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: 10/31/2024

Date of reporting period: 10/31/2024

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

iShares Short Maturity Municipal Bond Active ETF

MEAR | Cboe BZX Exchange

Annual Shareholder Report — October 31, 2024

This annual shareholder report contains important information about iShares Short Maturity Municipal Bond Active ETF (the “Fund”) (Formerly known as BlackRock Short Maturity Municipal Bond ETF) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Short Maturity Municipal Bond Active ETF	$26	0.25%

How did the Fund perform last year?

For the reporting period ended October 31, 2024, the Fund returned 4.30%.
For the same period, the Bloomberg Municipal Bond Index returned 9.70% and the Bloomberg Municipal Bond: 1 Year (1-2) Index returned 4.42%.

What contributed to performance?

During the reporting period, a combination of moderating inflation levels and a softening labor market contributed to the U.S. Federal Reserve’s decision to loosen monetary policy with a 50-basis point target policy rate cut in September. Amid a volatile overall rate market, the investment adviser’s selective approach to the timing of duration extension trades was a positive contributor to the Fund’s performance. Variable rate demand note (“VRDN”) securities provided price protection from adverse market pricing changes because the securities traded at par while capturing increases in yields with daily or weekly rate adjustments and contributed to performance. A selective overweight to the 2-5year part of the yield curve also contributed to performance. From a credit perspective, A and BBB rated municipal bonds were additive.

What detracted from performance?

Detracting from the Fund’s performance during the reporting period were underweights to the tax-backed states, utilities and transportation sectors, and an underweight allocation to the one-two-year part of the yield curve.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: March 3, 2015 through October 31, 2024

Initial Investment of $10,000

	Fund	Bloomberg Municipal Bond Index	Bloomberg Municipal Bond: 1 Year (1-2) Index
Mar 15	$9,998	$10,050	$10,000
Apr 15	$9,994	$9,998	$10,000
May 15	$9,972	$9,970	$10,000
Jun 15	$9,978	$9,961	$10,000
Jul 15	$9,999	$10,033	$10,013
Aug 15	$10,017	$10,053	$10,030
Sep 15	$10,034	$10,125	$10,042
Oct 15	$10,048	$10,166	$10,052
Nov 15	$10,034	$10,206	$10,040
Dec 15	$10,036	$10,278	$10,038
Jan 16	$10,062	$10,400	$10,069
Feb 16	$10,084	$10,417	$10,085
Mar 16	$10,076	$10,450	$10,071
Apr 16	$10,087	$10,527	$10,082
May 16	$10,092	$10,555	$10,087
Jun 16	$10,111	$10,723	$10,104
Jul 16	$10,125	$10,730	$10,122
Aug 16	$10,126	$10,744	$10,107
Sep 16	$10,111	$10,690	$10,085
Oct 16	$10,118	$10,578	$10,092
Nov 16	$10,086	$10,184	$10,049
Dec 16	$10,095	$10,303	$10,068
Jan 17	$10,119	$10,371	$10,105
Feb 17	$10,145	$10,443	$10,138
Mar 17	$10,149	$10,466	$10,138
Apr 17	$10,161	$10,542	$10,154
May 17	$10,177	$10,709	$10,173
Jun 17	$10,173	$10,671	$10,165
Jul 17	$10,192	$10,757	$10,189
Aug 17	$10,215	$10,839	$10,212
Sep 17	$10,210	$10,784	$10,200
Oct 17	$10,213	$10,810	$10,201
Nov 17	$10,183	$10,752	$10,155
Dec 17	$10,193	$10,865	$10,161
Jan 18	$10,209	$10,737	$10,190
Feb 18	$10,220	$10,705	$10,207
Mar 18	$10,223	$10,744	$10,200
Apr 18	$10,223	$10,706	$10,190
May 18	$10,247	$10,828	$10,224
Jun 18	$10,269	$10,838	$10,260
Jul 18	$10,293	$10,864	$10,281
Aug 18	$10,300	$10,892	$10,278
Sep 18	$10,299	$10,821	$10,258
Oct 18	$10,310	$10,755	$10,267
Nov 18	$10,331	$10,874	$10,299
Dec 18	$10,354	$11,004	$10,338
Jan 19	$10,377	$11,087	$10,370
Feb 19	$10,396	$11,146	$10,394
Mar 19	$10,416	$11,323	$10,422
Apr 19	$10,428	$11,365	$10,430
May 19	$10,456	$11,522	$10,469
Jun 19	$10,476	$11,564	$10,501
Jul 19	$10,504	$11,658	$10,536
Aug 19	$10,519	$11,842	$10,550
Sep 19	$10,513	$11,747	$10,528
Oct 19	$10,533	$11,768	$10,559
Nov 19	$10,546	$11,797	$10,577
Dec 19	$10,564	$11,833	$10,592
Jan 20	$10,585	$12,046	$10,630
Feb 20	$10,605	$12,201	$10,651
Mar 20	$10,531	$11,759	$10,598
Apr 20	$10,549	$11,611	$10,623
May 20	$10,598	$11,980	$10,728
Jun 20	$10,625	$12,079	$10,728
Jul 20	$10,649	$12,282	$10,755
Aug 20	$10,657	$12,225	$10,756
Sep 20	$10,670	$12,227	$10,764
Oct 20	$10,668	$12,191	$10,756
Nov 20	$10,677	$12,375	$10,769
Dec 20	$10,681	$12,450	$10,779
Jan 21	$10,690	$12,529	$10,797
Feb 21	$10,687	$12,330	$10,793
Mar 21	$10,693	$12,406	$10,801
Apr 21	$10,697	$12,510	$10,808
May 21	$10,696	$12,548	$10,813
Jun 21	$10,695	$12,582	$10,812
Jul 21	$10,703	$12,686	$10,826
Aug 21	$10,701	$12,640	$10,823
Sep 21	$10,694	$12,549	$10,812
Oct 21	$10,689	$12,512	$10,810
Nov 21	$10,689	$12,618	$10,813
Dec 21	$10,688	$12,639	$10,812
Jan 22	$10,651	$12,293	$10,740
Feb 22	$10,646	$12,249	$10,726
Mar 22	$10,616	$11,852	$10,637
Apr 22	$10,594	$11,524	$10,594
May 22	$10,621	$11,695	$10,675
Jun 22	$10,627	$11,504	$10,678
Jul 22	$10,650	$11,808	$10,736
Aug 22	$10,636	$11,549	$10,650
Sep 22	$10,622	$11,105	$10,558
Oct 22	$10,634	$11,013	$10,572
Nov 22	$10,691	$11,528	$10,694
Dec 22	$10,704	$11,561	$10,688
Jan 23	$10,751	$11,893	$10,778
Feb 23	$10,749	$11,624	$10,687
Mar 23	$10,802	$11,882	$10,802
Apr 23	$10,812	$11,855	$10,770
May 23	$10,834	$11,752	$10,758
Jun 23	$10,889	$11,870	$10,810
Jul 23	$10,923	$11,917	$10,833
Aug 23	$10,948	$11,746	$10,844
Sep 23	$10,953	$11,401	$10,800
Oct 23	$10,988	$11,304	$10,831
Nov 23	$11,075	$12,022	$10,947
Dec 23	$11,128	$12,301	$10,998
Jan 24	$11,151	$12,239	$11,005
Feb 24	$11,181	$12,254	$11,026
Mar 24	$11,209	$12,254	$11,035
Apr 24	$11,235	$12,102	$11,050
May 24	$11,275	$12,067	$11,076
Jun 24	$11,321	$12,252	$11,139
Jul 24	$11,365	$12,363	$11,212
Aug 24	$11,423	$12,461	$11,286
Sep 24	$11,461	$12,584	$11,321
Oct 24	$11,460	$12,400	$11,293

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.30%	1.70%	1.42%
Bloomberg Municipal Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.70	1.05	2.25
Bloomberg Municipal Bond: 1 Year (1-2) Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.42	1.38	1.28

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$682,282,883
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	220
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,630,132
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	91%

The Fund has added the Bloomberg Municipal Bond Index in response to new regulatory requirements.

The inception date of the Fund was March 3, 2015.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of October 31, 2024)

Credit quality allocation

Ten largest states

S&P Credit Rating^{Footnote Reference*}	Percent of Total Investments^{Footnote Reference(a)}
AAA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3%
AA+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	26.5
AA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.2
AA-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
A+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.6
BBB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
BBB........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31.5

State	Percent of TotaI Investments^{Footnote Reference(a)}
Texas ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.5%
Iowa ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
New York ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.7
Tennessee ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.2
New Jersey ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.8
Alabama ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.7
Louisiana ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
Illinois ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Wisconsin ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Kentucky ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7

Footnote	Description
Footnote^*	Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote^(a)	Excludes money market funds.

Material Fund Changes

This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).

Effective October 10, 2024, the name of the Fund was changed from BlackRock Short Maturity Municipal Bond ETF to iShares Short Maturity Municipal Bond Active ETF.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

The Fund is not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2024 BlackRock, Inc or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Short Maturity Municipal Bond Active ETF

Annual Shareholder Report — October 31, 2024

MEAR-10/24-AR

(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

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 one series of the registrant for which the fiscal year-end is October 31, 2024 (the “Fund”), 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 Fund’s 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 $13,850 for the fiscal year ended October 31, 2023 and $13,850 for the fiscal year ended October 31, 2024.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2023 and October 31, 2024 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s 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 Fund were $9,700 for the fiscal year ended October 31, 2023 and $9,700 for the fiscal year ended October 31, 2024. These services related to the review of the Fund’s tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended October 31, 2023 and October 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 Fund, 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 $9,700 for the fiscal year ended October 31, 2023 and $9,700 for the fiscal year ended October 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

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 Statements 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.

