iShares U.S. ETF Trust


		APRIL 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares U.S. ETF Trust

· iShares Bloomberg Roll Select Commodity Strategy ETF | CMDY | NYSE Arca

· iShares Commodity Curve Carry Strategy ETF | CCRV | NYSE Arca

· iShares Gold Strategy ETF | IAUF | Cboe BZX

· iShares GSCI Commodity Dynamic Roll Strategy ETF | COMT | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(9.65	)%		0.21	%

U.S. small cap equities (Russell 2000^® Index)		(18.38	)		(16.87	)

International equities (MSCI Europe, Australasia, Far East Index)		(11.80	)		(8.15	)

Emerging market equities (MSCI Emerging Markets Index)		(14.15	)		(18.33	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.07			0.08

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.29	)		(8.86	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.47	)		(8.51	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(7.90	)		(7.88	)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.40	)		(5.22	)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page


The Markets in Review		2
Fund Summary		4
About Fund Performance		8
Shareholder Expenses		8
Consolidated Schedules of Investments		9
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities		21
Consolidated Statements of Operations		22
Consolidated Statements of Changes in Net Assets		23
Consolidated Financial Highlights		25
Notes to Consolidated Financial Statements		29
Statement Regarding Liquidity Risk Management Program		36
Supplemental Information		37
General Information		38
Glossary of Terms Used in this Report		39


Fund Summary as of April 30, 2022		iShares^® Bloomberg Roll Select Commodity Strategy ETF

Investment Objective

The iShares Bloomberg Roll Select Commodity Strategy ETF (the “Fund”) seeks to track the investment results of an index composed of a broad range of commodity exposures with enhanced roll selection, on a total return basis, as represented by the Bloomberg Roll Select Commodity Total Return Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns				Cumulative Total Returns

	6 Months			1 Year			Since Inception	1 Year			Since Inception

Fund NAV		24.41	%		42.37	%	11.27%		42.37	%	54.57%
Fund Market		23.21			41.24		11.12		41.24		53.71
Index		25.04			43.62		11.89		43.62		58.08

The inception date of the Fund was 4/3/18. The first day of secondary market trading was 4/5/18.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,244.10	$ 1.50			$ 1,000.00	$ 1,023.50	$ 1.35		0.27	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE




Investment Type	Percent of Net Assets

Commercial Paper		70.7	%
U.S. Treasury Obligations		14.7
Money Market Funds		9.2
Cash		6.7
Futures		0.5
Other assets, less liabilities		(1.8	)

COMMODITIES EXPOSURE




Sector Exposure^(a)	Percent of Exposure

Energy Futures		36.2	%
Agriculture Futures		28.8
Precious Metals Futures		16.5
Industrial Metals Futures		14.0
Livestock Futures		4.5

^(a)

Represents the sector allocation of the Bloomberg Roll Select Commodity Total Return Index.


4		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of April 30, 2022		iShares^® Commodity Curve Carry Strategy ETF

Investment Objective

The iShares Commodity Curve Carry Strategy ETF (the “Fund”) seeks to track the investment results of an index composed of commodities with the top ten highest ranking roll yields, on a total return basis, selected from a broad commodity universe, as represented by the ICE BofA Commodity Enhanced Carry Total Return Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns		Cumulative Total Returns

	6 Months			1 Year	Since Inception	1 Year			Since Inception

Fund NAV		29.99	%	49.98%	43.75%		49.98	%		82.86	%
Fund Market		29.00		49.70	43.49		49.70			82.30
Index		30.35		50.78	44.50		50.78			84.50

The inception date of the Fund was 9/1/20. The first day of secondary market trading was 9/3/20.

Certain sectors and markets performed exceptionally well based on market conditions during the six-months and one-year periods. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,299.90	$ 2.22			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



Investment Type	Percent of Net Assets

Commercial Paper		58.4	%
U.S. Treasury Obligations		11.7
Money Market Funds		31.3
Cash		0.0	^(a)
Commodity Swaps		30.7
Other assets, less liabilities		(32.1	)

FIVE LARGEST HOLDINGS



Security	Percent of Net Assets

U.S. Treasury Bill, 0.29%, 05/24/22		7.4	%
Ecolab Inc., 0.80%, 05/18/22		3.2
Export Development Corp., 0.76%, 06/23/22		3.2
NASDAQ Inc., 1.06%, 06/17/22		3.2
Bayerische Landesbank/New York, 1.08%, 07/07/22		3.2

^(a)

Rounds to less than 0.1%.


F U N D S U M M A R Y		5


Fund Summary as of April 30, 2022		iShares^® Gold Strategy ETF

Investment Objective

The iShares Gold Strategy ETF (the “Fund”) seeks to track the investment results of an index that provides exposure, on a total return basis, to the price performance of gold, as represented by the Bloomberg Composite Gold Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns					Cumulative Total Returns



	6 Months			1 Year			Since Inception		1 Year			Since Inception

Fund NAV		6.37	%		6.74	%		8.86%		6.74	%		39.27	%
Fund Market		5.83			6.20			8.72		6.20			38.56
Index		6.62			7.23			9.10		7.23			40.45

The inception date of the Fund was 6/6/18. The first day of secondary market trading was 6/8/18.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,063.70	$ 0.77			$ 1,000.00	$ 1,024.10	$ 0.75		0.15	%

^(a)

Portfolio Information


ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets

Money Market Funds		76.7	%
Grantor Trust		21.9
Cash		3.2
Futures		(0.6	)
Other assets, less liabilities		(1.2	)


COMMODITY-LINKED FUTURES

Sector Exposure^(a)	Percent of Net Assets

Gold Futures		75.8	%

^(a)

Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.


