| Consolidated Schedule of Investments (unaudited) | iShares® GSCI Commodity Dynamic Roll Strategy ETF |
| July 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | | Par
(000) | | | Value | |
| | | | | | | |
| Certificates of Deposit | | | | | | | | |
| Bank of Montreal | | | | | | | | |
| 5.40%, 10/13/23 | | $ | 10,000 | | | $ | 9,994,270 | |
| 5.93%, 04/12/24 | | | 2,500 | | | | 2,500,111 | |
| Bayerische Landesbank, 5.94%, 01/11/24, (1-day SOFR + 0.635%)(a) | | | 1,500 | | | | 1,501,564 | |
| Bayerische Landesbank/New York, 5.70%, 01/11/24, (1-day SOFR + 0.635%)(a) | | | 6,500 | | | | 6,506,775 | |
| BNP Paribas SA, 5.70%, 03/04/24 | | | 3,000 | | | | 2,996,949 | |
| Canadian Imperial Bank of Commerce | | | | | | | | |
| 5.40%, 02/08/24 | | | 4,000 | | | | 3,991,793 | |
| 5.94%, 07/22/24, (1-day SOFR + 0.640%)(a) | | | 5,000 | | | | 5,004,297 | |
| CDP Financial Inc., 5.68%, 01/05/24 | | | 6,500 | | | | 6,341,842 | |
| DNB Bank ASA | | | | | | | | |
| 5.63%, 12/14/23 | | | 3,160 | | | | 3,160,070 | |
| 5.65%, 12/20/23 | | | 3,840 | | | | 3,840,201 | |
| Mizuho Bank Ltd. | | | | | | | | |
| 5.58%, 11/02/23 | | | 5,000 | | | | 4,999,747 | |
| 5.73%, 01/31/24 | | | 2,000 | | | | 1,999,870 | |
| 5.80%, 01/29/24 | | | 6,500 | | | | 6,499,815 | |
| Royal Bank of Canada, 5.65%, 11/09/23, (1-day SOFR + 0.350%)(a) | | | 1,750 | | | | 1,750,381 | |
| Sumitomo Mitsui Trust Bank Ltd. | | | | | | | | |
| 5.50%, 08/17/23, (1-day SOFR + 0.190%)(a) | | | 2,000 | | | | 2,000,074 | |
| 5.61%, 08/16/23, (1-day SOFR + 0.300%)(a) | | | 3,000 | | | | 3,000,250 | |
| Svenska Handelsbanken AB, 5.65%, 11/06/23, (1-day SOFR + 0.350%)(a) | | | 4,000 | | | | 4,001,442 | |
| Svenska Handelsbanken/New York NY, 5.85%, 04/29/24, (1-day SOFR + 0.550%)(a) | | | 4,000 | | | | 4,001,270 | |
| Wells Fargo Bank NA, 5.94%, 07/08/24, (1-day SOFR + 0.640%)(a) | | | 4,000 | | | | 4,001,425 | |
| Westpac Banking Corp., 5.63%, 11/06/23, (1-day SOFR + 0.320%)(a) | | | 3,000 | | | | 3,000,467 | |
| | | | | | | | | |
| Total Certificates of Deposit — 9.9% | | | | | | | | |
| (Cost: $81,075,080) | | | | | | | 81,092,613 | |
| | | | | | | | | |
| Commercial Paper | | | | | | | | |
| | | | | | | | | |
| Amcor Finance USA Inc., 5.55%, 08/04/23 | | | 6,585 | | | | 6,580,942 | |
| Amcor Flexibles North America Inc., 5.63%, 08/23/23 | | | 4,500 | | | | 4,483,900 | |
| American Honda Finance Corp., 5.60%, 09/25/23 | | | 7,950 | | | | 7,881,390 | |
| Australia & New Zealand Banking Group Ltd., 5.49%, 12/01/23 | | | 10,000 | | | | 9,815,876 | |
| Bank of Nova Scotia (The), 5.91%, 06/11/24 | | | 6,000 | | | | 5,704,013 | |
| Barton Capital SA, 5.43%, 09/01/23 | | | 10,000 | | | | 9,951,956 | |
| BASF SE, 5.47%, 09/25/23 | | | 9,500 | | | | 9,419,860 | |
| BPCE SA, 5.35%, 09/01/23 | | | 7,000 | | | | 6,966,873 | |
