| Consolidated Schedule of Investments (unaudited) | iShares® GSCI Commodity Dynamic Roll Strategy ETF |
| January 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Certificates of Deposit | ||||||||
| Banco Santander SA/New York, 5.46%, 02/16/24 | $ | 7,000 | $ | 7,000,833 | ||||
| Bank of America NA, 5.14%, 11/07/24 | 4,000 | 4,016,439 | ||||||
| Bank of Montreal | ||||||||
| 5.14%, 11/08/24 | 5,120 | 5,142,921 | ||||||
| 5.93%, 04/12/24 | 2,500 | 2,501,708 | ||||||
| Bank of Nova Scotia, 5.13%, 11/08/24 | 3,510 | 3,525,950 | ||||||
| BNP Paribas SA, 5.83%, 08/08/24 | 6,820 | 6,836,306 | ||||||
| BNP Paribas SA/New York, 5.70%, 03/04/24 | 3,000 | 3,000,461 | ||||||
| Canadian Imperial Bank of Commerce, 5.40%, 02/08/24 | 4,000 | 3,999,871 | ||||||
| Canadian Imperial Bank of Commerce/New York, 5.51%, 07/22/24, (1-day SOFR + 0.640%)(a) | 5,000 | 5,012,221 | ||||||
| Commonwealth Bank of Australia, 5.02%, 11/27/24 | 2,150 | 2,160,906 | ||||||
| Credit Agricole Corporate and Investment Bank/New York, 5.37%, 02/02/24, (1-day SOFR + 0.270%)(a) | 4,000 | 4,000,047 | ||||||
| HSBC Bank USA NA, 5.18%, 11/25/24 | 3,000 | 3,013,258 | ||||||
| Sumitomo Mitsui Banking Corp./New York | ||||||||
| 5.46%, 02/20/24, (1-day SOFR + 0.400%)(a) | 7,000 | 7,001,029 | ||||||
| 5.73%, 02/07/24, (1-day SOFR + 0.420%)(a) | 2,000 | 2,000,112 | ||||||
| Sumitomo Mitsui Trust Bank Ltd./ New York, 5.52%, 07/22/24 | 2,540 | 2,539,991 | ||||||
| Svenska Handelsbanken/New York NY, 5.86%, 04/29/24, (1-day SOFR + 0.550%)(a) | 4,000 | 4,004,689 | ||||||
| Toronto-Dominion Bank, 5.14%, 10/02/24 | 5,000 | 5,024,782 | ||||||
| Wells Fargo Bank N.A., 5.66%, 09/04/24, (1-day SOFR + 0.600%)(a) | 5,000 | 5,010,277 | ||||||
| Wells Fargo Bank NA, 5.95%, 07/08/24, (1-day SOFR + 0.640%)(a) | 4,000 | 4,007,982 | ||||||
| Total Certificates of Deposit — 12.3% | ||||||||
| (Cost: $79,640,000) | 79,799,783 | |||||||
| Commercial Paper | ||||||||
| Alinghi Funding Co. LLC, 5.37%, 06/18/24 | 6,560 | 6,426,858 | ||||||
| Amcor Flexibles North America Inc. | ||||||||
| 5.71%, 02/26/24 | 5,300 | 5,278,237 | ||||||
| 5.71%, 03/07/24 | 5,650 | 5,617,931 | ||||||
| American Electric Power Co. Inc., 5.58%, 02/27/24 | 2,760 | 2,748,490 | ||||||
| American Honda Finance Corp., 5.67%, 04/16/24 | 7,000 | 6,917,254 | ||||||
| Australia & New Zealand Banking Group Ltd., 5.26%, 07/30/24 | 3,000 | 2,922,649 | ||||||
| Bank of Nova Scotia (The), 5.37%, 06/11/24 | 6,000 | 5,884,232 | ||||||
| BASF SE, 5.44%, 03/28/24 | 10,800 | 10,707,848 | ||||||
| Bell Telephone Co. of Canada or Bell Canada (The) | ||||||||
| 5.43%, 07/03/24 | 8,000 | 7,818,510 | ||||||
| 5.53%, 05/03/24 | 2,500 | 2,464,785 | ||||||
| BofA Securities Inc., 5.22%, 11/15/24 | 4,950 | 4,750,866 | ||||||
| BPCE SA, 5.43%, 06/06/24 | 6,930 | 6,799,809 | ||||||
| Britannia Funding Co. LLC | ||||||||
| 5.46%, 04/16/24 | 2,100 | 2,076,060 | ||||||
