Schedule of Investments (unaudited)	iShares® International High Yield Bond ETF
January 31, 2022	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Corporate Bonds & Notes
Australia — 0.6%
Commerzbank Ag Subordinated, 1.38%, 12/29/31 (Call 09/29/26)(a)(b)	EUR		100	$	107,935
Energias De Portugal SA, 1.88%, 03/14/82 (Call 06/14/29)(a)(b)	EUR		100		103,745
Eurobank SA, 2.25%, 03/14/28 (Call 03/14/27)(a)(b)	EUR		100		105,761
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)(a)	EUR		100		109,301
					426,742
Austria — 0.2%
ams-OSRAM AG, 6.00%, 07/31/25 (Call 07/31/22)(a)	EUR		100		117,609
Belgium — 0.2%
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/22)(a)	EUR		100		113,587
Canada — 2.3%
ADLER Group SA, 2.25%, 01/14/29 (Call 10/14/28)(a)	EUR		200		176,640
Air Canada, 4.63%, 08/15/29 (Call 02/15/26)(c)	CAD		325		252,371
AutoCanada Inc., 5.75%, 02/07/29 (Call 01/01/25)	CAD		50		39,400
Brookfield Property Finance ULC
3.93%, 08/24/25 (Call 07/24/25)	CAD		100		78,344
4.00%, 09/30/26 (Call 08/30/26)	CAD		75		58,044
Iccrea Banca SpA, 2.25%, 10/20/25 (Call 10/20/24)(a)(b)	EUR		100		112,434
Mattamy Group Corp., 4.63%, 03/01/28 (Call 03/01/23)(a)	CAD		50		39,112
Parkland Corp./Canada
3.88%, 06/16/26 (Call 06/16/23)(c)	CAD		100		76,683
4.38%, 03/26/29 (Call 03/26/24)	CAD		100		76,132
Ritchie Bros Holdings Ltd., 4.95%, 12/15/29 (Call 12/15/24)(c)	CAD		75		59,302
Southern Pacific Resource Corp., 8.75%, 01/25/18(c)(d)(e)(f)	CAD		50		—
Videotron Ltd.
3.13%, 01/15/31 (Call 01/15/26)	CAD		50		35,371
3.63%, 06/15/28 (Call 06/15/24)(c)	CAD		150		113,578
4.50%, 01/15/30 (Call 10/15/24)	CAD		150		118,114
5.63%, 06/15/25 (Call 03/15/25)	CAD		50		41,522
5.75%, 01/15/26 (Call 02/15/22)(a)	CAD		50		40,055
VZ Vendor Financing II BV, 2.88%, 01/15/29 (Call 12/18/23)(a)	EUR		200		209,702
					1,526,804
Cayman Islands — 0.2%
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 06/15/22)(a)	EUR		100		111,418
Cyprus — 0.2%
Bank of Cyprus PCL, 2.50%, 06/24/27 (Call 06/24/26)(a)(b)	EUR		100		106,745
Denmark — 0.2%
DKT Finance ApS, 7.00%, 06/17/23 (Call 03/02/22)(a)	EUR		100		113,033
Finland — 1.5%
Nokia OYJ
2.00%, 03/15/24 (Call 12/15/23)(a)	EUR		100		115,388
2.00%, 03/11/26 (Call 12/11/25)(a)	EUR		150		172,672
2.38%, 05/15/25 (Call 02/15/25)(a)	EUR		200		233,583
Teollisuuden Voima Oyj, 1.38%, 06/23/28 (Call 03/23/28)(a)	EUR		200		217,319
Teollisuuden Voima OYJ, 1.13%, 03/09/26 (Call 12/09/25)(a)	EUR		200		223,469
					962,431
France — 12.8%
Accor SA, 3.00%, 02/04/26 (Call 11/04/25)(a)	EUR		200		233,328
Altice France SA/France
2.13%, 02/15/25 (Call 03/02/22)(a)	EUR		150		160,526
3.38%, 01/15/28 (Call 09/15/22)(a)	EUR		200		209,853
4.00%, 07/15/29 (Call 04/15/24)(a)	EUR		100		105,759

