iShares Gold Strategy ETF NCSR Certified annual shareholder report (management investment company)

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

iShares U.S. ETF Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: July 31, 2021

Date of reporting period: July 31, 2021

Item 1.

Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.


		JULY 31, 2021

2021 Annual Report

iShares U.S. ETF Trust

iShares Evolved U.S. Consumer Staples ETF | IECS | Cboe BZX

iShares Evolved U.S. Discretionary Spending ETF | IEDI | Cboe BZX

iShares Evolved U.S. Financials ETF | IEFN | Cboe BZX

iShares Evolved U.S. Healthcare Staples ETF | IEHS | Cboe BZX

iShares Evolved U.S. Innovative Healthcare ETF | IEIH | Cboe BZX

iShares Evolved U.S. Media and Entertainment ETF | IEME | Cboe BZX

iShares Evolved U.S. Technology ETF | IETC | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of July 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States, along with most of the world, began the reporting period emerging from a severe recession, prompted by pandemic-related restrictions that disrupted many aspects of daily life. However, easing restrictions and robust government intervention led to a strong rebound, and the economy grew at a significant pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets rebounded substantially.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the likelihood of less bond purchasing and the possibility of higher rates in 2023.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the delta variant remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and Chinese government bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of July 31, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	19.19%	36.45%
U.S. small cap equities (Russell 2000^® Index)	7.86	51.97
International equities (MSCI Europe, Australasia, Far East Index)	10.83	30.31
Emerging market equities (MSCI Emerging Markets Index)	(2.76)	20.64
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.08
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(0.59)	(5.12)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	0.21	(0.70)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.38	3.47
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.66	10.62
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents


	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		19
Shareholder Expenses		19
Schedules of Investments		20
Financial Statements:
Statements of Assets and Liabilities		44
Statements of Operations		46
Statements of Changes in Net Assets		48
Financial Highlights		52
Notes to Financial Statements		59
Report of Independent Registered Public Accounting Firm		67
Important Tax Information (Unaudited)		68
Board Review and Approval of Investment Advisory Contract		69
Supplemental Information		71
Trustee and Officer Information		72
General Information		74
Glossary of Terms Used in this Report		75


		3

Market Overview

iShares U.S. ETF Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended July 31, 2021 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 38.73%. Stocks continued to recover from the initial impact of the coronavirus pandemic, ending the reporting period near all-time highs. Supportive fiscal and monetary stimulus in combination with the development and distribution of effective coronavirus vaccines fueled economic recovery and drove strong stock market gains.

Two fiscal stimulus bills passed by Congress in December 2020 and in March 2021 provided significant relief in the form of direct payments to individuals, tax credits, aid to state and local governments, and assistance for homeowners and renters. Personal incomes rose significantly following the stimulus payments, and consumer spending recovered sharply, surpassing pre-pandemic levels by the end of the reporting period.

Action by the U.S. Federal Reserve (“the Fed”) also played a notable role in the recovery. Monetary policy remained accommodative, with short-term interest rates maintained near zero to encourage lending and stimulate economic activity. The Fed further acted to stabilize bond markets by continuing an unlimited, open-ended, bond-buying program for U.S. Treasuries and mortgage-backed securities. In August 2020, the Fed revised its long-standing inflation policy, allowing inflation to exceed the 2% target to stimulate the economy. However, the Fed announced late in the reporting period that it would begin reducing its portfolio of corporate debt, with plans to complete sales of its holdings by the end of 2021.

Development and distribution of coronavirus vaccines also boosted stocks. In November 2020, stocks rallied as several manufacturers announced that they had developed vaccines with high effectiveness rates. Widespread vaccine distribution got underway in 2021, and by the end of the reporting period more than 345 million vaccine doses were distributed in the U.S., and nearly 50% of the population was fully vaccinated. The ongoing vaccination program bolstered investors’ optimism that the economy could continue to grow as everyday life normalized.

The rebound in economic activity as pandemic-related restrictions eased and consumer spending increased led to strong economic growth during the reporting period. The U.S. economy grew at a record annualized pace of 33.8% in the third quarter of 2020, as activity rebounded from the pandemic-induced recession in the first half of 2020. Growth continued at a slower pace for the rest of the reporting period, finally surpassing pre-pandemic output levels in the second quarter of 2021.

Strong economic growth and rising consumer spending led to higher inflation, particularly in the second half of the reporting period. Investors’ inflation expectations increased significantly in early 2021, and year-over-year inflation reached 5.4% in June 2021, the highest level in more than 12 years. However, some analysts maintained that the rise in inflation was at least partially due to temporary disruptions in supply chains. The Fed stated in July 2021 that it believed inflation pressure was largely transitory and reaffirmed that it would allow inflation to run above its 2% goal for some time.

Despite substantial progress toward recovery, challenges remained. Although unemployment declined significantly during the reporting period, decreasing from 8.4% to 5.4%, the total number of employed workers remained well below pre-pandemic levels despite a rise in job openings. Furthermore, a rise in coronavirus cases near the end of the reporting period due to the more-contagious Delta variant raised concerns about the pace of economic recovery and led the U.S. to maintain certain travel restrictions.


4		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 31, 2021		iShares^® Evolved U.S. Consumer Staples ETF

Investment Objective

The iShares Evolved U.S. Consumer Staples ETF (the “Fund”) seeks to provide access to U.S. companies with consumer staples exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


	Average Annual Total Returns				Cumulative Total Returns


	1 Year		Since Inception		1 Year		Since Inception


Fund NAV		20.76%		12.27%		20.76%		47.61%
Fund Market		20.65		12.23		20.65		47.42
S&P Total Market Index^TM		38.93		17.52		38.93		71.98

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market IndexTM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 19 for more information.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/21)		Ending Account Value (07/31/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/21)		Ending Account Value (07/31/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,136.70	$	0.95		$	1,000.00	$	1,023.90	$	0.90		0.18%

^(a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 19 for more information.


FUND SUMMARY		5


Fund Summary as of July 31, 2021 (continued)		iShares^® Evolved U.S. Consumer Staples ETF

Portfolio Management Commentary

Consumer staples stocks rose during the reporting period as demand for essentials rose sharply during the coronavirus pandemic. Despite vaccine rollouts and record personal savings prompting a resurgence in nonessential spending during the second half of the reporting period, many consumer staples companies continued to benefit from uncertainties related to the COVID-19 delta variant. The tendency for consumer staples companies to be non-cyclical and offer reliable dividends, along with an increase in remote work, provided additional appeal for the sector.

Soda and beverage companies contributed the most to the Fund’s return, including Coca-Cola and PepsiCo, which rebounded with strong earnings and revenue growth. Sales of many carbonated beverages dropped significantly early in the reporting period, however new marketing strategies and e-commerce initiatives, along with restaurant re-openings helped the industry to recover from pandemic-related declines. While consumers’ shift away from traditional carbonated soft drinks began before the pandemic, expanded product offerings, including naturally flavored beverages and sparkling waters, helped companies pivot toward customers’ growing health and wellness preferences.

Consumer food companies, such as Mondelez International and Hershey Foods, also contributed to the Fund’s return, with both companies posting increased net revenues and improving operating incomes. Investors expected both companies to benefit from new product launches and consumers’ return to social gatherings.

Stocks of tobacco product manufacturers, including Altria and Philip Morris International, advanced as they announced strong quarterly earnings. Elevated stress levels related to the pandemic, coupled with working from home, which enabled more smoke breaks, drove an increase in tobacco usage. However, global cigarette use declined overall, prompting large tobacco manufacturers to invest in alternative products such as electronic cigarettes.

The Fund’s evolved investment process looks beyond the traditional sector definitions by applying machine learning and natural language processing to group individual companies with related business activity. During the reporting period, the evolved process identified several consumer staples companies with similar businesses that have traditionally been categorized in other sectors. For example, the Fund held positions in Starbucks, McDonalds, and Chipotle Mexican Grill, which are typically classified as companies in the consumer discretionary sector. These global quick service restaurant companies rebounded quickly from losses related to pandemic restrictions, effectively utilizing their digital, drive-through, and take-out services.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Beverages	30.9	%
Food	22.9
Retail	13.5
Agriculture	11.7
Cosmetics & Personal Care	10.2
Packaging & Containers	2.8
Pharmaceuticals	1.9
Real Estate Investment Trusts	1.8
Household Products & Wares	1.8
Chemicals	1.1
Other (each representing less than 1%)	1.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Coca-Cola Co. (The)	11.8	%
PepsiCo Inc.	10.6
Procter & Gamble Co. (The)	7.9
Philip Morris International Inc.	5.1
Starbucks Corp.	4.7
Mondelez International Inc., Class A	4.6
McDonald’s Corp.	4.6
Altria Group Inc.	4.0
General Mills Inc.	3.0
Monster Beverage Corp.	2.8


6		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 31, 2021		iShares^® Evolved U.S. Discretionary Spending ETF

Investment Objective

The iShares Evolved U.S. Discretionary Spending ETF (the “Fund”) seeks to provide access to U.S. companies with discretionary spending exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


	Average Annual Total Returns				Cumulative Total Returns


	1 Year		Since Inception		1 Year		Since Inception


Fund NAV		33.32%		21.01%		33.32%		89.94%
Fund Market		33.33		21.00		33.33		89.89
S&P Total Market Index^TM		38.93		17.52		38.93		71.98

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market IndexTM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/21)		Ending Account Value (07/31/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/21)		Ending Account Value (07/31/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,151.50	$	0.96		$	1,000.00	$	1,023.90	$	0.90		0.18%

^(a)


FUND SUMMARY		7


Fund Summary as of July 31, 2021 (continued)		iShares^® Evolved U.S. Discretionary Spending ETF

Portfolio Management Commentary

Stocks related to U.S. discretionary spending advanced strongly for the reporting period, as the rollout of COVID-19 vaccination programs and easing pandemic-related restrictions boosted consumer demand. U.S. consumer spending rose as government stimulus checks, higher wages, and record household savings motivated Americans to spend more on nonessential goods and services.

Home improvement stores such as Home Depot and Lowe’s advanced strongly, as the robust housing market and stay-at-home consumers tackling do-it-yourself projects drove sales higher. Home Depot and Lowe’s also benefited from improving their e-commerce platforms, contributing to higher sales to consumers impacted by pandemic-related restrictions.

In addition to strong online sales, big box merchandise stores such as Target increased sales as consumers sought a safer in-person shopping experience during the pandemic by frequenting one-stop destinations that offer a wider variety of goods. Target posted strong earnings growth during the reporting period and gained market share against competitors.

The restaurant industry also gained as stimulus checks and easing pandemic restrictions encouraged consumers to dine out, driving the stock price of chains such as McDonald’s and Starbucks to record highs during the reporting period. The shift toward online shopping benefited the retail shoe industry, most notably Nike, which posted robust revenue gains, boosted by its e-commerce division. Sales of Nike’s athleisure clothing lines grew with home-bound consumers seeking a more casual, comfortable wardrobe.

The Fund’s evolved investment process looks beyond the traditional sector definitions by applying machine learning and natural language processing to group individual companies with related business activity. During the reporting period, the evolved process identified several companies with similar businesses that have traditionally been categorized in other sectors. For example, the Fund held positions in several warehouse general merchandise chains such as Costco and Walmart, which are generally classified as companies in the consumer staples sector. Sales surged for Costco as consumers stocked up on essential goods, such as toilet paper, cleaning supplies, and food, during the pandemic. This helped offset lost sales from Costco’s discretionary offerings such as travel services, the photo department, and its food court.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Retail	51.4	%
Internet	20.5
Apparel	7.8
Computers	5.2
Cosmetics & Personal Care	4.3
Lodging	2.1
Commercial Services	1.5
Food	1.4
Other (each representing less than 1%)	5.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Amazon.com Inc.	16.4	%
Home Depot Inc. (The)	7.7
Walmart Inc.	5.4
Apple Inc.	5.3
Costco Wholesale Corp.	5.0
Nike Inc., Class B	4.5
Target Corp.	3.8
Procter & Gamble Co. (The)	2.9
McDonald’s Corp.	2.8
Lowe’s Companies Inc.	2.8


8		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 31, 2021		iShares^® Evolved U.S. Financials ETF

Investment Objective

The iShares Evolved U.S. Financials ETF (the “Fund”) seeks to provide access to U.S. companies with financials exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


	Average Annual Total Returns				Cumulative Total Returns


	1 Year		Since Inception		1 Year		Since Inception


Fund NAV		54.68%		9.14%		54.68%		34.22%
Fund Market		54.61		9.14		54.61		34.21
S&P Total Market Index^TM		38.93		17.52		38.93		71.98

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

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

The S&P Total Market IndexTM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/21)		Ending Account Value (07/31/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/21)		Ending Account Value (07/31/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,258.30	$	1.06		$	1,000.00	$	1,023.90	$	0.95		0.19%

^(a)


FUND SUMMARY		9


Fund Summary as of July 31, 2021 (continued)		iShares^® Evolved U.S. Financials ETF

Portfolio Management Commentary

Financials stocks advanced for the reporting period amid improving economic growth, rising inflation, and higher long-term interest rates. The banking industry was the leading contributor to the Fund’s performance. Constrained net interest margins (the difference between what a bank pays its depositors and earns from lending) due to low interest rates, weak demand for loans, and rising provisions for credit losses related to the coronavirus pandemic weighed on bank stocks early in the reporting period. However, fiscal stimulus, infrastructure spending, rising long-term yields, and a recovery of a portion of provisions for pandemic-related loan losses amid lower-than-expected loan defaults drove a strong recovery in bank stocks.

Large banks contributed the most to the Fund’s performance. For example, Wells Fargo benefited from cost reductions, analyst upgrades, and oversight reforms after incurring large legal liabilities from a false-accounts scandal. The continued economic recovery, strong financial markets, and growth in quarterly revenue added to the positive environment for Wells Fargo. Smaller banks also contributed. Investor sentiment for Truist Financial rose in response to solid quarterly earnings, driven by a significant increase in fee income, particularly in the company’s insurance business.

Financial services companies contributed significantly to the Fund’s return, as strength in capital markets activity benefited companies such as Morgan Stanley and Goldman Sachs. Asset managers also contributed. For example, Blackstone Group benefited from strong quarterly earnings due to higher asset sales across its real estate, private equity, and credit businesses.

The Fund’s evolved investment process looks beyond traditional sector definitions by applying machine learning and natural language processing to group individual companies with related business activity. During the reporting period, the evolved process identified several financials companies with similar businesses that have traditionally been categorized in other sectors. Among these were several information technology companies, including Fidelity National Information Services, a provider of technology solutions for merchants, banks, and capital markets firms, and Mastercard, which provides credit card services to banks. Both companies benefited from continued growth in the adoption of digital financial services and e-commerce. The process also identified healthcare companies, such as UnitedHealth Group, which advanced due to strength in its healthcare data analytics services unit.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Banks	43.1	%
Insurance	23.1
Diversified Financial Services	17.0
Commercial Services	4.7
Software	2.9
Health Care - Services	2.7
Pharmaceuticals	1.8
Savings & Loans	1.2
Private Equity	1.1
Other (each representing less than 1%)	2.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Wells Fargo & Co.	5.1	%
Bank of America Corp.	4.8
JPMorgan Chase & Co.	4.5
Morgan Stanley	3.3
Goldman Sachs Group Inc. (The)	3.2
Citigroup Inc.	2.9
Berkshire Hathaway Inc., Class B	2.7
American Express Co.	2.2
Charles Schwab Corp. (The)	2.2
U.S. Bancorp	2.2


10		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 31, 2021		iShares^® Evolved U.S. Healthcare Staples ETF

Investment Objective

The iShares Evolved U.S. Healthcare Staples ETF (the “Fund”) seeks to provide access to U.S. companies with healthcare staples exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


	Average Annual Total Returns				Cumulative Total Returns


	1 Year		Since Inception		1 Year		Since Inception


Fund NAV		31.06%		19.41%		31.06%		81.66%
Fund Market		31.05		19.42		31.05		81.70
S&P Total Market Index^TM		38.93		17.52		38.93		71.98

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market IndexTM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/21)		Ending Account Value (07/31/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/21)		Ending Account Value (07/31/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,146.30	$	0.96		$	1,000.00	$	1,023.90	$	0.90		0.18%

^(a)


FUND SUMMARY		11


Fund Summary as of July 31, 2021 (continued)		iShares^® Evolved U.S. Healthcare Staples ETF

Portfolio Management Commentary

U.S. healthcare staples stocks advanced strongly for the reporting period, bolstered by anticipation that successful development and distribution of COVID-19 vaccines would drive resumption of elective medical procedures requiring instruments and devices. In this environment, initial public offerings and merger and acquisition activity of medical device companies rose, supported by low interest rates and optimism about a return to normal driven by vaccine distribution.

