iShares U.S. ETF Trust NCSRS Certified semi-annual shareholder report (management investment company)

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, 2021

Date of reporting period: April 30, 2021

Item 1.

Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.


		APRIL 30, 2021

2021 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, 2021 reflected a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the response to the virus’s spread was well underway, and countries around the world felt the effect of economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses were imposed in many parts of the world, workers were laid off, and unemployment claims spiked, causing a global recession.

As May 2020 began, stocks had just begun to recover from the lowest point following the onset of the pandemic. This recovery continued throughout the reporting period, as businesses continued re-opening and governments learned to adapt to life with the virus. Equity prices rose through the summer, fed by strong fiscal and monetary support and improving economic indicators. The implementation of mass vaccination campaigns and passage of an additional $1.9 trillion of fiscal stimulus further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns late in the reporting period, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to substantial returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates and by announcing that inflation could exceed its 2% target for a sustained period without triggering a rate increase. To stabilize credit markets, the Fed also continued purchasing significant quantities of bonds, as did other influential central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. While we expect inflation to increase somewhat as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in technology, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are underweight overall on credit, global high-yield and Asian bonds present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, 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,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	28.85%	45.98%
U.S. small cap equities (Russell 2000^® Index)	48.06	74.91
International equities (MSCI Europe, Australasia, Far East Index)	28.84	39.88
Emerging market equities (MSCI Emerging Markets Index)	22.95	48.71
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.11
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.26)	(7.79)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.52)	(0.27)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.42	7.40
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	7.98	19.57
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		THIS PAGE IS NOT PART OF YOUR FUND REPORT

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		28
Statements of Operations		29
Statements of Changes in Net Assets		30
Financial Highlights		32
Notes to Financial Statements		35
Statement Regarding Liquidity Risk Management Program		43
Supplemental Information		44
General Information		45
Glossary of Terms Used in this Report		46


Fund Summary as of April 30, 2021		BlackRock Short Maturity Bond ETF

Investment Objective

The BlackRock Short Maturity Bond ETF (the “Fund”) (formerly the iShares Short Maturity Bond ETF) 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		0.57	%		2.95	%		1.87	%		1.53	%		2.95	%		9.70	%		12.21	%
Fund Market		0.57			3.16			1.86			1.52			3.16			9.63			12.18
Bloomberg Barclays Short-Term Government/Corporate Index		0.12			0.40			1.50			1.09			0.40			7.74			8.62

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

The Bloomberg Barclays 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 (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,005.70	$ 1.24			$ 1,000.00	$ 1,023.60	$ 1.25		0.25	%

^(a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). 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” on page 7 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



Investment Type	Percent of Total Investments	^(a)

Corporate Bonds & Notes	62.6	%
Asset-Backed Securities	17.5
Collaterized Mortgage Obligations	7.2
Commercial Paper	7.0
Certificates of Deposit	3.0
Repurchase Agreements	2.7

ALLOCATION BY CREDIT QUALITY



Moody’s Credit Rating*	Percent of Total Investments	^(a)

Aaa	17.0	%
Aa	3.0
A	25.8
Baa	29.9
Ba	3.3
P-1	5.2
P-2	5.0
P-3	1.2
Not Rated	9.6

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 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2021		BlackRock Short Maturity Municipal Bond ETF

Investment Objective

The BlackRock Short Maturity Municipal Bond ETF (the “Fund”) (formerly the iShares Short Maturity Municipal Bond ETF) 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		0.27	%		1.41	%		1.18	%		1.10%		1.41	%		6.04	%		6.97%
Fund Market		0.27			1.32			1.18			1.10		1.32			6.05			6.99
Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index		0.49			1.75			1.40			1.27		1.75			7.20			8.08

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

The Bloomberg Barclays 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.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,002.70	$ 1.24			$ 1,000.00	$ 1,023.60	$ 1.25		0.25	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY



S&P Credit Rating*	Percent of Total Investments	^(a)

AA+	0.5	%
AA	1.4
AA-	3.3
A+	4.3
A	30.4
A-	4.9
BBB+	2.3
BBB	10.4
BB+	0.8
Not Rated	41.7

TEN LARGEST STATES



State	Percent of Total Investments	^(a)

New Jersey	24.4	%
Texas	11.5
Georgia	10.2
New York	8.8
Pennsylvania	7.8
Connecticut	3.9
Iowa	3.4
District of Columbia	3.2
Alabama	3.2
California	3.2

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, 2021		BlackRock Ultra Short-Term Bond ETF

Investment Objective

The BlackRock Ultra Short-Term Bond ETF (the “Fund”) (formerly the iShares Ultra Short-Term Bond ETF) 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		0.19	%		1.13	%		1.89	%		1.42%		1.13	%		9.80	%		10.96%
Fund Market		0.25			1.15			1.89			1.43		1.15			9.80			11.02
ICE BofA US 6-Month Treasury Bill Index		0.09			0.16			1.38			1.02		0.16			7.11			7.80

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.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,001.90	$ 0.40			$ 1,000.00	$ 1,024.40	$ 0.40		0.08	%

^(a)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



Investment Type	Percent of Total Investments	^(a)

Corporate Bonds & Notes	38.3	%
Commercial Paper	37.0
Certificates of Deposit	16.7
Repurchase Agreements	4.2
Municipal Debt Obligations	2.7
Asset-Backed Securities	1.1

ALLOCATION BY CREDIT QUALITY



Moody’s Credit Rating*	Percent of Total Investments	^(a)

Aaa	0.4	%
Aa	9.9
A	20.1
Baa	8.6
P-1	37.3
P-2	20.1
Not Rated	3.6

^(a)

Excludes money market funds.


6		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

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 by 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

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES		7

Schedule of Investments (unaudited)

April 30, 2021

BlackRock Short Maturity Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities

Adams Mill CLO Ltd., Series 2014-1A, Class A2R, 1.34%, 07/15/26 (Call 07/15/21),
(3 mo. LIBOR US + 1.100%)^(a)(b)	$	1,120	$	1,119,719
ALM VII Ltd., Series 2012-7A, Class A1A2, 1.41%, 07/15/29 (Call 07/15/21),
(3 mo. LIBOR US + 1.170%)^(a)(b)		9,000		8,995,865
American Express Credit Account Master Trust, Series 2018-9, Class A, 0.49%, 04/15/26,
(1 mo. LIBOR US + 0.380%)^(b)		17,650		17,744,290
AmeriCredit Automobile Receivables Trust
Series 2020-1, Class A2B, 0.46%, 03/20/23 (Call 10/18/23), (1 mo. LIBOR US + 0.350%)^(b)		2,568		2,569,269
Series 2021-1, Class A2, 0.28%, 06/18/24
(Call 09/18/24)		15,490		15,489,365
AmeriCredit Automobile Receivables Trust 2020-2, Series 2020-2, Class A2B, 0.46%, 12/18/23 (Call 01/18/24),
(1 mo. LIBOR US + 0.350%)^(b)		5,983		5,990,843
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class A, 1.27%, 01/28/31 (Call 07/28/21),
(3 mo. LIBOR US + 1.050%)^(a)(b)		4,500		4,500,000
Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class AR2, 1.31%, 01/28/31 (Call 07/28/21),
(3 mo. LIBOR US + 1.090%)^(a)(b)		13,240		13,242,870
Anchorage Capital CLO 8 Ltd., Series 2016-8A, Class AR, 1.22%, 07/28/28 (Call 07/28/21),
(3 mo. LIBOR US + 1.000%)^(a)(b)		5,103		5,099,151
ASSURANT CLO Ltd., Series 2018-2A, Class A, 1.00%, 04/20/31 (Call 07/20/21),
(3 mo. LIBOR US + 1.040%)^(a)(b)		250		250,078
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 1.05%, 11/17/27 (Call 05/17/21),
(3 mo. LIBOR US + 0.830%)^(a)(b)		11,020		11,016,942
Atrium XIII, Series 13A, Class A1, 1.40%, 11/21/30
(Call 07/23/21), (3 mo. LIBOR US + 1.180%)^(a)(b)		2,500		2,500,016
Benefit Street Partners CLO III Ltd., Series 2013-IIIA,
Class A1R2, 1.18%, 07/20/29,
(3 mo. LIBOR US + 1.000%)^(a)(b)		500		500,000
Benefit Street Partners Clo XII Ltd., Series 2017-12A,
Class A1, 1.49%, 10/15/30 (Call 07/15/21),
(3 mo. LIBOR US + 1.250%)^(a)(b)		1,678		1,677,622
BlueMountain CLO Ltd., Series 2012-2A, Class AR2, 1.23%, 11/20/28 (Call 05/20/21),
(3 mo. LIBOR US + 1.050%)^(a)(b)		2,908		2,907,967
Carlyle C17 CLO Ltd., 1.24%, 04/30/31 (Call 04/30/21),
(3 mo. LIBOR US + 1.030%)^(a)(b)		1,000		996,416
Carlyle Global Market Strategies CLO Ltd.
Series 2013-2A, Class AR, 1.11%, 01/18/29
(Call 07/18/21), (3 mo. LIBOR US + 0.890%)^(a)(b)		3,906		3,890,945
Series 2014-1A, Class A1R2, 1.19%, 04/17/31 (Call 07/17/21), (3 mo. LIBOR US + 0.970%)^(a)(b)		5,234		5,204,231
CarMax Auto Owner Trust, Series 2021-2, Class A2A, 0.27%, 06/17/24 (Call 03/15/25)		14,340		14,341,187
Chesapeake Funding II LLC, Series 2020-1A, Class A2, 0.76%, 08/16/32, (1 mo. LIBOR US + 0.650%)^(a)(b)		11,067		11,129,391
CIFC Funding Ltd.
Series 2014-2RA, Class A1, 1.23%, 04/24/30 (Call 07/24/21), (3 mo. LIBOR US + 1.050%)^(a)(b)		250		250,169
Series 2015-2A, Class AR2, 1.25%, 04/15/30 (Call 07/15/21), (3 mo. LIBOR US + 1.010%)^(a)(b)(c)		17,000		17,018,700


Security	Par (000)		Value

Series 2017-2A, Class A, 1.46%, 04/20/30
(Call 07/20/21), (3 mo. LIBOR US + 1.240%)^(a)(b)	$	6,375	$	6,371,547
Series 2018-2A, Class A1, 1.26%, 04/20/31
(Call 07/20/21), (3 mo. LIBOR US + 1.040%)^(a)(b)		1,250		1,250,938
Citibank Credit Card Issuance Trust, Series 2019-A5, Class A5, 0.73%, 04/22/26, (1 mo. LIBOR + 0.620%)^(b)		40,505		41,075,108
College Ave Student Loans LLC, Series 2021-A, Class A1, 1.00%, 07/25/51 (Call 02/25/32),
(1 mo. LIBOR US + 1.100%)^(a)(b)		338		339,661
Credit Acceptance Auto Loan Trust, Series 2019-1A,
Class A, 3.33%, 02/15/28^(a)		4,575		4,626,569
Donlen Fleet Lease Funding 2 LLC, Series 2021-2,
Class A2, 0.56%, 12/11/34^(a)		14,030		14,028,597
Drive Auto Receivables Trust
Series 2019-4, Class A3, 2.16%, 05/15/23
(Call 03/15/23)		413		413,742
Series 2021-1, Class A3, 0.44%, 11/15/24
(Call 11/15/24)		9,070		9,078,351
Dryden 49 Senior Loan Fund, Series 2017-49A, Class AR, 1.14%, 07/18/30, (3 mo. LIBOR US + 0.95%)^(a)(b)		10,750		10,750,000
Dryden XXVI Senior Loan Fund, Series 2013-26A,
Class AR, 1.14%, 04/15/29 (Call 07/15/21),
(3 mo. LIBOR US + 0.900%)^(a)(b)		16,350		16,300,499
Elevation CLO Ltd., Series 2014-2A, Class A1R, 1.41%, 10/15/29 (Call 07/15/21),
(3 mo. LIBOR US + 1.230%)^(a)(b)		500		500,123
Enterprise Fleet Funding LLC, Series 2021-1, Class A2, 0.44%, 12/21/26^(a)		12,780		12,775,535
Ford Credit Floorplan Master Owner Trust, Series 2019-1,
Class A, 2.84%, 03/15/24		26,550		27,150,208
Ford Credit Floorplan Master Owner Trust A, Series 2019-3, Class A2, 0.71%, 09/15/24,
(1 mo. LIBOR US + 0.600%)^(b)		59,321		59,718,172
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class A2, 0.27%, 06/17/24 (Call 02/16/25)		16,990		16,997,042
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A,
Class AR2, 1.32%, 10/29/29 (Call 07/29/21),
(3 mo. LIBOR US + 1.110%)^(a)(b)		16,680		16,679,995
Halcyon Loan Advisors Funding Ltd., Series 2015-2A,
Class AR, 1.30%, 07/25/27 (Call 07/25/21),
(3 mo. LIBOR US + 1.080%)^(a)(b)		3,186		3,186,250
Highbridge Loan Management, Series 3A-2014,
Class A1R, 1.37%, 07/18/29 (Call 07/18/21),
(3 mo. LIBOR US + 1.18%)^(a)(b)		1,100		1,099,188
HPS Loan Management 10-2016 Ltd., Series 10A-16,
Class A1R, 1.33%, 01/20/28 (Call 07/20/21),
(3 mo. LIBOR US + 1.140%)^(a)(b)		16,727		16,735,287
John Deere Owner Trust, Series 2020-B, Class A2, 0.41%, 03/15/23 (Call 11/15/23)		13,443		13,450,607
LoanCore Issuer Ltd., Series 2018-CRE1, Class A, 1.24%, 05/15/28 (Call 05/15/21),
(1 mo. LIBOR US + 1.130%)^(a)(b)		3,271		3,271,471
Madison Park Funding X Ltd., Series 2012-10A,
Class AR3, 1.21%, 01/20/29 (Call 10/20/21),
(3 mo. LIBOR US + 1.010%)^(a)(b)		6,173		6,174,312
Madison Park Funding XIII Ltd., Series 2014-13A,
Class AR2, 1.14%, 04/19/30 (Call 07/19/21),
(3 mo. LIBOR US + 0.950%)^(a)(b)		4,000		3,989,021


8		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Short Maturity Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Madison Park Funding XXIII Ltd., Series 2017-23A,
Class A, 1.42%, 07/27/30 (Call 07/27/21),
(3 mo. LIBOR US + 1.210%)^(a)(b)	$	5,200	$	5,200,104
Marathon CRE Ltd., Series 2018-FL1, Class A, 1.27%, 06/15/28 (Call 05/11/21),
(1 mo. LIBOR US + 1.150%)^(a)(b)		5,987		5,986,307
Mercedes-Benz Master Owner Trust, Series 2019-AA,
Class A, 0.46%, 05/15/23,
(1 mo. LIBOR US + 0.350%)^(a)(b)		1,890		1,890,287
Navient Private Education Loan Trust
Series 2017-A, Class A2B, 1.01%, 12/16/58 (Call 04/15/28), (1 mo. LIBOR US + 0.900%)^(a)(b)		998		998,435
Series 2020-IA, Class A1B, 1.11%, 04/15/69 (Call 07/15/30), (1 mo. LIBOR US + 1.000%)^(a)(b)		9,008		9,040,703
Navient Private Education Refi Loan Trust
Series 2020-A, Class A1, 0.46%, 11/15/68 (Call 09/15/29), (1 mo. LIBOR US + 0.350%)^(a)(b)		3,851		3,850,856
Series 2021-BA, Class A, 0.94%, 07/15/69^(a)		9,860		9,872,221
Neuberger Berman CLO Ltd., Series 2013-14A,
Class AR2, 1.00%, 01/28/30^(a)		500		500,400
Nissan Master Owner Trust Receivables
Series 2019-A, Class A, 0.67%, 02/15/24,
(1 mo. LIBOR US + 0.560%)^(b)		23,950		24,040,521
Series 2019-B, Class A, 0.54%, 11/15/23,
(1 mo. LIBOR US + 0.430%)^(b)		24,000		24,046,658
NLY Commercial Mortgage Trust, Series 2019-FL2,
Class A, 1.41%, 02/15/36 (Call 05/15/21),
(1 mo. LIBOR US + 1.300%)^(a)(b)		5,291		5,291,237
OCP CLO Ltd., Series 2016-12A, Class A1R, 1.31%, 10/18/28 (Call 07/18/21),
(3 mo. LIBOR US + 1.120%)^(a)(b)		17,056		17,055,782
OneMain Financial Issuance Trust, Series 2016-3A,
Class A, 3.83%, 06/18/31 (Call 05/18/21)^(a)		1,700		1,715,250
OZLM XIV Ltd., Series 2015-14A, Class A1AR, 1.40%, 01/15/29 (Call 07/15/21),
(3 mo. LIBOR US + 1.160%)^(a)(b)		6,720		6,710,346
Palmer Square Loan Funding Ltd.
Series 2018-4A, Class A1, 1.09%, 11/15/26 (Call 05/15/21), (3 mo. LIBOR US + 0.900%)^(a)(b)		5,850		5,837,671
Series 2018-5A, Class A1, 1.04%, 01/20/27 (Call 07/20/21), (3 mo. LIBOR US + 0.850%)^(a)(b)		6,995		6,999,113
PFS Financing Corp.
Series 2019-A, Class A1, 0.66%, 04/15/24, (1 mo. LIBOR US + 0.550%)^(a)(b)		40,000		40,055,792
Series 2019-B, Class A, 0.66%, 09/15/23, (1 mo. LIBOR US + 0.550%)^(a)(b)		14,650		14,669,318
Series 2020-F, Class A, 0.93%, 08/15/24^(a)		3,274		3,291,018
Pikes Peak CLO 1, Series 2018-1A, Class A, 1.00%, 07/24/31 (Call 07/24/21),
(3 mo. LIBOR US + 1.180%)^(a)(b)		1,500		1,501,275
Regatta VI Funding Ltd., Series 2016-1A, Class AR, 1.30%, 07/20/28 (Call 07/20/21),
(3 mo. LIBOR US + 1.080%)^(a)(b)		8,692		8,692,280
Santander Drive Auto Receivables Trust
Series 2020-2, Class A2B, 0.46%, 05/15/23 (Call 08/15/23), (1 mo. LIBOR US + 0.350%)^(b)		2,471		2,471,807
Series 2020-4, Class A3, 0.48%, 07/15/24 (Call 12/15/24)		6,225		6,238,119
Series 2021-1, Class A3, 0.32%, 09/16/24 (Call 01/15/25)		19,870		19,867,898


Security	Par (000)		Value

Santander Retail Auto Lease Trust, Series 2019-B, Class A2B, 0.48%, 04/20/22 (Call 10/20/22), (1 mo. LIBOR US + 0.360%)^(a)(b)	$	2,539	$	2,540,099
Shackleton CLO Ltd., Series 2016-9A, Class AR, 1.32%, 10/20/28 (Call 07/20/21),
(3 mo. LIBOR US + 1.130%)^(a)(b)		861		860,687
SLM Private Credit Student Loan Trust
Series 2004-A, Class A3, 0.62%, 06/15/33
(Call 09/15/21), (3 mo. LIBOR US + 0.400%)^(b)		4,939		4,896,516
Series 2004-B, Class A3, 0.55%, 03/15/24
(Call 06/15/24), (3 mo. LIBOR US + 0.330%)^(b)		7,281		7,268,026
Series 2005-A, Class A4, 0.53%, 12/15/38
(Call 09/15/27), (3 mo. LIBOR US + 0.310%)^(b)		9,414		9,282,899
Series 2005-B, Class A4, 0.55%, 06/15/39
(Call 12/15/26), (3 mo. LIBOR US + 0.330%)^(b)		6,530		6,399,906
Series 2006-A, Class A5, 0.51%, 06/15/39
(Call 06/15/28), (3 mo. LIBOR US + 0.290%)^(b)		14,230		13,912,335
Series 2006-B, Class A5, 0.46%, 12/15/39
(Call 09/15/27), (3 mo. LIBOR US + 0.270%)^(b)		10,187		9,982,895
SLM Student Loan Trust, Series 2011-2, Class A1, 0.71%, 11/25/27 (Call 07/25/32),
(1 mo. LIBOR US + 0.600%)^(b)		73		72,761
SMB Private Education Loan Trust
Series 2015-A, Class A2A, 2.49%, 06/15/27
(Call 01/15/28)^(a)		2,455		2,477,852
Series 2017-A, Class A2B, 1.01%, 09/15/34,
(1 mo. LIBOR US + 0.900%)^(a)(b)		16,852		16,968,163
Series 2020-A, Class A1, 0.41%, 03/15/27,
(1 mo. LIBOR US + 0.300%)^(a)(b)		3,997		3,996,565
SoFi Professional Loan Program LLC, Series 16-C, Class A1, 1.21%, 10/27/36 (Call 08/25/23),
(1 mo. LIBOR US + 1.100%)^(a)(b)		964		967,909
Sound Point Clo XV Ltd., Series 2017-1A, Class ARR, 1.09%, 01/23/29, (3 mo. LIBOR US + 0.900%)^(a)(b)		2,845		2,841,887
Southwick Park CLO LLC, Series 2019-4A, Class A1, 1.49%, 07/20/32 (Call 07/20/21),
(3 mo. LIBOR US + 1.300%)^(a)(b)		1,260		1,260,512
Symphony CLO XVIII Ltd., Series 2016-18A, Class AR, 1.32%, 01/23/28 (Call 07/23/21),
(3 mo. LIBOR US + 1.150%)^(a)(b)		2,400		2,400,622
TCI-Symphony CLO Ltd., Series 2016-1A, Class AR, 1.38%, 10/13/29 (Call 07/13/21),
(3 mo. LIBOR US + 1.160%)^(a)(b)		5,235		5,232,039
Tesla Auto Lease Trust, Series 2020-A, Class A, 0.55%, 05/22/23 (Call 04/20/23)^(a)		6,144		6,153,467
Verizon Owner Trust, Series 2020-A, Class A1B, 0.39%, 07/22/24 (Call 03/20/23),
(1 mo. LIBOR US + 0.270%)^(b)		9,290		9,305,754
VOYA CLO, Series 2017-2A, Class A1R, 1.16%, 06/07/30,
(3 mo. LIBOR US + 0.980%)^(a)(b)		5,330		5,321,180
Westlake Automobile Receivables Trust
Series 2019-3A, Class A2, 2.15%, 02/15/23
(Call 03/15/23)^(a)		4,136		4,150,261
Series 2021-1A, Class A2A, 0.51%, 10/15/24
(Call 04/15/24)^(a)		16,520		16,526,795


Total Asset-Backed Securities — 16.8% (Cost: $787,393,351)				791,039,787


SCHEDULE OF INVESTMENTS		9

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Short Maturity Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Certificates of Deposit
Barclays Bank PLC 0.33%, 02/01/22	$	23,000	$	23,010,026
0.67%, 07/30/21, (3 mo. LIBOR US + 0.480%)^(b)		20,000		20,021,738
Deutsche Bank AG/New York NY, 0.58%, 08/11/21		25,000		25,017,191
Norinchukin Bank, 0.00%, 05/11/21		22,000		22,001,230
Standard Chartered Bank/New York, 0.33%, 08/24/21,
(3 mo. LIBOR US + 0.150%)^(b)		14,250		14,255,657
Sumitomo Mitsui Banking Corp./New York, 0.70%, 07/15/22		30,000		30,018,840


Total Certificates of Deposit — 2.8% (Cost: $134,250,122)				134,324,682


Collaterized Mortgage Obligations

Mortgage-Backed Securities — 6.9%
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 0.99%, 09/15/34,
(1 mo. LIBOR US + 0.880%)^(a)(b)		12,100		12,103,670
AOA Mortgage Trust, Series 2015-1177, Class A, 2.96%, 12/13/29 (Call 05/13/21)^(a)		11,835		11,849,591
AREIT Trust, Series 2019-CRE3, Class A, 1.14%, 09/14/36, (1 mo. LIBOR US + 1.020%)^(a)(b)		30,000		29,992,446
B.A.T. International Finance, Series 2018-TALL, Class A, 0.84%, 03/15/37, (1 mo. LIBOR US + 0.722%)^(a)(b)		8,630		8,608,282
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 0.97%, 09/15/34,
(1 mo. LIBOR US + 0.850%)^(a)(b)		19,220		19,234,615
Bancorp Commercial Mortgage Trust, Series 2019-CRE5,
Class A, 1.11%, 03/15/36,
(1 mo. LIBOR US + 1.000%)^(a)(b)		3,951		3,951,141
BBCMS Mortgage Trust, Series 2019-BWAY, Class A, 1.07%, 11/15/34, (1 mo. LIBOR US + 0.956%)^(a)(b)		11,305		11,271,476
BBCMS Trust
Series 2018-TYSN, Class A2, 3.76%, 09/05/32^(a)		13,127		13,145,770
Series 2019-CLP, Class A, 0.80%, 12/15/31,
(1 mo. LIBOR US + 0.685%)^(a)(b)		7,445		7,443,074
BX Commercial Mortgage Trust
Series 2018-BIOA, Class A, 0.79%, 03/15/37,
(1 mo. LIBOR US + 0.671%)^(a)(b)		23,190		23,214,943
Series 2018-IND, Class A, 0.87%, 11/15/35,
(1 mo. LIBOR US + 0.750%)^(a)(b)		15,628		15,627,555
Series 2020-BXLP, Class A, 0.91%, 12/15/36,
(1 mo. LIBOR US + 0.800%)^(a)(b)		8,637		8,640,099
BX Trust, Series 2019-CALM, Class A, 0.99%, 11/15/32,
(1 mo. LIBOR US + 0.876%)^(a)(b)		6,798		6,802,249
Chase Home Lending Mortgage Trust, Series 2019-ATR2,
Class A11, 1.01%, 07/25/49 (Call 11/25/22),
(1 mo. LIBOR US + 0.900%)^(a)(b)		2,608		2,622,452
Cold Storage Trust, 1.01%, 11/15/37,
(1 mo. LIBOR US + 0.900%)^(a)(b)		1,843		1,851,337
COMM Mortgage Trust, Series 2014-CR15, Class A2, 2.93%, 02/10/47 (Call 05/10/21)		310		309,649
Commercial Mortgage Pass Through Certificates, Series 2021-LBA, Class A, 0.81%, 03/15/38 (Call 03/15/23),
(1 mo. LIBOR US + 0.690%)^(a)(b)		2,800		2,796,626
Commission, Series 2013- GAM, Class A2, 3.37%, 02/10/28 (Call 02/10/22)^(a)		7,176		7,131,539


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Commission Mortgage Trust, Series 2013-CR6,
Class A3FL, 0.74%, 03/10/46 (Call 12/10/22),
(1 mo. LIBOR US + 0.630%)^(a)(b)	$	788	$	787,950
DBGS Mortgage Trust, Series 2018-5BP, Class A, 0.76%, 06/15/33 (Call 05/15/21),
(1 mo. LIBOR US + 0.645%)^(a)(b)		4,200		4,198,661
Gosforth Funding PLC, Series 2018-1A, Class A1, 0.64%, 08/25/60 (Call 08/25/23),
(3 mo. LIBOR US + 0.450%)^(a)(b)		3,692		3,695,510
GPMT Ltd., Series 2018-FL1, Class A, 1.01%, 11/21/35,
(1 mo. LIBOR US + 0.900%)^(a)(b)		1,381		1,380,245
GS Mortgage Securities Corp. Trust, Series 2019-SOHO, Class A, 1.02%, 06/15/36,
(1 mo. LIBOR US + 0.900%)^(a)(b)		19,046		19,045,756
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 1.11%, 09/15/29, (1 mo. LIBOR US + 1.000%)^(a)(b)		1,911		1,913,467
KNDL Mortgage Trust, Series 2019-KNSQ, Class A, 0.92%, 05/15/36, (1 mo. LIBOR US + 0.800%)^(a)(b)		8,533		8,535,627
Morgan Stanley Capital I Trust
Series 2017-CLS, Class A, 0.81%, 11/15/34,
(1 mo. LIBOR US + 0.700%)^(a)(b)		14,512		14,516,557
Series 2018-BOP, Class A, 0.96%, 08/15/33,
(1 mo. LIBOR US + 0.850%)^(a)(b)		6,609		6,596,251
Series 2018-SUN, Class A, 1.10%, 07/15/35 (Call 07/15/21), (1 mo. LIBOR US + 0.900%)^(a)(b)		19,045		19,044,735
Natixis Commercial Mortgage Securities Trust, Series 2018-RIVA, Class A, 0.86%, 02/15/33,
(1 mo. LIBOR US + 0.750%)^(a)(b)		6,486		6,358,598
Rosslyn Portfolio Trust, Series 2017-ROSS, Class A, 1.94%, 06/15/33, (1 mo. LIBOR US + 0.950%)^(a)(b)		2,892		2,892,004
Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class A, 0.99%, 12/15/34,
(1 mo. LIBOR US + 0.750%)^(a)(b)		17,280		17,226,173
WFRBS Commercial Mortgage Trust
Series 2012-C6, Class AS, 3.84%, 04/15/45
(Call 02/15/22)		12,986		13,233,717
Series 2012-C8, Class AFL, 1.12%, 08/15/45 (Call 03/15/22), (1 mo. LIBOR US + 1.000%)^(a)(b)		18,999		19,010,401


Total Collaterized Mortgage Obligations — 6.9% (Cost: $325,190,412)				325,032,166


Commercial Paper

AT&T Inc., 0.28%, 12/14/21^(d)		23,000		22,958,631
B.A.T. International Finance, 0.21%, 06/14/21^(d)		20,000		19,994,875
Conagra Foods Inc., 0.49%, 05/14/21^(d)		15,000		14,997,147
Enel Finance America 0.27%, 08/10/21^(d)		23,000		22,982,535
0.36%, 02/22/22^(d)		20,000		19,940,400
0.37%, 04/22/22^(d)		25,000		24,908,767
ENI Finance USA Inc., 0.38%, 04/13/22^(d)		21,000		20,923,672
General Motors Financial Co. Inc. 0.37%, 05/11/21^(d)		19,250		19,247,853
0.45%, 05/28/21^(d)		10,000		9,996,523
0.49%, 06/14/21^(d)		10,000		9,993,875
Intercontinental Exchange Inc., 0.29%, 09/23/21^(d)		9,725		9,713,729
Manhattan Pete Corp., 0.15%, 05/07/21^(d)		25,000		24,999,271


10		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Short Maturity Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ovintiv Inc. 0.96%, 05/17/21^(d)	$	40,000	$	39,981,961
0.99%, 05/19/21^(d)		18,000		17,993,600
Volkswagen Group America Finance LLC, 0.53%, 11/12/21^(d)		22,000		21,937,117
VW CR Inc., 0.36%, 02/16/22^(d)		15,000		14,956,200


Total Commercial Paper — 6.7% (Cost: $315,466,973)				315,526,156


Corporate Bonds & Notes

Aerospace & Defense — 0.3%
Boeing Co. (The) 2.13%, 03/01/22 (Call 02/01/22)		9,640		9,731,667
4.51%, 05/01/23 (Call 04/01/23)		6,000		6,407,264

				16,138,931

Agriculture — 1.0%
Altria Group Inc., 4.75%, 05/05/21^(e)		38,629		38,633,572
BAT Capital Corp., 1.07%, 08/15/22 (Call 07/15/22),
(3 mo. LIBOR US + 0.880%)^(b)		10,000		10,065,627

				48,699,199

Auto Manufacturers — 7.8%
American Honda Finance Corp. 1.95%, 05/20/22^(e)		15,173		15,432,816
2.20%, 06/27/22^(e)		6,136		6,275,362
BMW Finance NV, 2.25%, 08/12/22^(a)(e)		16,350		16,744,255
Daimler Finance North America LLC 0.75%, 03/01/24^(a)		9,005		8,977,760
1.06%, 02/22/22, (3 mo. LIBOR US + 0.880%)^(a)(b)		24,623		24,786,990
2.00%, 07/06/21^(a)		10,524		10,555,555
2.20%, 10/30/21^(a)		20,000		20,185,289
2.55%, 08/15/22^(a)(e)		19,691		20,214,321
Ford Motor Credit Co. LLC 3.34%, 03/28/22 (Call 02/28/22)		10,000		10,138,000
5.88%, 08/02/21^(e)		15,000		15,142,500
General Motors Financial Co. Inc. 1.51%, 06/30/22, (3 mo. LIBOR US + 1.310%)^(b)		5,545		5,604,234
3.20%, 07/06/21 (Call 06/06/21)^(e)		11,895		11,924,190
3.45%, 04/10/22 (Call 02/10/22)		19,520		19,963,245
4.20%, 11/06/21		44,570		45,426,513
Hyundai Capital America, 0.80%, 04/03/23^(a)		17,710		17,701,494
Nissan Motor Acceptance Corp., 1.05%, 03/08/24^(a)(e)		12,515		12,510,061
Stellantis NV, 5.25%, 04/15/23		9,400		10,189,412
Volkswagen Group of America Finance LLC 0.75%, 11/23/22^(a)		44,345		44,492,500
2.70%, 09/26/22^(a)		2,145		2,211,171
2.90%, 05/13/22^(a)(e)		35,500		36,391,238
4.25%, 11/13/23^(a)(e)		13,000		14,140,446

				369,007,352

Banks — 22.0%
Banco Santander SA
1.31%, 04/12/23, (3 mo. LIBOR US + 1.120%)^(b)		10,000		10,142,855
3.85%, 04/12/23^(e)		9,291		9,876,826
Bank of America Corp.
0.85%, 06/25/22 (Call 06/25/21), (3 mo. LIBOR US + 0.650%)^(b)		10,000		10,008,761
1.18%, 04/24/23 (Call 04/24/22),
(3 mo. LIBOR US + 1.000%)^(b)		12,500		12,596,578
1.35%, 01/20/23 (Call 01/20/22),
(3 mo. LIBOR US + 1.160%)^(b)		24,580		24,761,334


Security	Par (000)		Value

Banks (continued)
3.00%, 12/20/23 (Call 12/20/22),
(3 mo. LIBOR US + 0.790%)^(b)	$	29,520	$	30,687,516
3.55%, 03/05/24 (Call 03/05/23)^(b)		30,000		31,600,115
Banque Federative du Credit Mutuel SA, 2.13%, 11/21/22^(a)		20,000		20,524,168
Barclays Bank PLC, 1.70%, 05/12/22 (Call 04/12/22)		15,000		15,203,735
Barclays PLC 1.57%, 05/16/24 (Call 05/16/23),
(3 mo. LIBOR US + 1.380%)^(b)		15,000		15,237,234
1.62%, 02/15/23 (Call 02/15/22),
(3 mo. LIBOR US + 1.430%)^(b)		20,000		20,148,729
BPCE SA, 3.00%, 05/22/22^(a)(e)		17,993		18,493,333
Citigroup Inc. 0.87%, 10/27/22 (Call 09/27/22),
(3 mo. LIBOR US + 0.690%)^(b)		10,000		10,063,893
2.31%, 11/04/22 (Call 11/04/21), (SOFR + 0.867%)^(b)		10,000		10,093,195
2.70%, 10/27/22 (Call 09/27/22)^(e)		34,280		35,405,840
2.88%, 07/24/23 (Call 07/24/22),
(3 mo. LIBOR US + 0.950%)^(b)		10,000		10,295,565
2.90%, 12/08/21 (Call 11/08/21)		18,350		18,600,866
Citizens Bank N.A./Providence RI, 0.92%, 02/14/22 (Call 01/14/22), (3 mo. LIBOR US + 0.720%)^(b)(e)		30,000		30,124,670
Cooperatieve Rabobank UA, 1.06%, 09/26/23,
(3 mo. LIBOR US + 0.860%)^(a)(b)		10,000		10,138,700
Credit Suisse AG/New York NY 2.80%, 04/08/22		5,000		5,114,525
3.00%, 10/29/21^(e)		35,200		35,659,332
Credit Suisse Group AG 3.57%, 01/09/23 (Call 01/09/22)^(a)(e)		10,000		10,186,983
3.80%, 06/09/23^(e)		8,500		9,032,803
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22^(e)		15,000		15,634,855
Danske Bank A/S 2.70%, 03/02/22^(a)(e)		15,000		15,292,169
5.00%, 01/12/22^(a)		23,888		24,593,230
Goldman Sachs Group Inc. (The) 0.52%, 03/08/23 (Call 03/08/22)^(e)		25,000		25,024,291
0.97%, 10/31/22 (Call 10/31/21),
(3 mo. LIBOR US + 0.780%)^(b)		4,000		4,010,980
1.18%, 07/24/23 (Call 07/24/22),
(3 mo. LIBOR US + 1.000%)^(b)		5,000		5,039,563
1.79%, 11/29/23,
(3 mo. LIBOR US + 1.600%)^(b)		14,280		14,711,340
3.20%, 02/23/23 (Call 01/23/23)^(e)		7,583		7,952,747
0.48%, 01/27/23 (Call 01/27/22)		26,400		26,415,440
HSBC Holdings PLC 1.41%, 03/11/25 (Call 03/11/24),
(3 mo. LIBOR US + 1.230%)^(b)		13,000		13,231,921
3.60%, 05/25/23^(e)		10,000		10,649,317
Huntington National Bank (The), 2.50%, 08/07/22
(Call 07/07/22)^(e)		15,430		15,833,702
ING Groep NV, 1.34%, 03/29/22,
(3 mo. LIBOR US + 1.150%)^(b)		3,500		3,531,099
JPMorgan Chase & Co. 1.08%, 04/25/23 (Call 04/25/22),
(3 mo. LIBOR US + 0.900%)^(b)		9,340		9,401,274
2.78%, 04/25/23 (Call 04/25/22),
(3 mo. LIBOR US + 0.935%)^(b)		16,000		16,378,405
3.25%, 09/23/22^(e)		5,000		5,205,791
3.56%, 04/23/24 (Call 04/23/23),
(3 mo. LIBOR US + 0.730%)^(b)		29,760		31,545,912


SCHEDULE OF INVESTMENTS		11

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Short Maturity Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Lloyds Banking Group PLC, 2.86%, 03/17/23
(Call 03/17/22)^(b)(e)	$	32,000	$	32,655,112
Mitsubishi UFJ Financial Group Inc.
0.97%, 07/25/22, (3 mo. LIBOR US + 0.790%)^(b)		3,400		3,423,656
2.62%, 07/18/22		5,000		5,135,827
2.67%, 07/25/22^(e)		5,000		5,136,811
3.00%, 02/22/22^(e)		5,000		5,107,591
Mizuho Financial Group Inc.
0.98%, 03/05/23, (3 mo. LIBOR US + 0.790%)^(b)		3,000		3,031,790
1.03%, 09/13/23 (Call 09/13/22),
(3 mo. LIBOR US + 0.850%)^(b)		25,000		25,187,758
3.55%, 03/05/23^(e)		20,000		21,172,528
Morgan Stanley
0.53%, 01/25/24 (Call 01/25/23), (SOFR + 0.455%)^(b)		20,000		19,987,980
1.58%, 10/24/23 (Call 10/24/22),
(3 mo. LIBOR US + 1.400%)^(b)		24,220		24,611,285
3.75%, 02/25/23		25,000		26,500,875
MUFG Americas Holdings Corp., 3.50%, 06/18/22^(e)		2,885		2,986,539
Natwest Group PLC 1.66%, 05/15/23 (Call 05/15/22),
(3 mo. LIBOR US + 1.470%)^(b)		9,895		9,999,446
1.75%, 06/25/24 (Call 06/25/23),
(3 mo. LIBOR US + 1.550%)^(b)		3,000		3,064,893
3.50%, 05/15/23 (Call 05/15/22)^(b)(e)		8,500		8,757,491
3.88%, 09/12/23^(e)		20,000		21,466,199
Santander Holdings USA Inc., 4.45%, 12/03/21
(Call 11/03/21)		1,278		1,303,758
Santander UK Group Holdings PLC, 2.88%, 08/05/21		17,619		17,735,285
Skandinaviska Enskilda Banken AB
0.62%, 05/17/21, (3 mo. LIBOR US + 0.430%)^(a)(b)		10,000		10,001,483
0.83%, 12/12/22, (3 mo. LIBOR US + 0.645%)^(a)(b)		15,000		15,115,950
Standard Chartered PLC, 2.74%, 09/10/22
(Call 09/10/21)^(a)(b)		18,100		18,233,962
Sumitomo Mitsui Financial Group Inc. 0.98%, 10/16/23, (3 mo. LIBOR US + 0.800%)^(b)(e)		4,000		4,050,017
2.78%, 07/12/22^(e)		5,000		5,145,000
UBS AG/London, 1.75%, 04/21/22 (Call 03/21/22)^(a)(e)		12,680		12,844,643
UBS Group AG 1.40%, 05/23/23 (Call 05/23/22),
(3 mo. LIBOR US + 1.220%)^(a)(b)		20,000		20,214,523
3.49%, 05/23/23 (Call 05/23/22)^(a)(e)		20,000		20,625,200
Wells Fargo & Co., 1.42%, 10/31/23 (Call 10/31/22),
(3 mo. LIBOR US + 1.230%)^(b)		14,400		14,618,304
Wells Fargo Bank N.A., 0.69%, 10/22/21 (Call 09/21/21),
(3 mo. LIBOR US + 0.510%)^(b)		30,000		30,060,107

				1,036,623,605

Beverages — 0.6%
Keurig Dr Pepper Inc. 0.75%, 03/15/24 (Call 03/15/22)^(e)		11,955		11,964,666
3.55%, 05/25/21		14,700		14,728,463

				26,693,129

Biotechnology — 0.5%
Gilead Sciences Inc. 0.75%, 09/29/23 (Call 09/30/21)		19,400		19,433,772
2.50%, 09/01/23 (Call 07/01/23)^(e)		4,693		4,886,222

				24,319,994

Chemicals — 0.9%
International Flavors & Fragrances Inc., 3.20%, 05/01/23 (Call 02/01/23)		9,000		9,404,147


Security	Par (000)		Value

Chemicals (continued)
LYB International Finance III LLC, 1.20%, 10/01/23
(Call 10/01/21), (3 mo. LIBOR US + 1.000%)^(b)	$	26,900	$	26,961,251
Nutrition & Biosciences Inc., 0.70%, 09/15/22^(a)(e)		5,620		5,631,586
Sherwin-Williams Co. (The), 2.75%, 06/01/22
(Call 05/01/22)		1,254		1,281,138

				43,278,122

Computers — 1.5%
Dell International LLC/EMC Corp., 5.45%, 06/15/23
(Call 04/15/23)^(a)		39,280		42,855,158
Hewlett Packard Enterprise Co., 0.91%, 10/05/21
(Call 05/17/21), (3 mo. LIBOR US + 0.720%)^(b)		19,640		19,643,561
International Business Machines Corp., 2.85%, 05/13/22		7,500		7,703,024

				70,201,743

Diversified Financial Services — 5.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.00%, 10/01/21		18,975		19,310,858
Air Lease Corp., 0.70%, 02/15/24 (Call 01/15/24)		5,000		4,960,787
Ally Financial Inc., 4.13%, 02/13/22		25,585		26,310,784
American Express Co. 0.84%, 02/27/23 (Call 01/27/23),
(3 mo. LIBOR US + 0.650%)^(b)		4,000		4,033,227
2.50%, 08/01/22 (Call 07/01/22)		15,000		15,381,874
3.40%, 02/27/23 (Call 01/27/23)		22,782		24,005,770
Aviation Capital Group LLC, 3.88%, 05/01/23
(Call 04/01/23)^(a)(e)		20,400		21,321,677
Capital One Bank USA N.A., 2.01%, 01/27/23
(Call 01/27/22)^(b)		10,000		10,113,572
Capital One Financial Corp. 1.14%, 03/09/22 (Call 02/09/22),
(3 mo. LIBOR US + 0.950%)^(b)		24,635		24,790,231
2.60%, 05/11/23 (Call 04/11/23)^(e)		14,400		14,983,212
3.20%, 01/30/23 (Call 12/30/22)^(e)		10,000		10,471,896
Charles Schwab Corp. (The), 0.51%, 03/18/24
(Call 02/18/24), (SOFR + 0.500%)^(b)		34,700		34,910,876
International Lease Finance Corp., 5.88%, 08/15/22^(e)		22,145		23,644,911

				234,239,675

Electric — 2.6%
Dominion Energy Inc., Series D, 0.71%, 09/15/23
(Call 09/15/21), (3 mo. LIBOR US + 0.530%)^(b)		11,215		11,222,054
NextEra Energy Capital Holdings Inc. 0.45%, 02/22/23 (Call 08/22/21),
(3 mo. LIBOR US + 0.270%)^(b)		26,954		26,956,874
0.55%, 03/01/23, (SOFR + 0.540%)^(b)		5,580		5,596,549
0.65%, 03/01/23		24,870		24,948,357
2.90%, 04/01/22		13,665		13,989,826
Pacific Gas and Electric Co., 1.57%, 11/15/21,
(3 mo. LIBOR US + 1.375%)^(b)		10,865		10,900,851
Southern California Edison Co., 0.70%, 04/03/23		26,464		26,505,724

				120,120,235

Food — 0.4%
General Mills Inc., 2.60%, 10/12/22 (Call 09/12/22)		9,135		9,408,246
Tyson Foods Inc., 4.50%, 06/15/22 (Call 03/15/22)		7,930		8,212,508

				17,620,754

Gas — 0.6%
Atmos Energy Corp., 0.63%, 03/09/23 (Call 09/09/21)		7,875		7,882,414
ONE Gas Inc., 0.85%, 03/11/23 (Call 09/11/21)		20,000		20,018,073

				27,900,487


12		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Short Maturity Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care - Services — 0.6%
Anthem Inc., 3.13%, 05/15/22	$	27,976	$	28,786,182


Lodging — 0.7%
Marriott International Inc./MD, Series N, 3.13%, 10/15/21 (Call 07/15/21)		34,640		34,804,274


Machinery — 0.2%
Caterpillar Financial Services Corp., 0.70%, 05/15/23, (3 mo. LIBOR US + 0.510%)^(b)(e)		9,760		9,840,909


Manufacturing — 0.2%
Siemens Financieringsmaatschappij NV, 0.40%, 03/11/23^(a)(e)		9,890		9,911,426


Media — 1.7%
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, 07/23/22 (Call 05/23/22)^(e)		74,635		77,648,052


Oil & Gas — 1.9%
Cenovus Energy Inc., 3.80%, 09/15/23 (Call 06/15/23)		19,000		20,014,374
Diamondback Energy Inc., 0.90%, 03/24/23 (Call 09/24/21)		6,005		6,007,332
Ovintiv Exploration Inc., 5.75%, 01/30/22		28,049		28,938,328
Ovintiv Inc., 3.90%, 11/15/21 (Call 08/15/21)^(e)		12,358		12,476,843
Phillips 66, 0.90%, 02/15/24 (Call 11/19/21)^(e)		19,640		19,663,950

				87,100,827

Oil & Gas Services — 0.2%
Halliburton Co., 3.25%, 11/15/21 (Call 08/15/21)		10,000		10,080,142


Pharmaceuticals — 6.3%
AbbVie Inc. 2.15%, 11/19/21		24,520		24,761,107
2.30%, 11/21/22		10,000		10,292,000
2.90%, 11/06/22		35,000		36,299,781
3.45%, 03/15/22 (Call 01/15/22)		34,700		35,442,204
Bayer U.S. Finance II LLC, 3.88%, 12/15/23
(Call 11/15/23)^(a)		15,000		16,127,719
Bayer U.S. Finance LLC, 3.00%, 10/08/21^(a)(e)		45,000		45,505,142
Bristol-Myers Squibb Co., 2.60%, 05/16/22^(e)		10,400		10,660,000
Cigna Corp. 0.61%, 03/15/24 (Call 03/15/22)		9,600		9,592,177
3.75%, 07/15/23 (Call 06/15/23)		5,515		5,888,756
CVS Health Corp. 2.75%, 12/01/22 (Call 09/01/22)^(e)		15,000		15,471,933
3.50%, 07/20/22 (Call 05/20/22)		33,710		34,812,423
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)^(e)		24,640		25,870,259
Takeda Pharmaceutical Co. Ltd. 2.45%, 01/18/22 (Call 05/17/21)^(a)(e)		4,000		4,050,761
4.40%, 11/26/23 (Call 10/26/23)		20,000		21,862,826

				296,637,088

Pipelines — 1.8%
Enbridge Inc. 0.41%, 02/17/23, (SOFR + 0.400%)^(b)		3,130		3,133,964
4.00%, 10/01/23 (Call 07/01/23)		6,000		6,422,524
Energy Transfer LP 3.45%, 01/15/23 (Call 10/15/22)		10,000		10,368,190
3.60%, 02/01/23 (Call 11/01/22)		6,400		6,659,054
4.25%, 03/15/23 (Call 12/15/22)^(e)		8,400		8,834,632


Security	Par/ Shares (000)		Value

Pipelines (continued)
Kinder Morgan Energy Partners LP, 5.00%, 10/01/21 (Call 07/01/21)	$	6,012	$	6,055,648
Williams Companies Inc. (The), 3.60%, 03/15/22 (Call 01/15/22)		43,874		44,843,589

				86,317,601

Retail — 0.7%
7-Eleven Inc., 0.63%, 02/10/23 (Call 02/10/22)^(a)		34,400		34,435,494


Software — 0.6%
Fidelity National Information Services Inc., 0.38%, 03/01/23		28,175		28,128,427


Telecommunications — 1.1%
AT&T Inc., 0.65%, 03/25/24 (Call 03/25/22),
(SOFR + 0.640%)^(b)		22,000		22,033,870
NTT Finance Corp., 0.37%, 03/03/23^(a)(e)		17,765		17,778,587
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 03/20/23^(a)		1,163		1,170,017
Verizon Communications Inc., 0.51%, 03/22/24,
(SOFR + 0.500%)^(b)		12,640		12,693,387

				53,675,861

Transportation — 0.6%
Ryder System Inc. 2.80%, 03/01/22 (Call 02/01/22)		5,000		5,086,164
3.65%, 03/18/24 (Call 02/18/24)		19,400		20,933,431

				26,019,595

Trucking & Leasing — 0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp. 2.70%, 03/14/23 (Call 02/14/23)^(a)(e)		10,000		10,362,889
4.88%, 07/11/22^(a)		4,901		5,147,997

				15,510,886


Total Corporate Bonds & Notes — 60.1% (Cost: $2,822,322,566)				2,833,739,990


Repurchase Agreements^(b)(f)

Goldman Sachs Inc., 0.53%, 05/03/21 (Purchased on 04/30/21 to be repurchased at $125,005,521, collateralized by non-agency mortgage-backed security, 0.85% to 11.50%, due 10/27/21 to 02/01/50, par and fair value of $123,062,571 and $130,462,843, respectively)		125,000		125,000,000


Total Repurchase Agreements — 2.7% (Cost: $125,000,000)				125,000,000


Money Market Funds

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(g)(h)(i)		40,265		40,285,485
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(g)(h)		168,730		168,730,000


Total Money Market Funds — 4.4% (Cost: $209,008,839)				209,015,485


Total Investments in Securities — 100.4% (Cost: $4,718,632,263)				4,733,678,266

Other Assets, Less Liabilities — (0.4)%				(18,335,407	)


Net Assets — 100.0%			$	4,715,342,859


SCHEDULE OF INVESTMENTS		13

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Short Maturity Bond ETF

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

^(d)	Rates are discount rates or a range of discount rates at the time of purchase.

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

^(f)	Maturity date represents next reset date.

^(g)	Affiliate of the Fund.

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

⁽ⁱ⁾	All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	27,236,958	$	13,054,890	^(a)	$	—	$	(1,714	)	$	(4,649	)	$	40,285,485		40,265	$	36,399	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		66,830,000		101,900,000	^(a)		—		—			—			168,730,000		168,730		56,661			—

								$	(1,714	)	$	(4,649	)	$	209,015,485			$	93,060		$	—

^(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 Categorized by Risk Exposure

For the six months ended April 30, 2021, 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	$	(3,573,600	)


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	673,697

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Forward foreign currency exchange contracts:
Average amounts sold — in USD	$	44,074,606

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

Fair Value Measurements


14		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Short Maturity Bond ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.


	Level 1		Level 2		Level 3		Total
Investments
Assets
Asset-Backed Securities	$	—	$	774,021,087	$	17,018,700	$	791,039,787
Certificates of Deposit		—		134,324,682		—		134,324,682
Collaterized Mortgage Obligations		—		325,032,166		—		325,032,166
Commercial Paper		—		315,526,156		—		315,526,156
Corporate Bonds & Notes		—		2,833,739,990		—		2,833,739,990
Repurchase Agreements		—		125,000,000		—		125,000,000
Money Market Funds		209,015,485		—		—		209,015,485

	$	209,015,485	$	4,507,644,081	$	17,018,700	$	4,733,678,266

See notes to financial statements.


SCHEDULE OF INVESTMENTS		15

Schedule of Investments (unaudited)

April 30, 2021

BlackRock Short Maturity Municipal Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 3.2%
Black Belt Energy Gas District RB 4.00%, 06/01/21	$	835	$	837,321
4.00%, 12/01/21		485		495,335
4.00%, 06/01/22		170		176,744
4.00%, 12/01/22		240		253,896
4.00%, 06/01/23		240		258,204
VRDN, 4.00%, 08/01/47 (Put 07/01/22)^(a)(b)		4,000		4,156,680
Lower Alabama Gas District (The) RB, 4.00%, 12/01/21		200		204,274
Southeast Alabama Gas Supply District (The) RB, 4.00%, 06/01/22		1,500		1,558,965
Southeast Energy Authority A Cooperative District RB
Series A, 4.00%, 10/01/22		355		373,236
Series A, 4.00%, 10/01/23		450		488,534

				8,803,189

Alaska — 0.1%
Alaska Municipal Bond Bank Authority RB, 5.00%, 12/01/21		400		410,800


Arizona — 0.2%
Glendale Union High School District No. 205 GO, 5.00%, 07/01/21		500		503,705


California — 3.2%
California County Tobacco Securitization Agency RB 3.00%, 06/01/21		500		501,100
3.00%, 06/01/21		300		300,651
4.00%, 06/01/22		545		567,868
Metropolitan Water District of Southern California RB, 0.31%, 07/01/47 (Put 06/21/21)^(a)(b)		6,000		6,000,450
State of California GO, 5.00%, 12/01/24		1,190		1,390,563

				8,760,632

Colorado — 0.1%
City & County of Denver Co. Airport System Revenue RB, Series A, 5.00%, 11/15/23		250		280,300


Connecticut — 3.8%
Connecticut State Health & Educational Facilities Authority RB, 4.00%, 07/01/22		500		519,745
State of Connecticut GO 3.00%, 06/01/21		920		921,950
3.00%, 06/01/22		900		927,477
3.00%, 01/15/23		2,000		2,095,820
5.00%, 06/01/21		670		672,439
5.00%, 07/15/22		900		952,083
Series C, VRDN, 0.11%, 05/15/34 (Put 05/07/21)^(a)(b)		2,120		2,120,000
State of Connecticut Special Tax Revenue RB, Series A, 5.00%, 09/01/21		2,000		2,031,940
State of Connecticut Special Tax Revenue ST 4.00%, 05/01/21		165		165,000
5.00%, 05/01/22		200		209,564

				10,616,018

District of Columbia — 3.2%
District of Columbia RB, 0.10%, 04/01/38 (Put 05/07/21)^(a)(b)		2,700		2,700,000
Tender Option Bond Trust Receipts/Certificates RB, 0.11%, 10/01/53 (Put 10/01/29)^(a)(b)(c)		6,135		6,135,000

				8,835,000

Florida — 2.5%
Alachua County Health Facilities Authority RB, 5.00%, 12/01/21		390		400,351


Security	Par (000)		Value

Florida (continued)
County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/23	$	2,500	$	2,778,225
County of Osceola FL Transportation Revenue RB, 5.00%, 10/01/21		300		305,487
County of Palm Beach FL RB, 0.06%, 07/01/32 (Put 05/07/21)^(a)(b)		2,800		2,800,000
Tender Option Bond Trust Receipts/Certificates RB, 0.10%, 07/01/49 (Put 07/01/30)^(a)(b)(c)		500		500,000

				6,784,063

Georgia — 10.2%
Atlanta Urban Residential Finance Authority RB, 1.36%, 12/01/22 (Put 12/01/21)^(a)(b)		2,000		2,012,380
Bartow County Development Authority RB, 1.55%, 08/01/43 (Put 08/19/22)^(a)(b)		2,000		2,030,120
Burke County Development Authority RB, 2.25%, 10/01/32 (Put 05/25/23)^(a)(b)		2,000		2,075,300
Main Street Natural Gas Inc. RB
VRDN, 4.00%, 04/01/48 (Put 09/01/23)^(a)(b)		5,685		6,134,968
VRDN, 0.91%, 08/01/48 (Put 12/01/23)^(a)(b)		5,000		5,048,775
5.00%, 05/15/21		1,000		1,001,430
5.00%, 09/01/21		300		304,560
Monroe County Development Authority RB, 0.08%, 06/01/49 (Put 04/30/21)^(a)(b)		3,700		3,700,000
Municipal Electric Authority of Georgia RB 5.00%, 01/01/22		3,000		3,090,300
VRDN, 0.07%, 01/01/48 (Put 05/07/21)^(a)(b)		1,000		1,000,000
Tender Option Bond Trust Receipts/Certificates RB, 0.11%, 01/01/44 (Put 07/01/28) (AGM)^(a)(b)(c)		1,700		1,700,000

				28,097,833

Illinois — 2.6%
Illinois Development Finance Authority RB
VRDN, 0.08%, 06/01/29 (Put 05/07/21)^(a)(b)		1,100		1,100,000
VRDN, 0.08%, 02/01/33 (Put 05/07/21)^(a)(b)		2,000		2,000,000
Tender Option Bond Trust Receipts/Certificates GO, 0.11%, 03/01/33 (Put 05/07/21)^(a)(b)(c)		4,000		4,000,000

				7,100,000

Indiana — 2.9%
City of Rockport IN RB, Series B, 1.35%, 07/01/25 (Put 09/01/22)^(a)(b)		2,250		2,275,133
Indiana Finance Authority RB
VRDN, 0.04%, 11/01/39 (Put 04/30/21)^(a)(b)		1,400		1,400,000
VRDN, 0.09%, 02/01/35 (Put 05/07/21)^(a)(b)		2,500		2,500,000
Indianapolis Local Public Improvement Bond Bank RB, 5.00%, 06/01/23		1,800		1,973,538

				8,148,671

Iowa — 3.4%
Iowa Finance Authority RB, 0.12%, 04/01/22 (Put 05/07/21)^(a)(b)		9,405		9,405,000


Kansas — 2.5%
City of Burlington KS RB
VRDN, 0.16%, 09/01/35 (Put 05/07/21)^(a)(b)		4,000		4,000,000
VRDN, 0.16%, 09/01/35 (Put 05/07/21)^(a)(b)		3,000		3,000,000

				7,000,000

Kentucky — 1.4%
Kentucky Public Energy Authority RB 4.00%, 06/01/21		1,060		1,062,957
4.00%, 08/01/21		300		302,697


16		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Short Maturity Municipal Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Kentucky (continued)
Kentucky State Property & Building Commission RB 5.00%, 11/01/22	$	1,000	$	1,065,240
Series D, 5.00%, 05/01/21		600		600,000
Kentucky Turnpike Authority RB, 5.00%, 07/01/21		250		251,888
Tender Option Bond Trust Receipts/Certificates RB, Series 2018, 0.09%, 12/01/41 (Put 12/01/27) (AGM)^(a)(b)(c)		500		500,000

				3,782,782

Louisiana — 0.8%
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax RB 5.00%, 08/01/21		865		875,000
5.00%, 08/01/22 (AGM)		465		493,309
Louisiana Offshore Terminal Authority RB, 1.65%, 09/01/27 (Put 12/01/23)^(a)(b)		400		412,968
Louisiana Public Facilities Authority RB, 5.00%, 05/15/21		400		400,580

				2,181,857

Massachusetts — 1.0%
Massachusetts Development Finance Agency RB, 5.00%, 07/01/21		975		982,049
Town of Truro MA GO, 2.00%, 06/11/21		1,700		1,703,298

				2,685,347

Michigan — 1.6%
Michigan Finance Authority RB 0.40%, 10/15/23		665		664,880
5.00%, 11/01/22 (ST INTERCEPT)		240		257,182
5.00%, 12/01/22		1,390		1,493,902
4.00%, 06/01/22		1,000		1,039,840
Wayne-Westland Community Schools GO 4.00%, 05/01/21 (Q-SBLF)		175		175,000
4.00%, 11/01/21 (Q-SBLF)		780		794,914

				4,425,718

Missouri — 1.0%
City of Washington MO COP, 5.00%, 03/01/22		350		363,024
County of Greene MO COP, 3.00%, 03/01/23		350		367,192
RBC Municipal Products Inc. Trust RB, 0.12%, 09/01/39 (Put 05/07/21)^(a)(b)(c)		2,000		2,000,000

				2,730,216

Nebraska — 0.7%
Central Plains Energy Project RB 4.00%, 08/01/21		750		756,877
VRDN, 5.00%, 03/01/50 (Put 01/01/24)^(a)(b)		1,000		1,113,200
Douglas County Hospital Authority No. 2 RB, 5.00%, 11/15/21		120		123,094

				1,993,171

New Jersey — 24.4%
Borough of Park Ridge NJ GO, 1.00%, 04/29/22		800		805,472
City of Jersey City NJ GO, 2.00%, 06/17/21		8,000		8,017,920
County of Mercer NJ GO, 2.00%, 06/10/21		3,000		3,005,550
Jersey City Municipal Utilities Authority RB, 3.00%, 07/01/22		4,000		4,135,160
New Jersey Economic Development Authority RB 5.00%, 06/15/21		4,250		4,272,610
5.00%, 06/15/21		1,500		1,508,160
5.00%, 06/15/22		2,000		2,104,600
5.00%, 06/15/22		200		210,460
5.00%, 06/15/22		1,000		1,052,300
5.50%, 09/01/21 (Call 05/26/21)		645		647,077
5.00%, 11/01/23 (SAP)		1,450		1,616,445
Series A, 4.00%, 07/01/22		2,000		2,084,220
Series NN, 5.00%, 03/01/22		3,875		4,025,815


Security	Par (000)		Value

New Jersey (continued)
Series NN, 5.00%, 03/01/23	$	1,000	$	1,085,120
Series UU, 5.00%, 06/15/23		1,575		1,729,492
Series XX, 5.00%, 06/15/21 (SAP)		1,145		1,151,206
New Jersey Health Care Facilities Financing Authority RB, 5.00%, 10/01/23		1,500		1,666,230
New Jersey Transportation Trust Fund Authority RB Series A, 5.00%, 06/15/21		500		502,750
Series A, 5.00%, 06/15/22		220		231,651
Series A, 5.00%, 06/15/22		750		789,728
Series A, 5.50%, 12/15/21		425		438,672
Series A, 5.50%, 12/15/22		1,330		1,441,002
Series A, 5.50%, 12/15/23		155		175,548
Series B, 5.25%, 12/15/22 (AMBAC)		910		982,336
Series B, 5.50%, 12/15/21 (NPFGC)		2,475		2,557,046
Series D, 5.00%, 12/15/23		345		386,255
Series D, 5.25%, 12/15/23		1,275		1,435,727
State of New Jersey GO, Series A, 4.00%, 06/01/23		1,290		1,389,923
Tobacco Settlement Financing Corp. RB
Series A, 5.00%, 06/01/21		5,000		5,017,950
Series A, 5.00%, 06/01/22		3,000		3,153,030
Township of Cranford NJ GO, 1.50%, 06/25/21		1,800		1,803,096
Township of Maplewood NJ GO, 1.50%, 07/30/21		3,100		3,107,874
Township of Teaneck NJ GO, 1.50%, 06/25/21		1,800		1,802,790
Township of West Orange/NJ GO, 1.50%, 07/30/21		1,800		1,805,940
Township of Woolwich NJ GO, Series A, 1.50%, 06/03/21		1,200		1,201,032

				67,340,187

New Mexico — 0.2%
New Mexico Municipal Energy Acquisition Authority RB, 4.00%, 05/01/22		600		622,050


New York — 8.8%
Albany Industrial Development Agency RB, 0.20%, 07/01/32 (Put 05/07/21)^(a)(b)		1,000		1,000,000
Amherst Development Corp. RB, Series A, 0.11%, 02/01/35 (Put 05/07/21)^(a)(b)		1,730		1,730,000
Arlington Central School District GO, 1.50%, 06/29/21		1,857		1,860,287
Carmel Central School District GO, 1.50%, 06/17/21 (SAW)		2,500		2,503,475
County of Monroe NY GOL, 4.00%, 06/01/21		1,000		1,002,670
Monroe County Industrial Development Corp./NY RB, 5.00%, 12/01/21		575		589,542
New York City Transitional Finance Authority Future Tax Secured Revenue RB,
0.04%, 11/01/42 (Put 04/30/21)^(a)(b)		2,600		2,600,000
New York City Water & Sewer System RB, 0.02%, 06/15/50 (Put 04/30/21)^(a)(b)		5,400		5,400,000
New York Transportation Development Corp. RB, 5.00%, 12/01/22		495		530,665
South Colonie Central School District GO, 1.50%, 07/09/21 (SAW)		1,200		1,202,448
Tender Option Bond Trust Receipts/Certificates GO, 0.09%, 09/01/26 (Put 05/07/21)^(a)(b)(c)		2,195		2,195,000
Tender Option Bond Trust Receipts/Certificates RB, 0.08%, 07/01/50 (Put 07/01/30)^(a)(b)(c)		2,000		2,000,000
Town of Oyster Bay NY GOL, 4.00%, 03/01/23		425		453,772
Warwick Valley Central School District GO, Series A, 1.25%, 06/30/21 (SAW)		1,300		1,301,781

				24,369,640

North Carolina — 0.1%
North Carolina Turnpike Authority RB, 5.00%, 01/01/22		215		221,663


SCHEDULE OF INVESTMENTS		17

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Short Maturity Municipal Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ohio — 0.2%
City of Cleveland OH GOL 2.00%, 12/01/21	$	300	$	303,324
2.00%, 12/01/22		300		308,880

				612,204

Pennsylvania — 7.8%
Allegheny County Hospital Development Authority RB, 5.00%, 04/01/22		2,000		2,084,320
Boyertown Area School District GOL, 2.00%, 09/01/21 (SAW)		400		402,184
City of Philadelphia PA RB, Series A, 4.00%, 06/30/21		3,000		3,019,170
Connellsville Area School District GOL 4.00%, 08/15/21 (BAM SAW)		500		504,525
4.00%, 08/15/22 (BAM SAW)		500		520,305
DuBois Area School District GOL, 3.00%, 11/01/21 (BAM SAW)		175		176,988
Geisinger Authority RB, 5.00%, 04/01/22		2,000		2,087,940
Muhlenberg School District GOL 1.00%, 05/15/21 (SAW)		1,000		1,000,220
4.00%, 05/15/22 (SAW)		700		726,656
Pennsylvania Economic Development Financing Authority RB 2.15%, 11/01/21		1,000		1,010,080
VRDN, 0.10%, 12/01/37 (Put 05/07/21)^(a)(b)		3,000		3,000,000
Pennsylvania Housing Finance Agency RB 5.00%, 10/01/21		300		305,691
5.00%, 10/01/22		380		404,651
Philadelphia Gas Works Co. RB 5.00%, 08/01/21		1,000		1,011,150
Series A, 5.00%, 08/01/22		1,315		1,389,495
Pottstown School District GOL, 1.00%, 06/06/21 (BAM SAW)		250		250,167
School District of Philadelphia (The) GO, 4.00%, 06/30/21		3,000		3,017,910
Southeastern Pennsylvania Transportation Authority RB 5.00%, 06/01/21		250		250,912
5.00%, 06/01/22		360		378,702

				21,541,066

Puerto Rico — 1.2%
Puerto Rico Housing Finance Authority RB, 5.00%, 12/01/22		3,000		3,225,510


South Carolina — 0.3%
South Carolina Public Service Authority RB, 0.12%, 01/01/36 (Put 05/07/21)^(a)(b)		900		900,000


Tennessee — 0.4%
Tennergy Corp./TN
Series A, 4.00%, 09/01/22		335		351,485
Series A, 4.00%, 03/01/23		375		400,069
Series A, 4.00%, 09/01/23		320		346,925

				1,098,479

Texas — 11.5%
Harris County Cultural Education Facilities Finance Corp. RB, 5.00%, 06/01/32 (Put 12/01/22)^(a)(b)		4,000		4,299,120
North East Independent School District GO, 0.07%, 05/03/21		5,500		5,500,063
Port of Arthur Navigation District Industrial Development Corp. RB
VRDN, 0.09%, 03/01/42 (Put 05/07/21)^(a)(b)		6,000		6,000,000


Security	Par/ Shares (000)		Value

Texas (continued)
VRDN, 0.09%, 06/01/41 (Put 05/07/21)^(a)(b)	$	2,000	$	2,000,000
RBC Municipal Products Inc. Trust, 0.09%, 09/08/21 (Put 05/07/21)^(a)(b)(c)		3,000		3,000,000
State of Texas GO
VRDN, 0.08%, 06/01/44 (Put 05/07/21)^(a)(b)		410		410,000
VRDN, 0.08%, 06/01/45 (Put 05/07/21)^(a)(b)		2,910		2,910,000
Tender Option Bond Trust Receipts/Certificates RB, 0.16%, 06/15/27 (Put 05/07/21)^(a)(b)(c)		1,500		1,500,000
Texas Municipal Gas Acquisition & Supply Corp. III RB, 5.00%, 12/15/22		2,000		2,149,080
University of Texas System (The) RB, 0.12%, 05/20/21		4,000		3,999,956

				31,768,219

Washington — 0.2%
King County Housing Authority RB 3.00%, 06/01/21		365		365,683
3.00%, 06/01/22		250		256,647

				622,330

Wisconsin — 0.3%
Public Finance Authority RB 5.00%, 01/01/22		200		206,220
5.00%, 06/01/22		175		183,979
Wisconsin Health & Educational Facilities Authority RB, 5.00%, 10/01/21		400		407,712

				797,911


Total Municipal Debt Obligations — 99.8% (Cost $274,739,368)				275,663,561


Money Market Funds

BlackRock Liquidity Funds: MuniCash, 0.01%^(d)(e)		58		57,702


Total Money Market Funds — 0.0% (Cost: $57,702)				57,702


Total Investments in Securities — 99.8% (Cost: $274,797,070)				275,721,263

Other Assets, Less Liabilities — 0.2%				473,910


Net Assets — 100.0%			$	276,195,173

^(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.

^(d)	Affiliate of the Fund.

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


18		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Short Maturity Municipal Bond ETF

Affiliates


Affiliated Issuer	Value at 10/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/21		Shares Held at 04/30/21 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds: MuniCash	$	117,575	$	—	$	(59,975	)^(a)	$	101	$	1	$	57,702		58	$	221	$	—

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Municipal Debt Obligations	$	—	$	275,663,561	$	—	$	275,663,561
Money Market Funds		57,702		—		—		57,702

	$	57,702	$	275,663,561	$	—	$	275,721,263

See notes to financial statements.


SCHEDULE OF INVESTMENTS		19

Schedule of Investments (unaudited)

April 30, 2021

BlackRock Ultra Short-Term Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities
CarMax Auto Owner Trust
Series 2020-1, Class A2, 1.87%, 04/17/23 (Call 10/15/23)	$	1,316	$	1,322,481
Series 2020-3, Class A2A, 0.49%, 06/15/23
(Call 09/15/23)		4,603		4,607,552
Series 2020-3, Class A2B, 0.36%, 06/15/23 (Call 09/15/23), (1 mo. LIBOR US + 0.250%)^(a)		1,302		1,302,576
Series 20-4, Class A2A, 0.31%, 01/16/24 (Call 07/15/24)		13,647		13,652,610
Ford Credit Auto Lease Trust, Series 2020-B, Class A2A, 0.50%, 12/15/22 (Call 01/15/23)		17,884		17,901,341
Ford Credit Auto Owner Trust, Series 2020-B, Class A2, 0.50%, 02/15/23 (Call 12/15/23)		4,021		4,023,863
Honda Auto Receivables Owner Trust
Series 2020-2, Class A2, 0.74%, 11/15/22 (Call 07/15/23)		2,621		2,625,368
Series 20 3, Class A2, 0.27%, 02/21/23 (Call 10/18/23)		11,748		11,751,771


Total Asset-Backed Securities — 1.1% (Cost: $57,139,697)				57,187,562


Certificates of Deposit
Banco Santander SA
0.26%, 09/23/21		10,000		10,002,956
0.28%, 11/08/21		25,000		25,009,039
Bank of America N.A., 0.27%, 01/10/22		7,900		7,900,082
Bank of Montreal/Chicago IL
0.23%, 10/06/21, (3 mo. LIBOR US + 0.040%)^(a)		22,000		22,003,737
0.25%, 08/10/21, (3 mo. LIBOR US + 0.050%)^(a)		25,000		25,004,664
0.29%, 11/18/21, (3 mo. LIBOR US + 0.100%)^(a)		5,000		5,002,448
Bank of Nova Scotia/Houston, 0.36%, 08/23/21, (3 mo. LIBOR US + 0.100%)^(a)		15,000		15,004,160
Barclays Bank PLC
0.30%, 11/10/21		5,000		5,001,934
0.30%, 03/30/22		10,000		10,000,271
0.31%, 04/19/22		10,000		10,000,487
0.33%, 02/01/22		10,000		10,004,359
0.36%, 12/31/21		15,250		15,260,745
Bayerische Landesbank/New York, 0.67%, 02/03/22, (3 mo. LIBOR US + 0.470%)^(a)		20,000		20,056,038
Canadian Imperial Bank of Commerce
0.24%, 11/08/21, (3 mo. LIBOR US + 0.100%)^(a)		5,000		5,001,033
0.28%, 12/13/21^(a)		3,000		3,001,656
0.31%, 07/23/21, (3 mo. LIBOR US + 0.140%)^(a)		13,000		13,004,043
0.35%, 08/06/21, (3 mo. LIBOR US + 0.160%)^(a)		3,500		3,501,430
0.35%, 08/06/21, (3 mo. LIBOR US + 0.160%)^(a)		10,000		10,004,087
Citibank N.A., 0.25%, 09/08/21		1,000		1,000,374
Cooperatieve Rabobank UA/NY, 0.24%, 10/20/21, (3 mo. LIBOR US + 0.050%)^(a)		17,000		17,003,940
Credit Agricole Corporate and Investment Bank/New York
0.43%, 07/15/21, (3 mo. LIBOR US + 0.210%)^(a)		7,000		7,003,079
0.46%, 11/15/21, (SOFR + 0.400%)^(a)		6,500		6,506,916
Credit Industriel et Commercial/New York 0.28%, 08/13/21		5,000		5,001,673
0.36%, 06/09/21, (3 mo. LIBOR US + 0.170%)^(a)		5,000		5,001,100
0.37%, 06/18/21, (3 mo. LIBOR US + 0.180%)^(a)		10,000		10,002,874
Credit Suisse AG/New York NY 0.23%, 04/08/22, (SOFR + 0.220%)^(a)		5,000		4,994,767
0.30%, 12/29/21		4,000		3,999,136
0.31%, 11/16/21, (SOFR + 0.300%)^(a)		8,000		8,000,994
0.34%, 11/01/21		20,000		20,004,766


Security	Par (000)		Value

0.36%, 08/03/21, (SOFR + 0.350%)^(a)	$	10,000	$	10,003,592
0.50%, 10/28/22		15,000		15,000,000
HSBC Bank USA N.A., 0.38%, 11/17/21		8,000		8,008,343
Kookmin Bank/New York
0.34%, 02/07/22, (1 mo. LIBOR US + 0.230%)^(a)		10,000		9,999,554
0.36%, 02/07/22, (1 mo. LIBOR US + 0.250%)^(a)		4,500		4,500,517
0.48%, 10/22/21, (3 mo. LIBOR US + 0.300%)^(a)		7,500		7,507,034
0.50%, 09/07/21, (3 mo. LIBOR US + 0.320%)^(a)		9,000		9,006,813
0.68%, 07/22/21, (3 mo. LIBOR US + 0.500%)^(a)		10,000		10,008,991
Korea Development Bank (The), 0.56%, 07/14/21,
(3 mo. LIBOR US + 0.370%)^(a)		13,500		13,507,183
Landesbank Baden-Wuerttemberg, 0.24%, 10/22/21		15,000		15,002,394
Lloyds Bank Corporate Markets PLC/New York NY, 0.27%, 09/15/21,
(3 mo. LIBOR US + 0.100%)^(a)		9,000		9,001,648
Mitsubishi UFJ Trust & Banking Corp., 0.26%, 05/10/21		12,000		12,000,500
Mizuho Bank Ltd. 0.23%, 11/18/21		12,000		12,001,339
0.24%, 11/03/21		5,000		5,000,957
Mizuho Bank Ltd./New York NY 0.23%, 01/28/22		10,000		9,999,256
0.28%, 06/04/21		7,000		7,001,135
0.33%, 10/29/21		10,000		10,007,003
0.34%, 08/16/21		6,000		6,003,345
Morgan Stanley Bank N.A., 0.31%, 08/25/21,
(SOFR + 0.300%)^(a)		15,000		15,003,193
Natixis SA/New York NY
0.32%, 12/09/21, (3 mo. LIBOR US + 0.130%)^(a)		3,000		3,001,618
0.34%, 11/16/21		10,000		10,007,363
Nordea Bank Abp/New York NY
0.31%, 02/28/22, (3 mo. LIBOR US + 0.120%)^(a)		12,500		12,510,197
0.46%, 01/07/22, (3 mo. LIBOR US + 0.260%)^(a)		6,500		6,510,563
Norinchukin Bank 0.24%, 11/16/21		18,000		18,003,086
0.25%, 01/20/22		7,000		7,000,616
Norinchukin Bank/New York, 0.19%, 11/18/21, (SOFR + 0.180%)^(a)		8,250		8,249,466
Royal Bank of Canada/New York NY
0.25%, 10/08/21, (3 mo. LIBOR US + 0.050%)^(a)		26,000		26,005,593
0.31%, 11/16/21		10,000		10,007,368
0.43%, 07/26/21		20,000		20,019,815
Shinhan Bank 0.33%, 02/10/22		5,000		5,000,427
0.33%, 02/11/22		10,750		10,750,921
Standard Chartered Bank/New York
0.22%, 10/01/21, (3 mo. LIBOR US + 0.030%)^(a)		12,000		11,999,999
0.27%, 04/14/22^(a)		10,000		10,000,000
0.29%, 04/25/22, (3 mo. LIBOR US + 0.090%)^(a)		15,000		15,000,000
0.30%, 05/14/21		10,000		10,000,691
0.33%, 08/24/21, (3 mo. LIBOR US + 0.150%)^(a)		10,750		10,754,267
0.41%, 11/23/21, (SOFR + 0.320%)^(a)		20,000		20,016,665
0.43%, 08/27/21		8,000		7,994,450
Sumitomo Mitsui Banking Corp./New York
0.43%, 11/05/21, (3 mo. LIBOR US + 0.350%)^(a)		23,500		23,537,780
0.61%, 10/12/21, (3 mo. LIBOR US + 0.380%)^(a)		3,000		3,004,692
0.70%, 07/15/22		10,000		10,006,280
Sumitomo Mitsui Trust Bank Ltd., 0.31%, 05/17/21		15,000		14,999,235
Svenska Handelsbanken/New York NY
0.23%, 10/15/21, (3 mo. LIBOR US + 0.050%)^(a)		10,000		10,001,799
0.28%, 11/22/21		5,000		5,003,167
0.30%, 06/16/21, (3 mo. LIBOR US + 0.110%)^(a)		7,500		7,501,343
0.47%, 01/06/22, (3 mo. LIBOR US + 0.260%)^(a)		14,500		14,522,489


20		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Ultra Short-Term Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Swedbank AB/New York, 0.24%, 10/20/21,
(3 mo. LIBOR US + 0.050%)^(a)	$	10,000	$	10,001,391
Toronto-Dominion Bank/NY 0.00%, 02/16/22 (Call 11/16/21),
(3 mo. LIBOR US + 0.200%)^(a)		17,000		17,004,291
0.27%, 10/08/21 (Call 07/08/21),
(3 mo. LIBOR US + 0.700%)^(a)		15,000		15,001,624
0.28%, 08/24/21, (3 mo. LIBOR US + 0.100%)^(a)		10,000		10,003,359
0.29%, 07/07/21		5,000		5,002,357
0.40%, 08/16/21		8,000		8,006,428
0.43%, 07/28/21		20,000		20,015,320
0.43%, 08/03/21		13,000		13,010,526


Total Certificates of Deposit — 16.9% (Cost: $900,907,081)				901,300,771


Commercial Paper

Agilent Tech Inc., 0.12%, 05/04/21		27,000		26,999,550
Alinghi Funding Co. LLC 0.22%, 08/12/21		5,000		4,997,660
0.29%, 10/08/21		7,000		6,994,678
American Electric Power Inc. 0.24%, 05/17/21		12,000		11,999,076
0.25%, 07/12/21		8,400		8,395,929
0.27%, 06/14/21		20,000		19,994,875
0.27%, 07/13/21		20,000		19,990,174
American Honda Finance Corp., 0.25%, 06/03/21		10,000		9,998,102
Antalis SA, 0.23%, 08/03/21		7,000		6,996,453
ANZ New Zealand Int’l Ltd./London, 0.27%, 08/26/21,
(3 mo. LIBOR US + 0.090%)^(a)(b)		10,000		10,001,999
ASB Finance Ltd./London, 0.28%, 07/22/21		7,000		6,998,418
AT&T Inc. 0.28%, 12/14/21		74,000		73,866,898
0.37%, 10/19/21		3,000		2,996,202
0.43%, 12/16/21		12,000		11,978,150
Banco Santander SA, 0.21%, 06/18/21		15,000		14,997,713
Barclays Capital Inc., 0.38%, 01/18/22		25,000		24,955,071
BNZ International Funding Ltd./London, 0.29%, 09/10/21		4,750		4,747,771
BPCE SA 0.30%, 05/13/21		10,000		9,999,711
0.34%, 12/01/21		12,000		11,985,523
0.34%, 12/09/21		8,000		7,989,891
0.40%, 06/16/21		5,000		4,999,354
0.47%, 07/01/21		10,000		9,998,088
Brookfield BRP Holidngs, 0.36%, 06/08/21		17,299		17,295,346
Brookfield Infrastructure Holding, 0.36%, 05/10/21		18,995		18,994,050
Caisse d’Amortissement de la Dette Sociale 0.37%, 07/23/21		5,000		4,998,320
0.48%, 06/15/21		15,000		14,997,777
Canadian Imperial Bank of Commerce, 0.24%, 08/03/21,
(3 mo. LIBOR US + 0.070%)^(a)(b)		20,000		20,003,537
Cancara Asset Security LLC, 0.27%, 05/24/21		2,000		1,999,840
Centerpoint Energy Resources Corp., 0.13%, 05/03/21		80,000		79,999,134
Collateralized Commpercial Paper Flex Co. LLC, 0.34%, 12/06/21		6,000		5,992,960
Collateralized Commpercial Paper V Co., 0.31%, 08/19/21		10,000		9,995,344
Concord Minutemen Capital 0.32%, 03/01/22		24,000		23,949,167
0.39%, 06/14/21		5,000		4,999,125


Security	Par (000)		Value

Crown Point Capital Co. LLC 0.33%, 01/12/22^(b)	$	13,250	$	13,260,413
0.34%, 12/08/21, (3 mo. LIBOR US + 0.160%)^(a)(b)		9,000		9,004,295
DBS Group Holdings Ltd., 0.31%, 09/07/21		22,700		22,685,409
Electricite De France, 0.28%, 06/28/21		5,395		5,393,002
Electricite DE France SA, 0.28%, 06/04/21		34,605		34,599,348
Enbridge Inc. 0.21%, 05/11/21		9,000		8,999,574
0.21%, 05/24/21		11,845		11,843,642
0.24%, 06/14/21		15,635		15,630,994
0.26%, 05/10/21		7,269		7,268,689
0.30%, 07/06/21		13,000		12,994,314
Enel Finance America 0.35%, 09/22/21		20,000		19,976,075
0.35%, 09/24/21		10,000		9,987,832
0.35%, 11/09/21		11,750		11,729,590
0.35%, 11/16/21		1,250		1,247,729
0.37%, 04/22/22		10,600		10,561,317
0.38%, 08/06/21		10,000		9,992,786
0.41%, 04/20/22		4,400		4,384,076
Enel Finance America LLC 0.35%, 05/06/21		9,250		9,249,769
0.35%, 05/13/21		4,000		3,999,773
0.40%, 07/08/21		6,650		6,646,954
0.40%, 07/09/21		12,000		11,994,400
0.40%, 07/21/21		7,680		7,675,592
0.40%, 07/28/21		7,680		7,675,082
Engie SA 0.31%, 07/01/21		4,250		4,248,602
0.31%, 07/06/21		10,580		10,576,219
EXXON Mobil Corp., 0.27%, 07/02/21		20,000		19,997,865
Fairway Finance Corp., 0.26%, 07/07/21		11,000		10,996,613
Fidelity National Information Services Inc.
0.25%, 05/19/21		22,115		22,113,074
0.26%, 06/02/21		25,000		24,995,761
0.27%, 06/07/21		12,000		11,997,555
0.31%, 05/03/21		16,000		15,999,800
0.33%, 05/18/21		20,000		19,998,360
FMS Wertmanagement, 0.25%, 05/14/21		14,000		13,999,728
Goldman Sachs Bank USA/New York NY
0.33%, 01/14/22		8,400		8,385,617
0.35%, 12/22/21		12,000		11,981,592
Hitachi Capital America 0.30%, 06/23/21		24,397		24,388,949
0.30%, 06/30/21		7,163		7,160,196
HSBC Bank PLC 0.27%, 02/02/22		10,000		9,982,857
0.32%, 09/13/21, (3 mo. LIBOR US + 0.140%)^(a)(b)		5,000		5,002,015
0.33%, 08/31/21, (3 mo. LIBOR US + 0.140%)^(a)(b)		7,000		7,002,728
0.33%, 01/03/22		13,000		12,980,656
0.34%, 11/05/21, (3 mo. LIBOR US + 0.140%)^(a)(b)		12,000		12,005,425
0.40%, 08/06/21, (3 mo. LIBOR US + 0.210%)^(a)(b)		10,000		10,004,853
0.41%, 07/20/21, (3 mo. LIBOR US + 0.220%)^(a)(b)		5,000		5,002,138
0.44%, 08/02/21		15,000		14,992,010
0.45%, 06/09/21, (3 mo. LIBOR US + 0.260%)^(a)(b)		15,000		15,003,897
Hyundai Capital America 0.32%, 06/21/21		25,000		24,993,247
0.32%, 07/28/21		3,750		3,747,970
0.33%, 09/20/21		10,325		10,314,419
0.35%, 12/16/21		9,600		9,580,373
0.37%, 10/26/21		17,500		17,475,723


SCHEDULE OF INVESTMENTS		21

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Ultra Short-Term Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Landesbank Baden-Wuerttemberg 0.30%, 05/17/21	$	20,000	$	19,999,084
0.30%, 06/04/21		10,000		9,998,804
LIME Funding LLC, 0.31%, 06/01/21		12,000		11,998,667
Lloyds Bank PLC, 0.21%, 05/17/21, (SOFR + 0.200%)^(a)(b)		5,000		5,000,283
LVMH Moet Hennessy Louis Vuitton SE 0.38%, 07/19/21		10,000		9,997,622
0.38%, 07/27/21		20,700		20,694,485
Macquarie Bank Ltd. 0.27%, 04/29/22		15,000		14,965,268
0.30%, 11/12/21, (3 mo. LIBOR US + 0.100%)^(a)(b)		5,000		5,001,826
0.35%, 11/18/21		10,000		9,988,946
0.35%, 11/19/21		15,000		14,983,253
National Australia Bank Ltd., 0.32%, 07/08/21, (3 mo. LIBOR US + 0.120%)^(a)		5,000		5,001,977
National Bank of Canada, 0.25%, 08/11/21, (3 mo. LIBOR US + 0.050%)^(a)(b)		20,000		20,002,154
Natwest Market PLC 0.40%, 06/22/21		25,000		24,993,817
0.40%, 01/04/22		13,050		13,024,817
0.40%, 01/27/22		20,000		19,954,667
PPG Industries, 0.23%, 06/21/21		13,200		13,195,863
PPG Industries Inc., 0.42%, 08/02/21		25,364		25,346,582
PPL Capital Funding Inc., 0.13%, 05/05/21		30,000		29,999,375
Pure Grove Funding LLC, 0.33%, 06/07/21		7,000		6,999,032
Reckitt Benckiser Treasury Services PLC 0.27%, 09/22/21		8,875		8,863,883
0.27%, 09/23/21		8,875		8,863,698
0.27%, 09/24/21		5,250		5,243,226
Ridgefield Funding Co. LLC 0.23%, 11/02/21		7,000		6,992,767
0.29%, 06/07/21		15,000		14,997,926
Rogers Communications Inc., 0.55%, 08/26/21		6,170		6,164,378
Royal Bank of Canada, 0.65%, 05/03/21		5,000		4,999,983
Salisbury Receivables Co. LLC, 0.26%, 02/18/22, (SOFR + 0.250%)^(a)(b)		10,000		10,000,009
Shell International Finance BV 0.40%, 07/08/21		15,000		14,996,751
0.50%, 06/09/21		17,000		16,998,055
0.52%, 06/22/21		22,500		22,496,423
Shinhan Bank, 0.23%, 09/10/21		15,000		14,984,373
Societe Generale SA
0.29%, 01/31/22, (3 mo. LIBOR US + 0.100%)^(a)(b)		10,000		10,004,270
0.30%, 06/02/21		20,000		19,998,313
0.30%, 07/01/21		15,000		14,997,132
0.31%, 05/03/22		10,000		9,968,907
0.35%, 01/10/22		10,000		9,982,910
0.37%, 12/13/21		15,000		14,978,760
0.51%, 06/08/21, (3 mo. LIBOR US + 0.330%)^(a)(b)		17,000		17,005,616
Spire Inc., 0.20%, 05/03/21		5,000		4,999,938
Suncor Energy Inc. 0.27%, 06/09/21		3,490		3,489,236
0.28%, 05/03/21		4,300		4,299,946
0.28%, 05/05/21		5,000		4,999,896
0.28%, 05/10/21		6,000		5,999,743
0.28%, 05/17/21		8,950		8,949,311
0.37%, 05/13/21		10,000		9,999,433
Svenska Handelsbanken/New York NY, 0.30%, 12/08/21		8,000		7,991,416
Telstra Corp. Ltd. 0.30%, 09/22/21		6,200		6,194,681
0.31%, 02/10/22		19,200		19,155,308


Security	Par (000)		Value

TELUS Corp. 0.27%, 07/13/21	$	7,390	$	7,386,369
0.27%, 07/20/21		7,600		7,595,828
0.32%, 06/14/21		10,000		9,997,438
The Western Union Co., 0.15%, 05/03/21		17,000		16,999,739
UBS AG/London
0.00%, 01/11/22, (SOFR + 0.250%)^(a)(b)		15,000		15,002,153
0.30%, 03/11/22		2,500		2,494,772
0.31%, 10/14/21, (3 mo. LIBOR US + 0.120%)^(a)(b)		18,000		18,006,435
0.32%, 11/12/21, (3 mo. LIBOR US + 0.120%)^(a)(b)		12,000		12,004,383
0.34%, 11/18/21, (3 mo. LIBOR US + 0.150%)^(a)(b)		10,000		10,005,384
0.36%, 07/09/21, (3 mo. LIBOR US + 0.170%)^(a)(b)		15,000		15,001,483
0.36%, 12/02/21, (3 mo. LIBOR US + 0.170%)^(a)(b)		12,000		12,005,566
Volkswagen Group of America Finance LLC 0.52%, 10/25/21		35,000		34,910,184
0.52%, 11/08/21		15,000		14,958,080
0.52%, 11/10/21		8,000		7,977,367
VW CR Inc., 0.20%, 05/10/21		10,000		9,999,572
Waste Management Inc. 0.40%, 08/09/21		22,000		21,984,631
0.45%, 09/10/21		43,000		42,962,032
Westpac Banking Corp., 0.19%, 05/28/21,
(3 mo. LIBOR US + 0.090%)^(a)(b)		8,000		8,000,746


Total Commercial Paper — 37.4% (Cost: $1,993,297,874)				1,993,889,755


Corporate Bonds & Notes

Aerospace & Defense — 0.2%
General Dynamics Corp., 3.88%, 07/15/21 (Call 06/01/21)		4,156		4,167,297
Raytheon Technologies Corp., 2.80%, 03/15/22 (Call 02/15/22)		6,000		6,119,294

				10,286,591

Agriculture — 0.2%
Cargill Inc., 0.40%, 02/02/24 (Call 01/02/24)^(b)		10,165		10,122,591


Auto Manufacturers — 5.2%
American Honda Finance Corp.
0.31%, 01/21/22, (3 mo. LIBOR US + 0.120%)^(a)		7,000		7,001,367
0.33%, 02/22/23, (3 mo. LIBOR US + 0.150%)^(a)		8,820		8,812,934
0.53%, 06/11/21, (3 mo. LIBOR US + 0.350%)^(a)		4,120		4,121,686
0.60%, 09/08/23, (3 mo. LIBOR US + 0.420%)^(a)		5,790		5,816,402
0.64%, 02/15/22, (3 mo. LIBOR US + 0.450%)^(a)		14,400		14,444,121
0.65%, 09/08/23		20,000		20,116,875
2.20%, 06/27/22		10,100		10,329,393
BMW U.S. Capital LLC
0.70%, 08/13/21, (3 mo. LIBOR US + 0.500%)^(a)(b)		5,000		5,006,908
0.80%, 04/01/24^(b)		3,350		3,366,270
1.85%, 09/15/21 (Call 08/15/21)^(b)		10,000		10,047,425
2.70%, 04/06/22 (Call 03/06/22)^(b)		5,000		5,103,696
2.95%, 04/14/22^(b)		5,000		5,126,185
BMW US Capital LLC, 0.54%, 04/01/24, (SOFR + 0.530%)^(a)(b)		18,115		18,214,180
Daimler Finance North America LLC 0.75%, 03/01/24^(b)		26,690		26,609,262
2.00%, 07/06/21^(b)		3,000		3,008,995
3.40%, 02/22/22^(b)		5,000		5,121,097
Hyundai Capital America 0.80%, 04/03/23^(b)		8,470		8,465,932
2.38%, 02/10/23^(b)		7,560		7,761,928
2.85%, 11/01/22^(b)		3,440		3,544,285


22		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Ultra Short-Term Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Auto Manufacturers (continued)
3.75%, 07/08/21^(b)	$	8,500		$	8,545,056
PACCAR Financial Corp.
0.46%, 05/10/21, (3 mo. LIBOR US + 0.260%)^(a)		680			680,034
0.80%, 06/08/23		2,760			2,785,013
3.10%, 05/10/21		915			915,444
Toyota Motor Credit Corp. 0.31%, 06/13/22, (SOFR + 0.300%)^(a)		15,000			15,020,337
0.32%, 08/13/21, (3 mo. LIBOR US + 0.125%)^(a)		15,345			15,348,497
0.35%, 02/14/22, (3 mo. LIBOR US + 0.150%)^(a)		16,790			16,803,520
0.35%, 10/14/22, (SOFR + 0.340%)^(a)		13,000			13,026,650
0.45%, 07/22/22		6,580			6,595,841
0.49%, 10/07/21, (3 mo. LIBOR US + 0.290%)^(a)		12,500			12,513,104
Volkswagen Group of America Finance LLC 0.75%, 11/23/22^(b)		11,350			11,387,752
1.05%, 09/24/21, (3 mo. LIBOR US + 0.860%)^(a)(b)		3,870	��		3,882,006
2.50%, 09/24/21^(b)		430			433,727

					279,955,922

Auto Parts & Equipment — 0.0%
Toyota Industries Corp., 3.11%, 03/12/22 (Call 02/12/22)^(b)		1,000			1,021,689


Banks — 15.1%
ABN AMRO Bank NV
0.76%, 08/27/21, (3 mo. LIBOR US + 0.570%)^(a)(b)		3,000			3,004,830
3.40%, 08/27/21^(b)		4,060			4,100,416
ANZ New Zealand Int’l Ltd./London
1.19%, 07/28/21, (3 mo. LIBOR US + 1.010%)^(a)(b)		4,000			4,008,982
2.13%, 07/28/21^(b)		2,619			2,630,715
Australia & New Zealand Banking Group Ltd./New York NY, 2.55%, 11/23/21		2,000			2,025,840
Bank of America Corp. 3.12%, 01/20/23 (Call 01/20/22),
(3 mo. LIBOR US + 1.160%)^(a)		1,615			1,647,110
5.00%, 05/13/21		10,000			10,011,992
Banque Federative du Credit Mutuel SA, 1.96%, 07/21/21^(b)		7,000			7,025,409
BNZ International Funding Ltd./London, 2.90%, 02/21/22^(b)		3,700			3,777,744
BPCE SA 0.45%, 02/17/22, (SOFR + 0.440%)^(a)(b)		7,300			7,310,652
2.75%, 12/02/21		11,945			12,117,186
2.75%, 01/11/23^(b)		4,000			4,158,744
Canadian Imperial Bank of Commerce, 0.91%, 06/16/22,
(3 mo. LIBOR US + 0.720%)^(a)		3,480			3,505,090
Capital One N.A., 2.95%, 07/23/21 (Call 06/23/21)		4,500			4,516,605
Citibank N.A., 0.74%, 07/23/21 (Call 06/23/21),
(3 mo. LIBOR US + 0.570%)^(a)		2,000			2,001,368
Citigroup Inc.
0.88%, 11/04/22 (Call 11/04/21), (SOFR + 0.870%)^(a)		5,000			5,014,000
2.31%, 11/04/22 (Call 11/04/21), (SOFR + 0.867%)^(a)		5,000			5,046,597
2.75%, 04/25/22 (Call 03/25/22)		5,000			5,111,550
Cooperatieve Rabobank U.A., 3.88%, 02/08/22		1,925			1,978,283
Credit Agricole Corporate & Investment Bank SA, 0.40%, 01/15/23 (Call 01/15/22)		12,000			11,991,613
Credit Agricole Corporate and Investment Bank/New York, 0.00% 09/09/21,
(3 mo. LIBOR US + 0.480%)^(a)		12,425			12,445,780
Credit Industriel Et Commercial, 0.00% 02/22/22		22,000			21,954,022
Credit Suisse AG/New York NY 0.40%, 02/02/24, (SOFR + 0.390%)^(a)		15,000			14,943,600
0.46%, 02/04/22, (SOFR + 0.450%)^(a)		16,000			15,992,963
0.50%, 02/02/24		5,335			5,293,002
1.00%, 05/05/23		5,000			5,045,713