Security		Par (000)		Value
France (continued)
4.25%, 10/15/29 (Call 10/15/24)(a)	EUR		100	$	106,606
5.88%, 02/01/27 (Call 03/02/22)(a)	EUR		150		173,788
Banijay Entertainment SASU, 3.50%, 03/01/25 (Call 03/02/22)(a)	EUR		200		220,797
CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)(a)	EUR		200		218,278
Casino Guichard Perrachon SA
3.58%, 02/07/25 (Call 11/07/24)(a)	EUR		300		306,990
5.25%, 04/15/27 (Call 04/15/23)(a)	EUR		100		100,823
CGG SA, 7.75%, 04/01/27 (Call 04/01/24)(a)	EUR		100		113,135
Chrome Bidco SASU, 3.50%, 05/31/28 (Call 05/31/24)(a)	EUR		100		109,851
Chrome Holdco SASU, 5.00%, 05/31/29 (Call 05/31/24)(a)	EUR		100		109,009
Elis SA
1.00%, 04/03/25 (Call 01/03/25)(a)	EUR		100		110,453
1.63%, 04/03/28 (Call 01/03/28)(a)	EUR		200		216,799
1.75%, 04/11/24 (Call 01/11/24)(a)	EUR		100		113,876
Faurecia SE
2.38%, 06/15/27 (Call 06/15/23)(a)	EUR		100		109,905
2.63%, 06/15/25 (Call 03/02/22)(a)	EUR		250		283,590
2.75%, 02/15/27 (Call 02/15/24)(a)	EUR		125		139,738
3.13%, 06/15/26 (Call 06/15/22)(a)	EUR		100		113,439
3.75%, 06/15/28 (Call 06/15/23)(a)	EUR		200		229,552
Iliad Holding SASU
5.13%, 10/15/26 (Call 10/15/23)(a)	EUR		150		171,619
5.63%, 10/15/28 (Call 10/15/24)(a)	EUR		100		114,183
La Banque Postale SA, 3.00%, 06/09/28(a)	EUR		100		121,931
La Financiere Atalian SASU, 4.00%, 05/15/24 (Call 02/10/22)(a)	EUR		200		213,642
Loxam SAS
2.88%, 04/15/26 (Call 04/15/22)(a)	EUR		100		107,840
3.25%, 01/14/25 (Call 02/10/22)(a)	EUR		100		109,461
3.50%, 05/03/23 (Call 02/10/22)(a)	EUR		200		224,316
Orano SA
2.75%, 03/08/28 (Call 12/08/27)(a)	EUR		100		113,208
3.13%, 03/20/23 (Call 12/20/22)(a)	EUR		100		114,817
3.38%, 04/23/26 (Call 01/23/26)(a)	EUR		100		117,485
4.88%, 09/23/24	EUR		100		122,439
Paprec Holding SA
3.50%, 07/01/28 (Call 07/01/24)(a)	EUR		100		109,622
4.00%, 03/31/25 (Call 03/02/22)(a)	EUR		100		112,802
Parts Europe SA, 6.50%, 07/16/25 (Call 03/02/22)(a)	EUR		100		115,820
Picard Bondco SA, 5.38%, 07/01/27 (Call 07/01/24)(a)	EUR		100		110,452
Picard Groupe SAS, 3.88%, 07/01/26 (Call 07/01/23)(a)	EUR		100		110,729
Quatrim SASU, 5.88%, 01/15/24 (Call 02/10/22)(a)	EUR		100		114,347
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(a)(b)	EUR		200		224,884
Renault SA
1.00%, 03/08/23 (Call 12/08/22)(a)	EUR		100		112,780
1.00%, 04/18/24 (Call 01/18/24)(a)	EUR		100		111,908
1.00%, 11/28/25 (Call 08/28/25)(a)	EUR		100		110,378
1.13%, 10/04/27 (Call 07/04/27)(a)	EUR		100		103,029
1.25%, 06/24/25 (Call 03/24/25)(a)	EUR		100		110,031
2.00%, 09/28/26 (Call 06/28/26)(a)	EUR		100		109,967
2.38%, 05/25/26 (Call 02/25/26)(a)	EUR		200		224,237
2.50%, 06/02/27 (Call 03/02/27)(a)	EUR		100		111,150
2.50%, 04/01/28 (Call 01/01/28)(a)	EUR		100		109,778
Rexel SA
2.13%, 06/15/28 (Call 06/15/24)(a)	EUR		100		110,737
2.13%, 12/15/28(a)	EUR		100		109,952
SPCM SA, 2.63%, 02/01/29 (Call 09/15/23)(a)	EUR		100		112,035
SPIE SA
2.63%, 06/18/26 (Call 12/18/25)(a)	EUR		100		114,961

1

Schedule of Investments (unaudited) (continued)	iShares® International High Yield Bond ETF
January 31, 2022	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
France (continued)
3.13%, 03/22/24 (Call 09/22/23)(a)	EUR		100	$	115,433
Tereos Finance Groupe, 4.75%, 04/30/27(a)	EUR		100		111,144
Tereos Finance Groupe I SA, 7.50%, 10/30/25 (Call 10/30/22)(a)	EUR		100		119,205
Valeo
1.50%, 06/18/25 (Call 03/18/25)(a)	EUR		200		230,204
3.25%, 01/22/24(a)	EUR		100		118,993
Valeo SA, 1.00%, 08/03/28 (Call 05/03/28)(a)	EUR		100		106,948
Verallia SA
1.63%, 05/14/28 (Call 02/14/28)(a)	EUR		100		111,108
1.88%, 11/10/31 (Call 08/10/31)(a)	EUR		100		108,743
					8,488,413
Germany — 11.1%
ADLER Group SA
1.50%, 07/26/24 (Call 04/26/24)(a)	EUR		100		96,595
1.88%, 01/14/26 (Call 10/14/25)(a)	EUR		100		90,491
3.25%, 08/05/25 (Call 05/05/25)(a)	EUR		100		96,534
ADLER Real Estate AG, 1.88%, 04/27/23 (Call 03/27/23)(a)	EUR		100		106,058
Bayer AG
2.38%, 11/12/79 (Call 02/12/25)(a)(b)	EUR		200		221,594
3.13%, 11/12/79 (Call 08/12/27)(a)(b)	EUR		100		111,482
3.75%, 07/01/74 (Call 07/01/24)(a)(b)	EUR		200		231,842
Bertelsmann SE & Co. KGaA
3.00%, 04/23/75 (Call 04/23/23)(a)(b)	EUR		100		114,419
3.50%, 04/23/75 (Call 04/23/27)(a)(b)	EUR		100		116,861
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(a)	EUR		150		171,958
Commerzbank AG
4.00%, 03/23/26(a)	EUR		200		243,797
4.00%, 03/30/27(a)	EUR		100		123,514
4.00%, 12/05/30 (Call 09/05/25)(a)(b)	EUR		100		120,269
Deutsche Bank AG
2.75%, 02/17/25(a)	EUR		125		146,734
4.50%, 05/19/26(a)	EUR		100		125,848
5.63%, 05/19/31 (Call 02/19/26)(a)(b)	EUR		200		257,846
Deutsche Lufthansa AG
0.25%, 09/06/24	EUR		50		54,570
2.88%, 02/11/25 (Call 01/11/25)(a)	EUR		200		227,165
2.88%, 05/16/27 (Call 02/16/27)(a)	EUR		200		221,723
3.00%, 05/29/26 (Call 03/02/26)(a)	EUR		300		338,087
3.50%, 07/14/29 (Call 04/14/29)(a)	EUR		100		112,656
Douglas GmbH, 6.00%, 04/08/26 (Call 04/15/23)(a)	EUR		200		220,420
Evonik Industries AG, 1.38%, 09/02/81 (Call 09/02/26)(a)(b)	EUR		100		110,141
Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/15/24)(a)	EUR		150		167,760
K+S AG, 2.63%, 04/06/23 (Call 01/06/23)(a)	EUR		100		114,061
LANXESS AG, 4.50%, 12/06/76 (Call 06/06/23)(a)(b)	EUR		75		87,938
Mahle GmbH, 2.38%, 05/14/28 (Call 02/14/28)(a)	EUR		200		211,154
Nidda BondCo GmbH, 5.00%, 09/30/25 (Call 03/02/22)(a)	EUR		100		109,209
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (Call 02/10/22)(a)	EUR		200		219,930
Schaeffler AG
1.88%, 03/26/24 (Call 12/26/23)(a)	EUR		100		114,378
2.75%, 10/12/25 (Call 07/12/25)(a)	EUR		200		235,916
3.38%, 10/12/28 (Call 07/12/28)(a)	EUR		100		121,893
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (Call 02/07/22)(a)	EUR		88		100,756
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 02/28/22)(a)	EUR		150		163,315
thyssenkrupp AG
1.88%, 03/06/23 (Call 02/06/23)(a)	EUR		150		169,451

