| Consolidated Schedule of Investments (unaudited) | iShares® Commodities Select Strategy ETF |
| January 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Par |
Value | |||||
| Short-Term Investments | |||||||
| Certificates of Deposit — 2.5% | |||||||
| Bank of Montreal/Chicago IL, 0.31%, 02/12/21, (3 mo. LIBOR US + 0.100%)(a) | $ | 3,800,000 | $ | 3,800,153 | |||
| Standard Chartered Bank/New York, 0.32%, 04/28/21, (3 mo. LIBOR US + 0.100%)(a) | 2,000,000 | 2,000,425 | |||||
| 5,800,578 | |||||||
| Commercial Paper — 76.4% | |||||||
| Albion Captial Corp., 0.24%, 02/22/21(b) | 1,300,000 | 1,299,877 | |||||
| American Electric Power Co. Inc., 0.27%, 02/12/21(b). American Honda Finance Corp. | 5,000,000 | 4,999,675 | |||||
| 0.24%, 02/22/2021(b) | 5,000,000 | 4,999,173 | |||||
| 0.25%, 02/16/2021(b) | 550,000 | 549,932 | |||||
| 0.28%, 04/06/2021(b) | 3,000,000 | 2,998,537 | |||||
| Antalis SA | |||||||
| 0.21%, 02/08/2021(b) | 2,500,000 | 2,499,905 | |||||
| 0.23%, 02/11/2021(b) | 3,115,000 | 3,114,837 | |||||
| ASB Finance Ltd., 0.26%, 06/28/21(b) | 2,000,000 | 1,998,750 | |||||
| Barton Captial SA, 0.20%, 02/08/21(b) | 2,925,000 | 2,924,889 | |||||
| BASF SE, 0.24%, 03/30/21(b) | 7,000,000 | 6,998,133 | |||||
| Bayeriche Landesbank NY, 0.23%, 02/05/21(b) | 8,100,000 | 8,099,874 | |||||
| Bedford Row Funding Corp. | |||||||
| 0.22%, 08/16/2021(b) | 2,500,000 | 2,496,918 | |||||
| 0.23%, 03/09/2021(b) | 500,000 | 499,916 | |||||
| BNG Bank NV, 0.22%, 06/16/21(b) | 2,000,000 | 1,998,758 | |||||
| BNZ International Funding Ltd. | |||||||
| 0.15%, 04/27/2021(b) | 7,000,000 | 6,997,964 | |||||
| 0.23%, 10/18/2021(b) | 2,000,000 | 1,997,395 | |||||
| Caisse des Depots et Consignations, 0.25%, 04/05/21(b) | 2,000,000 | 1,999,362 | |||||
| Church & Dwight Co. Inc., 0.22%, 02/16/21(b) | 3,000,000 | 2,999,730 | |||||
| Collateralized Commercial Paper Co., 0.26%, 05/24/21(b). | 2,500,000 | 2,498,419 | |||||
| Collateralized Commercial Paper FLEX Co. LLC, 0.22%, 02/17/21(b) | 6,400,000 | 6,399,476 | |||||
| Credit Industriel ET Commercial, 0.25%, 04/19/21(b) | 2,000,000 | 1,998,622 | |||||
| Crown Point Capital Co. LLC, 0.25%, 03/08/21(b) | 3,000,000 | 2,999,478 | |||||
| DBS Bank Ltd., 0.22%, 03/05/21(b) | 5,000,000 | 4,999,451 | |||||
| Duke Energy Corp., 0.24%, 02/08/21(b) | 1,250,000 | 1,249,956 | |||||
| Electricite De France SA, 0.24%, 06/28/21(b) | 2,000,000 | 1,997,750 | |||||
| Federation des Caisses Desjardins du Quebec, 0.18%, 04/01/21(b) | 3,500,000 | 3,499,210 | |||||
| Fidelity National Information Services Inc., 0.23%, 02/16/21(b) | 5,000,000 | 4,999,543 | |||||
| HSBC Bank PLC, 0.24%, 04/07/21(b) | 2,000,000 | 1,999,195 | |||||
| KFW International Finance Inc., 0.23%, 02/25/21(b) | 1,000,000 | 999,910 | |||||
| Lloyds Bacnk PLC, 0.25%, 05/04/21(b) | 2,500,000 | 2,498,799 | |||||
| LMA Americas LLC, 0.24%, 02/18/21(b) | 300,000 | 299,985 | |||||
| Manhattan Asset Funding Co. LLC, 0.23%, 03/02/21(b) Mizuho Bank Ltd. | 1,000,000 | 999,857 | |||||