Healthcare equipment stocks contributed the most to the Fund’s return, reinforced by demand for testing and medical equipment used to treat coronavirus patients. For example, despite an overall decline in medical procedures during the pandemic, Medtronic gained due to strong demand for its minimally invasive technologies such as ventilators and pulse oximeters used to treat coronavirus patients. Similarly, Abbott Laboratories posted strong profit growth amid surging sales of coronavirus diagnostic tests to both healthcare providers and individuals. In addition, the company’s diverse revenue drivers, which include diabetes testing equipment and devices for treating heart defects, benefited from resumed demand after the pandemic’s restrictions were lifted.

Managed healthcare companies like UnitedHealth Group and Anthem also provided a tailwind to the fund’s return. Despite higher pandemic-related costs, managed care companies benefited from patients delaying medical treatment during the pandemic, which reduced expenses and led to substantive profit growth. Life sciences tools and services stocks also contributed to the fund’s performance. Thermo Fisher Scientific’s revenue growth was supported by strong sales of COVID-19 diagnostic tests and raw materials for vaccine production. In addition, the company provides specialty refrigeration for global vaccine distribution, which further bolstered its gains. Illumina, a maker of genetic sequencing and diagnostics technologies, advanced amid identification of a new COVID-19 variant through genetic sequencing and genomics.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Health Care - Products	49.7	%
Health Care - Services	24.2
Pharmaceuticals	17.1
Biotechnology	4.3
Electronics	1.2
Real Estate Investment Trusts	1.1
Other (each representing less than 1%)	2.4

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

UnitedHealth Group Inc.	12.0	%
Abbott Laboratories	7.9
Medtronic PLC	6.1
Thermo Fisher Scientific Inc.	4.7
Danaher Corp.	4.5
Johnson & Johnson	4.4
Intuitive Surgical Inc.	4.1
Stryker Corp.	3.2
CVS Health Corp.	2.7
Edwards Lifesciences Corp.	2.6

^(a)

Excludes money market funds.


12		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 31, 2021		iShares^® Evolved U.S. Innovative Healthcare ETF

Investment Objective

The iShares Evolved U.S. Innovative Healthcare ETF (the “Fund”) seeks to provide access to U.S. companies with innovative healthcare exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


	Average Annual Total Returns				Cumulative Total Returns


	1 Year		Since Inception		1 Year		Since Inception


Fund NAV		22.81%		14.15%		22.81%		56.10%
Fund Market		22.67		14.11		22.67		55.92
S&P Total Market Index^TM		38.93		17.52		38.93		71.98

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market IndexTM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/21)		Ending Account Value (07/31/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/21)		Ending Account Value (07/31/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,071.60	$	0.92		$	1,000.00	$	1,023.90	$	0.90		0.18%

^(a)


FUND SUMMARY		13


Fund Summary as of July 31, 2021 (continued)		iShares^® Evolved U.S. Innovative Healthcare ETF

Portfolio Management Commentary

U.S. innovative healthcare stocks advanced during the reporting period in an environment that rewarded increased spending on research and development, cross-company collaboration, improved efficiency, and increased speed to market as companies raced to deliver COVID-19 treatments and vaccines. Biotechnology initial public offerings reached all-time highs and merger and acquisition activity remained brisk amid low interest rates as companies sought to diversify their product pipelines.

Biotechnology companies contributed the most to the Fund’s return. For example, Moderna, which was among the first COVID-19 vaccine developers to receive emergency use authorization (“EUA”) from the Food and Drug Administration (“FDA”) and other global healthcare agencies, drove the industry’s return. Expectations that studies of vaccine safety and effectiveness for children would yield positive results further bolstered the company’s gains. Expanded agreements to increase global vaccine supply also supported Moderna’s profit growth.

Outside of the COVID-19 space, companies manufacturing therapeutics for chronic conditions also bolstered performance of the biotechnology industry. AbbVie, which makes Botox and the psoriasis and rheumatoid arthritis treatment Humira, the world’s top selling drug, surpassed revenue and profit expectations as patients resumed office visits after the pandemic’s restrictions were lifted. Rare diseases and immunology company Alexion Pharmaceuticals also posted strong gains after an acquisition by multinational pharmaceuticals manufacturer AstraZeneca.

The pharmaceuticals industry contribution was also driven by positive developments in COVID-19 treatments and vaccines. For example, Eli Lilly received FDA EUA for its monoclonal antibody treatment. In addition, the company sought accelerated approval for a new Alzheimer’s drug and has a late-stage obesity and diabetes treatment in its pipeline. Johnson & Johnson’s and Pfizer’s contributions came from successful development of COVID-19 vaccines.

The Fund’s evolved investment process looks beyond traditional sector definitions by applying machine learning and natural language processing to group individual companies with related business activity. As of the end of the reporting period, the Fund’s portfolio consisted primarily of biotechnology and pharmaceuticals companies that emphasize innovation, but also included companies in diverse industries such as tools and services for life sciences and semiconductors. For example, Universal Display Corporation makes organic light emitting diodes that are used in medical imaging and diagnostics equipment.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Pharmaceuticals	49.6	%
Biotechnology	44.5
Health Care - Products	3.7
Health Care - Services	2.0
Other (each representing less than 1%)	0.2

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Johnson & Johnson	9.8	%
Moderna Inc.	7.8
Pfizer Inc.	6.4
Eli Lilly & Co.	6.1
AbbVie Inc.	5.8
Merck & Co. Inc.	5.7
Bristol-Myers Squibb Co.	4.7
Gilead Sciences Inc.	4.4
Amgen Inc.	4.1
Regeneron Pharmaceuticals Inc.	3.6

^(a)

Excludes money market funds.


14		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 31, 2021		iShares^® Evolved U.S. Media and Entertainment ETF

Investment Objective

The iShares Evolved U.S. Media and Entertainment ETF (the “Fund”) seeks to provide access to U.S. companies with media and entertainment exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


	Average Annual Total Returns				Cumulative Total Returns


	1 Year		Since Inception		1 Year		Since Inception


Fund NAV		43.02%		15.03%		43.02%		60.15%
Fund Market		42.78		14.98		42.78		59.94
S&P Total Market Index^TM		38.93		17.52		38.93		71.98

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market IndexTM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/21)		Ending Account Value (07/31/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/21)		Ending Account Value (07/31/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,076.20	$	0.93		$	1,000.00	$	1,023.90	$	0.90		0.18%

^(a)


FUND SUMMARY		15


Fund Summary as of July 31, 2021 (continued)		iShares^® Evolved U.S. Media and Entertainment ETF

Portfolio Management Commentary

U.S. media and entertainment stocks advanced significantly during the reporting period amid a recovery in consumer spending. Demand for home-based entertainment products, such as streaming services and video games, remained high even as the economy continued to reopen. However, the reopening also strongly benefited companies offering in-person experiences, such as theme parks and live entertainment.

Broadcast media stocks contributed the most to the Fund’s performance, driven by increased subscribership for streaming services. Viacom CBS, a mass media company, posted strong earnings following an increase in subscriptions for its streaming services Paramount+, Showtime, and Pluto TV. Higher advertising and affiliate revenue further supported Viacom CBS’s earnings. Growth in usage of internet-based streaming services also helped cable providers such as Comcast. Internet subscriptions grew, as did subscribers to Comcast’s streaming service, Peacock, which was buoyed by interest in new media offerings and the summer Olympic games.

Entertainment media companies contributed significantly to the Fund’s return. A streaming and television interface company, Roku, increased revenues substantially, particularly licensing sales in its software and services division. Roku’s shift toward software and services, which has higher profit margins, sharply increased the company’s overall profitability. Entertainment conglomerate The Walt Disney Company was another notable contributor to the Fund’s return, supported by a marked increase in subscribers for its streaming services, which include Disney+, Hulu, and ESPN+. The return of in-person entertainment provided tailwinds for The Walt Disney Company’s theme park division, where revenues rebounded amid high demand for live entertainment experiences.

The Fund’s evolved investment process looks beyond the traditional sector definitions by applying machine learning and natural language processing to group individual companies with related business activity. During the reporting period, the evolved process identified several media and entertainment companies with similar businesses that have traditionally been categorized in other sectors. For example, Hasbro Inc., a toy and game manufacturer in the consumer discretionary sector, contributed to the Fund’s return. The success of new television series such as Cruel Summer and The Rookie drove significant revenue increases for the company. Strong toy sales also boosted earnings, particularly toys related to recent Marvel shows and movies.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Media	55.8	%
Internet	20.0
Software	10.3
Entertainment	5.9
Toys, Games & Hobbies	2.7
Commercial Services	1.6
Real Estate Investment Trusts	1.0
Other (each representing less than 1%)	2.7

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Roku Inc.	5.4	%
Walt Disney Co. (The)	5.1
Comcast Corp., Class A	5.1
ViacomCBS Inc., Class B	4.8
Charter Communications Inc., Class A	4.6
Fox Corp., Class A	4.4
Liberty Broadband Corp., Class C	4.4
Twitter Inc.	3.9
Netflix Inc.	3.8
Activision Blizzard Inc.	3.5

^(a)

Excludes money market funds.


16		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 31, 2021		iShares^® Evolved U.S. Technology ETF

Investment Objective

The iShares Evolved U.S. Technology ETF (the “Fund”) seeks to provide access to U.S. companies with technology exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


	Average Annual Total Returns				Cumulative Total Returns


	1 Year		Since Inception		1 Year		Since Inception


Fund NAV		40.24%		28.92%		40.24%		135.03%
Fund Market		40.20		28.94		40.20		135.19
S&P Total Market Index^TM		38.93		17.52		38.93		71.98

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market IndexTM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/21)		Ending Account Value (07/31/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/21)		Ending Account Value (07/31/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,205.10	$	0.98		$	1,000.00	$	1,023.90	$	0.90		0.18%

^(a)


FUND SUMMARY		17


Fund Summary as of July 31, 2021 (continued)		iShares^® Evolved U.S. Technology ETF

Portfolio Management Commentary

U.S. technology stocks advanced robustly during the reporting period as the coronavirus pandemic continued to accelerate technological trends. Software sales grew as cloud computing solutions supported working and schooling from home. Although government scrutiny increased over the power and reach of technology firms, makers of devices that improved connectivity during the pandemic advanced significantly. The increasing popularity of both online gaming and cryptocurrency also drove chipmakers higher.

The software industry contributed the most to the Fund’s return as people across the world adopted cloud-based work and school, while entertainment and networking from home also contributed. Microsoft Corporation drove contribution among software stocks, advancing due to sharply rising use of its “commercial cloud,” which includes both its Azure cloud infrastructure and online versions of its Office software. Users of Microsoft’s customer management suite Dynamics 365 soared, and its productivity (Teams), networking (LinkedIn) and personal computing (Windows OS and Xbox) units also advanced. Hardware technology companies also bolstered returns. Apple Inc. gained amid strong sales growth of iPhones as consumers in China and the U.S. increased spending on personal electronics. The company also launched AirTag to help customers keep track of keys and wallets and a podcast subscription service to expand and enhance its customer experience and build brand loyalty.

Semiconductors stocks were another source of strength, driven by higher demand for the chips used in both gaming and mining cryptocurrency. Nvidia built its market share amid industry-wide shortages by selling its chips to data centers that use them for speech and image recognition.

The Fund’s evolved investment process looks beyond the traditional sector definitions by applying machine learning and natural language processing to group individual companies with related business activity. During the reporting period, the evolved process identified several technology companies with similar businesses that have traditionally been categorized in other sectors. For instance, the Fund held a position in Google’s parent company Alphabet Inc., and in Facebook, both traditionally categorized as communications services stocks. Google’s sales to retail and other advertisers increased while customers were at home, driving Alphabet’s growth. Facebook also surged ahead on higher ad sales during the pandemic.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Software	31.4	%
Internet	26.8
Computers	16.5
Semiconductors	10.5
Diversified Financial Services	4.7
Commercial Services	4.7
Telecommunications	2.0
Other (each representing less than 1%)	3.4

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Microsoft Corp.	16.1	%
Apple Inc.	12.1
Facebook Inc., Class A	6.1
Amazon.com Inc.	5.9
Alphabet Inc., Class A	5.2
Alphabet Inc., Class C	5.1
NVIDIA Corp.	3.5
Visa Inc., Class A	2.2
Adobe Inc.	2.2
salesforce.com Inc.	1.8

^(a)

Excludes money market funds


18		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES		19

Schedule of Investments

July 31, 2021

iShares^® Evolved U.S. Consumer Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Agriculture — 11.5%
Altria Group Inc.		12,151	$	583,734
Archer-Daniels-Midland Co.		4,336		258,946
Bunge Ltd.		821		63,734
Darling Ingredients Inc.^(a)		783		54,082
Fresh Del Monte Produce Inc.		152		4,691
Philip Morris International Inc.		7,473		747,972
Universal Corp./VA		112		5,842
Vector Group Ltd.		339		4,529

				1,723,530

Beverages — 30.6%
Boston Beer Co. Inc. (The), Class A, NVS^(a)		63		44,730
Brown-Forman Corp., Class A		335		22,408
Brown-Forman Corp., Class B, NVS		2,517		178,506
Celsius Holdings Inc.^(a)		285		19,559
Coca-Cola Co. (The)		30,661		1,748,597
Coca-Cola Consolidated Inc.		46		18,361
Constellation Brands Inc., Class A		884		198,317
Keurig Dr Pepper Inc.		7,096		249,850
MGP Ingredients Inc.		99		5,905
Molson Coors Beverage Co., Class B^(a)		1,350		66,001
Monster Beverage Corp.^(a)		4,431		417,932
National Beverage Corp.		270		12,253
PepsiCo Inc.		9,988		1,567,617
Primo Water Corp.		1,357		22,431

				4,572,467

Chemicals — 1.1%
Balchem Corp.		146		19,694
Ecolab Inc.		128		28,266
International Flavors & Fragrances Inc.		588		88,576
Mosaic Co. (The)		325		10,150
Sensient Technologies Corp.		216		18,831

				165,517

Commercial Services — 0.1%
Medifast Inc.		53		15,132
WW International Inc.^(a)(b)		162		4,980

				20,112

Computers — 0.1%
ExlService Holdings Inc.^(a)		89		10,077


Cosmetics & Personal Care — 10.0%
Colgate-Palmolive Co.		3,935		312,833
Coty Inc., Class A^(a)		1,840		16,063
Edgewell Personal Care Co.		150		6,162
Procter & Gamble Co. (The)		8,196		1,165,717

				1,500,775

Distribution & Wholesale — 0.1%
Core-Mark Holding Co. Inc.		207		8,909


Diversified Financial Services — 0.0%
Jefferies Financial Group Inc.		2		66


Electrical Components & Equipment — 0.1%
Energizer Holdings Inc.		380		16,283


Food — 22.7%
B&G Foods Inc.		693		19,903
BellRing Brands Inc., Class A^(a)		250		8,267
Beyond Meat Inc.^(a)		350		42,945


Security	Shares		Value

Food (continued)
Calavo Growers Inc.		99	$	5,578
Cal-Maine Foods Inc.		180		6,280
Campbell Soup Co.		2,001		87,484
Conagra Brands Inc.		4,886		163,632
Flowers Foods Inc.		1,071		25,233
General Mills Inc.		7,483		440,449
Hain Celestial Group Inc. (The)^(a)		936		37,356
Hershey Co. (The)		1,578		282,273
Hormel Foods Corp.		2,195		101,804
Hostess Brands Inc.^(a)		585		9,413
Ingredion Inc.		454		39,866
J&J Snack Foods Corp.		117		19,232
JM Smucker Co. (The)		1,123		147,237
John B Sanfilippo & Son Inc.		81		7,481
Kellogg Co.		2,838		179,816
Kraft Heinz Co. (The)		5,437		209,161
Lamb Weston Holdings Inc.		1,078		71,978
Lancaster Colony Corp.		153		30,274
McCormick & Co. Inc./MD, NVS		1,927		162,196
Mondelez International Inc., Class A		10,747		679,855
Performance Food Group Co.^(a)		549		25,155
Pilgrim’s Pride Corp.^(a)		270		5,981
Post Holdings Inc.^(a)		618		63,246
Sanderson Farms Inc.		108		20,179
Seaboard Corp.		1		4,110
Simply Good Foods Co. (The)^(a)		646		24,212
Sprouts Farmers Market Inc.^(a)		405		9,955
Sysco Corp.		2,867		212,731
Tootsie Roll Industries Inc.		139		4,780
TreeHouse Foods Inc.^(a)		576		25,574
Tyson Foods Inc., Class A		2,455		175,434
U.S. Foods Holding Corp.^(a)		947		32,520
United Natural Foods Inc.^(a)		198		6,558

