iShares U.S. ETF Trust N-CSR Certified 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: October 31, 2021

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

OCTOBER 31, 2021

2021 Annual Report

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 October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

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 in early 2021, 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 solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term 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 moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	10.91%	42.91%
U.S. small cap equities (Russell 2000® Index)	1.85	50.80
International equities (MSCI Europe, Australasia, Far East Index)	4.14	34.18
Emerging market equities (MSCI Emerging Markets Index)	(4.87)	16.96
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.06
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.59	(4.77)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.06	(0.48)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.33	2.76
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.36	10.53
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		34
Statements of Operations		35
Statements of Changes in Net Assets		36
Financial Highlights		38
Notes to Financial Statements		41
Report of Independent Registered Public Accounting Firm		50
Important Tax Information (Unaudited)		51
Board Review and Approval of Investment Advisory Contract		52
Supplemental Information		58
Trustee and Officer Information		59
General Information		61
Glossary of Terms Used in this Report		62

Market Overview

iShares U.S. ETF Trust

U.S. Bond Market Overview

The U.S. bond market declined slightly for the 12 months ended October 31, 2021 (“reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -0.48%.

The U.S. economy continued to recover from the effects of the coronavirus pandemic, growing at a brisk pace during the reporting period. Driven by strong consumer spending and significant fiscal and monetary stimulus, U.S. growth outpaced most other developed economies. An ongoing COVID-19 vaccination program helped accelerate the easing of pandemic-related restrictions, and consumers returned to activities that were previously curtailed, such as travel, restaurant dining, and in-person shopping. Spending on goods also remained elevated, leading imports to rise to an all-time high.

However, this robust consumer demand combined with continued pandemic-related disruptions to the global supply chain led to significantly higher inflation. Similarly, in the labor market, the reopening economy and pent-up demand meant that hiring accelerated, and the unemployment rate fell substantially. Nonetheless, total employment remained notably below pre-pandemic levels and job openings reached a record high despite rising wages. Elevated demand drove an increase in industrial production, although rising commodities prices and supply delays constrained growth, particularly late in the reporting period. The emergence of the highly contagious Delta variant, which was responsible for a significant rise in cases beginning late in summer 2021, also weighed on the economy.

The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchasing program. The Fed indicated that it would begin slowing its bond buying activities late in 2021 and signaled that an interest rate increase could be possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

U.S. Treasuries declined, as inflation increased, and investors moved toward equities and lower-rated bonds. Rising domestic inflation expectations pressured U.S. Treasuries, which typically lose value in an inflationary environment. U.S. Treasury yields (which move inversely to prices) began the reporting period near historic lows, but generally rose as inflation increased and the economy continued to strengthen. Yields of U.S. Treasuries with intermediate- and long-term maturities, which are more sensitive to inflation, generally increased more than short-term U.S. Treasuries. However, long-term U.S. Treasury yields rose less than intermediate-term U.S. Treasury yields, with two-year, 10-year, and 30-year U.S. Treasury yields rising by 0.34%, 0.67%, and 0.28%, respectively.

Mortgage-backed securities (“MBS”) declined slightly, despite ongoing support from Fed bond purchasing. MBS performance was constrained by prepayments, as homeowners took advantage of low mortgage rates to refinance their mortgages at a lower interest rate.

On the upside, most corporate bonds advanced for the reporting period, particularly lower-rated corporate bonds. A narrowing yield spread (the difference between yields on corporate bonds and U.S. Treasuries) buoyed the performance of corporate bonds compared to U.S. Treasuries. Investors’ ongoing search for yield in a low interest rate environment drove the decline in the yield spread and supported corporate bond prices. High-yield bonds gained the most, as investors’ concerns about solvency abated alongside the growing economy, and the Fed’s support led to high investor confidence. Corporate bond issuance was elevated by historical standards as companies took advantage of low yields to refinance and lock in advantageous borrowing costs.

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Fund Summary as of October 31, 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.70	%		1.75	%		1.45	%		0.70	%		9.05	%		12.35	%
Fund Market		0.70			1.74			1.45			0.70			9.00			12.33
Bloomberg Short-Term Government/Corporate Index		0.17			1.43			1.03			0.17			7.37			8.67

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

The Bloomberg Short-Term Government/Corporate Index (formerly 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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,001.30	$	1.26		$	1,000.00	$	1,023.90	$	1.28		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 (184 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 11 for more information.

F U N D    S U M M A R Y 5

Fund Summary  as of October 31, 2021 (continued) BlackRock Short Maturity Bond ETF

Portfolio Management Commentary

Short-term investment-grade bonds posted a slightly positive return for the reporting period. Most short-term U.S. Treasury yields (which move inversely to prices) were relatively unchanged due to the Fed’s near-zero interest rate policy, which meant price gains for corporate and other higher-yielding bonds, as well as bond income, drove the Fund’s return. High consumer savings rates also supported demand for short-term bonds. Investment-grade corporate bonds, especially lower-quality securities, also benefited from narrowing spreads, or a decrease in the interest rate premium that corporate bonds carry relative to U.S. Treasuries, as fewer public health restrictions led to stronger economic growth and increased risk-taking by investors.

In terms of relative performance, the Fund outperformed the broader market, as represented by the Bloomberg Short-Term Government/Corporate Index. During the reporting period, the Fund increased its exposure to short-term investment-grade corporate bonds and reduced its exposure to U.S. Treasuries. Within corporate bonds, the Fund added to Baa-rated bonds to capitalize on their high yields. The Fund’s overweight position to investment-grade corporate bonds was a significant contributor to the Fund’s performance relative to the broader market. Positions in asset-backed securities also added to relative performance, as those bonds posted positive returns during the reporting period.

From a total return perspective, short-term investment-grade corporate bonds and asset-backed securities were the top contributors to the Fund’s performance. In particular, bonds issued by banks advanced strongly. Banks, which were flush with cash, issued record totals of debt in 2021, reflecting strong investor demand for yield. The automotive industry also contributed, as strong demand for cars and trucks drove bond prices higher, even as microchip shortages led to declining inventories and slower sales late in the reporting period. Energy sector bonds were another large contributor to the Fund’s return, as oil and gas prices more than doubled during the reporting period.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Total Investments	(a)
Corporate Bonds & Notes	62.7	%
Asset-Backed Securities	20.8
Collaterized Mortgage Obligations	7.2
Commercial Paper	5.5
Repurchase Agreements	2.7
Certificates of Deposit	1.1

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	18.0	%
Aa	2.3
A	26.5
Baa	31.7
Ba	2.3
P-1	3.8
P-2	4.3
P-3	1.2
Not Rated	9.9

* 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.

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Fund Summary  as of October 31, 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.19	%		1.10	%		1.00	%		0.19	%		5.64	%		6.89	%
Fund Market		0.15			1.13			1.00			0.15			5.79			6.87
Bloomberg Municipal Bond: 1 Year (1-2) Index		0.50			1.38			1.18			0.50			7.11			8.10

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

The Bloomberg Municipal Bond: 1 Year (1-2) Index (formerly 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.

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	999.30	$	1.26		$	1,000.00	$	1,023.90	$	1.28		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 (184 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 11 for more information.

F U N D    S U M M A R Y 7

Fund Summary  as of October 31, 2021 (continued) BlackRock Short Maturity Municipal Bond ETF

Portfolio Management Commentary

Short-term municipal bonds posted a modest positive return for the reporting period. Continued uncertainty around the coronavirus pandemic led the Fed to maintain accommodative monetary policy, anchoring short-term interest rates near zero. As economies reopened from pandemic-related shutdowns, government tax revenues rose meaningfully, boosting municipal bonds. High consumer savings rates and investors’ concern over potentially rising tax rates supported demand for short-term municipal bonds.

In terms of relative performance, the Fund underperformed the broader market, as represented by the Bloomberg Municipal Bond: 1-2 Year Index. The short-term municipal bond market followed the same broad pattern as most fixed-income markets — bonds with higher risk and lower credit ratings generally outperformed comparable maturity, lower-risk, higher-rated bonds. Consequently, the Fund’s conservative positioning with a large overweight in floating-rate variable-rate demand notes (“VRDNs”) and other cash equivalents detracted from the Fund’s relative performance, as low short-term interest rates limited the yield available on VRDNs.

Additionally, the Fund carried an underweight allocation to bonds from the transportation sector given their sensitivity to pandemic-related closures. As economies reopened during the reporting period, these bonds rallied, resulting in underperformance relative to the broader market. To capitalize on the improving credit environment, the Fund carried an overweight allocation to Baa-rated bonds, which proved beneficial. From a state perspective, overweight positions in New Jersey and Georgia boosted relative return as those states outperformed, while security selection within New York and Illinois detracted from relative performance.

From a total return perspective, municipal bonds generally performed well during the reporting period, as the Fund’s investments in the corporate municipal sector, as well as bonds in the tobacco, housing, and healthcare industries, contributed to the Fund’s return. From a credit quality perspective, all ratings categories posted positive returns, with Baa-rated bonds contributing the most to the Fund’s performance.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

S&P Credit Rating*	Percent of Total Investments	(a)
AAA	3.3	%
AA+	5.1
AA	9.2
AA-	8.2
A+	5.7
A	14.5
A-	8.2
BBB+	3.4
BBB	11.2
BB+	0.7
Not Rated	30.5

TEN LARGEST STATES

State	Percent of Total Investments	(a)
New Jersey	16.0	%
New York	10.4
Georgia	9.0
Texas	7.9
Kentucky	7.9
Pennsylvania	4.5
Alabama	3.6
District of Columbia	3.5
North Carolina	3.5
Mississippi	3.4

* 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.

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Fund Summary  as of October 31, 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.29	%		1.78	%		1.34	%		0.29	%		9.23	%		11.07	%
Fund Market		0.31			1.78			1.34			0.31			9.21			11.09
ICE BofA US 6-Month Treasury Bill Index		0.12			1.32			0.96			0.12			6.80			7.83

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,001.00	$	0.40		$	1,000.00	$	1,024.80	$	0.41		0.08	%

^(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 (184 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 11 for more information.

F U N D    S U M M A R Y 9

Fund Summary  as of October 31, 2021 (continued) BlackRock Ultra Short-Term Bond ETF

Portfolio Management Commentary

Ultra-short-term bonds posted a slightly positive return for the reporting period. Rising yields for longer-term maturities created demand for short-term bonds, as investors sought to reduce interest rate sensitivity by buying shorter maturities. High consumer savings rates also supported demand for short-term bonds. As the economy and coronavirus dynamics improved, credit spreads, or the difference in yields relative to U.S. Treasuries, on short-term investment-grade corporate bonds decreased, which helped the performance of short-term corporate bonds.

The Fund increased its exposure to short-term investment-grade corporate bonds and reduced its exposure to cash equivalents during the reporting period. Within corporate bonds, the Fund added to Baa-rated bonds during the reporting period to capitalize on their additional yield.

In terms of relative performance, the Fund outperformed the broader market, as represented by the Bloomberg Short-Term Government/Corporate Index. The Fund’s overweight positions to commercial paper and certificates of deposit contributed to relative performance. Short-term corporate bonds, particularly in the financial sector, were also additive to relative return. Furthermore, the Fund’s underweight position to U.S. Treasury bonds proved beneficial as those positions underperformed the broader market.

From a total return perspective, corporate bonds contributed the most to the Fund’s total return. Low yields among short-term fixed-income securities drove demand for corporate bonds, which offer additional income compared to cash equivalents and U.S. Treasuries. Within corporate bonds, bank bonds were the most significant contributors as some banks’ earnings benefited from borrowing at low short-term interest rates and lending at higher longer-term interest rates. The automotive industry also contributed, as strong demand for cars and trucks drove bond prices higher, even as microchip shortages led to declining inventories and slower sales late in the reporting period.

From a credit quality perspective, bonds from each rating category contributed to the Fund’s total return. Bonds rated Baa were the top performers, and A-rated bonds contributed the most to the Fund’s performance.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Total Investments	(a)
Corporate Bonds & Notes	42.1	%
Commercial Paper	35.4
Certificates of Deposit	13.8
Repurchase Agreements	4.3
Municipal Debt Obligations	3.5
Asset-Backed Securities	0.7
U.S. Government & Agency Obligations	0.2

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	0.5	%
Aa	8.8
A	26.7
Baa	9.4
P-1	27.1
P-2	23.3
Not Rated	4.2

* 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.

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About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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.

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 11

Schedule of Investments October 31, 2021 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities
AGL Core CLO 4 Ltd., 1.20%, 04/20/33 (Call 04/20/22), (3 mo. LIBOR US + 1.070%)(a)(b)	USD		650	$	650,324
AIG CLO Ltd., 1.25%, 04/20/32 (Call 04/20/22), (3 mo. LIBOR US + 1.120%)(a)(b)	USD		1,000		1,001,600
American Express Credit Account Master Trust, Series 2018-9, Class A, 0.47%, 04/15/26, (1 mo. LIBOR US + 0.380%)(b)	USD		17,650		17,763,197
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class A2, 0.28%, 06/18/24 (Call 02/18/24)	USD		9,238		9,236,569
AmeriCredit Automobile Receivables Trust 2020-2, Series 2020-2, Class A2B, 0.44%, 12/18/23 (Call 09/18/23), (1 mo. LIBOR US + 0.350%)(b)	USD		2,128		2,129,001
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class A, 1.19%, 01/28/31 (Call 01/28/22), (3 mo. LIBOR US + 1.050%)(a)(b)	USD		4,500		4,500,004
Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class AR2, 1.23%, 01/28/31 (Call 01/28/22), (3 mo. LIBOR US + 1.090%)(a)(b)	USD		13,840		13,836,995
Anchorage Capital CLO 8 Ltd., Series 2016-8A, Class AR, 1.14%, 07/28/28 (Call 01/28/22), (3 mo. LIBOR US + 1.000%)(a)(b)	USD		3,962		3,961,260
Apidos CLO XII, 1.20%, 04/15/31 (Call 01/15/22), (3 mo. LIBOR US + 1.08%)(a)(b)	USD		500		500,326
Apidos CLO XXI, 1.05%, 07/18/27 (Call 01/18/22), (3 mo. LIBOR US + 0.93%)(a)(b)	USD		1,647		1,646,359
Arbor Realty Commercial Real Estate Notes Ltd., 1.16%, 08/15/34 (Call 03/15/24), (1 mo. LIBOR US + 1.070%)(a)(b)	USD		14,450		14,413,876
ASSURANT CLO Ltd., Series 2018-2A, Class A, 1.17%, 04/20/31 (Call 01/20/22), (3 mo. LIBOR US + 1.040%)(a)(b)	USD		250		249,882
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 0.95%, 11/17/27 (Call 11/17/21), (3 mo. LIBOR US + 0.830%)(a)(b)	USD		8,410		8,411,648
Atrium XIII, Series 13A, Class A1, 1.30%, 11/21/30 (Call 01/23/22), (3 mo. LIBOR US + 1.180%)(a)(b)	USD		2,500		2,501,250
Autoflorence of Amyloids 0.14%, 12/24/44 (Call 12/24/26)(b)(c)	EUR		10,320		12,057,807
0.19%, 12/24/44 (Call 12/24/26)(b)(c)	EUR		898		1,037,076
Bain Capital Credit CLO Ltd., Series 2017-1A, Class A1R, 1.10%, 07/20/30 (Call 01/20/22), (3 mo. LIBOR US + 0.97%)(a)(b)	USD		3,200		3,199,309
Barings Clo Ltd., 1.45%, 01/15/33 (Call 01/15/22), (3 mo. LIBOR US + 1.330%)(a)(b)	USD		3,850		3,852,848
Barings CLO Ltd., 1.20%, 04/20/31 (Call 04/20/22), (3 mo. LIBOR US + 1.070%)(a)(b)	USD		550		550,384
BDS 2021-FL9 Ltd., 1.17%, 11/16/38 (Call 10/16/23), (1 mo. LIBOR US + 1.070%)(a)(b)	USD		8,750		8,747,637
Beechwood Park CLO Ltd., 1.45%, 01/17/33 (Call 01/17/22), (3 mo. LIBOR US + 1.330%)(a)(b)	USD		3,450		3,450,003
Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class A1R2, 1.13%, 07/20/29 (Call 01/20/22), (3 mo. LIBOR US + 1.000%)(a)(b)	USD		456		455,909
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, 1.23%, 01/20/31 (Call 01/20/22), (3 mo. LIBOR US + 1.1%)(a)(b)	USD		750		750,375
Benefit Street Partners Clo XII Ltd., 1.07%, 10/15/30, (3 mo. LIBOR US + 0.95%)(a)(b)	USD		1,678		1,677,070

Security		Par (000)		Value
BlueMountain CLO Ltd., Series 2012-2A, Class AR2, 1.18%, 11/20/28 (Call 11/20/21), (3 mo. LIBOR US + 1.050%)(a)(b)	USD		2,061	$	2,061,292
Canyon Capital CLO Ltd., Series 2019-1A, Class A1R, 1.22%, 04/15/32 (Call 01/15/22), (3 mo. LIBOR US + 1.1%)(a)(b)	USD		5,800		5,795,891
Carlyle C17 CLO Ltd., Series C17A, Class A1AR, 1.16%, 04/30/31 (Call 10/30/21), (3 mo. LIBOR US + 1.030%)(a)(b)	USD		1,000		1,000,499
Carlyle Global Market Strategies CLO Ltd.
Series 2013-2A, Class AR, 1.01%, 01/18/29 (Call 01/18/22), (3 mo. LIBOR US + 0.890%)(a)(b)	USD		5,879		5,878,834
Series 2014-1A, Class A1R2, 1.09%, 04/17/31 (Call 01/17/22), (3 mo. LIBOR US + 0.970%)(a)(b)	USD		5,234		5,234,848
CarMax Auto Owner Trust, Series 2021-2, Class A2A, 0.27%, 06/17/24 (Call 03/15/24)	USD		14,340		14,340,928
Cbam Ltd., Series 2018-7A, Class A, 1.23%, 07/20/31 (Call 01/20/22), (3 mo. LIBOR US + 1.1%)(a)(b)	USD		750		749,277
Cedar Funding IX CLO Ltd., 1.11%, 04/20/31 (Call 01/20/22), (3 mo. LIBOR US + 0.98%)(a)(b)	USD		2,130		2,131,182
Chesapeake Funding II LLC, Series 2020-1A, Class A2, 0.74%, 08/16/32, (1 mo. LIBOR US + 0.650%)(a)(b)	USD		9,171		9,210,905
CIFC Funding Ltd.
Series 2014-2RA, Class A1, 1.17%, 04/24/30 (Call 01/24/22), (3 mo. LIBOR US + 1.050%)(a)(b)	USD		250		250,225
Series 2015-2A, Class AR2, 1.13%, 04/15/30 (Call 01/15/22), (3 mo. LIBOR US + 1.010%)(a)(b)	USD		17,000		16,993,534
Series 2018-1A, Class A, 1.12%, 04/18/31 (Call 01/18/22), (3 mo. LIBOR US + 1.0%)(a)(b)	USD		16,610		16,609,985
Series 2018-2A, Class A1, 1.17%, 04/20/31 (Call 01/20/22), (3 mo. LIBOR US + 1.040%)(a)(b)	USD		1,250		1,249,999
Citibank Credit Card Issuance Trust, Series 2019-A5, Class A5, 0.71%, 04/22/26, (1 mo. LIBOR + 0.620%)(b)	USD		40,505		40,966,275
College Ave Student Loans LLC, Series 2021-A, Class A1, 1.19%, 07/25/51 (Call 02/25/32), (1 mo. LIBOR US + 1.100%)(a)(b)	USD		292		295,043
Credit Acceptance Auto Loan Trust
Series 2019-1A, Class A, 3.33%, 02/15/28 (Call 08/15/22)(a)	USD		419		419,185
Series 2021-3A, Class A, 1.00%, 05/15/30 (Call 11/15/24)(a)	USD		4,130		4,112,975
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.56%, 12/11/34(a)	USD		14,030		14,027,855
Dowson PLC
Series 2021-2, Class A, 0.73%, 10/20/28 (Call 11/20/24), (Sterning Ovenight Index Average + 0.680%)(b)(c)	GBP		10,900		14,924,065
Series 2021-2, Class B, 1.00%, 10/20/28 (Call 11/20/24), (Sterning Ovenight Index Average + 1.200%)(b)(c)	GBP		1,600		2,192,090
Drive Auto Receivables Trust, Series 2021-1, Class A3, 0.44%, 11/15/24 (Call 05/15/24)	USD		9,070		9,075,104
Dryden 49 Senior Loan Fund, Series 2017-49A, Class AR, 1.07%, 07/18/30 (Call 01/18/22), (3 mo. LIBOR US + 0.95%)(a)(b)	USD		10,750		10,762,670
Dryden 77 CLO Ltd., Series 2020-77A, Class XR, 1.13%, 05/20/34 (Call 05/20/23), (3 mo. LIBOR US + 1.0%)(a)(b)	USD		250		250,069

12 2 0 2 1  I S H A R E S  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 (continued) October 31, 2021 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, 1.02%, 04/15/29 (Call 01/15/22), (3 mo. LIBOR US + 0.900%)(a)(b)	USD		15,854	$	15,851,555
Elevation CLO Ltd., Series 2014-2A, Class A1R, 1.35%, 10/15/29 (Call 01/15/22), (3 mo. LIBOR US + 1.230%)(a)(b)	USD		500		500,345
Elmwood CLO X Ltd., Series 2021-3A, Class A, 1.13%, 10/20/34, (3 mo. LIBOR US + 1.04%)(a)(b)	USD		23,000		22,994,896
Enterprise Fleet Funding LLC, Series 2021-1, Class A2, 0.44%, 12/21/26 (Call 07/20/24)(a)	USD		12,780		12,743,384
Ford Credit Floorplan Master Owner Trust, Series 2019-1, Class A, 2.84%, 03/15/24	USD		26,550		26,809,168
Ford Credit Floorplan Master Owner Trust A, Series 2019-3, Class A2, 0.69%, 09/15/24, (1 mo. LIBOR US + 0.600%)(b)	USD		59,321		59,598,634
Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 1.09%, 10/15/30 (Call 01/15/22), (3 mo. LIBOR US + 0.97%)(a)(b)	USD		670		670,194
Globaldrive Auto Receivables, Series 2019-UKA, Class B, 1.55%, 09/20/26 (Call 03/20/22), (SOFR + 1.5%)(b)(c)	GBP		875		1,200,244
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class A2, 0.27%, 06/17/24 (Call 02/16/25)	USD		14,753		14,754,602
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, 1.24%, 10/29/29 (Call 10/29/21), (3 mo. LIBOR US + 1.110%)(a)(b)	USD		16,680		16,677,253
Halcyon Loan Advisors Funding Ltd., Series 2015-2A, Class AR, 1.20%, 07/25/27 (Call 01/25/22), (3 mo. LIBOR US + 1.080%)(a)(b)	USD		435		435,327
HGI CRE CLO Ltd., 1.09%, 09/17/36 (Call 10/17/23), (1 mo. LIBOR US + 1.000%)(a)(b)	USD		5,380		5,359,862
Highbridge Loan Management, Series 3A-2014, Class A1R, 1.30%, 07/18/29 (Call 01/18/22), (3 mo. LIBOR US + 1.18%)(a)(b)	USD		1,100		1,099,745
John Deere Owner Trust, Series 2020-B, Class A2, 0.41%, 03/15/23 (Call 01/15/24)	USD		4,129		4,129,726
KKR CLO 21 Ltd., 1.12%, 04/15/31 (Call 01/15/22), (3 mo. LIBOR US + 1.000%)(a)(b)	USD		5,590		5,590,024
LCM 29 Ltd., Series 29A, Class AR, 1.19%, 04/15/31 (Call 07/15/22), (3 mo. LIBOR US + 1.07%)(a)(b)	USD		2,600		2,599,996
LoanCore Issuer Ltd.
1.39%, 11/15/38 (Call 11/15/23), (1 mo. LIBOR US + 1.300%)(a)(b)	USD		2,640		2,640,000
Series 2018-CRE1, Class A, 1.22%, 05/15/28 (Call 11/15/21), (1 mo. LIBOR US + 1.130%)(a)(b)	USD		2,673		2,672,919
Madison Park Funding X Ltd., Series 2012-10A, Class AR3, 1.14%, 01/20/29 (Call 01/20/22), (3 mo. LIBOR US + 1.010%)(a)(b)	USD		6,121		6,119,849
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, 1.07%, 04/19/30 (Call 01/19/22), (3 mo. LIBOR US + 0.950%)(a)(b)	USD		3,935		3,934,528
Madison Park Funding XVII Ltd., Series 2015-17A, Class AR2, 1.13%, 07/21/30 (Call 01/21/22), (3 mo. LIBOR US + 1.000%)(a)(b)	USD		800		799,813
Madison Park Funding XXIII Ltd., Series 2017-23A, Class AR, 1.10%, 07/27/31 (Call 01/27/22), (3 mo. LIBOR US + 0.970%)(a)(b)	USD		13,200		13,197,361
Madison Park Funding XXVI Ltd., Series 2007-4A, Class AR, 1.33%, 07/29/30, (3 mo. LIBOR US + 1.2%)(a)(b)	USD		4,875		4,881,285

Security		Par (000)		Value
Madison Park Funding XXXVII Ltd., 1.19%, 07/15/33 (Call 07/15/22), (3 mo. LIBOR US + 1.070%)(a)(b)	USD		1,750	$	1,749,309
Marathon CRE Ltd., Series 2018-FL1, Class A, 1.24%, 06/15/28 (Call 11/11/21), (1 mo. LIBOR US + 1.150%)(a)(b)	USD		1,563		1,564,467
Mariner CLO LLC, Series 2016-3A, Class AR2, 1.11%, 07/23/29 (Call 01/23/22), (3 mo. LIBOR US + 0.99%)(a)(b)	USD		1,222		1,222,628
MF1 Multifamily Housing Mortgage Loan Trust, 1.19%, 07/16/36 (Call 07/16/23), (1 mo. LIBOR US + 1.1%)(a)(b)	USD		4,520		4,509,824
Navient Private Education Loan Trust
Series 2017-A, Class A2B, 0.99%, 12/16/58 (Call 04/15/28), (1 mo. LIBOR US + 0.900%)(a)(b)	USD		721		721,842
Series 2020-IA, Class A1B, 1.09%, 04/15/69 (Call 09/15/30), (1 mo. LIBOR US + 1.000%)(a)(b)	USD		7,760		7,796,573
Navient Private Education Refi Loan Trust
Series 2020-A, Class A1, 0.44%, 11/15/68 (Call 11/15/29), (1 mo. LIBOR US + 0.350%)(a)(b)	USD		487		486,770
Series 2021-BA, Class A, 0.94%, 07/15/69 (Call 07/15/28)(a)	USD		7,897		7,837,374
Series 2021-DA, Class A, 1.26%, 04/15/60, (PRIME—1.99%)(a)(b)	USD		9,903		9,903,993
Nelnet Student Loan Trust 0.83%, 04/20/62 (Call 05/20/31), (1 mo. LIBOR US + 0.740%)(a)(b)	USD		7,493		7,496,992
0.98%, 04/20/62, (1 mo. LIBOR US + 0.690%)(a)(b)	USD		3,797		3,797,000
Series 2021-A, Class A1, 0.89%, 04/20/62 (Call 02/20/29), (1 mo. LIBOR US + 0.8%)(a)(b)	USD		9,567		9,607,399
Series 2021-BA, Class AFL, 0.87%, 04/20/62 (Call 07/20/29), (1 mo. LIBOR US + 0.780%)(a)(b)	USD		16,351		16,372,618
Neuberger Berman CLO Ltd., Series 2013-14A, Class AR2, 1.17%, 01/28/30 (Call 01/28/22), (3 mo. LIBOR US + 0.99%)(a)(b)	USD		500		499,910
Neuberger Berman Loan Advisers CLO 33 Ltd., 1.20%, 10/16/33, (3 mo. LIBOR US + 1.080%)(a)(b)(d)	USD		2,050		2,050,000
Nissan Master Owner Trust Receivables
Series 2019-A, Class A, 0.65%, 02/15/24, (1 mo. LIBOR US + 0.560%)(b)	USD		23,950		23,985,602
Series 2019-B, Class A, 0.52%, 11/15/23, (1 mo. LIBOR US + 0.430%)(b)	USD		24,000		24,003,401
NLY Commercial Mortgage Trust, Series 2019-FL2, Class A, 1.39%, 02/15/36 (Call 11/15/21), (1 mo. LIBOR US + 1.300%)(a)(b)	USD		4,774		4,772,226
OCP CLO Ltd.
1.12%, 04/10/33 (Call 04/10/22), (3 mo. LIBOR US + 1.000%)(a)(b)	USD		4,000		3,999,994
Series 2016-12A, Class A1R, 1.24%, 10/18/28 (Call 01/18/22), (3 mo. LIBOR US + 1.120%)(a)(b)	USD		15,440		15,440,639
Series 2017-13A, 1.08%, 07/15/30 (Call 04/15/22), (3 mo. LIBOR US + 0.96%)(a)(b)	USD		2,350		2,349,998
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, 1.12%, 01/25/31 (Call 01/25/22), (3 mo. LIBOR US + 1.0%)(a)(b)	USD		3,000		3,001,500
OneMain Financial Issuance Trust, Series 2016-3A, Class A, 3.83%, 06/18/31 (Call 11/18/21)(a)	USD		850		855,054
Palmer Square CLO Ltd.
1.12%, 10/17/31 (Call 07/19/22), (3 mo. LIBOR US + 1.000%)(a)(b)	USD		1,800		1,801,256
Series 2015-2, 1.23%, 07/20/30 (Call 01/20/22), (3 mo. LIBOR US + 1.100%)(a)(b)	USD		3,650		3,650,834

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

Schedule of Investments (continued) October 31, 2021 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Series 2021-3A, Class A1, 1.00%, 01/15/35(a)	USD		500	$	500,000
Palmer Square Loan Funding Ltd.
Series 2018-4A, Class A1, 1.02%, 11/15/26 (Call 11/15/21), (3 mo. LIBOR US + 0.900%)(a)(b)	USD		3,241		3,241,738
Series 2018-5A, Class A1, 0.98%, 01/20/27 (Call 01/20/22), (3 mo. LIBOR US + 0.850%)(a)(b)	USD		4,519		4,518,904
PFS Financing Corp.
Series 2019-A, Class A1, 0.64%, 04/15/24, (1 mo. LIBOR US + 0.550%)(a)(b)	USD		40,000		40,074,844
Series 2020-F, Class A, 0.93%, 08/15/24(a)	USD		3,274		3,288,192
Pikes Peak CLO 1, Series 2018-1A, Class A, 1.30%, 07/24/31 (Call 01/24/22), (3 mo. LIBOR US + 1.180%)(a)(b)	USD		1,500		1,499,816
Prodigy Finance CM2021-1 DAC, Series 2021-1A, Class A, 1.34%, 07/25/51 (Call 02/25/27), (1 mo. LIBOR US + 1.25%)(a)(b)	USD		2,423		2,431,416
Red & Black Auto Germany 8 UG, Class B, 0.18%, 09/15/30 (Call 10/15/25)(b)(c)	EUR		400		463,556
Red & Black Auto Italy S.r.l., Class A, 1.00%, 12/28/31 (Call 09/28/25)(b)(c)	EUR		19,902		23,143,215
Romark WM-R Ltd., Series 2018-1A, Class A1, 1.16%, 04/20/31 (Call 01/20/22), (3 mo. LIBOR US + 1.03%)(a)(b)	USD		3,879		3,880,867
RR 3 Ltd., Series 2018-3A, Class A1R2, 1.21%, 01/15/30 (Call 01/15/22), (3 mo. LIBOR US + 1.09%)(a)(b)	USD		2,000		2,003,652
Santander Drive Auto Receivables Trust
Series 2020-4, Class A3, 0.48%, 07/15/24 (Call 08/15/23)	USD		6,225		6,228,083
Series 2021-1, Class A3, 0.32%, 09/16/24 (Call 10/15/23)	USD		19,870		19,874,441
Shackleton Clo Ltd., Series 2017-11A, 1.21%, 08/15/30 (Call 11/15/21), (3 mo. LIBOR US + 1.09%)(a)(b)	USD		2,750		2,748,672
Shackleton CLO Ltd., Series 2015-7R, 1.27%, 07/15/31 (Call 07/15/22), (3 mo. LIBOR US + 1.150%)(a)(b)	USD		2,750		2,748,742
Signal Peak CLO 2 LLC, Series 2015-1A, Class AR2, 1.11%, 04/20/29 (Call 01/20/22), (3 mo. LIBOR US + 0.98%(a)(b)	USD		1,752		1,753,500
Silver Creek CLO Ltd., 1.37%, 07/20/30 (Call 01/20/22), (3 mo. LIBOR US + 1.240%)(a)(b)	USD		7,489		7,488,955
SLM Private Credit Student Loan Trust
Series 2004-A, Class A3, 0.52%, 06/15/33 (Call 12/15/21), (3 mo. LIBOR US + 0.400%)(b)	USD		4,259		4,227,704
Series 2004-B, Class A3, 0.45%, 03/15/24 (Call 03/15/24), (3 mo. LIBOR US + 0.330%)(b)	USD		5,285		5,278,003
Series 2005-A, Class A4, 0.43%, 12/15/38 (Call 06/15/27), (3 mo. LIBOR US + 0.310%)(b)	USD		8,531		8,426,874
Series 2005-B, Class A4, 0.45%, 06/15/39 (Call 09/15/26), (3 mo. LIBOR US + 0.330%)(b)	USD		5,884		5,796,373
Series 2006-A, Class A5, 0.41%, 06/15/39 (Call 03/15/28), (3 mo. LIBOR US + 0.290%)(b)	USD		12,926		12,672,301
Series 2006-B, Class A5, 0.39%, 12/15/39 (Call 09/15/27), (3 mo. LIBOR US + 0.270%)(b)	USD		9,268		9,099,810
SLM Student Loan Trust, Series 2011-2, Class A1, 0.69%, 11/25/27 (Call 08/25/32), (1 mo. LIBOR US + 0.600%)(b)	USD		9		9,440
SMB Private Education Loan Trust
Series 2015-A, Class A2A, 2.49%, 06/15/27 (Call 02/15/28)(a)	USD		771		774,025

Security		Par (000)		Value
Series 2017-A, Class A2B, 0.99%, 09/15/34, (1 mo. LIBOR US + 0.900%)(a)(b)	USD		14,646	$	14,730,325
Series 2021-C, Class A1, 0.49%, 01/15/53, (1 mo. LIBOR US + 0.400%)(a)(b)	USD		5,226		5,228,508
SoFi Professional Loan Program LLC, Series 16-C, Class A1, 1.19%, 10/27/36 (Call 04/25/23), (1 mo. LIBOR US + 1.100%)(a)(b)	USD		736		738,153
Sound Point Clo XV Ltd., Series 2017-1A, Class ARR, 1.02%, 01/23/29 (Call 01/23/22), (3 mo. LIBOR US + 0.900%)(a)(b)	USD		2,845		2,842,787
Sound Point CLO XXVIII Ltd., Series 2020 3A, Class A1, 1.40%, 01/25/32 (Call 01/25/22), (3 mo. LIBOR US + 1.28%)(a)(b)	USD		1,250		1,250,306
Southwick Park CLO LLC, Series 2019-4A, Class A1, 1.43%, 07/20/32 (Call 01/20/22), (3 mo. LIBOR US + 1.300%)(a)(b)	USD		8,760		8,760,361
Symphony CLO XVI Ltd., Series 2015-16A, Class AR, 1.27%, 10/15/31 (Call 01/15/22), (3 mo. LIBOR US + 1.15%)(a)(b)	USD		500		500,186
Tagus STC/Ulisses Finance No.2, 0.15%, 09/23/38 (Call 01/23/29)(b)(c)	EUR		12,100		14,158,247
TCI-Symphony CLO Ltd.
1.14%, 10/13/32 (Call 01/13/22), (3 mo. LIBOR US + 1.020%)(a)(b)	USD		5,235		5,235,000
Series 2016-1A, Class AR, 1.28%, 10/13/29 (Call 01/13/22), (3 mo. LIBOR US + 1.160%)(a)(b)	USD		5,235		5,232,847
Tesla Auto Lease Trust, Series 2020-A, Class A, 0.55%, 05/22/23 (Call 04/20/23)(a)	USD		3,662		3,664,501
TICP CLO IX Ltd., Series 2017-9A, Class A, 1.27%, 01/20/31 (Call 01/20/22), (3 mo. LIBOR US + 1.14%)(a)(b)	USD		500		500,874
Verizon Owner Trust, Series 2020-A, Class A1B, 0.36%, 07/22/24 (Call 04/20/23), (1 mo. LIBOR US + 0.270%)(b)	USD		9,290		9,302,231
VOYA CLO, Series 2017-2A, Class A1R, 1.10%, 06/07/30 (Call 01/15/22), (3 mo. LIBOR US + 0.980%)(a)(b)	USD		5,330		5,328,764
Voya CLO Ltd., Series 2015-2A, Class AR, 1.09%, 07/23/27 (Call 01/23/22), (3 mo. LIBOR US + 0.970%)(a)(b)	USD		5,102		5,107,566
Voya Ltd., Series 2012-4, 1.12%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US + 1.000%)(a)(b)	USD		16,523		16,518,556
Wellfleet CLO Ltd., Series 2016-1A, Class AR, 1.04%, 04/20/28 (Call 01/20/22), (3 mo. LIBOR US + 0.91%)(a)(b)	USD		1,125		1,125,127
Westlake Automobile Receivables Trust, Series 2021-1A, Class A2A, 0.39%, 10/15/24 (Call 06/15/24)(a)	USD		13,770		13,769,079
Total Asset-Backed Securities — 19.9% (Cost: $962,541,858)					966,017,893
Certificates of Deposit
Barclays Bank PLC, 0.33%, 02/01/22		$	23,000		23,011,993
Sumitomo Mitsui Banking Corp./New York, 0.70%, 07/15/22			30,000		30,089,051
Total Certificates of Deposit — 1.1% (Cost: $53,000,000)					53,101,044

14 2 0 2 1  I S H A R E S  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 (continued) October 31, 2021 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Collaterized Mortgage Obligations
Mortgage-Backed Securities — 6.9%
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 0.97%, 09/15/34, (1 mo. LIBOR US + 0.880%)(a)(b)	USD		12,100	$	12,088,857
AREIT Trust, Series 2019-CRE3, Class A, 1.18%, 09/14/36, (1 mo. LIBOR US + 1.020%)(a)(b)	USD		24,290		24,242,552
B.A.T. International Finance, Series 2018-TALL, Class A, 0.81%, 03/15/37, (1 mo. LIBOR US + 0.722%)(a)(b)	USD		8,630		8,581,152
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 0.94%, 09/15/34, (1 mo. LIBOR US + 0.850%)(a)(b)	USD		19,220		19,183,532
BBCMS Mortgage Trust, Series 2019-BWAY, Class A, 1.05%, 11/15/34, (1 mo. LIBOR US + 0.956%)(a)(b)	USD		11,305		11,276,158
BX Commercial Mortgage Trust 0.79%, 10/15/36, (1 mo. LIBOR US + 0.69%)(a)(b)	USD		9,780		9,731,242
Series 2018-BIOA, Class A, 0.76%, 03/15/37, (1 mo. LIBOR US + 0.671%)(a)(b)	USD		23,190		23,190,021
Series 2020-BXLP, Class A, 0.89%, 12/15/36, (1 mo. LIBOR US + 0.800%)(a)(b)	USD		7,388		7,383,423
BX Trust 0.98%, 10/15/36, (1 mo. LIBOR US + 0.89%)(a)(b)	USD		8,520		8,501,322
Series 2019-CALM, Class A, 0.97%, 11/15/32, (1 mo. LIBOR US + 0.876%)(a)(b)	USD		6,798		6,793,895
Series 2021, Class A, 1.37%, 06/15/23, (1 mo. LIBOR US + 1.280%)(a)(b)	USD		2,070		2,069,999
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A11, 0.99%, 07/25/49 (Call 05/25/23), (1 mo. LIBOR US + 0.900%)(a)(b)	USD		1,769		1,777,648
Cold Storage Trust, Series 2020-ICE5, Class A, 0.99%, 11/15/37, (1 mo. LIBOR US + 0.900%)(a)(b)	USD		1,843		1,842,551
COMM Mortgage Trust, Series 2014-CR15, Class A2, 2.93%, 02/10/47 (Call 11/10/21)	USD		310		310,170
Commercial Mortgage Pass Through Certificates,
Series 2021-LBA, Class A, 0.78%, 03/15/38 (Call 03/15/23), (1 mo. LIBOR US + 0.690%)(a)(b)	USD		2,800		2,778,093
Commission, Series 2013- GAM, Class A2, 3.37%, 02/10/28 (Call 02/10/22)(a)	USD		6,626		6,574,983
Commission Mortgage Trust, Series 2013-CR6, Class A3FL, 0.72%, 03/10/46 (Call 12/10/22), (1 mo. LIBOR US + 0.630%)(a)(b)	USD		788		787,940
DBGS Mortgage Trust, Series 2018-5BP, Class A, 0.89%, 06/15/33 (Call 11/15/21), (1 mo. LIBOR US + 0.645%)(a)(b)	USD		4,200		4,194,929
Dutch Property Finance, Series 2021-2, Class A, 0.16%, 04/28/59 (Call 04/28/26)(b)(c)	EUR		6,477		7,518,110
Elvet Mortgages PLC, Series 2021-1, Class A, 0.05%, 10/22/63 (Call 10/22/26)(b)(c)	GBP		11,586		15,871,131
Extended Stay America Trust, Series 2021-ESH, Class A, 1.17%, 07/15/38, (1 mo. LIBOR US + 1.08%)(a)(b)	USD		6,198		6,209,529
GCT Commercial Mortgage Trust, Series 2021-GCT, Class A, 0.89%, 02/15/38, (1 mo. LIBOR US + 0.800%)(a)(b)	USD		8,600		8,608,163
Gosforth Funding PLC, Series 2018-1A, Class A1, 0.58%, 08/25/60 (Call 08/25/23), (3 mo. LIBOR US + 0.450%)(a)(b)	USD		2,376		2,377,600
GS Mortgage Securities Corportation Trust, 1.05%, 10/15/36, (1 mo. LIBOR US + 0.95%)(a)(b)	USD		10,360		10,363,136

Security		Par (000)		Value
Mortgage-Backed Securities (continued)
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 1.09%, 09/15/29, (1 mo. LIBOR US + 1.000%)(a)(b)	USD		1,911	$	1,909,779
KNDL Mortgage Trust, Series 2019-KNSQ, Class A, 0.89%, 05/15/36, (1 mo. LIBOR US + 0.800%)(a)(b)	USD		8,533		8,532,998
MED Trust LLC, 1.00%, 11/15/26(a)	USD		4,260		4,260,000
Morgan Stanley Capital I Trust
Series 2017-CLS, Class A, 0.79%, 11/15/34, (1 mo. LIBOR US + 0.700%)(a)(b)	USD		14,512		14,503,177
Series 2018-BOP, Class A, 0.94%, 08/15/33, (1 mo. LIBOR US + 0.850%)(a)(b)	USD		6,609		6,605,229
Series 2018-SUN, Class A, 0.99%, 07/15/35 (Call 07/15/22), (1 mo. LIBOR US + 0.900%)(a)(b)	USD		19,045		19,038,955
Natixis Commercial Mortgage Securities Trust, Series 2018-RIVA, Class A, 0.84%, 02/15/33, (1 mo. LIBOR US + 0.750%)(a)(b)	USD		6,486		6,482,658
Taurus CMBS, 1.00%, 08/17/31 (Call 08/17/26), (SOFR + 0.95%)(b)(c)	GBP		7,159		9,809,865
Together Asset Backed Securitisation, 0.75%, 07/12/63 (Call 10/12/25)(b)(c)	GBP		3,369		4,611,154
TPGI Trust, Series 2021 DGWD, Class A, 0.79%, 06/15/26, (1 mo. LIBOR US + 0.700%)(a)(b)	USD		6,320		6,316,081
Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class A, 0.97%, 12/15/34, (1 mo. LIBOR US + 0.750%)(a)(b)	USD		17,280		17,259,383
WFRBS Commercial Mortgage Trust
Series 2012-C6, Class AS, 3.84%, 04/15/45 (Call 02/15/22)	USD		12,986		13,044,002
Series 2012-C8, Class AFL, 1.09%, 08/15/45 (Call 03/15/22), (1 mo. LIBOR US + 1.000%)(a)(b)	USD		18,999		19,001,397
Total Collaterized Mortgage Obligations — 6.9% (Cost: $334,138,511)					333,630,814
Commercial Paper
AT&T Inc., 0.41%, 12/14/21(e)		$	23,000		22,995,268
CIGNA Corp., 0.16%, 12/01/21(e)			25,000		24,996,425
Enel Finance America 0.23%, 02/22/22(e)			20,000		19,985,436
0.33%, 06/27/22(e)			13,800		13,769,421
0.36%, 07/08/22(e)			20,000		19,951,560
0.38%, 08/09/22(e)			16,000		15,952,414
0.41%, 04/22/22(e)			25,000		24,966,337
ENI Finance USA Inc., 0.30%, 04/13/22(e)			21,000		20,971,144
General Motors Financial Co. Inc., 0.34%, 12/14/21(e)			20,000		19,991,413
Viatris Inc. 0.40%, 12/30/21(e)			15,000		14,989,615
0.40%, 12/31/21(e)			20,000		19,985,895
Volkswagen Group America Finance LLC, 0.31%, 11/12/21(e)			22,000		21,997,322
VW CR Inc., 0.21%, 02/16/22(e)			15,000		14,990,513
Total Commercial Paper — 5.3% (Cost: $255,474,713)					255,542,763
Corporate Bonds & Notes
Aerospace & Defense — 0.3%
Boeing Co. (The), 2.13%, 03/01/22 (Call 02/01/22)(f)			9,550		9,587,536

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

Schedule of Investments (continued) October 31, 2021 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Aerospace & Defense (continued)
L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23)	$	5,000	$	5,241,365
				14,828,901
Agriculture — 0.2%
BAT Capital Corp., 1.00%, 08/15/22 (Call 07/15/22), (3 mo. LIBOR US + 0.880%)(b)		10,000		10,049,646
Auto Manufacturers — 7.9%
American Honda Finance Corp. 1.95%, 05/20/22(f)		15,023		15,155,617
2.20%, 06/27/22(f)		6,136		6,213,680
BMW Finance NV, 2.25%, 08/12/22(a)(f)		16,350		16,588,252
BMW U.S. Capital LLC, 0.43%, 08/12/24, (SOFR + 0.380%)(a)(b)		22,230		22,367,381
Daimler Finance North America LLC 0.75%, 03/01/24(a)(f)		9,005		8,966,930
1.01%, 02/22/22, (3 mo. LIBOR US + 0.880%)(a)(b)		24,623		24,681,516
2.55%, 08/15/22(a)(f)		19,691		20,019,355
Ford Motor Credit Co. LLC, 3.34%, 03/28/22 (Call 02/28/22)		10,000		10,057,000
General Motors Financial Co. Inc. 0.67%, 10/15/24, (SOFR + 0.620%)(b)		15,000		15,008,895
1.05%, 03/08/24(f)		20,000		19,957,056
3.45%, 04/10/22 (Call 02/10/22)		19,400		19,563,234
4.20%, 11/06/21(f)		44,465		44,482,823
Hyundai Capital America 0.80%, 04/03/23(a)(f)		17,710		17,703,436
1.00%, 09/17/24(a)		8,105		8,025,444
Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/24(a)		10,520		10,436,810
Nissan Motor Acceptance Corp. 0.75%, 03/08/24, (3 mo. LIBOR US + 0.640%)(a)(b)		4,375		4,376,972
1.05%, 03/08/24(a)		12,515		12,432,306
Stellantis NV, 5.25%, 04/15/23		9,400		9,989,944
Volkswagen Group of America Finance LLC 0.75%, 11/23/22(a)		44,345		44,373,539
2.70%, 09/26/22(a)		2,145		2,187,061
2.90%, 05/13/22(a)		35,500		35,967,644
4.25%, 11/13/23(a)		13,000		13,864,314
				382,419,209
Banks — 23.2%
Banco Santander SA 0.70%, 06/30/24 (Call 06/30/23)(b)		21,200		21,135,188
1.24%, 04/12/23, (3 mo. LIBOR US + 1.120%)(b)		10,000		10,127,851
3.85%, 04/12/23		9,291		9,705,858
Bank of America Corp.
1.12%, 04/24/23 (Call 04/24/22), (3 mo. LIBOR US + 1.000%)(b)		12,500		12,553,760
1.29%, 01/20/23 (Call 01/20/22), (3 mo. LIBOR US + 1.160%)(b)		24,475		24,533,099
3.00%, 12/20/23 (Call 12/20/22), (3 mo. LIBOR US + 0.790%)(b)(f)		59,185		60,734,365
3.55%, 03/05/24 (Call 03/05/23)(b)		30,000		31,115,645
Banque Federative du Credit Mutuel SA, 2.13%, 11/21/22(a)		20,000		20,357,670
Barclays Bank PLC, 1.70%, 05/12/22 (Call 04/12/22)(f)		15,000		15,092,937
Barclays PLC
1.50%, 05/16/24 (Call 05/16/23), (3 mo. LIBOR US + 1.380%)(b)		41,000		41,641,951
1.55%, 02/15/23 (Call 02/15/22), (3 mo. LIBOR US + 1.430%)(b)		20,000		20,067,357

Security	Par (000)		Value
Banks (continued)
BPCE SA 1.35%, 09/12/23, (3 mo. LIBOR US + 1.240%)(a)(b)	$	15,000	$	15,264,393
3.00%, 05/22/22(a)		17,993		18,249,102
Canadian Imperial Bank of Commerce, 0.45%, 06/22/23		27,680		27,578,644
Citigroup Inc.
0.82%, 10/27/22 (Call 09/27/22), (3 mo. LIBOR US + 0.690%)(b)		10,000		10,053,784
2.31%, 11/04/22 (Call 11/04/21), (SOFR + 0.867%)(b)		10,000		10,000,898
2.70%, 10/27/22 (Call 09/27/22)		34,100		34,788,171
2.88%, 07/24/23 (Call 07/24/22), (3 mo. LIBOR US + 0.950%)(b)		10,000		10,162,064
2.90%, 12/08/21 (Call 11/08/21)		18,350		18,358,370
Citizens Bank N.A./Providence RI, 0.84%, 02/14/22 (Call 01/14/22), (3 mo. LIBOR US + 0.720%)(b)		30,000		30,029,828
Cooperatieve Rabobank UA, 0.99%, 09/26/23, (3 mo. LIBOR US + 0.860%)(a)(b)		10,000		10,123,682
Credit Suisse AG/New York NY, 0.52%, 08/09/23(f)		25,000		24,949,478
Credit Suisse Group AG 3.57%, 01/09/23 (Call 01/09/22)(a)		10,000		10,054,821
3.80%, 06/09/23		8,500		8,898,501
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22		15,000		15,426,694
Danske Bank A/S 2.70%, 03/02/22(a)		15,000		15,112,605
5.00%, 01/12/22(a)		23,888		24,089,729
Federation des Caisses Desjardins du Quebec, 0.48%, 05/21/24, (SOFR + 0.430%)(a)(b)		20,000		20,036,000
Goldman Sachs Group Inc. (The) 0.52%, 03/08/23 (Call 03/08/22)		25,000		24,954,091
1.12%, 07/24/23 (Call 07/24/22), (3 mo. LIBOR US + 1.000%)(b)		5,000		5,024,535
1.72%, 11/29/23, (3 mo. LIBOR US + 1.600%)(b)		14,100		14,469,136
3.20%, 02/23/23 (Call 01/23/23)		7,583		7,812,000
0.48%, 01/27/23 (Call 01/27/22)		26,400		26,328,062
HSBC Holdings PLC 0.73%, 08/17/24 (Call 08/17/23)(b)		11,120		11,071,958
1.34%, 03/11/25 (Call 03/11/24), (3 mo. LIBOR US + 1.230%)(b)		13,000		13,241,228
3.60%, 05/25/23(f)		10,000		10,452,348
Huntington National Bank (The), 2.50%, 08/07/22 (Call 07/07/22)(f)		15,430		15,662,843
ING Groep NV, 1.28%, 03/29/22, (3 mo. LIBOR US + 1.150%)(b)		3,500		3,516,992
JPMorgan Chase & Co.
1.02%, 04/25/23 (Call 04/25/22), (3 mo. LIBOR US + 0.900%)(b)		9,175		9,212,929
2.78%, 04/25/23 (Call 04/25/22), (3 mo. LIBOR US + 0.935%)(b)(f)		16,000		16,173,121
3.25%, 09/23/22		5,000		5,129,461
3.56%, 04/23/24 (Call 04/23/23), (3 mo. LIBOR US + 0.730%)(b)		29,700		30,911,034
Lloyds Banking Group PLC, 2.86%, 03/17/23 (Call 03/17/22), (3 mo. LIBOR US + 1.2%)(b)(f)		32,000		32,274,462
Mitsubishi UFJ Financial Group Inc.
0.91%, 07/25/22, (3 mo. LIBOR US + 0.790%)(b)		3,250		3,265,250
2.62%, 07/18/22(f)		5,000		5,077,648
2.67%, 07/25/22(f)		5,000		5,081,350
3.00%, 02/22/22(f)		5,000		5,040,859

16 2 0 2 1  I S H A R E S  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 (continued) October 31, 2021 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Mizuho Financial Group Inc.
0.76%, 05/25/24 (Call 05/25/23), (3 mo. LIBOR US + 0.630%)(b)	$	10,000	$	10,059,368
0.91%, 03/05/23, (3 mo. LIBOR US + 0.790%)(b)		3,000		3,028,570
0.96%, 09/13/23 (Call 09/13/22), (3 mo. LIBOR US + 0.850%)(b)		25,000		25,157,799
3.55%, 03/05/23(f)		20,000		20,773,526
Morgan Stanley
0.53%, 01/25/24 (Call 01/25/23), (SOFR + 0.455%)(b)		20,000		19,957,916
1.52%, 10/24/23 (Call 10/24/22), (3 mo. LIBOR US + 1.400%)(b)		24,025		24,316,915
3.75%, 02/25/23(f)		25,000		26,013,460
MUFG Americas Holdings Corp., 3.50%, 06/18/22		2,885		2,942,548
National Bank of Canada, 0.54%, 08/06/24, (SOFR + 0.490%)(b)		8,695		8,719,259
Natwest Group PLC
1.59%, 05/15/23 (Call 05/15/22), (3 mo. LIBOR US + 1.470%)(b)		9,895		9,961,797
1.68%, 06/25/24 (Call 06/25/23), (3 mo. LIBOR US + 1.550%)(b)		3,000		3,060,520
3.50%, 05/15/23 (Call 05/15/22), (3 mo. LIBOR US + 1.48%(b)(f)		8,500		8,625,061
3.88%, 09/12/23		20,000		21,079,178
Santander Holdings USA Inc., 4.45%, 12/03/21 (Call 11/29/21)		1,278		1,281,658
Skandinaviska Enskilda Banken AB, 0.76%, 12/12/22, (3 mo. LIBOR US + 0.645%)(a)(b)		15,000		15,086,246
Sumitomo Mitsui Financial Group Inc. 0.92%, 10/16/23, (3 mo. LIBOR US + 0.800%)(b)		4,000		4,049,282
2.78%, 07/12/22(f)		5,000		5,084,534
UBS AG/London 0.50%, 08/09/24, (SOFR + 0.450%)(a)(b)		15,725		15,808,500
1.75%, 04/21/22 (Call 03/21/22)(a)(f)		12,680		12,744,832
UBS Group AG
1.35%, 05/23/23 (Call 05/23/22), (3 mo. LIBOR US + 1.220%)(a)(b)		20,000		20,124,818
3.49%, 05/23/23 (Call 05/23/22)(a)(f)		20,000		20,315,351
UniCredit SpA, 3.75%, 04/12/22(a)		17,595		17,835,954
Wells Fargo & Co., 1.36%, 10/31/23 (Call 10/31/22), (3 mo. LIBOR US + 1.230%)(b)		14,250		14,408,036
				1,125,376,880
Beverages — 0.2%
Keurig Dr Pepper Inc., 0.75%, 03/15/24 (Call 03/15/22)(f)		11,955		11,900,235
Biotechnology — 0.7%
Gilead Sciences Inc., 0.75%, 09/29/23 (Call 11/09/21)		34,250		34,178,127
Building Materials — 0.2%
Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 07/15/22)(f)		8,800		8,798,163
Chemicals — 0.4%
DuPont de Nemours Inc., 4.21%, 11/15/23 (Call 10/15/23)(f)		2,000		2,132,032
International Flavors & Fragrances Inc. 0.70%, 09/15/22(a)(f)		5,500		5,504,593
3.20%, 05/01/23 (Call 02/01/23)(f)		9,000		9,271,732

Security	Par (000)		Value
Chemicals (continued)
Sherwin-Williams Co. (The), 2.75%, 06/01/22 (Call 05/01/22)	$	1,254	$	1,267,339
				18,175,696
Computers — 1.0%
Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23)		39,100		41,637,229
International Business Machines Corp., 2.85%, 05/13/22		7,500		7,603,439
				49,240,668
Diversified Financial Services — 5.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.15%, 10/29/23(f)		35,000		34,999,512
Air Lease Corp.
0.47%, 12/15/22, (3 mo. LIBOR US + 0.350%)(b)(f)		28,600		28,603,709
0.70%, 02/15/24 (Call 01/15/24)(f)		4,940		4,883,757
3.88%, 07/03/23 (Call 06/03/23)		6,138		6,418,268
Ally Financial Inc., 4.13%, 02/13/22(f)		25,510		25,775,061
American Express Co.
0.77%, 02/27/23 (Call 01/27/23), (3 mo. LIBOR US + 0.650%)(b)		4,000		4,024,816
2.50%, 08/01/22 (Call 07/01/22)		15,000		15,202,570
3.40%, 02/27/23 (Call 01/27/23)		22,632		23,425,675
Aviation Capital Group LLC, 3.88%, 05/01/23 (Call 04/01/23)(a)		20,340		21,137,844
Capital One Bank USA N.A., 2.01%, 01/27/23 (Call 01/27/22), (SOFR + 0.62%)(b)		10,000		10,034,999
Capital One Financial Corp.
1.07%, 03/09/22 (Call 02/09/22), (3 mo. LIBOR US + 0.950%)(b)		24,635		24,690,177
2.60%, 05/11/23 (Call 04/11/23)(f)		14,250		14,646,235
3.20%, 01/30/23 (Call 12/30/22)(f)		10,000		10,304,777
Charles Schwab Corp. (The), 0.55%, 03/18/24 (Call 02/18/24), (SOFR + 0.500%)(b)		34,625		34,755,814
International Lease Finance Corp., 5.88%, 08/15/22		22,025		22,936,602
				281,839,816
Electric — 3.2%
Dominion Energy Inc., Series D, 0.65%, 09/15/23 (Call 11/19/21), (3 mo. LIBOR US + 0.530%)(b)		11,125		11,127,822
Duke Energy Corp., 0.30%, 06/10/23, (SOFR + 0.250%)(b)		13,865		13,867,204
NextEra Energy Capital Holdings Inc.
0.40%, 02/22/23 (Call 11/29/21), (3 mo. LIBOR US + 0.270%)(b)		26,954		26,955,056
0.59%, 03/01/23, (SOFR + 0.540%)(b)		5,580		5,601,762
0.65%, 03/01/23(f)		24,795		24,822,884
1.00%, 11/03/23 (Call 05/03/22), (SOFR + 0.400%)(b)		24,300		24,313,851
2.90%, 04/01/22(f)		13,665		13,805,987
Pacific Gas and Electric Co., 1.50%, 11/15/21, (3 mo. LIBOR US + 1.375%)(b)		10,865		10,866,007
Southern California Edison Co., 0.70%, 04/03/23		26,380		26,354,119
				157,714,692
Food — 0.4%
General Mills Inc. 1.13%, 10/17/23, (3 mo. LIBOR US + 1.010%)(b)		2,696		2,746,794
2.60%, 10/12/22 (Call 09/12/22)		9,135		9,299,217
Tyson Foods Inc., 4.50%, 06/15/22 (Call 03/15/22)(f)		7,930		8,051,716
				20,097,727

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

Schedule of Investments (continued) October 31, 2021 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Gas — 0.6%
Atmos Energy Corp., 0.63%, 03/09/23 (Call 11/15/21)	$	7,875	$	7,871,117
ONE Gas Inc., 0.85%, 03/11/23 (Call 11/29/21)		20,000		20,005,369
				27,876,486
Health Care - Products — 0.3%
Thermo Fisher Scientific Inc., 0.58%, 10/18/24 (Call 10/18/22), (SOFR + 0.530%)(b)		12,850		12,869,162
Health Care - Services — 0.9%
Anthem Inc., 3.13%, 05/15/22		27,841		28,245,938
Humana Inc., 0.65%, 08/03/23 (Call 02/03/22)(f)		13,100		13,085,972
				41,331,910
Household Products & Wares — 0.2%
Avery Dennison Corp., 0.85%, 08/15/24 (Call 08/15/22)(f)		10,440		10,369,592
Machinery — 0.3%
Caterpillar Financial Services Corp., 0.63%, 05/15/23, (3 mo. LIBOR US + 0.510%)(b)		9,700		9,752,457
Rockwell Automation Inc., 0.35%, 08/15/23 (Call 08/15/22)(f)		3,870		3,861,042
				13,613,499
Manufacturing — 0.2%
Carlisle Companies Inc., 0.55%, 09/01/23 (Call 09/01/22)		9,115		9,080,668
Media — 1.9%
Charter Communications Operating LLC/Charter Communications Operating Capital 1.78%, 02/01/24 (Call 01/01/24), (3 mo. LIBOR US + 1.650%)(b)		18,300		18,754,557
4.46%, 07/23/22 (Call 05/23/22)		74,455		75,970,792
				94,725,349
Oil & Gas — 0.4%
Phillips 66, 0.90%, 02/15/24 (Call 11/29/21)		19,550		19,499,521
Pharmaceuticals — 5.6%
AbbVie Inc. 2.15%, 11/19/21		24,400		24,420,910
2.30%, 11/21/22		10,000		10,173,203
2.90%, 11/06/22(f)		35,000		35,795,502
3.45%, 03/15/22 (Call 01/15/22)(f)		34,625		34,838,136
Bayer U.S. Finance II LLC
1.13%, 12/15/23 (Call 11/15/23), (3 mo. LIBOR US + 1.010%)(a)(b)		32,500		32,923,168
3.88%, 12/15/23 (Call 11/15/23)(a)		15,000		15,835,926
Bristol-Myers Squibb Co., 2.60%, 05/16/22(f)		10,400		10,531,064
Cigna Corp., 0.61%, 03/15/24 (Call 03/15/22)		9,510		9,449,178
CVS Health Corp. 2.75%, 12/01/22 (Call 09/01/22)		15,000		15,271,787
3.50%, 07/20/22 (Call 05/20/22)		33,590		34,128,068
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)(f)		24,550		25,440,332
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)		20,000		21,405,111
				270,212,385
Pipelines — 1.7%
Enbridge Inc.
0.45%, 02/17/23, (SOFR + 0.400%)(b)		3,130		3,136,032
0.55%, 10/04/23(f)		2,805		2,796,723
4.00%, 10/01/23 (Call 07/01/23)		6,000		6,310,236

Security	Par (000)		Value
Pipelines (continued)
Energy Transfer LP 3.45%, 01/15/23 (Call 10/15/22)(f)	$	10,000	$	10,233,198
3.60%, 02/01/23 (Call 11/01/22)(f)		6,400		6,573,664
4.25%, 03/15/23 (Call 12/15/22)		8,250		8,552,698
Williams Companies Inc. (The), 3.60%, 03/15/22 (Call 01/15/22)		43,799		44,069,341
				81,671,892
Retail — 0.7%
7-Eleven Inc., 0.63%, 02/10/23 (Call 02/10/22)(a)(f)		34,250		34,192,391
Semiconductors — 0.1%
Analog Devices Inc., 0.30%, 10/01/24, (SOFR + 0.250%)(b)		5,025		5,030,106
Software — 1.6%
Fidelity National Information Services Inc., 0.38%, 03/01/23		32,759		32,655,235
Fiserv Inc., 3.80%, 10/01/23 (Call 09/01/23)		4,000		4,219,620
Oracle Corp., 2.40%, 09/15/23 (Call 07/15/23)		8,000		8,220,843
VMware Inc., 0.60%, 08/15/23(f)		34,000		33,933,601
				79,029,299
Telecommunications — 1.2%
AT&T Inc.
0.69%, 03/25/24 (Call 03/25/22), (SOFR + 0.640%)(b)		22,000		22,020,731
1.29%, 06/12/24, (3 mo. LIBOR US + 1.180%)(b)		15,000		15,323,997
Verizon Communications Inc.
0.55%, 03/22/24, (SOFR + 0.500%)(b)		12,565		12,625,563
1.22%, 05/15/25 (Call 03/15/25), (3 mo. LIBOR US + 1.100%)(b)		10,000		10,221,280
				60,191,571
Transportation — 0.6%
Ryder System Inc. 2.80%, 03/01/22 (Call 02/01/22)(f)		5,000		5,030,326
3.65%, 03/18/24 (Call 02/18/24)(f)		19,250		20,443,967
3.88%, 12/01/23 (Call 11/01/23)		5,000		5,302,439
				30,776,732
Trucking & Leasing — 0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp. 2.70%, 03/14/23 (Call 02/14/23)(a)		10,000		10,242,240
4.88%, 07/11/22(a)		4,901		5,045,554
				15,287,794
Total Corporate Bonds & Notes — 60.1% (Cost: $2,919,855,529)				2,920,378,117
Repurchase Agreements(b)(g)
Goldman Sachs & Co., 0.57%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $125,005,938, collateralized by non-agency mortgage-backed security, 0.30% to 7.75%, due 09/30/22 to 01/25/41, par and fair value of $154,034,408 and $131,250,000, respectively) (Call 11/27/21)		125,000		125,000,000
Total Repurchase Agreements — 2.6% (Cost: $125,000,000)				125,000,000

18 2 0 2 1  I S H A R E S  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 (continued) October 31, 2021 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(h)(i)(j)		49,864	$	49,889,059
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(h)(i)		208,310		208,310,000
Total Money Market Funds — 5.3% (Cost: $258,190,345)				258,199,059
Total Investments in Securities — 101.2% (Cost: $4,908,200,956)				4,911,869,690
Other Assets, Less Liabilities — (1.2)%				(57,669,658	)
Net Assets — 100.0%			$	4,854,200,032

^(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

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

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

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

^(g)  Maturity date represents next reset date.

^(h) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21		Shares Held at 10/31/21 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	27,236,958	$	22,659,842	(a)	$	—	$	(5,160	)	$	(2,581	)	$	49,889,059		49,864	$	69,595	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		66,830,000		141,480,000	(a)		—		—			—			208,310,000		208,310		63,163			—
								$	(5,160	)	$	(2,581	)	$	258,199,059			$	132,758		$	—

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

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

Schedule of Investments (continued) October 31, 2021 BlackRock Short Maturity Bond ETF     

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	13,115,162	EUR	11,333,000	BBP		12/15/21	$	637
USD	22,443,996	EUR	19,131,000	SSB		12/15/21		305,642
USD	4,649,842	GBP	3,369,000	GS		12/15/21		38,506
USD	28,324,931	GBP	20,536,000	SSB		12/15/21		216,180
								560,965
USD	15,767,795	GBP	11,585,000	SSB		12/15/21		(89,230	)
	Net unrealized appreciation						$	471,735

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	560,965
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	89,230

For the period ended October 31, 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	$	(3,524,633	)
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	1,145,432

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts sold — in USD	$	43,550,635

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to 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:
Forward foreign currency exchange contracts	$	560,965	$	89,230
Total derivative assets and liabilities in the Statement of Assets and Liabilities		560,965		89,230
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		560,965		89,230

20 2 0 2 1  I S H A R E S  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 (continued) October 31, 2021 BlackRock Short Maturity Bond ETF     

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset(a)			Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets(b)(c)
Barclays Bank PLC Wholesale	$	637	$	—		$	—	$	—	$	637
Goldman Sachs & Co.		38,506		—			—		—		38,506
State Street Bank and Trust Co.		521,822		(89,230	)		—		—		432,592
	$	560,965	$	(89,230	)	$	—	$	—	$	471,735
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)			Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities
State Street Bank and Trust Co.	$	89,230	$	(89,230	)	$	—	$	—	$	—

^(a) The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

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

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Asset-Backed Securities	$	—	$	963,967,893		$	2,050,000	$	966,017,893
Certificates of Deposit		—		53,101,044			—		53,101,044
Collaterized Mortgage Obligations		—		333,630,814			—		333,630,814
Commercial Paper		—		255,542,763			—		255,542,763
Corporate Bonds & Notes		—		2,920,378,117			—		2,920,378,117
Repurchase Agreements		—		125,000,000			—		125,000,000
Money Market Funds		258,199,059		—			—		258,199,059
	$	258,199,059	$	4,651,620,631		$	2,050,000	$	4,911,869,690
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	560,965		$	—	$	560,965
Liabilities
Forward Foreign Currency Exchange Contracts		—		(89,230	)		—		(89,230	)
	$	—	$	471,735		$	—	$	471,735

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

See notes to financial statements.    

SCHEDULE  OF  INVESTMENTS 21

Schedule of Investments October 31, 2021 BlackRock Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Debt Obligations
Alabama — 3.6%
Black Belt Energy Gas District RB 4.00%, 12/01/21	$	485	$	486,404
4.00%, 06/01/22		170		173,536
4.00%, 12/01/22		240		249,236
4.00%, 06/01/23		240		253,360
4.00%, 12/01/24		1,250		1,378,989
Series A, VRDN, 4.00%, 08/01/47 (Put 07/01/22)(a)(b)		4,000		4,079,904
Lower Alabama Gas District (The) RB, 4.00%, 12/01/21		200		200,586
Southeast Alabama Gas Supply District (The) RB, Series A, 4.00%, 06/01/22		1,500		1,532,053
Southeast Energy Authority A Cooperative District RB
Series A, 4.00%, 10/01/22		355		367,022
Series A, 4.00%, 10/01/23		450		480,921
Series B, 4.00%, 06/01/24		1,200		1,309,680
				10,511,691
Alaska — 0.1%
Alaska Municipal Bond Bank Authority RB, 5.00%, 12/01/21		400		401,477
California — 0.7%
California County Tobacco Securitization Agency RB, Series A, 4.00%, 06/01/22		545		556,050
State of California GO, 5.00%, 12/01/24		1,190		1,357,458
				1,913,508
Colorado — 0.1%
City & County of Denver Co. Airport System Revenue RB, Series A, 5.00%, 11/15/23		250		273,515
Connecticut — 2.2%
Connecticut State Health & Educational Facilities Authority RB, 4.00%, 07/01/22		500		510,814
State of Connecticut GO
Series A, 3.00%, 01/15/23		2,000		2,064,320
Series C, VRDN, 0.07%, 05/15/34 (Put 11/05/21)(a)(b)		1,920		1,920,000
Series C, 3.00%, 06/01/22		900		914,333
Series C, 5.00%, 07/15/22		900		929,938
State of Connecticut Special Tax Revenue ST, Series A, 5.00%, 05/01/22		200		204,803
				6,544,208
District of Columbia — 3.5%
District of Columbia RB, 0.12%, 04/01/38 (Put 11/05/21)(a)(b)		2,890		2,890,000
Metropolitan Washington Airports Authority RB, 5.00%, 10/01/22		1,200		1,251,144
Tender Option Bond Trust Receipts/Certificates RB, Series 2019, 0.10%, 10/01/53 (Put 10/01/29)(a)(b)(c)		6,135		6,135,000
				10,276,144
Florida — 2.5%
Alachua County Health Facilities Authority RB, 5.00%, 12/01/21		390		391,515
County of Miami-Dade FL Aviation Revenue RB, Series A, 5.00%, 10/01/23		2,500		2,721,357
County of Palm Beach FL RB, 0.07%, 07/01/32 (Put 11/01/21)(a)(b)		2,800		2,800,000
Miami-Dade County Industrial Development Authority RB, 0.40%, 08/01/23		1,000		996,967
Tender Option Bond Trust Receipts/Certificates RB, Series 2020, 0.09%, 07/01/49 (Put 11/08/21)(a)(b)(c)		500		500,000
				7,409,839

Security	Par (000)		Value
Georgia — 9.1%
Atlanta Urban Residential Finance Authority RB, 1.36%, 12/01/22 (Put 12/01/21)(a)(b)	$	2,000	$	2,001,648
Bartow County Development Authority RB, 1.55%, 08/01/43 (Put 08/19/22)(a)(b)		2,000		2,018,132
Burke County Development Authority RB, 2.25%, 10/01/32 (Put 05/25/23)(a)(b)		2,000		2,053,526
Main Street Natural Gas Inc. RB
Series A, VRDN, 4.00%, 04/01/48 (Put 06/01/23)(a)(b)		5,685		6,026,731
Series D, VRDN, 0.89%, 08/01/48 (Put 09/01/23)(a)(b)		5,000		5,057,415
Monroe County Development Authority RB, 0.08%, 06/01/49(a)(b)		3,700		3,700,000
Municipal Electric Authority of Georgia RB
5.00%, 01/01/22		3,000		3,023,094
Series B, VRDN, 0.06%, 01/01/48 (Put 11/05/21)(a)(b)		1,000		1,000,000
Tender Option Bond Trust Receipts/Certificates RB, Series 2019, 0.10%, 01/01/44 (Put 07/01/28) (AGM)(a)(b)(c)		1,700		1,700,000
				26,580,546
Illinois — 2.4%
Illinois Development Finance Authority RB
VRDN, 0.05%, 02/01/33 (Put 11/05/21)(a)(b)		2,000		2,000,000
VRDN, 0.06%, 06/01/29 (Put 11/05/21)(a)(b)		1,100		1,100,000
Tender Option Bond Trust Receipts/Certificates GO, Series 2015, 0.09%, 03/01/33 (Put 11/05/21)(a)(b)(c)		4,000		4,000,000
				7,100,000
Indiana — 2.8%
City of Rockport IN RB, Series B, 1.35%, 07/01/25 (Put 09/01/22)(a)(b)		2,250		2,262,157
Indiana Finance Authority RB
Series A1, VRDN, 0.07%, 02/01/35 (Put 11/05/21)(a)(b)		2,500		2,500,000
Series B, VRDN, 0.03%, 11/01/39 (a)(b)		1,400		1,400,000
Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 06/01/23		1,800		1,928,669
				8,090,826
Iowa — 3.2%
Iowa Finance Authority RB, 0.09%, 04/01/22 (Put 11/05/21)(a)(b)		9,405		9,405,000
Kansas — 2.4%
City of Burlington KS RB
Series A, VRDN, 0.15%, 09/01/35 (Put 11/05/21)(a)(b)		4,000		4,000,000
Series B, VRDN, 0.15%, 09/01/35 (Put 11/05/21)(a)(b)		3,000		3,000,000
				7,000,000
Kentucky — 7.9%
County of Meade KY RB
0.06%, 08/01/61 (a)(b)		10,000		9,999,891
VRDN, 0.06%, 08/01/61 (a)(b)		2,500		2,500,000
Kentucky Public Energy Authority RB, Series A, 4.00%, 04/01/48 (Put 04/01/24)(a)(b)		3,930		4,231,647
Kentucky State Property & Building Commission RB, Series A, 5.00%, 11/01/22		1,000		1,047,204
Louisville/Jefferson County Metropolitan Government RB, 0.07%, 06/01/33 (Put 11/05/21)(a)(b)		5,000		5,000,000
Tender Option Bond Trust Receipts/Certificates RB, Series 2018, 0.08%, 12/01/41 (Put 12/01/27) (AGM)(a)(b)(c)		500		500,000
				23,278,742
Louisiana — 2.0%
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax RB, 5.00%, 08/01/22 (AGM)		465		481,018

22 2 0 2 1  I S H A R E S  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 (continued) October 31, 2021 BlackRock Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Louisiana (continued)
Louisiana Offshore Terminal Authority RB, 1.65%, 09/01/27 (Put 12/01/23)(a)(b)	$	400	$	407,875
Louisiana Stadium & Exposition District RB, 4.00%, 07/03/23 (Call 04/01/23)		2,325		2,441,413
Parish of St Charles LA RB, 4.00%, 12/01/40 (Put 06/01/22)(a)(b)		2,345		2,393,781
				5,724,087
Massachusetts — 0.7%
Massachusetts Housing Finance Agency RB
Series A, 0.30%, 12/01/23 (Call 06/01/22)		1,000		999,493
Series A, 0.40%, 06/01/24 (Call 06/01/23)		1,000		999,761
				1,999,254
Michigan — 1.4%
Michigan Finance Authority RB
VRDN, 0.40%, 10/15/23		665		666,227
5.00%, 11/01/22		240		251,014
5.00%, 12/01/22		1,390		1,461,311
Series A, 4.00%, 06/01/22		1,000		1,020,502
Wayne-Westland Community Schools GO, 4.00%, 11/01/21 (Q-SBLF)		780		780,160
				4,179,214
Mississippi — 3.4%
Mississippi Business Finance Corp. RB, Series A, 0.06%, 12/01/30 (Put 11/01/21)(a)(b)		10,000		10,000,000
Missouri — 0.9%
City of Washington MO COP, 5.00%, 03/01/22		350		355,438
County of Greene MO COP, Series A, 3.00%, 03/01/23		350		362,196
RBC Municipal Products Inc. Trust RB, Series C, 0.11%, 09/01/39 (Put 11/05/21)(a)(b)(c)		2,000		2,000,000
				2,717,634
Nebraska — 0.4%
Central Plains Energy Project RB, 5.00%, 03/01/50 (Put 10/01/23)(a)(b)		1,000		1,089,235
Douglas County Hospital Authority No. 2 RB, 5.00%, 11/15/21		120		120,203
				1,209,438
Nevada — 0.8%
County of Clark Department of Aviation RB, 5.00%, 07/01/22 .		2,165		2,233,578
New Jersey — 16.1%
Borough of Park Ridge NJ GO, 1.00%, 04/29/22		800		802,344
Jersey City Municipal Utilities Authority RB, 3.00%, 07/01/22		4,000		4,072,004
New Jersey Economic Development Authority RB 5.00%, 06/15/22		200		205,726
5.25%, 09/01/24 (c)		7,600		8,576,045
Series A, 4.00%, 07/01/22		2,000		2,047,220
Series AAA, 5.00%, 06/15/22		1,000		1,028,629
Series B, 5.00%, 11/01/23 (SAP)		1,450		1,580,555
Series B, 5.00%, 11/01/24		1,010		1,141,061
Series NN, 5.00%, 03/01/22		3,875		3,934,539
Series NN, 5.00%, 03/01/23		1,000		1,060,653
Series UU, 5.00%, 06/15/22		2,000		2,057,258
Series UU, 5.00%, 06/15/23		1,575		1,690,660
New Jersey Health Care Facilities Financing Authority RB, 5.00%, 10/01/23		1,500		1,629,473
New Jersey Transportation Trust Fund Authority RB
Series A, 5.00%, 06/15/22		220		226,357
Series A, 5.00%, 06/15/22		750		771,670

Security	Par (000)		Value
New Jersey (continued)
Series A, 5.00%, 06/15/24	$	1,575	$	1,757,571
Series A, 5.50%, 12/15/21		425		427,617
Series A, 5.50%, 12/15/22		1,430		1,511,447
Series A, 5.50%, 12/15/22 (AGM-CR)		190		201,141
Series A, 5.50%, 12/15/23		155		171,351
Series B, 5.25%, 12/15/22 (AMBAC)		910		959,271
Series B, 5.50%, 12/15/21 (NPFGC)		2,475		2,490,805
Series D, 5.00%, 12/15/23		470		514,627
Series D, 5.25%, 12/15/23		1,275		1,402,319
State of New Jersey GO, Series A, 4.00%, 06/01/23		1,290		1,361,465
Tobacco Settlement Financing Corp. RB, Series A, 5.00%, 06/01/22		3,000		3,075,384
Township of Deptford NJ RB, Series A, 1.00%, 07/13/22		1,478		1,485,724
Township of Evesham NJ GO, 1.00%, 06/14/22		988		991,734
				47,174,650
New Mexico — 0.2%
New Mexico Municipal Energy Acquisition Authority RB, Series A, 4.00%, 05/01/22		600		610,789
New York — 10.4%
Albany Industrial Development Agency RB, Series A, 0.16%, 07/01/32 (Put 11/04/21)(a)(b)		900		900,000
Amherst Development Corp. RB, Series A, 0.15%, 02/01/35 (Put 11/05/21)(a)(b)		1,730		1,730,000
Monroe County Industrial Development Corp./NY RB, 5.00%, 12/01/21		575		577,047
Nassau Health Care Corp. RB, Series C, 5.00%, 08/01/23 (GTD)		1,425		1,539,262
New York City Housing Development Corp. RB, 0.45%, 11/01/25 (FHA)		1,560		1,548,949
New York City Transitional Finance Authority Future Tax Secured Revenue RB, Series A4, 0.04%, 08/01/39(a)(b)		9,400		9,400,000
New York City Water & Sewer System RB
VRDN, 0.04%, 06/15/50 (a)(b)		2,000		2,000,000
Series AA1, VRDN, 0.03%, 06/15/50 (a)(b)		4,200		4,200,000
New York Transportation Development Corp. RB
5.00%, 12/01/22		495		517,768
Series A, 5.00%, 12/01/23		1,250		1,358,190
Tender Option Bond Trust Receipts/Certificates GO, Series 2020, 0.08%, 09/01/26 (Put 11/05/21)(a)(b)(c)		2,195		2,195,000
Tender Option Bond Trust Receipts/Certificates RB, Series 2020, 0.07%, 07/01/50 (Put 07/01/30)(a)(b)(c)		2,000		2,000,000
Town of Newburgh NY GOL, 1.00%, 05/18/22		820		822,709
Town of Oyster Bay NY GOL, 4.00%, 03/01/23		425		444,922
Village of Kings Point NY RB, 1.00%, 07/22/22		1,300		1,306,897
				30,540,744
North Carolina — 3.5%
North Carolina Capital Facilities Finance Agency RB,
Series A, 0.15%, 07/01/34 (Put 12/01/21)(a)(b)		10,000		10,000,000
North Carolina Turnpike Authority RB, 5.00%, 01/01/22		215		216,541
				10,216,541
North Dakota — 2.7%
North Dakota Housing Finance Agency RB, 0.06%, 07/01/36 (Put 11/05/21)(a)(b)		7,915		7,915,000
Ohio — 2.2%
City of Cleveland OH GOL
Series A, 2.00%, 12/01/21		300		300,429
Series A, 2.00%, 12/01/22		300		305,626

SCHEDULE  OF  INVESTMENTS 23

Schedule of Investments (continued) October 31, 2021 BlackRock Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Ohio (continued)
Ohio Higher Educational Facility Commission RB, Series B-1, 0.05%, 01/01/39 (Put 11/08/21)(a)(b)	$	5,975	$	5,975,000
				6,581,055
Pennsylvania — 4.5%
Allegheny County Hospital Development Authority RB, Series A, 5.00%, 04/01/22		2,000		2,038,050
Connellsville Area School District GOL, 4.00%, 08/15/22 (BAM SAW)		500		514,532
DuBois Area School District GOL, Series B, 3.00%, 11/01/21 (BAM SAW)		175		175,026
Ephrata Area School District GO, 3.00%, 03/01/24		1,000		1,060,360
Geisinger Authority RB, 5.00%, 04/01/22		2,000		2,039,440
Muhlenberg School District GOL, 4.00%, 05/15/22 (SAW)		700		713,953
Pennsylvania Economic Development Financing Authority RB
VRDN, 0.18%, 12/01/37 (Put 11/05/21)(a)(b)		3,000		3,000,000
Series A, 2.15%, 11/01/21		1,000		1,000,101
Pennsylvania Housing Finance Agency RB
5.00%, 10/01/25		500		582,035
Series 133, 5.00%, 10/01/22		380		395,620
Philadelphia Gas Works Co. RB, Series A, 5.00%, 08/01/22		1,315		1,361,613
Southeastern Pennsylvania Transportation Authority RB, 5.00%, 06/01/22		360		370,005
				13,250,735
Puerto Rico — 1.1%
Puerto Rico Housing Finance Authority RB, 5.00%, 12/01/22		3,000		3,141,423
South Carolina — 0.3%
South Carolina Public Service Authority RB, Series A, 0.09%, 01/01/36 (Put 11/05/21)(a)(b)		900		900,000
Tennessee — 0.7%
Metropolitan Government Nashville & Davidson County Health & Educational Facility RB, 5.00%, 05/01/22		535		547,559
Tennergy Corp./TN
Series A, 4.00%, 09/01/22		335		345,095
Series A, 4.00%, 03/01/23		375		392,928
Series A, 4.00%, 09/01/23		320		340,799
Tennessee Energy Acquisition Corp. RB, Series A, 5.00%, 11/01/23		250		272,452
				1,898,833
Texas — 7.9%
Harris County Cultural Education Facilities Finance Corp. RB, 5.00%, 06/01/32 (Put 09/01/22)(a)(b)		4,000		4,203,181

Security	Par (000)		Value
Texas (continued)
North East Independent School District/TX GO, 0.23%, 12/16/21(d)	$	8,900	$	8,900,109
Port of Arthur Navigation District Industrial Development Corp. RB, 0.09%, 06/01/41 (Put 11/01/21)(a)(b)		2,000		2,000,000
State of Texas GO
Series A, VRDN, 0.06%, 06/01/44 (Put 11/01/21)(a)(b)		410		410,000
Series A, VRDN, 0.06%, 06/01/45 (Put 11/05/21)(a)(b)		2,910		2,910,000
Tender Option Bond Trust Receipts/Certificates RB, Series 2019, 0.11%, 06/15/27 (Put 11/05/21)(a)(b)(c)		1,500		1,500,000
Texas Municipal Gas Acquisition & Supply Corp. III RB
5.00%, 12/15/22		2,000		2,101,356
5.00%, 12/15/23		1,150		1,258,544
				23,283,190
Washington — 0.1%
King County Housing Authority RB, 3.00%, 06/01/22		250		253,619
Wisconsin — 0.5%
Public Finance Authority RB
5.00%, 01/01/22		200		201,499
5.00%, 06/01/22		175		179,802
Wisconsin Housing & Economic Development Authority RB, Series B, 0.05%, 03/01/41 (Put 11/05/21)(a)(b)		1,000		1,000,000
				1,381,301
Total Municipal Debt Obligations — 100.3% (Cost $293,587,118)				293,996,581
Total Investments in Securities — 100.3% (Cost: $293,587,118)				293,996,581
Other Assets, Less Liabilities — (0.3)%				(827,580	)
Net Assets — 100.0%			$	293,169,001

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21		Shares Held at 10/31/21 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds: MuniCash(a)	$	117,575	$	—	$	(116,312	)(b)	$	(1,263	)		—	$	—		—	$	507	$	—

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

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

24 2 0 2 1  I S H A R E S  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 (continued) October 31, 2021 BlackRock Short Maturity Municipal Bond ETF     

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Municipal Debt Obligations	$	—	$	293,996,581	$	—	$	293,996,581

See notes to financial statements.

SCHEDULE  OF  INVESTMENTS 25

Schedule of Investments  October 31, 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)	$	120	$	119,837
Series 2020-3, Class A2A, 0.49%, 06/15/23 (Call 11/15/23)		1,288		1,288,192
Series 2020-3, Class A2B, 0.34%, 06/15/23 (Call 11/15/23), (1 mo. LIBOR US + 0.250%)(a)		364		364,337
Series 20-4, Class A2A, 0.31%, 01/16/24 (Call 04/15/24) .		7,186		7,188,375
Ford Credit Auto Lease Trust
0.24%, 04/15/24 (Call 01/15/24)		8,670		8,654,340
Series 2020-B, Class A2A, 0.50%, 12/15/22 (Call 01/15/23)		2,878		2,878,934
Ford Credit Auto Owner Trust, Series 2020-B, Class A2, 0.50%, 02/15/23 (Call 11/15/23)		596		596,431
Honda Auto Receivables Owner Trust
Series 2020-2, Class A2, 0.74%, 11/15/22 (Call 07/15/23)		393		392,967
Series 20-3, Class A2, 0.27%, 02/21/23 (Call 09/18/23)		5,020		5,021,191
Hyundai Auto Lease Securitization Trust, 0.24%, 01/16/24 (Call 03/15/24)(b)		17,150		17,128,118
Total Asset-Backed Securities — 0.7% (Cost: $43,663,869)				43,632,722
Certificates of Deposit
Banco Santander SA
0.18%, 12/03/21		10,000		10,000,680
0.28%, 11/08/21		25,000		25,001,081
Bank of America N.A., 0.21%, 07/08/22		3,250		3,249,825
Bank of Montreal/Chicago IL, 0.22%, 11/18/21, (3 mo. LIBOR US + 0.100%)(a)		5,000		5,000,389
Barclays Bank PLC 0.24%, 04/08/22		13,000		13,004,348
0.27%, 03/03/22		17,000		17,007,541
0.30%, 11/10/21		5,000		5,000,343
0.30%, 03/30/22		10,000		10,006,191
0.31%, 04/19/22		10,000		10,006,239
0.33%, 02/01/22		10,000		10,005,214
0.36%, 12/31/21		15,250		15,256,608
Bayerische Landesbank/New York
0.29%, 01/27/23, (3 mo. LIBOR US + 0.160%)(a)		22,500		22,502,962
0.59%, 02/03/22, (3 mo. LIBOR US + 0.470%)(a)		20,000		20,018,968
0.90%, 06/27/23		15,000		15,129,423
BNP Paribas NY, 0.20%, 09/08/22		35,000		34,974,705
Canadian Imperial Bank of Commerce/New York
0.18%, 11/08/21, (3 mo. LIBOR US + 0.100%)(a)		5,000		5,000,113
0.21%, 12/13/21, (3 mo. LIBOR US + 0.1000%)(a)		3,000		3,000,550
Credit Agricole Corporate and Investment Bank/New York, 0.45%, 11/15/21, (SOFR + 0.400%)(a)		6,500		6,500,705
Credit Industriel et Commercial, 0.01%, 02/22/22		22,000		21,988,380
Credit Industriel et Commercial/New York, 0.17%, 05/06/22, (3 mo. LIBOR US + 0.5000%)(a)		7,000		7,000,702
Credit Suisse AG/New York NY
0.28%, 04/08/22, (SOFR + 0.220%)(a)		5,000		5,002,815
0.30%, 12/29/21		4,000		4,001,144
0.34%, 11/01/21		20,000		20,000,366
0.34%, 11/16/21, (SOFR + 0.300%)(a)		8,000		8,001,000
0.50%, 10/28/22		15,000		14,987,701
Deutsche Bank AG, 0.36%, 11/19/21		54,000		54,006,922
HSBC Bank USA N.A., 0.38%, 11/17/21		8,000		8,001,220

Security	Par (000)		Value
Kookmin Bank/New York
0.30%, 10/24/22, (3 mo. LIBOR US + 0.170%)(a)	$	5,000	$	4,999,899
0.32%, 02/07/22, (1 mo. LIBOR US + 0.230%)(a)		10,000		10,002,963
0.34%, 02/07/22, (1 mo. LIBOR US + 0.250%)(a)		4,500		4,501,592
1.00%, 11/03/22		11,000		11,000,000
Landesbank Baden-Wuerttemberg, 0.34%, 10/21/22		10,000		9,998,813
Lloyds Bank Corp., 0.23%, 08/17/22		6,700		6,696,306
Lloyds Bank Corporate Markets PLC, 0.23%, 06/30/22		15,000		15,000,490
Mizuho Bank Ltd.
0.23%, 11/18/21		12,000		12,001,099
0.24%, 11/03/21		5,000		5,000,118
Mizuho Bank Ltd./New York NY, 0.23%, 01/28/22		10,000		10,002,498
MUFG Bank Ltd.
0.23%, 07/15/22		7,000		6,997,478
0.30%, 10/31/22		7,500		7,494,513
National Westminster Bank PLC, 0.01%, 11/01/21		25,000		24,999,760
Natixis SA/New York NY
0.25%, 12/09/21, (3 mo. LIBOR US + 0.130%)(a)		3,000		3,000,595
0.34%, 11/16/21		10,000		10,001,279
Natixis/New York, 0.23%, 06/17/22, (SOFR + 0.180%)(a)		12,000		12,004,863
Nordea Bank Abp/New York NY
0.24%, 02/28/22, (3 mo. LIBOR US + 0.120%)(a)		12,500		12,505,528
0.38%, 01/07/22, (3 mo. LIBOR US + 0.260%)(a)		6,500		6,504,000
Norinchukin Bank
0.24%, 11/16/21		18,000		18,001,439
0.25%, 01/20/22		7,000		7,001,966
Norinchukin Bank/New York, 0.23%, 11/18/21, (SOFR + 0.180%)(a)		8,250		8,250,550
Oversea Chinese Bannking Corp.
0.17%, 06/03/22		10,130		10,126,216
0.18%, 03/09/22		15,000		14,999,776
Royal Bank of Canada, 0.20%, 08/16/22		18,000		17,988,950
Royal Bank of Canada/New York NY
0.18%, 05/24/22, (SOFR + 0.130%)(a)		10,000		10,001,281
0.31%, 11/16/21		10,000		10,001,149
Shinhan Bank New York
0.33%, 02/10/22		5,000		5,002,463
0.33%, 02/11/22		10,750		10,755,316
Standard Chartered Bank/New York
0.18%, 03/18/22, (3 mo. LIBOR US + 0.060%)(a)		3,900		3,900,101
0.22%, 04/25/22, (3 mo. LIBOR US + 0.090%)(a)		15,000		15,002,457
0.28%, 04/14/22, (FEDL01 + 0.2000%)(a)		10,000		10,004,559
0.37%, 11/23/21, (SOFR + 0.320%)(a)		20,000		20,003,554
Sumitomo Mitsui Banking Corp., 0.17%, 01/18/22		20,000		20,002,201
Sumitomo Mitsui Banking Corp./New York
0.47%, 11/05/21, (3 mo. LIBOR US + 0.350%)(a)		23,500		23,500,795
0.70%, 07/15/22		10,000		10,029,684
Svenska Handelsbanken/New York NY
0.28%, 11/22/21		5,000		5,000,666
0.39%, 01/06/22, (3 mo. LIBOR US + 0.260%)(a)		14,500		14,508,335
Toronto-Dominion Bank/NY
0.25%, 02/16/22 (Call 11/16/21), (3 mo. LIBOR US + 0.200%)(a)		17,000		17,007,534
0.34%, 10/28/22		7,000		7,000,770
Total Certificates of Deposit — 13.9% (Cost: $804,212,594)				804,457,691
Commercial Paper
Abb Treasury Centre Inc., 0.15%, 11/03/21		10,000		9,999,828

26 2 0 2 1  I S H A R E S  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  (continued) October 31, 2021 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Amcor Flexibles North America, 0.17%, 11/15/21	$	5,000	$	4,999,653
American Electric Power Inc.
0.18%, 11/08/21		38,049		38,047,626
0.20%, 11/15/21		21,000		20,998,681
Antalis SA, 0.19%, 03/01/22		12,500		12,493,508
ASB Finance Ltd., 0.21%, 09/12/22		15,000		14,969,525
AT&T Inc.
0.18%, 02/14/22		8,500		8,495,308
0.21%, 01/20/22		10,000		9,995,735
0.41%, 12/14/21		74,000		73,984,777
0.43%, 12/16/21		12,000		11,997,408
Australia & New Zealand Banking Group Ltd., 0.24%, 07/28/22		10,000		9,983,302
Avery Dennison Corp. 0.14%, 11/05/21		15,000		14,999,621
0.18%, 12/13/21		10,920		10,917,952
Banco Santander SA, 0.25%, 04/18/22		5,000		4,994,989
Barclays Bank PLC,
Series 10-10.28%, 07/22/22, (SOFR + 0.230%)(a)(b)		10,000		10,005,910
Barclays Capital Inc., 0.38%, 01/18/22		25,000		24,993,587
Bedford Row Funding Corp., 0.19%, 06/27/22, (FEDL01 + 0.110%)(a)(b)		15,000		15,000,000
BNZ Financial Funding Ltd., 0.18%, 06/13/22		7,500		7,490,731
BNZ International Funding Ltd., 0.20%, 01/12/22		10,600		10,597,902
BPCE SA 0.34%, 12/01/21		12,000		11,999,252
0.34%, 12/09/21		8,000		7,999,380
Brighthouse Financial Short Term Funding 0.21%, 04/26/22		29,750		29,716,125
0.21%, 04/27/22		13,900		13,884,015
Brookfield Infrastructure Partners LP 0.28%, 12/07/21		7,750		7,748,438
0.31%, 01/04/22		3,750		3,748,499
Brookfield Renewable 0.25%, 11/16/21		15,750		15,748,937
0.25%, 11/17/21		16,250		16,248,825
0.25%, 12/06/21		15,000		14,997,546
CenterPoint Energy Resources Corp., 0.13%, 11/01/21		30,000		29,999,675
Collateralized Commercial Paper Flex Co. LLC, 0.27%, 08/18/22(b)		15,000		14,993,682
Collateralized Commpercial Paper Flex Co. LLC, 0.34%, 12/06/21		6,000		5,999,379
Commonwealth Bank of Australi, 0.31%, 10/21/22		5,000		4,984,828
Concord Minutemen Capital, 0.32%, 03/01/22		24,000		23,985,896
Crown Point Capital Co., 0.30%, 10/04/22 (Call 07/01/22)(b)		10,000		9,993,463
Danaher Corp. 0.13%, 11/02/21		16,000		15,999,769
0.20%, 11/15/21		23,985		23,983,494
0.22%, 12/01/21		8,315		8,313,841
0.22%, 12/02/21		15,165		15,162,809
Disney (walt) Co. (The), 0.23%, 09/30/22		5,000		4,988,660
DNB Bank ASA, 0.34%, 10/19/22		5,000		4,984,074
Dominion Resources Inc. 0.17%, 11/18/21		25,000		24,998,083
0.20%, 11/15/21		12,000		11,999,246
0.20%, 12/01/21		7,000		6,999,025
Enbridge Inc. 0.20%, 11/05/21		15,000		14,999,621
0.22%, 12/02/21		22,000		21,996,821
0.22%, 01/07/22		23,000		22,991,637
0.31%, 04/18/22		6,000		5,992,961

Security	Par (000)		Value
Enel Finance America 0.30%, 01/24/22	$	2,000	$	1,999,048
0.34%, 06/08/22		8,860		8,842,626
0.34%, 06/10/22		10,000		9,980,151
0.35%, 11/16/21		1,250		1,249,916
0.36%, 07/08/22		12,000		11,970,936
0.36%, 09/07/22		10,000		9,965,570
0.40%, 08/03/22		15,100		15,056,390
0.40%, 09/15/22		28,000		27,899,634
0.41%, 04/20/22		4,400		4,394,185
0.41%, 04/22/22		10,600		10,585,727
0.52%, 10/21/22		15,500		15,434,674
Fidelity National Information Services Inc. 0.21%, 11/02/21		27,500		27,499,615
0.22%, 11/01/21		12,770		12,769,868
0.22%, 11/08/21		7,895		7,894,715
0.23%, 12/06/21		22,000		21,996,401
0.28%, 01/07/22		18,000		17,993,700
Fiserv Inc., 0.20%, 12/14/21		10,000		9,997,687
Goldman Sachs Bank USA/New York NY 0.33%, 01/14/22		8,400		8,397,718
0.35%, 12/22/21		12,000		11,998,020
Hitachi Capital America Corp., 0.23%, 12/27/21		42,000		41,987,679
Hitachi Intrnl Trsy, 0.12%, 11/01/21		40,000		39,999,567
HSBC Bank PLC
0.26%, 11/05/21, (3 mo. LIBOR US + 0.140%)(a)(b)		12,000		12,000,160
0.27%, 02/02/22		10,000		9,994,560
0.33%, 01/03/22		13,000		12,995,805
Hyundai Capital America 0.23%, 01/10/22		800		799,742
0.23%, 01/11/22		9,200		9,196,993
0.25%, 01/19/22		4,365		4,363,360
0.26%, 02/22/22		5,000		4,997,116
0.35%, 12/16/21		9,600		9,598,285
ING U.S Funding LLC., 0.18%, 05/17/22		10,000		9,989,611
Intercontinental Exchange Inc. 0.17%, 11/03/21		4,000		3,999,856
0.17%, 11/09/21		15,000		14,998,800
0.18%, 11/19/21		10,000		9,998,660
Ionic Capital II 0.20%, 11/10/21		5,200		5,199,847
0.23%, 03/25/22		5,000		4,996,774
Ionic Capital II Trust, 1.00%, 03/04/22		4,200		4,197,883
J.P. Morgan Securities, 0.22%, 09/30/22(b)		10,000		9,993,630
Kookmin Bank, 0.21%, 04/14/22		8,000		7,991,724
LMA SA and LMA Americas LLC, 0.16%, 04/05/22		20,000		19,984,990
Mackinac Funding, 0.20%, 05/03/22		7,000		6,991,284
Macquarie Bank Ltd. 0.22%, 11/12/21, (3 mo. LIBOR US + 0.100%)(a)(b)		5,000		5,000,221
0.23%, 09/20/22, (SOFR + 0.180%)(a)(b)		10,000		10,000,004
0.27%, 04/29/22		15,000		14,982,483
0.35%, 11/18/21		10,000		9,999,428
0.35%, 11/19/21		15,000		14,999,090
Mitsubishi HC Capital America Inc. 0.23%, 11/04/21		10,000		9,999,717
0.23%, 11/16/21		20,000		19,998,200
0.24%, 11/19/21		7,785		7,784,137
National Australia Bank Ltd., 0.17%, 03/25/22, (3 mo. LIBOR US + 0.040%)(a)(b)		10,000		10,001,508
Natwest Market PLC 0.40%, 01/04/22		13,050		13,046,964

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

Schedule of Investments  (continued) October 31, 2021 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
0.40%, 01/27/22	$	20,000	$	19,993,000
NextEra Energy Capital Holdings Inc., 0.15%, 11/02/21		16,000		15,999,787
Nordea Bank Abp, 0.31%, 10/21/22		10,000		9,970,746
Nutrien Ltd. 0.16%, 11/16/21		4,175		4,174,666
0.17%, 12/23/21		15,000		14,996,173
0.18%, 11/30/21		4,121		4,120,447
0.19%, 12/10/21		14,900		14,897,253
0.19%, 12/20/21		8,235		8,233,037
Ontario Power Generation Inc. 0.16%, 11/03/21		20,310		20,309,650
0.19%, 11/23/21		8,600		8,599,236
PPG Industries Inc. 0.16%, 11/15/21		28,000		27,998,241
0.19%, 11/23/21		4,245		4,244,576
Regatta Funding Co. LLC, 0.45%, 10/28/22		5,000		4,983,405
Ridgefield Funding Co. LLC 0.16%, 03/16/22		10,000		9,994,173
0.23%, 11/02/21		7,000		6,999,931
Rockwell Automation Inc. 0.12%, 11/29/21		4,650		4,649,516
0.15%, 01/25/22		14,500		14,494,045
Salisbury Receivables Co. LLC, 0.30%, 02/18/22, (SOFR + 0.250%)(a)(b)		10,000		10,002,954
Skandinaviska Enskilda Banken AB, 0.24%, 06/21/22		7,000		6,990,724
Societe Generale SA
0.23%, 01/31/22, (3 mo. LIBOR US + 0.100%)(a)(b)		10,000		10,002,970
0.24%, 09/19/22		10,000		9,975,190
0.31%, 05/03/22		10,000		9,992,270
0.35%, 01/10/22		10,000		9,999,030
0.37%, 12/13/21		15,000		14,999,565
Spire Inc., 0.16%, 11/04/21		10,000		9,999,783
Sumitomo Mitsui Banking Corp., 0.24%, 07/21/22		15,000		14,970,408
Suncor Energy Inc. 0.20%, 11/24/21		26,110		26,107,247
0.20%, 12/06/21		9,295		9,293,479
0.21%, 12/01/21		12,760		12,758,222
0.22%, 11/01/21		12,000		11,999,870
Svenska Handelsbanken/New York NY, 0.30%, 12/08/21		8,000		7,999,351
Telstra Corp. Ltd., 0.31%, 02/10/22		19,200		19,189,739
Telus Corp. 0.21%, 02/07/22		34,000		33,980,541
0.22%, 03/03/22		20,200		20,184,920
0.23%, 03/09/22		9,030		9,022,738
Toronto Dominion Bank, 0.20%, 08/03/22		20,000		19,960,462
TransCanada PipeLines Ltd 0.22%, 11/18/21		12,500		12,499,042
0.22%, 11/22/21		35,000		34,996,663
TransCanada PipeLines Ltd., 0.25%, 02/10/22		10,000		9,994,078
UBS AG/London 0.24%, 03/30/22		11,500		11,491,114
0.25%, 08/18/22		10,000		9,978,025
0.30%, 03/11/22		2,500		2,498,439
Volkswagen Group of America Finance LLC 0.52%, 11/08/21		15,000		14,998,975
0.52%, 11/10/21		8,000		7,999,256
VW Credit Inc. 0.35%, 08/23/22		19,500		19,452,382
0.35%, 08/24/22		10,000		9,975,499