| 0.26%, 04/13/2021(b) | 5,250,000 | 5,248,446 |
| Security | Par/ Shares |
Value | |||||
| Commercial Paper (continued) | |||||||
| 0.31%, 02/18/2021(b) | $ | 2,000,000 | $ | 1,999,878 | |||
| Mont Blanc Capital Corp., 0.23%, 03/22/21(b) | 5,000,000 | 4,998,772 | |||||
| National Bank of Canada, 0.21%, 07/02/21(b) | 1,550,000 | 1,548,866 | |||||
| National Grid PLC, 0.21%, 02/16/21(b) | 8,000,000 | 7,999,280 | |||||
| Nationwide Building Society, 0.17%, 03/04/21(b) | 5,000,000 | 4,999,334 | |||||
| Nederlandse Waterschapsbank NV, 0.20%, 07/02/21(b) | 2,000,000 | 1,998,802 | |||||
| Ridgefield Funding Co. LLC, 0.25%, 03/03/21(b) | 450,000 | 449,933 | |||||
| Sheffield Receivables Corp., 0.24%, 03/31/21(b) | 6,600,000 | 6,598,088 | |||||
| Skandinaviska Enskilda Banken AB | |||||||
| 0.20%, 02/18/2021(b) | 2,800,000 | 2,799,844 | |||||
| 0.22%, 05/03/2021(b) | 2,500,000 | 2,499,014 | |||||
| 0.24%, 06/08/2021(b) | 2,000,000 | 1,998,823 | |||||
| Societe Generale SA, 0.25%, 03/02/21(b) | 1,000,000 | 999,884 | |||||
| Standard Chartered Bank, 0.21%, 08/02/21(b) | 2,000,000 | 1,997,924 | |||||
| Starbird Funding Corp., 0.25%, 04/20/21(b) | 2,200,000 | 2,199,089 | |||||
| Sumitomo Mitsui Trust Bank Ltd., 0.18%, 04/14/21(b) | 5,000,000 | 4,998,594 | |||||
| Suncor Energy Inc., 0.31%, 04/08/21(b) | 5,000,000 | 4,997,585 | |||||
| Toronto-Dominion Bank (The), 0.20%, 03/24/21(b) | 2,000,000 | 1,999,646 | |||||
| Versailles CDS LLC, 0.23%, 03/24/21(b) | 2,000,000 | 1,999,490 | |||||
| Versailles Commercial Paper LLC , 0.23%, 02/12/21(b) | 5,200,000 | 5,199,681 | |||||
| Victory Receivables Corp., 0.22%, 03/02/21(b) | 8,000,000 | 7,998,855 | |||||
| Westpac Securities Ltd., 0.20%, 08/11/21(b) | 2,000,000 | 1,997,381 | |||||
| 174,440,485 | |||||||
| U.S. Treasury Obligations — 11.1% | |||||||
| U.S. Treasury Bills | |||||||
| 0.07%, 04/27/21(b) | 3,350,000 | 3,349,446 | |||||
| 0.08%, 02/09/21(b) | 8,000,000 | 7,999,920 | |||||
| 0.08%, 02/16/21(b) | 6,475,000 | 6,474,886 | |||||
| 0.09%, 07/01/21(b) | 7,500,000 | 7,497,656 | |||||
| 25,321,908 | |||||||
| Money Market Funds — 4.9% | |||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d) | 11,165,095 | 11,165,095 | |||||
| Total Short-Term Investments — 94.9% (Costs: $216,714,300) |
216,728,066 | ||||||
| Total Investments in Securities — 94.9% (Cost: $216,714,300) |
216,728,066 | ||||||
| Other Assets, Less Liabilities — 5.1% | 11,744,117 | ||||||
| Net Assets — 100.0% | $ | 228,472,183 |
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | Rates are discount rates or a range of discount rates at the time of purchase. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period-end. |
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| Consolidated Schedule of Investments (unaudited) (continued) | iShares Commodities Select Strategy ETF |
| January 31, 2021 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 10/31/20 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/21 |