				3,388,148

Health Care - Products — 0.1%
Neogen Corp.^(a)		486		21,170


Holding Companies - Diversified — 0.1%
Cannae Holdings Inc.^(a)		268		8,911


Household Products & Wares — 1.8%
ACCO Brands Corp.		2		18
Church & Dwight Co. Inc.		1,033		89,437
Clorox Co. (The)		507		91,711
Helen of Troy Ltd.^(a)(b)		45		10,053
Kimberly-Clark Corp.		481		65,281
WD-40 Co.		21		5,103

				261,603

Housewares — 0.2%
Newell Brands Inc.		238		5,890
Scotts Miracle-Gro Co. (The)		126		22,297

				28,187

Machinery — 0.4%
AGCO Corp.		207		27,347
Middleby Corp. (The)^(a)		153		29,298

				56,645

Manufacturing — 0.1%
John Bean Technologies Corp.		108		15,831


20		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Consumer Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Packaging & Containers — 2.8%
Amcor PLC		1,383	$	15,987
AptarGroup Inc.		35		4,512
Ball Corp.		2,141		173,164
Berry Global Group Inc.^(a)		557		35,810
Crown Holdings Inc.		820		81,803
Graphic Packaging Holding Co.		1,732		33,202
O-I Glass Inc.^(a)		702		10,383
Packaging Corp. of America		95		13,443
Sealed Air Corp.		219		12,428
Silgan Holdings Inc.		333		13,493
Sonoco Products Co.		378		24,113

				418,338

Pharmaceuticals — 1.9%
Elanco Animal Health Inc.^(a)		1,321		48,177
Herbalife Nutrition Ltd.^(a)		413		21,038
Perrigo Co. PLC		118		5,668
Prestige Consumer Healthcare Inc.^(a)		198		10,405
Zoetis Inc.		965		195,605

				280,893

Real Estate Investment Trusts — 1.8%
Americold Realty Trust		757		29,409
Equinix Inc.		294		241,201

				270,610

Retail — 13.4%
BJ’s Restaurants Inc.^(a)		55		2,232
Casey’s General Stores Inc.		99		19,573
Cheesecake Factory Inc. (The)^(a)		126		5,703
Chipotle Mexican Grill Inc., Class A^(a)		135		251,565
Cracker Barrel Old Country Store Inc.		45		6,128
Darden Restaurants Inc.		159		23,195
Domino’s Pizza Inc.		34		17,867
Freshpet Inc.^(a)		236		34,562
Jack in the Box Inc.		81		8,818
McDonald’s Corp.		2,773		673,035
Shake Shack Inc., Class A^(a)		91		9,149


Security	Shares		Value

Retail (continued)
Starbucks Corp.		5,745	$	697,615
Texas Roadhouse Inc.		76		7,005
Wendy’s Co. (The)		639		14,831
Wingstop Inc.		81		13,876
Yum China Holdings Inc.		1,207		75,063
Yum! Brands Inc.		1,048		137,697

				1,997,914

Toys, Games & Hobbies — 0.1%
Mattel Inc.^(a)		609		13,227


Total Common Stocks — 99.0% (Cost: $13,479,153)				14,779,213


Short-Term Investments

Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%^(c)(d)(e)		15,200		15,208
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		140,000		140,000

				155,208


Total Short-Term Investments — 1.0% (Cost: $155,204)				155,208


Total Investments in Securities — 100.0% (Cost: $13,634,357)				14,934,421

Other Assets, Less Liabilities — (0.0)%				(914	)


Net Assets — 100.0%			$	14,933,507

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

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

^(e)	All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 07/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 07/31/21		Shares Held at 07/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	162,457	$	—		$	(147,161	)^(a)	$	53	$	(141	)	$	15,208		15,200	$	929	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		66,000		74,000	^(a)		—			—		—			140,000		140,000		62			—

									$	53	$	(141	)	$	155,208			$	991		$	—

^(a)

Represents net amount purchased (sold).

^(b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.


SCHEDULE OF INVESTMENTS		21

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Consumer Staples ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of July 31, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	14,779,213	$	—	$	—	$	14,779,213
Money Market Funds		155,208		—		—		155,208

	$	14,934,421	$	—	$	—	$	14,934,421

See notes to financial statements.


22		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

July 31, 2021

iShares^® Evolved U.S. Discretionary Spending ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Advertising — 0.1%
Interpublic Group of Companies Inc. (The)		539	$	19,059


Airlines — 0.1%
Alaska Air Group Inc.^(a)		260		15,088
JetBlue Airways Corp.^(a)		690		10,205

				25,293

Apparel — 7.7%
Capri Holdings Ltd.^(a)		658		37,052
Carter’s Inc.		350		34,209
Columbia Sportswear Co.		180		17,932
Crocs Inc.^(a)		340		46,175
Deckers Outdoor Corp.^(a)		161		66,147
Hanesbrands Inc.		1,840		33,598
Levi Strauss & Co., Class A		329		9,054
Nike Inc., Class B		6,083		1,018,963
Oxford Industries Inc.		120		10,432
PVH Corp.^(a)		426		44,568
Ralph Lauren Corp.		301		34,170
Skechers U.S.A. Inc., Class A^(a)		840		45,091
Steven Madden Ltd.		558		24,457
Tapestry Inc.^(a)		1,850		78,255
Under Armour Inc., Class A^(a)		1,010		20,655
Under Armour Inc., Class C, NVS^(a)		1,030		18,046
Urban Outfitters Inc.^(a)		500		18,590
VF Corp.		2,305		184,861
Wolverine World Wide Inc.		310		10,397

				1,752,652

Beverages — 0.1%
Constellation Brands Inc., Class A		67		15,031


Building Materials — 0.1%
American Woodmark Corp.^(a)		40		2,970
Masco Corp.		409		24,421

				27,391

Chemicals — 0.1%
Valvoline Inc.		420		12,886


Commercial Services — 1.4%
Bright Horizons Family Solutions Inc.^(a)		50		7,475
Cintas Corp.		180		70,952
Euronet Worldwide Inc.^(a)		100		14,282
Grand Canyon Education Inc.^(a)		90		8,313
H&R Block Inc.		560		13,748
ManpowerGroup Inc.		150		17,787
Monro Inc.		170		9,860
PayPal Holdings Inc.^(a)		316		87,067
PROG Holdings Inc.		335		14,663
Rent-A-Center Inc./TX		289		16,537
Rollins Inc.		450		17,249
Square Inc., Class A^(a)		114		28,188
Terminix Global Holdings Inc.^(a)		340		17,850
WW International Inc.^(a)(b)		90		2,767

				326,738

Computers — 5.2%
Apple Inc.		8,072		1,177,382


Cosmetics & Personal Care — 4.3%
Colgate-Palmolive Co.		105		8,347
Coty Inc., Class A^(a)		359		3,134


Security	Shares		Value

Cosmetics & Personal Care (continued)
Estee Lauder Companies Inc. (The), Class A		893	$	298,110
Inter Parfums Inc.		78		5,996
Procter & Gamble Co. (The)		4,555		647,858

				963,445

Distribution & Wholesale — 0.9%
Core-Mark Holding Co. Inc.		148		6,370
Fastenal Co.		933		51,100
G-III Apparel Group Ltd.^(a)		290		8,659
LKQ Corp.^(a)		272		13,804
Pool Corp.		95		45,393
SiteOne Landscape Supply Inc.^(a)		90		15,730
WW Grainger Inc.		120		53,350

				194,406

Diversified Financial Services — 0.7%
LendingTree Inc.^(a)		10		1,952
Mastercard Inc., Class A		169		65,224
Visa Inc., Class A		375		92,396

				159,572

Entertainment — 0.9%
Caesars Entertainment Inc.^(a)		495		43,243
Churchill Downs Inc.		99		18,394
Cinemark Holdings Inc.^(a)		320		4,970
Live Nation Entertainment Inc.^(a)		450		35,500
Madison Square Garden Sports Corp.^(a)		50		8,137
Marriott Vacations Worldwide Corp.^(a)		89		13,116
Penn National Gaming Inc.^(a)		333		22,771
Red Rock Resorts Inc., Class A^(a)		290		11,426
Scientific Games Corp./DE, Class A^(a)		110		6,788
Six Flags Entertainment Corp.^(a)		170		7,064
Vail Resorts Inc.^(a)		130		39,676

				211,085

Food — 1.4%
Beyond Meat Inc.^(a)		83		10,184
Flowers Foods Inc.		450		10,602
Grocery Outlet Holding Corp.^(a)		562		18,613
Kroger Co. (The)		4,421		179,935
Performance Food Group Co.^(a)		320		14,662
Sprouts Farmers Market Inc.^(a)		630		15,485
Sysco Corp.		699		51,866
U.S. Foods Holding Corp.^(a)		540		18,544

				319,891

Food Service — 0.1%
Aramark		800		28,104


Holding Companies - Diversified — 0.0%
Cannae Holdings Inc.^(a)		150		4,988


Home Builders — 0.1%
Taylor Morrison Home Corp.^(a)		200		5,364
Toll Brothers Inc.		260		15,410

				20,774

Home Furnishings — 0.2%
Sleep Number Corp.^(a)		118		11,707
Tempur Sealy International Inc.		680		29,423

				41,130

Household Products & Wares — 0.2%
Helen of Troy Ltd.^(a)		51		11,393
Kimberly-Clark Corp.		260		35,287

				46,680


SCHEDULE OF INVESTMENTS		23

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Discretionary Spending ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Housewares — 0.2%
Newell Brands Inc.		948	$	23,463
Scotts Miracle-Gro Co. (The)		80		14,157
Tupperware Brands Corp.^(a)		110		2,298

				39,918

Internet — 20.3%
Amazon.com Inc.^(a)		1,106		3,680,315
Booking Holdings Inc.^(a)		101		220,004
Cars.com Inc.^(a)		150		1,812
Chewy Inc., Class A^(a)(b)		227		19,000
eBay Inc.		1,231		83,966
Etsy Inc.^(a)(b)		290		53,218
Expedia Group Inc.^(a)		182		29,278
Groupon Inc.^(a)		60		2,182
Just Eat Takeaway.com NV SP ADR^(a)(b)		738		12,996
Match Group Inc.^(a)		95		15,131
MercadoLibre Inc.^(a)		121		189,813
Overstock.com Inc.^(a)		125		8,705
Pinterest Inc., Class A^(a)		1,477		86,995
Stitch Fix Inc., Class A^(a)		138		7,441
Uber Technologies Inc.^(a)		2,287		99,393
Wayfair Inc., Class A^(a)(b)		311		75,063

				4,585,312

Leisure Time — 0.8%
Carnival Corp.^(a)		2,615		56,615
Norwegian Cruise Line Holdings Ltd.^(a)		912		21,915
Planet Fitness Inc., Class A^(a)		520		39,120
Polaris Inc.		70		9,175
Royal Caribbean Cruises Ltd.^(a)		391		30,056
YETI Holdings Inc.^(a)		245		23,601

				180,482

Lodging — 2.1%
Boyd Gaming Corp.^(a)		208		11,856
Choice Hotels International Inc.		160		19,184
Hilton Grand Vacations Inc.^(a)		210		8,541
Hilton Worldwide Holdings Inc.^(a)		1,108		145,646
Hyatt Hotels Corp., Class A^(a)		160		12,779
Las Vegas Sands Corp.^(a)		1,132		47,940
Marriott International Inc./MD, Class A^(a)		715		104,376
MGM Resorts International		1,107		41,546
Travel + Leisure Co.		410		21,238
Wyndham Hotels & Resorts Inc.		479		34,517
Wynn Resorts Ltd.^(a)		250		24,582

				472,205

Pharmaceuticals — 0.0%
Herbalife Nutrition Ltd.^(a)		238		12,124


Real Estate — 0.0%
RE/MAX Holdings Inc., Class A		84		2,881


Real Estate Investment Trusts — 0.2%
Apple Hospitality REIT Inc.		420		6,279
Host Hotels & Resorts Inc.^(a)		1,330		21,187
Macerich Co. (The)		272		4,433
Park Hotels & Resorts Inc.^(a)		300		5,550
Ruth’s Hospitality Group Inc.^(a)		180		3,595
Ryman Hospitality Properties Inc.^(a)		80		6,136

				47,180

Retail — 50.9%
Abercrombie & Fitch Co., Class A^(a)		519		19,623


Security	Shares		Value

Retail (continued)
Advance Auto Parts Inc.		360	$	76,342
American Eagle Outfitters Inc.		1,170		40,330
AutoNation Inc.^(a)		210		25,479
AutoZone Inc.^(a)		110		178,593
Bed Bath & Beyond Inc.^(a)		857		24,459
Best Buy Co. Inc.		1,061		119,203
Big Lots Inc.		310		17,859
BJ’s Restaurants Inc.^(a)		90		3,652
BJ’s Wholesale Club Holdings Inc.^(a)		701		35,499
Bloomin’ Brands Inc.^(a)		480		12,062
Boot Barn Holdings Inc.^(a)		217		18,753
Brinker International Inc.^(a)		263		14,291
Buckle Inc. (The)		190		7,995
Burlington Stores Inc.^(a)		453		151,664
CarMax Inc.^(a)		603		80,772
Carvana Co., Class A^(a)		214		72,238
Casey’s General Stores Inc.		210		41,519
Cheesecake Factory Inc. (The)^(a)		210		9,505
Chipotle Mexican Grill Inc., Class A^(a)		101		188,208
Costco Wholesale Corp.		2,586		1,111,256
Cracker Barrel Old Country Store Inc.		140		19,065
Darden Restaurants Inc.		670		97,740
Dave & Buster’s Entertainment Inc.^(a)		211		7,022
Dick’s Sporting Goods Inc.		431		44,884
Dollar General Corp.		1,560		362,918
Dollar Tree Inc.^(a)		1,521		151,781
Domino’s Pizza Inc.		208		109,302
FirstCash Inc.		190		15,048
Five Below Inc.^(a)		390		75,824
Floor & Decor Holdings Inc., Class A^(a)		547		66,740
Foot Locker Inc.		640		36,518
Freshpet Inc.^(a)		99		14,499
Gap Inc. (The)		2,090		60,965
Genuine Parts Co.		310		39,345
Home Depot Inc. (The)		5,239		1,719,387
Jack in the Box Inc.		112		12,192
Kohl’s Corp.		1,141		57,963
L Brands Inc.		1,569		125,630
La-Z-Boy Inc.		180		6,044
Lithia Motors Inc.		70		26,405
Lowe’s Companies Inc.		3,250		626,243
Lululemon Athletica Inc.^(a)		779		311,732
Macy’s Inc.^(a)		1,817		30,889
McDonald’s Corp.		2,595		629,833
MSC Industrial Direct Co. Inc., Class A		100		8,917
Murphy USA Inc.		120		17,701
National Vision Holdings Inc.^(a)		250		13,495
Nordstrom Inc.^(a)		781		25,851
Ollie’s Bargain Outlet Holdings Inc.^(a)		408		37,985
O’Reilly Automotive Inc.^(a)		399		240,932
Papa John’s International Inc.		118		13,466
PriceSmart Inc.		140		12,564
Qurate Retail Inc. Series A		529		6,274
RH^(a)(b)		112		74,377
Ross Stores Inc.		2,354		288,812
Sally Beauty Holdings Inc.^(a)		810		15,325
Shake Shack Inc., Class A^(a)		120		12,065
Signet Jewelers Ltd.		359		23,098
Starbucks Corp.		3,683		447,227
Target Corp.		3,288		858,332


24		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Discretionary Spending ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Retail (continued)
Texas Roadhouse Inc.		360	$	33,181
TJX Companies Inc. (The)		7,312		503,139
Tractor Supply Co.		689		124,661
Ulta Beauty Inc.^(a)		383		128,611
Walgreens Boots Alliance Inc.		2,447		115,376
Walmart Inc.		8,516		1,213,956
Wendy’s Co. (The)		850		19,729
Williams-Sonoma Inc.		456		69,175
Wingstop Inc.		120		20,557
Yum China Holdings Inc.		1,714		106,594
Yum! Brands Inc.		1,479		194,326

				11,522,997

Software — 0.2%
Intuit Inc.		50		26,499
Take-Two Interactive Software Inc.^(a)		48		8,324

				34,823

Textiles — 0.0%
UniFirst Corp./MA		40		8,711


Toys, Games & Hobbies — 0.2%
Hasbro Inc.		240		23,865
Mattel Inc.^(a)		758		16,464

				40,329

Transportation — 0.5%
FedEx Corp.		420		117,579


Total Common Stocks — 99.0% (Cost: $17,134,049)				22,411,048


Security	Shares		Value

Short-Term Investments

Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%^(c)(d)(e)		168,488	$	168,573
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		205,000		205,000

				373,573


Total Short-Term Investments — 1.7% (Cost: $373,570)				373,573


Total Investments in Securities — 100.7% (Cost: $17,507,619)				22,784,621

Other Assets, Less Liabilities — (0.7)%				(152,364	)


Net Assets — 100.0%			$	22,632,257

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

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

^(e)	All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates


Affiliated Issuer	Value at 07/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/21		Shares Held at 07/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,972	$	163,662	^(a)	$	—	$	(54	)	$	(7	)	$	168,573		168,488	$	319	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		45,000		160,000	^(a)		—		—			—			205,000		205,000		83			—

								$	(54	)	$	(7	)	$	373,573			$	402		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Measurements


SCHEDULE OF INVESTMENTS		25

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Discretionary Spending ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	22,411,048	$	—	$	—	$	22,411,048
Money Market Funds		373,573		—		—		373,573

	$	22,784,621	$	—	$	—	$	22,784,621

See notes to financial statements.


