APRIL 30, 2021

2021 Quarterly Report (Unaudited)

iShares U.S. ETF Trust Table of Contents

Page iShares Evolved U.S. Consumer Staples ETF ...... 3 iShares Evolved U.S. Discretionary Spending ETF ...... 6 iShares Evolved U.S. Financials ETF ...... 10 iShares Evolved U.S. Healthcare Staples ETF ...... 14 iShares Evolved U.S. Innovative Healthcare ETF ...... 17 iShares Evolved U.S. Media and Entertainment ETF ...... 21 iShares Evolved U.S. Technology ETF ...... 23

2 Schedule of Investments (unaudited) iShares Evolved U.S. Consumer Staples ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Food (continued) Calavo Growers Inc...... 99 $ 7,735 Agriculture — 11.6% Cal-Maine Foods Inc...... 180 6,725 Altria Group Inc...... 12,151 $ 580,210 Campbell Soup Co...... 2,001 95,548 Archer-Daniels-Midland Co...... 4,336 273,732 Conagra Brands Inc...... 4,886 181,222 Bunge Ltd...... 821 69,309 Flowers Foods Inc...... 1,071 25,661 Darling Ingredients Inc.(a)...... 783 54,379 General Mills Inc...... 7,483 455,415 Fresh Del Monte Produce Inc...... 152 4,286 Hain Celestial Group Inc. (The)(a) ...... 936 38,385 Philip Morris International Inc...... 7,473 709,935 Hershey Co. (The) ...... 1,578 259,265 Universal Corp./VA...... 112 6,298 Hormel Foods Corp...... 2,195 101,409 Vector Group Ltd...... 339 4,424 Hostess Brands Inc.(a)...... 585 8,945 1,702,573 Ingredion Inc...... 454 42,408 Beverages — 30.2% J&J Snack Foods Corp...... 117 19,259 (a) Boston Beer Co. Inc. (The), Class A, NVS ...... 63 76,639 JM Smucker Co. (The) ...... 1,123 147,102 Brown-Forman Corp., Class A ...... 335 23,902 John B Sanfilippo & Son Inc...... 81 7,120 Brown-Forman Corp., Class B, NVS ...... 2,517 191,997 Kellogg Co...... 2,838 177,148 (a) Celsius Holdings Inc...... 285 16,330 Kraft Heinz Co. (The)...... 5,437 224,494 Coca-Cola Co. (The) ...... 30,661 1,655,081 Lamb Weston Holdings Inc...... 1,078 86,779 Coca-Cola Consolidated Inc...... 46 13,490 Lancaster Colony Corp...... 153 28,261 Constellation Brands Inc., Class A ...... 884 212,443 McCormick & Co. Inc./MD, NVS ...... 1,927 174,124 Keurig Dr Pepper Inc...... 7,096 254,392 Mondelez International Inc., Class A ...... 10,747 653,525 MGP Ingredients Inc...... 99 5,950 Performance Food Group Co.(a) ...... 549 32,226 Molson Coors Beverage Co., Class B ...... 1,350 74,182 Pilgrim's Pride Corp.(a) ...... 270 6,469 (a) Monster Beverage Corp...... 4,431 430,029 Post Holdings Inc.(a)...... 618 70,316 National Beverage Corp...... 270 13,119 Sanderson Farms Inc...... 108 17,769 PepsiCo Inc...... 9,988 1,439,870 Seaboard Corp...... 1 3,578 Primo Water Corp...... 1,357 22,716 Simply Good Foods Co. (The)(a) ...... 646 22,319 4,430,140 Sprouts Farmers Market Inc.(a) ...... 405 10,372 Chemicals — 1.1% Sysco Corp...... 2,867 242,921 Balchem Corp...... 146 18,570 Tootsie Roll Industries Inc...... 139 4,388 Ecolab Inc...... 128 28,687 TreeHouse Foods Inc.(a)...... 576 27,418 International Flavors & Fragrances Inc...... 588 83,596 Tyson Foods Inc., Class A ...... 2,455 190,140 Mosaic Co. (The) ...... 325 11,433 U.S. Foods Holding Corp.(a) ...... 947 39,263 Sensient Technologies Corp...... 216 17,764 United Natural Foods Inc.(a) ...... 198 7,298 160,050 3,487,764 Commercial Services — 0.1% Health Care - Products — 0.2% Medifast Inc...... 53 12,036 Neogen Corp.(a)...... 243 23,330 WW International Inc.(a)(b) ...... 162 4,494 Holding Companies - Diversified — 0.1% 16,530 Cannae Holdings Inc.(a) ...... 268 10,640 Computers — 0.1% ExlService Holdings Inc.(a)...... 89 8,222 Household Products & Wares — 1.8% ACCO Brands Corp...... 2 17 Cosmetics & Personal Care — 9.8% Church & Dwight Co. Inc...... 1,033 88,569 Colgate-Palmolive Co...... 3,935 317,555 Clorox Co. (The) ...... 507 92,528 (a) Coty Inc., Class A ...... 1,840 18,418 Helen of Troy Ltd.(a)(b) ...... 45 9,504 Edgewell Personal Care Co...... 150 5,730 Kimberly-Clark Corp...... 481 64,127 Procter & Gamble Co. (The) ...... 8,196 1,093,510 WD-40 Co...... 21 5,224 1,435,213 259,969 Distribution & Wholesale — 0.1% Housewares — 0.2% Core-Mark Holding Co. Inc...... 207 8,810 Newell Brands Inc...... 238 6,417 Diversified Financial Services — 0.0% Scotts Miracle-Gro Co. (The) ...... 126 29,126 Jefferies Financial Group Inc...... 2 65 35,543 Machinery — 0.4% Electrical Components & Equipment — 0.1% AGCO Corp...... 207 30,205 Energizer Holdings Inc...... 380 18,734 Middleby Corp. (The)(a)...... 153 27,742 Food — 23.8% 57,947 B&G Foods Inc...... 693 20,222 Manufacturing — 0.1% BellRing Brands Inc., Class A(a)...... 250 6,447 John Bean Technologies Corp...... 108 15,701 Beyond Meat Inc.(a) ...... 350 46,088

3 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Consumer Staples ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Packaging & Containers — 3.1% Retail (continued) Amcor PLC ...... 1,383 $ 16,250 Starbucks Corp...... 5,745 $ 657,745 AptarGroup Inc...... 35 5,278 Texas Roadhouse Inc...... 76 8,134 Ball Corp...... 2,141 200,483 Wendy's Co. (The) ...... 639 14,422 Berry Global Group Inc.(a) ...... 557 35,436 Wingstop Inc...... 81 12,831 Crown Holdings Inc...... 820 90,036 Yum China Holdings Inc...... 1,207 75,944 Graphic Packaging Holding Co...... 1,732 32,129 Yum! Brands Inc...... 1,048 125,257 (a) O-I Glass Inc...... 702 11,576 1,892,155 Packaging Corp. of America ...... 95 14,027 Toys, Games & Hobbies — 0.1% Sealed Air Corp...... 219 10,819 Mattel Inc.(a) ...... 609 13,069 Silgan Holdings Inc...... 333 14,043 Sonoco Products Co...... 378 24,744 Total Common Stocks — 99.1% 454,821 (Cost: $13,479,313)...... 14,515,058 Pharmaceuticals — 1.6% Elanco Animal Health Inc.(a) ...... 1,321 41,889 Short-Term Investments (a) Herbalife Nutrition Ltd...... 413 18,903 Money Market Funds — 0.8% Perrigo Co. PLC ...... 118 4,912 BlackRock Cash Funds: Institutional, SL Agency Shares, (a) Prestige Consumer Healthcare Inc...... 198 8,625 0.08%(c)(d)(e) ...... 14,105 14,112 Zoetis Inc...... 965 166,974 BlackRock Cash Funds: Treasury, SL Agency Shares, 241,303 0.00%(c)(d) ...... 110,000 110,000 Real Estate Investment Trusts — 1.7% 124,112 Americold Realty Trust ...... 757 30,575 Equinix Inc...... 294 211,904 Total Short-Term Investments — 0.8% 242,479 (Cost: $124,110)...... 124,112 Retail — 12.9% Total Investments in Securities — 99.9% (a) BJ's Restaurants Inc...... 55 3,354 (Cost: $13,603,423)...... 14,639,170 Casey's General Stores Inc...... 99 21,997 Cheesecake Factory Inc. (The) ...... 126 7,886 Other Assets, Less Liabilities — 0.1% ...... 9,699 (a) Chipotle Mexican Grill Inc...... 135 201,424 Net Assets — 100.0% ...... $ 14,648,869 Cracker Barrel Old Country Store Inc...... 45 7,536 Darden Restaurants Inc...... 159 23,328 (a) Non-income producing security. Domino's Pizza Inc...... 34 14,360 (b) All or a portion of this security is on loan. (c) Freshpet Inc.(a) ...... 236 43,618 Affiliate of the Fund. (d) Jack in the Box Inc...... 81 9,773 Annualized 7-day yield as of period-end. (e) All or a portion of this security was purchased with cash collateral received from loaned McDonald's Corp...... 2,773 654,650 securities. Shake Shack Inc., Class A(a)...... 91 9,896

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 07/31/20 at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 04/30/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares . . $162,457 $ — $(148,248)(a) $ 46 $ (143)$ 14,112 14,105$ 873(b) $ — (a) BlackRock Cash Funds: Treasury, SL Agency Shares..... 66,000 44,000 — — — 110,000 110,000 60 —

$ 46 $ (143)$124,112 $ 933$ —

(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.

4 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Consumer Staples ETF April 30, 2021

Fair Value Measurements Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov. The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of April 30, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks...... $14,515,058 $ — $ — $14,515,058 Money Market Funds ...... 124,112 — — 124,112 $14,639,170 $ — $ — $14,639,170

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares

5 Schedule of Investments (unaudited) iShares Evolved U.S. Discretionary Spending ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Cosmetics & Personal Care (continued) Inter Parfums Inc...... 86 $ 6,330 Advertising — 0.1% Procter & Gamble Co. (The) ...... 5,010 668,434 Interpublic Group of Companies Inc. (The) ...... 593 $ 18,828 995,790 Airlines — 0.1% Distribution & Wholesale — 0.8% Alaska Air Group Inc.(a)...... 286 19,774 Core-Mark Holding Co. Inc...... 163 6,937 JetBlue Airways Corp.(a) ...... 759 15,453 Fastenal Co...... 1,026 53,639 (a) 35,227 G-III Apparel Group Ltd...... 319 10,365 (a) Apparel — 7.0% LKQ Corp...... 299 13,966 Capri Holdings Ltd.(a)...... 724 39,878 Pool Corp...... 104 43,942 (a) Carter's Inc...... 385 41,884 SiteOne Landscape Supply Inc...... 99 17,759 Columbia Sportswear Co...... 198 21,584 WW Grainger Inc...... 132 57,227 Crocs Inc.(a) ...... 374 37,445 203,835 Deckers Outdoor Corp.(a)...... 177 59,861 Diversified Financial Services — 0.8% Hanesbrands Inc...... 2,024 42,626 LendingTree Inc.(a) ...... 11 2,272 Levi Strauss & Co., Class A ...... 362 10,447 Mastercard Inc., Class A ...... 186 71,063 Nike Inc., Class B ...... 6,691 887,361 PROG Holdings Inc...... 368 18,746 Oxford Industries Inc...... 132 12,042 Visa Inc., Class A ...... 413 96,460 PVH Corp...... 469 53,081 188,541 Ralph Lauren Corp...... 331 44,119 Entertainment — 1.1% (a) Skechers U.S.A. Inc., Class A ...... 924 44,805 Caesars Entertainment Inc.(a)...... 544 53,225 Steven Madden Ltd...... 614 24,971 Churchill Downs Inc...... 109 23,053 Tapestry Inc...... 2,035 97,375 Cinemark Holdings Inc...... 352 7,462 (a) Under Armour Inc., Class A ...... 1,111 27,008 Live Nation Entertainment Inc.(a) ...... 495 40,531 (a) Under Armour Inc., Class C, NVS ...... 1,133 22,558 Madison Square Garden Sports Corp.(a) ...... 55 10,166 (a) Urban Outfitters Inc...... 550 19,745 Marriott Vacations Worldwide Corp.(a) ...... 98 17,408 VF Corp...... 2,305 202,056 Penn National Gaming Inc.(a) ...... 366 32,618 Wolverine World Wide Inc...... 341 14,227 Red Rock Resorts Inc., Class A...... 319 11,685 1,703,073 Scientific Games Corp./DE, Class A(a)...... 121 7,081 Beverages — 0.1% Six Flags Entertainment Corp...... 187 8,785 Constellation Brands Inc., Class A ...... 74 17,784 Vail Resorts Inc...... 143 46,498

