UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-22649
Name of Fund: iShares U.S. ETF Trust
Fund Address: c/o BlackRock Fund
Advisors, 400 Howard Street, San Francisco, CA 94105
Name and address of agent for service: The
Corporation Trust Company, 1209 Orange
Street, Wilmington, DE 19801
Registrant’s telephone number, including area code: (415)
670-2000
Date of fiscal year end: 07/31/2024
Date of reporting period: 07/31/2024
Item
1 – Reports to Stockholders
(a)
The Reports to Shareholders are
attached herewith.
(b) Not
Applicable
Item 2 – Code of Ethics – The registrant has adopted a code of ethics, as of the end of the period
covered by this report, applicable to the registrant’s principal executive
officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions. During the period covered by this report, the
registrant has not amended the code of ethics and there have been no waivers
granted under the code of ethics. The
registrant undertakes to provide a copy of the code of ethics to any person
upon request, without charge, by calling 1-800-474-2737.
Item
3 – Audit Committee Financial Expert – The registrant’s board of trustees (the
“board of trustees”), has determined that (i) the registrant has the following
audit committee financial experts serving on its audit committee and (ii) each
audit committee financial expert is independent:
Richard L. Fagnani
Madhav V. Rajan
Madhav V. Rajan
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.
Item
4 – Principal Accountant Fees and Services
The
principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g)
are for the two series of the registrant for which the fiscal year-end is July 31,
2024 (the “Funds”), and whose annual financial statements are reported in Item
1.
(a) Audit Fees – The aggregate fees billed for
each of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the Funds’ annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years were $26,600
for the fiscal year ended July 31, 2023 and $26,600 for the fiscal year ended July
31, 2024.
(b) Audit-Related Fees – There were no fees
billed for the fiscal years ended July 31, 2023 and July 31, 2024 for assurance
and related services by the principal accountant that were reasonably related
to the performance of the audit of the Funds’ financial statements and are not
reported under (a) of this Item.
(c) Tax Fees – The aggregate fees billed in
each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice and tax planning for the
Funds were $19,400 for the fiscal year ended July 31, 2023 and $19,400 for the
fiscal year ended July 31, 2024. These services related to the review of the
Funds’ tax returns and excise tax calculations.
(d) All
Other Fees – There were no other fees billed in each of the fiscal years ended July
31, 2023 and July 31, 2024 for products and services provided by the principal
accountant, other than the services reported in (a) through (c) of this Item.
(e)(1) Audit Committee
Pre-Approval Policies and Procedures:
The
registrant’s audit committee charter, as amended, provides that the audit
committee is responsible for the approval, prior to appointment, of the
engagement of the principal accountant to annually audit and provide their
opinion on the registrant’s financial statements. The audit committee must also
approve, prior to appointment, the engagement of the principal accountant to
provide non-audit services to the registrant or to any entity controlling, controlled
by or under common control with the registrant’s investment adviser (“Adviser
Affiliate”) that provides ongoing services to the registrant, if the engagement
relates directly to the operations and financial reporting of the registrant.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $19,400 for the fiscal year ended July 31, 2023 and $19,400 for the fiscal year ended July 31, 2024.
(h) The registrant’s audit committee has
considered whether the provision of non-audit services rendered to the registrant’s
investment adviser and any Adviser
Affiliate that provides ongoing services
to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii)
of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the
principal accountant’s independence, and has determined that the provision of
these services, if any, does not compromise the principal accountant’s
independence.
(i)
– Not Applicable
(j) – Not Applicable
Item
5 – Audit Committee of Listed Registrant
(a) The following individuals are members of the registrant’s
separately designated standing Committee established in accordance with Section
3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):
Richard L. Fagnani
Richard L. Fagnani
Laura F. Fergerson
Cecilia H. Herbert
Madhav V. Rajan
(b)
Not Applicable
Item 6
– Investments
(a) The registrant’s Schedule of Investments is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7
– Financial Statements and Financial Highlights for Open-End Management
Investment Companies –
(a)
The registrant’s Financial Statements are attached herewith.
(b) The registrant’s Financial Highlights are attached herewith.
JULY
31,
2024
2024
Annual
Financial
Statements
iShares
U.S.
ETF
Trust
iShares
U.S.
Consumer
Focused
ETF
|
IEDI
|
Cboe
BZX
iShares
U.S.
Tech
Independence
Focused
ETF
|
IETC
|
Cboe
BZX
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
10
Statements
of
Operations
.................................................................................................
11
Statements
of
Changes
in
Net
Assets
..........................................................................................
12
Financial
Highlights
.....................................................................................................
13
Notes
to
Financial
Statements
...............................................................................................
15
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
21
Important
Tax
Information
(unaudited)
.................................................................................................
22
Additional
Information
....................................................................................................
23
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
24
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
26
Schedule
of
Investments
July
31,
2024
iShares
®
U.S.
Consumer
Focused
ETF
Schedule
of
Investments
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Air
Freight
&
Logistics
—
0.3%
FedEx
Corp.
.......................
119
$
35,968
United
Parcel
Service,
Inc.
,
Class
B
.......
287
37,416
73,384
Beverages
—
0.4%
Brown-Forman
Corp.
,
Class
B,
NVS
.......
236
10,658
Constellation
Brands,
Inc.
,
Class
A
........
299
73,303
83,961
Broadline
Retail
—
9.2%
Amazon.com,
Inc.
(a)
..................
9,747
1,822,494
Dillard's,
Inc.
,
Class
A
.................
16
6,377
eBay,
Inc.
.........................
762
42,375
Etsy,
Inc.
(a)
........................
307
19,998
Kohl's
Corp.
.......................
835
18,086
Macy's,
Inc.
.......................
1,855
32,054
Nordstrom,
Inc.
.....................
862
19,680
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
......
568
55,460
2,016,524
Building
Products
—
0.1%
Masco
Corp.
.......................
353
27,481
Capital
Markets
—
0.0%
Robinhood
Markets,
Inc.
,
Class
A
(a)
........
314
6,459
Commercial
Services
&
Supplies
—
1.3%
Cintas
Corp.
.......................
243
185,637
Copart,
Inc.
(a)
......................
1,640
85,821
Driven
Brands
Holdings,
Inc.
(a)
...........
327
4,395
Rollins,
Inc.
........................
250
11,978
Vestis
Corp.
.......................
362
4,695
292,526
Consumer
Finance
—
0.1%
FirstCash
Holdings,
Inc.
