| Consolidated Schedule of Investments (unaudited) | iShares® Bloomberg Roll Select Commodity Strategy ETF |
| July 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | | Par (000) | | | Value | |
| | | | | | | |
| Certificates of Deposit | | | | | | | | |
| | | | | | | | | |
Sumitomo Mitsui Trust Bank Ltd./New York, 5.41%,
09/06/24, (1-day SOFR + 0.170%)(a) | | $ | 1,580 | | | $ | 1,580,141 | |
| | | | | | | | | |
| Total Certificates of Deposit — 0.7% | | | | | | | | |
| (Cost: $1,580,041) | | | | | | | 1,580,141 | |
| | | | | | | | | |
| Commercial Paper | | | | | | | | |
| American Honda Finance Corp. | | | | | | | | |
| 5.54%, 09/09/24 | | | 3,000 | | | | 2,981,656 | |
| 5.54%, 09/19/24 | | | 2,000 | | | | 1,984,722 | |
| Aquitaine Funding Co. LLC, 5.46%, 09/04/24 | | | 3,500 | | | | 3,481,529 | |
| AT&T Inc., 5.40%, 08/19/24 | | | 840 | | | | 837,614 | |
| Bell Telephone Co. of Canada or Bell Canada (The) | | | | | | | | |
| 5.43%, 08/06/24 | | | 3,000 | | | | 2,997,286 | |
| 5.44%, 08/12/24 | | | 1,000 | | | | 998,190 | |
| Britannia Funding Co. LLC, 5.35%, 08/05/24 | | | 1,500 | | | | 1,498,886 | |
| Brookfield BRP Holdings Canada Inc., 5.43%, | | | | | | | | |
| 08/06/24 | | | 3,500 | | | | 3,497,205 | |
| Cabot Trail Funding LLC, 5.45%, 09/18/24 | | | 3,500 | | | | 3,474,210 | |
| Consolidated Edison Co. of New York Inc., 5.48%, | | | | | | | | |
| 08/19/24 | | | 3,500 | | | | 3,489,902 | |
| CRH America Finance Inc., 5.55%, 09/23/24 | | | 2,250 | | | | 2,231,437 | |
| DUKE ENERGY Corp., 5.55%, 10/02/24 | | | 3,000 | | | | 2,971,130 | |
| Fiserv Inc. | | | | | | | | |
| 5.46%, 08/07/24 | | | 1,500 | | | | 1,498,410 | |
| 5.50%, 08/19/24 | | | 3,500 | | | | 3,489,874 | |
| Florida Power & Light Co., 5.44%, 08/26/24 | | | 1,000 | | | | 996,086 | |
| Honeywell International Inc., 5.36%, 09/19/24 | | | 3,000 | | | | 2,977,847 | |
| Hyundai Capital America | | | | | | | | |
| 5.46%, 08/14/24 | | | 2,000 | | | | 1,995,760 | |
| 5.61%, 08/19/24 | | | 3,000 | | | | 2,991,144 | |
| 5.65%, 09/04/24 | | | 2,000 | | | | 1,989,080 | |
| Ionic Funding LLC | | | | | | | | |
| 5.37%, 08/02/24 | | | 3,000 | | | | 2,999,105 | |
| 5.43%, 08/15/24 | | | 1,680 | | | | 1,676,206 | |
| Jupiter Securitization Co. LLC, 5.41%, 10/04/24 | | | 3,000 | | | | 2,970,994 | |
| Keurig Dr. Pepper Inc. | | | | | | | | |
| 5.43%, 08/05/24 | | | 3,000 | | | | 2,997,739 | |
| 5.50%, 08/27/24 | | | 1,810 | | | | 1,802,558 | |
| Komatsu Finance America Inc., 5.32%, 08/13/24 | | | 2,000 | | | | 1,996,165 | |
| Lime Funding LLC, 5.43%, 10/03/24 | | | 3,000 | | | | 2,971,342 | |
| LMA-Americas LLC, 5.37%, 08/09/24 | | | 3,000 | | | | 2,995,980 | |
| LSEGA Financing PLC, 5.46%, 09/04/24 | | | 3,000 | | | | 2,984,162 | |
| LVMH Moet Hennessy Louis Vuitton SE, 5.33%, | | | | | | | | |
| 08/22/24 | | | 2,300 | | | | 2,292,536 | |
| Mackinac Funding Co. LLC, 5.40%, 08/22/24 | | | 3,500 | | | | 3,488,478 | |
| Marriott International Inc./MD, 5.52%, 08/07/24 | | | 3,500 | | | | 3,496,250 | |
| Marubeni Finance America LLC, 5.56%, 08/08/24 | | | 3,010 | | | | 3,006,288 | |
| Mitsubishi Corp. Americas | | | | | | | | |
| 5.37%, 09/16/24 | | | 3,250 | | | | 3,227,385 | |
| 5.38%, 10/07/24 | | | 2,020 | | | | 1,999,694 | |
| Mohawk Industries Inc., 5.55%, 09/06/24 | | | 3,000 | | | | 2,982,980 | |
| NextEra Energy Capital Holdings Inc. | | | | | | | | |
| 5.49%, 08/21/24 | | | 700 | | | | 697,765 | |
| 5.54%, 09/20/24 | | | 3,000 | | | | 2,976,625 | |
| Security | | Par (000) | | | Value | |
| | | | | | | |
| Oversea-Chinese Banking Corp. Ltd., 5.36%, 08/30/24 | | $ | 3,000 | | | $ | 2,986,662 | |
| PACCAR Financial Corp., 5.56%, 09/06/24 | | | 3,000 | | | | 2,982,949 | |
| Penske Truck Leasing Co. LP | | | | | | | | |