Building Materials — 0.1% 258,512 (a) Food — 1.5% American Woodmark Corp...... 44 4,376 (a)(b) Masco Corp...... 450 28,746 Beyond Meat Inc...... 91 11,983 Flowers Foods Inc...... 495 11,860 33,122 Grocery Outlet Holding Corp.(a) ...... 618 24,961 Chemicals — 0.1% Kroger Co. (The)...... 4,863 177,694 Valvoline Inc...... 462 14,507 Performance Food Group Co.(a) ...... 352 20,663 (a) Commercial Services — 1.4% Sprouts Farmers Market Inc...... 693 17,748 Bright Horizons Family Solutions Inc.(a) ...... 55 7,966 Sysco Corp...... 769 65,157 (a) Cintas Corp...... 198 68,338 U.S. Foods Holding Corp...... 594 24,627 Euronet Worldwide Inc.(a)...... 110 15,777 354,693 Grand Canyon Education Inc.(a) ...... 99 10,721 Food Service — 0.1% H&R Block Inc...... 616 13,712 Aramark ...... 880 34,206 ManpowerGroup Inc...... 165 19,947 Holding Companies - Diversified — 0.0% Monro Inc...... 187 13,200 (a) PayPal Holdings Inc.(a) ...... 348 91,277 Cannae Holdings Inc...... 165 6,551 Rent-A-Center Inc./TX...... 318 18,301 Home Builders — 0.1% Rollins Inc...... 495 18,454 Taylor Morrison Home Corp.(a) ...... 220 6,866 (a) Square Inc., Class A ...... 125 30,602 Toll Brothers Inc...... 286 17,932 Terminix Global Holdings Inc.(a) ...... 374 19,033 24,798 WW International Inc.(a)(b) ...... 99 2,746 Home Furnishings — 0.2% 330,074 Sleep Number Corp.(a) ...... 130 14,545 Computers — 4.8% Tempur Sealy International Inc...... 748 28,529 Apple Inc...... 8,879 1,167,233 43,074 Cosmetics & Personal Care — 4.1% Household Products & Wares — 0.2% Colgate-Palmolive Co...... 115 9,280 Helen of Troy Ltd.(a) ...... 56 11,828 Coty Inc., Class A(a) ...... 359 3,594 Kimberly-Clark Corp...... 286 38,129 Estee Lauder Companies Inc. (The), Class A ...... 982 308,152 49,957

6 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Discretionary Spending ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Housewares — 0.2% Retail (continued) Newell Brands Inc...... 1,043 $ 28,119 Advance Auto Parts Inc...... 396 $ 79,263 Scotts Miracle-Gro Co. (The) ...... 88 20,342 American Eagle Outfitters Inc...... 1,287 44,492 Tupperware Brands Corp.(a) ...... 121 2,949 At Home Group Inc.(a) ...... 320 10,106 (a) 51,410 AutoNation Inc...... 231 23,673 (a) Internet — 21.8% AutoZone Inc...... 121 177,159 Amazon.com Inc.(a) ...... 1,217 4,219,850 Bed Bath & Beyond Inc...... 943 23,877 Booking Holdings Inc.(a) ...... 111 273,735 Best Buy Co. Inc...... 1,167 135,687 Cars.com Inc.(a)...... 165 2,180 Big Lots Inc...... 341 23,509 (a) Chewy Inc., Class A(a)(b)...... 250 19,930 BJ's Restaurants Inc...... 99 6,038 (a) eBay Inc...... 1,354 75,540 BJ's Wholesale Club Holdings Inc...... 771 34,441 (a) Etsy Inc.(a) ...... 319 63,414 Bloomin' Brands Inc...... 528 16,685 (a) Expedia Group Inc...... 200 35,246 Boot Barn Holdings Inc...... 239 16,859 Groupon Inc.(a)...... 66 3,342 Brinker International Inc...... 263 17,655 Grubhub Inc.(a)...... 242 16,466 Buckle Inc. (The)...... 209 8,765 (a) Match Group Inc.(a) ...... 104 16,185 Burlington Stores Inc...... 498 162,512 (a) MercadoLibre Inc.(a)...... 133 208,940 CarMax Inc...... 663 88,338 (a) Overstock.com Inc.(a) ...... 138 11,247 Carvana Co...... 235 67,036 Pinterest Inc., Class A(a) ...... 1,625 107,851 Casey's General Stores Inc...... 231 51,326 Stitch Fix Inc., Class A(a) ...... 152 6,585 Cheesecake Factory Inc. (The) ...... 231 14,458 (a) Uber Technologies Inc.(a) ...... 2,516 137,801 Chipotle Mexican Grill Inc...... 111 165,615 Wayfair Inc., Class A(a) ...... 342 101,085 Costco Wholesale Corp...... 2,845 1,058,596 Cracker Barrel Old Country Store Inc...... 154 25,790 5,299,397 Darden Restaurants Inc...... 737 108,133 Leisure Time — 1.0% Dave & Buster's Entertainment Inc.(a) ...... 232 10,593 Carnival Corp.(a) ...... 2,877 80,441 Dick's Sporting Goods Inc...... 474 39,143 Norwegian Cruise Line Holdings Ltd.(a)...... 1,003 31,143 Dollar General Corp...... 1,716 368,511 Planet Fitness Inc., Class A(a)...... 572 48,042 Dollar Tree Inc.(a) ...... 1,673 192,228 Polaris Inc...... 77 10,782 Domino's Pizza Inc...... 229 96,716 Royal Caribbean Cruises Ltd...... 430 37,389 FirstCash Inc...... 209 15,054 YETI Holdings Inc.(a)(b) ...... 270 23,064 Five Below Inc.(a) ...... 429 86,345 230,861 Floor & Decor Holdings Inc., Class A(a) ...... 602 66,774 Lodging — 2.3% Foot Locker Inc...... 704 41,522 (a) Boyd Gaming Corp...... 229 15,148 Freshpet Inc.(a) ...... 109 20,145 Choice Hotels International Inc...... 176 20,029 Gap Inc. (The) ...... 2,299 76,097 (a) Hilton Grand Vacations Inc...... 231 10,294 Genuine Parts Co...... 341 42,615 (a) Hilton Worldwide Holdings Inc...... 1,219 156,885 Home Depot Inc. (The) ...... 5,763 1,865,310 (a) Hyatt Hotels Corp., Class A ...... 176 14,490 Jack in the Box Inc...... 123 14,840 Las Vegas Sands Corp...... 1,245 76,269 Kohl's Corp...... 1,255 73,618 (a) Marriott International Inc./MD, Class A ...... 787 116,885 L Brands Inc.(a) ...... 1,726 113,743 MGM Resorts International ...... 1,218 49,597 La-Z-Boy Inc...... 198 8,803 Travel + Leisure Co...... 451 29,103 Lithia Motors Inc., Class A ...... 77 29,597 Wyndham Hotels & Resorts Inc...... 527 38,529 Lowe's Companies Inc...... 3,575 701,594 (a) Wynn Resorts Ltd...... 275 35,310 Lululemon Athletica Inc.(a) ...... 857 287,326 562,539 Macy's Inc...... 1,817 30,126 Pharmaceuticals — 0.0% McDonald's Corp...... 2,855 674,008 Herbalife Nutrition Ltd.(a) ...... 262 11,992 MSC Industrial Direct Co. Inc., Class A...... 110 9,918 Murphy USA Inc...... 132 18,401 Real Estate — 0.0% National Vision Holdings Inc.(a) ...... 275 13,863 RE/MAX Holdings Inc., Class A ...... 84 3,085 Nordstrom Inc...... 859 31,508 (a) Real Estate Investment Trusts — 0.2% Ollie's Bargain Outlet Holdings Inc...... 449 41,429 (a) Apple Hospitality REIT Inc...... 462 7,328 O'Reilly Automotive Inc...... 439 242,714 Host Hotels & Resorts Inc...... 1,463 26,568 Papa John's International Inc...... 130 12,574 Macerich Co. (The) ...... 299 4,123 PriceSmart Inc...... 154 12,942 Park Hotels & Resorts Inc...... 330 7,362 Qurate Retail Inc. Series A ...... 582 6,926 (a) Ruth's Hospitality Group Inc...... 198 5,170 RH ...... 123 84,627 Ryman Hospitality Properties Inc...... 88 6,921 Ross Stores Inc...... 2,589 339,004 Sally Beauty Holdings Inc.(a) ...... 891 17,882 57,472 Shake Shack Inc., Class A(a)(b)...... 132 14,355 Retail — 49.9% Signet Jewelers Ltd.(a) ...... 395 23,601 Abercrombie & Fitch Co., Class A...... 571 21,407 Starbucks Corp...... 4,051 463,799

7 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Discretionary Spending ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Retail (continued) Short-Term Investments Target Corp...... 3,617 $ 749,659 Money Market Funds — 1.9% Texas Roadhouse Inc...... 396 42,380 BlackRock Cash Funds: Institutional, SL Agency Shares, TJX Companies Inc. (The)...... 8,043 571,053 0.08%(c)(d)(e) ...... 209,557 $ 209,662 Tractor Supply Co...... 758 142,959 BlackRock Cash Funds: Treasury, SL Agency Shares, Ulta Beauty Inc.(a)(b)...... 421 138,656 0.00%(c)(d) ...... 245,000 245,000 Walgreens Boots Alliance Inc...... 2,692 142,945 Walmart Inc...... 9,368 1,310,677 454,662 Wendy's Co. (The) ...... 935 21,103 Total Short-Term Investments — 1.9% Williams-Sonoma Inc...... 502 85,717 (Cost: $454,662)...... 454,662 Wingstop Inc...... 132 20,910 Yum China Holdings Inc...... 1,885 118,604 Total Investments in Securities — 100.8% Yum! Brands Inc...... 1,627 194,459 (Cost: $18,826,948)...... 24,480,119 12,108,793 Other Assets, Less Liabilities — (0.8)%...... (199,067) Software — 0.1% Intuit Inc...... 55 22,669 Net Assets — 100.0% ...... $ 24,281,052 Take-Two Interactive Software Inc.(a) ...... 53 9,295 (a) Non-income producing security. 31,964 (b) All or a portion of this security is on loan. Textiles — 0.0% (c) Affiliate of the Fund. UniFirst Corp./MA...... 44 9,864 (d) Annualized 7-day yield as of period-end. (e) All or a portion of this security was purchased with cash collateral received from loaned Toys, Games & Hobbies — 0.2% securities. Hasbro Inc...... 264 26,255 Mattel Inc.(a) ...... 834 17,897 44,152 Transportation — 0.6% FedEx Corp...... 462 134,123

Total Common Stocks — 98.9% (Cost: $18,372,286)...... 24,025,457

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 07/31/20 at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 04/30/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares .... $ 4,972 $204,743(a) $ — $ (43) $ (10) $209,662 209,557 $ 251(b) $ — (a) BlackRock Cash Funds: Treasury, SL Agency Shares ...... 45,000 200,000 — — — 245,000245,000 79 —

$ (43) $ (10) $454,662 $ 330$ —

(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.

