucks Finance North America LLC, 1.13%, 12/14/23(a)		4,000		3,866,745
Hyundai Capital America 0.80%, 04/03/23(a)(e)		21,620		21,124,724
0.80%, 01/08/24(a)		3,000		2,858,227
2.38%, 02/10/23(a)		7,560		7,520,264
2.85%, 11/01/22(a)		8,440		8,453,403
Hyundai Capital Services Inc., 0.75%, 09/15/23(a)		20,000		19,304,718
PACCAR Financial Corp., 0.80%, 06/08/23		2,760		2,709,279
Toyota Motor Credit Corp. 0.45%, 07/22/22		6,580		6,559,333
0.47%, 02/13/23, (SOFR + 0.200%)(b)(e)		22,277		22,250,732
0.50%, 06/18/24		4,000		3,783,960
0.56%, 09/13/24, (SOFR + 0.290%)(b)		12,000		11,940,188
0.58%, 06/13/22, (SOFR + 0.300%)(b)		15,000		14,998,650
0.62%, 10/14/22, (SOFR + 0.340%)(b)		13,000		12,998,828
0.90%, 03/22/24, (SOFR + 0.320%)(b)		10,000		10,031,632
2.50%, 03/22/24		15,000		14,837,458
2.90%, 03/30/23		10,000		10,032,130
Volkswagen Group of America Finance LLC, 0.75%, 11/23/22(a)		15,025		14,876,185
				326,317,502
Auto Parts & Equipment — 0.0%
Aptiv PLC / Aptiv Corp., 2.40%, 02/18/25 (Call 02/18/23)		3,275		3,149,185
Banks — 12.4%
Banco Santander SA, 0.70%, 06/30/24 (Call 06/30/23)(b)		8,200		7,927,708
Bank of America Corp.
0.52%, 06/14/24 (Call 06/14/23), (SOFR + 0.410%)(b)		18,580		17,965,990
2.82%, 07/21/23 (Call 07/21/22),
(3 mo. LIBOR US + 0.930%)(b)		20,834		20,831,216
3.00%, 12/20/23 (Call 12/20/22), (3 mo. LIBOR US + 0.790%)(b)		10,000		9,976,554
3.30%, 01/11/23		10,000		10,080,433
Series 2025, 0.81%, 02/04/25 (Call 02/04/24), (SOFR + 0.660%)(b)		15,000		14,908,500
BPCE SA
1.40%, 05/31/22, (3 mo. LIBOR US + 0.880%)(b)(e)		7,006		7,005,977
2.75%, 01/11/23(a)(e)		4,000		3,999,828
Canadian Imperial Bank of Commerce 1.60%, 06/16/22, (3 mo. LIBOR US + 0.720%)(b)		3,480		3,481,346
3.50%, 09/13/23		4,500		4,532,117

S C H E D U L E    O F    I N V E S T  M E N T S 23

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Citigroup Inc., 2.88%, 07/24/23 (Call 07/24/22),
(3 mo. LIBOR US + 0.950%)(b)	$	20,000	$	19,996,297
Credit Agricole Corporate & Investment Bank SA, 0.40%, 01/15/23 (Call 07/15/22)		12,000		11,898,435
Credit Suisse AG/New York NY 0.47%, 07/10/23, (SOFR + 0.420%)(b)		14,000		13,961,523
0.50%, 02/02/24		5,335		5,076,628
0.60%, 01/19/24, (SOFR + 0.540%)(b)		10,000		9,946,690
0.67%, 02/02/24, (SOFR + 0.390%)(b)		15,000		14,892,016
1.00%, 05/05/23		5,000		4,895,011
Deutsche Bank AG/New York NY 0.96%, 11/08/23		20,815		20,058,027
Series E, 0.55%, 11/08/23, (SOFR + 0.500%)(b)		16,220		16,125,470
DNB Bank ASA
1.12%, 12/02/22, (3 mo. LIBOR US + 0.620%)(a)(b)(e)		5,000		5,007,039
2.15%, 12/02/22(a)		14,382		14,377,149
Fifth Third Bank NA, 1.80%, 01/30/23 (Call 12/30/22)		4,560		4,544,429
Goldman Sachs Group Inc. (The) 0.52%, 03/08/23 (Call 09/08/22)		20,000		19,636,357
1.22%, 12/06/23 (Call 12/06/22)		12,000		11,654,214
0.63%, 11/17/23 (Call 11/17/22), (SOFR + 0.538%)(b)		10,000		9,846,574
0.74%, 11/17/23 (Call 11/17/22), (SOFR + 0.540%)(b)		7,000		6,975,655
HSBC Holdings PLC, 1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)(b)		6,995		6,708,807
JPMorgan Chase & Co. 0.70%, 03/16/24 (Call 03/16/23),     (SOFR + 0.580%)(b)		4,000		3,909,670
0.86%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)(b)		20,000		19,930,900
KeyBank N.A./Cleveland OH
0.43%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)(b)		10,000		9,712,151
0.59%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)(b)		15,565		15,409,225
Kookmin Bank/New York, 0.60%, 11/03/22, (SOFR + 0.320%)(a)(b)		11,000		10,992,764
Kookmin Bank/Seoul, 0.50%, 08/03/22, (SOFR + 0.450%)(a)(b)		10,535		10,532,316
Korea Development Bank (The), 0.84%, 02/18/23, (3 mo. LIBOR US + 0.350%)(b)		16,455		16,447,801
Lloyds Bank PLC, 2.25%, 08/14/22		10,000		10,014,291
Macquarie Bank Ltd. 0.58%, 04/06/23, (SOFR + 0.300%)(a)(b)		15,000		14,950,944
2.10%, 10/17/22(a)		9,450		9,444,731
Mitsubishi UFJ Financial Group Inc. 2.62%, 07/18/22		8,400		8,417,649
2.67%, 07/25/22		35,637		35,715,796
Morgan Stanley
0.53%, 01/25/24 (Call 01/25/23), (SOFR + 0.455%)(b)		10,000		9,792,365
0.56%, 11/10/23 (Call 11/10/22), (SOFR + 0.466%)(b)		15,000		14,794,076
0.73%, 04/05/24 (Call 04/05/23), (SOFR + 0.616%)(b)		30,000		29,210,476
0.90%, 01/24/25 (Call 01/24/24), (3 mo. LIBOR US + 0.140%)(b)		15,000		14,853,743
3.62%, 04/17/25 (Call 04/17/24), (SOFR + 1.160%)(b)		6,865		6,829,504
3.75%, 02/25/23		15,384		15,499,158
National Australia Bank Ltd., 1.21%, 12/13/22, (3 mo. LIBOR US + 0.410%)(a)(b)		3,500		3,503,747
National Australia Bank Ltd./New York, 1.88%, 12/13/22		4,460		4,455,501
Nordea Bank Abp, 1.00%, 06/09/23(a)		3,135		3,061,221
Nordea Bank Abp/New York NY, 0.30%, 01/27/23		8,000		7,937,456
Santander UK PLC, 2.10%, 01/13/23, (SOFR + 0.43%)		2,105		2,097,569
Skandinaviska Enskilda Banken AB 1.45%, 12/12/22, (3 mo. LIBOR US + 0.645%)(a)(b)		3,000		3,008,510
2.20%, 12/12/22(a)		2,845		2,841,051

Security	Par (000)		Value
Banks (continued)
Sumitomo Mitsui Financial Group Inc. 0.51%, 01/12/24	$	3,580	$	3,416,767
3.10%, 01/17/23		2,659		2,669,358
Sumitomo Mitsui Trust Bank Ltd. 0.71%, 09/16/24, (SOFR + 0.440%)(a)(b)		15,000		14,906,357
0.80%, 09/12/23, (SOFR + 0.44%)(a)		12,744		12,344,801
0.80%, 09/16/24(a)		12,000		11,229,504
2.55%, 03/10/25(a)		10,000		9,687,234
Suncorp-Metway Ltd., 2.80%, 05/04/22, (SOFR + 0.19%)(a)		895		895,043
Svenska Handelsbanken AB, 0.63%, 06/30/23, (SOFR + 0.17000%)(a)		6,310		6,143,256
Swedbank AB 0.60%, 09/25/23(a)		14,500		13,992,645
1.30%, 06/02/23(a)		6,680		6,561,644
Truist Bank
0.48%, 01/17/24 (Call 01/17/23), (SOFR + 0.200%)(b)		45,000		44,652,150
1.25%, 03/09/23 (Call 02/09/23)		15,000		14,839,598
UBS AG/London 0.38%, 06/01/23(a)		4,440		4,324,693
0.45%, 02/09/24(a)		7,000		6,661,922
0.50%, 08/09/24, (SOFR + 0.450%)(a)(b)		8,470		8,400,918
0.54%, 02/09/24, (SOFR + 0.360%)(a)(b)		5,000		4,980,480
0.55%, 06/01/23, (SOFR + 0.320%)(a)(b)		8,470		8,455,178
0.70%, 08/09/24(a)		4,330		4,081,618
1.38%, 01/13/25 (Call 12/13/24), (SOFR + 0.300%)(a)		6,970		6,591,347
Westpac Banking Corp. 0.51%, 11/18/24, (SOFR + 0.300%)(b)		12,445		12,381,937
1.02%, 11/18/24(e)		3,550		3,363,025
2.00%, 01/13/23		2,375		2,370,138
				782,622,218
Beverages — 0.8%
Coca-Cola Europacific Partners PLC, 0.50%, 05/05/23(a)		52,207		50,866,797
PepsiCo Inc., 0.75%, 05/01/23		1,615		1,588,736
				52,455,533
Biotechnology — 0.2%
Gilead Sciences Inc., 0.75%, 09/29/23 (Call 05/10/22)		15,971		15,451,209
Chemicals — 0.1%
Ecolab Inc., 0.90%, 12/15/23 (Call 12/15/22)(e)		8,800		8,526,244
Cosmetics & Personal Care — 0.3%
GSK Consumer Healthcare Capital US LLC, 1.17%, 03/24/24 (Call 03/24/23), (SOFR + 0.540%)(a)(b)		2,150		2,152,310
GSK Consumer Healthcare Capital US LLC., 3.02%, 03/24/24 (Call 03/24/23)(a)		9,235		9,142,060
Unilever Capital Corp., 0.63%, 08/12/24 (Call 08/12/22)		5,975		5,649,786
				16,944,156
Diversified Financial Services — 0.8%
American Express Co. 0.40%, 11/03/23, (SOFR + 0.230%)(b)		10,000		9,927,500
0.75%, 11/03/23		10,000		9,704,172
0.98%, 03/04/25 (Call 02/01/25), (SOFR + 0.930%)(b)		8,235		8,290,197
1.44%, 04/17/25, (SOFR + 0.950%)		10,000		10,007,700
3.38%, 05/03/24		7,600		7,593,935
LSEGA Financing PLC, 0.65%, 04/06/24 (Call 03/06/24)(a)		3,895		3,688,487
				49,211,991
Electric — 4.2%
Dominion Energy Inc., Series D, 1.36%, 09/15/23 (Call 05/20/22), (3 mo. LIBOR US + 0.530%)(b)		30,560		30,506,113

24 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Duke Energy Corp. 0.30%, 06/10/23, (SOFR + 0.250%)(b)	$	14,765	$	14,708,999
2.40%, 08/15/22 (Call 07/15/22)		6,610		6,616,193
Eversource Energy, 0.45%, 08/15/23, (SOFR + 0.250%)(b)		23,850		23,788,122
Florida Power & Light Co.
0.44%, 05/10/23 (Call 05/31/22), (SOFR + 0.250%)(b)		11,020		10,988,007
0.66%, 01/12/24 (Call 07/12/22), (SOFR + 0.250%)(b)		8,240		8,208,674
National Rural Utilities Cooperative Finance Corp, 0.58%, 08/07/23, (SOFR + 0.330%)(b)		16,150		16,128,731
National Rural Utilities Cooperative Finance Corp.,
Series D, 0.61%, 10/18/24, (SOFR + 0.330%)(b)		5,000		4,981,501
NextEra Energy Capital Holdings Inc. 0.59%, 03/01/23, (SOFR + 0.540%)(b)		9,305		9,293,989
0.65%, 03/01/23		6,888		6,777,146
0.68%, 11/03/23, (SOFR + 0.400%)(b)		30,000		29,835,779
0.75%, 02/22/23 (Call 05/31/22), (3 mo. LIBOR US + 0.270%)(b)		45,000		44,875,159
2.94%, 03/21/24 (Call 09/21/22)		15,000		14,889,951
PPL Electric Utilities Corp.
0.61%, 06/24/24 (Call 06/24/22), (SOFR + 0.330%)(b)		8,065		8,017,979
1.22%, 09/28/23, (3 mo. LIBOR US + 0.250%)(b)		8,710		8,673,975
WEC Energy Group Inc., 0.55%, 09/15/23		21,955		21,191,414
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)		7,560		7,289,006
				266,770,738
Electronics — 0.1%
Honeywell International Inc., 0.48%, 08/19/22 (Call 05/10/22)		3,666		3,654,887
Food — 0.7%
Hormel Foods Corp., 0.65%, 06/03/24 (Call 06/03/22)(e)		12,125		11,559,446
Nestle Holdings Inc., 0.61%, 09/14/24 (Call 09/14/23)(a)		35,000		32,941,080
				44,500,526
Gas — 0.7%
Atmos Energy Corp. 0.63%, 03/09/23 (Call 05/16/22)		8,175		8,031,271
1.02%, 03/09/23 (Call 05/31/22), (3 mo. LIBOR US + 0.380%)(b)		23,770		23,782,123
CenterPoint Energy Resources Corp., 0.70%, 03/02/23 (Call 05/31/22)		15,935		15,600,141
				47,413,535
Health Care - Products — 0.9%
Thermo Fisher Scientific Inc.
0.64%, 04/18/23 (Call 05/31/22), (SOFR + 0.350%)(b)		20,000		19,969,110
0.80%, 10/18/23 (Call 10/18/22)		30,000		29,088,224
0.82%, 10/18/24 (Call 10/18/22), (SOFR + 0.530%)(b)		9,215		9,176,389
				58,233,723
Health Care - Services — 0.8%
Roche Holdings Inc.
0.49%, 03/05/24, (SOFR + 0.240%)(a)(b)		5,370		5,359,005
0.59%, 09/11/23, (SOFR + 0.240%)(a)(b)		15,000		15,006,138
1.88%, 03/08/24(a)		15,000		14,718,158
UnitedHealth Group Inc., 0.55%, 05/15/24 (Call 05/15/22)		15,135		14,408,200
				49,491,501
Household Products & Wares — 0.1%
Church & Dwight Co. Inc., 2.45%, 08/01/22 (Call 07/01/22)		2,000		2,001,842
Reckitt Benckiser Treasury Services PLC, 2.38%, 06/24/22 (Call 05/24/22), (SOFR + 0.24%)(a)		3,000		3,002,013
				5,003,855

Security	Par (000)		Value
Insurance — 3.3%
Athene Global Funding, 2.51%, 03/08/24(a)	$	10,000	$	9,749,663
Brighthouse Financial Global Funding 0.53%, 02/24/23, (SOFR + 0.310%)(a)(b)(e)		23,890		23,833,511
1.20%, 12/15/23(a)		17,000		16,397,403
Jackson National Life Global Funding, 0.88%, 01/06/23, (SOFR + 0.600%)(a)(b)		26,000		26,010,617
MassMutual Global Funding II, 0.85%, 06/09/23, (SOFR + 0.55%)(a)(e)		8,328		8,153,966
MET Tower Global Funding, 0.83%, 01/17/23, (SOFR + 0.550%)(a)(b)		22,000		22,018,834
Metropolitan Life Global Funding I 0.55%, 06/07/24(a)		3,590		3,385,704
0.60%, 09/08/22, (SOFR + 0.350%)(a)(b)		23,000		23,014,260
0.60%, 01/07/24, (SOFR + 0.320%)(a)(b)		27,000		26,883,050
0.85%, 01/13/23, (SOFR + 0.570%)(a)(b)		16,460		16,474,979
Principal Life Global Funding II 0.61%, 08/23/24, (SOFR + 0.380%)(a)(b)		635		629,714
0.75%, 08/23/24(a)		660		617,929
Protective Life Global Funding 0.33%, 12/09/22(a)(e)		15,000		14,830,149
0.63%, 10/13/23(a)		4,820		4,654,754
0.85%, 03/31/23(a)		9,525		9,525,003
				206,179,536
Internet — 0.3%
Amazon.com Inc. 0.25%, 05/12/23		9,205		9,010,132
3.00%, 04/13/25		10,000		9,968,300
				18,978,432
Machinery — 1.7%
Caterpillar Financial Services Corp. 0.45%, 05/17/24, (SOFR + 0.245%)(b)		10,000		9,953,900
0.54%, 09/13/24, (SOFR + 0.270%)(b)		15,620		15,500,288
0.95%, 05/13/22		12,000		11,998,254
0.95%, 01/10/24		20,000		19,380,429
1.13%, 05/13/22, (3 mo. LIBOR US + 0.735%)(b)		5,000		5,000,406
John Deere Capital Corp. 0.40%, 07/10/23, (SOFR + 0.120%)(b)		7,330		7,304,081
0.48%, 10/11/24, (SOFR + 0.200%)(b)(e)		14,290		14,292,275
0.55%, 07/05/22		11,060		11,033,864
0.90%, 01/10/24		3,605		3,488,905
Rockwell Automation Inc., 0.35%, 08/15/23 (Call 08/15/22), (SOFR + 0.25000%)		9,050		8,772,933
				106,725,335
Manufacturing — 0.3%
Siemens Financieringsmaatschappij NV, 0.48%, 03/11/24, (SOFR + 0.43%)(a)(b)		18,980		18,998,681
Oil & Gas — 0.9%
Chevron Corp., 1.14%, 05/11/23		4,510		4,451,036
Chevron USA Inc., 0.58%, 08/11/23, (3 mo. LIBOR US + 0.200%)(b)		37,065		37,026,405
ConocoPhillips Co., 2.13%, 03/08/24 (Call 09/08/22)		16,000		15,734,630
				57,212,071
Oil & Gas Services — 0.0%
Schlumberger Finance Canada Ltd., 2.65%, 11/20/22 (Call 10/20/22)(a)		2,500		2,504,719
Pharmaceuticals — 0.6%
AbbVie Inc., 3.25%, 10/01/22 (Call 07/01/22)		12,685		12,712,294

S C H E D U L E    O F    I N V E S T  M E N T S 25

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
AstraZeneca PLC 0.30%, 05/26/23	$	24,000	$	23,441,226
2.38%, 06/12/22		764		764,652
				36,918,172
Pipelines — 1.0%
Enbridge Inc. 0.45%, 02/17/23, (SOFR + 0.400%)(b)		11,350		11,327,694
0.55%, 10/04/23(e)		5,380		5,182,768
0.83%, 02/16/24, (SOFR + 0.630%)(b)		10,125		10,137,465
2.15%, 02/16/24		5,530		5,404,248
2.90%, 07/15/22 (Call 06/15/22)		5,000		5,007,388
TransCanada PipeLines Ltd., 1.00%, 10/12/24 (Call 09/12/24)(e)		27,205		25,532,422
				62,591,985
Retail — 0.5%
Amazon.com Inc., 2.73%, 04/13/24		20,000		19,978,006
McDonald’s Corp., 3.35%, 04/01/23 (Call 03/01/23)(e)		1,263		1,271,549
Starbucks Corp., 0.47%, 02/14/24 (Call 02/14/23), (SOFR + 0.420%)(b)		11,515		11,525,797
				32,775,352
Savings & Loans — 0.5%
Nationwide Building Society 0.55%, 01/22/24, (SOFR + 0.28000%)(a)		16,520		15,754,351
2.00%, 01/27/23, (SOFR + 0.18000%)(a)		15,890		15,808,906
				31,563,257
Semiconductors — 0.8%
Analog Devices Inc., 0.52%, 10/01/24, (SOFR + 0.250%)(b)		15,330		15,257,112
NVIDIA Corp. 0.31%, 06/15/23 (Call 06/15/22)		28,000		27,314,412
0.58%, 06/14/24		5,305		5,048,589
				47,620,113
Software — 0.2%
Adobe Inc., 1.70%, 02/01/23		4,010		3,986,398
Roper Technologies Inc., 0.45%, 08/15/22		2,390		2,377,513
salesforce.com Inc., 0.63%, 07/15/24 (Call 07/15/22)		9,415		8,920,020
				15,283,931
Telecommunications — 0.7%
Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24		21,081		20,131,137
NTT Finance Corp., 0.58%, 03/01/24(a)		6,005		5,725,094
Verizon Communications Inc. 0.75%, 03/22/24		3,580		3,438,925
0.80%, 03/22/24, (SOFR + 0.500%)(b)		16,955		16,923,540
				46,218,696
Transportation — 0.1%
Ryder System Inc., 2.88%, 06/01/22		4,899		4,905,189
Total Corporate Bonds & Notes — 38.6% (Cost: $2,476,098,528)				2,438,761,867
Municipal Debt Obligations
Alabama — 0.1%
Alabama Federal Aid Highway Finance Authority
0.23%, 09/01/22		3,035		3,025,734
0.45%, 09/01/23		3,545		3,445,102
				6,470,836
Arizona — 0.0%
County of Pima AZ COP, 0.48%, 12/01/22		1,020		1,012,893

Security	Par (000)		Value
California — 0.5%
California Health Facilities Financing Authority RB, 0.42%, 06/01/22	$	2,400	$	2,398,874
County of Fresno CA, 0.25%, 06/30/22, (SOFR + 0.89%)		19,900		19,878,548
Mizuho Floater/Residual Trust RB, 0.62%, 07/01/39 (05/05/22), (SOFR + 0.16000%)(a)(f)		10,000		10,000,000
Port of Oakland RB, 0.82%, 05/01/23, (SOFR + 0.38%)		400		392,660
				32,670,082
Connecticut — 0.0%
Connecticut Housing Finance Authority RB, Class A4, 0.30%, 11/15/22 (Call 05/31/22)		580		575,419
Hawaii — 0.1%
State of Hawaii GO, 0.43%, 10/01/22		4,945		4,923,123
New York — 2.9%
City of New York NY GO, Class D, 0.43%, 08/01/22, (3 mo. LIBOR US + 0.27%)		5,575		5,563,655
Deutsche Bank Spears/Lifers Trust, 0.94%, 04/01/31 (Call 05/09/22)(a)(f)		51,500		51,500,000
Long Island Power Authority RB 0.36%, 03/01/23 (Call 06/01/22), (SOFR + 0.28000%)		6,800		6,691,255
0.76%, 03/01/23 (Call 06/01/22), (SOFR + 0.28000%)		1,290		1,271,739
Mizuho Floater/Residual Trust RB VRDN, 0.59%, 02/01/23 (Put 05/31/22)(a)(f)		13,000		13,000,000
VRDN, 0.59%, 07/01/25 Put (a)(f)		28,230		28,230,000
VRDN, 0.74%, 09/01/27 Put (a)(f)		11,000		11,000,000
VRDN, 0.59%, 02/15/41 (Put 05/31/22)(a)(f)		5,484		5,484,126
VRDN, 0.59%, 11/01/56 (Put 05/31/22)(a)(f)		250		250,000
VRDN, 0.74%, 09/01/26 (Put 05/31/22)(a)(f)		6,000		6,000,000
VRDN, 0.74%, 03/01/31 Put (a)(f)		18,000		18,000,000
VRDN, 0.74%, 03/01/31 Put (a)(f)		8,640		8,640,000
New York State Dormitory Authority RB, 2.01%, 03/15/23		1,765		1,758,748
Port Authority of New York & New Jersey RB, Series AAA, 1.09%, 07/01/23		12,570		12,337,279
Taxable Municipal Funding Trust RB VRDN, 0.29%, 09/01/30 (Put 05/01/25)(a)(f)		6,870		6,870,000
VRDN, 0.94%, 01/16/25 (Put 04/29/22)(a)(f)		1,085		1,085,000
VRDN, 0.94%, 02/01/31 Put (a)(f)		400		400,000
VRDN, 0.94%, 11/15/54 (Put 11/15/26)(a)(f)		1,010		1,010,000
				179,091,802
Texas — 0.0%
City of Houston Texas Airport System Revenue RB, 0.88%, 07/01/22		690		689,624
State of Texas GO 0.31%, 10/01/22		545		542,506
0.31%, 10/01/22		515		512,643
				1,744,773
Total Municipal Debt Obligations — 3.6% (Cost $227,045,100)				226,488,928
Repurchase Agreements(b)(g)
Bank of America Securities Inc., 0.64%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $35,001,867, collateralized by non-agency mortgage-backed security, 0.38% to 6.10%, due 11/13/23 to 1/25/70, par and fair value of $108,610,501 and $37,705,118, respectively)		35,000		35,000,000

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Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Bank of America Securities Inc., 0.92%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $7,000,537, collateralized by non-agency mortgage-backed security, 3.00%, due to 10/25/58, par and fair value of $10,733,517 and $8,400,000, respectively)	$	7,000	$	7,000,000
BNP Paribas, 0.65%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $20,001,083, collateralized by non-agency mortgage-backed security, 1.45% to 9.75%, due 3/15/23 to 10/10/79, par and fair value of $23,029,182 and $21,936,791, respectively)		20,000		20,000,000
Citigroup Global Markets Inc., 0.59%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $9,000,443, collateralized by non-agency mortgage-backed security, 0.91% to 3.85%, due to 5/1/38 to 9/20/71, par and fair value of $162,563,543 and $9,334,123, respectively)		9,000		9,000,000
Citigroup Global Markets Inc., 0.61%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $12,000,610, collateralized by non-agency mortgage-backed security, 0.63% to 3.50%, due 6/2/26 to 12/25/57, par and fair value of $14,905,000 and $12,558,347, respectively)		12,000		12,000,000
Credit Suisse Securities (USA) LLC, 0.89%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $35,002,596, collateralized by non-agency mortgage-backed security, 0.00% to 9.50%, due 8/15/25 to 7/25/51, par and fair value of $46,018,894 and $40,250,000, respectively)		35,000		35,000,000
Goldman Sachs & Co. LLC, 0.80%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $60,004,000, collateralized by non-agency mortgage-backed security, 1.70% to 9.15%, due 6/6/22 to 11/15/41, par and fair value of $67,191,000 and $63,000,498, respectively)		60,000		60,000,000
Mizuho Securities USA Inc., 0.87%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $11,000,798, collateralized by non-agency mortgage-backed security, 0.00% to 5.29%, due 3/10/23 to 5/25/65, par and fair value of $21,180,000 and $12,499,887, respectively)		11,000		11,000,000
Mizuho Securities USA LLC, 0.77%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $6,000,385, collateralized by non-agency mortgage-backed security, 4.75%, due to 2/15/41, par and fair value of $4,897,000 and $6,120,088, respectively)		6,000		6,000,000
Wells Fargo Securities, 0.47%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $35,001,371, collateralized by non-agency mortgage-backed security, 1.53% to 4.75%, due 7/10/22 to 4/25/60, par and fair value of $67,610,132 and $38,213,175, respectively)		35,000		35,000,000
Wells Fargo Securities, 1.08%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $25,002,250, collateralized by non-agency mortgage-backed security, 0.00% to 6.02%, due 1/15/25 to 5/15/48, par and fair value of $45,222,738 and $28,750,000, respectively)		25,000		25,000,000

Security	Par/ Shares (000)		Value
Wells Fargo Securities, 1.10%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $22,002,017, collateralized by non-agency mortgage-backed security, 2.75%, due to 4/12/27, par and fair value of $22,411,000 and $22,440,103, respectively)	$	22,000	$	22,000,000
Wells Fargo Securities, 1.30%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $3,000,325, collateralized by non-agency mortgage-backed security, 4.55%, due to 11/14/24, par and fair value of $3,182,000 and $3,300,638, respectively)		3,000		3,000,000
Total Repurchase Agreements — 4.4% (Cost: $280,000,000)				280,000,000
U.S. Government Obligations
U.S. Government Obligations — 0.2%
U.S. Treasury Note/Bond, 0.25%, 09/30/23		10,000		9,691,406
Total U.S. Government Obligations — 0.2% (Cost: $9,991,534)				9,691,406
Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(h)(i)(j)		17,089		17,089,282
Total Money Market Funds — 0.3% (Cost: $17,085,197)				17,089,282
Total Investments in Securities — 100.4% (Cost: $6,378,633,720)				6,335,205,808
Other Assets, Less Liabilities — (0.4)%				(25,323,213	)
Net Assets — 100.0%			$	6,309,882,595

^(a)  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.

^(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)  Rates are discount rates or a range of discount rates as of period end.

^(d)  Zero-coupon bond.

^(e)  All or a portion of this security is on loan.

^(f)  Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(g)  Maturity date represents next reset date.

^(h)  Affiliate of the Fund.

⁽ⁱ⁾  Annualized 7-day yield as of period end.

^(j)  All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E    O F    I N V E S T  M E N T S 27

Schedule of Investments (unaudited) (continued) April 30, 2022 BlackRock Ultra Short-Term Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	17,719,634	$	—	$	(612,533	)(a)	$	(21,904	)	$	4,085	$	17,089,282		17,089	$	40,689	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		—		0	(a)		—			—		—		—		470			—
								$	(21,904	)	$	4,085	$	17,089,282			$	41,159		$	—

^(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.

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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
Investments
Assets
Asset-Backed Securities	$	—	$	75,875,798	$	—	$	75,875,798
Certificates of Deposit		—		920,273,183		—		920,273,183
Commercial Paper		—		2,367,025,344		—		2,367,025,344
Corporate Bonds & Notes		—		2,438,761,867		—		2,438,761,867
Municipal Debt Obligations		—		226,488,928		—		226,488,928
Repurchase Agreements		—		280,000,000		—		280,000,000
U.S. Government Obligations		—		9,691,406		—		9,691,406
Money Market Funds		17,089,282		—		—		17,089,282
	$	17,089,282	$	6,318,116,526	$	—	$	6,335,205,808

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited)

April 30, 2022

	BlackRock Short Maturity Bond ETF			BlackRock Short Maturity Municipal Bond ETF			BlackRock Ultra Short-Term Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	3,961,810,945		$	321,625,130		$	6,038,116,526
Affiliated(c)		506,675,271			—			17,089,282
Repurchase agreements, at value — Unaffiliated(d)		—			—			280,000,000
Cash		21,079,505			64,737			967,276
Foreign currency, at value(e)		2,580,366			—			—
Receivables:
Investments sold		13,736,772			—			—
Securities lending income — Affiliated		9,490			—			7,917
Dividends		164,772			11,084			1,086,463
Interest		15,845,376			1,805,085			5,248,681
Unrealized appreciation on:
Forward foreign currency exchange contracts		4,309,622			—			—
Total assets		4,526,212,119			323,506,036			6,342,516,145
LIABILITIES
Collateral on securities loaned, at value		60,047,061			—			17,107,130
Payables:
Investments purchased		24,296,844			5,880,283			7,599,240
Capital shares redeemed		—			—			7,513,148
Investment advisory fees		887,862			63,630			414,032
Total liabilities		85,231,767			5,943,913			32,633,550
NET ASSETS	$	4,440,980,352		$	317,562,123		$	6,309,882,595
NET ASSETS CONSIST OF:
Paid-in capital	$	4,523,263,867		$	320,287,356		$	6,351,570,380
Accumulated loss		(82,283,515	)		(2,725,233	)		(41,687,785	)
NET ASSETS	$	4,440,980,352		$	317,562,123		$	6,309,882,595
Shares outstanding		89,750,000			6,400,000			125,950,000
Net asset value	$	49.48		$	49.62		$	50.10
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Securities loaned, at value	$	57,902,319		$	—		$	16,698,288
(b) Investments, at cost — Unaffiliated	$	4,021,262,018		$	324,336,707		$	6,081,548,523
(c)  Investments, at cost — Affiliated	$	506,663,262		$	—		$	17,085,197
(d) Repurchase agreements, at cost — Unaffiliated	$	—		$	—		$	280,000,000
(e) Foreign currency, at cost	$	2,576,556		$	—		$	—

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 29

Statements of Operations (unaudited)

Six Months Ended April 30, 2022

	BlackRock Short Maturity Bond ETF			BlackRock Short Maturity Municipal Bond ETF			BlackRock Ultra Short-Term Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	155,420		$	11		$	3,355
Interest — Unaffiliated		19,982,140			755,902			16,426,605
Securities lending income — Affiliated — net		34,857			—			37,804
Foreign taxes withheld		(190	)		—			—
Total investment income		20,172,227			755,913			16,467,764
EXPENSES
Investment advisory fees		5,767,340			375,734			2,437,715
Professional fees		217			217			217
Total expenses		5,767,557			375,951			2,437,932
Less:
Investment advisory fees waived		(62,388	)		—			—
Total expenses after fees waived		5,705,169			375,951			2,437,932
Net investment income		14,467,058			379,962			14,029,832
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(957,422	)		—			22,867
Investments — Affiliated		(20,226	)		3			(21,904	)
In-kind redemptions — Unaffiliated		13,315			—			—
Forward foreign currency exchange contracts		5,697,209			—			—
Foreign currency transactions		244,447			—			—
Net realized gain		4,977,323			3			963
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(63,111,093	)		(3,121,040	)		(45,350,476	)
Investments — Affiliated		3,295			—			4,085
Forward foreign currency exchange contracts		3,837,887			—			—
Foreign currency translations		(903	)		—			—
Net change in unrealized appreciation (depreciation)		(59,270,814	)		(3,121,040	)		(45,346,391	)
Net realized and unrealized loss		(54,293,491	)		(3,121,037	)		(45,345,428	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(39,826,433	)	$	(2,741,075	)	$	(31,315,596	)

See notes to financial statements.

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Statements of Changes in Net Assets

	BlackRock Short Maturity Bond ETF						BlackRock Short Maturity Municipal Bond ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	14,467,058		$	35,445,063		$	379,962		$	964,192
Net realized gain (loss)		4,977,323			5,840,631			3			(4,755	)
Net change in unrealized appreciation (depreciation)		(59,270,814	)		(9,550,521	)		(3,121,040	)		(395,104	)
Net increase (decrease) in net assets resulting from operations		(39,826,433	)		31,735,173			(2,741,075	)		564,333
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(15,103,815	)		(39,578,305	)		(301,036	)		(1,005,763	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(358,289,432	)		464,293,661			27,435,233			2,519,567
NET ASSETS
Total increase (decrease) in net assets		(413,219,680	)		456,450,529			24,393,122			2,078,137
Beginning of period		4,854,200,032			4,397,749,503			293,169,001			291,090,864
End of period	$	4,440,980,352		$	4,854,200,032		$	317,562,123		$	293,169,001

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 31

Statements of Changes in Net Assets (continued)

	BlackRock Ultra Short-Term Bond ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	14,029,832		$	23,822,908
Net realized gain		963			115,920
Net change in unrealized appreciation (depreciation)		(45,346,391	)		(9,452,665	)
Net increase (decrease) in net assets resulting from operations		(31,315,596	)		14,486,163
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,399,875	)		(24,852,336	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		546,936,084			894,302,572
NET ASSETS
Total increase in net assets		503,220,613			883,936,399
Beginning of period		5,806,661,982			4,922,725,583
End of period	$	6,309,882,595		$	5,806,661,982

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Short Maturity Bond ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17
Net asset value, beginning of period	$	50.07		$	50.15		$	50.36		$	50.12		$	50.25		$	50.17
Net investment income(a)		0.15			0.38			0.91			1.37			1.11			0.74
Net realized and unrealized gain (loss)(b)		(0.58	)		(0.03	)		(0.16	)		0.21			(0.23	)		0.04
Net increase (decrease) from investment operations		(0.43	)		0.35			0.75			1.58			0.88			0.78
Distributions(c)
From net investment income		(0.16	)		(0.43	)		(0.96	)		(1.34	)		(1.01	)		(0.70	)
Total distributions		(0.16	)		(0.43	)		(0.96	)		(1.34	)		(1.01	)		(0.70	)
Net asset value, end of period	$	49.48		$	50.07		$	50.15		$	50.36		$	50.12		$	50.25
Total Return(d)
Based on net asset value		(0.86	)%(e)		0.70	%		1.51	%		3.19	%		1.78	%		1.57	%
Ratios to Average Net Assets(f)
Total expenses		0.25	%(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses after fees waived		0.25	%(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		0.63	%(g)		0.76	%		1.81	%		2.73	%		2.21	%		1.47	%
Supplemental Data
Net assets, end of period (000)	$	4,440,980		$	4,854,200		$	4,397,750		$	6,260,259		$	4,981,818		$	2,909,738
Portfolio turnover rate(h)		18	%(e)		55	%		67	%(i)		58	%(i)		48	%		56	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾ Includes mortgage dollar roll transactions (“MDRs”).

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 33

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Short Maturity Municipal Bond ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17
Net asset value, beginning of period	$	50.11		$	50.19		$	50.13		$	49.85		$	50.01		$	50.02
Net investment income(a)		0.06			0.17			0.51			0.81			0.68			0.49
Net realized and unrealized gain (loss)(b)		(0.50	)		(0.07	)		0.13			0.26			(0.21	)		(0.03	)
Net increase (decrease) from investment operations		(0.44	)		0.10			0.64			1.07			0.47			0.46
Distributions(c)
From net investment income		(0.05	)		(0.18	)		(0.58	)		(0.79	)		(0.63	)		(0.47	)
Total distributions		(0.05	)		(0.18	)		(0.58	)		(0.79	)		(0.63	)		(0.47	)
Net asset value, end of period	$	49.62		$	50.11		$	50.19		$	50.13		$	49.85		$	50.01
Total Return(d)
Based on net asset value		(0.89	)%(e)		0.19	%		1.29	%		2.16	%		0.95	%		0.93	%
Ratios to Average Net Assets(f)
Total expenses		0.25	%(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses after fees waived		0.25	%(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		0.25	%(g)		0.34	%		1.02	%		1.63	%		1.35	%		0.99	%
Supplemental Data
Net assets, end of period (000)	$	317,562		$	293,169		$	291,091		$	210,532		$	127,111		$	52,507
Portfolio turnover rate(h)		43	%(e)		52	%		108	%		170	%		221	%		163	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Ultra Short-Term Bond ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17
Net asset value, beginning of period	$	50.45		$	50.54		$	50.41		$	50.15		$	50.12		$	50.04
Net investment income(a)		0.11			0.22			0.69			1.38			1.16			0.71
Net realized and unrealized gain (loss)(b)		(0.36	)		(0.07	)		0.25			0.23			(0.16	)		0.02
Net increase (decrease) from investment operations		(0.25	)		0.15			0.94			1.61			1.00			0.73
Distributions(c)
From net investment income		(0.10	)		(0.24	)		(0.81	)		(1.35	)		(0.97	)		(0.65	)
Total distributions		(0.10	)		(0.24	)		(0.81	)		(1.35	)		(0.97	)		(0.65	)
Net asset value, end of period	$	50.10		$	50.45		$	50.54		$	50.41		$	50.15		$	50.12
Total Return(d)
Based on net asset value		(0.50	)%(e)		0.29	%		1.89	%		3.25	%		2.02	%		1.47	%
Ratios to Average Net Assets(f)
Total expenses		0.08	%(g)		0.08	%		0.08	%		0.08	%		0.08	%		0.09	%
Net investment income		0.46	%(g)		0.44	%		1.36	%		2.74	%		2.33	%		1.43	%
Supplemental Data
Net assets, end of period (000)	$	6,309,883		$	5,806,662		$	4,922,726		$	2,195,391		$	601,794		$	187,932
Portfolio turnover rate(h)		19	%(e)		47	%		54	%		16	%		32	%		11	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 35

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

BlackRock ETF	Diversification Classification
Short Maturity Bond		Diversified
Short Maturity Municipal Bond		Diversified
Ultra Short-Term Bond		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g.,forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

• Repurchase agreements are valued at amortized cost, which approximates market value.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: 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 Global 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 Global 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.

4. SECURITIES AND OTHER INVESTMENTS

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

N O T E S    T O    F I N A N C I A L     S T A T E M E N T S 37

Notes to Financial Statements (unaudited) (continued)

Repurchase Agreements: Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Repurchase agreements may be traded bilaterally, in a tri-party arrangement or may be centrally cleared through a sponsoring agent. Subject to the custodial undertaking associated with a tri-party repurchase arrangement and for centrally cleared agreements, a third party custodian maintains accounts to hold collateral for a fund and its counterparties. Typically, a fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or the fund. In the event the counterparty defaults and the fair value of the collateral declines, a fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by a fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits the fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the fund would recognize a liability with respect to such excess collateral. The liability reflects the fund’s obligation under bankruptcy law to return the excess to the counterparty.

The following table summarizes the open repurchase agreements as of April 30, 2022 which are subject to offset under an MRA:

BlackRock ETF and Counterparty	Market Value of Repurchase Agreements		Cash Collateral Received		Non-Cash Collateral Received(a)		Net Amount
Ultra Short-Term Bond
Bank of America Securities Inc.	$	42,000,000	$	—	$	42,000,000	$	—
BNP Paribas		20,000,000		—		20,000,000		—
Citigroup Global Markets Inc.		21,000,000		—		21,000,000		—
Credit Suisse Securities (USA) LLC		35,000,000		—		35,000,000		—
Goldman Sachs Inc.		60,000,000		—		60,000,000		—
Mizuho Securities USA Inc.		17,000,000		—		17,000,000		—
Wells Fargo Securities LLC		85,000,000		—		85,000,000		—
	$	280,000,000	$	—	$	280,000,000	$	—

^(a)  Collateral received in excess of the market value of repurchase agreements is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

BlackRock ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Short Maturity Bond
Barclays Bank PLC	$	4,417,836	$	4,417,836		$	—	$	—
Barclays Capital, Inc.		301,047		301,047			—		—
BofA Securities, Inc.		849,841		849,841			—		—
Citigroup Global Markets, Inc.		696,240		696,240			—		—
Credit Suisse Securities (USA) LLC		165,356		165,356			—		—
Goldman Sachs & Co. LLC		9,139,436		9,139,436			—		—
HSBC Securities (USA), Inc.		859,535		859,535			—		—
J.P. Morgan Securities LLC		22,231,152		22,231,152			—		—
Jefferies LLC		100,722		100,722			—		—
Mitsubishi UFJ Securities Holdings Co., Ltd.		344,574		344,574			—		—
Morgan Stanley		10,779,402		10,779,402			—		—
Toronto-Dominion Bank		8,017,178		8,017,178			—		—
	$	57,902,319	$	57,902,319		$	—	$	—
Ultra Short-Term Bond
Barclays Capital, Inc.	$	6,549,850	$	6,549,850		$	—	$	—
BMO Capital Markets Corp.		354,383		354,383			—		—
BNP Paribas SA		469,004		469,004			—		—
BofA Securities, Inc.		863,931		863,931			—		—
HSBC Securities (USA), Inc.		4,895,513		4,895,513			—		—
Nomura Securities International, Inc.		3,352,055		3,352,055			—		—
Wells Fargo Securities LLC		213,552		213,552			—		—
	$	16,698,288	$	16,698,288		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of

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Notes to Financial Statements (unaudited) (continued)

the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

BlackRock ETF	Investment Advisory Fee
Short Maturity Bond	0.25%
Short Maturity Municipal Bond	0.25
Ultra Short-Term Bond	0.08

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fees for the BlackRock Short Maturity Bond ETF through February 28, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

BlackRock ETF	Amounts waived
Short Maturity Bond	$              62,388

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution

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Notes to Financial Statements (unaudited) (continued)

fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:

BlackRock ETF	Fees Paid   to BTC
Short Maturity Bond	$  14,617
Ultra Short-Term Bond	13,308

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended April 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

BlackRock ETF	Purchases	Sales	Net Realized   Gain (Loss)
Short Maturity Municipal Bond	$1,600,085	$8,100,503	$             —

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

7. PURCHASES AND SALES

For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

	Other Securities
BlackRock ETF		Purchases		Sales
Short Maturity Bond	$	694,851,244	$	1,133,701,165
Short Maturity Municipal Bond		142,293,246		122,225,000
Ultra Short-Term Bond		559,694,500		472,960,977

For the six months ended April 30, 2022, in-kind transactions were as follows:

BlackRock ETF	In-kind Purchases	In-kind   Sales
Short Maturity Bond	$            —	$8,317,718

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

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Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

BlackRock ETF	Non-Expiring
Short Maturity Bond	$	31,169,742
Short Maturity Municipal Bond		119,615
Ultra Short-Term Bond		1,276,656

As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

BlackRock ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Short Maturity Bond	$	4,531,434,180	$	7,918,265	$	(66,556,607	)	$	(58,638,342	)
Short Maturity Municipal Bond		324,365,109		27,680		(2,767,659	)		(2,739,979	)
Ultra Short-Term Bond		6,379,178,049		919,802		(44,892,043	)		(43,972,241	)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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Notes to Financial Statements (unaudited) (continued)

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 04/30/22						Year Ended 10/31/21
BlackRock ETF	Shares			Amount			Shares			Amount
Short Maturity Bond
Shares sold		7,550,000		$	375,625,789			18,900,000		$	948,305,065
Shares redeemed		(14,750,000	)		(733,915,221	)		(9,650,000	)		(484,011,404)
Net increase (decrease)		(7,200,000	)	$	(358,289,432	)		9,250,000		$	464,293,661
Short Maturity Municipal Bond
Shares sold		800,000		$	39,905,125			1,250,000		$	62,769,891
Shares redeemed		(250,000	)		(12,469,892	)		(1,200,000	)		(60,250,324)
Net increase		550,000		$	27,435,233			50,000		$	2,519,567
Ultra Short-Term Bond
Shares sold		19,300,000		$	970,870,390			30,000,000		$	1,515,394,891
Shares redeemed		(8,450,000	)		(423,934,306	)		(12,300,000	)		(621,092,319)
Net increase		10,850,000		$	546,936,084			17,700,000		$	894,302,572

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

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Notes to Financial Statements (unaudited) (continued)

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for BlackRock Short Maturity Bond ETF, BlackRock Short Maturity Municipal Bond ETF and BlackRock Ultra Short-Term Bond ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T    R E G A R D I N G     L I Q U I D I T Y    R I S K    M A N A G E M E  N T    P R O G R A M 45

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

April 30, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
BlackRock ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Short Maturity Bond	$	0.161800	$	—	$	—	$	0.161800		100	%		—	%		—	%		100	%
Ultra Short-Term Bond		0.102204		—		—		0.102204		100			—			—			100

46 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

General Information  

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L    I N F O R M A T I O  N 47

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income
AGM	Assured Guaranty Municipal Corp.
AGM-CR	AGM Insured Custodial Receipt
AMBAC	Ambac Assurance Corp.
BAM	Build America Mutual Assurance Co.
CLO	Collateralized Loan Obligation
COP	Certificates of Participation
CR	Custodian Receipt
FHA	Federal Housing Administration
GO	General Obligation
GOL	General Obligation Limited
GTD	Guaranteed
LIBOR	London Interbank Offered Rate
MO	Moral Obligation
RB	Revenue Bond
Currency Abbreviations
EUR	Euro
GBP	British Pound
USD	United States Dollar

Portfolio Abbreviations - Fixed Income (continued)
SAP	Subject to Appropriations
SAW	State Aid Withholding
SOFR	Secured Overnight Financing Rate
ST	Special Tax
TA	Tax Allocation
Counterparty Abbreviations
ANZ	Australia and New Zealand Bank Group
BBP	Barclays Bank PLC Wholesale
DB	Deutsche Bank AG London
GS	Goldman Sachs & Co.
UBS	UBS AG

48 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Want to know more?

iShares.com     |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

^©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1008-0422

APRIL 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares U.S. ETF Trust

· iShares Inflation Hedged Corporate Bond ETF | LQDI | Cboe BZX

· iShares Interest Rate Hedged Corporate Bond ETF | LQDH | NYSE Arca

· iShares Interest Rate Hedged High Yield Bond ETF | HYGH | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2022
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		(9.65)%		0.21%
U.S. small cap equities (Russell 2000® Index)		(18.38)		(16.87)
International equities (MSCI Europe, Australasia, Far East Index)		(11.80)		(8.15)
Emerging market equities (MSCI Emerging Markets Index)		(14.15)		(18.33)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.07		0.08
U.S. Treasury securities   (ICE BofA 10-Year U.S. Treasury Index)		(10.29)		(8.86)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.47)		(8.51)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(7.90)		(7.88)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.40)		(5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents

	Page
The Markets in Review	2
Fund Summary	4
About Fund Performance	7
Shareholder Expenses	7
Schedules of Investments	8
Financial Statements
Statements of Assets and Liabilities	20
Statements of Operations	21
Statements of Changes in Net Assets	22
Financial Highlights	24
Notes to Financial Statements	27
Statement Regarding Liquidity Risk Management Program	35
Supplemental Information	36
General Information	37
Glossary of Terms Used in this Report	38
Additional Financial Information	39

Fund Summary as of April 30, 2022 iShares^® Inflation Hedged Corporate Bond ETF

Investment Objective

The iShares Inflation Hedged Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the inflation risk of a portfolio composed of U.S. dollar-denominated, investment grade corporate bonds, as represented by the BlackRock Inflation Hedged Corporate Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the inflation risk of the underlying fund by holding inflation swaps.

Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

Performance    

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(8.65	)%		(2.26	)%		5.35	%		(2.26	)%		23.04	%
Fund Market		(8.99	)		(2.01	)		5.40			(2.01	)		23.30
Index(a)		(7.77	)		0.48			6.61			0.48			29.00
BlackRock Inflation Hedged Corporate Bond Index (b)		(7.81	)		N/A			N/A			N/A			N/A

The inception date of the Fund was 5/8/18. The first day of secondary market trading was 5/10/18.

(a) Index performance through November 30, 2021 reflects the performance of the Markit iBoxx^® USD Liquid Investment Grade Inflation Hedged Index which terminated on January 01, 2022. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Inflation Hedged Corporate Bond Index, which, effective as of December 1, 2021, replaced the Markit iBoxx^® USD Liquid Investment Grade Inflation Hedged Index as the underlying index of the fund.

(b) The inception date of the BlackRock Inflation Hedged Corporate Bond Index was October 29, 2021. The cumulative total return for this index for the period October 29, 2021 through April 30, 2022 was (7.81)%.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Expense Example    

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$         913.50	$        0.24			$        1,000.00	$        1,024.50		$        0.25		0.05	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE
Investment Type	Percent of Net Assets
Investment Companies		94.2	%
Short-term Investments		44.3
Swaps, net cumulative appreciation		6.6
Other assets less liabilities		(45.1	)

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)
Credit Rating(a)	Percent of Total Investment(b)
Aaa		3.3	%
Aa		5.0
A		41.1
Baa		47.7
Ba		2.1
Not Rated		0.8

^(a)  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(b)  Excludes money market funds.

4 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of April 30, 2022 iShares^® Interest Rate Hedged Corporate Bond ETF

Investment Objective

The iShares Interest Rate Hedged Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, investment-grade corporate bonds, as represented by the BlackRock Interest Rate Hedged Corporate Bond Index, (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(4.25	)%		(3.33	)%		2.20	%		1.63	%		(3.33	)%		11.48	%		13.68	%
Fund Market		(4.26	)		(3.20	)		2.23			1.65			(3.20	)		11.67			13.84
Index(a)		(4.34	)		(3.10	)		2.13			1.98			(3.10	)		11.12			16.79
BlackRock Interest Rate Hedged Corporate Bond Index (b)		(4.50	)		N/A			N/A			N/A			N/A			N/A			N/A

The inception date of the Fund was 5/27/14. The first day of secondary market trading was 5/28/14.

^(a)  Index performance through November 30, 2021 reflects the performance of the Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps Index which terminated on January 01, 2022. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged Corporate Bond Index, which, effective as of December 1, 2021, replaced the Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps Index as the underlying index of the fund.

^(b)  The inception date of the BlackRock Interest Rate Hedged Corporate Bond Index was October 29, 2021. The cumulative total return for this index for the period October 29, 2021 through April 30, 2022 was (4.50)%.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Expense Example    

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$         957.50	$        0.49			$        1,000.00	$        1,024.30	$        0.50		0.10	%

(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		97.9	%
Short-term Investments		47.4
Swaps, net cumulative appreciation		12.8
Other assets less liabilities		(58.1	)

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING

FUND)

Credit Rating(a)	Percent of Total Investment(b)
Aaa		3.3	%
Aa		5.0
A		41.1
Baa		47.7
Ba		2.1
Not Rated		0.8

^(a)  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(b)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of April 30, 2022 iShares^® Interest Rate Hedged High Yield Bond ETF

Investment Objective

The iShares Interest Rate Hedged High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the BlackRock Interest Rate Hedged High Yield Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ High Yield Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(1.46	)%		0.25	%		3.37	%		2.78	%		0.25	%		18.00	%		24.27	%
Fund Market		(1.51	)		0.22			3.37			2.78			0.22			18.02			24.24
Index(a)		(2.09	)		(0.02	)		3.40			3.16			(0.02	)		18.21			27.93
BlackRock Interest Rate Hedged High Yield Bond Index (b)		(2.27	)		N/A			N/A			N/A			N/A			N/A			N/A

The inception date of the Fund was 5/27/14. The first day of secondary market trading was 5/28/14.

^(a)  Index performance through November 30, 2021 reflects the performance of the Markit iBoxx^® USD Liquid High Yield Interest Rate Hedged Swaps Index which terminated on January 01, 2022. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged High Yield Bond Index, which, effective as of December 1, 2021, replaced the Markit iBoxx^® USD Liquid High Yield Interest Rate Hedged Swaps Index as the underlying index of the fund.

^(b)  The inception date of the BlackRock Interest Rate Hedged High Yield Bond Index was October 29, 2021. The cumulative total return for this index for the period October 29, 2021 through April 30, 2022 was (2.27)%.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$         985.40	$        0.25			$       1,000.00	$       1,024.50	$        0.25		0.05	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		95.7	%
Short-term Investments		48.8
Swaps, net cumulative appreciation		6.3
Other assets less liabilities		(50.8	)

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)

Credit Rating(a)	Percent of Total Investment(b)
Baa		2.4	%
Ba		45.7
B		39.2
Caa		10.2
Ca		0.2
Not Rated		2.3

^(a)  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(b)  Excludes money market funds.

6 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 7

Schedule of Investments (unaudited)  April 30, 2022 iShares^® Inflation Hedged Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 94.2%
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)(b)		963,435	$	108,482,781
Total Investment Companies — 94.2% (Cost: $126,664,867)				108,482,781
Short-Term Investments
Money Market Funds — 44.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(a)(c)(d)		49,652,183		49,652,183
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(c)		1,390,000		1,390,000
				51,042,183
Total Short-Term Investments — 44.3% (Cost: $51,034,161)				51,042,183
Total Investments in Securities — 138.5% (Cost: $177,699,028)				159,524,964
Other Assets, Less Liabilities — (38.5)%				(44,337,203	)
Net Assets — 100.0%			$	115,187,761

^(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 six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	32,598,902	$	17,073,792	(a)	$	—		$	(28,534	)	$	8,023		$	49,652,183		49,652,183	$	136,091	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		600,000		790,000	(a)		—			—			—			1,390,000		1,390,000		977			—
iShares iBoxx $ Investment Grade Corporate Bond ETF		69,395,318		85,125,216			(27,854,152	)		183,508			(18,367,109	)		108,482,781		963,435		1,108,510			—
									$	154,974		$	(18,359,086	)	$	159,524,964			$	1,245,578		$	—

^(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

Futures Contracts

Description	Number of Contracts			Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts 10-Year U.S. Treasury Note		(18	)		06/21/22	$	2,143	$	145,382
U.S. 10 Year Treasury Note		(6	)		06/21/22		773		66,308
U.S. Long Bond		(8	)		06/21/22		1,124		117,352

8 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Inflation Hedged Corporate Bond ETF

Futures Contracts (continued)

Description	Number of Contracts			Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
U.S. Ultra Bond		(13	)		06/21/22	$	2,077	$	171,679
U.S. 5 Year Treasury Note		(3	)		06/30/22		338		(262	)
								$	500,459

Centrally Cleared Inflation Swaps

Paid by the Fund		Received by the Fund		Termination		Notional Amount						Upfront Premium Paid			Unrealized Appreciation
Reference	Frequency	Rate	Frequency	Date		(000)			Value			(Received)			(Depreciation)
1.74%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		08/20/22	$	(10	)	$	988		$	—		$	988
1.75%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		08/20/23		(10	)		1,219			—			1,219
3.26%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		12/29/23		(2,000	)		81,421			13			81,408
3.35%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		01/05/24		(9,000	)		337,063			58			337,005
3.34%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/28/24		(1,000	)		47,364			(1,594	)		48,958
1.80%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		08/20/25		(10	)		1,509			—			1,509
2.57%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		04/19/26		(1,250	)		128,967			17			128,950
2.70%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		09/01/26		(2,500	)		185,468			14			185,454
2.68%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		09/07/26		(2,000	)		149,025			27			148,998
2.74%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		09/15/26		(2,000	)		140,802			27			140,775
2.92%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/21/26		(3,500	)		208,397			46			208,351
3.13%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/27/26		(10,000	)		493,208			133			493,075
3.15%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/29/26		(2,000	)		96,250			27			96,223
3.32%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		11/19/26		(2,000	)		78,371			27			78,344
3.17%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		11/24/26		(3,000	)		138,808			40			138,768
3.36%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		04/05/27		(500	)		6,793			7			6,786
3.65%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		05/04/27		(2,000	)		(11,132	)		26			(11,158	)
2.66%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/01/28		(1,000	)		74,253			18			74,235
2.96%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/26/28		(3,000	)		158,379			55			158,324
3.01%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/27/28		(2,000	)		99,617			37			99,580
2.97%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		11/01/28		(2,000	)		104,696			37			104,659
2.19%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		12/03/28		(663	)		87,414			(27,459	)		114,873
1.89%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		08/20/30		(1,410	)		265,259			28,433			236,826
1.90%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		08/20/30		(5,900	)		1,105,903			33,637			1,072,266

S C H E D U L E   O F   I N V E S T M E N T S 9

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Inflation Hedged Corporate Bond ETF

Centrally Cleared Inflation Swaps (continued)

Paid by the Fund		Received by the Fund			Termination		Notional Amount						Upfront Premium Paid			Unrealized Appreciation
Reference	Frequency	Rate	Frequency		Date		(000)			Value			(Received)			(Depreciation)
2.24%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		01/12/31	$	(2,000	)	$	292,970		$	47		$	292,923
2.40%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		02/09/31		(3,000	)		391,167			70			391,097
2.47%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		04/07/31		(2,000	)		244,634			47			244,587
2.67%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		05/19/31		(1,000	)		98,892			23			98,869
2.57%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		06/02/31		(3,000	)		324,410			2,870			321,540
2.60%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		09/30/31		(1,000	)		82,164			23			82,141
3.15%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		05/04/32		(4,000	)		(5,523	)		93			(5,616	)
2.61%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		01/07/37		(4,000	)		279,014			115			278,899
2.50%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		01/25/37		(1,000	)		82,576			29			82,547
2.50%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		02/09/37		(1,000	)		80,301			29			80,272
2.96%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		03/30/37		(1,000	)		6,414			29			6,385
2.40%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		06/29/41		(500	)		66,906			19			66,887
2.45%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		06/29/41		(1,000	)		125,476			38			125,438
2.38%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		07/16/41		(300	)		40,156			4			40,152
2.73%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		11/17/41		(1,500	)		75,253			58			75,195
2.58%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		01/05/42		(2,500	)		173,379			96			173,283
2.50%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		12/06/46		(1,500	)		141,824			67			141,757
2.47%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		12/09/46		(1,000	)		101,876			45			101,831
2.49%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		12/24/46		(2,000	)		187,240			89			187,151
2.40%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		05/15/48		(362	)		54,052			(30,782	)		84,834
1.83%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		10/18/49		(418	)		132,763			(11,789	)		144,552
1.94%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		08/20/50		(10	)		3,110			—			3,110
1.95%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		08/20/50		(600	)		185,038			16,729			168,309
2.23%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		01/06/51		(300	)		66,979			15			66,964
2.41%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		07/30/51		(1,000	)		153,845			49			153,796
2.42%	At Termination	U.S. CPI Urban Consumers NSA		At Termination		08/02/51		(2,000	)		299,264			98			299,166
										$	7,664,222		$	11,737		$	7,652,485

10 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Inflation Hedged Corporate Bond ETF

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)		$83,361		$(71,624	)		$7,669,259		$(16,774	)

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Interest Rate Contracts		Inflation Linked Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	500,721	$	—	$	500,721
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	—	$	7,669,259	$	7,669,259
	$	500,721	$	7,669,259	$	8,169,980
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	262	$	—	$	262
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	—	$	16,774	$	16,774
	$	262	$	16,774	$	17,036

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared inflation swaps contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Interest Rate Contracts		Inflation Linked Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	71,200	$	—	$	71,200
Swaps		—		849,418		849,418
	$	71,200	$	849,418	$	920,618
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	528,314	$	—	$	528,314
Swaps		—		4,900,268		4,900,268
	$	528,314	$	4,900,268	$	5,428,582

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	774,120
Average notional value of contracts — short	$	(3,300,568	)
Inflation swaps:
Average notional value — pays fixed rate	$	88,334,667

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E   O F   I N V E S T M E N T S 11

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Inflation Hedged Corporate Bond ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Investment Companies	$	108,482,781		$	—		$	—	$	108,482,781
Money Market Funds		51,042,183			—			—		51,042,183
	$	159,524,964		$	—		$	—	$	159,524,964
Derivative financial instruments(a)
Assets
Futures Contracts	$	500,721		$	—		$	—	$	500,721
Swaps		—			7,669,259			—		7,669,259
Liabilities
Futures Contracts		(262	)		—			—		(262	)
Swaps		—			(16,774	)		—		(16,774	)
	$	500,459		$	7,652,485		$	—	$	8,152,944

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

See notes to financial statements.

12 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  April 30, 2022 iShares^® Interest Rate Hedged Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 97.9%
iShares iBoxx $Investment Grade Corporate Bond ETF(a)(b)		10,639,543	$	1,198,012,542
Total Investment Companies — 97.9% (Cost: $1,392,710,474)				1,198,012,542
Short-Term Investments
Money Market Funds — 47.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(a)(c)(d)		564,903,118		564,903,118
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(c)		15,170,000		15,170,000
				580,073,118
Total Short-Term Investments — 47.4% (Cost: $579,929,041)				580,073,118
Total Investments in Securities — 145.3% (Cost: $1,972,639,515)				1,778,085,660
Other Assets, Less Liabilities — (45.3)%				(554,767,870	)
Net Assets — 100.0%			$	1,223,317,790

^(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 six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	322,620,459	$	242,460,178	(a)	$	—			$  (321,596	)	$	144,077		$	564,903,118		564,903,118	$	1,377,320	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,390,000		7,780,000	(a)		—			—			—			15,170,000		15,170,000		11,544			—
iShares iBoxx $Investment Grade Corporate Bond ETF		709,029,875		778,624,621			(90,236,720	)		(2,682,495	)		(196,722,739	)		1,198,012,542		10,639,543		12,205,537			—
										$(3,004,091	)	$	(196,578,662	)	$	1,778,085,660			$	13,594,401		$	—

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments (unaudited) (continued) April 30, 2022 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	Termination		Notional Amount						Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		(000)			Value			(Received)			(Depreciation)
0.89%	Annual	1-Day SOFR, 0.33%	Annual	N/A		07/21/22	$	(300,000	)	$	95,401		$	378		$	95,023
0.23%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		10/19/22		(57,770	)		428,590			453			428,137
2.38%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		01/12/23		(14,338	)		(19,252	)		(159,142	)		139,890
0.89%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/14/24		(12,110	)		362,264			49			362,215
0.88%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/15/24		(36,690	)		1,782,289			257			1,782,032
2.46%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		01/12/25		(22,748	)		363,048			(1,183,519	)		1,546,567
1.13%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/13/25		(28,389	)		1,232,690			205			1,232,485
0.35%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/22/25		(36,500	)		3,210,947			17,929			3,193,018
0.40%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		10/19/25		(70,900	)		6,240,713			514,493			5,726,220
0.93%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		05/17/26		(1,000	)		81,314			8			81,306
0.93%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		05/17/26		(17,100	)		1,391,112			(5,643	)		1,396,755
0.86%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		08/23/26		(4,420	)		391,507			35			391,472
0.87%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/01/26		(7,500	)		594,190			61			594,129
1.01%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/29/26		(950	)		70,852			8			70,844
0.98%	Annual	1-Day SOFR, 0.33%	Annual	N/A		11/10/26		(3,512	)		267,010			30			266,980
1.32%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		11/23/26		(1,000	)		73,482			9			73,473
1.00%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/07/26		(8,100	)		617,336			73			617,263
1.06%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/15/26		(29,360	)		2,169,348			267			2,169,081
1.09%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/17/26		(70,200	)		5,112,559			639			5,111,920
1.50%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/20/27		(17,522	)		979,480			163			979,317
1.74%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/14/27		(15,000	)		692,006			163			691,843
2.57%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/13/27		(10,430	)		84,506			101			84,405
2.72%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/26/27		(5,900	)		9,090			58			9,032
0.49%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/22/27		(65,232	)		8,262,365			775,846			7,486,519
1.08%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		08/19/28		(2,350	)		262,308			4,051			258,257
3.25%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		10/18/28		(34,860	)		(469,469	)		(4,947,190	)		4,477,721
1.19%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/20/28		(38,300	)		3,490,452			459			3,489,993
1.23%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/22/28		(1,460	)		129,642			17			129,625
1.15%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/15/28		(27,500	)		2,616,855			356			2,616,499
1.19%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/30/28		(5,590	)		520,785			73			520,712
1.21%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/04/29		(1,600	)		147,375			21			147,354
1.33%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/06/29		(12,000	)		1,025,686			157			1,025,529
1.43%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/10/29		(11,385	)		899,135			149			898,986
1.46%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/13/29		(23,194	)		1,802,155			304			1,801,851
1.56%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/21/29		(5,000	)		356,520			66			356,454
1.59%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/28/29		(7,230	)		502,937			95			502,842
1.97%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/18/29		(11,660	)		546,625			157			546,468
2.17%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/01/29		(7,500	)		259,378			101			259,277
2.58%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/27/29		(5,000	)		42,265			68			42,197
0.77%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		04/01/30		(18,514	)		2,923,800			(130,548	)		3,054,348
0.78%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		10/19/30		(27,400	)		4,584,373			429			4,583,944
1.22%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		02/12/31		(25,180	)		3,499,907			845,748			2,654,159
1.63%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		05/25/31		(18,080	)		1,987,426			(141,786	)		2,129,212
1.03%	Annual	1-Day SOFR, 0.33%	Annual	N/A		08/23/31		(1,000	)		138,098			15			138,083
1.28%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		08/23/31		(5,000	)		705,977			75			705,902
1.37%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/22/31		(10,460	)		1,406,894			158			1,406,736
1.43%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/28/31		(7,000	)		747,783			108			747,675
1.44%	Annual	1-Day SOFR, 0.33%	Annual	N/A		11/17/31		(10,700	)		1,132,927			167			1,132,760
1.24%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/15/31		(18,300	)		2,263,575			304			2,263,271
1.28%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/17/31		(29,900	)		3,611,445			497			3,610,948
1.68%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/20/32		(17,720	)		1,554,811			297			1,554,514
1.63%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/07/32		(6,113	)		563,653			103			563,550
2.13%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/25/32		(14,000	)		691,546			239			691,307
2.58%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/27/32		(9,000	)		96,269			155			96,114
0.91%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/25/35		(26,000	)		6,083,754			127,036			5,956,718
1.59%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/14/36		(3,200	)		534,596			61			534,535

14 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Interest Rate Hedged Corporate Bond ETF

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective	Termination		Notional Amount					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		(000)			Value		(Received)			(Depreciation)
1.44%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/05/36	$	(3,600	)	$	545,650	$	70		$	545,580
1.46%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/29/36		(8,360	)		1,243,276		163			1,243,113
2.34%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		12/08/36		(16,846	)		1,339,235		(1,453,881	)		2,793,116
1.35%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/15/36		(20,000	)		3,265,210		416			3,264,794
1.34%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/21/36		(15,000	)		2,482,210		294			2,481,916
1.63%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/14/37		(7,130	)		928,786		149			928,637
2.07%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/18/37		(2,000	)		156,128		42			156,086
2.04%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/21/37		(4,400	)		357,731		93			357,638
2.23%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/30/37		(5,060	)		290,879		107			290,772
1.11%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		10/19/40		(21,700	)		5,837,830		1,211,323			4,626,507
2.03%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		05/17/41		(11,530	)		1,597,780		(524,200	)		2,121,980
1.57%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		08/23/41		(17,970	)		3,726,901		37,523			3,689,378
1.41%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/15/41		(11,600	)		2,206,969		320			2,206,649
1.48%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/30/41		(11,890	)		2,132,847		328			2,132,519
1.67%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/10/42		(8,280	)		1,243,312		229			1,243,083
1.79%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/20/42		(1,846	)		244,179		51			244,128
1.78%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/28/42		(1,775	)		238,694		49			238,645
2.08%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/18/42		(4,500	)		395,472		125			395,347
2.13%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/23/42		(6,172	)		494,475		172			494,303
2.38%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/11/42		(2,350	)		100,149		66			100,083
0.86%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		03/30/45		(23,747	)		8,233,612		1,151,610			7,082,002
1.16%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		10/19/45		(13,283	)		3,978,341		1,948,140			2,030,201
1.61%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		08/23/46		(610	)		137,396		4,255			133,141
1.58%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/01/46		(3,000	)		533,558		81			533,477
1.67%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/12/46		(1,400	)		227,549		38			227,511
1.40%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/15/46		(7,000	)		1,476,473		224			1,476,249
1.45%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/17/46		(34,500	)		7,017,940		1,107			7,016,833
1.67%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/13/47		(9,147	)		1,497,797		294			1,497,503
1.90%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/18/47		(3,960	)		479,111		128			478,983
2.04%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/18/47		(690	)		65,889		22			65,867
2.01%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/21/47		(6,620	)		670,120		214			669,906
2.14%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/25/47		(6,200	)		481,203		201			481,002
1.06%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/18/50		(18,755	)		6,485,059		448,241			6,036,818
1.18%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		10/19/50		(18,750	)		6,023,715		2,423,956			3,599,759
2.08%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		05/17/51		(5,900	)		840,712		(25,502	)		866,214
1.63%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/16/51		(2,500	)		585,985		76			585,909
1.52%	Annual	1-Day SOFR, 0.33%	Annual	N/A		09/29/51		(4,900	)		965,166		149			965,017
1.55%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/20/51		(8,600	)		1,642,282		(2,621	)		1,644,903
1.29%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/07/51		(3,700	)		910,520		131			910,389
1.38%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/15/51		(19,300	)		4,369,752		683			4,369,069
1.46%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/04/52		(1,815	)		379,955		64			379,891
1.64%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/10/52		(2,250	)		390,312		80			390,232
1.64%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/14/52		(1,933	)		334,335		69			334,266
1.83%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/14/52		(8,850	)		1,184,678		315			1,184,363
2.04%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/23/52		(5,979	)		538,011		213			537,798
2.08%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/30/52		(2,550	)		206,606		91			206,515
2.37%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/13/52		(1,640	)		33,392		59			33,333
										$	157,669,512	$	950,620		$	156,718,892

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized   Depreciation
Centrally Cleared Swaps(a)		$9,524,652		$(8,574,032	)		$156,718,892		$—

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Interest Rate Hedged Corporate Bond ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Interest Rate Contracts
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	156,718,892

^(a)  Net cumulative unrealized appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	(2,900,719	)
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	137,225,131

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	1,261,314,183

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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
Investments
Assets
Investment Companies	$	1,198,012,542	$	—	$	—	$	1,198,012,542
Money Market Funds		580,073,118		—		—		580,073,118
	$	1,778,085,660	$	—	$	—	$	1,778,085,660
Derivative financial instruments(a)
Assets
Swaps	$	—	$	156,718,892	$	—	$	156,718,892

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

See notes to financial statements.

16 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  April 30, 2022 iShares^® Interest Rate Hedged High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 95.7%
iShares iBoxx $ High Yield Corporate Bond ETF(a)(b)		2,064,525	$	162,127,148
Total Investment Companies — 95.7% (Cost: $178,483,465)				162,127,148
Short-Term Investments
Money Market Funds — 48.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(a)(c)(d)		80,376,326		80,376,326
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(c)		2,250,000		2,250,000
				82,626,326
Total Short-Term Investments — 48.8% (Cost: $82,624,478)				82,626,326
Total Investments in Securities — 144.5% (Cost: $261,107,943)				244,753,474
Other Assets, Less Liabilities — (44.5)%				(75,388,660	)
Net Assets — 100.0%			$	169,364,814

^(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 six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	56,318,647	$	24,090,766	(a)	$	—		$	(34,935	)	$	1,848		$	80,376,326		80,376,326	$	657,381	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,310,000		—			(60,000	)(a)		—			—			2,250,000		2,250,000		1,487			—
iShares iBoxx $High Yield Corporate Bond ETF		131,164,765		98,983,218			(52,054,725	)		(768,144	)		(15,197,966	)		162,127,148		2,064,525		3,009,359			—
									$	(803,079	)	$	(15,196,118	)	$	244,753,474			$	3,668,227		$	—

^(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

Paid by the Fund		Received by the Fund		Effective	Termination		Notional Amount						Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		(000)			Value			(Received)			(Depreciation)
0.85%	Annual	1-Day SOFR, 0.33%	Annual	N/A		07/19/22	$	(41,200	)	$	15,638		$	51		$	15,587
0.22%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/18/22		(11,150	)		62,000			210			61,790
2.38%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		01/12/23		(6,705	)		(9,003	)		(23,955	)		14,952
0.33%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		06/30/23		(4,570	)		124,005			12			123,993

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Interest Rate Hedged High Yield Bond ETF

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective	Termination		Notional Amount					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		(000)			Value		(Received)			(Depreciation)
0.53%	Annual	1-Day SOFR, 0.33%	Annual	N/A		11/30/23	$	(6,700	)	$	219,245	$	25		$	219,220
0.77%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/05/24		(7,520	)		234,835		30			234,805
1.44%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/22/24		(4,600	)		102,841		20			102,821
1.64%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/14/24		(1,500	)		29,456		7			29,449
0.44%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		06/17/24		(6,120	)		331,446		5,543			325,903
1.16%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/12/25		(2,157	)		91,826		16			91,810
1.67%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/11/25		(4,777	)		148,529		37			148,492
2.51%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/11/25		(2,290	)		18,430		18			18,412
2.53%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/20/25		(530	)		4,059		4			4,055
0.33%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/15/25		(28,900	)		2,544,434		108,975			2,435,459
0.87%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		06/17/26		(1,250	)		106,194		(6,100	)		112,294
0.87%	Annual	1-Day SOFR, 0.33%	Annual	N/A		09/29/26		(2,900	)		229,025		23			229,002
1.13%	Annual	1-Day SOFR, 0.33%	Annual	N/A		11/18/26		(7,600	)		531,820		64			531,756
1.32%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		11/23/26		(500	)		36,741		5			36,736
1.32%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/10/27		(3,776	)		239,629		35			239,594
1.60%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/09/27		(1,916	)		99,112		18			99,094
1.70%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/28/27		(2,172	)		103,932		21			103,911
2.14%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/25/27		(1,900	)		53,525		18			53,507
2.31%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/30/27		(400	)		8,122		4			8,118
2.45%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/11/27		(5,680	)		78,152		55			78,097
2.54%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/20/27		(868	)		8,284		8			8,276
2.72%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/26/27		(800	)		1,233		8			1,225
1.42%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		04/07/28		(9,450	)		825,653		(52,335	)		877,988
1.23%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		06/08/28		(5,780	)		576,439		(24,519	)		600,958
1.12%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/03/28		(1,960	)		215,571		23			215,548
1.14%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/12/28		(2,500	)		233,905		30			233,875
1.21%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/22/28		(2,100	)		188,470		25			188,445
1.32%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/05/29		(4,300	)		368,197		56			368,141
1.45%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/27/29		(4,450	)		350,068		59			350,009
1.73%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/28/29		(355	)		21,836		5			21,831
1.70%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/11/29		(842	)		53,898		11			53,887
1.76%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/14/29		(840	)		50,275		11			50,264
1.87%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/16/29		(754	)		40,354		10			40,344
2.43%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/11/29		(2,530	)		46,448		34			46,414
2.39%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/19/29		(2,520	)		53,157		34			53,123
2.56%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/20/29		(1,000	)		10,070		14			10,056
2.69%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/26/29		(1,000	)		2,050		14			2,036
2.58%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/27/29		(500	)		4,227		7			4,220
0.77%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		04/01/30		(10,500	)		1,658,199		372,806			1,285,393
1.59%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		06/04/31		(2,814	)		317,567		(60,435	)		378,002
1.36%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/20/31		(830	)		93,174		13			93,161
1.28%	Annual	1-Day SOFR, 0.33%	Annual	N/A		11/30/31		(1,100	)		131,780		18			131,762
1.52%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/10/32		(328	)		32,926		5			32,921
1.61%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/12/32		(2,033	)		188,713		34			188,679
1.84%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/18/32		(393	)		29,154		7			29,147
1.78%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/28/32		(822	)		65,224		14			65,210
2.42%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/19/32		(1,130	)		27,434		19			27,415
2.58%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/20/32		(420	)		4,322		7			4,315
2.58%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/27/32		(500	)		5,327		9			5,318
1.54%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/05/37		(101	)		14,193		2			14,191
0.86%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		03/30/45		(80	)		27,738		2,334			25,404
0.87%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		03/30/50		(10	)		3,798		—			3,798
1.06%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/18/50		(15	)		5,187		37			5,150
										$	11,058,864	$	323,501		$	10,735,363

18 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Interest Rate Hedged High Yield Bond ETF

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	490,845	$	(167,344	)	$	10,735,363		$—

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Interest Rate Contracts
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	10,735,363

^(a)  Net cumulative unrealized appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	(234,269	)
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	9,644,699

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	160,113,367

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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
Investments
Assets
Investment Companies	$	162,127,148	$	—	$	—	$	162,127,148
Money Market Funds		82,626,326		—		—		82,626,326
	$	244,753,474	$	—	$	—	$	244,753,474
Derivative financial instruments(a)
Assets
Swaps	$	—	$	10,735,363	$	—	$	10,735,363

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

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 19

Statements of Assets and Liabilities (unaudited)

April 30, 2022

	iShares Inflation Hedged Corporate Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF			iShares Interest Rate Hedged High Yield Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Affiliated(b)	$	159,524,964		$	1,778,085,660		$	244,753,474
Cash		9,318			4,867,082			518,012
Cash pledged:
Futures contracts		164,000			—			—
Centrally cleared swaps		5,164,000			749,000			4,159,000
Receivables:
Securities lending income — Affiliated		33,138			368,146			164,038
Variation margin on futures contracts		33,560			—			—
Variation margin on centrally cleared swaps		—			4,277,664			359,645
Capital shares sold		480,230			—			—
Dividends		423			215,933			770
Total assets		165,409,633			1,788,563,485			249,954,939
LIABILITIES
Collateral on securities loaned, at value		49,672,696			565,143,673			80,416,107
Payables:
Variation margin on centrally cleared swaps		544,588			—			—
Capital shares redeemed		—			—			167,120
Investment advisory fees		4,588			102,022			6,898
Total liabilities		50,221,872			565,245,695			80,590,125
NET ASSETS	$	115,187,761		$	1,223,317,790		$	169,364,814
NET ASSETS CONSIST OF:
Paid-in capital	$	124,077,138		$	1,281,814,806		$	186,571,337
Accumulated loss		(8,889,377	)		(58,497,016	)		(17,206,523	)
NET ASSETS	$	115,187,761		$	1,223,317,790		$	169,364,814
Shares outstanding		4,200,000			13,400,000			2,000,000
Net asset value	$	27.43		$	91.29		$	84.68
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Securities loaned, at value	$	48,141,342		$	547,613,098		$	77,689,965
(b) Investments, at cost — Affiliated	$	177,699,028		$	1,972,639,515		$	261,107,943

See notes to financial statements.

20 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended April 30, 2022

	iShares Inflation Hedged Corporate Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF			iShares Interest Rate Hedged High Yield Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	1,112,892		$	12,257,580		$	3,015,411
Interest — Unaffiliated		25			—			—
Securities lending income — Affiliated — net		132,686			1,336,821			652,816
Total investment income		1,245,603			13,594,401			3,668,227
EXPENSES
Investment advisory fees		105,638			1,615,893			488,862
Professional fees		—			217			217
Total expenses		105,638			1,616,110			489,079
Less:
Investment advisory fees waived		(79,228	)		(1,077,479	)		(451,474	)
Total expenses after fees waived		26,410			538,631			37,605
Net investment income		1,219,193			13,055,770			3,630,622
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(98,988	)		(3,403,809	)		(335,300	)
In-kind redemptions — Affiliated		253,962			399,718			(467,779	)
Futures contracts		71,200			—			—
Swaps		849,418			(2,900,719	)		(234,269	)
Net realized gain (loss)		1,075,592			(5,904,810	)		(1,037,348	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(18,359,086	)		(196,578,662	)		(15,196,118	)
Futures contracts		528,314			—			—
Swaps		4,900,268			137,225,131			9,644,699
Net change in unrealized appreciation (depreciation)		(12,930,504	)		(59,353,531	)		(5,551,419	)
Net realized and unrealized loss		(11,854,912	)		(65,258,341	)		(6,588,767	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,635,719	)	$	(52,202,571	)	$	(2,958,145	)

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 21

Statements of Changes in Net Assets

	iShares   Inflation Hedged Corporate Bond ETF								iShares Interest Rate Hedged Corporate Bond ETF
	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	1,219,193			$	738,055			$	13,055,770			$	12,745,848
Net realized gain (loss)			1,075,592				625,972				(5,904,810	)			7,063,097
Net change in unrealized appreciation (depreciation)			(12,930,504	)			2,128,788				(59,353,531	)			11,417,491
Net increase (decrease) in net assets resulting from operations			(10,635,719	)			3,492,815				(52,202,571	)			31,226,436
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(1,380,396	)			(735,803	)			(8,336,597	)			(9,086,966	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			54,131,068				52,336,980				567,767,400				243,946,436
NET ASSETS
Total increase in net assets			42,114,953				55,093,992				507,228,232				266,085,906
Beginning of period			73,072,808				17,978,816				716,089,558				450,003,652
End of period		$	115,187,761			$	73,072,808			$	1,223,317,790			$	716,089,558

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

22 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

		iShares Interest Rate Hedged High Yield Bond ETF
	Six Months Ended 04/30/22 (unaudited)					Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	3,630,622			$	4,050,298
Net realized loss				(1,037,348	)			(572,696	)
Net change in unrealized appreciation (depreciation)				(5,551,419	)			3,482,303
Net increase (decrease) in net assets resulting from operations				(2,958,145	)			6,959,905
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(3,000,123	)			(3,454,455	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions				39,402,629				70,089,848
NET ASSETS
Total increase in net assets				33,444,361				73,595,298
Beginning of period				135,920,453				62,325,155
End of period			$	169,364,814			$	135,920,453

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 23

Financial Highlights

(For a share outstanding throughout each period)

	iShares Inflation Hedged Corporate Bond ETF
		Six Months Ended																Period From
		04/30/22				Year Ended				Year Ended				Year Ended						05/08/18	(a)
		(unaudited)				10/31/21				10/31/20				10/31/19				to 10/31/18
Net asset value, beginning of period			$	30.45			$	27.66			$	26.33		2	$	24.31			$	25.00
Net investment income(b)				0.34				0.63				0.71				0.91				0.37
Net realized and unrealized gain (loss)(c)				(2.94	)			2.82				1.36				2.01				(0.70	)
Net increase (decrease) from investment operations				(2.60	)			3.45				2.07				2.92				(0.33	)
Distributions(d)
From net investment income				(0.35	)			(0.66	)			(0.74	)			(0.90	)			(0.36	)
From net realized gain				(0.07	)			—				—				—				—
Total distributions				(0.42	)			(0.66	)			(0.74	)			(0.90	)			(0.36	)
Net asset value, end of period			$	27.43			$	30.45			$	27.66			$	26.33			$	24.31
Total Return(e)
Based on net asset value				(8.65	)%(f)			12.60	%			8.00	%(g)			12.26	%(h)			(1.34	)%(f)
Ratios to Average Net Assets(i)
Total expenses				0.20	%(j)			0.20	%			0.20	%			0.20	%			0.20	%(j)
Total expenses after fees waived				0.05	%(j)			0.05	%			0.05	%			0.05	%			0.05	%(j)
Net investment income				2.31	%(j)			2.14	%			2.64	%			3.60	%			3.04	%(j)
Supplemental Data
Net assets, end of period (000)			$	115,188			$	73,073			$	17,979			$	7,898			$	9,725
Portfolio turnover rate(k)				2	%(f)			0	%			13	%			0	%			0	%(f)(l)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)  Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 12.22%.

⁽ⁱ⁾  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Annualized.

^(k)  Portfolio turnover rate excludes in-kind transactions.

^(l)  Rounds to less than 1%.

See notes to financial statements.

24 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged Corporate Bond ETF
	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17
Net asset value, beginning of period		$	96.12			$	91.84			$	93.50			$	95.79			$	96.62			$	92.49
Net investment income(a)			1.13				2.23				2.38				3.35				3.16				2.76
Net realized and unrealized gain (loss)(b)			(5.19	)			3.68				(1.69	)			(0.97	)			(1.16	)			3.73
Net increase (decrease) from investment operations			(4.06)				5.91				0.69				2.38				2.00				6.49
Distributions(c)
From net investment income			(0.77	)			(1.63	)			(2.35	)			(3.12	)			(2.83	)			(2.36	)
From net realized gain			—				—				—				(1.55	)			—				—
Total distributions			(0.77)				(1.63	)			(2.35	)			(4.67	)			(2.83	)			(2.36	)
Net asset value, end of period		$	91.29			$	96.12			$	91.84			$	93.50			$	95.79			$	96.62
Total Return(d)
Based on net asset value			(4.25	)%(e)			6.46	%			0.79	%			2.63	%			2.08	%			7.11	%
Ratios to Average Net Assets(f)
Total expenses			0.30	%(g)			0.30	%			0.30	%			0.30	%			0.30	%			0.30	%
Total expenses after fees waived			0.10	%(g)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%
Net investment income			2.42	%(g)			2.33	%			2.64	%			3.59	%			3.27	%			2.91	%
Supplemental Data
Net assets, end of period (000)		$	1,223,318			$	716,090			$	450,004			$	126,232			$	215,530			$	77,295
Portfolio turnover rate(h)			4	%(e)			5	%			7	%			4	%			2	%			0	%(i)

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾  Rounds to less than 1%.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 25

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged High Yield Bond ETF
	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17
Net asset value, beginning of period		$	87.69			$	83.10			$	87.86			$	90.47			$	91.78			$	87.42
Net investment income(a)			2.07				3.81				4.31				5.51				4.98				4.57
Net realized and unrealized gain (loss)(b)			(3.31	)			4.15				(5.53	)			(2.92	)			(1.46	)			4.21
Net increase (decrease) from investment operations			(1.24	)			7.96				(1.22	)			2.59				3.52				8.78
Distributions(c)
From net investment income			(1.77	)			(3.37	)			(3.51	)			(5.18	)			(4.83	)			(4.42	)
Return of capital			—				—				(0.03	)			(0.02	)			—				—
Total distributions			(1.77	)			(3.37	)			(3.54	)			(5.20	)			(4.83	)			(4.42	)
Net asset value, end of period		$	84.68			$	87.69			$	83.10			$	87.86			$	90.47			$	91.78
Total Return(d)
Based on net asset value			(1.46	)%(e)			9.70	%			(1.32	)%			3.00	%			3.93	%			10.26	%
Ratios to Average Net Assets(f)
Total expenses			0.65	%(g)			0.65	%			0.65	%			0.65	%			0.65	%			0.65	%
Total expenses after fees waived			0.05	%(g)			0.05	%			0.05	%			0.05	%			0.05	%			0.05	%
Net investment income			4.83	%(g)			4.37	%			5.12	%			6.22	%			5.46	%			5.04	%
Supplemental Data
Net assets, end of period (000)		$	169,365			$	135,920			$	62,325			$	114,212			$	416,178			$	137,670
Portfolio turnover rate(h)			2	%(e)			1	%			1	%			1	%			0	%(i)			0	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾  Rounds to less than 1%.

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification Classification
Inflation Hedged Corporate Bond		Diversified
Interest Rate Hedged Corporate Bond		Diversified
Interest Rate Hedged High Yield Bond		Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on iShares.com and should be read in conjunction with the Funds’ financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 27

Notes to Financial Statements (unaudited) (continued)

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: 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 Global 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 Global 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.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Inflation Hedged Corporate Bond
Barclays Bank PLC	$	2,802,501	$	2,802,501		$	—	$	—
Citigroup Global Markets, Inc.		42,133,006		42,133,006			—		—
J.P. Morgan Securities LLC		2,953,048		2,953,048			—		—
Jefferies LLC		252,787		252,787			—		—
	$	48,141,342	$	48,141,342		$	—	$	—
Interest Rate Hedged Corporate Bond
Barclays Bank PLC	$	71,499,311	$	71,499,311		$	—	$	—
BNP Paribas SA		85,193,160		85,193,160			—		—
BofA Securities, Inc.		64,745,000		64,745,000			—		—
Citigroup Global Markets, Inc.		260,024,253		260,024,253			—		—
J.P. Morgan Securities LLC		87,152		87,152			—		—
Jefferies LLC		11,007,213		11,007,213			—		—
SG Americas Securities LLC		18,049,780		18,049,780			—		—
Toronto-Dominion Bank		37,007,229		37,007,229			—		—
	$	547,613,098	$	547,613,098		$	—	$	—
Interest Rate Hedged High Yield Bond
Barclays Bank PLC	$	2,198,840	$	2,198,840		$	—	$	—
Citigroup Global Markets, Inc.		10,419,125		10,419,125			—		—
ING Financial Markets LLC		8,081,444		8,081,444			—		—
J.P. Morgan Securities LLC		15,236,862		15,236,862			—		—
Morgan Stanley		32,616,100		32,616,100			—		—
SG Americas Securities LLC		1,834,304		1,834,304			—		—
Toronto-Dominion Bank		7,303,290		7,303,290			—		—
	$	77,689,965	$	77,689,965		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 29

Notes to Financial Statements (unaudited) (continued)

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. Each Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party’s variable payments based on an inflation index, such as the Consumer Price Index.

Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

The iShares Inflation Hedged Corporate Bond ETF uses inflation swaps to mitigate the potential impact of inflation on the performance of the bonds held by the Fund or its underlying fund. The iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF use interest rate swaps to mitigate the potential impact of interest rates on the performance of the bonds held by each Fund or its underlying fund.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Inflation Hedged Corporate Bond		0.20	%
Interest Rate Hedged Corporate Bond		0.30
Interest Rate Hedged High Yield Bond		0.65

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Inflation Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2023 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD”), after taking into account any fee waivers by LQD, plus 0.05%.

For the iShares Interest Rate Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in LQD, after taking into account any fee waivers by LQD, plus 0.10%.

For the iShares Interest Rate Hedged High Yield Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ High Yield Corporate Bond ETF (“HYG”), after taking into account any fee waivers by HYG, plus 0.05%.

