| Consolidated Schedule of Investments (unaudited) | iShares® Commodity Curve Carry Strategy ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Certificates of Deposit | ||||||||
| Bank of America NA, 5.38%, 08/06/24 | $ | 270 | $ | 269,996 | ||||
| Bank of Montreal, 5.50%, 12/09/24 | 250 | 249,990 | ||||||
| BNP Paribas SA, 5.83%, 08/08/24 | 250 | 250,016 | ||||||
| Cooperatieve Rabobank UA, 5.27%, 02/05/25 | 250 | 249,924 | ||||||
| Credit Industriel et Commercial, 5.20%, 02/04/25 | 250 | 249,790 | ||||||
| Lloyds Bank Corporate, 5.08%, 07/25/25 | 310 | 310,067 | ||||||
| Mitsubishi UFJ Trust & Banking Corp./New York, 5.79%, 07/01/25, (1-day SOFR + 0.400%)(a) | 290 | 290,132 | ||||||
| Mizuho Bank Ltd./New York, 5.73%, 01/10/25, (1-day SOFR + 0.400%)(a) | 250 | 250,209 | ||||||
| MUFG Bank Ltd., 5.24%, 01/10/25 | 250 | 249,747 | ||||||
| MUFG Bank Ltd./New York, 5.39%, 03/06/25 | 250 | 250,033 | ||||||
| Standard Chartered Bank, 5.20%, 01/08/25 | 250 | 249,703 | ||||||
| Sumitomo Mitsui Banking Corp./New York | ||||||||
| 5.45%, 11/07/24, (1-day SOFR + 0.240%)(a) | 270 | 270,111 | ||||||
| 5.50%, 08/06/24, (1-day SOFR + 0.170%)(a) | 270 | 270,002 | ||||||
| Sumitomo Mitsui Trust Bank Ltd., 5.57%, 10/23/24(a) | 500 | 500,111 | ||||||
| Svenska Handelsbanken/New York, 5.63%, 02/06/25, (1-day SOFR + 0.300%)(a) | 250 | 250,117 | ||||||
| Wells Fargo Bank N.A., 5.93%, 09/04/24, (1-day SOFR + 0.600%)(a) | 250 | 250,124 | ||||||
| Westpac Banking Corp., 5.35%, 01/28/25 | 370 | 370,058 | ||||||
| Total Certificates of Deposit — 10.1% | ||||||||
| (Cost: $4,780,131) | 4,780,130 | |||||||
| Commercial Paper | ||||||||
| Alinghi Funding Co. LLC, 5.31%, 01/08/25 | 320 | 312,583 | ||||||
| American Honda Finance Corp. | ||||||||
| 5.54%, 09/06/24 | 500 | 497,171 | ||||||
| 5.54%, 09/19/24 | 350 | 347,326 | ||||||
| ANZ New Zealand International Ltd./London, 5.43%, | ||||||||
| 11/04/24(a)(b) | 280 | 280,080 | ||||||
| Australia & New Zealand Banking Group Ltd. | ||||||||
| 5.04%, 06/26/25 | 250 | 238,959 | ||||||
| 5.24%, 01/06/25 | 250 | 244,347 | ||||||
| Banco Santander SA, 5.39%, 08/29/24 | 270 | 268,832 | ||||||
| Bank of Nova Scotia (The), 5.57%, 02/06/25, | ||||||||
| (1-day SOFR + 0.290%)(a)(b) | 250 | 250,125 | ||||||
| Bay Square Funding LLC | ||||||||
| 5.50%, 10/11/24(a)(b) | 400 | 400,095 | ||||||
| 5.57%, 10/01/24(a)(b) | 380 | 380,006 | ||||||
| Bell Telephone Co. of Canada or Bell Canada (The), | ||||||||
| 5.43%, 08/06/24 | 600 | 599,457 | ||||||
| BofA Securities Inc., 5.15%, 07/25/25 | 320 | 304,369 | ||||||
| Britannia Funding Co. LLC | ||||||||
| 5.35%, 08/05/24 | 250 | 249,814 | ||||||
| 5.43%, 09/05/24 | 250 | 248,650 | ||||||
| 5.44%, 09/24/24 | 120 | 119,012 | ||||||
| 5.44%, 10/04/24 | 250 | 247,569 | ||||||
| CDP Financial Inc., 5.37%, 10/04/24 | 250 | 247,601 | ||||||
| Citigroup Global Markets Inc. | ||||||||
| 5.42%, 09/16/24 | 250 | 248,244 | ||||||
| 5.62%, 01/24/25(a)(b) | 500 | 500,119 | ||||||
| Commonwealth Bank of Australia | ||||||||
| 5.33%, 11/08/24 | 250 | 246,354 | ||||||
| 5.48%, 11/07/24, (1-day SOFR + 0.200%)(a)(b) | 370 | 370,077 | ||||||
| Consolidated Edison Co. of New York Inc., 5.48%, | ||||||||
| 08/19/24 | 350 | 348,990 | ||||||
| Security | Par (000) | Value | ||||||
| Credit Agricole Corporate and Investment Bank/New York, 5.32%, 08/23/24 | $ | 370 | $ | 368,746 | ||||