Security		Par (000)		Value
Germany (continued)
2.88%, 02/22/24 (Call 11/22/23)(a)	EUR		300	$	342,232
TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(a)	EUR		100		113,353
Vertical Holdco GmbH, 6.63%, 07/15/28 (Call 07/15/23)(a)	EUR		180		207,843
ZF Europe Finance BV
2.00%, 02/23/26 (Call 12/23/25)(a)	EUR		200		222,089
2.50%, 10/23/27 (Call 07/23/27)(a)	EUR		100		110,435
3.00%, 10/23/29 (Call 07/23/29)(a)	EUR		100		111,467
ZF Finance GmbH
2.00%, 05/06/27 (Call 02/06/27)(a)	EUR		100		109,445
2.25%, 05/03/28 (Call 02/03/28)(a)	EUR		100		108,558
2.75%, 05/25/27 (Call 02/25/27)(a)	EUR		100		112,296
3.00%, 09/21/25 (Call 06/21/25)(a)	EUR		100		115,344
3.75%, 09/21/28 (Call 06/21/28)(a)	EUR		100		116,887
ZF North America Capital Inc., 2.75%, 04/27/23(a)	EUR		200		230,001
					7,376,315
Greece — 1.5%
Alpha Bank SA, 2.50%, 03/23/28 (Call 03/23/27)(a)(b)	EUR		100		106,443
Eurobank SA, 2.00%, 05/05/27 (Call 05/05/26)(a)(b)	EUR		100		106,655
Mytilineos SA, 2.25%, 10/30/26(a)	EUR		100		110,746
National Bank of Greece SA, 2.75%, 10/08/26 (Call 10/08/25)(a)(b)	EUR		200		222,641
Piraeus Bank SA, 3.88%, 11/03/27 (Call 11/03/26)(a)(b)	EUR		100		108,880
Piraeus Financial Holdings SA, 9.75%, 06/26/29 (Call 06/26/24)(a)(b)	EUR		100		120,774
Public Power Corp. SA
3.38%, 07/31/28 (Call 07/31/24)(a)	EUR		100		109,027
3.88%, 03/30/26 (Call 03/30/23)(a)	EUR		100		112,435
					997,601
Ireland — 0.8%
AIB Group PLC
1.88%, 11/19/29 (Call 11/19/24)(a)(b)	EUR		100		113,254
2.88%, 05/30/31 (Call 05/30/26)(a)(b)	EUR		100		116,627
Bank of Ireland Group PLC, 1.38%, 08/11/31 (Call 05/11/26)(a)(b)	EUR		100		109,581
eircom Finance DAC
1.75%, 11/01/24 (Call 03/02/22)(a)	EUR		100		110,283
3.50%, 05/15/26 (Call 05/15/22)(a)	EUR		100		111,156
					560,901
Israel — 1.9%
Teva Pharmaceutical Finance Netherlands II BV
1.13%, 10/15/24(a)	EUR		200		214,828
1.25%, 03/31/23 (Call 12/31/22)(a)	EUR		100		111,275
1.63%, 10/15/28(a)	EUR		150		140,991
3.75%, 05/09/27 (Call 02/09/27)	EUR		300		326,120
4.38%, 05/09/30 (Call 02/09/30)	EUR		200		214,573
4.50%, 03/01/25 (Call 12/01/24)	EUR		100		113,737
6.00%, 01/31/25 (Call 10/31/24)	EUR		100		118,354
					1,239,878
Italy — 15.6%
Alpha Services and Holdings SA, 4.25%, 02/13/30 (Call 02/13/25)(a)(b)	EUR		100		108,726
Atlantia SpA
1.63%, 02/03/25(a)	EUR		100		112,701
1.88%, 07/13/27 (Call 04/13/27)(a)	EUR		275		309,858
1.88%, 02/12/28 (Call 11/12/27)(a)	EUR		100		111,356
Autostrade per l’Italia SpA
1.63%, 01/25/28 (Call 10/25/27)(a)	EUR		100		111,757
1.75%, 06/26/26(a)	EUR		100		113,921
1.75%, 02/01/27(a)	EUR		100		113,250

