iShares U.S. ETF Trust NPORT-P iShares Commodity Curve Carry Strategy ETF (Jan 2024 report)

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

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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

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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.

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Consolidated Schedule of Investments (unaudited) (continued)	iShares® Commodity Curve Carry Strategy ETF
January 31, 2024

Portfolio Abbreviation

SOFR Secured Overnight Financing Rate

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