6		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of April 30, 2022		iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Investment Objective

The iShares GSCI Commodity Dynamic Roll Strategy ETF (the “Fund”) seeks to track the investment results of an index composed of a broad range of commodity exposures with enhanced roll selection, on a total return basis, as represented by the S&P GSCI Dynamic Roll (USD) Total Return Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		31.95	%		53.58	%		12.36	%		2.67	%		53.58	%		79.10	%		22.00	%
Fund Market		31.19			52.95			12.29			2.61			52.95			78.53			21.43
Index		32.32			54.35			12.80			(0.17	)		54.35			82.59			(1.26	)

The inception date of the Fund was 10/15/14. The first day of secondary market trading was 10/16/14.

Index performance through January 30, 2020 reflects the performance of the S&P GSCI Dynamic Roll Reduced Energy 70/30 Futures/Equity Blend Total Return Index. Index performance beginning on January 31, 2020 reflects the performance of the S&P GSCI Dynamic Roll (USD) Total Return Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,319.50	$ 2.76			$ 1,000.00	$ 1,022.40	$ 2.41		0.48	%

^(a)

Portfolio Information


ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets

Commercial Paper		66.2	%
U.S. Treasury Obligations		12.3
Certificates of Deposit		4.2
Money Market Funds		9.1
Cash		3.5
Futures		5.1
Other assets, less liabilities		(0.4	)


COMMODITY-LINKED FUTURES

Sector Exposure^(a)	Percent of Net Assets

Energy Futures		62.1	%
Agriculture Futures		18.8
Industrial Metals Futures		10.3
Livestock Futures		5.2
Precious Metals Futures		3.6

^(a)

Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.


F U N D S U M M A R Y		7

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


8		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited)

April 30, 2022

iShares^® Bloomberg Roll Select Commodity Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Commercial Paper
ANZ New Zealand International Ltd.
0.46%, 05/09/22^(a)	$	7,000	$	6,999,113
1.15%, 07/19/22^(a)		6,000		5,984,569
AT & T Inc., 0.56%, 05/02/22^(a)		1,950		1,949,909
Banco Santander SA, 0.39%, 05/04/22^(a)		2,000		1,999,891
Barton Capital Corp., 1.07%, 07/05/22^(a)		6,000		5,988,074
Bayerische Landesbank/New York, 1.08%, 07/07/22^(a)		12,000		11,975,160
BNP Paribas SA, 0.88%, 06/16/22^(a)		10,000		9,988,347
Brighthouse Financial Short Term Funding
0.71%, 05/23/22^(a)		3,000		2,998,574
0.75%, 06/01/22^(a)		4,000		3,997,252
Britannia Funding Co.
0.81%, 06/07/22^(a)		1,750		1,748,358
1.02%, 06/27/22^(a)		5,000		4,991,699
Ecolab Inc., 0.80%, 05/18/22^(a)		10,000		9,995,804
ENGIE SA, 0.90%, 06/08/22^(a)		5,800		5,794,039
Export Development Corp., 0.76%, 06/23/22^(a)		13,000		12,984,866
Federation des Caisses, 0.79%, 06/06/22^(a)		12,500		12,489,603
Fidelity National Information Services, 0.89%, 05/23/22^(a)		11,333		11,326,291
Ionic Capital II Trust, 0.80%, 05/27/22^(a)		10,000		9,994,190
Korea Development Bank (The), 0.71%, 05/25/22^(a)		4,000		3,997,952
Landesbank Baden-Wuerttemberg, 0.95%, 06/21/22^(a)		10,000		9,985,984
Lime Funding LLC, 0.59%, 05/04/22^(a)		8,377		8,376,547
Lloyds Bank PLC
0.95%, 07/01/22^(a)		5,000		4,991,688
1.13%, 07/19/22^(a)		10,000		9,974,575
Mitsubishi HC Capital America Inc., 0.82%, 05/17/22^(a)		6,000		5,997,537
Mitsubishi UFJ Financial Group
0.73%, 05/31/22^(a)		7,000		6,995,439
1.10%, 07/06/22^(a)		4,000		3,991,689
Mizuho Bank Ltd.
0.86%, 06/14/22^(a)		8,000		7,991,260
0.87%, 06/15/22^(a)		4,000		3,995,478
Mont Blanc Capital Corp., 0.83%, 06/10/22^(a)		7,000		6,992,993
NASDAQ Inc., 1.06%, 06/17/22^(a)		8,350		8,338,021
Nieuw Amsterdam Recv
0.64%, 05/11/22^(a)		5,000		4,999,078
0.81%, 06/06/22^(a)		5,000		4,995,334
Nutrien Ltd.
0.85%, 05/19/22^(a)		7,000		6,996,683
1.20%, 06/28/22^(a)		2,300		2,295,400