...............
156
17,410
Consumer
Staples
Distribution
&
Retail
—
22.7%
Albertsons
Cos.,
Inc.
,
Class
A
...........
1,943
38,530
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
.......
813
71,511
Casey's
General
Stores,
Inc.
............
290
112,474
Costco
Wholesale
Corp.
...............
2,272
1,867,584
Dollar
General
Corp.
.................
1,838
221,277
Dollar
Tree,
Inc.
(a)
....................
1,724
179,882
Grocery
Outlet
Holding
Corp.
(a)
...........
789
15,433
Kroger
Co.
(The)
....................
4,051
220,780
Performance
Food
Group
Co.
(a)
..........
610
42,090
Sprouts
Farmers
Market,
Inc.
(a)
...........
772
77,115
Sysco
Corp.
.......................
992
76,037
Target
Corp.
.......................
3,135
471,535
US
Foods
Holding
Corp.
(a)
..............
882
47,972
Walgreens
Boots
Alliance,
Inc.
...........
2,081
24,701
Walmart,
Inc.
.......................
22,292
1,530,123
4,997,044
Distributors
—
0.3%
Genuine
Parts
Co.
...................
179
26,333
Pool
Corp.
........................
115
43,014
69,347
Diversified
Consumer
Services
—
0.5%
Bright
Horizons
Family
Solutions,
Inc.
(a)
.....
173
20,803
Duolingo,
Inc.
,
Class
A
(a)
...............
79
13,584
Grand
Canyon
Education,
Inc.
(a)
..........
36
5,614
H&R
Block,
Inc.
.....................
623
36,097
Security
Shares
Shares
Value
Diversified
Consumer
Services
(continued)
Service
Corp.
International
.............
331
$
26,450
102,548
Entertainment
—
0.7%
Live
Nation
Entertainment,
Inc.
(a)
.........
349
33,570
Madison
Square
Garden
Sports
Corp.
(a)
.....
63
12,626
Netflix,
Inc.
(a)
.......................
35
21,992
Take-Two
Interactive
Software,
Inc.
(a)
.......
43
6,473
TKO
Group
Holdings,
Inc.
,
Class
A
........
81
8,858
Walt
Disney
Co.
(The)
................
755
70,736
154,255
Financial
Services
—
2.1%
Block,
Inc.
,
Class
A
(a)
.................
1,518
93,934
Mastercard,
Inc.
,
Class
A
...............
181
83,932
PayPal
Holdings,
Inc.
(a)
................
1,126
74,068
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
.........
90
6,191
Toast,
Inc.
,
Class
A
(a)
.................
1,303
34,086
Visa,
Inc.
,
Class
A
...................
640
170,029
462,240
Food
Products
—
0.5%
Flowers
Foods,
Inc.
..................
844
19,007
Freshpet,
Inc.
(a)
.....................
204
24,827
General
Mills,
Inc.
...................
98
6,580
Lancaster
Colony
Corp.
...............
82
15,831
McCormick
&
Co.,
Inc.
(Non-Voting)
,
NVS
...
64
4,928
Tyson
Foods,
Inc.
,
Class
A
.............
567
34,530
105,703
Ground
Transportation
—
1.0%
Avis
Budget
Group,
Inc.
...............
46
4,646
Lyft,
Inc.
,
Class
A
(a)
...................
1,119
13,484
Uber
Technologies,
Inc.
(a)
..............
3,122
201,275
U-Haul
Holding
Co.
,
NVS
..............
87
5,545
224,950
Health
Care
Providers
&
Services
—
0.3%
Chemed
Corp.
......................
11
6,272
McKesson
Corp.
....................
79
48,744
55,016
Hotel
&
Resort
REITs
—
0.3%
Apple
Hospitality
REIT,
Inc.
.............
546
8,075
Host
Hotels
&
Resorts,
Inc.
.............
1,882
32,954
Park
Hotels
&
Resorts,
Inc.
.............
297
4,473
Ryman
Hospitality
Properties,
Inc.
........
169
16,986
62,488
Hotels,
Restaurants
&
Leisure
—
16.8%
Airbnb,
Inc.
,
Class
A
(a)
.................
784
109,415
Aramark
..........................
855
29,301
Bloomin'
Brands,
Inc.
.................
600
12,510
Boyd
Gaming
Corp.
..................
386
23,496
Brinker
International,
Inc.
(a)
.............
380
25,388
Caesars
Entertainment,
Inc.
(a)
...........
817
32,639
Carnival
Corp.
(a)
.....................
2,322
38,685
Cava
Group,
Inc.
(a)
...................
488
41,099
Cheesecake
Factory,
Inc.
(The)
..........
359
13,962
Chipotle
Mexican
Grill,
Inc.
(a)
............
13,633
740,545
Choice
Hotels
International,
Inc.
(b)
.........
180
22,941
Churchill
Downs,
Inc.
.................
451
64,746
Cracker
Barrel
Old
Country
Store,
Inc.
......
213
9,762
Darden
Restaurants,
Inc.
..............
1,050
153,604
Domino's
Pizza,
Inc.
..................
246
105,460
DoorDash,
Inc.
,
Class
A
(a)
..............
1,254
138,843
DraftKings,
Inc.
,
Class
A
(a)
..............
1,663
61,448
2024
iShares
Annual
Financial
Statements
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
U.S.
Consumer
Focused
ETF
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Expedia
Group,
Inc.
(a)
.................
378
$
48,259
Hilton
Grand
Vacations,
Inc.
(a)
...........
305
13,179
Hilton
Worldwide
Holdings,
Inc.
..........
1,063
228,194
Hyatt
Hotels
Corp.
,
Class
A
.............
150
22,099
Jack
in
the
Box,
Inc.
..................
141
8,381
Light
&
Wonder,
Inc.
,
Class
A
(a)
...........
164
17,581
Marriott
International,
Inc.
,
Class
A
........
1,065
242,074
Marriott
Vacations
Worldwide
Corp.
........
146
12,349
McDonald's
Corp.
...................
1,273
337,854
MGM
Resorts
International
(a)
............
1,045
44,904
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
......
1,428
26,318
Papa
John's
International,
Inc.
...........
349
15,436
Planet
Fitness,
Inc.
,
Class
A
(a)
...........
776
57,191
Red
Rock
Resorts,
Inc.
,
Class
A
..........
285
16,245
Royal
Caribbean
Cruises
Ltd.
(a)
..........