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Notes to Financial Statements (unaudited) (continued)

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Inflation Hedged Corporate Bond	$	79,228
Interest Rate Hedged Corporate Bond		1,077,479
Interest Rate Hedged High Yield Bond		451,474

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
Inflation Hedged Corporate Bond	$	38,045
Interest Rate Hedged Corporate Bond		381,908
Interest Rate Hedged High Yield Bond		156,510

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

7. PURCHASES AND SALES

For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Inflation Hedged Corporate Bond	$	8,660,567	$	2,199,551
Interest Rate Hedged Corporate Bond		170,605,366		39,665,008
Interest Rate Hedged High Yield Bond		11,700,374		2,578,769

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 31

Notes to Financial Statements (unaudited) (continued)

For the six months ended April 30, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind    Sales
Inflation Hedged Corporate Bond	$	76,464,648	$	25,654,600
Interest Rate Hedged Corporate Bond		608,019,254		50,571,712
Interest Rate Hedged High Yield Bond		87,282,842		49,475,955

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Interest Rate Hedged Corporate Bond	$	19,476,468
Interest Rate Hedged High Yield Bond		11,176,733

As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized    Appreciation    (Depreciation)
Inflation Hedged Corporate Bond	$	177,702,891	$	8,178,001	$	(18,202,984	)	$	(10,024,983	)
Interest Rate Hedged Corporate Bond		1,972,639,515		156,862,969		(194,697,932	)		(37,834,963	)
Interest Rate Hedged High Yield Bond		261,111,778		10,737,211		(16,360,152	)		(5,622,941	)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience

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Notes to Financial Statements (unaudited) (continued)

significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 04/30/22						Year Ended 10/31/21
iShares ETF	Shares			Amount			Shares			Amount
Inflation Hedged Corporate Bond
Shares sold		2,750,000		$	81,638,570			1,850,000		$	55,174,954
Shares redeemed		(950,000	)		(27,507,502	)		(100,000	)		(2,837,974	)
Net increase		1,800,000		$	54,131,068			1,750,000		$	52,336,980
Interest Rate Hedged Corporate Bond
Shares sold		6,500,000		$	619,508,932			3,500,000		$	335,029,941
Shares redeemed		(550,000	)		(51,741,532	)		(950,000	)		(91,083,505	)
Net increase		5,950,000		$	567,767,400			2,550,000		$	243,946,436
Interest Rate Hedged High Yield Bond
Shares sold		1,050,000		$	90,838,577			1,000,000		$	87,477,811
Shares redeemed		(600,000	)		(51,435,948	)		(200,000	)		(17,387,963	)
Net increase		450,000		$	39,402,629			800,000		$	70,089,848

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 33

Notes to Financial Statements (unaudited) (continued)

transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Inflation Hedged Corporate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T   R E G A R D I N G   L I Q U I D I T Y   R I S K   M A N A G E M E N T   P R O G R A M 35

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

April 30, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Inflation Hedged Corporate Bond	$	0.347604	$	0.069495	$	—	$	0.417099		83	%		17	%		—	%		100	%
Interest Rate Hedged Corporate Bond		0.767830		—		—		0.767830		100			—			—			100
Interest Rate Hedged High Yield Bond		1.769576		—		—		1.769576		100			—			—			100

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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L   I N F O R M A T I O N 37

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income

CPI	Consumer Price Index
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate

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Additional Financial Information

Schedules of Investments (Unaudited)

April 30, 2022

Statements of Assets and Liabilities (Unaudited)

April 30, 2022

iShares Trust

iShares iBoxx $ High Yield Corporate Bond ETF | HYG | NYSE Arca

iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | NYSE Arca

Schedule of Investments (unaudited)  April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.8%
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27 (Call 08/15/22)(a)(b)	$	15,667	$	14,638,200
7.50%, 06/01/29 (Call 06/01/24)(a)(b)		12,193		11,380,641
7.75%, 04/15/28 (Call 04/15/24)(a)(b)		12,158		11,415,754
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)(b)		6,567		5,713,290
3.75%, 02/15/28 (Call 02/15/23)(b)		6,575		6,065,438
4.00%, 02/15/30 (Call 02/15/25)(b)		7,302		6,540,292
4.88%, 01/15/29 (Call 01/15/24)(b)		4,569		4,323,949
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)(a)(b)		6,750		5,995,688
4.63%, 03/15/30 (Call 03/15/25)(a)(b)		5,619		5,023,105
5.00%, 08/15/27 (Call 08/15/22)(a)(b)		8,668		8,182,592
6.25%, 06/15/25 (Call 06/15/22)(a)(b)		2,108		2,140,342
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)(a)(b)		13,713		12,061,475
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)(a)(b)		11,798		11,547,292
				105,028,058
Aerospace & Defense — 2.4%
Bombardier Inc.
6.00%, 02/15/28 (Call 02/15/24)(a)		9,274		8,004,621
7.13%, 06/15/26 (Call 06/15/23)(a)		14,432		13,350,899
7.50%, 12/01/24 (Call 05/30/22)(a)(b)		8,883		8,874,630
7.50%, 03/15/25 (Call 05/30/22)(a)(b)		13,862		13,429,967
7.88%, 04/15/27 (Call 05/30/22)(a)(b)		24,619		22,934,649
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)(b)		7,629		6,661,109
5.13%, 10/01/24 (Call 07/01/24)(b)		14,566		14,824,546
6.88%, 05/01/25 (Call 04/01/25)		5,800		6,127,236
Rolls-Royce PLC
3.63%, 10/14/25 (Call 07/14/25)(a)		11,504		10,785,000
5.75%, 10/15/27 (Call 07/15/27)(a)		11,106		10,731,173
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)(b)		7,471		6,449,415
5.50%, 01/15/25 (Call 10/15/22)(a)		4,390		4,377,840
7.50%, 04/15/25 (Call 05/31/22)(a)(b)		15,292		15,528,691
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)(b)		14,221		12,372,270
4.88%, 05/01/29 (Call 05/01/24)(b)		8,359		7,285,147
5.50%, 11/15/27 (Call 11/15/22)(b)		32,829		30,145,886
6.25%, 03/15/26 (Call 05/31/22)(a)		54,197		54,063,768
6.38%, 06/15/26 (Call 05/31/22)(b)		10,809		10,646,865
7.50%, 03/15/27 (Call 05/31/22)		7,186		7,245,085
8.00%, 12/15/25 (Call 05/31/22)(a)(b)		13,438		13,986,539
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/31/22)(b)		5,053		5,013,523
Triumph Group Inc.
6.25%, 09/15/24 (Call 05/31/22)(a)(b)		5,249		5,018,919
7.75%, 08/15/25 (Call 05/31/22)(b)		5,654		5,473,072
8.88%, 06/01/24 (Call 02/01/23)(a)(b)		6,232		6,441,208
				299,772,058
Agriculture — 0.1%
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)(a)		10,781		9,445,234
10.50%, 11/01/26 (Call 05/31/22)(a)(b)		6,686		6,801,334
				16,246,568

Security	Par (000)		Value
Airlines — 1.8%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a)	$	14,266	$	13,124,720
American Airlines Group Inc., 3.75%, 03/01/25(a)(b)		5,498		4,923,184
American Airlines Inc., 11.75%, 07/15/25(a)(b)		30,064		34,573,600
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26(a)		42,100		41,425,874
5.75%, 04/20/29(a)		36,037		34,782,495
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)(b)		10,512		10,012,680
3.75%, 10/28/29 (Call 07/28/29)(b)		6,365		5,617,113
3.80%, 04/19/23 (Call 03/19/23)		1,288		1,285,959
4.38%, 04/19/28 (Call 01/19/28)(b)		6,229		5,837,819
7.38%, 01/15/26 (Call 12/15/25)(b)		12,450		13,201,046
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a)		14,212		13,874,465
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)(a)(b)		24,627		23,585,278
4.63%, 04/15/29 (Call 10/15/28)(a)		23,655		21,703,462
				223,947,695
Apparel — 0.2%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)(a)(b)		11,905		11,798,947
4.88%, 05/15/26 (Call 02/15/26)(a)(b)		9,378		9,113,206
William Carter Co. (The), 5.63%, 03/15/27 (Call 05/31/22)(a)		5,174		5,155,632
				26,067,785
Auto Manufacturers — 3.4%
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)(a)(b)		12,423		10,745,895
4.75%, 10/01/27 (Call 10/01/22)(a)(b)		5,020		4,802,467
5.88%, 06/01/29 (Call 06/01/24)(a)(b)		5,459		5,359,237
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a)		14,041		14,146,308
Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)		29,733		24,089,677
4.35%, 12/08/26 (Call 09/08/26)(b)		18,896		18,140,160
9.00%, 04/22/25 (Call 03/22/25)(b)		2,887		3,206,374
9.63%, 04/22/30 (Call 01/22/30)(b)		5,199		6,342,468
Ford Motor Credit Co. LLC
2.30%, 02/10/25 (Call 01/10/25)		14,060		13,050,856
2.70%, 08/10/26 (Call 07/10/26)(b)		17,677		15,743,972
2.90%, 02/16/28 (Call 12/16/27)(b)		9,009		7,725,218
2.90%, 02/10/29 (Call 12/10/28)		9,408		7,863,442
3.09%, 01/09/23		298		298,250
3.10%, 05/04/23		10,388		10,258,150
3.35%, 11/01/22		713		712,819
3.37%, 11/17/23(b)		11,377		11,194,285
3.38%, 11/13/25 (Call 10/13/25)(b)		24,692		23,256,777
3.63%, 06/17/31 (Call 03/17/31)		11,407		9,482,069
3.66%, 09/08/24		8,456		8,215,004
3.81%, 01/09/24 (Call 11/09/23)		7,545		7,438,946
3.82%, 11/02/27 (Call 08/02/27)		8,937		8,156,502
4.00%, 11/13/30 (Call 08/13/30)(b)		19,381		16,861,201
4.06%, 11/01/24 (Call 10/01/24)(b)		17,619		17,255,828
4.13%, 08/04/25(b)		15,618		15,064,167
4.13%, 08/17/27 (Call 06/17/27)(b)		15,720		14,555,671
4.14%, 02/15/23 (Call 01/15/23)		1,122		1,119,756
4.27%, 01/09/27 (Call 11/09/26)(b)		11,095		10,490,877
4.38%, 08/06/23		10,796		10,802,478

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Auto Manufacturers (continued)
4.39%, 01/08/26	$	13,984	$	13,468,515
4.54%, 08/01/26 (Call 06/01/26)		8,994		8,600,513
4.69%, 06/09/25 (Call 04/09/25)		7,042		6,902,592
4.95%, 05/28/27 (Call 04/28/27)		19,030		18,415,675
5.11%, 05/03/29 (Call 02/03/29)(b)		17,421		16,506,397
5.13%, 06/16/25 (Call 05/16/25)(b)		21,053		20,852,996
5.58%, 03/18/24 (Call 02/18/24)(b)		17,410		17,540,575
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)(a)(b)		6,100		5,011,150
5.50%, 07/15/29 (Call 07/15/24)(a)		5,886		4,885,380
5.88%, 01/15/28 (Call 01/15/24)(a)		7,599		6,611,130
7.75%, 10/15/25 (Call 10/15/22)(a)		5,960		5,950,345
				421,124,122
Auto Parts & Equipment — 1.3%
Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 05/30/22)(a)(b)		633		564,108
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)(b)		5,996		5,156,560
6.25%, 03/15/26 (Call 05/10/22)(b)		1,685		1,606,648
6.50%, 04/01/27 (Call 05/31/22)(b)		6,265		5,806,532
6.88%, 07/01/28 (Call 07/01/23)(b)		5,446		5,108,121
Clarios Global LP, 6.75%, 05/15/25 (Call 05/30/22)(a)(b)		3,611		3,685,687
Clarios Global LP/Clarios US Finance Co.
6.25%, 05/15/26 (Call 05/31/22)(a)(b)		9,222		9,315,012
8.50%, 05/15/27 (Call 05/31/22)(a)(b)		24,179		24,152,906
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 05/30/22)(a)		4,443		4,390,697
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)(b)		4,487		3,847,603
5.38%, 11/15/27 (Call 11/15/22)(b)		4,394		4,152,330
5.63%, 06/15/28 (Call 06/15/23)(b)		5,453		5,200,799
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)(b)		8,906		8,291,860
5.00%, 05/31/26 (Call 05/31/22)(b)		8,886		8,511,677
5.00%, 07/15/29(b)		10,492		9,355,716
5.25%, 04/30/31 (Call 01/30/31)(b)		6,497		5,656,613
5.25%, 07/15/31(b)		8,016		6,913,800
5.63%, 04/30/33 (Call 01/30/33)		5,097		4,349,015
9.50%, 05/31/25 (Call 05/31/22)		8,437		8,847,123
Tenneco Inc.
5.00%, 07/15/26 (Call 05/31/22)(b)		6,065		5,814,819
5.13%, 04/15/29 (Call 04/15/24)(a)(b)		8,515		8,291,481
7.88%, 01/15/29 (Call 01/15/24)(a)(b)		6,307		6,340,364
ZF North America Capital Inc., 4.75%, 04/29/25(a)(b)		13,473		13,136,175
				158,495,646
Banks — 1.7%
Commerzbank AG, 8.13%, 09/19/23(a)(b)		11,362		11,827,217
Deutsche Bank AG
4.30%, 05/24/28 (Call 05/24/23), (5 year USD Swap + 2.248%)(b)(c)		16,835		16,509,310
4.50%, 04/01/25(b)		18,173		17,832,620
Deutsche Bank AG/New York NY
3.73%, 01/14/32 (Call 10/14/30)(b)(c)		15,443		12,740,124
3.74%, 01/07/33 (Call 10/07/31)(c)		14,930		12,200,968
4.88%, 12/01/32 (Call 12/01/27)(c)		11,463		10,485,635
5.88%, 07/08/31 (Call 04/08/30)(b)(c)		6,084		5,871,524
Fifth Third Bancorp., Series H, 5.10%, (Call 06/30/23)(b)(c)(d)		6,682		6,476,863

Security	Par (000)		Value
Banks (continued)
Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 01/15/24)(a)(b)	$	7,963	$	6,887,995
7.63%, 05/01/26 (Call 05/01/23)(a)(b)		8,176		7,440,160
8.13%, 11/15/24 (Call 05/31/22)(a)		3,935		3,812,523
8.25%, 04/15/25 (Call 05/31/22)(a)		6,295		6,074,001
Intesa Sanpaolo SpA
4.20%, 06/01/32 (Call 06/01/31)(a)(b)(c)		9,303		7,715,504
5.02%, 06/26/24(a)(b)		25,328		24,713,147
5.71%, 01/15/26(a)(b)		14,697		14,626,412
UniCredit SpA
5.46%, 06/30/35 (Call 06/30/30)(a)(b)(c)		17,682		15,965,094
5.86%, 06/19/32 (Call 06/19/27)(a)(b)(c)		11,877		11,287,498
7.30%, 04/02/34 (Call 04/02/29)(a)(c)		14,934		15,095,435
				207,562,030
Building Materials — 0.9%
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)(a)(b)		15,730		13,429,488
5.00%, 03/01/30 (Call 03/01/25)(a)(b)		6,310		5,840,725
6.75%, 06/01/27 (Call 06/01/22)(a)		8,426		8,640,863
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)(b)		11,828		10,556,490
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 05/31/22)(a)		4,201		3,959,705
4.88%, 12/15/27 (Call 12/15/22)(a)(b)		5,251		4,762,499
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)(a)		13,459		12,920,640
Standard Industries Inc./NJ
3.38%, 01/15/31 (Call 07/15/25)(a)(b)		12,825		10,229,942
4.38%, 07/15/30 (Call 07/15/25)(a)(b)		19,915		16,589,195
4.75%, 01/15/28 (Call 01/15/23)(a)(b)		12,527		11,420,240
5.00%, 02/15/27 (Call 05/31/22)(a)(b)		8,938		8,424,065
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(a)(b)		8,923		8,371,906
				115,145,758
Chemicals — 1.5%
ASP Unifrax Holdings Inc.
5.25%, 09/30/28 (Call 09/30/24)(a)(b)		8,740		7,675,818
7.50%, 09/30/29 (Call 09/30/24)(a)(b)		5,803		4,768,325
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a)(b)		8,009		6,908,812
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)(a)(b)		5,943		5,645,850
Chemours Co. (The)
4.63%, 11/15/29 (Call 11/15/24)(a)(b)		6,704		5,785,791
5.38%, 05/15/27 (Call 02/15/27)(b)		6,934		6,696,728
5.75%, 11/15/28 (Call 11/15/23)(a)(b)		10,030		9,409,411
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)(b)		9,030		8,671,208
5.25%, 12/15/29 (Call 09/15/29)(b)		8,127		7,764,789
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)(a)(b)		7,087		6,132,913
4.88%, 06/01/24 (Call 03/03/24)(a)(b)		12,802		12,625,972
5.00%, 05/01/25 (Call 01/31/25)(a)(b)		5,468		5,389,398
5.25%, 06/01/27 (Call 03/03/27)(a)(b)		12,499		11,903,511
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)(b)		4,602		4,345,700
5.13%, 09/15/27 (Call 05/31/22)(b)		5,728		5,641,221
5.63%, 08/01/29 (Call 08/01/24)(b)		8,489		8,361,665

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
Olympus Water U.S. Holding Corp.
4.25%, 10/01/28 (Call 10/01/24)(a)(b)	$	7,814	$	6,881,399
6.25%, 10/01/29 (Call 10/01/24)(a)(b)		5,343		4,433,799
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)(a)(b)		11,722		10,293,674
6.63%, 05/01/29 (Call 05/01/24)(a)(b)		9,229		7,326,072
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)(a)(b)		12,897		11,510,573
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)(a)		6,464		5,227,760
4.25%, 02/15/30 (Call 02/15/25)(a)(b)		7,044		6,132,022
WR Grace Holdings LLC
4.88%, 06/15/27 (Call 06/15/23)(a)(b)		7,505		7,056,201
5.63%, 08/15/29 (Call 08/15/24)(a)(b)		14,609		12,481,930
				189,070,542
Commercial Services — 4.0%
ADT Security Corp. (The)
4.13%, 06/15/23		5,684		5,638,529
4.13%, 08/01/29 (Call 08/01/28)(a)(b)		12,997		11,063,696
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)(a)		6,524		6,145,008
Albion Financing 2SARL, 8.75%, 04/15/27 (Call 10/15/23)(a)(b)		5,703		5,421,272
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/29 (Call 06/01/24)(a)(b)		10,879		8,942,538
6.63%, 07/15/26 (Call 07/15/22)(a)(b)		23,313		22,557,659
9.75%, 07/15/27 (Call 07/15/22)(a)(b)		12,987		12,558,429
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)(a)(b)		26,285		23,182,176
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)(a)(b)		9,930		8,111,817
6.75%, 02/15/27 (Call 02/15/23)(a)(b)		6,888		6,809,219
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)(a)(b)		5,492		5,086,965
5.38%, 03/01/29 (Call 03/01/24)(a)(b)		7,375		6,952,302
5.75%, 07/15/27 (Call 07/15/22)(a)(b)		4,260		4,211,702
Block Inc.
2.75%, 06/01/26 (Call 05/01/26)(a)(b)		12,070		10,999,705
3.50%, 06/01/31 (Call 03/01/31)(a)(b)		12,083		10,119,512
Brink’s Co. (The)
4.63%, 10/15/27 (Call 10/15/22)(a)(b)		8,360		7,921,100
5.50%, 07/15/25 (Call 07/15/22)(a)		3,505		3,504,051
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/23)(a)(b)		6,523		5,921,253
6.00%, 06/01/29 (Call 06/01/24)(a)(b)		6,503		5,430,005
9.50%, 11/01/27 (Call 11/01/22)(a)(b)		6,152		6,023,577
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)(a)(b)		6,897		6,203,413
3.75%, 10/01/30 (Call 10/01/25)(a)(b)		9,564		8,510,525
4.50%, 07/01/28 (Call 07/01/23)(a)(b)		9,749		9,344,613
Grand Canyon University
4.13%, 10/01/24		6,385		6,196,643
5.13%, 10/01/28 (Call 08/01/28)(b)		5,210		5,009,415
Herc Holdings Inc., 5.50%, 07/15/27
(Call 07/15/22)(a)(b)		13,564		13,288,651
Hertz Corp. (The)
4.63%, 12/01/26 (Call 12/01/23)(a)		5,792		5,273,268
5.00%, 12/01/29 (Call 12/01/24)(a)(b)		11,556		10,111,500

Security	Par (000)		Value
Commercial Services (continued)
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)(a)(b)	$	13,410	$	12,409,279
5.75%, 11/01/28 (Call 11/01/23)(a)(b)		14,795		12,885,113
Nielsen Co Luxembourg SARL (The), 5.00%, 02/01/25 (Call 05/30/22)(a)(b)		5,704		5,711,130
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 07/15/29 (Call 07/15/24)(a)(b)		8,134		7,687,037
4.75%, 07/15/31 (Call 07/15/26)(a)(b)		7,629		7,205,591
5.63%, 10/01/28 (Call 10/01/23)(a)(b)		11,387		11,034,345
5.88%, 10/01/30 (Call 10/01/25)(a)(b)		8,998		8,626,832
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)(a)		11,848		10,100,420
5.25%, 04/15/24(a)(b)		9,784		9,771,770
5.75%, 04/15/26(a)(b)		16,170		15,491,830
6.25%, 01/15/28 (Call 01/15/23)(a)(b)		15,945		14,250,844
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 05/31/22)(a)		5,582		5,596,792
RR Donnelley & Sons Co., 6.13%, 11/01/26 (Call 11/01/23)(a)		725		707,700
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 09/01/22)(a)(b)		10,090		10,200,284
9.25%, 04/15/25 (Call 03/16/25)(a)(b)		9,519		10,170,219
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)		9,608		8,306,717
4.00%, 05/15/31 (Call 05/15/26)(b)		9,300		8,338,225
4.63%, 12/15/27 (Call 12/15/22)(b)		7,110		6,915,943
5.13%, 06/01/29 (Call 06/01/24)(b)		9,151		8,981,066
Sotheby’s, 7.38%, 10/15/27 (Call 10/15/22)(a)(b)		8,573		8,446,120
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)(b)		9,339		8,124,930
3.88%, 02/15/31 (Call 08/15/25)(b)		13,293		11,664,607
4.00%, 07/15/30 (Call 07/15/25)(b)		9,232		8,262,640
4.88%, 01/15/28 (Call 01/15/23)(b)		18,356		17,824,502
5.25%, 01/15/30 (Call 01/15/25)(b)		9,485		9,204,402
5.50%, 05/15/27 (Call 05/31/22)(b)		12,430		12,685,981
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 05/31/22)(a)		12,720		13,101,600
				504,244,462
Computers — 1.2%
Booz Allen Hamilton Inc.
3.88%, 09/01/28 (Call 09/01/23)(a)(b)		7,970		7,332,400
4.00%, 07/01/29 (Call 07/01/24)(a)(b)		6,895		6,343,400
Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)(a)(b)		24,582		21,998,582
Diebold Nixdorf Inc.
8.50%, 04/15/24 (Call 05/31/22)(b)		6,010		3,914,013
9.38%, 07/15/25 (Call 07/15/22)(a)(b)		7,449		6,592,365
Exela Intermediate LLC/Exela Finance Inc., 11.50%, 07/15/26 (Call 12/01/22)(a)(b)		9,721		3,594,243
NCR Corp.
5.00%, 10/01/28 (Call 10/01/23)(a)(b)		8,017		7,656,235
5.13%, 04/15/29 (Call 04/15/24)(a)(b)		14,975		14,263,688
5.25%, 10/01/30 (Call 10/01/25)(a)(b)		5,505		5,202,225
5.75%, 09/01/27 (Call 09/01/22)(a)(b)		5,483		5,408,980
6.13%, 09/01/29 (Call 09/01/24)(a)(b)		5,783		5,619,630
Presidio Holdings Inc.
4.88%, 02/01/27 (Call 02/01/23)(a)(b)		5,565		5,274,924
8.25%, 02/01/28 (Call 02/01/23)(a)(b)		7,155		6,931,406

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
Seagate HDD Cayman
3.13%, 07/15/29 (Call 01/15/24)(b)	$	6,235	$	5,260,781
3.38%, 07/15/31 (Call 01/15/26)		7,313		5,929,810
4.09%, 06/01/29 (Call 03/01/29)(b)		5,391		4,784,513
4.13%, 01/15/31 (Call 10/15/30)(b)		6,873		5,974,163
4.75%, 06/01/23(b)		2,178		2,187,831
4.75%, 01/01/25(b)		4,052		4,037,255
4.88%, 03/01/24 (Call 01/01/24)(b)		5,720		5,753,207
4.88%, 06/01/27 (Call 03/01/27)(b)		5,975		5,817,036
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)(a)		14,842		13,983,721
				153,860,408
Cosmetics & Personal Care — 0.3%
Coty Inc.
5.00%, 04/15/26 (Call 04/15/23)(a)(b)		10,732		10,208,815
6.50%, 04/15/26 (Call 05/31/22)(a)(b)		6,442		6,264,845
Coty Inc/HFC Prestige Products Inc/HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(a)		6,184		5,482,229
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)(a)(b)		6,597		5,864,099
5.50%, 06/01/28 (Call 06/01/23)(a)(b)		8,309		8,011,953
				35,831,941
Distribution & Wholesale — 0.4%
American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29 (Call 11/15/24)(a)(b)		4,713		4,165,114
4.00%, 01/15/28 (Call 01/15/23)(a)(b)		8,118		7,529,282
Avient Corp., 5.75%, 05/15/25 (Call 05/31/22)(a)(b)		1,449		1,462,454
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)(a)(b)		15,271		13,295,314
Ritchie Bros Holdings Inc., 4.75%, 12/15/31 (Call 12/15/26)(a)(b)		6,633		6,633,000
Wesco Aircraft Holdings Inc., 9.00%, 11/15/26 (Call 11/15/22)(a)(b)		13,712		8,501,440
Wolverine Escrow LLC
8.50%, 11/15/24 (Call 05/31/22)(a)(b)		9,609		5,332,995
13.13%, 11/15/27 (Call 11/15/22)(a)		7,555		2,804,794
				49,724,393
Diversified Financial Services — 3.4%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)(b)(c)		9,378		8,815,320
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)(b)		11,095		11,401,777
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)(a)(b)		11,959		9,359,911
3.63%, 10/01/31 (Call 10/01/26)(a)		12,393		9,139,837
Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)(a)(b)		12,010		9,984,453
Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)(a)(b)		9,150		9,110,381
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a)(b)		12,398		11,266,682
LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)(a)(b)		6,685		5,047,175
6.50%, 11/01/25 (Call 11/01/22)(a)		6,452		5,335,610
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)(a)(b)		10,883		9,903,530
4.38%, 05/15/31 (Call 05/15/26)(a)(b)		5,283		4,814,134
4.63%, 11/15/27 (Call 11/15/22)(a)(b)		4,436		4,201,169

Security	Par (000)		Value
Diversified Financial Services (continued)
Midcap Financial Issuer Trust
5.63%, 01/15/30 (Call 01/15/25)(a)(b)	$	5,228	$	4,187,171
6.50%, 05/01/28 (Call 05/01/24)(a)(b)		11,339		9,779,887
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)(a)(b)		7,624		6,613,820
5.50%, 08/15/28 (Call 08/15/23)(a)(b)		10,161		9,291,690
5.75%, 11/15/31 (Call 11/15/26)(a)(b)		7,235		6,421,063
6.00%, 01/15/27 (Call 01/15/23)(a)		6,783		6,581,956
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)(b)		7,018		6,167,243
5.00%, 03/15/27 (Call 09/15/26)(b)		9,015		8,206,580
5.50%, 03/15/29 (Call 06/15/28)(b)		8,764		7,723,275
5.88%, 10/25/24(b)		4,529		4,512,016
6.13%, 03/25/24		9,280		9,314,800
6.75%, 06/25/25		4,999		5,010,278
6.75%, 06/15/26(b)		6,387		6,267,244
7.25%, 09/25/23(b)		586		602,082
NFP Corp.
4.88%, 08/15/28 (Call 08/15/23)(a)(b)		7,386		6,717,567
6.88%, 08/15/28 (Call 08/15/23)(a)(b)		24,552		21,794,810
OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)(b)		8,669		7,628,720
3.88%, 09/15/28 (Call 09/15/24)(b)		7,713		6,538,696
4.00%, 09/15/30 (Call 09/15/25)(b)		10,142		8,291,085
5.38%, 11/15/29 (Call 05/15/29)(b)		9,262		8,248,911
5.63%, 03/15/23		1,219		1,231,190
6.13%, 03/15/24 (Call 09/15/23)(b)		14,266		14,316,502
6.63%, 01/15/28 (Call 07/15/27)(b)		9,837		9,684,920
6.88%, 03/15/25(b)		13,726		13,833,749
7.13%, 03/15/26		20,156		20,484,543
8.88%, 06/01/25 (Call 06/01/22)		6,580		6,899,459
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)		8,113		6,530,965
5.38%, 10/15/25 (Call 10/15/22)(a)(b)		8,719		8,301,508
5.75%, 09/15/31 (Call 09/15/26)(a)		5,526		4,558,255
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 10/15/23)(a)(b)		13,829		12,235,162
3.63%, 03/01/29 (Call 03/01/24)(a)(b)		9,444		8,050,336
3.88%, 03/01/31 (Call 03/01/26)(a)(b)		15,428		12,941,546
4.00%, 10/15/33 (Call 10/15/27)(a)(b)		10,705		8,590,763
SLM Corp.
3.13%, 11/02/26 (Call 10/02/26)(b)		6,025		5,501,578
4.20%, 10/29/25 (Call 09/29/25)(b)		5,859		5,704,440
United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 11/15/22)(a)(b)		9,676		8,889,825
5.50%, 04/15/29 (Call 04/15/24)(a)(b)		8,123		6,776,220
5.75%, 06/15/27 (Call 06/15/24)(a)(b)		5,906		5,088,019
VistaJet Malta Finance PLC/XO Management Holding Inc.
6.38%, 02/01/30 (Call 02/01/25)(a)(b)		11,691		10,215,011
7.88%, 05/01/27(a)		6,750		6,331,500
				424,444,364
Electric — 2.5%
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)(a)(b)		10,623		8,956,429
4.50%, 02/15/28 (Call 02/15/23)(a)(b)		14,262		13,223,726
4.63%, 02/01/29 (Call 02/01/24)(a)(b)		8,260		7,199,416
5.00%, 02/01/31 (Call 02/01/26)(a)(b)		10,115		8,626,072
5.13%, 03/15/28 (Call 03/15/23)(a)(b)		17,765		16,114,809
5.25%, 06/01/26 (Call 05/31/22)(a)(b)		3,777		3,750,561

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)(a)(b)	$	10,020	$	8,600,917
4.75%, 03/15/28 (Call 03/15/23)(a)(b)		12,482		11,859,001
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)(b)		5,203		5,044,829
4.35%, 04/15/29 (Call 01/15/29)(b)		5,243		4,830,114
Electricite de France SA
5.25%, (Call 01/29/23)(a)(c)(d)		440		432,353
5.63%, (Call 01/22/24)(a)(b)(c)(d)		17,790		17,418,589
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26)(b)(c)		14,532		14,783,040
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)		6,237		5,283,008
Series B, 2.25%, 09/01/30 (Call 06/01/30)		5,023		4,182,847
Series B, 4.15%, 07/15/27 (Call 04/15/27)(b)		20,021		19,445,396
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)(a)(b)		5,650		5,311,000
4.25%, 07/15/24 (Call 04/15/24)(a)(b)		7,313		7,250,474
4.25%, 09/15/24 (Call 07/15/24)(a)		878		866,699
4.50%, 09/15/27 (Call 06/15/27)(a)(b)		7,665		7,260,518
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)(a)(b)		6,625		5,631,728
3.63%, 02/15/31 (Call 02/15/26)(a)(b)		12,683		10,561,918
3.88%, 02/15/32 (Call 02/15/27)(a)(b)		12,768		10,629,360
5.25%, 06/15/29 (Call 06/15/24)(a)(b)		8,916		8,371,010
5.75%, 01/15/28 (Call 01/15/23)(b)		9,994		9,747,734
PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)(b)		11,897		10,941,373
5.25%, 07/01/30 (Call 07/01/25)(b)		12,331		11,221,210
Talen Energy Supply LLC
6.50%, 06/01/25 (Call 05/31/22)(b)		5,490		2,012,983
6.63%, 01/15/28 (Call 01/15/23)(a)(b)		5,681		5,375,646
7.25%, 05/15/27 (Call 05/31/22)(a)(b)		7,785		7,454,138
7.63%, 06/01/28 (Call 06/01/23)(a)(b)		5,566		5,336,403
10.50%, 01/15/26 (Call 05/31/22)(a)(b)		5,984		2,198,821
Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/01/24)(a)		15,951		14,435,655
5.00%, 07/31/27 (Call 07/31/22)(a)(b)		15,956		15,250,695
5.50%, 09/01/26 (Call 05/10/22)(a)(b)		11,976		11,938,575
5.63%, 02/15/27 (Call 05/10/22)(a)(b)		14,681		14,440,232
				315,987,279
Electrical Components & Equipment — 0.4%
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)(a)(b)		8,781		7,300,874
4.75%, 06/15/28 (Call 06/15/23)(a)(b)		7,579		6,604,151
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 06/15/22)(a)(b)		18,301		19,010,164
7.25%, 06/15/28 (Call 06/15/23)(a)(b)		13,648		14,129,152
				47,044,341
Electronics — 0.5%
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(a)(b)		24,449		22,818,435
Sensata Technologies BV
4.00%, 04/15/29 (Call 04/15/24)(a)(b)		11,158		9,947,915
4.88%, 10/15/23(a)(b)		6,978		6,987,769
5.00%, 10/01/25(a)(b)		8,597		8,531,813
5.63%, 11/01/24(a)(b)		5,688		5,764,788

Security	Par (000)		Value
Electronics (continued)
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(b)	$	10,254	$	8,677,448
4.38%, 02/15/30 (Call 11/15/29)(a)(b)		4,507		4,087,004
				66,815,172
Energy - Alternate Sources — 0.1%
TerraForm Power Operating LLC
4.75%, 01/15/30 (Call 01/15/25)(a)(b)		8,288		7,483,045
5.00%, 01/31/28 (Call 07/31/27)(a)		8,960		8,325,907
				15,808,952
Engineering & Construction — 0.1%
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 05/31/22)(a)(b)		12,057		10,881,442
Entertainment — 3.0%
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)(a)		11,280		10,315,560
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)(a)(b)		13,669		11,797,030
6.25%, 07/01/25 (Call 07/01/22)(a)		41,939		42,422,137
8.13%, 07/01/27 (Call 07/01/23)(a)(b)		21,601		22,539,970
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/22)(a)(b)		9,794		10,002,123
CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)(a)		15,730		15,152,761
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)(b)		6,056		5,722,578
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 05/31/22)(b)		5,932		5,768,870
5.50%, 05/01/25 (Call 05/31/22)(a)(b)		11,268		11,297,579
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/23)(a)		8,903		8,303,357
5.50%, 04/01/27 (Call 05/31/22)(a)		6,107		5,992,193
Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)(a)(b)		8,376		7,425,324
5.88%, 03/15/26 (Call 03/15/23)(a)(b)		5,659		5,261,738
International Game Technology PLC
4.13%, 04/15/26 (Call 04/15/23)(a)		7,724		7,265,117
5.25%, 01/15/29 (Call 01/15/24)(a)(b)		9,447		8,939,224
6.25%, 01/15/27 (Call 07/15/26)(a)(b)		8,285		8,411,098
6.50%, 02/15/25 (Call 08/15/24)(a)		12,109		12,268,436
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)(a)(b)		12,023		10,648,771
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)(a)(b)		8,114		7,363,455
4.75%, 10/15/27 (Call 10/15/22)(a)(b)		10,137		9,447,684
4.88%, 11/01/24 (Call 05/31/22)(a)(b)		7,936		7,807,516
6.50%, 05/15/27 (Call 05/15/23)(a)		13,260		13,657,800
Mohegan Gaming & Entertainment
7.88%, 10/15/24 (Call 05/16/22)(a)(b)		2,058		2,103,533
8.00%, 02/01/26 (Call 02/01/23)(a)(b)		14,428		12,664,898
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)(a)(b)		8,987		7,072,769
5.88%, 09/01/31 (Call 09/01/26)(a)(b)		9,497		7,341,301
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)(a)		11,647		10,212,596
Scientific Games International Inc.
7.00%, 05/15/28 (Call 05/15/23)(a)(b)		11,662		11,958,652
7.25%, 11/15/29 (Call 11/15/24)(a)(b)		8,348		8,754,965
8.63%, 07/01/25 (Call 07/01/22)(a)		9,385		9,848,337

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Entertainment (continued)
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 05/31/22)(a)(b)	$	10,392	$	10,351,679
5.50%, 04/15/27 (Call 05/31/22)(a)(b)		6,519		6,372,323
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)(a)(b)		5,950		6,167,711
WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)(a)(b)		9,401		7,826,333
3.75%, 12/01/29 (Call 12/01/24)(a)(b)		6,007		5,383,774
3.88%, 07/15/30 (Call 07/15/25)(a)(b)		7,093		6,357,101
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)(a)(b)		8,970		7,826,325
7.75%, 04/15/25 (Call 05/31/22)(a)(b)		6,303		6,490,829
				374,543,447
Environmental Control — 0.7%
Covanta Holding Corp, 4.88%, 12/01/29 (Call 12/01/24)(a)(b)		9,061		8,178,685
Covanta Holding Corp., 5.00%, 09/01/30 (Call 09/01/25)(b)		4,831		4,370,713
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)(a)(b)		8,468		7,567,570
3.75%, 08/01/25 (Call 08/01/22)(a)		10,860		10,312,520
4.00%, 08/01/28 (Call 08/01/23)(a)(b)		9,413		8,279,742
4.25%, 06/01/25 (Call 06/01/22)(a)(b)		5,719		5,539,023
4.38%, 08/15/29 (Call 08/15/24)(a)(b)		6,616		5,836,470
4.75%, 06/15/29 (Call 06/15/24)(a)(b)		8,466		7,682,895
5.13%, 12/15/26 (Call 12/15/22)(a)(b)		3,532		3,475,947
Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)(a)(b)		8,349		7,326,247
5.88%, 06/30/29 (Call 06/30/24)(a)(b)		12,633		10,295,895
Stericycle Inc.
3.88%, 01/15/29 (Call 11/15/23)(a)(b)		5,824		5,125,411
5.38%, 07/15/24 (Call 05/16/22)(a)		5,914		5,893,656
				89,884,774
Food — 2.0%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 09/15/22)(a)(b)		10,258		9,340,763
3.50%, 02/15/23 (Call 12/15/22)(a)(b)		617		616,229
3.50%, 03/15/29 (Call 09/15/23)(a)(b)		17,491		14,728,821
4.63%, 01/15/27 (Call 01/15/23)(a)(b)		15,847		14,840,399
4.88%, 02/15/30 (Call 02/15/25)(a)(b)		10,979		9,949,719
5.88%, 02/15/28 (Call 08/15/22)(a)(b)		9,402		9,112,889
7.50%, 03/15/26 (Call 05/31/22)(a)(b)		5,294		5,566,942
B&G Foods Inc.
5.25%, 04/01/25 (Call 05/31/22)(b)		10,491		9,948,091
5.25%, 09/15/27 (Call 05/31/22)(b)		6,764		6,175,747
Kraft Heinz Foods Co.
3.75%, 04/01/30 (Call 01/01/30)		233		221,513
3.88%, 05/15/27 (Call 02/15/27)(b)		654		640,183
4.25%, 03/01/31 (Call 12/01/30)		93		90,252
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)(a)(b)		11,537		10,295,388
4.38%, 01/31/32 (Call 01/31/27)(a)(b)		8,112		7,250,879
4.88%, 05/15/28 (Call 11/15/27)(a)(b)		5,593		5,403,770
Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)(a)(b)		12,074		10,707,532
5.50%, 10/15/27 (Call 10/15/22)(a)(b)		12,628		12,225,735

Security	Par (000)		Value
Food (continued)
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)(a)(b)	$	11,708	$	9,934,155
4.25%, 04/15/31 (Call 04/15/26)(a)(b)		12,055		10,921,830
5.88%, 09/30/27 (Call 09/30/22)(a)(b)		8,637		8,690,981
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)(a)(b)		21,450		17,806,003
4.63%, 04/15/30 (Call 04/15/25)(a)(b)		19,564		16,727,220
5.50%, 12/15/29 (Call 12/15/24)(a)		15,471		14,097,949
5.63%, 01/15/28 (Call 12/01/22)(a)(b)		11,168		10,601,894
5.75%, 03/01/27 (Call 05/16/22)(a)(b)		7,306		7,181,798
U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)(a)		5,907		5,291,807
4.75%, 02/15/29 (Call 02/15/24)(a)(b)		10,442		9,632,223
6.25%, 04/15/25 (Call 05/31/22)(a)(b)		13,414		13,799,653
				251,800,365
Food Service — 0.4%
Aramark Services Inc.
5.00%, 04/01/25 (Call 05/31/22)(a)(b)		7,677		7,600,959
5.00%, 02/01/28 (Call 02/01/23)(a)(b)		13,578		12,663,114
6.38%, 05/01/25 (Call 05/31/22)(a)(b)		18,046		18,354,948
TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)(a)		4,860		4,639,478
10.50%, 05/15/29 (Call 05/15/24)(a)(b)		7,917		7,634,462
				50,892,961
Forest Products & Paper — 0.1%
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)(b)		10,649		9,863,636
Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)(b)		7,487		7,381,835
5.63%, 05/20/24 (Call 03/20/24)		7,098		7,091,612
5.75%, 05/20/27 (Call 02/20/27)(b)		6,347		6,177,218
5.88%, 08/20/26 (Call 05/20/26)(b)		8,799		8,667,015
				29,317,680
Health Care - Products — 1.0%
Avantor Funding Inc.
3.88%, 11/01/29 (Call 11/01/24)(a)(b)		10,452		9,393,735
4.63%, 07/15/28 (Call 07/15/23)(a)(b)		18,723		17,833,657
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)(a)(b)		12,520		11,107,819
4.63%, 02/01/28 (Call 02/01/23)(a)(b)		2,517		2,466,660
Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)(a)(b)		56,500		49,310,375
5.25%, 10/01/29 (Call 10/01/24)(a)(b)		29,697		25,702,964
Teleflex Inc.
4.25%, 06/01/28 (Call 06/01/23)(a)(b)		6,535		6,127,107
4.63%, 11/15/27 (Call 11/15/22)(b)		4,541		4,428,043
				126,370,360
Health Care - Services — 6.6%
Catalent Pharma Solutions Inc.
3.13%, 02/15/29 (Call 02/15/24)(a)(b)		6,959		6,006,270
3.50%, 04/01/30 (Call 04/01/25)(a)		7,881		6,836,768
5.00%, 07/15/27 (Call 07/15/22)(a)(b)		5,308		5,147,765
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)(b)		27,966		24,400,335
2.50%, 03/01/31 (Call 12/01/30)(b)		25,770		21,350,875
2.63%, 08/01/31 (Call 05/01/31)(b)		15,180		12,631,820
3.00%, 10/15/30 (Call 07/15/30)		26,900		23,268,691

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
3.38%, 02/15/30 (Call 02/15/25)(b)	$	25,547	$	22,693,612
4.25%, 12/15/27 (Call 12/15/22)(b)		29,463		28,370,415
4.63%, 12/15/29 (Call 12/15/24)(b)		42,603		41,245,029
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)(a)(b)		5,048		4,559,396
4.00%, 03/15/31 (Call 03/15/26)(a)(b)		7,074		6,291,117
4.25%, 05/01/28 (Call 05/01/23)(a)(b)		6,409		6,104,573
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)(a)(b)		11,624		9,784,017
5.25%, 05/15/30 (Call 05/15/25)(a)(b)		19,883		17,447,333
5.63%, 03/15/27 (Call 12/15/23)(a)(b)		24,424		23,312,158
6.00%, 01/15/29 (Call 01/15/24)(a)(b)		9,465		8,944,425
6.13%, 04/01/30 (Call 04/01/25)(a)(b)		17,960		14,691,280
6.88%, 04/01/28 (Call 04/01/23)(a)(b)		9,068		7,073,040
6.88%, 04/15/29 (Call 04/15/24)(a)(b)		22,510		19,752,525
8.00%, 03/15/26 (Call 05/31/22)(a)(b)		22,825		23,623,875
8.00%, 12/15/27 (Call 12/15/22)(a)(b)		6,241		6,475,038
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(b)		18,350		14,891,025
4.63%, 06/01/30 (Call 06/01/25)(a)(b)		33,288		28,887,742
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/23)(b)		11,096		10,209,676
4.63%, 04/01/31 (Call 04/01/26)		5,325		4,690,473
4.75%, 02/01/30 (Call 02/01/25)(b)		10,694		9,629,947
Envision Healthcare Corp., 8.75%, 10/15/26 (Call 05/31/22)(a)(b)		9,785		4,088,075
HCA Inc.
3.50%, 09/01/30 (Call 03/01/30)		32,340		28,902,258
5.38%, 02/01/25		31,012		31,903,595
5.38%, 09/01/26 (Call 03/01/26)(b)		11,978		12,265,622
5.63%, 09/01/28 (Call 03/01/28)(b)		17,002		17,575,817
5.88%, 05/01/23(b)		12,754		13,142,359
5.88%, 02/15/26 (Call 08/15/25)(b)		17,904		18,485,880
5.88%, 02/01/29 (Call 08/01/28)(b)		10,768		11,205,025
IQVIA Inc.
5.00%, 10/15/26 (Call 05/31/22)(a)(b)		11,375		11,299,593
5.00%, 05/15/27 (Call 05/31/22)(a)(b)		11,799		11,703,428
Legacy LifePoint Health LLC
4.38%, 02/15/27 (Call 05/31/22)(a)(b)		7,148		6,595,519
6.75%, 04/15/25 (Call 05/31/22)(a)(b)		4,845		4,921,672
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)(a)(b)		7,281		6,283,503
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(a)(b)		6,305		5,510,885
ModivCare Inc., 5.88%, 11/15/25 (Call 11/15/22)(a)(b)		6,839		6,702,220
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)(a)(b)		6,934		6,257,935
3.88%, 05/15/32 (Call 02/15/32)(a)(b)		10,011		8,806,977
4.38%, 06/15/28 (Call 06/15/23)(a)(b)		8,920		8,340,111
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)(a)(b)		8,774		8,345,171
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 05/31/22)(a)(b)		14,103		14,491,820
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)(a)(b)		10,063		9,414,655
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)(a)(b)		14,362		14,254,285
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)(a)		15,905		14,334,381
4.38%, 01/15/30 (Call 12/01/24)(a)(b)		17,754		16,109,536

Security	Par (000)		Value
Health Care - Services (continued)
4.63%, 07/15/24 (Call 05/31/22)(b)	$	9,018	$	8,993,561
4.63%, 09/01/24 (Call 05/16/22)(a)		8,277		8,245,961
4.63%, 06/15/28 (Call 06/15/23)(a)(b)		8,476		7,950,488
4.88%, 01/01/26 (Call 05/31/22)(a)		24,000		23,385,600
5.13%, 11/01/27 (Call 11/01/22)(a)(b)		18,211		17,710,197
6.13%, 10/01/28 (Call 10/01/23)(a)(b)		31,280		29,962,330
6.25%, 02/01/27 (Call 05/31/22)(a)(b)		16,593		16,444,182
6.75%, 06/15/23		19,734		20,309,838
				832,261,699
Holding Companies - Diversified — 0.6%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a)(b)		12,377		11,072,241
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)(b)		9,470		8,156,985
4.75%, 09/15/24 (Call 06/15/24)		10,944		10,670,400
5.25%, 05/15/27 (Call 11/15/26)(b)		18,953		17,722,003
6.25%, 05/15/26 (Call 05/31/22)(b)		13,436		13,301,640
6.38%, 12/15/25 (Call 05/31/22)		8,027		7,993,903
				68,917,172
Home Builders — 0.6%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)(a)(b)		4,922		4,017,829
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)(a)(b)		6,006		5,015,010
6.25%, 09/15/27 (Call 09/15/22)(a)		7,948		7,450,654
Century Communities Inc.
3.88%, 08/15/29 (Call 02/15/29)(a)		6,911		5,826,042
6.75%, 06/01/27 (Call 06/01/22)(b)		4,099		4,138,381
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)(a)(b)		7,900		6,693,769
5.25%, 12/15/27 (Call 12/15/22)(a)(b)		5,563		5,191,670
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)(a)(b)		5,225		4,663,313
6.00%, 06/01/25 (Call 03/01/25)		5,372		5,472,725
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/22)(a)(b)		5,731		5,833,537
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)(a)(b)		6,069		5,519,755
5.75%, 01/15/28 (Call 10/15/27)(a)(b)		5,521		5,404,292
5.88%, 06/15/27 (Call 03/15/27)(a)(b)		5,945		5,892,981
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24(b)		4,096		4,156,042
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)(a)(b)		5,845		5,533,228
				80,809,228
Home Furnishings — 0.1%
Tempur Sealy International Inc.
3.88%, 10/15/31 (Call 10/15/26)(a)(b)		10,136		8,412,880
4.00%, 04/15/29 (Call 04/15/24)(a)(b)		9,813		8,520,755
				16,933,635
Household Products & Wares — 0.2%
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)		6,082		5,253,753
4.13%, 04/30/31 (Call 04/30/26)(a)(b)		5,140		4,417,830
Kronos Acquisition Holdings Inc./KIK Custom Products Inc.
5.00%, 12/31/26 (Call 06/30/23)(a)(b)		5,202		4,610,706
7.00%, 12/31/27 (Call 12/31/23)(a)(b)		6,384		5,065,932

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Household Products & Wares (continued)
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)(a)(b)	$	6,035	$	5,001,808
5.75%, 07/15/25 (Call 05/31/22)(b)		4,264		4,299,652
				28,649,681
Housewares — 0.4%
Newell Brands Inc.
4.10%, 04/01/23 (Call 02/01/23)(b)		8,600		8,587,100
4.45%, 04/01/26 (Call 01/01/26)		24,177		23,959,407
4.88%, 06/01/25 (Call 05/01/25)(b)		3,712		3,756,565
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)(b)		6,421		5,281,272
4.38%, 02/01/32 (Call 08/01/26)		5,453		4,566,069
4.50%, 10/15/29 (Call 10/15/24)(b)		3,884		3,413,648
				49,564,061
Insurance — 1.1%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)(b)		7,649		6,673,752
6.00%, 08/01/29 (Call 08/01/24)(a)(b)		7,051		6,160,811
7.00%, 11/15/25 (Call 05/31/22)(a)(b)		9,002		8,756,245
10.13%, 08/01/26 (Call 08/01/22)(a)(b)		4,686		4,879,688
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)(a)(b)		8,987		8,273,496
5.88%, 11/01/29 (Call 11/01/24)(a)(b)		6,043		5,588,827
6.75%, 10/15/27 (Call 10/15/22)(a)(b)		15,620		14,739,991
AssuredPartners Inc.
5.63%, 01/15/29 (Call 12/15/23)(a)(b)		6,806		5,985,605
7.00%, 08/15/25 (Call 05/31/22)(a)(b)		5,901		5,819,330
Enstar Finance LLC, 5.50%, 01/15/42 (Call 01/15/27)(c)		6,200		5,754,386
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)(a)(b)(c)		9,363		8,465,750
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/31/22)(a)(b)		5,603		5,533,635
HUB International Ltd.
5.63%, 12/01/29 (Call 12/01/24)(a)(b)		6,579		6,030,627
7.00%, 05/01/26 (Call 05/10/22)(a)		21,044		20,830,824
Liberty Mutual Group Inc.
4.13%, 12/15/51 (Call 09/15/26)(a)(b)(c)		4,816		4,353,905
4.30%, 02/01/61 (Call 02/01/26)(a)(b)		10,010		7,532,425
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)(b)		4,575		4,453,191
4.88%, 03/15/27 (Call 09/15/26)(b)		5,827		5,575,954
6.63%, 03/15/25 (Call 09/15/24)(b)		5,249		5,340,285
				140,748,727
Internet — 1.4%
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)(a)(b)		10,329		9,184,994
6.13%, 12/01/28 (Call 12/01/23)(a)(b)		6,624		5,725,344
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)(a)(b)		9,050		8,043,187
5.25%, 12/01/27 (Call 06/01/22)(a)(b)		6,895		6,805,120
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)(a)(b)		6,040		5,028,300
4.13%, 08/01/30 (Call 05/01/25)(a)(b)		5,612		4,994,213
4.63%, 06/01/28 (Call 06/01/23)(a)(b)		6,900		6,443,220
5.00%, 12/15/27 (Call 12/15/22)(a)(b)		5,150		4,998,504
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 05/10/22)(a)(b)		12,381		12,369,213

Security	Par (000)		Value
Internet (continued)
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)(a)(b)	$	9,111	$	8,502,385
Rakuten Group Inc.
5.13%, (Call 04/22/26)(a)(b)(c)(d)		6,957		6,397,024
6.25%, (Call 04/22/31)(a)(b)(c)(d)		12,459		11,771,961
Twitter Inc.
3.88%, 12/15/27 (Call 09/15/27)(a)(b)		9,302		9,121,774
5.00%, 03/01/30 (Call 12/01/29)(a)		11,013		11,260,792
Uber Technologies Inc.
4.50%, 08/15/29 (Call 08/15/24)(a)(b)		17,147		14,768,025
6.25%, 01/15/28 (Call 09/15/23)(a)(b)		6,325		6,261,750
7.50%, 05/15/25 (Call 05/31/22)(a)		10,874		11,227,514
7.50%, 09/15/27 (Call 09/15/22)(a)(b)		14,472		14,891,254
8.00%, 11/01/26 (Call 05/31/22)(a)(b)		17,740		18,582,650
				176,377,224
Iron & Steel — 0.4%
Cleveland-Cliffs Inc.
4.63%, 03/01/29 (Call 03/01/24)(a)(b)		6,503		6,069,602
4.88%, 03/01/31 (Call 03/01/26)(a)(b)		5,880		5,461,890
5.88%, 06/01/27 (Call 06/01/22)(b)		6,279		6,264,401
6.75%, 03/15/26 (Call 05/31/22)(a)(b)		9,589		10,044,478
Mineral Resources Ltd.
8.00%, 11/01/27(a)		3,055		3,046,981
8.50%, 05/01/30(a)		4,405		4,360,950
United States Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)(b)		9,627		9,793,836
				45,042,138
Leisure Time — 0.7%
Life Time Inc.
5.75%, 01/15/26 (Call 01/15/23)(a)(b)		10,011		9,686,250
8.00%, 04/15/26 (Call 02/01/23)(a)(b)		5,787		5,642,904
NCL Corp. Ltd.
3.63%, 12/15/24 (Call 05/10/22)(a)(b)		6,197		5,763,210
5.88%, 03/15/26 (Call 12/15/25)(a)(b)		18,490		17,081,986
5.88%, 02/15/27 (Call 02/15/24)(a)		11,400		10,868,988
7.75%, 02/15/29 (Call 11/15/28)(a)		7,665		7,453,683
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)(b)		6,303		5,643,286
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/22)(a)(b)		10,124		8,583,886
7.00%, 02/15/29 (Call 02/15/24)(a)(b)		5,774		5,109,413
13.00%, 05/15/25 (Call 05/16/22)(a)		8,300		9,083,520
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)(a)(b)		8,029		7,246,975
				92,164,101
Lodging — 2.7%
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/22)(b)		12,542		11,789,480
4.75%, 06/15/31 (Call 06/15/26)(a)(b)		10,024		9,071,720
8.63%, 06/01/25 (Call 06/01/22)(a)		516		538,575
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)(a)		18,213		15,435,517
3.75%, 05/01/29 (Call 05/01/24)(a)(b)		9,704		8,806,380
4.00%, 05/01/31 (Call 05/01/26)(a)(b)		12,729		11,296,987
4.88%, 01/15/30 (Call 01/15/25)(b)		12,048		11,641,380
5.38%, 05/01/25 (Call 05/10/22)(a)(b)		6,071		6,170,328
5.75%, 05/01/28 (Call 05/01/23)(a)(b)		6,213		6,306,195
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)(a)(b)		6,063		5,296,091
5.00%, 06/01/29 (Call 06/01/24)(a)(b)		9,865		8,833,491

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Lodging (continued)
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 05/16/22)	$	6,733	$	6,698,250
Marriott Ownership Resorts Inc., 4.50%, 06/15/29 (Call 06/15/24)(a)(b)		5,794		5,129,100
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 05/30/22)(a)(b)		10,682		9,543,192
5.25%, 04/26/26 (Call 05/30/22)(a)(b)		5,052		4,419,111
5.38%, 12/04/29 (Call 12/04/24)(a)(b)		15,005		12,056,183
5.63%, 07/17/27 (Call 07/17/22)(a)(b)		6,793		5,785,154
5.75%, 07/21/28 (Call 07/21/23)(a)(b)		10,117		8,436,111
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)(a)(b)		7,601		6,384,840
5.25%, 06/18/25 (Call 06/18/22)(a)(b)		6,055		5,447,800
5.38%, 05/15/24 (Call 05/10/22)(a)(b)		8,403		7,853,749
5.88%, 05/15/26 (Call 05/15/22)(a)(b)		8,252		7,303,745
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)		5,609		5,287,548
4.75%, 10/15/28 (Call 07/15/28)(b)		8,491		7,779,879
5.50%, 04/15/27 (Call 01/15/27)(b)		8,042		7,778,315
5.75%, 06/15/25 (Call 03/15/25)(b)		6,062		5,989,408
6.00%, 03/15/23		4,255		4,305,571
6.75%, 05/01/25 (Call 05/31/22)(b)		8,229		8,436,823
Station Casinos LLC
4.50%, 02/15/28 (Call 02/15/23)(a)(b)		8,167		7,355,956
4.63%, 12/01/31 (Call 06/01/31)(a)(b)		5,529		4,631,090
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(a)		13,019		8,892,791
6.00%, 07/15/25 (Call 07/15/22)(a)(b)		5,478		4,656,171
6.50%, 01/15/28 (Call 07/15/23)(a)(b)		5,428		4,218,031
Travel + Leisure Co.
4.50%, 12/01/29 (Call 09/01/29)(a)(b)		8,344		7,447,020
6.00%, 04/01/27 (Call 01/01/27)		3,891		3,897,566
6.63%, 07/31/26 (Call 04/30/26)(a)(b)		8,028		8,228,700
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)(a)		1,923		1,888,986
5.25%, 05/15/27 (Call 02/15/27)(a)(b)		10,904		10,045,310
5.50%, 03/01/25 (Call 12/01/24)(a)		21,906		21,168,644
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 05/10/22)(a)(b)		6,102		5,453,728
5.13%, 12/15/29 (Call 12/15/24)(a)(b)		12,460		9,831,874
5.50%, 01/15/26 (Call 06/15/22)(a)(b)		11,572		10,002,939
5.50%, 10/01/27 (Call 10/01/22)(a)(b)		8,797		7,127,036
5.63%, 08/26/28 (Call 08/26/23)(a)(b)		15,861		12,705,021
				341,371,786
Machinery — 0.2%
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 05/30/22)(a)(b)		7,960		7,743,753
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 07/15/23)(a)		4,655		4,443,198
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)(a)(b)		18,638		17,415,347
				29,602,298
Manufacturing — 0.2%
FXI Holdings Inc.
7.88%, 11/01/24 (Call 05/31/22)(a)(b)		5,580		5,487,540
12.25%, 11/15/26 (Call 11/15/22)(a)(b)		8,135		8,626,354
Hillenbrand Inc., 5.75%, 06/15/25 (Call 06/15/22)(b)		4,470		4,526,112
				18,640,006

Security	Par (000)		Value
Media — 9.6%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)(a)(b)	$	13,958	$	11,651,161
5.75%, 08/15/29 (Call 08/15/24)(a)		24,322		20,450,910
AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)		13,275		11,575,004
4.75%, 08/01/25 (Call 05/31/22)(b)		7,923		7,650,647
5.00%, 04/01/24 (Call 05/31/22)(b)		4,229		4,186,710
Audacy Capital Corp.
6.50%, 05/01/27 (Call 05/16/22)(a)(b)		5,820		5,005,200
6.75%, 03/31/29 (Call 03/31/24)(a)(b)		6,527		5,653,035
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31 (Call 07/01/25)(a)(b)		37,772		31,906,008
4.25%, 01/15/34 (Call 01/15/28)(a)(b)		23,960		19,008,865
4.50%, 08/15/30 (Call 02/15/25)(a)		32,524		28,377,190
4.50%, 05/01/32 (Call 05/01/26)(b)		35,310		29,770,744
4.50%, 06/01/33 (Call 06/01/27)(a)(b)		20,879		17,133,829
4.75%, 03/01/30 (Call 09/01/24)(a)(b)		36,360		32,442,937
4.75%, 02/01/32 (Call 02/01/27)(a)(b)		15,135		13,002,721
5.00%, 02/01/28 (Call 08/01/22)(a)(b)		29,770		28,355,925
5.13%, 05/01/27 (Call 05/31/22)(a)(b)		39,705		38,654,009
5.38%, 06/01/29 (Call 06/01/24)(a)(b)		18,619		17,611,537
5.50%, 05/01/26 (Call 05/31/22)(a)(b)		9,739		9,763,348
CSC Holdings LLC
3.38%, 02/15/31 (Call 02/15/26)(a)(b)		11,872		9,260,160
4.13%, 12/01/30 (Call 12/01/25)(a)(b)		13,088		10,813,960
4.50%, 11/15/31 (Call 11/15/26)(a)(b)		18,889		15,559,814
4.63%, 12/01/30 (Call 12/01/25)(a)(b)		27,411		20,969,415
5.00%, 11/15/31 (Call 11/15/26)(a)(b)		5,377		4,137,638
5.25%, 06/01/24(b)		7,434		7,276,028
5.38%, 02/01/28 (Call 02/01/23)(a)(b)		12,225		11,247,000
5.50%, 04/15/27 (Call 05/31/22)(a)(b)		16,143		15,584,936
5.75%, 01/15/30 (Call 01/15/25)(a)(b)		26,882		22,063,401
6.50%, 02/01/29 (Call 02/01/24)(a)(b)		21,373		20,307,342
7.50%, 04/01/28 (Call 04/01/23)(a)(b)		11,877		10,956,533
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.38%, 08/15/26 (Call 08/15/22)(a)(b)		41,025		14,981,510
6.63%, 08/15/27 (Call 08/15/22)(a)(b)		20,264		4,284,620
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)(a)		45,508		42,891,290
DISH DBS Corp.
5.00%, 03/15/23(b)		744		736,441
5.25%, 12/01/26 (Call 06/01/26)(a)		33,170		30,372,110
5.75%, 12/01/28 (Call 12/01/27)(a)		30,654		27,496,025
5.88%, 11/15/24(b)		22,656		21,933,575
7.38%, 07/01/28 (Call 07/01/23)(b)		12,623		11,116,373
7.75%, 07/01/26(b)		24,197		22,790,670
5.13%, 06/01/29(b)		17,839		13,816,306
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)(a)(b)		15,985		13,779,869
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)(a)(b)		9,980		8,682,600
5.88%, 07/15/26 (Call 05/31/22)(a)(b)		7,175		7,209,081
7.00%, 05/15/27 (Call 05/15/22)(a)(b)		7,442		7,670,565
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/23)(a)(b)		6,622		5,985,736
5.25%, 08/15/27 (Call 08/15/22)(a)(b)		9,192		8,625,926
6.38%, 05/01/26 (Call 05/16/22)(b)		8,714		8,739,788
8.38%, 05/01/27 (Call 05/16/22)(b)		16,782		16,614,606

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)(a)	$	9,524	$	8,643,220
6.75%, 10/15/27 (Call 10/15/22)(a)		14,098		14,035,828
McGraw-Hill Education Inc.
5.75%, 08/01/28 (Call 08/01/24)(a)(b)		11,029		9,843,383
8.00%, 08/01/29 (Call 08/01/24)(a)		8,982		8,038,890
News Corp.
3.88%, 05/15/29 (Call 05/15/24)(a)(b)		11,665		10,498,500
5.13%, 02/15/32 (Call 02/15/27)(a)		6,603		6,352,911
Nexstar Media Inc.
4.75%, 11/01/28 (Call 11/01/23)(a)(b)		12,684		11,513,901
5.63%, 07/15/27 (Call 07/15/22)(a)		21,791		21,197,631
Paramount Global
6.25%, 02/28/57 (Call 02/28/27)(b)(c)		6,546		6,301,671
6.38%, 03/30/62 (Call 03/30/27)(c)		12,495		12,120,150
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 09/15/23)(a)(b)		11,457		10,540,440
6.50%, 09/15/28 (Call 09/15/23)(a)(b)		12,032		10,536,422
Scripps Escrow II Inc.
3.88%, 01/15/29 (Call 01/15/24)(a)(b)		6,141		5,454,927
5.38%, 01/15/31 (Call 01/15/26)(a)(b)		6,374		5,656,925
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/22)(a)(b)		6,237		5,956,335
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)(a)(b)		9,372		7,758,891
5.13%, 02/15/27 (Call 05/16/22)(a)		4,783		4,179,146
5.50%, 03/01/30 (Call 12/01/24)(a)		5,846		4,781,085
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 09/01/23)(a)(b)		10,756		9,866,094
3.88%, 09/01/31 (Call 09/01/26)(a)(b)		18,424		15,568,280
4.00%, 07/15/28 (Call 07/15/24)(a)		24,663		22,283,020
4.13%, 07/01/30 (Call 07/01/25)(a)(b)		18,205		15,964,269
5.00%, 08/01/27 (Call 08/01/22)(a)(b)		16,179		15,560,153
5.50%, 07/01/29 (Call 07/01/24)(a)(b)		15,582		14,997,675
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)(b)		12,106		11,665,327
4.75%, 03/15/26 (Call 03/15/23)(a)(b)		6,793		6,736,097
5.00%, 09/15/29 (Call 09/15/24)(b)		13,006		12,564,879
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/22)(a)		12,200		11,580,850
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)(a)(b)		13,240		11,882,900
5.13%, 02/15/25 (Call 05/10/22)(a)(b)		15,875		15,647,591
6.63%, 06/01/27 (Call 06/01/23)(a)(b)		18,171		18,204,811
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a)		14,724		12,938,715
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)(a)(b)		7,289		6,890,838
Videotron Ltd.
3.63%, 06/15/29 (Call 06/15/24)(a)		5,887		5,142,942
5.13%, 04/15/27 (Call 05/30/22)(a)(b)		7,541		7,390,180
5.38%, 06/15/24 (Call 03/15/24)(a)(b)		8,261		8,370,229
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a)(b)		11,355		9,920,800
Virgin Media Secured Finance PLC
4.50%, 08/15/30 (Call 08/15/25)(a)(b)		11,360		9,815,040
5.50%, 05/15/29 (Call 05/15/24)(a)(b)		16,508		15,402,978
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)(a)		5,925		5,382,626
VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)(a)		18,356		15,839,576

Security	Par (000)		Value
Media (continued)
Ziggo Bond Co. BV
5.13%, 02/28/30 (Call 02/15/25)(a)(b)	$	6,683	$	5,797,503
6.00%, 01/15/27 (Call 05/30/22)(a)(b)		4,715		4,609,227
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)(a)(b)		11,457		10,153,766
				1,211,689,720
Mining — 1.2%
Alcoa Nederland Holding BV
4.13%, 03/31/29 (Call 03/31/24)(a)(b)		6,168		5,772,323
5.50%, 12/15/27 (Call 06/15/23)(a)(b)		10,729		10,675,355
6.13%, 05/15/28 (Call 05/15/23)(a)(b)		5,066		5,125,652
Arconic Corp.
6.00%, 05/15/25 (Call 05/31/22)(a)(b)		7,452		7,496,041
6.13%, 02/15/28 (Call 02/15/23)(a)(b)		11,835		11,465,156
Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)(a)(b)		7,098		6,139,770
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)(a)(b)		18,593		16,477,488
4.50%, 09/15/27 (Call 06/15/27)(a)(b)		7,387		7,042,950
5.13%, 05/15/24 (Call 02/15/24)(a)(b)		8,772		8,874,430
5.88%, 04/15/30 (Call 01/15/30)(a)(b)		9,165		9,096,263
6.13%, 04/15/32 (Call 01/15/32)(a)		10,475		10,390,991
Kaiser Aluminum Corp.
4.50%, 06/01/31 (Call 06/01/26)(a)(b)		6,797		5,860,783
4.63%, 03/01/28 (Call 03/01/23)(a)(b)		6,129		5,583,519
Novelis Corp.
3.25%, 11/15/26 (Call 11/15/23)(a)		10,654		9,718,344
3.88%, 08/15/31 (Call 08/15/26)(a)(b)		9,030		7,703,493
4.75%, 01/30/30 (Call 01/30/25)(a)(b)		18,990		17,394,048
				144,816,606
Office & Business Equipment — 0.2%
Pitney Bowes Inc., 6.88%, 03/15/27 (Call 03/15/24)(a)(b)		5,147		4,757,115
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)(a)(b)		9,796		9,404,160
5.50%, 08/15/28 (Call 07/15/28)(a)(b)		8,869		7,982,100
				22,143,375
Oil & Gas — 6.3%
Antero Resources Corp.
5.38%, 03/01/30 (Call 03/01/25)(a)(b)		6,092		5,947,315
7.63%, 02/01/29 (Call 02/01/24)(a)(b)		7,778		8,226,431
Apache Corp.
4.25%, 01/15/30 (Call 10/15/29)(b)		6,033		5,607,070
4.38%, 10/15/28 (Call 07/15/28)		1,300		1,217,017
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)(a)(b)		4,161		4,013,916
7.00%, 11/01/26 (Call 05/31/22)(a)(b)		7,042		7,097,773
Callon Petroleum Co.
6.13%, 10/01/24 (Call 05/31/22)		5,267		5,201,163
8.00%, 08/01/28 (Call 08/01/24)(a)(b)		8,450		8,699,275
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 05/31/22)(a)		6,804		6,867,958
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 02/05/23)(a)(b)		6,184		6,127,262
5.88%, 02/01/29 (Call 02/05/24)(a)(b)		5,739		5,667,263
6.75%, 04/15/29 (Call 04/15/24)(a)(b)		10,802		10,869,512
Citgo Holding Inc., 9.25%, 08/01/24 (Call 05/31/22)(a)(b)		15,912		15,812,550
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 06/15/23)(a)(b)		7,506		7,449,705
7.00%, 06/15/25 (Call 06/15/22)(a)(b)		13,086		12,997,512

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
CNX Resources Corp.
6.00%, 01/15/29 (Call 01/15/24)(a)(b)	$	6,699	$	6,615,262
7.25%, 03/14/27 (Call 05/31/22)(a)		7,611		7,780,193
Colgate Energy Partners III LLC, 5.88%, 07/01/29 (Call 07/01/24)(a)(b)		8,228		8,140,372
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)(a)(b)		11,345		10,905,381
6.75%, 03/01/29 (Call 03/01/24)(a)(b)		15,211		15,381,059
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)(a)(b)		4,946		4,843,843
5.63%, 10/15/25 (Call 05/31/22)(a)(b)		12,699		12,699,000
CVR Energy Inc.
5.25%, 02/15/25 (Call 05/16/22)(a)(b)		8,743		8,425,192
5.75%, 02/15/28 (Call 02/15/23)(a)(b)		4,404		4,117,740
Endeavor Energy Resources LP/EER Finance Inc.
5.75%, 01/30/28 (Call 01/30/23)(a)(b)		11,986		12,028,311
6.63%, 07/15/25 (Call 07/15/22)(a)(b)		6,218		6,388,995
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)(a)(e)		8,831		8,583,732
4.88%, 03/30/26 (Call 12/30/25)(a)(e)		6,393		5,940,695
5.38%, 03/30/28 (Call 09/30/27)(a)(e)		6,735		6,170,944
5.88%, 03/30/31 (Call 09/30/30)(a)(e)		7,511		6,749,760
EQT Corp.
3.13%, 05/15/26 (Call 05/15/23)(a)		119		112,329
3.90%, 10/01/27 (Call 07/01/27)(b)		3,718		3,560,691
6.63%, 02/01/25 (Call 01/01/25)		3,407		3,546,108
7.50%, 02/01/30 (Call 11/01/29)(b)		824		912,654
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29 (Call 02/01/24)(a)(b)		6,026		5,889,474
6.00%, 04/15/30(a)		6,555		6,468,966
6.00%, 02/01/31 (Call 02/01/26)(a)(b)		7,357		7,110,393
6.25%, 11/01/28 (Call 11/01/23)(a)(b)		6,458		6,402,461
6.25%, 04/15/32(a)		6,530		6,374,913
Laredo Petroleum Inc.
7.75%, 07/31/29 (Call 07/31/24)(a)(b)		4,849		4,744,595
9.50%, 01/15/25 (Call 05/31/22)(b)		7,377		7,579,867
Leviathan Bond Ltd.
5.75%, 06/30/23 (Call 03/30/23)(a)(e)		5,539		5,515,219
6.13%, 06/30/25 (Call 03/30/25)(a)(e)		7,940		7,873,568
6.50%, 06/30/27 (Call 12/30/26)(a)(e)		5,983		5,911,204
6.75%, 06/30/30 (Call 12/30/29)(a)(e)		6,016		5,903,501
Matador Resources Co., 5.88%, 09/15/26 (Call 05/16/22)(b)		11,735		11,478,708
MEG Energy Corp.
5.88%, 02/01/29 (Call 02/01/24)(a)(b)		8,173		7,999,324
7.13%, 02/01/27 (Call 02/01/23)(a)(b)		13,384		13,591,452
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 05/31/22)(a)(b)		8,375		7,679,875
10.50%, 05/15/27 (Call 05/31/22)(a)		5,721		5,591,801
Murphy Oil Corp.
5.75%, 08/15/25 (Call 05/31/22)(b)		6,058		6,066,243
5.88%, 12/01/27 (Call 12/01/22)(b)		7,213		7,120,661
6.38%, 07/15/28 (Call 07/15/24)		5,259		5,352,032
6.88%, 08/15/24 (Call 05/31/22)(b)		790		790,427
Nabors Industries Inc.
5.75%, 02/01/25 (Call 11/01/24)(b)		7,363		7,037,924
7.38%, 05/15/27 (Call 05/15/24)(a)		9,332		9,522,186
Nabors Industries Ltd., 7.25%, 01/15/26 (Call 07/15/22)(a)(b)		6,040		5,889,000

Security	Par (000)		Value
Oil & Gas (continued)
Occidental Petroleum Corp.
3.00%, 02/15/27 (Call 11/15/26)(b)	$	8,131	$	7,580,242
3.20%, 08/15/26 (Call 06/15/26)		8,922		8,405,538
3.40%, 04/15/26 (Call 01/15/26)		10,252		9,765,030
3.50%, 08/15/29 (Call 05/15/29)(b)		11,306		10,556,977
5.50%, 12/01/25 (Call 09/01/25)		9,943		10,112,031
5.55%, 03/15/26 (Call 12/15/25)		13,649		13,990,225
5.88%, 09/01/25 (Call 06/01/25)(b)		10,920		11,228,708
6.13%, 01/01/31 (Call 07/01/30)(b)		14,839		15,618,047
6.38%, 09/01/28 (Call 03/01/28)		7,027		7,385,377
6.63%, 09/01/30 (Call 03/01/30)(b)		17,720		19,204,050
6.95%, 07/01/24		7,720		8,096,672
7.50%, 05/01/31		10,140		11,583,936
7.88%, 09/15/31		6,062		7,080,937
8.00%, 07/15/25 (Call 04/15/25)		6,445		6,969,462
8.50%, 07/15/27 (Call 01/15/27)		7,731		8,734,956
8.88%, 07/15/30 (Call 01/15/30)		10,609		12,730,800
Parkland Corp.
4.50%, 10/01/29 (Call 10/01/24)(a)(b)		10,306		9,030,632
4.63%, 05/01/30 (Call 05/01/25)(a)(b)		10,305		8,982,000
5.88%, 07/15/27 (Call 07/15/22)(a)		5,539		5,350,476
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/23)		9,688		8,525,440
7.25%, 06/15/25 (Call 05/31/22)		8,121		7,820,929
9.25%, 05/15/25 (Call 05/31/22)(a)		16,361		16,961,285
Puma International Financing SA
5.00%, 01/24/26 (Call 05/10/22)(a)		9,030		8,435,926
5.13%, 10/06/24 (Call 05/10/22)(a)		7,421		7,096,238
Range Resources Corp.
4.75%, 02/15/30 (Call 02/15/25)(a)(b)		4,885		4,654,281
4.88%, 05/15/25 (Call 02/15/25)(b)		8,668		8,590,776
5.00%, 08/15/22 (Call 05/15/22)		3,123		3,127,947
5.00%, 03/15/23 (Call 12/15/22)		412		413,030
8.25%, 01/15/29 (Call 01/15/24)		6,705		7,150,212
SM Energy Co.
6.50%, 07/15/28 (Call 07/15/24)(b)		5,243		5,168,462
6.63%, 01/15/27 (Call 05/31/22)(b)		3,955		3,935,225
6.75%, 09/15/26 (Call 05/31/22)		4,398		4,375,834
10.00%, 01/15/25 (Call 06/17/22)(a)		5,614		6,080,243
Southwestern Energy Co.
4.75%, 02/01/32 (Call 02/01/27)(b)		12,997		12,282,425
5.38%, 02/01/29 (Call 02/01/24)(b)		8,538		8,387,162
5.38%, 03/15/30 (Call 03/15/25)(b)		14,780		14,613,725
5.95%, 01/23/25 (Call 10/23/24)(b)		1,799		1,823,736
7.75%, 10/01/27 (Call 10/01/22)(b)		4,075		4,249,206
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)(b)		10,884		9,776,009
4.50%, 04/30/30 (Call 04/30/25)(a)(b)		9,437		8,481,504
5.88%, 03/15/28 (Call 03/15/23)(b)		4,229		4,187,635
6.00%, 04/15/27 (Call 05/31/22)(b)		6,121		6,151,605
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 05/30/22)(a)		3,355		3,204,598
Transocean Inc.
7.25%, 11/01/25 (Call 05/10/22)(a)		5,476		4,531,390
7.50%, 01/15/26 (Call 05/10/22)(a)(b)		7,708		6,272,385
8.00%, 02/01/27 (Call 02/01/23)(a)		7,071		5,545,785
11.50%, 01/30/27 (Call 07/30/23)(a)(b)		7,788		7,749,060
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 05/30/22)(a)		1,578		1,555,459

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 05/30/22)(a)(b)	$	4,937	$	4,757,913
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/30/22)(a)		743		721,625
				791,630,923
Oil & Gas Services — 0.4%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/23)(a)(b)		9,866		9,555,221
6.88%, 04/01/27 (Call 05/31/22)(a)(b)		4,985		4,949,274
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 05/31/22)		9,195		9,003,438
6.88%, 09/01/27 (Call 09/01/22)(b)		8,151		7,961,475
Weatherford International Ltd.
6.50%, 09/15/28 (Call 09/15/24)(a)(b)		2,978		3,007,780
8.63%, 04/30/30 (Call 10/30/24)(a)(b)		20,045		19,848,559
11.00%, 12/01/24 (Call 05/31/22)(a)(b)		675		697,950
				55,023,697
Packaging & Containers — 2.4%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.25%, 09/01/28 (Call 05/15/24)(a)		6,358		5,558,935
4.00%, 09/01/29 (Call 05/15/24)(a)(b)		12,737		10,827,940
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.13%, 08/15/26 (Call 08/15/22)(a)(b)		15,614		14,458,025
5.25%, 04/30/25 (Call 05/30/22)(a)(b)		5,886		5,823,608
5.25%, 08/15/27 (Call 08/15/22)(a)(b)		21,456		18,431,777
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)(b)		14,012		11,718,987
3.13%, 09/15/31 (Call 06/15/31)(b)		10,556		8,853,845
4.00%, 11/15/23(b)		10,779		10,752,053
4.88%, 03/15/26 (Call 12/15/25)(b)		10,717		10,742,566
5.25%, 07/01/25(b)		11,628		11,923,351
Berry Global Inc.
4.50%, 02/15/26 (Call 05/31/22)(a)(b)		811		793,226
5.63%, 07/15/27 (Call 07/15/22)(a)(b)		5,440		5,405,891
Clydesdale Acquisition Holdings Inc.
6.63%, 04/15/29 (Call 04/15/25)(a)(b)		5,045		5,032,514
8.75%, 04/15/30 (Call 04/15/25)(a)		15,940		14,566,291
Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)(a)(b)		7,675		7,607,844
Crown Americas LLC / Crown Americas Capital Corp VI, 4.25%, 09/30/26 (Call 03/31/26)(b)		2,852		2,765,995
Duke Energy Carolinas LLC, 4.75%, 02/01/26 (Call 05/31/22)(b)		7,254		7,193,502
Graphic Packaging International LLC
3.50%, 03/15/28(a)(b)		6,072		5,501,422
3.75%, 02/01/30 (Call 08/01/29)(a)(b)		4,047		3,556,301
LABL Inc.
5.88%, 11/01/28 (Call 11/01/24)(a)(b)		5,746		5,250,048
6.75%, 07/15/26 (Call 07/15/22)(a)(b)		7,913		7,596,480
8.25%, 11/01/29 (Call 11/01/24)(a)(b)		5,564		4,566,852
10.50%, 07/15/27 (Call 07/15/22)(a)(b)		8,124		7,835,852
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/24 (Call 05/31/22)(a)(b)		17,817		17,393,846
7.25%, 04/15/25 (Call 05/31/22)(a)(b)		16,872		15,986,220
OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)(a)(b)		4,775		4,207,571

Security	Par (000)		Value
Packaging & Containers (continued)
Owens-Brockway Glass Container Inc.
5.88%, 08/15/23(a)(b)	$	4,504	$	4,561,561
6.63%, 05/13/27 (Call 05/15/23)(a)(b)		7,576		7,509,508
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)(a)(b)		12,003		10,532,633
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)(a)		6,323		5,502,956
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)(a)(b)		5,393		5,083,857
5.00%, 04/15/29(a)		3,711		3,683,168
5.13%, 12/01/24 (Call 09/01/24)(a)(b)		6,938		7,065,919
5.50%, 09/15/25 (Call 06/15/25)(a)(b)		3,921		4,019,025
Silgan Holdings Inc., 4.13%, 02/01/28 (Call 10/01/22)(b)		6,591		6,180,710
Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 08/15/22)(a)		12,467		12,046,239
8.50%, 08/15/27 (Call 08/15/22)(a)(b)		7,755		7,618,642
				298,155,160
Pharmaceuticals — 4.1%
AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)(a)(b)		6,316		5,368,249
5.13%, 03/01/30 (Call 03/01/25)(a)(b)		7,312		6,288,320
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 07/31/22)(a)(b)		21,791		20,601,865
9.25%, 04/01/26 (Call 05/31/22)(a)(b)		16,946		16,818,905
Bausch Health Companies Inc.
4.88%, 06/01/28 (Call 06/01/24)(a)(b)		20,755		18,302,450
5.00%, 01/30/28 (Call 01/30/23)(a)		14,566		10,736,162
5.00%, 02/15/29 (Call 02/15/24)(a)(b)		12,034		8,421,995
5.25%, 01/30/30 (Call 01/30/25)(a)		15,005		10,393,713
5.25%, 02/15/31 (Call 02/15/26)(a)		12,668		8,804,260
5.50%, 11/01/25 (Call 05/30/22)(a)		19,658		19,019,115
5.75%, 08/15/27 (Call 08/15/22)(a)		4,438		4,149,530
6.13%, 04/15/25 (Call 05/16/22)(a)		36,104		36,210,146
6.13%, 02/01/27 (Call 02/01/24)(a)		11,936		11,473,480
6.25%, 02/15/29 (Call 02/15/24)(a)		17,978		13,078,995
7.00%, 01/15/28 (Call 01/15/23)(a)		7,583		6,238,989
7.25%, 05/30/29 (Call 05/30/24)(a)(b)		8,295		6,264,467
9.00%, 12/15/25 (Call 05/30/22)(a)(b)		22,809		22,866,022
Elanco Animal Health Inc., 6.40%, 08/28/28 (Call 05/28/28)(b)		7,572		7,818,090
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 06/30/28 (Call 06/30/23)(a)(b)		13,823		6,006,344
9.50%, 07/31/27 (Call 07/31/23)(a)(b)		12,080		9,482,800
Endo Luxembourg Finance Co. I Sarl/Endo U.S. Inc., 6.13%, 04/01/29 (Call 04/01/24)(a)(b)		15,368		13,370,160
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 09/01/22)(a)(b)		7,328		7,208,920
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a)(b)		7,097		5,695,343
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(a)(b)		16,764		15,409,678
Organon & Co./Organon Foreign Debt Co-Issuer BV
4.13%, 04/30/28 (Call 04/30/24)(a)(b)		24,652		22,864,730
5.13%, 04/30/31 (Call 04/30/26)(a)(b)		23,859		21,465,544
Owens & Minor Inc.
4.50%, 03/31/29 (Call 03/31/24)(a)(b)		3,522		3,149,549
6.63%, 04/01/30 (Call 04/01/25)(a)		8,230		8,034,538

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 05/31/22)(a)(b)	$	24,636	$	22,461,873
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)(b)		6,860		6,719,237
3.90%, 06/15/30 (Call 03/15/30)(b)		8,474		7,608,844
4.38%, 03/15/26 (Call 12/15/25)		8,131		7,842,327
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)(a)(b)		6,984		5,932,698
5.13%, 01/15/28 (Call 01/15/23)(a)(b)		5,442		5,198,865
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23(b)		15,749		15,293,066
3.15%, 10/01/26(b)		42,460		36,430,680
4.75%, 05/09/27 (Call 02/09/27)		11,782		10,780,530
5.13%, 05/09/29 (Call 02/09/29)(b)		12,086		10,917,836
6.00%, 04/15/24 (Call 01/15/24)(b)		14,052		14,040,879
6.75%, 03/01/28 (Call 12/01/27)(b)		14,543		14,754,782
7.13%, 01/31/25 (Call 10/31/24)(b)		12,843		13,040,929
				516,564,905
Pipelines — 4.7%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)(a)(b)		9,391		8,817,885
5.75%, 03/01/27 (Call 05/16/22)(a)(b)		7,675		7,483,106
5.75%, 01/15/28 (Call 01/15/23)(a)(b)		8,535		8,248,544
7.88%, 05/15/26 (Call 05/15/23)(a)		5,257		5,499,119
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)(b)		8,514		8,014,335
4.13%, 03/01/25 (Call 02/01/25)(a)(b)		6,722		6,431,274
4.13%, 12/01/27 (Call 09/01/27)(b)		4,297		3,925,310
4.15%, 07/01/23 (Call 04/01/23)(b)		2,466		2,445,127
4.50%, 03/01/28 (Call 12/01/27)(a)(b)		6,174		5,627,087
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)(b)		24,232		23,431,132
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)(a)		14,466		12,272,159
4.00%, 03/01/31 (Call 03/01/26)(b)		16,845		15,277,825
4.50%, 10/01/29 (Call 10/01/24)(b)		19,375		18,551,562
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)(a)(b)		16,968		15,546,930
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 05/16/22)(a)(b)		7,290		7,076,768
5.75%, 04/01/25 (Call 05/31/22)(b)		5,695		5,627,059
6.00%, 02/01/29 (Call 02/01/24)(a)(b)		8,659		8,416,288
DCP Midstream Operating LP
3.25%, 02/15/32 (Call 08/15/31)(b)		4,862		4,123,381
5.13%, 05/15/29 (Call 02/15/29)(b)		8,117		7,985,099
5.38%, 07/15/25 (Call 04/15/25)(b)		11,019		11,019,826
5.63%, 07/15/27 (Call 04/15/27)		6,631		6,710,307
5.85%, 05/21/43 (Call 05/21/23)(a)(b)(c)		5,845		5,304,338
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)(a)(b)		13,439		12,263,087
4.38%, 06/15/31 (Call 06/15/26)(a)(b)		12,178		10,929,755
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)(b)		8,663		8,390,837
4.40%, 04/01/24 (Call 01/01/24)		5,563		5,500,416
4.85%, 07/15/26 (Call 04/15/26)(b)		6,739		6,571,969
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 05/01/24)(b)		6,825		6,599,570
4.13%, 12/01/26 (Call 09/01/26)		5,494		5,078,811

Security	Par (000)		Value
Pipelines (continued)
4.50%, 01/15/29 (Call 07/15/28)(a)(b)	$	10,165	$	9,099,581
4.75%, 07/15/23 (Call 06/15/23)(b)		3,088		3,073,332
4.75%, 01/15/31 (Call 07/15/30)(a)(b)		13,667		12,197,797
5.50%, 07/15/28 (Call 04/15/28)		10,899		10,408,545
6.00%, 07/01/25 (Call 04/01/25)(a)		8,292		8,214,967
6.50%, 07/01/27 (Call 01/01/27)(a)(b)		11,063		11,118,661
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25 (Call 05/31/22)(b)		6,193		5,869,932
7.75%, 02/01/28 (Call 02/01/23)(b)		8,639		8,315,038
8.00%, 01/15/27 (Call 01/15/24)		12,381		12,145,141
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)(a)(b)		8,821		8,056,408
5.13%, 06/15/28 (Call 06/15/23)(a)(b)		6,852		6,646,704
5.50%, 10/15/30 (Call 10/15/25)(a)(b)		5,250		5,171,250
5.63%, 02/15/26 (Call 05/31/22)(a)(b)		11,557		11,557,619
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(a)		15,088		13,352,880
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 03/31/23)(a)(b)		17,646		17,094,562
6.75%, 09/15/25 (Call 09/15/22)(a)		15,467		15,130,593
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)(a)		24,433		23,027,858
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 11/01/23 (Call 05/31/22)		5,842		5,430,556
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)		6,741		6,458,889
5.75%, 10/01/25 (Call 07/01/25)(b)		7,023		6,966,275
6.00%, 06/01/26 (Call 03/01/26)(b)		6,248		6,212,005
6.38%, 10/01/30 (Call 04/01/30)(b)		7,370		7,259,450
Oasis Midstream Partners LP/OMP Finance Corp., 8.00%, 04/01/29 (Call 04/01/24)(a)(b)		5,810		6,016,546
Rockies Express Pipeline LLC
3.60%, 05/15/25 (Call 04/15/25)(a)(b)		5,376		5,106,017
4.95%, 07/15/29 (Call 04/15/29)(a)(b)		6,788		6,352,932
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 01/15/23)(a)(b)		9,317		8,699,749
6.00%, 03/01/27 (Call 03/01/23)(a)(b)		5,520		5,302,650
6.00%, 12/31/30 (Call 12/31/25)(a)(b)		8,658		7,949,126
6.00%, 09/01/31 (Call 09/01/26)(a)(b)		6,283		5,686,508
7.50%, 10/01/25 (Call 10/01/22)(a)(b)		5,137		5,217,182
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.88%, 02/01/31 (Call 02/01/26)		533		512,346
5.00%, 01/15/28 (Call 01/15/23)		138		135,585
5.50%, 03/01/30 (Call 03/01/25)		726		719,648
6.50%, 07/15/27 (Call 07/15/22)		565		582,029
6.88%, 01/15/29 (Call 01/15/24)		372		391,824
Venture Global Calcasieu Pass LLC
3.88%, 11/01/33 (Call 05/01/33)(a)(b)		15,519		13,515,652
3.88%, 08/15/29 (Call 02/15/29)(a)(b)		14,637		13,329,184
4.13%, 08/15/31 (Call 02/15/31)(a)		15,099		13,701,760
Western Midstream Operating LP
3.60%, 02/01/25 (Call 01/01/25)		7,766		7,421,850
3.95%, 06/01/25 (Call 03/01/25)(b)		574		557,102
4.50%, 03/01/28 (Call 12/01/27)		4,042		3,860,312
4.55%, 02/01/30 (Call 11/01/29)(b)		14,175		13,071,051
4.65%, 07/01/26 (Call 04/01/26)		7,783		7,621,016
4.75%, 08/15/28 (Call 05/15/28)(b)		4,904		4,760,967
				596,487,985

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate — 0.6%
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)(a)(b)	$	7,901	$	7,102,209
4.38%, 02/01/31 (Call 02/01/26)(a)(b)		7,727		6,862,890
5.38%, 08/01/28 (Call 08/01/23)(a)(b)		9,217		8,939,531
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)(b)		6,351		5,858,289
4.75%, 02/01/30 (Call 09/01/24)(b)		6,988		6,300,701
5.00%, 03/01/31 (Call 03/01/26)(b)		7,836		7,095,192
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)(a)(b)		2,521		2,508,549
5.25%, 04/15/30 (Call 04/15/25)(a)		11,924		9,646,278
5.75%, 01/15/29 (Call 01/15/24)(a)(b)		11,235		9,432,007
WeWork Companies Inc., 7.88%, 05/01/25(a)(b)		8,160		6,902,136
WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)(a)(b)		6,640		5,334,133
				75,981,915
Real Estate Investment Trusts — 4.1%
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL
4.50%, 04/01/27 (Call 10/01/23)(a)(b)		8,781		7,951,822
5.75%, 05/15/26 (Call 05/15/22)(a)(b)		11,339		10,998,830
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)(b)		5,798		4,482,821
4.75%, 02/15/28 (Call 08/15/27)(b)		6,535		5,579,256
9.75%, 06/15/25 (Call 06/15/22)		10,647		11,152,732
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26 (Call 03/15/26)(a)(b)		11,162		10,236,149
6.00%, 04/15/25 (Call 05/31/22)(a)(b)		5,729		5,818,332
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)(a)		13,822		11,878,627
4.88%, 09/15/27 (Call 09/15/22)(a)(b)		12,435		11,847,807
4.88%, 09/15/29 (Call 09/15/24)(a)(b)		11,598		10,630,727
5.00%, 07/15/28 (Call 07/15/23)(a)(b)		5,683		5,369,469
5.25%, 03/15/28 (Call 12/27/22)(a)(b)		9,762		9,312,983
5.25%, 07/15/30 (Call 07/15/25)(a)(b)		16,389		14,995,935
5.63%, 07/15/32 (Call 07/15/26)(a)(b)		7,011		6,349,068
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(a)(b)		9,392		8,264,960
iStar Inc.
4.25%, 08/01/25 (Call 05/01/25)(b)		5,630		5,376,650
4.75%, 10/01/24 (Call 07/01/24)(b)		10,892		10,592,470
5.50%, 02/15/26 (Call 08/15/22)(b)		4,535		4,408,277
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/23)(a)(b)		7,925		7,264,768
4.75%, 06/15/29 (Call 06/15/24)(a)(b)		7,825		7,013,266
MPT Operating Partnership LP/MPT Finance Corp.
3.50%, 03/15/31 (Call 03/15/26)		15,790		13,441,237
4.63%, 08/01/29 (Call 08/01/24)(b)		11,413		10,488,661
5.00%, 10/15/27 (Call 10/15/22)(b)		16,198		15,549,432
5.25%, 08/01/26 (Call 05/31/22)(b)		5,438		5,438,000
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/15/24)(a)(b)		10,662		9,769,361
5.88%, 10/01/28 (Call 10/01/23)(a)(b)		8,143		7,895,290
7.50%, 06/01/25 (Call 06/01/22)(a)(b)		6,841		7,077,630
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 02/15/24)(a)(b)		6,776		6,114,324
4.75%, 10/15/27 (Call 10/15/22)		8,691		8,093,059