26		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

July 31, 2021

iShares^® Evolved U.S. Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 42.6%
Ameris Bancorp.		64	$	3,111
Associated Banc-Corp.		347		6,871
Atlantic Union Bankshares Corp.		140		4,966
BancFirst Corp.		46		2,552
Bank of America Corp.		7,696		295,219
Bank of Hawaii Corp.		94		7,869
Bank of New York Mellon Corp. (The)		1,193		61,237
Bank OZK		226		9,200
BankUnited Inc.		187		7,401
Banner Corp.		52		2,758
BOK Financial Corp.		53		4,453
Bryn Mawr Bank Corp.		63		2,465
Cathay General Bancorp.		180		6,817
CIT Group Inc.		167		8,056
Citigroup Inc.		2,619		177,097
Citizens Financial Group Inc.		791		33,349
City Holding Co.		40		3,026
Columbia Banking System Inc.		153		5,346
Comerica Inc.		264		18,126
Commerce Bancshares Inc.		202		14,287
Community Bank System Inc.		114		8,167
ConnectOne Bancorp. Inc.		76		1,999
Cullen/Frost Bankers Inc.		118		12,664
CVB Financial Corp.		243		4,632
Eagle Bancorp. Inc.		67		3,687
East West Bancorp. Inc.		264		18,784
Enterprise Financial Services Corp.		58		2,585
Fifth Third Bancorp.		1,281		46,487
First BanCorp./Puerto Rico		384		4,658
First Bancorp./Southern Pines NC		71		2,840
First Busey Corp.		112		2,643
First Citizens BancShares Inc./NC, Class A		11		8,608
First Commonwealth Financial Corp.		268		3,530
First Financial Bancorp.		210		4,725
First Financial Bankshares Inc.		284		13,871
First Hawaiian Inc.		261		7,185
First Horizon Corp.		1,073		16,578
First Interstate BancSystem Inc., Class A		83		3,479
First Midwest Bancorp. Inc.		230		4,126
Flagstar Bancorp. Inc.		62		2,837
FNB Corp.		695		7,965
Fulton Financial Corp.		382		5,852
Glacier Bancorp. Inc.		172		8,868
Goldman Sachs Group Inc. (The)		522		195,687
Great Western Bancorp. Inc.		127		3,912
Hancock Whitney Corp.		169		7,387
Hanmi Financial Corp.		78		1,422
Heartland Financial USA Inc.		71		3,239
Heritage Financial Corp./WA		75		1,814
Hilltop Holdings Inc.		160		5,069
Home BancShares Inc./AR		318		6,735
Hope Bancorp Inc.		282		3,736
Huntington Bancshares Inc./OH		2,656		37,396
Independent Bank Corp.		58		4,099
Independent Bank Group Inc.		43		2,997
International Bancshares Corp.		134		5,237
JPMorgan Chase & Co.		1,820		276,240
KeyCorp		1,838		36,135


Security	Shares		Value

Banks (continued)
Lakeland Bancorp. Inc.		132	$	2,161
Lakeland Financial Corp.		67		4,480
Live Oak Bancshares Inc.		55		3,310
M&T Bank Corp.		137		18,337
Meta Financial Group Inc.		57		2,833
Morgan Stanley		2,097		201,270
National Bank Holdings Corp., Class A		71		2,518
NBT Bancorp. Inc.		113		3,938
Northern Trust Corp.		350		39,497
OFG Bancorp.		94		2,171
Old National Bancorp./IN		329		5,294
PacWest Bancorp.		229		9,119
Park National Corp.		33		3,759
Pinnacle Financial Partners Inc.		147		13,173
Popular Inc.		156		11,351
Prosperity Bancshares Inc.		173		11,797
Regions Financial Corp.		1,775		34,169
Renasant Corp.		114		4,011
S&T Bancorp. Inc.		84		2,474
Sandy Spring Bancorp. Inc.		78		3,244
Seacoast Banking Corp. of Florida		99		3,009
ServisFirst Bancshares Inc.		94		6,681
Simmons First National Corp., Class A		177		4,818
South State Corp.		133		9,156
Southside Bancshares Inc.		85		3,063
State Street Corp.		597		52,023
SVB Financial Group^(a)		92		50,596
Synovus Financial Corp.		297		12,147
Texas Capital Bancshares Inc.^(a)		54		3,401
Tompkins Financial Corp.		38		2,916
Triumph Bancorp. Inc.^(a)		35		2,683
Truist Financial Corp.		2,374		129,217
Trustmark Corp.		72		2,161
U.S. Bancorp.		2,405		133,574
UMB Financial Corp.		94		8,798
Umpqua Holdings Corp.		398		7,510
United Community Banks Inc./GA		128		3,688
Valley National Bancorp.		594		7,657
Veritex Holdings Inc.		64		2,147
Walker & Dunlop Inc.		36		3,725
Webster Financial Corp.		186		8,947
Wells Fargo & Co.		6,764		310,738
WesBanco Inc.		103		3,325
Westamerica Bancorp.		61		3,389
Western Alliance Bancorp.		135		12,531
Wintrust Financial Corp.		116		8,282
Zions Bancorp. NA		326		17,001

				2,654,170

Commercial Services — 4.7%
Automatic Data Processing Inc.		199		41,716
Avalara Inc.^(a)		19		3,176
Equifax Inc.		78		20,327
Euronet Worldwide Inc.^(a)		25		3,571
EVERTEC Inc.		66		2,884
FleetCor Technologies Inc.^(a)		38		9,812
FTI Consulting Inc.^(a)		21		3,060
Global Payments Inc.		157		30,365
Grand Canyon Education Inc.^(a)		23		2,125
Green Dot Corp., Class A^(a)		57		2,626
HealthEquity Inc.^(a)		37		2,737


SCHEDULE OF INVESTMENTS		27

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services (continued)
Insperity Inc.		29	$	2,873
MarketAxess Holdings Inc.		29		13,780
Moody’s Corp.		130		48,880
Morningstar Inc.		17		4,295
S&P Global Inc.		140		60,021
Service Corp. International		111		6,936
Verisk Analytics Inc., Class A		127		24,122
WEX Inc.(a)		37		7,020

				290,326

Computers — 0.1%
Genpact Ltd.		66		3,287


Diversified Financial Services — 16.8%
Affiliated Managers Group Inc.		61		9,665
Alliance Data Systems Corp.		30		2,798
Ally Financial Inc.		572		29,378
American Express Co.		809		137,959
Ameriprise Financial Inc.		187		48,164
Apollo Global Management Inc., Class A		363		21,366
Ares Management Corp., Class A		76		5,442
Artisan Partners Asset Management Inc., Class A		70		3,366
BGC Partners Inc., Class A		217		1,161
Capital One Financial Corp.		713		115,292
Cboe Global Markets Inc.		101		11,965
Charles Schwab Corp. (The)		2,019		137,191
CME Group Inc.		224		47,517
Cohen & Steers Inc.		36		2,996
Credit Acceptance Corp.(a)(b)		16		7,756
Discover Financial Services		373		46,371
Evercore Inc., Class A		38		5,024
Federated Hermes Inc.		132		4,282
Franklin Resources Inc.		372		10,993
Hamilton Lane Inc., Class A		24		2,232
Houlihan Lokey Inc.		40		3,564
Interactive Brokers Group Inc., Class A		71		4,392
Intercontinental Exchange Inc.		438		52,486
Invesco Ltd.		336		8,192
Jefferies Financial Group Inc.		245		8,132
KKR & Co. Inc.		539		34,367
LendingTree Inc.(a)		5		976
LPL Financial Holdings Inc.		104		14,668
Mastercard Inc., Class A		125		48,243
Moelis & Co., Class A		41		2,429
Mr Cooper Group Inc.(a)		89		3,309
Nasdaq Inc.		105		19,607
Navient Corp.		271		5,537
OneMain Holdings Inc.		116		7,076
PennyMac Financial Services Inc.		66		4,151
Piper Sandler Cos.		25		3,067
Raymond James Financial Inc.		207		26,802
Santander Consumer USA Holdings Inc.		110		4,513
SEI Investments Co.		153		9,302
SLM Corp.		621		11,693
Stifel Financial Corp.		184		12,243
Synchrony Financial		707		33,243
T Rowe Price Group Inc.		271		55,327
Tradeweb Markets Inc., Class A		54		4,683
Virtu Financial Inc., Class A		101		2,600
Virtus Investment Partners Inc.		14		3,866
Visa Inc., Class A		18		4,435


Security	Shares		Value

Diversified Financial Services (continued)
Western Union Co. (The)		288	$	6,684

				1,046,505

Electric — 0.1%
Hawaiian Electric Industries Inc.		139		6,024


Engineering & Construction — 0.0%
frontdoor Inc.^(a)		55		2,692


Forest Products & Paper — 0.2%
International Paper Co.		219		12,649


Health Care - Services — 2.7%
Anthem Inc.		133		51,073
Centene Corp.^(a)		109		7,479
Humana Inc.		5		2,129
Molina Healthcare Inc.^(a)		42		11,467
UnitedHealth Group Inc.		227		93,574

				165,722

Home Builders — 0.2%
MDC Holdings Inc.		50		2,666
NVR Inc.^(a)		2		10,445

				13,111

Household Products & Wares — 0.0%
Spectrum Brands Holdings Inc.		8		699


Insurance — 22.9%
Aflac Inc.		1,128		62,040
Alleghany Corp.^(a)		26		17,241
Allstate Corp. (The)		476		61,904
American Financial Group Inc./OH		139		17,582
American International Group Inc.		1,525		72,209
American National Group Inc.		22		3,630
Aon PLC, Class A		173		44,985
Arch Capital Group Ltd.^(a)		563		21,957
Argo Group International Holdings Ltd.		56		2,919
Arthur J Gallagher & Co.		250		34,828
Assurant Inc.		74		11,678
Assured Guaranty Ltd.		85		4,064
Athene Holding Ltd., Class A^(a)		263		16,995
Axis Capital Holdings Ltd.		134		6,817
Berkshire Hathaway Inc., Class B^(a)		586		163,078
Brighthouse Financial Inc.^(a)		154		6,631
Brown & Brown Inc.		331		18,006
Cincinnati Financial Corp.		277		32,653
CNA Financial Corp.		66		2,905
CNO Financial Group Inc.		209		4,774
Employers Holdings Inc.		56		2,325
Enstar Group Ltd.^(a)		19		4,883
Equitable Holdings Inc.		602		18,584
Erie Indemnity Co., Class A, NVS		27		4,992
Essent Group Ltd.		183		8,266
Everest Re Group Ltd.		71		17,951
Fidelity National Financial Inc.		416		18,558
First American Financial Corp.		190		12,789
Genworth Financial Inc., Class A^(a)		1,014		3,387
Globe Life Inc.		186		17,318
Hanover Insurance Group Inc. (The)		81		11,008
Hartford Financial Services Group Inc. (The)		637		40,526
Horace Mann Educators Corp.		85		3,384
James River Group Holdings Ltd.		48		1,746
Kemper Corp.		121		7,987


28		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Kinsale Capital Group Inc.		39	$	6,967
Lincoln National Corp.		340		20,951
Loews Corp.		213		11,423
Markel Corp.^(a)		19		22,917
Marsh & McLennan Companies Inc.		586		86,271
Mercury General Corp.		60		3,650
MetLife Inc.		1,279		73,798
MGIC Investment Corp.		653		9,038
NMI Holdings Inc., Class A^(a)		139		3,061
Old Republic International Corp.		379		9,346
Palomar Holdings Inc.^(a)		39		3,176
Primerica Inc.		56		8,188
Principal Financial Group Inc.		503		31,251
ProAssurance Corp.		105		2,129
Progressive Corp. (The)		971		92,400
Prudential Financial Inc.		710		71,199
Radian Group Inc.		321		7,248
RenaissanceRe Holdings Ltd.		75		11,452
RLI Corp.		90		9,754
Safety Insurance Group Inc.		33		2,528
Selective Insurance Group Inc.		112		9,111
Travelers Companies Inc. (The)		437		65,078
Trupanion Inc.^(a)		37		4,256
Universal Insurance Holdings Inc.		64		906
Unum Group		394		10,796
Voya Financial Inc.		255		16,422
W R Berkley Corp.		262		19,171
White Mountains Insurance Group Ltd.		6		6,789
Willis Towers Watson PLC.		116		23,905

				1,423,781

Internet — 0.1%
Lyft Inc., Class A^(a)		159		8,796


Leisure Time — 0.1%
Harley-Davidson Inc.		79		3,130


Machinery — 0.9%
Caterpillar Inc.		242		50,033
Vertiv Holdings Co., Class A		196		5,496

				55,529

Media — 0.1%
FactSet Research Systems Inc.		16		5,717


Pharmaceuticals — 1.8%
Cigna Corp.		275		63,110
CVS Health Corp.		562		46,286

				109,396

Private Equity — 1.0%
Blackstone Group Inc. (The), NVS		470		54,177
Carlyle Group Inc. (The)		204		10,296

				64,473

Real Estate Investment Trusts — 0.5%
AGNC Investment Corp.		213		3,380
Annaly Capital Management Inc.		930		7,896
New Residential Investment Corp.		268		2,616
Two Harbors Investment Corp.		150		961
Weyerhaeuser Co.		492		16,595

				31,448


Security	Shares		Value

Retail — 0.0%
FirstCash Inc.		30	$	2,376


Savings & Loans — 1.2%
Axos Financial Inc.^(a)		95		4,546
Berkshire Hills Bancorp. Inc.		75		2,028
Brookline Bancorp. Inc.		175		2,515
Capitol Federal Financial Inc.		292		3,238
Investors Bancorp. Inc.		501		6,924
Meridian Bancorp. Inc.		113		2,159
New York Community Bancorp. Inc.		937		11,038
Northwest Bancshares Inc.		224		2,981
OceanFirst Financial Corp.		97		1,892
Pacific Premier Bancorp. Inc.		95		3,608
People’s United Financial Inc.		759		11,916
Provident Financial Services Inc.		140		3,024
Sterling Bancorp./DE		450		9,770
Washington Federal Inc.		174		5,615
WSFS Financial Corp.		118		5,166

				76,420

Software — 2.8%
Black Knight Inc.^(a)		48		3,975
Broadridge Financial Solutions Inc.		90		15,614
Fidelity National Information Services Inc.		496		73,929
Fiserv Inc.^(a)		277		31,885
MSCI Inc., Class A		44		26,222
Paychex Inc.		155		17,642
SS&C Technologies Holdings Inc.		91		7,134

				176,401


Total Common Stocks — 98.8% (Cost: $4,846,734)				6,152,652


Short-Term Investments

Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%^(c)(d)(e)		4,409		4,412
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d).		60,000		60,000

				64,412


Total Short-Term Investments — 1.0% (Cost: $64,412)				64,412


Total Investments in Securities — 99.8% (Cost: $4,911,146)				6,217,064

Other Assets, Less Liabilities — 0.2%				11,132


Net Assets — 100.0%			$	6,228,196

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

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

^(e)	All or a portion of this security was purchased with cash collateral received from loaned securities.


