Consolidated Schedule of Investments (unaudited)	iShares® Commodity Curve Carry Strategy ETF
July 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Paper
Amcor Finance USA Inc., 5.55%, 08/04/23	$	250	$	249,846
BASF SE, 5.47%, 09/25/23		275		272,680
BPCE SA, 5.35%, 09/01/23		300		298,580
E.ON SE, 5.58%, 09/11/23		250		248,388
Enbridge U.S. Inc., 5.66%, 08/25/23		250		249,026
Fiserv Inc., 5.50%, 08/21/23		250		249,235
GlaxoSmithKline LLC, 5.33%, 08/14/23		500		498,966
GTA Funding LLC, 5.37%, 08/17/23		275		274,305
John Deere Capital Corp., 5.34%, 09/28/23		250		247,833
LSEGA Financing PLC, 5.62%, 08/22/23		250		249,144
Mackinac Funding Co. LLC
5.51%, 09/19/23		580		575,596
5.56%, 10/16/23		250		247,060
Marriott International Inc., 5.55%, 08/28/23		300		298,721
Mercedes-Benz Finance North America LLC, 5.21%, 08/04/23		250		249,856
NextEra Energy Capital Holdings Inc., 5.62%, 08/16/23		250		249,377
Nutrien Financial U.S. LLC, 5.52%, 08/23/23		250		249,124
Nutrien Ltd., 5.58%, 09/20/23		250		248,040
Oesterreichische Kontrollbank AG, 5.38%, 10/12/23		250		247,300
Podium Funding Trust, 5.48%, 09/06/23		250		248,599
PSP Capital Inc., 5.32%, 08/16/23		300		299,292
Pure Grove Funding, 5.48%, 10/05/23		250		247,512
Reckitt Benckiser Treasury Services PLC, 5.58%, 08/30/23		250		248,844
RWE AG, 5.91%, 08/04/23		250		249,836
Sheffield Receivables Co. LLC, 5.56%, 10/12/23		250		247,213
Spire Inc., 5.47%, 08/08/23		300		299,636
TELUS Corp., 5.53%, 08/28/23		280		278,811
Toyota Industries Commercial Finance Inc., 5.33%, 08/28/23		250		248,968
TransCanada PipeLines Ltd., 5.63%, 09/21/23		250		247,983
Walmart Inc., 5.30%, 08/21/23		300		299,075
Total Commercial Paper — 30.4%
(Cost: $8,120,217)				8,118,846

Security	Par/ Shares (000)		Value
U.S. Treasury Obligations(a)
U.S. Treasury Bill
5.23%, 08/01/23	$	2,000	$	2,000,000
5.33%, 08/03/23		750		749,781
5.33%, 08/08/23		400		399,593
5.35%, 09/05/23		1,000		994,905
5.37%, 08/29/23		750		746,931
5.37%, 08/31/23		1,000		995,620
5.37%, 09/12/23		1,000		993,878
5.37%, 10/03/23		750		743,129
5.38%, 09/21/23		500		496,277
5.39%, 09/14/23		500		496,782
5.41%, 10/17/23		500		494,369
Total U.S. Treasury Obligations — 34.1%
(Cost: $9,111,849)				9,111,265
Money Market Funds
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(b)(c)		8,150		8,150,000
Total Money Market Funds — 30.5%
(Cost: $8,150,000)				8,150,000
Total Investments — 95.0%
(Cost: $25,382,066)				25,380,111
Other Assets Less Liabilities — 5.0%				1,337,890
Net Assets — 100.0%			$	26,718,001

(a)	Rates are discount rates or a range of discount rates as of period end.
(b)	Affiliate of the Fund.
(c)	Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 07/31/23		Shares Held at 07/31/23 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	8,760,000	$	2,520,000	(a)	$	(3,130,000	)	$	—	$	—	$	8,150,000		8,150	$	307,634	$	—

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

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Consolidated Schedule of Investments (unaudited) (continued)	iShares® Commodity Curve Carry Strategy ETF
July 31, 2023

OTC Total Return Swaps

Paid by the Fund

Received by the Fund

Upfront

Premiums

Unrealized

Effective

Termination

Notional

Paid

Appreciation

Rate(a)

Frequency

Reference(b)

Frequency

Counterparty

Date

Date

Amount (000)

Value

(Received)

(Depreciation)

5.28%

At Termination

ICE BofA Commodity Enhanced Carry Total Return Index

At Termination

Citibank N.A.

N/A

08/31/23

USD

12,354

$

583,094

$

—

$

583,094

5.28%

At Termination

ICE BofA Commodity Enhanced Carry Total Return Index

At Termination

Merrill Lynch International

N/A

08/31/23

USD

12,048

567,696

—

567,696

$

1,150,790

$

—

$

1,150,790

^(a) Represents 3-month Treasury Bill. Rate shown is the rate in effect as of period-end.

^(b) Please refer to the Reference Entity below for more details.

^USD United States Dollar

Reference Entity

The ICE BofA Commodity Enhanced Carry Total Return Index consists of futures contracts under each counterparty. The following table represents the individual long positions and related weighting of the future contracts underlying the ICE BofA Commodity Enhanced Carry Total Return Index as of July 31, 2023.

Futures contracts	Maturity date	Weight %
Brent Crude Oil	10/31/2023		28.4	%
Copper	12/19/2023		16.4
Gas Oil	12/12/2023		12.8
Gasoline Rbob	11/30/2023		12.1
WTI Crude	11/20/2023		7.5
Sugar	06/28/2024		6.8
Cotton	12/06/2023		5.9
Coffee	03/18/2024		4.2
Lean Hogs	12/14/2023		2.7

Fair Value Hierarchy as of Period End

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

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

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

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

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

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Consolidated Schedule of Investments (unaudited) (continued)	iShares® Commodity Curve Carry Strategy ETF
July 31, 2023

Fair Value Hierarchy as of Period End (continued)

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Commercial Paper	$	—	$	8,118,846	$	—	$	8,118,846
U.S. Treasury Obligations		—		9,111,265		—		9,111,265
Short-Term Securities
Money Market Funds		8,150,000		—		—		8,150,000
	$	8,150,000	$	17,230,111	$	—	$	25,380,111
Derivative Financial Instruments(a)
Assets
Commodity Contracts	$	—	$	1,150,790	$	—	$	1,150,790

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

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