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

8 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Discretionary Spending ETF April 30, 2021

Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of April 30, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks...... $24,025,457 $ — $ — $24,025,457 Money Market Funds ...... 454,662 — — 454,662 $24,480,119 $ — $ — $24,480,119

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares REIT ...... Real Estate Investment Trust

9 Schedule of Investments (unaudited) iShares Evolved U.S. Financials ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Banks (continued) Lakeland Bancorp. Inc...... 132 $ 2,393 Banks — 43.6% Lakeland Financial Corp...... 67 4,370 Ameris Bancorp...... 64 $ 3,462 Live Oak Bancshares Inc...... 55 3,518 Associated Banc-Corp...... 347 7,596 M&T Bank Corp...... 137 21,604 Atlantic Union Bankshares Corp...... 140 5,414 Meta Financial Group Inc...... 57 2,808 BancFirst Corp...... 46 3,197 Morgan Stanley ...... 2,097 173,107 Bank of America Corp...... 7,696 311,919 National Bank Holdings Corp., Class A ...... 71 2,833 Bank of Hawaii Corp...... 94 8,544 NBT Bancorp. Inc...... 113 4,282 Bank of New York Mellon Corp. (The)...... 1,193 59,507 Northern Trust Corp...... 350 39,830 Bank OZK...... 226 9,264 OFG Bancorp...... 94 2,227 BankUnited Inc...... 187 8,716 Old National Bancorp./IN ...... 329 6,218 Banner Corp...... 52 2,956 PacWest Bancorp...... 229 9,941 BOK Financial Corp...... 53 4,661 Park National Corp...... 33 4,128 Bryn Mawr Bank Corp...... 63 2,895 Pinnacle Financial Partners Inc...... 147 12,883 Cathay General Bancorp...... 180 7,286 Popular Inc...... 156 11,538 CIT Group Inc...... 167 8,899 Prosperity Bancshares Inc...... 173 12,691 Citigroup Inc...... 2,619 186,578 Regions Financial Corp...... 1,775 38,695 Citizens Financial Group Inc...... 791 36,607 Renasant Corp...... 114 4,803 City Holding Co...... 40 3,096 S&T Bancorp. Inc...... 84 2,768 Columbia Banking System Inc...... 153 6,660 Sandy Spring Bancorp. Inc...... 78 3,538 Comerica Inc...... 264 19,842 Seacoast Banking Corp. of Florida(a) ...... 99 3,599 Commerce Bancshares Inc...... 202 15,718 ServisFirst Bancshares Inc...... 94 5,945 Community Bank System Inc...... 114 8,850 Simmons First National Corp., Class A ...... 177 5,044 ConnectOne Bancorp. Inc...... 76 2,063 South State Corp...... 133 11,215 Cullen/Frost Bankers Inc...... 118 14,167 Southside Bancshares Inc...... 85 3,413 CVB Financial Corp...... 243 5,154 State Street Corp...... 597 50,118 Eagle Bancorp. Inc...... 67 3,578 SVB Financial Group(a)(b) ...... 90 51,465 East West Bancorp. Inc...... 264 20,104 Synovus Financial Corp...... 297 13,917 Enterprise Financial Services Corp...... 58 2,850 TCF Financial Corp...... 279 12,700 Fifth Third Bancorp...... 1,281 51,932 Texas Capital Bancshares Inc.(a) ...... 54 3,706 First BanCorp./Puerto Rico ...... 384 4,827 Tompkins Financial Corp...... 38 2,970 First Bancorp./Southern Pines NC...... 71 3,010 Triumph Bancorp. Inc.(a) ...... 35 3,102 First Busey Corp...... 112 2,798 Truist Financial Corp...... 2,374 140,802 First Citizens BancShares Inc./NC, Class A ...... 11 9,542 Trustmark Corp...... 72 2,334 First Commonwealth Financial Corp...... 268 3,883 U.S. Bancorp...... 2,405 142,737 First Financial Bancorp...... 210 5,147 UMB Financial Corp...... 94 9,121 First Financial Bankshares Inc...... 284 13,939 Umpqua Holdings Corp...... 398 7,419 First Hawaiian Inc...... 261 7,167 United Community Banks Inc./GA ...... 128 4,188 First Horizon Corp...... 1,073 19,625 Valley National Bancorp...... 594 8,179 First Interstate BancSystem Inc., Class A ...... 83 3,898 Veritex Holdings Inc...... 64 2,162 First Midwest Bancorp. Inc...... 230 4,823 Walker & Dunlop Inc...... 36 3,991 Flagstar Bancorp. Inc...... 62 2,885 Webster Financial Corp...... 186 9,841 FNB Corp...... 695 8,959 Wells Fargo & Co...... 6,764 304,718 Fulton Financial Corp...... 382 6,513 WesBanco Inc...... 103 3,738 Glacier Bancorp. Inc...... 172 10,139 Westamerica Bancorp...... 61 3,867 Goldman Sachs Group Inc. (The) ...... 522 181,891 Western Alliance Bancorp...... 135 14,184 Great Western Bancorp. Inc...... 127 4,197 Wintrust Financial Corp...... 116 8,944 Hancock Whitney Corp...... 169 7,815 Zions Bancorp. NA ...... 326 18,191 Hanmi Financial Corp...... 78 1,583 Heartland Financial USA Inc...... 71 3,569 2,726,475 Heritage Financial Corp./WA ...... 75 2,107 Commercial Services — 4.5% Hilltop Holdings Inc...... 160 5,632 Automatic Data Processing Inc...... 199 37,211 (a) Home BancShares Inc./AR ...... 318 8,850 Avalara Inc...... 19 2,692 Hope Bancorp Inc...... 282 4,233 CoreLogic Inc...... 64 5,101 Huntington Bancshares Inc./OH ...... 1,819 27,867 Equifax Inc...... 78 17,880 (a) Independent Bank Corp...... 58 4,750 Euronet Worldwide Inc...... 25 3,586 Independent Bank Group Inc...... 43 3,247 EVERTEC Inc...... 66 2,633 (a) International Bancshares Corp...... 134 6,350 FleetCor Technologies Inc...... 38 10,933 (a) JPMorgan Chase & Co...... 1,820 279,934 FTI Consulting Inc...... 21 2,916 KeyCorp ...... 1,838 39,995 Global Payments Inc...... 157 33,697 Grand Canyon Education Inc.(a) ...... 23 2,491

10 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Financials ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Commercial Services (continued) Diversified Financial Services (continued) Green Dot Corp., Class A(a) ...... 57 $ 2,608 Virtu Financial Inc., Class A ...... 101 $ 2,993 HealthEquity Inc.(a) ...... 37 2,811 Virtus Investment Partners Inc...... 14 3,828 Insperity Inc...... 29 2,539 Visa Inc., Class A(b)...... 18 4,204 MarketAxess Holdings Inc...... 29 14,165 Waddell & Reed Financial Inc., Class A...... 137 3,422 Moody's Corp...... 130 42,472 Western Union Co. (The) ...... 288 7,419 Morningstar Inc...... 17 4,505 1,006,911 S&P Global Inc...... 140 54,655 Electric — 0.1% Service Corp. International...... 111 5,932 Hawaiian Electric Industries Inc...... 139 5,985 Verisk Analytics Inc...... 127 23,901 WEX Inc.(a) ...... 37 7,593 Engineering & Construction — 0.0% (a) 280,321 frontdoor Inc...... 55 2,944 Computers — 0.0% Forest Products & Paper — 0.2% Genpact Ltd...... 66 3,137 International Paper Co...... 219 12,702

Diversified Financial Services — 16.1% Health Care - Services — 2.6% Affiliated Managers Group Inc...... 61 9,831 Anthem Inc...... 133 50,459 Alliance Data Systems Corp...... 30 3,536 Centene Corp.(a) ...... 109 6,730 Ally Financial Inc...... 572 29,429 Humana Inc...... 5 2,226 American Express Co...... 809 124,060 Molina Healthcare Inc.(a) ...... 42 10,714 Ameriprise Financial Inc...... 187 48,321 UnitedHealth Group Inc...... 227 90,528 Apollo Global Management Inc...... 363 20,099 160,657 Ares Management Corp., Class A ...... 76 3,992 Home Builders — 0.2% Artisan Partners Asset Management Inc., Class A ...... 70 3,564 MDC Holdings Inc...... 50 2,933 BGC Partners Inc., Class A ...... 217 1,150 NVR Inc.(a) ...... 2 10,036 Boston Private Financial Holdings Inc...... 128 1,884 Capital One Financial Corp...... 713 106,294 12,969 Cboe Global Markets Inc...... 101 10,541 Household Products & Wares — 0.0% Charles Schwab Corp. (The) ...... 2,019 142,138 Spectrum Brands Holdings Inc...... 8 705 CME Group Inc...... 224 45,246 Insurance — 23.2% Cohen & Steers Inc...... 36 2,449 Aflac Inc...... 1,128 60,607 Credit Acceptance Corp.(a)(b) ...... 16 6,317 Alleghany Corp.(a) ...... 26 17,653 Discover Financial Services...... 373 42,522 Allstate Corp. (The)...... 476 60,357 Evercore Inc., Class A ...... 38 5,325 American Financial Group Inc./OH ...... 139 17,078 Federated Hermes Inc...... 132 3,802 American International Group Inc...... 1,525 73,886 Franklin Resources Inc...... 372 11,160 American National Group Inc...... 22 2,494 Hamilton Lane Inc., Class A...... 24 2,171 Aon PLC, Class A ...... 173 43,499 Houlihan Lokey Inc...... 40 2,651 Arch Capital Group Ltd.(a) ...... 563 22,357 Interactive Brokers Group Inc., Class A ...... 71 5,078 Argo Group International Holdings Ltd...... 56 2,922 Intercontinental Exchange Inc...... 438 51,557 Arthur J Gallagher & Co...... 250 36,238 Invesco Ltd...... 336 9,072 Assurant Inc...... 74 11,514 Jefferies Financial Group Inc...... 245 7,965 Assured Guaranty Ltd...... 85 4,322 KKR & Co. Inc...... 539 30,497 Athene Holding Ltd., Class A(a) ...... 263 15,693 LendingTree Inc.(a) ...... 5 1,032 Axis Capital Holdings Ltd...... 134 7,477 LPL Financial Holdings Inc...... 104 16,297 Berkshire Hathaway Inc., Class B(a) ...... 586 161,121 Mastercard Inc., Class A ...... 125 47,757 Brighthouse Financial Inc.(a) ...... 154 7,206 Moelis & Co., Class A...... 41 2,225 Brown & Brown Inc...... 331 17,603 Mr Cooper Group Inc.(a) ...... 89 3,069 Cincinnati Financial Corp...... 277 31,212 Nasdaq Inc...... 105 16,962 CNA Financial Corp...... 66 3,097 Navient Corp...... 271 4,561 CNO Financial Group Inc...... 209 5,336 OneMain Holdings Inc...... 116 6,597 Employers Holdings Inc...... 56 2,267 PennyMac Financial Services Inc...... 66 3,974 Enstar Group Ltd.(a) ...... 19 4,772 Piper Sandler Cos...... 25 2,900 Equitable Holdings Inc...... 602 20,606 Raymond James Financial Inc...... 207 27,071 Erie Indemnity Co., Class A, NVS ...... 27 5,779 Santander Consumer USA Holdings Inc...... 110 3,733 Essent Group Ltd...... 183 9,622 SEI Investments Co...... 153 9,400 Everest Re Group Ltd...... 71 19,663 SLM Corp...... 621 12,209 Fidelity National Financial Inc...... 416 18,978 Stifel Financial Corp...... 184 12,731 First American Financial Corp...... 190 12,255 Synchrony Financial ...... 707 30,924 Genworth Financial Inc., Class A(a) ...... 1,014 4,380 T Rowe Price Group Inc...... 271 48,563 Globe Life Inc...... 186 19,063 Tradeweb Markets Inc., Class A...... 54 4,389 Hanover Insurance Group Inc. (The) ...... 81 11,203