Security	Par/ Shares (000)		Value


Regatta Funding Co., 1.43%, 07/25/22^(a)	$	12,000	$	11,963,112
Sherwin Williams Co., 0.47%, 05/03/22^(a)		6,000		5,999,684
ST Engineering
0.43%, 05/09/22^(a)		11,000		10,998,689
0.91%, 07/13/22^(a)		3,000		2,994,300
Starbird Funding Corp., 0.62%, 05/16/22^(a)		2,000		1,999,412
Verizon Communications Inc., 0.89%, 05/23/22^(a)		9,000		8,994,672
Victory Receivables
0.46%, 05/04/22^(a)		1,000		999,946
1.03%, 06/28/22^(a)		2,000		1,996,400
VW CR Inc., 0.89%, 05/23/22^(a)		4,500		4,497,336


Total Commercial Paper — 70.7% (Cost: $272,579,676)				272,564,948


U.S. Treasury Obligations
U.S. Treasury Bill
0.09%, 05/03/22^(a)		550		549,999
0.11%, 05/10/22^(a)		8,600		8,599,785
0.19%, 05/17/22^(a)		1,100		1,099,914
0.29%, 05/24/22^(a)		24,700		24,695,660
0.45%, 06/16/22^(a)		21,850		21,837,863


Total U.S. Treasury Obligations — 14.7% (Cost: $56,779,855)				56,783,221


Money Market Funds

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(b)(c)		35,520		35,520,000


Total Money Market Funds — 9.2% (Cost: $35,520,000)				35,520,000


Total Investments in Securities — 94.6% (Cost: $364,879,531)				364,868,169

Other Assets, Less Liabilities — 5.4%				20,652,583


Net Assets — 100.0%			$	385,520,752

^(a)	Rates are discount rates or a range of discount rates as of period end.

^(b)	Affiliate of the Fund.

^(c)	Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 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 Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	19,480,000	$	16,040,000	^(a)	$	—	$	—	$	—	$	35,520,000		35,520	$	12,765	$	—

^(a)	Represents net amount purchased (sold).


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		9

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® Bloomberg Roll Select Commodity Strategy ETF

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

11,283

06/15/22

381,523

1,825,199

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:




	Commodity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	1,825,199

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:




	Commodity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	70,472,970


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(8,825,877	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	278,737,369

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated 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	$	—	$	272,564,948	$	—	$	272,564,948
U.S. Treasury Obligations		—		56,783,221		—		56,783,221
Money Market Funds		35,520,000		—		—		35,520,000


	$	35,520,000	$	329,348,169	$	—	$	364,868,169

Derivative financial instruments^(a)
Assets
Futures Contracts	$	1,825,199	$	—	$	—	$	1,825,199

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements


10		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited)

April 30, 2022

iShares^® Commodity Curve Carry Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Paper

ANZ New Zealand International Ltd., 1.15%, 07/19/22^(a)	$	1,000	$	997,428
AT & T Inc., 0.56%, 05/02/22^(a)		250		249,988
Bayerische Landesbank/New York, 1.08%, 07/07/22^(a)		1,300		1,297,309
BNP Paribas SA, 0.88%, 06/16/22^(a)		300		299,650
Britannia Funding Co., 0.81%, 06/07/22^(a)		500		499,531
Caisse d’Amortissement de la Dette Sociale, 0.87%, 06/15/22^(a)		1,000		998,863
Ecolab Inc., 0.80%, 05/18/22^(a)		1,300		1,299,454
ENGIE SA, 0.90%, 06/08/22^(a)		500		499,486
Export Development Corp., 0.76%, 06/23/22^(a)		1,300		1,298,487
Federation des Caisses, 0.79%, 06/06/22^(a)		700		699,418
Ionic Capital II Trust, 0.80%, 05/27/22^(a)		1,000		999,419
Korea Development Bank (The), 0.71%, 05/25/22^(a)		1,000		999,488
Landesbank Baden-Wuerttemberg, 0.95%, 06/21/22^(a)		1,000		998,598
Lime Funding LLC, 0.59%, 05/04/22^(a)		1,000		999,946
Lloyds Bank PLC, 1.13%, 07/19/22^(a)		1,000		997,457
Matchpoint Finance PLC, 0.59%, 05/18/22^(a)		800		799,728
Mitsubishi HC Capital America Inc., 0.82%, 05/17/22^(a)		750		749,692
Mitsubishi UFJ Financial Group, 1.10%, 07/06/22^(a)		1,200		1,197,507
NASDAQ Inc., 1.06%, 06/17/22^(a)		1,300		1,298,135
Nieuw Amsterdam Recv
0.64%, 05/11/22^(a)		500		499,908
0.81%, 06/06/22^(a)		500		499,533
Nutrien Ltd.
0.85%, 05/19/22^(a)		1,100		1,099,479
1.20%, 06/28/22^(a)		300		299,400
Regatta Funding Co., 1.43%, 07/25/22^(a)		1,300		1,296,004
Sherwin Williams Co., 0.47%, 05/03/22^(a)		500		499,974
ST Engineering, 0.43%, 05/09/22^(a)		1,100		1,099,869


Security	Par/ Shares (000)		Value


Starbird Funding Corp., 0.62%, 05/16/22^(a)	$	300	$	299,912
Verizon Communications Inc., 0.89%, 05/23/22^(a)		1,000		999,408


Total Commercial Paper — 58.4% (Cost: $23,774,893)				23,773,071


U.S. Treasury Obligations
U.S. Treasury Bill
0.11%, 05/10/22^(a)		1,150		1,149,971
0.29%, 05/24/22^(a)		3,000		2,999,473
0.45%, 06/16/22^(a)		600		599,667


Total U.S. Treasury Obligations — 11.7% (Cost: $4,748,849)				4,749,111


Money Market Funds

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(b)(c)		12,750		12,750,000


Total Money Market Funds — 31.3% (Cost: $12,750,000)				12,750,000


Total Investments in Securities — 101.4% (Cost: $41,273,742)				41,272,182

Other Assets, Less Liabilities — (1.4)%				(560,402	)


Net Assets — 100.0%			$	40,711,780

^(a)	Rates are discount rates or a range of discount rates as of period end.