Shares Held at 01/31/21 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 10,605,095 | $ | 560,000 | (a) | $ | — | $ | — | $ | — | $ | 11,165,095 | 11,165,095 | $ | 2,699 | $ | — |
| (a) | Represents net amount purchased (sold). |
Futures Contracts
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
|||||||||
| Long Contracts | |||||||||||||
| Aluminum | 187 | 12/15/21 | $ | 9,400 | $ | (171,860 | ) | ||||||
| Brent Crude Oil | 658 | 08/31/21 | 35,078 | (740,881 | ) | ||||||||
| Cattle Feeder | 40 | 03/25/21 | 2,754 | (27,520 | ) | ||||||||
| Cocoa | 35 | 05/13/21 | 866 | 34,279 | |||||||||
| Coffee | 39 | 05/18/21 | 1,828 | 167,076 | |||||||||
| Copper | 67 | 12/15/21 | 13,073 | (275,235 | ) | ||||||||
| Corn | 626 | 09/14/21 | 14,719 | 1,947,214 | |||||||||
| Cotton | 80 | 03/09/21 | 3,226 | 356,022 | |||||||||
| Gasoline RBOB | 133 | 11/30/21 | 7,972 | 749,765 | |||||||||
| Gold 100 OZ | 74 | 08/27/21 | 13,725 | (22,276 | ) | ||||||||
| KC HRW Wheat | 126 | 03/12/21 | 4,019 | 1,151,727 | |||||||||
| Lead | 32 | 03/15/21 | 1,619 | (49,629 | ) | ||||||||
| Lean Hogs | 170 | 04/15/21 | 5,212 | 254,221 | |||||||||
| Live Cattle | 202 | 06/30/21 | 9,502 | 553,118 | |||||||||
| Low Sulphur Gasoil | 244 | 12/10/21 | 11,120 | 1,229,845 | |||||||||
| Natural Gas | 267 | 03/29/22 | 6,640 | (113,623 | ) | ||||||||
| Nickel | 24 | 12/13/21 | 2,557 | (5,802 | ) | ||||||||
| NY Harbor ULSD | 132 | 03/31/21 | 8,839 | 1,941,290 | |||||||||
| Silver | 13 | 05/26/21 | 1,752 | 142,437 | |||||||||
| Soybean | 172 | 11/12/21 | 9,830 | 1,370,132 | |||||||||
| Sugar | 251 | 06/30/21 | 4,104 | 600,359 | |||||||||
| Wheat | 274 | 07/14/21 | 8,809 | 1,511,173 | |||||||||
| WTI Crude Oil | 978 | 09/21/21 | 49,233 | 3,911,141 | |||||||||
| Zinc | 40 | 12/13/21 | 2,609 | (198,061 | ) | ||||||||
| $ | 14,314,912 |
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.
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| Consolidated Schedule of Investments (unaudited) (continued) | iShares® Commodities Select Strategy ETF |
| January 31, 2021 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | ||||||||||
| Investments | |||||||||||||
| Assets | |||||||||||||
| Certificates of Deposit | $ | — | $ | 5,800,578 | $ | — | $ | 5,800,578 | |||||
| Commercial Paper | — | 174,440,485 | — | 174,440,485 | |||||||||
| U.S. Treasury Obligations | —. | 25,321,908 | — | 25,321,908 | |||||||||
| Money Market Funds | 11,165,095 | — | — | 11,165,095 | |||||||||
| $ | 11,165,095 | $ | 205,562,971 | $ | — | $216,728,066 | |||||||
| Derivative financial instruments(a) | |||||||||||||
| Assets | |||||||||||||
| Futures Contracts | $ | 15,919,799 | $ | — | $ | — | $15,919,799 | ||||||
| Liabilities | |||||||||||||
| Futures Contracts | (1,604,887 | ) | — | — | (1,604,887 | ) | |||||||
| $ | 14,314,912 | $ | — | $ | — | $14,314,912 |
| (a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
Portfolio Abbreviations - Fixed Income
| LIBOR | London Interbank Offered Rate |
3