2

Schedule of Investments (unaudited) (continued)	iShares® International High Yield Bond ETF
January 31, 2022	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Italy (continued)
1.88%, 09/26/29 (Call 06/26/29)(a)	EUR		200	$	223,758
2.00%, 01/15/30 (Call 10/15/29)(a)	EUR		400		448,783
4.38%, 09/16/25(a)	EUR		100		124,838
Banca IFIS SpA, 2.00%, 04/24/23(a)	EUR		100		113,192
Banca Monte dei Paschi di Siena SpA
2.63%, 04/28/25(a)	EUR		100		110,373
3.63%, 09/24/24(a)	EUR		300		336,527
5.38%, 01/18/28 (Call 01/18/23)(a)(b)	EUR		100		84,891
10.50%, 07/23/29(a)	EUR		100		98,599
Banca Popolare di Sondrio SCPA
2.38%, 04/03/24(a)	EUR		100		115,198
3.88%, 02/25/32 (Call 11/25/26)(a)(b)	EUR		100		112,562
Banco BPM SpA
0.88%, 07/15/26(a)	EUR		100		108,268
1.75%, 04/24/23(a)	EUR		109		124,314
1.75%, 01/28/25(a)	EUR		200		227,455
3.25%, 01/14/31 (Call 01/14/26)(a)(b)	EUR		100		111,881
4.25%, 10/01/29 (Call 10/01/24)(a)(b)	EUR		200		231,926
BPER Banca
1.38%, 03/31/27 (Call 03/31/26)(a)(b)	EUR		100		108,690
1.88%, 07/07/25(a)	EUR		100		113,604
3.88%, 07/25/32(a)	EUR		200		225,822
Brunello Bidco SpA, 3.50%, 02/15/28 (Call 02/15/24)(a)	EUR		100		108,145
Deutsche Lufthansa AG, 2.00%, 07/14/24 (Call 06/14/24)(a)	EUR		100		112,589
Esselunga SpA, 0.88%, 10/25/23 (Call 07/25/23)(a)	EUR		100		113,160
Gamma Bidco SpA, 5.13%, 07/15/25 (Call 07/15/22)(a)	EUR		200		224,854
Grifols SA, 2.25%, 11/15/27 (Call 11/15/22)(a)	EUR		100		109,189
Iccrea Banca SpA
2.13%, 01/17/27 (Call 01/17/26)(a)(b)	EUR		100		111,375
4.13%, 11/28/29 (Call 11/28/24)(a)(b)	EUR		100		112,531
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/23)(a)	EUR		100		107,834
Infrastrutture Wireless Italiane SpA
1.63%, 10/21/28 (Call 07/21/28)(a)	EUR		100		112,008
1.75%, 04/19/31 (Call 01/19/31)(a)	EUR		100		109,495
1.88%, 07/08/26 (Call 04/08/26)(a)	EUR		150		172,619
Intesa Sanpaolo SpA
2.93%, 10/14/30(a)	EUR		100		113,740
3.93%, 09/15/26(a)	EUR		175		213,813
5.88%, 03/04/29 (Call 03/04/24)(a)(b)	EUR		150		183,776
6.63%, 09/13/23(a)	EUR		100		123,021
Leonardo SpA, 2.38%, 01/08/26 (Call 10/08/25)(a)	EUR		100		115,403
Mediobanca Banca di Credito Finanziario SpA
3.75%, 06/16/26	EUR		75		90,971
5.75%, 04/18/23	EUR		50		59,592
Nexi SpA
1.63%, 04/30/26 (Call 01/30/26)(a)	EUR		200		216,518
1.75%, 10/31/24 (Call 07/31/24)(a)	EUR		100		112,686
2.13%, 04/30/29 (Call 01/30/29)(a)	EUR		150		160,634
Rossini Sarl, 6.75%, 10/30/25 (Call 03/02/22)(a)	EUR		100		115,790
Saipem Finance International BV
2.63%, 01/07/25(a)	EUR		100		106,938
3.75%, 09/08/23(a)	EUR		200		221,298
Telecom Italia SpA/Milano
1.63%, 01/18/29 (Call 10/18/28)(a)	EUR		100		102,728
2.38%, 10/12/27 (Call 07/12/27)(a)	EUR		300		327,080
2.50%, 07/19/23(a)	EUR		100		114,530
2.88%, 01/28/26 (Call 10/28/25)(a)	EUR		418		475,706
3.63%, 01/19/24(a)	EUR		200		232,380
3.63%, 05/25/26(a)	EUR		100		116,428