^(b)	Affiliate of the Fund.

^(c)	Annualized 7-day yield as of period end.

Affiliates




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	7,190,000	$	5,560,000	^(a)	$	—	$	—	$	—	$	12,750,000		12,750	$	5,627	$	—

^(a)	Represents net amount purchased (sold).


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		11

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® Commodity Curve Carry Strategy ETF

OTC Total Return Swaps

Paid by the Fund

Received by the Fund

Upfront

Rate^(a)

Frequency

Reference^(b)

Frequency

Counterparty

Effective

Date

Termination

Date

Notional
Amount (000)

Value

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.07%

At Termination

ICE BofA Commodity Enhanced Carry Total Return Index

At Termination

Citibank N.A.

N/A

09/01/22

10,289

$ 4,538,021

$(26,062

)

$ 4,564,083

0.07%

At Termination

ICE BofA Commodity Enhanced Carry Total Return Index

At Termination

Merrill Lynch
International

N/A

09/01/22

17,931

7,899,848

(53,673

)

7,953,521

$12,437,869

$(79,735

)

$12,517,604

^(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.

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 April 30, 2022.




Futures contracts	Maturity date		Weight %


Brent Crude Oil		10/31/2022		28.2	%
Corn		12/14/2022		14.7
Gas Oil		12/12/2022		11.3
RBOB Gasoline		11/30/2022		10.3
Soybeans		11/14/2022		9.6
Wheat		12/14/2022		7.4
WTI Crude Oil		11/21/2022		7.3
Coffee		12/19/2022		3.2
Zinc		10/20/2022		3.2
Lean Hogs		10/14/2022		2.6
Aluminum		12/20/2022		2.3

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps




	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation


Total Return Swaps		$—		$(79,735	)		$12,517,604		$—

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:




	Commodity Contracts


Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	12,517,604


Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	79,735

For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:




	Commodity Contracts


Net Realized Gain (Loss) from:
Swaps	$	616,436

Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	8,668,167


12		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® Commodity Curve Carry Strategy ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Total return swaps:
Average notional value	$	30,749,078

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:




	Assets		Liabilities


Derivative Financial Instruments:
Swaps - OTC^(a)	$	12,517,604	$	79,735


Total derivative assets and liabilities in the Statement of Assets and Liabilities		12,517,604		79,735
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—


Total derivative assets and liabilities subject to an MNA		12,517,604		79,735

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:




Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received	^(b)		Net Amount of Derivative Assets	^(c)


Citibank N.A.	$	4,564,083	$	(26,062	)	$	—	$	(4,538,021	)	$	—
Merrill Lynch International		7,953,521		(53,673	)		—		(7,870,000	)		29,848


	$	12,517,604	$	(79,735	)	$	—	$	(12,408,021	)	$	29,848




	Derivative Liabilities Subject to an MNA by			Derivatives Available				Non-Cash Collateral			Cash Collateral			Net Amount of Derivative
Counterparty	Counterparty					for Offset	^(a)	Pledged			Pledged					Liabilities	^(d)


Citibank N.A.		$	26,062		$	(26,062	)		$	—		$	—		$	—
Merrill Lynch International			53,673			(53,673	)			—			—			—


		$	79,735		$	(79,735	)		$	—		$	—		$	—

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		13

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® Commodity Curve Carry Strategy ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Investments
Assets
Commercial Paper	$	—	$	23,773,071	$	—	$	23,773,071
U.S. Treasury Obligations		—		4,749,111		—		4,749,111
Money Market Funds		12,750,000		—		—		12,750,000


	$	12,750,000	$	28,522,182	$	—	$	41,272,182

Derivative financial instruments^(a)
Assets

Swaps	$	—	$	12,517,604	$	—	$	12,517,604

^(a)

Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements


14		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited)

April 30, 2022

iShares^® Gold Strategy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Grantor Trust

Grantor Trust — 21.9%
iShares Gold Trust^(a)(b)		211,472	$	7,621,451


Total Grantor Trust (Cost: $6,834,680)				7,621,451


Short-Term Investments

Money Market Funds — 76.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(a)(c)		26,707,000		26,707,000


Total Short-Term Investments — 76.7% (Costs: $26,707,000)				26,707,000


Total Investments in Securities — 98.6% (Cost: $33,541,680)				34,328,451

Other Assets, Less Liabilities — 1.4%				478,505


Net Assets — 100.0%			$	34,806,956

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

^(c)	Annualized 7-day yield as of period end.

