| Consolidated Schedule of Investments (unaudited) | iShares® Commodity Curve Carry Strategy ETF |
| January 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Certificates of Deposit | ||||||||
| Bank of America N.A., 5.46%, 03/27/24 | $ | 250 | $ | 250,097 | ||||
| Bank of Montreal, 5.10%, 12/09/24 | 250 | 250,745 | ||||||
| BNP Paribas SA, 5.83%, 08/08/24 | 250 | 250,598 | ||||||
| Credit Agricole Corporate and Investment Bank/New York, 5.37%, 02/02/24, (1-day SOFR + 0.270%)(a) | 250 | 250,003 | ||||||
| DG Bank, 5.30%, 06/13/24 | 250 | 250,349 | ||||||
| MUFG Bank Ltd., 5.08%, 01/10/25 | 250 | 250,332 | ||||||
| MUFG Bank Ltd./New York NY, 5.50%, 05/21/24, (1-day SOFR + 0.380%)(a) | 250 | 250,182 | ||||||
| Nordea Bank Abp, 5.34%, 03/01/24 | 250 | 250,053 | ||||||
| Standard Chartered Bank, 5.09%, 01/08/25 | 250 | 250,232 | ||||||
| Sumitomo Mitsui Banking Corp./New York, 5.52%, 07/23/24 | 250 | 250,030 | ||||||
| Wells Fargo Bank N.A., 5.66%, 09/04/24, (1-day SOFR + 0.600%)(a) | 250 | 250,514 | ||||||
| Total Certificates of Deposit — 8.4% | ||||||||
| (Cost: $2,749,998) | 2,753,135 | |||||||
| Commercial Paper | ||||||||
| Alinghi Funding Co. LLC, 5.37%, 06/18/24 | 250 | 244,926 | ||||||
| Amcor Finance USA Inc., 5.45%, 02/09/24 | 250 | 249,660 | ||||||
| American Electric Power Co. Inc., 5.63%, 03/19/24 | 300 | 297,763 | ||||||
| American Honda Finance Corp., 5.67%, 04/16/24 | 300 | 296,454 | ||||||
| ANZ New Zealand Int'l Ltd./London, 5.36%, 06/17/24 | 250 | 244,962 | ||||||
| AstraZeneca PLC, 5.63%, 04/15/24 | 250 | 247,102 | ||||||
| Australia & New Zealand Banking Group Ltd., 4.98%, 01/06/25 | 250 | 238,739 | ||||||
| Banco Santander SA, 5.27%, 08/29/24 | 270 | 261,897 | ||||||
| BASF SE, 5.44%, 03/28/24 | 500 | 495,734 | ||||||
| Bell Telephone Co. of Canada or Bell Canada (The), 5.53%, 05/03/24 | 250 | 246,479 | ||||||
| BPCE SA, 5.43%, 06/06/24 | 250 | 245,303 | ||||||
| Britannia Funding Co. LLC, 5.46%, 04/16/24 | 350 | 346,010 | ||||||
| Canadian National Railway Co., 5.38%, 02/23/24 | 300 | 298,973 | ||||||
| CDP Financial Inc., 5.19%, 10/04/24 | 250 | 241,405 | ||||||
| CenterPoint Energy Resources Corp., 5.49%, 02/15/24 | 300 | 299,315 | ||||||
| Citigroup Global Markets Inc., 5.26%, 09/16/24 | 250 | 241,901 | ||||||
| Commonwealth Bank of Australia, 5.04%, 11/08/24 | 250 | 240,500 | ||||||
| CVS Health Corp., 5.40%, 02/05/24 | 350 | 349,738 | ||||||
| DBS Bank Ltd., 5.36%, 02/14/24 | 280 | 279,418 | ||||||
| Duke Energy Corp., 5.68%, 04/19/24 | 350 | 345,694 | ||||||
| Emerson Electric Co., 5.36%, 03/19/24 | 330 | 327,657 | ||||||
| EssilorLuxottica SA, 5.35%, 03/19/24 | 350 | 347,522 | ||||||
| Evergy Metro Inc., 5.49%, 02/15/24 | 400 | 399,148 | ||||||
| Federation des Caisses Desjardins du Quebec, 5.40%, 02/28/24 | 250 | 248,954 | ||||||
| Fidelity National Information Services Inc., 5.45%, 02/09/24 | 350 | 349,524 | ||||||
| General Dynamics Corp., 5.36%, 02/07/24 | 250 | 249,740 | ||||||
| GTA Funding LLC, 5.37%, 02/21/24 | 250 | 249,219 | ||||||
| Henkel of America Inc., 5.37%, 04/23/24 | 310 | 306,208 | ||||||
| HSBC USA Inc., 5.58%, 01/21/25 | 300 | 284,323 | ||||||
| Hyundai Capital America, 5.46%, 02/14/24 | 300 | 299,365 | ||||||
| Jupiter Securitization Co. LLC, 5.41%, 03/21/24 | 300 | 297,762 | ||||||
