Consolidated Schedule of Investments (unaudited) | iShares® Bloomberg Roll Select Commodity Strategy ETF |
January 31, 2024 | (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Commercial Paper | ||||||||
Amcor Finance USA Inc., 5.45%, 02/09/24 | $ | 3,000 | $ | 2,995,918 | ||||
Amcor Flexibles North America Inc., 5.71%, 03/07/24 | 2,750 | 2,734,391 | ||||||
American Electric Power Co. Inc., 5.63%, 03/19/24 | 3,000 | 2,977,632 | ||||||
American Honda Finance Corp., 5.67%, 04/16/24 | 3,000 | 2,964,538 | ||||||
Aquitaine Funding Co. LLC, 5.35%, 02/01/24 | 3,090 | 3,089,541 | ||||||
AstraZeneca PLC, 5.63%, 04/15/24 | 3,000 | 2,965,219 | ||||||
Atlantic Asset Securitization LLC, 5.35%, 02/12/24 | 3,000 | 2,994,661 | ||||||
Barclays Bank PLC, 5.40%, 04/02/24 | 2,500 | 2,476,955 | ||||||
BASF SE, 5.44%, 03/28/24 | 2,500 | 2,478,669 | ||||||
Britannia Funding Co. LLC, 5.46%, 04/16/24 | 2,000 | 1,977,200 | ||||||
Brookfield Infrastructure Holdings Canada Inc., 5.42%, 02/01/24 | 2,500 | 2,499,623 | ||||||
Canadian National Railway Co., 5.38%, 02/23/24 | 3,250 | 3,238,872 | ||||||
CenterPoint Energy Resources Corp., 5.49%, 02/15/24 | 2,860 | 2,853,467 | ||||||
CVS Health Corp. | ||||||||
5.40%, 02/05/24 | 3,000 | 2,997,751 | ||||||
5.41%, 02/07/24 | 2,000 | 1,998,180 | ||||||
Duke Energy Corp. | ||||||||
5.65%, 03/27/24 | 3,720 | 3,687,610 | ||||||
5.68%, 04/19/24 | 1,000 | 987,697 | ||||||
Emerson Electric Co., 5.36%, 03/19/24 | 4,620 | 4,587,192 | ||||||
Estee Lauder Cos. Inc. (The), 5.35%, 02/15/24 | 4,000 | 3,991,105 | ||||||
Evergy Metro Inc., 5.49%, 02/15/24 | 4,000 | 3,991,476 | ||||||
Fidelity National Information Services Inc., 5.45%, 02/09/24 | 3,500 | 3,495,238 | ||||||
General Dynamics Corp., 5.36%, 02/07/24 | 1,750 | 1,748,179 | ||||||
John Deere Capital Corp., 5.38%, 04/09/24 | 3,000 | 2,969,370 | ||||||
Jupiter Securitization Co. LLC, 5.41%, 03/21/24 | 3,500 | 3,473,896 | ||||||
Keurig Dr Pepper Inc. | ||||||||
5.49%, 02/15/24 | 1,520 | 1,516,530 | ||||||
5.60%, 03/05/24 | 1,500 | 1,492,107 | ||||||
5.61%, 03/13/24 | 2,000 | 1,986,994 | ||||||
Liberty Street Funding LLC, 5.40%, 03/11/24 | 3,000 | 2,982,100 | ||||||
Lime Funding LLC | ||||||||
5.42%, 03/15/24 | 2,000 | 1,986,828 | ||||||
5.44%, 04/19/24 | 2,319 | 2,291,667 | ||||||
Linde Inc./CT, 5.26%, 02/01/24 | 3,000 | 2,999,562 | ||||||
LMA-Americas LLC, 5.32%, 02/01/24 | 5,000 | 4,999,261 | ||||||
LSEGA Financing PLC | ||||||||
5.48%, 03/07/24 | 3,500 | 3,480,911 | ||||||
5.56%, 04/23/24 | 500 | 493,676 | ||||||
Marriott International Inc./MD, 5.58%, 02/13/24 | 2,500 | 2,494,977 | ||||||
Medtronic Global Holdings SCA, 5.45%, 02/13/24 | 1,000 | 998,037 | ||||||
Mercedes-Benz Finance North America LLC | ||||||||
5.43%, 02/27/24 | 3,525 | 3,510,696 | ||||||
5.47%, 03/13/24 | 1,500 | 1,490,483 | ||||||
Mitsubishi Corp. Americas, 5.42%, 03/19/24 | 3,000 | 2,978,472 | ||||||
Mitsubishi HC Finance America LLC, 5.62%, 02/01/24 | 3,000 | 2,999,532 | ||||||
Mohawk Industries Inc., 5.65%, 03/26/24 | 2,460 | 2,438,941 | ||||||
National Rural Utilities Cooperative Finance Corp., | ||||||||
5.33%, 02/05/24 | 3,000 | 2,997,782 | ||||||
Penske Truck Leasing Co. LP, 5.51%, 02/06/24 | 2,750 | 2,747,475 |
Security | Par (000) | Value | ||||||
PPG Industries Inc., 5.48%, 02/13/24 | $ | 1,000 | $ | 998,026 | ||||
Sanofi SA, 5.36%, 03/19/24 | 4,000 | 3,971,616 | ||||||