Security	Par (000)		Value
Walt Disney Co. (The)
0.24%,06/15/22	$	16,940	$	16,916,724
0.25%,07/15/22		10,950		10,932,196
Waste Management Inc.
0.18%,12/17/21		7,500		7,498,336
0.31%,08/02/22		4,805		4,795,092
0.31%,08/09/22		19,720		19,665,494
0.31%,09/08/22		25,000		24,932,185
0.32%,07/25/22		21,600		21,558,197
WEC Energy Group Inc., 0.15%, 11/04/21		34,000		33,999,263
Wells Fargo Securities, 0.15%, 11/01/21		19,000		18,999,774
Westpac Banking Corp./NY, 0.27%, 10/14/22		5,000		4,985,319
Total Commercial Paper — 35.6% (Cost: $2,066,064,317)				2,066,692,081
Corporate Bonds & Notes
Aerospace & Defense — 0.1%
Raytheon Technologies Corp., 3.65%, 08/16/23 (Call 07/16/23)(c)		4,000		4,197,976
Agriculture — 0.2%
Cargill Inc., 0.40%, 02/02/24 (Call 01/02/24)(b)(c)		10,165		10,078,582
Auto Manufacturers — 5.7%
American Honda Finance Corp.
0.25%,01/21/22, (3 mo. LIBOR US + 0.120%)(a)		7,000		7,003,675
0.28%,02/22/23, (3 mo. LIBOR US + 0.150%)(a)		8,820		8,830,006
0.53%,09/08/23, (3 mo. LIBOR US + 0.420%)(a)		5,790		5,826,138
0.57%,02/15/22, (3 mo. LIBOR US + 0.450%)(a)		14,400		14,418,285
0.65%,09/08/23		20,000		20,001,045
0.75%,08/09/24		3,235		3,214,490
0.88%,07/07/23		5,025		5,051,221
2.20%,06/27/22		10,100		10,227,863
BMW Finance NV, 2.25%, 08/12/22(b)		1,890		1,917,541
BMW U.S. Capital LLC
0.43%,08/12/24, (SOFR + 0.380%)(a)(b)		19,960		20,083,353
0.58%,04/01/24, (SOFR + 0.530%)(a)(b)		15,615		15,747,790
0.75%,08/12/24(b)		2,925		2,910,949
0.80%,04/01/24(b)		3,350		3,339,181
2.70%,04/06/22 (Call 03/06/22)(b)		5,000		5,037,517
2.95%,04/14/22(b)(c)		5,000		5,055,320
Daimler Finance North America LLC
0.75%,03/01/24(b)		26,690		26,577,163
2.55%,08/15/22(b)		2,247		2,284,470
3.40%,02/22/22(b)		5,000		5,046,652
Hyundai Capital America
0.80%,04/03/23(b)		21,620		21,611,986
2.38%,02/10/23(b)(c)		7,560		7,694,797
2.85%,11/01/22(b)		3,440		3,507,795
Hyundai Capital Services Inc., 0.75%, 09/15/23(b)		20,000		19,898,500
PACCAR Financial Corp., 0.80%, 06/08/23		2,760		2,766,967
Toyota Motor Credit Corp.
0.25%,02/13/23(a)(c)		22,277		22,277,000
0.27%,02/14/22, (3 mo. LIBOR US + 0.150%)(a)		16,790		16,793,019
0.34%,06/13/22, (SOFR + 0.300%)(a)		15,000		15,015,993
0.34%,09/13/24, (SOFR + 0.290%)(a)		12,000		12,032,933
0.39%,10/14/22, (SOFR + 0.340%)(a)		13,000		13,028,730
0.45%,07/22/22		6,580		6,584,110
0.50%,06/18/24		4,000		3,956,181
2.90%,03/30/23(c)		10,000		10,343,636

28 2 0 2 1  I S H A R E S  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  (continued) October 31, 2021 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Auto Manufacturers (continued)
Volkswagen Group of America Finance LLC, 0.75%, 11/23/22(b)	$	15,025	$	15,034,670
				333,118,976
Auto Parts & Equipment — 0.0%
Toyota Industries Corp., 3.11%, 03/12/22 (Call 02/12/22)(b)		1,000		1,007,431
Banks — 15.4%
Australia & New Zealand Banking Group Ltd./ New York NY, 2.55%, 11/23/21		2,000		2,002,719
Banco Santander SA, 0.70%, 06/30/24 (Call 06/30/23)(a)		8,200		8,174,931
Bank of America Corp. 0.52%, 06/14/24 (Call 06/14/23)(a)		18,580		18,489,883
2.82%, 07/21/23 (Call 07/21/22), (3 mo. LIBOR US + 0.930%)(a)		20,834		21,158,310
3.00%, 12/20/23 (Call 12/20/22), (3 mo. LIBOR US + 0.790%)(a)(c)		10,000		10,261,783
3.12%, 01/20/23 (Call 01/20/22), (3 mo. LIBOR US + 1.160%)(a)		1,615		1,624,364
BNZ International Funding Ltd./London, 2.90%, 02/21/22(b)		3,700		3,728,991
BPCE SA
0.43%, 01/14/22, (3 mo. LIBOR US + 0.300%)(a)(b)		9,319		9,324,642
0.49%, 02/17/22, (SOFR + 0.440%)(a)(b)		7,300		7,306,913
2.75%, 12/02/21		11,945		11,970,180
2.75%, 01/11/23(b)		4,000		4,108,305
Canadian Imperial Bank of Commerce, 0.84%, 06/16/22, (3 mo. LIBOR US + 0.720%)(a)		3,480		3,495,090
Citigroup Inc.
0.92%, 11/04/22 (Call 11/04/21), (SOFR + 0.870%)(a)		5,000		5,035,943
2.31%, 11/04/22 (Call 11/04/21), (SOFR + 0.867%)(a)		31,997		31,999,874
2.75%, 04/25/22 (Call 03/25/22)		5,000		5,046,491
2.88%, 07/24/23 (Call 07/24/22), (3 mo. LIBOR US + 0.950%)(a)		20,000		20,324,128
Cooperatieve Rabobank U.A., 3.88%, 02/08/22		1,925		1,943,120
Credit Agricole Corporate & Investment Bank SA, 0.40%, 01/15/23 (Call 01/15/22)		12,000		11,977,162
Credit Suisse AG/New York NY 0.44%, 02/02/24, (SOFR + 0.390%)(a)		15,000		14,973,310
0.50%, 02/04/22, (SOFR + 0.450%)(a)		16,000		16,013,280
0.50%, 02/02/24		5,335		5,291,398
1.00%, 05/05/23		5,000		5,025,211
2.10%, 11/12/21		6,855		6,858,320
2.80%, 04/08/22(c)		6,300		6,367,375
DBS Group Holdings Ltd., 2.85%, 04/16/22(b)(c)		3,267		3,297,666
DNB Bank ASA
0.74%, 12/02/22, (3 mo. LIBOR US + 0.620%)(a)(b)		5,000		5,029,578
2.15%, 12/02/22(b)(c)		14,382		14,656,445
DZ Bank AG Deutsche Zentral-Genossenschaftsbank/ New York, 0.32%, 02/17/22, (3 mo. LIBOR US + 0.200%)(a)		27,000		27,008,433
Fifth Third Bank NA, 1.80%, 01/30/23 (Call 12/30/22)		4,560		4,626,444
Goldman Sachs Group Inc. (The) 0.52%, 03/08/23 (Call 03/08/22)		20,000		19,963,273
0.48%, 01/27/23 (Call 01/27/22)		5,000		4,986,375
0.59%, 11/17/23 (Call 11/17/22), (SOFR + 0.540%)(a)		7,000		7,011,043
0.63%, 11/17/23 (Call 11/17/22), (SOFR + 0.538%)(a)		10,000		9,988,492
Series FRN, 0.45%, 01/27/23 (Call 01/27/22), (SOFR + 0.410%)(a)		12,000		12,005,872
JPMorgan Chase & Co.
0.63%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)(a)		20,000		20,067,348
0.70%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)(a)		4,000		4,000,827
2.97%, 01/15/23 (Call 01/15/22)		7,000		7,036,586

Security	Par (000)		Value
Banks (continued)
3.21%, 04/01/23 (Call 04/01/22), (3 mo. LIBOR US + 0.695%)(a)	$	8,698	$	8,793,845
KeyBank N.A./Cleveland OH
0.37%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)(a)		15,565		15,590,466
0.43%, 06/14/24 (Call 06/14/23)(a)		10,000		9,954,290
3.30%, 02/01/22		2,115		2,131,255
Kookmin Bank/Seoul, 0.50%, 08/03/22, (SOFR + 0.450%)(a)(b)		10,535		10,539,916
Korea Development Bank (The)
0.47%, 02/18/23, (3 mo. LIBOR US + 0.350%)(a)		16,455		16,481,175
0.60%, 03/21/22, (SOFR + 0.550%)(a)(b)		12,500		12,517,036
Macquarie Bank Ltd. 0.35%, 04/06/23, (SOFR + 0.300%)(a)(b)		15,000		14,990,547
0.58%, 11/24/21, (3 mo. LIBOR US + 0.450%)(a)(b)		26,000		26,006,818
2.10%, 10/17/22(b)		9,450		9,591,745
Mitsubishi UFJ Financial Group Inc. 2.62%, 07/18/22		8,400		8,530,448
2.67%, 07/25/22		25,137		25,545,981
3.00%, 02/22/22		4,975		5,015,654
Morgan Stanley
0.53%, 01/25/24 (Call 01/25/23), (SOFR + 0.455%)(a)		10,000		9,978,958
0.56%, 11/10/23 (Call 11/10/22), (SOFR + 0.466%)(a)		15,000		14,986,613
0.73%, 01/20/23 (Call 01/20/22), (SOFR + 0.700%)(a)		32,000		32,053,744
0.73%, 04/05/24 (Call 04/05/23), (SOFR + 0.610%)(a)		30,000		29,964,407
2.63%, 11/17/21		6,000		6,005,929
MUFG Union Bank N.A., 3.15%, 04/01/22 (Call 03/01/22)		4,000		4,037,981
National Australia Bank Ltd., 0.52%, 12/13/22, (3 mo. LIBOR US + 0.410%)(a)(b)		3,500		3,513,124
National Australia Bank Ltd./New York 1.88%, 12/13/22		4,460		4,535,846
3.70%, 11/04/21		3,035		3,035,516
National Westminster Bank PLC, 0.01%, 03/31/22		16,000		15,985,665
Nordea Bank Abp, 1.00%, 06/09/23(b)		3,135		3,158,531
Nordea Bank Abp/New York NY 0.30%, 01/27/23		8,000		8,004,329
0.37%, 01/28/22, (3 mo. LIBOR US + 0.230%)(a)		10,000		10,007,636
Santander UK PLC 2.10%, 01/13/23		2,105		2,144,226
3.75%, 11/15/21(c)		5,000		5,006,471
Skandinaviska Enskilda Banken AB
0.76%, 12/12/22, (3 mo. LIBOR US + 0.645%)(a)(b)		3,000		3,017,249
2.20%, 12/12/22(b)(c)		2,845		2,901,935
3.05%, 03/25/22(b)		3,000		3,030,660
Sumitomo Mitsui Banking Corp., 3.95%, 01/12/22(b)		2,000		2,014,059
Sumitomo Mitsui Banking Corp./New York 0.47%, 11/12/21, (3 mo. LIBOR US + 0.350%)(a)		5,000		5,000,565
0.49%, 11/05/21, (3 mo. LIBOR US + 0.370%)(a)		2,000		2,000,071
Sumitomo Mitsui Financial Group Inc. 0.51%, 01/12/24		3,580		3,550,148
3.10%, 01/17/23		2,659		2,738,272
Sumitomo Mitsui Trust Bank Ltd.
0.49%, 09/16/24, (SOFR + 0.440%)(a)(b)		15,000		15,040,153
0.80%, 09/12/23(b)		12,744		12,759,974
0.80%, 09/16/24(b)(c)		12,000		11,899,833
Suncorp-Metway Ltd., 2.80%, 05/04/22(b)		895		905,420
Svenska Handelsbanken AB, 0.63%, 06/30/23(b)		6,310		6,317,520
Swedbank AB 0.60%, 09/25/23(b)		14,500		14,462,004
1.30%, 06/02/23(b)		6,680		6,746,401

S C H E D U L E    O F    I N V E S T  M E N T S 29

Schedule of Investments  (continued) October 31, 2021 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Truist Bank
0.25%, 01/17/24 (Call 01/17/23), (SOFR + 0.200%)(a)	$	45,000	$	44,998,295
1.25%, 03/09/23 (Call 02/09/23)		15,000		15,147,749
U.S. Bank NA/Cincinnati OH,
0.57%, 05/23/22 (Call 04/22/22), (3 mo. LIBOR US + 0.440%)(a)		4,750		4,758,786
UBS AG/London
0.37%, 06/01/23, (SOFR + 0.320%)(a)(b)		8,470		8,494,123
0.38%, 06/01/23(b)		4,440		4,417,316
0.41%, 02/09/24, (SOFR + 0.360%)(a)(b)		5,000		5,012,600
0.45%, 02/09/24(b)		7,000		6,914,985
0.50%, 08/09/24, (SOFR + 0.450%)(a)(b)		8,470		8,514,976
0.70%, 08/09/24(b)		4,330		4,302,431
1.75%, 04/21/22 (Call 03/21/22)(b)		6,085		6,116,112
Westpac Banking Corp.,
2.00%, 01/13/23		2,375		2,418,867
				893,768,761
Beverages — 0.7%
Coca-Cola Europacific Partners PLC, 0.50%, 05/05/23(b)		42,000		41,807,857
PepsiCo Inc., 0.75%, 05/01/23		1,615		1,622,728
				43,430,585
Biotechnology — 0.6%
Gilead Sciences Inc.
0.65%, 09/29/23 (Call 11/08/21), (3 mo. LIBOR US + 0.520%)(a)		10,800		10,800,447
0.75%, 09/29/23 (Call 11/09/21)		21,295		21,250,313
				32,050,760
Cosmetics & Personal Care — 0.1%
Unilever Capital Corp., 0.63%, 08/12/24 (Call 08/12/22)		5,975		5,920,933
Diversified Financial Services — 0.1%
LSEGA Financing PLC, 0.65%, 04/06/24 (Call 03/06/24)(b)		3,895		3,858,986
Electric — 5.3%
Dominion Energy Inc.,
Series D, 0.65%, 09/15/23 (Call 11/19/21), (3 mo. LIBOR US + 0.530%)(a)		30,560		30,567,752
Duke Energy Corp.
0.30%, 06/10/23, (SOFR + 0.250%)(a)		14,765		14,767,347
2.40%, 08/15/22 (Call 07/15/22)		6,610		6,702,036
Duke Energy Florida LLC, Series A,
0.37%, 11/26/21, (3 mo. LIBOR US + 0.250%)(a)		9,703		9,704,863
Duke Energy Progress LLC, Series A,
0.30%, 02/18/22 (Call 11/09/21), (3 mo. LIBOR US + 0.180%)(a)		37,641		37,634,976
Eversource Energy 0.30%, 08/15/23, (SOFR + 0.250%)(a)		23,850		23,811,363
Series K, 2.75%, 03/15/22 (Call 02/15/22)		22,627		22,782,611
Florida Power & Light Co., 0.30%, 05/10/23 (Call 11/29/21),  (SOFR + 0.250%)(a)		11,020		11,018,348
National Rural Utilities Cooperative Finance Corp.,
Series D, 0.38%, 10/18/24, (SOFR + 0.330%)(a)		5,000		5,004,197
NextEra Energy Capital Holdings Inc.
0.40%, 02/22/23 (Call 11/29/21), (3 mo. LIBOR US + 0.270%)(a)		45,000		45,001,763
0.59%, 03/01/23, (SOFR + 0.540%)(a)		9,305		9,341,289
0.85%, 02/25/22, (3 mo. LIBOR US + 0.720%)(a)		3,000		3,005,526
1.00%, 11/03/23 (Call 05/03/22), (SOFR + 0.400%)(a)		30,000		30,017,100
1.95%, 09/01/22		15,000		15,188,943
2.90%, 04/01/22		2,260		2,283,317
PPL Electric Utilities Corp.
0.38%, 09/28/23 (Call 11/09/21), (3 mo. LIBOR US + 0.250%)(a)		8,710		8,710,214
0.38%, 06/24/24 (Call 06/24/22), (SOFR + 0.330%)(a)		8,065		8,070,484

Security	Par (000)		Value
Electric (continued)
WEC Energy Group Inc., 0.55%, 09/15/23	$	16,705	$	16,649,936
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)		7,560		7,526,341
				307,788,406
Electronics — 0.1%
Honeywell International Inc., 0.48%, 08/19/22 (Call 11/09/21)		3,666		3,665,701
Food — 0.8%
Hormel Foods Corp., 0.65%, 06/03/24 (Call 06/03/22)		12,125		12,085,825
Nestle Holdings Inc., 0.61%, 09/14/24 (Call 09/14/23)(b)(c)		35,000		34,841,383
				46,927,208
Gas — 0.9%
Atmos Energy Corp.
0.50%, 03/09/23 (Call 11/29/21), (3 mo. LIBOR US + 0.380%)(a)		23,770		23,774,579
0.63%, 03/09/23 (Call 11/15/21)		8,175		8,170,969
CenterPoint Energy Resources Corp. 0.70%, 03/02/23 (Call 11/29/21)		15,935		15,890,521
3.55%, 04/01/23 (Call 03/01/23)		6,164		6,394,870
				54,230,939
Health Care - Products — 1.0%
Thermo Fisher Scientific Inc. 0.38%, 04/18/23 (Call 04/18/22), (SOFR + 0.350%)(a)		20,000		19,986,976
0.58%, 10/18/24 (Call 10/18/22), (SOFR + 0.530%)(a)		9,215		9,228,741
0.80%, 10/18/23 (Call 10/18/22)		30,000		30,009,675
				59,225,392
Health Care - Services — 0.4%
Roche Holdings Inc., 0.29%, 03/05/24, (SOFR + 0.240%)(a)(b)		5,370		5,382,721
UnitedHealth Group Inc., 0.55%, 05/15/24 (Call 05/15/22)		15,135		15,027,220
				20,409,941
Household Products & Wares — 0.1%
Church & Dwight Co. Inc., 2.45%, 08/01/22 (Call 07/01/22)		2,000		2,027,285
Reckitt Benckiser Treasury Services PLC, 2.38%, 06/24/22 (Call 05/24/22)(b)		3,000		3,031,903
				5,059,188
Insurance — 2.7%
Brighthouse Financial Global Funding,
0.36%, 02/24/23, (SOFR + 0.310%)(a)(b)(c)		23,890		23,940,732
Jackson National Life Global Funding,
0.65%, 01/06/23, (SOFR + 0.600%)(a)(b)		26,000		26,117,212
MassMutual Global Funding II, 0.85%, 06/09/23(b)		8,328		8,357,671
MET Tower Global Funding, 0.60%, 01/17/23, (SOFR + 0.550%)(a)(b)		22,000		22,102,300
Metropolitan Life Global Funding I 0.37%, 01/07/24, (SOFR + 0.320%)(a)(b)		27,000		27,122,427
0.40%, 09/08/22, (SOFR + 0.350%)(a)(b)		23,000		23,060,244
0.55%, 06/07/24(b)(c)		3,590		3,560,083
0.62%, 01/13/23, (SOFR + 0.570%)(a)(b)		16,460		16,525,854
Principal Life Global Funding II 0.43%, 08/23/24, (SOFR + 0.380%)(a)(b)		635		636,081
0.75%, 08/23/24(b)(c)		660		654,480
Protective Life Global Funding, 0.63%, 10/13/23(b)		4,820		4,819,327
				156,896,411
Internet — 0.2%
Amazon.com Inc., 0.25%, 05/12/23		9,205		9,186,974

30 2 0 2 1  I S H A R E S  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  (continued) October 31, 2021 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Machinery — 1.6%
Caterpillar Financial Services Corp.
0.30%, 05/17/24, (SOFR + 0.245%)(a)	$	10,000	$	10,000,509
0.32%, 11/12/21, (3 mo. LIBOR US + 0.200%)(a)		7,000		7,000,419
0.32%, 09/13/24, (SOFR + 0.270%)(a)		15,620		15,660,612
0.35%, 01/06/22, (3 mo. LIBOR US + 0.220%)(a)		2,085		2,085,901
0.86%, 05/13/22, (3 mo. LIBOR US + 0.735%)(a)		5,000		5,018,306
0.95%, 05/13/22		12,000		12,042,212
John Deere Capital Corp.
0.17%, 07/10/23, (SOFR + 0.120%)(a)		7,330		7,332,490
0.25%, 10/11/24, (SOFR + 0.200%)(a)		14,290		14,324,010
0.55%, 07/05/22		11,060		11,077,435
Rockwell Automation Inc., 0.35%, 08/15/23 (Call 08/15/22)		9,050		9,029,052
				93,570,946
Manufacturing — 0.3%
Siemens Financieringsmaatschappij NV,
0.48%, 03/11/24, (SOFR + 0.43%)(a)(b)		18,980		19,111,948
Oil & Gas — 0.7%
Chevron Corp., 1.14%, 05/11/23		4,510		4,552,672
Chevron USA Inc.,
0.33%, 08/11/23, (3 mo. LIBOR US + 0.200%)(a)		37,065		37,138,758
				41,691,430
Oil & Gas Services — 0.0%
Schlumberger Finance Canada Ltd., 2.65%, 11/20/22
(Call 10/20/22)(b)		2,500		2,551,995
Pharmaceuticals — 1.2%
AbbVie Inc. 2.15%, 11/19/21		23,000		23,019,710
3.25%, 10/01/22 (Call 07/01/22)		12,685		12,906,334
3.45%, 03/15/22 (Call 01/15/22)		5,442		5,475,498
AstraZeneca PLC 0.30%, 05/26/23		24,000		23,926,649
2.38%, 06/12/22 (Call 05/12/22)		764		772,257
Merck & Co. Inc., 2.35%, 02/10/22		1,998		2,010,054
				68,110,502
Pipelines — 1.0%
Enbridge Inc. 0.45%, 02/17/23, (SOFR + 0.400%)(a)		11,350		11,371,871
0.55%, 10/04/23		5,380		5,364,125
2.90%, 07/15/22 (Call 06/15/22)		5,000		5,073,992
Enterprise Products Operating LLC, 3.50%, 02/01/22		7,565		7,623,672
TransCanada PipeLines Ltd., 1.00%, 10/12/24
(Call 09/12/24)		27,205		27,095,221
				56,528,881
Retail — 0.4%
7-Eleven Inc., 0.58%, 08/10/22 (Call 11/29/21),
(3 mo. LIBOR US + 0.450%)(a)(b)		25,620		25,625,374
Savings & Loans — 0.6%
Nationwide Building Society 0.55%, 01/22/24(b)		16,520		16,360,855
2.00%, 01/27/23(b)		15,890		16,180,014
				32,540,869
Semiconductors — 0.8%
Analog Devices Inc., 0.30%, 10/01/24, (SOFR + 0.250%)(a)		15,330		15,345,579

Security	Par (000)		Value
Semiconductors (continued)
NVIDIA Corp. 0.31%, 06/15/23 (Call 06/15/22)	$	28,000	$	27,919,552
0.58%, 06/14/24 (Call 06/14/23)		5,305		5,280,613
				48,545,744
Software — 0.3%
Adobe Inc., 1.70%, 02/01/23		4,010		4,073,077
Roper Technologies Inc., 0.45%, 08/15/22		2,390		2,389,994
salesforce.com Inc., 0.63%, 07/15/24 (Call 07/15/22)		9,415		9,397,239
				15,860,310
Telecommunications — 1.0%
Bell Canada, Series US-3, 0.75%, 03/17/24		15,081		15,007,181
NTT Finance Corp., 0.58%, 03/01/24(b)		6,005		5,961,690
Rogers Communications Inc., 0.73%, 03/22/22,
(3 mo. LIBOR US + 0.600%)(a)		18,675		18,713,178
Verizon Communications Inc. 0.55%, 03/22/24, (SOFR + 0.500%)(a)		16,955		17,036,723
0.75%, 03/22/24		3,580		3,570,172
				60,288,944
Transportation — 0.1%
Ryder System Inc., 2.88%, 06/01/22 (Call 05/01/22)		4,899		4,957,068
Total Corporate Bonds & Notes — 42.4% (Cost: $2,459,180,690)				2,460,207,161
Municipal Debt Obligations
Alabama — 0.1%
Alabama Federal Aid Highway Finance Authority 0.23%, 09/01/22		3,035		3,034,141
0.45%, 09/01/23		3,545		3,535,152
				6,569,293
Arizona — 0.1%
County of Pima AZ COP 0.38%, 12/01/21		1,950		1,950,337
0.48%, 12/01/22		1,020		1,021,812
				2,972,149
California — 0.4%
California Health Facilities Financing Authority RB, 0.42%, 06/01/22		2,400		2,401,953
County of Fresno CA, 0.25%, 06/30/22		19,900		19,898,786
Port of Oakland RB, 0.82%, 05/01/23		480		482,115
				22,782,854
Connecticut — 0.0%
Connecticut Housing Finance Authority RB, Class A4, 0.30%, 11/15/22 (Call 01/15/22)		580		579,862
Hawaii — 0.1%
State of Hawaii GO, 0.43%, 10/01/22		4,945		4,953,748
New York — 2.8%
City of New York NY GO
Class B2 0.40%, 11/01/21		4,990		4,990,035
Class D 0.43%, 08/01/22		5,575		5,579,912
Deutsche Bank Spears/Lifers Trust, 0.27%, 04/01/31
(Call 11/08/21)(a)(b)(d)		51,500		51,500,000
Long Island Power Authority RB 0.36%, 03/01/23 (Call 06/01/22)		6,800		6,775,432
0.76%, 03/01/23 (Call 06/01/22)		1,290		1,290,899
Mizuho Floater/Residual Trust RB
VRDN, 0.34%, 02/01/23 (Put 12/06/21)(a)(b)(d)		13,000		13,000,000

SCHEDULE  OF  INVESTMENTS 31

Schedule of Investments  (continued) October 31, 2021 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
VRDN, 0.34%, 07/01/25 (Put 12/01/21)(a)(b)(d)	$	5,000	$	5,000,000
VRDN, 0.34%, 09/01/27 (Put 12/01/21)(a)(b)(d)		11,000		11,000,000
VRDN, 0.34%, 12/01/58 (Put 12/01/21)(a)(b)(d)		3,500		3,500,000
VRDN, 0.34%, 03/01/31 (Put 12/01/21)(a)(b)(d)		18,000		18,000,000
VRDN, 0.34%, 03/01/31 (Put 12/01/21)(a)(b)(d)		8,675		8,675,000
VRDN, 0.34%, 02/15/41 (Put 11/29/21)(a)(b)(d)		6,057		6,056,633
VRDN, 0.34%, 11/01/56 (Put 03/01/22)(a)(b)(d)		250		250,000
VRDN, 0.49%, 09/01/26 (Put 11/29/21)(a)(b)(d)		6,000		6,000,000
Port Authority of New York & New Jersey RB, Series AAA, 1.09%, 07/01/23		12,570		12,666,776
Taxable Municipal Funding Trust RB
VRDN, 0.27%, 01/16/25 (Put 10/29/21)(a)(b)(d)		2,170		2,170,000
VRDN, 0.27%, 04/01/25 (Put 11/05/21)(a)(b)(d)		350		350,000
VRDN, 0.27%, 09/01/30 (Put 05/01/25)(a)(b)(d)		6,980		6,980,000
VRDN, 0.27%, 02/01/31 (Put 12/01/21)(a)(b)(d)		400		400,000
VRDN, 0.27%, 11/15/54 (Put 11/15/26)(a)(b)(d)		1,050		1,050,000
				165,234,687
Texas — 0.0%
City of Houston Texas Airport System Revenue RB, 0.88%, 07/01/22		690		692,427
Total Municipal Debt Obligations — 3.5% (Cost $203,705,530)				203,785,020
Repurchase Agreements(a)(e)
Bank of America Securities Inc., 0.39%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $35,001,138, collateralized by non-agency mortgage-backed security, 0.84% to 4.49%, due 01/25/24 to 09/25/51, par and fair value of $287,244,010 and $38,807,623, respectively)		35,000		35,000,000
Bank of America Securities Inc., 0.67%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $7,000,391, collateralized by non-agency mortgage-backed security, 3.00% , due 10/25/58, par and fair value of $10,126,493 and $8,400,000, respectively)		7,000		7,000,000
Barclays Bank PLC, 0.27%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $15,000,338, collateralized by non-agency mortgage-backed security, 4.41%, due 07/25/49, par and fair value of $44,978,788 and $17,250,000, respectively)		15,000		15,000,000
BNP Paribas, 0.42%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $20,000,700, collateralized by non-agency mortgage-backed security, 2.65% to 11.00%, due 03/15/23 to 12/31/79, par and fair value of $21,549,685 and $21,977,836, respectively)		20,000		20,000,000
Citigroup Global Markets Inc., 0.36%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $9,000,270, collateralized by non-agency mortgage-backed security, 1.25% to 3.54%, due 01/15/26 to 11/19/31, par and fair value of $9,657,000 and $9,270,166, respectively)		9,000		9,000,000
Citigroup Global Markets Inc., 0.38%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $12,000,380, collateralized by non-agency mortgage-backed security, 0.65% to 3.54%, due 06/18/22 to 11/19/31, par and fair value of $12,753,000 and $12,505,619, respectively)		12,000		12,000,000

Security	Par (000)		Value
Credit Suisse Securities (USA) LLC, 0.66%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $35,001,925, collateralized by non-agency mortgage-backed security, 0.00% to 19.05%, due 11/01/24 to 07/16/40, par and fair value of $56,958,915 and $40,250,000, respectively)	$	35,000	$	35,000,000
Goldman Sachs & Co., 0.57%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $60,002,850, collateralized by non-agency mortgage-backed security, 0.00% to 5.35%, due 04/25/22 to 08/01/41, par and fair value of $63,495,577 and $63,000,001, respectively)		60,000		60,000,000
Mizuho Securities USA Inc., 0.49%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $6,000,245, collateralized by non-agency mortgage-backed security, 4.00% to 5.00%, due 08/01/35 to 04/01/48, par and fair value of $5,370,000 and $6,301,166, respectively)		6,000		6,000,000
Mizuho Securities USA Inc., 0.53%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $11,000,486, collateralized by non-agency mortgage-backed security, 0.00% to 6.31%, due 02/25/22 to 02/15/54, par and fair value of $62,769,000 and $12,620,262, respectively)		11,000		11,000,000
Wells Fargo Securities, 0.27%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $10,000,225, collateralized by non-agency mortgage-backed security, 0.08%, due 06/17/26, par and fair value of $10,304,000 and $10,200,376, respectively)		10,000		10,000,000
Wells Fargo Securities, 0.27%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $11,000,248, collateralized by non-agency mortgage-backed security, 1.83% to 3.84%, due 03/15/50 to 05/25/65, par and fair value of $13,245,419 and $12,282,983, respectively)		11,000		11,000,000
Wells Fargo Securities, 0.47%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $18,000,705, collateralized by non-agency mortgage-backed security, 0.00% to 5.82%, due 10/15/27 to 05/15/48, par and fair value of $26,198,502 and $20,700,000, respectively)		18,000		18,000,000
Wells Fargo Securities, 0.47%, 11/01/21 (Purchased on 10/29/21 to be repurchased at $3,000,118, collateralized by non-agency mortgage-backed security, 7.88% to 8.75%, due 09/15/23 to 04/30/25, par and fair value of $2,948,000 and $3,300,721, respectively)		3,000		3,000,000
Total Repurchase Agreements — 4.3% (Cost: $252,000,000)				252,000,000
U.S. Government Obligations
U.S. Government Obligations — 0.2%
U.S. Treasury Note/Bond, 0.25%, 09/30/23(c)		10,000		9,959,375
Total U.S. Government Obligations — 0.2% (Cost: $9,988,571)				9,959,375

32 2 0 2 1  I S H A R E S  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  (continued) October 31, 2021 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(f)(g)(h)		17,711	$	17,719,634
Total Money Market Funds — 0.3% (Cost: $17,719,634)				17,719,634
Total Investments in Securities — 100.9% (Cost: $5,856,535,205)				5,858,453,684
Other Assets, Less Liabilities — (0.9)%				(51,791,702	)
Net Assets — 100.0%			$	5,806,661,982

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

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

^(e) Maturity date represents next reset date.

^(f)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21		Shares Held at 10/31/21 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	17,719,662	(a)	$	—		$	(28	)	$	—	$	17,719,634		17,711	$	7,134	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		53,040,000		—			(53,040,000	)(a)		—			—		—		—		4,492			—
									$	(28	)	$	—	$	17,719,634			$	11,626		$	—

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

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Asset-Backed Securities	$	—	$	43,632,722	$	—	$	43,632,722
Certificates of Deposit		—		804,457,691		—		804,457,691
Commercial Paper		—		2,066,692,081		—		2,066,692,081
Corporate Bonds & Notes		—		2,460,207,161		—		2,460,207,161
Municipal Debt Obligations		—		203,785,020		—		203,785,020
Repurchase Agreements		—		252,000,000		—		252,000,000
U.S. Government Obligations		—		9,959,375		—		9,959,375
Money Market Funds		17,719,634		—		—		17,719,634
	$	17,719,634	$	5,840,734,050	$	—	$	5,858,453,684

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 33

Statements of Assets and Liabilities

October 31, 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)	$	4,528,670,631		$	293,996,581	$	5,588,734,050
Affiliated(c)		258,199,059			—		17,719,634
Repurchase agreements, at value — Unaffiliated(d)		125,000,000			—		252,000,000
Cash		10,408,155			67,894		1,198,981
Foreign currency, at value(e)		147,908			—		—
Receivables:
Investments sold		30,010,983			—		—
Securities lending income — Affiliated		7,399			—		3,823
Dividends		127,415			2,698		926,111
Interest		16,119,051			1,691,306		5,190,698
Unrealized appreciation on:
Forward foreign currency exchange contracts		560,965			—		—
Total assets		4,969,251,566			295,758,479		5,865,773,297
LIABILITIES
Collateral on securities loaned, at value		49,853,919			—		17,719,662
Payables:
Investments purchased		64,087,848			2,527,573		41,000,000
Investment advisory fees		1,020,537			61,905		391,653
Unrealized depreciation on:
Forward foreign currency exchange contracts		89,230			—		—
Total liabilities		115,051,534			2,589,478		59,111,315
NET ASSETS	$	4,854,200,032		$	293,169,001	$	5,806,661,982
NET ASSETS CONSIST OF:
Paid-in capital	$	4,881,553,299		$	292,852,123	$	5,804,634,296
Accumulated earnings (loss)		(27,353,267	)		316,878		2,027,686
NET ASSETS	$	4,854,200,032		$	293,169,001	$	5,806,661,982
Shares outstanding		96,950,000			5,850,000		115,100,000
Net asset value	$	50.07		$	50.11	$	50.45
Shares authorized		Unlimited			Unlimited		Unlimited
Par value		None			None		None
(a) Securities loaned, at value	$	48,399,538		$	—	$	17,312,255
(b) Investments, at cost — Unaffiliated	$	4,525,010,611		$	293,587,118	$	5,586,815,571
(c)  Investments, at cost — Affiliated	$	258,190,345		$	—	$	17,719,634
(d) Repurchase agreements, at cost — Unaffiliated	$	125,000,000		$	—	$	252,000,000
(e) Foreign currency, at cost	$	145,664		$	—	$	—

See notes to financial statements.

34 2 0 2 1  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations

Year Ended October 31, 2021

	BlackRock Short Maturity Bond ETF			BlackRock Short Maturity Municipal Bond ETF			BlackRock Ultra Short-Term Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	63,163		$	507		$	4,492
Interest — Unaffiliated		46,783,783			1,672,710			28,109,648
Securities lending income — Affiliated — net		69,595			—			7,134
Other income — Unaffiliated		7,209			—			—
Total investment income		46,923,750			1,673,217			28,121,274
EXPENSES
Investment advisory fees		11,644,353			708,852			4,298,193
Miscellaneous		173			173			173
Total expenses		11,644,526			709,025			4,298,366
Less:
Investment advisory fees waived		(165,839	)		—			—
Total expenses after fees waived		11,478,687			709,025			4,298,366
Net investment income		35,445,063			964,192			23,822,908
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		7,346,466			(3,492	)		115,948
Investments — Affiliated		(5,160	)		(1,263	)		(28	)
In-kind redemptions — Unaffiliated		124,644			—			—
Forward foreign currency exchange contracts		(3,524,633	)		—			—
Foreign currency transactions		1,899,314			—			—
Net realized gain (loss)		5,840,631			(4,755	)		115,920
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(10,670,239	)		(395,104	)		(9,452,665	)
Investments — Affiliated		(2,581	)		—			—
Forward foreign currency exchange contracts		1,145,432			—			—
Foreign currency translations		(23,133	)		—			—
Net change in unrealized appreciation (depreciation)		(9,550,521	)		(395,104	)		(9,452,665	)
Net realized and unrealized loss		(3,709,890	)		(399,859	)		(9,336,745	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	31,735,173		$	564,333		$	14,486,163

See notes to financial statements.

FINANCIAL  STATEMENTS 35

Statements of Changes in Net Assets

	BlackRock Short Maturity Bond ETF						BlackRock Short Maturity Municipal Bond ETF
	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/21			Year Ended 10/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	35,445,063		$	110,901,012		$	964,192		$	2,385,820
Net realized gain (loss)		5,840,631			(36,619,969	)		(4,755	)		10,098
Net change in unrealized appreciation (depreciation)		(9,550,521	)		(3,420,150	)		(395,104	)		293,177
Net increase in net assets resulting from operations		31,735,173			70,860,893			564,333			2,689,095
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(39,578,305	)		(120,510,021	)		(1,005,763	)		(2,591,109	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		464,293,661			(1,812,860,054	)		2,519,567			80,460,402
NET ASSETS
Total increase (decrease) in net assets		456,450,529			(1,862,509,182	)		2,078,137			80,558,388
Beginning of year		4,397,749,503			6,260,258,685			291,090,864			210,532,476
End of year	$	4,854,200,032		$	4,397,749,503		$	293,169,001		$	291,090,864

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

See notes to financial statements.

36 2 0 2 1  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets  (continued)

	BlackRock Ultra Short-Term Bond ETF
	Year Ended 10/31/21			Year Ended 10/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	23,822,908		$	45,288,500
Net realized gain (loss)		115,920			(948,450	)
Net change in unrealized appreciation (depreciation)		(9,452,665	)		6,306,873
Net increase in net assets resulting from operations		14,486,163			50,646,923
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(24,852,336	)		(47,122,114	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		894,302,572			2,723,809,626
NET ASSETS
Total increase in net assets		883,936,399			2,727,334,435
Beginning of year		4,922,725,583			2,195,391,148
End of year	$	5,806,661,982		$	4,922,725,583

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

See notes to financial statements.

FINANCIAL  STATEMENTS 37

Financial Highlights

(For a share outstanding throughout each period)

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

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Includes mortgage dollar roll transactions (“MDRs”).

See notes to financial statements.

38 2 0 2 1  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

^(a)  Based on average shares outstanding.

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

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

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

^(e)  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 39

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

^(a)  Based on average shares outstanding.

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

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

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

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

See notes to financial statements.

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Notes to Financial Statements

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 Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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

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

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

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.

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Notes to Financial Statements  (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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Notes to Financial Statements  (continued)

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 October 31, 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		$	—
Barclays Bank PLC		15,000,000		—		15,000,000			—
BNP Paribas		20,000,000		—		20,000,000			—
Citigroup Global Markets Inc.		21,000,000		—		21,000,000			—
Credit Suisse Securities (USA) LLC		35,000,000		—		35,000,000			—
Goldman Sachs Inc.		60,000,000		—		60,000,000			—
Mizuho Securities USA Inc.		17,000,000		—		17,000,000			—
Wells Fargo Securities LLC		42,000,000		—		42,000,000			—
	$	252,000,000	$	—	$	252,000,000		$	—

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

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

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

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

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Notes to Financial Statements  (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	$	2,032,926	$	2,032,926		$	—	$	—
BNP Paribas SA		3,992,425		3,992,425			—		—
BofA Securities, Inc.		2,119,619		2,119,619			—		—
Citigroup Global Markets, Inc.		111,346		111,346			—		—
Deutsche Bank Securities, Inc.		2,845,562		2,845,562			—		—
Goldman Sachs & Co. LLC		2,424,347		2,424,347			—		—
HSBC Securities (USA), Inc.		9,596,300		9,596,300			—		—
J.P. Morgan Securities LLC		13,547,074		13,547,074			—		—
Mitsubishi UFJ Securities Holdings Co., Ltd.		7,849,711		7,849,711			—		—
Morgan Stanley		3,109,246		3,109,246			—		—
Wells Fargo Securities LLC		770,982		770,982			—		—
	$	48,399,538	$	48,399,538		$	—	$	—
Ultra Short-Term Bond
Barclays Capital, Inc	$	4,381,999	$	4,381,999		$	—	$	—
BofA Securities, Inc		4,407,989		4,407,989			—		—
Nomura Securities International, Inc		203,566		203,566			—		—
Toronto Dominion Bank		3,230,037		3,230,037			—		—
Wells Fargo Securities LLC		5,088,664		5,088,664			—		—
	$	17,312,255	$	17,312,255		$	—	$	—

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

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Notes to Financial Statements  (continued)

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

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

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 year ended October 31, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

BlackRock ETF	Amounts waived
Short Maturity Bond	$	165,839

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.

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Notes to Financial Statements (continued)

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:

BlackRock ETF	Fees Paid to BTC
Short Maturity Bond	$	29,033
Ultra Short-Term Bond		2,923

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 year ended October 31, 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	$	—	$	700,007	$	—
Ultra Short-Term Bond		—		6,775,672		—

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

7. PURCHASES AND SALES

For the year ended October 31, 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	$	—	$	—	$	2,640,319,479	$	2,125,525,465
Short Maturity Municipal Bond		—		—		168,442,560		128,920,576
Ultra Short-Term Bond		9,988,046		25,000,000		1,793,450,194		903,776,300

For the year ended October 31, 2021, in-kind transactions were as follows:

BlackRock ETF	In-kind Purchases		In-kind Sales
Short Maturity Bond	$	—	$	25,891,499

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 October 31, 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.

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Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2021, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

BlackRock ETF	Paid-in Capital		Accumulated Earnings (Loss)
Short Maturity Bond	$	124,644	$	(124,644	)

The tax character of distributions paid was as follows:

BlackRock ETF	Year Ended 10/31/21		Year Ended 10/31/20
Short Maturity Bond
Ordinary income	$	39,578,305	$	120,510,021
Short Maturity Municipal Bond
Tax-exempt income(a)	$	1,005,763	$	2,591,109
Ultra Short-Term Bond
Ordinary income	$	24,852,336	$	47,122,114

^(a)  The Funds designate these amounts paid during the fiscal year ended October 31, 2021, as exempt-interest dividends.

As of October 31, 2021, the tax components of accumulated net earnings (losses) were as follows:

BlackRock ETF		Undistributed Ordinary Income		Undistributed Tax Exempt Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Short Maturity Bond	$	2,213,254	$	—	$	(31,169,742	)	$	1,603,221		$	(27,353,267	)
Short Maturity Municipal Bond		—		47,551		(119,615	)		388,942			316,878
Ultra Short-Term Bond		1,842,986		—		(1,276,656	)		1,461,356			2,027,686

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and amortization methods for premiums and discounts on fixed income securities.

For the year ended October 31, 2021, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

BlackRock ETF	Utilized
Short Maturity Bond	$	4,504,306

As of October 31, 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	$	4,910,269,718	$	8,434,847	$	(6,834,875	)	$	1,599,972
Short Maturity Municipal Bond		293,607,639		493,341		(104,399	)		388,942
Ultra Short-Term Bond		5,856,992,328		4,769,858		(3,308,502	)		1,461,356

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.

NOTES   TO  FINANCIAL   STATEMENTS 47

Notes to Financial Statements (continued)

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 Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

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

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

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

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.

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Notes to Financial Statements (continued)

	Year Ended 10/31/21						Year Ended 10/31/20
BlackRock ETF	Shares			Amount			Shares			Amount
Short Maturity Bond
Shares sold		18,900,000		$	948,305,065			31,750,000		$	1,591,851,892
Shares redeemed		(9,650,000	)		(484,011,404	)		(68,350,000	)		(3,404,711,946	)
Net increase (decrease)		9,250,000		$	464,293,661			(36,600,000	)	$	(1,812,860,054	)
Short Maturity Municipal Bond
Shares sold		1,250,000		$	62,769,891			2,700,000		$	135,259,060
Shares redeemed		(1,200,000	)		(60,250,324	)		(1,100,000	)		(54,798,658	)
Net increase		50,000		$	2,519,567			1,600,000		$	80,460,402
Ultra Short-Term Bond
Shares sold		30,000,000		$	1,515,394,891			65,500,000		$	3,306,802,714
Shares redeemed		(12,300,000	)		(621,092,319	)		(11,650,000	)		(582,993,088	)
Net increase		17,700,000		$	894,302,572			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 Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

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

NOTES   TO  FINANCIAL   STATEMENTS 49

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares U.S. ETF Trust and Shareholders of BlackRock Short Maturity Bond

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of BlackRock Short Maturity Bond ETF, BlackRock Short Maturity Municipal Bond ETF and BlackRock Ultra Short-Term Bond ETF (three of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 21, 2021

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2021:

iShares ETF	Interest Dividends
Short Maturity Bond	$	37,846,199
Ultra Short-Term Bond		24,431,586

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2021:

iShares ETF	Interest-Related Dividends
Short Maturity Bond	$	28,611,897
Ultra Short-Term Bond		20,284,395

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2021:

iShares ETF	Federal Obligation Interest
Short Maturity Bond	$	31,001
Ultra Short-Term Bond		4,757

The law varies in each state as to whether and what percent of ordinary income dividends attribute to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

I M P O R T A N T    T A X    I N  F O R M A T I O N 51

Board Review and Approval of Investment Advisory Contract

BlackRock Short Maturity Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized

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Board Review and Approval of Investment Advisory Contract  (continued)

that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

BlackRock Short Maturity Municipal Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board

B O A R D    R E V I E W    A N D     A P P R O V A L    O F    I N V E S T M E N T    A D V I S O R Y    C O N T R A C T 53

Board Review and Approval of Investment Advisory Contract  (continued)

Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

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Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

BlackRock Ultra Short-Term Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited (BIL), (together the Advisory Agreements”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

B O A R D    R E V I E W    A N D     A P P R O V A L    O F    I N V E S T M E N T    A D V I S O R Y    C O N T R A C T 55

Board Review and Approval of Investment Advisory Contract  (continued)

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited (BIL); (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited (BIL) for sub-advisory services, and there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited (BIL) under the Advisory Agreements for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited (BIL), which were provided at the May 7, 2021 meeting and throughout the year and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

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Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board further noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.

B O A R D    R E V I E W    A N D     A P P R O V A L    O F    I N V E S T M E N T    A D V I S O R Y    C O N T R A C T 57

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.

October 31, 2021

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
BlackRock ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Short Maturity Bond	$	0.429884	$	—	$	—	$	0.429884		100	%		—	%		—	%		100	%
Short Maturity Municipal Bond		0.177534		—		—		0.177534		100			—			—			100
Ultra Short-Term Bond		0.237095		—		—		0.237095		100			—			—			100

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

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Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 375 funds as of October 31, 2021. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

		Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (64)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares Trust (since 2019).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

		Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (72)	Trustee (since 2011); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (65)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since (2016).
Richard L. Fagnani (66)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

TRUSTEE   AND   OFFICER   INFORMATION 59

Trustee and Officer Information  (continued)

		Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2011); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (62)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2011); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (52)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (60)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (58)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).

60 2 0 2 1  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

General Information

Electronic Delivery

Shareholders can sign up for 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 61

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income

AGM	Assured Guaranty Municipal Corp.
AGM-CR	AGM Insured Custodial Receipt
AMBAC	Ambac Assurance Corp.
BAM	Build America Mutual Assurance Co.
CLO	Collateralized Loan Obligation
COP	Certificates of Participation
CR	Custodian Receipt
FHA	Federal Housing Administration
GO	General Obligation
GOL	General Obligation Limited
GTD	Guaranteed
LIBOR	London Interbank Offered Rate
NPFGC	National Public Finance Guarantee Corp.

Currency Abbreviations

EUR	Euro
GBP	British Pound
USD	United States Dollar

Portfolio Abbreviations - Fixed Income (continued)

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

Counterparty Abbreviations

BBP	Barclays Bank PLC Wholesale
BNP	BNP Paribas SA
GS	Goldman Sachs & Co.
SSB	State Street Bank and Trust Co.

62 2 0 2 1  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1008-1021

OCTOBER 31, 2021

2021 Annual Report

iShares U.S. ETF Trust

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

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

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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

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 in early 2021, 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 solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term 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 moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	10.91%	42.91%
U.S. small cap equities (Russell 2000® Index)	1.85	50.80
International equities (MSCI Europe, Australasia, Far East Index)	4.14	34.18
Emerging market equities (MSCI Emerging Markets Index)	(4.87)	16.96
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.06
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.59	(4.77)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.06	(0.48)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.33	2.76
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.36	10.53
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
Market Overview		4
Fund Summary		5
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		23
Statements of Operations		24
Statements of Changes in Net Assets		25
Financial Highlights		27
Notes to Financial Statements		30
Report of Independent Registered Public Accounting Firm		38
Important Tax Information (Unaudited)		39
Board Review and Approval of Investment Advisory Contract		40
Supplemental Information		44
Trustee and Officer Information		45
General Information		47
Glossary of Terms Used in this Report		48
Additional Financial Information		49

Market Overview

iShares U.S. ETF Trust

U.S. Bond Market Overview

The U.S. bond market declined slightly for the 12 months ended October 31, 2021 (“reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -0.48%.

The U.S. economy continued to recover from the effects of the coronavirus pandemic, growing at a brisk pace during the reporting period. Driven by strong consumer spending and significant fiscal and monetary stimulus, U.S. growth outpaced most other developed economies. An ongoing COVID-19 vaccination program helped accelerate the easing of pandemic-related restrictions, and consumers returned to activities that were previously curtailed, such as travel, restaurant dining, and in-person shopping. Spending on goods also remained elevated, leading imports to rise to an all-time high.

However, this robust consumer demand combined with continued pandemic-related disruptions to the global supply chain led to significantly higher inflation. Similarly, in the labor market, the reopening economy and pent-up demand meant that hiring accelerated, and the unemployment rate fell substantially. Nonetheless, total employment remained notably below pre-pandemic levels and job openings reached a record high despite rising wages. Elevated demand drove an increase in industrial production, although rising commodities prices and supply delays constrained growth, particularly late in the reporting period. The emergence of the highly contagious Delta variant, which was responsible for a significant rise in cases beginning late in summer 2021, also weighed on the economy.

The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchasing program. The Fed indicated that it would begin slowing its bond buying activities late in 2021 and signaled that an interest rate increase could be possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

U.S. Treasuries declined, as inflation increased, and investors moved toward equities and lower-rated bonds. Rising domestic inflation expectations pressured U.S. Treasuries, which typically lose value in an inflationary environment. U.S. Treasury yields (which move inversely to prices) began the reporting period near historic lows, but generally rose as inflation increased and the economy continued to strengthen. Yields of U.S. Treasuries with intermediate- and long-term maturities, which are more sensitive to inflation, generally increased more than short-term U.S. Treasuries. However, long-term U.S. Treasury yields rose less than intermediate-term U.S. Treasury yields, with two-year, 10-year, and 30-year U.S. Treasury yields rising by 0.34%, 0.67%, and 0.28%, respectively.

Mortgage-backed securities (“MBS”) declined slightly, despite ongoing support from Fed bond purchasing. MBS performance was constrained by prepayments, as homeowners took advantage of low mortgage rates to refinance their mortgages at a lower interest rate.

On the upside, most corporate bonds advanced for the reporting period, particularly lower-rated corporate bonds. A narrowing yield spread (the difference between yields on corporate bonds and U.S. Treasuries) buoyed the performance of corporate bonds compared to U.S. Treasuries. Investors’ ongoing search for yield in a low interest rate environment drove the decline in the yield spread and supported corporate bond prices. High-yield bonds gained the most, as investors’ concerns about solvency abated alongside the growing economy, and the Fed’s support led to high investor confidence. Corporate bond issuance was elevated by historical standards as companies took advantage of low yields to refinance and lock in advantageous borrowing costs.

4 2 0 2 1   I SHARES  ANNUAL  REPORT   TO   SHAREHOLDERS

Fund Summary as of October 31, 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.

Effective December 1, 2021, the Fund will change from operating as a transparent active ETF to tracking an underlying index, the BlackRock Inflation Hedged Corporate Bond Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		12.60	%		8.92	%		12.60	%		34.69	%
Fund Market		12.53			9.10			12.53			35.48
Markit iBoxx® USD Liquid Investment Grade Inflation Hedged Index		15.91			10.13			15.91			39.87

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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.

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	1,070.00	$	0.26		$	1,000.00	$	1,025.00	$	0.26		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)  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 (184 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 11 for more information.

FUND   SUMMARY 5

Fund Summary as of October 31, 2021   (continued) iShares^® Inflation Hedged Corporate Bond ETF

Portfolio Management Commentary

The Fund posted a positive return for the reporting period, largely driven by the strong performance of inflation-hedging securities in an environment of rising inflation. The Fund’s inflation hedge contributed the majority of the Fund’s return amid investors’ increasing inflation expectations. Inflation rose consistently during the reporting period due to the reopening of the global economy, persistent fiscal and monetary stimulus, and supply chain bottlenecks. Meanwhile, corporate yield spreads (the difference between yields of corporate bonds and U.S. Treasuries) declined, which supported corporate bond prices, while the relatively high yields of corporate bonds also helped the Fund’s performance.

On an unhedged basis, bonds issued by energy companies were the largest contributors to the Fund’s return. Oil prices more than doubled during the reporting period, as robust demand from the economic recovery met supply disruptions. Bonds issued by financial companies, especially banks, were also solid contributors to the Fund’s performance, as banks benefited from rising earnings, increased loan issuance, and somewhat higher bond yields relative to other types of corporate bonds. In the consumer non-cyclicals sector, bonds issued by food and beverage companies advanced, as an increase in consumption of alcohol and stockpiling of staples since the onset of the coronavirus pandemic continued throughout the reporting period. From a maturity perspective, the longest-term bonds contributed the most to the Fund’s return, as investors sought higher yields in the low interest rate environment.

In terms of the performance of the inflation hedge, the portfolio managers sought to mitigate the impact of inflation by using zero-coupon Consumer Price Index inflation swaps. These securities posted strong gains, as inflation expectations rose sharply during the reporting period to a seven-year high, reflecting higher realized inflation and concern that inflation could erode the value of fixed-income investments. The hedge, which is designed to offset the inflation risk of the entire Fund, was very effective during the reporting period, as it increased in value at a higher rate than inflation rose.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		95.0	%
Short-term Investments		45.4
Swaps, net cumulative appreciation		3.8
Other assets less liabilities		(44.2	)

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)

Credit Rating(a)	Percent of Total Investment(b)
Aaa		1.7	%
Aa		7.0
A		40.9
Baa		47.5
Ba		2.2
Not Rated		0.7

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

^(b)  Excludes money market funds.

6 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of October 31, 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.

Effective December 1, 2021, the Fund will change from operating as a transparent active ETF to tracking an underlying index, the BlackRock Interest Rate Hedged Corporate Bond Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		6.46	%		3.79	%		2.34	%		6.46	%		20.42	%		18.73	%
Fund Market		6.37			3.79			2.36			6.37			20.44			18.90
Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps Index		6.74			3.88			2.72			6.74			20.95			22.08

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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.

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	1,009.60	$	0.51		$	1,000.00	$	1,024.70	$	0.51		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)  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 (184 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 11 for more information.

FUND   SUMMARY 7

Fund Summary as of October 31, 2021   (continued) iShares^® Interest Rate Hedged Corporate Bond ETF

Portfolio Management Commentary

The Fund posted a positive return for the reporting period despite rising long-term interest rates. The Fund’s interest rate hedge contributed the most to the Fund’s return, as the rising interest rate environment increased the value of the hedge. Similarly, corporate yield spreads (the difference between yields of corporate bonds and U.S. Treasuries) declined, which supported corporate bond prices, while the relatively high yields of corporate bonds also helped the Fund’s performance.

On an unhedged basis, bonds issued by energy companies were the largest contributors to the Fund’s return. Oil prices more than doubled during the reporting period, as robust demand from the economic recovery met supply disruptions. Bonds issued by financial companies, especially banks, were also solid contributors to the Fund’s performance, as banks benefited from rising earnings, increased loan issuance, and somewhat higher bond yields relative to other types of corporate bonds. In the consumer non-cyclicals sector, bonds issued by food and beverage companies advanced, as an increase in consumption of alcohol and stockpiling of staples since the onset of the coronavirus pandemic continued throughout the reporting period. From a maturity perspective, the longest-term bonds contributed the most to the Fund’s return, as investors sought higher yields in the low interest rate environment.

Interest rate hedging activity was beneficial to the Index’s performance. Typically, increasing interest rates reduce the price of existing bonds, meaning a rise in interest rates detracts from bond fund performance. Conversely, decreasing interest rates usually increase bond prices. An interest rate hedged fund attempts to avoid these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and U.S. Treasury futures contracts.

The Fund’s interest rate hedge seeks near-zero interest rate sensitivity. Consequently, the Fund’s return was minimally affected by interest rate fluctuations during the reporting period. With interest rate sensitivity hedged, the Fund fluctuated based on direct exposure to the yield premium of investment-grade corporate bonds, independent of rising interest rates.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		99.0	%
Short-term Investments		46.1
Swaps, net cumulative appreciation		2.7
Other assets less liabilities		(47.8	)

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)

Credit Rating(a)	Percent of Total Investment(b)
Aaa		1.7	%
Aa		7.0
A		40.9
Baa		47.5
Ba		2.2
Not Rated		0.7

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

^(b)  Excludes money market funds.

8 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of October 31, 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.

Effective December 1, 2021, the Fund will change from operating as a transparent active ETF to tracking an underlying index, the BlackRock Interest Rate Hedged High Yield Bond Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		9.70	%		5.03	%		3.17	%		9.70	%		27.78	%		26.12	%
Fund Market		9.62			5.02			3.17			9.62			27.77			26.15
Markit iBoxx® USD Liquid High Yield Interest Rate Hedged Swaps Index		10.60			5.15			3.67			10.60			28.54			30.67

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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.

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 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	1,017.40	$	0.25		$	1,000.00	$	1,025.00	$	0.26		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)  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 (184 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 11 for more information.

FUND   SUMMARY 9

Fund Summary as of October 31, 2021   (continued) iShares^® Interest Rate Hedged High Yield Bond ETF

Portfolio Management Commentary

The Fund posted a positive return for the reporting period. High-yield credit spreads, the difference in yield between high-yield bonds and U.S. Treasuries, declined to record lows during the reporting period due to healthy corporate balance sheets combined with strong investor demand. Previous downgrading of companies’ credit quality led to investor expectations of subsequent upgrades, contributing to the fall in yields. Rising interest rates also increased the value of the Fund’s hedge.

On an unhedged basis, bonds issued by energy companies were the largest contributors to the Fund’s return. Oil prices more than doubled during the reporting period, as robust demand from the economic recovery met supply disruptions. Consumer-oriented sectors were also strong contributors to the Fund’s performance, as rising wages and pent-up demand drove consumer spending on a wide variety of items, which led to strong performance in many industries, including automotive, gaming, healthcare, and food and beverage. Bonds issued by companies in the communications sector also posted gains, as remote work, learning, and entertainment led to a surge in demand for voice and data traffic. Most industries in the financial sector also benefited broadly from a rebound in global economic activity, especially real estate investment trusts, as business fundamentals improved.

Rising interest rates during the reporting period led to positive performance from hedging activity, which was the largest contributor to the Fund’s return. Typically, increasing interest rates reduce the price of existing bonds, meaning a rise in interest rates detracts from bond fund performance. Conversely, decreasing interest rates usually increase bond prices. An interest rate hedged fund attempts to avoid these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and U.S. Treasury futures contracts.

The Fund’s interest rate hedge seeks near-zero interest rate sensitivity. Consequently, the Fund’s return was minimally affected by interest rate fluctuations during the reporting period. With interest rate sensitivity hedged, the Fund fluctuated based on direct exposure to the yield premium of high-yield corporate bonds, independent of rising interest rates.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		96.5	%
Short-term Investments		43.1
Swaps, net cumulative appreciation		0.8
Other assets less liabilities		(40.4	)

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)

Credit Rating(a)	Percent of Total Investment(b)
Baa		3.5	%
Ba		49.2
B		35.8
Caa		10.3
Ca		0.2
Not Rated		1.0

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

^(b)  Excludes money market funds.

10 2 0 2 1   I SHARES   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 each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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 11

Schedule of Investments October 31, 2021 iShares^® Inflation Hedged Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 95.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)(b)		519,893	$	69,395,318
Total Investment Companies — 95.0% (Cost: $69,210,295)				69,395,318
Short-Term Investments
Money Market Funds — 45.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(a)(c)(d)		32,582,611		32,598,902
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(c)		600,000		600,000
				33,198,902
Total Short-Term Investments — 45.4% (Cost: $33,198,903)				33,198,902
Total Investments in Securities — 140.4% (Cost: $102,409,198)				102,594,220
Other Assets, Less Liabilities — (40.4)%				(29,521,412	)
Net Assets — 100.0%			$	73,072,808

^(a)  Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,309,664	$	24,291,532	(a)	$	—		$	(3,123	)	$	829		$	32,598,902		32,582,611	$	54,024	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		330,000		270,000	(a)		—			—			—			600,000		600,000		177			—
iShares iBoxx $ Investment Grade Corporate Bond ETF		16,463,367		55,923,856			(2,645,469	)		323,059			(669,495	)		69,395,318		519,893		701,126			—
									$	319,936		$	(668,666	)	$	102,594,220			$	755,327		$	—

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

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts 5-Year U.S. Treasury Note		6		12/31/21	$	730	$	(11,023	)

12 2 0 2 1  I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments   (continued) October 31, 2021 iShares^® Inflation Hedged Corporate Bond ETF

Futures Contracts (continued)

Description	Number of Contracts			Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Ultra Long U.S. Treasury Bond		4			12/31/21	$	877	$	(3,912	)
									(14,935	)
Short Contracts
10-Year U.S. Ultra Long Treasury Bond		(1	)		12/21/21		145		3,119
U.S. Long Bond		(4	)		12/21/21		643		(6,099	)
Ultra Long U.S. Treasury Bond		(2	)		12/21/21		393		(9,940	)
									(12,920	)
								$	(27,855	)

Centrally Cleared Inflation Swaps

Paid by the Fund		Received by the Fund		Termination Date		Notional Amount (000)						Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Reference	Frequency	Rate	Frequency						Value
		U.S. CPI Urban
1.74%	At Termination	Consumers NSA	At Termination		08/20/22	$	(10	)	$	633		$	—		$	633
		U.S. CPI Urban
1.75%	At Termination	Consumers NSA	At Termination		08/20/23		(10	)		793			—			793
		U.S. CPI Urban
2.97%	At Termination	Consumers NSA	At Termination		10/13/24		(4,000	)		40,332			42			40,290
		U.S. CPI Urban
1.80%	At Termination	Consumers NSA	At Termination		08/20/25		(10	)		1,027			—			1,027
		U.S. CPI Urban
2.57%	At Termination	Consumers NSA	At Termination		04/19/26		(1,250	)		66,055			17			66,038
		U.S. CPI Urban
2.70%	At Termination	Consumers NSA	At Termination		09/01/26		(2,500	)		58,266			14			58,252
		U.S. CPI Urban
2.68%	At Termination	Consumers NSA	At Termination		09/07/26		(2,000	)		47,372			27			47,345
		U.S. CPI Urban
2.74%	At Termination	Consumers NSA	At Termination		09/15/26		(2,000	)		38,624			27			38,597
		U.S. CPI Urban
2.92%	At Termination	Consumers NSA	At Termination		10/21/26		(3,500	)		26,729			46			26,683
		U.S. CPI Urban
3.13%	At Termination	Consumers NSA	At Termination		10/27/26		(10,000	)		(33,898	)		133			(34,031	)
		U.S. CPI Urban
3.15%	At Termination	Consumers NSA	At Termination		10/29/26		(2,000	)		(9,374	)		27			(9,401	)
		U.S. CPI Urban
2.37%	At Termination	Consumers NSA	At Termination		05/15/28		(1,775	)		98,251			41			98,210
		U.S. CPI Urban
2.66%	At Termination	Consumers NSA	At Termination		10/01/28		(2,000	)		38,481			37			38,444
		U.S. CPI Urban
2.96%	At Termination	Consumers NSA	At Termination		10/26/28		(3,000	)		(13,152	)		55			(13,207	)
		U.S. CPI Urban
3.01%	At Termination	Consumers NSA	At Termination		10/27/28		(2,000	)		(15,331	)		37			(15,368	)
		U.S. CPI Urban
2.97%	At Termination	Consumers NSA	At Termination		11/01/28		(2,000	)		(9,757	)		37			(9,794	)
		U.S. CPI Urban
2.19%	At Termination	Consumers NSA	At Termination		12/03/28		(2,663	)		206,034			(74,540	)		280,574
		U.S. CPI Urban
1.89%	At Termination	Consumers NSA	At Termination		08/20/30		(1,410	)		192,006			28,433			163,573
		U.S. CPI Urban
1.90%	At Termination	Consumers NSA	At Termination		08/20/30		(5,900	)		798,904			33,637			765,267
		U.S. CPI Urban
2.24%	At Termination	Consumers NSA	At Termination		01/12/31		(2,000	)		177,872			47			177,825

SCHEDULE  OF  INVESTMENTS 13

Schedule of Investments  (continued) October 31, 2021 iShares^® Inflation Hedged Corporate Bond ETF

Centrally Cleared Inflation Swaps (continued)

Paid by the Fund		Received by the Fund		Termination		Notional Amount				Upfront Premium Paid			Unrealized Appreciation
Reference	Frequency	Rate	Frequency	Date		(000)			Value	(Received)			(Depreciation)
		U.S. CPI Urban
2.40%	At Termination	Consumers NSA	At Termination		02/09/31		$(3,000	)	$  211,806	$	70		$	211,736
		U.S. CPI Urban
2.47%	At Termination	Consumers NSA	At Termination		04/07/31		(2,000	)	123,005		47			122,958
		U.S. CPI Urban
2.67%	At Termination	Consumers NSA	At Termination		05/19/31		(1,000	)	35,286		23			35,263
		U.S. CPI Urban
2.57%	At Termination	Consumers NSA	At Termination		06/02/31		(3,000	)	137,045		2,870			134,175
		U.S. CPI Urban
2.60%	At Termination	Consumers NSA	At Termination		09/30/31		(2,000	)	33,540		47			33,493
		U.S. CPI Urban
2.40%	At Termination	Consumers NSA	At Termination		06/29/41		(500	)	24,449		19			24,430
		U.S. CPI Urban
2.45%	At Termination	Consumers NSA	At Termination		06/29/41		(1,000	)	38,584		38			38,546
		U.S. CPI Urban
2.38%	At Termination	Consumers NSA	At Termination		07/16/41		(300	)	14,829		4			14,825
		U.S. CPI Urban
2.40%	At Termination	Consumers NSA	At Termination		05/15/48		(362	)	12,134		(30,782	)		42,916
		U.S. CPI Urban
1.83%	At Termination	Consumers NSA	At Termination		10/18/49		(418	)	104,119		(11,789	)		115,908
		U.S. CPI Urban
1.94%	At Termination	Consumers NSA	At Termination		08/20/50		(10	)	2,374		—			2,374
		U.S. CPI Urban
1.95%	At Termination	Consumers NSA	At Termination		08/20/50		(600	)	140,419		16,730			123,689
		U.S. CPI Urban
2.23%	At Termination	Consumers NSA	At Termination		01/06/51		(300	)	36,987		15			36,972
		U.S. CPI Urban
2.41%	At Termination	Consumers NSA	At Termination		07/30/51		(1,000	)	34,719		49			34,670
		U.S. CPI Urban
2.42%	At Termination	Consumers NSA	At Termination		08/02/51		(2,000	)	58,610		98			58,512
									$2,717,773	$	(34,444	)	$	2,752,217

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)		$82,667		$(117,111)		$2,834,018		$(81,801)

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

Derivative Financial Instruments Categorized by Risk Exposure

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

	Interest Rate Contracts		Inflation Linked Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	3,119	$	—	$	3,119
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	—	$	2,834,018	$	2,834,018
	$	3,119	$	2,834,018	$	2,837,137

14 2 0 2 1  I SHARES  ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2021 iShares^® Inflation Hedged Corporate Bond ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Interest Rate Contracts		Inflation Linked Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	30,974	$	—	$	30,974
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	—	$	81,801	$	81,801
	$	30,974	$	81,801	$	112,775

^(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 period ended October 31, 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	$	(98,154	)	$	—	$	(98,154	)
Swaps		—			404,190		404,190
	$	(98,154	)	$	404,190	$	306,036
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(6,454	)	$	—	$	(6,454	)
Swaps		—			2,803,908		2,803,908
	$	(6,454	)	$	2,803,908	$	2,797,454

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,373,633
Average notional value of contracts — short	$	(531,356	)
Inflation swaps:
Average notional value — pays fixed rate	$	34,981,200

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

Fair Value Hierarchy as of Period End

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

SCHEDULE  OF  INVESTMENTS 15

Schedule of Investments  (continued) October 31, 2021 iShares^® Inflation Hedged Corporate Bond ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	69,395,318		$	—		$	—	$	69,395,318
Money Market Funds		33,198,902			—			—		33,198,902
	$	102,594,220		$	—		$	—	$	102,594,220
Derivative financial instruments(a)
Assets
Futures Contracts	$	3,119		$	—		$	—	$	3,119
Swaps		—			2,834,018			—		2,834,018
Liabilities
Futures Contracts		(30,974	)		—			—		(30,974	)
Swaps		—			(81,801	)		—		(81,801	)
	$	(27,855	)	$	2,752,217		$	—	$	2,724,362

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

See notes to financial statements.

16 2 0 2 1  I SHARES  ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments October 31, 2021 iShares^® Interest Rate Hedged Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)(b)(c)		5,311,881	$	709,029,875
Total Investment Companies — 99.0% (Cost: $707,005,068)
				709,029,875
Short-Term Investments
Money Market Funds — 46.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(a)(d)(e)		322,459,229		322,620,459
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(d)		7,390,000		7,390,000
				330,010,459
Total Short-Term Investments — 46.1% (Cost: $330,010,459)				330,010,459
Total Investments in Securities — 145.1% (Cost: $1,037,015,527)				1,039,040,334
Other Assets, Less Liabilities — (45.1)%				(322,950,776	)
Net Assets — 100.0%			$	716,089,558

^(a)  Affiliate of the Fund.

^(b)  All or a portion of the security has been pledged in connection with outstanding centrally cleared swaps.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	173,299,904	$	149,366,273	(a)	$	—		$	(63,036	)	$	17,318		$	322,620,459		322,459,229	$	943,860	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		11,240,000		—			(3,850,000	)(a)		—			—			7,390,000		7,390,000		2,838			—
iShares iBoxx $ Investment Grade Corporate Bond ETF		445,044,213		381,035,380			(119,480,304	)		6,670,564			(4,239,978	)		709,029,875		5,311,881		12,346,167			—
									$	6,607,528		$	(4,222,660	)	$	1,039,040,334			$	13,292,865		$	—

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

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
1.17%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		12/08/21	$	(41,731	)	$	(47,568	)	$	(31,558	)	$	(16,010	)
0.23%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/22		(57,770	)		40,699			934			39,765
2.38%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		01/12/23		(14,338	)		(345,291	)		(272,001	)		(73,290	)

SCHEDULE   OF   INVESTMENTS 17

Schedule of Investments  (continued) October 31, 2021 iShares^® Interest Rate Hedged Corporate Bond ETF

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective	Termination		Notional Amount						Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		(000)			Value			(Received)			(Depreciation)
2.46%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		01/12/25	$	(29,448	)	$	(1,369,026)		$	(1,800,764	)	$	431,738
0.35%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/22/25		(36,500	)		1,076,644			20,557			1,056,087
0.40%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/25		(70,900	)		2,014,212			588,048			1,426,164
0.93%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		05/17/26		(1,000	)		11,802			8			11,794
0.93%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		05/17/26		(17,100	)		202,581			(6,327	)		208,908
0.86%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		08/23/26		(8,000	)		134,536			70			134,466
0.92%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/14/26		(5,600	)		81,565			50			81,515
0.87%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/01/26		(7,500	)		44,061			67			43,994
1.01%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/29/26		(950	)		(434	)		9			(443	)
0.49%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/22/27		(65,232	)		3,138,572			847,169			2,291,403
1.08%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		08/19/28		(11,800	)		256,892			12,674			244,218
3.25%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/18/28		(34,860	)		(4,268,447	)		(5,301,441	)		1,032,994
1.19%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/20/28		(38,300	)		(65,625	)		493			(66,118	)
1.23%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/22/28		(1,460	)		(6,533	)		19			(6,552	)
0.77%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		04/01/30		(18,514	)		1,106,395			(138,285	)		1,244,680
0.78%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/30		(27,400	)		1,796,084			453			1,795,631
1.22%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		02/12/31		(25,180	)		767,996			890,446			(122,450	)
1.63%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		05/25/31		(18,080	)		(80,180	)		(148,883	)		68,703
1.03%	Annual	1-Year SOFR, 0.05%	Annual	N/A		08/23/31		(1,000	)		26,101			16			26,085
1.28%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		08/23/31		(5,000	)		145,132			79			145,053
1.37%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/22/31		(10,460	)		217,992			166			217,826
1.43%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/28/31		(7,000	)		(76,858	)		114			(76,972	)
0.91%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/25/35		(26,000	)		2,618,287			131,500			2,486,787
1.59%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/14/36		(3,200	)		55,385			63			55,322
1.44%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/05/36		(3,600	)		(6,281	)		72			(6,353	)
1.46%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/29/36		(8,360	)		(45,810	)		168			(45,978	)
2.34%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		12/08/36		(20,706	)		(1,745,784	)		(2,278,568	)		532,784
1.11%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/40		(21,700	)		2,390,898			1,240,757			1,150,141
2.03%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		05/17/41		(14,180	)		(622,334	)		(535,273	)		(87,061	)
1.57%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		08/23/41		(17,970	)		621,620			38,322			583,298
0.86%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		03/30/45		(23,747	)		4,312,532			1,172,624			3,139,908
1.16%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/45		(23,700	)		2,948,953			3,898,543			(949,590	)
1.61%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		08/23/46		(4,820	)		165,230			12,983			152,247
1.58%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/01/46		(3,000	)		(71,508	)		82			(71,590	)
1.67%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/12/46		(4,700	)		(197,402	)		131			(197,533	)
1.66%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/22/46		(2,190	)		(88,608	)		61			(88,669	)
1.06%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/18/50		(22,605	)		3,726,804			463,932			3,262,872
1.18%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/50		(18,750	)		2,543,988			2,460,004			83,984
2.08%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		05/17/51		(5,900	)		(463,711	)		(25,818	)		(437,893	)
1.63%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/16/51		(2,500	)		75,089			77			75,012
1.52%	Annual	1-Year SOFR, 0.05%	Annual	N/A		09/29/51		(4,900	)		(80,769	)		151			(80,920	)
1.55%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/20/51		(8,600	)		(204,851	)		(2,655	)		(202,196	)
										$	20,733,030		$	1,239,269		$	19,493,761

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)	$	11,780,842	$	(10,541,573)	$	22,023,379	$	(2,529,618)

^(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.

18 2 0 2 1  I SHARES  ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2021 iShares^® Interest Rate Hedged Corporate Bond ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Interest Rate Contracts
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	22,023,379
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	2,529,618

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	433,028
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	15,640,151

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	629,011,800

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	709,029,875	$	—		$	—	$	709,029,875
Money Market Funds		330,010,459		—			—		330,010,459
	$	1,039,040,334	$	—		$	—	$	1,039,040,334
Derivative financial instruments(a)
Assets
Swaps	$	—	$	22,023,379		$	—	$	22,023,379
Liabilities
Swaps		—		(2,529,618	)		—		(2,529,618	)
	$	—	$	19,493,761		$	—	$	19,493,761

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

See notes to financial statements.

SCHEDULE  OF  INVESTMENTS 19

Schedule of Investments October 31, 2021 iShares^® Interest Rate Hedged High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 96.5%
iShares iBoxx $ High Yield Corporate Bond ETF(a)(b)		1,508,855	$	131,164,765
Total Investment Companies — 96.5% (Cost: $132,323,116)				131,164,765
Short-Term Investments
Money Market Funds — 43.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(a)(c)(d)		56,290,502		56,318,647
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(c)		2,310,000		2,310,000
				58,628,647
Total Short-Term Investments — 43.1% (Cost: $58,628,647)				58,628,647
Total Investments in Securities — 139.6% (Cost: $190,951,763)				189,793,412
Other Assets, Less Liabilities — (39.6)%				(53,872,959	)
Net Assets — 100.0%			$	135,920,453

^(a)  Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	31,857,833	$	24,470,449	(a)	$	—	$	(12,818	)	$	3,183	$	56,318,647		56,290,502	$	504,630	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		550,000		1,760,000	(a)		—		—			—		2,310,000		2,310,000		282			—
iShares iBoxx $ High Yield Corporate Bond ETF		60,409,118		86,939,538			(18,144,223)		19,536			1,940,796		131,164,765		1,508,855		3,591,951			—
								$	6,718		$	1,943,979	$	189,793,412			$	4,096,863		$	—

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

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective	Termination		Notional Amount						Upfront Premium Paid		Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		(000)			Value			(Received)		(Depreciation)
0.22%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/18/22		$(11,150)		$	5,946		$	486	$	5,460
2.38%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		01/12/23		(13,705	)		(330,047	)		3,306		(333,353	)
0.33%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		06/30/23		(8,900	)		32,235			33		32,202
0.44%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		06/17/24		(6,120	)		68,480			6,839		61,641
0.33%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/15/25		(28,900	)		865,526			125,033		740,493

20 2 0 2 1  I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 2021 iShares^® Interest Rate Hedged High Yield Bond ETF

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective	Termination		Notional Amount						Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		(000)			Value			(Received)			(Depreciation)
0.87%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		06/17/26	$	(5,600	)	$	84,408		$	(13,067	)	$	97,475
0.87%	Annual	1-Year SOFR, 0.05%	Annual	N/A		09/29/26		(3,850	)		21,738			35			21,703
1.42%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		04/07/28		(9,450	)		(21,042	)		(56,615	)		35,573
1.23%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		06/08/28		(5,780	)		60,415			(26,458	)		86,873
1.12%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/03/28		(1,960	)		39,102			24			39,078
1.14%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/12/28		(2,500	)		3,209			32			3,177
1.21%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/22/28		(2,100	)		(7,105	)		27			(7,132	)
0.77%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		04/01/30		(10,500	)		627,479			395,099			232,380
1.59%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		06/04/31		(4,614	)		(4,697	)		(74,564	)		69,867
1.36%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/20/31		(2,470	)		(11,386	)		40			(11,426	)
0.86%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		03/30/45		(80	)		14,529			2,375			12,154
0.87%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		03/30/50		(10	)		2,064			—			2,064
1.06%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/18/50		(15	)		2,473			38			2,435
										$	1,453,327		$	362,663		$	1,090,664

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)	$	533,367	$	(170,704	)		$1,442,575		$(351,911)

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

Derivative Financial Instruments Categorized by Risk Exposure

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

	Interest Rate Contracts
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	1,442,575
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	351,911

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	(579,414	)
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	1,538,324

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	78,718,800

SCHEDULE  OF  INVESTMENTS 21

Schedule of Investments  (continued) October 31, 2021 iShares^® Interest Rate Hedged High Yield Bond ETF

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	131,164,765	$	—		$	—	$	131,164,765
Money Market Funds		58,628,647		—			—		58,628,647
	$	189,793,412	$	—		$	—	$	189,793,412
Derivative financial instruments(a)
Assets
Swaps	$	—	$	1,442,575		$	—	$	1,442,575
Liabilities
Swaps		—		(351,911	)		—		(351,911	)
	$	—	$	1,090,664		$	—	$	1,090,664

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

See notes to financial statements.

22 2 0 2 1  I SHARES  ANNUAL   REPORT   TO  SHAREHOLDERS

Statements of Assets and Liabilities

October 31, 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)	$	102,594,220	$	1,039,040,334	$	189,793,412
Cash		2,603		678,207		71,110
Cash pledged:
Futures contracts		26,000		—		—
Centrally cleared swaps		3,544,000		—		2,338,000
Receivables:
Securities lending income — Affiliated		4,675		48,836		74,421
Dividends		6		93,423		9
Total assets		106,171,504		1,039,860,800		192,276,952
LIABILITIES
Collateral on securities loaned, at value		32,598,903		322,683,495		56,325,341
Payables:
Variation margin on futures contracts		3,206		—		—
Variation margin on centrally cleared swaps		493,984		1,030,913		25,615
Investment advisory fees		2,603		56,834		5,543
Total liabilities		33,098,696		323,771,242		56,356,499
NET ASSETS	$	73,072,808	$	716,089,558	$	135,920,453
NET ASSETS CONSIST OF:
Paid-in capital	$	69,946,070	$	714,047,406	$	147,168,708
Accumulated earnings (loss)		3,126,738		2,042,152		(11,248,255	)
NET ASSETS	$	73,072,808	$	716,089,558	$	135,920,453
Shares outstanding		2,400,000		7,450,000		1,550,000
Net asset value	$	30.45	$	96.12	$	87.69
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a) Securities loaned, at value	$	31,936,157	$	315,896,438	$	55,022,169
(b) Investments, at cost — Affiliated	$	102,409,198	$	1,037,015,527	$	190,951,763

See notes to financial statements.

FINANCIAL   STATEMENTS 23

Statements of Operations

Year Ended October 31, 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	$	701,303		$	12,349,005		$	3,592,233
Interest — Unaffiliated		11			—			—
Securities lending income — Affiliated — net		54,024			943,860			504,630
Total investment income		755,338			13,292,865			4,096,863
EXPENSES
Investment advisory fees		69,132			1,640,532			603,091
Miscellaneous		—			173			173
Total expenses		69,132			1,640,705			603,264
Less:
Investment advisory fees waived		(51,849	)		(1,093,688	)		(556,699	)
Total expenses after fees waived		17,283			547,017			46,565
Net investment income		738,055			12,745,848			4,050,298
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		—			22,541			—
Investments — Affiliated		(3,123	)		(473,132	)		(114,645	)
In-kind redemptions — Affiliated		323,059			7,080,660			121,363
Futures contracts		(98,154	)		—			—
Swaps		404,190			433,028			(579,414	)
Net realized gain (loss)		625,972			7,063,097			(572,696	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(668,666	)		(4,222,660	)		1,943,979
Futures contracts		(6,454	)		—			—
Swaps		2,803,908			15,640,151			1,538,324
Net change in unrealized appreciation (depreciation)		2,128,788			11,417,491			3,482,303
Net realized and unrealized gain		2,754,760			18,480,588			2,909,607
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,492,815		$	31,226,436		$	6,959,905

See notes to financial statements.

24 2 0 2 1  I SHARES  ANNUAL   REPORT   TO  SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Inflation Hedged Corporate Bond ETF						iShares Interest Rate Hedged Corporate Bond ETF
	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/21			Year Ended 10/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	738,055		$	256,326		$	12,745,848		$	5,278,486
Net realized gain (loss)		625,972			(68,354	)		7,063,097			(416,576	)
Net change in unrealized appreciation (depreciation)		2,128,788			407,386			11,417,491			11,692,070
Net increase in net assets resulting from operations		3,492,815			595,358			31,226,436			16,553,980
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(735,803	)		(257,076	)		(9,086,966	)		(4,725,247	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		52,336,980			9,742,193			243,946,436			311,943,315
NET ASSETS
Total increase in net assets		55,093,992			10,080,475			266,085,906			323,772,048
Beginning of year		17,978,816			7,898,341			450,003,652			126,231,604
End of year	$	73,072,808		$	17,978,816		$	716,089,558		$	450,003,652

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

See notes to financial statements.

FINANCIAL   STATEMENTS 25

Statements of Changes in Net Assets (continued)

	iShares Interest Rate Hedged High Yield Bond ETF
	Year Ended 10/31/21			Year Ended 10/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,050,298		$	4,490,364
Net realized loss		(572,696	)		(10,296,906	)
Net change in unrealized appreciation (depreciation)		3,482,303			1,769,252
Net increase (decrease) in net assets resulting from operations		6,959,905			(4,037,290	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income		(3,454,455	)		(3,757,382	)
Return of capital		—			(29,722	)
Decrease in net assets resulting from distributions to shareholders		(3,454,455	)		(3,787,104	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		70,089,848			(44,062,036	)
NET ASSETS
Total increase (decrease) in net assets		73,595,298			(51,886,430	)
Beginning of year		62,325,155			114,211,585
End of year	$	135,920,453		$	62,325,155

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

See notes to financial statements.

26 2 0 2 1  I SHARES  ANNUAL   REPORT   TO  SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

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

^(a)   Commencement of operations.

^(b)   Based on average shares outstanding.

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

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

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

^(f)   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)   Not annualized.

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

^(j)   Annualized.

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

^(l)   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.

^(m)  Rounds to less than 1%.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 27

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

^(a)   Based on average shares outstanding.

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

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

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

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

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

^(g)   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.

^(h)   Rounds to less than 1%.

See notes to financial statements.

28 2 0 2 1  I SHARES  ANNUAL   REPORT   TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

^(a)   Based on average shares outstanding.

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

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

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

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

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

^(g)   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.

^(h)   Rounds to less than 1%.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 29

Notes to Financial Statements

1.     ORGANIZATION

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

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

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

^(a)  The Fund’s classification changed from non-diversified to diversified during the reporting period.

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

2.     SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

3.     INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

30 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (continued)

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

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

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

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

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

NOTES  TO  FINANCIAL   STATEMENTS 31

Notes to Financial Statements  (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
Citigroup Global Markets, Inc.	$	31,936,157	$	31,936,157		$	—	$	—
Interest Rate Hedged Corporate Bond
BNP Paribas SA	$	88,096,800	$	88,096,800		$	—	$	—
Citigroup Global Markets, Inc.		103,663,238		103,663,238			—		—
J.P. Morgan Securities LLC		124,136,400		124,136,400			—		—
	$	315,896,438	$	315,896,438		$	—	$	—
Interest Rate Hedged High Yield Bond
Barclays Capital, Inc.	$	38,243,636	$	38,243,636		$	—	$	—
BNP Paribas SA		4,529,053		4,529,053			—		—
Citigroup Global Markets, Inc.		12,223,314		12,223,314			—		—
SG Americas Securities LLC		26,166		26,166			—		—
	$	55,022,169	$	55,022,169		$	—	$	—

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

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

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

32 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (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).

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

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

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

For the iShares Interest Rate Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 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 year ended October 31, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Inflation Hedged Corporate Bond	$	51,849
Interest Rate Hedged Corporate Bond		1,093,688
Interest Rate Hedged High Yield Bond		556,699

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

NOTES  TO  FINANCIAL   STATEMENTS 33

Notes to Financial Statements  (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.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
Inflation Hedged Corporate Bond	$	16,621
Interest Rate Hedged Corporate Bond		285,293
Interest Rate Hedged High Yield Bond		126,364

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

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

7. PURCHASES AND SALES

For the year ended October 31, 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	$	4,570,356	$	—
Interest Rate Hedged Corporate Bond		52,248,584		29,463,947
Interest Rate Hedged High Yield Bond		2,270,568		1,312,673

For the year ended October 31, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Inflation Hedged Corporate Bond	$	51,353,500	$	2,645,469
Interest Rate Hedged Corporate Bond		328,786,796		90,016,356
Interest Rate Hedged High Yield Bond		84,668,971		16,831,550

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 October 31, 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.

34 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2021, permanent differences attributable to certain deemed distributions, distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated   Earnings (Loss)
Inflation Hedged Corporate Bond	$	334,647	$	(334,647	)
Interest Rate Hedged Corporate Bond		6,557,708		(6,557,708	)
Interest Rate Hedged High Yield Bond		120,383		(120,383	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 10/31/21		Year Ended 10/31/20
Inflation Hedged Corporate Bond
Ordinary income	$	735,803	$	257,076
Interest Rate Hedged Corporate Bond
Ordinary income	$	9,086,966	$	4,725,247
Interest Rate Hedged High Yield Bond
Ordinary income	$	3,454,455	$	3,757,382
Return of capital		—		29,722
	$	3,454,455	$	3,787,104

As of October 31, 2021, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses	)(b)		Total
Inflation Hedged Corporate Bond	$	193,362	$	—		$	2,933,376		$	3,126,738
Interest Rate Hedged Corporate Bond		—		(19,476,468	)		21,518,620			2,042,152
Interest Rate Hedged High Yield Bond		—		(11,176,733	)		(71,522	)		(11,248,255)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on certain futures contracts.

For the year ended October 31, 2021, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
Inflation Hedged Corporate Bond	$	93,761
Interest Rate Hedged Corporate Bond		4,154,517

As of October 31, 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized   Appreciation   (Depreciation)
Inflation Hedged Corporate Bond	$	102,413,061	$	3,050,014	$	(116,638)		$	2,933,376
Interest Rate Hedged Corporate Bond		1,037,015,527		24,048,186		(2,529,618	)		21,518,568
Interest Rate Hedged High Yield Bond		190,955,598		1,442,575		(1,514,097	)		(71,522)

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.

NOTES  TO  FINANCIAL   STATEMENTS 35

Notes to Financial Statements  (continued)

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

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

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

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

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

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

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

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:

	Year Ended 10/31/21						Year Ended 10/31/20
iShares ETF	Shares			Amount			Shares		Amount
Inflation Hedged Corporate Bond
Shares sold		1,850,000		$	55,174,954			350,000	$	9,742,193
Shares redeemed		(100,000	)		(2,837,974	)		—		—
Net increase		1,750,000		$	52,336,980			350,000	$	9,742,193

36 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (continued)

	Year Ended 10/31/21						Year Ended 10/31/20
iShares ETF	Shares			Amount			Shares			Amount
Interest Rate Hedged Corporate Bond
Shares sold		3,500,000		$	335,029,941			5,150,000		$	457,227,626
Shares redeemed		(950,000	)		(91,083,505	)		(1,600,000	)		(145,284,311	)
Net increase		2,550,000		$	243,946,436			3,550,000		$	311,943,315
Interest Rate Hedged High Yield Bond
Shares sold		1,000,000		$	87,477,811			—		$	—
Shares redeemed		(200,000	)		(17,387,963	)		(550,000	)		(44,062,036	)
Net increase (decrease)		800,000		$	70,089,848			(550,000	)	$	(44,062,036	)

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

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

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.

NOTES  TO  FINANCIAL   STATEMENTS 37

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares U.S. ETF Trust and Shareholders of iShares Inflation Hedged

Corporate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate

Hedged High Yield Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Inflation Hedged Corporate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF (three of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 21, 2021

We have served as the auditor of one or more BlackRock investment companies since 2000.

38 2 0 2 1  I SHARES   ANNUAL   REPORT  TO  SHAREHOLDERS

Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2021:

iShares ETF	Interest Dividends
Inflation Hedged Corporate Bond	$	570,394
Interest Rate Hedged Corporate Bond		5,530,306
Interest Rate Hedged High Yield Bond		3,504,665

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2021:

iShares ETF	Interest-Related   Dividends
Inflation Hedged Corporate Bond	$	351,716
Interest Rate Hedged Corporate Bond		5,292,258
Interest Rate Hedged High Yield Bond		2,572,724

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2021:

iShares ETF	Federal Obligation   Interest
Inflation Hedged Corporate Bond	$	17
Interest Rate Hedged Corporate Bond		244
Interest Rate Hedged High Yield Bond		31

The law varies in each state as to whether and what percent of ordinary income dividends attribute to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

IMPORTANT   TAX   INFORMATION 39

Board Review and Approval of Investment Advisory Contract

iShares Inflation Hedged Corporate Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund was, during the periods under review, an actively managed ETF that did not seek to track the performance of a specified index and that the management team for the Fund managed the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized

40 2 0 2 1   I SHARES   ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Interest Rate Hedged Corporate Bond ETF, iShares Interest Rate Hedged High Yield Bond ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board

BOARD   REVIEW   AND   APPROVAL   OF   INVESTMENT  ADVISORY  CONTRACT 41

Board Review and Approval of Investment Advisory Contract  (continued)

Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund was, during the periods under review, an actively managed ETF that did not seek to track the performance of a specified index and that the management team for the Fund managed the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

42 2 0 2 1   I SHARES   ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

BOARD   REVIEW   AND   APPROVAL   OF   INVESTMENT  ADVISORY  CONTRACT 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.

October 31, 2021

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Inflation Hedged Corporate Bond	$	0.658248	$	—	$	—	$	0.658248		100	%		—	%		—	%		100	%
Interest Rate Hedged Corporate Bond		1.626579		—		—		1.626579		100			—			—			100
Interest Rate Hedged High Yield Bond		3.372705		—		—		3.372705		100			—			—			100

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

44 2 0 2 1   I SHARES  ANNUAL   REPORT   TO  SHAREHOLDERS

Trustee and Officer Information  

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 375 funds as of October 31, 2021. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (64)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (72)	Trustee (since 2011); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (65)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since (2016).
Richard L. Fagnani (66)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

TRUSTEE   AND   OFFICER   INFORMATION 45

Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2011); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (62)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2011); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (52)	Executive Vice President (since��2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (60)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (58)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).