SCHEDULE OF INVESTMENTS		29

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Financials ETF

Affiliates


Affiliated Issuer	Value at 07/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/21		Shares Held at 07/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,503	$	—		$	(4,086	)^(a)	$	(6	)	$	1	$	4,412		4,409	$	31	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		30,000	^(a)		—			—			—		60,000		60,000		21			—

									$	(6	)	$	1	$	64,412			$	52		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	6,152,652	$	—	$	—	$	6,152,652
Money Market Funds		64,412		—		—		64,412

	$	6,217,064	$	—	$	—	$	6,217,064

See notes to financial statements.


30		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

July 31, 2021

iShares^® Evolved U.S. Healthcare Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 4.2%
Amgen Inc.		308	$	74,394
Bio-Rad Laboratories Inc., Class A^(a)		160		118,321
Exact Sciences Corp.^(a)		1,588		171,250
Guardant Health Inc.^(a)		751		82,460
Illumina Inc.^(a)		1,664		824,928
Myriad Genetics Inc.^(a)		736		23,280
NeoGenomics Inc.^(a)		1,182		54,490
Pacific Biosciences of California Inc.^(a)		1,137		36,554
Twist Bioscience Corp.^(a)		255		31,378
Veracyte Inc.^(a)		560		24,954

				1,442,009
Commercial Services — 0.4%
AMN Healthcare Services Inc.^(a)		401		40,325
Bright Horizons Family Solutions Inc.^(a)		256		38,272
Grand Canyon Education Inc.^(a)		242		22,353
Progyny Inc.^(a)		420		23,390
R1 RCM Inc.^(a)		781		16,721
Strategic Education Inc.		80		6,343

				147,404
Computers — 0.1%
Maximus Inc.		340		30,260


Electrical Components & Equipment — 0.1%
Novanta Inc.^(a)		287		40,298


Electronics — 1.1%
Agilent Technologies Inc.		1,779		272,596
OSI Systems Inc.^(a)		81		8,104
Waters Corp.^(a)		289		112,655

				393,355
Environmental Control — 0.1%
Stericycle Inc.^(a)		223		15,733


Food Service — 0.1%
Healthcare Services Group Inc.		575		15,007


Health Care - Products — 48.2%
10X Genomics Inc., Class A^(a)		209		38,295
Abbott Laboratories		21,889		2,648,131
ABIOMED Inc.^(a)(b)		496		162,261
Adaptive Biotechnologies Corp.^(a)		465		17,047
Align Technology Inc.^(a)		339		235,876
AngioDynamics Inc.^(a)		384		10,226
AtriCure Inc.^(a)		384		32,433
Avanos Medical Inc.^(a)		320		12,141
Avantor Inc.^(a)		1,776		66,742
Axogen Inc.^(a)		176		3,585
Baxter International Inc.		3,008		232,669
Bio-Techne Corp.		270		130,205
Boston Scientific Corp.^(a)		17,043		777,161
Bruker Corp.		608		50,008
Cardiovascular Systems Inc.^(a)		336		13,537
CareDx Inc.^(a)		434		36,473
Cooper Companies Inc. (The)		528		222,695
Cutera Inc.^(a)		112		5,818
Danaher Corp.		5,059		1,505,002
DENTSPLY SIRONA Inc.		1,343		88,692
Edwards Lifesciences Corp.^(a)		7,728		867,623
Envista Holdings Corp.^(a)		909		39,160


Security	Shares			Value

Health Care - Products (continued)
Glaukos Corp.^(a)		224		$	11,424
Globus Medical Inc., Class A^(a)		944			78,513
Haemonetics Corp.^(a)		384			23,343
Henry Schein Inc.^(a)		1,148			92,012
Hill-Rom Holdings Inc.		578			80,030
Hologic Inc.^(a)		2,381			178,670
ICU Medical Inc.^(a)		160			32,526
IDEXX Laboratories Inc.^(a)		637			432,224
Inspire Medical Systems Inc.^(a)		290			53,116
Insulet Corp.^(a)		768			214,802
Integer Holdings Corp.^(a)		240			23,494
Integra LifeSciences Holdings Corp.^(a)		672			48,646
Intersect ENT Inc.^(a)		176			4,110
Intuitive Surgical Inc.^(a)		1,404	��		1,392,010
iRhythm Technologies Inc.^(a)		301			15,387
LeMaitre Vascular Inc.		176			9,585
LivaNova PLC^(a)		476			41,079
Masimo Corp.^(a)		592			161,255
Medtronic PLC		15,603			2,048,830
Merit Medical Systems Inc.^(a)		544			38,129
NanoString Technologies Inc.^(a)		365			22,608
Natera Inc.^(a)		831			95,166
Neogen Corp.^(a)		288			12,545
Nevro Corp.^(a)		256			39,680
Novocure Ltd.^(a)		547			84,243
NuVasive Inc.^(a)		576			36,835
Omnicell Inc.^(a)		319			46,734
OraSure Technologies Inc.^(a)		663			7,817
Orthofix Medical Inc.^(a)		191			7,590
Patterson Companies Inc.		642			19,985
Penumbra Inc.^(a)		451			120,070
PerkinElmer Inc.		754			137,401
Quanterix Corp.^(a)		252			13,394
Quidel Corp.^(a)		403			57,012
ResMed Inc.		1,583			430,259
Shockwave Medical Inc.^(a)		241			43,862
Silk Road Medical Inc.^(a)		287			14,402
STAAR Surgical Co.^(a)		431			55,134
STERIS PLC		462			100,693
Stryker Corp.		3,919			1,061,814
Tandem Diabetes Care Inc.^(a)		546			59,334
Teleflex Inc.		500			198,715
Thermo Fisher Scientific Inc.		2,913			1,573,049
Zimmer Biomet Holdings Inc.		1,908			311,805

					16,725,112
Health Care - Services — 23.5%
Acadia Healthcare Co. Inc.^(a)		796			49,129
Addus HomeCare Corp.^(a)		130			11,283
Amedisys Inc.^(a)		402			104,769
Anthem Inc.		1,217			467,340
Centene Corp.^(a)		5,774			396,154
Charles River Laboratories International Inc.^(a)		144			58,596
Chemed Corp.		113			53,790
DaVita Inc.^(a)		835			100,409
Encompass Health Corp.		1,309			108,974
Ensign Group Inc. (The)		325			27,648
HCA Healthcare Inc.		3,133			777,611
Humana Inc.		1,173			499,534
ICON PLC		92			22,381
Invitae Corp.^(a)		1,663			46,547


SCHEDULE OF INVESTMENTS		31

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Healthcare Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care - Services (continued)
IQVIA Holdings Inc.^(a)		1,057	$	261,819
Laboratory Corp. of America Holdings^(a)		962		284,896
LHC Group Inc.^(a)		337		72,516
Magellan Health Inc.^(a)		108		10,186
MEDNAX Inc.^(a)		1,074		31,275
Medpace Holdings Inc.^(a)		114		20,057
ModivCare Inc.^(a)		113		19,210
Molina Healthcare Inc.^(a)		140		38,221
OPKO Health Inc.^(a)(b)		3,220		11,077
Quest Diagnostics Inc.		1,363		193,273
Select Medical Holdings Corp.		1,408		55,546
Syneos Health Inc.^(a)		192		17,217
Teladoc Health Inc.^(a)		913		135,535
Tenet Healthcare Corp.^(a)		1,168		83,909
U.S. Physical Therapy Inc.		192		22,687
UnitedHealth Group Inc.		9,780		4,031,512
Universal Health Services Inc., Class B		799		128,168

				8,141,269
Household Products & Wares — 0.2%
Church & Dwight Co. Inc.		910		78,788


Pharmaceuticals — 16.6%
AbbVie Inc.		2,910		338,433
AmerisourceBergen Corp., Class A		1,092		133,410
Bausch Health Companies Inc.^(a)		894		26,150
Becton Dickinson and Co.		3,203		819,167
Cardinal Health Inc.		2,528		150,113
Cigna Corp.		2,737		628,114
Covetrus Inc.^(a)		548		13,952
CVS Health Corp.		11,220		924,079
Dexcom Inc.^(a)		1,004		517,572
Eli Lilly & Co.		195		47,482
Johnson & Johnson		8,690		1,496,418
McKesson Corp.		1,133		230,939
Option Care Health Inc.^(a)		849		17,591
Owens & Minor Inc.		546		25,253
Perrigo Co. PLC		237		11,383
Pfizer Inc.		7,233		309,645
Premier Inc., Class A		1,182		42,126
Zoetis Inc.		125		25,338

				5,757,165
Real Estate Investment Trusts — 1.1%
Healthpeak Properties Inc.		1,230		45,473
Medical Properties Trust Inc.		3,696		77,727
National Health Investors Inc.		211		14,397


Security	Shares		Value

Real Estate Investment Trusts (continued)
Omega Healthcare Investors Inc.		830	$	30,112
Physicians Realty Trust		1,312		24,862
Sabra Health Care REIT Inc.		1,280		23,795
Ventas Inc.		1,308		78,192
Welltower Inc.		1,037		90,074

				384,632
Retail — 0.5%
National Vision Holdings Inc.^(a)		305		16,464
Walgreens Boots Alliance Inc.		3,426		161,536

				178,000
Software — 0.8%
Allscripts Healthcare Solutions Inc.^(a)		1,246		21,282
Cerner Corp.		2,415		194,142
Change Healthcare Inc.^(a)		1,580		34,302
Evolent Health Inc., Class A^(a)		828		18,994
Phreesia Inc.^(a)		228		15,584
Tabula Rasa HealthCare Inc.^(a)(b)		160		6,873

				291,177

Total Common Stocks — 97.0% (Cost: $26,268,857)				33,640,209


Short-Term Investments

Money Market Funds — 3.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%^(c)(d)(e)		175,547		175,635
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		1,006,000		1,006,000

				1,181,635


Total Short-Term Investments — 3.4% (Cost: $1,181,633)				1,181,635


Total Investments in Securities — 100.4% (Cost: $27,450,490)				34,821,844

Other Assets, Less Liabilities — (0.4)%				(147,199	)


Net Assets — 100.0%			$	34,674,645

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

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

^(e)	All or a portion of this security was purchased with cash collateral received from loaned securities.


32		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Healthcare Staples ETF

Affiliates




Affiliated Issuer	Value at 07/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/21		Shares Held at 07/31/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	228,052	$	—		$	(52,332	)^(a)	$	(80	)	$	(5	)	$	175,635		175,547	$	288	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		66,000		940,000	^(a)		—			—			—			1,006,000		1,006,000		77			—

									$	(80	)	$	(5	)	$	1,181,635			$	365		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Measurements




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	33,640,209	$	—	$	—	$	33,640,209
Money Market Funds		1,181,635		—		—		1,181,635

	$	34,821,844	$	—	$	—	$	34,821,844

See notes to financial statements.


SCHEDULE OF INVESTMENTS		33

Schedule of Investments

July 31, 2021

iShares^® Evolved U.S. Innovative Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 43.7%
Abeona Therapeutics Inc.^(a)		748	$	913
ACADIA Pharmaceuticals Inc.^(a)		3,036		65,669
Acceleron Pharma Inc.^(a)		1,452		181,587
Achillion Pharmaceuticals Inc.^(b)(c)		624		287
Acorda Therapeutics Inc.^(a)(c)		185		694
Adverum Biotechnologies Inc.^(a)		1,671		3,793
Agenus Inc.^(a)		1,914		9,915
Albireo Pharma Inc.^(a)		457		13,075
Alder Biopharmaceuticals Inc.^(b)		312		275
Allakos Inc.^(a)		747		59,431
Allogene Therapeutics Inc.^(a)		1,916		42,056
Alnylam Pharmaceuticals Inc.^(a)		3,031		542,367
Amgen Inc.		6,518		1,574,358
Amicus Therapeutics Inc.^(a)		7,101		65,968
AnaptysBio Inc.^(a)		374		8,595
ANI Pharmaceuticals Inc.^(a)(c)		154		5,225
Apellis Pharmaceuticals Inc.^(a)		1,852		118,509
Applied Therapeutics Inc.^(a)		391		6,729
Aprea Therapeutics Inc.^(a)		464		1,963
Arcturus Therapeutics Holdings Inc.^(a)		478		14,966
Arcus Biosciences Inc.^(a)		1,567		49,219
Ardelyx Inc.^(a)		1,891		3,290
Arena Pharmaceuticals Inc.^(a)(c)		1,741		107,698
Arrowhead Pharmaceuticals Inc.^(a)		2,450		169,760
Assembly Biosciences Inc.^(a)		484		1,679
Atara Biotherapeutics Inc.^(a)		2,136		27,234
Athersys Inc.^(a)		5,414		8,825
Avrobio Inc.^(a)		661		4,865
Axsome Therapeutics Inc.^(a)		860		41,787
Beam Therapeutics Inc.^(a)		571		52,532
BioCryst Pharmaceuticals Inc.^(a)		5,142		82,889
Biogen Inc.^(a)		3,235		1,056,972
Biohaven Pharmaceutical Holding Co. Ltd.^(a)		790		99,548
BioMarin Pharmaceutical Inc.^(a)		4,378		335,924
Bio-Rad Laboratories Inc., Class A^(a)		44		32,538
Bluebird Bio Inc.^(a)		2,195		55,775
Blueprint Medicines Corp.^(a)		1,561		137,165
Bridgebio Pharma Inc.^(a)(c)		2,448		130,846
Calithera Biosciences Inc.^(a)		2,414		4,707
Cara Therapeutics Inc.^(a)		792		9,480
Celldex Therapeutics Inc.^(a)		518		22,662
ChemoCentryx Inc.^(a)		1,143		16,894
Chinook Therapeutics Inc.^(a)		201		2,619
Contra Aduro Biotech I^(b)		156		468
Cortexyme Inc.^(a)		391		22,095
Crinetics Pharmaceuticals Inc.^(a)		754		13,557
Cue Biopharma Inc.^(a)		904		9,420
Cymabay Therapeutics Inc.^(a)		1,759		6,930
CytomX Therapeutics Inc.^(a)		858		4,642
Deciphera Pharmaceuticals Inc.^(a)		1,233		37,594
Denali Therapeutics Inc.^(a)		2,251		114,869
Dicerna Pharmaceuticals Inc.^(a)		1,516		56,865
Dynavax Technologies Corp.^(a)		1,408		13,151
Editas Medicine Inc.^(a)		1,446		60,530
Emergent BioSolutions Inc.^(a)		881		58,058
Epizyme Inc.^(a)		2,089		13,850
Esperion Therapeutics Inc.^(a)		682		10,496
Exact Sciences Corp.^(a)		1,300		140,192


Security	Shares		Value

Biotechnology (continued)
Exelixis Inc.^(a)		7,828	$	131,902
Fate Therapeutics Inc.^(a)		1,873		155,084
FibroGen Inc.^(a)		2,024		26,312
Frequency Therapeutics Inc.^(a)		730		6,081
Geron Corp.^(a)		2,706		3,301
Gilead Sciences Inc.		24,687		1,685,875
Global Blood Therapeutics Inc.^(a)		1,651		45,122
GlycoMimetics Inc.^(a)		1,013		2,046
Gossamer Bio Inc.^(a)		1,408		11,067
Guardant Health Inc.^(a)		877		96,295
Halozyme Therapeutics Inc.^(a)(c)		3,500		144,655
Homology Medicines Inc.^(a)		941		5,985
Horizon Therapeutics PLC^(a)		5,064		506,501
ImmunoGen Inc.^(a)		4,178		23,439
Incyte Corp.^(a)		2,198		170,015
Innoviva Inc.^(a)		1,298		18,406
Inovio Pharmaceuticals Inc.^(a)		5,064		42,538
Insmed Inc.^(a)		2,967		72,988
Intercept Pharmaceuticals Inc.^(a)		747		12,908
Intra-Cellular Therapies Inc.^(a)		1,744		59,872
Ionis Pharmaceuticals Inc.^(a)		3,649		135,524
Iovance Biotherapeutics Inc.^(a)		3,665		81,620
Kadmon Holdings Inc.^(a)		4,904		18,439
Karuna Therapeutics Inc.^(a)(c)		461		52,655
Karyopharm Therapeutics Inc.^(a)(c)		2,064		17,193
Kiniksa Pharmaceuticals Ltd., Class A^(a)		612		9,382
Kodiak Sciences Inc.^(a)		748		62,712
Krystal Biotech Inc.^(a)		306		17,883
Lexicon Pharmaceuticals Inc.^(a)		1,166		4,128
Ligand Pharmaceuticals Inc.^(a)		462		52,442
MacroGenics Inc.^(a)		1,475		36,816
MEI Pharma Inc.^(a)		3,692		9,968
Mersana Therapeutics Inc.^(a)		1,756		19,316
Mirati Therapeutics Inc.^(a)		1,106		177,026
Moderna Inc.^(a)		8,578		3,033,181
Molecular Templates Inc.^(a)		993		6,951
Myriad Genetics Inc.^(a)		770		24,355
Nektar Therapeutics, Class A^(a)		5,214		82,329
NextCure Inc.^(a)		372		2,578
Novavax Inc.^(a)		1,338		239,944
Omeros Corp.^(a)		1,034		14,993
Pieris Pharmaceuticals Inc.^(a)		1,408		4,900
Precigen Inc.^(a)		968		5,314
Prothena Corp. PLC^(a)		966		48,397
Provention Bio Inc.^(a)		1,116		6,774
PTC Therapeutics Inc.^(a)		1,430		54,812
Puma Biotechnology Inc.^(a)		858		6,452
Radius Health Inc.^(a)		1,100		16,643
Regeneron Pharmaceuticals Inc.^(a)		2,420		1,390,556
REGENXBIO Inc.^(a)		748		24,175
Replimune Group Inc.^(a)		643		21,045
Rigel Pharmaceuticals Inc.^(a)		3,938		15,752
Rocket Pharmaceuticals Inc.^(a)(c)		573		20,525
Rubius Therapeutics Inc.^(a)		901		19,362
Sage Therapeutics Inc.^(a)		1,436		62,796
Sangamo Therapeutics Inc.^(a)		3,476		33,300
Scholar Rock Holding Corp.^(a)		724		22,625
Seagen Inc.^(a)		3,235		496,217
Solid Biosciences Inc.^(a)		353		985
Sorrento Therapeutics Inc.^(a)		5,654		46,419