11 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Financials ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Insurance (continued) Real Estate Investment Trusts (continued) Hartford Financial Services Group Inc. (The)...... 637 $ 42,017 Two Harbors Investment Corp...... 150 $ 1,170 Horace Mann Educators Corp...... 85 3,409 Weyerhaeuser Co...... 492 19,075 James River Group Holdings Ltd...... 48 2,261 35,381 Kemper Corp...... 121 9,445 Retail — 0.0% Kinsale Capital Group Inc...... 39 6,786 FirstCash Inc...... 30 2,161 Lincoln National Corp...... 340 21,804 Loews Corp...... 213 11,875 Savings & Loans — 1.3% Markel Corp.(a) ...... 19 22,352 Axos Financial Inc.(a) ...... 95 4,289 Marsh & McLennan Companies Inc...... 586 79,520 Berkshire Hills Bancorp. Inc...... 75 1,664 Mercury General Corp...... 60 3,736 Brookline Bancorp. Inc...... 175 2,817 MetLife Inc...... 1,279 81,383 Capitol Federal Financial Inc...... 292 3,774 MGIC Investment Corp...... 653 9,952 Investors Bancorp. Inc...... 501 7,335 NMI Holdings Inc., Class A(a)...... 139 3,592 Meridian Bancorp. Inc...... 113 2,498 Old Republic International Corp...... 379 9,331 New York Community Bancorp. Inc...... 937 11,207 Palomar Holdings Inc.(a) ...... 39 2,744 Northwest Bancshares Inc...... 224 3,145 Primerica Inc...... 56 8,947 OceanFirst Financial Corp...... 97 2,217 Principal Financial Group Inc...... 503 32,127 Pacific Premier Bancorp. Inc...... 95 4,183 ProAssurance Corp...... 105 2,625 People's United Financial Inc...... 759 13,761 Progressive Corp. (The) ...... 971 97,819 Provident Financial Services Inc...... 140 3,300 Prudential Financial Inc...... 710 71,256 Sterling Bancorp./DE ...... 450 11,308 Radian Group Inc...... 321 7,909 Washington Federal Inc...... 174 5,664 RenaissanceRe Holdings Ltd...... 75 12,661 WSFS Financial Corp...... 118 6,029 RLI Corp...... 90 10,031 83,191 Safety Insurance Group Inc...... 33 2,707 Software — 2.7% Selective Insurance Group Inc...... 112 8,528 Black Knight Inc.(a) ...... 48 3,476 Travelers Companies Inc. (The) ...... 437 67,586 Broadridge Financial Solutions Inc...... 90 14,277 Trupanion Inc.(a)...... 37 3,001 Fidelity National Information Services Inc...... 496 75,838 Universal Insurance Holdings Inc...... 64 893 Fiserv Inc.(a)...... 277 33,273 Unum Group ...... 394 11,134 MSCI Inc...... 44 21,374 Voya Financial Inc...... 255 17,294 Paychex Inc...... 155 15,111 W R Berkley Corp...... 262 20,887 SS&C Technologies Holdings Inc...... 91 6,754 White Mountains Insurance Group Ltd...... 6 6,993 170,103 Willis Towers Watson PLC ...... 116 30,028 1,452,893 Total Common Stocks — 99.0% Internet — 0.1% (Cost: $4,854,745) ...... 6,195,946 Lyft Inc., Class A(a) ...... 159 8,850 Short-Term Investments Leisure Time — 0.1% Harley-Davidson Inc...... 79 3,821 Money Market Funds — 1.8% BlackRock Cash Funds: Institutional, SL Agency Shares, Machinery — 1.0% 0.08%(c)(d)(e) ...... 60,353 60,384 Caterpillar Inc...... 242 55,203 BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d) . 50,000 50,000 Vertiv Holdings Co...... 196 4,449 110,384 59,652 Media — 0.1% Total Short-Term Investments — 1.8% FactSet Research Systems Inc...... 16 5,380 (Cost: $110,384) ...... 110,384

Pharmaceuticals — 1.8% Total Investments in Securities — 100.8% Cigna Corp...... 275 68,478 (Cost: $4,965,129) ...... 6,306,330 CVS Health Corp...... 562 42,937 Other Assets, Less Liabilities — (0.8)% ...... (50,780) 111,415 Net Assets — 100.0% ...... $ 6,255,550 Private Equity — 0.8% Blackstone Group Inc. (The) ...... 470 41,590 (a) Non-income producing security. Carlyle Group Inc. (The) ...... 204 8,703 (b) All or a portion of this security is on loan. (c) 50,293 Affiliate of the Fund. (d) Annualized 7-day yield as of period-end. Real Estate Investment Trusts — 0.6% (e) All or a portion of this security was purchased with cash collateral received from loaned AGNC Investment Corp...... 213 3,819 securities. Annaly Capital Management Inc...... 930 8,444 New Residential Investment Corp...... 268 2,873

12 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Financials ETF April 30, 2021

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 07/31/20 at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 04/30/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares .... $ 8,503 $ 51,885(a) $ — $ (5) $ 1 $ 60,38460,353 $ 27(b) $ — (a) BlackRock Cash Funds: Treasury, SL Agency Shares ...... 30,000 20,000 — — — 50,00050,000 20 —

$ (5) $ 1 $110,384 $ 47$ —

(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.

Fair Value Measurements Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov. The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of April 30, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks...... $6,195,946 $ — $ — $6,195,946 Money Market Funds ...... 110,384 — — 110,384 $6,306,330 $ — $ — $6,306,330

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares

13 Schedule of Investments (unaudited) iShares Evolved U.S. Healthcare Staples ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Health Care - Products (continued) Envista Holdings Corp.(a) ...... 852 $ 36,875 Biotechnology — 4.1% Glaukos Corp.(a) ...... 210 19,774 Amgen Inc...... 289 $ 69,256 Globus Medical Inc., Class A(a) ...... 885 63,516 Bio-Rad Laboratories Inc., Class A(a) ...... 150 94,520 Haemonetics Corp.(a) ...... 360 24,214 Exact Sciences Corp.(a) ...... 1,489 196,280 Hill-Rom Holdings Inc...... 542 59,739 Guardant Health Inc.(a) ...... 704 111,922 Hologic Inc.(a)...... 2,232 146,308 Illumina Inc.(a)...... 1,560 612,830 ICU Medical Inc.(a) ...... 150 31,240 Myriad Genetics Inc.(a) ...... 690 20,852 IDEXX Laboratories Inc.(a)...... 597 327,747 NeoGenomics Inc.(a) ...... 1,108 54,281 Inspire Medical Systems Inc.(a) ...... 272 64,415 Pacific Biosciences of California Inc.(a) ...... 1,066 31,820 Insulet Corp.(a)(b) ...... 720 212,558 Twist Bioscience Corp.(a) ...... 239 32,071 Integer Holdings Corp.(a) ...... 225 21,123 Veracyte Inc.(a)...... 525 26,119 Integra LifeSciences Holdings Corp.(a) ...... 630 46,670 1,249,951 Intersect ENT Inc.(a)...... 165 3,599 Commercial Services — 0.4% Intuitive Surgical Inc.(a) ...... 1,316 1,138,340 (a) AMN Healthcare Services Inc...... 376 29,817 iRhythm Technologies Inc.(a)...... 282 21,956 (a) Bright Horizons Family Solutions Inc...... 240 34,759 LeMaitre Vascular Inc...... 165 8,658 (a) Grand Canyon Education Inc...... 227 24,582 LivaNova PLC(a) ...... 446 37,852 (a) Progyny Inc...... 394 22,423 Luminex Corp...... 345 12,658 (a) R1 RCM Inc...... 732 19,969 Masimo Corp.(a)...... 555 129,132 Strategic Education Inc...... 75 5,629 Medtronic PLC...... 14,628 1,915,098 137,179 Merit Medical Systems Inc.(a) ...... 510 32,436 Computers — 0.1% NanoString Technologies Inc.(a) ...... 342 27,247 MAXIMUS Inc...... 319 29,233 Natera Inc.(a) ...... 779 85,706 Neogen Corp.(a)...... 135 12,961 Electrical Components & Equipment — 0.1% Nevro Corp.(a) ...... 240 41,474 (a) Novanta Inc...... 269 35,430 Novocure Ltd.(a)...... 513 104,703 (a) Electronics — 1.0% NuVasive Inc...... 540 38,583 Omnicell Inc.(a)...... 299 43,361 Agilent Technologies Inc...... 1,668 222,911 (a) (a) OraSure Technologies Inc...... 585 5,353 OSI Systems Inc...... 81 7,822 (a) Waters Corp.(a) ...... 271 81,265 Orthofix Medical Inc...... 179 7,939 Patterson Companies Inc...... 602 19,348 311,998 Penumbra Inc.(a) ...... 423 129,434 Environmental Control — 0.1% (a) PerkinElmer Inc...... 707 91,648 Stericycle Inc...... 209 15,943 Quanterix Corp.(a)...... 236 14,429 (a) Food Service — 0.1% Quidel Corp...... 378 39,611 Healthcare Services Group Inc...... 539 16,143 ResMed Inc...... 1,484 278,947 Shockwave Medical Inc.(a)...... 226 36,942 Health Care - Products — 47.7% Silk Road Medical Inc.(a)...... 269 16,447 10X Genomics Inc., Class A(a) ...... 196 38,769 STAAR Surgical Co.(a)...... 404 55,352 Abbott Laboratories ...... 20,521 2,464,162 STERIS PLC ...... 374 78,921 ABIOMED Inc.(a) ...... 465 149,139 Stryker Corp...... 3,674 964,903 Adaptive Biotechnologies Corp.(a)...... 436 18,138 Tandem Diabetes Care Inc.(a)...... 512 47,053 Align Technology Inc.(a)...... 318 189,379 Teleflex Inc...... 469 198,143 AngioDynamics Inc.(a) ...... 360 8,748 Thermo Fisher Scientific Inc...... 2,731 1,284,198 AtriCure Inc.(a) ...... 360 27,745 Zimmer Biomet Holdings Inc...... 1,789 316,939 (a) Avanos Medical Inc...... 300 12,963 14,592,899 (a) Avantor Inc...... 1,665 53,347 Health Care - Services — 23.9% (a) Axogen Inc...... 165 3,089 Acadia Healthcare Co. Inc.(a) ...... 746 45,446 Baxter International Inc...... 2,820 241,646 Addus HomeCare Corp.(a) ...... 122 12,908 Bio-Techne Corp...... 253 108,155 Amedisys Inc.(a)...... 377 101,733 (a) Boston Scientific Corp...... 15,978 696,641 Anthem Inc...... 1,293 490,551 Bruker Corp...... 570 39,056 Centene Corp.(a) ...... 5,413 334,199 (a) Cantel Medical Corp...... 176 15,472 Charles River Laboratories International Inc.(a) ...... 135 44,881 (a)(b) Cardiovascular Systems Inc...... 315 12,701 Chemed Corp...... 106 50,521 (a) CareDx Inc...... 407 32,181 DaVita Inc.(a)...... 783 91,243 Cooper Companies Inc. (The) ...... 495 203,391 Encompass Health Corp...... 1,227 104,123 (a) Cutera Inc...... 105 3,153 Ensign Group Inc. (The) ...... 325 27,901 Danaher Corp...... 4,743 1,204,437 HCA Healthcare Inc...... 2,937 590,513 DENTSPLY SIRONA Inc...... 1,259 84,995 Humana Inc...... 1,100 489,764 (a) Edwards Lifesciences Corp...... 7,245 692,042 Invitae Corp.(a)(b) ...... 1,559 54,409