| Canadian National Railway Co., 5.61%, 09/21/23 | | | 8,000 | | | | 7,935,740 | |
| Citigroup Global Markets Inc. | | | | | | | | |
| 5.96%, 09/21/23, (1-day SOFR + 0.650%)(a)(b) | | | 10,000 | | | | 10,006,628 | |
| 6.05%, 06/06/24 | | | 3,000 | | | | 2,851,031 | |
| E.ON SE, 5.58%, 09/11/23 | | | 8,000 | | | | 7,948,405 | |
| Enbridge U.S. Inc., 5.64%, 08/22/23 | | | 8,000 | | | | 7,972,564 | |
| Evergy Kansas Central Inc., 5.46%, 08/02/23 | | | 5,000 | | | | 4,998,483 | |
| Evergy Missouri West Inc., 5.47%, 08/08/23 | | | 3,000 | | | | 2,996,360 | |
| Federation des Caisses Desjardins du Quebec | | | | | | | | |
| 5.36%, 08/25/23 | | | 3,000 | | | | 2,988,877 | |
| 5.42%, 09/25/23 | | | 8,000 | | | | 7,933,136 | |
| 5.43%, 09/29/23 | | | 2,000 | | | | 1,982,067 | |
| | | | | | | | | |
| Security | | Par
(000) | | | Value | |
| | | | | | | | | |
| Fidelity National Information Services Inc. | | | | | | | | |
| 5.47%, 08/08/23 | | $ | 1,710 | | | $ | 1,707,925 | |
| 5.47%, 08/16/23 | | | 4,130 | | | | 4,119,978 | |
| 5.48%, 08/21/23 | | | 7,500 | | | | 7,476,113 | |
| Fiserv Inc., 5.50%, 08/21/23 | | | 3,750 | | | | 3,738,521 | |
| GlaxoSmithKline LLC | | | | | | | | |
| 5.33%, 08/14/23 | | | 3,000 | | | | 2,993,798 | |
| 5.51%, 11/06/23 | | | 3,000 | | | | 2,955,680 | |
| 5.52%, 11/10/23 | | | 7,000 | | | | 6,892,206 | |
| GTA Funding LLC, 5.37%, 08/17/23 | | | 8,000 | | | | 7,979,778 | |
| ING U.S. Funding LLC, 5.35%, 08/22/23 | | | 5,893 | | | | 5,873,812 | |
| John Deere Capital Corp., 5.34%, 09/28/23 | | | 8,000 | | | | 7,930,655 | |
| L'Oreal SA, 5.42%, 11/20/23 | | | 5,000 | | | | 4,917,042 | |
| LSEGA Financing PLC, 5.62%, 08/22/23 | | | 10,000 | | | | 9,965,759 | |
| LVMH Moet Hennessy Louis Vuitton SE | | | | | | | | |
| 5.64%, 02/09/24 | | | 4,637 | | | | 4,500,795 | |
| 5.65%, 02/12/24 | | | 1,904 | | | | 1,847,162 | |
| 5.72%, 03/21/24 | | | 3,500 | | | | 3,374,579 | |
| Mackinac Funding Co. LLC | | | | | | | | |
| 5.51%, 09/19/23 | | | 10,000 | | | | 9,924,069 | |
| 5.56%, 10/16/23 | | | 9,000 | | | | 8,894,164 | |
| Macquarie Bank Ltd., 5.51%, 10/13/23 | | | 5,796 | | | | 5,731,128 | |
| Marriott International Inc. | | | | | | | | |
| 5.55%, 08/28/23 | | | 5,000 | | | | 4,978,681 | |
| 5.55%, 08/29/23 | | | 8,000 | | | | 7,964,742 | |
| Mercedes-Benz Finance North America LLC | | | | | | | | |
| 5.21%, 08/04/23 | | | 4,000 | | | | 3,997,688 | |
| 5.32%, 09/11/23 | | | 5,000 | | | | 4,969,212 | |
| Mitsubishi HC Finance America LLC, 5.47%, 08/15/23 | | | 9,000 | | | | 8,979,525 | |
| MUFG Bank Ltd., 5.70%, 12/08/23 | | | 6,000 | | | | 5,878,948 | |
| National Australia Bank Ltd., 5.80%, 04/12/24, (1-day SOFR + 0.500%)(a)(b) | | | 5,000 | | | | 5,002,094 | |
| National Bank of Canada, 5.73%, 01/16/24 | | | 5,000 | | | | 4,869,095 | |