Security	Par (000)		Value

Banks (continued)
2.10%, 11/12/21	$	6,855	$	6,919,148
2.80%, 04/08/22		6,300		6,444,302
DBS Group Holdings Ltd., 2.85%, 04/16/22^(b)		3,267		3,332,471
DNB Bank ASA
0.81%, 12/02/22, (3 mo. LIBOR US + 0.620%)^(a)(b)		5,000		5,041,101
2.15%, 12/02/22^(b)		9,455		9,718,951
2.38%, 06/02/21^(b)		4,450		4,457,851
DZ Bank AG Deutsche Zentral-Genossenschaftsbank/New York, 0.00% 02/17/22,
(3 mo. LIBOR US + 0.200%)^(a)		27,000		27,010,593
Fifth Third Bank NA, 1.80%, 01/30/23 (Call 12/30/22)		4,560		4,671,780
Goldman Sachs Group Inc. (The) 0.52%, 03/08/23 (Call 03/08/22)		20,000		20,019,433
5.25%, 07/27/21		5,000		5,057,650
0.48%, 01/27/23 (Call 01/27/22)		5,000		5,002,924
0.63%, 11/17/23 (Call 11/17/22), (SOFR + 0.538%)^(a)		10,000		10,012,527
Series FRN, 0.42%, 01/27/23 (Call 01/27/22),
(SOFR + 0.410%)^(a)		12,000		11,997,494
Series FRN, 0.56%, 11/17/23 (Call 11/17/22), (SOFR + 0.540%)^(a)		7,000		6,998,987
ING Bank NV, 2.05%, 08/15/21^(b)		5,865		5,894,553
JPMorgan Chase & Co.
0.59%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)^(a)		20,000		20,052,800
0.70%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)^(a)		10,000		10,034,171
3.21%, 04/01/23 (Call 04/01/22),
(3 mo. LIBOR US + 0.695%)^(a)		4,118		4,225,554
3.51%, 06/18/22 (Call 06/18/21),
(3 mo. LIBOR US + 0.610%)^(a)		7,972		8,004,218
KeyBank N.A./Cleveland OH, 3.30%, 02/01/22		2,115		2,162,889
Kookmin Bank/Seoul, 0.46%, 08/03/22,
(SOFR + 0.450%)^(a)(b)		10,535		10,539,803
Korea Development Bank (The) 0.54%, 02/18/23,
(3 mo. LIBOR US + 0.350%)^(a)		16,455		16,470,504
0.56%, 03/21/22, (SOFR + 0.550%)^(a)(b)		12,500		12,529,011
Lloyds Bank Corporate Markets PLC/New York NY, 0.00% 07/19/21,
(3 mo. LIBOR US + 0.550%)^(a)		4,000		4,004,304
Lloyds Bank PLC, 3.30%, 05/07/21		3,000		3,000,761
Macquarie Bank Ltd. 0.44%, 12/16/22^(b)		7,460		7,465,915
0.63%, 11/24/21, (3 mo. LIBOR US + 0.450%)^(a)(b)		26,000		26,048,994
2.10%, 10/17/22^(b)		9,450		9,691,737
Mitsubishi UFJ Financial Group Inc. 2.62%, 07/18/22		3,335		3,425,597
3.00%, 02/22/22		4,975		5,082,053
3.54%, 07/26/21		2,500		2,518,974
Mizuho Bank Ltd./New York NY, 0.00% 07/16/21,
(3 mo. LIBOR US + 0.500%)^(a)		3,000		3,003,040
Morgan Stanley
0.53%, 01/25/24 (Call 01/25/23), (SOFR + 0.455%)^(a)		10,000		9,993,990
0.56%, 11/10/23 (Call 11/10/22), (SOFR + 0.466%)^(a)		15,000		15,017,171
0.71%, 01/20/23 (Call 01/20/22), (SOFR + 0.700%)^(a)		32,000		32,063,383
0.73%, 04/05/24 (Call 04/05/23), (SOFR + 0.610%)^(a)		30,000		30,071,974
0.84%, 06/10/22 (Call 06/10/21), (SOFR + 0.830%)^(a)		5,000		5,003,213
2.63%, 11/17/21		6,000		6,076,060
MUFG Bank Ltd., 2.85%, 09/08/21^(b)		5,674		5,723,832
MUFG Union Bank N.A., 3.15%, 04/01/22 (Call 03/01/22)		4,000		4,093,908
National Australia Bank Ltd., 0.59%, 12/13/22,
(3 mo. LIBOR US + 0.410%)^(a)(b)		3,500		3,516,121
National Australia Bank Ltd./New York 1.88%, 07/12/21		5,000		5,016,300
1.88%, 12/13/22		4,460		4,574,961


SCHEDULE OF INVESTMENTS		23

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Ultra Short-Term Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
3.38%, 09/20/21	$	2,100	$	2,123,772
3.70%, 11/04/21		3,035		3,084,501
National Westminster Bank PLC, 0.00% 11/01/21		25,000		24,970,871
Nordea Bank Abp
1.00%, 06/09/23^(b)		3,135		3,172,928
2.25%, 05/27/21^(b)		4,250		4,255,670
Nordea Bank Abp/New York NY
0.00%, 01/28/22, (3 mo. LIBOR US + 0.230%)^(a)		10,000		10,015,443
0.00%, 01/27/23		8,000		8,023,392
Santander UK PLC
2.10%, 01/13/23		2,105		2,165,814
3.40%, 06/01/21		10,391		10,415,641
3.75%, 11/15/21		5,000		5,090,978
Skandinaviska Enskilda Banken AB
0.62%, 05/17/21, (3 mo. LIBOR US + 0.430%)^(a)(b)		4,000		4,000,593
0.83%, 12/12/22, (3 mo. LIBOR US + 0.645%)^(a)(b)		3,000		3,023,190
2.20%, 12/12/22^(b)		2,845		2,930,302
3.05%, 03/25/22^(b)		3,000		3,071,730
Sumitomo Mitsui Banking Corp., 3.95%, 01/12/22^(b)		2,000		2,050,119
Sumitomo Mitsui Banking Corp./New York
0.00%, 09/10/21, (3 mo. LIBOR US + 0.440%)^(a)		5,000		5,007,403
0.00%, 11/05/21, (3 mo. LIBOR US + 0.370%)^(a)		2,000		2,003,416
0.00%, 11/12/21, (3 mo. LIBOR US + 0.350%)^(a)		5,000		5,008,349
0.54%, 07/12/21, (3 mo. LIBOR US + 0.350%)^(a)		5,000		5,003,448
Sumitomo Mitsui Financial Group Inc., 0.51%, 01/12/24		3,580		3,572,357
Sumitomo Mitsui Trust Bank Ltd., 0.80%, 09/12/23^(b)		12,744		12,800,920
Suncorp-Metway Ltd., 2.80%, 05/04/22^(b)		895		916,535
Svenska Handelsbanken AB, 0.63%, 06/30/23^(b)		6,310		6,340,156
Swedbank AB
0.60%, 09/25/23^(b)		10,000		9,989,700
1.30%, 06/02/23^(b)		6,680		6,784,747
Truist Bank, 1.25%, 03/09/23 (Call 02/09/23)		15,000		15,262,191
U.S. Bank NA/Cincinnati OH, 0.62%, 05/23/22 (Call 04/23/22), (3 mo. LIBOR US + 0.440%)^(a)		4,750		4,769,245
UBS AG/London
0.38%, 02/09/24, (SOFR + 0.360%)^(a)(b)		5,000		5,000,661
0.45%, 02/09/24^(b)		7,000		6,956,805
1.75%, 04/21/22 (Call 03/21/22)^(b)		6,085		6,164,011
Wells Fargo & Co.
1.20%, 07/26/21, (3 mo. LIBOR US + 1.025%)^(a)		1,750		1,753,787
2.10%, 07/26/21		2,000		2,008,720
Wells Fargo Bank N.A.
0.69%, 10/22/21 (Call 09/21/21), (3 mo. LIBOR US + 0.510%)^(a)		2,000		2,004,007
0.85%, 09/09/22 (Call 09/09/21), (3 mo. LIBOR US + 0.660%)^(a)		15,000		15,032,793
2.90%, 05/27/22 (Call 05/27/21), (3 mo. LIBOR US + 0.610%)^(a)		13,910		13,933,684
Westpac Banking Corp.
2.00%, 08/19/21		7,245		7,283,157
2.00%, 01/13/23		2,375		2,445,370

				807,087,215

Beverages — 0.8%
Coca-Cola European Partners PLC, 0.50%, 05/05/23^(b)		42,000		41,981,581
PepsiCo Inc., 0.75%, 05/01/23		1,615		1,631,166

				43,612,747

Biotechnology — 0.7%
Gilead Sciences Inc.
0.33%, 09/17/21, (3 mo. LIBOR US + 0.150%)^(a)		14,100		14,103,560


Security	Par (000)		Value

Biotechnology (continued)
0.71%, 09/29/23 (Call 09/29/21), (3 mo. LIBOR US + 0.520%)^(a)	$	10,800	$	10,811,186
0.75%, 09/29/23 (Call 09/29/21)		10,295		10,312,922

				35,227,668

Chemicals — 0.0%
Air Liquide Finance SA, 1.75%, 09/27/21 (Call 08/27/21)^(b)		3,000		3,014,110


Computers — 0.3%
International Business Machines Corp., 0.59%, 05/13/21, (3 mo. LIBOR US + 0.400%)^(a)		14,000		14,001,477


Diversified Financial Services — 0.5%
American Express Co., 0.80%, 11/05/21 (Call 10/05/21), (3 mo. LIBOR US + 0.600%)^(a)		10,193		10,215,570
DNB Bank ASA/New York, 0.00% 07/19/21, (3 mo. LIBOR US + 0.220%)^(a)		13,000		13,006,858
LSEGA Financing PLC, 0.65%, 04/06/24 (Call 03/06/24)^(b)		3,895		3,886,684

				27,109,112

Electric — 4.8%
Dominion Energy Inc.
Series C, 2.00%, 08/15/21 (Call 07/15/21)		5,034		5,048,734
Series D, 0.71%, 09/15/23 (Call 09/15/21), (3 mo. LIBOR US + 0.530%)^(a)		30,560		30,579,222
Duke Energy Corp., 2.40%, 08/15/22 (Call 07/15/22)		5,000		5,116,550
Duke Energy Progress LLC, Series A, 0.37%, 02/18/22 (Call 05/11/21),
(3 mo. LIBOR US + 0.180%)^(a)		37,641		37,633,602
Eversource Energy, Series K, 2.75%, 03/15/22 (Call 02/15/22)		12,627		12,859,904
Florida Power & Light Co., 0.56%, 07/28/23 (Call 06/01/21), (3 mo. LIBOR US + 0.380%)^(a)		11,470		11,470,468
NextEra Energy Capital Holdings Inc.
0.45%, 02/22/23 (Call 08/22/21), (3 mo. LIBOR US + 0.270%)^(a)		45,000		45,004,798
0.55%, 03/01/23, (SOFR + 0.540%)^(a)		9,305		9,332,597
0.67%, 05/04/21, (3 mo. LIBOR US + 0.480%)^(a)		39,250		39,250,000
0.91%, 02/25/22, (3 mo. LIBOR US + 0.720%)^(a)		3,000		3,013,183
1.95%, 09/01/22		15,000		15,316,104
2.40%, 09/01/21		5,925		5,966,774
2.90%, 04/01/22		2,260		2,313,722
PPL Electric Utilities Corp., 0.44%, 09/28/23 (Call 09/28/22), (3 mo. LIBOR US + 0.250%)^(a)		8,710		8,713,677
WEC Energy Group Inc., 0.55%, 09/15/23		16,705		16,721,474
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)		7,560		7,577,169

				255,917,978

Electronics — 0.5%
Honeywell International Inc.
0.41%, 08/19/22 (Call 08/19/21), (3 mo. LIBOR US + 0.230%)^(a)		10,460		10,466,933
0.48%, 08/19/22 (Call 08/19/21)		18,330		18,346,045

				28,812,978

Gas — 0.9%
Atmos Energy Corp.
0.57%, 03/09/23 (Call 09/09/21), (3 mo. LIBOR US + 0.380%)^(a)		23,770		23,783,411
0.63%, 03/09/23 (Call 09/09/21)		8,175		8,182,696
CenterPoint Energy Resources Corp., 0.70%, 03/02/23 (Call 09/02/21)		15,935		15,944,672

				47,910,779


24		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Ultra Short-Term Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care - Services — 0.1%
Roche Holdings Inc., 0.25%, 03/05/24,
(SOFR + 0.240%)^(a)(b)	$	5,370	$	5,373,541


Insurance — 2.5%
Jackson National Life Global Funding, 0.61%, 01/06/23, (SOFR + 0.600%)^(a)(b)		26,000		26,109,302
MassMutual Global Funding II, 0.85%, 06/09/23^(b)		8,328		8,404,953
MET Tower Global Funding, 0.56%, 01/17/23,
(SOFR + 0.550%)^(a)(b)		22,000		22,110,942
Metropolitan Life Global Funding I 0.33%, 01/07/24, (SOFR + 0.320%)^(a)(b)		27,000		27,058,320
0.36%, 09/08/22, (SOFR + 0.350%)^(a)(b)		23,000		23,074,180
0.58%, 01/13/23, (SOFR + 0.570%)^(a)(b)		16,460		16,550,261
Protective Life Global Funding 0.50%, 04/12/23^(b)		8,120		8,130,323
0.63%, 10/13/23^(b)		4,820		4,831,488

				136,269,769

Machinery — 0.9%
Caterpillar Financial Services Corp.
0.40%, 11/12/21, (3 mo. LIBOR US + 0.200%)^(a)		7,000		7,008,943
0.41%, 01/06/22, (3 mo. LIBOR US + 0.220%)^(a)		2,085		2,087,133
0.93%, 05/13/22, (3 mo. LIBOR US + 0.735%)^(a)		5,000		5,031,120
0.95%, 05/13/22		12,000		12,089,128
Series I, 2.65%, 05/17/21		8,810		8,818,035
John Deere Capital Corp., 0.55%, 07/05/22		11,060		11,098,995

				46,133,354

Manufacturing — 0.4%
Siemens Financieringsmaatschappij NV, 0.44%, 03/11/24, (SOFR + 0.43%)^(a)(b)		18,980		19,095,153


Media — 0.1%
Walt Disney Co. (The), 0.44%, 09/01/21,
(3 mo. LIBOR US + 0.250%)^(a)		4,320		4,323,307


Oil & Gas — 0.8%
Chevron Corp., 1.14%, 05/11/23		4,510		4,586,866
Chevron USA Inc., 0.40%, 08/11/23,
(3 mo. LIBOR US + 0.200%)^(a)		37,065		37,151,322

				41,738,188

Oil & Gas Services — 0.0%
Schlumberger Finance Canada Ltd., 2.65%, 11/20/22 (Call 10/20/22)^(b)		2,500		2,578,575


Pharmaceuticals — 1.1%
AbbVie Inc.
0.53%, 05/21/21, (3 mo. LIBOR US + 0.350%)^(a)		9,000		9,001,191
2.15%, 11/19/21		23,000		23,226,161
3.45%, 03/15/22 (Call 01/15/22)		5,442		5,558,400
5.00%, 12/15/21 (Call 09/16/21)		7,000		7,124,932
Bristol-Myers Squibb Co., 2.55%, 05/14/21		8,000		8,005,325
Merck & Co. Inc., 2.35%, 02/10/22		1,998		2,030,396
Pfizer Inc., 3.00%, 09/15/21		1,670		1,686,870

				56,633,275

Pipelines — 0.4%
Enbridge Inc., 0.41%, 02/17/23, (SOFR + 0.400%)^(a)		11,350		11,364,374
Enterprise Products Operating LLC, 3.50%, 02/01/22		7,565		7,741,520

				19,105,894

Retail — 1.0%
7-Eleven Inc., 0.65%, 08/10/22 (Call 08/10/21),
(3 mo. LIBOR US + 0.450%)^(a)(b)		51,240		51,271,258


Security	Par (000)		Value

Savings & Loans — 0.5%
Nationwide Building Society 0.55%, 01/22/24^(b)	$	16,520	$	16,472,711
2.00%, 01/27/23^(b)		10,890		11,190,515

				27,663,226

Semiconductors — 0.2%
Lam Research Corp., 2.80%, 06/15/21 (Call 05/15/21)		9,905		9,923,209


Software — 0.2%
Adobe Inc., 1.70%, 02/01/23		4,010		4,110,536
Oracle Corp., 1.90%, 09/15/21 (Call 08/15/21)		5,000		5,023,355
Roper Technologies Inc., 0.45%, 08/15/22		2,390		2,393,119

				11,527,010

Telecommunications — 1.1%
Bell Canada, Series US-3, 0.75%, 03/17/24		15,081		15,064,199
NTT Finance Corp., 0.58%, 03/01/24^(b)		6,005		5,996,703
Rogers Communications Inc., 0.79%, 03/22/22,
(3 mo. LIBOR US + 0.600%)^(a)		18,675		18,737,055
Verizon Communications Inc. 0.51%, 03/22/24, (SOFR + 0.500%)^(a)		16,955		17,026,612
0.75%, 03/22/24		3,580		3,593,806

				60,418,375

Transportation — 0.1%
Ryder System Inc., 2.88%, 06/01/22 (Call 05/01/22)		4,899		5,019,914


Total Corporate Bonds & Notes — 38.6% (Cost: $2,054,560,106)				2,061,154,905


Municipal Debt Obligations

Arizona — 0.1%
County of Pima AZ COP 0.38%, 12/01/21		1,950		1,949,513
0.48%, 12/01/22		1,020		1,019,612

				2,969,125

California — 0.1%
California Health Facilities Financing Authority RB, 0.42%, 06/01/22		2,400		2,402,592
Port of Oakland RB, 0.82%, 05/01/23		480		482,107

				2,884,699

Connecticut — 0.0%
Connecticut Housing Finance Authority RB, Class A4, 0.30%, 11/15/22 ( 01/15/22)		580		580,052
State of Connecticut GO, Series A, 3.00%, 07/01/21		1,800		1,807,722

				2,387,774

Hawaii — 0.1%
State of Hawaii GO, 0.43%, 10/01/22		4,945		4,959,390


New York — 2.3%
City of New York NY GO
Class A2 0.31%, 08/01/21		13,350		13,351,201
Class B2 0.40%, 11/01/21		4,990		4,991,846
Class D 0.43%, 08/01/22		5,575		5,577,063
Long Island Power Authority RB 0.66%, 03/01/22 (Call 06/01/21)		665		664,421
0.76%, 03/01/23 (Call 06/01/22)		1,290		1,287,730
Mizuho Floater/Residual Trust RB
VRDN, 0.47%, 02/01/23 (Put 06/01/21)^(b)(c)		13,000		13,000,000
VRDN, 0.47%, 07/01/25 ^(b)(c)		6,000		6,000,000
VRDN, 0.47%, 09/01/27 ^(b)(c)		10,990		10,990,378
0.47%, 12/01/58 ( 12/01/21)^(b)(c)		3,500		3,500,000


SCHEDULE OF INVESTMENTS		25

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Ultra Short-Term Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
VRDN, 0.47%, 03/01/31 ^(b)(c)	$	18,000	$	18,000,000
VRDN, 0.47%, 03/01/31 ^(b)(c)		9,090		9,090,000
VRDN, 0.47%, 02/15/41 (Put 06/01/21)^(b)(c)		3,992		3,992,424
VRDN, 0.47%, 11/01/56 (Put 03/01/22)^(b)(c)		250		250,000
Port Authority of New York & New Jersey RB, Series AAA, 1.09%, 07/01/23		12,570		12,743,592
Taxable Municipal Funding Trust RB
0.36%, 01/16/25 (Put 04/30/21)^(b)(c)		2,265		2,265,000
0.36%, 04/01/25 (Put 10/03/21)^(b)(c)		355		355,000
VRDN, 0.36%, 09/01/30 (Put 05/01/25)^(b)(c)		8,380		8,380,000
VRDN, 0.36%, 04/15/26 ^(b)(c)		7,500		7,500,000
VRDN, VRDN, 0.36%, 02/01/31 ^(b)(c)		400		400,000
VRDN, VRDN, 0.36%, 11/15/54 (Put 11/15/26)^(b)(c)		750		750,000

				123,088,655

Texas — 0.2%
City of Houston Texas Airport System Revenue RB, 0.88%, 07/01/22		690		693,353
Dallas FT Worth International Airport, RB, 0.00%, 08/25/21		11,335		11,336,439

				12,029,792


Total Municipal Debt Obligations — 2.8% (Cost $148,117,235)				148,319,435


Repurchase Agreements^(a)(d)

Bank of America Securities Inc., 0.37%, 05/03/21, (Purchased on 04/30/21 to be repurchased at $35,001,079, collateralized by non-agency mortgage-backed security, 0.36% to 5.88%, due 09/15/25 to 01/25/70, par and fair value of $80,098,840 and $38,040,835, respectively)		35,000		35,000,000
Bank of America Securities Inc., 0.65%, 05/03/21, (Purchased on 04/30/21 to be repurchased at $7,000,379, collateralized by non-agency mortgage-backed security, 3.00%, due 10/25/58, par and fair value of $10,953,365 and $8,400,001, respectively)		7,000		7,000,000
BNP Paribas, 0.43%, 05/03/21, (Purchased on 04/30/21 to be repurchased at $20,000,717, collateralized by non-agency mortgage-backed security, 3.09% to 10.00%, due 01/09/23 to 01/01/99, par and fair value of $21,134,584 and $21,987,336, respectively)		20,000		20,000,000
Citigroup Global Markets Inc., 0.50%, 05/03/21, (Purchased on 04/30/21 to be repurchased at $9,000,373, collateralized by non-agency mortgage-backed security, 0.45% to 2.50%, due 01/18/22 to 10/07/23, par and fair value of $9,121,000 and $9,356,173, respectively)		9,000		9,000,000
Citigroup Global Markets Inc., 0.54%, 05/03/21, (Purchased on 04/30/21 to be repurchased at $12,000,536, collateralized by non-agency mortgage-backed security, 0.25% to 5.20%, due 06/15/22 to 09/01/40, par and fair value of $12,273,000 and $12,360,779, respectively)		12,000		12,000,000
Credit Suisse Securities (USA) LLC, 0.73%, 05/03/21, (Purchased on 04/30/21 to be repurchased at $25,001,521, collateralized by non-agency mortgage-backed security, 0.00% to 6.96%, due 09/14/22 to 10/15/2116, par and fair value of $41,900,404 and $28,750,000, respectively)		25,000		25,000,000


Security	Par (000)		Value

Goldman Sachs & Co., 0.53%, 05/03/21 (Purchased on 04/30/21 to be repurchased at $60,002,650, collateralized by non-agency mortgage-backed security, 0.25% to 11.50%, due 06/15/21 to 02/01/50, par and fair value of $97,280,133 and $62,482,790, respectively)	$	60,000	$	60,000,000
Mizuho Securities USA Inc., 0.59%, 05/03/21, (Purchased on 04/30/21 to be repurchased at $6,000,297, collateralized by U.S. Treasury Obligation, 2.88%, due 10/15/21, par and fair value of $6,034,300 and $6,120,073, respectively)		6,000		6,000,000
Mizuho Securities USA Inc., 0.67%, 05/03/21, (Purchased on 04/30/21 to be repurchased at $11,000,610, collateralized by non-agency mortgage-backed security, 0.00%to 6.31%, due 04/25/35 to 02/15/54, par and fair value of $37,297,000 and $12,650,146, respectively)		11,000		11,000,000
Wells Fargo Securities, 0.33%, 05/03/21, (Purchased on 04/30/21 to be repurchased at $10,000,275, collateralized by non-agency mortgage-backed security, 0.39% to 0.88%, due 04/16/24 to 04/20/26, par and fair value of $10,206,534 and $10,200,945, respectively)		10,000		10,000,000
Wells Fargo Securities, 0.35%, 05/03/21, (Purchased on 04/30/21 to be repurchased at $11,000,321, collateralized by non-agency mortgage-backed security, 2.77% to 3.64%, due 04/25/50 to 01/26/60, par and fair value of $15,168,372 and $12,236,757, respectively)		11,000		11,000,000
Wells Fargo Securities, 0.54%, 05/03/21, (Purchased on 04/30/21 to be repurchased at $18,000,810, collateralized by non-agency mortgage-backed security, 1.56% to 6.11%, due 07/17/34 to 11/15/48, par and fair value of $20,749,001 and $20,700,001, respectively)		18,000		18,000,000


Total Repurchase Agreements — 4.2% (Cost: $224,000,000)				224,000,000


Total Investments in Securities — 101.0% (Cost: $5,378,021,993)				5,385,852,428

Other Assets, Less Liabilities — (1.0)%				(52,765,231	)


Net Assets — 100.0%			$	5,333,087,197

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

^(d)	Maturity date represents next reset date.


26		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

BlackRock Ultra Short-Term Bond ETF

Affiliates



Affiliated Issuer	Value at 10/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/21		Shares Held at 04/30/21 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares^(a)	$	53,040,000	$	—	$	(53,040,000	)^(b)	$	—	$	—	$	—		—	$	4,231	$	—

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

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Asset-Backed Securities	$	—	$	57,187,562	$	—	$	57,187,562
Certificates of Deposit		—		901,300,771		—		901,300,771
Commercial Paper		—		1,993,889,755		—		1,993,889,755
Corporate Bonds & Notes		—		2,061,154,905		—		2,061,154,905
Municipal Debt Obligations		—		148,319,435		—		148,319,435
Repurchase Agreements		—		224,000,000		—		224,000,000

	$	—	$	5,385,852,428	$	—	$	5,385,852,428

See notes to financial statements.


SCHEDULE OF INVESTMENTS		27

Statements of Assets and Liabilities (unaudited)

April 30, 2021


	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)	$	4,399,662,781		$	275,663,561	$	5,161,852,428
Affiliated^(c)		209,015,485			57,702		—
Repurchase agreements, at value — Unaffiliated^(d)		125,000,000			—		224,000,000
Cash		25,059,430			—		506,044
Foreign currency, at value^(e)		174,020			—		—
Receivables:
Investments sold		212			—		231,858
Securities lending income — Affiliated		6,738			—		—
Capital shares sold		—			—		12,629,460
Dividends		141,514			5,367		933,277
Interest		17,734,716			2,289,159		5,322,532

Total assets		4,776,794,896			278,015,789		5,405,475,599


LIABILITIES
Collateral on securities loaned, at value		40,248,966			—		—
Payables:
Investments purchased		20,246,494			1,763,862		72,039,979
Investment advisory fees		956,577			56,754		348,423

Total liabilities		61,452,037			1,820,616		72,388,402


NET ASSETS	$	4,715,342,859		$	276,195,173	$	5,333,087,197


NET ASSETS CONSIST OF:
Paid-in capital	$	4,730,978,599		$	275,283,060	$	5,324,763,717
Accumulated earnings (loss)		(15,635,740	)		912,113		8,323,480

NET ASSETS	$	4,715,342,859		$	276,195,173	$	5,333,087,197


Shares outstanding		93,950,000			5,500,000		105,600,000

Net asset value	$	50.19		$	50.22	$	50.50

Shares authorized		Unlimited			Unlimited		Unlimited

Par value		None			None		None


^(a)Securities loaned, at value	$	39,158,075		$	—	$	—
^(b)Investments, at cost — Unaffiliated	$	4,384,623,424		$	274,739,368	$	5,154,021,993
^(c)Investments, at cost — Affiliated	$	209,008,839		$	57,702	$	—
^(d)Repurchase agreements, at cost — Unaffiliated	$	125,000,000		$	—	$	224,000,000
^(e)Foreign currency, at cost	$	168,357		$	—	$	—

See notes to financial statements.


28		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended April 30, 2021


	BlackRock Short Maturity Bond ETF			BlackRock Short Maturity Municipal Bond ETF			BlackRock Ultra Short-Term Bond ETF

INVESTMENT INCOME
Dividends — Affiliated	$	56,661		$	221		$	4,231
Interest — Unaffiliated		25,144,935			998,135			15,027,536
Securities lending income — Affiliated — net		36,399			—			—
Other income — Unaffiliated		7,209			—			—

Total investment income		25,245,204			998,356			15,031,767


EXPENSES
Investment advisory fees		5,628,019			354,477			2,045,847
Miscellaneous		173			173			173

Total expenses		5,628,192			354,650			2,046,020

Less:
Investment advisory fees waived		(88,589	)		—			—

Total expenses after fees waived		5,539,603			354,650			2,046,020

Net investment income		19,705,601			643,706			12,985,747


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		6,687,273			(7,492	)		257,121
Investments — Affiliated		(1,714	)		101			—
In-kind redemptions — Unaffiliated		112,621			—			—
Forward foreign currency exchange contracts		(3,573,600	)		—			—
Foreign currency transactions		1,510,960			—			—

Net realized gain (loss)		4,735,540			(7,391	)		257,121

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		709,098			119,625			(3,540,709	)
Investments — Affiliated		(4,649	)		1			—
Forward foreign currency exchange contracts		673,697			—			—
Foreign currency translations		(20,719	)		—			—

Net change in unrealized appreciation (depreciation)		1,357,427			119,626			(3,540,709	)

Net realized and unrealized gain (loss)		6,092,967			112,235			(3,283,588	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	25,798,568		$	755,941		$	9,702,159

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 Changes in Net Assets


	BlackRock Short Maturity Bond ETF						BlackRock Short Maturity Municipal Bond ETF
	Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20			Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	19,705,601		$	110,901,012		$	643,706		$	2,385,820
Net realized gain (loss)		4,735,540			(36,619,969	)		(7,391	)		10,098
Net change in unrealized appreciation (depreciation)		1,357,427			(3,420,150	)		119,626			293,177

Net increase in net assets resulting from operations		25,798,568			70,860,893			755,941			2,689,095


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(22,048,817	)		(120,510,021	)		(602,136	)		(2,591,109	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		313,843,605			(1,812,860,054	)		(15,049,496	)		80,460,402


NET ASSETS
Total increase (decrease) in net assets		317,593,356			(1,862,509,182	)		(14,895,691	)		80,558,388
Beginning of period		4,397,749,503			6,260,258,685			291,090,864			210,532,476

End of period	$	4,715,342,859		$	4,397,749,503		$	276,195,173		$	291,090,864

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

See notes to financial statements.


30		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	BlackRock Ultra Short-Term Bond ETF
	Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	12,985,747		$	45,288,500
Net realized gain (loss)		257,121			(948,450	)
Net change in unrealized appreciation (depreciation)		(3,540,709	)		6,306,873

Net increase in net assets resulting from operations		9,702,159			50,646,923


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(13,772,538	)		(47,122,114	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		414,431,993			2,723,809,626


NET ASSETS
Total increase in net assets		410,361,614			2,727,334,435
Beginning of period		4,922,725,583			2,195,391,148

End of period	$	5,333,087,197		$	4,922,725,583

^(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

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Short Maturity Bond ETF


	Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16


Net asset value, beginning of period	$	50.15		$	50.36		$	50.12		$	50.25		$	50.17		$	50.04

Net investment income^(a)		0.22			0.91			1.37			1.11			0.74			0.50
Net realized and unrealized gain (loss)^(b)		0.06			(0.16	)		0.21			(0.23	)		0.04			0.14

Net increase from investment operations		0.28			0.75			1.58			0.88			0.78			0.64


Distributions^(c)
From net investment income		(0.24	)		(0.96	)		(1.34	)		(1.01	)		(0.70	)		(0.51	)

Total distributions		(0.24	)		(0.96	)		(1.34	)		(1.01	)		(0.70	)		(0.51	)


Net asset value, end of period	$	50.19		$	50.15		$	50.36		$	50.12		$	50.25		$	50.17


Total Return
Based on net asset value		0.57	%^(d)		1.51	%		3.19	%		1.78	%		1.57	%		1.28	%


Ratios to Average Net Assets
Total expenses		0.25	%^(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Total expenses after fees waived		0.25	%^(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Net investment income		0.88	%^(e)		1.81	%		2.73	%		2.21	%		1.47	%		1.01	%


Supplemental Data
Net assets, end of period (000)	$	4,715,343		$	4,397,750		$	6,260,259		$	4,981,818		$	2,909,738		$	2,021,893

Portfolio turnover rate^(f)		38	%^(d)		67	%^(g)		58	%^(g)		48	%		56	%		79	%

^(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)	Not annualized.

^(e)	Annualized.

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

^(g)	Includes mortgage dollar roll transactions (“MDRs”)

See notes to financial statements.


32		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Short Maturity Municipal Bond ETF


	Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16


Net asset value, beginning of period	$	50.19		$	50.13		$	49.85		$	50.01		$	50.02		$	50.07

Net investment income^(a)		0.11			0.51			0.81			0.68			0.49			0.39
Net realized and unrealized gain (loss)^(b)		0.02			0.13			0.26			(0.21	)		(0.03	)		(0.04	)

Net increase from investment operations		0.13			0.64			1.07			0.47			0.46			0.35


Distributions^(c)
From net investment income		(0.10	)		(0.58	)		(0.79	)		(0.63	)		(0.47	)		(0.40	)

Total distributions		(0.10	)		(0.58	)		(0.79	)		(0.63	)		(0.47	)		(0.40	)


Net asset value, end of period	$	50.22		$	50.19		$	50.13		$	49.85		$	50.01		$	50.02


Total Return
Based on net asset value		0.27	%^(d)		1.29	%		2.16	%		0.95	%		0.93	%		0.69	%


Ratios to Average Net Assets
Total expenses		0.25	%^(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Total expenses after fees waived		0.25	%^(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Net investment income		0.45	%^(e)		1.02	%		1.63	%		1.35	%		0.99	%		0.79	%


Supplemental Data
Net assets, end of period (000)	$	276,195		$	291,091		$	210,532		$	127,111		$	52,507		$	35,012

Portfolio turnover rate^(f)		23	%^(d)		108	%		170	%		221	%		163	%		100	%

^(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)	Not annualized.

^(e)	Annualized.

^(f)	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		33

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Ultra Short-Term Bond ETF


	Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16


Net asset value, beginning of period	$	50.54		$	50.41		$	50.15		$	50.12		$	50.04		$	49.97

Net investment income^(a)		0.13			0.69			1.38			1.16			0.71			0.47
Net realized and unrealized gain (loss)^(b)		(0.03	)		0.25			0.23			(0.16	)		0.02			(0.02	)

Net increase from investment operations		0.10			0.94			1.61			1.00			0.73			0.45


Distributions^(c)
From net investment income		(0.14	)		(0.81	)		(1.35	)		(0.97	)		(0.65	)		(0.38	)

Total distributions		(0.14	)		(0.81	)		(1.35	)		(0.97	)		(0.65	)		(0.38	)


Net asset value, end of period	$	50.50		$	50.54		$	50.41		$	50.15		$	50.12		$	50.04


Total Return
Based on net asset value		0.19	%^(d)		1.89	%		3.25	%		2.02	%		1.47	%		0.90	%


Ratios to Average Net Assets
Total expenses		0.08	%^(e)		0.08	%		0.08	%		0.08	%		0.09	%		0.18	%

Net investment income		0.51	%^(e)		1.36	%		2.74	%		2.33	%		1.43	%		0.93	%


Supplemental Data
Net assets, end of period (000)	$	5,333,087		$	4,922,726		$	2,195,391		$	601,794		$	187,932		$	25,018

Portfolio turnover rate^(f)		27	%^(d)		54	%		16	%		32	%		11	%		139	%

^(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)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


34		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

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^(a)		Diversified
Short Maturity Municipal Bond^(b)		Diversified
Ultra Short-Term Bond^(c)		Diversified

^(a)

Formerly the iShares Short Maturity Bond ETF.

^(b)

Formerly the iShares Short Maturity Municipal Bond ETF.

^(c)

Formerly the iShares Ultra Short-Term Bond ETF.

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 statement 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 statement 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, 2021, if any, are disclosed in the statement 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 statement 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.


NOTES TO FINANCIAL STATEMENTS		35

Notes to Financial Statements (unaudited) (continued)

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:

•

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., a market closure, 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.


36		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

4.	SECURITIES AND OTHER INVESTMENTS

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, 2021 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
Short Maturity Bond
Goldman Sachs Inc.	$	125,000,000	$	—	$	125,000,000	$	—

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		25,000,000		—		25,000,000		—
Goldman Sachs Inc.		60,000,000		—		60,000,000		—
Mizuho Securities USA Inc.		17,000,000		—		17,000,000		—
Wells Fargo Securities LLC		39,000,000		—		39,000,000		—

	$	224,000,000	$	—	$	224,000,000	$	—

^(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.

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 schedules 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.


NOTES TO FINANCIAL STATEMENTS		37

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	$	3,391,964	$	3,391,964	$	—	$	—
BofA Securities, Inc.		1,402,978		1,402,978		—		—
Citigroup Global Markets Inc.		201,139		201,139		—		—
Credit Suisse Securities (USA) LLC		6,751,146		6,751,146		—		—
Goldman Sachs & Co.		509,702		509,702		—		—
HSBC Securities (USA) Inc.		796,482		796,482		—		—
JPMorgan Securities LLC		12,372,416		12,372,416		—		—
Morgan Stanley & Co. LLC		6,061,207		6,061,207		—		—
MUFG Securities Americas Inc.		2,064,998		2,064,998		—		—
Wells Fargo Securities LLC		5,606,043		5,606,043		—		—

	$	39,158,075	$	39,158,075	$	—	$	—

^(a)

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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement 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 statement 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 statement 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 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


38		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 statement 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”). Effective December 17, 2020, 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, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:


BlackRock ETF	Amounts waived
Short Maturity Bond	$	88,589

Sub-Adviser: Effective April 27, 2021, 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 BlackRock Ultra Short-Term Bond ETF.

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. 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.


NOTES TO FINANCIAL STATEMENTS		39

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended April 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:


BlackRock ETF	Fees Paid to BTC
Short Maturity Bond	$	14,807

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, 2021, 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	$	—	$	100,002	$	—
Ultra Short-Term Bond		—		2,600,205		—

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 statement of operations.

7.	PURCHASES AND SALES

For the six months ended April 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:


	U.S. Government Securities				Other Securities
BlackRock ETF	Purchases		Sales		Purchases		Sales
Short Maturity Bond	$	—	$	—	$	1,555,869,771	$	1,388,292,689
Short Maturity Municipal Bond		—		—		54,851,671		64,791,576
Ultra Short-Term Bond		—		25,000,000		816,319,390		452,425,142

For the six months ended April 30, 2021, in-kind transactions were as follows:


BlackRock ETF	In-kind Purchases		In-kind Sales
Short Maturity Bond	$	—	$	20,894,437

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, 2021, 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, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


BlackRock ETF	Non-Expiring
Short Maturity Bond	$	35,676,949
Short Maturity Municipal Bond		114,289
Ultra Short-Term Bond		959,278


40		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

As of April 30, 2021, 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	$	4,722,412,081	$	15,520,119	$	(4,253,934	)	$	11,266,185
Short Maturity Municipal Bond		274,815,090		920,650		(14,477	)		906,173
Ultra Short-Term Bond		5,378,629,464		8,143,590		(920,626	)		7,222,964

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. 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 statement 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.

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


NOTES TO FINANCIAL STATEMENTS		41

Notes to Financial Statements (unaudited) (continued)

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.

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 will be phased out by the end of 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 04/30/21						Year Ended 10/31/20
BlackRock ETF	Shares			Amount			Shares			Amount
Short Maturity Bond
Shares sold		11,550,000		$	579,707,445			31,750,000		$	1,591,851,892
Shares redeemed		(5,300,000	)		(265,863,840	)		(68,350,000	)		(3,404,711,946	)

Net increase (decrease)		6,250,000		$	313,843,605			(36,600,000	)	$	(1,812,860,054	)


Short Maturity Municipal Bond
Shares sold		700,000		$	35,164,499			2,700,000		$	135,259,060
Shares redeemed		(1,000,000	)		(50,213,995	)		(1,100,000	)		(54,798,658	)

Net increase (decrease)		(300,000	)	$	(15,049,496	)		1,600,000		$	80,460,402


Ultra Short-Term Bond
Shares sold		14,150,000		$	714,945,831			65,500,000		$	3,306,802,714
Shares redeemed		(5,950,000	)		(300,513,838	)		(11,650,000	)		(582,993,088	)

Net increase		8,200,000		$	414,431,993			53,850,000		$	2,723,809,626

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.

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.


42		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

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 2, 2020 (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, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a 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 closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

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

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 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.

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.

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.

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.

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 enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. 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.


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM		43

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new 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, 2021



	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^(a)	$	0.243880	$	—	$	0.001095	$	0.244975		100	%		—	%		0	%^(b)		100	%
Short Maturity Municipal Bond		0.104371		—		—		0.104371		100			—			—			100
Ultra Short-Term Bond^(a)		0.135474		—		0.000946		0.136420		99			—			1			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%.


44		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email 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 Company’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.


GENERAL INFORMATION		45

Glossary of Terms Used in this Report



Portfolio Abbreviations - Fixed Income

AGM		Assured Guaranty Municipal Corp.

AMBAC		Ambac Assurance Corp.

BAM		Build America Mutual Assurance Co.

CLO		Collateralized Loan Obligation

COP		Certificates of Participation

CR		Custodian Receipt

GO		General Obligation

GOL		General Obligation Limited

LIBOR		London Interbank Offered Rate

NPFGC		National Public Finance Guarantee Corp.

Q-SBLF		Qualified School Bond Loan Fund

RB		Revenue Bond

SAP		Subject to Appropriations

SAW		State Aid Withholding

SOFR		Secured Overnight Financing Rate

ST		Special Tax


46		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

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”).

iS-SAR-1008-0421


		APRIL 30, 2021

2021 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,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2021

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	28.85%	45.98%

U.S. small cap equities (Russell 2000^® Index)	48.06	74.91

International equities (MSCI Europe, Australasia, Far East Index)	28.84	39.88

Emerging market equities (MSCI Emerging Markets Index)	22.95	48.71

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.11

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.26)	(7.79)

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.52)	(0.27)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.42	7.40

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	7.98	19.57
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		THIS PAGE IS NOT PART OF YOUR FUND REPORT

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		18
Statements of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		22
Notes to Financial Statements		25
Statement Regarding Liquidity Risk Management Program		32
Supplemental Information		33
General Information		34
Glossary of Terms Used in this Report		35
Additional Financial Information		36


Fund Summary as of April 30, 2021		iShares^® Inflation Hedged Corporate Bond ETF

Investment Objective

The iShares Inflation Hedged Corporate Bond ETF (the “Fund”) seeks to mitigate the inflation risk of a portfolio composed of U.S. dollar-denominated, investment- grade corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified 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.

Performance


				Average Annual Total Returns						Cumulative Total Returns

	6 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		5.24	%		16.95	%		8.03	%		16.95	%		25.88	%
Fund Market		4.52			15.66			8.01			15.66			25.83
Markit iBoxx^® USD Liquid Investment Grade Inflation Hedged Index		6.39			18.80			8.75			18.80			28.38

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

The Markit iBoxx^® USD Liquid Investment Grade Inflation Hedged Index is an unmanaged index that is designed to reflect the inflation hedged performance of U.S. dollar-denominated investment-grade corporate debt.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)(b)	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio	^(a)

$	1,000.00	$ 1,052.40	$ 0.25		$ 1,000.00	$ 1,024.50	$ 0.25		0.05	%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



Investment Type	Percent of Net Assets

Investment Companies		92.8	%
Short-term Investments		44.0
Swaps, net cumulative appreciation		4.1
Other assets less liabilities		(40.9	)

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)



Credit Rating^(a)	Percent of Total Investment^(b)

Aaa	1.6	%
Aa	7.4
A	40.5
Baa	47.9
Ba	2.1
Not Rated	0.5

^(a)

^(b)

Excludes money market funds.


4		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2021		iShares^® Interest Rate Hedged Corporate Bond ETF

Investment Objective

The iShares Interest Rate Hedged Corporate Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, investment-grade corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified 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.

Performance


				Average Annual Total Returns										Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception				1 Year			5 Years			Since Inception

Fund NAV		5.45	%		13.61	%		3.85	%		2.37	%			13.61	%		20.79	%		17.60	%
Fund Market		5.20			13.30			3.90			2.37				13.30			21.10			17.60
Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps Index		5.38			13.93			3.97			2.73		��		13.93			21.49			20.52

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

The Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps Index is an unmanaged index that is designed to reflect the duration hedged performance of U.S. dollar-denominated investment-grade corporate debt.

The Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps Index reflects the performance of the Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index through June 16, 2016 and beginning June 17, 2016 reflects the performance of the Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)(b)	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio	^(a)

$	1,000.00	$ 1,054.50	$ 0.51		$ 1,000.00	$ 1,024.30	$ 0.50		0.10	%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



Investment Type	Percent of Net Assets

Investment Companies		97.9	%
Short-term Investments		47.1
Swaps, net cumulative appreciation		5.5
Other assets less liabilities		(50.5	)

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)



Credit Rating^(a)	Percent of Total Investment^(b)

Aaa	1.6	%
Aa	7.4
A	40.5
Baa	47.9
Ba	2.1
Not Rated	0.5

^(a)

^(b)

Excludes money market funds.


FUND SUMMARY		5


Fund Summary as of April 30, 2021		iShares^® Interest Rate Hedged High Yield Bond ETF

Investment Objective

The iShares Interest Rate Hedged HighYield Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified 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.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		7.83	%		15.17	%		5.77	%		3.15	%		15.17	%		32.38	%		23.97	%
Fund Market		7.73			15.35			5.78			3.15			15.35			32.45			23.97
Markit iBoxx^® USD Liquid High Yield Interest Rate Hedged Swaps Index		8.30			18.01			6.00			3.62			18.01			33.80			27.96

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

The Markit iBoxx^® USD Liquid High Yield Interest Rate Hedged Swaps Index is an unmanaged index that reflects the duration hedged performance of U.S. dollar-denominated high yield corporate debt.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)(b)	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio	^(a)

$	1,000.00	$ 1,078.30	$ 0.26		$ 1,000.00	$ 1,024.50	$ 0.25		0.05	%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



Investment Type	Percent of Net Assets

Investment Companies		97.0	%
Short-term Investments		47.1
Swaps, net cumulative appreciation		0.5
Other assets less liabilities		(44.6	)

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)



Credit Rating^(a)	Percent of Total Investment^(b)

Baa	2.7	%
Ba	48.6
B	35.9
Caa	11.5
Ca	0.2
Not Rated	1.1

^(a)

^(b)

Excludes money market funds.


6		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

Shareholder Expenses


ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES		7

Schedule of Investments (unaudited)

April 30, 2021

iShares^® Inflation Hedged Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Investment Companies

Exchange-Traded Funds — 92.8%
iShares iBoxx $ Investment Grade Corporate Bond ETF^(a)(b)		193,490	$	25,376,213


Total Investment Companies — 92.8% (Cost: $25,609,062)				25,376,213


Short-Term Investments

Money Market Funds — 44.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(a)(c)(d)		11,342,000		11,347,671
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(c)		680,000		680,000


				12,027,671


Total Short-Term Investments — 44.0% (Cost: $12,028,793)				12,027,671


Total Investments in Securities — 136.8% (Cost: $37,637,855)				37,403,884

Other Assets, Less Liabilities — (36.8)%				(10,059,145	)


Net Assets — 100.0%			$	27,344,739

^(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 cash collateral received from loaned securities.

Affiliates




Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,309,664	$	3,040,156	^(a)	$	—		$	(1,857	)	$	(292	)	$	11,347,671		11,342,000	$	20,612	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		330,000		350,000	^(a)		—			—			—			680,000		680,000		152			—
iShares iBoxx $ Investment Grade Corporate Bond ETF		16,463,367		12,322,623			(2,645,469	)		323,059			(1,087,367	)		25,376,213		193,490		266,664			—


									$	321,202		$	(1,087,659	)	$	37,403,884			$	287,428		$	—

^(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.

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
10-Year Ultra Long U.S. Treasury Bond		3		06/21/21	$	437	$	(3,771	)
5-Year U.S. Treasury Note		2		06/30/21		248		(1,956	)
U.S. Treasury Long Bond		1		06/21/21		157		(4,228	)

								(9,955	)


8		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® Inflation Hedged Corporate Bond ETF

Futures Contracts (continued)




Description	Number of Contracts			Expiration Date		Notional Amount (000)			Value/ Unrealized Appreciation (Depreciation)


Short Contracts
2-Year U.S. Treasury Note		(3	)		06/30/21	$	(662	)	$	523


									$	(9,432	)

Centrally Cleared Inflation Swaps




				Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Fund		Received by the Fund
Reference	Frequency	Rate	Frequency


U.S. CPI Urban Consumers NSA	At Termination	1.74%	At Termination		08/20/22	$	(10	)	$	304		$	—		$	304
U.S. CPI Urban Consumers NSA	At Termination	2.29	At Termination		05/15/23		(2,164	)		(4,276	)		(14,068	)		9,792
U.S. CPI Urban Consumers NSA	At Termination	1.75	At Termination		08/20/23		(10	)		406			—			406
U.S. CPI Urban Consumers NSA	At Termination	1.80	At Termination		08/20/25		(10	)		569			—			569
U.S. CPI Urban Consumers NSA	At Termination	1.81	At Termination		08/20/25		(1,000	)		56,483			5,042			51,441
U.S. CPI Urban Consumers NSA	At Termination	2.57	At Termination		04/19/26		(1,250	)		7,930			16			7,914
U.S. CPI Urban Consumers NSA	At Termination	2.37	At Termination		05/15/28		(1,775	)		4,221			41			4,180
U.S. CPI Urban Consumers NSA	At Termination	2.19	At Termination		12/03/28		(2,663	)		64,768			(74,540	)		139,308
U.S. CPI Urban Consumers NSA	At Termination	1.89	At Termination		08/20/30		(1,410	)		114,820			28,433			86,387
U.S. CPI Urban Consumers NSA	At Termination	1.90	At Termination		08/20/30		(5,900	)		475,986			33,637			442,349
U.S. CPI Urban Consumers NSA	At Termination	2.24	At Termination		01/12/31		(2,000	)		72,305			47			72,258
U.S. CPI Urban Consumers NSA	At Termination	2.40	At Termination		02/09/31		(3,000	)		55,272			70			55,202
U.S. CPI Urban Consumers NSA	At Termination	2.47	At Termination		04/07/31		(2,000	)		19,622			47			19,575
U.S. CPI Urban Consumers NSA	At Termination	2.40	At Termination		05/15/48		(362	)		(1,548	)		(30,782	)		29,234
U.S. CPI Urban Consumers NSA	At Termination	1.83	At Termination		10/18/49		(418	)		79,245			(11,790	)		91,035
U.S. CPI Urban Consumers NSA	At Termination	1.94	At Termination		08/20/50		(10	)		1,769			—			1,769
U.S. CPI Urban Consumers NSA	At Termination	1.95	At Termination		08/20/50		(600	)		104,352			16,729			87,623
U.S. CPI Urban Consumers NSA	At Termination	2.23	At Termination		01/06/51		(300	)		22,267			15			22,252


									$	1,074,495		$	(47,103	)	$	1,121,598

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)		$84,077		$(131,180	)		$1,121,598		$—

^(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.


SCHEDULE OF INVESTMENTS		9

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® Inflation Hedged Corporate Bond ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	523	$	—	$	523
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)	$	—	$	1,121,598	$	1,121,598


	$	523	$	1,121,598	$	1,122,121

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	9,955	$	—	$	9,955

^(a)

Net cumulative 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 six months ended April 30, 2021, 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	$	(90,554	)	$	—	$	(90,554	)
Swaps		—			295,832		295,832


	$	(90,554	)	$	295,832	$	205,278

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	11,969		$	—	$	11,969
Swaps		—			1,173,289		1,173,289


	$	11,969		$	1,173,289	$	1,185,258

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	1,247,953
Average notional value of contracts — short	$	(441,750	)
Inflation swaps:
Average notional value — pays fixed rate	$	24,902,000

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

Fair Value Measurements


10		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® Inflation Hedged Corporate Bond ETF

Fair Value Measurements (continued)




	Level 1			Level 2		Level 3		Total


Investments
Assets
Investment Companies	$	25,376,213		$	—	$	—	$	25,376,213
Money Market Funds		12,027,671			—		—		12,027,671


	$	37,403,884		$	—	$	—	$	37,403,884

Derivative financial instruments^(a)
Assets
Futures Contracts	$	523		$	—	$	—	$	523
Swaps		—			1,121,598		—		1,121,598
Liabilities
Futures Contracts		(9,955	)		—		—		(9,955	)


	$	(9,432	)	$	1,121,598	$	—	$	1,112,166

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

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		11

Schedule of Investments (unaudited)

April 30, 2021

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)		4,402,070	$	577,331,480


Total Investment Companies — 97.9% (Cost: $580,545,829)				577,331,480


Short-Term Investments

Money Market Funds — 47.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(a)(c)(d)		265,833,580		265,966,497
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(c)		12,170,000		12,170,000


				278,136,497


Total Short-Term Investments — 47.1% (Cost: $278,156,932)				278,136,497


Total Investments in Securities — 145.0% (Cost: $858,702,761)				855,467,977

Other Assets, Less Liabilities — (45.0)%				(265,463,200	)


Net Assets — 100.0%			$	590,004,777

^(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 cash collateral received from loaned securities.

Affiliates




Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	173,299,904	$	92,691,762	^(a)	$	—		$	(22,052	)	$	(3,117	)	$	265,966,497		265,833,580	$	356,652	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		11,240,000		930,000	^(a)		—			—			—			12,170,000		12,170,000		2,509			—
iShares iBoxx $ Investment Grade Corporate Bond ETF		445,044,213		158,848,906			(17,855,058	)		772,553			(9,479,134	)		577,331,480		4,402,070		5,636,509			—


									$	750,501		$	(9,482,251	)	$	855,467,977			$	5,995,670		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Centrally Cleared Interest Rate Swaps



								Notional						Upfront Premium			Unrealized
Paid by the Fund		Received by the Fund			Effective	Termination		Amount						Paid			Appreciation

Rate	Frequency	Rate^(a)	Frequency		Date	Date		(000)			Value			(Received)			(Depreciation)


1.17%	Semi-annual	0.20%		Quarterly	N/A		12/08/21	$	(41,731	)	$	(246,319	)	$	(178,750	)	$	(67,569	)
0.23	Semi-annual	0.20		Quarterly	N/A		10/19/22		(57,770	)		(2,822	)		1,413			(4,235	)
2.38	Semi-annual	0.20		Quarterly	N/A		01/12/23		(14,338	)		(520,415	)		(384,128	)		(136,287	)
2.46	Semi-annual	0.20		Quarterly	N/A		01/12/25		(52,048	)		(3,479,675	)		(2,595,450	)		(884,225	)
0.35	Semi-annual	0.20		Quarterly	N/A		09/22/25		(36,500	)		758,875			23,156			735,719


12		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® Interest Rate Hedged Corporate Bond ETF

Centrally Cleared Interest Rate Swaps (continued)



						Effective Date	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Fund			Received by the Fund
Rate	Frequency		Rate^(a)	Frequency


0.40%		Semi-annual	0.20%		Quarterly	N/A		10/19/25	$	(70,900	)	$	1,392,567		$	661,110		$	731,457
0.49		Semi-annual	0.20		Quarterly	N/A		09/22/27		(71,750	)		3,329,710			919,187			2,410,523
3.25		Semi-annual	0.20		Quarterly	N/A		10/18/28		(41,460	)		(5,562,046	)		(6,829,098	)		1,267,052
0.77		Semi-annual	0.20		Quarterly	N/A		04/01/30		(18,514	)		1,245,749			(145,951	)		1,391,700
0.71		Semi-annual	0.20		Quarterly	N/A		08/18/30		(18,090	)		1,422,096			55,370			1,366,726
0.78		Semi-annual	0.20		Quarterly	N/A		10/19/30		(30,200	)		2,278,216			525			2,277,691
1.22		Semi-annual	0.20		Quarterly	N/A		02/12/31		(25,180	)		991,472			934,855			56,617
0.91		Semi-annual	0.20		Quarterly	N/A		09/25/35		(26,000	)		3,362,894			135,832			3,227,062
2.34		Semi-annual	0.20		Quarterly	N/A		12/08/36		(27,926	)		(1,569,686	)		(3,500,207	)		1,930,521
1.11		Semi-annual	0.20		Quarterly	N/A		10/19/40		(37,400	)		5,731,073			1,270,222			4,460,851
0.86		Semi-annual	0.20		Quarterly	N/A		03/30/45		(27,147	)		6,417,478			1,214,617			5,202,861
1.16		Semi-annual	0.20		Quarterly	N/A		10/19/45		(500	)		90,894			12			90,882
1.16		Semi-annual	0.20		Quarterly	N/A		10/19/45		(29,300	)		5,305,688			4,487,349			818,339
1.06		Semi-annual	0.20		Quarterly	N/A		09/18/50		(29,415	)		6,893,981			486,576			6,407,405
1.18		Semi-annual	0.20		Quarterly��	N/A		10/19/50		(18,750	)		3,861,852			2,495,682			1,366,170


												$	31,701,582			$(947,678	)	$	32,649,260

^(a)

Represents 3-month LIBOR. Rate shown is the rate in effect as of period-end.

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)	$	12,685,906	$	(13,633,584	)	$	33,741,576		$(1,092,316	)

^(a)

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	33,741,576


Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)	$	1,092,316

^(a)

Net cumulative 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 six months ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Interest Rate Contracts


Net Realized Gain (Loss) from:
Swaps	$	(952,339	)


Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	28,795,650


SCHEDULE OF INVESTMENTS		13

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® Interest Rate Hedged Corporate Bond ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Interest rate swaps:
Average notional value — pays fixed rate	$	565,815,667

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

Fair Value Measurements




	Level 1		Level 2			Level 3		Total


Investments
Assets
Investment Companies	$	577,331,480	$	—		$	—	$	577,331,480
Money Market Funds		278,136,497		—			—		278,136,497


	$	855,467,977	$	—		$	—	$	855,467,977

Derivative financial instruments^(a)
Assets
Swaps	$	—	$	33,741,576		$	—	$	33,741,576
Liabilities
Swaps		—		(1,092,316	)		—		(1,092,316	)


	$	—	$	32,649,260		$	—	$	32,649,260

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


14		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2021

iShares^® Interest Rate Hedged High Yield Bond ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 97.0%
iShares iBoxx $ High Yield Corporate Bond ETF^(a)(b)		973,580	$	85,129,835


Total Investment Companies — 97.0% (Cost: $85,512,128)				85,129,835


Short-Term Investments

Money Market Funds — 47.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(a)(c)(d)		40,305,539		40,325,692
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(c)		1,040,000		1,040,000


				41,365,692


Total Short-Term Investments — 47.1% (Cost: $41,369,643)				41,365,692


Total Investments in Securities — 144.1% (Cost: $126,881,771)				126,495,527

Other Assets, Less Liabilities — (44.1)%				(38,685,996	)


Net Assets — 100.0%			$	87,809,531

^(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 cash collateral received from loaned securities.

Affiliates




Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	31,857,833	$	8,474,773	^(a)	$	—		$	(6,146	)	$	(768	)	$	40,325,692		40,305,539	$	112,037	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		550,000		490,000	^(a)		—			—			—			1,040,000		1,040,000		288			—
iShares iBoxx $ High Yield Corporate Bond ETF		60,409,118		30,407,457			(8,368,492	)		(35,102	)		2,716,854			85,129,835		973,580		1,425,617			—


									$	(41,248	)	$	2,716,086		$	126,495,527			$	1,537,942		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Centrally Cleared Interest Rate Swaps



						Effective Date	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Fund			Received by the Fund
Rate	Frequency		Rate^(a)	Frequency


0.22%		Semi-annual	0.20%		Quarterly	N/A		09/19/22	$	(11,150	)	$	318		$	755		$	(437	)
2.38		Semi-annual	0.20		Quarterly	N/A		01/12/23		(13,705	)		(497,439	)		4,518			(501,957	)
0.33		Semi-annual	0.20		Quarterly	N/A		09/15/25		(28,900	)		615,517			140,932			474,585
1.42		Semi-annual	0.20		Quarterly	N/A		04/07/28		(6,530	)		(43,458	)		(1,634	)		(41,824	)
0.77		Semi-annual	0.20		Quarterly	N/A		04/01/30		(11,660	)		784,565			420,363			364,202
0.86		Semi-annual	0.20		Quarterly	N/A		03/30/45		(460	)		108,743			13,580			95,163


SCHEDULE OF INVESTMENTS		15

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® Interest Rate Hedged High Yield Bond ETF

Centrally Cleared Interest Rate Swaps (continued)



							Effective Date		Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Paid by the Fund			Received by the Fund
Rate	Frequency		Rate^(a)		Frequency

0.87%		Semi-annual		0.20%		Quarterly		N/A		03/30/50	$	(10	)	$	2,740	$	—	$	2,740
1.06		Semi-annual		0.20		Quarterly		N/A		09/19/50		(15	)		3,515		38		3,477


														$	974,501	$	578,552	$	395,949

^(a)

Represents 3-month LIBOR. Rate shown is the rate in effect as of period-end.

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)		$580,186		$(1,634	)		$940,167		$(544,218	)

^(a)

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)		$940,167


Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)		$544,218

^(a)

For the six months ended April 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Interest Rate Contracts


Net Realized Gain (Loss) from:
Swaps	$	(181,170	)


Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	843,609

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Interest rate swaps:
Average notional value — pays fixed rate	$	58,463,333

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

Fair Value Measurements


16		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® Interest Rate Hedged High Yield Bond ETF

Fair Value Measurements (continued)




	Level 1		Level 2			Level 3		Total


Investments
Assets
Investment Companies	$	85,129,835	$	—		$	—	$	85,129,835
Money Market Funds		41,365,692		—			—		41,365,692


	$	126,495,527	$	—		$	—	$	126,495,527

Derivative financial instruments^(a)
Assets
Swaps	$	—	$	940,167		$	—	$	940,167
Liabilities
Swaps		—		(544,218	)		—		(544,218	)


	$	—	$	395,949		$	—	$	395,949

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULE OF INVESTMENTS		17

Statements of Assets and Liabilities (unaudited)

April 30, 2021


	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)	$	37,403,884	$	855,467,977	$	126,495,527
Cash		5,333		2,134		18,382
Cash pledged:
Futures contracts		13,000		—		—
Centrally cleared swaps		1,319,000		—		1,599,000
Receivables:
Securities lending income — Affiliated		7,908		149,084		40,627
Variation margin on futures contracts		952		—		—
Variation margin on centrally cleared swaps		—		438,590		—
Dividends		8		323		13


Total assets		38,750,085		856,058,108		128,153,549


LIABILITIES
Collateral on securities loaned, at value		11,348,969		266,008,984		40,329,665
Payables:
Variation margin on centrally cleared swaps		55,211		—		10,882
Investment advisory fees		1,166		44,347		3,471


Total liabilities		11,405,346		266,053,331		40,344,018


NET ASSETS	$	27,344,739	$	590,004,777	$	87,809,531


NET ASSETS CONSIST OF:
Paid-in capital	$	26,009,079	$	583,145,370	$	98,912,680
Accumulated earnings (loss)		1,335,660		6,859,407		(11,103,149	)


NET ASSETS	$	27,344,739	$	590,004,777	$	87,809,531


Shares outstanding		950,000		6,150,000		1,000,000


Net asset value	$	28.78	$	95.94	$	87.81


Shares authorized		Unlimited		Unlimited		Unlimited


Par value		None		None		None


^(a) Securities loaned, at value	$	11,149,194	$	261,327,392	$	39,511,775
^(b) Investments, at cost — Affiliated	$	37,637,855	$	858,702,761	$	126,881,771

See notes to financial statements.


18		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended April 30, 2021


	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	$	266,816		$	5,639,018		$	1,425,905
Interest — Unaffiliated		11			—			—
Securities lending income — Affiliated — net		20,612			356,652			112,037


Total investment income		287,439			5,995,670			1,537,942


EXPENSES
Investment advisory fees		24,878			714,641			214,696
Miscellaneous		—			173			173


Total expenses		24,878			714,814			214,869

Less:
Investment advisory fees waived		(18,658	)		(476,427	)		(198,181	)


Total expenses after fees waived		6,220			238,387			16,688


Net investment income		281,219			5,757,283			1,521,254


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(1,857	)		(325,744	)		(6,146	)
In-kind redemptions — Affiliated		323,059			1,076,245			(35,102	)
Futures contracts		(90,554	)		—			—
Swaps		295,832			(952,339	)		(181,170	)


Net realized gain (loss)		526,480			(201,838	)		(222,418	)

Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(1,087,659	)		(9,482,251	)		2,716,086
Futures contracts		11,969			—			—
Swaps		1,173,289			28,795,650			843,609


Net change in unrealized appreciation (depreciation)		97,599			19,313,399			3,559,695


Net realized and unrealized gain		624,079			19,111,561			3,337,277


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	905,298		$	24,868,844		$	4,858,531

See notes to financial statements.


FINANCIAL STATEMENTS		19

Statements of Changes in Net Assets


	iShares Inflation Hedged Corporate Bond ETF						iShares Interest Rate Hedged Corporate Bond ETF

	Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20			Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	281,219		$	256,326		$	5,757,283		$	5,278,486
Net realized gain (loss)		526,480			(68,354	)		(201,838	)		(416,576	)
Net change in unrealized appreciation (depreciation)		97,599			407,386			19,313,399			11,692,070


Net increase in net assets resulting from operations		905,298			595,358			24,868,844			16,553,980


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(274,011	)		(257,076	)		(4,469,827	)		(4,725,247	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		8,734,636			9,742,193			119,602,108			311,943,315


NET ASSETS
Total increase in net assets		9,365,923			10,080,475			140,001,125			323,772,048
Beginning of period		17,978,816			7,898,341			450,003,652			126,231,604


End of period	$	27,344,739		$	17,978,816		$	590,004,777		$	450,003,652

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

See notes to financial statements.


20		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares Interest Rate Hedged High Yield Bond ETF
		Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	1,521,254		$	4,490,364
Net realized loss			(222,418	)		(10,296,906	)
Net change in unrealized appreciation (depreciation)			3,559,695			1,769,252


Net increase (decrease) in net assets resulting from operations			4,858,531			(4,037,290	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income			(1,328,358	)		(3,757,382	)
Return of capital			—			(29,722	)


Decrease in net assets resulting from distributions to shareholders			(1,328,358	)		(3,787,104	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			21,954,203			(44,062,036	)


NET ASSETS
Total increase (decrease) in net assets			25,484,376			(51,886,430	)
Beginning of period			62,325,155			114,211,585


End of period		$	87,809,531		$	62,325,155

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

See notes to financial statements.


FINANCIAL STATEMENTS		21

Financial Highlights

(For a share outstanding throughout each period)


	iShares Inflation Hedged Corporate Bond ETF


		Six Months Ended												Period From
		04/30/21				Year Ended				Year Ended				05/08/18^(a)
		(unaudited)				10/31/20				10/31/19				to 10/31/18


Net asset value, beginning of period			$	27.66			$	26.33			$	24.31			$25.00

Net investment income^(b)				0.32				0.71				0.91			0.37
Net realized and unrealized gain (loss)^(c)				1.12				1.36				2.01			(0.70	)


Net increase (decrease) from investment operations				1.44				2.07				2.92			(0.33	)


Distributions^(d)
From net investment income				(0.32	)			(0.74	)			(0.90	)		(0.36	)


Total distributions				(0.32	)			(0.74	)			(0.90	)		(0.36	)


Net asset value, end of period			$	28.78			$	27.66			$	26.33			$24.31


Total Return
Based on net asset value				5.24	%^(e)			8.00	%^(f)			12.26	%^(g)		(1.34	)%^(e)


Ratios to Average Net Assets
Total expenses^(h)				0.20	%⁽ⁱ⁾			0.20	%			0.20	%		0.20	%⁽ⁱ⁾


Total expenses after fees waived^(h)				0.05	%⁽ⁱ⁾			0.05	%			0.05	%		0.05	%⁽ⁱ⁾


Net investment income				2.26	%⁽ⁱ⁾			2.64	%			3.60	%		3.04	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)			$	27,345			$	17,979			$	7,898			$9,725

Portfolio turnover rate^(j)(k)				0	%^(e)			13	%			0	%		0	%^(e)(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)	Not annualized.

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

^(g)	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%.

^(h)	The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

⁽ⁱ⁾	Annualized.

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

^(k)	Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

^(l)	Rounds to less than 1%.

See notes to financial statements.


22		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Interest Rate Hedged Corporate Bond ETF


	Six Months Ended
	04/30/21 (unaudited)				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17				Year Ended 10/31/16


Net asset value, beginning of period		$	91.84			$	93.50			$	95.79			$	96.62			$	92.49			$	92.13

Net investment income^(a)			1.14				2.38				3.35				3.16				2.76				2.74
Net realized and unrealized gain (loss)^(b)			3.86				(1.69	)			(0.97	)			(1.16	)			3.73				(0.29	)


Net increase from investment operations			5.00				0.69				2.38				2.00				6.49				2.45


Distributions^(c)
From net investment income			(0.90	)			(2.35	)			(3.12	)			(2.83	)			(2.36	)			(2.09	)
From net realized gain			—				—				(1.55	)			—				—				—


Total distributions			(0.90	)			(2.35	)			(4.67	)			(2.83	)			(2.36	)			(2.09	)


Net asset value, end of period		$	95.94			$	91.84			$	93.50			$	95.79			$	96.62			$	92.49


Total Return
Based on net asset value			5.45	%^(d)			0.79	%			2.63	%			2.08	%			7.11	%			2.70	%


Ratios to Average Net Assets
Total expenses^(e)			0.30	%^(f)			0.30	%			0.30	%			0.30	%			0.30	%			0.30	%


Total expenses after fees waived^(e)			0.10	%^(f)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%


Net investment income			2.42	%^(f)			2.64	%			3.59	%			3.27	%			2.91	%			3.01	%


Supplemental Data
Net assets, end of period (000)		$	590,005			$	450,004			$	126,232			$	215,530			$	77,295			$	32,372

Portfolio turnover rate^(g)(h)			2	%^(d)			7	%			4	%			2	%			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)	Not annualized.

^(e)	The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(f)	Annualized.

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

^(h)	Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

⁽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		23

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Interest Rate Hedged High Yield Bond ETF


	Six Months Ended
	04/30/21 (unaudited)				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17				Year Ended 10/31/16


Net asset value, beginning of period		$	83.10			$	87.86			$	90.47			$	91.78			$	87.42			$	87.66

Net investment income^(a)			1.98				4.31				5.51				4.98				4.57				4.86
Net realized and unrealized gain (loss)^(b)			4.47				(5.53	)			(2.92	)			(1.46	)			4.21				(0.94	)


Net increase (decrease) from investment operations			6.45				(1.22	)			2.59				3.52				8.78				3.92


Distributions^(c)
From net investment income			(1.74	)			(3.51	)			(5.18	)			(4.83	)			(4.42	)			(4.16	)
Return of capital			—				(0.03	)			(0.02	)			—				—				—


Total distributions			(1.74	)			(3.54	)			(5.20	)			(4.83	)			(4.42	)			(4.16	)


Net asset value, end of period		$	87.81			$	83.10			$	87.86			$	90.47			$	91.78			$	87.42


Total Return
Based on net asset value			7.83	%^(d)			(1.32	)%			3.00	%			3.93	%			10.26	%			4.73	%


Ratios to Average Net Assets
Total expenses^(e)			0.65	%^(f)			0.65	%			0.65	%			0.65	%			0.65	%			0.65	%


Total expenses after fees waived^(e)			0.05	%^(f)			0.05	%			0.05	%			0.05	%			0.05	%			0.05	%


Net investment income			4.61	%^(f)			5.12	%			6.22	%			5.46	%			5.04	%			5.78	%


Supplemental Data
Net assets, end of period (000)		$	87,810			$	62,325			$	114,212			$	416,178			$	137,670			$	30,596

Portfolio turnover rate^(g)(h)			0	%^(d)			1	%			1	%			0	%⁽ⁱ⁾			0	%			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)	Not annualized.

^(e)	The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(f)	Annualized.

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

^(h)	Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

⁽ⁱ⁾	Rounds to less than 1%.

See notes to financial statements.


24		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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



iShares ETF	Diversification Classification

Inflation Hedged Corporate Bond		Non-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

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.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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.


NOTES TO FINANCIAL STATEMENTS		25

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.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

4.	SECURITIES AND OTHER INVESTMENTS


26		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

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	$	3,694,234	$	3,694,234		$	—	$	—
Citigroup Global Markets Inc.		7,454,042		7,454,042			—		—
JP Morgan Securities LLC		918		918			—		—


	$	11,149,194	$	11,149,194		$	—	$	—

Interest Rate Hedged Corporate Bond
Barclays Bank PLC	$	23,934,481	$	23,934,481		$	—	$	—
BNP Paribas Prime Brokerage International Limited		70,296,400		70,296,400			—		—
BNP Paribas Securities Corp.		26,230,000		26,230,000			—		—
Citigroup Global Markets Inc.		59,646,627		59,646,627			—		—
JP Morgan Securities LLC		77,377,189		77,377,189			—		—
SG Americas Securities LLC		3,842,695		3,842,695			—		—


	$	261,327,392	$	261,327,392		$	—	$	—

Interest Rate Hedged High Yield Bond
Barclays Bank PLC	$	26,286,475	$	26,286,475		$	—	$	—
BofA Securities, Inc.		12,525,780		12,525,780			—		—
Jefferies LLC		244,832		244,832			—		—
SG Americas Securities LLC		454,688		454,688			—		—


	$	39,511,775	$	39,511,775		$	—	$	—

^(a)

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 statement 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 statement 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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement 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.

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 Funds’ 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 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, 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


NOTES TO FINANCIAL STATEMENTS		27

Notes to Financial Statements (unaudited) (continued)

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.

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 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



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

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, 2022 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, 2022 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%.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended April 30, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts waived

Inflation Hedged Corporate Bond	$	18,658
Interest Rate Hedged Corporate Bond		476,427
Interest Rate Hedged High Yield Bond		198,181


28		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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.

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.



iShares ETF	Fees Paid to BTC

Inflation Hedged Corporate Bond	$	6,155
Interest Rate Hedged Corporate Bond		105,117
Interest Rate Hedged High Yield Bond		29,674

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

7.	PURCHASES AND SALES

For the six months ended April 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Inflation Hedged Corporate Bond	$	1,663,346	$	—
Interest Rate Hedged Corporate Bond		31,885,850		8,532,229
Interest Rate Hedged High Yield Bond		871,070		—

For the six months ended April 30, 2021, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Inflation Hedged Corporate Bond	$	10,659,277	$	2,645,469
Interest Rate Hedged Corporate Bond		126,963,057		9,322,829
Interest Rate Hedged High Yield Bond		29,536,388		8,368,492

8.	INCOME TAX INFORMATION

As of October 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring

Inflation Hedged Corporate Bond	$	93,761
Interest Rate Hedged Corporate Bond		23,630,985
Interest Rate Hedged High Yield Bond		11,079,497


NOTES TO FINANCIAL STATEMENTS		29

Notes to Financial Statements (unaudited) (continued)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Inflation Hedged Corporate Bond	$	37,641,718	$	1,122,121	$	(247,789	)	$	874,332
Interest Rate Hedged Corporate Bond		858,712,463		33,741,576		(4,336,802	)		29,404,774
Interest Rate Hedged High Yield Bond		126,885,606		940,167		(934,297	)		5,870

9.	PRINCIPAL RISKS

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. The duration of this pandemic and its effects cannot be determined with certainty.

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.

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 will be phased out by the end of 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


30		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:



	Six Months Ended 04/30/21						Year Ended 10/31/20

iShares ETF	Shares			Amount			Shares			Amount

Inflation Hedged Corporate Bond
Shares sold		400,000		$	11,572,610			350,000		$	9,742,193
Shares redeemed		(100,000	)		(2,837,974	)		—			—


Net increase		300,000		$	8,734,636			350,000		$	9,742,193

Interest Rate Hedged Corporate Bond
Shares sold		1,350,000		$	129,085,397			5,150,000		$	457,227,626
Shares redeemed		(100,000	)		(9,483,289	)		(1,600,000	)		(145,284,311	)


Net increase		1,250,000		$	119,602,108			3,550,000		$	311,943,315

Interest Rate Hedged High Yield Bond
Shares sold		350,000		$	30,582,808			—		$	—
Shares redeemed		(100,000	)		(8,628,605	)		(550,000	)		(44,062,036	)


Net increase (decrease)		250,000		$	21,954,203			(550,000	)	$	(44,062,036	)

11.

SUBSEQUENT EVENTS


NOTES TO FINANCIAL STATEMENTS		31

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


32		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

Regulation Regarding Derivatives

Section 19(a) Notices

April 30, 2021



	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^(a)	$	0.324129	$	—	$	0.000088	$	0.324217		100	%		—	%		0	%^(b)		100	%
Interest Rate Hedged Corporate Bond^(a)		0.898681		—		0.000331		0.899012		100			—			0	^(b)		100
Interest Rate Hedged High Yield Bond^(a)		1.740167		—		0.003914		1.744081		100			—			0	^(b)		100

^(a)

^(b)

Rounds to less than 1%.


SUPPLEMENTAL INFORMATION		33

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


34		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income



CPI		Consumer Price Index

LIBOR		London Interbank Offered Rate


GLOSSARY OF TERMS USED IN THIS REPORT		35

Additional Financial Information

Schedules of Investments (Unaudited)

April 30, 2021

Statements of Assets and Liabilities (Unaudited)

April 30, 2021

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, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.5%
Clear Channel Outdoor Holdings Inc., 7.75%, 04/15/28 (Call 04/15/24)^(a)(b)	$	18,619	$	19,214,063
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)^(a)		9,278		9,043,731
3.75%, 02/15/28 (Call 02/15/23)^(b)		11,293		11,393,056
4.00%, 02/15/30 (Call 02/15/25)^(b)		10,704		10,811,040
4.88%, 01/15/29 (Call 01/15/24)^(b)		7,095		7,490,014
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)^(a)(b)		9,811		9,744,019
4.63%, 03/15/30 (Call 03/15/25)^(a)(b)		8,898		8,833,907
5.00%, 08/15/27 (Call 08/15/22)^(a)(b)		13,057		13,508,220
6.25%, 06/15/25 (Call 06/15/22)^(a)(b)		4,481		4,755,461
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)^(a)(b)		18,619		20,224,889


				115,018,400

Aerospace & Defense — 2.1%
Howmet Aerospace Inc.
5.13%, 10/01/24 (Call 07/01/24)^(b)		24,364		26,648,125
5.87%, 02/23/22		752		787,352
6.88%, 05/01/25 (Call 04/01/25)^(b)		23,438		27,188,080
Rolls-Royce PLC
3.63%, 10/14/25 (Call 07/14/25)^(a)(b)		19,197		19,385,515
5.75%, 10/15/27 (Call 07/15/27)^(a)		18,719		20,041,810
Signature Aviation U.S. Holdings Inc.
4.00%, 03/01/28 (Call 03/01/23)^(a)(b)		14,581		14,726,976
5.38%, 05/01/26 (Call 05/01/21)^(a)(b)		9,460		9,720,150
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)^(b)		13,329		13,065,152
5.50%, 01/15/25 (Call 10/15/22)^(a)		10,983		11,623,583
7.50%, 04/15/25 (Call 04/15/22)^(a)(b)		22,302		23,891,017
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)^(a)		21,431		21,132,305
4.88%, 05/01/29 (Call 05/01/24)^(a)		14,355		14,161,208
5.50%, 11/15/27 (Call 11/15/22)		48,492		50,346,819
6.25%, 03/15/26 (Call 03/15/22)^(a)(b)		80,231		84,944,571
6.38%, 06/15/26 (Call 06/15/21)^(b)		16,077		16,666,624
6.50%, 05/15/25 (Call 05/15/21)		12,006		12,203,715
7.50%, 03/15/27 (Call 03/15/22)^(b)		10,189		10,921,011
8.00%, 12/15/25 (Call 04/08/22)^(a)		20,980		22,809,456
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/15/21)		9,435		9,962,181
Triumph Group Inc.
6.25%, 09/15/24 (Call 09/15/21)^(a)(b)		10,907		11,036,521
7.75%, 08/15/25 (Call 08/15/21)^(b)		9,072		9,008,107
8.88%, 06/01/24 (Call 02/01/23)^(a)		12,842		14,286,725


				444,557,003

Agriculture — 0.3%
JBS Investments II GmbH
5.75%, 01/15/28 (Call 07/30/22)^(a)(b)		12,406		13,170,830
7.00%, 01/15/26 (Call 01/15/22)^(a)(b)		19,208		20,452,678
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)^(a)		16,669		16,777,349
10.50%, 11/01/26 (Call 11/01/21)^(a)(b)		10,994		11,636,489


				62,037,346

Airlines — 1.6%
American Airlines Group Inc.
3.75%, 03/01/25^(a)(b)		10,524		9,254,543


Security	Par (000)		Value

Airlines (continued)
5.00%, 06/01/22^(a)(b)	$	13,088	$	12,989,840
American Airlines Inc., 11.75%, 07/15/25^(a)(b)		46,982		58,980,028
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26^(a)(b)		53,971		56,669,550
5.75%, 04/20/29^(a)(b)		37,404		40,085,216
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)^(b)		18,395		18,546,989
3.75%, 10/28/29 (Call 07/28/29)^(b)		10,922		10,881,042
3.80%, 04/19/23 (Call 03/19/23)^(b)		8,088		8,341,809
4.38%, 04/19/28 (Call 01/19/28)^(b)		8,155		8,620,514
7.38%, 01/15/26 (Call 12/15/25)^(b)		25,215		29,571,101
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)^(a)(b)		23,168		24,471,200
United Airlines Holdings Inc., 4.25%, 10/01/22		9,116		9,312,632
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)^(a)		34,634		35,940,394
4.63%, 04/15/29 (Call 10/15/25)^(a)		20,950		21,771,240


				345,436,098

Apparel — 0.3%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)^(a)		17,015		17,924,569
4.88%, 05/15/26 (Call 02/15/26)^(a)(b)		17,297		18,544,287
5.38%, 05/15/25 (Call 05/15/22)^(a)(b)		12,390		13,034,900
William Carter Co. (The)
5.50%, 05/15/25 (Call 05/15/22)^(a)(b)		10,705		11,347,376
5.63%, 03/15/27 (Call 03/15/22)^(a)(b)		9,011		9,498,474


				70,349,606

Auto Manufacturers — 3.4%
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)^(a)(b)		19,015		18,301,937
4.75%, 10/01/27 (Call 10/01/22)^(a)(b)		7,737		8,140,036
5.88%, 06/01/29 (Call 06/01/24)^(a)(b)		8,223		8,891,119
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(a)		22,135		24,051,670
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)^(b)		22,141		23,544,325
8.50%, 04/21/23		53,871		60,335,520
9.00%, 04/22/25 (Call 03/22/25)^(b)		53,795		65,764,387
9.63%, 04/22/30 (Call 01/22/30)		14,876		20,878,168
Ford Motor Credit Co. LLC
2.90%, 02/16/28 (Call 12/16/27)		11,465		11,235,700
2.98%, 08/03/22 (Call 07/03/22)		6,520		6,615,820
3.09%, 01/09/23^(b)		19,888		20,264,989
3.10%, 05/04/23		13,758		14,067,287
3.35%, 11/01/22^(b)		15,265		15,627,683
3.37%, 11/17/23^(b)		14,032		14,497,562
3.38%, 11/13/25 (Call 10/13/25)		29,982		30,731,550
3.55%, 10/07/22^(b)		1,404		1,439,861
3.66%, 09/08/24		9,949		10,358,401
3.81%, 01/09/24 (Call 11/09/23)^(b)		9,985		10,359,438
3.82%, 11/02/27 (Call 08/02/27)^(b)		11,995		12,297,802
4.00%, 11/13/30 (Call 08/13/30)		24,768		25,294,320
4.06%, 11/01/24 (Call 10/01/24)^(b)		21,716		22,868,034
4.13%, 08/04/25^(b)		19,594		20,705,082
4.13%, 08/17/27 (Call 06/17/27)		18,368		19,268,032
4.14%, 02/15/23 (Call 01/15/23)^(b)		11,602		12,036,979
4.25%, 09/20/22		8,503		8,785,867
4.27%, 01/09/27 (Call 11/09/26)		15,000		15,780,412


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Auto Manufacturers (continued)
4.38%, 08/06/23^(b)	$	12,887	$	13,598,620
4.39%, 01/08/26		17,916		19,125,330
4.54%, 08/01/26 (Call 06/01/26)		10,691		11,479,461
4.69%, 06/09/25 (Call 04/09/25)^(b)		6,069		6,524,175
5.11%, 05/03/29 (Call 02/03/29)^(b)		21,987		24,014,201
5.13%, 06/16/25 (Call 05/16/25)		27,242		29,759,161
5.58%, 03/18/24 (Call 02/18/24)		21,854		23,793,542
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)^(a)(b)		9,105		8,702,644
5.63%, 02/01/23 (Call 06/01/21)^(a)(b)		7,728		7,752,343
5.88%, 01/15/28 (Call 01/15/24)^(a)		12,681		12,859,115
7.75%, 10/15/25 (Call 10/15/22)^(a)		12,810		13,903,945
Navistar International Corp.
6.63%, 11/01/25 (Call 11/01/21)^(a)		19,801		20,541,888
9.50%, 05/01/25 (Call 04/21/22)^(a)(b)		9,342		10,136,070
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/21)^(a)		31,204		32,314,862


				736,647,338

Auto Parts & Equipment — 1.4%
Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 08/15/21)^(a)(b)		13,947		14,313,047
Adient U.S. LLC
7.00%, 05/15/26 (Call 05/15/22)^(a)(b)		101		108,273
9.00%, 04/15/25 (Call 04/15/22)^(a)		8,989		9,962,059
American Axle & Manufacturing Inc.
6.25%, 04/01/25 (Call 04/01/22)^(b)		10,794		11,185,283
6.25%, 03/15/26 (Call 03/15/22)^(b)		7,308		7,520,370
6.50%, 04/01/27 (Call 04/01/22)^(b)		10,472		11,061,050
6.88%, 07/01/28 (Call 07/01/23)^(b)		7,224		7,720,650
Clarios Global LP, 6.75%, 05/15/25 (Call 05/15/22)^(a)(b)		6,707		7,205,289
Clarios Global LP/Clarios US Finance Co.
6.25%, 05/15/26 (Call 05/15/22)^(a)(b)		19,500		20,719,725
8.50%, 05/15/27 (Call 05/15/22)^(a)(b)		37,360		40,348,800
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 04/15/22)^(a)(b)		2,791		2,882,638
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)		1,720		1,737,200
5.38%, 11/15/27 (Call 11/15/22)^(b)		7,080		7,536,448
5.50%, 12/15/24 (Call 12/15/21)^(b)		2,518		2,573,711
5.63%, 06/15/28 (Call 06/15/23)^(b)		6,823		7,379,518
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)^(b)		13,983		14,559,799
5.00%, 05/31/26 (Call 05/31/21)^(b)		18,410		18,888,229
5.13%, 11/15/23 (Call 05/06/21)^(b)		15,023		15,036,683
5.25%, 04/30/31 (Call 01/30/31)		10,796		10,879,129
5.63%, 04/30/33 (Call 01/30/33)		8,657		8,667,821
9.50%, 05/31/25 (Call 05/31/22)^(b)		13,667		15,409,542
Tenneco Inc.
5.00%, 07/15/26 (Call 07/15/21)^(b)		9,130		8,833,275
5.13%, 04/15/29 (Call 04/15/24)^(a)		15,305		15,190,212
7.88%, 01/15/29 (Call 01/15/24)^(a)		8,971		10,096,771
ZF North America Capital Inc.
4.50%, 04/29/22^(a)(b)		5,105		5,224,093
4.75%, 04/29/25^(a)		19,689		21,222,076


				296,261,691

Banks — 1.6%
CIT Group Inc.
3.93%, 06/19/24 (Call 06/19/23)^(b)(c)		6,745		7,141,076
4.75%, 02/16/24 (Call 11/16/23)^(b)		9,737		10,613,330
5.00%, 08/15/22^(b)		16,728		17,617,930


Security	Par (000)		Value

Banks (continued)
5.00%, 08/01/23^(b)	$	10,634	$	11,551,182
5.25%, 03/07/25 (Call 12/07/24)^(b)		8,294		9,361,852
6.13%, 03/09/28^(b)		10,116		12,316,230
Commerzbank AG, 8.13%, 09/19/23^(a)(b)		19,807		22,659,776
Deutsche Bank AG, 4.30%, 05/24/28 (Call 05/24/23), (5 year USD Swap + 2.248%)^(b)(c)		28,176		29,322,180
Deutsche Bank AG/New York NY
3.73%, 01/14/32 (Call 01/14/31)^(c)		23,087		22,958,147
4.88%, 12/01/32 (Call 12/01/27)^(c)		18,539		20,075,614
5.88%, 07/08/31 (Call 04/08/30)^(b)(c)		9,431		10,884,756
Fifth Third Bancorp., Series H, 5.10%, (Call 06/30/23)^(b)(c)(d)		12,129		12,508,031
Freedom Mortgage Corp.
7.63%, 05/01/26 (Call 05/01/23)^(a)(b)		11,410		11,894,925
8.13%, 11/15/24 (Call 11/15/21)^(a)(b)		8,007		8,290,248
8.25%, 04/15/25 (Call 04/15/22)^(a)(b)		13,664		14,167,655
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(a)(b)		38,269		41,588,836
UniCredit SpA
5.46%, 06/30/35 (Call 06/30/30)^(a)(c)		27,831		29,923,204
5.86%, 06/19/32 (Call 06/19/27)^(a)(b)(c)		18,245		20,282,998
7.30%, 04/02/34 (Call 04/02/29)^(a)(b)(c)		23,115		27,395,861


				340,553,831

Building Materials — 0.8%
Builders FirstSource Inc.
5.00%, 03/01/30 (Call 03/01/25)^(a)(b)		11,464		12,192,088
6.75%, 06/01/27 (Call 06/01/22)^(a)(b)		13,981		15,052,644
Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)^(a)(b)		7,034		7,517,587
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)^(b)		21,428		22,874,390
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 12/15/21)^(a)(b)		8,218		8,393,549
4.88%, 12/15/27 (Call 12/15/22)^(a)(b)		9,062		9,469,790
Standard Industries Inc./NJ
3.38%, 01/15/31 (Call 07/15/25)^(a)		19,912		18,642,610
4.38%, 07/15/30 (Call 07/15/25)^(a)(b)		20,690		20,776,811
4.75%, 01/15/28 (Call 01/15/23)^(a)(b)		18,757		19,343,156
5.00%, 02/15/27 (Call 02/15/22)^(a)(b)		16,200		16,706,250
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)^(a)(b)		14,297		15,098,325


				166,067,200

Chemicals — 1.5%
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)^(a)		12,903		12,554,984
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)^(a)(b)		9,777		10,266,046
Blue Cube Spinco LLC, 10.00%, 10/15/25 (Call 10/15/21)^(b)		1,387		1,461,274
CF Industries Inc., 3.45%, 06/01/23		11,930		12,466,850
Chemours Co. (The)
5.38%, 05/15/27 (Call 02/15/27)^(b)		9,534		10,223,525
5.75%, 11/15/28 (Call 11/15/23)^(a)(b)		15,602		16,596,627
7.00%, 05/15/25 (Call 05/15/21)^(b)		8,829		9,082,834
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)^(b)		14,202		15,015,491
5.25%, 12/15/29 (Call 09/15/29)^(b)		11,483		12,114,565
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)^(a)		8,028		7,997,895
4.88%, 06/01/24 (Call 03/03/24)^(a)(b)		18,399		19,397,330


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Chemicals (continued)
5.00%, 05/01/25 (Call 01/31/25)^(a)(b)	$	8,363	$	8,946,880
5.25%, 08/01/23 (Call 08/01/21)^(a)(b)		7,839		7,931,999
5.25%, 06/01/27 (Call 03/03/27)^(a)(b)		19,121		20,456,548
OCI NV, 5.25%, 11/01/24 (Call 11/01/21)^(a)(b)		6,817		7,083,068
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)^(b)		10,732		11,309,994
5.13%, 09/15/27 (Call 03/15/22)^(b)		11,524		12,031,301
5.63%, 08/01/29 (Call 08/01/24)^(b)		12,538		13,574,893
9.50%, 06/01/25 (Call 03/01/25)^(a)(b)		7,713		9,653,565
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)^(a)(b)		21,035		20,982,412
6.63%, 05/01/29 (Call 05/01/24)^(a)(b)		6,233		6,137,811
Tronox Inc.
4.63%, 03/15/29 (Call 03/15/24)^(a)		20,515		20,976,587
6.50%, 05/01/25 (Call 05/01/22)^(a)(b)		11,001		11,743,567
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)^(a)		10,423		10,188,483
4.25%, 02/15/30 (Call 02/15/25)^(a)(b)		11,141		11,391,673
WR Grace & Co.-Conn, 4.88%, 06/15/27 (Call 06/12/23)^(a)		14,268		14,874,390


				314,460,592

Commercial Services — 3.1%
ADT Security Corp. (The)
3.50%, 07/15/22		14,115		14,450,091
4.13%, 06/15/23^(b)		14,219		14,861,521
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.63%, 07/15/26 (Call 07/15/22)^(a)(b)		38,105		40,391,300
9.75%, 07/15/27 (Call 07/15/22)^(a)(b)		19,913		21,872,744
APX Group Inc.
6.75%, 02/15/27 (Call 02/15/23)^(a)(b)		12,693		13,644,340
7.63%, 09/01/23 (Call 09/01/21)		4,784		4,913,646
7.88%, 12/01/22 (Call 12/01/21)		7,528		7,562,347
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)^(a)		8,835		9,118,604
5.38%, 03/01/29 (Call 03/01/24)^(a)		11,179		11,694,799
5.75%, 07/15/27 (Call 07/15/22)^(a)(b)		8,659		9,168,149
Brink’s Co. (The)
4.63%, 10/15/27 (Call 10/15/22)^(a)(b)		13,316		13,768,744
5.50%, 07/15/25 (Call 06/18/22)^(a)(b)		5,219		5,525,308
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/23)^(a)(b)		10,638		10,702,505
9.50%, 11/01/27 (Call 11/01/22)^(a)(b)		12,659		13,948,699
Gartner Inc.
3.75%, 10/01/30 (Call 10/01/25)^(a)(b)		14,688		14,724,720
4.50%, 07/01/28 (Call 07/01/23)^(a)(b)		14,985		15,752,981
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)^(a)(b)		24,800		26,226,000
Jaguar Holding Co. II/PPD Development LP
4.63%, 06/15/25 (Call 06/05/22)^(a)(b)		10,203		10,737,943
5.00%, 06/15/28 (Call 06/15/23)^(a)(b)		14,336		15,651,328
MPH Acquisition Holdings LLC, 5.75%, 11/01/28 (Call 11/01/23)^(a)(b)		24,437		24,131,537
Nielsen Co Luxembourg SARL (The), 5.00%, 02/01/25 (Call 02/01/22)^(a)(b)		7,225		7,414,656
Nielsen Finance LLC/Nielsen Finance Co.
5.63%, 10/01/28 (Call 10/01/23)^(a)(b)		20,153		21,488,136
5.88%, 10/01/30 (Call 10/01/25)^(a)		13,275		14,528,160


Security	Par (000)		Value

Commercial Services (continued)
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)^(a)(b)	$	17,550	$	17,017,651
5.25%, 04/15/24^(a)(b)		13,783		14,746,280
5.75%, 04/15/26^(a)(b)		24,651		26,964,003
6.25%, 01/15/28 (Call 01/15/23)^(a)(b)		25,700		27,017,125
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 09/01/22)^(a)(b)		16,176		17,611,620
9.25%, 04/15/25 (Call 03/16/25)^(a)(b)		14,969		17,949,973
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)^(b)		15,314		14,835,897
4.63%, 12/15/27 (Call 12/15/22)^(b)		8,078		8,571,768
5.13%, 06/01/29 (Call 06/01/24)^(b)		14,856		16,038,389
United Rentals North America Inc.
3.88%, 11/15/27 (Call 11/15/22)^(b)		12,332		12,913,660
3.88%, 02/15/31 (Call 08/15/25)^(b)		21,309		21,431,527
4.00%, 07/15/30 (Call 07/15/25)^(b)		12,883		13,212,547
4.88%, 01/15/28 (Call 01/15/23)		31,377		33,155,841
5.25%, 01/15/30 (Call 01/15/25)^(b)		13,112		14,341,250
5.50%, 05/15/27 (Call 05/15/22)^(b)		19,696		20,971,316
5.88%, 09/15/26 (Call 09/15/21)		19,058		19,943,370
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)^(a)(b)		19,480		20,746,200


				659,746,675

Computers — 1.5%
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)^(a)(b)		27,480		29,269,264
Dell International LLC/EMC Corp., 7.13%, 06/15/24 (Call 06/15/21)^(a)		27,435		28,178,275
Diebold Nixdorf Inc.
8.50%, 04/15/24 (Call 04/15/22)^(b)		6,242		6,391,184
9.38%, 07/15/25 (Call 07/15/22)^(a)(b)		14,678		16,310,927
EMC Corp., 3.38%, 06/01/23 (Call 03/01/23)^(b)		15,806		16,403,214
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 07/14/21)^(a)(b)		12,021		4,357,613
NCR Corp.
5.00%, 10/01/28 (Call 08/20/23)^(a)(b)		13,467		13,904,677
5.13%, 04/15/29 (Call 04/15/24)^(a)		15,175		15,649,219
5.25%, 10/01/30 (Call 10/01/25)^(a)(b)		8,981		9,317,788
5.75%, 09/01/27 (Call 09/01/22)^(a)(b)		9,946		10,505,462
6.13%, 09/01/29 (Call 09/01/24)^(a)(b)		8,703		9,475,826
8.13%, 04/15/25 (Call 04/15/22)^(a)(b)		5,798		6,348,713
Seagate HDD Cayman
3.13%, 07/15/29 (Call 01/15/24)^(a)(b)		11,780		11,351,149
3.38%, 07/15/31 (Call 01/15/26)^(a)(b)		9,441		9,087,165
4.09%, 06/01/29 (Call 03/01/29)^(a)(b)		8,868		9,100,785
4.13%, 01/15/31 (Call 10/15/30)^(a)		9,230		9,356,912
4.75%, 06/01/23^(b)		11,769		12,583,168
4.75%, 01/01/25^(b)		6,745		7,358,514
4.88%, 03/01/24 (Call 01/01/24)		10,443		11,303,931
4.88%, 06/01/27 (Call 03/01/27)^(b)		6,151		6,835,606
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25 (Call 06/01/21)^(a)		19,988		20,424,404
Vericast Corp., 8.38%, 08/15/22 (Call 06/01/21)^(a)(b)		13,114		13,350,052
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 12.50%, 05/01/24 (Call 09/20/21)^(a)		3,877		4,066,419


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Computers (continued)
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)^(b)	$	45,593	$	50,522,743


				331,453,010

Cosmetics & Personal Care — 0.2%
Avon Products Inc., 6.50%, 03/15/23		660		710,011
Coty Inc., 5.00%, 04/15/26 (Call 04/15/23)^(a)		11,959		12,101,312
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)^(a)(b)		8,975		8,935,398
5.50%, 06/01/28 (Call 06/01/23)^(a)(b)		14,347		15,280,542