46 2 0 2 1  I SHARES  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 47

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income
CPI	Consumer Price Index
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate

48 2 0 2 1   I SHARES  ANNUAL  REPORT   TO  SHAREHOLDERS

Additional Financial Information

Schedules of Investments (Unaudited)

October 31, 2021

Statements of Assets and Liabilities (Unaudited)

October 31, 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) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.7%
Clear Channel Outdoor Holdings Inc.
7.50%, 06/01/29 (Call 06/01/24)(a)(b)	$	18,243	$	18,699,075
7.75%, 04/15/28 (Call 04/15/24)(a)(b)		16,764		17,349,567
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)		9,281		9,086,534
3.75%, 02/15/28 (Call 02/15/23)(b)		11,188		11,322,815
4.00%, 02/15/30 (Call 02/15/25)		10,377		10,509,826
4.88%, 01/15/29 (Call 01/15/24)(b)		5,407		5,661,102
Midas OpCo Holdings LLC, 5.63%, 08/15/29 (Call 08/15/24)(a)		18,188		18,549,941
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)(a)(b)		7,754		7,598,920
4.63%, 03/15/30 (Call 03/15/25)(a)(b)		9,175		9,172,248
5.00%, 08/15/27 (Call 08/15/22)(a)(b)		13,620		13,892,400
6.25%, 06/15/25 (Call 06/15/22)(a)(b)		5,151		5,410,696
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)(a)(b)		16,713		17,675,147
				144,928,271
Aerospace & Defense — 2.4%
Bombardier Inc.
6.00%, 02/15/28 (Call 02/15/24)(a)(b)		12,458		12,554,361
7.13%, 06/15/26 (Call 06/15/23)(a)(b)		20,516		21,516,155
7.50%, 12/01/24 (Call 11/29/21)(a)		16,170		16,837,013
7.50%, 03/15/25 (Call 11/29/21)(a)(b)		23,804		24,428,855
7.88%, 04/15/27 (Call 04/15/22)(a)(b)		34,600		35,971,025
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)(b)		9,560		9,416,600
5.13%, 10/01/24 (Call 07/01/24)(b)		22,838		25,204,017
6.88%, 05/01/25 (Call 04/01/25)		17,531		20,335,609
Rolls-Royce PLC
3.63%, 10/14/25 (Call 07/14/25)(a)(b)		15,252		15,557,040
5.75%, 10/15/27 (Call 07/15/27)(a)		18,211		20,209,657
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)(b)		12,342		12,183,294
5.50%, 01/15/25 (Call 10/15/22)(a)(b)		6,673		6,960,551
7.50%, 04/15/25 (Call 04/15/22)(a)(b)		22,914		24,134,171
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)		20,882		20,751,488
4.88%, 05/01/29 (Call 05/01/24)		11,959		11,979,106
5.50%, 11/15/27 (Call 11/15/22)(b)		45,032		46,157,800
6.25%, 03/15/26 (Call 03/15/22)(a)(b)		69,839		72,981,755
6.38%, 06/15/26 (Call 11/29/21)		15,998		16,517,935
7.50%, 03/15/27 (Call 03/15/22)(b)		8,365		8,780,403
8.00%, 12/15/25 (Call 04/08/22)(a)		19,303		20,527,775
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 11/29/21)(b)		6,403		6,751,771
Triumph Group Inc.
6.25%, 09/15/24 (Call 11/29/21)(a)(b)		8,524		8,521,528
7.75%, 08/15/25 (Call 11/29/21)(b)		7,931		8,059,998
8.88%, 06/01/24 (Call 02/01/23)(a)(b)		10,832		11,942,280
				478,280,187
Agriculture — 0.1%
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)(a)		14,964		14,934,072
10.50%, 11/01/26 (Call 11/29/21)(a)		9,069		9,579,131
				24,513,203

Security	Par (000)		Value
Airlines — 1.8%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a)(b)	$	21,350	$	21,635,360
American Airlines Group Inc., 3.75%, 03/01/25(a)(b)		8,002		7,300,625
American Airlines Inc., 11.75%, 07/15/25(a)		42,828		53,053,185
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26(a)(b)		58,326		61,147,520
5.75%, 04/20/29(a)		50,384		54,225,780
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)(b)		16,560		16,897,142
3.75%, 10/28/29 (Call 07/28/29)(b)		11,371		11,541,565
3.80%, 04/19/23 (Call 03/19/23)(b)		6,650		6,886,488
4.38%, 04/19/28 (Call 01/19/28)(b)		6,661		7,093,965
7.38%, 01/15/26 (Call 12/15/25)(b)		19,398		22,782,951
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a)(b)		21,328		22,394,400
United Airlines Holdings Inc., 4.25%, 10/01/22(b)		1,076		1,098,327
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)(a)		35,128		36,334,573
4.63%, 04/15/29 (Call 10/15/28)(a)		34,200		35,290,809
				357,682,690
Apparel — 0.3%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)(a)		12,915		13,497,368
4.88%, 05/15/26 (Call 02/15/26)(a)		13,998		14,960,363
5.38%, 05/15/25 (Call 05/15/22)(a)(b)		14,137		14,732,080
William Carter Co. (The)
5.50%, 05/15/25 (Call 05/15/22)(a)		8,587		8,988,442
5.63%, 03/15/27 (Call 03/15/22)(a)(b)		8,143		8,428,005
				60,606,258
Auto Manufacturers — 3.3%
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)(a)(b)		17,282		16,612,323
4.75%, 10/01/27 (Call 10/01/22)(a)(b)		6,522		6,783,998
5.88%, 06/01/29 (Call 06/01/24)(a)(b)		8,049		8,680,480
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a)(b)		19,258		21,079,266
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)(b)		21,663		23,157,205
8.50%, 04/21/23		46,332		50,787,980
9.00%, 04/22/25 (Call 03/22/25)(b)		51,029		61,362,372
9.63%, 04/22/30 (Call 01/22/30)(b)		14,116		20,355,296
Ford Motor Credit Co. LLC
2.70%, 08/10/26 (Call 07/10/26)		20,830		20,777,896
2.90%, 02/16/28 (Call 12/16/27)(b)		10,495		10,413,108
3.09%, 01/09/23		18,918		19,232,985
3.10%, 05/04/23		13,294		13,529,381
3.35%, 11/01/22		12,338		12,523,070
3.37%, 11/17/23		13,014		13,355,618
3.38%, 11/13/25 (Call 10/13/25)		30,667		31,510,342
3.55%, 10/07/22(b)		1,414		1,436,893
3.63%, 06/17/31 (Call 03/17/31)(b)		13,723		13,877,384
3.66%, 09/08/24		10,810		11,203,063
3.81%, 01/09/24 (Call 11/09/23)		10,109		10,462,815
3.82%, 11/02/27 (Call 08/02/27)		10,717		11,129,583
4.00%, 11/13/30 (Call 08/13/30)(b)		24,113		25,107,661
4.06%, 11/01/24 (Call 10/01/24)		20,922		21,914,749
4.13%, 08/04/25(b)		17,920		18,928,575
4.13%, 08/17/27 (Call 06/17/27)		18,346		19,419,485
4.14%, 02/15/23 (Call 01/15/23)(b)		11,012		11,329,503

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Auto Manufacturers (continued)
4.27%, 01/09/27 (Call 11/09/26)	$	12,590	$	13,378,008
4.38%, 08/06/23(b)		12,975		13,510,219
4.39%, 01/08/26(b)		16,135		17,266,651
4.54%, 08/01/26 (Call 06/01/26)		11,126		11,980,254
4.69%, 06/09/25 (Call 04/09/25)		8,770		9,375,569
5.11%, 05/03/29 (Call 02/03/29)(b)		20,687		23,025,781
5.13%, 06/16/25 (Call 05/16/25)(b)		23,795		25,869,660
5.58%, 03/18/24 (Call 02/18/24)		19,826		21,362,515
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)(a)(b)		8,481		8,158,104
5.50%, 07/15/29 (Call 07/15/24)(a)(b)		9,442		9,141,036
5.63%, 02/01/23 (Call 11/29/21)(a)(b)		5,708		5,730,975
5.88%, 01/15/28 (Call 01/15/24)(a)		9,486		9,462,285
7.75%, 10/15/25 (Call 10/15/22)(a)		13,225		14,201,273
				657,433,361
Auto Parts & Equipment — 1.3%
Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 11/29/21)(a)(b)		12,021		12,245,851
Adient U.S. LLC, 9.00%, 04/15/25 (Call 04/15/22)(a)		10,450		11,189,024
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)(b)		12,922		12,322,970
6.25%, 03/15/26 (Call 11/09/21)(b)		4,118		4,236,393
6.50%, 04/01/27 (Call 04/01/22)		7,527		7,856,306
6.88%, 07/01/28 (Call 07/01/23)(b)		4,119		4,374,790
Clarios Global LP, 6.75%, 05/15/25 (Call 05/15/22)(a)(b) .		6,037		6,362,565
Clarios Global LP/Clarios US Finance Co.
6.25%, 05/15/26 (Call 05/15/22)(a)(b)		15,568		16,288,020
8.50%, 05/15/27 (Call 05/15/22)(a)(b)		31,839		33,876,696
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 11/29/21)(a)		3,319		3,418,570
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)(b)		7,465		7,544,885
5.38%, 11/15/27 (Call 11/15/22)(b)		4,695		4,923,177
5.63%, 06/15/28 (Call 06/15/23)(b)		4,540		4,806,725
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)(b)		11,477		12,205,789
5.00%, 05/31/26 (Call 11/29/21)(b)		13,340		13,654,644
5.00%, 07/15/29 (Call 04/15/29)(a)(b)		15,191		16,026,505
5.25%, 04/30/31 (Call 01/30/31)(b)		8,962		9,591,867
5.25%, 07/15/31 (Call 04/15/31)(a)(b)		9,431		10,031,384
5.63%, 04/30/33 (Call 01/30/33)		7,667		8,236,548
9.50%, 05/31/25 (Call 05/31/22)		14,269		15,552,350
Tenneco Inc.
5.00%, 07/15/26 (Call 11/29/21)(b)		9,014		8,757,101
5.13%, 04/15/29 (Call 04/15/24)(a)		12,633		12,528,778
7.88%, 01/15/29 (Call 01/15/24)(a)		7,714		8,409,224
ZF North America Capital Inc., 4.75%, 04/29/25(a)(b)		17,020		18,247,142
				262,687,304
Banks — 1.6%
CIT Group Inc.
3.93%, 06/19/24 (Call 06/19/23)(b)(c)		6,320		6,573,151
4.75%, 02/16/24 (Call 11/16/23)(b)		8,046		8,564,833
5.00%, 08/01/23		9,364		9,955,847
5.25%, 03/07/25 (Call 12/07/24)(b)		7,990		8,794,893
6.13%, 03/09/28(b)		9,079		10,804,010
Commerzbank AG, 8.13%, 09/19/23(a)(b)		18,983		21,253,312

Security	Par (000)		Value
Banks (continued)
Deutsche Bank AG
4.30%, 05/24/28 (Call 05/24/23), (5 year USD Swap + 2.248%)(b)(c)	$	25,091	$	26,002,154
4.50%, 04/01/25(b)		28		30,005
Deutsche Bank AG/New York NY
3.73%, 01/14/32 (Call 01/14/31)(b)(c)		21,831		22,389,874
4.88%, 12/01/32 (Call 12/01/27)(b)(c)		15,804		17,158,852
5.88%, 07/08/31 (Call 04/08/30)(b)(c)		8,505		9,974,187
Fifth Third Bancorp., Series H, 5.10%, (Call 06/30/23)(b)(c)(d)		11,064		11,316,525
Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 01/15/24)(a)		11,360		10,793,420
7.63%, 05/01/26 (Call 05/01/23)(a)(b)		9,544		9,336,020
8.13%, 11/15/24 (Call 11/29/21)(a)(b)		6,500		6,572,109
8.25%, 04/15/25 (Call 11/29/21)(a)		11,719		11,873,934
Intesa Sanpaolo SpA
4.20%, 06/01/32 (Call 06/01/31)(a)		13,317		13,426,452
5.02%, 06/26/24(a)(b)		33,128		35,694,158
UniCredit SpA
5.46%, 06/30/35 (Call 06/30/30)(a)(b)(c)		25,902		28,333,392
5.86%, 06/19/32 (Call 06/19/27)(a)(b)(c)		16,023		17,657,320
7.30%, 04/02/34 (Call 04/02/29)(a)(b)(c)		20,134		24,182,881
				310,687,329
Building Materials — 0.9%
Builders FirstSource Inc. 4.25%, 02/01/32 (Call 08/01/26)(a)(b)		17,434		17,559,389
5.00%, 03/01/30 (Call 03/01/25)(a)(b)		7,243		7,676,760
6.75%, 06/01/27 (Call 06/01/22)(a)		12,622		13,320,580
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)(b)		18,525		19,358,625
Jeld-Wen Inc. 4.63%, 12/15/25 (Call 11/29/21)(a)(b)		7,652		7,745,737
4.88%, 12/15/27 (Call 12/15/22)(a)(b)		7,855		8,121,500
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)(a)(b)		19,836		20,670,481
Standard Industries Inc./NJ
3.38%, 01/15/31 (Call 07/15/25)(a)(b)		19,666		18,240,215
4.38%, 07/15/30 (Call 07/15/25)(a)(b)		17,564		17,581,857
4.75%, 01/15/28 (Call 01/15/23)(a)(b)		13,520		13,920,530
5.00%, 02/15/27 (Call 02/15/22)(a)		16,884		17,327,205
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(a)(b)		13,959		14,675,950
				176,198,829
Chemicals — 1.6%
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a)(b)		12,538		11,941,910
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)(a)(b)		6,579		6,784,183
CF Industries Inc., 3.45%, 06/01/23		5,716		5,927,892
Chemours Co. (The)
4.63%, 11/15/29 (Call 11/15/24)(a)(b)		12,218		11,759,825
5.38%, 05/15/27 (Call 02/15/27)(b)		7,492		7,951,110
5.75%, 11/15/28 (Call 11/15/23)(a)(b)		11,657		12,007,617
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)(b)		10,755		11,319,637
5.25%, 12/15/29 (Call 09/15/29)(b)		11,440		12,140,700
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)(a)(b)		10,216		10,088,981
4.88%, 06/01/24 (Call 03/03/24)(a)		15,655		16,322,216

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 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)	$	7,212	$	7,626,916
5.25%, 06/01/27 (Call 03/03/27)(a)(b)		17,723		18,586,996
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)(b)		9,327		9,894,675
5.13%, 09/15/27 (Call 03/15/22)		7,276		7,529,502
5.63%, 08/01/29 (Call 08/01/24)(b)		14,710		16,060,460
9.50%, 06/01/25 (Call 03/01/25)(a)(b)		8,680		10,698,410
Olympus Water U.S. Holding Corp.
4.25%, 10/01/28 (Call 10/01/24)(a)		10,589		10,405,347
6.25%, 10/01/29 (Call 10/01/24)(a)		7,903		7,875,814
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)(a)(b)		19,710		19,266,525
6.63%, 05/01/29 (Call 05/01/24)(a)(b)		11,126		10,463,244
Tronox Inc.
4.63%, 03/15/29 (Call 03/15/24)(a)(b)		17,859		17,496,462
6.50%, 05/01/25 (Call 05/01/22)(a)(b)		9,448		9,920,400
Unifrax Escrow Issuer Corp.
5.25%, 09/30/28 (Call 09/30/24)(a)		12,865		12,849,862
7.50%, 09/30/29 (Call 09/30/24)(a)(b)		6,709		6,674,337
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)(a)		11,080		10,828,853
4.25%, 02/15/30 (Call 02/15/25)(a)		8,806		8,938,090
WR Grace Holdings LLC
4.88%, 06/15/27 (Call 06/15/23)(a)(b)		12,711		12,919,143
5.63%, 08/15/29 (Call 08/15/24)(a)		19,020		19,186,425
				323,465,532
Commercial Services — 3.8%
ADT Security Corp. (The)
4.13%, 06/15/23		9,166		9,533,520
4.13%, 08/01/29 (Call 08/01/28)(a)(b)		17,469		17,260,128
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)(a)		9,390		9,478,078
Albion Financing 2SARL, 8.75%, 04/15/27 (Call 10/15/23)(a)(b)		7,550		7,578,011
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/29 (Call 06/01/24)(a)(b)		15,080		14,872,801
6.63%, 07/15/26 (Call 07/15/22)(a)		35,588		37,434,127
9.75%, 07/15/27 (Call 07/15/22)(a)		20,317		21,925,308
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
4.63%, 06/01/28 (Call 06/01/24)(a)(b)		20,829		20,686,738
4.63%, 06/01/28 (Call 06/01/24)(a)		14,638		14,523,824
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)(a)(b)		13,761		13,622,244
6.75%, 02/15/27 (Call 02/15/23)(a)(b)		9,498		10,032,442
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)(a)(b)		7,743		8,027,517
5.38%, 03/01/29 (Call 03/01/24)(a)(b)		11,332		11,954,481
5.75%, 07/15/27 (Call 07/15/22)(a)(b)		6,799		7,107,599
Brink’s Co. (The)
4.63%, 10/15/27 (Call 10/15/22)(a)(b)		9,371		9,652,599
5.50%, 07/15/25 (Call 07/15/22)(a)(b)		5,647		5,898,292
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/23)(a)(b)		9,795		9,721,537
6.00%, 06/01/29 (Call 06/01/24)(a)(b)		8,349		8,183,759
9.50%, 11/01/27 (Call 11/01/22)(a)(b)		10,386		11,204,709
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)(a)(b)		9,955		10,004,775
3.75%, 10/01/30 (Call 10/01/25)(a)(b)		15,384		15,666,815

Security	Par (000)		Value
Commercial Services (continued)
4.50%, 07/01/28 (Call 07/01/23)(a)(b)	$	13,105	$	13,649,513
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)(a)(b)		22,681		23,672,586
Jaguar Holding Co. II/PPD Development LP 4.63%, 06/15/25 (Call 06/15/22)(a)(b)		7,491		7,794,386
5.00%, 06/15/28 (Call 06/15/23)(a)(b)		15,115		16,248,625
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)(a)(b)		18,283		18,155,617
5.75%, 11/01/28 (Call 11/01/23)(a)(b)		21,344		19,452,922
Nielsen Co Luxembourg SARL (The), 5.00%, 02/01/25 (Call 11/29/21)(a)(b)		9,248		9,404,060
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 07/15/29 (Call 07/15/24)(a)(b)		12,177		11,906,062
4.75%, 07/15/31 (Call 07/15/26)(a)		11,464		11,187,144
5.63%, 10/01/28 (Call 10/01/23)(a)(b)		16,350		17,009,888
5.88%, 10/01/30 (Call 10/01/25)(a)		11,173		11,709,863
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)(a)(b)		17,596		16,849,308
5.25%, 04/15/24(a)(b)		12,036		12,798,033
5.75%, 04/15/26(a)(b)		22,368		23,901,950
6.25%, 01/15/28 (Call 01/15/23)(a)(b)		22,452		23,013,300
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 09/01/22)(a)(b)		14,560		15,506,991
9.25%, 04/15/25 (Call 03/16/25)(a)		11,593		13,397,566
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)(b)		14,954		14,729,690
4.00%, 05/15/31 (Call 05/15/26)(b)		15,557		15,907,032
4.63%, 12/15/27 (Call 12/15/22)(b)		7,338		7,729,440
5.13%, 06/01/29 (Call 06/01/24)(b)		11,338		12,231,812
Sotheby’s, 7.38%, 10/15/27 (Call 10/15/22)(a)		2,500		2,628,125
Square Inc.
2.75%, 06/01/26 (Call 05/01/26)(a)(b)		17,444		17,664,192
3.50%, 06/01/31 (Call 03/01/31)(a)(b)		17,300		17,727,599
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)		11,971		11,936,383
3.88%, 02/15/31 (Call 08/15/25)(b)		20,863		21,017,386
4.00%, 07/15/30 (Call 07/15/25)(b)		11,521		11,759,715
4.88%, 01/15/28 (Call 01/15/23)(b)		28,230		29,798,176
5.25%, 01/15/30 (Call 01/15/25)(b)		12,242		13,251,965
5.50%, 05/15/27 (Call 05/15/22)(b)		16,780		17,580,272
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 11/29/21)(a)		19,680		20,847,221
				754,836,126
Computers — 1.3%
Booz Allen Hamilton Inc.
3.88%, 09/01/28 (Call 09/01/23)(a)(b)		10,551		10,662,840
4.00%, 07/01/29 (Call 07/01/24)(a)(b)		10,692		10,819,564
Dell International LLC/EMC Corp., 7.13%, 06/15/24 (Call 11/02/21)(a)		27,150		27,699,850
Diebold Nixdorf Inc.
8.50%, 04/15/24 (Call 11/29/21)(b)		4,300		4,293,980
9.38%, 07/15/25 (Call 07/15/22)(a)		12,607		13,529,675
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 11/29/21)(a)		15,621		13,082,587
NCR Corp.
5.00%, 10/01/28 (Call 10/01/23)(a)(b)		9,046		9,210,605
5.13%, 04/15/29 (Call 04/15/24)(a)(b)		22,489		23,024,913
5.25%, 10/01/30 (Call 10/01/25)(a)(b)		7,088		7,314,144
5.75%, 09/01/27 (Call 09/01/22)(a)(b)		8,604		9,039,669

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
6.13%, 09/01/29 (Call 09/01/24)(a)(b)	$	8,788	$	9,441,704
Seagate HDD Cayman
3.13%, 07/15/29 (Call 01/15/24)(a)(b)		6,018		5,778,484
3.38%, 07/15/31 (Call 01/15/26)(a)		10,258		9,812,841
4.09%, 06/01/29 (Call 03/01/29)		7,737		7,999,826
4.13%, 01/15/31 (Call 10/15/30)		8,470		8,601,115
4.75%, 06/01/23(b)		7,159		7,481,155
4.75%, 01/01/25(b)		8,721		9,407,779
4.88%, 03/01/24 (Call 01/01/24)		5,858		6,239,063
4.88%, 06/01/27 (Call 03/01/27)(b)		10,268		11,324,496
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)(a)		21,808		22,789,759
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(b)		38,456		42,253,530
				269,807,579
Cosmetics & Personal Care — 0.3%
Coty Inc.
5.00%, 04/15/26 (Call 04/15/23)(a)(b)		16,793		17,241,877
6.50%, 04/15/26 (Call 11/29/21)(a)(b)		9,426		9,696,997
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)(a)(b)		7,214		7,106,941
5.50%, 06/01/28 (Call 06/01/23)(a)(b)		15,566		16,284,460
				50,330,275
Distribution & Wholesale — 0.5%
American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29 (Call 11/15/24)(a)(b)		7,600		7,474,072
4.00%, 01/15/28 (Call 01/15/23)(a)(b)		11,563		11,748,157
Avient Corp.
5.25%, 03/15/23(b)		7,292		7,683,945
5.75%, 05/15/25 (Call 05/15/22)(a)		14,422		15,099,877
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)(a)(b)		21,729		21,631,469
Wolverine Escrow LLC
8.50%, 11/15/24 (Call 11/29/21)(a)(b)		9,803		9,092,283
9.00%, 11/15/26 (Call 11/15/22)(a)(b)		14,747		13,567,240
13.13%, 11/15/27 (Call 11/15/22)(a)(b)		8,680		5,747,090
				92,044,133
Diversified Financial Services — 3.1%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)(b)(c)		13,102		13,647,829
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)		18,879		21,420,113
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)(a)(b)		16,328		15,722,683
3.63%, 10/01/31 (Call 10/01/26)(a)(b)		17,462		16,626,056
Enact Holdings Inc., 6.50%, 08/15/25
(Call 02/15/25)(a)(b)		10,697		11,749,323
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a)		16,995		17,246,696
LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)(a)(b)		10,041		9,207,848
6.50%, 11/01/25 (Call 11/01/22)(a)(b)		7,629		7,495,016
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)(a)(b)		16,859		17,221,469
4.38%, 05/15/31 (Call 05/15/26)(a)(b)		7,439		7,612,422
4.63%, 11/15/27 (Call 11/15/22)(a)		4,390		4,529,332
Midcap Financial Issuer Trust
5.63%, 01/15/30 (Call 01/15/25)(a)		6,634		6,526,198
6.50%, 05/01/28 (Call 05/01/24)(a)		17,376		18,016,015
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)(a)(b)		10,904		10,977,084

Security	Par (000)		Value
Diversified Financial Services (continued)
5.50%, 08/15/28 (Call 08/15/23)(a)(b)	$	12,712	$	13,038,275
6.00%, 01/15/27 (Call 01/15/23)(a)		11,001		11,524,521
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)		7,948		7,976,699
5.00%, 03/15/27 (Call 09/15/26)(b)		14,301		14,587,020
5.50%, 01/25/23		16,612		17,348,078
5.88%, 10/25/24(b)		6,846		7,308,105
6.13%, 03/25/24		14,478		15,490,121
6.75%, 06/25/25(b)		7,335		8,040,610
6.75%, 06/15/26(b)		7,881		8,702,003
7.25%, 09/25/23(b)		8,039		8,754,024
NFP Corp.
4.88%, 08/15/28 (Call 08/15/23)(a)(b)		5,684		5,769,260
6.88%, 08/15/28 (Call 08/15/23)(a)(b)		30,141		30,592,461
OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)(b)		11,954		11,708,184
3.88%, 09/15/28 (Call 09/15/24)(b)		10,066		9,801,768
4.00%, 09/15/30 (Call 09/15/25)(b)		16,108		15,644,895	��
5.38%, 11/15/29 (Call 05/15/29)(b)		12,501		13,380,987
5.63%, 03/15/23(b)		14,204		14,938,631
6.13%, 03/15/24 (Call 09/15/23)(b)		20,248		21,538,810
6.63%, 01/15/28 (Call 07/15/27)(b)		14,200		16,008,691
6.88%, 03/15/25(b)		22,043		24,591,867
7.13%, 03/15/26		25,913		29,443,646
8.88%, 06/01/25 (Call 06/01/22)		9,988		10,793,615
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)(b)		10,820		10,244,723
5.38%, 10/15/25 (Call 10/15/22)(a)		11,171		11,505,013
5.75%, 09/15/31 (Call 09/15/26)(a)		9,190		9,057,319
Quicken Loans LLC/Quicken Loans Co-Issuer Inc.
3.63%, 03/01/29 (Call 03/01/24)(a)(b)		15,428		15,330,489
3.88%, 03/01/31 (Call 03/01/26)(a)(b)		20,753		20,524,717
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 10/15/23)(a)		15,707		15,599,014
4.00%, 10/15/33 (Call 10/15/27)(a)(b)		11,787		11,631,314
SLM Corp., 3.13%, 11/02/26 (Call 10/02/26)		8,550		8,485,875
United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 11/15/22)(a)		12,710		12,664,775
5.50%, 04/15/29 (Call 04/15/24)(a)(b)		12,192		11,935,968
				621,959,562
Electric — 2.7%
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)(a)(b)		17,481		16,736,089
4.50%, 02/15/28 (Call 02/15/23)(a)(b)		23,040		23,322,339
4.63%, 02/01/29 (Call 02/01/24)(a)		10,128		9,843,775
5.00%, 02/01/31 (Call 02/01/26)(a)(b)		13,656		13,372,447
5.13%, 03/15/28 (Call 03/15/23)(a)(b)		21,612		21,554,968
5.25%, 06/01/26 (Call 11/29/21)(a)		13,718		14,110,255
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)(a)(b)		17,223		17,156,261
4.75%, 03/15/28 (Call 03/15/23)(a)(b)		13,667		14,459,686
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)		7,034		7,439,369
4.35%, 04/15/29 (Call 01/15/29)(b)		8,221		8,899,233
Electricite de France SA
5.25%, (Call 01/29/23)(a)(b)(c)(d)		30,704		31,801,954
5.63%, (Call 01/22/24)(a)(b)(c)(d)		23,044		24,521,077
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26)(b)(c)		8,741		10,260,885

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)(b)	$	12,240	$	12,125,519
Series B, 2.25%, 09/01/30 (Call 06/01/30)		8,275		7,961,521
Series B, 4.40%, 07/15/27 (Call 04/15/27)		27,087		29,389,395
Series B, 4.75%, 03/15/23 (Call 12/15/22)		3,723		3,860,016
FirstEnergy Transmission LLC
2.87%, 09/15/28 (Call 07/15/28)(a)		6,529		6,735,012
4.35%, 01/15/25 (Call 10/15/24)(a)		8,671		9,384,533
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)(a)(b)		10,106		10,744,325
4.25%, 07/15/24 (Call 04/15/24)(a)		10,700		11,328,090
4.25%, 09/15/24 (Call 07/15/24)(a)		983		1,042,239
4.50%, 09/15/27 (Call 06/15/27)(a)(b)		8,872		9,468,908
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)(a)		8,070		7,893,267
3.63%, 02/15/31 (Call 02/15/26)(a)(b)		17,435		16,991,497
3.88%, 02/15/32 (Call 02/15/27)(a)(b)		20,939		20,520,220
5.25%, 06/15/29 (Call 06/15/24)(a)(b)		10,949		11,639,699
5.75%, 01/15/28 (Call 01/15/23)		12,542		13,306,059
6.63%, 01/15/27 (Call 11/15/21)(b)		5,957		6,180,388
PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)(b)		14,774		15,364,960
5.25%, 07/01/30 (Call 07/01/25)(b)		17,991		18,796,097
Talen Energy Supply LLC
6.50%, 06/01/25 (Call 11/29/21)(b)		10,010		6,031,025
6.63%, 01/15/28 (Call 01/15/23)(a)		7,384		6,962,810
7.25%, 05/15/27 (Call 05/15/22)(a)		12,485		11,954,387
7.63%, 06/01/28 (Call 06/01/23)(a)		6,502		6,210,833
10.50%, 01/15/26 (Call 01/15/22)(a)		10,414		6,795,135
Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/01/24)(a)		21,566		21,313,740
5.00%, 07/31/27 (Call 07/31/22)(a)(b)		21,766		22,295,608
5.50%, 09/01/26 (Call 11/09/21)(a)(b)		16,673		17,168,188
5.63%, 02/15/27 (Call 02/15/22)(a)(b)		20,906		21,616,804
				546,558,613
Electrical Components & Equipment — 0.4%
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)(a)(b)		14,531		13,877,105
4.75%, 06/15/28 (Call 06/15/23)(a)(b)		9,604		9,544,509
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 06/15/22)(a)		27,946		29,700,514
7.25%, 06/15/28 (Call 06/15/23)(a)		21,806		24,038,270
				77,160,398
Electronics — 0.5%
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(a)(b)		33,889		34,819,253
Sensata Technologies BV
4.00%, 04/15/29 (Call 04/15/24)(a)(b)		17,591		17,866,475
4.88%, 10/15/23(a)		6,008		6,379,370
5.00%, 10/01/25(a)(b)		12,145		13,282,298
5.63%, 11/01/24(a)(b)		4,886		5,386,819
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(b)		14,264		14,086,797
4.38%, 02/15/30 (Call 11/15/29)(a)(b)		6,216		6,570,312
				98,391,324
Energy - Alternate Sources — 0.2%
TerraForm Power Operating LLC
4.25%, 01/31/23 (Call 10/31/22)(a)(b)		5,291		5,418,793
4.75%, 01/15/30 (Call 01/15/25)(a)(b)		12,737		13,198,716

Security	Par (000)		Value
Energy - Alternate Sources (continued)
5.00%, 01/31/28 (Call 07/31/27)(a)(b)	$	12,084	$	12,899,428
				31,516,937
Engineering & Construction — 0.1%
AECOM, 5.13%, 03/15/27 (Call 12/15/26)(b)		624		687,596
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 11/29/21)(a)(b)		16,378		16,414,032
Fluor Corp.
3.50%, 12/15/24 (Call 09/15/24)(b)		2,469		2,567,760
4.25%, 09/15/28 (Call 06/15/28)(b)		1,820		1,892,605
				21,561,993
Entertainment — 2.9%
AMC Entertainment Holdings Inc., 10.50%, 04/15/25 (Call 04/15/22)(a)(b)		8,097		8,704,275
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)(a)		22,440		22,575,015
6.25%, 07/01/25 (Call 07/01/22)(a)		55,937		58,809,645
8.13%, 07/01/27 (Call 07/01/23)(a)(b)		29,004		32,485,930
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/22)(a)		13,644		14,336,433
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)(b)		7,795		8,139,929
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/24 (Call 11/29/21)(b)		5,516		5,569,350
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 04/15/22)(b)		8,285		8,545,770
5.50%, 05/01/25 (Call 05/01/22)(a)		20,847		21,663,318
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/23)(a)(b)		12,026		12,497,194
5.50%, 04/01/27 (Call 04/01/22)(a)		10,004		10,366,645
Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)(a)(b)		12,407		12,096,825
5.88%, 03/15/26 (Call 03/15/23)(a)(b)		7,182		7,219,804
International Game Technology PLC
4.13%, 04/15/26 (Call 04/15/23)(a)		15,110		15,582,641
5.25%, 01/15/29 (Call 01/15/24)(a)		13,115		13,803,538
6.25%, 01/15/27 (Call 07/15/26)(a)		10,213		11,504,551
6.50%, 02/15/25 (Call 08/15/24)(a)(b)		17,726		19,692,662
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)(a)(b)		16,702		17,098,505
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)(a)(b)		9,486		9,379,283
4.75%, 10/15/27 (Call 10/15/22)(a)(b)		15,637		15,949,740
4.88%, 11/01/24 (Call 11/29/21)(a)		8,158		8,249,778
6.50%, 05/15/27 (Call 05/15/23)(a)(b)		21,836		23,877,031
Mohegan Gaming & Entertainment
7.88%, 10/15/24 (Call 11/15/21)(a)(b)		3,323		3,447,613
8.00%, 02/01/26 (Call 02/01/23)(a)(b)		19,888		20,531,874
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)(a)(b)		12,544		12,780,768
5.88%, 09/01/31 (Call 09/01/26)(a)(b)		13,425		13,693,500
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)(a)(b)		15,254		15,425,132
Scientific Games International Inc.
5.00%, 10/15/25 (Call 11/29/21)(a)		17,754		18,287,582
7.00%, 05/15/28 (Call 05/15/23)(a)		11,812		12,762,275
7.25%, 11/15/29 (Call 11/15/24)(a)(b)		7,705		8,707,266
8.25%, 03/15/26 (Call 03/15/22)(a)(b)		17,259		18,316,114

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Entertainment (continued)
8.63%, 07/01/25 (Call 07/01/22)(a)(b)	$	8,050	$	8,701,044
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 11/29/21)(a)(b)		16,140		16,322,777
5.50%, 04/15/27 (Call 04/15/22)(a)(b)		7,320		7,585,350
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)(a)(b)		13,047		13,862,437
WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)(a)(b)		15,356		14,923,575
3.88%, 07/15/30 (Call 07/15/25)(a)(b)		8,003		8,317,868
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)(a)(b)		12,908		12,963,182
7.75%, 04/15/25 (Call 04/15/22)(a)		10,230		10,776,384
				575,552,603
Environmental Control — 0.8%
Covanta Holding Corp.
5.00%, 09/01/30 (Call 09/01/25)(b)		8,761		8,719,823
5.88%, 07/01/25 (Call 11/29/21)		4,177		4,310,142
6.00%, 01/01/27 (Call 01/01/22)		7,187		7,435,626
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)(a)(b)		14,575		14,516,543
3.75%, 08/01/25 (Call 08/01/22)(a)(b)		15,140		15,578,303
4.00%, 08/01/28 (Call 08/01/23)(a)(b)		11,596		11,326,872
4.25%, 06/01/25 (Call 06/01/22)(a)(b)		9,718		10,020,188
4.38%, 08/15/29 (Call 08/15/24)(a)(b)		9,236		9,155,668
4.75%, 06/15/29 (Call 06/15/24)(a)(b)		12,550		12,651,969
5.13%, 12/15/26 (Call 12/15/22)(a)(b)		7,208		7,546,750
Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)(a)(b)		12,740		12,671,140
5.88%, 06/30/29 (Call 06/30/24)(a)(b)		17,100		16,971,750
Stericycle Inc.
3.88%, 01/15/29 (Call 11/15/23)(a)(b)		9,860		9,712,100
5.38%, 07/15/24 (Call 11/15/21)(a)(b)		9,552		9,800,352
				150,417,226
Food — 3.3%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 09/15/22)(a)(b)		16,109		16,384,588
3.50%, 02/15/23 (Call 12/15/22)(a)(b)		9,642		9,810,827
3.50%, 03/15/29 (Call 09/15/23)(a)(b)		20,693		20,415,000
4.63%, 01/15/27 (Call 01/15/23)(a)(b)		22,113		23,080,444
4.88%, 02/15/30 (Call 02/15/25)(a)(b)		18,981		20,350,637
5.88%, 02/15/28 (Call 08/15/22)(a)(b)		14,152		15,048,202
7.50%, 03/15/26 (Call 03/15/22)(a)(b)		8,042		8,655,203
B&G Foods Inc.
5.25%, 04/01/25 (Call 11/29/21)		14,722		15,042,203
5.25%, 09/15/27 (Call 03/01/22)(b)		10,994		11,280,575
JBS Finance Luxembourg Sarl, 3.63%, 01/15/32 (Call 01/15/27)(a)(b)		2,762		2,727,475
JBS USA Food Co.
5.75%, 01/15/28 (Call 07/15/22)(a)(b)		11,671		12,142,217
7.00%, 01/15/26 (Call 01/15/22)(a)(b)		17,931		18,698,113
JBS USA LUX SA/JBS USA Finance Inc., 6.75%, 02/15/28 (Call 02/15/23)(a)(b)		17,695		19,107,643
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
3.75%, 12/01/31 (Call 12/01/26)(a)(b)		9,207		9,411,461
5.50%, 01/15/30 (Call 01/15/25)(a)(b)		22,577		24,691,255
6.50%, 04/15/29 (Call 04/15/24)(a)(b)		22,784		25,277,294

Security	Par (000)		Value
Food (continued)
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)	$	27,452	$	28,670,045
3.50%, 06/06/22(b)		991		1,008,189
3.75%, 04/01/30 (Call 01/01/30)		13,596		14,759,518
3.88%, 05/15/27 (Call 02/15/27)(b)		22,509		24,420,802
4.25%, 03/01/31 (Call 12/01/30)		23,660		26,620,103
4.63%, 01/30/29 (Call 10/30/28)(b)		11,297		12,840,905
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)(a)		13,350		13,362,682
4.38%, 01/31/32 (Call 01/31/27)(a)		13,300		13,319,684
4.63%, 11/01/24 (Call 11/18/21)(a)		12,502		12,796,838
4.88%, 11/01/26 (Call 11/18/21)(a)		13,926		14,285,451
4.88%, 05/15/28 (Call 11/15/27)(a)(b)		9,490		10,171,952
Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)(a)(b)		19,170		19,181,502
5.50%, 10/15/27 (Call 10/15/22)(a)(b)		16,177		16,878,383
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)(a)(b)		16,080		16,151,890
4.25%, 04/15/31 (Call 04/15/26)(a)		16,104		16,988,445
5.88%, 09/30/27 (Call 09/30/22)(a)		14,169		14,930,584
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)(a)		32,209		31,605,081
4.63%, 04/15/30 (Call 04/15/25)(a)(b)		27,045		27,184,958
5.50%, 12/15/29 (Call 12/15/24)(a)(b)		12,382		13,171,353
5.63%, 01/15/28 (Call 12/01/22)(a)(b)		15,043		15,700,379
5.75%, 03/01/27 (Call 03/01/22)(a)(b)		24,422		25,342,245
U.S. Foods Inc.
4.75%, 02/15/29 (Call 02/15/24)(a)(b)		16,298		16,510,200
6.25%, 04/15/25 (Call 04/15/22)(a)(b)		17,372		18,212,621
				656,236,947
Food Service — 0.4%
Aramark Services Inc.
5.00%, 04/01/25 (Call 11/29/21)(a)(b)		7,269		7,441,639
5.00%, 02/01/28 (Call 02/01/23)(a)(b)		20,788		21,366,507
6.38%, 05/01/25 (Call 05/01/22)(a)(b)		27,531		28,978,387
TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)(a)		6,930		7,120,575
10.50%, 05/15/29 (Call 05/15/24)(a)(b)		10,769		11,626,332
				76,533,440
Forest Products & Paper — 0.1%
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)(b)		15,347		15,329,182
Pearl Merger Sub Inc., 6.75%, 10/01/28 (Call 10/01/24)(a)		3,357		3,340,215
				18,669,397
Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)(b)		12,767		13,859,472
5.63%, 05/20/24 (Call 03/20/24)		9,528		10,303,103
5.75%, 05/20/27 (Call 02/20/27)(b)		8,091		9,031,579
5.88%, 08/20/26 (Call 05/20/26)(b)		10,539		11,770,745
				44,964,899
Health Care - Products — 0.8%
Avantor Funding Inc.
3.88%, 11/01/29 (Call 11/01/24)(a)		10,450		10,465,372
4.63%, 07/15/28 (Call 07/15/23)(a)		27,356		28,380,482
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)(a)(b)		19,751		19,606,768
4.63%, 02/01/28 (Call 02/01/23)(a)(b)		4,862		5,067,751

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Products (continued)
Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)(a)	$	29,396	$	29,249,020
5.25%, 10/01/29 (Call 10/01/24)(a)(b)		38,041		38,611,615
Teleflex Inc.
4.25%, 06/01/28 (Call 06/01/23)(a)		10,453		10,740,458
4.63%, 11/15/27 (Call 11/15/22)(b)		8,471		8,839,827
				150,961,293
Health Care - Services — 6.4%
Catalent Pharma Solutions Inc.
3.13%, 02/15/29 (Call 02/15/24)(a)(b)		11,170		10,910,856
3.50%, 04/01/30 (Call 04/01/25)(a)		12,505		12,411,213
5.00%, 07/15/27 (Call 07/15/22)(a)		10,172		10,538,333
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)		27,037		26,970,632
2.50%, 03/01/31 (Call 12/01/30)(b)		37,368		36,487,360
2.63%, 08/01/31 (Call 05/01/31)		21,683		21,355,357
3.00%, 10/15/30 (Call 07/15/30)(b)		37,488		38,139,823
3.38%, 02/15/30 (Call 02/15/25)		34,299		35,251,442
4.25%, 12/15/27 (Call 12/15/22)(b)		40,328		42,241,564
4.63%, 12/15/29 (Call 12/15/24)(b)		57,508		62,108,640
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)(a)(b)		8,519		8,604,190
4.00%, 03/15/31 (Call 03/15/26)(a)(b)		9,863		10,188,528
4.25%, 05/01/28 (Call 05/01/23)(a)		7,506		7,750,570
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)(a)(b)		20,567		20,567,000
5.63%, 03/15/27 (Call 12/15/23)(a)		29,926		31,313,893
6.00%, 01/15/29 (Call 01/15/24)(a)(b)		13,603		14,358,817
6.13%, 04/01/30 (Call 04/01/25)(a)(b)		24,121		23,716,491
6.63%, 02/15/25 (Call 02/15/22)(a)		23,108		24,123,146
6.88%, 04/01/28 (Call 04/01/23)(a)(b)		12,579		11,963,887
6.88%, 04/15/29 (Call 04/15/24)(a)(b)		29,592		30,442,770
8.00%, 03/15/26 (Call 03/15/22)(a)(b)		34,324		36,254,725
8.00%, 12/15/27 (Call 12/15/22)(a)		11,521		12,537,949
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(b)		26,407		25,004,128
4.63%, 06/01/30 (Call 06/01/25)(a)(b)		46,072		46,187,180
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/23)(b)		13,881		14,140,714
4.63%, 04/01/31 (Call 04/01/26)(b)		6,536		6,696,815
4.75%, 02/01/30 (Call 02/01/25)(b)		14,737		15,118,034
HCA Inc.
3.50%, 09/01/30 (Call 03/01/30)		45,357		47,779,917
5.38%, 02/01/25		41,836		46,542,550
5.38%, 09/01/26 (Call 03/01/26)(b)		15,985		18,189,135
5.63%, 09/01/28 (Call 03/01/28)		25,171		29,598,989
5.88%, 05/01/23		18,239		19,516,093
5.88%, 02/15/26 (Call 08/15/25)(b)		24,695		28,136,989
5.88%, 02/01/29 (Call 08/01/28)(b)		16,197		19,296,296
IQVIA Inc.
5.00%, 10/15/26 (Call 11/29/21)(a)		16,634		17,095,060
5.00%, 05/15/27 (Call 05/15/22)(a)(b)		19,069		19,766,353
Legacy LifePoint Health LLC
4.38%, 02/15/27 (Call 02/15/22)(a)		10,342		10,276,234
6.75%, 04/15/25 (Call 04/15/22)(a)(b)		11,366		11,950,577
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)(a)(b)		8,002		7,885,371
MEDNAX Inc., 6.25%, 01/15/27 (Call 01/15/22)(a)(b)		17,716		18,598,611
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(a)(b)		8,565		8,713,462

Security	Par (000)		Value
Health Care - Services (continued)
ModivCare Inc., 5.88%, 11/15/25 (Call 11/15/22)(a)(b)	$	8,100	$	8,494,875
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)(a)(b)		11,884		12,285,085
4.38%, 06/15/28 (Call 06/15/23)(a)(b)		14,062		14,596,206
5.38%, 11/15/22 (Call 08/15/22)(b)		7,700		7,931,000
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)(a)(b)		11,678		12,363,499
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)(a)		21,523		22,706,765
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)(a)		13,490		13,490,000
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)(a)(b)		21,250		22,240,069
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)(a)		24,131	��	24,457,492
4.63%, 07/15/24 (Call 11/29/21)(b)		11,316		11,499,389
4.63%, 09/01/24 (Call 11/15/21)(a)		8,975		9,097,284
4.63%, 06/15/28 (Call 06/15/23)(a)(b)		8,254		8,558,985
4.88%, 01/01/26 (Call 03/01/22)(a)		35,761		36,699,726
5.13%, 11/01/27 (Call 11/01/22)(a)(b)		26,645		27,834,510
6.13%, 10/01/28 (Call 10/01/23)(a)(b)		43,780		45,976,648
6.25%, 02/01/27 (Call 02/01/22)(a)(b)		24,761		25,720,489
6.75%, 06/15/23(b)		30,085		32,326,333
7.50%, 04/01/25 (Call 04/01/22)(a)(b)		12,482		13,246,523
				1,288,254,572
Holding Companies - Diversified — 0.6%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a)(b)		17,275		17,966,000
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)(b)		13,284		13,335,841
4.75%, 09/15/24 (Call 06/15/24)(b)		19,392		20,098,741
5.25%, 05/15/27 (Call 11/15/26)		23,744		24,696,989
6.25%, 05/15/26 (Call 05/15/22)(b)		24,076		25,232,563
6.38%, 12/15/25 (Call 11/29/21)		12,374		12,630,684
6.75%, 02/01/24 (Call 11/29/21)(b)		5,711		5,788,488
Stena AB, 7.00%, 02/01/24(a)(b)		307		318,144
				120,067,450
Home Builders — 0.8%
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)(a)(b)		7,652		7,648,939
6.25%, 09/15/27 (Call 09/15/22)(a)(b)		12,729		13,290,667
Century Communities Inc.
3.88%, 08/15/29 (Call 02/15/29)(a)(b)		9,812		9,786,663
6.75%, 06/01/27 (Call 06/01/22)(b)		3,798		4,037,464
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)(a)(b)		10,987		11,137,592
5.25%, 12/15/27 (Call 12/15/22)(a)(b)		8,920		9,294,354
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)(a)(b)		9,159		9,499,165
6.00%, 06/01/25 (Call 03/01/25)(b)		5,786		6,494,062
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/22)(a)(b)		10,077		10,589,982
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)(a)		9,087		9,654,938
5.75%, 01/15/28 (Call 10/15/27)(a)(b)		5,535		6,090,161
5.88%, 06/15/27 (Call 03/15/27)(a)(b)		9,691		10,867,245
Toll Brothers Finance Corp.
3.80%, 11/01/29 (Call 08/01/29)(b)		8,588		9,205,621

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Home Builders (continued)
4.35%, 02/15/28 (Call 11/15/27)(b)	$	4,663	$	5,090,497
4.38%, 04/15/23 (Call 01/15/23)(b)		4,851		5,025,102
4.88%, 03/15/27 (Call 12/15/26)		6,667		7,409,146
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24(b)		8,736		9,661,725
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)(a)		6,563		6,784,501
				151,567,824
Home Furnishings — 0.1%
Tempur Sealy International Inc.
3.88%, 10/15/31 (Call 10/15/26)(a)		14,059		13,918,614
4.00%, 04/15/29 (Call 04/15/24)(a)(b)		6,596		6,704,391
				20,623,005
Household Products & Wares — 0.2%
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)		7,842		7,881,210
4.13%, 04/30/31 (Call 04/30/26)(a)(b)		8,481		8,519,376
Kronos Acquisition Holdings Inc./KIK Custom Products Inc.
5.00%, 12/31/26 (Call 06/30/23)(a)(b)		8,262		8,189,191
7.00%, 12/31/27 (Call 12/31/23)(a)(b)		8,708		8,368,562
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)(a)(b)		9,807		9,647,869
5.75%, 07/15/25 (Call 11/29/21)		6,421		6,587,857
				49,194,065
Housewares — 0.4%
Newell Brands Inc.
4.35%, 04/01/23 (Call 02/01/23)		15,131		15,786,324
4.70%, 04/01/26 (Call 01/01/26)(b)		35,549		38,951,491
4.88%, 06/01/25 (Call 05/01/25)(b)		9,193		10,069,461
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)(a)(b)		9,277		9,201,392
4.38%, 02/01/32 (Call 08/01/26)(a)(b)		7,390		7,413,683
4.50%, 10/15/29 (Call 10/15/24)(b)		5,690		5,919,947
				87,342,298
Insurance — 1.0%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)		11,136		10,761,172
6.00%, 08/01/29 (Call 08/01/24)(a)(b)		7,720		7,585,088
7.00%, 11/15/25 (Call 11/29/21)(a)(b)		17,278		17,470,964
10.13%, 08/01/26 (Call 08/01/22)(a)(b)		5,381		5,969,396
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)(a)(b)		11,338		11,350,036
5.88%, 11/01/29 (Call 11/01/24)(a)		4,610		4,633,431
6.75%, 10/15/27 (Call 10/15/22)(a)(b)		22,440		23,211,712
AssuredPartners Inc.
5.63%, 01/15/29 (Call 12/15/23)(a)(b)		8,075		8,025,557
7.00%, 08/15/25 (Call 11/29/21)(a)(b)		10,974		11,114,833
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)(a)(b)(c)		14,480		14,927,148
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/15/22)(a)(b)		8,296		8,728,118
HUB International Ltd., 7.00%, 05/01/26 (Call 11/09/21)(a)		28,288		29,237,238
Liberty Mutual Group Inc.
4.13%, 12/15/51 (Call 12/15/26)(a)(b)(c)		820		841,717
4.30%, 02/01/61 (Call 02/01/26)(a)(b)		16,286		15,163,678

Security	Par (000)		Value
Insurance (continued)
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)	$	6,579	$	6,980,489
4.88%, 03/15/27 (Call 09/15/26)(b)		8,350		9,111,937
6.63%, 03/15/25 (Call 09/15/24)		7,130		7,957,548
				193,070,062
Internet — 1.9%
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)(a)(b)		13,548		13,650,529
6.13%, 12/01/28 (Call 12/01/23)(a)(b)		7,516		7,581,765
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)(a)(b)		14,580		14,106,150
5.25%, 12/01/27 (Call 06/01/22)(a)(b)		11,455		11,886,853
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)(a)		5,637		5,473,809
4.13%, 08/01/30 (Call 05/01/25)(a)(b)		9,667		9,984,803
4.63%, 06/01/28 (Call 06/01/23)(a)		7,928		8,232,871
5.00%, 12/15/27 (Call 12/15/22)(a)		6,854		7,162,687
Netflix Inc.
3.63%, 06/15/25 (Call 03/15/25)(a)(b)		3,792		4,034,192
4.38%, 11/15/26(b)		10,586		11,790,158
4.88%, 04/15/28		20,096		23,035,040
4.88%, 06/15/30 (Call 03/15/30)(a)(b)		14,339		16,848,325
5.38%, 11/15/29(a)(b)		13,973		16,872,397
5.75%, 03/01/24		3,190		3,512,988
5.88%, 02/15/25(b)		8,127		9,213,986
5.88%, 11/15/28		27,541		33,531,167
6.38%, 05/15/29(b)		11,092		13,989,785
NortonLifeLock Inc.
3.95%, 06/15/22 (Call 03/15/22)		740		747,211
5.00%, 04/15/25 (Call 11/09/21)(a)		18,319		18,564,678
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)(a)(b)		14,246		14,979,669
Rakuten Group Inc.
5.13%, (Call 04/22/26)(a)(b)(c)(d)		8,497		8,530,867
6.25%, (Call 04/22/31)(a)(b)(c)(d)		13,733		14,462,173
Uber Technologies Inc.
4.50%, 08/15/29 (Call 08/15/24)(a)(b)		26,370		26,515,723
6.25%, 01/15/28 (Call 09/15/23)(a)(b)		7,931		8,515,622
7.50%, 05/15/25 (Call 05/15/22)(a)		19,871		21,171,378
7.50%, 09/15/27 (Call 09/15/22)(a)(b)		21,632		23,668,869
8.00%, 11/01/26 (Call 11/29/21)(a)		21,764		23,192,807
				371,256,502
Iron & Steel — 0.3%
Cleveland-Cliffs Inc.
4.63%, 03/01/29 (Call 03/01/24)(a)(b)		8,131		8,415,585
4.88%, 03/01/31 (Call 03/01/26)(a)(b)		7,969		8,308,663
5.88%, 06/01/27 (Call 06/01/22)(b)		9,983		10,381,627
6.75%, 03/15/26 (Call 03/15/22)(a)		12,633		13,433,707
9.88%, 10/17/25 (Call 10/17/22)(a)(b)		8,338		9,539,322
United States Steel Corp.
6.25%, 03/15/26 (Call 10/31/21)(b)		6,520		6,727,092
6.88%, 03/01/29 (Call 03/01/24)(b)		11,074		11,849,180
				68,655,176
Leisure Time — 0.7%
Life Time Inc.
5.75%, 01/15/26 (Call 01/15/23)(a)(b)		16,993		17,466,595
8.00%, 04/15/26 (Call 02/01/23)(a)(b)		7,000		7,350,000
NCL Corp. Ltd.
3.63%, 12/15/24 (Call 12/15/21)(a)(b)		9,273		8,786,168

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Leisure Time (continued)
5.88%, 03/15/26 (Call 12/15/25)(a)(b)	$	24,488	$	24,632,981
10.25%, 02/01/26 (Call 08/01/23)(a)(b)		11,820		13,523,424
12.25%, 05/15/24 (Call 02/15/24)(a)		11,130		13,145,587
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)(b)		9,379		9,502,334
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/22)(a)		14,743		14,295,181
7.00%, 02/15/29 (Call 02/15/24)(a)		3,970		3,989,929
13.00%, 05/15/25 (Call 05/15/22)(a)(b)		13,233		15,189,624
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)(a)		10,373		10,303,307
				138,185,130
Lodging — 2.8%
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/22)(b)		18,950		19,524,185
4.75%, 06/15/31 (Call 06/15/26)(a)(b)		15,965		16,444,226
8.63%, 06/01/25 (Call 06/01/22)(a)(b)		8,214		8,863,317
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)(a)(b)		26,581		25,908,735
3.75%, 05/01/29 (Call 05/01/24)(a)(b)		12,598		12,638,243
4.00%, 05/01/31 (Call 05/01/26)(a)(b)		18,925		19,062,206
4.88%, 01/15/30 (Call 01/15/25)(b)		17,389		18,562,410
5.38%, 05/01/25 (Call 05/01/22)(a)(b)		7,467		7,785,703
5.75%, 05/01/28 (Call 05/01/23)(a)		5,890		6,331,750
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)(a)(b)		8,091		8,060,659
5.00%, 06/01/29 (Call 06/01/24)(a)		14,687		14,918,908
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 04/01/22)(b)		10,841		11,220,435
Marriott Ownership Resorts Inc.
4.50%, 06/15/29 (Call 06/15/24)(a)(b)		8,824		8,826,363
6.13%, 09/15/25 (Call 05/15/22)(a)		2,881		3,023,552
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 11/29/21)(a)(b)		15,889		15,752,243
5.25%, 04/26/26 (Call 04/26/22)(a)(b)		7,675		7,598,362
5.38%, 12/04/29 (Call 12/04/24)(a)(b)		18,557		18,318,060
5.63%, 07/17/27 (Call 07/17/22)(a)		10,573		10,594,642
5.75%, 07/21/28 (Call 07/21/23)(a)		14,355		14,301,169
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)(a)		13,723		13,187,313
5.25%, 06/18/25 (Call 06/18/22)(a)(b)		8,250		8,167,986
5.38%, 05/15/24 (Call 11/09/21)(a)(b)		10,556		10,579,942
5.88%, 05/15/26 (Call 05/15/22)(a)(b)		12,288		12,302,941
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)(b)		6,112		6,394,833
4.75%, 10/15/28 (Call 07/15/28)(b)		11,808		12,270,002
5.50%, 04/15/27 (Call 01/15/27)(b)		11,899		12,821,172
5.75%, 06/15/25 (Call 03/15/25)(b)		15,528		16,847,396
6.00%, 03/15/23		19,910		21,034,318
6.75%, 05/01/25 (Call 05/01/22)		12,559		13,256,024
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(a)(b)		17,672		15,993,160
6.00%, 07/15/25 (Call 07/15/22)(a)(b)		8,037		7,797,899
6.50%, 01/15/28 (Call 07/15/23)(a)(b)		8,414		8,109,186
Travel + Leisure Co.
3.90%, 03/01/23 (Call 12/01/22)		5,724		5,889,996
6.00%, 04/01/27 (Call 01/01/27)		7,427		8,105,349
6.63%, 07/31/26 (Call 04/30/26)(a)(b)		12,237		13,648,171
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)(a)(b)		8,728		8,811,331
5.25%, 05/15/27 (Call 02/15/27)(a)(b)		13,496		13,603,968

Security	Par (000)		Value
Lodging (continued)
5.50%, 03/01/25 (Call 12/01/24)(a)	$	30,452	$	30,984,910
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 11/09/21)(a)(b)		9,661		9,159,736
5.13%, 12/15/29 (Call 12/15/24)(a)(b)		16,328		14,713,233
5.50%, 01/15/26 (Call 06/15/22)(a)(b)		16,347		15,400,631
5.50%, 10/01/27 (Call 10/01/22)(a)(b)		12,709		11,877,911
5.63%, 08/26/28 (Call 08/26/23)(a)(b)		22,484		20,986,116
				559,678,692
Machinery — 0.2%
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 11/29/21)(a)(b)		10,861		11,058,815
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)(a)(b)		26,970		27,450,066
Vertical Holdco GmbH, 7.63%, 07/15/28 (Call 07/15/23)(a)(b)		6,372		6,750,390
				45,259,271
Manufacturing — 0.2%
FXI Holdings Inc.
7.88%, 11/01/24 (Call 11/29/21)(a)(b)		9,638		9,818,713
12.25%, 11/15/26 (Call 11/15/22)(a)		14,188		15,777,198
Hillenbrand Inc., 5.75%, 06/15/25 (Call 06/15/22)		5,899		6,217,424
				31,813,335
Media — 9.2%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)(a)(b)		21,137		20,383,973
5.75%, 08/15/29 (Call 08/15/24)(a)(b)		32,369		31,824,414
AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)(b)		18,111		17,839,335
4.75%, 08/01/25 (Call 11/29/21)(b)		11,350		11,633,750
5.00%, 04/01/24 (Call 11/29/21)(b)		6,330		6,406,490
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23 (Call 11/15/21)(a)		8,128		8,141,767
4.25%, 02/01/31 (Call 07/01/25)(a)(b)		50,376		50,095,335
4.25%, 01/15/34 (Call 01/15/28)(a)(b)		34,170		33,102,188
4.50%, 08/15/30 (Call 02/15/25)(a)		46,920		47,758,930
4.50%, 05/01/32 (Call 05/01/26)(b)		47,195		47,577,105
4.50%, 06/01/33 (Call 06/01/27)(a)		29,568		29,494,080
4.75%, 03/01/30 (Call 09/01/24)(a)(b)		50,711		52,359,107
5.00%, 02/01/28 (Call 08/01/22)(a)		41,539		43,200,560
5.13%, 05/01/27 (Call 05/01/22)(a)		53,373		55,374,487
5.38%, 06/01/29 (Call 06/01/24)(a)(b)		23,449		25,195,951
5.50%, 05/01/26 (Call 11/29/21)(a)(b)		11,665		12,049,945
Clear Channel Worldwide Holdings Inc., 5.13%, 08/15/27 (Call 08/15/22)(a)		23,607		24,234,946
CSC Holdings LLC
3.38%, 02/15/31 (Call 02/15/26)(a)(b)		17,238		15,697,354
4.13%, 12/01/30 (Call 12/01/25)(a)(b)		18,295		17,521,213
4.50%, 11/15/31 (Call 11/15/26)(a)(b)		26,600		25,776,730
4.63%, 12/01/30 (Call 12/01/25)(a)(b)		38,495		35,332,701
5.00%, 11/15/31 (Call 11/15/26)(a)(b)		7,652		7,101,209
5.25%, 06/01/24		11,370		11,952,409
5.38%, 02/01/28 (Call 02/01/23)(a)(b)		15,948		16,446,375
5.50%, 04/15/27 (Call 04/15/22)(a)(b)		24,161		24,946,233
5.75%, 01/15/30 (Call 01/15/25)(a)(b)		38,196		37,667,749
5.88%, 09/15/22		821		843,475
6.50%, 02/01/29 (Call 02/01/24)(a)(b)		31,665		33,960,712
7.50%, 04/01/28 (Call 04/01/23)(a)		16,463		17,580,769

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.38%, 08/15/26 (Call 08/15/22)(a)(b)	$	50,465	$	28,512,725
6.63%, 08/15/27 (Call 08/15/22)(a)(b)		29,589		8,803,784
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc., 5.88%, 08/15/27 (Call 08/15/23)(a)(b)		29,589		30,710,423
DISH DBS Corp.
5.00%, 03/15/23(b)		21,975		22,746,872
5.88%, 07/15/22		764		784,533
5.88%, 11/15/24(b)		33,944		36,126,599
7.38%, 07/01/28 (Call 07/01/23)(b)		16,627		17,499,918
7.75%, 07/01/26(b)		34,903		38,827,619
5.13%, 06/01/29(b)		26,293		25,293,866
Entercom Media Corp.
6.50%, 05/01/27 (Call 05/01/22)(a)		5,550		5,580,345
6.75%, 03/31/29 (Call 03/31/24)(a)		3,250		3,225,625
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)(a)		7,410		7,503,088
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)(a)(b)		13,842		13,658,180
5.88%, 07/15/26 (Call 11/29/21)(a)(b)		8,721		9,000,798
7.00%, 05/15/27 (Call 05/15/22)(a)(b)		14,069		15,076,888
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/23)(a)(b)		7,031		7,064,819
5.25%, 08/15/27 (Call 08/15/22)(a)(b)		14,861		15,194,956
6.38%, 05/01/26 (Call 05/01/22)(b)		13,586		14,230,965
8.38%, 05/01/27 (Call 05/01/22)(b)		26,502		28,225,088
LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)(a)		14,379		14,561,613
6.75%, 10/15/27 (Call 10/15/22)(a)		22,496		23,733,406
Mav Acquisition Corp.
5.75%, 08/01/28 (Call 08/01/24)(a)		14,921		14,667,343
8.00%, 08/01/29 (Call 08/01/24)(a)		12,115		11,805,159
Meredith Corp., 6.88%, 02/01/26 (Call 12/01/21)(b)		17,023		17,668,172
News Corp., 3.88%, 05/15/29 (Call 05/15/24)(a)(b)		18,018		18,289,531
Nexstar Media Inc.
4.75%, 11/01/28 (Call 11/01/23)(a)(b)		17,179		17,550,925
5.63%, 07/15/27 (Call 07/15/22)(a)(b)		31,901		33,655,555
Quebecor Media Inc., 5.75%, 01/15/23		13,784		14,507,660
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 09/15/23)(a)(b)		18,736		19,036,525
6.50%, 09/15/28 (Call 09/15/23)(a)(b)		15,777		15,777,000
Scripps Escrow II Inc.
3.88%, 01/15/29 (Call 01/15/24)(a)(b)		9,810		9,787,976
5.38%, 01/15/31 (Call 01/15/26)(a)(b)		9,295		9,120,634
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/22)(a)(b)		7,449		7,607,291
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)(a)(b)		11,349		10,821,555
5.13%, 02/15/27 (Call 11/15/21)(a)(b)		6,403		6,181,911
5.50%, 03/01/30 (Call 12/01/24)(a)(b)		7,777		7,442,670
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 09/01/23)(a)(b)		16,272		16,312,680
3.88%, 09/01/31 (Call 09/01/26)(a)(b)		26,078		25,067,478
4.00%, 07/15/28 (Call 07/15/24)(a)(b)		35,245		35,498,764
4.13%, 07/01/30 (Call 07/01/25)(a)(b)		24,910		24,798,901
5.00%, 08/01/27 (Call 08/01/22)(a)(b)		24,361		25,457,245
5.50%, 07/01/29 (Call 07/01/24)(a)(b)		20,245		21,813,988
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)(b)		19,072		19,255,509
4.75%, 03/15/26 (Call 03/15/23)(a)(b)		7,850		8,164,393

Security	Par (000)		Value
Media (continued)
5.00%, 09/15/29 (Call 09/15/24)(b)	$	18,565	$	18,830,247
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/22)(a)		17,400		18,134,280
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)(a)(b)		18,039		18,250,056
5.13%, 02/15/25 (Call 11/09/21)(a)(b)		24,558		24,990,221
6.63%, 06/01/27 (Call 06/01/23)(a)(b)		27,412		29,635,799
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a)(b)		21,715		22,077,641
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)(a)(b)		8,591		8,901,890
ViacomCBS Inc., 6.25%, 02/28/57 (Call 02/28/27)(c)		11,236		12,825,669
Videotron Ltd.
3.63%, 06/15/29 (Call 06/15/24)(a)(b)		10,853		10,891,076
5.13%, 04/15/27 (Call 04/15/22)(a)(b)		11,749		12,152,872
5.38%, 06/15/24 (Call 03/15/24)(a)(b)		8,145		8,775,312
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a)(b)		16,651		16,577,527
Virgin Media Secured Finance PLC
4.50%, 08/15/30 (Call 08/15/25)(a)(b)		15,353		15,342,253
5.50%, 05/15/29 (Call 05/15/24)(a)(b)		23,375		24,616,446
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)(a)		9,064		9,211,290
Ziggo Bond Co. BV
5.13%, 02/28/30 (Call 02/15/25)(a)(b)		8,487		8,588,844
6.00%, 01/15/27 (Call 01/15/22)(a)		11,434		11,785,453
Ziggo BV
4.88%, 01/15/30 (Call 10/15/24)(a)(b)		17,710		17,986,719
5.50%, 01/15/27 (Call 01/15/22)(a)		29,190		30,082,878
				1,837,806,740
Mining — 1.4%
Alcoa Nederland Holding BV
4.13%, 03/31/29 (Call 03/31/24)(a)(b)		7,593		7,898,998
5.50%, 12/15/27 (Call 06/15/23)(a)(b)		11,528		12,359,745
6.13%, 05/15/28 (Call 05/15/23)(a)		7,720		8,285,876
Arconic Corp.
6.00%, 05/15/25 (Call 05/15/22)(a)(b)		10,638		11,150,182
6.13%, 02/15/28 (Call 02/15/23)(a)(b)		14,165		14,944,075
Constellium SE
3.75%, 04/15/29 (Call 04/15/24)(a)(b)		7,743		7,480,590
5.88%, 02/15/26 (Call 11/29/21)(a)(b)		6,384		6,493,245
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)(a)(b)		24,999		25,437,482
4.50%, 09/15/27 (Call 06/15/27)(a)(b)		9,318		9,769,632
5.13%, 05/15/24 (Call 02/15/24)(a)(b)		10,618		11,317,594
Freeport-McMoRan Inc.
3.88%, 03/15/23 (Call 12/15/22)		13,298		13,696,940
4.13%, 03/01/28 (Call 03/01/23)(b)		11,481		11,882,835
4.25%, 03/01/30 (Call 03/01/25)(b)		12,219		12,875,771
4.38%, 08/01/28 (Call 08/01/23)		9,619		10,015,495
4.55%, 11/14/24 (Call 08/14/24)(b)		11,292		12,209,701
4.63%, 08/01/30 (Call 08/01/25)(b)		12,934		13,936,385
5.00%, 09/01/27 (Call 09/01/22)(b)		9,198		9,605,012
5.25%, 09/01/29 (Call 09/01/24)(b)		10,511		11,504,290
Kaiser Aluminum Corp.
4.50%, 06/01/31 (Call 06/01/26)(a)(b)		8,676		8,497,231
4.63%, 03/01/28 (Call 03/01/23)(a)(b)		8,007		8,093,976
Novelis Corp.
3.25%, 11/15/26 (Call 11/15/23)(a)(b)		13,190		13,140,538
3.88%, 08/15/31 (Call 08/15/26)(a)(b)		11,628		11,308,811

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mining (continued)
4.75%, 01/30/30 (Call 01/30/25)(a)(b)	$	27,607	$	28,719,562
				280,623,966
Office & Business Equipment — 0.4%
CDW LLC/CDW Finance Corp.
3.25%, 02/15/29 (Call 08/15/23)(b)		11,413		11,572,782
4.13%, 05/01/25 (Call 05/01/22)		8,060		8,316,308
4.25%, 04/01/28 (Call 10/01/22)(b)		10,854		11,274,551
5.50%, 12/01/24 (Call 06/01/24)		7,254		7,945,526
Pitney Bowes Inc., 6.88%, 03/15/27 (Call 03/15/24)(a)(b)		5,479		5,689,070
Xerox Corp., 4.38%, 03/15/23 (Call 02/15/23)		14,985		15,478,306
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)(a)		12,681		13,188,240
5.50%, 08/15/28 (Call 07/15/28)(a)(b)		12,373		12,535,480
				86,000,263
Oil & Gas — 7.0%
Antero Resources Corp.
5.00%, 03/01/25 (Call 11/29/21)(b)		7,209		7,313,530
5.38%, 03/01/30 (Call 03/01/25)(a)(b)		9,588		10,155,130
7.63%, 02/01/29 (Call 02/01/24)(a)(b)		9,674		10,713,955
8.38%, 07/15/26 (Call 01/15/24)(a)		5,648		6,346,940
Apache Corp.
4.25%, 01/15/30 (Call 10/15/29)(b)		7,686		8,175,464
4.38%, 10/15/28 (Call 07/15/28)(b)		11,113		11,899,912
4.63%, 11/15/25 (Call 08/15/25)(b)		5,684		6,127,295
4.88%, 11/15/27 (Call 05/15/27)(b)		9,100		9,881,265
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)(a)		6,996		7,080,372
7.00%, 11/01/26 (Call 11/29/21)(a)(b)		9,266		9,568,674
Callon Petroleum Co.
6.13%, 10/01/24 (Call 11/29/21)		7,153		7,034,777
8.00%, 08/01/28 (Call 08/01/24)(a)(b)		10,565		10,644,237
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 11/29/21)(a)		8,161		8,864,886
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 02/05/23)(a)(b)		7,453		7,786,149
5.88%, 02/01/29 (Call 02/05/24)(a)(b)		7,596		8,089,604
Citgo Holding Inc., 9.25%, 08/01/24 (Call 11/29/21)(a)(b)		21,705		22,156,759
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 06/15/23)(a)(b)		10,657		10,976,710
7.00%, 06/15/25 (Call 06/15/22)(a)		17,362		17,882,339
CNX Resources Corp.
6.00%, 01/15/29 (Call 01/15/24)(a)(b)		8,152		8,600,360
7.25%, 03/14/27 (Call 03/14/22)(a)(b)		13,096		13,921,866
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)(a)(b)		16,372		17,023,606
6.75%, 03/01/29 (Call 03/01/24)(a)(b)		19,706		21,178,507
7.50%, 05/15/25 (Call 11/29/21)(a)		2,768		2,870,624
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)(b)		15,602		16,382,100
4.38%, 01/15/28 (Call 10/15/27)(b)		15,486		16,841,025
4.50%, 04/15/23 (Call 01/15/23)(b)		8,184		8,512,833
5.75%, 01/15/31 (Call 07/15/30)(a)(b)		25,626		30,591,037
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)(a)(b)		6,127		6,324,596
5.63%, 10/15/25 (Call 11/29/21)(a)(b)		18,979		19,440,026

Security	Par (000)		Value
Oil & Gas (continued)
CVR Energy Inc.
5.25%, 02/15/25 (Call 02/15/22)(a)(b)	$	9,569	$	9,470,760
5.75%, 02/15/28 (Call 02/15/23)(a)(b)		5,956		5,876,807
Endeavor Energy Resources LP/EER Finance Inc.
5.75%, 01/30/28 (Call 01/30/23)(a)(b)		15,437		16,208,850
6.63%, 07/15/25 (Call 07/15/22)(a)(b)		7,120		7,508,305
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)(a)(e)		10,346		10,550,851
4.88%, 03/30/26 (Call 12/30/25)(a)(e)		8,033		8,163,536
5.38%, 03/30/28 (Call 09/30/27)(a)(e)		10,050		10,145,475
5.88%, 03/30/31 (Call 09/30/30)(a)(e)		10,270		10,413,780
EQT Corp.
3.00%, 10/01/22 (Call 09/01/22)(b)		1,523		1,540,499
3.13%, 05/15/26 (Call 05/15/23)(a)(b)		9,657		9,734,860
3.63%, 05/15/31 (Call 05/15/30)(a)(b)		9,234		9,435,225
3.90%, 10/01/27 (Call 07/01/27)(b)		18,794		20,037,368
6.63%, 02/01/25 (Call 01/01/25)(b)		18,697		21,014,761
7.50%, 02/01/30 (Call 11/01/29)(b)		11,654		14,923,707
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 10/01/25 (Call 11/15/21)(a)		5,730		5,844,887
5.75%, 02/01/29 (Call 02/01/24)(a)(b)		9,546		9,717,645
6.00%, 02/01/31 (Call 02/01/26)(a)(b)		10,055		10,297,368
6.25%, 11/01/28 (Call 11/01/23)(a)(b)		8,388		8,608,604
Laredo Petroleum Inc.
7.75%, 07/31/29 (Call 07/31/24)(a)(b)		6,662		6,580,557
9.50%, 01/15/25 (Call 01/15/22)(b)		8,885		9,150,069
Leviathan Bond Ltd.
5.75%, 06/30/23 (Call 03/30/23)(a)(e)		5,963		6,188,696
6.13%, 06/30/25 (Call 03/30/25)(a)(e)		9,582		10,342,923
6.50%, 06/30/27 (Call 12/30/26)(a)(e)		8,118		8,874,354
6.75%, 06/30/30 (Call 12/30/29)(a)(e)		9,035		9,999,938
Matador Resources Co., 5.88%, 09/15/26 (Call 11/15/21)(b)		15,160		15,651,351
MEG Energy Corp.
5.88%, 02/01/29 (Call 02/01/24)(a)(b)		8,541		8,786,554
6.50%, 01/15/25 (Call 11/29/21)(a)		2,907		2,976,041
7.13%, 02/01/27 (Call 02/01/23)(a)(b)		20,595		21,655,642
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 11/29/21)(a)(b)		11,633		10,586,030
10.50%, 05/15/27 (Call 05/15/22)(a)(b)		7,930		7,857,922
Murphy Oil Corp.
5.75%, 08/15/25 (Call 11/29/21)(b)		9,756		9,998,274
5.88%, 12/01/27 (Call 12/01/22)		8,296		8,635,763
6.38%, 07/15/28 (Call 07/15/24)		8,575		9,068,920
6.88%, 08/15/24 (Call 11/29/21)(b)		3,928		4,006,885
Nabors Industries Inc.
5.75%, 02/01/25 (Call 11/01/24)		9,424		8,952,800
9.00%, 02/01/25 (Call 12/01/21)(a)		226		233,916
Nabors Industries Ltd.
7.25%, 01/15/26 (Call 07/15/22)(a)(b)		9,265		8,980,101
7.50%, 01/15/28 (Call 01/15/23)(a)		2,523		2,411,002
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)		6,801		6,883,337
2.90%, 08/15/24 (Call 07/15/24)		42,871		43,672,688
3.00%, 02/15/27 (Call 11/15/26)(b)		11,179		11,170,966
3.20%, 08/15/26 (Call 06/15/26)(b)		13,091		13,278,529
3.40%, 04/15/26 (Call 01/15/26)		15,032		15,321,791
3.50%, 06/15/25 (Call 03/15/25)		7,611		7,869,556
3.50%, 08/15/29 (Call 05/15/29)(b)		25,360		25,740,400
5.50%, 12/01/25 (Call 09/01/25)		11,232		12,349,472

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
5.55%, 03/15/26 (Call 12/15/25)	$	16,661	$	18,389,579
5.88%, 09/01/25 (Call 06/01/25)(b)		13,547		15,037,170
6.13%, 01/01/31 (Call 07/01/30)(b)		21,401		25,627,697
6.38%, 09/01/28 (Call 03/01/28)(b)		9,772		11,405,878
6.63%, 09/01/30 (Call 03/01/30)(b)		25,706		31,472,285
6.95%, 07/01/24		10,794		12,129,757
7.50%, 05/01/31(b)		14,415		18,754,347
7.88%, 09/15/31		7,383		9,820,202
8.00%, 07/15/25 (Call 04/15/25)(b)		7,318		8,660,994
8.50%, 07/15/27 (Call 01/15/27)		7,709		9,620,110
8.88%, 07/15/30 (Call 01/15/30)		15,950		21,622,219
Ovintiv Exploration Inc.
5.38%, 01/01/26 (Call 10/01/25)(b)		10,335		11,491,714
5.63%, 07/01/24(b)		13,729		15,111,236
Parkland Corp.
4.50%, 10/01/29 (Call 10/01/24)(a)		13,048		13,129,550
5.88%, 07/15/27 (Call 07/15/22)(a)(b)		7,412		7,824,447
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/23)		17,974		13,031,150
7.25%, 06/15/25 (Call 11/29/21)		12,596		9,799,688
9.25%, 05/15/25 (Call 05/15/22)(a)(b)		20,157		19,501,897
PDC Energy Inc.
5.75%, 05/15/26 (Call 11/29/21)(b)		11,026		11,342,997
6.13%, 09/15/24 (Call 11/29/21)		5,142		5,223,501
Puma International Financing SA
5.00%, 01/24/26 (Call 11/09/21)(a)		10,170		10,236,896
5.13%, 10/06/24 (Call 11/09/21)(a)		9,356		9,413,175
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)		12,906		13,463,140
5.00%, 08/15/22 (Call 05/15/22)		5,743		5,830,422
5.00%, 03/15/23 (Call 12/15/22)		6,340		6,501,832
8.25%, 01/15/29 (Call 01/15/24)(a)(b)		8,304		9,341,111
9.25%, 02/01/26 (Call 02/01/22)(b)		11,408		12,357,668
SM Energy Co.
6.50%, 07/15/28 (Call 07/15/24)(b)		5,779		6,067,950
6.63%, 01/15/27 (Call 01/15/22)		6,484		6,698,797
6.75%, 09/15/26 (Call 11/29/21)(b)		6,661		6,829,018
10.00%, 01/15/25 (Call 06/17/22)(a)		8,571		9,551,186
Southwestern Energy Co.
5.38%, 02/01/29 (Call 02/01/24)(a)		12,075		12,734,673
5.38%, 03/15/30 (Call 03/15/25)(b)		20,615		21,748,413
6.45%, 01/23/25 (Call 10/23/24)		11,684		12,750,165
7.75%, 10/01/27 (Call 10/01/22)(b)		8,003		8,587,125
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)		13,392		13,572,658
4.50%, 04/30/30 (Call 04/30/25)(a)		12,972		13,086,413
5.88%, 03/15/28 (Call 03/15/23)(b)		6,605		6,983,533
6.00%, 04/15/27 (Call 04/15/22)(b)		9,238		9,681,408
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 11/29/21)(a)		11,641		11,425,287
Transocean Inc.
7.25%, 11/01/25 (Call 11/09/21)(a)(b)		6,247		5,154,462
7.50%, 01/15/26 (Call 11/09/21)(a)		10,116		8,143,380
8.00%, 02/01/27 (Call 02/01/23)(a)(b)		5,518		4,212,717
11.50%, 01/30/27 (Call 07/30/23)(a)(b)		11,484		11,824,558
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 11/29/21)(a)		9,749		9,780,124
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/22)(a)(b)		12,016		11,953,717

Security	Par (000)		Value
Oil & Gas (continued)
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 11/29/21)(a)	$	8,934	$	8,800,233
				1,394,828,822
Oil & Gas Services — 0.4%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/23)(a)(b)		12,737		13,223,580
6.88%, 04/01/27 (Call 04/01/22)(a)(b)		8,835		9,208,479
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 11/29/21)(b)		12,226		12,642,662
6.88%, 09/01/27 (Call 09/01/22)(b)		10,827		11,239,654
Weatherford International Ltd.
6.50%, 09/15/28 (Call 09/15/24)(a)(b)		9,545		10,081,906
8.63%, 04/30/30 (Call 10/30/24)(a)(b)		23,725		24,407,094
11.00%, 12/01/24 (Call 12/01/21)(a)(b)		4,064		4,236,720
				85,040,095
Packaging & Containers — 2.2%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.25%, 09/01/28 (Call 05/15/24)(a)(b)		8,847		8,658,264
4.00%, 09/01/29 (Call 05/15/24)(a)		19,733		19,647,161
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.13%, 08/15/26 (Call 08/15/22)(a)(b)		19,718		20,122,109
5.25%, 04/30/25 (Call 04/30/22)(a)		12,431		12,896,174
5.25%, 08/15/27 (Call 08/15/22)(a)(b)		31,890		31,810,276
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)(b)		23,216		22,345,400
3.13%, 09/15/31 (Call 06/15/31)(b)		14,254		13,862,015
4.00%, 11/15/23		13,815		14,523,353
4.88%, 03/15/26 (Call 12/15/25)(b)		12,901		14,143,703
5.25%, 07/01/25(b)		16,353		18,230,529
Berry Global Inc.
4.50%, 02/15/26 (Call 11/29/21)(a)(b)		991		1,006,599
4.88%, 07/15/26 (Call 07/15/22)(a)		1,276		1,334,413
5.63%, 07/15/27 (Call 07/15/22)(a)(b)		9,025		9,453,462
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)(b)		8,586		9,165,555
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 11/29/21)		14,695		15,152,106
Flex Acquisition Co. Inc.
6.88%, 01/15/25 (Call 11/29/21)(a)(b)		12,770		12,833,850
7.88%, 07/15/26 (Call 11/29/21)(a)(b)		8,660		9,051,570
Graphic Packaging International LLC, 3.50%, 03/15/28(a)(b)		8,051		8,102,526
LABL Inc.
5.88%, 11/01/28 (Call 11/01/24)(a)(b)		2,305		2,324,477
6.75%, 07/15/26 (Call 07/15/22)(a)		13,275		13,746,594
8.25%, 11/01/29 (Call 11/01/24)(a)		3,160		3,096,800
10.50%, 07/15/27 (Call 07/15/22)(a)(b)		13,766		14,559,204
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/24 (Call 11/29/21)(a)		25,628		25,666,442
7.25%, 04/15/25 (Call 11/29/21)(a)(b)		23,640		22,905,505
Owens-Brockway Glass Container Inc.
5.88%, 08/15/23(a)(b)		9,966		10,464,300
6.63%, 05/13/27 (Call 05/15/23)(a)(b)		13,003		13,873,898
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)(a)		8,224		8,100,640

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Packaging & Containers (continued)
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 4.00%, 10/15/27 (Call 10/15/23)(a)(b)	$	18,006	$	17,618,871
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)(a)		10,268		10,757,270
5.13%, 12/01/24 (Call 09/01/24)(a)		6,842		7,370,852
5.25%, 04/01/23 (Call 01/01/23)(a)(b)		6,681		6,984,986
5.50%, 09/15/25 (Call 06/15/25)(a)		4,777		5,274,072
Silgan Holdings Inc., 4.13%, 02/01/28
(Call 10/01/22)(b)		10,915		11,106,013
Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 08/15/22)(a)(b)		20,983		21,806,507
8.50%, 08/15/27 (Call 08/15/22)(a)(b)		10,395		10,966,621
				448,962,117
Pharmaceuticals — 3.9%
AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)(a)(b)		6,659		6,593,890
5.13%, 03/01/30 (Call 03/01/25)(a)(b)		11,293		11,345,633
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 07/31/22)(a)(b)		28,712		30,528,792
9.25%, 04/01/26 (Call 04/01/22)(a)		26,244		27,914,711
Bausch Health Companies Inc.
4.88%, 06/01/28 (Call 06/01/24)(a)(b)		28,583		29,434,773
5.00%, 01/30/28 (Call 01/30/23)(a)(b)		20,234		18,690,146
5.00%, 02/15/29 (Call 02/15/24)(a)(b)		16,481		15,121,317
5.25%, 01/30/30 (Call 01/30/25)(a)(b)		22,040		19,918,650
5.25%, 02/15/31 (Call 02/15/26)(a)		16,017		14,410,295
5.50%, 11/01/25 (Call 11/29/21)(a)(b)		28,659		29,130,363
5.75%, 08/15/27 (Call 08/15/22)(a)(b)		6,920		7,240,811
6.13%, 04/15/25 (Call 11/29/21)(a)		48,406		49,332,733
6.25%, 02/15/29 (Call 02/15/24)(a)(b)		25,742		24,935,807
7.00%, 01/15/28 (Call 01/15/23)(a)(b)		12,465		12,597,441
7.25%, 05/30/29 (Call 05/30/24)(a)(b)		12,175		12,320,491
9.00%, 12/15/25 (Call 12/15/21)(a)(b)		24,361		25,612,851
Elanco Animal Health Inc.
5.27%, 08/28/23 (Call 07/28/23)(b)		11,415		12,205,489
5.90%, 08/28/28 (Call 05/28/28)(b)		14,249		16,598,803
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 06/30/28 (Call 06/30/23)(a)(b)		20,847		14,540,783
9.50%, 07/31/27 (Call 07/31/23)(a)(b)		15,417		15,301,372
Endo Luxembourg Finance Co. I Sarl/Endo U.S. Inc., 6.13%, 04/01/29 (Call 04/01/24)(a)		22,151		21,818,735
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 09/01/22)(a)		10,851		11,664,391
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a)(b)		10,127		10,192,117
Jazz Securities DAC, 4.38%, 01/15/29
(Call 07/15/24)(a)(b)		26,148		26,868,464
Organon & Co./Organon Foreign Debt Co-Issuer BV
4.13%, 04/30/28 (Call 04/30/24)(a)		34,490		34,826,277
5.13%, 04/30/31 (Call 04/30/26)(a)(b)		34,916		36,013,410
Par Pharmaceutical Inc., 7.50%, 04/01/27
(Call 04/01/22)(a)(b)		34,212		34,511,355
Perrigo Finance Unlimited Co.
3.15%, 06/15/30 (Call 03/15/30)(b)		13,803		13,901,442
3.90%, 12/15/24 (Call 09/15/24)		10,015		10,567,537
4.38%, 03/15/26 (Call 12/15/25)		11,065		11,785,556
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)(a)		11,305		10,937,588
5.13%, 01/15/28 (Call 01/15/23)(a)(b)		5,360		5,605,657

Security	Par (000)		Value
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23	$	51,544	$	51,920,271
3.15%, 10/01/26(b)		57,750		54,413,251
6.00%, 04/15/24 (Call 01/15/24)(b)		19,509		20,536,131
6.75%, 03/01/28 (Call 12/01/27)(b)		22,201		24,395,726
7.13%, 01/31/25 (Call 10/31/24)(b)		14,657		15,733,410
				789,466,469
Pipelines — 4.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)(a)		12,357		12,882,173
5.75%, 03/01/27 (Call 03/01/22)(a)		13,488		13,949,964
5.75%, 01/15/28 (Call 01/15/23)(a)		11,426		11,954,453
7.88%, 05/15/26 (Call 05/15/23)(a)(b)		7,565		8,255,306
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)		10,807		11,038,486
4.13%, 03/01/25 (Call 02/01/25)(a)(b)		11,576		11,852,377
4.13%, 12/01/27 (Call 09/01/27)		5,854		5,904,674
4.15%, 07/01/23 (Call 04/01/23)		6,420		6,626,403
4.50%, 03/01/28 (Call 12/01/27)(a)(b)		7,311		7,279,319
6.38%, 01/22/78 (Call 01/22/23)(c)		7,023		6,396,162
Cheniere Energy Inc., 4.63%, 10/15/28
(Call 10/15/23)(b)		34,462		36,183,377
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)(a)		13,393		13,252,641
4.00%, 03/01/31 (Call 03/01/26)(a)(b)		26,448		27,541,133
4.50%, 10/01/29 (Call 10/01/24)(b)		27,072		28,836,553
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)(a)(b)		24,426		25,497,356
Crestwood Midstream Partners LP/Crestwood
Midstream Finance Corp.
5.63%, 05/01/27 (Call 05/01/22)(a)(b)		9,776		10,026,754
5.75%, 04/01/25 (Call 11/29/21)(b)		6,000		6,148,800
6.00%, 02/01/29 (Call 02/01/24)(a)(b)		11,044		11,418,556
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)(b)		5,370		5,531,100
5.13%, 05/15/29 (Call 02/15/29)(b)		10,406		11,784,795
5.38%, 07/15/25 (Call 04/15/25)		11,917		13,205,001
5.63%, 07/15/27 (Call 04/15/27)(b)		9,084		10,359,175
5.85%, 05/21/43 (Call 05/21/23)(a)(b)(c)		9,151		8,614,141
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)(a)		18,194		18,316,142
4.38%, 06/15/31 (Call 06/15/26)(a)(b)		17,236		17,486,462
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)		13,128		13,616,861
4.40%, 04/01/24 (Call 01/01/24)		6,292		6,567,275
4.85%, 07/15/26 (Call 04/15/26)(b)		7,286		7,572,279
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 05/01/24)		6,105		6,318,675
4.13%, 12/01/26 (Call 09/01/26)		6,925		7,125,038
4.50%, 01/15/29 (Call 07/15/28)(a)(b)		12,218		12,569,268
4.75%, 07/15/23 (Call 06/15/23)		11,352		11,949,229
4.75%, 01/15/31 (Call 07/15/30)(a)(b)		19,773		20,462,419
5.50%, 07/15/28 (Call 04/15/28)(b)		12,399		13,691,596
6.00%, 07/01/25 (Call 04/01/25)(a)(b)		12,075		13,133,575
6.50%, 07/01/27 (Call 01/01/27)(a)		15,259		16,975,638
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25 (Call 11/29/21)(b)		7,843		7,730,845
7.75%, 02/01/28 (Call 02/01/23)(b)		11,984		11,864,160
8.00%, 01/15/27 (Call 01/15/24)(b)		16,762		16,840,781

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)(a)	$	13,195	$	13,165,311
5.13%, 06/15/28 (Call 06/15/23)(a)(b)		7,854		8,157,950
5.63%, 02/15/26 (Call 11/29/21)(a)		10,296		10,653,786
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(a)		20,520		20,571,300
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 03/31/23)(a)(b)		24,696		24,016,860
6.75%, 09/15/25 (Call 09/15/22)(a)		20,363		19,860,441
NGL Energy Operating LLC/NGL Energy Finance Corp.,
7.50%, 02/01/26 (Call 02/01/23)(a)(b)		33,771		34,258,316
NGL Energy Partners LP/NGL Energy Finance Corp.
7.50%, 11/01/23 (Call 11/29/21)		7,353		7,075,015
7.50%, 04/15/26 (Call 04/15/22)(b)		3,585		3,067,864
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)(b)		9,072		9,534,649
5.75%, 10/01/25 (Call 07/01/25)(b)		7,917		8,471,190
6.00%, 06/01/26 (Call 03/01/26)(b)		6,676		7,101,595
6.38%, 10/01/30 (Call 04/01/30)(b)		11,153		12,226,476
Rockies Express Pipeline LLC
3.60%, 05/15/25 (Call 04/15/25)(a)		6,217		6,448,718
4.95%, 07/15/29 (Call 04/15/29)(a)		7,931		8,469,019
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 01/15/23)(a)(b)		12,798		12,819,213
6.00%, 03/01/27 (Call 03/01/23)(a)(b)		6,323		6,581,812
6.00%, 12/31/30 (Call 12/31/25)(a)		12,793		12,806,263
6.00%, 09/01/31 (Call 09/01/26)(a)(b)		9,507		9,392,322
7.50%, 10/01/25 (Call 10/01/22)(a)		8,177		8,841,381
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.00%, 01/15/32 (Call 07/15/26)(a)(b)		17,002		17,544,687
4.88%, 02/01/31 (Call 02/01/26)(b)		17,969		19,397,176
5.00%, 01/15/28 (Call 01/15/23)		10,881		11,464,679
5.38%, 02/01/27 (Call 02/01/22)		5,248		5,425,076
5.50%, 03/01/30 (Call 03/01/25)(b)		15,357		16,877,960
5.88%, 04/15/26 (Call 11/29/21)(b)		13,071		13,657,991
6.50%, 07/15/27 (Call 07/15/22)		11,014		11,823,403
6.88%, 01/15/29 (Call 01/15/24)(b)		8,537		9,562,507
Venture Global Calcasieu Pass LLC
3.88%, 08/15/29 (Call 02/15/29)(a)(b)		21,072		21,467,100
4.13%, 08/15/31 (Call 02/15/31)(a)(b)		21,315		22,059,959
Western Midstream Operating LP
3.95%, 06/01/25 (Call 03/01/25)		7,909		8,303,738
4.35%, 02/01/25 (Call 01/01/25)		12,156		12,762,811
4.50%, 03/01/28 (Call 12/01/27)		5,441		5,899,336
4.65%, 07/01/26 (Call 04/01/26)(b)		6,217		6,733,322
4.75%, 08/15/28 (Call 05/15/28)(b)		5,395		5,935,579
5.30%, 02/01/30 (Call 11/01/29)(b)		19,778		21,706,355
				960,900,102
Real Estate — 0.5%
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)(a)(b)		9,266		9,293,242
4.38%, 02/01/31 (Call 02/01/26)(a)		12,215		12,217,687
5.38%, 08/01/28 (Call 08/01/23)(a)(b)		13,445		14,127,334
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)(b)		8,121		8,283,420
4.75%, 02/01/30 (Call 09/01/24)(b)		11,199		11,317,155
5.00%, 03/01/31 (Call 03/01/26)		9,490		9,703,525
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)(a)		4,705		4,846,150

Security	Par (000)		Value
Real Estate (continued)
5.75%, 01/15/29 (Call 01/15/24)(a)(b)	$	16,130	$	16,683,259
7.63%, 06/15/25 (Call 06/15/22)(a)(b)		9,832		10,505,001
9.38%, 04/01/27 (Call 04/01/22)(a)(b)		10,809		11,829,099
				108,805,872
Real Estate Investment Trusts — 4.0%
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco LL
4.50%, 04/01/27 (Call 10/01/23)(a)		14,526		14,162,850
5.75%, 05/15/26 (Call 05/15/22)(a)(b)		6,825		7,060,462
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)(b)		8,685		8,424,540
4.75%, 02/15/28 (Call 08/15/27)(b)		6,999		6,974,504
9.75%, 06/15/25 (Call 06/15/22)		18,586		20,248,332
EPR Properties
4.50%, 06/01/27 (Call 03/01/27)		691		742,806
4.75%, 12/15/26 (Call 09/15/26)		1,191		1,295,040
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26 (Call 03/15/26)(a)		17,660		17,604,798
6.00%, 04/15/25 (Call 04/15/22)(a)(b)		6,231		6,497,064
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)(a)(b)		18,997		19,154,179
4.88%, 09/15/27 (Call 09/15/22)(a)(b)		18,804		19,403,660
4.88%, 09/15/29 (Call 09/15/24)(a)(b)		16,791		17,378,853
5.00%, 07/15/28 (Call 07/15/23)(a)		6,544		6,770,968
5.25%, 03/15/28 (Call 12/27/22)(a)		13,058		13,634,184
5.25%, 07/15/30 (Call 07/15/25)(a)		23,510		24,564,240
5.63%, 07/15/32 (Call 07/15/26)(a)(b)		9,425		10,063,544
iStar Inc.
4.25%, 08/01/25 (Call 05/01/25)(b)		6,559		6,733,965
4.75%, 10/01/24 (Call 07/01/24)(b)		14,670		15,462,180
5.50%, 02/15/26 (Call 08/15/22)(b)		6,929		7,220,107
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/23)(a)(b)		11,197		11,259,516
4.75%, 06/15/29 (Call 06/15/24)(a)(b)		10,492		10,570,690
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
3.88%, 02/15/29 (Call 11/15/28)(a)(b)		12,120		12,820,172
4.50%, 09/01/26 (Call 06/01/26)(b)		6,067		6,566,011
4.63%, 06/15/25 (Call 03/15/25)(a)		10,797		11,609,699
5.63%, 05/01/24 (Call 02/01/24)(b)		16,954		18,350,131
5.75%, 02/01/27 (Call 11/01/26)		11,265		12,847,732
MPT Operating Partnership LP/MPT Finance Corp.
3.50%, 03/15/31 (Call 03/15/26)		22,824		22,973,497
4.63%, 08/01/29 (Call 08/01/24)(b)		15,822		16,751,542
5.00%, 10/15/27 (Call 10/15/22)(b)		24,981		26,302,697
5.25%, 08/01/26 (Call 11/29/21)		6,646		6,852,912
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/15/24)(a)(b)		12,189		12,363,564
5.88%, 10/01/28 (Call 10/01/23)(a)(b)		14,726		15,451,926
7.50%, 06/01/25 (Call 06/01/22)(a)		8,461		8,977,121
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 02/15/24)(a)(b)		9,488		9,437,081
4.75%, 10/15/27 (Call 10/15/22)(b)		11,100		11,368,244
RLJ Lodging Trust LP
3.75%, 07/01/26 (Call 07/01/23)(a)(b)		4,627		4,673,270
4.00%, 09/15/29 (Call 09/15/24)(a)(b)		9,593		9,565,660
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)(a)		25,230		24,157,725

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
3.88%, 02/15/27 (Call 02/15/23)(b)	$	27,323	$	28,177,663
4.88%, 09/01/24 (Call 11/08/21)(b)		16,893		17,088,114
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)(b)		6,703		6,247,805
4.35%, 10/01/24 (Call 09/01/24)(b)		15,505		15,666,717
4.38%, 02/15/30 (Call 08/15/29)(b)		6,902		6,487,880
4.50%, 06/15/23 (Call 12/15/22)(b)		9,767		10,005,193
4.75%, 10/01/26 (Call 08/01/26)		5,688		5,632,542
4.95%, 02/15/27 (Call 08/15/26)(b)		5,255		5,176,175
4.95%, 10/01/29 (Call 07/01/29)(b)		6,378		6,149,987
5.50%, 12/15/27 (Call 09/15/27)(b)		8,576		8,983,360
7.50%, 09/15/25 (Call 06/15/25)		15,262		16,867,562
Starwood Property Trust Inc.
3.63%, 07/15/26 (Call 01/15/26)(a)		6,521		6,519,696
4.75%, 03/15/25 (Call 09/15/24)(b)		7,427		7,805,034
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
6.00%, 01/15/30 (Call 01/15/25)(a)		12,715		12,546,526
7.13%, 12/15/24 (Call 12/15/21)(a)		9,044		9,270,301
7.88%, 02/15/25 (Call 02/15/22)(a)		37,361		39,292,564
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)(a)(b)		9,015		9,060,075
6.50%, 02/15/29 (Call 02/15/24)(a)(b)		19,423		19,678,607
VICI Properties LP/VICI Note Co. Inc.
3.50%, 02/15/25 (Call 02/15/22)(a)(b)		11,407		11,628,923
3.75%, 02/15/27 (Call 02/15/23)(a)(b)		13,677		14,068,846
4.13%, 08/15/30 (Call 02/15/25)(a)(b)		18,546		19,465,572
4.25%, 12/01/26 (Call 12/01/22)(a)(b)		19,865		20,601,594
4.63%, 12/01/29 (Call 12/01/24)(a)(b)		16,784		17,895,940
XHR LP
4.88%, 06/01/29 (Call 06/01/24)(a)		7,248		7,436,086
6.38%, 08/15/25 (Call 08/15/22)(a)(b)		8,697		9,175,335
				807,223,563
Retail — 4.0%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 02/15/24)(a)(b)		12,512		12,118,185
3.88%, 01/15/28 (Call 09/15/22)(a)		26,467		26,402,950
4.00%, 10/15/30 (Call 10/15/25)(a)(b)		50,203		48,508,649
4.38%, 01/15/28 (Call 11/15/22)(a)(b)		12,633		12,699,323
5.75%, 04/15/25 (Call 04/15/22)(a)		9,523		9,926,716
Bath & Body Works Inc.
5.25%, 02/01/28		6,839		7,355,345
6.63%, 10/01/30 (Call 10/01/25)(a)(b)		16,594		18,564,537
7.50%, 06/15/29 (Call 06/15/24)		7,506		8,459,262
9.38%, 07/01/25(a)		3,690		4,600,705
Carvana Co.
4.88%, 09/01/29 (Call 09/01/24)(a)(b)		12,937		12,516,547
5.50%, 04/15/27 (Call 04/15/24)(a)		9,523		9,582,519
5.63%, 10/01/25 (Call 10/01/22)(a)(b)		9,813		10,009,260
5.88%, 10/01/28 (Call 10/01/23)(a)		8,137		8,286,314
eG Global Finance PLC
6.75%, 02/07/25 (Call 11/09/21)(a)		12,718		13,024,609
8.50%, 10/30/25 (Call 11/29/21)(a)		9,619		9,986,446
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 04/01/23)(a)(b)		10,796		10,505,833
5.88%, 04/01/29 (Call 04/01/24)(a)		13,203		12,839,917
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)(a)		12,845		12,610,602
3.88%, 10/01/31 (Call 10/01/26)(a)		12,285		12,039,300

Security	Par (000)		Value
Retail (continued)
Golden Nugget Inc.
6.75%, 10/15/24 (Call 11/29/21)(a)(b)	$	26,921	$	27,021,954
8.75%, 10/01/25 (Call 11/29/21)(a)(b)		13,156		13,697,946
IRB Holding Corp.
6.75%, 02/15/26 (Call 11/29/21)(a)(b)		6,062		6,207,838
7.00%, 06/15/25 (Call 06/15/22)(a)(b)		13,456		14,245,024
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/22)(a)(b)		12,462		12,899,694
LBM Acquisition LLC, 6.25%, 01/15/29
(Call 01/15/24)(a)(b)		12,861		12,489,317
LCM Investments Holdings II LLC, 4.88%, 05/01/29
(Call 05/01/24)(a)(b)		7,764		7,972,230
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)(a)(b)		13,490		13,979,012
4.38%, 01/15/31 (Call 10/15/25)(a)(b)		8,599		9,170,834
4.63%, 12/15/27 (Call 12/15/22)(a)(b)		7,565		7,997,332
Macy’s Retail Holdings LLC
2.88%, 02/15/23 (Call 11/15/22)(b)		6,368		6,439,640
3.63%, 06/01/24 (Call 03/01/24)(b)		2,338		2,413,284
5.88%, 04/01/29 (Call 04/01/24)(a)(b)		7,189		7,665,921
Michaels Companies Inc (The)
5.25%, 05/01/28 (Call 11/01/23)(a)(b)		14,314		14,475,748
7.88%, 05/01/29 (Call 05/01/24)(a)(b)		21,145		21,433,623
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(b)		9,085		8,939,362
4.75%, 09/15/29 (Call 09/15/24)		9,276		9,772,266
NMG Holding Co. Inc./Neiman Marcus Group LLC,
7.13%, 04/01/26 (Call 04/01/23)(a)(b)		18,364		19,308,980
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)(b)		7,023		7,023,000
4.38%, 04/01/30 (Call 01/01/30)(b)		8,782		8,935,685
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 09/01/22)(b)		10,119		10,397,273
3.75%, 06/15/29 (Call 06/15/24)(b)		8,588		8,540,852
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (Call 02/15/24)(a)(b)		20,332		20,891,130
7.75%, 02/15/29 (Call 02/15/24)(a)(b)		20,312		21,926,195
QVC Inc.
4.38%, 03/15/23		9,630		10,028,843
4.38%, 09/01/28 (Call 06/01/28)		7,625		7,796,563
4.45%, 02/15/25 (Call 11/15/24)(b)		11,661		12,453,365
4.75%, 02/15/27 (Call 11/15/26)(b)		10,820		11,315,015
4.85%, 04/01/24(b)		9,961		10,684,418
Rite Aid Corp.
7.50%, 07/01/25 (Call 07/01/22)(a)(b)		10,519		10,571,595
8.00%, 11/15/26 (Call 01/15/23)(a)(b)		12,971		13,090,686
Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)(a)		10,801		10,828,002
4.88%, 11/15/31 (Call 11/15/26)(a)		8,310		8,310,000
SRS Distribution Inc.
4.63%, 07/01/28 (Call 07/01/24)(a)(b)		12,802		13,096,318
6.13%, 07/01/29 (Call 07/01/24)(a)(b)		6,923		7,122,036
Staples Inc.
7.50%, 04/15/26 (Call 04/15/22)(a)(b)		35,109		35,372,317
10.75%, 04/15/27 (Call 04/15/22)(a)(b)		16,212		15,482,460
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)(a)(b)		10,424		10,684,600
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)(b)		19,047		18,808,912
4.63%, 01/31/32 (Call 10/01/26)		19,420		20,238,370

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
4.75%, 01/15/30 (Call 10/15/29)(a)(b)	$	12,179	$	13,059,542
7.75%, 04/01/25 (Call 04/01/22)(a)		9,859		10,475,187
				793,299,388
Semiconductors — 0.1%
Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22)(b)		19,622		20,389,544
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		836		898,524
				21,288,068
Software — 1.8%
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)(a)(b)		16,888		16,803,560
Boxer Parent Co. Inc., 7.13%, 10/02/25 (Call 06/01/22)(a)(b)		11,084		11,753,220
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)(b)		12,099		12,594,523
5.00%, 10/15/24 (Call 07/15/24)(b)		6,137		6,786,397
5.25%, 05/15/29 (Call 05/15/24)(a)(b)		10,291		11,036,767
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 11/09/21)(a)		21,512		21,687,770
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (Call 06/30/24)(a)(b)		16,323		16,139,347
4.88%, 07/01/29 (Call 06/30/24)(a)		14,512		14,461,208
MSCI Inc.
3.25%, 08/15/33 (Call 08/15/27)(a)(b)		13,210		13,276,010
3.63%, 09/01/30 (Call 03/01/25)(a)		13,799		14,115,687
3.63%, 11/01/31 (Call 11/01/26)(a)		10,526		10,841,780
3.88%, 02/15/31 (Call 06/01/25)(a)(b)		16,315		16,851,463
4.00%, 11/15/29 (Call 11/15/24)(a)(b)		16,408		17,156,732
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/23)(a)(b)		15,244		15,365,952
5.88%, 06/01/26 (Call 11/29/21)(a)(b)		10,739		11,110,001
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)(a)(b)		16,999		17,226,929
PTC Inc.
3.63%, 02/15/25 (Call 02/15/22)(a)		9,100		9,257,366
4.00%, 02/15/28 (Call 02/15/23)(a)(b)		7,689		7,804,685
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)(a)(b)		9,323		8,876,661
5.38%, 12/01/28 (Call 12/01/23)(a)(b)		8,439		8,143,729
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a)		15,415		15,357,194
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)(a)(b)		35,568		37,435,320
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)(b)		7,777		7,830,856
3.88%, 03/15/31 (Call 03/15/26)(b)		8,931		8,992,088
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 11/29/21)(a)		29,027		30,079,229
				360,984,474
Telecommunications — 7.5%
Altice France Holding SA
6.00%, 02/15/28 (Call 02/15/23)(a)(b)		19,827		18,835,650
10.50%, 05/15/27 (Call 05/15/22)(a)		26,908		29,161,545
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)(a)(b)		32,275		31,651,524
Altice France SA/France
5.13%, 01/15/29 (Call 09/15/23)(a)		7,531		7,325,517
5.13%, 07/15/29 (Call 04/15/24)(a)(b)		42,841		41,523,639
5.50%, 01/15/28 (Call 09/15/22)(a)(b)		17,678		17,744,293
8.13%, 02/01/27 (Call 02/01/22)(a)		28,042		30,145,150
Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)(a)(b)		16,503		17,203,717

Security	Par (000)		Value
Telecommunications (continued)
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 11/29/21)(a)	$	14,271	$	14,534,466
CommScope Inc.
4.75%, 09/01/29 (Call 09/01/24)(a)(b)		23,055		22,622,500
6.00%, 03/01/26 (Call 03/01/22)(a)		24,139		24,963,069
7.13%, 07/01/28 (Call 07/01/23)(a)(b)		11,556		11,389,160
8.25%, 03/01/27 (Call 03/01/22)(a)(b)		17,165		17,490,105
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)(a)(b)		11,374		10,561,946
6.00%, 06/15/25 (Call 11/09/21)(a)		21,631		21,411,013
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)(a)(b)		36,377		37,741,138
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)(a)(b)		5,989		6,063,007
6.50%, 10/01/28 (Call 10/01/23)(a)(b)		13,856		14,739,597
Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)(a)		26,537		27,029,142
5.88%, 10/15/27 (Call 10/15/23)(a)(b)		20,652		21,688,844
5.88%, 11/01/29 (Call 11/01/24)(b)		14,564		14,527,590
6.00%, 01/15/30 (Call 10/15/24)(a)(b)		16,155		16,221,316
6.75%, 05/01/29 (Call 05/01/24)(a)(b)		18,200		18,845,885
Hughes Satellite Systems Corp.
5.25%, 08/01/26		14,929		16,683,714
6.63%, 08/01/26(b)		13,240		14,997,610
Iliad Holding SAS
6.50%, 10/15/26 (Call 10/15/23)(a)		19,605		20,201,384
7.00%, 10/15/28 (Call 10/15/24)(a)(b)		14,730		15,161,147
Intelsat Jackson Holdings SA
8.00%, 02/15/24 (Call 11/29/21)(a)(f)(g)		24,990		25,517,914
9.50%, 09/30/22(a)(f)(g)		7,476		8,765,610
Intrado Corp., 8.50%, 10/15/25 (Call 11/29/21)(a)(b)		783		773,682
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)(a)(b)(c)		12,259		12,979,484
Level 3 Financing Inc.
3.63%, 01/15/29 (Call 01/15/24)(a)(b)		13,474		12,749,234
3.75%, 07/15/29 (Call 01/15/24)(a)(b)		14,802		13,987,890
4.25%, 07/01/28 (Call 07/01/23)(a)(b)		20,037		19,812,385
4.63%, 09/15/27 (Call 09/15/22)(a)(b)		17,421		17,856,525
5.25%, 03/15/26 (Call 11/29/21)(b)		12,329		12,707,500
5.38%, 05/01/25 (Call 11/29/21)		12,397		12,683,870
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 02/15/23)(a)		23,601		23,690,040
4.50%, 01/15/29 (Call 01/15/24)(a)(b)		15,433		14,912,136
5.13%, 12/15/26 (Call 12/15/22)(a)(b)		23,807		24,389,795
5.38%, 06/15/29 (Call 06/15/24)(a)(b)		17,236		17,279,090
5.63%, 04/01/25 (Call 01/01/25)(b)		8,480		9,116,662
Series W, 6.75%, 12/01/23		10,309		11,319,179
Series Y, 7.50%, 04/01/24 (Call 01/01/24)(b)		15,840		17,421,228
Nokia OYJ, 4.38%, 06/12/27(b)		8,650		9,316,944
Sprint Communications Inc., 6.00%, 11/15/22		34,924		36,634,578
Sprint Corp.
7.13%, 06/15/24		42,263		47,757,190
7.63%, 02/15/25 (Call 11/15/24)(b)		25,449		29,616,274
7.63%, 03/01/26 (Call 11/01/25)		25,331		30,365,536
7.88%, 09/15/23		69,596		77,232,421
Switch Ltd.
3.75%, 09/15/28 (Call 09/15/23)(a)(b)		9,649		9,612,816
4.13%, 06/15/29 (Call 06/15/24)(a)		10,088		10,147,036
Telecom Italia SpA/Milano, 5.30%, 05/30/24(a)		23,625		25,160,625
Telesat Canada/Telesat LLC
4.88%, 06/01/27 (Call 12/01/22)(a)(b)		6,406		5,733,370

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
5.63%, 12/06/26 (Call 12/06/23)(a)(b)	$	9,279	$	8,672,153
6.50%, 10/15/27 (Call 10/15/22)(a)(b)		9,114		7,382,340
T-Mobile USA Inc.
2.25%, 02/15/26 (Call 02/15/23)(b)		14,713		14,804,956
2.25%, 02/15/26 (Call 02/15/23)(a)		13,273		13,355,956
2.63%, 04/15/26 (Call 04/15/23)(b)		19,501		19,830,893
2.63%, 02/15/29 (Call 02/15/24)(b)		15,329		15,192,003
2.88%, 02/15/31 (Call 02/15/26)(b)		16,256		16,189,350
3.38%, 04/15/29 (Call 04/15/24)(b)		19,953		20,520,663
3.38%, 04/15/29 (Call 04/15/24)(a)		18,686		19,217,617
3.50%, 04/15/31 (Call 04/15/26)		21,981		22,784,406
3.50%, 04/15/31 (Call 04/15/26)(a)(b)		18,737		19,390,921
4.75%, 02/01/28 (Call 02/01/23)(b)		27,538		29,087,013
5.38%, 04/15/27 (Call 04/15/22)(b)		6,070		6,337,866
ViaSat Inc.
5.63%, 09/15/25 (Call 11/09/21)(a)		12,501		12,680,702
5.63%, 04/15/27 (Call 04/15/22)(a)(b)		12,587		13,086,022
6.50%, 07/15/28 (Call 07/15/23)(a)		6,722		7,041,295
Vmed O2 UK Financing I PLC
4.25%, 01/31/31 (Call 01/31/26)(a)		23,060		22,455,828
4.75%, 07/15/31 (Call 07/15/26)(a)		23,601		23,720,971
Vodafone Group PLC
3.25%, 06/04/81 (Call 06/04/26)(b)(c)		7,843		7,831,216
4.13%, 06/04/81 (Call 03/04/31)(c)		15,787		15,709,170
7.00%, 04/04/79 (Call 01/04/29)(c)		34,517		41,592,985
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)(a)(b)		24,092		25,512,946
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 11/29/21)(a)(b)		26,440		25,653,410
6.13%, 03/01/28 (Call 03/01/23)(a)(b)		18,823		18,370,307
				1,504,423,671
Toys, Games & Hobbies — 0.2%
Mattel Inc.
3.38%, 04/01/26 (Call 04/01/23)(a)(b)		11,106		11,446,121
3.75%, 04/01/29 (Call 04/01/24)(a)(b)		11,771		12,228,598
5.88%, 12/15/27 (Call 12/15/22)(a)(b)		8,755		9,434,294
				33,109,013
Transportation — 0.1%
XPO Logistics Inc., 6.25%, 05/01/25 (Call 05/01/22)(a)		20,261		21,343,950
Trucking & Leasing — 0.2%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)(a)(b)(c)		7,884		8,494,419

Security	Par/ Shares (000)		Value
Trucking & Leasing (continued)
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28 (Call 05/01/24)(a)(b)	$	17,848	$	17,892,620
6.50%, 10/01/25 (Call 11/29/21)(a)(b)		14,678		15,108,065
9.75%, 08/01/27 (Call 08/01/23)(a)(b)		6,240		7,019,805
				48,514,909
Total Corporate Bonds & Notes — 98.7% (Cost: $19,987,785,833)				19,741,574,573
Short-Term Investments
Money Market Funds — 15.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(h)(i)(j)		2,950,329		2,951,803,759
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(h)(i)		108,480		108,480,000
				3,060,283,759
Total Short-Term Investments — 15.3% (Cost: $3,059,502,100)				3,060,283,759
Total Investments in Securities — 114.0% (Cost: $23,047,287,933)				22,801,858,332
Other Assets, Less Liabilities — (14.0)%				(2,807,783,921	)
Net Assets — 100.0%			$	19,994,074,411

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(c)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

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

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

^(g)  Non-income producing security.

^(h)  Affiliate of the Fund.

