Schedule of Investments (unaudited)
January 31, 2026
iShares® Fallen Angels USD Bond ETF
(Percentages shown are based on Net Assets)
 
Security
Par
(000
)
Value
Corporate Bonds & Notes
Aerospace & Defense — 1.5%
Bombardier, Inc., 7.45%, 05/01/34(a)(b)
$20,129
$22,551,510
Spirit AeroSystems, Inc., 4.60%, 06/15/28(b)
4,750
4,782,754
 
27,334,264
Airlines — 0.1%
United Airlines Pass-Through Trust, Series A,
3.10%, 04/07/30(b)
2,559
2,445,726
Apparel — 3.0%
VF Corp.
2.80%, 04/23/27(b)
15,961
15,575,339
2.95%, 04/23/30(b)
24,214
22,055,106
6.00%, 10/15/33(b)
8,972
9,011,994
6.45%, 11/01/37(b)
9,278
8,935,717
 
55,578,156
Auto Manufacturers — 3.0%
Nissan Motor Acceptance Co. LLC
2.45%, 09/15/28(a)
3,556
3,297,635
2.75%, 03/09/28(a)
4,655
4,426,401
5.30%, 09/13/27(a)
3,150
3,158,071
5.55%, 09/13/29(a)
2,348
2,333,423
7.05%, 09/15/28(a)(b)
5,451
5,650,836
Nissan Motor Co. Ltd.
4.35%, 09/17/27(a)
19,234
18,991,326
4.81%, 09/17/30(a)(b)
19,275
18,184,411
 
56,042,103
Auto Parts & Equipment — 1.4%
Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54,
(5-year CMT + 3.39%)(c)
19,805
20,684,966
Goodyear Tire & Rubber Co. (The), 7.00%,
03/15/28(b)
5,683
5,885,847
 
26,570,813
Banks — 1.0%
Dresdner Funding Trust I, 8.15%, 06/30/31(a)(b)
16,276
17,875,069
Chemicals — 10.8%
Celanese U.S. Holdings LLC
6.85%, 11/15/28(b)
7,917
8,312,226
7.05%, 11/15/30(b)
11,092
11,720,550
7.20%, 11/15/33(b)
10,497
11,102,298
7.33%, 07/15/29(b)
7,945
8,354,022
7.38%, 07/15/32(b)
10,503
10,964,190
FMC Corp.
3.45%, 10/01/29(b)
13,430
12,022,154
4.50%, 10/01/49(b)
17,450
10,923,459
5.65%, 05/18/33(b)
13,557
12,014,685
6.38%, 05/18/53(b)
17,450
13,198,538
HB Fuller Co., 4.00%, 02/15/27
10,848
10,721,168
Huntsman International LLC
2.95%, 06/15/31(b)
15,838
13,526,657
4.50%, 05/01/29(b)
28,665
27,611,491
5.70%, 10/15/34(b)
13,864
12,957,754
Methanex Corp.
5.25%, 12/15/29(b)
27,337
27,492,079
5.65%, 12/01/44(b)
11,835
10,655,398
 
201,576,669
Commercial Services — 1.5%
United Rentals North America, Inc., 3.88%,
11/15/27
28,919
28,668,175
Security
Par
(000
)
Value
Computers — 1.3%
Crane NXT Co.
4.20%, 03/15/48
$13,870
$8,991,779
6.55%, 11/15/36(b)
7,463
7,979,424
Seagate Data Storage Technology Pte Ltd.
4.13%, 01/15/31(a)(b)
1,250
1,190,902
5.75%, 12/01/34(a)(b)
3,200
3,266,475
Seagate HDD Cayman, 5.75%, 12/01/34(b)
2,515
2,552,913
 
23,981,493
Cosmetics & Personal Care — 2.0%
Perrigo Finance Unlimited Co.
4.90%, 12/15/44(b)
12,053
9,484,130
5.15%, 06/15/30(b)
29,708
28,744,770
 
38,228,900
Diversified Financial Services — 1.1%
Navient Corp., 5.63%, 08/01/33(b)
23,536
20,510,030
Electric — 2.4%
PacifiCorp, 7.38%, 09/15/55, (5-year CMT +
3.32%)(c)
32,136
32,970,022
TransAlta Corp., 6.50%, 03/15/40
11,880
11,900,182
 