Spire Inc., 5.50%, 02/16/24 | 3,250 | 3,242,072 | ||||||
Ste Transcore Holdings Inc., 5.39%, 02/20/24 | 3,250 | 3,240,294 | ||||||
Victory Receivables Corp., 5.43%, 04/15/24 | 3,000 | 2,966,469 | ||||||
Volvo Treasury North America LP, 5.44%, 02/07/24 | 4,000 | 3,995,777 | ||||||
VW Credit Inc. | ||||||||
5.49%, 02/15/24 | 2,170 | 2,165,043 | ||||||
5.63%, 03/18/24 | 600 | 595,620 | ||||||
5.67%, 04/18/24 | 2,000 | 1,975,707 | ||||||
Walt Disney Co. (The), 5.51%, 03/11/24 | 2,250 | 2,236,317 | ||||||
WEC Energy Group Inc. | ||||||||
5.42%, 02/02/24 | 3,000 | 2,999,096 | ||||||
5.43%, 02/05/24 | 750 | 749,435 | ||||||
Total Commercial Paper — 58.2% | ||||||||
(Cost: $146,218,762) | 146,195,883 | |||||||
U.S. Treasury Obligations(a) | ||||||||
U.S. Treasury Bill | ||||||||
5.32%, 04/16/24 | 3,000 | 2,967,620 | ||||||
5.33%, 02/06/24 | 10,000 | 9,992,707 | ||||||
5.33%, 03/26/24 | 8,000 | 7,936,940 | ||||||
5.35%, 02/13/24 | 5,000 | 4,991,237 | ||||||
5.36%, 03/21/24 | 8,000 | 7,942,643 | ||||||
5.36%, 04/02/24 | 10,000 | 9,910,989 | ||||||
5.37%, 02/27/24 | 6,000 | 5,977,196 | ||||||
5.37%, 03/28/24 | 10,000 | 9,918,289 | ||||||
5.38%, 03/14/24 | 5,000 | 4,969,215 | ||||||
5.38%, 04/04/24 | 12,000 | 11,890,012 | ||||||
5.40%, 02/20/24 | 4,000 | 3,988,891 | ||||||
5.50%, 03/05/24 | 5,000 | 4,975,915 | ||||||
Total U.S. Treasury Obligations — 34.1% | ||||||||
(Cost: $85,465,008) | 85,461,654 |
Shares | ||||||||
Money Market Funds | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(b)(c) | 10,690,000 | 10,690,000 | ||||||
Total Money Market Funds — 4.2% | ||||||||
(Cost: $10,690,000) | 10,690,000 | |||||||
Total Investments — 96.5% | ||||||||
(Cost: $242,373,770) | 242,347,537 | |||||||
Other Assets Less Liabilities — 3.5% | 8,694,321 | |||||||
Net Assets — 100.0% | $ | 251,041,858 |
(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. |
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Consolidated Schedule of Investments (unaudited) (continued) | iShares® Bloomberg Roll Select Commodity Strategy ETF |
January 31, 2024 |
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 | $ | 13,440,000 | $ | — | $ | (2,750,000 | )(a) | $ | — | $ | — | $ | 10,690,000 | 10,690,000 | $ | 234,278 | $ | — |
(a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Value/ | ||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Expiration | Amount | Appreciation | |||||||||||||
Description | Contracts | Date | (000) | (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
Bloomberg Roll Select Commodity Index | 9,826 | 03/20/24 | $ | 250,563 | $ | (606,669 | ) |
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 | ||||||||||||||||
Commercial Paper | $ | — | $ | 146,195,883 | $ | — | $ | 146,195,883 | ||||||||
U.S. Treasury Obligations | — | 85,461,654 | — | 85,461,654 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 10,690,000 | — | — | 10,690,000 | ||||||||||||
$ | 10,690,000 | $ | 231,657,537 | $ | — | $ | 242,347,537 |
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Consolidated Schedule of Investments (unaudited) (continued) | iShares® Bloomberg Roll Select Commodity Strategy ETF |
January 31, 2024 |
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Commodity Contracts | $ | (606,669 | ) | $ | — | $ | — | $ | (606,669 | ) |
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
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