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
RLJ Lodging Trust LP
3.75%, 07/01/26 (Call 07/01/23)(a)(b)	$	5,166	$	4,821,170
4.00%, 09/15/29 (Call 09/15/24)(a)(b)		6,536		5,829,736
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)		17,003		14,584,323
3.88%, 02/15/27 (Call 02/15/23)(b)		18,233		17,306,764
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)(b)		5,484		4,346,070
4.35%, 10/01/24 (Call 09/01/24)		8,924		8,258,270
4.38%, 02/15/30 (Call 08/15/29)(b)		5,173		3,957,345
4.50%, 06/15/23 (Call 12/15/22)(b)		4,081		3,993,598
4.75%, 10/01/26 (Call 08/01/26)		5,720		4,934,930
4.95%, 02/15/27 (Call 08/15/26)(b)		5,651		4,864,098
4.95%, 10/01/29 (Call 07/01/29)		5,362		4,282,696
5.50%, 12/15/27 (Call 09/15/27)		4,762		4,333,420
7.50%, 09/15/25 (Call 06/15/25)		9,226		9,220,280
Starwood Property Trust Inc.
3.63%, 07/15/26 (Call 01/15/26)(a)		5,432		4,964,396
3.75%, 12/31/24 (Call 09/30/24)(a)(b)		3,015		2,898,818
4.38%, 01/15/27 (Call 07/15/26)(a)		6,030		5,630,512
4.75%, 03/15/25 (Call 09/15/24)(b)		5,832		5,741,101
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
6.00%, 01/15/30 (Call 01/15/25)(a)(b)		8,903		7,403,023
7.88%, 02/15/25 (Call 05/31/22)(a)		25,549		26,044,651
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)(a)(b)		5,715		5,079,921
6.50%, 02/15/29 (Call 02/15/24)(a)(b)		14,228		12,271,650
VICI Properties LP/VICI Note Co. Inc.
3.50%, 02/15/25 (Call 05/31/22)(a)(b)		5,707		5,478,720
3.75%, 02/15/27 (Call 02/15/23)(a)(b)		6,506		5,999,833
3.88%, 02/15/29(a)		12,120		11,508,582
4.13%, 08/15/30 (Call 02/15/25)(a)		7,408		6,655,125
4.25%, 12/01/26 (Call 12/01/22)(a)(b)		9,475		8,983,484
4.50%, 09/01/26(a)		6,067		6,032,418
4.63%, 06/15/25(a)		10,797		10,788,092
4.63%, 12/01/29 (Call 12/01/24)(a)(b)		7,680		7,185,869
5.63%, 05/01/24(a)		16,954		17,194,747
5.75%, 02/01/27(a)		11,265		11,650,883
XHR LP
4.88%, 06/01/29 (Call 06/01/24)(a)(b)		5,369		4,932,769
6.38%, 08/15/25 (Call 08/15/22)(a)(b)		6,569		6,632,604
				517,201,841
Retail — 4.4%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 02/15/24)(a)(b)		9,144		8,075,295
3.88%, 01/15/28 (Call 09/15/22)(a)(b)		20,023		18,393,128
4.00%, 10/15/30 (Call 10/15/25)(a)(b)		33,591		28,762,294
4.38%, 01/15/28 (Call 11/15/22)(a)(b)		9,570		8,743,220
5.75%, 04/15/25 (Call 05/30/22)(a)(b)		8,163		8,333,239
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 03/01/23)(b)		4,442		4,129,594
4.63%, 11/15/29 (Call 11/15/24)(a)(b)		8,885		7,989,281
4.75%, 03/01/30 (Call 03/01/25)(b)		5,465		4,880,928
5.00%, 02/15/32 (Call 11/15/26)(a)(b)		7,676		6,817,631
Bath & Body Works Inc.
5.25%, 02/01/28(b)		5,407		5,219,332
6.63%, 10/01/30 (Call 10/01/25)(a)(b)		12,806		12,765,008
7.50%, 06/15/29 (Call 06/15/24)(b)		6,369		6,575,993

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
Carvana Co.
4.88%, 09/01/29 (Call 09/01/24)(a)(b)	$	8,080	$	5,908,500
5.50%, 04/15/27 (Call 04/15/24)(a)(b)		7,855		6,342,491
5.63%, 10/01/25 (Call 10/01/22)(a)(b)		5,760		4,996,800
5.88%, 10/01/28 (Call 10/01/23)(a)(b)		7,361		5,830,376
10.25%, 05/01/30(a)		12,600		12,190,500
eG Global Finance PLC
6.75%, 02/07/25 (Call 05/10/22)(a)(b)		8,404		8,168,772
8.50%, 10/30/25 (Call 05/30/22)(a)(b)		9,138		9,134,558
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 04/01/23)(a)(b)		8,900		8,092,820
5.88%, 04/01/29 (Call 04/01/24)(a)		9,596		8,362,818
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.
4.63%, 01/15/29 (Call 01/15/25)(a)		11,671		10,584,313
6.75%, 01/15/30 (Call 01/15/25)(a)		15,325		13,266,853
FirstCash Inc.
4.63%, 09/01/28 (Call 09/01/23)(a)(b)		7,152		6,508,320
5.63%, 01/01/30 (Call 01/01/25)(a)(b)		5,596		5,204,280
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)(a)(b)		9,414		7,672,410
3.88%, 10/01/31 (Call 10/01/26)(a)(b)		8,725		6,940,247
IRB Holding Corp., 7.00%, 06/15/25 (Call 06/15/22)(a)(b)		4,386		4,501,472
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/22)(a)(b)		7,021		7,003,448
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)(a)(b)		9,817		8,010,279
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)(a)		12,336		10,794,000
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)(a)(b)		9,867		8,913,091
4.38%, 01/15/31 (Call 10/15/25)(a)(b)		6,850		6,285,636
4.63%, 12/15/27 (Call 12/15/22)(a)(b)		4,826		4,636,110
Macy’s Retail Holdings LLC
5.88%, 04/01/29 (Call 04/01/24)(a)		4,001		3,798,549
5.88%, 03/15/30 (Call 03/15/25)(a)(b)		6,065		5,685,938
6.13%, 03/15/32 (Call 03/15/27)(a)(b)		4,985		4,591,808
Michaels Companies Inc (The)
5.25%, 05/01/28 (Call 11/01/23)(a)(b)		9,151		7,858,421
7.88%, 05/01/29 (Call 05/01/24)(a)(b)		15,457		12,200,762
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(b)		5,089		4,469,283
4.75%, 09/15/29 (Call 09/15/24)(b)		6,900		6,545,685
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)(a)(b)		13,056		13,023,360
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)(b)		5,361		4,583,655
4.38%, 04/01/30 (Call 01/01/30)(b)		6,208		5,403,754
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 09/01/22)(b)		7,865		7,611,213
3.75%, 06/15/29 (Call 06/15/24)(b)		4,716		4,032,180
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (Call 02/15/24)(a)(b)		13,574		12,623,820
7.75%, 02/15/29 (Call 02/15/24)(a)(b)		14,369		14,297,155
QVC Inc.
4.38%, 09/01/28 (Call 06/01/28)(b)		5,873		4,993,381
4.45%, 02/15/25 (Call 11/15/24)		8,333		8,093,426
4.75%, 02/15/27 (Call 11/15/26)(b)		6,677		5,975,848
4.85%, 04/01/24(b)		5,859		5,825,604

Security	Par (000)		Value
Retail (continued)
Rite Aid Corp.
7.50%, 07/01/25 (Call 07/01/22)(a)(b)	$	7,066	$	6,059,095
8.00%, 11/15/26 (Call 01/15/23)(a)(b)		10,237		8,552,502
Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)(a)(b)		7,880		6,737,400
4.88%, 11/15/31 (Call 11/15/26)(a)(b)		6,389		5,446,623
SRS Distribution Inc.
4.63%, 07/01/28 (Call 07/01/24)(a)(b)		7,521		6,865,846
6.00%, 12/01/29 (Call 12/01/24)(a)(b)		10,507		9,162,104
6.13%, 07/01/29 (Call 07/01/24)(a)(b)		5,113		4,499,440
Staples Inc.
7.50%, 04/15/26 (Call 05/31/22)(a)(b)		24,237		23,059,082
10.75%, 04/15/27 (Call 05/31/22)(a)(b)		12,312		10,899,198
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)(a)(b)		7,894		7,176,853
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)(b)		10,354		8,890,550
4.63%, 01/31/32 (Call 10/01/26)(b)		12,968		11,780,348
4.75%, 01/15/30 (Call 10/15/29)(a)(b)		7,802		7,428,250
5.38%, 04/01/32 (Call 04/01/27)(b)		13,775		13,137,906
				551,342,076
Software — 2.1%
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)(a)(b)		11,277		10,431,225
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)(b)		5,537		5,573,914
5.00%, 10/15/24 (Call 07/15/24)(b)		5,782		5,946,700
5.25%, 05/15/29 (Call 05/15/24)(a)(b)		7,179		7,235,714
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 05/10/22)(a)(b)		13,951		13,912,809
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (Call 06/30/24)(a)(b)		9,660		8,592,570
4.88%, 07/01/29 (Call 06/30/24)(a)(b)		12,255		10,743,039
Fair Isaac Corp.
4.00%, 06/15/28 (Call 12/15/22)(a)(b)		10,804		9,821,781
5.25%, 05/15/26 (Call 02/15/26)(a)(b)		5,438		5,465,190
Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)(a)(b)		28,491		26,159,695
MSCI Inc.
3.25%, 08/15/33 (Call 08/15/27)(a)(b)		8,899		7,513,259
3.63%, 09/01/30 (Call 03/01/25)(a)(b)		11,071		9,742,480
3.63%, 11/01/31 (Call 11/01/26)(a)(b)		7,054		6,175,777
3.88%, 02/15/31 (Call 06/01/25)(a)(b)		11,839		10,690,735
4.00%, 11/15/29 (Call 11/15/24)(a)(b)		11,544		10,606,050
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/23)(a)(b)		10,555		9,590,278
3.88%, 12/01/29 (Call 12/01/24)(a)(b)		10,404		9,233,550
Open Text Holdings Inc.
4.13%, 02/15/30 (Call 02/15/25)(a)(b)		11,009		9,801,909
4.13%, 12/01/31 (Call 12/01/26)(a)(b)		8,082		7,021,238
PTC Inc.
3.63%, 02/15/25 (Call 05/31/22)(a)(b)		5,319		5,167,575
4.00%, 02/15/28 (Call 02/15/23)(a)(b)		6,266		5,796,050
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)(a)(b)		7,120		6,141,000
5.38%, 12/01/28 (Call 12/01/23)(a)(b)		6,641		5,415,603
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a)(b)		11,950		10,244,795
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 05/31/22)(a)(b)		23,775		23,329,219

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)(b)	$	6,566	$	5,786,288
3.88%, 03/15/31 (Call 03/15/26)(b)		6,063		5,184,168
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 05/31/22)(a)(b)		20,902		18,419,888
				269,742,499
Telecommunications — 7.4%
Altice France Holding SA
6.00%, 02/15/28 (Call 02/15/23)(a)(b)		14,543		12,010,046
10.50%, 05/15/27 (Call 05/15/22)(a)		17,855		17,987,000
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)(a)(b)		23,579		20,120,746
Altice France SA/France
5.13%, 01/15/29 (Call 09/15/23)(a)		5,728		4,846,783
5.13%, 07/15/29 (Call 04/15/24)(a)(b)		29,897		25,190,402
5.50%, 01/15/28 (Call 09/15/22)(a)(b)		14,273		12,587,359
8.13%, 02/01/27 (Call 05/10/22)(a)(b)		20,032		20,100,860
Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)(a)(b)		12,413		11,473,817
British Telecommunications PLC
4.25%, 11/23/81 (Call 11/23/26)(a)(b)(c)		6,227		5,812,525
4.88%, 11/23/81 (Call 08/23/31)(a)(b)(c)		6,201		5,727,244
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/22)(a)		1,016		988,060
CommScope Inc.
4.75%, 09/01/29 (Call 09/01/24)(a)(b)		16,077		13,474,938
6.00%, 03/01/26 (Call 05/31/22)(a)(b)		17,369		16,370,698
7.13%, 07/01/28 (Call 07/01/23)(a)(b)		8,272		6,595,896
8.25%, 03/01/27 (Call 05/31/22)(a)		11,975		10,178,750
CommScope Technologies LLC
5.00%, 03/15/27 (Call 05/10/22)(a)(b)		9,061		7,112,885
6.00%, 06/15/25 (Call 05/10/22)(a)(b)		15,586		13,637,750
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)(a)		24,333		23,729,237
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)(a)		4,707		3,834,793
6.50%, 10/01/28 (Call 10/01/23)(a)(b)		8,444		7,236,508
Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)(a)(b)		18,951		17,267,677
5.88%, 10/15/27 (Call 10/15/23)(a)(b)		13,567		12,977,966
5.88%, 11/01/29 (Call 11/01/24)(b)		9,416		8,180,150
6.00%, 01/15/30 (Call 10/15/24)(a)(b)		11,604		10,109,985
6.75%, 05/01/29 (Call 05/01/24)(a)(b)		12,269		11,052,017
Hughes Satellite Systems Corp.
5.25%, 08/01/26(b)		9,023		8,842,540
6.63%, 08/01/26(b)		8,855		8,847,667
Iliad Holding SAS
6.50%, 10/15/26 (Call 10/15/23)(a)		13,859		13,279,873
7.00%, 10/15/28 (Call 10/15/24)(a)		11,371		10,756,527
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)(a)(b)		36,560		34,466,574
Level 3 Financing Inc.
3.63%, 01/15/29 (Call 01/15/24)(a)(b)		11,096		9,029,370
3.75%, 07/15/29 (Call 01/15/24)(a)(b)		10,391		8,389,434
4.25%, 07/01/28 (Call 07/01/23)(a)(b)		14,706		12,384,903
4.63%, 09/15/27 (Call 09/15/22)(a)(b)		12,523		11,223,739
5.25%, 03/15/26 (Call 05/31/22)(b)		8,438		8,184,860
5.38%, 05/01/25 (Call 05/31/22)(b)		8,674		8,577,962
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 02/15/23)(a)		15,455		13,716,312
4.50%, 01/15/29 (Call 01/15/24)(a)		12,190		9,650,544
5.13%, 12/15/26 (Call 12/15/22)(a)(b)		15,900		14,360,244

Security	Par (000)		Value
Telecommunications (continued)
5.38%, 06/15/29 (Call 06/15/24)(a)	$	11,553	$	9,427,595
5.63%, 04/01/25 (Call 01/01/25)(b)		6,103		5,934,023
Series W, 6.75%, 12/01/23(b)		7,972		8,104,784
Series Y, 7.50%, 04/01/24 (Call 01/01/24)		10,682		10,970,414
Nokia OYJ, 4.38%, 06/12/27(b)		6,097		5,924,455
Sprint Corp.
7.13%, 06/15/24		30,075		31,613,336
7.63%, 02/15/25 (Call 11/15/24)(b)		17,004		18,088,005
7.63%, 03/01/26 (Call 11/01/25)(b)		18,015		19,558,525
7.88%, 09/15/23(b)		51,319		53,884,950
Switch Ltd.
3.75%, 09/15/28 (Call 09/15/23)(a)(b)		6,923		6,490,312
4.13%, 06/15/29 (Call 06/15/24)(a)(b)		5,833		5,580,723
Telecom Italia SpA/Milano, 5.30%, 05/30/24(a)(b)		17,481		17,151,134
Telesat Canada/Telesat LLC
4.88%, 06/01/27 (Call 12/01/22)(a)(b)		5,347		3,635,960
5.63%, 12/06/26 (Call 12/06/23)(a)		5,528		3,940,137
6.50%, 10/15/27 (Call 10/15/22)(a)(b)		6,770		2,894,175
T-Mobile USA Inc.
2.25%, 02/15/26 (Call 02/15/23)(b)		12,285		11,300,952
2.25%, 02/15/26 (Call 02/15/23)(a)		10,202		9,384,803
2.63%, 04/15/26 (Call 04/15/23)(b)		13,729		12,760,615
2.63%, 02/15/29 (Call 02/15/24)		11,372		9,844,968
2.88%, 02/15/31 (Call 02/15/26)(b)		12,120		10,264,549
3.38%, 04/15/29 (Call 04/15/24)(b)		14,747		13,357,833
3.38%, 04/15/29 (Call 04/15/24)(a)		13,240		11,992,792
3.50%, 04/15/31 (Call 04/15/26)(b)		16,518		14,742,315
3.50%, 04/15/31 (Call 04/15/26)(a)		13,984		12,417,792
4.75%, 02/01/28 (Call 02/01/23)(b)		18,417		18,198,298
5.38%, 04/15/27 (Call 05/10/22)(b)		3,745		3,823,608
ViaSat Inc.
5.63%, 09/15/25 (Call 05/10/22)(a)(b)		7,325		6,718,246
5.63%, 04/15/27 (Call 05/10/22)(a)(b)		7,579		7,037,534
6.50%, 07/15/28 (Call 07/15/23)(a)		5,722		4,914,969
Vmed O2 UK Financing I PLC
4.25%, 01/31/31 (Call 01/31/26)(a)		16,072		13,578,992
4.75%, 07/15/31 (Call 07/15/26)(a)		16,860		14,430,052
Vodafone Group PLC
3.25%, 06/04/81 (Call 06/04/26)(b)(c)		6,643		5,988,185
4.13%, 06/04/81 (Call 03/04/31)(c)		11,917		10,212,869
7.00%, 04/04/79 (Call 01/04/29)(b)(c)		23,386		24,555,300
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)(a)(b)		17,166		16,438,162
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 05/31/22)(a)(b)		19,148		16,658,760
6.13%, 03/01/28 (Call 03/01/23)(a)(b)		13,132		10,965,220
				933,099,983
Toys, Games & Hobbies — 0.2%
Mattel Inc.
3.38%, 04/01/26 (Call 04/01/23)(a)(b)		7,827		7,613,211
3.75%, 04/01/29 (Call 04/01/24)(a)(b)		7,228		6,884,670
5.88%, 12/15/27 (Call 12/15/22)(a)(b)		6,117		6,251,880
				20,749,761
Trucking & Leasing — 0.2%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)(a)(b)(c)		5,736		5,604,072
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28 (Call 05/01/24)(a)(b)		12,391		10,656,260

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par/ Shares (000)		Value
Trucking & Leasing (continued)
6.50%, 10/01/25 (Call 05/31/22)(a)	$	9,735	$	9,272,587
9.75%, 08/01/27 (Call 08/01/23)(a)		5,062		5,169,568
				30,702,487
Total Corporate Bonds & Notes — 97.5% (Cost: $13,713,437,359)				12,276,190,928
Short-Term Investments
Money Market Funds — 27.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(f)(g)(h)		3,300,704		3,300,704,009
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(f)(g)		149,790		149,790,000
				3,450,494,009
Total Short-Term Investments — 27.4% (Cost: $3,450,360,447)				3,450,494,009
Total Investments in Securities — 124.9% (Cost: $17,163,797,806)				15,726,684,937
Other Assets, Less Liabilities — (24.9)%				(3,133,334,892	)
Net Assets — 100.0%			$	12,593,350,045

^(a)  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.

^(b)  All or a portion of this security is on loan.

^(c)  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.

^(d)  Perpetual security with no stated maturity date.

^(e)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

^(h)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Fair Value Measurements

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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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
Investments
Assets
Corporate Bonds & Notes	$	—	$	12,276,190,928	$	—	$	12,276,190,928
Money Market Funds		3,450,494,009		—		—		3,450,494,009
	$	3,450,494,009	$	12,276,190,928	$	—	$	15,726,684,937

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.1%
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)(a)	$	8,014	$	6,929,190
Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26 (Call 01/15/26)		18,845		18,636,424
				25,565,614
Aerospace & Defense — 2.4%
Boeing Co. (The)
2.20%, 02/04/26 (Call 02/04/23)		36,125		32,977,826
2.70%, 02/01/27 (Call 12/01/26)(a)		9,643		8,874,254
2.75%, 02/01/26 (Call 01/01/26)(a)		8,468		8,001,967
2.95%, 02/01/30 (Call 11/01/29)(a)		10,737		9,307,344
3.20%, 03/01/29 (Call 12/01/28)		10,461		9,338,411
3.25%, 02/01/28 (Call 12/01/27)(a)		8,833		8,156,988
3.25%, 02/01/35 (Call 11/01/34)		9,584		7,686,404
3.60%, 05/01/34 (Call 02/01/34)(a)		5,960		4,993,764
3.63%, 02/01/31 (Call 11/01/30)(a)		11,416		10,305,084
3.75%, 02/01/50 (Call 08/01/49)		10,182		7,790,773
3.90%, 05/01/49 (Call 11/01/48)(a)		8,308		6,555,361
3.95%, 08/01/59 (Call 02/01/59)		8,878		6,633,740
4.88%, 05/01/25 (Call 04/01/25)		28,032		28,380,497
5.04%, 05/01/27 (Call 03/01/27)(a)		18,036		18,244,166
5.15%, 05/01/30 (Call 02/01/30)		49,426		49,163,617
5.71%, 05/01/40 (Call 11/01/39)		29,600		29,634,567
5.81%, 05/01/50 (Call 11/01/49)		55,665		55,755,216
5.93%, 05/01/60 (Call 11/01/59)		31,155		30,940,429
General Dynamics Corp.
3.50%, 05/15/25 (Call 03/15/25)		6,116		6,127,020
3.50%, 04/01/27 (Call 02/01/27)		8,478		8,395,457
3.63%, 04/01/30 (Call 01/01/30)(a)		10,489		10,308,958
3.75%, 05/15/28 (Call 02/15/28)		9,805		9,774,827
4.25%, 04/01/40 (Call 10/01/39)		6,930		6,853,938
4.25%, 04/01/50 (Call 10/01/49)(a)		7,439		7,502,362
L3Harris Technologies Inc.
4.40%, 06/15/28 (Call 03/15/28)(a)		8,045		8,060,060
4.40%, 06/15/28 (Call 03/15/28)		10,223		10,242,136
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)(a)		7,838		6,048,646
3.55%, 01/15/26 (Call 10/15/25)(a)		17,070		17,190,968
3.80%, 03/01/45 (Call 09/01/44)(a)		10,657		9,830,866
3.90%, 06/15/32		7,640		7,588,009
4.07%, 12/15/42(a)		11,987		11,545,720
4.09%, 09/15/52 (Call 03/15/52)		15,419		14,878,197
4.15%, 06/15/53		19,080		18,484,544
4.70%, 05/15/46 (Call 11/15/45)		11,975		12,598,747
Northrop Grumman Corp.
3.20%, 02/01/27 (Call 11/01/26)(a)		7,725		7,533,755
3.25%, 01/15/28 (Call 10/15/27)(a)		19,935		19,135,764
4.03%, 10/15/47 (Call 04/15/47)		22,760		20,992,317
4.40%, 05/01/30 (Call 02/01/30)(a)		9,225		9,268,130
4.75%, 06/01/43		7,896		7,895,713
5.25%, 05/01/50 (Call 11/01/49)(a)		10,084		11,039,715
Raytheon Technologies Corp.
1.90%, 09/01/31 (Call 06/01/31)		12,769		10,616,378
2.25%, 07/01/30 (Call 04/01/30)(a)		11,128		9,661,521
2.38%, 03/15/32 (Call 12/15/31)(a)		13,361		11,484,679
2.82%, 09/01/51 (Call 03/01/51)		9,395		6,954,483
3.03%, 03/15/52 (Call 09/15/51)(a)		10,874		8,433,547
3.13%, 05/04/27 (Call 02/04/27)(a)		9,562		9,292,455

Security	Par (000)		Value
Aerospace & Defense (continued)
3.13%, 07/01/50 (Call 01/01/50)(a)	$	8,666	$	6,896,697
3.50%, 03/15/27 (Call 12/15/26)(a)		11,565		11,423,613
3.75%, 11/01/46 (Call 05/01/46)		11,849		10,496,550
3.95%, 08/16/25 (Call 06/16/25)(a)		10,023		10,130,634
4.13%, 11/16/28 (Call 08/16/28)		28,136		28,142,744
4.15%, 05/15/45 (Call 11/16/44)		9,749		9,101,248
4.35%, 04/15/47 (Call 10/15/46)		10,860		10,474,017
4.45%, 11/16/38 (Call 05/16/38)		8,796		8,762,214
4.50%, 06/01/42(a)		29,204		28,996,660
4.63%, 11/16/48 (Call 05/16/48)		14,842		14,908,250
Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)		12,302		10,655,599
				780,467,546
Agriculture — 1.6%
Altria Group Inc.
2.35%, 05/06/25 (Call 04/06/25)(a)		5,432		5,203,745
2.45%, 02/04/32 (Call 11/04/31)(a)		12,835		10,279,038
3.40%, 05/06/30 (Call 02/06/30)		11,669		10,486,615
3.40%, 02/04/41 (Call 08/04/40)(a)		15,540		11,348,696
3.70%, 02/04/51 (Call 08/04/50)		10,413		7,456,693
3.88%, 09/16/46 (Call 03/16/46)		16,177		12,285,670
4.00%, 02/04/61 (Call 08/04/60)(a)		11,951		8,632,218
4.25%, 08/09/42		9,349		7,546,322
4.40%, 02/14/26 (Call 12/14/25)(a)		12,235		12,390,578
4.80%, 02/14/29 (Call 11/14/28)(a)		14,941		14,805,276
5.38%, 01/31/44(a)		16,727		15,587,095
5.80%, 02/14/39 (Call 08/14/38)(a)		18,374		18,257,257
5.95%, 02/14/49 (Call 08/14/48)		23,107		22,613,324
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)(a)		7,398		7,131,129
2.70%, 09/15/51 (Call 03/15/51)		9,636		7,452,824
2.90%, 03/01/32 (Call 12/01/31)		1,299		1,192,270
3.25%, 03/27/30 (Call 12/27/29)(a)		9,804		9,332,594
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)(a)		14,168		12,144,642
2.73%, 03/25/31 (Call 12/25/30)(a)		13,087		10,739,847
3.22%, 09/06/26 (Call 07/06/26)(a)		9,513		8,991,193
3.56%, 08/15/27 (Call 05/15/27)(a)		31,580		29,443,711
3.73%, 09/25/40 (Call 03/25/40)(a)		8,450		6,307,941
3.98%, 09/25/50 (Call 03/25/50)(a)		7,859		5,672,970
4.39%, 08/15/37 (Call 02/15/37)		21,888		18,644,487
4.54%, 08/15/47 (Call 02/15/47)		23,773		18,816,907
4.70%, 04/02/27 (Call 02/02/27)(a)		10,482		10,375,665
4.74%, 03/16/32 (Call 12/16/31)		10,286		9,656,588
4.76%, 09/06/49 (Call 03/06/49)(a)		9,524		7,722,955
4.91%, 04/02/30 (Call 01/02/30)(a)		10,666		10,305,956
BAT International Finance PLC
1.67%, 03/25/26 (Call 02/25/26)(a)		15,407		13,834,471
4.45%, 03/16/28 (Call 02/16/28)		11,440		11,010,393
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)(a)		10,453		9,054,855
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		8,762		7,864,447
1.50%, 05/01/25 (Call 04/01/25)(a)		4,681		4,417,017
1.75%, 11/01/30 (Call 08/01/30)(a)		8,317		6,794,227
2.10%, 05/01/30 (Call 02/01/30)(a)		6,370		5,438,963
2.75%, 02/25/26 (Call 11/25/25)(a)		8,851		8,574,194
3.38%, 08/11/25 (Call 05/11/25)		7,920		7,857,480
3.38%, 08/15/29 (Call 05/15/29)(a)		9,014		8,468,137
3.88%, 08/21/42(a)		7,446		6,233,376

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Agriculture (continued)
4.13%, 03/04/43	$	7,919	$	6,824,837
4.25%, 11/10/44(a)		12,058		10,598,489
4.38%, 11/15/41		8,052		7,221,481
4.88%, 11/15/43(a)		8,621		8,157,114
6.38%, 05/16/38(a)		13,065		14,813,684
Reynolds American Inc.
4.45%, 06/12/25 (Call 03/12/25)		17,407		17,551,851
5.70%, 08/15/35 (Call 02/15/35)		9,210		8,998,514
5.85%, 08/15/45 (Call 02/15/45)		20,245		18,905,113
				513,442,849
Airlines — 0.1%
Southwest Airlines Co.
5.13%, 06/15/27 (Call 04/15/27)(a)		19,402		20,150,213
5.25%, 05/04/25 (Call 04/04/25)		9,365		9,670,886
				29,821,099
Apparel — 0.2%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)(a)		10,052		9,589,538
2.75%, 03/27/27 (Call 01/27/27)(a)		11,900		11,489,521
2.85%, 03/27/30 (Call 12/27/29)(a)		14,472		13,481,266
3.25%, 03/27/40 (Call 09/27/39)(a)		9,960		8,871,338
3.38%, 03/27/50 (Call 09/27/49)		14,649		12,916,637
3.88%, 11/01/45 (Call 05/01/45)		7,060		6,718,787
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)(a)		7,465		6,752,804
				69,819,891
Auto Manufacturers — 1.4%
American Honda Finance Corp.
1.00%, 09/10/25		8,160		7,514,205
1.20%, 07/08/25		6,473		6,022,676
1.30%, 09/09/26(a)		7,960		7,230,593
2.00%, 03/24/28		9,208		8,318,451
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)(a)		6,184		5,052,035
Daimler Finance North America LLC, 8.50%, 01/18/31		13,705		17,660,475
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)(a)		10,559		10,227,617
5.00%, 10/01/28 (Call 07/01/28)(a)		8,090		8,019,556
5.00%, 04/01/35(a)		10,010		9,461,613
5.15%, 04/01/38 (Call 10/01/37)		6,967		6,531,793
5.20%, 04/01/45		12,513		11,379,173
5.40%, 04/01/48 (Call 10/01/47)(a)		9,527		8,975,949
5.95%, 04/01/49 (Call 10/01/48)		7,069		7,098,507
6.13%, 10/01/25 (Call 09/01/25)		18,178		19,184,919
6.25%, 10/02/43(a)		14,724		15,230,244
6.60%, 04/01/36 (Call 10/01/35)		9,390		10,119,428
6.75%, 04/01/46 (Call 10/01/45)		7,797		8,421,989
6.80%, 10/01/27 (Call 08/01/27)(a)		11,212		12,077,921
General Motors Financial Co. Inc.
1.25%, 01/08/26 (Call 12/08/25)(a)		19,664		17,577,897
1.50%, 06/10/26 (Call 05/10/26)		14,332		12,705,933
2.35%, 02/26/27 (Call 01/26/27)(a)		10,547		9,491,613
2.35%, 01/08/31 (Call 10/08/30)(a)		10,876		8,800,992
2.40%, 04/10/28 (Call 02/10/28)		10,791		9,402,018
2.40%, 10/15/28 (Call 08/15/28)		9,233		7,912,430
2.70%, 08/20/27 (Call 06/20/27)		6,931		6,248,978
2.70%, 06/10/31 (Call 03/10/31)		12,109		9,984,541
2.75%, 06/20/25 (Call 05/20/25)		7,655		7,331,944
3.10%, 01/12/32 (Call 10/12/31)		9,598		8,096,091
3.60%, 06/21/30 (Call 03/21/30)(a)		11,627		10,481,232
4.00%, 10/06/26 (Call 07/06/26)(a)		12,399		12,115,141

Security	Par (000)		Value
Auto Manufacturers (continued)
4.30%, 07/13/25 (Call 04/13/25)	$	4,642	$	4,647,030
4.30%, 04/06/29 (Call 02/06/29)		1,725		1,645,023
4.35%, 01/17/27 (Call 10/17/26)		10,842		10,692,663
5.25%, 03/01/26 (Call 12/01/25)		14,295		14,694,440
Honda Motor Co. Ltd.
2.53%, 03/10/27 (Call 02/10/27)		2,324		2,206,494
2.97%, 03/10/32 (Call 12/10/31)(a)		11,550		10,513,436
Toyota Motor Corp., 1.34%, 03/25/26 (Call 02/25/26)(a)		14,568		13,408,463
Toyota Motor Credit Corp.
0.80%, 10/16/25(a)		13,846		12,665,100
1.13%, 06/18/26(a)		9,764		8,860,703
1.90%, 01/13/27		16,432		15,253,372
1.90%, 04/06/28(a)		5,990		5,407,150
2.15%, 02/13/30		5,703		5,050,138
3.05%, 03/22/27		21,217		20,615,237
3.20%, 01/11/27(a)		10,598		10,419,746
3.38%, 04/01/30(a)		7,848		7,534,459
				442,289,408
Auto Parts & Equipment — 0.2%
Aptiv PLC, 3.10%, 12/01/51 (Call 06/01/51)		12,024		8,233,641
Aptiv PLC/Aptiv Corp.
3.25%, 03/01/32 (Call 12/01/31)		13,403		11,830,581
4.15%, 05/01/52 (Call 11/01/51)(a)		14,993		12,345,406
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)		10,990		10,202,873
Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30)(a)		9,042		7,941,642
				50,554,143
Banks — 23.5%
Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25(a)		2,204		2,226,655
Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/25(a)		4,205		3,824,942
Banco Santander SA
1.72%, 09/14/27 (Call 09/14/26)(b)		22,292		19,632,658
1.85%, 03/25/26(a)		18,246		16,585,375
2.75%, 05/28/25		7,883		7,532,694
2.75%, 12/03/30(a)		13,650		11,287,377
2.96%, 03/25/31		7,511		6,476,032
3.31%, 06/27/29		8,026		7,411,966
3.49%, 05/28/30(a)		11,152		10,158,495
3.80%, 02/23/28		12,848		12,199,876
4.18%, 03/24/28 (Call 03/24/27)(b)		15,048		14,598,816
4.25%, 04/11/27		11,945		11,723,486
4.38%, 04/12/28		16,395		16,014,490
Bank of America Corp.
1.20%, 10/24/26 (Call 10/24/25), (SOFR + 1.010%)(b)		18,326		16,526,894
1.32%, 06/19/26 (Call 06/19/25), (SOFR + 1.150%)(b)		20,932		19,178,104
1.73%, 07/22/27 (Call 07/22/26), (SOFR + 0.960%)(b)		43,599		39,154,400
1.90%, 07/23/31 (Call 07/23/30), (SOFR + 1.530%)(b)		21,213		17,305,288
1.92%, 10/24/31 (Call 10/24/30), (SOFR + 1.370%)(b)		17,983		14,632,271
2.09%, 06/14/29 (Call 06/14/28), (SOFR + 1.060%)(b)		21,640		18,821,143
2.30%, 07/21/32 (Call 07/21/31), (SOFR + 1.220%)(a)(b)		28,747		23,795,947

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
2.50%, 02/13/31 (Call 02/13/30), (3 mo. LIBOR US + 0.990%)(b)	$	26,740	$	23,083,912
2.55%, 02/04/28 (Call 02/04/27), (SOFR + 1.050%)(b)		25,235		23,270,150
2.57%, 10/20/32 (Call 10/20/31), (SOFR + 1.210%)(b)		28,076		23,726,306
2.59%, 04/29/31 (Call 04/29/30), (SOFR + 2.150%)(b)		23,145		20,056,369
2.68%, 06/19/41 (Call 06/19/40), (SOFR + 1.930%)(a)(b)		39,987		30,012,419
2.69%, 04/22/32 (Call 04/22/31), (SOFR + 1.880%)(a)(b)		34,772		29,866,700
2.83%, 10/24/51 (Call 10/24/50), (SOFR + 1.880%)(b)		7,410		5,357,578
2.88%, 10/22/30 (Call 10/22/29), (3 mo. LIBOR US + 1.190%)(b)		14,472		12,929,966
2.97%, 02/04/33 (Call 02/04/32), (SOFR + 1.330%)(b)		34,906		30,343,388
2.97%, 07/21/52 (Call 07/21/51), (SOFR + 1.560%)(b)		15,801		11,726,932
3.19%, 07/23/30 (Call 07/23/29), (3 mo. LIBOR US + 1.180%)(b)		19,507		17,830,508
3.25%, 10/21/27 (Call 10/21/26)(a)		16,866		16,029,941
3.31%, 04/22/42 (Call 04/22/41), (SOFR + 1.580%)(a)(b)		28,053		22,944,885
3.42%, 12/20/28 (Call 12/20/27), (3 mo. LIBOR US + 1.040%)(b)		43,102		40,775,953
3.50%, 04/19/26(a)		17,873		17,554,321
3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)(a)(b)		21,711		21,084,355
3.59%, 07/21/28 (Call 07/21/27), (3 mo. LIBOR US + 1.370%)(a)(b)		11,968		11,467,320
3.71%, 04/24/28 (Call 04/24/27), (3 mo. LIBOR US + 1.512%)(b)		14,537		14,016,958
3.82%, 01/20/28 (Call 01/20/27), (3 mo. LIBOR US + 1.575%)(a)(b)		18,652		18,128,088
3.88%, 08/01/25(a)		12,430		12,482,594
3.95%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.19%)(b)		8,809		7,841,304
3.97%, 03/05/29 (Call 03/05/28), (3 mo. LIBOR US + 1.070%)(a)(b)		16,478		15,947,178
3.97%, 02/07/30 (Call 02/07/29), (3 mo. LIBOR US + 1.210%)(b)		21,759		20,987,028
4.08%, 04/23/40 (Call 04/23/39), (3 mo. LIBOR US + 1.320%)(a)(b)		12,350		11,321,992
4.08%, 03/20/51 (Call 03/20/50), (3 mo. LIBOR US + 1.315%)(b)		43,343		39,085,929
4.24%, 04/24/38 (Call 04/24/37), (3 mo. LIBOR US + 1.814%)(b)		16,508		15,634,983
4.25%, 10/22/26(a)		15,131		15,110,199
4.27%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.310%)(b)		21,483		21,106,871
4.33%, 03/15/50 (Call 03/15/49), (3 mo. LIBOR US + 1.15%)(b)		21,952		20,674,923
4.38%, 04/27/28 (Call 04/27/27)(b)		25,695		25,647,259
4.44%, 01/20/48 (Call 01/20/47), (3 mo. LIBOR US + 1.990%)(b)		15,972		15,308,851
4.45%, 03/03/26(a)		14,871		14,911,851
4.57%, 04/27/33 (Call 04/27/32)(b)		29,004		28,873,224
5.00%, 01/21/44(a)		16,025		16,379,555

Security	Par (000)		Value
Banks (continued)
5.88%, 02/07/42(a)	$	12,135	$	13,741,430
6.11%, 01/29/37		17,470		19,258,736
7.75%, 05/14/38(a)		15,182		19,457,248
Series L, 3.95%, 04/21/25		6,500		6,473,072
Series L, 4.18%, 11/25/27 (Call 11/25/26)		14,155		13,940,876
Series N, 1.66%, 03/11/27 (Call 03/11/26), (SOFR + 0.910%)(b)		19,888		18,026,817
Series N, 2.65%, 03/11/32 (Call 03/11/31), (SOFR + 1.220%)(b)		16,938		14,536,610
Series N, 3.48%, 03/13/52 (Call 03/13/51), (SOFR + 1.650%)(b)		8,054		6,605,410
Bank of America N.A., 6.00%, 10/15/36(a)		10,602		11,937,339
Bank of Montreal
0.95%, 01/22/27 (Call 01/22/26), (SOFR + 0.603%)(a)(b)		6,976		6,261,030
1.25%, 09/15/26		19,674		17,563,430
1.85%, 05/01/25(a)		9,272		8,784,522
2.65%, 03/08/27		8,464		7,939,659
Bank of New York Mellon Corp. (The)
2.05%, 01/26/27 (Call 12/26/26)(a)		12,963		12,110,656
2.45%, 08/17/26 (Call 05/17/26)(a)		8,046		7,733,188
2.80%, 05/04/26 (Call 02/04/26)(a)		6,133		5,990,093
3.25%, 05/16/27 (Call 02/16/27)		6,246		6,135,416
3.30%, 08/23/29 (Call 05/23/29)		9,959		9,439,686
3.40%, 01/29/28 (Call 10/29/27)(a)		11,062		10,836,647
3.85%, 04/28/28(a)		9,757		9,764,410
Bank of Nova Scotia (The)
1.05%, 03/02/26		13,635		12,241,619
1.30%, 06/11/25(a)		6,593		6,111,780
1.30%, 09/15/26(a)		11,478		10,263,896
1.35%, 06/24/26(a)		11,903		10,725,045
1.95%, 02/02/27		13,037		11,878,923
2.45%, 02/02/32		9,892		8,390,319
2.70%, 08/03/26(a)		14,226		13,544,822
4.50%, 12/16/25(a)		12,563		12,675,860
Barclays PLC
2.28%, 11/24/27 (Call 11/24/26)(b)		19,909		17,933,822
2.65%, 06/24/31 (Call 06/24/30), (SOFR + 1.900%)(a)(b)		11,685		9,848,831
2.67%, 03/10/32 (Call 03/10/31)(b)		8,619		7,190,133
2.85%, 05/07/26 (Call 05/07/25), (SOFR + 2.714%)(a)(b)		21,309		20,376,966
2.89%, 11/24/32 (Call 11/24/31)(a)(b)		15,799		13,214,201
3.33%, 11/24/42 (Call 11/24/41)(b)		13,487		10,412,661
4.34%, 01/10/28 (Call 01/10/27)(a)		14,567		14,209,610
4.38%, 01/12/26		25,198		25,134,662
4.84%, 05/09/28 (Call 05/07/27)(a)		16,610		16,404,546
4.95%, 01/10/47(a)		15,299		14,993,767
4.97%, 05/16/29 (Call 05/16/28), (3 mo. LIBOR US + 1.902%)(a)(b)		12,623		12,692,392
5.20%, 05/12/26		18,896		19,163,603
5.25%, 08/17/45(a)		11,573		11,627,069
Canadian Imperial Bank of Commerce
1.25%, 06/22/26		12,544		11,204,145
3.45%, 04/07/27		4,831		4,674,933
3.60%, 04/07/32 (Call 03/07/32)		2,433		2,253,469
Citigroup Inc.
1.12%, 01/28/27 (Call 01/28/26), (SOFR + 0.765%)(b)		23,518		20,982,969

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
1.46%, 06/09/27 (Call 06/09/26), (SOFR + 0.770%)(b)	$	25,739	$	22,912,981
2.52%, 11/03/32 (Call 11/03/31), (SOFR + 1.177%)(a)(b)		14,916		12,476,242
2.56%, 05/01/32 (Call 05/01/31), (SOFR + 1.167%)(b)		30,065		25,396,188
2.57%, 06/03/31 (Call 06/03/30), (SOFR + 2.107%)(b)		29,912		25,656,174
2.67%, 01/29/31 (Call 01/29/30), (SOFR + 1.146%)(b)		22,170		19,308,381
2.90%, 11/03/42 (Call 11/03/41), (SOFR + 1.379%)(a)(b)		8,567		6,535,524
2.98%, 11/05/30 (Call 11/05/29), (SOFR + 1.422%)(b)		21,982		19,625,738
3.06%, 01/25/33 (Call 01/25/32), (SOFR + 1.351%)(b)		27,558		24,011,600
3.07%, 02/24/28 (Call 02/24/27), (SOFR + 1.280%)(b)		12,089		11,372,290
3.20%, 10/21/26 (Call 07/21/26)		28,679		27,559,937
3.40%, 05/01/26(a)		20,001		19,493,133
3.52%, 10/27/28 (Call 10/27/27), (3 mo. LIBOR US + 1.151%)(b)		21,191		20,140,513
3.67%, 07/24/28 (Call 07/24/27), (3 mo. LIBOR US + 1.390%)(a)(b)		23,132		22,260,567
3.70%, 01/12/26(a)		19,326		19,101,221
3.79%, 03/17/33 (Call 03/17/32)(b)		28,726		26,588,659
3.88%, 01/24/39 (Call 01/24/38), (3 mo. LIBOR US + 1.168%)(b)		12,967		11,788,900
3.89%, 01/10/28 (Call 01/10/27), (3 mo. LIBOR US + 1.563%)(b)		24,638		24,028,335
3.98%, 03/20/30 (Call 03/20/29), (3 mo. LIBOR US + 1.338%)(b)		19,864		19,026,818
4.08%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.192%)(a)(b)		18,199		17,677,093
4.13%, 07/25/28(a)		16,618		16,126,086
4.28%, 04/24/48 (Call 04/24/47), (3 mo. LIBOR US + 1.839%)(b)		9,938		9,360,697
4.30%, 11/20/26(a)		8,907		8,883,341
4.40%, 06/10/25		17,428		17,544,471
4.41%, 03/31/31 (Call 03/31/30), (SOFR + 3.914%)(a)(b)		33,772		33,003,417
4.45%, 09/29/27		34,655		34,437,679
4.60%, 03/09/26(a)		12,195		12,279,237
4.65%, 07/30/45		10,891		10,580,183
4.65%, 07/23/48 (Call 06/23/48)(a)		23,891		23,639,480
4.75%, 05/18/46(a)		20,271		19,304,193
5.30%, 05/06/44		7,441		7,542,268
5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)(b)		12,516		13,225,572
5.50%, 09/13/25(a)		11,308		11,781,345
5.88%, 01/30/42		9,924		11,121,071
6.63%, 06/15/32(a)		12,169		13,704,353
6.68%, 09/13/43(a)		7,921		9,393,405
8.13%, 07/15/39(a)		19,621		27,123,835
Citizens Financial Group Inc., 3.25%, 04/30/30 (Call 01/30/30)		7,793		7,135,081
Cooperatieve Rabobank U.A.
3.75%, 07/21/26(a)		20,598		20,010,562
4.38%, 08/04/25(a)		8,822		8,842,043
5.25%, 08/04/45(a)		10,976		11,403,202

Security	Par (000)		Value
Banks (continued)
5.75%, 12/01/43(a)	$	13,394	$	14,801,033
Cooperatieve Rabobank U.A./New York
3.38%, 05/21/25		5,442		5,408,062
5.25%, 05/24/41(a)		13,292		15,115,265
Credit Suisse AG/New York NY, 1.25%, 08/07/26		25,243		22,336,465
Credit Suisse Group AG
4.55%, 04/17/26		28,763		28,671,959
4.88%, 05/15/45(a)		15,550		14,545,999
Deutsche Bank AG/New York NY
1.69%, 03/19/26(a)		10,718		9,768,055
2.13%, 11/24/26 (Call 11/24/25), (SOFR + 1.870%)(b)		17,496		15,849,990
2.31%, 11/16/27 (Call 11/16/26), (SOFR + 1.219%)(b)		21,597		19,098,951
2.55%, 01/07/28 (Call 01/07/27), (SOFR + 1.318%)(b)		21,661		19,318,579
3.04%, 05/28/32 (Call 05/28/31), (SOFR + 1.718%)(b)		11,260		9,416,171
3.55%, 09/18/31 (Call 09/18/30), (SOFR + 3.043%)(a)(b)		17,661		15,575,236
Discover Bank
3.45%, 07/27/26 (Call 04/27/26)		16,383		15,914,309
4.65%, 09/13/28 (Call 06/13/28)(a)		13,688		13,697,417
Fifth Third Bancorp.
2.55%, 05/05/27 (Call 04/05/27)		8,491		7,948,916
8.25%, 03/01/38(a)		10,388		14,300,222
Fifth Third Bank NA
3.85%, 03/15/26 (Call 02/15/26)		12,109		12,041,094
3.95%, 07/28/25 (Call 06/28/25)(a)		5,405		5,466,814
Goldman Sachs Group Inc. (The)
1.09%, 12/09/26 (Call 12/09/25), (SOFR + 0.789%)(b)		18,279		16,480,301
1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)(b)		26,017		23,250,662
1.54%, 09/10/27 (Call 09/10/26), (SOFR + 0.818%)(b)		24,600		21,767,716
1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)(a)(b)		38,758		34,708,936
1.99%, 01/27/32 (Call 01/27/31), (SOFR + 1.090%)(b)		22,094		17,879,346
2.38%, 07/21/32 (Call 07/21/31), (SOFR + 1.248%)(b)		38,719		32,015,583
2.60%, 02/07/30 (Call 11/07/29)(a)		18,210		15,797,812
2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)(b)		36,708		31,113,583
2.64%, 02/24/28 (Call 02/24/27), (SOFR + 1.114%)(b)		27,965		25,734,148
2.65%, 10/21/32 (Call 10/21/31), (SOFR + 1.264%)(b)		30,509		25,739,845
2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.430%)(b)		15,839		12,172,748
3.10%, 02/24/33 (Call 02/24/32), (SOFR + 1.410%)(b)		38,566		33,679,414
3.21%, 04/22/42 (Call 04/22/41), (SOFR + 1.513%)(b)		23,306		18,820,054
3.44%, 02/24/43 (Call 02/24/42), (SOFR + 1.513%)(b)		17,922		14,824,933
3.50%, 11/16/26 (Call 11/16/25)(a)		24,931		24,358,664
3.62%, 03/15/28 (Call 03/15/27), (SOFR + 1.846%)(b)		13,873		13,329,719

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.69%, 06/05/28 (Call 06/05/27), (3 mo. LIBOR US + 1.510%)(b)	$	20,051	$	19,222,076
3.75%, 05/22/25 (Call 02/22/25)(a)		15,729		15,645,680
3.75%, 02/25/26 (Call 11/25/25)(a)		15,484		15,365,419
3.80%, 03/15/30 (Call 12/15/29)(a)		25,040		23,673,294
3.81%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.158%)(a)(b)		21,561		20,688,353
3.85%, 01/26/27 (Call 01/26/26)		26,840		26,236,639
4.02%, 10/31/38 (Call 10/31/37), (3 mo. LIBOR US + 1.373%)(b)		23,242		21,321,025
4.22%, 05/01/29 (Call 05/01/28), (3 mo. LIBOR US + 1.301%)(b)		31,318		30,645,624
4.25%, 10/21/25(a)		16,230		16,242,012
4.41%, 04/23/39 (Call 04/23/38), (3 mo. LIBOR US + 1.430%)(a)(b)		14,529		13,863,411
4.75%, 10/21/45 (Call 04/21/45)		15,141		15,021,073
4.80%, 07/08/44 (Call 01/08/44)		17,493		17,441,814
5.15%, 05/22/45(a)		19,910		19,957,438
5.95%, 01/15/27(a)		9,338		9,926,179
6.13%, 02/15/33(a)		12,923		14,405,861
6.25%, 02/01/41(a)		25,265		29,384,708
6.75%, 10/01/37		53,165		61,349,443
HSBC Holdings PLC
1.00%, 08/17/29 (Call 08/17/28), (SOFR + 1.285%)(b)		16,442		14,111,749
1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)(b)		24,002		21,331,033
2.01%, 09/22/28 (Call 09/22/27), (SOFR + 1.732%)(a)(b)		14,345		12,512,593
2.10%, 06/04/26 (Call 06/04/25), (SOFR + 1.929%)(b)		16,849		15,752,737
2.25%, 11/22/27 (Call 11/22/26), (SOFR + 1.100%)(b)		19,322		17,445,055
2.36%, 08/18/31 (Call 08/18/30), (SOFR + 1.947%)(b)		12,754		10,547,901
2.80%, 05/24/32 (Call 05/24/31), (SOFR + 1.187%)(b)		28,348		23,632,543
2.85%, 06/04/31 (Call 06/04/30), (SOFR + 2.387%)(b)		11,366		9,829,936
2.87%, 11/22/32 (Call 11/22/31), (SOFR + 1.410%)(a)(b)		19,280		16,076,695
3.90%, 05/25/26		20,553		20,255,580
3.97%, 05/22/30 (Call 05/22/29), (3 mo. LIBOR US + 1.610%)(b)		26,456		24,946,146
4.04%, 03/13/28 (Call 03/13/27), (3 mo. LIBOR US + 1.546%)(b)		21,531		20,821,095
4.25%, 08/18/25(a)		10,618		10,588,085
4.29%, 09/12/26 (Call 09/12/25), (3 mo. LIBOR US + 1.348%)(a)(b)		23,938		23,747,999
4.30%, 03/08/26		25,933		25,982,340
4.38%, 11/23/26		14,046		13,926,388
4.58%, 06/19/29 (Call 06/19/28), (3 mo. LIBOR US + 1.535%)(b)		26,107		25,666,293
4.76%, 03/29/33 (Call 03/29/32)(b)		14,905		14,092,610
4.95%, 03/31/30(a)		21,801		21,946,310
5.25%, 03/14/44(a)		10,612		10,331,659
6.10%, 01/14/42(a)		6,832		7,720,937
6.50%, 05/02/36(a)		23,756		26,209,726
6.50%, 09/15/37(a)		27,521		30,704,192
6.80%, 06/01/38(a)		14,078		15,815,238

Security	Par (000)		Value
Banks (continued)
Huntington Bancshares Inc./OH, 2.55%, 02/04/30 (Call 11/04/29)	$	7,234	$	6,438,695
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26), (SOFR + 1.005%)(a)(b)		20,574		18,548,284
2.73%, 04/01/32 (Call 04/01/31), (SOFR + 1.316%)(b)		13,392		11,422,702
3.95%, 03/29/27(a)		15,943		15,569,837
4.02%, 03/28/28 (Call 03/28/27)(a)(b)		6,195		6,012,929
4.05%, 04/09/29(a)		5,654		5,441,092
4.25%, 03/28/33 (Call 03/28/32)(b)		12,817		12,219,600
4.55%, 10/02/28		11,992		11,914,002
JPMorgan Chase & Co.
1.04%, 02/04/27 (Call 02/04/26), (SOFR + 0.695%)(a)(b)		17,158		15,284,820
1.05%, 11/19/26 (Call 11/19/25), (SOFR + 0.800%)(b)		22,839		20,494,405
1.47%, 09/22/27 (Call 09/22/26), (SOFR + 0.765%)(b)		22,415		19,898,038
1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)(b)		29,497		26,645,817
1.76%, 11/19/31 (Call 11/19/30), (SOFR + 1.105%)(a)(b)		11,267		9,106,210
1.95%, 02/04/32 (Call 02/04/31), (SOFR + 1.065%)(a)(b)		27,328		22,280,089
2.07%, 06/01/29 (Call 06/01/28), (SOFR + 1.015%)(b)		15,288		13,368,667
2.18%, 06/01/28 (Call 06/01/27), (SOFR + 1.890%)(b)		12,105		10,895,514
2.52%, 04/22/31 (Call 04/22/30), (SOFR + 2.040%)(a)(b)		25,553		22,181,077
2.53%, 11/19/41 (Call 11/19/40), (SOFR + 2.460%)(b)		14,069		10,332,441
2.55%, 11/08/32 (Call 11/08/31), (SOFR + 1.180%)(a)(b)		31,469		26,747,136
2.58%, 04/22/32 (Call 04/22/31), (SOFR + 1.250%)(b)		33,696		28,904,874
2.74%, 10/15/30 (Call 10/15/29), (SOFR + 1.510%)(b)		31,527		28,026,406
2.95%, 10/01/26 (Call 07/01/26)		26,714		25,610,338
2.95%, 02/24/28 (Call 02/24/27), (SOFR + 1.170%)(b)		17,571		16,536,263
2.96%, 01/25/33 (Call 01/25/32), (SOFR + 1.260%)(b)		36,818		32,455,741
3.11%, 04/22/41 (Call 04/22/40), (SOFR + 1.38%)(b)		13,148		10,582,938
3.11%, 04/22/51 (Call 04/22/50), (SOFR + 1.220%)(a)(b)		20,457		15,703,532
3.16%, 04/22/42 (Call 04/22/41), (SOFR + 2.440%)(b)		21,549		17,459,534
3.20%, 06/15/26 (Call 03/15/26)(a)		16,476		16,059,454
3.30%, 04/01/26 (Call 01/01/26)(a)		21,281		20,756,260
3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.510%)(b)		31,064		24,810,248
3.51%, 01/23/29 (Call 01/23/28), (3 mo. LIBOR US + 0.945%)(a)(b)		18,849		17,935,206
3.54%, 05/01/28 (Call 05/01/27), (3 mo. LIBOR US + 1.380%)(a)(b)		19,723		18,945,784
3.63%, 12/01/27 (Call 12/01/26)(a)		9,051		8,731,902
3.70%, 05/06/30 (Call 05/06/29), (3 mo. LIBOR US + 1.160%)(b)		21,324		20,292,447

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.78%, 02/01/28 (Call 02/01/27), (3 mo. LIBOR US + 1.337%)(b)	$	23,404	$	22,715,157
3.88%, 07/24/38 (Call 07/24/37), (3 mo. LIBOR US + 1.360%)(b)		22,442		20,547,866
3.90%, 07/15/25 (Call 04/15/25)(a)		18,353		18,435,609
3.90%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.460%)(a)(b)		18,551		16,364,396
3.96%, 01/29/27 (Call 01/29/26), (3 mo. LIBOR US + 1.245%)(a)(b)		17,250		17,080,824
3.96%, 11/15/48 (Call 11/15/47), (3 mo. LIBOR US + 1.360%)(a)(b)		33,003		29,310,050
4.01%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.120%)(a)(b)		19,381		18,914,569
4.03%, 07/24/48 (Call 07/24/47), (3 mo. LIBOR US + 1.580%)(b)		14,166		12,740,007
4.13%, 12/15/26		17,352		17,173,387
4.20%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.260%)(b)		18,926		18,598,442
4.25%, 10/01/27(a)		16,042		15,945,955
4.26%, 02/22/48 (Call 02/22/47), (3 mo. LIBOR US + 1.580%)(b)		18,560		17,394,595
4.32%, 04/26/28 (Call 04/26/27), (SOFR + 1.560%)(b)		36,320		36,182,729
4.45%, 12/05/29 (Call 12/05/28), (3 mo. LIBOR US + 1.330%)(b)		20,507		20,362,996
4.49%, 03/24/31 (Call 03/24/30), (SOFR + 3.790%)(a)(b)		26,227		26,146,795
4.59%, 04/26/33 (Call 04/26/32)(b)		17,026		17,101,970
4.85%, 02/01/44(a)		8,381		8,498,150
4.95%, 06/01/45(a)		15,453		15,478,698
5.40%, 01/06/42		10,612		11,423,028
5.50%, 10/15/40(a)		13,828		15,005,196
5.60%, 07/15/41(a)		14,687		16,068,308
5.63%, 08/16/43(a)		10,658		11,589,442
6.40%, 05/15/38(a)		23,127		27,387,074
KeyBank N.A./Cleveland OH, 3.30%, 06/01/25(a)		2,525		2,506,108
KeyCorp.
2.25%, 04/06/27(a)		14,261		13,144,093
2.55%, 10/01/29(a)		7,380		6,593,945
4.10%, 04/30/28		9,834		9,738,554
Lloyds Banking Group PLC
1.63%, 05/11/27 (Call 05/11/26)(b)		13,593		12,172,972
3.57%, 11/07/28 (Call 11/07/27), (3 mo. LIBOR US + 1.205%)(a)(b)		14,773		14,039,837
3.75%, 01/11/27		13,332		12,971,949
3.75%, 03/18/28 (Call 03/18/27)(a)(b)		13,777		13,281,962
4.34%, 01/09/48(a)		15,161		13,089,089
4.38%, 03/22/28		15,257		15,053,675
4.45%, 05/08/25		9,998		10,130,258
4.55%, 08/16/28		11,036		11,005,738
4.58%, 12/10/25		20,452		20,453,704
4.65%, 03/24/26		18,280		18,239,184
5.30%, 12/01/45(a)		6,856		6,751,977
Mitsubishi UFJ Financial Group Inc.
1.41%, 07/17/25		12,546		11,574,945
1.54%, 07/20/27 (Call 07/20/26)(b)		16,276		14,565,422
1.64%, 10/13/27 (Call 10/13/26)(b)		16,230		14,464,905
2.05%, 07/17/30(a)		15,957		13,295,979
2.31%, 07/20/32 (Call 07/20/31)(b)		19,856		16,555,699
2.34%, 01/19/28 (Call 01/19/27)(b)		9,803		8,976,279

Security	Par (000)		Value
Banks (continued)
2.49%, 10/13/32 (Call 10/13/31)(b)	$	10,860	$	9,126,797
2.56%, 02/25/30(a)		14,906		13,023,068
2.76%, 09/13/26(a)		10,165		9,616,097
2.85%, 01/19/33 (Call 01/19/32)(b)		14,546		12,598,443
3.20%, 07/18/29		21,090		19,411,164
3.29%, 07/25/27(a)		5,540		5,295,390
3.68%, 02/22/27(a)		8,383		8,217,169
3.74%, 03/07/29		14,101		13,531,190
3.75%, 07/18/39(a)		9,299		8,457,318
3.85%, 03/01/26(a)		22,294		22,096,941
3.96%, 03/02/28(a)		10,335		10,121,791
4.05%, 09/11/28(a)		8,545		8,328,437
4.08%, 04/19/28 (Call 04/19/27)(b)		7,075		6,979,878
Mizuho Financial Group Inc.
1.23%, 05/22/27 (Call 05/22/26)(b)		16,085		14,219,000
1.55%, 07/09/27 (Call 07/09/26)(b)		17,860		15,936,453
1.98%, 09/08/31 (Call 09/08/30), (SOFR + 1.532%)(b)		9,054		7,403,452
2.20%, 07/10/31 (Call 07/10/30), (SOFR + 1.772%)(b)		14,646		12,169,703
2.23%, 05/25/26 (Call 05/25/25), (3 mo. LIBOR US + 0.830%)(b)		8,265		7,814,929
2.56%, 09/13/31(a)		10,845		8,978,977
2.84%, 09/13/26(a)		8,762		8,274,778
3.15%, 07/16/30 (Call 07/16/29), (3 mo. LIBOR US + 1.130%)(b)		9,549		8,753,972
3.17%, 09/11/27(a)		7,344		6,942,464
4.02%, 03/05/28		9,449		9,316,519
4.25%, 09/11/29 (Call 09/11/28), (3 mo. LIBOR US + 1.270%)(b)		8,472		8,333,587
Morgan Stanley
0.99%, 12/10/26 (Call 12/10/25), (SOFR + 0.720%)(b)		24,695		22,043,357
1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)(b)		29,727		26,505,357
1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)(b)		33,018		29,695,412
1.79%, 02/13/32 (Call 02/13/31), (SOFR + 1.034%)(a)(b)		23,853		19,097,940
1.93%, 04/28/32 (Call 04/28/31), (SOFR + 1.020%)(b)		24,955		20,117,431
2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)(a)(b)		34,367		28,387,981
2.48%, 01/21/28 (Call 01/21/27), (SOFR + 1.000%)(b)		19,019		17,502,210
2.51%, 10/20/32 (Call 10/20/31), (SOFR + 1.200%)(a)(b)		25,349		21,327,708
2.70%, 01/22/31 (Call 01/22/30), (SOFR + 1.143%)(b)		32,422		28,539,404
2.80%, 01/25/52 (Call 01/25/51), (SOFR + 1.430%)(b)		20,349		14,833,798
2.94%, 01/21/33 (Call 01/21/32), (SOFR + 1.290%)(b)		28,905		25,175,449
3.13%, 07/27/26(a)		29,547		28,292,659
3.22%, 04/22/42 (Call 04/22/41), (SOFR + 1.431%)(a)(b)		20,857		16,961,081
3.59%, 07/22/28 (Call 07/22/27), (3 mo. LIBOR US + 1.340%)(b)		26,133		25,072,884
3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)(b)		26,766		25,120,927

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.63%, 01/20/27(a)	$	28,877	$	28,129,366
3.77%, 01/24/29 (Call 01/24/28), (3 mo. LIBOR US + 1.140%)(a)(b)		24,057		23,203,306
3.88%, 01/27/26(a)		27,389		27,154,893
3.95%, 04/23/27		18,807		18,443,113
3.97%, 07/22/38 (Call 07/22/37), (3 mo. LIBOR US + 1.455%)(a)(b)		19,534		18,049,637
4.00%, 07/23/25		22,931		22,951,248
4.21%, 04/20/28 (Call 04/20/27), (SOFR + 1.610%)(b)		11,592		11,498,822
4.30%, 01/27/45(a)		22,550		21,182,782
4.35%, 09/08/26		19,668		19,704,319
4.38%, 01/22/47		22,958		22,038,984
4.43%, 01/23/30 (Call 01/23/29), (3 mo. LIBOR US + 1.628%)(a)(b)		26,706		26,506,471
4.46%, 04/22/39 (Call 04/22/38), (3 mo. LIBOR US + 0.408%)(a)(b)		8,827		8,598,796
5.00%, 11/24/25(a)		18,870		19,353,876
5.30%, 04/20/37		10,277		10,261,059
5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)(a)(b)		17,909		20,329,156
6.38%, 07/24/42		16,521		19,868,488
7.25%, 04/01/32		9,913		11,899,560
National Australia Bank Ltd./New York
2.50%, 07/12/26(a)		9,527		9,086,987
3.38%, 01/14/26(a)		2,473		2,453,876
Natwest Group PLC
1.64%, 06/14/27 (Call 06/14/26)(a)(b)		16,775		14,906,636
3.07%, 05/22/28 (Call 05/22/27)(a)(b)		8,369		7,757,934
4.45%, 05/08/30 (Call 05/08/29), (3 mo. LIBOR US + 1.871%)(b)		13,861		13,471,036
4.80%, 04/05/26		17,566		17,737,593
4.89%, 05/18/29 (Call 05/18/28), (3 mo. LIBOR US + 1.754%)(a)(b)		17,148		17,012,605
5.08%, 01/27/30 (Call 01/27/29), (3 mo. LIBOR US + 1.905%)(a)(b)		20,053		20,335,471
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)(a)		7,432		6,478,565
3.95%, 10/30/25(a)		5,803		5,882,677
PNC Bank N.A.
2.70%, 10/22/29(a)		14,080		12,679,537
3.10%, 10/25/27 (Call 09/25/27)(a)		9,116		8,842,060
3.25%, 06/01/25 (Call 05/02/25)(a)		4,997		4,965,589
4.05%, 07/26/28		10,296		10,195,792
PNC Financial Services Group Inc. (The)
2.31%, 04/23/32 (Call 04/23/31), (SOFR + 0.979%)(a)(b)		7,152		6,143,640
2.55%, 01/22/30 (Call 10/24/29)(a)		20,482		18,280,603
2.60%, 07/23/26 (Call 05/23/26)(a)		10,312		9,892,366
3.15%, 05/19/27 (Call 04/19/27)(a)		10,821		10,532,007
3.45%, 04/23/29 (Call 01/23/29)(a)		24,237		23,353,617
Royal Bank of Canada
0.88%, 01/20/26(a)		21,927		19,677,193
1.15%, 06/10/25		9,212		8,509,918
1.15%, 07/14/26		15,731		14,092,940
1.20%, 04/27/26		24,685		22,240,138
1.40%, 11/02/26		14,826		13,313,002
2.30%, 11/03/31(a)		14,109		12,019,824
3.63%, 05/04/27(a)		5,213		5,117,535
3.88%, 05/04/32		4,381		4,212,917

Security	Par (000)		Value
Banks (continued)
4.65%, 01/27/26(a)	$	15,239	$	15,547,280
Santander Holdings USA Inc.
2.49%, 01/06/28 (Call 01/06/27), (SOFR + 1.249%)(b)		12,774		11,589,978
3.24%, 10/05/26 (Call 08/05/26)(a)		11,202		10,663,483
3.45%, 06/02/25 (Call 05/02/25)(a)		6,077		5,964,619
4.40%, 07/13/27 (Call 04/14/27)		16,456		16,196,043
4.50%, 07/17/25 (Call 04/17/25)		7,929		7,991,461
Santander UK Group Holdings PLC
1.53%, 08/21/26 (Call 08/21/25)(a)(b)		11,466		10,424,224
1.67%, 06/14/27 (Call 06/14/26), (SOFR + 0.989%)(b)		13,252		11,773,008
2.47%, 01/11/28 (Call 01/11/27), (SOFR + 1.220%)(b)		12,647		11,422,265
3.82%, 11/03/28 (Call 11/03/27), (3 mo. LIBOR US + 1.400%)(b)		5,849		5,561,654
State Street Corp.
2.20%, 03/03/31(a)		9,311		7,902,123
2.40%, 01/24/30(a)		6,243		5,610,174
2.65%, 05/19/26(a)		8,892		8,619,660
3.55%, 08/18/25(a)		9,670		9,684,454
Sumitomo Mitsui Financial Group Inc.
0.95%, 01/12/26(a)		13,168		11,792,992
1.40%, 09/17/26		16,861		15,020,367
1.47%, 07/08/25		17,284		16,013,507
1.90%, 09/17/28		20,223		17,308,194
2.13%, 07/08/30		15,096		12,694,676
2.14%, 09/23/30		9,818		8,042,070
2.22%, 09/17/31		9,912		8,209,580
2.63%, 07/14/26		23,658		22,332,485
2.75%, 01/15/30(a)		12,967		11,476,537
2.93%, 09/17/41(a)		9,342		7,280,354
3.01%, 10/19/26(a)		15,386		14,684,303
3.04%, 07/16/29		23,842		21,686,683
3.35%, 10/18/27(a)		6,922		6,633,048
3.36%, 07/12/27(a)		14,126		13,623,521
3.45%, 01/11/27		11,203		10,838,886
3.54%, 01/17/28		6,911		6,628,523
3.78%, 03/09/26(a)		14,949		14,755,523
3.94%, 07/19/28(a)		9,806		9,566,418
Toronto-Dominion Bank (The)
0.75%, 09/11/25(a)		10,835		9,855,646
0.75%, 01/06/26(a)		14,808		13,295,543
1.15%, 06/12/25		7,826		7,265,075
1.20%, 06/03/26		13,468		12,123,364
1.25%, 09/10/26		19,042		17,066,493
1.95%, 01/12/27(a)		16,534		15,168,495
2.00%, 09/10/31		3,039		2,526,973
2.80%, 03/10/27(a)		17,716		16,833,807
3.20%, 03/10/32		17,643		16,082,505
Truist Bank
2.25%, 03/11/30 (Call 12/11/29)(a)		16,046		13,907,853
3.30%, 05/15/26 (Call 04/15/26)(a)		17,618		17,283,443
3.63%, 09/16/25 (Call 08/16/25)		10,528		10,504,759
3.80%, 10/30/26 (Call 09/30/26)		12,338		12,238,896
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)(a)		11,105		9,649,608
1.20%, 08/05/25 (Call 07/03/25)		11,282		10,453,447
1.27%, 03/02/27 (Call 03/02/26), (SOFR + 0.609%)(b)		16,795		15,262,957

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
1.89%, 06/07/29 (Call 06/07/28), (SOFR + 0.862%)(a)(b)	$	7,500	$	6,584,186
1.95%, 06/05/30 (Call 03/05/30)(a)		7,356		6,313,367
3.70%, 06/05/25 (Call 05/05/25)(a)		8,607		8,628,074
4.00%, 05/01/25 (Call 03/01/25)		5,445		5,502,472
U.S. Bancorp.
1.38%, 07/22/30 (Call 04/22/30)		14,367		11,720,808
1.45%, 05/12/25 (Call 04/11/25)		7,747		7,303,619
2.22%, 01/27/28 (Call 01/27/27), (SOFR + 0.730%)(b)		18,759		17,408,204
2.68%, 01/27/33 (Call 01/27/32), (SOFR + 1.020%)(b)		20,018		17,722,870
3.00%, 07/30/29 (Call 04/30/29)		7,472		6,959,400
3.10%, 04/27/26 (Call 03/27/26)(a)		12,751		12,481,942
3.90%, 04/26/28 (Call 03/24/28)		6,805		6,821,312
3.95%, 11/17/25 (Call 10/17/25)		7,776		7,898,753
Series V, 2.38%, 07/22/26 (Call 06/22/26)(a)		14,084		13,403,081
Series X, 3.15%, 04/27/27 (Call 03/27/27)(a)		13,286		12,941,802
Wachovia Corp., 5.50%, 08/01/35(a)		11,490		11,997,833
Wells Fargo & Co.
2.19%, 04/30/26 (Call 04/30/25), (SOFR + 2.000%)(a)(b)		24,504		23,127,890
2.39%, 06/02/28 (Call 06/02/27), (SOFR + 2.100%)(b)		27,860		25,302,873
2.57%, 02/11/31 (Call 02/11/30), (SOFR + 1.262%)(b)		23,638		20,684,938
2.88%, 10/30/30 (Call 10/30/29), (SOFR + 1.432%)(b)		30,137		27,046,514
3.00%, 04/22/26(a)		30,017		28,883,747
3.00%, 10/23/26		30,663		29,283,003
3.07%, 04/30/41 (Call 04/30/40), (SOFR + 2.530%)(b)		31,276		25,204,700
3.20%, 06/17/27 (Call 06/17/26), (3 mo. LIBOR US + 1.170%)(b)		25,341		24,269,281
3.35%, 03/02/33 (Call 03/02/32), (SOFR + 1.500%)(b)		36,244		32,965,085
3.53%, 03/24/28 (Call 03/24/27), (SOFR + 1.510%)(b)		36,885		35,459,590
3.55%, 09/29/25(a)		20,240		20,078,920
3.58%, 05/22/28 (Call 05/22/27), (3 mo. LIBOR US + 1.310%)(a)(b)		26,269		25,190,463
3.90%, 05/01/45(a)		18,537		16,745,710
4.10%, 06/03/26		21,548		21,420,875
4.15%, 01/24/29 (Call 10/24/28)(a)		17,982		17,700,531
4.30%, 07/22/27(a)		21,705		21,672,514
4.40%, 06/14/46(a)		18,491		17,197,815
4.48%, 04/04/31 (Call 04/04/30), (SOFR + 4.032%)(b)		19,397		19,371,460
4.61%, 04/25/53		30,417		29,994,882
4.65%, 11/04/44		17,571		16,621,836
4.75%, 12/07/46(a)		19,220		18,755,051
4.90%, 11/17/45		19,069		18,661,145
5.01%, 04/04/51 (Call 04/04/50), (SOFR + 4.502%)(b)		56,267		58,956,011
5.38%, 11/02/43(a)		19,125		19,967,106
5.61%, 01/15/44		22,166		23,707,982
Wells Fargo Bank N.A.
5.85%, 02/01/37		9,312		10,337,572
6.60%, 01/15/38(a)		16,582		20,117,447

Security	Par (000)		Value
Banks (continued)
Westpac Banking Corp.
1.15%, 06/03/26	$	11,717	$	10,621,186
1.95%, 11/20/28		13,055		11,517,823
2.15%, 06/03/31		8,115		6,929,449
2.65%, 01/16/30(a)		7,054		6,416,422
2.70%, 08/19/26		8,049		7,733,137
2.85%, 05/13/26(a)		19,255		18,685,119
2.96%, 11/16/40(a)		11,402		8,750,248
3.13%, 11/18/41(a)		10,934		8,486,895
3.35%, 03/08/27(a)		12,862		12,590,326
3.40%, 01/25/28(a)		7,913		7,672,773
4.42%, 07/24/39		9,335		8,760,919
				7,638,332,488
Beverages — 2.9%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (Call 11/01/25)(a)		30,748		30,506,890
4.70%, 02/01/36 (Call 08/01/35)(a)		47,477		47,037,363
4.90%, 02/01/46 (Call 08/01/45)		88,893		87,590,006
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43		7,572		6,629,727
4.63%, 02/01/44(a)		7,885		7,470,219
4.90%, 02/01/46 (Call 08/01/45)(a)		15,031		14,831,364
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)(a)		15,232		14,475,597
3.75%, 07/15/42		8,734		7,384,748
4.00%, 04/13/28 (Call 01/13/28)(a)		20,340		20,210,416
4.35%, 06/01/40 (Call 12/01/39)(a)		9,173		8,623,214
4.38%, 04/15/38 (Call 10/15/37)(a)		12,353		11,658,837
4.44%, 10/06/48 (Call 04/06/48)(a)		16,602		15,244,813
4.50%, 06/01/50 (Call 12/01/49)		21,999		20,656,542
4.60%, 04/15/48 (Call 10/15/47)(a)		23,037		21,720,120
4.60%, 06/01/60 (Call 12/01/59)		10,224		9,395,042
4.75%, 01/23/29 (Call 10/23/28)		36,800		37,958,751
4.75%, 04/15/58 (Call 10/15/57)(a)		15,679		14,798,422
4.90%, 01/23/31 (Call 10/23/30)		8,147		8,454,479
4.95%, 01/15/42		15,843		15,779,763
5.45%, 01/23/39 (Call 07/23/38)(a)		19,506		20,721,875
5.55%, 01/23/49 (Call 07/23/48)		39,696		42,530,140
5.80%, 01/23/59 (Call 07/23/58)		19,816		21,609,556
8.20%, 01/15/39(a)		10,839		14,638,608
Coca-Cola Co. (The)
1.00%, 03/15/28(a)		11,063		9,574,467
1.38%, 03/15/31(a)		11,475		9,397,579
1.45%, 06/01/27(a)		14,326		13,041,514
1.50%, 03/05/28		9,402		8,408,410
1.65%, 06/01/30(a)		14,056		11,979,707
2.00%, 03/05/31(a)		6,814		5,889,021
2.13%, 09/06/29(a)		10,427		9,342,040
2.25%, 01/05/32(a)		15,099		13,233,257
2.50%, 06/01/40(a)		9,851		7,898,517
2.50%, 03/15/51(a)		14,462		10,714,213
2.60%, 06/01/50(a)		12,308		9,330,909
2.75%, 06/01/60(a)		8,300		6,148,880
2.88%, 05/05/41		7,243		6,055,173
3.00%, 03/05/51(a)		18,036		14,822,120
3.38%, 03/25/27(a)		10,534		10,512,601
3.45%, 03/25/30(a)		14,457		14,103,577

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
Constellation Brands Inc.
2.25%, 08/01/31 (Call 05/01/31)(a)	$	8,953	$	7,427,822
3.15%, 08/01/29 (Call 05/01/29)(a)		10,687		9,822,612
Diageo Capital PLC
1.38%, 09/29/25 (Call 08/29/25)		5,878		5,503,494
2.00%, 04/29/30 (Call 01/29/30)(a)		9,475		8,246,465
2.13%, 04/29/32 (Call 01/29/32)(a)		8,817		7,513,230
2.38%, 10/24/29 (Call 07/24/29)		9,761		8,804,569
Keurig Dr Pepper Inc.
3.20%, 05/01/30 (Call 02/01/30)(a)		11,092		10,156,741
3.80%, 05/01/50 (Call 11/01/49)		8,129		6,882,413
3.95%, 04/15/29 (Call 02/15/29)		8,391		8,189,256
4.05%, 04/15/32 (Call 01/15/32)(a)		9,874		9,466,645
4.50%, 04/15/52 (Call 10/15/51)		7,455		6,957,709
Molson Coors Beverage Co.
3.00%, 07/15/26 (Call 04/15/26)(a)		23,727		22,590,733
4.20%, 07/15/46 (Call 01/15/46)(a)		17,923		15,468,067
5.00%, 05/01/42		11,375		10,793,025
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)(a)		6,551		5,414,677
1.63%, 05/01/30 (Call 02/01/30)		10,980		9,377,666
1.95%, 10/21/31 (Call 07/21/31)(a)		11,448		9,832,685
2.38%, 10/06/26 (Call 07/06/26)		10,868		10,376,931
2.63%, 07/29/29 (Call 04/29/29)(a)		8,477		7,925,581
2.63%, 10/21/41 (Call 04/21/41)		12,549		10,175,225
2.75%, 04/30/25 (Call 01/30/25)(a)		7,283		7,213,541
2.75%, 03/19/30 (Call 12/19/29)		14,204		13,122,174
2.75%, 10/21/51 (Call 04/21/51)(a)		10,539		8,282,461
2.85%, 02/24/26 (Call 11/24/25)(a)		7,752		7,606,211
2.88%, 10/15/49 (Call 04/15/49)		10,483		8,529,957
3.00%, 10/15/27 (Call 07/15/27)(a)		14,244		13,927,205
3.45%, 10/06/46 (Call 04/06/46)(a)		8,560		7,662,577
3.63%, 03/19/50 (Call 09/19/49)		9,356		8,688,254
4.45%, 04/14/46 (Call 10/14/45)(a)		1,127		1,183,257
				927,519,660
Biotechnology — 1.6%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)		13,578		11,841,974
2.00%, 01/15/32 (Call 10/15/31)(a)		12,211		10,082,795
2.20%, 02/21/27 (Call 12/21/26)		17,631		16,338,662
2.30%, 02/25/31 (Call 11/25/30)(a)		11,519		9,908,610
2.45%, 02/21/30 (Call 11/21/29)(a)		13,516		11,932,141
2.60%, 08/19/26 (Call 05/19/26)(a)		10,223		9,750,778
2.77%, 09/01/53 (Call 03/01/53)(a)		9,439		6,527,232
2.80%, 08/15/41 (Call 02/15/41)		12,043		9,235,468
3.00%, 02/22/29 (Call 12/22/28)		4,388		4,114,581
3.00%, 01/15/52 (Call 07/15/51)(a)		13,019		9,449,171
3.13%, 05/01/25 (Call 02/01/25)(a)		5,773		5,705,436
3.15%, 02/21/40 (Call 08/21/39)		22,493		18,173,258
3.20%, 11/02/27 (Call 08/02/27)(a)		8,898		8,582,076
3.35%, 02/22/32 (Call 11/22/31)		10,934		10,089,438
3.38%, 02/21/50 (Call 08/21/49)		20,768		16,228,325
4.20%, 02/22/52 (Call 08/22/51)		12,887		11,609,146
4.40%, 05/01/45 (Call 11/01/44)(a)		21,198		19,753,040
4.40%, 02/22/62 (Call 08/22/61)		12,130		10,846,136
4.56%, 06/15/48 (Call 12/15/47)(a)		12,586		12,076,426
4.66%, 06/15/51 (Call 12/15/50)(a)		31,915		30,864,355
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)(a)		1,063		1,066,811
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)(a)		16,618		13,858,456

Security	Par (000)		Value
Biotechnology (continued)
3.15%, 05/01/50 (Call 11/01/49)	$	17,654	$	12,316,329
4.05%, 09/15/25 (Call 06/15/25)(a)		12,707		12,663,789
5.20%, 09/15/45 (Call 03/15/45)		10,941		10,908,808
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)		9,074		7,878,628
1.65%, 10/01/30 (Call 07/01/30)(a)		13,101		10,879,573
2.60%, 10/01/40 (Call 04/01/40)		8,998		6,750,604
2.80%, 10/01/50 (Call 04/01/50)(a)		15,757		11,281,960
2.95%, 03/01/27 (Call 12/01/26)(a)		13,574		13,024,651
3.65%, 03/01/26 (Call 12/01/25)(a)		23,620		23,399,063
4.00%, 09/01/36 (Call 03/01/36)(a)		6,970		6,577,997
4.15%, 03/01/47 (Call 09/01/46)(a)		20,369		18,602,639
4.50%, 02/01/45 (Call 08/01/44)(a)		15,509		14,683,549
4.60%, 09/01/35 (Call 03/01/35)(a)		7,974		8,063,886
4.75%, 03/01/46 (Call 09/01/45)		21,181		20,993,800
4.80%, 04/01/44 (Call 10/01/43)		16,561		16,254,643
5.65%, 12/01/41 (Call 06/01/41)(a)		10,310		11,338,954
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (Call 06/15/30)		16,242		13,205,914
2.80%, 09/15/50 (Call 03/15/50)		7,570		5,373,055
Royalty Pharma PLC
1.20%, 09/02/25 (Call 08/02/25)		5,410		4,924,178
1.75%, 09/02/27 (Call 07/02/27)		11,814		10,384,169
2.20%, 09/02/30 (Call 06/02/30)(a)		7,556		6,311,044
3.30%, 09/02/40 (Call 03/02/40)(a)		7,174		5,606,200
3.55%, 09/02/50 (Call 03/02/50)		13,420		9,869,616
				519,327,364
Building Materials — 0.2%
Carrier Global Corp.
2.49%, 02/15/27 (Call 12/15/26)(a)		2,313		2,151,527
2.70%, 02/15/31 (Call 11/15/30)(a)		7,641		6,657,446
2.72%, 02/15/30 (Call 11/15/29)(a)		24,533		21,662,921
3.38%, 04/05/40 (Call 10/05/39)(a)		14,566		11,997,269
3.58%, 04/05/50 (Call 10/05/49)(a)		19,891		16,019,720
Martin Marietta Materials Inc.
2.40%, 07/15/31 (Call 04/15/31)		7,765		6,559,919
3.20%, 07/15/51 (Call 01/15/51)(a)		9,783		7,266,526
				72,315,328
Chemicals — 1.0%
Air Products and Chemicals Inc.
2.05%, 05/15/30 (Call 02/15/30)		10,322		9,015,429
2.70%, 05/15/40 (Call 11/15/39)		9,135		7,413,016
2.80%, 05/15/50 (Call 11/15/49)		8,339		6,466,034
CF Industries Inc.
4.95%, 06/01/43		7,525		7,210,486
5.15%, 03/15/34(a)		7,796		8,031,139
5.38%, 03/15/44		8,168		8,301,116
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)(a)		4,627		3,925,907
3.60%, 11/15/50 (Call 05/15/50)		11,336		9,297,924
3.63%, 05/15/26 (Call 03/15/26)		7,109		7,051,416
4.38%, 11/15/42 (Call 05/15/42)(a)		8,818		8,292,784
4.80%, 05/15/49 (Call 11/15/48)		7,041		6,960,211
5.25%, 11/15/41 (Call 05/15/41)(a)		8,474		8,770,918
5.55%, 11/30/48 (Call 05/30/48)(a)		8,221		8,981,275
7.38%, 11/01/29(a)		9,608		11,427,529
DuPont de Nemours Inc.
4.49%, 11/15/25 (Call 09/15/25)		19,126		19,499,967
4.73%, 11/15/28 (Call 08/15/28)(a)		19,312		19,939,497

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
5.32%, 11/15/38 (Call 05/15/38)(a)	$	15,947	$	16,733,430
5.42%, 11/15/48 (Call 05/15/48)		21,979		23,446,536
Eastman Chemical Co., 4.65%, 10/15/44 (Call 04/15/44)		8,551		8,038,592
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)(a)		7,876		7,612,654
2.70%, 12/15/51 (Call 06/15/51)(a)		8,492		6,452,462
International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48)(a)		4,934		4,821,593
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)(a)		9,510		9,150,496
5.25%, 07/15/43(a)		7,752		7,862,301
LYB International Finance III LLC
3.38%, 10/01/40 (Call 04/01/40)(a)		9,682		7,791,379
3.63%, 04/01/51 (Call 10/01/50)		9,486		7,559,711
4.20%, 10/15/49 (Call 04/15/49)(a)		10,162		8,889,390
4.20%, 05/01/50 (Call 11/01/49)(a)		9,767		8,526,917
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)		8,298		7,559,114
Nutrien Ltd.
4.20%, 04/01/29 (Call 01/01/29)(a)		9,367		9,374,992
5.00%, 04/01/49 (Call 10/01/48)(a)		7,364		7,808,951
Sherwin-Williams Co. (The)
2.95%, 08/15/29 (Call 05/15/29)(a)		8,626		7,946,876
3.45%, 06/01/27 (Call 03/01/27)(a)		12,721		12,332,845
4.50%, 06/01/47 (Call 12/01/46)(a)		14,980		14,349,120
Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26)(a)		6,984		6,896,717
				333,738,724
Commercial Services — 0.7%
Automatic Data Processing Inc.
1.25%, 09/01/30 (Call 06/01/30)		13,274		10,897,963
1.70%, 05/15/28 (Call 03/15/28)		10,226		9,198,810
3.38%, 09/15/25 (Call 06/15/25)(a)		6,722		6,755,814
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)(a)		9,780		8,197,435
Global Payments Inc.
1.20%, 03/01/26 (Call 02/01/26)		15,793		14,166,517
2.15%, 01/15/27 (Call 12/15/26)		10,782		9,776,514
2.90%, 05/15/30 (Call 02/15/30)		11,314		9,932,369
2.90%, 11/15/31 (Call 08/15/31)(a)		9,656		8,261,932
3.20%, 08/15/29 (Call 05/15/29)(a)		11,613		10,533,299
4.15%, 08/15/49 (Call 02/15/49)(a)		7,626		6,612,330
4.80%, 04/01/26 (Call 01/01/26)(a)		7,673		7,844,389
Massachusetts Institute of Technology, 5.60%,		6,593		8,175,663
PayPal Holdings Inc.
1.65%, 06/01/25 (Call 05/01/25)(a)		4,372		4,135,617
2.30%, 06/01/30 (Call 03/01/30)(a)		12,210		10,683,816
2.65%, 10/01/26 (Call 08/01/26)(a)		16,578		15,873,264
2.85%, 10/01/29 (Call 07/01/29)(a)		14,924		13,693,424
3.25%, 06/01/50 (Call 12/01/49)(a)		9,632		7,632,026
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)(a)		14,125		12,263,843
S&P Global Inc.
2.45%, 03/01/27 (Call 02/01/27)(c)		7,238		6,820,646
2.70%, 03/01/29 (Call 01/01/29)(c)		14,300		13,127,529
2.90%, 03/01/32 (Call 12/01/31)(c)		14,951		13,506,131
3.70%, 03/01/52 (Call 09/01/51)(c)		11,744		10,288,937
4.25%, 05/01/29 (Call 02/01/29)(c)		13,072		13,136,610

Security	Par (000)		Value
Commercial Services (continued)
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)(a)	$	2,573	$	2,587,063
				234,101,941
Computers — 3.2%
Apple Inc.
0.55%, 08/20/25 (Call 07/20/25)		11,516		10,593,404
0.70%, 02/08/26 (Call 01/08/26)		22,174		20,249,379
1.13%, 05/11/25 (Call 04/11/25)(a)		14,729		13,892,030
1.25%, 08/20/30 (Call 05/20/30)		11,917		9,846,543
1.40%, 08/05/28 (Call 06/05/28)		16,022		14,064,097
1.65%, 05/11/30 (Call 02/11/30)		18,424		15,804,349
1.65%, 02/08/31 (Call 11/08/30)		26,830		22,709,105
1.70%, 08/05/31 (Call 05/05/31)(a)		8,326		7,029,982
2.05%, 09/11/26 (Call 07/11/26)		17,860		16,924,683
2.20%, 09/11/29 (Call 06/11/29)		14,555		13,219,100
2.38%, 02/08/41 (Call 08/08/40)(a)		13,866		10,877,749
2.40%, 08/20/50 (Call 02/20/50)(a)		10,782		7,812,068
2.45%, 08/04/26 (Call 05/04/26)(a)		19,329		18,657,520
2.55%, 08/20/60 (Call 02/20/60)(a)		16,176		11,325,338
2.65%, 05/11/50 (Call 11/11/49)		26,007		19,742,983
2.65%, 02/08/51 (Call 08/08/50)(a)		28,189		21,317,018
2.70%, 08/05/51 (Call 02/05/51)(a)		18,749		14,318,094
2.80%, 02/08/61 (Call 08/08/60)		15,501		11,396,304
2.85%, 08/05/61 (Call 02/05/61)		12,972		9,663,713
2.90%, 09/12/27 (Call 06/12/27)(a)		20,623		19,927,479
2.95%, 09/11/49 (Call 03/11/49)(a)		15,059		12,170,238
3.00%, 06/20/27 (Call 03/20/27)(a)		8,698		8,462,665
3.00%, 11/13/27 (Call 08/13/27)		13,026		12,689,683
3.20%, 05/13/25		12,087		12,130,727
3.20%, 05/11/27 (Call 02/11/27)		19,607		19,341,300
3.25%, 02/23/26 (Call 11/23/25)(a)		28,832		28,739,582
3.35%, 02/09/27 (Call 11/09/26)		19,676		19,588,503
3.45%, 02/09/45		18,562		16,490,837
3.75%, 09/12/47 (Call 03/12/47)		11,378		10,545,051
3.75%, 11/13/47 (Call 05/13/47)		11,691		10,968,398
3.85%, 05/04/43		24,312		23,011,169
3.85%, 08/04/46 (Call 02/04/46)		19,321		18,368,977
4.25%, 02/09/47 (Call 08/09/46)(a)		10,255		10,223,724
4.38%, 05/13/45		16,960		17,163,160
4.45%, 05/06/44(a)		9,893		10,133,796
4.50%, 02/23/36 (Call 08/23/35)		8,870		9,375,138
4.65%, 02/23/46 (Call 08/23/45)(a)		37,878		39,989,740
Dell International LLC/EMC Corp.
3.38%, 12/15/41 (Call 06/15/41)(c)		11,273		8,499,310
3.45%, 12/15/51 (Call 06/15/51)(a)(c)		11,962		8,470,564
4.90%, 10/01/26 (Call 08/01/26)		17,463		17,819,987
5.30%, 10/01/29 (Call 07/01/29)		17,234		17,660,197
5.85%, 07/15/25 (Call 06/15/25)		4,597		4,827,614
6.02%, 06/15/26 (Call 03/15/26)		43,706		46,223,020
6.20%, 07/15/30 (Call 04/15/30)		12,234		13,219,893
8.10%, 07/15/36 (Call 01/15/36)		7,877		9,666,333
8.35%, 07/15/46 (Call 01/15/46)(a)		7,734		10,357,627
Hewlett Packard Enterprise Co.
1.75%, 04/01/26 (Call 03/01/26)(a)		9,127		8,412,001
4.90%, 10/15/25 (Call 07/15/25)(a)		23,121		23,853,194
6.20%, 10/15/35 (Call 04/15/35)(a)		9,471		10,305,308
6.35%, 10/15/45 (Call 04/15/45)(a)		17,882		18,957,711
HP Inc.
1.45%, 06/17/26 (Call 05/17/26)(a)		10,125		9,114,846
2.20%, 06/17/25 (Call 05/17/25)		6,087		5,779,062