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

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ High Yield Corporate Bond ETF

Fair Value Measurements (continued)

inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	19,741,574,573	$	—	$	19,741,574,573
Money Market Funds		3,060,283,759		—		—		3,060,283,759
	$	3,060,283,759	$	19,741,574,573	$	—	$	22,801,858,332

SCHEDULE  OF  INVESTMENTS

Schedule of Investments (unaudited) October 31, 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)(a)	$	9,175	$	9,251,643
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 01/15/26)		12,978		14,016,254
3.65%, 11/01/24 (Call 08/01/24)(a)		2,307		2,462,915
				25,730,812
Aerospace & Defense — 2.5%
Boeing Co. (The)
2.20%, 02/04/26 (Call 02/04/23)(a)		10,896		10,919,953
2.70%, 02/01/27 (Call 12/01/26)(a)		10,277		10,532,120
2.75%, 02/01/26 (Call 01/01/26)(a)		4,847		5,004,817
2.95%, 02/01/30 (Call 11/01/29)(a)		8,537		8,634,828
3.20%, 03/01/29 (Call 12/01/28)(a)		10,741		11,120,212
3.25%, 02/01/28 (Call 12/01/27)(a)		6,011		6,287,342
3.25%, 02/01/35 (Call 11/01/34)(a)		7,282		7,290,806
3.60%, 05/01/34 (Call 02/01/34)(a)		8,680		9,030,463
3.63%, 02/01/31 (Call 11/01/30)(a)		13,288		14,145,245
3.75%, 02/01/50 (Call 08/01/49)(a)		12,036		12,657,357
3.90%, 05/01/49 (Call 11/01/48)		7,837		8,359,156
3.95%, 08/01/59 (Call 02/01/59)		9,496		10,012,323
4.88%, 05/01/25 (Call 04/01/25)		33,156		36,621,389
5.04%, 05/01/27 (Call 03/01/27)		18,405		20,913,916
5.15%, 05/01/30 (Call 02/01/30)(a)		43,219		50,438,868
5.71%, 05/01/40 (Call 11/01/39)		31,553		40,385,827
5.81%, 05/01/50 (Call 11/01/49)		53,739		73,640,884
5.93%, 05/01/60 (Call 11/01/59)		34,781		48,784,836
General Dynamics Corp.
3.25%, 04/01/25 (Call 03/01/25)		9,467		10,080,437
3.50%, 05/15/25 (Call 03/15/25)		6,985		7,512,309
3.50%, 04/01/27 (Call 02/01/27)		8,552		9,353,684
3.63%, 04/01/30 (Call 01/01/30)(a)		10,637		11,884,183
3.75%, 05/15/28 (Call 02/15/28)		9,670		10,821,730
4.25%, 04/01/40 (Call 10/01/39)		10,078		12,306,369
4.25%, 04/01/50 (Call 10/01/49)(a)		6,216		8,081,319
L3Harris Technologies Inc., 4.40%, 06/15/28
(Call 03/15/28)		21,133		24,110,390
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)(a)		5,870		5,964,589
2.90%, 03/01/25 (Call 12/01/24)(a)		7,370		7,761,872
3.55%, 01/15/26 (Call 10/15/25)(a)		18,659		20,315,531
3.80%, 03/01/45 (Call 09/01/44)		11,545		13,595,131
4.07%, 12/15/42		16,393		19,569,781
4.09%, 09/15/52 (Call 03/15/52)(a)		12,446		15,628,180
4.70%, 05/15/46 (Call 11/15/45)		13,140		17,369,673
Northrop Grumman Corp.
2.93%, 01/15/25 (Call 11/15/24)		7,715		8,086,151
3.20%, 02/01/27 (Call 11/01/26)(a)		8,812		9,440,940
3.25%, 01/15/28 (Call 10/15/27)(a)		18,058		19,448,090
4.03%, 10/15/47 (Call 04/15/47)(a)		19,261		23,098,338
4.40%, 05/01/30 (Call 02/01/30)(a)		7,828		9,132,383
4.75%, 06/01/43		12,181		15,534,020
5.25%, 05/01/50 (Call 11/01/49)(a)		9,541		13,591,469
Raytheon Technologies Corp.
1.90%, 09/01/31 (Call 06/01/31)		11,654		11,251,735
2.25%, 07/01/30 (Call 04/01/30)(a)		13,772		13,832,754
2.82%, 09/01/51 (Call 03/01/51)		11,957		11,760,792
3.13%, 05/04/27 (Call 02/04/27)(a)		10,886		11,652,368
3.13%, 07/01/50 (Call 01/01/50)(a)		10,558		11,029,032

Security	Par (000)		Value
Aerospace & Defense (continued)
3.50%, 03/15/27 (Call 12/15/26)	$	14,591	$	15,838,762
3.75%, 11/01/46 (Call 05/01/46)		11,403		12,912,174
3.95%, 08/16/25 (Call 06/16/25)		13,251		14,462,556
4.13%, 11/16/28 (Call 08/16/28)		26,939		30,536,825
4.15%, 05/15/45 (Call 11/16/44)		6,737		8,031,688
4.35%, 04/15/47 (Call 10/15/46)		11,118		13,732,698
4.45%, 11/16/38 (Call 05/16/38)		7,497		9,048,721
4.50%, 06/01/42		33,491		41,098,089
4.63%, 11/16/48 (Call 05/16/48)(a)		14,544		18,830,918
5.70%, 04/15/40		10,033		13,854,577
6.13%, 07/15/38		9,884		13,984,706
Teledyne Technologies Inc., 2.75%, 04/01/31
(Call 01/01/31)		7,687		7,839,003
				937,164,309
Agriculture — 1.6%
Altria Group Inc.
2.35%, 05/06/25 (Call 04/06/25)		7,430		7,657,183
2.45%, 02/04/32 (Call 11/04/31)(a)		19,099		18,047,541
3.40%, 05/06/30 (Call 02/06/30)		7,945		8,294,377
3.40%, 02/04/41 (Call 08/04/40)(a)		16,255		15,168,685
3.70%, 02/04/51 (Call 08/04/50)		12,301		11,677,699
3.88%, 09/16/46 (Call 03/16/46)		14,204		13,979,219
4.00%, 02/04/61 (Call 08/04/60)		8,979		8,617,737
4.25%, 08/09/42		10,441		10,729,835
4.40%, 02/14/26 (Call 12/14/25)		8,862		9,834,326
4.80%, 02/14/29 (Call 11/14/28)		15,680		17,853,711
5.38%, 01/31/44(a)		15,656		18,454,048
5.80%, 02/14/39 (Call 08/14/38)		18,241		22,208,355
5.95%, 02/14/49 (Call 08/14/48)		25,422		32,394,378
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)(a)		11,821		12,441,787
2.70%, 09/15/51 (Call 03/15/51)(a)		6,550		6,598,199
3.25%, 03/27/30 (Call 12/27/29)(a)		10,848		11,850,455
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)(a)		17,084		16,749,075
2.73%, 03/25/31 (Call 12/25/30)(a)		11,234		10,945,399
3.22%, 08/15/24 (Call 06/15/24)		1,490		1,564,930
3.22%, 09/06/26 (Call 07/06/26)(a)		11,878		12,500,392
3.56%, 08/15/27 (Call 05/15/27)(a)		34,909		36,988,396
3.73%, 09/25/40 (Call 03/25/40)(a)		7,723		7,491,003
3.98%, 09/25/50 (Call 03/25/50)(a)		10,969		10,704,716
4.39%, 08/15/37 (Call 02/15/37)(a)		21,416		22,861,980
4.54%, 08/15/47 (Call 02/15/47)		25,763		27,008,942
4.70%, 04/02/27 (Call 02/02/27)		9,226		10,264,177
4.76%, 09/06/49 (Call 03/06/49)(a)		10,970		11,881,158
4.91%, 04/02/30 (Call 01/02/30)(a)		8,363		9,479,141
BAT International Finance PLC, 1.67%, 03/25/26
(Call 02/25/26)(a)		17,656		17,455,193
Bunge Ltd. Finance Corp., 2.75%, 05/14/31
(Call 02/14/31)(a)		11,899		11,994,462
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		11,227		10,906,319
1.50%, 05/01/25 (Call 04/01/25)		6,298		6,347,373
1.75%, 11/01/30 (Call 08/01/30)(a)		7,738		7,410,525
2.10%, 05/01/30 (Call 02/01/30)(a)		4,155		4,101,473
2.75%, 02/25/26 (Call 11/25/25)		8,155		8,566,320
3.25%, 11/10/24		2,751		2,925,828
3.38%, 08/11/25 (Call 05/11/25)(a)		8,247		8,833,263
3.38%, 08/15/29 (Call 05/15/29)(a)		8,260		9,017,292
3.88%, 08/21/42		8,009		8,693,031

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Agriculture (continued)
4.13%, 03/04/43	$	9,409	$	10,514,862
4.25%, 11/10/44(a)		10,373		11,903,475
4.38%, 11/15/41		7,641		8,793,968
4.88%, 11/15/43(a)		8,418		10,324,291
6.38%, 05/16/38		14,899		20,964,943
Reynolds American Inc.
4.45%, 06/12/25 (Call 03/12/25)		22,708		24,774,294
5.70%, 08/15/35 (Call 02/15/35)		6,434		7,622,772
5.85%, 02/12/45 (Call 02/15/45)		20,235		24,646,086
				620,042,614
Airlines — 0.1%
Southwest Airlines Co.
5.13%, 06/15/27 (Call 04/15/27)(a)		20,132		23,237,770
5.25%, 05/04/25 (Call 04/04/25)(a)		13,720		15,375,161
				38,612,931
Apparel — 0.3%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)(a)		11,275		11,816,741
2.40%, 03/27/25 (Call 02/27/25)(a)		4,271		4,447,182
2.75%, 03/27/27 (Call 01/27/27)		12,344		13,122,883
2.85%, 03/27/30 (Call 12/27/29)(a)		14,863		15,931,804
3.25%, 03/27/40 (Call 09/27/39)		8,848		9,713,965
3.38%, 03/27/50 (Call 09/27/49)(a)		11,607		13,291,235
3.88%, 11/01/45 (Call 05/01/45)		9,055		10,974,323
VF Corp.
2.40%, 04/23/25 (Call 03/23/25)(a)		8,681		8,983,933
2.95%, 04/23/30 (Call 01/23/30)(a)		11,275		11,774,962
				100,057,028
Auto Manufacturers — 1.3%
American Honda Finance Corp.
1.00%, 09/10/25(a)		4,519		4,479,512
1.20%, 07/08/25		10,262		10,234,609
1.30%, 09/09/26(a)		4,477		4,439,223
2.00%, 03/24/28(a)		8,766		8,849,690
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)(a)		7,460		7,103,148
Daimler Finance North America LLC, 8.50%, 01/18/31(a)		14,639		22,062,752
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)(a)		8,005		8,794,648
5.00%, 10/01/28 (Call 07/01/28)(a)		6,137		7,061,153
5.00%, 04/01/35(a)		8,350		9,886,923
5.15%, 04/01/38 (Call 10/01/37)(a)		10,853		13,075,576
5.20%, 04/01/45(a)		11,943		14,944,773
5.40%, 04/01/48 (Call 10/01/47)		7,249		9,267,216
5.95%, 04/01/49 (Call 10/01/48)(a)		10,141		13,873,345
6.13%, 10/01/25 (Call 09/01/25)(a)		22,787		26,407,257
6.25%, 10/02/43		12,271		16,751,387
6.60%, 04/01/36 (Call 10/01/35)		9,474		12,815,743
6.75%, 04/01/46 (Call 10/01/45)		8,432		12,220,828
6.80%, 10/01/27 (Call 08/01/27)		9,740		12,000,376
General Motors Financial Co. Inc.
1.25%, 01/08/26 (Call 12/08/25)		16,569		16,237,923
1.50%, 06/10/26 (Call 05/10/26)(a)		15,301		15,072,105
2.35%, 01/08/31 (Call 10/08/30)(a)		9,478		9,196,846
2.40%, 04/10/28 (Call 02/10/28)(a)		10,291		10,283,001
2.40%, 10/15/28 (Call 08/15/28)		19,365		19,263,667
2.70%, 08/20/27 (Call 06/20/27)(a)		9,913		10,135,075
2.70%, 06/10/31 (Call 03/10/31)		11,132		11,001,268
2.75%, 06/20/25 (Call 05/20/25)		15,808		16,398,252

Security	Par (000)		Value
Auto Manufacturers (continued)
2.90%, 02/26/25 (Call 01/26/25)	$	12,285	$	12,782,402
3.50%, 11/07/24 (Call 09/07/24)		4,170		4,417,288
3.60%, 06/21/30 (Call 03/21/30)(a)		9,181		9,774,121
4.00%, 01/15/25 (Call 10/15/24)		4,816		5,154,371
4.00%, 10/06/26 (Call 07/06/26)		8,087		8,811,985
4.30%, 07/13/25 (Call 04/13/25)		3,369		3,659,287
4.35%, 04/09/25 (Call 02/09/25)(a)		10,949		11,906,388
4.35%, 01/17/27 (Call 10/17/26)(a)		11,058		12,205,771
5.25%, 03/01/26 (Call 12/01/25)		12,865		14,554,245
Toyota Motor Corp., 1.34%, 03/25/26 (Call 02/25/26)		14,246		14,217,269
Toyota Motor Credit Corp.
0.80%, 10/16/25		13,561		13,293,939
1.13%, 06/18/26(a)		5,301		5,227,076
1.80%, 02/13/25(a)		13,643		13,929,010
1.90%, 04/06/28		8,531		8,575,712
2.15%, 02/13/30		6,682		6,744,850
3.00%, 04/01/25		10,310		10,902,932
3.20%, 01/11/27(a)		9,133		9,838,224
3.38%, 04/01/30(a)		9,361		10,337,070
				498,188,236
Auto Parts & Equipment — 0.1%
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)(a)		12,710		13,223,995
Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30)(a)		7,559		7,688,832
				20,912,827
Banks — 23.0%
Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25(a)		5,430		5,947,875
Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/25		7,759		7,611,671
Banco Santander SA
1.72%, 09/14/27 (Call 09/14/26)(b)		18,126		17,834,811
1.85%, 03/25/26		15,978		15,988,418
2.75%, 05/28/25(a)		13,705		14,242,244
2.75%, 12/03/30		12,836		12,620,086
2.96%, 03/25/31		10,423		10,610,319
3.31%, 06/27/29		14,395		15,395,406
3.49%, 05/28/30		9,615		10,218,965
3.80%, 02/23/28		8,828		9,634,949
4.25%, 04/11/27		11,541		12,758,593
4.38%, 04/12/28(a)		10,353		11,647,369
Bank of America Corp.
1.20%, 10/24/26 (Call 10/24/25)(b)		17,644		17,341,762
1.32%, 06/19/26 (Call 06/19/25), (SOFR + 1.150%)(b)		24,450		24,258,547
1.73%, 07/22/27 (Call 07/22/26)(b)		45,358		45,078,463
1.90%, 07/23/31 (Call 07/23/30)(b)		19,880		18,991,853
1.92%, 10/24/31 (Call 10/24/30)(a)(b)		19,492		18,598,097
2.02%, 02/13/26 (Call 02/13/25), (3 mo. LIBOR US + 0.640%)(b)		12,272		12,500,464
2.09%, 06/14/29 (Call 06/14/28)(b)		22,661		22,393,412
2.30%, 07/21/32 (Call 07/21/31), (SOFR + 1.220%)(b)		31,442		30,786,557
2.48%, 09/21/36 (Call 09/21/31)(b)		24,300		23,601,414
2.50%, 02/13/31 (Call 02/13/30), (3 mo. LIBOR US + 0.990%)(b)		27,010		27,140,083
2.57%, 10/20/32 (Call 10/20/31)(b)		26,671		26,672,096
2.59%, 04/29/31 (Call 04/29/30), (SOFR + 2.150%)(b)		27,358		27,624,604
2.68%, 06/19/41 (Call 06/19/40)(b)		40,162		38,744,069

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
2.69%, 04/22/32 (Call 04/22/31)(b)	$	35,901	$	36,354,835
2.83%, 10/24/51 (Call 10/24/50), (SOFR + 1.880%)(a)(b)		6,640		6,544,434
2.88%, 10/22/30 (Call 10/22/29), (3 mo. LIBOR US + 1.190%)(b)		15,081		15,611,602
2.97%, 07/21/52 (Call 07/21/51), (SOFR + 1.560%)(a)(b)		20,493		20,680,400
3.19%, 07/23/30 (Call 07/23/29), (3 mo. LIBOR US + 1.180%)(b)		17,723		18,757,997
3.25%, 10/21/27 (Call 10/21/26)(a)		19,861		21,138,984
3.31%, 04/22/42 (Call 04/22/41)(b)		26,977		28,515,709
3.37%, 01/23/26 (Call 01/23/25), (3 mo. LIBOR US + 0.810%)(b)		14,270		15,135,104
3.42%, 12/20/28 (Call 12/20/27), (3 mo. LIBOR US + 1.040%)(a)(b)		47,797		51,120,698
3.50%, 04/19/26		20,609		22,245,486
3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)(b)		22,445		24,128,786
3.59%, 07/21/28 (Call 07/21/27), (3 mo. LIBOR US + 1.370%)(b)		15,429		16,698,885
3.71%, 04/24/28 (Call 04/24/27), (3 mo. LIBOR US + 1.512%)(b)		15,758		17,057,071
3.82%, 01/20/28 (Call 01/20/27), (3 mo. LIBOR US + 1.575%)(b)		16,381		17,839,423
3.88%, 08/01/25		14,202		15,491,618
3.95%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.190%)(b)		9,406		11,091,378
3.97%, 03/05/29 (Call 03/05/28), (3 mo. LIBOR US + 1.070%)(a)(b)		18,937		20,962,636
3.97%, 02/07/30 (Call 02/07/29), (3 mo. LIBOR US + 1.210%)(b)		22,990		25,564,524
4.00%, 01/22/25(a)		16,820		18,125,383
4.08%, 04/23/40 (Call 04/23/39), (3 mo. LIBOR US + 1.320%)(b)		10,763		12,420,262
4.08%, 03/20/51 (Call 03/20/50), (3 mo. LIBOR US + 3.150%)(b)		43,705		52,829,909
4.20%, 08/26/24		6,046		6,543,384
4.24%, 04/24/38 (Call 04/24/37), (3 mo. LIBOR US + 1.814%)(b)		16,347		19,176,633
4.25%, 10/22/26(a)		16,312		18,063,021
4.27%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.310%)(b)		22,464		25,259,364
4.33%, 03/15/50 (Call 03/15/49), (3 mo. LIBOR US + 1.520%)(b)		25,969		32,274,182
4.44%, 01/20/48 (Call 01/20/47), (3 mo. LIBOR US + 1.990%)(a)(b)		15,408		19,474,912
4.45%, 03/03/26(a)		14,472		16,040,645
5.00%, 01/21/44		15,202		19,949,434
5.88%, 02/07/42(a)		11,596		16,551,916
6.11%, 01/29/37		17,978		24,323,038
7.75%, 05/14/38(a)		13,333		20,886,662
Series L, 3.95%, 04/21/25(a)		19,841		21,432,528
Series L, 4.18%, 11/25/27 (Call 11/25/26)(a)		15,254		16,804,371
Series N, 1.66%, 03/11/27 (Call 03/11/26)(b)		21,365		21,270,874
Series N, 2.65%, 03/11/32 (Call 03/11/31), (SOFR + 1.220%)(b)		18,023		18,167,872
Series N, 3.48%, 03/11/51 (Call 03/13/51), (SOFR + 1.650%)(b)		8,915		9,841,614
Bank of America N.A., 6.00%, 10/15/36(a)		10,577		14,497,852

Security	Par (000)		Value
Banks (continued)
0.95%, 01/22/27 (Call 01/22/26)(b)	$	5,685	$	5,530,093
1.25%, 09/15/26(a)		17,316		16,997,993
1.85%, 05/01/25(a)		12,709		12,972,286
Bank of New York Mellon Corp. (The)
1.60%, 04/24/25 (Call 03/24/25)(a)		12,770		12,945,980
2.45%, 08/17/26 (Call 05/17/26)		9,004		9,405,546
2.80%, 05/04/26 (Call 02/04/26)		6,831		7,219,564
3.25%, 05/16/27 (Call 02/16/27)		8,692		9,380,042
3.30%, 08/23/29 (Call 05/23/29)		3,955		4,311,939
3.40%, 01/29/28 (Call 10/29/27)		9,150		10,000,439
3.85%, 04/28/28(a)		9,622		10,871,555
Series G, 3.00%, 02/24/25 (Call 01/24/25)		7,377		7,809,318
Bank of Nova Scotia (The)
1.05%, 03/02/26(a)		13,057		12,797,553
1.30%, 06/11/25(a)		7,247		7,237,565
1.30%, 09/15/26 (Call 06/15/26)		7,018		6,897,447
1.35%, 06/24/26		7,597		7,524,613
2.20%, 02/03/25(a)		5,909		6,093,468
2.70%, 08/03/26(a)		14,918		15,661,339
4.50%, 12/16/25(a)		13,903		15,450,215
Barclays PLC
2.65%, 06/24/31 (Call 06/24/30)(b)		8,549		8,562,631
2.67%, 03/10/32 (Call 03/10/31)(b)		8,150		8,109,829
2.85%, 05/07/26 (Call 05/07/25)(b)		20,724		21,544,654
3.65%, 03/16/25		19,235		20,522,204
4.34%, 01/10/28 (Call 01/10/27)(a)		14,120		15,574,313
4.38%, 09/11/24		3,469		3,744,844
4.38%, 01/12/26		24,177		26,643,076
4.84%, 05/09/28 (Call 05/07/27)(a)		20,440		22,771,354
4.95%, 01/10/47(a)		13,744		18,057,135
4.97%, 05/16/29 (Call 05/16/28)(a)(b)		16,866		19,493,444
5.20%, 05/12/26(a)		18,095		20,497,527
5.25%, 08/17/45(a)		11,869		16,117,059
Canadian Imperial Bank of Commerce
1.25%, 06/22/26		25,367		24,850,650
2.25%, 01/28/25		4,944		5,100,136
Citigroup Inc.
1.12%, 01/28/27 (Call 01/28/26)(b)		23,353		22,795,811
1.46%, 06/09/27 (Call 06/09/26)(b)		25,315		24,917,322
2.52%, 11/03/32 (Call 11/03/31)(b)		5,080		5,080,000
2.56%, 05/01/32 (Call 05/01/31)(a)(b)		28,490		28,515,479
2.57%, 06/03/31 (Call 06/03/30)(b)		32,805		33,021,165
2.67%, 01/29/31 (Call 01/29/30), (SOFR + 1.146%)(a)(b)		21,253		21,585,546
2.90%, 11/03/42 (Call 11/03/41)(b)		7,365		7,297,389
2.98%, 11/05/30 (Call 11/05/29)(b)		19,450		20,269,228
3.11%, 04/08/26 (Call 04/08/25), (SOFR + 2.842%)(a)(b)		32,590		34,331,192
3.20%, 10/21/26 (Call 07/21/26)(a)		30,909		32,865,061
3.30%, 04/27/25		16,095		17,194,430
3.40%, 05/01/26(a)		18,512		19,955,712
3.52%, 10/27/28 (Call 10/27/27), (3 mo. LIBOR US + 1.151%)(b)		19,907		21,352,252
3.67%, 07/24/28 (Call 07/24/27),
(3 mo. LIBOR US + 1.390%)(b)		22,467		24,292,862
3.70%, 01/12/26(a)		20,554		22,291,333
3.88%, 03/26/25(a)		11,669		12,536,262
3.88%, 01/22/38 (Call 01/24/38), (3 mo. LIBOR US + 1.168%)(a)(b)		9,651		10,962,593

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.89%, 01/10/28 (Call 01/10/27), (3 mo. LIBOR US + 1.563%)(b)	$	25,893	$	28,183,223
3.98%, 03/20/30 (Call 03/20/29), (3 mo. LIBOR US + 1.338%)(b)		23,616		26,240,706
4.08%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.192%)(a)(b)		18,738		20,792,185
4.13%, 07/25/28(a)		19,884		22,087,813
4.28%, 04/24/48 (Call 04/24/47), (3 mo. LIBOR US + 1.839%)(b)		10,736		13,339,110
4.30%, 11/20/26		8,169		9,052,248
4.40%, 06/10/25		26,290		28,730,530
4.41%, 03/31/31 (Call 03/31/30), (SOFR + 3.914%)(a)(b)		37,876		43,364,316
4.45%, 09/29/27(a)		37,418		41,920,721
4.60%, 03/09/26(a)		15,985		17,831,996
4.65%, 07/30/45(a)		12,464		16,118,105
4.65%, 07/23/48 (Call 06/23/48)(a)		24,081		31,591,426
4.75%, 05/18/46(a)		16,346		20,764,724
5.30%, 05/06/44(a)		8,899		11,715,161
5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)(b)		10,576		13,897,807
5.50%, 09/13/25(a)		15,810		18,047,371
5.88%, 01/30/42(a)		11,593		16,529,503
6.63%, 06/15/32		10,317		13,793,523
6.68%, 09/13/43		9,866		15,014,822
8.13%, 07/15/39(a)		18,115		30,802,494
Citizens Bank N.A./Providence RI, 2.25%, 04/28/25 (Call 03/28/25)		4,825		4,982,017
Citizens Financial Group Inc., 3.25%, 04/30/30 (Call 01/30/30)		12,016		12,818,663
Cooperatieve Rabobank U.A.
3.75%, 07/21/26		14,852		16,134,702
4.38%, 08/04/25		15,479		16,990,888
5.25%, 05/24/41(a)		13,949		19,285,036
5.25%, 08/04/45		11,921		16,188,654
5.75%, 12/01/43(a)		10,751		15,123,505
Cooperatieve Rabobank U.A./New York, 3.38%, 05/21/25		8,952		9,627,940
Credit Suisse AG/New York NY 1.25%, 08/07/26		23,386		22,856,656
2.95%, 04/09/25(a)		15,972		16,809,653
Credit Suisse Group AG 3.75%, 03/26/25(a)		22,137		23,685,778
4.55%, 04/17/26		21,616		24,006,269
4.88%, 05/15/45(a)		16,264		20,604,471
Deutsche Bank AG/New York NY 1.69%, 03/19/26		7,468		7,428,708
2.13%, 11/24/26 (Call 11/24/25)(b)		21,169		21,269,692
3.04%, 05/28/32 (Call 05/28/31)(b)		17,111		17,221,528
3.55%, 09/18/31 (Call 09/18/30), (SOFR + 3.043%)(a)(b)		13,339		14,124,013
3.96%, 11/26/25 (Call 11/26/24)(b)		21,576		23,062,800
Discover Bank 3.45%, 07/27/26 (Call 04/27/26)		6,688		7,166,306
4.65%, 09/13/28 (Call 06/13/28)(a)		9,815		11,317,821
Fifth Third Bancorp. 2.38%, 01/28/25 (Call 12/28/24)		6,918		7,137,451
2.55%, 05/05/27 (Call 04/05/27)		4,614		4,786,267
8.25%, 03/01/38		8,168		13,443,041

Security	Par (000)		Value
Banks (continued)
Fifth Third Bank NA 3.85%, 03/15/26 (Call 02/15/26)	$	10,316	$	11,249,108
3.95%, 07/28/25 (Call 06/28/25)		5,840		6,408,212
Goldman Sachs Group Inc. (The) 0.86%, 02/12/26 (Call 02/12/25), (SOFR + 0.609%)(b)		8,408		8,364,466
1.09%, 12/09/26 (Call 12/09/25)(b)		18,154		17,706,898
1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)(b)		27,748		27,305,253
1.54%, 09/10/27 (Call 09/10/26)(b)		25,712		25,261,330
1.95%, 10/21/27 (Call 10/21/26)(b)		21,701		21,730,518
1.99%, 01/27/32 (Call 01/27/31)(b)		21,614		20,654,691
2.38%, 07/21/32 (Call 07/21/31), (SOFR + 1.248%)(b)		44,192		43,419,391
2.60%, 02/07/30 (Call 11/07/29)		17,598		17,893,083
2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)(b)		35,081		35,186,225
2.65%, 10/21/32 (Call 10/21/31)(b)		27,046		27,187,215
2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.472%)(b)		15,812		15,713,368
3.21%, 04/22/42 (Call 04/22/41)(b)		23,035		23,856,603
3.50%, 01/23/25 (Call 10/23/24)(a)		16,190		17,217,268
3.50%, 04/01/25 (Call 03/01/25)(a)		33,832		36,095,296
3.50%, 11/16/26 (Call 11/16/25)		27,458		29,410,909
3.69%, 06/05/28 (Call 06/05/27), (3 mo. LIBOR US + 1.510%)(b)		24,530		26,577,818
3.75%, 05/22/25 (Call 02/22/25)		22,903		24,599,730
3.75%, 02/25/26 (Call 11/25/25)		16,592		17,990,336
3.80%, 03/15/30 (Call 12/15/29)(a)		22,633		24,934,756
3.81%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.158%)(b)		22,926		25,109,314
3.85%, 01/26/27 (Call 01/26/26)		30,133		32,633,153
4.02%, 10/31/38 (Call 10/31/37), (3 mo. LIBOR US + 1.373%)(b)		26,754		30,707,176
4.22%, 05/01/29 (Call 05/01/28), (3 mo. LIBOR US + 1.301%)(a)(b)		32,173		36,012,111
4.25%, 10/21/25(a)		17,572		19,261,332
4.41%, 04/23/39 (Call 04/23/38), (3 mo. LIBOR US + 1.430%)(b)		15,741		18,860,150
4.75%, 10/21/45 (Call 04/21/45)(a)		12,612		16,477,780
4.80%, 07/08/44 (Call 01/08/44)		18,973		24,206,801
5.15%, 05/22/45		21,569		28,528,678
5.95%, 01/15/27		7,938		9,430,329
6.13%, 02/15/33		11,071		14,683,993
6.25%, 02/01/41		24,369		35,641,556
6.75%, 10/01/37		54,753		78,167,655
HSBC Holdings PLC 1.59%, 05/24/27 (Call 05/24/26)(b)		19,724		19,376,572
1.65%, 04/18/26 (Call 04/18/25)(b)		21,091		21,033,980
2.01%, 09/22/28 (Call 09/22/27)(a)(b)		16,901		16,659,106
2.10%, 06/04/26 (Call 06/04/25)(b)		21,166		21,426,513
2.21%, 08/17/29 (Call 08/17/28), (SOFR + 1.285%)(a)(b)		20,807		20,409,672
2.36%, 08/18/31 (Call 08/18/30)(a)(b)		10,614		10,377,711
2.63%, 11/07/25 (Call 11/07/24), (SOFR + 1.401%)(b)		20,079		20,734,754
2.80%, 05/24/32 (Call 05/24/31)(b)		31,454		31,662,892
2.85%, 06/04/31 (Call 06/04/30)(a)(b)		14,357		14,572,833
3.90%, 05/25/26(a)		22,981		24,945,411
3.97%, 05/22/30 (Call 05/22/29)(a)(b)		29,442		32,209,904

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.04%, 03/13/28 (Call 03/13/27),
(3 mo. LIBOR US + 1.546%)(b)	$	26,730	$	29,084,282
4.25%, 08/18/25		13,412		14,546,607
4.29%, 09/12/26 (Call 09/12/25)(a)(b)		22,828		24,863,518
4.30%, 03/08/26(a)		29,521		32,476,758
4.38%, 11/23/26		16,011		17,604,698
4.58%, 06/19/29 (Call 06/19/28)(b)		31,503		35,598,771
4.95%, 03/31/30		23,184		27,283,386
5.25%, 03/14/44(a)		16,390		21,245,331
6.10%, 01/14/42(a)		5,001		7,158,150
6.50%, 05/02/36(a)		21,099		28,751,384
6.50%, 09/15/37		25,613		35,432,425
6.80%, 06/01/38(a)		13,642		19,538,820
Huntington Bancshares Inc./OH, 2.55%, 02/04/30 (Call 11/04/29)(a)		4,963		5,090,679
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26)(b)		12,275		12,247,490
2.73%, 04/01/32 (Call 04/01/31)(b)		8,654		8,834,987
3.95%, 03/29/27(a)		16,555		18,216,639
4.05%, 04/09/29(a)		7,902		8,932,343
4.55%, 10/02/28		11,238		12,999,833
JPMorgan Chase & Co.
1.04%, 02/04/27 (Call 02/04/26)(b)		18,617		18,091,245
1.05%, 11/19/26 (Call 11/19/25), (SOFR + 0.800%)(b)		25,447		24,823,643
1.47%, 09/22/27 (Call 09/22/26)(b)		35,671		35,001,174
1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)(a)(b)		31,946		31,657,687
1.76%, 11/19/31 (Call 11/19/30)(a)(b)		14,401		13,635,143
1.95%, 02/04/32 (Call 02/04/31)(b)		27,228		26,044,132
2.01%, 03/13/26 (Call 03/13/25)(a)(b)		21,959		22,367,196
2.07%, 06/01/29 (Call 06/01/28)(b)		19,335		19,138,725
2.08%, 04/22/26 (Call 04/22/25)(b)		32,369		33,018,173
2.18%, 06/01/28 (Call 06/01/27)(b)		15,375		15,461,607
2.52%, 04/22/31 (Call 04/22/30), (SOFR + 2.040%)(b)		24,724		25,010,269
2.53%, 11/19/41 (Call 11/19/40)(b)		15,736		14,916,505
2.58%, 04/22/32 (Call 04/22/31)(b)		32,107		32,376,397
2.74%, 10/15/30 (Call 10/15/29), (SOFR + 1.510%)(a)(b)		35,326		36,192,727
2.95%, 10/01/26 (Call 07/01/26)(a)		27,941		29,566,968
3.11%, 04/22/41 (Call 04/22/40), (SOFR + 2.460%)(b)		14,759		15,245,060
3.11%, 04/22/51 (Call 04/22/50), (SOFR + 2.440%)(a)(b)		20,677		21,404,872
3.13%, 01/23/25 (Call 10/23/24)		16,537		17,441,268
3.16%, 04/22/42 (Call 04/22/41)(b)		20,079		20,877,154
3.20%, 06/15/26 (Call 03/15/26)		18,054		19,274,779
3.30%, 04/01/26 (Call 01/01/26)(a)		22,254		23,781,982
3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.580%)(b)		38,447		41,433,371
3.51%, 01/23/29 (Call 01/23/28), (3 mo. LIBOR US + 0.945%)(a)(b)		20,129		21,746,146
3.54%, 05/01/28 (Call 05/01/27), (3 mo. LIBOR US + 1.380%)(b)		23,008		24,843,024
3.63%, 12/01/27 (Call 12/01/26)		11,492		12,394,330
3.70%, 05/06/30 (Call 05/06/29)(b)		23,466		25,620,803
3.78%, 02/01/28 (Call 02/01/27), (3 mo. LIBOR US + 1.337%)(a)(b)		24,767		26,984,892

Security	Par (000)		Value
Banks (continued)
3.88%, 07/24/38 (Call 07/24/37), (3 mo. LIBOR US + 1.360%)(b)	$	23,859	$	27,232,851
3.90%, 07/15/25 (Call 04/15/25)		24,252		26,333,219
3.90%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.220%)(b)		17,244		20,113,619
3.96%, 01/29/27 (Call 01/29/26)(b)		18,474		20,127,122
3.96%, 11/15/48 (Call 11/15/47), (3 mo. LIBOR US + 1.380%)(b)		32,946		38,844,711
4.01%, 04/23/29 (Call 04/23/28)(b)		21,321		23,663,619
4.03%, 07/24/48 (Call 07/24/47), (3 mo. LIBOR US + 1.460%)(b)		14,390		17,010,292
4.13%, 12/15/26		20,281		22,456,328
4.20%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.260%)(b)		22,576		25,342,206
4.25%, 10/01/27(a)		13,408		15,073,817
4.26%, 02/22/48 (Call 02/22/47), (3 mo. LIBOR US + 1.580%)(a)(b)		18,146		22,204,151
4.45%, 12/05/29 (Call 12/05/28), (3 mo. LIBOR US + 1.330%)(a)(b)		23,564		26,884,535
4.49%, 03/24/31 (Call 03/24/30), (SOFR + 3.790%)(b)		27,943		32,383,517
4.85%, 02/01/44(a)		9,313		12,126,276
4.95%, 06/01/45		16,087		21,226,956
5.40%, 01/06/42(a)		11,782		16,062,766
5.50%, 10/15/40		10,002		13,618,985
5.60%, 07/15/41(a)		17,926		24,758,982
5.63%, 08/16/43		11,363		15,708,395
6.40%, 05/15/38		22,226		32,218,472
KeyBank N.A./Cleveland OH, 3.30%, 06/01/25		9,917		10,646,655
KeyCorp.
2.25%, 04/06/27		10,365		10,610,175
2.55%, 10/01/29(a)		7,993		8,256,324
4.10%, 04/30/28		9,329		10,587,426
Lloyds Banking Group PLC
1.63%, 05/11/27 (Call 05/11/26)(b)		12,141		12,003,107
2.44%, 02/05/26 (Call 02/05/25)(b)		11,170		11,496,574
3.57%, 11/07/28 (Call 11/07/27)(b)		12,875		13,821,512
3.75%, 01/11/27(a)		14,848		16,118,814
4.34%, 01/09/48		15,798		18,997,307
4.38%, 03/22/28		12,696		14,348,307
4.45%, 05/08/25		16,327		17,962,908
4.50%, 11/04/24		4,233		4,608,250
4.55%, 08/16/28(a)		10,246		11,742,274
4.58%, 12/10/25		16,843		18,620,209
4.65%, 03/24/26		11,944		13,270,018
5.30%, 12/01/45(a)		6,059		8,155,371
Mitsubishi UFJ Financial Group Inc.
1.41%, 07/17/25(a)		21,554		21,489,554
1.54%, 07/20/27 (Call 07/20/26)(b)		23,932		23,625,204
1.64%, 10/13/27 (Call 10/13/26)(b)		10,146		10,082,821
2.05%, 07/17/30(a)		13,235		12,887,164
2.19%, 02/25/25(a)		22,173		22,777,270
2.31%, 07/20/32 (Call 07/20/31)(b)		18,814		18,465,226
2.49%, 10/13/32 (Call 10/13/31)(b)		5,907		5,904,113
2.56%, 02/25/30(a)		10,805		10,946,788
2.76%, 09/13/26		10,300		10,758,148
3.20%, 07/18/29		19,974		21,179,703
3.29%, 07/25/27(a)		4,334		4,658,763
3.68%, 02/22/27(a)		9,144		9,982,081
3.74%, 03/07/29		16,261		17,949,139

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.75%, 07/18/39(a)	$	12,897	$	14,415,218
3.78%, 03/02/25		5,248		5,655,913
3.85%, 03/01/26(a)		24,585		26,841,517
3.96%, 03/02/28		11,775		13,124,490
4.05%, 09/11/28(a)		8,892		9,999,234
Mizuho Financial Group Inc.
1.23%, 05/22/27 (Call 05/22/26)(b)		13,413		13,060,007
1.55%, 07/09/27 (Call 07/09/26)(b)		14,943		14,750,591
1.98%, 09/08/31 (Call 09/08/30)(a)(b)		2,885		2,762,552
2.20%, 07/10/31 (Call 07/10/30)(b)		12,411		12,111,745
2.23%, 05/25/26 (Call 05/25/25)(a)(b)		3,773		3,844,537
2.56%, 09/13/31		15,179		14,829,220
2.84%, 09/13/26(a)		9,874		10,354,320
3.15%, 07/16/30 (Call 07/16/29), (3 mo. LIBOR US + 1.130%)(b)		8,066		8,501,525
3.17%, 09/11/27		11,150		11,859,402
4.02%, 03/05/28(a)		10,425		11,669,866
4.25%, 09/11/29 (Call 09/11/28)(a)(b)		10,763		12,119,649
Morgan Stanley
0.99%, 12/10/26 (Call 12/10/25)(b)		23,402		22,747,268
1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)(b)		29,917		29,439,193
1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)(b)		33,096		32,780,886
1.79%, 02/13/32 (Call 02/13/31)(a)(b)		23,609		22,243,802
1.93%, 04/28/32 (Call 04/28/31), (SOFR + 1.020%)(b)		24,477		23,329,303
2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)(a)(b)		27,741		28,400,171
2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)(b)		33,385		32,589,672
2.48%, 09/16/36 (Call 09/16/31)(b)		30,560		29,662,386
2.51%, 10/20/32 (Call 10/20/31)(b)		16,576		16,539,533
2.70%, 01/22/31 (Call 01/22/30), (SOFR + 1.143%)(a)(b)		33,384		34,123,726
2.80%, 07/25/51 (Call 01/25/51)(a)(b)		18,776		18,618,558
3.13%, 07/27/26		27,995		29,738,229
3.22%, 04/22/42 (Call 04/22/41)(a)(b)		18,225		19,201,308
3.59%, 07/22/28 (Call 07/22/27), (3 mo. LIBOR US + 1.340%)(b)		28,094		30,388,724
3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)(a)(b)		28,564		31,207,281
3.63%, 01/20/27		29,453		31,993,371
3.77%, 01/24/29 (Call 01/24/28), (3 mo. LIBOR US + 1.140%)(a)(b)		27,987		30,743,980
3.88%, 01/27/26		29,109		31,767,231
3.95%, 04/23/27		19,146		21,027,123
3.97%, 07/22/38 (Call 07/22/37), (3 mo. LIBOR US + 1.455%)(b)		18,445		21,150,114
4.00%, 07/23/25(a)		29,005		31,657,693
4.30%, 01/27/45		23,408		28,838,001
4.35%, 09/08/26		21,786		24,213,725
4.38%, 01/22/47		19,554		24,690,754
4.43%, 01/23/30 (Call 01/23/29), (3 mo. LIBOR US + 1.628%)(b)		27,606		31,576,458
4.46%, 04/22/39 (Call 04/22/38), (3 mo. LIBOR US + 1.431%)(a)(b)		9,822		11,891,861
5.00%, 11/24/25		19,335		21,778,062
5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)(a)(b)		18,016		27,078,929

Security	Par (000)		Value
Banks (continued)
6.38%, 07/24/42(a)	$	18,419	$	28,085,453
7.25%, 04/01/32		9,706		13,888,723
National Australia Bank Ltd./New York
2.50%, 07/12/26(a)		10,332		10,828,429
3.38%, 01/14/26(a)		5,746		6,219,002
Natwest Group PLC
1.64%, 06/14/27 (Call 06/14/26)(a)(b)		14,668		14,489,441
3.07%, 05/22/28 (Call 05/22/27)(a)(b)		8,374		8,746,687
4.45%, 05/08/30 (Call 05/08/29), (3 mo. LIBOR US + 1.871%)(b)		11,644		13,209,337
4.80%, 04/05/26		13,491		15,131,197
4.89%, 05/18/29 (Call 05/18/28)(b)		14,788		17,046,064
5.08%, 01/27/30 (Call 01/27/29), (3 mo. LIBOR US + 1.905%)(b)		15,501		18,156,610
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)(a)		6,671		6,652,757
3.95%, 10/30/25		6,437		7,113,934
PNC Bank N.A.
2.70%, 10/22/29		10,097		10,506,700
2.95%, 02/23/25 (Call 01/24/25)		4,626		4,884,930
3.10%, 10/25/27 (Call 09/25/27)		7,315		7,889,699
3.25%, 06/01/25 (Call 05/02/25)(a)		8,677		9,298,827
4.05%, 07/26/28		11,351		12,834,740
PNC Financial Services Group Inc. (The)
2.31%, 04/23/32 (Call 04/23/31)(a)(b)		10,499		10,591,780
2.55%, 01/22/30 (Call 10/24/29)(a)		19,403		20,033,202
2.60%, 07/23/26 (Call 05/23/26)		9,212		9,680,837
3.15%, 05/19/27 (Call 04/19/27)(a)		9,412		10,178,679
3.45%, 04/23/29 (Call 01/23/29)(a)		19,086		20,987,008
Royal Bank of Canada
0.88%, 01/20/26		15,899		15,518,518
1.15%, 06/10/25		14,389		14,318,720
1.15%, 07/14/26		15,914		15,642,572
1.20%, 04/27/26		16,408		16,173,648
1.40%, 11/02/26		20,422		20,175,562
2.25%, 11/01/24		12,066		12,484,188
2.30%, 11/03/31		20,000		19,965,750
4.65%, 01/27/26		16,873		18,904,595
Santander Holdings USA Inc.
3.24%, 10/05/26 (Call 08/05/26)		10,256		10,801,955
3.45%, 06/02/25 (Call 05/02/25)		8,597		9,123,598
4.40%, 07/13/27 (Call 04/14/27)		7,499		8,342,191
4.50%, 07/17/25 (Call 04/17/25)(a)		12,163		13,324,975
Santander UK Group Holdings PLC
1.53%, 08/21/26 (Call 08/21/25)(b)		6,984		6,909,139
3.82%, 11/03/28 (Call 11/03/27)(a)(b)		5,674		6,117,520
Santander UK Group Holdings PLC., 1.67%, 06/14/27 (Call 06/14/26)(b)		12,039		11,854,476
State Street Corp.
2.20%, 03/03/31(a)		10,472		10,390,497
2.40%, 01/24/30(a)		6,003		6,174,805
2.65%, 05/19/26(a)		6,717		7,105,325
3.30%, 12/16/24(a)		2,911		3,124,329
3.55%, 08/18/25		13,333		14,487,454
Sumitomo Mitsui Financial Group Inc.
0.95%, 01/12/26		10,649		10,376,488
1.40%, 09/17/26		25,249		24,757,521
1.47%, 07/08/25		21,986		21,996,283
1.90%, 09/17/28(a)		22,673		22,092,542
2.13%, 07/08/30		15,350		15,051,674

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
2.14%, 09/23/30	$	9,805	$	9,426,183
2.22%, 09/17/31		8,694		8,480,718
2.35%, 01/15/25(a)		6,132		6,320,860
2.63%, 07/14/26		25,187		26,168,842
2.75%, 01/15/30(a)		12,584		12,933,088
2.93%, 09/17/41(a)		9,058		8,855,777
3.01%, 10/19/26		15,500		16,395,547
3.04%, 07/16/29		26,084		27,403,417
3.35%, 10/18/27		9,373		10,094,618
3.36%, 07/12/27(a)		14,499		15,621,582
3.45%, 01/11/27		13,961		15,049,205
3.54%, 01/17/28(a)		9,583		10,443,894
3.78%, 03/09/26		18,176		19,786,953
3.94%, 07/19/28		5,182		5,786,488
Toronto-Dominion Bank (The)
0.75%, 09/11/25(a)		10,899		10,667,192
0.75%, 01/06/26(a)		18,907		18,428,568
1.15%, 06/12/25(a)		13,229		13,176,797
1.20%, 06/03/26(a)		14,444		14,259,149
1.25%, 09/10/26		15,816		15,523,127
2.00%, 09/10/31(a)		11,736		11,539,721
Truist Bank
1.50%, 03/10/25 (Call 02/10/25)		14,501		14,670,679
2.15%, 12/06/24 (Call 11/05/24)		4,685		4,843,854
2.25%, 03/11/30 (Call 12/11/29)		11,031		11,006,124
3.30%, 05/15/26 (Call 04/15/26)(a)		11,192		12,059,204
3.63%, 09/16/25 (Call 08/16/25)		11,711		12,670,681
3.80%, 10/30/26 (Call 09/30/26)		9,342		10,261,773
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)(a)		7,133		6,888,331
1.20%, 08/05/25 (Call 07/03/25)(a)		8,795		8,787,017
1.27%, 03/02/27 (Call 03/02/26)(b)		15,097		14,875,119
1.89%, 06/07/29 (Call 06/07/28)(b)		13,081		12,959,895
1.95%, 06/05/30 (Call 03/05/30)(a)		7,011		6,957,241
3.70%, 06/05/25 (Call 05/05/25)(a)		11,588		12,558,501
4.00%, 05/01/25 (Call 03/01/25)(a)		9,966		10,864,719
U.S. Bancorp.
1.38%, 07/22/30 (Call 04/22/30)		15,917		15,032,362
1.45%, 05/12/25 (Call 04/11/25)		14,793		14,937,985
2.49%, 11/03/36 (Call 11/03/31)(b)		10,000		9,947,321
3.00%, 07/30/29 (Call 04/30/29)(a)		10,038		10,706,872
3.10%, 04/27/26 (Call 03/27/26)(a)		8,217		8,763,983
3.90%, 04/26/28 (Call 03/24/28)(a)		8,540		9,642,850
3.95%, 11/17/25 (Call 10/17/25)		8,046		8,866,743
Series V, 2.38%, 07/22/26 (Call 06/22/26)		14,567		15,222,380
Series X, 3.15%, 04/27/27 (Call 03/27/27)		13,430		14,433,198
U.S. Bank N.A./Cincinnati OH
2.05%, 01/21/25 (Call 12/20/24)(a)		8,362		8,616,669
2.80%, 01/27/25 (Call 12/27/24)		4,946		5,206,011
Wachovia Corp., 5.50%, 08/01/35		8,529		10,930,124
Wells Fargo & Co.
2.16%, 02/11/26 (Call 02/11/25)(b)		31,306		32,037,959
2.19%, 04/30/26 (Call 04/30/25)(a)(b)		31,709		32,396,464
2.39%, 06/02/28 (Call 06/02/27)(b)		30,989		31,483,959
2.41%, 10/30/25 (Call 10/30/24)(b)		30,239		31,238,387
2.57%, 02/11/31 (Call 02/11/30)(b)		27,862		28,185,358
2.88%, 10/30/30 (Call 10/30/29)(b)		36,388		37,711,683
3.00%, 02/19/25		18,110		19,061,248
3.00%, 04/22/26(a)		35,306		37,386,148
3.00%, 10/23/26(a)		33,276		35,163,478

Security	Par (000)		Value
Banks (continued)
3.07%, 04/29/40 (Call 04/30/40)(b)	$	40,386	$	41,276,394
3.20%, 06/17/27 (Call 06/17/26)(b)		23,987		25,447,674
3.55%, 09/29/25		26,031		28,023,007
3.58%, 05/22/28 (Call 05/22/27)(a)(b)		27,978		30,166,056
3.90%, 05/01/45(a)		19,098		22,443,681
4.10%, 06/03/26		23,979		26,301,064
4.15%, 01/24/29 (Call 10/24/28)		25,702		28,933,402
4.30%, 07/22/27(a)		21,964		24,544,208
4.40%, 06/14/46(a)		19,229		23,251,907
4.48%, 04/04/31 (Call 04/04/30)(b)		23,726		27,422,157
4.65%, 11/04/44		19,563		24,044,105
4.75%, 12/07/46		20,767		26,351,666
4.90%, 11/17/45		19,563		25,179,574
5.01%, 04/04/51 (Call 04/04/50)(b)		52,244		72,088,810
5.38%, 11/02/43		20,705		27,566,442
5.61%, 01/15/44		22,613		30,906,917
Wells Fargo Bank N.A.
5.85%, 02/01/37		9,302		12,545,202
6.60%, 01/15/38		14,094		20,555,472
Westpac Banking Corp.
1.15%, 06/03/26		13,795		13,631,110
2.15%, 06/03/31		14,510		14,484,174
2.35%, 02/19/25		11,764		12,206,462
2.65%, 01/16/30(a)		6,317		6,661,526
2.70%, 08/19/26(a)		10,329		10,921,856
2.85%, 05/13/26(a)		14,447		15,342,054
2.96%, 11/16/40(a)		7,482		7,466,315
3.35%, 03/08/27(a)		10,093		10,930,519
3.40%, 01/25/28(a)		8,539		9,367,634
4.42%, 07/24/39(a)		10,242		12,042,509
				8,758,277,323
Beverages — 3.2%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (Call 11/01/25)		34,791		37,808,256
4.70%, 02/01/36 (Call 08/01/35)		51,694		62,551,710
4.90%, 02/01/46 (Call 08/01/45)		92,171		117,574,037
Anheuser-Busch InBev Finance Inc.
3.65%, 02/01/26 (Call 11/01/25)		17,315		18,797,630
4.00%, 01/17/43(a)		9,545		10,675,859
4.63%, 02/01/44(a)		7,683		9,280,641
4.90%, 02/01/46 (Call 08/01/45)(a)		14,774		18,585,893
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)(a)		15,911		17,427,573
3.75%, 07/15/42(a)		10,156		11,106,238
4.00%, 04/13/28 (Call 01/13/28)(a)		24,448		27,477,391
4.35%, 06/01/40 (Call 12/01/39)(a)		12,441		14,660,318
4.38%, 04/15/38 (Call 10/15/37)		16,837		19,813,529
4.44%, 10/06/48 (Call 04/06/48)		15,518		18,753,961
4.50%, 06/01/50 (Call 12/01/49)(a)		21,604		26,747,057
4.60%, 04/15/48 (Call 10/15/47)(a)		23,222		28,673,139
4.60%, 06/01/60 (Call 12/01/59)(a)		10,726		13,405,723
4.75%, 01/23/29 (Call 10/23/28)(a)		40,272		47,277,910
4.75%, 04/15/58 (Call 10/15/57)		13,349		16,984,886
4.90%, 01/23/31 (Call 10/23/30)		7,330		8,871,511
4.95%, 01/15/42		15,823		19,908,511
5.45%, 01/23/39 (Call 07/23/38)(a)		18,481		24,236,931
5.55%, 01/23/49 (Call 07/23/48)(a)		38,524		54,075,372
5.80%, 01/23/59 (Call 07/23/58)		18,719		27,618,803
8.20%, 01/15/39		12,923		21,243,918

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
Coca-Cola Co. (The)
1.00%, 03/15/28(a)	$	11,149	$	10,670,131
1.38%, 03/15/31		11,384		10,735,125
1.45%, 06/01/27		12,458		12,392,476
1.50%, 03/05/28		7,737		7,615,425
1.65%, 06/01/30(a)		16,121		15,653,493
2.00%, 03/05/31(a)		2,776		2,764,009
2.13%, 09/06/29		10,658		10,868,068
2.25%, 01/05/32		17,242		17,409,991
2.50%, 06/01/40		10,222		10,068,456
2.50%, 03/15/51		14,171		13,729,823
2.60%, 06/01/50		13,593		13,427,319
2.75%, 06/01/60		10,559		10,540,692
2.88%, 05/05/41		8,441		8,763,280
3.00%, 03/05/51(a)		14,291		15,206,210
3.38%, 03/25/27(a)		11,206		12,219,149
3.45%, 03/25/30(a)		12,946		14,393,909
Constellation Brands Inc.
2.25%, 08/01/31 (Call 05/01/31)		13,883		13,576,826
3.15%, 08/01/29 (Call 05/01/29)(a)		5,594		5,943,889
Diageo Capital PLC
1.38%, 09/29/25 (Call 08/29/25)		8,562		8,602,407
2.00%, 04/29/30 (Call 01/29/30)(a)		8,520		8,463,955
2.13%, 04/29/32 (Call 01/29/32)		8,216		8,142,257
2.38%, 10/24/29 (Call 07/24/29)		9,357		9,586,107
Keurig Dr Pepper Inc.
3.20%, 05/01/30 (Call 02/01/30)(a)		9,976		10,592,024
3.80%, 05/01/50 (Call 11/01/49)(a)		7,113		8,017,683
4.42%, 05/25/25 (Call 03/25/25)		11,572		12,726,204
4.60%, 05/25/28 (Call 02/25/28)		18,333		21,111,839
5.09%, 05/25/48 (Call 11/25/47)(a)		7,422		9,850,267
Molson Coors Beverage Co.
3.00%, 07/15/26 (Call 04/15/26)		21,012		22,240,696
4.20%, 07/15/46 (Call 01/15/46)		16,409		18,370,405
5.00%, 05/01/42		11,315		13,771,278
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)		5,879		5,610,718
1.63%, 05/01/30 (Call 02/01/30)		14,916		14,541,534
1.95%, 10/21/31 (Call 07/21/31)(a)		14,755		14,630,717
2.25%, 03/19/25 (Call 02/19/25)		10,037		10,435,696
2.38%, 10/06/26 (Call 07/06/26)(a)		12,179		12,765,706
2.63%, 07/29/29 (Call 04/29/29)		4,079		4,303,122
2.63%, 10/21/41 (Call 04/21/41)(a)		10,160		10,261,854
2.75%, 04/30/25 (Call 01/30/25)		11,857		12,483,987
2.75%, 03/19/30 (Call 12/19/29)		17,346		18,380,758
2.75%, 10/21/51 (Call 04/21/51)		10,000		10,304,266
2.85%, 02/24/26 (Call 11/24/25)(a)		10,105		10,741,047
2.88%, 10/15/49 (Call 04/15/49)(a)		10,289		10,837,225
3.00%, 10/15/27 (Call 07/15/27)(a)		14,249		15,405,462
3.38%, 07/29/49 (Call 01/29/49)		4,970		5,680,750
3.45%, 10/06/46 (Call 04/06/46)		6,241		7,108,589
3.63%, 03/19/50 (Call 09/19/49)		6,815		8,160,175
				1,202,661,796
Biotechnology — 1.7%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)		12,896		12,507,400
2.00%, 01/15/32 (Call 10/15/31)(a)		15,186		14,577,734
2.20%, 02/21/27 (Call 12/21/26)		16,734		17,078,791
2.30%, 02/25/31 (Call 11/25/30)(a)		9,785		9,739,234
2.45%, 02/21/30 (Call 11/21/29)(a)		13,844		14,074,998

Security	Par (000)		Value
Biotechnology (continued)
2.60%, 08/19/26 (Call 05/19/26)(a)	$	12,684	$	13,244,416
2.77%, 09/01/53 (Call 03/01/53)(a)		11,191		10,552,932
2.80%, 08/15/41 (Call 02/15/41)		12,234		11,847,734
3.00%, 01/15/52 (Call 07/15/51)(a)		14,278		14,016,217
3.13%, 05/01/25 (Call 02/01/25)(a)		10,105		10,682,936
3.15%, 02/21/40 (Call 08/21/39)		17,801		18,202,423
3.20%, 11/02/27 (Call 08/02/27)(a)		7,906		8,464,822
3.38%, 02/21/50 (Call 08/21/49)		21,309		22,299,302
4.40%, 05/01/45 (Call 11/01/44)(a)		24,575		29,704,899
4.56%, 06/15/48 (Call 12/15/47)(a)		11,681		14,640,589
4.66%, 06/15/51 (Call 12/15/50)		31,654		40,850,611
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)		10,954		11,899,654
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)		16,635		16,390,447
3.15%, 05/01/50 (Call 11/01/49)		16,505		16,214,883
4.05%, 09/15/25 (Call 06/15/25)(a)		16,400		17,940,181
5.20%, 09/15/45 (Call 03/15/45)		8,938		11,954,316
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)		9,484		9,138,918
1.65%, 10/01/30 (Call 07/01/30)(a)		8,054		7,700,646
2.60%, 10/01/40 (Call 04/01/40)(a)		12,860		12,285,980
2.80%, 10/01/50 (Call 04/01/50)(a)		14,911		14,463,613
2.95%, 03/01/27 (Call 12/01/26)(a)		13,783		14,585,777
3.50%, 02/01/25 (Call 11/01/24)		8,682		9,255,260
3.65%, 03/01/26 (Call 12/01/25)		28,662		31,055,575
4.00%, 09/01/36 (Call 03/01/36)		4,571		5,219,095
4.15%, 03/01/47 (Call 09/01/46)(a)		17,998		21,382,268
4.50%, 02/01/45 (Call 08/01/44)		18,001		22,209,533
4.60%, 09/01/35 (Call 03/01/35)		10,663		12,841,938
4.75%, 03/01/46 (Call 09/01/45)		21,197		27,099,828
4.80%, 04/01/44 (Call 10/01/43)		15,824		19,972,668
5.65%, 12/01/41 (Call 06/01/41)(a)		10,003		13,797,207
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (Call 06/15/30)		16,350		15,453,845
2.80%, 09/15/50 (Call 03/15/50)		6,160		5,799,893
Royalty Pharma PLC
1.20%, 09/02/25 (Call 08/02/25)(a)		12,161		12,012,775
1.75%, 09/02/27 (Call 07/02/27)(a)		10,984		10,762,288
2.20%, 09/02/30 (Call 06/02/30)		9,901		9,593,315
3.30%, 09/02/40 (Call 03/02/40)(a)		10,855		10,818,626
3.55%, 09/02/50 (Call 03/02/50)		9,926		9,865,671
				632,199,238
Building Materials — 0.3%
Carrier Global Corp.
2.24%, 02/15/25 (Call 01/15/25)		18,334		18,818,520
2.49%, 02/15/27 (Call 12/15/26)		12,368		12,710,744
2.70%, 02/15/31 (Call 11/15/30)(a)		7,436		7,566,145
2.72%, 02/15/30 (Call 11/15/29)		16,417		16,818,379
3.38%, 04/05/40 (Call 10/05/39)		14,580		15,244,431
3.58%, 04/05/50 (Call 10/05/49)		19,999		21,636,176
Martin Marietta Materials Inc.
2.40%, 07/15/31 (Call 04/15/31)		8,623		8,559,503
3.20%, 07/15/51 (Call 01/15/51)(a)		10,744		11,003,933
				112,357,831
Chemicals — 1.0%
Air Products and Chemicals Inc.
2.05%, 05/15/30 (Call 02/15/30)		9,090		9,155,939
2.70%, 05/15/40 (Call 11/15/39)		6,116		6,207,482
2.80%, 05/15/50 (Call 11/15/49)(a)		9,060		9,269,381

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
CF Industries Inc.
4.95%, 06/01/43	$	389	$	475,179
5.15%, 03/15/34		10,050		12,296,446
5.38%, 03/15/44		10,000		12,989,900
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)(a)		3,457		3,401,443
3.60%, 11/15/50 (Call 05/15/50)(a)		11,364		12,357,372
3.63%, 05/15/26 (Call 03/15/26)(a)		8,567		9,291,394
4.38%, 11/15/42 (Call 05/15/42)(a)		10,447		12,422,043
4.80%, 05/15/49 (Call 11/15/48)		7,337		9,453,853
5.25%, 11/15/41 (Call 05/15/41)		6,942		8,972,667
5.55%, 11/30/48 (Call 05/30/48)		8,927		12,571,885
7.38%, 11/01/29		6,705		9,090,054
DuPont de Nemours Inc.
4.49%, 11/15/25 (Call 09/15/25)		20,929		23,296,691
4.73%, 11/15/28 (Call 08/15/28)(a)		18,784		21,966,988
5.32%, 11/15/38 (Call 05/15/38)		17,415		22,514,499
5.42%, 11/15/48 (Call 05/15/48)(a)		20,148		28,130,414
Eastman Chemical Co., 4.65%, 10/15/44
(Call 04/15/44)		6,267		7,529,122
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)(a)		3,059		3,229,631
4.80%, 03/24/30 (Call 12/24/29)(a)		4,398		5,296,934
International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48)		3,658		4,800,376
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		10,900		13,454,326
5.25%, 07/15/43		7,458		9,634,377
LYB International Finance II BV, 3.50%, 03/02/27
(Call 12/02/26)		10,806		11,669,016
LYB International Finance III LLC 3.38%, 10/01/40 (Call 04/01/40)(a)		6,123		6,331,053
3.63%, 04/01/50 (Call 10/01/50)(a)		9,040		9,639,026
4.20%, 10/15/49 (Call 04/15/49)		11,255		13,129,647
4.20%, 05/01/50 (Call 11/01/49)(a)		10,411		12,127,546
LyondellBasell Industries NV, 4.63%, 02/26/55
(Call 08/26/54)(a)		9,697		11,990,293
Nutrien Ltd. 4.20%, 04/01/29 (Call 01/01/29)		4,124		4,676,911
5.00%, 04/01/49 (Call 10/01/48)		6,645		8,921,572
Sherwin-Williams Co. (The) 2.95%, 08/15/29 (Call 05/15/29)		10,086		10,673,706
3.45%, 06/01/27 (Call 03/01/27)(a)		16,510		17,890,272
4.50%, 06/01/47 (Call 12/01/46)		10,211		12,757,161
Westlake Chemical Corp., 3.60%, 08/15/26
(Call 05/15/26)(a)		611		667,901
				388,282,500
Commercial Services — 0.5%
Automatic Data Processing Inc. 1.25%, 09/01/30 (Call 06/01/30)		9,588		9,048,282
1.70%, 05/15/28 (Call 03/15/28)		10,876		10,819,360
3.38%, 09/15/25 (Call 06/15/25)(a)		8,094		8,725,482
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)		6,388		6,262,855
Global Payments Inc. 1.20%, 03/01/26 (Call 02/01/26)		12,169		11,877,073
2.65%, 02/15/25 (Call 01/15/25)		4,352		4,511,953
2.90%, 05/15/30 (Call 02/15/30)(a)		12,442		12,693,790
3.20%, 08/15/29 (Call 05/15/29)(a)		8,420		8,804,641
4.15%, 08/15/49 (Call 02/15/49)(a)		8,119		9,207,747
4.80%, 04/01/26 (Call 01/01/26)(a)		7,497		8,389,004

Security	Par (000)		Value
Commercial Services (continued)
IHS Markit Ltd. 4.25%, 05/01/29 (Call 02/01/29)(a)	$	7,841	$	8,945,130
4.75%, 08/01/28 (Call 05/01/28)		7,742		9,026,519
Massachusetts Institute of Technology, 5.60%, 07/01/2111		2,535		4,520,775
PayPal Holdings Inc. 1.65%, 06/01/25 (Call 05/01/25)		10,509		10,665,288
2.30%, 06/01/30 (Call 03/01/30)		7,083		7,200,729
2.65%, 10/01/26 (Call 08/01/26)(a)		14,413		15,189,012
2.85%, 10/01/29 (Call 07/01/29)		17,790		18,779,330
3.25%, 06/01/50 (Call 12/01/49)		8,346		9,029,253
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)		2,829		2,923,139
RELX Capital Inc. 3.00%, 05/22/30 (Call 02/22/30)		8,514		8,992,804
4.00%, 03/18/29 (Call 12/18/28)(a)		8,229		9,198,650
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)		9,643		10,494,223
				205,305,039
Computers — 3.3%
Apple Inc.
0.55%, 08/20/25 (Call 07/20/25)		16,392		16,048,091
0.70%, 02/08/26 (Call 01/08/26)(a)		25,985		25,445,021
1.13%, 05/11/25 (Call 04/11/25)		19,834		19,810,766
1.25%, 08/20/30 (Call 05/20/30)(a)		11,700		11,029,369
1.40%, 08/05/28 (Call 06/05/28)(a)		23,458		22,858,878
1.65%, 05/11/30 (Call 02/11/30)		18,451		18,014,580
1.65%, 02/08/31 (Call 11/08/30)		25,713		24,918,854
1.70%, 08/05/31 (Call 05/05/31)(a)		13,682		13,269,174
2.05%, 09/11/26 (Call 07/11/26)		19,832		20,413,300
2.20%, 09/11/29 (Call 06/11/29)(a)		14,802		15,123,570
2.38%, 02/08/41 (Call 08/08/40)(a)		14,388		13,955,753
2.40%, 06/20/50 (Call 02/20/50)		12,102		11,400,547
2.45%, 08/04/26 (Call 05/04/26)(a)		23,026		24,116,990
2.50%, 02/09/25		13,701		14,314,709
2.55%, 08/20/60 (Call 02/20/60)		12,388		11,593,398
2.65%, 05/11/50 (Call 11/11/49)		24,236		23,924,068
2.65%, 02/08/51 (Call 08/08/50)(a)		28,949		28,563,883
2.70%, 08/05/51 (Call 02/05/51)		18,614		18,505,378
2.75%, 01/13/25 (Call 11/13/24)		4,719		4,960,404
2.80%, 02/08/60 (Call 08/08/60)		20,144		19,866,520
2.85%, 08/05/61 (Call 02/05/61)		14,366		14,313,081
2.90%, 09/12/27 (Call 06/12/27)(a)		21,531		23,013,009
2.95%, 09/11/49 (Call 03/11/49)		12,780		13,284,598
3.00%, 06/20/27 (Call 03/20/27)(a)		12,010		12,945,786
3.00%, 11/13/27 (Call 08/13/27)		15,886		17,076,440
3.20%, 05/13/25(a)		16,195		17,329,876
3.20%, 05/11/27 (Call 02/11/27)		21,326		23,096,384
3.25%, 02/23/26 (Call 11/23/25)		32,396		34,890,780
3.35%, 02/09/27 (Call 11/09/26)(a)		21,063		22,941,723
3.45%, 02/09/45		19,915		22,337,704
3.75%, 09/12/47 (Call 03/12/47)		11,621		13,687,299
3.75%, 11/13/47 (Call 05/13/47)		12,446		14,622,753
3.85%, 05/04/43		28,585		33,709,527
3.85%, 08/04/46 (Call 02/04/46)		19,337		22,967,038
4.25%, 02/09/47 (Call 08/09/46)		9,810		12,428,131
4.38%, 05/13/45		19,235		24,592,015
4.45%, 05/06/44		9,282		11,833,328
4.50%, 02/23/36 (Call 08/23/35)(a)		6,827		8,529,314
4.65%, 02/23/46 (Call 08/23/45)		38,723		51,243,521
Dell International LLC/EMC Corp. 4.90%, 10/01/26 (Call 08/01/26)(a)		17,969		20,475,983

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
5.30%, 10/01/29 (Call 07/01/29)	$	18,048	$	21,711,650
5.85%, 07/15/25 (Call 06/15/25)		12,461		14,371,174
6.02%, 06/15/26 (Call 03/15/26)		42,522		50,117,203
6.20%, 07/15/30 (Call 04/15/30)(a)		5,409		6,892,827
8.10%, 07/15/36 (Call 01/15/36)		13,513		20,493,243
8.35%, 07/15/46 (Call 01/15/46)		17,631		29,426,520
Hewlett Packard Enterprise Co. 1.75%, 04/01/26 (Call 03/01/26)(a)		9,266		9,324,392
4.90%, 10/15/25 (Call 07/15/25)(a)		27,027		30,286,967
6.20%, 10/15/35 (Call 04/15/35)(a)		8,923		11,727,624
6.35%, 10/15/45 (Call 04/15/45)		13,300		18,282,733
HP Inc. 1.45%, 06/17/26 (Call 05/17/26)(a)(c)		10,405		10,267,229
2.20%, 06/17/25 (Call 05/17/25)		9,989		10,245,840
2.65%, 06/17/31 (Call 03/17/31)(c)		14,356		14,129,247
3.00%, 06/17/27 (Call 04/17/27)(a)		9,610		10,167,242
3.40%, 06/17/30 (Call 03/17/30)(a)		5,957		6,277,951
6.00%, 09/15/41		10,098		13,312,047
International Business Machines Corp. 1.70%, 05/15/27 (Call 03/15/27)(a)		16,813		16,823,227
1.95%, 05/15/30 (Call 02/15/30)(a)		14,561		14,247,816
2.95%, 05/15/50 (Call 11/15/49)		7,871		7,817,503
3.30%, 05/15/26		27,977		30,184,301
3.45%, 02/19/26(a)		13,240		14,333,845
3.50%, 05/15/29(a)		31,481		34,479,499
4.00%, 06/20/42(a)		11,476		13,192,133
4.15%, 05/15/39(a)		19,253		22,510,756
4.25%, 05/15/49(a)		29,887		36,588,661
Leidos Inc. 2.30%, 02/15/31 (Call 11/15/30)		11,324		10,890,028
4.38%, 05/15/30 (Call 02/15/30)		8,012		9,004,790
NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25)		9,389		9,535,592
				1,270,093,583
Cosmetics & Personal Care — 0.3%
Procter & Gamble Co. (The)
0.55%, 10/29/25		8,698		8,506,002
1.00%, 04/23/26(a)		11,205		11,102,770
1.20%, 10/29/30		13,893		13,146,024
1.95%, 04/23/31(a)		6,199		6,235,954
2.45%, 11/03/26		6,987		7,363,778
2.85%, 08/11/27		8,264		8,870,731
3.00%, 03/25/30(a)		14,184		15,427,111
Unilever Capital Corp. 1.75%, 08/12/31 (Call 05/12/31)(a)		9,521		9,286,250
2.13%, 09/06/29 (Call 06/06/29)(a)		8,292		8,430,120
2.90%, 05/05/27 (Call 02/05/27)(a)		11,103		11,826,508
3.50%, 03/22/28 (Call 12/22/27)(a)		10,893		12,039,634
5.90%, 11/15/32(a)		9,951		13,453,333
				125,688,215
Diversified Financial Services — 3.4%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust 1.75%, 01/30/26 (Call 12/30/25)		13,174		12,961,368
2.45%, 10/29/26 (Call 09/29/26)		25,870		26,091,020
3.00%, 10/29/28 (Call 08/29/28)(a)		30,175		30,561,551
3.30%, 01/30/32 (Call 10/30/31)(a)		33,840		34,374,817
3.40%, 10/29/33 (Call 07/29/33)(a)		15,285		15,576,639
3.50%, 01/15/25 (Call 11/15/24)		5,134		5,390,053
3.65%, 07/21/27 (Call 04/21/27)(a)		10,017		10,585,635

Security	Par (000)		Value
Diversified Financial Services (continued)
3.85%, 10/29/41 (Call 04/29/41)(a)	$	12,975	$	13,428,092
6.50%, 07/15/25 (Call 06/15/25)(a)		9,630		11,147,114
Air Lease Corp. 1.88%, 08/15/26 (Call 07/15/26)		15,058		14,893,258
2.30%, 02/01/25 (Call 01/01/25)(a)		3,839		3,914,056
2.88%, 01/15/26 (Call 12/15/25)(a)		15,528		16,031,321
3.13%, 12/01/30 (Call 09/01/30)(a)		7,505		7,662,953
3.38%, 07/01/25 (Call 06/01/25)		12,403		13,063,271
3.75%, 06/01/26 (Call 04/01/26)		10,501		11,236,460
Ally Financial Inc. 2.20%, 11/02/28 (Call 09/02/28)		10,795		10,660,062
5.80%, 05/01/25 (Call 04/01/25)(a)		3,516		4,005,971
8.00%, 11/01/31		20,514		29,381,743
American Express Co. 3.00%, 10/30/24 (Call 09/29/24)		10,307		10,898,824
3.13%, 05/20/26 (Call 04/20/26)		8,451		9,063,054
4.05%, 12/03/42		8,288		9,914,402
4.20%, 11/06/25 (Call 10/06/25)(a)		7,279		8,089,731
American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)		20,613		22,455,913
Brookfield Finance Inc. 3.50%, 03/30/51 (Call 09/30/50)		7,055		7,488,445
4.35%, 04/15/30 (Call 01/15/30)		5,942		6,771,761
4.70%, 09/20/47 (Call 03/20/47)		9,869		12,157,201
4.85%, 03/29/29 (Call 12/29/28)(a)		10,189		11,904,779
Capital One Financial Corp. 1.00%, 11/02/27		15,000		14,958,600
3.20%, 02/05/25 (Call 01/05/25)		5,675		6,014,505
3.30%, 10/30/24 (Call 09/30/24)(a)		6,950		7,381,044
3.65%, 05/11/27 (Call 04/11/27)(a)		10,472		11,379,938
3.75%, 07/28/26 (Call 06/28/26)		14,247		15,401,416
3.75%, 03/09/27 (Call 02/09/27)(a)		12,972		14,144,177
3.80%, 01/31/28 (Call 12/31/27)(a)		16,029		17,685,182
4.20%, 10/29/25 (Call 09/29/25)		12,373		13,533,449
4.25%, 04/30/25 (Call 03/31/25)		8,773		9,609,335
Charles Schwab Corp. (The) 0.90%, 03/11/26 (Call 02/11/26)		7,763		7,621,703
1.15%, 05/13/26 (Call 04/13/26)(a)		12,632		12,526,784
1.65%, 03/11/31 (Call 12/11/30)(a)		7,707		7,393,135
1.95%, 12/01/31 (Call 09/01/31)(a)		15,171		14,900,163
2.00%, 03/20/28 (Call 01/20/28)		16,246		16,396,916
2.30%, 05/13/31 (Call 02/13/31)(a)		2,905		2,932,891
3.85%, 05/21/25 (Call 03/21/25)		8,180		8,893,463
CME Group Inc. 3.00%, 03/15/25 (Call 12/15/24)(a)		3,772		3,980,498
5.30%, 09/15/43 (Call 03/15/43)		10,070		14,116,208
Discover Financial Services, 4.10%, 02/09/27
(Call 11/09/26)		11,161		12,279,051
GE Capital Funding LLC 3.45%, 05/15/25 (Call 04/15/25)		14,649		15,671,226
4.05%, 05/15/27 (Call 03/15/27)		11,452		12,754,924
4.40%, 05/15/30 (Call 02/15/30)		26,950		31,498,489
4.55%, 05/15/32 (Call 02/15/32)		6,361		7,619,234
GE Capital International Funding Co. Unlimited Co. 3.37%, 11/15/25		19,681		21,236,891
4.42%, 11/15/35		110,961		135,097,237
Intercontinental Exchange Inc. 1.85%, 09/15/32 (Call 06/15/32)(a)		15,225		14,316,326
2.10%, 06/15/30 (Call 03/15/30)		14,996		14,800,214
2.65%, 09/15/40 (Call 03/15/40)(a)		6,674		6,413,149

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
3.00%, 06/15/50 (Call 12/15/49)(a)	$	15,353	$	15,346,031
3.00%, 09/15/60 (Call 03/15/60)		16,590		16,123,544
3.75%, 12/01/25 (Call 09/01/25)(a)		12,418		13,521,460
4.25%, 09/21/48 (Call 03/21/48)		11,213		13,515,583
Jefferies Group LLC/Jefferies Group Capital Finance Inc. 2.63%, 10/15/31 (Call 07/15/31)(a)		146		143,328
4.15%, 01/23/30		10,797		12,033,890
4.85%, 01/15/27(a)		7,591		8,683,064
Mastercard Inc. 2.00%, 03/03/25 (Call 02/03/25)		5,067		5,217,026
2.95%, 11/21/26 (Call 08/21/26)(a)		4,465		4,780,343
2.95%, 06/01/29 (Call 03/01/29)		9,629		10,357,083
3.30%, 03/26/27 (Call 01/26/27)		12,854		13,965,059
3.35%, 03/26/30 (Call 12/26/29)(a)		15,223		16,832,650
3.65%, 06/01/49 (Call 12/01/48)		9,277		10,868,159
3.85%, 03/26/50 (Call 09/26/49)(a)		13,847		16,780,738
Nomura Holdings Inc. 1.65%, 07/14/26		14,089		13,871,060
1.85%, 07/16/25		13,246		13,314,054
2.17%, 07/14/28(a)		16,016		15,690,869
2.61%, 07/14/31(a)		10,284		10,136,332
2.65%, 01/16/25(a)		8,490		8,784,478
2.68%, 07/16/30(a)		6,148		6,155,664
3.10%, 01/16/30(a)		13,966		14,423,240
Raymond James Financial Inc. 3.75%, 04/01/51 (Call 10/01/50)(a)		9,408		10,750,329
4.95%, 07/15/46		8,841		11,660,367
Synchrony Financial 3.95%, 12/01/27 (Call 09/01/27)(a)		8,974		9,769,275
4.50%, 07/23/25 (Call 04/23/25)		7,632		8,351,382
Visa Inc.
1.10%, 02/15/31 (Call 11/15/30)(a)		7,939		7,405,506
1.90%, 04/15/27 (Call 02/15/27)(a)		13,732		13,987,255
2.00%, 08/15/50 (Call 02/15/50)(a)		16,090		14,288,311
2.05%, 04/15/30 (Call 01/15/30)(a)		14,554		14,766,710
2.70%, 04/15/40 (Call 10/15/39)		12,249		12,560,717
2.75%, 09/15/27 (Call 06/15/27)		7,721		8,220,953
3.15%, 12/14/25 (Call 09/14/25)		32,018		34,396,611
3.65%, 09/15/47 (Call 03/15/47)		7,969		9,371,197
4.15%, 12/14/35 (Call 06/14/35)(a)		15,379		18,464,318
4.30%, 12/14/45 (Call 06/14/45)		33,376		42,782,308
				1,297,584,536
Electric — 2.9%
AES Corp. (The) 1.38%, 01/15/26 (Call 12/15/25)		9,276		9,073,519
2.45%, 01/15/31 (Call 10/15/30)		11,452		11,236,969
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)(a)		3,770		4,092,735
Avangrid Inc. 3.20%, 04/15/25 (Call 03/15/25)(a)		6,489		6,857,623
3.80%, 06/01/29 (Call 03/01/29)(a)		8,175		9,082,569
Berkshire Hathaway Energy Co. 2.85%, 05/15/51 (Call 11/15/50)		12,753		12,474,170
3.70%, 07/15/30 (Call 04/15/30)		11,243		12,571,910
3.80%, 07/15/48 (Call 01/15/48)		7,164		8,187,056
4.05%, 04/15/25 (Call 03/15/25)(a)		10,511		11,466,678
4.25%, 10/15/50 (Call 04/15/50)(a)		7,929		9,774,776
4.45%, 01/15/49 (Call 07/15/48)		10,098		12,697,781
4.50%, 02/01/45 (Call 08/01/44)		7,611		9,392,060
5.15%, 11/15/43 (Call 05/15/43)		7,697		10,074,632

Security	Par (000)		Value
Electric (continued)
6.13%, 04/01/36(a)	$	17,400	$	23,917,497
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)(a)		8,598		10,296,422
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)		8,581		10,523,825
Consolidated Edison Co. of New York Inc. 2.40%, 06/15/31 (Call 03/15/31)		4,577		4,615,716
3.60%, 06/15/61 (Call 12/15/60)(a)		9,063		9,793,464
4.45%, 03/15/44 (Call 09/15/43)		7,246		8,619,163
4.63%, 12/01/54 (Call 06/01/54)		6,437		8,197,612
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)(a)		9,791		11,398,237
Dominion Energy Inc. 3.90%, 10/01/25 (Call 07/01/25)(a)		10,227		11,124,563
Series C, 2.25%, 08/15/31 (Call 05/15/31)(a)		9,942		9,800,752
Series C, 3.38%, 04/01/30 (Call 01/01/30)(a)		14,688		15,787,676
DTE Energy Co., Series F, 1.05%, 06/01/25 (Call 05/01/25)(a)		10,089		9,962,179
Duke Energy Carolinas LLC 3.20%, 08/15/49 (Call 02/15/49)		7,783		8,244,902
5.30%, 02/15/40(a)		8,086		10,757,481
Duke Energy Corp. 2.45%, 06/01/30 (Call 03/01/30)(a)		9,138		9,160,845
2.55%, 06/15/31 (Call 03/15/31)		9,554		9,604,554
2.65%, 09/01/26 (Call 06/01/26)(a)		12,650		13,210,349
3.15%, 08/15/27 (Call 05/15/27)(a)		8,606		9,188,663
3.30%, 06/15/41 (Call 12/15/40)(a)		5,309		5,415,333
3.50%, 06/15/51 (Call 12/15/50)		7,862		8,303,257
3.75%, 09/01/46 (Call 03/01/46)		15,025		16,348,883
Duke Energy Florida LLC, 6.40%, 06/15/38(a)		9,832		14,295,100
Emera U.S. Finance LP 3.55%, 06/15/26 (Call 03/15/26)		5,300		5,673,789
4.75%, 06/15/46 (Call 12/15/45)		11,978		14,393,808
Entergy Corp. 0.90%, 09/15/25 (Call 08/15/25)(a)		12,193		11,875,015
2.95%, 09/01/26 (Call 06/01/26)(a)		7,433		7,838,569
Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48)		9,326		11,460,033
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)		6,973		7,274,909
Exelon Corp. 3.40%, 04/15/26 (Call 01/15/26)		8,781		9,412,701
3.95%, 06/15/25 (Call 03/15/25)		8,409		9,087,138
4.05%, 04/15/30 (Call 01/15/30)(a)		12,702		14,292,309
4.45%, 04/15/46 (Call 10/15/45)		7,166		8,883,508
4.70%, 04/15/50 (Call 10/15/49)		4,864		6,269,906
Exelon Generation Co. LLC 3.25%, 06/01/25 (Call 05/01/25)(a)		9,176		9,706,911
5.60%, 06/15/42 (Call 12/15/41)(a)		7,854		9,428,207
6.25%, 10/01/39		9,771		12,480,409
Florida Power & Light Co. 2.85%, 04/01/25 (Call 03/01/25)(a)		8,374		8,808,423
3.15%, 10/01/49 (Call 04/01/49)(a)		8,341		9,117,906
3.95%, 03/01/48 (Call 09/01/47)		8,860		10,906,050
Georgia Power Co. 4.30%, 03/15/42		11,484		13,226,552
Series A, 3.25%, 03/15/51 (Call 09/15/50)(a)		6,787		6,947,783
MidAmerican Energy Co. 3.65%, 04/15/29 (Call 01/15/29)		6,023		6,691,277
4.25%, 07/15/49 (Call 01/15/49)		8,423		10,539,633
NextEra Energy Capital Holdings Inc. 1.90%, 06/15/28 (Call 04/15/28)(a)		17,216		17,018,748

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
2.25%, 06/01/30 (Call 03/01/30)(a)	$	18,212	$	18,198,844
2.75%, 05/01/25 (Call 04/01/25)(a)		14,854		15,504,121
2.75%, 11/01/29 (Call 08/01/29)		6,033		6,255,562
3.55%, 05/01/27 (Call 02/01/27)		17,754		19,250,525
Pacific Gas and Electric Co. 2.10%, 08/01/27 (Call 06/01/27)(a)		10,212		9,913,675
2.50%, 02/01/31 (Call 11/01/30)		20,884		19,947,587
3.00%, 06/15/28 (Call 04/15/28)(a)		8,062		8,124,806
3.15%, 01/01/26(a)		20,024		20,619,909
3.30%, 12/01/27 (Call 09/01/27)		13,058		13,360,870
3.30%, 08/01/40 (Call 02/01/40)		8,552		8,040,114
3.45%, 07/01/25(a)		7,248		7,565,733
3.50%, 08/01/50 (Call 02/01/50)		20,592		19,570,128
3.75%, 07/01/28(a)		5,797		6,086,331
3.95%, 12/01/47 (Call 06/01/47)		8,471		8,398,997
4.50%, 07/01/40 (Call 01/01/40)		20,775		21,652,409
4.55%, 07/01/30 (Call 01/01/30)		28,702		31,280,825
4.95%, 07/01/50 (Call 01/01/50)		28,909		32,021,950
PacifiCorp., 2.90%, 06/15/52 (Call 12/15/51)(a)		10,517		10,468,014
Public Service Co. of Colorado, 1.88%, 06/15/31 (Call 12/15/30)(a)		6,258		6,122,113
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/01/30 (Call 07/01/30)(a)		8,544		8,164,593
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)		8,464		8,604,746
Sempra Energy 3.25%, 06/15/27 (Call 03/15/27)(a)		8,190		8,748,013
3.40%, 02/01/28 (Call 11/01/27)		12,413		13,359,979
3.80%, 02/01/38 (Call 08/01/37)		9,831		10,874,167
4.00%, 02/01/48 (Call 08/01/47)		6,838		7,769,578
6.00%, 10/15/39		6,962		9,668,090
Southern California Edison Co. 3.65%, 02/01/50 (Call 08/01/49)(a)		11,863		12,764,729
4.00%, 04/01/47 (Call 10/01/46)		16,287		18,124,348
4.65%, 10/01/43 (Call 04/01/43)		8,251		9,740,104
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)(a)		8,347		7,979,984
Series C, 4.13%, 03/01/48 (Call 09/01/47)(a)		13,341		15,008,756
Series E, 3.70%, 08/01/25 (Call 06/01/25)(a)		10,434		11,261,382
Southern Co. (The) 3.25%, 07/01/26 (Call 04/01/26)		17,792		18,969,206
4.40%, 07/01/46 (Call 01/01/46)		20,279		24,268,127
Series A, 3.70%, 04/30/30 (Call 01/30/30)(a)		9,909		10,767,291
Series B, 4.00%, 01/15/51 (Call 10/15/25)(b)		11,452		12,065,512
Virginia Electric & Power Co. 2.45%, 12/15/50 (Call 06/15/50)		10,037		9,352,607
Series A, 3.15%, 01/15/26 (Call 10/15/25)		5,229		5,574,972
Series A, 3.50%, 03/15/27 (Call 12/15/26)(a)		6,999		7,625,946
				1,099,957,178
Electrical Components & Equipment — 0.0%
Emerson Electric Co., 0.88%, 10/15/26
(Call 09/15/26)(a)		5,943		5,775,055
Electronics — 0.3%
Agilent Technologies Inc., 2.30%, 03/12/31
(Call 12/12/30)		7,859		7,807,861
Amphenol Corp. 2.20%, 09/15/31 (Call 06/15/31)(a)		9,965		9,795,665
2.80%, 02/15/30 (Call 11/15/29)		5,506		5,710,614
Honeywell International Inc. 1.10%, 03/01/27 (Call 02/01/27)(a)		27,990		27,487,750
1.35%, 06/01/25 (Call 05/01/25)(a)		12,249		12,352,137

Security	Par (000)		Value
Electronics (continued)
1.75%, 09/01/31 (Call 06/01/31)(a)	$	19,630	$	19,084,119
1.95%, 06/01/30 (Call 03/01/30)(a)		5,277		5,268,341
2.50%, 11/01/26 (Call 08/01/26)(a)		7,652		8,053,355
2.70%, 08/15/29 (Call 05/15/29)		7,452		7,876,955
2.80%, 06/01/50 (Call 12/01/49)(a)		7,483		7,830,394
				111,267,191
Environmental Control — 0.1%
Republic Services Inc. 1.75%, 02/15/32 (Call 11/15/31)		4,529		4,277,858
3.95%, 05/15/28 (Call 02/15/28)		8,980		10,042,069
Waste Connections Inc., 2.95%, 01/15/52
(Call 07/15/51)		10,450		10,395,877
Waste Management Inc. 1.50%, 03/15/31 (Call 12/15/30)(a)		12,487		11,724,719
3.15%, 11/15/27 (Call 08/15/27)		9,369		10,049,010
				46,489,533
Food — 1.0%
Campbell Soup Co. 3.95%, 03/15/25 (Call 01/15/25)(a)		8,683		9,385,900
4.15%, 03/15/28 (Call 12/15/27)(a)		10,433		11,684,743
Conagra Brands Inc. 1.38%, 11/01/27 (Call 09/01/27)		14,676		14,130,424
4.60%, 11/01/25 (Call 09/01/25)		9,389		10,459,995
4.85%, 11/01/28 (Call 08/01/28)(a)		13,653		15,936,051
5.30%, 11/01/38 (Call 05/01/38)		11,210		14,233,907
5.40%, 11/01/48 (Call 05/01/48)(a)		7,977		10,876,027
General Mills Inc. 2.88%, 04/15/30 (Call 01/15/30)(a)		7,597		7,956,539
3.20%, 02/10/27 (Call 11/10/26)		6,782		7,271,323
4.00%, 04/17/25 (Call 02/17/25)		8,711		9,464,753
4.20%, 04/17/28 (Call 01/17/28)(a)		15,447		17,501,182
Hormel Foods Corp. 1.70%, 06/03/28 (Call 04/03/28)(a)		10,106		10,027,171
1.80%, 06/11/30 (Call 03/11/30)(a)		4,034		3,953,300
J M Smucker Co. (The), 2.13%, 03/15/32
(Call 12/15/31)		5,710		5,536,220
JM Smucker Co. (The), 3.50%, 03/15/25		10,780		11,545,491
Kellogg Co., 3.25%, 04/01/26		8,641		9,255,367
Kroger Co. (The) 2.65%, 10/15/26 (Call 07/15/26)(a)		9,859		10,327,017
3.95%, 01/15/50 (Call 07/15/49)(a)		8,111		9,387,095
4.45%, 02/01/47 (Call 08/01/46)(a)		9,867		12,030,437
McCormick & Co. Inc./MD, 3.40%, 08/15/27
(Call 05/15/27)(a)		7,435		8,063,654
Mondelez International Inc. 1.50%, 05/04/25 (Call 04/04/25)		11,252		11,342,623
2.63%, 09/04/50 (Call 03/04/50)		9,522		8,955,147
2.75%, 04/13/30 (Call 01/13/30)(a)		9,659		10,062,087
Sysco Corp. 3.25%, 07/15/27 (Call 04/15/27)		4,165		4,464,299
3.30%, 07/15/26 (Call 04/15/26)(a)		8,363		8,960,116
3.75%, 10/01/25 (Call 07/01/25)(a)		6,300		6,830,446
5.65%, 04/01/25 (Call 03/01/25)(a)		9,623		10,948,519
5.95%, 04/01/30 (Call 01/01/30)(a)		11,334		14,365,481
6.60%, 04/01/50 (Call 10/01/49)(a)		12,723		20,416,561
Tyson Foods Inc. 3.55%, 06/02/27 (Call 03/02/27)(a)		13,393		14,561,372
4.00%, 03/01/26 (Call 01/01/26)		13,072		14,369,226
4.35%, 03/01/29 (Call 12/01/28)(a)		8,869		10,192,694

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food (continued)
4.55%, 06/02/47 (Call 12/02/46)(a)	$	5,319	$	6,682,878
5.10%, 09/28/48 (Call 03/28/48)(a)		15,582		21,078,547
				372,256,592
Gas — 0.2%
Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44)		3,912		4,572,336
NiSource Inc. 0.95%, 08/15/25 (Call 07/15/25)(a)		15,977		15,665,365
1.70%, 02/15/31 (Call 11/15/30)		9,022		8,493,262
2.95%, 09/01/29 (Call 06/01/29)		8,250		8,606,152
3.49%, 05/15/27 (Call 02/15/27)(a)		10,951		11,832,387
3.60%, 05/01/30 (Call 02/01/30)(a)		10,219		11,134,702
3.95%, 03/30/48 (Call 09/30/47)(a)		6,986		8,040,384
4.38%, 05/15/47 (Call 11/15/46)		8,812		10,662,485
4.80%, 02/15/44 (Call 08/15/43)		7,367		9,159,898
				88,166,971
Hand & Machine Tools — 0.0%
Stanley Black & Decker Inc. 2.30%, 03/15/30 (Call 12/15/29)(a)		7,357		7,513,591
2.75%, 11/15/50 (Call 05/15/50)		9,013		8,850,123
				16,363,714
Health Care - Products — 1.1%
Abbott Laboratories 2.95%, 03/15/25 (Call 12/15/24)(a)		6,715		7,104,837
3.75%, 11/30/26 (Call 08/30/26)(a)		20,540		22,739,760
4.75%, 11/30/36 (Call 05/30/36)		13,646		17,426,381
4.90%, 11/30/46 (Call 05/30/46)		31,195		43,370,156
Boston Scientific Corp. 2.65%, 06/01/30 (Call 03/01/30)		10,759		11,013,780
3.75%, 03/01/26 (Call 01/01/26)		10,343		11,247,136
4.00%, 03/01/29 (Call 12/01/28)(a)		7,717		8,658,948
4.55%, 03/01/39 (Call 09/01/38)		6,722		8,168,730
4.70%, 03/01/49 (Call 09/01/48)(a)		11,060		14,290,767
Danaher Corp., 2.60%, 10/01/50 (Call 04/01/50)(a)		10,111		9,837,629
DH Europe Finance II Sarl 2.60%, 11/15/29 (Call 08/15/29)(a)		9,986		10,386,130
3.25%, 11/15/39 (Call 05/15/39)(a)		6,390		6,833,484
3.40%, 11/15/49 (Call 05/15/49)		7,461		8,324,578
Medtronic Inc. 3.50%, 03/15/25		17,094		18,436,276
4.38%, 03/15/35(a)		19,873		24,391,564
4.63%, 03/15/45		16,535		21,989,204
PerkinElmer Inc. 2.55%, 03/15/31 (Call 12/15/30)		4,500		4,548,435
3.30%, 09/15/29 (Call 06/15/29)		2,193		2,347,927
Stryker Corp. 1.95%, 06/15/30 (Call 03/15/30)(a)		10,042		9,879,236
3.38%, 11/01/25 (Call 08/01/25)		8,732		9,391,431
3.50%, 03/15/26 (Call 12/15/25)		9,947		10,749,766
4.63%, 03/15/46 (Call 09/15/45)(a)		7,886		10,299,647
Thermo Fisher Scientific Inc. 2.00%, 10/15/31 (Call 07/15/31)(a)		11,612		11,366,035
2.60%, 10/01/29 (Call 07/01/29)		8,473		8,815,306
2.80%, 10/15/41 (Call 04/15/41)		15,088		15,183,797
2.95%, 09/19/26 (Call 06/19/26)(a)		13,934		14,822,762
3.20%, 08/15/27 (Call 05/15/27)		8,939		9,620,541
4.10%, 08/15/47 (Call 02/15/47)(a)		4,233		5,267,298
4.13%, 03/25/25 (Call 02/25/25)		8,919		9,724,098
4.50%, 03/25/30 (Call 12/25/29)		9,759		11,485,963

Security	Par (000)		Value
Health Care - Products (continued)
Zimmer Biomet Holdings Inc. 3.55%, 04/01/25 (Call 01/01/25)	$	18,295	$	19,496,767
3.55%, 03/20/30 (Call 12/20/29)(a)		7,442		8,086,503
				405,304,872
Health Care - Services — 2.3%
Aetna Inc. 3.50%, 11/15/24 (Call 08/15/24)(a)		1,936		2,064,893
3.88%, 08/15/47 (Call 02/15/47)(a)		7,922		9,036,903
6.63%, 06/15/36(a)		10,314		14,712,323
Anthem Inc. 1.50%, 03/15/26 (Call 02/15/26)(a)		11,004		10,961,382
2.25%, 05/15/30 (Call 02/15/30)		12,121		12,097,533
2.38%, 01/15/25 (Call 12/15/24)		2,130		2,203,443
2.55%, 03/15/31 (Call 12/15/30)		9,073		9,262,794
2.88%, 09/15/29 (Call 06/15/29)		9,705		10,183,525
3.13%, 05/15/50 (Call 11/15/49)(a)		9,385		9,727,447
3.35%, 12/01/24 (Call 10/01/24)		2,456		2,617,809
3.60%, 03/15/51 (Call 09/15/50)(a)		11,496		12,819,805
3.65%, 12/01/27 (Call 09/01/27)(a)		12,006		13,157,515
3.70%, 09/15/49 (Call 03/15/49)		8,148		9,141,266
4.10%, 03/01/28 (Call 12/01/27)(a)		13,077		14,660,321
4.38%, 12/01/47 (Call 06/01/47)		11,859		14,538,369
4.55%, 03/01/48 (Call 09/01/47)		9,180		11,579,866
4.63%, 05/15/42		9,517		11,665,845
4.65%, 01/15/43		10,434		12,840,722
4.65%, 08/15/44 (Call 02/15/44)		9,205		11,409,424
Ascension Health 3.95%, 11/15/46		4,993		6,208,210
Series B, 2.53%, 11/15/29 (Call 08/15/29)		3,058		3,188,111
CommonSpirit Health 3.35%, 10/01/29 (Call 04/01/29)		9,336		9,955,937
4.19%, 10/01/49 (Call 04/01/49)(a)		5,511		6,490,305
HCA Inc. 2.38%, 07/15/31 (Call 04/15/31)(a)		10,543		10,289,296
3.50%, 07/15/51 (Call 01/15/51)		15,374		15,616,619
4.13%, 06/15/29 (Call 03/15/29)		17,043		18,889,137
4.50%, 02/15/27 (Call 08/15/26)		10,991		12,189,907
5.13%, 06/15/39 (Call 12/15/38)		10,569		13,063,044
5.25%, 04/15/25		12,308		13,795,256
5.25%, 06/15/26 (Call 12/15/25)		15,101		17,122,757
5.25%, 06/15/49 (Call 12/15/48)		20,156		26,057,505
5.50%, 06/15/47 (Call 12/15/46)		15,186		20,024,522
Humana Inc. 1.35%, 02/03/27 (Call 01/03/27)(a)		15,659		15,252,178
2.15%, 02/03/32 (Call 11/03/31)(a)		13,340		12,906,287
4.95%, 10/01/44 (Call 04/01/44)(a)		5,880		7,607,739
Kaiser Foundation Hospitals 4.15%, 05/01/47 (Call 11/01/46)(a)		14,277		17,730,237
Series 2019, 3.27%, 05/12/49 (Call 05/01/49)(a)		10,164		11,078,800
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)(a)		13,192		13,371,877
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)		14,505		15,077,604
Laboratory Corp. of America Holdings 3.60%, 02/01/25 (Call 11/01/24)(a)		8,065		8,600,401
4.70%, 02/01/45 (Call 08/01/44)(a)		6,804		8,415,574
Quest Diagnostics Inc., 2.95%, 06/30/30
(Call 03/30/30)		9,871		10,342,180
UnitedHealth Group Inc. 1.15%, 05/15/26 (Call 04/15/26)(a)		10,476		10,381,243
2.00%, 05/15/30(a)		13,045		13,000,702
2.30%, 05/15/31 (Call 02/15/31)		12,315		12,469,770

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
2.75%, 05/15/40 (Call 11/15/39)	$	11,063	$	11,121,372
2.88%, 08/15/29(a)		10,648		11,345,821
2.90%, 05/15/50 (Call 11/15/49)		12,351		12,621,528
2.95%, 10/15/27(a)		9,171		9,838,356
3.05%, 05/15/41 (Call 11/15/40)(a)		15,394		16,085,383
3.10%, 03/15/26(a)		9,747		10,464,089
3.13%, 05/15/60 (Call 11/15/59)(a)		8,957		9,394,309
3.25%, 05/15/51 (Call 11/15/50)(a)		18,963		20,622,858
3.45%, 01/15/27(a)		9,155		10,007,294
3.50%, 08/15/39 (Call 02/15/39)		13,794		15,295,602
3.70%, 08/15/49 (Call 02/15/49)		12,084		13,982,390
3.75%, 07/15/25		18,582		20,269,905
3.75%, 10/15/47 (Call 04/15/47)		10,151		11,777,937
3.85%, 06/15/28		11,555		13,014,222
3.88%, 12/15/28		8,672		9,810,781
3.88%, 08/15/59 (Call 02/15/59)		13,458		16,179,911
4.20%, 01/15/47 (Call 07/15/46)		8,035		9,910,826
4.25%, 03/15/43 (Call 09/15/42)(a)		6,944		8,426,607
4.25%, 06/15/48 (Call 12/15/47)		14,152		17,725,980
4.45%, 12/15/48 (Call 06/15/48)		11,827		15,249,736
4.63%, 07/15/35(a)		8,248		10,215,046
4.75%, 07/15/45		19,205		25,523,040
5.80%, 03/15/36(a)		9,443		13,011,798
6.88%, 02/15/38		10,379		15,972,094
Universal Health Services Inc. 2.65%, 10/15/30 (Call 07/15/30)(a)(c)		2,103		2,091,824
2.65%, 01/15/32 (Call 10/15/31)(a)(c)		4,500		4,420,918
				858,186,010
Holding Companies - Diversified — 0.2%
Ares Capital Corp. 2.15%, 07/15/26 (Call 06/15/26)(a)		10,690		10,587,232
2.88%, 06/15/28 (Call 04/15/28)(a)		15,307		15,368,865
3.25%, 07/15/25 (Call 06/15/25)		13,920		14,467,586
3.88%, 01/15/26 (Call 12/15/25)		17,114		18,152,921
Blackstone Secured Lending Fund, 3.63%, 01/15/26
(Call 12/15/25)		2,486		2,600,211
FS KKR Capital Corp. 3.13%, 10/12/28 (Call 08/12/28)		2,231		2,198,606
3.40%, 01/15/26 (Call 12/15/25)		1,273		1,309,815
Owl Rock Capital Corp. 2.88%, 06/11/28 (Call 04/11/28)		9,078		8,956,681
3.40%, 07/15/26 (Call 06/15/26)		16,408		16,886,400
				90,528,317
Home Builders — 0.0%
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)(a)		8,156		9,300,991
Household Products & Wares — 0.0%
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)(a)		7,401		8,045,814
Insurance — 2.0%
Aflac Inc. 3.60%, 04/01/30 (Call 01/01/30)(a)		8,492		9,404,813
3.63%, 11/15/24		2,344		2,522,618
American International Group Inc. 2.50%, 06/30/25 (Call 05/30/25)(a)		13,966		14,488,349
3.40%, 06/30/30 (Call 03/30/30)		14,643		15,845,820
3.75%, 07/10/25 (Call 04/10/25)		11,030		11,895,771
3.88%, 01/15/35 (Call 07/15/34)(a)		10,866		12,133,094
3.90%, 04/01/26 (Call 01/01/26)(a)		16,933		18,566,593

Security	Par (000)		Value
Insurance (continued)
4.20%, 04/01/28 (Call 01/01/28)	$	5,965	$	6,733,470
4.38%, 06/30/50 (Call 12/30/49)		11,859		14,793,635
4.38%, 01/15/55 (Call 07/15/54)		8,902		11,134,297
4.50%, 07/16/44 (Call 01/16/44)(a)		19,770		24,122,310
4.75%, 04/01/48 (Call 10/01/47)		9,118		11,737,910
4.80%, 07/10/45 (Call 01/10/45)(a)		8,240		10,561,390
6.25%, 05/01/36		8,585		11,841,261
Aon Corp. 2.80%, 05/15/30 (Call 02/15/30)(a)		14,098		14,578,272
3.75%, 05/02/29 (Call 02/02/29)(a)		3,962		4,392,608
Aon PLC, 3.88%, 12/15/25 (Call 09/15/25)(a)		4,457		4,867,185
Arch Capital Group Ltd., 3.64%, 06/30/50
(Call 12/30/49)		11,114		12,244,903
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)(a).		11,163		12,325,718
Berkshire Hathaway Finance Corp. 1.45%, 10/15/30 (Call 07/15/30)(a)		7,998		7,634,675
2.50%, 01/15/51 (Call 07/15/50)		9,710		9,112,714
2.85%, 10/15/50 (Call 04/15/50)		18,585		18,641,759
4.20%, 08/15/48 (Call 02/15/48)		21,585		26,689,593
4.25%, 01/15/49 (Call 07/15/48)		19,620		24,348,371
5.75%, 01/15/40(a)		5,947		8,412,389
Berkshire Hathaway Inc. 3.13%, 03/15/26 (Call 12/15/25)(a)		26,647		28,680,574
4.50%, 02/11/43		12,808		16,057,541
Brighthouse Financial Inc. 3.70%, 06/22/27 (Call 03/22/27)(a)		11,168		12,107,158
4.70%, 06/22/47 (Call 12/22/46)(a)		9,576		10,941,743
Chubb Corp. (The), 6.00%, 05/11/37		8,321		11,900,231
Chubb INA Holdings Inc. 3.15%, 03/15/25(a)		4,881		5,201,521
3.35%, 05/03/26 (Call 02/03/26)		7,274		7,860,249
4.35%, 11/03/45 (Call 05/03/45)(a)		8,660		11,060,714
Equitable Holdings Inc. 4.35%, 04/20/28 (Call 01/20/28)(a)		13,503		15,277,969
5.00%, 04/20/48 (Call 10/20/47)		14,458		18,498,333
Everest Reinsurance Holdings Inc. 3.13%, 10/15/52 (Call 04/15/52)		13,254		13,009,432
3.50%, 10/15/50 (Call 04/15/50)(a)		3,082		3,281,026
Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)(a)		6,828		7,561,606
Manulife Financial Corp. 4.15%, 03/04/26(a)		8,266		9,163,405
5.38%, 03/04/46(a)		5,669		8,033,915
Marsh & McLennan Companies Inc. 2.25%, 11/15/30 (Call 08/15/30)(a)		3,317		3,314,711
4.38%, 03/15/29 (Call 12/15/28)(a)		16,611		19,191,642
4.90%, 03/15/49 (Call 09/15/48)		12,099		16,517,475
MetLife Inc. 4.05%, 03/01/45(a)		8,139		9,821,334
4.13%, 08/13/42		9,908		11,790,154
4.55%, 03/23/30 (Call 12/23/29)(a)		10,968		12,921,336
4.60%, 05/13/46 (Call 11/13/45)		6,924		9,036,634
4.88%, 11/13/43		9,520		12,432,885
5.70%, 06/15/35(a)		10,393		14,019,630
5.88%, 02/06/41		9,143		13,033,587
6.38%, 06/15/34		7,992		11,229,415
Progressive Corp. (The), 4.13%, 04/15/47
(Call 10/15/46)		9,929		12,252,923
Prudential Financial Inc. 3.70%, 03/13/51 (Call 09/13/50)(a)		10,873		12,612,297

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
3.91%, 12/07/47 (Call 06/07/47)(a)	$	10,293	$	12,129,055
3.94%, 12/07/49 (Call 06/07/49)(a)		12,236		14,578,368
4.35%, 02/25/50 (Call 08/25/49)(a)		10,529		13,454,981
4.60%, 05/15/44(a)		8,587		10,832,109
5.70%, 12/14/36(a)		8,717		11,751,976
Travelers Companies Inc. (The) 3.05%, 06/08/51 (Call 12/08/50)		8,310		8,842,509
5.35%, 11/01/40		7,998		10,984,906
6.25%, 06/15/37		9,054		13,130,068
				751,542,930
Internet — 1.8%
Alphabet Inc. 0.45%, 08/15/25 (Call 07/15/25)		6,509		6,357,431
0.80%, 08/15/27 (Call 06/15/27)(a)		13,733		13,205,092
1.10%, 08/15/30 (Call 05/15/30)(a)		23,517		22,039,987
1.90%, 08/15/40 (Call 02/15/40)		8,239		7,450,248
2.00%, 08/15/26 (Call 05/15/26)(a)		21,868		22,558,755
2.05%, 08/15/50 (Call 02/15/50)(a)		25,616		22,936,052
2.25%, 08/15/60 (Call 02/15/60)		18,882		16,918,693
Amazon.com Inc. 0.80%, 06/03/25 (Call 05/03/25)		8,925		8,839,009
1.00%, 05/12/26 (Call 04/12/26)(a)		22,380		22,153,817
1.20%, 06/03/27 (Call 04/03/27)		14,072		13,824,362
1.50%, 06/03/30 (Call 03/03/30)		18,888		18,278,339
1.65%, 05/12/28 (Call 03/12/28)(a)		20,910		20,835,945
2.10%, 05/12/31 (Call 02/12/31)		22,933		23,059,664
2.50%, 06/03/50 (Call 12/03/49)		22,784		21,713,674
2.70%, 06/03/60 (Call 12/03/59)		19,733		19,031,237
2.88%, 05/12/41 (Call 11/12/40)		22,705		23,472,783
3.10%, 05/12/51 (Call 11/12/50)(a)		31,427		33,531,650
3.15%, 08/22/27 (Call 05/22/27)		32,530		35,227,693
3.25%, 05/12/61 (Call 11/12/60)		19,593		21,347,095
3.80%, 12/05/24 (Call 09/05/24)		2,653		2,869,873
3.88%, 08/22/37 (Call 02/22/37)(a)		26,556		31,238,686
4.05%, 08/22/47 (Call 02/22/47)		33,194		40,753,950
4.25%, 08/22/57 (Call 02/22/57)		22,660		29,470,690
4.80%, 12/05/34 (Call 06/05/34)(a)		12,406		15,753,974
4.95%, 12/05/44 (Call 06/05/44)		13,374		17,995,729
5.20%, 12/03/25 (Call 09/03/25)		8,536		9,784,209
Booking Holdings Inc. 3.60%, 06/01/26 (Call 03/01/26)		11,257		12,244,461
4.63%, 04/13/30 (Call 01/13/30)(a)		14,161		16,690,637
eBay Inc. 1.40%, 05/10/26 (Call 04/10/26)		6,859		6,788,238
1.90%, 03/11/25 (Call 02/11/25)		9,148		9,321,090
2.60%, 05/10/31 (Call 02/10/31)(a)		6,142		6,202,227
2.70%, 03/11/30 (Call 12/11/29)(a)		11,764		12,090,831
3.60%, 06/05/27 (Call 03/05/27)(a)		9,588		10,457,148
3.65%, 05/10/51 (Call 11/10/50)(a)		9,304		10,201,789
4.00%, 07/15/42 (Call 01/15/42)(a)		6,152		6,936,403
Expedia Group Inc. 2.95%, 03/15/31 (Call 12/15/30)		8,986		9,068,554
3.25%, 02/15/30 (Call 11/15/29)		14,537		14,958,073
3.80%, 02/15/28 (Call 11/15/27)(a)		13,132		14,167,662
4.63%, 08/01/27 (Call 05/01/27)(a)		5,781		6,469,928
5.00%, 02/15/26 (Call 11/15/25)(a)		5,344		5,993,094
Netflix Inc.
4.38%, 11/15/26		6,000		6,682,500
4.88%, 04/15/28		8,777		10,060,636
5.88%, 11/15/28		8,000		9,740,000