				37,027,263

Distribution & Wholesale — 0.6%
American Builders & Contractors Supply Co. Inc.
4.00%, 01/15/28 (Call 01/15/23)^(a)(b)		14,129		14,410,693
5.88%, 05/15/26 (Call 05/15/21)^(a)(b)		7,834		8,092,952
Avient Corp.
5.25%, 03/15/23^(b)		7,957		8,565,959
5.75%, 05/15/25 (Call 05/15/22)^(a)		13,458		14,240,358
Core & Main LP, 6.13%, 08/15/25 (Call 08/15/21)^(a)(b)		13,774		14,080,471
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)^(a)(b)		23,400		22,974,015
Performance Food Group Inc., 5.50%, 10/15/27 (Call 10/15/22)^(a)(b)		20,186		21,283,614
Wolverine Escrow LLC
8.50%, 11/15/24 (Call 11/15/21)^(a)(b)		11,307		11,144,109
9.00%, 11/15/26 (Call 11/15/22)^(a)(b)		16,903		16,721,019
13.13%, 11/15/27 (Call 11/15/22)^(a)(b)		9,795		8,299,630


				139,812,820

Diversified Financial Services — 2.6%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)^(b)(c)		13,433		13,997,547
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/20/25)^(b)		21,020		24,102,947
Genworth Mortgage Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)^(a)(b)		14,676		15,936,815
LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)^(a)		11,535		11,577,526
6.50%, 11/01/25 (Call 11/01/22)^(a)(b)		9,600		10,147,400
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)^(a)		17,260		17,300,178
4.63%, 11/15/27 (Call 11/15/22)^(a)		8,842		9,246,227
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)^(a)		11,336		11,216,719
5.50%, 08/15/28 (Call 08/15/23)^(a)(b)		16,439		16,562,292
6.00%, 01/15/27 (Call 01/15/23)^(a)(b)		12,133		12,666,852
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)		9,643		9,440,256
5.00%, 03/15/27 (Call 09/15/26)^(b)		13,007		13,086,529
5.50%, 01/25/23^(b)		19,286		20,192,442
5.88%, 10/25/24		8,546		9,002,884
6.13%, 03/25/24		16,384		17,305,600
6.50%, 06/15/22^(b)		14,021		14,712,617
6.75%, 06/25/25^(b)		9,647		10,478,778
6.75%, 06/15/26^(b)		9,041		9,780,102
7.25%, 01/25/22		368		382,748
7.25%, 09/25/23^(b)		8,995		9,770,819
NFP Corp., 6.88%, 08/15/28 (Call 08/15/23)^(a)(b)		33,793		35,440,409
OneMain Finance Corp.
4.00%, 09/15/30 (Call 09/15/25)^(b)		16,347		15,815,722
5.38%, 11/15/29 (Call 05/15/29)^(b)		12,978		14,000,017
5.63%, 03/15/23^(b)		15,646		16,709,146


Security	Par (000)		Value

Diversified Financial Services (continued)
6.13%, 05/15/22^(b)	$	14,415	$	15,118,407
6.13%, 03/15/24 (Call 09/15/23)^(b)		25,470		27,539,437
6.63%, 01/15/28 (Call 07/15/27)^(b)		14,309		16,262,178
6.88%, 03/15/25^(b)		24,580		27,935,170
7.13%, 03/15/26^(b)		30,258		35,323,695
8.88%, 06/01/25 (Call 06/01/22)		11,615		12,885,913
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)(e)		11,918		11,411,485
5.38%, 10/15/25 (Call 10/15/22)^(a)(e)		12,452		13,121,295
Quicken Loans LLC, 5.25%, 01/15/28 (Call 01/15/23)^(a)(b)		19,777		20,853,521
Quicken Loans LLC/Quicken Loans Co-Issuer Inc.
3.63%, 03/01/29 (Call 03/09/23)^(a)(b)		13,230		12,899,250
3.88%, 03/01/31 (Call 03/01/26)^(a)(b)		23,737		23,143,575
United Shore Financial Services LLC, 5.50%, 11/15/25 (Call 11/15/22)^(a)		1,824		1,894,941
United Wholesale Mortgage LLC, 5.50%, 04/15/29 (Call 03/30/24)^(a)		13,415		13,142,005


				570,403,444

Electric — 2.7%
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)^(a)		16,047		15,253,546
4.50%, 02/15/28 (Call 02/15/23)^(a)(b)		25,282		25,547,145
4.63%, 02/01/29 (Call 02/01/24)^(a)		11,760		11,602,063
5.00%, 02/01/31 (Call 02/01/26)^(a)(b)		15,847		15,583,613
5.13%, 03/15/28 (Call 03/15/23)^(a)		26,052		26,477,169
5.25%, 06/01/26 (Call 06/01/21)^(a)(b)		20,558		21,087,368
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)^(a)		16,824		16,562,219
4.75%, 03/15/28 (Call 03/15/23)^(a)(b)		16,442		17,240,465
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)		7,332		7,896,931
4.35%, 04/15/29 (Call 01/15/29)^(b)		6,507		7,053,772
Electricite de France SA
5.25%, (Call 01/29/23)^(a)(b)(c)(d)		29,854		31,322,748
5.63%, (Call 01/22/24)^(a)(b)(c)(d)		27,681		29,860,934
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)		12,129		11,865,086
Series B, 2.25%, 09/01/30 (Call 06/01/30)^(b)		9,626		9,092,615
Series B, 4.40%, 07/15/27 (Call 04/15/27)		26,292		28,789,740
Series B, 4.75%, 03/15/23 (Call 12/15/22)^(b)		3,423		3,624,843
FirstEnergy Transmission LLC
2.87%, 09/15/28 (Call 07/15/28)^(a)		8,217		8,444,936
4.35%, 01/15/25 (Call 10/15/24)^(a)		7,438		8,118,127
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)^(a)(b)		9,444		9,874,231
4.25%, 07/15/24 (Call 04/15/24)^(a)		10,808		11,469,990
4.25%, 09/15/24 (Call 07/15/24)^(a)(b)		1,058		1,121,512
4.50%, 09/15/27 (Call 06/15/27)^(a)(b)		10,967		11,844,360
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)^(a)(b)		8,443		8,280,557
3.63%, 02/15/31 (Call 02/15/26)^(a)(b)		19,001		18,616,199
5.25%, 06/15/29 (Call 06/15/24)^(a)(b)		14,462		15,492,417
5.75%, 01/15/28 (Call 01/15/23)^(b)		15,525		16,495,312
6.63%, 01/15/27 (Call 07/15/21)		19,941		20,782,510
7.25%, 05/15/26 (Call 05/15/21)		16,141		16,733,698
PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)^(b)		18,793		19,756,141
5.25%, 07/01/30 (Call 06/15/25)^(b)		18,582		19,826,994


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Talen Energy Supply LLC
6.50%, 06/01/25 (Call 06/01/21)^(b)	$	10,605	$	8,810,104
6.63%, 01/15/28 (Call 01/15/23)^(a)		8,999		9,108,488
7.25%, 05/15/27 (Call 05/15/22)^(a)(b)		13,435		13,868,279
7.63%, 06/01/28 (Call 06/01/23)^(a)(b)		6,141		6,368,678
10.50%, 01/15/26 (Call 01/15/22)^(a)(b)		11,984		11,010,300
Vistra Operations Co. LLC
5.00%, 07/31/27 (Call 07/31/22)^(a)(b)		24,893		25,789,895
5.50%, 09/01/26 (Call 09/01/21)^(a)(b)		18,441		19,063,384
5.63%, 02/15/27 (Call 02/15/22)^(a)		25,180		26,217,416


				585,953,785

Electrical Components & Equipment — 0.4%
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)^(a)(b)		16,061		15,985,581
4.75%, 06/15/28 (Call 07/01/23)^(a)(b)		10,983		11,230,117
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 06/15/22)^(a)(b)		30,126		32,585,035
7.25%, 06/15/28 (Call 06/15/23)^(a)		25,930		28,746,646


				88,547,379

Electronics — 0.5%
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)^(a)		31,372		32,586,096
Sensata Technologies BV
4.00%, 04/15/29 (Call 03/18/24)^(a)		13,110		13,191,282
4.88%, 10/15/23^(a)(b)		10,510		11,245,700
5.00%, 10/01/25^(a)(b)		12,543		13,922,730
5.63%, 11/01/24^(a)(b)		9,391		10,470,965
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		14,438		14,353,177
4.38%, 02/15/30 (Call 11/15/29)^(a)(b)		9,689		10,154,072


				105,924,022

Energy - Alternate Sources — 0.2%
TerraForm Power Operating LLC
4.25%, 01/31/23 (Call 10/31/22)^(a)(b)		6,320		6,508,810
4.75%, 01/15/30 (Call 01/15/25)^(a)(b)		13,574		14,116,960
5.00%, 01/31/28 (Call 07/31/27)^(a)		13,264		14,257,060


				34,882,830

Engineering & Construction — 0.3%
AECOM, 5.13%, 03/15/27 (Call 12/15/26)^(b)		18,349		20,413,262
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/21)^(a)(b)		18,829		19,251,980
Fluor Corp.
3.50%, 12/15/24 (Call 09/15/24)^(b)		9,520		9,829,210
4.25%, 09/15/28 (Call 06/15/28)^(b)		10,634		10,990,771


				60,485,223

Entertainment — 3.0%
AMC Entertainment Holdings Inc., 10.50%, 04/15/25 (Call 04/15/22)^(a)		8,697		9,302,079
AMC Entertainment Holdings Inc. (12.00% PIK), 12.00%, 06/15/26 (Call 06/15/23)^(a)(f)		5,081		4,357,078
Caesars Entertainment Inc.
6.25%, 07/01/25 (Call 07/01/22)^(a)(b)		64,253		68,349,129
8.13%, 07/01/27 (Call 07/01/23)^(a)(b)		34,266		38,120,925
Caesars Resort Collection LLC/CRC Finco Inc.
5.25%, 10/15/25 (Call 10/15/21)^(a)(b)		32,726		32,992,308
5.75%, 07/01/25 (Call 07/01/22)^(a)(b)		19,303		20,340,536
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)^(b)		8,248		8,467,397
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/24 (Call 06/01/21)^(b)		6,877		6,930,022


Security	Par (000)		Value

Entertainment (continued)
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 04/15/22)^(b)	$	11,396	$	11,771,751
5.50%, 05/01/25 (Call 05/01/22)^(a)		21,010		22,061,834
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/23)^(a)(b)		12,977		13,383,756
5.50%, 04/01/27 (Call 04/01/22)^(a)(b)		12,899		13,411,735
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/21)^(b)		15,902		15,881,327
5.88%, 03/15/26 (Call 03/15/23)^(a)(b)		7,380		7,682,580
International Game Technology PLC
4.13%, 04/15/26 (Call 04/15/23)^(a)		10,525		10,853,906
5.25%, 01/15/29 (Call 01/15/24)^(a)(b)		14,113		15,002,119
6.25%, 01/15/27 (Call 07/15/26)^(a)(b)		14,928		16,789,372
6.50%, 02/15/25 (Call 08/15/24)^(a)(b)		22,226		24,615,295
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 03/23/24)^(a)		14,704		14,740,760
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)^(a)(b)		9,301		9,265,386
4.75%, 10/15/27 (Call 10/15/22)^(a)(b)		17,654		17,822,199
4.88%, 11/01/24 (Call 11/01/21)^(a)(b)		10,669		10,885,847
6.50%, 05/15/27 (Call 05/15/23)^(a)(b)		24,214		26,889,189
Mohegan Gaming & Entertainment
7.88%, 10/15/24 (Call 10/15/21)^(a)(b)		2,973		3,102,799
8.00%, 02/01/26 (Call 02/01/23)^(a)		22,035		22,365,525
Scientific Games International Inc.
5.00%, 10/15/25 (Call 10/15/21)^(a)		25,659		26,495,055
7.00%, 05/15/28 (Call 05/15/23)^(a)(b)		12,252		13,206,760
7.25%, 11/15/29 (Call 11/15/24)^(a)(b)		8,613		9,505,881
8.25%, 03/15/26 (Call 03/15/22)^(a)(b)		21,794		23,529,347
8.63%, 07/01/25 (Call 07/01/22)^(a)(b)		12,125		13,246,563
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 07/31/21)^(a)(b)		18,701		18,896,261
5.50%, 04/15/27 (Call 04/15/22)^(a)(b)		9,742		10,085,194
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)^(a)(b)		14,530		15,679,614
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26 (Call 07/15/21)^(a)(b)		16,265		16,945,690
WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)^(a)(b)		15,261		14,326,264
3.88%, 07/15/30 (Call 07/15/25)^(a)(b)		10,915		11,051,438
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)^(a)		14,893		15,395,639
7.75%, 04/15/25 (Call 04/15/22)^(a)(b)		10,947		11,825,319


				645,573,879

Environmental Control — 0.4%
Covanta Holding Corp.
5.00%, 09/01/30 (Call 09/01/25)^(b)		7,654		7,880,340
5.88%, 07/01/25 (Call 07/01/21)^(b)		5,482		5,704,021
6.00%, 01/01/27 (Call 01/01/22)^(b)		5,369		5,626,491
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)^(a)		14,204		13,702,421
3.75%, 08/01/25 (Call 08/01/22)^(a)(b)		14,515		14,769,013
4.00%, 08/01/28 (Call 08/01/23)^(a)(b)		8,949		8,558,555
4.25%, 06/01/25 (Call 06/01/22)^(a)(b)		9,369		9,704,527
5.13%, 12/15/26 (Call 12/15/22)^(a)(b)		10,603		11,153,393
8.50%, 05/01/27 (Call 05/01/22)^(a)		1,347		1,480,068


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Environmental Control (continued)
Stericycle Inc.
3.88%, 01/15/29 (Call 11/15/23)^(a)(b)	$	9,821	$	9,812,407
5.38%, 07/15/24 (Call 06/07/21)^(a)(b)		6,685		6,903,733


				95,294,969

Food — 3.0%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 09/15/22)^(a)(b)		16,220		16,221,338
3.50%, 02/15/23 (Call 12/15/22)^(a)		13,112		13,502,082
3.50%, 03/15/29 (Call 09/15/23)^(a)(b)		24,321		23,348,160
4.63%, 01/15/27 (Call 01/15/22)^(a)(b)		24,381		25,356,240
4.88%, 02/15/30 (Call 02/15/25)^(a)(b)		18,187		18,935,390
5.75%, 03/15/25 (Call 09/15/21)		1,581		1,631,228
5.88%, 02/15/28 (Call 08/15/22)^(a)(b)		14,252		15,213,714
7.50%, 03/15/26 (Call 03/15/22)^(a)(b)		9,270		10,212,999
B&G Foods Inc.
5.25%, 04/01/25 (Call 04/01/22)^(b)		14,356		14,777,205
5.25%, 09/15/27 (Call 03/01/22)^(b)		13,462		13,931,555
JBS USA LUX SA/JBS USA Finance Inc., 6.75%, 02/15/28 (Call 02/15/23)^(a)(b)		18,326		20,220,908
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
5.50%, 01/15/30 (Call 01/15/25)^(a)(b)		23,294		25,694,577
6.50%, 04/15/29 (Call 04/15/24)^(a)		26,766		30,145,208
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)^(b)		34,677		36,655,323
3.50%, 06/06/22^(b)		1,726		1,776,458
3.75%, 04/01/30 (Call 01/01/30)		19,074		20,337,653
3.88%, 05/15/27 (Call 02/15/27)^(b)		25,318		27,529,527
3.95%, 07/15/25 (Call 04/15/25)^(b)		30,091		33,281,398
4.00%, 06/15/23 (Call 05/15/23)^(b)		4,580		4,872,738
4.25%, 03/01/31 (Call 12/01/30)		25,284		27,856,647
4.63%, 01/30/29 (Call 10/30/28)^(b)		19,018		21,442,795
Lamb Weston Holdings Inc.
4.63%, 11/01/24 (Call 11/01/21)^(a)(b)		16,432		17,053,162
4.88%, 11/01/26 (Call 11/01/21)^(a)(b)		15,841		16,442,562
4.88%, 05/15/28 (Call 11/15/27)^(a)(b)		9,708		10,704,642
Pilgrim’s Pride Corp.
4.25%, 04/15/31 (Call 04/15/26)^(a)		19,259		19,509,367
5.88%, 09/30/27 (Call 09/30/22)^(a)(b)		18,071		19,200,438
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)^(a)(b)		33,343		33,102,930
4.63%, 04/15/30 (Call 04/15/25)^(a)(b)		31,765		32,086,900
5.50%, 12/15/29 (Call 12/15/24)^(a)(b)		12,875		13,876,675
5.63%, 01/15/28 (Call 12/01/22)^(a)(b)		17,441		18,453,263
5.75%, 03/01/27 (Call 03/01/22)^(a)(b)		23,441		24,554,448
TreeHouse Foods Inc., 4.00%, 09/01/28 (Call 09/01/23)		1,456		1,448,720
U.S. Foods Inc.
4.75%, 02/15/29 (Call 02/15/24)^(a)		16,938		17,136,728
6.25%, 04/15/25 (Call 04/15/22)^(a)		19,967		21,232,922


				647,745,900

Food Service — 0.3%
Aramark Services Inc.
4.75%, 06/01/26 (Call 06/01/21)^(b)		10,971		11,234,317
5.00%, 04/01/25 (Call 04/01/22)^(a)(b)		9,379		9,625,199
5.00%, 02/01/28 (Call 02/01/23)^(a)(b)		22,970		24,032,362
6.38%, 05/01/25 (Call 05/01/22)^(a)(b)		27,473		29,224,404


				74,116,282


Security	Par (000)		Value

Forest Products & Paper — 0.1%
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)^(a)	$	16,431	$	17,054,908


Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)^(b)		14,017		15,566,345
5.63%, 05/20/24 (Call 03/20/24)^(b)		14,411		16,063,942
5.75%, 05/20/27 (Call 02/20/27)^(b)		8,443		9,442,229
5.88%, 08/20/26 (Call 05/20/26)^(b)		11,243		12,597,782


				53,670,298

Health Care - Products — 0.4%
Avantor Funding Inc., 4.63%, 07/15/28 (Call 07/15/23)^(a)(b)		30,438		31,883,805
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)^(a)(b)		18,095		17,778,337
4.63%, 02/01/28 (Call 02/01/23)^(a)(b)		8,861		9,390,888
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 7.25%, 02/01/28 (Call 02/01/23)^(a)		978		1,072,927
Teleflex Inc.
4.25%, 06/01/28 (Call 06/01/23)^(a)(b)		11,101		11,451,237
4.63%, 11/15/27 (Call 11/15/22)^(b)		10,471		11,135,699
4.88%, 06/01/26 (Call 06/01/21)		5,291		5,424,333


				88,137,226

Health Care - Services — 6.6%
Acadia Healthcare Co. Inc.
5.00%, 04/15/29 (Call 10/15/23)^(a)		4,750		4,910,312
5.50%, 07/01/28 (Call 07/01/23)^(a)		4,555		4,821,643
Catalent Pharma Solutions Inc.
3.13%, 02/15/29 (Call 02/15/24)^(a)		10,164		9,859,131
5.00%, 07/15/27 (Call 07/15/22)^(a)(b)		8,905		9,344,098
Centene Corp.
2.50%, 03/01/31 (Call 12/01/30)^(b)		39,587		37,830,129
3.00%, 10/15/30 (Call 07/15/30)		40,212		39,910,410
3.38%, 02/15/30 (Call 02/15/25)^(b)		38,528		38,721,877
4.25%, 12/15/27 (Call 12/15/22)^(b)		47,490		49,864,500
4.63%, 12/15/29 (Call 12/15/24)		65,977		71,517,748
5.38%, 06/01/26 (Call 06/01/21)^(a)		29,078		30,329,808
5.38%, 08/15/26 (Call 08/15/21)^(a)(b)		12,398		12,932,147
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)^(a)		10,730		10,923,965
4.00%, 03/15/31 (Call 03/15/26)^(a)		8,833		9,097,990
4.25%, 05/01/28 (Call 05/01/23)^(a)		10,257		10,684,058
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)^(a)		19,367		19,241,114
5.63%, 03/15/27 (Call 12/15/23)^(a)(b)		27,999		29,656,681
6.00%, 01/15/29 (Call 01/15/24)^(a)(b)		15,671		16,497,567
6.63%, 02/15/25 (Call 02/15/22)^(a)(b)		24,922		26,319,658
6.88%, 04/01/28 (Call 04/01/23)^(a)(b)		23,889		22,604,140
6.88%, 04/15/29 (Call 04/15/24)^(a)(b)		32,220		33,744,973
8.00%, 03/15/26 (Call 03/15/22)^(a)		36,202		39,007,655
8.00%, 12/15/27 (Call 12/15/22)^(a)(b)		10,438		11,494,885
8.13%, 06/30/24 (Call 06/30/21)^(a)(b)		22,591		23,677,250
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		27,924		26,527,800
4.63%, 06/01/30 (Call 06/01/25)^(a)(b)		50,288		50,916,600
Encompass Health Corp, 4.63%, 04/01/31 (Call 03/30/26)^(b)		6,688		7,106,000
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/23)^(b)		17,000		17,616,250
4.75%, 02/01/30 (Call 02/01/25)^(b)		15,312		16,131,618


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care - Services (continued)
HCA Inc.
3.50%, 09/01/30 (Call 03/01/30)^(b)	$	50,415	$	51,802,743
5.38%, 02/01/25^(b)		48,815		54,370,147
5.38%, 09/01/26 (Call 03/01/26)		19,376		21,986,587
5.63%, 09/01/28 (Call 03/01/28)		26,925		31,413,869
5.88%, 05/01/23^(b)		21,579		23,549,767
5.88%, 02/15/26 (Call 08/15/25)		28,436		32,665,855
5.88%, 02/01/29 (Call 08/01/28)^(b)		18,776		22,155,680
IQVIA Inc.
5.00%, 10/15/26 (Call 10/15/21)^(a)(b)		21,096		21,836,839
5.00%, 05/15/27 (Call 05/15/22)^(a)(b)		20,872		21,870,239
Legacy LifePoint Health LLC
4.38%, 02/15/27 (Call 02/15/22)^(a)		11,628		11,665,527
6.75%, 04/15/25 (Call 04/15/22)^(a)		10,380		11,077,855
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)^(a)(b)		9,460		9,461,892
MEDNAX Inc., 6.25%, 01/15/27 (Call 01/15/22)^(a)(b)		21,296		22,630,727
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)^(a)		11,803		12,171,844
4.38%, 06/15/28 (Call 06/15/23)^(a)(b)		16,177		16,691,519
5.38%, 11/15/22 (Call 08/15/22)^(b)		12,865		13,534,173
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)^(a)(b)		13,000		14,297,270
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)^(a)(b)		27,994		30,329,819
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)^(a)		16,968		17,689,140
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)^(a)(b)		25,755		27,399,972
Tenet Healthcare Corp.
4.63%, 07/15/24 (Call 07/15/21)^(b)		35,214		35,745,731
4.63%, 09/01/24 (Call 09/01/21)^(a)(b)		9,128		9,399,193
4.63%, 06/15/28 (Call 06/15/23)^(a)(b)		9,309		9,618,440
4.88%, 01/01/26 (Call 03/01/22)^(a)(b)		40,462		42,040,018
5.13%, 05/01/25 (Call 05/01/21)^(b)		28,196		28,534,352
5.13%, 11/01/27 (Call 11/01/22)^(a)		27,025		28,380,004
6.13%, 10/01/28 (Call 10/01/23)^(a)(b)		47,876		50,639,642
6.25%, 02/01/27 (Call 02/01/22)^(a)		26,534		27,827,532
6.75%, 06/15/23^(b)		35,341		38,592,372
7.50%, 04/01/25 (Call 04/01/22)^(a)(b)		12,453		13,429,585


				1,434,098,340

Holding Companies - Diversified — 0.6%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)^(a)		18,720		19,777,118
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)^(a)		12,566		12,204,728
4.75%, 09/15/24 (Call 06/15/24)		20,788		21,840,704
5.25%, 05/15/27 (Call 11/15/26)^(a)		7,240		7,401,090
5.25%, 05/15/27 (Call 11/15/26)^(b)		16,808		17,181,978
6.25%, 05/15/26 (Call 05/15/22)^(b)		22,262		23,516,063
6.38%, 12/15/25 (Call 12/15/21)		13,100		13,527,060
6.75%, 02/01/24 (Call 02/01/22)^(b)		7,865		8,042,946
Stena AB, 7.00%, 02/01/24^(a)(b)		10,552		10,731,971


				134,223,658

Home Builders — 0.7%
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
4.88%, 02/15/30 (Call 02/15/25)^(a)(b)		9,023		9,023,000
6.25%, 09/15/27 (Call 09/15/22)^(a)(b)		12,423		13,258,447


Security	Par (000)		Value

Home Builders (continued)
Lennar Corp., 5.88%, 11/15/24 (Call 05/15/24)	$	225	$	256,959
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)^(a)(b)		10,751		10,939,479
5.25%, 12/15/27 (Call 12/15/22)^(a)(b)		11,030		11,650,058
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)^(a)		5,930		6,096,099
6.00%, 06/01/25 (Call 03/01/25)^(b)		7,079		8,047,584
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/22)^(a)(b)		12,043		12,810,741
PulteGroup Inc., 5.50%, 03/01/26 (Call 12/01/25)		175		205,525
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)^(a)(b)		9,556		10,527,128
5.75%, 01/15/28 (Call 10/15/27)^(a)		8,499		9,589,139
5.88%, 06/15/27 (Call 03/15/27)^(a)(b)		9,183		10,422,705
Toll Brothers Finance Corp.
3.80%, 11/01/29 (Call 08/01/29)^(b)		8,705		9,292,588
4.35%, 02/15/28 (Call 11/15/27)^(b)		6,132		6,727,025
4.38%, 04/15/23 (Call 01/15/23)^(b)		5,136		5,413,986
4.88%, 03/15/27 (Call 12/15/26)^(b)		7,843		8,905,014
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24^(b)		10,623		11,854,949
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)^(a)		9,696		9,889,920


				154,910,346

Household Products & Wares — 0.2%
Central Garden & Pet Co., 4.13%, 04/30/31 (Call 04/30/26)^(a)		7,405		7,367,975
Kronos Acquisition Holdings Inc./KIK Custom Products Inc.
5.00%, 12/31/26 (Call 06/30/23)^(a)(b)		8,445		8,518,894
7.00%, 12/31/27 (Call 12/31/23)^(a)(b)		9,640		9,350,800
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)^(a)(b)		9,500		9,311,153
5.75%, 07/15/25 (Call 07/15/21)^(b)		8,566		8,809,703


				43,358,525

Housewares — 0.4%
Newell Brands Inc.
4.35%, 04/01/23 (Call 02/01/23)^(b)		15,514		16,371,304
4.70%, 04/01/26 (Call 01/01/26)		39,163		43,617,791
4.88%, 06/01/25 (Call 05/01/25)^(b)		10,130		11,267,093
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)^(a)		9,263		9,163,967
4.50%, 10/15/29 (Call 10/15/24)^(b)		4,667		4,900,350


				85,320,505

Insurance — 0.8%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)		12,768		12,497,565
7.00%, 11/15/25 (Call 11/15/21)^(a)(b)		18,967		19,527,000
10.13%, 08/01/26 (Call 08/01/22)^(a)(b)		7,319		8,366,663
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)^(a)		9,933		10,088,203
6.75%, 10/15/27 (Call 10/15/22)^(a)		26,870		28,246,072
AssuredPartners Inc.
5.63%, 01/15/29 (Call 12/15/23)^(a)(b)		9,766		9,887,416
7.00%, 08/15/25 (Call 08/15/21)^(a)(b)		8,925		9,150,675
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/15/22)^(a)(b)		10,651		11,348,108


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/21)^(a)(b)	$	28,483	$	29,557,285
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)^(b)		10,810		11,467,129
4.88%, 03/15/27 (Call 09/15/26)^(b)		7,619		8,122,330
6.63%, 03/15/25 (Call 09/15/24)^(b)		10,490		11,872,407


				170,130,853

Internet — 1.9%
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)^(a)(b)		12,846		12,797,827
6.13%, 12/01/28 (Call 12/01/23)^(a)(b)		9,540		9,826,200
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)^(a)		16,266		15,840,156
5.25%, 12/01/27 (Call 06/01/22)^(a)(b)		7,895		8,283,829
Match Group Holdings II LLC
4.13%, 08/01/30 (Call 05/01/25)^(a)		8,398		8,429,493
4.63%, 06/01/28 (Call 06/01/23)^(a)		10,810		11,161,325
5.00%, 12/15/27 (Call 12/15/22)^(a)(b)		7,676		8,081,229
Netflix Inc.
3.63%, 06/15/25 (Call 03/15/25)^(a)(b)		11,330		12,202,410
4.38%, 11/15/26^(b)		16,488		18,594,960
4.88%, 04/15/28^(b)		31,017		35,708,321
4.88%, 06/15/30 (Call 03/15/30)^(a)(b)		18,145		21,040,262
5.38%, 11/15/29^(a)(b)		17,412		20,676,750
5.75%, 03/01/24^(b)		3,996		4,499,276
5.88%, 02/15/25		16,314		18,883,455
5.88%, 11/15/28		33,867		41,275,406
6.38%, 05/15/29^(b)		15,423		19,367,690
NortonLifeLock Inc.
3.95%, 06/15/22 (Call 03/15/22)^(b)		3,135		3,198,523
5.00%, 04/15/25 (Call 04/15/22)^(a)		19,224		19,468,985
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)^(a)(b)		15,880		17,415,823
Uber Technologies Inc.
6.25%, 01/15/28 (Call 12/17/23)^(a)(b)		10,360		11,257,835
7.50%, 05/15/25 (Call 05/15/22)^(a)		19,807		21,416,319
7.50%, 09/15/27 (Call 09/15/22)^(a)		21,674		23,945,435
8.00%, 11/01/26 (Call 11/01/21)^(a)(b)		28,773		31,128,789
VeriSign Inc.
4.75%, 07/15/27 (Call 07/15/22)		4,201		4,480,661
5.25%, 04/01/25 (Call 01/01/25)		4,254		4,812,235


				403,793,194

Iron & Steel — 0.7%
Allegheny Technologies Inc., 7.88%, 08/15/23 (Call 05/15/23)		720		783,900
ArcelorMittal SA
3.60%, 07/16/24^(b)		11,485		12,239,154
4.25%, 07/16/29^(b)		9,653		10,475,427
4.55%, 03/11/26^(b)		12,332		13,688,520
Cleveland-Cliffs Inc.
4.63%, 03/01/29 (Call 03/01/24)^(a)(b)		9,462		9,605,507
4.88%, 03/01/31 (Call 03/01/26)^(a)(b)		8,949		9,105,608
5.88%, 06/01/27 (Call 06/01/22)^(b)		10,686		11,220,300
6.75%, 03/15/26 (Call 03/04/23)^(a)(b)		15,674		17,043,751
9.88%, 10/17/25 (Call 10/17/22)^(a)		12,228		14,352,615
U.S. Steel Corp.
6.25%, 03/15/26 (Call 03/15/22)^(b)		11,335		11,590,038
6.88%, 08/15/25 (Call 08/15/21)^(b)		14,725		15,109,886


Security	Par (000)		Value

Iron & Steel (continued)
6.88%, 03/01/29 (Call 03/01/24)	$	14,682	$	15,324,338


				140,539,044

Leisure Time — 0.7%
Life Time Inc.
5.75%, 01/15/26 (Call 01/15/23)^(a)		17,740		18,383,712
8.00%, 04/15/26 (Call 02/01/23)^(a)(b)		8,993		9,476,695
NCL Corp. Ltd.
3.63%, 12/15/24 (Call 12/15/21)^(a)(b)		11,213		10,778,496
5.88%, 03/15/26 (Call 12/15/25)^(a)		24,865		26,030,102
10.25%, 02/01/26 (Call 08/01/23)^(a)		14,336		16,859,709
12.25%, 05/15/24 (Call 02/15/24)^(a)(b)		13,856		16,866,770
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)^(a)(b)		10,060		10,547,910
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/22)^(a)(b)		15,230		14,925,400
13.00%, 05/15/25 (Call 05/15/22)^(a)		13,488		15,770,844
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)^(a)(b)		12,850		13,107,000


				152,746,638

Lodging — 3.2%
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/22)^(b)		19,587		20,076,436
6.00%, 08/15/26 (Call 08/15/21)		13,663		14,202,688
6.38%, 04/01/26 (Call 04/01/22)^(b)		10,839		11,213,990
8.63%, 06/01/25 (Call 06/01/22)^(a)(b)		11,757		13,017,350
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 09/01/21)^(a)		9,600		9,986,400
10.75%, 09/01/24 (Call 09/01/21)^(a)		10,357		10,965,474
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)^(a)		29,474		29,067,727
3.75%, 05/01/29 (Call 05/01/24)^(a)		13,092		13,179,534
4.00%, 05/01/31 (Call 05/01/26)^(a)(b)		19,684		19,926,261
4.88%, 01/15/30 (Call 01/15/25)^(b)		18,610		19,850,356
5.38%, 05/01/25 (Call 05/01/22)^(a)(b)		8,921		9,381,076
5.75%, 05/01/28 (Call 05/01/23)^(a)		9,103		9,807,257
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 04/01/22)		11,874		12,360,781
Marriott Ownership Resorts Inc., 6.13%, 09/15/25 (Call 05/15/22)^(a)(b)		10,755		11,413,744
Marriott Ownership Resorts Inc./ILG LLC, 6.50%, 09/15/26 (Call 09/15/21)^(b)		14,535		15,189,075
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 06/06/21)^(a)(b)		17,434		17,924,767
5.25%, 04/26/26 (Call 04/26/22)^(a)(b)		10,170		10,683,585
5.38%, 12/04/29 (Call 12/04/24)^(a)(b)		21,096		22,509,432
5.63%, 07/17/27 (Call 07/17/22)^(a)		10,138		10,737,735
5.75%, 07/21/28 (Call 07/21/23)^(a)		15,857		17,138,246
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)^(a)(b)		14,400		14,878,800
5.25%, 06/18/25 (Call 06/16/22)^(a)(b)		9,395		9,845,490
5.38%, 05/15/24 (Call 05/15/21)^(a)(b)		12,082		12,412,443
5.88%, 05/15/26 (Call 05/15/22)^(a)(b)		16,130		16,966,216
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)^(b)		7,348		7,741,118
4.75%, 10/15/28 (Call 07/15/28)		13,616		14,364,880
5.50%, 04/15/27 (Call 01/15/27)^(b)		13,717		14,985,822
5.75%, 06/15/25 (Call 03/15/25)^(b)		14,172		15,606,915
6.00%, 03/15/23		21,546		23,062,000
6.75%, 05/01/25 (Call 05/01/22)^(b)		13,757		14,754,382
7.75%, 03/15/22		4,741		4,993,035


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Lodging (continued)
Station Casinos LLC
4.50%, 02/15/28 (Call 02/15/23)^(a)	$	742	$	744,783
5.00%, 10/01/25 (Call 10/01/21)^(a)		506		514,083
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)^(a)		14,550		14,904,729
6.00%, 07/15/25 (Call 07/15/22)^(a)(b)		10,152		10,737,026
6.50%, 01/15/28 (Call 07/15/23)^(a)(b)		9,510		10,301,831
Travel & Leisure Co.
3.90%, 03/01/23 (Call 12/01/22)		5,985		6,185,938
4.25%, 03/01/22 (Call 12/01/21)		1,017		1,030,730
6.00%, 04/01/27 (Call 01/01/27)^(b)		8,614		9,634,575
6.63%, 07/31/26 (Call 04/30/26)^(a)(b)		12,238		14,027,808
Wyndham Hotels & Resorts Inc., 4.38%, 08/15/28 (Call 08/15/23)^(a)		7,808		8,053,611
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)^(a)(b)		8,845		9,082,741
5.25%, 05/15/27 (Call 02/15/27)^(a)(b)		17,419		18,476,405
5.50%, 03/01/25 (Call 12/01/24)^(a)(b)		32,859		35,073,697
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 10/01/21)^(a)(b)		12,411		12,639,362
5.13%, 12/15/29 (Call 12/15/24)^(a)		18,071		18,499,975
5.50%, 01/15/26 (Call 06/15/22)^(a)(b)		20,023		21,084,219
5.50%, 10/01/27 (Call 10/01/22)^(a)(b)		14,514		15,257,117
5.63%, 08/26/28 (Call 08/26/23)^(a)(b)		24,426		25,708,365


				680,200,010

Machinery — 0.3%
Colfax Corp., 6.38%, 02/15/26 (Call 02/15/22)^(a)(b)		4,685		4,998,286
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 04/15/22)^(a)(b)		13,044		13,548,911
Vertical Holdco GmbH, 7.63%, 07/15/28 (Call 07/15/23)^(a)(b)		8,593		9,384,630
Vertical U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)^(a)(b)		29,683		31,142,415


				59,074,242

Manufacturing — 0.7%
Bombardier Inc.
6.00%, 10/15/22 (Call 05/31/21)^(a)(b)		23,480		23,481,468
6.13%, 01/15/23^(a)		19,811		20,674,561
7.50%, 12/01/24 (Call 12/01/21)^(a)(b)		18,090		18,402,957
7.50%, 03/15/25 (Call 03/15/22)^(a)(b)		27,931		27,931,000
7.88%, 04/15/27 (Call 04/15/22)^(a)(b)		37,823		37,681,164
FXI Holdings Inc.
7.88%, 11/01/24 (Call 11/01/21)^(a)(b)		9,968		10,326,225
12.25%, 11/15/26 (Call 11/15/22)^(a)(b)		14,168		16,414,957
Hillenbrand Inc., 5.75%, 06/15/25 (Call 06/15/22)		627		674,204


				155,586,536

Media — 9.4%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)^(a)		22,839		22,524,964
7.50%, 05/15/26 (Call 05/15/21)^(a)		46,808		48,658,320
AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)		18,676		18,442,550
4.75%, 08/01/25 (Call 08/01/21)^(b)		17,251		17,768,530
5.00%, 04/01/24 (Call 04/01/22)		5,589		5,671,438
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23 (Call 11/01/21)^(a)(b)		7,467		7,546,374
4.25%, 02/01/31 (Call 07/01/25)^(a)		55,356		55,356,000
4.50%, 08/15/30 (Call 02/15/25)^(a)(b)		51,112		52,123,506
4.50%, 05/01/32 (Call 05/01/26)^(a)		55,662		56,288,659


Security	Par (000)		Value

Media (continued)
4.50%, 06/01/33 (Call 06/01/27)^(a)	$	5,790	$	5,831,659
4.75%, 03/01/30 (Call 09/01/24)^(a)(b)		56,792		59,276,650
5.00%, 02/01/28 (Call 08/01/22)^(a)(b)		47,509		49,646,905
5.13%, 05/01/27 (Call 05/01/22)^(a)		60,571		63,480,782
5.38%, 06/01/29 (Call 06/01/24)^(a)(b)		28,312		30,697,711
5.50%, 05/01/26 (Call 05/01/21)^(a)		23,279		24,023,928
5.75%, 02/15/26 (Call 02/15/22)^(a)(b)		31,088		32,124,474
5.88%, 05/01/27 (Call 05/01/21)^(a)		9,392		9,711,891
Clear Channel Worldwide Holdings Inc.
5.13%, 08/15/27 (Call 08/15/22)^(a)(b)		22,383		22,800,219
9.25%, 02/15/24 (Call 02/15/22)^(b)		20,314		21,197,236
CSC Holdings LLC
3.38%, 02/15/31 (Call 02/15/26)^(a)(b)		17,249		16,222,517
4.13%, 12/01/30 (Call 12/01/25)^(a)(b)		20,125		19,970,289
4.50%, 11/15/31 (Call 11/15/26)		11,395		11,409,244
4.63%, 12/01/30 (Call 12/01/25)^(a)(b)		43,498		42,570,949
5.00%, 11/15/31 (Call 11/15/26)^(a)		3,555		3,559,444
5.25%, 06/01/24^(b)		15,002		16,266,784
5.38%, 02/01/28 (Call 02/01/23)^(a)(b)		18,191		19,178,044
5.50%, 05/15/26 (Call 05/15/21)^(a)		24,776		25,488,310
5.50%, 04/15/27 (Call 04/15/22)^(a)(b)		25,871		27,151,718
5.75%, 01/15/30 (Call 01/15/25)^(a)(b)		41,743		44,441,389
5.88%, 09/15/22^(b)		9,981		10,481,547
6.50%, 02/01/29 (Call 02/01/24)^(a)(b)		32,758		36,197,590
7.50%, 04/01/28 (Call 04/01/23)^(a)(b)		21,002		23,159,080
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.38%, 08/15/26 (Call 08/15/22)^(a)(b)		55,290		40,361,700
6.63%, 08/15/27 (Call 08/15/22)^(a)(b)		32,089		17,328,060
DISH DBS Corp.
5.00%, 03/15/23		29,228		30,563,600
5.88%, 07/15/22^(b)		32,239		33,769,608
5.88%, 11/15/24^(b)		36,747		39,762,176
7.38%, 07/01/28 (Call 07/01/23)^(b)		17,884		19,314,541
7.75%, 07/01/26^(b)		37,970		43,760,425
EW Scripps Co. (The), 5.13%, 05/15/25 (Call 05/15/21)^(a)		9,974		10,231,209
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)^(a)(b)		15,230		15,220,608
5.88%, 07/15/26 (Call 07/15/21)^(a)(b)		12,371		12,834,912
7.00%, 05/15/27 (Call 05/15/22)^(a)(b)		16,129		17,624,260
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/23)^(a)(b)		8,712		8,884,640
5.25%, 08/15/27 (Call 08/15/22)^(a)(b)		14,774		15,291,090
6.38%, 05/01/26 (Call 05/01/22)^(b)		12,155		12,944,699
8.38%, 05/01/27 (Call 05/01/22)^(b)		29,347		31,481,860
LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)^(a)		14,330		14,683,808
6.75%, 10/15/27 (Call 10/15/22)^(a)(b)		25,369		27,271,675
Meredith Corp., 6.88%, 02/01/26 (Call 02/01/22)^(b)		27,420		28,139,775
News Corp., 3.88%, 05/15/29 (Call 05/15/24)^(a)		19,290		19,670,206
Nexstar Broadcasting Inc.
4.75%, 11/01/28 (Call 11/01/23)^(a)(b)		18,027		18,391,511
5.63%, 07/15/27 (Call 07/15/22)^(a)(b)		34,229		36,154,381
Quebecor Media Inc., 5.75%, 01/15/23^(b)		15,655		16,721,987
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 09/15/23)^(a)(b)		16,845		17,153,474
6.50%, 09/15/28 (Call 09/15/23)^(a)(b)		19,045		19,860,126
Scripps Escrow II Inc. 3.88%, 01/15/29 (Call 01/15/24)^(a)		8,883		8,827,481


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
5.38%, 01/15/31 (Call 01/15/26)^(a)(b)	$	9,760	$	9,896,721
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/22)^(a)(b)		10,008		10,518,108
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)^(a)(b)		13,882		13,534,950
5.13%, 02/15/27 (Call 08/15/21)^(a)(b)		7,521		7,470,515
5.50%, 03/01/30 (Call 12/01/24)^(a)(b)		9,757		9,762,854
Sirius XM Radio Inc.
3.88%, 08/01/22 (Call 08/01/21)^(a)(b)		15,066		15,145,096
4.13%, 07/01/30 (Call 07/01/25)^(a)(b)		26,673		26,718,291
4.63%, 07/15/24 (Call 07/15/21)^(a)(b)		27,956		28,764,471
5.00%, 08/01/27 (Call 08/01/22)^(a)(b)		28,587		29,980,616
5.38%, 07/15/26 (Call 07/15/21)^(a)(b)		18,382		18,994,121
5.50%, 07/01/29 (Call 07/01/24)^(a)(b)		24,281		26,269,007
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)^(b)		18,640		19,021,479
4.75%, 03/15/26 (Call 03/15/23)^(a)(b)		10,071		10,717,055
5.00%, 09/15/29 (Call 09/15/24)^(b)		21,566		22,381,195
Telenet Finance Luxembourg Note Sarl, 5.50%, 03/01/28 (Call 12/01/22)^(a)		17,000		17,954,834
Univision Communications Inc.
5.13%, 02/15/25 (Call 02/15/22)^(a)(b)		28,994		29,511,952
6.63%, 06/01/27 (Call 06/01/23)^(a)(b)		28,482		30,863,807
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)^(a)		24,125		24,042,492
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)^(a)		3,150		3,275,212
ViacomCBS Inc.
5.88%, 02/28/57 (Call 02/28/22)^(c)		6,232		6,376,855
6.25%, 02/28/57 (Call 02/28/27)^(b)(c)		12,228		13,672,204
Videotron Ltd.
5.00%, 07/15/22^(b)		10,178		10,623,084
5.13%, 04/15/27 (Call 04/15/22)^(a)(b)		12,203		12,889,419
5.38%, 06/15/24 (Call 03/15/24)^(a)(b)		13,000		14,303,900
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)^(a)(b)		17,966		17,924,678
Virgin Media Secured Finance PLC
4.50%, 08/15/30 (Call 08/15/25)^(a)		16,465		16,553,970
5.50%, 08/15/26 (Call 08/15/21)^(a)(b)		13,401		13,905,012
5.50%, 05/15/29 (Call 05/15/24)^(a)(b)		26,588		28,429,227
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)^(a)		9,290		9,403,895
Ziggo Bond Co. BV
5.13%, 02/28/30 (Call 02/15/25)^(a)(b)		9,656		9,889,675
6.00%, 01/15/27 (Call 01/15/22)^(a)		11,336		11,907,633
Ziggo BV
4.88%, 01/15/30 (Call 10/15/24)^(a)(b)		13,230		13,596,736
5.50%, 01/15/27 (Call 01/15/22)^(a)		31,256		32,525,516


				2,022,341,093

Mining — 1.5%
Alcoa Nederland Holding BV
4.13%, 03/31/29 (Call 03/31/24)^(a)(b)		9,240		9,487,401
5.50%, 12/15/27 (Call 06/15/23)^(a)(b)		15,197		16,450,753
6.13%, 05/15/28 (Call 05/15/23)^(a)(b)		9,966		10,861,354
7.00%, 09/30/26 (Call 09/30/21)^(a)		8,701		9,180,228
Arconic Corp.
6.00%, 05/15/25 (Call 05/15/22)^(a)(b)		13,815		14,759,722
6.13%, 02/15/28 (Call 02/15/23)^(a)		15,648		16,586,880
Constellium SE
3.75%, 04/15/29 (Call 04/15/24)^(a)(b)		8,490		8,317,016
5.75%, 05/15/24 (Call 05/15/21)^(a)(b)		5,791		5,858,562


Security	Par (000)		Value

Mining (continued)
5.88%, 02/15/26 (Call 11/15/21)^(a)(b)	$	10,761	$	11,109,764
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)^(a)		26,949		27,947,557
4.50%, 09/15/27 (Call 06/15/27)^(a)		12,823		13,927,701
5.13%, 05/15/24 (Call 02/15/24)^(a)(b)		15,784		17,207,543
Freeport-McMoRan Inc.
3.55%, 03/01/22 (Call 12/01/21)		669		679,719
3.88%, 03/15/23 (Call 12/15/22)		14,598		15,251,544
4.13%, 03/01/28 (Call 03/01/23)^(b)		12,856		13,553,695
4.25%, 03/01/30 (Call 03/01/25)^(b)		11,333		12,193,741
4.38%, 08/01/28 (Call 08/01/23)^(b)		9,748		10,393,805
4.55%, 11/14/24 (Call 08/14/24)^(b)		11,735		12,820,488
4.63%, 08/01/30 (Call 08/01/25)^(b)		14,136		15,602,610
5.00%, 09/01/27 (Call 09/01/22)^(b)		12,330		13,099,084
5.25%, 09/01/29 (Call 09/01/24)^(b)		11,832		13,120,544
Novelis Corp.
4.75%, 01/30/30 (Call 01/30/25)^(a)(b)		29,420		30,697,302
5.88%, 09/30/26 (Call 09/30/21)^(a)(b)		26,434		27,575,684


				326,682,697

Office & Business Equipment — 0.4%
CDW LLC/CDW Finance Corp.
3.25%, 02/15/29 (Call 08/15/23)^(b)		12,899		12,786,134
4.13%, 05/01/25 (Call 05/01/22)		7,463		7,787,864
4.25%, 04/01/28 (Call 10/01/22)^(b)		12,333		12,847,903
5.50%, 12/01/24 (Call 06/01/24)^(b)		9,513		10,510,914
Xerox Corp., 4.38%, 03/15/23 (Call 02/15/23)		15,781		16,554,269
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)^(a)		13,475		14,153,803
5.50%, 08/15/28 (Call 07/15/28)^(a)(b)		14,327		14,971,715


				89,612,602

Oil & Gas — 7.2%
Aker BP ASA, 4.75%, 06/15/24 (Call 06/15/21)^(a)		766		786,169
Antero Resources Corp.
5.00%, 03/01/25 (Call 03/01/22)^(b)		12,055		12,235,825
5.63%, 06/01/23 (Call 06/01/21)		7,055		7,081,456
7.63%, 02/01/29 (Call 02/01/24)^(a)		11,743		12,723,540
8.38%, 07/15/26 (Call 01/15/24)^(a)(b)		9,101		10,232,036
Apache Corp.
4.25%, 01/15/30 (Call 10/15/29)^(b)		9,780		9,800,587
4.38%, 10/15/28 (Call 07/15/28)^(b)		18,698		19,085,049
4.63%, 11/15/25 (Call 08/15/25)^(b)		9,021		9,528,431
4.88%, 11/15/27 (Call 05/15/27)^(b)		13,771	��	14,555,086
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.00%, 11/01/26 (Call 11/01/21)^(a)		10,204		10,331,550
9.00%, 11/01/27 (Call 11/01/26)^(a)		678		877,841
Callon Petroleum Co.
6.13%, 10/01/24 (Call 10/01/21)		6,000		5,550,000
6.25%, 04/15/23 (Call 06/01/21)^(b)		6,845		6,502,750
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 10/15/21)^(a)(b)		9,778		10,645,798
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 02/05/23)^(a)		9,518		10,067,487
5.88%, 02/01/29 (Call 02/05/24)^(a)		9,955		10,726,512
Citgo Holding Inc., 9.25%, 08/01/24 (Call 08/01/21)^(a)(b)		24,349		25,120,863
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 06/15/23)^(a)(b)		12,129		12,420,269
7.00%, 06/15/25 (Call 06/15/22)^(a)(b)		21,380		22,048,125


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

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)	$	8,702	$	9,287,384
7.25%, 03/14/27 (Call 03/14/22)^(a)(b)		11,983		12,944,276
Comstock Resources Inc.
6.75%, 03/01/29 (Call 03/01/24)^(a)		23,419		23,922,508
7.50%, 05/15/25 (Call 05/15/21)^(a)		2,918		3,025,602
9.75%, 08/15/26 (Call 08/15/21)^(b)		13,121		14,266,201
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)		18,159		18,952,094
4.38%, 01/15/28 (Call 10/15/27)^(b)		17,204		18,709,350
4.50%, 04/15/23 (Call 01/15/23)		9,800		10,266,480
5.75%, 01/15/31 (Call 07/15/30)^(a)(b)		27,436		31,825,760
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)^(a)		7,765		7,949,419
5.63%, 10/15/25 (Call 10/15/21)^(a)(b)		20,621		21,353,984
CVR Energy Inc.
5.25%, 02/15/25 (Call 02/15/22)^(a)(b)		11,334		11,390,670
5.75%, 02/15/28 (Call 02/15/23)^(a)(b)		7,345		7,450,584
Endeavor Energy Resources LP/EER Finance Inc.
5.50%, 01/30/26 (Call 01/30/22)^(a)		8,248		8,529,449
5.75%, 01/30/28 (Call 01/30/23)^(a)		17,124		18,279,870
6.63%, 07/15/25 (Call 07/15/22)^(a)		10,465		11,158,306
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)		7,735		7,930,009
4.88%, 03/30/26 (Call 12/30/25)		7,525		7,783,108
5.38%, 03/30/28 (Call 09/30/27)		9,140		9,463,983
5.88%, 03/30/31 (Call 09/30/30)		11,110		11,457,187
EQT Corp.
3.00%, 10/01/22 (Call 09/01/22)^(b)		7,218		7,364,026
3.90%, 10/01/27 (Call 07/01/27)^(b)		22,516		23,474,337
7.63%, 02/01/25 (Call 01/01/25)^(b)		20,617		23,722,436
8.50%, 02/01/30 (Call 11/01/29)^(b)		13,076		16,720,935	��
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 10/01/25 (Call 04/01/22)^(a)		8,105		8,249,492
5.75%, 02/01/29 (Call 02/01/24)^(a)(b)		9,878		10,093,587
6.00%, 02/01/31 (Call 02/01/26)^(a)		9,724		10,106,153
6.25%, 11/01/28 (Call 11/01/23)^(a)		9,230		9,603,538
Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 01/15/22)		1,586		1,633,580
Leviathan Bond Ltd.
5.75%, 06/30/23 (Call 03/30/23)^(a)		4,440		4,675,555
6.13%, 06/30/25 (Call 03/30/25)^(a)		9,613		10,545,689
6.50%, 06/30/27 (Call 12/30/26)^(a)		11,549		12,850,028
6.75%, 06/30/30 (Call 12/30/29)^(a)		9,479		10,649,640
Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/21)^(b)		20,367		20,341,541
MEG Energy Corp.
5.88%, 02/01/29 (Call 02/01/24)^(a)		9,799		10,069,791
6.50%, 01/15/25 (Call 01/15/22)^(a)(b)		6,788		7,021,338
7.13%, 02/01/27 (Call 02/01/23)^(a)		24,041		25,664,489
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 01/15/22)^(a)(b)		12,963		11,575,311
10.50%, 05/15/27 (Call 05/15/22)^(a)		8,915		8,415,760
Murphy Oil Corp.
5.75%, 08/15/25 (Call 08/15/21)^(b)		10,019		10,209,808
5.88%, 12/01/27 (Call 12/01/22)		8,985		9,029,925
6.38%, 07/15/28 (Call 07/15/24)^(b)		10,625		10,779,189
6.88%, 08/15/24 (Call 08/15/21)^(b)		10,471		10,766,177


Security	Par (000)		Value

Oil & Gas (continued)
Nabors Industries Inc.
5.75%, 02/01/25 (Call 11/01/24)	$	7,484	$	6,202,365
9.00%, 02/01/25 (Call 12/01/21)^(a)(b)		227		234,945
Nabors Industries Ltd.
7.25%, 01/15/26 (Call 07/15/22)^(a)		9,265		8,193,348
7.50%, 01/15/28 (Call 01/15/23)^(a)		4,228		3,691,044
Occidental Petroleum Corp.
2.70%, 08/15/22		27,170		27,339,812
2.70%, 02/15/23 (Call 08/15/22)		14,851		14,939,046
2.90%, 08/15/24 (Call 06/15/24)		55,865		55,725,337
3.00%, 02/15/27 (Call 11/15/26)		12,171		11,660,326
3.20%, 08/15/26 (Call 06/15/26)^(b)		20,120		19,669,129
3.40%, 04/15/26 (Call 01/15/26)^(b)		20,929		20,723,687
3.50%, 06/15/25 (Call 03/15/25)^(b)		14,141		14,233,800
3.50%, 08/15/29 (Call 05/15/29)^(b)		27,495		26,353,270
5.50%, 12/01/25 (Call 09/01/25)^(b)		14,373		15,494,473
5.55%, 03/15/26 (Call 12/15/25)^(b)		21,078		22,632,502
5.88%, 09/01/25 (Call 06/01/25)^(b)		17,892		19,547,010
6.13%, 01/01/31 (Call 07/01/30)^(b)		23,890		26,637,350
6.38%, 09/01/28 (Call 03/01/28)^(b)		9,420		10,567,646
6.63%, 09/01/30 (Call 03/01/30)^(b)		28,324		32,355,448
6.95%, 07/01/24		9,131		10,176,500
7.50%, 05/01/31^(b)		15,252		18,199,449
7.88%, 09/15/31		8,059		9,821,331
8.00%, 07/15/25 (Call 04/15/25)^(b)		8,602		10,045,702
8.50%, 07/15/27 (Call 01/15/27)^(b)		8,538		10,427,033
8.88%, 07/15/30 (Call 01/15/30)^(b)		18,157		23,375,162
Ovintiv Exploration Inc.
5.38%, 01/01/26 (Call 10/01/25)^(b)		10,820		12,118,400
5.63%, 07/01/24		16,450		18,338,391
Parkland Corp./Canada
4.50%, 10/01/29 (Call 10/01/24)^(a)		10,235		10,446,353
5.88%, 07/15/27 (Call 07/15/22)^(a)(b)		10,817		11,517,942
Parsley Energy LLC/Parsley Finance Corp., 5.63%, 10/15/27 (Call 10/15/22)^(a)		832		900,120
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/23)		18,619		14,092,256
7.25%, 06/15/25 (Call 06/15/21)^(b)		13,316		11,362,543
9.25%, 05/15/25 (Call 05/15/22)^(a)(b)		23,912		25,047,820
PDC Energy Inc.
5.75%, 05/15/26 (Call 05/15/21)^(b)		13,200		13,723,776
6.13%, 09/15/24 (Call 09/15/21)		4,588		4,702,700
Puma International Financing SA
5.00%, 01/24/26 (Call 01/24/22)^(a)		10,170		10,279,045
5.13%, 10/06/24 (Call 10/06/21)^(a)		9,356		9,530,489
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)^(b)		14,100		14,029,500
5.00%, 08/15/22 (Call 05/15/22)		6,368		6,509,688
5.00%, 03/15/23 (Call 12/15/22)^(b)		7,895		8,072,638
8.25%, 01/15/29 (Call 01/15/24)^(a)(b)		10,499		11,404,014
9.25%, 02/01/26 (Call 02/01/22)^(b)		15,165		16,645,741
SM Energy Co.
6.63%, 01/15/27 (Call 01/15/22)^(b)		4,946		4,783,771
6.75%, 09/15/26 (Call 09/15/21)^(b)		8,171		7,920,422
10.00%, 01/15/25 (Call 06/17/22)^(a)		14,218		16,180,896
Southwestern Energy Co.
6.45%, 01/23/25 (Call 10/23/24)^(b)		15,249		16,468,920
7.50%, 04/01/26 (Call 04/01/22)^(b)		10,055		10,635,174
7.75%, 10/01/27 (Call 10/01/22)^(b)		8,401		9,041,576


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)^(a)(b)	$	14,187	$	14,304,803
5.50%, 02/15/26 (Call 02/15/22)^(b)		9,838		10,138,407
5.88%, 03/15/28 (Call 03/15/23)		7,428		7,881,665
6.00%, 04/15/27 (Call 04/15/22)		11,034		11,575,218
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)^(a)		12,578		11,775,547
Transocean Inc., 11.50%, 01/30/27 (Call 07/30/23)^(a)(b)		9,405		9,069,469
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/21)^(a)		10,462		10,198,114
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/22)^(a)(b)		10,606		10,178,115
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/16/21)^(a)		10,468		10,066,859
WPX Energy Inc.
4.50%, 01/15/30 (Call 01/15/25)		12,007		12,934,541
5.25%, 09/15/24 (Call 06/15/24)		6,258		6,940,091
5.25%, 10/15/27 (Call 09/30/22)		5,240		5,601,036
5.75%, 06/01/26 (Call 06/01/21)^(b)		5,402		5,657,152
5.88%, 06/15/28 (Call 06/15/23)		2,678		2,952,154
8.25%, 08/01/23 (Call 06/01/23)		1,826		2,097,725


				1,563,196,709

Oil & Gas Services — 0.5%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/23)^(a)(b)		14,113		14,773,431
6.88%, 04/01/27 (Call 04/01/22)^(a)		8,858		9,424,308
TechnipFMC PLC, 6.50%, 02/01/26 (Call 02/01/23)^(a)(b)		17,317		18,487,084
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 04/01/22)		13,271		13,907,332
6.88%, 09/01/27 (Call 09/01/22)		13,279		13,976,147
Weatherford International Ltd.
8.75%, 09/01/24 (Call 08/28/21)^(a)(b)		11,162		11,685,498
11.00%, 12/01/24 (Call 12/01/21)^(a)(b)		36,918		36,364,230


				118,618,030

Packaging & Containers — 2.6%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.25%, 09/01/28 (Call 05/15/24)^(a)		11,325		11,173,590
4.00%, 09/01/29 (Call 05/15/24)^(a)		20,080		19,964,540
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.13%, 08/15/26 (Call 08/15/22)^(a)		22,200		22,838,250
5.25%, 04/30/25 (Call 04/30/22)^(a)(b)		13,898		14,613,765
5.25%, 08/15/27 (Call 08/15/22)^(a)(b)		33,910		34,616,545
6.00%, 02/15/25 (Call 02/15/22)^(a)		12,643		13,005,096
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)^(b)		22,584		21,820,821
4.00%, 11/15/23^(b)		18,045		19,244,523
4.88%, 03/15/26 (Call 12/15/25)^(b)		15,377		17,257,675
5.00%, 03/15/22		6,772		7,003,602
5.25%, 07/01/25^(b)		20,145		22,813,252
Berry Global Inc.
1.57%, 01/15/26 (Call 12/15/25)^(a)		5,400		5,358,582
4.50%, 02/15/26 (Call 02/15/22)^(a)(b)		17,215		17,634,476
4.88%, 07/15/26 (Call 07/15/22)^(a)(b)		29,043		30,767,117
5.63%, 07/15/27 (Call 07/15/22)^(a)(b)		14,794		15,757,160
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23^(b)		18,527		19,590,079


Security	Par (000)		Value

Packaging & Containers (continued)
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)^(b)	$	8,161	$	8,794,702
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/22)^(b)		16,387		17,011,196
Flex Acquisition Co. Inc.
6.88%, 01/15/25 (Call 01/15/22)^(a)(b)		15,196		15,442,935
7.88%, 07/15/26 (Call 07/15/21)^(a)(b)		6,834		7,154,256
Graphic Packaging International LLC, 3.50%, 03/15/28^(a)(b)		7,530		7,492,350
LABL Escrow Issuer LLC
6.75%, 07/15/26 (Call 07/15/22)^(a)(b)		15,319		16,506,223
10.50%, 07/15/27 (Call 07/15/22)^(a)(b)		14,542		16,063,093
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/24 (Call 04/15/22)^(a)(b)		27,289		27,391,334
7.25%, 04/15/25 (Call 04/15/22)^(a)(b)		25,517		24,846,115
Owens-Brockway Glass Container Inc.
5.88%, 08/15/23^(a)(b)		14,726		16,006,312
6.63%, 05/13/27 (Call 05/15/23)^(a)(b)		13,130		14,262,189
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 4.00%, 10/15/27 (Call 10/15/23)^(a)(b)		19,183		18,967,191
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)^(a)(b)		8,283		8,710,092
4.88%, 12/01/22 (Call 09/01/22)^(a)(b)		6,461		6,793,338
5.13%, 12/01/24 (Call 09/01/24)^(a)(b)		9,545		10,421,489
5.25%, 04/01/23 (Call 01/01/23)^(a)(b)		6,847		7,264,167
5.50%, 09/15/25 (Call 06/15/25)^(a)(b)		7,484		8,290,869
Silgan Holdings Inc., 4.13%, 02/01/28 (Call 10/01/22)		10,233		10,604,100
Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 08/15/22)^(a)(b)		21,035		22,007,869
8.50%, 08/15/27 (Call 08/15/22)^(a)(b)		13,355		14,393,866


				571,882,759

Pharmaceuticals — 3.8%
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 07/31/22)^(a)		31,260		34,776,750
9.25%, 04/01/26 (Call 04/01/22)^(a)		26,849		29,739,026
Bausch Health Companies Inc.
5.00%, 01/30/28 (Call 01/30/23)^(a)		23,680		24,035,200
5.00%, 02/15/29 (Call 02/15/24)^(a)(b)		18,544		18,549,378
5.25%, 01/30/30 (Call 01/30/25)^(a)(b)		23,280		23,402,220
5.25%, 02/15/31 (Call 02/15/26)^(a)		18,109		18,149,564
5.50%, 11/01/25 (Call 11/01/21)^(a)(b)		30,413		31,363,406
5.75%, 08/15/27 (Call 08/15/22)^(a)(b)		8,204		8,815,803
6.13%, 04/15/25 (Call 04/15/22)^(a)		55,664		56,903,916
6.25%, 02/15/29 (Call 02/15/24)^(a)(b)		28,503		30,133,372
7.00%, 03/15/24 (Call 03/15/22)^(a)(b)		32,259		33,083,692
7.00%, 01/15/28 (Call 01/15/23)^(a)(b)		13,673		14,909,185
7.25%, 05/30/29 (Call 05/30/24)^(a)(b)		14,530		16,128,300
9.00%, 12/15/25 (Call 12/15/21)^(a)		27,722		30,061,182
Elanco Animal Health Inc.
5.27%, 08/28/23 (Call 07/28/23)^(b)		16,025		17,330,709
5.90%, 08/28/28 (Call 05/28/28)^(b)		13,454		15,282,399
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 06/30/28 (Call 06/30/23)^(a)(b)		23,181		17,717,417
9.50%, 07/31/27 (Call 07/31/23)^(a)(b)		17,560		18,613,600
Endo Luxembourg Finance Co. I Sarl/Endo U.S. Inc., 6.13%, 04/01/29 (Call 04/01/24)^(a)(b)		23,633		23,408,723
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 09/01/22)^(a)(b)		13,510		14,689,873


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
HLF Financing Sarl LLC/Herbalife International Inc., 7.25%, 08/15/26 (Call 08/15/21)^(a)(b)	$	8,288	$	8,650,600
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)^(a)		13,425		13,727,062
Organon Finance 1 LLC
4.13%, 04/30/28 (Call 04/30/24)^(a)		40,545		41,537,947
5.13%, 04/30/31 (Call 04/30/26)^(a)		32,937		34,007,452
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)^(a)(b)		37,951		39,853,533
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)^(a)		10,705		10,276,800
5.13%, 01/15/28 (Call 01/15/23)^(a)(b)		8,227		8,629,497
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23^(b)		53,253		52,727,393
3.15%, 10/01/26^(b)		66,185		62,147,715
6.00%, 04/15/24 (Call 01/15/24)^(b)		21,770		22,940,137
6.75%, 03/01/28 (Call 12/01/27)^(b)		22,932		25,022,635
7.13%, 01/31/25 (Call 10/31/24)^(b)		18,514		20,226,545


				816,841,031

Pipelines — 4.4%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 09/15/24 (Call 09/15/21)		10,988		11,188,954
5.75%, 03/01/27 (Call 03/01/22)^(a)(b)		12,455		12,614,651
5.75%, 01/15/28 (Call 01/15/23)^(a)		12,054		12,283,388
7.88%, 05/15/26 (Call 05/15/23)^(a)(b)		8,775		9,576,118
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)		11,465		11,521,465
4.13%, 03/01/25 (Call 02/01/25)^(a)		11,528		11,875,762
4.13%, 12/01/27 (Call 09/01/27)^(b)		7,111		7,051,318
4.15%, 07/01/23 (Call 04/01/23)		7,744		8,021,171
4.50%, 03/01/28 (Call 12/01/27)^(a)		9,167		9,219,085
6.38%, 01/22/78 (Call 01/22/23)^(b)(c)		7,247		5,883,270
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)^(a)		37,140		38,747,233
Cheniere Energy Partners LP
4.00%, 03/01/31 (Call 03/01/26)^(a)		27,134		27,614,443
4.50%, 10/01/29 (Call 10/01/24)^(b)		27,374		28,571,612
5.63%, 10/01/26 (Call 10/01/21)^(b)		20,121		20,976,142
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 05/01/22)^(a)(b)		9,765		9,960,202
5.75%, 04/01/25 (Call 04/01/22)^(b)		9,182		9,420,524
6.00%, 02/01/29 (Call 02/01/24)^(a)		11,399		11,783,716
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)^(b)		4,996		5,222,569
5.13%, 05/15/29 (Call 02/15/29)^(b)		10,242		11,012,710
5.38%, 07/15/25 (Call 04/15/25)^(b)		17,311		19,005,854
5.63%, 07/15/27 (Call 04/15/27)^(b)		9,805		10,724,219
5.85%, 05/21/43 (Call 05/21/23)^(a)(b)(c)		9,967		9,078,830
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)		12,241		12,378,711
4.40%, 04/01/24 (Call 01/01/24)		7,714		7,926,564
4.85%, 07/15/26 (Call 04/15/26)^(b)		9,514		9,599,150
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 05/01/24)		9,031		9,245,486
4.13%, 12/01/26 (Call 09/01/26)^(b)		7,799		7,873,734
4.50%, 01/15/29 (Call 07/15/28)^(a)		14,957		14,872,436
4.75%, 07/15/23 (Call 06/15/23)^(b)		15,348		16,074,728
4.75%, 01/15/31 (Call 07/15/30)^(a)		20,642		20,435,580


Security	Par (000)		Value

Pipelines (continued)
5.50%, 07/15/28 (Call 04/15/28)	$	14,387	$	15,281,871
6.00%, 07/01/25 (Call 04/01/25)^(a)(b)		14,170		15,471,160
6.50%, 07/01/27 (Call 01/01/27)^(a)(b)		17,059		18,851,143
Genesis Energy LP/Genesis Energy Finance Corp.
6.25%, 05/15/26 (Call 02/15/22)		2,719		2,668,019
6.50%, 10/01/25 (Call 10/01/21)^(b)		8,708		8,777,301
7.75%, 02/01/28 (Call 02/01/23)^(b)		12,126		12,249,786
8.00%, 01/15/27 (Call 01/15/24)		14,677		15,120,539
Hess Midstream Operations LP
5.13%, 06/15/28 (Call 06/15/23)^(a)		8,931		9,249,327
5.63%, 02/15/26 (Call 02/15/22)^(a)(b)		14,135		14,682,731
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 03/31/23)^(a)		29,590		30,183,871
6.75%, 09/15/25 (Call 09/15/22)^(a)		23,070		23,870,529
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)^(a)(b)		37,998		39,992,895
NGL Energy Partners LP/NGL Energy Finance Corp.
7.50%, 11/01/23 (Call 11/01/21)		9,788		9,581,059
7.50%, 04/15/26 (Call 04/15/22)^(b)		7,493		6,691,811
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)^(b)		9,786		10,360,928
5.75%, 10/01/25 (Call 07/01/25)^(b)		12,829		13,804,325
6.00%, 06/01/26 (Call 03/01/26)^(b)		9,016		9,764,610
6.38%, 10/01/30 (Call 04/01/30)^(b)		9,821		10,790,824
Rockies Express Pipeline LLC
3.60%, 05/15/25 (Call 04/15/25)^(a)		7,228		7,178,353
4.95%, 07/15/29 (Call 04/15/29)^(a)		9,227		9,417,975
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 09/15/24 (Call 09/15/21)^(a)		7,411		7,555,295
5.50%, 01/15/28 (Call 01/15/23)^(a)		13,722		13,650,341
6.00%, 03/01/27 (Call 03/01/23)^(a)(b)		8,361		8,483,907
6.00%, 12/31/30 (Call 12/31/25)^(a)		13,682		13,758,106
7.50%, 10/01/25 (Call 10/01/22)^(a)		10,901		11,911,250
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.00%, 01/15/32 (Call 07/15/26)^(a)		18,603		18,254,194
4.25%, 11/15/23 (Call 05/15/21)		8,352		8,372,988
4.88%, 02/01/31 (Call 02/01/26)^(a)		18,348		19,253,498
5.00%, 01/15/28 (Call 01/15/23)		13,423		14,134,035
5.38%, 02/01/27 (Call 02/01/22)		9,158		9,557,518
5.50%, 03/01/30 (Call 03/01/25)^(b)		18,091		19,581,698
5.88%, 04/15/26 (Call 04/15/22)^(b)		16,086		16,850,085
6.50%, 07/15/27 (Call 07/15/22)		12,737		13,875,220
6.88%, 01/15/29 (Call 01/15/24)		11,654		13,075,156
Western Midstream Operating LP
3.95%, 06/01/25 (Call 03/01/25)		8,884		9,239,360
4.00%, 07/01/22 (Call 04/01/22)		6,951		7,120,093
4.35%, 02/01/25 (Call 01/01/25)		19,209		20,241,484
4.50%, 03/01/28 (Call 12/01/27)		7,633		8,110,063
4.65%, 07/01/26 (Call 04/01/26)^(b)		8,613		9,194,378
4.75%, 08/15/28 (Call 05/15/28)^(b)		6,268		6,722,430
5.30%, 02/01/30 (Call 11/01/29)^(b)		22,552		24,595,775


				957,285,556

Real Estate — 0.5%
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)^(a)		12,780		12,652,200
4.38%, 02/01/31 (Call 02/01/26)^(a)		11,089		10,991,583
5.38%, 08/01/28 (Call 08/01/23)^(a)(b)		13,313		14,078,498


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate (continued)
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)^(b)	$	10,945	$	11,314,394
5.00%, 03/01/31 (Call 03/01/26)^(b)		12,294		12,709,549
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)^(a)		7,538		7,839,520
5.75%, 01/15/29 (Call 01/15/24)^(a)(b)		16,898		17,460,281
7.63%, 06/15/25 (Call 06/15/22)^(a)(b)		10,298		11,257,001
9.38%, 04/01/27 (Call 04/01/22)^(a)		11,457		12,866,400


				111,169,426

Real Estate Investment Trusts — 4.0%
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)		9,043		8,749,103
4.75%, 02/15/28 (Call 08/15/27)^(b)		9,384		9,474,712
9.75%, 06/15/25 (Call 06/15/22)^(b)		18,922		21,239,094
EPR Properties
3.75%, 08/15/29 (Call 05/15/29)^(b)		8,778		8,545,717
4.50%, 06/01/27 (Call 03/01/27)^(b)		8,471		8,713,615
4.75%, 12/15/26 (Call 09/15/26)^(b)		9,106		9,581,703
4.95%, 04/15/28 (Call 01/15/28)^(b)		7,266		7,576,349
ESH Hospitality Inc.
4.63%, 10/01/27 (Call 10/01/22)^(a)(b)		16,299		17,276,940
5.25%, 05/01/25 (Call 05/01/21)^(a)		22,682		23,142,445
HAT Holdings I LLC/HAT Holdings II LLC
5.25%, 07/15/24 (Call 07/15/21)^(a)(b)		7,866		8,130,927
6.00%, 04/15/25 (Call 04/15/22)^(a)(b)		8,495		9,005,985
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)^(a)(b)		20,667		20,615,332
4.88%, 09/15/27 (Call 09/15/22)^(a)(b)		17,593		18,296,720
4.88%, 09/15/29 (Call 09/15/24)^(a)		19,398		19,785,960
5.00%, 07/15/28 (Call 07/15/23)^(a)(b)		9,210		9,532,350
5.25%, 03/15/28 (Call 12/27/22)^(a)(b)		15,156		15,884,672
5.25%, 07/15/30 (Call 07/15/25)^(a)		24,533		25,483,654
5.63%, 07/15/32 (Call 07/15/26)^(a)(b)		10,426		11,027,908
iStar Inc.
4.25%, 08/01/25 (Call 05/01/25)		10,941		11,118,791
4.75%, 10/01/24 (Call 07/01/24)^(b)		14,155		14,836,013
5.50%, 02/15/26 (Call 08/15/22)^(b)		7,755		8,049,525
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/23)^(a)(b)		12,580		12,319,410
5.25%, 03/15/22 (Call 09/15/21)^(a)		2,358		2,369,790
5.25%, 10/01/25 (Call 10/01/21)^(a)		683		692,647
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
3.88%, 02/15/29 (Call 11/15/28)^(a)(b)		14,373		14,570,629
4.50%, 09/01/26 (Call 06/01/26)^(b)		7,345		7,786,067
4.63%, 06/15/25 (Call 03/15/25)^(a)(b)		14,122		15,060,054
5.63%, 05/01/24 (Call 02/01/24)^(b)		21,674		23,342,248
5.75%, 02/01/27 (Call 11/01/26)		14,916		16,659,382
MPT Operating Partnership LP/MPT Finance Corp.
3.50%, 03/15/31 (Call 03/15/26)		24,484		24,440,982
4.63%, 08/01/29 (Call 08/01/24)^(b)		15,956		16,893,415
5.00%, 10/15/27 (Call 09/07/22)		28,078		29,552,095
5.25%, 08/01/26 (Call 08/01/21)		7,751		7,993,219
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
5.88%, 10/01/28 (Call 10/01/23)^(a)(b)		14,740		15,642,825
7.50%, 06/01/25 (Call 06/01/22)^(a)		8,486		9,227,592


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 02/15/24)^(a)(b)	$	10,923	$	10,841,077
4.75%, 10/15/27 (Call 10/15/22)^(b)		13,301		13,666,777
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)^(a)(b)		28,034		26,855,790
3.88%, 02/15/27 (Call 02/15/23)		29,139		29,831,051
4.88%, 09/01/24 (Call 09/01/21)^(b)		23,159		23,716,263
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)		7,447		6,901,880
4.35%, 10/01/24 (Call 09/01/24)		16,135		16,083,671
4.38%, 02/15/30 (Call 08/15/29)		5,711		5,326,650
4.50%, 06/15/23 (Call 12/15/22)^(b)		8,627		8,822,237
4.75%, 10/01/26 (Call 08/01/26)		8,778		8,531,163
4.95%, 02/15/27 (Call 08/15/26)^(b)		7,601		7,446,396
4.95%, 10/01/29 (Call 07/01/29)^(b)		8,528		8,261,500
5.00%, 08/15/22 (Call 02/15/22)^(b)		4,117		4,183,201
5.50%, 12/15/27 (Call 09/15/27)^(b)		7,853		8,289,723
7.50%, 09/15/25 (Call 06/15/25)		16,962		19,230,837
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
7.13%, 12/15/24 (Call 12/15/21)^(a)(b)		13,303		13,734,017
7.88%, 02/15/25 (Call 02/15/22)^(a)		42,840		46,160,100
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)^(a)		10,915		10,874,069
6.00%, 04/15/23 (Call 04/15/22)^(a)(b)		7,013		7,124,130
6.50%, 02/15/29 (Call 02/15/24)^(a)(b)		22,593		22,517,878
VICI Properties LP/VICI Note Co. Inc.
3.50%, 02/15/25 (Call 02/15/22)^(a)(b)		14,184		14,518,118
3.75%, 02/15/27 (Call 02/15/23)^(a)(b)		15,308		15,411,788
4.13%, 08/15/30 (Call 02/15/25)^(a)(b)		17,322		17,614,395
4.25%, 12/01/26 (Call 12/01/22)^(a)(b)		24,545		25,342,712
4.63%, 12/01/29 (Call 12/01/24)^(a)(b)		18,790		19,504,959


				873,408,252

Retail — 4.0%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 02/15/24)^(a)(b)		12,475		12,218,709
3.88%, 01/15/28 (Call 09/15/22)^(a)(b)		14,819		15,000,794
4.00%, 10/15/30 (Call 10/15/25)^(a)(b)		53,517		52,393,261
4.25%, 05/15/24 (Call 05/15/21)^(a)(b)		11,726		11,871,285
4.38%, 01/15/28 (Call 11/15/22)^(a)(b)		15,280		15,476,093
5.75%, 04/15/25 (Call 04/15/22)^(a)(b)		8,739		9,270,331
Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 11/01/21)^(a)(b)		27,817		28,499,907
Carvana Co.
5.50%, 04/15/27 (Call 04/15/24)^(a)		10,523		10,719,254
5.63%, 10/01/25 (Call 10/01/22)^(a)		10,607		10,947,750
5.88%, 10/01/28 (Call 10/01/23)^(a)(b)		10,877		11,297,287
eG Global Finance PLC
6.75%, 02/07/25 (Call 05/15/21)^(a)(b)		14,078		14,471,574
8.50%, 10/30/25 (Call 10/30/21)^(a)(b)		10,463		11,103,205
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 04/01/23)^(a)		12,115		12,042,310
5.88%, 04/01/29 (Call 04/01/24)^(a)		13,094		12,946,911
Gap Inc. (The)
8.38%, 05/15/23^(a)(b)		7,026		8,000,858
8.63%, 05/15/25 (Call 05/15/22)^(a)		13,434		14,884,200
8.88%, 05/15/27 (Call 05/15/23)^(a)(b)		19,381		22,675,770


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Retail (continued)
Golden Nugget Inc.
6.75%, 10/15/24 (Call 10/15/21)^(a)(b)	$	30,116	$	30,520,057
8.75%, 10/01/25 (Call 10/01/21)^(a)(b)		14,101		14,832,842
IRB Holding Corp.
6.75%, 02/15/26 (Call 02/15/22)^(a)(b)		9,566		9,910,376
7.00%, 06/15/25 (Call 06/15/22)^(a)(b)		15,272		16,423,254
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/27 (Call 06/01/22)^(a)(b)		14,159		14,888,660
5.25%, 06/01/26 (Call 06/01/21)^(a)		17,328		17,835,970
L Brands Inc.
5.25%, 02/01/28^(b)		8,944		9,775,792
5.63%, 10/15/23		3,110		3,385,984
6.63%, 10/01/30 (Call 10/01/25)^(a)(b)		17,432		20,046,800
7.50%, 06/15/29 (Call 06/15/24)^(b)		9,468		10,984,679
9.38%, 07/01/25^(a)(b)		8,341		10,581,428
Lithia Motors Inc.
4.38%, 01/15/31 (Call 10/15/25)^(a)(b)		8,808		9,304,918
4.63%, 12/15/27 (Call 12/15/22)^(a)(b)		8,014		8,446,890
Macy’s Inc., 8.38%, 06/15/25 (Call 06/15/22)^(a)(b)		24,691		27,239,852
Macy’s Retail Holdings LLC
2.88%, 02/15/23 (Call 11/15/22)		7,413		7,436,944
3.63%, 06/01/24 (Call 03/01/24)^(b)		2,488		2,515,990
5.88%, 04/01/29 (Call 04/01/24)^(a)(b)		9,109		9,348,111
Magic Mergeco Inc.
5.25%, 05/01/28 (Call 11/01/23)^(a)		15,202		15,411,027
7.88%, 05/01/29 (Call 04/01/24)^(a)		19,305		19,835,887
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)		9,239		9,100,415
4.75%, 09/15/29 (Call 09/15/24)		8,803		9,292,359
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)^(a)		20,144		20,604,895
Nordstrom Inc., 4.38%, 04/01/30 (Call 01/01/30)^(b)		1,147		1,173,837
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 09/01/22)^(b)		13,048		13,374,200
5.50%, 05/15/26 (Call 05/15/21)^(b)		5,181		5,347,569
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (Call 02/15/24)^(a)		20,973		21,574,401
7.75%, 02/15/29 (Call 02/15/24)^(a)		22,245		24,135,825
QVC Inc.
4.38%, 03/15/23^(b)		9,595		10,134,269
4.38%, 09/01/28 (Call 06/01/28)		9,695		9,937,375
4.45%, 02/15/25 (Call 11/15/24)^(b)		11,042		11,795,923
4.75%, 02/15/27 (Call 11/15/26)^(b)		10,730		11,370,550
4.85%, 04/01/24^(b)		12,958		14,085,022
Rite Aid Corp.
7.50%, 07/01/25 (Call 07/01/22)^(a)		11,271		11,693,663
8.00%, 11/15/26 (Call 01/15/23)^(a)(b)		16,577		17,208,998
Staples Inc.
7.50%, 04/15/26 (Call 04/15/22)^(a)		37,026		38,402,256
10.75%, 04/15/27 (Call 04/15/22)^(a)(b)		18,764		19,415,111
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 06/01/21)		4,569		4,630,305
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)^(b)		21,190		20,892,069
4.63%, 01/31/32 (Call 10/01/26)		21,300		22,262,760
4.75%, 01/15/30 (Call 10/15/29)^(a)(b)		15,601		16,751,574
7.75%, 04/01/25 (Call 04/01/22)^(a)(b)		10,271		11,221,068


				856,949,404


Security	Par (000)		Value

Semiconductors — 0.3%
Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22)^(a)	$	24,130	$	25,321,083
Qorvo Inc.
3.38%, 04/01/31 (Call 04/01/26)^(a)(b)		12,089		12,285,688
4.38%, 10/15/29 (Call 10/15/24)		16,406		17,829,549


				55,436,320

Software — 1.8%
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)^(a)(b)		19,110		18,786,531
Boxer Parent Co. Inc., 7.13%, 10/02/25 (Call 06/01/22)^(a)(b)		10,334		11,132,760
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)		10,646		11,249,841
5.00%, 10/15/24 (Call 07/15/24)^(b)		7,962		8,722,371
5.25%, 05/15/29 (Call 05/15/24)^(a)(b)		10,615		11,439,641
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 03/01/22)^(a)		30,284		30,821,541
MSCI Inc.
3.63%, 09/01/30 (Call 03/01/25)^(a)(b)		15,850		16,147,187
3.88%, 02/15/31 (Call 06/01/25)^(a)(b)		18,856		19,350,970
4.00%, 11/15/29 (Call 11/15/24)^(a)(b)		18,756		19,657,132
5.38%, 05/15/27 (Call 05/15/22)^(a)(b)		8,656		9,253,697
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/23)^(a)(b)		17,984		18,208,800
5.88%, 06/01/26 (Call 06/01/21)^(a)(b)		10,739		11,093,579
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)^(a)(b)		16,633		16,778,539
PTC Inc.
3.63%, 02/15/25 (Call 02/15/22)^(a)(b)		8,571		8,797,617
4.00%, 02/15/28 (Call 02/15/23)^(a)(b)		9,340		9,587,230
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)^(a)		9,813		9,520,875
5.38%, 12/01/28 (Call 12/01/23)^(a)(b)		10,414		10,660,131
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 03/01/22)^(a)(b)		37,072		38,184,160
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)^(a)(b)		38,837		41,220,621
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)^(b)		11,490		11,682,756
3.88%, 03/15/31 (Call 03/15/26)^(b)		9,370		9,615,963
Veritas U.S. Inc./Veritas Bermuda Ltd.
7.50%, 09/01/25 (Call 09/01/21)^(a)		32,763		33,991,612
10.50%, 02/01/24 (Call 02/01/22)^(a)(b)		15,296		15,724,374


				391,627,928

Telecommunications — 7.6%
Altice France Holding SA
6.00%, 02/15/28 (Call 02/15/23)^(a)(b)		21,538		21,376,465
10.50%, 05/15/27 (Call 05/15/22)^(a)		30,082		33,886,170
Altice France SA/France
5.13%, 01/15/29 (Call 09/15/23)^(a)(b)		7,993		8,013,062
5.13%, 07/15/29 (Call 04/15/24)^(a)		47,985		48,014,991
5.50%, 01/15/28 (Call 09/15/22)^(a)(b)		19,317		19,900,373
7.38%, 05/01/26 (Call 05/01/21)^(a)		95,461		99,134,463
8.13%, 02/01/27 (Call 02/01/22)^(a)		34,903		38,262,414
Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)^(a)(b)		19,190		20,430,754
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 09/15/21)^(a)		19,271		19,892,490
CommScope Inc.
5.50%, 03/01/24 (Call 03/01/22)^(a)		22,672		23,379,294
6.00%, 03/01/26 (Call 03/01/22)^(a)(b)		28,282		29,802,157


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Telecommunications (continued)
7.13%, 07/01/28 (Call 07/01/23)^(a)(b)	$	13,471	$	14,570,009
8.25%, 03/01/27 (Call 03/01/22)^(a)(b)		17,663		18,921,489
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)^(a)(b)		14,309		14,169,190
6.00%, 06/15/25 (Call 06/15/21)^(a)(b)		24,443		24,870,752
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)^(a)		39,542		41,327,321
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)^(a)(b)		9,079		9,215,185
6.50%, 10/01/28 (Call 10/01/23)^(a)(b)		11,974		12,893,483
Frontier Communications Corp.
5.00%, 05/01/28 (Call 05/01/24)^(a)(b)		29,023		29,764,828
5.88%, 10/15/27 (Call 10/15/23)^(a)		22,762		24,184,625
6.75%, 05/01/29 (Call 05/01/24)^(a)(b)		17,960		18,902,900
Hughes Satellite Systems Corp.
5.25%, 08/01/26^(b)		13,740		15,114,000
6.63%, 08/01/26^(b)		15,078		16,743,315
Intelsat Jackson Holdings SA
8.00%, 02/15/24 (Call 05/31/21)^(a)(b)(g)		24,990		25,802,175
9.50%, 09/30/22^(a)(b)(g)		7,476		8,765,610
Intrado Corp., 8.50%, 10/15/25 (Call 10/15/21)^(a)(b)		22,067		22,425,589
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)^(a)(b)(c)		9,796		10,452,483
Level 3 Financing Inc.
3.63%, 01/15/29 (Call 01/15/24)^(a)(b)		14,634		14,140,103
3.75%, 07/15/29 (Call 01/15/24)^(a)(b)		17,207		16,776,825
4.25%, 07/01/28 (Call 07/01/23)^(a)(b)		23,946		24,143,076
4.63%, 09/15/27 (Call 09/15/22)^(a)(b)		19,456		20,064,000
5.25%, 03/15/26 (Call 03/15/22)^(b)		12,304		12,671,840
5.38%, 05/01/25 (Call 05/01/21)^(b)		13,167		13,456,674
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 02/15/23)^(a)(b)		23,491		23,919,711
4.50%, 01/15/29 (Call 01/15/24)^(a)(b)		19,562		19,273,093
5.13%, 12/15/26 (Call 12/15/22)^(a)(b)		21,601		22,654,049
5.63%, 04/01/25 (Call 01/01/25)		7,769		8,390,520
Series T, 5.80%, 03/15/22		9,925		10,250,044
Series W, 6.75%, 12/01/23^(b)		13,001		14,384,968
Series Y, 7.50%, 04/01/24 (Call 01/01/24)^(b)		18,045		20,176,114
Nokia OYJ
3.38%, 06/12/22^(b)		4,608		4,729,680
4.38%, 06/12/27^(b)		10,066		11,012,897
Sprint Communications Inc., 6.00%, 11/15/22		42,661		45,563,228
Sprint Corp.
7.13%, 06/15/24		47,161		54,523,775
7.63%, 02/15/25 (Call 11/15/24)^(b)		28,127		33,471,130
7.63%, 03/01/26 (Call 11/01/25)^(b)		28,812		35,342,240
7.88%, 09/15/23		78,731		89,817,175
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(a)(b)		27,623		30,169,841
Telesat Canada/Telesat LLC
4.88%, 06/01/27 (Call 12/01/22)^(a)		4,600		4,508,000
5.63%, 12/06/26 (Call 12/06/23)^(a)		6,596		6,637,225
6.50%, 10/15/27 (Call 10/15/22)^(a)		4,810		4,728,711
T-Mobile USA Inc.
2.25%, 02/15/26 (Call 02/15/23)^(b)		18,671		18,787,694
2.63%, 04/15/26 (Call 04/15/23)		19,823		20,170,894
2.63%, 02/15/29 (Call 02/15/24)		20,186		19,676,241
2.88%, 02/15/31 (Call 02/15/26)		20,239		19,874,698
3.38%, 04/15/29 (Call 04/15/24)^(b)		22,292		22,668,556
3.50%, 04/15/31 (Call 04/15/26)		23,294		23,636,131
4.00%, 04/15/22 (Call 03/16/22)		5,805		5,945,945


Security	Par (000)		Value

Telecommunications (continued)
4.50%, 02/01/26 (Call 02/01/22)	$	17,824	$	18,269,600
4.75%, 02/01/28 (Call 02/01/23)		29,587		31,621,106
5.13%, 04/15/25 (Call 04/15/22)		10,665		10,848,438
5.38%, 04/15/27 (Call 04/15/22)		10,046		10,662,090
6.00%, 03/01/23 (Call 05/11/21)		23,909		24,094,125
6.00%, 04/15/24 (Call 05/11/21)		21,739		21,887,727
ViaSat Inc.
5.63%, 09/15/25 (Call 09/15/21)^(a)(b)		11,719		11,982,678
5.63%, 04/15/27 (Call 04/15/22)^(a)(b)		11,508		12,084,217
6.50%, 07/15/28 (Call 06/17/23)^(a)(b)		8,623		9,111,579
Vmed O2 UK Financing I PLC, 4.25%, 01/31/31 (Call 01/31/26)^(a)		25,371		24,679,640
Vodafone Group PLC, 7.00%, 04/04/79 (Call 01/04/29)^(c)		36,669		44,642,399
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)^(a)(b)		26,099		27,211,470
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 03/01/22)^(a)(b)		28,622		28,421,646
6.13%, 03/01/28 (Call 03/01/23)^(a)(b)		20,640		21,299,964


				1,638,597,344

Toys, Games & Hobbies — 0.2%
Mattel Inc.
3.38%, 04/01/26 (Call 04/01/23)^(a)		10,599		10,972,297
3.75%, 04/01/29 (Call 04/01/24)^(a)		11,187		11,450,576
5.88%, 12/15/27 (Call 12/15/22)^(a)(b)		12,241		13,450,717
6.75%, 12/31/25 (Call 12/31/21)^(a)		4,189		4,403,686


				40,277,276

Transportation — 0.3%
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., 7.38%, 01/15/22 (Call 05/31/21)^(a)		4,494		3,738,446
XPO Logistics Inc.
6.13%, 09/01/23 (Call 09/01/21)^(a)(b)		8,879		8,992,208
6.25%, 05/01/25 (Call 05/01/22)^(a)(b)		21,180		22,689,075
6.75%, 08/15/24 (Call 08/15/21)^(a)		18,071		18,967,522


				54,387,251

Trucking & Leasing — 0.2%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)^(a)(b)(c)		8,709		9,345,482
Fortress Transportation & Infrastructure Investors LLC
6.50%, 10/01/25 (Call 10/01/21)^(a)(b)		16,530		17,208,226
6.75%, 03/15/22 (Call 05/07/21)^(a)		4,353		4,361,945
9.75%, 08/01/27 (Call 08/01/23)^(a)		7,250		8,398,349
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/28 (Call 05/01/24)^(a)		1,760		1,829,309


				41,143,311


Total Corporate Bonds & Notes — 98.5% (Cost: $21,282,128,359)				21,270,657,898


Floating Rate Loan Interests

Oil & Gas — 0.1%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 1.00%, 11/01/25^(c)		23,239		25,717,904


Total Floating Rate Loan Interests — 0.1% (Cost: $23,239,000)				25,717,904


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value


Common Stocks

Oil, Gas & Consumable Fuels — 0.1%
SM Energy Co.		671	$	10,606,303


Total Common Stocks — 0.1% (Cost $2,882,368)				10,606,303


Short-Term Investments

Money Market Funds — 13.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(e)(h)(i)		2,825,462		2,826,874,295
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(e)(h)		111,130		111,130,000


				2,938,004,295


Total Short-Term Investments — 13.6% (Cost: $2,937,329,992)				2,938,004,295


Total Investments in Securities — 112.3% (Cost: $24,245,579,719)				24,244,986,400

Other Assets, Less Liabilities — (12.3)%				(2,655,505,209	)


Net Assets — 100.0%			$	21,589,481,191

^(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)	Affiliate of the Fund.

^(f)	Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

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

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

⁽ⁱ⁾	All or a portion of this security was purchased with cash collateral received from loaned securities.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.