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
2.65%, 06/17/31 (Call 03/17/31)	$	11,506	$	9,514,041
3.00%, 06/17/27 (Call 04/17/27)(a)		10,466		9,823,251
3.40%, 06/17/30 (Call 03/17/30)(a)		6,818		6,117,845
4.00%, 04/15/29 (Call 02/15/29)		13,752		13,070,058
4.20%, 04/15/32 (Call 01/15/32)		12,368		11,353,243
6.00%, 09/15/41		12,059		12,581,338
International Business Machines Corp.
1.70%, 05/15/27 (Call 03/15/27)(a)		12,995		11,789,554
1.95%, 05/15/30 (Call 02/15/30)(a)		14,193		12,151,504
2.95%, 05/15/50 (Call 11/15/49)		8,705		6,627,359
3.30%, 05/15/26(a)		25,194		24,866,188
3.45%, 02/19/26(a)		12,611		12,521,555
3.50%, 05/15/29(a)		29,293		28,314,930
4.00%, 06/20/42		9,750		8,939,782
4.15%, 05/15/39		17,295		16,430,253
4.25%, 05/15/49(a)		29,124		27,437,155
Leidos Inc.
2.30%, 02/15/31 (Call 11/15/30)(a)		11,960		9,859,919
4.38%, 05/15/30 (Call 02/15/30)(a)		10,453		10,107,341
NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25)		5,803		5,471,841
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)		18,643		18,526,481
				1,037,433,931
Cosmetics & Personal Care — 0.5%
GlaxoSmithKline LLC
3.63%, 03/24/32 (Call 12/24/31)(c)		20,398		19,146,842
4.00%, 03/24/52 (Call 09/24/51)(c)		11,051		9,962,874
GSK Consumer Healthcare Capital US LLC.
3.38%, 03/24/27 (Call 02/24/27)(c)		10,159		9,834,667
3.38%, 03/24/29 (Call 01/24/29)(c)		11,278		10,659,487
Procter & Gamble Co. (The)
0.55%, 10/29/25(a)		8,022		7,350,632
1.00%, 04/23/26(a)		8,180		7,471,214
1.20%, 10/29/30		13,421		11,035,443
1.90%, 02/01/27(a)		5,460		5,140,015
1.95%, 04/23/31(a)		6,855		5,993,579
2.30%, 02/01/32		7,033		6,286,147
2.45%, 11/03/26		11,184		10,784,580
2.85%, 08/11/27(a)		10,769		10,445,232
3.00%, 03/25/30(a)		14,959		14,236,132
Unilever Capital Corp.
1.75%, 08/12/31 (Call 05/12/31)		7,387		6,173,673
2.13%, 09/06/29 (Call 06/06/29)(a)		7,602		6,776,791
2.90%, 05/05/27 (Call 02/05/27)(a)		10,377		10,034,568
3.50%, 03/22/28 (Call 12/22/27)(a)		13,284		13,097,319
5.90%, 11/15/32(a)		10,087		11,719,779
				176,148,974
Diversified Financial Services — 3.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.75%, 01/30/26 (Call 12/30/25)(a)		13,492		11,997,297
2.45%, 10/29/26 (Call 09/29/26)		31,089		27,662,010
3.00%, 10/29/28 (Call 08/29/28)		34,178		29,666,210
3.30%, 01/30/32 (Call 10/30/31)		35,297		29,359,625
3.40%, 10/29/33 (Call 07/29/33)(a)		16,499		13,477,776
3.65%, 07/21/27 (Call 04/21/27)(a)		9,874		9,226,684
3.85%, 10/29/41 (Call 04/29/41)(a)		15,388		11,883,212
6.50%, 07/15/25 (Call 06/15/25)(a)		8,845		9,185,342
Air Lease Corp.
1.88%, 08/15/26 (Call 07/15/26)(a)		19,153		17,069,816

Security	Par (000)		Value
Diversified Financial Services (continued)
2.20%, 01/15/27 (Call 12/15/26)	$	7,961	$	7,109,440
2.88%, 01/15/26 (Call 12/15/25)(a)		16,914		15,853,976
2.88%, 01/15/32 (Call 10/15/31)(a)		5,229		4,316,338
3.13%, 12/01/30 (Call 09/01/30)(a)		5,446		4,696,712
3.38%, 07/01/25 (Call 06/01/25)(a)		5,244		5,067,231
3.75%, 06/01/26 (Call 04/01/26)(a)		10,379		10,009,838
Ally Financial Inc.
2.20%, 11/02/28 (Call 09/02/28)(a)		14,977		13,025,048
5.80%, 05/01/25 (Call 04/01/25)(a)		879		918,854
8.00%, 11/01/31		19,485		23,301,089
American Express Co.
1.65%, 11/04/26 (Call 10/04/26)		16,116		14,735,663
2.55%, 03/04/27 (Call 02/01/27)(a)		11,938		11,244,516
3.13%, 05/20/26 (Call 04/20/26)		16,786		16,465,048
4.05%, 05/03/29		6,295		6,247,478
4.05%, 12/03/42(a)		9,515		9,000,566
4.20%, 11/06/25 (Call 10/06/25)(a)		9,123		9,324,602
Brookfield Finance Inc.
3.50%, 03/30/51 (Call 09/30/50)		8,519		6,749,485
3.90%, 01/25/28 (Call 10/25/27)		12,353		12,015,147
4.35%, 04/15/30 (Call 01/15/30)		9,717		9,602,799
4.70%, 09/20/47 (Call 03/20/47)(a)		8,787		8,322,094
4.85%, 03/29/29 (Call 12/29/28)(a)		10,490		10,727,099
Capital One Financial Corp.
3.65%, 05/11/27 (Call 04/11/27)(a)		9,712		9,431,522
3.75%, 07/28/26 (Call 06/28/26)(a)		17,404		17,023,133
3.75%, 03/09/27 (Call 02/09/27)(a)		11,654		11,354,844
3.80%, 01/31/28 (Call 12/31/27)(a)		16,406		15,792,519
4.20%, 10/29/25 (Call 09/29/25)		14,649		14,617,105
4.25%, 04/30/25 (Call 03/31/25)(a)		5,487		5,501,541
Charles Schwab Corp. (The)
0.90%, 03/11/26 (Call 02/11/26)(a)		17,794		16,102,164
1.15%, 05/13/26 (Call 04/13/26)		11,796		10,693,522
1.65%, 03/11/31 (Call 12/11/30)		4,152		3,374,232
1.95%, 12/01/31 (Call 09/01/31)(a)		10,414		8,574,359
2.00%, 03/20/28 (Call 01/20/28)(a)		14,895		13,433,549
2.30%, 05/13/31 (Call 02/13/31)(a)		9,453		8,119,856
2.45%, 03/03/27 (Call 02/03/27)		4,200		3,957,518
2.90%, 03/03/32 (Call 12/03/31)		18,336		16,412,189
3.85%, 05/21/25 (Call 03/21/25)		6,682		6,761,543
CME Group Inc.
2.65%, 03/15/32 (Call 12/15/31)		12,702		11,316,209
5.30%, 09/15/43 (Call 03/15/43)(a)		8,105		9,047,475
Corebridge Financial Inc., 3.65%, 04/05/27		8,561		8,288,004
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)(a)		11,801		11,676,753
Intercontinental Exchange Inc.
1.85%, 09/15/32 (Call 06/15/32)(a)		15,721		12,707,929
2.10%, 06/15/30 (Call 03/15/30)(a)		12,077		10,443,471
2.65%, 09/15/40 (Call 03/15/40)(a)		14,376		11,056,777
3.00%, 06/15/50 (Call 12/15/49)(a)		12,074		9,270,398
3.00%, 09/15/60 (Call 03/15/60)		12,672		9,165,038
3.75%, 12/01/25 (Call 09/01/25)(a)		16,775		16,825,709
4.25%, 09/21/48 (Call 03/21/48)(a)		11,763		11,336,072
Jefferies Group LLC/Jefferies Group Capital Finance Inc.
2.63%, 10/15/31 (Call 07/15/31)		13,375		11,006,947
4.15%, 01/23/30(a)		10,855		10,316,412
4.85%, 01/15/27(a)		7,372		7,563,095

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Mastercard Inc.
2.00%, 11/18/31 (Call 08/18/31)	$	12,330	$	10,605,215
2.95%, 11/21/26 (Call 08/21/26)(a)		9,555		9,368,849
2.95%, 06/01/29 (Call 03/01/29)(a)		9,659		9,189,629
3.30%, 03/26/27 (Call 01/26/27)(a)		11,922		11,822,991
3.35%, 03/26/30 (Call 12/26/29)(a)		10,130		9,798,592
3.65%, 06/01/49 (Call 12/01/48)		8,910		8,096,550
3.85%, 03/26/50 (Call 09/26/49)(a)		19,143		18,164,940
Nomura Holdings Inc.
1.65%, 07/14/26		15,989		14,355,051
1.85%, 07/16/25		9,580		8,914,236
2.17%, 07/14/28		12,776		11,110,739
2.33%, 01/22/27(a)		12,213		11,113,632
2.61%, 07/14/31(a)		9,261		7,792,252
2.68%, 07/16/30(a)		8,829		7,598,942
3.00%, 01/22/32(a)		7,599		6,559,506
3.10%, 01/16/30(a)		14,366		12,883,650
Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)(a)		7,016		6,191,095
4.95%, 07/15/46(a)		8,506		8,786,365
Synchrony Financial
2.88%, 10/28/31 (Call 07/28/31)(a)		13,653		11,129,300
3.95%, 12/01/27 (Call 09/01/27)(a)		11,071		10,572,868
4.50%, 07/23/25 (Call 04/23/25)		4,413		4,431,995
Visa Inc.
1.10%, 02/15/31 (Call 11/15/30)(a)		7,447		5,942,837
1.90%, 04/15/27 (Call 02/15/27)(a)		15,863		14,753,267
2.00%, 08/15/50 (Call 02/15/50)(a)		16,800		11,274,515
2.05%, 04/15/30 (Call 01/15/30)(a)		16,237		14,384,191
2.70%, 04/15/40 (Call 10/15/39)		11,684		9,550,221
2.75%, 09/15/27 (Call 06/15/27)(a)		9,448		9,155,121
3.15%, 12/14/25 (Call 09/14/25)(a)		38,989		38,732,807
3.65%, 09/15/47 (Call 03/15/47)		8,935		8,136,574
4.15%, 12/14/35 (Call 06/14/35)		13,371		13,456,326
4.30%, 12/14/45 (Call 06/14/45)(a)		33,923		34,061,134
				1,027,364,270
Electric — 2.8%
AES Corp. (The)
1.38%, 01/15/26 (Call 12/15/25)(a)		10,130		9,087,707
2.45%, 01/15/31 (Call 10/15/30)(a)		7,727		6,402,830
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)(a)		4,797		4,490,061
Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)(a)		6,624		6,435,078
Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)		15,165		11,025,496
3.70%, 07/15/30 (Call 04/15/30)		9,651		9,331,476
3.80%, 07/15/48 (Call 01/15/48)(a)		8,956		7,808,399
4.25%, 10/15/50 (Call 04/15/50)(a)		8,709		8,126,971
4.45%, 01/15/49 (Call 07/15/48)(a)		9,375		9,049,131
4.50%, 02/01/45 (Call 08/01/44)		8,637		8,140,374
4.60%, 05/01/53(c)		6,574		6,462,251
5.15%, 11/15/43 (Call 05/15/43)		6,945		7,118,260
6.13%, 04/01/36		15,516		17,600,253
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)(a)		5,117		4,735,454
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)(a)		7,158		6,726,304
Consolidated Edison Co. of New York Inc.
2.40%, 06/15/31 (Call 03/15/31)(a)		7,715		6,693,321
3.60%, 06/15/61 (Call 12/15/60)(a)		6,463		5,228,038
4.45%, 03/15/44 (Call 09/15/43)		8,416		7,999,699

Security	Par (000)		Value
Electric (continued)
4.63%, 12/01/54 (Call 06/01/54)	$	8,578	$	8,254,104
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)(a)		7,797		7,052,144
Constellation Energy Generation LLC
3.25%, 06/01/25 (Call 05/01/25)(a)		980		960,628
5.60%, 06/15/42 (Call 12/15/41)(a)		4,869		4,773,352
Dominion Energy Inc.
3.90%, 10/01/25 (Call 07/01/25)(a)		8,249		8,282,342
Series C, 2.25%, 08/15/31 (Call 05/15/31)(a)		7,737		6,493,568
Series C, 3.38%, 04/01/30 (Call 01/01/30)		8,484		7,873,620
DTE Energy Co., Series F, 1.05%, 06/01/25 (Call 05/01/25)(a)		2,995		2,758,261
Duke Energy Carolinas LLC
3.20%, 08/15/49 (Call 02/15/49)(a)		8,676		7,098,538
5.30%, 02/15/40		8,235		8,901,311
Duke Energy Corp.
2.45%, 06/01/30 (Call 03/01/30)(a)		6,965		6,059,951
2.55%, 06/15/31 (Call 03/15/31)(a)		8,762		7,487,026
2.65%, 09/01/26 (Call 06/01/26)(a)		13,837		13,081,766
3.15%, 08/15/27 (Call 05/15/27)(a)		5,598		5,359,095
3.30%, 06/15/41 (Call 12/15/40)(a)		7,875		6,373,974
3.50%, 06/15/51 (Call 12/15/50)(a)		7,752		6,068,753
3.75%, 09/01/46 (Call 03/01/46)		15,059		12,495,909
Duke Energy Florida LLC, 6.40%, 06/15/38(a)		8,158		9,865,415
Emera U.S. Finance LP
3.55%, 06/15/26 (Call 03/15/26)(a)		12,572		12,263,649
4.75%, 06/15/46 (Call 12/15/45)(a)		14,140		13,155,438
Entergy Corp.
0.90%, 09/15/25 (Call 08/15/25)		4,498		4,066,075
2.95%, 09/01/26 (Call 06/01/26)		11,869		11,464,013
Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48)		9,874		9,427,291
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)(a)		6,789		6,165,857
Exelon Corp.
3.40%, 04/15/26 (Call 01/15/26)(a)		12,423		12,135,852
3.95%, 06/15/25 (Call 03/15/25)(a)		4,377		4,402,832
4.05%, 04/15/30 (Call 01/15/30)(a)		10,980		10,733,757
4.45%, 04/15/46 (Call 10/15/45)(a)		8,138		7,684,744
4.70%, 04/15/50 (Call 10/15/49)(a)		9,036		8,836,220
Exelon Generation Co. LLC, 6.25%, 10/01/39		11,779		12,351,657
Florida Power & Light Co.
2.45%, 02/03/32 (Call 11/03/31)		5,730		5,026,712
2.88%, 12/04/51 (Call 06/04/51)		9,846		7,728,585
3.15%, 10/01/49 (Call 04/01/49)(a)		7,515		6,230,043
3.95%, 03/01/48 (Call 09/01/47)(a)		10,491		9,984,827
Georgia Power Co.
4.30%, 03/15/42(a)		10,038		9,107,134
Series A, 3.25%, 03/15/51 (Call 09/15/50)(a)		8,474		6,504,823
MidAmerican Energy Co.
3.65%, 04/15/29 (Call 01/15/29)(a)		5,739		5,651,809
4.25%, 07/15/49 (Call 01/15/49)(a)		8,386		8,167,559
NextEra Energy Capital Holdings Inc.
1.88%, 01/15/27 (Call 12/15/26)(a)		22,646		20,705,260
1.90%, 06/15/28 (Call 04/15/28)		13,626		12,035,377
2.25%, 06/01/30 (Call 03/01/30)(a)		15,906		13,593,002
2.44%, 01/15/32 (Call 10/15/31)(a)		13,006		11,024,325
2.75%, 11/01/29 (Call 08/01/29)(a)		8,635		7,722,989
3.55%, 05/01/27 (Call 02/01/27)(a)		15,590		15,251,077
Pacific Gas and Electric Co.
2.10%, 08/01/27 (Call 06/01/27)(a)		6,941		5,996,618
2.50%, 02/01/31 (Call 11/01/30)(a)		21,118		16,728,132

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
3.00%, 06/15/28 (Call 04/15/28)(a)	$	7,583	$	6,786,104
3.15%, 01/01/26		18,363		17,277,953
3.25%, 06/01/31 (Call 03/01/31)		9,562		7,993,029
3.30%, 12/01/27 (Call 09/01/27)(a)		9,107		8,279,160
3.30%, 08/01/40 (Call 02/01/40)(a)		8,498		6,188,274
3.45%, 07/01/25		6,015		5,775,747
3.50%, 08/01/50 (Call 02/01/50)(a)		18,322		12,765,260
3.75%, 07/01/28(a)		7,652		7,028,775
3.95%, 12/01/47 (Call 06/01/47)		8,398		6,166,280
4.50%, 07/01/40 (Call 01/01/40)		18,968		15,593,438
4.55%, 07/01/30 (Call 01/01/30)		30,153		27,897,443
4.95%, 07/01/50 (Call 01/01/50)		30,378		25,381,822
PacifiCorp., 2.90%, 06/15/52 (Call 12/15/51)(a)		8,403		6,447,895
Public Service Co. of Colorado, 1.88%, 06/15/31 (Call 12/15/30)(a)		4,495		3,783,439
Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)(a)		6,835		5,767,571
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/01/30 (Call 07/01/30)(a)		4,293		3,556,861
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)(a)		9,798		7,629,147
Sempra Energy
3.25%, 06/15/27 (Call 03/15/27)		9,237		8,849,647
3.40%, 02/01/28 (Call 11/01/27)(a)		10,293		9,878,779
3.80%, 02/01/38 (Call 08/01/37)(a)		9,535		8,637,607
4.00%, 02/01/48 (Call 08/01/47)		4,106		3,617,991
6.00%, 10/15/39		10,094		11,415,236
Southern California Edison Co.
3.65%, 02/01/50 (Call 08/01/49)(a)		13,184		10,556,707
4.00%, 04/01/47 (Call 10/01/46)(a)		14,370		12,305,232
4.65%, 10/01/43 (Call 04/01/43)(a)		6,023		5,737,036
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)(a)		8,356		6,017,362
Series C, 4.13%, 03/01/48 (Call 09/01/47)(a)		11,932		10,310,619
Series E, 3.70%, 08/01/25 (Call 06/01/25)(a)		4,767		4,761,775
Southern Co. (The)
3.25%, 07/01/26 (Call 04/01/26)		20,369		19,765,809
4.40%, 07/01/46 (Call 01/01/46)(a)		18,584		16,966,508
Series A, 3.70%, 04/30/30 (Call 01/30/30)(a)		7,647		7,227,569
Series B, 4.00%, 01/15/51 (Call 10/15/25)(a)(b)		10,846		10,265,110
Virginia Electric & Power Co.
2.45%, 12/15/50 (Call 06/15/50)(a)		8,295		5,799,874
2.95%, 11/15/51 (Call 05/15/51)(a)		8,631		6,699,048
Series A, 3.15%, 01/15/26 (Call 10/15/25)(a)		9,934		9,734,019
Series A, 3.50%, 03/15/27 (Call 12/15/26)(a)		7,254		7,144,248
				895,854,891
Electrical Components & Equipment — 0.1%
Emerson Electric Co.
0.88%, 10/15/26 (Call 09/15/26)		10,040		8,952,082
2.00%, 12/21/28 (Call 10/21/28)		9,265		8,292,317
2.20%, 12/21/31 (Call 09/21/31)(a)		6,422		5,570,742
2.80%, 12/21/51 (Call 06/21/51)(a)		10,464		8,016,771
				30,831,912
Electronics — 0.3%
Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)(a)		11,799		9,912,876
Amphenol Corp.
2.20%, 09/15/31 (Call 06/15/31)(a)		8,313		6,905,007
2.80%, 02/15/30 (Call 11/15/29)(a)		7,421		6,651,510
Honeywell International Inc.
1.10%, 03/01/27 (Call 02/01/27)		9,820		8,785,153

Security	Par (000)		Value
Electronics (continued)
1.35%, 06/01/25 (Call 05/01/25)	$	9,767	$	9,248,039
1.75%, 09/01/31 (Call 06/01/31)(a)		13,051		10,984,172
1.95%, 06/01/30 (Call 03/01/30)		7,084		6,191,706
2.50%, 11/01/26 (Call 08/01/26)(a)		10,945		10,519,273
2.70%, 08/15/29 (Call 05/15/29)(a)		7,220		6,741,495
2.80%, 06/01/50 (Call 12/01/49)(a)		7,930		6,422,111
				82,361,342
Entertainment — 0.7%
Magallanes Inc.
3.76%, 03/15/27 (Call 02/15/27)(c)		50,793		48,986,984
4.05%, 03/15/29 (Call 01/15/29)(c)		17,637		16,803,733
4.28%, 03/15/32 (Call 12/15/31)(c)		44,684		41,460,693
5.05%, 03/15/42 (Call 09/15/41)(c)		48,086		43,853,735
5.14%, 03/15/52 (Call 09/15/51)(c)		63,700		56,994,052
5.39%, 03/15/62 (Call 09/15/61)(c)		24,854		22,124,879
				230,224,076
Environmental Control — 0.1%
Republic Services Inc.
1.75%, 02/15/32 (Call 11/15/31)(a)		10,741		8,638,651
3.95%, 05/15/28 (Call 02/15/28)(a)		8,366		8,344,519
Waste Connections Inc., 2.95%, 01/15/52 (Call 07/15/51)(a)		9,153		6,830,562
Waste Management Inc.
1.50%, 03/15/31 (Call 12/15/30)(a)		8,174		6,636,002
3.15%, 11/15/27 (Call 08/15/27)(a)		9,292		9,006,774
				39,456,508
Food — 1.3%
Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27)		7,275		7,232,132
Conagra Brands Inc.
1.38%, 11/01/27 (Call 09/01/27)		12,673		10,766,726
4.60%, 11/01/25 (Call 09/01/25)		9,638		9,753,068
4.85%, 11/01/28 (Call 08/01/28)(a)		13,606		13,683,722
5.30%, 11/01/38 (Call 05/01/38)(a)		9,889		9,828,387
5.40%, 11/01/48 (Call 05/01/48)		11,258		11,265,035
General Mills Inc.
2.88%, 04/15/30 (Call 01/15/30)		9,940		9,043,577
3.20%, 02/10/27 (Call 11/10/26)(a)		7,784		7,591,769
4.20%, 04/17/28 (Call 01/17/28)		15,840		15,969,350
Hormel Foods Corp.
1.70%, 06/03/28 (Call 04/03/28)(a)		7,627		6,768,533
1.80%, 06/11/30 (Call 03/11/30)		7,759		6,578,055
Kellogg Co., 3.25%, 04/01/26(a)		11,587		11,378,762
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)		17,214		16,442,866
3.88%, 05/15/27 (Call 02/15/27)(a)		13,263		12,982,803
4.38%, 06/01/46 (Call 12/01/45)(a)		26,038		22,872,300
4.88%, 10/01/49 (Call 04/01/49)		14,050		13,118,204
5.00%, 06/04/42(a)		13,862		13,341,555
5.20%, 07/15/45 (Call 01/15/45)(a)		16,364		15,935,271
5.50%, 06/01/50 (Call 12/01/49)		7,623		7,714,476
6.88%, 01/26/39		7,338		8,407,041
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)(a)		10,656		10,109,278
3.95%, 01/15/50 (Call 07/15/49)		7,989		7,069,942
4.45%, 02/01/47 (Call 08/01/46)		9,903		9,342,466
McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)(a)		10,428		10,142,327
Mondelez International Inc.
1.50%, 05/04/25 (Call 04/04/25)		5,333		5,042,573

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food (continued)
2.63%, 03/17/27 (Call 02/17/27)	$	4,614	$	4,353,137
2.63%, 09/04/50 (Call 03/04/50)		10,127		7,133,953
2.75%, 04/13/30 (Call 01/13/30)		8,582		7,688,633
3.00%, 03/17/32 (Call 12/17/31)		3,271		2,924,400
Sysco Corp.
3.15%, 12/14/51 (Call 06/14/51)(a)		8,556		6,285,003
3.25%, 07/15/27 (Call 04/15/27)(a)		6,017		5,784,510
3.30%, 07/15/26 (Call 04/15/26)(a)		11,177		10,893,679
3.75%, 10/01/25 (Call 07/01/25)(a)		7,817		7,832,640
5.95%, 04/01/30 (Call 01/01/30)(a)		11,824		12,933,022
6.60%, 04/01/50 (Call 10/01/49)(a)		11,457		13,645,883
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)		11,508		11,285,312
4.00%, 03/01/26 (Call 01/01/26)		9,987		10,030,222
4.35%, 03/01/29 (Call 12/01/28)(a)		9,832		9,931,649
4.55%, 06/02/47 (Call 12/02/46)(a)		9,678		9,288,810
5.10%, 09/28/48 (Call 03/28/48)(a)		15,075		15,642,972
				408,034,043
Gas — 0.2%
Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44)		7,602		7,044,494
NiSource Inc.
0.95%, 08/15/25 (Call 07/15/25)		8,753		7,932,786
1.70%, 02/15/31 (Call 11/15/30)		9,458		7,463,087
2.95%, 09/01/29 (Call 06/01/29)		7,431		6,703,487
3.49%, 05/15/27 (Call 02/15/27)(a)		9,775		9,491,448
3.60%, 05/01/30 (Call 02/01/30)(a)		8,334		7,775,150
3.95%, 03/30/48 (Call 09/30/47)(a)		8,099		6,844,748
4.38%, 05/15/47 (Call 11/15/46)(a)		9,057		8,153,562
4.80%, 02/15/44 (Call 08/15/43)(a)		9,198		8,579,404
				69,988,166
Hand & Machine Tools — 0.0%
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 12/15/29)(a)		10,279		9,054,425
2.75%, 11/15/50 (Call 05/15/50)(a)		7,412		5,367,176
				14,421,601
Health Care - Products — 0.9%
Abbott Laboratories
3.75%, 11/30/26 (Call 08/30/26)(a)		14,171		14,314,474
4.75%, 11/30/36 (Call 05/30/36)(a)		16,457		17,683,703
4.90%, 11/30/46 (Call 05/30/46)		30,936		33,730,150
Baxter International Inc.
1.92%, 02/01/27 (Call 01/01/27)(a)(c)		21,568		19,617,852
2.27%, 12/01/28 (Call 10/01/28)(c)		15,766		14,010,901
2.54%, 02/01/32 (Call 11/01/31)(a)(c)		13,428		11,466,361
2.60%, 08/15/26 (Call 05/15/26)(a)		2,373		2,246,770
3.13%, 12/01/51 (Call 06/01/51)(a)(c)		9,443		7,039,672
Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)		12,212		10,863,269
Danaher Corp.
2.60%, 10/01/50 (Call 04/01/50)		10,724		7,613,083
2.80%, 12/10/51 (Call 06/10/51)(a)		10,376		7,671,197
DH Europe Finance II Sarl
2.60%, 11/15/29 (Call 08/15/29)		7,284		6,582,234
3.25%, 11/15/39 (Call 05/15/39)(a)		9,398		8,131,727
3.40%, 11/15/49 (Call 05/15/49)		8,891		7,382,116
Medtronic Inc.
4.38%, 03/15/35(a)		19,383		20,017,880
4.63%, 03/15/45(a)		17,053		17,993,950
PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29)(a)		12,582		11,531,733

Security	Par (000)		Value
Health Care - Products (continued)
Stryker Corp.
1.95%, 06/15/30 (Call 03/15/30)(a)	$	11,753	$	9,969,481
3.38%, 11/01/25 (Call 08/01/25)(a)		6,656		6,604,110
3.50%, 03/15/26 (Call 12/15/25)(a)		7,754		7,662,818
4.63%, 03/15/46 (Call 09/15/45)(a)		9,882		9,828,523
Thermo Fisher Scientific Inc.
2.00%, 10/15/31 (Call 07/15/31)(a)		12,884		10,827,564
2.60%, 10/01/29 (Call 07/01/29)		10,109		9,206,358
2.80%, 10/15/41 (Call 04/15/41)		13,310		10,638,879
4.10%, 08/15/47 (Call 02/15/47)(a)		9,363		9,035,329
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)(a)		8,494		7,280,659
				298,950,793
Health Care - Services — 2.2%
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)(a)		9,705		8,359,363
6.63%, 06/15/36(a)		10,858		12,758,523
Anthem Inc.
1.50%, 03/15/26 (Call 02/15/26)(a)		9,128		8,400,698
2.25%, 05/15/30 (Call 02/15/30)(a)		15,171		13,163,247
2.55%, 03/15/31 (Call 12/15/30)		9,512		8,362,373
2.88%, 09/15/29 (Call 06/15/29)		7,070		6,484,652
3.13%, 05/15/50 (Call 11/15/49)(a)		9,094		7,099,181
3.60%, 03/15/51 (Call 09/15/50)(a)		12,820		10,833,110
3.65%, 12/01/27 (Call 09/01/27)		14,883		14,573,426
3.70%, 09/15/49 (Call 03/15/49)		8,718		7,491,366
4.10%, 03/01/28 (Call 12/01/27)		11,585		11,573,328
4.38%, 12/01/47 (Call 06/01/47)		11,979		11,514,949
4.55%, 03/01/48 (Call 09/01/47)(a)		7,961		7,779,135
4.63%, 05/15/42(a)		7,637		7,543,614
4.65%, 01/15/43(a)		11,071		10,864,063
4.65%, 08/15/44 (Call 02/15/44)		7,710		7,579,605
Ascension Health
3.95%, 11/15/46(a)		6,547		6,292,901
Series B, 2.53%, 11/15/29 (Call 08/15/29)(a)		8,379		7,752,250
CommonSpirit Health
3.35%, 10/01/29 (Call 04/01/29)		8,749		8,183,355
4.19%, 10/01/49 (Call 04/01/49)		4,497		4,029,640
HCA Inc.
2.38%, 07/15/31 (Call 04/15/31)(a)		9,657		7,948,563
3.13%, 03/15/27 (Call 02/15/27)(a)(c)		7,972		7,497,641
3.50%, 07/15/51 (Call 01/15/51)		13,718		10,211,792
3.63%, 03/15/32 (Call 12/15/31)(a)(c)		22,011		19,743,469
4.13%, 06/15/29 (Call 03/15/29)		14,567		13,964,120
4.50%, 02/15/27 (Call 08/15/26)(a)		11,958		11,986,783
4.63%, 03/15/52 (Call 09/15/51)(a)(c)		15,332		13,421,107
5.13%, 06/15/39 (Call 12/15/38)		12,671		12,216,196
5.25%, 04/15/25		8,778		9,052,332
5.25%, 06/15/26 (Call 12/15/25)		14,222		14,646,487
5.25%, 06/15/49 (Call 12/15/48)		20,937		19,967,102
5.50%, 06/15/47 (Call 12/15/46)		14,125		13,926,725
Humana Inc.
1.35%, 02/03/27 (Call 01/03/27)		14,019		12,355,319
2.15%, 02/03/32 (Call 11/03/31)(a)		7,578		6,244,094
3.70%, 03/23/29 (Call 02/23/29)		9,166		8,812,039
4.95%, 10/01/44 (Call 04/01/44)		7,834		8,061,577
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		12,017		11,727,639
Series 2019, 3.27%, 11/01/49 (Call 05/01/49)(a)		8,805		7,342,998
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)(a)		10,289		8,213,550

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)(a)	$	11,370	$	8,844,761
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		10,492		10,117,984
Quest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30)		11,397		10,200,779
UnitedHealth Group Inc.
1.15%, 05/15/26 (Call 04/15/26)(a)		11,174		10,171,881
2.00%, 05/15/30(a)		11,939		10,366,432
2.30%, 05/15/31 (Call 02/15/31)(a)		11,971		10,468,367
2.75%, 05/15/40 (Call 11/15/39)		10,358		8,257,691
2.88%, 08/15/29		10,318		9,651,719
2.90%, 05/15/50 (Call 11/15/49)		12,036		9,330,166
2.95%, 10/15/27(a)		10,063		9,698,641
3.05%, 05/15/41 (Call 11/15/40)(a)		12,285		10,268,146
3.10%, 03/15/26(a)		13,214		13,027,003
3.13%, 05/15/60 (Call 11/15/59)(a)		8,785		6,736,048
3.25%, 05/15/51 (Call 11/15/50)(a)		21,821		18,076,521
3.45%, 01/15/27(a)		8,260		8,231,133
3.50%, 08/15/39 (Call 02/15/39)(a)		11,898		10,715,797
3.70%, 08/15/49 (Call 02/15/49)(a)		11,564		10,359,217
3.75%, 07/15/25		14,317		14,468,898
3.75%, 10/15/47 (Call 04/15/47)		8,152		7,303,550
3.85%, 06/15/28		10,661		10,676,289
3.88%, 12/15/28(a)		8,711		8,728,599
3.88%, 08/15/59 (Call 02/15/59)(a)		11,269		10,091,462
4.20%, 01/15/47 (Call 07/15/46)		8,085		7,825,785
4.25%, 03/15/43 (Call 09/15/42)(a)		8,353		8,144,252
4.25%, 06/15/48 (Call 12/15/47)(a)		15,141		14,661,560
4.45%, 12/15/48 (Call 06/15/48)(a)		8,604		8,579,556
4.63%, 07/15/35		8,399		8,670,937
4.75%, 07/15/45		17,404		18,172,552
5.80%, 03/15/36(a)		10,884		12,487,579
6.88%, 02/15/38		11,723		15,059,249
Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)(a)(c)		10,800		9,087,245
				726,458,111
Holding Companies - Diversified — 0.3%
Ares Capital Corp.
2.15%, 07/15/26 (Call 06/15/26)(a)		12,978		11,478,033
2.88%, 06/15/28 (Call 04/15/28)		15,649		13,537,845
3.25%, 07/15/25 (Call 06/15/25)		11,181		10,646,377
3.88%, 01/15/26 (Call 12/15/25)		14,270		13,707,151
Blackstone Private Credit Fund
2.63%, 12/15/26 (Call 11/15/26)(c)		11,057		9,685,760
3.25%, 03/15/27 (Call 02/15/27)(c)		13,436		12,052,675
Blackstone Secured Lending Fund, 3.63%, 01/15/26 (Call 12/15/25)(a)		8,395		8,034,594
FS KKR Capital Corp.
3.13%, 10/12/28 (Call 08/12/28)(a)		9,594		8,337,296
3.40%, 01/15/26 (Call 12/15/25)(a)		10,310		9,688,650
Owl Rock Capital Corp.
2.88%, 06/11/28 (Call 04/11/28)		8,836		7,514,695
3.40%, 07/15/26 (Call 06/15/26)(a)		9,459		8,723,544
				113,406,620
Home Builders — 0.0%
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)(a)		9,235		9,255,139
Household Products & Wares — 0.0%
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)(a)		8,537		8,082,827

Security	Par (000)		Value
Insurance — 1.8%
Aflac Inc., 3.60%, 04/01/30 (Call 01/01/30)(a)	$	8,467	$	8,250,009
American International Group Inc.
2.50%, 06/30/25 (Call 05/30/25)(a)		12,638		12,155,760
3.90%, 04/01/26 (Call 01/01/26)		14,174		14,105,585
4.38%, 06/30/50 (Call 12/30/49)(a)		7,954		7,657,911
4.75%, 04/01/48 (Call 10/01/47)(a)		10,082		10,363,539
4.80%, 07/10/45 (Call 01/10/45)(a)		8,298		8,291,523
Aon Corp.
2.80%, 05/15/30 (Call 02/15/30)		10,570		9,389,940
3.75%, 05/02/29 (Call 02/02/29)(a)		5,960		5,786,726
Aon Corp./Aon Global Holdings PLC, 3.90%, 02/28/52 (Call 08/28/51)		9,443		8,152,205
Aon Global Ltd., 3.88%, 12/15/25 (Call 09/15/25)(a)		7,327		7,363,850
Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49)		10,281		8,654,615
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)(a)		12,141		11,675,535
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30 (Call 07/15/30)(a)		8,176		6,745,794
2.30%, 03/15/27 (Call 02/15/27)(a)		12,236		11,682,845
2.50%, 01/15/51 (Call 07/15/50)		8,959		6,325,787
2.85%, 10/15/50 (Call 04/15/50)(a)		19,646		14,915,011
2.88%, 03/15/32 (Call 12/15/31)(a)		6,441		5,831,781
3.85%, 03/15/52 (Call 09/15/51)		21,633		19,283,983
4.20%, 08/15/48 (Call 02/15/48)(a)		25,342		24,177,745
4.25%, 01/15/49 (Call 07/15/48)(a)		16,559		16,076,868
5.75%, 01/15/40(a)		9,609		11,075,672
Berkshire Hathaway Inc.
3.13%, 03/15/26 (Call 12/15/25)(a)		21,522		21,364,915
4.50%, 02/11/43		10,932		10,920,246
Brighthouse Financial Inc.
3.70%, 06/22/27 (Call 03/22/27)		1,425		1,384,864
4.70%, 06/22/47 (Call 12/22/46)		10,795		9,351,898
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39(a)		7,733		6,424,576
Chubb Corp. (The), 6.00%, 05/11/37(a)		8,169		9,496,992
Chubb INA Holdings Inc.
1.38%, 09/15/30 (Call 06/15/30)(a)		2,450		2,006,500
3.05%, 12/15/61 (Call 06/15/61)(a)		10,258		7,708,455
3.35%, 05/03/26 (Call 02/03/26)		9,749		9,659,098
4.35%, 11/03/45 (Call 05/03/45)		10,865		10,690,418
Corebridge Financial Inc.
3.85%, 04/05/29 (Call 02/05/29)(c)		8,039		7,671,790
3.90%, 04/05/32		10,922		10,250,050
4.40%, 04/05/52(c)		10,991		9,836,320
Equitable Holdings Inc.
4.35%, 04/20/28 (Call 01/20/28)(a)		11,442		11,377,040
5.00%, 04/20/48 (Call 10/20/47)(a)		14,930		14,556,526
Everest Reinsurance Holdings Inc.
3.13%, 10/15/52 (Call 04/15/52)(a)		10,445		7,752,725
3.50%, 10/15/50 (Call 04/15/50)(a)		9,519		7,676,766
Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)		8,365		7,037,430
Manulife Financial Corp.
3.70%, 03/16/32 (Call 12/16/31)		928		886,417
4.15%, 03/04/26		5,536		5,604,674
5.38%, 03/04/46(a)		6,978		7,928,987
Marsh & McLennan Companies Inc.
2.25%, 11/15/30 (Call 08/15/30)		10,118		8,761,986
4.38%, 03/15/29 (Call 12/15/28)		11,632		11,765,518
4.90%, 03/15/49 (Call 09/15/48)(a)		12,553		13,064,468

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
MetLife Inc.
4.05%, 03/01/45(a)	$	9,823	$	9,115,377
4.13%, 08/13/42(a)		8,692		8,100,433
4.55%, 03/23/30 (Call 12/23/29)(a)		6,214		6,418,059
4.60%, 05/13/46 (Call 11/13/45)(a)		7,394		7,533,374
4.88%, 11/13/43		6,780		6,964,456
5.70%, 06/15/35		11,233		12,657,553
5.88%, 02/06/41		8,456		9,706,513
6.38%, 06/15/34(a)		9,389		11,117,809
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)(a)		8,342		7,941,085
Prudential Financial Inc.
3.70%, 03/13/51 (Call 09/13/50)(a)		12,449		10,780,036
3.91%, 12/07/47 (Call 06/07/47)(a)		5,992		5,385,430
3.94%, 12/07/49 (Call 06/07/49)(a)		11,430		10,309,589
4.35%, 02/25/50 (Call 08/25/49)(a)		9,105		8,869,690
4.60%, 05/15/44(a)		9,376		9,280,538
5.70%, 12/14/36		9,113		10,205,975
Travelers Companies Inc. (The)
3.05%, 06/08/51 (Call 12/08/50)		8,337		6,689,064
5.35%, 11/01/40(a)		7,000		7,765,500
6.25%, 06/15/37(a)		8,954		10,759,548
				600,741,372
Internet — 2.1%
Alphabet Inc.
0.45%, 08/15/25 (Call 07/15/25)(a)		6,705		6,175,777
0.80%, 08/15/27 (Call 06/15/27)(a)		14,613		12,819,064
1.10%, 08/15/30 (Call 05/15/30)(a)		17,890		14,739,856
1.90%, 08/15/40 (Call 02/15/40)(a)		11,893		8,714,527
2.00%, 08/15/26 (Call 05/15/26)(a)		18,846		17,899,697
2.05%, 08/15/50 (Call 02/15/50)		24,682		16,967,599
2.25%, 08/15/60 (Call 02/15/60)		18,743		12,473,058
Amazon.com Inc.
0.80%, 06/03/25 (Call 05/03/25)		8,495		7,912,415
1.00%, 05/12/26 (Call 04/12/26)		22,592		20,600,271
1.20%, 06/03/27 (Call 04/03/27)		13,254		11,814,307
1.50%, 06/03/30 (Call 03/03/30)		19,012		16,013,720
1.65%, 05/12/28 (Call 03/12/28)		17,661		15,727,615
2.10%, 05/12/31 (Call 02/12/31)		27,949		24,315,837
2.50%, 06/03/50 (Call 12/03/49)(a)		26,257		19,403,269
2.70%, 06/03/60 (Call 12/03/59)		17,534		12,480,282
2.88%, 05/12/41 (Call 11/12/40)(a)		20,699		17,126,551
3.10%, 05/12/51 (Call 11/12/50)(a)		28,898		23,840,469
3.15%, 08/22/27 (Call 05/22/27)(a)		29,785		29,154,830
3.25%, 05/12/61 (Call 11/12/60)(a)		16,920		13,774,624
3.30%, 04/13/27		15,982		15,852,261
3.45%, 04/13/29 (Call 02/13/29)		12,240		12,058,294
3.60%, 04/13/32 (Call 01/13/32)		22,700		22,258,565
3.88%, 08/22/37 (Call 02/22/37)(a)		25,544		24,880,188
3.95%, 04/13/52 (Call 10/13/51)		22,749		21,838,000
4.05%, 08/22/47 (Call 02/22/47)(a)		31,607		30,772,133
4.10%, 04/13/62 (Call 10/13/61)		8,729		8,334,839
4.25%, 08/22/57 (Call 02/22/57)		22,542		22,117,627
4.80%, 12/05/34 (Call 06/05/34)(a)		11,760		12,719,535
4.95%, 12/05/44 (Call 06/05/44)(a)		14,105		15,348,501
5.20%, 12/03/25 (Call 09/03/25)(a)		8,058		8,530,260
Booking Holdings Inc.
3.60%, 06/01/26 (Call 03/01/26)(a)		10,734		10,665,813
4.63%, 04/13/30 (Call 01/13/30)(a)		11,857		12,139,108

Security	Par (000)		Value
Internet (continued)
eBay Inc.
1.40%, 05/10/26 (Call 04/10/26)(a)	$	11,732	$	10,655,540
2.60%, 05/10/31 (Call 02/10/31)		8,176		7,085,168
2.70%, 03/11/30 (Call 12/11/29)		7,469		6,601,101
3.60%, 06/05/27 (Call 03/05/27)(a)		10,629		10,445,315
3.65%, 05/10/51 (Call 11/10/50)		9,820		7,964,316
4.00%, 07/15/42 (Call 01/15/42)(a)		8,312		7,395,963
Expedia Group Inc.
2.95%, 03/15/31 (Call 12/15/30)		14,576		12,526,278
3.25%, 02/15/30 (Call 11/15/29)		15,675		13,965,674
3.80%, 02/15/28 (Call 11/15/27)		8,681		8,266,128
4.63%, 08/01/27 (Call 05/01/27)		13,460		13,537,146
5.00%, 02/15/26 (Call 11/15/25)(a)		12,367		12,696,281
Netflix Inc.
4.38%, 11/15/26(a)		8,690		8,593,193
4.88%, 04/15/28		13,381		13,038,446
5.88%, 11/15/28		20,206		20,772,778
6.38%, 05/15/29(a)		10,808		11,456,480
				684,468,699
Lodging — 0.2%
Las Vegas Sands Corp.
3.50%, 08/18/26 (Call 06/18/26)(a)		6,093		5,545,015
3.90%, 08/08/29 (Call 05/08/29)(a)		2,694		2,315,621
Marriott International Inc./MD
Series FF, 4.63%, 06/15/30 (Call 03/15/30)(a)		10,611		10,484,713
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		8,764		7,811,408
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		12,686		10,922,301
Series R, 3.13%, 06/15/26 (Call 03/15/26)		9,928		9,578,530
Sands China Ltd.
3.80%, 01/08/26 (Call 12/08/25)		1,500		1,385,233
5.13%, 08/08/25 (Call 06/08/25)		11,560		11,204,233
5.40%, 08/08/28 (Call 05/08/28)(a)		13,100		12,310,375
				71,557,429
Machinery — 0.4%
Caterpillar Financial Services Corp.
0.80%, 11/13/25		6,826		6,238,260
0.90%, 03/02/26(a)		6,361		5,796,999
1.10%, 09/14/27(a)		8,158		7,189,127
Caterpillar Inc.
2.60%, 04/09/30 (Call 01/09/30)(a)		10,914		10,032,742
3.25%, 09/19/49 (Call 03/19/49)		7,761		6,681,800
3.25%, 04/09/50 (Call 10/09/49)		10,423		8,925,218
3.80%, 08/15/42(a)		14,329		13,685,394
5.20%, 05/27/41(a)		8,536		9,502,698
Deere & Co.
3.75%, 04/15/50 (Call 10/15/49)(a)		8,362		7,886,832
3.90%, 06/09/42 (Call 12/09/41)(a)		11,209		10,797,023
John Deere Capital Corp., 0.70%, 01/15/26		9,174		8,337,865
Otis Worldwide Corp.
2.57%, 02/15/30 (Call 11/15/29)		17,584		15,425,510
3.11%, 02/15/40 (Call 08/15/39)(a)		8,217		6,612,127
Westinghouse Air Brake Technologies Corp.
3.45%, 11/15/26 (Call 08/15/26)		5,560		5,334,617
4.95%, 09/15/28 (Call 06/15/28)		12,710		12,781,437
				135,227,649
Manufacturing — 0.6%
3M Co.
2.38%, 08/26/29 (Call 05/26/29)(a)		6,909		6,254,857
2.88%, 10/15/27 (Call 07/15/27)(a)		6,698		6,467,499

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Manufacturing (continued)
3.25%, 08/26/49 (Call 02/26/49)(a)	$	9,517	$	8,045,896
3.38%, 03/01/29 (Call 12/01/28)(a)		10,186		9,889,993
4.00%, 09/14/48 (Call 03/14/48)		10,459		10,056,503
Eaton Corp., 4.15%, 11/02/42		10,492		9,971,480
GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)(a)		10,402		10,405,846
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		64,564		63,078,286
General Electric Co.
5.88%, 01/14/38(a)		7,790		8,582,317
6.75%, 03/15/32(a)		24,860		28,863,636
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)(a)		8,973		8,679,665
3.90%, 09/01/42 (Call 03/01/42)(a)		10,827		10,150,510
Parker-Hannifin Corp.
3.25%, 06/14/29 (Call 03/14/29)		9,006		8,403,557
4.00%, 06/14/49 (Call 12/14/48)		7,104		6,346,423
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)(a)		10,207		9,827,822
				205,024,290
Media — 4.5%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.25%, 01/15/29 (Call 11/15/28)		11,330		9,653,451
2.30%, 02/01/32 (Call 11/01/31)		7,613		5,956,755
2.80%, 04/01/31 (Call 01/01/31)(a)		13,840		11,504,943
3.50%, 06/01/41 (Call 12/01/40)(a)		13,075		9,558,224
3.50%, 03/01/42 (Call 09/01/41)		11,518		8,318,020
3.70%, 04/01/51 (Call 10/01/50)		17,999		12,683,368
3.75%, 02/15/28 (Call 11/15/27)		8,281		7,838,647
3.85%, 04/01/61 (Call 10/01/60)		15,859		10,840,911
3.90%, 06/01/52 (Call 12/01/51)		20,727		15,011,136
3.95%, 06/30/62 (Call 12/30/61)		11,458		7,914,554
4.20%, 03/15/28 (Call 12/15/27)(a)		10,805		10,437,559
4.40%, 04/01/33 (Call 01/01/33)		11,156		10,171,965
4.40%, 12/01/61 (Call 06/01/61)		11,668		8,748,945
4.80%, 03/01/50 (Call 09/01/49)		24,478		20,121,768
4.91%, 07/23/25 (Call 04/23/25)		36,072		36,713,685
5.05%, 03/30/29 (Call 12/30/28)(a)		11,146		11,121,708
5.13%, 07/01/49 (Call 01/01/49)		10,509		9,027,984
5.25%, 04/01/53 (Call 10/01/52)		23,128		20,250,632
5.38%, 04/01/38 (Call 10/01/37)(a)		7,466		6,971,407
5.38%, 05/01/47 (Call 11/01/46)		22,100		19,850,750
5.50%, 04/01/63 (Call 10/01/62)		15,049		13,132,859
5.75%, 04/01/48 (Call 10/01/47)		30,158		28,295,327
6.38%, 10/23/35 (Call 04/23/35)(a)		16,110		16,991,423
6.48%, 10/23/45 (Call 04/23/45)(a)		31,095		31,290,146
Comcast Corp.
1.50%, 02/15/31 (Call 11/15/30)(a)		14,970		12,161,170
1.95%, 01/15/31 (Call 10/15/30)		14,496		12,148,679
2.35%, 01/15/27 (Call 10/15/26)		12,706		11,920,139
2.45%, 08/15/52 (Call 02/15/52)(a)		13,852		9,452,128
2.65%, 02/01/30 (Call 11/01/29)		17,433		15,781,303
2.65%, 08/15/62 (Call 02/15/62)		10,808		7,158,919
2.80%, 01/15/51 (Call 07/15/50)(a)		15,597		11,445,241
2.89%, 11/01/51 (Call 05/01/51)(a)(c)		44,962		33,268,733
2.94%, 11/01/56 (Call 05/01/56)(c)		56,435		40,657,902
2.99%, 11/01/63 (Call 05/01/63)(c)		37,425		26,372,634
3.15%, 03/01/26 (Call 12/01/25)(a)		19,043		18,684,630
3.15%, 02/15/28 (Call 11/15/27)(a)		13,718		13,155,392

Security	Par (000)		Value
Media (continued)
3.20%, 07/15/36 (Call 01/15/36)(a)	$	10,278	$	8,956,210
3.25%, 11/01/39 (Call 05/01/39)		14,025		11,934,937
3.30%, 02/01/27 (Call 11/01/26)		11,390		11,164,619
3.30%, 04/01/27 (Call 02/01/27)		6,347		6,224,527
3.38%, 08/15/25 (Call 05/15/25)		10,957		10,914,910
3.40%, 04/01/30 (Call 01/01/30)(a)		16,378		15,570,216
3.40%, 07/15/46 (Call 01/15/46)(a)		13,023		10,857,911
3.45%, 02/01/50 (Call 08/01/49)(a)		16,051		13,251,974
3.55%, 05/01/28 (Call 02/01/28)		8,070		7,903,795
3.75%, 04/01/40 (Call 10/01/39)(a)		15,677		14,115,699
3.90%, 03/01/38 (Call 09/01/37)		10,395		9,694,662
3.95%, 10/15/25 (Call 08/15/25)(a)		24,314		24,610,830
3.97%, 11/01/47 (Call 05/01/47)(a)		19,054		17,112,386
4.00%, 08/15/47 (Call 02/15/47)(a)		9,113		8,234,935
4.00%, 03/01/48 (Call 09/01/47)		9,962		9,074,070
4.00%, 11/01/49 (Call 05/01/49)		19,325		17,410,366
4.05%, 11/01/52 (Call 05/01/52)(a)		10,025		9,123,202
4.15%, 10/15/28 (Call 07/15/28)		33,821		34,018,745
4.20%, 08/15/34 (Call 02/15/34)(a)		8,087		7,926,621
4.25%, 10/15/30 (Call 07/15/30)(a)		17,338		17,418,195
4.25%, 01/15/33(a)		15,798		15,767,613
4.40%, 08/15/35 (Call 02/15/35)		7,987		7,907,407
4.60%, 10/15/38 (Call 04/15/38)(a)		9,336		9,348,206
4.60%, 08/15/45 (Call 02/15/45)		7,424		7,307,576
4.70%, 10/15/48 (Call 04/15/48)		19,279		19,441,044
4.95%, 10/15/58 (Call 04/15/58)(a)		11,130		11,714,060
5.65%, 06/15/35(a)		8,541		9,500,943
7.05%, 03/15/33		8,813		10,768,252
Discovery Communications LLC
3.63%, 05/15/30 (Call 02/15/30)(a)		8,673		7,941,582
3.95%, 03/20/28 (Call 12/20/27)(a)		17,235		16,573,648
4.00%, 09/15/55 (Call 03/15/55)(a)		15,320		11,447,193
4.13%, 05/15/29 (Call 02/15/29)(a)		6,232		5,957,399
4.65%, 05/15/50 (Call 11/15/49)(a)		8,834		7,543,987
5.20%, 09/20/47 (Call 03/20/47)(a)		10,732		9,887,161
5.30%, 05/15/49 (Call 11/15/48)(a)		8,431		7,840,935
Fox Corp.
4.71%, 01/25/29 (Call 10/25/28)		20,157		20,290,335
5.48%, 01/25/39 (Call 07/25/38)(a)		15,206		15,644,904
5.58%, 01/25/49 (Call 07/25/48)(a)		14,043		14,586,495
Paramount Global
4.00%, 01/15/26 (Call 10/15/25)(a)		8,996		8,982,250
4.38%, 03/15/43		14,499		11,995,671
4.95%, 01/15/31 (Call 10/15/30)(a)		11,218		11,129,738
4.95%, 05/19/50 (Call 11/19/49)(a)		11,171		10,117,410
5.85%, 09/01/43 (Call 03/01/43)		12,168		12,323,217
6.88%, 04/30/36(a)		12,078		13,494,306
7.88%, 07/30/30(a)		9,553		11,238,188
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)(a)		8,895		7,307,202
5.50%, 09/01/41 (Call 03/01/41)(a)		13,557		12,824,106
5.88%, 11/15/40 (Call 05/15/40)(a)		11,990		11,737,127
6.55%, 05/01/37(a)		16,791		17,581,586
6.75%, 06/15/39(a)		13,757		14,689,734
7.30%, 07/01/38		14,017		15,700,349
Time Warner Entertainment Co. LP, 8.38%, 07/15/33		13,160		15,963,945
TWDC Enterprises 18 Corp.
1.85%, 07/30/26		10,979		10,226,835
2.95%, 06/15/27(a)		5,425		5,225,897
3.00%, 02/13/26(a)		8,088		7,914,201

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
3.15%, 09/17/25	$	4,907	$	4,853,502
4.13%, 06/01/44(a)		10,246		9,638,408
ViacomCBS Inc., 4.20%, 05/19/32 (Call 02/19/32)		5,992		5,526,153
Walt Disney Co. (The)
1.75%, 01/13/26(a)		16,926		15,870,036
2.00%, 09/01/29 (Call 06/01/29)		18,333		16,035,477
2.20%, 01/13/28(a)		11,219		10,309,249
2.65%, 01/13/31(a)		23,879		21,318,128
2.75%, 09/01/49 (Call 03/01/49)(a)		20,070		15,008,123
3.50%, 05/13/40 (Call 11/13/39)		19,530		17,197,827
3.60%, 01/13/51 (Call 07/13/50)(a)		26,441		22,816,563
3.80%, 03/22/30		11,175		10,988,138
3.80%, 05/13/60 (Call 11/13/59)(a)		12,596		10,912,304
4.63%, 03/23/40 (Call 09/23/39)(a)		12,094		12,244,973
4.70%, 03/23/50 (Call 09/23/49)(a)		16,812		17,218,681
6.20%, 12/15/34		9,289		10,922,875
6.40%, 12/15/35		6,394		7,629,817
6.65%, 11/15/37		13,034		15,968,008
				1,452,510,611
Mining — 0.6%
Barrick Gold Corp., 5.25%, 04/01/42		9,018		9,438,563
Barrick North America Finance LLC
5.70%, 05/30/41(a)		7,550		8,272,333
5.75%, 05/01/43(a)		7,364		8,080,102
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		7,882		8,846,203
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42(a)		9,118		8,821,549
5.00%, 09/30/43(a)		24,371		26,278,521
Freeport-McMoRan Inc.
4.63%, 08/01/30 (Call 08/01/25)(a)		5,978		5,783,714
5.40%, 11/14/34 (Call 05/14/34)		7,589		7,799,413
5.45%, 03/15/43 (Call 09/15/42)(a)		18,317		18,292,822
Newmont Corp.
2.25%, 10/01/30 (Call 07/01/30)(a)		5,473		4,677,247
2.60%, 07/15/32 (Call 04/15/32)		10,972		9,340,627
4.88%, 03/15/42 (Call 09/15/41)(a)		7,964		8,037,160
6.25%, 10/01/39(a)		8,210		9,465,857
Rio Tinto Alcan Inc., 6.13%, 12/15/33(a)		7,025		8,263,078
Rio Tinto Finance USA Ltd.
2.75%, 11/02/51 (Call 05/02/51)(a)		11,765		8,971,711
5.20%, 11/02/40(a)		10,339		11,258,645
7.13%, 07/15/28(a)		9,002		10,544,476
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 02/21/42)(a)		7,123		6,887,960
				179,059,981
Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp.
2.67%, 12/01/26 (Call 11/01/26)(a)		5,920		5,417,463
3.57%, 12/01/31 (Call 09/01/31)(a)		4,798		4,160,240
				9,577,703
Oil & Gas — 4.4%
BP Capital Markets America Inc.
1.75%, 08/10/30 (Call 05/10/30)(a)		10,249		8,546,528
2.72%, 01/12/32 (Call 10/12/31)(a)		16,245		14,327,648
2.77%, 11/10/50 (Call 05/10/50)		15,799		11,406,747
2.94%, 06/04/51 (Call 12/04/50)(a)		19,723		14,682,263
3.00%, 02/24/50 (Call 08/24/49)		21,528		16,357,803
3.00%, 03/17/52 (Call 09/17/51)(a)		14,122		10,628,322
3.02%, 01/16/27 (Call 10/16/26)(a)		7,075		6,812,343

Security	Par (000)		Value
Oil & Gas (continued)
3.06%, 06/17/41 (Call 12/17/40)(a)	$	13,608	$	11,085,241
3.12%, 05/04/26 (Call 02/04/26)		12,141		11,852,453
3.38%, 02/08/61 (Call 08/08/60)		16,949		13,184,127
3.41%, 02/11/26 (Call 12/11/25)(a)		9,305		9,204,737
3.63%, 04/06/30 (Call 01/06/30)(a)		11,981		11,560,575
3.80%, 09/21/25 (Call 07/21/25)(a)		9,063		9,129,220
3.94%, 09/21/28 (Call 06/21/28)(a)		11,497		11,397,134
4.23%, 11/06/28 (Call 08/06/28)(a)		16,788		16,833,356
BP Capital Markets PLC
3.28%, 09/19/27 (Call 06/19/27)(a)		12,846		12,435,460
3.72%, 11/28/28 (Call 08/28/28)(a)		7,612		7,434,417
Canadian Natural Resources Ltd.
3.85%, 06/01/27 (Call 03/01/27)		10,686		10,460,312
4.95%, 06/01/47 (Call 12/01/46)(a)		3,916		3,893,609
6.25%, 03/15/38(a)		13,873		15,205,740
Cenovus Energy Inc.
3.75%, 02/15/52 (Call 08/15/51)		9,208		7,390,617
4.25%, 04/15/27 (Call 01/15/27)(a)		9,157		9,156,542
4.40%, 04/15/29 (Call 01/15/29)(a)		11,049		10,954,200
5.40%, 06/15/47 (Call 12/15/46)(a)		8,076		8,193,623
6.75%, 11/15/39(a)		13,263		15,101,384
Chevron Corp.
1.55%, 05/11/25 (Call 04/11/25)		16,925		16,051,496
2.00%, 05/11/27 (Call 03/11/27)(a)		9,773		9,049,581
2.24%, 05/11/30 (Call 02/11/30)(a)		14,290		12,742,200
2.95%, 05/16/26 (Call 02/16/26)		20,981		20,531,513
3.08%, 05/11/50 (Call 11/11/49)(a)		9,138		7,590,148
3.33%, 11/17/25 (Call 08/17/25)(a)		5,149		5,129,259
Chevron USA Inc.
0.69%, 08/12/25 (Call 07/12/25)		7,208		6,624,615
1.02%, 08/12/27 (Call 06/12/27)		13,511		11,816,041
2.34%, 08/12/50 (Call 02/12/50)(a)		11,430		8,210,586
ConocoPhillips, 6.50%, 02/01/39		1,812		2,241,841
ConocoPhillips Co.
3.76%, 03/15/42 (Call 09/15/41)(c)		11,058		10,204,201
3.80%, 03/15/52 (Call 09/15/51)		9,346		8,421,918
4.03%, 03/15/62 (Call 09/15/61)(a)(c)		25,387		22,736,389
4.30%, 11/15/44 (Call 05/15/44)		5,997		5,843,885
4.95%, 03/15/26 (Call 05/11/22)(a)		13,114		13,762,148
6.95%, 04/15/29		700		825,933
Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27)(a)		9,729		9,500,271
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		8,880		8,440,827
5.00%, 06/15/45 (Call 12/15/44)(a)		6,080		5,933,895
5.60%, 07/15/41 (Call 01/15/41)(a)		13,501		14,088,987
Diamondback Energy Inc.
3.13%, 03/24/31 (Call 12/24/30)(a)		8,667		7,742,491
3.25%, 12/01/26 (Call 10/01/26)(a)		7,455		7,254,684
3.50%, 12/01/29 (Call 09/01/29)(a)		9,956		9,327,156
4.25%, 03/15/52 (Call 09/15/51)		9,322		8,177,818
EOG Resources Inc.
4.15%, 01/15/26 (Call 10/15/25)		8,150		8,277,926
4.38%, 04/15/30 (Call 01/15/30)(a)		8,221		8,441,008
4.95%, 04/15/50 (Call 10/15/49)(a)		7,350		8,001,983
EQT Corp.
3.90%, 10/01/27 (Call 07/01/27)(a)		10,670		10,218,552
7.50%, 02/01/30 (Call 11/01/29)(a)		7,400		8,196,166
Equinor ASA
1.75%, 01/22/26 (Call 12/22/25)(a)		9,012		8,454,418

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
2.38%, 05/22/30 (Call 02/22/30)	$	8,173	$	7,346,171
3.13%, 04/06/30 (Call 01/06/30)(a)		8,966		8,504,731
3.25%, 11/18/49 (Call 05/18/49)		8,452		7,048,350
3.63%, 09/10/28 (Call 06/10/28)(a)		6,599		6,491,521
3.70%, 04/06/50 (Call 10/06/49)(a)		10,682		9,641,769
3.95%, 05/15/43		8,006		7,468,841
4.80%, 11/08/43(a)		4,722		4,975,627
5.10%, 08/17/40		7,528		8,178,223
Exxon Mobil Corp.
2.28%, 08/16/26 (Call 06/16/26)(a)		11,106		10,589,792
2.44%, 08/16/29 (Call 05/16/29)(a)		14,265		13,059,629
2.61%, 10/15/30 (Call 07/15/30)(a)		18,797		17,141,385
3.00%, 08/16/39 (Call 02/16/39)(a)		9,114		7,687,982
3.04%, 03/01/26 (Call 12/01/25)(a)		24,513		24,137,328
3.10%, 08/16/49 (Call 02/16/49)		14,162		11,464,826
3.29%, 03/19/27 (Call 01/19/27)(a)		8,238		8,134,359
3.45%, 04/15/51 (Call 10/15/50)(a)		25,973		22,366,420
3.48%, 03/19/30 (Call 12/19/29)		20,642		20,097,020
3.57%, 03/06/45 (Call 09/06/44)(a)		8,493		7,486,389
4.11%, 03/01/46 (Call 09/01/45)(a)		23,368		22,367,990
4.23%, 03/19/40 (Call 09/19/39)(a)		20,733		20,328,860
4.33%, 03/19/50 (Call 09/19/49)(a)		28,141		27,798,254
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)		8,653		8,585,661
5.60%, 02/15/41(a)		13,595		13,846,831
6.00%, 01/15/40		6,087		6,455,125
Marathon Oil Corp.
4.40%, 07/15/27 (Call 04/15/27)		12,375		12,349,167
6.60%, 10/01/37(a)		8,151		9,125,860
Marathon Petroleum Corp.
4.70%, 05/01/25 (Call 04/01/25)(a)		7,382		7,492,526
4.75%, 09/15/44 (Call 03/15/44)		7,873		7,248,103
6.50%, 03/01/41 (Call 09/01/40)(a)		13,164		14,828,913
Ovintiv Inc., 6.50%, 08/15/34(a)		8,362		9,238,616
Phillips 66
2.15%, 12/15/30 (Call 09/15/30)(a)		7,199		6,045,237
3.30%, 03/15/52 (Call 09/15/51)(a)		12,855		9,926,888
3.90%, 03/15/28 (Call 12/15/27)		7,564		7,444,390
4.65%, 11/15/34 (Call 05/15/34)(a)		7,250		7,246,679
4.88%, 11/15/44 (Call 05/15/44)(a)		14,177		14,322,938
5.88%, 05/01/42(a)		14,645		16,388,407
Pioneer Natural Resources Co.
1.13%, 01/15/26 (Call 12/15/25)(a)		4,837		4,378,451
1.90%, 08/15/30 (Call 05/15/30)(a)		7,104		5,888,160
2.15%, 01/15/31 (Call 10/15/30)(a)		6,436		5,415,227
Shell International Finance BV
2.38%, 11/07/29 (Call 08/07/29)(a)		16,504		14,794,818
2.50%, 09/12/26(a)		9,711		9,272,182
2.75%, 04/06/30 (Call 01/06/30)(a)		16,589		15,202,463
2.88%, 05/10/26(a)		17,629		17,162,949
3.00%, 11/26/51 (Call 05/26/51)(a)		12,075		9,447,167
3.13%, 11/07/49 (Call 05/07/49)(a)		12,984		10,470,968
3.25%, 05/11/25(a)		18,974		18,904,523
3.25%, 04/06/50 (Call 10/06/49)(a)		16,432		13,626,113
3.75%, 09/12/46(a)		11,994		10,824,525
3.88%, 11/13/28 (Call 08/13/28)(a)		13,263		13,260,345
4.00%, 05/10/46(a)		23,340		21,743,005
4.13%, 05/11/35(a)		14,833		14,751,329
4.38%, 05/11/45(a)		24,721		24,066,838
4.55%, 08/12/43		13,161		13,193,552

Security	Par (000)		Value
Oil & Gas (continued)
5.50%, 03/25/40	$	10,258	$	11,537,022
6.38%, 12/15/38(a)		25,739		31,512,561
Suncor Energy Inc.
3.75%, 03/04/51 (Call 09/04/50)(a)		7,541		6,345,600
4.00%, 11/15/47 (Call 05/15/47)(a)		7,019		6,202,989
6.50%, 06/15/38(a)		10,744		12,347,727
6.80%, 05/15/38		9,084		10,645,818
6.85%, 06/01/39(a)		7,753		9,143,125
TotalEnergies Capital International SA
2.83%, 01/10/30 (Call 10/10/29)		12,088		11,173,046
2.99%, 06/29/41 (Call 12/29/40)		7,596		6,250,466
3.13%, 05/29/50 (Call 11/29/49)(a)		24,877		19,765,448
3.39%, 06/29/60 (Call 12/29/59)(a)		7,519		5,977,674
3.45%, 02/19/29 (Call 11/19/28)(a)		12,738		12,354,175
3.46%, 07/12/49 (Call 01/12/49)		8,812		7,464,776
TotalEnergies Capital SA, 3.88%, 10/11/28(a)		8,277		8,231,620
Valero Energy Corp.
3.65%, 12/01/51 (Call 06/01/51)(a)		9,454		7,392,024
4.00%, 04/01/29 (Call 01/01/29)(a)		14,210		13,807,729
4.35%, 06/01/28 (Call 03/01/28)		12,009		11,947,381
6.63%, 06/15/37(a)		14,273		16,276,027
7.50%, 04/15/32		7,578		9,047,952
				1,423,758,920
Oil & Gas Services — 0.4%
Baker Hughes Holdings LLC, 5.13%, 09/15/40		10,302		10,579,662
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.
3.34%, 12/15/27 (Call 09/15/27)		11,477		10,979,897
4.08%, 12/15/47 (Call 06/15/47)(a)		14,668		12,995,176
Halliburton Co.
2.92%, 03/01/30 (Call 12/01/29)		12,830		11,689,200
4.75%, 08/01/43 (Call 02/01/43)		10,706		10,037,777
4.85%, 11/15/35 (Call 05/15/35)(a)		10,383		10,355,972
5.00%, 11/15/45 (Call 05/15/45)(a)		19,543		18,794,482
6.70%, 09/15/38		7,329		8,412,035
7.45%, 09/15/39		9,249		11,287,634
Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)(a)		10,947		9,792,621
				114,924,456
Packaging & Containers — 0.1%
Berry Global Inc., 1.57%, 01/15/26 (Call 12/15/25)		14,869		13,521,530
WRKCo Inc.
4.65%, 03/15/26 (Call 01/15/26)		6,679		6,830,066
4.90%, 03/15/29 (Call 12/15/28)(a)		9,700		9,949,755
				30,301,351
Pharmaceuticals — 7.6%
AbbVie Inc.
2.95%, 11/21/26 (Call 09/21/26)(a)		36,201		34,656,893
3.20%, 05/14/26 (Call 02/14/26)(a)		19,682		19,157,918
3.20%, 11/21/29 (Call 08/21/29)		49,112		45,812,901
3.60%, 05/14/25 (Call 02/14/25)(a)		28,865		28,722,834
4.05%, 11/21/39 (Call 05/21/39)(a)		38,855		35,665,094
4.25%, 11/14/28 (Call 08/14/28)(a)		17,275		17,217,210
4.25%, 11/21/49 (Call 05/21/49)		51,038		46,879,551
4.30%, 05/14/36 (Call 11/14/35)		10,659		10,299,858
4.40%, 11/06/42(a)		25,430		24,164,545
4.45%, 05/14/46 (Call 11/14/45)		19,090		18,029,969
4.50%, 05/14/35 (Call 11/14/34)		25,215		24,940,333
4.55%, 03/15/35 (Call 09/15/34)		17,219		17,142,219

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
4.70%, 05/14/45 (Call 11/14/44)	$	23,437	$	22,715,304
4.75%, 03/15/45 (Call 09/15/44)		8,371		8,168,685
4.85%, 06/15/44 (Call 12/15/43)		9,858		9,819,509
4.88%, 11/14/48 (Call 05/14/48)		16,551		16,575,399
AmerisourceBergen Corp.
2.70%, 03/15/31 (Call 12/15/30)(a)		10,319		9,013,339
3.45%, 12/15/27 (Call 09/15/27)(a)		12,112		11,733,122
Astrazeneca Finance LLC
1.20%, 05/28/26 (Call 04/28/26)		14,134		12,849,593
1.75%, 05/28/28 (Call 03/28/28)		11,183		9,973,193
2.25%, 05/28/31 (Call 02/28/31)		7,647		6,698,176
AstraZeneca PLC
0.70%, 04/08/26 (Call 03/08/26)(a)		16,538		14,796,537
1.38%, 08/06/30 (Call 05/06/30)(a)		14,600		11,998,947
3.00%, 05/28/51 (Call 11/28/50)(a)		9,226		7,593,530
3.13%, 06/12/27 (Call 03/12/27)(a)		5,806		5,668,917
3.38%, 11/16/25(a)		18,843		18,773,439
4.00%, 01/17/29 (Call 10/17/28)		9,812		9,869,682
4.00%, 09/18/42(a)		8,512		8,162,010
4.38%, 11/16/45		7,164		7,202,226
4.38%, 08/17/48 (Call 02/17/48)(a)		8,674		8,805,294
6.45%, 09/15/37(a)		27,927		34,600,263
Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)		6,410		5,286,967
2.82%, 05/20/30 (Call 02/20/30)(a)		11,929		10,670,978
3.70%, 06/06/27 (Call 03/06/27)(a)		16,868		16,587,381
3.79%, 05/20/50 (Call 11/20/49)(a)		9,215		7,894,467
4.67%, 06/06/47 (Call 12/06/46)(a)		14,204		13,834,622
4.69%, 12/15/44 (Call 06/15/44)(a)		11,206		10,849,063
Bristol-Myers Squibb Co.
0.75%, 11/13/25 (Call 10/13/25)(a)		8,724		7,951,612
1.13%, 11/13/27 (Call 09/13/27)(a)		8,785		7,677,817
1.45%, 11/13/30 (Call 08/13/30)		15,308		12,577,778
2.35%, 11/13/40 (Call 05/13/40)(a)		9,268		7,017,747
2.55%, 11/13/50 (Call 05/13/50)		18,114		13,082,567
2.95%, 03/15/32 (Call 12/15/31)(a)		8,264		7,586,840
3.20%, 06/15/26 (Call 04/15/26)		14,616		14,511,227
3.40%, 07/26/29 (Call 04/26/29)		13,799		13,365,360
3.55%, 03/15/42 (Call 09/15/41)		8,237		7,366,220
3.70%, 03/15/52 (Call 09/15/51)		12,633		11,167,744
3.90%, 02/20/28 (Call 11/20/27)		16,352		16,437,178
3.90%, 03/15/62 (Call 09/15/61)		7,410		6,518,222
4.13%, 06/15/39 (Call 12/15/38)(a)		19,536		19,022,842
4.25%, 10/26/49 (Call 04/26/49)		37,127		35,748,385
4.35%, 11/15/47 (Call 05/15/47)		14,406		14,089,804
4.55%, 02/20/48 (Call 08/20/47)(a)		13,613		13,734,310
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)(a)		12,015		11,701,354
Cigna Corp.
1.25%, 03/15/26 (Call 02/15/26)(a)		10,435		9,496,478
2.38%, 03/15/31 (Call 12/15/30)		14,928		12,793,429
2.40%, 03/15/30 (Call 12/15/29)(a)		13,827		12,139,823
3.20%, 03/15/40 (Call 09/15/39)(a)		8,724		7,156,122
3.40%, 03/01/27 (Call 12/01/26)(a)		13,284		12,907,970
3.40%, 03/15/50 (Call 09/15/49)(a)		13,727		10,779,241
3.40%, 03/15/51 (Call 09/15/50)(a)		13,335		10,481,995
3.88%, 10/15/47 (Call 04/15/47)		11,458		9,854,454
4.13%, 11/15/25 (Call 09/15/25)(a)		19,831		20,041,203
4.38%, 10/15/28 (Call 07/15/28)		32,429		32,602,411
4.50%, 02/25/26 (Call 11/27/25)(a)		14,376		14,696,261
4.80%, 08/15/38 (Call 02/15/38)(a)		22,423		22,444,376

Security	Par (000)		Value
Pharmaceuticals (continued)
4.80%, 07/15/46 (Call 01/16/46)	$	15,859	$	15,613,641
4.90%, 12/15/48 (Call 06/15/48)(a)		26,221		26,108,402
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)(a)		20,838		18,237,101
1.75%, 08/21/30 (Call 05/21/30)		14,839		12,167,651
1.88%, 02/28/31 (Call 11/28/30)(a)		14,073		11,564,400
2.13%, 09/15/31 (Call 06/15/31)(a)		9,994		8,305,551
2.70%, 08/21/40 (Call 02/21/40)		12,322		9,298,583
2.88%, 06/01/26 (Call 03/01/26)(a)		16,297		15,714,674
3.00%, 08/15/26 (Call 06/15/26)(a)		9,126		8,841,390
3.25%, 08/15/29 (Call 05/15/29)		19,336		18,019,292
3.63%, 04/01/27 (Call 02/01/27)(a)		10,518		10,356,269
3.75%, 04/01/30 (Call 01/01/30)		15,334		14,661,678
3.88%, 07/20/25 (Call 04/20/25)(a)		22,663		22,761,015
4.13%, 04/01/40 (Call 10/01/39)(a)		11,597		10,555,376
4.25%, 04/01/50 (Call 10/01/49)		11,229		10,179,202
4.30%, 03/25/28 (Call 12/25/27)		43,900		44,012,819
4.78%, 03/25/38 (Call 09/25/37)		43,377		42,968,341
5.05%, 03/25/48 (Call 09/25/47)		72,955		73,192,892
5.13%, 07/20/45 (Call 01/20/45)		31,421		31,531,941
5.30%, 12/05/43 (Call 06/05/43)		9,820		10,118,875
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)(a)		10,923		7,808,591
2.50%, 09/15/60 (Call 03/15/60)		9,649		6,717,393
3.38%, 03/15/29 (Call 12/15/28)(a)		8,481		8,310,613
3.95%, 03/15/49 (Call 09/15/48)		8,446		8,331,587
GlaxoSmithKline Capital Inc.
3.63%, 05/15/25		6,420		6,471,680
3.88%, 05/15/28		17,841		17,943,541
6.38%, 05/15/38		27,500		33,681,893
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)(a)		6,490		6,323,014
Johnson & Johnson
0.55%, 09/01/25 (Call 08/01/25)(a)		8,647		7,961,377
0.95%, 09/01/27 (Call 07/01/27)(a)		13,138		11,623,396
1.30%, 09/01/30 (Call 06/01/30)(a)		14,657		12,323,128
2.10%, 09/01/40 (Call 03/01/40)		14,674		11,102,906
2.25%, 09/01/50 (Call 03/01/50)		9,390		6,699,428
2.45%, 03/01/26 (Call 12/01/25)		19,596		19,059,028
2.45%, 09/01/60 (Call 03/01/60)		13,124		9,192,691
2.90%, 01/15/28 (Call 10/15/27)(a)		10,843		10,521,533
2.95%, 03/03/27 (Call 12/03/26)(a)		9,410		9,300,183
3.40%, 01/15/38 (Call 07/15/37)(a)		11,236		10,397,840
3.50%, 01/15/48 (Call 07/15/47)(a)		7,148		6,541,505
3.55%, 03/01/36 (Call 09/01/35)(a)		8,879		8,522,153
3.63%, 03/03/37 (Call 09/03/36)(a)		14,409		13,900,372
3.70%, 03/01/46 (Call 09/01/45)		14,470		13,803,984
3.75%, 03/03/47 (Call 09/03/46)		12,098		11,524,926
4.38%, 12/05/33 (Call 06/05/33)		7,996		8,405,710
5.95%, 08/15/37(a)		10,326		12,526,223
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)		4,967		5,050,427
Merck & Co. Inc.
0.75%, 02/24/26 (Call 01/24/26)(a)		8,922		8,103,048
1.45%, 06/24/30 (Call 03/24/30)		13,820		11,530,481
1.70%, 06/10/27 (Call 05/10/27)		15,031		13,719,287
1.90%, 12/10/28 (Call 10/10/28)(a)		8,131		7,337,140
2.15%, 12/10/31 (Call 09/10/31)(a)		16,416		14,261,994
2.35%, 06/24/40 (Call 12/24/39)(a)		11,021		8,541,085
2.45%, 06/24/50 (Call 12/24/49)(a)		14,988		10,914,375

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
2.75%, 12/10/51 (Call 06/10/51)	$	20,887	$	15,951,070
2.90%, 12/10/61 (Call 06/10/61)		15,214		11,152,165
3.40%, 03/07/29 (Call 12/07/28)		16,392		16,064,993
3.70%, 02/10/45 (Call 08/10/44)(a)		17,869		16,335,450
3.90%, 03/07/39 (Call 09/07/38)(a)		11,727		11,402,282
4.00%, 03/07/49 (Call 09/07/48)		13,914		13,379,321
4.15%, 05/18/43(a)		11,124		10,955,692
Mylan Inc.
4.55%, 04/15/28 (Call 01/15/28)		8,126		7,882,056
5.20%, 04/15/48 (Call 10/15/47)(a)		7,125		6,316,232
Novartis Capital Corp.
2.00%, 02/14/27 (Call 12/14/26)(a)		10,724		10,066,448
2.20%, 08/14/30 (Call 05/14/30)(a)		13,125		11,668,069
2.75%, 08/14/50 (Call 02/14/50)(a)		11,947		9,437,297
3.00%, 11/20/25 (Call 08/20/25)(a)		14,946		14,821,776
3.10%, 05/17/27 (Call 02/17/27)		7,502		7,326,742
4.00%, 11/20/45 (Call 05/20/45)(a)		9,950		9,582,718
4.40%, 05/06/44		18,532		18,930,825
Pfizer Inc.
0.80%, 05/28/25 (Call 04/28/25)		4,897		4,557,553
1.70%, 05/28/30 (Call 02/28/30)		12,149		10,426,159
1.75%, 08/18/31 (Call 05/18/31)(a)		9,985		8,462,862
2.55%, 05/28/40 (Call 11/28/39)(a)		10,657		8,565,307
2.63%, 04/01/30 (Call 01/01/30)(a)		13,397		12,295,248
2.70%, 05/28/50 (Call 11/28/49)(a)		11,108		8,700,493
2.75%, 06/03/26(a)		12,976		12,657,369
3.00%, 12/15/26		16,866		16,510,084
3.45%, 03/15/29 (Call 12/15/28)		15,585		15,210,006
3.60%, 09/15/28 (Call 06/15/28)(a)		8,988		8,998,760
3.90%, 03/15/39 (Call 09/15/38)(a)		9,595		9,265,184
4.00%, 12/15/36		9,102		8,927,403
4.00%, 03/15/49 (Call 09/15/48)(a)		12,034		11,658,836
4.13%, 12/15/46		11,575		11,475,811
4.20%, 09/15/48 (Call 03/15/48)(a)		10,001		9,983,838
4.30%, 06/15/43		8,812		8,773,037
4.40%, 05/15/44(a)		9,611		9,695,562
7.20%, 03/15/39(a)		22,589		30,368,500
Sanofi, 3.63%, 06/19/28 (Call 03/19/28)(a)		8,466		8,551,849
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)(a)		31,885		30,765,903
Takeda Pharmaceutical Co. Ltd.
2.05%, 03/31/30 (Call 12/31/29)		26,734		22,590,842
3.03%, 07/09/40 (Call 01/09/40)(a)		14,855		11,841,888
3.18%, 07/09/50 (Call 01/09/50)(a)		19,617		15,059,737
3.38%, 07/09/60 (Call 01/09/60)		8,933		6,754,761
5.00%, 11/26/28 (Call 08/26/28)(a)		18,157		18,941,083
Utah Acquisition Sub Inc.
3.95%, 06/15/26 (Call 03/15/26)(a)		20,964		20,328,323
5.25%, 06/15/46 (Call 12/15/45)		10,205		9,131,371
Viatris Inc.
1.65%, 06/22/25 (Call 05/22/25)		5,214		4,783,631
2.30%, 06/22/27 (Call 04/22/27)(a)		10,246		9,064,752
2.70%, 06/22/30 (Call 03/22/30)		15,436		12,818,010
3.85%, 06/22/40 (Call 12/22/39)		16,801		13,128,970
4.00%, 06/22/50 (Call 12/22/49)		20,659		15,277,659
Wyeth LLC
5.95%, 04/01/37		20,048		23,391,690
6.50%, 02/01/34(a)		8,377		10,234,638
Zoetis Inc.
2.00%, 05/15/30 (Call 02/15/30)(a)		11,009		9,484,448

Security	Par (000)		Value
Pharmaceuticals (continued)
3.00%, 09/12/27 (Call 06/12/27)(a)	$	8,737	$	8,381,094
4.50%, 11/13/25 (Call 08/13/25)(a)		7,211		7,420,259
4.70%, 02/01/43 (Call 08/01/42)(a)		12,907		12,948,750
				2,459,147,169
Pipelines — 3.0%
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29 (Call 05/18/29)		18,239		17,175,971
5.13%, 06/30/27 (Call 01/01/27)(a)		10,739		11,046,997
5.88%, 03/31/25 (Call 10/02/24)		8,936		9,290,670
Enbridge Inc.
2.50%, 08/01/33 (Call 05/01/33)(a)		10,657		8,815,515
3.13%, 11/15/29 (Call 08/15/29)(a)		8,929		8,236,855
3.40%, 08/01/51 (Call 02/01/51)(a)		8,052		6,304,460
4.25%, 12/01/26 (Call 09/01/26)(a)		9,199		9,265,864
5.50%, 12/01/46 (Call 06/01/46)(a)		5,912		6,419,739
Energy Transfer LP
2.90%, 05/15/25 (Call 04/15/25)		3,077		2,970,020
3.75%, 05/15/30 (Call 02/15/30)(a)		10,604		9,774,143
4.00%, 10/01/27 (Call 07/01/27)(a)		5,900		5,701,513
4.75%, 01/15/26 (Call 10/15/25)		14,185		14,358,078
4.95%, 05/15/28 (Call 02/15/28)(a)		7,407		7,395,663
4.95%, 06/15/28 (Call 03/15/28)(a)		7,367		7,422,390
5.00%, 05/15/50 (Call 11/15/49)(a)		19,009		16,971,351
5.15%, 03/15/45 (Call 09/15/44)		9,266		8,404,193
5.25%, 04/15/29 (Call 01/15/29)		12,678		12,903,471
5.30%, 04/15/47 (Call 10/15/46)(a)		8,835		8,021,281
5.35%, 05/15/45 (Call 11/15/44)(a)		6,641		6,077,813
5.40%, 10/01/47 (Call 04/01/47)(a)		14,469		13,321,362
5.50%, 06/01/27 (Call 03/01/27)		8,936		9,251,387
6.00%, 06/15/48 (Call 12/15/47)(a)		9,854		9,692,046
6.13%, 12/15/45 (Call 06/15/45)		7,110		7,009,789
6.25%, 04/15/49 (Call 10/15/48)		17,671		17,806,157
6.50%, 02/01/42 (Call 08/01/41)(a)		9,742		10,188,759
Enterprise Products Operating LLC
2.80%, 01/31/30 (Call 10/31/29)		12,289		11,141,522
3.13%, 07/31/29 (Call 04/30/29)(a)		10,616		9,857,410
3.20%, 02/15/52 (Call 08/15/51)		9,500		6,987,136
3.30%, 02/15/53 (Call 08/15/52)(a)		14,506		10,960,148
3.70%, 02/15/26 (Call 11/15/25)(a)		6,508		6,453,883
3.70%, 01/31/51 (Call 07/31/50)		9,074		7,357,098
3.95%, 01/31/60 (Call 07/31/59)(a)		10,878		8,854,516
4.15%, 10/16/28 (Call 07/16/28)		8,287		8,246,797
4.20%, 01/31/50 (Call 07/31/49)		12,359		10,844,246
4.25%, 02/15/48 (Call 08/15/47)(a)		10,478		9,261,503
4.45%, 02/15/43 (Call 08/15/42)(a)		9,543		8,671,708
4.80%, 02/01/49 (Call 08/01/48)		12,157		11,617,111
4.85%, 08/15/42 (Call 02/15/42)		8,436		8,070,400
4.85%, 03/15/44 (Call 09/15/43)		12,167		11,634,514
4.90%, 05/15/46 (Call 11/15/45)(a)		9,929		9,605,104
5.10%, 02/15/45 (Call 08/15/44)		10,066		9,868,926
5.95%, 02/01/41		7,029		7,618,353
Kinder Morgan Energy Partners LP
5.50%, 03/01/44 (Call 09/01/43)		9,019		8,913,820
6.95%, 01/15/38		11,125		12,710,472
Kinder Morgan Inc.
2.00%, 02/15/31 (Call 11/15/30)(a)		7,286		6,017,598
3.60%, 02/15/51 (Call 08/15/50)(a)		11,470		8,800,175
4.30%, 06/01/25 (Call 03/01/25)(a)		9,072		9,145,760
4.30%, 03/01/28 (Call 12/01/27)(a)		11,928		11,875,112
5.05%, 02/15/46 (Call 08/15/45)		7,577		7,182,005

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
5.20%, 03/01/48 (Call 09/01/47)	$	7,378	$	7,140,647
5.30%, 12/01/34 (Call 06/01/34)		8,308		8,497,326
5.55%, 06/01/45 (Call 12/01/44)(a)		15,450		15,544,437
7.75%, 01/15/32(a)		9,808		11,951,299
Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49)(a)		7,803		6,539,541
MPLX LP
1.75%, 03/01/26 (Call 02/01/26)		10,309		9,416,275
2.65%, 08/15/30 (Call 05/15/30)(a)		11,306		9,718,243
4.00%, 03/15/28 (Call 12/15/27)		10,439		10,116,162
4.13%, 03/01/27 (Call 12/01/26)		12,759		12,633,010
4.50%, 04/15/38 (Call 10/15/37)(a)		17,647		16,266,562
4.70%, 04/15/48 (Call 10/15/47)(a)		14,497		12,808,088
4.80%, 02/15/29 (Call 11/15/28)(a)		7,700		7,797,333
4.88%, 06/01/25 (Call 03/01/25)		8,965		9,147,070
4.95%, 03/14/52 (Call 09/14/51)		15,115		13,856,344
5.20%, 03/01/47 (Call 09/01/46)(a)		9,964		9,461,233
5.50%, 02/15/49 (Call 08/15/48)		12,455		12,214,905
ONEOK Inc.
3.10%, 03/15/30 (Call 12/15/29)(a)		8,320		7,375,297
3.40%, 09/01/29 (Call 06/01/29)(a)		9,958		9,082,230
4.55%, 07/15/28 (Call 04/15/28)		7,465		7,420,915
5.20%, 07/15/48 (Call 01/15/48)(a)		6,769		6,448,956
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)(a)		11,444		10,499,519
3.80%, 09/15/30 (Call 06/15/30)(a)		7,003		6,460,607
4.50%, 12/15/26 (Call 09/15/26)(a)		8,220		8,214,082
4.65%, 10/15/25 (Call 07/15/25)(a)		8,965		9,077,152
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)(a)		11,139		10,926,866
4.50%, 05/15/30 (Call 11/15/29)(a)		19,833		19,665,861
5.00%, 03/15/27 (Call 09/15/26)(a)		11,836		12,114,391
5.88%, 06/30/26 (Call 12/31/25)		15,328		16,103,568
Targa Resources Corp.
4.20%, 02/01/33 (Call 11/01/32)		6,845		6,475,280
4.95%, 04/15/52 (Call 10/15/51)		3,535		3,242,019
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.00%, 01/15/32 (Call 07/15/26)		13,357		12,121,477
4.88%, 02/01/31 (Call 02/01/26)		8,056		7,743,830
5.50%, 03/01/30 (Call 03/01/25)		11,450		11,349,812
6.50%, 07/15/27 (Call 07/15/22)(a)		8,580		8,838,601
TransCanada PipeLines Ltd.
2.50%, 10/12/31 (Call 07/12/31)		9,708		8,303,359
4.10%, 04/15/30 (Call 01/15/30)(a)		9,781		9,590,494
4.25%, 05/15/28 (Call 02/15/28)(a)		14,582		14,549,406
4.63%, 03/01/34 (Call 12/01/33)		10,103		9,992,192
4.88%, 01/15/26 (Call 10/15/25)(a)		7,135		7,331,765
4.88%, 05/15/48 (Call 11/15/47)(a)		8,121		8,174,203
5.10%, 03/15/49 (Call 09/15/48)(a)		8,216		8,583,061
6.10%, 06/01/40		9,051		10,189,890
6.20%, 10/15/37(a)		10,502		11,816,752
7.63%, 01/15/39(a)		12,977		16,538,430
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)		7,955		8,918,660
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)		14,347		12,403,497
3.50%, 11/15/30 (Call 08/15/30)		8,255		7,670,876
3.75%, 06/15/27 (Call 03/15/27)(a)		11,426		11,150,077
4.00%, 09/15/25 (Call 06/15/25)		4,647		4,627,428