Security		Par (000)		Value
Italy (continued)
4.00%, 04/11/24 (Call 01/11/24)(a)	EUR		125	$	146,204
5.25%, 02/10/22(a)	EUR		100		112,428
UniCredit SpA
2.00%, 09/23/29 (Call 09/23/24)(a)(b)	EUR		200		224,315
2.73%, 01/15/32 (Call 01/15/27)(a)(b)	EUR		200		223,852
6.95%, 10/31/22(a)	EUR		100		117,818
Unione di Banche Italiane SpA, 4.38%, 07/12/29 (Call 07/12/24)(a)(b)	EUR		150		179,983
Unipol Gruppo SpA
3.00%, 03/18/25(a)	EUR		175		209,487
3.25%, 09/23/30 (Call 06/23/30)(a)	EUR		200		247,760
Webuild SpA, 1.75%, 10/26/24(a)	EUR		250		278,702
					10,339,630
Japan — 1.9%
SoftBank Group Corp.
2.13%, 07/06/24 (Call 04/06/24)(a)	EUR		175		190,797
2.88%, 01/06/27 (Call 10/06/26)(a)	EUR		100		103,028
3.13%, 09/19/25 (Call 06/21/25)(a)	EUR		250		274,007
3.38%, 07/06/29 (Call 04/06/29)(a)	EUR		125		122,148
3.88%, 07/06/32 (Call 04/06/32)(a)	EUR		100		97,350
4.00%, 04/20/23 (Call 01/20/23)(a)	EUR		100		113,491
4.00%, 09/19/29 (Call 06/21/29)(a)	EUR		100		101,617
5.00%, 04/15/28 (Call 01/16/28)(a)	EUR		250		275,830
					1,278,268
Luxembourg — 4.2%
ADLER Group SA, 2.25%, 04/27/27 (Call 01/27/27)(a)	EUR		100		89,985
Albion Financing 1 SARL/Aggreko Holdings Inc., 5.25%, 10/15/26 (Call 10/15/23)(a)	EUR		100		110,128
Altice Financing SA
2.25%, 01/15/25 (Call 03/02/22)(a)	EUR		100		106,357
3.00%, 01/15/28 (Call 01/15/23)(a)	EUR		200		204,729
4.25%, 08/15/29 (Call 08/15/24)(a)	EUR		100		105,534
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/22)(a)	EUR		100		102,134
Altice France Holding SA
4.00%, 02/15/28 (Call 02/15/23)(a)	EUR		100		102,244
8.00%, 05/15/27 (Call 05/15/22)(a)	EUR		200		234,255
Garfunkelux Holdco 3 SA
6.75%, 11/01/25 (Call 11/01/22)(a)	EUR		100		114,820
7.75%, 11/01/25 (Call 11/01/22)(a)	GBP		100		137,533
INEOS Finance PLC
2.13%, 11/15/25 (Call 02/10/22)(a)	EUR		100		110,159
2.88%, 05/01/26 (Call 05/01/22)(a)	EUR		300		330,645
Matterhorn Telecom SA, 3.13%, 09/15/26 (Call 09/15/22)(a)	EUR		200		218,782
Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(a)	EUR		100		113,532
PLT VII Finance Sarl, 4.63%, 01/05/26 (Call 07/15/22)(a)	EUR		100		111,139
SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)(a)	EUR		100		116,431
Summer BC Holdco A Sarl, 9.25%, 10/31/27 (Call 10/31/22)(a)	EUR		90		107,117
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 10/31/22)(a)	EUR		150		172,597
Vivion Investments Sarl
3.00%, 08/08/24(a)	EUR		100		106,698
3.50%, 11/01/25(a)	EUR		100		107,023
					2,801,842
Netherlands — 3.2%
AutoCanada Inc, 6.25%, 10/26/20(e)	EUR		50		—
Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/30/24)(a)	EUR		100		104,860
Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 03/02/22)(a)	EUR		200		225,768

3

Schedule of Investments (unaudited) (continued)	iShares® International High Yield Bond ETF
January 31, 2022	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Netherlands (continued)
PPF Telecom Group BV
2.13%, 01/31/25 (Call 10/31/24)(a)	EUR		200	$	226,438
3.25%, 09/29/27 (Call 06/29/27)(a)	EUR		100		118,414
3.50%, 05/20/24 (Call 02/20/24)(a)	EUR		100		117,627
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/23)(a)	EUR		100		103,192
Sigma Holdco BV, 5.75%, 05/15/26 (Call 02/10/22)(a)	EUR		100		101,075
Trivium Packaging Finance BV, 3.75%, 08/15/26 (Call 08/15/22)(a)	EUR		100		111,415
United Group BV
3.13%, 02/15/26 (Call 03/02/22)(a)	EUR		100		106,641
3.63%, 02/15/28 (Call 02/15/23)(a)	EUR		100		104,609
4.63%, 08/15/28 (Call 08/15/24)(a)	EUR		100		108,578
4.88%, 07/01/24 (Call 03/02/22)(a)	EUR		100		112,985
5.25%, 02/01/30(a)	EUR		100		109,023
UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/22)(a)	EUR		100		111,574
VZ Secured Financing BV, 3.50%, 01/15/32(a)	EUR		100		106,009
WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29 (Call 01/15/25)(a)	EUR		100		109,135
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(a)	EUR		150		155,643
					2,132,986
Norway — 0.3%
Adevinta ASA, 2.63%, 11/15/25 (Call 11/15/22)(a)	EUR		200		224,407
Portugal — 1.9%
Banco Comercial Portugues SA
1.13%, 02/12/27 (Call 02/12/26)(a)(b)	EUR		100		104,644
1.75%, 04/07/28 (Call 04/07/27)(a)(b)	EUR		100		104,574
4.00%, 05/17/32 (Call 11/17/26)(a)(b)	EUR		100		109,296
Caixa Geral de Depositos SA, 5.75%, 06/28/28 (Call 06/28/23)(a)(b)	EUR		200		239,219
EDP - Energias de Portugal SA
1.50%, 03/14/82 (Call 12/14/26)(a)(b)	EUR		100		106,164
1.70%, 07/20/80 (Call 04/20/25)(a)(b)	EUR		100		109,946
1.88%, 08/02/81 (Call 05/02/26)(a)(b)	EUR		100		109,204
4.50%, 04/30/79 (Call 01/30/24)(a)(b)	EUR		200		237,501
Novo Banco SA, 8.50%, 07/06/28 (Call 07/06/23)(a)(b)	EUR		100		114,148
					1,234,696
Spain — 7.1%
Abanca Corp. Bancaria SA, 4.63%, 04/07/30 (Call 04/07/25)(a)(b)	EUR		100		117,958
Banco de Credito Social Cooperativo SA, 1.75%, 03/09/28 (Call 03/09/27)(a)(b)	EUR		100		105,522
Banco de Sabadell SA
0.88%, 06/16/28 (Call 06/16/27)(a)(b)	EUR		100		106,666
1.13%, 03/27/25(a)	EUR		100		112,287
1.75%, 05/10/24(a)	EUR		100		114,649
2.50%, 04/15/31 (Call 01/15/26)(a)(b)	EUR		100		110,010
5.38%, 12/12/28 (Call 12/12/23)(a)(b)	EUR		100		120,006
5.63%, 05/06/26(a)	EUR		100		126,403
Banco do Brasil SA/Cayman, 5.25%, 11/27/31 (Call 05/27/26)(a)(b)	EUR		100		114,445
Cellnex Finance Co. SA
0.75%, 11/15/26 (Call 08/15/26)(a)	EUR		100		108,887
1.00%, 09/15/27 (Call 06/15/27)(a)	EUR		100		106,724
1.25%, 01/15/29 (Call 10/15/28)(a)	EUR		200		209,210
1.50%, 06/08/28 (Call 03/08/28)(a)	EUR		100		107,817
2.00%, 09/15/32 (Call 06/15/32)(a)	EUR		200		208,665
2.00%, 02/15/33 (Call 11/15/32)(a)	EUR		300		308,309
Cellnex Telecom SA
1.00%, 04/20/27 (Call 01/20/27)(a)	EUR		100		107,968