14 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Healthcare Staples ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Health Care - Services (continued) Real Estate Investment Trusts (continued) IQVIA Holdings Inc.(a) ...... 991 $ 232,578 National Health Investors Inc...... 198 $ 14,535 Laboratory Corp. of America Holdings(a)...... 902 239,815 Omega Healthcare Investors Inc...... 778 29,564 LHC Group Inc.(a) ...... 316 65,813 Physicians Realty Trust ...... 1,230 23,038 Magellan Health Inc.(a) ...... 108 10,174 Sabra Health Care REIT Inc...... 1,200 21,804 MEDNAX Inc.(a)...... 1,007 26,504 Ventas Inc...... 1,226 67,994 Medpace Holdings Inc.(a) ...... 107 18,156 Welltower Inc...... 972 72,929 (a) ModivCare Inc...... 106 14,848 345,862 (a) Molina Healthcare Inc...... 140 35,714 Retail — 0.6% (a)(b) OPKO Health Inc...... 3,019 12,378 National Vision Holdings Inc.(a) ...... 286 14,417 Quest Diagnostics Inc...... 1,278 168,543 Walgreens Boots Alliance Inc...... 3,212 170,557 Select Medical Holdings Corp.(a) ...... 1,320 49,790 184,974 Syneos Health Inc.(a) ...... 180 15,273 Software — 0.8% Teladoc Health Inc.(a)...... 856 147,532 Allscripts Healthcare Solutions Inc.(a)...... 1,168 18,174 Tenet Healthcare Corp.(a)...... 1,095 64,890 Cerner Corp...... 2,264 169,913 U.S. Physical Therapy Inc...... 180 20,241 Change Healthcare Inc.(a) ...... 1,481 33,989 UnitedHealth Group Inc...... 9,169 3,656,597 Evolent Health Inc., Class A(a) ...... 776 16,808 Universal Health Services Inc., Class B ...... 749 111,159 Phreesia Inc.(a) ...... 214 11,075 7,328,197 Tabula Rasa HealthCare Inc.(a)(b) ...... 150 7,134 Household Products & Wares — 0.2% 257,093 Church & Dwight Co. Inc...... 853 73,136 Total Common Stocks — 97.2% Pharmaceuticals — 17.0% (Cost: $23,572,961)...... 29,779,567 AbbVie Inc...... 2,728 304,172 AmerisourceBergen Corp...... 1,024 123,699 Bausch Health Companies Inc.(a)(b) ...... 838 26,958 Short-Term Investments Becton Dickinson and Co...... 3,003 747,176 Money Market Funds — 3.2% Cardinal Health Inc...... 2,370 143,006 BlackRock Cash Funds: Institutional, SL Agency Shares, Cigna Corp...... 2,566 638,960 0.08%(c)(d)(e) ...... 139,833 139,902 Covetrus Inc.(a) ...... 514 14,726 BlackRock Cash Funds: Treasury, SL Agency Shares, CVS Health Corp...... 10,519 803,652 0.00%(c)(d) ...... 826,000 826,000 (a) DexCom Inc...... 941 363,320 965,902 Eli Lilly & Co...... 183 33,447 Henry Schein Inc.(a) ...... 1,076 78,010 Total Short-Term Investments — 3.2% Johnson & Johnson ...... 8,147 1,325,761 (Cost: $965,907)...... 965,902 McKesson Corp...... 1,062 199,189 Option Care Health Inc.(a) ...... 796 15,188 Total Investments in Securities — 100.4% Owens & Minor Inc...... 512 18,478 (Cost: $24,538,868)...... 30,745,469 Perrigo Co. PLC ...... 222 9,242 Other Assets, Less Liabilities — (0.4)%...... (120,185) Pfizer Inc...... 6,781 262,086 PRA Health Sciences Inc.(a) ...... 210 35,047 Net Assets — 100.0% ...... $ 30,625,284 Premier Inc., Class A...... 1,108 39,168 (a) Non-income producing security. Zoetis Inc...... 117 20,244 (b) All or a portion of this security is on loan. 5,201,529 (c) Affiliate of the Fund. (d) Real Estate Investment Trusts — 1.1% Annualized 7-day yield as of period-end. (e) Healthpeak Properties Inc...... 1,153 39,594 All or a portion of this security was purchased with cash collateral received from loaned securities. Medical Properties Trust Inc...... 3,465 76,404

15 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Healthcare Staples ETF April 30, 2021

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 07/31/20 at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 04/30/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares. . $228,052 $ — $(88,069)(a) $ (69) $ (12) $139,902 139,833 $ 190(b) $ — (a) BlackRock Cash Funds: Treasury, SL Agency Shares..... 66,000 760,000 — — — 826,000826,000 60 —

$ (69) $ (12) $965,902 $ 250$ —

(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.

Fair Value Measurements Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov. The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of April 30, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks...... $29,779,567 $ — $ — $29,779,567 Money Market Funds ...... 965,902 — — 965,902 $30,745,469 $ — $ — $30,745,469

Portfolio Abbreviations - Equity

REIT ...... Real Estate Investment Trust

16 Schedule of Investments (unaudited) iShares Evolved U.S. Innovative Healthcare ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Biotechnology (continued) Esperion Therapeutics Inc.(a) ...... 682 $ 18,380 Biotechnology — 44.4% Exact Sciences Corp.(a) ...... 1,300 171,366 Abeona Therapeutics Inc.(a) ...... 748 $ 1,324 Exelixis Inc.(a)...... 7,828 192,725 ACADIA Pharmaceuticals Inc.(a) ...... 3,036 62,420 Fate Therapeutics Inc.(a) ...... 1,873 163,681 Acceleron Pharma Inc.(a) ...... 1,452 181,456 FibroGen Inc.(a) ...... 2,024 45,176 Achillion Pharmaceuticals Inc.(a)(b)(c) ...... 624 287 Frequency Therapeutics Inc.(a)...... 730 8,475 Acorda Therapeutics Inc.(a) ...... 185 966 Geron Corp.(a)(c) ...... 2,706 3,924 Adverum Biotechnologies Inc.(a) ...... 1,671 6,517 Gilead Sciences Inc...... 24,687 1,566,884 Agenus Inc.(a)...... 1,914 5,914 Global Blood Therapeutics Inc.(a)(c) ...... 1,651 67,328 Albireo Pharma Inc.(a) ...... 457 14,670 GlycoMimetics Inc.(a) ...... 1,013 2,431 Alder Biopharmaceuticals Inc.(a)(b) ...... 312 275 Gossamer Bio Inc.(a) ...... 1,408 12,165 Alexion Pharmaceuticals Inc.(a) ...... 3,869 652,623 Guardant Health Inc.(a) ...... 877 139,425 Allakos Inc.(a) ...... 747 81,513 Halozyme Therapeutics Inc.(a)(c) ...... 3,500 174,825 Allogene Therapeutics Inc.(a) ...... 1,916 59,243 Homology Medicines Inc.(a)...... 941 6,371 Alnylam Pharmaceuticals Inc.(a)...... 3,031 426,280 ImmunoGen Inc.(a) ...... 4,178 33,675 Amgen Inc...... 6,518 1,561,974 Incyte Corp.(a) ...... 2,198 187,665 Amicus Therapeutics Inc.(a)...... 7,101 69,874 Innoviva Inc.(a) ...... 1,298 14,862 AnaptysBio Inc.(a) ...... 374 8,733 Inovio Pharmaceuticals Inc.(a)(c)...... 5,064 34,486 ANI Pharmaceuticals Inc.(a)...... 154 5,125 Insmed Inc.(a) ...... 2,967 100,077 Apellis Pharmaceuticals Inc.(a) ...... 1,852 93,841 Intercept Pharmaceuticals Inc.(a) ...... 747 14,776 Applied Therapeutics Inc.(a)...... 391 7,241 Intra-Cellular Therapies Inc.(a) ...... 1,744 60,046 Aprea Therapeutics Inc.(a) ...... 464 2,176 Ionis Pharmaceuticals Inc.(a)...... 3,649 156,250 Arcturus Therapeutics Holdings Inc.(a)...... 478 17,524 Iovance Biotherapeutics Inc.(a)...... 3,665 115,228 Arcus Biosciences Inc.(a) ...... 1,567 52,886 Kadmon Holdings Inc.(a) ...... 4,904 19,910 Ardelyx Inc.(a)...... 1,891 13,823 Karuna Therapeutics Inc.(a)(c) ...... 461 51,176 Arena Pharmaceuticals Inc.(a) ...... 1,741 119,485 Karyopharm Therapeutics Inc.(a)(c) ...... 2,064 19,278 Arrowhead Pharmaceuticals Inc.(a)...... 2,450 178,262 Kiniksa Pharmaceuticals Ltd., Class A(a) ...... 612 10,074 Assembly Biosciences Inc.(a) ...... 484 2,072 Kodiak Sciences Inc.(a) ...... 748 90,388 Atara Biotherapeutics Inc.(a) ...... 2,136 30,032 Krystal Biotech Inc.(a) ...... 306 24,309 Athersys Inc.(a)...... 5,414 9,041 Lexicon Pharmaceuticals Inc.(a)...... 1,166 5,667 Avrobio Inc.(a)...... 661 7,721 Ligand Pharmaceuticals Inc.(a)...... 462 67,401 Axsome Therapeutics Inc.(a) ...... 860 51,996 MacroGenics Inc.(a) ...... 1,475 47,731 Beam Therapeutics Inc.(a) ...... 571 46,822 MEI Pharma Inc.(a) ...... 3,692 13,476 BioCryst Pharmaceuticals Inc.(a) ...... 5,142 59,827 Mersana Therapeutics Inc.(a) ...... 1,756 27,973 Biogen Inc.(a) ...... 3,235 864,813 Mirati Therapeutics Inc.(a) ...... 1,106 183,839 Biohaven Pharmaceutical Holding Co. Ltd.(a) ...... 790 59,329 Moderna Inc.(a) ...... 8,578 1,533,918 BioMarin Pharmaceutical Inc.(a)...... 4,378 341,134 Molecular Templates Inc.(a) ...... 993 9,295 Bio-Rad Laboratories Inc., Class A(a) ...... 44 27,726 Myriad Genetics Inc.(a) ...... 770 23,269 Bluebird Bio Inc.(a) ...... 2,195 65,850 Nektar Therapeutics(a)...... 5,214 102,247 Blueprint Medicines Corp.(a) ...... 1,561 150,356 NextCure Inc.(a) ...... 372 3,262 Bridgebio Pharma Inc.(a)...... 2,448 136,892 Novavax Inc.(a)(c)...... 1,338 317,012 Calithera Biosciences Inc.(a) ...... 2,414 5,238 Omeros Corp.(a) ...... 1,034 18,260 Cara Therapeutics Inc.(a) ...... 792 10,256 Pieris Pharmaceuticals Inc.(a) ...... 1,408 3,041 Celldex Therapeutics Inc.(a)...... 518 15,711 Precigen Inc.(a)(c)...... 968 7,488 ChemoCentryx Inc.(a) ...... 1,143 55,241 Prothena Corp. PLC(a) ...... 966 25,638 Chinook Therapeutics Inc.(a) ...... 201 3,608 Provention Bio Inc.(a) ...... 1,116 8,024 Constellation Pharmaceuticals Inc.(a)...... 615 13,296 PTC Therapeutics Inc.(a) ...... 1,430 58,930 Contra Aduro Biotech I(a)(b) ...... 156 468 Puma Biotechnology Inc.(a) ...... 858 8,460 Cortexyme Inc.(a) ...... 391 15,315 Radius Health Inc.(a) ...... 1,100 24,530 Crinetics Pharmaceuticals Inc.(a) ...... 754 13,052 Regeneron Pharmaceuticals Inc.(a) ...... 2,420 1,164,746 Cue Biopharma Inc.(a) ...... 904 10,966 REGENXBIO Inc.(a) ...... 748 25,948 Cymabay Therapeutics Inc.(a)(c)...... 1,759 7,616 Replimune Group Inc.(a) ...... 643 23,527 CytomX Therapeutics Inc.(a) ...... 858 8,031 Rigel Pharmaceuticals Inc.(a) ...... 3,938 14,649 Deciphera Pharmaceuticals Inc.(a) ...... 1,233 57,174 Rocket Pharmaceuticals Inc.(a)(c)...... 573 26,266 Denali Therapeutics Inc.(a)...... 2,251 136,050 Rubius Therapeutics Inc.(a) ...... 901 22,543 Dicerna Pharmaceuticals Inc.(a)...... 1,516 47,284 Sage Therapeutics Inc.(a)...... 1,436 113,099 Dynavax Technologies Corp.(a) ...... 1,408 14,052 Sangamo Therapeutics Inc.(a) ...... 3,476 40,947 Editas Medicine Inc.(a)...... 1,446 53,516 Scholar Rock Holding Corp.(a) ...... 724 23,421 Emergent BioSolutions Inc.(a) ...... 881 53,723 Seagen Inc.(a) ...... 3,235 465,064 Epizyme Inc.(a)(c)...... 2,089 16,315 Solid Biosciences Inc.(a) ...... 353 1,797