Security	Par (000)		Value
Pipelines (continued)
4.85%, 03/01/48 (Call 09/01/47)(a)	$	6,715	$	6,401,362
5.10%, 09/15/45 (Call 03/15/45)(a)		10,686		10,394,162
6.30%, 04/15/40		11,250		12,538,239
				990,963,595
Real Estate Investment Trusts — 1.8%
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		7,365		5,793,690
2.00%, 05/18/32 (Call 02/18/32)(a)		6,241		5,124,999
2.95%, 03/15/34 (Call 12/15/33)		8,248		7,166,959
3.00%, 05/18/51 (Call 11/18/50)		7,945		5,861,878
3.38%, 08/15/31 (Call 05/15/31)		5,059		4,683,364
3.55%, 03/15/52 (Call 09/15/51)		11,387		9,290,776
American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)(a)		10,372		8,282,159
2.10%, 06/15/30 (Call 03/15/30)(a)		11,065		9,064,712
2.75%, 01/15/27 (Call 11/15/26)		13,411		12,467,892
2.90%, 01/15/30 (Call 10/15/29)(a)		9,145		8,031,000
2.95%, 01/15/51 (Call 07/15/50)		10,703		7,331,126
3.10%, 06/15/50 (Call 12/15/49)(a)		11,787		8,294,158
3.38%, 10/15/26 (Call 07/15/26)(a)		12,300		11,809,660
3.55%, 07/15/27 (Call 04/15/27)(a)		6,541		6,252,249
3.80%, 08/15/29 (Call 05/15/29)		17,563		16,373,089
4.00%, 06/01/25 (Call 03/01/25)(a)		6,622		6,620,769
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)(a)		11,890		9,628,063
2.55%, 04/01/32 (Call 01/01/32)(a)		5,476		4,589,573
2.75%, 10/01/26 (Call 07/01/26)		10,801		10,221,977
3.25%, 01/30/31 (Call 10/30/30)		9,528		8,643,392
3.40%, 06/21/29 (Call 03/21/29)(a)		6,114		5,715,402
3.65%, 02/01/26 (Call 11/03/25)(a)		11,081		10,945,303
4.50%, 12/01/28 (Call 09/01/28)(a)		7,950		8,014,771
Brixmor Operating Partnership LP
4.05%, 07/01/30 (Call 04/01/30)(a)		7,076		6,700,557
4.13%, 05/15/29 (Call 02/15/29)		11,208		10,863,456
Crown Castle International Corp.
1.05%, 07/15/26 (Call 06/15/26)		8,805		7,773,043
2.10%, 04/01/31 (Call 01/01/31)(a)		9,426		7,626,358
2.25%, 01/15/31 (Call 10/15/30)(a)		14,100		11,607,176
2.50%, 07/15/31 (Call 04/15/31)(a)		10,222		8,517,169
2.90%, 03/15/27 (Call 02/15/27)		5,280		4,942,835
2.90%, 04/01/41 (Call 10/01/40)(a)		13,558		10,141,596
3.25%, 01/15/51 (Call 07/15/50)(a)		7,701		5,733,505
3.30%, 07/01/30 (Call 04/01/30)		10,831		9,770,897
3.65%, 09/01/27 (Call 06/01/27)		10,693		10,249,988
3.70%, 06/15/26 (Call 03/15/26)		11,137		10,949,231
3.80%, 02/15/28 (Call 11/15/27)		10,472		10,076,763
4.45%, 02/15/26 (Call 11/15/25)		9,772		9,859,495
Digital Realty Trust LP
3.60%, 07/01/29 (Call 04/01/29)(a)		7,676		7,238,049
3.70%, 08/15/27 (Call 05/15/27)(a)		12,249		11,865,966
Equinix Inc.
2.15%, 07/15/30 (Call 04/15/30)(a)		10,821		8,995,162
2.50%, 05/15/31 (Call 02/15/31)(a)		11,268		9,461,571
3.20%, 11/18/29 (Call 08/18/29)(a)		11,085		10,082,705
3.90%, 04/15/32 (Call 01/15/32)		579		543,275
ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44)(a)		7,423		7,329,325
GLP Capital LP/GLP Financing II Inc.
3.25%, 01/15/32 (Call 10/15/31)(a)		7,987		6,731,609
5.25%, 06/01/25 (Call 03/01/25)		3,926		3,985,062
5.30%, 01/15/29 (Call 10/15/28)(a)		10,875		10,900,590

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
5.38%, 04/15/26 (Call 01/15/26)	$	7,178	$	7,302,523
Healthcare Trust of America Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)(a)		7,992		6,507,606
Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29)		6,701		6,108,308
Prologis LP
1.25%, 10/15/30 (Call 07/15/30)(a)		7,285		5,900,376
2.25%, 04/15/30 (Call 01/15/30)(a)		6,383		5,620,515
Realty Income Corp., 3.25%, 01/15/31 (Call 10/15/30)		7,045		6,563,261
Simon Property Group LP
1.75%, 02/01/28 (Call 11/01/27)(a)		7,878		6,916,624
2.45%, 09/13/29 (Call 06/13/29)(a)		11,306		9,920,769
2.65%, 07/15/30 (Call 04/15/30)		5,749		5,063,378
3.25%, 11/30/26 (Call 08/30/26)(a)		9,867		9,571,570
3.25%, 09/13/49 (Call 03/13/49)(a)		12,258		9,632,803
3.30%, 01/15/26 (Call 10/15/25)		13,277		13,064,960
3.38%, 06/15/27 (Call 03/15/27)(a)		7,604		7,395,993
3.38%, 12/01/27 (Call 09/01/27)(a)		6,551		6,305,205
3.50%, 09/01/25 (Call 06/01/25)		9,430		9,367,468
3.80%, 07/15/50 (Call 01/15/50)		8,026		7,067,352
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)		7,544		7,479,581
VICI Properties LP
4.75%, 02/15/28 (Call 01/15/28)		9,330		9,290,534
4.95%, 02/15/30 (Call 12/15/29)		8,100		8,043,462
5.13%, 05/15/32 (Call 02/15/32)		9,810		9,732,109
VICI Properties LP/VICI Note Co. Inc., 5.63%, 05/15/52		4,737		4,718,384
Welltower Inc.
2.80%, 06/01/31 (Call 03/01/31)(a)		4,584		4,032,925
3.10%, 01/15/30 (Call 10/15/29)		9,147		8,403,172
4.00%, 06/01/25 (Call 03/01/25)(a)		9,463		9,487,104
4.25%, 04/15/28 (Call 01/15/28)		9,301		9,330,087
Weyerhaeuser Co.
4.00%, 11/15/29 (Call 08/15/29)		7,957		7,691,465
4.00%, 04/15/30 (Call 01/15/30)(a)		8,774		8,433,874
				601,103,752
Retail — 3.0%
AutoZone Inc., 4.00%, 04/15/30 (Call 01/15/30)(a)		9,651		9,370,167
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)		21,388		19,312,744
1.60%, 04/20/30 (Call 01/20/30)(a)		15,589		13,243,652
1.75%, 04/20/32 (Call 01/20/32)(a)		8,953		7,433,277
3.00%, 05/18/27 (Call 02/18/27)(a)		5,444		5,348,223
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)		8,374		7,863,060
Dollar Tree Inc.
2.65%, 12/01/31 (Call 09/01/31)(a)		9,462		8,084,809
4.00%, 05/15/25 (Call 03/15/25)(a)		5,175		5,201,493
4.20%, 05/15/28 (Call 02/15/28)(a)		14,354		14,275,340
Home Depot Inc. (The)
1.38%, 03/15/31 (Call 12/15/30)(a)		10,154		8,228,194
1.50%, 09/15/28 (Call 07/15/28)(a)		8,530		7,476,490
1.88%, 09/15/31 (Call 06/15/31)		6,118		5,129,182
2.13%, 09/15/26 (Call 06/15/26)(a)		11,508		10,925,197
2.38%, 03/15/51 (Call 09/15/50)		11,453		7,984,677
2.50%, 04/15/27 (Call 02/15/27)(a)		13,296		12,656,240
2.70%, 04/15/30 (Call 01/15/30)		14,562		13,325,661
2.75%, 09/15/51 (Call 03/15/51)(a)		10,347		7,771,997
2.80%, 09/14/27 (Call 06/14/27)(a)		9,019		8,673,303
2.88%, 04/15/27 (Call 03/15/27)		9,768		9,461,987
2.95%, 06/15/29 (Call 03/15/29)(a)		14,694		13,778,900

Security	Par (000)		Value
Retail (continued)
3.00%, 04/01/26 (Call 01/01/26)(a)	$	11,221	$	11,049,590
3.13%, 12/15/49 (Call 06/15/49)		11,870		9,536,261
3.25%, 04/15/32 (Call 01/15/32)(a)		18,576		17,391,834
3.30%, 04/15/40 (Call 10/15/39)(a)		13,311		11,619,511
3.35%, 09/15/25 (Call 06/15/25)(a)		7,500		7,504,698
3.35%, 04/15/50 (Call 10/15/49)(a)		14,911		12,544,451
3.50%, 09/15/56 (Call 03/15/56)		6,659		5,591,960
3.63%, 04/15/52 (Call 10/15/51)		15,122		13,278,087
3.90%, 12/06/28 (Call 09/06/28)(a)		9,723		9,711,883
3.90%, 06/15/47 (Call 12/15/46)(a)		10,803		9,992,073
4.20%, 04/01/43 (Call 10/01/42)(a)		9,840		9,497,715
4.25%, 04/01/46 (Call 10/01/45)(a)		15,234		14,812,230
4.40%, 03/15/45 (Call 09/15/44)(a)		9,570		9,453,468
4.50%, 12/06/48 (Call 06/06/48)(a)		13,722		13,800,026
4.88%, 02/15/44 (Call 08/15/43)(a)		9,086		9,547,133
5.88%, 12/16/36(a)		30,899		36,236,002
5.95%, 04/01/41 (Call 10/01/40)		7,014		8,227,559
Lowe’s Companies Inc.
1.30%, 04/15/28 (Call 02/15/28)(a)		10,532		8,980,891
1.70%, 09/15/28 (Call 07/15/28)(a)		9,439		8,237,383
1.70%, 10/15/30 (Call 07/15/30)		10,638		8,705,122
2.50%, 04/15/26 (Call 01/15/26)(a)		13,224		12,611,591
2.63%, 04/01/31 (Call 01/01/31)		12,740		11,136,540
2.80%, 09/15/41 (Call 03/15/41)(a)		10,371		7,928,130
3.00%, 10/15/50 (Call 04/15/50)(a)		17,746		13,024,208
3.10%, 05/03/27 (Call 02/03/27)(a)		14,588		14,128,250
3.35%, 04/01/27 (Call 03/01/27)		7,957		7,762,821
3.38%, 09/15/25 (Call 06/15/25)		13,021		12,915,535
3.65%, 04/05/29 (Call 01/05/29)		16,086		15,527,127
3.70%, 04/15/46 (Call 10/15/45)(a)		13,272		11,104,274
3.75%, 04/01/32 (Call 01/01/32)		21,185		19,981,853
4.00%, 04/15/25 (Call 03/15/25)		2,109		2,138,260
4.05%, 05/03/47 (Call 11/03/46)(a)		13,686		12,016,660
4.25%, 04/01/52 (Call 10/01/51)		14,955		13,440,962
4.45%, 04/01/62 (Call 10/01/61)		11,365		10,179,452
4.50%, 04/15/30 (Call 01/15/30)(a)		13,294		13,375,064
McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)		8,700		7,504,040
2.63%, 09/01/29 (Call 06/01/29)(a)		9,599		8,693,830
3.30%, 07/01/25 (Call 06/01/25)(a)		6,731		6,707,892
3.50%, 03/01/27 (Call 12/01/26)(a)		8,135		8,054,001
3.50%, 07/01/27 (Call 05/01/27)(a)		9,497		9,357,158
3.60%, 07/01/30 (Call 04/01/30)		8,567		8,215,738
3.63%, 09/01/49 (Call 03/01/49)		16,007		13,420,069
3.70%, 01/30/26 (Call 10/30/25)(a)		15,014		15,054,137
3.80%, 04/01/28 (Call 01/01/28)		10,932		10,844,206
4.20%, 04/01/50 (Call 10/01/49)(a)		8,434		7,776,626
4.45%, 03/01/47 (Call 09/01/46)(a)		9,475		9,084,101
4.45%, 09/01/48 (Call 03/01/48)(a)		7,103		6,788,466
4.70%, 12/09/35 (Call 06/09/35)		7,189		7,301,146
4.88%, 12/09/45 (Call 06/09/45)		15,701		15,865,507
6.30%, 10/15/37(a)		8,598		10,089,180
6.30%, 03/01/38		10,156		11,920,099
O’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)(a)		10,480		10,288,877
Starbucks Corp.
2.25%, 03/12/30 (Call 12/12/29)(a)		6,862		5,881,569
2.55%, 11/15/30 (Call 08/15/30)(a)		10,078		8,697,497
3.00%, 02/14/32 (Call 11/14/31)		9,437		8,324,901
3.50%, 11/15/50 (Call 05/15/50)(a)		13,488		10,775,562

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
3.55%, 08/15/29 (Call 05/15/29)	$	10,412	$	9,934,037
3.80%, 08/15/25 (Call 06/15/25)(a)		6,947		7,000,064
4.00%, 11/15/28 (Call 08/15/28)(a)		8,556		8,501,355
4.45%, 08/15/49 (Call 02/15/49)(a)		9,993		9,279,863
4.50%, 11/15/48 (Call 05/15/48)(a)		10,119		9,530,597
Target Corp.
1.95%, 01/15/27 (Call 12/15/26)(a)		8,510		7,977,122
2.35%, 02/15/30 (Call 11/15/29)		6,030		5,449,359
2.50%, 04/15/26(a)		9,525		9,239,204
2.95%, 01/15/52 (Call 07/15/51)		17,929		14,218,787
3.38%, 04/15/29 (Call 01/15/29)(a)		12,534		12,290,463
4.00%, 07/01/42(a)		5,105		4,953,012
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)(a)		10,376		9,835,357
Walgreens Boots Alliance Inc.
3.45%, 06/01/26 (Call 03/01/26)(a)		5,954		5,824,885
4.10%, 04/15/50 (Call 10/15/49)		7,091		6,051,730
4.80%, 11/18/44 (Call 05/18/44)(a)		1,200		1,127,427
Walmart Inc.
3.05%, 07/08/26 (Call 05/08/26)		8,857		8,798,010
3.55%, 06/26/25 (Call 04/26/25)(a)		3,333		3,372,510
3.70%, 06/26/28 (Call 03/26/28)(a)		15,677		15,699,612
4.05%, 06/29/48 (Call 12/29/47)(a)		15,129		15,222,829
5.25%, 09/01/35(a)		8,326		9,416,475
6.20%, 04/15/38(a)		817		1,015,039
6.50%, 08/15/37(a)		1,370		1,757,405
				985,672,941
Semiconductors — 3.2%
Analog Devices Inc.
1.70%, 10/01/28 (Call 08/01/28)		10,572		9,278,638
2.10%, 10/01/31 (Call 07/01/31)(a)		6,786		5,836,480
2.80%, 10/01/41 (Call 04/01/41)(a)		7,514		6,091,450
2.95%, 10/01/51 (Call 04/01/51)(a)		9,404		7,376,619
3.50%, 12/05/26 (Call 09/05/26)(a)		10,965		10,938,225
Applied Materials Inc.
1.75%, 06/01/30 (Call 03/01/30)(a)		12,289		10,523,883
2.75%, 06/01/50 (Call 12/01/49)(a)		7,686		5,962,962
3.30%, 04/01/27 (Call 01/01/27)(a)		14,535		14,336,026
4.35%, 04/01/47 (Call 10/01/46)		9,228		9,286,013
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.50%, 01/15/28 (Call 10/15/27)		8,856		8,356,492
3.88%, 01/15/27 (Call 10/15/26)		29,032		28,319,198
Broadcom Inc.
1.95%, 02/15/28 (Call 12/15/27)(a)(c)		10,530		9,110,751
2.45%, 02/15/31 (Call 11/15/30)(a)(c)		26,175		21,601,442
2.60%, 02/15/33 (Call 11/15/32)(c)		16,621		13,285,277
3.14%, 11/15/35 (Call 08/15/35)(a)(c)		29,088		23,344,836
3.15%, 11/15/25 (Call 10/15/25)(a)		13,026		12,687,299
3.19%, 11/15/36 (Call 08/15/36)(a)(c)		23,055		18,122,397
3.42%, 04/15/33 (Call 01/15/33)(c)		20,251		17,365,008
3.46%, 09/15/26 (Call 07/15/26)(a)		12,535		12,210,945
3.47%, 04/15/34 (Call 01/15/34)(c)		27,355		23,189,474
3.50%, 02/15/41 (Call 08/15/40)(a)(c)		25,592		19,908,160
3.75%, 02/15/51 (Call 08/15/50)(a)(c)		17,397		13,381,885
4.00%, 04/15/29 (Call 02/15/29)(c)		9,141		8,720,092
4.11%, 09/15/28 (Call 06/15/28)		25		24,347
4.15%, 11/15/30 (Call 08/15/30)		10,220		9,673,469
4.15%, 04/15/32 (Call 01/15/32)(c)		7,695		7,148,159
4.30%, 11/15/32 (Call 08/15/32)(a)		16,372		15,352,809
4.93%, 05/15/37 (Call 02/15/37)(a)(c)		63,866		59,561,955

Security	Par (000)		Value
Semiconductors (continued)
5.00%, 04/15/30 (Call 01/15/30)(a)	$	30	$	30,303
Intel Corp.
1.60%, 08/12/28 (Call 06/12/28)		8,943		7,872,848
2.00%, 08/12/31 (Call 05/12/31)(a)		9,471		8,048,073
2.45%, 11/15/29 (Call 08/15/29)		19,226		17,408,603
2.60%, 05/19/26 (Call 02/19/26)		8,682		8,407,583
2.80%, 08/12/41 (Call 02/12/41)		8,288		6,546,081
3.05%, 08/12/51 (Call 02/12/51)(a)		11,036		8,608,406
3.10%, 02/15/60 (Call 08/15/59)		10,650		7,893,029
3.15%, 05/11/27 (Call 02/11/27)(a)		10,966		10,765,055
3.20%, 08/12/61 (Call 02/12/61)(a)		7,552		5,679,837
3.25%, 11/15/49 (Call 05/15/49)		18,788		15,150,423
3.70%, 07/29/25 (Call 04/29/25)(a)		16,664		16,811,370
3.73%, 12/08/47 (Call 06/08/47)(a)		20,677		18,277,751
3.75%, 03/25/27 (Call 01/25/27)(a)		8,051		8,091,038
3.90%, 03/25/30 (Call 12/25/29)(a)		13,481		13,386,032
4.00%, 12/15/32(a)		8,047		7,967,387
4.10%, 05/19/46 (Call 11/19/45)(a)		10,028		9,439,700
4.10%, 05/11/47 (Call 11/11/46)(a)		10,132		9,480,649
4.60%, 03/25/40 (Call 09/25/39)(a)		8,213		8,263,439
4.75%, 03/25/50 (Call 09/25/49)(a)		21,221		21,960,348
4.80%, 10/01/41(a)		6,881		7,108,784
4.90%, 07/29/45 (Call 01/29/45)		7,825		8,162,375
4.95%, 03/25/60 (Call 09/25/59)(a)		8,428		8,877,073
KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)(a)		7,464		6,229,292
4.10%, 03/15/29 (Call 12/15/28)		8,789		8,823,276
Lam Research Corp.
1.90%, 06/15/30 (Call 03/15/30)		14,038		12,007,281
2.88%, 06/15/50 (Call 12/15/49)(a)		6,786		5,230,611
3.75%, 03/15/26 (Call 01/15/26)		13,236		13,277,188
4.00%, 03/15/29 (Call 12/15/28)(a)		7,917		7,886,770
4.88%, 03/15/49 (Call 09/15/48)		8,850		9,487,023
Marvell Technology Inc.
2.45%, 04/15/28 (Call 02/15/28)		9,914		8,854,454
2.95%, 04/15/31 (Call 01/15/31)(a)		12,631		10,979,114
Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22)(a)		5,992		5,953,172
Micron Technology Inc.
2.70%, 04/15/32 (Call 01/15/32)		12,906		10,745,395
4.19%, 02/15/27 (Call 12/15/26)(a)		11,147		11,093,740
4.66%, 02/15/30 (Call 11/15/29)		10,168		10,063,064
NVIDIA Corp.
1.55%, 06/15/28 (Call 04/15/28)		13,366		11,762,303
2.00%, 06/15/31 (Call 03/15/31)(a)		12,979		11,148,817
2.85%, 04/01/30 (Call 01/01/30)		14,489		13,486,186
3.20%, 09/16/26 (Call 06/16/26)(a)		7,443		7,400,675
3.50%, 04/01/40 (Call 10/01/39)(a)		12,156		10,999,050
3.50%, 04/01/50 (Call 10/01/49)(a)		18,323		16,234,334
NXP BV/NXP Funding LLC/NXP USA Inc.
2.50%, 05/11/31 (Call 02/11/31)(a)(c)		8,583		7,225,918
2.65%, 02/15/32 (Call 11/15/31)(a)(c)		7,711		6,431,407
3.25%, 05/11/41 (Call 11/11/40)(a)(c)		10,067		7,875,616
3.40%, 05/01/30 (Call 02/01/30)(c)		8,346		7,586,708
3.88%, 06/18/26 (Call 04/18/26)(c)		9,126		8,970,286
4.30%, 06/18/29 (Call 03/18/29)(a)(c)		11,413		11,106,982
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		9,081		8,384,033
QUALCOMM Inc.
1.30%, 05/20/28 (Call 02/20/28)		10,960		9,509,837
1.65%, 05/20/32 (Call 02/20/32)(a)		6,980		5,659,434

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors (continued)
2.15%, 05/20/30 (Call 02/20/30)(a)	$	13,011	$	11,416,528
3.25%, 05/20/27 (Call 02/20/27)		17,685		17,314,763
3.25%, 05/20/50 (Call 11/20/49)(a)		8,786		7,461,955
3.45%, 05/20/25 (Call 02/20/25)(a)		8,593		8,614,465
4.30%, 05/20/47 (Call 11/20/46)(a)		15,470		15,291,287
4.65%, 05/20/35 (Call 11/20/34)		11,199		11,615,381
4.80%, 05/20/45 (Call 11/20/44)		14,553		15,237,476
Texas Instruments Inc.
1.75%, 05/04/30 (Call 02/04/30)		10,687		9,231,852
2.25%, 09/04/29 (Call 06/04/29)		11,657		10,555,509
3.88%, 03/15/39 (Call 09/15/38)		9,148		8,868,793
4.15%, 05/15/48 (Call 11/15/47)(a)		13,477		13,460,433
				1,028,710,886
Software — 3.6%
Activision Blizzard Inc.
2.50%, 09/15/50 (Call 03/15/50)		16,312		11,768,516
3.40%, 09/15/26 (Call 06/15/26)(a)		11,178		11,082,091
Adobe Inc.
2.15%, 02/01/27 (Call 12/01/26)		8,297		7,826,484
2.30%, 02/01/30 (Call 11/01/29)(a)		13,301		11,915,722
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)(a)		13,415		11,240,017
Broadridge Financial Solutions Inc.
2.60%, 05/01/31 (Call 02/01/31)		11,721		10,052,640
2.90%, 12/01/29 (Call 09/01/29)(a)		8,855		7,967,044
Citrix Systems Inc.
1.25%, 03/01/26 (Call 02/01/26)		9,241		9,063,879
3.30%, 03/01/30 (Call 12/01/29)(a)		8,481		8,352,833
4.50%, 12/01/27 (Call 09/01/27)		9,700		9,828,029
Fidelity National Information Services Inc.
1.15%, 03/01/26 (Call 02/01/26)(a)		12,589		11,344,313
1.65%, 03/01/28 (Call 01/01/28)(a)		8,474		7,348,303
2.25%, 03/01/31 (Call 12/01/30)(a)		11,816		9,907,026
3.10%, 03/01/41 (Call 09/01/40)		13,195		10,329,162
Fiserv Inc.
2.25%, 06/01/27 (Call 04/01/27)(a)		11,665		10,687,576
2.65%, 06/01/30 (Call 03/01/30)(a)		10,652		9,258,795
3.20%, 07/01/26 (Call 05/01/26)(a)		18,519		17,918,447
3.50%, 07/01/29 (Call 04/01/29)		28,702		26,798,727
3.85%, 06/01/25 (Call 03/01/25)(a)		5,955		5,965,134
4.20%, 10/01/28 (Call 07/01/28)(a)		8,391		8,251,610
4.40%, 07/01/49 (Call 01/01/49)		22,727		20,536,740
Microsoft Corp.
2.40%, 08/08/26 (Call 05/08/26)(a)		34,876		33,684,015
2.53%, 06/01/50 (Call 12/01/49)(a)		57,951		43,938,703
2.68%, 06/01/60 (Call 12/01/59)		33,609		24,631,367
2.92%, 03/17/52 (Call 09/17/51)		58,392		47,448,644
3.04%, 03/17/62 (Call 09/17/61)		14,266		11,317,457
3.13%, 11/03/25 (Call 08/03/25)(a)		24,384		24,426,948
3.30%, 02/06/27 (Call 11/06/26)(a)		34,841		34,876,454
3.45%, 08/08/36 (Call 02/08/36)(a)		13,626		13,026,863
3.50%, 02/12/35 (Call 08/12/34)(a)		14,829		14,309,178
3.70%, 08/08/46 (Call 02/08/46)(a)		22,866		21,686,382
4.10%, 02/06/37 (Call 08/06/36)(a)		9,308		9,526,595
4.25%, 02/06/47 (Call 08/06/46)(a)		14,984		15,598,825
4.45%, 11/03/45 (Call 05/03/45)(a)		5,490		5,727,451
4.50%, 02/06/57 (Call 08/06/56)(a)		5,005		5,417,428
Oracle Corp.
1.65%, 03/25/26 (Call 02/25/26)		26,311		23,776,898
2.30%, 03/25/28 (Call 01/25/28)		21,193		18,472,654
2.65%, 07/15/26 (Call 04/15/26)(a)		30,075		28,081,966

Security	Par (000)		Value
Software (continued)
2.80%, 04/01/27 (Call 02/01/27)(a)	$	19,419	$	17,929,683
2.88%, 03/25/31 (Call 12/25/30)		33,963		28,829,099
2.95%, 05/15/25 (Call 02/15/25)(a)		17,170		16,613,776
2.95%, 04/01/30 (Call 01/01/30)(a)		27,878		24,067,470
3.25%, 11/15/27 (Call 08/15/27)(a)		27,634		25,731,142
3.60%, 04/01/40 (Call 10/01/39)		26,734		20,636,999
3.60%, 04/01/50 (Call 10/01/49)		46,078		33,134,326
3.65%, 03/25/41 (Call 09/25/40)		20,275		15,724,128
3.80%, 11/15/37 (Call 05/15/37)(a)		14,744		12,086,036
3.85%, 07/15/36 (Call 01/15/36)(a)		11,483		9,618,481
3.85%, 04/01/60 (Call 10/01/59)		29,893		21,128,193
3.90%, 05/15/35 (Call 11/15/34)		14,810		12,813,169
3.95%, 03/25/51 (Call 09/25/50)		29,667		22,527,693
4.00%, 07/15/46 (Call 01/15/46)(a)		31,641		24,669,273
4.00%, 11/15/47 (Call 05/15/47)		20,814		16,149,797
4.10%, 03/25/61 (Call 09/25/60)		14,045		10,399,946
4.13%, 05/15/45 (Call 11/15/44)(a)		18,414		14,532,487
4.30%, 07/08/34 (Call 01/08/34)(a)		15,085		13,633,637
4.38%, 05/15/55 (Call 11/15/54)		12,244		9,638,730
4.50%, 07/08/44 (Call 01/08/44)		8,540		7,206,424
5.38%, 07/15/40(a)		24,372		23,127,712
6.13%, 07/08/39		11,288		11,779,603
6.50%, 04/15/38(a)		12,122		13,084,949
Roper Technologies Inc.
1.75%, 02/15/31 (Call 11/15/30)(a)		5,222		4,218,945
4.20%, 09/15/28 (Call 06/15/28)		6,916		6,935,650
salesforce.com Inc.
1.50%, 07/15/28 (Call 05/15/28)(a)		9,321		8,226,981
1.95%, 07/15/31 (Call 04/15/31)(a)		14,075		12,079,684
2.70%, 07/15/41 (Call 01/15/41)(a)		16,476		13,102,348
2.90%, 07/15/51 (Call 01/15/51)(a)		20,168		15,702,601
3.05%, 07/15/61 (Call 01/15/61)(a)		8,436		6,427,530
3.70%, 04/11/28 (Call 01/11/28)(a)		15,505		15,475,162
VMware Inc.
1.40%, 08/15/26 (Call 07/15/26)(a)		21,419		19,187,316
1.80%, 08/15/28 (Call 06/15/28)		10,086		8,574,133
2.20%, 08/15/31 (Call 05/15/31)(a)		13,796		11,223,790
3.90%, 08/21/27 (Call 05/21/27)		9,766		9,539,339
4.50%, 05/15/25 (Call 04/15/25)(a)		1,222		1,238,330
4.70%, 05/15/30 (Call 02/15/30)		14,872		14,792,387
Workday Inc.
3.50%, 04/01/27 (Call 03/01/27)		5,442		5,305,303
3.70%, 04/01/29 (Call 02/01/29)		5,632		5,388,994
3.80%, 04/01/32 (Call 01/01/32)		7,138		6,756,306
				1,182,628,468
Telecommunications — 7.1%
AT&T Inc.
1.65%, 02/01/28 (Call 12/01/27)		19,842		17,307,373
1.70%, 03/25/26 (Call 03/25/23)(a)		23,867		22,036,014
2.25%, 02/01/32 (Call 11/01/31)(a)		24,594		20,468,989
2.30%, 06/01/27 (Call 04/01/27)		26,959		24,796,028
2.55%, 12/01/33 (Call 09/01/33)(a)		35,326		29,211,267
2.75%, 06/01/31 (Call 03/01/31)(a)		30,078		26,548,127
3.10%, 02/01/43 (Call 08/01/42)		22,314		17,287,524
3.30%, 02/01/52 (Call 08/01/51)(a)		21,233		16,112,063
3.40%, 05/15/25 (Call 05/11/22)(a)		16,695		16,790,073
3.50%, 06/01/41 (Call 12/01/40)		23,983		19,960,518
3.50%, 09/15/53 (Call 03/15/53)		67,845		53,255,177
3.50%, 02/01/61 (Call 08/01/60)		13,670		10,138,390
3.55%, 09/15/55 (Call 03/15/55)		72,143		56,036,289

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
3.65%, 06/01/51 (Call 12/01/50)(a)	$	29,105	$	23,634,791
3.65%, 09/15/59 (Call 03/15/59)		66,737		51,533,517
3.80%, 02/15/27 (Call 11/15/26)(a)		10,845		10,834,450
3.80%, 12/01/57 (Call 06/01/57)(a)		53,451		42,801,011
3.85%, 06/01/60 (Call 12/01/59)(a)		14,841		11,808,069
4.10%, 02/15/28 (Call 11/15/27)(a)		17,871		18,050,366
4.13%, 02/17/26 (Call 05/11/22)(a)		12,444		12,756,998
4.25%, 03/01/27 (Call 12/01/26)(a)		13,181		13,461,459
4.30%, 02/15/30 (Call 11/15/29)		28,991		29,141,197
4.30%, 12/15/42 (Call 06/15/42)(a)		13,013		11,937,152
4.35%, 03/01/29 (Call 12/01/28)		30,273		30,575,682
4.35%, 06/15/45 (Call 12/15/44)		11,343		10,261,299
4.50%, 05/15/35 (Call 11/15/34)(a)		24,271		23,831,192
4.50%, 03/09/48 (Call 09/09/47)(a)		16,197		15,188,035
4.55%, 03/09/49 (Call 09/09/48)(a)		11,235		10,683,440
4.75%, 05/15/46 (Call 11/15/45)		17,602		17,369,284
4.85%, 03/01/39 (Call 09/01/38)(a)		9,811		9,773,268
5.15%, 02/15/50 (Call 08/14/49)		10,631		11,067,540
5.25%, 03/01/37 (Call 09/01/36)(a)		15,495		16,446,675
5.35%, 09/01/40(a)		9,582		10,098,313
5.65%, 02/15/47 (Call 08/15/46)(a)		8,678		9,640,795
Bell Telephone Co. of Canada or Bell Canada (The)
3.65%, 08/15/52 (Call 02/15/52)(a)		14,407		12,069,025
4.46%, 04/01/48 (Call 10/01/47)(a)		9,383		8,985,621
British Telecommunications PLC, 9.63%, 12/15/30		26,767		34,258,419
Cisco Systems Inc.
2.50%, 09/20/26 (Call 06/20/26)		12,290		11,871,678
2.95%, 02/28/26(a)		12,088		11,941,248
5.50%, 01/15/40(a)		19,684		22,594,901
5.90%, 02/15/39		18,836		22,447,892
Corning Inc.
4.38%, 11/15/57 (Call 05/15/57)		7,031		6,337,959
5.45%, 11/15/79 (Call 05/19/79)(a)		11,034		10,805,019
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		37,860		48,024,865
Motorola Solutions Inc.
2.30%, 11/15/30 (Call 08/15/30)		11,959		9,780,458
2.75%, 05/24/31 (Call 02/24/31)		9,823		8,206,185
4.60%, 05/23/29 (Call 02/23/29)		10,994		10,821,970
Orange SA
5.38%, 01/13/42(a)		11,577		12,399,535
5.50%, 02/06/44 (Call 08/06/43)(a)		7,342		8,055,659
9.00%, 03/01/31		26,915		35,504,171
Rogers Communications Inc.
3.20%, 03/15/27 (Call 02/15/27)(c)		13,725		13,076,517
3.70%, 11/15/49 (Call 05/15/49)(a)		9,584		7,622,882
3.80%, 03/15/32 (Call 12/15/31)(c)		20,262		18,664,732
4.30%, 02/15/48 (Call 08/15/47)(a)		7,154		6,255,873
4.35%, 05/01/49 (Call 11/01/48)(a)		11,766		10,390,115
4.50%, 03/15/42 (Call 09/15/41)(c)		12,402		11,295,527
4.55%, 03/15/52 (Call 09/15/51)(c)		18,844		16,744,511
5.00%, 03/15/44 (Call 09/15/43)(a)		9,895		9,532,631
Telefonica Emisiones SA
4.10%, 03/08/27		16,021		15,848,098
4.67%, 03/06/38		7,732		7,177,258
4.90%, 03/06/48		13,849		12,605,613
5.21%, 03/08/47		25,467		23,920,626
5.52%, 03/01/49 (Call 09/01/48)		12,086		11,943,931
7.05%, 06/20/36(a)		19,586		22,604,745
Telefonica Europe BV, 8.25%, 09/15/30(a)		11,393		14,074,511

Security	Par (000)		Value
Telecommunications (continued)
TELUS Corp.
3.40%, 05/13/32 (Call 02/13/32)	$	17,869	$	16,382,355
4.60%, 11/16/48 (Call 05/16/48)(a)		7,001		6,937,177
T-Mobile USA Inc.
1.50%, 02/15/26 (Call 01/15/26)		16,347		14,914,362
2.05%, 02/15/28 (Call 12/15/27)		24,934		22,001,360
2.25%, 11/15/31 (Call 08/15/31)		9,195		7,536,004
2.55%, 02/15/31 (Call 11/15/30)		27,622		23,510,109
2.70%, 03/15/32 (Call 12/15/31)(c)		7,813		6,633,308
3.00%, 02/15/41 (Call 08/15/40)(a)		25,852		19,755,206
3.30%, 02/15/51 (Call 08/15/50)(a)		30,683		22,962,633
3.40%, 10/15/52 (Call 04/15/52)(a)(c)		26,236		19,867,712
3.50%, 04/15/25 (Call 03/15/25)		14,043		13,866,342
3.60%, 11/15/60 (Call 05/15/60)		5,524		4,131,050
3.75%, 04/15/27 (Call 02/15/27)		38,888		37,852,646
3.88%, 04/15/30 (Call 01/15/30)(a)		67,018		63,453,279
4.38%, 04/15/40 (Call 10/15/39)(a)		20,304		18,701,586
4.50%, 04/15/50 (Call 10/15/49)		29,794		27,183,289
Verizon Communications Inc.
0.85%, 11/20/25 (Call 10/20/25)		14,313		13,066,771
1.45%, 03/20/26 (Call 02/20/26)(a)		18,852		17,281,498
1.50%, 09/18/30 (Call 06/18/30)(a)		10,680		8,681,895
1.68%, 10/30/30 (Call 07/30/30)(a)		12,103		9,875,138
1.75%, 01/20/31 (Call 10/20/30)		21,854		17,787,209
2.10%, 03/22/28 (Call 01/22/28)		27,873		24,980,020
2.36%, 03/15/32		39,490		33,184,146
2.55%, 03/21/31 (Call 12/21/30)(a)		39,171		34,060,128
2.63%, 08/15/26(a)		18,431		17,508,825
2.65%, 11/20/40 (Call 05/20/40)(a)		30,803		23,304,690
2.85%, 09/03/41 (Call 03/03/41)(a)		14,557		11,369,499
2.88%, 11/20/50 (Call 05/20/50)(a)		27,485		20,086,604
2.99%, 10/30/56 (Call 04/30/56)		37,794		26,793,093
3.00%, 03/22/27 (Call 01/22/27)(a)		10,867		10,398,577
3.00%, 11/20/60 (Call 05/20/60)(a)		18,467		12,914,564
3.15%, 03/22/30 (Call 12/22/29)		12,252		11,254,465
3.40%, 03/22/41 (Call 09/22/40)(a)		35,509		29,682,836
3.55%, 03/22/51 (Call 09/22/50)(a)		46,836		38,595,899
3.70%, 03/22/61 (Call 09/22/60)(a)		33,399		26,953,574
3.88%, 02/08/29 (Call 11/08/28)(a)		9,682		9,545,925
3.88%, 03/01/52 (Call 09/01/51)		8,465		7,394,763
4.00%, 03/22/50 (Call 09/22/49)(a)		12,556		11,194,819
4.02%, 12/03/29 (Call 09/03/29)		36,176		35,418,355
4.13%, 03/16/27(a)		30,464		30,625,825
4.13%, 08/15/46		13,015		11,841,270
4.27%, 01/15/36(a)		18,556		17,951,316
4.33%, 09/21/28(a)		37,737		37,987,532
4.40%, 11/01/34 (Call 05/01/34)(a)		17,472		17,208,568
4.50%, 08/10/33(a)		23,450		23,477,383
4.52%, 09/15/48		5,218		5,075,614
4.81%, 03/15/39		10,558		10,803,664
4.86%, 08/21/46		21,762		21,944,864
5.01%, 08/21/54		8,564		9,070,012
5.25%, 03/16/37(a)		10,012		10,645,284
6.55%, 09/15/43(a)		4,553		5,685,131
Vodafone Group PLC
4.13%, 05/30/25(a)		9,101		9,211,755
4.25%, 09/17/50		12,890		11,143,784
4.38%, 05/30/28(a)		25,342		25,686,849
4.38%, 02/19/43(a)		16,026		14,526,280
4.88%, 06/19/49		19,441		18,569,489

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
5.00%, 05/30/38	$	11,313	$	11,217,122
5.25%, 05/30/48(a)		28,830		28,614,130
6.15%, 02/27/37(a)		15,171		16,847,000
				2,311,859,123
Toys, Games & Hobbies — 0.0%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		11,373		10,817,374
Transportation — 1.8%
Burlington Northern Santa Fe LLC
3.30%, 09/15/51 (Call 03/15/51)(a)		10,455		8,698,876
3.55%, 02/15/50 (Call 08/15/49)		6,678		5,826,349
3.90%, 08/01/46 (Call 02/01/46)(a)		7,713		7,136,784
4.05%, 06/15/48 (Call 12/15/47)(a)		8,345		7,895,308
4.13%, 06/15/47 (Call 12/15/46)(a)		7,462		7,148,969
4.15%, 04/01/45 (Call 10/01/44)(a)		8,463		7,984,276
4.15%, 12/15/48 (Call 06/15/48)(a)		7,217		6,918,063
4.45%, 03/15/43 (Call 09/15/42)		7,190		7,097,304
4.55%, 09/01/44 (Call 03/01/44)		7,489		7,466,068
4.90%, 04/01/44 (Call 10/01/43)(a)		9,263		9,603,062
5.75%, 05/01/40 (Call 11/01/39)		6,988		7,942,879
Canadian Pacific Railway Co.
1.75%, 12/02/26 (Call 11/02/26)		9,392		8,618,768
2.45%, 12/02/31 (Call 09/02/31)(a)		9,576		8,315,443
3.00%, 12/02/41 (Call 06/02/41)(a)		10,796		8,793,059
3.10%, 12/02/51 (Call 06/02/51)(a)		16,806		12,936,148
6.13%, 09/15/2115 (Call 03/15/2115)		7,970		8,832,545
CSX Corp.
3.25%, 06/01/27 (Call 03/01/27)(a)		8,337		8,051,206
3.80%, 03/01/28 (Call 12/01/27)(a)		7,937		7,876,039
3.80%, 11/01/46 (Call 05/01/46)(a)		9,271		8,161,150
4.10%, 03/15/44 (Call 09/15/43)		6,808		6,226,078
4.25%, 03/15/29 (Call 12/15/28)(a)		11,188		11,257,900
4.30%, 03/01/48 (Call 09/01/47)(a)		7,338		6,979,876
FedEx Corp.
2.40%, 05/15/31 (Call 02/15/31)(a)		9,572		8,219,055
3.10%, 08/05/29 (Call 05/05/29)(a)		8,263		7,649,966
3.25%, 04/01/26 (Call 01/01/26)(a)		5,496		5,418,371
3.25%, 05/15/41 (Call 11/15/40)		7,482		6,002,024
4.05%, 02/15/48 (Call 08/15/47)(a)		10,688		9,222,875
4.25%, 05/15/30 (Call 02/15/30)(a)		6,458		6,396,457
4.40%, 01/15/47 (Call 07/15/46)(a)		9,163		8,317,233
4.55%, 04/01/46 (Call 10/01/45)(a)		12,288		11,384,819
4.75%, 11/15/45 (Call 05/15/45)		10,201		9,626,482
4.95%, 10/17/48 (Call 04/17/48)(a)		8,434		8,301,316
5.10%, 01/15/44(a)		7,292		7,253,986
5.25%, 05/15/50 (Call 11/15/49)(a)		12,205		12,534,141
Norfolk Southern Corp.
3.05%, 05/15/50 (Call 11/15/49)		10,326		8,022,323
3.16%, 05/15/55 (Call 11/15/54)		7,692		5,860,417
Union Pacific Corp.
2.38%, 05/20/31 (Call 02/20/31)(a)		8,318		7,294,890
2.40%, 02/05/30 (Call 11/05/29)		9,083		8,135,331
2.80%, 02/14/32 (Call 12/15/31)		6,829		6,134,976
2.95%, 03/10/52 (Call 09/10/51)(a)		9,098		6,966,542
2.97%, 09/16/62 (Call 03/16/62)(a)		7,802		5,670,526
3.20%, 05/20/41 (Call 11/20/40)(a)		10,140		8,591,291
3.25%, 02/05/50 (Call 08/05/49)		15,465		12,620,323
3.50%, 02/14/53 (Call 08/14/52)		13,541		11,530,422

Security	Par/ Shares (000)		Value
Transportation (continued)
3.70%, 03/01/29 (Call 12/01/28)(a)	$	8,324	$	8,200,588
3.75%, 02/05/70 (Call 08/05/69)(a)		7,611		6,356,540
3.80%, 10/01/51 (Call 04/01/51)(a)		8,935		8,013,723
3.80%, 04/06/71 (Call 10/06/70)(a)		11,402		9,585,249
3.84%, 03/20/60 (Call 09/20/59)(a)		16,546		14,602,101
3.95%, 09/10/28 (Call 06/10/28)(a)		11,224		11,214,502
United Parcel Service Inc.
3.05%, 11/15/27 (Call 08/15/27)(a)		8,667		8,420,605
3.40%, 03/15/29 (Call 12/15/28)(a)		8,887		8,686,262
3.75%, 11/15/47 (Call 05/15/47)(a)		10,497		9,621,320
3.90%, 04/01/25 (Call 03/01/25)		3,000		3,034,757
4.25%, 03/15/49 (Call 09/15/48)(a)		7,493		7,434,582
4.45%, 04/01/30 (Call 01/01/30)(a)		6,140		6,387,117
5.30%, 04/01/50 (Call 10/01/49)(a)		13,514		15,349,339
6.20%, 01/15/38		13,878		16,701,428
Walmart Inc.
1.05%, 09/17/26 (Call 08/17/26)(a)		16,726		15,223,632
1.50%, 09/22/28 (Call 07/22/28)(a)		17,999		15,922,268
1.80%, 09/22/31 (Call 06/22/31)(a)		19,260		16,445,636
2.50%, 09/22/41 (Call 03/22/41)(a)		19,044		15,324,941
2.65%, 09/22/51 (Call 03/22/51)(a)		20,715		16,221,430
				573,665,936
Water — 0.1%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)		9,619		8,457,451
6.59%, 10/15/37		7,545		9,189,505
				17,646,956
Total Corporate Bonds & Notes — 98.0% (Cost: $37,465,103,002)				31,874,937,920
Short-Term Investments
Money Market Funds — 7.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(d)(e)(f)		2,217,147		2,217,147,404
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(d)(e)		166,614		166,614,000
				2,383,761,404
Total Short-Term Investments — 7.3% (Cost: $2,383,472,570)				2,383,761,404
Total Investments in Securities — 105.3% (Cost: $39,848,575,572)				34,258,699,324
Other Assets, Less Liabilities — (5.3)%				(1,711,184,559	)
Net Assets — 100.0%			$	32,547,514,765

^(a)  All or a portion of this security is on loan.

^(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)  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.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

^(f)  All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® iBoxx $ Investment Grade Corporate Bond ETF

Fair Value Measurements

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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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
Investments
Assets
Corporate Bonds & Notes	$	—	$	31,874,937,920	$	—	$	31,874,937,920
Money Market Funds		2,383,761,404		—		—		2,383,761,404
	$	2,383,761,404	$	31,874,937,920	$	—	$	34,258,699,324

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Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2022

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	12,276,190,928		$	31,874,937,920
Affiliated(c)		3,450,494,009			2,383,761,404
Cash		117,809			—
Receivables:
Investments sold		90,607,323			379,127,989
Securities lending income — Affiliated		892,996			408,142
Capital shares sold		458,745			5,038,694
Dividends		25,771			70,247
Interest		185,904,157			311,117,292
Total assets		16,004,691,738			34,954,461,688
LIABILITIES
Bank overdraft		—			159,056
Collateral on securities loaned, at value		3,301,045,257			2,217,141,514
Payables:
Investments purchased		104,122,310			176,955,825
Interest on short sales		—			15,900
Capital shares redeemed		637,025			8,930,049
Investment advisory fees		5,537,101			3,744,579
Total liabilities		3,411,341,693			2,406,946,923
NET ASSETS	$	12,593,350,045		$	32,547,514,765
NET ASSETS CONSIST OF:
Paid-in capital	$	15,875,002,451		$	38,553,081,070
Accumulated loss		(3,281,652,406	)		(6,005,566,305	)
NET ASSETS	$	12,593,350,045		$	32,547,514,765
Shares outstanding		159,900,000			288,400,000
Net asset value	$	78.76		$	112.86
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	3,156,266,020		$	1,960,543,501
(b) Investments, at cost — Unaffiliated	$	13,713,437,359		$	37,465,103,002
(c)  Investments, at cost — Affiliated	$	3,450,360,447		$	2,383,472,570

F I N A N C I A L   S T A T E M E N T S

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate

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Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by BlackRock Index Services, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1010-0422

            

APRIL 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares U.S. ETF Trust

· iShares Interest Rate Hedged Long-Term Corporate Bond ETF | IGBH | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(9.65	)%		0.21	%
U.S. small cap equities (Russell 2000® Index)		(18.38	)		(16.87	)
International equities (MSCI Europe, Australasia, Far East Index)		(11.80	)		(8.15	)
Emerging market equities (MSCI Emerging Markets Index)		(14.15	)		(18.33	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.07			0.08
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.29	)		(8.86	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.47	)		(8.51	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(7.90	)		(7.88	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.40	)		(5.22	)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Schedule of Investments		7
Financial Statements
Statement of Assets and Liabilities		10
Statement of Operations		11
Statements of Changes in Net Assets		12
Financial Highlights		13
Notes to Financial Statements		14
Statement Regarding Liquidity Risk Management Program		20
Supplemental Information		21
General Information		22
Glossary of Terms Used in this Report		23
Additional Financial Information		24

Fund Summary as of April 30, 2022 iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF

Investment Objective

The iShares Interest Rate Hedged Long-Term Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities greater than ten years, as represented by the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares 10+ Year Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6 Months			1 Year			5 Years			Since    Inception		1 Year			5 Years			Since Inception
Fund NAV		(5.93	)%		(4.95	)%		2.25	%		2.29%		(4.95	)%		11.78	%		16.55	%
Fund Market		(5.76	)		(5.53	)		2.17			2.27		(5.53	)		11.31			16.44
Index(a)		(6.37	)		(5.09	)		1.84			2.20		(5.09	)		9.56			15.91
ICE Q70A Custom Index (b)		(6.02	)		(4.72	)		N/A			N/A		(4.72	)		N/A			N/A
BlackRock Interest Rate Hedged Long-Term Corporate Bond Index (c)		(6.49	)		N/A			N/A			N/A		N/A			N/A			N/A

The inception date of the Fund was 7/22/15. The first day of secondary market trading was 7/23/15.

^(a)  Index performance through November 30, 2021 reflects the performance of the ICE Q70A Custom Index. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index, which, effective as of December 1, 2021, replaced the ICE Q70A Custom Index as the underlying index of the fund.

^(b)  The ICE Q70A Custom Index is an unmanaged index that consists of the ICE BofA 10+ Year US Corporate Index plus interest rate swaps that intend to hedge the interest rate exposure of the ICE BofA 10+ Year US Corporate Index. The inception date of the ICE Q70A Custom Index (4pm pricing variant) was January 31, 2021. The cumulative total return for this index for the period January 31, 2021 through April 30, 2022 was -2.99%.

^(c)  The inception date of the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index was October 29, 2021. The cumulative total return for this index for the period October 29, 2021 through April 30, 2022 was (6.49)%.

On 3/1/2021 the Fund began referencing the 4pm pricing variant of the ICE Q70A Custom Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE Q70A Custom Index. Historical index data from 8/1/2018 through 2/28/2021 is for the 3pm pricing variant of the ICE Q70A Custom Index. Historical Index data prior to 8/1/2018 is for the Bloomberg Barclays Swaps-Hedged U.S. Long Credit Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        940.70	$      0.48			$      1,000.00	$      1,024.30	$       0.50		0.10	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

4 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of April 30, 2022   (continued) iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF

Portfolio Information

ALLOCATION BY INVESTMENT TYPE
Investment Type	Percent of Net Assets
Investment Companies		90.5	%
Short-term Investments		1.3
Swaps, net cumulative appreciation		17.8
Other assets less liabilities		(9.6	)

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)
Credit Rating(a)	Percent of Total Investment(b)
Aaa		3.3	%
Aa		8.5
A		36.3
Baa		48.4
Ba		1.7
Not Rated		1.8

^(a)  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(b)  Excludes money market funds.

F U N D   S U M M A R Y 5

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

Shareholders of the Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

6 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  April 30, 2022 iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 90.5%
iShares 10+ Year Investment Grade Corporate Bond ETF(a)		3,222,767	$	178,154,560
Total Investment Companies — 90.5% (Cost: $227,577,723)				178,154,560
Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(b)		2,450,000		2,450,000
Total Short-Term Investments — 1.3% (Cost: $2,450,000)				2,450,000
Total Investments in Securities — 91.8% (Cost: $230,027,723)				180,604,560
Other Assets, Less Liabilities — 8.2%				16,222,251
Net Assets — 100.0%			$	196,826,811

^(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 six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	2,562	(b)	$	—		$	(2,562	)	$	—		$	—		—	$	9,319	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,120,000		—			(3,670,000	)(b)		—			—			2,450,000		2,450,000		2,786			—
iShares 10+ Year Investment Grade Corporate Bond ETF		760,352,723		197,739,865			(666,410,780	)		(58,505,427	)		(55,021,821	)		178,154,560		3,222,767		9,958,993			—
									$	(58,507,989	)	$	(55,021,821	)	$	180,604,560			$	9,971,098		$	—

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

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

^(c)  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

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
0.89%	Annual	1-Day SOFR, 0.33%	Annual	N/A		07/21/22	$	(30,000	)	$	9,644	$	38	$	9,606
0.23%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		10/19/22		(30,000	)		222,566		333		222,233
1.10%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/25/23		(4,200	)		33,095		5		33,090
0.32%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/14/23		(1,000	)		33,953		3		33,950
1.49%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/18/24		(4,800	)		102,667		21		102,646
2.48%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/13/24		(1,890	)		8,638		9		8,629
2.60%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/27/24		(500	)		1,226		2		1,224

S C H E D U L E   O F   I N V E S T M E N T S 7

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Interest Rate Hedged Long-Term 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
0.40%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		10/19/25	$	(7,850	)	$	690,968	$	85		$	690,883
1.96%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/21/27		(2,320	)		84,380		22			84,358
2.65%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/21/27		(1,500	)		7,192		15			7,177
0.48%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/15/27		(5,635	)		715,186		202,265			512,921
2.66%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/21/29		(500	)		1,968		7			1,961
2.58%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/27/29		(200	)		1,691		3			1,688
0.78%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		10/19/30		(16,990	)		2,842,664		266			2,842,398
2.10%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/04/32		(8,760	)		459,387		150			459,237
2.67%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/21/32		(1,500	)		3,431		26			3,405
2.58%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/27/32		(800	)		8,593		14			8,579
1.75%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		06/17/36		(29,535	)		4,305,757		(912,191	)		5,217,948
1.41%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/01/36		(2,380	)		372,425		49			372,376
1.41%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/24/36		(1,860	)		292,121		39			292,082
2.16%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/01/37		(1,860	)		124,653		39			124,614
2.59%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/27/37		(100	)		1,400		2			1,398
1.95%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		05/10/41		(40,327	)		6,062,090		(2,424,423	)		8,486,513
2.32%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/08/42		(980	)		51,076		27			51,049
2.38%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/11/42		(1,351	)		57,888		38			57,850
1.81%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		07/01/46		(1,325	)		250,352		(51,185	)		301,537
1.61%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		08/24/46		(6,400	)		1,441,046		62,703			1,378,343
1.71%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/14/46		(7,600	)		1,580,085		205			1,579,880
1.53%	Annual	1-Day SOFR, 0.33%	Annual	N/A		09/29/46		(2,860	)		537,903		77			537,826
1.52%	Annual	1-Day SOFR, 0.33%	Annual	N/A		11/01/46		(290	)		55,103		8			55,095
1.40%	Annual	1-Day SOFR, 0.33%	Annual	N/A		11/12/46		(2,700	)		572,644		74			572,570
1.44%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/10/46		(8,100	)		1,651,659		260			1,651,399
1.44%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/13/46		(3,300	)		673,869		106			673,763
1.46%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/24/46		(80	)		16,110		2			16,108
2.04%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		05/07/51		(33,965	)		5,107,308		(3,320,516	)		8,427,824
1.70%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		08/10/51		(1,000	)		221,311		1,434			219,877
2.44%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/26/52		(100	)		641		4			637
										$	28,602,690	$	(6,439,984	)	$	35,042,674

Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized       Depreciation
Centrally Cleared Swaps(a)		$268,331		$(6,708,315	)		$35,042,674		$—

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Interest Rate Contracts
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	35,042,674

^(a)  Net cumulative unrealized appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

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Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	55,017,321
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	14,355,248

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	625,953,319

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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
Investments
Assets
Investment Companies	$	178,154,560	$	—	$	—	$	178,154,560
Money Market Funds		2,450,000		—		—		2,450,000
	$	180,604,560	$	—	$	—	$	180,604,560
Derivative financial instruments(a)
Assets
Swaps	$	—	$	35,042,674	$	—	$	35,042,674

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

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 9

Statement of Assets and Liabilities (unaudited)

April 30, 2022

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
ASSETS
Investments in securities, at value:
Affiliated(a)	$	180,604,560
Cash		915,215
Cash pledged:
Centrally cleared swaps		14,454,000
Receivables:
Variation margin on centrally cleared swaps		869,274
Dividends		785
Total assets		196,843,834
LIABILITIES
Payables:
Investment advisory fees		17,023
Total liabilities		17,023
NET ASSETS	$	196,826,811
NET ASSETS CONSIST OF:
Paid-in capital	$	211,592,712
Accumulated loss		(14,765,901	)
NET ASSETS	$	196,826,811
Shares outstanding		8,400,000
Net asset value	$	23.43
Shares authorized		Unlimited
Par value		None
(a)   Investments, at cost — Affiliated	$	230,027,723

See notes to financial statements.

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Statement of Operations (unaudited)

Six Months Ended April 30, 2022

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	9,963,885
Securities lending income — Affiliated — net		7,213
Total investment income		9,971,098
EXPENSES
Investment advisory fees		1,120,764
Professional fees		217
Total expenses		1,120,981
Less:
Investment advisory fees waived		(800,762	)
Total expenses after fees waived		320,219
Net investment income		9,650,879
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(3,620,380	)
In-kind redemptions — Affiliated		(54,887,609	)
Swaps		55,017,321
Net realized loss		(3,490,668	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(55,021,821	)
Swaps		14,355,248
Net change in unrealized appreciation (depreciation)		(40,666,573	)
Net realized and unrealized loss		(44,157,241	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(34,506,362	)

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 11

Statements of Changes in Net Assets

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	9,650,879		$	19,035,692
Net realized gain (loss)		(3,490,668	)		16,806,163
Net change in unrealized appreciation (depreciation)		(40,666,573	)		23,847,527
Net increase (decrease) in net assets resulting from operations		(34,506,362	)		59,689,382
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,868,130	)		(13,486,868	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(586,591,572	)		226,875,347
NET ASSETS
Total increase (decrease) in net assets		(633,966,064	)		273,077,861
Beginning of period		830,792,875			557,715,014
End of period	$	196,826,811		$	830,792,875

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17
Net asset value, beginning of period		$	25.33		$	23.48		$	24.31			$	25.76			$	25.98			$	24.07
Net investment income(a)			0.37			0.68			0.52				0.98				1.01				0.91
Net realized and unrealized gain (loss)(b)			(1.85	)		1.66			(0.70	)			(1.01	)			(0.32	)			1.78
Net increase (decrease) from investment operations			(1.48	)		2.34			(0.18	)			(0.03	)			0.69				2.69
Distributions(c)
From net investment income			(0.22	)		(0.46	)		(0.65	)			(0.96	)			(0.91	)			(0.76	)
From net realized gain			(0.20	)		(0.03	)		—				(0.45	)			—				—
Return of capital			—			—			—				(0.01	)			—				(0.02	)
Total distributions			(0.42	)		(0.49	)		(0.65	)			(1.42	)			(0.91	)			(0.78	)
Net asset value, end of period		$	23.43		$	25.33		$	23.48			$	24.31			$	25.76			$	25.98
Total Return(d)
Based on net asset value			(5.93	)%(e)		10.01	%		(0.69	)%			(0.03	)%			2.66	%			11.36	%
Ratios to Average Net Assets(f)
Total expenses			0.35	%(g)		0.35	%		0.35	%			0.35	%			0.35	%			0.35	%
Total expenses after fees waived			0.10	%(g)		0.10	%		0.10	%			0.10	%			0.10	%			0.10	%
Net investment income			3.01	%(g)		2.69	%		2.22	%			3.98	%			3.86	%			3.62	%
Supplemental Data
Net assets, end of period (000)		$	196,827		$	830,793		$	557,715			$	59,558			$	57,954			$	15,586
Portfolio turnover rate(h)			13	%(e)		14	%		18	%			13	%			5	%			6	%

(a) Based on average shares outstanding.

(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) Where applicable, assumes the reinvestment of distributions.

(e) Not annualized.

(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) Annualized.

(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 13

Notes to Financial Statements (unaudited) 

1. ORGANIZATION

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification     Classification
Interest Rate Hedged Long-Term Corporate Bond		Diversified

Currently the Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedule of investments for the underlying fund are available on iShares.com and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

Segregation and Collateralization: In cases where the Fund enters into certain investments (e.g., swaps) that would be treated as “senior securities” for 1940 Act purposes, the Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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Notes to Financial Statements (unaudited) (continued)

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: 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 the 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 Global 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 Global 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.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 15

Notes to Financial Statements (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares 10+ Year Investment Grade Corporate Bond ETF (“IGLB”), after taking into account any fee waivers by IGLB, plus 0.10%.

This amount is included in investment advisory fees waived in the Statement of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Interest Rate Hedged Long-Term Corporate Bond	$	800,762

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee

16 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended April 30, 2022, the Fund paid BTC $2,533 for securities lending agent services.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.

7. PURCHASES AND SALES

For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Interest Rate Hedged Long-Term Corporate Bond		$132,942,090		$69,559,740

For the six months ended April 30, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
Interest Rate Hedged Long-Term Corporate Bond		$64,797,775		$596,851,040

8. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized     Appreciation     (Depreciation)
Interest Rate Hedged Long-Term Corporate Bond	$	230,343,264	$	35,042,674	$	(49,738,704	)	$	(14,696,030)

9. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 17

Notes to Financial Statements (unaudited) (continued)

BFA uses a “passive” or index approach to try to achieve the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 04/30/22						Year Ended 10/31/21
iShares ETF	Shares			Amount			Shares		Amount
Interest Rate Hedged Long-Term Corporate Bond
Shares sold		2,850,000		$	71,156,252			9,050,000	$	226,875,347
Shares redeemed		(27,250,000	)		(657,747,824	)		—		—
Net increase (decrease)		(24,400,000	)	$	(586,591,572	)		9,050,000	$	226,875,347

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units

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Notes to Financial Statements (unaudited) (continued)

may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 19

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Interest Rate Hedged Long-Term Corporate Bond ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

April 30, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Interest Rate Hedged Long-Term Corporate Bond	$	0.217255	$	0.197856	$	—	$	0.415111		52	%		48	%		—	%		100	%

S U P P L E M E N T A L   I N F O R M A T I O N 21

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income
SOFR	Secured Overnight Financing Rate
LIBOR	London Interbank Offered Rate

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 23

Additional Financial Information

Schedule of Investments (Unaudited)

April 30, 2022

Statement of Assets and Liabilities (Unaudited)

April 30, 2022

iShares Trust

iShares 10+ Year Investment Grade Corporate Bond ETF | IGLB | NYSE Arca

Schedule of Investments (unaudited)  April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.0%
Interpublic Group of Companies Inc. (The)
3.38%, 03/01/41 (Call 09/01/40)	$	189	$	153,070
5.40%, 10/01/48 (Call 04/01/48)(a)		304		326,961
				480,031
Aerospace & Defense — 2.2%
Airbus SE, 3.95%, 04/10/47 (Call 10/10/46)(b)		150		134,304
BAE Systems Holdings Inc., 4.75%, 10/07/44(b)		189		181,845
BAE Systems PLC
3.00%, 09/15/50 (Call 03/15/50)(a)(b)		279		209,783
5.80%, 10/11/41(b)		580		637,433
Boeing Co. (The)
3.25%, 02/01/35 (Call 11/01/34)		299		239,466
3.30%, 03/01/35 (Call 09/01/34)		199		160,863
3.38%, 06/15/46 (Call 12/15/45)		285		207,019
3.50%, 03/01/39 (Call 09/01/38)		277		213,267
3.50%, 03/01/45 (Call 09/01/44)		291		212,089
3.55%, 03/01/38 (Call 09/01/37)		237		189,045
3.60%, 05/01/34 (Call 02/01/34)		269		226,199
3.63%, 03/01/48 (Call 09/01/47)		240		176,478
3.65%, 03/01/47 (Call 09/01/46)		284		212,572
3.75%, 02/01/50 (Call 08/01/49)(a)		720		551,060
3.83%, 03/01/59 (Call 09/01/58)		182		130,633
3.85%, 11/01/48 (Call 05/01/48)		237		182,008
3.90%, 05/01/49 (Call 11/01/48)		489		386,710
3.95%, 08/01/59 (Call 02/01/59)		411		305,874
5.71%, 05/01/40 (Call 11/01/39)		1,623		1,621,547
5.81%, 05/01/50 (Call 11/01/49)		2,990		2,990,172
5.88%, 02/15/40		260		261,312
5.93%, 05/01/60 (Call 11/01/59)		2,003		1,983,254
6.13%, 02/15/33		288		303,122
6.63%, 02/15/38		216		234,305
6.88%, 03/15/39		285		314,901
General Dynamics Corp.
2.85%, 06/01/41 (Call 12/01/40)		301		245,033
3.60%, 11/15/42 (Call 05/15/42)(a)		285		258,182
4.25%, 04/01/40 (Call 10/01/39)		435		429,544
4.25%, 04/01/50 (Call 10/01/49)(a)		441		440,094
L3Harris Technologies Inc.
4.85%, 04/27/35 (Call 10/27/34)		261		265,878
5.05%, 04/27/45 (Call 10/27/44)		199		204,295
6.15%, 12/15/40		281		322,193
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)		461		356,234
3.60%, 03/01/35 (Call 09/01/34)		360		341,046
3.80%, 03/01/45 (Call 09/01/44)		580		537,508
4.07%, 12/15/42		780		749,471
4.09%, 09/15/52 (Call 03/15/52)		769		739,748
4.15%, 06/15/53		700		678,653
4.30%, 06/15/62		910		887,354
4.50%, 05/15/36 (Call 11/15/35)		136		140,303
4.70%, 05/15/46 (Call 11/15/45)		772		815,717
5.72%, 06/01/40(a)		49		55,494
Series B, 6.15%, 09/01/36		360		421,290
Northrop Grumman Corp.
3.85%, 04/15/45 (Call 10/15/44)		493		441,227
4.03%, 10/15/47 (Call 04/15/47)		1,081		995,904
4.75%, 06/01/43		451		458,007
5.05%, 11/15/40		254		265,326

Security	Par (000)		Value
Aerospace & Defense (continued)
5.15%, 05/01/40 (Call 11/01/39)	$	317	$	334,532
5.25%, 05/01/50 (Call 11/01/49)		599		653,045
Raytheon Technologies Corp.
2.82%, 09/01/51 (Call 03/01/51)		655		484,700
3.03%, 03/15/52 (Call 09/15/51)		679		523,773
3.13%, 07/01/50 (Call 01/01/50)		605		481,878
3.75%, 11/01/46 (Call 05/01/46)		665		588,136
4.05%, 05/04/47 (Call 11/04/46)		264		244,126
4.15%, 05/15/45 (Call 11/16/44)		573		535,082
4.20%, 12/15/44 (Call 06/15/44)		225		211,151
4.35%, 04/15/47 (Call 10/15/46)		570		549,609
4.45%, 11/16/38 (Call 05/16/38)		423		422,093
4.50%, 06/01/42		1,941		1,923,192
4.63%, 11/16/48 (Call 05/16/48)		976		994,347
4.70%, 12/15/41		235		235,266
4.80%, 12/15/43 (Call 06/15/43)		287		291,109
4.88%, 10/15/40		477		488,604
5.40%, 05/01/35(a)		100		109,590
5.70%, 04/15/40		85		95,446
6.05%, 06/01/36(a)		325		373,348
6.13%, 07/15/38		190		222,103
				32,074,892
Agriculture — 1.4%
Altria Group Inc.
3.40%, 02/04/41 (Call 08/04/40)		699		511,423
3.70%, 02/04/51 (Call 08/04/50)		766		546,038
3.88%, 09/16/46 (Call 03/16/46)		896		674,457
4.00%, 02/04/61 (Call 08/04/60)(a)		554		399,957
4.25%, 08/09/42		557		447,403
4.45%, 05/06/50 (Call 11/06/49)		324		258,979
4.50%, 05/02/43		451		375,422
5.38%, 01/31/44(a)		974		912,796
5.80%, 02/14/39 (Call 08/14/38)		1,143		1,132,057
5.95%, 02/14/49 (Call 08/14/48)		1,365		1,332,925
6.20%, 02/14/59 (Call 08/14/58)		162		161,808
Archer-Daniels-Midland Co.
2.70%, 09/15/51 (Call 03/15/51)		30		23,383
3.75%, 09/15/47 (Call 03/15/47)		140		130,964
4.02%, 04/16/43		159		151,467
4.50%, 03/15/49 (Call 09/15/48)		198		206,744
4.54%, 03/26/42		861		888,792
5.38%, 09/15/35		370		415,163
5.77%, 03/01/41(c)		60		71,159
5.94%, 10/01/32		220		251,580
BAT Capital Corp.
3.73%, 09/25/40 (Call 03/25/40)		449		335,517
3.98%, 09/25/50 (Call 03/25/50)(a)		600		432,597
4.39%, 08/15/37 (Call 02/15/37)		1,297		1,104,219
4.54%, 08/15/47 (Call 02/15/47)		1,380		1,094,031
4.76%, 09/06/49 (Call 03/06/49)		530		432,360
5.28%, 04/02/50 (Call 10/02/49)		295		262,064
5.65%, 03/16/52 (Call 09/16/51)		390		353,268
Cargill Inc.
3.13%, 05/25/51 (Call 11/25/50)(b)		480		387,825
3.88%, 05/23/49 (Call 11/23/48)(a)(b)		237		219,285
4.38%, 04/22/52 (Call 10/22/51)(a)(b)		40		39,928
4.76%, 11/23/45(b)		375		388,092
Philip Morris International Inc.
3.88%, 08/21/42		331		275,790
4.13%, 03/04/43		369		317,507

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Agriculture (continued)
4.25%, 11/10/44(a)	$	560	$	489,432
4.38%, 11/15/41		559		499,674
4.50%, 03/20/42		525		482,193
4.88%, 11/15/43		170		160,876
6.38%, 05/16/38		1,148		1,298,474
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		372		367,012
5.85%, 08/15/45 (Call 02/15/45)		1,224		1,141,620
6.15%, 09/15/43		436		418,806
7.25%, 06/15/37		281		308,578
				19,701,665
Apparel — 0.2%
NIKE Inc.
3.25%, 03/27/40 (Call 09/27/39)		522		462,470
3.38%, 11/01/46 (Call 05/01/46)		314		280,321
3.38%, 03/27/50 (Call 09/27/49)		797		700,684
3.63%, 05/01/43 (Call 11/01/42)		334		307,026
3.88%, 11/01/45 (Call 05/01/45)		583		557,825
VF Corp.
6.00%, 10/15/33		326		354,134
6.45%, 11/01/37		10		11,318
				2,673,778
Auto Manufacturers — 0.3%
Cummins Inc.
2.60%, 09/01/50 (Call 03/01/50)		514		364,408
4.88%, 10/01/43 (Call 04/01/43)		172		174,096
General Motors Co.
5.00%, 04/01/35(a)		69		65,300
5.15%, 04/01/38 (Call 10/01/37)		612		576,454
5.20%, 04/01/45		751		683,713
5.40%, 04/01/48 (Call 10/01/47)		417		391,571
5.95%, 04/01/49 (Call 10/01/48)		591		591,213
6.25%, 10/02/43		911		941,547
6.60%, 04/01/36 (Call 10/01/35)		698		752,171
6.75%, 04/01/46 (Call 10/01/45)		397		429,071
				4,969,544
Auto Parts & Equipment — 0.2%
Aptiv PLC
3.10%, 12/01/51 (Call 06/01/51)		956		656,524
4.40%, 10/01/46 (Call 04/01/46)		225		195,294
5.40%, 03/15/49 (Call 09/15/48)(a)		140		137,913
Aptiv PLC/Aptiv Corp., 4.15%, 05/01/52 (Call 11/01/51)		615		506,576
BorgWarner Inc., 4.38%, 03/15/45 (Call 09/15/44)		295		262,575
Lear Corp.
3.55%, 01/15/52 (Call 07/15/51)(a)		205		147,360
5.25%, 05/15/49 (Call 11/15/48)(a)		484		453,375
				2,359,617
Banks — 8.0%
Bank of America Corp.
2.68%, 06/19/41 (Call 06/19/40), (SOFR + 1.930%)(a)(d)		2,822		2,110,985
2.83%, 10/24/51 (Call 10/24/50), (SOFR + 1.880%)(d)		597		430,686
2.97%, 07/21/52 (Call 07/21/51), (SOFR + 1.560%)(d)		1,029		761,136
3.31%, 04/22/42 (Call 04/22/41), (SOFR + 1.580%)(d)		1,967		1,607,470
3.95%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.19%)(d)		734		651,375
4.08%, 04/23/40 (Call 04/23/39), (3 mo. LIBOR US + 1.320%)(a)(d)		889		812,775
4.08%, 03/20/51 (Call 03/20/50), (3 mo. LIBOR US + 1.315%)(d)		3,019		2,711,437

Security	Par (000)		Value
Banks (continued)
4.24%, 04/24/38 (Call 04/24/37), (3 mo. LIBOR US + 1.814%)(d)	$	1,162	$	1,101,962
4.33%, 03/15/50 (Call 03/15/49), (3 mo. LIBOR US + 1.15%)(d)		1,606		1,510,580
4.44%, 01/20/48 (Call 01/20/47), (3 mo. LIBOR US + 1.990%)(d)		1,114		1,060,301
4.88%, 04/01/44		266		267,143
5.00%, 01/21/44		1,076		1,097,864
5.88%, 02/07/42(a)		866		983,031
6.11%, 01/29/37(a)		1,144		1,260,948
7.75%, 05/14/38		960		1,231,230
Series L, 4.75%, 04/21/45		353		337,127
Series N, 3.48%, 03/13/52 (Call 03/13/51), (SOFR + 1.650%)(d)		585		479,136
Bank of America N.A., 6.00%, 10/15/36(a)		836		942,976
Bank of Nova Scotia (The), 4.59%, 05/04/37(d)		150		142,250
Barclays PLC
3.33%, 11/24/42 (Call 11/24/41)(d)		584		455,675
3.81%, 03/10/42 (Call 03/10/41)(a)(d)		532		419,603
4.95%, 01/10/47		843		825,266
5.25%, 08/17/45(a)		787		797,939
BNP Paribas SA, 2.82%, 01/26/41(a)(b)		685		493,774
BPCE SA
3.58%, 10/19/42 (Call 10/19/41), (SOFR + 1.952%)(a)(b)(d)		260		200,792
3.65%, 01/14/37 (Call 01/14/32)(a)(b)(d)		470		408,601
Citigroup Inc.
2.90%, 11/03/42 (Call 11/03/41), (SOFR + 1.379%)(d)		747		567,368
3.88%, 01/24/39 (Call 01/24/38), (3 mo. LIBOR US + 1.168%)(d)		503		453,142
4.28%, 04/24/48 (Call 04/24/47), (3 mo. LIBOR US + 1.839%)(d)		560		526,594
4.65%, 07/30/45		477		462,178
4.65%, 07/23/48 (Call 06/23/48)		1,375		1,355,009
4.75%, 05/18/46		1,099		1,049,073
5.30%, 05/06/44		494		501,206
5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)(d)		751		791,037
5.88%, 02/22/33		465		493,335
5.88%, 01/30/42		506		565,420
6.00%, 10/31/33		434		468,069
6.13%, 08/25/36(a)		573		625,123
6.63%, 06/15/32		606		680,575
6.68%, 09/13/43		521		616,847
6.88%, 03/05/38		110		129,976
6.88%, 02/15/98		102		126,649
8.13%, 07/15/39		1,111		1,529,717
Citizens Financial Group Inc., 2.64%, 09/30/32 (Call 07/02/32)		100		82,398
Commonwealth Bank of Australia
3.31%, 03/11/41(a)(b)		705		560,361
3.74%, 09/12/39(a)(b)		720		618,127
3.90%, 07/12/47(a)(b)		824		768,981
4.32%, 01/10/48(b)		892		805,025
Cooperatieve Rabobank U.A.
5.25%, 08/04/45		541		565,550
5.75%, 12/01/43(a)		592		650,899
5.80%, (a)(b)		165		195,850
Cooperatieve Rabobank U.A./New York, 5.25%, 05/24/41		1,230		1,403,637
Credit Agricole SA, 2.81%, 01/11/41(b)		357		260,212
Credit Suisse Group AG, 4.88%, 05/15/45		806		751,723

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Fifth Third Bancorp., 8.25%, 03/01/38	$	746	$	1,023,944
First Republic Bank/CA
4.38%, 08/01/46 (Call 02/01/46)		255		244,053
4.63%, 02/13/47 (Call 08/13/46)		265		260,763
Goldman Sachs Capital I, 6.35%, 02/15/34		100		111,107
Goldman Sachs Group Inc. (The)
2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.430%)(d)		870		663,553
3.21%, 04/22/42 (Call 04/22/41), (SOFR + 1.513%)(a)(d)		1,287		1,035,820
3.44%, 02/24/43 (Call 02/24/42), (SOFR + 1.513%)(d)		1,155		957,152
4.02%, 10/31/38 (Call 10/31/37), (3 mo. LIBOR US + 1.373%)(d)		1,392		1,271,950
4.41%, 04/23/39 (Call 04/23/38), (3 mo. LIBOR US + 1.430%)(d)		838		799,203
4.75%, 10/21/45 (Call 04/21/45)		1,022		1,011,274
4.80%, 07/08/44 (Call 01/08/44)(a)		912		905,785
5.15%, 05/22/45		1,072		1,072,788
6.13%, 02/15/33(a)		725		807,813
6.25%, 02/01/41		1,438		1,679,470
6.45%, 05/01/36		466		522,285
6.75%, 10/01/37(a)		3,531		4,074,915
HBOS PLC, 6.00%, 11/01/33(a)(b)		65		71,044
HSBC Bank USA N.A., 7.00%, 01/15/39		460		571,280
HSBC Bank USA N.A./New York NY, 5.63%, 08/15/35(a)		245		255,397
HSBC Holdings PLC
5.25%, 03/14/44(a)		455		441,028
6.10%, 01/14/42		397		450,239
6.50%, 05/02/36(a)		1,307		1,449,575
6.50%, 09/15/37(a)		1,655		1,844,809
6.80%, 06/01/38		913		1,028,128
7.63%, 05/17/32		243		287,941
HSBC USA Inc., 7.20%, 07/15/97		205		265,354
JPMorgan Chase & Co.
2.53%, 11/19/41 (Call 11/19/40), (SOFR + 2.460%)(d)		918		680,613
3.11%, 04/22/41 (Call 04/22/40), (SOFR + 1.38%)(d)		886		710,139
3.11%, 04/22/51 (Call 04/22/50), (SOFR + 1.220%)(d)		1,254		965,272
3.16%, 04/22/42 (Call 04/22/41), (SOFR + 2.440%)(d)		1,000		807,960
3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.510%)(d)		1,795		1,431,712
3.88%, 07/24/38 (Call 07/24/37), (3 mo. LIBOR US + 1.360%)(d)		1,408		1,294,007
3.90%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.460%)(d)		1,007		887,840
3.96%, 11/15/48 (Call 11/15/47), (3 mo. LIBOR US + 1.360%)(d)		1,916		1,694,839
4.03%, 07/24/48 (Call 07/24/47), (3 mo. LIBOR US + 1.580%)(d)		922		826,352
4.26%, 02/22/48 (Call 02/22/47), (3 mo. LIBOR US + 1.580%)(d)		1,107		1,028,126
4.85%, 02/01/44		570		577,528
4.95%, 06/01/45		1,003		1,004,059
5.40%, 01/06/42		745		795,295
5.50%, 10/15/40(a)		738		799,054
5.60%, 07/15/41		1,060		1,157,969
5.63%, 08/16/43		703		763,994
6.40%, 05/15/38		1,420		1,680,407
Lloyds Banking Group PLC
3.37%, 12/14/46 (Call 09/14/41)(d)		600		448,290
4.34%, 01/09/48		769		665,425
5.30%, 12/01/45		458		450,639
Mitsubishi UFJ Financial Group Inc.
3.75%, 07/18/39		759		692,967

Security	Par (000)		Value
Banks (continued)
4.15%, 03/07/39	$	295	$	282,232
4.29%, 07/26/38		326		317,701
Morgan Stanley
2.80%, 01/25/52 (Call 01/25/51), (SOFR + 1.430%)(d)		988		718,797
3.22%, 04/22/42 (Call 04/22/41), (SOFR + 1.431%)(a)(d)		1,174		964,550
3.97%, 07/22/38 (Call 07/22/37), (3 mo. LIBOR US + 1.455%)(d)		1,254		1,157,709
4.30%, 01/27/45		1,302		1,228,602
4.38%, 01/22/47		1,255		1,203,680
4.46%, 04/22/39 (Call 04/22/38), (3 mo. LIBOR US + 0.408%)(d)		644		624,821
5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)(d)		1,110		1,259,096
6.38%, 07/24/42		1,131		1,358,357
National Australia Bank Ltd., 2.65%, 01/14/41(b)		263		189,485
Regions Bank/Birmingham AL, 6.45%, 06/26/37		315		365,247
Regions Financial Corp., 7.38%, 12/10/37		215		270,093
Royal Bank of Canada, 3.88%, 05/04/32		125		120,093
Santander UK Group Holdings PLC, 5.63%, 09/15/45(a)(b)		219		213,139
Societe Generale SA
3.63%, 03/01/41(b)		448		329,549
4.03%, 01/21/43 (Call 01/21/42)(b)(d)		425		327,286
5.63%, 11/24/45(b)		297		285,254
Standard Chartered PLC
5.30%, 01/09/43(b)		387		358,160
5.70%, 03/26/44(a)(b)		1,203		1,168,951
Sumitomo Mitsui Financial Group Inc.
2.30%, 01/12/41		200		145,405
2.93%, 09/17/41		393		305,612
3.05%, 01/14/42(a)		270		220,120
UBS AG/London, 4.50%, 06/26/48(a)(b)		355		348,416
UBS Group AG, 3.18%, 02/11/43 (Call 02/11/42)(b)(d)		850		667,897
Wachovia Corp.
5.50%, 08/01/35		500		523,044
7.50%, 04/15/35		370		456,390
Wells Fargo & Co.
3.07%, 04/30/41 (Call 04/30/40), (SOFR + 2.530%)(d)		1,986		1,596,365
3.90%, 05/01/45		1,127		1,011,768
4.40%, 06/14/46		1,137		1,054,316
4.61%, 04/25/53(d)		1,360		1,339,019
4.65%, 11/04/44		1,027		980,829
4.75%, 12/07/46		1,100		1,077,289
4.90%, 11/17/45		1,101		1,074,981
5.01%, 04/04/51 (Call 04/04/50), (SOFR + 4.502%)(d)		2,878		2,993,195
5.38%, 02/07/35(a)		340		365,389
5.38%, 11/02/43(a)		1,142		1,195,910
5.61%, 01/15/44		1,358		1,449,965
5.95%, 12/15/36		150		162,933
Wells Fargo Bank N.A.
5.85%, 02/01/37		500		554,208
5.95%, 08/26/36		390		432,666
6.60%, 01/15/38		830		1,008,269
Westpac Banking Corp.
2.96%, 11/16/40		507		388,993
3.13%, 11/18/41		591		458,370
4.42%, 07/24/39		551		518,320
				116,247,771

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages — 3.0%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70%, 02/01/36 (Call 08/01/35)	$	2,874	$	2,844,298
4.90%, 02/01/46 (Call 08/01/45)		5,320		5,243,565
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43		345		301,629
4.63%, 02/01/44		517		492,234
4.70%, 02/01/36 (Call 08/01/35)		525		519,574
4.90%, 02/01/46 (Call 08/01/45)		1,193		1,175,860
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42		606		512,861
4.35%, 06/01/40 (Call 12/01/39)(a)		575		540,854
4.38%, 04/15/38 (Call 10/15/37)(a)		851		812,873
4.44%, 10/06/48 (Call 04/06/48)		1,001		919,042
4.50%, 06/01/50 (Call 12/01/49)		1,252		1,171,428
4.60%, 04/15/48 (Call 10/15/47)		1,437		1,353,155
4.60%, 06/01/60 (Call 12/01/59)		494		457,081
4.75%, 04/15/58 (Call 10/15/57)		752		706,915
4.95%, 01/15/42		840		835,702
5.45%, 01/23/39 (Call 07/23/38)		1,137		1,208,276
5.55%, 01/23/49 (Call 07/23/48)		2,147		2,291,079
5.80%, 01/23/59 (Call 07/23/58)		1,090		1,188,084
5.88%, 06/15/35(a)		240		261,499
6.63%, 08/15/33		100		117,598
8.00%, 11/15/39		244		325,093
8.20%, 01/15/39		729		987,556
Bacardi Ltd.
5.15%, 05/15/38 (Call 11/15/37)(b)		257		256,684
5.30%, 05/15/48 (Call 11/15/47)(a)(b)		483		484,306
Brown-Forman Corp.
3.75%, 01/15/43 (Call 07/15/42)(a)		185		166,632
4.00%, 04/15/38 (Call 10/15/37)		215		203,245
4.50%, 07/15/45 (Call 01/15/45)		195		192,325
Coca-Cola Co. (The)
2.50%, 06/01/40(a)		674		539,802
2.50%, 03/15/51		830		612,560
2.60%, 06/01/50(a)		897		678,344
2.75%, 06/01/60(a)		511		377,468
2.88%, 05/05/41		509		424,531
3.00%, 03/05/51		849		694,603
4.20%, 03/25/50		357		361,596
Coca-Cola Femsa SAB de CV
1.85%, 09/01/32 (Call 06/01/32)		185		147,556
5.25%, 11/26/43		466		489,468
Constellation Brands Inc.
3.75%, 05/01/50 (Call 11/01/49)(a)		315		263,028
4.10%, 02/15/48 (Call 08/15/47)		325		285,092
4.50%, 05/09/47 (Call 11/09/46)		287		267,618
5.25%, 11/15/48 (Call 05/15/48)(a)		280		289,007
Diageo Capital PLC
2.13%, 04/29/32 (Call 01/29/32)		201		171,407
3.88%, 04/29/43 (Call 10/29/42)(a)		222		208,350
5.88%, 09/30/36		447		524,636
Diageo Investment Corp.
4.25%, 05/11/42(a)		335		326,496
7.45%, 04/15/35(a)		170		221,656
Fomento Economico Mexicano SAB de CV
3.50%, 01/16/50 (Call 07/16/49)		1,330		1,067,325
4.38%, 05/10/43		365		346,604

Security	Par (000)		Value
Beverages (continued)
Heineken NV
4.00%, 10/01/42(b)	$	316	$	290,339
4.35%, 03/29/47 (Call 09/29/46)(a)(b)		340		325,611
Keurig Dr Pepper Inc.
3.35%, 03/15/51 (Call 09/15/50)		470		364,308
3.80%, 05/01/50 (Call 11/01/49)		449		379,547
4.42%, 12/15/46 (Call 06/15/46)		222		211,473
4.50%, 11/15/45 (Call 05/15/45)		384		362,303
4.50%, 04/15/52 (Call 10/15/51)		315		292,481
Molson Coors Beverage Co.
4.20%, 07/15/46 (Call 01/15/46)(a)		968		829,881
5.00%, 05/01/42		713		673,209
PepsiCo Inc.
2.63%, 10/21/41 (Call 04/21/41)		866		703,680
2.75%, 10/21/51 (Call 04/21/51)		809		634,923
2.88%, 10/15/49 (Call 04/15/49)		987		801,433
3.38%, 07/29/49 (Call 01/29/49)		605		533,318
3.45%, 10/06/46 (Call 04/06/46)		779		696,553
3.60%, 08/13/42		100		91,673
3.63%, 03/19/50 (Call 09/19/49)		763		705,979
3.88%, 03/19/60 (Call 09/19/59)		123		118,281
4.00%, 03/05/42(a)		187		181,624
4.00%, 05/02/47 (Call 11/02/46)(a)		25		24,590
4.45%, 04/14/46 (Call 10/14/45)		100		104,559
4.88%, 11/01/40		115		125,292
5.50%, 01/15/40		90		106,495
Pernod Ricard International Finance LLC, 2.75%, 10/01/50 (Call 04/01/50)(b)		257		188,636
Pernod Ricard SA, 5.50%, 01/15/42(a)(b)		646		712,753
				43,325,536
Biotechnology — 1.4%
Amgen Inc.
2.77%, 09/01/53 (Call 03/01/53)(a)		723		498,386
2.80%, 08/15/41 (Call 02/15/41)		797		611,256
3.00%, 01/15/52 (Call 07/15/51)		900		650,677
3.15%, 02/21/40 (Call 08/21/39)		1,289		1,039,352
3.38%, 02/21/50 (Call 08/21/49)		1,317		1,029,224
4.20%, 02/22/52 (Call 08/22/51)		455		409,618
4.40%, 05/01/45 (Call 11/01/44)		1,299		1,207,335
4.40%, 02/22/62 (Call 08/22/61)		340		305,021
4.56%, 06/15/48 (Call 12/15/47)		824		791,014
4.66%, 06/15/51 (Call 12/15/50)		1,894		1,821,680
4.95%, 10/01/41		347		345,731
5.15%, 11/15/41 (Call 05/15/41)(a)		803		828,933
5.65%, 06/15/42 (Call 12/15/41)		340		369,779
5.75%, 03/15/40(a)		280		308,142
6.38%, 06/01/37		100		116,095
6.40%, 02/01/39		125		144,270
6.90%, 06/01/38		50		59,919
Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)		350		364,913
Biogen Inc.
3.15%, 05/01/50 (Call 11/01/49)		855		594,928
3.25%, 02/15/51 (Call 08/15/50)(a)(b)		597		426,128
5.20%, 09/15/45 (Call 03/15/45)		550		546,159
Gilead Sciences Inc.
2.60%, 10/01/40 (Call 04/01/40)(a)		581		436,290
2.80%, 10/01/50 (Call 04/01/50)		874		626,509
4.00%, 09/01/36 (Call 03/01/36)(a)		285		268,474
4.15%, 03/01/47 (Call 09/01/46)		1,010		922,979
4.50%, 02/01/45 (Call 08/01/44)		1,029		972,119

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Biotechnology (continued)
4.60%, 09/01/35 (Call 03/01/35)	$	682	$	687,680
4.75%, 03/01/46 (Call 09/01/45)		1,251		1,238,669
4.80%, 04/01/44 (Call 10/01/43)		980		962,643
5.65%, 12/01/41 (Call 06/01/41)		598		661,132
Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 (Call 03/15/50)		433		306,687
Royalty Pharma PLC
3.30%, 09/02/40 (Call 03/02/40)		594		463,627
3.35%, 09/02/51 (Call 03/02/51)		232		165,184
3.55%, 09/02/50 (Call 03/02/50)		606		445,845
				20,626,398
Building Materials — 0.6%
Carrier Global Corp.
3.38%, 04/05/40 (Call 10/05/39)		906		743,934
3.58%, 04/05/50 (Call 10/05/49)(a)		1,107		887,974
CRH America Finance Inc.
4.40%, 05/09/47 (Call 11/09/46)(b)		200		192,337
4.50%, 04/04/48 (Call 10/04/47)(a)(b)		679		666,803
Fortune Brands Home & Security Inc., 4.50%, 03/25/52 (Call 09/25/51)		350		297,724
Holcim Capital Corp. Ltd.
6.50%, 09/12/43(a)(b)		215		250,485
6.88%, 09/29/39(b)		145		173,117
Holcim Finance U.S. LLC, 4.75%, 09/22/46 (Call 03/22/46)(b)		325		326,353
Johnson Controls International PLC
4.50%, 02/15/47 (Call 08/15/46)		288		270,743
4.63%, 07/02/44 (Call 01/02/44)(a)		225		218,304
4.95%, 07/02/64 (Call 01/02/64)(c)		222		210,383
5.13%, 09/14/45 (Call 03/14/45)(a)		241		248,113
6.00%, 01/15/36		257		295,166
Lafarge SA, 7.13%, 07/15/36		335		411,731
Martin Marietta Materials Inc.
3.20%, 07/15/51 (Call 01/15/51)		538		399,277
4.25%, 12/15/47 (Call 06/15/47)		394		349,471
Masco Corp.
3.13%, 02/15/51 (Call 08/15/50)		194		142,393
4.50%, 05/15/47 (Call 11/15/46)		272		249,788
Owens Corning
4.30%, 07/15/47 (Call 01/15/47)		212		188,424
4.40%, 01/30/48 (Call 07/30/47)		389		351,302
7.00%, 12/01/36		229		263,124
Votorantim Cimentos International SA, 7.25%, 04/05/41(b)		335		379,391
Vulcan Materials Co.
4.50%, 06/15/47 (Call 12/15/46)		425		405,251
4.70%, 03/01/48 (Call 09/01/47)		279		274,580
				8,196,168
Chemicals — 1.7%
Air Liquide Finance SA, 3.50%, 09/27/46 (Call 03/27/46)(a)(b)		480		425,963
Air Products and Chemicals Inc.
2.70%, 05/15/40 (Call 11/15/39)		457		369,812
2.80%, 05/15/50 (Call 11/15/49)(a)		697		546,041
Albemarle Corp., 5.45%, 12/01/44 (Call 06/01/44)		238		243,314
Braskem Netherlands Finance BV, 5.88%, 01/31/50(b)		50		44,700
CF Industries Inc.
4.95%, 06/01/43		515		498,896
5.15%, 03/15/34		150		154,872
5.38%, 03/15/44(a)		450		456,486