556
87,136
Shake
Shack,
Inc.
,
Class
A
(a)
............
250
21,905
Starbucks
Corp.
.....................
4,416
344,227
Texas
Roadhouse,
Inc.
................
576
100,575
Travel
+
Leisure
Co.
..................
348
16,039
United
Parks
&
Resorts,
Inc.
(a)
(b)
..........
152
8,003
Vail
Resorts,
Inc.
....................
181
32,944
Wendy's
Co.
(The)
...................
1,164
19,707
Wingstop,
Inc.
......................
304
113,660
Wyndham
Hotels
&
Resorts,
Inc.
.........
520
39,374
Wynn
Resorts
Ltd.
...................
290
24,018
Yum!
Brands,
Inc.
...................
1,376
182,774
3,704,270
Household
Durables
—
0.4%
DR
Horton,
Inc.
.....................
106
19,073
Tempur
Sealy
International,
Inc.
..........
611
31,986
Toll
Brothers,
Inc.
....................
234
33,394
TopBuild
Corp.
(a)
....................
12
5,742
90,195
Household
Products
—
0.6%
Clorox
Co.
(The)
....................
29
3,826
Colgate-Palmolive
Co.
................
241
23,905
Procter
&
Gamble
Co.
(The)
............
711
114,300
142,031
Industrial
Conglomerates
—
0.1%
Honeywell
International,
Inc.
............
56
11,466
Interactive
Media
&
Services
—
0.9%
IAC,
Inc.
(a)
.........................
223
11,777
Match
Group,
Inc.
(a)
..................
377
14,379
Meta
Platforms,
Inc.
,
Class
A
............
245
116,333
Pinterest,
Inc.
,
Class
A
(a)
...............
933
29,809
Snap,
Inc.
,
Class
A,
NVS
(a)
.............
1,421
18,928
191,226
IT
Services
—
0.2%
GoDaddy,
Inc.
,
Class
A
(a)
...............
236
34,326
Leisure
Products
—
0.1%
Mattel,
Inc.
(a)
.......................
655
12,635
Machinery
—
0.1%
Middleby
Corp.
(The)
(a)
................
29
3,932
Parker-Hannifin
Corp.
.................
38
21,324
Snap-on,
Inc.
......................
12
3,444
28,700
Security
Shares
Shares
Value
Media
—
0.1%
Interpublic
Group
of
Cos.,
Inc.
(The)
.......
622
$
20,010
Omnicom
Group,
Inc.
.................
71
6,961
26,971
Passenger
Airlines
—
0.3%
Alaska
Air
Group,
Inc.
(a)
................
390
14,637
American
Airlines
Group,
Inc.
(a)
...........
858
9,129
Southwest
Airlines
Co.
................
1,332
35,884
United
Airlines
Holdings,
Inc.
(a)
...........
290
13,172
72,822
Personal
Care
Products
—
0.3%
Coty,
Inc.
,
Class
A
(a)
..................
1,266
12,597
elf
Beauty,
Inc.
(a)
....................
224
38,658
Inter
Parfums,
Inc.
...................
48
6,752
58,007
Pharmaceuticals
—
0.0%
Zoetis,
Inc.
,
Class
A
..................
26
4,681
Professional
Services
—
0.0%
Robert
Half,
Inc.
....................
165
10,591
Real
Estate
Management
&
Development
—
0.1%
Zillow
Group,
Inc.
,
Class
C,
NVS
(a)
........
386
18,798
Residential
REITs
—
0.1%
Invitation
Homes,
Inc.
.................
340
11,992
Software
—
0.5%
Intuit,
Inc.
.........................
179
115,876
Specialized
REITs
—
0.1%
VICI
Properties,
Inc.
..................
621
19,412
Specialty
Retail
—
34.5%
Abercrombie
&
Fitch
Co.
,
Class
A
(a)
........
165
24,334
Academy
Sports
&
Outdoors,
Inc.
.........
659
35,632
Advance
Auto
Parts,
Inc.
...............
361
22,862
American
Eagle
Outfitters,
Inc.
...........
1,235
27,232
Asbury
Automotive
Group,
Inc.
(a)
..........
115
30,960
AutoNation,
Inc.
(a)
(b)
..................
182
34,711
AutoZone,
Inc.
(a)
....................
109
341,572
Bath
&
Body
Works,
Inc.
...............
1,801
66,187
Best
Buy
Co.,
Inc.
...................
766
66,274
Boot
Barn
Holdings,
Inc.
(a)
..............
244
32,569
Burlington
Stores,
Inc.
(a)
...............
586
152,548
CarMax,
Inc.
(a)
......................
1,001
84,524
Carvana
Co.
,
Class
A
(a)
................
393
52,359
Dick's
Sporting
Goods,
Inc.
.............
582
125,916
Five
Below,
Inc.
(a)
....................
488
35,497
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
(b)
....
797
78,106
Foot
Locker,
Inc.
....................
627
18,221
GameStop
Corp.
,
Class
A
(a)
(b)
............
748
16,957
Gap,
Inc.
(The)
.....................
1,982
46,537
Home
Depot,
Inc.
(The)
...............
7,244
2,666,950
Lithia
Motors,
Inc.
,
Class
A
.............
152
42,002
Lowe's
Cos.,
Inc.
....................
3,731
915,998
Murphy
USA,
Inc.
...................
99
49,987
O'Reilly
Automotive,
Inc.
(a)
(b)
.............
493
555,286
RH
(a)
............................
133
38,581
Ross
Stores,
Inc.
....................
3,223
461,630
Signet
Jewelers
Ltd.
..................
279
23,472
TJX
Cos.,
Inc.
(The)
..................
8,063
911,280
Tractor
Supply
Co.
...................
830
218,556
Ulta
Beauty,
Inc.
(a)
...................
503
183,540
Urban
Outfitters,
Inc.
(a)
................
534
24,591
Valvoline,
Inc.
(a)
.....................
565
26,273
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
U.S.
Consumer
Focused
ETF
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Wayfair,
Inc.
,
Class
A
(a)
................
527
$
28,685
Williams-Sonoma,
Inc.
................
972
150,349
7,590,178
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Apple,
Inc.
........................
148
32,868
Textiles,
Apparel
&
Luxury
Goods
—
3.3%
Capri
Holdings
Ltd.
(a)
.................
711
23,847
Carter's,
Inc.
.......................
309
18,710
Columbia
Sportswear
Co.
..............
