Form 497

IMPORTANT NOTICE REGARDING CHANGE IN INVESTMENT POLICY

iShares^®

iShares U.S. ETF Trust

Supplement dated September 22, 2022 (the “Supplement”)

to the Summary Prospectus and Prospectus, each dated December 1, 2021 and the Statement of Additional Information (the “SAI”) dated December 1, 2021 (as revised January 3, 2022), for the iShares Evolved U.S. Discretionary Spending ETF (IEDI) and iShares Evolved U.S. Technology ETF (IETC) (collectively, the “Funds” and each a “Fund”)

The information in this Supplement updates information in, and should be read in conjunction with, the Summary Prospectus, Prospectus and the SAI for each Fund.

The Board of Trustees (the “Board”) has approved the following changes for each Fund that are expected to be implemented on or around December 1, 2022:



Ticker¹	Current Fund Name	New Fund Name

IEDI	iShares Evolved U.S. Discretionary Spending ETF	iShares U.S. Consumer Focused ETF

IETC	iShares Evolved U.S. Technology ETF	iShares U.S. Tech Independence Focused ETF

Change in the Funds’ “Investment Objective”

The section of the Summary Prospectus for IEDI entitled “Investment Objective” shall be deleted in its entirety and replaced with the following:

The iShares U.S. Consumer Focused ETF (the “Fund”) seeks to provide access to U.S. companies with discretionary spending exposure, as classified using a proprietary classification system, while targeting increased exposure to U.S. companies with a greater proportion of consumer spending revenues and consumer goods and service production in the U.S. relative to the proprietary classification system.

For the purposes of this Supplement, each Fund will be referred to hereafter by its ticker symbol.

The section of the Summary Prospectus for IETC entitled “Investment Objective” shall be deleted in its entirety and replaced with the following:

The iShares U.S. Tech Independence Focused ETF (the “Fund”) seeks to provide access to U.S. companies with technology exposure, as classified using a proprietary classification system, while targeting increased exposure to U.S. companies with a greater proportion of technological capabilities, revenues, and production in the U.S. and select global markets relative to the proprietary classification system.

Change in the Funds’ “Principal Investment Strategies”

The first four paragraphs of the section of the Summary Prospectus and Prospectus for IEDI entitled “Principal Investment Strategies” shall be deleted in its entirety and replaced with the following:

The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in U.S. listed common stock of large-, mid‑ and small-capitalization discretionary spending companies, as defined by a proprietary classification system (“Discretionary Spending Evolved Sector”), while targeting increased exposure to U.S. companies with a greater proportion of consumer spending revenues and consumer goods and service production in the U.S. relative to the Discretionary Spending Evolved Sector. The Discretionary Spending Evolved Sector classification process, which uses data analysis tools consisting, in part, of machine learning, natural language processing (“NLP”) and clustering algorithms to allocate companies to one or more sectors according to a proprietary classification system, is forward looking and evolves as companies evolve.

floating capitalization) while modifying allocations to companies based on their US Consumer Score. The Evolved Sector classification system allows for a company to be classified into multiple sectors rather than being assigned solely to a single sector. For the Evolved Sectors, the market capitalization of a single company will be allocated proportionally based on the one or more Evolved Sectors in which the company is classified. This reflects the multi-dimensional nature of these companies. Evolved Sector constituents are expected to evolve dynamically over time to reflect changing business models. BFA may exercise discretion in managing the classification process in limited instances. For example, a company may be excluded (or its inclusion limited) from an Evolved Sector, in part or whole, most commonly in response to position limit restrictions, limited liquidity of a particular security or the fit of a particular company in the Fund. This is different from traditional classification systems that typically will assign a company only to one sector and tend to group companies together on the basis of backward looking metrics like revenue. The Fund will not provide the same returns as a fund that tracks the consumer discretionary sector as traditionally defined by other classification systems and as a result may not be appropriate for an investor seeking the same exposure as the consumer discretionary sector as defined by such classification systems.

As of July 31, 2022, there were twelve Evolved Sectors: Consumer Staples, Discretionary Spending, Energy, Financials, Healthcare Staples, Industrials, Innovative Healthcare, Media and Entertainment, Real Estate, Technology, Telecommunications and Utilities. Sector classifications are reviewed on a quarterly basis and may evolve over time.