Security	Par (000)		Value
Chemicals (continued)
Dow Chemical Co. (The)
3.60%, 11/15/50 (Call 05/15/50)	$	561	$	460,810
4.25%, 10/01/34 (Call 04/01/34)		191		187,774
4.38%, 11/15/42 (Call 05/15/42)(a)		618		580,860
4.63%, 10/01/44 (Call 04/01/44)(a)		222		215,061
4.80%, 05/15/49 (Call 11/15/48)		404		399,328
5.25%, 11/15/41 (Call 05/15/41)		591		607,824
5.55%, 11/30/48 (Call 05/30/48)		459		501,435
9.40%, 05/15/39		351		522,058
DuPont de Nemours Inc.
5.32%, 11/15/38 (Call 05/15/38)		922		966,212
5.42%, 11/15/48 (Call 05/15/48)		1,167		1,241,016
Eastman Chemical Co.
4.65%, 10/15/44 (Call 04/15/44)		526		497,792
4.80%, 09/01/42 (Call 03/01/42)		295		286,073
Ecolab Inc.
2.13%, 08/15/50 (Call 02/15/50)(a)		353		240,120
2.70%, 12/15/51 (Call 06/15/51)		625		472,725
2.75%, 08/18/55 (Call 02/18/55)		427		312,556
3.95%, 12/01/47 (Call 06/01/47)		310		294,630
5.50%, 12/08/41(a)		50		57,624
FMC Corp., 4.50%, 10/01/49 (Call 04/01/49)		320		299,790
GC Treasury Center Co. Ltd., 4.30%, 03/18/51 (Call 09/18/50)(a)(b)		360		310,796
International Flavors & Fragrances Inc.
3.27%, 11/15/40 (Call 05/15/40)(a)(b)		648		522,698
3.47%, 12/01/50 (Call 06/01/50)(a)(b)		150		116,022
4.38%, 06/01/47 (Call 12/01/46)		445		396,580
5.00%, 09/26/48 (Call 03/26/48)		615		603,261
Linde Inc./CT
2.00%, 08/10/50 (Call 02/10/50)		177		120,043
3.55%, 11/07/42 (Call 05/07/42)(a)		520		480,674
Lubrizol Corp. (The), 6.50%, 10/01/34		330		402,797
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		549		528,291
5.25%, 07/15/43		415		418,656
LYB International Finance III LLC
3.38%, 10/01/40 (Call 04/01/40)		467		378,396
3.63%, 04/01/51 (Call 10/01/50)		557		447,380
3.80%, 10/01/60 (Call 04/01/60)		303		234,123
4.20%, 10/15/49 (Call 04/15/49)		662		577,894
4.20%, 05/01/50 (Call 11/01/49)		573		499,281
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)		575		523,299
Mosaic Co. (The)
4.88%, 11/15/41 (Call 05/15/41)		330		320,518
5.45%, 11/15/33 (Call 05/15/33)		188		199,896
5.63%, 11/15/43 (Call 05/15/43)(a)		145		157,172
Nutrien Ltd.
3.95%, 05/13/50 (Call 11/13/49)(a)		316		287,287
4.13%, 03/15/35 (Call 09/15/34)		33		31,293
4.90%, 06/01/43 (Call 12/01/42)		275		283,445
5.00%, 04/01/49 (Call 10/01/48)		421		444,960
5.25%, 01/15/45 (Call 07/15/44)		293		309,214
5.63%, 12/01/40(a)		330		360,261
5.88%, 12/01/36		296		328,022
6.13%, 01/15/41 (Call 07/15/40)		140		162,225
Orbia Advance Corp. SAB de CV
5.50%, 01/15/48 (Call 07/15/47)(b)		225		199,465
5.88%, 09/17/44(b)		741		700,382

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
RPM International Inc.
4.25%, 01/15/48 (Call 07/15/47)	$	210	$	192,434
5.25%, 06/01/45 (Call 12/01/44)		139		142,352
Sherwin-Williams Co. (The)
2.90%, 03/15/52 (Call 09/15/51)		315		228,621
3.30%, 05/15/50 (Call 11/15/49)(a)		231		179,939
3.80%, 08/15/49 (Call 02/15/49)		312		266,895
4.00%, 12/15/42 (Call 06/15/42)		220		192,109
4.50%, 06/01/47 (Call 12/01/46)		649		619,324
4.55%, 08/01/45 (Call 02/01/45)		264		247,905
Sociedad Quimica y Minera de Chile SA
3.50%, 09/10/51 (Call 03/10/51)(a)(b)		295		226,044
4.25%, 01/22/50 (Call 07/22/49)(a)(b)		345		303,600
Washington University (The), 3.52%, 04/15/54		105		93,748
Westlake Chemical Corp.
2.88%, 08/15/41 (Call 02/15/41)		282		210,170
3.13%, 08/15/51 (Call 02/15/51)(a)		368		269,386
3.38%, 08/15/61 (Call 02/15/61)		277		198,628
Westlake Corp.
4.38%, 11/15/47 (Call 05/15/47)		295		267,800
5.00%, 08/15/46 (Call 02/15/46)(a)		305		301,951
				25,169,009
Commercial Services — 1.7%
Adani Ports & Special Economic Zone Ltd., 5.00%, 08/02/41 (Call 02/02/41)(a)(b)		120		106,339
American University (The), Series 2019, 3.67%, 04/01/49(a)		305		270,187
Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50)		135		111,696
California Endowment (The), Series 2021, 2.50%, 04/01/51 (Call 10/01/50)		55		40,912
California Institute of Technology
3.65%, 09/01/2119 (Call 03/01/2119)		233		179,586
4.32%, 08/01/45		143		144,387
4.70%, 11/01/2111		265		263,025
Cintas Corp. No. 2, 6.15%, 08/15/36		100		117,234
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114(a)		250		251,208
DP World Ltd./United Arab Emirates
5.63%, 09/25/48(b)		839		840,258
6.85%, 07/02/37(a)(b)		780		885,300
DP World PLC, 4.70%, 09/30/49 (Call 03/30/49)(a)(b)		370		329,284
Duke University
3.20%, 10/01/38		100		90,211
3.30%, 10/01/46		80		72,016
Series 2020, 2.68%, 10/01/44		372		303,785
Series 2020, 2.76%, 10/01/50		190		152,959
Series 2020, 2.83%, 10/01/55(a)		390		306,770
Emory University, Series 2020, 2.97%, 09/01/50 (Call 03/01/50)		125		100,271
Equifax Inc., 7.00%, 07/01/37		100		115,276
ERAC USA Finance LLC
4.20%, 11/01/46 (Call 05/01/46)(a)(b)		195		176,610
4.50%, 02/15/45 (Call 08/15/44)(a)(b)		199		184,491
5.63%, 03/15/42(b)		417		445,297
6.70%, 06/01/34(b)		145		170,575
7.00%, 10/15/37(b)		925		1,124,374
Ford Foundation (The)
Series 2017, 3.86%, 06/01/47 (Call 12/01/46)		165		160,536
Series 2020, 2.42%, 06/01/50 (Call 12/01/49)(a)		115		83,232

Security	Par (000)		Value
Commercial Services (continued)
Series 2020, 2.82%, 06/01/70 (Call 12/01/69)	$	430	$	306,217
George Washington University (The)
4.87%, 09/15/45		125		133,710
Series 2014, 4.30%, 09/15/44		157		158,301
Series 2016, 3.55%, 09/15/46		235		205,513
Series 2018, 4.13%, 09/15/48 (Call 03/15/48)		577		563,227
Georgetown University (The)
Series 20A, 2.94%, 04/01/50		18		13,464
Series A, 5.22%, (Call 04/01/2118)		200		198,363
Series B, 4.32%, 04/01/49 (Call 10/01/48)		335		317,184
Global Payments Inc., 4.15%, 08/15/49 (Call 02/15/49)(a)		364		315,131
ITR Concession Co. LLC, 5.18%, 07/15/35 (Call 01/15/35)(b)		100		106,714
Johns Hopkins University
Series 2013, 4.08%, 07/01/53		118		119,585
Series A, 2.81%, 01/01/60 (Call 07/01/59)(a)		265		201,666
Leland Stanford Junior University (The)
2.41%, 06/01/50 (Call 12/01/49)		303		227,608
3.46%, 05/01/47(a)		100		90,147
3.65%, 05/01/48 (Call 11/01/47)		392		373,766
Massachusetts Institute of Technology
3.89%, 07/01/2116		179		155,340
3.96%, 07/01/38(a)		59		60,277
4.68%,		334		343,820
5.60%,		417		520,108
Series F, 2.99%, 07/01/50 (Call 01/01/50)		454		384,893
Series G, 2.29%, 07/01/51 (Call 01/01/51)		335		244,943
Metropolitan Museum of Art (The), Series 2015, 3.40%, 07/01/45		186		171,137
Moody’s Corp.
2.55%, 08/18/60 (Call 02/18/60)		351		221,370
2.75%, 08/19/41 (Call 02/19/41)		430		329,024
3.10%, 11/29/61 (Call 05/29/61)		375		265,825
3.25%, 05/20/50 (Call 11/20/49)		234		182,977
3.75%, 02/25/52 (Call 08/25/51)		380		323,324
4.88%, 12/17/48 (Call 06/17/48)(a)		254		254,843
5.25%, 07/15/44		200		209,001
Northeastern University, Series 2020, 2.89%, 10/01/50		190		145,193
Northwestern University
3.69%, 12/01/38		505		472,482
3.87%, 12/01/48(a)		135		132,444
4.64%, 12/01/44		400		418,490
Series 2017, 3.66%, 12/01/57 (Call 06/01/57)		205		192,545
Series 2020, 2.64%, 12/01/50 (Call 06/01/50)		50		39,035
PayPal Holdings Inc., 3.25%, 06/01/50 (Call 12/01/49)(a)		530		419,161
President and Fellows of Harvard College
2.52%, 10/15/50 (Call 04/15/50)		197		150,922
3.15%, 07/15/46 (Call 01/15/46)		190		169,911
3.30%, 07/15/56 (Call 01/15/56)		340		301,117
3.62%, 10/01/37		197		191,258
4.88%, 10/15/40		275		307,280
6.50%, 01/15/39(a)(b)		340		445,669
Quanta Services Inc., 3.05%, 10/01/41 (Call 04/01/41)		365		274,050
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)		387		291,622
S&P Global Inc.
2.30%, 08/15/60 (Call 02/15/60)		235		149,724
3.25%, 12/01/49 (Call 06/01/49)		498		404,877
3.70%, 03/01/52 (Call 09/01/51)(b)		150		130,799
3.90%, 03/01/62 (Call 09/01/61)(b)		60		52,406

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Services (continued)
4.50%, 05/15/48 (Call 11/15/47)(a)	$	135	$	135,047
Trustees of Boston College, 3.13%, 07/01/52(a)		347		292,139
Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48)		240		235,451
Trustees of Dartmouth College, 3.47%, 06/01/46(a)		185		174,928
Trustees of Princeton University (The) 5.70%, 03/01/39		526		636,624
Series 2020, 2.52%, 07/01/50 (Call 01/01/50)		135		104,339
Trustees of the University of Pennsylvania (The)
3.61%, 02/15/2119 (Call 08/15/2118)		140		111,728
4.67%, 09/01/2112		210		214,357
Series 2020, 2.40%, 10/01/50 (Call 04/01/50)		205		151,827
Trustees of Tufts College, Series 2012, 5.02%, 04/15/2112		185		201,650
United Communities LLC, 5.61%, 09/15/51(b)		46		45,462
University of Chicago (The)
3.00%, 10/01/52 (Call 04/01/52)(a)		260		218,607
4.00%, 10/01/53 (Call 04/01/53)(a)		275		268,414
Series 20B, 2.76%, 04/01/45 (Call 10/01/44)		130		107,392
Series C, 2.55%, 04/01/50 (Call 10/01/49)		160		123,018
University of Notre Dame du Lac
Series 2015, 3.44%, 02/15/45(a)		199		185,173
Series 2017, 3.39%, 02/15/48 (Call 08/15/47)		188		172,644
University of Southern California
2.81%, 10/01/50 (Call 04/01/50)		175		139,638
3.03%, 10/01/39		500		426,235
5.25%, 10/01/2111		120		135,829
Series 2017, 3.84%, 10/01/47 (Call 04/01/47)		220		209,961
Series 21A, 2.95%, 10/01/51 (Call 04/01/51)		140		113,667
Series A, 3.23%, (Call 04/01/2120)		70		48,410
Verisk Analytics Inc.
3.63%, 05/15/50 (Call 11/15/49)(a)		264		220,842
5.50%, 06/15/45 (Call 12/15/44)		128		137,341
Wesleyan University, 4.78%, 07/01/2116		156		150,079
William Marsh Rice University
3.57%, 05/15/45		258		238,190
3.77%, 05/15/55		160		153,489
Yale University, Series 2020, 2.40%, 04/15/50 (Call 10/15/49)		333		248,662
				24,313,425
Computers — 2.0%
Apple Inc.
2.38%, 02/08/41 (Call 08/08/40)(a)		845		658,503
2.40%, 08/20/50 (Call 02/20/50)		775		560,030
2.55%, 08/20/60 (Call 02/20/60)		941		660,472
2.65%, 05/11/50 (Call 11/11/49)		1,490		1,135,891
2.65%, 02/08/51 (Call 08/08/50)		1,696		1,284,062
2.70%, 08/05/51 (Call 02/05/51)		1,050		804,907
2.80%, 02/08/61 (Call 08/08/60)		967		706,996
2.85%, 08/05/61 (Call 02/05/61)		760		571,175
2.95%, 09/11/49 (Call 03/11/49)		836		675,342
3.45%, 02/09/45		1,194		1,066,105
3.75%, 09/12/47 (Call 03/12/47)		615		567,284
3.75%, 11/13/47 (Call 05/13/47)		777		729,387
3.85%, 05/04/43		1,844		1,750,370
3.85%, 08/04/46 (Call 02/04/46)		1,116		1,057,678
4.25%, 02/09/47 (Call 08/09/46)		595		591,643
4.38%, 05/13/45		1,217		1,234,237
4.45%, 05/06/44		632		649,049
4.50%, 02/23/36 (Call 08/23/35)		423		449,265

Security	Par (000)		Value
Computers (continued)
4.65%, 02/23/46 (Call 08/23/45)	$	2,033	$	2,150,344
Dell Inc.
5.40%, 09/10/40(a)		290		267,162
6.50%, 04/15/38		290		297,250
Dell International LLC/EMC Corp.
3.38%, 12/15/41 (Call 06/15/41)(b)		495		371,587
3.45%, 12/15/51 (Call 06/15/51)(a)(b)		750		528,858
8.10%, 07/15/36 (Call 01/15/36)		422		516,250
8.35%, 07/15/46 (Call 01/15/46)		399		532,439
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)(a)		414		450,242
6.35%, 10/15/45 (Call 04/15/45)		980		1,037,198
HP Inc., 6.00%, 09/15/41		857		891,473
IBM Corp., 3.43%, 02/09/52 (Call 08/09/51)		445		365,961
International Business Machines Corp.
2.85%, 05/15/40 (Call 11/15/39)		330		263,014
2.95%, 05/15/50 (Call 11/15/49)		450		342,585
4.00%, 06/20/42		664		608,305
4.15%, 05/15/39		1,117		1,058,116
4.25%, 05/15/49		1,588		1,494,341
4.70%, 02/19/46		387		387,884
5.60%, 11/30/39		455		509,051
5.88%, 11/29/32		556		630,272
7.13%, 12/01/96(a)		132		179,682
Kyndryl Holdings Inc., 4.10%, 10/15/41 (Call 04/15/41)(b)		357		253,242
				28,287,652
Cosmetics & Personal Care — 0.3%
Colgate-Palmolive Co.
3.70%, 08/01/47 (Call 02/01/47)(a)		280		264,765
4.00%, 08/15/45		345		338,406
Estee Lauder Companies Inc. (The)
3.13%, 12/01/49 (Call 06/01/49)		183		151,143
3.70%, 08/15/42		206		183,585
4.15%, 03/15/47 (Call 09/15/46)		292		282,372
4.38%, 06/15/45 (Call 12/15/44)		240		237,253
6.00%, 05/15/37		215		251,411
GlaxoSmithKline LLC, 4.00%, 03/24/52 (Call 09/24/51)(b)		70		62,838
Procter & Gamble Co. (The)
3.50%, 10/25/47		40		37,448
3.55%, 03/25/40		376		355,955
3.60%, 03/25/50		366		349,836
5.50%, 02/01/34(a)		115		130,854
5.55%, 03/05/37		430		505,377
Unilever Capital Corp.
5.90%, 11/15/32		656		756,435
Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)		372		278,430
				4,186,108
Distribution & Wholesale — 0.1%
WW Grainger Inc.
3.75%, 05/15/46 (Call 11/15/45)		275		245,768
4.20%, 05/15/47 (Call 11/15/46)		235		224,272
4.60%, 06/15/45 (Call 12/15/44)		561		568,729
				1,038,769
Diversified Financial Services — 1.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.40%, 10/29/33 (Call 07/29/33)		1,032		847,045
3.85%, 10/29/41 (Call 04/29/41)		897		693,243
American Express Co., 4.05%, 12/03/42		198		187,716

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Ares Finance Co. IV LLC, 3.65%, 02/01/52 (Call 08/01/51)(b)	$	325	$	246,649
Blackstone Holdings Finance Co. LLC
2.80%, 09/30/50 (Call 03/30/50)(b)		218		154,630
2.85%, 08/05/51 (Call 02/05/51)(b)		360		257,038
3.20%, 01/30/52 (Call 07/30/51)(b)		360		274,116
3.50%, 09/10/49 (Call 03/10/49)(b)		265		220,333
4.00%, 10/02/47 (Call 04/02/47)(a)(b)		285		257,058
4.45%, 07/15/45(b)		250		235,495
5.00%, 06/15/44(b)		311		316,365
6.25%, 08/15/42(b)		175		202,145
Blue Owl Finance LLC, 4.13%, 10/07/51 (Call 04/07/51)(b)		105		73,755
Brookfield Finance Inc.
3.50%, 03/30/51 (Call 09/30/50)		417		328,209
3.63%, 02/15/52 (Call 08/15/51)		275		219,773
4.70%, 09/20/47 (Call 03/20/47)		529		499,806
Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)		361		285,373
CI Financial Corp., 4.10%, 06/15/51 (Call 12/15/50)(a)		533		397,465
CME Group Inc.
4.15%, 06/15/48 (Call 12/15/47)(a)		441		435,301
5.30%, 09/15/43 (Call 03/15/43)(a)		439		488,278
Credit Suisse USA Inc., 7.13%, 07/15/32(a)		609		738,121
FMR LLC
4.95%, 02/01/33(b)		20		20,773
5.15%, 02/01/43(b)		250		259,050
6.45%, 11/15/39(a)(b)		380		451,147
6.50%, 12/14/40(b)		352		421,136
Franklin Resources Inc., 2.95%, 08/12/51 (Call 02/12/51)		235		174,524
Invesco Finance PLC, 5.38%, 11/30/43		286		298,048
Jefferies Financial Group Inc., 6.63%, 10/23/43 (Call 07/23/43)		178		190,780
Jefferies Group LLC
2.75%, 10/15/32 (Call 07/15/32)		110		89,648
6.25%, 01/15/36		400		428,597
6.50%, 01/20/43		269		293,523
KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)(b)		241		252,887
Legg Mason Inc., 5.63%, 01/15/44		305		335,405
LSEGA Financing PLC, 3.20%, 04/06/41 (Call 10/06/40)(b)		441		366,270
Mastercard Inc.
2.95%, 03/15/51 (Call 09/15/50)		366		296,981
3.65%, 06/01/49 (Call 12/01/48)		548		497,281
3.80%, 11/21/46 (Call 05/21/46)		400		376,149
3.85%, 03/26/50 (Call 09/26/49)		819		773,140
3.95%, 02/26/48 (Call 08/26/47)		257		247,463
Nasdaq Inc.
2.50%, 12/21/40 (Call 06/21/40)		493		356,881
3.25%, 04/28/50 (Call 10/28/49)		513		395,471
3.95%, 03/07/52 (Call 09/07/51)		200		173,470
Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 4.88%, 04/15/45 (Call 10/15/44)(b)		120		117,080
Pine Street Trust II, 5.57%, 02/15/49 (Call 08/15/48)(b)		236		249,131
Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)		429		376,252
4.95%, 07/15/46		506		524,629
Visa Inc.
2.00%, 08/15/50 (Call 02/15/50)		918		619,596
2.70%, 04/15/40 (Call 10/15/39)		596		486,364
3.65%, 09/15/47 (Call 03/15/47)		459		416,721
4.15%, 12/14/35 (Call 06/14/35)		577		583,140

Security	Par (000)		Value
Diversified Financial Services (continued)
4.30%, 12/14/45 (Call 06/14/45)	$	2,030	$	2,038,217
Western Union Co. (The)
6.20%, 11/17/36		352		366,867
6.20%, 06/21/40(a)		165		164,986
				19,999,521
Electric — 12.0%
Abu Dhabi National Energy Co. PJSC
3.40%, 04/29/51 (Call 10/29/50)(b)		377		326,520
4.00%, 10/03/49(b)		268		258,559
6.50%, 10/27/36(a)(b)		635		785,321
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(a)(b)		319		331,114
Adani Transmission Ltd., 4.25%, 05/21/36(b)		14		12,005
AEP Texas Inc.
3.45%, 05/15/51 (Call 11/15/50)		276		217,533
3.80%, 10/01/47 (Call 04/01/47)		158		132,303
Series E, 6.65%, 02/15/33		234		270,495
Series G, 4.15%, 05/01/49 (Call 11/01/48)		209		184,754
Series H, 3.45%, 01/15/50 (Call 07/15/49)		270		215,223
AEP Transmission Co. LLC
3.15%, 09/15/49 (Call 03/15/49)		135		105,470
3.75%, 12/01/47 (Call 06/01/47)		265		234,050
3.80%, 06/15/49 (Call 12/15/48)		207		182,792
4.00%, 12/01/46 (Call 06/01/46)(a)		235		215,700
4.25%, 09/15/48 (Call 03/15/48)		169		160,864
Series M, 3.65%, 04/01/50 (Call 10/01/49)		302		259,058
Series N, 2.75%, 08/15/51 (Call 02/15/51)		252		184,855
Alabama Power Co.
3.00%, 03/15/52 (Call 09/15/51)		300		230,653
3.13%, 07/15/51 (Call 01/15/51)(a)		335		262,487
3.45%, 10/01/49 (Call 04/01/49)		317		260,095
3.75%, 03/01/45 (Call 09/01/44)		425		365,181
3.85%, 12/01/42		210		187,663
4.10%, 01/15/42(a)		90		81,205
4.15%, 08/15/44 (Call 02/15/44)(a)		257		238,729
4.30%, 01/02/46 (Call 07/02/45)		230		219,213
5.50%, 03/15/41		238		252,104
5.70%, 02/15/33		50		55,510
6.00%, 03/01/39		232		264,222
6.13%, 05/15/38(a)		40		45,696
Series 11-C, 5.20%, 06/01/41		220		226,912
Series A, 4.30%, 07/15/48 (Call 01/15/48)		282		266,240
Series B, 3.70%, 12/01/47 (Call 06/01/47)		330		287,714
Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)(b)		578		453,523
Ameren Illinois Co.
2.90%, 06/15/51 (Call 12/15/50)		217		166,811
3.25%, 03/15/50 (Call 09/15/49)		217		176,437
3.70%, 12/01/47 (Call 06/01/47)		307		272,302
4.15%, 03/15/46 (Call 09/15/45)		305		291,380
4.30%, 07/01/44 (Call 01/01/44)		190		177,402
4.50%, 03/15/49 (Call 09/15/48)		290		292,220
4.80%, 12/15/43 (Call 06/15/43)		180		180,161
American Electric Power Co. Inc., 3.25%, 03/01/50 (Call 09/01/49)(a)		127		97,383
American Transmission Systems Inc., 5.00%, 09/01/44 (Call 03/01/44)(b)		191		194,796
Appalachian Power Co.
4.40%, 05/15/44 (Call 11/15/43)		136		125,122
4.45%, 06/01/45 (Call 12/01/44)		126		116,213
7.00%, 04/01/38		310		371,072

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Series L, 5.80%, 10/01/35	$	195	$	208,945
Series P, 6.70%, 08/15/37		170		196,648
Series Y, 4.50%, 03/01/49 (Call 09/01/48)		211		199,282
Series Z, 3.70%, 05/01/50 (Call 11/01/49)(a)		295		246,344
Arizona Public Service Co.
2.65%, 09/15/50 (Call 03/15/50)		410		279,426
3.35%, 05/15/50 (Call 11/15/49)		338		263,034
3.50%, 12/01/49 (Call 06/01/49)		187		149,735
3.75%, 05/15/46 (Call 11/15/45)		221		188,746
4.20%, 08/15/48 (Call 02/15/48)		243		220,301
4.25%, 03/01/49 (Call 09/01/48)		186		169,796
4.35%, 11/15/45 (Call 05/15/45)		32		29,449
4.50%, 04/01/42 (Call 10/01/41)		296		282,997
4.70%, 01/15/44 (Call 07/15/43)		110		105,495
5.05%, 09/01/41 (Call 03/01/41)		270		266,125
5.50%, 09/01/35(a)		245		254,363
Avista Corp.
4.00%, 04/01/52 (Call 10/01/51)		100		93,046
4.35%, 06/01/48 (Call 12/01/47)(a)		231		223,627
Baltimore Gas & Electric Co.
2.90%, 06/15/50 (Call 12/15/49)(a)		298		226,728
3.20%, 09/15/49 (Call 03/15/49)		267		212,903
3.50%, 08/15/46 (Call 02/15/46)		340		288,051
3.75%, 08/15/47 (Call 02/15/47)		70		61,714
4.25%, 09/15/48 (Call 03/15/48)		235		223,264
6.35%, 10/01/36		100		118,279
Basin Electric Power Cooperative, 4.75%, 04/26/47 (Call 10/26/46)(b)		189		165,260
Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)		581		422,824
3.80%, 07/15/48 (Call 01/15/48)		392		340,672
4.25%, 10/15/50 (Call 04/15/50)		468		438,541
4.45%, 01/15/49 (Call 07/15/48)		503		483,480
4.50%, 02/01/45 (Call 08/01/44)		343		328,243
4.60%, 05/01/53(b)		300		293,846
5.15%, 11/15/43 (Call 05/15/43)		228		234,212
5.95%, 05/15/37		385		430,278
6.13%, 04/01/36		932		1,058,036
Black Hills Corp.
3.88%, 10/15/49 (Call 04/15/49)		189		160,741
4.20%, 09/15/46 (Call 03/15/46)		175		158,325
4.35%, 05/01/33 (Call 02/01/33)		121		116,786
Celeo Redes Operacion Chile SA, 5.20%, 06/22/47(b)		193		184,774
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		225		201,592
3.60%, 03/01/52 (Call 09/01/51)		130		115,092
3.95%, 03/01/48 (Call 09/01/47)		285		271,094
4.50%, 04/01/44 (Call 10/01/43)(a)		392		392,703
Series AC, 4.25%, 02/01/49 (Call 08/01/48)		415		410,448
Series AD, 2.90%, 07/01/50 (Call 01/01/50)		100		78,728
Series AF, 3.35%, 04/01/51 (Call 10/01/50)(a)		215		183,817
Series K2, 6.95%, 03/15/33		15		18,166
CenterPoint Energy Inc., 3.70%, 09/01/49 (Call 03/01/49)		187		158,685
CEZ AS, 5.63%, 04/03/42(a)(b)		248		260,852
Cleco Corporate Holdings LLC, 4.97%, 05/01/46 (Call 11/01/45)		115		111,446
Cleco Power LLC
6.00%, 12/01/40(a)		253		284,243
6.50%, 12/01/35		425		506,293
Cleveland Electric Illuminating Co. (The), 5.95%, 12/15/36		287		308,537

Security	Par (000)		Value
Electric (continued)
CMS Energy Corp.
4.70%, 03/31/43 (Call 09/30/42)	$	160	$	153,185
4.88%, 03/01/44 (Call 09/01/43)		181		181,217
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a)(b)		268		268,193
Comision Federal de Electricidad
3.88%, 07/26/33 (Call 04/26/33)(b)		419		336,379
4.68%, 02/09/51 (Call 08/09/50)(b)		587		416,770
5.75%, 02/14/42(b)		611		530,049
6.13%, 06/16/45(b)		380		350,554
6.26%, 02/15/52 (Call 08/15/51)(b)		230		200,388
Commonwealth Edison Co.
3.00%, 03/01/50 (Call 09/01/49)		298		234,811
3.65%, 06/15/46 (Call 12/15/45)		325		285,949
3.70%, 03/01/45 (Call 09/01/44)		158		139,067
3.80%, 10/01/42 (Call 04/01/42)		235		211,658
4.00%, 03/01/48 (Call 09/01/47)		291		269,684
4.00%, 03/01/49 (Call 09/01/48)		133		123,043
4.35%, 11/15/45 (Call 05/15/45)		298		286,763
4.60%, 08/15/43 (Call 02/15/43)		190		191,030
4.70%, 01/15/44 (Call 07/15/43)		215		218,856
6.45%, 01/15/38		269		326,384
Series 123, 3.75%, 08/15/47 (Call 02/15/47)		292		256,872
Series 127, 3.20%, 11/15/49 (Call 05/15/49)		225		181,994
Series 130, 3.13%, 03/15/51 (Call 09/15/50)		384		308,541
Series 131, 2.75%, 09/01/51 (Call 03/01/51)		315		233,567
Series 133, 3.85%, 03/15/52 (Call 09/15/51)		245		224,573
Connecticut Light & Power Co. (The)
4.00%, 04/01/48 (Call 10/01/47)		187		175,415
4.30%, 04/15/44 (Call 10/15/43)		199		191,525
6.35%, 06/01/36		200		233,910
Series A, 4.15%, 06/01/45 (Call 12/01/44)(a)		175		165,235
Consolidated Edison Co. of New York Inc.
3.20%, 12/01/51 (Call 06/01/51)		190		149,647
3.60%, 06/15/61 (Call 12/15/60)		510		410,323
3.70%, 11/15/59 (Call 05/15/59)		318		259,011
3.85%, 06/15/46 (Call 12/15/45)		162		139,803
3.95%, 03/01/43 (Call 09/01/42)		215		191,932
4.45%, 03/15/44 (Call 09/15/43)		295		280,361
4.50%, 12/01/45 (Call 06/01/45)		193		182,000
4.50%, 05/15/58 (Call 11/15/57)		231		216,419
4.63%, 12/01/54 (Call 06/01/54)		299		286,943
5.70%, 06/15/40		280		305,769
Series 05-A, 5.30%, 03/01/35		195		204,021
Series 06-A, 5.85%, 03/15/36		437		483,607
Series 06-B, 6.20%, 06/15/36(a)		360		413,495
Series 06-E, 5.70%, 12/01/36		265		285,159
Series 07-A, 6.30%, 08/15/37		430		490,845
Series 08-B, 6.75%, 04/01/38		410		497,648
Series 09-C, 5.50%, 12/01/39		560		603,302
Series 12-A, 4.20%, 03/15/42		230		208,409
Series 2017, 3.88%, 06/15/47 (Call 12/15/46)		76		66,044
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)(a)		661		597,445
Series A, 4.13%, 05/15/49 (Call 11/15/48)		293		264,297
Series C, 3.00%, 12/01/60 (Call 06/01/60)		330		238,287
Series C, 4.00%, 11/15/57 (Call 05/15/57)		224		193,420
Series C, 4.30%, 12/01/56 (Call 06/01/56)		246		222,276
Series E, 4.65%, 12/01/48 (Call 06/01/48)		264		254,130
Constellation Energy Generation LLC, 5.60%, 06/15/42 (Call 12/15/41)		193		189,358

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Consumers Energy Co.
2.50%, 05/01/60 (Call 11/01/59)	$	203	$	136,944
2.65%, 08/15/52 (Call 02/15/52)		190		139,059
3.10%, 08/15/50 (Call 02/15/50)		331		265,239
3.25%, 08/15/46 (Call 02/15/46)		285		241,088
3.50%, 08/01/51 (Call 02/01/51)		341		296,087
3.75%, 02/15/50 (Call 08/15/49)		198		180,638
3.95%, 05/15/43 (Call 11/15/42)		250		232,654
3.95%, 07/15/47 (Call 01/15/47)		210		197,804
4.05%, 05/15/48 (Call 11/15/47)		310		295,117
4.35%, 04/15/49 (Call 10/15/48)		310		309,602
4.35%, 08/31/64 (Call 02/28/64)		159		150,386
Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48)		166		150,178
Delmarva Power & Light Co.
4.00%, 06/01/42 (Call 12/01/41)(a)		200		176,339
4.15%, 05/15/45 (Call 11/15/44)		250		229,151
Dominion Energy Inc.
4.70%, 12/01/44 (Call 06/01/44)		257		248,406
7.00%, 06/15/38		319		386,170
Series A, 4.60%, 03/15/49 (Call 09/15/48)		205		201,338
Series B, 3.30%, 04/15/41 (Call 10/15/40)(a)		269		222,673
Series B, 5.95%, 06/15/35		289		315,331
Series C, 4.05%, 09/15/42 (Call 03/15/42)(a)		245		218,358
Series C, 4.90%, 08/01/41 (Call 02/01/41)		284		283,824
Series E, 6.30%, 03/15/33		251		282,589
Series F, 5.25%, 08/01/33		380		401,451
Dominion Energy South Carolina Inc.
4.60%, 06/15/43 (Call 12/15/42)		388		374,700
5.10%, 06/01/65 (Call 12/01/64)		271		280,936
5.30%, 05/15/33(a)		185		200,658
5.45%, 02/01/41 (Call 08/01/40)(a)		240		257,088
6.05%, 01/15/38		228		259,513
DTE Electric Co.
2.95%, 03/01/50 (Call 09/01/49)		50		39,319
3.70%, 03/15/45 (Call 09/15/44)		216		189,017
3.70%, 06/01/46 (Call 12/01/45)		220		197,898
3.75%, 08/15/47 (Call 02/15/47)		200		179,992
3.95%, 06/15/42 (Call 12/15/41)		173		160,197
3.95%, 03/01/49 (Call 09/01/48)		438		404,449
4.30%, 07/01/44 (Call 01/01/44)		191		182,701
5.70%, 10/01/37		298		338,188
Series A, 4.00%, 04/01/43 (Call 10/01/42)		66		60,771
Series A, 4.05%, 05/15/48 (Call 11/15/47)		405		383,531
Series A, 6.63%, 06/01/36(a)		235		283,186
Series B, 3.25%, 04/01/51 (Call 10/01/50)		292		240,882
Series B, 3.65%, 03/01/52 (Call 09/01/51)		255		226,192
Duke Energy Carolinas LLC
3.20%, 08/15/49 (Call 02/15/49)		426		347,996
3.45%, 04/15/51 (Call 10/15/50)		284		241,611
3.55%, 03/15/52 (Call 09/15/51)		125		107,707
3.70%, 12/01/47 (Call 06/01/47)		277		241,030
3.75%, 06/01/45 (Call 12/01/44)		317		277,759
3.88%, 03/15/46 (Call 09/15/45)		298		270,049
3.95%, 03/15/48 (Call 09/15/47)		273		248,672
4.00%, 09/30/42 (Call 03/30/42)		363		331,387
4.25%, 12/15/41 (Call 06/15/41)		354		337,874
5.30%, 02/15/40		347		371,597
6.00%, 01/15/38		324		375,417
6.05%, 04/15/38		314		358,879

Security	Par (000)		Value
Electric (continued)
6.10%, 06/01/37	$	333	$	373,338
6.45%, 10/15/32		241		276,377
Duke Energy Corp.
3.30%, 06/15/41 (Call 12/15/40)(a)		397		321,209
3.50%, 06/15/51 (Call 12/15/50)		392		307,201
3.75%, 09/01/46 (Call 03/01/46)		698		578,277
3.95%, 08/15/47 (Call 02/15/47)		301		258,622
4.20%, 06/15/49 (Call 12/15/48)		273		241,162
4.80%, 12/15/45 (Call 06/15/45)		347		331,120
Duke Energy Florida LLC
3.00%, 12/15/51 (Call 06/15/51)		230		181,144
3.40%, 10/01/46 (Call 04/01/46)		358		298,949
3.85%, 11/15/42 (Call 05/15/42)		250		222,487
4.20%, 07/15/48 (Call 01/15/48)		252		236,987
5.65%, 04/01/40		196		216,327
6.35%, 09/15/37		321		375,506
6.40%, 06/15/38(a)		440		527,561
Duke Energy Indiana LLC
2.75%, 04/01/50 (Call 10/01/49)		350		257,980
3.75%, 05/15/46 (Call 11/15/45)		286		251,616
6.12%, 10/15/35		250		274,312
6.35%, 08/15/38		320		375,657
6.45%, 04/01/39		285		335,634
Series UUU, 4.20%, 03/15/42 (Call 09/15/41)		199		179,606
Series WWW, 4.90%, 07/15/43 (Call 01/15/43)		196		197,228
Series YYY, 3.25%, 10/01/49 (Call 04/01/49)(a)		296		242,261
Duke Energy Ohio Inc.
3.70%, 06/15/46 (Call 12/15/45)		205		177,400
4.30%, 02/01/49 (Call 08/01/48)		222		214,397
Duke Energy Progress LLC
2.50%, 08/15/50 (Call 02/15/50)		350		250,150
2.90%, 08/15/51 (Call 02/15/51)		267		205,592
3.60%, 09/15/47 (Call 03/15/47)		300		255,568
3.70%, 10/15/46 (Call 04/15/46)		181		161,629
4.00%, 04/01/52 (Call 10/01/51)(a)		410		381,752
4.10%, 05/15/42 (Call 11/15/41)		262		245,141
4.10%, 03/15/43 (Call 09/15/42)		301		283,972
4.15%, 12/01/44 (Call 06/01/44)		299		278,994
4.20%, 08/15/45 (Call 02/15/45)		367		342,262
4.38%, 03/30/44 (Call 09/30/43)		275		262,571
6.30%, 04/01/38		235		275,250
E.ON International Finance BV, 6.65%, 04/30/38(b)		634		735,155
El Paso Electric Co.
5.00%, 12/01/44 (Call 06/01/44)		115		116,221
6.00%, 05/15/35		361		399,775
Electricite de France SA
4.75%, 10/13/35 (Call 04/13/35)(a)(b)		223		217,789
4.88%, 09/21/38 (Call 03/21/38)(a)(b)		341		329,946
4.88%, 01/22/44(b)		613		566,724
4.95%, 10/13/45 (Call 04/13/45)(b)		593		545,912
5.00%, 09/21/48 (Call 03/21/48)(a)(b)		769		727,261
5.25%, 10/13/55 (Call 04/13/55)(b)		231		218,490
5.60%, 01/27/40(b)		520		532,383
6.00%, 01/22/2114(a)(b)		289		292,716
6.95%, 01/26/39(b)		1,100		1,294,078
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		486		454,855
Emirates Semb Corp. Water & Power Co. PJSC, 4.45%, 08/01/35(a)(b)		250		249,870
Empresa de Transmision Electrica SA, 5.13%, 05/02/49(b)		365		340,366

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Enel Finance International NV
2.88%, 07/12/41 (Call 01/12/41)(a)(b)	$	204	$	152,301
4.75%, 05/25/47(a)(b)		582		560,219
6.00%, 10/07/39(b)		1,212		1,338,328
6.80%, 09/15/37(a)(b)		590		709,586
Entergy Arkansas LLC
2.65%, 06/15/51 (Call 12/15/50)		392		283,076
3.35%, 06/15/52 (Call 12/15/51)		230		190,016
4.20%, 04/01/49 (Call 10/01/48)		218		207,080
4.95%, 12/15/44 (Call 12/15/24)		620		629,460
Entergy Corp., 3.75%, 06/15/50 (Call 12/15/49)		355		294,323
Entergy Louisiana LLC
2.90%, 03/15/51 (Call 09/15/50)(a)		391		300,081
3.10%, 06/15/41 (Call 12/15/40)		294		244,841
4.00%, 03/15/33 (Call 12/15/32)(a)		556		548,422
4.20%, 09/01/48 (Call 03/01/48)		499		476,935
4.20%, 04/01/50 (Call 10/01/49)		396		377,045
4.95%, 01/15/45 (Call 01/15/25)		230		230,810
Entergy Mississippi LLC
3.50%, 06/01/51 (Call 03/01/51)(a)		240		202,441
3.85%, 06/01/49 (Call 12/01/48)		261		235,882
Entergy Texas Inc.
3.55%, 09/30/49 (Call 03/30/49)(a)		270		225,148
4.50%, 03/30/39 (Call 09/30/38)		253		245,679
5.15%, 06/01/45 (Call 06/01/25)		40		40,530
Evergy Kansas Central Inc.
3.25%, 09/01/49 (Call 03/01/49)		181		144,753
3.45%, 04/15/50 (Call 10/15/49)		240		199,445
4.10%, 04/01/43 (Call 10/01/42)		242		222,170
4.13%, 03/01/42 (Call 09/01/41)		476		441,293
4.25%, 12/01/45 (Call 06/01/45)		187		173,934
4.63%, 09/01/43 (Call 03/01/43)		199		187,740
Evergy Kansas South Inc., 4.30%, 07/15/44 (Call 01/15/44)(b)		70		65,661
Evergy Metro Inc.
4.20%, 06/15/47 (Call 12/15/46)		205		192,575
4.20%, 03/15/48 (Call 09/15/47)		175		165,558
5.30%, 10/01/41 (Call 04/01/41)		269		286,922
Series 2019, 4.13%, 04/01/49 (Call 10/01/48)		190		178,722
Eversource Energy, 3.45%, 01/15/50 (Call 07/15/49)		290		230,817
Exelon Corp.
4.10%, 03/15/52 (Call 09/15/51)(b)		215		190,900
4.45%, 04/15/46 (Call 10/15/45)		398		372,326
4.70%, 04/15/50 (Call 10/15/49)		318		309,028
4.95%, 06/15/35 (Call 12/15/34)		20		19,994
5.10%, 06/15/45 (Call 12/15/44)(a)		401		405,294
5.63%, 06/15/35		437		464,810
7.60%, 04/01/32(a)		160		198,095
Exelon Generation Co. LLC
5.75%, 10/01/41 (Call 04/01/41)		343		337,714
6.25%, 10/01/39		598		625,843
FirstEnergy Transmission LLC
4.55%, 04/01/49 (Call 10/01/48)(b)		208		179,250
5.45%, 07/15/44 (Call 01/15/44)(b)		245		240,629
Florida Power & Light Co.
2.88%, 12/04/51 (Call 06/04/51)		600		469,685
3.15%, 10/01/49 (Call 04/01/49)		415		343,369
3.70%, 12/01/47 (Call 06/01/47)		393		359,240
3.80%, 12/15/42 (Call 06/15/42)		267		248,199
3.95%, 03/01/48 (Call 09/01/47)		516		487,629

Security	Par (000)		Value
Electric (continued)
3.99%, 03/01/49 (Call 09/01/48)	$	320	$	304,092
4.05%, 06/01/42 (Call 12/01/41)		359		341,912
4.05%, 10/01/44 (Call 04/01/44)		279		267,006
4.13%, 02/01/42 (Call 08/01/41)		360		348,115
4.13%, 06/01/48 (Call 12/01/47)		407		393,339
4.95%, 06/01/35		220		235,465
5.13%, 06/01/41 (Call 12/01/40)		170		180,082
5.25%, 02/01/41 (Call 08/01/40)		255		277,597
5.63%, 04/01/34		205		231,133
5.65%, 02/01/37		266		299,239
5.69%, 03/01/40		321		366,999
5.95%, 10/01/33		205		234,199
5.95%, 02/01/38		280		327,857
5.96%, 04/01/39		260		306,000
Georgia Power Co.
4.30%, 03/15/42		659		597,741
4.30%, 03/15/43(a)		226		205,037
5.40%, 06/01/40		100		102,759
Series 10-C, 4.75%, 09/01/40		385		371,409
Series A, 3.25%, 03/15/51 (Call 09/15/50)		395		302,543
Series B, 3.70%, 01/30/50 (Call 07/30/49)		309		253,264
Great River Energy, 6.25%, 07/01/38(a)(b)		388		423,695
Iberdrola International BV, 6.75%, 07/15/36(a)		370		449,394
Idaho Power Co.
3.65%, 03/01/45 (Call 09/01/44)		159		136,394
Series K, 4.20%, 03/01/48 (Call 09/01/47)(a)		140		133,633
Indiana Michigan Power Co.
3.25%, 05/01/51 (Call 11/01/50)		285		224,130
4.25%, 08/15/48 (Call 02/15/48)		285		265,257
6.05%, 03/15/37		239		269,457
Series K, 4.55%, 03/15/46 (Call 09/15/45)		235		227,458
Series L, 3.75%, 07/01/47 (Call 01/01/47)		215		187,442
Indianapolis Power & Light Co.
4.05%, 05/01/46 (Call 11/01/45)(a)(b)		213		198,323
4.70%, 09/01/45 (Call 03/01/45)(b)		192		187,830
Infraestructura Energetica Nova SAB de CV
4.75%, 01/15/51 (Call 07/15/50)(b)		375		307,972
4.88%, 01/14/48(a)(b)		342		286,856
Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)(b)		825		715,687
Interconexion Electrica SA ESP, 3.83%, 11/26/33 (Call 08/26/33)(b)		186		166,470
International Transmission Co., 4.63%, 08/15/43 (Call 02/15/43)		150		151,668
Interstate Power & Light Co.
3.10%, 11/30/51 (Call 05/30/51)		160		122,257
3.50%, 09/30/49 (Call 03/30/49)(a)		263		220,503
3.70%, 09/15/46 (Call 03/15/46)(a)		180		156,668
4.70%, 10/15/43 (Call 04/15/43)(a)		188		183,537
6.25%, 07/15/39		225		266,127
ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43)		197		206,783
Jersey Central Power & Light Co., 6.15%, 06/01/37		236		264,413
Kentucky Utilities Co.
3.30%, 06/01/50 (Call 12/01/49)		245		198,200
4.38%, 10/01/45 (Call 04/01/45)		265		248,442
5.13%, 11/01/40 (Call 05/01/40)		807		840,546
Series 1, 4.65%, 11/15/43 (Call 05/15/43)		305		298,887
LLPL Capital Pte Ltd., 6.88%, 02/04/39(a)(b)		198		192,333
Louisville Gas & Electric Co.
4.25%, 04/01/49 (Call 10/01/48)		54		51,091
4.38%, 10/01/45 (Call 04/01/45)		195		182,713

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.65%, 11/15/43 (Call 05/15/43)	$	167	$	160,588
Louisville Gas and Electric Co., 5.13%, 11/15/40 (Call 05/15/40)		75		76,552
Massachusetts Electric Co.
4.00%, 08/15/46 (Call 02/15/46)(b)		395		345,702
5.90%, 11/15/39(b)		265		292,585
Mexico Generadora de Energia S de rl, 5.50%, 12/06/32(b)		29		28,800
MidAmerican Energy Co.
2.70%, 08/01/52 (Call 02/01/52)		360		269,230
3.15%, 04/15/50 (Call 10/15/49)		385		312,094
3.65%, 08/01/48 (Call 02/01/48)		445		399,441
3.95%, 08/01/47 (Call 02/01/47)		355		328,441
4.25%, 05/01/46 (Call 11/01/45)		266		256,847
4.25%, 07/15/49 (Call 01/15/49)		564		547,242
4.40%, 10/15/44 (Call 04/15/44)(a)		245		238,454
4.80%, 09/15/43 (Call 03/15/43)		216		221,926
5.75%, 11/01/35(a)		221		250,864
5.80%, 10/15/36		210		239,241
Minejesa Capital BV, 5.63%, 08/10/37(a)(b)		455		383,460
Mississippi Power Co.
Series 12-A, 4.25%, 03/15/42		350		315,716
Series B, 3.10%, 07/30/51 (Call 01/30/51)		225		166,655
Monongahela Power Co., 5.40%, 12/15/43 (Call 06/15/43)(a)(b)		197		207,391
Narragansett Electric Co. (The)
4.17%, 12/10/42(b)		237		207,489
5.64%, 03/15/40(b)		110		115,592
National Grid USA, 5.80%, 04/01/35		280		303,952
National Rural Utilities Cooperative Finance Corp.
4.02%, 11/01/32 (Call 05/01/32)		280		273,771
4.30%, 03/15/49 (Call 09/15/48)		251		242,788
4.40%, 11/01/48 (Call 05/01/48)		184		182,336
Nevada Power Co.
5.38%, 09/15/40 (Call 03/15/40)		200		212,398
5.45%, 05/15/41 (Call 11/15/40)		130		134,524
Series EE, 3.13%, 08/01/50 (Call 02/01/50)		171		132,455
Series N, 6.65%, 04/01/36		250		299,033
Series R, 6.75%, 07/01/37		270		324,214
New England Power Co.
2.81%, 10/06/50 (Call 04/06/50)(b)		329		236,618
3.80%, 12/05/47 (Call 06/05/47)(b)		140		121,423
New York State Electric & Gas Corp., 3.30%, 09/15/49 (Call 03/15/49)(b)		180		144,838
NextEra Energy Capital Holdings Inc., 3.00%, 01/15/52 (Call 07/15/51)(a)		295		220,212
Niagara Mohawk Power Corp.
3.03%, 06/27/50 (Call 12/27/49)(b)		467		345,189
4.12%, 11/28/42(b)		35		30,383
4.28%, 10/01/34 (Call 04/01/34)(b)		222		219,167
Northern States Power Co./MN
2.60%, 06/01/51 (Call 12/01/50)(a)		434		323,481
2.90%, 03/01/50 (Call 09/01/49)		380		297,222
3.20%, 04/01/52 (Call 10/01/51)		266		221,320
3.40%, 08/15/42 (Call 02/15/42)		183		159,352
3.60%, 05/15/46 (Call 11/15/45)		117		105,035
3.60%, 09/15/47 (Call 03/15/47)		218		195,787
4.00%, 08/15/45 (Call 02/15/45)		170		158,705
4.13%, 05/15/44 (Call 11/15/43)		188		179,053
4.85%, 08/15/40 (Call 02/15/40)		200		208,684

Security	Par (000)		Value
Electric (continued)
5.25%, 07/15/35	$	212	$	227,111
5.35%, 11/01/39		190		212,698
6.20%, 07/01/37		225		270,206
6.25%, 06/01/36		216		255,697
NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)		53		50,495
NSTAR Electric Co.
3.10%, 06/01/51 (Call 12/01/50)		350		276,943
4.40%, 03/01/44 (Call 09/01/43)		161		155,271
5.50%, 03/15/40		547		611,861
Oglethorpe Power Corp.
3.75%, 08/01/50 (Call 02/01/50)		164		136,537
4.20%, 12/01/42(a)		190		167,581
4.25%, 04/01/46 (Call 10/01/45)		195		167,242
4.50%, 04/01/47(b)		200		183,331
4.55%, 06/01/44(a)		110		99,832
5.05%, 10/01/48 (Call 04/01/48)		185		185,323
5.25%, 09/01/50		185		189,193
5.38%, 11/01/40(a)		225		231,836
5.95%, 11/01/39		278		306,001
Ohio Edison Co.
6.88%, 07/15/36		200		239,265
8.25%, 10/15/38		180		243,016
Ohio Power Co.
4.00%, 06/01/49 (Call 12/01/48)		230		203,934
4.15%, 04/01/48 (Call 10/01/47)		235		214,741
Series D, 6.60%, 03/01/33(a)		130		154,675
Series F, 5.85%, 10/01/35		365		406,242
Series G, 6.60%, 02/15/33		210		248,156
Series R, 2.90%, 10/01/51 (Call 04/01/51)		355		261,190
Oklahoma Gas & Electric Co.
3.85%, 08/15/47 (Call 02/15/47)		140		124,524
3.90%, 05/01/43 (Call 11/01/42)		50		43,146
4.00%, 12/15/44 (Call 06/15/44)		30		26,261
4.15%, 04/01/47 (Call 10/01/46)		156		144,685
4.55%, 03/15/44 (Call 09/15/43)(a)		65		62,095
5.25%, 05/15/41 (Call 11/15/40)		240		247,462
5.85%, 06/01/40		405		453,304
Oncor Electric Delivery Co. LLC
2.70%, 11/15/51 (Call 05/15/51)(a)(b)		270		202,595
3.10%, 09/15/49 (Call 03/15/49)		245		197,839
3.70%, 05/15/50 (Call 11/15/49)		160		142,944
3.75%, 04/01/45 (Call 10/01/44)		242		217,102
3.80%, 09/30/47 (Call 03/30/47)		196		180,850
3.80%, 06/01/49 (Call 12/01/48)		195		179,441
4.10%, 11/15/48 (Call 05/15/48)		167		160,663
4.55%, 12/01/41 (Call 06/01/41)(a)		195		197,578
5.25%, 09/30/40		490		532,015
5.30%, 06/01/42 (Call 12/01/41)		105		113,885
5.35%, 10/01/52 (Call 04/01/52)		120		135,165
7.25%, 01/15/33		396		494,365
7.50%, 09/01/38		380		508,170
Pacific Gas and Electric Co.
3.30%, 08/01/40 (Call 02/01/40)		585		426,357
3.50%, 08/01/50 (Call 02/01/50)		1,077		750,800
3.75%, 08/15/42 (Call 02/15/42)		199		146,080
3.95%, 12/01/47 (Call 06/01/47)		569		415,965
4.00%, 12/01/46 (Call 06/01/46)		390		289,987
4.20%, 06/01/41 (Call 12/01/40)		172		135,789
4.25%, 03/15/46 (Call 09/15/45)		305		233,257
4.30%, 03/15/45 (Call 09/15/44)		385		298,327

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.45%, 04/15/42 (Call 10/15/41)	$	220	$	177,632
4.50%, 07/01/40 (Call 01/01/40)		1,106		906,830
4.50%, 12/15/41 (Call 06/15/41)		185		149,348
4.60%, 06/15/43 (Call 12/15/42)		246		198,877
4.75%, 02/15/44 (Call 08/15/43)		426		350,091
4.95%, 07/01/50 (Call 01/01/50)		1,567		1,306,604
5.25%, 03/01/52 (Call 09/01/51)		390		351,215
PacifiCorp.
2.90%, 06/15/52 (Call 12/15/51)		594		455,182
3.30%, 03/15/51 (Call 09/15/50)(a)		320		261,143
4.10%, 02/01/42 (Call 08/01/41)		87		80,838
4.13%, 01/15/49 (Call 07/15/48)		330		303,776
4.15%, 02/15/50 (Call 08/15/49)		267		247,679
5.25%, 06/15/35(a)		240		252,961
5.75%, 04/01/37		365		404,084
6.00%, 01/15/39(a)		369		423,534
6.10%, 08/01/36		260		292,991
6.25%, 10/15/37		375		430,169
6.35%, 07/15/38		195		229,649
PECO Energy Co.
2.80%, 06/15/50 (Call 12/15/49)		252		191,256
2.85%, 09/15/51 (Call 03/15/51)		205		157,366
3.00%, 09/15/49 (Call 03/15/49)		231		181,462
3.05%, 03/15/51 (Call 09/15/50)		210		167,303
3.70%, 09/15/47 (Call 03/15/47)		94		84,667
3.90%, 03/01/48 (Call 09/01/47)		409		377,126
4.15%, 10/01/44 (Call 04/01/44)		119		113,049
4.80%, 10/15/43 (Call 04/15/43)		185		187,123
5.95%, 10/01/36		131		149,309
Pennsylvania Electric Co., 6.15%, 10/01/38(a)		185		208,120
Perusahaan Listrik Negara PT, 4.00%, 06/30/50 (Call 12/30/49)(a)(b)		718		552,128
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.38%, 02/05/50(b)		290		232,725
4.88%, 07/17/49(b)		441		374,850
5.25%, 10/24/42(b)		702		634,131
5.25%, 05/15/47(b)		30		27,044
6.15%, 05/21/48(b)		640		643,053
6.25%, 01/25/49(b)		370		369,445
Potomac Electric Power Co.
4.15%, 03/15/43 (Call 09/15/42)(a)		401		380,606
6.50%, 11/15/37		400		481,839
7.90%, 12/15/38(a)		220		291,878
PPL Electric Utilities Corp.
3.00%, 10/01/49 (Call 04/01/49)		210		167,026
3.95%, 06/01/47 (Call 12/01/46)		225		207,142
4.13%, 06/15/44 (Call 12/15/43)		162		150,557
4.15%, 10/01/45 (Call 04/01/45)		196		183,309
4.15%, 06/15/48 (Call 12/15/47)		58		55,294
4.75%, 07/15/43 (Call 01/15/43)		195		197,176
5.20%, 07/15/41 (Call 01/15/41)		185		193,372
6.25%, 05/15/39		230		272,556
Progress Energy Inc., 6.00%, 12/01/39(a)		355		387,198
Public Service Co. of Colorado
3.55%, 06/15/46 (Call 12/15/45)		195		167,883
3.60%, 09/15/42 (Call 03/15/42)		232		204,052
3.80%, 06/15/47 (Call 12/15/46)		167		151,346
3.95%, 03/15/43 (Call 09/15/42)		190		172,574
4.05%, 09/15/49 (Call 03/15/49)		155		147,296

Security	Par (000)		Value
Electric (continued)
4.10%, 06/15/48 (Call 12/15/47)	$	225	$	216,182
4.30%, 03/15/44 (Call 09/15/43)		130		124,543
4.75%, 08/15/41 (Call 02/15/41)		154		151,081
6.50%, 08/01/38		175		211,572
Series 17, 6.25%, 09/01/37(a)		235		281,606
Series 34, 3.20%, 03/01/50 (Call 09/01/49)(a)		305		252,508
Series 36, 2.70%, 01/15/51 (Call 07/15/50)		245		183,009
Public Service Co. of New Hampshire, 3.60%, 07/01/49 (Call 01/01/49)(a)		74		63,940
Public Service Co. of Oklahoma
Series G, 6.63%, 11/15/37		95		109,872
Series K, 3.15%, 08/15/51 (Call 02/15/51)		237		182,650
Public Service Electric & Gas Co.
2.05%, 08/01/50 (Call 02/01/50)		196		130,753
2.70%, 05/01/50 (Call 11/01/49)		251		188,760
3.00%, 03/01/51 (Call 09/01/50)		272		215,259
3.15%, 01/01/50 (Call 07/01/49)		190		156,072
3.20%, 08/01/49 (Call 02/01/49)		110		91,282
3.60%, 12/01/47 (Call 06/01/47)		228		202,360
3.65%, 09/01/42 (Call 03/01/42)		102		91,980
3.80%, 01/01/43 (Call 07/01/42)		150		135,603
3.80%, 03/01/46 (Call 09/01/45)		329		302,780
3.85%, 05/01/49 (Call 11/01/48)		239		218,979
3.95%, 05/01/42 (Call 11/01/41)		288		269,848
4.05%, 05/01/48 (Call 11/01/47)		285		275,419
4.15%, 11/01/45 (Call 05/01/45)		166		156,190
5.38%, 11/01/39		135		145,861
5.50%, 03/01/40		260		290,214
5.70%, 12/01/36		190		211,438
5.80%, 05/01/37(a)		349		398,696
Series I, 4.00%, 06/01/44 (Call 12/01/43)		55		51,312
Series K, 4.05%, 05/01/45 (Call 11/01/44)		165		151,805
Puget Sound Energy Inc.
2.89%, 09/15/51 (Call 03/15/51)(a)		170		130,036
3.25%, 09/15/49 (Call 03/15/49)		176		143,330
4.22%, 06/15/48 (Call 12/15/47)		195		184,618
4.30%, 05/20/45 (Call 11/20/44)		186		176,406
4.43%, 11/15/41 (Call 05/15/41)		205		195,452
5.48%, 06/01/35		361		390,470
5.64%, 04/15/41 (Call 10/15/40)		205		225,074
5.76%, 10/01/39(a)		270		303,044
5.76%, 07/15/40		160		177,695
5.80%, 03/15/40		226		253,301
6.27%, 03/15/37		255		292,793
Ruwais Power Co. PJSC, 6.00%, 08/31/36(a)(b)		450		525,960
San Diego Gas & Electric Co.
3.70%, 03/15/52 (Call 09/15/51)		50		43,786
3.95%, 11/15/41(a)		320		286,106
4.15%, 05/15/48 (Call 11/15/47)		193		184,102
4.30%, 04/01/42 (Call 10/01/41)		150		138,988
4.50%, 08/15/40		449		442,505
5.35%, 05/15/35		65		68,404
5.35%, 05/15/40(a)		325		344,661
6.00%, 06/01/39		263		300,256
Series FFF, 6.13%, 09/15/37		25		27,957
Series RRR, 3.75%, 06/01/47 (Call 12/01/46)(a)		225		200,464
Series TTT, 4.10%, 06/15/49 (Call 12/15/48)		191		177,946
Series UUU, 3.32%, 04/15/50 (Call 10/15/49)		94		76,689
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)(a)		485		376,555
Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(a)(b)		505		504,845

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(a)(b)	$	622	$	651,737
Sempra Energy
3.80%, 02/01/38 (Call 08/01/37)		475		433,056
4.00%, 02/01/48 (Call 08/01/47)(a)		398		350,239
6.00%, 10/15/39		609		690,887
Sierra Pacific Power Co., Series P, 6.75%, 07/01/37		150		180,719
Solar Star Funding LLC, 3.95%, 06/30/35(b)		16		15,641
Southern California Edison Co.
3.45%, 02/01/52 (Call 08/01/51)		360		283,983
3.65%, 02/01/50 (Call 08/01/49)		612		490,817
3.90%, 12/01/41 (Call 06/01/41)		202		174,565
4.00%, 04/01/47 (Call 10/01/46)		836		714,985
4.05%, 03/15/42 (Call 09/15/41)		122		106,477
4.50%, 09/01/40 (Call 03/01/40)		324		298,887
4.65%, 10/01/43 (Call 04/01/43)(a)		291		278,196
5.50%, 03/15/40		365		377,162
5.63%, 02/01/36		299		311,174
6.00%, 01/15/34		307		334,772
6.05%, 03/15/39		312		339,297
Series 04-G, 5.75%, 04/01/35		255		271,017
Series 05-B, 5.55%, 01/15/36		235		247,357
Series 05-E, 5.35%, 07/15/35		260		267,486
Series 06-E, 5.55%, 01/15/37		275		285,825
Series 08-A, 5.95%, 02/01/38(a)		372		399,610
Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)		159		133,079
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)		388		279,115
Series B, 4.88%, 03/01/49 (Call 09/01/48)		329		318,562
Series C, 3.60%, 02/01/45 (Call 08/01/44)		192		154,713
Series C, 4.13%, 03/01/48 (Call 09/01/47)		682		589,845
Series H, 3.65%, 06/01/51 (Call 12/01/50)		290		238,517
Southern Co. (The)
4.25%, 07/01/36 (Call 01/01/36)		181		170,666
4.40%, 07/01/46 (Call 01/01/46)(a)		960		874,591
Southern Power Co.
5.15%, 09/15/41		395		384,618
5.25%, 07/15/43		170		167,302
Series F, 4.95%, 12/15/46 (Call 06/15/46)		181		176,084
Southwestern Electric Power Co.
3.25%, 11/01/51 (Call 05/01/51)		210		160,267
6.20%, 03/15/40		239		271,183
Series J, 3.90%, 04/01/45 (Call 10/01/44)		236		199,458
Series L, 3.85%, 02/01/48 (Call 08/01/47)		278		237,324
Southwestern Public Service Co.
3.40%, 08/15/46 (Call 02/15/46)		187		156,330
3.70%, 08/15/47 (Call 02/15/47)		108		93,485
3.75%, 06/15/49 (Call 12/15/48)		201		178,432
4.50%, 08/15/41 (Call 02/15/41)		202		197,669
6.00%, 10/01/36		198		221,270
Series 6, 4.40%, 11/15/48 (Call 05/15/48)		195		188,330
Series 8, 3.15%, 05/01/50 (Call 11/01/49)		248		198,664
State Grid Overseas Investment 2014 Ltd., 4.85%, 05/07/44(b)		675		726,354
State Grid Overseas Investment 2016 Ltd., 4.00%, 05/04/47(a)(b)		260		249,900
Tampa Electric Co.
3.45%, 03/15/51 (Call 09/15/50)		70		57,611
3.63%, 06/15/50 (Call 12/15/49)		195		165,070
4.10%, 06/15/42 (Call 12/15/41)		191		176,859
4.20%, 05/15/45 (Call 11/15/44)		197		183,430
4.30%, 06/15/48 (Call 12/15/47)		126		120,588

Security	Par (000)		Value
Electric (continued)
4.35%, 05/15/44 (Call 11/15/43)	$	165	$	156,829
4.45%, 06/15/49 (Call 12/15/48)		186		180,762
6.15%, 05/15/37		240		276,226
6.55%, 05/15/36		235		283,874
Toledo Edison Co. (The), 6.15%, 05/15/37		305		356,436
Tri-State Generation & Transmission Association Inc.
4.70%, 11/01/44 (Call 05/01/44)		50		48,249
6.00%, 06/15/40(a)(b)		404		438,772
Tucson Electric Power Co.
3.25%, 05/01/51 (Call 11/01/50)(a)		185		146,323
4.00%, 06/15/50 (Call 12/15/49)		189		169,558
4.85%, 12/01/48 (Call 06/01/48)		171		173,741
Union Electric Co.
2.63%, 03/15/51 (Call 09/15/50)		475		347,446
3.25%, 10/01/49 (Call 04/01/49)		225		184,088
3.65%, 04/15/45 (Call 10/15/44)		255		218,002
3.90%, 09/15/42 (Call 03/15/42)		431		391,215
4.00%, 04/01/48 (Call 10/01/47)		259		240,425
5.30%, 08/01/37		45		47,004
8.45%, 03/15/39		215		296,395
Virginia Electric & Power Co.
2.45%, 12/15/50 (Call 06/15/50)(a)		513		358,379
2.95%, 11/15/51 (Call 05/15/51)		360		279,346
3.30%, 12/01/49 (Call 06/01/49)(a)		312		257,513
4.00%, 01/15/43 (Call 07/15/42)		321		294,189
4.45%, 02/15/44 (Call 08/15/43)		335		328,660
4.60%, 12/01/48 (Call 06/01/48)		342		343,022
6.35%, 11/30/37		125		148,351
8.88%, 11/15/38		392		573,652
Series A, 6.00%, 05/15/37		138		157,375
Series B, 3.80%, 09/15/47 (Call 03/15/47)		345		311,916
Series B, 4.20%, 05/15/45 (Call 11/15/44)		197		183,540
Series B, 6.00%, 01/15/36		368		416,256
Series C, 4.00%, 11/15/46 (Call 05/15/46)		399		370,573
Series D, 4.65%, 08/15/43 (Call 02/15/43)		343		341,917
Wisconsin Electric Power Co.
3.65%, 12/15/42 (Call 06/15/42)(a)		185		158,243
4.25%, 06/01/44 (Call 12/01/43)(a)		32		29,754
4.30%, 12/15/45 (Call 06/15/45)		180		166,935
4.30%, 10/15/48 (Call 04/15/48)		326		315,359
5.63%, 05/15/33		470		517,417
5.70%, 12/01/36		220		245,477
Wisconsin Power and Light Co.
3.65%, 04/01/50 (Call 10/01/49)		214		184,403
4.10%, 10/15/44 (Call 04/15/44)		83		74,090
6.38%, 08/15/37		225		264,213
7.60%, 10/01/38		25		31,882
Wisconsin Public Service Corp.
2.85%, 12/01/51 (Call 06/01/51)		265		201,036
3.30%, 09/01/49 (Call 03/01/49)		160		133,010
3.67%, 12/01/42(a)		170		149,072
4.75%, 11/01/44 (Call 05/01/44)		220		222,561
Xcel Energy Inc.
3.50%, 12/01/49 (Call 06/01/49)		186		153,751
4.80%, 09/15/41 (Call 03/15/41)		204		202,038
6.50%, 07/01/36		350		408,756
				173,544,186
Electrical Components & Equipment — 0.1%
Emerson Electric Co.
2.75%, 10/15/50 (Call 04/15/50)		278		209,371

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electrical Components & Equipment (continued)
2.80%, 12/21/51 (Call 06/21/51)	$	585	$	445,272
5.25%, 11/15/39		170		184,015
6.00%, 08/15/32(a)		125		144,869
6.13%, 04/15/39		160		189,734
				1,173,261
Electronics — 0.1%
Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45)		334		312,678
Honeywell International Inc.
2.80%, 06/01/50 (Call 12/01/49)(a)		449		362,840
3.81%, 11/21/47 (Call 05/21/47)		379		357,355
5.38%, 03/01/41(a)		430		485,035
5.70%, 03/15/37		200		229,365
Tyco Electronics Group SA, 7.13%, 10/01/37		328		414,441
				2,161,714
Engineering & Construction — 0.2%
Aeropuerto Internacional de Tocumen SA
4.00%, 08/11/41 (Call 08/11/40)(b)		300		261,187
5.13%, 08/11/61 (Call 08/11/60)(b)		790		677,030
LBJ Infrastructure Group LLC, 3.80%, 12/31/57 (Call 06/30/57)(b)		375		277,437
Mexico City Airport Trust
5.50%, 10/31/46 (Call 04/30/46)(b)		361		287,901
5.50%, 07/31/47 (Call 01/31/47)(a)(b)		1,271		1,013,635
				2,517,190
Entertainment — 0.5%
Magallanes Inc.
5.05%, 03/15/42 (Call 09/15/41)(b)		2,500		2,277,570
5.14%, 03/15/52 (Call 09/15/51)(b)		4,510		4,020,806
5.39%, 03/15/62 (Call 09/15/61)(b)		1,220		1,082,970
				7,381,346
Environmental Control — 0.2%
Republic Services Inc.
2.38%, 03/15/33 (Call 12/15/32)(a)		110		91,937
3.05%, 03/01/50 (Call 09/01/49)(a)		292		225,994
5.70%, 05/15/41 (Call 11/15/40)		315		349,474
6.20%, 03/01/40		207		237,796
Waste Connections Inc.
2.95%, 01/15/52 (Call 07/15/51)		466		346,845
3.05%, 04/01/50 (Call 10/01/49)(a)		374		292,373
Waste Management Inc.
2.50%, 11/15/50 (Call 05/15/50)		362		258,442
2.95%, 06/01/41 (Call 12/01/40)		350		286,424
3.90%, 03/01/35 (Call 09/01/34)(a)		152		142,605
4.10%, 03/01/45 (Call 09/01/44)		160		148,723
4.15%, 07/15/49 (Call 01/15/49)		381		365,175
				2,745,788
Food — 2.0%
Bimbo Bakeries USA Inc., 4.00%, 05/17/51 (Call 11/17/50)(b)		330		281,730
Campbell Soup Co.
3.13%, 04/24/50 (Call 10/24/49)		247		183,210
4.80%, 03/15/48 (Call 09/15/47)		428		416,811
Cencosud SA, 6.63%, 02/12/45 (Call 08/12/44)(a)(b)		220		248,875
Conagra Brands Inc.
5.30%, 11/01/38 (Call 05/01/38)		525		522,234
5.40%, 11/01/48 (Call 05/01/48)		554		552,871
General Mills Inc.
3.00%, 02/01/51 (Call 08/01/50)(a)		248		189,069
4.15%, 02/15/43 (Call 08/15/42)		110		101,887

Security	Par (000)		Value
Food (continued)
4.55%, 04/17/38 (Call 10/17/37)(a)	$	194	$	190,693
4.70%, 04/17/48 (Call 10/17/47)(a)		147		149,781
5.40%, 06/15/40		505		542,087
Grupo Bimbo SAB de CV
4.00%, 09/06/49(a)(b)		365		313,541
4.70%, 11/10/47 (Call 05/10/47)(b)		359		346,841
4.88%, 06/27/44(a)(b)		355		340,800
Hershey Co. (The)
2.65%, 06/01/50 (Call 12/01/49)		29		21,795
3.13%, 11/15/49 (Call 05/15/49)		310		255,660
3.38%, 08/15/46 (Call 02/15/46)		221		192,438
Hormel Foods Corp., 3.05%, 06/03/51 (Call 12/03/50)		367		295,069
Ingredion Inc.
3.90%, 06/01/50 (Call 12/01/49)(a)		231		200,798
6.63%, 04/15/37(a)		169		199,664
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
3.00%, 05/15/32 (Call 02/15/32)(a)(b)		780		650,029
4.38%, 02/02/52 (Call 08/02/51)(a)(b)		505		409,900
JM Smucker Co. (The)
2.75%, 09/15/41 (Call 03/15/41)		285		214,335
3.55%, 03/15/50 (Call 09/15/49)(a)		235		189,799
4.25%, 03/15/35		315		301,352
4.38%, 03/15/45(a)		339		311,361
Kellogg Co., 4.50%, 04/01/46		413		401,521
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40(a)		265		292,565
Kraft Heinz Foods Co.
4.38%, 06/01/46 (Call 12/01/45)		1,890		1,655,899
4.63%, 10/01/39 (Call 04/01/39)(a)		275		253,815
4.88%, 10/01/49 (Call 04/01/49)		963		896,587
5.00%, 07/15/35 (Call 01/15/35)(a)		330		328,198
5.00%, 06/04/42		925		889,770
5.20%, 07/15/45 (Call 01/15/45)(a)		1,100		1,075,952
5.50%, 06/01/50 (Call 12/01/49)		475		478,311
6.50%, 02/09/40		400		439,302
7.13%, 08/01/39(a)(b)		550		642,983
Kroger Co. (The)
3.88%, 10/15/46 (Call 04/15/46)		420		364,720
3.95%, 01/15/50 (Call 07/15/49)		235		207,245
4.45%, 02/01/47 (Call 08/01/46)		464		437,030
4.65%, 01/15/48 (Call 07/15/47)		360		348,791
5.00%, 04/15/42 (Call 10/15/41)		204		207,522
5.15%, 08/01/43 (Call 02/01/43)		260		266,441
5.40%, 07/15/40 (Call 01/15/40)		265		278,868
5.40%, 01/15/49 (Call 07/15/48)(a)		340		366,466
6.90%, 04/15/38		285		345,968
Mars Inc.
1.63%, 07/16/32 (Call 04/16/32)(a)(b)		190		152,547
2.38%, 07/16/40 (Call 01/16/40)(b)		455		341,788
2.45%, 07/16/50 (Call 01/16/50)(a)(b)		247		176,702
3.60%, 04/01/34 (Call 01/01/34)(b)		295		277,269
3.88%, 04/01/39 (Call 10/01/38)(b)		424		392,398
3.95%, 04/01/44 (Call 10/01/43)(b)		123		113,625
3.95%, 04/01/49 (Call 10/01/48)(a)(b)		520		486,188
4.13%, 04/01/54 (Call 10/01/53)(a)(b)		310		291,277
4.20%, 04/01/59 (Call 10/01/58)(a)(b)		417		399,082
McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47)		220		206,638

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food (continued)
Mondelez International Inc.
1.88%, 10/15/32 (Call 07/15/32)	$	172	$	138,335
2.63%, 09/04/50 (Call 03/04/50)		593		416,730
Nestle Holdings Inc.
2.50%, 09/14/41 (Call 03/14/41)(a)(b)		367		290,923
2.63%, 09/14/51 (Call 03/14/51)(a)(b)		345		263,667
3.90%, 09/24/38 (Call 03/24/38)(b)		576		553,694
4.00%, 09/24/48 (Call 03/24/48)(b)		1,108		1,074,839
Sysco Corp.
3.15%, 12/14/51 (Call 06/14/51)		355		260,034
3.30%, 02/15/50 (Call 08/15/49)		364		279,729
4.45%, 03/15/48 (Call 09/15/47)(a)		314		290,555
4.50%, 04/01/46 (Call 10/01/45)		286		264,910
4.85%, 10/01/45 (Call 04/01/45)		299		285,449
5.38%, 09/21/35		305		323,049
6.60%, 04/01/40 (Call 10/01/39)		290		345,598
6.60%, 04/01/50 (Call 10/01/49)		628		746,563
Tesco PLC, 6.15%, 11/15/37(b)		290		318,608
Tyson Foods Inc.
4.55%, 06/02/47 (Call 12/02/46)		417		400,146
4.88%, 08/15/34 (Call 02/15/34)		235		240,435
5.10%, 09/28/48 (Call 03/28/48)		875		907,479
5.15%, 08/15/44 (Call 02/15/44)(a)		228		233,173
				28,272,014
Forest Products & Paper — 0.3%
Celulosa Arauco y Constitucion SA
5.15%, 01/29/50 (Call 07/29/49)(a)(b)		80		71,601
5.50%, 11/02/47 (Call 05/02/47)		280		256,553
5.50%, 04/30/49 (Call 10/30/48)(a)(b)		405		371,085
International Paper Co.
4.35%, 08/15/48 (Call 02/15/48)(a)		289		267,667
4.40%, 08/15/47 (Call 02/15/47)		426		398,782
4.80%, 06/15/44 (Call 12/15/43)		421		414,427
6.00%, 11/15/41 (Call 05/15/41)		438		485,020
7.30%, 11/15/39		494		609,899
8.70%, 06/15/38		270		363,888
Stora Enso OYJ, 7.25%, 04/15/36(a)(b)		320		374,211
Suzano Austria GmbH, 7.00%, 03/16/47 (Call 09/16/46)(b)		748		748,568
				4,361,701
Gas — 1.0%
APT Pipelines Ltd., 5.00%, 03/23/35 (Call 12/23/34)(b)		294		296,792
Atmos Energy Corp.
2.85%, 02/15/52 (Call 08/15/51)(a)		357		271,641
3.38%, 09/15/49 (Call 03/15/49)(a)		145		122,722
4.13%, 10/15/44 (Call 04/15/44)		510		474,882
4.13%, 03/15/49 (Call 09/15/48)		247		233,115
4.15%, 01/15/43 (Call 07/15/42)		317		294,569
4.30%, 10/01/48 (Call 04/01/48)		331		315,720
5.50%, 06/15/41 (Call 12/15/40)		335		364,738
Boston Gas Co., 4.49%, 02/15/42(b)		335		311,607
Brooklyn Union Gas Co. (The)
4.27%, 03/15/48 (Call 09/15/47)(a)(b)		349		305,485
4.49%, 03/04/49 (Call 09/04/48)(b)		222		200,425
4.50%, 03/10/46 (Call 09/10/45)(b)		337		306,434
CenterPoint Energy Resources Corp.
4.10%, 09/01/47 (Call 03/01/47)(a)		191		176,155
5.85%, 01/15/41 (Call 07/15/40)		358		399,175
6.63%, 11/01/37		180		207,230

Security	Par (000)		Value
Gas (continued)
East Ohio Gas Co. (The), 3.00%, 06/15/50 (Call 12/15/49)(a)(b)	$	492	$	375,836
KeySpan Gas East Corp.
3.59%, 01/18/52 (Call 07/18/51)(b)		315		253,384
5.82%, 04/01/41(b)		235		251,078
Korea Gas Corp., 6.25%, 01/20/42(a)(b)		410		528,925
Mega Advance Investments Ltd., 6.38%, 05/12/41(a)(b)		200		234,010
Nakilat Inc., 6.07%, 12/31/33(a)(b)		332		359,422
NiSource Inc.
3.95%, 03/30/48 (Call 09/30/47)(a)		406		344,704
4.38%, 05/15/47 (Call 11/15/46)		560		503,377
4.80%, 02/15/44 (Call 08/15/43)		400		370,058
5.25%, 02/15/43 (Call 08/15/42)		254		251,748
5.65%, 02/01/45 (Call 08/01/44)		276		282,120
5.80%, 02/01/42 (Call 08/01/41)		185		193,137
5.95%, 06/15/41 (Call 12/15/40)		226		242,066
ONE Gas Inc.
4.50%, 11/01/48 (Call 05/01/48)		139		134,590
4.66%, 02/01/44 (Call 08/01/43)		461		444,577
Piedmont Natural Gas Co. Inc.
3.35%, 06/01/50 (Call 12/01/49)		246		195,562
3.64%, 11/01/46 (Call 05/01/46)		170		141,112
4.10%, 09/18/34 (Call 03/18/34)		195		184,752
4.65%, 08/01/43 (Call 02/01/43)		185		178,191
Southern California Gas Co.
3.75%, 09/15/42 (Call 03/15/42)		160		143,136
4.45%, 03/15/44 (Call 09/15/43)		190		175,216
5.13%, 11/15/40		220		229,387
Series KK, 5.75%, 11/15/35(a)		200		218,154
Series UU, 4.13%, 06/01/48 (Call 12/01/47)		100		92,647
Series VV, 4.30%, 01/15/49 (Call 07/15/48)		284		274,131
Series WW, 3.95%, 02/15/50 (Call 08/15/49)		145		130,610
Southern Co. Gas Capital Corp.
3.95%, 10/01/46 (Call 04/01/46)		241		206,050
4.40%, 06/01/43 (Call 12/01/42)		310		282,231
4.40%, 05/30/47 (Call 11/30/46)		301		275,655
5.88%, 03/15/41 (Call 09/15/40)		391		425,834
6.00%, 10/01/34		165		179,683
Series 21A, 3.15%, 09/30/51 (Call 03/30/51)		250		186,359
Southwest Gas Corp.
3.18%, 08/15/51 (Call 02/15/51)		281		202,804
3.80%, 09/29/46 (Call 03/29/46)(a)		180		152,112
4.15%, 06/01/49 (Call 12/01/48)(a)		223		196,614
Spire Inc., 4.70%, 08/15/44 (Call 02/15/44)		120		114,887
Spire Missouri Inc., 3.30%, 06/01/51 (Call 12/01/50)		250		205,789
Washington Gas Light Co.
3.65%, 09/15/49 (Call 03/15/49)		188		161,891
Series K, 3.80%, 09/15/46 (Call 03/15/46)(a)		307		277,067
				13,879,596
Hand & Machine Tools — 0.1%
Snap-on Inc.
3.10%, 05/01/50 (Call 11/01/49)		342		276,823
4.10%, 03/01/48 (Call 09/01/47)		263		251,785
Stanley Black & Decker Inc.
2.75%, 11/15/50 (Call 05/15/50)(a)		189		137,025
3.00%, 05/15/32 (Call 02/15/32)		200		180,026
4.85%, 11/15/48 (Call 05/15/48)		187		193,623
5.20%, 09/01/40		545		579,490
				1,618,772

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Products — 1.1%
Abbott Laboratories
4.75%, 11/30/36 (Call 05/30/36)	$	859	$	929,137
4.75%, 04/15/43 (Call 10/15/42)(a)		473		501,117
4.90%, 11/30/46 (Call 05/30/46)		1,554		1,698,127
5.30%, 05/27/40		473		532,293
6.00%, 04/01/39		495		593,996
6.15%, 11/30/37(a)		429		518,274
Alcon Finance Corp., 3.80%, 09/23/49 (Call 03/23/49)(a)(b)		426		348,545
Baxter International Inc.
3.13%, 12/01/51 (Call 06/01/51)(b)		355		264,013
3.50%, 08/15/46 (Call 02/15/46)		534		433,969
4.50%, 06/15/43 (Call 12/15/42)(a)		75		72,307
Boston Scientific Corp.
4.55%, 03/01/39 (Call 09/01/38)		220		215,314
4.70%, 03/01/49 (Call 09/01/48)(a)		304		303,507
6.75%, 11/15/35		290		343,881
7.38%, 01/15/40		305		387,010
Covidien International Finance SA, 6.55%, 10/15/37		295		354,376
Danaher Corp.
2.60%, 10/01/50 (Call 04/01/50)		599		426,454
2.80%, 12/10/51 (Call 06/10/51)		610		451,047
4.38%, 09/15/45 (Call 03/15/45)		345		330,938
DH Europe Finance II Sarl
3.25%, 11/15/39 (Call 05/15/39)(a)		438		378,994
3.40%, 11/15/49 (Call 05/15/49)		528		445,602
Koninklijke Philips NV
5.00%, 03/15/42		324		327,799
6.88%, 03/11/38		516		624,418
Medtronic Inc.
4.00%, 04/01/43 (Call 10/01/42)		50		47,886
4.38%, 03/15/35		1,154		1,188,319
4.63%, 03/15/45		945		989,825
PerkinElmer Inc., 3.63%, 03/15/51 (Call 09/15/50)		293		236,883
STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/51 (Call 09/15/50)		466		379,562
Stryker Corp.
2.90%, 06/15/50 (Call 12/15/49)		230		172,952
4.10%, 04/01/43 (Call 10/01/42)		192		174,438
4.38%, 05/15/44 (Call 11/15/43)		295		276,769
4.63%, 03/15/46 (Call 09/15/45)(a)		555		547,658
Thermo Fisher Scientific Inc.
2.80%, 10/15/41 (Call 04/15/41)(a)		550		439,922
4.10%, 08/15/47 (Call 02/15/47)		477		458,471
5.30%, 02/01/44 (Call 08/01/43)		313		347,082
Zimmer Biomet Holdings Inc.
4.25%, 08/15/35 (Call 02/15/35)		199		186,088
4.45%, 08/15/45 (Call 02/15/45)		189		170,184
5.75%, 11/30/39		259		279,275
				16,376,432
Health Care - Services — 4.0%
AdventHealth Obligated Group, Series E, 2.80%, 11/15/51 (Call 05/15/51)		175		131,478
Adventist Health System/West, 3.63%, 03/01/49 (Call 09/01/48)		215		186,345
Advocate Health & Hospitals Corp.
3.39%, 10/15/49 (Call 04/15/49)		293		245,534
4.27%, 08/15/48 (Call 02/15/48)		208		201,310
Series 2020, 3.01%, 06/15/50 (Call 12/15/49)		210		163,985
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)(a)		508		438,228

Security	Par (000)		Value
Health Care - Services (continued)
4.13%, 11/15/42 (Call 05/15/42)	$	279	$	248,824
4.50%, 05/15/42 (Call 11/15/41)		279		262,434
4.75%, 03/15/44 (Call 09/15/43)		162		157,303
6.63%, 06/15/36		606		708,879
6.75%, 12/15/37		284		335,860
AHS Hospital Corp.
5.02%, 07/01/45		100		108,273
Series 2021, 2.78%, 07/01/51 (Call 01/01/51)		470		349,601
Allina Health System
2.90%, 11/15/51 (Call 05/15/51)		50		38,541
4.81%, 11/15/45 (Call 05/15/45)		50		51,647
Series 2019, 3.89%, 04/15/49		351		321,217
Anthem Inc.
3.13%, 05/15/50 (Call 11/15/49)(a)		573		444,745
3.60%, 03/15/51 (Call 09/15/50)		674		567,762
3.70%, 09/15/49 (Call 03/15/49)		502		429,431
4.38%, 12/01/47 (Call 06/01/47)		669		637,202
4.55%, 03/01/48 (Call 09/01/47)		496		481,679
4.55%, 05/15/52		350		341,324
4.63%, 05/15/42		481		472,298
4.65%, 01/15/43		557		543,268
4.65%, 08/15/44 (Call 02/15/44)		467		458,728
4.85%, 08/15/54 (Call 02/15/54)		170		167,247
5.10%, 01/15/44		262		271,972
5.85%, 01/15/36		145		165,504
5.95%, 12/15/34		190		217,764
6.38%, 06/15/37(a)		110		132,018
Ascension Health
3.95%, 11/15/46		624		600,628
4.85%, 11/15/53		290		316,698
Series B, 3.11%, 11/15/39 (Call 05/15/39)		154		133,155
Banner Health
2.91%, 01/01/42 (Call 07/01/41)		50		39,999
2.91%, 01/01/51 (Call 07/01/50)		230		179,335
Series 2020, 3.18%, 01/01/50 (Call 07/01/49)(a)		239		196,421
Baptist Health South Florida Inc., Series 2017, 4.34%, 11/15/41(a)		181		174,282
Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)		295		251,115
BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)		301		275,785
Baylor Scott & White Holdings
3.97%, 11/15/46 (Call 05/15/46)		145		136,163
4.19%, 11/15/45 (Call 05/15/45)		278		268,464
Series 2021, 2.84%, 11/15/50 (Call 11/15/49)		668		506,292
Beth Israel Lahey Health Inc., 3.08%, 07/01/51 (Call 01/01/51)		200		154,661
BHSH System Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)		234		202,907
Bon Secours Mercy Health Inc., Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)		166		131,614
Catholic Health Services of Long Island Obligated Group,Series 2020, 3.37%, 07/01/50 (Call 01/01/50)		240		187,391
Children’s Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50)		340		237,603
Children’s Hospital Corp. (The)
Series 2017, 4.12%, 01/01/47 (Call 07/01/46)		257		253,747
Series 2020, 2.59%, 02/01/50 (Call 08/01/49)		140		101,353
Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44		21		20,700

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50)	$	310	$	226,402
Children’s Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50)		209		151,897
City of Hope
Series 2013, 5.62%, 11/15/43		245		270,167
Series 2018, 4.38%, 08/15/48 (Call 02/15/48)		184		178,748
CommonSpirit Health
3.82%, 10/01/49 (Call 04/01/49)(a)		418		361,783
3.91%, 10/01/50 (Call 04/01/50)		362		315,597
4.19%, 10/01/49 (Call 04/01/49)		487		436,352
4.35%, 11/01/42		244		227,187
Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49)		203		157,535
Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)		294		246,567
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)		194		186,243
Dignity Health
4.50%, 11/01/42		201		193,023
5.27%, 11/01/64		240		244,999
Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)		333		312,101
Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49)		205		184,468
Hackensack Meridian Health Inc.
4.21%, 07/01/48 (Call 01/01/48)		219		217,372
4.50%, 07/01/57 (Call 01/01/57)		200		198,964
Series 2020, 2.68%, 09/01/41 (Call 03/01/41)		105		82,536
Series 2020, 2.88%, 09/01/50 (Call 03/01/50)		334		257,480
Hartford HealthCare Corp., 3.45%, 07/01/54(a)		254		216,666
HCA Inc.
3.50%, 07/15/51 (Call 01/15/51)		951		705,278
4.38%, 03/15/42 (Call 09/15/41)(b)		265		230,338
4.63%, 03/15/52 (Call 09/15/51)(b)		630		549,898
5.13%, 06/15/39 (Call 12/15/38)		763		734,706
5.25%, 06/15/49 (Call 12/15/48)		1,240		1,181,862
5.50%, 06/15/47 (Call 12/15/46)		995		976,524
Health Care Service Corp. A Mutual Legal Reserve Co., 3.20%, 06/01/50 (Call 12/01/49)(b)		455		359,528
Humana Inc.
3.95%, 08/15/49 (Call 02/15/49)		224		197,587
4.63%, 12/01/42 (Call 06/01/42)		227		222,833
4.80%, 03/15/47 (Call 09/15/46)		303		307,508
4.95%, 10/01/44 (Call 04/01/44)		350		356,340
8.15%, 06/15/38(a)		244		323,731
Indiana University Health Inc. Obligated Group
3.97%, 11/01/48 (Call 05/01/48)		294		274,090
Series 2021, 2.85%, 11/01/51 (Call 05/01/51)		80		60,660
Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)		300		275,152
Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49)		199		181,413
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46		381		355,877
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		889		860,598
4.88%, 04/01/42		619		662,801
Series 2019, 3.27%, 11/01/49 (Call 05/01/49)		632		522,177
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)		205		162,225

Security	Par (000)		Value
Health Care - Services (continued)
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)	$	850	$	658,982
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		513		490,717
Mass General Brigham Inc.
Series 2017, 3.77%, 07/01/48 (Call 01/01/48)(a)		142		130,438
Series 2020, 3.19%, 07/01/49 (Call 01/01/49)		39		31,830
Series 2020, 3.34%, 07/01/60 (Call 01/01/60)		594		470,020
Mayo Clinic
3.77%, 11/15/43		15		13,881
Series 2013, 4.00%, 11/15/47(a)		100		94,865
Series 2016, 4.13%, 11/15/52(a)		370		360,214
Series 2021, 3.20%, 11/15/61 (Call 05/15/61)(a)		341		271,755
McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47)		256		257,845
MedStar Health Inc., Series 20A, 3.63%, 08/15/49(a)		195		173,677
Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49)		47		40,353
Memorial Sloan-Kettering Cancer Center
4.13%, 07/01/52		230		224,042
5.00%, 07/01/42		411		444,213
Series 2015, 4.20%, 07/01/55		375		365,413
Series 2020, 2.96%, 01/01/50 (Call 07/01/49)		50		39,475
Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)		230		169,741
MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)		150		117,292
Montefiore Obligated Group
4.29%, 09/01/50		260		200,728
Series 18-C, 5.25%, 11/01/48		243		225,008
Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/52		85		74,789
Mount Sinai Hospitals Group Inc.
Series 2017, 3.98%, 07/01/48		70		63,699
Series 2019, 3.74%, 07/01/49 (Call 01/01/49)(a)		344		299,202
Series 2020, 3.39%, 07/01/50 (Call 07/01/49)		280		229,234
MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50)		141		106,839
New York and Presbyterian Hospital (The)
2.26%, 08/01/40 (Call 02/01/40)		185		139,496
2.61%, 08/01/60 (Call 02/01/60)		260		177,238
3.56%, 08/01/36		175		162,007
4.02%, 08/01/45(a)		355		335,853
4.06%, 08/01/56		198		189,278
4.76%, 08/01/2116		180		177,651
Series 2019, 3.95%, (Call 02/01/2119)		215		177,255
Northwell Healthcare Inc.
3.81%, 11/01/49 (Call 11/01/48)		227		195,362
3.98%, 11/01/46 (Call 11/01/45)		245		219,493
4.26%, 11/01/47 (Call 11/01/46)(a)		459		413,492
6.15%, 11/01/43(a)		190		225,661
Northwestern Memorial Healthcare Obligated Group, Series 2021, 2.63%, 07/15/51 (Call 01/15/51)		125		92,641
Novant Health Inc.
2.64%, 11/01/36 (Call 08/01/36)		160		131,114
3.17%, 11/01/51 (Call 05/01/51)		402		323,591
3.32%, 11/01/61 (Call 05/01/61)		331		264,844
NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, Series 2020, 2.67%, 10/01/50 (Call 04/01/50)(a)		214		157,940
Ochsner Clinic Foundation, 5.90%, 05/15/45 (Call 11/15/44)		170		198,239