	Level 1		Level 2		Level 3		Total


Investments
Assets
Corporate Bonds & Notes	$	—	$	21,270,657,898	$	—	$	21,270,657,898
Floating Rate Loan Interests		—		25,717,904		—		25,717,904
Common Stocks		10,606,303		—		—		10,606,303
Money Market Funds		2,938,004,295		—		—		2,938,004,295


	$	2,948,610,598	$	21,296,375,802	$	—	$	24,244,986,400


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2021

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)	$	5,735	$	5,719,667
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 01/15/26)		14,523		16,073,793
3.65%, 11/01/24 (Call 08/01/24)		8,423		9,179,618


				30,973,078

Aerospace & Defense — 2.3%
Boeing Co. (The)
2.20%, 02/04/26 (Call 02/04/23)		5,017		5,025,306
2.70%, 02/01/27 (Call 12/01/26)^(a)		11,281		11,611,814
2.75%, 02/01/26 (Call 01/01/26)^(a)		3,027		3,140,502
2.95%, 02/01/30 (Call 11/01/29)		7,555		7,578,672
3.20%, 03/01/29 (Call 12/01/28)^(a)		11,270		11,584,675
3.25%, 02/01/28 (Call 12/01/27)^(a)		2,526		2,640,486
3.25%, 02/01/35 (Call 11/01/34)^(a)		7,517		7,384,673
3.60%, 05/01/34 (Call 02/01/34)^(a)		9,565		9,743,893
3.63%, 02/01/31 (Call 11/01/30)		4,591		4,829,756
3.75%, 02/01/50 (Call 08/01/49)		13,204		12,907,748
3.90%, 05/01/49 (Call 11/01/48)^(a)		9,946		9,953,909
3.95%, 08/01/59 (Call 02/01/59)		10,402		10,148,247
4.88%, 05/01/25 (Call 04/01/25)		35,479		39,783,280
5.04%, 05/01/27 (Call 03/01/27)		20,917		24,030,447
5.15%, 05/01/30 (Call 02/01/30)		44,455		51,687,997
5.71%, 05/01/40 (Call 11/01/39)		33,340		41,297,208
5.81%, 05/01/50 (Call 11/01/49)^(a)		59,400		76,088,519
5.93%, 05/01/60 (Call 11/01/59)		36,925		48,011,883
General Dynamics Corp.
3.25%, 04/01/25 (Call 03/01/25)		7,649		8,310,711
3.50%, 05/15/25 (Call 03/15/25)^(a)		8,628		9,501,868
3.50%, 04/01/27 (Call 02/01/27)^(a)		10,426		11,608,017
3.63%, 04/01/30 (Call 01/01/30)^(a)		11,455		12,767,364
3.75%, 05/15/28 (Call 02/15/28)		12,293		13,767,040
4.25%, 04/01/40 (Call 10/01/39)		9,673		11,509,077
4.25%, 04/01/50 (Call 10/01/49)^(a)		8,599		10,525,439
L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28)^(a)		21,921		25,100,343
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)^(a)		10,051		9,569,355
2.90%, 03/01/25 (Call 12/01/24)^(a)		7,188		7,710,950
3.55%, 01/15/26 (Call 10/15/25)		21,064		23,404,154
3.80%, 03/01/45 (Call 09/01/44)		12,278		13,702,895
4.07%, 12/15/42		15,643		18,212,529
4.09%, 09/15/52 (Call 03/15/52)^(a)		17,804		21,090,314
4.70%, 05/15/46 (Call 11/15/45)		13,046		16,645,988
Northrop Grumman Corp.
2.93%, 01/15/25 (Call 11/15/24)		15,264		16,340,717
3.20%, 02/01/27 (Call 11/01/26)^(a)		11,005		11,958,483
3.25%, 01/15/28 (Call 10/15/27)		21,757		23,548,702
4.03%, 10/15/47 (Call 04/15/47)		25,520		28,667,484
4.40%, 05/01/30 (Call 02/01/30)^(a)		11,730		13,623,940
4.75%, 06/01/43^(a)		9,122		11,202,216
5.25%, 05/01/50 (Call 11/01/49)^(a)		12,468		16,626,341
Raytheon Technologies Corp.
2.25%, 07/01/30 (Call 04/01/30)		9,998		9,924,410
3.13%, 05/04/27 (Call 02/04/27)^(a)		12,187		13,272,753
3.13%, 07/01/50 (Call 01/01/50)		10,178		9,901,453
3.50%, 03/15/27 (Call 12/15/26)		15,109		16,636,541
3.75%, 11/01/46 (Call 05/01/46)		11,418		12,262,097
3.95%, 08/16/25 (Call 06/16/25)^(a)		16,788		18,737,063


Security	Par (000)		Value

Aerospace & Defense (continued)
4.13%, 11/16/28 (Call 08/16/28)^(a)	$	29,471	$	33,445,238
4.15%, 05/15/45 (Call 11/16/44)		8,988		10,101,274
4.35%, 04/15/47 (Call 10/15/46)		9,067		10,581,835
4.45%, 11/16/38 (Call 05/16/38)		8,712		10,233,027
4.50%, 06/01/42^(a)		35,474		42,510,789
4.63%, 11/16/48 (Call 05/16/48)^(a)		19,203		23,384,941
5.70%, 04/15/40		12,854		17,236,033
6.13%, 07/15/38		14,068		19,451,860


				960,522,256

Agriculture — 1.7%
Altria Group Inc.
2.35%, 05/06/25 (Call 04/06/25)^(a)		8,746		9,133,729
2.45%, 02/04/32 (Call 11/04/31)		22,728		21,371,868
3.40%, 05/06/30 (Call 02/06/30)		8,400		8,747,461
3.40%, 02/04/41 (Call 08/04/40)		12,734		11,661,857
3.70%, 02/04/51 (Call 08/04/50)		13,634		12,210,537
3.88%, 09/16/46 (Call 03/16/46)^(a)		17,337		16,515,299
4.00%, 02/04/61 (Call 08/04/60)		9,825		8,979,161
4.25%, 08/09/42^(a)		11,771		11,914,428
4.40%, 02/14/26 (Call 12/14/25)		11,330		12,787,597
4.80%, 02/14/29 (Call 11/14/28)		17,214		19,595,252
5.38%, 01/31/44^(a)		19,522		22,519,203
5.80%, 02/14/39 (Call 08/14/38)		22,315		27,016,427
5.95%, 02/14/49 (Call 08/14/48)		28,502		35,095,499
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)^(a)		8,598		9,170,230
3.25%, 03/27/30 (Call 12/27/29)		11,938		13,003,901
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)^(a)		18,864		18,503,232
2.73%, 03/25/31 (Call 12/25/30)^(a)		15,787		15,157,465
2.79%, 09/06/24 (Call 08/06/24)		7,126		7,499,669
3.22%, 08/15/24 (Call 06/15/24)^(a)		12,133		12,926,857
3.22%, 09/06/26 (Call 07/06/26)		11,780		12,478,570
3.56%, 08/15/27 (Call 05/15/27)		39,262		41,831,584
3.73%, 09/25/40 (Call 03/25/40)^(a)		8,769		8,147,992
3.98%, 09/25/50 (Call 03/25/50)		10,431		9,603,968
4.39%, 08/15/37 (Call 02/15/37)		27,986		28,783,229
4.54%, 08/15/47 (Call 02/15/47)		25,773		25,385,204
4.70%, 04/02/27 (Call 02/02/27)		10,823		12,187,577
4.76%, 09/06/49 (Call 03/06/49)		10,629		10,705,033
4.91%, 04/02/30 (Call 01/02/30)^(a)		11,630		13,115,581
BAT International Finance PLC, 1.67%, 03/25/26 (Call 02/25/26)		16,746		16,664,703
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)^(a)		6,111		6,012,518
1.50%, 05/01/25 (Call 04/01/25)		11,720		11,949,158
1.75%, 11/01/30 (Call 08/01/30)^(a)		8,697		8,207,423
2.10%, 05/01/30 (Call 02/01/30)		8,587		8,372,086
2.75%, 02/25/26 (Call 11/25/25)^(a)		7,667		8,209,746
2.88%, 05/01/24 (Call 04/01/24)^(a)		1,809		1,924,532
3.25%, 11/10/24		6,913		7,499,573
3.38%, 08/11/25 (Call 05/11/25)		7,867		8,578,470
3.38%, 08/15/29 (Call 05/15/29)^(a)		7,969		8,641,219
3.88%, 08/21/42^(a)		5,943		6,307,253
4.13%, 03/04/43		10,308		11,349,961
4.25%, 11/10/44		13,794		15,468,752
4.38%, 11/15/41^(a)		8,898		10,174,919
4.88%, 11/15/43^(a)		8,691		10,480,738
6.38%, 05/16/38^(a)		18,071		25,238,423


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Agriculture (continued)
Reynolds American Inc.
4.45%, 06/12/25 (Call 03/12/25)^(a)	$	27,760	$	30,904,095
5.70%, 08/15/35 (Call 02/15/35)^(a)		9,308		10,887,170
5.85%, 08/15/45 (Call 02/15/45)^(a)		23,943		27,489,528


				690,408,677

Airlines — 0.1%
Southwest Airlines Co.
5.13%, 06/15/27 (Call 04/15/27)^(a)		23,179		27,080,665
5.25%, 05/04/25 (Call 04/04/25)		17,675		20,239,155


				47,319,820

Apparel — 0.3%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)^(a)		11,034		11,767,012
2.40%, 03/27/25 (Call 02/27/25)		10,653		11,268,922
2.75%, 03/27/27 (Call 01/27/27)^(a)		10,664		11,500,584
2.85%, 03/27/30 (Call 12/27/29)^(a)		16,745		17,824,957
3.25%, 03/27/40 (Call 09/27/39)		12,685		13,480,270
3.38%, 03/27/50 (Call 09/27/49)^(a)		17,866		19,085,329
3.88%, 11/01/45 (Call 05/01/45)^(a)		9,091		10,441,719
VF Corp.
2.40%, 04/23/25 (Call 03/23/25)^(a)		8,321		8,729,073
2.95%, 04/23/30 (Call 01/23/30)^(a)		9,640		10,054,173


				114,152,039

Auto Manufacturers — 1.3%
American Honda Finance Corp.
1.00%, 09/10/25		10,722		10,701,329
1.20%, 07/08/25^(a)		10,823		10,908,858
2.00%, 03/24/28		2,751		2,766,088
2.15%, 09/10/24^(a)		5,539		5,795,985
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)^(a)		11,867		11,220,634
Daimler Finance North America LLC, 8.50%, 01/18/31		18,557		27,635,255
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)^(a)		10,046		11,159,080
5.00%, 10/01/28 (Call 07/01/28)^(a)		8,267		9,538,789
5.00%, 04/01/35		7,872		9,204,770
5.15%, 04/01/38 (Call 10/01/37)^(a)		11,755		13,815,508
5.20%, 04/01/45		14,258		16,711,919
5.40%, 04/01/48 (Call 10/01/47)^(a)		9,133		11,025,403
5.95%, 04/01/49 (Call 10/01/48)^(a)		9,034		11,692,434
6.13%, 10/01/25 (Call 09/01/25)		21,297		25,268,622
6.25%, 10/02/43		16,395		21,556,908
6.60%, 04/01/36 (Call 10/01/35)		12,036		16,095,423
6.75%, 04/01/46 (Call 10/01/45)		8,705		11,999,620
6.80%, 10/01/27 (Call 08/01/27)		12,286		15,454,666
General Motors Financial Co. Inc.
1.25%, 01/08/26 (Call 12/08/25)^(a)		16,075		15,862,585
2.35%, 01/08/31 (Call 10/08/30)^(a)		4,773		4,567,748
2.40%, 04/10/28 (Call 02/10/28)		11,588		11,612,404
2.70%, 08/20/27 (Call 06/20/27)		9,798		10,096,619
2.75%, 06/20/25 (Call 05/20/25)^(a)		16,474		17,328,230
2.90%, 02/26/25 (Call 01/26/25)^(a)		16,255		17,171,429
3.50%, 11/07/24 (Call 09/07/24)		8,479		9,124,979
3.60%, 06/21/30 (Call 03/21/30)^(a)		12,638		13,398,526
3.95%, 04/13/24 (Call 02/13/24)^(a)		6,118		6,614,832
4.00%, 01/15/25 (Call 10/15/24)		11,095		12,093,125
4.00%, 10/06/26 (Call 07/06/26)^(a)		9,305		10,268,134
4.30%, 07/13/25 (Call 04/13/25)		11,480		12,708,420
4.35%, 04/09/25 (Call 02/09/25)^(a)		11,203		12,420,282
4.35%, 01/17/27 (Call 10/17/26)		14,252		15,919,474


Security	Par (000)		Value

Auto Manufacturers (continued)
5.25%, 03/01/26 (Call 12/01/25)	$	14,074	$	16,224,462
Toyota Motor Corp., 1.34%, 03/25/26 (Call 02/25/26)		10,236		10,316,149
Toyota Motor Credit Corp.
0.80%, 10/16/25^(a)		6,833		6,785,239
1.80%, 02/13/25^(a)		14,942		15,455,842
1.90%, 04/06/28		9,890		9,952,055
2.15%, 02/13/30^(a)		11,616		11,689,391
3.00%, 04/01/25		16,484		17,792,510
3.20%, 01/11/27^(a)		9,429		10,355,090
3.38%, 04/01/30^(a)		7,482		8,219,587


				518,528,403

Auto Parts & Equipment — 0.1%
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)		12,751		13,353,068
Magna International Inc.
2.45%, 06/15/30 (Call 03/15/30)		8,792		8,909,632
3.63%, 06/15/24 (Call 03/15/24)^(a)		2,092		2,261,373


				24,524,073

Banks — 23.2%
Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25^(a)		8,654		9,627,716
Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/25^(a)		13,236		13,080,975
Banco Santander SA
1.85%, 03/25/26		8,399		8,468,795
2.71%, 06/27/24		10,250		10,818,183
2.75%, 05/28/25		19,898		20,937,639
2.75%, 12/03/30		9,034		8,774,825
2.96%, 03/25/31^(a)		9,743		9,823,862
3.31%, 06/27/29^(a)		12,044		12,888,222
3.49%, 05/28/30^(a)		12,409		13,099,715
3.80%, 02/23/28		12,575		13,651,903
4.25%, 04/11/27		11,381		12,756,418
4.38%, 04/12/28		13,862		15,570,084
Bank of America Corp.
0.98%, 09/25/25 (Call 09/25/24), (SOFR + 0.910%)^(b)		21,341		21,317,000
1.20%, 10/24/26 (Call 10/24/25)^(b)		24,274		24,074,676
1.32%, 06/19/26 (Call 06/19/25), (SOFR + 1.150%)^(b)		28,988		29,061,754
1.73%, 07/22/27 (Call 07/22/26)^(b)		25,588		25,831,889
1.90%, 07/23/31 (Call 07/23/30)^(b)		26,233		24,880,644
1.92%, 10/24/31 (Call 10/24/30)^(a)(b)		24,714		23,422,955
2.02%, 02/13/26 (Call 02/13/25)^(b)		19,640		20,264,790
2.46%, 10/22/25 (Call 10/22/24)^(b)		17,532		18,379,556
2.50%, 02/13/31 (Call 02/13/30)^(a)(b)		32,649		32,660,417
2.59%, 04/29/31 (Call 04/29/30)^(a)(b)		28,950		29,239,121
2.68%, 06/19/41 (Call 06/19/40)^(b)		45,615		42,886,311
2.69%, 04/22/32 (Call 04/22/31)^(b)		25,548		25,838,082
2.83%, 10/24/51 (Call 10/24/50)^(a)(b)		8,673		7,968,458
2.88%, 10/22/30 (Call 10/22/29)^(b)		20,038		20,776,160
3.09%, 10/01/25 (Call 10/01/24)^(a)(b)		14,028		14,975,837
3.19%, 07/23/30 (Call 07/23/29)^(b)		25,964		27,541,528
3.25%, 10/21/27 (Call 10/21/26)		23,943		25,982,278
3.31%, 04/22/42 (Call 04/22/41)^(b)		19,736		20,136,445
3.37%, 01/23/26 (Call 01/23/25)^(b)		21,822		23,562,444
3.42%, 12/20/28 (Call 12/20/27)^(b)		55,244		59,808,602
3.46%, 03/15/25 (Call 03/15/24)^(a)(b)		7,938		8,514,775
3.48%, 03/13/52 (Call 03/13/51)^(b)		11,294		11,565,189
3.50%, 04/19/26^(a)		24,028		26,508,519


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)^(a)(b)	$	29,329	$	32,167,631
3.59%, 07/21/28 (Call 07/21/27)^(b)		20,391		22,295,540
3.71%, 04/24/28 (Call 04/24/27)^(b)		20,417		22,510,898
3.82%, 01/20/28 (Call 01/20/27)^(b)		24,722		27,399,843
3.88%, 08/01/25^(a)		16,990		18,928,331
3.95%, 01/23/49 (Call 01/23/48)^(a)(b)		12,593		13,889,997
3.97%, 03/05/29 (Call 03/05/28)^(a)(b)		24,647		27,513,217
3.97%, 02/07/30 (Call 02/07/29)^(a)(b)		27,960		31,189,363
4.00%, 04/01/24		9,906		10,876,788
4.00%, 01/22/25		22,414		24,663,341
4.08%, 04/23/40 (Call 04/23/39)^(b)		15,036		16,935,862
4.08%, 03/20/51 (Call 03/20/50)^(b)		42,458		47,372,526
4.20%, 08/26/24		18,873		20,806,003
4.24%, 04/24/38 (Call 04/24/37)^(a)(b)		18,255		21,041,105
4.25%, 10/22/26		19,623		22,178,311
4.27%, 07/23/29 (Call 07/23/28)^(b)		28,223		32,037,118
4.33%, 03/15/50 (Call 03/15/49)^(b)		25,271		29,361,597
4.44%, 01/20/48 (Call 01/20/47)^(b)		25,077		29,378,541
4.45%, 03/03/26		20,576		23,290,213
5.00%, 01/21/44		19,544		24,834,375
5.88%, 02/07/42		13,910		19,141,136
6.11%, 01/29/37		21,136		28,329,986
7.75%, 05/14/38^(a)		20,347		31,417,449
Series L, 3.95%, 04/21/25		24,130		26,532,303
Series L, 4.18%, 11/25/27 (Call 11/25/26)		19,924		22,284,014
Series N, 1.66%, 03/11/27 (Call 03/11/26)^(b)		25,129		25,325,358
Series N, 2.65%, 03/11/32 (Call 03/11/31), (SOFR + 1.220%)^(b)		27,285		27,630,884
Bank of America N.A., 6.00%, 10/15/36^(a)		14,561		20,293,089
Bank of Montreal
0.95%, 01/22/27 (Call 01/22/26)^(b)		14,841		14,545,485
1.85%, 05/01/25^(a)		19,695		20,328,301
2.50%, 06/28/24^(a)		7,726		8,176,342
Series E, 3.30%, 02/05/24^(a)		2,129		2,289,901
Bank of New York Mellon Corp. (The)
1.60%, 04/24/25 (Call 03/24/25)^(a)		17,227		17,720,435
2.10%, 10/24/24^(a)		11,946		12,590,361
2.45%, 08/17/26 (Call 05/17/26)^(a)		10,395		11,004,188
2.80%, 05/04/26 (Call 02/04/26)		11,444		12,326,446
3.25%, 05/16/27 (Call 02/16/27)^(a)		9,774		10,721,197
3.30%, 08/23/29 (Call 05/23/29)		7,350		7,994,788
3.40%, 01/29/28 (Call 10/29/27)^(a)		9,219		10,152,678
3.85%, 04/28/28^(a)		4,457		5,084,683
Series G, 3.00%, 02/24/25 (Call 01/24/25)		9,590		10,338,932
Bank of Nova Scotia (The)
1.05%, 03/02/26^(a)		8,246		8,152,292
1.30%, 06/11/25^(a)		14,934		15,078,224
2.20%, 02/03/25^(a)		14,993		15,663,102
2.70%, 08/03/26^(a)		14,282		15,284,949
3.40%, 02/11/24^(a)		2,212		2,380,702
4.50%, 12/16/25^(a)		15,180		17,257,869
Barclays PLC
2.65%, 06/24/31 (Call 06/24/30)^(b)		9,223		9,160,560
2.67%, 03/10/32 (Call 03/10/31)^(b)		14,076		13,863,240
2.85%, 05/07/26 (Call 05/07/25)^(b)		19,434		20,453,356
3.65%, 03/16/25		23,017		24,918,483
3.93%, 05/07/25 (Call 05/07/24)^(b)		23,204		25,090,740
4.34%, 01/10/28 (Call 01/10/27)		14,916		16,694,271
4.38%, 09/11/24^(a)		14,197		15,530,609


Security	Par (000)		Value

Banks (continued)
4.38%, 01/12/26^(a)	$	28,609	$	32,067,359
4.84%, 05/09/28 (Call 05/07/27)^(a)		25,277		28,416,871
4.95%, 01/10/47^(a)		19,574		23,935,716
4.97%, 05/16/29 (Call 05/16/28)^(a)(b)		18,311		21,216,417
5.20%, 05/12/26		21,979		24,949,576
5.25%, 08/17/45^(a)		13,564		17,018,035
BNP Paribas SA, 4.25%, 10/15/24^(a)		12,030		13,382,564
BPCE SA, 4.00%, 04/15/24		10,006		10,951,127
Canadian Imperial Bank of Commerce
2.25%, 01/28/25^(a)		18,396		19,225,586
3.10%, 04/02/24^(a)		4,035		4,307,468
Citigroup Inc.
1.12%, 01/28/27 (Call 01/28/26)^(b)		21,770		21,407,183
2.56%, 05/01/32 (Call 05/01/31)^(b)		14,440		14,422,145
2.57%, 06/03/31 (Call 06/03/30)^(a)(b)		39,006		39,168,870
2.67%, 01/29/31 (Call 01/29/30)^(b)		22,146		22,450,401
2.98%, 11/05/30 (Call 11/05/29)^(a)(b)		25,025		26,052,484
3.11%, 04/08/26 (Call 04/08/25)^(b)		39,399		42,225,713
3.20%, 10/21/26 (Call 07/21/26)		32,130		34,794,493
3.30%, 04/27/25^(a)		16,126		17,545,462
3.35%, 04/24/25 (Call 04/24/24), (3 mo. LIBOR US + 0.897%)^(a)(b)		8,915		9,556,720
3.40%, 05/01/26^(a)		21,878		23,951,336
3.52%, 10/27/28 (Call 10/27/27)^(b)		26,516		28,902,390
3.67%, 07/24/28 (Call 07/24/27)^(b)		28,425		31,303,111
3.70%, 01/12/26		22,107		24,486,286
3.88%, 03/26/25		10,026		10,996,252
3.88%, 01/24/39 (Call 01/24/38)^(a)(b)		9,026		9,910,337
3.89%, 01/10/28 (Call 01/10/27)^(b)		29,093		32,373,992
3.98%, 03/20/30 (Call 03/20/29), (3 mo. LIBOR US + 1.338%)^(b)		29,336		32,748,058
4.00%, 08/05/24		4,611		5,039,379
4.08%, 04/23/29 (Call 04/23/28)^(a)(b)		21,480		24,125,550
4.13%, 07/25/28^(a)		22,633		25,366,935
4.28%, 04/24/48 (Call 04/24/47)^(a)(b)		10,191		12,039,011
4.30%, 11/20/26^(a)		11,072		12,470,415
4.40%, 06/10/25		29,260		32,692,675
4.41%, 03/31/31 (Call 03/31/30)^(b)		38,521		44,102,689
4.45%, 09/29/27		41,891		47,526,161
4.60%, 03/09/26		15,969		18,238,928
4.65%, 07/30/45		11,440		14,089,569
4.65%, 07/23/48 (Call 06/23/48)		24,475		30,348,594
4.75%, 05/18/46^(a)		22,509		27,230,033
5.30%, 05/06/44		9,635		12,287,961
5.32%, 03/26/41 (Call 03/26/40)^(a)(b)		14,730		19,072,768
5.50%, 09/13/25^(a)		17,138		20,024,557
5.88%, 01/30/42^(a)		12,547		17,420,516
6.63%, 06/15/32		14,746		19,709,387
6.68%, 09/13/43		11,359		16,795,696
8.13%, 07/15/39^(a)		20,931		34,912,150
Citizens Bank N.A./Providence RI, 2.25%, 04/28/25 (Call 03/28/25)^(a)		8,843		9,220,555
Citizens Financial Group Inc., 3.25%, 04/30/30 (Call 01/30/30)		8,892		9,498,880
Cooperatieve Rabobank U.A.
3.75%, 07/21/26		20,264		22,187,017
4.38%, 08/04/25		16,989		18,936,852
5.25%, 05/24/41		17,363		22,930,225
5.25%, 08/04/45^(a)		14,151		18,340,568
5.75%, 12/01/43		13,137		17,835,900


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Cooperatieve Rabobank U.A./New York, 3.38%, 05/21/25^(a)	$	10,539	$	11,498,592
Credit Suisse AG/New York NY
2.95%, 04/09/25		17,331		18,478,011
3.63%, 09/09/24		27,946		30,400,207
Credit Suisse Group AG
3.75%, 03/26/25^(a)		26,853		29,099,342
4.55%, 04/17/26^(a)		22,575		25,407,740
4.88%, 05/15/45^(a)		20,361		24,549,850
Deutsche Bank AG/London, 3.70%, 05/30/24^(a)		5,062		5,434,257
Deutsche Bank AG/New York NY
1.69%, 03/19/26		9,935		9,971,575
2.13%, 11/24/26 (Call 11/24/25)^(b)		22,997		23,288,195
3.55%, 09/18/31 (Call 09/18/30)^(a)(b)		17,709		18,543,048
3.70%, 05/30/24^(a)		3,049		3,271,293
3.96%, 11/26/25 (Call 11/26/24)^(a)(b)		23,249		25,217,925
Discover Bank
2.45%, 09/12/24 (Call 08/12/24)^(a)		9,151		9,588,863
3.45%, 07/27/26 (Call 04/27/26)		12,250		13,340,859
4.65%, 09/13/28 (Call 06/13/28)^(a)		9,996		11,558,243
Fifth Third Bancorp.
2.38%, 01/28/25 (Call 12/28/24)		10,581		11,079,613
2.55%, 05/05/27 (Call 04/05/27)		13,869		14,563,981
8.25%, 03/01/38		12,102		19,973,935
Fifth Third Bank NA
3.85%, 03/15/26 (Call 02/15/26)		9,260		10,253,856
3.95%, 07/28/25 (Call 06/28/25)^(a)		7,903		8,824,566
Goldman Sachs Group Inc. (The)
0.86%, 02/12/26 (Call 02/12/25), (SOFR + 0.609%)^(b)		8,149		8,077,844
1.09%, 12/09/26 (Call 12/09/25)^(b)		23,536		23,177,165
1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)^(b)		14,418		14,350,318
1.99%, 01/27/32 (Call 01/27/31)^(b)		30,617		29,069,969
2.60%, 02/07/30 (Call 11/07/29)^(a)		23,261		23,727,557
2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)^(b)		24,429		24,489,472
3.21%, 04/22/42 (Call 04/22/41)^(b)		10,525		10,650,471
3.27%, 09/29/25 (Call 09/29/24), (3 mo. LIBOR US + 1.201%)^(b)		27,854		29,909,063
3.50%, 01/23/25 (Call 10/23/24)		27,048		29,332,639
3.50%, 04/01/25 (Call 03/01/25)		38,641		42,036,361
3.50%, 11/16/26 (Call 11/16/25)		29,368		32,018,133
3.63%, 02/20/24 (Call 01/20/24)		2,425		2,615,539
3.69%, 06/05/28 (Call 06/05/27)^(b)		25,451		28,051,077
3.75%, 05/22/25 (Call 02/22/25)^(a)		25,389		27,846,071
3.75%, 02/25/26 (Call 11/25/25)^(a)		18,575		20,632,231
3.80%, 03/15/30 (Call 12/15/29)^(a)		24,624		27,337,060
3.81%, 04/23/29 (Call 04/23/28)^(b)		27,079		29,909,611
3.85%, 07/08/24 (Call 04/08/24)		17,466		19,002,517
3.85%, 01/26/27 (Call 01/26/26)		29,094		32,162,020
4.00%, 03/03/24		7,421		8,103,638
4.02%, 10/31/38 (Call 10/31/37)^(b)		27,027		30,615,715
4.22%, 05/01/29 (Call 05/01/28)^(b)		29,092		32,898,313
4.25%, 10/21/25		21,860		24,479,646
4.41%, 04/23/39 (Call 04/23/38)^(a)(b)		16,972		19,962,784
4.75%, 10/21/45 (Call 04/21/45)^(a)		18,106		22,641,127
4.80%, 07/08/44 (Call 01/08/44)		18,757		23,448,576
5.15%, 05/22/45		21,652		27,814,584
5.95%, 01/15/27^(a)		12,341		14,965,120


Security	Par (000)		Value

Banks (continued)
6.13%, 02/15/33	$	13,744	$	18,395,232
6.25%, 02/01/41		27,890		39,780,787
6.75%, 10/01/37		61,744		87,686,896
HSBC Holdings PLC
1.59%, 05/24/27 (Call 05/24/26)^(a)(b)		16,420		16,302,958
1.65%, 04/18/26 (Call 04/18/25)^(a)(b)		21,695		21,851,306
2.01%, 09/22/28 (Call 09/22/27)^(b)		22,357		22,171,444
2.10%, 06/04/26 (Call 06/04/25)^(a)(b)		21,586		22,099,676
2.36%, 08/18/31 (Call 08/18/30)^(a)(b)		17,437		17,004,958
2.63%, 11/07/25 (Call 11/07/24)^(a)(b)		22,492		23,571,996
2.85%, 06/04/31 (Call 06/04/30)^(a)(b)		18,386		18,556,556
3.80%, 03/11/25 (Call 03/11/24)^(b)		16,530		17,819,072
3.90%, 05/25/26		27,686		30,719,995
3.97%, 05/22/30 (Call 05/22/29)^(b)		33,698		36,852,945
4.04%, 03/13/28 (Call 03/13/27)^(b)		28,774		31,739,500
4.25%, 03/14/24^(a)		4,790		5,229,672
4.25%, 08/18/25^(a)		16,021		17,739,670
4.29%, 09/12/26 (Call 09/12/25)^(b)		27,150		30,120,327
4.30%, 03/08/26		34,102		38,404,639
4.38%, 11/23/26		16,883		18,905,058
4.58%, 06/19/29 (Call 06/19/28)^(a)(b)		33,624		38,179,749
4.95%, 03/31/30^(a)		24,269		28,649,749
5.25%, 03/14/44^(a)		16,760		20,689,757
6.10%, 01/14/42		8,477		11,934,936
6.50%, 05/02/36^(a)		22,428		29,952,430
6.50%, 09/15/37^(a)		28,567		38,675,413
6.80%, 06/01/38^(a)		17,746		24,874,882
HSBC USA Inc., 3.50%, 06/23/24		3,445		3,730,248
Huntington Bancshares Inc./OH
2.55%, 02/04/30 (Call 11/04/29)^(a)		9,197		9,335,179
2.63%, 08/06/24 (Call 07/06/24)		2,854		3,017,529
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26)^(b)		5,816		5,857,790
2.73%, 04/01/32 (Call 04/01/31)^(b)		11,651		11,787,355
3.55%, 04/09/24^(a)		6,661		7,194,882
3.95%, 03/29/27^(a)		16,854		18,853,034
4.05%, 04/09/29		8,401		9,442,603
4.55%, 10/02/28^(a)		12,438		14,396,269
JPMorgan Chase & Co.
1.04%, 02/04/27 (Call 02/04/26)^(b)		9,840		9,656,219
1.05%, 11/19/26 (Call 11/19/25), (SOFR + 0.800%)^(a)(b)		25,692		25,300,554
1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)^(b)		17,119		17,192,458
1.76%, 11/19/31 (Call 11/19/30)^(b)		15,417		14,466,204
1.95%, 02/04/32 (Call 02/04/31)^(b)		18,604		17,676,219
2.01%, 03/13/26 (Call 03/13/25)^(a)(b)		22,961		23,681,911
2.08%, 04/22/26 (Call 04/22/25)^(b)		35,913		37,116,639
2.18%, 06/01/28 (Call 06/01/27)^(b)		16,102		16,434,772
2.30%, 10/15/25 (Call 10/15/24)^(b)		23,126		24,111,975
2.52%, 04/22/31 (Call 04/22/30)^(a)(b)		26,095		26,347,918
2.53%, 11/19/41 (Call 11/19/40)^(b)		16,054		14,681,569
2.58%, 04/22/32 (Call 04/22/31)^(b)		21,990		22,059,772
2.74%, 10/15/30 (Call 10/15/29)^(a)(b)		34,505		35,376,607
2.95%, 10/01/26 (Call 07/01/26)^(a)		33,144		35,673,858
3.11%, 04/22/41 (Call 04/22/40)^(b)		16,711		16,667,580
3.11%, 04/22/51 (Call 04/22/50)^(b)		23,825		23,102,590
3.13%, 01/23/25 (Call 10/23/24)^(a)		25,339		27,309,814
3.16%, 04/22/42 (Call 04/22/41)^(b)		12,385		12,397,300
3.20%, 06/15/26 (Call 03/15/26)		18,083		19,657,367


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
3.22%, 03/01/25 (Call 03/01/24), (3 mo. LIBOR US + 1.155%)^(b)	$	14,761	$	15,756,328
3.30%, 04/01/26 (Call 01/01/26)^(a)		26,255		28,651,971
3.33%, 04/22/52 (Call 04/22/51)^(b)		20,317		20,305,417
3.51%, 01/23/29 (Call 01/23/28)^(b)		24,226		26,474,199
3.54%, 05/01/28 (Call 05/01/27)^(b)		26,728		29,314,525
3.63%, 05/13/24^(a)		3,518		3,836,986
3.63%, 12/01/27 (Call 12/01/26)		13,157		14,389,240
3.70%, 05/06/30 (Call 05/06/29)^(b)		26,443		29,076,429
3.78%, 02/01/28 (Call 02/01/27)^(b)		30,130		33,455,764
3.88%, 02/01/24		2,550		2,783,082
3.88%, 09/10/24		27,604		30,190,172
3.88%, 07/24/38 (Call 07/24/37)^(b)		27,970		30,972,361
3.90%, 07/15/25 (Call 04/15/25)		25,515		28,220,116
3.90%, 01/23/49 (Call 01/23/48)^(b)		18,862		20,681,708
3.96%, 01/29/27 (Call 01/29/26)^(b)		21,011		23,353,321
3.96%, 11/15/48 (Call 11/15/47)^(b)		38,051		42,165,938
4.01%, 04/23/29 (Call 04/23/28)^(b)		23,499		26,420,391
4.03%, 07/24/48 (Call 07/24/47)^(b)		15,647		17,455,303
4.13%, 12/15/26^(a)		20,659		23,356,634
4.20%, 07/23/29 (Call 07/23/28)^(a)(b)		26,334		30,011,388
4.25%, 10/01/27		16,138		18,436,142
4.26%, 02/22/48 (Call 02/22/47)^(b)		21,718		25,175,651
4.45%, 12/05/29 (Call 12/05/28)^(b)		26,652		30,720,606
4.49%, 03/24/31 (Call 03/24/30)^(b)		30,744		35,668,863
4.85%, 02/01/44		11,082		13,866,964
4.95%, 06/01/45^(a)		18,871		23,707,794
5.40%, 01/06/42		14,635		19,340,253
5.50%, 10/15/40		15,476		20,491,148
5.60%, 07/15/41		19,479		26,291,315
5.63%, 08/16/43		14,640		19,601,092
6.40%, 05/15/38^(a)		22,859		32,421,884
KeyBank N.A./Cleveland OH, 3.30%, 06/01/25^(a)		10,643		11,598,675
KeyCorp
2.25%, 04/06/27		12,106		12,543,462
4.10%, 04/30/28		5,470		6,240,318
KeyCorp., 2.55%, 10/01/29^(a)		8,539		8,764,192
Lloyds Banking Group PLC
1.63%, 05/11/27 (Call 05/11/26)^(a)(b)		12,907		12,908,061
2.44%, 02/05/26 (Call 02/05/25)^(b)		13,508		14,086,001
3.57%, 11/07/28 (Call 11/07/27)^(a)(b)		18,948		20,554,032
3.75%, 01/11/27^(a)		14,848		16,398,241
3.87%, 07/09/25 (Call 07/09/24)^(b)		17,658		19,210,493
3.90%, 03/12/24		1,988		2,157,572
4.34%, 01/09/48		16,970		18,800,629
4.38%, 03/22/28^(a)		17,711		20,089,839
4.45%, 05/08/25		17,700		19,852,343
4.50%, 11/04/24^(a)		11,490		12,761,444
4.55%, 08/16/28^(a)		14,017		16,132,043
4.58%, 12/10/25		15,332		17,197,688
4.65%, 03/24/26		16,145		18,187,875
5.30%, 12/01/45^(a)		7,766		9,769,163
Manufacturers & Traders Trust Co., 2.90%, 02/06/25 (Call 01/06/25)^(a)		9,316		9,986,810
Mitsubishi UFJ Financial Group Inc.
1.41%, 07/17/25^(a)		20,983		21,114,968
2.05%, 07/17/30		13,665		13,354,146
2.19%, 02/25/25		28,963		30,059,128
2.56%, 02/25/30^(a)		13,952		14,201,791
2.76%, 09/13/26^(a)		14,417		15,292,526


Security	Par (000)		Value

Banks (continued)
2.80%, 07/18/24	$	8,040	$	8,527,281
3.20%, 07/18/29^(a)		19,584		20,840,494
3.29%, 07/25/27^(a)		10,114		11,086,539
3.41%, 03/07/24^(a)		3,368		3,615,543
3.68%, 02/22/27^(a)		11,116		12,429,351
3.74%, 03/07/29		15,914		17,595,581
3.75%, 07/18/39^(a)		17,155		18,794,380
3.78%, 03/02/25		8,177		8,974,960
3.85%, 03/01/26^(a)		25,798		28,763,042
3.96%, 03/02/28^(a)		14,413		16,147,375
4.05%, 09/11/28^(a)		8,056		9,134,982
Mizuho Financial Group Inc.
1.23%, 05/22/27 (Call 05/22/26)^(b)		15,979		15,684,187
1.98%, 09/08/31 (Call 09/08/30)^(b)		10,194		9,743,162
2.20%, 07/10/31 (Call 07/10/30)^(a)(b)		13,097		12,745,395
2.23%, 05/25/26 (Call 05/25/25)^(a)(b)		16,393		16,914,342
2.84%, 09/13/26^(a)		9,067		9,693,191
3.15%, 07/16/30 (Call 07/16/29)^(a)(b)		7,448		7,859,898
3.17%, 09/11/27^(a)		12,373		13,454,451
4.02%, 03/05/28^(a)		9,112		10,223,904
4.25%, 09/11/29 (Call 09/11/28)^(a)(b)		10,924		12,383,711
Morgan Stanley
0.99%, 12/10/26 (Call 12/10/25)^(b)		27,705		27,190,327
1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)^(b)		28,582		28,725,519
1.79%, 02/13/32 (Call 02/13/31)^(a)(b)		30,995		29,125,555
1.93%, 04/28/32 (Call 04/28/31)^(b)		27,108		25,693,689
2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)^(a)(b)		33,413		34,749,012
2.70%, 01/22/31 (Call 01/22/30)^(b)		34,073		34,832,347
2.72%, 07/22/25 (Call 07/22/24)^(a)(b)		22,592		23,879,514
2.80%, 01/25/52 (Call 01/25/51)^(b)		25,835		23,881,900
3.13%, 07/27/26		33,575		36,358,797
3.22%, 04/22/42 (Call 04/22/41)^(b)		5,205		5,273,714
3.59%, 07/22/28 (Call 07/22/27)^(a)(b)		33,277		36,665,557
3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)^(a)(b)		29,657		32,458,993
3.63%, 01/20/27^(a)		31,801		35,228,296
3.70%, 10/23/24		23,125		25,287,176
3.77%, 01/24/29 (Call 01/24/28)^(b)		29,998		33,130,778
3.88%, 01/27/26		31,048		34,625,419
3.95%, 04/23/27		21,110		23,598,449
3.97%, 07/22/38 (Call 07/22/37)^(a)(b)		21,798		24,652,559
4.00%, 07/23/25^(a)		33,717		37,583,116
4.30%, 01/27/45^(a)		24,591		29,025,675
4.35%, 09/08/26		25,593		28,965,958
4.38%, 01/22/47		24,105		28,933,562
4.43%, 01/23/30 (Call 01/23/29)^(a)(b)		31,170		35,866,624
4.46%, 04/22/39 (Call 04/22/38)^(b)		10,364		12,341,450
5.00%, 11/24/25		23,849		27,504,305
5.60%, 03/24/51 (Call 03/24/50)^(b)		22,958		32,110,895
6.38%, 07/24/42^(a)		21,606		32,122,515
7.25%, 04/01/32^(a)		11,509		16,395,022
Series F, 3.88%, 04/29/24		9,365		10,221,644
Series I, 0.86%, 10/21/25 (Call 10/21/24), (SOFR + 0.745%)^(a)(b)		8,150		8,131,979
National Australia Bank Ltd./New York
2.50%, 07/12/26^(a)		15,433		16,394,156
3.38%, 01/14/26^(a)		8,842		9,744,589


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Natwest Group PLC
3.07%, 05/22/28 (Call 05/22/27)^(a)(b)	$	14,125	$	14,793,497
4.27%, 03/22/25 (Call 03/22/24)^(a)(b)		16,178		17,640,805
4.45%, 05/08/30 (Call 05/08/29)^(a)(b)		12,525		14,121,177
4.80%, 04/05/26^(a)		17,995		20,616,778
4.89%, 05/18/29 (Call 05/18/28)^(a)(b)		19,146		22,017,142
5.08%, 01/27/30 (Call 01/27/29)^(a)(b)		20,273		23,637,870
5.13%, 05/28/24^(a)		10,258		11,459,603
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)		10,632		10,479,091
3.95%, 10/30/25^(a)		12,258		13,773,468
PNC Bank N.A.
2.70%, 10/22/29^(a)		8,633		8,908,918
2.95%, 02/23/25 (Call 01/24/25)		9,813		10,543,439
3.10%, 10/25/27 (Call 09/25/27)		12,474		13,604,108
3.25%, 06/01/25 (Call 05/02/25)^(a)		9,623		10,453,367
4.05%, 07/26/28^(a)		13,388		15,202,859
PNC Financial Services Group Inc. (The)
2.31%, 04/23/32 (Call 04/23/31)^(b)		17,520		17,448,816
2.55%, 01/22/30 (Call 10/24/29)^(a)		23,333		24,012,868
2.60%, 07/23/26 (Call 05/23/26)^(a)		14,516		15,441,428
3.15%, 05/19/27 (Call 04/19/27)^(a)		9,808		10,701,834
3.45%, 04/23/29 (Call 01/23/29)^(a)		16,178		17,846,393
3.90%, 04/29/24 (Call 03/29/24)		163		178,002
Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25)^(a)		13,170		13,742,763
Royal Bank of Canada
0.88%, 01/20/26^(a)		13,833		13,655,456
1.15%, 06/10/25		17,803		17,887,091
1.20%, 04/27/26		22,000		21,931,193
2.25%, 11/01/24		20,767		21,795,814
2.55%, 07/16/24^(a)		12,475		13,209,908
4.65%, 01/27/26^(a)		16,303		18,727,310
Santander Holdings USA Inc.
3.24%, 10/05/26 (Call 08/05/26)		12,309		13,104,820
3.45%, 06/02/25 (Call 05/02/25)^(a)		14,886		15,988,188
3.50%, 06/07/24 (Call 05/07/24)^(a)		4,284		4,596,490
4.40%, 07/13/27 (Call 04/14/27)		12,484		13,924,509
4.50%, 07/17/25 (Call 04/17/25)		13,992		15,548,069
Santander UK Group Holdings PLC
1.53%, 08/21/26 (Call 08/21/25)^(a)(b)		11,520		11,500,923
3.82%, 11/03/28 (Call 11/03/27)^(a)(b)		15,463		16,977,817
Santander UK PLC
2.88%, 06/18/24^(a)		4,856		5,164,507
4.00%, 03/13/24^(a)		1,814		1,989,471
State Street Corp.
2.20%, 03/03/31		8,950		8,797,873
2.40%, 01/24/30^(a)		10,238		10,493,871
2.65%, 05/19/26^(a)		11,950		12,820,763
3.30%, 12/16/24^(a)		9,624		10,524,821
3.55%, 08/18/25		16,191		17,950,834
Sumitomo Mitsui Financial Group Inc.
0.95%, 01/12/26		11,912		11,704,308
1.47%, 07/08/25		26,333		26,577,397
2.13%, 07/08/30		16,839		16,554,418
2.14%, 09/23/30^(a)		10,273		9,723,341
2.35%, 01/15/25		13,987		14,603,532
2.45%, 09/27/24		14,013		14,731,651
2.63%, 07/14/26^(a)		24,252		25,575,058
2.70%, 07/16/24		21,939		23,149,171


Security	Par (000)		Value

Banks (continued)
2.75%, 01/15/30^(a)	$	13,897	$	14,311,245
3.01%, 10/19/26^(a)		15,793		16,987,519
3.04%, 07/16/29		28,877		30,385,945
3.35%, 10/18/27^(a)		8,681		9,457,498
3.36%, 07/12/27^(a)		15,823		17,268,229
3.45%, 01/11/27		14,294		15,661,726
3.54%, 01/17/28^(a)		8,181		8,934,401
3.78%, 03/09/26		17,128		18,976,414
3.94%, 07/19/28		8,114		9,081,805
Toronto-Dominion Bank (The)
0.75%, 09/11/25^(a)		13,704		13,528,700
0.75%, 01/06/26^(a)		14,481		14,237,925
1.15%, 06/12/25^(a)		13,864		13,936,187
2.65%, 06/12/24		10,617		11,275,103
3.25%, 03/11/24		1,692		1,819,367
Truist Bank
1.50%, 03/10/25 (Call 02/10/25)		15,660		16,007,948
2.15%, 12/06/24 (Call 11/05/24)		14,460		15,164,179
2.25%, 03/11/30 (Call 12/11/29)^(a)		15,652		15,448,674
3.20%, 04/01/24 (Call 03/01/24)		2,490		2,672,197
3.30%, 05/15/26 (Call 04/15/26)^(a)		8,729		9,540,289
3.63%, 09/16/25 (Call 08/16/25)		14,196		15,613,800
3.80%, 10/30/26 (Call 09/30/26)		9,591		10,710,404
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)^(a)		9,882		9,571,633
1.20%, 08/05/25 (Call 07/06/25)		8,178		8,233,370
1.27%, 03/02/27 (Call 03/02/26)^(b)		14,624		14,547,831
1.95%, 06/05/30 (Call 03/05/30)^(a)		8,834		8,676,871
2.50%, 08/01/24 (Call 07/01/24)^(a)		3,903		4,122,944
2.85%, 10/26/24 (Call 09/26/24)^(a)		12,203		13,053,804
3.70%, 06/05/25 (Call 05/05/25)^(a)		12,743		14,057,532
4.00%, 05/01/25 (Call 03/01/25)^(a)		9,761		10,840,978
U.S. Bancorp.
1.38%, 07/22/30 (Call 04/22/30)^(a)		15,449		14,486,102
1.45%, 05/12/25 (Call 04/11/25)		15,984		16,324,550
2.40%, 07/30/24 (Call 06/28/24)^(a)		5,748		6,080,097
3.00%, 07/30/29 (Call 04/30/29)^(a)		11,703		12,412,975
3.10%, 04/27/26 (Call 03/27/26)^(a)		13,333		14,459,753
3.38%, 02/05/24 (Call 01/05/24)		2,333		2,516,511
3.60%, 09/11/24 (Call 08/11/24)^(a)		8,780		9,627,928
3.70%, 01/30/24 (Call 12/29/23)		1,250		1,355,667
3.90%, 04/26/28 (Call 03/24/28)		9,676		11,005,787
3.95%, 11/17/25 (Call 10/17/25)^(a)		10,310		11,573,728
Series V, 2.38%, 07/22/26 (Call 06/22/26)^(a)		15,719		16,569,062
Series X, 3.15%, 04/27/27 (Call 03/27/27)^(a)		15,896		17,375,120
U.S. Bank N.A./Cincinnati OH
2.05%, 01/21/25 (Call 12/20/24)^(a)		10,604		11,045,579
2.80%, 01/27/25 (Call 12/27/24)		11,275		12,056,213
Wachovia Corp., 5.50%, 08/01/35		12,079		15,215,642
Wells Fargo & Co.
2.16%, 02/11/26 (Call 02/11/25)^(b)		32,957		34,133,377
2.19%, 04/30/26 (Call 04/30/25)^(a)(b)		33,777		35,016,940
2.39%, 06/02/28 (Call 06/02/27)^(b)		35,462		36,526,959
2.41%, 10/30/25 (Call 10/30/24)^(a)(b)		30,688		32,093,566
2.57%, 02/11/31 (Call 02/11/30)^(b)		31,109		31,437,256
2.88%, 10/30/30 (Call 10/30/29)^(a)(b)		35,697		37,044,340
3.00%, 02/19/25		25,601		27,480,799
3.00%, 04/22/26^(a)		37,132		40,091,045
3.00%, 10/23/26^(a)		38,595		41,611,188
3.07%, 04/30/41 (Call 04/30/40)^(b)		38,646		38,204,388


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
3.20%, 06/17/27 (Call 06/17/26)^(b)	$	28,853	$	31,120,878
3.30%, 09/09/24		24,449		26,461,424
3.55%, 09/29/25		25,793		28,356,313
3.58%, 05/22/28 (Call 05/22/27)^(b)		33,713		36,982,743
3.90%, 05/01/45		20,975		23,400,687
4.10%, 06/03/26		25,555		28,693,397
4.15%, 01/24/29 (Call 10/24/28)		25,168		28,559,557
4.30%, 07/22/27		26,558		30,128,240
4.40%, 06/14/46^(a)		21,774		24,705,257
4.48%, 04/04/31 (Call 04/04/30)^(b)		27,135		31,319,922
4.65%, 11/04/44		22,283		25,979,103
4.75%, 12/07/46^(a)		22,084		26,338,405
4.90%, 11/17/45^(a)		21,960		26,780,659
5.01%, 04/04/51 (Call 04/04/50)^(b)		52,208		67,441,772
5.38%, 11/02/43		21,420		27,305,935
5.61%, 01/15/44		28,751		37,533,214
Wells Fargo Bank N.A.
5.85%, 02/01/37		11,500		15,365,267
6.60%, 01/15/38		16,764		23,937,963
Westpac Banking Corp.
2.35%, 02/19/25^(a)		17,843		18,762,384
2.65%, 01/16/30^(a)		5,986		6,306,240
2.70%, 08/19/26^(a)		12,037		12,880,578
2.85%, 05/13/26^(a)		17,461		18,799,609
2.96%, 11/16/40^(a)		13,533		12,726,153
3.30%, 02/26/24^(a)		2,642		2,846,312
3.35%, 03/08/27^(a)		11,513		12,748,573
3.40%, 01/25/28^(a)		9,972		11,012,501
4.42%, 07/24/39		11,901		13,621,204


				9,586,417,528

Beverages — 3.3%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (Call 11/01/25)		37,536		41,521,186
4.70%, 02/01/36 (Call 08/01/35)		58,735		69,359,404
4.90%, 02/01/46 (Call 08/01/45)		95,567		114,083,737
Anheuser-Busch InBev Finance Inc.
3.65%, 02/01/26 (Call 11/01/25)		18,033		19,938,159
4.00%, 01/17/43		8,740		9,438,720
4.63%, 02/01/44^(a)		9,632		11,120,646
4.90%, 02/01/46 (Call 08/01/45)		16,275		19,301,286
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)^(a)		15,656		17,089,474
3.75%, 07/15/42		11,099		11,567,023
4.00%, 04/13/28 (Call 01/13/28)^(a)		27,979		31,411,251
4.15%, 01/23/25 (Call 12/23/24)^(a)		21,630		24,118,354
4.35%, 06/01/40 (Call 12/01/39)		11,674		13,213,739
4.38%, 04/15/38 (Call 10/15/37)		17,105		19,446,105
4.44%, 10/06/48 (Call 04/06/48)^(a)		18,454		20,851,424
4.50%, 06/01/50 (Call 12/01/49)^(a)		25,280		28,978,168
4.60%, 04/15/48 (Call 10/15/47)		28,191		32,471,375
4.60%, 06/01/60 (Call 12/01/59)^(a)		11,040		12,667,629
4.75%, 01/23/29 (Call 10/23/28)^(a)		43,652		51,222,497
4.75%, 04/15/58 (Call 10/15/57)		16,809		19,641,079
4.90%, 01/23/31 (Call 10/23/30)^(a)		7,182		8,650,193
4.95%, 01/15/42		17,778		21,501,782
5.45%, 01/23/39 (Call 07/23/38)		22,314		28,186,532
5.55%, 01/23/49 (Call 07/23/48)		41,365		53,367,845
5.80%, 01/23/59 (Call 07/23/58)		21,639		29,373,475
8.20%, 01/15/39		14,137		22,641,457


Security	Par (000)		Value

Beverages (continued)
Coca-Cola Co. (The)
1.00%, 03/15/28	$	16,710	$	15,997,350
1.38%, 03/15/31		12,300		11,395,779
1.45%, 06/01/27^(a)		16,095		16,149,049
1.50%, 03/05/28		8,758		8,661,200
1.65%, 06/01/30^(a)		17,099		16,388,720
1.75%, 09/06/24^(a)		5,729		5,975,173
2.00%, 03/05/31^(a)		10,132		9,972,680
2.13%, 09/06/29		13,217		13,341,976
2.25%, 09/01/26^(a)		10,183		10,856,148
2.25%, 01/05/32		5,000		5,012,930
2.50%, 06/01/40		11,317		10,723,910
2.50%, 03/15/51^(a)		17,073		15,206,590
2.60%, 06/01/50		16,773		15,257,590
2.75%, 06/01/60^(a)		11,166		10,133,742
2.88%, 10/27/25		18,560		20,173,979
2.88%, 05/05/41		4,000		3,968,265
2.95%, 03/25/25^(a)		12,487		13,531,318
3.00%, 03/05/51^(a)		8,463		8,256,769
3.38%, 03/25/27^(a)		11,158		12,418,961
3.45%, 03/25/30		14,076		15,527,378
Constellation Brands Inc., 3.15%, 08/01/29 (Call 05/01/29)		11,633		12,265,413
Diageo Capital PLC
1.38%, 09/29/25 (Call 08/29/25)^(a)		7,895		8,012,218
2.00%, 04/29/30 (Call 01/29/30)		10,411		10,217,562
2.13%, 04/29/32 (Call 01/29/32)^(a)		10,454		10,189,207
2.38%, 10/24/29 (Call 07/24/29)^(a)		10,633		10,803,598
Keurig Dr Pepper Inc.
3.20%, 05/01/30 (Call 02/01/30)		6,324		6,730,729
3.80%, 05/01/50 (Call 11/01/49)		9,397		10,012,336
4.42%, 05/25/25 (Call 03/25/25)^(a)		13,566		15,255,535
4.60%, 05/25/28 (Call 02/25/28)^(a)		22,721		26,394,888
5.09%, 05/25/48 (Call 11/25/47)		9,293		11,798,546
Molson Coors Beverage Co.
3.00%, 07/15/26 (Call 04/15/26)^(a)		22,222		23,829,957
4.20%, 07/15/46 (Call 01/15/46)^(a)		16,896		17,875,071
5.00%, 05/01/42^(a)		12,373		14,580,153
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)^(a)		5,253		4,931,104
1.63%, 05/01/30 (Call 02/01/30)		9,520		9,171,427
2.25%, 03/19/25 (Call 02/19/25)		16,085		16,970,914
2.38%, 10/06/26 (Call 07/06/26)^(a)		12,676		13,512,120
2.63%, 07/29/29 (Call 04/29/29)^(a)		12,320		12,931,762
2.75%, 04/30/25 (Call 01/30/25)^(a)		10,986		11,810,813
2.75%, 03/19/30 (Call 12/19/29)		15,890		16,748,615
2.85%, 02/24/26 (Call 11/24/25)^(a)		9,638		10,448,207
2.88%, 10/15/49 (Call 04/15/49)		8,911		8,653,401
3.00%, 10/15/27 (Call 07/15/27)^(a)		15,594		17,098,311
3.38%, 07/29/49 (Call 01/29/49)		10,703		11,264,561
3.45%, 10/06/46 (Call 04/06/46)		17,961		19,163,710
3.50%, 03/19/40 (Call 09/19/39)^(a)		8,621		9,497,389
3.63%, 03/19/50 (Call 09/19/49)		17,999		19,899,187
3.88%, 03/19/60 (Call 09/19/59)		10,000		11,562,020
4.00%, 03/05/42		8,576		10,013,057
4.00%, 05/02/47 (Call 11/02/46)		7,997		9,243,704
4.45%, 04/14/46 (Call 10/14/45)		15,361		18,804,019


				1,379,801,581


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Biotechnology — 1.6%
Amgen Inc.
2.20%, 02/21/27 (Call 12/21/26)	$	21,070	$	21,767,246
2.30%, 02/25/31 (Call 11/25/30)^(a)		12,158		12,046,326
2.45%, 02/21/30 (Call 11/21/29)		15,215		15,407,768
2.60%, 08/19/26 (Call 05/19/26)^(a)		14,805		15,667,128
2.77%, 09/01/53 (Call 03/01/53)^(c)		10,131		8,990,570
3.13%, 05/01/25 (Call 02/01/25)^(a)		11,106		11,961,781
3.15%, 02/21/40 (Call 08/21/39)		22,476		22,510,060
3.20%, 11/02/27 (Call 08/02/27)^(a)		11,207		12,191,263
3.38%, 02/21/50 (Call 08/21/49)		25,125		24,931,221
3.63%, 05/22/24 (Call 02/22/24)		4,494		4,862,999
4.40%, 05/01/45 (Call 11/01/44)		23,242		26,879,471
4.56%, 06/15/48 (Call 12/15/47)		16,126		19,231,719
4.66%, 06/15/51 (Call 12/15/50)		40,216		48,795,500
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)		9,531		10,575,519
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)^(a)		12,186		11,850,432
3.15%, 05/01/50 (Call 11/01/49)^(a)		15,163		13,784,328
3.25%, 02/15/51 (Call 08/15/50)^(c)		24,399		22,931,244
4.05%, 09/15/25 (Call 06/15/25)		16,083		17,895,903
5.20%, 09/15/45 (Call 03/15/45)		25		32,030
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)		10,781		10,438,435
1.65%, 10/01/30 (Call 07/01/30)^(a)		13,234		12,377,284
2.60%, 10/01/40 (Call 04/01/40)^(a)		11,985		11,039,712
2.80%, 10/01/50 (Call 04/01/50)^(a)		16,934		15,065,990
2.95%, 03/01/27 (Call 12/01/26)^(a)		14,747		15,828,620
3.50%, 02/01/25 (Call 11/01/24)^(a)		12,308		13,380,924
3.65%, 03/01/26 (Call 12/01/25)		30,067		33,214,678
3.70%, 04/01/24 (Call 01/01/24)		6,911		7,467,811
4.00%, 09/01/36 (Call 03/01/36)^(a)		9,153		10,162,170
4.15%, 03/01/47 (Call 09/01/46)^(a)		19,133		21,272,243
4.50%, 02/01/45 (Call 08/01/44)		18,858		21,889,523
4.60%, 09/01/35 (Call 03/01/35)^(a)		11,733		13,906,146
4.75%, 03/01/46 (Call 09/01/45)		25,164		30,319,603
4.80%, 04/01/44 (Call 10/01/43)		19,016		22,921,563
5.65%, 12/01/41 (Call 06/01/41)		10,639		14,199,528
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (Call 06/15/30)^(a)		14,986		13,947,692
2.80%, 09/15/50 (Call 03/15/50)		9,805		8,495,296
Royalty Pharma PLC
1.20%, 09/02/25 (Call 08/02/25)^(c)		13,136		13,003,840
1.75%, 09/02/27 (Call 07/02/27)^(a)(c)		11,282		11,082,371
2.20%, 09/02/30 (Call 06/02/30)^(a)(c)		13,572		12,939,797
3.30%, 09/02/40 (Call 03/02/40)^(a)(c)		12,309		11,907,362
3.55%, 09/02/50 (Call 03/02/50)^(a)(c)		11,572		10,950,091


				658,123,187

Building Materials — 0.3%
Carrier Global Corp.
2.24%, 02/15/25 (Call 01/15/25)^(a)		23,285		24,283,724
2.49%, 02/15/27 (Call 12/15/26)^(a)		14,321		15,024,273
2.70%, 02/15/31 (Call 11/15/30)		9,647		9,740,010
2.72%, 02/15/30 (Call 11/15/29)		23,267		23,729,166
3.38%, 04/05/40 (Call 10/05/39)		17,051		17,231,202
3.58%, 04/05/50 (Call 10/05/49)		22,079		22,174,352


				112,182,727

Chemicals — 1.1%
Air Products and Chemicals Inc.
2.05%, 05/15/30 (Call 02/15/30)^(a)		11,405		11,415,560


Security	Par (000)		Value

Chemicals (continued)
2.70%, 05/15/40 (Call 11/15/39)	$	9,711	$	9,455,985
2.80%, 05/15/50 (Call 11/15/49)^(a)		9,344		8,773,468
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)^(a)		5,088		4,921,493
3.50%, 10/01/24 (Call 07/01/24)^(a)		6,030		6,516,111
3.60%, 11/15/50 (Call 05/15/50)^(a)		8,835		9,015,031
3.63%, 05/15/26 (Call 03/15/26)^(a)		10,374		11,451,213
4.38%, 11/15/42 (Call 05/15/42)^(a)		14,953		17,146,490
4.80%, 05/15/49 (Call 11/15/48)		9,426		11,569,339
5.25%, 11/15/41 (Call 05/15/41)		9,804		12,401,256
5.55%, 11/30/48 (Call 05/30/48)		6,410		8,581,564
7.38%, 11/01/29^(a)		14,815		20,298,657
9.40%, 05/15/39		10,495		17,980,021
DuPont de Nemours Inc.
4.49%, 11/15/25 (Call 09/15/25)		20,662		23,482,342
4.73%, 11/15/28 (Call 08/15/28)^(a)		24,150		28,275,636
5.32%, 11/15/38 (Call 05/15/38)		19,833		25,104,988
5.42%, 11/15/48 (Call 05/15/48)^(a)		24,979		32,941,923
Eastman Chemical Co., 4.65%, 10/15/44 (Call 04/15/44)		10,425		12,302,541
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)		13,757		14,741,971
4.80%, 03/24/30 (Call 12/24/29)		3,542		4,246,379
International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48)		2,101		2,605,220
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		10,585		12,624,171
5.25%, 07/15/43		8,703		10,824,563
LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)^(a)		13,145		14,345,713
LYB International Finance III LLC
3.38%, 10/01/40 (Call 04/01/40)^(a)		10,061		10,167,816
3.63%, 04/01/51 (Call 10/01/50)^(a)		11,266		11,226,237
4.20%, 10/15/49 (Call 04/15/49)^(a)		10,956		11,985,770
4.20%, 05/01/50 (Call 11/01/49)^(a)		11,910		13,012,915
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)^(a)		10,039		11,537,231
5.75%, 04/15/24 (Call 01/15/24)^(a)		3,021		3,410,434
Nutrien Ltd.
4.20%, 04/01/29 (Call 01/01/29)^(a)		8,345		9,466,221
5.00%, 04/01/49 (Call 10/01/48)		6,654		8,425,723
Rohm & Haas Co., 7.85%, 07/15/29		7,876		10,672,285
Sherwin-Williams Co. (The)
2.95%, 08/15/29 (Call 05/15/29)^(a)		9,121		9,592,347
3.45%, 06/01/27 (Call 03/01/27)^(a)		16,370		18,006,245
4.50%, 06/01/47 (Call 12/01/46)		11,768		14,005,077


				462,529,936

Commercial Services — 0.5%
Automatic Data Processing Inc.
1.25%, 09/01/30 (Call 06/01/30)^(a)		10,649		9,904,803
3.38%, 09/15/25 (Call 06/15/25)		4,419		4,867,388
Global Payments Inc.
1.20%, 03/01/26 (Call 02/01/26)		11,504		11,379,469
2.65%, 02/15/25 (Call 01/15/25)		8,240		8,703,484
2.90%, 05/15/30 (Call 02/15/30)		11,473		11,761,858
3.20%, 08/15/29 (Call 05/15/29)^(a)		12,889		13,595,963
4.15%, 08/15/49 (Call 02/15/49)		8,373		9,261,593
4.80%, 04/01/26 (Call 01/01/26)		11,719		13,437,228


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Services (continued)
IHS Markit Ltd.
4.25%, 05/01/29 (Call 02/01/29)	$	11,825	$	13,414,196
4.75%, 08/01/28 (Call 05/01/28)		5,483		6,350,560
PayPal Holdings Inc.
1.65%, 06/01/25 (Call 05/01/25)		11,836		12,150,142
2.30%, 06/01/30 (Call 03/01/30)		12,381		12,479,159
2.40%, 10/01/24 (Call 09/01/24)		7,212		7,601,431
2.65%, 10/01/26 (Call 08/01/26)^(a)		14,958		15,942,313
2.85%, 10/01/29 (Call 07/01/29)		14,769		15,571,378
3.25%, 06/01/50 (Call 12/01/49)		13,414		13,547,180
RELX Capital Inc.
3.00%, 05/22/30 (Call 02/22/30)^(a)		10,106		10,587,929
4.00%, 03/18/29 (Call 12/18/28)^(a)		10,713		11,973,727
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)		10,068		11,127,938


				213,657,739

Computers — 3.4%
Apple Inc.
0.55%, 08/20/25 (Call 07/20/25)		9,229		9,131,474
0.70%, 02/08/26 (Call 01/08/26)		24,980		24,656,244
1.13%, 05/11/25 (Call 04/11/25)^(a)		24,456		24,745,080
1.20%, 02/08/28 (Call 12/08/27)		11,275		10,978,833
1.25%, 08/20/30 (Call 05/20/30)^(a)		14,353		13,458,446
1.65%, 05/11/30 (Call 02/11/30)		19,346		18,792,080
1.65%, 02/08/31 (Call 11/08/30)		30,720		29,593,104
1.80%, 09/11/24 (Call 08/11/24)		7,426		7,729,753
2.05%, 09/11/26 (Call 07/11/26)		22,324		23,320,970
2.20%, 09/11/29 (Call 06/11/29)		19,636		20,013,700
2.38%, 02/08/41 (Call 08/08/40)		22,698		21,383,432
2.40%, 08/20/50 (Call 06/20/50)^(a)		8,972		7,999,380
2.45%, 08/04/26 (Call 05/04/26)^(a)		25,040		26,628,818
2.50%, 02/09/25^(a)		16,132		17,159,284
2.55%, 08/20/60 (Call 02/20/60)		19,374		17,052,652
2.65%, 05/11/50 (Call 11/11/49)		27,708		25,687,425
2.65%, 02/08/51 (Call 08/08/50)^(a)		34,841		32,332,406
2.75%, 01/13/25 (Call 11/13/24)^(a)		9,961		10,648,660
2.80%, 02/08/61 (Call 08/08/60)		21,269		19,503,881
2.85%, 05/11/24 (Call 03/11/24)		1,757		1,874,743
2.90%, 09/12/27 (Call 06/12/27)^(a)		21,195		23,026,653
2.95%, 09/11/49 (Call 03/11/49)^(a)		17,035		16,750,725
3.00%, 06/20/27 (Call 03/20/27)^(a)		10,914		11,979,539
3.00%, 11/13/27 (Call 08/13/27)		16,652		18,185,098
3.20%, 05/13/25		21,955		24,024,329
3.20%, 05/11/27 (Call 02/11/27)^(a)		21,362		23,526,376
3.25%, 02/23/26 (Call 11/23/25)		34,121		37,502,661
3.35%, 02/09/27 (Call 11/09/26)		25,179		27,882,633
3.45%, 05/06/24^(a)		8,047		8,763,959
3.45%, 02/09/45		22,422		24,131,099
3.75%, 09/12/47 (Call 03/12/47)		10,625		11,954,444
3.75%, 11/13/47 (Call 05/13/47)		13,841		15,635,275
3.85%, 05/04/43		33,589		38,539,693
3.85%, 08/04/46 (Call 02/04/46)		20,776		23,789,632
4.25%, 02/09/47 (Call 08/09/46)		10,436		12,635,889
4.38%, 05/13/45		22,699		27,884,582
4.45%, 05/06/44^(a)		10,596		13,217,261
4.50%, 02/23/36 (Call 08/23/35)^(a)		13,949		17,284,535
4.65%, 02/23/46 (Call 08/23/45)		34,713		44,153,718
Dell International LLC/EMC Corp.
4.00%, 07/15/24 (Call 06/15/24)^(c)		7,738		8,418,538
4.90%, 10/01/26 (Call 08/01/26)^(c)		21,488		24,684,548
5.30%, 10/01/29 (Call 07/01/29)^(c)		19,584		23,187,824


Security	Par (000)		Value

Computers (continued)
5.85%, 07/15/25 (Call 06/15/25)^(c)	$	11,427	$	13,399,972
6.02%, 06/15/26 (Call 03/15/26)^(c)		50,197		59,907,158
6.20%, 07/15/30 (Call 04/15/30)^(a)(c)		9,112		11,464,995
8.10%, 07/15/36 (Call 01/15/36)^(c)		17,805		26,362,628
8.35%, 07/15/46 (Call 01/15/46)^(c)		21,972		34,510,322
Hewlett Packard Enterprise Co.
1.45%, 04/01/24 (Call 03/01/24)		1,163		1,186,464
1.75%, 04/01/26 (Call 03/01/26)^(a)		11,085		11,191,898
4.65%, 10/01/24 (Call 09/01/24)		8,891		9,962,517
4.90%, 10/15/25 (Call 07/15/25)^(a)		29,925		34,129,268
6.20%, 10/15/35 (Call 04/15/35)^(a)		8,880		11,781,822
6.35%, 10/15/45 (Call 04/15/45)		17,151		22,470,429
HP Inc.
2.20%, 06/17/25 (Call 05/17/25)		13,862		14,421,304
3.00%, 06/17/27 (Call 04/17/27)^(a)		11,772		12,609,126
3.40%, 06/17/30 (Call 03/17/30)^(a)		8,100		8,656,630
6.00%, 09/15/41^(a)		12,521		16,287,304
International Business Machines Corp.
1.70%, 05/15/27 (Call 03/15/27)		16,870		17,047,665
1.95%, 05/15/30 (Call 02/15/30)^(a)		16,071		15,728,146
2.95%, 05/15/50 (Call 11/15/49)^(a)		7,127		6,743,519
3.00%, 05/15/24		17,549		18,856,271
3.30%, 05/15/26^(a)		34,111		37,461,205
3.45%, 02/19/26^(a)		16,478		18,188,945
3.50%, 05/15/29		37,486		41,262,400
3.63%, 02/12/24^(a)		7,789		8,457,382
4.00%, 06/20/42		11,504		13,077,434
4.15%, 05/15/39^(a)		22,829		26,339,785
4.25%, 05/15/49^(a)		33,737		39,394,162
Leidos Inc.
2.30%, 02/15/31 (Call 11/15/30)^(a)(c)		11,971		11,392,398
4.38%, 05/15/30 (Call 02/15/30)^(c)		10,142		11,323,417
NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25)^(a)		9,751		10,013,184


				1,403,477,126

Cosmetics & Personal Care — 0.3%
Procter & Gamble Co. (The)
0.55%, 10/29/25		6,897		6,844,184
1.00%, 04/23/26		105		105,387
1.20%, 10/29/30^(a)		12,712		11,887,556
1.95%, 04/23/31		2,787		2,779,083
2.45%, 11/03/26^(a)		13,038		13,940,934
2.85%, 08/11/27^(a)		8,185		8,932,094
3.00%, 03/25/30		17,462		18,950,557
Unilever Capital Corp.
2.13%, 09/06/29 (Call 06/06/29)^(a)		10,061		10,163,119
2.60%, 05/05/24 (Call 03/05/24)^(a)		2,127		2,253,726
2.90%, 05/05/27 (Call 02/05/27)^(a)		11,934		12,942,650
3.50%, 03/22/28 (Call 12/22/27)^(a)		12,610		14,025,542
5.90%, 11/15/32		13,330		18,131,694


				120,956,526

Diversified Financial Services — 3.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.75%, 01/30/26 (Call 12/30/25)^(a)		7,442		7,297,241
2.88%, 08/14/24 (Call 07/14/24)^(a)		5,011		5,227,888
3.50%, 01/15/25 (Call 11/15/24)		9,421		9,962,670
3.65%, 07/21/27 (Call 04/21/27)^(a)		13,136		13,942,758
6.50%, 07/15/25 (Call 06/15/25)^(a)		15,166		17,839,749


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
Air Lease Corp.
2.30%, 02/01/25 (Call 01/01/25)^(a)	$	8,394	$	8,627,200
2.88%, 01/15/26 (Call 12/15/25)^(a)		15,700		16,349,724
3.13%, 12/01/30 (Call 09/01/30)^(a)		8,515		8,509,099
3.38%, 07/01/25 (Call 06/01/25)^(a)		9,165		9,816,923
3.75%, 06/01/26 (Call 04/01/26)^(a)		9,191		9,915,968
Ally Financial Inc.
3.88%, 05/21/24 (Call 04/21/24)		3,494		3,787,812
5.80%, 05/01/25 (Call 04/01/25)^(a)		9,350		10,932,114
8.00%, 11/01/31		23,605		33,147,557
American Express Co.
2.50%, 07/30/24 (Call 06/30/24)^(a)		5,661		6,009,073
3.00%, 10/30/24 (Call 09/29/24)^(a)		18,563		20,010,738
3.13%, 05/20/26 (Call 04/20/26)		13,430		14,609,748
3.40%, 02/22/24 (Call 01/22/24)^(a)		3,651		3,941,869
4.05%, 12/03/42^(a)		12,198		13,981,533
4.20%, 11/06/25 (Call 10/06/25)		10,973		12,456,888
American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)^(a)		22,145		24,498,269
Brookfield Finance Inc.
4.00%, 04/01/24 (Call 02/01/24)		1,336		1,449,052
4.35%, 04/15/30 (Call 01/15/30)		8,350		9,484,960
4.70%, 09/20/47 (Call 03/20/47)		10,614		12,458,428
4.85%, 03/29/29 (Call 12/29/28)		12,135		14,086,890
Capital One Financial Corp.
3.20%, 02/05/25 (Call 01/05/25)^(a)		10,599		11,406,017
3.30%, 10/30/24 (Call 09/30/24)^(a)		15,143		16,384,943
3.65%, 05/11/27 (Call 04/11/27)		11,832		13,092,759
3.75%, 04/24/24 (Call 03/24/24)		2,489		2,711,134
3.75%, 07/28/26 (Call 06/28/26)^(a)		16,923		18,545,379
3.75%, 03/09/27 (Call 02/09/27)^(a)		14,649		16,261,785
3.80%, 01/31/28 (Call 12/31/27)^(a)		15,317		17,023,948
4.20%, 10/29/25 (Call 09/29/25)^(a)		15,809		17,648,292
4.25%, 04/30/25 (Call 03/31/25)		9,105		10,183,128
Charles Schwab Corp. (The)
0.90%, 03/11/26 (Call 02/11/26)		17,181		16,995,976
1.65%, 03/11/31 (Call 12/11/30)^(a)		8,643		8,154,374
2.00%, 03/20/28 (Call 01/20/28)^(a)		14,481		14,619,887
3.85%, 05/21/25 (Call 03/21/25)^(a)		8,693		9,656,769
CME Group Inc.
3.00%, 03/15/25 (Call 12/15/24)^(a)		8,219		8,833,380
5.30%, 09/15/43 (Call 03/15/43)^(a)		8,110		11,190,865
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)^(a)		12,033		13,433,588
GE Capital Funding LLC
3.45%, 05/15/25 (Call 04/15/25)^(c)		12,716		13,786,359
4.05%, 05/15/27 (Call 03/15/27)^(c)		12,283		13,730,050
4.40%, 05/15/30 (Call 02/15/30)^(c)		29,220		33,263,306
4.55%, 05/15/32 (Call 02/15/32)^(a)(c)		8,941		10,372,707
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/25^(a)		22,597		24,581,509
4.42%, 11/15/35^(a)		124,988		143,854,239
Intercontinental Exchange Inc.
1.85%, 09/15/32 (Call 06/15/32)		16,952		15,730,595
2.10%, 06/15/30 (Call 03/15/30)^(a)		12,760		12,448,530
2.65%, 09/15/40 (Call 03/15/40)^(a)		14,309		13,285,360
3.00%, 06/15/50 (Call 12/15/49)^(a)		13,315		12,477,847
3.00%, 09/15/60 (Call 03/15/60)		16,400		14,740,892
3.75%, 12/01/25 (Call 09/01/25)		13,444		14,907,300
4.25%, 09/21/48 (Call 03/21/48)		14,067		15,902,465


Security	Par (000)		Value

Diversified Financial Services (continued)
Jefferies Group LLC/Jefferies Group Capital Finance Inc.
4.15%, 01/23/30	$	13,747	$	15,215,180
4.85%, 01/15/27^(a)		8,484		9,817,193
Mastercard Inc.
2.00%, 03/03/25 (Call 02/03/25)^(a)		5,361		5,606,428
2.95%, 11/21/26 (Call 08/21/26)^(a)		10,204		11,095,224
2.95%, 06/01/29 (Call 03/01/29)		13,376		14,409,882
3.30%, 03/26/27 (Call 01/26/27)^(a)		12,613		13,923,935
3.35%, 03/26/30 (Call 12/26/29)^(a)		10,680		11,838,451
3.65%, 06/01/49 (Call 12/01/48)^(a)		12,013		13,379,922
3.85%, 03/26/50 (Call 09/26/49)		17,502		20,004,663
Nomura Holdings Inc.
1.85%, 07/16/25^(a)		17,695		17,875,367
2.65%, 01/16/25^(a)		17,225		17,999,143
2.68%, 07/16/30^(a)		12,378		12,255,553
3.10%, 01/16/30^(a)		18,169		18,630,872
Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)		8,901		9,497,434
4.95%, 07/15/46^(a)		443		558,311
Synchrony Financial
3.95%, 12/01/27 (Call 09/01/27)		11,940		12,979,884
4.25%, 08/15/24 (Call 05/15/24)		12,211		13,321,542
4.50%, 07/23/25 (Call 04/23/25)		12,308		13,735,248
Visa Inc.
1.10%, 02/15/31 (Call 11/15/30)^(a)		8,568		7,936,897
1.90%, 04/15/27 (Call 02/15/27)^(a)		18,477		19,091,835
2.00%, 08/15/50 (Call 02/15/50)^(a)		19,770		16,434,032
2.05%, 04/15/30 (Call 01/15/30)		17,390		17,577,464
2.70%, 04/15/40 (Call 10/15/39)		11,972		11,889,878
2.75%, 09/15/27 (Call 06/15/27)^(a)		9,770		10,509,706
3.15%, 12/14/25 (Call 09/14/25)^(a)		42,811		46,859,302
3.65%, 09/15/47 (Call 03/15/47)^(a)		8,494		9,576,486
4.15%, 12/14/35 (Call 06/14/35)		17,216		20,666,801
4.30%, 12/14/45 (Call 06/14/45)^(a)		33,944		41,754,049


				1,268,008,216

Electric — 2.7%
AES Corp. (The)
1.38%, 01/15/26 (Call 12/15/25)^(c)		9,346		9,194,955
2.45%, 01/15/31 (Call 10/15/30)^(c)		11,279		10,889,551
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)^(a)		10,337		11,193,372
Avangrid Inc.
3.20%, 04/15/25 (Call 03/15/25)		8,427		9,081,103
3.80%, 06/01/29 (Call 03/01/29)		8,211		9,129,439
Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)		18,003		16,609,483
3.70%, 07/15/30 (Call 04/15/30)		14,945		16,738,364
3.80%, 07/15/48 (Call 01/15/48)		8,013		8,709,357
4.05%, 04/15/25 (Call 03/15/25)^(a)		10,085		11,232,205
4.25%, 10/15/50 (Call 04/15/50)		10,954		12,792,853
4.45%, 01/15/49 (Call 07/15/48)^(a)		11,564		13,857,428
4.50%, 02/01/45 (Call 08/01/44)^(a)		8,487		10,032,959
5.15%, 11/15/43 (Call 05/15/43)		7,404		9,386,977
6.13%, 04/01/36^(a)		19,673		26,958,357
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)^(a)		8,470		9,699,934
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)^(a)		7,393		8,587,939
Consolidated Edison Co. of New York Inc. 4.45%, 03/15/44 (Call 09/15/43)		9,790		11,468,294


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
4.63%, 12/01/54 (Call 06/01/54)	$	7,412	$	8,916,721
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)		12,134		13,435,597
Dominion Energy Inc.
3.90%, 10/01/25 (Call 07/01/25)^(a)		8,422		9,323,541
Series C, 3.38%, 04/01/30 (Call 01/01/30)		16,939		18,238,370
DTE Energy Co., Series F, 1.05%, 06/01/25 (Call 05/01/25)		9,033		9,000,685
Duke Energy Carolinas LLC
3.20%, 08/15/49 (Call 02/15/49)		7,836		7,879,723
5.30%, 02/15/40		8,345		10,991,063
Duke Energy Corp.
2.45%, 06/01/30 (Call 03/01/30)^(a)		8,629		8,587,469
2.65%, 09/01/26 (Call 06/01/26)		16,716		17,627,754
3.15%, 08/15/27 (Call 05/15/27)^(a)		8,936		9,655,369
3.75%, 04/15/24 (Call 01/15/24)^(a)		2,909		3,144,084
3.75%, 09/01/46 (Call 03/01/46)		15,043		15,513,742
Duke Energy Florida LLC, 6.40%, 06/15/38^(a)		11,375		16,390,413
Emera U.S. Finance LP
3.55%, 06/15/26 (Call 03/15/26)		11,502		12,568,834
4.75%, 06/15/46 (Call 12/15/45)^(a)		12,296		14,067,166
Entergy Corp.
0.90%, 09/15/25 (Call 08/15/25)^(a)		9,316		9,166,812
2.95%, 09/01/26 (Call 06/01/26)		12,095		12,967,204
Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48)^(a)		9,361		10,914,440
Evergy Inc.
2.45%, 09/15/24 (Call 08/15/24)		7,295		7,648,713
2.90%, 09/15/29 (Call 06/15/29)		10,933		11,241,938
Exelon Corp.
3.40%, 04/15/26 (Call 01/15/26)^(a)		11,675		12,718,483
3.95%, 06/15/25 (Call 03/15/25)		11,641		12,828,808
4.05%, 04/15/30 (Call 01/15/30)^(a)		14,781		16,610,449
4.45%, 04/15/46 (Call 10/15/45)		7,070		8,239,372
4.70%, 04/15/50 (Call 10/15/49)		5,680		6,891,429
Exelon Generation Co. LLC
3.25%, 06/01/25 (Call 05/01/25)^(a)		9,478		10,190,759
5.60%, 06/15/42 (Call 12/15/41)^(a)		9,786		11,031,356
6.25%, 10/01/39		11,554		13,696,271
Florida Power & Light Co.
2.85%, 04/01/25 (Call 03/01/25)^(a)		11,713		12,560,493
3.15%, 10/01/49 (Call 04/01/49)		8,500		8,714,271
3.95%, 03/01/48 (Call 09/01/47)		10,179		11,829,974
Georgia Power Co.
4.30%, 03/15/42		12,199		13,974,458
Series A, 3.25%, 03/15/51 (Call 09/15/50)		11,598		11,311,599
MidAmerican Energy Co.
3.65%, 04/15/29 (Call 01/15/29)		7,477		8,356,419
4.25%, 07/15/49 (Call 01/15/49)^(a)		8,610		10,334,530
NextEra Energy Capital Holdings Inc.
2.25%, 06/01/30 (Call 03/01/30)^(a)		21,447		21,210,575
2.75%, 05/01/25 (Call 04/01/25)		15,365		16,383,746
2.75%, 11/01/29 (Call 08/01/29)^(a)		10,620		11,032,724
3.15%, 04/01/24 (Call 03/01/24)^(a)		4,151		4,446,206
3.55%, 05/01/27 (Call 02/01/27)^(a)		16,795		18,637,972
Pacific Gas & Electric Co.
2.10%, 08/01/27 (Call 06/01/27)^(a)		11,210		10,912,414
2.50%, 02/01/31 (Call 11/01/30)^(a)		22,383		21,027,031
3.15%, 01/01/26		21,002		21,861,932
3.30%, 12/01/27 (Call 09/01/27)^(a)		10,241		10,579,192
3.30%, 08/01/40 (Call 02/01/40)		17,270		15,419,409


Security	Par (000)		Value

Electric (continued)
3.45%, 07/01/25^(a)	$	5,448	$	5,771,319
3.50%, 08/01/50 (Call 02/01/50)^(a)		21,517		18,630,118
3.75%, 07/01/28^(a)		12,347		13,042,135
3.95%, 12/01/47 (Call 06/01/47)^(a)		6,441		5,913,816
4.50%, 07/01/40 (Call 01/01/40)		21,832		21,960,671
4.55%, 07/01/30 (Call 01/01/30)		34,925		37,538,717
4.95%, 07/01/50 (Call 01/01/50)		28,482		28,998,971
PPL Capital Funding Inc., 4.13%, 04/15/30 (Call 01/15/30)^(a)		10,859		12,296,542
Public Service Co. of Colorado, 1.88%, 06/15/31 (Call 12/15/30)		2,570		2,493,519
Public Service Enterprise Group Inc., 2.88%, 06/15/24 (Call 05/15/24)		4,004		4,239,551
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/30 (Call 07/01/30)^(a)		10,111		9,641,269
Sempra Energy
3.25%, 06/15/27 (Call 03/15/27)		8,026		8,699,767
3.40%, 02/01/28 (Call 11/01/27)^(a)		11,158		12,101,476
3.80%, 02/01/38 (Call 08/01/37)		10,527		11,532,083
4.00%, 02/01/48 (Call 08/01/47)		7,582		8,149,379
6.00%, 10/15/39		9,731		13,205,804
Southern California Edison Co.
3.65%, 02/01/50 (Call 08/01/49)		13,584		13,514,985
4.00%, 04/01/47 (Call 10/01/46)		20,660		21,488,344
4.65%, 10/01/43 (Call 04/01/43)		8,932		10,239,829
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)		9,054		8,199,105
Series C, 4.13%, 03/01/48 (Call 09/01/47)		13,836		14,641,485
Series E, 3.70%, 08/01/25 (Call 06/01/25)^(a)		9,300		10,207,922
Southern Co. (The)
3.25%, 07/01/26 (Call 04/01/26)^(a)		20,163		21,755,478
4.40%, 07/01/46 (Call 01/01/46)^(a)		20,093		22,809,170
Series A, 3.70%, 04/30/30 (Call 01/30/30)		12,151		13,287,018
Series B, 4.00%, 01/15/51 (Call 10/15/25)^(a)(b)		7,456		7,944,368
Virginia Electric & Power Co.
2.45%, 12/15/50 (Call 06/15/50)		10,173		8,892,481
Series A, 3.15%, 01/15/26 (Call 10/15/25)^(a)		6,595		7,148,354
Series A, 3.50%, 03/15/27 (Call 12/15/26)		7,850		8,657,742


				1,136,643,498

Electrical Components & Equipment — 0.0%
Emerson Electric Co., 0.88%, 10/15/26 (Call 09/15/26)^(a)		12,294		12,073,501


Electronics — 0.2%
Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)		13,986		13,760,167
Honeywell International Inc.
1.35%, 06/01/25 (Call 05/01/25)^(a)		14,685		14,991,279
1.95%, 06/01/30 (Call 03/01/30)^(a)		12,052		11,974,824
2.30%, 08/15/24 (Call 07/15/24)^(a)		3,689		3,892,696
2.50%, 11/01/26 (Call 08/01/26)^(a)		15,750		16,836,156
2.70%, 08/15/29 (Call 05/15/29)		7,997		8,418,111
2.80%, 06/01/50 (Call 12/01/49)^(a)		8,319		8,022,629


				77,895,862

Environmental Control — 0.2%
Republic Services Inc.
1.75%, 02/15/32 (Call 11/15/31)		11,586		10,740,451
2.50%, 08/15/24 (Call 07/15/24)^(a)		3,215		3,393,798
3.95%, 05/15/28 (Call 02/15/28)		9,315		10,463,735
Waste Management Inc.
1.50%, 03/15/31 (Call 12/15/30)^(a)		11,845		10,921,213


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Environmental Control (continued)
3.15%, 11/15/27 (Call 08/15/27)	$	8,258	$	8,987,930
4.10%, 03/01/45 (Call 09/01/44)^(a)		6,209		7,223,425
4.15%, 07/15/49 (Call 01/15/49)		12,686		15,079,984


				66,810,536

Food — 1.0%
Campbell Soup Co.
3.95%, 03/15/25 (Call 01/15/25)^(a)		7,143		7,879,660
4.15%, 03/15/28 (Call 12/15/27)^(a)		10,641		11,975,547
Conagra Brands Inc.
1.38%, 11/01/27 (Call 09/01/27)^(a)		14,557		14,161,029
4.30%, 05/01/24 (Call 04/01/24)		2,005		2,210,171
4.60%, 11/01/25 (Call 09/01/25)		13,689		15,654,294
4.85%, 11/01/28 (Call 08/01/28)^(a)		13,264		15,611,668
5.30%, 11/01/38 (Call 05/01/38)		11,568		14,364,111
5.40%, 11/01/48 (Call 05/01/48)^(a)		11,819		15,279,926
General Mills Inc.
2.88%, 04/15/30 (Call 01/15/30)		10,458		10,861,173
3.20%, 02/10/27 (Call 11/10/26)^(a)		4,980		5,427,866
4.00%, 04/17/25 (Call 02/17/25)		8,802		9,764,004
4.20%, 04/17/28 (Call 01/17/28)		17,054		19,417,558
JM Smucker Co. (The), 3.50%, 03/15/25		10,191		11,118,189
Kellogg Co., 3.25%, 04/01/26^(a)		8,410		9,152,667
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)^(a)		9,238		9,828,413
3.95%, 01/15/50 (Call 07/15/49)^(a)		10,940		11,925,284
4.45%, 02/01/47 (Call 08/01/46)		10,956		12,627,211
McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)^(a)		8,893		9,724,710
Mondelez International Inc.
1.50%, 05/04/25 (Call 04/04/25)		10,717		10,916,269
2.63%, 09/04/50 (Call 03/04/50)		12,486		10,940,602
2.75%, 04/13/30 (Call 01/13/30)		15,891		16,408,954
Sysco Corp.
3.25%, 07/15/27 (Call 04/15/27)^(a)		10,508		11,375,726
3.30%, 07/15/26 (Call 04/15/26)^(a)		12,718		13,807,861
3.75%, 10/01/25 (Call 07/01/25)^(a)		10,075		11,112,651
5.65%, 04/01/25 (Call 03/01/25)^(a)		9,469		11,074,779
5.95%, 04/01/30 (Call 01/01/30)^(a)		12,553		15,835,473
6.60%, 04/01/40 (Call 10/01/39)		9,844		13,976,847
6.60%, 04/01/50 (Call 10/01/49)		13,865		20,606,837
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)		15,004		16,550,947
3.95%, 08/15/24 (Call 05/15/24)		5,632		6,152,529
4.00%, 03/01/26 (Call 01/01/26)		16,320		18,252,228
4.35%, 03/01/29 (Call 12/01/28)^(a)		7,362		8,478,412
4.55%, 06/02/47 (Call 12/02/46)^(a)		8,669		10,278,384
5.10%, 09/28/48 (Call 03/28/48)^(a)		17,670		22,606,630


				425,358,610

Forest Products & Paper — 0.1%
International Paper Co.
4.35%, 08/15/48 (Call 02/15/48)^(a)		12,099		14,229,558
4.40%, 08/15/47 (Call 02/15/47)^(a)		11,271		13,251,967
4.80%, 06/15/44 (Call 12/15/43)		8,567		10,374,413


				37,855,938

Gas — 0.2%
Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44)^(a)		8,045		9,093,348
NiSource Inc. 0.95%, 08/15/25 (Call 07/15/25)		14,426		14,269,313


Security	Par (000)		Value

Gas (continued)
1.70%, 02/15/31 (Call 11/15/30)	$	9,224	$	8,582,468
2.95%, 09/01/29 (Call 06/01/29)		9,001		9,350,686
3.49%, 05/15/27 (Call 02/15/27)^(a)		12,355		13,500,094
3.60%, 05/01/30 (Call 02/01/30)^(a)		8,078		8,819,562
3.95%, 03/30/48 (Call 09/30/47)^(a)		7,440		8,105,647
4.38%, 05/15/47 (Call 11/15/46)^(a)		11,202		12,947,935
4.80%, 02/15/44 (Call 08/15/43)		8,137		9,777,092


				94,446,145

Hand & Machine Tools — 0.0%
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 12/15/29)^(a)		8,200		8,319,845
2.75%, 11/15/50 (Call 05/15/50)^(a)		9,450		8,684,648


				17,004,493

Health Care - Products — 1.1%
Abbott Laboratories
2.95%, 03/15/25 (Call 12/15/24)^(a)		11,451		12,326,014
3.75%, 11/30/26 (Call 08/30/26)^(a)		19,576		22,139,751
4.75%, 11/30/36 (Call 05/30/36)^(a)		20,455		25,618,963
4.90%, 11/30/46 (Call 05/30/46)		35,230		46,103,112
Boston Scientific Corp.
2.65%, 06/01/30 (Call 03/01/30)		13,380		13,570,934
3.45%, 03/01/24 (Call 02/01/24)		1,202		1,289,215
3.75%, 03/01/26 (Call 01/01/26)		14,672		16,303,331
4.00%, 03/01/29 (Call 12/01/28)^(a)		5,461		6,114,278
4.55%, 03/01/39 (Call 09/01/38)		9,229		11,014,309
4.70%, 03/01/49 (Call 09/01/48)		11,313		13,943,623
Danaher Corp., 2.60%, 10/01/50 (Call 04/01/50)^(a)		13,378		11,908,007
DH Europe Finance II Sarl
2.60%, 11/15/29 (Call 08/15/29)^(a)		11,165		11,500,542
3.25%, 11/15/39 (Call 05/15/39)		10,311		10,662,137
3.40%, 11/15/49 (Call 05/15/49)		9,597		9,919,759
Medtronic Inc.
3.50%, 03/15/25		19,466		21,439,350
4.38%, 03/15/35^(a)		21,849		26,617,599
4.63%, 03/15/45		20,605		26,101,753
Stryker Corp.
1.95%, 06/15/30 (Call 03/15/30)^(a)		9,020		8,735,782
3.38%, 11/01/25 (Call 08/01/25)^(a)		8,602		9,410,151
3.50%, 03/15/26 (Call 12/15/25)		18,901		20,807,446
4.63%, 03/15/46 (Call 09/15/45)		12,749		15,778,654
Thermo Fisher Scientific Inc.
2.60%, 10/01/29 (Call 07/01/29)		8,839		9,132,746
2.95%, 09/19/26 (Call 06/19/26)^(a)		16,880		18,210,132
3.20%, 08/15/27 (Call 05/15/27)^(a)		9,957		10,849,234
4.10%, 08/15/47 (Call 02/15/47)^(a)		8,735		10,087,729
4.13%, 03/25/25 (Call 02/25/25)		12,699		14,142,168
4.50%, 03/25/30 (Call 12/25/29)		14,538		17,026,320
Zimmer Biomet Holdings Inc.
3.55%, 04/01/25 (Call 01/01/25)		22,127		24,115,874
3.55%, 03/20/30 (Call 12/20/29)^(a)		10,275		11,108,338


				455,977,251

Health Care - Services — 2.0%
Aetna Inc.
3.50%, 11/15/24 (Call 08/15/24)		8,765		9,476,658
3.88%, 08/15/47 (Call 02/15/47)		11,325		12,058,319
6.63%, 06/15/36^(a)		10,605		15,027,178
Anthem Inc.
1.50%, 03/15/26 (Call 02/15/26)		8,620		8,694,510
2.25%, 05/15/30 (Call 02/15/30)		9,567		9,422,245


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care - Services (continued)
2.38%, 01/15/25 (Call 12/15/24)^(a)	$	14,091	$	14,772,221
2.55%, 03/15/31 (Call 12/15/30)		22,920		23,076,365
2.88%, 09/15/29 (Call 06/15/29)		7,518		7,848,457
3.13%, 05/15/50 (Call 11/15/49)^(a)		11,077		10,668,238
3.35%, 12/01/24 (Call 10/01/24)^(a)		12,511		13,558,164
3.50%, 08/15/24 (Call 05/15/24)		2,623		2,844,193
3.60%, 03/15/51 (Call 09/15/50)		16,462		17,092,559
3.65%, 12/01/27 (Call 09/01/27)		17,355		19,324,943
3.70%, 09/15/49 (Call 03/15/49)		8,793		9,266,525
4.10%, 03/01/28 (Call 12/01/27)^(a)		13,366		15,094,749
4.38%, 12/01/47 (Call 06/01/47)^(a)		13,819		16,076,223
4.55%, 03/01/48 (Call 09/01/47)		9,317		11,096,384
4.63%, 05/15/42^(a)		9,848		11,643,331
4.65%, 01/15/43^(a)		11,040		13,248,342
4.65%, 08/15/44 (Call 02/15/44)		8,983		10,751,940
Ascension Health, Series B, 2.53%, 11/15/29 (Call 08/15/29)^(a)		313		324,004
CommonSpirit Health
2.76%, 10/01/24 (Call 07/01/24)		7,717		8,170,270
3.35%, 10/01/29 (Call 04/01/29)^(a)		9,538		10,200,525
4.19%, 10/01/49 (Call 04/01/49)^(a)		9,478		10,245,476
HCA Inc.
4.13%, 06/15/29 (Call 03/15/29)		18,698		20,772,435
4.50%, 02/15/27 (Call 08/15/26)		13,301		15,020,724
5.00%, 03/15/24		7,966		8,876,828
5.13%, 06/15/39 (Call 12/15/38)^(a)		10,991		13,273,388
5.25%, 04/15/25^(a)		15,133		17,395,029
5.25%, 06/15/26 (Call 12/15/25)^(a)		16,864		19,566,748
5.25%, 06/15/49 (Call 12/15/48)		22,578		27,784,997
5.50%, 06/15/47 (Call 12/15/46)		16,736		20,927,668
Humana Inc., 4.95%, 10/01/44 (Call 04/01/44)		8,516		10,383,867
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)^(a)		17,385		20,824,452
Series 2019, 3.27%, 11/01/49 (Call 05/01/49)^(a)		12,157		12,710,133
Laboratory Corp. of America Holdings
3.60%, 02/01/25 (Call 11/01/24)^(a)		10,304		11,196,111
4.70%, 02/01/45 (Call 08/01/44)		11,826		13,629,660
Quest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30)		11,101		11,548,597
UnitedHealth Group Inc.
2.00%, 05/15/30^(a)		12,611		12,440,837
2.38%, 08/15/24^(a)		4,608		4,871,918
2.75%, 05/15/40 (Call 11/15/39)		12,383		12,025,589
2.88%, 08/15/29^(a)		10,885		11,553,732
2.90%, 05/15/50 (Call 11/15/49)^(a)		11,921		11,421,465
2.95%, 10/15/27^(a)		10,043		10,925,829
3.10%, 03/15/26^(a)		12,380		13,522,286
3.13%, 05/15/60 (Call 11/15/59)		12,393		12,114,661
3.45%, 01/15/27^(a)		8,191		9,116,163
3.50%, 02/15/24^(a)		1,756		1,899,250
3.50%, 08/15/39 (Call 02/15/39)^(a)		14,782		15,955,978
3.70%, 08/15/49 (Call 02/15/49)		15,521		16,936,821
3.75%, 07/15/25^(a)		21,295		23,683,451
3.75%, 10/15/47 (Call 04/15/47)		10,463		11,487,264
3.85%, 06/15/28^(a)		12,851		14,539,930
3.88%, 12/15/28		10,359		11,734,996
3.88%, 08/15/59 (Call 02/15/59)		13,890		15,436,710
4.20%, 01/15/47 (Call 07/15/46)		8,357		9,770,365
4.25%, 03/15/43 (Call 09/15/42)^(a)		6,019		7,076,456
4.25%, 06/15/48 (Call 12/15/47)^(a)		14,262		16,841,059


Security	Par (000)		Value

Health Care - Services (continued)
4.45%, 12/15/48 (Call 06/15/48)^(a)	$	11,237	$	13,737,184
4.63%, 07/15/35^(a)		11,202		13,712,943
4.75%, 07/15/45		23,102		29,255,493
5.80%, 03/15/36		9,987		13,563,670
6.88%, 02/15/38		12,983		19,643,855


				837,160,361

Holding Companies - Diversified — 0.1%
Ares Capital Corp.
2.15%, 07/15/26 (Call 06/15/26)		10,105		9,977,363
3.25%, 07/15/25 (Call 06/15/25)		8,177		8,544,516
3.88%, 01/15/26 (Call 12/15/25)		14,103		15,048,856
4.20%, 06/10/24 (Call 05/10/24)		6,731		7,260,577
Owl Rock Capital Corp., 3.40%, 07/15/26 (Call 06/15/26)		11,704		12,135,260


				52,966,572

Home Builders — 0.0%
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)^(a)		10,241		11,849,656


Household Products & Wares — 0.0%
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)^(a)		8,954		9,709,606