Security		Par (000)		Value
Spain (continued)
1.88%, 06/26/29 (Call 03/26/29)	EUR		100	$	108,403
2.38%, 01/16/24 (Call 10/16/23)(a)	EUR		100		116,172
2.88%, 04/18/25 (Call 01/18/25)(a)	EUR		100		119,022
Cirsa Finance International Sarl
4.50%, 03/15/27 (Call 09/15/23)(a)	EUR		100		107,348
6.25%, 12/20/23 (Call 02/10/22)(a)	EUR		85		95,948
ContourGlobal Power Holdings SA
2.75%, 01/01/26 (Call 01/01/23)(a)	EUR		100		106,250
4.13%, 08/01/25 (Call 03/02/22)(a)	EUR		100		112,531
El Corte Ingles SA
3.00%, 03/15/24 (Call 02/10/22)(a)	EUR		100		112,923
3.63%, 03/15/24 (Call 03/15/22)(a)	EUR		100		114,449
Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)(a)	EUR		250		272,083
Grifols SA
1.63%, 02/15/25 (Call 03/02/22)(a)	EUR		150		165,485
3.20%, 05/01/25 (Call 03/02/22)(a)	EUR		200		222,000
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(b)	EUR		100		111,149
International Consolidated Airlines Group SA, 2.75%, 03/25/25 (Call 12/25/24)(a)	EUR		100		111,097
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)(a)	EUR		300		331,205
Repsol International Finance BV, 4.50%, 03/25/75 (Call 03/25/25)(a)(b)	EUR		175		208,152
Unicaja Banco SA, 2.88%, 11/13/29 (Call 11/13/24)(a)(b)	EUR		100		112,514
					4,712,257
Sweden — 3.4%
Akelius Residential Property AB
2.25%, 05/17/81 (Call 02/17/26)(a)(b)	EUR		100		106,825
3.88%, 10/05/78 (Call 07/08/23)(a)(b)	EUR		100		116,078
Dometic Group AB
2.00%, 09/29/28 (Call 06/29/28)(a)	EUR		100		107,295
3.00%, 09/13/23 (Call 08/13/23)(a)	EUR		100		115,694
Fastighets AB Balder
2.87%, 06/02/81 (Call 03/02/26)(a)(b)	EUR		100		104,885
3.00%, 03/07/78 (Call 03/07/23)(a)(b)	EUR		100		112,046
Intrum AB
3.00%, 09/15/27 (Call 09/15/22)(a)	EUR		100		107,595
3.13%, 07/15/24 (Call 03/02/22)(a)	EUR		100		111,845
3.50%, 07/15/26 (Call 07/15/22)(a)	EUR		175		195,092
4.88%, 08/15/25 (Call 08/15/22)(a)	EUR		200		230,157
Verisure Holding AB
3.25%, 02/15/27 (Call 02/15/23)(a)	EUR		150		163,351
3.88%, 07/15/26 (Call 07/15/22)(a)	EUR		100		112,589
Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(a)	EUR		300		332,963
Volvo Car AB
2.00%, 01/24/25 (Call 10/24/24)(a)	EUR		200		230,599
2.13%, 04/02/24 (Call 01/02/24)(a)	EUR		100		115,207
					2,262,221
Switzerland — 0.5%
Dufry One BV
2.00%, 02/15/27 (Call 02/15/23)(a)	EUR		100		103,141
2.50%, 10/15/24 (Call 03/02/22)(a)	EUR		100		110,087
3.38%, 04/15/28 (Call 04/15/24)(a)	EUR		100		107,542
					320,770
United Kingdom — 11.8%
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23 (Call 03/02/22)(a)	GBP		150		203,756
BCP V Modular Services Finance II PLC
4.75%, 11/30/28 (Call 11/30/24)(a)	EUR		200		214,629
6.13%, 11/30/28 (Call 11/30/24)(a)	GBP		100		126,753