171
13,971
Crocs,
Inc.
(a)
.......................
312
41,923
Deckers
Outdoor
Corp.
(a)
...............
135
124,555
Kontoor
Brands,
Inc.
..................
388
27,218
Lululemon
Athletica,
Inc.
(a)
..............
75
19,400
NIKE,
Inc.
,
Class
B
..................
4,104
307,225
Oxford
Industries,
Inc.
................
48
5,056
PVH
Corp.
........................
39
3,978
Ralph
Lauren
Corp.
,
Class
A
............
155
27,216
Skechers
USA,
Inc.
,
Class
A
(a)
...........
474
30,872
Steven
Madden
Ltd.
..................
541
24,529
Tapestry,
Inc.
.......................
1,104
44,259
VF
Corp.
.........................
1,271
21,556
734,315
Trading
Companies
&
Distributors
—
1.2%
Fastenal
Co.
.......................
683
48,322
Ferguson
plc
.......................
618
137,598
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
.....
108
9,607
SiteOne
Landscape
Supply,
Inc.
(a)
.........
145
21,268
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
WW
Grainger,
Inc.
...................
51
$
49,817
266,612
Total
Long-Term
Investments
—
99
.7
%
(Cost:
$
23,032,790
)
...............................
21,929,308
Short-Term
Securities
Money
Market
Funds
—
3.5%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(e)
..................
722,605
722,894
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
...................
59,489
59,489
Total
Short-Term
Securities
—
3
.5
%
(Cost:
$
782,334
)
.................................
782,383
Total
Investments
—
103
.2
%
(Cost:
$
23,815,124
)
...............................
22,711,691
Liabilities
in
Excess
of
Other
Assets
—
(
3.2
)
%
.............
(
714,105
)
Net
Assets
—
100.0%
...............................
$
21,997,586
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
158,080
$
564,834
(a)
$
—
$
(
38
)
$
18
$
722,894
722,605
$
990
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
73,037
—
(
13,548
)
(a)
—
—
59,489
59,489
5,603
—
$
(
38
)
$
18
$
782,383
$
6,593
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
2024
iShares
Annual
Financial
Statements
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
U.S.
Consumer
Focused
ETF
6
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
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
21,929,308
$
—
$
—
$
21,929,308
Short-Term
Securities
Money
Market
Funds
......................................
782,383
—
—
782,383
$
22,711,691
$
—
$
—
$
22,711,691
Schedule
of
Investments
July
31,
2024
iShares
®
U.S.
Tech
Independence
Focused
ETF
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.4%
Lockheed
Martin
Corp.
................
2,241
$
1,214,443
Automobiles
—
0.0%
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
........
1,667
27,355
Biotechnology
—
0.0%
GRAIL,
Inc.
(b)
......................
173
2,661
Broadline
Retail
—
9.4%
(b)
Amazon.com,
Inc.
...................
138,414
25,880,650
Coupang,
Inc.
,
Class
A
................
6,812
141,349
26,021,999
Building
Products
—
0.1%
Fortune
Brands
Innovations,
Inc.
.........
2,468
199,439
Capital
Markets
—
4.0%
CBOE
Global
Markets,
Inc.
.............
964
176,904
Coinbase
Global,
Inc.
,
Class
A
(b)
..........
5,191
1,164,653
FactSet
Research
Systems,
Inc.
..........
3,626
1,497,864
Intercontinental
Exchange,
Inc.
..........
29,626
4,490,117
LPL
Financial
Holdings,
Inc.
.............
576
127,595
Moody's
Corp.
......................
2,073
946,283
MSCI,
Inc.
........................
563
304,448
Nasdaq,
Inc.
.......................
3,186
215,628
Robinhood
Markets,
Inc.
,
Class
A
(b)
........
9,318
191,671
S&P
Global,
Inc.
....................
4,205
2,038,290
11,153,453
Commercial
Services
&
Supplies
—
0.3%
Tetra
Tech,
Inc.
.....................
3,147
671,066
Communications
Equipment
—
4.9%
Arista
Networks,
Inc.
(b)
................
4,376
1,516,503
Cisco
Systems,
Inc.
..................
130,492
6,322,337
Juniper
Networks,
Inc.
................
4,682
176,465
Motorola
Solutions,
Inc.
...............
14,018
5,592,060
13,607,365
Electrical
Equipment
—
0.1%
Rockwell
Automation,
Inc.
..............
747
208,152
Vertiv
Holdings
Co.
,
Class
A
............
2,200
173,140
381,292
Electronic
Equipment,
Instruments
&
Components
—
1.1%
CDW
Corp.
........................
9,175
2,001,159
Corning,
Inc.
.......................
2,127
85,101
Insight
Enterprises,
Inc.
(a)
(b)
.............
1,812
406,794
Keysight
Technologies,
Inc.
(b)
............
3,309
461,837
Teledyne
Technologies,
Inc.
(b)
............
339
143,011
3,097,902
Energy
Equipment
&
Services
—
0.1%
Schlumberger
NV
...................
6,240
301,330
Entertainment
—
0.1%
Electronic
Arts,
Inc.
..................
2,136
322,408
Financial
Services
—
2.5%
Block,
Inc.
,
Class
A
(b)
.................
8,132
503,208
Corpay,
Inc.
(b)
......................
2,650
773,323
Global
Payments,
Inc.
................
27,924
2,838,195
Jack
Henry
&
Associates,
Inc.
...........
2,399
411,381
Mastercard,
Inc.
,
Class
A
...............
5,245
2,432,159
Toast,
Inc.
,
Class
A
(a)
(b)
................
985
25,768
6,984,034
Security
Shares
Shares
Value
Ground
Transportation
—
0.2%
Uber
Technologies,
Inc.
(b)
..............
9,347
$
602,601
Health
Care
Equipment
&
Supplies
—
0.0%
Align
Technology,
Inc.
(b)
................
11
2,551
Health
Care
Technology
—
0.1%
Veeva
Systems,
Inc.
,
Class
A
(b)
..........
1,393
267,358
Hotels,
Restaurants
&
Leisure
—
0.9%
(b)
Airbnb,
Inc.
,
Class
A
..................
14,159
1,976,030
DoorDash,
Inc.
,
Class
A
...............
3,512
388,849
2,364,879
Household
Products
—
0.1%
Colgate-Palmolive
Co.
................
1,255
124,483
Insurance
—
0.3%
Aon
plc
,
Class
A
....................