Security	Par (000)		Value
Internet (continued)
6.38%, 05/15/29	$	4,000	$	5,045,000
				693,766,908
Lodging — 0.2%
Las Vegas Sands Corp. 3.20%, 08/08/24 (Call 07/08/24)		2,622		2,677,477
3.50%, 08/18/26 (Call 06/18/26)		8,721		8,910,842
3.90%, 08/08/29 (Call 05/08/29)(a)		2,789		2,832,473
Marriott International Inc./MD
Series FF, 4.63%, 06/15/30 (Call 03/15/30)		13,159		14,969,205
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		8,378		8,857,076
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		6,077		6,114,341
Series R, 3.13%, 06/15/26 (Call 03/15/26)(a)		7,583		8,017,722
Sands China Ltd. 3.80%, 01/08/26 (Call 12/08/25)		1,000		1,008,974
5.13%, 08/08/25 (Call 06/08/25)		13,030		13,871,988
5.40%, 08/08/28 (Call 05/08/28)(a)		16,314		17,681,470
				84,941,568
Machinery — 0.5%
Caterpillar Financial Services Corp. 0.80%, 11/13/25(a)		12,678		12,492,189
0.90%, 03/02/26(a)		9,099		8,941,128
1.10%, 09/14/27(a)		9,643		9,397,492
2.15%, 11/08/24(a)		7,441		7,715,204
Caterpillar Inc. 2.60%, 04/09/30 (Call 01/09/30)(a)		8,464		8,875,868
3.25%, 09/19/49 (Call 03/19/49)		11,549		12,837,389
3.25%, 04/09/50 (Call 10/09/49)(a)		9,666		10,781,064
3.80%, 08/15/42		16,944		20,077,552
5.20%, 05/27/41		7,477		10,215,943
Deere & Co. 3.75%, 04/15/50 (Call 10/15/49)(a)		8,361		10,194,109
3.90%, 06/09/42 (Call 12/09/41)(a)		13,322		16,017,687
John Deere Capital Corp. 0.70%, 01/15/26(a)		7,435		7,253,594
3.45%, 03/13/25(a)		8,792		9,465,521
Otis Worldwide Corp. 2.06%, 04/05/25 (Call 03/05/25)(a)		10,493		10,738,528
2.57%, 02/15/30 (Call 11/15/29)(a)		17,650		18,007,232
3.11%, 02/15/40 (Call 08/15/39)(a)		5,533		5,652,920
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/26 (Call 08/15/26)(a)		3,472		3,685,728
4.95%, 09/15/28 (Call 06/15/28)		11,682		13,439,032
				195,788,180
Manufacturing — 0.6%
3M Co. 2.00%, 02/14/25 (Call 01/14/25)(a)		7,523		7,736,212
2.38%, 08/26/29 (Call 05/26/29)(a)		4,070		4,185,790
2.88%, 10/15/27 (Call 07/15/27)(a)		7,622		8,144,380
3.25%, 08/26/49 (Call 02/26/49)(a)		8,337		9,085,520
3.38%, 03/01/29 (Call 12/01/28)		8,483		9,306,314
4.00%, 09/14/48 (Call 03/14/48)		10,719		13,117,567
Eaton Corp., 4.15%, 11/02/42(a)		9,659		11,440,899
General Electric Co. 3.45%, 05/01/27 (Call 03/01/27)(a)		10,311		11,229,357
3.63%, 05/01/30 (Call 02/01/30)(a)		9,962		11,157,995
4.35%, 05/01/50 (Call 11/01/49)(a)		10,667		13,575,033
5.88%, 01/14/38		16,596		22,918,535
6.75%, 03/15/32		31,443		43,244,567
6.88%, 01/10/39		14,218		21,613,368

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Manufacturing (continued)
Illinois Tool Works Inc. 2.65%, 11/15/26 (Call 08/15/26)(a)	$	11,025	$	11,647,908
3.90%, 09/01/42 (Call 03/01/42)(a)		11,141		13,015,267
Parker-Hannifin Corp. 3.25%, 06/14/29 (Call 03/14/29)(a)		9,653		10,348,223
4.00%, 06/14/49 (Call 12/14/48)(a)		5,912		6,935,020
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)(a)		7,996		8,848,940
				237,550,895
Media — 4.9%
Charter Communications Operating LLC/Charter Communications Operating Capital 2.25%, 01/15/29 (Call 11/15/28)		11,826		11,612,189
2.30%, 02/01/32 (Call 11/01/31)		3,669		3,473,002
2.80%, 04/01/31 (Call 01/01/31)		13,871		13,794,288
3.50%, 06/01/41 (Call 12/01/40)(a)		15,060		14,797,164
3.50%, 03/01/42 (Call 09/01/41)		16,125		15,720,582
3.70%, 04/01/51 (Call 10/01/50)(a)		19,479		19,080,356
3.75%, 02/15/28 (Call 11/15/27)		9,056		9,867,161
3.85%, 04/01/61 (Call 10/01/60)		18,672		18,067,640
3.90%, 06/01/52 (Call 12/01/51)		23,392		23,679,195
3.95%, 06/30/62 (Call 12/30/61)		10,102		9,905,324
4.20%, 03/15/28 (Call 12/15/27)(a)		12,401		13,769,501
4.40%, 12/01/61 (Call 06/01/61)		11,907		12,629,535
4.80%, 03/01/50 (Call 09/01/49)(a)		26,966		30,683,916
4.91%, 07/23/25 (Call 04/23/25)		42,894		47,688,087
5.05%, 03/30/29 (Call 12/30/28)(a)		12,042		14,038,741
5.13%, 07/01/49 (Call 01/01/49)(a)		13,265		15,677,524
5.38%, 04/01/38 (Call 10/01/37)		9,332		11,218,755
5.38%, 05/01/47 (Call 11/01/46)		24,439		29,607,289
5.75%, 04/01/48 (Call 10/01/47)(a)		21,144		27,065,318
6.38%, 10/23/35 (Call 04/23/35)		20,291		26,331,127
6.48%, 10/23/45 (Call 04/23/45)(a)		33,533		46,091,249
Comcast Corp. 1.50%, 02/15/31 (Call 11/15/30)		15,669		14,696,754
1.95%, 01/15/31 (Call 10/15/30)(a)		12,983		12,666,485
2.35%, 01/15/27 (Call 10/15/26)		13,880		14,379,386
2.45%, 08/15/52 (Call 02/15/52)(a)		10,653		9,619,754
2.65%, 02/01/30 (Call 11/01/29)		15,198		15,735,005
2.65%, 08/15/62 (Call 02/15/62)(a)		14,077		12,687,366
2.80%, 01/15/51 (Call 07/15/50)		19,841		19,092,663
2.89%, 11/01/51 (Call 05/01/51)(c)		47,223		46,094,403
2.94%, 11/01/56 (Call 05/01/56)(c)		57,968		55,920,651
2.99%, 11/01/63 (Call 05/01/63)(c)		41,193		39,476,393
3.10%, 04/01/25 (Call 03/01/25)		5,817		6,168,019
3.15%, 03/01/26 (Call 12/01/25)(a)		21,740		23,289,273
3.15%, 02/15/28 (Call 11/15/27)		14,678		15,809,995
3.20%, 07/15/36 (Call 01/15/36)		9,503		10,102,368
3.25%, 11/01/39 (Call 05/01/39)		13,043		13,709,193
3.30%, 02/01/27 (Call 11/01/26)		13,047		14,075,567
3.30%, 04/01/27 (Call 02/01/27)		7,393		7,982,687
3.38%, 02/15/25 (Call 11/15/24)		8,757		9,344,792
3.38%, 08/15/25 (Call 05/15/25)(a)		14,860		15,950,051
3.40%, 04/01/30 (Call 01/01/30)(a)		13,820		15,045,338
3.40%, 07/15/46 (Call 01/15/46)		14,244		15,308,503
3.45%, 02/01/50 (Call 08/01/49)(a)		17,434		18,776,802
3.55%, 05/01/28 (Call 02/01/28)(a)		7,287		8,037,291
3.75%, 04/01/40 (Call 10/01/39)		15,703	��	17,567,199
3.90%, 03/01/38 (Call 09/01/37)		11,875		13,450,413
3.95%, 10/15/25 (Call 08/15/25)		26,483		29,087,878

Security	Par (000)		Value
Media (continued)
3.97%, 11/01/47 (Call 05/01/47)	$	18,340	$	21,151,414
4.00%, 08/15/47 (Call 02/15/47)		9,602		11,131,367
4.00%, 03/01/48 (Call 09/01/47)		10,329		11,962,882
4.00%, 11/01/49 (Call 05/01/49)		19,184		22,364,308
4.05%, 11/01/52 (Call 05/01/52)		11,522		13,565,774
4.15%, 10/15/28 (Call 07/15/28)		37,498		42,797,761
4.20%, 08/15/34 (Call 02/15/34)(a)		9,577		11,184,117
4.25%, 10/15/30 (Call 07/15/30)		8,879		10,239,748
4.25%, 01/15/33		16,549		19,328,525
4.40%, 02/25/35 (Call 02/15/35)		6,958		8,232,834
4.60%, 10/15/38 (Call 04/15/38)		10,590		12,946,173
4.60%, 08/15/45 (Call 02/15/45)		9,351		11,797,136
4.70%, 10/15/48 (Call 04/15/48)		19,441		25,203,439
4.95%, 10/15/58 (Call 04/15/58)(a)		9,733		13,500,914
5.65%, 06/15/35(a)		6,092		8,010,847
7.05%, 03/15/33		7,881		11,324,870
Discovery Communications LLC 3.63%, 05/15/30 (Call 02/15/30)		9,578		10,304,444
3.95%, 03/20/28 (Call 12/20/27)(a)		13,531		14,888,052
4.00%, 09/15/55 (Call 03/15/55)		14,729		15,649,588
4.13%, 05/15/29 (Call 02/15/29)(a)		8,854		9,839,616
4.65%, 05/15/50 (Call 11/15/49)(a)		12,338		14,526,832
5.20%, 09/20/47 (Call 03/20/47)(a)		12,159		15,126,292
5.30%, 05/15/49 (Call 11/15/48)(a)		8,064		10,271,866
Fox Corp. 4.71%, 01/25/29 (Call 10/25/28)(a)		19,873		22,963,257
5.48%, 01/25/39 (Call 07/25/38)		9,718		12,553,246
5.58%, 01/25/49 (Call 07/25/48)(a)		16,541		22,713,064
Time Warner Cable LLC 4.50%, 09/15/42 (Call 03/15/42)		10,851		11,829,129
5.50%, 09/01/41 (Call 03/01/41)		10,552		12,888,129
5.88%, 11/15/40 (Call 05/15/40)		13,576		17,095,757
6.55%, 05/01/37		17,047		22,872,737
6.75%, 06/15/39		12,737		17,385,599
7.30%, 07/01/38(a)		16,793		24,150,114
Time Warner Entertainment Co. LP, 8.38%, 07/15/33		12,218		17,950,163
TWDC Enterprises 18 Corp. 1.85%, 07/30/26(a)		9,911		10,066,413
2.95%, 06/15/27(a)		9,610		10,340,249
3.00%, 02/13/26		7,859		8,369,898
3.15%, 09/17/25(a)		8,122		8,671,222
4.13%, 06/01/44		11,226		13,395,546
ViacomCBS Inc. 4.00%, 01/15/26 (Call 10/15/25)(a)		5,857		6,392,579
4.20%, 05/19/32 (Call 02/19/32)		8,089		9,191,320
4.38%, 03/15/43(a)		11,744		13,402,192
4.75%, 05/15/25 (Call 04/15/25)		14,760		16,369,613
4.95%, 01/15/31 (Call 10/15/30)(a)		14,727		17,476,644
4.95%, 05/19/50 (Call 11/19/49)(a)		8,867		11,234,178
5.85%, 09/01/43 (Call 03/01/43)(a)		12,252		16,620,663
6.88%, 04/30/36(a)		13,009		18,541,647
7.88%, 07/30/30(a)		12,208		17,140,365
Walt Disney Co. (The) 1.75%, 01/13/26		14,619		14,832,108
2.00%, 09/01/29 (Call 06/01/29)(a)		17,080		17,102,892
2.20%, 01/13/28		8,273		8,451,820
2.65%, 01/13/31(a)		22,928		23,804,774
2.75%, 09/01/49 (Call 03/01/49)(a)		15,579		15,291,764
3.35%, 03/24/25(a)		15,644		16,751,107
3.50%, 05/13/40 (Call 11/13/39)		19,447		21,465,091

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
3.60%, 01/13/51 (Call 07/13/50)(a)	$	27,738	$	31,611,442
3.80%, 03/22/30		12,612		14,198,479
3.80%, 05/13/60 (Call 11/13/59)		12,471		14,710,051
4.63%, 03/23/40 (Call 09/23/39)		8,641		10,798,059
4.70%, 03/23/50 (Call 09/23/49)(a)		22,032		29,585,457
6.20%, 12/15/34(a)		9,621		13,474,163
6.40%, 12/15/35(a)		8,904		12,788,424
6.65%, 11/15/37(a)		12,885		19,244,244
				1,857,944,570
Metal Fabricate & Hardware — 0.0%
Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25)(a)		9,088		9,730,421
Mining — 0.5%
Barrick Gold Corp., 5.25%, 04/01/42(a)		4,117		5,374,524
Barrick North America Finance LLC 5.70%, 05/30/41(a)		8,435		11,480,697
5.75%, 05/01/43		8,888		12,355,115
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39(a)		8,745		11,973,365
BHP Billiton Finance USA Ltd. 4.13%, 02/24/42(a)		7,736		9,176,828
5.00%, 09/30/43		26,050		34,677,234
Newmont Corp. 2.25%, 10/01/30 (Call 07/01/30)		12,980		12,786,588
4.88%, 03/15/42 (Call 09/15/41)(a)		6,797		8,561,096
6.25%, 10/01/39		9,811		13,947,742
Rio Tinto Alcan Inc., 6.13%, 12/15/33(a)		7,342		10,144,040
Rio Tinto Finance USA Ltd. 2.75%, 11/02/51		15,665		15,494,095
3.75%, 06/15/25 (Call 03/15/25)		14,277		15,548,926
5.20%, 11/02/40		11,667		15,685,283
7.13%, 07/15/28(a)		7,267		9,600,372
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 02/21/42)(a)		6,966		8,398,281
				195,204,186
Oil & Gas — 4.7%
BP Capital Markets America Inc. 1.75%, 08/10/30 (Call 05/10/30)(a)		9,951		9,627,002
2.77%, 11/10/50 (Call 05/10/50)		15,613		14,789,444
2.94%, 06/04/51 (Call 12/04/50)(a)		22,496		21,927,618
3.00%, 02/24/50 (Call 08/24/49)(a)		17,919		17,710,822
3.00%, 03/17/52 (Call 09/17/51)		15,897		15,712,274
3.02%, 01/16/27 (Call 10/16/26)		9,488		10,079,494
3.06%, 06/17/41 (Call 12/17/40)		15,681		15,843,218
3.12%, 05/04/26 (Call 02/04/26)		10,410		11,136,536
3.19%, 04/06/25 (Call 03/06/25)(a)		6,220		6,607,926
3.38%, 02/08/61 (Call 08/08/60)		19,211		19,815,870
3.41%, 02/11/26 (Call 12/11/25)		11,024		11,890,715
3.63%, 04/06/30 (Call 01/06/30)(a)		12,968		14,370,453
3.80%, 09/21/25 (Call 07/21/25)		11,762		12,831,365
3.94%, 09/21/28 (Call 06/21/28)		8,618		9,656,608
4.23%, 11/06/28 (Call 08/06/28)(a)		18,063		20,621,230
BP Capital Markets PLC 3.28%, 09/19/27 (Call 06/19/27)(a)		14,117		15,277,745
3.51%, 03/17/25		8,981		9,638,625
3.54%, 11/04/24(a)		2,356		2,523,633
3.72%, 11/28/28 (Call 08/28/28)		6,959		7,711,380
Canadian Natural Resources Ltd. 3.85%, 06/01/27 (Call 03/01/27)(a)		13,588		14,742,613

Security	Par (000)		Value
Oil & Gas (continued)
4.95%, 06/01/47 (Call 12/01/46)(a)	$	7,527	$	9,572,574
6.25%, 03/15/38(a)		14,239		19,085,348
Cenovus Energy Inc. 3.75%, 02/15/52 (Call 08/15/51)(a)		8,227		8,307,867
4.25%, 04/15/27 (Call 01/15/27)(a)		13,433		14,750,732
4.40%, 04/15/29 (Call 01/15/29)(a)		8,953		10,030,553
5.40%, 06/15/47 (Call 12/15/46)(a)		6,188		7,750,432
6.75%, 11/15/39		13,931		19,025,845
Chevron Corp. 1.55%, 05/11/25 (Call 04/11/25)(a)		25,742		26,113,264
2.00%, 05/11/27 (Call 03/11/27)(a)		7,737		7,881,185
2.24%, 05/11/30 (Call 02/11/30)(a)		15,393		15,726,228
2.95%, 05/16/26 (Call 02/16/26)		20,792		22,164,312
3.08%, 05/11/50 (Call 11/11/49)(a)		10,247		10,982,847
3.33%, 11/17/25 (Call 08/17/25)		8,228		8,861,305
Chevron USA Inc. 0.69%, 08/12/25 (Call 07/12/25)(a)		8,961		8,804,243
1.02%, 08/12/27 (Call 06/12/27)(a)		10,360		10,014,275
2.34%, 08/12/50 (Call 02/12/50)		9,925		9,358,080
5.05%, 11/15/44 (Call 05/15/44)		1,000		1,360,657
ConocoPhillips 3.75%, 10/01/27 (Call 07/01/27)(a)(c)		8,953		9,822,351
4.30%, 08/15/28 (Call 05/15/28)(c)		12,990		14,871,699
4.88%, 10/01/47 (Call 04/01/47)(c)		5,674		7,543,871
6.50%, 02/01/39		25,871		38,162,548
ConocoPhillips Co. 4.30%, 11/15/44 (Call 05/15/44)		7,288		8,830,623
4.95%, 03/15/26 (Call 12/15/25)(a)		9,918		11,278,947
6.95%, 04/15/29		18,884		25,026,234
Devon Energy Corp. 4.75%, 05/15/42 (Call 11/15/41)		8,010		9,281,145
5.00%, 06/15/45 (Call 12/15/44)(a)		5,173		6,300,487
5.60%, 07/15/41 (Call 01/15/41)(a)		12,197		15,379,939
Diamondback Energy Inc. 2.88%, 12/01/24 (Call 11/01/24)		2,686		2,798,151
3.13%, 03/24/31 (Call 12/24/30)(a)		7,251		7,484,158
3.25%, 12/01/26 (Call 10/01/26)(a)		9,993		10,568,297
3.50%, 12/01/29 (Call 09/01/29)		15,098		16,076,954
EOG Resources Inc. 4.15%, 01/15/26 (Call 10/15/25)		7,752		8,559,982
4.38%, 04/15/30 (Call 01/15/30)(a)		7,423		8,644,245
4.95%, 04/15/50 (Call 10/15/49)(a)		5,602		7,627,140
Equinor ASA 1.75%, 01/22/26 (Call 12/22/25)		4,680		4,745,076
2.38%, 05/22/30 (Call 02/22/30)(a)		7,044		7,214,926
2.88%, 04/06/25 (Call 03/06/25)		8,555		9,013,199
3.13%, 04/06/30 (Call 01/06/30)(a)		6,141		6,621,806
3.25%, 11/18/49 (Call 05/18/49)		8,717		9,410,490
3.63%, 09/10/28 (Call 06/10/28)(a)		8,119		9,024,547
3.70%, 04/06/50 (Call 10/06/49)(a)		10,596		12,449,641
3.95%, 05/15/43(a)		7,625		8,953,067
4.80%, 11/08/43(a)		4,822		6,353,262
5.10%, 08/17/40		6,607		8,827,331
Exxon Mobil Corp. 2.28%, 08/16/26 (Call 06/16/26)(a)		6,877		7,150,696
2.44%, 08/16/29 (Call 05/16/29)(a)		13,798		14,252,291
2.61%, 10/15/30 (Call 07/15/30)(a)		17,864		18,604,341
2.71%, 03/06/25 (Call 12/06/24)		16,951		17,780,958
2.99%, 03/19/25 (Call 02/19/25)		24,758		26,179,245
3.00%, 08/16/39 (Call 02/16/39)(a)		8,707		8,997,033

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
3.04%, 03/01/26 (Call 12/01/25)	$	27,509	$	29,348,422
3.10%, 08/16/49 (Call 02/16/49)(a)		16,932		17,584,950
3.29%, 03/19/27 (Call 01/19/27)		11,402		12,372,286
3.45%, 04/15/51 (Call 10/15/50)(a)		25,372		28,130,276
3.48%, 03/19/30 (Call 12/19/29)(a)		19,210		21,223,854
3.57%, 03/06/45 (Call 09/06/44)		8,313		9,288,030
4.11%, 03/01/46 (Call 09/01/45)		25,956		31,215,703
4.23%, 03/19/40 (Call 09/19/39)(a)		19,722		23,543,035
4.33%, 03/19/50 (Call 09/19/49)(a)		28,544		35,965,577
Hess Corp. 4.30%, 04/01/27 (Call 01/01/27)(a)		4,985		5,470,526
5.60%, 02/15/41(a)		12,370		15,560,254
6.00%, 01/15/40(a)		6,116		7,956,186
Marathon Oil Corp. 4.40%, 07/15/27 (Call 04/15/27)(a)		12,195		13,543,173
6.60%, 10/01/37		6,510		8,765,027
Marathon Petroleum Corp. 4.70%, 05/01/25 (Call 04/01/25)		14,458		15,977,553
4.75%, 09/15/44 (Call 03/15/44)(a)		10,283		12,092,675
6.50%, 03/01/41 (Call 09/01/40)		11,846		16,435,565
Phillips 66 2.15%, 12/15/30 (Call 09/15/30)(a)		8,286		8,005,580
3.90%, 03/15/28 (Call 12/15/27)		8,280		9,135,348
4.65%, 11/15/34 (Call 05/15/34)		8,580		10,146,974
4.88%, 11/15/44 (Call 05/15/44)(a)		18,222		22,933,910
5.88%, 05/01/42		15,058		20,771,936
Pioneer Natural Resources Co. 1.13%, 01/15/26 (Call 12/15/25)(a)		5,450		5,325,121
1.90%, 08/15/30 (Call 05/15/30)(a)		8,090		7,699,629
2.15%, 01/15/31 (Call 10/15/30)(a)		9,817		9,468,021
Shell International Finance BV 2.00%, 11/07/24 (Call 10/07/24)		2,250		2,317,380
2.38%, 04/06/25 (Call 03/06/25)		15,357		15,948,782
2.38%, 11/07/29 (Call 08/07/29)(a)		14,709		15,144,673
2.50%, 09/12/26(a)		10,998		11,561,531
2.75%, 04/06/30 (Call 01/06/30)(a)		15,258		16,097,706
2.88%, 05/10/26(a)		17,751		18,909,700
3.13%, 11/07/49 (Call 05/07/49)(a)		14,513		15,472,679
3.25%, 05/11/25(a)		26,826		28,694,973
3.25%, 04/06/50 (Call 10/06/49)(a)		19,792		21,657,630
3.75%, 09/12/46		13,701		15,941,300
3.88%, 11/13/28 (Call 08/13/28)(a)		14,437		16,280,707
4.00%, 05/10/46		20,547		24,600,580
4.13%, 05/11/35(a)		15,323		18,067,588
4.38%, 05/11/45(a)		28,458		35,733,165
4.55%, 08/12/43		13,235		16,709,439
5.50%, 03/25/40		9,376		12,975,221
6.38%, 12/15/38(a)		27,101		40,004,220
Suncor Energy Inc. 3.75%, 03/04/51 (Call 09/04/50)(a)		7,271		7,933,228
4.00%, 11/15/47 (Call 05/15/47)(a)		7,902		8,895,131
6.50%, 06/15/38(a)		13,311		18,468,420
6.80%, 05/15/38		7,738		11,010,550
6.85%, 06/01/39		7,354		10,668,123
TotalEnergies Capital International SA 2.43%, 01/10/25 (Call 10/10/24)		6,784		7,039,023
2.83%, 01/10/30 (Call 10/10/29)(a)		9,406		9,996,478
2.99%, 06/29/41 (Call 12/29/40)(a)		7,379		7,549,355
3.13%, 05/29/50 (Call 11/29/49)(a)		24,626		25,708,569
3.39%, 06/29/60 (Call 12/29/59)		9,882		10,696,893

Security	Par (000)		Value
Oil & Gas (continued)
3.46%, 02/19/29 (Call 11/19/28)(a)	$	12,156	$	13,400,223
3.46%, 07/12/49 (Call 01/12/49)		8,143		8,972,369
TotalEnergies Capital SA, 3.88%, 10/11/28		11,260		12,748,717
Valero Energy Corp. 2.85%, 04/15/25 (Call 03/15/25)(a)		11,421		11,909,704
3.40%, 09/15/26 (Call 06/15/26)		10,105		10,801,899
4.00%, 04/01/29 (Call 01/01/29)(a)		8,439		9,260,037
4.35%, 06/01/28 (Call 03/01/28)		6,580		7,368,854
6.63%, 06/15/37(a)		16,928		23,098,061
7.50%, 04/15/32		7,421		10,225,760
				1,805,967,277
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)(a)		14,296		15,418,200
4.08%, 12/15/47 (Call 06/15/47)		14,574		16,641,836
Baker Hughes Holdings LLC, 5.13%, 09/15/40		9,878		12,534,867
Halliburton Co. 2.92%, 03/01/30 (Call 12/01/29)(a)		10,562		10,917,587
3.80%, 11/15/25 (Call 08/15/25)(a)		9,870		10,756,401
4.75%, 08/01/43 (Call 02/01/43)		9,594		11,214,181
4.85%, 11/15/35 (Call 05/15/35)(a)		10,775		12,824,087
5.00%, 11/15/45 (Call 05/15/45)(a)		19,011		23,556,127
6.70%, 09/15/38		7,002		9,748,267
7.45%, 09/15/39(a)		8,393		12,506,015
Schlumberger Investment SA, 2.65%, 06/26/30
(Call 03/26/30)(a)		13,850		14,220,115
				150,337,683
Packaging & Containers — 0.1%
Berry Global Inc., 1.57%, 01/15/26 (Call 12/15/25)		13,122		12,978,412
WRKCo Inc. 4.65%, 03/15/26 (Call 01/15/26)		7,408		8,325,707
4.90%, 03/15/29 (Call 12/15/28)(a)		8,588		10,077,447
				31,381,566
Pharmaceuticals — 8.0%
AbbVie Inc. 2.60%, 11/21/24 (Call 10/21/24)(a)		30,460		31,797,078
2.95%, 11/21/26 (Call 09/21/26)		37,839		39,980,839
3.20%, 05/14/26 (Call 02/14/26)(a)		19,450		20,727,542
3.20%, 11/21/29 (Call 08/21/29)		52,764		56,406,689
3.60%, 05/14/25 (Call 02/14/25)		37,099		39,810,937
3.80%, 03/15/25 (Call 12/15/24)		26,200		28,219,339
4.05%, 11/21/39 (Call 05/21/39)		39,034		44,754,772
4.25%, 11/14/28 (Call 08/14/28)(a)		14,633		16,609,517
4.25%, 11/21/49 (Call 05/21/49)(a)		56,908		68,530,998
4.30%, 05/14/36 (Call 11/14/35)		9,061		10,591,263
4.40%, 11/06/42		25,338		30,424,976
4.45%, 05/14/46 (Call 11/14/45)		19,209		23,462,074
4.50%, 05/14/35 (Call 11/14/34)		24,845		29,529,738
4.55%, 03/15/35 (Call 09/15/34)		14,628		17,458,992
4.70%, 05/14/45 (Call 11/14/44)(a)		25,441		31,832,756
4.75%, 03/15/45 (Call 09/15/44)		9,172		11,522,397
4.85%, 06/15/44 (Call 12/15/43)		10,688		13,458,668
4.88%, 11/14/48 (Call 05/14/48)		17,130		22,371,571
AmerisourceBergen Corp. 2.70%, 03/15/31 (Call 12/15/30)(a)		10,034		10,186,948
3.45%, 12/15/27 (Call 09/15/27)		8,227		8,872,281
Astrazeneca Finance LLC 1.20%, 05/28/26 (Call 04/28/26)		14,298		14,167,722

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
1.75%, 05/28/28 (Call 03/28/28)	$	10,826	$	10,768,372
2.25%, 05/28/31 (Call 02/28/31)(a)		7,289		7,386,890
AstraZeneca PLC
0.70%, 04/08/26 (Call 03/08/26)(a)		12,619		12,246,401
1.38%, 08/06/30 (Call 05/06/30)(a)		12,931		12,249,004
3.00%, 05/28/51 (Call 11/28/50)(a)		7,302		7,717,639
3.13%, 06/12/27 (Call 03/12/27)(a)		8,232		8,858,221
3.38%, 11/16/25		17,991		19,458,389
4.00%, 01/17/29 (Call 10/17/28)		8,111		9,227,696
4.00%, 09/18/42(a)		10,446		12,579,866
4.38%, 11/16/45		8,223		10,605,360
4.38%, 08/17/48 (Call 02/17/48)		6,176		8,033,690
6.45%, 09/15/37(a)		27,160		40,381,708
Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)(a)		12,133		11,768,215
2.82%, 05/20/30 (Call 02/20/30)(a)		7,435		7,736,561
3.70%, 06/06/27 (Call 03/06/27)(a)		17,397		18,991,552
3.73%, 12/15/24 (Call 09/15/24)		2,038		2,184,581
3.79%, 05/20/50 (Call 11/20/49)(a)		6,255		7,114,424
4.67%, 06/06/47 (Call 12/06/46)(a)		13,407		17,003,393
4.69%, 12/15/44 (Call 06/15/44)		10,709		13,403,496
Bristol-Myers Squibb Co.
0.75%, 11/13/25 (Call 10/13/25)(a)		10,704		10,496,116
1.13%, 11/13/27 (Call 09/13/27)(a)		10,455		10,165,914
1.45%, 11/13/30 (Call 08/13/30)(a)		10,196		9,728,919
2.35%, 11/13/40 (Call 05/13/40)(a)		9,678		9,167,069
2.55%, 11/13/50 (Call 05/13/50)(a)		15,024		14,356,945
3.20%, 06/15/26 (Call 04/15/26)(a)		23,172		24,999,573
3.25%, 02/27/27(a)		8,258		8,983,261
3.40%, 07/26/29 (Call 04/26/29)		35,917		39,497,623
3.45%, 11/15/27 (Call 08/15/27)		11,102		12,181,255
3.88%, 08/15/25 (Call 05/15/25)		16,490		18,010,545
3.90%, 02/20/28 (Call 11/20/27)		13,598		15,270,389
4.13%, 06/15/39 (Call 12/15/38)		19,138		22,833,071
4.25%, 10/26/49 (Call 04/26/49)		32,583		40,953,423
4.35%, 11/15/47 (Call 05/15/47)		14,483		18,346,427
4.55%, 02/20/48 (Call 08/20/47)		14,446		18,839,627
5.00%, 08/15/45 (Call 02/15/45)		19,589		26,608,797
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)(a)		12,957		13,973,219
Cigna Corp.
1.25%, 03/15/26 (Call 02/15/26)(a)		9,783		9,665,801
2.38%, 03/15/31 (Call 12/15/30)(a)		14,710		14,739,395
2.40%, 03/15/30 (Call 12/15/29)(a)		15,700		15,871,989
3.20%, 03/15/40 (Call 09/15/39)		8,608		8,882,904
3.25%, 04/15/25 (Call 01/15/25)		8,836		9,371,637
3.40%, 03/01/27 (Call 12/01/26)(a)		12,743		13,725,912
3.40%, 03/15/50 (Call 09/15/49)		12,461		13,108,816
3.40%, 03/15/51 (Call 09/15/50)(a)		14,248		15,005,153
3.88%, 10/15/47 (Call 04/15/47)		11,809		13,230,492
4.13%, 11/15/25 (Call 09/15/25)		19,594		21,549,123
4.38%, 10/15/28 (Call 07/15/28)		35,923		41,200,082
4.50%, 02/25/26 (Call 11/27/25)		11,512		12,817,622
4.80%, 08/15/38 (Call 02/15/38)		22,388		27,535,290
4.80%, 07/15/46 (Call 01/16/46)		15,069		19,058,010
4.90%, 12/15/48 (Call 06/15/48)		26,606		34,474,251
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)(a)		21,342		20,627,711
1.75%, 08/21/30 (Call 05/21/30)(a)		13,522		12,872,487
1.88%, 02/28/31 (Call 11/28/30)(a)		11,939		11,425,870
2.13%, 09/15/31 (Call 06/15/31)(a)		23,835		23,257,318

Security	Par (000)		Value
Pharmaceuticals (continued)
2.70%, 08/21/40 (Call 02/21/40)	$	15,281	$	14,643,545
2.88%, 06/01/26 (Call 03/01/26)(a)		17,643		18,570,129
3.00%, 08/15/26 (Call 06/15/26)(a)		7,893		8,383,880
3.25%, 08/15/29 (Call 05/15/29)(a)		16,087		17,184,135
3.63%, 04/01/27 (Call 02/01/27)		7,047		7,682,465
3.75%, 04/01/30 (Call 01/01/30)		15,510		17,093,708
3.88%, 07/20/25 (Call 04/20/25)		24,300		26,384,107
4.10%, 03/25/25 (Call 01/25/25)(a)		8,671		9,432,676
4.13%, 04/01/40 (Call 10/01/39)(a)		11,322		12,966,489
4.25%, 04/01/50 (Call 10/01/49)(a)		7,174		8,668,772
4.30%, 03/25/28 (Call 12/25/27)		30,348		34,383,656
4.78%, 03/25/38 (Call 09/25/37)(a)		47,667		58,334,346
5.05%, 03/25/48 (Call 09/25/47)		76,663		100,741,530
5.13%, 07/20/45 (Call 01/20/45)(a)		33,945		44,666,097
5.30%, 12/05/43 (Call 06/05/43)(a)		8,367		11,006,866
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)(a)		13,729		12,673,348
2.50%, 09/15/60 (Call 03/15/60)(a)		10,397		9,774,935
3.38%, 03/15/29 (Call 12/15/28)(a)		9,865		10,854,861
3.95%, 03/15/49 (Call 09/15/48)		2,813		3,485,915
GlaxoSmithKline Capital Inc.
3.63%, 05/15/25		9,683		10,483,322
3.88%, 05/15/28		17,577		19,834,110
6.38%, 05/15/38		25,467		37,670,300
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)(a)		12,073		13,219,958
Johnson & Johnson
0.55%, 09/01/25 (Call 08/01/25)(a)		11,305		11,048,598
0.95%, 09/01/27 (Call 07/01/27)(a)		14,493		14,005,057
1.30%, 09/01/30 (Call 06/01/30)(a)		13,639		13,056,244
2.10%, 09/01/40 (Call 03/01/40)		10,461		9,901,467
2.25%, 09/01/50 (Call 03/01/50)(a)		11,052		10,547,642
2.45%, 03/01/26 (Call 12/01/25)(a)		19,592		20,552,905
2.45%, 09/01/60 (Call 03/01/60)		14,009		13,539,239
2.63%, 01/15/25 (Call 11/15/24)		2,768		2,903,595
2.90%, 01/15/28 (Call 10/15/27)		15,407		16,566,059
2.95%, 03/03/27 (Call 12/03/26)(a)		10,748		11,531,924
3.40%, 01/15/38 (Call 07/15/37)		11,457		12,969,837
3.50%, 01/15/48 (Call 07/15/47)(a)		5,851		6,865,723
3.55%, 03/01/36 (Call 09/01/35)		11,848		13,584,321
3.63%, 03/03/37 (Call 09/03/36)(a)		12,088		14,007,645
3.70%, 03/01/46 (Call 09/01/45)		18,759		22,420,449
3.75%, 03/03/47 (Call 09/03/46)(a)		9,923		12,057,217
4.38%, 12/05/33 (Call 06/05/33)(a)		9,210		11,294,383
5.95%, 08/15/37(a)		9,970		14,453,610
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)		9,324		10,269,414
Merck & Co. Inc.
0.75%, 02/24/26 (Call 01/24/26)(a)		13,313		13,037,603
1.45%, 06/24/30 (Call 03/24/30)(a)		14,344		13,782,576
2.35%, 06/24/40 (Call 12/24/39)		14,022		13,357,131
2.45%, 06/24/50 (Call 12/24/49)(a)		9,878		9,422,116
2.75%, 02/10/25 (Call 11/10/24)(a)		18,986		19,910,876
3.40%, 03/07/29 (Call 12/07/28)		15,719		17,275,373
3.70%, 02/10/45 (Call 08/10/44)(a)		18,957		22,019,407
3.90%, 03/07/39 (Call 09/07/38)		11,400		13,325,826
4.00%, 03/07/49 (Call 09/07/48)(a)		11,834		14,614,564
4.15%, 05/18/43		15,123		18,450,669

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
Mylan Inc. 4.55%, 04/15/28 (Call 01/15/28)(a)	$	8,476	$	9,593,900
5.20%, 04/15/48 (Call 10/15/47)(a)		8,533		10,593,496
Novartis Capital Corp. 1.75%, 02/14/25 (Call 01/14/25)		10,737		10,958,106
2.00%, 02/14/27 (Call 12/14/26)(a)		12,334		12,627,649
2.20%, 08/14/30 (Call 05/14/30)(a)		15,388		15,707,556
2.75%, 08/14/50 (Call 02/14/50)(a)		13,019		13,321,189
3.00%, 11/20/25 (Call 08/20/25)(a)		14,951		15,947,048
3.10%, 05/17/27 (Call 02/17/27)		11,411		12,312,196
4.00%, 11/20/45 (Call 05/20/45)		10,850		13,302,946
4.40%, 05/06/44		16,199		20,733,111
Pfizer Inc. 0.80%, 05/28/25 (Call 04/28/25)		4,870		4,819,636
1.70%, 05/28/30 (Call 02/28/30)(a)		8,276		8,109,090
1.75%, 08/18/31 (Call 05/18/31)(a)		16,635		16,198,331
2.55%, 05/28/40 (Call 11/28/39)		11,470		11,395,276
2.63%, 04/01/30 (Call 01/01/30)(a)		11,709		12,291,268
2.70%, 05/28/50 (Call 11/28/49)(a)		9,735		9,849,781
2.75%, 06/03/26(a)		10,076		10,730,330
3.00%, 12/15/26(a)		16,676		18,013,722
3.45%, 03/15/29 (Call 12/15/28)(a)		10,375		11,484,882
3.60%, 09/15/28 (Call 06/15/28)(a)		8,423		9,426,890
3.90%, 03/15/39 (Call 09/15/38)		8,332		9,831,015
4.00%, 12/15/36(a)		10,481		12,405,343
4.00%, 03/15/49 (Call 09/15/48)(a)		10,586		13,105,315
4.13%, 12/15/46		11,006		13,685,458
4.20%, 09/15/48 (Call 03/15/48)		9,837		12,483,213
4.30%, 06/15/43		8,388		10,366,040
4.40%, 05/15/44		11,097		14,000,435
7.20%, 03/15/39		23,747		38,298,269
Sanofi, 3.63%, 06/19/28 (Call 03/19/28)(a)		9,821		11,080,877
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)(a)		28,203		30,002,160
Takeda Pharmaceutical Co. Ltd. 2.05%, 03/31/30 (Call 12/31/29)		26,141		25,500,582
3.03%, 07/09/40 (Call 01/09/40)		13,305		13,423,675
3.18%, 07/09/50 (Call 01/09/50)(a)		19,786		20,244,586
3.38%, 07/09/60 (Call 01/09/60)(a)		8,698		9,226,615
5.00%, 11/26/28 (Call 08/26/28)(a)		16,891		19,983,313
Utah Acquisition Sub Inc. 3.95%, 06/15/26 (Call 03/15/26)		24,080		26,169,039
5.25%, 06/15/46 (Call 12/15/45)(a)		10,726		13,367,901
Viatris Inc. 1.65%, 06/22/25 (Call 05/22/25)(a)(c)		4,091		4,097,862
2.30%, 06/22/27 (Call 04/22/27)(a)(c)		3,975		4,013,146
2.70%, 06/22/30 (Call 03/22/30)(a)(c)		14,886		14,871,208
3.85%, 06/22/40 (Call 12/22/39)(c)		9,752		10,428,561
4.00%, 06/22/50 (Call 12/22/49)(a)(c)		21,513		23,166,577
Wyeth LLC 5.95%, 04/01/37(a)		23,253		32,889,097
6.50%, 02/01/34		7,648		10,913,873
Zoetis Inc. 2.00%, 05/15/30 (Call 02/15/30)		8,809		8,649,200
3.00%, 09/12/27 (Call 06/12/27)(a)		8,499		9,040,562
4.50%, 11/13/25 (Call 08/13/25)		9,541		10,637,627
4.70%, 02/01/43 (Call 08/01/42)		8,629		10,983,637
				3,046,456,800

Security	Par (000)		Value
Pipelines — 3.2%
Cheniere Corpus Christi Holdings LLC 2.74%, 12/31/39 (Call 07/04/39)(a)(c)	$	11,221	$	11,032,280
3.70%, 11/15/29 (Call 05/18/29)(a)		17,040		18,341,878
5.13%, 06/30/27 (Call 01/01/27)		16,548		18,903,682
5.88%, 03/31/25 (Call 10/02/24)		12,970		14,518,829
Enable Midstream Partners LP, 4.95%, 05/15/28
(Call 02/15/28)		8,459		9,457,607
Enbridge Inc. 2.50%, 08/01/33 (Call 05/01/33)(a)		13,355		13,225,782
3.13%, 11/15/29 (Call 08/15/29)(a)		11,142		11,778,310
3.40%, 08/01/51 (Call 02/01/51)(a)		804		827,369
4.25%, 12/01/26 (Call 09/01/26)		8,111		9,016,141
5.50%, 05/29/46 (Call 06/01/46)(a)		6,371		8,702,017
Energy Transfer LP 2.90%, 05/15/25 (Call 04/15/25)		10,878		11,354,095
3.75%, 05/15/30 (Call 02/15/30)(a)		13,747		14,643,997
4.00%, 10/01/27 (Call 07/01/27)		5,362		5,815,330
4.05%, 03/15/25 (Call 12/15/24)(a)		8,042		8,614,925
4.75%, 01/15/26 (Call 10/15/25)		10,014		11,075,457
4.95%, 06/15/28 (Call 03/15/28)(a)		6,897		7,883,192
5.00%, 05/15/50 (Call 11/15/49)		20,628		24,172,014
5.15%, 03/15/45 (Call 09/15/44)		10,275		11,952,964
5.25%, 04/15/29 (Call 01/15/29)		14,816		17,179,925
5.30%, 04/15/47 (Call 10/15/46)		9,611		11,353,068
5.35%, 05/15/45 (Call 11/15/44)		7,767		9,136,386
5.40%, 10/01/47 (Call 04/01/47)		13,592		16,322,936
5.50%, 06/01/27 (Call 03/01/27)(a)		9,371		10,834,040
6.00%, 06/15/48 (Call 12/15/47)		11,321		14,454,876
6.13%, 12/15/45 (Call 06/15/45)		9,905		12,683,608
6.25%, 04/15/49 (Call 10/15/48)(a)		16,256		21,618,277
6.50%, 02/01/42 (Call 08/01/41)(a)		9,344		12,041,389
Enterprise Products Operating LLC 2.80%, 01/31/30 (Call 10/31/29)(a)		13,827		14,363,439
3.13%, 07/31/29 (Call 04/30/29)(a)		9,871		10,515,387
3.20%, 02/15/52 (Call 08/15/51)(a)		10,857		10,709,602
3.30%, 02/15/53 (Call 08/15/52)(a)		10,261		10,285,867
3.70%, 02/15/26 (Call 11/15/25)(a)		8,301		9,017,506
3.70%, 01/31/51 (Call 07/31/50)		10,383		11,028,795
3.75%, 02/15/25 (Call 11/15/24)(a)		11,689		12,575,372
3.95%, 01/31/60 (Call 07/31/59)(a)		10,985		12,030,334
4.15%, 10/16/28 (Call 07/16/28)		7,540		8,508,294
4.20%, 01/31/50 (Call 07/31/49)(a)		9,713		11,090,379
4.25%, 02/15/48 (Call 08/15/47)		12,695		14,488,755
4.45%, 02/15/43 (Call 08/15/42)		10,321		11,889,036
4.80%, 02/01/49 (Call 08/01/48)(a)		11,944		14,721,406
4.85%, 08/15/42 (Call 02/15/42)		7,819		9,484,934
4.85%, 03/15/44 (Call 09/15/43)		13,937		16,879,720
4.90%, 05/15/46 (Call 11/15/45)		8,826		10,876,771
5.10%, 02/15/45 (Call 08/15/44)		11,714		14,563,127
5.95%, 02/01/41		7,262		9,890,604
Kinder Morgan Energy Partners LP 5.50%, 03/01/44 (Call 09/01/43)(a)		7,328		9,157,594
6.95%, 01/15/38		9,594		13,533,828
Kinder Morgan Inc. 2.00%, 02/15/31 (Call 11/15/30)(a)		7,089		6,742,123
3.60%, 02/15/51 (Call 08/15/50)		9,000		9,159,136
4.30%, 06/01/25 (Call 03/01/25)(a)		14,972		16,360,710
4.30%, 03/01/28 (Call 12/01/27)(a)		12,537		14,089,378
5.05%, 02/15/46 (Call 08/15/45)		8,390		10,198,371
5.20%, 03/01/48 (Call 09/01/47)		9,680		12,157,009

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
5.30%, 12/01/34 (Call 06/01/34)	$	4,549	$	5,547,345
5.55%, 06/01/45 (Call 12/01/44)(a)		16,390		21,076,819
7.75%, 01/15/32		10,602		15,064,246
Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49)		10,158		10,956,043
MPLX LP
1.75%, 03/01/26 (Call 02/01/26)		15,102		15,040,044
2.65%, 08/15/30 (Call 05/15/30)(a)		14,234		14,166,727
4.00%, 03/15/28 (Call 12/15/27)		11,028		12,145,366
4.13%, 03/01/27 (Call 12/01/26)		12,076		13,310,956
4.50%, 04/15/38 (Call 10/15/37)(a)		14,878		16,740,641
4.70%, 04/15/48 (Call 10/15/47)(a)		12,645		14,833,445
4.80%, 02/15/29 (Call 11/15/28)(a)		7,991		9,186,284
4.88%, 12/01/24 (Call 09/01/24)		3,009		3,305,070
4.88%, 06/01/25 (Call 03/01/25)		13,988		15,487,730
5.20%, 03/01/47 (Call 09/01/46)		9,557		11,759,934
5.50%, 02/15/49 (Call 08/15/48)		16,071		20,715,596
ONEOK Inc.
3.10%, 03/15/30 (Call 12/15/29)		7,434		7,672,486
3.40%, 09/01/29 (Call 06/01/29)		6,325		6,651,655
4.55%, 07/15/28 (Call 04/15/28)		7,161		8,067,502
5.20%, 07/15/48 (Call 01/15/48)(a)		6,994		8,601,783
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)		12,387		12,929,146
3.60%, 11/01/24 (Call 08/01/24)		1,966		2,078,336
3.80%, 09/15/30 (Call 06/15/30)(a)		7,178		7,599,110
4.50%, 12/15/26 (Call 09/15/26)(a)		8,566		9,446,670
4.65%, 10/15/25 (Call 07/15/25)(a)		9,968		10,949,183
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)(a)		10,872		12,059,987
4.50%, 05/15/30 (Call 11/15/29)		18,450		20,994,410
5.00%, 03/15/27 (Call 09/15/26)		13,767		15,639,253
5.63%, 03/01/25 (Call 12/01/24)		18,325		20,565,964
5.88%, 06/30/26 (Call 12/31/25)		15,855		18,430,737
TransCanada PipeLines Ltd.
2.50%, 10/12/31 (Call 07/12/31)		15,141		15,034,901
4.10%, 04/15/30 (Call 01/15/30)(a)		14,383		16,101,497
4.25%, 05/15/28 (Call 02/15/28)(a)		13,753		15,518,662
4.63%, 03/01/34 (Call 12/01/33)(a)		12,590		14,754,979
4.88%, 01/15/26 (Call 10/15/25)(a)		8,381		9,461,961
4.88%, 05/15/48 (Call 11/15/47)		8,555		10,891,660
5.10%, 03/15/49 (Call 09/15/48)(a)		9,916		13,192,266
6.10%, 06/01/40		6,164		8,449,061
6.20%, 10/15/37		11,050		15,067,683
7.63%, 01/15/39		10,855		16,810,843
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)		10,067		12,398,992
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)(a)		6,568		6,567,732
3.50%, 11/15/30 (Call 08/15/30)(a)		9,595		10,300,278
3.75%, 06/15/27 (Call 03/15/27)(a)		15,523		16,896,792
3.90%, 01/15/25 (Call 10/15/24)		4,295		4,610,451
4.00%, 09/15/25 (Call 06/15/25)(a)		7,858		8,537,048
4.85%, 03/01/48 (Call 09/01/47)(a)		7,437		9,129,063
5.10%, 09/15/45 (Call 03/15/45)(a)		10,107		12,637,558
6.30%, 04/15/40		11,849		16,141,880
				1,234,783,626
Real Estate Investment Trusts — 1.8%
Alexandria Real Estate Equities Inc. 1.88%, 02/01/33 (Call 11/01/32)(a)		10,624		9,952,999

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
2.00%, 05/18/32 (Call 02/18/32)(a)	$	8,937	$	8,599,795
3.00%, 05/18/51 (Call 11/18/50)(a)		9,072		9,057,354
3.38%, 08/15/31 (Call 05/15/31)(a)		6,991		7,556,001
American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)		6,008		5,717,175
2.10%, 06/15/30 (Call 03/15/30)		5,438		5,280,442
2.40%, 03/15/25 (Call 02/15/25)		8,201		8,461,785
2.75%, 01/15/27 (Call 11/15/26)(a)		10,237		10,645,836
2.90%, 01/15/30 (Call 10/15/29)		8,387		8,668,697
2.95%, 01/15/51 (Call 07/15/50)		10,937		10,580,798
3.10%, 06/15/50 (Call 12/15/49)		10,146		10,066,138
3.38%, 10/15/26 (Call 07/15/26)		9,786		10,470,228
3.55%, 07/15/27 (Call 04/15/27)(a)		4,257		4,591,513
3.80%, 08/15/29 (Call 05/15/29)		15,587		17,130,835
4.00%, 06/01/25 (Call 03/01/25)		7,002		7,578,839
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)(a)		20,400		19,758,057
2.55%, 04/01/32 (Call 01/01/32)(a)		7,033		6,998,476
2.75%, 10/01/26 (Call 07/01/26)		10,095		10,545,801
3.20%, 01/15/25 (Call 10/15/24)		5,625		5,925,366
3.25%, 01/30/31 (Call 10/30/30)		10,024		10,510,380
3.40%, 06/21/29 (Call 03/21/29)		7,812		8,381,521
3.65%, 02/01/26 (Call 11/03/25)		8,920		9,623,849
4.50%, 12/01/28 (Call 09/01/28)(a)		7,191		8,213,755
Brixmor Operating Partnership LP
4.05%, 07/01/30 (Call 04/01/30)		7,733		8,538,663
4.13%, 05/15/29 (Call 02/15/29)		7,239		8,085,555
Crown Castle International Corp.
1.05%, 07/15/26 (Call 06/15/26)(a)		15,432		14,937,232
2.10%, 04/01/31 (Call 01/01/31)		9,414		9,018,395
2.25%, 01/15/31 (Call 10/15/30)(a)		9,779		9,502,731
2.50%, 07/15/31 (Call 04/15/31)(a)		8,377		8,304,543
2.90%, 04/01/41 (Call 10/01/40)		11,943		11,513,169
3.25%, 01/15/51 (Call 07/15/50)		10,222		10,268,973
3.30%, 07/01/30 (Call 04/01/30)		5,866		6,202,546
3.65%, 09/01/27 (Call 06/01/27)(a)		8,226		8,931,796
3.70%, 06/15/26 (Call 03/15/26)(a)		9,337		10,083,796
3.80%, 02/15/28 (Call 11/15/27)		8,795		9,644,943
4.45%, 02/15/26 (Call 11/15/25)(a)		9,357		10,356,607
Digital Realty Trust LP
3.60%, 07/01/29 (Call 04/01/29)(a)		9,897		10,775,228
3.70%, 08/15/27 (Call 05/15/27)(a)		9,966		10,911,983
Equinix Inc.
2.15%, 07/15/30 (Call 04/15/30)(a)		12,907		12,570,738
2.50%, 05/15/31 (Call 02/15/31)		16,024		16,043,687
2.63%, 11/18/24 (Call 10/18/24)		5,101		5,296,897
3.20%, 11/18/29 (Call 08/18/29)		11,014		11,612,266
ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44)		6,550		8,188,903
GLP Capital LP/GLP Financing II Inc.
5.25%, 06/01/25 (Call 03/01/25)		6,290		6,984,665
5.30%, 01/15/29 (Call 10/15/28)		5,984		6,859,469
5.38%, 04/15/26 (Call 01/15/26)(a)		11,976		13,447,612
Healthcare Trust of America Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)		8,026		7,575,709
Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29)		7,941		8,351,412
Prologis LP
1.25%, 10/15/30 (Call 07/15/30)(a)		8,831		8,221,713
2.25%, 04/15/30 (Call 01/15/30)(a)		11,209		11,308,340

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Realty Income Corp., 3.25%, 01/15/31 (Call 10/15/30)(a)	$	9,696	$	10,461,128
Simon Property Group LP		7,409		7,280,752
1.75%, 02/01/28 (Call 11/01/27)(a)
2.45%, 09/13/29 (Call 06/13/29)(a)		12,010		12,206,641
2.65%, 07/15/30 (Call 04/15/30)(a)		5,683		5,808,374
3.25%, 11/30/26 (Call 08/30/26)(a)		7,480		8,028,205
3.25%, 09/13/49 (Call 03/13/49)(a)		11,087		11,479,949
3.30%, 01/15/26 (Call 10/15/25)(a)		8,766		9,410,250
3.38%, 06/15/27 (Call 03/15/27)		7,197		7,776,725
3.38%, 12/01/27 (Call 09/01/27)(a)		8,391		9,036,446
3.50%, 09/01/25 (Call 06/01/25)(a)		11,877		12,796,920
3.80%, 07/15/50 (Call 01/15/50)(a)		6,910		7,813,418
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)(a)		7,256		8,238,106
Welltower Inc.
2.80%, 06/01/31 (Call 03/01/31)		7,312		7,496,301
3.10%, 01/15/30 (Call 10/15/29)		8,035		8,437,878
4.00%, 06/01/25 (Call 03/01/25)		14,301		15,490,796
4.25%, 04/15/28 (Call 01/15/28)(a)		8,517		9,640,263
Weyerhaeuser Co.
4.00%, 11/15/29 (Call 08/15/29)(a)		6,882		7,719,363
4.00%, 04/15/30 (Call 01/15/30)		10,296		11,546,459
7.38%, 03/15/32		11,237		15,906,569
				664,427,754
Retail — 2.7%
AutoZone Inc., 4.00%, 04/15/30 (Call 01/15/30)(a)		7,881		8,861,777
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)		16,756		16,617,234
1.60%, 04/20/30 (Call 01/20/30)(a)		16,541		16,082,816
1.75%, 04/20/32 (Call 01/20/32)		8,081		7,867,922
3.00%, 05/18/27 (Call 02/18/27)(a)		9,506		10,298,881
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)(a)		12,392		13,491,428
Dollar Tree Inc.
4.00%, 05/15/25 (Call 03/15/25)		11,054		11,980,920
4.20%, 05/15/28 (Call 02/15/28)(a)		11,866		13,368,435
Home Depot Inc. (The)
1.38%, 03/15/31 (Call 12/15/30)(a)		10,218		9,601,566
1.50%, 09/15/28 (Call 07/15/28)(a)		6,142		6,028,718
1.88%, 09/15/31 (Call 06/15/31)(a)		6,373		6,217,251
2.13%, 09/15/26 (Call 06/15/26)(a)		10,864		11,235,616
2.38%, 03/15/51 (Call 09/15/50)(a)		11,397		10,625,683
2.50%, 04/15/27 (Call 02/15/27)(a)		7,527		7,901,987
2.70%, 04/15/30 (Call 01/15/30)		15,330		16,157,198
2.75%, 09/15/51 (Call 03/15/51)(a)		7,166		7,194,645
2.80%, 09/14/27 (Call 06/14/27)(a)		10,596		11,284,253
2.95%, 06/15/29 (Call 03/15/29)(a)		18,183		19,500,684
3.00%, 04/01/26 (Call 01/01/26)		13,482		14,404,387
3.13%, 12/15/49 (Call 06/15/49)(a)		12,947		13,845,971
3.30%, 04/15/40 (Call 10/15/39)		15,370		16,679,060
3.35%, 09/15/25 (Call 06/15/25)		8,335		8,976,530
3.35%, 04/15/50 (Call 10/15/49)(a)		16,962		18,860,010
3.50%, 09/15/56 (Call 03/15/56)		9,963		11,366,549
3.90%, 12/06/28 (Call 09/06/28)(a)		10,971		12,487,558
3.90%, 06/15/47 (Call 12/15/46)(a)		12,826		15,376,188
4.20%, 04/01/43 (Call 10/01/42)		9,564		11,576,707
4.25%, 04/01/46 (Call 10/01/45)(a)		18,222		22,906,865
4.40%, 03/15/45 (Call 09/15/44)		9,612		12,220,752
4.50%, 12/06/48 (Call 06/06/48)		13,491		17,703,702
4.88%, 02/15/44 (Call 08/15/43)		10,638		14,009,644

Security	Par (000)		Value
Retail (continued)
5.88%, 12/16/36	$	25,630	$	36,082,022
5.95%, 04/01/41 (Call 10/01/40)		10,201		14,635,899
Lowe’s Companies Inc.
1.30%, 04/15/28 (Call 02/15/28)		10,802		10,388,820
1.70%, 09/15/28 (Call 07/15/28)		10,640		10,448,694
1.70%, 10/15/30 (Call 07/15/30)		14,625		13,935,497
2.50%, 04/15/26 (Call 01/15/26)(a)		13,015		13,594,764
2.63%, 04/01/31 (Call 01/01/31)(a)		12,190		12,443,123
2.80%, 09/15/41 (Call 03/15/41)(a)		10,734		10,545,730
3.00%, 10/15/50 (Call 04/15/50)(a)		19,166		19,184,666
3.10%, 05/03/27 (Call 02/03/27)		15,408		16,496,541
3.38%, 09/15/25 (Call 06/15/25)		9,576		10,287,638
3.65%, 04/05/29 (Call 01/05/29)(a)		8,614		9,507,249
3.70%, 04/15/46 (Call 10/15/45)(a)		12,447		13,836,469
4.00%, 04/15/25 (Call 03/15/25)		2,754		2,998,643
4.05%, 05/03/47 (Call 11/03/46)		15,712		18,317,166
4.50%, 04/15/30 (Call 01/15/30)(a)		11,464		13,368,138
McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)(a)		9,667		9,678,420
2.63%, 09/01/29 (Call 06/01/29)(a)		11,095		11,495,861
3.30%, 07/01/25 (Call 06/01/25)		5,398		5,758,615
3.50%, 03/01/27 (Call 12/01/26)(a)		9,389		10,225,293
3.50%, 07/01/27 (Call 05/01/27)(a)		8,826		9,614,096
3.60%, 07/01/30 (Call 04/01/30)(a)		10,224		11,340,731
3.63%, 09/01/49 (Call 03/01/49)(a)		19,385		21,639,852
3.70%, 01/30/26 (Call 10/30/25)		17,734		19,283,508
3.80%, 04/01/28 (Call 01/01/28)(a)		10,243		11,412,943
4.20%, 04/01/50 (Call 10/01/49)(a)		6,467		7,906,933
4.45%, 03/01/47 (Call 09/01/46)		10,312		12,824,564
4.45%, 09/01/48 (Call 03/01/48)		5,699		7,146,755
4.70%, 12/09/35 (Call 06/09/35)(a)		7,297		8,963,144
4.88%, 12/09/45 (Call 06/09/45)		17,521		22,839,168
6.30%, 10/15/37(a)		8,192		11,724,637
6.30%, 03/01/38(a)		7,474		10,676,500
O’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)(a)		10,692		11,728,337
Starbucks Corp.
2.25%, 03/12/30 (Call 12/12/29)(a)		8,567		8,589,979
2.55%, 11/15/30 (Call 08/15/30)(a)		10,511		10,723,167
3.50%, 11/15/50 (Call 05/15/50)		11,153		12,099,724
3.55%, 08/15/29 (Call 05/15/29)(a)		11,169		12,274,957
3.80%, 08/15/25 (Call 06/15/25)(a)		12,461		13,541,878
4.00%, 11/15/28 (Call 08/15/28)(a)		6,410		7,252,006
4.45%, 08/15/49 (Call 02/15/49)		9,605		11,955,084
4.50%, 11/15/48 (Call 05/15/48)(a)		12,384		15,481,001
Target Corp.
2.25%, 04/15/25 (Call 03/15/25)(a)		16,392		17,003,302
2.35%, 02/15/30 (Call 11/15/29)(a)		8,170		8,424,975
2.50%, 04/15/26(a)		10,771		11,366,357
3.38%, 04/15/29 (Call 01/15/29)(a)		10,880		12,003,454
4.00%, 07/01/42(a)		7,032		8,636,965
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)(a)		9,958		10,354,367
Walgreens Boots Alliance Inc.
3.45%, 06/01/26 (Call 03/01/26)(a)		5,454		5,844,770
4.10%, 04/15/50 (Call 10/15/49)(a)		7,846		8,832,970
Walmart Inc.
3.05%, 07/08/26 (Call 05/08/26)		331		356,783
3.55%, 06/26/25 (Call 04/26/25)(a)		977		1,065,581
3.70%, 06/26/28 (Call 03/26/28)		1,914		2,157,577

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
4.05%, 06/29/48 (Call 12/29/47)	$	1,745	$	2,236,546
5.25%, 09/01/35		770		1,050,400
6.20%, 04/15/38		265		395,613
6.50%, 08/15/37		66		100,777
				1,006,809,586
Semiconductors — 3.3%
Analog Devices Inc.
1.70%, 10/01/28 (Call 08/01/28)		10,239		10,166,495
2.10%, 10/01/31 (Call 07/01/31)		5,789		5,792,068
2.80%, 10/01/41 (Call 04/01/41)		9,203		9,346,569
2.95%, 10/01/51 (Call 04/01/51)		9,580		9,945,909
3.50%, 12/05/26 (Call 09/05/26)		10,446		11,403,570
Applied Materials Inc.
1.75%, 06/01/30 (Call 03/01/30)(a)		7,783		7,614,100
2.75%, 06/01/50 (Call 12/01/49)(a)		8,907		8,972,118
3.30%, 04/01/27 (Call 01/01/27)(a)		14,138		15,349,082
4.35%, 04/01/47 (Call 10/01/46)(a)		9,122		11,678,802
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.50%, 01/15/28 (Call 10/15/27)(a)		14,502		15,660,085
3.88%, 01/15/27 (Call 10/15/26)		36,717		39,800,240
Broadcom Inc.
1.95%, 02/15/28 (Call 12/15/27)(a)(c)		10,233		10,021,900
2.45%, 02/15/31 (Call 11/15/30)(c)		25,517		24,666,082
2.60%, 02/15/33 (Call 11/15/32)(c)		16,407		15,808,044
3.14%, 11/15/35 (Call 08/15/35)(c)		16,621		16,315,976
3.15%, 11/15/25 (Call 10/15/25)(a)		17,489		18,472,585
3.19%, 11/15/36 (Call 08/15/36)(c)		13,194		12,967,480
3.42%, 04/15/33 (Call 01/15/33)(c)		20,854		21,530,646
3.46%, 09/15/26 (Call 07/15/26)(a)		19,042		20,309,533
3.47%, 04/15/34 (Call 01/15/34)(c)		29,347		30,280,232
3.50%, 02/15/41 (Call 08/15/40)(c)		27,873		27,697,539
3.75%, 02/15/51 (Call 08/15/50)(a)(c)		15,603		16,134,689
4.11%, 09/15/28 (Call 06/15/28)(a)		20,767		22,892,338
4.15%, 11/15/30 (Call 08/15/30)		25,519		28,038,795
4.25%, 04/15/26 (Call 02/15/26)		13,115		14,426,909
4.30%, 11/15/32 (Call 08/15/32)(a)		21,064		23,439,202
4.70%, 04/15/25 (Call 03/15/25)		12,918		14,264,243
4.75%, 04/15/29 (Call 01/15/29)		28,003		31,901,835
5.00%, 04/15/30 (Call 01/15/30)		17,644		20,463,554
Intel Corp.
1.60%, 08/12/28 (Call 06/12/28)(a)		9,931		9,784,659
2.00%, 08/12/31 (Call 05/12/31)(a)		9,829		9,657,460
2.45%, 11/15/29 (Call 08/15/29)		18,594		19,180,178
2.60%, 05/19/26 (Call 02/19/26)(a)		11,061		11,659,145
2.80%, 08/12/41 (Call 02/12/41)(a)		9,098		9,069,975
3.05%, 08/12/51 (Call 02/12/51)(a)		12,150		12,364,447
3.10%, 02/15/60 (Call 08/15/59)		9,657		9,741,686
3.15%, 05/11/27 (Call 02/11/27)(a)		11,433		12,354,256
3.20%, 08/12/61 (Call 02/12/61)(a)		7,583		7,771,868
3.25%, 11/15/49 (Call 05/15/49)		20,563		21,705,797
3.40%, 03/25/25 (Call 02/25/25)(a)		11,748		12,586,906
3.70%, 07/29/25 (Call 04/29/25)		20,078		21,795,388
3.73%, 12/08/47 (Call 06/08/47)		19,487		22,037,342
3.75%, 03/25/27 (Call 01/25/27)(a)		10,154		11,236,260
3.90%, 03/25/30 (Call 12/25/29)(a)		13,757		15,626,690
4.00%, 12/15/32(a)		7,423		8,632,599
4.10%, 05/19/46 (Call 11/19/45)		13,476		16,041,271
4.10%, 05/11/47 (Call 11/11/46)(a)		10,206		12,176,987
4.60%, 03/25/40 (Call 09/25/39)		9,360		11,659,896
4.75%, 03/25/50 (Call 09/25/49)(a)		20,675		27,474,106

Security	Par (000)		Value
Semiconductors (continued)
4.80%, 10/01/41(a)	$	7,841	$	10,051,615
4.90%, 07/29/45 (Call 01/29/45)(a)		7,029		9,316,604
4.95%, 03/25/60 (Call 09/25/59)		9,287		13,121,832
KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)(a)		5,085		5,438,044
4.10%, 03/15/29 (Call 12/15/28)(a)		6,250		7,104,379
4.65%, 11/01/24 (Call 08/01/24)		3,499		3,826,949
Lam Research Corp.
1.90%, 06/15/30 (Call 03/15/30)		7,927		7,846,357
2.88%, 06/15/50 (Call 12/15/49)		11,005		11,213,430
3.75%, 03/15/26 (Call 01/15/26)		8,806		9,658,379
4.00%, 03/15/29 (Call 12/15/28)		8,389		9,539,946
4.88%, 03/15/49 (Call 09/15/48)		6,340		8,666,123
Marvell Technology Inc.
2.45%, 04/15/28 (Call 02/15/28)		6,998		7,065,407
2.95%, 04/15/31 (Call 01/15/31)		8,473		8,664,392
Micron Technology Inc.
2.70%, 04/15/32 (Call 01/15/32)		15,000		14,977,918
4.19%, 02/15/27 (Call 12/15/26)		11,177		12,321,308
4.66%, 02/15/30 (Call 11/15/29)		9,419		10,763,542
NVIDIA Corp.
1.55%, 06/15/28 (Call 04/15/28)		13,317		13,092,503
2.00%, 06/15/31 (Call 03/15/31)(a)		12,819		12,693,007
2.85%, 04/01/30 (Call 01/01/30)		14,075		14,960,584
3.20%, 09/16/26 (Call 06/16/26)		7,314		7,934,332
3.50%, 04/01/40 (Call 10/01/39)		6,157		6,873,046
3.50%, 04/01/50 (Call 10/01/49)		20,352		23,238,834
NXP BV/NXP Funding LLC/NXP USA Inc.
2.50%, 05/11/31 (Call 02/11/31)(c)		12,106		12,015,381
3.25%, 05/11/41 (Call 11/11/40)(a)(c)		9,433		9,630,499
3.40%, 05/01/30 (Call 02/01/30)(c)		11,847		12,734,345
3.88%, 06/18/26 (Call 04/18/26)(c)		7,410		8,069,794
4.30%, 06/18/29 (Call 03/18/29)(c)		8,626		9,713,901
QUALCOMM Inc.
1.30%, 05/20/28 (Call 02/20/28)		7,701		7,460,163
1.65%, 05/20/32 (Call 02/20/32)		15,472		14,626,266
2.15%, 05/20/30 (Call 02/20/30)(a)		10,928		11,034,536
3.25%, 05/20/27 (Call 02/20/27)(a)		22,330		24,173,446
3.25%, 05/20/50 (Call 11/20/49)(a)		7,663		8,364,551
3.45%, 05/20/25 (Call 02/20/25)		11,483		12,322,780
4.30%, 05/20/47 (Call 11/20/46)		14,960		18,855,535
4.65%, 05/20/35 (Call 11/20/34)		9,179		11,339,217
4.80%, 05/20/45 (Call 11/20/44)		15,148		20,100,992
Texas Instruments Inc.
1.38%, 03/12/25 (Call 02/12/25)		4,969		5,008,761
1.75%, 05/04/30 (Call 02/04/30)		7,503		7,372,265
2.25%, 09/04/29 (Call 06/04/29)		9,053		9,296,501
3.88%, 03/15/39 (Call 09/15/38)		7,052		8,355,578
4.15%, 05/15/48 (Call 11/15/47)		15,378		19,562,368
				1,256,322,946
Software — 4.0%
Activision Blizzard Inc.
2.50%, 09/15/50 (Call 03/15/50)		12,476		11,190,333
3.40%, 09/15/26 (Call 06/15/26)		10,449		11,258,862
Adobe Inc.
2.15%, 02/01/27 (Call 12/01/26)		9,959		10,311,819
2.30%, 02/01/30 (Call 11/01/29)		15,002		15,382,539
3.25%, 02/01/25 (Call 11/01/24)(a)		7,236		7,699,283
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)		8,503		8,364,495

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
Broadridge Financial Solutions Inc.
2.60%, 05/01/31 (Call 02/01/31)	$	12,670	$	12,745,978
2.90%, 12/01/29 (Call 09/01/29)(a)		7,083		7,349,591
Citrix Systems Inc.
1.25%, 03/01/26 (Call 02/01/26)		7,164		6,971,696
3.30%, 03/01/30 (Call 12/01/29)(a)		9,855		9,999,601
4.50%, 12/01/27 (Call 09/01/27)(a)		7,278		7,945,470
Fidelity National Information Services Inc.
1.15%, 03/01/26 (Call 02/01/26		11,884		11,648,964
1.65%, 03/01/28 (Call 01/01/28)(a)		9,698		9,430,515
2.25%, 03/01/31 (Call 12/01/30)(a)		12,411		12,203,860
3.10%, 03/01/41 (Call 09/01/40)(a)		7,866		7,974,874
Fiserv Inc.
2.25%, 06/01/27 (Call 04/01/27)(a)		10,526		10,692,314
2.65%, 06/01/30 (Call 03/01/30)(a)		7,065		7,183,631
3.20%, 07/01/26 (Call 05/01/26)(a)		21,622		22,973,211
3.50%, 07/01/29 (Call 04/01/29)(a)		30,915		33,396,006
3.85%, 06/01/25 (Call 03/01/25)(a)		7,184		7,752,581
4.20%, 10/01/28 (Call 07/01/28)(a)		11,720		13,258,555
4.40%, 07/01/49 (Call 01/01/49)(a)		17,150		20,690,738
Microsoft Corp.
2.40%, 08/08/26 (Call 05/08/26)(a)		41,519		43,559,468
2.53%, 06/01/50 (Call 12/01/49)		67,945		67,009,805
2.68%, 06/01/60 (Call 12/01/59)		38,644		38,532,964
2.70%, 02/12/25 (Call 11/12/24)		7,627		8,027,488
2.92%, 03/17/52 (Call 09/17/51)		64,375		68,066,082
3.04%, 03/17/62 (Call 09/17/61)		22,939		24,707,081
3.13%, 11/03/25 (Call 08/03/25)(a)		26,523		28,448,018
3.30%, 02/06/27 (Call 11/06/26)		42,474		46,299,540
3.45%, 08/08/36 (Call 02/08/36)(a)		18,188		20,828,903
3.50%, 02/12/35 (Call 08/12/34)		17,417		19,939,356
3.70%, 08/08/46 (Call 02/08/46)		19,636		23,566,134
4.10%, 02/06/37 (Call 08/06/36)		7,183		8,777,360
4.25%, 02/06/47 (Call 08/06/46)		8,089		10,514,576
4.45%, 11/03/45 (Call 05/03/45)		2,621		3,472,902
4.50%, 02/06/57 (Call 08/06/56)		2,424		3,398,569
Oracle Corp.
1.65%, 03/25/26 (Call 02/25/26)(a)		25,746		25,798,669
2.30%, 03/25/28 (Call 01/25/28)		20,319		20,541,928
2.50%, 04/01/25 (Call 03/01/25)(a)		33,767		35,019,215
2.65%, 07/15/26 (Call 04/15/26)		28,520		29,634,915
2.80%, 04/01/27 (Call 02/01/27)(a)		22,116		23,103,097
2.88%, 03/25/31 (Call 12/25/30)		33,643		34,466,641
2.95%, 11/15/24 (Call 09/15/24)		9,543		10,017,092
2.95%, 05/15/25 (Call 02/15/25)(a)		23,671		24,871,475
2.95%, 04/01/30 (Call 01/01/30)(a)		31,801		32,978,648
3.25%, 11/15/27 (Call 08/15/27)		27,673		29,555,201
3.60%, 04/01/40 (Call 10/01/39)		30,494		31,696,043
3.60%, 04/01/50 (Call 10/01/49)		42,893		43,851,599
3.65%, 03/25/41 (Call 09/25/40)		22,413		23,501,877
3.80%, 11/15/37 (Call 05/15/37)		21,009		22,520,358
3.85%, 07/15/36 (Call 01/15/36)		10,378		11,190,085
3.85%, 04/01/60 (Call 10/01/59)		31,208		32,588,985
3.90%, 05/15/35 (Call 11/15/34)		12,024		13,093,651
3.95%, 03/25/51 (Call 09/25/50)(a)		33,141		35,884,269
4.00%, 07/15/46 (Call 01/15/46)		27,953		30,196,941
4.00%, 11/15/47 (Call 05/15/47)		21,828		23,611,132
4.10%, 03/25/61 (Call 09/25/60)(a)		18,078		19,780,680
4.13%, 05/15/45 (Call 11/15/44)(a)		20,900		22,998,556
4.30%, 07/08/34 (Call 01/08/34)		20,894		23,599,832

Security	Par (000)		Value
Software (continued)
4.38%, 05/15/55 (Call 11/15/54)(a)	$	9,974	$	11,400,028
4.50%, 07/08/44 (Call 01/08/44)		9,859		11,330,776
5.38%, 07/15/40		22,558		28,492,387
6.13%, 07/08/39		11,263		15,277,872
6.50%, 04/15/38		10,926		15,283,750
Roper Technologies Inc.
1.75%, 02/15/31 (Call 11/15/30)(a)		11,216		10,595,342
4.20%, 09/15/28 (Call 06/15/28)(a)		9,187		10,376,390
salesforce.com Inc.
1.50%, 07/15/28 (Call 05/15/28)(a)		11,235		11,076,362
1.95%, 07/15/31 (Call 04/15/31)(a)		15,316		15,242,771
2.70%, 07/15/41 (Call 01/15/41)(a)		12,545		12,604,153
2.90%, 07/15/51 (Call 01/15/51)(a)		18,788		19,342,588
3.05%, 07/15/61 (Call 01/15/61)		13,614		14,222,392
3.70%, 04/11/28 (Call 01/11/28)(a)		13,411		15,009,963
VMware Inc.
1.40%, 08/15/26 (Call 07/15/26)(a)		8,061		7,936,480
1.80%, 08/15/28 (Call 06/15/28)(a)		9,223		8,984,729
2.20%, 08/15/31 (Call 05/15/31)(a)		6,030		5,870,749
3.90%, 08/21/27 (Call 05/21/27)(a)		14,105		15,456,922
4.50%, 05/15/25 (Call 04/15/25)(a)		9,074		10,006,900
4.70%, 05/15/30 (Call 02/15/30)		7,815		9,132,491
				1,529,717,096
Telecommunications — 7.3%
AT&T Inc.
1.65%, 02/01/28 (Call 12/01/27)(a)		22,401		21,851,649
1.70%, 03/25/26 (Call 03/25/23)(a)		12,868		12,926,448
2.25%, 02/01/32 (Call 11/01/31)		24,535		23,604,878
2.30%, 06/01/27 (Call 04/01/27)		25,199		25,749,220
2.55%, 12/01/33 (Call 09/01/33)(a)		38,272		37,192,282
2.75%, 06/01/31 (Call 03/01/31)(a)		28,588		29,078,822
3.10%, 02/01/43 (Call 08/01/42)		24,926		23,999,999
3.30%, 02/01/52 (Call 08/01/51)		20,454		20,074,423
3.40%, 05/15/25 (Call 02/15/25)(a)		21,590		23,059,210
3.50%, 06/01/41 (Call 12/01/40)(a)		21,431		22,073,525
3.50%, 09/15/53 (Call 03/15/53)		74,353		75,303,960
3.50%, 02/01/61 (Call 08/01/60)(a)		16,280		15,933,342
3.55%, 09/15/55 (Call 03/15/55)(a)		75,308		76,478,836
3.65%, 06/01/51 (Call 12/01/50)		24,866		25,860,456
3.65%, 09/15/59 (Call 03/15/59)		64,591		65,534,145
3.80%, 02/15/27 (Call 11/15/26)(a)		7,546		8,252,372
3.80%, 12/01/57 (Call 06/01/57)(a)		57,113		60,007,487
3.85%, 06/01/60 (Call 12/01/59)		15,522		16,360,430
4.10%, 02/15/28 (Call 11/15/27)(a)		15,363		17,218,058
4.13%, 02/17/26 (Call 11/17/25)(a)		7,875		8,689,821
4.25%, 03/01/27 (Call 12/01/26)(a)		12,059		13,474,651
4.30%, 02/15/30 (Call 11/15/29)		30,277		34,362,248
4.30%, 12/15/42 (Call 06/15/42)		13,145		14,880,601
4.35%, 03/01/29 (Call 12/01/28)(a)		29,396		33,383,409
4.35%, 06/15/45 (Call 12/15/44)		12,594		14,407,369
4.50%, 05/15/35 (Call 11/15/34)(a)		23,468		27,118,602
4.50%, 03/09/48 (Call 09/09/47)		17,232		20,383,826
4.55%, 03/09/49 (Call 09/09/48)		8,659		10,193,118
4.75%, 05/15/46 (Call 11/15/45)(a)		19,521		23,886,388
4.85%, 03/01/39 (Call 09/01/38)		11,435		13,741,072
5.15%, 02/15/50 (Call 08/14/49)(a)		8,374		10,774,369
5.25%, 03/01/37 (Call 09/01/36)		18,602		23,073,099
5.35%, 09/01/40		10,990		13,998,444
5.65%, 02/15/47 (Call 08/15/46)(a)		9,976		13,522,092
Bell Canada, 4.46%, 04/01/48 (Call 10/01/47)(a)		10,329		12,829,752

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
British Telecommunications PLC, 9.63%, 12/15/30(a)	$	26,267	$	39,435,414
Cisco Systems Inc.
2.50%, 09/20/26 (Call 06/20/26)(a)		13,651		14,446,444
2.95%, 02/28/26		8,292		8,873,591
5.50%, 01/15/40		17,811		24,987,413
5.90%, 02/15/39(a)		22,111		32,026,548
Corning Inc.
4.38%, 11/15/57 (Call 05/15/57)(a)		9,148		11,156,071
5.45%, 05/15/79 (Call 05/19/79)(a)		9,364		12,580,853
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		36,724		53,771,560
Motorola Solutions Inc.
2.30%, 11/15/30 (Call 08/15/30)		10,271		10,024,855
2.75%, 05/24/31 (Call 02/24/31)		7,831		7,904,724
4.60%, 05/23/29 (Call 02/23/29)		8,103		9,327,904
Orange SA
5.38%, 01/13/42		8,522		11,330,930
5.50%, 02/06/44 (Call 08/06/43)		9,368		12,808,138
9.00%, 03/01/31		27,191		41,717,952
Rogers Communications Inc.
3.70%, 11/15/49 (Call 05/15/49)		10,055		10,438,381
4.30%, 02/15/48 (Call 08/15/47)(a)		10,423		11,778,046
4.35%, 05/01/49 (Call 11/01/48)		9,387		10,698,440
5.00%, 03/15/44 (Call 09/15/43)		12,791		15,543,687
Telefonica Emisiones SA
4.10%, 03/08/27		13,095		14,513,238
4.67%, 03/06/38		9,217		10,739,274
4.90%, 03/06/48(a)		13,946		16,987,158
5.21%, 03/08/47(a)		23,872		30,072,375
5.52%, 03/01/49 (Call 09/01/48)(a)		9,890		13,060,972
7.05%, 06/20/36(a)		20,169		28,861,234
Telefonica Europe BV, 8.25%, 09/15/30(a)		14,522		20,686,428
TELUS Corp., 4.60%, 11/16/48 (Call 05/16/48)(a)		5,937		7,591,435
T-Mobile USA Inc.
1.50%, 02/15/26 (Call 01/15/26)		9,241		9,175,199
2.05%, 02/15/28 (Call 12/15/27)(a)		17,106		16,963,502
2.25%, 11/15/31 (Call 08/15/31)(a)		9,588		9,253,358
2.55%, 02/15/31 (Call 11/15/30)		22,938		22,764,465
3.00%, 02/15/41 (Call 08/15/40)		25,467		24,470,321
3.30%, 02/15/51 (Call 08/15/50)(a)		28,244		27,698,377
3.40%, 10/15/52 (Call 04/15/52)(a)(c)		15,774		15,689,361
3.50%, 04/15/25 (Call 03/15/25)		33,560		35,798,818
3.60%, 11/15/60 (Call 05/15/60)		8,057		8,092,427
3.75%, 04/15/27 (Call 02/15/27)		39,287		42,612,342
3.88%, 04/15/30 (Call 01/15/30)		67,304		73,537,670
4.38%, 04/15/40 (Call 10/15/39)		21,803		24,873,569
4.50%, 04/15/50 (Call 10/15/49)		28,591		33,756,241
Verizon Communications Inc.
0.85%, 11/20/25 (Call 10/20/25)		12,227		11,971,890
1.45%, 03/20/26 (Call 02/20/26)		20,426		20,374,096
1.50%, 09/18/30 (Call 06/18/30)(a)		8,254		7,736,415
1.68%, 10/30/30 (Call 07/30/30)		10,086		9,510,132
1.75%, 01/20/31 (Call 10/20/30)(a)		21,441		20,254,515
2.10%, 03/22/28 (Call 01/22/28)(a)		26,908		26,988,708
2.36%, 03/15/32 (Call 12/15/31)(c)		30,569		30,110,578
2.55%, 03/21/31 (Call 12/21/30)		40,140		40,481,258
2.63%, 08/15/26(a)		20,387		21,336,757
2.65%, 11/20/40 (Call 05/20/40)(a)		30,806		29,140,042
2.85%, 09/03/41 (Call 03/03/41)(a)		9,269		9,051,694
2.88%, 11/20/50 (Call 05/20/50)		31,157		29,687,496

Security	Par (000)		Value
Telecommunications (continued)
2.99%, 10/30/56 (Call 04/30/56)	$	45,483	$	43,198,121
3.00%, 03/22/27 (Call 01/22/27)		7,841		8,292,529
3.00%, 11/20/60 (Call 05/20/60)(a)		22,525		21,386,285
3.15%, 03/22/30 (Call 12/22/29)(a)		13,265		14,062,372
3.38%, 02/15/25		10,557		11,278,985
3.40%, 03/22/41 (Call 09/22/40)(a)		37,067		38,836,556
3.50%, 11/01/24 (Call 08/01/24)		6,633		7,077,779
3.55%, 03/22/51 (Call 09/22/50)(a)		43,478		46,742,841
3.70%, 03/22/61 (Call 09/22/60)(a)		33,302		36,315,288
3.85%, 11/01/42 (Call 05/01/42)		12,646		14,017,005
3.88%, 02/08/29 (Call 11/08/28)		9,416		10,504,362
4.00%, 03/22/50 (Call 09/22/49)		12,135		13,967,919
4.02%, 12/03/29 (Call 09/03/29)		37,795		42,449,220
4.13%, 03/16/27(a)		30,323		33,896,359
4.13%, 08/15/46		14,493		16,998,173
4.27%, 01/15/36(a)		25,408		29,669,232
4.33%, 09/21/28		40,283		46,002,968
4.40%, 11/01/34 (Call 05/01/34)(a)		22,981		26,820,626
4.50%, 08/10/33(a)		28,600		33,795,442
4.52%, 09/15/48		22,607		28,623,629
4.67%, 03/15/55		20,061		26,442,845
4.86%, 08/21/46		20,131		26,402,416
5.01%, 04/15/49		10,932		14,927,721
5.01%, 08/21/54(a)		5,764		8,054,815
5.25%, 03/16/37(a)		12,302		16,019,330
6.55%, 09/15/43(a)		4,553		7,037,213
Vodafone Group PLC
4.13%, 05/30/25(a)		13,484		14,774,165
4.25%, 09/17/50(a)		14,193		16,516,457
4.38%, 05/30/28(a)		25,670		29,271,101
4.38%, 02/19/43(a)		14,299		16,604,336
4.88%, 06/19/49		18,628		23,298,150
5.00%, 05/30/38(a)		13,427		16,700,656
5.25%, 05/30/48(a)		26,867		35,314,098
6.15%, 02/27/37(a)		18,799		25,616,063
				2,772,885,756
Toys, Games & Hobbies — 0.0%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		9,091		9,979,368
Transportation — 1.8%
Burlington Northern Santa Fe LLC
3.30%, 09/15/51 (Call 03/15/51)		9,647		10,711,495
3.55%, 02/15/50 (Call 08/15/49)		9,228		10,608,568
3.90%, 08/01/46 (Call 02/01/46)		7,873		9,380,060
4.05%, 06/15/48 (Call 12/15/47)		6,247		7,670,005
4.13%, 06/15/47 (Call 12/15/46)		7,958		9,827,026
4.15%, 04/01/45 (Call 10/01/44)(a)		10,676		13,075,377
4.15%, 12/15/48 (Call 06/15/48)		6,984		8,710,298
4.45%, 03/15/43 (Call 09/15/42)		6,986		8,731,257
4.55%, 09/01/44 (Call 03/01/44)		8,428		10,726,372
4.90%, 04/01/44 (Call 10/01/43)		10,267		13,516,551
5.75%, 05/01/40 (Call 11/01/39)		7,715		10,814,382
Canadian Pacific Railway Co., 6.13%, 09/15/2115 (Call 03/15/2115)		8,062		12,460,253
CSX Corp.
3.25%, 06/01/27 (Call 03/01/27)(a)		9,802		10,530,529
3.80%, 03/01/28 (Call 12/01/27)		8,855		9,832,599
3.80%, 11/01/46 (Call 05/01/46)(a)		8,393		9,665,782
4.10%, 03/15/44 (Call 09/15/43)		6,714		7,795,658
4.25%, 03/15/29 (Call 12/15/28)		9,152		10,481,853

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
4.30%, 03/01/48 (Call 09/01/47)	$	8,172	$	10,067,665
FedEx Corp. 2.40%, 05/15/31 (Call 02/15/31)(a)		10,356		10,384,520
3.10%, 08/05/29 (Call 05/05/29)(a)		4,637		4,941,473
3.25%, 04/01/26 (Call 01/01/26)(a)		7,525		8,091,741
3.25%, 05/15/41 (Call 11/15/40)		8,520		8,671,394
4.05%, 02/15/48 (Call 08/15/47)		10,760		12,270,023
4.25%, 05/15/30 (Call 02/15/30)		7,787		8,895,880
4.40%, 01/15/47 (Call 07/15/46)		8,044		9,587,271
4.55%, 04/01/46 (Call 10/01/45)		11,580		14,018,391
4.75%, 11/15/45 (Call 05/15/45)(a)		12,554		15,606,690
4.95%, 10/17/48 (Call 04/17/48)		9,005		11,640,682
5.10%, 01/15/44(a)		7,614		9,733,811
5.25%, 05/15/50 (Call 11/15/49)(a)		12,160		16,477,548
Norfolk Southern Corp. 3.05%, 05/15/50 (Call 11/15/49)(a)		6,462		6,645,360
3.16%, 05/15/55 (Call 11/15/54)		7,956		8,194,483
Union Pacific Corp. 2.38%, 05/20/31 (Call 02/20/31)(a)		10,956		11,188,806
2.40%, 02/05/30 (Call 11/05/29)(a)		8,418		8,637,544
2.95%, 03/10/52 (Call 09/10/51)(a)		8,528		8,738,370
2.97%, 09/16/62 (Call 03/16/62)		7,820		7,852,765
3.20%, 05/20/41 (Call 11/20/40)		13,236		14,129,622
3.25%, 02/05/50 (Call 08/05/49)(a)		16,850		18,293,106
3.70%, 03/01/29 (Call 12/01/28)(a)		8,117		9,027,386
3.75%, 02/05/70 (Call 08/05/69)(a)		7,442		8,620,668
3.80%, 10/01/51 (Call 04/01/51)(a)		10,558		12,541,573
3.80%, 04/06/71 (Call 10/06/70)		2,571		3,015,852
3.84%, 03/20/60 (Call 09/20/59)		16,832		19,943,360
3.95%, 09/10/28 (Call 06/10/28)		12,553		14,165,703
United Parcel Service Inc. 3.05%, 11/15/27 (Call 08/15/27)(a)		9,716		10,540,594
3.40%, 03/15/29 (Call 12/15/28)(a)		7,656		8,450,456
3.75%, 11/15/47 (Call 05/15/47)		11,374		13,688,284
3.90%, 04/01/25 (Call 03/01/25)		12,386		13,451,932
4.25%, 03/15/49 (Call 09/15/48)(a)		7,035		9,077,891
4.45%, 04/01/30 (Call 01/01/30)(a)		8,657		10,252,178
5.30%, 04/01/50 (Call 10/01/49)		12,051		17,890,494
6.20%, 01/15/38		13,553		19,785,697
Walmart Inc. 1.05%, 09/17/26 (Call 08/17/26)(a)		15,643		15,429,575

Security	Par/ Shares (000)		Value
Transportation (continued)
1.50%, 09/22/28 (Call 07/22/28)(a)	$	19,455	$	19,234,491
1.80%, 09/22/31 (Call 06/22/31)		17,163		16,893,069
2.50%, 09/22/41 (Call 03/22/41)		27,313		27,442,218
2.65%, 09/22/51 (Call 03/22/51)		30,302		31,058,683
				679,115,314
Water — 0.1%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)		8,132		9,237,863
6.59%, 10/15/37		6,904		10,097,318
				19,335,181
Total Corporate Bonds & Notes — 98.7% (Cost: $38,039,983,364)				37,578,790,667
Short-Term Investments
Money Market Funds — 8.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)		2,805,836		2,807,239,074
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		365,184		365,184,000
				3,172,423,074
Total Short-Term Investments — 8.3% (Cost: $3,171,450,862)				3,172,423,074
Total Investments in Securities — 107.0% (Cost: $41,211,434,226)				40,751,213,741
Other Assets, Less Liabilities — (7.0)%				(2,671,488,956	)
Net Assets — 100.0%			$	38,079,724,785

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

^(b)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

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

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments

SCHEDULE  OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® iBoxx $ Investment Grade Corporate Bond ETF

Fair Value Measurements (continued)

is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	37,578,790,667	$	—	$	37,578,790,667
Money Market Funds		3,172,423,074		—		—		3,172,423,074
	$	3,172,423,074	$	37,578,790,667	$	—	$	40,751,213,741

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

Statements of Assets and Liabilities (unaudited)(continued)

October 31, 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)	$	19,741,574,573		$	37,578,790,667
Affiliated(c)		3,060,283,759			3,172,423,074
Cash		26,627,216			1,851,775
Receivables:
Investments sold		20,749,350			107,399,229
Securities lending income — Affiliated		605,709			326,365
Capital shares sold		—			2,716,072
Dividends		478			1,407
Interest		261,472,412			311,570,561
Total assets		23,111,313,497			41,175,079,150
LIABILITIES
Collateral on securities loaned, at value		2,950,702,408			2,805,869,158
Payables:
Investments purchased		158,176,615			268,149,948
Capital shares redeemed		303,383			16,741,567
Investment advisory fees		8,056,680			4,593,692
Total liabilities		3,117,239,086			3,095,354,365
NET ASSETS	$	19,994,074,411		$	38,079,724,785
NET ASSETS CONSIST OF:
Paid-in capital	$	21,471,783,916		$	37,585,470,412
Accumulated earnings (loss)		(1,477,709,505	)		494,254,373
NET ASSETS	$	19,994,074,411		$	38,079,724,785
Shares outstanding		230,000,000			285,300,000
Net asset value	$	86.93		$	133.47
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	2,845,897,179		$	2,722,932,782
(b) Investments, at cost — Unaffiliated	$	19,987,785,833		$	38,039,983,364
(c)  Investments, at cost — Affiliated	$	3,059,502,100		$	3,171,450,862

FINANCIAL   STATEMENTS

Glossary of Terms Used in this Report

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

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

Want to know more?

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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”).

^©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1010-1021

OCTOBER 31, 2021

2021 Annual Report

iShares U.S. ETF Trust

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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, out-paced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

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 in early 2021, 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 solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term 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 moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2021
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		10.91	%		42.91	%
U.S. small cap equities (Russell 2000® Index)		1.85			50.80
International equities (MSCI Europe, Australasia, Far East Index)		4.14			34.18
Emerging market equities (MSCI Emerging Markets Index)		(4.87	)		16.96
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.01			0.06
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		1.59			(4.77	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		1.06			(0.48	)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		0.33			2.76
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.36			10.53
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
Market Overview		4
Fund Summary		5
About Fund Performance		7
Shareholder Expenses		7
Schedule of Investments		8
Financial Statements
Statement of Assets and Liabilities		11
Statement of Operations		12
Statements of Changes in Net Assets		13
Financial Highlights		14
Notes to Financial Statements		15
Report of Independent Registered Public Accounting Firm		21
Important Tax Information (Unaudited)		22
Board Review and Approval of Investment Advisory Contract		23
Supplemental Information		25
Trustee and Officer Information		26
General Information		28
Glossary of Terms Used in this Report		29
Additional Financial Information		30

Market Overview

iShares U.S. ETF Trust

U.S. Bond Market Overview

The U.S. bond market declined slightly for the 12 months ended October 31, 2021 (“reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -0.48%.

The U.S. economy continued to recover from the effects of the coronavirus pandemic, growing at a brisk pace during the reporting period. Driven by strong consumer spending and significant fiscal and monetary stimulus, U.S. growth outpaced most other developed economies. An ongoing COVID-19 vaccination program helped accelerate the easing of pandemic-related restrictions, and consumers returned to activities that were previously curtailed, such as travel, restaurant dining, and in-person shopping. Spending on goods also remained elevated, leading imports to rise to an all-time high.

However, this robust consumer demand combined with continued pandemic-related disruptions to the global supply chain led to significantly higher inflation. Similarly, in the labor market, the reopening economy and pent-up demand meant that hiring accelerated, and the unemployment rate fell substantially. Nonetheless, total employment remained notably below pre-pandemic levels and job openings reached a record high despite rising wages. Elevated demand drove an increase in industrial production, although rising commodities prices and supply delays constrained growth, particularly late in the reporting period. The emergence of the highly contagious Delta variant, which was responsible for a significant rise in cases beginning late in summer 2021, also weighed on the economy.

The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchasing program. The Fed indicated that it would begin slowing its bond buying activities late in 2021 and signaled that an interest rate increase could be possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

U.S. Treasuries declined, as inflation increased, and investors moved toward equities and lower-rated bonds. Rising domestic inflation expectations pressured U.S. Treasuries, which typically lose value in an inflationary environment. U.S. Treasury yields (which move inversely to prices) began the reporting period near historic lows, but generally rose as inflation increased and the economy continued to strengthen. Yields of U.S. Treasuries with intermediate- and long-term maturities, which are more sensitive to inflation, generally increased more than short-term U.S. Treasuries. However, long-term U.S. Treasury yields rose less than intermediate-term U.S. Treasury yields, with two-year, 10-year, and 30-year U.S. Treasury yields rising by 0.34%, 0.67%, and 0.28%, respectively.

Mortgage-backed securities (“MBS”) declined slightly, despite ongoing support from Fed bond purchasing. MBS performance was constrained by prepayments, as homeowners took advantage of low mortgage rates to refinance their mortgages at a lower interest rate.

On the upside, most corporate bonds advanced for the reporting period, particularly lower-rated corporate bonds. A narrowing yield spread (the difference between yields on corporate bonds and U.S. Treasuries) buoyed the performance of corporate bonds compared to U.S. Treasuries. Investors’ ongoing search for yield in a low interest rate environment drove the decline in the yield spread and supported corporate bond prices. High-yield bonds gained the most, as investors’ concerns about solvency abated alongside the growing economy, and the Fed’s support led to high investor confidence. Corporate bond issuance was elevated by historical standards as companies took advantage of low yields to refinance and lock in advantageous borrowing costs.

4 2 0 2 1   I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary as of October 31, 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.

Effective December 1, 2021, the Fund will change from operating as a transparent active ETF to tracking an underlying index, the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		10.01	%		4.54	%		3.47	%		10.01	%		24.87	%		23.90	%
Fund Market		9.23			4.47			3.43			9.23			24.41			23.56
ICE Q70A Custom Index		11.03			4.38			3.46			11.03			23.88			23.78

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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 Q70A Custom Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE Q70A Custom Index. Historical index data from 8/1/2018 through 2/28/2021 is for the 3pm pricing variant of the ICE Q70A Custom Index. Historical Index data prior to 8/1/2018 is for the Bloomberg Barclays Swaps-Hedged U.S. Long Credit Index.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$        1,000.00	$        1,010.40	$        0.51			$        1,000.00	$    1,024.70	$        0.51		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)  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 (184 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.

FUND   SUMMARY 5

Fund Summary as of October 31, 2021 (continued) iShares^® Interest Rate Hedged Long-Term Corporate Bond  ETF

Portfolio Management Commentary

The Fund posted a positive return for the reporting period despite rising long-term interest rates, as the Fund’s interest rate hedge increased in value due to the rising interest rate environment. Similarly, corporate yield spreads (the difference between yields of corporate bonds and U.S. Treasuries) declined, which supported corporate bond prices.

On an unhedged basis, bonds issued by energy companies were the largest contributors to the Fund’s return. Oil prices more than doubled during the reporting period, as robust demand from the economic recovery met supply disruptions. Bonds issued by financial companies, especially insurance companies, were also solid contributors to the Fund’s performance. The life insurance industry benefited from the fastest growth in the total number of life insurance policies since 1983, which led to stronger earnings despite rising payouts from COVID-19 deaths and historically low interest rates. Bonds issued by banks also advanced, supported by rising earnings, increased loan issuance, and somewhat higher bond yields relative to other types of corporate bonds. In the consumer non-cyclicals sector, the healthcare industry was a solid contributor, as the industry benefited from strong earnings growth due to robust demand for COVID-19 vaccines and treatments as well as pent-up demand for elective procedures.

Rising interest rates during the reporting period led to positive performance from hedging activity, which was the largest contributor to the Fund’s return. Typically, increasing interest rates reduce the price of existing bonds, meaning a rise in interest rates detracts from bond fund performance. Conversely, decreasing interest rates usually increase bond prices. An interest rate hedged fund attempts to avoid these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and U.S. Treasury futures contracts.

The Fund’s interest rate hedge seeks near-zero interest rate sensitivity. Consequently, the Fund’s return was minimally affected by interest rate fluctuations during the reporting period. With interest rate sensitivity hedged, the Fund fluctuated based on direct exposure to the yield premium of investment-grade corporate bonds, independent of rising interest rates.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		91.6	%
Short-term Investments		0.7
Swaps, net cumulative appreciation		2.5
Other assets less liabilities		5.2

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)

Credit Rating(a)	Percent of Total Investment(b)
Aaa		2.0	%
Aa		8.7
A		33.5
Baa		43.9
Ba		1.8
Not Rated		10.1

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

^(b)  Excludes money market funds.

6 2 0 2 1   I SHARES  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 October 31, 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 — 91.5%
iShares 10+ Year Investment Grade Corporate Bond ETF(a)		10,803,534	$	760,352,723
Total Investment Companies — 91.5% (Cost: $754,754,065)				760,352,723
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		6,120,000		6,120,000
Total Short-Term Investments — 0.8% (Cost: $6,120,000)				6,120,000
Total Investments in Securities — 92.3% (Cost: $760,874,065)				766,472,723
Other Assets, Less Liabilities — 7.7%				64,320,152
NetAssets — 100.0%			$	830,792,875

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21		Shares Held at 10/31/21		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		1,170,000	(b)		—			—			—		6,120,000		6,120,000		5,028			—
iShares 10+ Year Investment Grade Corporate Bond ETF		504,973,068		335,869,332			(91,439,035	)		(1,375,990	)		12,325,348		760,352,723		10,803,534		19,731,704			—
									$	(1,378,345	)	$	12,325,523	$	766,472,723			$	19,742,263		$	—

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

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

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective	Termination		Notional Amount					Upfront Premium Paid		Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		(000)			Value		(Received)		(Depreciation)
0.23%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/15/22	$	(12,900	)	$	8,997	$	80	$	8,917
0.23%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/22		(60,000	)		42,271		891		41,379
0.32%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/14/23		(3,000	)		17,176		12		17,164
0.32%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/14/23		(1,000	)		5,707		4		5,703
0.57%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		07/01/24		(9,600	)		78,116		38		78,078
0.40%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/25		(26,000	)		738,639		322		738,317

8 2 0 2 1   I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (continued) October 31, 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	Termination		Notional Amount				Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		(000)	Value			(Received)			(Depreciation)
0.90%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		06/04/26	$(3,700)	$	49,917		$	32		$	49,886
0.92%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/14/26	(1,000)		14,565			9			14,556
0.48%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/15/27	(26,975)		1,313,114			653,630			659,484
0.78%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/30	(80,700)		5,289,927			1,334			5,288,593
1.37%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		07/16/31	(20,375)		390,275			(143,983	)		534,258
1.36%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/17/31	(4,400)		94,444			70			94,374
1.75%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		06/17/36	(74,900)		(402,017	)		(2,463,683	)		2,061,666
1.62%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/09/36	(15,000)		209,244			305			208,939
1.61%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/21/36	(10,100)		143,366			198			143,168
1.49%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/01/36	(10,400)		(96,795	)		204			(96,999	)
1.95%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		05/10/41	(200,388)		(6,080,390	)		(12,156,431	)		6,076,041
1.81%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		07/01/46	(55,130)		(424,383	)		(1,936,838	)		1,512,455
1.61%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		08/24/46	(6,400)		218,767			63,712			155,055
1.71%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/14/46	(7,600)		104,911			208			104,703
1.53%	Annual	1-Year SOFR, 0.05%	Annual	N/A		09/29/46	(12,860)		(151,185	)		353			(151,538	)
1.53%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/05/46	(3,550)		(45,178	)		99			(45,277	)
1.57%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/20/46	(6,700)		(136,017	)		187			(136,204	)
1.52%	Annual	1 Year-SOFR, 0.05%	Annual	N/A		11/01/46	(4,870)		(47,229	)		136			(47,365	)
2.04%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		05/07/51	(102,830)		(7,132,782	)		(10,177,088	)		3,044,306
1.44%	Annual	1-Year SOFR, 0.05%	Annual	N/A		08/10/51	(1,000)		4,500			31			4,469
1.70%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		08/10/51	(25,000)		359,598			36,300			323,298
								$	(5,432,442	)	$	(26,119,868	)	$	20,687,426

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)		$758,155	$	(26,878,023)	$	21,164,809		$(477,383)

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

Derivative Financial Instruments Categorized by Risk Exposure

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

	Interest Rate Contracts
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	21,164,809
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	477,383

^(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).

SCHEDULE  OF  INVESTMENTS 9

Schedule of Investments  (continued) October 31, 2021 iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF

For the period ended October 31, 2021, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	18,183,792
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	11,522,004

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	740,059,840

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	760,352,723	$	—		$	—	$	760,352,723
Money Market Funds		6,120,000		—			—		6,120,000
	$	766,472,723	$	—		$	—	$	766,472,723
Derivative financial instruments(a)
Assets
Swaps	$	—	$	21,164,809		$	—	$	21,164,809
Liabilities
Swaps		—		(477,383	)		—		(477,383	)
	$	—	$	20,687,426		$	—	$	20,687,426

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

See notes to financial statements.

10 2 0 2 1   I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Statement of Assets and Liabilities

October 31, 2021

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
ASSETS
Investments in securities, at value:
Affiliated(a)	$	766,472,723
Cash		963,746
Cash pledged:
Centrally cleared swaps		65,128,000
Receivables:
Securities lending income — Affiliated		3
Capital shares sold		218,391
Dividends		63
Total assets		832,782,926
LIABILITIES
Payables:
Variation margin on centrally cleared swaps		1,920,050
Investment advisory fees		70,001
Total liabilities		1,990,051
NET ASSETS	$	830,792,875
NET ASSETS CONSIST OF:
Paid-in capital	$	798,184,284
Accumulated earnings		32,608,591
NET ASSETS	$	830,792,875
Shares outstanding		32,800,000
Net asset value	$	25.33
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — Affiliated	$	760,874,065

See notes to financial statements.