44,870,204
Energy - Alternate Sources — 0.1%
Topaz Solar Farms LLC, 5.75%, 09/30/39(a)(b)
2,250
2,268,511
Engineering & Construction — 1.2%
Fluor Corp., 4.25%, 09/15/28(b)
22,049
21,884,321
Entertainment — 3.8%
Resorts World Las Vegas LLC/RWLV Capital, Inc.
4.63%, 04/16/29(d)
39,490
36,019,493
4.63%, 04/06/31(a)(b)
13,901
11,904,138
Warnermedia Holdings, Inc.
3.76%, 03/15/27(b)
2,300
2,270,339
3.76%, 03/15/27
1,250
1,241,233
4.28%, 03/15/32(b)
11,730
9,710,019
4.28%, 03/15/32
750
659,862
5.05%, 03/15/42(b)
2,000
1,302,000
5.05%, 03/15/42
10,500
7,418,060
 
70,525,144
Environmental Control — 2.2%
GFL Environmental, Inc., 6.75%, 01/15/31(a)(b)
38,602
40,390,296
Food — 0.6%
Safeway, Inc., 7.25%, 02/01/31(b)
10,063
10,904,563
Health Care - Services — 2.4%
Horizon Mutual Holdings, Inc., 6.20%, 11/15/34(a)
23,775
23,219,550
Tenet Healthcare Corp., 6.88%, 11/15/31(b)
14,032
15,353,300
Toledo Hospital(The)
4.98%, 11/15/45(b)
750
631,475
6.02%, 11/15/48
750
725,914
Series B, 5.33%, 11/15/28(b)
4,750
4,828,033
 
44,758,272
Holding Companies - Diversified — 0.6%
Prospect Capital Corp.
3.36%, 11/15/26(b)
4,250
4,159,653
3.44%, 10/15/28(b)
9,000
7,996,649
 
12,156,302
Home Furnishings — 2.9%
Whirlpool Corp.
2.40%, 05/15/31
6,145
5,135,185
 
1
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® Fallen Angels USD Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Home Furnishings (continued)
4.50%, 06/01/46(b)
$10,047
$7,336,714
4.60%, 05/15/50(b)
10,191
7,400,406
4.70%, 05/14/32(b)
6,153
5,616,354
4.75%, 02/26/29(b)
14,176
14,017,628
5.15%, 03/01/43
5,225
4,278,507
5.50%, 03/01/33(b)
6,121
5,748,804
5.75%, 03/01/34(b)
6,092
5,735,524
 
55,269,122
Housewares — 2.0%
Newell Brands, Inc.
7.38%, 04/01/36(b)
16,670
16,097,632
7.50%, 04/01/46
26,341
22,228,786
 
38,326,418
Insurance — 3.9%
Constellation Insurance, Inc.
6.63%, 05/01/31(a)
6,697
6,587,559
6.80%, 01/24/30(a)(b)
12,935
13,198,254
Genworth Holdings, Inc., 6.50%, 06/15/34(b)
9,675
9,978,536
Liberty Mutual Group, Inc., 7.80%, 03/07/87(a)(b)
17,222
19,729,044
Provident Financing Trust I, 7.41%, 03/15/38(b)
7,487
8,171,032
Wilton RE Ltd., 6.00%, (5-year CMT +
5.27%)(a)(b)(c)(e)
15,819
15,633,241
 
73,297,666
Iron & Steel — 1.0%
Cleveland-Cliffs, Inc., 6.25%, 10/01/40(b)
9,372
8,196,683
U.S. Steel Corp., 6.65%, 06/01/37
10,605
11,165,743
 
19,362,426
Leisure Time — 0.4%
Carnival Corp., 6.65%, 01/15/28(b)
7,435
7,735,060
Lodging — 0.8%
Travel & Leisure Co., 6.00%, 04/01/27(b)
14,570
14,749,533
Media — 1.2%
Belo Corp.
7.25%, 09/15/27
8,954
9,303,484
7.75%, 06/01/27(b)
6,991
7,273,375
Discovery Communications LLC, 6.35%,
06/01/40(b)
4,750
3,810,855
Liberty Interactive LLC
8.25%, 02/01/30
15,241
1,003,976
8.50%, 07/15/29
8,707
623,862
 
