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                    <othIndName>UL SOLUTIONS INC</othIndName>
                    <identifiers>
                      <cusip value="903731107"/>
                    </identifiers>
                    <othIndNotAmt>-120.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-10945.20000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>UNITEDHEALTH GROUP INC</othIndName>
                    <identifiers>
                      <cusip value="91324P102"/>
                    </identifiers>
                    <othIndNotAmt>243.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>80134.11000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>UNIVERSAL HEALTH SERVICES INC</othIndName>
                    <identifiers>
                      <cusip value="913903100"/>
                    </identifiers>
                    <othIndNotAmt>-148.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-36057.24000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>VAIL RESORTS INC</othIndName>
                    <identifiers>
                      <cusip value="91879Q109"/>
                    </identifiers>
                    <othIndNotAmt>-75.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-10515.75000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>VEEVA SYSTEMS INC</othIndName>
                    <identifiers>
                      <cusip value="922475108"/>
                    </identifiers>
                    <othIndNotAmt>7.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>1682.03000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>VERIZON COMMUNICATIONS INC</othIndName>
                    <identifiers>
                      <cusip value="92343V104"/>
                    </identifiers>
                    <othIndNotAmt>1218.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>50071.98000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>VISA INC</othIndName>
                    <identifiers>
                      <cusip value="92826C839"/>
                    </identifiers>
                    <othIndNotAmt>410.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>137120.40000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>VOYA FINANCIAL INC</othIndName>
                    <identifiers>
                      <cusip value="929089100"/>
                    </identifiers>
                    <othIndNotAmt>1277.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>89773.10000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>WASTE CONNECTIONS INC</othIndName>
                    <identifiers>
                      <cusip value="94106B101"/>
                    </identifiers>
                    <othIndNotAmt>381.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>67265.55000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>WATERS CORP</othIndName>
                    <identifiers>
                      <cusip value="941848103"/>
                    </identifiers>
                    <othIndNotAmt>-36.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-14523.12000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>WEYERHAEUSER CO</othIndName>
                    <identifiers>
                      <cusip value="962166104"/>
                    </identifiers>
                    <othIndNotAmt>-598.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-13281.58000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>WILLIAMS COS INC/THE</othIndName>
                    <identifiers>
                      <cusip value="969457100"/>
                    </identifiers>
                    <othIndNotAmt>688.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>41919.84000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>WILLSCOT HOLDINGS CORP</othIndName>
                    <identifiers>
                      <cusip value="971378104"/>
                    </identifiers>
                    <othIndNotAmt>2179.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>43035.25000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>WINGSTOP INC</othIndName>
                    <identifiers>
                      <cusip value="974155103"/>
                    </identifiers>
                    <othIndNotAmt>17.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>4500.41000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ZEBRA TECHNOLOGIES CORP</othIndName>
                    <identifiers>
                      <cusip value="989207105"/>
                    </identifiers>
                    <othIndNotAmt>214.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>54088.50000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ZSCALER INC</othIndName>
                    <identifiers>
                      <cusip value="98980G102"/>
                    </identifiers>
                    <othIndNotAmt>-182.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-45773.00000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Default Event</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">CFD EQUITY BASKET</otherPmntDesc>
            <terminationDt>2036-12-16</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1542355.56000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>955.69000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WaterBridge Infrastructure LLC</name>
        <lei>N/A</lei>
        <title>WaterBridge Infrastructure LLC</title>
        <cusip>940923105</cusip>
        <identifiers>
          <isin value="US9409231050"/>
          <ticker value="WBI"/>
        </identifiers>
        <balance>969.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22093.20000000</valUSD>
        <pctVal>0.169799432455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Klarna Group PLC</name>
        <lei>636700HER4JIK7GZUN17</lei>
        <title>Klarna Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BMHVL512"/>
          <ticker value="KLAR"/>
          <other otherDesc="SEDOL" value="BMHVL51"/>
        </identifiers>
        <balance>341.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10731.27000000</valUSD>
        <pctVal>0.082476216914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Navan Inc</name>
        <lei>254900RHRK35UPHTGY05</lei>
        <title>Navan Inc</title>
        <cusip>639193101</cusip>
        <identifiers>
          <isin value="US6391931010"/>
          <ticker value="NAVN"/>
        </identifiers>
        <balance>1521.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25385.49000000</valUSD>
        <pctVal>0.195102646724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Figure Technology Solutions In</name>
        <lei>N/A</lei>
        <title>Figure Technology Solutions Inc</title>
        <cusip>349381103</cusip>
        <identifiers>
          <isin value="US3493811034"/>
          <ticker value="FIGR"/>
        </identifiers>
        <balance>376.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13626.24000000</valUSD>
        <pctVal>0.104725789768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797QY6</cusip>
        <identifiers>
          <isin value="US912797QY62"/>
        </identifiers>
        <balance>12052300.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12039193.12000000</valUSD>
        <pctVal>92.52838696977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-11</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>



      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>

      <explntrNote note="USLSE-MLC (Merrill Lynch International): The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 0-188 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest: USD - 1D Overnight Bank Funding Rate (OBFR01)." noteItem="C.11.f.i.1"/>
      <explntrNote note="USLSE-BCC (Barclays Bank PLC): The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 0-20 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest: USD - 1D Overnight Bank Funding Rate (OBFR01)." noteItem="C.11.f.i.1"/>
      <explntrNote note="USLSE-HSC (HSBC Bank plc): The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 15-20 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest: USD - 1D Overnight Bank Funding Rate (OBFR01)." noteItem="C.11.f.i.1"/>
      <explntrNote note="USLSE-GSC (Goldman Sachs Bank USA): The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 15-37 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest: USD - 1D Overnight Fed Funds Effective Rate (FEDL01)." noteItem="C.11.f.i.1"/>
      <explntrNote note="IBORs are undergoing a change as regulators and industry groups have recommended that firms consider adoption of alternative, overnight risk-free rates (RFRs). Floating rate swap terms reflected as Libors may be using the RFR to calculate the actual rate." noteItem="C.11.f.i.2"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-01-23</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Funds</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort</ncom:signature>
      <ncom:signerName>Chuck Pulsfort</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