Affiliates




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	23,797,000	$	2,910,000	^(a)	$	—		$	—		$	—	$	26,707,000		26,707,000	$	11,097	$	—
iShares Gold Trust		5,542,262		3,331,543			(1,665,762	)		(26,548	)		439,956		7,621,451		211,472		—		—


									$	(26,548	)	$	439,956	$	34,328,451			$	11,097	$	—

^(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
Gold 100 OZ		138		06/28/22	$	26,381	$	(201,231	)


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		15

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® Gold Strategy ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:




	Commodity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	201,231

^(a)

For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:




	Commodity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	1,262,105


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	193,861

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	23,950,423

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Fair Value Hierarchy as of Period End




		Level 1			Level 2		Level 3		Total


Investments
Assets
Grantor Trust	$	7,621,451		$	—	$	—	$	7,621,451
Money Market Funds		26,707,000			—		—		26,707,000


	$	34,328,451		$	—	$	—	$	34,328,451

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(201,231	)	$	—	$	—	$	(201,231	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements


16		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited)

April 30, 2022

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Certificates of Deposit

Bank of Montreal, 1.23%, 08/09/22	$	700	$	697,965
Bank of Nova Scotia, 0.45%, 05/18/22, (SOFR + 0.180%)^(a)		5,000		5,000,150
Bayerische Landesbank/New York, 0.50%, 05/09/22		32,750		32,748,714
Canadian Imperial Bank of Commerce, 1.96%, 11/03/22		11,000		10,908,430
Cooperatieve Centrale, 1.05%, 07/18/22		10,000		9,984,013
Credit Suisse AG/New York NY
0.41%, 05/09/22, (SOFR + 0.300%)^(a)		5,000		5,000,301
2.45%, 02/02/23		5,000		4,948,383
Landesbank Baden-Wuerttemberg, 0.81%, 06/03/22, (SOFR + 0.28000%)		10,000		9,995,016
Landesbank Hessen-Thueringen, 0.47%, 05/09/22		18,000		17,999,283
MUFG Bank Ltd./New York NY, 0.77%, 03/13/23, (SOFR + 0.300%)^(a)		22,000		21,972,508
Natix NY, 0.56%, 06/17/22, (SOFR + 0.180%)^(a)		10,000		9,999,302
Sumitomo Mitsui Banking Corp./New York, 0.64%, 07/29/22, (SOFR + 0.180%)^(a)		5,000		4,998,345
Svenska Handelsbanken/New York NY, 0.72%, 10/27/22, (SOFR + 0.190%)^(a)		12,350		12,337,544
Swedbank AB, 0.39%, 05/09/22		25,000		24,999,616
Toronto Dominion Bank, 0.67%, 05/23/22, (SOFR + 0.180%)^(a)(b)		5,000		5,000,000


Total Certificates of Deposit — 4.2% (Cost: $176,798,183)				176,589,570


Commercial Paper

Amcor Flexibles North America, 0.80%, 05/17/22		50,000		49,980,100
ANZ New Zealand International Ltd.
0.46%, 05/09/22		25,000		24,996,833
1.15%, 07/19/22		100,000		99,742,825
ASB Finance Ltd., 1.22%, 08/01/22		8,000		7,974,495
AT&T Inc., 0.78%, 05/17/22		35,000		34,986,420
Banco Santander SA, 0.39%, 05/04/22		35,750		35,748,049
Bank of Montreal, 0.98%, 07/08/22		1,500		1,497,142
Bank of Nova Scotia, 1.39%, 09/06/22		13,000		12,934,888
Barton Capital Corp., 1.07%, 07/05/22		44,000		43,912,543
Base Aktiengesellsch, 2.14%, 10/03/22		17,450		17,288,589
Bayerische Landesbank/New York
0.95%, 06/21/22		100,000		99,860,875
1.08%, 07/07/22		18,350		18,312,016
Bennington Sark Cap Co., 0.47%, 05/06/22		60,000		59,994,983
BNP Paribas SA, 0.88%, 06/16/22		26,350		26,319,294
Brighthouse Financial Short Term Funding
0.71%, 05/23/22		59,175		59,146,872
0.75%, 06/01/22		36,000		35,975,268
Britannia Funding Co.
0.81%, 06/07/22		54,600		54,548,776
1.02%, 06/27/22		60,100		60,000,223
Caisse d’Amortissement de la Dette Sociale, 0.87%, 06/15/22		38,525		38,481,192
Collateralized Commercial Paper V Co. LLC, 0.71%, 05/24/22		20,000		19,990,097
Commonwealth Bank of Australia, 0.78%, 04/03/23, (SOFR + 0.430%)^(a)(b)		24,200		24,196,594
Ecolab Inc., 0.80%, 05/18/22		11,650		11,645,112
ENGIE SA, 0.90%, 06/08/22		6,000		5,993,833
Evergy Missouri, 0.89%, 05/23/22		30,000		29,982,240
Export Development Corp., 0.76%, 06/23/22		37,000		36,956,926