22,015,552
Mining — 1.4%
Alcoa Nederland Holding BV
4.13%, 03/31/29(a)(b)
18,952
18,657,100
6.13%, 05/15/28(a)(b)
7,842
7,850,196
 
26,507,296
Office & Business Equipment — 0.3%
Xerox Corp.
4.80%, 03/01/35
8,390
2,232,080
6.75%, 12/15/39(b)
11,709
3,589,260
 
5,821,340
Office Furnishings — 0.2%
HNI Corp., 5.13%, 01/18/29(a)
4,750
4,691,604
Oil & Gas — 3.1%
Global Marine, Inc., 7.00%, 06/01/28
9,727
9,590,022
Murphy Oil Corp., 5.88%, 12/01/42(b)
13,473
11,783,252
Security
Par
(000
)
Value
Oil & Gas (continued)
Transocean International Ltd.
6.80%, 03/15/38(b)
$24,161
$21,679,949
7.50%, 04/15/31(b)
15,666
15,441,300
 
58,494,523
Packaging & Containers — 1.0%
Sealed Air Corp., 6.88%, 07/15/33(a)(b)
17,451
18,359,172
Pipelines — 5.9%
Buckeye Partners LP
3.95%, 12/01/26(b)
9,075
9,020,521
4.13%, 12/01/27(b)
15,315
15,176,372
5.60%, 10/15/44(b)
10,867
9,855,921
5.85%, 11/15/43(b)
18,233
17,056,791
6.75%, 08/15/33(b)
3,196
3,320,210
Rockies Express Pipeline LLC
4.80%, 05/15/30(a)(b)
11,717
11,552,784
4.95%, 07/15/29(a)(b)
17,971
17,921,966
6.88%, 04/15/40(a)(b)
16,595
16,981,135
7.50%, 07/15/38(a)
8,200
8,952,994
 
109,838,694
Real Estate Investment Trusts — 9.6%
Brandywine Operating Partnership LP
3.95%, 11/15/27
16,984
16,669,576
4.55%, 10/01/29(b)
13,866
13,181,387
8.30%, 03/15/28(b)
14,309
15,094,270
Diversified Healthcare Trust, 4.75%, 02/15/28(b)
19,785
19,174,611
Hudson Pacific Properties LP
3.25%, 01/15/30(b)
14,496
12,300,326
3.95%, 11/01/27(b)
14,537
13,948,615
4.65%, 04/01/29(b)
18,248
16,714,365
5.95%, 02/15/28(b)
12,703
12,501,026
Service Properties Trust
3.95%, 01/15/28(b)
15,825
14,993,188
4.38%, 02/15/30(b)
15,819
13,714,054
4.95%, 02/15/27(b)
3,434
3,420,481
4.95%, 10/01/29(b)
16,843
14,872,405
Vornado Realty LP, 3.40%, 06/01/31
13,590
12,394,415
 
178,978,719
Retail — 12.5%
Advance Auto Parts, Inc.
1.75%, 10/01/27(b)
13,407
12,730,979
3.50%, 03/15/32(b)
13,882
11,956,463
3.90%, 04/15/30(b)(f)
20,020
18,500,752
5.95%, 03/09/28(b)
11,603
11,885,243
Bath & Body Works, Inc.
6.95%, 03/01/33(b)
11,326
11,295,575
7.60%, 07/15/37
7,975
7,942,271
Kohl's Corp.
5.13%, 05/01/31(b)
19,851
16,988,072
5.55%, 07/17/45(b)
16,861
11,433,402
Macy's Retail Holdings LLC
4.30%, 02/15/43
9,904
7,150,927
4.50%, 12/15/34(b)
14,407
12,968,444
5.13%, 01/15/42(b)
9,895
8,142,888
6.38%, 03/15/37(b)
7,651
7,213,879
6.70%, 07/15/34(a)(b)
7,177
6,953,670
Nordstrom, Inc.
4.00%, 03/15/27(b)
8,084
7,997,473
4.25%, 08/01/31
10,286
9,486,930
4.38%, 04/01/30(b)
12,388
11,831,463
2 
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® Fallen Angels USD Bond ETF
(Percentages shown are based on Net Assets)
Security
Par
(000
)
Value
Retail (continued)
5.00%, 01/15/44(b)
$23,750
$17,771,215
6.95%, 03/15/28(b)
7,457
7,744,491
QVC, Inc.
5.45%, 08/15/34(b)
13,607
5,226,939
5.95%, 03/15/43
10,181
3,863,399
Yum! Brands, Inc.
5.35%, 11/01/43(b)
10,779
10,480,395
6.88%, 11/15/37(b)
12,770
14,067,493
 