17 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Innovative Healthcare ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Biotechnology (continued) Health Care - Services (continued) Sorrento Therapeutics Inc.(a) ...... 5,654 $ 46,532 Syneos Health Inc.(a) ...... 616 $ 52,268 (a) Stoke Therapeutics Inc...... 442 14,277 654,340 (a) Syndax Pharmaceuticals Inc...... 1,057 16,849 Pharmaceuticals — 48.5% (a) TG Therapeutics Inc...... 2,370 105,963 AbbVie Inc...... 19,461 2,169,902 (a) Theravance Biopharma Inc...... 1,076 21,240 Aclaris Therapeutics Inc.(a) ...... 748 17,840 (a) Translate Bio Inc...... 1,211 28,119 Adamas Pharmaceuticals Inc.(a) ...... 506 2,854 (a) Travere Therapeutics Inc...... 1,034 25,561 Aeglea BioTherapeutics Inc.(a) ...... 1,431 11,133 (a) Turning Point Therapeutics Inc...... 969 73,867 Aerie Pharmaceuticals Inc.(a) ...... 990 16,959 (a) Ultragenyx Pharmaceutical Inc...... 1,477 164,892 Agios Pharmaceuticals Inc.(a) ...... 1,780 99,324 (a) United Therapeutics Corp...... 1,034 208,413 Akebia Therapeutics Inc.(a) ...... 4,510 14,387 (a) UroGen Pharma Ltd...... 353 6,866 Alector Inc.(a) ...... 1,762 34,359 (a)(c) Vaxart Inc...... 1,751 18,876 Alkermes PLC(a) ...... 3,697 81,352 (a) Vericel Corp...... 527 32,895 AmerisourceBergen Corp...... 434 52,427 (a) Vertex Pharmaceuticals Inc...... 5,747 1,253,995 Amneal Pharmaceuticals Inc.(a) ...... 2,949 16,249 (a) Viking Therapeutics Inc...... 1,428 9,125 Amphastar Pharmaceuticals Inc.(a)...... 726 12,632 (a) Vir Biotechnology Inc...... 1,469 70,130 Anika Therapeutics Inc.(a) ...... 220 8,840 (a) WaVe Life Sciences Ltd...... 462 2,841 Antares Pharma Inc.(a) ...... 3,256 12,340 (a) Xencor Inc...... 1,320 56,179 Arvinas Inc.(a)...... 570 39,296 (a) Y-mAbs Therapeutics Inc...... 638 19,185 Athenex Inc.(a) ...... 1,783 7,150 (a) ZIOPHARM Oncology Inc...... 3,344 11,570 Bausch Health Companies Inc.(a)(c) ...... 4,884 157,118 16,119,154 Bioxcel Therapeutics Inc.(a) ...... 358 12,161 Chemicals — 0.1% Bristol-Myers Squibb Co...... 26,729 1,668,424 Codexis Inc.(a) ...... 991 22,971 Catalyst Pharmaceuticals Inc.(a) ...... 1,651 7,562 Clovis Oncology Inc.(a) ...... 1,276 7,579 Electrical Components & Equipment — 0.2% Coherus Biosciences Inc.(a)...... 1,693 25,056 Universal Display Corp...... 308 68,897 Collegium Pharmaceutical Inc.(a)...... 594 13,246 (a) Health Care - Products — 4.2% Concert Pharmaceuticals Inc...... 528 2,191 (a)(c) 10X Genomics Inc., Class A(a) ...... 510 100,878 Corbus Pharmaceuticals Holdings Inc...... 1,232 2,218 (a) Abbott Laboratories ...... 464 55,717 Corcept Therapeutics Inc...... 2,420 55,152 (a) Adaptive Biotechnologies Corp.(a)...... 1,382 57,491 Cyclerion Therapeutics Inc...... 330 719 (a) Axogen Inc.(a)...... 308 5,766 Cytokinetics Inc...... 1,188 30,223 (a) Baxter International Inc...... 2,081 178,321 DexCom Inc...... 355 137,066 (a) CareDx Inc.(a)...... 376 29,730 Eagle Pharmaceuticals Inc./DE ...... 308 12,576 (a) Cerus Corp.(a) ...... 3,318 20,240 Elanco Animal Health Inc...... 4,551 144,312 Cooper Companies Inc. (The) ...... 193 79,302 Eli Lilly & Co...... 9,629 1,759,892 (a) Glaukos Corp.(a) ...... 572 53,860 Enanta Pharmaceuticals Inc...... 374 18,977 (a) Haemonetics Corp.(a) ...... 286 19,236 Endo International PLC ...... 3,282 18,806 (a) ICU Medical Inc.(a) ...... 110 22,910 Flexion Therapeutics Inc...... 858 6,658 (a) IDEXX Laboratories Inc.(a)...... 72 39,527 G1 Therapeutics Inc...... 484 10,198 (a) Inspire Medical Systems Inc.(a) ...... 246 58,258 Heron Therapeutics Inc...... 1,804 31,534 (a) Insulet Corp.(a) ...... 175 51,664 Horizon Therapeutics PLC ...... 5,064 479,156 (a) Integra LifeSciences Holdings Corp.(a) ...... 374 27,706 Intellia Therapeutics Inc...... 1,370 105,175 (a) Intersect ENT Inc.(a)...... 396 8,637 Ironwood Pharmaceuticals Inc...... 3,300 36,432 (a) Intuitive Surgical Inc.(a) ...... 46 39,790 Jazz Pharmaceuticals PLC ...... 1,478 242,983 Lantheus Holdings Inc.(a)(c) ...... 1,142 27,065 Johnson & Johnson ...... 21,962 3,573,876 (a) NanoString Technologies Inc.(a) ...... 392 31,231 Jounce Therapeutics Inc...... 396 3,734 (a)(c) Natera Inc.(a) ...... 418 45,988 Kala Pharmaceuticals Inc...... 1,346 10,405 (a) Nevro Corp.(a) ...... 308 53,225 Kura Oncology Inc...... 1,601 43,115 (a)(c) Novocure Ltd.(a)...... 1,344 274,310 La Jolla Pharmaceutical Co...... 506 2,247 (a) Penumbra Inc.(a) ...... 111 33,965 Lannett Co. Inc...... 638 2,788 (a) Repligen Corp.(a)...... 640 135,494 Madrigal Pharmaceuticals Inc...... 218 29,670 (a) ResMed Inc...... 350 65,790 MediciNova Inc...... 902 3,960 Merck & Co. Inc...... 28,473 2,121,239 1,516,101 Neurocrine Biosciences Inc.(a) ...... 2,507 236,886 Health Care - Services — 1.8% Ocular Therapeutix Inc.(a) ...... 1,787 32,845 Catalent Inc.(a) ...... 1,580 177,703 Odonate Therapeutics Inc.(a) ...... 352 1,179 Charles River Laboratories International Inc.(a) ...... 463 153,924 Pacira BioSciences Inc.(a) ...... 836 52,818 IQVIA Holdings Inc.(a) ...... 906 212,629 Paratek Pharmaceuticals Inc.(a)...... 682 5,217 Medpace Holdings Inc.(a) ...... 219 37,160 Perrigo Co. PLC ...... 1,734 72,186 OPKO Health Inc.(a) ...... 5,038 20,656 Pfizer Inc...... 57,509 2,222,723

18 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Innovative Healthcare ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Pharmaceuticals (continued) Short-Term Investments PRA Health Sciences Inc.(a) ...... 638 $ 106,476 Money Market Funds — 3.4% Prestige Consumer Healthcare Inc.(a) ...... 352 15,333 BlackRock Cash Funds: Institutional, SL Agency Shares, Progenics Pharmaceuticals Inc.(a)(b)(c)...... 1,001 — 0.08%(d)(e)(f)...... 982,888 $ 983,379 Protagonist Therapeutics Inc.(a) ...... 1,012 29,287 BlackRock Cash Funds: Treasury, SL Agency Shares, Reata Pharmaceuticals Inc., Class A(a)(c) ...... 683 69,256 0.00%(d)(e) ...... 252,000 252,000 Relmada Therapeutics Inc.(a) ...... 352 13,573 Revance Therapeutics Inc.(a) ...... 1,721 50,116 1,235,379 Rhythm Pharmaceuticals Inc.(a)...... 966 20,827 Total Short-Term Investments — 3.4% Sarepta Therapeutics Inc.(a) ...... 1,897 134,383 (Cost: $1,235,330)...... 1,235,379 Seres Therapeutics Inc.(a) ...... 1,304 27,136 Spectrum Pharmaceuticals Inc.(a) ...... 2,457 7,641 Total Investments in Securities — 102.6% Supernus Pharmaceuticals Inc.(a) ...... 1,210 36,845 (Cost: $33,184,605)...... 37,263,527 Synergy Pharmaceuticals Inc.(a)(c) ...... 1,136 7 Other Assets, Less Liabilities — (2.6)%...... (940,415) Syros Pharmaceuticals Inc.(a)...... 1,273 7,689 TherapeuticsMD Inc.(a) ...... 3,520 4,259 Net Assets — 100.0% ...... $ 36,323,112 Tricida Inc.(a)...... 704 3,274 (a) Vanda Pharmaceuticals Inc.(a) ...... 1,232 20,451 Non-income producing security. (b) Viatris Inc.(a) ...... 14,342 190,749 Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Voyager Therapeutics Inc.(a) ...... 704 3,393 (c) All or a portion of this security is on loan. Zoetis Inc...... 4,999 864,977 (d) Affiliate of the Fund. (a)(c) Zogenix Inc...... 1,584 29,922 (e) Annualized 7-day yield as of period-end. 17,632,940 (f) All or a portion of this security was purchased with cash collateral received from loaned Telecommunications — 0.0% securities. InterDigital Inc...... 198 13,745

Total Common Stocks — 99.2% (Cost: $31,949,275)...... 36,028,148

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 07/31/20 at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 04/30/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares. . $432,025 $551,865(a) $ — $ (409) $ (102) $ 983,379982,888 $ 8,289(b) $ — (a) BlackRock Cash Funds: Treasury, SL Agency Shares .... 102,000 150,000 — — — 252,000252,000 280 —

$ (409) $ (102) $1,235,379 $ 8,569 $ —

(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.