OCTOBER

31,

2024

Annual

Financial

Statements

and

Additional

Information

iShares

U.S.

ETF

Trust

iShares

Short

Maturity

Municipal

Bond

Active

ETF

MEAR

Cboe

BZX

Exchange

Table

Contents

Page

Schedules

Investments

.................................................................................................

Statement

Assets

and

Liabilities

............................................................................................

Statement

Operations

..................................................................................................

Statements

Changes

Net

Assets

..........................................................................................

Financial

Highlights

.....................................................................................................

Notes

Financial

Statements

...............................................................................................

Report

Independent

Registered

Public

Accounting

Firm

..............................................................................

Important

Tax

Information

.................................................................................................

Additional

Information

....................................................................................................

Board

Review

and

Approval

Investment

Advisory

Contract

............................................................................

Glossary

Terms

Used

this

Report

..........................................................................................

Schedule

Investments

October

31,

2024

iShares

Short

Maturity

Municipal

Bond

Active

ETF

(Formerly,

BlackRock

Short

Maturity

Bond

ETF)

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Municipal

Bonds

Alabama

—

5.8%

Black

Belt

Energy

Gas

District

Series

2021B

4.00

12/01/24

.....

USD

1,250‌

1,249,611‌

Series

2022C-1

5.25

12/01/24

....

630‌

630,546‌

Series

2022F

5.25

12/01/24

.....

2,745‌

2,746,944‌

Series

2022C-1

5.25

06/01/25

....

615‌

619,598‌

Series

2023C

5.50

06/01/26

.....

1,000‌

1,025,308‌

Series

2024C

5.00

07/01/27

.....

935‌

964,794‌

Series

2024C

5.00

07/01/28

.....

1,480‌

1,542,185‌

Series

2022E

VRDN

5.00

06/01/28

(a)

5,000‌

5,201,561‌

Energy

Southeast

Cooperative

District

Series

2023B-1

5.50

11/01/26

....

800‌

830,398‌

Series

2024B

5.00

12/01/26

.....

100‌

102,950‌

Series

2023B-1

5.50

05/01/27

....

1,570‌

1,643,549‌

Series

2024B

5.00

06/01/27

.....

115‌

119,143‌

Series

2024B

5.00

12/01/27

.....

100‌

104,208‌

Series

2024B

5.00

06/01/28

.....

240‌

251,148‌

Series

2024B

5.00

12/01/28

.....

250‌

262,585‌

Southeast

Alabama

Gas

Supply

District

(The)

Series

2024B

5.00

11/01/24

.....

815‌

815,000‌

Series

2024A

5.00

04/01/25

.....

3,500‌

3,511,975‌

Series

2024B

5.00

05/01/25

.....

965‌

969,710‌

Series

2024B

5.00

05/01/26

.....

800‌

814,823‌

Southeast

Energy

Authority

Cooperative

District

Series

2023B

(

Royal

Bank

Canada

LIQ

5.00

06/01/25

............

170‌

170,801‌

Series

2023A

5.00

07/01/25

.....

650‌

654,239‌

Series

2023B

(

Royal

Bank

Canada

LIQ

5.00

06/01/26

............

185‌

188,384‌

Series

2024C

5.00

11/01/26

.....

1,000‌

1,026,345‌

Series

2023B

(

Royal

Bank

Canada

LIQ

5.00

06/01/27

............

1,000‌

1,034,302‌

Series

2024C

5.00

11/01/27

.....

1,000‌

1,040,160‌

Series

2024C

5.00

11/01/28

.....

1,000‌

1,050,197‌

Series

2022B-1

VRDN

5.00

08/01/28

(a)

...............

10,500‌

10,951,381‌

39,521,845‌

Arizona

—

0.8%

Arizona

Health

Facilities

Authority

Series

2015B

VRDN

3.49

11/07/24

(SIFMA

Municipal

Swap

Index)

(a)

(b)

....

3,600‌

3,592,296‌

City

Phoenix

Civic

Improvement

Corp.,

Series

2017A,

RB,

AMT,

5.00%, 07/01/29

......

1,700‌

1,757,432‌

5,349,728‌

California

—

1.7%

City

Los

Angeles,

Series

2024,

RB,

5.00%, 06/26/25

.................

10,000‌

10,124,306‌

State

California,

Series

2021,

GO,

5.00%, 12/01/24

.................

1,190‌

1,191,667‌

11,315,973‌

Colorado

—

0.7%

Colorado

School

Mines,

Series

2022D,

RB,

VRDN,

4.11%, 11/07/24,

(SIFMA

Municipal

Swap

Index)

(a)

(b)

.................

4,860‌

4,896,374‌

Connecticut

—

1.7%

Connecticut

State

Health

Educational

Facilities

Authority

Series

2024A

5.00

07/01/25

.....

550‌

555,272‌

Series

2024A

5.00

07/01/26

.....

2,050‌

2,115,128‌

Security

Par

(000)

Par

(000)

Value

Connecticut

(continued)

State

Connecticut

Series

2013A

VRDN

4.23

11/07/24

(SIFMA

Municipal

Swap

Index)

(a)

(b)

....

USD

4,600‌

4,601,388‌

Series

2023B

5.00

08/01/25

.....

4,575‌

4,636,653‌

11,908,441‌

District

Columbia

—

0.0%

Metropolitan

Washington

Airports

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates,

Series

2019-XG0267,

RB,

VRDN

(Bank

America

LOC),

3.29%, 11/07/24

(a)

(

(d)

.........................

220‌

220,000‌

Florida

—

3.1%

County

Miami-Dade,

Series

2024A,

RB,

AMT,

5.00%, 10/01/28

.................

1,760‌

1,857,500‌

County

Miami-Dade

Water

Sewer

System,

Series

2015,

RB,

5.00%, 10/01/26

......

1,515‌

1,538,773‌

Hillsborough

County

Aviation

Authority

Series

2024B

RB,

AMT

5.00

10/01/27

330‌

344,026‌

Series

2024B

RB,

AMT

5.00

10/01/28

3,200‌

3,374,581‌

Monroe

County

School

District,

RB,

4.00%, 05/29/25

.................

7,000‌

7,035,812‌

School

Board

Miami-Dade

County

(The),

RB,

4.50%, 01/07/25

.................

5,000‌

5,009,270‌

Tender

Option

Bond

Trust

Receipts,

Series

2024-XG0577,

RB,

VRDN

(Barclays

Bank

plc

LOC),

3.29%, 11/07/24

(AGM)

(a)

(c)

(d)

.....

2,215‌

2,215,000‌

21,374,962‌

Georgia

—

2.8%

Development

Authority

Burke

County

(The),

Series

2013-1,

RB,

VRDN,

3.38%, 03/12/27

(a)

3,750‌

3,762,605‌

Main

Street

Natural

Gas,

Inc.

Series

2023D

5.00

12/01/24

.....

300‌

300,213‌

Series

2024A

5.00

03/01/25

.....

555‌

556,536‌

Series

2023B

5.00

03/01/25

.....

290‌

290,803‌

Series

2023A

5.00

06/01/25

.....

750‌

754,776‌

Series

2023B

5.00

09/01/25

.....

260‌

262,373‌

Series

2024B

5.00

09/01/25

.....

245‌

247,237‌

Series

2024A

5.00

09/01/25

.....

500‌

504,564‌

Series

2023D

5.00

12/01/25

.....

550‌

557,545‌

Series

2024B

5.00

03/01/26

.....

350‌

355,900‌

Series

2024A

5.00

03/01/26

.....

680‌

691,462‌

Series

2019A

5.00

05/15/26

.....

5,695‌

5,805,738‌

Series

2024B

5.00

09/01/26

.....

200‌

205,170‌

Series

2023D

5.00

12/01/26

.....

1,000‌

1,029,277‌

Series

2024B

5.00

03/01/27

.....

490‌

506,976‌

Series

2022B

5.00

06/01/27

.....

1,750‌

1,812,318‌

Series

2024C

5.00

12/01/27

.....

750‌

781,080‌

Series

2024C

5.00

12/01/28

.....

925‌

970,487‌

19,395,060‌

Hawaii

—

0.5%

State

Hawaii,

Series

EY,

GO,

5.00%, 10/01/27

3,405‌

3,460,062‌

Illinois

—

4.0%

Chicago

Midway

International

Airport

Series

2024A

RB,

AMT

5.00

01/01/25

450‌

450,692‌

Series

2024A

RB,

AMT

5.00

01/01/26

1,350‌

1,371,059‌

Series

2024A

RB,

AMT

5.00

01/01/27

1,000‌

1,029,802‌

Chicago

O'Hare

International

Airport

Series

2022C

RB,

AMT

5.00

01/01/26

1,400‌

1,422,005‌

Series

2024C

RB,

AMT

5.00

01/01/26

6,000‌

6,093,835‌

Series

2024C

RB,

AMT

5.00

01/01/29

10,000‌

10,540,774‌

2024

iShares

Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(continued)

October

31,

2024

iShares

Short

Maturity

Municipal

Bond

Active

ETF

(Formerly,

BlackRock

Short

Maturity

Bond

ETF)

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Illinois

(continued)

Illinois

Finance

Authority

Series

2024

5.00

08/01/25

......

USD

325‌

327,777‌

Series

2024

5.00

08/01/26

......

400‌

409,217‌

Series

2024

5.00

08/01/27

......

425‌

440,561‌

State

Illinois

Series

2024B

5.00

05/01/25

.....