FINANCIAL   STATEMENTS 11

Statement of Operations

Year Ended October 31, 2021

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	19,736,732
Securities lending income — Affiliated — net		5,531
Total investment income		19,742,263
EXPENSES
Investment advisory fees		2,472,394
Miscellaneous		173
Total expenses		2,472,567
Less:
Investment advisory fees waived		(1,765,996	)
Total expenses after fees waived		706,571
Net investment income		19,035,692
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		716
Investments — Affiliated		(1,378,345	)
Swaps		18,183,792
Net realized gain		16,806,163
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		12,325,523
Swaps		11,522,004
Net change in unrealized appreciation (depreciation)		23,847,527
Net realized and unrealized gain		40,653,690
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	59,689,382

See notes to financial statements.

12 2 0 2 1   I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
	Year Ended 10/31/21			Year Ended 10/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	19,035,692		$	1,566,087
Net realized gain (loss)		16,806,163			(11,036,888	)
Net change in unrealized appreciation (depreciation)		23,847,527			3,029,900
Net increase (decrease) in net assets resulting from operations		59,689,382			(6,440,901	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(13,486,868	)		(1,410,311	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		226,875,347			506,008,011
NET ASSETS
Total increase in net assets		273,077,861			498,156,799
Beginning of year		557,715,014			59,558,215
End of year	$	830,792,875		$	557,715,014

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

See notes to financial statements.

FINANCIAL   STATEMENTS 13

Financial Highlights

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
	Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17
Net asset value, beginning of year		$	23.48			$	24.31			$	25.76			$	25.98			$	24.07
Net investment income(a)			0.68				0.52				0.98				1.01				0.91
Net realized and unrealized gain (loss)(b)			1.66				(0.70	)			(1.01	)			(0.32	)			1.78
Net increase (decrease) from investment operations			2.34				(0.18	)			(0.03	)			0.69				2.69
Distributions(c)
From net investment income			(0.46	)			(0.65	)			(0.96	)			(0.91	)			(0.76	)
From net realized gain			(0.03	)			—				(0.45	)			—				—
Return of capital			—				—				(0.01	)			—				(0.02	)
Total distributions			(0.49	)			(0.65	)			(1.42	)			(0.91	)			(0.78	)
Net asset value, end of year		$	25.33			$	23.48			$	24.31			$	25.76			$	25.98
Total Return(d)
Based on net asset value			10.01	%			(0.69	)%			(0.03	)%			2.66	%			11.36	%
Ratios to Average Net Assets
Total expenses(e)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Total expenses after fees waived(e)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%
Net investment income			2.69	%			2.22	%			3.98	%			3.86	%			3.62	%
Supplemental Data
Net assets, end of year (000)		$	830,793			$	557,715			$	59,558			$	57,954			$	15,586
Portfolio turnover rate(f)(g)			14	%			18	%			13	%			5	%			6	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

^(g)  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.

14 2 0 2 1    I S H A R E S     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

1. ORGANIZATION

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

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification   Classification
Interest Rate Hedged Long-Term Corporate Bond	Diversified

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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  (continued)

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

16 2 0 2 1    I S H A R E S     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  (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 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 year ended October 31, 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	$	1,765,996

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 17

Notes to Financial Statements  (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 year ended October 31, 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 year ended October 31, 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	$	131,789,553	$	91,439,035

For the year ended October 31, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Interest Rate Hedged Long-Term Corporate Bond	$	204,079,780	$	—

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 October 31, 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.

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 10/31/21		Year Ended 10/31/20
Interest Rate Hedged Long-Term Corporate Bond
Ordinary income	$	13,486,868	$	1,410,311

As of October 31, 2021, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Net Unrealized Gains (Losses)	(a)		Total
Interest Rate Hedged Long-Term Corporate Bond	$	6,638,048	$	25,970,543		$	32,608,591

^(a)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

For the year ended October 31, 2021, the Fund utilized $15,938,789 of its capital loss carryforwards.

18 2 0 2 1   I SHARES  ANNUAL   REPORT   TO  SHAREHOLDERS

Notes to Financial Statements  (continued)

As of October 31, 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized   Appreciation   (Depreciation)
Interest Rate Hedged Long-Term Corporate Bond	$	761,189,606	$	26,763,467	$	(792,924	)	$	25,970,543

9. PRINCIPAL RISKS

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

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

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

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

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

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

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

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.

NOTES  TO  FINANCIAL   STATEMENTS 19

Notes to Financial Statements  (continued)

Transactions in capital shares were as follows:

	Year Ended 10/31/21				Year Ended 10/31/20
iShares ETF	Shares		Amount		Shares			Amount
Interest Rate Hedged Long-Term Corporate Bond
Shares sold		9,050,000	$	226,875,347		22,500,000		$	531,323,133
Shares redeemed		—		—		(1,200,000	)		(25,315,122	)
Net increase		9,050,000	$	226,875,347		21,300,000		$	506,008,011

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 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.

20 2 0 2 1   I SHARES  ANNUAL   REPORT   TO  SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares U.S. ETF Trust and Shareholders of iShares Interest Rate Hedged Long-Term Corporate Bond ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Interest Rate Hedged Long-Term Corporate Bond ETF (one of the funds constituting iShares U.S. ETF Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 21, 2021

We have served as the auditor of one or more BlackRock investment companies since 2000.

REPORT   OF   INDEPENDENT   REGISTERED   PUBLIC   ACCOUNTING   FIRM 21

Important Tax Information  (unaudited)

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2021:

iShares ETF	Interest Dividends
Interest Rate Hedged Long-Term Corporate Bond	$	6,611,272

The Fund hereby designates the following amounts, or maximum amounts allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2021:

iShares ETF	Interest-Related Dividends		Qualified Short-Term   Capital Gain
Interest Rate Hedged Long-Term Corporate Bond	$	5,292,258	$	836,777

22 2 0 2 1   I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

iShares Interest Rate Hedged Long-Term Corporate Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund was, during the periods under review, an actively managed ETF that did not seek to track the performance of a specified index and that the management team for the Fund managed the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized

BOARD   REVIEW   AND   APPROVAL   OF   INVESTMENT  ADVISORY  CONTRACT 23

Board Review and Approval of Investment Advisory Contract  (continued)

that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

24 2 0 2 1   I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

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.

October 31, 2021

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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	$	0.488584	$	—	$	—	$	0.488584		100	%		—	%		—	%		100	%

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

SUPPLEMENTAL  INFORMATION 25

Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 375 funds as of October 31, 2021. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (64)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares Trust (since 2019).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (72)	Trustee (since 2011); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (65)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since (2016).
Richard L. Fagnani (66)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

26 2 0 2 1  I SHARES  ANNUAL  REPORT   TO  SHAREHOLDERS

Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2011); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (62)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2011); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (52)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (60)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (58)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).

TRUSTEE   AND   OFFICER   INFORMATION 27

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

A description of the 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.

28 2 0 2 1   I SHARES  ANNUAL  REPORT   TO  SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate

GLOSSARY   OF   TERMS   USED   IN   THIS   REPORT 29

Additional Financial Information

Schedule of Investments (Unaudited)

October 31, 2021

Statement of Assets and Liabilities (Unaudited)

October 31, 2021

iShares Trust

iShares 10+ Year Investment Grade Corporate Bond ETF | IGLB | NYSE Arca

Schedule of Investments (unaudited) October 31, 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)	$	256	$	271,653
5.40%, 10/01/48 (Call 04/01/48)		319		442,621
				714,274
Aerospace & Defense — 2.3%
BAE Systems Holdings Inc., 4.75%, 10/07/44(a)(b)		521		648,830
BAE Systems PLC
3.00%, 09/15/50 (Call 03/15/50)(a)(b)		1,025		1,017,261
5.80%, 10/11/41(b)		455		625,995
Boeing Co. (The)
3.25%, 02/01/35 (Call 11/01/34)		692		693,431
3.30%, 03/01/35 (Call 09/01/34)(a)		228		228,166
3.38%, 06/15/46 (Call 12/15/45)		285		280,527
3.50%, 03/01/39 (Call 09/01/38)		627		635,938
3.50%, 03/01/45 (Call 09/01/44)		556		552,237
3.55%, 03/01/38 (Call 09/01/37)		520		528,984
3.60%, 05/01/34 (Call 02/01/34)		695		725,792
3.65%, 03/01/47 (Call 09/01/46)		700		705,115
3.75%, 02/01/50 (Call 08/01/49)		1,240		1,304,695
3.83%, 03/01/59 (Call 09/01/58)		192		194,218
3.85%, 11/01/48 (Call 05/01/48)		312		329,508
3.90%, 05/01/49 (Call 11/01/48)(a)		804		857,658
3.95%, 08/01/59 (Call 02/01/59)		795		841,359
5.71%, 05/01/40 (Call 11/01/39)(a)		2,491		3,198,347
5.81%, 05/01/50 (Call 11/01/49)		3,610		4,949,691
5.88%, 02/15/40(a)		725		923,467
5.93%, 05/01/60 (Call 11/01/59)		2,763		3,888,193
6.13%, 02/15/33		533		675,019
6.63%, 02/15/38		276		370,608
6.88%, 03/15/39		705		983,744
General Dynamics Corp.
2.85%, 06/01/41 (Call 12/01/40)		305		315,433
3.60%, 05/14/42 (Call 05/15/42)		220		251,657
4.25%, 04/01/40 (Call 10/01/39)		680		830,536
4.25%, 04/01/50 (Call 10/01/49)(a)		856		1,113,788
L3Harris Technologies Inc.
4.85%, 04/27/35 (Call 10/27/34)		331		406,020
5.05%, 04/27/45 (Call 10/27/44)		335		445,846
6.15%, 12/15/40		521		749,212
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)(a)		900		914,190
3.60%, 03/01/35 (Call 09/01/34)		870		977,648
3.80%, 03/01/45 (Call 09/01/44)		950		1,118,703
4.07%, 12/15/42		1,120		1,341,959
4.09%, 09/15/52 (Call 03/15/52)		1,049		1,315,498
4.50%, 05/15/36 (Call 11/15/35)		791		968,165
4.70%, 05/15/46 (Call 11/15/45)		987		1,305,994
5.72%, 06/01/40		49		67,704
Series B, 6.15%, 09/01/36		230		324,703
Northrop Grumman Corp.
3.85%, 04/15/45 (Call 10/15/44)		719		835,355
4.03%, 10/15/47 (Call 04/15/47)		1,151		1,380,160
4.75%, 06/01/43		825		1,056,677
5.05%, 11/15/40		179		232,574
5.15%, 05/01/40 (Call 11/01/39)(a)		478		624,078
5.25%, 05/01/50 (Call 11/01/49)(a)		1,044		1,485,990
Raytheon Technologies Corp.
2.82%, 09/01/51 (Call 03/01/51)		480		472,571

Security	Par (000)		Value
Aerospace & Defense (continued)
3.13%, 07/01/50 (Call 01/01/50)	$	930	$	969,520
3.75%, 11/01/46 (Call 05/01/46)		955		1,080,003
4.05%, 05/04/47 (Call 11/04/46)(a)		560		665,284
4.15%, 05/15/45 (Call 11/16/44)		808		962,301
4.20%, 12/15/44 (Call 06/15/44)		250		288,164
4.35%, 04/15/47 (Call 10/15/46)		665		822,351
4.45%, 11/16/38 (Call 05/16/38)		623		751,424
4.50%, 06/01/42		2,686		3,306,963
4.63%, 11/16/48 (Call 05/16/48)		1,401		1,816,026
4.70%, 12/15/41		390		483,633
4.80%, 12/15/43 (Call 06/15/43)		382		479,121
4.88%, 10/15/40		512		644,960
5.40%, 05/01/35		842		1,092,741
5.70%, 04/15/40		956		1,326,952
6.05%, 06/01/36		527		726,312
6.13%, 07/15/38		760		1,075,936
				60,184,935
Agriculture — 1.4%
Altria Group Inc.
2.45%, 02/04/32 (Call 11/04/31)(a)		945		896,775
3.40%, 02/04/41 (Call 08/04/40)		1,224		1,142,861
3.70%, 02/04/51 (Call 08/04/50)		1,174		1,117,054
3.88%, 09/16/46 (Call 03/16/46)		1,281		1,269,547
4.00%, 02/04/61 (Call 08/04/60)		877		839,818
4.25%, 08/09/42		937		965,239
4.45%, 05/06/50 (Call 11/06/49)(a)		560		593,373
4.50%, 05/02/43		688		735,093
5.38%, 01/31/44		1,514		1,775,336
5.80%, 02/14/39 (Call 08/14/38)		1,418		1,726,721
5.95%, 02/14/49 (Call 08/14/48)		2,045		2,609,866
6.20%, 02/14/59 (Call 08/14/58)		267		352,597
Archer-Daniels-Midland Co.
2.70%, 09/15/51 (Call 03/15/51)(a)		90		91,181
3.75%, 09/15/47 (Call 03/15/47)		315		378,487
4.02%, 04/16/43		319		386,455
4.50%, 03/15/49 (Call 09/15/48)		547		730,141
4.54%, 03/26/42(a)		791		1,016,008
5.38%, 09/15/35(a)		420		560,363
5.77%, 03/01/41(c)		60		85,608
5.94%, 10/01/32		160		212,649
BAT Capital Corp.
3.73%, 09/25/40 (Call 03/25/40)(a)		483		469,612
3.98%, 09/25/50 (Call 03/25/50)		875		854,442
4.39%, 08/15/37 (Call 02/15/37)		2,170		2,319,833
4.54%, 08/15/47 (Call 02/15/47)		2,088		2,188,020
4.76%, 09/06/49 (Call 03/06/49)(a)		945		1,025,437
5.28%, 02/02/49 (Call 10/02/49)		440		507,316
Cargill Inc.
3.13%, 05/25/51 (Call 11/25/50)(a)(b)		955		1,055,936
3.88%, 05/23/49 (Call 11/23/48)(b)		217		263,873
Philip Morris International Inc.
3.88%, 08/21/42		606		657,604
4.13%, 03/04/43		664		743,139
4.25%, 11/10/44(a)		1,025		1,179,599
4.38%, 11/15/41		744		856,000
4.50%, 03/20/42		520		607,824
4.88%, 11/15/43		575		706,240
6.38%, 05/16/38		1,343		1,895,143
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		625		741,096

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Agriculture (continued)
5.85%, 02/12/45 (Call 02/15/45)	$	1,884	$	2,305,775
6.15%, 09/15/43		646		808,783
7.25%, 06/15/37		446		600,140
				37,270,984
Apparel — 0.2%
NIKE Inc.
3.25%, 03/27/40 (Call 09/27/39)		725		797,395
3.38%, 11/01/46 (Call 05/01/46)		440		498,696
3.38%, 03/27/50 (Call 09/27/49)(a)		1,320		1,511,821
3.63%, 05/01/43 (Call 11/01/42)		420		483,513
3.88%, 11/01/45 (Call 05/01/45)		828		1,005,332
VF Corp.
6.00%, 10/15/33		176		225,258
6.45%, 11/01/37		10		13,636
				4,535,651
Auto Manufacturers — 0.4%
Cummins Inc.
2.60%, 09/01/50 (Call 03/01/50)		689		658,625
4.88%, 10/01/43 (Call 04/01/43)(a)		427		561,501
General Motors Co.
5.00%, 04/01/35		539		638,853
5.15%, 04/01/38 (Call 10/01/37)		913		1,102,783
5.20%, 04/01/45		1,011		1,262,989
5.40%, 04/01/48 (Call 10/01/47)		622		791,055
5.95%, 04/01/49 (Call 10/01/48)		796		1,082,284
6.25%, 10/02/43		1,343		1,832,411
6.60%, 04/01/36 (Call 10/01/35)		1,023		1,385,060
6.75%, 04/01/46 (Call 10/01/45)		757		1,098,530
				10,414,091
Auto Parts & Equipment — 0.1%
Aptiv PLC
4.40%, 10/01/46 (Call 04/01/46)		95		114,543
5.40%, 03/15/49 (Call 09/15/48)(a)		396		554,679
BorgWarner Inc., 4.38%, 03/15/45 (Call 09/15/44)		245		295,628
Lear Corp., 5.25%, 05/15/49 (Call 11/15/48)(a)		404		512,096
				1,476,946
Banks — 8.2%
Bank of America Corp.
2.68%, 06/19/41 (Call 06/19/40)(d)		4,210		4,055,029
2.83%, 10/24/51 (Call 10/24/50), (SOFR + 1.880%)(a)(d)		1,017		1,001,879
2.97%, 07/21/52 (Call 07/21/51), (SOFR + 1.560%)(d)		935		942,453
3.31%, 04/22/42 (Call 04/22/41)(d)		2,961		3,135,197
3.95%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.190%)(d)		1,259		1,485,428
4.08%, 04/23/40 (Call 04/23/39),
(3 mo. LIBOR US + 1.320%)(d)		1,464		1,687,578
4.08%, 03/20/51 (Call 03/20/50),
(3 mo. LIBOR US + 3.150%)(d)		4,126		4,981,277
4.24%, 04/24/38 (Call 04/24/37),
(3 mo. LIBOR US + 1.814%)(d)		1,727		2,022,092
4.33%, 03/15/50 (Call 03/15/49),
(3 mo. LIBOR US + 1.520%)(d)		2,329		2,897,852
4.44%, 01/20/48 (Call 01/20/47),
(3 mo. LIBOR US + 1.990%)(a)(d)		1,744		2,200,870
4.88%, 04/01/44(a)		466		606,114
5.00%, 01/21/44		1,736		2,280,219
5.88%, 02/07/42		1,320		1,880,831
6.11%, 01/29/37		1,884		2,553,255
7.75%, 05/14/38		1,360		2,129,825

Security	Par (000)		Value
Banks (continued)
Series L, 4.75%, 04/21/45	$	568	$	717,519
Series N, 3.48%, 03/11/51 (Call 03/13/51),
(SOFR + 1.650%)(d)		990		1,094,551
Bank of America N.A., 6.00%, 10/15/36		1,286		1,766,535
Barclays PLC
3.81%, 03/10/42 (Call 03/10/41)(a)(d)		827		877,436
4.95%, 01/10/47		1,340		1,765,361
5.25%, 08/17/45		1,285		1,743,637
BNP Paribas SA
2.82%, 01/26/41(a)(b)		580		552,951
7.20%, (Call 06/25/37)(a)(b)(d)(e)		1,010		1,047,875
BPCE SA, 3.58%, 10/19/42 (Call 10/19/41)(b)(d)		300		308,589
Citigroup Inc.
2.90%, 11/03/42 (Call 11/03/41)(d)		985		974,474
3.88%, 01/22/38 (Call 01/24/38),
(3 mo. LIBOR US + 1.168%)(d)		803		917,322
4.28%, 04/24/48 (Call 04/24/47),
(3 mo. LIBOR US + 1.839%)(d)		830		1,038,791
4.65%, 07/30/45		817		1,057,613
4.65%, 07/23/48 (Call 06/23/48)		2,035		2,673,125
4.75%, 05/18/46(a)		1,615		2,042,893
5.30%, 05/06/44		757		1,000,473
5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)(d)		1,121		1,474,513
5.88%, 02/22/33		500		637,847
5.88%, 01/30/42		831		1,186,983
6.00%, 10/31/33		434		563,973
6.13%, 08/25/36(a)		658		897,506
6.63%, 06/15/32		1,016		1,356,057
6.68%, 09/13/43(a)		871		1,329,766
6.88%, 03/05/38(a)		110		161,197
6.88%, 02/15/98		402		738,124
8.13%, 07/15/39		1,521		2,582,833
Citizens Financial Group Inc., 2.64%, 09/30/32
(Call 07/02/32)		331		330,737
Commonwealth Bank of Australia
3.31%, 03/11/41(b)		690		711,975
3.74%, 09/12/39(b)		1,207		1,308,669
3.90%, 07/12/47(a)(b)		1,265		1,536,067
4.32%, 01/10/48(a)(b)		1,250		1,495,214
Cooperatieve Rabobank U.A.
5.25%, 05/24/41(a)		1,780		2,467,988
5.25%, 08/04/45		1,011		1,374,296
5.75%, 12/01/43(a)		1,087		1,530,567
Cooperatieve Rabobank UA, 5.80%, 09/30/2110(a)(b)		65		101,971
Credit Agricole SA, 2.81%, 01/11/41(a)(b)		1,122		1,070,860
Credit Suisse Group AG, 4.88%, 05/15/45		1,037		1,315,583
Fifth Third Bancorp., 8.25%, 03/01/38		951		1,570,758
First Republic Bank/CA
4.38%, 08/01/46 (Call 02/01/46)		360		445,032
4.63%, 02/13/47 (Call 08/13/46)		260		333,057
Goldman Sachs Group Inc. (The)
2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.472%)(d)		1,385		1,381,783
3.21%, 04/22/42 (Call 04/22/41)(d)		1,577		1,634,490
4.02%, 10/31/38 (Call 10/31/37),
(3 mo. LIBOR US + 1.373%)(d)		2,107		2,413,541
4.41%, 04/23/39 (Call 04/23/38),
(3 mo. LIBOR US + 1.430%)(d)		1,333		1,598,057
4.75%, 10/21/45 (Call 04/21/45)		1,452		1,898,997
4.80%, 07/08/44 (Call 01/08/44)		1,531		1,959,326
5.15%, 05/22/45		1,669		2,207,125

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
6.13%, 02/15/33	$	1,010	$	1,338,260
6.25%, 02/01/41(a)		2,193		3,216,306
6.45%, 05/01/36		646		891,305
6.75%, 10/01/37		4,831		6,876,859
HBOS PLC, 6.00%, 11/01/33(b)		60		77,941
HSBC Bank USA N.A., 7.00%, 01/15/39		710		1,099,758
HSBC Bank USA N.A./New York NY, 5.63%, 08/15/35		460		583,113
HSBC Holdings PLC
5.25%, 03/14/44		1,172		1,516,007
6.10%, 01/14/42		642		923,296
6.50%, 05/02/36		1,487		2,025,933
6.50%, 09/15/37		2,265		3,132,752
6.80%, 06/01/38		1,438		2,059,457
7.63%, 05/17/32		618		856,753
HSBC USA Inc., 7.20%, 07/15/97		215		390,883
JPMorgan Chase & Co.
2.53%, 11/19/41 (Call 11/19/40)(d)		1,273		1,208,913
3.11%, 04/22/41 (Call 04/22/40), (SOFR + 2.460%)(d)		1,466		1,518,380
3.11%, 04/22/51 (Call 04/22/50), (SOFR + 2.440%)(d)		1,986		2,054,937
3.16%, 04/22/42 (Call 04/22/41)(d)		1,610		1,679,278
3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.580%)(d)		2,715		2,930,568
3.88%, 07/24/38 (Call 07/24/37),
(3 mo. LIBOR US + 1.360%)(d)		2,314		2,646,274
3.90%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.220%)(d)		1,572		1,843,130
3.96%, 11/15/48 (Call 11/15/47),
(3 mo. LIBOR US + 1.380%)(d)		2,576		3,037,229
4.03%, 07/24/48 (Call 07/24/47),
(3 mo. LIBOR US + 1.460%)(d)		1,417		1,681,627
4.26%, 02/22/48 (Call 02/22/47),
(3 mo. LIBOR US + 1.580%)(d)		1,757		2,155,475
4.85%, 02/01/44(a)		855		1,115,588
4.95%, 06/01/45		1,483		1,952,503
5.40%, 01/06/42		1,240		1,689,040
5.50%, 10/15/40		1,078		1,466,075
5.60%, 07/15/41		1,710		2,359,507
5.63%, 08/16/43		1,003		1,390,382
6.40%, 05/15/38		1,795		2,604,356
Lloyds Banking Group PLC
4.34%, 01/09/48		1,179		1,417,909
5.30%, 12/01/45		916		1,231,618
Mitsubishi UFJ Financial Group Inc.
3.75%, 07/18/39		1,160		1,305,466
4.15%, 03/07/39(a)		413		485,280
4.29%, 07/26/38(a)		326		391,237
Morgan Stanley
2.80%, 07/25/51 (Call 01/25/51)(d)		1,531		1,513,193
3.22%, 04/22/42 (Call 04/22/41)(d)		1,911		2,007,363
3.97%, 07/22/38 (Call 07/22/37),
(3 mo. LIBOR US + 1.455%)(d)		2,047		2,345,541
4.30%, 01/27/45		2,465		3,045,160
4.38%, 01/22/47		1,950		2,460,860
4.46%, 04/22/39 (Call 04/22/38),
(3 mo. LIBOR US + 1.431%)(d)		499		604,258
5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)(a)(d)		1,759		2,661,382
6.38%, 07/24/42		1,651		2,515,690
7.25%, 04/01/32		958		1,381,352
National Australia Bank Ltd., 2.65%, 01/14/41(a)(b)		780		743,275
Regions Bank/Birmingham AL, 6.45%, 06/26/37		505		715,132
Regions Financial Corp., 7.38%, 12/10/37		275		415,445

Security	Par (000)		Value
Banks (continued)
Santander UK Group Holdings PLC, 5.63%, 09/15/45(a)(b)	$	420	$	548,745
Societe Generale SA
3.63%, 03/01/41(a)(b)		610		624,263
5.63%, 11/24/45(a)(b)		420		551,563
Standard Chartered PLC
5.30%, 01/09/43(a)(b)		815		1,002,076
5.70%, 03/26/44(a)(b)		1,410		1,837,107
Sumitomo Mitsui Financial Group Inc.
2.30%, 01/12/41		190		175,152
2.93%, 09/17/41(a)		445		436,721
UBS AG/London, 4.50%, 06/26/48(a)(b)		765		1,021,654
Wachovia Corp.
5.50%, 08/01/35		960		1,238,206
7.50%, 04/15/35		305		452,299
Wells Fargo & Co.
3.07%, 04/29/40 (Call 04/30/40)(d)		2,938		3,015,517
3.90%, 05/01/45		1,792		2,103,851
4.40%, 06/14/46		1,651		2,007,148
4.65%, 11/04/44		1,407		1,736,042
4.75%, 12/07/46		1,560		1,978,096
4.90%, 11/17/45		1,626		2,090,935
5.01%, 04/04/51 (Call 04/04/50)(d)		4,516		6,237,351
5.38%, 02/07/35		295		391,233
5.38%, 11/02/43		1,632		2,175,958
5.61%, 01/15/44		1,988		2,721,537
5.95%, 12/01/86		65		88,834
Wells Fargo Bank N.A.
5.85%, 02/01/37		850		1,150,974
5.95%, 08/26/36		965		1,302,655
6.60%, 01/15/38		1,355		1,983,098
Westpac Banking Corp.
2.96%, 11/16/40(a)		787		785,774
4.42%, 07/24/39		806		947,266
				215,220,037
Beverages — 3.1%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70%, 02/01/36 (Call 08/01/35)		4,316		5,221,562
4.90%, 02/01/46 (Call 08/01/45)		7,393		9,429,199
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43		728		815,131
4.63%, 02/01/44		892		1,078,855
4.70%, 02/01/36 (Call 08/01/35)		688		831,936
4.90%, 02/01/46 (Call 08/01/45)		1,339		1,691,918
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42		956		1,047,187
4.35%, 06/01/40 (Call 12/01/39)		1,021		1,200,685
4.38%, 04/15/38 (Call 10/15/37)		1,006		1,185,658
4.44%, 10/06/48 (Call 04/06/48)		1,551		1,874,940
4.50%, 06/01/50 (Call 12/01/49)		2,060		2,551,810
4.60%, 04/15/48 (Call 10/15/47)		1,905		2,353,553
4.60%, 06/01/60 (Call 12/01/59)		822		1,028,225
4.75%, 04/15/58 (Call 10/15/57)		1,270		1,620,001
4.95%, 01/15/42		1,338		1,685,196
5.45%, 01/23/39 (Call 07/23/38)		1,790		2,351,684
5.55%, 01/23/49 (Call 07/23/48)		3,251		4,560,083
5.80%, 01/23/59 (Call 07/23/58)		1,495		2,212,867
5.88%, 06/15/35(a)		270		352,790
8.00%, 11/15/39(a)		519		845,763
8.20%, 01/15/39		1,284		2,114,941

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
Bacardi Ltd.
5.15%, 05/15/38 (Call 11/15/37)(b)	$	257	$	317,694
5.30%, 05/15/48 (Call 11/15/47)(a)(b)		686		914,292
Brown-Forman Corp.
4.00%, 04/15/38 (Call 10/15/37)		190		221,392
4.50%, 07/15/45 (Call 01/15/45)		645		836,918
Coca-Cola Co. (The)
2.50%, 06/01/40		1,238		1,220,202
2.50%, 03/15/51		1,495		1,447,492
2.60%, 06/01/50		1,265		1,249,603
2.75%, 06/01/60		996		993,989
2.88%, 05/05/41		852		883,179
3.00%, 03/05/51		669		711,905
4.20%, 03/25/50		599		771,913
Coca-Cola Femsa SAB de CV
1.85%, 09/01/32 (Call 06/01/32)		180		169,767
5.25%, 11/26/43		312		413,203
Constellation Brands Inc.
3.75%, 05/01/50 (Call 11/01/49)(a)		345		382,646
4.10%, 02/15/48 (Call 08/15/47)		495		569,929
4.50%, 05/09/47 (Call 11/09/46)(a)		461		560,078
5.25%, 11/15/48 (Call 05/15/48)		463		620,417
Diageo Capital PLC
2.13%, 04/29/32 (Call 01/29/32)		809		802,293
3.88%, 04/29/43 (Call 10/29/42)(a)		427		503,444
5.88%, 09/30/36(a)		677		948,520
Diageo Investment Corp.
4.25%, 05/11/42		370		455,895
7.45%, 04/15/35		125		192,658
Fomento Economico Mexicano SAB de CV
3.50%, 01/16/50 (Call 07/16/49)		2,195		2,342,548
4.38%, 05/10/43		437		517,871
Heineken NV
4.00%, 10/01/42(a)(b)		553		657,793
4.35%, 03/29/47 (Call 09/29/46)(b)		345		436,762
Keurig Dr Pepper Inc.
3.35%, 03/15/51 (Call 09/15/50)(a)		495		523,106
3.80%, 05/01/50 (Call 11/01/49)(a)		689		777,817
4.42%, 12/15/46 (Call 06/15/46)		328		395,969
4.50%, 11/15/45 (Call 05/15/45)		414		505,095
4.99%, 05/25/38 (Call 11/25/37)		363		455,116
5.09%, 05/25/48 (Call 11/25/47)		645		856,556
Molson Coors Beverage Co.
4.20%, 07/15/46 (Call 01/15/46)		1,579		1,767,477
5.00%, 05/01/42		958		1,163,945
PepsiCo Inc.
2.63%, 10/21/41 (Call 04/21/41)		1,850		1,868,955
2.75%, 10/21/51 (Call 04/21/51)		1,700		1,752,779
2.88%, 10/15/49 (Call 04/15/49)		1,867		1,968,123
3.38%, 07/29/49 (Call 01/29/49)		520		594,050
3.45%, 10/06/46 (Call 04/06/46)		939		1,069,539
3.63%, 03/19/50 (Call 09/19/49)		678		813,838
Pernod Ricard International Finance LLC, 2.75%, 10/01/50 (Call 04/01/50)(a)(b)		515		500,121
Pernod Ricard SA, 5.50%, 01/15/42(a)(b)		836		1,140,750
				81,349,623
Biotechnology — 1.5%
Amgen Inc.
2.77%, 09/01/53 (Call 03/01/53)		971		916,323
2.80%, 08/15/41 (Call 02/15/41)		960		932,261

Security	Par (000)		Value
Biotechnology (continued)
3.00%, 01/15/52 (Call 07/15/51)	$	1,070	$	1,048,460
3.15%, 02/21/40 (Call 08/21/39)		1,993		2,043,423
3.38%, 02/21/50 (Call 08/21/49)		2,000		2,107,024
4.40%, 05/01/45 (Call 11/01/44)		2,143		2,583,474
4.56%, 06/15/48 (Call 12/15/47)		1,214		1,518,523
4.66%, 06/15/51 (Call 12/15/50)		3,026		3,904,027
4.95%, 10/01/41		762		960,588
5.15%, 11/15/41 (Call 05/15/41)		779		1,005,702
5.65%, 06/15/42 (Call 12/15/41)		170		232,338
5.75%, 03/15/40(a)		480		649,902
6.38%, 06/01/37		100		141,772
6.40%, 02/01/39(a)		100		142,242
6.90%, 06/01/38		50		73,683
Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)		554		748,325
Biogen Inc.
3.15%, 05/01/50 (Call 11/01/49)		1,584		1,555,776
3.25%, 02/15/51 (Call 08/15/50)(b)		837		838,256
5.20%, 09/15/45 (Call 03/15/45)(a)		410		548,599
Gilead Sciences Inc.
2.60%, 10/01/40 (Call 04/01/40)		1,154		1,107,483
2.80%, 10/01/50 (Call 04/01/50)(a)		1,429		1,385,397
4.00%, 09/01/36 (Call 03/01/36)		640		731,551
4.15%, 03/01/47 (Call 09/01/46)		1,100		1,309,272
4.50%, 02/01/45 (Call 08/01/44)		1,583		1,950,133
4.60%, 09/01/35 (Call 03/01/35)		752		907,941
4.75%, 03/01/46 (Call 09/01/45)		1,971		2,517,524
4.80%, 04/01/44 (Call 10/01/43)		1,605		2,029,732
5.65%, 12/01/41 (Call 06/01/41)		988		1,359,820
Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 (Call 03/15/50)		759		715,483
Royalty Pharma PLC
3.30%, 09/02/40 (Call 03/02/40)		965		964,123
3.35%, 09/02/51 (Call 03/02/51)		592		567,455
3.55%, 09/02/50 (Call 03/02/50)		943		937,150
				38,433,762
Building Materials — 0.5%
Carrier Global Corp.
3.38%, 04/05/40 (Call 10/05/39)		1,351		1,413,606
3.58%, 04/05/50 (Call 10/05/49)		1,685		1,825,422
CRH America Finance Inc.
4.40%, 05/09/47 (Call 11/09/46)(a)(b)		200		243,776
4.50%, 04/04/48 (Call 10/04/47)(a)(b)		901		1,124,290
Holcim Capital Corp. Ltd.
6.50%, 09/12/43(b)		200		294,007
6.88%, 09/29/39(b)		130		186,626
Holcim Finance U.S. LLC, 4.75%, 09/22/46 (Call 03/22/46)(a)(b)		125 158,288
Johnson Controls International PLC
4.50%, 02/15/47 (Call 08/15/46)		428		532,527
4.63%, 07/02/44 (Call 01/02/44)		365		445,212
4.95%, 07/02/64 (Call 01/02/64)(c)		265		363,373
5.13%, 09/14/45 (Call 03/14/45)		381		500,811
6.00%, 01/15/36(a)		580		796,606
Lafarge SA, 7.13%, 07/15/36		400		582,784
Martin Marietta Materials Inc.
3.20%, 07/15/51 (Call 01/15/51)		767		786,585
4.25%, 12/15/47 (Call 06/15/47)		529		629,892
Masco Corp.
3.13%, 02/15/51 (Call 08/15/50)		335		337,091
4.50%, 05/15/47 (Call 11/15/46)(a)		337		410,262

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Building Materials (continued)
Owens Corning 4.30%, 07/15/47 (Call 01/15/47)	$	417	$	491,069
4.40%, 01/30/48 (Call 07/30/47)		804		955,887
7.00%, 12/01/36		34		48,872
Votorantim Cimentos International SA, 7.25%, 04/05/41(a)(b)		500		657,350
Vulcan Materials Co.
4.50%, 06/15/47 (Call 12/15/46)(a)		275		341,005
4.70%, 03/01/48 (Call 09/01/47)		661		843,615
				13,968,956
Chemicals — 1.6%
Air Liquide Finance SA, 3.50%, 09/27/46 (Call 03/27/46)(b)		180		207,740
Air Products and Chemicals Inc. 2.70%, 05/15/40 (Call 11/15/39)		642		652,917
2.80%, 05/15/50 (Call 11/15/49)(a)		845		867,889
Albemarle Corp., 5.45%, 12/01/44 (Call 06/01/44)(a)		413		531,982
CF Industries Inc., 4.95%, 06/01/43		1,500		1,838,745
Dow Chemical Co. (The) 3.60%, 11/15/50 (Call 05/15/50)(a)		876		954,092
4.25%, 10/01/34 (Call 04/01/34)		267		307,881
4.38%, 11/15/42 (Call 05/15/42)		1,108		1,319,314
4.63%, 10/01/44 (Call 04/01/44)		222		274,240
4.80%, 05/15/49 (Call 11/15/48)		721		930,827
5.25%, 11/15/41 (Call 05/15/41)		636		824,608
5.55%, 11/30/48 (Call 05/30/48)		840		1,187,400
9.40%, 05/15/39		676		1,215,101
DuPont de Nemours Inc. 5.32%, 11/15/38 (Call 05/15/38)		1,500		1,935,376
5.42%, 11/15/48 (Call 05/15/48)(a)		1,637		2,289,539
Eastman Chemical Co. 4.65%, 10/15/44 (Call 04/15/44)		606		728,660
4.80%, 09/01/42 (Call 03/01/42)		538		653,039
Ecolab Inc. 2.13%, 08/15/50 (Call 02/15/50)		423		382,630
2.75%, 08/18/55 (Call 02/18/55)(b)		1,387		1,371,721
FMC Corp., 4.50%, 10/01/49 (Call 04/01/49)		345		417,708
International Flavors & Fragrances Inc. 3.27%, 11/15/40 (Call 05/15/40)(b)		808		832,514
3.47%, 12/01/50(a)(b)		—		—
4.38%, 06/01/47 (Call 12/01/46)		495		595,519
5.00%, 09/26/48 (Call 03/26/48)		675		887,757
Linde Inc./CT 2.00%, 08/10/50 (Call 02/10/50)(a)		322		283,433
3.55%, 11/07/42 (Call 05/07/42)		545		619,547
Lubrizol Corp. (The), 6.50%, 10/01/34		355		515,820
LYB International Finance BV 4.88%, 03/15/44 (Call 09/15/43)		549		679,705
5.25%, 07/15/43		713		922,334
LYB International Finance III LLC 3.38%, 10/01/40 (Call 04/01/40)		750		776,403
3.63%, 04/01/50 (Call 10/01/50)(a)		893		950,651
3.80%, 10/01/60 (Call 04/01/60)		678		724,954
4.20%, 10/15/49 (Call 04/15/49)(a)		832		970,996
4.20%, 05/01/50 (Call 11/01/49)		850		995,081
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)		755		938,028
Mosaic Co. (The) 4.88%, 11/15/41 (Call 05/15/41)		230		274,245
5.45%, 11/15/33 (Call 05/15/33)		393		491,957
5.63%, 11/15/43 (Call 05/15/43)		45		60,127

Security	Par (000)		Value
Chemicals (continued)
Nutrien Ltd. 3.95%, 05/13/50 (Call 11/13/49)	$	596	$	698,732
4.13%, 03/15/35 (Call 09/15/34)		23		26,100
4.90%, 06/01/43 (Call 12/01/42)		15		19,133
5.00%, 04/01/49 (Call 10/01/48)		731		982,960
5.25%, 01/15/45 (Call 07/15/44)		314		422,985
5.63%, 12/01/40(a)		470		639,221
5.88%, 12/01/36		456		609,490
6.13%, 01/15/41 (Call 07/15/40)		309		438,946
7.13%, 05/23/36		523		769,819
Orbia Advance Corp. SAB de CV 5.50%, 01/15/48 (Call 07/15/47)(b)		25		29,356
5.88%, 09/17/44(b)		1,111		1,358,364
RPM International Inc. 4.25%, 01/15/48 (Call 07/15/47)		465		530,861
5.25%, 06/01/45 (Call 12/01/44)		139		176,486
Sherwin-Williams Co. (The) 3.30%, 05/15/50 (Call 11/15/49)(a)		529		561,576
3.80%, 08/15/49 (Call 02/15/49)		472		541,100
4.00%, 12/15/42 (Call 06/15/42)		245		282,063
4.50%, 06/01/47 (Call 12/01/46)		1,157		1,447,998
4.55%, 08/01/45 (Call 02/01/45)		330		409,859
Sociedad Quimica y Minera de Chile SA 3.50%, 09/10/51 (Call 03/10/51)(a)(b)		275		268,507
4.25%, 01/22/50 (Call 07/22/49)(a)(b)		400		432,004
Westlake Chemical Corp. 2.88%, 08/15/41 (Call 02/15/41)(a)		366		353,730
3.13%, 08/15/51 (Call 02/15/51)(a)		693		672,066
3.38%, 08/15/61 (Call 02/15/61)		440		426,363
4.38%, 11/15/47 (Call 05/15/47)		295		345,996
5.00%, 08/15/46 (Call 02/15/46)		445		559,804
				43,413,999
Commercial Services — 1.5%
American University (The), Series 2019, 3.67%, 04/01/49		290		332,290
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)		70		76,648
California Institute of Technology 3.65%, 09/01/2119 (Call 03/01/2119)		480		557,121
4.32%, 08/01/45		138		180,647
4.70%, 11/01/2111		225		332,556
Cintas Corp. No. 2, 6.15%, 08/15/36		50		67,956
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114(a)		450		673,486
DP World Ltd./United Arab Emirates 5.63%, 09/25/48(b)		1,347		1,639,870
6.85%, 07/02/37(a)(b)		880		1,159,400
DP World PLC, 4.70%, 09/30/49 (Call 03/30/49)(a)(b)		545		588,164
Duke University 3.20%, 10/01/38		100		107,320
3.30%, 10/01/46		80		88,474
Series 2020, 2.68%, 10/01/44		322		326,469
Series 2020, 2.76%, 10/01/50(a)		190		198,828
Series 2020, 2.83%, 10/01/55		490		512,620
Emory University, Series 2020, 2.97%, 09/01/50 (Call 03/01/50)		40		42,523
Equifax Inc., 7.00%, 07/01/37(a)		50		70,929
ERAC USA Finance LLC 4.20%, 11/01/46 (Call 05/01/46)(b)		130		155,583
4.50%, 02/15/45 (Call 08/15/44)(a)(b)		409		506,706
5.63%, 03/15/42(b)		437		596,058

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Services (continued)
7.00%, 10/15/37(b)	$	1,310	$	1,951,758
Ford Foundation (The)
Series 2017, 3.86%, 06/01/47 (Call 12/01/46)(a)		280		338,485
Series 2020, 2.42%, 06/01/50 (Call 12/01/49)(a)		120		117,545
Series 2020, 2.82%, 06/01/70 (Call 12/01/69)		855		870,043
George Washington University (The) 4.87%, 09/15/45		125		167,300
Series 2014, 4.30%, 09/15/44		57		71,823
Series 2016, 3.55%, 09/15/46		160		177,902
Series 2018, 4.13%, 09/15/48 (Call 03/15/48)		1,052		1,306,289
Georgetown University (The) Series 20A, 2.94%, 04/01/50(a)		18		18,141
Series A, 5.22%, 10/01/2118 (Call 04/01/2118)		150		225,688
Series B, 4.32%, 04/01/49 (Call 10/01/48)(a)		395		495,537
Global Payments Inc., 4.15%, 08/15/49 (Call 02/15/49)(a)		507		574,541
Johns Hopkins University Series 2013, 4.08%, 07/01/53(a)		98		125,255
Series A, 2.81%, 01/01/60 (Call 07/01/59)		180		185,536
Leland Stanford Junior University (The) 2.41%, 06/01/50 (Call 12/01/49)(a)		395		386,284
3.46%, 05/01/47		95		110,879
3.65%, 05/01/48 (Call 11/01/47)(a)		592		723,263
Massachusetts Institute of Technology 3.89%, 07/01/2116		510		645,759
3.96%, 07/01/38		59		70,006
4.68%, 07/01/2114(a)		589		887,443
5.60%, 07/01/2111		452		810,116
Series F, 2.99%, 07/01/50 (Call 01/01/50)		534		589,691
Series G, 2.29%, 07/01/51 (Call 01/01/51)		310		293,388
Metropolitan Museum of Art (The), Series 2015, 3.40%, 07/01/45		240		274,452
Moody’s Corp. 2.55%, 08/18/60 (Call 02/18/60)		341		307,490
2.75%, 08/19/41 (Call 02/19/41)		355		348,423
3.25%, 05/20/50 (Call 11/20/49)(a)		499		531,052
4.88%, 12/17/48 (Call 06/17/48)(a)		239		321,076
5.25%, 07/15/44		495		671,831
Northeastern University, Series 2020, 2.89%, 10/01/50(a)		190		196,359
Northwestern University 3.69%, 12/01/38		260		293,953
3.87%, 12/01/48		70		84,979
4.64%, 12/01/44		430		561,406
Series 2017, 3.66%, 12/01/57 (Call 06/01/57)		275		341,403
Novant Health Inc.
2.64%, 11/01/36 (Call 08/01/36)		330		331,977
3.17%, 11/01/51 (Call 05/01/51)(a)		645		692,242
3.32%, 11/01/61 (Call 05/01/61)		261		286,495
4.37%, 11/01/43		200		242,169
PayPal Holdings Inc., 3.25%, 06/01/50 (Call 12/01/49)		655		710,915
President and Fellows of Harvard College
2.52%, 10/15/50 (Call 04/15/50)		301		303,262
3.15%, 07/15/46 (Call 01/15/46)(a)		546		610,306
3.30%, 07/15/56 (Call 01/15/56)		310		361,488
3.62%, 10/01/37		372		425,558
4.88%, 10/15/40		310		422,744
6.50%, 01/15/39(b)		100		156,837
Quanta Services Inc.
2.35%, 01/15/32 (Call 10/15/31)		100		97,898
3.05%, 10/01/41 (Call 04/01/41)		635		625,042

Security	Par (000)		Value
Commercial Services (continued)
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)	$	372	$	373,239
S&P Global Inc.
2.30%, 08/15/60 (Call 02/15/60)		795		694,116
3.25%, 12/01/49 (Call 06/01/49)		508		556,226
4.50%, 05/15/48 (Call 11/15/47)		135		173,638
Trustees of Boston College, 3.13%, 07/01/52(a)		402		436,957
Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48)		230		287,753
Trustees of Dartmouth College, 3.47%, 06/01/46		210		243,176
Trustees of Princeton University (The)
5.70%, 03/01/39		571		833,293
Series 2020, 2.52%, 07/01/50 (Call 01/01/50)		175		174,939
Trustees of the University of Pennsylvania (The)
3.61%, 02/15/2119 (Call 08/15/2118)		130		152,197
4.67%, 09/01/2112		320		475,699
Series 2020, 2.40%, 10/01/50 (Call 04/01/50)(a)		235		230,522
Tufts University, Series 2012, 5.02%, 04/15/2112(a)		160		251,223
University of Chicago (The)
3.00%, 10/01/52 (Call 04/01/52)		175		186,372
4.00%, 10/01/53 (Call 04/01/53)		330		419,255
Series 20B, 2.76%, 04/01/45 (Call 10/01/44)		320		327,016
Series C, 2.55%, 04/01/50 (Call 10/01/49)(a)		275		274,298
University of Notre Dame du Lac
Series 2015, 3.44%, 02/15/45(a)		199		231,578
Series 2017, 3.39%, 02/15/48 (Call 08/15/47)		249		290,132
University of Southern California
2.81%, 10/01/50 (Call 04/01/50)		255		262,904
3.03%, 10/01/39		595		630,560
5.25%, 10/01/2111		395		652,064
Series 2017, 3.84%, 10/01/47 (Call 04/01/47)		430		524,359
Series 21A, 2.95%, 10/01/51 (Call 04/01/51)		80		85,326
Verisk Analytics Inc.
3.63%, 05/15/50 (Call 11/15/49)		334		365,922
5.50%, 06/15/45 (Call 12/15/44)		194		263,284
Wesleyan University, 4.78%, 07/01/2116		211		303,648
William Marsh Rice University
3.57%, 05/15/45		276		317,374
3.77%, 05/15/55		155		194,802
Yale University, Series 2020, 2.40%, 04/15/50 (Call 10/15/49)		298		293,625
				39,061,174
Computers — 2.1%
Apple Inc.
2.38%, 02/08/41 (Call 08/08/40)(a)		1,195		1,162,609
2.40%, 06/20/50 (Call 02/20/50)		1,135		1,073,045
2.55%, 08/20/60 (Call 02/20/60)		1,396		1,310,339
2.65%, 05/11/50 (Call 11/11/49)		2,005		1,980,343
2.65%, 02/08/51 (Call 08/08/50)(a)		2,557		2,523,941
2.70%, 08/05/51 (Call 02/05/51)		3,075		3,063,832
2.80%, 02/08/60 (Call 08/08/60)		1,532		1,513,724
2.85%, 08/05/61 (Call 02/05/61)		815		811,600
2.95%, 09/11/49 (Call 03/11/49)		1,271		1,318,139
3.45%, 02/09/45		1,609		1,804,039
3.75%, 09/12/47 (Call 03/12/47)		865		1,023,501
3.75%, 11/13/47 (Call 05/13/47)		1,167		1,375,017
3.85%, 05/04/43		2,559		3,023,806
3.85%, 08/04/46 (Call 02/04/46)		1,756		2,092,692
4.25%, 02/09/47 (Call 08/09/46)		735		928,241
4.38%, 05/13/45		1,827		2,336,609

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
4.45%, 05/06/44	$	957	$	1,222,572
4.50%, 02/23/36 (Call 08/23/35)		1,023		1,278,541
4.65%, 02/23/46 (Call 08/23/45)		3,277		4,330,514
Dell International LLC/EMC Corp.
8.10%, 07/15/36 (Call 01/15/36)		1,318		1,996,796
8.35%, 07/15/46 (Call 01/15/46)		1,600		2,658,838
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)(a)		868		1,138,997
6.35%, 10/15/45 (Call 04/15/45)(a)		1,171		1,606,403
HP Inc., 6.00%, 09/15/41(a)		1,267		1,672,900
International Business Machines Corp.
2.85%, 05/15/40 (Call 11/15/39)		890		883,975
2.95%, 05/15/50 (Call 11/15/49)		995		988,284
4.00%, 06/20/42		829		955,418
4.15%, 05/15/39		1,972		2,311,571
4.25%, 05/15/49		2,464		3,016,699
4.70%, 02/19/46(a)		540		691,089
5.60%, 11/30/39		530		728,764
5.88%, 11/29/32(a)		1,061		1,407,700
7.13%, 12/01/96		117		220,696
Kyndryl Holdings Inc., 4.10%, 10/15/41 (Call 04/15/41)(b)		250		248,728
				54,699,962
Cosmetics & Personal Care — 0.3%
Colgate-Palmolive Co.
3.70%, 08/01/47 (Call 02/01/47)		300		369,285
4.00%, 08/15/45		556		705,188
Estee Lauder Companies Inc. (The)
3.13%, 12/01/49 (Call 06/01/49)(a)		658		719,814
3.70%, 08/15/42		175		195,632
4.15%, 03/15/47 (Call 09/15/46)		461		581,019
4.38%, 06/15/45 (Call 12/15/44)		370		470,537
6.00%, 05/15/37		130		183,552
Procter & Gamble Co. (The)
3.50%, 10/25/47		40		48,766
3.55%, 03/25/40		526		619,140
3.60%, 03/25/50		686		857,210
5.50%, 02/01/34		25		33,586
5.55%, 03/05/37(a)		310		444,988
Unilever Capital Corp.
5.90%, 11/15/32		1,211		1,634,601
Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)		602		602,348
				7,465,666
Distribution & Wholesale — 0.1%
WW Grainger Inc.
3.75%, 05/15/46 (Call 11/15/45)		485		569,971
4.20%, 05/15/47 (Call 11/15/46)		90		112,930
4.60%, 06/15/45 (Call 12/15/44)		993		1,302,480
				1,985,381
Diversified Financial Services — 1.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.40%, 10/29/33 (Call 07/29/33)		515		524,200
3.85%, 10/29/41 (Call 04/29/41)(a)		1,490		1,542,592
Ally Financial Inc., 8.00%, 11/01/31		612		876,276
American Express Co., 4.05%, 12/03/42		276		331,642
Blackstone Holdings Finance Co. LLC
2.80%, 09/30/50 (Call 03/30/50)(b)		428		418,463
2.85%, 08/05/51 (Call 02/05/51)(b)		550		540,709
3.50%, 09/10/49 (Call 03/10/49)(b)		395		434,202
4.00%, 10/02/47 (Call 04/02/47)(b)		280		329,435

Security	Par (000)		Value
Diversified Financial Services (continued)
4.45%, 07/15/45(a)(b)	$	295	$	368,930
5.00%, 06/15/44(a)(b)		426		559,976
6.25%, 08/15/42(b)		265		387,578
Brookfield Finance Inc.
3.50%, 03/30/51 (Call 09/30/50)		752		798,324
4.70%, 09/20/47 (Call 03/20/47)		755		929,312
Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)		731		768,149
CI Financial Corp., 4.10%, 06/15/51 (Call 12/15/50)(a)		368		404,003
CME Group Inc.
4.15%, 06/15/48 (Call 12/15/47)(a)		731		947,614
5.30%, 09/15/43 (Call 03/15/43)		829		1,163,904
Credit Suisse USA Inc., 7.13%, 07/15/32(a)		1,214		1,715,427
FMR LLC
4.95%, 02/01/33(b)		105		130,094
5.15%, 02/01/43(a)(b)		300		396,351
6.45%, 11/15/39(b)		400		584,137
6.50%, 12/14/40(b)		402		599,093
Franklin Resources Inc., 2.95%, 08/12/51 (Call 02/12/51)(a)		460		458,791
GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)		351		420,113
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		8,877		10,799,707
Invesco Finance PLC, 5.38%, 11/30/43		486		640,188
Jefferies Financial Group Inc., 6.63%, 10/23/43 (Call 07/23/43)		443		606,878
Jefferies Group LLC
2.75%, 10/15/32 (Call 07/15/32)(a)		180		178,419
6.25%, 01/15/36		485		645,334
6.50%, 01/20/43		319		446,617
KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)(a)(b)		550		734,100
Legg Mason Inc., 5.63%, 01/15/44		680		943,214
LSEGA Financing PLC, 3.20%, 04/06/41 (Call 10/06/40)(b)		1,101		1,139,239
Mastercard Inc.
2.95%, 03/15/51 (Call 09/15/50)		732		774,754
3.65%, 06/01/49 (Call 12/01/48)		773		906,002
3.80%, 11/21/46 (Call 05/21/46)(a)		590		706,495
3.85%, 03/26/50 (Call 09/26/49)		1,344		1,633,948
3.95%, 02/26/48 (Call 08/26/47)		483		591,151
Nasdaq Inc.
2.50%, 12/21/40 (Call 06/21/40)		563		522,332
3.25%, 04/28/50 (Call 10/28/49)		618		632,719
Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 4.88%, 04/15/45 (Call 10/15/44)(a)(b)		70		82,909
Pine Street Trust II, 5.57%, 02/15/49 (Call 08/15/48)(b)		340		455,040
Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)		715		815,454
4.95%, 07/15/46		406		533,447
Visa Inc.
2.00%, 08/15/50 (Call 02/15/50)		1,588		1,419,901
2.70%, 04/15/40 (Call 10/15/39)		1,004		1,029,256
3.65%, 09/15/47 (Call 03/15/47)		624		733,913
4.15%, 12/14/35 (Call 06/14/35)		1,227		1,475,095
4.30%, 12/14/45 (Call 06/14/45)		2,720		3,484,693
Western Union Co. (The)
6.20%, 11/17/36(a)		557		703,256
6.20%, 06/21/40(a)		415		528,130
				48,791,506

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric — 11.7%
Abu Dhabi National Energy Co. PJSC
3.40%, 04/29/51 (Call 10/29/50)(b)	$	630	$	650,078
4.00%, 10/03/49(b)		465		528,054
6.50%, 10/27/36(a)(b)		810		1,146,952
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39(a)(b)		320		381,256
Adani Transmission Ltd., 4.25%, 11/21/35(b)		14		14,205
AEP Texas Inc.
3.45%, 05/15/51 (Call 11/15/50)		310		327,583
3.80%, 10/01/47 (Call 04/01/47)(a)		238		261,858
Series E, 6.65%, 02/15/33		454		612,563
Series G, 4.15%, 05/01/49 (Call 11/01/48)		319		374,210
Series H, 3.45%, 01/15/50 (Call 07/15/49)		473		497,362
AEP Transmission Co. LLC
3.15%, 09/15/49 (Call 03/15/49)		400		419,468
3.75%, 12/01/47 (Call 06/01/47)(a)		439		501,157
3.80%, 06/15/49 (Call 12/15/48)		377		439,428
4.00%, 12/01/46 (Call 06/01/46)		290		345,937
4.25%, 09/15/48 (Call 03/15/48)		415		515,933
Series M, 3.65%, 04/01/50 (Call 10/01/49)		227		259,054
Series N, 2.75%, 08/15/51 (Call 02/15/51)		397		391,443
Alabama Power Co.
3.13%, 07/15/51 (Call 01/15/51)(a)		395		417,886
3.45%, 10/01/49 (Call 04/01/49)		297		329,317
3.75%, 03/01/45 (Call 09/01/44)		560		637,723
3.85%, 12/01/42		400		454,268
4.10%, 01/15/42(a)		90		102,598
4.15%, 08/15/44 (Call 02/15/44)		367		433,204
4.30%, 01/02/46 (Call 07/02/45)		450		550,588
5.50%, 03/15/41(a)		438		585,697
6.00%, 03/01/39		367		517,061
6.13%, 05/15/38		40		56,695
Series 11-C, 5.20%, 06/01/41(a)		420		544,312
Series A, 4.30%, 07/15/48 (Call 01/15/48)		455		569,522
Series B, 3.70%, 12/01/47 (Call 06/01/47)		400		457,150
Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)(a)(b)		265		258,932
Ameren Illinois Co.
2.90%, 06/15/51 (Call 12/15/50)		630		652,918
3.25%, 03/15/50 (Call 09/15/49)		422		463,767
3.70%, 12/01/47 (Call 06/01/47)		452		525,220
4.30%, 07/01/44 (Call 01/01/44)		200		241,210
4.50%, 03/15/49 (Call 09/15/48)		558		731,431
4.80%, 12/15/43 (Call 06/15/43)		345		443,194
American Electric Power Co. Inc., 3.25%, 03/01/50 (Call 09/01/49)		312		317,881
American Transmission Systems Inc., 5.00%, 09/01/44 (Call 03/01/44)(b)		131		169,940
Appalachian Power Co.
4.40%, 05/15/44 (Call 11/15/43)		86		102,062
4.45%, 06/01/45 (Call 12/01/44)(a)		385		464,962
7.00%, 04/01/38		432		636,341
Series L, 5.80%, 10/01/35(a)		295		380,088
Series P, 6.70%, 08/15/37		195		273,965
Series Y, 4.50%, 03/01/49 (Call 09/01/48)		470		583,826
Series Z, 3.70%, 05/01/50 (Call 11/01/49)		295		325,960
Arizona Public Service Co.
2.65%, 09/15/50 (Call 03/15/50)(a)		325		303,081
3.35%, 05/15/50 (Call 11/15/49)		566		596,035
3.50%, 12/01/49 (Call 06/01/49)		297		320,830
3.75%, 05/15/46 (Call 11/15/45)		392		437,560

Security	Par (000)		Value
Electric (continued)
4.20%, 08/15/48 (Call 02/15/48)	$	282	$	336,427
4.25%, 03/01/49 (Call 09/01/48)		260		312,574
4.35%, 11/15/45 (Call 05/15/45)		315		378,023
4.50%, 04/01/42 (Call 10/01/41)		316		379,293
4.70%, 01/15/44 (Call 07/15/43)		110		134,528
5.05%, 09/01/41 (Call 03/01/41)		325		413,199
5.50%, 09/01/35(a)		455		571,626
Avista Corp., 4.35%, 06/01/48 (Call 12/01/47)		371		466,339
Baltimore Gas & Electric Co.
2.90%, 06/15/50 (Call 12/15/49)(a)		323		326,079
3.20%, 09/15/49 (Call 03/15/49)		407		430,065
3.50%, 08/15/46 (Call 02/15/46)		530		585,063
3.75%, 08/15/47 (Call 02/15/47)		375		431,787
4.25%, 09/15/48 (Call 03/15/48)		260		323,734
6.35%, 10/01/36		95		134,785
Basin Electric Power Cooperative, 4.75%, 04/26/47 (Call 10/26/46)(a)(b)		270		340,360
Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)		881		863,601
3.80%, 07/15/48 (Call 01/15/48)		765		872,363
4.25%, 10/15/50 (Call 04/15/50)		638		790,165
4.45%, 01/15/49 (Call 07/15/48)		903		1,137,909
4.50%, 02/01/45 (Call 08/01/44)		626		774,810
5.15%, 11/15/43 (Call 05/15/43)		642		842,765
5.95%, 05/15/37		480		655,585
6.13%, 04/01/36		1,062		1,459,792
Black Hills Corp.
3.88%, 10/15/49 (Call 04/15/49)		204		227,106
4.20%, 09/15/46 (Call 03/15/46)		270		313,706
4.35%, 05/01/33 (Call 02/01/33)		326		373,010
Celeo Redes Operacion Chile SA, 5.20%, 06/22/47(b)		193		223,737
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)(a)		515		576,411
3.95%, 03/01/48 (Call 09/01/47)		460		554,495
4.50%, 04/01/44 (Call 10/01/43)		615		785,676
Series AC, 4.25%, 02/01/49 (Call 08/01/48)		345		437,497
Series AD, 2.90%, 07/01/50 (Call 01/01/50)		360		371,628
Series AF, 3.35%, 04/01/51 (Call 10/01/50)		125		139,973
Series K2, 6.95%, 03/15/33		10		13,954
CenterPoint Energy Inc., 3.70%, 09/01/49 (Call 03/01/49)(a)		400		443,997
CEZ AS, 5.63%, 04/03/42(b)		405		503,089
Cleco Corporate Holdings LLC, 4.97%, 05/01/46 (Call 11/01/45)(a)		175		216,404
Cleco Power LLC
6.00%, 12/01/40(a)		243		330,408
6.50%, 12/01/35(a)		100		141,762
Cleveland Electric Illuminating Co. (The), 5.95%, 12/15/36		647		859,085
CMS Energy Corp.
4.70%, 03/31/43 (Call 09/30/42)		270		330,049
4.88%, 03/01/44 (Call 09/01/43)		276		353,892
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(b)		360		408,542
Comision Federal de Electricidad
3.88%, 07/26/33 (Call 04/26/33)(a)(b)		780		750,750
4.68%, 02/09/51 (Call 08/09/50)(b)		860		798,734
5.75%, 02/14/42(b)		680		731,007
6.13%, 06/16/45(b)		425		498,312
Commonwealth Edison Co. 3.00%, 03/01/50 (Call 09/01/49)		408		420,105

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
3.65%, 06/15/46 (Call 12/15/45)	$	625	$	712,412
3.70%, 03/01/45 (Call 09/01/44)		421		483,427
3.80%, 10/01/42 (Call 04/01/42)(a)		466		536,454
4.00%, 03/01/48 (Call 09/01/47)(a)		586		703,745
4.00%, 03/01/49 (Call 09/01/48)		343		413,125
4.35%, 11/15/45 (Call 05/15/45)(a)		503		625,774
4.60%, 08/15/43 (Call 02/15/43)		155		196,947
4.70%, 01/15/44 (Call 07/15/43)		365		471,782
6.45%, 01/15/38		169		245,332
Series 123, 3.75%, 08/15/47 (Call 02/15/47)		597		694,229
Series 127, 3.20%, 11/15/49 (Call 05/15/49)		225		237,851
Series 130, 3.13%, 03/15/51 (Call 09/15/50)		384		404,426
Series 131, 2.75%, 09/01/51 (Call 03/01/51)		320		315,194
Connecticut Light & Power Co. (The)
4.00%, 04/01/48 (Call 10/01/47)		454		555,500
4.30%, 04/15/44 (Call 10/15/43)		449		550,098
6.35%, 06/01/36		200		278,285
Series A, 4.15%, 06/01/45 (Call 12/01/44)		145		181,133
Consolidated Edison Co. of New York Inc.
3.60%, 06/15/61 (Call 12/15/60)		560		605,668
3.70%, 11/15/59 (Call 05/15/59)		448		487,171
3.85%, 06/15/46 (Call 12/15/45)		510		571,323
3.95%, 03/01/43 (Call 09/01/42)		580		647,215
4.45%, 03/15/44 (Call 09/15/43)		731		874,285
4.50%, 12/01/45 (Call 06/01/45)		523		635,808
4.50%, 05/15/58 (Call 11/15/57)		576		717,951
4.63%, 12/01/54 (Call 06/01/54)		614		780,801
5.70%, 06/15/40		215		290,558
Series 05-A, 5.30%, 03/01/35		95		118,802
Series 06-A, 5.85%, 03/15/36		417		548,423
Series 06-B, 6.20%, 06/15/36		395		542,442
Series 06-E, 5.70%, 12/01/36		265		342,945
Series 07-A, 6.30%, 08/15/37(a)		380		530,533
Series 08-B, 6.75%, 04/01/38(a)		435		634,373
Series 09-C, 5.50%, 12/01/39		640		844,413
Series 12-A, 4.20%, 03/15/42		258		297,347
Series 2017, 3.88%, 06/15/47 (Call 12/15/46)		510		571,472
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)(a)		776		905,315
Series A, 4.13%, 05/15/49 (Call 11/15/48)		700		829,356
Series C, 3.00%, 12/01/60 (Call 06/01/60)		593		576,677
Series C, 4.00%, 11/15/57 (Call 05/15/57)		124		141,142
Series C, 4.30%, 12/01/56 (Call 06/01/56)		592		723,951
Series E, 4.65%, 12/01/48 (Call 06/01/48)		494		625,523
Consorcio Transmantaro SA, 4.70%, 01/16/34(b)		765		843,420
Consumers Energy Co.
2.50%, 05/01/60 (Call 11/01/59)		473		433,701
2.65%, 08/15/52 (Call 02/15/52)(a)		315		311,280
3.10%, 08/15/50 (Call 02/15/50)		516		555,663
3.25%, 08/15/46 (Call 02/15/46)(a)		470		504,441
3.50%, 08/01/51 (Call 02/01/51)		560		638,067
3.75%, 02/15/50 (Call 08/15/49)		308		363,086
3.95%, 05/15/43 (Call 11/15/42)		245		288,264
3.95%, 07/15/47 (Call 01/15/47)		330		392,121
4.05%, 05/15/48 (Call 11/15/47)		470		571,629
4.35%, 04/15/49 (Call 10/15/48)		640		816,772
4.35%, 08/31/64 (Call 02/28/64)(a)		159		204,208
Dayton Power & Light Co. (The), 3.95%, 06/15/49
(Call 12/15/48)		354		407,972

Security	Par (000)		Value
Electric (continued)
Delmarva Power & Light Co.
4.00%, 06/01/42 (Call 12/01/41)(a)	$	200	$	221,409
4.15%, 05/15/45 (Call 11/15/44)		250		301,659
Dominion Energy Inc.
4.70%, 12/01/44 (Call 06/01/44)		412		511,795
7.00%, 06/15/38		499		739,601
Series A, 4.60%, 03/15/49 (Call 09/15/48)		175		224,313
Series B, 3.30%, 04/15/41 (Call 10/15/40)		509		537,287
Series B, 5.95%, 06/15/35		489		649,815
Series C, 4.05%, 09/15/42 (Call 03/15/42)		335		384,601
Series C, 4.90%, 08/01/41 (Call 02/01/41)		799		1,003,332
Series E, 6.30%, 03/15/33		496		657,784
Series F, 5.25%, 08/01/33		645		798,100
Dominion Energy South Carolina Inc.
4.60%, 06/15/43 (Call 12/15/42)(a)		423		531,428
5.10%, 06/01/65 (Call 12/01/64)		376		552,916
5.30%, 05/15/33(a)		405		517,441
5.45%, 02/01/41 (Call 08/01/40)(a)		425		578,704
6.05%, 01/15/38		228		321,019
DTE Electric Co.
2.95%, 03/01/50 (Call 09/01/49)		310		320,740
3.70%, 03/15/45 (Call 09/15/44)		504		574,684
3.70%, 06/01/46 (Call 12/01/45)		235		268,630
3.75%, 08/15/47 (Call 02/15/47)		290		337,594
3.95%, 06/15/42 (Call 12/15/41)		210		240,349
3.95%, 03/01/49 (Call 09/01/48)		388		467,480
4.30%, 07/01/44 (Call 01/01/44)		321		393,614
5.70%, 10/01/37		298		400,164
Series A, 4.00%, 04/01/43 (Call 10/01/42)		292		344,111
Series A, 4.05%, 05/15/48 (Call 11/15/47)		505		611,848
Series A, 6.63%, 06/01/36(a)		235		336,457
Series B, 3.25%, 04/01/51 (Call 10/01/50)		392		430,987
Duke Energy Carolinas LLC
3.20%, 08/15/49 (Call 02/15/49)		691		732,861
3.45%, 04/15/51 (Call 10/15/50)		507		556,842
3.70%, 12/01/47 (Call 06/01/47)(a)		447		508,728
3.75%, 06/01/45 (Call 12/01/44)		522		590,423
3.88%, 03/15/46 (Call 09/15/45)		418		483,060
3.95%, 03/15/48 (Call 09/15/47)		248		290,759
4.00%, 09/30/42 (Call 03/30/42)		608		699,404
4.25%, 12/15/41 (Call 06/15/41)		514		612,156
5.30%, 02/15/40		612		814,570
6.00%, 01/15/38		404		562,356
6.05%, 04/15/38		619		868,546
6.10%, 06/01/37		568		776,848
6.45%, 10/15/32		321		434,814
Duke Energy Corp.
3.25%, 10/15/26 (Call 01/15/27)(d)		75		74,491
3.30%, 06/15/41 (Call 12/15/40)		637		651,613
3.50%, 06/15/51 (Call 12/15/50)		372		392,319
3.75%, 09/01/46 (Call 03/01/46)		803		873,828
3.95%, 08/15/47 (Call 02/15/47)		431		483,382
4.20%, 06/15/49 (Call 12/15/48)		619		717,409
4.80%, 12/15/45 (Call 06/15/45)		487		611,068
Duke Energy Florida LLC
3.40%, 10/01/46 (Call 04/01/46)		653		708,730
3.85%, 11/15/42 (Call 05/15/42)		445		507,336
4.20%, 07/15/48 (Call 01/15/48)		352		428,922
5.65%, 04/01/40		341		470,866
6.35%, 09/15/37		371		539,510

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
6.40%, 06/15/38	$	415	$	603,341
Duke Energy Indiana LLC
2.75%, 04/01/50 (Call 10/01/49)		465		452,459
3.75%, 05/15/46 (Call 11/15/45)		286		328,039
6.12%, 10/15/35		685		923,293
6.35%, 08/15/38		460		659,337
6.45%, 04/01/39		380		548,892
Series UUU, 4.20%, 03/15/42 (Call 09/15/41)		299		346,641
Series WWW, 4.90%, 07/15/43 (Call 01/15/43)		296		377,900
Series YYY, 3.25%, 10/01/49 (Call 04/01/49)		306		323,507
Duke Energy Ohio Inc.
3.70%, 06/15/46 (Call 12/15/45)		375		427,346
4.30%, 02/01/49 (Call 08/01/48)		392		487,594
Duke Energy Progress LLC
2.50%, 08/15/50 (Call 02/15/50)		475		441,315
2.90%, 08/15/51 (Call 02/15/51)		307		309,220
3.60%, 09/15/47 (Call 03/15/47)		470		524,704
3.70%, 10/15/46 (Call 04/15/46)		457		517,588
4.10%, 05/15/42 (Call 11/15/41)		557		651,617
4.10%, 03/15/43 (Call 09/15/42)		411		485,385
4.15%, 12/01/44 (Call 06/01/44)		480		570,577
4.20%, 08/15/45 (Call 02/15/45)		342		413,190
4.38%, 03/30/44 (Call 09/30/43)		325		396,165
6.30%, 04/01/38		205		292,884
E.ON International Finance BV, 6.65%, 04/30/38(a)(b)		1,004		1,457,884
El Paso Electric Co.
5.00%, 12/01/44 (Call 06/01/44)		90		110,457
6.00%, 05/15/35(a)		809		1,068,576
Electricite de France SA
4.75%, 10/13/35 (Call 04/13/35)(b)		344		413,546
4.88%, 09/21/38 (Call 03/21/38)(b)		750		926,227
4.88%, 01/22/44(b)		869		1,100,316
4.95%, 10/13/45 (Call 04/13/45)(b)		1,008		1,310,900
5.00%, 09/21/48 (Call 03/21/48)(a)(b)		1,069		1,425,839
5.25%, 10/13/55 (Call 04/13/55)(b)		291		394,890
5.60%, 01/27/40(a)(b)		695		930,891
6.00%, 01/22/2114(b)		539		777,160
6.95%, 01/26/39(b)		1,470		2,210,963
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		1,084		1,298,965
Emirates Semb Corp. Water & Power Co. PJSC, 4.45%, 08/01/35(a)(b)		250		286,500
Empresa de Transmision Electrica SA, 5.13%, 05/02/49(b)		450		510,520
Enel Finance International NV
2.88%, 07/12/41 (Call 01/12/41)(b)		280		272,903
4.75%, 05/25/47(b)		900		1,138,109
6.00%, 10/07/39(b)		1,932		2,644,223
6.80%, 09/15/37(b)		515		745,167
Entergy Arkansas LLC
2.65%, 06/15/51 (Call 12/15/50)		597		570,868
3.35%, 06/15/52 (Call 12/15/51)		403		435,907
4.20%, 04/01/49 (Call 10/01/48)(a)		368		454,772
4.95%, 12/15/44 (Call 12/15/24)		190		206,372
Entergy Corp., 3.75%, 06/15/50 (Call 12/15/49)		435		476,049
Entergy Louisiana LLC
2.35%, 06/15/32 (Call 03/15/32)		571		569,105
2.90%, 03/15/51 (Call 09/15/50)		649		649,186
3.10%, 06/15/41 (Call 12/15/40)		279		289,325
4.00%, 03/15/33 (Call 12/15/32)		556		637,871
4.20%, 09/01/48 (Call 03/01/48)		854		1,052,348
4.20%, 04/01/50 (Call 10/01/49)		501		613,882

Security	Par (000)		Value
Electric (continued)
4.95%, 01/15/45 (Call 01/15/25)	$	230	$	249,212
Entergy Mississippi LLC
3.50%, 12/01/50 (Call 03/01/51)(a)		195		217,354
3.85%, 06/01/49 (Call 12/01/48)		435		508,736
Entergy Texas Inc.
3.55%, 09/30/49 (Call 03/30/49)(a)		350		378,886
4.50%, 03/30/39 (Call 09/30/38)		143		169,804
5.15%, 06/01/45 (Call 06/01/25)		25		27,194
Evergy Kansas Central Inc.
3.25%, 09/01/49 (Call 03/01/49)		330		351,600
3.45%, 04/15/50 (Call 10/15/49)		457		499,698
4.10%, 04/01/43 (Call 10/01/42)		428		503,569
4.13%, 03/01/42 (Call 09/01/41)		356		418,847
4.25%, 12/01/45 (Call 06/01/45)		247		301,239
4.63%, 09/01/43 (Call 03/01/43)		139		170,100
Evergy Kansas South Inc., 4.30%, 07/15/44
(Call 01/15/44)(b)		70		84,429
Evergy Metro Inc.
4.20%, 06/15/47 (Call 12/15/46)		300		366,965
4.20%, 03/15/48 (Call 09/15/47)(a)		315		388,795
5.30%, 10/01/41 (Call 04/01/41)(a)		344		458,339
Series 2019, 4.13%, 04/01/49 (Call 10/01/48)		435		529,392
Eversource Energy, 3.45%, 01/15/50 (Call 07/15/49)		585		626,700
Exelon Corp.
4.45%, 04/15/46 (Call 10/15/45)		658		814,107
4.70%, 04/15/50 (Call 10/15/49)		703		905,307
4.95%, 06/15/35 (Call 12/15/34)		350		423,719
5.10%, 06/15/45 (Call 12/15/44)		696		925,750
5.63%, 06/15/35(a)		477		613,257
7.60%, 04/01/32		210		297,513
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)		463		560,420
5.75%, 10/01/41 (Call 04/01/41)(a)		583		713,494
6.25%, 10/01/39		873		1,116,852
Florida Power & Light Co.
3.15%, 10/01/49 (Call 04/01/49)		515		562,478
3.70%, 12/01/47 (Call 06/01/47)		648		764,409
3.80%, 12/15/42 (Call 06/15/42)		417		489,318
3.95%, 03/01/48 (Call 09/01/47)		830		1,018,170
3.99%, 03/01/49 (Call 09/01/48)		505		627,023
4.05%, 06/01/42 (Call 12/01/41)		563		673,642
4.05%, 10/01/44 (Call 04/01/44)		454		551,439
4.13%, 02/01/42 (Call 08/01/41)		580		702,832
4.13%, 06/01/48 (Call 12/01/47)		457		578,636
4.95%, 06/01/35		705		905,744
5.13%, 06/01/41 (Call 12/01/40)		100		131,711
5.25%, 02/01/41 (Call 08/01/40)		405		551,061
5.63%, 04/01/34		200		266,337
5.65%, 02/01/37		116		158,405
5.69%, 03/01/40		281		397,937
5.95%, 10/01/33(a)		465		626,531
5.95%, 02/01/38		920		1,312,391
5.96%, 04/01/39		245		352,605
Georgia Power Co.
4.30%, 03/15/42		884		1,019,188
4.30%, 03/15/43		316		365,772
5.40%, 06/01/40		100		126,133
Series 10-C, 4.75%, 09/01/40		435		522,657
Series A, 3.25%, 03/15/51 (Call 09/15/50)		803		820,404
Series B, 3.70%, 01/30/50 (Call 07/30/49)(a)		528		573,078

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Great River Energy, 6.25%, 07/01/38(a)(b)	$	126	$	152,182
Iberdrola International BV, 6.75%, 07/15/36(a)		540		795,413
Idaho Power Co.
3.65%, 03/01/45 (Call 09/01/44)(a)		209		234,540
Series K, 4.20%, 03/01/48 (Call 09/01/47)		280		344,512
Indiana Michigan Power Co.
3.25%, 05/01/51 (Call 11/01/50)		345		367,983
4.25%, 08/15/48 (Call 02/15/48)		270		333,099
6.05%, 03/15/37		339		466,832
Series K, 4.55%, 03/15/46 (Call 09/15/45)		320		402,076
Series L, 3.75%, 07/01/47 (Call 01/01/47)		325		373,473
Indianapolis Power & Light Co.
4.05%, 05/01/46 (Call 11/01/45)(b)		269		318,953
4.70%, 09/01/45 (Call 03/01/45)(b)		222		284,706
Infraestructura Energetica Nova SAB de CV
4.75%, 01/15/51 (Call 07/15/50)(b)		775		791,383
4.88%, 01/14/48(a)(b)		335		342,538
International Transmission Co., 4.63%, 08/15/43 (Call 02/15/43)		150		187,102
Interstate Power & Light Co.
3.50%, 09/30/49 (Call 03/30/49)		235		262,543
3.70%, 09/15/46 (Call 03/15/46)(a)		255		289,347
4.70%, 10/15/43 (Call 04/15/43)		238		296,152
6.25%, 07/15/39		250		355,004
ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43)		238		316,076
Jersey Central Power & Light Co.
2.75%, 03/01/32 (Call 12/01/31)(a)(b)		80		81,770
6.15%, 06/01/37		186		249,424
Kentucky Utilities Co.
3.30%, 06/01/50 (Call 12/01/49)		445		480,339
4.38%, 10/01/45 (Call 04/01/45)		455		561,457
5.13%, 11/01/40 (Call 05/01/40)		1,032		1,339,150
Series 1, 4.65%, 11/15/43 (Call 05/15/43)		200		247,695
LLPL Capital Pte Ltd., 6.88%, 02/04/39(a)(b)		314		359,177
Louisville Gas & Electric Co.
4.25%, 04/01/49 (Call 10/01/48)		409		506,388
4.38%, 10/01/45 (Call 04/01/45)		240		289,325
4.65%, 11/15/43 (Call 05/15/43)		165		205,225
Louisville Gas and Electric Co., 5.13%, 05/01/40 (Call 05/15/40)		75		96,066
Massachusetts Electric Co.
4.00%, 08/15/46 (Call 02/15/46)(b)		705		788,683
5.90%, 11/15/39(a)(b)		245		332,303
Mexico Generadora de Energia S de rl, 5.50%, 12/06/32(b)		75		83,767
MidAmerican Energy Co.
2.70%, 08/01/52 (Call 02/01/52)		1,080		1,063,855
3.15%, 04/15/50 (Call 10/15/49)		680		726,155
3.65%, 08/01/48 (Call 02/01/48)		805		921,966
3.95%, 08/01/47 (Call 02/01/47)		550		659,549
4.25%, 05/01/46 (Call 11/01/45)		366		452,226
4.25%, 07/15/49 (Call 01/15/49)		814		1,023,490
4.40%, 10/15/44 (Call 04/15/44)		115		142,369
4.80%, 09/15/43 (Call 03/15/43)		456		588,642
5.75%, 11/01/35(a)		221		296,106
5.80%, 10/15/36		795		1,093,130
Minejesa Capital BV, 5.63%, 08/10/37(b)		520		550,550
Mississippi Power Co.
Series 12-A, 4.25%, 03/15/42		510		602,771
Series B, 3.10%, 07/30/51 (Call 01/30/51)(a)		340		349,062

Security	Par (000)		Value
Electric (continued)
Monongahela Power Co., 5.40%, 12/15/43 (Call 06/15/43)(b)	$	222	$	290,577
Narragansett Electric Co. (The)
4.17%, 12/10/42(b)		395		445,398
5.64%, 03/15/40(b)		110		143,725
National Grid USA, 5.80%, 04/01/35(a)		480		596,882
National Rural Utilities Cooperative Finance Corp.
4.02%, 11/01/32 (Call 05/01/32)		328		378,980
4.30%, 03/15/49 (Call 09/15/48)		443		556,847
4.40%, 11/01/48 (Call 05/01/48)		262		335,549
Series C, 8.00%, 03/01/32		335		493,489
Nevada Power Co.
5.38%, 09/15/40 (Call 03/15/40)		325		424,405
5.45%, 05/15/41 (Call 11/15/40)(a)		130		171,793
Series EE, 3.13%, 08/01/50 (Call 02/01/50)		171		178,137
Series N, 6.65%, 04/01/36		415		599,388
Series R, 6.75%, 07/01/37		270		399,843
New England Power Co.
2.81%, 10/06/50 (Call 04/06/50)(b)		379		360,479
3.80%, 12/05/47 (Call 06/05/47)(b)		730		814,170
New York State Electric & Gas Corp., 3.30%, 09/15/49 (Call 03/15/49)(a)(b)		155		164,307
Niagara Mohawk Power Corp.
3.03%, 06/27/50 (Call 12/27/49)(b)		577		566,427
4.12%, 11/28/42(b)		35		39,436
4.28%, 10/01/34 (Call 04/01/34)(a)(b)		260		298,623
Northern States Power Co./MN
2.60%, 06/01/51 (Call 12/01/50)		504		491,270
2.90%, 03/01/50 (Call 09/01/49)		575		593,137
3.20%, 04/01/52 (Call 10/01/51)		466		506,244
3.40%, 08/15/42 (Call 02/15/42)		520		574,141
3.60%, 05/15/46 (Call 11/15/45)		290		329,670
3.60%, 09/15/47 (Call 03/15/47)		248		284,120
4.00%, 08/15/45 (Call 02/15/45)		305		364,218
4.13%, 05/15/44 (Call 11/15/43)		368		446,513
4.85%, 08/15/40 (Call 02/15/40)(a)		95		120,462
5.25%, 07/15/35		322		416,859
5.35%, 11/01/39		240		328,985
6.20%, 07/01/37(a)		260		377,804
6.25%, 06/01/36		361		515,361
NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)		53		61,925
NSTAR Electric Co.
3.10%, 06/01/51 (Call 12/01/50)		220		234,246
4.40%, 03/01/44 (Call 09/01/43)		365		451,951
5.50%, 03/15/40		307		421,320
Oglethorpe Power Corp.
3.75%, 08/01/50 (Call 02/01/50)(a)		485		529,553
4.20%, 12/01/42(a)		235		255,721
4.25%, 04/01/46 (Call 10/01/45)(a)		235		257,590
4.55%, 06/01/44		260		298,424
5.05%, 10/01/48 (Call 04/01/48)		463		587,496
5.25%, 09/01/50		285		363,187
5.38%, 11/01/40(a)		225		282,862
5.95%, 11/01/39		363		485,081
Ohio Edison Co.
6.88%, 07/15/36		455		650,575
8.25%, 10/15/38(a)		325		531,875
Ohio Power Co.
4.00%, 06/01/49 (Call 12/01/48)(a)		225		265,069
4.15%, 04/01/48 (Call 10/01/47)		370		448,156

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Series D, 6.60%, 03/01/33	$	205	$	276,906
Series F, 5.85%, 10/01/35		60		80,273
Series G, 6.60%, 02/15/33		256		345,528
Series R, 2.90%, 10/01/51 (Call 04/01/51)		345		343,494
Oklahoma Gas & Electric Co.
3.85%, 08/15/47 (Call 02/15/47)(a)		500		578,563
4.00%, 12/15/44 (Call 06/15/44)		30		33,784
4.15%, 04/01/47 (Call 10/01/46)(a)		340		410,479
4.55%, 03/15/44 (Call 09/15/43)		15		18,223
5.85%, 06/01/40(a)		365		500,993
Oklahoma Gas and Electric Co., 3.90%, 05/01/43
(Call 11/01/42)		50		55,761
Oncor Electric Delivery Co. LLC
3.10%, 09/15/49 (Call 03/15/49)		533		575,307
3.70%, 05/15/50 (Call 11/15/49)		125		148,492
3.75%, 04/01/45 (Call 10/01/44)		581		680,178
3.80%, 09/30/47 (Call 03/30/47)		260		307,903
3.80%, 06/01/49 (Call 12/01/48)		305		366,165
4.10%, 11/15/48 (Call 05/15/48)		413		512,359
4.55%, 12/01/41 (Call 06/01/41)		330		419,663
5.25%, 09/30/40		435		592,270
5.30%, 06/01/42 (Call 12/01/41)		320		438,657
7.00%, 05/01/32		214		301,087
7.25%, 01/15/33(a)		521		760,032
7.50%, 09/01/38		380		610,774
Series WI, 5.35%, 10/01/52 (Call 04/01/52)		294		442,317
Pacific Gas & Electric Co., 4.50%, 12/15/41
(Call 06/15/41)(a)		285		285,000
Pacific Gas and Electric Co.
3.30%, 08/01/40 (Call 02/01/40)		610		575,721
3.50%, 08/01/50 (Call 02/01/50)		1,630		1,549,275
3.75%, 08/15/42 (Call 02/15/42)		435		412,042
3.95%, 12/01/47 (Call 06/01/47)		555		548,164
4.00%, 12/01/46 (Call 06/01/46)		545		541,372
4.20%, 06/01/41 (Call 12/01/40)(a)		488		491,931
4.25%, 03/15/46 (Call 09/15/45)		495		503,358
4.30%, 03/15/45 (Call 09/15/44)		485		490,868
4.45%, 04/15/42 (Call 10/15/41)		420		427,743
4.50%, 07/01/40 (Call 01/01/40)		1,663		1,730,837
4.60%, 06/15/43 (Call 12/15/42)		366		374,428
4.75%, 02/15/44 (Call 08/15/43)		479		495,213
4.95%, 07/01/50 (Call 01/01/50)		2,510		2,778,123
PacifiCorp.
2.90%, 06/15/52 (Call 12/15/51)		379		376,984
3.30%, 03/15/51 (Call 09/15/50)		400		423,386
4.10%, 02/01/42 (Call 08/01/41)		287		334,047
4.13%, 01/15/49 (Call 07/15/48)		550		657,933
4.15%, 02/15/50 (Call 08/15/49)		632		762,360
5.25%, 06/15/35(a)		260		331,865
5.75%, 04/01/37		390		525,701
6.00%, 01/15/39		754		1,053,465
6.10%, 08/01/36		610		839,145
6.25%, 10/15/37		465		655,988
6.35%, 07/15/38		295		423,719
PECO Energy Co.
2.80%, 06/15/50 (Call 12/15/49)		342		340,285
2.85%, 09/15/51 (Call 03/15/51)		205		205,720
3.00%, 09/15/49 (Call 03/15/49)		406		417,759
3.05%, 03/15/51 (Call 09/15/50)		170		177,392
3.70%, 09/15/47 (Call 03/15/47)		69		79,361

Security	Par (000)		Value
Electric (continued)
3.90%, 03/01/48 (Call 09/01/47)	$	591	$	697,643
4.15%, 10/01/44 (Call 04/01/44)		345		422,903
4.80%, 10/15/43 (Call 04/15/43)		311		400,187
5.95%, 10/01/36		111		156,059
Pennsylvania Electric Co., 6.15%, 10/01/38		285		389,752
Perusahaan Listrik Negara PT, 4.00%, 06/30/50 (Call 12/30/49)(b)		1,135		1,098,112
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.38%, 02/05/50(b)		235		237,070
4.88%, 07/17/49(a)(b)		901		956,168
5.25%, 10/24/42(b)		1,025		1,140,312
5.25%, 05/15/47(b)		30		33,225
6.15%, 05/21/48(b)		950		1,172,594
6.25%, 01/25/49(a)(b)		465		582,412
Potomac Electric Power Co.
4.15%, 03/15/43 (Call 09/15/42)		561		667,993
6.50%, 11/15/37		515		749,983
7.90%, 12/15/38(a)		245		399,729
PPL Electric Utilities Corp.
3.00%, 10/01/49 (Call 04/01/49)(a)		407		430,124
3.95%, 06/01/47 (Call 12/01/46)		396		476,800
4.13%, 06/15/44 (Call 12/15/43)		350		422,514
4.15%, 10/01/45 (Call 04/01/45)		380		463,816
4.15%, 06/15/48 (Call 12/15/47)		297		371,528
4.75%, 07/15/43 (Call 01/15/43)(a)		250		326,388
5.20%, 07/15/41 (Call 01/15/41)		90		117,864
6.25%, 05/15/39		45		65,133
Progress Energy Inc., 6.00%, 12/01/39		480		659,145
Public Service Co. of Colorado
3.55%, 06/15/46 (Call 12/15/45)		265		290,681
3.60%, 09/15/42 (Call 03/15/42)(a)		282		316,701
3.80%, 06/15/47 (Call 12/15/46)		282		329,599
3.95%, 03/15/43 (Call 09/15/42)(a)		200		229,135
4.05%, 09/15/49 (Call 03/15/49)		245		301,327
4.10%, 06/15/48 (Call 12/15/47)		475		582,727
4.30%, 03/15/44 (Call 09/15/43)		237		288,401
4.75%, 08/15/41 (Call 02/15/41)		129		161,197
6.50%, 08/01/38(a)		275		412,032
Series 17, 6.25%, 09/01/37(a)		335		492,344
Series 34, 3.20%, 03/01/50 (Call 09/01/49)		455		488,907
Series 36, 2.70%, 07/15/49 (Call 07/15/50)		475		469,942
Public Service Co. of New Hampshire, 3.60%, 07/01/49 (Call 01/01/49)		256		295,725
Public Service Co. of Oklahoma
Series G, 6.63%, 11/15/37		95		136,599
Series K, 3.15%, 08/15/51 (Call 02/15/51)(a)		200		205,250
Public Service Electric & Gas Co.
2.05%, 08/01/50 (Call 02/01/50)		351		305,904
2.70%, 05/01/50 (Call 11/01/49)		405		402,142
3.15%, 01/01/50 (Call 07/01/49)		251		267,293
3.20%, 08/01/49 (Call 02/01/49)(a)		275		296,781
3.60%, 12/01/47 (Call 06/01/47)		368		419,923
3.65%, 09/01/42 (Call 03/01/42)		390		440,446
3.80%, 01/01/43 (Call 07/01/42)		140		159,990
3.80%, 03/01/46 (Call 09/01/45)		409		481,691
3.85%, 05/01/49 (Call 11/01/48)		400		476,263
3.95%, 05/01/42 (Call 11/01/41)(a)		293		343,395
4.05%, 05/01/48 (Call 11/01/47)		190		231,586
4.15%, 11/01/45 (Call 05/01/45)		271		321,124

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
5.38%, 11/01/39	$	135	$	180,797
5.50%, 03/01/40		495		671,380
5.80%, 05/01/37		349		483,441
Series I, 4.00%, 06/01/44 (Call 12/01/43)		55		63,969
Series K, 4.05%, 05/01/45 (Call 11/01/44)		275		324,047
Public Service Electric and Gas Co.
3.00%, 03/01/51 (Call 09/01/50)		402		419,188
5.70%, 12/01/36(a)		190		258,267
Puget Sound Energy Inc.
2.89%, 09/15/51 (Call 03/15/51)(a)		230		231,615
3.25%, 09/15/49 (Call 03/15/49)		390		412,652
4.22%, 06/15/48 (Call 12/15/47)		395		481,748
4.30%, 05/20/45 (Call 11/20/44)		354		431,016
4.43%, 11/15/41 (Call 05/15/41)(a)		205		243,387
5.48%, 06/01/35		511		644,303
5.64%, 04/15/41 (Call 10/15/40)		430		584,668
5.76%, 10/01/39(a)		420		576,795
5.76%, 07/15/40		50		68,108
5.80%, 03/15/40		401		556,881
6.27%, 03/15/37		215		296,365
Ruwais Power Co. PJSC, 6.00%, 08/31/36(b)		450		599,625
San Diego Gas & Electric Co.
3.95%, 11/15/41		210		231,349
4.15%, 05/15/48 (Call 11/15/47)		318		386,579
4.30%, 04/01/42 (Call 10/01/41)		230		270,003
4.50%, 08/15/40		449		551,154
5.35%, 05/15/35		15		18,954
5.35%, 05/15/40(a)		90		119,789
6.00%, 06/01/39		263		366,800
Series FFF, 6.13%, 09/15/37		25		34,478
Series RRR, 3.75%, 06/01/47 (Call 12/01/46)		428		491,232
Series TTT, 4.10%, 06/15/49 (Call 12/15/48)		335		406,766
Series UUU, 3.32%, 04/15/50 (Call 10/15/49)		349		373,060
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)		450		456,822
Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(b)		425		514,250
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(a)(b)		1,269		1,621,137
Sempra Energy
3.80%, 02/01/38 (Call 08/01/37)		880		974,677
4.00%, 02/01/48 (Call 08/01/47)		821		927,568
6.00%, 10/15/39(a)		857		1,190,074
Sierra Pacific Power Co., Series P, 6.75%, 07/01/37		150		216,478
Solar Star Funding LLC, 3.95%, 06/30/35(b)		16		17,348
Southern California Edison Co.
3.65%, 02/01/50 (Call 08/01/49)		935		1,008,246
3.90%, 12/01/41 (Call 06/01/41)(a)		117		121,537
4.00%, 04/01/47 (Call 10/01/46)		1,091		1,212,920
4.05%, 03/15/42 (Call 09/15/41)		412		447,124
4.50%, 09/01/40 (Call 03/01/40)		549		632,824
4.65%, 10/01/43 (Call 04/01/43)		614		729,314
5.50%, 03/15/40		650		821,079
5.63%, 02/01/36		444		558,115
6.00%, 01/15/34		632		821,185
6.05%, 03/15/39		662		884,264
Series 04-G, 5.75%, 04/01/35		280		357,309
Series 05-B, 5.55%, 01/15/36(a)		270		332,186
Series 05-E, 5.35%, 07/15/35		590		728,869
Series 06-E, 5.55%, 01/15/37		250		310,528
Series 08-A, 5.95%, 02/01/38		642		840,955
Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)		284		300,820
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)		591		563,102

Security	Par (000)		Value
Electric (continued)
Series B, 4.88%, 03/01/49 (Call 09/01/48)	$	424	$	533,343
Series C, 3.60%, 02/01/45 (Call 08/01/44)		392		407,219
Series C, 4.13%, 03/01/48 (Call 09/01/47)		752		847,411
Series H, 3.65%, 06/01/51 (Call 12/01/50)		365		391,445
Southern Co. (The)
4.25%, 07/01/36 (Call 01/01/36)(a)		621		709,502
4.40%, 07/01/46 (Call 01/01/46)		1,040		1,239,148
Southern Power Co.
5.15%, 09/15/41		645		790,446
5.25%, 07/15/43		325		408,037
Series F, 4.95%, 12/15/46 (Call 06/15/46)		400		489,071
Southwestern Electric Power Co.
6.20%, 03/15/40		629		875,950
Series J, 3.90%, 04/01/45 (Call 10/01/44)		416		464,110
Series L, 3.85%, 02/01/48 (Call 08/01/47)		388		433,482
Southwestern Public Service Co.
3.40%, 08/15/46 (Call 02/15/46)		162		176,237
3.70%, 08/15/47 (Call 02/15/47)		315		357,800
3.75%, 06/15/49 (Call 12/15/48)		371		427,976
4.50%, 08/15/41 (Call 02/15/41)		202		249,175
6.00%, 10/01/36(a)		408		540,188
Series 6, 4.40%, 11/15/48 (Call 05/15/48)		210		265,401
Series 8, 3.15%, 05/01/50 (Call 11/01/49)		248		262,072
State Grid Overseas Investment 2014 Ltd., 4.85%, 05/07/44(b)		940		1,235,834
State Grid Overseas Investment 2016 Ltd., 4.00%, 05/04/47(a)(b)		260		314,829
Tampa Electric Co.
3.45%, 03/15/51 (Call 09/15/50)		370		409,166
3.63%, 06/15/50 (Call 12/15/49)		290		330,722
4.10%, 06/15/42 (Call 12/15/41)		310		360,026
4.20%, 05/15/45 (Call 11/15/44)		260		303,216
4.30%, 06/15/48 (Call 12/15/47)		260		322,343
4.35%, 05/15/44 (Call 11/15/43)		285		345,727
4.45%, 06/15/49 (Call 12/15/48)		300		383,795
6.15%, 05/15/37		135		187,654
6.55%, 05/15/36		235		336,435
Toledo Edison Co. (The), 6.15%, 05/15/37		280		386,653
Tri-State Generation & Transmission Association Inc.
4.25%, 06/01/46 (Call 12/01/45)(a)		195		221,020
4.70%, 11/01/44 (Call 05/01/44)		185		224,390
6.00%, 06/15/40(a)(b)		554		758,662
Tucson Electric Power Co.
3.25%, 05/01/51 (Call 11/01/50)(a)		235		245,693
4.00%, 06/15/50 (Call 12/15/49)		213		251,863
4.85%, 12/01/48 (Call 06/01/48)		200		261,947
Union Electric Co.
2.63%, 03/15/51 (Call 09/15/50)(a)		325		318,366
3.25%, 10/01/49 (Call 04/01/49)		165		179,299
3.65%, 04/15/45 (Call 10/15/44)(a)		240		273,577
3.90%, 09/15/42 (Call 03/15/42)(a)		605		696,648
4.00%, 04/01/48 (Call 10/01/47)		423		510,540
5.30%, 08/01/37		15		19,350
8.45%, 03/15/39		385		658,581
Virginia Electric & Power Co.
2.45%, 12/15/50 (Call 06/15/50)		698		653,039
3.30%, 12/01/49 (Call 06/01/49)(a)		437		480,597
4.00%, 01/15/43 (Call 07/15/42)		571		664,567
4.45%, 02/15/44 (Call 08/15/43)		275		338,679
4.60%, 12/01/48 (Call 06/01/48)		490		639,090

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
6.35%, 11/30/37	$	110	$	157,405
8.88%, 11/15/38		702		1,239,847
Series A, 6.00%, 05/15/37		78		107,820
Series B, 3.80%, 09/15/47 (Call 03/15/47)		475		549,335
Series B, 4.20%, 05/15/45 (Call 11/15/44)		232		279,697
Series B, 6.00%, 01/15/36		468		639,546
Series C, 4.00%, 11/15/46 (Call 05/15/46)		439		519,017
Series D, 4.65%, 08/15/43 (Call 02/15/43)		551		688,978
Wisconsin Electric Power Co.
3.65%, 12/15/42 (Call 06/15/42)		100		109,103
4.30%, 12/15/45 (Call 06/15/45)		185		221,576
4.30%, 10/15/48 (Call 04/15/48)		306		384,291
5.63%, 05/15/33(a)		315		407,158
5.70%, 12/01/36		210		281,021
Wisconsin Power & Light Co., 4.10%, 10/15/44 (Call 04/15/44)		83		97,009
Wisconsin Power and Light Co.
3.65%, 04/01/50 (Call 10/01/49)		300		345,497
6.38%, 08/15/37		300		427,851
7.60%, 10/01/38		25		39,390
Wisconsin Public Service Corp.
3.30%, 09/01/49 (Call 03/01/49)		285		307,092
3.67%, 12/01/42		300		337,990
4.75%, 11/01/44 (Call 05/01/44)		415		532,074
Xcel Energy Inc.
3.50%, 12/01/49 (Call 06/01/49)		381		414,299
4.80%, 09/15/41 (Call 03/15/41)		489		603,139
6.50%, 07/01/36		350		497,238
				310,188,012
Electrical Components & Equipment — 0.0%
Emerson Electric Co.
2.75%, 10/15/50 (Call 04/15/50)		713		703,391
5.25%, 11/15/39		120		159,408
6.00%, 08/15/32		100		134,677
6.13%, 04/15/39(a)		160		228,379
				1,225,855
Electronics — 0.1%
Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45)(a)		464		558,834
Honeywell International Inc.
2.80%, 06/01/50 (Call 12/01/49)(a)		624		654,088
3.81%, 11/21/47 (Call 05/21/47)		666		807,603
5.38%, 03/01/41(a)		280		392,302
5.70%, 03/15/37		200		275,250
Tyco Electronics Group SA, 7.13%, 10/01/37		823		1,247,274
				3,935,351
Engineering & Construction — 0.2%
Aeropuerto Internacional de Tocumen SA
4.00%, 08/11/41 (Call 08/11/40)(a)(b)		190		190,796
5.13%, 08/11/61 (Call 08/11/60)(b)		1,160		1,207,861
Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)(b)		950		1,001,851
Mexico City Airport Trust
5.50%, 10/31/46 (Call 04/30/46)(b)		610		616,869
5.50%, 07/31/47 (Call 01/31/47)(b)		1,709		1,735,489
				4,752,866
Environmental Control — 0.2%
Republic Services Inc.
1.75%, 02/15/32 (Call 11/15/31)		1,064		1,007,851
3.05%, 03/01/50 (Call 09/01/49)(a)		517		539,761
5.70%, 05/15/41 (Call 11/15/40)(a)		210		286,267

Security	Par (000)		Value
Environmental Control (continued)
6.20%, 03/01/40	$	45	$	64,576
Waste Connections Inc.
2.95%, 01/15/52 (Call 07/15/51)		870		866,000
3.05%, 04/01/50 (Call 10/01/49)		299		304,139
Waste Management Inc.
2.50%, 11/15/50 (Call 05/15/50)		752		713,206
2.95%, 06/01/41 (Call 12/01/40)		745		772,107
3.90%, 03/01/35 (Call 09/01/34)(a)		478		541,043
4.10%, 03/01/45 (Call 09/01/44)		160		194,265
4.15%, 07/15/49 (Call 01/15/49)		243		305,592
				5,594,807
Food — 1.5%
Bimbo Bakeries USA Inc., 4.00%, 05/17/51 (Call 11/17/50)(a)(b)		450		495,761
Campbell Soup Co.
3.13%, 04/24/50 (Call 10/24/49)(a)		457		454,618
4.80%, 03/15/48 (Call 09/15/47)(a)		617		781,463
Conagra Brands Inc.
5.30%, 11/01/38 (Call 05/01/38)		988		1,252,985
5.40%, 11/01/48 (Call 05/01/48)(a)		819		1,110,636
General Mills Inc.
3.00%, 02/01/51 (Call 08/01/50)(a)(b)		468		478,107
4.15%, 02/15/43 (Call 08/15/42)		60		70,603
4.55%, 04/17/38 (Call 10/17/37)		530		632,157
4.70%, 04/17/48 (Call 10/17/47)		417		548,903
5.40%, 06/15/40		500		663,515
Grupo Bimbo SAB de CV
4.00%, 03/06/49(a)(b)		835		917,807
4.70%, 11/10/47 (Call 05/10/47)(b)		430		520,440
4.88%, 06/27/44(b)		200		240,270
Hershey Co. (The)
2.65%, 06/01/50 (Call 12/01/49)		334		332,453
3.13%, 11/15/49 (Call 05/15/49)		175		189,559
3.38%, 08/15/46 (Call 02/15/46)		416		469,479
Hormel Foods Corp., 3.05%, 06/03/51 (Call 12/03/50)(a)		565		602,770
Ingredion Inc.
3.90%, 06/01/50 (Call 12/01/49)		451		519,856
6.63%, 04/15/37(a)		169		237,379
J M Smucker Co. (The)
2.13%, 03/15/32 (Call 12/15/31)		500		487,004
2.75%, 09/15/41 (Call 03/15/41)		355		343,973
JM Smucker Co. (The)
3.55%, 03/15/50 (Call 09/15/49)(a)		270		297,611
4.25%, 03/15/35		352		411,064
4.38%, 03/15/45		494		607,499
Kellogg Co., 4.50%, 04/01/46		630		790,549
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40(a)		145		200,318
Kroger Co. (The)
3.88%, 10/15/46 (Call 04/15/46)		220		247,972
3.95%, 01/15/50 (Call 07/15/49)(a)		830		960,669
4.45%, 02/01/47 (Call 08/01/46)		807		986,000
4.65%, 01/15/48 (Call 07/15/47)		490		615,536
5.00%, 04/15/42 (Call 10/15/41)		319		404,887
5.15%, 08/01/43 (Call 02/01/43)(a)		510		666,197
5.40%, 07/15/40 (Call 01/15/40)		400		523,868
5.40%, 01/15/49 (Call 07/15/48)(a)		315		440,505
6.90%, 04/15/38		400		588,397
Mars Inc.
1.63%, 07/16/32 (Call 04/16/32)(a)(b)		290		273,848
2.38%, 07/16/40 (Call 01/16/40)(b)		743		718,325