| 5.55%, 04/25/24 | 7,000 | 7,000,031 | ||||||
| Brookfield Infrastructure Holdings Canada Inc., 5.42%, 02/01/24 | 5,000 | 4,999,247 | ||||||
| Canadian National Railway Co., 5.38%, 02/23/24 | 6,500 | 6,477,744 | ||||||
| CDP Financial Inc., 5.36%, 06/07/24 | 1,081 | 1,060,793 | ||||||
| CenterPoint Energy Resources Corp., 5.49%, 02/15/24 | 6,940 | 6,924,148 | ||||||
| Citigroup Global Markets Inc. | ||||||||
| 5.26%, 09/16/24 | 5,000 | 4,838,021 | ||||||
| 5.26%, 09/23/24 | 6,670 | 6,447,865 | ||||||
| Security | Par (000) | Value | ||||||
| 5.42%, 06/06/24 | $ | 3,000 | $ | 2,943,699 | ||||
| Commonwealth Bank of Australia | ||||||||
| 5.22%, 07/26/24 | 4,750 | 4,631,104 | ||||||
| 5.47%, 09/23/24 | 6,750 | 6,516,440 | ||||||
| CVS Health Corp., 5.41%, 02/07/24 | 3,750 | 3,746,587 | ||||||
| Evergy Metro Inc. | ||||||||
| 5.49%, 02/15/24 | 3,000 | 2,993,607 | ||||||
| 5.60%, 02/29/24 | 7,000 | 6,968,572 | ||||||
| Federation des Caisses Desjardins du Quebec, 5.40%, 02/28/24 | 1,750 | 1,742,678 | ||||||
| Fidelity National Information Services Inc., 5.45%, 02/09/24 | 11,000 | 10,985,034 | ||||||
| FMS Wertmanagement | ||||||||
| 5.37%, 05/02/24 | 4,000 | 3,945,873 | ||||||
| 5.37%, 05/03/24 | 4,000 | 3,945,310 | ||||||
| GTA Funding LLC, 5.37%, 02/21/24 | 9,750 | 9,719,549 | ||||||
| HSBC USA Inc., 5.58%, 01/21/25 | 7,000 | 6,634,202 | ||||||
| Jupiter Securitization Co. LLC, 5.41%, 03/21/24 | 6,400 | 6,352,267 | ||||||
| Keurig Dr Pepper Inc. | ||||||||
| 5.61%, 03/11/24 | 3,100 | 3,080,803 | ||||||
| 5.61%, 03/13/24 | 7,000 | 6,954,479 | ||||||
| Korea Development Bank/New York NY, 5.24%, 07/16/24 | 1,500 | 1,464,408 | ||||||
| Lloyds Bank PLC, 5.37%, 03/01/24 | 6,810 | 6,779,639 | ||||||
| LSEGA Financing PLC | ||||||||
| 5.48%, 03/07/24 | 6,000 | 5,967,276 | ||||||
| 5.56%, 04/23/24 | 2,541 | 2,508,863 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | ||||||||
| 5.22%, 07/26/24 | 1,750 | 1,706,222 | ||||||
| 5.32%, 02/09/24 | 4,637 | 4,630,843 | ||||||
| 5.32%, 02/12/24 | 1,904 | 1,900,629 | ||||||
| 5.32%, 06/06/24 | 2,000 | 1,963,161 | ||||||
| 5.35%, 05/23/24 | 1,237 | 1,216,582 | ||||||
| 5.37%, 03/21/24 | 3,500 | 3,474,106 | ||||||
| Macquarie Bank Ltd., 5.55%, 05/16/24 | 2,750 | 2,705,784 | ||||||
| Marriott International Inc./MD | ||||||||
| 5.58%, 02/13/24 | 2,500 | 2,494,977 | ||||||
| 5.59%, 02/14/24 | 2,000 | 1,995,665 | ||||||
| Medtronic Global Holdings SCA, 5.45%, 02/13/24 | 2,250 | 2,245,584 | ||||||
| Mitsubishi HC Finance America LLC, 5.62%, 02/01/24 | 1,750 | 1,749,727 | ||||||
| MUFG Bank Ltd./New York NY, 5.41%, 07/11/24 | 5,290 | 5,164,281 | ||||||
| National Australia Bank Ltd., 5.44%, 04/12/24, (1-day SOFR + 0.500%)(a)(b) | 5,000 | 5,004,011 | ||||||
| National Rural Utilities Cooperative Finance Corp., 5.33%, 02/05/24 | 6,750 | 6,745,008 | ||||||
| Nutrien Ltd., 5.54%, 02/16/24 | 1,500 | 1,496,317 | ||||||