1,000‌

1,006,632‌

Series

2024B

5.00

05/01/26

.....

2,300‌

2,355,632‌

Series

2024B

5.00

05/01/28

.....

1,600‌

1,693,592‌

27,141,578‌

Indiana

—

2.7%

Indiana

Finance

Authority

Series

2024

5.00

03/01/27

......

275‌

286,124‌

Series

2024

5.00

03/01/28

......

900‌

950,569‌

Series

2024

5.00

03/01/29

......

765‌

817,512‌

Series

2010A

RB,

AMT

VRDN

3.95

12/02/24

(a)

...............

9,500‌

9,468,864‌

Series

2021B

VRDN

3.54

11/07/24

(SIFMA

Municipal

Swap

Index)

(a)

(b)

....

880‌

874,856‌

Tender

Option

Bond

Trust

Receipts,

Series

2016-XL0019,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

3.39%, 11/07/24

(a)

(c)

(d)

...........

6,000‌

6,000,000‌

18,397,925‌

Iowa

—

9.0%

(a)

Iowa

Finance

Authority

Series

2021

VRDN

(

Korea

Development

Bank

LOC

3.40

11/07/24

(d)

.......

29,600‌

29,600,000‌

Series

2021

RB,

AMT

VRDN

(

Citibank

LOC

3.88

04/01/26

............

7,000‌

6,988,383‌

PEFA,

Inc.,

Series

2019,

RB,

VRDN,

5.00%, 09/01/26

.................

24,140‌

24,593,052‌

61,181,435‌

Kansas

—

1.9%

City

Burlington

(a)

Series

2007A

VRDN

3.45

11/06/24

4,000‌

4,000,000‌

Series

2007B

VRDN

3.45

11/06/24

9,000‌

9,000,000‌

13,000,000‌

Kentucky

—

3.7%

County

Meade

(a)

Series

2021B-1

VRDN

4.50

11/01/24

6,105‌

6,105,000‌

Series

2021A-1

RB,

AMT

VRDN

4.60

11/01/24

................

5,000‌

5,000,000‌

Kentucky

Economic

Development

Financing

Authority,

Tender

Option

Bond

Trust

Receipts/

Certificates,

Series

2018-XG0161,

RB,

VRDN

(Bank

America

LOC),

3.27%, 11/08/24

(AGM)

(a)

(c)

(d)

....................

500‌

500,000‌

Kentucky

Public

Energy

Authority

Series

2024A

5.00

07/01/25

.....

315‌

316,723‌

Series

2024B

5.00

08/01/25

.....

375‌

377,794‌

Series

2024A

5.00

07/01/26

.....

375‌

381,664‌

Series

2024A

5.00

07/01/27

.....

425‌

437,687‌

Series

2024B

5.00

08/01/27

.....

865‌

894,041‌

Series

2023A-1

5.00

08/01/28

....

490‌

510,330‌

Series

2024B

5.00

08/01/28

.....

920‌

958,170‌

Series

2018C-1

VRDN

4.00

06/01/25

(a)

...............

4,000‌

3,998,413‌

Kentucky

State

Property

Building

Commission

Series

5.00

11/01/24

.........

300‌

300,000‌

Series

2024B

5.00

11/01/25

.....

5,250‌

5,353,813‌

Security

Par

(000)

Par

(000)

Value

Kentucky

(continued)

Series

5.00

11/01/25

.........

USD

375‌

382,192‌

25,515,827‌

Louisiana

—

5.4%

(a)

Lake

Charles

Harbor

Terminal

District,

Series

2021,

RB,

AMT,

VRDN,

1.00%, 12/01/24

4,325‌

4,313,418‌

Louisiana

Local

Government

Environmental

Facilities

Community

Development

Auth,

Series

2002,

RB,

VRDN,

3.70%, 11/07/24

6,000‌

6,000,000‌

Parish

James,

Series

2010B-1,

RB,

VRDN,

3.47%, 11/06/24

.................

26,500‌

26,500,000‌

36,813,418‌

Maine

—

1.5%

Maine

State

Housing

Authority,

Series

2024E,

RB,

VRDN,

3.25%, 11/15/25

(a)

.........

10,000‌

9,981,325‌

Maryland

—

0.7%

County

Montgomery

TECP

3.30

11/05/24

.............

1,000‌

999,984‌

TECP

3.28

11/06/24

.............

4,000‌

3,999,989‌

4,999,973‌

Massachusetts

—

1.3%

Massachusetts

Bay

Transportation

Authority,

TECP,

3.20%, 11/05/24

.............

5,200‌

5,199,885‌

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Revenue,

TECP,

3.20%, 11/01/24

3,000‌

2,999,983‌

Town

Sharon,

GO,

4.50%, 02/27/25

.....

1,000‌

1,004,514‌

9,204,382‌

Michigan

—

0.7%

Michigan

Strategic

Fund,

Series

2001,

RB,

0.58%, 08/01/27

.................

2,700‌

2,740,065‌

Okemos

Public

Schools,

Series

2024II,

GO,

5.00%, 05/01/26

(Q-SBLF)

..........

1,200‌

1,237,023‌

Walled

Lake

Consolidated

School

District

Series

2024

5.00

05/01/25

(

Q-SBLF

)

405‌

408,596‌

Series

2024

5.00

05/01/26

(

Q-SBLF

)

475‌

489,655‌

4,875,339‌

Minnesota

—

0.4%

Minneapolis-St

Paul

Metropolitan

Airports

Commission,

Series

2024B,

RB,

AMT,

5.00%, 01/01/28

.................

2,850‌

2,989,421‌

Missouri

—

0.3%

Missouri

State

Health

Education

Facilities

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates,

Series

2018C-16,

RB,

VRDN

(Royal

Bank

Canada

LOC),

3.29%, 11/07/24

(a)

(c)

(d)

..............

2,000‌

2,000,000‌

Nebraska

—

2.5%

County

Douglas,

Series

2021B,

RB,

VRDN,

3.77%, 11/07/24,

(SIFMA

Municipal

Swap

Index)

(a)

(b)

.....................

3,400‌

3,372,166‌

Lincoln

Nebraska

Electric,

TECP,

3.28%, 11/13/24

.................

13,350‌

13,349,712‌

16,721,878‌

Nevada

—

0.1%

Reno-Tahoe

Airport

Authority,

Series

2024A,

RB,

AMT,

5.00%, 07/01/29

.............

580‌

613,311‌

Schedule

Investments

(continued)

October

31,

2024

iShares

Short

Maturity

Municipal

Bond

Active

ETF

(Formerly,

BlackRock

Short

Maturity

Bond

ETF)

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

Hampshire

—

3.1%

(a)

New

Hampshire

Business

Finance

Authority,

Series

2018A,

RB,

AMT,

VRDN,

4.50%, 07/01/25

.................

USD

15,000‌

15,016,326‌

New

Hampshire

Housing

Finance

Authority,

Series

2024D,

RB,

VRDN,

3.58%, 07/01/25

(GNMA/FNMA/FHLMC)

............

5,950‌

5,944,873‌

20,961,199‌

New

Jersey

—

5.8%

Borough

Haledon,

GO,

4.00%, 09/25/25

3,338‌

3,350,972‌

Borough

Manasquan,

GO,

4.00%, 10/01/25

2,711‌

2,725,050‌

Borough

Pompton

Lakes,

GO,

4.50%, 06/06/25

.................

700‌

705,675‌

Essex

County

Improvement

Authority,

Series

2024,

RB,

5.00%, 06/18/25

(GTD)

......

8,295‌

8,380,330‌

Jersey

City

Municipal

Utilities

Authority,

Series

2024B,

RB,

5.00%, 05/01/25

(GTD)

.....

3,550‌

3,570,837‌

New

Jersey

Economic

Development

Authority,

Series

RB,

5.00%, 11/01/24

........

1,010‌

1,010,000‌

New

Jersey

Higher

Education

Student

Assistance

Authority

Series

2022A

5.00

12/01/24

.....

500‌

500,332‌

Series

2024B

RB,

AMT

5.00

12/01/27

1,600‌

1,656,515‌

New

Jersey

Transportation

Trust

Fund

Authority,

Series

2018A,

RB,

5.00%, 12/15/24

.....

1,000‌

1,001,699‌

Township

Bordentown,

GO,

4.50%, 04/01/25

1,000‌

1,005,388‌

Township

Egg

Harbor,

GO,

4.00%, 08/07/25

900‌

904,309‌

Township

Little

Falls,

GO,

5.00%, 12/13/24

1,530‌

1,531,775‌

Township

Maplewood,

GO,

4.00%, 10/07/25

5,100‌

5,126,081‌

Township

Montville,

GO,

5.00%, 11/06/24

1,300‌

1,300,262‌

Township

Mount

Holly,

GO,

4.00%, 09/24/25

3,417‌

3,430,404‌

Township

Pemberton,

GO,

4.50%, 05/27/25

3,477‌

3,506,305‌

39,705,934‌

New

Mexico

—

0.1%

New

Mexico

Mortgage

Finance

Authority,

Series

2023,

RB,

VRDN,

5.00%, 09/01/25

(a)

.....

970‌

975,889‌

New

York

—

7.8%

Babylon

Union

Free

School

District,

GO,

4.00%, 06/24/25

(SAW)

............

3,100‌

3,113,510‌

Battery

Park

City

Authority,

Series

2019D-1,

RB,

VRDN

(TD

Bank

SBPA),

3.90%, 11/01/24

(a)

4,600‌

4,600,000‌

Hempstead

Town

Local

Development

Corp.,

Series

2021A,

RB,

5.00%, 07/01/25

.....

