Schedule of Investments (unaudited)
January 31, 2026
iShares® 20+ Year Treasury Bond BuyWrite Strategy ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Investment Companies
Exchange-Traded Funds — 99.6%
iShares 20+ Year Treasury Bond ETF(a)(b)
19,627,400
$1,710,135,362
Total Investment Companies
(Cost: $1,815,417,177)
1,710,135,362
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.64%(a)(c)
10,970,000
10,970,000
Total Short-Term Securities — 0.6%
(Cost: $10,970,000)
10,970,000
Total Investments Before Options Written — 100.2%
(Cost: $ 1,826,387,177)
1,721,105,362
Options Written — (0.2)%
(Premiums Received: $ (6,933,725))
(3,021,599
)
Total Investments, Net of Options Written — 100.0%
(Cost: $1,819,453,452)
1,718,083,763
Liabilities in Excess of Other Assets — 0.0%
(241,585
)
Net Assets — 100.0%
$1,717,842,178
 
(a)
Affiliate of the Fund.
(b)
All or a portion of this security was pledged and/or segregated as collateral in connection
with outstanding exchange-traded options written.
(c)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 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: Treasury, SL
Agency Shares
$19,480,000
$—
$(8,510,000
)(a)
$—
$—
$10,970,000
10,970,000
$84,996
$—
iShares 20+ Year Treasury Bond
ETF
1,548,852,537
259,435,778
(39,735,465
)
(1,902,759
)
(56,514,729
)
1,710,135,362
19,627,400
17,900,286
—
 
 
 
 
$(1,902,759)
$(56,514,729)
$1,721,105,362
 
$17,985,282
$—
 
(a)
Represents net amount purchased (sold).
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written 
Description
   
Number of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount (000)
Value
Call
 
 
iShares 20+ Year Treasury Bond ETF
196,274
02/20/26
USD
90.00
USD
1,710,135
$(3,021,599
)
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
 
1
Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares® 20+ Year Treasury Bond BuyWrite Strategy ETF
 
Fair Value Hierarchy as of Period End (continued)
• 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 
Investment Companies
$1,710,135,362
$—
$—
$1,710,135,362
Short-Term Securities 
Money Market Funds
10,970,000
—
—
10,970,000
 
$1,721,105,362
$—
$—
$1,721,105,362
Derivative Financial Instruments(a) 
Liabilities 
Equity Contracts
$—
$(3,021,599
)
$—
$(3,021,599
)
 
(a)
Derivative financial instruments are options written and options written.   and Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation)
on the instrument and options written are shown at value.   
 
Currency Abbreviation
USD
United States Dollar
2