843
276,934
Marsh
&
McLennan
Cos.,
Inc.
...........
2,395
533,055
809,989
Interactive
Media
&
Services
—
6.3%
Alphabet,
Inc.
,
Class
A
................
38,569
6,616,126
Alphabet,
Inc.
,
Class
C,
NVS
............
32,573
5,640,015
Meta
Platforms,
Inc.
,
Class
A
............
8,973
4,260,650
Pinterest,
Inc.
,
Class
A
(b)
...............
13,851
442,539
Snap,
Inc.
,
Class
A,
NVS
(b)
.............
18,511
246,566
ZoomInfo
Technologies,
Inc.
(b)
...........
5,252
59,663
17,265,559
IT
Services
—
9.9%
Accenture
plc
,
Class
A
................
43,305
14,317,499
Akamai
Technologies,
Inc.
(b)
.............
4,601
452,186
DigitalOcean
Holdings,
Inc.
(a)
(b)
...........
3,529
116,916
DXC
Technology
Co.
(b)
................
5,916
120,331
Gartner,
Inc.
(b)
......................
3,348
1,677,984
GoDaddy,
Inc.
,
Class
A
(b)
...............
233
33,890
International
Business
Machines
Corp.
.....
30,648
5,888,707
Snowflake,
Inc.
,
Class
A
(b)
..............
9,513
1,240,305
VeriSign,
Inc.
(b)
.....................
18,103
3,385,442
27,233,260
Life
Sciences
Tools
&
Services
—
0.2%
(b)
Illumina,
Inc.
.......................
1,043
127,872
IQVIA
Holdings,
Inc.
..................
1,820
448,138
576,010
Machinery
—
0.9%
Fortive
Corp.
.......................
151
10,849
Parker-Hannifin
Corp.
.................
4,103
2,302,440
Xylem,
Inc.
........................
560
74,760
2,388,049
Media
—
0.7%
Interpublic
Group
of
Cos.,
Inc.
(The)
.......
10,084
324,402
Omnicom
Group,
Inc.
.................
4,242
415,886
Trade
Desk,
Inc.
(The)
,
Class
A
(b)
.........
14,320
1,287,082
2,027,370
Professional
Services
—
2.3%
Automatic
Data
Processing,
Inc.
..........
633
166,239
Booz
Allen
Hamilton
Holding
Corp.
........
3,795
543,861
CACI
International,
Inc.
,
Class
A
(b)
........
897
413,948
Genpact
Ltd.
.......................
20,370
706,228
Maximus,
Inc.
......................
1,715
159,306
Science
Applications
International
Corp.
....
1,208
150,275
SS&C
Technologies
Holdings,
Inc.
........
27,753
2,024,581
TransUnion
........................
5,035
454,459
2024
iShares
Annual
Financial
Statements
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
U.S.
Tech
Independence
Focused
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
(continued)
Verisk
Analytics,
Inc.
..................
6,408
$
1,677,294
6,296,191
Real
Estate
Management
&
Development
—
0.4%
CoStar
Group,
Inc.
(b)
..................
14,312
1,116,622
Semiconductors
&
Semiconductor
Equipment
—
20.1%
Advanced
Micro
Devices,
Inc.
(b)
..........
14,524
2,098,428
Broadcom,
Inc.
.....................
159,640
25,650,955
Enphase
Energy,
Inc.
(b)
................
924
106,362
KLA
Corp.
.........................
749
616,479
Lam
Research
Corp.
.................
633
583,145
Micron
Technology,
Inc.
................
11,444
1,256,780
Monolithic
Power
Systems,
Inc.
..........
2,623
2,263,885
NVIDIA
Corp.
......................
144,243
16,879,316
Qorvo,
Inc.
(b)
.......................
2,744
328,731
QUALCOMM,
Inc.
...................
23,728
4,293,582
Silicon
Laboratories,
Inc.
(b)
..............
1,645
197,614
Teradyne,
Inc.
......................
2,769
363,182
Texas
Instruments,
Inc.
................
4,210
858,040
55,496,499
Software
—
29.5%
Adobe,
Inc.
(b)
.......................
6,495
3,582,967
ANSYS,
Inc.
(b)
......................
3,362
1,054,424
Appian
Corp.
,
Class
A
(b)
...............
3,059
112,999
Atlassian
Corp.
,
Class
A
(b)
..............
9,715
1,715,378
Autodesk,
Inc.
(b)
.....................
6,682
1,653,929
Bentley
Systems,
Inc.
,
Class
B
...........
9,949
484,914
BILL
Holdings,
Inc.
(b)
..................
1,454
72,642
Cadence
Design
Systems,
Inc.
(b)
.........
17,579
4,705,195
Confluent,
Inc.
,
Class
A
(b)
..............
8,925
223,303
Crowdstrike
Holdings,
Inc.
,
Class
A
(b)
.......
4,352
1,009,490
Datadog,
Inc.
,
Class
A
(b)
...............
3,593
418,369
Fortinet,
Inc.
(b)
......................
7,036
408,369
HubSpot,
Inc.
(b)
.....................
592
294,242
Intuit,
Inc.
.........................
271
175,432
Manhattan
Associates,
Inc.
(b)
............
13,194
3,369,484
Microsoft
Corp.
.....................
60,192
25,181,323
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
...........
245
395,538
Oracle
Corp.
.......................
72,148
10,061,039
Palantir
Technologies,
Inc.
,
Class
A
(b)
......
28,239
759,347
Qualys,
Inc.
(a)
(b)
.....................
3,350
499,619
Salesforce,
Inc.
.....................
56,753
14,687,676
ServiceNow,
Inc.
(b)
...................
5,848
4,762,553
Smartsheet,
Inc.
,
Class
A
(b)
.............
667
31,989
Synopsys,
Inc.
(b)
....................
1,041
581,211
Tyler
Technologies,
Inc.
(b)
..............
2,938
1,669,107
Workday,
Inc.
,
Class
A
(b)
...............
10,343
2,349,102
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
(b)
20,915
1,263,266
81,522,907
Specialized
REITs
—
0.8%
Equinix,
Inc.
.......................
2,393
1,891,044
Iron
Mountain,
Inc.
...................
4,146
425,214
2,316,258
Specialty
Retail
—
0.1%
Best
Buy
Co.,
Inc.
...................
2,005
173,473
Technology
Hardware,
Storage
&
Peripherals
—
3.7%
Apple,
Inc.
........................
30,600
6,795,648
Dell
Technologies,
Inc.