| Natixis SA, 5.32%, 09/01/23 | | | 5,000 | | | | 4,976,458 | |
| Nestle Finance International Ltd., 5.29%, 09/29/23 | | | 4,000 | | | | 3,965,067 | |
| NextEra Energy Capital Holdings Inc. | | | | | | | | |
| 5.62%, 08/16/23 | | | 7,750 | | | | 7,730,677 | |
| 5.63%, 08/21/23 | | | 2,500 | | | | 2,491,819 | |
| 5.68%, 08/28/23 | | | 3,500 | | | | 3,484,728 | |
| NTT Finance Americas Inc., 5.49%, 09/21/23 | | | 8,000 | | | | 7,937,057 | |
| Nutrien Financial U.S. LLC, 5.52%, 08/23/23 | | | 7,000 | | | | 6,975,461 | |
| Nutrien Ltd. | | | | | | | | |
| 5.51%, 08/10/23 | | | 2,000 | | | | 1,996,944 | |
| 5.58%, 09/20/23 | | | 4,500 | | | | 4,464,727 | |
| Oesterreichische Kontrollbank AG, 5.38%, 10/12/23 | | | 8,000 | | | | 7,913,600 | |
| Penske Truck Leasing Co. LP, 5.59%, 08/17/23 | | | 5,750 | | | | 5,734,849 | |
| Philip Morris International Inc., 5.40%, 09/05/23 | | | 8,000 | | | | 7,957,008 | |
| Podium Funding Trust, 5.48%, 09/06/23 | | | 8,000 | | | | 7,955,172 | |
| Procter & Gamble Co. (The), 5.25%, 10/27/23 | | | 4,442 | | | | 4,385,668 | |
| Pure Grove Funding | | | | | | | | |
| 5.38%, 08/25/23 | | | 6,650 | | | | 6,625,233 | |
| 5.58%, 11/14/23 | | | 6,250 | | | | 6,148,895 | |
| 5.77%, 01/08/24 | | | 5,000 | | | | 4,874,129 | |
| Reckitt Benckiser Treasury Services PLC, 5.58%, 08/30/23 | | | 9,000 | | | | 8,958,375 | |
| RWE AG | | | | | | | | |
| 5.91%, 08/04/23 | | | 8,000 | | | | 7,994,750 | |
| 6.06%, 08/25/23 | | | 3,250 | | | | 3,236,382 | |
| Sheffield Receivables Co. LLC, 5.56%, 10/12/23 | | | 8,000 | | | | 7,910,826 | |
| Societe Generale SA, 5.84%, 03/06/24 | | | 10,000 | | | | 9,656,960 | |
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® GSCI Commodity Dynamic Roll Strategy ETF |
| July 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | | Par
(000) | | | Value | |
| | | | | | | | | |
| Spire Inc. | | | | | | | | |
| 5.47%, 08/08/23 | | $ | 3,000 | | | $ | 2,996,360 | |
| 5.47%, 08/16/23 | | | 3,000 | | | | 2,992,720 | |
| Starbird Funding Corp., 5.40%, 09/01/23 | | | 5,000 | | | | 4,976,120 | |
| Svenska Handelsbanken, 5.86%, 09/01/23, (1-day SOFR + 0.560%)(a) | | | 10,000 | | | | 10,003,415 | |
| TELUS Corp. | | | | | | | | |
| 5.53%, 08/28/23 | | | 3,710 | | | | 3,694,245 | |
| 5.66%, 09/25/23 | | | 2,500 | | | | 2,478,195 | |
| Toyota Industries Commercial Finance Inc. | | | | | | | | |
| 5.33%, 08/28/23 | | | 6,750 | | | | 6,722,128 | |
| 5.72%, 01/26/24 | | | 5,000 | | | | 4,861,822 | |
| Toyota Motor Credit Corp., 5.74%, 02/23/24 | | | 8,000 | | | | 7,744,470 | |
| TransCanada PipeLines Ltd. | | | | | | | | |
| 5.49%, 08/23/23 | | | 5,000 | | | | 4,982,558 | |
| 5.58%, 09/12/23 | | | 2,000 | | | | 1,986,780 | |
| 5.63%, 09/21/23 | | | 6,000 | | | | 5,951,597 | |
| Virginia Electric & Power Co., 5.66%, 10/12/23 | | | 4,750 | | | | 4,696,129 | |