| CRH America Finance Inc., 5.56%, 10/08/24 | 410 | 405,680 | ||||||
| DBS Bank Ltd., 5.34%, 09/19/24 | 370 | 367,275 | ||||||
| DUKE ENERGY Corp., 5.55%, 10/02/24 | 250 | 247,594 | ||||||
| Fiserv Inc. | ||||||||
| 5.46%, 08/07/24 | 520 | 519,449 | ||||||
| 5.47%, 08/12/24 | 250 | 249,545 | ||||||
| Florida Power & Light Co., 5.44%, 08/26/24 | 250 | 249,021 | ||||||
| HSBC USA Inc. | ||||||||
| 5.23%, 07/25/25 | 250 | 237,614 | ||||||
| 5.28%, 05/01/25 | 250 | 240,342 | ||||||
| 5.40%, 01/21/25 | 300 | 292,367 | ||||||
| Hyundai Capital America | ||||||||
| 5.46%, 08/14/24 | 500 | 498,940 | ||||||
| 5.61%, 08/19/24 | 500 | 498,524 | ||||||
| ING U.S. Funding LLC | ||||||||
| 5.39%, 10/24/24 | 400 | 394,971 | ||||||
| 5.52%, 11/25/24(a)(b) | 340 | 340,084 | ||||||
| Ionic Funding LLC | ||||||||
| 5.37%, 08/02/24 | 500 | 499,851 | ||||||
| 5.43%, 08/15/24 | 500 | 498,871 | ||||||
| Jupiter Securitization Co. LLC | ||||||||
| 5.41%, 10/04/24 | 500 | 495,166 | ||||||
| 5.66%, 01/17/25 | 330 | 330,014 | ||||||
| Keurig Dr. Pepper Inc., 5.43%, 08/05/24 | 420 | 419,683 | ||||||
| Komatsu Finance America Inc., 5.32%, 08/13/24 | 300 | 299,425 | ||||||
| Liberty Street Funding LLC, 5.40%, 09/16/24 | 380 | 377,339 | ||||||
| Lloyds Bank Corporate Markets PLC/New York, 5.26%, 02/03/25 | 400 | 389,369 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | ||||||||
| 5.15%, 03/20/25 | 290 | 280,682 | ||||||
| 5.33%, 11/25/24 | 250 | 245,741 | ||||||
| Mackinac Funding Co. LLC, 5.40%, 08/22/24 | 500 | 498,354 | ||||||
| Macquarie Bank Ltd. | ||||||||
| 5.27%, 02/18/25 | 250 | 242,814 | ||||||
| 5.65%, 03/03/25, (1-day SOFR + 0.280%)(a)(b) | 400 | 400,086 | ||||||
| Marriott International Inc./MD, 5.52%, 08/07/24 | 250 | 249,732 | ||||||
| Mars Inc., 5.28%, 12/19/24 | 420 | 411,491 | ||||||
| Mohawk Industries Inc., 5.55%, 09/06/24 | 250 | 248,582 | ||||||
| National Bank of Canada | ||||||||
| 5.14%, 06/12/25 | 570 | 545,398 | ||||||
| 5.25%, 02/25/25 | 270 | 262,013 | ||||||
| Nestle Finance International Ltd., 5.19%, 12/16/24 | 420 | 411,808 | ||||||
| NextEra Energy Capital Holdings Inc. | ||||||||
| 5.49%, 08/21/24 | 520 | 518,340 | ||||||
| 5.54%, 09/20/24 | 250 | 248,052 | ||||||
| PACCAR Financial Corp., 5.56%, 09/06/24 | 500 | 497,158 | ||||||
| Paradelle Funding LLC, 5.16%, 05/30/25 | 320 | 306,673 | ||||||
| Penske Truck Leasing Co. LP | ||||||||
| 5.53%, 08/09/24 | 490 | 489,323 | ||||||
| 5.63%, 09/06/24 | 300 | 298,273 | ||||||
| PFIZER Inc. | ||||||||
| 5.22%, 01/07/25 | 420 | 410,480 | ||||||
| 5.36%, 11/01/24 | 250 | 246,614 | ||||||
| PPG Industries Inc., 5.42%, 08/02/24 | 500 | 499,849 | ||||||
| Procter & Gamble Co. (The), 5.06%, 03/26/25 | 430 | 416,087 | ||||||
| Pure Grove Funding | ||||||||
| 5.38%, 11/27/24 | 420 | 412,666 | ||||||
| 5.41%, 10/02/24 | 250 | 247,655 | ||||||
| Sanofi SA, 5.35%, 10/17/24 | 420 | 415,188 | ||||||
| SPIRE Inc. 08/24 ZCP, 5.45%, 08/12/24 | 500 | 499,092 | ||||||
1
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® Commodity Curve Carry Strategy ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Par | ||||||||
| Security | (000) | Value | ||||||
| Sumitomo Mitsui Trust Bank Ltd/.Singapore, 5.43%, 10/02/24 | $ | 320 | $ | 316,987 | ||||
| Swedbank AB, 5.61%, 02/05/25, (1-day SOFR + 0.300%)(a)(b) |
250 | 250,111 | ||||||
| Telstra Group Ltd., 5.55%, 12/17/24 | 420 | 411,182 | ||||||