4

Schedule of Investments (unaudited) (continued)	iShares® International High Yield Bond ETF
January 31, 2022	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
United Kingdom (continued)
Bellis Acquisition Co. PLC
3.25%, 02/16/26 (Call 02/24/23)(a)	GBP		300	$	373,355
4.50%, 02/16/26 (Call 02/24/23)(a)	GBP		100		130,505
Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/23)(a)	GBP		100		121,707
British Telecommunications PLC, 1.87%, 08/18/80 (Call 05/18/25)(a)(b)	EUR		100		109,289
Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(a)	EUR		100		108,636
Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/23)(a)	GBP		100		132,744
eG Global Finance PLC, 4.38%, 02/07/25 (Call 03/02/22)(a)	EUR		225		247,915
Heathrow Finance PLC
4.38%, 03/01/27(a)(g)	GBP		100		131,598
5.25%, 03/01/24 (Call 12/01/23)(a)	GBP		100		137,174
Iceland Bondco PLC, 4.38%, 05/15/28 (Call 02/15/24)(a)	GBP		100		114,300
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/23)(a)	EUR		100		107,523
INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 01/15/23)(a)	EUR		200		211,458
International Consolidated Airlines Group SA
1.50%, 07/04/27 (Call 04/04/27)(a)	EUR		100		101,941
3.75%, 03/25/29 (Call 12/25/28)(a)	EUR		100		110,427
Jaguar Land Rover Automotive PLC
2.20%, 01/15/24(a)	EUR		100		110,036
3.88%, 03/01/23(a)	GBP		100		134,861
4.50%, 01/15/26 (Call 10/15/25)(a)	EUR		150		171,438
4.50%, 07/15/28 (Call 07/15/24)(a)	EUR		100		111,262
5.88%, 11/15/24 (Call 08/15/24)(a)	EUR		100		118,730
Jerrold Finco PLC, 5.25%, 01/15/27 (Call 01/15/23)(a)	GBP		100		134,452
Marks & Spencer PLC
3.75%, 05/19/26 (Call 02/19/26)(a)	GBP		100		135,813
6.00%, 06/12/25(a)	GBP		100		143,840
Motion Finco Sarl, 7.00%, 05/15/25 (Call 05/15/22)(a)	EUR		100		116,803
NGG Finance PLC
1.63%, 12/05/79 (Call 09/05/24)(a)(b)	EUR		100		112,183
2.13%, 09/05/82 (Call 06/05/27)(a)(b)	EUR		100		111,379
5.63%, 06/18/73 (Call 06/18/25)(a)(b)	GBP		200		286,496
Pinewood Finance Co. Ltd., 3.63%, 11/15/27 (Call 11/15/23)(a)	GBP		175		230,165
Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 03/02/22)(a)	EUR		100		113,928
Rolls-Royce PLC
0.88%, 05/09/24 (Call 02/09/24)(a)	EUR		100		110,439
1.63%, 05/09/28 (Call 02/09/28)(a)	EUR		100		104,425
4.63%, 02/16/26 (Call 11/16/25)(a)	EUR		100		122,143
5.75%, 10/15/27 (Call 07/15/27)(a)	GBP		100		147,945
Sherwood Financing PLC, 4.50%, 11/15/26 (Call 11/15/23)(a)	EUR		100		110,102
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/22)(a)	GBP		200		277,318
Thames Water Utilities Finance PLC, 2.88%, 05/03/27(a)	GBP		100		133,862
Virgin Media Finance PLC, 3.75%, 07/15/30 (Call 07/15/25)(a)	EUR		100		106,318
Virgin Media Secured Finance PLC
4.13%, 08/15/30 (Call 08/15/25)(a)	GBP		100		126,251
4.25%, 01/15/30 (Call 10/15/24)(a)	GBP		100		126,084
5.00%, 04/15/27 (Call 04/15/22)(a)	GBP		200		273,227
Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)(a)	EUR		100		104,878
4.00%, 01/31/29 (Call 01/31/24)(a)	GBP		100		125,226
4.50%, 07/15/31 (Call 07/15/26)(a)	GBP		200		254,297
Vodafone Group PLC
2.63%, 08/27/80 (Call 05/27/26)(a)(b)	EUR		200		223,454
3.00%, 08/27/80 (Call 05/27/30)(a)(b)	EUR		250		272,498
3.10%, 01/03/79 (Call 10/03/23)(a)(b)	EUR		300		344,373

Security		Par (000)		Value
United Kingdom (continued)
4.88%, 10/03/78 (Call 07/03/25)(a)(b)	GBP		100	$	138,929
					7,816,865
United States — 14.7%
Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(a)	EUR		175		198,455
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl
3.63%, 06/01/28 (Call 06/01/24)(a)	EUR		100		105,913
4.88%, 06/01/28 (Call 06/01/24)(a)	GBP		100		125,465
Alpha Services and Holdings SA, 5.50%, 06/11/31 (Call 03/11/26)(a)(b)	EUR		100		112,125
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
2.00%, 09/01/28 (Call 05/15/24)(a)	EUR		100		107,374
3.00%, 09/01/29 (Call 05/15/24)(a)	EUR		100		105,867
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.13%, 08/15/26 (Call 08/15/22)(a)	EUR		100		107,077
4.75%, 07/15/27 (Call 07/15/22)(a)	GBP		100		130,968
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(a)	EUR		100		109,881
Avantor Funding Inc., 2.63%, 11/01/25 (Call 11/01/22)(a)	EUR		200		226,112
Avis Budget Finance PLC
4.13%, 11/15/24 (Call 03/02/22)(a)	EUR		100		113,136
4.75%, 01/30/26 (Call 03/02/22)(a)	EUR		100		113,668
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 02/10/22)(a)	EUR		100		112,280
Ball Corp.
0.88%, 03/15/24 (Call 12/15/23)	EUR		100		111,798
1.50%, 03/15/27 (Call 12/15/26)	EUR		100		111,579
4.38%, 12/15/23	EUR		100		119,925
Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)(a)	EUR		150		167,181
Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 06/01/22)(a)	EUR		100		116,508
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)	EUR		100		83,782
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)(a)	EUR		150		162,071
Chemours Co. (The), 4.00%, 05/15/26 (Call 03/02/22)	EUR		100		112,159
Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 05/15/22)(a)	EUR		125		142,576
Constellium SE, 3.13%, 07/15/29 (Call 07/15/24)(a)	EUR		100		106,130
Coty Inc.
3.88%, 04/15/26 (Call 04/15/23)(a)	EUR		100		112,483
4.75%, 04/15/26 (Call 03/02/22)(a)	EUR		100		112,303
Crown European Holdings SA
0.75%, 02/15/23 (Call 01/15/23)(a)	EUR		100		111,679
2.25%, 02/01/23 (Call 11/01/22)(a)	EUR		100		113,074
2.63%, 09/30/24 (Call 03/31/24)(a)	EUR		125		143,589
2.88%, 02/01/26 (Call 08/01/25)(a)	EUR		100		116,661
Darling Global Finance BV, 3.63%, 05/15/26 (Call 02/10/22)(a)	EUR		100		113,284
Encore Capital Group Inc., 5.38%, 02/15/26 (Call 11/15/22)(a)	GBP		100		138,081
Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26)	CAD		100		76,266
Ford Credit Canada Co.
3.50%, 11/30/23	CAD		100		79,270
3.74%, 05/08/23	CAD		75		59,535
4.46%, 11/13/24	CAD		100		81,131
Ford Motor Credit Co. LLC
1.36%, 02/07/25	EUR		100		111,720
1.51%, 02/17/23	EUR		100		113,017
1.74%, 07/19/24	EUR		100		112,806
2.33%, 11/25/25	EUR		100		115,321
2.39%, 02/17/26	EUR		225		260,054
2.75%, 06/14/24	GBP		200		267,659