| Walmart Inc., 5.30%, 08/21/23 | | | 4,000 | | | | 3,987,666 | |
| | | | | | | | | |
| Total Commercial Paper — 57.3% | | | | | | | | |
| (Cost: $464,551,276) | | | | | | | 467,330,240 | |
| | | | | | | | | |
| U.S. Treasury Obligations(c) | | | | | | | | |
| U.S. Treasury Bill | | | | | | | | |
| 5.23%, 08/01/23 | | | 10,000 | | | | 10,000,000 | |
| 5.33%, 08/03/23 | | | 10,000 | | | | 9,997,079 | |
| 5.33%, 08/08/23 | | | 10,000 | | | | 9,989,823 | |
| 5.35%, 09/05/23 | | | 15,000 | | | | 14,923,580 | |
| 5.36%, 04/18/24 | | | 8,000 | | | | 7,703,286 | |
| 5.37%, 08/31/23 | | | 2,000 | | | | 1,991,240 | |
| 5.37%, 09/07/23 | | | 20,000 | | | | 19,891,801 | |
| 5.37%, 09/12/23 | | | 8,000 | | | | 7,951,023 | |
| Security | | Par/
Shares
(000) | | | Value | |
| 5.37%, 10/03/23 | | $ | 10,000 | | | $ | 9,908,388 | |
| 5.38%, 09/21/23 | | | 12,000 | | | | 11,910,644 | |
| 5.39%, 09/14/23 | | | 5,000 | | | | 4,967,816 | |
| 5.42%, 11/24/23 | | | 20,000 | | | | 19,665,062 | |
| 5.43%, 11/02/23 | | | 2,000 | | | | 1,972,702 | |
| 5.45%, 11/09/23 | | | 10,000 | | | | 9,853,403 | |
| | | | | | | | | |
| Total U.S. Treasury Obligations — 17.3% | | | | | | | | |
| (Cost: $143,691,065) | | | | | | | 140,725,847 | |
| | | | | | | | | |
| Money Market Funds | | | | | | | | |
| | | | | | | | | |
| BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(d)(e) | | | 76,110 | | | | 76,110,095 | |
| | | | | | | | | |
| Total Money Market Funds — 9.3% | | | | | | | | |
| (Cost: $76,110,094) | | | | | | | 76,110,095 | |
| | | | | | | | | |
| Total Investments — 93.8% | | | | | | | | |
| (Cost: $765,427,515) | | | | | | | 765,258,795 | |
| | | | | | | | | |
| Other Assets Less Liabilities — 6.2% | | | | | | | 50,937,941 | |
| | | | | | | | | |
| Net Assets — 100.0% | | | | | | $ | 816,196,736 | |
| (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, 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 | | $ | 207,400,095 | | | $ | — | | | $ | (131,290,000 | )(a) | $ | — | | | $ | — | | | $ | 76,110,095 | | | | 76,110 | | | $ | 3,930,963 | | | $ | 131 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | | Number of
Contracts | | | Expiration
Date | | Notional
Amount
(000) | | | Value/
Unrealized
Appreciation
(Depreciation) | |
| Long Contracts | | | | | | | | | | | | | | |
| Corn | | | 1,600 | | | 09/14/23 | | $ | 40,320 | | | $ | (9,080,397 | ) |
| Wheat | | | 701 | | | 09/14/23 | | | 23,334 | | | | 885,845 | |
| Wheat KCBT | | | 304 | | | 09/14/23 | | | 12,354 | | | | 282,221 | |
| Lead | | | 83 | | | 09/18/23 | | | 4,472 | | | | 132,948 | |
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® GSCI Commodity Dynamic Roll Strategy ETF |
| July 31, 2023 | |
Futures Contracts (continued)
| Description | | Number of
Contracts | | | Expiration
Date | | Notional
Amount
(000) | | | Value/