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food (continued)
2.45%, 07/16/50 (Call 01/16/50)(a)(b)	$	462	$	439,730
3.60%, 04/01/34 (Call 01/01/34)(b)		778		872,197
3.88%, 04/01/39 (Call 10/01/38)(b)		455		530,449
3.95%, 04/01/44 (Call 10/01/43)(b)		38		44,701
3.95%, 04/01/49 (Call 10/01/48)(a)(b)		998		1,218,382
4.13%, 04/01/54 (Call 10/01/53)(b)		315		401,405
4.20%, 04/01/59 (Call 10/01/58)(b)		607		780,743
McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47)		370		446,869
Mondelez International Inc.
1.88%, 10/15/32 (Call 07/15/32)		900		859,768
2.63%, 09/04/50 (Call 03/04/50)		1,056		995,498
6.50%, 02/09/40(a)		196		276,430
Nestle Holdings Inc.
2.50%, 09/14/41 (Call 03/14/41)(a)(b)		200		197,826
2.63%, 09/14/51 (Call 03/14/51)(a)(b)		320		321,442
3.90%, 09/24/38 (Call 03/24/38)(b)		1,237		1,462,719
4.00%, 09/24/48 (Call 03/24/48)(a)(b)		1,709		2,147,371
Sysco Corp.
3.30%, 02/15/50 (Call 08/15/49)(a)		239		249,315
4.45%, 03/15/48 (Call 09/15/47)		490		593,220
4.50%, 04/01/46 (Call 10/01/45)		476		574,942
4.85%, 10/01/45 (Call 04/01/45)		450		573,252
5.38%, 09/21/35(a)		425		544,098
6.60%, 04/01/40 (Call 10/01/39)		385		567,794
6.60%, 04/01/50 (Call 10/01/49)(a)		1,103		1,771,591
Tesco PLC, 6.15%, 11/15/37(b)		140		182,572
Tyson Foods Inc.
4.55%, 06/02/47 (Call 12/02/46)		602		754,652
4.88%, 08/15/34 (Call 02/15/34)		345		422,152
5.10%, 09/28/48 (Call 03/28/48)		1,283		1,741,865
5.15%, 08/15/44 (Call 02/15/44)		458		601,771
				39,655,737
Forest Products & Paper — 0.3%
Celulosa Arauco y Constitucion SA
5.15%, 01/29/50 (Call 07/29/49)(a)(b)		80		89,048
5.50%, 11/02/47 (Call 05/02/47)(a)		550		632,506
5.50%, 04/30/49 (Call 10/30/48)(a)(b)		500		577,880
International Paper Co.
4.35%, 08/15/48 (Call 02/15/48)		324		405,616
4.40%, 08/15/47 (Call 02/15/47)		653		816,402
4.80%, 06/15/44 (Call 12/15/43)		747		950,298
5.00%, 09/15/35 (Call 03/15/35)		510		625,900
5.15%, 05/15/46 (Call 11/15/45)		583		777,346
6.00%, 11/15/41 (Call 05/15/41)		488		677,962
7.30%, 11/15/39		759		1,167,088
8.70%, 06/15/38		370		607,691
Stora Enso OYJ, 7.25%, 04/15/36(a)(b)		345		462,065
Suzano Austria GmbH, 7.00%, 03/16/47 (Call 09/16/46)(a)(b)		990		1,244,791
				9,034,593
Gas — 0.9%
APT Pipelines Ltd., 5.00%, 03/23/35 (Call 12/23/34)(b)		46		55,436
Atmos Energy Corp.
2.85%, 02/15/52 (Call 08/15/51)		145		142,694
3.38%, 09/15/49 (Call 03/15/49)(a)		587		630,502
4.13%, 10/15/44 (Call 04/15/44)		455		532,232
4.13%, 03/15/49 (Call 09/15/48)(a)		542		651,611
4.15%, 01/15/43 (Call 07/15/42)		502		581,448

Security	Par (000)		Value
Gas (continued)
4.30%, 10/01/48 (Call 04/01/48)	$	631	$	771,462
5.50%, 06/15/41 (Call 12/15/40)		170		228,628
Boston Gas Co., 4.49%, 02/15/42(b)		365		423,038
Brooklyn Union Gas Co. (The)
4.27%, 03/15/48 (Call 09/15/47)(b)		429		494,514
4.49%, 03/04/49 (Call 09/04/48)(b)		642		765,503
4.50%, 03/10/46 (Call 09/10/45)(b)		497		589,284
CenterPoint Energy Resources Corp.
4.10%, 09/01/47 (Call 03/01/47)(a)		390		459,982
5.85%, 01/15/41 (Call 07/15/40)		238		328,375
6.63%, 11/01/37		180		253,126
East Ohio Gas Co. (The), 3.00%, 06/15/50 (Call 12/15/49)(b)		697		706,569
KeySpan Gas East Corp., 5.82%, 04/01/41(b)		300		402,495
Korea Gas Corp., 6.25%, 01/20/42(a)(b)		410		627,173
Mega Advance Investments Ltd., 6.38%, 05/12/41(a)(b)		200		274,550
Nakilat Inc., 6.07%, 12/31/33(a)(b)		633		773,325
NiSource Inc.
3.95%, 03/30/48 (Call 09/30/47)		620		713,757
4.38%, 05/15/47 (Call 11/15/46)		720		869,766
4.80%, 02/15/44 (Call 08/15/43)		745		928,364
5.25%, 02/15/43 (Call 08/15/42)		438		571,121
5.65%, 02/01/45 (Call 08/01/44)		386		538,869
5.80%, 02/01/42 (Call 08/01/41)		160		217,793
5.95%, 06/15/41 (Call 12/15/40)		366		506,860
ONE Gas Inc.
4.50%, 11/01/48 (Call 05/01/48)		405		500,620
4.66%, 02/01/44 (Call 08/01/43)		571		698,776
Piedmont Natural Gas Co. Inc.
3.35%, 06/01/50 (Call 12/01/49)		326		341,090
3.64%, 11/01/46 (Call 05/01/46)		270		292,488
4.10%, 09/18/34 (Call 03/18/34)(a)		390		440,428
4.65%, 08/01/43 (Call 02/01/43)		265		321,956
Southern California Gas Co.
3.75%, 09/15/42 (Call 03/15/42)		325		361,050
4.45%, 03/15/44 (Call 09/15/43)		190		223,266
5.13%, 11/15/40		270		351,062
Series UU, 4.13%, 06/01/48 (Call 12/01/47)		200		243,937
Series VV, 4.30%, 01/15/49 (Call 07/15/48)		404		507,750
Series WW, 3.95%, 02/15/50 (Call 08/15/49)		361		431,346
Southern Co. Gas Capital Corp.
3.95%, 10/01/46 (Call 04/01/46)		436		494,441
4.40%, 06/01/43 (Call 12/01/42)		355		415,651
4.40%, 05/30/47 (Call 11/30/46)		266		317,357
5.88%, 03/15/41 (Call 09/15/40)		701		964,159
6.00%, 10/01/34		400		517,683
Series 21A, 3.15%, 09/30/51 (Call 03/30/51)		475		480,815
Southwest Gas Corp.
3.18%, 08/15/51 (Call 02/15/51)		505		494,898
3.80%, 09/29/46 (Call 03/29/46)		145		158,201
4.15%, 06/01/49 (Call 12/01/48)(a)		388		445,735
Spire Inc., 4.70%, 08/15/44 (Call 02/15/44)		120		137,278
Spire Missouri Inc., 3.30%, 06/01/51 (Call 12/01/50)		460		497,391
Washington Gas Light Co.
3.65%, 09/15/49 (Call 03/15/49)		533		610,324
Series K, 3.80%, 09/15/46 (Call 03/15/46)		426		491,691
				24,777,870

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Hand & Machine Tools — 0.1%
Snap-on Inc.
3.10%, 05/01/50 (Call 11/01/49)	$	517	$	553,760
4.10%, 03/01/48 (Call 09/01/47)		308		382,321
Stanley Black & Decker Inc.
2.75%, 11/15/50 (Call 05/15/50)(a)		897		882,558
4.85%, 11/15/48 (Call 05/15/48)(a)		476		644,685
5.20%, 09/01/40		350		463,087
				2,926,411
Health Care - Products — 1.1%
Abbott Laboratories
4.75%, 11/30/36 (Call 05/30/36)		1,348		1,723,133
4.75%, 04/15/43 (Call 10/15/42)		668		879,353
4.90%, 11/30/46 (Call 05/30/46)		2,586		3,597,872
5.30%, 05/27/40(a)		983		1,358,309
6.00%, 04/01/39		575		841,617
6.15%, 11/30/37(a)		44		64,573
Alcon Finance Corp., 3.80%, 09/23/49 (Call 03/23/49)(b)		535		604,222
Baxter International Inc.
3.50%, 08/15/46 (Call 02/15/46)		551		607,972
4.50%, 06/15/43 (Call 12/15/42)(a)		75		89,962
Boston Scientific Corp.
4.55%, 03/01/39 (Call 09/01/38)		958		1,159,720
4.70%, 03/01/49 (Call 09/01/48)		899		1,161,010
7.00%, 11/15/35		350		491,706
7.38%, 01/15/40		210		329,038
Covidien International Finance SA, 6.55%, 10/15/37		295		424,701
Danaher Corp.
2.60%, 10/01/50 (Call 04/01/50)(a)		1,014		988,220
4.38%, 09/15/45 (Call 03/15/45)		295		371,747
DH Europe Finance II Sarl
3.25%, 11/15/39 (Call 05/15/39)		771		824,324
3.40%, 11/15/49 (Call 05/15/49)		833		932,843
Koninklijke Philips NV
5.00%, 03/15/42		315		407,245
6.88%, 03/11/38(a)		866		1,284,392
Medtronic Inc.
4.38%, 03/15/35		1,654		2,028,208
4.63%, 03/15/45		1,525		2,031,379
PerkinElmer Inc., 3.63%, 03/15/51 (Call 09/15/50)		393		431,877
STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/51 (Call 09/15/50)(a)		636		697,616
Stryker Corp.
2.90%, 06/15/50 (Call 12/15/49)(a)		700		717,744
4.10%, 04/01/43 (Call 10/01/42)		443		521,762
4.38%, 05/15/44 (Call 11/15/43)		367		450,456
4.63%, 03/15/46 (Call 09/15/45)		820		1,070,435
Thermo Fisher Scientific Inc.
2.80%, 10/15/41 (Call 04/15/41)		780		783,194
4.10%, 08/15/47 (Call 02/15/47)		632		782,793
5.30%, 02/01/44 (Call 08/01/43)(a)		422		584,229
Zimmer Biomet Holdings Inc.
4.25%, 08/15/35 (Call 02/15/35)		265		291,512
4.45%, 08/15/45 (Call 02/15/45)		324		390,524
5.75%, 11/30/39(a)		359		478,672
				29,402,360
Health Care - Services — 3.9%
Adventist Health System/West, 3.63%, 03/01/49 (Call 09/01/48)		295		330,189

Security	Par (000)		Value
Health Care - Services (continued)
Advocate Health & Hospitals Corp.
3.39%, 10/15/49 (Call 04/15/49)	$	586	$	661,855
4.27%, 08/15/48 (Call 02/15/48)		208		266,313
Series 2020, 3.01%, 06/15/50 (Call 12/15/49)(a)		360		375,127
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)		678		773,147
4.13%, 11/15/42 (Call 05/15/42)		479		546,176
4.50%, 05/15/42 (Call 11/15/41)		242		289,516
4.75%, 03/15/44 (Call 09/15/43)		441		550,087
6.63%, 06/15/36		936		1,337,896
6.75%, 12/15/37		436		638,724
AHS Hospital Corp., Series 2021, 2.78%, 07/01/51 (Call 01/01/51)		360		358,035
Allina Health System, Series 2019, 3.89%, 04/15/49(a)		301		353,699
Anthem Inc.
3.13%, 05/15/50 (Call 11/15/49)		653		671,516
3.60%, 03/15/51 (Call 09/15/50)(a)		994		1,108,318
3.70%, 09/15/49 (Call 03/15/49)		892		1,002,039
4.38%, 12/01/47 (Call 06/01/47)		1,187		1,461,727
4.55%, 03/01/48 (Call 09/01/47)		675		849,027
4.63%, 05/15/42		576		706,627
4.65%, 01/15/43(a)		973		1,202,316
4.65%, 08/15/44 (Call 02/15/44)		937		1,168,731
4.85%, 08/15/54 (Call 02/15/54)(a)		300		386,395
5.10%, 01/15/44		542		708,603
5.85%, 01/15/36		95		126,826
5.95%, 12/15/34(a)		390		530,219
6.38%, 06/15/37(a)		110		155,116
Ascension Health
3.95%, 11/15/46		694		864,639
4.85%, 11/15/53(a)		533		772,323
Series B, 3.11%, 11/15/39 (Call 05/15/39)		404		433,838
Banner Health
2.91%, 01/01/51 (Call 07/01/50)		275		279,132
Series 2020, 3.18%, 01/01/50 (Call 07/01/49)		324		347,340
Baptist Health South Florida Inc., Series 2017, 4.34%, 11/15/41		165		199,798
Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)		515		566,321
BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)		428		520,709
Baylor Scott & White Holdings
3.97%, 11/15/46 (Call 05/15/46)		315		386,353
4.19%, 11/15/45 (Call 05/15/45)		391		487,767
Series 2021, 2.84%, 11/15/50 (Call 11/15/49)		783		799,026
Bon Secours Mercy Health Inc., Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)		225		240,306
Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50)(a)		315		332,283
Children’s Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50)(a)		440		418,594
Children’s Hospital Corp. (The)
Series 2017, 4.12%, 01/01/47 (Call 07/01/46)		410		521,500
Series 2020, 2.59%, 02/01/50 (Call 08/01/49)		140		137,818
Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44		351		443,830
Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50)		475		474,550
Children’s Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50)(a)		334		332,815

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
City of Hope
Series 2013, 5.62%, 11/15/43(a)	$	260	$	370,198
Series 2018, 4.38%, 08/15/48 (Call 02/15/48)		314		398,329
CommonSpirit Health
3.82%, 10/01/49 (Call 04/01/49)(a)		343		395,886
3.91%, 10/01/50 (Call 04/01/50)		367		412,871
4.19%, 10/01/49 (Call 04/01/49)		937		1,102,239
4.35%, 11/01/42		673		775,187
Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49)		473		484,728
Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)		464		507,309
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)		361		433,492
Dignity Health
4.50%, 11/01/42(a)		421		502,750
5.27%, 11/01/64		240		335,303
Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)		563		683,169
Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49)(a)		345		404,907
Hackensack Meridian Health Inc.
4.21%, 07/01/48 (Call 01/01/48)		334		424,254
4.50%, 07/01/57 (Call 01/01/57)		175		233,688
Series 2020, 2.68%, 09/01/41 (Call 03/01/41)		355		352,623
Series 2020, 2.88%, 09/01/50 (Call 03/01/50)		429		432,759
Hartford HealthCare Corp., 3.45%, 07/01/54(a)		264		280,086
HCA Inc.
3.50%, 07/15/51 (Call 01/15/51)		1,295		1,312,018
5.13%, 06/15/39 (Call 12/15/38)		988		1,223,982
5.25%, 06/15/49 (Call 12/15/48)		1,700		2,204,323
5.50%, 06/15/47 (Call 12/15/46)		1,290		1,702,158
Health Care Service Corp. A Mutual Legal Reserve Co., 3.20%, 06/01/50 (Call 12/01/49)(a)(b)		630		664,075
Humana Inc.
3.95%, 08/15/49 (Call 02/15/49)		496		577,948
4.63%, 12/01/42 (Call 06/01/42)		461		568,777
4.80%, 09/14/46 (Call 09/15/46)		347		443,312
4.95%, 10/01/44 (Call 04/01/44)		210		272,351
8.15%, 06/15/38		419		669,894
Indiana University Health Inc. Obligated Group
3.97%, 11/01/48 (Call 05/01/48)(a)		575		717,541
Series 2021, 2.85%, 11/01/51 (Call 05/01/51)		80		82,842
Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)		450		520,570
Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49)		249		284,669
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46(a)		586		702,289
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		1,799		2,231,384
4.88%, 04/01/42		333		443,671
Series 2019, 3.27%, 05/12/49 (Call 05/01/49)(a)		782		852,813
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)		155		157,101
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)		1,165		1,210,920
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		802		990,123
Mass General Brigham Inc.
Series 2017, 3.77%, 07/01/48 (Call 01/01/48)(a)		142		166,869
Series 2020, 3.19%, 07/01/49 (Call 01/01/49)		460		505,402

Security	Par (000)		Value
Health Care - Services (continued)
Series 2020, 3.34%, 07/01/60 (Call 01/01/60)	$	354	$	389,684
Mayo Clinic
3.77%, 11/15/43(a)		15		17,678
Series 2013, 4.00%, 11/15/47(a)		100		122,715
Series 2016, 4.13%, 11/15/52(a)		470		610,538
Series 2021, 3.20%, 11/15/61 (Call 05/15/61)		376		419,331
McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47)(a)		431		549,593
MedStar Health Inc., Series 20A, 3.63%, 08/15/49		345		381,036
Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49)		345		390,067
Memorial Sloan-Kettering Cancer Center
4.13%, 07/01/52		200		251,728
5.00%, 07/01/42(a)		396		540,099
Series 2015, 4.20%, 07/01/55		670		863,901
Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)		410		405,049
MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)(a)		100		108,385
Montefiore Obligated Group
4.29%, 09/01/50(a)		330		344,109
Series 18-C, 5.25%, 05/01/48		398		463,509
Mount Sinai Hospitals Group Inc.
Series 2017, 3.98%, 07/01/48(a)		245		273,313
Series 2019, 3.74%, 07/01/49 (Call 01/01/49)(a)		574		639,660
Series 2020, 3.39%, 07/01/50 (Call 07/01/49)		200		211,013
MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50)(a)		76		76,112
New York and Presbyterian Hospital (The)
2.26%, 08/01/40 (Call 02/01/40)		60		56,590
2.61%, 08/01/60 (Call 02/01/60)		225		212,966
3.56%, 08/01/36		250		272,367
4.02%, 08/01/45(a)		305		382,710
4.06%, 08/01/56(a)		322		417,132
4.76%, 08/01/2116(a)		160		231,760
Series 2019, 3.95%, 08/01/2119 (Call 02/01/2119)		435		533,812
Northwell Healthcare Inc.
3.81%, 11/01/49 (Call 11/01/48)		385		435,613
3.98%, 11/01/46 (Call 11/01/45)		480		550,423
4.26%, 11/01/47 (Call 11/01/46)		739		885,601
6.15%, 11/01/43(a)		190		275,732
Northwestern Memorial Healthcare Obligated Group, Series 2021, 2.63%, 07/15/51 (Call 01/15/51)(a)		65		63,906
NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, Series 2020, 2.67%, 10/01/50 (Call 04/01/50)		459		436,995
Ochsner Clinic Foundation, 5.90%, 05/15/45 (Call 11/15/44)		315		446,012
OhioHealth Corp., Series 2020, 3.04%, 11/15/50 (Call 05/15/50)(a)		170		180,534
Orlando Health Obligated Group
3.33%, 10/01/50 (Call 04/01/50)(a)		250		269,257
4.09%, 10/01/48 (Call 04/01/48)		320		390,573
PeaceHealth Obligated Group
Series 2018, 4.79%, 11/15/48 (Call 05/15/48)(a)		514		702,692
Series 2020, 3.22%, 11/15/50 (Call 05/15/50)		100		106,312
Piedmont Healthcare Inc.
2.86%, 01/01/52 (Call 07/01/51)		1,055		1,042,824
Series 2042, 2.72%, 01/01/42 (Call 07/01/41)		125		122,627

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
Providence St Joseph Health Obligated Group
Series 21A, 2.70%, 10/01/51 (Call 04/01/51)	$	85	$	83,340
Series A, 3.93%, 10/01/48 (Call 04/01/48)		315		374,327
Series I, 3.74%, 10/01/47		120		138,228
Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44)(a)		345		432,787
Rady Children’s Hospital-San Diego/CA, Series 21A, 3.15%, 08/15/51 (Call 08/15/50)		340		367,987
Roche Holdings Inc.
4.00%, 11/28/44 (Call 05/28/44)(a)(b)		856		1,044,963
7.00%, 03/01/39(b)		225		361,605
RWJ Barnabas Health Inc.
3.48%, 07/01/49 (Call 01/01/49)		249		282,057
3.95%, 07/01/46 (Call 07/01/45)(a)		390		469,508
Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)		55		54,600
Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49)		25		24,781
Southern Baptist Hospital of Florida Inc., 4.86%, 07/15/45 (Call 01/15/45)		360		476,595
Spectrum Health System Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)(a)		327		371,736
Stanford Health Care
3.03%, 08/15/51 (Call 02/15/51)		465		493,744
Series 2018, 3.80%, 11/15/48 (Call 05/15/48)		188		226,125
Summa Health, 3.51%, 11/15/51 (Call 05/15/51)		360		389,380
Sutter Health
Series 2018, 4.09%, 08/15/48 (Call 02/15/48)		318		385,975
Series 20A, 3.16%, 08/15/40 (Call 02/15/40)		350		363,792
Series 20A, 3.36%, 08/15/50 (Call 02/15/50)		496		532,015
Texas Health Resources
2.33%, 11/15/50 (Call 05/15/50)		170		155,839
4.33%, 11/15/55(a)		105		138,274
Toledo Hospital (The)
4.98%, 11/15/45 (Call 05/15/45)		345		364,314
5.75%, 11/15/38 (Call 11/15/28)		205		244,410
6.02%, 11/15/48		281		344,933
Trinity Health Corp.
4.13%, 12/01/45		95		119,126
Series 2019, 3.43%, 12/01/48(a)		425		472,432
Series 2021, 2.63%, 12/01/40 (Call 06/01/40)		400		398,023
UnitedHealth Group Inc.
2.75%, 05/15/40 (Call 11/15/39)		1,155		1,161,485
2.90%, 05/15/50 (Call 11/15/49)		1,185		1,211,572
3.05%, 05/15/41 (Call 11/15/40)		1,122		1,168,988
3.13%, 05/15/60 (Call 11/15/59)(a)		835		874,539
3.25%, 05/15/51 (Call 11/15/50)		1,157		1,257,296
3.50%, 08/15/39 (Call 02/15/39)		1,158		1,287,192
3.70%, 08/15/49 (Call 02/15/49)		985		1,140,490
3.75%, 10/15/47 (Call 04/15/47)		895		1,038,567
3.88%, 08/15/59 (Call 02/15/59)		1,208		1,454,559
3.95%, 10/15/42 (Call 04/15/42)(a)		782		915,295
4.20%, 01/15/47 (Call 07/15/46)		845		1,043,052
4.25%, 03/15/43 (Call 09/15/42)		805		981,670
4.25%, 04/15/47 (Call 10/15/46)		761		953,630
4.25%, 06/15/48 (Call 12/15/47)		1,153		1,445,194
4.38%, 03/15/42 (Call 09/15/41)		615		755,122
4.45%, 12/15/48 (Call 06/15/48)		800		1,033,922
4.63%, 07/15/35		363		448,871
4.63%, 11/15/41 (Call 05/15/41)		669		844,852
4.75%, 07/15/45		1,100		1,466,507

Security	Par (000)		Value
Health Care - Services (continued)
5.70%, 10/15/40 (Call 04/15/40)	$	384	$	537,775
5.80%, 03/15/36		858		1,180,911
5.95%, 02/15/41 (Call 08/15/40)(a)		562		814,957
6.50%, 06/15/37		616		914,272
6.63%, 11/15/37		756		1,139,057
6.88%, 02/15/38		115		177,080
West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/50 (Call 12/01/49)		290		292,858
Willis-Knighton Medical Center
Series 2018, 4.81%, 09/01/48 (Call 03/01/48)		255		331,917
Series 2021, 3.07%, 03/01/51 (Call 09/01/50)		340		346,831
Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49)		380		362,571
				102,917,862
Holding Companies - Diversified — 0.1%
Alfa SAB de CV, 6.88%, 03/25/44 (Call 09/25/43)(a)(b)		50		65,501
CK Hutchison International 19 II Ltd., 3.38%, 09/06/49 (Call 03/06/49)(b)		1,000		1,086,610
Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/33(b)		325		479,348
JAB Holdings BV, 3.75%, 05/28/51 (Call 11/28/50)(a)(b)		330		361,912
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(b)		645		643,814
				2,637,185
Home Builders — 0.1%
MDC Holdings Inc.
3.97%, 08/06/61 (Call 02/06/61)(a)		280		267,463
6.00%, 01/15/43 (Call 10/15/42)		411		520,445
PulteGroup Inc.
6.00%, 02/15/35		100		129,304
6.38%, 05/15/33		573		753,678
7.88%, 06/15/32		702		1,012,004
				2,682,894
Home Furnishings — 0.1%
Whirlpool Corp.
4.50%, 06/01/46 (Call 12/01/45)		445		540,058
4.60%, 05/15/50 (Call 11/15/49)(a)		397		495,912
5.15%, 03/01/43(a)		245		308,372
				1,344,342
Household Products & Wares — 0.2%
Church & Dwight Co. Inc., 3.95%, 08/01/47 (Call 02/01/47)(a)		379		450,615
Kimberly-Clark Corp.
2.88%, 02/07/50 (Call 08/07/49)		311		323,658
3.20%, 07/30/46 (Call 01/30/46)(a)		251		276,843
3.70%, 06/01/43(a)		195		221,233
3.90%, 05/04/47 (Call 11/04/46)		180		221,743
5.30%, 03/01/41		85		116,544
6.63%, 08/01/37(a)		1,295		1,984,171
SC Johnson & Son Inc.
4.00%, 05/15/43 (Call 02/15/43)(b)		130		152,849
4.35%, 09/30/44 (Call 03/30/44)(b)		75		90,523
4.75%, 04/15/46 (Call 04/16/46)(a)(b)		915		1,211,326
4.80%, 09/01/40(b)		200		253,553
				5,303,058
Insurance — 5.2%
Aflac Inc.
4.00%, 10/15/46 (Call 04/15/46)		251		295,474
4.75%, 01/15/49 (Call 07/15/48)		253		336,538

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
6.45%, 08/15/40	$	191	$	274,425
AIA Group Ltd.
3.20%, 09/16/40 (Call 03/16/40)(b)		1,810		1,839,847
4.50%, 03/16/46 (Call 09/16/45)(a)(b)		200		253,170
AIG SunAmerica Global Financing X, 6.90%, 03/15/32(a)(b)		850		1,190,241
Alleghany Corp.
3.25%, 08/15/51 (Call 02/15/51)(a)		125		126,705
4.90%, 09/15/44 (Call 03/15/44)		420		527,135
Allstate Corp. (The)
3.85%, 08/10/49 (Call 02/10/49)		770		921,934
4.20%, 12/15/46 (Call 06/15/46)		248		308,260
4.50%, 06/15/43		562		704,774
5.35%, 06/01/33		433		547,767
5.55%, 05/09/35		732		971,305
5.95%, 04/01/36		310		430,293
6.50%, 05/15/67 (Call 05/15/37), (3 mo. LIBOR US + 2.120%)(d)		195		259,838
American Financial Group Inc./OH, 4.50%, 06/15/47 (Call 12/15/46)		490		609,786
American International Group Inc.
3.88%, 01/15/35 (Call 07/15/34)		457		510,243
4.38%, 06/30/50 (Call 12/30/49)		815		1,015,687
4.38%, 01/15/55 (Call 07/15/54)		881		1,102,513
4.50%, 07/16/44 (Call 01/16/44)		1,169		1,427,491
4.70%, 07/10/35 (Call 01/10/35)		187		224,825
4.75%, 04/01/48 (Call 10/01/47)		999		1,287,197
4.80%, 07/10/45 (Call 01/10/45)		950		1,224,644
6.25%, 05/01/36		1,191		1,640,066
8.18%, 05/15/68 (Call 05/15/38), (3 mo. LIBOR US + 4.195%)(d)		661		974,975
AmFam Holdings Inc., 3.83%, 03/11/51 (Call 09/11/50)(a)(b)		397		441,475
Aon Corp., 6.25%, 09/30/40		40		57,816
Aon Corp./Aon Global Holdings PLC, 2.90%, 08/23/51 (Call 02/23/51)		545		534,890
Aon PLC
4.25%, 12/12/42		285		330,085
4.45%, 05/24/43 (Call 02/24/43)		250		296,772
4.60%, 06/14/44 (Call 03/14/44)		489		607,330
4.75%, 05/15/45 (Call 11/15/44)		557		716,746
Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46)(a)		526		696,226
Arch Capital Group Ltd.
3.64%, 06/30/50 (Call 12/30/49)		638		704,144
7.35%, 05/01/34(a)		425		621,931
Arch Capital Group U.S. Inc., 5.14%, 11/01/43		455		595,661
Arthur J Gallagher & Co., 3.50%, 05/20/51 (Call 11/20/50)		658		716,627
Assurant Inc., 6.75%, 02/15/34		283		372,445
Assured Guaranty U.S. Holdings Inc., 3.60%, 09/15/51 (Call 03/15/51)		300		314,646
Athene Holding Ltd., 3.95%, 05/25/51 (Call 11/25/50)		571		640,735
AXIS Specialty Finance PLC, 5.15%, 04/01/45(a)		303		371,159
Berkshire Hathaway Finance Corp.
2.50%, 01/15/51 (Call 07/15/50)		646		603,725
2.85%, 10/15/50 (Call 04/15/50)		1,551		1,555,839
4.20%, 08/15/48 (Call 02/15/48)		1,950		2,409,978
4.25%, 01/15/49 (Call 07/15/48)		1,764		2,195,325
4.30%, 05/15/43(a)		574		698,261
4.40%, 05/15/42		780		964,320

Security	Par (000)		Value
Insurance (continued)
5.75%, 01/15/40(a)	$	769	$	1,094,784
Berkshire Hathaway Inc., 4.50%, 02/11/43		601		755,070
Brighthouse Financial Inc., 4.70%, 06/22/47 (Call 12/22/46)		1,040		1,193,388
Chubb Corp. (The), 6.00%, 05/11/37		210		300,570
Chubb INA Holdings Inc.
4.15%, 03/13/43		250		303,709
4.35%, 11/03/45 (Call 05/03/45)		860		1,098,784
Cincinnati Financial Corp., 6.13%, 11/01/34(a)		265		357,399
Empower Finance 2020 LP, 3.08%, 09/17/51 (Call 03/17/51)(a)(b)		312		325,352
Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)		1,294		1,656,733
Everest Reinsurance Holdings Inc.
3.13%, 10/15/52 (Call 04/15/52)		800		785,238
3.50%, 10/15/50 (Call 04/15/50)		495		525,952
4.87%, 06/01/44		335		423,109
Farmers Exchange Capital II, 6.15%, 11/01/53 (Call 11/01/33)(a)(b)(d)		55		69,866
Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34)(a)(b)(d)		470		574,038
Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37)(b)(d)		325		372,892
Fidelity National Financial Inc., 3.20%, 09/17/51 (Call 03/17/51)		185		180,142
Great-West Lifeco Finance 2018 LP, 4.58%, 05/17/48 (Call 11/17/47)(a)(b)		471		610,006
Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)(b)		687		828,621
Guardian Life Insurance Co. of America (The)
3.70%, 01/22/70 (Call 07/22/69)(a)(b)		399		436,072
4.85%, 01/24/77(a)(b)		255		340,457
4.88%, 06/19/64(a)(b)		595		795,364
Hartford Financial Services Group Inc. (The)
2.90%, 09/15/51 (Call 03/15/51)		35		34,731
3.60%, 08/19/49 (Call 02/19/49)		793		880,668
4.30%, 04/15/43		404		476,940
4.40%, 03/15/48 (Call 09/15/47)		507		632,443
5.95%, 10/15/36		340		459,236
6.10%, 10/01/41		415		587,057
6.63%, 03/30/40		245		354,453
Liberty Mutual Group Inc.
3.95%, 10/15/50 (Call 04/15/50)(b)		1,361		1,541,392
3.95%, 05/15/60 (Call 11/15/59)(b)		799		905,136
6.50%, 05/01/42(b)		100		142,196
Liberty Mutual Insurance Co., 7.70%, 10/15/97(a)(b)		235		374,196
Lincoln National Corp.
4.35%, 03/01/48 (Call 09/01/47)		369		446,652
4.38%, 06/15/50 (Call 12/15/49)(a)		156		190,370
6.30%, 10/09/37		136		190,473
7.00%, 06/15/40		753		1,150,942
Loews Corp.
4.13%, 05/15/43 (Call 11/15/42)		355		416,259
6.00%, 02/01/35		504		672,831
Manulife Financial Corp., 5.38%, 03/04/46		610		868,899
Markel Corp.
3.45%, 05/07/52 (Call 11/07/51)(a)		741		784,900
4.15%, 09/17/50 (Call 03/17/50)		200		234,082
4.30%, 11/01/47 (Call 05/01/47)		310		370,082
5.00%, 03/30/43		275		332,134
5.00%, 04/05/46		540		700,687

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
5.00%, 05/20/49 (Call 11/20/48)	$	468	$	610,392
Marsh & McLennan Companies Inc.
4.20%, 03/01/48 (Call 09/01/47)		685		852,005
4.35%, 01/30/47 (Call 07/30/46)		569		716,745
4.75%, 03/15/39 (Call 09/15/38)		555		703,178
4.90%, 03/15/49 (Call 09/15/48)		784		1,071,877
5.88%, 08/01/33(a)		476		632,190
Massachusetts Mutual Life Insurance Co.
3.38%, 04/15/50(b)		509		545,728
3.73%, 10/15/70(b)		541		601,482
4.50%, 04/15/65(b)		175		211,981
4.90%, 04/01/77(a)(b)		474		632,263
5.08%, 02/15/69 (Call 02/15/49)(b)(d)		745		939,257
5.38%, 12/01/41(a)(b)		210		276,841
MetLife Capital Trust IV, 7.88%, 12/15/67 (Call 12/15/32)(b)		260		360,750
MetLife Inc.
4.05%, 03/01/45		818		986,651
4.13%, 08/13/42		682		811,704
4.60%, 05/13/46 (Call 11/13/45)(a)		622		809,001
4.72%, 12/15/44		460		590,099
4.88%, 11/13/43		857		1,120,398
5.70%, 06/15/35		1,479		1,997,353
5.88%, 02/06/41		920		1,314,248
6.38%, 06/15/34		927		1,304,960
6.40%, 12/15/66 (Call 12/15/31)		1,143		1,455,532
6.50%, 12/15/32(a)		760		1,059,326
9.25%, 04/08/68 (Call 04/08/33)(a)(b)		100		150,821
10.75%, 08/01/69 (Call 08/01/34)		556		943,479
Mutual of Omaha Insurance Co., 6.80%, 06/15/36(b)		65		87,027
Nationwide Financial Services Inc.
3.90%, 11/30/49 (Call 05/30/49)(a)(b)		844		987,014
5.30%, 11/18/44(b)		384		486,988
Nationwide Mutual Insurance Co.
4.35%, 04/30/50 (Call 10/30/49)(b)		1,339		1,559,148
4.95%, 04/22/44(a)(b)		410		491,960
7.88%, 04/01/33(b)		45		63,293
9.38%, 08/15/39(a)(b)		651		1,132,046
New York Life Insurance Co.
3.75%, 05/15/50 (Call 11/15/49)(a)(b)		759		870,624
4.45%, 05/15/69 (Call 11/15/68)(b)		1,013		1,303,261
5.88%, 05/15/33(a)(b)		930		1,220,299
6.75%, 11/15/39(b)		955		1,449,128
Northwestern Mutual Life Insurance Co. (The)
3.45%, 03/30/51 (Call 09/30/50)(b)		660		723,101
3.63%, 09/30/59 (Call 03/30/59)(b)		1,350		1,504,964
3.85%, 09/30/47 (Call 03/30/47)(b)		1,050		1,213,302
6.06%, 03/30/40(b)		762		1,075,895
Ohio National Life Insurance Co. (The), 6.88%, 06/15/42(a)(b)		245		326,648
Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50)		520		569,491
OneAmerica Financial Partners Inc., 4.25%, 10/15/50 (Call 04/15/50)(a)(b)		85		92,425
Pacific Life Insurance Co.
4.30%, 10/24/67 (Call 10/24/47)(b)(d)		890		1,028,368
9.25%, 06/15/39(b)		185		320,532
Pacific LifeCorp.
3.35%, 09/15/50 (Call 03/15/50)(a)(b)		610		656,789
5.13%, 01/30/43(b)		20		25,294

Security	Par (000)		Value
Insurance (continued)
6.60%, 09/15/33(a)(b)	$	375	$	522,076
Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/61(a)(b)		545		585,197
Principal Financial Group Inc.
4.30%, 11/15/46 (Call 05/15/46)		283		348,451
4.35%, 05/15/43(a)		283		342,291
4.63%, 09/15/42		215		267,906
6.05%, 10/15/36		306		424,517
Progressive Corp. (The)
3.70%, 01/26/45		400		459,258
3.95%, 03/26/50 (Call 09/26/49)		465		568,435
4.13%, 04/15/47 (Call 10/15/46)		688		845,336
4.20%, 03/15/48 (Call 09/15/47)		491		614,323
4.35%, 04/25/44		281		350,246
6.25%, 12/01/32		692		943,726
Prudential Financial Inc.
3.00%, 03/10/40 (Call 09/10/39)		310		318,748
3.70%, 03/13/51 (Call 09/13/50)		929		1,076,995
3.91%, 12/07/47 (Call 06/07/47)		771		908,572
3.94%, 12/07/49 (Call 06/07/49)		962		1,147,855
4.35%, 02/25/50 (Call 08/25/49)(a)		914		1,164,979
4.42%, 03/27/48 (Call 09/27/47)		550		698,977
4.60%, 05/15/44		716		903,446
5.70%, 12/14/36		876		1,182,009
6.63%, 12/01/37		435		631,670
6.63%, 06/21/40		264		396,835
Series B, 5.75%, 07/15/33		252		330,147
Securian Financial Group Inc., 4.80%, 04/15/48(a)(b)		180		220,922
Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)		315		419,521
Sompo International Holdings Ltd., 7.00%, 07/15/34(a)		420		569,352
Swiss Re Treasury U.S. Corp., 4.25%, 12/06/42(b)		405		494,276
Teachers Insurance & Annuity Association of America
3.30%, 05/15/50 (Call 11/15/49)(b)		1,480		1,568,115
4.27%, 05/15/47 (Call 11/15/46)(b)		1,718		2,105,404
4.90%, 09/15/44(b)		1,177		1,539,446
6.85%, 12/16/39(b)		426		637,808
Transatlantic Holdings Inc., 8.00%, 11/30/39(a)		379		592,946
Travelers Companies Inc. (The)
2.55%, 04/27/50 (Call 10/27/49)		545		533,044
3.05%, 06/08/51 (Call 12/08/50)		215		228,841
3.75%, 05/15/46 (Call 11/15/45)		535		626,403
4.00%, 05/30/47 (Call 11/30/46)		554		675,090
4.05%, 03/07/48 (Call 09/07/47)(a)		469		580,294
4.10%, 03/04/49 (Call 09/04/48)		376		470,172
4.30%, 08/25/45 (Call 02/25/45)		550		694,026
4.60%, 08/01/43		469		606,077
5.35%, 11/01/40		750		1,026,971
6.25%, 06/15/37		837		1,215,096
6.75%, 06/20/36		242		359,119
Travelers Property Casualty Corp., 6.38%, 03/15/33		590		822,652
Trinity Acquisition PLC, 6.13%, 08/15/43(a)		235		322,830
Unum Group
4.13%, 06/15/51 (Call 12/15/50)		125		129,097
4.50%, 12/15/49 (Call 06/15/49)		295		319,793
5.75%, 08/15/42(a)		435		554,181
Validus Holdings Ltd., 8.88%, 01/26/40		100		165,051
Voya Financial Inc.
4.80%, 06/15/46		474		605,992
5.70%, 07/15/43		185		254,757

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
W R Berkley Corp.
3.15%, 09/30/61 (Call 03/30/61)	$	565	$	550,410
3.55%, 03/30/52 (Call 09/30/51)(a)		383		418,183
Western & Southern Financial Group Inc., 5.75%, 07/15/33(a)(b)		240		309,859
Western & Southern Life Insurance Co. (The)
3.75%, 04/28/61 (Call 10/28/60)(a)(b)		620		691,674
5.15%, 01/15/49 (Call 07/15/48)(a)(b)		120		162,137
Willis North America Inc.
3.88%, 09/15/49 (Call 03/15/49)		491		545,031
5.05%, 09/15/48 (Call 03/15/48)		365		478,176
WR Berkley Corp.
4.00%, 05/12/50 (Call 11/12/49)		472		548,917
4.75%, 08/01/44(a)		405		510,392
XLIT Ltd.
5.25%, 12/15/43(a)		165		227,055
5.50%, 03/31/45		356		495,401
				137,417,938
Internet — 1.6%
Alibaba Group Holding Ltd.
2.70%, 02/09/41 (Call 08/09/40)		703		643,188
3.15%, 02/09/51 (Call 08/09/50)		480		457,398
3.25%, 02/09/61 (Call 08/09/60)		760		718,780
4.00%, 12/06/37 (Call 06/06/37)		810		878,978
4.20%, 12/06/47 (Call 06/06/47)		1,980		2,226,218
4.40%, 12/06/57 (Call 06/06/57)		1,055		1,217,131
4.50%, 11/28/34 (Call 05/28/34)		690		779,239
Alphabet Inc.
1.90%, 08/15/40 (Call 02/15/40)		987		894,026
2.05%, 08/15/50 (Call 02/15/50)(a)		1,899		1,705,435
2.25%, 08/15/60 (Call 02/15/60)		1,719		1,543,098
Amazon.com Inc.
2.50%, 06/03/50 (Call 12/03/49)		2,216		2,122,056
2.70%, 06/03/60 (Call 12/03/59)		1,722		1,658,534
2.88%, 05/12/41 (Call 11/12/40)		1,890		1,956,867
3.10%, 05/12/51 (Call 11/12/50)		2,101		2,253,658
3.25%, 05/12/61 (Call 11/12/60)		1,517		1,657,983
3.88%, 08/22/37 (Call 02/22/37)		2,228		2,620,706
4.05%, 08/22/47 (Call 02/22/47)		2,589		3,179,534
4.25%, 08/22/57 (Call 02/22/57)(a)		1,830		2,399,695
4.80%, 12/05/34 (Call 06/05/34)		1,026		1,303,809
4.95%, 12/05/44 (Call 06/05/44)		1,391		1,872,487
eBay Inc.
3.65%, 05/10/51 (Call 11/10/50)		776		846,496
4.00%, 07/15/42 (Call 01/15/42)		609		688,738
JD.com Inc., 4.13%, 01/14/50 (Call 07/14/49)		378		399,183
Prosus NV
3.83%, 02/08/51 (Call 08/08/50)(b)		55		49,900
4.03%, 08/03/50 (Call 02/03/50)(b)		1,625		1,527,412
Tencent Holdings Ltd.
3.24%, 06/03/50 (Call 12/03/49)(b)		1,440		1,396,906
3.29%, 06/03/60 (Call 12/03/59)(b)		860		819,597
3.68%, 04/22/41 (Call 10/22/40)(b)		992		1,036,035
3.84%, 04/22/51 (Call 10/22/50)(b)		1,285		1,356,780
3.93%, 01/19/38 (Call 07/19/37)(b)		645		691,505
3.94%, 04/22/61 (Call 10/22/60)(b)		585		624,968
4.53%, 04/11/49 (Call 10/11/48)(a)(b)		310		363,906
				41,890,246

Security	Par (000)		Value
Iron & Steel — 0.3%
ArcelorMittal SA
6.75%, 03/01/41	$	485	$	668,534
7.00%, 10/15/39		520		724,599
Nucor Corp.
2.98%, 12/15/55 (Call 06/15/55)(b)		683		682,218
4.40%, 05/01/48 (Call 11/01/47)		245		310,600
5.20%, 08/01/43 (Call 02/01/43)		87		115,553
Reliance Steel & Aluminum Co., 6.85%, 11/15/36(a)		165		232,261
Steel Dynamics Inc., 3.25%, 10/15/50 (Call 04/15/50)		385		389,835
Vale Overseas Ltd.
6.88%, 11/21/36		1,440		1,882,843
6.88%, 11/10/39(a)		1,355		1,785,565
8.25%, 01/17/34		170		239,062
Vale SA, 5.63%, 09/11/42		426		508,069
				7,539,139
Leisure Time — 0.0%
Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45)		248		277,620
Lodging — 0.1%
Marriott International Inc./MD
4.50%, 10/01/34 (Call 04/01/34)		230		261,372
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		1,015		1,073,494
Series II, 2.75%, 10/15/33 (Call 07/15/33)		410		400,130
				1,734,996
Machinery — 0.6%
ABB Finance USA Inc., 4.38%, 05/08/42		115		146,433
Caterpillar Inc.
3.25%, 09/19/49 (Call 03/19/49)		1,042		1,158,244
3.25%, 04/09/50 (Call 10/09/49)		1,276		1,429,068
3.80%, 08/15/42		1,183		1,399,014
4.30%, 05/15/44 (Call 11/15/43)		575		720,577
4.75%, 05/15/64 (Call 11/15/63)		350		509,403
5.20%, 05/27/41		772		1,059,762
5.30%, 09/15/35		177		234,913
6.05%, 08/15/36(a)		514		735,992
Crane Co., 4.20%, 03/15/48 (Call 09/15/47)		210		231,717
Deere & Co.
2.88%, 09/07/49 (Call 03/07/49)(a)		758		800,953
3.75%, 04/15/50 (Call 10/15/49)(a)		1,005		1,227,450
3.90%, 06/09/42 (Call 12/09/41)		525		632,442
Dover Corp.
5.38%, 10/15/35		830		1,051,626
5.38%, 03/01/41 (Call 12/01/40)		345		448,561
6.60%, 03/15/38		25		34,684
Flowserve Corp., 2.80%, 01/15/32 (Call 10/15/31)		100		97,812
Otis Worldwide Corp.
3.11%, 02/15/40 (Call 08/15/39)(a)		522		537,221
3.36%, 02/15/50 (Call 08/15/49)		650		695,688
Rockwell Automation Inc.
2.80%, 08/15/61 (Call 02/15/61)		210		208,432
4.20%, 03/01/49 (Call 09/01/48)(a)		706		904,597
6.25%, 12/01/37		25		35,322
Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46)		468		572,364
				14,872,275
Manufacturing — 1.1%
3M Co.
3.13%, 09/19/46 (Call 03/19/46)		464		494,141
3.25%, 08/26/49 (Call 02/26/49)(a)		1,146		1,250,137
3.63%, 10/15/47 (Call 04/15/47)		591		683,167

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Manufacturing (continued)
3.70%, 04/15/50 (Call 10/15/49)(a)	$	650	$	767,938
3.88%, 06/15/44		150		174,981
4.00%, 09/14/48 (Call 03/14/48)		1,024		1,255,325
5.70%, 03/15/37		65		90,274
Eaton Corp.
3.92%, 02/15/47 (Call 03/15/47)		90		105,944
4.00%, 11/02/32		780		899,801
4.15%, 11/02/42		1,203		1,430,871
General Electric Co.
4.13%, 10/09/42		478		563,864
4.25%, 05/01/40 (Call 11/01/39)		613		733,293
4.35%, 05/01/50 (Call 11/01/49)(a)		1,133		1,442,966
4.50%, 03/11/44		635		790,524
5.88%, 01/14/38		1,535		2,119,024
6.15%, 08/07/37		459		647,106
6.75%, 03/15/32		2,209		3,036,161
6.88%, 01/10/39		1,020		1,552,352
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)		914		1,070,471
4.88%, 09/15/41 (Call 03/15/41)		545		717,008
Parker-Hannifin Corp.
4.00%, 06/14/49 (Call 12/14/48)		597		700,714
4.10%, 03/01/47 (Call 09/01/46)		225		263,291
4.20%, 11/21/34 (Call 05/21/34)		430		490,007
4.45%, 11/21/44 (Call 05/21/44)		370		449,225
6.25%, 05/15/38		615		850,008
Siemens Financieringsmaatschappij NV
2.88%, 03/11/41(b)		640		658,488
3.30%, 09/15/46(b)		1,155		1,269,951
4.20%, 03/16/47(a)(b)		1,340		1,688,299
4.40%, 05/27/45(b)		1,433		1,847,118
Trane Technologies Global Holding Co. Ltd.
4.30%, 02/21/48 (Call 08/21/47)		250		307,572
5.75%, 06/15/43		413		592,624
Trane Technologies Luxembourg Finance SA
4.50%, 03/21/49 (Call 09/21/48)		312		392,072
4.65%, 11/01/44 (Call 05/01/44)		256		319,694
				29,654,411
Media — 5.1%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.30%, 02/01/32 (Call 11/01/31)		636		602,216
3.50%, 06/01/41 (Call 12/01/40)		785		770,650
3.50%, 03/01/42 (Call 09/01/41)		500		488,241
3.70%, 04/01/51 (Call 10/01/50)		1,866		1,832,418
3.85%, 04/01/61 (Call 10/01/60)		1,545		1,493,996
3.90%, 06/01/52 (Call 12/01/51)		1,863		1,884,813
3.95%, 06/30/62 (Call 12/30/61)		300		293,729
4.40%, 12/01/61 (Call 06/01/61)		1,127		1,196,736
4.80%, 03/01/50 (Call 09/01/49)		2,523		2,867,654
5.13%, 07/01/49 (Call 01/01/49)		1,252		1,481,751
5.38%, 04/01/38 (Call 10/01/37)		944		1,133,725
5.38%, 05/01/47 (Call 11/01/46)		2,140		2,594,332
5.75%, 04/01/48 (Call 10/01/47)		2,206		2,819,657
6.38%, 10/23/35 (Call 04/23/35)		1,675		2,175,491
6.48%, 10/23/45 (Call 04/23/45)		2,910		4,014,271
6.83%, 10/23/55 (Call 04/23/55)(a)		502		744,886
Comcast Corp.
2.45%, 08/15/52 (Call 02/15/52)(a)		1,056		959,579
2.65%, 08/15/62 (Call 02/15/62)		820		740,091

Security	Par (000)		Value
Media (continued)
2.80%, 01/15/51 (Call 07/15/50)	$	1,376	$	1,321,006
2.89%, 11/01/51 (Call 05/01/51)(b)		5,103		4,963,896
2.94%, 11/01/56 (Call 05/01/56)(b)		5,146		4,961,817
2.99%, 11/01/63 (Call 05/01/63)(b)		3,309		3,165,370
3.20%, 07/15/36 (Call 01/15/36)		885		941,411
3.25%, 11/01/39 (Call 05/01/39)		1,353		1,421,842
3.40%, 07/15/46 (Call 01/15/46)		1,272		1,371,027
3.45%, 02/01/50 (Call 08/01/49)		1,640		1,767,506
3.75%, 04/01/40 (Call 10/01/39)		1,574		1,763,465
3.90%, 03/01/38 (Call 09/01/37)		1,095		1,242,172
3.97%, 11/01/47 (Call 05/01/47)		1,789		2,059,929
4.00%, 08/15/47 (Call 02/15/47)		742		861,401
4.00%, 03/01/48 (Call 09/01/47)		1,067		1,239,196
4.00%, 11/01/49 (Call 05/01/49)		1,663		1,938,613
4.05%, 11/01/52 (Call 05/01/52)		848		998,533
4.20%, 08/15/34 (Call 02/15/34)		926		1,082,780
4.25%, 01/15/33		1,389		1,626,070
4.40%, 02/25/35 (Call 02/15/35)(a)		740		877,502
4.60%, 10/15/38 (Call 04/15/38)		1,018		1,246,028
4.60%, 08/15/45 (Call 02/15/45)		865		1,090,451
4.65%, 07/15/42		431		535,585
4.70%, 10/15/48 (Call 04/15/48)		1,700		2,201,750
4.75%, 03/01/44		375		474,527
4.95%, 10/15/58 (Call 04/15/58)		687		955,654
5.65%, 06/15/35(a)		801		1,061,566
6.50%, 11/15/35		952		1,363,057
6.95%, 08/15/37		75		114,123
7.05%, 03/15/33		882		1,268,343
Cox Communications Inc.
2.95%, 10/01/50 (Call 04/01/50)(b)		775		738,550
3.60%, 06/15/51 (Call 12/15/50)(b)		742		794,754
4.50%, 06/30/43 (Call 12/30/42)(b)		201		234,575
4.60%, 08/15/47 (Call 02/15/47)(b)		125		153,614
4.70%, 12/15/42(a)(b)		371		448,334
4.80%, 02/01/35 (Call 08/01/34)(b)		435		516,310
Discovery Communications LLC
4.00%, 09/15/55 (Call 03/15/55)(a)		1,438		1,526,851
4.65%, 05/15/50 (Call 11/15/49)(a)		935		1,102,289
4.88%, 04/01/43		370		439,114
4.95%, 05/15/42(a)		286		337,491
5.00%, 09/20/37 (Call 03/20/37)		375		447,473
5.20%, 09/20/47 (Call 03/20/47)		1,040		1,301,641
5.30%, 05/15/49 (Call 11/15/48)		708		902,698
6.35%, 06/01/40(a)		544		752,278
Fox Corp.
5.48%, 01/25/39 (Call 07/25/38)		799		1,033,255
5.58%, 01/25/49 (Call 07/25/48)(a)		1,330		1,824,662
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)(a)		785		954,229
5.25%, 05/24/49 (Call 11/24/48)(a)		610		792,922
6.13%, 06/30/45 (Call 07/31/45)		790		1,100,186
6.63%, 01/15/40		681		947,672
NBCUniversal Media LLC
4.45%, 01/15/43		789		955,708
5.95%, 04/01/41		591		849,152
6.40%, 04/30/40		90		133,497
Sky Group Finance Ltd., 6.50%, 10/15/35(b)		155		220,813
Thomson Reuters Corp.
5.50%, 08/15/35(a)		500		647,987
5.65%, 11/23/43 (Call 05/23/43)		190		262,524

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
5.85%, 04/15/40(a)	$	660	$	918,177
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)		671		733,476
5.50%, 09/01/41 (Call 03/01/41)		1,147		1,403,101
5.88%, 11/15/40 (Call 05/15/40)		1,025		1,291,724
6.55%, 05/01/37(a)		1,404		1,886,847
6.75%, 06/15/39		1,294		1,771,982
7.30%, 07/01/38		1,425		2,050,916
Time Warner Entertainment Co. LP, 8.38%, 07/15/33		935		1,374,413
TWDC Enterprises 18 Corp.
3.00%, 07/30/46(a)		425		443,403
3.70%, 12/01/42(a)		577		650,833
4.13%, 06/01/44		1,087		1,296,656
4.38%, 08/16/41(a)		650		792,860
Series B, 7.00%, 03/01/32		357		506,514
Series E, 4.13%, 12/01/41		555		657,717
ViacomCBS Inc.
4.20%, 05/19/32 (Call 02/19/32)		595		677,216
4.38%, 03/15/43(a)		1,203		1,375,472
4.60%, 01/15/45 (Call 07/15/44)		495		595,166
4.85%, 07/01/42 (Call 01/01/42)		357		428,652
4.90%, 08/15/44 (Call 02/15/44)		380		463,849
4.95%, 05/19/50 (Call 11/19/49)		773		977,493
5.25%, 04/01/44 (Call 10/01/43)		295		372,941
5.50%, 05/15/33(a)		482		607,504
5.85%, 09/01/43 (Call 03/01/43)(a)		926		1,260,165
5.90%, 10/15/40 (Call 04/15/40)		350		465,276
6.88%, 04/30/36		1,273		1,815,535
Walt Disney Co. (The)
2.75%, 09/01/49 (Call 03/01/49)		1,852		1,818,917
3.50%, 05/13/40 (Call 11/13/39)		1,480		1,634,904
3.60%, 01/13/51 (Call 07/13/50)(a)		1,615		1,844,673
3.80%, 05/13/60 (Call 11/13/59)		894		1,058,572
4.63%, 03/23/40 (Call 09/23/39)		725		906,482
4.70%, 03/23/50 (Call 09/23/49)		1,630		2,183,473
4.75%, 09/15/44 (Call 03/15/44)		599		768,956
4.75%, 11/15/46 (Call 05/15/46)		559		733,433
4.95%, 10/15/45 (Call 04/15/45)		540		719,471
5.40%, 10/01/43		590		814,795
6.15%, 03/01/37		285		403,788
6.15%, 02/15/41		129		189,255
6.20%, 12/15/34		806		1,128,251
6.40%, 12/15/35		777		1,121,280
6.55%, 03/15/33		251		349,220
6.65%, 11/15/37		1,279		1,907,698
				133,828,491
Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp.
3.90%, 01/15/43 (Call 07/15/42)		346		398,144
4.20%, 06/15/35 (Call 12/15/34)(a)		721		849,454
4.38%, 06/15/45 (Call 12/15/44)		366		450,847
Valmont Industries Inc.
5.00%, 10/01/44 (Call 04/01/44)		375		466,329
5.25%, 10/01/54 (Call 04/01/54)		148		190,389
				2,355,163
Mining — 1.6%
Anglo American Capital PLC, 3.95%, 09/10/50 (Call 03/10/50)(b)		505		545,277

Security	Par (000)		Value
Mining (continued)
Barrick Gold Corp.
5.25%, 04/01/42(a)	$	603	$	788,296
6.45%, 10/15/35		325		449,550
Barrick International Barbados Corp., 6.35%, 10/15/36(b)		600		824,513
Barrick North America Finance LLC
5.70%, 05/30/41		1,095		1,495,842
5.75%, 05/01/43		363		501,299
7.50%, 09/15/38		55		83,533
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		958		1,319,219
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42		986		1,170,593
5.00%, 09/30/43		2,105		2,807,584
Corp. Nacional del Cobre de Chile
3.15%, 01/15/51 (Call 07/15/50)(b)		395		362,993
3.70%, 01/30/50 (Call 07/30/49)(b)		2,390		2,421,261
4.25%, 07/17/42(b)		1,010		1,106,334
4.38%, 02/05/49 (Call 08/05/48)(b)		1,174		1,322,171
4.50%, 08/01/47 (Call 02/01/47)(b)		1,145		1,308,930
4.88%, 11/04/44(b)		845		1,000,472
5.63%, 09/21/35(b)		100		124,733
5.63%, 10/18/43(b)		775		999,804
6.15%, 10/24/36(a)(b)		205		266,828
Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(a)(b)		400		409,000
Glencore Canada Corp., 6.20%, 06/15/35		340		423,249
Glencore Finance Canada Ltd.
5.55%, 10/25/42(b)		280		357,322
6.00%, 11/15/41(a)(b)		348		459,148
6.90%, 11/15/37(b)		535		748,502
Glencore Funding LLC
3.38%, 09/23/51 (Call 03/23/51)(b)		545		528,015
3.88%, 04/27/51 (Call 10/27/50)(a)(b)		345		366,330
Indonesia Asahan Aluminium Persero PT
5.80%, 05/15/50 (Call 11/15/49)(a)(b)		380		444,600
6.76%, 11/15/48(a)(b)		594		765,814
Industrias Penoles SAB de CV
4.75%, 08/06/50 (Call 02/06/50)(a)(b)		288		312,480
5.65%, 09/12/49 (Call 03/12/49)(b)		545		661,499
Kinross Gold Corp., 6.88%, 09/01/41 (Call 03/01/41)		242		333,555
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(a)(b)		875		955,937
Newcrest Finance Pty Ltd.
4.20%, 05/13/50 (Call 11/13/49)(b)		468		549,982
5.75%, 11/15/41(a)(b)		500		661,689
Newmont Corp.
4.88%, 03/15/42 (Call 09/15/41)		859		1,081,222
5.45%, 06/09/44 (Call 12/09/43)		365		495,613
5.88%, 04/01/35		547		720,746
6.25%, 10/01/39		624		883,789
Rio Tinto Alcan Inc.
5.75%, 06/01/35(a)		481		650,645
6.13%, 12/15/33(a)		781		1,084,762
Rio Tinto Finance USA Ltd.
2.75%, 11/02/51		940		929,745
5.20%, 11/02/40		1,058		1,426,593
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)(a)		634		765,919
4.75%, 03/22/42 (Call 09/22/41)		373		479,717
Southern Copper Corp.
5.25%, 11/08/42		665		824,939
5.88%, 04/23/45(a)		1,153		1,565,255

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mining (continued)
6.75%, 04/16/40	$	1,174	$	1,630,392
7.50%, 07/27/35		942		1,344,705
Teck Resources Ltd.
5.20%, 03/01/42 (Call 09/01/41)		345		411,393
5.40%, 02/01/43 (Call 08/01/42)(a)		265		329,034
6.00%, 08/15/40 (Call 02/15/40)		415		537,472
6.13%, 10/01/35		125		161,506
6.25%, 07/15/41 (Call 01/15/41)(a)		542		724,738
Vale Canada Ltd., 7.20%, 09/15/32		50		62,505
				42,987,044
Oil & Gas — 5.9%
BG Energy Capital PLC, 5.13%, 10/15/41(b)		650		851,327
BP Capital Markets America Inc.
2.77%, 11/10/50 (Call 05/10/50)		1,392		1,321,511
2.94%, 06/04/51 (Call 12/04/50)		1,827		1,783,137
3.00%, 02/24/50 (Call 08/24/49)		1,773		1,753,167
3.00%, 03/17/52 (Call 09/17/51)		1,239		1,221,046
3.06%, 06/17/41 (Call 12/17/40)		1,250		1,262,111
3.38%, 02/08/61 (Call 08/08/60)		1,344		1,378,042
Burlington Resources LLC, 5.95%, 10/15/36		677		925,507
Canadian Natural Resources Ltd.
4.95%, 06/01/47 (Call 12/01/46)(a)		282		358,729
5.85%, 02/01/35		401		504,396
6.25%, 03/15/38		851		1,137,981
6.45%, 06/30/33		372		484,358
6.50%, 02/15/37		677		907,160
6.75%, 02/01/39		635		891,949
Cenovus Energy Inc.
3.75%, 02/15/52 (Call 08/15/51)(a)		675		683,033
5.25%, 06/15/37 (Call 12/15/36)		472		565,564
5.40%, 06/15/47 (Call 12/15/46)(a)		710		887,904
6.75%, 11/15/39		1,247		1,709,264
6.80%, 09/15/37		373		503,362
Chevron Corp., 3.08%, 05/11/50 (Call 11/11/49)(a)		970		1,039,724
Chevron USA Inc.
2.34%, 08/12/50 (Call 02/12/50)		853		800,520
4.20%, 10/15/49 (Call 04/15/49)		485		611,094
5.25%, 11/15/43 (Call 05/15/43)		95		131,975
CNOOC Finance 2012 Ltd., 5.00%, 05/02/42(b)		250		293,605
CNOOC Finance 2013 Ltd.
3.30%, 09/30/49 (Call 03/30/49)		650		603,218
4.25%, 05/09/43(a)		220		237,325
CNOOC Finance 2014 ULC, 4.88%, 04/30/44(a)		405		475,476
CNOOC Finance 2015 Australia Pty Ltd., 4.20%, 05/05/45		400		430,872
CNOOC Petroleum North America ULC
5.88%, 03/10/35		1,192		1,466,349
6.40%, 05/15/37		845		1,122,473
7.50%, 07/30/39		660		988,470
CNPC HK Overseas Capital Ltd., 5.95%, 04/28/41(b)		355		500,163
ConocoPhillips
4.85%, 08/15/48 (Call 02/15/48)(b)		615		820,682
4.88%, 10/01/47 (Call 04/01/47)(b)		870		1,159,177
5.90%, 10/15/32		595		781,564
5.90%, 05/15/38		442		611,631
6.50%, 02/01/39(a)		2,482		3,663,970
ConocoPhillips Co.
4.30%, 11/15/44 (Call 05/15/44)		523		635,179
5.95%, 03/15/46 (Call 09/15/45)		345		521,826
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		668		776,973

Security	Par (000)		Value
Oil & Gas (continued)
5.00%, 06/15/45 (Call 12/15/44)(a)	$	552	$	671,527
5.60%, 07/15/41 (Call 01/15/41)(a)		1,226		1,548,076
7.95%, 04/15/32		230		326,706
Diamondback Energy Inc., 4.40%, 03/24/51 (Call 09/24/50)		509		586,598
Empresa Nacional del Petroleo, 4.50%, 09/14/47 (Call 03/14/47)(b)		591		584,384
Eni SpA, 5.70%, 10/01/40(b)		320		412,143
EOG Resources Inc.
3.90%, 04/01/35 (Call 10/01/34)		373		422,537
4.95%, 04/15/50 (Call 10/15/49)(a)		672		911,440
5.10%, 01/15/36 (Call 07/15/35)		207		252,790
Equinor ASA
3.25%, 11/18/49 (Call 05/18/49)		1,012		1,096,078
3.63%, 04/06/40 (Call 10/06/39)		610		687,406
3.70%, 04/06/50 (Call 10/06/49)(a)		1,042		1,221,823
3.95%, 05/15/43(a)		795		932,778
4.25%, 11/23/41		630		769,333
4.80%, 11/08/43(a)		651		855,440
5.10%, 08/17/40		773		1,029,339
Exxon Mobil Corp.
3.00%, 08/16/39 (Call 02/16/39)		893		923,309
3.10%, 08/16/49 (Call 02/16/49)		1,341		1,399,968
3.45%, 04/15/51 (Call 10/15/50)(a)		1,725		1,912,487
3.57%, 03/06/45 (Call 09/06/44)		1,047		1,169,312
4.11%, 03/01/46 (Call 09/01/45)		2,280		2,739,490
4.23%, 03/19/40 (Call 09/19/39)		1,886		2,255,057
4.33%, 03/19/50 (Call 09/19/49)		2,350		2,964,013
Gazprom PJSC Via Gaz Capital SA, 7.29%, 08/16/37(b)		1,200		1,617,691
Hess Corp.
5.60%, 02/15/41		1,241		1,563,866
5.80%, 04/01/47 (Call 10/01/46)		413		551,516
6.00%, 01/15/40		525		683,485
7.13%, 03/15/33		665		895,203
KazMunayGas National Co. JSC
3.50%, 04/14/33 (Call 10/14/32)(b)		80		82,741
6.38%, 10/24/48(b)		1,365		1,754,107
Marathon Oil Corp.
5.20%, 06/01/45 (Call 12/01/44)		205		251,632
6.60%, 10/01/37		897		1,208,260
6.80%, 03/15/32		508		660,961
Marathon Petroleum Corp.
4.50%, 04/01/48 (Call 10/01/47)(a)		405		472,837
4.75%, 09/15/44 (Call 03/15/44)		818		954,670
5.00%, 09/15/54 (Call 03/15/54)		428		530,199
5.85%, 12/15/45 (Call 06/15/45)		264		343,911
6.50%, 03/01/41 (Call 09/01/40)		953		1,324,431
Motiva Enterprises LLC, 6.85%, 01/15/40(b)		1,035		1,302,237
Pertamina Persero PT
4.15%, 02/25/60 (Call 08/25/59)(a)(b)		445		441,152
4.18%, 01/21/50 (Call 07/21/49)(b)		870		888,020
4.70%, 07/30/49(a)(b)		795		859,837
5.63%, 05/20/43(b)		1,065		1,270,552
6.00%, 05/03/42(b)		684		839,938
6.45%, 05/30/44(b)		1,825		2,387,932
6.50%, 05/27/41(b)		375		484,614
6.50%, 11/07/48(a)(b)		745		986,573
Petroleos del Peru SA
4.75%, 06/19/32(b)		824		870,556
5.63%, 06/19/47(b)		1,670		1,695,050

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
Petronas Capital Ltd.
3.40%, 04/28/61 (Call 10/28/60)(b)	$	110	$	111,262
4.50%, 03/18/45(b)		1,370		1,652,900
4.55%, 04/21/50 (Call 10/21/49)(b)		3,455		4,271,277
4.80%, 04/21/60 (Call 10/21/59)(b)		1,170		1,529,827
Phillips 66
4.65%, 11/15/34 (Call 05/15/34)		799		940,347
4.88%, 11/15/44 (Call 05/15/44)(a)		1,180		1,486,766
5.88%, 05/01/42		1,478		2,030,543
PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59(a)(b)		535		552,373
Qatar Petroleum
3.13%, 07/12/41 (Call 01/12/41)(b)		2,365		2,386,739
3.30%, 07/12/51 (Call 01/12/51)(b)		3,245		3,306,785
Saudi Arabian Oil Co.
3.25%, 11/24/50 (Call 05/24/50)(b)		2,109		2,022,531
3.50%, 11/24/70 (Call 05/24/70)(b)		1,655		1,570,264
4.25%, 04/16/39(b)		2,690		3,009,518
4.38%, 04/16/49(b)		2,573		2,953,547
Shell International Finance BV
3.13%, 11/07/49 (Call 05/07/49)		1,241		1,319,688
3.25%, 04/06/50 (Call 10/06/49)(a)		1,603		1,750,305
3.63%, 08/21/42		703		787,734
3.75%, 09/12/46		939		1,092,683
4.00%, 05/10/46		1,888		2,264,248
4.13%, 05/11/35		1,038		1,226,016
4.38%, 05/11/45		2,446		3,067,690
4.55%, 08/12/43		1,050		1,324,776
5.50%, 03/25/40		769		1,063,437
6.38%, 12/15/38		2,516		3,725,793
Sinopec Capital 2013 Ltd., 4.25%, 04/24/43(b)		400		464,088
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42(b)		700		864,716
Sinopec Group Overseas Development 2013 Ltd., 5.38%, 10/17/43(b)		250		332,420
Sinopec Group Overseas Development 2015 Ltd., 4.10%, 04/28/45(b)		155		175,045
Sinopec Group Overseas Development 2017 Ltd.
4.00%, 09/13/47(b)		720		812,526
4.25%, 04/12/47(a)(b)		440		517,413
Sinopec Group Overseas Development 2018 Ltd.
3.35%, 05/13/50 (Call 11/13/49)(b)		850		861,850
3.68%, 08/08/49 (Call 02/08/49)(b)		980		1,052,481
4.60%, 09/12/48(b)		455		561,530
Suncor Energy Inc.
3.75%, 03/04/51 (Call 09/04/50)(a)		614		670,461
4.00%, 11/15/47 (Call 05/15/47)(a)		655		739,402
5.35%, 07/15/33		375		458,783
5.95%, 12/01/34		205		265,876
5.95%, 05/15/35		601		779,225
6.50%, 06/15/38(a)		957		1,329,533
6.80%, 05/15/38		913		1,298,263
6.85%, 06/01/39		750		1,089,435
7.15%, 02/01/32		215		294,969
Thaioil Treasury Center Co. Ltd.
3.50%, 10/17/49(b)		420		372,065
3.75%, 06/18/50(b)		620		573,575
5.38%, 11/20/48(b)		600		685,557
TotalEnergies Capital International SA
2.99%, 06/29/41 (Call 12/29/40)		680		697,098
3.13%, 05/29/50 (Call 11/29/49)		1,979		2,076,889

Security	Par (000)		Value
Oil & Gas (continued)
3.39%, 06/29/60 (Call 12/29/59)	$	657	$	711,782
3.46%, 07/12/49 (Call 01/12/49)(a)		696		770,739
Valero Energy Corp.
4.90%, 03/15/45(a)		431		536,706
6.63%, 06/15/37		1,159		1,583,627
7.50%, 04/15/32(a)		570		792,399
10.50%, 03/15/39		473		843,980
XTO Energy Inc., 6.75%, 08/01/37		25		36,307
				155,091,608
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)		1,003		1,145,029
Baker Hughes Holdings LLC, 5.13%, 09/15/40		1,124		1,430,733
Halliburton Co.
4.50%, 11/15/41 (Call 05/15/41)		462		521,150
4.75%, 08/01/43 (Call 02/01/43)		798		938,276
4.85%, 11/15/35 (Call 05/15/35)		754		894,278
5.00%, 11/15/45 (Call 05/15/45)		1,644		2,036,718
6.70%, 09/15/38		880		1,222,895
7.45%, 09/15/39		800		1,191,373
NOV Inc., 3.95%, 12/01/42 (Call 06/01/42)(a)		809		805,309
				10,185,761
Packaging & Containers — 0.1%
Packaging Corp. of America
3.05%, 10/01/51 (Call 04/01/51)		325		329,125
4.05%, 12/15/49 (Call 06/15/49)		207		245,976
Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/40)		385		525,502
WRKCo Inc.
3.00%, 06/15/33 (Call 03/15/33)(a)		517		536,703
4.20%, 06/01/32 (Call 03/01/32)		584		667,460
				2,304,766
Pharmaceuticals — 6.4%
AbbVie Inc.
4.05%, 11/21/39 (Call 05/21/39)		3,348		3,846,611
4.25%, 11/21/49 (Call 05/21/49)		4,626		5,563,308
4.30%, 05/14/36 (Call 11/14/35)		957		1,110,069
4.40%, 11/06/42		2,208		2,651,354
4.45%, 05/14/46 (Call 11/14/45)		1,639		2,003,363
4.50%, 05/14/35 (Call 11/14/34)		2,063		2,439,895
4.55%, 03/15/35 (Call 09/15/34)		1,317		1,569,058
4.63%, 10/01/42 (Call 04/01/42)		400		485,139
4.70%, 05/14/45 (Call 11/14/44)		2,246		2,816,901
4.75%, 03/15/45 (Call 09/15/44)		839		1,052,668
4.85%, 06/15/44 (Call 12/15/43)		920		1,164,231
4.88%, 11/14/48 (Call 05/14/48)		1,570		2,065,556
AmerisourceBergen Corp.
4.25%, 03/01/45 (Call 09/01/44)		416		486,426
4.30%, 12/15/47 (Call 06/15/47)		444		525,151
AstraZeneca PLC
2.13%, 08/06/50 (Call 02/06/50)		435		388,068
3.00%, 05/28/51 (Call 11/28/50)(a)		770		814,519
4.00%, 09/18/42		988		1,189,701
4.38%, 11/16/45		717		926,549
4.38%, 08/17/48 (Call 02/17/48)		574		749,680
6.45%, 09/15/37		2,403		3,578,039
Bayer U.S. Finance II LLC
3.95%, 04/15/45 (Call 10/15/44)(b)		420		454,267
4.20%, 07/15/34 (Call 01/15/34)(a)(b)		693		774,892
4.40%, 07/15/44 (Call 01/15/44)(a)(b)		964		1,101,246

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
4.63%, 06/25/38 (Call 12/25/37)(b)	$	879	$	1,039,452
4.65%, 11/15/43 (Call 05/15/43)(b)		125		142,894
4.70%, 07/15/64 (Call 01/15/64)(a)(b)		776		920,639
4.88%, 06/25/48 (Call 12/25/47)(b)		1,425		1,792,275
5.50%, 07/30/35(b)		75		90,776
Becton Dickinson and Co.
3.79%, 05/20/50 (Call 11/20/49)		813		925,698
4.67%, 06/06/47 (Call 12/06/46)		1,386		1,761,851
4.69%, 12/15/44 (Call 06/15/44)		718		900,342
Bristol-Myers Squibb Co.
2.35%, 11/13/40 (Call 05/13/40)(a)		992		947,708
2.55%, 11/13/50 (Call 05/13/50)		1,190		1,138,506
3.25%, 08/01/42		969		1,059,962
4.13%, 06/15/39 (Call 12/15/38)		1,828		2,183,720
4.25%, 10/26/49 (Call 04/26/49)		2,661		3,345,259
4.35%, 11/15/47 (Call 05/15/47)(a)		1,315		1,666,092
4.50%, 03/01/44 (Call 09/01/43)(a)		729		921,585
4.55%, 02/20/48 (Call 08/20/47)		1,455		1,904,707
4.63%, 05/15/44 (Call 11/15/43)		84		108,083
5.00%, 08/15/45 (Call 02/15/45)		1,665		2,267,242
Cardinal Health Inc.
4.37%, 06/15/47 (Call 12/15/46)		381		435,698
4.50%, 11/15/44 (Call 05/15/44)		398		456,340
4.60%, 03/15/43		403		472,893
4.90%, 09/15/45 (Call 03/15/45)(a)		310		376,518
Cigna Corp.
3.20%, 03/15/40 (Call 09/15/39)		812		836,891
3.40%, 03/15/50 (Call 09/15/49)(a)		1,081		1,140,274
3.40%, 03/15/51 (Call 09/15/50)		1,250		1,322,278
3.88%, 10/15/47 (Call 04/15/47)		869		973,089
4.80%, 08/15/38 (Call 02/15/38)		1,871		2,299,404
4.80%, 07/15/46 (Call 01/16/46)		1,188		1,499,281
4.90%, 12/15/48 (Call 06/15/48)		2,442		3,161,133
5.38%, 02/15/42 (Call 08/15/41)		345		439,298
6.13%, 11/15/41		344		489,818
CVS Health Corp.
2.70%, 08/21/40 (Call 02/21/40)		1,370		1,313,534
4.13%, 04/01/40 (Call 10/01/39)		1,208		1,385,766
4.25%, 04/01/50 (Call 10/01/49)(a)		893		1,081,389
4.78%, 03/25/38 (Call 09/25/37)		4,266		5,219,462
4.88%, 07/20/35 (Call 01/20/35)		599		720,800
5.05%, 03/25/48 (Call 09/25/47)		6,372		8,377,423
5.13%, 07/20/45 (Call 01/20/45)		2,722		3,581,450
5.30%, 12/05/43 (Call 06/05/43)		778		1,026,113
6.13%, 09/15/39(a)		88		121,080
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)(a)		1,835		1,701,214
2.50%, 09/15/60 (Call 03/15/60)		1,016		956,517
3.70%, 03/01/45 (Call 09/01/44)		151		176,014
3.95%, 03/15/49 (Call 09/15/48)		45		55,584
4.15%, 03/15/59 (Call 09/15/58)		25		32,647
GlaxoSmithKline Capital Inc.
4.20%, 03/18/43(a)		365		448,514
5.38%, 04/15/34(a)		951		1,248,180
6.38%, 05/15/38		2,223		3,290,024
Johnson & Johnson
2.10%, 09/01/40 (Call 03/01/40)		944		898,208
2.25%, 09/01/50 (Call 03/01/50)(a)		1,104		1,058,681
2.45%, 09/01/60 (Call 03/01/60)		867		837,567
3.40%, 01/15/38 (Call 07/15/37)		917		1,035,915

Security	Par (000)		Value
Pharmaceuticals (continued)
3.50%, 01/15/48 (Call 07/15/47)	$	792	$	933,337
3.55%, 03/01/36 (Call 09/01/35)		817		937,277
3.63%, 03/03/37 (Call 09/03/36)		1,217		1,411,454
3.70%, 03/01/46 (Call 09/01/45)		1,161		1,393,464
3.75%, 03/03/47 (Call 09/03/46)(a)		935		1,133,688
4.38%, 12/05/33 (Call 06/05/33)		869		1,066,840
4.50%, 09/01/40		377		486,426
4.50%, 12/05/43 (Call 06/05/43)		634		825,837
4.85%, 05/15/41		296		395,653
4.95%, 05/15/33(a)		491		632,115
5.85%, 07/15/38		652		952,541
5.95%, 08/15/37(a)		930		1,348,080
Mead Johnson Nutrition Co.
4.60%, 06/01/44 (Call 12/01/43)		453		587,641
5.90%, 11/01/39		225		317,992
Merck & Co. Inc.
2.35%, 06/24/40 (Call 12/24/39)		1,034		989,125
2.45%, 06/24/50 (Call 12/24/49)(a)		1,123		1,070,356
3.60%, 09/15/42 (Call 03/15/42)		629		714,572
3.70%, 02/10/45 (Call 08/10/44)(a)		1,781		2,069,360
3.90%, 03/07/39 (Call 09/07/38)		1,087		1,272,117
4.00%, 03/07/49 (Call 09/07/48)		1,351		1,670,336
4.15%, 05/18/43		1,155		1,412,442
6.50%, 12/01/33(a)		230		336,755
6.55%, 09/15/37		430		642,623
Merck Sharp & Dohme Corp., 5.75%, 11/15/36(a)		25		34,501
Mylan Inc.
5.20%, 04/15/48 (Call 10/15/47)		683		848,468
5.40%, 11/29/43 (Call 05/29/43)		455		567,997
Novartis Capital Corp.
2.75%, 08/14/50 (Call 02/14/50)		1,196		1,224,367
3.70%, 09/21/42		392		453,134
4.00%, 11/20/45 (Call 05/20/45)		1,117		1,369,957
4.40%, 05/06/44		1,625		2,076,851
Pfizer Inc.
2.55%, 05/28/40 (Call 11/28/39)		975		970,404
2.70%, 05/28/50 (Call 11/28/49)(a)		821		832,813
3.90%, 03/15/39 (Call 09/15/38)		880		1,036,594
4.00%, 12/15/36		961		1,143,463
4.00%, 03/15/49 (Call 09/15/48)		884		1,091,801
4.10%, 09/15/38 (Call 03/15/38)		747		896,139
4.13%, 12/15/46		1,066		1,327,156
4.20%, 09/15/48 (Call 03/15/48)		948		1,203,172
4.30%, 06/15/43		734		908,820
4.40%, 05/15/44		960		1,213,543
5.60%, 09/15/40		459		649,961
7.20%, 03/15/39		2,171		3,507,173
Takeda Pharmaceutical Co. Ltd.
3.03%, 07/09/40 (Call 01/09/40)		1,486		1,510,663
3.18%, 07/09/50 (Call 01/09/50)		1,410		1,441,646
3.38%, 07/09/60 (Call 01/09/60)(a)		1,042		1,105,916
Utah Acquisition Sub Inc., 5.25%, 06/15/46
(Call 12/15/45)		824		1,027,704
Viatris Inc.
3.85%, 06/22/40 (Call 12/22/39)(b)		1,235		1,322,658
4.00%, 06/22/50 (Call 12/22/49)(b)		1,650		1,771,209
Wyeth LLC
5.95%, 04/01/37		1,058		1,499,487
6.00%, 02/15/36		598		834,673
6.50%, 02/01/34		895		1,279,222

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
Zoetis Inc.
3.00%, 05/15/50 (Call 11/15/49)	$	470	$	492,713
3.95%, 09/12/47 (Call 03/12/47)		506		604,417
4.45%, 08/20/48 (Call 02/20/48)		500		640,372
4.70%, 02/01/43 (Call 08/01/42)		900		1,145,209
				167,974,713
Pipelines — 4.3%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47(b)		1,839		2,134,785
Cameron LNG LLC
3.30%, 01/15/35 (Call 09/15/34)(b)		584		618,153
3.40%, 01/15/38 (Call 07/15/37)(b)		410		427,583
3.70%, 01/15/39 (Call 07/15/38)(b)		723		796,726
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39 (Call 07/04/39)(a)(b)		460		449,511
Colonial Pipeline Co.
4.25%, 04/15/48 (Call 10/15/47)(b)		730		862,015
7.63%, 04/15/32(b)		85		120,157
Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44)		445		607,257
Eastern Gas Transmission & Storage Inc.
3.90%, 11/15/49 (Call 05/15/49)(b)		266		298,622
4.60%, 12/15/44 (Call 06/15/44)(b)		434		526,340
4.80%, 11/01/43 (Call 05/01/43)(b)		383		475,100
El Paso Natural Gas Co. LLC, 8.38%, 06/15/32(a)		135		194,326
Enable Midstream Partners LP, 5.00%, 05/15/44 (Call 11/15/43)		545		590,993
Enbridge Energy Partners LP
5.50%, 09/15/40 (Call 03/15/40)		633		813,651
7.38%, 10/15/45 (Call 04/15/45)		481		773,191
Series B, 7.50%, 04/15/38		250		374,210
Enbridge Inc.
2.50%, 08/01/33 (Call 05/01/33)(a)		185		183,209
3.40%, 08/01/51 (Call 02/01/51)		905		930,976
4.00%, 11/15/49 (Call 05/15/49)		490		559,605
4.50%, 06/10/44 (Call 12/10/43)		379		442,533
5.50%, 05/29/46 (Call 06/01/46)		580		790,545
Energy Transfer LP
4.90%, 03/15/35 (Call 09/15/34)(a)		328		372,416
4.95%, 01/15/43 (Call 07/15/42)		273		301,617
5.00%, 05/15/50 (Call 11/15/49)		1,555		1,820,728
5.15%, 02/01/43 (Call 08/01/42)		530		598,525
5.15%, 03/15/45 (Call 09/15/44)		592		689,909
5.30%, 04/01/44 (Call 10/01/43)		711		833,316
5.30%, 04/15/47 (Call 10/15/46)		785		930,814
5.35%, 05/15/45 (Call 11/15/44)		607		717,764
5.40%, 10/01/47 (Call 04/01/47)		1,237		1,484,891
5.95%, 10/01/43 (Call 04/01/43)		405		500,458
6.00%, 06/15/48 (Call 12/15/47)		847		1,081,488
6.05%, 06/01/41 (Call 12/01/40)		455		569,870
6.10%, 02/15/42		290		358,431
6.13%, 12/15/45 (Call 06/15/45)		846		1,085,295
6.25%, 04/15/49 (Call 10/15/48)		1,400		1,859,204
6.50%, 02/01/42 (Call 08/01/41)		789		1,031,274
6.63%, 10/15/36		481		625,343
6.85%, 02/15/40		100		128,410
7.50%, 07/01/38		611		850,799
Series 20Y, 5.80%, 06/15/38 (Call 12/15/37)		458		559,931
Enterprise Products Operating LLC
3.20%, 02/15/52 (Call 08/15/51)		873		861,275
3.30%, 02/15/53 (Call 08/15/52)		450		450,951

Security	Par (000)		Value
Pipelines (continued)
3.70%, 01/31/51 (Call 07/31/50)	$	807	$	855,968
3.95%, 01/31/60 (Call 07/31/59)		954		1,045,854
4.20%, 01/31/50 (Call 07/31/49)		1,032		1,181,248
4.25%, 02/15/48 (Call 08/15/47)		1,112		1,272,985
4.45%, 02/15/43 (Call 08/15/42)		951		1,090,419
4.80%, 02/01/49 (Call 08/01/48)		1,094		1,350,031
4.85%, 08/15/42 (Call 02/15/42)		788		953,789
4.85%, 03/15/44 (Call 09/15/43)		1,040		1,257,768
4.90%, 05/15/46 (Call 11/15/45)		936		1,150,319
4.95%, 10/15/54 (Call 04/15/54)		291		374,127
5.10%, 02/15/45 (Call 08/15/44)		829		1,040,971
5.70%, 02/15/42		529		700,085
5.95%, 02/01/41		790		1,073,170
6.13%, 10/15/39		670		919,873
6.45%, 09/01/40		160		226,259
7.55%, 04/15/38		315		479,532
Series D, 6.88%, 03/01/33		642		885,209
Series H, 6.65%, 10/15/34		301		415,063
Series J, 5.75%, 03/01/35		75		94,089
Flex Intermediate Holdco LLC, 4.32%, 12/30/39
(Call 06/30/39)(a)(b)		370		387,213
FLNG Liquefaction 2 LLC, 4.13%, 03/31/38(b)		23		24,502
Galaxy Pipeline Assets Bidco Ltd.
2.16%, 03/31/34(a)(b)		50		48,701
2.63%, 03/31/36(b)		446		434,501
2.94%, 09/30/40(b)		2,500		2,455,622
3.25%, 09/30/40(a)(b)		1,000		993,992
Gulfstream Natural Gas System LLC, 5.95%, 10/15/45 (Call 04/15/45)(b)		205		279,253
Kinder Morgan Energy Partners LP
4.70%, 11/01/42 (Call 05/01/42)		395		452,229
5.00%, 08/15/42 (Call 02/15/42)		380		451,058
5.00%, 03/01/43 (Call 09/01/42)		620		738,372
5.40%, 09/01/44 (Call 03/01/44)		230		285,549
5.50%, 03/01/44 (Call 09/01/43)		737		921,877
5.63%, 09/01/41		299		376,104
5.80%, 03/15/35		450		570,801
6.38%, 03/01/41		559		762,564
6.50%, 02/01/37		300		406,201
6.50%, 09/01/39		563		771,421
6.55%, 09/15/40		469		649,019
6.95%, 01/15/38		995		1,403,341
7.30%, 08/15/33		193		268,491
7.50%, 11/15/40		410		612,726
7.75%, 03/15/32		340		480,870
Kinder Morgan Inc.
3.25%, 08/01/50 (Call 02/01/50)(a)		490		473,731
3.60%, 02/15/51 (Call 08/15/50)		1,060		1,077,023
5.05%, 02/15/46 (Call 08/15/45)		746		908,832
5.20%, 03/01/48 (Call 09/01/47)		683		854,703
5.30%, 12/01/34 (Call 06/01/34)		660		803,328
5.55%, 06/01/45 (Call 12/01/44)		1,196		1,538,020
7.75%, 01/15/32		152		215,543
Magellan Midstream Partners LP
3.95%, 03/01/50 (Call 09/01/49)		918		989,892
4.20%, 12/01/42 (Call 06/01/42)(a)		150		161,643
4.20%, 03/15/45 (Call 09/15/44)		160		171,414
4.20%, 10/03/47 (Call 04/03/47)		483		538,100
4.25%, 09/15/46 (Call 03/15/46)		440		500,547
4.85%, 02/01/49 (Call 08/01/48)		363		442,389

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
5.15%, 10/15/43 (Call 04/15/43)	$	479	$	584,450
6.40%, 05/01/37		125		164,642
MPLX LP
4.50%, 04/15/38 (Call 10/15/37)		1,532		1,726,026
4.70%, 04/15/48 (Call 10/15/47)		1,325		1,558,149
4.90%, 04/15/58 (Call 10/15/57)		372		443,481
5.20%, 03/01/47 (Call 09/01/46)		929		1,146,464
5.20%, 12/01/47 (Call 06/01/47)		381		466,135
5.50%, 02/15/49 (Call 08/15/48)		1,254		1,617,839
NGPL PipeCo LLC, 7.77%, 12/15/37(b)		563		809,225
Northern Natural Gas Co.
3.40%, 10/16/51 (Call 04/16/51)(a)(b)		539		564,214
4.10%, 09/15/42 (Call 03/15/42)(b)		145		163,120
4.30%, 01/15/49 (Call 07/15/48)(b)		417		495,453
ONEOK Inc.
4.45%, 09/01/49 (Call 03/01/49)		552		623,243
4.50%, 03/15/50 (Call 09/15/49)		348		393,015
4.95%, 07/13/47 (Call 01/06/47)		568		677,556
5.20%, 07/15/48 (Call 01/15/48)(a)		564		693,122
6.00%, 06/15/35		429		538,839
7.15%, 01/15/51 (Call 07/15/50)		267		398,770
ONEOK Partners LP
6.13%, 02/01/41 (Call 08/01/40)		818		1,058,783
6.20%, 09/15/43 (Call 03/15/43)		299		391,665
6.65%, 10/01/36		710		951,404
6.85%, 10/15/37		523		712,585
Phillips 66 Partners LP
4.68%, 02/15/45 (Call 08/15/44)		320		383,257
4.90%, 10/01/46 (Call 04/01/46)		640		807,975
Plains All American Pipeline LP/PAA Finance Corp.
4.30%, 01/31/43 (Call 07/31/42)		293		302,120
4.70%, 06/15/44 (Call 12/15/43)		492		533,237
4.90%, 02/15/45 (Call 08/15/44)		401		445,534
5.15%, 06/01/42 (Call 12/01/41)		293		331,179
6.65%, 01/15/37		709		929,645
Sabal Trail Transmission LLC
4.68%, 05/01/38 (Call 11/01/37)(a)(b)		380		454,177
4.83%, 05/01/48 (Call 11/01/47)(b)		480		605,656
Southern Natural Gas Co. LLC
4.80%, 03/15/47 (Call 09/15/46)(a)(b)		425		521,735
8.00%, 03/01/32		266		371,638
Spectra Energy Partners LP
4.50%, 03/15/45 (Call 09/15/44)		601		708,700
5.95%, 09/25/43 (Call 03/25/43)		325		447,712
Tennessee Gas Pipeline Co. LLC, 7.63%, 04/01/37		100		144,003
Texas Eastern Transmission LP
4.15%, 01/15/48 (Call 07/15/47)(b)		445		504,665
7.00%, 07/15/32		544		745,396
TransCanada PipeLines Ltd.
4.63%, 03/01/34 (Call 12/01/33)		778		912,962
4.75%, 05/15/38 (Call 11/15/37)		409		489,957
4.88%, 05/15/48 (Call 11/15/47)(a)		817		1,039,719
5.00%, 10/16/43 (Call 04/16/43)		554		686,686
5.10%, 03/15/49 (Call 09/15/48)		756		1,001,977
5.60%, 03/31/34		310		390,631
5.85%, 03/15/36		390		506,012
6.10%, 06/01/40		703		963,727
6.20%, 10/15/37		911		1,241,319
7.25%, 08/15/38		645		959,531
7.63%, 01/15/39		1,080		1,671,664

Security	Par (000)		Value
Pipelines (continued)
Transcontinental Gas Pipe Line Co. LLC
3.95%, 05/15/50 (Call 11/15/49)	$	205	$	232,682
4.45%, 08/01/42 (Call 02/01/42)(a)		395		464,550
4.60%, 03/15/48 (Call 09/15/47)		630		769,238
5.40%, 08/15/41 (Call 02/15/41)		276		356,983
Williams Companies Inc. (The)
4.85%, 03/01/48 (Call 09/01/47)(a)		851		1,050,682
4.90%, 01/15/45 (Call 07/15/44)		481		586,893
5.10%, 09/15/45 (Call 03/15/45)		968		1,211,612
5.40%, 03/04/44 (Call 09/04/43)		505		636,806
5.75%, 06/24/44 (Call 12/24/43)		697		916,271
5.80%, 11/15/43 (Call 05/15/43)(a)		432		569,481
6.30%, 04/15/40		950		1,297,294
8.75%, 03/15/32		368		559,017
				112,429,031
Private Equity — 0.1%
Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)(a)(b)		65		86,188
Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)(a)(b)		435		607,139
Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(b)		424		559,838
KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)(b)		782		1,010,721
KKR Group Finance Co. VII LLC, 3.63%, 02/25/50 (Call 08/25/49)(b)		538		590,733
KKR Group Finance Co. VIII LLC, 3.50%, 08/25/50 (Call 02/25/50)(a)(b)		541		579,109
				3,433,728
Real Estate — 0.0%
Brookfield Asset Management Inc., 7.38%, 03/01/33(a)		264		372,324
Real Estate Investment Trusts — 1.6%
Agree LP, 2.60%, 06/15/33 (Call 03/15/33)		305		300,871
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		764		716,613
2.00%, 05/18/32 (Call 02/18/32)(a)		720		693,508
3.00%, 05/18/51 (Call 11/18/50)		629		628,107
4.00%, 02/01/50 (Call 08/01/49)		632		744,501
4.85%, 04/15/49 (Call 10/15/48)		467		613,475
American Homes 4 Rent LP, 3.38%, 07/15/51
(Call 01/15/51)		400		411,521
American Tower Corp.
2.95%, 01/15/51 (Call 07/15/50)		1,000		968,257
3.10%, 06/15/50 (Call 12/15/49)		962		954,530
3.70%, 10/15/49 (Call 04/15/49)		594		648,757
AvalonBay Communities Inc.
2.05%, 01/15/32 (Call 10/15/31)(a)		100		97,969
3.90%, 10/15/46 (Call 04/15/46)		586		701,405
4.15%, 07/01/47 (Call 01/01/47)		230		285,690
4.35%, 10/15/47 (Call 10/18/47)		208		266,291
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)(a)		265		256,572
2.55%, 04/01/32 (Call 01/01/32)		929		925,093
Camden Property Trust, 3.35%, 11/01/49 (Call 05/01/49)		360		400,653
Crown Castle International Corp.
2.90%, 04/01/41 (Call 10/01/40)		1,164		1,124,070
3.25%, 01/15/51 (Call 07/15/50)		695		699,290
4.00%, 11/15/49 (Call 05/15/49)		333		373,959
4.15%, 07/01/50 (Call 01/01/50)		416		481,011
4.75%, 05/15/47 (Call 11/15/46)(a)		313		387,887
5.20%, 02/15/49 (Call 08/15/48)		434		566,050

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 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)
Duke Realty LP, 3.05%, 03/01/50 (Call 09/01/49)	$	265	$	266,766
Equinix Inc.
2.95%, 09/15/51 (Call 03/15/51)		340		325,357
3.00%, 07/15/50 (Call 01/15/50)		516		503,885
3.40%, 02/15/52 (Call 08/15/51)		410		427,093
ERP Operating LP
4.00%, 08/01/47 (Call 02/01/47)(a)		170		206,392
4.50%, 07/01/44 (Call 01/01/44)		494		619,461
4.50%, 06/01/45 (Call 12/01/44)		527		668,966
Essex Portfolio LP
2.65%, 03/15/32 (Call 12/15/31)		690		694,126
2.65%, 09/01/50 (Call 03/01/50)		356		324,125
4.50%, 03/15/48 (Call 09/15/47)		255		317,500
Extra Space Storage LP, 2.35%, 03/15/32 (Call 12/15/31)		500		486,652
Federal Realty Investment Trust
3.63%, 08/01/46 (Call 02/01/46)(a)		669		713,144
4.50%, 12/01/44 (Call 06/01/44)		202		242,431
Goodman U.S. Finance Four LLC, 4.50%, 10/15/37 (Call 04/15/37)(b)		314		365,876
Healthpeak Properties Inc., 6.75%, 02/01/41 (Call 08/01/40)		345		520,111
Kilroy Realty LP
2.50%, 11/15/32 (Call 08/15/32)		812		795,622
2.65%, 11/15/33 (Call 08/15/33)		180		176,009
Kimco Realty Corp.
3.70%, 10/01/49 (Call 04/01/49)		374		409,764
4.13%, 12/01/46 (Call 06/01/46)		296		343,546
4.25%, 04/01/45 (Call 10/01/44)		435		510,795
4.45%, 09/01/47 (Call 03/01/47)		243		296,007
Lexington Realty Trust, 2.38%, 10/01/31 (Call 07/01/31)		300		288,672
Mid-America Apartments LP, 2.88%, 09/15/51 (Call 03/15/51)		170		167,628
National Retail Properties Inc.
3.00%, 04/15/52 (Call 10/15/51)		75		73,424
3.10%, 04/15/50 (Call 10/15/49)		382		379,712
3.50%, 01/15/50 (Call 10/15/50)		457		487,098
4.80%, 04/25/48 (Call 04/15/48)		295		374,913
Omega Healthcare Investors Inc., 3.25%, 04/15/33 (Call 01/15/33)		646		636,957
Piedmont Operating Partnership LP, 2.75%, 04/01/32 (Call 01/01/32)		80		78,333
Prologis LP
2.13%, 10/15/50 (Call 04/15/50)(a)		634		553,213
3.00%, 04/15/50 (Call 10/15/49)(a)		477		496,505
4.38%, 09/15/48 (Call 03/15/48)		330		424,251
Realty Income Corp.
1.80%, 03/15/33 (Call 12/15/32)		520		490,399
4.65%, 03/15/47 (Call 09/15/46)		575		753,178
5.88%, 03/15/35(a)		25		32,825
Regency Centers LP
4.40%, 02/01/47 (Call 08/01/46)(a)		462		551,253
4.65%, 03/15/49 (Call 09/15/48)		189		236,162
Simon Property Group LP
3.25%, 09/13/49 (Call 03/13/49)(a)		1,057		1,097,436
3.80%, 07/15/50 (Call 01/15/50)		777		881,022
4.25%, 10/01/44 (Call 04/01/44)		415		486,598
4.25%, 11/30/46 (Call 05/30/46)		345		409,652
4.75%, 03/15/42 (Call 09/15/41)(a)		55		67,721
6.75%, 02/01/40 (Call 11/01/39)		813		1,205,253
Spirit Realty LP, 2.70%, 02/15/32 (Call 11/15/31)(a)		397		391,844

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Trust Fibra Uno
6.39%, 07/28/49 (Call 07/15/49)(a)(b)	$	820	$	956,333
6.95%, 01/30/44 (Call 07/30/43)(a)(b)		490		595,355
UDR Inc.
1.90%, 03/15/33 (Call 12/15/32)		195		181,131
2.10%, 08/01/32 (Call 05/01/32)		310		296,644
2.10%, 06/15/33 (Call 03/15/33)(a)		171		161,931
3.10%, 11/01/34 (Call 08/01/34)		670		694,770
Ventas Realty LP
4.38%, 02/01/45 (Call 08/01/44)		30		35,178
4.88%, 04/15/49 (Call 10/15/48)		323		408,425
5.70%, 09/30/43 (Call 03/30/43)		532		713,435
VEREIT Operating Partnership LP, 2.85%, 12/15/32 (Call 09/15/32)		525		544,232
WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)(a)(b)		550		603,408
WEA Finance LLC/Westfield UK & Europe Finance PLC, 4.75%, 09/17/44 (Call 03/17/44)(a)(b)		477		523,195
Welltower Inc.
4.95%, 09/01/48 (Call 03/01/48)(a)		255		334,597
5.13%, 03/15/43 (Call 09/15/42)		230		286,343
6.50%, 03/15/41 (Call 09/15/40)		490		715,212
Weyerhaeuser Co.
6.88%, 12/15/33		137		190,736
7.38%, 03/15/32(a)		1,407		1,996,348
WP Carey Inc., 2.25%, 04/01/33 (Call 01/01/33)		634		602,688
				42,863,718
Retail — 2.2%
7-Eleven Inc.
2.50%, 09/10/40 (Call 08/10/40)(a)(b)		631		586,742
2.80%, 08/10/50 (Call 08/02/50)(b)		1,169		1,097,257
Alimentation Couche-Tard Inc.
3.44%, 05/13/41 (Call 11/13/40)(b)		531		548,070
3.63%, 05/13/51 (Call 11/13/50)(a)(b)		185		197,047
3.80%, 01/25/50 (Call 07/25/49)(a)(b)		751		815,055
4.50%, 07/26/47 (Call 01/26/47)(b)		430		515,138
CK Hutchison International 20 Ltd., 3.38%, 05/08/50 (Call 11/08/49)(a)(b)		325		354,263
Costco Wholesale Corp., 1.75%, 04/20/32 (Call 01/20/32)		786		766,062
Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47)		194		228,557
Dollar General Corp., 4.13%, 04/03/50 (Call 10/03/49)		413		489,772
Falabella SA, 3.38%, 01/15/32 (Call 10/15/31)(b)		500		497,500
Home Depot Inc. (The)
2.38%, 03/15/51 (Call 09/15/50)		1,250		1,164,635
2.75%, 09/15/51 (Call 03/15/51)(a)		575		577,322
3.13%, 12/15/49 (Call 06/15/49)		1,327		1,419,230
3.30%, 04/15/40 (Call 10/15/39)		1,126		1,223,467
3.35%, 04/15/50 (Call 10/15/49)		1,235		1,373,531
3.50%, 09/15/56 (Call 03/15/56)		813		925,908
3.90%, 06/15/47 (Call 12/15/46)(a)		827		993,901
4.20%, 04/01/43 (Call 10/01/42)		794		965,815
4.25%, 04/01/46 (Call 10/01/45)		1,407		1,771,100
4.40%, 03/15/45 (Call 09/15/44)		527		670,269
4.50%, 12/06/48 (Call 06/06/48)		1,406		1,846,369
4.88%, 02/15/44 (Call 08/15/43)		1,000		1,320,163
5.40%, 09/15/40 (Call 03/15/40)		837		1,148,921
5.88%, 12/16/36		1,485		2,091,877
5.95%, 04/01/41 (Call 10/01/40)		1,162		1,681,269
Kohl’s Corp., 5.55%, 07/17/45 (Call 01/17/45)		335		389,672
Lowe’s Companies Inc. 2.80%, 09/15/41 (Call 03/15/41)(a)		685		673,939

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
3.00%, 10/15/50 (Call 04/15/50)	$	1,919	$	1,921,704
3.50%, 04/01/51 (Call 10/01/50)		713		780,484
3.70%, 04/15/46 (Call 10/15/45)(a)		989		1,100,848
4.05%, 05/03/47 (Call 11/03/46)		1,002		1,169,943
4.38%, 09/15/45 (Call 03/15/45)		643		782,905
4.55%, 04/05/49 (Call 10/05/48)		557		704,686
4.65%, 04/15/42 (Call 10/15/41)		669		827,210
5.00%, 04/15/40 (Call 10/15/39)		515		654,914
5.00%, 09/15/43 (Call 03/15/43)		30		36,990
5.13%, 04/15/50 (Call 10/15/49)		175		241,141
5.50%, 10/15/35(a)		15		19,240
5.80%, 10/15/36		100		129,281
McDonald’s Corp.
3.63%, 05/01/43(a)		376		414,110
3.63%, 09/01/49 (Call 03/01/49)(a)		1,513		1,690,682
3.70%, 02/15/42(a)		581		648,732
4.20%, 04/01/50 (Call 10/01/49)		704		862,546
4.45%, 03/01/47 (Call 09/01/46)		685		854,640
4.45%, 09/01/48 (Call 03/01/48)		682		855,583
4.60%, 05/26/45 (Call 11/26/44)		600		752,961
4.70%, 12/09/35 (Call 06/09/35)		679		835,483
4.88%, 07/15/40		459		581,838
4.88%, 12/09/45 (Call 06/09/45)		1,386		1,806,500
5.70%, 02/01/39		294		398,163
6.30%, 10/15/37		528		757,183
6.30%, 03/01/38		1,012		1,445,210
Starbucks Corp.
3.35%, 03/12/50 (Call 09/12/49)		511		539,270
3.50%, 11/15/50 (Call 05/15/50)		872		945,899
3.75%, 12/01/47 (Call 06/01/47)		515		577,371
4.30%, 12/10/44 (Call 12/15/44)		347		416,949
4.45%, 08/15/49 (Call 02/15/49)		918		1,143,064
4.50%, 11/15/48 (Call 05/15/48)		820		1,033,806
Target Corp.
3.63%, 04/15/46		500		595,758
3.90%, 11/15/47 (Call 05/15/47)		377		471,089
4.00%, 07/01/42		848		1,042,526
6.35%, 11/01/32(a)		85		117,496
6.50%, 10/15/37(a)		395		601,005
7.00%, 01/15/38		475		756,072
Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44)(a)		224		302,287
TJX Companies Inc. (The), 4.50%, 04/15/50 (Call 10/15/49)		264		355,019
Walmart Inc.
4.30%, 04/22/44 (Call 10/22/43)		70		89,321
5.25%, 09/01/35		2,220		3,036,960
6.50%, 08/15/37		185		282,477
				58,912,197
Semiconductors — 2.1%
Analog Devices Inc.
2.80%, 10/01/41 (Call 04/01/41)		340		346,063
2.95%, 10/01/51 (Call 04/01/51)		1,660		1,726,465
Applied Materials Inc.
2.75%, 06/01/50 (Call 12/01/49)(a)		696		705,799
4.35%, 04/01/47 (Call 10/01/46)(a)		818		1,047,920
5.10%, 10/01/35 (Call 04/01/35)(a)		463		597,207
5.85%, 06/15/41(a)		863		1,259,563
Broadcom Inc.
2.60%, 02/15/33 (Call 11/15/32)(b)		1,867		1,798,937
3.14%, 11/15/35 (Call 08/15/35)(b)		2,000		1,977,820