520‌

525,569‌

Lafayette

Central

School

District,

Series

2024,

GO,

4.50%, 06/20/25

(SAW)

.........

1,000‌

1,006,750‌

Monroe

County

Industrial

Development

Corp.,

Series

2023B-1,

RB,

VRDN,

5.00%, 07/01/27

(a)

................

4,000‌

4,159,654‌

New

York

City

Transitional

Finance

Authority

Series

2025D

5.00

05/01/26

.....

4,450‌

4,584,747‌

Series

2025D

5.00

05/01/29

.....

2,500‌

2,726,440‌

Onondaga

County

Resource

Recovery

Agency,

Series

2015A,

RB,

AMT,

5.00%, 05/01/27

(AGM)

.......................

2,830‌

2,850,815‌

Palmyra

Macedon

Central

School

District,

GO,

4.50%, 06/17/25

(SAW)

............

4,320‌

4,344,272‌

Schodack

Central

School

District,

GO,

4.00%, 07/15/25

(SAW)

............

1,200‌

1,205,990‌

Town

Ossining,

GO,

4.50%, 08/01/25

....

3,536‌

3,576,583‌

Triborough

Bridge

Tunnel

Authority,

Series

2022E-2A,

RB,

VRDN,

4.28%, 11/01/24

,(1-

day

SOFR

1.05%)

(a)

(b)

............

11,000‌

11,001,835‌

Union

Endicott

Central

School

District,

GO,

4.50%, 06/27/25

(SAW)

............

4,800‌

4,834,563‌

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Webutuck

Central

School

District,

GO,

4.50%, 06/20/25

(SAW)

............

USD

4,700‌

4,726,981‌

53,257,709‌

North

Carolina

—

0.9%

Durham

Capital

Financing

Corp.,

Series

2016,

RB,

5.00%, 12/01/28

..............

1,000‌

1,037,874‌

North

Carolina

Capital

Facilities

Finance

Agency,

Series

2010-A,

RB,

VRDN,

3.50%, 12/02/24

(a)

4,500‌

4,498,413‌

North

Carolina

Housing

Finance

Agency,

Series

56,

RB,

VRDN,

3.38%, 07/15/25

(GNMA/

FNMA/FHLMC)

(a)

................

655‌

653,157‌

6,189,444‌

Ohio

—

1.4%

Ohio

Air

Quality

Development

Authority,

Series

2005C,

RB,

AMT,

3.70%, 04/01/28

......

3,250‌

3,225,882‌

Ohio

Higher

Educational

Facility

Commission,

Series

2021B,

RB,

VRDN,

3.47%, 11/07/24,

(SIFMA

Municipal

Swap

Index)

(a)

(b)

......

6,500‌

6,405,950‌

9,631,832‌

Oklahoma

—

0.9%

Garfield

County

Industrial

Authority,

Series

2024A,

RB,

VRDN,

3.40%, 11/06/24

(a)

....

5,400‌

5,400,000‌

Oklahoma

Industries

Authority,

Series

2024,

RB,

5.00%, 04/01/26

.................

400‌

410,973‌

University

Oklahoma

(The),

Series

2024A,

RB,

5.00%, 07/01/25

(BAM)

..........

300‌

303,284‌

6,114,257‌

Pennsylvania

—

2.8%

Allegheny

County

Hospital

Development

Authority,

Series

2017D-2

Sub-Series

RB,

VRDN,

3.82%, 11/07/24,

(SIFMA

Municipal

Swap

Index)

(a)

(b)

.................

1,000‌

997,859‌

Allegheny

County

Sanitary

Authority

Series

2024

5.00

12/01/24

......

2,315‌

2,317,733‌

Series

2024

5.00

12/01/25

......

1,650‌

1,683,630‌

General

Authority

Southcentral

Pennsylvania,

Series

2015,

RB,

5.00%, 12/01/25

......

1,530‌

1,559,933‌

Luzerne

County

Industrial

Development

Authority,

Series

2017,

RB,

5.00%, 12/15/27

(AGM)

.......................

1,000‌

1,017,164‌

Pennsylvania

Economic

Development

Financing

Authority

(a)

Series

2019A

RB,

AMT

VRDN

3.85

01/15/25

................

4,000‌

3,996,486‌

Series

2019A

RB,

AMT

VRDN

4.25

08/01/25

................

7,000‌

7,022,067‌

Series

2019B-2

RB,

AMT

VRDN

4.15

01/15/25

................

480‌

476,181‌

19,071,053‌

South

Carolina

—

0.4%

South

Carolina

Public

Service

Authority

Series

2024A

5.00

12/01/26

.....

675‌

702,200‌

Series

2024A

5.00

12/01/27

.....

485‌

513,699‌

Series

2024A

5.00

12/01/28

.....

485‌

521,286‌

2024

iShares

Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(continued)

October

31,

2024

iShares

Short

Maturity

Municipal

Bond

Active

ETF

(Formerly,

BlackRock

Short

Maturity

Bond

ETF)

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

South

Carolina

(continued)

South

Carolina

Public

Service

Authority,

Tender

Option

Bond

Trust

Receipts/Certificates,

Series

2022-XG0398,

RB,

VRDN

(Barclays

Bank

plc

LIQ),

3.36%, 11/07/24

(BAM-

TCRS)

(a)

(c)

(d)

....................

USD

1,000‌

1,000,000‌

2,737,185‌

Tennessee

—

7.3%

Metropolitan

Government

Nashville

Davidson

County

TECP

3.55

12/04/24

.............

10,000‌

10,000,910‌

TECP

3.60

12/12/24

.............

5,000‌

4,999,998‌

TECP

3.45

12/16/24

.............

11,000‌

11,001,354‌

TECP

3.60

12/16/24

.............

7,000‌

6,999,463‌

Tennergy

Corp.

Series

2022A

5.25

12/01/24

.....

575‌

575,356‌

Series

2022A

5.25

12/01/25

.....

575‌

582,313‌

Series

2024A

5.00

06/01/28

.....

210‌

220,477‌

Series

2024A

5.00

06/01/29

.....

625‌

661,026‌

Tennessee

Energy

Acquisition

Corp.

Series

2006A

5.25

09/01/26

.....

3,355‌

3,416,203‌

Series

2006B

5.63

09/01/26

.....

5,925‌

6,122,133‌

Series

2023A-1

VRDN

5.00

05/01/28

(a)

...............

5,000‌

5,196,616‌

49,775,849‌

Texas

—

11.7%

Board

Regents

the

University

Texas

System

TECP

3.20

01/08/25

.............

8,000‌

7,999,768‌

TECP

3.15

01/14/25

.............

8,000‌

7,999,818‌

TECP

3.32

01/14/25

.............

6,000‌

6,000,000‌

TECP

3.20

02/05/25

.............

5,000‌

5,001,046‌

TECP

3.28

02/05/25

.............

4,000‌

4,000,377‌

TECP

3.10

02/13/25

.............

5,000‌

4,999,861‌

TECP

3.12

05/12/25

.............

6,500‌

6,500,000‌

City

Austin,

3.55%, 12/05/24

.........

5,000‌

5,001,714‌

City

Galveston

Series

2024A

RB,

AMT

5.00

08/01/26

625‌

637,794‌

Series

2024A

RB,

AMT

5.00

08/01/27

650‌

670,904‌

Series

2024A

RB,

AMT

5.00

08/01/28

725‌

754,616‌

Comal

Independent

School

District,

Series

2024,

GO,

5.00%, 02/15/26

(PSF)

(e)

.........

2,500‌

2,561,776‌

Paso

Electric

Co.

TECP

3.55

12/09/24

.............

3,200‌

3,200,112‌

TECP

3.50

12/16/24

.............

3,200‌

3,200,142‌

Mission

Economic

Development

Corp.,

Series

2020B,

RB,

AMT,

VRDN,

4.00%, 12/02/24

(a)

1,000‌

998,231‌

Port

Arthur

Navigation

District

Industrial

Development

Corp.,

Series

2011,

RB,

VRDN,

3.26%, 11/06/24

(a)

................

3,000‌

3,000,000‌

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.,

Series

2024B,

RB,

5.00%, 07/01/26

.................

875‌

901,638‌

Tarrant

Regional

Water

District

Water

Supply

System,

Series

2015,

RB,

5.00%, 03/01/28

1,260‌

1,266,245‌

Texas

Municipal

Gas

Acquisition

Supply

Corp.

III

Series

2021

5.00

12/15/25

......

4,690‌

4,748,655‌

Series

2021

5.00

12/15/26

......

1,850‌

1,899,295‌

Texas

Municipal

Gas

Acquisition

Supply

Corp.

IV,

Series

2023A,

RB,

5.25%, 01/01/25

...

970‌

971,982‌

Texas

State

University

System,

Series

2024,

RB,

5.00%, 03/15/25

.................

2,755‌

2,772,051‌

Security

Par

(000)

Par

(000)

Value

Texas

(continued)

Tomball

Independent

School

District,

Series

2024,

GO,

5.00%, 02/15/26

(PSF)

(e)

.....

USD

4,250‌

4,351,565‌

79,437,590‌

Virginia

—

0.2%

Winchester

Economic

Development

Authority,

Series

2024A,

RB,

5.00%, 01/01/28

.....

