| Consolidated Schedule of Investments (unaudited) | iShares® Bloomberg Roll Select Commodity Strategy ETF |
| July 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Par
(000) | Value | ||||||
| Commercial Paper | ||||||||
| Alpine Securitization LLC, 2.93%, 10/03/22(a) | $ | 4,000 | $ | 3,981,730 | ||||
| Antalis SA, 2.86%, 10/07/22(a) | 5,000 | 4,974,362 | ||||||
| AT&T Inc., 2.70%, 09/13/22(a) | 10,000 | 9,965,641 | ||||||
| Banco Santander SA, 2.30%, 08/03/22(a) | 7,000 | 6,997,764 | ||||||
| BASF SE, 2.55%, 09/22/22(a) | 10,000 | 9,961,164 | ||||||
| Britannia Funding Co. LLC, 2.66%, 10/07/22(a) | 5,000 | 4,974,042 | ||||||
| Collateralized Commercial Paper FLEX Co. LLC, 2.42%, 08/10/22(a) | 11,000 | 10,991,512 | ||||||
| DBS Bank Ltd. | ||||||||
| 2.39%, 09/06/22(a) | 8,000 | 7,979,356 | ||||||
| 2.58%, 10/03/22(a) | 2,900 | 2,886,368 | ||||||
| Evergy Missouri West Inc., 2.57%, 08/09/22(a) | 8,000 | 7,993,723 | ||||||
| Federation des Caisses Desjardins du Quebec | ||||||||
| 2.31%, 08/19/22(a) | 2,500 | 2,496,634 | ||||||
| 2.81%, 10/25/22(a) | 5,250 | 5,214,156 | ||||||
| Fiserv Inc., 2.94%, 10/20/22(a) | 6,000 | 5,959,565 | ||||||
| FMS Wertmanagement, 2.54%, 09/26/22(a) | 10,000 | 9,961,889 | ||||||
| Korea Development Bank (The), 2.33%, 08/25/22(a) | 10,000 | 9,982,555 | ||||||
| Lime Funding LLC, 2.59%, 09/23/22(a) | 3,000 | 2,988,161 | ||||||
| MetLife Short Term Funding LLC, 1.96%, 08/01/22(a) | 12,000 | 11,997,736 | ||||||
| Mizuho Bank Ltd. /Singapore, 2.69%, 10/17/22(a) | 7,000 | 6,958,420 | ||||||
| Nasdaq Inc., 2.52%, 08/17/22(a) | 5,000 | 4,993,363 | ||||||
| National Securities Clearing Corp., 2.32%, 08/23/22(a) | 7,000 | 6,988,756 | ||||||
| Nieuw Amsterdam Receivables Corp. BV | ||||||||
| 2.29%, 09/27/22(a) | 2,000 | 1,991,300 | ||||||
| 2.71%, 09/29/22(a) | 3,050 | 3,036,201 | ||||||
| Norinchukin BK BR, 2.32%, 08/12/22(a) | 8,500 | 8,498,936 | ||||||
| PSP Capital Inc., 2.69%, 10/19/22(a) | 9,000 | 8,945,142 | ||||||
| Pure Grove Funding, 2.71%, 10/17/22(a) | 7,000 | 6,957,487 | ||||||
| Salisbury Receivables Co. LLC, 2.48%, 09/27/22(a) | 11,300 | 11,253,482 | ||||||
| Shinhan Bank/New York | ||||||||
| 2.38%, 09/07/22(a) | 8,000 | 7,978,871 | ||||||
| 2.62%, 10/14/22(a) | 4,000 | 3,977,704 | ||||||
| Skandinaviska Enskilda Banken AB, 1.87%, 09/01/22, (SOFR + 0.340%)(b)(c) | 1,500 | 1,500,075 | ||||||
| Sumitomo Mitsui Trust Bank Ltd., 2.76%, 10/18/22(a) | 8,000 | 7,950,662 | ||||||
| Suncorp-Metway Ltd., 2.79%, 10/04/22(a) | 2,500 | 2,487,079 | ||||||
| Security | Par/ Shares (000) | Value | ||||||
| TELUS Corp., 2.64%, 08/25/22(a) | $ | 5,300 | $ | 5,289,518 | ||||
| TransCanada PipeLines Ltd., 2.55%, 08/05/22(a) | 8,400 | 8,395,835 | ||||||
| Verizon Communications Inc., 2.71%, 09/13/22(a) | 3,000 | 2,989,638 | ||||||
| Victory Receivables Corp., 2.37%, 09/26/22(a) | 11,000 | 10,952,731 | ||||||
| Total Commercial Paper — 72.1% | ||||||||
| (Cost: $230,524,612) | 230,451,558 | |||||||
| U.S. Government Obligations | ||||||||
| U.S. Government Obligations — 11.2% | ||||||||
| U.S. Treasury Bill | ||||||||
| 1.80%, 08/02/22 (a) | 8,300 | 8,299,591 | ||||||
| 1.92%, 08/04/22 (a) | 27,500 | 27,495,657 | ||||||
| Total U.S. Government Obligations — 11.2% | ||||||||
| (Cost: $35,796,463) | 35,795,248 | |||||||
| Money Market Funds | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(d)(e) | 41,040 | 41,040,000 | ||||||
| Total Money Market Funds — 12.8% | ||||||||
| (Cost: $41,040,000) | 41,040,000 | |||||||
| Total Investments in Securities — 96.1% | ||||||||
| (Cost: $307,361,075) | 307,286,806 | |||||||
| Other Assets Less Liabilities — 3.9% | 12,605,669 | |||||||
| Net Assets — 100.0% | $ | 319,892,475 | ||||||
| (a) | Rates are discount rates or a range of discount rates as of period end. |
| (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) | 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. |
| (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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value
at 10/31/21 | Purchases at Cost | Proceeds from Sale | Net
Realized Gain (Loss) | Change
in Unrealized Appreciation (Depreciation) | Value
at 07/31/22 | Shares Held at 07/31/22 (000) | Income | Capital
Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 19,480,000 | $ | 21,560,000 | (a) | $ | — | $ | — | $ | — | $ | 41,040,000 | 41,040 | $ | 112,997 | $ | — | ||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
1
| Consolidated Schedule of Investments (unaudited) (continued) | iShares® Bloomberg Roll Select Commodity Strategy ETF |
| July 31, 2022 |
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 Index | 10,184 | 09/21/22 | $ | 319,401 | $ | (43,601,235 | ) | |||||||
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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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 | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Commercial Paper | $ | — | $ | 230,451,558 | $ | — | $ | 230,451,558 | ||||||||
| U.S. Government Obligations | — | 35,795,248 | — | 35,795,248 | ||||||||||||
| Money Market Funds | 41,040,000 | — | — | 41,040,000 | ||||||||||||
| $ | 41,040,000 | $ | 266,246,806 | $ | — | $ | 307,286,806 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Futures Contracts | $ | (43,601,235 | ) | $ | — | $ | — | $ | (43,601,235 | ) | ||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviations - Fixed Income
| SOFR | Secured Overnight Financing Rate |
2