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
OhioHealth Corp.
2.83%, 11/15/41 (Call 05/15/41)	$	190	$	150,035
Series 2020, 3.04%, 11/15/50 (Call 05/15/50)(a)		255		205,853
Orlando Health Obligated Group
3.33%, 10/01/50 (Call 04/01/50)(a)		170		136,588
4.09%, 10/01/48 (Call 04/01/48)		195		186,178
PeaceHealth Obligated Group
Series 2018, 4.79%, 11/15/48 (Call 05/15/48)		200		215,695
Series 2020, 3.22%, 11/15/50 (Call 05/15/50)		265		216,195
Piedmont Healthcare Inc.
2.86%, 01/01/52 (Call 07/01/51)		299		219,873
Series 2042, 2.72%, 01/01/42 (Call 07/01/41)		145		111,265
Providence St Joseph Health Obligated Group
Series 21A, 2.70%, 10/01/51 (Call 04/01/51)		390		278,180
Series A, 3.93%, 10/01/48 (Call 04/01/48)(a)		330		301,568
Series I, 3.74%, 10/01/47(a)		120		106,729
Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44)		108		104,667
Rady Children’s Hospital-San Diego/CA, Series 21A, 3.15%, 08/15/51 (Call 08/15/50)		195		157,085
Roche Holdings Inc.
2.61%, 12/13/51 (Call 06/13/51)(b)		1,075		809,042
4.00%, 11/28/44 (Call 05/28/44)(b)		586		554,766
7.00%, 03/01/39(a)(b)		275		369,325
RWJ Barnabas Health Inc.
3.48%, 07/01/49 (Call 01/01/49)		34		28,886
3.95%, 07/01/46 (Call 07/01/45)		220		207,527
Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)(a)		280		202,140
Sentara Healthcare, 2.93%, 11/01/51 (Call 05/01/51)		125		94,818
Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49)(a)		85		61,856
Southern Baptist Hospital of Florida Inc., 4.86%, 07/15/45 (Call 01/15/45)		205		213,206
Stanford Health Care
3.03%, 08/15/51 (Call 02/15/51)		320		256,104
Series 2018, 3.80%, 11/15/48 (Call 05/15/48)		188		174,064
Summa Health, 3.51%, 11/15/51 (Call 05/15/51)		195		167,429
Sutter Health
Series 2018, 4.09%, 08/15/48 (Call 02/15/48)		213		191,759
Series 20A, 3.16%, 08/15/40 (Call 02/15/40)		145		117,757
Series 20A, 3.36%, 08/15/50 (Call 02/15/50)(a)		361		283,883
Texas Health Resources
2.33%, 11/15/50 (Call 05/15/50)		25		16,764
4.33%, 11/15/55		260		265,222
Toledo Hospital (The)
4.98%, 11/15/45 (Call 05/15/45)		210		181,264
5.75%, 11/15/38 (Call 11/15/28)		260		275,189
6.02%, 11/15/48(a)		125		131,367
Trinity Health Corp.
4.13%, 12/01/45		135		130,159
Series 2019, 3.43%, 12/01/48(a)		220		188,132
Series 2021, 2.63%, 12/01/40 (Call 06/01/40)		276		214,768
UnitedHealth Group Inc.
2.75%, 05/15/40 (Call 11/15/39)		615		493,932
2.90%, 05/15/50 (Call 11/15/49)		726		561,725
3.05%, 05/15/41 (Call 11/15/40)		837		697,367
3.13%, 05/15/60 (Call 11/15/59)		485		372,179
3.25%, 05/15/51 (Call 11/15/50)		957		790,499
3.50%, 08/15/39 (Call 02/15/39)		683		614,997
3.70%, 08/15/49 (Call 02/15/49)		725		646,738

Security	Par (000)		Value
Health Care - Services (continued)
3.75%, 10/15/47 (Call 04/15/47)	$	545	$	488,203
3.88%, 08/15/59 (Call 02/15/59)		736		658,099
3.95%, 10/15/42 (Call 04/15/42)		407		381,053
4.20%, 01/15/47 (Call 07/15/46)		445		429,990
4.25%, 03/15/43 (Call 09/15/42)		427		415,502
4.25%, 04/15/47 (Call 10/15/46)		446		432,891
4.25%, 06/15/48 (Call 12/15/47)		768		744,866
4.38%, 03/15/42 (Call 09/15/41)		390		383,953
4.45%, 12/15/48 (Call 06/15/48)		555		554,899
4.63%, 07/15/35		172		176,163
4.63%, 11/15/41 (Call 05/15/41)		444		455,103
4.75%, 07/15/45(a)		1,060		1,106,421
5.70%, 10/15/40 (Call 04/15/40)		209		237,973
5.80%, 03/15/36(a)		438		501,350
5.95%, 02/15/41 (Call 08/15/40)		302		353,422
6.50%, 06/15/37		376		458,999
6.63%, 11/15/37		461		569,774
6.88%, 02/15/38		260		331,616
WakeMed, 3.29%, 10/01/52 (Call 04/01/52)		50		40,173
West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/50 (Call 12/01/49)(a)		240		184,604
Willis-Knighton Medical Center
Series 2018, 4.81%, 09/01/48 (Call 03/01/48)		195		197,656
Series 2021, 3.07%, 03/01/51 (Call 09/01/50)		318		244,344
Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49)		200		143,237
				58,144,400
Holding Companies - Diversified — 0.1%
Alfa SAB de CV, 6.88%, 03/25/44 (Call 09/25/43)(b)		50		52,250
CK Hutchison International 19 II Ltd., 3.38%, 09/06/49 (Call 03/06/49)(b)		780		667,136
Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/33(b)		425		551,136
JAB Holdings BV, 3.75%, 05/28/51 (Call 11/28/50)(b)		484		368,902
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(b)		530		395,742
				2,035,166
Home Builders — 0.1%
MDC Holdings Inc.
3.97%, 08/06/61 (Call 02/06/61)		225		148,984
6.00%, 01/15/43 (Call 10/15/42)		291		273,324
PulteGroup Inc.
6.00%, 02/15/35		185		193,589
6.38%, 05/15/33		258		278,831
7.88%, 06/15/32		392		473,480
				1,368,208
Home Furnishings — 0.1%
Leggett & Platt Inc., 3.50%, 11/15/51 (Call 05/15/51)		348		274,832
Whirlpool Corp.
4.50%, 06/01/46 (Call 12/01/45)(a)		231		210,812
4.60%, 05/15/50 (Call 11/15/49)(a)		301		277,667
5.15%, 03/01/43		191		187,998
				951,309
Household Products & Wares — 0.2%
Church & Dwight Co. Inc., 3.95%, 08/01/47 (Call 02/01/47)		239		221,500
Kimberly-Clark Corp.
2.88%, 02/07/50 (Call 08/07/49)(a)		186		147,396
3.20%, 07/30/46 (Call 01/30/46)		180		152,253

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Household Products & Wares (continued)
3.70%, 06/01/43	$	140	$	122,265
3.90%, 05/04/47 (Call 11/04/46)(a)		195		183,177
5.30%, 03/01/41		220		242,723
6.63%, 08/01/37		540		679,700
SC Johnson & Son Inc.
4.00%, 05/15/43 (Call 02/15/43)(a)(b)		305		280,118
4.35%, 09/30/44 (Call 03/30/44)(b)		75		73,502
4.75%, 10/15/46 (Call 04/16/46)(a)(b)		735		772,334
4.80%, 09/01/40(a)(b)		200		202,538
				3,077,506
Insurance — 5.3%
Aflac Inc.
4.00%, 10/15/46 (Call 04/15/46)		191		176,754
4.75%, 01/15/49 (Call 07/15/48)		183		188,962
6.45%, 08/15/40		301		353,186
AIA Group Ltd.
3.20%, 09/16/40 (Call 03/16/40)(b)		1,020		842,897
4.50%, 03/16/46 (Call 09/16/45)(b)		365		355,528
4.88%, 03/11/44(a)(b)		197		202,175
Alleghany Corp.
3.25%, 08/15/51 (Call 02/15/51)		210		165,033
4.90%, 09/15/44 (Call 03/15/44)		64		65,340
Allstate Corp. (The)
3.85%, 08/10/49 (Call 02/10/49)		287		257,923
4.20%, 12/15/46 (Call 06/15/46)(a)		393		374,940
4.50%, 06/15/43		292		286,262
5.35%, 06/01/33		148		161,040
5.55%, 05/09/35		357		399,628
5.95%, 04/01/36		325		369,838
6.50%, 05/15/57 (Call 05/15/37), (3 mo. LIBOR US + 2.12%)(d)		345		396,533
American Financial Group Inc./OH, 4.50%, 06/15/47 (Call 12/15/46)(a)		400		367,239
American International Group Inc.
4.38%, 06/30/50 (Call 12/30/49)(a)		665		642,460
4.75%, 04/01/48 (Call 10/01/47)		649		665,204
4.80%, 07/10/45 (Call 01/10/45)		540		538,793
6.25%, 05/01/36		415		483,880
AmFam Holdings Inc., 3.83%, 03/11/51 (Call 09/11/50)(a)(b)		307		255,579
Aon Corp., 6.25%, 09/30/40		195		225,522
Aon Corp./Aon Global Holdings PLC
2.90%, 08/23/51 (Call 02/23/51)(a)		359		261,875
3.90%, 02/28/52 (Call 08/28/51)		330		284,527
Aon PLC
4.25%, 12/12/42		185		165,447
4.45%, 05/24/43 (Call 02/24/43)		190		178,339
4.60%, 06/14/44 (Call 03/14/44)		319		303,765
4.75%, 05/15/45 (Call 11/15/44)		314		307,863
Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46)		280		280,004
Arch Capital Group Ltd.
3.64%, 06/30/50 (Call 12/30/49)		518		433,949
7.35%, 05/01/34		300		366,202
Arch Capital Group U.S. Inc., 5.14%, 11/01/43		240		244,257
Arthur J Gallagher & Co.
3.05%, 03/09/52 (Call 09/09/51)		215		159,776
3.50%, 05/20/51 (Call 11/20/50)		497		401,925
Assurant Inc., 6.75%, 02/15/34		283		320,151

Security	Par (000)		Value
Insurance (continued)
Assured Guaranty U.S. Holdings Inc., 3.60%, 09/15/51 (Call 03/15/51)	$	230	$	183,546
Athene Holding Ltd.
3.45%, 05/15/52 (Call 11/15/51)		315		231,875
3.95%, 05/25/51 (Call 11/25/50)		306		247,976
AXA SA, 6.38%, (Call 12/14/36), (3 mo. LIBOR US + 2.256%)(a)(b)(d)(e)		100		123,934
AXIS Specialty Finance PLC, 5.15%, 04/01/45		188		187,958
Berkshire Hathaway Finance Corp.
2.50%, 01/15/51 (Call 07/15/50)		561		393,670
2.85%, 10/15/50 (Call 04/15/50)		1,121		850,222
3.85%, 03/15/52 (Call 09/15/51)		650		578,249
4.20%, 08/15/48 (Call 02/15/48)		1,351		1,290,833
4.25%, 01/15/49 (Call 07/15/48)(a)		1,155		1,117,708
4.30%, 05/15/43		486		474,050
4.40%, 05/15/42		542		524,588
5.75%, 01/15/40(a)		644		737,718
Berkshire Hathaway Inc., 4.50%, 02/11/43		701		699,922
Brighthouse Financial Inc.
3.85%, 12/22/51 (Call 06/22/51)		185		136,512
4.70%, 06/22/47 (Call 12/22/46)		596		512,522
Brown & Brown Inc., 4.95%, 03/17/52 (Call 09/17/51)		390		374,255
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39(a)		137		111,501
Chubb Corp. (The), 6.00%, 05/11/37		210		244,601
Chubb INA Holdings Inc.
2.85%, 12/15/51 (Call 06/15/51)		500		381,067
3.05%, 12/15/61 (Call 06/15/61)		670		500,769
4.15%, 03/13/43(a)		250		239,678
4.35%, 11/03/45 (Call 05/03/45)		860		844,471
Cincinnati Financial Corp., 6.13%, 11/01/34(a)		345		398,458
Corebridge Financial Inc.
4.35%, 04/05/42(b)		600		542,592
4.40%, 04/05/52(b)		400		356,707
Empower Finance 2020 LP, 3.08%, 09/17/51 (Call 03/17/51)(b)		387		296,183
Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)		810		786,190
Everest Reinsurance Holdings Inc.
3.13%, 10/15/52 (Call 04/15/52)(a)		600		443,792
3.50%, 10/15/50 (Call 04/15/50)		415		334,377
4.87%, 06/01/44		335		335,121
Farmers Exchange Capital II, 6.15%, 11/01/53 (Call 11/01/33), (3 mo. LIBOR US + 3.744%)(a)(b)(d)		135		148,300
Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34), (3 mo. LIBOR US + 3.454%)(b)(d)		160		168,375
Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37), (3 mo. LIBOR US + 1.3.744%)(b)(d)		195		190,954
Fidelity National Financial Inc., 3.20%, 09/17/51 (Call 03/17/51)		275		193,175
Great-West Lifeco Finance 2018 LP, 4.58%, 05/17/48 (Call 11/17/47)(a)(b)		276		274,051
Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)(b)		358		333,836
Guardian Life Insurance Co. of America (The)
3.70%, 01/22/70 (Call 07/22/69)(b)		189		149,810
4.85%, 01/24/77(b)		310		304,116
4.88%, 06/19/64(b)		261		261,418
Hartford Financial Services Group Inc. (The)
2.90%, 09/15/51 (Call 03/15/51)		235		173,608
3.60%, 08/19/49 (Call 02/19/49)		347		293,280
4.30%, 04/15/43		194		179,424

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
4.40%, 03/15/48 (Call 09/15/47)	$	204	$	194,325
5.95%, 10/15/36		315		352,577
6.10%, 10/01/41		290		332,410
6.63%, 03/30/40		260		313,968
Hill City Funding Trust, 4.05%, 08/15/41 (Call 02/15/41)(b)		200		156,312
Jackson Financial Inc., 4.00%, 11/23/51 (Call 05/23/51)(a)(b)		370		289,491
Liberty Mutual Group Inc.
3.95%, 10/15/50 (Call 04/15/50)(b)		726		611,849
3.95%, 05/15/60 (Call 11/15/59)(b)		344		278,613
6.50%, 03/15/35(b)		225		262,357
6.50%, 05/01/42(a)(b)		145		174,032
Liberty Mutual Insurance Co., 7.70%, 10/15/97(a)(b)		255		324,396
Lincoln National Corp.
4.35%, 03/01/48 (Call 09/01/47)		196		177,086
4.38%, 06/15/50 (Call 12/15/49)		171		158,970
6.30%, 10/09/37		266		303,095
7.00%, 06/15/40		333		411,218
Loews Corp.
4.13%, 05/15/43 (Call 11/15/42)		260		236,450
6.00%, 02/01/35		311		349,962
Manulife Financial Corp., 5.38%, 03/04/46		410		465,211
Maple Grove Funding Trust I, 4.16%, 08/15/51 (Call 02/15/51)(b)		350		288,628
Markel Corp.
3.45%, 05/07/52 (Call 11/07/51)(a)		330		261,619
4.15%, 09/17/50 (Call 03/17/50)		220		197,469
4.30%, 11/01/47 (Call 05/01/47)		290		266,576
5.00%, 03/30/43		185		182,262
5.00%, 04/05/46		240		239,999
5.00%, 05/20/49 (Call 11/20/48)		363		369,520
Marsh & McLennan Companies Inc.
2.90%, 12/15/51 (Call 06/15/51)		200		148,798
4.20%, 03/01/48 (Call 09/01/47)		315		299,784
4.35%, 01/30/47 (Call 07/30/46)		291		280,778
4.75%, 03/15/39 (Call 09/15/38)		395		398,911
4.90%, 03/15/49 (Call 09/15/48)		646		673,241
5.88%, 08/01/33		380		425,544
Massachusetts Mutual Life Insurance Co.
3.20%, 12/01/61(a)(b)		280		204,699
3.38%, 04/15/50(a)(b)		194		155,497
3.73%, 10/15/70(a)(b)		471		366,141
4.50%, 04/15/65(b)		175		158,101
4.90%, 04/01/77(b)		254		244,872
5.08%, 02/15/69 (Call 02/15/49), (3 mo. LIBOR US + 3.191%)(b)(d)		470		468,280
5.38%, 12/01/41(a)(b)		346		368,075
MetLife Capital Trust IV, 7.88%, 12/15/37 (Call 12/15/32)(b)		380		431,300
MetLife Inc.
4.05%, 03/01/45		503		465,765
4.13%, 08/13/42		323		300,739
4.60%, 05/13/46 (Call 11/13/45)(a)		387		396,712
4.72%, 12/15/44		247		249,833
4.88%, 11/13/43		512		524,914
5.70%, 06/15/35		534		597,771
5.88%, 02/06/41		530		609,510
6.38%, 06/15/34		562		659,339
6.40%, 12/15/36 (Call 12/15/31)		998		1,035,136
6.50%, 12/15/32		495		588,169

Security	Par (000)		Value
Insurance (continued)
9.25%, 04/08/38 (Call 04/08/33)(b)	$	125	$	154,453
10.75%, 08/01/39 (Call 08/01/34)		381		532,448
Mutual of Omaha Insurance Co., 6.80%, 06/15/36(b)		65		73,508
National Life Insurance Co., 5.25%, 07/19/68 (Call 07/19/48), (3 mo. LIBOR US + 3.314%)(a)(b)(d)		50		48,079
Nationwide Financial Services Inc.
3.90%, 11/30/49 (Call 05/30/49)(b)		574		511,751
5.30%, 11/18/44(b)		244		246,393
6.75%, 05/15/37		25		26,844
Nationwide Mutual Insurance Co.
4.35%, 04/30/50 (Call 10/30/49)(b)		799		708,310
4.95%, 04/22/44(b)		197		192,058
7.88%, 04/01/33(b)		150		180,573
9.38%, 08/15/39(b)		526		752,886
New York Life Insurance Co.
3.75%, 05/15/50 (Call 11/15/49)(b)		468		407,864
4.45%, 05/15/69 (Call 11/15/68)(b)		625		567,481
5.88%, 05/15/33(b)		600		671,008
6.75%, 11/15/39(b)		700		869,400
Northwestern Mutual Life Insurance Co. (The)
3.45%, 03/30/51 (Call 09/30/50)(b)		425		347,638
3.63%, 09/30/59 (Call 03/30/59)(b)		795		640,104
3.85%, 09/30/47 (Call 03/30/47)(b)		560		493,026
6.06%, 03/30/40(a)(b)		787		895,793
Ohio National Life Insurance Co. (The), 6.88%, 06/15/42(a)(b)		190		204,923
Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50)		410		334,316
OneAmerica Financial Partners Inc., 4.25%, 10/15/50 (Call 04/15/50)(b)		85		75,129
Pacific Life Insurance Co.
4.30%, 10/24/67 (Call 10/24/47), (3 mo. LIBOR US + 2.796%)(b)(d)		465		405,903
9.25%, 06/15/39(b)		185		267,138
Pacific LifeCorp.
3.35%, 09/15/50 (Call 03/15/50)(a)(b)		485		390,492
5.13%, 01/30/43(b)		120		124,023
6.60%, 09/15/33(a)(b)		475		569,867
Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/61(b)		330		258,368
Principal Financial Group Inc.
4.30%, 11/15/46 (Call 05/15/46)(a)		170		166,168
4.35%, 05/15/43		193		181,575
4.63%, 09/15/42		177		173,534
6.05%, 10/15/36		346		401,567
Progressive Corp. (The)
3.70%, 01/26/45		275		238,208
3.70%, 03/15/52 (Call 09/15/51)		375		328,588
3.95%, 03/26/50 (Call 09/26/49)(a)		243		223,507
4.13%, 04/15/47 (Call 10/15/46)		428		407,266
4.20%, 03/15/48 (Call 09/15/47)		341		329,110
4.35%, 04/25/44(a)		193		187,212
6.25%, 12/01/32		422		496,011
Prudential Financial Inc.
3.00%, 03/10/40 (Call 09/10/39)		210		173,533
3.70%, 03/13/51 (Call 09/13/50)		809		700,623
3.91%, 12/07/47 (Call 06/07/47)(a)		561		503,299
3.94%, 12/07/49 (Call 06/07/49)		594		530,235
4.35%, 02/25/50 (Call 08/25/49)(a)		559		545,077
4.42%, 03/27/48 (Call 09/27/47)		335		326,864
4.60%, 05/15/44(a)		338		334,160

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
5.70%, 12/14/36	$	401	$	450,326
5.75%, 07/15/33(a)		252		278,509
6.63%, 12/01/37		260		315,023
6.63%, 06/21/40(a)		159		189,949
Securian Financial Group Inc., 4.80%, 04/15/48(b)		210		202,153
Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)		267		270,220
Sompo International Holdings Ltd., 7.00%, 07/15/34(a)		365		428,136
Swiss Re Treasury U.S. Corp., 4.25%, 12/06/42(b)		285		284,355
Teachers Insurance & Annuity Association of America
3.30%, 05/15/50 (Call 11/15/49)(a)(b)		700		560,742
4.27%, 05/15/47 (Call 11/15/46)(b)		1,155		1,089,578
4.90%, 09/15/44(b)		862		869,842
6.85%, 12/16/39(b)		696		846,227
Transatlantic Holdings Inc., 8.00%, 11/30/39(a)		389		532,404
Travelers Companies Inc. (The)
2.55%, 04/27/50 (Call 10/27/49)(a)		469		342,670
3.05%, 06/08/51 (Call 12/08/50)		315		253,067
3.75%, 05/15/46 (Call 11/15/45)		322		290,231
4.00%, 05/30/47 (Call 11/30/46)		329		307,103
4.05%, 03/07/48 (Call 09/07/47)		281		266,062
4.10%, 03/04/49 (Call 09/04/48)		281		266,108
4.30%, 08/25/45 (Call 02/25/45)		215		210,108
4.60%, 08/01/43		304		309,382
5.35%, 11/01/40		405		448,521
6.25%, 06/15/37		492		589,575
6.75%, 06/20/36		267		329,783
Travelers Property Casualty Corp., 6.38%, 03/15/33		365		436,199
Trinity Acquisition PLC, 6.13%, 08/15/43		99		105,938
Unum Group
4.13%, 06/15/51 (Call 12/15/50)		125		98,015
4.50%, 12/15/49 (Call 06/15/49)(a)		295		247,398
5.75%, 08/15/42		405		404,018
Voya Financial Inc.
4.80%, 06/15/46		293		297,003
5.70%, 07/15/43		165		179,102
W R Berkley Corp.
3.15%, 09/30/61 (Call 03/30/61)		255		179,093
3.55%, 03/30/52 (Call 09/30/51)		293		237,246
4.00%, 05/12/50 (Call 11/12/49)		282		248,089
4.75%, 08/01/44(a)		165		164,428
Western & Southern Life Insurance Co. (The)
3.75%, 04/28/61 (Call 10/28/60)(b)		270		218,648
5.15%, 01/15/49 (Call 07/15/48)(a)(b)		235		246,703
Willis North America Inc.
3.88%, 09/15/49 (Call 03/15/49)(a)		346		287,634
5.05%, 09/15/48 (Call 03/15/48)(a)		263		262,513
WR Berkley Corp., 6.25%, 02/15/37		50		56,190
XLIT Ltd.
5.25%, 12/15/43		165		184,257
5.50%, 03/31/45(a)		256		278,002
				77,141,355
Internet — 1.7%
Alibaba Group Holding Ltd.
2.70%, 02/09/41 (Call 08/09/40)		663		469,346
3.15%, 02/09/51 (Call 08/09/50)		500		349,838
3.25%, 02/09/61 (Call 08/09/60)		700		473,906
4.00%, 12/06/37 (Call 06/06/37)(a)		522		451,660
4.20%, 12/06/47 (Call 06/06/47)		1,162		970,023
4.40%, 12/06/57 (Call 06/06/57)(a)		585		501,270

Security	Par (000)		Value
Internet (continued)
4.50%, 11/28/34 (Call 05/28/34)	$	367	$	346,785
Alphabet Inc.
1.90%, 08/15/40 (Call 02/15/40)		664		486,406
2.05%, 08/15/50 (Call 02/15/50)		1,278		879,389
2.25%, 08/15/60 (Call 02/15/60)		1,094		727,378
Amazon.com Inc.
2.50%, 06/03/50 (Call 12/03/49)		1,471		1,087,091
2.70%, 06/03/60 (Call 12/03/59)		1,133		805,442
2.88%, 05/12/41 (Call 11/12/40)		1,192		987,187
3.10%, 05/12/51 (Call 11/12/50)		1,831		1,507,305
3.25%, 05/12/61 (Call 11/12/60)		1,002		812,208
3.88%, 08/22/37 (Call 02/22/37)		1,463		1,424,199
3.95%, 04/13/52 (Call 10/13/51)		1,410		1,351,258
4.05%, 08/22/47 (Call 02/22/47)		1,909		1,859,747
4.10%, 04/13/62 (Call 10/13/61)		900		859,036
4.25%, 08/22/57 (Call 02/22/57)		1,220		1,212,969
4.80%, 12/05/34 (Call 06/05/34)		639		687,388
4.95%, 12/05/44 (Call 06/05/44)		851		924,976
eBay Inc.
3.65%, 05/10/51 (Call 11/10/50)		555		450,570
4.00%, 07/15/42 (Call 01/15/42)		386		342,874
JD.com Inc., 4.13%, 01/14/50 (Call 07/14/49)(a)		208		166,906
Prosus NV
3.83%, 02/08/51 (Call 08/08/50)(b)		255		168,701
4.03%, 08/03/50 (Call 02/03/50)(b)		1,002		696,708
4.99%, 01/19/52 (Call 07/19/51)(b)		730		572,157
Tencent Holdings Ltd.
3.24%, 06/03/50 (Call 12/03/49)(b)		1,187		851,376
3.29%, 06/03/60 (Call 12/03/59)(a)(b)		418		285,474
3.68%, 04/22/41 (Call 10/22/40)(b)		452		368,394
3.84%, 04/22/51 (Call 10/22/50)(b)		915		735,269
3.93%, 01/19/38 (Call 07/19/37)(b)		360		310,745
3.94%, 04/22/61 (Call 10/22/60)(b)		650		507,611
4.53%, 04/11/49 (Call 10/11/48)(a)(b)		471		420,838
				25,052,430
Iron & Steel — 0.4%
ArcelorMittal SA
6.75%, 03/01/41		400		429,097
7.00%, 10/15/39		400		439,662
Nucor Corp.
2.98%, 12/15/55 (Call 06/15/55)		568		413,283
3.85%, 04/01/52 (Call 09/01/51)		150		131,176
4.40%, 05/01/48 (Call 11/01/47)		325		318,586
5.20%, 08/01/43 (Call 02/01/43)(a)		272		291,379
Reliance Steel & Aluminum Co., 6.85%, 11/15/36		175		204,092
Steel Dynamics Inc., 3.25%, 10/15/50 (Call 04/15/50)(a)		282		221,283
Vale Overseas Ltd.
6.88%, 11/21/36		1,295		1,426,313
6.88%, 11/10/39		915		1,005,311
8.25%, 01/17/34(a)		210		253,050
Vale SA, 5.63%, 09/11/42		166		161,229
				5,294,461
Leisure Time — 0.0%
Brunswick Corp., 5.10%, 04/01/52 (Call 10/01/51)		200		168,397
Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45)		139		121,147
				289,544
Lodging — 0.0%
Marriott International Inc./MD
4.50%, 10/01/34 (Call 04/01/34)		80		77,157

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Lodging (continued)
Series GG, 3.50%, 10/15/32 (Call 07/15/32)	$	467	$	417,066
Series II, 2.75%, 10/15/33 (Call 07/15/33)(a)		312		256,344
				750,567
Machinery — 0.5%
ABB Finance USA Inc., 4.38%, 05/08/42(a)		390		377,542
Caterpillar Inc.
3.25%, 09/19/49 (Call 03/19/49)		483		415,223
3.25%, 04/09/50 (Call 10/09/49)		618		529,746
3.80%, 08/15/42(a)		823		784,332
4.30%, 05/15/44 (Call 11/15/43)		256		257,573
4.75%, 05/15/64 (Call 11/15/63)		265		281,032
5.20%, 05/27/41		642		710,685
5.30%, 09/15/35		177		195,013
6.05%, 08/15/36		314		369,050
Deere & Co.
2.88%, 09/07/49 (Call 03/07/49)		308		251,878
3.75%, 04/15/50 (Call 10/15/49)(a)		530		501,830
3.90%, 06/09/42 (Call 12/09/41)		645		625,921
Dover Corp.
5.38%, 10/15/35		350		366,788
5.38%, 03/01/41 (Call 12/01/40)		245		259,248
6.60%, 03/15/38		25		29,174
Otis Worldwide Corp.
3.11%, 02/15/40 (Call 08/15/39)		347		280,624
3.36%, 02/15/50 (Call 08/15/49)		460		359,529
Rockwell Automation Inc.
2.80%, 08/15/61 (Call 02/15/61)		345		238,118
4.20%, 03/01/49 (Call 09/01/48)(a)		449		431,187
6.25%, 12/01/37		25		28,454
Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46)		260		242,526
				7,535,473
Manufacturing — 1.1%
3M Co.
3.13%, 09/19/46 (Call 03/19/46)		354		289,380
3.25%, 08/26/49 (Call 02/26/49)(a)		569		478,621
3.63%, 10/15/47 (Call 04/15/47)		326		292,625
3.70%, 04/15/50 (Call 10/15/49)(a)		403		366,403
3.88%, 06/15/44		150		137,359
4.00%, 09/14/48 (Call 03/14/48)		689		661,299
5.70%, 03/15/37		65		75,123
Eaton Corp.
3.92%, 09/15/47 (Call 03/15/47)		150		134,145
4.00%, 11/02/32		422		418,055
4.15%, 11/02/42		620		591,315
GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)		277		277,571
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		4,469		4,367,863
General Electric Co.
4.35%, 05/01/50 (Call 11/01/49)		720		699,822
4.50%, 03/11/44(a)		155		150,346
5.88%, 01/14/38(a)		80		88,196
6.15%, 08/07/37		200		227,242
6.88%, 01/10/39		125		153,048
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)(a)		624		591,597
4.88%, 09/15/41 (Call 03/15/41)		395		427,125
Parker-Hannifin Corp.
4.00%, 06/14/49 (Call 12/14/48)		414		368,521
4.10%, 03/01/47 (Call 09/01/46)		290		265,139

Security	Par (000)		Value
Manufacturing (continued)
4.20%, 11/21/34 (Call 05/21/34)	$	287	$	273,940
4.45%, 11/21/44 (Call 05/21/44)		182		171,049
6.25%, 05/15/38		365		411,901
Siemens Financieringsmaatschappij NV
2.88%, 03/11/41(b)		700		568,717
3.30%, 09/15/46(b)		644		547,978
4.20%, 03/16/47(b)		870		859,314
4.40%, 05/27/45(b)		973		981,104
Trane Technologies Global Holding Co. Ltd.
4.30%, 02/21/48 (Call 08/21/47)		205		188,857
5.75%, 06/15/43		298		328,186
Trane Technologies Luxembourg Finance SA
4.50%, 03/21/49 (Call 09/21/48)		198		190,836
4.65%, 11/01/44 (Call 05/01/44)		168		161,878
				15,744,555
Media — 4.9%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.50%, 06/01/41 (Call 12/01/40)		1,072		783,360
3.50%, 03/01/42 (Call 09/01/41)		880		634,332
3.70%, 04/01/51 (Call 10/01/50)		1,309		923,246
3.85%, 04/01/61 (Call 10/01/60)		890		606,465
3.90%, 06/01/52 (Call 12/01/51)		1,408		1,015,870
3.95%, 06/30/62 (Call 12/30/61)		580		398,498
4.40%, 04/01/33 (Call 01/01/33)		100		91,157
4.40%, 12/01/61 (Call 06/01/61)		693		518,047
4.80%, 03/01/50 (Call 09/01/49)		1,677		1,373,911
5.13%, 07/01/49 (Call 01/01/49)		782		671,531
5.25%, 04/01/53 (Call 10/01/52)		945		824,104
5.38%, 04/01/38 (Call 10/01/37)		529		489,720
5.38%, 05/01/47 (Call 11/01/46)		1,560		1,395,551
5.50%, 04/01/63 (Call 10/01/62)		695		607,729
5.75%, 04/01/48 (Call 10/01/47)		1,486		1,395,207
6.38%, 10/23/35 (Call 04/23/35)		738		777,508
6.48%, 10/23/45 (Call 04/23/45)		2,005		2,020,845
6.83%, 10/23/55 (Call 04/23/55)		155		162,814
Comcast Corp.
2.45%, 08/15/52 (Call 02/15/52)(a)		781		535,554
2.65%, 08/15/62 (Call 02/15/62)		643		424,951
2.80%, 01/15/51 (Call 07/15/50)(a)		991		730,611
2.89%, 11/01/51 (Call 05/01/51)(b)		2,747		2,025,583
2.94%, 11/01/56 (Call 05/01/56)(b)		3,363		2,405,634
2.99%, 11/01/63 (Call 05/01/63)(b)		2,112		1,490,580
3.20%, 07/15/36 (Call 01/15/36)		500		433,470
3.25%, 11/01/39 (Call 05/01/39)		775		656,567
3.40%, 07/15/46 (Call 01/15/46)		892		738,643
3.45%, 02/01/50 (Call 08/01/49)		1,050		865,352
3.75%, 04/01/40 (Call 10/01/39)		979		879,491
3.90%, 03/01/38 (Call 09/01/37)		830		769,839
3.97%, 11/01/47 (Call 05/01/47)		1,094		980,626
4.00%, 08/15/47 (Call 02/15/47)(a)		492		444,110
4.00%, 03/01/48 (Call 09/01/47)		592		533,935
4.00%, 11/01/49 (Call 05/01/49)		1,203		1,084,301
4.05%, 11/01/52 (Call 05/01/52)		443		402,068
4.20%, 08/15/34 (Call 02/15/34)(a)		486		475,796
4.25%, 01/15/33		904		902,081
4.40%, 08/15/35 (Call 02/15/35)		482		478,624
4.60%, 10/15/38 (Call 04/15/38)		568		566,398
4.60%, 08/15/45 (Call 02/15/45)		480		474,644
4.65%, 07/15/42		521		515,048

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
4.70%, 10/15/48 (Call 04/15/48)	$	1,105	$	1,114,880
4.75%, 03/01/44		370		366,739
4.95%, 10/15/58 (Call 04/15/58)(a)		532		559,685
5.65%, 06/15/35		505		556,189
6.45%, 03/15/37		335		399,317
6.50%, 11/15/35(a)		517		620,739
6.55%, 07/01/39		50		61,799
6.95%, 08/15/37(a)		225		279,409
7.05%, 03/15/33		497		606,414
Cox Communications Inc.
2.95%, 10/01/50 (Call 04/01/50)(a)(b)		445		312,501
3.60%, 06/15/51 (Call 12/15/50)(a)(b)		402		317,262
4.50%, 06/30/43 (Call 12/30/42)(b)		456		413,484
4.60%, 08/15/47 (Call 02/15/47)(a)(b)		325		304,190
4.70%, 12/15/42(a)(b)		251		235,242
4.80%, 02/01/35 (Call 08/01/34)(b)		249		243,570
8.38%, 03/01/39(b)		50		67,660
Discovery Communications LLC
4.00%, 09/15/55 (Call 03/15/55)		694		520,450
4.65%, 05/15/50 (Call 11/15/49)		762		655,433
4.88%, 04/01/43(a)		275		246,855
4.95%, 05/15/42(a)		111		100,499
5.00%, 09/20/37 (Call 03/20/37)		370		348,872
5.20%, 09/20/47 (Call 03/20/47)		660		606,213
5.30%, 05/15/49 (Call 11/15/48)		333		312,784
6.35%, 06/01/40		619		655,546
Fox Corp.
5.48%, 01/25/39 (Call 07/25/38)(a)		638		660,441
5.58%, 01/25/49 (Call 07/25/48)		882		913,921
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)		397		375,667
5.25%, 05/24/49 (Call 11/24/48)		285		288,163
6.13%, 01/31/46 (Call 07/31/45)(a)		280		316,605
6.63%, 01/15/40		871		975,572
NBCUniversal Media LLC
4.45%, 01/15/43(a)		474		453,533
5.95%, 04/01/41		361		417,661
6.40%, 04/30/40(a)		90		108,382
Paramount Global
4.38%, 03/15/43		798		659,573
4.60%, 01/15/45 (Call 07/15/44)		235		196,225
4.85%, 07/01/42 (Call 01/01/42)(a)		347		307,597
4.90%, 08/15/44 (Call 02/15/44)		275		239,255
4.95%, 05/19/50 (Call 11/19/49)		668		604,894
5.25%, 04/01/44 (Call 10/01/43)		220		202,916
5.50%, 05/15/33		446		453,192
5.85%, 09/01/43 (Call 03/01/43)		681		688,197
5.90%, 10/15/40 (Call 04/15/40)		255		261,293
6.88%, 04/30/36		738		826,985
Sky Group Finance Ltd., 6.50%, 10/15/35(b)		305		365,723
Thomson Reuters Corp.
5.50%, 08/15/35		300		318,456
5.65%, 11/23/43 (Call 05/23/43)		175		186,939
5.85%, 04/15/40		480		534,766
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)(a)		368		304,230
5.50%, 09/01/41 (Call 03/01/41)		892		840,594
5.88%, 11/15/40 (Call 05/15/40)		745		728,792
6.55%, 05/01/37		909		951,875
6.75%, 06/15/39(a)		824		878,981

Security	Par (000)		Value
Media (continued)
7.30%, 07/01/38	$	915	$	1,026,265
Time Warner Entertainment Co. LP, 8.38%, 07/15/33		710		860,476
TWDC Enterprises 18 Corp.
3.00%, 07/30/46(a)		390		312,948
3.70%, 12/01/42		467		414,201
4.13%, 06/01/44		622		583,439
4.38%, 08/16/41		325		314,349
Series E, 4.13%, 12/01/41		370		346,963
Walt Disney Co. (The)
2.75%, 09/01/49 (Call 03/01/49)		1,129		845,125
3.50%, 05/13/40 (Call 11/13/39)		1,070		942,334
3.60%, 01/13/51 (Call 07/13/50)(a)		1,545		1,333,604
3.80%, 05/13/60 (Call 11/13/59)		543		472,696
4.63%, 03/23/40 (Call 09/23/39)		535		541,413
4.70%, 03/23/50 (Call 09/23/49)(a)		990		1,008,750
4.75%, 09/15/44 (Call 03/15/44)(a)		344		346,180
4.75%, 11/15/46 (Call 05/15/46)		339		347,515
4.95%, 10/15/45 (Call 04/15/45)		367		378,712
5.40%, 10/01/43		445		485,653
6.15%, 03/01/37		195		226,324
6.15%, 02/15/41		225		266,745
6.20%, 12/15/34		271		317,348
6.40%, 12/15/35		289		347,133
6.55%, 03/15/33		176		207,146
6.65%, 11/15/37		791		971,046
7.75%, 12/01/45		25		35,560
				70,401,886
Metal Fabricate & Hardware — 0.1%
Crane Co., 4.20%, 03/15/48 (Call 09/15/47)		210		184,246
Precision Castparts Corp.
3.90%, 01/15/43 (Call 07/15/42)		321		294,549
4.20%, 06/15/35 (Call 12/15/34)		96		95,077
4.38%, 06/15/45 (Call 12/15/44)		231		225,356
Valmont Industries Inc.
5.00%, 10/01/44 (Call 04/01/44)		320		311,445
5.25%, 10/01/54 (Call 04/01/54)		188		190,696
				1,301,369
Mining — 1.8%
Anglo American Capital PLC
3.95%, 09/10/50 (Call 03/10/50)(a)(b)		444		361,702
4.75%, 03/16/52 (Call 09/16/51)(b)		200		182,698
Barrick Gold Corp.
5.25%, 04/01/42(a)		322		336,282
6.45%, 10/15/35		220		253,871
Barrick International Barbados Corp., 6.35%, 10/15/36(b)		595		667,098
Barrick North America Finance LLC
5.70%, 05/30/41		525		575,105
5.75%, 05/01/43		375		413,211
7.50%, 09/15/38		75		93,046
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		518		579,745
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42		636		610,927
5.00%, 09/30/43(a)		1,378		1,488,824
Corp. Nacional del Cobre de Chile
3.15%, 01/15/51 (Call 07/15/50)(b)		345		252,982
3.70%, 01/30/50 (Call 07/30/49)(b)		1,530		1,215,202
4.25%, 07/17/42(b)		510		445,755
4.38%, 02/05/49 (Call 08/05/48)(b)		738		656,318
4.50%, 08/01/47 (Call 02/01/47)(b)		697		630,046

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mining (continued)
4.88%, 11/04/44(b)	$	630	$	594,222
5.63%, 09/21/35(b)		125		131,633
5.63%, 10/18/43(b)		545		567,618
6.15%, 10/24/36(a)(b)		205		222,185
Freeport-McMoRan Inc.
5.40%, 11/14/34 (Call 05/14/34)		317		324,519
5.45%, 03/15/43 (Call 09/15/42)		1,099		1,098,516
Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(b)		405		333,619
Glencore Canada Corp., 6.20%, 06/15/35		275		294,275
Glencore Finance Canada Ltd.
5.55%, 10/25/42(a)(b)		200		198,651
6.00%, 11/15/41(a)(b)		313		325,692
6.90%, 11/15/37(b)		410		470,454
Glencore Funding LLC
3.38%, 09/23/51 (Call 03/23/51)(b)		190		140,505
3.88%, 04/27/51 (Call 10/27/50)(b)		160		131,257
Indonesia Asahan Aluminium Persero PT
5.80%, 05/15/50 (Call 11/15/49)(a)(b)		370		335,775
6.76%, 11/15/48(a)(b)		339		354,255
Industrias Penoles SAB de CV
4.75%, 08/06/50 (Call 02/06/50)(a)(b)		238		200,515
5.65%, 09/12/49 (Call 03/12/49)(b)		305		293,108
Kinross Gold Corp., 6.88%, 09/01/41 (Call 03/01/41)(a)		197		206,586
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(b)		585		507,488
Newcrest Finance Pty Ltd.
4.20%, 05/13/50 (Call 11/13/49)(a)(b)		193		168,039
5.75%, 11/15/41(b)		415		431,383
Newmont Corp.
4.88%, 03/15/42 (Call 09/15/41)		523		536,440
5.45%, 06/09/44 (Call 12/09/43)		245		266,109
5.88%, 04/01/35		444		490,343
6.25%, 10/01/39		534		618,267
Rio Tinto Alcan Inc.
5.75%, 06/01/35(a)		306		353,092
6.13%, 12/15/33		566		666,491
Rio Tinto Finance USA Ltd.
2.75%, 11/02/51 (Call 05/02/51)		720		547,958
5.20%, 11/02/40		718		781,357
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)		464		446,221
4.75%, 03/22/42 (Call 09/22/41)(a)		63		65,704
Southern Copper Corp.
5.25%, 11/08/42		530		542,694
5.88%, 04/23/45		745		819,925
6.75%, 04/16/40		644		754,768
7.50%, 07/27/35		802		968,824
Teck Resources Ltd.
5.20%, 03/01/42 (Call 09/01/41)		245		237,551
5.40%, 02/01/43 (Call 08/01/42)		185		183,701
6.00%, 08/15/40 (Call 02/15/40)		415		442,078
6.13%, 10/01/35(a)		125		138,225
6.25%, 07/15/41 (Call 01/15/41)		492		533,499
				25,486,354
Oil & Gas — 5.9%
BG Energy Capital PLC, 5.13%, 10/15/41(b)		665		703,993
BP Capital Markets America Inc.
2.77%, 11/10/50 (Call 05/10/50)		871		628,491
2.94%, 06/04/51 (Call 12/04/50)(a)		1,187		879,078
3.00%, 02/24/50 (Call 08/24/49)		1,101		831,250

Security	Par (000)		Value
Oil & Gas (continued)
3.00%, 03/17/52 (Call 09/17/51)	$	729	$	545,878
3.06%, 06/17/41 (Call 12/17/40)		875		712,786
3.07%, 03/30/50 (Call 09/30/49)		410		370,927
3.38%, 02/08/61 (Call 08/08/60)		1,170		908,171
Canadian Natural Resources Ltd.
4.95%, 06/01/47 (Call 12/01/46)(a)		190		189,743
5.85%, 02/01/35		301		310,465
6.25%, 03/15/38(a)		656		722,161
6.45%, 06/30/33		252		278,950
6.50%, 02/15/37		377		414,312
6.75%, 02/01/39		282		321,325
Cenovus Energy Inc.
3.75%, 02/15/52 (Call 08/15/51)		210		167,459
5.25%, 06/15/37 (Call 12/15/36)		187		186,754
5.40%, 06/15/47 (Call 12/15/46)(a)		446		452,270
6.75%, 11/15/39		1,037		1,176,686
6.80%, 09/15/37		338		383,225
Chevron Corp.
2.98%, 05/11/40 (Call 11/11/39)		120		103,012
3.08%, 05/11/50 (Call 11/11/49)		680		565,217
Chevron USA Inc.
2.34%, 08/12/50 (Call 02/12/50)		623		442,026
5.25%, 11/15/43 (Call 05/15/43)		185		203,021
CNOOC Finance 2012 Ltd., 5.00%, 05/02/42(b)		250		246,820
CNOOC Finance 2013 Ltd.
3.30%, 09/30/49 (Call 03/30/49)		470		344,844
4.25%, 05/09/43		220		196,521
CNOOC Finance 2014 ULC, 4.88%, 04/30/44		405		391,909
CNOOC Finance 2015 Australia Pty Ltd., 4.20%, 05/05/45(a)		365		319,977
CNOOC Petroleum North America ULC
5.88%, 03/10/35(a)		562		587,121
6.40%, 05/15/37		645		708,122
7.50%, 07/30/39		410		507,359
CNPC HK Overseas Capital Ltd., 5.95%, 04/28/41(b)		355		394,583
ConocoPhillips
5.90%, 10/15/32		490		560,755
6.50%, 02/01/39		100		123,531
ConocoPhillips Co.
3.80%, 03/15/52 (Call 09/15/51)		290		260,821
4.03%, 03/15/62 (Call 09/15/61)(b)		2,129		1,901,686
4.30%, 11/15/44 (Call 05/15/44)		328		319,021
5.95%, 03/15/46 (Call 09/15/45)		50		60,073
Continental Resources Inc./OK, 4.90%, 06/01/44 (Call 12/01/43)		465		405,666
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		154		146,482
5.00%, 06/15/45 (Call 12/15/44)(a)		191		185,934
5.60%, 07/15/41 (Call 01/15/41)(a)		1,256		1,306,169
Diamondback Energy Inc.
4.25%, 03/15/52 (Call 09/15/51)		50		43,760
4.40%, 03/24/51 (Call 09/24/50)		612		549,485
Empresa Nacional del Petroleo, 4.50%, 09/14/47 (Call 03/14/47)(b)		431		325,409
Eni SpA, 5.70%, 10/01/40(b)		290		301,733
EOG Resources Inc.
3.90%, 04/01/35 (Call 10/01/34)		193		183,170
4.95%, 04/15/50 (Call 10/15/49)(a)		423		459,746
5.10%, 01/15/36 (Call 07/15/35)(a)		70		71,104

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
Equinor ASA
3.25%, 11/18/49 (Call 05/18/49)	$	646	$	536,567
3.63%, 04/06/40 (Call 10/06/39)		378		345,549
3.70%, 04/06/50 (Call 10/06/49)		709		638,346
3.95%, 05/15/43		479		449,956
4.25%, 11/23/41		420		411,506
4.80%, 11/08/43		436		455,424
5.10%, 08/17/40		448		484,113
Exxon Mobil Corp.
3.00%, 08/16/39 (Call 02/16/39)		483		406,711
3.10%, 08/16/49 (Call 02/16/49)(a)		853		688,323
3.45%, 04/15/51 (Call 10/15/50)(a)		1,555		1,334,265
3.57%, 03/06/45 (Call 09/06/44)		583		511,656
4.11%, 03/01/46 (Call 09/01/45)		1,464		1,394,089
4.23%, 03/19/40 (Call 09/19/39)		1,203		1,177,271
4.33%, 03/19/50 (Call 09/19/49)		1,574		1,550,170
Hess Corp.
5.60%, 02/15/41(a)		783		797,430
5.80%, 04/01/47 (Call 10/01/46)(a)		243		256,471
6.00%, 01/15/40		475		503,863
7.13%, 03/15/33		405		468,704
KazMunayGas National Co. JSC
3.50%, 04/14/33 (Call 10/14/32)(b)		80		66,200
6.38%, 10/24/48(b)		1,340		1,279,045
Marathon Oil Corp.
5.20%, 06/01/45 (Call 12/01/44)(a)		188		183,292
6.60%, 10/01/37		552		618,139
Marathon Petroleum Corp.
4.50%, 04/01/48 (Call 10/01/47)		290		255,068
4.75%, 09/15/44 (Call 03/15/44)		276		253,713
5.00%, 09/15/54 (Call 03/15/54)		193		175,902
5.85%, 12/15/45 (Call 06/15/45)		109		109,603
6.50%, 03/01/41 (Call 09/01/40)		918		1,034,436
Motiva Enterprises LLC, 6.85%, 01/15/40(a)(b)		645		654,393
Ovintiv Inc.
6.50%, 08/15/34		515		567,112
6.50%, 02/01/38		365		400,300
6.63%, 08/15/37		330		365,406
Pertamina Persero PT
4.15%, 02/25/60 (Call 08/25/59)(a)(b)		485		383,361
4.18%, 01/21/50 (Call 07/21/49)(a)(b)		555		460,355
4.70%, 07/30/49(a)(b)		466		416,254
5.63%, 05/20/43(b)		805		780,462
6.00%, 05/03/42(a)(b)		744		755,480
6.45%, 05/30/44(b)		843		899,339
6.50%, 05/27/41(b)		315		336,111
6.50%, 11/07/48(b)		354		382,214
Petronas Capital Ltd.
3.40%, 04/28/61 (Call 10/28/60)(b)		470		370,538
4.50%, 03/18/45(b)		1,062		1,067,764
4.55%, 04/21/50 (Call 10/21/49)(b)		1,564		1,585,822
4.80%, 04/21/60 (Call 10/21/59)(a)(b)		845		881,494
Phillips 66
3.30%, 03/15/52 (Call 09/15/51)		620		476,634
4.65%, 11/15/34 (Call 05/15/34)		323		322,608
4.88%, 11/15/44 (Call 05/15/44)		990		990,414
5.88%, 05/01/42		899		1,004,514
PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59(a)(b)		485		411,726

Security	Par (000)		Value
Oil & Gas (continued)
Qatar Energy
3.13%, 07/12/41 (Call 01/12/41)(b)	$	2,205	$	1,841,704
3.30%, 07/12/51 (Call 01/12/51)(b)		2,240		1,858,662
Reliance Industries Ltd.
3.63%, 01/12/52(b)		1,965		1,561,870
3.75%, 01/12/62(b)		65		51,481
Saudi Arabian Oil Co.
3.25%, 11/24/50 (Call 05/24/50)(b)		1,278		1,004,357
3.50%, 11/24/70 (Call 05/24/70)(b)		1,355		1,036,055
4.25%, 04/16/39(b)		1,708		1,631,499
4.38%, 04/16/49(b)		1,653		1,562,409
Shell International Finance BV
2.88%, 11/26/41 (Call 05/26/41)		315		260,192
3.00%, 11/26/51 (Call 05/26/51)		580		452,707
3.13%, 11/07/49 (Call 05/07/49)		723		581,702
3.25%, 04/06/50 (Call 10/06/49)		1,120		924,020
3.63%, 08/21/42		343		306,088
3.75%, 09/12/46		739		666,302
4.00%, 05/10/46		1,318		1,224,152
4.13%, 05/11/35		568		565,849
4.38%, 05/11/45		1,626		1,575,454
4.55%, 08/12/43		707		707,635
5.50%, 03/25/40		686		766,798
6.38%, 12/15/38(a)		1,623		1,984,793
Sinopec Capital 2013 Ltd., 4.25%, 04/24/43(b)		340		320,620
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42(a)(b)		605		606,004
Sinopec Group Overseas Development 2013 Ltd., 5.38%, 10/17/43(b)		250		266,685
Sinopec Group Overseas Development 2015 Ltd., 4.10%, 04/28/45(a)(b)		550		495,201
Sinopec Group Overseas Development 2017 Ltd. 4.00%, 09/13/47(b)		425		373,240
4.25%, 04/12/47(a)(b)		375		341,705
Sinopec Group Overseas Development 2018 Ltd.
3.35%, 05/13/50 (Call 11/13/49)(b)		475		365,264
3.68%, 08/08/49 (Call 02/08/49)(b)		438		362,686
4.60%, 09/12/48(b)		323		310,130
Suncor Energy Inc.
3.75%, 03/04/51 (Call 09/04/50)		187		157,498
4.00%, 11/15/47 (Call 05/15/47)		179		157,257
5.35%, 07/15/33		310		317,440
5.95%, 12/01/34		385		419,502
5.95%, 05/15/35		481		518,294
6.50%, 06/15/38		653		746,243
6.80%, 05/15/38		645		751,567
6.85%, 06/01/39		505		601,842
Thaioil Treasury Center Co. Ltd.
3.50%, 10/17/49(a)(b)		336		227,731
3.75%, 06/18/50(a)(b)		410		290,634
5.38%, 11/20/48(a)(b)		345		315,320
TotalEnergies Capital International SA
2.99%, 06/29/41 (Call 12/29/40)		580		476,490
3.13%, 05/29/50 (Call 11/29/49)		1,324		1,048,154
3.39%, 06/29/60 (Call 12/29/59)		497		396,032
3.46%, 07/12/49 (Call 01/12/49)		646		544,157
Valero Energy Corp.
3.65%, 12/01/51 (Call 06/01/51)		101		78,762
4.00%, 06/01/52 (Call 12/01/51)		350		290,896
4.90%, 03/15/45		226		214,546

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
6.63%, 06/15/37	$	1,504	$	1,712,440
XTO Energy Inc., 6.75%, 08/01/37		80		97,073
				85,664,256
Oil & Gas Services — 0.4%
Baker Hughes Holdings LLC, 5.13%, 09/15/40(a)		769		793,991
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 4.08%, 12/15/47 (Call 06/15/47)		479		427,033
Halliburton Co.
4.50%, 11/15/41 (Call 05/15/41)		492		448,349
4.75%, 08/01/43 (Call 02/01/43)		359		335,952
4.85%, 11/15/35 (Call 05/15/35)(a)		309		312,026
5.00%, 11/15/45 (Call 05/15/45)		876		841,845
6.70%, 09/15/38		645		739,003
7.45%, 09/15/39		680		828,539
NOV Inc., 3.95%, 12/01/42 (Call 06/01/42)		527		408,612
				5,135,350
Packaging & Containers — 0.1%
Packaging Corp. of America
3.05%, 10/01/51 (Call 04/01/51)		415		313,194
4.05%, 12/15/49 (Call 06/15/49)(a)		255		232,098
Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/40)(a)		365		395,180
WRKCo Inc.
3.00%, 06/15/33 (Call 03/15/33)(a)		215		187,305
4.20%, 06/01/32 (Call 03/01/32)(a)		193		188,535
				1,316,312
Pharmaceuticals — 6.2%
AbbVie Inc.
4.05%, 11/21/39 (Call 05/21/39)		2,225		2,036,153
4.25%, 11/21/49 (Call 05/21/49)		3,132		2,868,468
4.30%, 05/14/36 (Call 11/14/35)		535		517,249
4.40%, 11/06/42		1,435		1,361,729
4.45%, 05/14/46 (Call 11/14/45)		1,314		1,236,700
4.50%, 05/14/35 (Call 11/14/34)		1,328		1,312,019
4.55%, 03/15/35 (Call 09/15/34)		947		940,926
4.63%, 10/01/42 (Call 04/01/42)		226		216,884
4.70%, 05/14/45 (Call 11/14/44)		1,596		1,556,505
4.75%, 03/15/45 (Call 09/15/44)		424		412,610
4.85%, 06/15/44 (Call 12/15/43)		575		574,080
4.88%, 11/14/48 (Call 05/14/48)		972		973,611
AmerisourceBergen Corp.
4.25%, 03/01/45 (Call 09/01/44)		226		202,493
4.30%, 12/15/47 (Call 06/15/47)		349		322,836
AstraZeneca PLC
2.13%, 08/06/50 (Call 02/06/50)(a)		315		215,435
3.00%, 05/28/51 (Call 11/28/50)(a)		426		349,681
4.00%, 09/18/42		603		577,075
4.38%, 11/16/45		572		574,712
4.38%, 08/17/48 (Call 02/17/48)		186		189,176
6.45%, 09/15/37		1,658		2,044,696
Bayer U.S. Finance II LLC
3.95%, 04/15/45 (Call 10/15/44)(a)(b)		305		252,812
4.20%, 07/15/34 (Call 01/15/34)(a)(b)		153		145,802
4.40%, 07/15/44 (Call 01/15/44)(a)(b)		524		463,923
4.63%, 06/25/38 (Call 12/25/37)(a)(b)		626		599,290
4.65%, 11/15/43 (Call 05/15/43)(b)		125		117,740
4.70%, 07/15/64 (Call 01/15/64)(a)(b)		410		360,698
4.88%, 06/25/48 (Call 12/25/47)(a)(b)		1,215		1,182,872
5.50%, 07/30/35(a)(b)		75		77,094

Security	Par (000)		Value
Pharmaceuticals (continued)
Becton Dickinson and Co.
3.79%, 05/20/50 (Call 11/20/49)	$	438	$	377,984
4.67%, 06/06/47 (Call 12/06/46)		822		798,202
4.69%, 12/15/44 (Call 06/15/44)		613		590,275
6.00%, 05/15/39(a)		50		54,925
Bristol-Myers Squibb Co.
2.35%, 11/13/40 (Call 05/13/40)		567		429,491
2.55%, 11/13/50 (Call 05/13/50)		875		629,583
3.25%, 08/01/42		315		266,355
3.55%, 03/15/42 (Call 09/15/41)		790		705,632
3.70%, 03/15/52 (Call 09/15/51)		1,270		1,125,444
3.90%, 03/15/62 (Call 09/15/61)		685		600,556
4.13%, 06/15/39 (Call 12/15/38)		1,188		1,155,970
4.25%, 10/26/49 (Call 04/26/49)		2,121		2,036,689
4.35%, 11/15/47 (Call 05/15/47)(a)		785		766,929
4.50%, 03/01/44 (Call 09/01/43)		55		54,207
4.55%, 02/20/48 (Call 08/20/47)		748		751,707
4.63%, 05/15/44 (Call 11/15/43)		179		183,023
Cardinal Health Inc.
4.37%, 06/15/47 (Call 12/15/46)		351		315,304
4.50%, 11/15/44 (Call 05/15/44)		128		115,001
4.60%, 03/15/43		243		221,459
4.90%, 09/15/45 (Call 03/15/45)		339		319,790
Cigna Corp.
3.20%, 03/15/40 (Call 09/15/39)		472		387,228
3.40%, 03/15/50 (Call 09/15/49)		756		593,414
3.40%, 03/15/51 (Call 09/15/50)		875		685,194
3.88%, 10/15/47 (Call 04/15/47)		604		518,081
4.80%, 08/15/38 (Call 02/15/38)		1,258		1,254,463
4.80%, 07/15/46 (Call 01/16/46)		795		783,465
4.90%, 12/15/48 (Call 06/15/48)		1,514		1,505,546
5.38%, 02/15/42 (Call 08/15/41)		211		215,718
6.13%, 11/15/41		294		330,165
CVS Health Corp.
2.70%, 08/21/40 (Call 02/21/40)		854		644,189
4.13%, 04/01/40 (Call 10/01/39)		595		540,674
4.25%, 04/01/50 (Call 10/01/49)		473		428,364
4.78%, 03/25/38 (Call 09/25/37)		2,893		2,860,989
4.88%, 07/20/35 (Call 01/20/35)		339		345,133
5.05%, 03/25/48 (Call 09/25/47)		4,571		4,598,535
5.13%, 07/20/45 (Call 01/20/45)		1,967		1,968,700
5.30%, 12/05/43 (Call 06/05/43)		438		454,387
6.13%, 09/15/39(a)		238		266,826
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)(a)		1,112		796,232
2.50%, 09/15/60 (Call 03/15/60)		526		365,354
3.70%, 03/01/45 (Call 09/01/44)(a)		206		191,467
3.95%, 05/15/47 (Call 11/15/46)		85		83,977
3.95%, 03/15/49 (Call 09/15/48)		95		93,437
4.15%, 03/15/59 (Call 09/15/58)		349		345,009
5.55%, 03/15/37		50		56,870
5.95%, 11/15/37(a)		160		188,456
GlaxoSmithKline Capital Inc.
4.20%, 03/18/43		250		242,987
5.38%, 04/15/34(a)		696		781,149
6.38%, 05/15/38		1,373		1,683,673
Johnson & Johnson
2.10%, 09/01/40 (Call 03/01/40)		639		482,600
2.25%, 09/01/50 (Call 03/01/50)		409		291,385
2.45%, 09/01/60 (Call 03/01/60)		727		508,323

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
3.40%, 01/15/38 (Call 07/15/37)	$	492	$	455,176
3.50%, 01/15/48 (Call 07/15/47)		453		412,731
3.55%, 03/01/36 (Call 09/01/35)		479		459,932
3.63%, 03/03/37 (Call 09/03/36)		717		690,553
3.70%, 03/01/46 (Call 09/01/45)		1,048		995,223
3.75%, 03/03/47 (Call 09/03/46)		585		557,076
4.38%, 12/05/33 (Call 06/05/33)		483		509,925
4.50%, 09/01/40		357		369,276
4.50%, 12/05/43 (Call 06/05/43)		324		335,838
4.85%, 05/15/41		221		234,600
4.95%, 05/15/33		471		517,743
5.85%, 07/15/38		442		530,448
5.95%, 08/15/37		580		703,290
McKesson Corp., 4.88%, 03/15/44 (Call 09/15/43)(a)		190		193,692
Mead Johnson Nutrition Co.
4.60%, 06/01/44 (Call 12/01/43)		176		180,736
5.90%, 11/01/39		290		335,300
Merck & Co. Inc.
2.35%, 06/24/40 (Call 12/24/39)		654		504,992
2.45%, 06/24/50 (Call 12/24/49)		758		550,013
2.75%, 12/10/51 (Call 06/10/51)		750		572,351
2.90%, 12/10/61 (Call 06/10/61)		880		644,009
3.60%, 09/15/42 (Call 03/15/42)		323		291,779
3.70%, 02/10/45 (Call 08/10/44)		1,136		1,035,157
3.90%, 03/07/39 (Call 09/07/38)		617		598,866
4.00%, 03/07/49 (Call 09/07/48)		863		828,697
4.15%, 05/18/43		695		683,720
6.50%, 12/01/33		340		419,725
6.55%, 09/15/37(a)		345		429,914
Merck Sharp & Dohme Corp.
5.75%, 11/15/36(a)		100		114,464
5.85%, 06/30/39		165		197,856
Mylan Inc.
5.20%, 04/15/48 (Call 10/15/47)		444		392,109
5.40%, 11/29/43 (Call 05/29/43)		315		284,918
Novartis Capital Corp.
2.75%, 08/14/50 (Call 02/14/50)(a)		731		575,368
3.70%, 09/21/42		287		267,589
4.00%, 11/20/45 (Call 05/20/45)		653		627,191
4.40%, 05/06/44		970		988,181
Pfizer Inc.
2.55%, 05/28/40 (Call 11/28/39)(a)		615		495,779
2.70%, 05/28/50 (Call 11/28/49)(a)		728		569,195
3.90%, 03/15/39 (Call 09/15/38)(a)		470		454,457
4.00%, 12/15/36		38		37,267
4.00%, 03/15/49 (Call 09/15/48)		689		668,386
4.10%, 09/15/38 (Call 03/15/38)		371		368,466
4.13%, 12/15/46		601		596,746
4.20%, 09/15/48 (Call 03/15/48)		579		578,298
4.30%, 06/15/43		479		475,512
4.40%, 05/15/44		540		543,293
5.60%, 09/15/40		233		266,135
7.20%, 03/15/39(a)		1,421		1,912,579
Takeda Pharmaceutical Co. Ltd.
3.03%, 07/09/40 (Call 01/09/40)		591		471,456
3.18%, 07/09/50 (Call 01/09/50)		1,190		911,259
3.38%, 07/09/60 (Call 01/09/60)		654		493,894
Utah Acquisition Sub Inc., 5.25%, 06/15/46 (Call 12/15/45)		564		502,154

Security	Par (000)		Value
Pharmaceuticals (continued)
Viatris Inc.
3.85%, 06/22/40 (Call 12/22/39)	$	890	$	692,937
4.00%, 06/22/50 (Call 12/22/49)		1,120		828,225
Wyeth LLC
5.95%, 04/01/37		1,128		1,314,257
6.00%, 02/15/36		503		590,125
6.50%, 02/01/34		590		718,150
Zoetis Inc.
3.00%, 05/15/50 (Call 11/15/49)		530		417,763
3.95%, 09/12/47 (Call 03/12/47)(a)		431		390,241
4.45%, 08/20/48 (Call 02/20/48)		247		243,507
4.70%, 02/01/43 (Call 08/01/42)		560		559,306
				90,261,610
Pipelines — 4.3%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47(b)		1,281		1,267,011
Boardwalk Pipelines LP, 3.60%, 09/01/32 (Call 06/01/32)		265		234,232
Cameron LNG LLC
3.30%, 01/15/35 (Call 09/15/34)(b)		341		301,694
3.40%, 01/15/38 (Call 07/15/37)(b)		240		207,771
3.70%, 01/15/39 (Call 07/15/38)(a)(b)		479		422,186
Colonial Pipeline Co.
4.25%, 04/15/48 (Call 10/15/47)(a)(b)		525		476,895
6.38%, 08/01/37(b)		50		56,596
7.63%, 04/15/32(a)(b)		85		104,240
Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44)		245		263,246
Eastern Gas Transmission & Storage Inc.
3.90%, 11/15/49 (Call 05/15/49)(b)		188		156,874
4.60%, 12/15/44 (Call 06/15/44)(b)		256		235,909
4.80%, 11/01/43 (Call 05/01/43)(b)		188		178,935
EIG Pearl Holdings Sarl, 4.39%, 11/30/46(b)		835		705,942
El Paso Natural Gas Co. LLC, 8.38%, 06/15/32(a)		260		317,414
Enbridge Energy Partners LP
5.50%, 09/15/40 (Call 03/15/40)		483		505,593
7.38%, 10/15/45 (Call 04/15/45)		242		302,880
Series B, 7.50%, 04/15/38		280		344,788
Enbridge Inc.
2.50%, 08/01/33 (Call 05/01/33)		342		282,765
3.40%, 08/01/51 (Call 02/01/51)(a)		510		400,498
4.00%, 11/15/49 (Call 05/15/49)		292		254,689
4.50%, 06/10/44 (Call 12/10/43)		279		259,528
5.50%, 12/01/46 (Call 06/01/46)		435		469,213
Energy Transfer LP
4.90%, 03/15/35 (Call 09/15/34)		157		148,647
4.95%, 01/15/43 (Call 07/15/42)		200		174,914
5.00%, 05/15/44 (Call 11/15/43)(a)		319		280,900
5.00%, 05/15/50 (Call 11/15/49)		1,087		966,670
5.15%, 02/01/43 (Call 08/01/42)		290		264,059
5.15%, 03/15/45 (Call 09/15/44)		602		542,641
5.30%, 04/01/44 (Call 10/01/43)(a)		441		406,802
5.30%, 04/15/47 (Call 10/15/46)(a)		535		484,276
5.35%, 05/15/45 (Call 11/15/44)		474		434,112
5.40%, 10/01/47 (Call 04/01/47)		844		775,490
5.95%, 10/01/43 (Call 04/01/43)		270		261,661
6.00%, 06/15/48 (Call 12/15/47)		644		630,365
6.05%, 06/01/41 (Call 12/01/40)(a)		405		411,830
6.10%, 02/15/42		140		137,421
6.13%, 12/15/45 (Call 06/15/45)		596		586,915
6.25%, 04/15/49 (Call 10/15/48)		884		892,093
6.50%, 02/01/42 (Call 08/01/41)		596		622,596

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
6.63%, 10/15/36	$	261	$	272,819
6.85%, 02/15/40(a)		150		157,210
7.50%, 07/01/38		346		390,670
Series 20Y, 5.80%, 06/15/38 (Call 12/15/37)		295		293,494
Enterprise Products Operating LLC
3.20%, 02/15/52 (Call 08/15/51)		587		430,441
3.30%, 02/15/53 (Call 08/15/52)		547		411,022
3.70%, 01/31/51 (Call 07/31/50)		584		473,236
3.95%, 01/31/60 (Call 07/31/59)		541		438,388
4.20%, 01/31/50 (Call 07/31/49)(a)		714		625,827
4.25%, 02/15/48 (Call 08/15/47)(a)		705		619,747
4.45%, 02/15/43 (Call 08/15/42)		616		557,336
4.80%, 02/01/49 (Call 08/01/48)		671		639,344
4.85%, 08/15/42 (Call 02/15/42)		465		444,983
4.85%, 03/15/44 (Call 09/15/43)		775		743,767
4.90%, 05/15/46 (Call 11/15/45)		638		614,005
4.95%, 10/15/54 (Call 04/15/54)		201		193,997
5.10%, 02/15/45 (Call 08/15/44)		659		644,663
5.70%, 02/15/42		361		377,601
5.95%, 02/01/41		420		454,051
6.13%, 10/15/39(a)		385		423,874
6.45%, 09/01/40		200		225,626
7.55%, 04/15/38		237		291,888
Series D, 6.88%, 03/01/33		302		353,890
Series H, 6.65%, 10/15/34		216		249,505
Series J, 5.75%, 03/01/35		75		78,820
Flex Intermediate Holdco LLC, 4.32%, 12/30/39 (Call 06/30/39)(a)(b)		177		147,700
FLNG Liquefaction 2 LLC, 4.13%, 03/31/38(b)		23		21,542
Galaxy Pipeline Assets Bidco Ltd.
2.16%, 03/31/34(b)		192		168,972
2.63%, 03/31/36(a)(b)		957		800,097
2.94%, 09/30/40(a)(b)		1,626		1,357,992
3.25%, 09/30/40(a)(b)		730		602,665
Gulfstream Natural Gas System LLC, 5.95%, 10/15/45 (Call 04/15/45)(a)(b)		175		183,411
Kinder Morgan Energy Partners LP
4.70%, 11/01/42 (Call 05/01/42)		331		296,022
5.00%, 08/15/42 (Call 02/15/42)		360		333,588
5.00%, 03/01/43 (Call 09/01/42)(a)		407		378,258
5.40%, 09/01/44 (Call 03/01/44)		285		276,081
5.50%, 03/01/44 (Call 09/01/43)		464		458,095
5.63%, 09/01/41		249		245,057
5.80%, 03/15/35		345		363,161
6.38%, 03/01/41		349		372,278
6.50%, 02/01/37		265		290,096
6.50%, 09/01/39		388		422,950
6.55%, 09/15/40		284		310,789
6.95%, 01/15/38		495		563,595
7.30%, 08/15/33		233		271,058
7.50%, 11/15/40		255		304,609
Kinder Morgan Inc.
3.25%, 08/01/50 (Call 02/01/50)(a)		437		314,810
3.60%, 02/15/51 (Call 08/15/50)		609		467,062
5.05%, 02/15/46 (Call 08/15/45)		502		476,149
5.20%, 03/01/48 (Call 09/01/47)		418		403,474
5.30%, 12/01/34 (Call 06/01/34)		174		178,083
5.55%, 06/01/45 (Call 12/01/44)		978		983,424
Magellan Midstream Partners LP
3.95%, 03/01/50 (Call 09/01/49)		435		362,997

Security	Par (000)		Value
Pipelines (continued)
4.20%, 12/01/42 (Call 06/01/42)(a)	$	175	$	149,674
4.20%, 03/15/45 (Call 09/15/44)		170		144,007
4.20%, 10/03/47 (Call 04/03/47)		298		259,655
4.25%, 09/15/46 (Call 03/15/46)		330		289,198
4.85%, 02/01/49 (Call 08/01/48)		183		174,036
5.15%, 10/15/43 (Call 04/15/43)		324		315,210
6.40%, 05/01/37(a)		125		141,857
MPLX LP
4.50%, 04/15/38 (Call 10/15/37)(a)		1,022		938,730
4.70%, 04/15/48 (Call 10/15/47)		830		731,959
4.90%, 04/15/58 (Call 10/15/57)		268		235,181
4.95%, 03/14/52 (Call 09/14/51)		800		733,288
5.20%, 03/01/47 (Call 09/01/46)		605		573,795
5.20%, 12/01/47 (Call 06/01/47)		326		306,773
5.50%, 02/15/49 (Call 08/15/48)		806		787,818
NGPL PipeCo LLC, 7.77%, 12/15/37(b)		368		427,692
Northern Natural Gas Co.
3.40%, 10/16/51 (Call 04/16/51)(a)(b)		311		243,599
4.10%, 09/15/42 (Call 03/15/42)(b)		180		163,945
4.30%, 01/15/49 (Call 07/15/48)(b)		342		315,727
ONEOK Inc.
4.45%, 09/01/49 (Call 03/01/49)(a)		216		185,194
4.50%, 03/15/50 (Call 09/15/49)(a)		188		161,855
4.95%, 07/13/47 (Call 01/06/47)		289		263,372
5.20%, 07/15/48 (Call 01/15/48)(a)		354		336,470
6.00%, 06/15/35		414		421,639
7.15%, 01/15/51 (Call 07/15/50)		184		209,872
ONEOK Partners LP
6.13%, 02/01/41 (Call 08/01/40)		498		505,962
6.20%, 09/15/43 (Call 03/15/43)		259		260,154
6.65%, 10/01/36		475		506,719
6.85%, 10/15/37		453		484,951
Phillips 66 Partners LP
4.68%, 02/15/45 (Call 08/15/44)		220		209,354
4.90%, 10/01/46 (Call 04/01/46)(a)		366		360,374
Plains All American Pipeline LP/PAA Finance Corp.
4.30%, 01/31/43 (Call 07/31/42)		182		146,145
4.70%, 06/15/44 (Call 12/15/43)		261		217,616
4.90%, 02/15/45 (Call 08/15/44)		288		247,579
5.15%, 06/01/42 (Call 12/01/41)		338		296,212
6.65%, 01/15/37		489		519,408
Sabal Trail Transmission LLC
4.68%, 05/01/38 (Call 11/01/37)(a)(b)		315		310,159
4.83%, 05/01/48 (Call 11/01/47)(a)(b)		149		147,057
Southern Natural Gas Co. LLC, 4.80%, 03/15/47 (Call 09/15/46)(a)(b)		267		253,470
Spectra Energy Partners LP
4.50%, 03/15/45 (Call 09/15/44)		381		349,539
5.95%, 09/25/43 (Call 03/25/43)		270		295,513
Targa Resources Corp.
4.20%, 02/01/33 (Call 11/01/32)		200		189,553
4.95%, 04/15/52 (Call 10/15/51)		430		392,730
Tennessee Gas Pipeline Co. LLC, 7.63%, 04/01/37		100		117,726
Texas Eastern Transmission LP
4.15%, 01/15/48 (Call 07/15/47)(b)		194		173,371
7.00%, 07/15/32		429		498,163
TransCanada PipeLines Ltd.
4.63%, 03/01/34 (Call 12/01/33)		249		246,122
4.75%, 05/15/38 (Call 11/15/37)		179		175,914
4.88%, 05/15/48 (Call 11/15/47)		534		534,443

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
5.00%, 10/16/43 (Call 04/16/43)	$	410	$	404,860
5.10%, 03/15/49 (Call 09/15/48)		563		586,407
5.60%, 03/31/34		340		358,865
5.85%, 03/15/36		435		472,080
6.10%, 06/01/40		615		691,394
6.20%, 10/15/37(a)		566		635,743
7.25%, 08/15/38		420		518,910
7.63%, 01/15/39(a)		700		897,263
Transcontinental Gas Pipe Line Co. LLC
3.95%, 05/15/50 (Call 11/15/49)		315		270,942
4.45%, 08/01/42 (Call 02/01/42)		280		260,079
4.60%, 03/15/48 (Call 09/15/47)		385		363,191
5.40%, 08/15/41 (Call 02/15/41)		226		232,325
Williams Companies Inc. (The)
3.50%, 10/15/51 (Call 04/15/51)(a)		280		214,641
4.85%, 03/01/48 (Call 09/01/47)(a)		456		434,579
4.90%, 01/15/45 (Call 07/15/44)		271		254,271
5.10%, 09/15/45 (Call 03/15/45)		570		556,209
5.40%, 03/04/44 (Call 09/04/43)		305		305,042
5.75%, 06/24/44 (Call 12/24/43)		388		403,573
5.80%, 11/15/43 (Call 05/15/43)		262		273,010
6.30%, 04/15/40		720		802,393
				62,415,067
Private Equity — 0.2%
Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)(a)(b)		215		223,244
Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)(a)(b)		225		236,081
Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(b)		354		360,934
KKR Group Finance Co X LLC., 3.25%, 12/15/51 (Call 06/15/51)(a)(b)		140		105,304
KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)(b)		585		588,029
KKR Group Finance Co. VII LLC, 3.63%, 02/25/50 (Call 08/25/49)(b)		393		319,605
KKR Group Finance Co. VIII LLC, 3.50%, 08/25/50 (Call 02/25/50)(a)(b)		521		412,610
				2,245,807
Real Estate — 0.0%
Brookfield Asset Management Inc., 7.38%, 03/01/33(a)		209		246,028
Real Estate Investment Trusts — 1.5%
Agree LP, 2.60%, 06/15/33 (Call 03/15/33)		236		194,356
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		394		309,496
2.00%, 05/18/32 (Call 02/18/32)(a)		545		447,355
2.95%, 03/15/34 (Call 12/15/33)		300		260,343
3.00%, 05/18/51 (Call 11/18/50)		394		289,325
3.55%, 03/15/52 (Call 09/15/51)		700		569,805
4.00%, 02/01/50 (Call 08/01/49)		487		429,776
4.85%, 04/15/49 (Call 10/15/48)		132		132,631
American Homes 4 Rent LP
3.38%, 07/15/51 (Call 01/15/51)(a)		185		138,387
4.30%, 04/15/52		100		86,318
American Tower Corp.
2.95%, 01/15/51 (Call 07/15/50)		735		503,027
3.10%, 06/15/50 (Call 12/15/49)(a)		586		409,535
3.70%, 10/15/49 (Call 04/15/49)		354		278,444
AvalonBay Communities Inc.
3.90%, 10/15/46 (Call 04/15/46)		326		301,411
4.15%, 07/01/47 (Call 01/01/47)		160		156,123

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
4.35%, 04/15/48 (Call 10/18/47)	$	198	$	198,895
Boston Properties LP, 2.45%, 10/01/33 (Call 07/01/33)(a)		535		434,315
Camden Property Trust, 3.35%, 11/01/49 (Call 05/01/49)		170		142,948
Corporate Office Properties LP, 2.90%, 12/01/33 (Call 09/01/33)		288		235,145
Crown Castle International Corp.
2.90%, 04/01/41 (Call 10/01/40)(a)		691		515,234
3.25%, 01/15/51 (Call 07/15/50)		475		355,499
4.00%, 11/15/49 (Call 05/15/49)		223		187,459
4.15%, 07/01/50 (Call 01/01/50)(a)		306		266,522
4.75%, 05/15/47 (Call 11/15/46)		389		367,446
5.20%, 02/15/49 (Call 08/15/48)		259		257,622
Duke Realty LP, 3.05%, 03/01/50 (Call 09/01/49)		390		303,304
Equinix Inc.
2.95%, 09/15/51 (Call 03/15/51)		265		186,230
3.00%, 07/15/50 (Call 01/15/50)(a)		316		227,458
3.40%, 02/15/52 (Call 08/15/51)		312		241,610
ERP Operating LP
4.00%, 08/01/47 (Call 02/01/47)(a)		290		272,213
4.50%, 07/01/44 (Call 01/01/44)		384		381,872
4.50%, 06/01/45 (Call 12/01/44)		257		253,259
Essex Portfolio LP
2.65%, 09/01/50 (Call 03/01/50)(a)		216		146,595
4.50%, 03/15/48 (Call 09/15/47)		190		181,766
Federal Realty Investment Trust
3.63%, 08/01/46 (Call 02/01/46)(a)		309		252,843
4.50%, 12/01/44 (Call 06/01/44)		247		226,798
Goodman U.S. Finance Four LLC, 4.50%, 10/15/37 (Call 04/15/37)(b)		159		151,261
Healthpeak Properties Inc., 6.75%, 02/01/41 (Call 08/01/40)		170		208,093
Invitation Homes Operating Partnership LP, 2.70%, 01/15/34 (Call 10/15/33)		275		223,518
Kilroy Realty LP
2.50%, 11/15/32 (Call 08/15/32)		387		312,812
2.65%, 11/15/33 (Call 08/15/33)		285		227,134
Kimco Realty Corp.
3.70%, 10/01/49 (Call 04/01/49)		199		165,612
4.13%, 12/01/46 (Call 06/01/46)		201		179,653
4.25%, 04/01/45 (Call 10/01/44)		265		238,972
4.45%, 09/01/47 (Call 03/01/47)		217		205,313
Mid-America Apartments LP, 2.88%, 09/15/51 (Call 03/15/51)		170		127,419
National Retail Properties Inc.
3.00%, 04/15/52 (Call 10/15/51)		120		85,913
3.10%, 04/15/50 (Call 10/15/49)		199		147,049
3.50%, 04/15/51 (Call 10/15/50)		303		240,629
4.80%, 10/15/48 (Call 04/15/48)		186		183,609
Omega Healthcare Investors Inc., 3.25%, 04/15/33 (Call 01/15/33)(a)		403		321,294
Prologis LP
2.13%, 10/15/50 (Call 04/15/50)		314		206,994
3.00%, 04/15/50 (Call 10/15/49)(a)		392		310,989
4.38%, 09/15/48 (Call 03/15/48)(a)		275		273,523
Realty Income Corp.
1.80%, 03/15/33 (Call 12/15/32)		345		271,032
2.85%, 12/15/32 (Call 09/15/32)(a)		370		327,669
4.65%, 03/15/47 (Call 09/15/46)		387		396,009
5.88%, 03/15/35		50		55,350

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Regency Centers LP
4.40%, 02/01/47 (Call 08/01/46)	$	242	$	226,672
4.65%, 03/15/49 (Call 09/15/48)		154		150,999
Simon Property Group LP
3.25%, 09/13/49 (Call 03/13/49)		708		553,640
3.80%, 07/15/50 (Call 01/15/50)		419		364,581
4.25%, 10/01/44 (Call 04/01/44)		151		138,952
4.25%, 11/30/46 (Call 05/30/46)		340		317,443
4.75%, 03/15/42 (Call 09/15/41)		55		54,386
6.75%, 02/01/40 (Call 11/01/39)		533		643,760
Trust Fibra Uno
6.39%, 01/15/50 (Call 07/15/49)(b)		430		400,979
6.95%, 01/30/44 (Call 07/30/43)(a)(b)		445		442,779
UDR Inc.
1.90%, 03/15/33 (Call 12/15/32)		275		216,542
2.10%, 08/01/32 (Call 05/01/32)		95		76,750
2.10%, 06/15/33 (Call 03/15/33)		188		149,431
3.10%, 11/01/34 (Call 08/01/34)(a)		260		222,790
Ventas Realty LP
4.38%, 02/01/45 (Call 08/01/44)(a)		105		95,387
4.88%, 04/15/49 (Call 10/15/48)		139		136,933
5.70%, 09/30/43 (Call 03/30/43)		224		240,305
VICI Properties LP/VICI Note Co. Inc., 5.63%, 05/15/52		435		433,290
WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)(b)		305		259,929
WEA Finance LLC/Westfield UK & Europe Finance PLC, 4.75%, 09/17/44 (Call 03/17/44)(a)(b)		277		240,075
Welltower Inc.
4.95%, 09/01/48 (Call 03/01/48)		164		167,565
5.13%, 03/15/43 (Call 09/15/42)		115		114,748
6.50%, 03/15/41 (Call 09/15/40)		395		463,996
Weyerhaeuser Co.
4.00%, 03/09/52 (Call 09/09/51)		225		194,527
6.88%, 12/15/33		137		158,652
WP Carey Inc., 2.25%, 04/01/33 (Call 01/01/33)		309		244,864
				21,711,187
Retail — 2.4%
7-Eleven Inc.
2.50%, 02/10/41 (Call 08/10/40)(a)(b)		418		300,599
2.80%, 02/10/51 (Call 08/02/50)(b)		649		448,680
Alimentation Couche-Tard Inc.
3.44%, 05/13/41 (Call 11/13/40)(a)(b)		351		283,757
3.63%, 05/13/51 (Call 11/13/50)(b)		185		146,169
3.80%, 01/25/50 (Call 07/25/49)(a)(b)		513		417,766
4.50%, 07/26/47 (Call 01/26/47)(b)		365		331,951
CK Hutchison International 20 Ltd., 3.38%, 05/08/50 (Call 11/08/49)(a)(b)		320		270,833
CK Hutchison International 21 Ltd., 3.13%, 04/15/41 (Call 10/15/40)(a)(b)		80		68,074
Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47)		194		172,155
Dick’s Sporting Goods Inc., 4.10%, 01/15/52 (Call 07/15/51)		515		376,598
Dollar General Corp., 4.13%, 04/03/50 (Call 10/03/49)		344		301,783
Dollar Tree Inc., 3.38%, 12/01/51 (Call 06/01/51)		238		181,389
Home Depot Inc. (The)
2.38%, 03/15/51 (Call 09/15/50)		772		537,797
2.75%, 09/15/51 (Call 03/15/51)(a)		645		485,872
3.13%, 12/15/49 (Call 06/15/49)		739		592,668
3.30%, 04/15/40 (Call 10/15/39)(a)		706		617,619
3.35%, 04/15/50 (Call 10/15/49)		790		663,518
3.50%, 09/15/56 (Call 03/15/56)		595		498,779

Security	Par (000)		Value
Retail (continued)
3.63%, 04/15/52 (Call 10/15/51)	$	1,035	$	910,186
3.90%, 06/15/47 (Call 12/15/46)(a)		652		601,718
4.20%, 04/01/43 (Call 10/01/42)		659		637,167
4.25%, 04/01/46 (Call 10/01/45)		789		763,671
4.40%, 03/15/45 (Call 09/15/44)		537		529,341
4.50%, 12/06/48 (Call 06/06/48)		836		839,433
4.88%, 02/15/44 (Call 08/15/43)		670		703,575
5.40%, 09/15/40 (Call 03/15/40)		362		402,954
5.88%, 12/16/36(a)		1,317		1,553,330
5.95%, 04/01/41 (Call 10/01/40)		537		631,441
Kohl’s Corp., 5.55%, 07/17/45 (Call 01/17/45)		205		198,314
Lowe’s Companies Inc.
2.80%, 09/15/41 (Call 03/15/41)		690		525,769
3.00%, 10/15/50 (Call 04/15/50)		1,064		787,693
3.50%, 04/01/51 (Call 10/01/50)		371		297,206
3.70%, 04/15/46 (Call 10/15/45)		899		751,978
4.05%, 05/03/47 (Call 11/03/46)(a)		842		738,191
4.25%, 04/01/52 (Call 10/01/51)		280		251,609
4.38%, 09/15/45 (Call 03/15/45)		389		356,557
4.45%, 04/01/62 (Call 10/01/61)		495		441,944
4.55%, 04/05/49 (Call 10/05/48)		407		384,503
4.65%, 04/15/42 (Call 10/15/41)(a)		444		430,444
5.00%, 04/15/40 (Call 10/15/39)		315		319,543
5.00%, 09/15/43 (Call 03/15/43)		30		29,426
5.13%, 04/15/50 (Call 10/15/49)		325		333,265
5.50%, 10/15/35		345		370,944
5.80%, 10/15/36		100		106,354
McDonald’s Corp.
3.63%, 05/01/43		306		261,729
3.63%, 09/01/49 (Call 03/01/49)		938		784,356
3.70%, 02/15/42		333		292,709
4.20%, 04/01/50 (Call 10/01/49)		434		399,992
4.45%, 03/01/47 (Call 09/01/46)		570		548,198
4.45%, 09/01/48 (Call 03/01/48)		431		409,825
4.60%, 05/26/45 (Call 11/26/44)		338		330,966
4.70%, 12/09/35 (Call 06/09/35)		81		81,953
4.88%, 07/15/40		259		261,569
4.88%, 12/09/45 (Call 06/09/45)		926		937,159
5.70%, 02/01/39		351		389,990
6.30%, 10/15/37		413		483,425
6.30%, 03/01/38		452		529,761
Starbucks Corp.
3.35%, 03/12/50 (Call 09/12/49)		296		230,597
3.50%, 11/15/50 (Call 05/15/50)		696		555,486
3.75%, 12/01/47 (Call 06/01/47)(a)		265		223,852
4.30%, 06/15/45 (Call 12/15/44)		227		205,766
4.45%, 08/15/49 (Call 02/15/49)(a)		568		524,603
4.50%, 11/15/48 (Call 05/15/48)		615		584,319
Target Corp.
2.95%, 01/15/52 (Call 07/15/51)		575		456,386
3.63%, 04/15/46		262		240,084
3.90%, 11/15/47 (Call 05/15/47)		203		193,910
4.00%, 07/01/42		200		194,060
6.35%, 11/01/32		90		106,638
6.50%, 10/15/37		490		600,454
7.00%, 01/15/38		545		704,158
Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44)		218		229,904
TJX Companies Inc. (The), 4.50%, 04/15/50 (Call 10/15/49)		239		252,545

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
Walmart Inc.
2.95%, 09/24/49 (Call 03/24/49)	$	300	$	250,235
3.63%, 12/15/47 (Call 06/15/47)		60		56,166
3.95%, 06/28/38 (Call 12/28/37)		210		208,797
4.00%, 04/11/43 (Call 10/11/42)		130		127,231
4.05%, 06/29/48 (Call 12/29/47)		585		587,853
4.30%, 04/22/44 (Call 10/22/43)		245		246,912
4.88%, 07/08/40		80		87,646
5.00%, 10/25/40		270		297,466
5.25%, 09/01/35(a)		1,215		1,378,780
5.63%, 04/01/40		355		419,388
6.50%, 08/15/37(a)		185		236,649
				35,504,080
Semiconductors — 2.2%
Analog Devices Inc.
2.80%, 10/01/41 (Call 04/01/41)(a)		435		351,633
2.95%, 10/01/51 (Call 04/01/51)		538		421,615
5.30%, 12/15/45 (Call 06/15/45)		100		111,813
Applied Materials Inc.
2.75%, 06/01/50 (Call 12/01/49)		216		167,571
4.35%, 04/01/47 (Call 10/01/46)		377		379,047
5.10%, 10/01/35 (Call 04/01/35)		139		149,845
5.85%, 06/15/41		688		812,508
Broadcom Inc.
2.60%, 02/15/33 (Call 11/15/32)(b)		1,282		1,029,916
3.14%, 11/15/35 (Call 08/15/35)(b)		1,868		1,508,826
3.19%, 11/15/36 (Call 08/15/36)(b)		1,775		1,401,415
3.42%, 04/15/33 (Call 01/15/33)(b)		1,630		1,398,443
3.47%, 04/15/34 (Call 01/15/34)(b)		2,057		1,745,965
3.50%, 02/15/41 (Call 08/15/40)(b)		1,564		1,216,260
3.75%, 02/15/51 (Call 08/15/50)(b)		938		718,451
4.30%, 11/15/32 (Call 08/15/32)(a)		785		736,066
4.93%, 05/15/37 (Call 02/15/37)(b)		100		93,485
Intel Corp.
2.80%, 08/12/41 (Call 02/12/41)		485		381,416
3.05%, 08/12/51 (Call 02/12/51)(a)		720		558,968
3.10%, 02/15/60 (Call 08/15/59)		598		443,466
3.20%, 08/12/61 (Call 02/12/61)		145		109,545
3.25%, 11/15/49 (Call 05/15/49)		1,231		990,803
3.73%, 12/08/47 (Call 06/08/47)		1,125		999,110
4.00%, 12/15/32(a)		169		167,106
4.10%, 05/19/46 (Call 11/19/45)		745		707,493
4.10%, 05/11/47 (Call 11/11/46)		589		552,111
4.25%, 12/15/42		350		335,271
4.60%, 03/25/40 (Call 09/25/39)(a)		539		551,417
4.75%, 03/25/50 (Call 09/25/49)		1,268		1,307,168
4.80%, 10/01/41		523		540,534
4.90%, 07/29/45 (Call 01/29/45)		516		542,783
4.95%, 03/25/60 (Call 09/25/59)(a)		573		608,014
KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)(a)		514		427,072
5.00%, 03/15/49 (Call 09/15/48)		181		196,422
5.65%, 11/01/34 (Call 07/01/34)		189		204,624
Lam Research Corp.
2.88%, 06/15/50 (Call 12/15/49)(a)		373		286,949
3.13%, 06/15/60 (Call 12/15/59)		348		267,970
4.88%, 03/15/49 (Call 09/15/48)		409		437,772
Micron Technology Inc.
3.37%, 11/01/41 (Call 05/01/41)(a)		380		302,033
3.48%, 11/01/51 (Call 05/01/51)		260		198,439