1,090‌

1,156,297‌

Washington

—

3.1%

County

Spokane

(e)

Series

2024B

RB,

AMT

5.00

01/01/26

720‌

730,601‌

Series

2024B

RB,

AMT

5.00

01/01/27

1,600‌

1,648,524‌

Series

2024B

RB,

AMT

5.00

01/01/28

1,625‌

1,694,348‌

Series

2024B

RB,

AMT

5.00

01/01/29

1,760‌

1,851,814‌

Port

Seattle,

Series

2024B,

RB,

AMT,

5.00%, 07/01/28

.................

6,250‌

6,550,627‌

State

Washington,

Series

R-2024C,

GO,

5.00%, 08/01/25

.................

8,000‌

8,104,725‌

Washington

Health

Care

Facilities

Authority,

Series

2019B-2,

RB,

VRDN,

5.00%, 08/01/25

(a)

................

800‌

804,068‌

21,384,707‌

West

Virginia

—

0.1%

West

Virginia

Economic

Development

Authority,

Series

2015A,

RB,

VRDN,

3.38%, 06/15/28

(a)

1,000‌

994,478‌

Wisconsin

—

4.1%

State

Wisconsin

Series

2022A

VRDN

3.66

11/07/24

(SIFMA

Municipal

Swap

Index)

(a)

(b)

....

17,905‌

17,903,530‌

Series

2024-2

5.00

05/01/26

.....

7,000‌

7,209,849‌

Wisconsin

Health

Educational

Facilities

Authority,

Series

2018C-2,

RB,

VRDN,

3.42%, 11/07/24,

(SIFMA

Municipal

Swap

Index)

(a)

(b)

.....................

2,000‌

1,971,537‌

27,084,916‌

Total

Long-Term

Investments

—

101

(Cost:

687,825,472

)

..............................

689,356,596‌

Short-Term

Securities

Money

Market

Funds

—

0.0%

BlackRock

Liquidity

MuniCash

Funds:

Institutional

3.07

(f)

(g)

.........

192,930

192,950‌

Total

Short-Term

Securities

—

0.0

(Cost:

192,950

)

.................................

192,950‌

Total

Investments

—

101

(Cost:

688,018,422

)

..............................

689,549,546‌

Liabilities

Excess

Other

Assets

—

(

1.0

)

.............

(

7,266,663‌

)

Net

Assets

—

100.0%

...............................

682,282,883‌

Schedule

Investments

(continued)

October

31,

2024

iShares

Short

Maturity

Municipal

Bond

Active

ETF

(Formerly,

BlackRock

Short

Maturity

Bond

ETF)

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the year

ended

October

31,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Fair

Value

Hierarchy

of Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

(a)

Variable

rate

security.

Rate

period

end

and

maturity

the

date

the

principal

owed

can

recovered

through

demand.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

the

effective

interest

rate

period

end.

Security

description

also

includes

the

reference

rate

and

spread

published

and

available.

(c)

These

securities

are

short-term

floating

rate

certificates

issued

tender

option

bond

trusts

and

are

secured

the

underlying

municipal

bond

securities.

(d)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(e)

When-issued

security.

(f)

Affiliate

the

Fund.

(g)

Annualized

7-day

yield

period

end.

Affiliated

Issuer

Value

10/31/23

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

10/31/24

Held

10/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

MuniCash

Funds:

Institutional

91,129

101,821

(a)

—

192,950

192,930

48,906

—

(a)

Represents

net

amount

purchased

(sold).

Level

Total

Assets

Investments

Long-Term

Investments

Municipal

Bonds

.........................................

—

689,356,596

—

689,356,596

Short-Term

Securities

Money

Market

Funds

......................................

192,950

—

192,950

689,356,596

—

689,549,546

Statement

Assets

and

Liabilities

October

31,

2024

iShares

Annual

Financial

Statements

and

Additional

Information

See

notes

financial

statements.

iShares

Short

Maturity

Municipal

Bond

Active

ETF

ASSETS

Investments,

value

—

unaffiliated

(a)

........................................................................................

689,356,596‌

Investments,

value

—

affiliated

(b)

..........................................................................................

192,950‌

Receivables:

–‌

Dividends

—

affiliated

.................................................................................................

1,171‌

Interest

—

unaffiliated

.................................................................................................

5,755,080‌

Total

ssets

.........................................................................................................

695,305,797‌

LIABILITIES

Bank

overdraft

........................................................................................................

7,132‌

Payables:

–‌

Investments

purchased

................................................................................................

12,870,090‌

Investment

advisory

fees

...............................................................................................

145,692‌

Total

abilities

........................................................................................................

13,022,914‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

........................................................................................................

682,282,883‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

678,817,951‌

Accumulated

earnings

..................................................................................................

3,464,932‌

NET

ASSETS

........................................................................................................

682,282,883‌

NET

ASSET

VALUE

outstanding

....................................................................................................

13,600,000‌

Net

asset

value

.......................................................................................................

50.17‌

authorized

.....................................................................................................

Unlimited

Par

value

...........................................................................................................

None

(a)

Investments,

cost

—

unaffiliated

.................................................................................

687,825,472‌

(b)

Investments,

cost

—

affiliated

...................................................................................

192,950‌

Statement

Operations

Year

Ended

October

31,

2024

Statement

Operations

iShares

Short

Maturity

Municipal

Bond

Active

ETF

INVESTMENT

INCOME

–

Dividends

—

affiliated

.................................................................................................

48,906‌

Interest

—

unaffiliated

.................................................................................................

24,354,147‌

Total

investment

income

.................................................................................................

24,403,053‌

EXPENSES

Investment

advisory

..................................................................................................

1,630,132‌

Interest

expense

....................................................................................................

24,558‌

Total

expenses

.......................................................................................................

1,654,690‌

Net

investment

income

..................................................................................................

22,748,363‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

4,397,509‌

Net

realized

gain

from:

Investments

—

unaffiliated

...........................................................................................

87,059‌

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

4,310,450‌

Net

realized

and

unrealized

gain

...........................................................................................

4,397,509‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

27,145,872‌

See

notes

financial

statements.

Statements

Changes

Net

Assets

2024

iShares

Annual

Financial

Statements

and

Additional

Information

See

notes

financial

statements.

iShares

Short

Maturity

Municipal

Bond

Active

ETF

Year

Ended

10/31/24

Year

Ended

10/31/23

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

22,748,363‌

15,801,319‌

Net

realized

gain

..................................................................................

87,059‌

871‌

Net

change

unrealized

appreciation

(depreciation)

..........................................................

4,310,450‌

1,028,194‌

Net

increase

net

assets

resulting

from

operations

.............................................................

27,145,872‌

16,830,384‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Decrease

net

assets

resulting

from

distributions

shareholders

...................................................

(22,639,189‌)

(14,761,848‌)

CAPITAL

TRANSACTIONS

–‌

Net

increase

net

assets

derived

from

capital

transactions

...................................................

72,573,365‌

82,174,684‌

NET

ASSETS

Total

increase

net

assets

.............................................................................

77,080,048‌

84,243,220‌

Beginning

year

....................................................................................

605,202,835‌

520,959,615‌

End

year

........................................................................................

682,282,883‌

605,202,835‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

outstanding

throughout

each

period)

Financial

Highlights

iShares

Short

Maturity

Municipal

Bond

Active

ETF

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Net

asset

value,

beginning

year

.................................

49.81

‌

49.62

‌

50.11

‌

50.19

‌

50.13

‌

Net

investment

income

(a)

........................................

.75

‌

.51

‌

.37

‌

.17

‌

.51

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

0.36

‌

0.11

‌

(0.62

)

(0.07

)

0.13

‌

Net

increase

(decrease)

from

investment

operations

.......................

2.11

‌

1.62

‌

(0.25

)

0.10

‌

0.64

‌

Distributions

from

net

investment

income

(c)

...........................

(1.75

)

(1.43

)

(0.24

)

(0.18

)

(0.58

)

Net

asset

value,

end

year

......................................

50.17

‌

49.81

‌

49.62

‌

50.11

‌

50.19

‌

Total

Return

(d)

Based

net

asset

value

.........................................

4.30

3.32

(0.51

0.19

1.29

Ratios

Average

Net

Assets

(e)

Total

expen

ses

................................................

0.25

Net

investment

income

...........................................

3.49

3.04

0.75

0.34

1.02

Supplemental

Data

Net

assets,

end

year

(000)

.......................................

682,283

‌

605,203

‌

520,960

‌

293,169

‌

291,091

‌

Portfolio

turnover

rate

(f)

...........................................

195

108

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

See

notes

financial

statements.

Notes

Financial

Statements

2024

iShares

Annual

Financial

Statements

and

Additional

Information

ORGANIZATION

iShares

U.S.

ETF

Trust

(the

“Trust”)

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company.

The

Trust

organized

Delaware

statutory

trust

and

authorized

have

multiple

series

portfolios.

These

financial

statements

relate

only

the

following

fund

(the

“Fund”):

Significant

Accounting

Policies

The

financial

statements

are

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”),

which

may

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

financial

statements,

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Below

summary

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

any,

are

recorded

the

ex-dividend

date.

Non-cash

dividends,

any,

are

recorded

the

ex-dividend

date

fair

value.

Interest

income,

including

amortization

and

accretion

premiums

and

discounts

debt

securities,

recognized

daily

accrual

basis.

Bank

Overdraft:

The

Fund

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

the

custodian

during

the

reporting

period.

The

Fund

obligated

repay

the

custodian

for

any

overdraft,

including

any

costs

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

any,

are

included

interest

expense

the

Statement

Operations.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

sales

securities

resulting

realized

capital

gains

losses

the

Fund.

Because

such

gains

losses

are

not

taxable

the

Fund

and

are

not

distributed

existing

Fund

shareholders,

the

gains

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

paid-in

capital

the

end

the

Fund’s

tax

year.