The Fund will hold common stock of those companies that fall into the Discretionary Spending Evolved Sector, while targeting increased exposure to companies with higher US Consumer Scores relative to the Discretionary Spending Evolved Sector. Companies in the Discretionary Spending Evolved Sector have economic characteristics that have been historically correlated with companies traditionally defined as consumer discretionary companies. The Fund may also invest in other securities, including but not limited to, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund is an actively managed exchange-traded fund (“ETF”) and does not seek to replicate the performance of a specified index and may have a higher degree of portfolio turnover than such index funds.

The first four paragraphs of the section of the Summary Prospectus and Prospectus for IETC entitled “Principal Investment Strategies” shall be deleted in its entirety and replaced with the following:

The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in U.S. listed common stock of large-, mid‑ and small-capitalization technology companies, as defined by a proprietary classification system (“Evolved Technology Sector”), while targeting increased exposure to U.S. companies with a greater proportion of technological capabilities, revenues, and production in the U.S. and select global markets relative to the proprietary classification system. The Evolved Technology Sector classification process, which uses data analysis tools consisting, in part, of machine learning, natural language processing (“NLP”) and clustering algorithms to allocate companies to one or more sectors according to a proprietary classification system, is forward looking and evolves as companies evolve.

The eligible universe of securities that are part of the classification process includes U.S. listed common stock of large-, mid‑ and small-capitalization companies. Based on data and information in the company’s public filings (e.g., regulatory filings, etc.), a company is classified in one or more of the twelve defined sectors (each an “Evolved Sector”). Currently these public filings consist of several years of a company’s 10‑Ks and S‑1s (if no 10‑Ks are available). The Fund uses additional screens to include companies that are related to technology, infrastructure and security. The Fund’s allocation rules additionally utilize proprietary data to target increased exposure to U.S. companies with a greater proportion of technological capabilities, revenues, and production in the U.S. and select global markets relative to the Evolved Technology Sector. Select global markets alongside the U.S. are identified using a proprietary classification system (“Technology Independence Score”) which seeks to identify markets where the ability of U.S. companies to access supply chains, infrastructure, and other resources relevant to U.S. companies’ product and service delivery is expected to remain relatively more resilient to potential geopolitical headwinds. While the Fund is actively managed, the Fund generally allocates its investments to securities of its Evolved Sector and the additional companies related to technology, infrastructure and security, on a market capitalization basis (based on the available free floating capitalization) while modifying allocations to companies based on their Technology Independent Score.

The Evolved Sector classification system allows for a company to be classified into multiple sectors rather than being assigned solely to a

single sector. For the Evolved Sectors, the market capitalization of a single company will be allocated proportionally based on the one or more Evolved Sectors in which the company is classified. This reflects the multi-dimensional nature of these companies. Evolved Sector constituents are expected to evolve dynamically over time to reflect changing business models. BFA may exercise discretion in managing the classification process in limited instances. For example, a company may be excluded (or its inclusion limited) from an Evolved Sector, in part or whole, most commonly in response to position limit restrictions, limited liquidity of a particular security or the fit of a particular company in the Fund. This is different from traditional classification systems that typically will assign a company only to one sector and tend to group companies together on the basis of backward looking metrics like revenue. The Fund will not provide the same returns as a fund that tracks the information technology sector as traditionally defined by other classification systems and as a result may not be appropriate for an investor seeking the same exposure as the information technology sector as defined by such classification systems.

The Fund will hold common stock of those companies that fall into the Technology Evolved Sector, as well as additional companies that are related to technology, infrastructure and security, while targeting increased exposure to companies with higher Technology Independence Scores relative to the Technology Evolved Sector. Companies in the Technology Evolved Sector have economic characteristics that have been historically correlated with companies traditionally defined as technology companies. The Fund may also invest in other securities, including but not limited to, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund is an actively managed exchange-traded fund (“ETF”) and does not seek to replicate the performance of a specified index and may have a higher degree of portfolio turnover than such index funds.