Security	Par (000)		Value
Semiconductors (continued)
NVIDIA Corp.
3.50%, 04/01/40 (Call 10/01/39)	$	460	$	415,563
3.50%, 04/01/50 (Call 10/01/49)(a)		1,156		1,020,606
3.70%, 04/01/60 (Call 10/01/59)		343		298,881
NXP BV/NXP Funding LLC/NXP USA Inc.
3.13%, 02/15/42 (Call 08/15/41)(b)		440		340,353
3.25%, 05/11/41 (Call 11/11/40)(b)		142		111,021
3.25%, 11/30/51 (Call 05/30/51)(b)		460		336,005
QUALCOMM Inc.
1.65%, 05/20/32 (Call 02/20/32)(a)		397		321,736
3.25%, 05/20/50 (Call 11/20/49)		492		417,576
4.30%, 05/20/47 (Call 11/20/46)(a)		848		840,634
4.65%, 05/20/35 (Call 11/20/34)		471		489,642
4.80%, 05/20/45 (Call 11/20/44)		899		939,151
Texas Instruments Inc.
2.70%, 09/15/51 (Call 03/15/51)(a)		305		240,181
3.88%, 03/15/39 (Call 09/15/38)		379		367,378
4.15%, 05/15/48 (Call 11/15/47)		896		891,637
TSMC Arizona Corp.
3.13%, 10/25/41 (Call 04/25/41)(a)		205		172,433
3.25%, 10/25/51 (Call 04/25/51)(a)		750		624,069
				31,186,211
Software — 2.6%
Activision Blizzard Inc.
2.50%, 09/15/50 (Call 03/15/50)		671		484,265
4.50%, 06/15/47 (Call 12/15/46)		219		221,597
Electronic Arts Inc., 2.95%, 02/15/51 (Call 08/15/50)		218		162,607
Fidelity National Information Services Inc.
3.10%, 03/01/41 (Call 09/01/40)		328		256,533
4.50%, 08/15/46 (Call 02/15/46)		190		179,260
Series 30Y, 4.75%, 05/15/48 (Call 11/15/47)		142		139,342
Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49)		1,053		948,803
Microsoft Corp.
2.53%, 06/01/50 (Call 12/01/49)		3,637		2,726,981
2.68%, 06/01/60 (Call 12/01/59)		2,251		1,649,021
2.92%, 03/17/52 (Call 09/17/51)		3,633		2,945,103
3.04%, 03/17/62 (Call 09/17/61)		1,211		962,066
3.45%, 08/08/36 (Call 02/08/36)		1,010		964,138
3.50%, 02/12/35 (Call 08/12/34)		837		809,628
3.50%, 11/15/42		412		380,575
3.70%, 08/08/46 (Call 02/08/46)		1,179		1,117,755
3.75%, 02/12/45 (Call 08/12/44)		357		336,626
3.95%, 08/08/56 (Call 02/08/56)		121		116,899
4.00%, 02/12/55 (Call 08/12/54)		50		48,420
4.10%, 02/06/37 (Call 08/06/36)		406		418,142
4.20%, 11/03/35 (Call 05/03/35)		430		447,759
4.25%, 02/06/47 (Call 08/06/46)(a)		694		720,016
4.45%, 11/03/45 (Call 05/03/45)(a)		65		67,399
4.50%, 10/01/40		575		607,463
4.50%, 02/06/57 (Call 08/06/56)		455		491,777
4.75%, 11/03/55 (Call 05/03/55)		100		110,147
5.30%, 02/08/41(a)		410		471,207
Oracle Corp.
3.60%, 04/01/40 (Call 10/01/39)		1,701		1,317,946
3.60%, 04/01/50 (Call 10/01/49)		2,572		1,850,236
3.65%, 03/25/41 (Call 09/25/40)(a)		1,294		1,002,166
3.80%, 11/15/37 (Call 05/15/37)		1,024		839,036
3.85%, 07/15/36 (Call 01/15/36)		693		582,890
3.85%, 04/01/60 (Call 10/01/59)		1,938		1,369,892
3.90%, 05/15/35 (Call 11/15/34)		788		680,909

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
3.95%, 03/25/51 (Call 09/25/50)	$	1,860	$	1,412,820
4.00%, 07/15/46 (Call 01/15/46)		1,783		1,397,168
4.00%, 11/15/47 (Call 05/15/47)		1,298		1,008,795
4.10%, 03/25/61 (Call 09/25/60)		854		633,208
4.13%, 05/15/45 (Call 11/15/44)		1,141		904,801
4.30%, 07/08/34 (Call 01/08/34)		878		792,800
4.38%, 05/15/55 (Call 11/15/54)		694		544,106
4.50%, 07/08/44 (Call 01/08/44)		533		455,189
5.38%, 07/15/40		1,290		1,235,147
6.13%, 07/08/39		737		764,190
6.50%, 04/15/38(a)		746		811,496
salesforce.com Inc.
2.70%, 07/15/41 (Call 01/15/41)		689		547,150
2.90%, 07/15/51 (Call 01/15/51)(a)		1,089		852,288
3.05%, 07/15/61 (Call 01/15/61)		790		603,071
				37,388,833
Telecommunications — 6.6%
America Movil SAB de CV
4.38%, 07/16/42		262		245,670
4.38%, 04/22/49 (Call 10/22/48)		284		271,044
6.13%, 11/15/37		176		197,182
6.13%, 03/30/40		1,376		1,559,531
6.38%, 03/01/35		671		776,696
AT&T Inc.
2.55%, 12/01/33 (Call 09/01/33)		1,806		1,498,617
3.10%, 02/01/43 (Call 08/01/42)		1,277		988,103
3.30%, 02/01/52 (Call 08/01/51)(a)		1,500		1,136,255
3.50%, 06/01/41 (Call 12/01/40)		1,412		1,173,395
3.50%, 09/15/53 (Call 03/15/53)		4,163		3,259,229
3.50%, 02/01/61 (Call 08/01/60)		850		629,484
3.55%, 09/15/55 (Call 03/15/55)		4,096		3,169,378
3.65%, 06/01/51 (Call 12/01/50)(a)		1,635		1,325,074
3.65%, 09/15/59 (Call 03/15/59)		3,575		2,757,370
3.80%, 12/01/57 (Call 06/01/57)		3,306		2,633,882
3.85%, 06/01/60 (Call 12/01/59)		868		685,857
4.30%, 12/15/42 (Call 06/15/42)		748		682,919
4.35%, 06/15/45 (Call 12/15/44)		685		621,348
4.50%, 05/15/35 (Call 11/15/34)(a)		1,144		1,127,379
4.50%, 03/09/48 (Call 09/09/47)		1,075		1,007,461
4.55%, 03/09/49 (Call 09/09/48)		654		625,238
4.65%, 06/01/44 (Call 12/01/43)		300		284,981
4.75%, 05/15/46 (Call 11/15/45)		1,059		1,049,309
4.80%, 06/15/44 (Call 12/15/43)		405		388,822
4.85%, 03/01/39 (Call 09/01/38)		536		533,371
4.85%, 07/15/45 (Call 01/15/45)		267		257,463
4.90%, 08/15/37 (Call 02/14/37)		314		317,174
4.90%, 06/15/42		275		273,189
5.15%, 03/15/42(a)		583		596,007
5.15%, 11/15/46 (Call 05/15/46)(a)		465		486,827
5.15%, 02/15/50 (Call 08/14/49)		545		567,482
5.25%, 03/01/37 (Call 09/01/36)(a)		972		1,030,804
5.35%, 09/01/40		722		761,686
5.45%, 03/01/47 (Call 09/01/46)		461		503,107
5.55%, 08/15/41(a)		95		102,067
5.65%, 02/15/47 (Call 08/15/46)		660		733,159
5.70%, 03/01/57 (Call 09/01/56)		410		450,725
6.00%, 08/15/40 (Call 05/15/40)		305		343,083
6.15%, 09/15/34		310		345,620
6.20%, 03/15/40		100		112,713
6.25%, 03/29/41		123		141,544

Security	Par (000)		Value
Telecommunications (continued)
6.30%, 01/15/38	$	388	$	446,993
6.38%, 03/01/41		365		438,266
6.45%, 06/15/34		275		321,183
6.55%, 02/15/39		205		241,972
Bell Canada, Series US-6, 3.20%, 02/15/52 (Call 08/15/51)		256		198,524
Bell Telephone Co. of Canada or Bell Canada (The)
3.65%, 08/15/52 (Call 02/15/52)		730		606,387
4.30%, 07/29/49 (Call 01/29/49)		272		255,720
4.46%, 04/01/48 (Call 10/01/47)		600		572,465
Series US-4, 3.65%, 03/17/51 (Call 09/17/50)		339		285,188
British Telecommunications PLC, 4.25%, 11/08/49 (Call 05/08/49)(b)		246		209,712
Cisco Systems Inc.
5.50%, 01/15/40(a)		1,149		1,317,834
5.90%, 02/15/39		1,251		1,489,346
Corning Inc.
3.90%, 11/15/49 (Call 05/15/49)(a)		196		171,510
4.38%, 11/15/57 (Call 05/15/57)		428		386,455
4.70%, 03/15/37		175		171,481
4.75%, 03/15/42(a)		226		224,843
5.35%, 11/15/48 (Call 05/15/48)		197		211,595
5.45%, 11/15/79 (Call 05/19/79)		699		684,308
5.75%, 08/15/40		290		322,883
5.85%, 11/15/68 (Call 05/15/68)		134		145,923
7.25%, 08/15/36 (Call 08/15/26)		150		167,202
Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)(a)(b)		706		576,173
Deutsche Telekom International Finance BV
4.75%, 06/21/38 (Call 12/21/37)(b)		219		217,353
4.88%, 03/06/42(a)(b)		647		639,369
9.25%, 06/01/32		467		645,265
Juniper Networks Inc., 5.95%, 03/15/41		371		387,396
Motorola Solutions Inc., 5.50%, 09/01/44		147		146,241
Ooredoo International Finance Ltd., 4.50%, 01/31/43(b)		393		407,071
Orange SA
5.38%, 01/13/42		715		764,814
5.50%, 02/06/44 (Call 08/06/43)		324		356,927
Rogers Communications Inc.
3.70%, 11/15/49 (Call 05/15/49)(a)		691		547,390
4.30%, 02/15/48 (Call 08/15/47)		486		423,637
4.35%, 05/01/49 (Call 11/01/48)		861		760,311
4.50%, 03/15/42 (Call 09/15/41)(b)		765		696,450
4.50%, 03/15/43 (Call 09/15/42)		349		318,559
4.55%, 03/15/52 (Call 09/15/51)(b)		550		487,977
5.00%, 03/15/44 (Call 09/15/43)		638		618,412
5.45%, 10/01/43 (Call 04/01/43)(a)		411		418,284
7.50%, 08/15/38		340		435,165
SES Global Americas Holdings GP, 5.30%, 03/25/44(b)		269		239,899
SES SA, 5.30%, 04/04/43(b)		190		167,100
Telefonica Emisiones SA
4.67%, 03/06/38		204		189,599
4.90%, 03/06/48		625		574,053
5.21%, 03/08/47(a)		1,329		1,250,098
5.52%, 03/01/49 (Call 09/01/48)(a)		635		636,251
7.05%, 06/20/36		1,678		1,933,291
TELUS Corp.
3.40%, 05/13/32 (Call 02/13/32)		100		91,624
4.30%, 06/15/49 (Call 12/15/48)		385		366,041
4.60%, 11/16/48 (Call 05/16/48)		458		453,998

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
T-Mobile USA Inc.
3.00%, 02/15/41 (Call 08/15/40)(a)	$	1,616	$	1,231,568
3.30%, 02/15/51 (Call 08/15/50)(a)		1,800		1,346,476
3.40%, 10/15/52 (Call 04/15/52)(a)(b)		1,435		1,087,277
3.60%, 11/15/60 (Call 05/15/60)		425		315,324
3.60%, 11/15/60 (Call 05/15/60)(b)		225		166,936
4.38%, 04/15/40 (Call 10/15/39)		1,292		1,189,941
4.50%, 04/15/50 (Call 10/15/49)		1,732		1,578,487
Verizon Communications Inc.
2.65%, 11/20/40 (Call 05/20/40)		1,846		1,396,702
2.85%, 09/03/41 (Call 03/03/41)		730		569,658
2.88%, 11/20/50 (Call 05/20/50)		1,679		1,225,613
2.99%, 10/30/56 (Call 04/30/56)		1,899		1,344,608
3.00%, 11/20/60 (Call 05/20/60)		1,008		703,058
3.40%, 03/22/41 (Call 09/22/40)		2,109		1,772,969
3.55%, 03/22/51 (Call 09/22/50)		2,421		1,988,155
3.70%, 03/22/61 (Call 09/22/60)		1,753		1,409,295
3.85%, 11/01/42 (Call 05/01/42)(a)		702		621,750
3.88%, 03/01/52 (Call 09/01/51)		700		609,656
4.00%, 03/22/50 (Call 09/22/49)		747		667,065
4.13%, 08/15/46		580		526,286
4.27%, 01/15/36		1,297		1,255,213
4.40%, 11/01/34 (Call 05/01/34)		1,637		1,612,575
4.50%, 08/10/33		1,722		1,721,556
4.52%, 09/15/48		172		166,984
4.67%, 03/15/55		222		226,665
4.75%, 11/01/41		415		410,264
4.81%, 03/15/39		865		887,545
4.86%, 08/21/46		1,358		1,366,823
5.01%, 04/15/49		50		53,314
5.01%, 08/21/54		120		127,241
5.25%, 03/16/37		867		926,538
5.50%, 03/16/47(a)		345		379,737
5.85%, 09/15/35		415		461,921
6.40%, 09/15/33(a)		60		68,953
6.55%, 09/15/43		112		139,456
Vodafone Group PLC
4.25%, 09/17/50		860		747,763
4.38%, 02/19/43(a)		795		719,427
4.88%, 06/19/49		986		942,718
5.00%, 05/30/38		662		657,907
5.13%, 06/19/59		177		173,098
5.25%, 05/30/48		1,603		1,594,977
6.15%, 02/27/37		1,141		1,260,457
6.25%, 11/30/32(a)		405		454,334
				95,375,073
Toys, Games & Hobbies — 0.0%
Hasbro Inc.
5.10%, 05/15/44 (Call 11/15/43)		17		16,294
6.35%, 03/15/40		347		380,299
				396,593
Transportation — 3.5%
Burlington Northern Santa Fe LLC
2.88%, 06/15/52 (Call 12/15/51)		160		122,845
3.05%, 02/15/51 (Call 08/15/50)		347		275,258
3.30%, 09/15/51 (Call 03/15/51)		536		444,729
3.55%, 02/15/50 (Call 08/15/49)		495		431,009
3.90%, 08/01/46 (Call 02/01/46)		472		435,693
4.05%, 06/15/48 (Call 12/15/47)		443		415,755

Security	Par (000)		Value
Transportation (continued)
4.13%, 06/15/47 (Call 12/15/46)	$	450	$	428,799
4.15%, 04/01/45 (Call 10/01/44)		593		558,117
4.15%, 12/15/48 (Call 06/15/48)		462		440,579
4.38%, 09/01/42 (Call 03/01/42)		420		409,404
4.40%, 03/15/42 (Call 09/15/41)		293		286,876
4.45%, 03/15/43 (Call 09/15/42)		458		452,291
4.55%, 09/01/44 (Call 03/01/44)		398		396,794
4.70%, 09/01/45 (Call 03/01/45)		390		395,010
4.90%, 04/01/44 (Call 10/01/43)		490		507,708
4.95%, 09/15/41 (Call 03/15/41)		188		196,280
5.05%, 03/01/41 (Call 09/01/40)		388		409,551
5.15%, 09/01/43 (Call 03/01/43)		396		420,684
5.40%, 06/01/41 (Call 12/01/40)		307		336,249
5.75%, 05/01/40 (Call 11/01/39)		489		554,356
6.15%, 05/01/37		380		448,025
6.20%, 08/15/36		220		259,728
Canadian National Railway Co.
2.45%, 05/01/50 (Call 11/01/49)(a)		265		189,505
3.20%, 08/02/46 (Call 02/02/46)(a)		257		217,570
3.50%, 11/15/42 (Call 05/15/42)		195		165,659
3.65%, 02/03/48 (Call 08/03/47)		248		220,523
4.45%, 01/20/49 (Call 07/20/48)		296		298,951
4.50%, 11/07/43 (Call 05/07/43)		100		96,842
6.20%, 06/01/36		385		447,662
6.25%, 08/01/34		265		311,101
6.38%, 11/15/37		326		381,505
6.71%, 07/15/36(a)		287		344,009
Canadian Pacific Railway Co.
3.00%, 12/02/41 (Call 06/02/41)		366		297,629
3.10%, 12/02/51 (Call 06/02/51)(a)		880		681,314
4.80%, 09/15/35 (Call 03/15/35)		191		196,975
4.80%, 08/01/45 (Call 02/01/45)(a)		191		193,595
5.75%, 03/15/33		200		222,189
5.75%, 01/15/42		470		515,842
5.95%, 05/15/37		541		613,592
6.13%, 09/15/2115 (Call 03/15/2115)		349		384,623
CSX Corp.
2.50%, 05/15/51 (Call 11/15/50)		368		256,986
3.35%, 09/15/49 (Call 03/15/49)		455		373,469
3.80%, 11/01/46 (Call 05/01/46)		483		424,276
3.80%, 04/15/50 (Call 10/15/49)		357		315,522
3.95%, 05/01/50 (Call 11/01/49)		357		326,400
4.10%, 03/15/44 (Call 09/15/43)		497		453,163
4.25%, 11/01/66 (Call 05/01/66)		263		237,392
4.30%, 03/01/48 (Call 09/01/47)		437		414,266
4.40%, 03/01/43 (Call 09/01/42)		77		72,883
4.50%, 03/15/49 (Call 09/15/48)		223		220,182
4.50%, 08/01/54 (Call 02/01/54)		156		151,148
4.65%, 03/01/68 (Call 09/01/67)		160		151,710
4.75%, 05/30/42 (Call 11/30/41)		451		446,492
4.75%, 11/15/48 (Call 05/15/48)		349		351,945
5.50%, 04/15/41 (Call 10/15/40)		297		323,584
6.00%, 10/01/36		284		323,894
6.15%, 05/01/37		411		475,391
6.22%, 04/30/40(a)		404		475,338
Empresa de los Ferrocarriles del Estado
3.07%, 08/18/50 (Call 02/18/50)(b)		295		204,288
3.83%, 09/14/61 (Call 03/14/61)(b)		360		274,950
Empresa de Transporte de Pasajeros Metro SA
3.69%, 09/13/61 (Call 03/13/61)(b)		475		343,781

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
4.70%, 05/07/50 (Call 11/07/49)(b)	$	553	$	503,927
5.00%, 01/25/47 (Call 07/25/46)(b)		282		262,288
FedEx Corp.
3.25%, 05/15/41 (Call 11/15/40)		437		349,743
3.88%, 08/01/42		377		326,087
3.90%, 02/01/35		279		257,244
4.05%, 02/15/48 (Call 08/15/47)		549		472,872
4.10%, 04/15/43		297		260,474
4.10%, 02/01/45(a)		396		341,630
4.40%, 01/15/47 (Call 07/15/46)		430		392,040
4.50%, 02/01/65(a)		164		148,310
4.55%, 04/01/46 (Call 10/01/45)		758		700,503
4.75%, 11/15/45 (Call 05/15/45)		687		653,553
4.90%, 01/15/34		5		5,095
4.95%, 10/17/48 (Call 04/17/48)(a)		511		505,232
5.10%, 01/15/44		460		457,703
5.25%, 05/15/50 (Call 11/15/49)(a)		722		739,663
Kansas City Southern
3.50%, 05/01/50 (Call 11/01/49)		495		400,209
4.20%, 11/15/69 (Call 05/15/69)		196		170,313
4.30%, 05/15/43 (Call 11/15/42)		256		239,063
4.70%, 05/01/48 (Call 11/01/47)		337		333,679
4.95%, 08/15/45 (Call 02/15/45)		332		337,311
Norfolk Southern Corp.
2.90%, 08/25/51 (Call 02/25/51)		431		322,842
3.05%, 05/15/50 (Call 11/15/49)		453		348,290
3.16%, 05/15/55 (Call 11/15/54)		315		240,212
3.40%, 11/01/49 (Call 05/01/49)		302		246,492
3.70%, 03/15/53 (Call 09/15/52)		300		257,801
3.94%, 11/01/47 (Call 05/01/47)		476		429,349
3.95%, 10/01/42 (Call 04/01/42)		385		349,862
4.05%, 08/15/52 (Call 02/15/52)		424		386,722
4.10%, 05/15/49 (Call 11/15/48)		309		286,244
4.10%, 05/15/2121 (Call 11/15/2120)		370		302,041
4.15%, 02/28/48 (Call 08/28/47)		480		444,923
4.45%, 06/15/45 (Call 12/15/44)		325		312,223
4.65%, 01/15/46 (Call 07/15/45)		426		424,278
4.80%, 08/15/43 (Call 02/15/43)		25		23,544
4.84%, 10/01/41		370		376,106
5.10%, 08/01/2118 (Call 02/01/2118)		5		4,736
Pelabuhan Indonesia II PT, 5.38%, 05/05/45(a)(b)		340		348,500
Polar Tankers Inc., 5.95%, 05/10/37(a)(b)		320		347,414
TTX Co.
3.90%, 02/01/45 (Call 08/01/44)(a)(b)		270		246,662
4.20%, 07/01/46 (Call 01/01/46)(b)		255		243,066
4.60%, 02/01/49 (Call 08/01/48)(a)(b)		250		255,430
Union Pacific Corp.
2.89%, 04/06/36 (Call 01/06/36)(a)		355		303,142
2.95%, 03/10/52 (Call 09/10/51)		255		195,504
2.97%, 09/16/62 (Call 03/16/62)(a)		605		437,400
3.20%, 05/20/41 (Call 11/20/40)		580		491,358
3.25%, 02/05/50 (Call 08/05/49)		947		772,302
3.35%, 08/15/46 (Call 02/15/46)		154		129,657
3.38%, 02/01/35 (Call 08/01/34)		261		237,883
3.38%, 02/14/42 (Call 08/14/41)		365		314,932
3.50%, 02/14/53 (Call 08/14/52)		610		516,444
3.55%, 08/15/39 (Call 02/15/39)		312		280,348
3.55%, 05/20/61 (Call 11/20/60)		380		312,476
3.60%, 09/15/37 (Call 03/15/37)		342		312,255
3.75%, 02/05/70 (Call 08/05/69)		435		360,965

Security	Par/ Shares (000)		Value
Transportation (continued)
3.80%, 10/01/51 (Call 04/01/51)	$	593	$	531,323
3.80%, 04/06/71 (Call 10/06/70)		576		485,085
3.84%, 03/20/60 (Call 09/20/59)		968		847,437
3.85%, 02/14/72 (Call 08/14/71)(a)		230		195,470
3.88%, 02/01/55 (Call 08/01/54)		255		227,287
3.95%, 08/15/59 (Call 02/15/59)		325		289,527
4.00%, 04/15/47 (Call 10/15/46)		305		281,975
4.05%, 11/15/45 (Call 05/15/45)		266		244,389
4.05%, 03/01/46 (Call 09/01/45)		340		316,459
4.10%, 09/15/67 (Call 03/15/67)		154		137,704
4.30%, 03/01/49 (Call 09/01/48)(a)		363		351,364
4.50%, 09/10/48 (Call 03/10/48)		245		243,731
United Parcel Service Inc.
3.40%, 11/15/46 (Call 05/15/46)		300		260,338
3.40%, 09/01/49 (Call 03/01/49)(a)		387		339,918
3.63%, 10/01/42		245		219,948
3.75%, 11/15/47 (Call 05/15/47)		619		566,107
4.25%, 03/15/49 (Call 09/15/48)		383		380,522
4.88%, 11/15/40 (Call 05/15/40)(a)		500		520,872
5.20%, 04/01/40 (Call 10/01/39)		446		489,033
5.30%, 04/01/50 (Call 10/01/49)(a)		587		664,892
6.20%, 01/15/38		906		1,090,377
Walmart Inc.
2.50%, 09/22/41 (Call 03/22/41)(a)		880		706,065
2.65%, 09/22/51 (Call 03/22/51)		2,055		1,604,433
				50,734,484
Trucking & Leasing — 0.0%
GATX Corp.
3.10%, 06/01/51 (Call 12/01/50)		309		224,863
4.50%, 03/30/45 (Call 09/30/44)		205		187,382
5.20%, 03/15/44 (Call 09/15/43)		189		189,901
				602,146
Water — 0.2%
American Water Capital Corp.
3.25%, 06/01/51 (Call 12/01/50)(a)		310		251,586
3.45%, 05/01/50 (Call 11/01/49)		270		227,123
3.75%, 09/01/47 (Call 03/01/47)		404		353,666
4.00%, 12/01/46 (Call 06/01/46)		170		155,611
4.15%, 06/01/49 (Call 12/01/48)		290		269,602
4.20%, 09/01/48 (Call 03/01/48)		384		358,436
4.30%, 12/01/42 (Call 06/01/42)		261		252,189
4.30%, 09/01/45 (Call 03/01/45)		181		168,469
6.59%, 10/15/37		577		703,710
Essential Utilities Inc.
3.35%, 04/15/50 (Call 10/15/49)		421		335,538
4.28%, 05/01/49 (Call 11/01/48)		260		240,929
Veolia Environnement SA, 6.75%, 06/01/38		53		65,185
				3,382,044
Total Corporate Bonds & Notes — 98.5% (Cost: $1,794,098,902)				1,425,821,548
Short-Term Investments
Money Market Funds — 8.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(f)(g)(h)		124,483		124,482,983

S C H E D U L E   O F   I N V E S T M E N T S

Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(f)(g)		1,587	$	1,587,000
				126,069,983
Total Short-Term Investments — 8.7% (Cost: $126,042,227)				126,069,983
Total Investments in Securities — 107.2% (Cost: $1,920,141,129)				1,551,891,531
Other Assets, Less Liabilities — (7.2)%				(104,013,340	)
Net Assets — 100.0%			$	1,447,878,191

^(a)  All or a portion of this security is on loan.

^(b)  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.

^(c)  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(d)  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.

^(e)  Perpetual security with no stated maturity date.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

^(h)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Fair Value Measurements

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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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
Investments
Assets
Corporate Bonds & Notes	$	—	$	1,425,821,548	$	—	$	1,425,821,548
Money Market Funds		126,069,983		—		—		126,069,983
	$	126,069,983	$	1,425,821,548	$	—	$	1,551,891,531

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

April 30, 2022

	iShares 10+ Year Investment Grade Corporate Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,425,821,548
Affiliated(c)		126,069,983
Receivables:
Investments sold		4,952,241
Securities lending income — Affiliated		32,084
Dividends		406
Interest		17,460,567
Total assets		1,574,336,829
LIABILITIES
Bank overdraft		12,522
Collateral on securities loaned, at value		124,503,912
Payables:
Investments purchased		1,598,332
Capital shares redeemed		274,086
Investment advisory fees		69,786
Total liabilities		126,458,638
NET ASSETS	$	1,447,878,191
NET ASSETS CONSIST OF:
Paid-in capital	$	1,877,646,450
Accumulated loss		(429,768,259	)
NET ASSETS	$	1,447,878,191
Shares outstanding		26,100,000
Net asset value	$	55.47
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	119,297,497
(b) Investments, at cost — Unaffiliated	$	1,794,098,902
(c)  Investments, at cost — Affiliated	$	126,042,227

F I N A N C I A L   S T A T E M E N T S

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate

2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Want to know more?

iShares.com    |    1-800-474-2737

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by BlackRock Index Services, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1018-0422

APRIL 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares U.S. ETF Trust

· iShares Interest Rate Hedged Emerging Markets Bond ETF | EMBH | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(9.65	)%		0.21	%
U.S. small cap equities (Russell 2000® Index)		(18.38	)		(16.87	)
International equities (MSCI Europe, Australasia, Far East Index)		(11.80	)		(8.15	)
Emerging market equities (MSCI Emerging Markets Index)		(14.15	)		(18.33	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.07			0.08
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.29	)		(8.86	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.47	)		(8.51	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(7.90	)		(7.88	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.40	)		(5.22	)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only You cannot invest directly in an index.

2 T H I S    P A G E    I S    N O T    P A R T    O F    Y O U R    F U N D    R E P O R T

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Schedule of Investments		7
Financial Statements
Statement of Assets and Liabilities		10
Statement of Operations		11
Statements of Changes in Net Assets		12
Financial Highlights		13
Notes to Financial Statements		14
Statement Regarding Liquidity Risk Management Program		19
Supplemental Information		20
General Information		21
Glossary of Terms Used in this Report		22

Fund Summary  as of April 30, 2022  iShares^® Interest Rate Hedged Emerging Markets Bond ETF

Investment Objective

The iShares Interest Rate Hedged Emerging Markets Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, emerging market bonds, as represented by the BlackRock Interest Rate Hedged Emerging Markets Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares J.P. Morgan USD Emerging Markets Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(6.33	)%		(7.08	)%		0.06	%		1.61	%		(7.08	)%		0.32	%		11.45	%
Fund Market		(6.23	)		(7.06	)		0.12			1.63			(7.06	)		0.59			11.58
Index(a)		(6.64	)		(6.71	)		0.31			1.84			(6.71	)		1.58			13.13
J.P. Morgan EMBI Global Core Swap Hedged Index(b)		(6.03	)		(6.11	)		0.44			1.93			(6.11	)		2.24			13.86
BlackRock Interest Rate Hedged Emerging Markets Bond Index (c)		(6.62	)		N/A			N/A			N/A			N/A			N/A			N/A

The inception date of the Fund was 7/22/15. The first day of secondary market trading was 7/23/15.

^(a)  Index performance through November 30, 2021 reflects the performance of the J.P. Morgan EMBI Global Core Swap Hedged Index. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged Emerging Markets Bond Index, which, effective as of December 1, 2021, replaced the J.P. Morgan EMBI Global Core Swap Hedged Index as the underlying index of the fund.

^(b)  The J.P. Morgan EMBI Global Core Swap Hedged Index is an unmanaged index that consists of the J.P. Morgan EMBI^® Global Core Index plus interest rate swaps that intend to hedge the interest rate exposure of the J.P. Morgan EMBI^® Global Core Index.

^(c)  The inception date of the BlackRock Interest Rate Hedged Emerging Markets Bond Index was October 29, 2021. The cumulative total return for this index for the period October 29, 2021 through April 30, 2022 was -6.62%.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	936.70	$	0.48		$	1,000.00	$	1,024.30	$	0.50		0.10	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

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Fund Summary  as of April 30, 2022 (continued) iShares^® Interest Rate Hedged Emerging Markets Bond ETF

Portfolio Information

ALLOCATION BY INVESTMENT TYPE
Investment Type	Percent of Net Assets
Investment Companies		93.7	%
Short-term Investments		1.3
Swaps, net cumulative appreciation		8.1
Other assets less liabilities		(3.1	)

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)
Credit Rating(a)	Percent of Total Investment(b)
Aa		6.2	%
A		12.4
Baa		35.1
Ba		18.1
B		16.8
Caa		4.5
Ca		2.5
Not Rated		4.4

^(a)  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(b) Excludes money market funds.

F U N D   S U M M A R Y 5

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

Shareholders of the Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

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Schedule of Investments  (unaudited) April 30, 2022 iShares^® Interest Rate Hedged Emerging Markets Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 93.7%
iShares J.P. Morgan USD Emerging Markets Bond ETF(a)(b)		89,872	$	8,167,567
Total Investment Companies — 93.7% (Cost: $9,387,918)				8,167,567
Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(c)		110,000		110,000
Total Short-Term Investments — 1.3% (Cost: $110,000)				110,000
Total Investments in Securities — 95.0% (Cost: $9,497,918)				8,277,567
Other Assets, Less Liabilities — 5.0%				436,896
Net Assets — 100.0%			$	8,714,463

^(a) Affiliate of the Fund.

^(b) All or a portion of the security has been pledged in connection with outstanding centrally cleared swaps.

^(c) Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22	Shares Held at 04/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	70,000	$	40,000	(a)	$	—		$	—		$	—		$	110,000	110,000	$	62	$	—
iShares J.P. Morgan USD Emerging Markets Bond ETF		6,703,291		3,903,228			(1,219,839	)		(27,926	)		(1,191,187	)		8,167,567	89,872		121,882		—
									$	(27,926	)	$	(1,191,187	)	$	8,277,567		$	121,944	$	—

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

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)			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency					Value
0.85%	Annual	1-Day SOFR, 0.33%	Annual	N/A		07/19/22	$(2,377)	$	902	$	3		$	899
1.82%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/11/23	(119)		406		—			406
0.69%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/11/23	(700)		21,575		3			21,572
2.48%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/15/24	(57)		263		—			263
2.46%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		01/13/25	(381)		6,081		(18,870	)		24,951
1.25%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/21/25	(39)		1,574		—			1,574
1.47%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/10/25	(50)		1,790		—			1,790
1.64%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/18/25	(24)		767		1			766
1.68%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/25/25	(38)		1,150		—			1,150
1.74%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/14/25	(131)		3,833		1			3,832
2.35%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/01/25	(429)		5,426		3			5,423
2.51%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/11/25	(103)		823		1			822

S C H E D U L E   O F   I N V E S T M E N T S 7

Schedule of Investments  (unaudited) (continued) April 30, 2022 iShares^® Interest Rate Hedged Emerging Markets 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
0.88%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		07/14/26		$    (86	)	$	7,379	$	(39	)	$	7,418
0.92%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/09/26		(180	)		15,642		1			15,641
1.32%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		11/23/26		(25	)		1,837		—			1,837
1.14%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/10/26		(432	)		30,481		4			30,477
1.32%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/11/27		(199	)		12,687		2			12,685
1.76%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/16/27		(55	)		2,483		1			2,482
2.33%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/30/27		(49	)		945		—			945
2.45%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/12/27		(569	)		7,798		(58	)		7,856
0.49%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/27/27		(72	)		9,142		338			8,804
1.88%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/19/29		(20	)		1,051		—			1,051
1.96%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/21/29		(93	)		4,453		1			4,452
2.17%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/02/29		(267	)		9,234		4			9,230
2.43%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/11/29		(185	)		3,391		3			3,388
2.57%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/13/29		(30	)		289		—			289
2.58%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/27/29		(40	)		338		—			338
0.77%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		04/01/30		(1,051	)		165,946		18,273			147,673
1.31%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/05/32		(73	)		8,678		1			8,677
1.53%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/12/32		(244	)		24,378		4			24,374
1.62%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/21/32		(13	)		1,168		—			1,168
1.73%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/09/32		(36	)		3,043		1			3,042
1.84%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/18/32		(33	)		2,422		1			2,421
2.00%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/18/32		(108	)		6,549		2			6,547
2.14%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/01/32		(61	)		2,973		1			2,972
2.41%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/12/32		(417	)		10,729		8			10,721
2.34%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		12/08/36		(274	)		21,775		(35,898	)		57,673
1.89%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/16/37		(74	)		7,345		2			7,343
2.14%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/01/37		(118	)		8,104		3			8,101
2.39%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/13/37		(58	)		2,244		1			2,243
2.57%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/13/37		(17	)		276		—			276
2.59%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/27/37		(10	)		140		—			140
1.94%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		06/10/41		(63	)		9,548		(3,110	)		12,658
1.40%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/02/41		(35	)		6,795		1			6,794
1.39%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/09/41		(41	)		7,960		1			7,959
1.91%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/14/42		(45	)		5,102		1			5,101
2.21%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/31/42		(16	)		1,094		—			1,094
2.13%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/01/42		(105	)		8,511		3			8,508
2.35%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/11/42		(78	)		3,625		2			3,623
0.86%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		03/30/45		(324	)		112,303		29,021			83,282
1.67%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/10/47		(9	)		1,506		—			1,506
1.98%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/18/47		(22	)		2,351		—			2,351
2.01%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/21/47		(23	)		2,282		1			2,281
2.14%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/25/47		(22	)		1,717		—			1,717
2.30%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/11/47		(233	)		11,311		(1,290	)		12,601
0.87%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		03/30/50		(38	)		14,472		1,164			13,308
1.06%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/19/50		(366	)		126,693		56,991			69,702
1.67%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/22/52		(1	)		142		—			142
1.87%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/20/52		(7	)		843		—			843
1.82%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/14/52		(21	)		2,824		1			2,823
1.99%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/18/52		(18	)		1,762		1			1,761
2.08%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/29/52		(26	)		2,136		1			2,135
2.01%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/01/52		(102	)		9,737		4			9,733
2.19%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/11/52		(76	)		4,462		3			4,459
										$	754,686	$	46,593		$	708,093

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Schedule of Investments  (unaudited) (continued) April 30, 2022 iShares^® Interest Rate Hedged Emerging Markets Bond ETF

Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)		$105,858		$(59,265	)		$708,093		$—

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Interest Rate Contracts
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	708,093

^(a)  Net cumulative unrealized appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	1,911
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	606,940

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	8,200,081

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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
Investments
Assets
Investment Companies	$	8,167,567	$	—	$	—	$	8,167,567
Money Market Funds		110,000		—		—		110,000
	$	8,277,567	$	—	$	—	$	8,277,567
Derivative financial instruments(a)
Assets
Swaps	$	—	$	708,093	$	—	$	708,093

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

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 9

Statement of Assets and Liabilities  (unaudited)

April 30, 2022

	iShares Interest Rate Hedged Emerging Markets Bond ETF
ASSETS
Investments in securities, at value:
Affiliated(a)	$	8,277,567
Cash		37,272
Cash pledged:
Centrally cleared swaps		378,000
Receivables:
Investments sold		345
Variation margin on centrally cleared swaps		21,920
Dividends		42
Total assets		8,715,146
LIABILITIES
Payables:
Investment advisory fees		683
Total liabilities		683
NET ASSETS	$	8,714,463
NET ASSETS CONSIST OF:
Paid-in capital	$	10,504,028
Accumulated loss		(1,789,565	)
NET ASSETS	$	8,714,463
Shares outstanding		400,000
Net asset value	$	21.79
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — Affiliated	$	9,497,918

See notes to financial statements.

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Statement of Operations  (unaudited)

Six Months Ended April 30, 2022

	iShares Interest Rate Hedged Emerging Markets Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	121,944
Total investment income		121,944
EXPENSES
Investment advisory fees		23,667
Professional fees		217
Total expenses		23,884
Less:
Investment advisory fees waived		(20,729	)
Total expenses after fees waived		3,155
Net investment income		118,789
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(20,920	)
In-kind redemptions — Affiliated		(7,006	)
Swaps		1,911
Net realized loss		(26,015	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(1,191,187	)
Swaps		606,940
Net change in unrealized appreciation (depreciation)		(584,247	)
Net realized and unrealized loss		(610,262	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(491,473	)

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 11

Statements of Changes in Net Assets

	iShares Interest Rate Hedged Emerging Markets Bond ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	118,789		$	226,716
Net realized loss		(26,015	)		(22,742	)
Net change in unrealized appreciation (depreciation)		(584,247	)		200,722
Net increase (decrease) in net assets resulting from operations		(491,473	)		404,696
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(94,286	)		(160,764	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,213,927			1,209,671
NET ASSETS
Total increase in net assets		1,628,168			1,453,603
Beginning of period		7,086,295			5,632,692
End of period	$	8,714,463		$	7,086,295

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged Emerging Markets Bond ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17
Net asset value, beginning of period	$	23.62		$	22.53		$	24.44		$	25.28		$	26.44		$	25.06
Net investment income(a)		0.43			0.83			0.91			1.42			1.06			1.11
Net realized and unrealized gain (loss)(b)		(1.91	)		0.86			(2.10	)		(1.00	)		(1.19	)		1.24
Net increase (decrease) from investment operations		(1.48	)		1.69			(1.19	)		0.42			(0.13	)		2.35
Distributions(c)
From net investment income		(0.35	)		(0.60	)		(0.72	)		(1.26	)		(1.03	)		(0.97	)
Total distributions		(0.35	)		(0.60	)		(0.72	)		(1.26	)		(1.03	)		(0.97	)
Net asset value, end of period	$	21.79		$	23.62		$	22.53		$	24.44		$	25.28		$	26.44
Total Return(d)
Based on net asset value		(6.33	)%(e)		7.52	%		(4.84	)%		1.72	%		(0.51	)%		9.57	%
Ratios to Average Net Assets(f)
Total expenses		0.76	%(g)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Total expenses after fees waived		0.10	%(g)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income		3.76	%(g)		3.50	%		3.97	%		5.71	%		4.07	%		4.32	%
Supplemental Data
Net assets, end of period (000)	$	8,714		$	7,086		$	5,633		$	7,333		$	13,902		$	2,644
Portfolio turnover rate(h)		2	%(e)		5	%		4	%		3	%		0	%(i)		2	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g) Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾ Rounds to less than 1%.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T S 13

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
Interest Rate Hedged Emerging Markets Bond		Diversified

Currently the Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedule of investments for the underlying fund are available on iShares.com and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

Segregation and Collateralization: In cases where the Fund enters into certain investments (e.g., swaps) that would be treated as “senior securities” for 1940 Act purposes, the Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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Notes to Financial Statements  (unaudited) (continued)

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: 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 the 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 Global 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 Global 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.

4. DERIVATIVE FINANCIAL INSTRUMENTS

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 15

Notes to Financial Statements  (unaudited) (continued)

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.75%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares J.P. Morgan USD Emerging Markets Bond ETF (“EMB”), after taking into account any fee waivers by EMB, plus 0.10%.

This amount is included in investment advisory fees waived in the Statement of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Interest Rate Hedged Emerging Markets Bond	$	20,729

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.

6. PURCHASES AND SALES

For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Interest Rate Hedged Emerging Markets Bond	$	758,246	$	127,096

For the six months ended April 30, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Interest Rate Hedged Emerging Markets Bond	$	3,144,982	$	1,092,743

7. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of October 31, 2021, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $1,265,177.

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Notes to Financial Statements  (unaudited) (continued)

As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Interest Rate Hedged Emerging Markets Bond	$	9,508,536	$	708,093	$	(1,230,969	)	$	(522,876	)

8. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 17

Notes to Financial Statements  (unaudited) (continued)

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

9. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 04/30/22						Year Ended 10/31/21
iShares ETF	Shares			Amount			Shares			Amount
Interest Rate Hedged Emerging Markets Bond
Shares sold		150,000		$	3,370,747			100,000		$	2,384,241
Shares redeemed		(50,000	)		(1,156,820	)		(50,000	)		(1,174,570	)
Net increase		100,000		$	2,213,927			50,000		$	1,209,671

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.

10. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Fund’s financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

On June 15, 2022, the Board approved the liquidation of the Fund. After the close of business on August 22, 2022, the Fund will no longer accept creation orders. Trading in the Fund will be halted prior to market open on August 23, 2022. Proceeds of the liquidation are currently scheduled to be sent to shareholders on August 25, 2022.

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Statement Regarding Liquidity Risk Management Program  (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Interest Rate Hedged Emerging Markets Bond ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T    R E G A R D I N G     L I Q U I D I T Y    R I S K    M A N A G E M E  N T    P R O G R A M 19

Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

April 30, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Interest Rate Hedged Emerging Markets Bond	$	0.354167	$	—	$	—	$	0.354167		100	%		—	%		—	%		100	%

20 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L    I N F O R M A T I O  N 21

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income

SOFR	Secured Overnight Financing Rate
LIBOR	London Interbank Offered Rate

22 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by BlackRock Index Services, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1019-0422

APRIL 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares U.S. ETF Trust

·  iShares Bloomberg Roll Select Commodity Strategy ETF | CMDY | NYSE Arca

·  iShares Commodity Curve Carry Strategy ETF | CCRV | NYSE Arca

·  iShares Gold Strategy ETF | IAUF | Cboe BZX

·  iShares GSCI Commodity Dynamic Roll Strategy ETF | COMT | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(9.65	)%		0.21	%
U.S. small cap equities (Russell 2000® Index)		(18.38	)		(16.87	)
International equities (MSCI Europe, Australasia, Far East Index)		(11.80	)		(8.15	)
Emerging market equities (MSCI Emerging Markets Index)		(14.15	)		(18.33	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.07			0.08
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.29	)		(8.86	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.47	)		(8.51	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(7.90	)		(7.88	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.40	)		(5.22	)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		8
Shareholder Expenses		8
Consolidated Schedules of Investments		9
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities		21
Consolidated Statements of Operations		22
Consolidated Statements of Changes in Net Assets		23
Consolidated Financial Highlights		25
Notes to Consolidated Financial Statements		29
Statement Regarding Liquidity Risk Management Program		36
Supplemental Information		37
General Information		38
Glossary of Terms Used in this Report		39

Fund Summary as of April 30, 2022 iShares^® Bloomberg Roll Select Commodity Strategy ETF

Investment Objective

The iShares Bloomberg Roll Select Commodity Strategy ETF (the “Fund”) seeks to track the investment results of an index composed of a broad range of commodity exposures with enhanced roll selection, on a total return basis, as represented by the Bloomberg Roll Select Commodity Total Return Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns				Cumulative Total Returns
	6 Months			1 Year			Since    Inception	1 Year			Since    Inception
Fund NAV		24.41	%		42.37	%	11.27%		42.37	%	54.57%
Fund Market		23.21			41.24		11.12		41.24		53.71
Index		25.04			43.62		11.89		43.62		58.08

The inception date of the Fund was 4/3/18. The first day of secondary market trading was 4/5/18.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending     Account Value (04/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       1,244.10	$         1.50			$       1,000.00	$       1,023.50	$        1.35		0.27	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Commercial Paper		70.7	%
U.S. Treasury Obligations		14.7
Money Market Funds		9.2
Cash		6.7
Futures		0.5
Other assets, less liabilities		(1.8	)

COMMODITIES EXPOSURE

Sector Exposure(a)	Percent of Exposure
Energy Futures		36.2	%
Agriculture Futures		28.8
Precious Metals Futures		16.5
Industrial Metals Futures		14.0
Livestock Futures		4.5

^(a)  Represents the sector allocation of the Bloomberg Roll Select Commodity Total Return Index.

4 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of April 30, 2022 iShares^® Commodity Curve Carry Strategy ETF

Investment Objective

The iShares Commodity Curve Carry Strategy ETF (the “Fund”) seeks to track the investment results of an index composed of commodities with the top ten highest ranking roll yields, on a total return basis, selected from a broad commodity universe, as represented by the ICE BofA Commodity Enhanced Carry Total Return Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns		Cumulative Total Returns
	6 Months			1 Year	Since    Inception	1 Year			Since Inception
Fund NAV		29.99	%	49.98%	43.75%		49.98	%		82.86	%
Fund Market		29.00		49.70	43.49		49.70			82.30
Index		30.35		50.78	44.50		50.78			84.50

The inception date of the Fund was 9/1/20. The first day of secondary market trading was 9/3/20.

Certain sectors and markets performed exceptionally well based on market conditions during the six-months and one-year periods. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending     Account Value (04/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       1,299.90	$        2.22			$       1,000.00	$       1,022.90	$        1.96		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Commercial Paper		58.4	%
U.S. Treasury Obligations		11.7
Money Market Funds		31.3
Cash		0.0	(a)
Commodity Swaps		30.7
Other assets, less liabilities		(32.1	)

FIVE LARGEST HOLDINGS

Security	Percent of Net Assets
U.S. Treasury Bill, 0.29%, 05/24/22		7.4	%
Ecolab Inc., 0.80%, 05/18/22		3.2
Export Development Corp., 0.76%, 06/23/22		3.2
NASDAQ Inc., 1.06%, 06/17/22		3.2
Bayerische Landesbank/New York, 1.08%, 07/07/22		3.2

^(a)  Rounds to less than 0.1%.

F U N D   S U M M A R Y 5

Fund Summary as of April 30, 2022 iShares^® Gold Strategy ETF

Investment Objective

The iShares Gold Strategy ETF (the “Fund”) seeks to track the investment results of an index that provides exposure, on a total return basis, to the price performance of gold, as represented by the Bloomberg Composite Gold Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns					Cumulative Total Returns
	6 Months			1 Year			Since    Inception		1 Year			Since Inception
Fund NAV		6.37	%		6.74	%		8.86%		6.74	%		39.27	%
Fund Market		5.83			6.20			8.72		6.20			38.56
Index		6.62			7.23			9.10		7.23			40.45

The inception date of the Fund was 6/6/18. The first day of secondary market trading was 6/8/18.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending       Account Value (04/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       1,063.70	$        0.77			$       1,000.00	$       1,024.10	$        0.75		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE
Investment Type	Percent of Net Assets
Money Market Funds		76.7	%
Grantor Trust		21.9
Cash		3.2
Futures		(0.6	)
Other assets, less liabilities		(1.2	)

COMMODITY-LINKED FUTURES
Sector Exposure(a)	Percent of Net Assets
Gold Futures		75.8	%

^(a)  Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.

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Fund Summary as of April 30, 2022 iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Investment Objective

The iShares GSCI Commodity Dynamic Roll Strategy ETF (the “Fund”) seeks to track the investment results of an index composed of a broad range of commodity exposures with enhanced roll selection, on a total return basis, as represented by the S&P GSCI Dynamic Roll (USD) Total Return Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		31.95	%		53.58	%		12.36	%		2.67	%		53.58	%		79.10	%		22.00	%
Fund Market		31.19			52.95			12.29			2.61			52.95			78.53			21.43
Index		32.32			54.35			12.80			(0.17	)		54.35			82.59			(1.26	)

The inception date of the Fund was 10/15/14. The first day of secondary market trading was 10/16/14.

Certain sectors and markets performed exceptionally well based on market conditions during the six-months and one-year periods. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Index performance through January 30, 2020 reflects the performance of the S&P GSCI Dynamic Roll Reduced Energy 70/30 Futures/Equity Blend Total Return Index. Index performance beginning on January 31, 2020 reflects the performance of the S&P GSCI Dynamic Roll (USD) Total Return Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending       Account Value (04/30/22)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       1,319.50	$        2.76			$       1,000.00	$       1,022.40	$        2.41		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE
Investment Type	Percent of Net Assets
Commercial Paper		66.2	%
U.S. Treasury Obligations		12.3
Certificates of Deposit		4.2
Money Market Funds		9.1
Cash		3.5
Futures		5.1
Other assets, less liabilities		(0.4	)

COMMODITY-LINKED FUTURES
Sector Exposure(a)	Percent of Net Assets
Energy Futures		62.1	%
Agriculture Futures		18.8
Industrial Metals Futures		10.3
Livestock Futures		5.2
Precious Metals Futures		3.6

^(a)  Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.

F U N D   S U M M A R Y 7

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

8 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) April 30, 2022 iShares^® Bloomberg Roll Select Commodity Strategy  ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Paper
ANZ New Zealand International Ltd.
0.46%, 05/09/22(a)	$	7,000	$	6,999,113
1.15%, 07/19/22(a)		6,000		5,984,569
AT & T Inc., 0.56%, 05/02/22(a)		1,950		1,949,909
Banco Santander SA, 0.39%, 05/04/22(a)		2,000		1,999,891
Barton Capital Corp., 1.07%, 07/05/22(a)		6,000		5,988,074
Bayerische Landesbank/New York, 1.08%, 07/07/22(a)		12,000		11,975,160
BNP Paribas SA, 0.88%, 06/16/22(a)		10,000		9,988,347
Brighthouse Financial Short Term Funding
0.71%, 05/23/22(a)		3,000		2,998,574
0.75%, 06/01/22(a)		4,000		3,997,252
Britannia Funding Co.
0.81%, 06/07/22(a)		1,750		1,748,358
1.02%, 06/27/22(a)		5,000		4,991,699
Ecolab Inc., 0.80%, 05/18/22(a)		10,000		9,995,804
ENGIE SA, 0.90%, 06/08/22(a)		5,800		5,794,039
Export Development Corp., 0.76%, 06/23/22(a)		13,000		12,984,866
Federation des Caisses, 0.79%, 06/06/22(a)		12,500		12,489,603
Fidelity National Information Services, 0.89%, 05/23/22(a)		11,333		11,326,291
Ionic Capital II Trust, 0.80%, 05/27/22(a)		10,000		9,994,190
Korea Development Bank (The), 0.71%, 05/25/22(a)		4,000		3,997,952
Landesbank Baden-Wuerttemberg, 0.95%, 06/21/22(a)		10,000		9,985,984
Lime Funding LLC, 0.59%, 05/04/22(a)		8,377		8,376,547
Lloyds Bank PLC
0.95%, 07/01/22(a)		5,000		4,991,688
1.13%, 07/19/22(a)		10,000		9,974,575
Mitsubishi HC Capital America Inc., 0.82%, 05/17/22(a)		6,000		5,997,537
Mitsubishi UFJ Financial Group
0.73%, 05/31/22(a)		7,000		6,995,439
1.10%, 07/06/22(a)		4,000		3,991,689
Mizuho Bank Ltd.
0.86%, 06/14/22(a)		8,000		7,991,260
0.87%, 06/15/22(a)		4,000		3,995,478
Mont Blanc Capital Corp., 0.83%, 06/10/22(a)		7,000		6,992,993
NASDAQ Inc., 1.06%, 06/17/22(a)		8,350		8,338,021
Nieuw Amsterdam Recv
0.64%, 05/11/22(a)		5,000		4,999,078
0.81%, 06/06/22(a)		5,000		4,995,334
Nutrien Ltd.
0.85%, 05/19/22(a)		7,000		6,996,683
1.20%, 06/28/22(a)		2,300		2,295,400

Security	Par/ Shares (000)		Value
Regatta Funding Co., 1.43%, 07/25/22(a)	$	12,000	$	11,963,112
Sherwin Williams Co., 0.47%, 05/03/22(a)		6,000		5,999,684
ST Engineering
0.43%, 05/09/22(a)		11,000		10,998,689
0.91%, 07/13/22(a)		3,000		2,994,300
Starbird Funding Corp., 0.62%, 05/16/22(a)		2,000		1,999,412
Verizon Communications Inc., 0.89%, 05/23/22(a)		9,000		8,994,672
Victory Receivables
0.46%, 05/04/22(a)		1,000		999,946
1.03%, 06/28/22(a)		2,000		1,996,400
VW CR Inc., 0.89%, 05/23/22(a)		4,500		4,497,336
Total Commercial Paper — 70.7% (Cost: $272,579,676)				272,564,948
U.S. Treasury Obligations
U.S. Treasury Bill
0.09%, 05/03/22(a)		550		549,999
0.11%, 05/10/22(a)		8,600		8,599,785
0.19%, 05/17/22(a)		1,100		1,099,914
0.29%, 05/24/22(a)		24,700		24,695,660
0.45%, 06/16/22(a)		21,850		21,837,863
Total U.S. Treasury Obligations — 14.7% (Cost: $56,779,855)				56,783,221
Money Market Funds
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(b)(c)		35,520		35,520,000
Total Money Market Funds — 9.2% (Cost: $35,520,000)				35,520,000
Total Investments in Securities — 94.6% (Cost: $364,879,531)				364,868,169
Other Assets, Less Liabilities — 5.4%				20,652,583
Net Assets — 100.0%			$	385,520,752

^(a)  Rates are discount rates or a range of discount rates as of period end.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	19,480,000	$	16,040,000	(a)	$	—	$	—	$	—	$	35,520,000		35,520	$	12,765	$	—

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

C O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S 9

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Bloomberg Roll Select Commodity Strategy ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Bloomberg Roll Select Index		11,283		06/15/22	$	381,523	$	1,825,199

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Commodity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,825,199

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	70,472,970
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(8,825,877	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	278,737,369

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated 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
Investments
Assets
Commercial Paper	$	—	$	272,564,948	$	—	$	272,564,948
U.S. Treasury Obligations		—		56,783,221		—		56,783,221
Money Market Funds		35,520,000		—		—		35,520,000
	$	35,520,000	$	329,348,169	$	—	$	364,868,169
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,825,199	$	—	$	—	$	1,825,199

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements

10 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited)  April 30, 2022 iShares^® Commodity Curve Carry Strategy ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Paper
ANZ New Zealand International Ltd., 1.15%, 07/19/22(a)	$	1,000	$	997,428
AT & T Inc., 0.56%, 05/02/22(a)		250		249,988
Bayerische Landesbank/New York, 1.08%, 07/07/22(a)		1,300		1,297,309
BNP Paribas SA, 0.88%, 06/16/22(a)		300		299,650
Britannia Funding Co., 0.81%, 06/07/22(a)		500		499,531
Caisse d’Amortissement de la Dette Sociale, 0.87%, 06/15/22(a)		1,000		998,863
Ecolab Inc., 0.80%, 05/18/22(a)		1,300		1,299,454
ENGIE SA, 0.90%, 06/08/22(a)		500		499,486
Export Development Corp., 0.76%, 06/23/22(a)		1,300		1,298,487
Federation des Caisses, 0.79%, 06/06/22(a)		700		699,418
Ionic Capital II Trust, 0.80%, 05/27/22(a)		1,000		999,419
Korea Development Bank (The), 0.71%, 05/25/22(a)		1,000		999,488
Landesbank Baden-Wuerttemberg, 0.95%, 06/21/22(a)		1,000		998,598
Lime Funding LLC, 0.59%, 05/04/22(a)		1,000		999,946
Lloyds Bank PLC, 1.13%, 07/19/22(a)		1,000		997,457
Matchpoint Finance PLC, 0.59%, 05/18/22(a)		800		799,728
Mitsubishi HC Capital America Inc., 0.82%, 05/17/22(a)		750		749,692
Mitsubishi UFJ Financial Group, 1.10%, 07/06/22(a)		1,200		1,197,507
NASDAQ Inc., 1.06%, 06/17/22(a)		1,300		1,298,135
Nieuw Amsterdam Recv
0.64%, 05/11/22(a)		500		499,908
0.81%, 06/06/22(a)		500		499,533
Nutrien Ltd.
0.85%, 05/19/22(a)		1,100		1,099,479
1.20%, 06/28/22(a)		300		299,400
Regatta Funding Co., 1.43%, 07/25/22(a)		1,300		1,296,004
Sherwin Williams Co., 0.47%, 05/03/22(a)		500		499,974
ST Engineering, 0.43%, 05/09/22(a)		1,100		1,099,869

Security	Par/ Shares (000)		Value
Starbird Funding Corp., 0.62%, 05/16/22(a)	$	300	$	299,912
Verizon Communications Inc., 0.89%, 05/23/22(a)		1,000		999,408
Total Commercial Paper — 58.4% (Cost: $23,774,893)				23,773,071
U.S. Treasury Obligations
U.S. Treasury Bill
0.11%, 05/10/22(a)		1,150		1,149,971
0.29%, 05/24/22(a)		3,000		2,999,473
0.45%, 06/16/22(a)		600		599,667
Total U.S. Treasury Obligations — 11.7% (Cost: $4,748,849)				4,749,111
Money Market Funds
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(b)(c)		12,750		12,750,000
Total Money Market Funds — 31.3% (Cost: $12,750,000)				12,750,000
Total Investments in Securities — 101.4% (Cost: $41,273,742)				41,272,182
Other Assets, Less Liabilities — (1.4)%				(560,402	)
Net Assets — 100.0%			$	40,711,780

^(a)  Rates are discount rates or a range of discount rates as of period end.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	7,190,000	$	5,560,000	(a)	$	—	$	—	$	—	$	12,750,000		12,750	$	5,627	$	—

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

C O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S 11

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Commodity Curve Carry Strategy ETF

OTC Total Return Swaps

Paid by the Fund

Received by the Fund

Upfront

Rate(a)

Frequency

Reference(b)

Frequency

Counterparty

Effective Date

Termination Date

Notional Amount (000)

Value

Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

0.07%

At Termination

ICE BofA Commodity Enhanced Carry Total Return Index

At Termination

Citibank N.A.

N/A

09/01/22

10,289

$ 4,538,021

$(26,062

)

$ 4,564,083

0.07%

At Termination

ICE BofA Commodity Enhanced Carry Total Return Index

At Termination

Merrill Lynch International

N/A

09/01/22

17,931

7,899,848

(53,673

)

7,953,521

$12,437,869

$(79,735

)

$12,517,604

^(a)  Represents 3-month Treasury Bill. Rate shown is the rate in effect as of period-end.

^(b)  Please refer to the Reference Entity below for more details.

Reference Entity

The ICE BofA Commodity Enhanced Carry Total Return Index consists of futures contracts under each counterparty. The following table represents the individual long positions and related weighting of the future contracts underlying the ICE BofA Commodity Enhanced Carry Total Return Index as of April 30, 2022.

Futures contracts	Maturity date		Weight %
Brent Crude Oil		10/31/2022		28.2	%
Corn		12/14/2022		14.7
Gas Oil		12/12/2022		11.3
RBOB Gasoline		11/30/2022		10.3
Soybeans		11/14/2022		9.6
Wheat		12/14/2022		7.4
WTI Crude Oil		11/21/2022		7.3
Coffee		12/19/2022		3.2
Zinc		10/20/2022		3.2
Lean Hogs		10/14/2022		2.6
Aluminum		12/20/2022		2.3

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized     Depreciation
Total Return Swaps		$—		$(79,735	)		$12,517,604		$—

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Commodity Contracts
Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	12,517,604
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	79,735

For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts
Net Realized Gain (Loss) from:
Swaps	$	616,436
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	8,668,167

12 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Commodity Curve Carry Strategy ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Total return swaps:
Average notional value	$	30,749,078

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Swaps - OTC(a)	$	12,517,604	$	79,735
Total derivative assets and liabilities in the Statement of Assets and Liabilities		12,517,604		79,735
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		12,517,604		79,735

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	(b)		Net Amount of Derivative Assets	(c)
Citibank N.A.	$	4,564,083	$	(26,062	)	$	—	$	(4,538,021	)	$	—
Merrill Lynch International		7,953,521		(53,673	)		—		(7,870,000	)		29,848
	$	12,517,604	$	(79,735	)	$	—	$	(12,408,021	)	$	29,848

	Derivative Liabilities Subject to an MNA by			Derivatives Available				Non-Cash Collateral			Cash Collateral			Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)	Pledged			Pledged					Liabilities	(d)
Citibank N.A.		$	26,062		$	(26,062	)		$	—		$	—		$	—
Merrill Lynch International			53,673			(53,673	)			—			—			—
		$	79,735		$	(79,735	)		$	—		$	—		$	—

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

C O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S 13

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Commodity Curve Carry Strategy ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Commercial Paper	$	—	$	23,773,071	$	—	$	23,773,071
U.S. Treasury Obligations		—		4,749,111		—		4,749,111
Money Market Funds		12,750,000		—		—		12,750,000
	$	12,750,000	$	28,522,182	$	—	$	41,272,182
Derivative financial instruments(a)
Assets
Swaps	$	—	$	12,517,604	$	—	$	12,517,604

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

See notes to Consolidated Financial Statements

14 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) April 30, 2022 iShares^® Gold Strategy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Grantor Trust
Grantor Trust — 21.9%
iShares Gold Trust(a)(b)		211,472	$	7,621,451
Total Grantor Trust (Cost: $6,834,680)				7,621,451
Short-Term Investments
Money Market Funds — 76.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(a)(c)		26,707,000		26,707,000
Total Short-Term Investments — 76.7% (Costs: $26,707,000)				26,707,000
Total Investments in Securities — 98.6% (Cost: $33,541,680)				34,328,451
Other Assets, Less Liabilities — 1.4%				478,505
Net Assets — 100.0%			$	34,806,956

^(a)  Affiliate of the Fund.

^(b)  Non-income producing security.

^(c)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	23,797,000	$	2,910,000	(a)	$	—		$	—		$	—	$	26,707,000		26,707,000	$	11,097	$	—
iShares Gold Trust		5,542,262		3,331,543			(1,665,762	)		(26,548	)		439,956		7,621,451		211,472		—		—
									$	(26,548	)	$	439,956	$	34,328,451			$	11,097	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Gold 100 OZ		138		06/28/22	$	26,381	$	(201,231	)

C O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S 15

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® Gold Strategy ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Commodity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	201,231

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,262,105
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	193,861

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	23,950,423

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated 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
Investments
Assets
Grantor Trust	$	7,621,451		$	—	$	—	$	7,621,451
Money Market Funds		26,707,000			—		—		26,707,000
	$	34,328,451		$	—	$	—	$	34,328,451
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(201,231	)	$	—	$	—	$	(201,231	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements

16 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) April 30, 2022 iShares^® GSCI Commodity Dynamic Roll Strategy ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Certificates of Deposit
Bank of Montreal, 1.23%, 08/09/22	$	700	$	697,965
Bank of Nova Scotia, 0.45%, 05/18/22, (SOFR + 0.180%)(a)		5,000		5,000,150
Bayerische Landesbank/New York, 0.50%, 05/09/22		32,750		32,748,714
Canadian Imperial Bank of Commerce, 1.96%, 11/03/22		11,000		10,908,430
Cooperatieve Centrale, 1.05%, 07/18/22		10,000		9,984,013
Credit Suisse AG/New York NY
0.41%, 05/09/22, (SOFR + 0.300%)(a)		5,000		5,000,301
2.45%, 02/02/23		5,000		4,948,383
Landesbank Baden-Wuerttemberg, 0.81%, 06/03/22, (SOFR + 0.28000%)		10,000		9,995,016
Landesbank Hessen-Thueringen, 0.47%, 05/09/22		18,000		17,999,283
MUFG Bank Ltd./New York NY, 0.77%, 03/13/23, (SOFR + 0.300%)(a)		22,000		21,972,508
Natix NY, 0.56%, 06/17/22, (SOFR + 0.180%)(a)		10,000		9,999,302
Sumitomo Mitsui Banking Corp./New York, 0.64%, 07/29/22, (SOFR + 0.180%)(a)		5,000		4,998,345
Svenska Handelsbanken/New York NY, 0.72%, 10/27/22, (SOFR + 0.190%)(a)		12,350		12,337,544
Swedbank AB, 0.39%, 05/09/22		25,000		24,999,616
Toronto Dominion Bank, 0.67%, 05/23/22, (SOFR + 0.180%)(a)(b)		5,000		5,000,000
Total Certificates of Deposit — 4.2% (Cost: $176,798,183)				176,589,570
Commercial Paper
Amcor Flexibles North America, 0.80%, 05/17/22		50,000		49,980,100
ANZ New Zealand International Ltd.
0.46%, 05/09/22		25,000		24,996,833
1.15%, 07/19/22		100,000		99,742,825
ASB Finance Ltd., 1.22%, 08/01/22		8,000		7,974,495
AT&T Inc., 0.78%, 05/17/22		35,000		34,986,420
Banco Santander SA, 0.39%, 05/04/22		35,750		35,748,049
Bank of Montreal, 0.98%, 07/08/22		1,500		1,497,142
Bank of Nova Scotia, 1.39%, 09/06/22		13,000		12,934,888
Barton Capital Corp., 1.07%, 07/05/22		44,000		43,912,543
Base Aktiengesellsch, 2.14%, 10/03/22		17,450		17,288,589
Bayerische Landesbank/New York
0.95%, 06/21/22		100,000		99,860,875
1.08%, 07/07/22		18,350		18,312,016
Bennington Sark Cap Co., 0.47%, 05/06/22		60,000		59,994,983
BNP Paribas SA, 0.88%, 06/16/22		26,350		26,319,294
Brighthouse Financial Short Term Funding
0.71%, 05/23/22		59,175		59,146,872
0.75%, 06/01/22		36,000		35,975,268
Britannia Funding Co.
0.81%, 06/07/22		54,600		54,548,776
1.02%, 06/27/22		60,100		60,000,223
Caisse d’Amortissement de la Dette Sociale, 0.87%, 06/15/22		38,525		38,481,192
Collateralized Commercial Paper V Co. LLC, 0.71%, 05/24/22		20,000		19,990,097
Commonwealth Bank of Australia, 0.78%, 04/03/23, (SOFR + 0.430%)(a)(b)		24,200		24,196,594
Ecolab Inc., 0.80%, 05/18/22		11,650		11,645,112
ENGIE SA, 0.90%, 06/08/22		6,000		5,993,833
Evergy Missouri, 0.89%, 05/23/22		30,000		29,982,240
Export Development Corp., 0.76%, 06/23/22		37,000		36,956,926

Security	Par (000)		Value
Federation des Caisses, 0.79%, 06/06/22	$	143,000	$	142,881,055
Fidelity National Information Services, 0.89%, 05/23/22		56,667		56,633,453
FMS Wertmanagement, 0.63%, 05/17/22		50,000		49,984,150
Ionic Capital II Trust, 0.80%, 05/27/22		60,550		60,514,820
Kookmin Bank, 2.63%, 04/25/23		13,300		12,957,641
Korea Development Bank (The), 0.71%, 05/25/22		50,000		49,974,397
La Fayette Asset Security, 0.77%, 06/08/22		41,000		40,961,597
Landesbank Baden- Wuerttemberg, 0.95%, 06/21/22		75,000		74,894,883
Legacy Capital Co., 1.09%, 06/21/22		61,700		61,614,705
Lime Funding LLC, 0.59%, 05/04/22		62,550		62,546,620
Lloyds Bank PLC
0.95%, 07/01/22		52,700		52,612,386
1.13%, 07/19/22		125,000		124,682,187
Macquarie Bank Ltd.
0.54%, 05/09/22		35,400		35,394,651
1.50%, 08/15/22		15,000		14,932,680
1.99%, 10/28/22		22,300		22,084,892
Matchpoint Finance PLC
0.59%, 05/18/22		25,000		24,991,489
0.72%, 05/31/22		36,850		36,824,287
Mitsubishi HC Capital America Inc.
0.82%, 05/17/22		52,250		52,228,551
1.05%, 06/06/22		20,000		19,977,770
Mitsubishi UFJ Financial Group
0.41%, 05/04/22		25,000		24,998,590
0.73%, 05/31/22		75,000		74,951,133
Mizuho Bank Ltd.
0.86%, 06/14/22		64,200		64,129,861
0.87%, 06/15/22		72,100		72,018,483
Mont Blanc Capital Corp., 0.83%, 06/10/22		14,748		14,733,237
National Australia Bank Ltd., 0.62%, 08/10/22, (SOFR + 0.150%)(a)(b)		10,000		9,995,908
Natix NY, 1.25%, 08/01/22		7,000		6,977,244
Nieuw Amsterdam Recv
0.64%, 05/11/22		15,000		14,997,235
0.81%, 06/06/22		16,000		15,985,070
Nutrien Ltd.
0.85%, 05/19/22		11,900		11,894,361
1.20%, 06/28/22		20,400		20,359,200
Regatta Funding Co., 1.43%, 07/25/22		50,000		49,846,300
Santander UK PLC, 1.03%, 07/11/22		15,000		14,968,853
Sherwin Williams Co.
0.47%, 05/03/22		25,500		25,498,657
0.61%, 05/09/22		8,500		8,498,562
0.79%, 05/18/22		25,000		24,989,616
Spire Inc., 0.70%, 05/12/22		40,000		39,989,961
ST Engineering
0.43%, 05/09/22		100,000		99,988,083
0.91%, 07/13/22		32,000		31,939,200
Starbird Funding Corp., 0.62%, 05/16/22		12,475		12,471,330
Toronto Dominion Bank, 1.24%, 07/29/22		10,000		9,968,681
Toronto-Dominion Bank, 0.80%, 03/31/23(a)		24,300		24,307,425
United Overseas Bank Ltd., 1.19%, 07/26/22		3,950		3,938,500
Verizon Communications Inc.
0.89%, 05/23/22		14,013		14,004,704
1.29%, 07/11/22		50,000		49,869,512
Versailles CDS LLC
1.38%, 08/03/22		19,000		18,933,424
1.38%, 08/04/22		38,250		38,114,164
Victory Receivables, 1.03%, 06/28/22		25,000		24,955,000
VW CR Inc., 0.89%, 05/23/22		40,500		40,476,024

C O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S 17

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® GSCI Commodity Dynamic Roll Strategy  ETF (Percentages shown are based on Net Assets)

Security	Par/ Shares (000)		Value
Westpac Banking Corp., 1.37%, 08/30/22	$	7,000	$	6,967,354
Westpac Securities NZ Ltd., 1.00%, 07/01/22		13,000		12,977,387
Total Commercial Paper — 66.2% (Cost: $2,791,262,997)				2,790,901,458
U.S. Treasury Obligations
U.S. Treasury Bill
0.29%, 05/24/22(c)		374,000		373,934,292
0.45%, 06/16/22(c)		66,500		66,463,061
0.57%, 06/21/22(c)		80,000		79,937,593
Total U.S. Treasury Obligations — 12.3% (Cost: $520,325,287)				520,334,946
Money Market Funds
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(d)(e)		386,590		386,590,095
Total Money Market Funds — 9.1% (Cost: $386,590,095)				386,590,095
Total Investments in Securities — 91.8% (Cost: $3,874,976,562)				3,874,416,069
Other Assets, Less Liabilities — 8.2%				344,618,685
Net Assets — 100.0%			$	4,219,034,754

^(a)  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.

^(b)  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.

^(c)  Rates are discount rates or a range of discount rates as of period end.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	233,060,095	$	153,530,000	(a)	$	—	$	—	$	—	$	386,590,095		386,590	$	122,227	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Brent Crude Oil		7,719		05/31/22	$	827,014	$	34,502,163
NY Harbor ULSD (Heat Oil)		1,300		05/31/22		219,339		35,721,904
Gas Oil		2,634		06/10/22		307,256		51,918,348
LME Lead		340		06/13/22		19,206		(1,204,951	)
Gold 100 OZ		788		06/28/22		150,642		(6,690,244	)
Live Cattle		2,126		06/30/22		112,805		(3,652,780	)
Sugar		2,671		06/30/22		57,288		(2,809,399	)
Silver		135		07/27/22		15,582		(1,526,329	)
WTI Crude		9,543		08/22/22		941,799		25,799,500

18 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Cattle Feeder		454		08/25/22	$	38,198	$	(3,535,586	)
Corn		6,648		09/14/22		255,283		54,201,146
KCBT Wheat		1,216		09/14/22		67,427		(1,684,289	)
Wheat		2,997		09/14/22		158,579		(3,141,318	)
LME Nickel		259		09/19/22		49,410		(2,033,784	)
Gasoline RBOB		1,572		09/30/22		193,114		9,683,156
Lean Hogs		1,827		10/14/22		68,293		(631,766	)
LME Copper		728		10/17/22		177,955		(9,575,028	)
Soybean		1,895		11/14/22		143,522		14,215,164
Cotton		831		12/07/22		50,720		6,859,050
Cocoa		389		12/14/22		10,048		(338,135	)
LME Zinc		414		12/19/22		41,581		5,428,578
Coffee		424		03/21/23		35,028		(1,069,303	)
Natural Gas		2,894		03/29/23		131,330		31,861,320
LME PRI Aluminum		2,026		12/18/23		149,190		(16,147,204	)
							$	216,150,213

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Commodity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	270,190,329
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	54,040,116

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	729,376,924
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	132,650,737

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,261,027,299

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

C O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S 19

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2022 iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Certificates of Deposit	$	—		$	176,589,570	$	—	$	176,589,570
Commercial Paper		—			2,790,901,458		—		2,790,901,458
U.S. Treasury Obligations		—			520,334,946		—		520,334,946
Money Market Funds		386,590,095			—		—		386,590,095
	$	386,590,095		$	3,487,825,974	$	—	$	3,874,416,069
Derivative financial instruments(a)
Assets
Futures Contracts	$	270,190,329		$	—	$	—	$	270,190,329
Liabilities
Futures Contracts		(54,040,116	)		—		—		(54,040,116	)
	$	216,150,213		$	—	$	—	$	216,150,213

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements

20 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Statements of Assets and Liabilities (unaudited)

April 30, 2022

	iShares Bloomberg Roll Select Commodity Strategy ETF		iShares Commodity Curve Carry Strategy ETF		iShares Gold Strategy ETF		iShares GSCI Commodity Dynamic Roll Strategy ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	329,348,169	$	28,522,182	$	—	$	3,487,825,974
Affiliated(b)		35,520,000		12,750,000		34,328,451		386,590,095
Cash		12,556		10,533		—		7,423,562
Cash pledged:
Futures contracts		25,812,000		—		1,098,000		142,021,415
Receivables:
Variation margin on futures contracts		699,401		—		281,510		216,283,439
Capital shares sold		—		—		—		8,346,370
Dividends		6,873		3,362		7,270		232,474
Unrealized appreciation on:
OTC swaps		—		12,517,604		—		—
Total assets		391,398,999		53,803,681		35,715,231		4,248,723,329
LIABILITIES
Bank overdraft		—		—		904,017		—
Cash received:
Collateral — OTC derivatives		—		12,500,000		—		—
Payables:
Investments purchased		5,794,039		499,486		—		28,078,725
Investment advisory fees		84,208		12,680		4,258		1,609,850
Swap premiums received		—		79,735		—		—
Total liabilities		5,878,247		13,091,901		908,275		29,688,575
NET ASSETS	$	385,520,752	$	40,711,780	$	34,806,956	$	4,219,034,754
NET ASSETS CONSIST OF:
Paid-in capital	$	313,217,305	$	27,606,668	$	33,041,349	$	3,324,375,711
Accumulated earnings		72,303,447		13,105,112		1,765,607		894,659,043
NET ASSETS	$	385,520,752	$	40,711,780	$	34,806,956	$	4,219,034,754
Shares outstanding		6,050,000		1,400,000		600,000		101,100,000
Net asset value	$	63.72	$	29.08	$	58.01	$	41.73
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a)   Investments, at cost — Unaffiliated	$	329,359,531	$	28,523,742	$	—	$	3,488,386,467
(b)   Investments, at cost — Affiliated	$	35,520,000	$	12,750,000	$	33,541,680	$	386,590,095

See notes to Consolidated Financial Statements

C O N S O L I D A T E D   F I N A N C I A L   S T A T E M E N T S 21

Consolidated Statements of Operations (unaudited)

Six Months Ended April 30, 2022

	iShares Bloomberg Roll Select Commodity Strategy ETF			iShares Commodity Curve Carry Strategy ETF			iShares Gold Strategy ETF			iShares GSCI Commodity Dynamic Roll Strategy ETF
INVESTMENT INCOME
Dividends — Affiliated	$	12,765		$	5,627		$	11,097		$	122,227
Interest — Unaffiliated		376,285			37,137			—			4,178,800
Total investment income		389,050			42,764			11,097			4,301,027
EXPENSES
Investment advisory fees		379,801			72,791			39,483			7,392,924
Professional fees		—			—			—			217
Total expenses		379,801			72,791			39,483			7,393,141
Less:
Investment advisory fees waived		(7,388	)		(2,604	)		(15,589	)		(9,516	)
Total expenses after fees waived		372,413			70,187			23,894			7,383,625
Net investment income (loss)		16,637			(27,423	)		(12,797	)		(3,082,598	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		299			56			—			9,776
Investments — Affiliated		—			—			(26,548	)		—
Futures contracts		70,472,970			—			1,262,105			729,376,924
Swaps		—			616,436			—			—
Net realized gain		70,473,269			616,492			1,235,557			729,386,700
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(12,458	)		(1,801	)		—			(608,381	)
Investments — Affiliated		—			—			439,956			—
Futures contracts		(8,825,877	)		—			193,861			132,650,737
Swaps		—			8,668,167			—			—
Net change in unrealized appreciation (depreciation)		(8,838,335	)		8,666,366			633,817			132,042,356
Net realized and unrealized gain		61,634,934			9,282,858			1,869,374			861,429,056
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	61,651,571		$	9,255,435		$	1,856,577		$	858,346,458

See notes to Consolidated Financial Statements

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Consolidated Statements of Changes in Net Assets

	iShares Bloomberg Roll Select Commodity Strategy ETF								iShares Commodity Curve Carry Strategy ETF
	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	16,637			$	(161,116	)		$	(27,423	)		$	(96,638	)
Net realized gain			70,473,269				19,938,578				616,492				8,349,961
Net change in unrealized appreciation (depreciation)			(8,838,335	)			10,876,593				8,666,366				4,877,734
Net increase in net assets resulting from operations			61,651,571				30,654,055				9,255,435				13,131,057
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(30,653,592	)			(69,482	)			(8,253,258	)			—
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			145,679,035				136,346,700				—				(2,599,830	)
NET ASSETS
Total increase in net assets			176,677,014				166,931,273				1,002,177				10,531,227
Beginning of period			208,843,738				41,912,465				39,709,603				29,178,376
End of period		$	385,520,752			$	208,843,738			$	40,711,780			$	39,709,603

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to Consolidated Financial Statements

C O N S O L I D A T E D   F I N A N C I A L   S T A T E M E N T S 23

Consolidated Statements of Changes in Net Assets (continued)

	iShares Gold Strategy ETF							iShares   GSCI Commodity Dynamic Roll Strategy ETF
	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment loss		$	(12,797	)	$	(30,684	)		$	(3,082,598	)		$	(5,032,541	)
Net realized gain (loss)			1,235,557			(1,792,497	)			729,386,700				351,111,376
Net change in unrealized appreciation (depreciation)			633,817			99,087				132,042,356				88,305,347
Net increase (decrease) in net assets resulting from operations			1,856,577			(1,724,094	)			858,346,458				434,384,182
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			—			(1,564,719	)			(426,344,721	)			(799,124	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			2,954,731			11,320,515				962,247,615				2,194,642,007
NET ASSETS
Total increase in net assets			4,811,308			8,031,702				1,394,249,352				2,628,227,065
Beginning of period			29,995,648			21,963,946				2,824,785,402				196,558,337
End of period		$	34,806,956		$	29,995,648			$	4,219,034,754			$	2,824,785,402

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to Consolidated Financial Statements

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Consolidated Financial Highlights

(For a share outstanding throughout each period)

	iShares Bloomberg Roll Select Commodity Strategy ETF
		Six Months Ended																Period From
		04/30/22				Year Ended				Year Ended				Year Ended						04/03/18	(a)
		(unaudited)				10/31/21				10/31/20				10/31/19				to 10/31/18
Net asset value, beginning of period			$	59.67			$	41.91			$	45.01			$	47.77			$	50.00
Net investment income (loss)(b)				0.00	(c)			(0.09	)			0.23				1.05				0.58
Net realized and unrealized gain (loss)(d)				12.01				17.92				(2.33	)			(3.05	)			(2.81	)
Net increase (decrease) from investment operations				12.01				17.83				(2.10	)			(2.00	)			(2.23	)
Distributions(e)
From net investment income				(7.96	)			(0.07	)			(1.00	)			(0.76	)			—
Total distributions				(7.96	)			(0.07	)			(1.00	)			(0.76	)			—
Net asset value, end of period			$	63.72			$	59.67			$	41.91			$	45.01			$	47.77
Total Return(f)
Based on net asset value				24.41	%(g)			42.59	%			(4.81	)%			(4.19	)%			(4.46	)%(g)
Ratios to Average Net Assets(h)
Total expenses				0.28	%(i)			0.28	%			0.28	%			0.28	%			0.28	%(i)
Total expenses after fees waived				0.27	%(i)			0.27	%			0.27	%			0.19	%			0.10	%(i)
Net investment income (loss)				0.01	%(i)			(0.16	)%			0.55	%			2.30	%			2.01	%(i)
Supplemental Data
Net assets, end of period (000)			$	385,521			$	208,844			$	41,912			$	27,004			$	40,607
Portfolio turnover rate(j)				0	%(g)			0	%			0	%			0	%			0	%(g)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Rounds to less than $0.01.

^(d)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(e)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f)  Where applicable, assumes the reinvestment of distributions.

^(g)  Not annualized.

^(h)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾  Annualized.

^(j)  Portfolio turnover rate excludes in-kind transactions.

See notes to Consolidated Financial Statements

C O N S O L I D A T E D   F I N A N C I A L   H I G H L I G H T S 25

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Commodity Curve Carry Strategy ETF
		Six Months Ended								Period From
		04/30/22				Year Ended						09/01/20	(a)
		(unaudited)				10/31/21				to 10/31/20
Net asset value, beginning of period			$	28.36			$	19.45			$	20.16
Net investment loss(b)				(0.02	)			(0.07	)			(0.01	)
Net realized and unrealized gain (loss)(c)				6.64				8.98				(0.70	)
Net increase (decrease) from investment operations				6.62				8.91				(0.71	)
Distributions
From net investment income				(5.90	)			—				—
Total distributions				(5.90	)			—				—
Net asset value, end of period			$	29.08			$	28.36			$	19.45
Total Return(d)
Based on net asset value				29.99	%(e)			45.81	%			(3.52	)%(e)
Ratios to Average Net Assets(f)
Total expenses				0.40	%(g)			0.40	%			0.40	%(g)
Total expenses after fees waived				0.39	%(g)			0.39	%			0.00	%(g)
Net investment loss				(0.15	)%(g)			(0.28	)%			(0.28	)%(g)
Supplemental Data
Net assets, end of period (000)			$	40,712			$	39,710			$	29,178
Portfolio turnover rate(h)				0	%(e)			0	%			0	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to Consolidated Financial Statements

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Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Gold Strategy ETF
		Six Months Ended																Period From
		04/30/22				Year Ended				Year Ended				Year Ended						06/06/18	(a)
		(unaudited)				10/31/21				10/31/20				10/31/19				to 10/31/18
Net asset value, beginning of period			$	54.54			$	62.75			$	57.41			$	46.76			$	50.00
Net investment income (loss)(b)				(0.02	)			(0.07	)			0.13				0.82				0.27
Net realized and unrealized gain (loss)(c)				3.49				(3.67	)			10.47				10.20				(3.51	)
Net increase (decrease) from investment operations				3.47				(3.74	)			10.60				11.02				(3.24	)
Distributions(d)
From net investment income				—				(4.47	)			(5.26	)			(0.37	)			—
Total distributions				—				(4.47	)			(5.26	)			(0.37	)			—
Net asset value, end of period			$	58.01			$	54.54			$	62.75			$	57.41			$	46.76
Total Return(e)
Based on net asset value				6.37	%(f)			(6.21	)%			20.64	%			23.74	%			(6.48	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.25	%(h)			0.25	%			0.25	%			0.25	%			0.25	%(h)
Total expenses after fees waived				0.15	%(h)			0.13	%			0.13	%			0.18	%			0.19	%(h)
Net investment income (loss)				(0.08	)%(h)			(0.12	)%			0.22	%			1.58	%			1.45	%(h)
Supplemental Data
Net assets, end of period (000)			$	34,807			$	29,996			$	21,964			$	8,612			$	4,676
Portfolio turnover rate(i)				23	%(f)			121	%			77	%			47	%			13	%(f)

^(a)  Commencement of operations.

^(b) Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to Consolidated Financial Statements

C O N S O L I D A T E D   F I N A N C I A L   H I G H L I G H T S 27

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares GSCI Commodity Dynamic Roll Strategy ETF
		Six Months Ended 04/30/22 (unaudited)					Year Ended 10/31/21		Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17
Net asset value, beginning of period			$	37.41		$	24.27			$	31.80			$	37.18			$	35.97			$	32.41
Net investment income (loss)(a)				(0.04	)		(0.13	)			0.26				0.76				0.63				0.31
Net realized and unrealized gain (loss)(b)				9.85			13.37				(6.93	)			(3.04	)			2.62				3.58
Net increase (decrease) from investment operations				9.81			13.24				(6.67	)			(2.28	)			3.25				3.89
Distributions(c)
From net investment income				(5.49	)		(0.10	)			(0.86	)			(3.10	)			(2.04	)			(0.33	)
Total distributions				(5.49	)		(0.10	)			(0.86	)			(3.10	)			(2.04	)			(0.33	)
Net asset value, end of period			$	41.73		$	37.41			$	24.27			$	31.80			$	37.18			$	35.97
Total Return(d)
Based on net asset value				31.95	%(e)		54.75	%			(21.66	)%			(5.87	)%			9.29	%(f)			12.08	%
Ratios to Average Net Assets(g)
Total expenses				0.48	%(h)		0.48	%			0.48	%			0.48	%			0.48	%			0.48	%
Total expenses after fees waived				0.48	%(h)		0.48	%			0.48	%			0.48	%			0.48	%			0.48	%
Net investment income (loss)				(0.20	)%(h)		(0.38	)%			0.95	%			2.32	%			1.66	%			0.93	%
Supplemental Data
Net assets, end of period (000)			$	4,219,035		$	2,824,785			$	196,558			$	518,373			$	728,739			$	258,956
Portfolio turnover rate(i)				0	%(e)		0	%			5	%			32	%			167	%			44	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 9.06%.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements (unaudited)

1. ORGANIZATION

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These consolidated financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification     Classification
Bloomberg Roll Select Commodity Strategy		Non-diversified
Commodity Curve Carry Strategy		Non-diversified
Gold Strategy		Non-diversified
GSCI Commodity Dynamic Roll Strategy		Diversified

Basis of Consolidation: The accompanying consolidated financial statements for each Fund include the accounts of its wholly-owned subsidiary in the Cayman Islands (each, a “Subsidiary”) that invests in certain “commodity-linked instruments” and cash and cash equivalents in accordance with each Fund’s investment objective. In compliance with Sub-chapter M of the Internal Revenue Code of 1986, as amended, each Fund may invest up to 25% of its total assets in its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. Each Fund’s commodity-linked instruments held in its Subsidiary are intended to provide the Fund with exposure to applicable commodity markets or commodities consistent with current U.S. federal income tax laws applicable to investment companies such as the Fund. Each Subsidiary has the same investment objective as its Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Net income and realized gains from investments held by each Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily

N O T E S   T O   C O N S O L I D A T E D   F I N A N C I A L   S T A T E M E N T S 29

Notes to Consolidated Financial Statements (unaudited) (continued)

available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: 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 Global 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 Global 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.

4. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) or to the applicable commodities market (commodities price risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment

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Notes to Consolidated Financial Statements (unaudited) (continued)

of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Consolidated Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the statement of assets and liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the statement of assets and liabilities. Payments received or paid are recorded in the statement of operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the statement of operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the iShares Commodity Curve Carry Strategy ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day.

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Notes to Consolidated Financial Statements (unaudited) (continued)

Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Bloomberg Roll Select Commodity Strategy		0.28	%
Commodity Curve Carry Strategy		0.40
Gold Strategy		0.25
GSCI Commodity Dynamic Roll Strategy		0.48

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF and iShares GSCI Commodity Dynamic Roll Strategy ETF through February 28, 2025, March 1, 2024 and February 29, 2024, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.

BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Gold Strategy ETF through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other exchange-traded products sponsored by BFA or its affiliates and other funds advised by BFA or its affiliates, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.25%.

These amounts are included in investment advisory fees waived in the Consolidated Statements of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Bloomberg Roll Select Commodity Strategy	$	7,388
Commodity Curve Carry Strategy		2,604
Gold Strategy		15,589
GSCI Commodity Dynamic Roll Strategy		9,516

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the iShares GSCI Commodity Dynamic Roll Strategy ETF and its Subsidiary.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Consolidated Statements of Operations.

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Notes to Consolidated Financial Statements (unaudited) (continued)

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

6. PURCHASES AND SALES

For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Gold Strategy	$	2,620,670	$	1,665,762

For the six months ended April 30, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Gold Strategy	$	710,874	$	—

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.

As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Bloomberg Roll Select Commodity Strategy	$	295
GSCI Commodity Dynamic Roll Strategy		47,234,783

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Bloomberg Roll Select Commodity Strategy	$	364,879,531	$	1,835,416	$	(21,579	)	$	1,813,837
Commodity Curve Carry Strategy		41,273,742		12,518,388		(2,344	)		12,516,044
Gold Strategy		33,541,680		786,771		(201,231	)		585,540
GSCI Commodity Dynamic Roll Strategy		3,874,976,562		270,296,527		(54,706,790	)		215,589,737

8. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the

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Notes to Consolidated Financial Statements (unaudited) (continued)

risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Consolidated Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Consolidated Schedule of Investments.

Certain Funds a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

Certain Funds have substantial exposure to certain commodity markets through investments in commodity-linked instruments and through commodity-related equities. Any negative changes in commodity markets that may be due to changes in supply and demand for the commodities, market events, regulatory developments or other factors that the Funds cannot control could have an adverse impact on the Funds’ portfolios.

The iShares Gold Strategy ETF has substantial exposure to gold through its investments in gold investments and the Fund’s portfolio may be adversely affected by changes or trends in the price of gold, which historically has been volatile. Governments, central banks, or other large holders can influence the production and sale of gold, which may adversely affect the performance of the Fund.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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Notes to Consolidated Financial Statements (unaudited) (continued)

9. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 04/30/22						Year Ended 10/31/21
iShares ETF	Shares			Amount			Shares			Amount
Bloomberg Roll Select Commodity Strategy
Shares sold		2,950,000		$	168,887,510			2,500,000		$	136,346,700
Shares redeemed		(400,000	)		(23,208,475	)		—			—
Net increase		2,550,000		$	145,679,035			2,500,000		$	136,346,700
Commodity Curve Carry Strategy
Shares redeemed		—		$	—			(100,000	)	$	(2,599,830	)
Gold Strategy
Shares sold		50,000		$	2,954,731			200,000		$	11,320,515
GSCI Commodity Dynamic Roll Strategy
Shares sold		27,800,000		$	1,037,030,433			80,000,000		$	2,645,593,591
Shares redeemed		(2,200,000	)		(74,782,818	)		(12,600,000	)		(450,951,584	)
Net increase		25,600,000		$	962,247,615			67,400,000		$	2,194,642,007

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Consolidated Statements of Assets and Liabilities.

10. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the consolidated financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF, iShares Gold Strategy ETF and iShares GSCI Commodity Dynamic Roll Strategy ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

April 30, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Bloomberg Roll Select Commodity Strategy(a)	$	7.951997	$	—	$	0.009975	$	7.961972		100	%		—	%		0	%(b)		100	%
Commodity Curve Carry Strategy(a)		5.886339		—		0.008845		5.895184		100			—			0	(b)		100
GSCI Commodity Dynamic Roll Strategy(a)		5.480819		—		0.013314		5.494133		100			—			0	(b)		100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b)  Rounds to less than 1%.

S U P P L E M E N T A L   I N F O R M A T I O N 37

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

38 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income
SOFR	Secured Overnight Financing Rate

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 39

Want to know more?

iShares.com    |    1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, S&P Dow Jones Indices LLC, or ICE Data Indices, LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1011-0422

(b) Not Applicable

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares U.S. ETF Trust

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: June 23, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: June 23, 2022

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: June 23, 2022