These

reclassifications

have

effect

net

assets

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

the

Fund

are

recorded

the

ex-dividend

dates.

Distributions

are

determined

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

U.S.

dollars

and

cannot

automatically

reinvested

additional

the

Fund.

Indemnifications:

the

normal

course

business,

the

Fund

enters

into

contracts

that

contain

variety

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

unknown

because

involves

future

potential

claims

against

the

Fund,

which

cannot

predicted

with

any

certainty.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

The

Fund’s

investments

are

valued

fair

value

(also

referred

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

open

and,

for

financial

reporting

purposes,

the

report

date.

U.S.

GAAP

defines

fair

value

the

price

fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Board

Trustees

the

Trust

(the

“Board”)

the

Fund

has

approved

the

designation

BlackRock

Fund

Advisors

(“BFA”),

the

Fund’s

investment

adviser,

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

its

financial

instruments

using

various

independent

dealers

pricing

services

under BFA’s

policies.

security’s

market

price

not

readily

available

does

not

otherwise

accurately

represent

the

fair

value

the

security,

the

security

will

valued

accordance

with BFA’s policies

and

procedures as

reflecting

fair

value.

BFA

has

formed

committee

(the

"Valuation

Committee")

develop pricing

policies

and

procedures

and

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

establish

the

fair

value

the

Fund’s

assets

and

liabilities:

Fixed-income

investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

current

market

quotations

provided

independent

dealers

third-party

pricing

services. Pricing

services

generally

value

fixed

income

securities

assuming

orderly

transactions

institutional

round

lot

size,

but

fund

may

hold

transact

such

securities

smaller,

odd

lot

sizes.

Odd

lots

may

trade

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

valuation

models

that

utilize

certain

inputs

and

assumptions

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data,

credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

securities

may

valued

based

valuation

models

that

consider

the

estimated

cash

flows

each

tranche

the

entity,

establish

benchmark

yield

and

develop

estimated

tranche

specific

spread

the

benchmark

yield

based

the

unique

attributes

the

tranche.

The

amortized

cost

method

valuation

may

used

with

respect

debt

obligations

with

sixty

days

less

remaining

maturity

unless BFA

determines

such

method

does

not

represent

fair

value.

Investments

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

that

day’s

NAV.

events

(e.g.,

market

volatility,

company

announcement

natural

disaster)

occur

that

are

expected

materially

affect

the

value

such

investment,

the

event

that

application

these

methods

valuation

results

price

for

investment

that

deemed

not

representative

the

market

value

such

investment,

price

iShares

ETF

Diversification

Classification

Short

Maturity

Municipal

Bond

Active

(a)

......................................................................................

Diversified

(a)

Formerly

the

BlackRock

Short

Maturity

Municipal

Bond

ETF.

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

not

available,

the

investment

will

valued

the Valuation

Committee

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

used

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

discounted

cash

flow,

use

market

comparables

and

matrix

pricing

are

types

valuation

approaches

and

are

typically

used

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

determine

the

price

that

the

Fund

might

reasonably

expect

receive

pay

from

the

current

sale

purchase

that

asset

liability

arm’s-length

transaction.

Fair

value

determinations

shall

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

fair

value

measurement

the

measurement

date.

Fair

Value

Hierarchy:

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

–

Unadjusted

price

quotations

active

markets/exchanges

that

the

Fund

has

the

ability

access

for

identical

assets

liabilities;

Level

–

Inputs

other

than

quoted

prices

included

within

level

that

are

observable

for

the

asset

liability,

either

directly

indirectly;

and

Level

–

Inputs

that

are

unobservable

and

significant

the

entire

fair

value

measurement

for

the

asset

liability

(including

the Valuation

Committee’s

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds

that

may

not

have

secondary

market

and/or

may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

Investment

Advisory

Agreement

with

the

Trust

BFA

manages

the

investment

the

Fund’s

assets.

BFA

California

corporation

indirectly

owned

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

responsible

for

substantially

all

expenses

the

Fund,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

determined

majority

the

independent

trustees

For

its

investment

advisory

services

to the

Fund,

BFA

entitled

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

the

Fund,

based

the

average

daily

net

assets

of the

Fund

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

the

distributor

for

the

Fund.

Pursuant

the

distribution

agreement,

BFA

responsible

for

any

fees

expenses

for

distribution

services

provided

the

Fund.

ETF

Servicing

Fees:

The

Fund

has

entered

into

ETF

Services

Agreement

with

BRIL

perform

certain

order

processing,

Authorized

Participant

communications,

and

services

connection

with

the

issuance

and

redemption

Creation

Units

(“ETF

Services”).

BRIL

entitled

transaction

fee

from

Authorized

Participants

each

creation

redemption

order

for

the

ETF

Services

provided.

The

Fund

does

not

pay

BRIL

for

ETF

Services.

Prior

to January

2024,

ETF

Services

were

performed

State

Street

Bank

and

Trust

Company.

Officers

and

Trustees:

Certain

officers

and/or

trustees

the

Trust

are

officers

and/or

trustees

BlackRock

its

affiliates.

Other

Transactions:

Cross

trading

the

buying

selling

portfolio

securities

between

funds

which

BFA

(or

affiliate)

serves

investment

adviser.

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

Rule

17a-7.

For

the year ended October

31,

2024,

transactions

executed

the

Fund

pursuant

Rule

17a-7

under

the

1940

Act

were

follows:

The

Fund

may

invest

its

positive

cash

balances

certain

money

market

funds

managed

BFA

affiliate.

The

income

earned

these

temporary

cash

investments

shown

dividends

–

affiliated

the

Statement

Operations.

iShares

ETF

Investment

Advisory

Fees

Short

Maturity

Municipal

Bond

Active

.....................................................................................

.25‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Short

Maturity

Municipal

Bond

Active

.........................................................

64,127,252‌

83,652,595‌

—‌

Notes

Financial

Statements

(continued)

2024

iShares

Annual

Financial

Statements

and

Additional

Information

Purchases

and

Sales

For

the year ended

October

31,

2024,

purchases

and

sales

investments,

excluding

short-term securities

and

in-kind

transactions,

were

follows:

There

were

in-kind

transactions

for

the year ended

October

31,

2024.

Income

Tax

Information

The

Fund

treated

entity

separate

from

the Trust’s

other

funds

for

federal

income

tax

purposes.

the

Fund’s

policy

comply

with

the

requirements

the

Internal

Revenue

Code

1986,

amended,

applicable

regulated

investment

companies,

and

distribute

substantially

all

its

taxable

income

its

shareholders.

Therefore,

U.S.

federal

income

tax

provision

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

the

Fund

October

31,

2024,

inclusive

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

tax

liability

the

Fund’s

financial

statements.

Management’s

analysis

based

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

effect

the

date

these

financial

statements,

all

which

are

subject

change,

possibly

with

retroactive

effect,

which

may

impact

the

Fund’s

NAV.

The

tax

character

distributions

paid

was

follows:

October

31,

2024,

the

tax

components

accumulated

net

earnings

(losses)

were

follows:

(a)

Amounts

available

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

the

tax

deferral

losses

wash

sales.

For

the

year

ended October

31,

2024,

the

Fund

utilized

$86,890

its

capital

loss

carryforwards.

October

31,

2024,

gross

unrealized

appreciation

and

depreciation

based

cost

investments

(including

short

positions

and

derivatives,

any)

for

U.S.

federal

income

tax

purposes

were

follows:

Principal

Risks

the

normal

course

business,

the

Fund

invests

securities

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

various

risks,

including,

among

others,

fluctuations

the

market

(market

risk)

failure

issuer

meet

all

its

obligations.

The

value

securities

other

instruments

may

also

affected

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

well

local,

regional

global

political

and/or

social

instability;

(iii)

regulation,

taxation

international

tax

treaties

between

various

countries;

(iv)

currency,

interest

rate

price

fluctuations.

Local,

regional

global

events

such

war,

acts

terrorism,

the

spread

infectious

illness

other

public

health

issues,

recessions,

other

events

could

have

significant

impact

the

Fund

and

its

investments.

The

Fund’s

prospectus

provides

details

the

risks

which

the

Fund

subject.

Market

Risk:

The

Fund

may

exposed

prepayment

risk,

which

the

risk

that

borrowers

may

exercise

their

option

prepay

principal

earlier

than

scheduled

during

periods

declining

interest

rates,

which

would

force the

Fund

reinvest

lower

yielding

securities. The

Fund

may

also

exposed

reinvestment

risk,

which

the

risk

that

income

from the

Fund’s

portfolio

will

decline

if the

Fund

invests

the

proceeds

from

matured,

traded

called

fixed-income

securities

market

interest

rates

that

are

below the

Fund

portfolio’s

current

earnings

rate.

Municipal

securities

are

subject

the

risk

that

litigation,

legislation

other

political

events,

local

business

economic

conditions,

credit

rating

downgrades,

the

bankruptcy

the

issuer

could

have

significant

effect

issuer’s

ability

make

payments

principal

and/or

interest

otherwise

affect

the

value

such

securities.

Municipal

securities

can

significantly

affected

political

economic

changes,

including

changes

made

the

law

after

issuance

the

securities,

well

uncertainties

the

municipal

market

to,

taxation,

legislative

changes

the

rights

municipal

security

holders,

including

connection

with

issuer

insolvency.

Municipal

securities

backed

current

anticipated

revenues

from

specific

project

specific

assets

can

negatively

affected

the

discontinuance

the

tax

benefits

supporting

iShares

ETF

Purchases

Sales

Short

Maturity

Municipal

Bond

Active

.........................................................................