Change in the Funds’ “Investment Strategies and Risks of the Funds”

The section of the SAI entitled “Investment Strategies and Risks of the Funds” shall be deleted in its entirety and replaced with the following:

The iShares U.S. Consumer Focused ETF seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in U.S. listed common stock of large-, mid‑ and small-capitalization discretionary spending companies, as defined by a proprietary classification system, while targeting increased exposure to U.S. companies with a greater proportion of consumer spending revenues and consumer goods and service production in the U.S. relative to the proprietary classification system. The iShares U.S. Tech Independence Focused ETF seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in U.S. listed common stock of large-, mid‑ and small-capitalization technology companies, as defined by a proprietary classification system, while targeting increased exposure to U.S. companies with a greater proportion of technological capabilities, revenues, and production in the U.S. and select global markets relative to the proprietary classification system. The classification process, which uses data analysis tools consisting, in part, of machine learning, natural language processing and clustering algorithms to allocate companies to one or more sectors according to a new classification system, is forward looking and evolves as companies evolve.

The eligible universe of securities that are part of the classification process includes U.S. listed common stock of large-, mid- and small-capitalization companies. Based on data and information in the company’s public filings (e.g., regulatory filings, etc.), a company is classified in one or more of the twelve defined sectors (each an “Evolved Sector”). Currently these public filings consist of several years of a company’s 10-Ks and S-1s (if no 10-Ks are available). While the iShares U.S. Consumer Focused ETF is actively managed, the Fund generally allocates its investments to securities of its Evolved Sector on a market capitalization basis (based on the available free floating capitalization) while modifying allocations to companies based on their US Consumer Score. While the iShares U.S. Tech Independence Focused ETF is actively managed, the Fund generally allocates its investments to securities of its Evolved Sector and the additional companies related to technology, infrastructure and security, on a market capitalization basis (based on the available free floating capitalization) while modifying allocations to companies based on their Technology Independent Score. The classification system allows for a company to be classified into multiple sectors rather than being assigned solely to a

single sector. The market capitalization of a single company will be allocated proportionally based on the one or more Evolved Sectors in which the company is classified. This reflects the multidimensional nature of these companies. Sector constituents are expected to evolve dynamically over time to reflect changing business models. BFA may exercise discretion in managing the classification process in limited instances. For example, a company may be excluded (or its inclusion limited) from an Evolved Sector, in part or whole, most commonly in response to position limit restrictions, limited liquidity of a particular security or the fit of a particular company in each Fund. This is different from traditional classification systems that typically will assign a company only to one sector and tend to group companies together on the basis of backward looking metrics like revenue. The iShares U.S. Consumer Focused ETF will not provide the same returns as a fund that tracks the consumer discretionary sector as traditionally defined by other classification systems and as a result may not be appropriate for an investor seeking the same exposure as the consumer discretionary sector as defined by such classification systems. The iShares U.S. Tech Independence Focused ETF will not provide the same returns as a fund that tracks the information technology sector as traditionally defined by other classification systems and as a result may not be appropriate for an investor seeking the same exposure as the information technology sector as defined by such classification systems.

The iShares U.S. Consumer Focused ETF will hold common stock of those companies that fall into the Discretionary Spending Evolved Sector while targeting increased exposure to companies with higher US Consumer Scores relative to the Discretionary Spending Evolved Sector. Companies in the Discretionary Spending Evolved Sector have economic characteristics that have been historically correlated with companies traditionally defined as consumer discretionary companies. The iShares U.S. Tech Independence Focused ETF will hold common stock of those companies that fall into the Technology Evolved Sector, as well as additional companies that are related to technology, infrastructure and security, while targeting increased exposure to companies with higher Technology Independence Scores relative to the Technology Evolved Sector. Companies in the Technology Evolved Sector have economic characteristics that have been historically correlated with companies traditionally defined as technology companies. Each Fund may also invest in other securities, including but not limited to, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. Each Fund is an actively managed exchange-traded fund (“ETF”) and does not seek to replicate

the performance of a specified index and may have a higher degree of portfolio turnover than such index funds.

Although the Funds do not seek leveraged returns, certain instruments used by the Funds may have a leveraging effect as described below.

If you have any questions, please call 1‑800‑iShares (1‑800‑474‑2737).

iShares^® is a registered trademark of BlackRock Fund Advisors and its affiliates.

IS‑A‑SUPP‑IEDI+IETC‑0922

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