Unrealized
Appreciation
(Depreciation) | |
| LME Copper | | | 174 | | | 09/18/23 | | $ | 38,413 | | | $ | 1,372,623 | |
| Coffee | | | 102 | | | 09/19/23 | | | 6,298 | | | | (356,659 | ) |
| Gasline RBOB | | | 358 | | | 09/29/23 | | | 39,469 | | | | 4,633,466 | |
| Lean Hogs | | | 439 | | | 10/13/23 | | | 15,102 | | | | (845,051 | ) |
| LME Nickel | | | 64 | | | 10/16/23 | | | 8,552 | | | | 372,288 | |
| Cattle Feeder | | | 116 | | | 10/26/23 | | | 14,559 | | | | 22,104 | |
| Brent Crude Oil | | | 1,947 | | | 10/31/23 | | | 164,444 | | | | 20,840,369 | |
| Live Cattle | | | 503 | | | 10/31/23 | | | 36,120 | | | | (286,814 | ) |
| Soybean | | | 454 | | | 11/14/23 | | | 30,231 | | | | 2,933,879 | |
| Cotton | | | 198 | | | 12/06/23 | | | 8,387 | | | | (21,907 | ) |
| Low Sulphur Gas | | | 582 | | | 12/12/23 | | | 47,317 | | | | 7,606,678 | |
| Cocoa | | | 94 | | | 12/13/23 | | | 3,330 | | | | 376,966 | |
| LME Zinc | | | 98 | | | 12/18/23 | | | 6,295 | | | | (1,318,630 | ) |
| Silver | | | 32 | | | 12/27/23 | | | 4,054 | | | | (96,660 | ) |
| Natural Gas | | | 717 | | | 03/26/24 | | | 22,600 | | | | 600,215 | |
| NY Harbor Ultra Sulphur Heating Oil | | | 327 | | | 03/28/24 | | | 37,134 | | | | 3,126,646 | |
| Sugar | | | 636 | | | 04/30/24 | | | 16,326 | | | | (325,602 | ) |
| Gold 100 OZ | | | 189 | | | 06/26/24 | | | 39,097 | | | | 367,446 | |
| WTI Crude Oil | | | 2,199 | | | 08/20/24 | | | 167,234 | | | | 11,323,027 | |
| LME Aluminum | | | 494 | | | 12/16/24 | | | 30,137 | | | | (2,432,115 | ) |
| | | | | | | | | | | | | $ | 40,112,886 | |
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 | | $ | — | | | $ | 79,591,049 | | | $ | — | | | $ | 81,092,613 | |
| Commercial Paper | | | — | | | | 467,330,240 | | | | — | | | | 467,330,240 | |
| U.S. Treasury Obligations | | | — | | | | 140,725,847 | | | | — | | | | 140,725,847 | |
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® GSCI Commodity Dynamic Roll Strategy ETF |
| July 31, 2023 | |
Fair Value Hierarchy as of Period End (continued)
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Short-Term Securities | | | | | | | | | | | | | | | | |
| Money Market Funds | | $ | 76,110,095 | | | $ | — | | | $ | — | | | $ | 76,110,095 | |
| | | $ | 76,110,095 | | | $ | 687,647,136 | | | $ | — | | | $ | 765,258,795 | |
| Derivative Financial Instruments(a) | | | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | | | | | |
| Commodity Contracts | | $ | 54,876,721 | | | $ | — | | | $ | — | | | $ | 54,876,721 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Commodity Contracts | | | (14,763,835 | ) | | | — | | | | — | | | | (14,763,835 | ) |
| | | $ | 40,112,886 | | | $ | — | | | $ | — | | | | 40,112,886 | |
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviation
| SOFR | Secured Overnight Financing Rate |