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

19 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Innovative Healthcare ETF April 30, 2021

Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of April 30, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $36,027,118 $ — $ 1,030 $36,028,148 Money Market Funds ...... 1,235,379 — — 1,235,379 $37,262,497 $ — $ 1,030 $37,263,527

20 Schedule of Investments (unaudited) iShares Evolved U.S. Media and Entertainment ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Media (continued) Entravision Communications Corp., Class A ...... 1,670 $ 6,430 Advertising — 0.1% EW Scripps Co. (The), Class A, NVS...... 4,534 98,025 Clear Channel Outdoor Holdings Inc.(a) ...... 4,828 $ 12,118 Fox Corp., Class A, NVS ...... 25,433 951,703 National CineMedia Inc...... 2,651 11,320 Fox Corp., Class B...... 12,276 446,601 23,438 Gannett Co. Inc.(a) ...... 2,386 10,833 Commercial Services — 1.6% Gray Television Inc...... 6,312 128,260 Graham Holdings Co., Class B ...... 132 83,901 Hemisphere Media Group Inc.(a) ...... 1,133 13,845 John Wiley & Sons Inc., Class A ...... 560 31,886 Iheartmedia Inc., Class A(a) ...... 2,010 38,471 Nielsen Holdings PLC ...... 8,381 214,973 Liberty Broadband Corp., Class A(a)...... 844 133,074 Viad Corp...... 176 7,332 Liberty Broadband Corp., Class C, NVS(a) ...... 5,029 818,319 338,092 Liberty Global PLC, Class A(a) ...... 3,421 92,025 Entertainment — 6.0% Liberty Global PLC, Class C, NVS(a) ...... 10,384 280,991 AMC Entertainment Holdings Inc., Class A(b) ...... 1,210 12,136 Liberty Latin America Ltd., Class A(a) ...... 427 5,929 Caesars Entertainment Inc.(a)...... 927 90,698 Liberty Latin America Ltd., Class C, NVS(a) ...... 2,508 34,987 Churchill Downs Inc...... 473 100,040 Liberty Media Corp.-Liberty SiriusXM, Class A(a) ...... 792 35,791 Cinemark Holdings Inc...... 3,421 72,525 Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a) ...... 910 41,159 IMAX Corp.(a) ...... 2,112 43,549 Meredith Corp.(a)...... 2,090 64,999 Lions Gate Entertainment Corp., Class A(a)(b) ...... 4,433 64,146 MSG Networks Inc., Class A(a)...... 2,893 45,912 Lions Gate Entertainment Corp., Class B, NVS(a) ...... 8,357 105,298 New York Times Co. (The), Class A ...... 5,808 263,741 Live Nation Entertainment Inc.(a) ...... 2,982 244,166 News Corp., Class A, NVS ...... 16,059 420,666 Madison Square Garden Entertainment Corp.(a) ...... 156 14,135 News Corp., Class B ...... 4,752 115,521 Madison Square Garden Sports Corp.(a) ...... 528 97,596 Nexstar Media Group Inc., Class A...... 3,352 494,118 Penn National Gaming Inc.(a) ...... 668 59,532 Saga Communications Inc., Class A ...... 297 6,691 Reading International Inc., Class A, NVS(a) ...... 495 2,960 Scholastic Corp., NVS...... 594 18,016 Scientific Games Corp./DE, Class A(a)...... 1,454 85,088 Sinclair Broadcast Group Inc., Class A ...... 3,992 129,620 SeaWorld Entertainment Inc.(a) ...... 1,309 71,681 Sirius XM Holdings Inc.(b)...... 41,493 253,107 Six Flags Entertainment Corp...... 2,057 96,638 TEGNA Inc...... 16,179 324,551 Warner Music Group Corp., Class A...... 1,923 72,997 ViacomCBS Inc., Class A...... 362 16,362 1,233,185 ViacomCBS Inc., Class B, NVS ...... 23,817 976,973 (a) Home Furnishings — 0.8% Walt Disney Co. (The) ...... 5,917 1,100,680 Dolby Laboratories Inc., Class A ...... 1,551 157,380 World Wrestling Entertainment Inc., Class A ...... 2,994 164,999 11,687,017 Internet — 17.8% Real Estate Investment Trusts — 0.9% (a) Alphabet Inc., Class A ...... 153 360,086 Lamar Advertising Co., Class A ...... 1,265 125,286 (a) Alphabet Inc., Class C, NVS ...... 153 368,748 Ryman Hospitality Properties Inc...... 882 69,369 IAC/InterActiveCorp.(a) ...... 1,561 395,667 194,655 Match Group Inc.(a) ...... 1,659 258,190 Retail — 0.9% Netflix Inc.(a) ...... 1,487 763,530 Qurate Retail Inc. Series A ...... 14,869 176,941 Roku Inc.(a) ...... 2,571 881,776 (a) Twitter Inc...... 11,441 631,772 Software — 10.6% 3,659,769 Activision Blizzard Inc...... 8,658 789,523 Leisure Time — 0.1% Daily Journal Corp.(a)...... 22 6,714 Carnival Corp.(a) ...... 518 14,483 Electronic Arts Inc...... 5,026 714,094 Liberty TripAdvisor Holdings Inc., Class A(a) ...... 958 4,848 Take-Two Interactive Software Inc.(a)(b) ...... 2,675 469,141 19,331 Xperi Holding Corp...... 1,176 24,167 (a) Lodging — 0.5% Zynga Inc., Class A ...... 15,641 169,236 Las Vegas Sands Corp...... 1,439 88,153 2,172,875 Marcus Corp. (The)(a) ...... 330 6,587 Telecommunications — 0.6% 94,740 AT&T Inc...... 2,166 68,034 (a)(b) Media — 56.8% Harmonic Inc...... 1,276 9,978 Altice USA Inc., Class A(a) ...... 11,629 422,249 Shenandoah Telecommunications Co...... 827 39,084 AMC Networks Inc., Class A(a)(b) ...... 2,376 119,465 117,096 Cable One Inc...... 178 318,620 Toys, Games & Hobbies — 2.7% Charter Communications Inc., Class A(a) ...... 1,252 843,159 Hasbro Inc...... 4,508 448,320 Comcast Corp., Class A ...... 17,566 986,331 Mattel Inc.(a) ...... 5,028 107,901 (a) Discovery Inc., Class A ...... 8,909 335,513 556,221 Discovery Inc., Class C, NVS(a) ...... 19,797 639,641 DISH Network Corp., Class A(a)...... 10,145 454,395 Total Common Stocks — 99.4% Entercom Communications Corp...... 7,282 35,245 (Cost: $16,568,962)...... 20,430,740

21 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Media and Entertainment ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value Short-Term Investments (a) Non-income producing security. (b) All or a portion of this security is on loan. Money Market Funds — 3.9% (c) Affiliate of the Fund. BlackRock Cash Funds: Institutional, SL Agency Shares, (d) Annualized 7-day yield as of period-end. 0.08%(c)(d)(e) ...... 693,565 $ 693,912 (e) All or a portion of this security was purchased with cash collateral received from loaned BlackRock Cash Funds: Treasury, SL Agency Shares, securities. 0.00%(c)(d) ...... 118,000 118,000 811,912

Total Short-Term Investments — 3.9% (Cost: $811,901)...... 811,912

Total Investments in Securities — 103.3% (Cost: $17,380,863)...... 21,242,652 Other Assets, Less Liabilities — (3.3)%...... (681,970)

Net Assets — 100.0% ...... $ 20,560,682

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 07/31/20 at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 04/30/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares.... $507,804 $186,352(a) $ — $ (290) $ 46 $693,912 693,565 $ 1,509(b) $ — (a) BlackRock Cash Funds: Treasury, SL Agency Shares ...... 78,000 40,000 — — — 118,000 118,000 60 —

$ (290) $ 46 $811,912 $ 1,569 $ —

(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.

Fair Value Measurements Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov. The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of April 30, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks...... $20,430,740 $ — $ — $20,430,740 Money Market Funds ...... 811,912 — — 811,912 $21,242,652 $ — $ — $21,242,652

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares

22 Schedule of Investments (unaudited) iShares Evolved U.S. Technology ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Computers (continued) Pure Storage Inc., Class A(a) ...... 858 $ 17,349 Advertising — 0.4% Qualys Inc.(a) ...... 312 31,624 Interpublic Group of Companies Inc. (The) ...... 2,296 $ 72,898 Rapid7 Inc.(a) ...... 511 41,519 Omnicom Group Inc...... 1,131 93,036 Seagate Technology PLC ...... 1,404 130,347 Trade Desk Inc. (The), Class A(a) ...... 315 229,733 Varonis Systems Inc.(a)...... 1,083 57,345 395,667 Western Digital Corp...... 1,872 132,219 Aerospace & Defense — 0.0% Zscaler Inc.(a)...... 742 139,229 L3Harris Technologies Inc...... 229 47,914 16,584,491 Banks — 0.1% Distribution & Wholesale — 0.1% (a) JPMorgan Chase & Co...... 698 107,359 Copart Inc...... 468 58,271 KAR Auction Services Inc...... 351 5,261 Biotechnology — 0.0% (a) 63,532 Incyte Corp...... 401 34,237 Diversified Financial Services — 5.0% Commercial Services — 4.9% Cboe Global Markets Inc...... 390 40,704 2U Inc.(a)(b) ...... 273 10,715 Charles Schwab Corp. (The) ...... 886 62,374 Automatic Data Processing Inc...... 2,454 458,873 CME Group Inc...... 1,326 267,839 Avalara Inc.(a) ...... 508 71,989 Discover Financial Services ...... 312 35,568 Booz Allen Hamilton Holding Corp...... 511 42,387 Interactive Brokers Group Inc., Class A ...... 234 16,736 Chegg Inc.(a) ...... 1,050 94,846 Intercontinental Exchange Inc...... 2,262 266,260 CoreLogic Inc...... 351 27,975 Invesco Ltd...... 860 23,220 CoStar Group Inc.(a) ...... 236 201,645 Mastercard Inc., Class A ...... 4,871 1,861,014 Equifax Inc...... 546 125,160 Nasdaq Inc...... 429 69,301 FleetCor Technologies Inc.(a) ...... 390 112,211 SEI Investments Co...... 468 28,754 Gartner Inc.(a) ...... 624 122,229 Visa Inc., Class A ...... 9,980 2,330,929 Global Payments Inc...... 1,284 275,585 Western Union Co. (The)...... 1,521 39,181 IHS Markit Ltd...... 1,756 188,910 5,041,880 Korn Ferry...... 312 21,182 Electronics — 0.5% LiveRamp Holdings Inc.(a) ...... 52 2,547 Agilent Technologies Inc...... 622 83,124 MarketAxess Holdings Inc...... 117 57,150 Allegion PLC ...... 239 32,117 Moody's Corp...... 507 165,642 Coherent Inc.(a) ...... 78 20,279 Nielsen Holdings PLC...... 1,324 33,961 Flex Ltd.(a)...... 2,261 39,341 Paylocity Holding Corp.(a) ...... 385 74,397 Garmin Ltd...... 352 48,309 PayPal Holdings Inc.(a) ...... 6,402 1,679,181 Keysight Technologies Inc.(a) ...... 819 118,223 Robert Half International Inc...... 429 37,585 Mettler-Toledo International Inc.(a) ...... 38 49,906 S&P Global Inc...... 936 365,405 National Instruments Corp...... 741 30,685 Sabre Corp...... 1,209 18,111 SYNNEX Corp...... 156 18,907 Square Inc., Class A(a) ...... 2,105 515,346 Trimble Inc.(a)...... 1,014 83,148 TransUnion...... 936 97,896 524,039 Verisk Analytics Inc...... 585 110,097 Energy - Alternate Sources — 0.2% (a) WEX Inc...... 156 32,013 Enphase Energy Inc.(a)...... 552 76,866 4,943,038 SolarEdge Technologies Inc.(a) ...... 210 55,343 Computers — 16.3% Sunrun Inc.(a) ...... 809 39,641 Accenture PLC, Class A...... 3,860 1,119,284 171,850 Apple Inc...... 90,958 11,957,339 Health Care - Products — 0.2% (a) CACI International Inc., Class A ...... 117 29,819 10X Genomics Inc., Class A(a) ...... 302 59,736 Cognizant Technology Solutions Corp., Class A ...... 3,747 301,259 Align Technology Inc.(a) ...... 244 145,309 Cognyte Software Ltd.(a)(b) ...... 468 12,229 205,045 Crowdstrike Holdings Inc., Class A(a)...... 1,596 332,782 Health Care - Services — 0.3% Dell Technologies Inc., Class C(a) ...... 1,560 153,395 Charles River Laboratories International Inc.(a) ...... 226 75,134 DXC Technology Co...... 2,184 71,875 IQVIA Holdings Inc.(a) ...... 429 100,682 EPAM Systems Inc.(a) ...... 312 142,818 Teladoc Health Inc.(a) ...... 641 110,476 Fortinet Inc.(a) ...... 1,248 254,879 Genpact Ltd...... 897 42,634 286,292 Hewlett Packard Enterprise Co...... 9,830 157,477 Insurance — 0.4% HP Inc...... 6,429 219,293 Aon PLC, Class A...... 508 127,731 International Business Machines Corp...... 7,287 1,033,880 Marsh & McLennan Companies Inc...... 1,053 142,892 Lumentum Holdings Inc.(a) ...... 234 19,902 Willis Towers Watson PLC...... 346 89,566 NCR Corp.(a) ...... 624 28,548 360,189 NetApp Inc...... 2,108 157,446