Insurance — 2.0%
Aflac Inc.
3.60%, 04/01/30 (Call 01/01/30)^(a)		11,642		12,879,007
3.63%, 11/15/24^(a)		8,662		9,509,578
American International Group Inc.
2.50%, 06/30/25 (Call 05/30/25)^(a)		16,923		17,834,755
3.40%, 06/30/30 (Call 03/30/30)		20,440		21,842,284
3.75%, 07/10/25 (Call 04/10/25)^(a)		14,513		15,972,359
3.88%, 01/15/35 (Call 07/15/34)		13,619		14,887,953
3.90%, 04/01/26 (Call 01/01/26)		18,293		20,310,537
4.13%, 02/15/24^(a)		828		905,479
4.20%, 04/01/28 (Call 01/01/28)		8,309		9,383,547
4.38%, 06/30/50 (Call 12/30/49)^(a)		9,214		10,596,168
4.38%, 01/15/55 (Call 07/15/54)^(a)		9,215		10,457,823
4.50%, 07/16/44 (Call 01/16/44)		25,217		29,034,864
4.75%, 04/01/48 (Call 10/01/47)		10,182		12,263,855
4.80%, 07/10/45 (Call 01/10/45)		8,187		9,843,200
6.25%, 05/01/36		10,897		14,717,378
Aon Corp.
2.80%, 05/15/30 (Call 02/15/30)		11,804		12,186,238
3.75%, 05/02/29 (Call 02/02/29)^(a)		7,534		8,377,889
Aon PLC, 3.88%, 12/15/25 (Call 09/15/25)^(a)		8,881		9,868,621
Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49)		11,207		11,473,712
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)^(a).		11,700		12,907,697
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30 (Call 07/15/30)^(a)		6,772		6,438,810
2.50%, 01/15/51 (Call 07/15/50)^(a)		10,012		8,879,679
2.85%, 10/15/50 (Call 04/15/50)		20,110		19,032,466
4.20%, 08/15/48 (Call 02/15/48)		25,045		29,484,209
4.25%, 01/15/49 (Call 07/15/48)^(a)		19,457		23,072,023
5.75%, 01/15/40^(a)		9,841		13,795,894
Berkshire Hathaway Inc.
3.13%, 03/15/26 (Call 12/15/25)^(a)		30,591		33,500,510
4.50%, 02/11/43^(a)		9,249		11,408,744
Brighthouse Financial Inc.
3.70%, 06/22/27 (Call 03/22/27)^(a)		15,261		16,503,745
4.70%, 06/22/47 (Call 12/22/46)^(a)		10,527		10,933,386


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
Chubb Corp. (The), 6.00%, 05/11/37^(a)	$	10,242	$	14,372,438
Chubb INA Holdings Inc.
3.15%, 03/15/25^(a)		6,202		6,720,017
3.35%, 05/03/26 (Call 02/03/26)^(a)		8,469		9,288,234
4.35%, 11/03/45 (Call 05/03/45)^(a)		10,175		12,342,021
Equitable Holdings Inc.
4.35%, 04/20/28 (Call 01/20/28)		16,334		18,434,322
5.00%, 04/20/48 (Call 10/20/47)^(a)		17,550		21,404,844
Manulife Financial Corp.
4.15%, 03/04/26^(a)		10,889		12,298,114
5.38%, 03/04/46^(a)		8,234		11,118,109
Marsh & McLennan Companies Inc.
2.25%, 11/15/30 (Call 08/15/30)^(a)		8,827		8,771,837
3.88%, 03/15/24 (Call 02/15/24)^(a)		1,258		1,371,637
4.38%, 03/15/29 (Call 12/15/28)		16,773		19,421,551
4.90%, 03/15/49 (Call 09/15/48)		14,110		18,407,845
MetLife Inc.
3.60%, 04/10/24^(a)		1,722		1,873,828
4.05%, 03/01/45^(a)		11,111		12,822,047
4.13%, 08/13/42^(a)		7,949		9,214,149
4.55%, 03/23/30 (Call 12/23/29)^(a)		11,821		13,894,330
4.60%, 05/13/46 (Call 11/13/45)^(a)		8,297		10,249,562
4.88%, 11/13/43^(a)		10,220		13,089,391
5.70%, 06/15/35		12,188		16,534,747
5.88%, 02/06/41		9,010		12,609,395
6.38%, 06/15/34^(a)		10,595		15,004,489
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)		9,647		11,437,363
Prudential Financial Inc.
3.70%, 03/13/51 (Call 09/13/50)^(a)		16,826		18,136,914
3.91%, 12/07/47 (Call 06/07/47)		10,332		11,482,021
3.94%, 12/07/49 (Call 06/07/49)		11,104		12,420,487
4.35%, 02/25/50 (Call 08/25/49)		8,909		10,564,276
4.60%, 05/15/44^(a)		8,515		10,370,540
5.70%, 12/14/36^(a)		10,368		14,051,468
Travelers Companies Inc. (The)
5.35%, 11/01/40^(a)		8,692		11,894,008
6.25%, 06/15/37^(a)		9,996		14,332,056


				812,234,450

Internet — 1.4%
Alphabet Inc.
0.45%, 08/15/25 (Call 07/15/25)^(a)		8,804		8,722,713
0.80%, 08/15/27 (Call 06/15/27)^(a)		12,412		12,017,899
1.10%, 08/15/30 (Call 05/15/30)^(a)		25,338		23,493,272
1.90%, 08/15/40 (Call 02/15/40)		14,260		12,545,376
2.00%, 08/15/26 (Call 05/15/26)		23,293		24,417,772
2.05%, 08/15/50 (Call 02/15/50)		25,197		21,082,854
2.25%, 08/15/60 (Call 02/15/60)		22,740		18,839,242
Amazon.com Inc.
0.80%, 06/03/25 (Call 05/03/25)		14,135		14,156,201
1.20%, 06/03/27 (Call 04/03/27)		13,798		13,707,546
1.50%, 06/03/30 (Call 03/03/30)		23,464		22,585,968
2.50%, 06/03/50 (Call 12/03/49)		27,674		24,872,774
2.70%, 06/03/60 (Call 12/03/59)		22,868		20,578,904
2.80%, 08/22/24 (Call 06/22/24)^(a)		7,822		8,385,609
3.15%, 08/22/27 (Call 05/22/27)^(a)		43,310		47,613,589
3.80%, 12/05/24 (Call 09/05/24)^(a)		11,199		12,381,844
3.88%, 08/22/37 (Call 02/22/37)		30,746		35,470,950
4.05%, 08/22/47 (Call 02/22/47)^(a)		29,805		35,129,973
4.25%, 08/22/57 (Call 02/22/57)^(a)		24,921		30,227,882


Security	Par (000)		Value

Internet (continued)
4.80%, 12/05/34 (Call 06/05/34)	$	14,784	$	18,753,662
4.95%, 12/05/44 (Call 06/05/44)		17,185		22,674,168
5.20%, 12/03/25 (Call 09/03/25)		10,363		12,268,508
Booking Holdings Inc.
3.60%, 06/01/26 (Call 03/01/26)		11,294		12,524,259
4.63%, 04/13/30 (Call 01/13/30)		17,347		20,329,992
eBay Inc.
1.90%, 03/11/25 (Call 02/11/25)		8,833		9,125,734
2.70%, 03/11/30 (Call 12/11/29)		9,721		9,905,340
3.45%, 08/01/24 (Call 05/01/24)^(a)		5,157		5,562,057
3.60%, 06/05/27 (Call 03/05/27)		9,612		10,613,275
4.00%, 07/15/42 (Call 01/15/42)^(a)		12,213		13,101,013
Expedia Group Inc.
2.95%, 03/15/31 (Call 12/15/30)^(a)(c)		11,244		11,187,081
3.25%, 02/15/30 (Call 11/15/29)^(a)		15,248		15,502,582
3.80%, 02/15/28 (Call 11/15/27)^(a)		11,031		11,824,203
4.63%, 08/01/27 (Call 05/01/27)^(a)(c)		9,590		10,774,899
5.00%, 02/15/26 (Call 11/15/25)^(a)		9,484		10,765,215
TD Ameritrade Holding Corp., 3.30%, 04/01/27 (Call 01/01/27)		8,725		9,522,019


				590,664,375

Lodging — 0.3%
Las Vegas Sands Corp.
3.20%, 08/08/24 (Call 07/08/24)		15,573		16,315,893
3.50%, 08/18/26 (Call 06/18/26)^(a)		11,747		12,350,454
3.90%, 08/08/29 (Call 05/08/29)^(a)		9,905		10,327,648
Marriott International Inc./MD
Series EE, 5.75%, 05/01/25 (Call 04/01/25)^(a)		17,373		19,990,713
Series FF, 4.63%, 06/15/30 (Call 03/15/30)		12,854		14,436,546
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		9,140		9,528,980
Series R, 3.13%, 06/15/26 (Call 03/15/26)^(a)		10,758		11,403,488
Marriott International Inc/MD, 2.85%, 04/15/31 (Call 01/15/31)		12,508		12,426,647
Sands China Ltd.
3.80%, 01/08/26 (Call 12/08/25)		1,025		1,091,504
5.13%, 08/08/25 (Call 06/08/25)^(a)		9,891		11,037,240
5.40%, 08/08/28 (Call 05/08/28)		15,146		17,222,941


				136,132,054

Machinery — 0.5%
Caterpillar Financial Services Corp.
0.80%, 11/13/25^(a)		11,903		11,789,692
0.90%, 03/02/26^(a)		3,600		3,583,841
1.10%, 09/14/27^(a)		10,935		10,702,614
2.15%, 11/08/24^(a)		12,048		12,653,647
Caterpillar Inc.
2.60%, 04/09/30 (Call 01/09/30)^(a)		8,923		9,291,966
3.25%, 09/19/49 (Call 03/19/49)^(a)		10,376		10,817,857
3.25%, 04/09/50 (Call 10/09/49)^(a)		15,031		15,677,872
3.40%, 05/15/24 (Call 02/15/24)^(a)		1,544		1,672,235
3.80%, 08/15/42^(a)		17,761		20,273,833
5.20%, 05/27/41		8,870		11,751,195
Deere & Co.
3.75%, 04/15/50 (Call 10/15/49)^(a)		12,137		13,807,858
3.90%, 06/09/42 (Call 12/09/41)^(a)		13,452		15,646,714
John Deere Capital Corp.
0.70%, 01/15/26^(a)		3,658		3,623,896
3.45%, 03/13/25^(a)		10,116		11,112,842
Otis Worldwide Corp.
2.06%, 04/05/25 (Call 03/05/25)		10,686		11,109,043


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Machinery (continued)
2.57%, 02/15/30 (Call 11/15/29)^(a)	$	17,146	$	17,474,889
3.11%, 02/15/40 (Call 08/15/39)		5,252		5,266,853
Westinghouse Air Brake Technologies Corp.
3.45%, 11/15/26 (Call 08/15/26)^(a)		8,125		8,829,249
4.40%, 03/15/24 (Call 02/15/24)^(a)		1,501		1,637,457
4.95%, 09/15/28 (Call 06/15/28)		13,710		15,767,509


				212,491,062

Manufacturing — 0.9%
3M Co.
2.00%, 02/14/25 (Call 01/14/25)^(a)		8,706		9,091,845
2.38%, 08/26/29 (Call 05/26/29)		11,808		12,110,287
2.88%, 10/15/27 (Call 07/15/27)^(a)		10,321		11,158,453
3.25%, 02/14/24 (Call 01/14/24)		3,103		3,330,551
3.25%, 08/26/49 (Call 02/26/49)^(a)		10,759		11,108,758
3.38%, 03/01/29 (Call 12/01/28)		6,253		6,871,402
4.00%, 09/14/48 (Call 03/14/48)^(a)		10,454		12,189,885
Eaton Corp., 4.15%, 11/02/42^(a)		10,744		12,319,009
General Electric Co.
3.45%, 05/01/27 (Call 03/01/27)^(a)		12,652		13,824,504
3.63%, 05/01/30 (Call 02/01/30)^(a)		13,002		14,123,922
4.13%, 10/09/42^(a)		10,613		11,574,905
4.25%, 05/01/40 (Call 11/01/39)^(a)		15,060		16,826,387
4.35%, 05/01/50 (Call 11/01/49)^(a)		34,923		38,848,157
4.50%, 03/11/44		11,258		12,766,103
5.88%, 01/14/38		33,809		44,157,079
6.15%, 08/07/37		13,508		18,031,320
6.75%, 03/15/32		34,905		47,209,316
6.88%, 01/10/39^(a)		22,787		32,711,497
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)^(a)		12,332		13,260,165
3.90%, 09/01/42 (Call 03/01/42)^(a)		10,310		11,908,931
Parker-Hannifin Corp.
3.25%, 06/14/29 (Call 03/14/29)^(a)		11,384		12,264,929
4.00%, 06/14/49 (Call 12/14/48)		9,962		11,262,070
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)^(a)		8,418		9,370,737


				386,320,212

Media — 5.0%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.30%, 02/01/32 (Call 11/01/31)		12,420		11,651,491
2.80%, 04/01/31 (Call 01/01/31)^(a)		15,189		15,045,751
3.50%, 06/01/41 (Call 12/01/40)^(a)		13,388		12,872,776
3.70%, 04/01/51 (Call 10/01/50)^(a)		23,624		22,254,637
3.75%, 02/15/28 (Call 11/15/27)^(a)		12,284		13,318,421
3.85%, 04/01/61 (Call 10/01/60)		19,607		18,002,126
3.90%, 06/01/52 (Call 12/01/51)		9,161		8,905,109
4.20%, 03/15/28 (Call 12/15/27)^(a)		15,336		16,993,001
4.50%, 02/01/24 (Call 01/01/24)		1,123		1,227,572
4.80%, 03/01/50 (Call 09/01/49)^(a)		31,250		34,355,353
4.91%, 07/23/25 (Call 04/23/25)		49,626		56,435,005
5.05%, 03/30/29 (Call 12/30/28)^(a)		15,311		17,738,845
5.13%, 07/01/49 (Call 01/01/49)		13,743		15,663,146
5.38%, 04/01/38 (Call 10/01/37)		8,773		10,411,244
5.38%, 05/01/47 (Call 11/01/46)^(a)		28,890		33,903,539
5.75%, 04/01/48 (Call 10/01/47)^(a)		27,734		33,944,713
6.38%, 10/23/35 (Call 04/23/35)^(a)		22,832		29,797,356
6.48%, 10/23/45 (Call 04/23/45)		39,667		52,350,305


Security	Par (000)		Value

Media (continued)
Comcast Corp.
1.50%, 02/15/31 (Call 11/15/30)	$	13,628	$	12,686,536
1.95%, 01/15/31 (Call 10/15/30)		16,840		16,289,096
2.35%, 01/15/27 (Call 10/15/26)^(a)		15,353		16,081,297
2.45%, 08/15/52 (Call 02/15/52)		15,937		13,709,529
2.65%, 02/01/30 (Call 11/01/29)		17,075		17,605,449
2.65%, 08/15/62 (Call 02/15/62)^(a)		12,493		10,872,204
2.80%, 01/15/51 (Call 07/15/50)^(a)		17,496		16,136,372
3.00%, 02/01/24 (Call 01/01/24)		1,860		1,987,120
3.10%, 04/01/25 (Call 03/01/25)		8,208		8,900,024
3.15%, 03/01/26 (Call 12/01/25)^(a)		23,456		25,581,123
3.15%, 02/15/28 (Call 11/15/27)^(a)		18,109		19,551,407
3.20%, 07/15/36 (Call 01/15/36)^(a)		11,699		12,251,106
3.25%, 11/01/39 (Call 05/01/39)		15,819		16,391,409
3.30%, 02/01/27 (Call 11/01/26)^(a)		13,426		14,724,173
3.30%, 04/01/27 (Call 02/01/27)		9,272		10,174,639
3.38%, 02/15/25 (Call 11/15/24)		7,691		8,400,096
3.38%, 08/15/25 (Call 05/15/25)		16,227		17,803,015
3.40%, 04/01/30 (Call 01/01/30)^(a)		16,210		17,658,372
3.40%, 07/15/46 (Call 01/15/46)^(a)		14,141		14,673,361
3.45%, 02/01/50 (Call 08/01/49)		18,355		19,091,228
3.55%, 05/01/28 (Call 02/01/28)^(a)		10,926		12,113,390
3.60%, 03/01/24^(a)		1,591		1,730,740
3.70%, 04/15/24 (Call 03/15/24)^(a)		12,888		14,045,266
3.75%, 04/01/40 (Call 10/01/39)		18,230		20,108,527
3.90%, 03/01/38 (Call 09/01/37)		13,473		15,177,749
3.95%, 10/15/25 (Call 08/15/25)^(a)		30,660		34,433,559
3.97%, 11/01/47 (Call 05/01/47)		21,406		24,037,371
4.00%, 08/15/47 (Call 02/15/47)		9,820		11,095,757
4.00%, 03/01/48 (Call 09/01/47)		11,109		12,535,573
4.00%, 11/01/49 (Call 05/01/49)		22,533		25,534,319
4.05%, 11/01/52 (Call 05/01/52)^(a)		15,327		17,551,831
4.15%, 10/15/28 (Call 07/15/28)		35,226		40,473,191
4.20%, 08/15/34 (Call 02/15/34)		11,398		13,248,211
4.25%, 10/15/30 (Call 07/15/30)^(a)		15,434		17,842,148
4.25%, 01/15/33		19,505		22,825,461
4.40%, 08/15/35 (Call 02/15/35)^(a)		8,718		10,316,725
4.60%, 10/15/38 (Call 04/15/38)		31,960		38,859,464
4.60%, 08/15/45 (Call 02/15/45)		18,835		23,067,475
4.65%, 07/15/42		13,207		16,163,647
4.70%, 10/15/48 (Call 04/15/48)		39,544		49,471,549
4.75%, 03/01/44		11,406		14,117,185
4.95%, 10/15/58 (Call 04/15/58)^(a)		28,557		38,056,058
5.65%, 06/15/35^(a)		10,981		14,667,916
6.45%, 03/15/37		10,688		15,319,002
6.50%, 11/15/35		14,418		20,587,501
6.95%, 08/15/37		9,574		14,418,955
7.05%, 03/15/33^(a)		10,914		15,698,621
Discovery Communications LLC
3.63%, 05/15/30 (Call 02/15/30)		12,664		13,562,411
3.95%, 03/20/28 (Call 12/20/27)^(a)		18,803		20,654,800
4.00%, 09/15/55 (Call 03/15/55)^(a)(c)		18,416		18,003,058
4.13%, 05/15/29 (Call 02/15/29)^(a)		8,718		9,623,003
4.65%, 05/15/50 (Call 11/15/49)^(a)		11,352		12,547,176
5.20%, 09/20/47 (Call 03/20/47)^(a)		14,085		16,514,270
5.30%, 05/15/49 (Call 11/15/48)^(a)		8,872		10,615,796
Fox Corp.
4.71%, 01/25/29 (Call 10/25/28)^(a)		22,580		26,211,939
5.48%, 01/25/39 (Call 07/25/38)		15,757		19,721,935
5.58%, 01/25/49 (Call 07/25/48)^(a)		17,244		22,074,920


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
NBCUniversal Media LLC
4.45%, 01/15/43	$	11,166	$	13,401,569
5.95%, 04/01/41^(a)		13,764		19,331,316
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)		14,242		15,288,739
5.50%, 09/01/41 (Call 03/01/41)		12,345		14,818,468
5.88%, 11/15/40 (Call 05/15/40)^(a)		12,904		16,152,232
6.55%, 05/01/37^(a)		17,998		23,829,613
6.75%, 06/15/39^(a)		16,412		22,415,021
7.30%, 07/01/38		16,836		23,826,120
Time Warner Entertainment Co. LP, 8.38%, 07/15/33		11,902		17,446,835
TWDC Enterprises 18 Corp.
1.85%, 07/30/26^(a)		13,014		13,398,599
2.95%, 06/15/27^(a)		10,686		11,535,943
3.00%, 02/13/26^(a)		11,282		12,195,139
3.15%, 09/17/25		9,036		9,838,178
4.13%, 06/01/44		10,241		11,791,208
ViacomCBS Inc.
4.00%, 01/15/26 (Call 10/15/25)^(a)		8,989		9,904,040
4.20%, 05/19/32 (Call 02/19/32)^(a)		11,056		12,330,312
4.38%, 03/15/43^(a)		15,791		17,082,074
4.75%, 05/15/25 (Call 04/15/25)^(a)		13,822		15,665,099
4.95%, 01/15/31 (Call 10/15/30)^(a)		13,886		16,330,611
4.95%, 05/19/50 (Call 11/19/49)^(a)		10,905		12,690,564
5.85%, 09/01/43 (Call 03/01/43)		13,484		17,231,378
6.88%, 04/30/36		12,820		17,766,374
7.88%, 07/30/30		12,206		17,058,426
Walt Disney Co. (The)
1.75%, 08/30/24 (Call 07/30/24)		4,481		4,631,270
1.75%, 01/13/26^(a)		19,326		19,844,934
2.00%, 09/01/29 (Call 06/01/29)^(a)		22,145		21,988,940
2.20%, 01/13/28^(a)		11,797		12,092,692
2.65%, 01/13/31^(a)		23,422		24,104,084
2.75%, 09/01/49 (Call 03/01/49)^(a)		18,248		17,002,375
3.35%, 03/24/25^(a)		21,923		23,881,408
3.50%, 05/13/40 (Call 11/13/39)^(a)		19,202		20,505,939
3.60%, 01/13/51 (Call 07/13/50)		35,338		38,037,540
3.80%, 03/22/30^(a)		13,808		15,455,246
3.80%, 05/13/60 (Call 11/13/59)		17,373		19,053,322
4.63%, 03/23/40 (Call 09/23/39)^(a)		9,765		11,916,889
4.70%, 03/23/50 (Call 09/23/49)^(a)		19,490		24,645,620
6.20%, 12/15/34^(a)		11,873		16,489,849
6.40%, 12/15/35^(a)		13,232		18,936,933
6.65%, 11/15/37		14,482		21,379,471


				2,089,758,815

Metal Fabricate & Hardware — 0.0%
Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25)^(a)		9,112		9,911,373


Mining — 0.5%
Barrick Gold Corp., 5.25%, 04/01/42		7,726		9,716,060
Barrick North America Finance LLC
5.70%, 05/30/41^(a)		8,800		11,553,533
5.75%, 05/01/43^(a)		9,522		12,754,580
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		8,214		11,076,508
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42		11,084		12,992,051
5.00%, 09/30/43^(a)		23,950		31,592,069
Newmont Corp.
2.25%, 10/01/30 (Call 07/01/30)^(a)		12,281		12,050,575


Security	Par (000)		Value

Mining (continued)
4.88%, 03/15/42 (Call 09/15/41)^(a)	$	10,086	$	12,397,981
6.25%, 10/01/39		8,655		12,094,896
Rio Tinto Alcan Inc., 6.13%, 12/15/33^(a)		8,564		11,876,468
Rio Tinto Finance USA Ltd.
3.75%, 06/15/25 (Call 03/15/25)^(a)		8,368		9,275,266
5.20%, 11/02/40		11,529		15,174,119
7.13%, 07/15/28		11,443		15,456,816
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 02/21/42)^(a)		8,362		9,797,300


				187,808,222

Oil & Gas — 5.0%
BP Capital Markets America Inc.
1.75%, 08/10/30 (Call 05/10/30)^(a)		10,193		9,685,105
2.77%, 11/10/50 (Call 05/10/50)^(a)		15,787		13,949,428
2.94%, 06/04/51 (Call 12/04/50)^(a)		24,642		22,329,570
3.00%, 02/24/50 (Call 08/24/49)		19,164		17,692,115
3.02%, 01/16/27 (Call 10/16/26)		10,353		11,136,433
3.12%, 05/04/26 (Call 02/04/26)		16,751		18,066,754
3.19%, 04/06/25 (Call 03/06/25)^(a)		8,994		9,719,931
3.22%, 04/14/24 (Call 02/14/24)		1,518		1,628,426
3.38%, 02/08/61 (Call 08/08/60)		15,040		14,247,330
3.41%, 02/11/26 (Call 12/11/25)^(a)		10,527		11,563,993
3.63%, 04/06/30 (Call 01/06/30)^(a)		14,418		15,878,307
3.79%, 02/06/24 (Call 01/06/24)		2,013		2,182,252
3.80%, 09/21/25 (Call 07/21/25)		12,092		13,426,557
3.94%, 09/21/28 (Call 06/21/28)		11,556		12,987,052
4.23%, 11/06/28 (Call 08/06/28)^(a)		21,999		25,095,949
BP Capital Markets PLC
3.28%, 09/19/27 (Call 06/19/27)^(a)		16,221		17,663,310
3.51%, 03/17/25^(a)		10,373		11,372,339
3.54%, 11/04/24^(a)		8,401		9,211,958
3.72%, 11/28/28 (Call 08/28/28)		8,994		9,966,680
3.81%, 02/10/24		1,988		2,165,754
Canadian Natural Resources Ltd.
3.85%, 06/01/27 (Call 03/01/27)^(a)		14,431		15,763,548
4.95%, 06/01/47 (Call 12/01/46)		6,740		7,984,369
6.25%, 03/15/38		11,347		14,939,664
Cenovus Energy Inc.
4.00%, 04/15/24 (Call 01/15/24)		2,232		2,391,319
4.25%, 04/15/27 (Call 01/15/27)^(a)		9,037		9,924,708
4.40%, 04/15/29 (Call 01/15/29)		9,504		10,358,252
5.38%, 07/15/25 (Call 04/15/25)		11,884		13,495,848
5.40%, 06/15/47 (Call 12/15/46)		10,503		11,952,548
6.75%, 11/15/39		18,364		23,305,018
Chevron Corp.
1.55%, 05/11/25 (Call 04/11/25)^(a)		25,333		25,968,025
2.00%, 05/11/27 (Call 03/11/27)^(a)		11,420		11,820,507
2.24%, 05/11/30 (Call 02/11/30)^(a)		12,014		12,086,295
2.95%, 05/16/26 (Call 02/16/26)		22,467		24,276,591
3.08%, 05/11/50 (Call 11/11/49)^(a)		11,789		11,477,460
3.33%, 11/17/25 (Call 08/17/25)		4,474		4,915,149
Chevron USA Inc.
0.69%, 08/12/25 (Call 07/12/25)^(a)		6,594		6,522,510
1.02%, 08/12/27 (Call 06/12/27)^(a)		9,375		9,101,968
2.34%, 08/12/50 (Call 02/12/50)		7,769		6,595,796
5.05%, 11/15/44 (Call 05/15/44)		9,599		12,214,767
5.25%, 11/15/43 (Call 05/15/43)		11,685		15,215,758
6.00%, 03/01/41 (Call 09/01/40)		9,571		13,519,884


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
Cimarex Energy Co.
3.90%, 05/15/27 (Call 02/15/27)^(a)	$	9,436	$	10,336,761
4.38%, 06/01/24 (Call 03/01/24)^(a)		6,447		7,024,025
ConocoPhillips
3.75%, 10/01/27 (Call 07/01/27)^(c)		14,753		16,414,800
4.30%, 08/15/28 (Call 05/15/28)^(c)		12,832		14,641,748
4.88%, 10/01/47 (Call 04/01/47)^(c)		7,651		9,545,920
6.50%, 02/01/39^(a)		32,964		47,371,473
ConocoPhillips Co.
4.30%, 11/15/44 (Call 05/15/44)		7,908		9,141,022
4.95%, 03/15/26 (Call 12/15/25)^(a)		14,639		17,093,370
6.95%, 04/15/29^(a)		17,413		23,282,774
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		9,215		9,952,883
5.00%, 06/15/45 (Call 12/15/44)^(a)		7,961		8,873,456
5.60%, 07/15/41 (Call 01/15/41)^(a)		13,468		15,942,596
Diamondback Energy Inc.
2.88%, 12/01/24 (Call 11/01/24)^(a)		10,244		10,812,337
3.13%, 03/24/31 (Call 12/24/30)		8,523		8,599,179
3.25%, 12/01/26 (Call 10/01/26)		9,325		9,913,497
3.50%, 12/01/29 (Call 09/01/29)^(a)		14,052		14,726,725
EOG Resources Inc.
4.15%, 01/15/26 (Call 10/15/25)		5,272		5,955,500
4.38%, 04/15/30 (Call 01/15/30)		7,908		9,136,677
4.95%, 04/15/50 (Call 10/15/49)		8,213		10,184,174
Equinor ASA
1.75%, 01/22/26 (Call 12/22/25)^(a)		2,114		2,177,791
2.38%, 05/22/30 (Call 02/22/30)		6,216		6,292,250
2.88%, 04/06/25 (Call 03/06/25)		5,747		6,164,322
3.13%, 04/06/30 (Call 01/06/30)^(a)		4,396		4,706,044
3.25%, 11/18/49 (Call 05/18/49)		10,307		10,292,684
3.63%, 09/10/28 (Call 06/10/28)^(a)		8,521		9,424,500
3.70%, 03/01/24^(a)		2,215		2,406,538
3.70%, 04/06/50 (Call 10/06/49)		7,993		8,653,459
3.95%, 05/15/43^(a)		10,348		11,629,003
4.80%, 11/08/43		9,661		11,901,789
5.10%, 08/17/40^(a)		8,755		11,212,658
Exxon Mobil Corp.
2.02%, 08/16/24 (Call 07/16/24)^(a)		2,155		2,251,594
2.28%, 08/16/26 (Call 06/16/26)^(a)		16,138		16,960,065
2.44%, 08/16/29 (Call 05/16/29)^(a)		14,233		14,602,260
2.61%, 10/15/30 (Call 07/15/30)^(a)		21,707		22,238,073
2.71%, 03/06/25 (Call 12/06/24)^(a)		19,971		21,279,556
2.99%, 03/19/25 (Call 02/19/25)		29,812		32,092,681
3.00%, 08/16/39 (Call 02/16/39)		8,005		7,880,319
3.04%, 03/01/26 (Call 12/01/25)		27,145		29,475,773
3.10%, 08/16/49 (Call 02/16/49)^(a)		16,146		15,493,041
3.18%, 03/15/24 (Call 12/15/23)		1,708		1,829,732
3.29%, 03/19/27 (Call 01/19/27)^(a)		11,515		12,739,691
3.45%, 04/15/51 (Call 10/15/50)^(a)		27,296		27,819,499
3.48%, 03/19/30 (Call 12/19/29)^(a)		21,627		23,649,512
3.57%, 03/06/45 (Call 09/06/44)		10,113		10,523,324
4.11%, 03/01/46 (Call 09/01/45)		27,774		31,174,243
4.23%, 03/19/40 (Call 09/19/39)^(a)		22,413		25,594,723
4.33%, 03/19/50 (Call 09/19/49)		31,128		36,259,482
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)^(a)		11,746		13,000,131
5.60%, 02/15/41^(a)		10,625		12,424,115
6.00%, 01/15/40		9,933		12,139,574


Security	Par (000)		Value

Oil & Gas (continued)
Marathon Oil Corp.
3.85%, 06/01/25 (Call 03/01/25)	$	9,964	$	10,803,965
4.40%, 07/15/27 (Call 04/15/27)^(a)		14,114		15,725,136
6.60%, 10/01/37		8,441		10,573,467
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		6,102		6,590,765
4.70%, 05/01/25 (Call 04/01/25)		14,597		16,478,977
4.75%, 09/15/44 (Call 03/15/44)		10,854		12,172,048
6.50%, 03/01/41 (Call 09/01/40)		12,872		17,072,531
Phillips 66
2.15%, 12/15/30 (Call 09/15/30)		10,199		9,697,247
3.90%, 03/15/28 (Call 12/15/27)^(a)		9,589		10,581,002
4.65%, 11/15/34 (Call 05/15/34)		11,943		13,922,786
4.88%, 11/15/44 (Call 05/15/44)^(a)		18,487		21,948,987
5.88%, 05/01/42		16,273		21,446,447
Pioneer Natural Resources Co.
1.13%, 01/15/26 (Call 12/15/25)		5,235		5,163,047
1.90%, 08/15/30 (Call 05/15/30)		7,757		7,249,330
2.15%, 01/15/31 (Call 10/15/30)		14,333		13,550,524
Shell International Finance BV
2.00%, 11/07/24 (Call 10/07/24)^(a)		11,627		12,126,380
2.38%, 04/06/25 (Call 03/06/25)^(a)		15,544		16,415,408
2.38%, 11/07/29 (Call 08/07/29)^(a)		16,961		17,285,769
2.50%, 09/12/26^(a)		12,230		12,971,573
2.75%, 04/06/30 (Call 01/06/30)^(a)		17,652		18,377,963
2.88%, 05/10/26^(a)		18,968		20,493,435
3.13%, 11/07/49 (Call 05/07/49)^(a)		13,546		13,248,302
3.25%, 05/11/25		30,499		33,235,215
3.25%, 04/06/50 (Call 10/06/49)^(a)		20,023		20,064,055
3.75%, 09/12/46		13,055		14,166,718
3.88%, 11/13/28 (Call 08/13/28)^(a)		13,262		14,981,266
4.00%, 05/10/46		25,312		28,348,055
4.13%, 05/11/35^(a)		16,298		18,766,963
4.38%, 05/11/45		32,305		38,118,747
4.55%, 08/12/43^(a)		13,862		16,623,825
5.50%, 03/25/40^(a)		9,956		13,435,298
6.38%, 12/15/38		32,157		46,378,144
Suncor Energy Inc.
3.60%, 12/01/24 (Call 09/01/24)		9,114		9,907,259
3.75%, 03/04/51 (Call 09/04/50)^(a)		7,552		7,564,397
4.00%, 11/15/47 (Call 05/15/47)^(a)		8,698		9,032,228
6.50%, 06/15/38		11,732		15,975,799
6.80%, 05/15/38		10,951		15,109,436
6.85%, 06/01/39		10,573		14,737,251
Total Capital International SA
2.43%, 01/10/25 (Call 10/10/24)^(a)		10,456		11,017,544
2.83%, 01/10/30 (Call 10/10/29)^(a)		13,370		14,062,844
2.99%, 06/29/41 (Call 12/29/40)^(a)		8,807		8,561,529
3.13%, 05/29/50 (Call 11/29/49)		26,490		25,379,237
3.39%, 06/29/60 (Call 12/29/59)^(a)		8,668		8,483,228
3.46%, 02/19/29 (Call 11/19/28)^(a)		14,885		16,313,214
3.46%, 07/12/49 (Call 01/12/49)^(a)		11,253		11,453,353
3.75%, 04/10/24		8,426		9,218,405
Total Capital SA, 3.88%, 10/11/28		11,148		12,584,952
Valero Energy Corp.
2.85%, 04/15/25 (Call 03/15/25)^(a)		11,525		12,157,245
3.40%, 09/15/26 (Call 06/15/26)		16,983		18,196,841
4.00%, 04/01/29 (Call 01/01/29)^(a)		8,128		8,867,718
4.35%, 06/01/28 (Call 03/01/28)		8,545		9,533,717
6.63%, 06/15/37		18,766		24,516,745


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
7.50%, 04/15/32	$	8,600	$	11,697,585


				2,049,420,472

Oil & Gas Services — 0.4%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc.
3.34%, 12/15/27 (Call 09/15/27)		16,123		17,405,740
4.08%, 12/15/47 (Call 06/15/47)		15,246		16,317,086
Baker Hughes Holdings LLC, 5.13%, 09/15/40		13,798		16,913,622
Halliburton Co.
2.92%, 03/01/30 (Call 12/01/29)^(a)		9,172		9,210,926
3.80%, 11/15/25 (Call 08/15/25)^(a)		12,277		13,556,678
4.75%, 08/01/43 (Call 02/01/43)		9,832		10,605,231
4.85%, 11/15/35 (Call 05/15/35)		12,343		13,942,649
5.00%, 11/15/45 (Call 05/15/45)^(a)		21,408		24,193,538
6.70%, 09/15/38		10,658		13,943,867
7.45%, 09/15/39		10,917		15,480,950
Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)^(a)		14,219		14,522,018


				166,092,305

Packaging & Containers — 0.0%
WRKCo Inc.
4.65%, 03/15/26 (Call 01/15/26)^(a)		9,365		10,686,786
4.90%, 03/15/29 (Call 12/15/28)^(a)		5,872		6,952,620


				17,639,406

Pharmaceuticals — 8.4%
AbbVie Inc.
2.60%, 11/21/24 (Call 10/21/24)		40,307		42,699,370
2.95%, 11/21/26 (Call 09/21/26)		45,285		48,503,038
3.20%, 05/14/26 (Call 02/14/26)		22,519		24,399,812
3.20%, 11/21/29 (Call 08/21/29)		52,664		56,267,050
3.60%, 05/14/25 (Call 02/14/25)		41,748		45,633,236
3.80%, 03/15/25 (Call 12/15/24)		32,367		35,447,876
3.85%, 06/15/24 (Call 03/15/24)		1,666		1,815,651
4.05%, 11/21/39 (Call 05/21/39)		40,380		45,182,587
4.25%, 11/14/28 (Call 08/14/28)		17,794		20,354,236
4.25%, 11/21/49 (Call 05/21/49)^(a)		61,819		70,035,258
4.30%, 05/14/36 (Call 11/14/35)^(a)		12,152		13,999,686
4.40%, 11/06/42^(a)		29,264		33,857,702
4.45%, 05/14/46 (Call 11/14/45)^(a)		19,432		22,515,872
4.50%, 05/14/35 (Call 11/14/34)^(a)		28,005		32,862,932
4.55%, 03/15/35 (Call 09/15/34)^(a)		18,422		21,783,630
4.70%, 05/14/45 (Call 11/14/44)		30,588		36,430,002
4.75%, 03/15/45 (Call 09/15/44)		8,783		10,502,571
4.85%, 06/15/44 (Call 12/15/43)		10,479		12,694,540
4.88%, 11/14/48 (Call 05/14/48)		19,912		24,531,417
AmerisourceBergen Corp.
2.70%, 03/15/31 (Call 12/15/30)		12,139		12,243,072
3.45%, 12/15/27 (Call 09/15/27)^(a)		9,405		10,310,624
AstraZeneca PLC
0.70%, 04/08/26 (Call 03/08/26)^(a)		15,115		14,707,128
1.38%, 08/06/30 (Call 05/06/30)		14,541		13,392,244
3.13%, 06/12/27 (Call 03/12/27)^(a)		8,271		8,975,568
3.38%, 11/16/25		22,022		24,140,996
4.00%, 01/17/29 (Call 10/17/28)		10,201		11,512,220
4.00%, 09/18/42^(a)		11,912		13,385,591
4.38%, 11/16/45		11,306		13,292,846
4.38%, 08/17/48 (Call 02/17/48)^(a)		8,709		10,296,490
6.45%, 09/15/37^(a)		31,272		44,828,049


Security	Par (000)		Value

Pharmaceuticals (continued)
Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)	$	11,707	$	11,156,625
2.82%, 05/20/30 (Call 02/20/30)^(a)		8,087		8,350,626
3.36%, 06/06/24 (Call 04/06/24)^(a)		4,570		4,921,252
3.70%, 06/06/27 (Call 03/06/27)		23,104		25,696,022
3.73%, 12/15/24 (Call 09/15/24)^(a)		16,056		17,589,224
3.79%, 05/20/50 (Call 11/20/49)		10,095		10,733,259
4.67%, 06/06/47 (Call 12/06/46)		16,981		20,268,104
4.69%, 12/15/44 (Call 06/15/44)		10,628		12,762,267
Bristol-Myers Squibb Co.
0.75%, 11/13/25 (Call 10/13/25)^(a)		11,398		11,291,306
1.13%, 11/13/27 (Call 09/13/27)^(a)		11,063		10,842,048
1.45%, 11/13/30 (Call 08/13/30)^(a)		14,674		13,829,143
2.35%, 11/13/40 (Call 05/13/40)		9,103		8,400,103
2.55%, 11/13/50 (Call 05/13/50)^(a)		18,209		16,274,498
2.90%, 07/26/24 (Call 06/26/24)		21,537		23,079,157
3.20%, 06/15/26 (Call 04/15/26)^(a)		32,712		35,841,217
3.25%, 02/27/27^(a)		6,784		7,497,294
3.40%, 07/26/29 (Call 04/26/29)^(a)		44,169		48,669,596
3.45%, 11/15/27 (Call 08/15/27)		11,995		13,351,781
3.88%, 08/15/25 (Call 05/15/25)^(a)		13,021		14,524,201
3.90%, 02/20/28 (Call 11/20/27)		17,125		19,381,262
4.13%, 06/15/39 (Call 12/15/38)		23,549		27,500,758
4.25%, 10/26/49 (Call 04/26/49)		35,956		42,539,285
4.35%, 11/15/47 (Call 05/15/47)		13,653		16,323,883
4.55%, 02/20/48 (Call 08/20/47)		15,879		19,483,417
5.00%, 08/15/45 (Call 02/15/45)		19,602		25,377,337
Cardinal Health Inc.
3.08%, 06/15/24 (Call 04/15/24)		3,032		3,229,209
3.41%, 06/15/27 (Call 03/15/27)^(a)		15,003		16,364,708
Cigna Corp.
1.25%, 03/15/26 (Call 02/15/26)		3,283		3,280,265
2.38%, 03/15/31 (Call 12/15/30)		14,483		14,323,665
2.40%, 03/15/30 (Call 12/15/29)		17,297		17,304,488
3.20%, 03/15/40 (Call 09/15/39)^(a)		9,686		9,766,959
3.25%, 04/15/25 (Call 01/15/25)		11,011		11,882,524
3.40%, 03/01/27 (Call 12/01/26)		16,329		17,840,876
3.40%, 03/15/50 (Call 09/15/49)		13,693		13,558,952
3.40%, 03/15/51 (Call 09/15/50)		14,361		14,216,205
3.75%, 07/15/23 (Call 06/15/23)		4,872		5,209,233
3.88%, 10/15/47 (Call 04/15/47)		10,471		11,240,157
4.13%, 11/15/25 (Call 09/15/25)		23,619		26,537,706
4.38%, 10/15/28 (Call 07/15/28)		43,114		49,372,372
4.50%, 02/25/26 (Call 11/27/25)		15,062		17,175,179
4.80%, 08/15/38 (Call 02/15/38)		24,189		29,143,572
4.80%, 07/15/46 (Call 01/16/46)		15,035		18,174,782
4.90%, 12/15/48 (Call 06/15/48)		34,246		42,069,389
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)^(a)		25,095		24,481,641
1.75%, 08/21/30 (Call 05/21/30)^(a)		15,277		14,380,979
1.88%, 02/28/31 (Call 11/28/30)^(a)		13,937		13,185,070
2.63%, 08/15/24 (Call 07/15/24)^(a)		3,995		4,234,443
2.70%, 08/21/40 (Call 02/21/40)		14,184		13,085,018
2.88%, 06/01/26 (Call 03/01/26)		18,991		20,284,042
3.00%, 08/15/26 (Call 06/15/26)		10,209		10,982,122
3.25%, 08/15/29 (Call 05/15/29)^(a)		19,279		20,532,253
3.63%, 04/01/27 (Call 02/01/27)^(a)		10,418		11,531,497
3.75%, 04/01/30 (Call 01/01/30)^(a)		13,148		14,448,158
3.88%, 07/20/25 (Call 04/20/25)		32,463		35,982,301
4.10%, 03/25/25 (Call 01/25/25)^(a)		11,743		13,083,081


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
4.13%, 04/01/40 (Call 10/01/39)	$	11,719	$	12,976,090
4.25%, 04/01/50 (Call 10/01/49)		9,500		10,646,865
4.30%, 03/25/28 (Call 12/25/27)^(a)		71,220		81,053,609
4.78%, 03/25/38 (Call 09/25/37)		54,030		64,583,394
5.05%, 03/25/48 (Call 09/25/47)		84,606		104,065,152
5.13%, 07/20/45 (Call 01/20/45)		37,010		46,026,772
5.30%, 12/05/43 (Call 06/05/43)		8,619		10,817,301
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)^(a)		12,731		10,841,573
2.50%, 09/15/60 (Call 03/15/60)^(a)		10,232		8,748,532
3.38%, 03/15/29 (Call 12/15/28)		9,077		9,997,478
3.95%, 03/15/49 (Call 09/15/48)		17,217		19,602,333
4.15%, 03/15/59 (Call 09/15/58)^(a)		13,084		15,491,316
GlaxoSmithKline Capital Inc.
3.63%, 05/15/25^(a)		13,015		14,390,549
3.88%, 05/15/28^(a)		17,933		20,342,196
6.38%, 05/15/38		33,617		48,987,822
GlaxoSmithKline Capital PLC
3.00%, 06/01/24 (Call 05/01/24)^(a)		2,265		2,426,230
3.38%, 06/01/29 (Call 03/01/29)^(a)		11,435		12,513,688
Johnson & Johnson
0.55%, 09/01/25 (Call 08/01/25)^(a)		9,477		9,379,597
0.95%, 09/01/27 (Call 07/01/27)^(a)		17,707		17,300,407
1.30%, 09/01/30 (Call 06/01/30)^(a)		11,693		11,064,575
2.10%, 09/01/40 (Call 03/01/40)		11,491		10,487,332
2.25%, 09/01/50 (Call 03/01/50)^(a)		9,861		8,743,504
2.45%, 03/01/26 (Call 12/01/25)		21,680		23,156,228
2.45%, 09/01/60 (Call 03/01/60)		14,076		12,491,245
2.63%, 01/15/25 (Call 11/15/24)^(a)		7,738		8,273,176
2.90%, 01/15/28 (Call 10/15/27)		16,525		17,938,226
2.95%, 03/03/27 (Call 12/03/26)^(a)		13,078		14,309,613
3.40%, 01/15/38 (Call 07/15/37)^(a)		11,261		12,391,127
3.50%, 01/15/48 (Call 07/15/47)		9,097		10,047,344
3.55%, 03/01/36 (Call 09/01/35)^(a)		8,549		9,681,415
3.63%, 03/03/37 (Call 09/03/36)^(a)		17,170		19,490,357
3.70%, 03/01/46 (Call 09/01/45)		18,957		21,506,625
3.75%, 03/03/47 (Call 09/03/46)		11,280		12,953,157
4.38%, 12/05/33 (Call 06/05/33)^(a)		8,596		10,572,373
5.95%, 08/15/37		13,219		18,862,996
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)^(a)		8,121		9,127,980
Merck & Co. Inc.
0.75%, 02/24/26 (Call 01/24/26)^(a)		11,509		11,406,981
1.45%, 06/24/30 (Call 03/24/30)^(a)		12,922		12,288,817
2.35%, 06/24/40 (Call 12/24/39)^(a)		11,901		11,039,107
2.45%, 06/24/50 (Call 12/24/49)^(a)		14,332		12,653,978
2.75%, 02/10/25 (Call 11/10/24)^(a)		24,852		26,537,912
3.40%, 03/07/29 (Call 12/07/28)		14,670		16,281,447
3.70%, 02/10/45 (Call 08/10/44)^(a)		21,841		24,251,456
3.90%, 03/07/39 (Call 09/07/38)		12,963		14,809,883
4.00%, 03/07/49 (Call 09/07/48)^(a)		16,106		18,677,460
4.15%, 05/18/43		15,011		17,745,998
Mylan Inc.
4.55%, 04/15/28 (Call 01/15/28)^(a)		8,779		9,944,362
5.20%, 04/15/48 (Call 10/15/47)		7,859		9,140,021
Novartis Capital Corp.
1.75%, 02/14/25 (Call 01/14/25)^(a)		14,578		15,063,942
2.00%, 02/14/27 (Call 12/14/26)^(a)		16,292		16,856,086
2.20%, 08/14/30 (Call 05/14/30)^(a)		12,969		13,164,422
2.75%, 08/14/50 (Call 02/14/50)^(a)		13,192		12,636,807


Security	Par (000)		Value

Pharmaceuticals (continued)
3.00%, 11/20/25 (Call 08/20/25)^(a)	$	19,556	$	21,185,030
3.10%, 05/17/27 (Call 02/17/27)		11,337		12,368,099
3.40%, 05/06/24^(a)		10,236		11,103,540
4.00%, 11/20/45 (Call 05/20/45)		12,042		14,083,168
4.40%, 05/06/44^(a)		20,841		25,587,152
Perrigo Finance Unlimited Co., 3.15%, 06/15/30 (Call 03/15/30)^(a)		10,186		10,128,195
Pfizer Inc.
0.80%, 05/28/25 (Call 04/28/25)^(a)		8,405		8,428,912
1.70%, 05/28/30 (Call 02/28/30)^(a)		11,088		10,767,290
2.55%, 05/28/40 (Call 11/28/39)^(a)		11,118		10,681,850
2.63%, 04/01/30 (Call 01/01/30)^(a)		12,283		12,854,114
2.70%, 05/28/50 (Call 11/28/49)^(a)		13,154		12,286,067
2.75%, 06/03/26^(a)		17,184		18,577,624
3.00%, 12/15/26^(a)		18,775		20,562,812
3.40%, 05/15/24^(a)		1,914		2,078,630
3.45%, 03/15/29 (Call 12/15/28)^(a)		13,515		14,935,394
3.60%, 09/15/28 (Call 06/15/28)		7,483		8,364,461
3.90%, 03/15/39 (Call 09/15/38)^(a)		9,297		10,603,572
4.00%, 12/15/36^(a)		10,747		12,551,587
4.00%, 03/15/49 (Call 09/15/48)		13,829		16,034,111
4.13%, 12/15/46		13,496		15,860,267
4.20%, 09/15/48 (Call 03/15/48)		11,407		13,597,817
4.30%, 06/15/43^(a)		9,105		10,853,146
4.40%, 05/15/44^(a)		11,639		14,090,931
7.20%, 03/15/39		29,088		45,928,870
Sanofi, 3.63%, 06/19/28 (Call 03/19/28)^(a)		9,582		10,761,845
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)		32,680		35,497,343
Takeda Pharmaceutical Co. Ltd.
2.05%, 03/31/30 (Call 12/31/29)^(a)		28,368		27,479,523
3.03%, 07/09/40 (Call 01/09/40)^(a)		17,138		16,656,229
3.18%, 07/09/50 (Call 01/09/50)^(a)		22,499		21,368,803
3.38%, 07/09/60 (Call 01/09/60)^(a)		11,311		10,852,796
5.00%, 11/26/28 (Call 08/26/28)^(a)		18,511		22,015,336
Utah Acquisition Sub Inc.
3.95%, 06/15/26 (Call 03/15/26)^(a)		24,560		27,123,401
5.25%, 06/15/46 (Call 12/15/45)		11,161		12,960,232
Viatris Inc.
1.65%, 06/22/25 (Call 05/22/25)^(a)(c)		9,193		9,287,552
2.30%, 06/22/27 (Call 04/22/27)^(a)(c)		10,696		10,850,243
2.70%, 06/22/30 (Call 03/22/30)^(a)(c)		16,641		16,453,151
3.85%, 06/22/40 (Call 12/22/39)^(c)		16,996		17,292,798
4.00%, 06/22/50 (Call 12/22/49)^(a)(c)		22,533		22,372,292
Wyeth LLC
5.95%, 04/01/37		24,378		33,867,324
6.50%, 02/01/34		10,159		14,612,586
Zoetis Inc.
2.00%, 05/15/30 (Call 02/15/30)		9,633		9,341,554
3.00%, 09/12/27 (Call 06/12/27)		9,539		10,245,067
4.50%, 11/13/25 (Call 08/13/25)^(a)		8,804		10,014,909
4.70%, 02/01/43 (Call 08/01/42)		13,396		16,402,476


				3,461,940,760

Pipelines — 3.3%
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29 (Call 05/18/29)^(a)		17,216		18,339,439
5.13%, 06/30/27 (Call 01/01/27)		18,069		20,833,158
5.88%, 03/31/25 (Call 10/02/24)		16,453		18,838,224
7.00%, 06/30/24 (Call 01/01/24)		11,175		12,869,481


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
Enable Midstream Partners LP, 4.95%, 05/15/28 (Call 02/15/28)	$	6,417	$	7,169,035
Enbridge Inc.
3.13%, 11/15/29 (Call 08/15/29)^(a)		11,800		12,403,220
4.25%, 12/01/26 (Call 09/01/26)		11,029		12,408,343
5.50%, 12/01/46 (Call 06/01/46)		7,407		9,384,660
Energy Transfer LP
2.90%, 05/15/25 (Call 04/15/25)		10,988		11,553,122
3.75%, 05/15/30 (Call 02/15/30)		19,405		20,190,809
4.00%, 10/01/27 (Call 07/01/27)		9,010		9,700,285
4.05%, 03/15/25 (Call 12/15/24)		11,841		12,830,841
4.50%, 04/15/24 (Call 03/15/24)		3,654		4,012,894
4.75%, 01/15/26 (Call 10/15/25)		11,490		12,841,936
4.95%, 06/15/28 (Call 03/15/28)^(a)		11,190		12,605,852
5.00%, 05/15/50 (Call 11/15/49)		22,618		23,838,467
5.15%, 03/15/45 (Call 09/15/44)		11,397		12,058,458
5.25%, 04/15/29 (Call 01/15/29)		17,152		19,648,762
5.30%, 04/15/47 (Call 10/15/46)		9,119		9,719,398
5.35%, 05/15/45 (Call 11/15/44)		8,577		9,208,149
5.40%, 10/01/47 (Call 04/01/47)		16,839		18,288,695
5.50%, 06/01/27 (Call 03/01/27)		11,650		13,521,625
6.00%, 06/15/48 (Call 12/15/47)		11,667		13,520,509
6.13%, 12/15/45 (Call 06/15/45)^(a)		10,462		12,197,116
6.25%, 04/15/49 (Call 10/15/48)		19,622		23,426,814
6.50%, 02/01/42 (Call 08/01/41)		9,436		11,531,553
Enterprise Products Operating LLC
2.80%, 01/31/30 (Call 10/31/29)^(a)		12,759		13,151,822
3.13%, 07/31/29 (Call 04/30/29)		13,165		13,942,609
3.20%, 02/15/52 (Call 08/15/51)^(a)		8,523		7,853,265
3.70%, 02/15/26 (Call 11/15/25)		9,437		10,422,908
3.70%, 01/31/51 (Call 07/31/50)		13,129		13,111,768
3.75%, 02/15/25 (Call 11/15/24)^(a)		11,302		12,367,243
3.90%, 02/15/24 (Call 11/15/23)		1,958		2,117,616
3.95%, 01/31/60 (Call 07/31/59)		11,580		11,615,994
4.15%, 10/16/28 (Call 07/16/28)		13,325		15,058,513
4.20%, 01/31/50 (Call 07/31/49)^(a)		13,964		14,959,830
4.25%, 02/15/48 (Call 08/15/47)		13,352		14,330,618
4.45%, 02/15/43 (Call 08/15/42)		11,558		12,916,562
4.80%, 02/01/49 (Call 08/01/48)		13,273		15,438,126
4.85%, 08/15/42 (Call 02/15/42)		9,108		10,699,824
4.85%, 03/15/44 (Call 09/15/43)		15,957		18,335,073
4.90%, 05/15/46 (Call 11/15/45)		10,959		12,783,269
5.10%, 02/15/45 (Call 08/15/44)		12,943		15,524,791
5.95%, 02/01/41		8,554		11,263,454
Kinder Morgan Energy Partners LP
5.50%, 03/01/44 (Call 09/01/43)		8,990		10,863,812
6.95%, 01/15/38		14,042		19,151,190
Kinder Morgan Inc.
2.00%, 02/15/31 (Call 11/15/30)^(a)		10,616		9,931,542
3.60%, 02/15/51 (Call 08/15/50)		6,731		6,415,424
4.30%, 06/01/25 (Call 03/01/25)		15,861		17,710,718
4.30%, 03/01/28 (Call 12/01/27)^(a)		12,701		14,302,166
5.05%, 02/15/46 (Call 08/15/45)		7,649		8,785,095
5.20%, 03/01/48 (Call 09/01/47)		7,478		8,871,380
5.30%, 12/01/34 (Call 06/01/34)		9,073		10,879,405
5.55%, 06/01/45 (Call 12/01/44)		18,739		22,868,603
7.75%, 01/15/32		10,010		14,092,696
Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49)		9,693		9,831,580


Security	Par (000)		Value

Pipelines (continued)
MPLX LP
1.75%, 03/01/26 (Call 02/01/26)	$	16,497	$	16,602,843
2.65%, 08/15/30 (Call 05/15/30)		18,718		18,496,195
4.00%, 03/15/28 (Call 12/15/27)		14,152		15,631,214
4.13%, 03/01/27 (Call 12/01/26)		13,997		15,591,156
4.50%, 04/15/38 (Call 10/15/37)		17,933		19,662,833
4.70%, 04/15/48 (Call 10/15/47)		16,879		18,490,394
4.80%, 02/15/29 (Call 11/15/28)		8,463		9,749,064
4.88%, 12/01/24 (Call 09/01/24)		12,421		13,917,904
4.88%, 06/01/25 (Call 03/01/25)		12,488		14,088,291
5.20%, 03/01/47 (Call 09/01/46)		10,648		12,447,558
5.50%, 02/15/49 (Call 08/15/48)		17,274		20,970,975
ONEOK Inc.
3.10%, 03/15/30 (Call 12/15/29)^(a)		9,755		9,905,073
3.40%, 09/01/29 (Call 06/01/29)		8,606		8,969,397
4.55%, 07/15/28 (Call 04/15/28)		6,547		7,315,129
5.20%, 07/15/48 (Call 01/15/48)		7,311		8,317,029
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)		9,438		9,580,864
3.60%, 11/01/24 (Call 08/01/24)^(a)		8,127		8,651,369
3.80%, 09/15/30 (Call 06/15/30)^(a)		8,666		8,926,818
4.50%, 12/15/26 (Call 09/15/26)		8,494		9,414,792
4.65%, 10/15/25 (Call 07/15/25)		10,755		11,925,036
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)		13,394		14,804,656
4.50%, 05/15/30 (Call 11/15/29)		24,531		27,640,444
5.00%, 03/15/27 (Call 09/15/26)		16,859		19,373,688
5.63%, 03/01/25 (Call 12/01/24)^(a)		22,672		25,992,174
5.75%, 05/15/24 (Call 02/15/24)		8,482		9,580,694
5.88%, 06/30/26 (Call 12/31/25)		14,095		16,684,392
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)		4,250		4,696,372
TransCanada PipeLines Ltd.
4.10%, 04/15/30 (Call 01/15/30)^(a)		14,433		16,193,627
4.25%, 05/15/28 (Call 02/15/28)		14,985		16,941,831
4.63%, 03/01/34 (Call 12/01/33)		15,284		17,540,418
4.88%, 01/15/26 (Call 10/15/25)^(a)		8,497		9,813,588
4.88%, 05/15/48 (Call 11/15/47)		8,711		10,358,599
5.10%, 03/15/49 (Call 09/15/48)^(a)		9,711		12,123,279
6.10%, 06/01/40		9,236		12,162,086
6.20%, 10/15/37		10,992		14,429,770
7.63%, 01/15/39		14,564		21,723,336
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)		10,655		13,588,535
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)		4,473		4,406,647
3.50%, 11/15/30 (Call 08/15/30)^(a)		10,504		11,210,561
3.75%, 06/15/27 (Call 03/15/27)		16,125		17,703,691
3.90%, 01/15/25 (Call 10/15/24)		8,606		9,399,175
4.00%, 09/15/25 (Call 06/15/25)		8,593		9,499,957
4.30%, 03/04/24 (Call 12/04/23)		1,790		1,951,521
4.55%, 06/24/24 (Call 03/24/24)		6,803		7,511,181
4.85%, 03/01/48 (Call 09/01/47)		9,996		11,310,249
5.10%, 09/15/45 (Call 03/15/45)^(a)		10,966		12,710,484
6.30%, 04/15/40		14,186		18,512,151


				1,369,054,781

Real Estate Investment Trusts — 1.8%
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		11,348		10,472,831
2.00%, 05/18/32 (Call 02/18/32)		8,049		7,640,170


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.00%, 05/18/51 (Call 11/18/50)	$	12,425	$	11,633,544
3.38%, 08/15/31 (Call 05/15/31)^(a)		6,756		7,248,053
American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)^(a)		7,790		7,364,872
2.10%, 06/15/30 (Call 03/15/30)^(a)		12,175		11,703,267
2.40%, 03/15/25 (Call 02/15/25)		8,050		8,405,749
2.75%, 01/15/27 (Call 11/15/26)		12,251		12,873,916
2.90%, 01/15/30 (Call 10/15/29)		9,149		9,427,293
3.10%, 06/15/50 (Call 12/15/49)^(a)		13,421		12,496,838
3.38%, 10/15/26 (Call 07/15/26)		11,929		12,965,703
3.55%, 07/15/27 (Call 04/15/27)		9,667		10,541,734
3.80%, 08/15/29 (Call 05/15/29)		13,228		14,557,971
4.00%, 06/01/25 (Call 03/01/25)^(a)		8,978		9,920,123
5.00%, 02/15/24		2,238		2,489,498
Boston Properties LP
2.55%, 04/01/32 (Call 01/01/32)		13,734		13,286,592
2.75%, 10/01/26 (Call 07/01/26)^(a)		10,371		11,012,649
3.20%, 01/15/25 (Call 10/15/24)^(a)		10,489		11,236,015
3.25%, 01/30/31 (Call 10/30/30)^(a)		14,491		15,179,767
3.40%, 06/21/29 (Call 03/21/29)		6,901		7,356,881
3.65%, 02/01/26 (Call 11/03/25)^(a)		13,883		15,337,487
4.50%, 12/01/28 (Call 09/01/28)^(a)		6,117		7,032,377
Brixmor Operating Partnership LP
4.05%, 07/01/30 (Call 04/01/30)		9,642		10,598,827
4.13%, 05/15/29 (Call 02/15/29)^(a)		8,957		9,859,807
Crown Castle International Corp.
1.05%, 07/15/26 (Call 06/15/26)		17,339		16,894,180
2.10%, 04/01/31 (Call 01/01/31)^(a)		16,166		15,419,469
2.25%, 01/15/31 (Call 10/15/30)^(a)		9,474		9,168,083
2.90%, 04/01/41 (Call 10/01/40)		15,065		13,985,725
3.20%, 09/01/24 (Call 07/01/24)		3,542		3,796,231
3.25%, 01/15/51 (Call 07/15/50)^(a)		9,417		8,893,137
3.30%, 07/01/30 (Call 04/01/30)^(a)		8,369		8,863,561
3.65%, 09/01/27 (Call 06/01/27)		11,700		12,838,134
3.70%, 06/15/26 (Call 03/15/26)		8,970		9,877,569
3.80%, 02/15/28 (Call 11/15/27)		12,017		13,175,198
4.45%, 02/15/26 (Call 11/15/25)^(a)		9,604		10,862,840
Digital Realty Trust LP
3.60%, 07/01/29 (Call 04/01/29)^(a)		7,661		8,427,847
3.70%, 08/15/27 (Call 05/15/27)		12,342		13,670,041
Equinix Inc.
2.15%, 07/15/30 (Call 04/15/30)		12,796		12,306,980
2.63%, 11/18/24 (Call 10/18/24)		13,833		14,591,432
3.20%, 11/18/29 (Call 08/18/29)^(a)		12,630		13,313,788
5.38%, 05/15/27 (Call 05/15/22)		6,719		7,220,842
ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44)^(a)		5,265		6,379,919
GLP Capital LP/GLP Financing II Inc.
5.25%, 06/01/25 (Call 03/01/25)^(a)		9,015		10,184,978
5.30%, 01/15/29 (Call 10/15/28)^(a)		7,736		8,816,001
5.38%, 04/15/26 (Call 01/15/26)		11,155		12,613,457
Healthcare Trust of America Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)^(a)		9,449		8,916,462
Healthpeak Properties Inc.
3.00%, 01/15/30 (Call 10/15/29)^(a)		8,462		8,847,669
4.00%, 06/01/25 (Call 03/01/25)		8,547		9,486,281
Prologis LP
1.25%, 10/15/30 (Call 07/15/30)^(a)		7,081		6,514,499
2.25%, 04/15/30 (Call 01/15/30)^(a)		11,209		11,222,864
Realty Income Corp., 3.25%, 01/15/31 (Call 10/15/30)^(a)		8,393		8,969,782


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Simon Property Group LP
1.75%, 02/01/28 (Call 11/01/27)	$	9,102	$	8,939,893
2.00%, 09/13/24 (Call 06/13/24)^(a)		10,074		10,439,920
2.45%, 09/13/29 (Call 06/13/29)^(a)		14,087		14,156,171
2.65%, 07/15/30 (Call 04/15/30)^(a)		11,875		12,040,013
3.25%, 11/30/26 (Call 08/30/26)^(a)		9,276		10,042,940
3.25%, 09/13/49 (Call 03/13/49)^(a)		14,143		13,589,840
3.30%, 01/15/26 (Call 10/15/25)^(a)		9,172		9,918,372
3.38%, 10/01/24 (Call 07/01/24)^(a)		7,088		7,634,388
3.38%, 06/15/27 (Call 03/15/27)^(a)		7,958		8,646,583
3.38%, 12/01/27 (Call 09/01/27)^(a)		8,512		9,220,577
3.50%, 09/01/25 (Call 06/01/25)^(a)		12,144		13,260,844
3.80%, 07/15/50 (Call 01/15/50)^(a)		7,811		8,243,794
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)^(a)		5,649		6,398,343
Welltower Inc.
2.80%, 06/01/31 (Call 03/01/31)		5,426		5,502,304
3.10%, 01/15/30 (Call 10/15/29)^(a)		7,557		7,836,914
3.63%, 03/15/24 (Call 02/15/24)		2,049		2,209,049
4.00%, 06/01/25 (Call 03/01/25)^(a)		13,929		15,459,051
4.25%, 04/15/28 (Call 01/15/28)^(a)		8,129		9,170,474
Weyerhaeuser Co.
4.00%, 11/15/29 (Call 08/15/29)		5,161		5,808,140
4.00%, 04/15/30 (Call 01/15/30)^(a)		7,702		8,642,038
7.38%, 03/15/32		16,065		22,914,660


				745,973,241

Retail — 3.3%
AutoZone Inc., 4.00%, 04/15/30 (Call 01/15/30)^(a)		9,204		10,290,785
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)^(a)		13,533		13,594,697
1.60%, 04/20/30 (Call 01/20/30)^(a)		20,393		19,693,428
1.75%, 04/20/32 (Call 01/20/32)^(a)		11,994		11,532,110
3.00%, 05/18/27 (Call 02/18/27)^(a)		11,353		12,435,352
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)^(a)		11,758		12,723,683
Dollar Tree Inc.
4.00%, 05/15/25 (Call 03/15/25)		15,492		17,141,906
4.20%, 05/15/28 (Call 02/15/28)^(a)		14,219		16,143,569
Home Depot Inc. (The)
0.90%, 03/15/28 (Call 01/15/28)^(a)		4,002		3,845,155
1.38%, 03/15/31 (Call 12/15/30)^(a)		13,803		12,853,483
2.13%, 09/15/26 (Call 06/15/26)		13,692		14,359,382
2.38%, 03/15/51 (Call 09/15/50)		12,189		10,616,501
2.50%, 04/15/27 (Call 02/15/27)^(a)		9,972		10,588,940
2.70%, 04/15/30 (Call 01/15/30)^(a)		16,913		17,720,301
2.80%, 09/14/27 (Call 06/14/27)		11,083		11,969,148
2.95%, 06/15/29 (Call 03/15/29)		16,964		18,157,908
3.00%, 04/01/26 (Call 01/01/26)^(a)		13,856		15,075,724
3.13%, 12/15/49 (Call 06/15/49)^(a)		12,496		12,624,498
3.30%, 04/15/40 (Call 10/15/39)^(a)		14,152		15,009,450
3.35%, 09/15/25 (Call 06/15/25)^(a)		11,893		13,067,469
3.35%, 04/15/50 (Call 10/15/49)^(a)		17,207		18,133,292
3.50%, 09/15/56 (Call 03/15/56)		11,039		11,844,735
3.75%, 02/15/24 (Call 11/15/23)^(a)		4,481		4,865,173
3.90%, 12/06/28 (Call 09/06/28)^(a)		5,187		5,951,311
3.90%, 06/15/47 (Call 12/15/46)^(a)		11,933		13,588,183
4.20%, 04/01/43 (Call 10/01/42)		10,866		12,884,168
4.25%, 04/01/46 (Call 10/01/45)		17,165		20,424,470
4.40%, 03/15/45 (Call 09/15/44)^(a)		9,435		11,486,701
4.50%, 12/06/48 (Call 06/06/48)^(a)		15,786		19,727,868
4.88%, 02/15/44 (Call 08/15/43)		11,956		15,422,665


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Retail (continued)
5.88%, 12/16/36	$	36,054	$	50,041,066
5.95%, 04/01/41 (Call 10/01/40)^(a)		11,223		15,952,237
Lowe’s Companies Inc.
1.30%, 04/15/28 (Call 02/15/28)^(a)		11,749		11,258,315
1.70%, 10/15/30 (Call 07/15/30)^(a)		12,756		11,990,787
2.50%, 04/15/26 (Call 01/15/26)^(a)		15,490		16,410,470
2.63%, 04/01/31 (Call 01/01/31)		11,947		12,111,282
3.00%, 10/15/50 (Call 04/15/50)		20,447		19,294,368
3.10%, 05/03/27 (Call 02/03/27)^(a)		17,502		18,995,804
3.38%, 09/15/25 (Call 06/15/25)^(a)		8,625		9,443,549
3.65%, 04/05/29 (Call 01/05/29)		17,448		19,273,563
3.70%, 04/15/46 (Call 10/15/45)^(a)		14,039		14,806,695
4.00%, 04/15/25 (Call 03/15/25)^(a)		8,882		9,864,960
4.05%, 05/03/47 (Call 11/03/46)^(a)		17,330		19,135,954
4.50%, 04/15/30 (Call 01/15/30)		14,622		17,011,963
McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)^(a)		8,234		8,153,511
2.63%, 09/01/29 (Call 06/01/29)		9,598		9,950,963
3.30%, 07/01/25 (Call 06/01/25)		9,023		9,830,686
3.50%, 03/01/27 (Call 12/01/26)^(a)		10,774		11,893,782
3.50%, 07/01/27 (Call 05/01/27)^(a)		11,216		12,404,959
3.60%, 07/01/30 (Call 04/01/30)^(a)		8,473		9,341,965
3.63%, 09/01/49 (Call 03/01/49)^(a)		16,013		16,834,598
3.70%, 01/30/26 (Call 10/30/25)^(a)		19,006		21,093,691
3.80%, 04/01/28 (Call 01/01/28)		11,690		13,052,416
4.20%, 04/01/50 (Call 10/01/49)^(a)		8,541		9,822,800
4.45%, 03/01/47 (Call 09/01/46)		11,249		13,178,200
4.45%, 09/01/48 (Call 03/01/48)^(a)		8,040		9,474,246
4.70%, 12/09/35 (Call 06/09/35)		8,644		10,422,624
4.88%, 12/09/45 (Call 06/09/45)		19,565		24,138,311
6.30%, 10/15/37		11,917		16,744,299
6.30%, 03/01/38		11,418		16,030,724
Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)		9,460		9,200,755
O’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)^(a)		8,291		9,138,441
Starbucks Corp.
2.25%, 03/12/30 (Call 12/12/29)		8,440		8,376,530
2.55%, 11/15/30 (Call 08/15/30)^(a)		13,762		13,900,526
3.50%, 11/15/50 (Call 05/15/50)		14,475		14,717,714
3.55%, 08/15/29 (Call 05/15/29)		10,268		11,266,995
3.80%, 08/15/25 (Call 06/15/25)^(a)		13,508		15,018,479
4.00%, 11/15/28 (Call 08/15/28)^(a)		6,499		7,360,743
4.45%, 08/15/49 (Call 02/15/49)		11,749		13,824,249
4.50%, 11/15/48 (Call 05/15/48)		11,085		13,031,825
Target Corp.
2.25%, 04/15/25 (Call 03/15/25)		16,546		17,415,779
2.35%, 02/15/30 (Call 11/15/29)^(a)		11,991		12,294,631
2.50%, 04/15/26^(a)		9,282		9,960,337
3.38%, 04/15/29 (Call 01/15/29)^(a)		14,015		15,528,844
3.50%, 07/01/24^(a)		3,912		4,286,640
4.00%, 07/01/42		12,594		15,199,891
TJX Companies Inc. (The)
2.25%, 09/15/26 (Call 06/15/26)^(a)		11,219		11,819,683
3.50%, 04/15/25 (Call 03/15/25)^(a)		13,997		15,309,696
3.75%, 04/15/27 (Call 02/15/27)^(a)		9,047		10,133,925
Walgreens Boots Alliance Inc.
3.45%, 06/01/26 (Call 03/01/26)^(a)		5,548		6,067,789
4.10%, 04/15/50 (Call 10/15/49)		9,639		10,156,316
Walmart Inc.
2.65%, 12/15/24 (Call 10/15/24)^(a)		7,839		8,393,360


Security	Par (000)		Value

Retail (continued)
2.85%, 07/08/24 (Call 06/08/24)^(a)	$	6,720	$	7,212,847
2.95%, 09/24/49 (Call 03/24/49)^(a)		10,447		10,574,611
3.05%, 07/08/26 (Call 05/08/26)^(a)		14,413		15,789,828
3.25%, 07/08/29 (Call 04/08/29)^(a)		14,274		15,772,105
3.55%, 06/26/25 (Call 04/26/25)^(a)		16,198		17,958,216
3.63%, 12/15/47 (Call 06/15/47)		10,946		12,309,078
3.70%, 06/26/28 (Call 03/26/28)^(a)		30,176		34,116,331
3.95%, 06/28/38 (Call 12/28/37)		17,105		19,940,927
4.05%, 06/29/48 (Call 12/29/47)		32,409		38,866,001
5.25%, 09/01/35		22,925		30,502,403
5.63%, 04/01/40^(a)		7,709		10,771,456
5.63%, 04/15/41		12,683		17,932,645
6.20%, 04/15/38		11,984		17,522,352
6.50%, 08/15/37^(a)		14,744		21,903,874


				1,385,306,665

Semiconductors — 2.8%
Analog Devices Inc.
3.50%, 12/05/26 (Call 09/05/26)^(a)		9,500		10,448,048
3.90%, 12/15/25 (Call 09/15/25)^(a)		9,669		10,766,010
Applied Materials Inc.
1.75%, 06/01/30 (Call 03/01/30)		8,685		8,440,722
2.75%, 06/01/50 (Call 12/01/49)		7,008		6,661,823
3.30%, 04/01/27 (Call 01/01/27)^(a)		13,608		14,991,565
4.35%, 04/01/47 (Call 10/01/46)		11,159		13,619,863
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.50%, 01/15/28 (Call 10/15/27)^(a)		12,065		12,909,046
3.88%, 01/15/27 (Call 10/15/26)		49,907		54,669,021
Broadcom Inc.
1.95%, 02/15/28 (Call 12/15/27)^(a)(c)		7,633		7,516,620
2.45%, 02/15/31 (Call 11/15/30)^(a)(c)		24,499		23,359,265
2.60%, 02/15/33 (Call 11/15/32)^(c)		16,658		15,728,467
3.15%, 11/15/25 (Call 10/15/25)		5,736		6,145,738
3.42%, 04/15/33 (Call 01/15/33)^(c)		35,994		36,480,527
3.46%, 09/15/26 (Call 07/15/26)^(a)		15,060		16,320,028
3.47%, 04/15/34 (Call 01/15/34)^(c)		36,182		36,578,663
3.50%, 02/15/41 (Call 08/15/40)^(c)		33,587		32,396,788
3.75%, 02/15/51 (Call 08/15/50)^(c)		17,152		16,600,433
4.11%, 09/15/28 (Call 06/15/28)		27,490		30,329,536
4.15%, 11/15/30 (Call 08/15/30)^(a)		25,488		27,878,275
4.25%, 04/15/26 (Call 02/15/26)		1,018		1,135,879
4.30%, 11/15/32 (Call 08/15/32)		20,442		22,558,884
4.70%, 04/15/25 (Call 03/15/25)		200		225,716
4.75%, 04/15/29 (Call 01/15/29)		28,386		32,299,967
5.00%, 04/15/30 (Call 01/15/30)^(a)		20,628		23,719,436
Intel Corp.
2.45%, 11/15/29 (Call 08/15/29)		19,022		19,600,817
2.60%, 05/19/26 (Call 02/19/26)^(a)		12,997		13,881,571
2.88%, 05/11/24 (Call 03/11/24)^(a)		987		1,055,278
3.10%, 02/15/60 (Call 08/15/59)		11,865		11,406,108
3.15%, 05/11/27 (Call 02/11/27)^(a)		11,030		12,093,563
3.25%, 11/15/49 (Call 05/15/49)		22,502		22,782,451
3.40%, 03/25/25 (Call 02/25/25)^(a)		15,622		17,106,804
3.70%, 07/29/25 (Call 04/29/25)^(a)		24,440		27,108,352
3.73%, 12/08/47 (Call 06/08/47)^(a)		21,983		23,983,589
3.75%, 03/25/27 (Call 01/25/27)^(a)		11,936		13,417,709
3.90%, 03/25/30 (Call 12/25/29)^(a)		15,700		17,889,337
4.00%, 12/15/32^(a)		8,191		9,567,258
4.10%, 05/19/46 (Call 11/19/45)^(a)		12,005		13,782,657
4.10%, 05/11/47 (Call 11/11/46)		11,069		12,676,794
4.60%, 03/25/40 (Call 09/25/39)		9,341		11,314,611


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Semiconductors (continued)
4.75%, 03/25/50 (Call 09/25/49)	$	25,375	$	32,168,661
4.80%, 10/01/41		9,787		12,288,028
4.90%, 07/29/45 (Call 01/29/45)^(a)		7,131		9,075,656
4.95%, 03/25/60 (Call 09/25/59)		11,284		15,071,569
KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)^(a)		9,180		9,133,939
4.10%, 03/15/29 (Call 12/15/28)^(a)		10,937		12,403,577
4.65%, 11/01/24 (Call 08/01/24)		6,298		7,050,168
Lam Research Corp.
1.90%, 06/15/30 (Call 03/15/30)^(a)		8,834		8,681,901
2.88%, 06/15/50 (Call 12/15/49)		8,001		7,683,990
3.75%, 03/15/26 (Call 01/15/26)		11,268		12,567,736
4.00%, 03/15/29 (Call 12/15/28)^(a)		8,915		10,177,868
4.88%, 03/15/49 (Call 09/15/48)		8,337		10,919,731
Marvell Technology Inc.
2.45%, 04/15/28 (Call 02/15/28)^(c)		8,519		8,571,979
2.95%, 04/15/31 (Call 01/15/31)^(c)		3,268		3,271,087
Micron Technology Inc.
4.19%, 02/15/27 (Call 12/15/26)^(a)		10,191		11,444,832
4.66%, 02/15/30 (Call 11/15/29)		9,170		10,568,155
NVIDIA Corp.
2.85%, 04/01/30 (Call 01/01/30)		15,765		16,715,010
3.20%, 09/16/26 (Call 06/16/26)^(a)		12,160		13,358,926
3.50%, 04/01/40 (Call 10/01/39)		12,186		13,327,314
3.50%, 04/01/50 (Call 10/01/49)		22,762		24,471,164
NXP BV/NXP Funding LLC, 4.88%, 03/01/24 (Call 02/01/24)^(c)		1,959		2,174,073
NXP BV/NXP Funding LLC/NXP USA Inc.
3.40%, 05/01/30 (Call 02/01/30)^(c)		10,031		10,723,720
3.88%, 06/18/26 (Call 04/18/26)^(a)(c)		13,178		14,583,649
4.30%, 06/18/29 (Call 03/18/29)^(c)		12,329		13,966,779
QUALCOMM Inc.
1.30%, 05/20/28 (Call 02/20/28)		10,694		10,340,575
1.65%, 05/20/32 (Call 02/20/32)		18,399		17,145,507
2.15%, 05/20/30 (Call 02/20/30)^(a)		13,561		13,603,194
3.25%, 05/20/27 (Call 02/20/27)^(a)		20,922		23,079,654
3.25%, 05/20/50 (Call 11/20/49)^(a)		10,194		10,392,555
3.45%, 05/20/25 (Call 02/20/25)		3,603		3,956,554
4.30%, 05/20/47 (Call 11/20/46)^(a)		17,093		20,376,466
4.65%, 05/20/35 (Call 11/20/34)^(a)		6,539		8,055,679
4.80%, 05/20/45 (Call 11/20/44)^(a)		16,477		20,901,730
Texas Instruments Inc.
1.38%, 03/12/25 (Call 02/12/25)		8,981		9,204,498
1.75%, 05/04/30 (Call 02/04/30)		10,128		9,843,875
2.25%, 09/04/29 (Call 06/04/29)		9,247		9,421,321
3.88%, 03/15/39 (Call 09/15/38)		7,780		9,040,877
4.15%, 05/15/48 (Call 11/15/47)		15,373		18,561,555


				1,163,770,771

Software — 3.7%
Activision Blizzard Inc.
2.50%, 09/15/50 (Call 03/15/50)		18,240		15,550,476
3.40%, 09/15/26 (Call 06/15/26)		11,033		12,152,754
Adobe Inc.
2.15%, 02/01/27 (Call 12/01/26)		11,373		11,915,190
2.30%, 02/01/30 (Call 11/01/29)		14,622		14,875,831
3.25%, 02/01/25 (Call 11/01/24)^(a)		3,755		4,067,957
Citrix Systems Inc.
1.25%, 03/01/26 (Call 02/01/26)		18,016		17,857,504
3.30%, 03/01/30 (Call 12/01/29)		7,444		7,779,863
4.50%, 12/01/27 (Call 09/01/27)^(a)		8,718		9,988,066


Security	Par (000)		Value

Software (continued)
Fidelity National Information Services Inc.
1.15%, 03/01/26 (Call 02/01/26)	$	9,242	$	9,149,850
1.65%, 03/01/28 (Call 01/01/28)^(a)		8,903		8,731,834
2.25%, 03/01/31 (Call 12/01/30)^(a)		20,090		19,756,884
3.10%, 03/01/41 (Call 09/01/40)		9,615		9,495,898
Fiserv Inc.
2.25%, 06/01/27 (Call 04/01/27)^(a)		12,253		12,632,336
2.65%, 06/01/30 (Call 03/01/30)^(a)		11,509		11,713,317
2.75%, 07/01/24 (Call 06/01/24)		10,808		11,470,903
3.20%, 07/01/26 (Call 05/01/26)		24,597		26,680,575
3.50%, 07/01/29 (Call 04/01/29)^(a)		32,165		34,782,781
3.85%, 06/01/25 (Call 03/01/25)^(a)		12,211		13,461,963
4.20%, 10/01/28 (Call 07/01/28)		12,013		13,620,313
4.40%, 07/01/49 (Call 01/01/49)^(a)		21,919		25,583,447
Microsoft Corp.
2.40%, 08/08/26 (Call 05/08/26)^(a)		40,204		42,743,622
2.53%, 06/01/50 (Call 12/01/49)		59,655		55,429,785
2.68%, 06/01/60 (Call 12/01/59)		41,614		38,458,186
2.70%, 02/12/25 (Call 11/12/24)^(a)		22,197		23,821,938
2.88%, 02/06/24 (Call 12/06/23)		9,881		10,516,994
2.92%, 03/17/52 (Call 09/17/51)		97,625		97,269,528
3.04%, 03/17/62 (Call 09/17/61)		35,515		35,362,143
3.13%, 11/03/25 (Call 08/03/25)^(a)		31,232		34,159,500
3.30%, 02/06/27 (Call 11/06/26)^(a)		38,789		43,039,890
3.45%, 08/08/36 (Call 02/08/36)		11,440		12,769,056
3.50%, 02/12/35 (Call 08/12/34)^(a)		18,832		21,187,717
3.70%, 08/08/46 (Call 02/08/46)		1,755		2,016,579
4.10%, 02/06/37 (Call 08/06/36)		393		471,860
4.25%, 02/06/47 (Call 08/06/46)		312		386,016
4.50%, 02/06/57 (Call 08/06/56)		375		489,931
Oracle Corp.
1.65%, 03/25/26 (Call 02/25/26)		12,357		12,479,994
2.30%, 03/25/28 (Call 01/25/28)^(a)		10,127		10,279,453
2.50%, 04/01/25 (Call 03/01/25)^(a)		38,714		40,755,765
2.65%, 07/15/26 (Call 04/15/26)		34,537		36,369,488
2.80%, 04/01/27 (Call 02/01/27)^(a)		25,398		26,934,747
2.88%, 03/25/31 (Call 12/25/30)		37,195		37,811,808
2.95%, 11/15/24 (Call 09/15/24)^(a)		16,033		17,125,453
2.95%, 05/15/25 (Call 02/15/25)		27,714		29,622,067
2.95%, 04/01/30 (Call 01/01/30)^(a)		26,046		26,963,205
3.25%, 11/15/27 (Call 08/15/27)^(a)		28,575		31,011,662
3.40%, 07/08/24 (Call 04/08/24)^(a)		8,522		9,194,892
3.60%, 04/01/40 (Call 10/01/39)		34,587		35,216,148
3.60%, 04/01/50 (Call 10/01/49)		41,400		40,655,421
3.65%, 03/25/41 (Call 09/25/40)		27,199		27,715,509
3.80%, 11/15/37 (Call 05/15/37)		19,775		20,994,406
3.85%, 07/15/36 (Call 01/15/36)		14,157		15,196,612
3.85%, 04/01/60 (Call 10/01/59)		38,553		38,562,045
3.90%, 05/15/35 (Call 11/15/34)^(a)		14,520		15,788,893
3.95%, 03/25/51 (Call 09/25/50)		35,399		36,767,879
4.00%, 07/15/46 (Call 01/15/46)^(a)		33,763		35,246,739
4.00%, 11/15/47 (Call 05/15/47)		25,387		26,544,091
4.10%, 03/25/61 (Call 09/25/60)		21,201		22,106,172
4.13%, 05/15/45 (Call 11/15/44)		21,763		23,101,934
4.30%, 07/08/34 (Call 01/08/34)^(a)		19,838		22,393,779
4.38%, 05/15/55 (Call 11/15/54)^(a)		14,301		15,736,747
4.50%, 07/08/44 (Call 01/08/44)		10,615		11,976,993
5.38%, 07/15/40^(a)		23,916		29,760,731
6.13%, 07/08/39		14,977		20,089,832
6.50%, 04/15/38^(a)		15,508		21,395,324


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Software (continued)
Roper Technologies Inc.
1.75%, 02/15/31 (Call 11/15/30)	$	11,831	$	11,083,191
4.20%, 09/15/28 (Call 06/15/28)		9,035		10,310,726
salesforce.com Inc., 3.70%, 04/11/28 (Call 01/11/28)		16,025		17,996,069
VMware Inc.
3.90%, 08/21/27 (Call 05/21/27)^(a)		14,755		16,355,203
4.50%, 05/15/25 (Call 04/15/25)^(a)		8,637		9,649,271
4.70%, 05/15/30 (Call 02/15/30)^(a)		6,957		8,097,277


				1,520,680,013

Telecommunications — 7.1%
AT&T Inc.
1.65%, 02/01/28 (Call 12/01/27)		16,347		15,923,204
1.70%, 03/25/26 (Call 03/25/23)		4,247		4,265,597
2.25%, 02/01/32 (Call 11/01/31)^(a)		27,821		26,346,022
2.30%, 06/01/27 (Call 04/01/27)		26,038		26,715,644
2.55%, 12/01/33 (Call 09/01/33)^(a)(c)		56,019		53,404,621
2.75%, 06/01/31 (Call 03/01/31)^(a)		33,069		33,017,690
3.10%, 02/01/43 (Call 08/01/42)		27,536		25,445,183
3.30%, 02/01/52 (Call 08/01/51)		22,729		20,634,675
3.40%, 05/15/25 (Call 02/15/25)^(a)		12,792		13,938,222
3.50%, 06/01/41 (Call 12/01/40)^(a)		27,610		27,099,367
3.50%, 09/15/53 (Call 03/15/53)^(c)		75,914		69,849,830
3.50%, 02/01/61 (Call 08/01/60)^(a)		14,374		13,003,679
3.55%, 09/15/55 (Call 03/15/55)^(c)		80,431		73,944,103
3.65%, 06/01/51 (Call 12/01/50)		31,765		30,587,195
3.65%, 09/15/59 (Call 03/15/59)^(c)		70,342		64,607,312
3.80%, 02/15/27 (Call 11/15/26)^(a)		3,819		4,239,670
3.80%, 12/01/57 (Call 06/01/57)^(c)		84,879		80,937,092
3.85%, 06/01/60 (Call 12/01/59)		16,503		15,826,575
4.10%, 02/15/28 (Call 11/15/27)^(a)		3,823		4,293,005
4.13%, 02/17/26 (Call 11/17/25)^(a)		2,685		3,024,207
4.25%, 03/01/27 (Call 12/01/26)^(a)		3,081		3,487,156
4.30%, 02/15/30 (Call 11/15/29)		31,881		35,957,703
4.30%, 12/15/42 (Call 06/15/42)		13,877		15,161,570
4.35%, 03/01/29 (Call 12/01/28)		31,876		36,152,089
4.35%, 06/15/45 (Call 12/15/44)^(a)		7,957		8,663,135
4.45%, 04/01/24 (Call 01/01/24)^(a)		1,031		1,133,436
4.50%, 05/15/35 (Call 11/15/34)^(a)		28,198		31,884,110
4.50%, 03/09/48 (Call 09/09/47)		17,511		19,192,611
4.55%, 03/09/49 (Call 09/09/48)^(a)		8,589		9,446,205
4.75%, 05/15/46 (Call 11/15/45)^(a)		28,261		32,434,296
4.85%, 03/01/39 (Call 09/01/38)		11,022		12,790,514
5.15%, 02/15/50 (Call 08/14/49)^(a)		8,402		10,171,813
5.25%, 03/01/37 (Call 09/01/36)^(a)		20,212		24,544,733
5.35%, 09/01/40^(a)		7,057		8,700,618
5.65%, 02/15/47 (Call 08/15/46)		3,741		4,822,370
Bell Canada, 4.46%, 04/01/48 (Call 10/01/47)^(a)		8,417		9,896,854
British Telecommunications PLC, 9.63%, 12/15/30^(a)		32,317		50,445,887
Cisco Systems Inc.
2.50%, 09/20/26 (Call 06/20/26)^(a)		15,396		16,574,609
2.95%, 02/28/26		14,352		15,648,195
5.50%, 01/15/40^(a)		21,626		29,840,548
5.90%, 02/15/39		22,692		32,404,124
Corning Inc.
4.38%, 11/15/57 (Call 05/15/57)^(a)		8,868		9,798,645
5.45%, 11/15/79 (Call 05/19/79)		10,410		13,322,958
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		40,806		60,788,641


Security	Par (000)		Value

Telecommunications (continued)
Motorola Solutions Inc.
2.30%, 11/15/30 (Call 08/15/30)	$	11,332	$	10,949,688
4.60%, 05/23/29 (Call 02/23/29)		8,750		10,057,890
Orange SA
5.38%, 01/13/42^(a)		11,476		15,098,040
5.50%, 02/06/44 (Call 08/06/43)^(a)		10,736		14,442,255
9.00%, 03/01/31^(a)		31,284		48,886,690
Rogers Communications Inc.
3.70%, 11/15/49 (Call 05/15/49)^(a)		11,721		11,878,270
4.30%, 02/15/48 (Call 08/15/47)^(a)		9,387		10,388,261
4.35%, 05/01/49 (Call 11/01/48)^(a)		13,209		14,661,287
5.00%, 03/15/44 (Call 09/15/43)		12,564		15,115,517
Telefonica Emisiones SA
4.10%, 03/08/27^(a)		19,733		22,175,888
4.67%, 03/06/38		8,447		9,585,912
4.90%, 03/06/48^(a)		13,546		15,509,242
5.21%, 03/08/47		27,166		32,139,551
5.52%, 03/01/49 (Call 09/01/48)		13,490		16,738,867
7.05%, 06/20/36^(a)		23,125		32,435,227
Telefonica Europe BV, 8.25%, 09/15/30^(a)		17,451		24,968,479
TELUS Corp., 4.60%, 11/16/48 (Call 05/16/48)^(a)		8,011		9,495,301
T-Mobile USA Inc.
1.50%, 02/15/26 (Call 01/15/26)^(a)(c)		16,458		16,510,975
2.05%, 02/15/28 (Call 12/15/27)^(a)(c)		16,845		16,730,358
2.25%, 11/15/31 (Call 08/15/31)^(c)		15,126		14,481,577
2.55%, 02/15/31 (Call 11/15/30)^(a)(c)		29,802		29,334,890
3.00%, 02/15/41 (Call 08/15/40)^(a)(c)		27,552		25,744,280
3.30%, 02/15/51 (Call 08/15/50)^(a)(c)		34,402		32,087,950
3.50%, 04/15/25 (Call 03/15/25)^(c)		32,863		35,629,588
3.60%, 11/15/60 (Call 05/15/60)^(c)		13,262		12,667,633
3.75%, 04/15/27 (Call 02/15/27)^(c)		43,540		47,971,440
3.88%, 04/15/30 (Call 01/15/30)^(c)		77,384		84,526,033
4.38%, 04/15/40 (Call 10/15/39)^(c)		22,066		24,542,979
4.50%, 04/15/50 (Call 10/15/49)^(a)(c)		29,057		32,755,224
Verizon Communications Inc.
0.85%, 11/20/25 (Call 10/20/25)^(a)		21,202		20,924,267
1.45%, 03/20/26 (Call 02/20/26)		17,580		17,692,705
1.50%, 09/18/30 (Call 06/18/30)^(a)		12,002		11,171,094
1.68%, 10/30/30 (Call 07/30/30)^(c)		5,323		4,987,126
1.75%, 01/20/31 (Call 10/20/30)		27,503		25,840,391
2.10%, 03/22/28 (Call 01/22/28)		17,737		17,894,796
2.55%, 03/21/31 (Call 12/21/30)		48,526		48,615,890
2.63%, 08/15/26^(a)		23,751		25,231,122
2.65%, 11/20/40 (Call 05/20/40)		23,912		22,144,817
2.88%, 11/20/50 (Call 05/20/50)^(a)		30,896		28,032,475
2.99%, 10/30/56 (Call 04/30/56)^(c)		43,498		38,911,027
3.00%, 03/22/27 (Call 01/22/27)		10,541		11,329,435
3.00%, 11/20/60 (Call 05/20/60)^(a)		21,902		19,460,455
3.15%, 03/22/30 (Call 12/22/29)		17,055		18,064,845
3.38%, 02/15/25^(a)		26,896		29,347,183
3.40%, 03/22/41 (Call 09/22/40)		43,444		44,482,186
3.50%, 11/01/24 (Call 08/01/24)^(a)		17,619		19,131,686
3.55%, 03/22/51 (Call 09/22/50)		48,402		49,161,031
3.70%, 03/22/61 (Call 09/22/60)		40,230		40,632,678
3.85%, 11/01/42 (Call 05/01/42)		10,764		11,734,366
3.88%, 02/08/29 (Call 11/08/28)^(a)		9,682		10,906,065
4.00%, 03/22/50 (Call 09/22/49)^(a)		14,621		15,912,656
4.02%, 12/03/29 (Call 09/03/29)		40,279		45,549,922
4.13%, 03/16/27		35,216		40,092,539
4.13%, 08/15/46^(a)		10,427		11,655,357


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Telecommunications (continued)
4.27%, 01/15/36^(a)	$	29,762	$	34,304,744
4.33%, 09/21/28^(a)		45,045		51,940,800
4.40%, 11/01/34 (Call 05/01/34)^(a)		27,934		32,596,330
4.50%, 08/10/33		33,594		39,526,002
4.52%, 09/15/48		27,301		32,289,758
4.67%, 03/15/55		23,342		28,502,804
4.86%, 08/21/46		28,766		35,567,315
5.01%, 04/15/49		12,637		15,928,024
5.01%, 08/21/54^(a)		10,338		13,237,988
5.25%, 03/16/37^(a)		10,287		13,069,446
Vodafone Group PLC
4.13%, 05/30/25		18,393		20,583,158
4.25%, 09/17/50		16,364		18,205,074
4.38%, 05/30/28		34,389		39,552,625
4.38%, 02/19/43		16,080		18,188,104
4.88%, 06/19/49		20,131		24,317,034
5.00%, 05/30/38		11,663		14,237,234
5.25%, 05/30/48		35,849		45,285,095
6.15%, 02/27/37^(a)		19,210		25,719,846


				2,919,832,500

Toys, Games & Hobbies — 0.0%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		10,828		11,843,594


Transportation — 1.3%
Burlington Northern Santa Fe LLC
3.30%, 09/15/51 (Call 03/15/51)		7,256		7,380,512
3.55%, 02/15/50 (Call 08/15/49)^(a)		7,448		7,956,374
3.90%, 08/01/46 (Call 02/01/46)		8,009		8,913,067
4.05%, 06/15/48 (Call 12/15/47)^(a)		8,636		9,839,822
4.13%, 06/15/47 (Call 12/15/46)		7,951		9,121,794
4.15%, 04/01/45 (Call 10/01/44)		10,836		12,479,977
4.15%, 12/15/48 (Call 06/15/48)		7,972		9,223,932
4.45%, 03/15/43 (Call 09/15/42)		4,203		5,055,316
4.55%, 09/01/44 (Call 03/01/44)		10,796		13,155,694
4.90%, 04/01/44 (Call 10/01/43)^(a)		11,341		14,421,853
5.75%, 05/01/40 (Call 11/01/39)^(a)		8,954		12,234,728
Canadian Pacific Railway Co., 6.13%, 09/15/2115 (Call 03/15/2115)^(a)		7,830		11,692,090
CSX Corp.
3.25%, 06/01/27 (Call 03/01/27)^(a)		10,079		10,975,516
3.80%, 03/01/28 (Call 12/01/27)^(a)		8,814		9,812,715
3.80%, 11/01/46 (Call 05/01/46)		7,317		7,915,237
4.10%, 03/15/44 (Call 09/15/43)		9,150		10,270,374
4.25%, 03/15/29 (Call 12/15/28)^(a)		10,748		12,326,153
4.30%, 03/01/48 (Call 09/01/47)^(a)		9,982		11,510,154
FedEx Corp.
2.40%, 05/15/31 (Call 02/15/31)		9,500		9,417,899
3.10%, 08/05/29 (Call 05/05/29)^(a)		10,614		11,289,664
3.25%, 04/01/26 (Call 01/01/26)		13,122		14,272,028
3.25%, 05/15/41 (Call 11/15/40)		8,535		8,461,712
4.05%, 02/15/48 (Call 08/15/47)		11,041		12,030,148
4.25%, 05/15/30 (Call 02/15/30)^(a)		7,893		9,043,443
4.40%, 01/15/47 (Call 07/15/46)		7,813		8,913,590
4.55%, 04/01/46 (Call 10/01/45)		13,868		16,179,026
4.75%, 11/15/45 (Call 05/15/45)		12,090		14,471,266
4.95%, 10/17/48 (Call 04/17/48)^(a)		10,221		12,527,523
5.10%, 01/15/44		9,033		11,156,046
5.25%, 05/15/50 (Call 11/15/49)^(a)		13,057		16,902,284


Security	Par/ Shares (000)		Value


Transportation (continued)
Norfolk Southern Corp.
3.05%, 05/15/50 (Call 11/15/49)	$	10,078	$	9,640,082
3.16%, 05/15/55 (Call 11/15/54)		8,749		8,355,431
Union Pacific Corp.
2.40%, 02/05/30 (Call 11/05/29)^(a)		13,386		13,573,602
3.25%, 02/05/50 (Call 08/05/49)^(a)		19,546		19,426,036
3.70%, 03/01/29 (Call 12/01/28)		6,185		6,872,319
3.75%, 02/05/70 (Call 08/05/69)		8,217		8,495,891
3.80%, 10/01/51 (Call 04/01/51)		11,134		12,027,324
3.84%, 03/20/60 (Call 09/20/59)^(a)		21,262		22,915,663
3.95%, 09/10/28 (Call 06/10/28)^(a)		7,565		8,596,852
United Parcel Service Inc.
3.05%, 11/15/27 (Call 08/15/27)^(a)		8,683		9,559,927
3.40%, 03/15/29 (Call 12/15/28)		6,539		7,194,808
3.75%, 11/15/47 (Call 05/15/47)^(a)		13,543		15,152,767
3.90%, 04/01/25 (Call 03/01/25)^(a)		9,856		10,965,545
4.25%, 03/15/49 (Call 09/15/48)		8,476		10,184,053
4.45%, 04/01/30 (Call 01/01/30)^(a)		8,346		9,873,330
5.30%, 04/01/50 (Call 10/01/49)^(a)		14,369		19,964,990
6.20%, 01/15/38		17,437		24,998,215


				546,746,772

Water — 0.1%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)		11,103		12,078,591
6.59%, 10/15/37^(a)		5,706		8,346,832


				20,425,423


Total Corporate Bonds & Notes — 98.1% (Cost: $41,321,557,858)				40,631,382,207


Short-Term Investments

Money Market Funds — 6.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(d)(e)(f)		2,124,675		2,125,737,585
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		403,844		403,844,000


				2,529,581,585


Total Short-Term Investments — 6.1% (Cost: $2,528,649,267)				2,529,581,585


Total Investments in Securities — 104.2% (Cost: $43,850,207,125)				43,160,963,792

Other Assets, Less Liabilities — (4.2)%				(1,755,657,748	)


Net Assets — 100.0%			$	41,405,306,044

^(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 cash collateral received from loaned securities.