,
Class
C
..........
1,293
146,988
NetApp,
Inc.
.......................
24,073
3,056,790
Security
Shares
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
Super
Micro
Computer,
Inc.
(b)
............
474
$
332,582
10,332,008
Total
Long-Term
Investments
—
99
.5
%
(Cost:
$
216,545,024
)
..............................
274,900,814
Short-Term
Securities
Money
Market
Funds
—
1.3%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(e)
..................
2,238,454
2,239,349
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
...................
1,312,980
1,312,980
Total
Short-Term
Securities
—
1
.3
%
(Cost:
$
3,552,160
)
...............................
3,552,329
Total
Investments
—
100
.8
%
(Cost:
$
220,097,184
)
..............................
278,453,143
Liabilities
in
Excess
of
Other
Assets
—
(
0.8
)
%
.............
(
2,206,968
)
Net
Assets
—
100.0%
...............................
$
276,246,175
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
U.S.
Tech
Independence
Focused
ETF
Schedule
of
Investments
9
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
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
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.
See
notes
to
financial
statements.
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
955,490
$
1,283,526
(a)
$
—
$
244
$
89
$
2,239,349
2,238,454
$
34,200
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
870,651
442,329
(a)
—
—
—
1,312,980
1,312,980
64,714
—
$
244
$
89
$
3,552,329
$
98,914
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
274,900,814
$
—
$
—
$
274,900,814
Short-Term
Securities
Money
Market
Funds
......................................
3,552,329
—
—
3,552,329
$
278,453,143
$
—
$
—
$
278,453,143
Statements
of
Assets
and
Liabilities
July
31,
2024
2024
iShares
Annual
Financial
Statements
10
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Focused
ETF
iShares
U.S.
Tech
Independence
Focused
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
........................................................................
$
21,929,308
$
274,900,814
Investments,
at
value
—
affiliated
(c)
...........................................................................
782,383
3,552,329
Receivables:
–
–
Securities
lending
income
—
affiliated
.......................................................................
118
203
Dividends
—
unaffiliated
................................................................................
10,690
67,952
Dividends
—
affiliated
..................................................................................
351
5,440
Total
a
ssets
..........................................................................................
22,722,850
278,526,738
LIABILITIES
Collateral
on
securities
loaned
..............................................................................
721,936
2,238,098
Payables:
–
–
Investment
advisory
fees
................................................................................
3,328
42,465
Total
li
abilities
.........................................................................................
725,264
2,280,563
Commitments
and
contingent
liabilities
—
—
NET
ASSETS
.........................................................................................
$
21,997,586
$
276,246,175
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
24,591,726
$
221,192,868
Accumulated
earnings
(loss)
...............................................................................
(
2,594,140
)
55,053,307
NET
ASSETS
.........................................................................................
$
21,997,586
$
276,246,175
NET
ASSET
VALUE
Shares
outstanding
.....................................................................................
450,000
3,700,000
Net
asset
value
........................................................................................
$
48.88
$
74.66
Shares
authorized
......................................................................................
Unlimited
Unlimited
Par
value
............................................................................................
None
None
(a)
Investments,
at
cost
—
unaffiliated
...................................................................
$
23,032,790
$
216,545,024
(b)
Securities
loaned,
at
value
........................................................................
$
703,432
$
2,183,566
(c)
Investments,
at
cost
—
affiliated
.....................................................................
$
782,334
$
3,552,160
Statements
of
Operations
Year
Ended
July
31,
2024
11
Statements
of
Operations
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Focused
ETF
iShares
U.S.
Tech
Independence
Focused
ETF
INVESTMENT
INCOME
–
–
Dividends
—
unaffiliated
................................................................................
$
243,511
$
1,734,392
Dividends
—
affiliated
..................................................................................
5,603
64,714
Interest
—
unaffiliated
..................................................................................
—
123
Securities
lending
income
—
affiliated
—
net
..................................................................
990
34,200
Foreign
taxes
withheld
.................................................................................
—
(
733
)
Total
investment
income
..................................................................................
250,104
1,832,696
EXPENSES
Investment
advisory
...................................................................................
36,584
364,005
Total
expenses
........................................................................................
36,584
364,005
Net
investment
income
...................................................................................
213,520
1,468,691
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
453,284
$
54,212,667
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
............................................................................
(
176,991
)
7,837,076
Investments
—
affiliated
..............................................................................
(
38
)
244
In-kind
redemptions
—
unaffiliated
(a)
......................................................................
2,836,012
25,001,439
2,658,983
32,838,759
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
............................................................................
(
2,205,716
)
21,373,817
Investments
—
affiliated
..............................................................................
18
89
(2,205,698)
21,373,906
Net
realized
and
unrealized
gain
............................................................................
453,285
54,212,665
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................................
$
666,805
$
55,681,356
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets
2024
iShares
Annual
Financial
Statements
12
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Focused
ETF
iShares
U.S.
Tech
Independence
Focused
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/24
Year
Ended
07/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
213,520
$
159,272
$
1,468,691
$
1,185,787
Net
realized
gain
(loss)
............................................
2,658,983
(
839,297
)
32,838,759
(
2,113,700
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
(
2,205,698
)
1,933,804
21,373,906
31,888,230
Net
increase
in
net
assets
resulting
from
operations
...........................
666,805
1,253,779
55,681,356
30,960,317
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(205,083)
(438,384)
(1,394,072)
(1,198,551)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
6,936,199
(1,892,660)
65,502,583
10,705,075
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
7,397,921
(
1,077,265
)
119,789,867
40,466,841
Beginning
of
year
..................................................
14,599,665
15,676,930
156,456,308
115,989,467
End
of
year
......................................................
$
21,997,586
$
14,599,665
$
276,246,175
$
156,456,308
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
13
Financial
Highlights
iShares
U.S.
Consumer
Focused
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Net
asset
value,
beginning
of
year
.................................
$
41.71
$
39.19
$
45.26
$
34.23
$
29.47
Net
investment
income
(a)
........................................
0
.48
0
.44
0
.38
0
.35
0
.35
Net
realized
and
unrealized
gain
(loss)
(b)
..............................
7.21
3.30
(6.07
)
11.01
4.90
Net
increase
(decrease)
from
investment
operations
.......................
7.69
3.74
(5.69
)
11.36
5.25
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.....................................
(
0
.52
)
(
0
.44
)
(
0
.38
)
(
0
.33
)
(
0
.33
)
From
net
realized
gain
..........................................