426,480,530‌

306,533,020‌

iShares

ETF

Year

Ended

10/31/24

Year

Ended

10/31/23

Short

Maturity

Municipal

Bond

Active

Tax-exempt

income

....................................................................................

22,628,587‌

14,748,544‌

Ordinary

income

......................................................................................

10,602‌

13,304‌

22,639,189‌

14,761,848‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Short

Maturity

Municipal

Bond

Active

..........................................

1,966,623‌

(

32,764‌

)

1,531,073‌

3,464,932‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Short

Maturity

Municipal

Bond

Active

....................................

688,018,473‌

2,000,151‌

(

469,078‌

)

1,531,073‌

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

the

project

assets

the

inability

collect

revenues

for

the

project

from

the

assets.

Municipal

securities

may

less

liquid

than

taxable

bonds,

and

there

may

less

publicly

available

information

the

financial

condition

municipal

security

issuers

than

for

issuers

other

securities.

Counterparty

Credit

Risk:

The

Fund

may

exposed

counterparty

credit

risk,

the

risk

that

entity

may

fail

unable

perform

its

commitments

unsettled

open

transactions,

including

making

timely

interest

and/or

principal

payments

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

honor

their

obligations

and

monitoring

the

financial

stability

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

market,

issuer

and

counterparty

credit

risks,

consist

principally

financial

instruments

and

receivables

due

from

counterparties.

The

extent

the

Fund’s

exposure

market,

issuer

and

counterparty

credit

risks

with

respect

these

financial

assets

approximately

their

value

recorded

the

Statement

Assets

and

Liabilities,

less

any

collateral

held

the

Fund.

Geographic/Asset

Class

Risk:

diversified

portfolio,

where

this

appropriate

and

consistent

with

fund’s

objectives,

minimizes

the

risk

that

price

change

particular

investment

will

have

material

impact

the

NAV

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

its

Schedule

Investments

The

Fund

invests

significant

portion

its

assets

securities

issuers

located

the

United

States.

decrease

imports

exports,

changes

trade

regulations,

inflation

and/or

economic

recession

the

United

States

may

have

material

adverse

effect

the

U.S.

economy

and

the

securities

listed

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

the

United

States

may

also

have

significant

effect

U.S.

markets

generally,

well

the

value

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

interest

principal

U.S.

government

debt,

such

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

U.S.

relations

with

certain

countries

deteriorate,

could

adversely

affect

issuers

that

rely

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

these

trends

were

continue,

they

may

have

adverse

impact

the

U.S.

economy

and

the

issuers

which

the

Fund

invests.

The

Fund

invests

significant

portion

its

assets

fixed-income

securities

and/or

uses

derivatives

tied

the

fixed-income

markets.

Changes

market

interest

rates

economic

conditions

may

affect

the

value

and/or

liquidity

such

investments.

Interest

rate

risk

the

risk

that

prices

bonds

and

other

fixed-income

securities

will

decrease

interest

rates

rise

and

increase

interest

rates

fall.

The

Fund

may

subject

greater

risk

rising

interest

rates

during

period

historically

low

interest

rates.

The

Federal

Reserve

has

raised

the

federal

funds

rate

part

its

efforts

address

inflation.

Changing

interest

rates

may

have

unpredictable

effects

markets,

may

result

heightened

market

volatility,

and

could

negatively

impact

the

Fund's

performance.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

manage

substantial

amount

fund

and/or

hold

their

fund

investments

for

limited

period

time.

Large

redemptions

fund

these

shareholders

may

force

fund

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

taxable

income/gains

and

cause

the

fund

make

additional

taxable

distributions

shareholders.

Capital

Transactions

Capital

are

issued

and

redeemed

the

Fund

only

aggregations

specified

number

multiples

thereof

(“Creation

Units”)

NAV.

Except

when

aggregated

Creation

Units,

the

Fund

are

not

redeemable.

Transactions

capital

were

follows:

The

consideration

for

the

purchase

Creation

Units

fund

the Trust

generally

consists

the

in-kind

deposit

designated

portfolio

securities

and

specified

amount

cash.

Certain

funds

the Trust

may

offered

Creation

Units

solely

partially

for

cash

U.S.

dollars. Authorized

Participants purchasing

and

redeeming

Creation

Units

may

pay

purchase

transaction

fee

and

redemption

transaction

fee

directly

BRIL,

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

Creation

Units

for

cash

may

also

pay

additional

variable

charge

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

currency

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

investing

portfolio

securities.

Such

variable

charges,

any,

are

included

sold

the

table

above.

the

extent

applicable,

facilitate

the

timely

settlement

orders

for

the

Fund

using

clearing

facility

outside

the

continuous

net

settlement

process,

the

Fund,

its

sole

discretion,

may

permit

Authorized

Participant

post

cash

collateral

anticipation

the

delivery

all

portion

the

applicable

Deposit

Securities

Fund

Securities,

further

described

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

subject

Control

Agreement

among

the

Authorized

Participant,

the

Fund’s

custodian,

and

the

Fund.

the

event

that

the

Authorized

Participant

fails

deliver

all

portion

the

applicable

Deposit

Securities

Fund

Securities,

the

Fund

may

exercise

control

over

such

collateral

pursuant

the

terms

the

Control

Agreement

order

purchase

the

applicable

Deposit

Securities

Fund

Securities.

From

time

time,

settlement

securities

in-kind

contributions

in-kind

redemptions

may

delayed.

such

cases,

securities

in-kind

transactions

are

reflected

receivable

payable

the

Statement

Assets

and

Liabilities.

Year

Ended

10/31/24

Year

Ended

10/31/23

iShares

ETF

Amount

Short

Maturity

Municipal

Bond

Active

sold

3,800,000‌

190,315,274‌

4,550,000‌

226,690,029‌

redeemed

(

2,350,000‌

)

(

117,741,909‌

)

(

2,900,000‌

)

(

144,515,345‌

)

1,450,000‌

72,573,365‌

1,650,000‌

82,174,684‌

Notes

Financial

Statements

(continued)

2024

iShares

Annual

Financial

Statements

and

Additional

Information

Subsequent

Events

Management

has

evaluated

the

impact

all

subsequent

events

the

Fund

through

the

date

the

financial

statements

were

available

issued

and

has

determined

that

there

were

subsequent

events

requiring

adjustment

additional

disclosure

the

financial

statements.

Report

Independent

Registered

Public

Accounting

Firm

Report

Independent

Registered

Public

Accounting

Firm

the

Board

Trustees

iShares

U.S.

ETF

Trust

and

Shareholders

iShares

Short

Maturity

Municipal

Bond

Active

ETF

Opinion

the

Financial

Statements

have

audited

the

accompanying

statement

assets

and

liabilities,

including

the

schedule

investments,

iShares

Short

Maturity

Municipal

Bond

Active

ETF

(one

the

funds

constituting

iShares

U.S.

ETF

Trust,

referred

hereafter

the

“Fund”)

October

31,

2024,

the

statement

operations

for

the

year

ended

October

31,

2024,

the

statement

changes

net

assets

for

each

the

two

years

the

period

ended

October

31,

2024,

including

the

notes,

and

the

financial

highlights

for

each

the

five

years

the

period

ended

October

31,

2024 (collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

the

Fund

October

31,

2024,

the

results

its

operations

for

the

year

then

ended,

the

changes

its

net

assets

for

each

the

two

years

the

period

ended

October

31,

2024

and the

financial

highlights

for

each

the

five

years

the

period

ended

October

31,

2024 in

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

the

Fund’s

management.

Our

responsibility

express

opinion

the

Fund’s

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Fund

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

these

financial

statements

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

of October

31,

2024

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

performed

other

auditing

procedures. We

believe

that

our

audits

provide

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

December

20,

2024

have

served

the

auditor

one

BlackRock

investment

companies

since

2000.

Important

Tax

Information

(unaudited)

2024

iShares

Annual

Financial

Statements

and

Additional

Information

The

Fund

hereby

designates

the

following

amount,

maximum

amount

allowable

law,

interest

income

eligible

treated

Section

163(j)

interest

dividend

for

the

fiscal

year

ended

October

31,

2024:

The

Fund

hereby

designates

the

following

amount,

maximum

amount

allowable

law,

interest-related

dividends

eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations

for

the

fiscal

year

ended October

31,

2024:

iShares

ETF

Interest

Dividends

Short

Maturity

Municipal

Bond

Active

......................................................................................

10,602‌

iShares

ETF

Interest-Related

Dividends

Short

Maturity

Municipal

Bond

Active

......................................................................................

10,602‌

Additional

Information

Additional

Information

Premium/Discount

Information

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

found

iShares.com

Electronic

Delivery

Shareholders

can

sign

for

e-mail

notifications

announcing

that

the

shareholder

report

prospectus

has

been

posted

the

iShares

website

iShares.com

Once

you

have

enrolled,

you

will

longer

receive

prospectuses

and

shareholder

reports

the

mail.

enroll

electronic

delivery:

•

icsdelivery.com

•

your

brokerage

firm

not

listed,

electronic

delivery

may

not

available.

Please

contact

your

broker-dealer

financial

advisor.

Changes

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

Trustees,

Officers,

and

Others

Because

BFA

has

agreed

the

Investment

Advisory

Agreements

cover

all

operating

expenses

the

Funds,

subject

certain

exclusions

provided

for

therein,

BFA

pays

the

compensation

each

Independent

Trustee

for

services

the

Funds

from

BFA's

investment

advisory

fees.