34		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Innovative Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Stoke Therapeutics Inc.^(a)		442	$	12,654
Syndax Pharmaceuticals Inc.^(a)		1,057		15,411
TG Therapeutics Inc.^(a)		2,370		82,926
Theravance Biopharma Inc.^(a)		1,076		13,966
Translate Bio Inc.^(a)		1,211		33,472
Travere Therapeutics Inc.^(a)		1,034		14,218
Turning Point Therapeutics Inc.^(a)		969		61,842
Ultragenyx Pharmaceutical Inc.^(a)		1,477		117,909
United Therapeutics Corp.^(a)		1,034		188,116
UroGen Pharma Ltd.^(a)		353		5,472
Vaxart Inc.^(a)(c)		1,751		12,590
Vericel Corp.^(a)		527		27,899
Vertex Pharmaceuticals Inc.^(a)		5,747		1,158,480
Viking Therapeutics Inc.^(a)		1,428		8,782
Vir Biotechnology Inc.^(a)		1,469		52,370
WaVe Life Sciences Ltd.^(a)		462		2,546
Xencor Inc.^(a)		1,320		40,630
Y-mAbs Therapeutics Inc.^(a)		638		21,118
ZIOPHARM Oncology Inc.^(a)(c)		3,344		7,591

				17,228,868
Chemicals — 0.1%
Codexis Inc.^(a)		991		20,970


Electrical Components & Equipment — 0.2%
Universal Display Corp.		308		72,223


Health Care - Products — 3.6%
10X Genomics Inc., Class A^(a)		510		93,447
Abbott Laboratories		464		56,135
Adaptive Biotechnologies Corp.^(a)		1,382		50,664
Axogen Inc.^(a)		308		6,274
Baxter International Inc.		2,081		160,965
CareDx Inc.^(a)		376		31,599
Cerus Corp.^(a)		3,318		16,723
Cooper Companies Inc. (The)		193		81,402
Glaukos Corp.^(a)		572		29,172
Haemonetics Corp.^(a)		286		17,386
ICU Medical Inc.^(a)		110		22,362
IDEXX Laboratories Inc.^(a)		72		48,854
Inspire Medical Systems Inc.^(a)		246		45,057
Insulet Corp.^(a)		175		48,946
Integra LifeSciences Holdings Corp.^(a)		374		27,074
Intersect ENT Inc.^(a)		396		9,247
Intuitive Surgical Inc.^(a)		46		45,607
Lantheus Holdings Inc.^(a)		1,142		29,886
NanoString Technologies Inc.^(a)		392		24,280
Natera Inc.^(a)		418		47,869
Nevro Corp.^(a)		308		47,740
Novocure Ltd.^(a)		1,344		206,989
Penumbra Inc.^(a)		111		29,552
Repligen Corp.^(a)		640		157,248
ResMed Inc.		350		95,130

				1,429,608
Health Care - Services — 2.0%
Catalent Inc.^(a)		1,580		189,300
Charles River Laboratories International Inc.^(a)		463		188,404
ICON PLC		263		63,980
IQVIA Holdings Inc.^(a)		906		224,416
Medpace Holdings Inc.^(a)		219		38,531
OPKO Health Inc.^(a)		5,038		17,331


Security	Shares		Value

Health Care - Services (continued)
Syneos Health Inc.^(a)		616	$	55,236

				777,198
Pharmaceuticals — 48.7%
AbbVie Inc.		19,461		2,263,314
Aclaris Therapeutics Inc.^(a)(c)		748		11,168
Adamas Pharmaceuticals Inc.^(a)		506		2,419
Aeglea BioTherapeutics Inc.^(a)		1,431		8,772
Aerie Pharmaceuticals Inc.^(a)		990		15,622
Agios Pharmaceuticals Inc.^(a)		1,780		85,600
Akebia Therapeutics Inc.^(a)		4,510		11,140
Alector Inc.^(a)		1,762		42,350
Alkermes PLC^(a)		3,697		95,641
AmerisourceBergen Corp., Class A		434		53,022
Amneal Pharmaceuticals Inc.^(a)		2,949		14,539
Amphastar Pharmaceuticals Inc.^(a)(c)		726		15,210
Anika Therapeutics Inc.^(a)		220		8,829
Antares Pharma Inc.^(a)		3,256		14,326
Arvinas Inc.^(a)		570		57,627
AstraZeneca PLC		8,218		470,398
Athenex Inc.^(a)		1,783		6,722
Bausch Health Companies Inc.^(a)		4,884		142,857
Bioxcel Therapeutics Inc.^(a)		358		9,161
Bristol-Myers Squibb Co.		26,729		1,814,097
Catalyst Pharmaceuticals Inc.^(a)		1,651		9,642
Clovis Oncology Inc.^(a)		1,276		6,163
Coherus Biosciences Inc.^(a)		1,693		22,094
Collegium Pharmaceutical Inc.^(a)		594		14,785
Concert Pharmaceuticals Inc.^(a)		528		1,758
Corbus Pharmaceuticals Holdings Inc.^(a)		1,232		1,688
Corcept Therapeutics Inc.^(a)		2,420		50,263
Cyclerion Therapeutics Inc.^(a)		330		960
Cytokinetics Inc.^(a)		1,188		35,260
Dexcom Inc.^(a)		355		183,006
Eagle Pharmaceuticals Inc./DE^(a)		308		14,322
Elanco Animal Health Inc.^(a)		4,551		165,975
Eli Lilly & Co.		9,629		2,344,661
Enanta Pharmaceuticals Inc.^(a)		374		15,802
Endo International PLC^(a)		3,282		16,607
Flexion Therapeutics Inc.^(a)		858		5,088
G1 Therapeutics Inc.^(a)		484		8,378
Heron Therapeutics Inc.^(a)		1,804		22,297
Intellia Therapeutics Inc.^(a)		1,370		194,334
Ironwood Pharmaceuticals Inc.^(a)		3,300		43,791
Jazz Pharmaceuticals PLC^(a)		1,478		250,551
Johnson & Johnson		21,962		3,781,856
Jounce Therapeutics Inc.^(a)		396		1,996
Kala Pharmaceuticals Inc.^(a)		1,346		4,644
Kura Oncology Inc.^(a)		1,601		30,323
La Jolla Pharmaceutical Co.^(a)(c)		506		1,827
Lannett Co. Inc.^(a)(c)		638		2,960
Madrigal Pharmaceuticals Inc.^(a)		218		19,036
MediciNova Inc.^(a)		902		3,274
Merck & Co. Inc.		28,473		2,188,720
Neurocrine Biosciences Inc.^(a)		2,507		233,677
Ocular Therapeutix Inc.^(a)		1,787		19,675
Odonate Therapeutics Inc.^(a)		352		1,176
Organon & Co.^(a)		2,847		82,591
Pacira BioSciences Inc.^(a)		836		49,282
Paratek Pharmaceuticals Inc.^(a)		682		3,546
Perrigo Co. PLC		1,734		83,284


SCHEDULE OF INVESTMENTS		35

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Innovative Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Pfizer Inc.		57,509	$	2,461,960
Prestige Consumer Healthcare Inc.^(a)		352		18,498
Progenics Pharmaceuticals Inc.^(b)(c)		1,001		—
Protagonist Therapeutics Inc.^(a)		1,012		50,023
Reata Pharmaceuticals Inc., Class A^(a)		683		85,587
Relmada Therapeutics Inc.^(a)		352		9,152
Revance Therapeutics Inc.^(a)		1,721		50,047
Rhythm Pharmaceuticals Inc.^(a)		966		16,702
Sarepta Therapeutics Inc.^(a)		1,897		128,579
Seres Therapeutics Inc.^(a)		1,304		9,258
Spectrum Pharmaceuticals Inc.^(a)		2,457		7,912
Supernus Pharmaceuticals Inc.^(a)		1,210		31,859
Synergy Pharmaceuticals Inc.^(c)		1,136		7
Syros Pharmaceuticals Inc.^(a)		1,273		5,881
TherapeuticsMD Inc.^(a)		3,520		3,520
Tricida Inc.^(a)		704		2,506
Vanda Pharmaceuticals Inc.^(a)		1,232		20,094
Viatris Inc.		14,342		201,792
Voyager Therapeutics Inc.^(a)		704		2,218
Zoetis Inc.		4,999		1,013,297
Zogenix Inc.^(a)		1,584		25,677

				19,202,675
Telecommunications — 0.0%
InterDigital Inc.		198		13,046


Total Common Stocks — 98.3% (Cost: $31,896,723)				38,744,588


Security	Shares		Value

Short-Term Investments

Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%^(d)(e)(f)		370,415	$	370,601
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		592,000		592,000

				962,601


Total Short-Term Investments — 2.5% (Cost: $962,507)				962,601


Total Investments in Securities — 100.8% (Cost: $32,859,230)				39,707,189

Other Assets, Less Liabilities — (0.8)%				(308,119	)


Net Assets — 100.0%			$	39,399,070

^(a)	Non-income producing security.

^(b)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c)	All or a portion of this security is on loan.

^(d)	Affiliate of the Fund.

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

^(f)	All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates




Affiliated Issuer	Value at 07/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/21		Shares Held at 07/31/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	432,025	$	—		$	(60,935	)^(a)	$	(433	)	$	(56	)	$	370,601		370,415	$	9,138	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		102,000		490,000	^(a)		—			—			—			592,000		592,000		286			—

									$	(433	)	$	(56	)	$	962,601			$	9,424		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Measurements


36		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Innovative Healthcare ETF

Fair Value Measurements (continued)




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	38,743,558	$	—	$	1,030	$	38,744,588
Money Market Funds		962,601		—		—		962,601

	$	39,706,159	$	—	$	1,030	$	39,707,189

See notes to financial statements.


SCHEDULE OF INVESTMENTS		37

Schedule of Investments

July 31, 2021

iShares^® Evolved U.S. Media and Entertainment ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Advertising — 0.1%
Clear Channel Outdoor Holdings Inc.^(a)(b)		4,389	$	11,675
National CineMedia Inc.		2,410		8,387

				20,062
Commercial Services — 1.6%
Graham Holdings Co., Class B		120		79,759
John Wiley & Sons Inc., Class A		509		29,919
Nielsen Holdings PLC		7,619		180,494
Viad Corp.^(a)		160		7,336

				297,508
Entertainment — 5.8%
AMC Entertainment Holdings Inc., Class A^(a)		1,100		40,722
Caesars Entertainment Inc.^(a)		843		73,644
Churchill Downs Inc.		430		79,894
Cinemark Holdings Inc.^(a)		3,110		48,298
IMAX Corp.^(a)		1,920		30,989
Lions Gate Entertainment Corp., Class A^(a)(b)		4,030		60,571
Lions Gate Entertainment Corp., Class B, NVS^(a)		7,597		101,496
Live Nation Entertainment Inc.^(a)		2,711		213,871
Madison Square Garden Entertainment Corp.^(a)		594		41,556
Madison Square Garden Sports Corp.^(a)		480		78,115
Penn National Gaming Inc.^(a)		607		41,507
Reading International Inc., Class A, NVS^(a)		450		2,367
Scientific Games Corp./DE, Class A^(a)		1,322		81,581
SeaWorld Entertainment Inc.^(a)		1,190		56,418
Six Flags Entertainment Corp.^(a)		1,870		77,698
Warner Music Group Corp., Class A		1,748		66,057

				1,094,784
Home Furnishings — 0.7%
Dolby Laboratories Inc., Class A		1,410		136,911


Internet — 19.9%
Alphabet Inc., Class A^(a)		139		374,540
Alphabet Inc., Class C, NVS^(a)		139		375,914
IAC/InterActiveCorp.^(a)		1,419		194,815
Match Group Inc.^(a)		1,508		240,179
Netflix Inc.^(a)(b)		1,352		699,755
Roku Inc.^(a)		2,337		1,000,960
Twitter Inc.^(a)		10,401		725,470
Vimeo Inc.^(a)		2,304		103,219

				3,714,852
Leisure Time — 0.1%
Carnival Corp.^(a)		471		10,197
Liberty TripAdvisor Holdings Inc., Class A^(a)		871		3,641

				13,838
Lodging — 0.3%
Las Vegas Sands Corp.^(a)		1,308		55,394
Marcus Corp. (The)^(a)		300		4,821

				60,215
Media — 55.5%
Altice USA Inc., Class A^(a)		10,572		324,878
AMC Networks Inc., Class A^(a)		2,160		108,086
Cable One Inc.		162		305,854
Charter Communications Inc., Class A^(a)		1,138		846,729
Comcast Corp., Class A		15,969		939,456
Discovery Inc., Class A^(a)		8,099		234,952
Discovery Inc., Class C, NVS^(a)		17,997		487,899
DISH Network Corp., Class A^(a)		9,223		386,352


Security	Shares		Value

Media (continued)
Entercom Communications Corp.^(a)		6,620	$	23,633
Entravision Communications Corp., Class A		1,518		9,336
EW Scripps Co. (The), Class A		4,122		78,648
Fox Corp., Class A, NVS		23,121		824,495
Fox Corp., Class B		11,160		370,959
Gannett Co. Inc.^(a)		2,169		12,515
Gray Television Inc.		5,738		127,212
Hemisphere Media Group Inc.^(a)		1,030		13,091
Iheartmedia Inc., Class A^(a)		1,827		47,228
Liberty Broadband Corp., Class A^(a)		767		131,671
Liberty Broadband Corp., Class C, NVS^(a)		4,572		811,484
Liberty Global PLC, Class A^(a)		3,110		83,504
Liberty Global PLC, Class C, NVS^(a)		9,440		253,559
Liberty Latin America Ltd., Class A^(a)		388		5,296
Liberty Latin America Ltd., Class C, NVS^(a)(b)		2,280		31,532
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		720		33,617
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		827		38,207
Meredith Corp.^(a)		1,900		82,916
New York Times Co. (The), Class A		5,280		231,158
News Corp., Class A, NVS		14,599		359,573
News Corp., Class B		4,320		101,563
Nexstar Media Group Inc., Class A		3,047		448,122
Saga Communications Inc., Class A		270		5,894
Scholastic Corp.		540		18,149
Sinclair Broadcast Group Inc., Class A		3,629		102,665
Sirius XM Holdings Inc.^(b)		37,721		244,055
TEGNA Inc.		14,708		260,626
ViacomCBS Inc., Class A		329		14,650
ViacomCBS Inc., Class B, NVS		21,652		886,216
Walt Disney Co. (The)^(a)		5,379		946,812
World Wrestling Entertainment Inc., Class A		2,722		134,412

				10,367,004
Real Estate Investment Trusts — 1.0%
Lamar Advertising Co., Class A		1,150		122,590
Ryman Hospitality Properties Inc.^(a)		802		61,513

				184,103
Retail — 0.8%
Qurate Retail Inc. Series A		13,517		160,312


Software — 10.2%
Activision Blizzard Inc.		7,871		658,173
Daily Journal Corp.^(a)		20		6,660
Electronic Arts Inc.		4,569		657,753
Take-Two Interactive Software Inc.^(a)		2,432		421,758
Xperi Holding Corp.		1,069		22,203
Zynga Inc., Class A^(a)		14,219		143,612

				1,910,159
Telecommunications — 0.6%
AT&T Inc.		1,969		55,230
Harmonic Inc.^(a)(b)		1,160		10,266
Shenandoah Telecommunications Co.		752		39,698

				105,194
Toys, Games & Hobbies — 2.7%
Hasbro Inc.		4,098		407,505
Mattel Inc.^(a)		4,571		99,282

				506,787


Total Common Stocks — 99.3% (Cost: $16,365,908)				18,571,729


38		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Media and Entertainment ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Investments

Money Market Funds — 5.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%^(c)(d)(e)		924,059	$	924,521
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d		118,000		118,000

				1,042,521


Total Short-Term Investments — 5.6% (Cost: $1,042,510)				1,042,521


Total Investments in Securities — 104.9% (Cost: $17,408,418)				19,614,250

Other Assets, Less Liabilities — (4.9)%				(921,268	)


Net Assets — 100.0%			$	18,692,982

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

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

^(e)	All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates




Affiliated Issuer	Value at 07/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/21		Shares Held at 07/31/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	507,804	$	416,961	^(a)	$	—	$	(290	)	$	46	$	924,521		924,059	$	1,865	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		78,000		40,000	^(a)		—		—			—		118,000		118,000		62			—

								$	(290	)	$	46	$	1,042,521			$	1,927		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Measurements




	Level 1		Level 2		Level 3			Total

Investments
Assets							��
Common Stocks	$	18,571,729	$	—	$	—		$	18,571,729
Money Market Funds		1,042,521		—		—			1,042,521

	$	19,614,250	$	—	$	—		$	19,614,250

See notes to financial statements.