		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® iBoxx $ Investment Grade Corporate Bond ETF

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Corporate Bonds & Notes	$	—	$	40,631,382,207	$	—	$	40,631,382,207
Money Market Funds		2,529,581,585		—		—		2,529,581,585


	$	2,529,581,585	$	40,631,382,207	$	—	$	43,160,963,792


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2021


	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)	$	21,306,982,105		$	40,631,382,207
Affiliated^(c)		2,938,004,295			2,529,581,585
Cash		893,475			2,769,726
Receivables:
Investments sold		21,570,353			136,342,351
Securities lending income — Affiliated		600,074			296,100
Capital shares sold		87,613,801			3,231,093
Dividends		8,749			6,513
Interest		289,736,242			351,963,405


Total assets		24,645,409,094			43,655,572,980


LIABILITIES
Collateral on securities loaned, at value		2,825,804,917			2,124,347,953
Payables:
Investments purchased		220,322,368			117,721,571
Capital shares redeemed		906,003			3,468,105
Investment advisory fees		8,894,615			4,729,307


Total liabilities		3,055,927,903			2,250,266,936


NET ASSETS	$	21,589,481,191		$	41,405,306,044


NET ASSETS CONSIST OF:
Paid-in capital	$	22,975,136,487		$	41,706,710,279
Accumulated loss		(1,385,655,296	)		(301,404,235	)


NET ASSETS	$	21,589,481,191		$	41,405,306,044


Shares outstanding		247,200,000			316,300,000


Net asset value	$	87.34		$	130.91


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a) Securities loaned, at value	$	2,727,790,401		$	2,061,363,225
^(b) Investments, at cost — Unaffiliated	$	21,308,249,727		$	41,321,557,859
^(c) Investments, at cost — Affiliated	$	2,937,329,992		$	2,528,649,266


		FINANCIAL STATEMENTS

Glossary of Terms Used in this Report


Portfolio Abbreviations - Fixed Income

LIBOR		London Interbank Offered Rate

PIK		Payment-in-kind

SOFR		Secured Overnight Financing Rate


2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

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”).

iS-SAR-1010-0421


		APRIL 30, 2021

2021 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,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2021

	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	28.85%	45.98%
U.S. small cap equities (Russell 2000^® Index)	48.06	74.91
International equities (MSCI Europe, Australasia, Far East Index)	28.84	39.88
Emerging market equities (MSCI Emerging Markets Index)	22.95	48.71
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.11
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.26)	(7.79)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.52)	(0.27)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.42	7.40
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	7.98	19.57

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		5
Shareholder Expenses		5
Schedule of Investments		6
Financial Statements
Statement of Assets and Liabilities		9
Statement of Operations		10
Statements of Changes in Net Assets		11
Financial Highlights		12
Notes to Financial Statements		13
Statement Regarding Liquidity Risk Management Program		19
Supplemental Information		20
General Information		21
Glossary of Terms Used in this Report		22
Additional Financial Information		23

Fund Summary as of April 30, 2021

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 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. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified 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.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		8.88	%		20.03	%		4.63	%		3.59	%		20.03	%		25.42	%		22.62	%
Fund Market		8.97			20.31			4.75			3.68			20.31			26.12			23.25
ICE Q70A Custom Index		9.52			20.76			4.57			3.52			20.76			25.04			22.10

The inception date of the Fund was 7/22/15. The first day of secondary market trading was 7/23/15.

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.

On 3/1/2021 the Fund began referencing the 4pm pricing variant of the ICE BofA Q70A Custom Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA Q70A Custom Index. Historical index data from 8/1/2018 through 2/28/2021 is for the 3pm pricing variant of the ICE BofA Q70A Custom Index. Historical Index data prior to 8/1/2018 is for the Bloomberg Barclays Swaps-Hedged U.S. Long Credit Index.

Expense Example


Actual						Hypothetical 5% Return

	Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)(b)		Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio	^(a)
	$ 1,000.00	$	1,088.80	$ 0.52		$	1,000.00	$	1,024.30	$ 0.50		0.10	%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



Investment Type	Percent of Net Assets

Investment Companies		88.8	%
Short-term Investments		2.8
Swaps, net cumulative appreciation		9.4
Other assets less liabilities		(1.0	)

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)



Credit Rating^(a)	Percent of Total Investment^(b)

Aaa		2.1	%
Aa		9.6
A		36.7
Baa		48.0
Ba		2.1
Not Rated		1.5

^(a)

^(b)

Excludes money market funds.


4		2 0 2 1 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

Shareholder Expenses


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		5

Schedule of Investments (unaudited)

April 30, 2021

iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Investment Companies

Exchange-Traded Funds — 88.8%
iShares 10+ Year Investment Grade Corporate Bond ETF^(a)		9,511,555	$	642,695,771


Total Investment Companies — 88.8% (Cost: $664,748,917)				642,695,771


Short-Term Investments

Money Market Funds — 2.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(b)		20,350,000		20,350,000


Total Short-Term Investments — 2.8% (Cost: $20,350,000)				20,350,000


Total Investments in Securities — 91.6% (Cost: $685,098,917)				663,045,771

Other Assets, Less Liabilities — 8.4%				60,897,007


Net Assets — 100.0%			$	723,942,778

^(a)

Affiliate of the Fund.

^(b)

Annualized 7-day yield as of period-end.

Affiliates



Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	1,756,597	$	—		$	(1,754,417	)^(b)	$	(2,355	)	$	175		$	—		—	$	5,531	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,950,000		15,400,000	^(b)		—			—			—			20,350,000		20,350,000		1,872			—
iShares 10+ Year Investment Grade Corporate Bond ETF		504,973,068		198,957,754			(44,635,509	)		(1,273,086	)		(15,326,456	)		642,695,771		9,511,555		8,802,659			—

										$(1,275,441	)		$ (15,326,281	)	$	663,045,771			$	8,810,062		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

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^(a)	Frequency	Effective Date	Termination Date		Notional Amount (000)	Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
0.22%	Semi-annual	0.20%	Quarterly	N/A		09/21/21	$(85,100)	$	(10,058	)	$	(672	)	$	(9,386	)
0.23	Semi-annual	0.20	Quarterly	N/A		10/15/22	(12,900)		(804	)		121			(925	)
0.23	Semi-annual	0.20	Quarterly	N/A		10/19/22	(68,100)		(3,326	)		1,431			(4,757	)
0.32	Semi-annual	0.20	Quarterly	N/A		09/16/25	(10,600)		228,132			20,307			207,825
0.40	Semi-annual	0.20	Quarterly	N/A		10/19/25	(26,000)		510,674			362			510,312
0.48	Semi-annual	0.20	Quarterly	N/A		09/15/27	(26,975)		1,267,116			708,260			558,856
0.68	Semi-annual	0.20	Quarterly	N/A		09/22/30	(26,665)		2,214,876			177,254			2,037,622
0.78	Semi-annual	0.20	Quarterly	N/A		10/19/30	(80,700)		6,087,817			1,404			6,086,413


6		2 0 2 1 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, 2021

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^(a)	Frequency	Effective Date	Termination Date		Notional Amount (000)	Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)

1.01%	Semi-annual	0.20%	Quarterly	N/A		10/19/35	$(41,800)	$	4,916,754	$	622,293	$	4,294,461
1.00	Semi-annual	0.20	Quarterly	N/A		10/19/35	(11,650)		1,376,468		126,339		1,250,129
1.32	Semi-annual	0.20	Quarterly	N/A		01/08/36	(65,146)		4,867,655		3,518,644		1,349,011
1.01	Semi-annual	0.20	Quarterly	N/A		09/15/40	(33,327)		5,651,922		1,212,018		4,439,904
1.11	Semi-annual	0.20	Quarterly	N/A		10/19/40	(82,630)		12,661,994		3,420,303		9,241,691
0.86	Semi-annual	0.20	Quarterly	N/A		03/30/45	(991)		234,364		40,499		193,865
1.05	Semi-annual	0.20	Quarterly	N/A		09/15/45	(45,000)		9,166,238		2,094,466		7,071,772
1.04	Semi-annual	0.20	Quarterly	N/A		09/16/45	(2,000)		409,536		45		409,491
1.16	Semi-annual	0.20	Quarterly	N/A		10/19/45	(62,000)		11,270,830		1,451		11,269,379
1.16	Semi-annual	0.20	Quarterly	N/A		10/19/45	(52,400)		9,488,670		1,227		9,487,443
0.87	Semi-annual	0.20	Quarterly	N/A		03/30/50	(4,669)		1,279,489		596,545		682,944
1.18	Semi-annual	0.20	Quarterly	N/A		10/19/50	(94,585)		19,017,410		10,099,772		8,917,638

								$	90,635,757	$	22,642,069	$	67,993,688

^(a)

Represents 3-month LIBOR. Rate shown is the rate in effect as of period-end.

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)	$	22,642,741		$(672	)	$	68,008,756		$(15,068	)

^(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 April 30, 2021, 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)	$	68,008,756


Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)	$	15,068

^(a)

Net cumulative 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 six months ended April 30, 2021, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Interest Rate Contracts

Net Realized Gain (Loss) from:
Swaps	$	(132,450	)

Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	58,828,266


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, 2021

iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Interest rate swaps:
Average notional value — pays fixed rate	$	709,681,067

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

Fair Value Measurements



	Level 1		Level 2			Level 3		Total


Investments
Assets
Investment Companies	$	642,695,771	$	—		$	—	$	642,695,771
Money Market Funds		20,350,000		—			—		20,350,000

	$	663,045,771	$	—		$	—	$	663,045,771

Derivative financial instruments^(a)
Assets
Swaps	$	—	$	68,008,756		$	—	$	68,008,756
Liabilities
Swaps		—		(15,068	)		—		(15,068	)

	$	—	$	67,993,688		$	—	$	67,993,688

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


8		2 0 2 1 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

Statement of Assets and Liabilities (unaudited)

April 30, 2021


	iShares Interest Rate Hedged Long-Term Corporate Bond ETF

ASSETS
Investments in securities, at value:
Affiliated^(a)	$	663,045,771
Cash		1,898,945
Cash pledged:
Centrally cleared swaps		59,283,000
Receivables:
Securities lending income — Affiliated		799
Capital shares sold		1,144,519
Dividends		122

Total assets		725,373,156


LIABILITIES
Payables:
Variation margin on centrally cleared swaps		1,372,252
Investment advisory fees		58,126

Total liabilities		1,430,378


NET ASSETS	$	723,942,778


NET ASSETS CONSIST OF:
Paid-in capital	$	693,692,858
Accumulated earnings		30,249,920

NET ASSETS	$	723,942,778


Shares outstanding		28,650,000

Net asset value	$	25.27

Shares authorized		Unlimited

Par value		None


^(a)Investments, at cost — Affiliated	$	685,098,917

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		9

Statement of Operations (unaudited)

Six Months Ended April 30, 2021


	iShares Interest Rate Hedged Long-Term Corporate Bond ETF


INVESTMENT INCOME
Dividends — Affiliated	$	8,804,531
Securities lending income — Affiliated — net		5,531

Total investment income		8,810,062


EXPENSES
Investment advisory fees		1,105,413
Miscellaneous		173

Total expenses		1,105,586

Less:
Investment advisory fees waived		(789,581	)

Total expenses after fees waived		316,005

Net investment income		8,494,057


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(1,275,441	)
Swaps		(132,450	)

Net realized loss		(1,407,891	)

Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(15,326,281	)
Swaps		58,828,266

Net change in unrealized appreciation (depreciation)		43,501,985

Net realized and unrealized gain		42,094,094

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	50,588,151

See notes to financial statements.


10		2 0 2 1 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


	iShares Interest Rate Hedged Long-Term Corporate Bond ETF


	Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	8,494,057		$	1,566,087
Net realized loss		(1,407,891	)		(11,036,888	)
Net change in unrealized appreciation (depreciation)		43,501,985			3,029,900

Net increase (decrease) in net assets resulting from operations		50,588,151			(6,440,901	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(6,744,308	)		(1,410,311	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		122,383,921			506,008,011


NET ASSETS
Total increase in net assets		166,227,764			498,156,799
Beginning of period		557,715,014			59,558,215

End of period	$	723,942,778		$	557,715,014

^(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		11

Financial Highlights

(For a share outstanding throughout each period)


	iShares Interest Rate Hedged Long-Term Corporate Bond ETF


	Six Months Ended 04/30/21 (unaudited)				Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16


Net asset value, beginning of period		$	23.48		$	24.31		$	25.76		$	25.98		$	24.07		$	24.08

Net investment income^(a)			0.33			0.52			0.98			1.01			0.91			0.89
Net realized and unrealized gain (loss)^(b)			1.73			(0.70	)		(1.01	)		(0.32	)		1.78			(0.28	)

Net increase (decrease) from investment operations			2.06			(0.18	)		(0.03	)		0.69			2.69			0.61


Distributions^(c)
From net investment income			(0.27	)		(0.65	)		(0.96	)		(0.91	)		(0.76	)		(0.60	)
From net realized gain			—			—			(0.45	)		—			—			—
Return of capital			—			—			(0.01	)		—			(0.02	)		(0.02	)

Total distributions			(0.27	)		(0.65	)		(1.42	)		(0.91	)		(0.78	)		(0.62	)


Net asset value, end of period		$	25.27		$	23.48		$	24.31		$	25.76		$	25.98		$	24.07


Total Return
Based on net asset value			8.88	%^(d)		(0.69	)%		(0.03	)%		2.66	%		11.36	%		2.49	%^(e)


Ratios to Average Net Assets
Total expenses^(f)			0.35	%^(g)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%

Total expenses after fees waived^(f)			0.10	%^(g)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%

Net investment income			2.69	%^(g)		2.22	%		3.98	%		3.86	%		3.62	%		3.78	%


Supplemental Data
Net assets, end of period (000)		$	723,943		$	557,715		$	59,558		$	57,954		$	15,586		$	8,423

Portfolio turnover rate^(h)(i)			8	%^(d)		18	%		13	%		5	%		6	%		9	%

^(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)	Not annualized.

^(e)

The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total returns for the year ended October 31, 2016 was 2.62%.

^(f)	The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(g)	Annualized.

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

⁽ⁱ⁾	Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.


12		2 0 2 1 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)

1.	ORGANIZATION

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:

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:

•

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

•


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		13

Notes to Financial Statements (unaudited) (continued)

If events (e.g., a market closure, 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.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

•

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.


14		2 0 2 1 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)

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.

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 are a fund’s total annual operating expenses. BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 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, 2021, 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	$	789,581

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. 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 or service fee. The money market 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)

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, 2021, the Fund paid BTC $2,108 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, 2021, 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	$	88,633,123	$	44,635,509

For the six months ended April 30, 2021, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales
Interest Rate Hedged Long-Term Corporate Bond	$	110,324,631	$	—

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, 2021, 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, 2020, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $15,938,789.



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Interest Rate Hedged Long-Term Corporate Bond	$	685,192,608	$	68,008,756	$	(22,161,905	)	$	45,846,851

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


16		2 0 2 1 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)

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.

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.

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.

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.

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 will be phased out by the end of 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 04/30/21				Year Ended 10/31/20

iShares ETF	Shares		Amount		Shares			Amount


Interest Rate Hedged Long-Term Corporate Bond
Shares sold		4,900,000	$	122,383,921		22,500,000		$	531,323,133
Shares redeemed		—		—		(1,200,000	)		(25,315,122	)

Net increase		4,900,000	$	122,383,921		21,300,000		$	506,008,011


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)

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.


18		2 0 2 1 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

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”), each 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 2, 2020 (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, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a 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 closures in certain countries and the impact of the coronavirus outbreak on the Fund and the overall market.

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


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 new 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, 2021



	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	$	0.267075	$	—	$	—	$	0.267075		100	%		—	%		—	%		100	%


20		2 0 2 1 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

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

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


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

LIBOR		London Interbank Offered Rate


22		2 0 2 1 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

Additional Financial Information

Schedule of Investments (Unaudited)

April 30, 2021

Statement of Assets and Liabilities (Unaudited)

April 30, 2021

iShares Trust

iShares 10+ Year Investment Grade Corporate Bond ETF | IGLB | NYSE Arca

Schedule of Investments (unaudited)

April 30, 2021

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)^(a)	$	690	$	690,022
5.40%, 10/01/48 (Call 04/01/48)		310		393,419

				1,083,441

Aerospace & Defense — 2.2%
BAE Systems Holdings Inc., 4.75%, 10/07/44^(a)(b)		485		589,065
BAE Systems PLC
3.00%, 09/15/50 (Call 03/15/50)^(a)(b)		1,015		947,041
5.80%, 10/11/41^(b)		270		365,672
Boeing Co. (The)
3.25%, 02/01/35 (Call 11/01/34)		502		494,810
3.30%, 03/01/35 (Call 09/01/34)^(a)		520		508,556
3.38%, 06/15/46 (Call 12/15/45)		205		189,166
3.50%, 03/01/39 (Call 09/01/38)		320		312,675
3.50%, 03/01/45 (Call 09/01/44)^(a)		809		769,744
3.55%, 03/01/38 (Call 09/01/37)		280		278,532
3.60%, 05/01/34 (Call 02/01/34)^(a)		950		967,346
3.65%, 03/01/47 (Call 09/01/46)		475		450,635
3.75%, 02/01/50 (Call 08/01/49)		955		929,532
3.83%, 03/01/59 (Call 09/01/58)		615		592,829
3.85%, 11/01/48 (Call 05/01/48)		510		508,787
3.90%, 05/01/49 (Call 11/01/48)		717		717,945
3.95%, 08/01/59 (Call 02/01/59)		990		960,113
5.71%, 05/01/40 (Call 11/01/39)		1,939		2,404,604
5.81%, 05/01/50 (Call 11/01/49)		3,390		4,352,274
5.88%, 02/15/40		225		280,710
5.93%, 05/01/60 (Call 11/01/59)		2,180		2,844,900
6.13%, 02/15/33		325		405,322
6.63%, 02/15/38		156		200,510
6.88%, 03/15/39		452		615,458
General Dynamics Corp.
3.60%, 11/15/42 (Call 05/14/42)		280		303,677
4.25%, 04/01/40 (Call 10/01/39)		989		1,181,290
4.25%, 04/01/50 (Call 10/01/49)		785		961,401
L3Harris Technologies Inc.
4.85%, 04/27/35 (Call 10/27/34)		460		563,284
5.05%, 04/27/45 (Call 10/27/44)^(a)		440		556,295
6.15%, 12/15/40^(a)		415		582,937
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)^(a)		570		542,766
3.60%, 03/01/35 (Call 09/01/34)		759		854,401
3.80%, 03/01/45 (Call 09/01/44)		781		874,218
4.07%, 12/15/42		1,275		1,488,454
4.09%, 09/15/52 (Call 03/15/52)		1,329		1,582,351
4.50%, 05/15/36 (Call 11/15/35)		520		634,636
4.70%, 05/15/46 (Call 11/15/45)		1,387		1,769,050
5.72%, 06/01/40^(a)		69		92,678
Series B, 6.15%, 09/01/36^(a)		625		880,780
Northrop Grumman Corp.
3.85%, 04/15/45 (Call 10/15/44)^(a)		690		763,767
4.03%, 10/15/47 (Call 04/15/47)^(a)		1,885		2,122,638
4.75%, 06/01/43		845		1,045,192
5.05%, 11/15/40		380		481,525
5.15%, 05/01/40 (Call 11/01/39)		543		690,140
5.25%, 05/01/50 (Call 11/01/49)		784		1,048,447
Raytheon Technologies Corp.
3.13%, 07/01/50 (Call 01/01/50)		1,010		982,235
3.75%, 11/01/46 (Call 05/01/46)		965		1,038,082


Security	Par (000)		Value

Aerospace & Defense (continued)
4.05%, 05/04/47 (Call 11/04/46)	$	610	$	684,128
4.15%, 05/15/45 (Call 11/16/44)		586		658,596
4.20%, 12/15/44 (Call 06/15/44)		100		108,024
4.35%, 04/15/47 (Call 10/15/46)		980		1,140,482
4.45%, 11/16/38 (Call 05/16/38)		220		258,941
4.50%, 06/01/42		3,085		3,699,605
4.63%, 11/16/48 (Call 05/16/48)^(a)		1,551		1,892,349
4.70%, 12/15/41		225		272,808
4.80%, 12/15/43 (Call 06/15/43)		400		485,951
4.88%, 10/15/40		542		669,605
5.40%, 05/01/35		533		681,226
5.70%, 04/15/40		946		1,269,973
6.05%, 06/01/36^(a)		502		686,245
6.13%, 07/15/38		965		1,338,238

				55,572,641

Agriculture — 1.4%
Altria Group Inc.
2.45%, 02/04/32 (Call 11/04/31)		1,195		1,124,163
3.40%, 02/04/41 (Call 08/04/40)		2,140		1,961,589
3.70%, 02/04/51 (Call 08/04/50)		1,069		958,990
3.88%, 09/16/46 (Call 03/16/46)		1,491		1,412,874
4.00%, 02/04/61 (Call 08/04/60)		720		662,662
4.25%, 08/09/42		750		759,491
4.45%, 05/06/50 (Call 11/06/49)		110		111,360
4.50%, 05/02/43		750		783,067
5.38%, 01/31/44		1,652		1,905,622
5.80%, 02/14/39 (Call 08/14/38)		1,291		1,562,015
5.95%, 02/14/49 (Call 08/14/48)		2,130		2,618,676
6.20%, 02/14/59 (Call 08/14/58)		122		152,027
Archer-Daniels-Midland Co.
3.75%, 09/15/47 (Call 03/15/47)		540		617,007
4.02%, 04/16/43		289		338,437
4.50%, 03/15/49 (Call 09/15/48)^(a)		347		443,513
4.54%, 03/26/42		31		38,666
5.38%, 09/15/35		180		238,599
BAT Capital Corp.
3.73%, 09/25/40 (Call 03/25/40)		857		800,081
3.98%, 09/25/50 (Call 03/25/50)^(a)		965		889,792
4.39%, 08/15/37 (Call 02/15/37)		1,868		1,922,494
4.54%, 08/15/47 (Call 02/15/47)		1,828		1,800,459
4.76%, 09/06/49 (Call 03/06/49)		790		800,239
5.28%, 04/02/50 (Call 02/02/49)		395		428,831
Cargill Inc.
3.88%, 05/23/49 (Call 11/23/48)^(b)		227		250,404
4.76%, 11/23/45^(b)		150		189,329
Philip Morris International Inc.
3.88%, 08/21/42		846		898,900
4.13%, 03/04/43		814		896,869
4.25%, 11/10/44		1,060		1,192,291
4.38%, 11/15/41		749		854,213
4.50%, 03/20/42		685		786,879
4.88%, 11/15/43		684		823,528
6.38%, 05/16/38		1,087		1,518,015
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		723		845,657
5.85%, 08/15/45 (Call 02/12/45)		2,086		2,404,399
6.15%, 09/15/43		570		684,548
7.25%, 06/15/37		375		489,429

				34,165,115


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Apparel — 0.2%
NIKE Inc.
3.25%, 03/27/40 (Call 09/27/39)		$	1,173	$	1,245,536
3.38%, 11/01/46 (Call 05/01/46)			490		528,921
3.38%, 03/27/50 (Call 09/27/49)			1,150		1,228,905
3.63%, 05/01/43 (Call 11/01/42)^(a)			490		542,057
3.88%, 11/01/45 (Call 05/01/45)			933		1,077,403
VF Corp.
6.00%, 10/15/33			84		106,688
6.45%, 11/01/37			10		13,390

					4,742,900

Auto Manufacturers — 0.4%
Cummins Inc.
2.60%, 09/01/50 (Call 03/01/50)^(a)			979		894,668
4.88%, 10/01/43 (Call 04/01/43)^(a)			402		515,146
General Motors Co.
5.00%, 04/01/35			499		585,798
5.15%, 04/01/38 (Call 10/01/37)			578		678,845
5.20%, 04/01/45			1,201		1,409,148
5.40%, 04/01/48 (Call 10/01/47)			71		85,778
5.95%, 04/01/49 (Call 10/01/48)^(a)			842		1,088,605
6.25%, 10/02/43			1,409		1,852,908
6.60%, 04/01/36 (Call 10/01/35)			1,079		1,439,469
6.75%, 04/01/46 (Call 10/01/45)			800		1,102,120

					9,652,485

Auto Parts & Equipment — 0.0%
Aptiv PLC
4.40%, 10/01/46 (Call 04/01/46)			125		137,080
5.40%, 03/15/49 (Call 09/15/48)^(a)			316		401,945
BorgWarner Inc., 4.38%, 03/15/45 (Call 09/15/44)			265		286,208
Lear Corp., 5.25%, 05/15/49 (Call 11/15/48)^(a)			305		359,807

					1,185,040

Banks — 8.1%
Bank of America Corp.
2.68%, 06/19/41 (Call 06/19/40)^(c)			4,330		4,068,023
2.83%, 10/24/51 (Call 10/24/50)^(a)(c)			900		828,214
3.31%, 04/22/42 (Call 04/22/41)^(c)			500		510,144
3.48%, 03/13/52 (Call 03/11/51)^(c)			1,755		1,798,650
3.95%, 01/23/49 (Call 01/23/48)^(c)			1,169		1,289,510
4.08%, 04/23/40 (Call 04/23/39)^(c)			1,557		1,756,350
4.08%, 03/20/51 (Call 03/20/50)^(c)			4,618		5,184,736
4.24%, 04/24/38 (Call 04/24/37)^(c)			1,874		2,167,000
4.33%, 03/15/50 (Call 03/15/49)^(c)			2,354		2,728,814
4.44%, 01/20/48 (Call 01/20/47)^(c)			1,674		1,963,751
4.88%, 04/01/44			431		531,425
5.00%, 01/21/44			1,716		2,182,047
5.88%, 02/07/42			1,085		1,499,773
6.11%, 01/29/37			1,729		2,321,534
7.75%, 05/14/38			1,440		2,225,214
Series L, 4.75%, 04/21/45			498		600,917
Bank of America N.A., 6.00%, 10/15/36			1,005		1,400,721
Barclays PLC
3.81%, 03/10/42 (Call 03/10/41)^(c)			165		165,061
4.95%, 01/10/47			1,440		1,759,779
5.25%, 08/17/45			1,285		1,621,258
BNP Paribas SA	��
2.82%, 01/26/41^(b)			790		726,367
7.20%, (Call 06/25/37)^(a)(b)(c)(d)			1,045		1,107,700
Citigroup Inc.
3.88%, 01/24/39 (Call 01/22/38)^(c)			1,150		1,263,490


Security	Par (000)		Value

Banks (continued)
4.28%, 04/24/48 (Call 04/24/47)^(c)	$	1,333	$	1,573,630
4.65%, 07/30/45^(a)		385		470,346
4.65%, 07/23/48 (Call 06/23/48)		1,958		2,429,016
4.75%, 05/18/46		1,464		1,776,465
5.30%, 05/06/44		144		185,193
5.32%, 03/26/41 (Call 03/26/40)^(c)		1,181		1,535,228
5.88%, 02/22/33		475		607,360
5.88%, 01/30/42		1,282		1,776,699
6.00%, 10/31/33		289		375,445
6.13%, 08/25/36		647		869,582
6.63%, 06/15/32		1,389		1,854,175
6.68%, 09/13/43		955		1,416,749
6.88%, 03/05/38^(a)		110		155,070
6.88%, 02/15/98		72		113,054
8.13%, 07/15/39		1,705		2,853,274
Citizens Financial Group Inc., 2.64%, 09/30/32
(Call 07/02/32)^(b)		582		573,205
Commonwealth Bank of Australia
3.31%, 03/11/41^(a)(b)		390		383,599
3.74%, 09/12/39^(a)(b)		1,520		1,603,369
3.90%, 07/12/47^(b)		1,528		1,738,327
4.32%, 01/10/48^(a)(b)		960		1,082,093
Cooperatieve Rabobank U.A.
5.25%, 05/24/41		1,450		1,917,300
5.25%, 08/04/45		926		1,198,482
5.75%, 12/01/43		1,085		1,465,516
Cooperatieve Rabobank UA, 5.80%, 09/30/2110^(b)		65		89,601
Credit Agricole SA, 2.81%, 01/11/41^(b)		1,355		1,235,261
Credit Suisse Group AG, 4.88%, 05/15/45		1,727		2,071,188
Fifth Third Bancorp., 8.25%, 03/01/38		886		1,464,195
First Republic Bank/CA
4.38%, 08/01/46 (Call 02/01/46)^(a)		425		507,514
4.63%, 02/13/47 (Call 08/13/46)		445		545,619
Goldman Sachs Group Inc. (The)
3.21%, 04/22/42 (Call 04/22/41)^(c)		200		201,900
4.02%, 10/31/38 (Call 10/31/37)^(c)		2,354		2,660,794
4.41%, 04/23/39 (Call 04/23/38)^(c)		1,454		1,710,050
4.75%, 10/21/45 (Call 04/21/45)		1,737		2,174,728
4.80%, 07/08/44 (Call 01/08/44)		1,525		1,903,656
5.15%, 05/22/45		1,729		2,222,622
6.13%, 02/15/33		840		1,127,994
6.25%, 02/01/41		2,309		3,297,145
6.45%, 05/01/36		470		644,185
6.75%, 10/01/37		4,703		6,665,098
HBOS PLC, 6.00%, 11/01/33^(b)		185		240,145
HSBC Bank USA N.A., 7.00%, 01/15/39		630		940,422
HSBC Bank USA N.A./New York NY, 5.63%, 08/15/35		325		410,303
HSBC Holdings PLC
5.25%, 03/14/44		1,200		1,487,666
6.10%, 01/14/42		733		1,033,875
6.50%, 05/02/36		1,625		2,175,179
6.50%, 09/15/37		2,120		2,869,970
6.80%, 06/01/38		1,330		1,863,279
7.63%, 05/17/32		603		840,739
HSBC USA Inc., 7.20%, 07/15/97		255		421,849
JPMorgan Chase & Co.
2.53%, 11/19/41 (Call 11/19/40)^(c)		593		541,448
3.11%, 04/22/41 (Call 04/22/40)^(c)		1,505		1,501,300
3.11%, 04/22/51 (Call 04/22/50)^(c)		2,136		2,076,073
3.16%, 04/22/42 (Call 04/22/41)^(c)		300		300,486


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
3.33%, 04/22/52 (Call 04/22/51)^(c)	$	2,000	$	2,000,376
3.88%, 07/24/38 (Call 07/24/37)^(c)		2,604		2,888,406
3.90%, 01/23/49 (Call 01/23/48)^(c)		1,790		1,968,966
3.96%, 11/15/48 (Call 11/15/47)^(c)		2,941		3,271,009
4.03%, 07/24/48 (Call 07/24/47)^(c)		1,335		1,492,434
4.26%, 02/22/48 (Call 02/22/47)^(c)		1,990		2,302,776
4.85%, 02/01/44		955		1,206,856
4.95%, 06/01/45		1,118		1,407,644
5.40%, 01/06/42^(a)		1,105		1,462,455
5.50%, 10/15/40		1,402		1,847,383
5.60%, 07/15/41		1,690		2,289,358
5.63%, 08/16/43		1,103		1,484,768
6.40%, 05/15/38		1,721		2,449,192
Lloyds Banking Group PLC
4.34%, 01/09/48		1,115		1,237,066
5.30%, 12/01/45		945		1,194,368
Mitsubishi UFJ Financial Group Inc.
3.75%, 07/18/39		1,465		1,605,977
4.15%, 03/07/39		25		28,603
4.29%, 07/26/38		455		528,119
Mizuho Financial Group Inc., 2.17%, 05/22/32
(Call 05/22/31)^(a)(c)		840		812,093
Morgan Stanley
2.80%, 01/25/52 (Call 07/25/51)^(c)		2,748		2,541,454
3.22%, 04/22/42 (Call 04/22/41)^(c)		155		157,060
3.97%, 07/22/38 (Call 07/22/37)^(c)		1,582		1,798,042
4.30%, 01/27/45		2,215		2,612,905
4.38%, 01/22/47		1,850		2,228,786
4.46%, 04/22/39 (Call 04/22/38)^(c)		394		468,254
5.60%, 03/24/51 (Call 03/24/50)^(c)		1,715		2,402,572
6.38%, 07/24/42		1,789		2,660,141
7.25%, 04/01/32		863		1,233,317
National Australia Bank Ltd., 2.65%, 01/14/41^(a)(b)		815		731,010
Natwest Group PLC, 3.03%, 11/28/35 (Call 08/28/30)^(a)(c)		810		789,831
Regions Bank/Birmingham AL, 6.45%, 06/26/37		410		562,514
Regions Financial Corp., 7.38%, 12/10/37^(a)		350		519,524
Santander UK Group Holdings PLC, 5.63%, 09/15/45^(a)(b)		305		384,415
Societe Generale SA
3.63%, 03/01/41^(b)		475		459,757
5.63%, 11/24/45^(a)(b)		300		369,707
Standard Chartered PLC
3.27%, 02/18/36 (Call 11/18/30)^(b)(c)		1,020		1,007,439
5.30%, 01/09/43^(b)		665		788,331
5.70%, 03/26/44^(b)		1,510		1,891,737
Sumitomo Mitsui Financial Group Inc., 2.30%, 01/12/41		710		642,513
UBS AG/London, 4.50%, 06/26/48^(a)(b)		720		895,728
Wachovia Corp.
5.50%, 08/01/35		975		1,229,243
6.55%, 10/15/35		260		347,654
7.50%, 04/15/35		250		360,235
Wells Fargo & Co.
3.07%, 04/30/41 (Call 04/29/40)^(c)		1,819		1,796,129
3.90%, 05/01/45		1,987		2,219,443
4.40%, 06/14/46		1,856		2,108,128
4.65%, 11/04/44		1,543		1,802,576
4.75%, 12/07/46		1,495		1,785,078
4.90%, 11/17/45		1,765		2,154,219
5.01%, 04/04/51 (Call 04/04/50)^(c)		4,655		6,044,163
5.38%, 02/07/35		285		373,110
5.38%, 11/02/43		1,547		1,964,454


Security	Par (000)		Value

Banks (continued)
5.61%, 01/15/44	$	2,212	$	2,885,455
Wells Fargo Bank N.A.
5.85%, 02/01/37^(a)		775		1,035,387
5.95%, 08/26/36		970		1,291,283
6.60%, 01/15/38		1,245		1,784,481
Westpac Banking Corp.
2.96%, 11/16/40		495		465,761
4.42%, 07/24/39		953		1,089,107

				200,236,731

Beverages — 3.4%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70%, 02/01/36 (Call 08/01/35)		4,930		5,835,951
4.90%, 02/01/46 (Call 08/01/45)		6,700		8,004,463
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43		1,013		1,093,938
4.63%, 02/01/44		1,082		1,251,076
4.70%, 02/01/36 (Call 08/01/35)^(a)		933		1,108,820
4.90%, 02/01/46 (Call 08/01/45)		1,479		1,751,258
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42		1,025		1,069,175
4.35%, 06/01/40 (Call 12/01/39)		777		879,303
4.38%, 04/15/38 (Call 10/15/37)^(a)		1,545		1,758,460
4.44%, 10/06/48 (Call 04/06/48)		1,526		1,726,008
4.50%, 06/01/50 (Call 12/01/49)^(a)		1,925		2,206,929
4.60%, 04/15/48 (Call 10/15/47)		2,243		2,586,747
4.60%, 06/01/60 (Call 12/01/59)		1,010		1,163,010
4.75%, 04/15/58 (Call 10/15/57)		1,545		1,810,535
4.95%, 01/15/42		1,461		1,765,630
5.45%, 01/23/39 (Call 07/23/38)		1,985		2,506,942
5.55%, 01/23/49 (Call 07/23/48)		3,480		4,499,370
5.80%, 01/23/59 (Call 07/23/58)		917		1,252,227
5.88%, 06/15/35^(a)		130		167,582
6.63%, 08/15/33		80		108,619
8.00%, 11/15/39		455		721,623
8.20%, 01/15/39		912		1,461,800
Bacardi Ltd.
5.15%, 05/15/38 (Call 11/15/37)^(b)		375		450,257
5.30%, 05/15/48 (Call 11/15/47)^(b)		810		1,009,112
Brown-Forman Corp.
4.00%, 04/15/38 (Call 10/15/37)^(a)		305		348,585
4.50%, 07/15/45 (Call 01/15/45)		693		863,090
Coca-Cola Co. (The)
2.50%, 06/01/40		1,570		1,490,192
2.50%, 03/15/51 (Call 09/15/50)		1,025		914,520
2.60%, 06/01/50		1,123		1,023,912
2.75%, 06/01/60^(a)		881		817,631
2.88%, 05/05/41		500		497,648
3.00%, 03/05/51		450		439,609
4.20%, 03/25/50		867		1,035,025
Coca-Cola Femsa SAB de CV
1.85%, 09/01/32 (Call 06/01/32)^(a)		261		242,378
5.25%, 11/26/43		206		262,910
Constellation Brands Inc.
3.75%, 05/01/50 (Call 11/01/49)		892		941,707
4.10%, 02/15/48 (Call 08/15/47)^(a)		495		548,049
4.50%, 05/09/47 (Call 11/09/46)		320		371,954
5.25%, 11/15/48 (Call 05/15/48)		443		568,207
Diageo Capital PLC
2.13%, 04/29/32 (Call 01/29/32)		1,193		1,164,410


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Beverages (continued)
3.88%, 04/29/43 (Call 10/29/42)^(a)	$	942		$	1,073,632
5.88%, 09/30/36		901			1,264,078
Diageo Investment Corp.
4.25%, 05/11/42		95			113,615
7.45%, 04/15/35		125			193,925
Fomento Economico Mexicano SAB de CV
3.50%, 01/16/50 (Call 07/16/49)		2,310			2,329,219
4.38%, 05/10/43		245			284,129
Heineken NV
4.00%, 10/01/42^(b)		693			779,564
4.35%, 03/29/47 (Call 09/29/46)^(b)		95			113,479
Keurig Dr Pepper Inc.
3.35%, 03/15/51 (Call 09/15/50)		610			608,904
3.80%, 05/01/50 (Call 11/01/49)		617			658,333
4.42%, 12/15/46 (Call 06/15/46)		358			413,478
4.50%, 11/15/45 (Call 05/15/45)		605			706,927
4.99%, 05/25/38 (Call 11/25/37)		520			643,683
5.09%, 05/25/48 (Call 11/25/47)		580			737,287
Molson Coors Beverage Co.
4.20%, 07/15/46 (Call 01/15/46)		1,867			1,982,596
5.00%, 05/01/42		985			1,160,191
PepsiCo Inc.
2.88%, 10/15/49 (Call 04/15/49)		1,020			994,610
3.38%, 07/29/49 (Call 01/29/49)		1,053			1,109,341
3.45%, 10/06/46 (Call 04/06/46)		1,385			1,475,394
3.50%, 03/19/40 (Call 09/19/39)		555			609,374
3.60%, 08/13/42		540			601,851
3.63%, 03/19/50 (Call 09/19/49)		1,399			1,545,298
3.88%, 03/19/60 (Call 09/19/59)		790			912,185
4.00%, 03/05/42		642			751,296
4.25%, 10/22/44 (Call 04/22/44)^(a)		581	��		693,805
4.45%, 04/14/46 (Call 10/14/45)		1,529			1,878,757
4.60%, 07/17/45 (Call 01/17/45)		385			487,435
Pernod Ricard International Finance LLC, 2.75%, 10/01/50 (Call 04/01/50)^(b)		715			646,528
Pernod Ricard SA, 5.50%, 01/15/42^(b)		680			905,924

					83,393,500

Biotechnology — 1.4%
Amgen Inc.
2.77%, 09/01/53 (Call 03/01/53)^(a)(b)		1,194			1,043,168
3.15%, 02/21/40 (Call 08/21/39)		3,050			3,057,176
3.38%, 02/21/50 (Call 08/21/49)		2,135			2,120,156
4.40%, 05/01/45 (Call 11/01/44)		1,948			2,258,893
4.56%, 06/15/48 (Call 12/15/47)		920			1,098,166
4.66%, 06/15/51 (Call 12/15/50)		3,339			4,053,578
4.95%, 10/01/41		517			643,490
5.15%, 11/15/41 (Call 05/15/41)		872			1,115,820
6.40%, 02/01/39^(a)		100			138,074
Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)^(a)		354			452,161
Biogen Inc.
3.15%, 05/01/50 (Call 11/01/49)		1,015			925,891
3.25%, 02/15/51 (Call 08/15/50)^(b)		867			815,327
5.20%, 09/15/45 (Call 03/15/45)^(a)		380			488,348
Gilead Sciences Inc.
2.60%, 10/01/40 (Call 04/01/40)		1,144			1,046,526
2.80%, 10/01/50 (Call 04/01/50)		1,391			1,250,864
4.00%, 09/01/36 (Call 03/01/36)		925			1,031,145
4.15%, 03/01/47 (Call 09/01/46)		1,250			1,391,485
4.50%, 02/01/45 (Call 08/01/44)		1,468			1,705,909
4.60%, 09/01/35 (Call 03/01/35)		1,260			1,494,757


Security	Par (000)		Value

Biotechnology (continued)
4.75%, 03/01/46 (Call 09/01/45)	$	1,564	$	1,879,777
4.80%, 04/01/44 (Call 10/01/43)		1,605		1,932,661
5.65%, 12/01/41 (Call 06/01/41)^(a)		1,031		1,375,892
Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 (Call 03/15/50)		862		749,873
Royalty Pharma PLC
3.30%, 09/02/40 (Call 03/02/40)^(a)(b)		1,225		1,185,479
3.55%, 09/02/50 (Call 03/02/50)^(b)		721		682,599

				33,937,215

Building Materials — 0.5%
Carrier Global Corp.
3.38%, 04/05/40 (Call 10/05/39)		1,424		1,436,823
3.58%, 04/05/50 (Call 10/05/49)		1,781		1,791,136
CRH America Finance Inc.
4.40%, 05/09/47 (Call 11/09/46)^(a)(b)		200		231,339
4.50%, 04/04/48 (Call 10/04/47)^(a)(b)		866		1,024,376
Holcim Capital Corp. Ltd.
6.50%, 09/12/43^(b)		200		283,455
6.88%, 09/29/39^(a)(b)		100		141,884
Johnson Controls International PLC
4.50%, 02/15/47 (Call 08/15/46)^(a)		438		521,570
4.63%, 07/02/44 (Call 01/02/44)		512		614,863
4.95%, 07/02/64 (Call 01/02/64)^(e)		190		239,670
5.13%, 09/14/45 (Call 03/14/45)		248		314,641
6.00%, 01/15/36		175		235,235
Lafarge SA, 7.13%, 07/15/36		100		144,296
Martin Marietta Materials Inc., 4.25%, 12/15/47 (Call 06/15/47)		429		488,615
Masco Corp.
3.13%, 02/15/51 (Call 08/15/50)		550		524,347
4.50%, 05/15/47 (Call 11/15/46)		576		672,477
Owens Corning
4.30%, 07/15/47 (Call 01/15/47)^(a)		591		661,542
4.40%, 01/30/48 (Call 07/30/47)		484		547,389
7.00%, 12/01/36		244		337,812
Votorantim Cimentos International SA, 7.25%,
04/05/41^(a)(b)		400		522,004
Vulcan Materials Co.
4.50%, 06/15/47 (Call 12/15/46)^(a)		219		255,339
4.70%, 03/01/48 (Call 09/01/47)^(a)		1,046		1,254,204

				12,243,017

Chemicals — 1.7%
Air Liquide Finance SA, 3.50%, 09/27/46 (Call 03/27/46)^(b)		180		195,300
Air Products and Chemicals Inc.
2.70%, 05/15/40 (Call 11/15/39)		1,213		1,182,970
2.80%, 05/15/50 (Call 11/15/49)		1,136		1,071,869
Albemarle Corp., 5.45%, 12/01/44 (Call 06/01/44)^(a)		438		521,853
Dow Chemical Co. (The)
3.60%, 11/15/50 (Call 05/15/50)^(a)		1,061		1,082,555
4.25%, 10/01/34 (Call 04/01/34)		588		665,224
4.38%, 11/15/42 (Call 05/15/42)		808		929,273
4.63%, 10/01/44 (Call 04/01/44)		837		984,734
4.80%, 05/15/49 (Call 11/15/48)		800		980,850
5.25%, 11/15/41 (Call 05/15/41)		126		158,862
5.55%, 11/30/48 (Call 05/30/48)		820		1,100,521
9.40%, 05/15/39		786		1,341,567
DuPont de Nemours Inc.
5.32%, 11/15/38 (Call 05/15/38)		1,677		2,124,950
5.42%, 11/15/48 (Call 05/15/48)		1,890		2,493,640


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Chemicals (continued)
Eastman Chemical Co.
4.65%, 10/15/44 (Call 04/15/44)	$	995	$	1,179,314
4.80%, 09/01/42 (Call 03/01/42)^(a)		543		650,521
Ecolab Inc.
2.13%, 08/15/50 (Call 02/15/50)^(a)		635		528,504
3.70%, 11/01/46 (Call 05/01/46)		275		294,417
3.95%, 12/01/47 (Call 06/01/47)		595		687,060
5.50%, 12/08/41		328		439,220
FMC Corp., 4.50%, 10/01/49 (Call 04/01/49)^(a)		657		765,060
International Flavors & Fragrances Inc.
4.38%, 06/01/47 (Call 12/01/46)		510		581,080
5.00%, 09/26/48 (Call 03/26/48)		743		930,668
Linde Inc./CT
2.00%, 08/10/50 (Call 02/10/50)		534		440,352
3.55%, 11/07/42 (Call 05/07/42)		725		803,327
Lubrizol Corp. (The), 6.50%, 10/01/34		290		416,761
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		932		1,109,288
5.25%, 07/15/43		808		1,000,301
LYB International Finance III LLC
3.38%, 10/01/40 (Call 04/01/40)		355		357,120
3.63%, 04/01/51 (Call 04/01/50)		680		679,890
3.80%, 10/01/60 (Call 04/01/60)		666		653,691
4.20%, 10/15/49 (Call 04/15/49)		895		975,271
4.20%, 05/01/50 (Call 11/01/49)		695		759,601
LyondellBasell Industries NV, 4.63%, 02/26/55
(Call 08/26/54)		758		869,195
Mosaic Co. (The)
4.88%, 11/15/41 (Call 05/15/41)		230		262,039
5.45%, 11/15/33 (Call 05/15/33)		393		485,914
5.63%, 11/15/43 (Call 05/15/43)^(a)		45		57,692
Nutrien Ltd.
3.95%, 05/13/50 (Call 11/13/49)		866		960,607
4.13%, 03/15/35 (Call 09/15/34)		113		126,086
4.90%, 06/01/43 (Call 12/01/42)		45		54,419
5.00%, 04/01/49 (Call 10/01/48)		808		1,025,116
5.25%, 01/15/45 (Call 07/15/44)		229		291,407
5.63%, 12/01/40		495		645,930
5.88%, 12/01/36^(a)		291		386,938
6.13%, 01/15/41 (Call 07/15/40)		800		1,095,518
7.13%, 05/23/36		153		219,314
Nutrition & Biosciences Inc.
3.27%, 11/15/40 (Call 05/15/40)^(b)		1,276		1,262,310
3.47%, 12/01/50 (Call 06/01/50)^(a)(b)		851		837,293
Orbia Advance Corp. SAB de CV, 5.88%, 09/17/44^(b)		670		786,614
RPM International Inc.
4.25%, 01/15/48 (Call 07/15/47)		560		582,371
5.25%, 06/01/45 (Call 12/01/44)		64		75,712
Sherwin-Williams Co. (The)
3.30%, 05/15/50 (Call 11/15/49)		550		550,684
3.80%, 08/15/49 (Call 02/15/49)		917		991,209
4.00%, 12/15/42 (Call 06/15/42)		550		610,069
4.50%, 06/01/47 (Call 12/01/46)		997		1,187,987
4.55%, 08/01/45 (Call 02/01/45)		120		141,517
Sociedad Quimica y Minera de Chile SA, 4.25%, 01/22/50 (Call 07/22/49)^(b)		400		429,500
Westlake Chemical Corp.
4.38%, 11/15/47 (Call 05/15/47)^(a)		475		527,778
5.00%, 08/15/46 (Call 02/15/46)^(a)		625		751,925

				43,300,758


Security	Par (000)		Value

Commercial Services — 1.3%
American University (The), Series 2019, 3.67%, 04/01/49	$	365	$	401,450
Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50)^(a)		25		25,616
California Institute of Technology
3.65%, 09/01/2119 (Call 03/01/2119)		390		415,545
4.32%, 08/01/45		73		91,329
4.70%, 11/01/2111		225		306,314
Cintas Corp. No. 2, 6.15%, 08/15/36		50		67,830
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114		400		545,594
DP World PLC
4.70%, 09/30/49 (Call 03/30/49)^(a)(b)		370		398,860
5.63%, 09/25/48^(b)		1,442		1,747,992
6.85%, 07/02/37^(a)(b)		1,065		1,413,787
Duke University
3.20%, 10/01/38		100		108,007
3.30%, 10/01/46^(a)		80		84,673
Series 2020, 2.68%, 10/01/44		627		625,727
Series 2020, 2.76%, 10/01/50^(a)		130		128,458
Series 2020, 2.83%, 10/01/55^(a)		265		262,050
Emory University, Series 2020, 2.97%, 09/01/50
(Call 03/01/50)^(a)		30		30,113
Equifax Inc., 7.00%, 07/01/37		100		136,800
ERAC USA Finance LLC
4.20%, 11/01/46 (Call 05/01/46)^(a)(b)		100		112,634
4.50%, 02/15/45 (Call 08/15/44)^(a)(b)		150		175,545
5.63%, 03/15/42^(b)		411		541,142
6.70%, 06/01/34^(b)		205		283,990
7.00%, 10/15/37^(b)		1,691		2,474,139
Ford Foundation (The)
Series 2020, 2.42%, 06/01/50 (Call 12/01/49)^(a)		120		110,764
Series 2020, 2.82%, 06/01/70 (Call 12/01/69)^(a)		478		449,551
George Washington University (The)
4.87%, 09/15/45^(a)		75		98,608
Series 2014, 4.30%, 09/15/44		57		68,440
Series 2016, 3.55%, 09/15/46		50		52,979
Series 2018, 4.13%, 09/15/48 (Call 03/15/48)		1,027		1,215,339
Georgetown University (The)
Series 20A, 2.94%, 04/01/50		233		217,107
Series A, 5.22%, 10/01/2118 (Call 04/01/2118)		150		213,855
Series B, 4.32%, 04/01/49 (Call 10/01/48)		220		263,986
Global Payments Inc., 4.15%, 08/15/49 (Call 02/15/49)		573		636,404
Johns Hopkins University
Series 2013, 4.08%, 07/01/53		68		83,221
Series A, 2.81%, 01/01/60 (Call 07/01/59)		25		24,089
Leland Stanford Junior University (The)
2.41%, 06/01/50 (Call 12/01/49)		185		172,704
3.65%, 05/01/48 (Call 11/01/47)		592		688,127
Massachusetts Institute of Technology
3.89%, 07/01/2116		455		522,908
3.96%, 07/01/38^(a)		59		70,058
4.68%, 07/01/2114		410		562,170
5.60%, 07/01/2111		457		741,608
Series F, 2.99%, 07/01/50 (Call 01/01/50)^(a)		405		423,618
Series G, 2.29%, 07/01/51 (Call 01/01/51)		100		90,445
Moody’s Corp.
2.55%, 08/18/60 (Call 02/18/60)		500		409,119
3.25%, 05/20/50 (Call 11/20/49)		190		186,900
4.88%, 12/17/48 (Call 06/17/48)		174		219,804
5.25%, 07/15/44		795		1,037,591


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Services (continued)
Northeastern University, Series 2020, 2.89%, 10/01/50	$	260	$	252,444
Northwestern University
3.69%, 12/01/38		50		55,852
4.64%, 12/01/44^(a)		430		558,011
Series 2017, 3.66%, 12/01/57 (Call 06/01/57)^(a)		105		122,691
Series 2020, 2.64%, 12/01/50 (Call 06/01/50)^(a)		10		9,746
Novant Health Inc., 4.37%, 11/01/43^(a)		350		431,902
PayPal Holdings Inc., 3.25%, 06/01/50 (Call 12/01/49)		1,126		1,134,801
President and Fellows of Harvard College
2.52%, 10/15/50 (Call 04/15/50)^(a)		111		106,187
3.15%, 07/15/46 (Call 01/15/46)^(a)		646		693,895
3.30%, 07/15/56 (Call 01/15/56)		310		341,900
3.62%, 10/01/37		654		743,617
4.88%, 10/15/40		200		266,781
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)		35		33,604
S&P Global Inc.
2.30%, 08/15/60 (Call 02/15/60)^(a)		1,004		826,069
3.25%, 12/01/49 (Call 06/01/49)^(a)		890		929,935
Trustees of Boston College, 3.13%, 07/01/52^(a)		580		585,974
Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48)		360		429,662
Trustees of Dartmouth College, 3.47%, 06/01/46		210		229,398
Trustees of Princeton University (The) 5.70%, 03/01/39		327		465,432
Series 2020, 2.52%, 07/01/50 (Call 01/01/50)		50		47,761
Trustees of the University of Pennsylvania (The)
3.61%, 02/15/2119 (Call 08/15/2118)		60		62,829
4.67%, 09/01/2112		25		32,305
Series 2020, 2.40%, 10/01/50 (Call 04/01/50)^(a)		125		115,134
Tufts University, Series 2012, 5.02%, 04/15/2112		160		229,571
University of Chicago (The)
4.00%, 10/01/53 (Call 04/01/53)		60		71,136
Series 20B, 2.76%, 04/01/45 (Call 10/01/44)		50		48,912
Series C, 2.55%, 04/01/50 (Call 10/01/49)		520		481,282
University of Notre Dame du Lac
Series 2015, 3.44%, 02/15/45		199		221,822
Series 2017, 3.39%, 02/15/48 (Call 08/15/47)		442		495,952
University of Southern California
5.25%, 10/01/2111		385		561,380
Series 2017, 3.84%, 10/01/47 (Call 04/01/47)^(a)		235		276,539
Verisk Analytics Inc.
3.63%, 05/15/50 (Call 11/15/49)^(a)		445		453,542
5.50%, 06/15/45 (Call 12/15/44)^(a)		234		305,543
Wesleyan University, 4.78%, 07/01/2116^(a)		261		325,343
William Marsh Rice University
3.57%, 05/15/45		381		431,620
3.77%, 05/15/55		155		185,568
Yale University, Series 2020, 2.40%, 04/15/50
(Call 10/15/49)		428		399,914

				31,901,044

Computers — 1.9%
Apple Inc.
2.38%, 02/08/41 (Call 08/08/40)		480		451,381
2.40%, 08/20/50 (Call 06/20/50)^(a)		1,225		1,094,288
2.55%, 08/20/60 (Call 02/20/60)		1,773		1,559,563
2.65%, 05/11/50 (Call 11/11/49)		2,060		1,912,554
2.65%, 02/08/51 (Call 08/08/50)		2,315		2,148,825
2.80%, 02/08/61 (Call 02/08/60)		1,255		1,151,206
2.95%, 09/11/49 (Call 03/11/49)		1,341		1,322,044


Security	Par (000)		Value

Computers (continued)
3.45%, 02/09/45	$	1,779	$	1,912,756
3.75%, 09/12/47 (Call 03/12/47)		700		786,609
3.75%, 11/13/47 (Call 05/13/47)		1,185		1,341,941
3.85%, 05/04/43		2,667		3,064,100
3.85%, 08/04/46 (Call 02/04/46)		1,830		2,101,021
4.25%, 02/09/47 (Call 08/09/46)		930		1,127,332
4.38%, 05/13/45		1,850		2,267,678
4.45%, 05/06/44		1,140		1,421,217
4.50%, 02/23/36 (Call 08/23/35)^(a)		1,452		1,798,812
4.65%, 02/23/46 (Call 08/23/45)		2,987		3,815,317
Dell International LLC/EMC Corp.
8.10%, 07/15/36 (Call 01/15/36)^(b)		1,598		2,364,220
8.35%, 07/15/46 (Call 01/15/46)^(b)		1,594		2,498,092
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)^(a)		839		1,114,782
6.35%, 10/15/45 (Call 04/15/45)		1,136		1,503,076
HP Inc., 6.00%, 09/15/41		949		1,242,960
International Business Machines Corp.
2.85%, 05/15/40 (Call 11/15/39)		1,280		1,246,702
2.95%, 05/15/50 (Call 11/15/49)		365		345,699
4.00%, 06/20/42		1,150		1,311,738
4.15%, 05/15/39		1,428		1,652,412
4.25%, 05/15/49		2,685		3,149,498
4.70%, 02/19/46^(a)		420		524,119
5.60%, 11/30/39^(a)		685		917,295
5.88%, 11/29/32		596		810,898
7.13%, 12/01/96^(a)		67		109,620

				48,067,755

Cosmetics & Personal Care — 0.3%
Colgate-Palmolive Co.
3.70%, 08/01/47 (Call 02/01/47)		665		772,619
4.00%, 08/15/45		625		752,923
Estee Lauder Companies Inc. (The)
3.13%, 12/01/49 (Call 06/01/49)		931		956,821
3.70%, 08/15/42		290		315,413
4.15%, 03/15/47 (Call 09/15/46)		291		345,759
4.38%, 06/15/45 (Call 12/15/44)		550		654,985
6.00%, 05/15/37^(a)		105		145,294
Procter & Gamble Co. (The)
3.50%, 10/25/47		100		113,597
3.55%, 03/25/40		407		457,684
3.60%, 03/25/50		460		532,790
5.50%, 02/01/34		25		33,441
5.55%, 03/05/37		75		105,759
Unilever Capital Corp., 5.90%, 11/15/32		1,282		1,744,404

				6,931,489

Distribution & Wholesale — 0.1%
WW Grainger Inc.
3.75%, 05/15/46 (Call 11/15/45)		345		371,500
4.20%, 05/15/47 (Call 11/15/46)		150		174,070
4.60%, 06/15/45 (Call 12/15/44)		988		1,227,827

				1,773,397

Diversified Financial Services — 1.8%
Ally Financial Inc.
8.00%, 11/01/31^(a)		1,897		2,668,046
8.00%, 11/01/31		158		217,324
American Express Co., 4.05%, 12/03/42		1,017		1,168,499
Blackstone Holdings Finance Co. LLC
2.80%, 09/30/50 (Call 03/30/50)^(b)		598		555,820


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
3.50%, 09/10/49 (Call 03/10/49)^(a)(b)	$	450	$	470,032
4.00%, 10/02/47 (Call 04/02/47)^(a)(b)		465		527,544
4.45%, 07/15/45^(b)		225		267,896
5.00%, 06/15/44^(b)		221		279,249
6.25%, 08/15/42^(b)		175		243,450
Brookfield Finance Inc.
3.50%, 03/30/51 (Call 09/30/50)^(a)		462		453,392
4.70%, 09/20/47 (Call 03/20/47)		970		1,139,939
Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)		25		24,489
CME Group Inc.
4.15%, 06/15/48 (Call 12/15/47)^(a)		756		933,259
5.30%, 09/15/43 (Call 03/15/43)		702		971,248
Credit Suisse USA Inc., 7.13%, 07/15/32^(a)		600		847,754
FMR LLC
5.15%, 02/01/43^(a)(b)		325		414,910
6.45%, 11/15/39^(b)		340		479,948
6.50%, 12/14/40^(b)		500		718,679
GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)^(b)		1,210		1,406,445
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		8,242		9,482,372
Invesco Finance PLC, 5.38%, 11/30/43		461		582,381
Jefferies Financial Group Inc., 6.63%, 10/23/43 (Call 07/23/43)		338		450,031
Jefferies Group LLC
2.75%, 10/15/32 (Call 07/15/32)		59		58,278
6.25%, 01/15/36		580		762,099
6.50%, 01/20/43		399		540,104
KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)^(a)(b)		560		724,643
Legg Mason Inc., 5.63%, 01/15/44^(a)		615		832,928
LSEGA Financing PLC, 3.20%, 04/06/41 (Call 10/06/40)^(b)		1,025		1,033,727
Mastercard Inc.
2.95%, 03/15/51 (Call 09/15/50)		470		465,669
3.65%, 06/01/49 (Call 12/01/48)		863		962,683
3.80%, 11/21/46 (Call 05/21/46)		625		708,398
3.85%, 03/26/50 (Call 09/26/49)		1,309		1,497,948
3.95%, 02/26/48 (Call 08/26/47)^(a)		597		693,449
Nasdaq Inc.
2.50%, 12/21/40 (Call 06/21/40)		620		559,730
3.25%, 04/28/50 (Call 10/28/49)		566		543,657
Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 4.88%, 04/15/45 (Call 10/15/44)^(a)(b)		100		109,328
Raymond James Financial Inc., 4.95%, 07/15/46^(a)		621		783,480
Visa Inc.
2.00%, 08/15/50 (Call 02/15/50)^(a)		2,018		1,678,796
2.70%, 04/15/40 (Call 10/15/39)		1,307		1,297,507
3.65%, 09/15/47 (Call 03/15/47)		517		579,985
4.15%, 12/14/35 (Call 06/14/35)		1,731		2,076,005
4.30%, 12/14/45 (Call 06/14/45)		2,430		2,990,487
Western Union Co. (The)
6.20%, 11/17/36		646		803,783
6.20%, 06/21/40		165		203,080

				44,208,471

Electric — 11.8%
Abu Dhabi National Energy Co. PJSC
4.00%, 10/03/49^(b)		540		597,008
6.50%, 10/27/36^(a)(b)		630		888,376
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39^(a)(b)		285		331,811


Security	Par (000)		Value

Electric (continued)
AEP Texas Inc.
3.80%, 10/01/47 (Call 04/01/47)	$	78	$	82,082
Series E, 6.65%, 02/15/33		169		226,374
Series G, 4.15%, 05/01/49 (Call 11/01/48)		416		461,872
Series H, 3.45%, 01/15/50 (Call 07/15/49)		418		416,730
AEP Transmission Co. LLC
3.15%, 09/15/49 (Call 03/15/49)		243		244,512
3.75%, 12/01/47 (Call 06/01/47)		364		399,260
3.80%, 06/15/49 (Call 12/15/48)		295		327,599
4.00%, 12/01/46 (Call 06/01/46)		290		329,782
4.25%, 09/15/48 (Call 03/15/48)		370		431,461
Series M, 3.65%, 04/01/50 (Call 10/01/49)		185		201,467
Alabama Power Co.
3.45%, 10/01/49 (Call 04/01/49)		545		575,662
3.75%, 03/01/45 (Call 09/01/44)		715		788,875
3.85%, 12/01/42		315		348,199
4.10%, 01/15/42		85		93,868
4.15%, 08/15/44 (Call 02/15/44)		367		423,962
4.30%, 01/02/46 (Call 07/02/45)		425		500,613
5.50%, 03/15/41		403		525,712
5.70%, 02/15/33		100		128,645
6.00%, 03/01/39		210		292,184
6.13%, 05/15/38		35		48,744
Series 11-C, 5.20%, 06/01/41^(a)		420		530,596
Series A, 4.30%, 07/15/48 (Call 01/15/48)		580		694,077
Series B, 3.70%, 12/01/47 (Call 06/01/47)^(a)		565		614,564
Ameren Illinois Co.
3.25%, 03/15/50 (Call 09/15/49)		568		585,289
3.70%, 12/01/47 (Call 06/01/47)		516		570,865
4.15%, 03/15/46 (Call 09/15/45)^(a)		60		70,286
4.30%, 07/01/44 (Call 01/01/44)^(a)		200		232,774
4.50%, 03/15/49 (Call 09/15/48)		468		582,905
4.80%, 12/15/43 (Call 06/15/43)		345		422,506
American Electric Power Co. Inc., 3.25%, 03/01/50 (Call 09/01/49)		235		222,998
American Transmission Systems Inc., 5.00%, 09/01/44 (Call 03/01/44)^(b)		125		154,060
Appalachian Power Co.
4.40%, 05/15/44 (Call 11/15/43)^(a)		26		29,765
4.45%, 06/01/45 (Call 12/01/44)^(a)		490		566,611
7.00%, 04/01/38		438		641,430
Series L, 5.80%, 10/01/35^(a)		602		772,447
Series P, 6.70%, 08/15/37^(a)		195		269,500
Series Y, 4.50%, 03/01/49 (Call 09/01/48)		310		361,656
Series Z, 3.70%, 05/01/50 (Call 11/01/49)		235		243,414
Arizona Public Service Co.
2.65%, 09/15/50 (Call 03/15/50)^(a)		565		516,200
3.35%, 05/15/50 (Call 11/15/49)		355		361,862
3.50%, 12/01/49 (Call 06/01/49)		325		339,649
3.75%, 05/15/46 (Call 11/15/45)		685		744,615
4.20%, 08/15/48 (Call 02/15/48)		87		100,563
4.25%, 03/01/49 (Call 09/01/48)		305		353,614
4.35%, 11/15/45 (Call 05/15/45)		415		488,670
4.50%, 04/01/42 (Call 10/01/41)		351		416,039
4.70%, 01/15/44 (Call 07/15/43)		25		29,806
5.05%, 09/01/41 (Call 03/01/41)		445		562,000
5.50%, 09/01/35		100		127,647
Avista Corp., 4.35%, 06/01/48 (Call 12/01/47)^(a)		121		144,031
Baltimore Gas & Electric Co. 2.90%, 06/15/50 (Call 12/15/49)		266		253,995


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
3.20%, 09/15/49 (Call 03/15/49)	$	510	$	510,499
3.50%, 08/15/46 (Call 02/15/46)		395		414,820
3.75%, 08/15/47 (Call 02/15/47)		198		216,029
4.25%, 09/15/48 (Call 03/15/48)^(a)		260		309,476
6.35%, 10/01/36		40		56,996
Basin Electric Power Cooperative, 4.75%, 04/26/47 (Call 10/26/46)^(a)(b)		445		504,724
Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)		615		568,367
3.80%, 07/15/48 (Call 01/15/48)		802		870,083
4.25%, 10/15/50 (Call 04/15/50)		563		661,629
4.45%, 01/15/49 (Call 07/15/48)		953		1,146,604
4.50%, 02/01/45 (Call 08/01/44)		928		1,094,080
5.15%, 11/15/43 (Call 05/15/43)		677		863,305
5.95%, 05/15/37		785		1,057,873
6.13%, 04/01/36		832		1,139,893
Black Hills Corp.
3.88%, 10/15/49 (Call 04/15/49)		135		138,643
4.20%, 09/15/46 (Call 03/15/46)		365		393,114
4.35%, 05/01/33 (Call 02/01/33)		226		257,872
Celeo Redes Operacion Chile SA, 5.20%, 06/22/47^(b)		194		226,089
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		485		525,980
3.95%, 03/01/48 (Call 09/01/47)		400		454,960
4.50%, 04/01/44 (Call 10/01/43)^(a)		465		572,851
Series AC, 4.25%, 02/01/49 (Call 08/01/48)		270		320,841
Series AD, 2.90%, 07/01/50 (Call 01/01/50)		365		350,158
Series AF, 3.35%, 04/01/51 (Call 10/01/50)		50		51,853
Series K2, 6.95%, 03/15/33		100		139,497
CenterPoint Energy Inc., 3.70%, 09/01/49 (Call 03/01/49)		415		425,783
Cleco Corporate Holdings LLC, 4.97%, 05/01/46
(Call 11/01/45)^(a)		155		176,857
Cleco Power LLC, 6.00%, 12/01/40		443		574,560
Cleveland Electric Illuminating Co. (The), 5.95%, 12/15/36		542		660,218
CMS Energy Corp.
4.70%, 03/31/43 (Call 09/30/42)^(a)		35		40,125
4.88%, 03/01/44 (Call 09/01/43)^(a)		346		418,066
Cometa Energia SA de CV, 6.38%, 04/24/35
(Call 01/24/35)^(a)(b)		365		414,243
Comision Federal de Electricidad
4.68%, 02/09/51 (Call 08/09/50)^(b)		880		817,960
5.75%, 02/14/42^(b)		600		651,000
6.13%, 06/16/45^(a)(b)		350		414,313
Commonwealth Edison Co.
3.00%, 03/01/50 (Call 09/01/49)		478		467,432
3.13%, 03/15/51 (Call 09/15/50)		668		667,367
3.65%, 06/15/46 (Call 12/15/45)		525		576,426
3.70%, 03/01/45 (Call 09/01/44)		320		351,282
3.80%, 10/01/42 (Call 04/01/42)		429		473,284
4.00%, 03/01/48 (Call 09/01/47)		855		979,170
4.00%, 03/01/49 (Call 09/01/48)^(a)		510		583,230
4.35%, 11/15/45 (Call 05/15/45)		430		512,562
4.60%, 08/15/43 (Call 02/15/43)		150		181,300
4.70%, 01/15/44 (Call 07/15/43)		290		363,434
6.45%, 01/15/38		134		192,055
Series 123, 3.75%, 08/15/47 (Call 02/15/47)		512		564,834
Series 127, 3.20%, 11/15/49 (Call 05/15/49)		405		407,599
Connecticut Light & Power Co. (The)
4.00%, 04/01/48 (Call 10/01/47)		523		608,368
4.30%, 04/15/44 (Call 10/15/43)		909		1,084,105


Security	Par (000)		Value

Electric (continued)
Series A, 4.15%, 06/01/45 (Call 12/01/44)^(a)	$	75	$	88,303
Consolidated Edison Co. of New York Inc.
3.70%, 11/15/59 (Call 05/15/59)		325		337,198
3.85%, 06/15/46 (Call 12/15/45)		488		524,854
3.95%, 03/01/43 (Call 09/01/42)		770		844,078
4.45%, 03/15/44 (Call 09/15/43)		751		880,215
4.50%, 12/01/45 (Call 06/01/45)		707		831,345
4.50%, 05/15/58 (Call 11/15/57)		886		1,050,975
4.63%, 12/01/54 (Call 06/01/54)		704		844,852
5.70%, 06/15/40		215		286,917
Series 05-A, 5.30%, 03/01/35		130		163,056
Series 06-A, 5.85%, 03/15/36		375		494,734
Series 06-B, 6.20%, 06/15/36		395		543,291
Series 06-E, 5.70%, 12/01/36^(a)		150		196,698
Series 07-A, 6.30%, 08/15/37		435		605,041
Series 08-B, 6.75%, 04/01/38^(a)		545		792,744
Series 09-C, 5.50%, 12/01/39		684		888,532
Series 12-A, 4.20%, 03/15/42^(a)		183		206,977
Series 2017, 3.88%, 06/15/47 (Call 12/15/46)		545		589,174
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)		745		823,004
Series A, 4.13%, 05/15/49 (Call 11/15/48)		645		725,993
Series C, 3.00%, 12/01/60 (Call 06/01/60)		252		228,296
Series C, 4.00%, 11/15/57 (Call 05/15/57)		84		91,040
Series C, 4.30%, 12/01/56 (Call 06/01/56)		587		671,276
Series E, 4.65%, 12/01/48 (Call 06/01/48)		508		617,377
Consorcio Transmantaro SA, 4.70%, 04/16/34
(Call 01/16/34)^(b)		800		864,000
Consumers Energy Co.
2.50%, 05/01/60 (Call 11/01/59)		528		450,393
3.10%, 08/15/50 (Call 02/15/50)^(a)		710		719,183
3.25%, 08/15/46 (Call 02/15/46)^(a)		400		411,563
3.50%, 08/01/51 (Call 02/01/51)		655		711,793
3.75%, 02/15/50 (Call 08/15/49)		98		111,346
3.95%, 05/15/43 (Call 11/15/42)		245		278,664
3.95%, 07/15/47 (Call 01/15/47)		600		692,698
4.05%, 05/15/48 (Call 11/15/47)		510		596,964
4.35%, 04/15/49 (Call 10/15/48)		802		987,046
Dayton Power & Light Co. (The), 3.95%, 06/15/49
(Call 12/15/48)		474		503,978
Delmarva Power & Light Co.
4.00%, 06/01/42 (Call 12/01/41)^(a)		190		207,840
4.15%, 05/15/45 (Call 11/15/44)		250		285,745
Dominion Energy Inc.
3.30%, 04/15/41 (Call 10/15/40)		550		556,873
4.70%, 12/01/44 (Call 06/01/44)		486		586,205
7.00%, 06/15/38		469		680,614
Series A, 4.60%, 03/15/49 (Call 09/15/48)^(a)		140		168,472
Series B, 5.95%, 06/15/35		514		684,292
Series C, 4.05%, 09/15/42 (Call 03/15/42)^(a)		540		597,099
Series C, 4.90%, 08/01/41 (Call 02/01/41)^(a)		422		516,435
Series E, 6.30%, 03/15/33		491		650,866
Series F, 5.25%, 08/01/33		545		676,502
Dominion Energy South Carolina Inc.
4.60%, 06/15/43 (Call 12/15/42)		363		449,067
5.10%, 06/01/65 (Call 12/01/64)		380		520,274
5.30%, 05/15/33^(a)		230		294,235
5.45%, 02/01/41 (Call 08/01/40)		391		516,089
6.05%, 01/15/38		218		301,792
6.63%, 02/01/32		340		470,065


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
DTE Electric Co.
2.95%, 03/01/50 (Call 09/01/49)^(a)	$	260	$	252,597
3.25%, 04/01/51 (Call 10/01/50)		392		404,657
3.70%, 03/15/45 (Call 09/15/44)		399		438,367
3.70%, 06/01/46 (Call 12/01/45)		285		311,253
3.75%, 08/15/47 (Call 02/15/47)		310		342,886
3.95%, 06/15/42 (Call 12/15/41)		150		165,652
3.95%, 03/01/49 (Call 09/01/48)		338		390,475
4.30%, 07/01/44 (Call 01/01/44)		536		636,213
5.70%, 10/01/37		278		364,129
Series A, 4.00%, 04/01/43 (Call 10/01/42)		447		509,374
Series A, 4.05%, 05/15/48 (Call 11/15/47)		545		632,665
Series A, 6.63%, 06/01/36		10		14,140
DTE Energy Co., 6.38%, 04/15/33		436		579,515
Duke Energy Carolinas LLC
3.20%, 08/15/49 (Call 02/15/49)		595		600,460
3.45%, 04/15/51 (Call 10/15/50)		500		522,532
3.70%, 12/01/47 (Call 06/01/47)		640		689,458
3.75%, 06/01/45 (Call 12/01/44)		522		570,639
3.88%, 03/15/46 (Call 09/15/45)		571		631,241
3.95%, 03/15/48 (Call 09/15/47)		455		517,905
4.00%, 09/30/42 (Call 03/30/42)		546		619,973
4.25%, 12/15/41 (Call 06/15/41)		390		460,769
5.30%, 02/15/40		605		801,354
6.00%, 01/15/38		302		418,626
6.05%, 04/15/38^(a)		595		827,786
6.10%, 06/01/37		648		881,119
6.45%, 10/15/32		466		626,558
Duke Energy Corp.
3.75%, 09/01/46 (Call 03/01/46)		1,118		1,154,663
3.95%, 08/15/47 (Call 02/15/47)		405		433,405
4.20%, 06/15/49 (Call 12/15/48)^(a)		532		587,332
4.80%, 12/15/45 (Call 06/15/45)		566		671,623
Duke Energy Florida LLC
3.40%, 10/01/46 (Call 04/01/46)		413		431,317
3.85%, 11/15/42 (Call 05/15/42)		380		425,700
4.20%, 07/15/48 (Call 01/15/48)		70		82,951
5.65%, 04/01/40		150		204,908
6.35%, 09/15/37		351		502,914
6.40%, 06/15/38		645		931,933
Duke Energy Indiana LLC
2.75%, 04/01/50 (Call 10/01/49)		425		388,440
3.75%, 05/15/46 (Call 11/15/45)		530		570,248
6.12%, 10/15/35		525		706,009
6.35%, 08/15/38^(a)		525		746,546
6.45%, 04/01/39		315		458,332
Series UUU, 4.20%, 03/15/42 (Call 09/15/41)		194		220,427
Series WWW, 4.90%, 07/15/43 (Call 01/15/43)		390		483,380
Series YYY, 3.25%, 10/01/49 (Call 04/01/49)		581		587,222
Duke Energy Ohio Inc.
3.70%, 06/15/46 (Call 12/15/45)		295		316,742
4.30%, 02/01/49 (Call 08/01/48)^(a)		455		533,900
Duke Energy Progress LLC
2.50%, 08/15/50 (Call 02/15/50)		515		453,285
3.60%, 09/15/47 (Call 03/15/47)		470		500,260
3.70%, 10/15/46 (Call 04/15/46)		385		416,243
4.10%, 05/15/42 (Call 11/15/41)		557		639,802
4.10%, 03/15/43 (Call 09/15/42)		371		423,976
4.15%, 12/01/44 (Call 06/01/44)		454		519,629
4.20%, 08/15/45 (Call 02/15/45)		372		427,728


Security	Par (000)		Value

Electric (continued)
4.38%, 03/30/44 (Call 09/30/43)	$	280	$	329,898
6.30%, 04/01/38		175		248,426
E.ON International Finance BV, 6.65%, 04/30/38^(b)		569		807,057
El Paso Electric Co.
5.00%, 12/01/44 (Call 06/01/44)^(a)		50		57,152
6.00%, 05/15/35		465		611,603
Electricite de France SA
4.75%, 10/13/35 (Call 04/13/35)^(a)(b)		549		647,813
4.88%, 09/21/38 (Call 03/21/38)^(a)(b)		430		510,760
4.88%, 01/22/44^(b)		819		995,560
4.95%, 10/13/45 (Call 04/13/45)^(b)		980		1,204,010
5.00%, 09/21/48 (Call 03/21/48)^(a)(b)		844		1,048,723
5.25%, 10/13/55 (Call 04/13/55)^(a)(b)		316		400,920
5.60%, 01/27/40^(a)(b)		929		1,210,988
6.00%, 01/22/2114^(a)(b)		734		995,774
6.95%, 01/26/39^(a)(b)		1,338		1,954,421
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		567		648,187
Emirates Semb Corp. Water & Power Co. PJSC, 4.45%, 08/01/35^(b)		250		285,500
Empresa de Transmision Electrica SA, 5.13%, 05/02/49^(b)		587		644,526
Enel Finance International NV
4.75%, 05/25/47^(a)(b)		1,350		1,614,111
6.00%, 10/07/39^(b)		975		1,314,848
Entergy Arkansas LLC
2.65%, 06/15/51 (Call 12/15/50)		645		588,084
3.35%, 06/15/52 (Call 12/15/51)		891		918,154
4.20%, 04/01/49 (Call 10/01/48)		350		408,779
4.95%, 12/15/44 (Call 12/15/24)		40		44,075
Entergy Corp., 3.75%, 06/15/50 (Call 12/15/49)^(a)		530		551,389
Entergy Louisiana LLC
2.35%, 06/15/32 (Call 03/15/32)		2,135		2,122,658
2.90%, 03/15/51 (Call 09/15/50)		670		636,442
3.10%, 06/15/41 (Call 12/15/40)		164		168,130
4.00%, 03/15/33 (Call 12/15/32)		785		904,060
4.20%, 09/01/48 (Call 03/01/48)^(a)		724		849,643
4.20%, 04/01/50 (Call 10/01/49)		450		527,728
4.95%, 01/15/45 (Call 01/15/25)		100		110,024
Entergy Mississippi LLC, 3.85%, 06/01/49 (Call 12/01/48)		485		531,246
Entergy Texas Inc.
3.55%, 09/30/49 (Call 03/30/49)		335		344,215
4.50%, 03/30/39 (Call 09/30/38)		118		135,748
5.15%, 06/01/45 (Call 06/01/25)		25		27,909
Evergy Kansas Central Inc.
3.25%, 09/01/49 (Call 03/01/49)		285		287,930
3.45%, 04/15/50 (Call 10/15/49)		520		544,325
4.10%, 04/01/43 (Call 10/01/42)		348		398,664
4.13%, 03/01/42 (Call 09/01/41)		450		512,518
4.25%, 12/01/45 (Call 06/01/45)		337		389,757
4.63%, 09/01/43 (Call 03/01/43)		359		426,490
Evergy Metro Inc.
4.20%, 06/15/47 (Call 12/15/46)		455		527,619
4.20%, 03/15/48 (Call 09/15/47)		278		322,778
5.30%, 10/01/41 (Call 04/01/41)		374		475,404
Series 2019, 4.13%, 04/01/49 (Call 10/01/48)		295		342,251
Eversource Energy, 3.45%, 01/15/50 (Call 07/15/49)		275		280,624
Exelon Corp.
4.45%, 04/15/46 (Call 10/15/45)		656		768,682
4.70%, 04/15/50 (Call 10/15/49)		665		806,792
4.95%, 06/15/35 (Call 12/15/34)		260		313,088
5.10%, 06/15/45 (Call 12/15/44)		606		763,719


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
5.63%, 06/15/35^(a)	$	634	$	818,685
7.60%, 04/01/32^(a)		290		411,750
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)		668		752,577
5.75%, 10/01/41 (Call 04/01/41)^(a)		410		460,936
6.25%, 10/01/39		713		846,150
Florida Power & Light Co.
3.15%, 10/01/49 (Call 04/01/49)		895		919,900
3.70%, 12/01/47 (Call 06/01/47)		790		886,128
3.80%, 12/15/42 (Call 06/15/42)		364		408,597
3.95%, 03/01/48 (Call 09/01/47)		900		1,049,394
3.99%, 03/01/49 (Call 09/01/48)		475		554,229
4.05%, 06/01/42 (Call 12/01/41)		668		777,644
4.05%, 10/01/44 (Call 04/01/44)^(a)		299		350,788
4.13%, 02/01/42 (Call 08/01/41)		600		707,807
4.13%, 06/01/48 (Call 12/01/47)		557		665,495
4.95%, 06/01/35		785		1,009,858
5.13%, 06/01/41 (Call 12/01/40)^(a)		100		128,128
5.25%, 02/01/41 (Call 08/01/40)		305		407,350
5.63%, 04/01/34^(a)		190		253,223
5.65%, 02/01/37		146		194,042
5.69%, 03/01/40		221		306,720
5.95%, 10/01/33^(a)		200		273,190
5.95%, 02/01/38		885		1,239,052
5.96%, 04/01/39		110		155,857
Georgia Power Co.
4.30%, 03/15/42		834		960,017
4.30%, 03/15/43		681		788,453
5.40%, 06/01/40		100		123,859
Series 10-C, 4.75%, 09/01/40		481		574,954
Series A, 3.25%, 03/15/51 (Call 09/15/50)		403		391,997
Series B, 3.70%, 01/30/50 (Call 07/30/49)^(a)		273		287,876
Iberdrola International BV, 6.75%, 07/15/36^(a)		800		1,190,408
Idaho Power Co.
3.65%, 03/01/45 (Call 09/01/44)		25		25,895
Series K, 4.20%, 03/01/48 (Call 09/01/47)^(a)		510		595,971
Indiana Michigan Power Co.
3.25%, 05/01/51 (Call 11/01/50)		600		596,600
4.25%, 08/15/48 (Call 02/15/48)		520		606,293
6.05%, 03/15/37		339		456,737
Series K, 4.55%, 03/15/46 (Call 09/15/45)^(a)		575		684,178
Series L, 3.75%, 07/01/47 (Call 01/01/47)		325		346,922
Indianapolis Power & Light Co.
4.05%, 05/01/46 (Call 11/01/45)^(b)		204		227,387
4.70%, 09/01/45 (Call 03/01/45)^(b)		292		351,959
Infraestructura Energetica Nova SAB de CV
4.75%, 01/15/51 (Call 07/15/50)^(b)		590		588,525
4.88%, 01/14/48^(a)(b)		275		278,726
Interstate Power & Light Co.
3.50%, 09/30/49 (Call 03/30/49)		340		353,396
3.70%, 09/15/46 (Call 03/15/46)		110		117,881
4.70%, 10/15/43 (Call 04/15/43)		218		257,757
6.25%, 07/15/39		285		395,970
ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43)^(a)		493		615,542
Jersey Central Power & Light Co., 6.15%, 06/01/37		167		207,407
Kentucky Utilities Co.
3.30%, 06/01/50 (Call 12/01/49)^(a)		365		370,657
4.38%, 10/01/45 (Call 04/01/45)		420		493,420
5.13%, 11/01/40 (Call 05/01/40)		666		840,955
Series 1, 4.65%, 11/15/43 (Call 05/15/43)		130		153,614


Security	Par (000)		Value

Electric (continued)
LLPL Capital Pte Ltd., 6.88%, 02/04/39^(a)(b)	$	342	$	399,798
Louisville Gas & Electric Co.
4.25%, 04/01/49 (Call 10/01/48)		460		537,035
4.38%, 10/01/45 (Call 04/01/45)		195		226,620
4.65%, 11/15/43 (Call 05/15/43)		125		149,703
Louisville Gas and Electric Co., 5.13%, 11/15/40 (Call 05/01/40)		55		68,302
Massachusetts Electric Co.
4.00%, 08/15/46 (Call 02/15/46)^(b)		545		584,547
5.90%, 11/15/39^(b)		140		188,722
Mexico Generadora de Energia S de rl, 5.50%, 12/06/32^(b)		78		88,335
MidAmerican Energy Co.
3.15%, 04/15/50 (Call 10/15/49)		750		768,567
3.65%, 08/01/48 (Call 02/01/48)		845		930,852
3.95%, 08/01/47 (Call 02/01/47)		555		636,764
4.25%, 05/01/46 (Call 11/01/45)		341		403,363
4.25%, 07/15/49 (Call 01/15/49)		914		1,100,868
4.80%, 09/15/43 (Call 03/15/43)		450		565,796
5.75%, 11/01/35^(a)		156		212,062
5.80%, 10/15/36		708		957,501
Minejesa Capital BV, 5.63%, 08/10/37^(b)		500		530,000
Mississippi Power Co., Series 12-A, 4.25%, 03/15/42		505		574,352
Monongahela Power Co., 5.40%, 12/15/43 (Call 06/15/43)^(a)(b)		615		771,306
Narragansett Electric Co. (The), 4.17%, 12/10/42^(b)		175		190,441
National Grid USA, 5.80%, 04/01/35		480		583,972
National Rural Utilities Cooperative Finance Corp.
4.02%, 11/01/32 (Call 05/01/32)		811		934,862
4.30%, 03/15/49 (Call 09/15/48)		370		440,003
4.40%, 11/01/48 (Call 05/01/48)		400		488,766
Series C, 8.00%, 03/01/32		321		475,840
Nevada Power Co.
5.38%, 09/15/40 (Call 03/15/40)		355		449,349
5.45%, 05/15/41 (Call 11/15/40)^(a)		25		32,357
Series EE, 3.13%, 08/01/50 (Call 02/01/50)^(a)		171		169,421
Series N, 6.65%, 04/01/36		365		516,569
Series R, 6.75%, 07/01/37		245		350,916
New England Power Co.
2.81%, 10/06/50 (Call 04/06/50)^(b)		724		646,765
3.80%, 12/05/47 (Call 06/05/47)^(b)		500		536,019
New York State Electric & Gas Corp., 3.30%, 09/15/49 (Call 03/15/49)^(a)(b)		440		436,639
Niagara Mohawk Power Corp.
3.03%, 06/27/50 (Call 12/27/49)^(a)(b)		500		467,901
4.12%, 11/28/42^(b)		50		55,024
4.28%, 10/01/34 (Call 04/01/34)^(b)		560		643,372
Northern States Power Co./MN
2.60%, 06/01/51 (Call 12/01/50)		529		486,806
2.90%, 03/01/50 (Call 09/01/49)^(a)		755		735,190
3.20%, 04/01/52 (Call 10/01/51)		545		560,515
3.40%, 08/15/42 (Call 02/15/42)		355		382,353
3.60%, 05/15/46 (Call 11/15/45)		220		239,109
3.60%, 09/15/47 (Call 03/15/47)^(a)		556		607,485
4.00%, 08/15/45 (Call 02/15/45)		245		284,511
4.13%, 05/15/44 (Call 11/15/43)		232		271,226
4.85%, 08/15/40 (Call 02/15/40)^(a)		95		116,054
5.25%, 07/15/35		570		733,882
5.35%, 11/01/39^(a)		410		542,378
6.20%, 07/01/37		260		367,596


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
6.25%, 06/01/36	$	421	$	588,106
NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)		31		34,699
NSTAR Electric Co.
4.40%, 03/01/44 (Call 09/01/43)		485		579,081
5.50%, 03/15/40		453		600,203
Oglethorpe Power Corp.
3.75%, 08/01/50 (Call 02/01/50)^(b)		135		136,786
4.20%, 12/01/42^(a)		250		261,232
4.25%, 04/01/46 (Call 10/01/45)^(a)		245		254,397
4.55%, 06/01/44		300		321,687
5.05%, 10/01/48 (Call 04/01/48)^(a)		218		263,714
5.25%, 09/01/50		339		408,361
5.38%, 11/01/40^(a)		420		503,887
5.95%, 11/01/39^(a)		679		860,952
Ohio Edison Co.
6.88%, 07/15/36		350		477,213
8.25%, 10/15/38		120		183,544
Ohio Power Co.
4.00%, 06/01/49 (Call 12/01/48)		375		428,550
4.15%, 04/01/48 (Call 10/01/47)		315		363,781
Series D, 6.60%, 03/01/33		190		258,102
Series G, 6.60%, 02/15/33		15		20,408
Oklahoma Gas & Electric Co.
3.85%, 08/15/47 (Call 02/15/47)^(a)		680		738,646
4.15%, 04/01/47 (Call 10/01/46)		405		454,245
4.55%, 03/15/44 (Call 09/15/43)		25		28,741
5.85%, 06/01/40		95		126,619
Oklahoma Gas and Electric Co.
3.90%, 05/01/43 (Call 11/01/42)		50		52,718
5.25%, 05/15/41 (Call 11/15/40)		20		24,781
Oncor Electric Delivery Co. LLC
3.10%, 09/15/49 (Call 03/15/49)		433		435,691
3.70%, 05/15/50 (Call 11/15/49)		125		138,917
3.75%, 04/01/45 (Call 10/01/44)		586		648,021
3.80%, 09/30/47 (Call 03/30/47)		415		462,348
3.80%, 06/01/49 (Call 12/01/48)		495		558,005
4.10%, 11/15/48 (Call 05/15/48)		478		558,466
4.55%, 12/01/41 (Call 06/01/41)		510		623,158
5.25%, 09/30/40^(a)		435		570,281
5.30%, 06/01/42 (Call 12/01/41)		115		152,923
5.35%, 10/01/52 (Call 04/01/52)^(b)		458		634,359
7.00%, 05/01/32		278		396,400
7.25%, 01/15/33^(a)		335		490,116
7.50%, 09/01/38		105		163,189
Pacific Gas & Electric Co.
3.30%, 08/01/40 (Call 02/01/40)		1,100		977,711
3.50%, 08/01/50 (Call 02/01/50)		1,615		1,398,518
3.75%, 08/15/42 (Call 02/15/42)		270		243,774
3.95%, 12/01/47 (Call 06/01/47)		850		780,092
4.00%, 12/01/46 (Call 06/01/46)		240		219,697
4.25%, 03/15/46 (Call 09/15/45)		235		225,121
4.30%, 03/15/45 (Call 09/15/44)		1,040		998,987
4.45%, 04/15/42 (Call 10/15/41)		175		172,464
4.50%, 07/01/40 (Call 01/01/40)		1,583		1,592,161
4.50%, 12/15/41 (Call 06/15/41)		85		81,995
4.60%, 06/15/43 (Call 12/15/42)		331		332,889
4.75%, 02/15/44 (Call 08/15/43)		418		426,218
4.95%, 07/01/50 (Call 01/01/50)		2,310		2,358,233
Pacific Gas and Electric Co., 4.20%, 06/01/41 (Call 12/01/40)		785		777,281


Security	Par (000)		Value

Electric (continued)
PacifiCorp
3.30%, 03/15/51 (Call 09/15/50)	$	305	$	310,793
4.10%, 02/01/42 (Call 08/01/41)		572		656,424
4.13%, 01/15/49 (Call 07/15/48)		805		930,973
4.15%, 02/15/50 (Call 08/15/49)^(a)		625		728,267
5.25%, 06/15/35		210		270,275
5.75%, 04/01/37^(a)		340		455,406
6.00%, 01/15/39		887		1,223,442
6.10%, 08/01/36^(a)		545		750,913
6.25%, 10/15/37		465		651,152
6.35%, 07/15/38		230		326,868
PECO Energy Co.
2.80%, 06/15/50 (Call 12/15/49)		256		241,941
3.00%, 09/15/49 (Call 03/15/49)		280		278,201
3.70%, 09/15/47 (Call 03/15/47)		13		14,347
3.90%, 03/01/48 (Call 09/01/47)		761		865,551
4.15%, 10/01/44 (Call 04/01/44)		430		494,576
4.80%, 10/15/43 (Call 04/15/43)^(a)		425		528,267
5.95%, 10/01/36		111		153,109
Pennsylvania Electric Co., 6.15%, 10/01/38		75		93,790
Perusahaan Listrik Negara PT, 4.00%, 06/30/50 (Call 12/30/49)^(b)		275		266,750
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.88%, 07/17/49^(a)(b)		1,449		1,557,240
5.25%, 10/24/42^(b)		550		610,593
6.15%, 05/21/48^(a)(b)		1,615		1,988,469
6.25%, 01/25/49^(a)(b)		390		484,185
Potomac Electric Power Co.
4.15%, 03/15/43 (Call 09/15/42)		458		530,590
6.50%, 11/15/37		400		572,979
7.90%, 12/15/38^(a)		165		261,178
PPL Capital Funding Inc.
4.00%, 09/15/47 (Call 03/15/47)		147		161,518
4.70%, 06/01/43 (Call 12/01/42)^(a)		539		638,884
5.00%, 03/15/44 (Call 09/15/43)^(a)		485		599,129
PPL Electric Utilities Corp.
3.00%, 10/01/49 (Call 04/01/49)		390		380,585
3.95%, 06/01/47 (Call 12/01/46)		516		585,573
4.13%, 06/15/44 (Call 12/15/43)		250		283,815
4.15%, 10/01/45 (Call 04/01/45)		465		538,161
4.15%, 06/15/48 (Call 12/15/47)^(a)		430		503,808
4.75%, 07/15/43 (Call 01/15/43)		225		278,324
6.25%, 05/15/39		315		445,733
Progress Energy Inc., 6.00%, 12/01/39		460		615,606
Public Service Co. of Colorado
3.55%, 06/15/46 (Call 12/15/45)		225		234,723
3.60%, 09/15/42 (Call 03/15/42)		332		365,318
3.80%, 06/15/47 (Call 12/15/46)		212		238,562
3.95%, 03/15/43 (Call 09/15/42)		225		249,038
4.05%, 09/15/49 (Call 03/15/49)		205		239,455
4.10%, 06/15/48 (Call 12/15/47)		365		425,551
4.30%, 03/15/44 (Call 09/15/43)		260		312,261
4.75%, 08/15/41 (Call 02/15/41)		10		11,947
6.50%, 08/01/38		255		373,344
Series 17, 6.25%, 09/01/37^(a)		425		609,614
Series 34, 3.20%, 03/01/50 (Call 09/01/49)		605		618,490
Series 36, 2.70%, 01/15/51 (Call 07/15/49)		440		409,726
Public Service Co. of New Hampshire, 3.60%, 07/01/49 (Call 01/01/49)^(a)		395		428,892