Security	Par (000)		Value

Federation des Caisses, 0.79%, 06/06/22	$	143,000	$	142,881,055
Fidelity National Information Services, 0.89%, 05/23/22		56,667		56,633,453
FMS Wertmanagement, 0.63%, 05/17/22		50,000		49,984,150
Ionic Capital II Trust, 0.80%, 05/27/22		60,550		60,514,820
Kookmin Bank, 2.63%, 04/25/23		13,300		12,957,641
Korea Development Bank (The), 0.71%, 05/25/22		50,000		49,974,397
La Fayette Asset Security, 0.77%, 06/08/22		41,000		40,961,597
Landesbank Baden- Wuerttemberg, 0.95%, 06/21/22		75,000		74,894,883
Legacy Capital Co., 1.09%, 06/21/22		61,700		61,614,705
Lime Funding LLC, 0.59%, 05/04/22		62,550		62,546,620
Lloyds Bank PLC
0.95%, 07/01/22		52,700		52,612,386
1.13%, 07/19/22		125,000		124,682,187
Macquarie Bank Ltd.
0.54%, 05/09/22		35,400		35,394,651
1.50%, 08/15/22		15,000		14,932,680
1.99%, 10/28/22		22,300		22,084,892
Matchpoint Finance PLC
0.59%, 05/18/22		25,000		24,991,489
0.72%, 05/31/22		36,850		36,824,287
Mitsubishi HC Capital America Inc.
0.82%, 05/17/22		52,250		52,228,551
1.05%, 06/06/22		20,000		19,977,770
Mitsubishi UFJ Financial Group
0.41%, 05/04/22		25,000		24,998,590
0.73%, 05/31/22		75,000		74,951,133
Mizuho Bank Ltd.
0.86%, 06/14/22		64,200		64,129,861
0.87%, 06/15/22		72,100		72,018,483
Mont Blanc Capital Corp., 0.83%, 06/10/22		14,748		14,733,237
National Australia Bank Ltd., 0.62%, 08/10/22, (SOFR + 0.150%)^(a)(b)		10,000		9,995,908
Natix NY, 1.25%, 08/01/22		7,000		6,977,244
Nieuw Amsterdam Recv
0.64%, 05/11/22		15,000		14,997,235
0.81%, 06/06/22		16,000		15,985,070
Nutrien Ltd.
0.85%, 05/19/22		11,900		11,894,361
1.20%, 06/28/22		20,400		20,359,200
Regatta Funding Co., 1.43%, 07/25/22		50,000		49,846,300
Santander UK PLC, 1.03%, 07/11/22		15,000		14,968,853
Sherwin Williams Co.
0.47%, 05/03/22		25,500		25,498,657
0.61%, 05/09/22		8,500		8,498,562
0.79%, 05/18/22		25,000		24,989,616
Spire Inc., 0.70%, 05/12/22		40,000		39,989,961
ST Engineering
0.43%, 05/09/22		100,000		99,988,083
0.91%, 07/13/22		32,000		31,939,200
Starbird Funding Corp., 0.62%, 05/16/22		12,475		12,471,330
Toronto Dominion Bank, 1.24%, 07/29/22		10,000		9,968,681
Toronto-Dominion Bank, 0.80%, 03/31/23^(a)		24,300		24,307,425
United Overseas Bank Ltd., 1.19%, 07/26/22		3,950		3,938,500
Verizon Communications Inc.
0.89%, 05/23/22		14,013		14,004,704
1.29%, 07/11/22		50,000		49,869,512
Versailles CDS LLC
1.38%, 08/03/22		19,000		18,933,424
1.38%, 08/04/22		38,250		38,114,164
Victory Receivables, 1.03%, 06/28/22		25,000		24,955,000
VW CR Inc., 0.89%, 05/23/22		40,500		40,476,024


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		17

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Westpac Banking Corp., 1.37%, 08/30/22	$	7,000	$	6,967,354
Westpac Securities NZ Ltd., 1.00%, 07/01/22		13,000		12,977,387


Total Commercial Paper — 66.2% (Cost: $2,791,262,997)				2,790,901,458


U.S. Treasury Obligations
U.S. Treasury Bill
0.29%, 05/24/22^(c)		374,000		373,934,292
0.45%, 06/16/22^(c)		66,500		66,463,061
0.57%, 06/21/22^(c)		80,000		79,937,593


Total U.S. Treasury Obligations — 12.3% (Cost: $520,325,287)				520,334,946


Money Market Funds

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(d)(e)		386,590		386,590,095


Total Money Market Funds — 9.1% (Cost: $386,590,095)				386,590,095


Total Investments in Securities — 91.8% (Cost: $3,874,976,562)				3,874,416,069

Other Assets, Less Liabilities — 8.2%				344,618,685


Net Assets — 100.0%			$	4,219,034,754

^(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




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	233,060,095	$	153,530,000	^(a)	$	—	$	—	$	—	$	386,590,095		386,590	$	122,227	$	—

^(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
Brent Crude Oil		7,719		05/31/22	$	827,014	$	34,502,163
NY Harbor ULSD (Heat Oil)		1,300		05/31/22		219,339		35,721,904
Gas Oil		2,634		06/10/22		307,256		51,918,348
LME Lead		340		06/13/22		19,206		(1,204,951	)
Gold 100 OZ		788		06/28/22		150,642		(6,690,244	)
Live Cattle		2,126		06/30/22		112,805		(3,652,780	)
Sugar		2,671		06/30/22		57,288		(2,809,399	)
Silver		135		07/27/22		15,582		(1,526,329	)
WTI Crude		9,543		08/22/22		941,799		25,799,500


18		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Futures Contracts (continued)