| Toyota Industries Commercial Finance Inc. | ||||||||
| 5.32%, 11/22/24 | 400 | 393,378 | ||||||
| 5.35%, 09/05/24 | 250 | 248,670 | ||||||
| UnitedHealth Group Inc., 5.39%, 09/23/24 | 300 | 297,594 | ||||||
| VW Credit Inc., 5.45%, 08/12/24 | 460 | 459,165 | ||||||
| Westpac Securities NZ Ltd., 5.30%, 01/24/25 | 270 | 263,149 | ||||||
| Total Commercial Paper — 57.3% | ||||||||
| (Cost: $27,109,411) | 27,112,037 | |||||||
| U.S. Treasury Obligations(c) | ||||||||
| U.S. Treasury Bill | ||||||||
| 5.10%, 06/12/25 | 500 | 479,894 | ||||||
| 5.15%, 01/23/25 | 350 | 341,646 | ||||||
| 5.34%, 12/12/24 | 250 | 245,417 | ||||||
| 5.36%, 09/26/24 | 1,000 | 991,820 | ||||||
| 5.38%, 09/12/24 | 750 | 745,378 | ||||||
| 5.38%, 10/08/24 | 500 | 495,107 | ||||||
| 5.38%, 10/22/24 | 1,750 | 1,729,478 | ||||||
| 5.39%, 10/03/24 | 1,250 | 1,238,665 | ||||||
| 5.40%, 08/15/24 | 500 | 498,976 | ||||||
| 5.40%, 09/05/24 | 1,250 | 1,243,587 | ||||||
| Security | Par (000) | Value | ||||||
| 5.41%, 09/24/24 | $ | 250 | $ | 248,029 | ||||
| Total U.S. Treasury Obligations — 17.4% | ||||||||
| (Cost: $8,256,675) | 8,257,997 | |||||||
| Shares | ||||||||
| Money Market Funds | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(d)(e) | 6,930,000 | 6,930,000 | ||||||
| Total Money Market Funds — 14.6% | ||||||||
| (Cost: $6,930,000) | 6,930,000 | |||||||
| Total Investments — 99.4% | ||||||||
| (Cost: $47,076,217) | 47,080,164 | |||||||
| Other Assets Less Liabilities — 0.6% | 264,768 | |||||||
| Net Assets — 100.0% | $ | 47,344,932 | ||||||
| (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) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | Rates are discount rates or a range of discount rates as of period end. |
| (d) | Affiliate of the Fund. |
| (e) | 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, 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 Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 07/31/24 | Shares
Held at 07/31/24 | Income | Capital Gain Distributions from Underlying | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 7,810,000 | $ | — | $ | (880,000 | )(a) | $ | — | $ | — | $ | 6,930,000 | 6,930,000 | $ | 288,626 | $ | — | ||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
2
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® Commodity Curve Carry Strategy ETF |
| July 31, 2024 |
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) | ||||||||||||||||||||||
| ICE BofA Commodity | ||||||||||||||||||||||||||||||||
| 5.15% | At Termination | Enhanced Carry Total Return Index | At Termination | Citibank N.A. | N/A | 08/30/24 | USD | 12,640,026 | $ | 226,904 | $ | (296,359 | ) | $ | 523,263 | |||||||||||||||||
| 5.15% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Merrill Lynch International | N/A | 08/30/24 | USD | 13,213,135 | 43,940 | (685,426 | ) | 729,366 | ||||||||||||||||||||
| 5.15% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Merrill Lynch International | N/A | 08/30/24 | USD | 2,169,633 | 17,021 | (75,971 | ) | 92,992 | ||||||||||||||||||||
| 5.15% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Merrill Lynch International | N/A | 08/30/24 | USD | 990,228 | 35,438 | (30,323 | ) | 65,761 | ||||||||||||||||||||
| 5.15% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Merrill Lynch International | N/A | 08/30/24 | USD | 1,031,118 | (1,336 | ) | (29,947 | ) | 28,611 | |||||||||||||||||||