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Public Service Co. of Oklahoma, Series G, 6.63%, 11/15/37	$	75	$	104,404
Public Service Electric & Gas Co.
2.05%, 08/01/50 (Call 02/01/50)		380		310,113
2.70%, 05/01/50 (Call 11/01/49)^(a)		241		225,998
3.15%, 01/01/50 (Call 07/01/49)		650		658,191
3.20%, 08/01/49 (Call 02/01/49)		490		504,681
3.60%, 12/01/47 (Call 06/01/47)		593		641,631
3.65%, 09/01/42 (Call 03/01/42)^(a)		235		260,874
3.80%, 01/01/43 (Call 07/01/42)		100		112,007
3.80%, 03/01/46 (Call 09/01/45)		494		558,782
3.85%, 05/01/49 (Call 11/01/48)		545		613,774
3.95%, 05/01/42 (Call 11/01/41)^(a)		443		509,198
4.05%, 05/01/48 (Call 11/01/47)^(a)		300		355,911
4.15%, 11/01/45 (Call 05/01/45)		295		337,763
5.50%, 03/01/40		90		121,818
5.80%, 05/01/37^(a)		349		470,980
Series I, 4.00%, 06/01/44 (Call 12/01/43)		55		60,520
Series K, 4.05%, 05/01/45 (Call 11/01/44)		130		145,919
Public Service Electric and Gas Co., 3.00%, 03/01/51 (Call 09/01/50)		297		293,273
Puget Sound Energy Inc.
3.25%, 09/15/49 (Call 03/15/49)		800		813,959
4.22%, 06/15/48 (Call 12/15/47)		216		252,528
4.30%, 05/20/45 (Call 11/20/44)		534		623,681
4.43%, 11/15/41 (Call 05/15/41)^(a)		80		92,827
5.48%, 06/01/35^(a)		300		380,087
5.64%, 04/15/41 (Call 10/15/40)^(a)		260		351,266
5.76%, 10/01/39^(a)		250		339,702
5.80%, 03/15/40		356		488,176
6.27%, 03/15/37		415		563,155
Ruwais Power Co. PJSC, 6.00%, 08/31/36^(b)		200		263,020
San Diego Gas & Electric Co.
3.95%, 11/15/41		190		210,514
4.15%, 05/15/48 (Call 11/15/47)		588		685,119
4.30%, 04/01/42 (Call 10/01/41)		320		367,490
4.50%, 08/15/40		1,049		1,249,805
5.35%, 05/15/40^(a)		90		114,778
6.00%, 06/01/39		263		358,555
Series RRR, 3.75%, 06/01/47 (Call 12/01/46)		546		599,537
Series TTT, 4.10%, 06/15/49 (Call 12/15/48)^(a)		280		325,847
Series UUU, 3.32%, 04/15/50 (Call 10/15/49)		150		153,282
Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43^(b)		50		58,981
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44^(a)(b)		1,604		2,001,702
Sempra Energy
3.80%, 02/01/38 (Call 08/01/37)		402		441,615
4.00%, 02/01/48 (Call 08/01/47)		926		1,000,437
6.00%, 10/15/39		573		777,120
Southern California Edison Co.
3.65%, 02/01/50 (Call 08/01/49)		1,140		1,142,494
3.90%, 12/01/41 (Call 06/01/41)		10		10,339
4.00%, 04/01/47 (Call 10/01/46)		1,038		1,081,506
4.05%, 03/15/42 (Call 09/15/41)^(a)		645		681,656
4.50%, 09/01/40 (Call 03/01/40)^(a)		498		565,995
4.65%, 10/01/43 (Call 04/01/43)		849		979,459
5.50%, 03/15/40		645		809,193
5.63%, 02/01/36		42		53,426
6.00%, 01/15/34^(a)		799		1,051,837
6.05%, 03/15/39		567		745,695
Series 04-G, 5.75%, 04/01/35		235		304,113


Security	Par (000)		Value

Electric (continued)
Series 05-B, 5.55%, 01/15/36	$	335	$	409,363
Series 05-E, 5.35%, 07/15/35		425		528,909
Series 06-E, 5.55%, 01/15/37		250		307,539
Series 08-A, 5.95%, 02/01/38		650		843,303
Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)		579		603,535
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)		214		194,078
Series B, 4.88%, 03/01/49 (Call 09/01/48)		294		348,282
Series C, 3.60%, 02/01/45 (Call 08/01/44)		567		563,468
Series C, 4.13%, 03/01/48 (Call 09/01/47)		932		994,651
Southern Co. (The)
4.25%, 07/01/36 (Call 01/01/36)		724		825,685
4.40%, 07/01/46 (Call 01/01/46)		1,370		1,557,569
Southern Power Co.
5.15%, 09/15/41		395		458,924
5.25%, 07/15/43		225		261,482
Series F, 4.95%, 12/15/46 (Call 06/15/46)^(a)		400		463,992
Southwestern Electric Power Co.
6.20%, 03/15/40		234		319,817
Series J, 3.90%, 04/01/45 (Call 10/01/44)		441		471,786
Series L, 3.85%, 02/01/48 (Call 08/01/47)		450		475,308
Southwestern Public Service Co.
3.40%, 08/15/46 (Call 02/15/46)		30		31,096
3.70%, 08/15/47 (Call 02/15/47)		615		664,822
3.75%, 06/15/49 (Call 12/15/48)		115		127,021
4.50%, 08/15/41 (Call 02/15/41)		373		447,250
6.00%, 10/01/36^(a)		290		370,514
Series 6, 4.40%, 11/15/48 (Call 05/15/48)^(a)		490		587,333
Series 8, 3.15%, 05/01/50 (Call 11/01/49)		143		143,760
State Grid Overseas Investment 2014 Ltd., 4.85%, 05/07/44^(b)		825		1,035,560
State Grid Overseas Investment 2016 Ltd., 4.00%, 05/04/47^(a)(b)		615		693,416
Tampa Electric Co.
3.63%, 06/15/50 (Call 12/15/49)		425		456,462
4.10%, 06/15/42 (Call 12/15/41)^(a)		520		582,480
4.20%, 05/15/45 (Call 11/15/44)		450		504,729
4.30%, 06/15/48 (Call 12/15/47)		130		151,959
4.35%, 05/15/44 (Call 11/15/43)		540		632,177
4.45%, 06/15/49 (Call 12/15/48)		265		323,688
6.55%, 05/15/36^(a)		230		318,415
Toledo Edison Co. (The), 6.15%, 05/15/37		405		535,265
Tri-State Generation & Transmission Association Inc.
4.25%, 06/01/46 (Call 12/01/45)		375		396,844
4.70%, 11/01/44 (Call 05/01/44)		95		108,457
6.00%, 06/15/40^(b)		580		767,838
Tucson Electric Power Co.
4.00%, 06/15/50 (Call 12/15/49)		185		206,286
4.85%, 12/01/48 (Call 06/01/48)		355		438,878
Union Electric Co.
2.63%, 03/15/51 (Call 09/15/50)		250		230,125
3.25%, 10/01/49 (Call 04/01/49)		415		425,051
3.65%, 04/15/45 (Call 10/15/44)		163		176,515
3.90%, 09/15/42 (Call 03/15/42)		410		459,960
4.00%, 04/01/48 (Call 10/01/47)^(a)		628		717,038
5.30%, 08/01/37		15		19,270
8.45%, 03/15/39		425		714,361
Virginia Electric & Power Co.
2.45%, 12/15/50 (Call 06/15/50)		865		759,043
3.30%, 12/01/49 (Call 06/01/49)		367		379,276
4.00%, 01/15/43 (Call 07/15/42)		476		542,252


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
4.45%, 02/15/44 (Call 08/15/43)	$	480	$	577,700
4.60%, 12/01/48 (Call 06/01/48)		590		737,309
6.35%, 11/30/37		75		106,791
8.88%, 11/15/38		412		721,271
Series A, 6.00%, 05/15/37		123		167,968
Series B, 3.80%, 09/15/47 (Call 03/15/47)		540		596,928
Series B, 4.20%, 05/15/45 (Call 11/15/44)		552		640,600
Series B, 6.00%, 01/15/36^(a)		288		393,591
Series C, 4.00%, 11/15/46 (Call 05/15/46)		351		398,792
Series D, 4.65%, 08/15/43 (Call 02/15/43)		486		603,042
Wisconsin Electric Power Co.
3.65%, 12/15/42 (Call 06/15/42)		10		10,424
4.25%, 06/01/44 (Call 12/01/43)		25		28,234
4.30%, 12/15/45 (Call 06/15/45)^(a)		310		355,632
4.30%, 10/15/48 (Call 04/15/48)		494		591,205
5.70%, 12/01/36		325		432,379
Wisconsin Power & Light Co.
3.65%, 04/01/50 (Call 10/01/49)		360		390,238
4.10%, 10/15/44 (Call 04/15/44)		293		330,240
6.38%, 08/15/37		430		599,728
Wisconsin Public Service Corp.
3.30%, 09/01/49 (Call 03/01/49)		695		710,491
3.67%, 12/01/42^(a)		510		544,573
4.75%, 11/01/44 (Call 05/01/44)^(a)		320		393,744
Xcel Energy Inc.
3.50%, 12/01/49 (Call 06/01/49)		296		302,735
4.80%, 09/15/41 (Call 03/15/41)		179		211,886
6.50%, 07/01/36		275		388,247

				290,641,351

Electrical Components & Equipment — 0.1%
Emerson Electric Co.
2.75%, 10/15/50 (Call 04/15/50)		789		744,093
5.25%, 11/15/39		85		111,432
6.00%, 08/15/32		455		590,159

				1,445,684

Electronics — 0.1%
Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45)^(a)		549		629,915
Honeywell International Inc.
2.80%, 06/01/50 (Call 12/01/49)^(a)		1,219		1,178,973
5.38%, 03/01/41		165		221,707
5.70%, 03/15/36		125		168,342
5.70%, 03/15/37^(a)		65		86,871
Tyco Electronics Group SA, 7.13%, 10/01/37		250		373,520

				2,659,328

Engineering & Construction — 0.1%
Mexico City Airport Trust
5.50%, 10/31/46 (Call 04/30/46)^(a)(b)		750		759,000
5.50%, 07/31/47 (Call 01/31/47)^(b)		1,394		1,414,910

				2,173,910

Environmental Control — 0.2%
Republic Services Inc.
1.75%, 02/15/32 (Call 11/15/31)		444		411,934
3.05%, 03/01/50 (Call 09/01/49)		700		685,204
5.70%, 05/15/41 (Call 11/15/40)^(a)		165		221,614
6.20%, 03/01/40		20		27,996
Waste Connections Inc., 3.05%, 04/01/50 (Call 10/01/49)		750		732,742
Waste Management Inc.
2.50%, 11/15/50 (Call 05/15/50)		937		822,460
2.95%, 06/01/41 (Call 12/01/40)		650		645,960


Security	Par (000)		Value

Environmental Control (continued)
3.90%, 03/01/35 (Call 09/01/34)	$	348	$	401,600
4.10%, 03/01/45 (Call 09/01/44)		651		758,072
4.15%, 07/15/49 (Call 01/15/49)		613		730,889

				5,438,471

Food — 1.5%
Campbell Soup Co.
3.13%, 04/24/50 (Call 10/24/49)		686		640,846
4.80%, 03/15/48 (Call 09/15/47)^(a)		305		366,898
Conagra Brands Inc.
5.30%, 11/01/38 (Call 05/01/38)		1,007		1,250,228
5.40%, 11/01/48 (Call 05/01/48)^(a)		335		432,544
General Mills Inc.
3.00%, 02/01/51 (Call 08/01/50)^(b)		515		488,006
4.15%, 02/15/43 (Call 08/15/42)		150		168,908
4.55%, 04/17/38 (Call 10/17/37)		425		503,817
4.70%, 04/17/48 (Call 10/17/47)		372		465,690
5.40%, 06/15/40		105		137,666
Grupo Bimbo SAB de CV
4.00%, 09/06/49 (Call 03/06/49)^(a)(b)		835		838,908
4.70%, 11/10/47 (Call 05/10/47)^(b)		285		319,496
Hershey Co. (The)
2.65%, 06/01/50 (Call 12/01/49)		345		322,282
3.13%, 11/15/49 (Call 05/15/49)		455		465,736
3.38%, 08/15/46 (Call 02/15/46)^(a)		475		500,170
Ingredion Inc.
3.90%, 06/01/50 (Call 12/01/49)		302		325,291
6.63%, 04/15/37		325		438,631
JM Smucker Co. (The)
3.55%, 03/15/50 (Call 09/15/49)^(a)		535		549,179
4.25%, 03/15/35		632		720,902
4.38%, 03/15/45		25		28,832
Kellogg Co., 4.50%, 04/01/46^(a)		850		1,002,873
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40		340		452,047
Kroger Co. (The)
3.88%, 10/15/46 (Call 04/15/46)^(a)		625		667,822
3.95%, 01/15/50 (Call 07/15/49)^(a)		746		814,519
4.45%, 02/01/47 (Call 08/01/46)		332		381,993
4.65%, 01/15/48 (Call 07/15/47)		490		576,579
5.00%, 04/15/42 (Call 10/15/41)		259		321,800
5.15%, 08/01/43 (Call 02/01/43)		473		598,356
5.40%, 07/15/40 (Call 01/15/40)		435		551,772
5.40%, 01/15/49 (Call 07/15/48)		570		743,664
6.90%, 04/15/38		280		401,360
Mars Inc.
1.63%, 07/16/32 (Call 04/16/32)^(a)(b)		850		793,619
2.38%, 07/16/40 (Call 01/16/40)^(b)		828		766,503
2.45%, 07/16/50 (Call 01/16/50)^(a)(b)		462		407,399
3.60%, 04/01/34 (Call 01/01/34)^(b)		770		857,151
3.88%, 04/01/39 (Call 10/01/38)^(b)		795		899,330
3.95%, 04/01/44 (Call 10/01/43)^(b)		38		42,594
3.95%, 04/01/49 (Call 10/01/48)^(a)(b)		750		857,878
4.13%, 04/01/54 (Call 10/01/53)^(b)		430		505,663
4.20%, 04/01/59 (Call 10/01/58)^(b)		629		740,278
McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47)		365		423,335
Mondelez International Inc.
1.88%, 10/15/32 (Call 07/15/32)^(a)		985		928,621
2.63%, 09/04/50 (Call 03/04/50)		1,101		963,562


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Food (continued)
Nestle Holdings Inc.
3.90%, 09/24/38 (Call 03/24/38)^(b)	$	1,285	$	1,492,966
4.00%, 09/24/48 (Call 03/24/48)^(a)(b)		1,798		2,133,994
Sysco Corp.
3.30%, 02/15/50 (Call 08/15/49)		507		490,425
4.45%, 03/15/48 (Call 09/15/47)^(a)		332		381,006
4.50%, 04/01/46 (Call 10/01/45)		541		619,513
4.85%, 10/01/45 (Call 04/01/45)		555		664,543
5.38%, 09/21/35^(a)		325		422,513
6.60%, 04/01/40 (Call 10/01/39)		920		1,305,104
6.60%, 04/01/50 (Call 10/01/49)		966		1,436,995
Tyson Foods Inc.
4.55%, 06/02/47 (Call 12/02/46)		330		391,755
4.88%, 08/15/34 (Call 02/15/34)		595		724,444
5.10%, 09/28/48 (Call 03/28/48)		1,460		1,876,941
5.15%, 08/15/44 (Call 02/15/44)		361		454,475

				36,057,422

Forest Products & Paper — 0.4%
Celulosa Arauco y Constitucion SA
5.15%, 01/29/50 (Call 07/29/49)^(b)		50		56,293
5.50%, 11/02/47 (Call 05/02/47)^(a)		555		650,738
5.50%, 04/30/49 (Call 10/30/48)^(b)		525		619,973
Domtar Corp.
6.25%, 09/01/42		145		178,967
6.75%, 02/15/44 (Call 08/15/43)		220		282,855
International Paper Co.
4.35%, 08/15/48 (Call 02/15/48)^(a)		986		1,161,504
4.40%, 08/15/47 (Call 02/15/47)		1,196		1,406,443
4.80%, 06/15/44 (Call 12/15/43)		757		922,789
5.00%, 09/15/35 (Call 03/15/35)		775		952,287
6.00%, 11/15/41 (Call 05/15/41)		598		817,286
7.30%, 11/15/39		264		397,435
8.70%, 06/15/38		205		330,730
Stora Enso OYJ, 7.25%, 04/15/36^(a)(b)		320		423,129
Suzano Austria GmbH, 7.00%, 03/16/47 (Call 09/16/46)^(a)(b)		990		1,275,863

				9,476,292

Gas — 1.0%
Atmos Energy Corp.
3.38%, 09/15/49 (Call 03/15/49)^(a)		434		445,408
4.13%, 10/15/44 (Call 04/15/44)^(a)		679		768,712
4.13%, 03/15/49 (Call 09/15/48)		529		605,717
4.15%, 01/15/43 (Call 07/15/42)		452		513,569
4.30%, 10/01/48 (Call 04/01/48)^(a)		496		581,611
5.50%, 06/15/41 (Call 12/15/40)		330		432,469
Boston Gas Co., 4.49%, 02/15/42^(b)		250		286,928
Brooklyn Union Gas Co. (The)
4.27%, 03/15/48 (Call 09/15/47)^(a)(b)		480		539,615
4.49%, 03/04/49 (Call 09/04/48)^(a)(b)		872		1,021,647
4.50%, 03/10/46 (Call 09/10/45)^(b)		300		346,804
CenterPoint Energy Resources Corp.
4.10%, 09/01/47 (Call 03/01/47)		265		285,298
5.85%, 01/15/41 (Call 07/15/40)		245		321,120
6.63%, 11/01/37		365		485,715
Centrica PLC, 5.38%, 10/16/43 (Call 04/16/43)^(a)(b)		250		302,705
East Ohio Gas Co. (The), 3.00%, 06/15/50 (Call 12/15/49)^(b)		775		740,375
Eastern Energy Gas Holdings LLC
4.60%, 12/15/44 (Call 06/15/44)		610		702,374


Security	Par (000)		Value

Gas (continued)
4.80%, 11/01/43 (Call 05/01/43)	$	635	$	748,469
Series C, 3.90%, 11/15/49 (Call 05/15/49)		366		384,220
KeySpan Gas East Corp., 5.82%, 04/01/41^(b)		300		395,751
Korea Gas Corp., 6.25%, 01/20/42^(b)		340		493,887
Mega Advance Investments Ltd., 6.38%, 05/12/41^(a)(b)		200		263,954
Nakilat Inc., 6.07%, 12/31/33^(a)(b)		650		798,005
NiSource Inc.
3.95%, 03/30/48 (Call 09/30/47)		505		549,237
4.38%, 05/15/47 (Call 11/15/46)		830		959,983
4.80%, 02/15/44 (Call 08/15/43)		610		734,199
5.25%, 02/15/43 (Call 08/15/42)		531		670,269
5.65%, 02/01/45 (Call 08/01/44)		461		609,706
5.80%, 02/01/42 (Call 08/01/41)		160		206,670
5.95%, 06/15/41 (Call 12/15/40)		398		527,933
ONE Gas Inc.
4.50%, 11/01/48 (Call 05/01/48)		690		787,687
4.66%, 02/01/44 (Call 08/01/43)^(a)		341		400,155
Piedmont Natural Gas Co. Inc.
3.35%, 06/01/50 (Call 12/01/49)^(a)		401		397,166
3.64%, 11/01/46 (Call 05/01/46)		235		242,788
4.10%, 09/18/34 (Call 03/18/34)		100		112,066
4.65%, 08/01/43 (Call 02/01/43)		153		183,065
Southern California Gas Co.
3.75%, 09/15/42 (Call 03/15/42)		535		584,112
5.13%, 11/15/40		260		330,422
Series UU, 4.13%, 06/01/48 (Call 12/01/47)		201		232,419
Series VV, 4.30%, 01/15/49 (Call 07/15/48)		485		584,077
Series WW, 3.95%, 02/15/50 (Call 08/15/49)		386		439,589
Southern Co. Gas Capital Corp.
3.95%, 10/01/46 (Call 04/01/46)		461		495,259
4.40%, 06/01/43 (Call 12/01/42)		680		770,132
4.40%, 05/30/47 (Call 11/30/46)		376		429,171
5.88%, 03/15/41 (Call 09/15/40)		467		632,568
6.00%, 10/01/34		400		515,533
Southwest Gas Corp.
3.80%, 09/29/46 (Call 03/29/46)^(a)		260		270,284
4.15%, 06/01/49 (Call 12/01/48)^(a)		471		516,729
Spire Inc., 4.70%, 08/15/44 (Call 02/15/44)		365		412,171
Washington Gas Light Co.
3.65%, 09/15/49 (Call 03/15/49)		483		512,173
Series K, 3.80%, 09/15/46 (Call 03/15/46)		505		554,906

				25,124,822

Hand & Machine Tools — 0.1%
Snap-on Inc.
3.10%, 05/01/50 (Call 11/01/49)^(a)		665		676,118
4.10%, 03/01/48 (Call 09/01/47)		445		523,584
Stanley Black & Decker Inc.
2.75%, 11/15/50 (Call 05/15/50)		745		686,638
4.85%, 11/15/48 (Call 05/15/48)^(a)		436		563,429
5.20%, 09/01/40		591		770,174

				3,219,943

Health Care - Products — 1.2%
Abbott Laboratories
4.75%, 11/30/36 (Call 05/30/36)		2,407		3,013,144
4.75%, 04/15/43 (Call 10/15/42)		693		885,602
4.90%, 11/30/46 (Call 05/30/46)		2,953		3,874,302
5.30%, 05/27/40		485		652,768
6.00%, 04/01/39^(a)		300		433,290
6.15%, 11/30/37		100		143,406


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care - Products (continued)
Alcon Finance Corp., 3.80%, 09/23/49 (Call 03/23/49)^(a)(b)	$	690	$	729,139
Baxter International Inc.
3.50%, 08/15/46 (Call 02/15/46)^(a)		780		836,164
4.50%, 06/15/43 (Call 12/15/42)		25		29,478
Boston Scientific Corp.
4.55%, 03/01/39 (Call 09/01/38)		871		1,035,119
4.70%, 03/01/49 (Call 09/01/48)		1,102		1,359,615
7.00%, 11/15/35		335		470,048
7.38%, 01/15/40		65		100,393
Covidien International Finance SA, 6.55%, 10/15/37		295		415,064
Danaher Corp.
2.60%, 10/01/50 (Call 04/01/50)		950		848,293
4.38%, 09/15/45 (Call 03/15/45)		565		674,261
DH Europe Finance II Sarl
3.25%, 11/15/39 (Call 05/15/39)		970		1,003,418
3.40%, 11/15/49 (Call 05/15/49)		923		957,092
Koninklijke Philips NV
5.00%, 03/15/42		785		1,019,857
6.88%, 03/11/38^(a)		210		313,968
Medtronic Inc.
4.38%, 03/15/35		2,062		2,515,280
4.63%, 03/15/45		2,165		2,748,674
PerkinElmer Inc., 3.63%, 03/15/51 (Call 09/15/50)		135		139,351
STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/51 (Call 09/15/50)		200		202,485
Stryker Corp.
2.90%, 06/15/50 (Call 12/15/49)^(a)		664		632,592
4.10%, 04/01/43 (Call 10/01/42)		455		517,939
4.38%, 05/15/44 (Call 11/15/43)		511		608,494
4.63%, 03/15/46 (Call 09/15/45)		600		744,671
Thermo Fisher Scientific Inc.
4.10%, 08/15/47 (Call 02/15/47)^(a)		965		1,112,274
5.30%, 02/01/44 (Call 08/01/43)		547		723,337
Zimmer Biomet Holdings Inc.
4.25%, 08/15/35 (Call 02/15/35)		415		439,444
4.45%, 08/15/45 (Call 02/15/45)		121		137,708
5.75%, 11/30/39^(a)		510		667,918

				29,984,588

Health Care - Services — 3.5%
Adventist Health System/West, 3.63%, 03/01/49 (Call 09/01/48)		470		498,313
Advocate Health & Hospitals Corp.
3.39%, 10/15/49 (Call 04/15/49)		411		426,787
4.27%, 08/15/48 (Call 02/15/48)		603		730,067
Series 2020, 3.01%, 06/15/50 (Call 12/15/49)		35		34,322
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)		638		679,972
4.13%, 11/15/42 (Call 05/15/42)		532		588,579
4.50%, 05/15/42 (Call 11/15/41)		600		695,779
4.75%, 03/15/44 (Call 09/15/43)		320		381,911
6.63%, 06/15/36		888		1,261,810
6.75%, 12/15/37		634		913,849
AHS Hospital Corp.
5.02%, 07/01/45		30		39,161
Series 2021, 2.78%, 07/01/51 (Call 01/01/51)^(a)		250		235,232
Allina Health System, Series 2019, 3.89%, 04/15/49		276		309,897
Anthem Inc.
3.13%, 05/15/50 (Call 11/15/49)^(a)		1,018		979,357
3.60%, 03/15/51 (Call 09/15/50)		1,156		1,201,043
3.70%, 09/15/49 (Call 03/15/49)		845		894,772


Security	Par (000)		Value

Health Care - Services (continued)
4.38%, 12/01/47 (Call 06/01/47)	$	1,265	$	1,481,443
4.55%, 03/01/48 (Call 09/01/47)		320		384,314
4.63%, 05/15/42		1,016		1,208,327
4.65%, 01/15/43		743		889,820
4.65%, 08/15/44 (Call 02/15/44)		965		1,155,561
4.85%, 08/15/54 (Call 02/15/54)		285		348,401
5.10%, 01/15/44		680		860,390
5.85%, 01/15/36		34		45,357
5.95%, 12/15/34^(a)		135		183,783
6.38%, 06/15/37		80		110,820
Ascension Health
3.95%, 11/15/46		1,041		1,212,868
4.85%, 11/15/53		353		476,205
Series B, 3.11%, 11/15/39 (Call 05/15/39)^(a)		245		254,947
Banner Health
2.91%, 01/01/51 (Call 07/01/50)		275		259,979
Series 2020, 3.18%, 01/01/50 (Call 07/01/49)		399		406,407
Baptist Health South Florida Inc., Series 2017, 4.34%, 11/15/41		50		58,266
Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)^(a)		690		720,719
BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)^(a)		538		616,826
Baylor Scott & White Holdings
3.97%, 11/15/46 (Call 05/15/46)		375		436,389
4.19%, 11/15/45 (Call 05/15/45)		236		278,543
Series 2021, 2.84%, 11/15/50 (Call 11/15/49)		90		86,295
Bon Secours Mercy Health Inc., Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)		50		49,547
Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50)		420		410,761
Children’s Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50)		710		635,737
Children’s Hospital Corp. (The)
Series 2017, 4.12%, 01/01/47 (Call 07/01/46)		315		376,870
Series 2020, 2.59%, 02/01/50 (Call 08/01/49)		200		180,762
Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44		325		393,858
Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50)^(a)		710		660,889
Children’s Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50)^(a)		49		46,123
City of Hope
Series 2013, 5.62%, 11/15/43		465		638,668
Series 2018, 4.38%, 08/15/48 (Call 02/15/48)^(a)		79		94,773
CommonSpirit Health
3.82%, 10/01/49 (Call 04/01/49)		875		942,410
3.91%, 10/01/50 (Call 04/01/50)		90		94,294
4.19%, 10/01/49 (Call 04/01/49)^(a)		1,088		1,177,499
4.35%, 11/01/42		668		742,668
Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49)		525		502,388
Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)		324		334,229
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)		46		51,959
Dignity Health
4.50%, 11/01/42		516		595,653
5.27%, 11/01/64^(a)		170		217,661


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care - Services (continued)
Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)	$	838	$	971,462
Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49)		75		82,700
Hackensack Meridian Health Inc.
4.21%, 07/01/48 (Call 01/01/48)		359		427,815
4.50%, 07/01/57 (Call 01/01/57)		40		50,282
Series 2020, 2.68%, 09/01/41 (Call 03/01/41)		720		678,581
Series 2020, 2.88%, 09/01/50 (Call 03/01/50)		65		61,594
Hartford HealthCare Corp., 3.45%, 07/01/54^(a)		155		155,581
HCA Inc.
5.13%, 06/15/39 (Call 12/15/38)^(a)		693		840,497
5.25%, 06/15/49 (Call 12/15/48)		1,830		2,250,246
5.50%, 06/15/47 (Call 12/15/46)		1,485		1,862,272
Health Care Service Corp. A Mutual Legal Reserve Co., 3.20%, 06/01/50 (Call 12/01/49)^(a)(b)		785		769,009
Humana Inc.
3.95%, 08/15/49 (Call 02/15/49)		301		323,678
4.63%, 12/01/42 (Call 06/01/42)		556		657,302
4.80%, 03/15/47 (Call 09/14/46)		430		522,361
4.95%, 10/01/44 (Call 04/01/44)		559		682,113
8.15%, 06/15/38^(a)		275		429,231
Indiana University Health Inc. Obligated Group, 3.97%, 11/01/48 (Call 05/01/48)^(a)		620		724,377
Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)		680		742,555
Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49)		200		216,477
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46		641		744,930
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		2,384		2,863,865
4.88%, 04/01/42		283		369,887
Series 2019, 3.27%, 11/01/49 (Call 05/12/49)		120		125,675
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		1,017		1,175,628
Mass General Brigham Inc.
Series 2017, 3.77%, 07/01/48 (Call 01/01/48)		25		27,895
Series 2020, 3.19%, 07/01/49 (Call 01/01/49)		995		1,004,654
Series 2020, 3.34%, 07/01/60 (Call 01/01/60)		304		317,335
Mayo Clinic
3.77%, 11/15/43		45		50,281
Series 2013, 4.00%, 11/15/47		100		117,169
Series 2016, 4.13%, 11/15/52		450		551,535
McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47)		155		187,492
MedStar Health Inc., Series 20A, 3.63%, 08/15/49		40		41,929
Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49)^(a)		75		79,069
Memorial Sloan-Kettering Cancer Center
4.13%, 07/01/52		405		486,818
5.00%, 07/01/42		125		162,585
Series 2015, 4.20%, 07/01/55		565		688,267
Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)^(a)		445		410,964
MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)		75		76,997
Montefiore Obligated Group
4.29%, 09/01/50^(a)		425		442,451
Series 18-C, 5.25%, 11/01/48 (Call 05/01/48)		495		578,595


Security	Par (000)		Value

Health Care - Services (continued)
Mount Sinai Hospitals Group Inc.
Series 2017, 3.98%, 07/01/48	$	265	$	292,519
Series 2019, 3.74%, 07/01/49 (Call 01/01/49)^(a)		412		435,009
Series 2020, 3.39%, 07/01/50 (Call 07/01/49)		70		70,003
MultiCare Health System, 2.80%, 08/15/50
(Call 02/15/50)^(a)		101		94,265
New York and Presbyterian Hospital (The)
2.26%, 08/01/40 (Call 02/01/40)^(a)		125		114,196
2.61%, 08/01/60 (Call 02/01/60)		175		155,369
3.56%, 08/01/36		250		262,102
4.02%, 08/01/45		145		169,876
4.06%, 08/01/56		552		661,263
4.76%, 08/01/2116^(a)		105		136,313
Series 2019, 3.95%, 08/01/2119 (Call 02/01/2119)^(a)		510		566,321
Northwell Healthcare Inc.
3.81%, 11/01/49 (Call 11/01/48)		420		445,186
3.98%, 11/01/46 (Call 11/01/45)		560		605,343
4.26%, 11/01/47 (Call 11/01/46)		784		886,201
6.15%, 11/01/43		50		70,108
NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, Series 2020, 2.67%, 10/01/50 (Call 04/01/50)		224		199,171
Ochsner Clinic Foundation, 5.90%, 05/15/45 (Call 11/15/44)^(a)		305		421,420
OhioHealth Corp., Series 2020, 3.04%, 11/15/50 (Call 05/15/50)^(a)		65		65,364
Orlando Health Obligated Group
3.33%, 10/01/50 (Call 04/01/50)^(a)		125		127,315
4.09%, 10/01/48 (Call 04/01/48)		50		58,162
PeaceHealth Obligated Group
Series 2018, 4.79%, 11/15/48 (Call 05/15/48)		129		165,812
Series 2020, 3.22%, 11/15/50 (Call 05/15/50)		25		24,790
Providence St Joseph Health Obligated Group, Series A, 3.93%, 10/01/48 (Call 04/01/48)^(a)		240		271,125
Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44)		365		431,200
Roche Holdings Inc., 4.00%, 11/28/44 (Call 05/28/44)^(a)(b)		261		311,292
RWJ Barnabas Health Inc.
3.48%, 07/01/49 (Call 01/01/49)		50		52,604
3.95%, 07/01/46 (Call 07/01/45)		350		392,727
Seattle Children’s Hospital, 2.72%, 10/01/50 (Call 10/01/49)		50		46,215
Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49)		50		46,039
Southern Baptist Hospital of Florida Inc., 4.86%, 07/15/45 (Call 01/15/45)^(a)		360		435,339
Spectrum Health System Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)		307		328,214
Stanford Health Care, Series 2018, 3.80%, 11/15/48 (Call 05/15/48)		496		568,831
Sutter Health
Series 2018, 4.09%, 08/15/48 (Call 02/15/48)^(a)		548		626,425
Series 20A, 3.16%, 08/15/40 (Call 02/15/40)		125		126,250
Series 20A, 3.36%, 08/15/50 (Call 02/15/50)		184		187,007
Texas Health Resources
2.33%, 11/15/50 (Call 05/15/50)^(a)		140		121,345
4.33%, 11/15/55^(a)		25		31,176
Toledo Hospital (The)
4.98%, 11/15/45 (Call 05/15/45)^(a)		90		94,966
5.75%, 11/15/38 (Call 11/15/28)		375		442,806
6.02%, 11/15/48^(a)		481		582,587


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care - Services (continued)
Trinity Health Corp. 2.63%, 12/01/40 (Call 06/01/40)	$	400	$	386,165
4.13%, 12/01/45^(a)		105		125,523
Series 2019, 3.43%, 12/01/48		345		359,923
UnitedHealth Group Inc. 2.75%, 05/15/40 (Call 11/15/39)		1,120		1,092,665
2.90%, 05/15/50 (Call 11/15/49)		1,250		1,197,472
3.13%, 05/15/60 (Call 11/15/59)		945		925,145
3.50%, 08/15/39 (Call 02/15/39)		1,051		1,136,241
3.70%, 08/15/49 (Call 02/15/49)		950		1,040,586
3.75%, 10/15/47 (Call 04/15/47)		805		883,037
3.88%, 08/15/59 (Call 02/15/59)		1,325		1,478,378
3.95%, 10/15/42 (Call 04/15/42)^(a)		622		708,198
4.20%, 01/15/47 (Call 07/15/46)		823		964,560
4.25%, 03/15/43 (Call 09/15/42)		680		802,714
4.25%, 04/15/47 (Call 10/15/46)		826		976,945
4.25%, 06/15/48 (Call 12/15/47)		1,047		1,239,720
4.38%, 03/15/42 (Call 09/15/41)		375		449,778
4.45%, 12/15/48 (Call 06/15/48)		1,020		1,248,051
4.63%, 07/15/35		838		1,022,854
4.63%, 11/15/41 (Call 05/15/41)^(a)		485		600,143
4.75%, 07/15/45		1,100		1,389,454
5.70%, 10/15/40 (Call 04/15/40)		369		512,309
5.80%, 03/15/36		738		1,002,484
5.95%, 02/15/41 (Call 08/15/40)		400		565,440
6.50%, 06/15/37		586		854,342
6.63%, 11/15/37		561		830,445
6.88%, 02/15/38		75		113,466
West Virginia United Health System Obligated Group, 3.13%, 06/01/50 (Call 12/01/49)		175		168,905
Willis-Knighton Medical Center
Series 2018, 4.81%, 09/01/48 (Call 03/01/48)^(a)		210		257,316
Series 2021, 3.07%, 03/01/51 (Call 09/01/50)		75		71,111
Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49)^(a)		160		142,560

				86,113,600

Holding Companies - Diversified — 0.1%
CK Hutchison International 19 II Ltd., 3.38%, 09/06/49 (Call 03/06/49)^(b)		1,000		1,022,357
Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/33^(a)(b)		275		408,656
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)^(b)		715		674,296

				2,105,309

Home Builders — 0.1%
MDC Holdings Inc., 6.00%, 01/15/43 (Call 10/15/42)		450		582,474
PulteGroup Inc. 6.00%, 02/15/35		15		19,127
6.38%, 05/15/33		415		536,512
7.88%, 06/15/32		235		331,890

				1,470,003

Home Furnishings — 0.1%
Whirlpool Corp. 4.50%, 06/01/46 (Call 12/01/45)		605		694,826
4.60%, 05/15/50 (Call 11/15/49)		483		572,907
5.15%, 03/01/43^(a)		135		163,861

				1,431,594


Security	Par (000)		Value

Household Products & Wares — 0.2%
Church & Dwight Co. Inc., 3.95%, 08/01/47 (Call 02/01/47)	$	469	$	524,816
Kimberly-Clark Corp. 2.88%, 02/07/50 (Call 08/07/49)^(a)		892		873,646
3.20%, 07/30/46 (Call 01/30/46)		431		447,622
3.70%, 06/01/43^(a)		315		337,891
3.90%, 05/04/47 (Call 11/04/46)		325		374,767
6.63%, 08/01/37		710		1,069,031
SC Johnson & Son Inc. 4.75%, 10/15/46 (Call 04/15/46)^(b)		815		1,026,144
4.80%, 09/01/40^(b)		200		245,116

				4,899,033

Insurance — 5.1%
Aflac Inc. 4.00%, 10/15/46 (Call 04/15/46)^(a)		271		305,502
4.75%, 01/15/49 (Call 07/15/48)		768		963,644
6.45%, 08/15/40^(a)		131		180,067
AIA Group Ltd. 3.20%, 09/16/40 (Call 03/16/40)^(b)		1,745		1,736,821
4.50%, 03/16/46 (Call 09/16/45)^(b)		200		243,251
AIG SunAmerica Global Financing X, 6.90%, 03/15/32^(a)(b)		1,025		1,427,080
Alleghany Corp., 4.90%, 09/15/44 (Call 03/15/44)^(a)		115		138,669
Allstate Corp. (The) 3.85%, 08/10/49 (Call 02/10/49)^(a)		755		848,498
4.20%, 12/15/46 (Call 06/15/46)		693		817,313
4.50%, 06/15/43		686		838,847
5.35%, 06/01/33^(a)		403		518,413
5.55%, 05/09/35		451		611,774
5.95%, 04/01/36		225		304,216
6.50%, 05/15/67 (Call 05/15/37)^(a)(c)		135		175,069
American Financial Group Inc./OH, 4.50%, 06/15/47 (Call 12/15/46)		625		711,936
American International Group Inc. 3.88%, 01/15/35 (Call 07/15/34)		926		1,012,087
4.38%, 06/30/50 (Call 12/30/49)		435		501,616
4.38%, 01/15/55 (Call 07/15/54)		910		1,039,795
4.50%, 07/16/44 (Call 01/16/44)		1,734		1,993,860
4.70%, 07/10/35 (Call 01/10/35)		370		435,149
4.75%, 04/01/48 (Call 10/01/47)		1,017		1,227,984
4.80%, 07/10/45 (Call 01/10/45)		975		1,171,454
6.25%, 05/01/36		995		1,345,325
8.18%, 05/15/68 (Call 05/15/38)^(c)		295		416,992
AmFam Holdings Inc., 3.83%, 03/11/51 (Call 09/11/50)^(b)		100		103,096
Aon Corp., 6.25%, 09/30/40		25		34,573
Aon PLC 4.25%, 12/12/42		297		331,418
4.45%, 05/24/43 (Call 02/24/43)		300		342,361
4.60%, 06/14/44 (Call 03/14/44)^(a)		821		996,931
4.75%, 05/15/45 (Call 11/15/44)		497		617,642
Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46)		501		626,225
Arch Capital Group Ltd. 3.64%, 06/30/50 (Call 12/30/49)		683		700,463
7.35%, 05/01/34		375		542,358
Arch Capital Group U.S. Inc., 5.14%, 11/01/43		525		651,815
Assurant Inc., 6.75%, 02/15/34		318		397,798
AXIS Specialty Finance PLC, 5.15%, 04/01/45^(a)		383		436,770
Berkshire Hathaway Finance Corp. 2.50%, 01/15/51 (Call 07/15/50)		885		786,634


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
2.85%, 10/15/50 (Call 04/15/50)	$	1,183	$	1,121,020
4.20%, 08/15/48 (Call 02/15/48)		1,940		2,284,265
4.25%, 01/15/49 (Call 07/15/48)		1,703		2,025,060
4.30%, 05/15/43^(a)		542		652,447
4.40%, 05/15/42		700		851,103
5.75%, 01/15/40^(a)		870		1,222,413
Berkshire Hathaway Inc., 4.50%, 02/11/43		876		1,082,922
Brighthouse Financial Inc., 4.70%, 06/22/47 (Call 12/22/46)^(a)		921		958,177
Chubb Corp. (The), 6.00%, 05/11/37		210		294,527
Chubb INA Holdings Inc. 4.15%, 03/13/43		250		291,305
4.35%, 11/03/45 (Call 05/03/45)		860		1,042,138
Cincinnati Financial Corp., 6.13%, 11/01/34		170		227,840
Empower Finance 2020 LP, 3.08%, 09/17/51 (Call 03/17/51)^(a)(b)		1,129		1,083,814
Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)^(a)		1,671		2,038,895
Everest Reinsurance Holdings Inc. 3.50%, 10/15/50 (Call 04/15/50)		165		165,836
4.87%, 06/01/44^(a)		350		420,569
Farmers Exchange Capital II, 6.15%, 11/01/53 (Call 11/01/33)^(b)(c)		85		108,609
Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34)^(a)(b)(c)		665		813,515
Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37)^(b)(c)		625		690,463
Great-West Lifeco Finance 2018 LP, 4.58%, 05/17/48 (Call 11/17/47)^(a)(b)		635		764,119
Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)^(a)(b)		100		114,004
Guardian Life Insurance Co. of America (The) 3.70%, 01/22/70 (Call 07/22/69)^(b)		185		184,201
4.85%, 01/24/77^(b)		680		822,354
4.88%, 06/19/64^(a)(b)		300		368,667
Hartford Financial Services Group Inc. (The) 3.60%, 08/19/49 (Call 02/19/49)		453		477,617
4.30%, 04/15/43		179		204,632
4.40%, 03/15/48 (Call 09/15/47)		540		631,143
5.95%, 10/15/36		541		721,004
6.10%, 10/01/41		260		361,802
6.63%, 03/30/40^(a)		411		583,897
Liberty Mutual Group Inc. 3.95%, 10/15/50 (Call 04/15/50)^(b)		1,301		1,364,921
3.95%, 05/15/60 (Call 11/15/59)^(b)		1,275		1,312,538
4.85%, 08/01/44^(b)		25		29,402
6.50%, 05/01/42^(b)		100		138,462
Liberty Mutual Insurance Co., 7.70%, 10/15/97^(b)		160		244,333
Lincoln National Corp. 4.35%, 03/01/48 (Call 09/01/47)^(a)		419		475,294
4.38%, 06/15/50 (Call 12/15/49)^(a)		204		233,429
6.30%, 10/09/37		131		179,818
7.00%, 06/15/40		553		818,826
Loews Corp. 4.13%, 05/15/43 (Call 11/15/42)		155		171,195
6.00%, 02/01/35		604		800,015
Manulife Financial Corp., 5.38%, 03/04/46^(a)		807		1,086,168
Markel Corp. 4.15%, 09/17/50 (Call 03/17/50)		563		640,263
4.30%, 11/01/47 (Call 05/01/47)		285		327,031


Security	Par (000)		Value

Insurance (continued)
5.00%, 03/30/43	$	275	$	321,282
5.00%, 04/05/46		425		533,611
5.00%, 05/20/49 (Call 11/20/48)		500		639,505
Marsh & McLennan Companies Inc. 4.20%, 03/01/48 (Call 09/01/47)^(a)		740		868,369
4.35%, 01/30/47 (Call 07/30/46)		547		655,457
4.75%, 03/15/39 (Call 09/15/38)		265		332,282
4.90%, 03/15/49 (Call 09/15/48)		904		1,175,297
5.88%, 08/01/33		549		727,660
Massachusetts Mutual Life Insurance Co. 3.38%, 04/15/50^(a)(b)		90		90,159
3.73%, 10/15/70^(a)(b)		1,141		1,152,011
4.90%, 04/01/77^(b)		555		680,105
5.08%, 02/15/69 (Call 02/15/49)^(c)		690		799,901
MetLife Capital Trust IV, 7.88%, 12/15/67 (Call 12/15/32)^(b)		125		173,125
MetLife Inc. 4.05%, 03/01/45		726		837,514
4.13%, 08/13/42		692		803,290
4.60%, 05/13/46 (Call 11/13/45)		1,015		1,255,929
4.72%, 12/15/44		615		767,184
4.88%, 11/13/43		798		1,023,951
5.70%, 06/15/35^(a)		828		1,123,592
5.88%, 02/06/41		1,030		1,445,787
6.38%, 06/15/34		991		1,403,896
6.40%, 12/15/66 (Call 12/15/31)		1,368		1,733,343
6.50%, 12/15/32^(a)		860		1,208,660
10.75%, 08/01/69 (Call 08/01/34)		411		695,272
Mutual of Omaha Insurance Co., 6.80%, 06/15/36^(b)		75		99,685
Nationwide Financial Services Inc. 3.90%, 11/30/49 (Call 05/30/49)^(a)(b)		909		964,300
5.30%, 11/18/44^(a)(b)		505		615,958
6.75%, 05/15/87		16		19,600
Nationwide Mutual Insurance Co. 4.35%, 04/30/50 (Call 10/30/49)^(b)		1,265		1,357,625
4.95%, 04/22/44^(a)(b)		295		333,567
8.25%, 12/01/31^(a)(b)		400		558,749
9.38%, 08/15/39^(a)(b)		789		1,325,618
New York Life Insurance Co. 3.75%, 05/15/50 (Call 11/15/49)^(a)(b)		684		734,625
4.45%, 05/15/69 (Call 11/15/68)^(b)		967		1,168,985
5.88%, 05/15/33^(a)(b)		985		1,271,110
6.75%, 11/15/39^(a)(b)		950		1,394,293
Northwestern Mutual Life Insurance Co. (The) 3.45%, 03/30/51 (Call 09/30/50)^(b)		55		55,877
3.63%, 09/30/59 (Call 03/30/59)^(a)(b)		1,714		1,778,168
3.85%, 09/30/47 (Call 03/30/47)^(b)		770		838,407
6.06%, 03/30/40^(b)		579		797,198
Ohio National Life Insurance Co. (The), 6.88%, 06/15/42^(b)		165		196,019
OneAmerica Financial Partners Inc., 4.25%, 10/15/50 (Call 04/15/50)^(a)(b)		145		144,002
Pacific Life Insurance Co., 4.30%, 10/24/67 (Call 10/24/47)^(a)(b)(c)		1,198		1,320,795
Pacific LifeCorp, 5.13%, 01/30/43^(b)		100		121,452
Pacific LifeCorp. 3.35%, 09/15/50 (Call 03/15/50)^(a)(b)		565		562,108
6.60%, 09/15/33^(b)		25		34,564
Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/61^(b)		75		75,261


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
Principal Financial Group Inc. 4.30%, 11/15/46 (Call 05/15/46)^(a)	$	393	$	455,943
4.35%, 05/15/43		475		548,858
4.63%, 09/15/42		380		455,409
6.05%, 10/15/36		136		181,679
Progressive Corp. (The) 3.70%, 01/26/45		185		204,579
3.95%, 03/26/50 (Call 09/26/49)		555		642,962
4.13%, 04/15/47 (Call 10/15/46)		703		833,149
4.20%, 03/15/48 (Call 09/15/47)		646		771,755
4.35%, 04/25/44		221		266,069
6.25%, 12/01/32^(a)		490		668,118
Prudential Financial Inc. 3.00%, 03/10/40 (Call 09/10/39)		685		686,135
3.70%, 03/13/51 (Call 09/13/50)		850		917,980
3.91%, 12/07/47 (Call 06/07/47)		646		719,025
3.94%, 12/07/49 (Call 06/07/49)		1,151		1,289,946
4.35%, 02/25/50 (Call 08/25/49)		1,124		1,334,789
4.42%, 03/27/48 (Call 09/27/47)		655		774,071
4.60%, 05/15/44		531		646,055
5.70%, 12/14/36		862		1,171,731
6.63%, 12/01/37		65		93,432
6.63%, 06/21/40		335		485,355
Series B, 5.75%, 07/15/33		100		129,739
Securian Financial Group Inc., 4.80%, 04/15/48^(a)(b)		115		134,507
Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)^(a)		280		330,502
Sompo International Holdings Ltd., 7.00%, 07/15/34^(a)		410		560,385
Swiss Re Treasury U.S. Corp., 4.25%, 12/06/42^(a)(b)		400		471,114
Teachers Insurance & Annuity Association of America 3.30%, 05/15/50 (Call 11/15/49)^(a)(b)		1,245		1,231,360
4.27%, 05/15/47 (Call 11/15/46)^(a)(b)		1,616		1,858,757
4.90%, 09/15/44^(b)		1,562		1,945,581
6.85%, 12/16/39^(b)		201		293,406
Transatlantic Holdings Inc., 8.00%, 11/30/39		354		534,624
Travelers Companies Inc. (The) 2.55%, 04/27/50 (Call 10/27/49)		696		637,000
3.75%, 05/15/46 (Call 11/15/45)		575		646,137
4.00%, 05/30/47 (Call 11/30/46)		482		562,879
4.05%, 03/07/48 (Call 09/07/47)		469		550,070
4.10%, 03/04/49 (Call 09/04/48)		524		621,857
4.30%, 08/25/45 (Call 02/25/45)		405		485,461
4.60%, 08/01/43		423		531,135
5.35%, 11/01/40		695		947,625
6.25%, 06/15/37^(a)		687		985,718
6.75%, 06/20/36^(a)		117		171,407
Travelers Property Casualty Corp., 6.38%, 03/15/33^(a)		420		589,239
Trinity Acquisition PLC, 6.13%, 08/15/43		265		359,363
Unum Group 4.50%, 12/15/49 (Call 06/15/49)^(a)		295		301,960
5.75%, 08/15/42		435		517,186
Validus Holdings Ltd., 8.88%, 01/26/40		70		110,412
Voya Financial Inc. 4.80%, 06/15/46^(a)		100		122,173
5.70%, 07/15/43		597		789,522
Western & Southern Financial Group Inc., 5.75%, 07/15/33^(b)		135		171,524
Western & Southern Life Insurance Co. (The) 3.75%, 04/28/61 (Call 10/28/60)^(b)		55		55,658
5.15%, 01/15/49 (Call 07/15/48)^(a)(b)		105		126,833


Security	Par (000)		Value

Insurance (continued)
Willis North America Inc. 3.88%, 09/15/49 (Call 03/15/49)^(a)	$	326	$	351,317
5.05%, 09/15/48 (Call 03/15/48)		515		653,598
WR Berkley Corp. 4.00%, 05/12/50 (Call 11/12/49)		730		805,345
4.75%, 08/01/44		485		579,754
6.25%, 02/15/37		30		38,621
XLIT Ltd. 5.25%, 12/15/43^(a)		165		219,388
5.50%, 03/31/45		621		813,596

				125,560,440

Internet — 1.4%
Alibaba Group Holding Ltd. 3.15%, 02/09/51 (Call 08/09/50)		270		255,528
3.25%, 02/09/61 (Call 08/09/60)		270		254,218
4.00%, 12/06/37 (Call 06/06/37)		590		637,928
4.20%, 12/06/47 (Call 06/06/47)		1,615		1,793,862
4.40%, 12/06/57 (Call 06/06/57)		720		831,835
4.50%, 11/28/34 (Call 05/28/34)^(a)		625		721,085
Alphabet Inc. 1.90%, 08/15/40 (Call 02/15/40)		1,356		1,195,628
2.05%, 08/15/50 (Call 02/15/50)^(a)		2,323		1,948,561
2.25%, 08/15/60 (Call 02/15/60)		1,632		1,356,905
Amazon.com Inc. 2.50%, 06/03/50 (Call 12/03/49)		1,946		1,749,040
2.70%, 06/03/60 (Call 12/03/59)		2,097		1,887,098
3.88%, 08/22/37 (Call 02/22/37)		2,708		3,122,946
4.05%, 08/22/47 (Call 02/22/47)		2,139		2,528,398
4.25%, 08/22/57 (Call 02/22/57)		2,152		2,614,878
4.80%, 12/05/34 (Call 06/05/34)		1,617		2,050,212
4.95%, 12/05/44 (Call 06/05/44)		1,581		2,080,111
eBay Inc., 4.00%, 07/15/42 (Call 01/15/42)		1,109		1,191,336
JD.com Inc., 4.13%, 01/14/50 (Call 07/14/49)		378		392,831
Prosus NV, 4.03%, 08/03/50 (Call 02/03/50)^(b)		1,075		1,003,699
Tencent Holdings Ltd. 3.24%, 06/03/50 (Call 12/03/49)^(b)		850		779,335
3.29%, 06/03/60 (Call 12/03/59)^(b)		1,225		1,104,754
3.68%, 04/22/41 (Call 10/22/40)^(b)		1,000		1,015,400
3.84%, 04/22/51 (Call 10/22/50)^(b)		2,000		2,022,140
3.93%, 01/19/38 (Call 07/19/37)^(a)(b)		800		842,552
4.53%, 04/11/49 (Call 10/11/48)^(a)(b)		265		299,102

				33,679,382

Iron & Steel — 0.2%
Nucor Corp. 2.98%, 12/15/55 (Call 06/15/55)^(b)		1,371		1,263,550
4.40%, 05/01/48 (Call 11/01/47)		115		138,092
5.20%, 08/01/43 (Call 02/01/43)		12		15,545
Steel Dynamics Inc., 3.25%, 10/15/50 (Call 04/15/50)		260		248,386
Vale Overseas Ltd. 6.88%, 11/21/36		1,455		1,976,996
6.88%, 11/10/39		1,340		1,846,520
8.25%, 01/17/34		65		93,600
Vale SA, 5.63%, 09/11/42		405		502,200

				6,084,889

Leisure Time — 0.0%
Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45)		390		412,260


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Lodging — 0.0%
Marriott International Inc./MD 4.50%, 10/01/34 (Call 04/01/34)	$	280	$	307,406
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		570		595,004

				902,410

Machinery — 0.6%
Caterpillar Inc. 3.25%, 09/19/49 (Call 03/19/49)		1,280		1,335,325
3.25%, 04/09/50 (Call 10/09/49)		1,006		1,049,108
3.80%, 08/15/42		1,041		1,195,431
4.30%, 05/15/44 (Call 11/15/43)		575		690,227
4.75%, 05/15/64 (Call 11/15/63)^(a)		412		553,722
5.20%, 05/27/41		620		815,380
5.30%, 09/15/35^(a)		86		110,996
6.05%, 08/15/36^(a)		744		1,045,843
Crane Co., 4.20%, 03/15/48 (Call 09/15/47)		70		71,664
Deere & Co. 2.88%, 09/07/49 (Call 03/07/49)		905		887,880
3.75%, 04/15/50 (Call 10/15/49)		1,130		1,288,363
3.90%, 06/09/42 (Call 12/09/41)		762		890,769
Dover Corp. 5.38%, 10/15/35		640		808,161
5.38%, 03/01/41 (Call 12/01/40)^(a)		470		579,719
Otis Worldwide Corp. 3.11%, 02/15/40 (Call 08/15/39)		645		649,723
3.36%, 02/15/50 (Call 08/15/49)		738		749,654
Rockwell Automation Inc. 4.20%, 03/01/49 (Call 09/01/48)^(a)		701		836,298
6.25%, 12/01/37		25		34,701
Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46)		488		560,442

				14,153,406

Manufacturing — 1.4%
3M Co. 3.13%, 09/19/46 (Call 03/19/46)		449		457,298
3.25%, 08/26/49 (Call 02/26/49)^(a)		1,011		1,046,105
3.63%, 10/15/47 (Call 04/15/47)^(a)		591		652,713
3.70%, 04/15/50 (Call 10/15/49)		650		727,145
3.88%, 06/15/44		150		166,912
4.00%, 09/14/48 (Call 03/14/48)		303		355,066
5.70%, 03/15/37^(a)		140		185,581
Eaton Corp. 4.00%, 11/02/32		1,100		1,257,563
4.15%, 11/02/42		1,066		1,226,405
General Electric Co. 4.13%, 10/09/42		882		968,299
4.25%, 05/01/40 (Call 11/01/39)		1,358		1,517,598
4.35%, 05/01/50 (Call 11/01/49)		2,493		2,775,747
4.50%, 03/11/44		1,029		1,170,274
5.88%, 01/14/38		2,458		3,216,841
6.15%, 08/07/37		1,069		1,427,315
6.75%, 03/15/32		2,879		3,889,186
6.88%, 01/10/39		1,965		2,825,752
Illinois Tool Works Inc. 3.90%, 09/01/42 (Call 03/01/42)		1,199		1,385,816
4.88%, 09/15/41 (Call 03/15/41)		665		853,296
Parker-Hannifin Corp. 4.00%, 06/14/49 (Call 12/14/48)		922		1,044,898
4.10%, 03/01/47 (Call 09/01/46)		290		329,487
4.20%, 11/21/34 (Call 05/21/34)		810		933,784
4.45%, 11/21/44 (Call 05/21/44)		400		475,111


Security	Par (000)		Value

Manufacturing (continued)
6.25%, 05/15/38	$	355	$	491,048
Siemens Financieringsmaatschappij NV 2.88%, 03/11/41^(a)(b)		265		262,144
3.30%, 09/15/46^(a)(b)		845		878,057
4.20%, 03/16/47^(b)		1,595		1,901,205
4.40%, 05/27/45^(b)		1,348		1,646,464
Trane Technologies Global Holding Co. Ltd. 4.30%, 02/21/48 (Call 08/21/47)		175		200,140
5.75%, 06/15/43		571		792,055
Trane Technologies Luxembourg Finance SA 4.50%, 03/21/49 (Call 09/21/48)		265		317,889
4.65%, 11/01/44 (Call 05/01/44)		305		364,739

				35,741,933

Media — 5.3%
Charter Communications Operating LLC/Charter Communications Operating Capital 2.30%, 02/01/32 (Call 11/01/31)		1,590		1,490,619
3.50%, 06/01/41 (Call 12/01/40)^(a)		50		48,098
3.70%, 04/01/51 (Call 10/01/50)		1,874		1,763,063
3.85%, 04/01/61 (Call 10/01/60)		1,755		1,610,620
3.90%, 06/01/52 (Call 12/01/51)		278		270,037
4.80%, 03/01/50 (Call 09/01/49)		2,359		2,597,950
5.13%, 07/01/49 (Call 01/01/49)		1,010		1,155,137
5.38%, 04/01/38 (Call 10/01/37)		1,274		1,517,331
5.38%, 05/01/47 (Call 11/01/46)		2,370		2,780,947
5.75%, 04/01/48 (Call 10/01/47)		2,057		2,524,443
6.38%, 10/23/35 (Call 04/23/35)		2,608		3,400,608
6.48%, 10/23/45 (Call 04/23/45)		3,055		4,041,256
6.83%, 10/23/55 (Call 04/23/55)		117		166,715
Comcast Corp. 2.45%, 08/15/52 (Call 02/15/52)		1,350		1,161,746
2.65%, 08/15/62 (Call 02/15/62)^(a)		1,100		962,264
2.80%, 01/15/51 (Call 07/15/50)		550		508,091
3.20%, 07/15/36 (Call 01/15/36)		1,050		1,101,308
3.25%, 11/01/39 (Call 05/01/39)		1,458		1,509,442
3.40%, 07/15/46 (Call 01/15/46)		1,220		1,265,078
3.45%, 02/01/50 (Call 08/01/49)		1,635		1,699,980
3.75%, 04/01/40 (Call 10/01/39)		1,519		1,675,815
3.90%, 03/01/38 (Call 09/01/37)		1,143		1,289,495
3.97%, 11/01/47 (Call 05/01/47)		1,822		2,050,236
4.00%, 08/15/47 (Call 02/15/47)		510		576,854
4.00%, 03/01/48 (Call 09/01/47)		1,055		1,193,370
4.00%, 11/01/49 (Call 05/01/49)		1,865		2,118,009
4.05%, 11/01/52 (Call 05/01/52)		625		716,058
4.20%, 08/15/34 (Call 02/15/34)		1,041		1,209,517
4.25%, 01/15/33		1,669		1,957,751
4.40%, 08/15/35 (Call 02/25/35)		895		1,059,297
4.50%, 01/15/43		545		654,852
4.60%, 10/15/38 (Call 04/15/38)		2,930		3,562,939
4.60%, 08/15/45 (Call 02/15/45)		1,565		1,918,264
4.65%, 07/15/42		1,075		1,320,648
4.70%, 10/15/48 (Call 04/15/48)		3,380		4,232,490
4.75%, 03/01/44		815		1,011,424
4.95%, 10/15/58 (Call 04/15/58)		2,412		3,217,608
5.65%, 06/15/35		821		1,097,690
6.40%, 05/15/38^(a)		299		431,241
6.40%, 03/01/40		21		30,756
6.45%, 03/15/37		375		540,173
6.50%, 11/15/35		1,012		1,447,095
6.55%, 07/01/39		266		387,889


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
6.95%, 08/15/37	$	698	$	1,055,110
7.05%, 03/15/33		696		999,644
Cox Communications Inc. 2.95%, 10/01/50 (Call 04/01/50)^(b)		645		587,685
4.50%, 06/30/43 (Call 12/30/42)^(a)(b)		96		110,072
4.60%, 08/15/47 (Call 02/15/47)^(a)(b)		466		547,983
4.70%, 12/15/42^(b)		556		654,398
4.80%, 02/01/35 (Call 08/01/34)^(a)(b)		1,063		1,265,740
8.38%, 03/01/39^(b)		936		1,542,917
Discovery Communications LLC 4.00%, 09/15/55 (Call 03/15/55)^(b)		2,610		2,552,245
4.65%, 05/15/50 (Call 11/15/49)		577		639,106
4.88%, 04/01/43		60		68,995
4.95%, 05/15/42		50		57,831
5.00%, 09/20/37 (Call 03/20/37)^(a)		75		88,792
5.20%, 09/20/47 (Call 03/20/47)		772		905,372
5.30%, 05/15/49 (Call 11/15/48)		1,058		1,266,425
6.35%, 06/01/40		445		594,613
Fox Corp. 5.48%, 01/25/39 (Call 07/25/38)		1,178		1,477,123
5.58%, 01/25/49 (Call 07/25/48)^(a)		1,315		1,688,506
Grupo Televisa SAB 5.00%, 05/13/45 (Call 11/13/44)^(a)		1,160		1,345,007
5.25%, 05/24/49 (Call 11/24/48)^(a)		575		692,737
6.13%, 01/31/46 (Call 06/30/45)		200		265,242
6.63%, 01/15/40		391		524,108
NBCUniversal Media LLC 4.45%, 01/15/43^(a)		1,045		1,253,450
5.95%, 04/01/41		1,021		1,432,921
6.40%, 04/30/40		240		352,051
Thomson Reuters Corp. 5.50%, 08/15/35^(a)		700		886,765
5.65%, 11/23/43 (Call 05/23/43)^(a)		330		423,959
5.85%, 04/15/40		250		332,190
Time Warner Cable LLC 4.50%, 09/15/42 (Call 03/15/42)		1,115		1,206,515
5.50%, 09/01/41 (Call 03/01/41)		1,195		1,430,970
5.88%, 11/15/40 (Call 05/15/40)		1,235		1,544,824
6.55%, 05/01/37		1,188		1,577,961
6.75%, 06/15/39^(a)		1,089		1,484,141
7.30%, 07/01/38		1,193		1,692,734
Time Warner Entertainment Co. LP, 8.38%, 07/15/33		1,010		1,492,261
TWDC Enterprises 18 Corp. 3.00%, 07/30/46^(a)		425		418,055
3.70%, 12/01/42		622		680,061
4.13%, 06/01/44		442		512,118
4.38%, 08/16/41		380		452,979
Series B, 7.00%, 03/01/32		572		809,573
Series E, 4.13%, 12/01/41		555		638,103
ViacomCBS Inc. 4.20%, 05/19/32 (Call 02/19/32)		1,193		1,330,321
4.38%, 03/15/43		1,063		1,150,840
4.60%, 01/15/45 (Call 07/15/44)		985		1,097,260
4.85%, 07/01/42 (Call 01/01/42)^(a)		407		470,468
4.90%, 08/15/44 (Call 02/15/44)		650		751,455
4.95%, 05/19/50 (Call 11/19/49)^(a)		615		718,939
5.25%, 04/01/44 (Call 10/01/43)^(a)		415		498,671
5.50%, 05/15/33^(a)		140		171,313
5.85%, 09/01/43 (Call 03/01/43)		713		912,291
5.90%, 10/15/40 (Call 04/15/40)		295		373,727


Security	Par (000)		Value

Media (continued)
6.88%, 04/30/36	$	980	$	1,358,505
Walt Disney Co. (The) 2.75%, 09/01/49 (Call 03/01/49)^(a)		1,400		1,306,014
3.50%, 05/13/40 (Call 11/13/39)		1,272		1,359,305
3.60%, 01/13/51 (Call 07/13/50)		2,471		2,659,755
3.80%, 05/13/60 (Call 11/13/59)^(a)		1,369		1,505,542
4.63%, 03/23/40 (Call 09/23/39)^(a)		830		1,015,748
4.70%, 03/23/50 (Call 09/23/49)		1,605		2,030,036
4.75%, 09/15/44 (Call 03/15/44)		774		972,138
4.75%, 11/15/46 (Call 05/15/46)		419		522,832
4.95%, 10/15/45 (Call 04/15/45)^(a)		580		747,566
5.40%, 10/01/43		680		917,700
6.15%, 03/01/37		60		84,220
6.15%, 02/15/41^(a)		74		107,186
6.20%, 12/15/34		990		1,375,586
6.40%, 12/15/35		927		1,326,233
6.55%, 03/15/33		320		446,900
6.65%, 11/15/37		1,113		1,648,145

				129,684,182

Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp. 3.90%, 01/15/43 (Call 07/15/42)		651		705,503
4.20%, 06/15/35 (Call 12/15/34)		236		274,419
4.38%, 06/15/45 (Call 12/15/44)		341		393,931
Valmont Industries Inc. 5.00%, 10/01/44 (Call 04/01/44)		535		612,893
5.25%, 10/01/54 (Call 04/01/54)		81		92,875

				2,079,621

Mining — 1.6%
Anglo American Capital PLC, 3.95%, 09/10/50 (Call 03/10/50)^(b)		390		402,504
Barrick Gold Corp. 5.25%, 04/01/42		646		813,887
6.45%, 10/15/35		325		439,019
Barrick International Barbados Corp., 6.35%, 10/15/36^(b)		200		271,190
Barrick North America Finance LLC 5.70%, 05/30/41		865		1,129,857
5.75%, 05/01/43		625		836,236
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		1,045		1,410,657
BHP Billiton Finance USA Ltd. 4.13%, 02/24/42		1,194		1,397,411
5.00%, 09/30/43		2,158		2,851,563
Corp. Nacional del Cobre de Chile 3.15%, 01/15/51 (Call 07/15/50)^(b)		15		13,818
3.70%, 01/30/50 (Call 07/30/49)^(b)		1,390		1,404,206
4.25%, 07/17/42^(a)(b)		975		1,064,524
4.38%, 02/05/49 (Call 08/05/48)^(b)		1,110		1,242,945
4.50%, 08/01/47 (Call 02/01/47)^(b)		1,280		1,447,578
4.88%, 11/04/44^(b)		785		929,393
5.63%, 09/21/35^(b)		75		97,327
5.63%, 10/18/43^(b)		1,000		1,289,170
Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)^(b)		400		392,000
Glencore Canada Corp., 6.20%, 06/15/35		120		153,390
Glencore Finance Canada Ltd. 5.55%, 10/25/42^(a)(b)		595		734,522
6.00%, 11/15/41^(b)		213		268,440
6.90%, 11/15/37^(a)(b)		340		457,926
Glencore Funding LLC, 3.88%, 04/27/51 (Call 10/27/50)^(b)		75		74,589


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mining (continued)
Indonesia Asahan Aluminium Persero PT 5.80%, 05/15/50 (Call 11/15/49)^(b)	$	200	$	235,250
6.76%, 11/15/48^(a)(b)		734		939,520
Industrias Penoles SAB de CV 4.75%, 08/06/50 (Call 02/06/50)^(b)		415		426,931
5.65%, 09/12/49 (Call 03/12/49)^(b)		500		577,900
Kinross Gold Corp., 6.88%, 09/01/41 (Call 03/01/41)		366		484,066
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)^(a)(b)		630		663,075
Newcrest Finance Pty Ltd. 4.20%, 05/13/50 (Call 11/13/49)^(a)(b)		854		938,882
5.75%, 11/15/41^(a)(b)		245		318,122
Newmont Corp. 4.88%, 03/15/42 (Call 09/15/41)		1,096		1,348,021
5.45%, 06/09/44 (Call 12/09/43)^(a)		410		541,622
5.88%, 04/01/35		495		656,325
6.25%, 10/01/39		829		1,151,083
Rio Tinto Alcan Inc. 5.75%, 06/01/35		349		464,540
6.13%, 12/15/33^(a)		1,086		1,504,558
Rio Tinto Finance USA Ltd., 5.20%, 11/02/40		1,038		1,366,842
Rio Tinto Finance USA PLC 4.13%, 08/21/42 (Call 02/21/42)		814		954,409
4.75%, 03/22/42 (Call 09/22/41)		328		410,996
Southern Copper Corp. 5.25%, 11/08/42		775		944,760
5.88%, 04/23/45^(a)		1,320		1,739,886
6.75%, 04/16/40^(a)		1,160		1,616,236
7.50%, 07/27/35		850		1,216,771
Teck Resources Ltd. 5.20%, 03/01/42 (Call 09/01/41)^(a)		345		391,664
5.40%, 02/01/43 (Call 08/01/42)		265		313,134
6.00%, 08/15/40 (Call 02/15/40)		415		508,253
6.13%, 10/01/35		145		180,375
6.25%, 07/15/41 (Call 01/15/41)^(a)		542		687,972

				39,703,345

Oil & Gas — 6.0%
BG Energy Capital PLC, 5.13%, 10/15/41^(b)		710		898,287
BP Capital Markets America Inc. 2.77%, 11/10/50 (Call 05/10/50)		1,717		1,520,133
2.94%, 06/04/51 (Call 12/04/50)		1,500		1,363,544
3.00%, 02/24/50 (Call 08/24/49)		1,660		1,533,091
3.38%, 02/08/61 (Call 08/08/60)		1,226		1,162,630
Burlington Resources LLC 5.95%, 10/15/36		542		723,010
7.20%, 08/15/31		495		698,700
7.40%, 12/01/31		335		481,233
Canadian Natural Resources Ltd. 4.95%, 06/01/47 (Call 12/01/46)		541		641,318
5.85%, 02/01/35		335		417,715
6.25%, 03/15/38		620		817,173
6.45%, 06/30/33		380		489,767
6.50%, 02/15/37		435		569,828
6.75%, 02/01/39		807		1,106,766
7.20%, 01/15/32		425		567,849
Cenovus Energy Inc. 5.25%, 06/15/37 (Call 12/15/36)		1,275		1,417,483
5.40%, 06/15/47 (Call 12/15/46)		255		290,009
6.75%, 11/15/39		740		937,202


Security	Par (000)		Value

Oil & Gas (continued)
Chevron Corp. 2.98%, 05/11/40 (Call 11/11/39)	$	335	$	337,283
3.08%, 05/11/50 (Call 11/11/49)		880		857,827
Chevron USA Inc. 2.34%, 08/12/50 (Call 02/12/50)		713		604,844
4.20%, 10/15/49 (Call 04/15/49)^(a)		340		393,008
4.95%, 08/15/47 (Call 02/15/47)		485		617,119
5.05%, 11/15/44 (Call 05/15/44)		804		1,021,621
5.25%, 11/15/43 (Call 05/15/43)		1,017		1,329,353
6.00%, 03/01/41 (Call 09/01/40)		815		1,148,509
CNOOC Finance 2012 Ltd., 5.00%, 05/02/42^(b)		250		293,373
CNOOC Finance 2013 Ltd. 3.30%, 09/30/49 (Call 03/30/49)^(a)		650		594,438
4.25%, 05/09/43		220		232,852
CNOOC Finance 2014 ULC, 4.88%, 04/30/44		405		469,227
CNOOC Finance 2015 Australia Pty Ltd., 4.20%, 05/05/45^(a)		400		421,001
CNOOC Petroleum North America ULC 5.88%, 03/10/35		1,292		1,593,828
6.40%, 05/15/37		995		1,304,387
7.50%, 07/30/39^(a)		660		979,839
7.88%, 03/15/32		200		281,945
CNPC HK Overseas Capital Ltd., 5.95%, 04/28/41^(b)		400		532,971
Conoco Funding Co., 7.25%, 10/15/31		530		753,172
ConocoPhillips 4.85%, 08/15/48 (Call 02/15/48)^(b)		775		964,425
4.88%, 10/01/47 (Call 04/01/47)^(a)(b)		727		906,801
5.90%, 10/15/32		556		727,804
5.90%, 05/15/38		573		770,270
6.50%, 02/01/39		2,328		3,340,958
ConocoPhillips Co. 4.30%, 11/15/44 (Call 05/15/44)		598		690,963
5.95%, 03/15/46 (Call 09/15/45)		290		409,279
Devon Energy Corp. 4.75%, 05/15/42 (Call 11/15/41)		844		910,801
5.00%, 06/15/45 (Call 12/15/44)		837		935,606
5.60%, 07/15/41 (Call 01/15/41)^(a)		1,116		1,319,696
7.88%, 09/30/31		253		343,864
7.95%, 04/15/32		220		301,295
Diamondback Energy Inc., 4.40%, 03/24/51 (Call 09/24/50)		239		250,907
Ecopetrol SA 5.88%, 05/28/45^(a)		1,465		1,558,921
7.38%, 09/18/43		865		1,071,475
Empresa Nacional del Petroleo, 4.50%, 09/14/47
(Call 03/14/47)^(a)(b)		623		618,459
Eni SpA, 5.70%, 10/01/40^(b)		300		364,532
EOG Resources Inc. 3.90%, 04/01/35 (Call 10/01/34)		664		724,640
4.95%, 04/15/50 (Call 10/15/49)^(a)		832		1,031,542
5.10%, 01/15/36 (Call 07/15/35)		250		299,834
Equinor ASA 3.25%, 11/18/49 (Call 05/18/49)		480		480,865
3.63%, 04/06/40 (Call 10/06/39)		620		678,189
3.70%, 04/06/50 (Call 10/06/49)		963		1,042,251
3.95%, 05/15/43		858		963,846
4.25%, 11/23/41		665		765,725
4.80%, 11/08/43		541		665,079
5.10%, 08/17/40		853		1,089,657


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
Exxon Mobil Corp. 3.00%, 08/16/39 (Call 02/16/39)	$	799	$	786,115
3.10%, 08/16/49 (Call 02/16/49)		1,484		1,432,393
3.45%, 04/15/51 (Call 10/15/50)		2,271		2,317,835
3.57%, 03/06/45 (Call 09/06/44)		1,202		1,249,153
4.11%, 03/01/46 (Call 09/01/45)		1,960		2,202,656
4.23%, 03/19/40 (Call 09/19/39)		2,160		2,469,580
4.33%, 03/19/50 (Call 09/19/49)		2,074		2,420,505
Gazprom PJSC Via Gaz Capital SA, 7.29%, 08/16/37^(b)		1,200		1,668,000
Hess Corp. 5.60%, 02/15/41		1,031		1,208,310
5.80%, 04/01/47 (Call 10/01/46)		328		399,983
6.00%, 01/15/40		400		489,221
7.13%, 03/15/33		575		752,680
7.30%, 08/15/31		321		422,597
KazMunayGas National Co. JSC, 6.38%, 10/24/48^(b)		1,515		1,946,284
Marathon Oil Corp. 5.20%, 06/01/45 (Call 12/01/44)		140		156,345
6.60%, 10/01/37		1,065		1,348,968
6.80%, 03/15/32		636		802,364
Marathon Petroleum Corp. 4.50%, 04/01/48 (Call 10/01/47)		673		723,035
4.75%, 09/15/44 (Call 03/15/44)		696		780,323
5.00%, 09/15/54 (Call 03/15/54)^(a)		378		422,719
5.85%, 12/15/45 (Call 06/15/45)		420		512,381
6.50%, 03/01/41 (Call 09/01/40)		795		1,055,142
Motiva Enterprises LLC, 6.85%, 01/15/40^(b)		523		640,435
Pertamina Persero PT 4.15%, 02/25/60 (Call 08/25/59)^(b)		400		388,057
4.18%, 01/21/50 (Call 07/21/49)^(a)(b)		845		843,699
4.70%, 07/30/49^(b)		955		1,002,643
5.63%, 05/20/43^(a)(b)		1,105		1,275,365
6.00%, 05/03/42^(a)(b)		895		1,069,466
6.45%, 05/30/44^(b)		1,150		1,468,077
6.50%, 05/27/41^(b)		375		475,289
6.50%, 11/07/48^(a)(b)		880		1,139,487
Petroleos del Peru SA 4.75%, 06/19/32^(b)		1,148		1,167,022
5.63%, 06/19/47^(b)		995		1,024,850
Petronas Capital Ltd. 4.50%, 03/18/45^(b)		1,325		1,579,802
4.55%, 04/21/50 (Call 10/21/49)^(b)		2,495		2,947,295
4.80%, 04/21/60 (Call 10/21/59)^(b)		765		965,782
Peugeot Invest, 6.80%, 09/15/37		593		738,606
Phillips 66 4.65%, 11/15/34 (Call 05/15/34)		949		1,108,725
4.88%, 11/15/44 (Call 05/15/44)		1,400		1,664,681
5.88%, 05/01/42		1,411		1,860,672
PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59^(a)(b)		500		501,526
Saudi Arabian Oil Co. 3.25%, 11/24/50 (Call 05/24/50)^(b)		2,814		2,584,053
3.50%, 11/24/70 (Call 05/24/70)^(b)		240		219,188
4.25%, 04/16/39^(b)		2,745		2,993,122
4.38%, 04/16/49^(b)		2,650		2,912,244
Shell International Finance BV 3.13%, 11/07/49 (Call 05/07/49)^(a)		1,025		1,001,322
3.25%, 04/06/50 (Call 10/06/49)		1,492		1,496,724
3.63%, 08/21/42^(a)		583		635,517
3.75%, 09/12/46		1,034		1,123,403
4.00%, 05/10/46		1,860		2,089,144


Security	Par (000)			Value

Oil & Gas (continued)
4.13%, 05/11/35^(a)	$	1,433		$	1,654,161
4.38%, 05/11/45		2,656			3,138,956
4.55%, 08/12/43		1,067			1,289,563
5.50%, 03/25/40		1,070			1,446,320
6.38%, 12/15/38		2,568			3,709,294
Sinopec Capital 2013 Ltd., 4.25%, 04/24/43^(b)		250			276,050
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42^(b)		735			876,685
Sinopec Group Overseas Development 2013 Ltd., 5.38%, 10/17/43^(b)		250			319,129
Sinopec Group Overseas Development 2015 Ltd., 4.10%, 04/28/45^(b)		55			59,717
Sinopec Group Overseas Development 2017 Ltd. 4.00%, 09/13/47^(b)		670			718,562
4.25%, 04/12/47^(b)		600			674,652
Sinopec Group Overseas Development 2018 Ltd. 3.35%, 05/13/50 (Call 11/13/49)^(b)		1,000			956,299
3.68%, 08/08/49 (Call 02/08/49)^(b)		885			905,991
4.60%, 09/12/48^(b)		275			323,996
Suncor Energy Inc. 3.75%, 03/04/51 (Call 09/04/50)		236			236,031
4.00%, 11/15/47 (Call 05/15/47)		1,133			1,181,296
5.35%, 07/15/33		365			439,608
5.95%, 12/01/34		15			19,301
5.95%, 05/15/35		381			488,182
6.50%, 06/15/38		1,002			1,364,291
6.80%, 05/15/38		1,062			1,470,872
6.85%, 06/01/39		669			936,475
7.15%, 02/01/32		515			707,304
Thaioil Treasury Center Co. Ltd. 3.50%, 10/17/49^(b)		175			153,066
3.75%, 06/18/50^(b)		1,000			911,873
5.38%, 11/20/48^(b)		600			684,036
Total Capital International SA 2.99%, 06/29/41 (Call 12/29/40)		945	��		919,301
3.13%, 05/29/50 (Call 11/29/49)		2,235			2,143,741
3.39%, 06/29/60 (Call 12/29/59)		867			847,419
3.46%, 07/12/49 (Call 01/12/49)		656			666,964
Valero Energy Corp. 4.90%, 03/15/45^(a)		734			835,309
6.63%, 06/15/37		1,064			1,390,176
7.50%, 04/15/32		1,000			1,356,398
10.50%, 03/15/39		69			116,958
XTO Energy Inc., 6.75%, 08/01/37		25			35,726

					148,366,506

Oil & Gas Services — 0.4%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc., 4.08%, 12/15/47 (Call 06/15/47)		1,088			1,168,673
Baker Hughes Holdings LLC, 5.13%, 09/15/40		1,024			1,256,808
Halliburton Co. 4.50%, 11/15/41 (Call 05/15/41)		210			222,849
4.75%, 08/01/43 (Call 02/01/43)		1,050			1,135,493
4.85%, 11/15/35 (Call 05/15/35)		994			1,123,601
5.00%, 11/15/45 (Call 05/15/45)		1,086			1,229,619
6.70%, 09/15/38		836			1,099,126
7.45%, 09/15/39^(a)		565			802,704
NOV Inc., 3.95%, 12/01/42 (Call 06/01/42)^(a)		1,164			1,088,489

					9,127,362


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Packaging & Containers — 0.1%
Packaging Corp. of America, 4.05%, 12/15/49
(Call 06/15/49)	$	655	$	740,362
Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/40)		734		923,722
WRKCo Inc. 3.00%, 06/15/33 (Call 03/15/33)		905		933,885
4.20%, 06/01/32 (Call 03/01/32)		579		661,571

				3,259,540

Pharmaceuticals — 6.9%
AbbVie Inc. 4.05%, 11/21/39 (Call 05/21/39)		3,315		3,701,572
4.25%, 11/21/49 (Call 05/21/49)		4,913		5,566,770
4.30%, 05/14/36 (Call 11/14/35)		1,007		1,154,117
4.40%, 11/06/42		1,777		2,055,519
4.45%, 05/14/46 (Call 11/14/45)		1,269		1,470,362
4.50%, 05/14/35 (Call 11/14/34)		2,313		2,712,283
4.55%, 03/15/35 (Call 09/15/34)		1,605		1,897,721
4.63%, 10/01/42 (Call 04/01/42)		400		469,993
4.70%, 05/14/45 (Call 11/14/44)		2,421		2,882,050
4.75%, 03/15/45 (Call 09/15/44)		999		1,191,837
4.85%, 06/15/44 (Call 12/15/43)		900		1,096,617
4.88%, 11/14/48 (Call 05/14/48)		1,610		1,987,334
AmerisourceBergen Corp. 4.25%, 03/01/45 (Call 09/01/44)		535		600,660
4.30%, 12/15/47 (Call 06/15/47)^(a)		589		671,159
AstraZeneca PLC 2.13%, 08/06/50 (Call 02/06/50)^(a)		600		486,570
4.00%, 09/18/42		893		1,005,987
4.38%, 11/16/45		935		1,095,105
4.38%, 08/17/48 (Call 02/17/48)^(a)		644		754,583
6.45%, 09/15/37		2,475		3,560,849
Bayer U.S. Finance II LLC 3.95%, 04/15/45 (Call 10/15/44)^(b)		590		606,266
4.20%, 07/15/34 (Call 01/15/34)^(a)(b)		586		638,251
4.40%, 07/15/44 (Call 01/15/44)^(a)(b)		829		922,311
4.63%, 06/25/38 (Call 12/25/37)^(a)(b)		1,052		1,212,892
4.65%, 11/15/43 (Call 05/15/43)^(b)		125		135,941
4.70%, 07/15/64 (Call 01/15/64)^(b)		735		832,003
4.88%, 06/25/48 (Call 12/25/47)^(b)		1,655		1,983,163
5.50%, 07/30/35^(b)		75		89,871
Becton Dickinson and Co. 3.79%, 05/20/50 (Call 11/20/49)		686		729,485
4.67%, 06/06/47 (Call 12/06/46)		1,465		1,749,525
4.69%, 12/15/44 (Call 06/15/44)		1,069		1,283,641
Bristol-Myers Squibb Co. 2.35%, 11/13/40 (Call 05/13/40)		600		555,698
2.55%, 11/13/50 (Call 05/13/50)		560		502,291
3.25%, 08/01/42		1,344		1,415,863
4.13%, 06/15/39 (Call 12/15/38)		2,276		2,659,035
4.25%, 10/26/49 (Call 04/26/49)^(a)		2,971		3,525,600
4.35%, 11/15/47 (Call 05/15/47)		995		1,194,138
4.50%, 03/01/44 (Call 09/01/43)		1,090		1,334,693
4.55%, 02/20/48 (Call 08/20/47)		1,677		2,064,280
4.63%, 05/15/44 (Call 11/15/43)		59		72,955
5.00%, 08/15/45 (Call 02/15/45)		1,265		1,639,963
Cardinal Health Inc. 4.37%, 06/15/47 (Call 12/15/46)		601		661,555
4.50%, 11/15/44 (Call 05/15/44)		148		163,274
4.60%, 03/15/43		383		427,654
4.90%, 09/15/45 (Call 03/15/45)		554		652,663


Security	Par (000)		Value

Pharmaceuticals (continued)
Cigna Corp. 3.20%, 03/15/40 (Call 09/15/39)^(a)	$	520	$	533,051
3.40%, 03/15/50 (Call 09/15/49)		1,415		1,404,525
3.40%, 03/15/51 (Call 09/15/50)		485		481,434
3.88%, 10/15/47 (Call 04/15/47)		1,003		1,075,480
4.80%, 08/15/38 (Call 02/15/38)		2,321		2,802,909
4.80%, 07/15/46 (Call 01/16/46)		1,228		1,492,274
4.90%, 12/15/48 (Call 06/15/48)		2,575		3,178,048
5.38%, 02/15/42 (Call 08/15/41)		400		491,522
6.13%, 11/15/41		205		283,271
CVS Health Corp. 2.70%, 08/21/40 (Call 02/21/40)		988		911,403
4.13%, 04/01/40 (Call 10/01/39)		968		1,069,868
4.25%, 04/01/50 (Call 10/01/49)^(a)		893		1,005,124
4.78%, 03/25/38 (Call 09/25/37)		4,295		5,134,650
4.88%, 07/20/35 (Call 01/20/35)		910		1,084,690
5.05%, 03/25/48 (Call 09/25/47)		6,668		8,199,590
5.13%, 07/20/45 (Call 01/20/45)		2,915		3,627,337
5.30%, 12/05/43 (Call 06/05/43)		853		1,081,203
6.13%, 09/15/39^(a)		23		30,857
Eli Lilly & Co. 2.25%, 05/15/50 (Call 11/15/49)		1,420		1,206,544
2.50%, 09/15/60 (Call 03/15/60)		914		783,551
3.70%, 03/01/45 (Call 09/01/44)		25		27,500
3.88%, 03/15/39 (Call 09/15/38)^(a)		1,060		1,226,101
3.95%, 05/15/47 (Call 11/15/46)		725		824,478
3.95%, 03/15/49 (Call 09/15/48)		861		983,189
4.15%, 03/15/59 (Call 09/15/58)		1,085		1,297,520
5.95%, 11/15/37		50		69,366
GlaxoSmithKline Capital Inc. 4.20%, 03/18/43		644		770,122
5.38%, 04/15/34		660		879,198
6.38%, 05/15/38		2,087		3,037,959
Johnson & Johnson 2.10%, 09/01/40 (Call 03/01/40)		1,208		1,102,263
2.25%, 09/01/50 (Call 03/01/50)^(a)		1,028		912,015
2.45%, 09/01/60 (Call 03/01/60)		817		725,193
3.40%, 01/15/38 (Call 07/15/37)		955		1,050,439
3.50%, 01/15/48 (Call 07/15/47)		811		897,528
3.55%, 03/01/36 (Call 09/01/35)		1,039		1,174,514
3.63%, 03/03/37 (Call 09/03/36)		1,465		1,654,066
3.70%, 03/01/46 (Call 09/01/45)		1,520		1,730,584
3.75%, 03/03/47 (Call 09/03/46)		780		895,759
4.38%, 12/05/33 (Call 06/05/33)		762		937,812
4.50%, 09/01/40		360		448,153
4.50%, 12/05/43 (Call 06/05/43)		350		438,813
4.85%, 05/15/41		336		432,139
4.95%, 05/15/33^(a)		599		775,197
5.85%, 07/15/38		760		1,079,758
5.95%, 08/15/37		950		1,356,082
McKesson Corp. 4.88%, 03/15/44 (Call 09/15/43)^(a)		625		758,035
6.00%, 03/01/41 (Call 09/01/40)		120		158,031
Mead Johnson Nutrition Co. 4.60%, 06/01/44 (Call 12/01/43)		523		657,153
5.90%, 11/01/39^(a)		345		479,781
Merck & Co. Inc. 2.35%, 06/24/40 (Call 12/24/39)^(a)		1,404		1,302,198
2.45%, 06/24/50 (Call 12/24/49)		921		813,058
3.60%, 09/15/42 (Call 03/15/42)		665		736,146


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
3.70%, 02/10/45 (Call 08/10/44)	$	1,826	$	2,029,110
3.90%, 03/07/39 (Call 09/07/38)		1,253		1,435,232
4.00%, 03/07/49 (Call 09/07/48)^(a)		1,491		1,734,320
4.15%, 05/18/43		1,305		1,545,069
6.50%, 12/01/33		52		75,472
6.55%, 09/15/37^(a)		75		111,562
Merck Sharp & Dohme Corp., 5.75%, 11/15/36^(a)		25		34,634
Mylan Inc. 5.20%, 04/15/48 (Call 10/15/47)		892		1,036,079
5.40%, 11/29/43 (Call 05/29/43)^(a)		500		609,317
Novartis Capital Corp. 2.75%, 08/14/50 (Call 02/14/50)		1,310		1,258,689
3.70%, 09/21/42		564		634,609
4.00%, 11/20/45 (Call 05/20/45)		1,177		1,377,452
4.40%, 05/06/44		1,611		1,988,975
Perrigo Finance Unlimited Co., 4.90%, 12/15/44 (Call 06/15/44)^(a)		385		389,131
Pfizer Inc. 2.55%, 05/28/40 (Call 11/28/39)		800		768,407
2.70%, 05/28/50 (Call 11/28/49)^(a)		1,015		947,774
3.90%, 03/15/39 (Call 09/15/38)^(a)		885		1,012,304
4.00%, 12/15/36		915		1,072,524
4.00%, 03/15/49 (Call 09/15/48)		1,149		1,332,735
4.10%, 09/15/38 (Call 03/15/38)		620		725,954
4.13%, 12/15/46		970		1,140,202
4.20%, 09/15/48 (Call 03/15/48)		728		863,601
4.30%, 06/15/43		784		937,498
4.40%, 05/15/44		845		1,025,751
5.60%, 09/15/40		460		638,267
7.20%, 03/15/39		2,261		3,581,076
Takeda Pharmaceutical Co. Ltd. 3.03%, 07/09/40 (Call 01/09/40)		1,740		1,701,108
3.18%, 07/09/50 (Call 01/09/50)		1,440		1,369,885
3.38%, 07/09/60 (Call 01/09/60)		965		930,349
Utah Acquisition Sub Inc., 5.25%, 06/15/46
(Call 12/15/45)		960		1,120,461
Viatris Inc. 3.85%, 06/22/40 (Call 12/22/39)^(b)		897		913,505
4.00%, 06/22/50 (Call 12/22/49)^(b)		1,661		1,650,878
Wyeth LLC 5.95%, 04/01/37		1,641		2,284,168
6.00%, 02/15/36		523		731,124
6.50%, 02/01/34		748		1,073,055
Zoetis Inc. 3.00%, 05/15/50 (Call 11/15/49)		205		197,391
3.95%, 09/12/47 (Call 03/12/47)		566		632,768
4.45%, 08/20/48 (Call 02/20/48)		335		402,400
4.70%, 02/01/43 (Call 08/01/42)		1,015		1,245,895

				169,480,311

Pipelines — 4.2%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47^(a)(b)		1,857		2,126,636
Cameron LNG LLC 3.30%, 01/15/35 (Call 09/15/34)^(b)		1,500		1,567,758
3.40%, 01/15/38 (Call 07/15/37)^(b)		350		362,152
3.70%, 01/15/39 (Call 07/15/38)^(b)		725		781,924
Colonial Pipeline Co. 4.25%, 04/15/48 (Call 10/15/47)^(b)		715		802,547
7.63%, 04/15/32^(b)		85		122,734
Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44)		590		749,302


Security	Par (000)		Value

Pipelines (continued)
El Paso Natural Gas Co. LLC, 8.38%, 06/15/32	$	50	$	72,092
Enable Midstream Partners LP, 5.00%, 05/15/44
(Call 11/15/43)		350		350,315
Enbridge Energy Partners LP 5.50%, 09/15/40 (Call 03/15/40)		438		536,083
7.38%, 10/15/45 (Call 04/15/45)		569		847,133
Series B, 7.50%, 04/15/38		115		161,862
Enbridge Inc. 4.00%, 11/15/49 (Call 05/15/49)		500		519,523
4.50%, 06/10/44 (Call 12/10/43)		435		486,965
5.50%, 12/01/46 (Call 05/29/46)		725		914,178
Energy Transfer LP 4.90%, 03/15/35 (Call 09/15/34)		565		618,049
4.95%, 01/15/43 (Call 07/15/42)		450		467,993
5.00%, 05/15/50 (Call 11/15/49)		1,840		1,939,097
5.15%, 02/01/43 (Call 08/01/42)		470		486,365
5.15%, 03/15/45 (Call 09/15/44)		971		1,027,986
5.30%, 04/01/44 (Call 10/01/43)		691		730,944
5.30%, 04/15/47 (Call 10/15/46)		850		903,852
5.35%, 05/15/45 (Call 11/15/44)		767		819,488
5.40%, 10/01/47 (Call 04/01/47)		415		451,055
5.95%, 10/01/43 (Call 04/01/43)		480		543,000
6.00%, 06/15/48 (Call 12/15/47)		877		1,012,027
6.05%, 06/01/41 (Call 12/01/40)		245		286,160
6.10%, 02/15/42		240		276,467
6.13%, 12/15/45 (Call 06/15/45)		908		1,054,258
6.25%, 04/15/49 (Call 10/15/48)		1,485		1,782,127
6.50%, 02/01/42 (Call 08/01/41)		740		897,072
6.63%, 10/15/36		374		466,295
7.50%, 07/01/38		635		848,437
Series 20Y, 5.80%, 06/15/38 (Call 12/15/37)		473		545,663
Enterprise Products Operating LLC 3.20%, 02/15/52 (Call 08/15/51)		1,280		1,179,346
3.70%, 01/31/51 (Call 07/31/50)		1,085		1,083,444
3.95%, 01/31/60 (Call 07/31/59)		1,074		1,077,099
4.20%, 01/31/50 (Call 07/31/49)		1,105		1,185,152
4.25%, 02/15/48 (Call 08/15/47)		958		1,033,739
4.45%, 02/15/43 (Call 08/15/42)		930		1,043,556
4.80%, 02/01/49 (Call 08/01/48)		1,065		1,241,445
4.85%, 08/15/42 (Call 02/15/42)		793		929,164
4.85%, 03/15/44 (Call 09/15/43)		1,135		1,325,068
4.90%, 05/15/46 (Call 11/15/45)		921		1,079,566
4.95%, 10/15/54 (Call 04/15/54)		255		302,162
5.10%, 02/15/45 (Call 08/15/44)		1,080		1,293,320
5.70%, 02/15/42		234		304,367
5.95%, 02/01/41		650		858,437
6.13%, 10/15/39		845		1,134,347
6.45%, 09/01/40		75		104,100
7.55%, 04/15/38		285		423,884
Series D, 6.88%, 03/01/33		503		690,607
Series H, 6.65%, 10/15/34		201		268,712
Series J, 5.75%, 03/01/35		75		92,488
Galaxy Pipeline Assets Bidco Ltd. 2.94%, 09/30/40^(a)(b)		2,500		2,444,098
3.25%, 09/30/40^(b)		1,000		979,250
Gulfstream Natural Gas System LLC, 5.95%, 10/15/45 (Call 04/15/45)^(b)		200		246,550
Kinder Morgan Energy Partners LP 4.70%, 11/01/42 (Call 05/01/42)		710		788,084
5.00%, 08/15/42 (Call 02/15/42)		595		684,034


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
5.00%, 03/01/43 (Call 09/01/42)	$	600	$	687,126
5.40%, 09/01/44 (Call 03/01/44)		670		800,698
5.50%, 03/01/44 (Call 09/01/43)		740		895,007
5.63%, 09/01/41		94		113,715
5.80%, 03/15/35		450		558,716
6.38%, 03/01/41		735		959,033
6.50%, 02/01/37		200		260,896
6.50%, 09/01/39		533		708,238
6.55%, 09/15/40		377		511,565
6.95%, 01/15/38		1,125		1,532,348
7.30%, 08/15/33		81		111,874
7.50%, 11/15/40		360		506,772
7.75%, 03/15/32		290		401,438
Kinder Morgan Inc. 3.25%, 08/01/50 (Call 02/01/50)		665		605,133
3.60%, 02/15/51 (Call 08/15/50)		400		383,472
5.05%, 02/15/46 (Call 08/15/45)		946		1,089,846
5.20%, 03/01/48 (Call 09/01/47)^(a)		213		252,791
5.30%, 12/01/34 (Call 06/01/34)		1,090		1,308,058
5.55%, 06/01/45 (Call 12/01/44)		1,467		1,790,662
7.75%, 01/15/32		1,167		1,645,173
Magellan Midstream Partners LP 3.95%, 03/01/50 (Call 09/01/49)		935		948,793
4.20%, 03/15/45 (Call 09/15/44)		155		157,787
4.20%, 10/03/47 (Call 04/03/47)		188		198,801
4.25%, 09/15/46 (Call 03/15/46)		450		475,367
4.85%, 02/01/49 (Call 08/01/48)		858		986,062
5.15%, 10/15/43 (Call 04/15/43)		560		664,540
6.40%, 05/01/37		25		31,513
MPLX LP 4.50%, 04/15/38 (Call 10/15/37)		1,372		1,506,844
4.70%, 04/15/48 (Call 10/15/47)		1,452		1,588,023
4.90%, 04/15/58 (Call 10/15/57)		407		453,582
5.20%, 03/01/47 (Call 09/01/46)		954		1,116,268
5.20%, 12/01/47 (Call 06/01/47)		386		447,764
5.50%, 02/15/49 (Call 08/15/48)		1,029		1,250,816
NGPL PipeCo LLC, 7.77%, 12/15/37^(b)		553		743,009
Northern Natural Gas Co. 3.40%, 10/16/51 (Call 04/16/51)		200		198,779
4.10%, 09/15/42 (Call 03/15/42)^(b)		25		27,513
4.30%, 01/15/49 (Call 07/15/48)^(b)		277		316,604
ONEOK Inc. 4.45%, 09/01/49 (Call 03/01/49)		832		866,754
4.50%, 03/15/50 (Call 09/15/49)^(a)		135		140,727
4.95%, 07/13/47 (Call 01/06/47)		877		971,397
5.20%, 07/15/48 (Call 01/15/48)		794		908,366
6.00%, 06/15/35		269		320,660
7.15%, 01/15/51 (Call 07/15/50)^(a)		275		377,212
ONEOK Partners LP 6.13%, 02/01/41 (Call 08/01/40)		633		767,270
6.20%, 09/15/43 (Call 03/15/43)		390		484,262
6.65%, 10/01/36		500		643,691
6.85%, 10/15/37		370		479,725
Phillips 66 Partners LP 4.68%, 02/15/45 (Call 08/15/44)		320		348,065
4.90%, 10/01/46 (Call 04/01/46)		750		842,345
Plains All American Pipeline LP/PAA Finance Corp. 4.30%, 01/31/43 (Call 07/31/42)		160		148,551
4.70%, 06/15/44 (Call 12/15/43)		602		583,521
4.90%, 02/15/45 (Call 08/15/44)		655		652,644