233,632,363
Telecommunications — 10.9%
Embarq LLC, 8.00%, 06/01/36(b)
45,743
18,108,066
Frontier Florida LLC, Series E, 6.86%, 02/01/28(b)
5,000
5,176,828
Frontier North, Inc., Series G, 6.73%, 02/15/28(b)
5,000
5,148,700
Lumen Technologies, Inc.
Series P, 7.60%, 09/15/39(b)
14,021
13,838,416
Series U, 7.65%, 03/15/42(b)
11,539
11,166,072
Rogers Communications, Inc., 5.25%, 03/15/82,
(5-year CMT + 3.59%)(a)(c)
28,995
28,925,394
SES Americom, Inc., 5.30%, 03/25/44(a)(b)
10,876
8,735,051
SES SA, 5.30%, 04/04/43(a)(b)
400
308,239
Telecom Italia Capital SA
6.00%, 09/30/34(b)
13,161
13,481,740
6.38%, 11/15/33
12,933
13,553,083
7.20%, 07/18/36
12,966
14,063,575
7.72%, 06/04/38
12,856
14,348,449
T-Mobile USA, Inc., 6.70%, 12/15/33
1,750
1,952,813
Vodafone Group PLC, 7.00%, 04/04/79, (5-year
USD Swap + 4.87%)(b)(c)
51,943
54,771,775
 
203,578,201
Transportation — 0.7%
XPO CNW, Inc., 6.70%, 05/01/34(b)
11,682
12,454,320
Total Long-Term Investments — 97.8%
(Cost: $1,899,583,924)
1,829,681,020
Security
Shares
Value
Short-Term Securities
Money Market Funds — 15.6%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.82%(g)(h)(i)
284,058,346
$284,200,376
BlackRock Cash Funds: Treasury, SL Agency
Shares, 3.64%(g)(h)
7,580,000
7,580,000
Total Short-Term Securities — 15.6%
(Cost: $291,644,582)
291,780,376
Total Investments — 113.4%
(Cost: $2,191,228,506)
2,121,461,396
Liabilities in Excess of Other Assets — (13.4)%
(250,801,199
)
Net Assets — 100.0%
$1,870,660,197
 
(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)
This security may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
(e)
Perpetual security with no stated maturity date.
(f)
Issuer filed for bankruptcy and/or is in default.
(g)
Affiliate of the Fund.
(h)
Annualized 7-day yield as of period end.
(i)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/26
Shares
Held at
01/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$319,021,788
$—
$(34,822,032
)(a)
$4,481
$(3,861
)
$284,200,376
284,058,346
$545,458
(b)
$—
BlackRock Cash Funds: Treasury, SL
Agency Shares
26,450,000
—
(18,870,000
)(a)
—
—
7,580,000
7,580,000
142,519
—
 
 
 
 
$4,481
$(3,861)
$291,780,376
 
$687,977
$—
 
(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 collateral investment fees, and other payments to
and from borrowers of securities.
 
3
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® Fallen Angels USD Bond ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.  
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Corporate Bonds & Notes
$—
$1,829,681,020
$—
$1,829,681,020
Short-Term Securities 
Money Market Funds
291,780,376
—
—
291,780,376
 
$291,780,376
$1,829,681,020
$—
$2,121,461,396
 
Portfolio Abbreviation
CMT
Constant Maturity Treasury
4