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

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

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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 Funds
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).

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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

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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