SCHEDULE OF INVESTMENTS		39

Schedule of Investments

July 31, 2021

iShares^® Evolved U.S. Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Advertising — 0.4%
Interpublic Group of Companies Inc. (The)		2,709	$	95,790
Omnicom Group Inc.		1,334		97,142
Trade Desk Inc. (The), Class A^(a)		3,717		304,460

				497,392
Aerospace & Defense — 0.0%
L3Harris Technologies Inc.		271		61,446


Banks — 0.1%
JPMorgan Chase & Co.		824		125,067


Biotechnology — 0.0%
Incyte Corp.^(a)		471		36,432


Commercial Services — 4.7%
2U Inc.^(a)(b)		322		13,975
Automatic Data Processing Inc.		2,895		606,879
Avalara Inc.^(a)		599		100,135
Booz Allen Hamilton Holding Corp., Class A		602		51,658
Chegg Inc.^(a)		1,239		109,813
CoStar Group Inc.^(a)		2,787		247,625
Equifax Inc.		644		167,826
FleetCor Technologies Inc.^(a)		460		118,781
Gartner Inc.^(a)		736		194,841
Global Payments Inc.		1,515		293,016
IHS Markit Ltd.		2,071		241,976
Korn Ferry		368		25,296
LiveRamp Holdings Inc.^(a)		52		2,080
MarketAxess Holdings Inc.		138		65,573
Moody’s Corp.		598		224,848
Nielsen Holdings PLC		1,562		37,004
Paylocity Holding Corp.^(a)		455		94,394
PayPal Holdings Inc.^(a)		7,550		2,080,251
Robert Half International Inc.		506		49,694
S&P Global Inc.		1,104		473,307
Sabre Corp.^(a)		1,426		16,813
Square Inc., Class A^(a)		2,483		613,947
TransUnion		1,104		132,546
Verisk Analytics Inc., Class A		690		131,059
WEX Inc.^(a)		184		34,910

				6,128,247
Computers — 16.4%
Accenture PLC, Class A		4,553		1,446,397
Apple Inc.		107,282		15,648,153
CACI International Inc., Class A^(a)		138		36,841
Cognizant Technology Solutions Corp., Class A		4,419		324,929
Crowdstrike Holdings Inc., Class A^(a)		1,883		477,548
Dell Technologies Inc., Class C^(a)		1,840		177,781
DXC Technology Co.^(a)		2,576		102,989
EPAM Systems Inc.^(a)		368		206,006
Fortinet Inc.^(a)		1,472		400,737
Genpact Ltd.		1,058		52,699
Hewlett Packard Enterprise Co.		11,594		168,113
HP Inc.		7,584		218,950
International Business Machines Corp.		8,596		1,211,692
Lumentum Holdings Inc.^(a)		276		23,181
NCR Corp.^(a)		736		32,678
NetApp Inc.		2,486		197,861
Pure Storage Inc., Class A^(a)		1,012		19,754
Qualys Inc.^(a)		368		37,374


Security		Shares		Value

Computers (continued)
Rapid7 Inc.^(a)			602	$	68,478
Seagate Technology Holdings PLC			1,656		145,562
Varonis Systems Inc.^(a)			1,279		78,275
Western Digital Corp.^(a)			2,208		143,365
Zscaler Inc.^(a)			875		206,421

					21,425,784
Distribution & Wholesale — 0.1%
Copart Inc.^(a)			552		81,144
KAR Auction Services Inc.^(a)			414		6,823

					87,967
Diversified Financial Services — 4.7%
Cboe Global Markets Inc.			460		54,496
Charles Schwab Corp. (The)			1,047		71,144
CME Group Inc.			1,564		331,771
Discover Financial Services			368		45,750
Interactive Brokers Group Inc., Class A			276		17,073
Intercontinental Exchange Inc.			2,668		319,707
Invesco Ltd.			1,014		24,721
Mastercard Inc., Class A			5,746		2,217,611
Nasdaq Inc.			506		94,485
SEI Investments Co.			552		33,562
Visa Inc., Class A			11,772		2,900,503
Western Union Co. (The)			1,794		41,639

					6,152,462
Electronics — 0.5%
Agilent Technologies Inc.			734		112,471
Allegion PLC			281		38,385
Coherent Inc.^(a)			92		22,627
Flex Ltd.^(a)			2,667		47,926
Garmin Ltd.	��		415		65,238
Keysight Technologies Inc.^(a)			966		158,955
Mettler-Toledo International Inc.^(a)			45		66,317
National Instruments Corp.			874		38,552
SYNNEX Corp.			184		21,995
Trimble Inc.^(a)			1,196		102,258

					674,724
Energy - Alternate Sources — 0.2%
Enphase Energy Inc.^(a)			650		123,240
SolarEdge Technologies Inc.^(a)			245		63,573
Sunrun Inc.^(a)(b)			956		50,639

					237,452
Health Care - Products — 0.2%
10X Genomics Inc., Class A^(a)			358		65,596
Align Technology Inc.^(a)			286		198,999

					264,595
Health Care - Services — 0.3%
Charles River Laboratories International Inc.^(a)			268		109,055
IQVIA Holdings Inc.^(a)			506		125,336
Teladoc Health Inc.^(a)			753		111,783

					346,174
Insurance — 0.3%
Aon PLC, Class A			599		155,758
Marsh & McLennan Companies Inc.			1,242		182,847
Willis Towers Watson PLC			409		84,287

					422,892
Internet — 26.6%
Alphabet Inc., Class A^(a)			2,523		6,798,299
Alphabet Inc., Class C, NVS^(a)			2,425		6,558,218


40		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Internet (continued)
Amazon.com Inc.^(a)		2,318	$	7,713,354
Anaplan Inc.^(a)		1,237		70,756
Booking Holdings Inc.^(a)		188		409,513
CDW Corp./DE		1,012		185,550
eBay Inc.		4,894		333,820
Etsy Inc.^(a)		801		146,992
Expedia Group Inc.^(a)		598		96,200
F5 Networks Inc.^(a)		598		123,493
Facebook Inc., Class A^(a)		22,204		7,911,285
FireEye Inc.^(a)		1,426		28,805
GoDaddy Inc., Class A^(a)		1,058		88,713
IAC/InterActiveCorp.^(a)		495		67,959
Just Eat Takeaway.com NV SP ADR^(a)(b)		1,387		24,425
Match Group Inc.^(a)		1,415		225,367
MercadoLibre Inc.^(a)		261		409,431
Netflix Inc.^(a)		1,136		587,960
NortonLifeLock Inc.		4,552		112,981
Okta Inc.^(a)		1,287		318,906
Palo Alto Networks Inc.^(a)		920		367,126
Pinterest Inc., Class A^(a)		2,549		150,136
Proofpoint Inc.^(a)		506		88,378
Q2 Holdings Inc.^(a)		458		47,316
Roku Inc.^(a)		615		263,411
Snap Inc., Class A, NVS^(a)		7,824		582,262
Twitter Inc.^(a)		5,291		369,047
Uber Technologies Inc.^(a)		7,853		341,291
VeriSign Inc.^(a)		824		178,289
Vimeo Inc.^(a)		797		35,706
Zendesk Inc.^(a)		782		102,074
Zillow Group Inc., Class C, NVS^(a)		644		68,431

				34,805,494

Leisure Time — 0.1%
Peloton Interactive Inc., Class A^(a)		1,231		145,319


Machinery — 0.1%
Cognex Corp.		920		83,177
Rockwell Automation Inc.		184		56,565

				139,742

Manufacturing — 0.0%
Axon Enterprise Inc.^(a)		383		71,246


Media — 0.1%
FactSet Research Systems Inc.		230		82,174


Office & Business Equipment — 0.2%
Zebra Technologies Corp., Class A^(a)		368		203,313


Pharmaceuticals — 0.1%
Zoetis Inc.		367		74,391


Private Equity — 0.1%
Blackstone Group Inc. (The), NVS		856		98,671


Real Estate — 0.1%
CBRE Group Inc., Class A^(a)		961		92,698
Jones Lang LaSalle Inc.^(a)		184		40,953

				133,651

Real Estate Investment Trusts — 0.2%
Digital Realty Trust Inc.		871		134,273
Equinix Inc.		160		131,266


Security	Shares		Value

Real Estate Investment Trusts (continued)
Iron Mountain Inc.		1,242	$	54,350

				319,889

Retail — 0.1%
Best Buy Co. Inc.		644		72,353
Carvana Co., Class A^(a)		311		104,981

				177,334

Semiconductors — 10.4%
Advanced Micro Devices Inc.^(a)		9,448		1,003,283
Analog Devices Inc.		1,702		284,949
Applied Materials Inc.		3,965		554,822
Broadcom Inc.		2,341		1,136,321
Cree Inc.^(a)		782		72,538
Intel Corp.		19,501		1,047,594
KLA Corp.		782		272,261
Lam Research Corp.		652		415,591
Lattice Semiconductor Corp.^(a)		1,122		63,673
Marvell Technology Inc.		6,670		403,602
Maxim Integrated Products Inc.		1,886		188,430
Microchip Technology Inc.		1,472		210,673
Micron Technology Inc.^(a)		7,046		546,629
Monolithic Power Systems Inc.		276		123,996
NVIDIA Corp.		23,487		4,579,730
ON Semiconductor Corp.^(a)		2,483		96,986
Qorvo Inc.^(a)		693		131,386
QUALCOMM Inc.		6,177		925,315
Silicon Laboratories Inc.^(a)		322		47,975
Skyworks Solutions Inc.		1,017		187,647
Teradyne Inc.		1,053		133,731
Texas Instruments Inc.		4,512		860,077
Xilinx Inc.		1,932		289,491

				13,576,700

Software — 31.2%
ACI Worldwide Inc.^(a)		920		31,556
Activision Blizzard Inc.		3,266		273,103
Adobe Inc.^(a)		4,560		2,834,633
Akamai Technologies Inc.^(a)		1,380		165,490
Alteryx Inc., Class A^(a)		691		53,483
ANSYS Inc.^(a)		644		237,288
Appian Corp.^(a)		544		63,338
Aspen Technology Inc.^(a)		460		67,280
Autodesk Inc.^(a)		1,929		619,460
Black Knight Inc.^(a)		644		53,330
Blackbaud Inc.^(a)		414		29,531
Blackline Inc.^(a)		736		84,191
Box Inc., Class A^(a)		1,242		29,709
Broadridge Financial Solutions Inc.		644		111,728
Cadence Design Systems Inc.^(a)		2,254		332,803
CDK Global Inc.		874		41,943
Ceridian HCM Holding Inc.^(a)		1,287		126,641
Cerner Corp.		1,334		107,240
Citrix Systems Inc.		1,288		129,766
Cloudera Inc.^(a)		1,058		16,790
Cloudflare Inc., Class A^(a)		1,747		207,247
Cognyte Software Ltd.^(a)		552		14,335
CommVault Systems Inc.^(a)		414		31,294
Cornerstone OnDemand Inc.^(a)		552		26,463
Coupa Software Inc.^(a)		736		159,712
Datadog Inc., Class A^(a)		1,859		205,791
DocuSign Inc., Class A^(a)		1,796		535,280


SCHEDULE OF INVESTMENTS		41

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Dropbox Inc., Class A^(a)		2,757	$	86,818
Dynatrace Inc.^(a)		2,078		132,722
Elastic NV^(a)		598		88,540
Electronic Arts Inc.		1,702		245,020
Everbridge Inc.^(a)		415		58,606
Fair Isaac Corp.^(a)		230		120,499
Fastly Inc., Class A^(a)(b)		679		32,639
Fidelity National Information Services Inc.		3,360		500,808
Fiserv Inc.^(a)		3,990		459,289
Five9 Inc.^(a)		688		138,487
Guidewire Software Inc.^(a)		598		68,890
HubSpot Inc.^(a)		463		275,957
Intuit Inc.		1,840		975,145
j2 Global Inc.^(a)		322		45,489
Jack Henry & Associates Inc.		552		96,098
Manhattan Associates Inc.^(a)		598		95,459
Microsoft Corp.		73,265		20,873,931
MongoDB Inc., Class A^(a)		458		164,385
MSCI Inc., Class A		552		328,970
New Relic Inc.^(a)		414		28,599
Nuance Communications Inc.^(a)		2,458		134,944
Nutanix Inc., Class A^(a)		2,068		74,489
Oracle Corp.		19,763		1,722,148
Paychex Inc.		2,114		240,615
Paycom Software Inc.^(a)		414		165,600
Pegasystems Inc.		368		46,971
PTC Inc.^(a)		1,104		149,537
RingCentral Inc., Class A^(a)		640		171,053
Roper Technologies Inc.		137		67,314
SailPoint Technologies Holdings Inc.^(a)		1,137		56,839
salesforce.com Inc.^(a)		9,703		2,347,447
ServiceNow Inc.^(a)		2,028		1,192,241
Smartsheet Inc., Class A^(a)		1,384		100,409
Splunk Inc.^(a)		1,707		242,360
SS&C Technologies Holdings Inc.		1,196		93,754
Synopsys Inc.^(a)		1,288		370,931
Take-Two Interactive Software Inc.^(a)		553		95,901
Twilio Inc., Class A^(a)		1,285		480,063
Tyler Technologies Inc.^(a)		276		135,969
Veeva Systems Inc., Class A^(a)		1,231		409,566
Verint Systems Inc.^(a)		552		23,554
VMware Inc., Class A^(a)		736		113,153
Workday Inc., Class A^(a)		1,750		410,200


Security	Shares		Value

Software (continued)
Zoom Video Communications Inc., Class A^(a)		1,156	$	437,084
Zynga Inc., Class A^(a)		5,014		50,641

				40,738,559

Telecommunications — 2.0%
Arista Networks Inc.^(a)		552		209,975
Ciena Corp.^(a)		1,104		64,187
Cisco Systems Inc.		36,782		2,036,619
CommScope Holding Co. Inc.^(a)		736		15,574
Juniper Networks Inc.		3,266		91,905
Motorola Solutions Inc.		736		164,805

				2,583,065

Transportation — 0.1%
Expeditors International of Washington Inc.		598		76,694
FedEx Corp.		418		117,019

				193,713


Total Common Stocks — 99.3% (Cost: $92,822,239)				129,803,895


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%^(c)(d)(e)		105,415		105,468
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		890,000		890,000

				995,468


Total Short-Term Investments — 0.8% (Cost: $995,468)				995,468


Total Investments in Securities — 100.1% (Cost: $93,817,707)				130,799,363

Other Assets, Less Liabilities — (0.1)%				(102,949	)


Net Assets — 100.0%			$	130,696,414

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

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

^(e)	All or a portion of this security was purchased with cash collateral received from loaned securities.