—
(
0
.78
)
—
—
(
0
.16
)
Total
distributions
..............................................
(0.52
)
(1.22
)
(0.38
)
(0.33
)
(0.49
)
Net
asset
value,
end
of
year
......................................
$
48.88
$
41.71
$
39.19
$
45.26
$
34.23
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.........................................
18.57
%
9.94
%
(12.65
)%
33.32
%
18.11
%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
................................................
0.18
%
0.18
%
0.18
%
0.18
%
0.18
%
Net
investment
income
...........................................
1.05
%
1.14
%
0.88
%
0.86
%
1.16
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
21,998
$
14,600
$
15,677
$
22,632
$
11,981
Portfolio
turnover
rate
(f)
...........................................
15
%
18
%
7
%
4
%
10
%
(a)
Based
on
average
shares
outstanding.
(b)
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.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Annual
Financial
Statements
14
iShares
U.S.
Tech
Independence
Focused
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Net
asset
value,
beginning
of
year
.................................
$
56.89
$
47.34
$
56.82
$
40.70
$
29.95
Net
investment
income
(a)
........................................
0
.47
0
.45
0
.23
0
.21
0
.24
Net
realized
and
unrealized
gain
(loss)
(b)
..............................
17.76
9.55
(9.25
)
16.12
10.80
Net
increase
(decrease)
from
investment
operations
.......................
18.23
10.00
(9.02
)
16.33
11.04
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.....................................
(
0
.46
)
(
0
.38
)
(
0
.25
)
(
0
.21
)
(
0
.24
)
From
net
realized
gain
..........................................
—
(
0
.07
)
(
0
.21
)
—
(
0
.05
)
Total
distributions
..............................................
(0.46
)
(0.45
)
(0.46
)
(0.21
)
(0.29
)
Net
asset
value,
end
of
year
......................................
$
74.66
$
56.89
$
47.34
$
56.82
$
40.70
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.........................................
32.22
%
21.41
%
(16.02
)%
40.24
%
37.15
%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
................................................
0.18
%
0.18
%
0.18
%
0.18
%
0.18
%
Net
investment
income
...........................................
0.73
%
0.98
%
0.43
%
0.44
%
0.72
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
276,246
$
156,456
$
115,989
$
130,696
$
79,355
Portfolio
turnover
rate
(f)
...........................................
31
%
44
%
7
%
6
%
5
%
(a)
Based
on
average
shares
outstanding.
(b)
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.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
15
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
U.S.
ETF
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
July
31,
2024
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
iShares
ETF
Diversification
Classification
U.S.
Consumer
Focused
................................................................................................
Non-diversified
U.S.
Tech
Independence
Focused
.........................................................................................
Non-diversified
Notes
to
Financial
Statements
(continued)
2024
iShares
Annual
Financial
Statements
16
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
("NYSE").
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
Value
Hierarchy:
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
that
may
not
have
a
secondary
market
and/or
may
have
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.
4.
Securities
and
Other
Investments
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
Notes
to
Financial
Statements
(continued)
17
Notes
to
Financial
Statements
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
redemption
fee,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
of
the
value
redeemed,
if
such
fee
is
determined
to
be
in
the
best
interests
of
such
money
market
fund.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities.
Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
U.S.
Consumer
Focused
HSBC
Bank
plc
.......................................
$
24,984
$
(24,005)
$
–
$
979
(b)
J.P.
Morgan
Securities
LLC
...............................
39,462
(39,462)
–
–
Morgan
Stanley
.......................................
79,987
(79,987)
–
–
Toronto-Dominion
Bank
(The)
..............................
558,999
(558,999)
–
–
$
703,432
$
(702,453)
$
–
$
979
U.S.
Tech
Independence
Focused
BofA
Securities,
Inc.
....................................
$
26,699
$
(26,699)
$
–
$
–
Citigroup
Global
Markets,
Inc.
..............................
17,736
(17,736)
–
–
Morgan
Stanley
.......................................
2,116,905
(2,116,905)
–
–
State
Street
Bank
&
Trust
Co.
..............................
22,226
(22,226)
–
–
$
2,183,566
$
(2,183,566)
$
–
$
–
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
July
31,
2024.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
iShares
ETF
Investment
Advisory
Fees
U.S.
Consumer
Focused
.............................................................................................
0.18
%
U.S.
Tech
Independence
Focused
......................................................................................
0.18
Notes
to
Financial
Statements
(continued)
2024
iShares
Annual
Financial
Statements
18
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the year ended
July
31,
2024,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or
trustees
of
BlackRock
or
its
affiliates.
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the year ended July
31,
2024,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
6.
Purchases
and
Sales
For
the year ended
July
31,
2024,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
July
31,
2024,
in-kind
transactions
were
as
follows:
7.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
July
31,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
July
31,
2024,
permanent
differences
attributable
to
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
iShares
ETF
Amounts
U.S.
Consumer
Focused
....................................................................................................
$
343
U.S.
Tech
Independence
Focused
.............................................................................................
8,568
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
U.S.
Consumer
Focused
.................................................................
$
78,459
$
1,428,876
$
107,082
U.S.
Tech
Independence
Focused
..........................................................
6,862,100
15,372,882
595,969
iShares
ETF
Purchases
Sales
U.S.
Consumer
Focused
.................................................................................
$
3,308,478
$
3,265,215
U.S.
Tech
Independence
Focused
..........................................................................
61,214,674
62,521,003
iShares
ETF
In-kind
Purchases
In-kind
Sales
U.S.
Consumer
Focused
.................................................................................
$
44,664,867
$
37,753,278
U.S.
Tech
Independence
Focused
..........................................................................
107,494,765
41,058,780
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
U.S.
Consumer
Focused
......................................................................
$
2,835,142
$
(2,835,142)
U.S.
Tech
Independence
Focused
...............................................................
25,001,439
(25,001,439)
Notes
to
Financial
Statements
(continued)
19
Notes
to
Financial
Statements
The
tax
character
of
distributions
paid
was
as
follows:
As
of
July
31,
2024,
the
tax
components
of
accumulated
net
earnings
(losses)
were
as
follows:
As
of
July
31,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
8.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
iShares
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
U.S.
Consumer
Focused
Ordinary
income
...........................................................................................
$
205,083
$
183,134
Long-term
capital
gains
......................................................................................
—
255,250
$
205,083
$
438,384
U.S.