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Cattle Feeder		454		08/25/22	$	38,198	$	(3,535,586	)
Corn		6,648		09/14/22		255,283		54,201,146
KCBT Wheat		1,216		09/14/22		67,427		(1,684,289	)
Wheat		2,997		09/14/22		158,579		(3,141,318	)
LME Nickel		259		09/19/22		49,410		(2,033,784	)
Gasoline RBOB		1,572		09/30/22		193,114		9,683,156
Lean Hogs		1,827		10/14/22		68,293		(631,766	)
LME Copper		728		10/17/22		177,955		(9,575,028	)
Soybean		1,895		11/14/22		143,522		14,215,164
Cotton		831		12/07/22		50,720		6,859,050
Cocoa		389		12/14/22		10,048		(338,135	)
LME Zinc		414		12/19/22		41,581		5,428,578
Coffee		424		03/21/23		35,028		(1,069,303	)
Natural Gas		2,894		03/29/23		131,330		31,861,320
LME PRI Aluminum		2,026		12/18/23		149,190		(16,147,204	)


							$	216,150,213

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:




	Commodity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	270,190,329


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	54,040,116

^(a)

For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:




	Commodity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	729,376,924


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	132,650,737

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	3,261,027,299

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Fair Value Hierarchy as of Period End


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		19

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Fair Value Hierarchy as of Period End (continued)




		Level 1			Level 2		Level 3		Total


Investments
Assets
Certificates of Deposit	$	—		$	176,589,570	$	—	$	176,589,570
Commercial Paper		—			2,790,901,458		—		2,790,901,458
U.S. Treasury Obligations		—			520,334,946		—		520,334,946
Money Market Funds		386,590,095			—		—		386,590,095


	$	386,590,095		$	3,487,825,974	$	—	$	3,874,416,069

Derivative financial instruments^(a)
Assets
Futures Contracts	$	270,190,329		$	—	$	—	$	270,190,329
Liabilities
Futures Contracts		(54,040,116	)		—		—		(54,040,116	)


	$	216,150,213		$	—	$	—	$	216,150,213

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements


20		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Statements of Assets and Liabilities (unaudited)

April 30, 2022


	iShares Bloomberg Roll Select Commodity Strategy ETF		iShares Commodity Curve Carry Strategy ETF		iShares Gold Strategy ETF		iShares GSCI Commodity Dynamic Roll Strategy ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	329,348,169	$	28,522,182	$	—	$	3,487,825,974
Affiliated^(b)		35,520,000		12,750,000		34,328,451		386,590,095
Cash		12,556		10,533		—		7,423,562
Cash pledged:
Futures contracts		25,812,000		—		1,098,000		142,021,415
Receivables:
Variation margin on futures contracts		699,401		—		281,510		216,283,439
Capital shares sold		—		—		—		8,346,370
Dividends		6,873		3,362		7,270		232,474
Unrealized appreciation on:
OTC swaps		—		12,517,604		—		—


Total assets		391,398,999		53,803,681		35,715,231		4,248,723,329


LIABILITIES
Bank overdraft		—		—		904,017		—
Cash received:
Collateral — OTC derivatives		—		12,500,000		—		—
Payables:
Investments purchased		5,794,039		499,486		—		28,078,725
Investment advisory fees		84,208		12,680		4,258		1,609,850
Swap premiums received		—		79,735		—		—


Total liabilities		5,878,247		13,091,901		908,275		29,688,575


NET ASSETS	$	385,520,752	$	40,711,780	$	34,806,956	$	4,219,034,754


NET ASSETS CONSIST OF:
Paid-in capital	$	313,217,305	$	27,606,668	$	33,041,349	$	3,324,375,711
Accumulated earnings		72,303,447		13,105,112		1,765,607		894,659,043


NET ASSETS	$	385,520,752	$	40,711,780	$	34,806,956	$	4,219,034,754


Shares outstanding		6,050,000		1,400,000		600,000		101,100,000


Net asset value	$	63.72	$	29.08	$	58.01	$	41.73


Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited


Par value		None		None		None		None


^(a)Investments, at cost — Unaffiliated	$	329,359,531	$	28,523,742	$	—	$	3,488,386,467
^(b)Investments, at cost — Affiliated	$	35,520,000	$	12,750,000	$	33,541,680	$	386,590,095

See notes to Consolidated Financial Statements


C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S		21

Consolidated Statements of Operations (unaudited)

Six Months Ended April 30, 2022


	iShares Bloomberg Roll Select Commodity Strategy ETF			iShares Commodity Curve Carry Strategy ETF			iShares Gold Strategy ETF			iShares GSCI Commodity Dynamic Roll Strategy ETF


INVESTMENT INCOME
Dividends — Affiliated	$	12,765		$	5,627		$	11,097		$	122,227
Interest — Unaffiliated		376,285			37,137			—			4,178,800


Total investment income		389,050			42,764			11,097			4,301,027


EXPENSES
Investment advisory fees		379,801			72,791			39,483			7,392,924
Professional fees		—			—			—			217


Total expenses		379,801			72,791			39,483			7,393,141

Less:
Investment advisory fees waived		(7,388	)		(2,604	)		(15,589	)		(9,516	)


Total expenses after fees waived		372,413			70,187			23,894			7,383,625


Net investment income (loss)		16,637			(27,423	)		(12,797	)		(3,082,598	)