| 5.53%, 08/09/24 | | | 2,390 | | | | 2,386,699 | |
| 5.63%, 09/06/24 | | | 3,000 | | | | 2,982,729 | |
| PPG Industries Inc., 5.42%, 08/02/24 | | | 3,000 | | | | 2,999,096 | |
| Pure Grove Funding, 5.41%, 10/02/24 | | | 2,990 | | | | 2,961,959 | |
| Sanofi SA, 5.34%, 09/06/24 | | | 3,000 | | | | 2,983,620 | |
| SPIRE Inc. 08/24 ZCP, 5.45%, 08/12/24 | | | 3,000 | | | | 2,994,555 | |
| Toyota Industries Commercial Finance Inc., 5.35%, | | | | | | | | |
| 09/05/24 | | | 7,050 | | | | 7,012,508 | |
| Versailles CDS LLC, 5.40%, 09/09/24 | | | 1,500 | | | | 1,491,056 | |
| Victory Receivables Corp. | | | | | | | | |
| 5.35%, 08/09/24 | | | 3,250 | | | | 3,245,655 | |
| 5.41%, 10/01/24 | | | 2,000 | | | | 1,981,545 | |
| VW Credit Inc., 5.45%, 08/12/24 | | | 740 | | | | 738,657 | |
| | | | | | | | | |
| Total Commercial Paper — 53.9% | | | | | | | | |
| (Cost: $131,711,516) | | | | | | | 131,691,910 | |
| | | | | | | | | |
| U.S. Treasury Obligations(b) | | | | | | |
| U.S. Treasury Bill | | | | | | |
| 5.30%, 10/24/24 | | | 5,000 | | | | 4,940,045 | |
| 5.36%, 09/26/24 | | | 8,000 | | | | 7,934,558 | |
| 5.37%, 09/19/24 | | | 12,000 | | | | 11,914,295 | |
| 5.38%, 08/08/24 | | | 5,500 | | | | 5,494,374 | |
| 5.38%, 09/12/24 | | | 15,000 | | | | 14,907,567 | |
| 5.39%, 08/29/24 | | | 7,500 | | | | 7,469,229 | |
| 5.39%, 10/03/24 | | | 14,750 | | | | 14,616,248 | |
| 5.40%, 08/01/24 | | | 10,000 | | | | 10,000,000 | |
| 5.40%, 09/05/24 | | | 15,000 | | | | 14,923,046 | |
| | | | | | | | | |
| Total U.S. Treasury Obligations — 37.8% | | | | | | | | |
| (Cost: $92,199,949) | | | | | | | 92,199,362 | |
| | | Shares | | | | |
| | | | | | | |
| Money Market Funds | | | | | | | | |
| | | | | | | | | |
| BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)(d) | | | 7,390,000 | | | | 7,390,000 | |
| | | | | | | | | |
| Total Money Market Funds — 3.0% | | | | | | | | |
| (Cost: $7,390,000) | | | | | | | 7,390,000 | |
| | | | | | | | | |
| Total Investments — 95.4% | | | | | | | | |
| (Cost: $232,881,506) | | | | | | | 232,861,413 | |
| | | | | | | | | |
| Other Assets Less Liabilities — 4.6% | | | | | | | 11,288,112 | |
| | | | | | | | | |
| Net Assets — 100.0% | | | | | | $ | 244,149,525 | |
| (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. |
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® Bloomberg Roll Select Commodity Strategy ETF |
| July 31, 2024 | |
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 | | $ | 13,440,000 | | | $ | — | | | $ | (6,050,000 | )(a) | | $ | — | | | $ | — | | | $ | 7,390,000 | | | | 7,390,000 | | | $ | 583,649 | | | $ | — | |
| (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 | | | | | | | | | | | | | | |
| Bloomberg Roll Select Commodity Index | | | 9,586 | | | 09/18/24 | | $ | 243,484 | | | $ | (10,758,911 | ) |
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 | | $ | — | | | $ | 1,580,141 | | | $ | — | | | $ | 1,580,141 | |
| Commercial Paper | | | — | | | | 131,691,910 | | | | — | | | | 131,691,910 | |
| U.S. Treasury Obligations | | | — | | | | 92,199,362 | | | | — | | | | 92,199,362 | |
| Short-Term Securities | | | | | | | | | | | | | | | | |
| Money Market Funds | | | 7,390,000 | | | | — | | | | — | | | | 7,390,000 | |
| | | $ | 7,390,000 | | | $ | 225,471,413 | | | $ | — | | | $ | 232,861,413 | |
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® Bloomberg Roll Select Commodity Strategy ETF |
| July 31, 2024 | |
Fair Value Hierarchy as of Period End (continued)
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Derivative Financial Instruments(a) | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | |
| Commodity Contracts | | $ | (10,758,911 | ) | | $ | — | | | $ | — | | | $ | (10,758,911 | ) |
| (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 |