| Keurig Dr Pepper Inc., 5.60%, 03/05/24 | 250 | 248,685 | ||||||
| Korea Development Bank/New York NY, 5.49%, 04/09/24 | 300 | 296,874 | ||||||
| Lime Funding LLC | ||||||||
| 5.42%, 03/15/24 | 350 | 347,695 | ||||||
| Security | Par (000) | Value | ||||||
| 5.44%, 04/19/24 | $ | 250 | $ | 247,053 | ||||
| Lloyds Bank PLC, 5.37%, 03/01/24 | 250 | 248,885 | ||||||
| LSEGA Financing PLC, 5.56%, 04/23/24 | 250 | 246,838 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE, 5.00%, 11/25/24 | 250 | 240,033 | ||||||
| Marriott International Inc./MD, 5.52%, 02/07/24 | 300 | 299,679 | ||||||
| Mitsubishi Corp. Americas, 5.42%, 03/19/24 | 300 | 297,847 | ||||||
| Mitsubishi HC Finance America LLC, 5.62%, 02/01/24 | 350 | 349,945 | ||||||
| Mohawk Industries Inc., 5.65%, 03/26/24 | 330 | 327,175 | ||||||
| Nutrien Ltd., 5.54%, 02/16/24 | 250 | 249,386 | ||||||
| Penske Truck Leasing Co. LP | ||||||||
| 5.51%, 02/06/24 | 400 | 399,633 | ||||||
| 5.65%, 02/20/24 | 330 | 328,968 | ||||||
| Philip Morris International Inc., 5.47%, 06/04/24 | 300 | 294,410 | ||||||
| PPG Industries Inc., 5.48%, 02/13/24 | 250 | 249,506 | ||||||
| Pure Grove Funding, 5.45%, 04/23/24 | 310 | 306,156 | ||||||
| Sanofi SA, 5.36%, 03/19/24 | 500 | 496,452 | ||||||
| Spire Inc., 5.50%, 02/16/24 | 300 | 299,268 | ||||||
| Ste Transcore Holdings Inc., 5.39%, 02/20/24 | 300 | 299,104 | ||||||
| Suncorp-Metway Ltd. | ||||||||
| 5.56%, 07/29/24 | 270 | 262,696 | ||||||
| 5.63%, 07/08/24 | 250 | 243,936 | ||||||
| Toyota Motor Credit Corp., 5.33%, 07/29/24 | 250 | 243,512 | ||||||
| Volvo Treasury North America LP, 5.44%, 02/07/24 | 280 | 279,704 | ||||||
| VW Credit Inc. | ||||||||
| 5.62%, 03/08/24 | 280 | 278,393 | ||||||
| 5.69%, 05/02/24 | 250 | 246,418 | ||||||
| Walt Disney Co. (The), 5.51%, 03/11/24 | 250 | 248,480 | ||||||
| Westpac Securities NZ Ltd., 5.16%, 01/24/25 | 270 | 256,776 | ||||||
| Total Commercial Paper — 52.6% | ||||||||
| (Cost: $17,201,562) | 17,204,902 | |||||||
| U.S. Treasury Obligations(b) | ||||||||
| U.S. Treasury Bill | ||||||||
| 5.22%, 07/05/24 | 1,000 | 978,299 | ||||||
| 5.23%, 06/20/24 | 750 | 735,302 | ||||||
| 5.33%, 02/06/24 | 750 | 749,453 | ||||||
| 5.35%, 04/09/24 | 1,000 | 990,149 | ||||||
| 5.40%, 02/20/24 | 250 | 249,306 | ||||||
| 5.43%, 06/13/24 | 750 | 735,920 | ||||||
| 5.50%, 03/05/24 | 750 | 746,387 | ||||||
| 5.52%, 03/07/24 | 1,000 | 994,876 | ||||||
| Total U.S. Treasury Obligations — 18.9% | ||||||||
| (Cost: $6,179,381) | 6,179,692 | |||||||
| Shares | ||||||||
| Money Market Funds | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(c)(d) | 7,440,000 | 7,440,000 | ||||||
| Total Money Market Funds — 22.7% | ||||||||
| (Cost: $7,440,000) | 7,440,000 | |||||||
| Total Investments — 102.6% | ||||||||
| (Cost: $33,570,941) | 33,577,729 | |||||||
| Liabilities in Excess of Other Assets — (2.6)% | (860,622 | ) | ||||||
| Net Assets — 100.0% | $ | 32,717,107 | ||||||
1
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® Commodity Curve Carry Strategy ETF |
| January 31, 2024 |
| (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 as of period end. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 10/31/23 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value
at 01/31/24 | Shares Held at 01/31/24 | Income | Capital
Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 7,810,000 | $ | — | $ | (370,000 | )(a) | $ | — | $ | — | $ | 7,440,000 | 7,440,000 | $ | 103,281 | $ | — | ||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
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) | ||||||||||
| 5.21% | At
Termination |
ICE BofA Commodity Enhanced Carry Total Return Index | At Termination |
Citibank N.A. | N/A | 02/29/24 | USD | 12,475 | $ | (7,327 | ) | $ | (285,429) | $ | 278,102 | |||||
| 5.21% | At
Termination |
ICE BofA Commodity Enhanced Carry Total Return Index | At Termination |
Merrill Lynch International | N/A | 02/29/24 | USD | 2,148 | 29,417 | (14,796) | 44,213 | |||||||||
| 5.21% | At
Termination |
ICE BofA Commodity Enhanced Carry Total Return Index | At Termination |
Merrill Lynch International | N/A | 08/30/24 | USD | 13,213 | (11,536 | ) | (306,101) | 294,565 | ||||||||
| 5.21% | At
Termination |
ICE BofA Commodity Enhanced Carry Total Return Index | At Termination |
Merrill Lynch International | N/A | 08/30/24 | USD | 2,170 | 7,820 | (14,611) | 22,431 | |||||||||
| 5.21% | At
Termination |
ICE BofA Commodity Enhanced Carry Total Return Index | At Termination |
Merrill Lynch International | N/A | 08/30/24 | USD | 990 | 30,416 | (2,414) | 32,830 | |||||||||
| 5.21% | At
Termination |
ICE BofA Commodity Enhanced Carry Total Return Index | At Termination |
Merrill Lynch International | N/A | 08/30/24 | USD | 1,031 | (5,378 | ) | (941) | (4,437 | ) | |||||||
| $ | 43,412 | $ | (624,292) | $ | 667,704 | |||||||||||||||
| (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
2
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® Commodity Curve Carry Strategy ETF |
| January 31, 2024 |
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 January 31, 2024.
| Futures contracts | Maturity date | Weight % | ||||
| Brent Crude Oil | 10/31/2024 | 27.4 | % | |||
| LME Copper | 12/17/2024 | 16.5 | ||||
| Gas Oil | 12/12/2024 | 13.8 | ||||
| Soybeans | 11/14/2024 | 9.0 | ||||
| Sugar | 2/28/2025 | 9.0 | ||||
| WTI Crude Oil | 11/20/2024 | 7.6 | ||||
| Live Cattle | 6/28/2024 | 7.3 | ||||
| Coffee | 7/19/2024 | 4.3 | ||||
| LME Zinc | 12/17/2024 | 3.2 | ||||
| Silver | 5/29/2024 | 1.1 | ||||
| Silver | 7/29/2024 | 0.8 | ||||
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.
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 | ||||||||||||||||
| Certificates of Deposit | $ | — | $ | 2,753,135 | $ | — | $ | 2,753,135 | ||||||||
| Commercial Paper | — | 17,204,902 | — | 17,204,902 | ||||||||||||
| U.S. Treasury Obligations | — | 6,179,692 | — | 6,179,692 | ||||||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 7,440,000 | — | — | 7,440,000 | ||||||||||||
| $ | 7,440,000 | $ | 26,137,729 | $ | — | $ | 33,577,729 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Commodity Contracts | $ | — | $ | 672,141 | $ | — | $ | 672,141 | ||||||||
| Liabilities | ||||||||||||||||
| Commodity Contracts | — | (4,437 | ) | — | (4,437 | ) | ||||||||||
| $ | — | $ | 667,704 | $ | — | 667,704 | ||||||||||
| (a) | Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
3
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® Commodity Curve Carry Strategy ETF |
| January 31, 2024 |
Portfolio Abbreviation
| SOFR | Secured Overnight Financing Rate |
4