| Penske Truck Leasing Co. LP, 5.65%, 02/20/24 | 6,970 | 6,948,203 | ||||||
| Pure Grove Funding, 5.40%, 03/11/24 | 10,600 | 10,536,753 | ||||||
| Sanofi SA | ||||||||
| 5.36%, 03/19/24 | 6,000 | 5,957,424 | ||||||
| 5.38%, 04/08/24 | 6,809 | 6,740,466 | ||||||
| Societe Generale SA, 5.39%, 03/06/24 | 10,000 | 9,947,830 | ||||||
| Spire Inc., 5.50%, 02/16/24 | 6,750 | 6,733,535 | ||||||
| Ste Transcore Holdings Inc., 5.39%, 02/20/24 | 4,100 | 4,087,756 | ||||||
| Suncorp-Metway Ltd., 5.70%, 04/29/24 | 3,300 | 3,254,150 | ||||||
| Svenska Handelsbanken AB, 5.26%, 08/09/24 | 6,530 | 6,352,607 | ||||||
| Toyota Motor Credit Corp. | ||||||||
| 5.32%, 02/23/24 | 8,000 | 7,972,892 | ||||||
| 5.33%, 07/29/24 | 5,680 | 5,532,604 | ||||||
| Volvo Treasury North America LP | ||||||||
| 5.44%, 02/07/24 | 3,000 | 2,996,832 | ||||||
| 5.67%, 04/17/24 | 6,610 | 6,530,747 | ||||||
1
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® GSCI Commodity Dynamic Roll Strategy ETF |
| January 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| 5.68%, 04/25/24 | $ | 1,600 | $ | 1,578,813 | ||||
| VW Credit Inc. | ||||||||
| 5.63%, 03/18/24 | 910 | 903,357 | ||||||
| 5.67%, 04/18/24 | 3,500 | 3,457,488 | ||||||
| 5.67%, 05/30/24 | 6,370 | 6,251,879 | ||||||
| WEC Energy Group Inc. | ||||||||
| 5.42%, 02/02/24 | 7,500 | 7,497,740 | ||||||
| 5.43%, 02/05/24 | 2,250 | 2,248,304 | ||||||
| Westpac Banking Corp., 5.09%, 11/07/24 | 3,970 | 3,818,258 | ||||||
| Total Commercial Paper — 55.5% | ||||||||
| (Cost: $359,748,773) | 359,882,303 | |||||||
| U.S. Treasury Obligations(c) | ||||||||
| U.S. Treasury Bill | ||||||||
| 5.21%, 04/18/24 | 8,000 | 7,910,982 | ||||||
| 5.22%, 07/05/24 | 8,500 | 8,315,545 | ||||||
| 5.27%, 09/05/24 | 10,000 | 9,712,204 | ||||||
| 5.32%, 04/16/24 | 6,750 | 6,677,144 | ||||||
| 5.36%, 04/25/24 | 10,000 | 9,878,547 | ||||||
| 5.38%, 03/14/24 | 10,000 | 9,938,433 | ||||||
| 5.38%, 04/04/24 | 10,000 | 9,908,344 | ||||||
| 5.40%, 03/19/24 | 9,250 | 9,186,308 | ||||||
| 5.43%, 06/13/24 | 12,000 | 11,774,713 | ||||||
| 5.45%, 05/16/24 | 12,000 | 11,818,583 | ||||||
| 5.50%, 02/15/24 | 5,000 | 4,989,797 | ||||||
| 5.52%, 03/07/24 | 10,000 | 9,948,755 | ||||||
| Total U.S. Treasury Obligations — 17.0% | ||||||||
| (Cost: $110,040,331) | 110,059,355 | |||||||
| Security | Shares | Value | ||||||
| Money Market Funds | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e) | 74,890,000 | $ | 74,890,000 | |||||
| Total Money Market Funds — 11.6% | ||||||||
| (Cost: $74,890,000) | 74,890,000 | |||||||
| Total Investments — 96.4% | ||||||||
| (Cost: $624,319,104) | 624,631,441 | |||||||
| Other Assets Less Liabilities — 3.6% | 23,202,451 | |||||||
| Net Assets — 100.0% | $ | 647,833,892 | ||||||
| (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 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 | $ | 75,490,095 | $ | — | $ | (600,095 | )(a) | $ | — | $ | — | $ | 74,890,000 | 74,890,000 | $ | 874,122 | $ | — | ||||||||||||||||||