5

Schedule of Investments (unaudited) (continued)	iShares® International High Yield Bond ETF
January 31, 2022	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
3.02%, 03/06/24	EUR		100	$	116,012
3.25%, 09/15/25	EUR		100		118,656
Goodyear Europe BV, 2.75%, 08/15/28 (Call 08/15/24)(a)	EUR		100		111,666
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(a)	EUR		100		116,679
International Game Technology PLC
3.50%, 07/15/24 (Call 01/15/24)(a)	EUR		100		116,530
3.50%, 06/15/26 (Call 06/15/22)(a)	EUR		150		169,378
IQVIA Inc.
1.75%, 03/15/26 (Call 03/15/23)(a)	EUR		100		111,780
2.25%, 01/15/28 (Call 07/15/22)(a)	EUR		150		164,755
2.25%, 03/15/29 (Call 03/15/24)(a)	EUR		200		216,298
2.88%, 09/15/25 (Call 02/10/22)(a)	EUR		100		112,757
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 02/10/22)(a)	GBP		100		134,263
Kraft Heinz Foods Co.
2.00%, 06/30/23 (Call 03/30/23)(a)	EUR		200		229,341
2.25%, 05/25/28 (Call 02/25/28)(a)	EUR		200		237,781
4.13%, 07/01/27 (Call 04/01/27)(a)	GBP		100		144,688
Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/22)	EUR		100		113,379
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)(a)(b)	EUR		100		114,221
Mauser Packaging Solutions Holding Co., 4.75%, 04/15/24 (Call 03/02/22)(a)	EUR		100		111,616
MPT Operating Partnership LP/MPT Finance Corp.
0.99%, 10/15/26 (Call 09/15/26)	EUR		100		110,059
2.50%, 03/24/26 (Call 02/24/26)	GBP		100		132,050
3.33%, 03/24/25 (Call 12/24/24)	EUR		100		119,569
3.38%, 04/24/30 (Call 01/24/30)	GBP		100		134,351
3.69%, 06/05/28 (Call 04/06/28)	GBP		100		137,648
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (Call 04/15/24)(a)	EUR		100		110,137
OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)(a)	EUR		200		227,959
Olympus Water U.S. Holding Corp., 3.88%, 10/01/28 (Call 10/01/24)(a)	EUR		100		109,013
Organon & Co./Organon Foreign Debt Co-Issuer BV., 2.88%, 04/30/28 (Call 04/30/24)(a)	EUR		200		218,013
Primo Water Holdings Inc., 3.88%, 10/31/28 (Call 10/31/23)(a)	EUR		100		111,067
Scientific Games International Inc., 5.50%, 02/15/26 (Call 03/02/22)(a)	EUR		100		114,134
Sealed Air Corp., 4.50%, 09/15/23 (Call 06/15/23)(a)	EUR		100		117,597
Silgan Holdings Inc.
2.25%, 06/01/28 (Call 03/01/23)	EUR		100		109,063
3.25%, 03/15/25 (Call 03/02/22)	EUR		100		111,945
Spectrum Brands Inc., 4.00%, 10/01/26 (Call 03/02/22)(a)	EUR		100		113,541
Standard Industries Inc./NJ, 2.25%, 11/21/26 (Call 08/21/26)(a)	EUR		100		106,031

Security		Par/ Shares (000)			Value
United States (continued)
WMG Acquisition Corp., 2.25%, 08/15/31 (Call 08/15/26)(a)	EUR		100		$	106,378
						9,768,318
Total Corporate Bonds & Notes — 98.1%
(Cost: $68,039,748)						65,033,737
Common Stocks
South Africa — 0.0%
Sentry Holdings Ltd.Class A(h)			0	(i)		—
Total Common Stocks — 0.0%
(Cost: $159,437)						—
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(j)(k)			20			20,000
Total Short-Term Investments — 0.0%
(Cost: $20,000)						20,000
Total Investments in Securities — 98.1%
(Cost: $68,219,185)						65,053,737
Other Assets, Less Liabilities — 1.9%						1,239,274
Net Assets — 100.0%					$	66,293,011

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

^(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) Issuer filed for bankruptcy and/or is in default.

^(e) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(f) Non-income producing security.

^(g) 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.

^(h) Zero-coupon bond.

⁽ⁱ⁾ Rounds to less than 1,000.

^(j) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 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 01/31/22		Shares Held at 01/31/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,000	$	0	(a)	$	—	$	—	$	—	$	20,000		20	$	6	$	—

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

6

Schedule of Investments (unaudited) (continued)	iShares® International High Yield Bond ETF
January 31, 2022

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	$	—	$	65,033,737	$	—	$	65,033,737
Common Stocks		—		—		—		—
Money Market Funds		20,000		—		—		20,000
	$	20,000	$	65,033,737	$	—	$	65,053,737

Portfolio Abbreviations - Fixed Income
CAB	Capital Appreciation Bonds

Currency Abbreviations
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound

7