Tech
Independence
Focused
Ordinary
income
...........................................................................................
$
1,394,072
$
1,110,931
Long-term
capital
gains
......................................................................................
—
87,620
$
1,394,072
$
1,198,551
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
U.S.
Consumer
Focused
..................................................
$
17,627
$
(1,508,334)
$
(1,103,433)
$
(2,594,140)
U.S.
Tech
Independence
Focused
...........................................
311,702
(3,612,299)
58,353,904
55,053,307
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
were
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
U.S.
Consumer
Focused
............................................
$
23,815,124
$
805,047
$
(1,908,480)
$
(1,103,433)
U.S.
Tech
Independence
Focused
......................................
220,099,239
60,732,239
(2,378,335)
58,353,904
Notes
to
Financial
Statements
(continued)
2024
iShares
Annual
Financial
Statements
20
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the Funds
invest.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
9.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars. Authorized
Participants purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Fund,
at
its
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
each
Fund’s
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Fund
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
10.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
07/31/24
Year
Ended
07/31/23
iShares
ETF
Shares
Amount
Shares
Amount
U.S.
Consumer
Focused
Shares
sold
900,000
$
44,920,044
100,000
$
3,714,150
Shares
redeemed
(800,000)
(37,983,845)
(150,000)
(5,606,810)
100,000
$
6,936,199
(50,000)
$
(1,892,660)
U.S.
Tech
Independence
Focused
Shares
sold
1,550,000
$
108,273,539
1,150,000
$
47,941,540
Shares
redeemed
(600,000)
(42,770,956)
(850,000)
(37,236,465)
950,000
$
65,502,583
300,000
$
10,705,075
Report
of
Independent
Registered
Public
Accounting
Firm
21
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
iShares
U.S.
ETF
Trust
and
Shareholders
of
each
of
the two
funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed in
the
table
below
(two
of
the
funds
constituting
iShares
U.S.
ETF
Trust,
hereafter
collectively
referred
to
as
the “Funds”)
as
of
July
31,
2024,
the
related
statements
of
operations
for
the
year
ended
July
31,
2024,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2024 (collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds listed
in
the
table
below
as
of
July
31,
2024,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2024
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2024 in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2024
by
correspondence
with
the
custodian
and
transfer
agent.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
September
23,
2024
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
U.S.
Consumer
Focused
ETF
iShares
U.S.
Tech
Independence
Focused
ETF
Important
Tax
Information
(unaudited)
2023
iShares
Annual
Report
to
Shareholders
22
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
July
31,
2024:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified business
income
for
individuals
for
the
fiscal
year
ended
July
31,
2024:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended July
31,
2024
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
U.S.
Consumer
Focused
..............................................................................................
$
223,474
U.S.
Tech
Independence
Focused
.......................................................................................
1,687,064
iShares
ETF
Qualified
Business
Income
U.S.
Consumer
Focused
..............................................................................................
$
3,346
U.S.
Tech
Independence
Focused
.......................................................................................
31,722
iShares
ETF
Dividends-Received
Deduction
U.S.
Consumer
Focused
..............................................................................................
100.00
%
U.S.
Tech
Independence
Focused
.......................................................................................
100.00
Additional
Information
23
Additional
Information
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Regulation
under
the
Alternative
Investment
Fund
Managers
Directive
Not
applicable.
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•
Go
to
icsdelivery.com
.
•
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed
in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions
as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent
Trustee]
for
services
to
the
Funds
from
BFA's
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Board
Review
and
Approval
of
Investment
Advisory
Contract
2024
iShares
Annual
Financial
Statements
24
iShares
U.S.
Consumer
Focused
ETF,
iShares
U.S.
Tech
Independence
Focused
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
The
Board
noted
that
the
Fund
is
an
actively
managed
ETF
that
does
not
seek
to
track
the
performance
of
a
specified
index
and
that
the
management
team
for
the
Fund
manages
the
Fund’s
portfolio
in
accordance
with
its
investment
objective.
The
Board
further
noted
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
reference
benchmark.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
expectations
relative
to
the
Fund’s
peer
group
(where
applicable)
and
reference
benchmark
or
stated
investment
objective.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
25
Board
Review
and
Approval
of
Investment
Advisory
Contract
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
a
similar
investment
strategy
or
investment
mandate
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Glossary
of
Terms
Used
in
this
Report
2024
iShares
Semi-Annual
Report
to
Shareholders
26
Portfolio
Abbreviation
MSCI
Morgan
Stanley
Capital
International
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
©2024
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
Item
8 – Changes in and Disagreements with Accountants for Open-End Management
Investment Companies – See Item 7
Item 9 – Proxy Disclosures
for Open-End Management Investment Companies – See Item 7
Item 10
– Remuneration Paid to Directors, Officers, and Others of Open-End Management
Investment Companies – See Item 7
Item
11 – Statement Regarding Basis for Approval of Investment Advisory Contract
– See Item 7
Item
12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies – Not
Applicable
Item
13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item
14 – Purchases of Equity Securities by Closed-End Management Investment Company
and Affiliated Purchasers – Not
Applicable
Item
15 – Submission of Matters to a Vote of Security Holders – There have been no
material changes to these procedures.
Item
16 – Controls and Procedures
(a)
The registrant’s principal executive and principal financial officers, or
persons performing similar functions, have concluded that the registrant’s
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as
of a date within 90 days of the filing date of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the
1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of
1934, as amended.
(b)
There were no changes in the registrant’s internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during
the period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant’s internal control over financial
reporting.
Item
17 – Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies – Not Applicable
Item
18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item
19 – Exhibits attached hereto
(a)(2) Any policy required by the listing standards adopted
pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the
registered national securities exchange or registered national securities
association upon which the registrant’s securities are listed – Not Applicable
(a)(4) Any written solicitation to purchase securities under Rule 23c-1
– Not Applicable
(a)(5) Change in registrant’s independent public accountant – Not
Applicable
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
iShares
U.S. ETF Trust
By: /s/ Jessica Tan
Jessica
Tan
President
(principal executive officer) of
iShares
U.S. ETF Trust
Date:
September 23, 2024
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Jessica Tan
Jessica
Tan
President
(principal executive officer) of
iShares
U.S. ETF Trust
Date:
September 23, 2024
By: /s/ Trent Walker
Trent
Walker
Treasurer and Chief Financial Officer (principal
financial officer) of
iShares U.S. ETF Trust
Date:
September 23, 2024