Availability

Portfolio

Holdings

Information

description

the

Trust's

policies

and

procedures

with

respect

the

disclosure

the

Fund’s

portfolio

securities

available

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

Fund

fact

sheets,

when

available, at

iShares.com

Board

Review

and

Approval

Investment

Advisory

Contract

2024

iShares

Annual

Financial

Statements

and

Additional

Information

iShares

Short

Maturity

Municipal

Bond

Active

ETF

(the

“Fund”)

Under

Section

15(c)

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Trust's

Board

Trustees

(the

“Board”),

including

majority

Board

Members

who

are

not

“interested

persons”

the

Trust

(as

that

term

defined

the

1940

Act)

(the

“Independent

Board

Members”),

required

annually

consider

the

approval

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

behalf

the

Fund.

The

Board’s

consideration

entails

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

Independent

Board

Members)

assess

BlackRock’s

services

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

evaluate

the

Advisory

Agreement.

meetings

held

May

2024

and

May

17,

2024,

committee

composed

all

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

response

initial

requests

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

and

preparation

for

the

meeting,

the

Board

received

and

reviewed

materials

specifically

relating

matters

relevant

the

renewal

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

provide.

meeting

held

June

4-5,

2024,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

management

response

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

the

Independent

Board

Members,

approved

the

continuance

the

Advisory

Agreement

for

the

Fund,

based

review

qualitative

and

quantitative

information

provided

BFA

and

their

cumulative

experience

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

information

provided

and

its

frequent

interactions

with

management,

well

the

detailed

responses

and

other

information

provided

BFA.

The

Independent

Board

Members

were

advised

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

their

review.

approving

the

continuance

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

the

Fund;

(ii)

the

nature,

extent

and

quality

the

services

provided

BFA;

(iii)

the

costs

services

provided

the

Fund

and

profits

realized

BFA

and

its

affiliates;

(iv)

potential

economies

scale

and

the

sharing

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

BFA

and

its

affiliates;

and

(vi)

other

benefits

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

any

single

factor

determinative,

and

each

Board

Member

may

have

attributed

different

weights

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

approve

the

continuance

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

the

Fund

The

Board

reviewed

statistical

information

prepared

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

independent

provider

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

other

fund(s)

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

the

Fund

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

Broadridge

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

detailed

description

the

proprietary

ETF

methodology

used

Broadridge

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

the

limitations

providing

comparable

funds

the

Peer

Group,

the

statistical

information

provided

Broadridge’s

report

may

not

provide

meaningful

direct

comparisons

the

Fund

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

the

investment

advisory

fee

rates

and

overall

expenses

(net

any

waivers

and

reimbursements)

the

funds

its

Peer

Group,

excluding

iShares

funds.

The

Board

noted

that

the

Fund

actively

managed

ETF

that

does

not

seek

track

the

performance

specified

index

and

that

the

management

team

for

the

Fund

manages

the

Fund’s

portfolio

accordance

with

its

investment

objective.

The

Board

further

noted

that,

during

the

year,

the

Board

received

periodic

reports

the

Fund’s

short- and

longer-term

performance

comparison

with

its

reference

benchmark.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

requested

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

line

with

expectations

relative

the

Fund’s

peer

group

(where

applicable)

and

reference

benchmark

stated

investment

objective.

Based

this

review,

the

other

relevant

factors

and

information

considered

the

meeting,

and

their

general

knowledge

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

the

Fund

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

Services

Provided

Based

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

the

iShares

product

line

and

BFA’s

business,

including

with

respect

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

diminution

the

scope

services

required

provided

BFA

under

the

Advisory

Agreement

for

the

coming

year

compared

with

the

scope

services

provided

BFA

during

prior

years.

reviewing

the

scope

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,

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

the

Fund,

including

programs

implemented

pursuant

regulatory

requirements.

that

regard,

the

Board

noted

that

BFA

reports

the

Board

about

portfolio

management

and

compliance

matters

periodic

basis

connection

with

regularly

scheduled

meetings

the

Board,

and

other

occasions

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

BFA

(and

its

affiliates)

available

needed

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

the

persons

responsible

for

the

day-to-day

management

the

Fund,

well

the

resources

available

them

managing

the

Fund.

addition

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

the

May

2024

meeting

and

throughout

the

year,

and

matters

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

well

BlackRock’s

continued

investments

its

ETF

business.

Based

review

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

services

provided

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Costs

Services

Provided

the

Fund

and

Profits

Realized

BFA

and

its

Affiliates

The

Board

reviewed

information

about

the

estimated

profitability

BlackRock

managing

the

Fund,

based

the

fees

payable

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

revenue

and

expense

BFA

Board

Review

and

Approval

Investment

Advisory

Contract

(continued)

Board

Review

and

Approval

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

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

affected

numerous

factors,

including,

among

other

things,

fee

waivers

BFA,

the

types

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

individual

fund

levels

challenging.

The

Board

discussed

with

management

the

sources

direct

and

ancillary

revenue,

including

the

revenues

BTC,

BlackRock

affiliate,

from

securities

lending

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

reflected

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

scale

(as

discussed

below).

Based

this

review,

the

Board

concluded

that

the

information

considered

with

respect

the

profits

realized

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

any,

and

costs

the

services

provided

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Economies

Scale

The

Board

reviewed

information

and

considered

the

extent

which

economies

scale

might

realized

the

assets

the

Fund

increase,

noting

that

the

issue

potential

economies

scale

had

been

focused

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

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

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

fixed

and

variable

costs

may

impact

the

existence

size

scale

benefits,

with

the

Board

recognizing

that

potential

economies

scale

are

difficult

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

BFA

regarding

the

sharing

scale

benefits

with

the

iShares

funds

through

various

means,

including,

applicable,

through

breakpoints,

waivers,

other

fee

reductions,

well

through

additional

investment

the

iShares

business,

including

enhancements

the

provision

additional

infrastructure

and

services

the

iShares

funds

and

their

shareholders

and,

with

respect

New

Funds,

set

management

fees

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

the

Fund’s

investment

advisory

fee

rate

the

assets

the

Fund

increase.

However,

the

Board

noted

that

would

continue

assess

the

appropriateness

adding

breakpoints

the

future.

The

Board

concluded

that

this

review

potential

economies

scale

and

the

sharing

benefits,

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

BFA

and

its

Affiliates

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

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

terms

the

types

services

and

generally

extensive

character

and

scope

services

provided

the

Fund,

well

other

significant

differences.

that

regard,

the

Board

considered

that

the

pricing

services

institutional

clients

typically

based

number

factors

beyond

the

nature

and

extent

the

specific

services

provided

and

often

depends

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

managing

and

providing

other

services

the

Fund,

publicly

traded

investment

vehicle,

compared

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

light

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

its

consideration

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

similar

investment

strategy

investment

mandate

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

iShares

fund

that

may

provide

similar

investment

exposure

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

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

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

consistent

with

the

factors

discussed.

Other

Benefits

BFA

and/or

its

Affiliates

The

Board

reviewed

other

benefits

ancillary

revenue

received

BFA

and/or

its

affiliates

connection

with

the

services

provided

the

Fund

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

revenue

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

applicable

(which

was

included

the

profit

margins

reviewed

the

Board

pursuant

BFA’s

estimated

profitability

methodology),

payment

advisory

fees

other

fees

BFA

(or

its

affiliates)

connection

with

any

investments

the

Fund

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

other

services,

and

BlackRock’s

profile

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

BFA,

including

actual

and

potential

reductions

the

Fund’s

expenses

that

are

borne

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

part

the

size

and

scope

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

the

iShares

complex)

well

response

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

and

paid

for

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

BFA

and/or

its

affiliates

pursuant

agreement

that

permits

service

provider

use

certain

portions

BlackRock’s

technology

platform

service

accounts

managed

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

consider

the

value

research

other

services

that

may

provided

BFA

(including

its

affiliates)

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

disadvantageous

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

the

appropriateness

approving

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Conclusion

Based

review

the

factors

described

above,

well

such

other

factors

deemed

appropriate

the

Board,

the

Board,

including

all

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

fee

that

disproportionately

large

bear

reasonable

relationship

the

services

rendered

and

that

could

not

have

been

the

product

arm’s-length

bargaining,

and

concluded

approve

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Glossary

Terms

Used

this

Report

2024

iShares

Annual

Financial

Statements

and

Additional

Information

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

AGM

Assured

Guaranty

Municipal

Corp.

AMT

Alternative

Minimum

Tax

BAM

Build

America

Mutual

Assurance

Co.

BAM-TCRS

Build

America

Mutual

Assurance

Co.

Transferable

Custodial

Receipts

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

General

Obligation

Bonds

GTD

Guaranteed

PSF

Permanent

School

Fund

Q-SBLF

Qualified

School

Bond

Loan

Fund

Revenue

Bonds

SAW

State

Aid

Withholding

SOFR

Secured

Overnight

Financing

Rate

TECP

Tax-Exempt

Commercial

Paper

VRDN

Variable

Rate

Demand

Notes

Want

know

more?

iShares.com

1-800-474-2737

This

report

intended

for

the

Fund’s

shareholders.

may

not

distributed

prospective

investors

unless

preceded

accompanied

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

principal.

The

iShares

Funds

are

distributed

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

BlackRock,

Inc.

its

subsidiaries.

All

other

marks

are

the

property

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)(1) Code of Ethics – See Item 2

(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)(3) Section 302 Certifications are attached

(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

(b) Section 906 Certifications are attached

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: December 20, 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: December 20, 2024

By: /s/ Trent Walker

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares U.S. ETF Trust

Date: December 20, 2024