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		299			56			—			9,776
Investments — Affiliated		—			—			(26,548	)		—
Futures contracts		70,472,970			—			1,262,105			729,376,924
Swaps		—			616,436			—			—


Net realized gain		70,473,269			616,492			1,235,557			729,386,700


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(12,458	)		(1,801	)		—			(608,381	)
Investments — Affiliated		—			—			439,956			—
Futures contracts		(8,825,877	)		—			193,861			132,650,737
Swaps		—			8,668,167			—			—


Net change in unrealized appreciation (depreciation)		(8,838,335	)		8,666,366			633,817			132,042,356


Net realized and unrealized gain		61,634,934			9,282,858			1,869,374			861,429,056


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	61,651,571		$	9,255,435		$	1,856,577		$	858,346,458

See notes to Consolidated Financial Statements


22		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Statements of Changes in Net Assets


	iShares Bloomberg Roll Select Commodity Strategy ETF								iShares Commodity Curve Carry Strategy ETF


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)		$	16,637			$	(161,116	)		$	(27,423	)		$	(96,638	)
Net realized gain			70,473,269				19,938,578				616,492				8,349,961
Net change in unrealized appreciation (depreciation)			(8,838,335	)			10,876,593				8,666,366				4,877,734


Net increase in net assets resulting from operations			61,651,571				30,654,055				9,255,435				13,131,057


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(30,653,592	)			(69,482	)			(8,253,258	)			—


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			145,679,035				136,346,700				—				(2,599,830	)


NET ASSETS
Total increase in net assets			176,677,014				166,931,273				1,002,177				10,531,227
Beginning of period			208,843,738				41,912,465				39,709,603				29,178,376


End of period		$	385,520,752			$	208,843,738			$	40,711,780			$	39,709,603

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to Consolidated Financial Statements


C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S		23

Consolidated Statements of Changes in Net Assets (continued)


	iShares Gold Strategy ETF							iShares GSCI Commodity Dynamic Roll Strategy ETF


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment loss		$	(12,797	)	$	(30,684	)		$	(3,082,598	)		$	(5,032,541	)
Net realized gain (loss)			1,235,557			(1,792,497	)			729,386,700				351,111,376
Net change in unrealized appreciation (depreciation)			633,817			99,087				132,042,356				88,305,347


Net increase (decrease) in net assets resulting from operations			1,856,577			(1,724,094	)			858,346,458				434,384,182


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			—			(1,564,719	)			(426,344,721	)			(799,124	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			2,954,731			11,320,515				962,247,615				2,194,642,007


NET ASSETS
Total increase in net assets			4,811,308			8,031,702				1,394,249,352				2,628,227,065
Beginning of period			29,995,648			21,963,946				2,824,785,402				196,558,337


End of period		$	34,806,956		$	29,995,648			$	4,219,034,754			$	2,824,785,402

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to Consolidated Financial Statements


24		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Financial Highlights

(For a share outstanding throughout each period)


	iShares Bloomberg Roll Select Commodity Strategy ETF


		Six Months Ended																Period From
		04/30/22				Year Ended				Year Ended				Year Ended						04/03/18	^(a)
		(unaudited)				10/31/21				10/31/20				10/31/19				to 10/31/18


Net asset value, beginning of period			$	59.67			$	41.91			$	45.01			$	47.77			$	50.00


Net investment income (loss)^(b)				0.00	^(c)			(0.09	)			0.23				1.05				0.58
Net realized and unrealized gain (loss)^(d)				12.01				17.92				(2.33	)			(3.05	)			(2.81	)


Net increase (decrease) from investment operations				12.01				17.83				(2.10	)			(2.00	)			(2.23	)


Distributions^(e)
From net investment income				(7.96	)			(0.07	)			(1.00	)			(0.76	)			—


Total distributions				(7.96	)			(0.07	)			(1.00	)			(0.76	)			—


Net asset value, end of period			$	63.72			$	59.67			$	41.91			$	45.01			$	47.77


Total Return^(f)
Based on net asset value				24.41	%^(g)			42.59	%			(4.81	)%			(4.19	)%			(4.46	)%^(g)


Ratios to Average Net Assets^(h)
Total expenses				0.28	%⁽ⁱ⁾			0.28	%			0.28	%			0.28	%			0.28	%⁽ⁱ⁾


Total expenses after fees waived				0.27	%⁽ⁱ⁾			0.27	%			0.27	%			0.19	%			0.10	%⁽ⁱ⁾


Net investment income (loss)				0.01	%⁽ⁱ⁾			(0.16	)%			0.55	%			2.30	%			2.01	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)			$	385,521			$	208,844			$	41,912			$	27,004			$	40,607


Portfolio turnover rate^(j)				0	%^(g)			0	%			0	%			0	%			0	%^(g)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	Rounds to less than $0.01.

^(d)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(e)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to Consolidated Financial Statements


C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S		25

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Commodity Curve Carry Strategy ETF


		Six Months Ended								Period From
		04/30/22				Year Ended						09/01/20	^(a)
		(unaudited)				10/31/21				to 10/31/20


Net asset value, beginning of period			$	28.36			$	19.45			$	20.16


Net investment loss^(b)				(0.02	)			(0.07	)			(0.01	)
Net realized and unrealized gain (loss)^(c)				6.64				8.98				(0.70	)


Net increase (decrease) from investment operations				6.62				8.91				(0.71	)