Security	Par (000)		Value

Pipelines (continued)
5.15%, 06/01/42 (Call 12/01/41)	$	535	$	548,343
6.65%, 01/15/37		504		599,397
Sabal Trail Transmission LLC 4.68%, 05/01/38 (Call 11/01/37)^(b)		690		801,445
4.83%, 05/01/48 (Call 11/01/47)^(a)(b)		100		117,656
Southern Natural Gas Co. LLC 4.80%, 03/15/47 (Call 09/15/46)^(b)		160		188,453
8.00%, 03/01/32		375		526,609
Spectra Energy Partners LP 4.50%, 03/15/45 (Call 09/15/44)		611		683,642
5.95%, 09/25/43 (Call 03/25/43)		510		660,557
Tennessee Gas Pipeline Co. LLC, 7.63%, 04/01/37		100		137,969
Texas Eastern Transmission LP, 4.15%, 01/15/48
(Call 07/15/47)^(b)		583		613,309
TransCanada PipeLines Ltd. 4.63%, 03/01/34 (Call 12/01/33)		1,058		1,212,661
4.75%, 05/15/38 (Call 11/15/37)		460		532,312
4.88%, 05/15/48 (Call 11/15/47)		633		757,109
5.00%, 10/16/43 (Call 04/16/43)		694		824,604
5.10%, 03/15/49 (Call 09/15/48)^(a)		926		1,156,995
5.60%, 03/31/34		185		228,512
5.85%, 03/15/36		515		664,167
6.10%, 06/01/40		704		927,636
6.20%, 10/15/37		833		1,099,234
7.25%, 08/15/38		599		873,456
7.63%, 01/15/39		1,086		1,629,912
Transcontinental Gas Pipe Line Co. LLC 4.45%, 08/01/42 (Call 02/01/42)		530		598,631
4.60%, 03/15/48 (Call 09/15/47)		535		623,574
5.40%, 08/15/41 (Call 02/15/41)		201		244,560
Williams Companies Inc. (The) 4.85%, 03/01/48 (Call 09/01/47)		705		800,297
4.90%, 01/15/45 (Call 07/15/44)		625		701,130
5.10%, 09/15/45 (Call 03/15/45)		923		1,070,743
5.40%, 03/04/44 (Call 09/04/43)		505		598,487
5.75%, 06/24/44 (Call 12/24/43)		571		709,273
5.80%, 11/15/43 (Call 05/15/43)		488		606,356
6.30%, 04/15/40		565		737,310
8.75%, 03/15/32		468		700,223

				104,293,936

Private Equity — 0.1%
Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)^(a)(b)		35		40,971
Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)^(a)(b)		300		392,778
Carlyle Holdings II Finance LLC, 5.63%, 03/30/43^(b)		591		743,739
KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)^(b)		550		685,683
KKR Group Finance Co. VII LLC, 3.63%, 02/25/50 (Call 08/25/49)^(b)		478		491,083
KKR Group Finance Co. VIII LLC, 3.50%, 08/25/50 (Call 02/25/50)^(b)		896		906,141

				3,260,395

Real Estate Investment Trusts — 1.6%
Alexandria Real Estate Equities Inc. 1.88%, 02/01/33 (Call 11/01/32)		608		560,865
2.00%, 05/18/32 (Call 02/18/32)		233		221,262
3.00%, 05/18/51 (Call 11/18/50)		1,074		1,006,958
3.38%, 08/15/31 (Call 05/15/31)		335		359,618
4.00%, 02/01/50 (Call 08/01/49)		872		957,041


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
4.85%, 04/15/49 (Call 10/15/48)	$	340	$	416,176
American Tower Corp. 2.95%, 01/15/51 (Call 07/15/50)		710		645,424
3.10%, 06/15/50 (Call 12/15/49)		730		680,703
3.70%, 10/15/49 (Call 04/15/49)^(a)		713		737,041
AvalonBay Communities Inc. 3.90%, 10/15/46 (Call 04/15/46)		381		426,374
4.15%, 07/01/47 (Call 01/01/47)		200		230,428
4.35%, 04/15/48 (Call 10/15/47)^(a)		273		325,889
Boston Properties LP, 2.55%, 04/01/32 (Call 01/01/32)		579		559,939
Camden Property Trust, 3.35%, 11/01/49 (Call 05/01/49)^(a)		375		391,835
Crown Castle International Corp. 2.90%, 04/01/41 (Call 10/01/40)		999		929,919
3.25%, 01/15/51 (Call 07/15/50)		323		305,064
4.00%, 11/15/49 (Call 05/15/49)		483		510,199
4.15%, 07/01/50 (Call 01/01/50)		836		903,739
4.75%, 05/15/47 (Call 11/15/46)		388		454,767
5.20%, 02/15/49 (Call 08/15/48)		492		609,859
Duke Realty LP, 3.05%, 03/01/50 (Call 09/01/49)		585		549,381
Equinix Inc. 2.95%, 09/15/51 (Call 03/15/51)		650		593,621
3.00%, 07/15/50 (Call 01/15/50)		530		485,703
ERP Operating LP 4.00%, 08/01/47 (Call 02/01/47)		170		191,409
4.50%, 07/01/44 (Call 01/01/44)^(a)		425		513,853
4.50%, 06/01/45 (Call 12/01/44)		715		854,081
Essex Portfolio LP 2.65%, 03/15/32 (Call 12/15/31)^(a)		415		415,047
2.65%, 09/01/50 (Call 03/01/50)		406		346,775
4.50%, 03/15/48 (Call 09/15/47)		355		415,858
Federal Realty Investment Trust 3.63%, 08/01/46 (Call 02/01/46)^(a)		495		496,397
4.50%, 12/01/44 (Call 06/01/44)^(a)		484		556,369
Goodman U.S. Finance Four LLC, 4.50%, 10/15/37
(Call 04/15/37)^(b)		344		378,992
Healthpeak Properties Inc., 6.75%, 02/01/41
(Call 08/01/40)^(a)		300		429,718
Kilroy Realty LP, 2.50%, 11/15/32 (Call 08/15/32)		712		683,298
Kimco Realty Corp. 3.70%, 10/01/49 (Call 04/01/49)		444		461,012
4.13%, 12/01/46 (Call 06/01/46)		96		106,147
4.25%, 04/01/45 (Call 10/01/44)		660		735,338
4.45%, 09/01/47 (Call 03/01/47)		333		383,216
National Retail Properties Inc. 3.10%, 04/15/50 (Call 10/15/49)		750		699,281
3.50%, 04/15/51 (Call 01/15/50)		360		359,442
4.80%, 10/15/48 (Call 04/25/48)		125		150,041
Omega Healthcare Investors Inc., 3.25%, 04/15/33
(Call 01/15/33)		111		108,246
Prologis LP 2.13%, 10/15/50 (Call 04/15/50)		617		510,171
3.00%, 04/15/50 (Call 10/15/49)		823		802,647
4.38%, 09/15/48 (Call 03/15/48)		335		406,106
Realty Income Corp. 1.80%, 03/15/33 (Call 12/15/32)		695		647,002
4.65%, 03/15/47 (Call 09/15/46)		670		828,363
5.88%, 03/15/35		25		32,934


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Regency Centers LP 4.40%, 02/01/47 (Call 08/01/46)	$	495	$	545,285
4.65%, 03/15/49 (Call 09/15/48)		139		157,649
Simon Property Group LP 3.25%, 09/13/49 (Call 03/13/49)^(a)		1,174		1,130,899
3.80%, 07/15/50 (Call 01/15/50)^(a)		572		605,445
4.25%, 10/01/44 (Call 04/01/44)		595		665,686
4.25%, 11/30/46 (Call 05/30/46)		285		319,856
4.75%, 03/15/42 (Call 09/15/41)		131		156,135
6.75%, 02/01/40 (Call 11/01/39)^(a)		671		962,085
Spirit Realty LP, 2.70%, 02/15/32 (Call 11/15/31)		150		145,471
Trust Fibra Uno 6.39%, 01/15/50 (Call 07/28/49)^(b)		600		684,306
6.95%, 01/30/44 (Call 07/30/43)^(b)		200		238,502
UDR Inc. 1.90%, 03/15/33 (Call 12/15/32)		415		381,035
2.10%, 08/01/32 (Call 05/01/32)		250		236,096
2.10%, 06/15/33 (Call 03/15/33)		600		558,596
3.00%, 08/15/31 (Call 05/15/31)		275		282,838
3.10%, 11/01/34 (Call 08/01/34)^(a)		393		402,948
Ventas Realty LP 4.88%, 04/15/49 (Call 10/15/48)^(a)		223		260,175
5.70%, 09/30/43 (Call 03/30/43)		515		644,352
VEREIT Operating Partnership LP, 2.85%, 12/15/32 (Call 09/15/32)		975		1,005,460
WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)^(a)(b)		385		390,977
WEA Finance LLC/Westfield UK & Europe Finance PLC, 4.75%, 09/17/44 (Call 03/17/44)^(a)(b)		405		422,257
Welltower Inc. 4.95%, 09/01/48 (Call 03/01/48)^(a)		605		733,060
5.13%, 03/15/43 (Call 09/15/42)		85		101,054
6.50%, 03/15/41 (Call 09/15/40)^(a)		495		685,103
Weyerhaeuser Co. 6.88%, 12/15/33		177		243,531
7.38%, 03/15/32		1,187		1,696,168
WP Carey Inc., 2.25%, 04/01/33 (Call 01/01/33)		938		884,882

				38,913,399

Retail — 2.8%
7-Eleven Inc. 2.50%, 02/10/41 (Call 09/10/40)^(b)		1,219		1,109,427
2.80%, 02/10/51 (Call 08/10/50)		670		606,508
Alimentation Couche-Tard Inc. 3.80%, 01/25/50 (Call 07/25/49)^(b)		903		935,400
4.50%, 07/26/47 (Call 01/26/47)^(b)		555		632,110
Costco Wholesale Corp., 1.75%, 04/20/32 (Call 01/20/32)		1,431		1,379,627
Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47)		391		427,078
Dollar General Corp., 4.13%, 04/03/50 (Call 10/03/49)		661		741,318
Home Depot Inc. (The) 2.38%, 03/15/51 (Call 09/15/50)		1,020		890,247
3.13%, 12/15/49 (Call 06/15/49)^(a)		1,142		1,156,725
3.30%, 04/15/40 (Call 10/15/39)		924		981,375
3.35%, 04/15/50 (Call 10/15/49)		1,380		1,456,487
3.50%, 09/15/56 (Call 03/15/56)^(a)		867		933,031
3.90%, 06/15/47 (Call 12/15/46)		987		1,121,392
4.20%, 04/01/43 (Call 10/01/42)		1,031		1,225,662
4.25%, 04/01/46 (Call 10/01/45)		1,125		1,346,445
4.40%, 03/15/45 (Call 09/15/44)^(a)		1,065		1,296,785
4.50%, 12/06/48 (Call 06/06/48)		1,321		1,654,555
4.88%, 02/15/44 (Call 08/15/43)		916		1,181,157
5.40%, 09/15/40 (Call 03/15/40)		373		499,325


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Retail (continued)
5.88%, 12/16/36	$	2,625	$	3,639,807
5.95%, 04/01/41 (Call 10/01/40)		925		1,314,279
Kohl’s Corp., 5.55%, 07/17/45 (Call 01/17/45)		335		400,092
Lowe’s Companies Inc. 3.00%, 10/15/50 (Call 04/15/50)		1,858		1,753,131
3.50%, 04/01/51 (Call 10/01/50)		1,000		1,027,212
3.70%, 04/15/46 (Call 10/15/45)		1,229		1,301,466
4.05%, 05/03/47 (Call 11/03/46)		1,417		1,571,819
4.38%, 09/15/45 (Call 03/15/45)		588		676,516
4.55%, 04/05/49 (Call 10/05/48)		86		102,861
4.65%, 04/15/42 (Call 10/15/41)^(a)		619		744,371
5.00%, 04/15/40 (Call 10/15/39)		265		331,603
5.00%, 09/15/43 (Call 03/15/43)		30		36,329
5.13%, 04/15/50 (Call 10/15/49)		35		46,398
5.50%, 10/15/35^(a)		15		19,337
McDonald’s Corp. 3.63%, 05/01/43		696		734,382
3.63%, 09/01/49 (Call 03/01/49)^(a)		1,478		1,553,054
3.70%, 02/15/42^(a)		666		714,375
4.20%, 04/01/50 (Call 10/01/49)		752		866,292
4.45%, 03/01/47 (Call 09/01/46)		877		1,030,771
4.45%, 09/01/48 (Call 03/01/48)		705		836,200
4.60%, 05/26/45 (Call 11/26/44)		695		823,407
4.70%, 12/09/35 (Call 06/09/35)		748		899,296
4.88%, 07/15/40		305		377,784
4.88%, 12/09/45 (Call 06/09/45)		1,020		1,259,694
5.70%, 02/01/39		463		614,509
6.30%, 10/15/37		898		1,262,853
6.30%, 03/01/38		681		955,814
Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)		35		34,176
Starbucks Corp. 3.35%, 03/12/50 (Call 09/12/49)		549		540,747
3.50%, 11/15/50 (Call 05/15/50)		1,323		1,349,921
3.75%, 12/01/47 (Call 06/01/47)^(a)		590		625,707
4.30%, 06/15/45 (Call 12/10/44)		415		469,446
4.45%, 08/15/49 (Call 02/15/49)		488		575,694
4.50%, 11/15/48 (Call 05/15/48)		811		955,404
Target Corp. 3.63%, 04/15/46		660		752,330
3.90%, 11/15/47 (Call 05/15/47)		592		704,824
4.00%, 07/01/42		641		773,916
6.50%, 10/15/37^(a)		510		764,943
7.00%, 01/15/38		350		549,585
Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44)		229		289,653
TJX Companies Inc. (The), 4.50%, 04/15/50
(Call 10/15/49)		928		1,177,258
Walmart Inc. 2.95%, 09/24/49 (Call 03/24/49)		100		101,127
3.63%, 12/15/47 (Call 06/15/47)		708		793,072
3.95%, 06/28/38 (Call 12/28/37)		1,679		1,958,850
4.00%, 04/11/43 (Call 10/11/42)		460		540,086
4.05%, 06/29/48 (Call 12/29/47)		2,705		3,243,126
4.30%, 04/22/44 (Call 10/22/43)		535		658,764
4.75%, 10/02/43 (Call 04/02/43)^(a)		385		476,924
5.00%, 10/25/40^(a)		505		667,948
5.25%, 09/01/35		1,894		2,530,754
5.63%, 04/01/40^(a)		1,050		1,469,808
5.63%, 04/15/41		978		1,384,617
6.20%, 04/15/38		545		796,315


Security	Par (000)		Value

Retail (continued)
6.50%, 08/15/37	$	612	$	917,113

				69,570,414

Semiconductors — 1.7%
Analog Devices Inc. 4.50%, 12/05/36 (Call 06/05/36)		295		334,127
5.30%, 12/15/45 (Call 06/15/45)		70		90,647
Applied Materials Inc. 2.75%, 06/01/50 (Call 12/01/49)		953		906,353
4.35%, 04/01/47 (Call 10/01/46)		873		1,066,962
5.10%, 10/01/35 (Call 04/01/35)		520		667,221
5.85%, 06/15/41		303		430,100
Broadcom Inc. 2.60%, 02/15/33 (Call 11/15/32)^(b)		1,517		1,432,016
3.50%, 02/15/41 (Call 08/15/40)^(b)		3,106		2,997,798
3.75%, 02/15/51 (Call 08/15/50)^(a)(b)		1,926		1,860,428
4.30%, 11/15/32 (Call 08/15/32)		1,574		1,737,258
Intel Corp. 3.10%, 02/15/60 (Call 08/15/59)		418		400,122
3.25%, 11/15/49 (Call 05/15/49)		1,915		1,942,823
3.73%, 12/08/47 (Call 06/08/47)		1,920		2,090,414
4.00%, 12/15/32		1,280		1,491,512
4.10%, 05/19/46 (Call 11/19/45)		1,120		1,282,199
4.10%, 05/11/47 (Call 11/11/46)		854		977,598
4.25%, 12/15/42		300		351,118
4.60%, 03/25/40 (Call 09/25/39)		1,041		1,265,761
4.75%, 03/25/50 (Call 09/25/49)		1,295		1,641,258
4.80%, 10/01/41		535		673,482
4.90%, 07/29/45 (Call 01/29/45)^(a)		606		770,693
4.95%, 03/25/60 (Call 09/25/59)		988		1,321,852
KLA Corp. 3.30%, 03/01/50 (Call 08/28/49)		550		547,770
5.00%, 03/15/49 (Call 09/15/48)		456		582,880
5.65%, 11/01/34 (Call 07/01/34)		334		420,807
Lam Research Corp. 2.88%, 06/15/50 (Call 12/15/49)		637		612,674
3.13%, 06/15/60 (Call 12/15/59)		660		650,095
4.88%, 03/15/49 (Call 09/15/48)		711		928,201
NVIDIA Corp. 3.50%, 04/01/50 (Call 10/01/49)		1,496		1,611,420
3.70%, 04/01/60 (Call 10/01/59)		765		844,565
QUALCOMM Inc. 1.65%, 05/20/32 (Call 02/20/32)		1,009		941,978
3.25%, 05/20/50 (Call 11/20/49)^(a)		925		945,904
4.30%, 05/20/47 (Call 11/20/46)^(a)		1,209		1,440,212
4.65%, 05/20/35 (Call 11/20/34)^(a)		1,014		1,249,344
4.80%, 05/20/45 (Call 11/20/44)		1,303		1,656,558
Texas Instruments Inc. 3.88%, 03/15/39 (Call 09/15/38)		1,013		1,173,660
4.15%, 05/15/48 (Call 11/15/47)		1,377		1,664,035

				41,001,845

Software — 2.8%
Activision Blizzard Inc. 2.50%, 09/15/50 (Call 03/15/50)		1,040		890,781
4.50%, 06/15/47 (Call 12/15/46)		645		765,936
Electronic Arts Inc., 2.95%, 02/15/51 (Call 08/15/50)		605		570,496
Fidelity National Information Services Inc. 3.10%, 03/01/41 (Call 09/01/40)		485		480,899
Series 30Y, 4.75%, 05/15/48 (Call 11/15/47)		615		754,176
Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49)		1,947		2,270,537


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Software (continued)
Microsoft Corp. 2.53%, 06/01/50 (Call 12/01/49)	$	6,895	$	6,421,046
2.68%, 06/01/60 (Call 12/01/59)		2,953		2,727,943
2.92%, 03/17/52 (Call 09/17/51)		7,970		7,964,305
3.04%, 03/17/62 (Call 09/17/61)		2,399		2,394,245
3.45%, 08/08/36 (Call 02/08/36)		770		858,442
3.50%, 02/12/35 (Call 08/12/34)^(a)		1,641		1,855,205
3.70%, 08/08/46 (Call 02/08/46)		380		436,123
3.75%, 02/12/45 (Call 08/12/44)		100		114,087
3.95%, 08/08/56 (Call 02/08/56)		76		90,628
4.10%, 02/06/37 (Call 08/06/36)		2,500		2,998,764
4.20%, 11/03/35 (Call 05/03/35)		200		241,461
4.25%, 02/06/47 (Call 08/06/46)		324		400,518
5.30%, 02/08/41		259		358,160
Oracle Corp. 3.60%, 04/01/40 (Call 10/01/39)		2,750		2,815,278
3.60%, 04/01/50 (Call 10/01/49)		3,502		3,453,570
3.65%, 03/25/41 (Call 09/25/40)		1,149		1,174,086
3.80%, 11/15/37 (Call 05/15/37)		1,611		1,710,021
3.85%, 07/15/36 (Call 01/15/36)		1,370		1,469,989
3.85%, 04/01/60 (Call 10/01/59)		3,323		3,332,911
3.90%, 05/15/35 (Call 11/15/34)		1,377		1,494,537
3.95%, 03/25/51 (Call 09/25/50)		1,285		1,336,964
4.00%, 07/15/46 (Call 01/15/46)		2,524		2,635,922
4.00%, 11/15/47 (Call 05/15/47)		2,079		2,174,325
4.10%, 03/25/61 (Call 09/25/60)		1,464		1,530,457
4.13%, 05/15/45 (Call 11/15/44)		1,670		1,775,896
4.30%, 07/08/34 (Call 01/08/34)		1,790		2,028,542
4.38%, 05/15/55 (Call 11/15/54)		1,369		1,508,669
4.50%, 07/08/44 (Call 01/08/44)		824		930,071
5.38%, 07/15/40		1,968		2,453,664
6.13%, 07/08/39		1,375		1,849,875
6.50%, 04/15/38		1,276		1,763,978

				68,032,507

Telecommunications — 7.2%
America Movil SAB de CV 4.38%, 07/16/42		988		1,140,221
4.38%, 04/22/49 (Call 10/22/48)		885		1,038,689
6.13%, 11/15/37^(a)		136		185,399
6.13%, 03/30/40		2,056		2,845,874
6.38%, 03/01/35		245		343,433
AT&T Inc. 2.25%, 02/01/32 (Call 11/01/31)		1,822		1,727,372
2.55%, 12/01/33 (Call 09/01/33)^(a)(b)		2,835		2,702,180
3.10%, 02/01/43 (Call 08/01/42)		2,120		1,961,165
3.30%, 02/01/52 (Call 08/01/51)		2,525		2,298,067
3.50%, 06/01/41 (Call 12/01/40)		3,064		3,017,333
3.50%, 09/15/53 (Call 03/15/53)^(b)		6,388		5,876,087
3.50%, 02/01/61 (Call 08/01/60)^(a)		1,295		1,178,888
3.55%, 09/15/55 (Call 03/15/55)^(b)		6,639		6,115,362
3.65%, 06/01/51 (Call 12/01/50)		3,215		3,092,314
3.65%, 09/15/59 (Call 03/15/59)^(b)		4,644		4,282,355
3.80%, 12/01/57 (Call 06/01/57)^(b)		5,676		5,413,304
3.85%, 06/01/60 (Call 12/01/59)		1,521		1,459,582
4.30%, 12/15/42 (Call 06/15/42)		1,115		1,219,700
4.35%, 06/15/45 (Call 12/15/44)^(a)		1,675		1,825,974
4.50%, 05/15/35 (Call 11/15/34)		2,535		2,874,318
4.50%, 03/09/48 (Call 09/09/47)		2,060		2,259,511
4.55%, 03/09/49 (Call 09/09/48)		143		157,993
4.65%, 06/01/44 (Call 12/01/43)		693		772,978


Security	Par (000)		Value

Telecommunications (continued)
4.75%, 05/15/46 (Call 11/15/45)	$	1,812	$	2,079,354
4.80%, 06/15/44 (Call 12/15/43)		115		132,625
4.85%, 03/01/39 (Call 09/01/38)^(a)		1,521		1,772,546
4.85%, 07/15/45 (Call 01/15/45)		50		57,994
4.90%, 08/15/37 (Call 02/14/37)		1,310		1,552,056
4.90%, 06/15/42		620		720,607
5.15%, 03/15/42		45		54,105
5.15%, 11/15/46 (Call 05/15/46)^(a)		200		242,269
5.15%, 02/15/50 (Call 08/14/49)		1,785		2,150,348
5.25%, 03/01/37 (Call 09/01/36)		1,740		2,118,061
5.35%, 09/01/40		1,560		1,922,235
5.45%, 03/01/47 (Call 09/01/46)^(a)		425		531,304
5.55%, 08/15/41		25		31,375
5.65%, 02/15/47 (Call 08/15/46)		170		218,967
5.70%, 03/01/57 (Call 09/01/56)^(a)		125		160,837
6.00%, 08/15/40 (Call 05/15/40)^(a)		250		325,988
6.15%, 09/15/34		190		246,615
6.25%, 03/29/41		75		100,601
6.38%, 03/01/41		25		33,865
6.45%, 06/15/34^(a)		200		260,331
Bell Canada 3.65%, 03/17/51 (Call 09/17/50)		30		31,094
4.30%, 07/29/49 (Call 01/29/49)^(a)		427		491,424
4.46%, 04/01/48 (Call 10/01/47)		1,459		1,714,808
British Telecommunications PLC, 4.25%, 11/08/49
(Call 05/08/49)^(b)		525		579,755
Cisco Systems Inc. 5.50%, 01/15/40		1,013		1,396,243
5.90%, 02/15/39		2,655		3,794,313
Corning Inc. 3.90%, 11/15/49 (Call 05/15/49)		524		578,959
4.38%, 11/15/57 (Call 05/15/57)		658		727,666
4.70%, 03/15/37		183		212,779
4.75%, 03/15/42		236		280,102
5.35%, 11/15/48 (Call 05/15/48)^(a)		395		513,589
5.45%, 11/15/79 (Call 05/15/79)		882		1,131,102
5.75%, 08/15/40		340		442,512
5.85%, 11/15/68 (Call 05/15/68)		190		264,116
7.25%, 08/15/36 (Call 08/15/26)		150		185,735
Deutsche Telekom AG, 3.63%, 01/21/50
(Call 07/21/49)^(a)(b)		902		929,934
Deutsche Telekom International Finance BV 4.75%, 06/21/38 (Call 12/21/37)^(b)		580		690,742
4.88%, 03/06/42^(b)		730		888,301
9.25%, 06/01/32		579		936,412
Motorola Solutions Inc., 5.50%, 09/01/44		470		582,839
Ooredoo International Finance Ltd., 4.50%, 01/31/43^(a)(b)		680		802,230
Orange SA 5.38%, 01/13/42		891		1,172,607
5.50%, 02/06/44 (Call 08/06/43)		892		1,207,544
Rogers Communications Inc. 3.70%, 11/15/49 (Call 05/15/49)		930		944,317
4.30%, 02/15/48 (Call 08/15/47)		666		731,090
4.35%, 05/01/49 (Call 11/01/48)		819		909,951
4.50%, 03/15/43 (Call 09/15/42)		515		583,475
5.00%, 03/15/44 (Call 09/15/43)		941		1,132,442
5.45%, 10/01/43 (Call 04/01/43)^(a)		471		596,167
7.50%, 08/15/38		315		471,377
SES SA, 5.30%, 04/04/43^(a)(b)		225		250,842


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Telecommunications (continued)
Telefonica Emisiones SA 4.67%, 03/06/38	$	369	$	420,265
4.90%, 03/06/48		1,150		1,317,592
5.21%, 03/08/47		1,445		1,711,878
5.52%, 03/01/49 (Call 09/01/48)		1,225		1,522,767
7.05%, 06/20/36		2,270		3,187,693
TELUS Corp. 4.30%, 06/15/49 (Call 12/15/48)^(a)		205		233,791
4.60%, 11/16/48 (Call 05/16/48)^(a)		803		954,335
T-Mobile USA Inc. 2.25%, 11/15/31 (Call 08/15/31)^(b)		1,551		1,485,812
3.00%, 02/15/41 (Call 08/15/40)^(b)		2,415		2,258,472
3.30%, 02/15/51 (Call 08/15/50)^(b)		2,543		2,371,551
3.60%, 11/15/60 (Call 05/15/60)^(b)		1,210		1,158,672
4.38%, 04/15/40 (Call 10/15/39)^(b)		845		937,663
4.50%, 04/15/50 (Call 10/15/49)^(b)		2,747		3,098,094
Verizon Communications Inc. 2.65%, 11/20/40 (Call 05/20/40)		2,622		2,429,188
2.88%, 11/20/50 (Call 05/20/50)		2,500		2,274,525
2.99%, 10/30/56 (Call 04/30/56)^(b)		5,642		5,041,272
3.00%, 11/20/60 (Call 05/20/60)		2,181		1,947,489
3.40%, 03/22/41 (Call 09/22/40)		3,975		4,072,083
3.55%, 03/22/51 (Call 09/22/50)		4,096		4,161,005
3.70%, 03/22/61 (Call 09/22/60)		1,515		1,532,465
3.85%, 11/01/42 (Call 05/01/42)		1,465		1,597,394
4.00%, 03/22/50 (Call 09/22/49)^(a)		1,860		2,030,548
4.13%, 08/15/46		1,120		1,253,135
4.27%, 01/15/36		2,915		3,358,542
4.40%, 11/01/34 (Call 05/01/34)		2,315		2,696,371
4.50%, 08/10/33		2,700		3,182,748
4.52%, 09/15/48^(a)		3,410		4,031,780
4.67%, 03/15/55		1,310		1,606,509
4.75%, 11/01/41		553		667,488
4.81%, 03/15/39^(a)		1,455		1,765,052
4.86%, 08/21/46		3,026		3,743,158
5.01%, 04/15/49		934		1,185,066
5.01%, 08/21/54		330		424,063
5.25%, 03/16/37^(a)		1,007		1,283,145
5.85%, 09/15/35		320		429,656
6.40%, 09/15/33		50		67,256
Vodafone Group PLC 4.25%, 09/17/50		1,305		1,451,108
4.38%, 02/19/43		1,142		1,297,881
4.88%, 06/19/49		1,531		1,857,817
5.00%, 05/30/38		1,007		1,230,039
5.13%, 06/19/59^(a)		719		890,983
5.25%, 05/30/48		2,029		2,562,931
6.15%, 02/27/37		1,261		1,698,275
6.25%, 11/30/32		530		701,824

				176,804,030

Toys, Games & Hobbies — 0.0%
Hasbro Inc. 5.10%, 05/15/44 (Call 11/15/43)^(a)		325		371,195
6.35%, 03/15/40		518		682,702

				1,053,897

Transportation — 3.3%
Burlington Northern Santa Fe LLC 3.05%, 02/15/51 (Call 08/15/50)		240		235,585
3.30%, 09/15/51 (Call 03/15/51)		700		712,130


Security	Par (000)		Value

Transportation (continued)
3.55%, 02/15/50 (Call 08/15/49)	$	255	$	272,825
3.90%, 08/01/46 (Call 02/01/46)		865		964,352
4.05%, 06/15/48 (Call 12/15/47)		728		827,936
4.13%, 06/15/47 (Call 12/15/46)		443		508,649
4.15%, 04/01/45 (Call 10/01/44)		598		689,605
4.15%, 12/15/48 (Call 06/15/48)		700		813,107
4.38%, 09/01/42 (Call 03/01/42)		740		873,740
4.40%, 03/15/42 (Call 09/15/41)		450		532,313
4.45%, 03/15/43 (Call 09/15/42)		866		1,046,380
4.55%, 09/01/44 (Call 03/01/44)		851		1,039,493
4.70%, 09/01/45 (Call 03/01/45)		35		43,566
4.90%, 04/01/44 (Call 10/01/43)^(a)		875		1,109,848
4.95%, 09/15/41 (Call 03/15/41)^(a)		434		549,304
5.05%, 03/01/41 (Call 09/01/40)		361		457,336
5.15%, 09/01/43 (Call 03/01/43)^(a)		690		906,658
5.40%, 06/01/41 (Call 12/01/40)		640		841,933
5.75%, 05/01/40 (Call 11/01/39)^(a)		789		1,078,317
6.15%, 05/01/37		650		907,831
6.20%, 08/15/36		200		281,003
Canadian National Railway Co. 2.45%, 05/01/50 (Call 11/01/49)^(a)		745		648,176
3.20%, 08/02/46 (Call 02/02/46)^(a)		493		497,069
3.65%, 02/03/48 (Call 08/03/47)^(a)		405		437,453
4.45%, 01/20/49 (Call 07/20/48)		641		778,195
4.50%, 11/07/43 (Call 05/07/43)		50		60,103
6.20%, 06/01/36		505		703,038
6.25%, 08/01/34^(a)		238		334,190
6.38%, 11/15/37		519		732,533
6.71%, 07/15/36^(a)		425		613,701
Canadian Pacific Railway Co. 4.80%, 09/15/35 (Call 03/15/35)		446		540,785
4.80%, 08/01/45 (Call 02/01/45)		440		549,093
5.75%, 03/15/33^(a)		695		895,235
5.75%, 01/15/42^(a)		75		100,335
5.95%, 05/15/37		281		382,881
6.13%, 09/15/2115 (Call 03/15/2115)		730		1,095,566
CSX Corp. 2.50%, 05/15/51 (Call 11/15/50)		418		360,188
3.35%, 09/15/49 (Call 03/15/49)		420		421,582
3.80%, 11/01/46 (Call 05/01/46)		723		782,644
3.80%, 04/15/50 (Call 10/15/49)		310		334,418
3.95%, 05/01/50 (Call 11/01/49)		565		630,761
4.10%, 03/15/44 (Call 09/15/43)		550		617,793
4.25%, 11/01/66 (Call 05/01/66)		667		781,192
4.30%, 03/01/48 (Call 09/01/47)		527		606,643
4.40%, 03/01/43 (Call 09/01/42)		405		465,478
4.50%, 03/15/49 (Call 09/15/48)		485		572,966
4.50%, 08/01/54 (Call 02/01/54)		366		441,178
4.65%, 03/01/68 (Call 09/01/67)		550		681,122
4.75%, 05/30/42 (Call 11/30/41)		561		684,680
4.75%, 11/15/48 (Call 05/15/48)		470		576,808
5.50%, 04/15/41 (Call 10/15/40)		210		276,374
6.00%, 10/01/36^(a)		444		601,496
6.15%, 05/01/37		389		530,849
6.22%, 04/30/40		697		983,994
Empresa de los Ferrocarriles del Estado, 3.07%, 08/18/50 (Call 02/18/50)^(b)		680		592,110
Empresa de Transporte de Pasajeros Metro SA 4.70%, 05/07/50 (Call 11/07/49)^(b)		1,058		1,204,840
5.00%, 01/25/47 (Call 07/25/46)^(a)(b)		200		232,000


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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Transportation (continued)
FedEx Corp. 3.25%, 05/15/41 (Call 11/15/40)	$	640	$	635,482
3.88%, 08/01/42^(a)		510		543,447
3.90%, 02/01/35		643		709,733
4.05%, 02/15/48 (Call 08/15/47)		1,079		1,172,872
4.10%, 04/15/43		592		651,635
4.10%, 02/01/45		478		523,153
4.40%, 01/15/47 (Call 07/15/46)		645		733,362
4.50%, 02/01/65^(a)		75		82,643
4.55%, 04/01/46 (Call 10/01/45)		1,295		1,507,140
4.75%, 11/15/45 (Call 05/15/45)		995		1,192,361
4.90%, 01/15/34		710		862,672
4.95%, 10/17/48 (Call 04/17/48)		957		1,174,604
5.10%, 01/15/44^(a)		865		1,073,406
5.25%, 05/15/50 (Call 11/15/49)		235		304,358
Kansas City Southern 3.50%, 05/01/50 (Call 11/01/49)		580		592,512
4.20%, 11/15/69 (Call 05/15/69)		516		567,181
4.30%, 05/15/43 (Call 11/15/42)^(a)		560		628,576
4.70%, 05/01/48 (Call 11/01/47)		413		494,481
4.95%, 08/15/45 (Call 02/15/45)		215		268,208
Norfolk Southern Corp. 3.05%, 05/15/50 (Call 11/15/49)		1,078		1,033,330
3.16%, 05/15/55 (Call 11/15/54)		1,015		972,145
3.40%, 11/01/49 (Call 05/01/49)		165		167,399
3.94%, 11/01/47 (Call 05/01/47)		133		146,448
3.95%, 10/01/42 (Call 04/01/42)		615		685,748
4.05%, 08/15/52 (Call 02/15/52)^(a)		1,133		1,263,923
4.10%, 05/15/49 (Call 11/15/48)^(a)		535		603,078
4.15%, 02/28/48 (Call 08/28/47)		670		756,609
4.45%, 06/15/45 (Call 12/15/44)		710		831,254
4.65%, 01/15/46 (Call 07/15/45)		520		624,775
4.84%, 10/01/41^(a)		565		696,482
Pelabuhan Indonesia II PT, 5.38%, 05/05/45^(b)		390		464,650
Polar Tankers Inc., 5.95%, 05/10/37^(b)		245		306,916
TTX Co. 4.20%, 07/01/46 (Call 01/01/46)^(b)		250		283,552
4.60%, 02/01/49 (Call 08/01/48)^(a)(b)		265		322,675
Union Pacific Corp. 2.97%, 09/16/62 (Call 03/16/62)^(b)		1,140		1,034,418
3.25%, 02/05/50 (Call 08/05/49)		1,280		1,273,688
3.35%, 08/15/46 (Call 02/15/46)^(a)		450		455,163
3.38%, 02/01/35 (Call 08/01/34)		898		967,110
3.55%, 08/15/39 (Call 02/15/39)^(a)		976		1,049,520
3.60%, 09/15/37 (Call 03/15/37)		782		847,879
3.75%, 02/05/70 (Call 08/05/69)		455		472,294
3.80%, 10/01/51 (Call 04/01/51)		253		273,829
3.84%, 03/20/60 (Call 09/20/59)		598		637,953
3.88%, 02/01/55 (Call 08/01/54)		525		561,325
3.95%, 08/15/59 (Call 02/15/59)		433		467,693
4.00%, 04/15/47 (Call 10/15/46)		255		282,414
4.05%, 11/15/45 (Call 05/15/45)^(a)		615		682,993
4.05%, 03/01/46 (Call 09/01/45)		605		679,199
4.10%, 09/15/67 (Call 03/15/67)		648		713,803
4.15%, 01/15/45 (Call 07/15/44)		255		282,302
4.30%, 03/01/49 (Call 09/01/48)		773		903,149
4.38%, 09/10/38 (Call 03/10/38)		751		887,095
4.38%, 11/15/65 (Call 05/15/65)^(a)		471		545,457
4.50%, 09/10/48 (Call 03/10/48)		460		545,346


Security	Par/ Shares (000)		Value

Transportation (continued)
United Parcel Service Inc. 3.40%, 11/15/46 (Call 05/15/46)^(a)	$	150	$	159,384
3.40%, 09/01/49 (Call 03/01/49)^(a)		805		855,530
3.63%, 10/01/42		315		342,684
3.75%, 11/15/47 (Call 05/15/47)		1,098		1,231,393
4.25%, 03/15/49 (Call 09/15/48)		730		877,130
4.88%, 11/15/40 (Call 05/15/40)		595		754,242
5.20%, 04/01/40 (Call 10/01/39)		480		628,343
5.30%, 04/01/50 (Call 10/01/49)		1,078		1,498,228
6.20%, 01/15/38		1,461		2,099,155

				80,324,909

Trucking & Leasing — 0.0%
GATX Corp. 4.50%, 03/30/45 (Call 09/30/44)^(a)		155		171,183
5.20%, 03/15/44 (Call 09/15/43)		234		291,902

				463,085

Water — 0.2%
American Water Capital Corp. 3.45%, 05/01/50 (Call 11/01/49)		310		320,974
3.75%, 09/01/47 (Call 03/01/47)		679		742,277
4.00%, 12/01/46 (Call 06/01/46)		365		413,600
4.15%, 06/01/49 (Call 12/01/48)		540		625,648
4.20%, 09/01/48 (Call 03/01/48)		599		700,157
4.30%, 12/01/42 (Call 06/01/42)		226		265,849
4.30%, 09/01/45 (Call 03/01/45)		506		595,250
6.59%, 10/15/37		507		737,776
Essential Utilities Inc. 3.35%, 04/15/50 (Call 10/15/49)		617		609,880
4.28%, 05/01/49 (Call 11/01/48)		610		699,607
Veolia Environnement SA, 6.75%, 06/01/38		118		166,937

				5,877,955


Total Corporate Bonds & Notes — 98.2% (Cost: $2,441,853,954)				2,422,468,308


Short-Term Investments

Money Market Funds — 6.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(f)(g)(h)		144,538		144,610,523
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(f)(g)		15,377		15,377,000

				159,987,523


Total Short-Term Investments — 6.5% (Cost: $159,935,650)				159,987,523


Total Investments in Securities — 104.7% (Cost: $2,601,789,604)				2,582,455,831

Other Assets, Less Liabilities — (4.7)%				(114,767,561	)


Net Assets — 100.0%			$	2,467,688,270

^(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)	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.


		2 0 2 1 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, 2021

iShares^® 10+ Year Investment Grade Corporate Bond ETF

^(e)	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.

^(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 cash collateral received from loaned securities.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	2,422,468,308	$	—	$	2,422,468,308
Money Market Funds		159,987,523		—		—		159,987,523

	$	159,987,523	$	2,422,468,308	$	—	$	2,582,455,831


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

Statements of Assets and Liabilities (unaudited)

April 30, 2021


	iShares 10+ Year Investment Grade Corporate Bond ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	2,422,468,308
Affiliated^(c)		159,987,523
Receivables:
Investments sold		13,198,814
Securities lending income — Affiliated		22,071
Dividends		228
Interest		24,482,958

Total assets		2,620,159,902


LIABILITIES
Bank overdraft		25,395
Collateral on securities loaned, at value		144,546,134
Payables:
Investments purchased		7,040,280
Capital shares redeemed		744,084
Investment advisory fees		115,739

Total liabilities		152,471,632


NET ASSETS	$	2,467,688,270


NET ASSETS CONSIST OF:
Paid-in capital	$	2,485,187,213
Accumulated loss		(17,498,943	)

NET ASSETS	$	2,467,688,270


Shares outstanding		36,600,000

Net asset value	$	67.42

Shares authorized		Unlimited

Par value		None


^(a)Securities loaned, at value	$	140,373,252
^(b)Investments, at cost — Unaffiliated	$	2,441,853,954
^(c)Investments, at cost — Affiliated	$	159,935,650


		2 0 2 1 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”).

iS-SAR-1018-0421


		APRIL 30, 2021

2021 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,

In this environment, 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,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2021

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	28.85%	45.98%

U.S. small cap equities (Russell 2000^® Index)	48.06	74.91

International equities (MSCI Europe, Australasia, Far East Index)	28.84	39.88

Emerging market equities (MSCI Emerging Markets Index)	22.95	48.71

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.11

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.26)	(7.79)

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.52)	(0.27)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.42	7.40

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	7.98	19.57

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		5
Shareholder Expenses		5
Schedule of Investments		6
Financial Statements
Statement of Assets and Liabilities		9
Statement of Operations		10
Statements of Changes in Net Assets		11
Financial Highlights		12
Notes to Financial Statements		13
Statement Regarding Liquidity Risk Management Program		18
Supplemental Information		19
General Information		20
Glossary of Terms Used in this Report		21


Fund Summary as of April 30, 2021		iShares^® Interest Rate Hedged Emerging Markets Bond ETF

Investment Objective

The iShares Interest Rate Hedged Emerging Markets Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, emerging market bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified 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.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		8.39	%		22.67	%		3.74	%		3.20	%		22.67	%		20.15	%		19.94	%

Fund Market		8.48			23.20			3.76			3.21			23.20			20.25			20.05

J.P. Morgan EMBI Global Core Swap Hedged Index		8.53			24.42			3.97			3.40			24.42			21.51			21.27

The inception date of the Fund was 7/22/15. The first day of secondary market trading was 7/23/15.

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.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)		Expenses Paid During the Period	^(a)(b)		Beginning Account Value (11/01/20)		Ending Account Value (04/30/21)		Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio	^(a)

$	1,000.00	$	1,083.90	$	0.57		$	1,000.00	$	1,024.20	$	0.55		0.11	%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE


Investment Type	Percent of Net Assets
Investment Companies		93.3	%
Short-term Investments		1.9
Swaps, net cumulative appreciation		2.7
Other assets less liabilities		2.1

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)


Credit Rating^(a)	Percent of Total Investment^(b)
Aa		5.6	%
A		16.4
Baa		29.5
Ba		18.4
B		19.1
Caa		4.8
Ca		1.5
Not Rated		4.7

^(a)

^(b)

Excludes money market funds.


4		2 0 2 1 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

Shareholder Expenses


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		5

Schedule of Investments (unaudited)

April 30, 2021

iShares^® Interest Rate Hedged Emerging Markets Bond ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Investment Companies

Exchange-Traded Funds — 93.3%
iShares J.P. Morgan USD Emerging Markets Bond ETF^(a)		50,558	$	5,619,016


Total Investment Companies — 93.3% (Cost: $5,586,261)				5,619,016


Short-Term Investments

Money Market Funds — 1.9%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(b)		110,000		110,000


Total Short-Term Investments — 1.9% (Cost: $110,000)				110,000


Total Investments in Securities — 95.2% (Cost: $5,696,261)				5,729,016

Other Assets, Less Liabilities — 4.8%			291,969


Net Assets — 100.0%			$6,020,985

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/21		Shares Held at 04/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	0	^(b)	$	—		$	—	$	—	$	—		—	$	193	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,000		60,000	^(b)		—			—		—		110,000		110,000		49			—
iShares J.P. Morgan USD Emerging Markets Bond ETF		5,309,895		1,424,088			(1,165,794	)		7,027		43,800		5,619,016		50,558		110,394			—


									$	7,027	$	43,800	$	5,729,016			$	110,636		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

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^(a)	Frequency	Effective Date	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
1.17%	Semi-annual	0.20%	Quarterly	N/A		12/08/21		$(1,438	)		$(8,488	)	$	(847	)	$	(7,641	)
2.38	Semi-annual	0.20	Quarterly	N/A		01/12/23		(377	)		(13,684	)		(12,132	)		(1,552	)
2.46	Semi-annual	0.20	Quarterly	N/A		01/12/25		(1,725	)		(115,325	)		(79,536	)		(35,789	)
0.49	Semi-annual	0.20	Quarterly	N/A		09/25/27		(72	)		3,361			400			2,961
3.25	Semi-annual	0.20	Quarterly	N/A		10/18/28		(619	)		(83,041	)		(59,881	)		(23,160	)
0.77	Semi-annual	0.20	Quarterly	N/A		04/01/30		(1,206	)		81,175			21,345			59,830
2.34	Semi-annual	0.20	Quarterly	N/A		12/08/36		(527	)		(29,622	)		(51,340	)		21,718
0.86	Semi-annual	0.20	Quarterly	N/A		03/30/45		(605	)		143,020			49,673			93,347


6		2 0 2 1 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, 2021

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^(a)	Frequency	Effective Date	Termination Date		Notional Amount (000)	Value		Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

0.87%	Semi-annual	0.20%	Quarterly	N/A		03/30/50	$ (105)	$	28,802	$	3,652		$	25,150
1.06	Semi-annual	0.20	Quarterly	N/A		09/18/50	(275)		64,452		36,789			27,663

								$	70,650	$	(91,877	)	$	162,527

^(a)

Represents 3-month LIBOR. Rate shown is the rate in effect as of period-end.

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)		$111,859		$(203,736)		$230,669		$(68,142)

^(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 April 30, 2021, 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)	$	230,669


Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)	$	68,142

^(a)

For the six months ended April 30, 2021, the effect of derivative financial instruments in the Statement of Operations was as follows:




	Interest Rate Contracts


Net Realized Gain (Loss) from:
Swaps	$	20,194


Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	280,215

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Interest rate swaps:
Average notional value — pays fixed rate	$	6,453,833

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

Fair Value Measurements


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, 2021

iShares^® Interest Rate Hedged Emerging Markets Bond ETF

Fair Value Measurements (continued)




	Level 1		Level 2			Level 3		Total


Investments
Assets
Investment Companies	$	5,619,016	$	—		$	—	$	5,619,016
Money Market Funds		110,000		—			—		110,000

	$	5,729,016	$	—		$	—	$	5,729,016

Derivative financial instruments^(a)
Assets
Swaps	$	—	$	230,669		$	—	$	230,669
Liabilities
Swaps		—		(68,142	)		—		(68,142	)

	$	—	$	162,527		$	—	$	162,527

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


8		2 0 2 1 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

Statement of Assets and Liabilities (unaudited)

April 30, 2021


	iShares Interest Rate Hedged Emerging Markets Bond ETF

ASSETS
Investments in securities, at value:
Affiliated^(a)	$	5,729,016
Cash		13,898
Cash pledged:
Centrally cleared swaps		281,000
Receivables:
Investments sold		346
Dividends		1

Total assets		6,024,261


LIABILITIES
Payables:
Variation margin on centrally cleared swaps		2,784
Investment advisory fees		492

Total liabilities		3,276


NET ASSETS	$	6,020,985


NET ASSETS CONSIST OF:
Paid-in capital	$	7,090,805
Accumulated loss		(1,069,820	)

NET ASSETS	$	6,020,985


Shares outstanding		250,000


Net asset value	$	24.08


Shares authorized		Unlimited


Par value		None


^(a)Investments, at cost — Affiliated	$	5,696,261

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		9

Statement of Operations (unaudited)

Six Months Ended April 30, 2021


	iShares Interest Rate Hedged Emerging Markets Bond ETF

INVESTMENT INCOME
Dividends — Affiliated	$	110,443
Securities lending income — Affiliated — net		193

Total investment income		110,636


EXPENSES
Investment advisory fees		21,698
Miscellaneous		173

Total expenses		21,871

Less:
Investment advisory fees waived		(18,805	)

Total expenses after fees waived		3,066

Net investment income		107,570


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(2,570	)
In-kind redemptions — Affiliated		9,597
Swaps		20,194

Net realized gain		27,221

Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		43,800
Swaps		280,215

Net change in unrealized appreciation (depreciation)		324,015

Net realized and unrealized gain		351,236

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	458,806

See notes to financial statements.


10		2 0 2 1 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


	iShares Interest Rate Hedged Emerging Markets Bond ETF
	Six Months Ended 04/30/21 (unaudited)				Year Ended 10/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	107,570			$	240,993
Net realized gain (loss)			27,221				(787,956	)
Net change in unrealized appreciation (depreciation)			324,015				255,566


Net increase (decrease) in net assets resulting from operations			458,806				(291,397	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(82,699	)			(196,224	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			12,186				(1,213,129	)


NET ASSETS
Total increase (decrease) in net assets			388,293				(1,700,750	)
Beginning of period			5,632,692				7,333,442


End of period		$	6,020,985			$	5,632,692

^(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		11

Financial Highlights

(For a share outstanding throughout each period)


	iShares Interest Rate Hedged Emerging Markets Bond ETF
		Six Months Ended 04/30/21 (unaudited	)		Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16

Net asset value, beginning of period	$	22.53		$	24.44		$	25.28		$	26.44		$	25.06		$	24.20

Net investment income^(a)		0.44			0.91			1.42			1.06			1.11			1.17
Net realized and unrealized gain (loss)^(b)		1.44			(2.10	)		(1.00	)		(1.19	)		1.24			0.61

Net increase (decrease) from investment operations		1.88			(1.19	)		0.42			(0.13	)		2.35			1.78


Distributions^(c)
From net investment income		(0.33	)		(0.72	)		(1.26	)		(1.03	)		(0.97	)		(0.89	)
Return of capital		—			—			—			—			—			(0.03	)

Total distributions		(0.33	)		(0.72	)		(1.26	)		(1.03	)		(0.97	)		(0.92	)


Net asset value, end of period	$	24.08		$	22.53		$	24.44		$	25.28		$	26.44		$	25.06


Total Return
Based on net asset value		8.39	%^(d)		(4.84	)%		1.72	%		(0.51	)%		9.57	%		7.49	%


Ratios to Average Net Assets
Total expenses^(e)		0.76	%^(f)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%

Total expenses after fees waived^(e)		0.11	%^(f)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%

Net investment income		3.72	%^(f)		3.97	%		5.71	%		4.07	%		4.32	%		4.82	%


Supplemental Data
Net assets, end of period (000)	$	6,021		$	5,633		$	7,333		$	13,902		$	2,644		$	2,506

Portfolio turnover rate^(g)(h)		1	%^(d)		4	%		3	%		0	%⁽ⁱ⁾		2	%		3	%

^(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)	Not annualized.

^(e)	The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(f)	Annualized.

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

^(h)	Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

⁽ⁱ⁾	Rounds to less than 1%.

See notes to financial statements.


12		2 0 2 1 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)

1.	ORGANIZATION

These financial statements relate only to the following fund (the “Fund”):



iShares ETF		Diversification Classification

Interest Rate Hedged Emerging Markets 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. 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:

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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

•


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		13

Notes to Financial Statements (unaudited) (continued)

If events (e.g., a market closure, 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.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

•

4.	SECURITIES AND OTHER INVESTMENTS

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.

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.

5.	DERIVATIVE FINANCIAL INSTRUMENTS


14		2 0 2 1 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)

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).

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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 is a fund’s total annual operating expenses. BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 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%.



iShares ETF		Amounts waived

Interest Rate Hedged Emerging Markets Bond		$ 18,805

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. 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 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.

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.


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)

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

7.	PURCHASES AND SALES

For the six months ended April 30, 2021, 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	$	307,914	$	64,373

For the six months ended April 30, 2021, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Interest Rate Hedged Emerging Markets Bond	$	1,116,175	$	1,101,421

8.	INCOME TAX INFORMATION

As of October 31, 2020, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $1,308,164.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Interest Rate Hedged Emerging Markets Bond	$	5,705,291	$	263,424	$	(77,172	)	$	186,252

9.	PRINCIPAL RISKS

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.


16		2 0 2 1 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)

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. The duration of this pandemic and its effects cannot be determined with certainty.

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.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 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

Transactions in capital shares were as follows:


	Six Months Ended 04/30/21						Year Ended 10/31/20
iShares ETF	Shares			Amount			Shares			Amount
Interest Rate Hedged Emerging Markets Bond
Shares sold		50,000		$	1,186,756			—		$	—
Shares redeemed		(50,000	)		(1,174,570	)		(50,000	)		(1,213,129	)

Net increase (decrease)		—		$	12,186			(50,000	)	$	(1,213,129	)

11.

SUBSEQUENT EVENTS


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

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”), each a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a 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 closures in certain countries and the impact of the coronavirus outbreak on the Fund and the overall market.

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


18		2 0 2 1 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

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new 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, 2021



	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^(a)		$0.287896	$	—		$0.042901		$0.330797		87	%		—	%		13	%		100	%

^(a)


S U P P L E M E N T A L I N F O R M A T I O N		19

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


20		2 0 2 1 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

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		21

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”).

iS-SAR-1019-0421


		APRIL 30, 2021

2021 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,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2021

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	28.85%	45.98%

U.S. small cap equities (Russell 2000^® Index)	48.06	74.91

International equities (MSCI Europe, Australasia, Far East Index)	28.84	39.88

Emerging market equities (MSCI Emerging Markets Index)	22.95	48.71

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.05	0.11

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.26)	(7.79)

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.52)	(0.27)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.42	7.40

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	7.98	19.57

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		37
Supplemental Information		38
General Information		39
Glossary of Terms Used in this Report		40


Fund Summary as of April 30, 2021		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.

Prior to 3/1/21, the Fund operated as a transparent active ETF. On 3/1/21, 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		24.60	%		42.91	%		2.71	%		42.91	%		8.56	%
Fund Market		24.67			43.23			2.79			43.23			8.83
Index		25.35			44.59			3.17			44.59			10.07

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 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.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,246.00	$ 1.50			$ 1,000.00	$ 1,023.50	$ 1.35		0.27	%

^(a)

Portfolio Information


ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets

Commercial Paper	81.2	%
Money Market Funds	10.6
U.S. Treasury Obligations	8.5
Cash	3.7
Futures	5.5
Other assets, less liabilities	(9.5	)


COMMODITIES EXPOSURE

Sector Exposure^(a)	Percent of Exposure

Energy Futures	32.0	%
Agriculture Futures	31.3
Precious Metals Futures	15.6
Industrial Metals Futures	15.3
Livestock Futures	5.8

^(a)

Represents the sector allocation of the Bloomberg Roll Select Commodity Total Return Index.


4		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2021		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.

Prior to 3/1/21, the Fund operated as a transparent active ETF. On 3/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

Performance


				Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		26.38	%		21.92	%
Fund Market		26.16			21.78
Index		26.67			22.36

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 period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,263.80	$ 2.19			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE


Investment Type	Percent of Net Assets
Commercial Paper		77.0	%
Money Market Funds		18.3
U.S. Treasury Obligations		7.3
Cash		1.2
Commodity Swaps		18.3
Other assets, less liabilities		(22.1	)

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets
U.S. Treasury Bills, 0.01%, 06/22/21		4.1	%
Fidelity National Information Services Inc., 0.20%, 06/10/21		3.8
Erste Abwicklungsanstalt, 0.06%, 05/07/21		3.5
Swedbank AB, 0.07%, 05/10/21		3.5
Nationwide Building Society, 0.10%, 05/11/21		3.5


F U N D S U M M A R Y		5


Fund Summary as of April 30, 2021		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.

Prior to 3/1/21, the Fund operated as a transparent active ETF. On 3/1/21, 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		(6.53	)%		1.97	%		9.60	%		1.97	%		30.48	%

Fund Market		(6.51	)		2.06			9.60			2.06			30.47

Index		(6.39	)		2.23			9.75			2.23			30.98

The inception date of the Fund was 6/6/18. The first day of secondary market trading was 6/8/18.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 934.70	$ 0.62			$ 1,000.00	$ 1,024.10	$ 0.65		0.13	%

^(a)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE


Investment Type	Percent of Net Assets
Money Market Funds		78.0	%
Grantor Trust		17.2
Cash		4.8
Futures		2.6
Other assets, less liabilities		(2.6	)

COMMODITY-LINKED FUTURES


Sector Exposure^(a)	Percent of Net Assets
Gold Futures		75.9	%

^(a)

Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.


6		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2021		iShares^® GSCI Commodity Dynamic Roll Strategy

Investment Objective

The iShares GSCI Commodity Dynamic Roll Strategy ETF (the “Fund”) (formerly the iShares Commodities Select Strategy ETF) 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.

Prior to 3/1/21, the Fund operated as a transparent active ETF. On 3/1/21, 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		32.96	%		45.55	%		3.91	%		(3.46	)%		45.55	%		21.15	%		(20.56	)%
Fund Market		33.37			45.46			3.90			(3.47	)		45.46			21.08			(20.61	)
Index		33.16			46.07			2.66			(6.60	)		46.07			14.02			(36.03	)

The inception date of the Fund was 10/15/14. The first day of secondary market trading was 10/16/14.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	��	Beginning Account Value (11/01/20)	Ending Account Value (04/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,329.60	$ 2.77			$ 1,000.00	$ 1,022.40	$ 2.41		0.48	%

^(a)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE


Investment Type	Percent of Net Assets
Commercial Paper		79.7	%
Money Market Funds		8.4
U.S. Treasury Obligations		8.1
Certificates of Deposit		2.3
Cash		5.6
Futures		6.2
Other assets, less liabilities		(10.3	)

COMMODITY-LINKED FUTURES


Sector Exposure^(a)	Percent of Net Assets
Energy Futures		31.6	%
Precious Metals Futures		27.7
Agriculture Futures		20.8
Industrial Metals Futures		13.0
Livestock Futures		6.8

^(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

Shareholder Expenses


8		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited)

April 30, 2021

iShares^® Bloomberg Roll Select Commodity Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par		Value


Short-Term Investments

Commercial Paper — 81.2%
Amcor Flexibles North America, 0.17%, 05/05/21^(a)	$	1,600,000	$	1,599,962
American Electric Power Co. Inc., 0.24%, 07/09/21^(a)		2,000,000		1,999,078
American Honda Finance Corp. 0.18%, 05/26/2021^(a)		600,000		599,920
0.21%, 07/07/2021^(a)		2,000,000		1,999,195
0.22%, 07/19/2021^(a)		450,000		449,783
Antalis SA, 0.21%, 05/11/21^(a)		1,500,000		1,499,959
BASF SE, 0.14%, 06/21/21^(a)		2,600,000		2,599,485
Bell Canada, 0.12%, 05/17/21^(a)		2,700,000		2,699,846
BNG Bank NV 0.06%, 05/03/2021^(a)		250,000		249,999
0.07%, 05/11/2021^(a)		1,500,000		1,499,970
Britannia Funding Co. LLC, 0.21%, 07/28/21^(a)		600,000		599,705
Caisse Des Depots Et 0.06%, 05/05/2021^(a)		900,000		899,993
0.08%, 06/03/2021^(a)		1,500,000		1,499,882
Collateralized Commercial Paper Co., 0.23%, 05/18/21^(a)		1,100,000		1,099,953
Electricite De France, 0.21%, 06/23/21^(a)		600,000		599,810
Enel Finance America LLC, 0.24%, 07/12/21^(a)		2,000,000		1,999,015
Federation Des Caisses, 0.08%, 05/26/21^(a)		1,700,000		1,699,905
Federation des Caisses Desjardins du Quebec, 0.11%, 07/06/21^(a)		1,000,000		999,792
Fidelity National Information Services Inc. 0.15%, 05/04/2021^(a)		2,000,000		1,999,967
0.20%, 06/10/2021^(a)		1,000,000		999,775
FMS Wertmanagement, 0.06%, 05/26/21^(a)		2,000,000		1,999,918
Ionic Capital II Trust, 0.12%, 05/21/21^(a)		300,000		299,978
Lime Funding LLC, 0.21%, 06/10/21^(a)		800,000		799,864
Macquarie Bank Ltd., 0.08%, 05/11/21^(a)		1,700,000		1,699,961
Manhattan Asset Funding, 0.15%, 06/04/21^(a)		2,600,000		2,599,679
National Bank of Canada 0.11%, 07/01/2021^(a)		1,700,000		1,699,675
0.12%, 07/22/2021^(a)		1,200,000		1,199,674
Nationwide Building Society, 0.10%, 05/11/21^(a)		2,500,000		2,499,927


Security	Par/ Shares		Value


Commercial Paper (continued)
NextEra Energy Capital Holdings Inc., 0.19%, 06/02/21^(a)	$	1,500,000	$	1,499,746
Nieuw Amsterdam Receivables Corp., 0.17%, 07/27/21^(a)		3,000,000		2,999,150
NRW. Bank, 0.05%, 05/05/21^(a)		2,300,000		2,299,984
QUALCOMM Inc., 0.06%, 05/04/21^(a)		2,500,000		2,499,983
Skandinaviska Enskilda Banken AB, 0.08%, 05/19/21^(a)		2,200,000		2,199,907
Swedbank AB, 0.07%, 05/10/21^(a)		1,600,000		1,599,969
United Overseas Bank Ltd., 0.07%, 05/14/21^(a)		450,000		449,988
Unitedhealth Group Inc., 0.14%, 06/10/21^(a)		1,200,000		1,199,811
Versailles Commercial Paper LLC 0.18%, 06/03/2021^(a)		900,000		899,894
0.18%, 06/07/2021^(a)		550,000		549,924
Victory Receivables Corp., 0.18%, 05/04/21^(a)		1,500,000		1,499,991
VW Credit Inc., 0.16%, 05/18/21^(a)		1,200,000		1,199,902

				59,291,919

U.S. Treasury Obligations — 8.5%
U.S. Treasury Bills 0.01%, 06/08/21^(a)		5,000,000		4,999,950
0.01%, 06/22/21^(a)		1,200,000		1,199,983

				6,199,933

Money Market Funds — 10.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		7,740,000		7,740,000


Total Short-Term Investments — 100.3% (Costs: $73,231,067)				73,231,852


Total Investments in Securities — 100.3% (Cost: $73,231,067)				73,231,852

Other Assets, Less Liabilities — (0.3)%				(232,211	)


Net Assets — 100.0%			$	72,999,641

^(a)	Rates are discount rates or a range of discount rates at the time of purchase.

^(b)	Affiliate of the Fund.

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

Affiliates



Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/21		Shares Held at 04/30/21		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	5,970,000	$	1,770,000	^(a)	$	—	$	—	$	—	$	7,740,000		7,740,000	$	1,709	$	—

^(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 OF I N V E S T M E N T S		9

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® Bloomberg Roll Select Commodity Strategy ETF

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Bloomberg Roll Select Commodity Index

3,050

06/16/21

71,928

4,021,230

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	4,021,230

^(a)

Net cumulative 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 six months ended April 30, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:



	Commodity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	7,874,851

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,246,725

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	54,311,609

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

Fair Value Measurements



	Level 1		Level 2		Level 3		Total
Investments
Assets
Commercial Paper	$	—	$	59,291,919	$	—	$	59,291,919
U.S. Treasury Obligations		—		6,199,933		—		6,199,933
Money Market Funds		7,740,000		—		—		7,740,000

	$	7,740,000	$	65,491,852	$	—	$	73,231,852

Derivative financial instruments^(a)
Assets
Futures Contracts	$	4,021,230	$	—	$	—	$	4,021,230

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to Consolidated Financial Statements


10		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited)

April 30, 2021

iShares^® Commodity Curve Carry Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par		Value

Short-Term Investments

Commercial Paper — 77.0%
Amcor Flexibles North America, 0.17%, 05/05/21^(a)	$	1,000,000	$	999,976
American Electric Power Co. Inc., 0.24%, 07/09/21^(a)		1,000,000		999,539
American Honda Finance Corp. 0.18%, 05/26/2021^(a)		500,000		499,934
0.22%, 07/19/2021^(a)		900,000		899,566
BASF SE, 0.14%, 06/21/21^(a)		1,300,000		1,299,743
Bell Canada, 0.12%, 05/17/21^(a)		250,000		249,986
Caisse Des Depots Et 0.06%, 05/05/2021^(a)		900,000		899,992
0.08%, 06/03/2021^(a)		500,000		499,961
Collateralized Commercial Paper Co. 0.21%, 06/16/2021^(a)		250,000		249,964
0.23%, 05/18/2021^(a)		1,200,000		1,199,949
Enel Finance America LLC, 0.24%, 07/12/21^(a)		1,000,000		999,507
Erste Abwicklungsanstalt, 0.06%, 05/07/21^(a)		1,300,000		1,299,985
Federation des Caisses Desjardins du Quebec, 0.11%, 07/06/21^(a)		1,200,000		1,199,750
Fidelity National Information Services Inc., 0.20%, 06/10/21^(a)		1,400,000		1,399,684
Ionic Capital II Trust, 0.12%, 05/21/21^(a)		750,000		749,946
Lime Funding LLC, 0.21%, 06/10/21^(a)		1,300,000		1,299,779
Macquarie Bank Ltd., 0.08%, 05/11/21^(a)		1,250,000		1,249,971
Manhattan Asset Funding, 0.15%, 06/04/21^(a)		1,300,000		1,299,839
Mizuho Bank Ltd., 0.09%, 05/24/21^(a)		1,300,000		1,299,925
National Bank of Canada, 0.11%, 07/01/21^(a)		1,300,000		1,299,751
Nationwide Building Society, 0.10%, 05/11/21^(a)		1,300,000		1,299,962
Nieuw Amsterdam Receivables Corp., 0.17%, 07/27/21^(a)		1,300,000		1,299,632
Swedbank AB, 0.07%, 05/10/21^(a)		1,300,000		1,299,975


Security	Par/ Shares		Value

Commercial Paper (continued)
United Overseas Bank Ltd., 0.07%, 05/14/21^(a)	$	925,000	$	924,975
Unitedhealth Group Inc., 0.14%, 06/10/21^(a)		1,000,000		999,843
Versailles Commercial Paper LLC, 0.18%, 06/07/21^(a)		275,000		274,962
Victory Receivables Corp., 0.18%, 05/04/21^(a)		1,200,000		1,199,993
VW Credit Inc., 0.16%, 05/18/21^(a)		1,200,000		1,199,902

				28,395,991
U.S. Treasury Obligations — 7.3%
U.S. Cash Management Bill, 0.01%, 06/01/21		425,000		424,997
U.S. Treasury Bills 0.01%, 06/08/21		750,000		749,992
0.01%, 06/22/21		1,500,000		1,499,979

				2,674,968
Money Market Funds — 18.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		6,750,000		6,750,000


Total Short-Term Investments — 102.6% (Costs: $37,820,509)				37,820,959


Total Investments in Securities — 102.6% (Cost: $37,820,509)				37,820,959

Other Assets, Less Liabilities — (2.6)%				(954,777	)


Net Assets — 100.0%			$	36,866,182

^(a)	Rates are discount rates or a range of discount rates at the time of purchase.

^(b)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/21		Shares Held at 04/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	6,750,000	^(a)	$	—	$	—	$	—	$	6,750,000		6,750,000	$	318	$	—

^(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 OF I N V E S T M E N T S		11

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® Commodity Curve Carry Strategy ETF

OTC Total Return Swaps


Paid by the Fund		Received by the Fund		Counterparty		Effective Date		Termination Date	Notional Amount (000)		Value		Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Rate^(a)	Frequency	Reference^(b)	Frequency	Counterparty		Effective Date		Termination Date	Notional Amount (000)		Value		Premiums Paid (Received)			Unrealized Appreciation (Depreciation)

0.09%	At Termination	ICE BofA Commodity Enhanced Carry Total Return Index	At Termination		Citibank N.A.		N/A	09/01/21		10,058	$	2,231,526	$	(17,171	)	$	2,248,697
0.09%	At Termination	ICE BofA Commodity Enhanced Carry Total Return Index	At Termination		Merrill Lynch International		N/A	09/01/21		20,117		4,453,624		(43,771	)		4,497,395

											$	6,685,150	$	(60,942	)	$	6,746,092

^(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, 2021.




Futures contracts	Maturity date		Weight %


Brent Crude Oil		10/29/2021		24.8	%

Copper		12/14/2021		14.6

Corn		12/14/2021		12.9

Gold		08/27/2021		11.4

RBOB Gasoline		11/30/2021		9.0

Soybeans		11/12/2021		7.9

WTI Crude Oil		11/19/2021		5.6

Wheat		12/14/2021		4.9

Nickel		12/14/2021		3.2

Sugar		02/28/2022		2.5

Lean Hogs		10/14/2021		2.2

Silver		09/28/2021		1.1

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps



	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation

Total Return Swaps	$	—	$	(60,942	)	$	6,746,092	$	—

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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	$	6,746,092


Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	60,942

For the six months ended April 30, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:




	Commodity Contracts


Net Realized Gain (Loss) from:
Swaps	$	(45,770	)


Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	7,774,822


12		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® Commodity Curve Carry Strategy ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Total return swaps:
Average notional value	$	30,175,124

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)	$	6,746,092	$	60,942


Total derivative assets and liabilities in the Statement of Assets and Liabilities		6,746,092		60,942
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—


Total derivative assets and liabilities subject to an MNA		6,746,092		60,942

^(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)		Cash Collateral Received	^(b)		Net Amount of Derivative Assets


Citibank N.A.	$	2,248,697	$	(17,171	)	$	(2,231,526	)	$	—
Merrill Lynch International		4,497,395		(43,771	)		(4,453,624	)		—


	$	6,746,092	$	(60,942	)	$	(6,685,150	)	$	—




Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Cash Collateral Pledged		Net Amount of Derivative Liabilities


Citibank N.A.	$	17,171	$	(17,171	)	$	—	$	—
Merrill Lynch International		43,771		(43,771	)		—		—


	$	60,942	$	(60,942	)	$	—	$	—

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives 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.

Fair Value Measurements


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

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® Commodity Curve Carry Strategy ETF

Fair Value Measurements (continued)




	Level 1		Level 2		Level 3		Total


Investments
Assets
Commercial Paper	$	—	$	28,395,991	$	—	$	28,395,991
U.S. Treasury Obligations		—		2,674,968		—		2,674,968
Money Market Funds		6,750,000		—		—		6,750,000


	$	6,750,000	$	31,070,959	$	—	$	37,820,959

Derivative financial instruments^(a)
Assets
Swaps	$	—	$	6,746,092	$	—	$	6,746,092

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to Consolidated Financial Statements


14		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited)

April 30, 2021

iShares^® Gold Strategy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Grantor Trust

Grantor Trust — 17.2%
iShares Gold Trust^(a)(b)		250,507	$	4,221,043


Total Grantor Trust (Cost: $3,914,411)				4,221,043


Short-Term Investments

Money Market Funds — 78.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(c)		19,067,000		19,067,000


Total Short-Term Investments — 78.0% (Costs: $19,067,000)				19,067,000


Total Investments in Securities — 95.2% (Cost: $22,981,411)				23,288,043

Other Assets, Less Liabilities — 4.8%				1,167,749


Net Assets — 100.0%			$	24,455,792

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

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

Affiliates




Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/21		Shares Held at 04/30/21		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares		$17,047,000		$2,020,000	^(a)	$	—		$	—		$	—		$	19,067,000		19,067,000	$	3,026	$	—
iShares Gold Trust		3,698,740		4,500,701			(3,572,195	)		(166,233	)		(239,970	)		4,221,043		250,507		—		—


									$	(166,233	)	$	(239,970	)	$	23,288,043			$	3,026	$	—

^(a)

Represents net amount purchased (sold).

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional

Amount

(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Gold 100 OZ

105

06/28/21

18,561

625,651


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, 2021

iShares^® Gold Strategy ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	625,651

^(a)

For the six months ended April 30, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:


	Commodity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,615,283	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,319,617

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	17,437,253

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Grantor Trust	$	4,221,043	$	—	$	—	$	4,221,043
Money Market Funds		19,067,000		—		—		19,067,000

	$	23,288,043	$	—	$	—	$	23,288,043

Derivative financial instruments^(a)
Assets
Futures Contracts	$	625,651	$	—	$	—	$	625,651

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to Consolidated Financial Statements


16		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited)

April 30, 2021

iShares^® GSCI Commodity Dynamic Roll Strategy

(Percentages shown are based on Net Assets)


Security	Par		Value

Short-Term Investments

Certificates of Deposit — 2.3%
Credit Suisse AG/New York NY 0.23%, 04/08/2022, (SOFR + 0.220%)^(a)	$	3,100,000	$	3,096,756
0.24%, 02/15/2022		2,000,000		1,998,192
0.31%, 05/09/2022^(a)		5,000,000		4,998,381
Standard Chartered Bank/New York, 0.21%, 09/03/21, (3 mo. LIBOR US + 0.020%)^(a)		5,850,000		5,849,805

				15,943,134

Commercial Paper — 79.7%
ABN Amro Funding USA LLC, 0.13%, 06/01/21		15,000,000		14,998,240
Alinghi Funding Co., 0.29%, 10/15/21		20,000,000		19,984,133
Amcor Flexibles North America Inc., 0.17%, 05/04/21		9,500,000		9,499,821
American Electric Power Co. Inc., 0.24%, 07/09/21		5,300,000		5,297,558
American Honda Finance Corp. 0.18%, 05/26/2021		14,700,000		14,698,047
0.21%, 07/07/2021		4,400,000		4,398,230
0.22%, 07/19/2021		8,000,000		7,996,142
Antalis SA, 0.21%, 05/11/21		355,000		354,990
ASB Finance Ltd., 0.09%, 06/28/21		2,000,000		1,999,708
AT&T Inc., 0.23%, 08/17/21		3,000,000		2,997,947
Banco Santander SA, 0.18%, 08/09/21		19,650,000		19,641,441
BASF SE 0.12%, 06/10/2021		4,800,000		4,799,322
0.14%, 06/21/2021		19,000,000		18,996,240
Bedford Row Funding Corp. 0.18%, 08/16/2021		2,500,000		2,498,852
0.30%, 04/07/2022^(a)		5,000,000		5,000,000
Bell Canada, 0.12%, 05/17/21		16,000,000		15,999,086
BNG Bank NV 0.06%, 05/03/2021		12,000,000		11,999,940
0.07%, 05/11/2021		3,600,000		3,599,928
0.11%, 06/16/2021		2,000,000		1,999,721
BNZ International Funding Ltd., 0.15%, 10/18/21		2,000,000		1,998,613
Britannia Funding Co. LLC, 0.21%, 07/28/21		900,000		899,557
Caisse Des Depots Et 0.06%, 05/05/2021		9,000,000		8,999,925
0.08%, 06/03/2021		1,000,000		999,922
Collateralized Commercial Paper Co. 0.21%, 06/16/2021		2,750,000		2,749,601
0.23%, 05/18/2021		5,000,000		4,999,787
0.23%, 05/24/2021		2,500,000		2,499,850
DBS BANK Ltd. 0.14%, 08/02/2021		8,000,000		7,997,013
0.16%, 09/15/2021		5,000,000		4,996,876
Electricite De France 0.21%, 06/23/2021		10,000,000		9,997,166
0.28%, 06/28/2021		2,000,000		1,999,259
Enel Finance America LLC, 0.24%, 07/12/21		7,000,000		6,996,551
Erste Abwicklungsanstalt 0.06%, 05/03/2021		15,000,000		14,999,925
0.06%, 05/07/2021		5,000,000		4,999,942
Federation des Caisses Desjardins du Quebec, 0.11%, 07/06/21		19,400,000		19,395,956
Fidelity National Information Services Inc. 0.15%, 05/04/2021		13,000,000		12,999,783
0.20%, 06/10/2021		5,400,000		5,398,782
FMS Wertmanagement, 0.06%, 05/26/21		7,000,000		6,999,712
Ionic Capital II Trust 0.12%, 05/21/2021		350,000		349,975


Security	Par		Value

Commercial Paper (continued)
0.18%, 07/23/2021	$	5,000,000	$	4,997,923
KFW International Finance Inc., 0.05%, 05/10/21		15,000,000		14,999,775
Korea Development Bank (The) 0.12%, 10/08/2021		4,000,000		3,997,782
0.15%, 09/09/2021		3,000,000		2,998,394
Landesbank Baden-Wurttemberg, 0.18%, 09/10/21		5,000,000		4,996,693
Lime Funding LLC, 0.21%, 06/10/21		10,000,000		9,998,303
Lloyds Bacnk PLC, 0.06%, 05/04/21		2,500,000		2,499,983
LMA Americas LLC, 0.22%, 06/25/21		15,000,000		14,996,570
Macquarie Bank Ltd. 0.08%, 05/11/2021		7,800,000		7,799,821
0.11%, 06/02/2021		5,000,000		4,999,519
0.11%, 06/03/2021		10,115,000		10,113,978
Mitsubishi UFJ Trust and Banking Corp. 0.12%, 07/01/2021		5,500,000		5,498,854
0.13%, 07/12/2021		9,000,000		8,997,646
Mizuho Bank Ltd. 0.09%, 05/24/2021		4,450,000		4,449,742
0.14%, 08/02/2021		2,000,000		1,999,253
National Bank of Canada 0.11%, 07/01/2021		19,000,000		18,996,368
0.11%, 07/02/2021		1,550,000		1,549,699
0.12%, 07/22/2021		8,000,000		7,997,824
Nationwide Building Society, 0.10%, 05/11/21		5,000,000		4,999,855
Nederlandse Waterschapsbank NV, 0.12%, 07/02/21		2,000,000		1,999,573
NextEra Energy Capital Holdings Inc., 0.19%, 06/02/21		1,000,000		999,830
Nieuw Amsterdam Receivables Corp., 0.17%, 07/27/21		11,800,000		11,796,657
NRW. Bank 0.05%, 05/05/2021		2,500,000		2,499,983
0.12%, 08/03/2021		4,000,000		3,998,712
Ontario Power Generation, 0.12%, 05/19/21		5,500,000		5,499,643
Ridgefield Funding Co. LLC 0.18%, 06/16/2021		4,000,000		3,999,295
0.22%, 09/03/2021		10,000,000		9,993,840
Salisbury Receivables Co. LLC, 0.13%, 06/10/21		5,000,000		4,999,271
Skandinaviska Enskilda Banken AB 0.08%, 05/03/2021		2,500,000		2,499,983
0.09%, 06/08/2021		2,000,000		1,999,807
Standard Chartered Bank, 0.15%, 08/02/21		2,000,000		1,999,211
Sumitomo Mitsui Trust Bank Ltd. 0.07%, 05/19/2021		1,450,000		1,449,946
0.10%, 06/09/2021		5,000,000		4,999,461
0.10%, 06/17/2021		3,000,000		2,999,592
Swedbank AB 0.07%, 05/10/2021		3,200,000		3,199,939
0.08%, 07/08/2021		3,000,000		2,999,546
Unitedhealth Group Inc., 0.14%, 06/10/21		20,000,000		19,996,857
Versailles Commercial Paper LLC 0.18%, 06/03/2021		2,100,000		2,099,752
0.18%, 06/07/2021		5,300,000		5,299,267
Victory Receivables Corp. 0.18%, 05/04/2021		6,000,000		5,999,963
0.19%, 06/01/2021		9,000,000		8,999,016
VW Credit Inc. 0.16%, 05/18/2021		12,600,000		12,598,967
0.17%, 05/20/2021		7,000,000		6,999,351
Westpac Securities Ltd., 0.15%, 08/11/21		2,000,000		1,999,119

				555,852,104


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, 2021

iShares^® GSCI Commodity Dynamic Roll Strategy

(Percentages shown are based on Net Assets)


Security	Par/ Shares		Value

U.S. Treasury Obligations — 8.1%
U.S. Treasury Bills 0.00%, 05/18/21^(b)	$	3,000,000	$	2,999,995
0.01%, 06/08/21		8,000,000		7,999,920
0.01%, 06/22/21		38,000,000		37,999,472
0.01%, 07/01/21		7,500,000		7,499,847

				56,499,234

Money Market Funds — 8.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		58,705,095		58,705,095


Total Short-Term Investments — 98.5% (Costs: $686,982,453)				686,999,567


Total Investments in Securities — 98.5% (Cost: $686,982,453)				686,999,567

Other Assets, Less Liabilities — 1.5%				10,685,856


Net Assets — 100.0%			$	697,685,423

^(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)	Zero-coupon bond.

^(c)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/21		Shares Held at 04/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	10,605,095	$	48,100,000	^(a)	$	—	$	—	$	—	$	58,705,095		58,705,095	$	4,075	$	—

^(a)

Represents net amount purchased (sold).

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Aluminum		486		12/19/22	$	29,105	$	884,734
Brent Crude Oil		1,709		05/28/21		114,093		85,610
Cattle Feeder		103		08/26/21		7,558		(415,966	)
Cocoa		91		12/15/21		2,212		(3,622	)
Coffee		101		03/21/22		5,596		384,809
Copper		174		12/15/21		42,600		5,019,643
Corn		1,625		09/14/21		48,120		10,334,295
Cotton		208		12/08/21		8,846		118,755
Gasoline RBOB		346		09/30/21		27,245		1,195,758
Gold 100 OZ		191		02/24/22		33,916		981,347
KC HRW Wheat		328		07/14/21		11,537		1,199,792
Lead		82		06/14/21		4,408		341,239
Lean Hogs		444		10/14/21		15,753		1,081,646
Live Cattle		524		06/30/21		24,434		164,504
Low Sulphur Gasoil		636		12/10/21		34,106		3,826,025
Natural Gas		693		03/29/22		17,838		376,009


18		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2021

iShares^® GSCI Commodity Dynamic Roll Strategy

Futures Contracts (continued)



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Nickel		64		12/13/21	$	6,797	$	(77,685	)
NY Harbor ULSD		342		05/28/21		27,613		1,296,559
Silver		33		07/28/21		4,269		75,158
Soybean		448		11/12/21		30,010		4,374,476
Sugar		655		06/30/21		12,457		1,057,880
Wheat		712		07/14/21		26,157		4,559,460
WTI Crude Oil		2,539		11/19/21		154,955		5,839,079
Zinc		104		12/13/21		7,651		290,924

							$	42,990,429

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2021, 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)	$	43,487,702

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	497,273

^(a)

For the six months ended April 30, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:



	Commodity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	43,448,150

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	47,763,695

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	374,108,460

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

Fair Value Measurements


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, 2021

iShares^® GSCI Commodity Dynamic Roll Strategy

Fair Value Measurements (continued)



	Level 1			Level 2		Level 3		Total

Investments
Assets
Certificates of Deposit	$	—		$	15,943,134	$	—	$	15,943,134
Commercial Paper		—			555,852,104		—		555,852,104
U.S. Treasury Obligations		—			56,499,234		—		56,499,234
Money Market Funds		58,705,095			—		—		58,705,095

	$	58,705,095		$	628,294,472	$	—	$	686,999,567

Derivative financial instruments^(a)
Assets
Futures Contracts	$	43,487,702		$	—	$	—	$	43,487,702
Liabilities
Futures Contracts		(497,273	)		—		—		(497,273	)

	$	42,990,429		$	—	$	—	$	42,990,429

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to Consolidated Financial Statements


20		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Assets and Liabilities (unaudited)

April 30, 2021


	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)	$	65,491,852	$	31,070,959	$	—		$	628,294,472
Affiliated^(b)		7,740,000		6,750,000		23,288,043			58,705,095
Cash		4,562		440,776		9,346			12,654
Cash pledged:
Futures contracts		2,711,000		—		1,167,000			39,226,640
Receivables:
Variation margin on futures contracts		66,660		—		—			3,652,880
Capital shares sold		—		—		—			6,474,065
Dividends		102		84		219			5,479
Unrealized appreciation on:
OTC swaps		—		6,746,092		—			—

Total assets		76,014,176		45,007,911		24,464,608			736,371,285


LIABILITIES
Cash received:
Collateral — OTC derivatives		—		6,770,000		—			—
Payables:
Investments purchased		2,999,149		1,299,632		—			38,436,214
Variation margin on futures contracts		—		—		6,286			—
Investment advisory fees		15,386		11,155		2,530			249,648
Swap premiums received		—		60,942		—			—

Total liabilities		3,014,535		8,141,729		8,816			38,685,862


NET ASSETS	$	72,999,641	$	36,866,182	$	24,455,792		$	697,685,423


NET ASSETS CONSIST OF:
Paid-in capital	$	61,137,517	$	30,206,498	$	26,316,463		$	659,046,426
Accumulated earnings (loss)		11,862,124		6,659,684		(1,860,671	)		38,638,997

NET ASSETS	$	72,999,641	$	36,866,182	$	24,455,792		$	697,685,423


Shares outstanding		1,400,000		1,500,000		450,000			21,700,000

Net asset value	$	52.14	$	24.58	$	54.35		$	32.15

Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited

Par value		None		None		None			None


^(a)Investments, at cost — Unaffiliated	$	65,491,067	$	31,070,509	$	—		$	628,277,358
^(b)Investments, at cost — Affiliated	$	7,740,000	$	6,750,000	$	22,981,411		$	58,705,095

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, 2021


	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	$	1,709		$	318		$	3,026		$	4,075
Interest — Unaffiliated		37,176			22,230			—			263,494
Foreign taxes withheld		—			—			—			(96	)

Total investment income		38,885			22,548			3,026			267,473


EXPENSES
Investment advisory fees		76,309			65,447			28,436			817,510
Miscellaneous		—			—			—			173

Total expenses		76,309			65,447			28,436			817,683

Less:
Investment advisory fees waived		(3,164	)		(1,725	)		(14,059	)		(1,094	)

Total expenses after fees waived		73,145			63,722			14,377			816,589

Net investment loss		(34,260	)		(41,174	)		(11,351	)		(549,116	)


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		255			152			—			566,208
Investments — Affiliated		—			—			(166,233	)		—
Futures contracts		7,874,851			—			(2,615,283	)		43,448,150
Foreign currency transactions		—			—			—			14
Swaps		—			(45,770	)		—			—

Net realized gain (loss)		7,875,106			(45,618	)		(2,781,516	)		44,014,372

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(289	)		(224	)		—			1,829
Investments — Affiliated		—			—			(239,970	)		—
Futures contracts		4,246,725			—			1,319,617			47,763,695
Foreign currency translations		—			—			—			2
Swaps		—			7,774,822			—			—

Net change in unrealized appreciation (depreciation)		4,246,436			7,774,598			1,079,647			47,765,526

Net realized and unrealized gain (loss)		12,121,542			7,728,980			(1,701,869	)		91,779,898

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	12,087,282		$	7,687,806		$	(1,713,220	)	$	91,230,782

See notes to Consolidated Financial Statements


22		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets


	iShares Bloomberg Roll Select Commodity Strategy ETF						iShares Commodity Curve Carry Strategy ETF
		Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20			Six Months Ended 04/30/21 (unaudited)			Period From 09/01/20 to 10/31/20	^(a)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(34,260	)	$	157,227		$	(41,174	)	$	(13,804	)
Net realized gain (loss)		7,875,106			(63,206	)		(45,618	)		(15,238	)
Net change in unrealized appreciation (depreciation)		4,246,436			(413,028	)		7,774,598			(1,028,056	)

Net increase (decrease) in net assets resulting from operations		12,087,282			(319,007	)		7,687,806			(1,057,098	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(69,482	)		(598,892	)		—			—


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		19,069,376			15,826,208			—			30,235,474


NET ASSETS
Total increase in net assets		31,087,176			14,908,309			7,687,806			29,178,376
Beginning of period		41,912,465			27,004,156			29,178,376			—

End of period	$	72,999,641		$	41,912,465		$	36,866,182		$	29,178,376

^(a)	Commencement of operations.

^(b)	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 04/30/21 (unaudited)			Year Ended 10/31/20			Six Months Ended 04/30/21 (unaudited)			Year Ended 10/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(11,351	)	$	28,490		$	(549,116	)	$	2,710,649
Net realized gain (loss)		(2,781,516	)		2,412,979			44,014,372			(101,668,924	)
Net change in unrealized appreciation (depreciation)		1,079,647			(494,137	)		47,765,526			1,292,070

Net increase (decrease) in net assets resulting from operations		(1,713,220	)		1,947,332			91,230,782			(97,666,205	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,564,719	)		(788,999	)		(799,124	)		(8,490,082	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		5,769,785			12,193,568			410,695,428			(215,658,235	)


NET ASSETS
Total increase (decrease) in net assets		2,491,846			13,351,901			501,127,086			(321,814,522	)
Beginning of period		21,963,946			8,612,045			196,558,337			518,372,859

End of period	$	24,455,792		$	21,963,946		$	697,685,423		$	196,558,337

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

See notes to Consolidated Financial Statements


24		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights

(For a share outstanding throughout each period)


	iShares Bloomberg Roll Select Commodity Strategy ETF
		Six Months Ended 04/30/21 (unaudited)				Year Ended 10/31/20				Year Ended 10/31/19					Period From 04/03/18 to 10/31/18	^(a)


Net asset value, beginning of period			$	41.91			$	45.01			$	47.77		$	50.00

Net investment income (loss)^(b)				(0.03	)			0.23				1.05			0.58
Net realized and unrealized gain (loss)^(c)				10.33				(2.33	)			(3.05	)		(2.81	)

Net increase (decrease) from investment operations				10.30				(2.10	)			(2.00	)		(2.23	)


Distributions^(d)
From net investment income				(0.07	)			(1.00	)			(0.76	)		—

Total distributions				(0.07	)			(1.00	)			(0.76	)		—


Net asset value, end of period			$	52.14			$	41.91			$	45.01		$	47.77


Total Return
Based on net asset value				24.60	%^(e)			(4.81	)%			(4.19	)%		(4.46	)%^(e)


Ratios to Average Net Assets
Total expenses				0.28	%^(f)			0.28	%			0.28	%		0.28	%^(f)

Total expenses after fees waived				0.27	%^(f)			0.27	%			0.19	%		0.10	%^(f)

Net investment income (loss)				(0.13	)%^(f)			0.55	%			2.30	%		2.01	%^(f)


Supplemental Data
Net assets, end of period (000)			$	73,000			$	41,912			$	27,004		$	40,607

Portfolio turnover rate^(g)				0	%^(e)			0	%			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)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Not annualized.

^(f)	Annualized.

^(g)	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 04/30/21 (unaudited)					Period From 09/01/20 to 10/31/20	^(a)


Net asset value, beginning of period			$	19.45		$	20.16

Net investment loss^(b)				(0.03	)		(0.01	)
Net realized and unrealized gain (loss)^(c)				5.16			(0.70	)

Net increase (decrease) from investment operations				5.13			(0.71	)


Net asset value, end of period			$	24.58		$	19.45


Total Return
Based on net asset value				26.38	%^(d)		(3.52	)%^(d)


Ratios to Average Net Assets
Total expenses				0.40	%^(e)		0.40	%^(e)

Total expenses after fees waived				0.39	%^(e)		0.00	%^(e)

Net investment loss				(0.25	)%^(e)		(0.28	)%^(e)


Supplemental Data
Net assets, end of period (000)			$	36,866		$	29,178

Portfolio turnover rate^(f)				0	%^(d)		0	%^(d)

^(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)	Not annualized.

^(e)	Annualized.

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

See notes to Consolidated Financial Statements


26		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Gold Strategy ETF
		Six Months Ended 04/30/21 (unaudited)				Year Ended 10/31/20				Year Ended 10/31/19					Period From 06/06/18 to 10/31/18	^(a)


Net asset value, beginning of period			$	62.75			$	57.41			$	46.76		$	50.00

Net investment income (loss)^(b)				(0.03	)			0.13				0.82			0.27
Net realized and unrealized gain (loss)^(c)				(3.90	)			10.47				10.20			(3.51	)

Net increase (decrease) from investment operations				(3.93	)			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			$	54.35			$	62.75			$	57.41		$	46.76


Total Return
Based on net asset value				(6.53	)%^(e)			20.64	%			23.74	%		(6.48	)%^(e)


Ratios to Average Net Assets
Total expenses				0.25	%^(f)			0.25	%			0.25	%		0.25	%^(f)

Total expenses after fees waived				0.13	%^(f)			0.13	%			0.18	%		0.19	%^(f)

Net investment income (loss)				(0.10	)%^(f)			0.22	%			1.58	%		1.45	%^(f)


Supplemental Data
Net assets, end of period (000)			$	24,456			$	21,964			$	8,612		$	4,676

Portfolio turnover rate^(g)				66	%^(e)			77	%			47	%		13	%^(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)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Not annualized.

^(f)	Annualized.

^(g)	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 04/30/21 (unaudited)				Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16


Net asset value, beginning of period		$	24.27		$	31.80		$	37.18		$	35.97		$	32.41		$	32.97

Net investment income (loss)^(a)			(0.05	)		0.26			0.76			0.63			0.31			0.16
Net realized and unrealized gain (loss)^(b)			8.03			(6.93	)		(3.04	)		2.62			3.58			(0.57	)

Net increase (decrease) from investment operations			7.98			(6.67	)		(2.28	)		3.25			3.89			(0.41	)


Distributions^(c)
From net investment income			(0.10	)		(0.86	)		(3.10	)		(2.04	)		(0.33	)		(0.15	)

Total distributions			(0.10	)		(0.86	)		(3.10	)		(2.04	)		(0.33	)		(0.15	)


Net asset value, end of period		$	32.15		$	24.27		$	31.80		$	37.18		$	35.97		$	32.41


Total Return
Based on net asset value			32.96	%^(d)		(21.66	)%		(5.87	)%		9.29	%^(e)		12.08	%		(1.23	)%


Ratios to Average Net Assets
Total expenses			0.48	%^(f)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%

Total expenses after fees waived			0.48	%^(f)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%

Net investment income (loss)			(0.32	)%^(f)		0.95	%		2.32	%		1.66	%		0.93	%		0.51	%


Supplemental Data
Net assets, end of period (000)		$	697,685		$	196,558		$	518,373		$	728,739		$	258,956		$	320,820

Portfolio turnover rate^(g)			0	%^(d)		5	%		32	%		167	%		44	%		43	%

^(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)	Not annualized.

^(e)	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%.

^(f)	Annualized.

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

See notes to Consolidated Financial Statements


28		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited)

1.	ORGANIZATION

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 ^(a)		Diversified

^(a)

Formerly the iShares Commodities Select Strategy ETF.

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

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. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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 consolidated statement 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 consolidated statement 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, 2021, if any, are disclosed in the consolidated statement 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 consolidated statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.


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)

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.

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.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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.

•

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.

•

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.


30		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

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.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

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 consolidated statement 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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the consolidated statement 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


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		31

Notes to Consolidated Financial Statements (unaudited) (continued)

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.

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

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES


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”). 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 Commodities 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.


32		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

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, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.25%.


iShares ETF	Amounts waived
Bloomberg Roll Select Commodity Strategy	$	3,164
Commodity Curve Carry Strategy		1,725
Gold Strategy		14,059
GSCI Commodity Dynamic Roll Strategy		1,094

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 and its Subsidiary.

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

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.

7.	PURCHASES AND SALES

For the six months ended April 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Gold Strategy	$	3,110,330	$	3,572,195

For the six months ended April 30, 2021, in-kind transactions were as follows:

iShares ETF

In-kind
Purchases

In-kind

Sales

Gold Strategy

1,390,372

—

8.	INCOME TAX INFORMATION

As of October 31, 2020, 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	$	737
Commodity Curve Carry Strategy		66
GSCI Commodity Dynamic Roll Strategy		47,833,818


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		33

Notes to Consolidated Financial Statements (unaudited) (continued)

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.



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Bloomberg Roll Select Commodity Strategy	$	73,231,067	$	4,022,194	$	(179	)	$	4,022,015
Commodity Curve Carry Strategy		37,820,509		6,746,569		(27	)		6,746,542
Gold Strategy		22,981,411		932,283		—			932,283
GSCI Commodity Dynamic Roll Strategy		686,982,435		43,510,772		(503,211	)		43,007,561

9.	PRINCIPAL RISKS

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.

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 statement of assets and liabilities, less any collateral held by the Funds.

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.


34		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

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.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 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

Transactions in capital shares were as follows:



	Six Months Ended 04/30/21				Year Ended 10/31/20
iShares ETF	Shares		Amount		Shares			Amount

Bloomberg Roll Select Commodity Strategy
Shares sold		400,000	$	19,069,376		500,000		$	19,721,031
Shares redeemed		—		—		(100,000	)		(3,894,823	)

Net increase		400,000	$	19,069,376		400,000		$	15,826,208



	Six Months Ended 04/30/21				Period Ended 10/31/20
iShares ETF	Shares		Amount		Shares		Amount

Commodity Curve Carry Strategy
Shares sold		—	$	—		1,500,000	$	30,235,474



	Six Months Ended 04/30/21						Year Ended 10/31/20
iShares ETF	Shares			Amount			Shares			Amount

Gold Strategy
Shares sold		100,000		$	5,769,785			300,000		$	17,435,063
Shares redeemed		—			—			(100,000	)		(5,241,495	)

Net increase		100,000		$	5,769,785			200,000		$	12,193,568

GSCI Commodity Dynamic Roll Strategy
Shares sold		14,400,000		$	432,422,258			7,700,000		$	244,234,738
Shares redeemed		(800,000	)		(21,726,830	)		(15,900,000	)		(459,892,973	)

Net increase (decrease)		13,600,000		$	410,695,428			(8,200,000	)	$	(215,658,235	)


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		35

Notes to Consolidated Financial Statements (unaudited) (continued)

11.

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.


36		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

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


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		37

Supplemental Information (unaudited)

Regulation Regarding Derivatives

Section 19(a) Notices

April 30, 2021


	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
Gold Strategy^(a)	$	3.921371	$	—	$	0.549255	$	4.470626		88	%		—	%		12	%		100	%

^(a)


38		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		39

Glossary of Terms Used in this Report


Portfolio Abbreviations - Fixed Income

LIBOR		London Interbank Offered Rate

SOFR		Secured Overnight Financing Rate


40		2 0 2 1 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS

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.

iS-SAR-1011-0421

(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) Not applicable.

(a) (4) 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: July 02, 2021

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: July 02, 2021


		By:		/s/ Trent Walker
				Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: July 02, 2021

iShares U.S. ETF Trust N-CSRSCertified semi-annual shareholder report (management investment company)