23 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Technology ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Internet — 27.4% Real Estate Investment Trusts (continued) Alphabet Inc., Class A(a)...... 2,138 $ 5,031,783 Iron Mountain Inc...... 1,053 $ 42,246 (a) Alphabet Inc., Class C, NVS ...... 2,054 4,950,386 271,449 (a) Amazon.com Inc...... 1,968 6,823,883 Retail — 0.1% (a) Anaplan Inc...... 1,048 62,513 Best Buy Co. Inc...... 546 63,484 (a) Booking Holdings Inc...... 160 394,573 Carvana Co.(a)...... 262 74,738 CDW Corp./DE ...... 858 153,007 138,222 eBay Inc...... 4,152 231,640 Semiconductors — 10.0% Etsy Inc.(a)...... 682 135,575 Advanced Micro Devices Inc.(a) ...... 8,013 654,021 Expedia Group Inc...... 507 89,349 Analog Devices Inc...... 1,443 221,010 F5 Networks Inc.(a)...... 507 94,687 Applied Materials Inc...... 3,363 446,304 Facebook Inc., Class A(a)...... 18,823 6,118,981 Broadcom Inc...... 1,984 905,101 FireEye Inc.(a) ...... 1,209 24,029 Cree Inc.(a) ...... 663 65,915 GoDaddy Inc., Class A(a) ...... 897 77,878 Intel Corp...... 16,533 951,144 Grubhub Inc.(a) ...... 351 23,882 KLA Corp...... 663 209,077 IAC/InterActiveCorp.(a) ...... 418 105,950 Lam Research Corp...... 554 343,729 Match Group Inc.(a) ...... 1,198 186,445 Lattice Semiconductor Corp.(a) ...... 954 47,996 MercadoLibre Inc.(a) ...... 219 344,045 Marvell Technology Inc...... 5,655 255,663 Netflix Inc.(a)...... 961 493,445 Maxim Integrated Products Inc...... 1,599 150,306 NortonLifeLock Inc...... 3,859 83,393 Microchip Technology Inc...... 1,248 187,562 Okta Inc.(a) ...... 1,091 294,243 Micron Technology Inc.(a)...... 5,975 514,268 Palo Alto Networks Inc.(a) ...... 780 275,644 Monolithic Power Systems Inc...... 234 84,563 Pinterest Inc., Class A(a)...... 2,164 143,625 NVIDIA Corp...... 4,976 2,987,491 Proofpoint Inc.(a) ...... 429 73,835 ON Semiconductor Corp.(a)...... 2,105 82,095 Q2 Holdings Inc.(a) ...... 388 40,360 Qorvo Inc.(a) ...... 588 110,644 Roku Inc.(a)...... 524 179,716 QUALCOMM Inc...... 5,239 727,173 Snap Inc., Class A, NVS(a)(b) ...... 6,634 410,114 Silicon Laboratories Inc.(a)...... 273 38,479 Twitter Inc.(a) ...... 4,486 247,717 Skyworks Solutions Inc...... 863 156,488 Uber Technologies Inc.(a)...... 6,656 364,549 Teradyne Inc...... 892 111,571 VeriSign Inc.(a)...... 698 152,701 Texas Instruments Inc...... 3,826 690,631 Zendesk Inc.(a) ...... 663 96,897 Xilinx Inc...... 1,638 209,598 Zillow Group Inc., Class C, NVS(a) ...... 546 71,045 10,150,829 27,775,890 Software — 30.5% Leisure Time — 0.1% ACI Worldwide Inc.(a) ...... 780 29,468 Peloton Interactive Inc., Class A(a) ...... 1,042 102,481 Activision Blizzard Inc...... 2,769 252,505 Machinery — 0.1% Adobe Inc.(a) ...... 3,867 1,965,751 Cognex Corp...... 780 67,174 Akamai Technologies Inc.(a) ...... 1,170 127,179 Rockwell Automation Inc...... 156 41,224 Alteryx Inc., Class A(a)...... 586 47,906 ANSYS Inc.(a) ...... 546 199,650 108,398 Appian Corp.(a) ...... 460 55,743 Manufacturing — 0.0% Aspen Technology Inc.(a) ...... 390 51,028 Axon Enterprise Inc.(a) ...... 327 49,576 Autodesk Inc.(a)...... 1,635 477,273 Media — 0.1% Black Knight Inc.(a)...... 546 39,541 FactSet Research Systems Inc...... 195 65,563 Blackbaud Inc.(a)...... 351 24,963 Blackline Inc.(a) ...... 624 72,421 Office & Business Equipment — 0.1% Box Inc., Class A(a) ...... 1,053 22,429 (a) Zebra Technologies Corp., Class A ...... 312 152,175 Broadridge Financial Solutions Inc...... 546 86,612 (a) Pharmaceuticals — 0.1% Cadence Design Systems Inc...... 1,911 251,812 Zoetis Inc...... 311 53,812 CDK Global Inc...... 741 39,710 Ceridian HCM Holding Inc.(a) ...... 1,091 103,078 Private Equity — 0.1% Cerner Corp...... 1,131 84,882 Blackstone Group Inc. (The)...... 723 63,978 Citrix Systems Inc...... 1,092 135,244 Cloudera Inc.(a) ...... 897 11,383 Real Estate — 0.1% Cloudflare Inc., Class A(a) ...... 1,481 125,500 (a)(b) CBRE Group Inc., Class A ...... 814 69,353 CommVault Systems Inc.(a)...... 351 24,398 (a) Jones Lang LaSalle Inc...... 156 29,314 Cornerstone OnDemand Inc.(a) ...... 468 20,716 98,667 Coupa Software Inc.(a) ...... 624 167,881 Real Estate Investment Trusts — 0.3% Datadog Inc., Class A(a) ...... 1,579 135,431 Digital Realty Trust Inc...... 738 113,881 DocuSign Inc.(a) ...... 1,523 339,538 Equinix Inc...... 160 115,322 Dropbox Inc., Class A(a) ...... 2,337 60,061

24 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Technology ETF April 30, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Software (continued) Software (continued) Dynatrace Inc.(a) ...... 1,763 $ 91,747 Zoom Video Communications Inc., Class A(a)...... 981 $ 313,498 Elastic NV(a) ...... 507 61,154 Zynga Inc., Class A(a) ...... 4,251 45,996 Electronic Arts Inc...... 1,443 205,021 30,950,540 (a) Everbridge Inc...... 352 46,714 Telecommunications — 1.9% (a) Fair Isaac Corp...... 195 101,675 Arista Networks Inc.(a)...... 468 147,499 (a) Fastly Inc., Class A ...... 574 36,661 Ciena Corp.(a) ...... 936 47,240 Fidelity National Information Services Inc...... 2,849 435,612 Cisco Systems Inc...... 31,182 1,587,476 (a) Fiserv Inc...... 3,381 406,126 CommScope Holding Co. Inc.(a) ...... 624 10,265 (a) Five9 Inc...... 583 109,587 Juniper Networks Inc...... 2,769 70,305 (a) Guidewire Software Inc...... 507 53,494 Motorola Solutions Inc...... 624 117,499 HubSpot Inc.(a) ...... 393 206,895 1,980,284 Intuit Inc...... 1,560 642,970 Transportation — 0.2% j2 Global Inc.(a) ...... 273 33,033 Expeditors International of Washington Inc...... 507 55,699 Jack Henry & Associates Inc...... 468 76,204 FedEx Corp...... 355 103,060 Manhattan Associates Inc.(a) ...... 507 69,581 Microsoft Corp...... 62,114 15,663,909 158,759 MongoDB Inc.(a) ...... 388 115,414 Total Common Stocks — 99.5% MSCI Inc...... 468 227,340 (Cost: $72,340,109) ...... 100,886,156 New Relic Inc.(a) ...... 351 22,569 Nuance Communications Inc.(a) ...... 2,458 130,692 Nutanix Inc., Class A(a) ...... 1,753 47,401 Short-Term Investments Oracle Corp...... 16,753 1,269,710 Money Market Funds — 1.0% Paychex Inc...... 1,792 174,702 BlackRock Cash Funds: Institutional, SL Agency Shares, Paycom Software Inc.(a)...... 351 134,928 0.08%(c)(d)(e) ...... 511,163 511,419 Pegasystems Inc...... 312 39,605 BlackRock Cash Funds: Treasury, SL Agency Shares, PTC Inc.(a) ...... 936 122,560 0.00%(c)(d) ...... 550,000 550,000 (a) RingCentral Inc., Class A ...... 542 172,871 1,061,419 Roper Technologies Inc...... 116 51,787 SailPoint Technologies Holdings Inc.(a)...... 962 46,974 Total Short-Term Investments — 1.0% salesforce.com Inc.(a) ...... 7,869 1,812,388 (Cost: $1,061,425)...... 1,061,419 ServiceNow Inc.(a) ...... 1,720 870,956 Total Investments in Securities — 100.5% Slack Technologies Inc., Class A(a)...... 4,594 194,786 (Cost: $73,401,534) ...... 101,947,575 Smartsheet Inc., Class A(a) ...... 1,174 69,618 Splunk Inc.(a) ...... 1,448 183,056 Other Assets, Less Liabilities — (0.5)%...... (505,062) SS&C Technologies Holdings Inc...... 1,014 75,259 Synopsys Inc.(a) ...... 1,092 269,790 Net Assets — 100.0%...... $ 101,442,513 (a) Take-Two Interactive Software Inc...... 469 82,253 (a) Non-income producing security. Twilio Inc., Class A(a)...... 1,089 400,534 (b) All or a portion of this security is on loan. Tyler Technologies Inc.(a)...... 234 99,417 (c) Affiliate of the Fund. Veeva Systems Inc., Class A(a) ...... 1,042 294,313 (d) Annualized 7-day yield as of period-end. (e) Verint Systems Inc.(a) ...... 468 22,731 All or a portion of this security was purchased with cash collateral received from loaned VMware Inc., Class A(a) ...... 624 100,358 securities. Workday Inc., Class A(a)...... 1,484 366,548

25 Schedule of Investments (unaudited) (continued) iShares Evolved U.S. Technology ETF April 30, 2021

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 07/31/20 at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 04/30/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares. . $ 78,048 $433,521(a) $ — $ (10) $ (140) $ 511,419 511,163 $ 568(b) $ — (a) BlackRock Cash Funds: Treasury, SL Agency Shares .... 480,000 70,000 — — — 550,000550,000 707 —

$ (10) $ (140) $1,061,419 $ 1,275 $ —

(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.

Fair Value Measurements Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov. The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of April 30, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $100,886,156 $ — $ — $100,886,156 Money Market Funds ...... 1,061,419 — — 1,061,419 $101,947,575 $ — $ — $101,947,575

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares

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