| (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 | ||||||||||||
| Natural Gas | 644 | 02/27/24 | $ | 13,524 | $ | (7,381,100 | ) | |||||
| Wheat KCBT | 237 | 03/14/24 | 7,371 | (1,722,557 | ) | |||||||
| Coffee | 90 | 03/18/24 | 6,549 | 705,611 | ||||||||
| LME Lead | 71 | 03/18/24 | 3,886 | 264,715 | ||||||||
| Silver | 26 | 03/26/24 | 3,012 | 35,106 | ||||||||
| Feeder Cattle | 107 | 03/28/24 | 12,848 | 1,166,924 | ||||||||
2
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® GSCI Commodity Dynamic Roll Strategy ETF |
| January 31, 2024 |
Futures Contracts (continued)
| Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
| NY Harbor ULSD (Heat Oil) | 272 | 03/28/24 | $ | 31,077 | $ | 2,964,632 | ||||||||
| Gas Oil | 476 | 04/11/24 | 38,782 | 4,259,155 | ||||||||||
| Lean Hogs | 426 | 04/12/24 | 14,454 | 1,053,158 | ||||||||||
| LME Zinc | 83 | 04/15/24 | 5,241 | 36,063 | ||||||||||
| Cocoa | 81 | 05/15/24 | 3,851 | 625,377 | ||||||||||
| Live Cattle | 424 | 06/28/24 | 30,337 | (1,802,375 | ) | |||||||||
| Sugar | 537 | 06/28/24 | 13,695 | (902,828 | ) | |||||||||
| Cotton | 171 | 07/09/24 | 7,450 | 534,343 | ||||||||||
| Wheat | 611 | 07/12/24 | 18,643 | (2,693,895 | ) | |||||||||
| Corn | 1,369 | 09/13/24 | 32,274 | (2,363,385 | ) | |||||||||
| Soybean | 389 | 11/14/24 | 23,335 | (813,424 | ) | |||||||||
| Brent Crude Oil | 1,734 | 11/29/24 | 133,657 | 4,885,585 | ||||||||||
| RBOB Gasoline | 285 | 11/29/24 | 24,617 | 1,147,406 | ||||||||||
| WTI Crude Oil | 1,719 | 12/19/24 | 124,542 | 4,358,374 | ||||||||||
| Gold 100 OZ | 158 | 12/27/24 | 33,741 | 1,065,295 | ||||||||||
| LME Copper | 148 | 12/15/25 | 32,329 | 1,016,472 | ||||||||||
| LME Nickel | 55 | 12/15/25 | 5,855 | (193,954 | ) | |||||||||
| LME PRI Aluminum | 422 | 12/15/25 | 26,553 | 216,944 | ||||||||||
| $ | 6,461,642 | |||||||||||||
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 | $ | — | $ | 79,799,783 | $ | — | $ | 79,799,783 | ||||||||
| Commercial Paper | — | 359,882,303 | — | 359,882,303 | ||||||||||||
| U.S. Treasury Obligations | — | 110,059,355 | — | 110,059,355 | ||||||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 74,890,000 | — | — | 74,890,000 | ||||||||||||
| $ | 74,890,000 | $ | 549,741,441 | $ | — | $ | 624,631,441 | |||||||||
3
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® GSCI Commodity Dynamic Roll Strategy ETF |
| January 31, 2024 |
Fair Value Hierarchy as of Period End (continued)
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Commodity Contracts | $ | 24,335,160 | $ | — | $ | — | $ | 24,335,160 | ||||||||
| Liabilities | ||||||||||||||||
| Commodity Contracts | (17,873,518 | ) | — | — | (17,873,518 | ) | ||||||||||
| $ | 6,461,642 | $ | — | $ | — | 6,461,642 | ||||||||||
| (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 |
4