Security	Par (000)		Value
Semiconductors (continued)
3.19%, 11/15/36 (Call 08/15/36)(b)	$	2,000	$	1,972,000
3.42%, 04/15/33 (Call 01/15/33)(b)		1,135		1,171,904
3.47%, 04/15/34 (Call 01/15/34)(b)		1,552		1,601,167
3.50%, 02/15/41 (Call 08/15/40)(b)		3,221		3,195,231
3.75%, 02/15/51 (Call 08/15/50)(a)(b)		2,011		2,078,318
4.30%, 11/15/32 (Call 08/15/32)		1,945		2,165,700
Intel Corp.
2.80%, 08/12/41 (Call 02/12/41)		550		548,617
3.05%, 08/12/51 (Call 02/12/51)(a)		885		901,711
3.10%, 02/15/60 (Call 08/15/59)		498		503,172
3.20%, 08/12/61 (Call 02/12/61)		95		97,496
3.25%, 11/15/49 (Call 05/15/49)		1,967		2,075,619
3.73%, 12/08/47 (Call 06/08/47)		1,865		2,109,790
4.00%, 12/15/32		759		883,220
4.10%, 05/19/46 (Call 11/19/45)		1,310		1,559,529
4.10%, 05/11/47 (Call 11/11/46)		904		1,079,311
4.25%, 12/15/42(a)		420		510,957
4.60%, 03/25/40 (Call 09/25/39)		822		1,023,252
4.75%, 03/25/50 (Call 09/25/49)(a)		1,778		2,362,890
4.80%, 10/01/41		773		992,764
4.90%, 07/29/45 (Call 01/29/45)		721		958,624
4.95%, 03/25/60 (Call 09/25/59)		818		1,155,628
KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)		704		755,061
5.00%, 03/15/49 (Call 09/15/48)		437		594,414
5.65%, 11/01/34 (Call 07/01/34)(a)		24		31,218
Lam Research Corp.
2.88%, 06/15/50 (Call 12/15/49)		677		691,081
3.13%, 06/15/60 (Call 12/15/59)		464		483,209
4.88%, 03/15/49 (Call 09/15/48)		579		787,101
Micron Technology Inc.
2.70%, 04/15/32 (Call 01/15/32)		500		499,145
3.37%, 11/01/41 (Call 05/01/41)		600		599,826
3.48%, 11/01/51 (Call 05/01/51)		300		299,943
NVIDIA Corp.
3.50%, 04/01/40 (Call 10/01/39)		915		1,023,495
3.50%, 04/01/50 (Call 10/01/49)		1,613		1,846,642
3.70%, 04/01/60 (Call 10/01/59)		293		347,555
NXP BV/NXP Funding LLC/NXP USA Inc., 3.25%, 05/11/41 (Call 11/11/40)(a)(b)		625		638,769
QUALCOMM Inc.
1.65%, 05/20/32 (Call 02/20/32)		975		922,060
3.25%, 05/20/50 (Call 11/20/49)(a)		867		947,246
4.30%, 05/20/47 (Call 11/20/46)		1,269		1,601,261
4.65%, 05/20/35 (Call 11/20/34)		961		1,187,943
4.80%, 05/20/45 (Call 11/20/44)(a)		1,400		1,855,689
Texas Instruments Inc.
2.70%, 09/15/51 (Call 03/15/51)		655		664,386
3.88%, 03/15/39 (Call 09/15/38)		667		790,827
4.15%, 05/15/48 (Call 11/15/47)		1,285		1,630,900
				56,604,445
Software — 2.8%
Activision Blizzard Inc.
2.50%, 09/15/50 (Call 03/15/50)		1,179		1,057,838
4.50%, 06/15/47 (Call 12/15/46)(a)		330		408,674
Electronic Arts Inc., 2.95%, 02/15/51 (Call 08/15/50)		386		376,555
Fidelity National Information Services Inc.
3.10%, 03/01/41 (Call 09/01/40)		766		775,614
4.50%, 08/15/46 (Call 02/15/46)		260		322,600
Series 30Y, 4.75%, 05/15/48 (Call 11/15/47)		180		230,785

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49)	$	1,633	$	1,971,926
Microsoft Corp.
2.53%, 06/01/50 (Call 12/01/49)		6,117		6,016,564
2.68%, 06/01/60 (Call 12/01/59)		2,671		2,656,030
2.92%, 03/17/52 (Call 09/17/51)		5,928		6,276,024
3.04%, 03/17/62 (Call 09/17/61)		2,199		2,365,100
3.45%, 08/08/36 (Call 02/08/36)		1,350		1,551,577
3.50%, 02/12/35 (Call 08/12/34)		1,637		1,880,325
3.50%, 11/15/42		350		400,647
3.70%, 08/08/46 (Call 02/08/46)		1,359		1,633,677
3.75%, 02/12/45 (Call 08/12/44)		600		719,103
3.95%, 08/08/56 (Call 02/08/56)		356		446,569
4.10%, 02/06/37 (Call 08/06/36)		820		1,004,328
4.20%, 11/03/35 (Call 05/03/35)		190		233,988
4.25%, 02/06/47 (Call 08/06/46)		824		1,072,704
4.45%, 11/03/45 (Call 05/03/45)		15		20,123
4.50%, 10/01/40		700		907,724
4.50%, 02/06/57 (Call 08/06/56)		475		669,191
4.75%, 11/03/55 (Call 05/03/55)		100		144,170
5.30%, 02/08/41		660		937,576
Oracle Corp.
3.60%, 04/01/40 (Call 10/01/39)		2,641		2,752,326
3.60%, 04/01/50 (Call 10/01/49)		3,782		3,861,136
3.65%, 03/25/41 (Call 09/25/40)		1,939		2,031,303
3.80%, 11/15/37 (Call 05/15/37)		1,571		1,685,578
3.85%, 07/15/36 (Call 01/15/36)		1,023		1,105,319
3.85%, 04/01/60 (Call 10/01/59)		2,656		2,774,233
3.90%, 05/15/35 (Call 11/15/34)		1,151		1,250,286
3.95%, 03/25/51 (Call 09/25/50)		2,660		2,885,938
4.00%, 07/15/46 (Call 01/15/46)		2,546		2,750,290
4.00%, 11/15/47 (Call 05/15/47)(a)		2,036		2,202,068
4.10%, 03/25/61 (Call 09/25/60)		1,044		1,145,586
4.13%, 05/15/45 (Call 11/15/44)		1,807		1,983,914
4.30%, 07/08/34 (Call 01/08/34)		1,514		1,712,682
4.38%, 05/15/55 (Call 11/15/54)		1,029		1,177,749
4.50%, 07/08/44 (Call 01/08/44)		903		1,041,431
5.38%, 07/15/40		2,060		2,608,250
6.13%, 07/08/39		1,152		1,569,531
6.50%, 04/15/38(a)		1,111		1,552,578
salesforce.com Inc.
2.70%, 07/15/41 (Call 01/15/41)		1,107		1,112,554
2.90%, 07/15/51 (Call 01/15/51)		1,635		1,682,400
3.05%, 07/15/61 (Call 01/15/61)		860		897,676
				73,862,240
Telecommunications — 7.0%
America Movil SAB de CV
4.38%, 07/16/42		803		961,703
4.38%, 04/22/49 (Call 10/22/48)(a)		970		1,209,153
6.13%, 11/15/37		176		241,498
6.13%, 03/30/40		2,151		3,041,985
6.38%, 03/01/35		366		506,946
AT&T Inc.
2.25%, 02/01/32 (Call 11/01/31)(a)		1,552		1,493,520
2.55%, 12/01/33 (Call 09/01/33)		3,090		3,000,910
3.10%, 02/01/43 (Call 08/01/42)		2,322		2,242,359
3.30%, 02/01/52 (Call 08/01/51)		2,220		2,178,652
3.50%, 06/01/41 (Call 12/01/40)		2,324		2,397,415
3.50%, 09/15/53 (Call 03/15/53)		6,293		6,392,927
3.50%, 02/01/61 (Call 08/01/60)(a)		1,325		1,291,806
3.55%, 09/15/55 (Call 03/15/55)		6,084		6,159,886

Security	Par (000)			Value
Telecommunications (continued)
3.65%, 06/01/51 (Call 12/01/50)	$	2,630		$	2,735,478
3.65%, 09/15/59 (Call 03/15/59)		5,355			5,432,132
3.80%, 12/01/57 (Call 06/01/57)		5,001			5,247,563
3.85%, 06/01/60 (Call 12/01/59)(a)		1,218	��		1,286,027
4.30%, 12/15/42 (Call 06/15/42)		1,347			1,524,695
4.35%, 06/15/45 (Call 12/15/44)		1,140			1,305,807
4.50%, 05/15/35 (Call 11/15/34)		1,972			2,278,573
4.50%, 03/09/48 (Call 09/09/47)		1,525			1,802,257
4.55%, 03/09/49 (Call 09/09/48)		774			919,666
4.65%, 06/01/44 (Call 12/01/43)(a)		525			622,114
4.75%, 05/15/46 (Call 11/15/45)		1,689			2,055,344
4.80%, 06/15/44 (Call 12/15/43)		305			364,362
4.85%, 03/01/39 (Call 09/01/38)		916			1,100,746
4.85%, 07/15/45 (Call 01/15/45)(a)		527			644,797
4.90%, 08/15/37 (Call 02/14/37)		755			912,868
4.90%, 06/15/42		500			609,406
5.15%, 03/15/42		338			421,153
5.15%, 11/15/46 (Call 05/15/46)		700			900,746
5.15%, 02/15/50 (Call 08/14/49)		940			1,210,447
5.25%, 03/01/37 (Call 09/01/36)		1,510			1,875,509
5.35%, 09/01/40		1,027			1,306,461
5.45%, 03/01/47 (Call 09/01/46)		551			731,615
5.55%, 08/15/41(a)		45			59,206
5.65%, 02/15/47 (Call 08/15/46)		500			676,211
5.70%, 03/01/57 (Call 09/01/56)(a)		355			496,706
6.00%, 08/15/40 (Call 05/15/40)(a)		565			768,255
6.15%, 09/15/34(a)		310			408,074
6.20%, 03/15/40		100			135,127
6.25%, 03/29/41(a)		123			170,896
6.30%, 01/15/38		253			351,451
6.38%, 03/01/41		610			872,915
6.45%, 06/15/34		200			264,832
Bell Canada
4.30%, 07/29/49 (Call 01/29/49)		372			457,841
4.46%, 04/01/48 (Call 10/01/47)		921			1,148,288
Series US-4, 3.65%, 03/17/51 (Call 09/17/50)		381			423,796
Series US-6, 3.20%, 02/15/52 (Call 08/15/51)(a)		581			602,750
British Telecommunications PLC, 4.25%, 11/08/49 (Call 05/08/49)(b)		201			223,573
Cisco Systems Inc.
5.50%, 01/15/40		1,879			2,639,082
5.90%, 02/15/39		2,091			3,029,149
Corning Inc.
3.90%, 11/15/49 (Call 05/15/49)(a)		211			241,281
4.38%, 11/15/57 (Call 05/15/57)		668			816,949
4.70%, 03/15/37		161			191,974
4.75%, 03/15/42(a)		311			390,280
5.35%, 11/15/48 (Call 05/15/48)(a)		437			606,535
5.45%, 05/15/79 (Call 05/19/79)		897			1,204,805
5.75%, 08/15/40		415			566,207
5.85%, 11/15/68 (Call 05/15/68)		265			395,736
7.25%, 08/15/36 (Call 08/15/26)		150			182,762
Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)(b)		917			989,714
Deutsche Telekom International Finance BV 4.75%, 06/21/38 (Call 12/21/37)(b)		437			530,547
4.88%, 03/06/42(b)		845			1,052,960
9.25%, 06/01/32		627			1,000,945
Empresa Nacional de Telecomunicaciones SA, 3.05%, 09/14/32 (Call 06/14/32)(b)		30			29,286
Juniper Networks Inc., 5.95%, 03/15/41		741			987,552

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
Motorola Solutions Inc., 5.50%, 09/01/44	$	201	$	261,185
Ooredoo International Finance Ltd., 4.50%, 01/31/43(b)		575		695,849
Orange SA
5.38%, 01/13/42		791		1,058,997
5.50%, 02/06/44 (Call 08/06/43)		584		802,075
Rogers Communications Inc.
3.70%, 11/15/49 (Call 05/15/49)		991		1,028,617
4.30%, 02/15/48 (Call 08/15/47)		526		595,292
4.35%, 05/01/49 (Call 11/01/48)		1,027		1,176,082
4.50%, 03/15/43 (Call 09/15/42)		490		558,671
5.00%, 03/15/44 (Call 09/15/43)		951		1,156,191
5.45%, 10/01/43 (Call 04/01/43)(a)		526		680,009
7.50%, 08/15/38(a)		410		616,220
SES Global Americas Holdings GP, 5.30%, 03/25/44(a)(b)		407		461,337
SES SA, 5.30%, 04/04/43(a)(b)		205		234,823
Telefonica Emisiones SA
4.67%, 03/06/38		554		643,258
4.90%, 03/06/48		985		1,199,211
5.21%, 03/08/47		2,095		2,642,865
5.52%, 03/01/49 (Call 09/01/48)		1,040		1,372,148
7.05%, 06/20/36		2,078		2,971,971
TELUS Corp.
4.30%, 06/15/49 (Call 12/15/48)		285		350,973
4.60%, 11/16/48 (Call 05/16/48)		559		713,993
T-Mobile USA Inc.
2.25%, 11/15/31 (Call 08/15/31)(a)		126		121,583
3.00%, 02/15/41 (Call 08/15/40)		2,043		1,965,837
3.30%, 02/15/51 (Call 08/15/50)		2,663		2,612,016
3.40%, 10/15/52 (Call 04/15/52)(b)		1,105		1,099,944
3.60%, 11/15/60 (Call 05/15/60)		780		783,315
3.60%, 11/15/60 (Call 05/15/60)(b)		660		662,805
4.38%, 04/15/40 (Call 10/15/39)		1,250		1,428,023
4.50%, 04/15/50 (Call 10/15/49)		2,614		3,089,658
Verizon Communications Inc.
2.36%, 03/15/32 (Call 12/15/31)(b)		200		197,016
2.65%, 11/20/40 (Call 05/20/40)		3,031		2,863,831
2.85%, 09/03/41 (Call 03/03/41)(a)		335		327,564
2.88%, 11/20/50 (Call 05/20/50)		2,637		2,512,625
2.99%, 10/30/56 (Call 04/30/56)		3,894		3,697,187
3.00%, 11/20/60 (Call 05/20/60)		1,794		1,694,081
3.40%, 03/22/41 (Call 09/22/40)		3,140		3,293,861
3.55%, 03/22/51 (Call 09/22/50)(a)		3,701		3,991,856
3.70%, 03/22/61 (Call 09/22/60)		3,123		3,394,236
3.85%, 11/01/42 (Call 05/01/42)		1,112		1,233,374
4.00%, 03/22/50 (Call 09/22/49)		1,052		1,206,309
4.13%, 08/15/46		1,225		1,433,278
4.27%, 01/15/36		2,552		2,982,953
4.40%, 11/01/34 (Call 05/01/34)		2,121		2,472,450
4.50%, 08/10/33		2,700		3,187,524
4.52%, 09/15/48		3,250		4,117,901
4.67%, 03/15/55		1,380		1,824,771
4.75%, 11/01/41		765		945,387
4.81%, 03/15/39(a)		1,355		1,675,257
4.86%, 08/21/46		2,973		3,903,153
5.01%, 04/15/49		1,038		1,401,224
5.01%, 08/21/54		500		695,744
5.25%, 03/16/37		1,492		1,938,470
5.50%, 03/16/47		320		449,217
5.85%, 09/15/35		490		650,908
6.40%, 09/15/33		60		81,410

Security	Par (000)		Value
Telecommunications (continued)
6.55%, 09/15/43	$	112	$	174,275
Vodafone Group PLC
4.25%, 09/17/50(a)		1,400		1,641,059
4.38%, 02/19/43		870		1,016,409
4.88%, 06/19/49		1,631		2,034,565
5.00%, 05/30/38		1,077		1,337,663
5.13%, 06/19/59		168		223,304
5.25%, 05/30/48		2,538		3,344,532
6.15%, 02/27/37		1,806		2,476,000
6.25%, 11/30/32		595		787,391
				184,511,944
Toys, Games & Hobbies — 0.0%
Hasbro Inc.
5.10%, 05/15/44 (Call 11/15/43)		155		189,404
6.35%, 03/15/40		542		745,675
				935,079
Transportation — 3.7%
Burlington Northern Santa Fe LLC
3.05%, 02/15/51 (Call 08/15/50)		552		585,354
3.30%, 09/15/51 (Call 03/15/51)		926		1,026,104
3.55%, 02/15/50 (Call 08/15/49)		605		693,286
3.90%, 08/01/46 (Call 02/01/46)		780		928,308
4.05%, 06/15/48 (Call 12/15/47)		753		926,048
4.13%, 06/15/47 (Call 12/15/46)		580		713,080
4.15%, 04/01/45 (Call 10/01/44)(a)		818		1,005,711
4.15%, 12/15/48 (Call 06/15/48)		572		714,761
4.38%, 09/01/42 (Call 03/01/42)		565		700,034
4.40%, 03/15/42 (Call 09/15/41)		595		736,065
4.45%, 03/15/43 (Call 09/15/42)		651		816,094
4.55%, 09/01/44 (Call 03/01/44)		686		871,555
4.70%, 09/01/45 (Call 03/01/45)		245		321,310
4.90%, 04/01/44 (Call 10/01/43)		725		955,226
4.95%, 09/15/41 (Call 03/15/41)(a)		583		760,277
5.05%, 03/01/41 (Call 09/01/40)		628		823,878
5.15%, 09/01/43 (Call 03/01/43)		636		867,735
5.40%, 06/01/41 (Call 12/01/40)		480		656,983
5.75%, 05/01/40 (Call 11/01/39)		899		1,261,493
6.15%, 05/01/37(a)		415		594,203
6.20%, 08/15/36(a)		245		344,919
Canadian National Railway Co.
2.45%, 05/01/50 (Call 11/01/49)(a)		600		569,131
3.20%, 08/02/46 (Call 02/02/46)(a)		603		645,662
3.50%, 05/14/42 (Call 05/15/42)		45		48,088
3.65%, 02/03/48 (Call 08/03/47)		417		480,024
4.45%, 01/20/49 (Call 07/20/48)		536		695,282
4.50%, 11/07/43 (Call 05/07/43)		100		121,883
6.20%, 06/01/36		515		719,479
6.25%, 08/01/34		265		369,311
6.38%, 11/15/37(a)		611		877,211
6.71%, 07/15/36(a)		495		713,895
Canadian Pacific Railway Co.
4.80%, 09/15/35 (Call 03/15/35)		256		313,354
4.80%, 08/01/45 (Call 02/01/45)(a)		354		454,932
5.75%, 03/15/33(a)		355		457,694
5.75%, 01/15/42		195		263,651
5.95%, 05/15/37		666		907,017
6.13%, 09/15/2115 (Call 03/15/2115)		739		1,148,375
CSX Corp.
2.50%, 05/15/51 (Call 11/15/50)(a)		553		516,143

SCHEDULE   OF  INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
3.35%, 09/15/49 (Call 03/15/49)	$	475	$	513,758
3.80%, 11/01/46 (Call 05/01/46)		613		705,908
3.80%, 04/15/50 (Call 10/15/49)		437		508,391
3.95%, 05/01/50 (Call 11/01/49)		617		736,975
4.10%, 03/15/44 (Call 09/15/43)		637		744,775
4.25%, 11/01/66 (Call 05/01/66)		488		609,047
4.30%, 03/01/48 (Call 09/01/47)		677		836,267
4.40%, 03/01/43 (Call 09/01/42)		295		355,614
4.50%, 03/15/49 (Call 09/15/48)		479		610,529
4.50%, 08/01/54 (Call 02/01/54)		356		457,722
4.65%, 03/01/68 (Call 09/01/67)		280		371,298
4.75%, 05/30/42 (Call 11/30/41)		561		707,915
4.75%, 11/15/48 (Call 05/15/48)		484		637,720
5.50%, 04/15/41 (Call 10/15/40)		257		347,808
6.00%, 10/01/36		669		911,573
6.15%, 05/01/37		921		1,292,758
6.22%, 04/30/40(a)		714		1,036,632
Empresa de los Ferrocarriles del Estado
3.07%, 08/18/50 (Call 02/18/50)(b)		300		262,866
3.83%, 09/14/61 (Call 03/14/61)(a)(b)		550		529,381
Empresa de Transporte de Pasajeros Metro SA
3.69%, 09/13/61 (Call 03/13/61)(a)(b)		660		638,293
4.70%, 05/07/50 (Call 11/07/49)(b)		853		995,886
5.00%, 01/25/47 (Call 07/25/46)(b)		490		570,850
FedEx Corp.
3.25%, 05/15/41 (Call 11/15/40)		862		879,330
3.88%, 08/01/42		627		691,600
3.90%, 02/01/35		398		444,108
4.05%, 02/15/48 (Call 08/15/47)		944		1,077,003
4.10%, 04/15/43		297		335,289
4.10%, 02/01/45		706		804,036
4.40%, 01/15/47 (Call 07/15/46)		800		955,511
4.50%, 02/01/65		210		248,677
4.55%, 04/01/46 (Call 10/01/45)		1,053		1,276,101
4.75%, 11/15/45 (Call 05/15/45)		1,152		1,431,531
4.90%, 01/15/34		292		356,326
4.95%, 10/17/48 (Call 04/17/48)		909		1,173,848
5.10%, 01/15/44		635		813,043
5.25%, 05/15/50 (Call 11/15/49)(a)		542		733,364
Kansas City Southern
3.50%, 05/01/50 (Call 11/01/49)		745		802,780
4.20%, 11/15/69 (Call 05/15/69)(a)		181		215,827
4.30%, 05/15/43 (Call 11/15/42)		441		518,628
4.70%, 05/01/48 (Call 11/01/47)		613		777,981
4.95%, 08/15/45 (Call 02/15/45)		132		170,133
Norfolk Southern Corp.
2.90%, 08/25/51 (Call 02/25/51)		646		645,599
3.05%, 05/15/50 (Call 11/15/49)		748		766,787
3.16%, 05/15/55 (Call 11/15/54)		800		829,209
3.40%, 11/01/49 (Call 05/01/49)		567		618,155
3.94%, 11/01/47 (Call 05/01/47)(a)		706		828,518
3.95%, 10/01/42 (Call 04/01/42)		635		732,405
4.05%, 08/15/52 (Call 02/15/52)		684		827,118
4.10%, 05/15/49 (Call 11/15/48)		390		471,409
4.10%, 05/15/2121 (Call 11/15/2120)		510		592,775
4.15%, 02/28/48 (Call 08/28/47)		725		874,762
4.45%, 06/15/45 (Call 12/15/44)(a)		325		405,536
4.65%, 01/15/46 (Call 07/15/45)		666		850,939
4.80%, 08/15/43 (Call 02/15/43)		25		30,216
4.84%, 10/01/41		640		822,293

Security	Par (000)		Value
Transportation (continued)
Pelabuhan Indonesia II PT, 5.38%, 05/05/45(a)(b)	$	370	$	432,623
Polar Tankers Inc., 5.95%, 05/10/37(b)		315		391,266
TTX Co.
3.90%, 02/01/45 (Call 08/01/44)(b)		100		116,399
4.20%, 07/01/46 (Call 01/01/46)(b)		335		410,716
4.60%, 02/01/49 (Call 08/01/48)(a)(b)		265		345,299
Union Pacific Corp.
2.89%, 04/06/36 (Call 01/06/36)		670		698,292
2.95%, 03/10/52 (Call 09/10/51)(a)		190		194,817
2.97%, 09/16/62 (Call 03/16/62)		1,080		1,085,812
3.20%, 05/20/41 (Call 11/20/40)		740		791,527
3.25%, 02/05/50 (Call 08/05/49)		1,560		1,691,837
3.35%, 08/15/46 (Call 02/15/46)		79		86,881
3.38%, 02/01/35 (Call 08/01/34)		461		503,034
3.55%, 08/15/39 (Call 02/15/39)		679		758,818
3.55%, 05/20/61 (Call 11/20/60)		566		635,274
3.60%, 09/15/37 (Call 03/15/37)		732		825,643
3.75%, 02/05/70 (Call 08/05/69)		715		831,350
3.80%, 10/01/51 (Call 04/01/51)		693		822,564
3.80%, 04/06/71 (Call 10/06/70)		471		551,664
3.84%, 03/20/60 (Call 09/20/59)		1,083		1,281,583
3.88%, 02/01/55 (Call 08/01/54)		370		435,987
3.95%, 08/15/59 (Call 02/15/59)		563		677,645
4.00%, 04/15/47 (Call 10/15/46)		520		620,744
4.05%, 11/15/45 (Call 05/15/45)(a)		376		450,398
4.05%, 03/01/46 (Call 09/01/45)		615		736,726
4.10%, 09/15/67 (Call 03/15/67)(a)		558		686,573
4.30%, 03/01/49 (Call 09/01/48)		693		874,024
4.50%, 09/10/48 (Call 03/10/48)(a)		485		626,186
United Parcel Service Inc.
3.40%, 11/15/46 (Call 05/15/46)		110		124,744
3.40%, 09/01/49 (Call 03/01/49)		802		914,662
3.63%, 10/01/42		395		453,101
3.75%, 11/15/47 (Call 05/15/47)		1,135		1,362,471
4.25%, 03/15/49 (Call 09/15/48)(a)		578		746,658
4.88%, 11/15/40 (Call 05/15/40)		575		752,126
5.20%, 04/01/40 (Call 10/01/39)		534		719,233
5.30%, 04/01/50 (Call 10/01/49)		1,142		1,700,613
6.20%, 01/15/38(a)		1,001		1,465,951
Walmart Inc.
2.50%, 09/22/41 (Call 03/22/41)		3,845		3,867,350
2.65%, 09/22/51 (Call 03/22/51)		3,630		3,713,709
				96,370,659
Trucking & Leasing — 0.1%
GATX Corp.
3.10%, 06/01/51 (Call 12/01/50)		715		697,186
4.50%, 03/30/45 (Call 09/30/44)(a)		150		173,795
5.20%, 03/15/44 (Call 09/15/43)		459		582,787
				1,453,768
Water — 0.2%
American Water Capital Corp.
3.25%, 06/01/51 (Call 12/01/50)(a)		445		469,962
3.45%, 05/01/50 (Call 11/01/49)		365		397,473
3.75%, 09/01/47 (Call 03/01/47)		799		909,106
4.00%, 12/01/46 (Call 06/01/46)		250		295,521
4.15%, 06/01/49 (Call 12/01/48)		435		525,634
4.20%, 09/01/48 (Call 03/01/48)(a)		561		686,179
4.30%, 12/01/42 (Call 06/01/42)		291		350,053
4.30%, 09/01/45 (Call 03/01/45)		256		315,035

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

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par/ Shares (000)		Value
Water (continued)
6.59%, 10/15/37	$	682	$	989,524
Essential Utilities Inc.
3.35%, 04/15/50 (Call 10/15/49)		629		671,938
4.28%, 05/01/49 (Call 11/01/48)		305		370,352
Veolia Environnement SA, 6.75%, 06/01/38		53		79,409
				6,060,186
Total Corporate Bonds & Notes — 98.2%
(Cost: $2,557,308,186)				2,591,289,640
Short-Term Investments
Money Market Funds — 9.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(f)(g)(h)		203,994		204,096,374
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(f)(g)		33,987		33,987,000
				238,083,374
Total Short-Term Investments — 9.0%
(Cost: $238,025,627)				238,083,374
Total Investments in Securities — 107.2%
(Cost: $2,795,333,813)				2,829,373,014
Other Assets, Less Liabilities — (7.2)%			(189,281,529)
Net Assets — 100.0%			$ 2,640,091,485

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

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(d)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

^(f)  Affiliate of the Fund.

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

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) October 31, 2021 iShares^® 10+ Year Investment Grade Corporate Bond ETF

Fair Value Measurements (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	2,591,289,640	$	—	$	2,591,289,640
Money Market Funds		238,083,374		—		—		238,083,374
	$	238,083,374	$	2,591,289,640	$	—	$	2,829,373,014

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

Statements of Assets and Liabilities  (unaudited)

October 31, 2021

	iShares 10+ Year Investment Grade Corporate Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	2,591,289,640
Affiliated(c)		238,083,374
Receivables:
Investments sold		14,987,078
Securities lending income — Affiliated		27,276
Capital shares sold		97,897
Dividends		117
Interest		24,771,019
Total assets		2,869,256,401
LIABILITIES
Bank overdraft		5,637
Collateral on securities loaned, at value		204,033,592
Payables:
Investments purchased		25,002,963
Investment advisory fees		122,724
Total liabilities		229,164,916
NET ASSETS	$	2,640,091,485
NET ASSETS CONSIST OF:
Paid-in capital	$	2,546,409,490
Accumulated earnings		93,681,995
NET ASSETS	$	2,640,091,485
Shares outstanding		37,500,000
Net asset value	$	70.40
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	197,181,703
(b) Investments, at cost — Unaffiliated	$	2,557,308,186
(c)  Investments, at cost — Affiliated	$	238,025,627

FINANCIAL  STATEMENTS

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
PJSC	Public Joint Stock Company
SOFR	Secured Overnight Financing Rate

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

Want to know more?

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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”).

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1018-1021

OCTOBER 31, 2021

2021 Annual Report

iShares U.S. ETF Trust

· iShares Interest Rate Hedged Emerging Markets Bond ETF | EMBH | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

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 in early 2021, 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 solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term 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 moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2021

	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		10.91	%		42.91	%
U.S. small cap equities (Russell 2000® Index)		1.85			50.80
International equities (MSCI Europe, Australasia, Far East Index)	��	4.14			34.18
Emerging market equities (MSCI Emerging Markets Index)		(4.87	)		16.96
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.01			0.06
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		1.59			(4.77	)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		1.06			(0.48	)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		0.33			2.76
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		2.36			10.53
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
Market Overview		4
Fund Summary		5
About Fund Performance		7
Shareholder Expenses		7
Schedule of Investments		8
Financial Statements
Statement of Assets and Liabilities		11
Statement of Operations		12
Statements of Changes in Net Assets		13
Financial Highlights		14
Notes to Financial Statements		15
Report of Independent Registered Public Accounting Firm		21
Important Tax Information (Unaudited)		22
Board Review and Approval of Investment Advisory Contract		23
Supplemental Information		25
Trustee and Officer Information		26
General Information		28
Glossary of Terms Used in this Report		29

Market Overview

iShares U.S. ETF Trust

Global Bond Market Overview

Global investment-grade bonds declined slightly for the 12 months ended October 31, 2021 (“reporting period”). The Bloomberg Global Aggregate Index, a broad measure of global bond market performance, returned -1.24% in U.S. dollar terms for the reporting period.

While the global economy continued its rebound from the impact of the coronavirus pandemic, the recovery was uneven and beset with challenges. The creation of multiple COVID-19 vaccines and the implementation of vaccination programs globally helped to mitigate the pandemic’s impact and led to the lifting of restrictions in many countries. However, while nearly half of the world’s population received at least one vaccine dose by the end of the reporting period, vaccine distribution varied substantially. The spread of the highly contagious Delta variant led to swift case increases in some areas, causing renewed restrictions and constraining global growth.

Bond performance differed by type, but in general corporate bonds gained more than government bonds, and lower-rated bonds gained more than higher-rated bonds. The improving economic environment and vaccination progress led to investor optimism about the lower-rated segments of the market. However, a notable rise in global inflation pressured bonds, which typically lose value in an inflationary environment.

Bonds in the U.S. established these global patterns, as corporate bonds, particularly high-yield bonds, posted solid returns, backed by strong investor demand for yield, while U.S. Treasuries declined, largely due to rising inflation. Bond issuance was high by historical standards, as corporations were eager to take advantage of low borrowing costs, while the federal government issued debt to finance stimulus and other spending. The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchase program. The Fed indicated that it would begin slowing its bond buying activities late in 2021, and their forecast showed that an interest rate increase is possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

European bond prices declined overall, as supply chain frictions and increasing commodities prices, particularly for energy commodities, led to the highest Eurozone inflation rate in 13 years. In response, the European Central Bank (“ECB”) slowed the pace of its bond purchases, while keeping its benchmark interest rate at 0%. The E.U. issued €20 billion in common European bonds to partially finance its pandemic recovery fund, attracting high investor interest. Bond prices also declined in the U.K. amid a relatively early vaccination push and robust economic recovery. While the Bank of England kept interest rates at record lows, it signaled that it would soon raise interest rates to counter growing inflation.

In contrast, bonds in the Asia/Pacific region posted a solid gain overall, although gains were mostly concentrated in corporate bonds, particularly the lower-rated segment of the market. Japanese government bonds were nearly flat, as inflation concerns were much less prominent in Japan compared to other regions, and the Bank of Japan showed no signs of tightening monetary policy. Emerging market bonds also advanced, benefiting from higher yields compared with developed economies, as investors sought income in a low interest rate environment. However, concerns late in the reporting period surrounding China’s highly indebted property companies weighed on returns of some emerging market bonds.

4 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of October 31, 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.

Effective December 1, 2021, the Fund will change from operating as a transparent active ETF to tracking an underlying index, the BlackRock Interest Rate Hedged Emerging Markets Bond Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		7.52	%		2.56	%		2.81	%		7.52	%		13.45	%		18.98	%
Fund Market		7.52			2.56			2.81			7.52			13.45			18.99
J.P. Morgan EMBI Global Core Swap Hedged Index		8.44			2.87			3.11			8.44			15.21			21.17

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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.

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 (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$       1,000.00	$      992.00	$      0.50			$       1,000.00	$       1,024.70	$      0.51		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)  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 (184 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.

FUND  SUMMARY 5

Fund Summary as of October 31, 2021 (continued) iShares^® Interest Rate Hedged Emerging Markets Bond ETF

Portfolio Management Commentary

The Fund posted a positive return for the reporting period. Accommodative monetary policy, investors’ increasing appetite for risk-taking, and the search for yield in a low interest rate environment supported emerging market bond performance, while rising interest rates increased the value of the Fund’s interest rate hedge.

On an unhedged basis, Mexican bonds were the largest contributors to the Fund’s return despite higher interest rates and rising inflation, largely reflecting the performance of bonds issued by a large, state-owned oil company. The oil company benefited from rising oil and gas prices as well as expectations that the government would offer financial support after two fires occurred at production facilities during the reporting period.

Omani bonds were also solid contributors to the Fund’s return. The Omani government sought to lower its relatively large budget deficit by seeking spending cuts and tax increases amid stronger revenue from rising oil prices. Turkish bonds rallied late in the reporting period, as investors were enticed by extremely high yields despite the country’s high inflation rate and accommodative monetary policy. On the downside, a credit downgrade from investment-grade to high-yield status in Colombia and political uncertainty in Peru meant that bonds issued from these countries detracted from the Fund’s return.

Rising interest rates during the reporting period led to positive performance from hedging activity, which was a large contributor to the Fund’s return. Typically, increasing interest rates reduce the price of existing bonds, meaning a rise in interest rates detracts from bond fund performance. Conversely, decreasing interest rates usually increase bond prices. An interest rate hedged fund attempts to avoid these fluctuations by offsetting interest rate risk, primarily using interest rate swaps.

The Fund’s interest rate hedge seeks near-zero interest rate sensitivity. Consequently, the Fund’s return was minimally affected by interest rate fluctuations during the reporting period. With interest rate sensitivity hedged, the Fund fluctuated based on direct exposure to the yield premium of emerging market bonds, independent of rising interest rates.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		94.6	%
Short-term Investments		1.0
Swaps, net cumulative appreciation		1.4
Other assets less liabilities		3.0

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)

Credit Rating(a)	Percent of Total Investment(b)
Aa		7.0	%
A		14.2
Baa		32.5
Ba		18.9
B		18.8
Caa		3.9
Ca		0.3
Not Rated		4.4

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

^(b)  Excludes money market funds.

6 2 0 2 1   I SHARES   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 October 31, 2021     iShares^® Interest Rate Hedged Emerging Markets Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 94.6%
iShares J.P. Morgan USD Emerging Markets Bond ETF(a)(b)		61,000	$	6,703,291
Total Investment Companies — 94.6% (Cost: $6,732,455)				6,703,291
Short-Term Investments
Money Market Funds — 1.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(c)		70,000		70,000
Total Short-Term Investments — 1.0% (Cost: $70,000)				70,000
Total Investments in Securities — 95.6% (Cost: $6,802,455)				6,773,291
Other Assets, Less Liabilities — 4.4%				313,004
Net Assets — 100.0%			$	7,086,295

^(a)  Affiliate of the Fund.

^(b)  All or a portion of the security has been pledged in connection with outstanding centrally cleared swaps.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21		Shares Held at 10/31/21		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		20,000	(b)		—			—		—			70,000		70,000		43			—
iShares J.P. Morgan USD Emerging Markets Bond ETF		5,309,895		2,808,820			(1,398,451	)		1,146		(18,119	)		6,703,291		61,000		233,134			—
									$	1,146	$	(18,119	)	$	6,773,291			$	233,370		$	—

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

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

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date	Termination Date		Notional Amount (000)	Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
1.17%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		12/08/21	$(1,438)	$	(1,639	)	$	(150	)	$	(1,489	)
2.38%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		01/12/23	(377)		(9,079	)		(8,610	)		(469	)
2.46%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		01/12/25	(1,725)		(80,195	)		(69,166	)		(11,029	)
0.88%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		07/14/26	(86)		1,300			(44	)		1,344
0.92%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/09/26	(180)		2,612			2			2,610
0.49%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/25/27	(72)		3,479			369			3,110
0.00%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		07/23/28	(10)		917			711			206

8 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (continued) October 31, 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	Frequency
3.25%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/18/28	$ (467)	$	(57,182	)	$	(51,161	)	$	(6,021	)
0.77%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		04/01/30	(1,917)		114,566			63,034			51,532
2.34%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		12/08/36	(490)		(41,313	)		(50,308	)		8,995
1.94%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		06/09/41	(149)		(4,295	)		(4,885	)		590
1.70%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/09/41	(24)		289			1			288
1.51%	Annual	1-Year SOFR, 0.05%	Annual	N/A		09/29/41	(38)		(212	)		1			(213	)
0.86%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		03/30/45	(539)		97,757			47,910			49,847
0.87%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		03/30/50	(38)		7,866			1,179			6,687
1.06%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/18/50	(448)		73,860			76,906			(3,046	)
1.63%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/22/51	(41)		(1,788	)		1			(1,789	)
								$	106,943		$	5,790		$	101,153

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)		$190,114		$(184,324)		$125,209		$(24,056)

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

Derivative Financial Instruments Categorized by Risk Exposure

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

	Interest Rate Contracts
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	125,209
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	24,056

^(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 period ended October 31, 2021, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	(23,888	)
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	218,841

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	7,013,300

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

SCHEDULE   OF   INVESTMENTS 9

Schedule of Investments  (continued) October 31, 2021 iShares^® Interest Rate Hedged Emerging Markets Bond ETF

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	6,703,291	$	—		$	—	$	6,703,291
Money Market Funds		70,000		—			—		70,000
	$	6,773,291	$	—		$	—	$	6,773,291
Derivative financial instruments(a)
Assets
Swaps	$	—	$	125,209		$	—	$	125,209
Liabilities
Swaps		—		(24,056	)		—		(24,056	)
	$	—	$	101,153		$	—	$	101,153

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

See notes to financial statements.

10 2 0 2 1  I SHARES  ANNUAL  REPORT  TO  SHAREHOLDERS

Statement of Assets and Liabilities

October 31, 2021

	iShares Interest Rate Hedged Emerging Markets Bond ETF
ASSETS
Investments in securities, at value:
Affiliated(a)	$	6,773,291
Cash		13,963
Cash pledged:
Centrally cleared swaps		306,000
Receivables:
Investments sold		346
Total assets		7,093,600
LIABILITIES
Payables:
Variation margin on centrally cleared swaps		6,703
Investment advisory fees		602
Total liabilities		7,305
NET ASSETS	$	7,086,295
NET ASSETS CONSIST OF:
Paid-in capital	$	8,290,101
Accumulated loss		(1,203,806	)
NET ASSETS	$	7,086,295
Shares outstanding		300,000
Net asset value	$	23.62
Shares authorized		Unlimited
Par value		None
(a)   Investments, at cost — Affiliated	$	6,802,455

See notes to financial statements.

FINANCIAL  STATEMENTS 11

Statement of Operations

Year Ended October 31, 2021

	iShares Interest Rate Hedged Emerging Markets Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	233,177
Securities lending income — Affiliated — net		193
Total investment income		233,370
EXPENSES
Investment advisory fees		48,605
Miscellaneous		173
Total expenses		48,778
Less:
Investment advisory fees waived		(42,124	)
Total expenses after fees waived		6,654
Net investment income		226,716
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(8,451	)
In-kind redemptions — Affiliated		9,597
Swaps		(23,888	)
Net realized loss		(22,742	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(18,119	)
Swaps		218,841
Net change in unrealized appreciation (depreciation)		200,722
Net realized and unrealized gain		177,980
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	404,696

See notes to financial statements.

12 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Interest Rate Hedged Emerging Markets Bond ETF
	Year Ended 10/31/21			Year Ended 10/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	226,716		$	240,993
Net realized loss		(22,742	)		(787,956	)
Net change in unrealized appreciation (depreciation)		200,722			255,566
Net increase (decrease) in net assets resulting from operations		404,696			(291,397	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(160,764	)		(196,224	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,209,671			(1,213,129	)
NET ASSETS
Total increase (decrease) in net assets		1,453,603			(1,700,750	)
Beginning of year		5,632,692			7,333,442
End of year	$	7,086,295		$	5,632,692

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

See notes to financial statements.

FINANCIAL   STATEMENTS 13

Financial Highlights

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged Emerging Markets Bond ETF
	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17
Net asset value, beginning of year	$	22.53		$	24.44		$	25.28		$	26.44		$	25.06
Net investment income(a)		0.83			0.91			1.42			1.06			1.11
Net realized and unrealized gain (loss)(b)		0.86			(2.10	)		(1.00	)		(1.19	)		1.24
Net increase (decrease) from investment operations		1.69			(1.19	)		0.42			(0.13	)		2.35
Distributions(c)
From net investment income		(0.60	)		(0.72	)		(1.26	)		(1.03	)		(0.97	)
Total distributions		(0.60	)		(0.72	)		(1.26	)		(1.03	)		(0.97	)
Net asset value, end of year	$	23.62		$	22.53		$	24.44		$	25.28		$	26.44
Total Return(d)
Based on net asset value		7.52	%		(4.84	)%		1.72	%		(0.51	)%		9.57	%
Ratios to Average Net Assets
Total expenses(e)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Total expenses after fees waived(e)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income		3.50	%		3.97	%		5.71	%		4.07	%		4.32	%
Supplemental Data
Net assets, end of year (000)	$	7,086		$	5,633		$	7,333		$	13,902		$	2,644
Portfolio turnover rate(f)(g)		5	%		4	%		3	%		0	%(h)		2	%

^(a) Based on average shares outstanding.

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

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

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

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

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

^(g)  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.

^(h)  Rounds to less than 1%.

See notes to financial statements.

14 2 0 2 1  I S H A R E S  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

1. ORGANIZATION

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

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification     Classification
Interest Rate Hedged Emerging Markets Bond	Diversified

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

NOTES   TO  FINANCIAL   STATEMENTS 15

Notes to Financial Statements  (continued)

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

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Notes to Financial Statements  (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.75%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 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%.

This amount is included in investment advisory fees waived in the Statement of Operations. For the year ended October 31, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Interest Rate Hedged Emerging Markets Bond	$	42,124

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

NOTES   TO  FINANCIAL   STATEMENTS 17

Notes to Financial Statements  (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 year ended October 31, 2021, the Fund paid BTC $74 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 year ended October 31, 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	$	572,952		$297,029

For the year ended October 31, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
Interest Rate Hedged Emerging Markets Bond	$	2,235,867		$1,101,421

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 October 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2021, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated     Loss
Interest Rate Hedged Emerging Markets Bond	$	1,811		$(1,811)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 10/31/21		Year Ended     10/31/20
Interest Rate Hedged Emerging Markets Bond Ordinary income	$	160,764		$196,224

18 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (continued)

As of October 31, 2021, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)	Total
Interest Rate Hedged Emerging Markets Bond	$	(1,265,177	)	$	61,371		$(1,203,806)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

For the year ended October 31, 2021, the Fund utilized $42,987 of its capital loss carryforwards.

As of October 31, 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized     Appreciation     (Depreciation)
Interest Rate Hedged Emerging Markets Bond	$	6,813,073	$	125,209	$	(63,838	)		$        61,371

9. PRINCIPAL RISKS

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

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

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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

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

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

With centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into

NOTES   TO  FINANCIAL   STATEMENTS 19

Notes to Financial Statements  (continued)

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.

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

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:

	Year Ended 10/31/21						Year Ended 10/31/20
iShares ETF	Shares			Amount			Shares			Amount
Interest Rate Hedged Emerging Markets Bond
Shares sold		100,000		$	2,384,241			—		$	—
Shares redeemed		(50,000	)		(1,174,570	)		(50,000	)		(1,213,129	)
Net increase (decrease)		50,000		$	1,209,671			(50,000	)	$	(1,213,129	)

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 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.

20 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares U.S. ETF Trust and Shareholders of iShares Interest Rate Hedged Emerging Markets Bond ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Interest Rate Hedged Emerging Markets Bond ETF (one of the funds constituting iShares U.S. ETF Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 21, 2021

We have served as the auditor of one or more BlackRock investment companies since 2000.

REPORT   OF   INDEPENDENT   REGISTERED  PUBLIC   ACCOUNTING   FIRM 21

Important Tax Information (unaudited)

The Fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended October 31, 2021:

iShares ETF	Foreign Source Income Earned
Interest Rate Hedged Emerging Markets Bond	$	224,451

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2021:

iShares ETF	Interest Dividends
Interest Rate Hedged Emerging Markets Bond	$	225,979

22 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

iShares Interest Rate Hedged Emerging Markets Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund was, during the periods under review, an actively managed ETF that did not seek to track the performance of a specified index and that the management team for the Fund managed the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized

BOARD   REVIEW   AND   APPROVAL   OF  INVESTMENT  ADVISORY  CONTRACT 23

Board Review and Approval of Investment Advisory Contract  (continued)

that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

24 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

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.

October 31, 2021

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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)	$	0.567540	$	—	$	0.030867	$	0.598407		95	%		—	%		5	%		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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

SUPPLEMENTAL  INFORMATION 25

Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 375 funds as of October 31, 2021. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (64)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its  affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (72)	Trustee (since 2011); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (65)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since (2016).
Richard L. Fagnani (66)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

26 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2011); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005) ; Trustee of iShares Trust (since 2005).
Drew E. Lawton (62)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2011); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (52)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (60)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (58)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).

TRUSTEE   AND  OFFICER   INFORMATION 27

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

A description of the 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.

28 2 0 2 1   I SHARES   ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate

GLOSSARY   OF  TERMS   USED   IN   THIS  REPORT 29

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”).

^©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1019-1021

OCTOBER 31, 2021

2021 Annual Report

iShares U.S. ETF Trust

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· iShares Commodity Curve Carry Strategy ETF | CCRV | NYSE Arca

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· iShares GSCI Commodity Dynamic Roll Strategy ETF | COMT | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, out-paced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

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 in early 2021, 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 solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term 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 moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential 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,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	10.91%	42.91%
U.S. small cap equities (Russell 2000® Index)	1.85	50.80
International equities (MSCI Europe, Australasia, Far East Index)	4.14	34.18
Emerging market equities (MSCI Emerging Markets Index)	(4.87)	16.96
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.06
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.59	(4.77)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.06	(0.48)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.33	2.76
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.36	10.53
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
Market Overview		4
Fund Summary		5
About Fund Performance		13
Shareholder Expenses		13
Consolidated Schedules of Investments		14
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities		25
Consolidated Statements of Operations		26
Consolidated Statements of Changes in Net Assets		27
Consolidated Financial Highlights		29
Notes to Consolidated Financial Statements		33
Report of Independent Registered Public Accounting Firm		41
Important Tax Information (Unaudited)		42
Board Review and Approval of Investment Advisory Contract		43
Supplemental Information		49
Trustee and Officer Information		50
General Information		52
Glossary of Terms Used in this Report		53

Market Overview

iShares U.S. ETF Trust

Global Market Overview

Most global commodities gained sharply for the 12 months ended October 31, 2021 (“reporting period”). The S&P GSCI Index, a broad measure of global commodities performance, returned 73.68% in U.S. dollar terms for the reporting period. The coronavirus pandemic created significant disruptions to both supply and demand for commodities, and the swift global economic rebound drove the prices of many commodities substantially higher.

The U.S. economy continued to recover from the effects of the coronavirus pandemic, growing at a brisk pace during the reporting period. Driven by strong consumer spending and significant fiscal and monetary stimulus, U.S. growth outpaced most other developed economies. An ongoing COVID-19 vaccination program helped accelerate the easing of pandemic-related restrictions, and consumers returned to activities that were previously curtailed, such as travel, restaurant dining, and in-person shopping. Spending on goods also remained elevated, leading imports to rise to an all-time high.

However, this robust consumer demand combined with continued pandemic-related disruptions to the global supply chain led to significantly higher inflation. Similarly, in the labor market, the reopening economy and pent-up demand meant that hiring accelerated, and the unemployment rate fell substantially. Nonetheless, total employment remained notably below pre-pandemic levels and job openings reached a record high despite rising wages. Elevated demand drove an increase in industrial production, although rising commodities prices and supply delays constrained growth, particularly late in the reporting period. The emergence of the highly contagious Delta variant, which was responsible for a significant rise in cases beginning late in summer 2021, also weighed on the economy.

The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchasing program. The Fed indicated that it would begin slowing its bond buying activities late in 2021 and signaled that an interest rate increase could be possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

The improving economy and increased consumer spending led to higher demand for many commodities, including energy commodities. Oil prices rose steadily throughout the reporting period, and West Texas Intermediate crude prices reached their highest levels in seven years. While demand for oil increased, supply remained constrained, due in part to low levels of investment in new drilling projects. Natural gas prices also rose substantially, driven by low production and diminished inventories.

Industrial metals’ price movements varied depending on specific industrial conditions. Copper prices ended the reporting period significantly higher amid low output and increased demand for copper used in applications such as homebuilding and the production of electric vehicles (“EVs”). High demand for EVs also drove a large increase in the price of lithium, an essential metal used in EV battery production. However, iron ore prices declined amid China’s government-imposed limits on domestic steel production. Precious metal prices also varied, as gold declined slightly despite higher inflation, silver moved marginally higher, and platinum increased notably as demand grew for automobiles with catalytic converters, which use platinum as a component.

Most agricultural commodities rose amid low plantings in the U.S., higher transport costs, and unfavorable weather leading to poor harvests in many parts of the world. Meat prices increased, driven by continued labor shortages at meatpacking plants and higher demand from the rebounding restaurant industry.

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Fund Summary  as of October 31, 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		42.59	%		6.25	%		42.59	%		24.24	%
Fund Market		42.92			6.37			42.92			24.76
Index		43.98			6.78			43.98			26.42

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 4/3/18. The first day of secondary market trading was 4/5/18.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$    1,000.00	$	1,144.40	$	1.46		$	1,000.00	$	1,023.80	$	1.38		0.27	%

^(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 (184 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 13 for more information.

FUND  SUMMARY 5

Fund Summary  as of October 31, 2021 (continued) iShares^® Bloomberg Roll Select Commodity Strategy ETF

Portfolio Management Commentary

The Fund advanced significantly for the reporting period, reflecting sharply higher prices for many commodities, particularly in the energy sector. The Fund gains exposure to a mix of commodities futures by investing in index futures designed to provide total returns consistent with investment in a broad variety of commodities. Exposure to the energy sector increased during the reporting period, and natural gas, West Texas Intermediate crude oil, and Brent crude oil futures were among the Fund’s largest investments at the end of the reporting period. Gold futures detracted from the Fund’s return, but, although exposure decreased, investment in gold futures remained substantial.

Natural gas futures contributed to the Fund’s performance amid the highest price levels in 13 years, as producers were slow to resume production despite the recovery in consumer demand. Summer of 2021 was warmer than usual which led to increased usage of air conditioning, stoking demand for natural gas. However, a warm autumn weighed on natural gas prices due to delayed demand for home heating.

Oil futures also contributed to the Fund’s return. Oil prices rose early in the reporting period amid news of successful COVID-19 vaccines. The subsequent global economic recovery and ebbing of pandemic-related disruptions drove further gains as demand rebounded. Toward the end of the reporting period, tightening oil supplies sent prices higher as oil producers rejected appeals to significantly boost production. Coal and gas shortages in China, India, and Europe raised demand for oil used in power generation, further bolstering prices.

In contrast, exposure to gold futures detracted from the Fund’s return as gold prices retreated from record highs attained in August 2020. Perceived as a less risky asset during times of political or economic uncertainty, gold’s allure diminished as COVID-19 vaccines became available, global economies reopened, and equities markets recovered, increasing the appeal of stocks relative to gold.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Commercial Paper		79.1	%
U.S. Treasury Obligations		8.0
Money Market Funds		9.3
Cash		4.5
Futures		5.1
Other assets, less liabilities		(6.0	)

COMMODITIES EXPOSURE

Sector Exposure(a)	Percent of Exposure
Energy Futures		39.8	%
Agriculture Futures		27.2
Industrial Metals Futures		14.6
Precious Metals Futures		13.6
Livestock Futures		4.8

^(a)  Represents the sector allocation of the Bloomberg Roll Select Commodity Total Return Index.

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Fund Summary  as of October 31, 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

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		45.81	%		33.97	%		45.81	%		40.67	%
Fund Market		46.40			34.49			46.40			41.32
Index		46.53			34.79			46.53			41.54

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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 one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$    1,000.00	$	1,153.80	$	2.12		$	1,000.00	$	1,023.20	$	1.99		0.39	%

^(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 (184 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 13 for more information.

FUND  SUMMARY 7

Fund Summary  as of October 31, 2021 (continued) iShares^® Commodity Curve Carry Strategy ETF

Portfolio Management Commentary

The Fund advanced significantly for the reporting period, reflecting sharply higher prices for many commodities. The Fund gains exposure to a concentrated mix of commodities futures exhibiting positive carry (the difference between the price of an expiring futures contract and its replacement) by investing in commodity total return swaps. During the reporting period, the Fund sharply increased its exposure to the energy sector while eliminating its substantial investment in precious metals. At the end of the reporting period, the Fund’s largest exposures included Brent crude oil, copper, and corn.

Energy futures contributed the most to the Fund’s return, particularly Brent crude oil and West Texas Intermediate crude oil. Oil prices rose early in the reporting period amid the successful development of COVID-19 vaccines. The subsequent global economic recovery and ebbing of pandemic-related disruptions drove further gains as energy demand rebounded. Toward the end of the reporting period, tightening oil supplies sent prices higher as oil producers rejected appeals to significantly increase production. Coal and gas shortages in China, India, and Europe increased demand for oil used in power generation, further bolstering prices.

Copper and corn futures also contributed to the Fund’s performance. Copper prices reached record highs as the global economic recovery led to rising demand for industrial metals. Corn prices soared due to strong demand from China coupled with drought in the corn-growing regions of South America. Demand for the corn-based ethanol used in gasoline, increased as the reopening of economies led to increased demand for fuel.

Exposure to precious metals futures, which represented approximately 22% of the Fund on average at the start of the reporting period declined to 0% by the end of the reporting period. The allure of assets like gold, which are perceived as less-risky assets during times of political or economic uncertainty, declined as COVID-19 vaccines spread, global economies recovered, and gold prices retreated from record highs in August 2020.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Commercial Paper	64.6	%
U.S. Treasury Obligations	18.3
Money Market Funds	18.1
Cash	0.0	(a)
Commodity Swaps	9.7
Other assets, less liabilities	(10.7	)

^(a)  Rounds to less than 0.1%.

FIVE LARGEST HOLDINGS

Security	Percent of Net Assets
U.S. Treasury Bill, 0.06%, 11/30/21	7.5	%
U.S. Treasury Bill, 0.06%, 11/23/21	6.0
Amphenol Corp., 0.10%, 11/10/21	3.8
Banco Santander, 0.07%, 11/01/21	3.5
Sherwin Williams Co., 0.18%, 11/17/21	3.5

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Fund Summary  as of October 31, 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(6.21	)%		8.24	%		(6.21	)%		30.94	%
Fund Market		(6.18	)		8.23			(6.18	)		30.92
Index		(5.85	)		8.44			(5.85	)		31.73

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 6/6/18. The first day of secondary market trading was 6/8/18.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$1,000.00	$	1,003.50	$	0.71		$	1,000.00	$	1,024.50	$	0.71		0.14	%

^(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 (184 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 13 for more information.

FUND  SUMMARY 9

Fund Summary  as of October 31, 2021 (continued) iShares^® Gold Strategy ETF

Portfolio Management Commentary

The Fund declined during the reporting period, decreasing along with the price of gold. The Fund’s performance was approximately in line with the broader gold market, as represented by the Bloomberg Composite Gold Index, due to its composition as a mix of gold futures and exchange-traded products linked to or backed by gold.

Gold prices declined early in the reporting period as news of the successful development of COVID-19 vaccines raised hopes that coronavirus-related restrictions would ease, and economic activity would normalize. Perceived as a less risky investment during times of political or economic uncertainty, gold became less attractive as global economies recovered and access to vaccines spread. The strong recovery in global equities markets, in tandem with a strong rebound in employment, increased the appeal of stocks relative to gold.

U.S. economic stimulus policies and anticipation of a large infrastructure package boosted U.S. bond yields and weakened gold. The decline in gold prices accelerated after the Fed signaled that, to keep inflation in check, it would shift toward a more restrained monetary policy, possibly raising interest rates sooner than originally projected.

Rising yields on U.S. bonds reduced gold’s relative attractiveness as an investment. Because gold does not pay interest, its appeal decreases when yields rise as its carrying cost relative to bonds increases. Renewed strength in the U.S. dollar also pressured gold, as gold is priced in U.S. dollars, strength in the currency makes it more expensive for foreign investors to purchase gold.

Demand for physical gold generally decreased as investors sold investments in gold-backed exchange-traded funds. While demand for gold jewelry increased, it remained below pre-pandemic levels, particularly in the key Indian market, weighing on gold prices. The emergence of novel investment alternatives such as cryptocurrencies created an additional headwind for gold demand.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Money Market Funds	79.3	%
Grantor Trust	18.5
Cash	3.5
Futures	(1.3	)
Other assets, less liabilities	0.0	(a)

COMMODITY-LINKED FUTURES

Sector Exposure(b)	Percent of Net Assets
Gold Futures	75.5	%

^(a)  Rounds to less than 0.1%

^(b)  Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.

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Fund Summary  as of October 31, 2021 iShares^® GSCI Commodity Dynamic Roll Strategy ETF

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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		54.75	%		6.93	%		(1.11	)%		54.75	%		39.79	%		(7.54	)%
Fund Market		55.49			6.96			(1.09	)		55.49			39.99			(7.44	)
Index		55.33			6.61			(4.07	)		55.33			37.71			(25.38	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 10/15/14. The first day of secondary market trading was 10/16/14.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Index performance through January 30, 2020 reflects the performance of the S&P GSCI Dynamic Roll Reduced Energy 70/30 Futures/Equity Blend Total Return Index. Index performance beginning on January 31, 2020 reflects the performance of the S&P GSCI Dynamic Roll (USD) Total Return Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$    1,000.00	$	1,163.90	$	2.62		$	1,000.00	$	1,022.80	$	2.45		0.48	%

^(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 (184 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 13 for more information.

FUND  SUMMARY 11

Fund Summary  as of October 31, 2021 (continued) iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Portfolio Management Commentary

The Fund advanced significantly for the reporting period, reflecting sharply higher prices for many commodities. The Fund uses a mix of commodities futures designed to provide total returns consistent with investment in a broad variety of commodities. Some of the Fund’s largest futures investments included energy commodities, such as West Texas Intermediate crude oil, Brent crude oil, and gasoil, as well as copper.

Oil futures contributed to the Fund’s performance, advancing as prices rose early in the reporting period amid the development of successful COVID-19 vaccines, which raised expectations that economies would recover from the pandemic’s disruptions. Supply constraints drove prices higher as OPEC and its allies rejected appeals to significantly increase oil production amid rising demand. A February 2021 winter storm in Texas that froze the state’s oil production exacerbated supply issues and reduced inventory. Although fears that novel coronavirus strains could disrupt the economic recovery occasionally weighed on oil prices, the overall trajectory remained positive. Oil prices reached multi-year highs toward the end of the reporting period.

Natural gas futures contributed to the Fund’s performance as prices reached their highest level in 13 years. Producers were slow to resume production despite the recovery in consumer demand. Summer of 2021 was warmer than usual which led to increased usage of air conditioning, stoking demand for natural gas. However, a warm autumn weighed on natural gas prices due to delayed demand for home heating.

Industrial metals futures such as copper also contributed to the Fund’s performance. Copper prices reached record highs as the global economic recovery led to rising demand for industrial metals. Increased demand for cleaner energy also supported copper prices, as the metal is used heavily in electric vehicles, solar panels, and wind turbines. In contrast, exposure to gold futures detracted from the Fund’s return as the precious metal’s allure diminished amid the strengthening of global economies.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Commercial Paper	74.8	%
U.S. Treasury Obligations	11.2
Certificates of Deposit	1.5
Money Market Funds	8.2
Cash	5.1
Futures	3.0
Other assets, less liabilities	(3.8	)

COMMODITY-LINKED FUTURES

Sector Exposure(a)	Percent of Net Assets
Energy Futures	58.8	%
Agriculture Futures	18.6
Industrial Metals Futures	11.8
Livestock Futures	6.1
Precious Metals Futures	4.7

^(a)  Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.

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About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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.

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 13

Consolidated Schedule of Investments October 31, 2021 iShares^® Bloomberg Roll Select Commodity Strategy ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Paper
Amcor Finance (USA) Inc., 0.13%, 11/15/21(a)	$	6,000	$	5,999,623
Amcor Flexibles North America, 0.15%, 11/30/21(a)		8,000		7,998,926
American Honda Finance Corp.
0.13%, 11/18/21(a)		4,000		3,999,716
0.16%, 12/21/21(a)		800		799,818
Amphenol Corp., 0.10%, 11/10/21(a)		5,900		5,899,803
AT&T Inc., 0.13%, 11/09/21(a)		6,200		6,199,754
Banco Santander
0.07%, 11/01/21(a)		4,500		4,499,973
0.09%, 12/01/21(a)		4,650		4,649,616
BASF Aktiengesellsch, 0.11%, 12/03/21(a)		5,000		4,999,465
BASF SE
0.08%, 11/02/21(a)		700		699,994
0.11%, 12/06/21(a)		2,500		2,499,710
Bayerische Landesbank/New York, 0.08%, 12/01/21(a)		6,500		6,499,511
BPCE SA, 0.07%, 11/23/21(a)		6,000		5,999,713
Britannia Funding Co. LLC, 0.18%, 01/19/22(a)		2,500		2,499,078
Charta LLC, 0.13%, 11/23/21(a)		700		699,954
DBS Bank Ltd., 0.09%, 11/12/21(a)		1,000		999,965
DNB nor Bank ASA
0.05%, 11/23/21(a)		1,700		1,699,943
0.05%, 12/06/21(a)		6,000		5,999,664
Electricite De France SA, 0.11%, 11/10/21(a)		2,000		1,999,927
Enbridge (US) Inc.
0.13%, 11/02/21(a)		3,100		3,099,955
0.19%, 01/06/22(a)		5,000		4,998,218
Federation Des Caisses
0.06%, 11/09/21(a)		2,800		2,799,951
0.07%, 11/19/21(a)		7,000		6,999,698
Goldman Sachs International, 0.11%, 12/01/21(a)		7,050		7,049,289
Jupiter Sect Co. LLC, 0.14%, 12/02/21(a)		1,000		999,908
Lime Funding, 0.18%, 11/01/21(a)		2,500		2,499,983
Lime Funding LLC, 0.21%, 01/07/22(a)		6,500		6,498,357
Macquarie bank Ltd., 0.11%, 11/30/21(a)		4,300		4,299,576
Macquarie Bank Ltd., 0.13%, 01/05/22(a)		3,300		3,299,221
Mitsubishi UFJ Trust & Banking Corp., 0.08%, 12/03/21(a)		6,200		6,199,518
Mizuho Bank, 0.11%, 11/29/21(a)		2,700		2,699,744
Nationwide Building Society, 0.11%, 01/13/22(a)		1,400		1,399,687
NextEra Energy Capital Holdings Inc., 0.13%, 11/10/21(a)		2,400		2,399,899

Security	Par/ Shares (000)		Value
Nieuw Amsterdam, 0.11%, 11/02/21(a)	$	750	$	749,993
Nutrien Ltd.
0.15%, 11/02/21(a)		3,500		3,499,940
0.17%, 12/23/21(a)		5,000		4,998,724
Sherwin Williams Co., 0.18%, 11/17/21(a)		6,000		5,999,421
Skandin Ens Banken AG
0.07%, 12/03/21(a)		2,600		2,599,818
0.08%, 12/17/21(a)		4,000		3,999,586
Suncorp Group Ltd., 0.14%, 11/23/21(a)		2,000		1,999,800
Swedbank, 0.05%, 12/07/21(a)		4,000		3,999,770
VW Credit Inc.
0.14%, 11/17/21(a)		3,000		2,999,783
0.19%, 01/05/22(a)		4,500		4,498,428
Total Commercial Paper — 79.1% (Cost: $165,231,268)				165,232,420
U.S. Treasury Obligations
U.S. Treasury Bill
0.06%, 11/26/21(a)		3,400		3,399,868
0.06%, 11/30/21(a)		13,200		13,199,335
Total U.S. Treasury Obligations — 8.0% (Cost: $16,599,259)				16,599,203
Money Market Funds
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		19,480		19,480,000
Total Money Market Funds — 9.3% (Cost: $19,480,000)				19,480,000
Total Investments in Securities — 96.4% (Cost: $201,310,527)				201,311,623
Other Assets, Less Liabilities — 3.6%				7,532,115
Net Assets — 100.0%			$	208,843,738

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

^(b) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21		Shares Held at 10/31/21 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	5,970,000	$	13,510,000	(a)	$	—	$	—	$	—	$	19,480,000		19,480	$	2,137	$	—

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

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Consolidated Schedule of Investments  (continued) October 31, 2021   iShares^® Bloomberg Roll Select Commodity Strategy  ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Bloomberg Roll Select Index		7,628		12/15/21	$	206,581	$	10,651,076

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	10,651,076

^(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 period ended October 31, 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	$	19,938,136
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	10,876,571

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	103,174,430

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Commercial Paper	$	—	$	165,232,420	$	—	$	165,232,420
U.S. Treasury Obligations		—		16,599,203		—		16,599,203
Money Market Funds		19,480,000		—		—		19,480,000
	$	19,480,000	$	181,831,623	$	—	$	201,311,623
Derivative financial instruments(a)
Assets
Futures Contracts	$	10,651,076	$	—	$	—	$	10,651,076

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

See notes to Consolidated Financial Statements

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 October 31, 2021   iShares^® Commodity Curve Carry Strategy ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Paper
Amcor Flexibles North America Inc., 0.15%, 11/16/21(a)	$	300	$	300,219
American Honda Finance Corp., 0.16%, 12/21/21(a)		600		599,863
Amphenol Corp., 0.10%, 11/10/21(a)		1,500		1,499,950
AT&T Inc., 0.13%, 11/09/21(a)		1,100		1,099,715
Banco Santander, 0.07%, 11/01/21		1,400		1,399,992
Barton Capital Corp., 0.09%, 11/16/21(a)		1,000		999,954
BASF Aktiengesellsch, 0.11%, 12/03/21(a)		1,000		999,893
BASF SE, 0.11%, 12/16/21(a)		500		499,924
Bayerische Landesbank/New York, 0.08%, 12/01/21(a)		1,300		1,299,902
BPCE SA, 0.07%, 11/23/21(a)		1,000		999,952
DBS Bank Ltd., 0.09%, 11/12/21(a)		1,000		999,965
DNB nor Bank ASA, 0.05%, 12/06/21(a)		1,300		1,299,927
Enbridge (US) Inc., 0.19%, 01/06/22(a)		1,000		999,643
Goldman Sachs International, 0.11%, 12/01/21(a)		1,400		1,399,859
ING (U.S.) Funding LLC, 0.09%, 12/17/21(a)		600		599,927
La Fayette Asset Sec, 0.12%, 12/08/21(a)		500		499,945
Lime Funding, 0.18%, 11/01/21		250		249,998
Macquarie bank Ltd., 0.11%, 11/30/21(a)		500		499,951
Matchpoint Finance PLC, 0.16%, 12/07/21(a)		1,300		1,299,862
Mitsubishi UFJ Trust & Banking Corp., 0.08%, 12/03/21(a)		1,300		1,299,899
NextEra Energy Capital Holdings Inc., 0.14%, 11/17/21(a)		300		299,978
Nieuw Amsterdam, 0.11%, 11/02/21(a)		1,100		1,099,990
Nutrien Ltd., 0.17%, 12/23/21(a)		1,000		999,745
Sherwin Williams Co., 0.18%, 11/17/21(a)		1,400		1,399,865
Skandin Ens Banken AG, 0.08%, 12/17/21(a)		1,300		1,299,866
Swedbank, 0.05%, 12/07/21(a)		1,200		1,199,931
VW Credit Inc., 0.14%, 11/17/21(a)		500		499,964
Total Commercial Paper — 64.6% (Cost: $25,647,438)				25,647,679

Security	Par/ Shares (000)		Value
U.S. Treasury Obligations
U.S. Treasury Bill
0.04%, 12/02/21	$	965	$	964,948
0.06%, 11/23/21		2,400		2,399,916
0.06%, 11/26/21		900		899,965
0.06%, 11/30/21		3,000		2,999,849
Total U.S. Treasury Obligations — 18.3% (Cost: $7,264,678)				7,264,678
Money Market Funds
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		7,190		7,190,000
Total Money Market Funds — 18.1% (Cost: $7,190,000)				7,190,000
Total Investments in Securities — 101.0% (Cost: $40,102,116)				40,102,357
Other Assets, Less Liabilities — (1.0)%				(392,754	)
Net Assets — 100.0%			$	39,709,603

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

^(b) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21		Shares Held at 10/31/21 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	7,190,000	(a)	$	—	$	—	$	—	$	7,190,000		7,190	$	535	$	—

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

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
0.06%	At Termination		ICE BofA Commodity Enhanced Carry Total Return Index	At Termination	Citibank N.A.		N/A		09/01/22		10,289	$	1,102,915	$	(3,232	)	$	1,106,147
0.06%	At Termination		ICE BofA Commodity Enhanced Carry Total Return Index	At Termination	Merrill Lynch International		N/A		09/01/22		25,518		2,732,432		(10,858	)		2,743,290
												$	3,835,347	$	(14,090	)	$	3,849,437

^(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.

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Consolidated Schedule of Investments  (continued) October 31, 2021   iShares^® Commodity Curve Carry Strategy ETF

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 October 31, 2021.

Futures contracts	Maturity date		Weight %
Brent Crude Oil		10/31/2022		24.3	%
Copper		12/20/2022		14.1
Corn		12/14/2022		11.8
Gas Oil		12/12/2022		11.1
Wheat		07/14/2022		7.2
RBOB Gasoline		05/31/2022		6.1
Sugar		09/30/2022		5.9
WTI Crude Oil		11/21/2022		5.5
Aluminum		12/20/2022		4.4
Soybeans		01/14/2022		4.2
Nickel		12/20/2022		3.2
Zinc		10/20/2022		1.4
Natural Gas		11/28/2022		0.9

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps		$—		$(14,090)		$3,849,437		$—

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts
Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	3,849,437
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	14,090

For the period ended October 31, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts
Net Realized Gain (Loss) from:
Swaps	$	8,349,687
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	4,878,167

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Total return swaps:
Average notional value	$	30,878,552

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

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

Consolidated Schedule of Investments  (continued) October 31, 2021   iShares^® Commodity Curve Carry Strategy ETF

Derivative Financial Instruments - Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments:
Swaps - OTC(a)	$	3,849,437	$	14,090
Total derivative assets and liabilities in the Statement of Assets and Liabilities		3,849,437		14,090
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		3,849,437		14,090

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	(b)		Net Amount of Derivative Assets
Citibank N.A.	$	1,106,147	$	(3,232	)	$	—	$	(1,102,915	)	$	—
Merrill Lynch International		2,743,290		(10,858	)		—		(2,732,432	)		—
	$	3,849,437	$	(14,090	)	$	—	$	(3,835,347	)	$	—
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged			Net Amount of Derivative Liabilities
Citibank N.A.	$	3,232	$	(3,232	)	$	—	$	—		$	—
Merrill Lynch International		10,858		(10,858	)		—		—			—
	$	14,090	$	(14,090	)	$	—	$	—		$	—

^(a) The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b) Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Commercial Paper	$	—	$	25,647,679	$	—	$	25,647,679
U.S. Treasury Obligations		—		7,264,678		—		7,264,678
Money Market Funds		7,190,000		—		—		7,190,000
	$	7,190,000	$	32,912,357	$	—	$	40,102,357
Derivative financial instruments(a)
Assets
Swaps	$	—	$	3,849,437	$	—	$	3,849,437

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

See notes to Consolidated Financial Statements

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Consolidated Schedule of Investments October 31, 2021   iShares^® Gold Strategy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Grantor Trust
Grantor Trust — 18.5%
iShares Gold Trust(a)(b)		163,344	$	5,542,262
Total Grantor Trust (Cost: $5,195,447)				5,542,262
Short-Term Investments
Money Market Funds — 79.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(c)		23,797,000		23,797,000
Total Short-Term Investments — 79.3% (Costs: $23,797,000)				23,797,000
Total Investments in Securities — 97.8% (Cost: $28,992,447)				29,339,262
Other Assets, Less Liabilities — 2.2%				656,386
Net Assets—100.0%			$	29,995,648

^(a)  Affiliate of the Fund.

^(b)  Non-income producing security.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21		Shares Held at 10/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	17,047,000	$	6,750,000	(a)	$	—		$	—		$	—		$	23,797,000		23,797,000	$	2,485	$	—
iShares Gold Trust		3,698,740		9,194,872			(6,929,610	)		(221,953	)		(199,787	)		5,542,262		163,344		—		—
									$	(221,953	)	$	(199,787	)	$	29,339,262			$	2,485	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Gold 100 OZ		127		12/29/21	$	22,656	$	(395,092)

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  (continued) October 31, 2021   iShares^® Gold Strategy ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	395,092

^(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 period ended October 31, 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	$	(1,570,544	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts.	$	298,874

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	19,209,362

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Grantor Trust	$	5,542,262		$	—	$	—	$	5,542,262
Money Market Funds		23,797,000			—		—		23,797,000
	$	29,339,262		$	—	$	—	$	29,339,262
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(395,092	)	$	—	$	—	$	(395,092	)

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

See notes to Consolidated Financial Statements

20 2 0 2 1  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Consolidated Schedule of Investments October 31, 2021   iShares^® GSCI Commodity Dynamic Roll Strategy ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Certificates of Deposit
Bank Of Montreal, 0.16%, 01/03/22	$	6,500	$	6,500,548
Bank of Nova Scotia/Houston, 0.19%, 05/18/22, (SOFR + 0.180%)(a)		5,000		5,002,082
Credit Suisse AG/New York NY
0.24%, 02/15/22		2,000		2,000,507
0.28%, 04/08/22, (SOFR + 0.220%)(a)		3,100		3,101,745
0.35%, 05/09/22(a)		5,000		5,005,045
Natixis/New York, 0.23%, 06/17/22, (SOFR + 0.180%)(a)		10,000		10,004,052
Sumitomo Mitsui Banking Corp./New York, 0.23%, 07/29/22(a)		5,000		5,000,453
Toronto-Dominion Bank (The), 0.23%, 05/23/22, (SOFR + 0.180%)(a)(b)		5,000		5,000,000
Total Certificates of Deposit — 1.5% (Cost: $41,598,672)				41,614,432
Commercial Paper
Amcor Finance (USA) Inc., 0.13%, 11/15/21		12,300		12,299,227
Amcor Flexibles North America, 0.15%, 11/30/21		42,000		41,994,363
Amcor Flexibles North America Inc., 0.15%, 11/16/21		29,700		29,697,847
American Honda Finance Corp.
0.16%, 12/21/21		22,250		22,244,923
0.17%, 01/11/22		27,395		27,385,202
Amphenol Corp., 0.10%, 11/10/21		31,100		31,098,963
ASB Finance Ltd., 0.02%, 08/01/22		8,000		7,998,564
AT&T Inc.
0.13%, 11/09/21		25,000		24,999,007
0.18%, 02/14/22		50,000		49,972,400
Banco Santander, 0.07%, 11/01/21		5,000		4,999,970
Banco Santander SA
0.07%, 11/04/21		55,650		55,649,314
0.08%, 11/19/21		20,000		19,999,020
BASF Aktiengesellsch
0.11%, 12/03/21		40,000		39,995,722
0.11%, 12/15/21		45,000		44,993,361
BASF SE, 0.11%, 12/16/21		25,000		24,996,200
Bayerische Landesbank/New York
0.08%, 12/01/21		30,000		29,997,745
0.09%, 12/10/21		13,000		12,998,665
Bedford Row Funding Corp., 0.28%, 04/07/22(a)(b)		5,000		5,002,445
BPCE SA, 0.07%, 11/23/21		50,000		49,997,604
Britannia Funding Co. LLC, 0.18%, 01/19/22		37,750		37,736,070
Cedar Springs Capital Co., 0.17%, 12/01/21		10,000		9,999,111
Charta LLC, 0.13%, 11/23/21		26,600		26,598,245
Danaher Corp., 0.13%, 11/02/21		10,000		9,999,856
DBS Bank Ltd., 0.16%, 03/02/22		30,000		29,983,363
DBS BANK Ltd., 0.10%, 12/01/21		25,000		24,997,708
Dexia Credit Local SA, 0.14%, 03/01/22		13,000		12,993,693
DNB nor Bank ASA
0.05%, 11/23/21		16,550		16,549,448
0.05%, 12/06/21		65,000		64,996,364
Enbridge (US) Inc.
0.13%, 11/02/21		46,900		46,899,323
0.19%, 01/06/22		25,000		24,991,088
Federation Des Caisses, 0.06%, 11/09/21		25,000		24,999,565
Fidelity National Information Services Inc., 0.14%, 11/18/21		30,600		30,597,654
FMS Wertmanagement, 0.09%, 12/10/21		66,000		65,993,070
Goldman Sachs International, 0.11%, 12/01/21		50,000		49,994,958

Security	Par (000)		Value
ING (U.S.) Funding LLC, 0.09%, 12/17/21	$	45,139	$	45,133,470
Ionic Capital II Trust, 0.13%, 02/04/22		71,175		71,149,230
Korea Development Bank (The), 0.14%, 03/14/22		13,300		13,292,915
La Fayette Asset Sec, 0.12%, 12/08/21		15,150		15,148,334
Landesbank Baden-Wuerttemberg
0.11%, 11/19/21		24,000		23,998,516
0.16%, 03/14/22		25,000		24,985,361
Lime Funding, 0.18%, 11/01/21		25,250		25,249,828
Lloyds Bacnk Corp., 0.14%, 03/07/22		18,000		17,990,776
Macquarie Bank Ltd., 0.13%, 01/05/22		99,900		99,876,413
Mitsubishi UFJ Financial Group Inc., 0.08%, 12/07/21		28,900		28,897,495
Mitsubishi UFJ Trust & Banking Corp., 0.08%, 12/03/21		34,750		34,747,297
Mizuho Bank, 0.11%, 11/29/21		47,300		47,295,520
Mont Blanc Capital Corp., 0.18%, 02/10/22		25,291		25,281,137
National Bank of Canada
0.10%, 01/07/22		10,000		9,998,056
0.12%, 01/24/22		25,600		25,592,762
0.12%, 02/07/22		15,000		14,994,782
Nationwide Building Society, 0.11%, 01/13/22		18,900		18,895,771
NextEra Energy Capital Holdings Inc.
0.13%, 11/10/21		35,000		34,998,530
0.14%, 11/17/21		20,000		19,998,554
0.16%, 12/06/21		15,000		14,997,546
Nieuw Amsterdam
0.11%, 11/02/21		30,000		29,999,723
0.11%, 11/12/21		52,850		52,848,171
0.12%, 12/07/21		35,000		34,996,663
Nutrien Ltd.
0.15%, 11/02/21		8,000		7,999,863
0.16%, 12/16/21		25,000		24,994,600
0.17%, 12/23/21		19,000		18,995,152
Royal Bank of Canada, 0.18%, 04/29/22		7,400		7,393,229
Sheffield Receivable, 0.18%, 12/06/21		40,000		39,995,862
Skandin Ens Banken AG
0.08%, 12/16/21		21,450		21,447,826
0.08%, 12/17/21		1,800		1,799,814
0.08%, 12/27/21		25,000		24,996,722
Skandinaviska Enskilda Banken AB, 0.08%, 12/14/21		4,600		4,599,559
Sumitomo Mitsui Trust Bank
0.08%, 12/02/21		40,000		39,996,940
0.11%, 01/12/22		18,950		18,945,855
Swedbank, 0.05%, 12/07/21		52,550		52,546,983
Toronto Dominion Bank, 0.17%, 04/11/22		25,000		24,980,753
Virginia Electric and Power, 0.13%, 11/08/21		25,000		24,999,118
VW Credit Inc.
0.14%, 11/17/21		1,850		1,849,866
0.19%, 01/05/22		45,500		45,484,100
Westpac Banking Corp., 0.28%, 08/30/22		7,000		6,983,454
Total Commercial Paper — 74.8% (Cost: $2,111,993,563)				2,112,026,604
U.S. Treasury Obligations
U.S. Treasury Bill
0.06%, 11/23/21		26,800		26,799,058
0.06%, 11/26/21		21,000		20,999,183
0.06%, 11/30/21		269,850		269,836,413
Total U.S. Treasury Obligations — 11.2% (Cost: $317,635,567)				317,634,654

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 21

Consolidated Schedule of Investments  (continued) October 31, 2021   iShares^® GSCI Commodity Dynamic Roll Strategy  ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Money Market Funds
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		233,060	$	233,060,095
Total Money Market Funds — 8.2% (Cost: $233,060,095)				233,060,095
Total Investments in Securities — 95.7% (Cost: $2,704,287,897)				2,704,335,785
Other Assets, Less Liabilities — 4.3%				120,449,617
Net Assets — 100.0%			$	2,824,785,402

^(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) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 10/31/21		Shares Held at 10/31/21 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	10,605,095	$	222,455,000	(a)	$	—	$	—	$	—	$	233,060,095		233,060	$	9,907	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Gasoline RBOB		1,223		11/30/21	$	121,722	$	2,202,626
LME Lead		293		12/13/21		17,624		1,331,505
LME Nickel		225		12/13/21		26,306		2,105,486
Lean Hogs		1,567		12/14/21		47,684		32,582
Wheat KCBT		1,158		12/14/21		45,495		7,069,677
Silver		115		12/29/21		13,771		(1,869,914	)
Brent Crude Oil		6,035		12/30/21		498,189		5,744,560
Cattle Feeder		364		01/27/22		28,415		(1,010,981	)
Cotton		734		03/09/22		40,818		8,196,938
LME Zinc		367		03/14/22		30,736		1,367,655
Cocoa		318		03/16/22		8,204		41,594
Natural Gas		2,447		03/29/22		99,030		29,451,321
NY Harbor ULSD (Heat Oil)		1,208		03/31/22		120,320		13,377,574
Low Sulphur Gasoil		2,245		05/12/22		151,986		(2,484,069	)
Coffee		358		05/18/22		27,817		2,256,380
WTI Crude		8,969		06/21/22		669,356		(1,465,044	)
Gold 100 OZ		675		06/28/22		120,764		(1,805,335	)
Live Cattle		1,849		06/30/22		97,757		1,331,140
Sugar		2,314		06/30/22		48,413		(175,369	)
Wheat		2,516		07/14/22		97,589		5,834,775
Soybean		1,584		11/14/22		98,248		228,639
Corn		5,740		12/14/22		157,850		8,636,991
Aluminum		1,717		12/19/22		113,730		9,499,446

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Consolidated Schedule of Investments  (continued) October 31, 2021   iShares^® GSCI Commodity Dynamic Roll Strategy  ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
LME Copper		615		12/19/22	$	144,118	$	(6,398,701	)
							$	83,499,476

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	98,708,889
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	15,209,413

^(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 period ended October 31, 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	$	350,512,061
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	88,272,742

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,322,910,532

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

Fair Value Hierarchy as of Period End

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

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

Consolidated Schedule of Investments  (continued) October 31, 2021   iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Certificates of Deposit	$	—		$	41,614,432	$	—	$	41,614,432
Commercial Paper		—			2,112,026,604		—		2,112,026,604
U.S. Treasury Obligations		—			317,634,654		—		317,634,654
Money Market Funds		233,060,095			—		—		233,060,095
	$	233,060,095		$	2,471,275,690	$	—	$	2,704,335,785
Derivative financial instruments(a)
Assets
Futures Contracts	$	98,708,889		$	—	$	—	$	98,708,889
Liabilities
Futures Contracts		(15,209,413	)		—		—		(15,209,413	)
	$	83,499,476		$	—	$	—	$	83,499,476

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

See notes to Consolidated Financial Statements

24 2 0 2 1  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Consolidated Statements of Assets and Liabilities

October 31, 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)	$	181,831,623	$	32,912,357	$	—		$	2,471,275,690
Affiliated(b)		19,480,000		7,190,000		29,339,262			233,060,095
Cash		2,899,286		14,974		—			—
Cash pledged:
Futures contracts		6,587,000		—		1,059,000			144,442,640
Receivables:
Variation margin on futures contracts		—		—		—			5,525,746
Dividends		77		32		93			18,861
Unrealized appreciation on:
OTC swaps		—		3,849,437		—			—
Total assets		210,797,986		43,966,800		30,398,355			2,854,323,032
LIABILITIES
Bank overdraft		—		—		161,278			5,794,741
Cash received:
Collateral — OTC derivatives		—		4,230,000		—			—
Payables:
Variation margin on futures contracts		1,908,731		—		237,499			—
Capital shares redeemed		—		—		—			22,544,490
Investment advisory fees		45,517		13,107		3,930			1,198,399
Swap premiums received		—		14,090		—			—
Total liabilities		1,954,248		4,257,197		402,707			29,537,630
NET ASSETS	$	208,843,738	$	39,709,603	$	29,995,648		$	2,824,785,402
NET ASSETS CONSIST OF:
Paid-in capital	$	167,538,270	$	27,606,668	$	30,086,618		$	2,362,128,096
Accumulated earnings (loss)		41,305,468		12,102,935		(90,970	)		462,657,306
NET ASSETS	$	208,843,738	$	39,709,603	$	29,995,648		$	2,824,785,402
Shares outstanding		3,500,000		1,400,000		550,000			75,500,000
Net asset value	$	59.67	$	28.36	$	54.54		$	37.41
Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited
Par value		None		None		None			None
(a)   Investments, at cost — Unaffiliated	$	181,830,527	$	32,912,116	$	—		$	2,471,227,802
(b)   Investments, at cost — Affiliated	$	19,480,000	$	7,190,000	$	28,992,447		$	233,060,095

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 25

Consolidated Statements of Operations

Year Ended October 31, 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	$	2,137		$	535		$	2,485		$	9,907
Interest — Unaffiliated		105,742			38,293			—			1,372,458
Total investment income		107,879			38,828			2,485			1,382,365
EXPENSES
Investment advisory fees		277,677			139,899			62,820			6,422,250
Miscellaneous		—			—			—			173
Total expenses		277,677			139,899			62,820			6,422,423
Less:
Investment advisory fees waived		(8,682	)		(4,433	)		(29,651	)		(7,517	)
Total expenses after fees waived		268,995			135,466			33,169			6,414,906
Net investment loss		(161,116	)		(96,638	)		(30,684	)		(5,032,541	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		442			274			—			599,035
Investments — Affiliated		—			—			(221,953	)		—
In-kind redemptions — Unaffiliated		—			—			—			266
Futures contracts		19,938,136			—			(1,570,544	)		350,512,061
Foreign currency transactions		—			—			—			14
Swaps		—			8,349,687			—			—
Net realized gain (loss)		19,938,578			8,349,961			(1,792,497	)		351,111,376
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		22			(433	)		—			32,603
Investments — Affiliated		—			—			(199,787	)		—
Futures contracts		10,876,571			—			298,874			88,272,742
Foreign currency translations		—			—			—			2
Swaps		—			4,878,167			—			—
Net change in unrealized appreciation (depreciation)		10,876,593			4,877,734			99,087			88,305,347
Net realized and unrealized gain (loss)		30,815,171			13,227,695			(1,693,410	)		439,416,723
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	30,654,055		$	13,131,057		$	(1,724,094	)	$	434,384,182

See notes to Consolidated Financial Statements

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Consolidated Statements of Changes in Net Assets     

	iShares Bloomberg Roll Select Commodity Strategy ETF						iShares Commodity Curve Carry Strategy ETF
		Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/21			Period From 09/01/20 to 10/31/20	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(161,116	)	$	157,227		$	(96,638	)	$	(13,804	)
Net realized gain (loss)		19,938,578			(63,206	)		8,349,961			(15,238	)
Net change in unrealized appreciation (depreciation)		10,876,593			(413,028	)		4,877,734			(1,028,056	)
Net increase (decrease) in net assets resulting from operations		30,654,055			(319,007	)		13,131,057			(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 (decrease) in net assets derived from capital share transactions		136,346,700			15,826,208			(2,599,830	)		30,235,474
NET ASSETS
Total increase in net assets		166,931,273			14,908,309			10,531,227			29,178,376
Beginning of period		41,912,465			27,004,156			29,178,376			—
End of period	$	208,843,738		$	41,912,465		$	39,709,603		$	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 27

Consolidated Statements of Changes in Net Assets  (continued)

	iShares Gold Strategy ETF						iShares GSCI Commodity Dynamic Roll Strategy ETF
	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/21			Year Ended 10/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(30,684	)	$	28,490		$	(5,032,541	)	$	2,710,649
Net realized gain (loss)		(1,792,497	)		2,412,979			351,111,376			(101,668,924	)
Net change in unrealized appreciation (depreciation)		99,087			(494,137	)		88,305,347			1,292,070
Net increase (decrease) in net assets resulting from operations		(1,724,094	)		1,947,332			434,384,182			(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		11,320,515			12,193,568			2,194,642,007			(215,658,235	)
NET ASSETS
Total increase (decrease) in net assets		8,031,702			13,351,901			2,628,227,065			(321,814,522	)
Beginning of period		21,963,946			8,612,045			196,558,337			518,372,859
End of period	$	29,995,648		$	21,963,946		$	2,824,785,402		$	196,558,337

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

See notes to Consolidated Financial Statements

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Consolidated Financial Highlights

(For a share outstanding throughout each period)

	iShares Bloomberg Roll Select Commodity Strategy ETF
		Year Ended 10/31/21			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)		(0.09	)		0.23			1.05			0.58
Net realized and unrealized gain (loss)(c)		17.92			(2.33	)		(3.05	)		(2.81	)
Net increase (decrease) from investment operations		17.83			(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	$	59.67		$	41.91		$	45.01		$	47.77
Total Return(e)
Based on net asset value		42.59	%		(4.81	)%		(4.19	)%		(4.46	)%(f)
Ratios to Average Net Assets
Total expenses		0.28	%		0.28	%		0.28	%		0.28	%(g)
Total expenses after fees waived		0.27	%		0.27	%		0.19	%		0.10	%(g)
Net investment income (loss)		(0.16	)%		0.55	%		2.30	%		2.01	%(g)
Supplemental Data
Net assets, end of period (000)	$	208,844		$	41,912		$	27,004		$	40,607
Portfolio turnover rate(h)		0	%		0	%		0	%		0	%(f)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

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

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

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

^(f) Not annualized.

^(g) Annualized.

^(h) 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 29

Consolidated Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Commodity Curve Carry Strategy ETF
		Year Ended 10/31/21			Period From 09/01/20 to 10/31/20	(a)
Net asset value, beginning of period	$	19.45		$	20.16
Net investment loss(b)		(0.07	)		(0.01	)
Net realized and unrealized gain (loss)(c)		8.98			(0.70	)
Net increase (decrease) from investment operations		8.91			(0.71	)
Net asset value, end of period	$	28.36		$	19.45
Total Return(d)
Based on net asset value		45.81	%		(3.52	)%(e)
Ratios to Average Net Assets
Total expenses		0.40	%		0.40	%(f)
Total expenses after fees waived		0.39	%		0.00	%(f)
Net investment loss		(0.28	)%		(0.28	)%(f)
Supplemental Data
Net assets, end of period (000)	$	39,710		$	29,178
Portfolio turnover rate(g)		0	%		0	%(e)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to Consolidated Financial Statements

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Consolidated Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Gold Strategy ETF
		Year Ended 10/31/21			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)		(0.07	)		0.13			0.82			0.27
Net realized and unrealized gain (loss)(c)		(3.67	)		10.47			10.20			(3.51	)
Net increase (decrease) from investment operations		(3.74	)		10.60			11.02			(3.24	)
Distributions(d)
From net investment income		(4.47	)		(5.26	)		(0.37	)		—
Total distributions		(4.47	)		(5.26	)		(0.37	)		—
Net asset value, end of period	$	54.54		$	62.75		$	57.41		$	46.76
Total Return(e)
Based on net asset value		(6.21	)%		20.64	%		23.74	%		(6.48	)%(f)
Ratios to Average Net Assets
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%(g)
Total expenses after fees waived		0.13	%		0.13	%		0.18	%		0.19	%(g)
Net investment income (loss)		(0.12	)%		0.22	%		1.58	%		1.45	%(g)
Supplemental Data
Net assets, end of period (000)	$	29,996		$	21,964		$	8,612		$	4,676
Portfolio turnover rate(h)		121	%		77	%		47	%		13	%(f)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

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

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

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

^(f) Not annualized.

^(g) Annualized.

^(h) 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 31

Consolidated Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares GSCI Commodity Dynamic Roll Strategy ETF
	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17
Net asset value, beginning of year	$	24.27		$	31.80		$	37.18		$	35.97		$	32.41
Net investment income (loss)(a)		(0.13	)		0.26			0.76			0.63			0.31
Net realized and unrealized gain (loss)(b)		13.37			(6.93	)		(3.04	)		2.62			3.58
Net increase (decrease) from investment operations		13.24			(6.67	)		(2.28	)		3.25			3.89
Distributions(c)
From net investment income		(0.10	)		(0.86	)		(3.10	)		(2.04	)		(0.33	)
Total distributions		(0.10	)		(0.86	)		(3.10	)		(2.04	)		(0.33	)
Net asset value, end of year	$	37.41		$	24.27		$	31.80		$	37.18		$	35.97
Total Return(d)
Based on net asset value		54.75	%		(21.66	)%		(5.87	)%		9.29	%(e)		12.08	%
Ratios to Average Net Assets
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Total expenses after fees waived		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income (loss)		(0.38	)%		0.95	%		2.32	%		1.66	%		0.93	%
Supplemental Data
Net assets, end of year (000)	$	2,824,785		$	196,558		$	518,373		$	728,739		$	258,956
Portfolio turnover rate(f)		0	%		5	%		32	%		167	%		44	%

^(a) Based on average shares outstanding.

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

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

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

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

See notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements

1.    ORGANIZATION

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

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

iShares ETF	Diversification Classification
Bloomberg Roll Select Commodity Strategy		Non-diversified
Commodity Curve Carry Strategy		Non-diversified
Gold Strategy		Non-diversified
GSCI Commodity Dynamic Roll Strategy		Diversified

Basis of Consolidation: The accompanying consolidated financial statements for each Fund include the accounts of its wholly-owned subsidiary in the Cayman Islands (each, a “Subsidiary”) that invests in certain “commodity-linked instruments” and cash and cash equivalents in accordance with each Fund’s investment objective. In compliance with Sub-chapter M of the Internal Revenue Code of 1986, as amended, each Fund may invest up to 25% of its total assets in its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. Each Fund’s commodity-linked instruments held in its Subsidiary are intended to provide the Fund with exposure to applicable commodity markets or commodities consistent with current U.S. federal income tax laws applicable to investment companies such as the Fund. Each Subsidiary has the same investment objective as its Fund.

2.    SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. 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.

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 Consolidated Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Consolidated Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2021, if any, are disclosed in the Consolidated Statements of Assets and Liabilities.

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., 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

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Notes to Consolidated Financial Statements  (continued)

counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

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

Net income and realized gains from investments held by each Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.

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

3.    INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

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

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

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

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

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

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

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Notes to Consolidated Financial Statements  (continued)

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the statement of assets and liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the statement of assets and liabilities. Payments received or paid are recorded in the statement of operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the statement of operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the iShares Commodity Curve Carry Strategy ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

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Notes to Consolidated Financial Statements  (continued)

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

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

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

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

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

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

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fee
Bloomberg Roll Select Commodity Strategy		0.28	%
Commodity Curve Carry Strategy		0.40
Gold Strategy		0.25
GSCI Commodity Dynamic Roll Strategy		0.48

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

BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF and iShares GSCI 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.

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%.

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Notes to Consolidated Financial Statements  (continued)

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Bloomberg Roll Select Commodity Strategy	$	8,682
Commodity Curve Carry Strategy		4,433
Gold Strategy		29,651
GSCI Commodity Dynamic Roll Strategy		7,517

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the iShares GSCI Commodity Dynamic Roll Strategy ETF and its Subsidiary.

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

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

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

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

6. PURCHASES AND SALES

For the year ended October 31, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Gold Strategy	$	6,473,355	$	6,929,610

For the year ended October 31, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Gold Strategy	$	2,721,519	$	—

7. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 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’ consolidated financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2021, permanent differences attributable to net operating loss, realized gains (losses) from in-kind redemptions and the character of income (losses) from a wholly-owned subsidiary were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
Bloomberg Roll Select Commodity Strategy	$	(10,876,571	)	$	10,876,571
Gold Strategy		(1,780,575	)		1,780,575
GSCI Commodity Dynamic Roll Strategy		(80,864,909	)		80,864,909

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Notes to Consolidated Financial Statements  (continued)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 10/31/21		Year Ended 10/31/20
Bloomberg Roll Select Commodity Strategy
Ordinary income	$	69,482	$	598,892
Gold Strategy
Ordinary income	$	1,564,719	$	788,999
GSCI Commodity Dynamic Roll Strategy
Ordinary income	$	799,124	$	8,490,082

As of October 31, 2021, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)			Qualified Late-Year Losses	(b)		Total
Bloomberg Roll Select Commodity Strategy	$	30,653,591	$	(295	)	$	10,652,172		$	—		$	41,305,468
Commodity Curve Carry Strategy		8,253,257		—			3,849,678			—			12,102,935
Gold Strategy		—		—			(48,277	)		(42,693	)		(90,970	)
GSCI Commodity Dynamic Roll Strategy		426,344,708		(47,234,783	)		83,547,381			—			462,657,306

^(a)  Amounts available to offset future realized capital gains.

^(b)  The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended October 31, 2021, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
Bloomberg Roll Select Commodity Strategy	$	442
Commodity Curve Carry Strategy		66
GSCI Commodity Dynamic Roll Strategy		599,035

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of October 31, 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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Bloomberg Roll Select Commodity Strategy	$	201,310,527	$	10,653,004	$	(832	)	$	10,652,172
Commodity Curve Carry Strategy		40,102,116		3,849,788		(14,200	)		3,835,588
Gold Strategy		28,992,447		346,815		(395,092	)		(48,277	)
GSCI Commodity Dynamic Roll Strategy		2,704,287,897		98,775,353		(15,227,989	)		83,547,364

8. PRINCIPAL RISKS

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

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

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the 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.

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Notes to Consolidated Financial Statements  (continued)

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

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

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

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

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

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

Certain Funds have substantial exposure to certain commodity markets through investments in commodity-linked instruments and through commodity-related equities. Any negative changes in commodity markets that may be due to changes in supply and demand for the commodities, market events, regulatory developments or other factors that the Funds cannot control could have an adverse impact on the Funds’ portfolios.

The iShares Gold Strategy ETF has substantial exposure to gold through its investments in gold investments and the Fund’s portfolio may be adversely affected by changes or trends in the price of gold, which historically has been volatile. Governments, central banks, or other large holders can influence the production and sale of gold, which may adversely affect the performance of the Fund.

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.

9. CAPITAL SHARE TRANSACTIONS

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

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Notes to Consolidated Financial Statements  (continued)

Transactions in capital shares were as follows:

	Year Ended 10/31/21				Year Ended 10/31/20
iShares ETF	Shares		Amount		Shares			Amount
Bloomberg Roll Select Commodity Strategy
Shares sold		2,500,000	$	136,346,700		500,000		$	19,721,031
Shares redeemed		—		—		(100,000	)		(3,894,823	)
Net increase		2,500,000	$	136,346,700		400,000		$	15,826,208

	Year Ended 10/31/21						Period Ended 10/31/20
iShares ETF	Shares			Amount			Shares		Amount
Commodity Curve Carry Strategy
Shares sold		—		$	—			1,500,000	$	30,235,474
Shares redeemed		(100,000	)		(2,599,830	)		—		—
Net increase (decrease)		(100,000	)	$	(2,599,830	)		1,500,000	$	30,235,474

	Year Ended 10/31/21						Year Ended 10/31/20
iShares ETF	Shares			Amount			Shares			Amount
Gold Strategy
Shares sold		200,000		$	11,320,515			300,000		$	17,435,063
Shares redeemed		—			—			(100,000	)		(5,241,495	)
Net increase		200,000		$	11,320,515			200,000		$	12,193,568
GSCI Commodity Dynamic Roll Strategy
Shares sold		80,000,000		$	2,645,593,591			7,700,000		$	244,234,738
Shares redeemed		(12,600,000	)		(450,951,584	)		(15,900,000	)		(459,892,973	)
Net increase (decrease)		67,400,000		$	2,194,642,007			(8,200,000	)	$	(215,658,235	)

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

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

10. SUBSEQUENT EVENTS

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares U.S. ETF Trust and Shareholders of 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

Opinions on the Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of 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 and their subsidiaries (four of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related consolidated statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Gold Strategy ETF and iShares GSCI Commodity Dynamic Roll Strategy ETF: consolidated statements of operations for the year ended October 31, 2021 and consolidated statements of changes in net assets for each of the two years in the period ended October 31, 2021.

iShares Commodity Curve Carry Strategy ETF: consolidated statement of operations for the year ended October 31, 2021, and consolidated statement of changes in net assets for the year ended October 31, 2021 and the period September 1, 2020 (commencement of operations) to October 31, 2020.

Basis for Opinions

These consolidated financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 21, 2021

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T    O F    I N D E P E N D  E N T    R E G I S T E R E D    P U B L I C    A C  C O U N T I N G    F I R M 41

Important Tax Information  (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2021:

iShares ETF	Interest Dividends
Bloomberg Roll Select Commodity Strategy	$	113,285
Commodity Curve Carry Strategy		54,874
GSCI Commodity Dynamic Roll Strategy		1,412,942

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2021:

iShares ETF	Interest-Related Dividends
Bloomberg Roll Select Commodity Strategy	$	111,166
Commodity Curve Carry Strategy		40,793
GSCI Commodity Dynamic Roll Strategy		1,398,132

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2021:

iShares ETF	Federal Obligation Interest
Bloomberg Roll Select Commodity Strategy	$	3,160
Commodity Curve Carry Strategy		1,326
GSCI Commodity Dynamic Roll Strategy		35,668

The law varies in each state as to whether and what percent of ordinary income dividends attribute to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

42 2 0 2 1  I S H A R E S  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

Board Review and Approval of Investment Advisory Contract

iShares Bloomberg Roll Select Commodity Strategy ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund was, during the periods under review, an actively managed ETF that did not seek to track the performance of a specified index and that the management team for the Fund managed the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized

BOARD    REVIEW   AND    APPROVAL   OF  INVESTMENT  ADVISORY  CONTRACT 43

Board Review and Approval of Investment Advisory Contract  (continued)

that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Commodity Curve Carry Strategy ETF, iShares Gold Strategy ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board

44 2 0 2 1  I S H A R E S  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

Board Review and Approval of Investment Advisory Contract  (continued)

Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund was, during the periods under review, an actively managed ETF that did not seek to track the performance of a specified index and that the management team for the Fund managed the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

BOARD    REVIEW   AND    APPROVAL   OF  INVESTMENT  ADVISORY  CONTRACT 45

Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares GSCI Commodity Dynamic Roll Strategy ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited (BIL), (together the Advisory Agreements”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

46 2 0 2 1  I S H A R E S  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

Board Review and Approval of Investment Advisory Contract  (continued)

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited (BIL); (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited (BIL) for sub-advisory services, and there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).

The Board noted that the Fund was, during the periods under review, an actively managed ETF that did not seek to track the performance of a specified index and that the management team for the Fund managed the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited (BIL) under the Advisory Agreements for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited (BIL), which were provided at the May 7, 2021 meeting and throughout the year and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c)

BOARD    REVIEW   AND    APPROVAL   OF  INVESTMENT  ADVISORY  CONTRACT 47

Board Review and Approval of Investment Advisory Contract  (continued)

Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board further noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.

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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.

October 31, 2021

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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) 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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

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Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 375 funds as of October 31, 2021. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (64)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (72)	Trustee (since 2011); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Jane D. Carlin (65)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since (2016).
Richard L. Fagnani (66)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

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Trustee and Officer Information  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (66)	Trustee (since 2011); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).
Drew E. Lawton (62)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (60)	Trustee (since 2011); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (54)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (52)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (60)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (58)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).

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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.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income

SOFR Secured Overnight Financing Rate

G L O S S A R Y    O F    T E R M S     U S E D    I N    T H I S    R E P O R T 53

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.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1011-1021

(b) Not Applicable

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani, John E. Kerrigan, and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the twelve series of the registrant for which the fiscal year-end is October 31, 2021 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $161,200 for the fiscal year ended October 31, 2020 and $162,550 for the fiscal year ended October 31, 2021.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2020 and October 31, 2021 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $45,372 for the fiscal year ended October 31, 2020 and $116,400 for the fiscal year ended October 31, 2021. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended October 31, 2020 and October 31, 2021 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended October 31, 2021 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $45,372 for the fiscal year ended October 31, 2020 and $116,400 for the fiscal year ended October 31, 2021.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, John E. Kerrigan, and Madhav V. Rajan.

(b) Not applicable.

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) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a) (4) Change in Registrant’s independent public accountant – Not Applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares U.S. ETF Trust

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: January 05, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: January 05, 2022

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: January 05, 2022