| 5.15% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Merrill Lynch International | N/A | 08/30/24 | USD | 1,005,241 | 22,445 | (27,472 | ) | 49,917 | ||||||||||||||||||||
| 5.15% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Merrill Lynch International | N/A | 08/30/24 | USD | 1,016,063 | 13,131 | (25,548 | ) | 38,679 | ||||||||||||||||||||
| 5.15% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Merrill Lynch International | N/A | 08/30/24 | USD | 1,018,407 | 10,214 | (25,290 | ) | 35,504 | ||||||||||||||||||||
| 5.15% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Merrill Lynch International | N/A | 08/30/24 | USD | 7,098,849 | 111,647 | (171,866 | ) | 283,513 | ||||||||||||||||||||
| 5.15% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Merrill Lynch International | N/A | 08/30/24 | USD | 2,172,882 | 38,364 | (51,587 | ) | 89,951 | ||||||||||||||||||||
| 5.15% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Merrill Lynch International | N/A | 08/30/24 | USD | 1,097,364 | (63,569 | ) | (19,908 | ) | (43,661 | ) | ||||||||||||||||||
| 5.15% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Merrill Lynch International | N/A | 08/30/24 | USD | 1,056,909 | (25,411 | ) | (22,621 | ) | (2,790 | ) | ||||||||||||||||||
| 5.15% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Merrill Lynch International | N/A | 08/30/24 | USD | 930,150 | (2,909 | ) | (7,814 | ) | 4,905 | |||||||||||||||||||
| $ | 425,879 | $ | (1,470,132 | ) | $ | 1,896,011 | ||||||||||||||||||||||||||
| (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 |
3
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® Commodity Curve Carry Strategy ETF |
| July 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 July 31, 2024.
| Futures contracts | Maturity date | Weight % | ||||
| Brent Crude Oil | 10/31/2024 | 25.0 | % | |||
| LME Copper | 12/17/2024 | 15.3 | ||||
| Gas Oil | 12/12/2024 | 12.3 | ||||
| RBOB Gasoline | 11/29/2024 | 10.6 | ||||
| Sugar | 6/30/2025 | 7.8 | ||||
| WTI Crude Oil | 11/20/2024 | 7.0 | ||||
| Gold 100 OZ | 12/27/2024 | 6.6 | ||||
| Live Cattle | 12/31/2024 | 4.3 | ||||
| Coffee | 3/19/2025 | 4.1 | ||||
| Lean Hogs | 12/13/2024 | 2.8 | ||||
| Live Cattle | 4/30/2025 | 2.3 | ||||
| LME Zinc | 12/17/2024 | 1.8 | ||||
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 | $ | — | $ | 4,780,130 | $ | — | $ | 4,780,130 | ||||||||
| Commercial Paper | — | 27,112,037 | — | 27,112,037 | ||||||||||||
| U.S. Treasury Obligations | — | 8,257,997 | — | 8,257,997 | ||||||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 6,930,000 | — | — | 6,930,000 | ||||||||||||
| $ | 6,930,000 | $ | 40,150,164 | $ | — | $ | 47,080,164 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Commodity Contracts | $ | — | $ | 1,942,462 | $ | — | $ | 1,942,462 | ||||||||
4
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® Commodity Curve Carry Strategy ETF |
| July 31, 2024 |
Fair Value Hierarchy as of Period End (continued)
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Liabilities | ||||||||||||||||
| Commodity Contracts | $ | — | $ | (46,451 | ) | $ | — | $ | (46,451 | ) | ||||||
| $ | — | $ | 1,896,011 | $ | — | 1,896,011 | ||||||||||
| (a) | Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviation
| SOFR | Secured Overnight Financing Rate |
5