42		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2021

iShares^® Evolved U.S. Technology ETF

Affiliates


Affiliated Issuer	Value at 07/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/21		Shares Held at 07/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	78,048	$	27,584	^(a)	$	—	$	(30	)	$	(134	)	$	105,468		105,415	$	780	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		480,000		410,000	^(a)		—		—			—			890,000		890,000		718			—

								$	(30	)	$	(134	)	$	995,468			$	1,498		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	129,803,895	$	—	$	—	$	129,803,895
Money Market Funds		995,468		—		—		995,468

	$	130,799,363	$	—	$	—	$	130,799,363

See notes to financial statements.


SCHEDULE OF INVESTMENTS		43

Statements of Assets and Liabilities

July 31, 2021


	iShares Evolved U.S. Consumer Staples ETF			iShares Evolved U.S. Discretionary Spending ETF			iShares Evolved U.S. Financials ETF			iShares Evolved U.S. Healthcare Staples ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)		$	14,779,213		$	22,411,048		$	6,152,652		$	33,640,209
Affiliated^(c)			155,208			373,573			64,412			1,181,635
Cash			1,196			8,923			8,179			9,332
Receivables:
Securities lending income — Affiliated			17			29			1			20
Dividends			15,336			10,491			8,321			24,329


Total assets			14,950,970			22,804,064			6,233,565			34,855,525


LIABILITIES
Collateral on securities loaned, at value			15,200			168,334			4,421			175,401
Payables:
Investment advisory fees			2,263			3,473			948			5,479


Total liabilities			17,463			171,807			5,369			180,880


NET ASSETS		$	14,933,507		$	22,632,257		$	6,228,196		$	34,674,645


NET ASSETS CONSIST OF:
Paid-in capital		$	13,674,894		$	17,371,841		$	4,938,160		$	27,217,245
Accumulated earnings			1,258,613			5,260,416			1,290,036			7,457,400


NET ASSETS		$	14,933,507		$	22,632,257		$	6,228,196		$	34,674,645


Shares outstanding			450,000			500,000			200,000			800,000


Net asset value		$	33.19		$	45.26		$	31.14		$	43.34


Shares authorized			Unlimited			Unlimited			Unlimited			Unlimited


Par value			None			None			None			None


^(a) Securities loaned, at value		$	14,747		$	159,221		$	4,363		$	171,681
^(b) Investments, at cost — Unaffiliated		$	13,479,153		$	17,134,049		$	4,846,734		$	26,268,857
^(c) Investments, at cost — Affiliated		$	155,204		$	373,570		$	64,412		$	1,181,633

See notes to financial statements.


44		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (continued)

July 31, 2021


	iShares Evolved U.S. Innovative Healthcare ETF			iShares Evolved U.S. Media and Entertainment ETF			iShares Evolved U.S. Technology ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)		$	38,744,588		$	18,571,729		$	129,803,895
Affiliated^(c)			962,601			1,042,521			995,468
Cash			6,252			2,283			6,890
Receivables:
Securities lending income — Affiliated			238			50			65
Dividends			62,289			3,991			15,150


Total assets			39,775,968			19,620,574			130,821,468


LIABILITIES
Collateral on securities loaned, at value			370,949			924,699			105,489
Payables:
Investment advisory fees			5,949			2,893			19,565


Total liabilities			376,898			927,592			125,054


NET ASSETS		$	39,399,070		$	18,692,982		$	130,696,414


NET ASSETS CONSIST OF:
Paid-in capital		$	32,073,865		$	16,461,827		$	93,424,901
Accumulated earnings			7,325,205			2,231,155			37,271,513


NET ASSETS		$	39,399,070		$	18,692,982		$	130,696,414


Shares outstanding			1,100,000			500,000			2,300,000


Net asset value		$	35.82		$	37.39		$	56.82


Shares authorized			Unlimited			Unlimited			Unlimited


Par value			None			None			None


^(a) Securities loaned, at value		$	352,986		$	907,089		$	102,132
^(b) Investments, at cost — Unaffiliated		$	31,896,723		$	16,365,908		$	92,822,239
^(c) Investments, at cost — Affiliated		$	962,507		$	1,042,510		$	995,468

See notes to financial statements.


FINANCIAL STATEMENTS		45

Statements of Operations

Year Ended July 31, 2021


	iShares Evolved U.S. Consumer Staples ETF				iShares Evolved U.S. Discretionary Spending ETF				iShares Evolved U.S. Financials ETF				iShares Evolved U.S. Healthcare Staples ETF


INVESTMENT INCOME
Dividends — Unaffiliated		$	420,457			$	226,777			$	121,209			$	235,460
Dividends — Affiliated			62				83				21				77
Securities lending income — Affiliated — net			929				319				31				288
Foreign taxes withheld			(24	)			—				(39	)			—


Total investment income			421,424				227,179				121,222				235,825


EXPENSES
Investment advisory fees			29,535				39,434				9,564				40,945
Miscellaneous			173				—				173				173


Total expenses			29,708				39,434				9,737				41,118


Net investment income			391,716				187,745				111,485				194,707


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated			(30,906	)			33,289				3,096				60,564
Investments — Affiliated			53				(54	)			(6	)			(80	)
In-kind redemptions — Unaffiliated			1,854,156				1,759,604				—				940,657


Net realized gain			1,823,303				1,792,839				3,090				1,001,141


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated			480,559				3,689,063				2,107,872				5,124,439
Investments — Affiliated			(141	)			(7	)			1				(5	)


Net change in unrealized appreciation (depreciation)			480,418				3,689,056				2,107,873				5,124,434


Net realized and unrealized gain			2,303,721				5,481,895				2,110,963				6,125,575


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	2,695,437			$	5,669,640			$	2,222,448			$	6,320,282

See notes to financial statements.


46		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (continued)

Year Ended July 31, 2021


	iShares Evolved U.S. Innovative Healthcare ETF				iShares Evolved U.S. Media and Entertainment ETF				iShares Evolved U.S. Technology ETF


INVESTMENT INCOME
Dividends — Unaffiliated		$	483,208			$	131,508			$	616,494
Dividends — Affiliated			286				62				718
Securities lending income — Affiliated — net			9,138				1,865				780


Total investment income			492,632				133,435				617,992


EXPENSES
Investment advisory fees			57,197				28,233				180,519
Miscellaneous			—				173				173


Total expenses			57,197				28,406				180,692


Net investment income			435,435				105,029				437,300


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated			786,198				18,868				330,600
Investments — Affiliated			(433	)			(290	)			(30	)
In-kind redemptions — Unaffiliated			—				2,178,379				9,771,414


Net realized gain			785,765				2,196,957				10,101,984


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated			5,285,778				1,724,111				22,445,758
Investments — Affiliated			(56	)			46				(134	)


Net change in unrealized appreciation (depreciation)			5,285,722				1,724,157				22,445,624


Net realized and unrealized gain			6,071,487				3,921,114				32,547,608


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	6,506,922			$	4,026,143			$	32,984,908

See notes to financial statements.


FINANCIAL STATEMENTS		47

Statements of Changes in Net Assets


	iShares Evolved U.S. Consumer Staples ETF							iShares Evolved U.S. Discretionary Spending ETF


		Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/21			Year Ended 07/31/20


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	391,716		$	215,991		$	187,745		$	118,424
Net realized gain (loss)			1,823,303			(51,010	)		1,792,839			984,996
Net change in unrealized appreciation (depreciation)			480,418			392,718			3,689,056			673,483


Net increase in net assets resulting from operations			2,695,437			557,699			5,669,640			1,776,903


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(377,726	)		(191,747	)		(182,616	)		(168,954	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			2,756,445			5,356,261			5,164,697			4,477,589


NET ASSETS
Total increase in net assets			5,074,156			5,722,213			10,651,721			6,085,538
Beginning of year			9,859,351			4,137,138			11,980,536			5,894,998


End of year		$	14,933,507		$	9,859,351		$	22,632,257		$	11,980,536

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

See notes to financial statements.


48		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares Evolved U.S. Financials ETF							iShares Evolved U.S. Healthcare Staples ETF


		Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/21			Year Ended 07/31/20


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	111,485		$	112,874		$	194,707		$	109,061
Net realized gain			3,090			13,409			1,001,141			193,592
Net change in unrealized appreciation (depreciation)			2,107,873			(870,282	)		5,124,434			1,465,764


Net increase (decrease) in net assets resulting from operations			2,222,448			(743,999	)		6,320,282			1,768,417


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(109,149	)		(112,279	)		(166,995	)		(158,642	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			—			—			13,514,706			6,032,352


NET ASSETS
Total increase (decrease) in net assets			2,113,299			(856,278	)		19,667,993			7,642,127
Beginning of year			4,114,897			4,971,175			15,006,652			7,364,525


End of year		$	6,228,196		$	4,114,897		$	34,674,645		$	15,006,652

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

See notes to financial statements.


FINANCIAL STATEMENTS		49

Statements of Changes in Net Assets (continued)


	iShares Evolved U.S. Innovative Healthcare ETF							iShares Evolved U.S. Media and Entertainment ETF


		Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/21			Year Ended 07/31/20


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	435,435		$	133,694		$	105,029		$	52,205
Net realized gain			785,765			124,561			2,196,957			219,688
Net change in unrealized appreciation (depreciation)			5,285,722			1,615,490			1,724,157			(45,197	)


Net increase in net assets resulting from operations			6,506,922			1,873,745			4,026,143			226,696


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(885,686	)		(200,327	)		(103,291	)		(251,996	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			12,756,828			14,398,781			5,551,639			2,187,965


NET ASSETS
Total increase in net assets			18,378,064			16,072,199			9,474,491			2,162,665
Beginning of year			21,021,006			4,948,807			9,218,491			7,055,826


End of year		$	39,399,070		$	21,021,006		$	18,692,982		$	9,218,491

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

See notes to financial statements.


50		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares Evolved U.S. Technology ETF


	Year Ended 07/31/21			Year Ended 07/31/20


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	437,300		$	212,589
Net realized gain (loss)		10,101,984			(30,363	)
Net change in unrealized appreciation (depreciation)		22,445,624			13,160,019


Net increase in net assets resulting from operations		32,984,908			13,342,245


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(431,621	)		(220,597	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		18,787,708			49,763,348


NET ASSETS
Total increase in net assets		51,340,995			62,884,996
Beginning of year		79,355,419			16,470,423


End of year	$	130,696,414		$	79,355,419

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

See notes to financial statements.


FINANCIAL STATEMENTS		51

Financial Highlights

(For a share outstanding throughout each period)


	iShares Evolved U.S. Consumer Staples ETF


															Period From
	Year Ended					Year Ended					Year Ended						03/21/18	^(a)
	07/31/21				07/31/20					07/31/19					to 07/31/18


Net asset value, beginning of period		$	28.17				$	27.58				$	25.03			$	24.62

Net investment income^(b)			0.74					0.70					0.66				0.31	^(c)
Net realized and unrealized gain^(d)			5.03					0.51					2.80				0.26


Net increase from investment operations			5.77					1.21					3.46				0.57


Distributions^(e)
From net investment income			(0.75	)				(0.62	)				(0.85	)			(0.16	)
From net realized gain			—					—					(0.06	)			—


Total distributions			(0.75	)				(0.62	)				(0.91	)			(0.16	)


Net asset value, end of period		$	33.19				$	28.17				$	27.58			$	25.03


Total Return
Based on net asset value			20.76	%				4.56	%				14.23	%			2.34	%^(f)


Ratios to Average Net Assets
Total expenses			0.18	%				0.18	%				0.18	%			0.18	%^(g)


Net investment income			2.39	%				2.58	%				2.59	%			3.58	%^(c)(g)


Supplemental Data
Net assets, end of period (000)		$	14,934				$	9,859				$	4,137			$	3,755


Portfolio turnover rate^(h)			5	%				13	%				9	%			0	%^(f)

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)

Includes a special distribution from Dr Pepper Snapple Group Inc. Excluding such special distribution, the net investment income would have been $0.21 per share and 2.39% of average net assets.

(d)

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

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

(f)	Not annualized.

(g)	Annualized.

(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


52		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Evolved U.S. Discretionary Spending ETF


															Period From
	Year Ended					Year Ended					Year Ended						03/21/18	^(a)
	07/31/21				07/31/20					07/31/19					to 07/31/18


Net asset value, beginning of period		$	34.23				$	29.47				$	26.84			$	24.95

Net investment income^(b)			0.35					0.35					0.39				0.12
Net realized and unrealized gain^(c)			11.01					4.90					2.70				1.86


Net increase from investment operations			11.36					5.25					3.09				1.98


Distributions^(d)
From net investment income			(0.33	)				(0.33	)				(0.41	)			(0.09	)
From net realized gain			—					(0.16	)				(0.05	)			—


Total distributions			(0.33	)				(0.49	)				(0.46	)			(0.09	)


Net asset value, end of period		$	45.26				$	34.23				$	29.47			$	26.84


Total Return
Based on net asset value			33.32	%				18.11	%				11.73	%			7.96	%^(e)


Ratios to Average Net Assets
Total expenses			0.18	%				0.18	%				0.18	%			0.18	%^(f)


Net investment income			0.86	%				1.16	%				1.42	%			1.25	%^(f)


Supplemental Data
Net assets, end of period (000)		$	22,632				$	11,981				$	5,895			$	5,369


Portfolio turnover rate^(g)			4	%				10	%				11	%			0	%^(e)

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)

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

(e)	Not annualized.

(f)	Annualized.

(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		53

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Evolved U.S. Financials ETF


															Period From
	Year Ended					Year Ended					Year Ended						03/21/18	^(a)
	07/31/21				07/31/20					07/31/19					to 07/31/18


Net asset value, beginning of period		$	20.57				$	24.86				$	24.59			$	24.98

Net investment income^(b)			0.56					0.56					0.50				0.15
Net realized and unrealized gain (loss)^(c)			10.56					(4.29	)				0.27				(0.43	)


Net increase (decrease) from investment operations			11.12					(3.73	)				0.77				(0.28	)


Distributions^(d)
From net investment income			(0.55	)				(0.56	)				(0.50	)			(0.11	)


Total distributions			(0.55	)				(0.56	)				(0.50	)			(0.11	)


Net asset value, end of period		$	31.14				$	20.57				$	24.86			$	24.59


Total Return
Based on net asset value			54.68	%				(15.10	)%				3.35	%			(1.11	)%^(e)(f)


Ratios to Average Net Assets
Total expenses			0.18	%				0.19	%				0.18	%			0.18	%^(g)


Net investment income			2.10	%				2.47	%				2.15	%			1.65	%^(g)


Supplemental Data
Net assets, end of period (000)		$	6,228				$	4,115				$	4,971			$	4,919


Portfolio turnover rate^(h)			2	%				8	%				10	%			13	%^(e)

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)

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

(e)	Not annualized.

(f)	Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been -1.40%.

(g)	Annualized.

(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


54		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Evolved U.S. Healthcare Staples ETF


															Period From
	Year Ended					Year Ended					Year Ended						03/21/18	^(a)
	07/31/21				07/31/20					07/31/19					to 07/31/18


Net asset value, beginning of period		$	33.35				$	29.46				$	27.48			$	24.86

Net investment income^(b)			0.33					0.31					0.27				0.08
Net realized and unrealized gain^(c)			9.96					4.07					2.11				2.60


Net increase from investment operations			10.29					4.38					2.38				2.68


Distributions^(d)
From net investment income			(0.30	)				(0.25	)				(0.28	)			(0.06	)
From net realized gain			—					(0.24	)				(0.12	)			—


Total distributions			(0.30	)				(0.49	)				(0.40	)			(0.06	)


Net asset value, end of period		$	43.34				$	33.35				$	29.46			$	27.48


Total Return
Based on net asset value			31.06	%				15.04	%				8.77	%			10.77	%^(e)


Ratios to Average Net Assets
Total expenses			0.18	%				0.18	%				0.18	%			0.18	%^(f)


Net investment income			0.86	%				1.02	%				0.95	%			0.87	%^(f)


Supplemental Data
Net assets, end of period (000)		$	34,675				$	15,007				$	7,365			$	5,495


Portfolio turnover rate^(g)			2	%				12	%				12	%			0	%^(e)

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)

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

(e)	Not annualized.

(f)	Annualized.

(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		55

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Evolved U.S. Innovative Healthcare ETF

													Period From
	Year Ended				Year Ended				Year Ended							03/21/18	^(a)
	07/31/21				07/31/20				07/31/19					to 07/31/18


Net asset value, beginning of period		$	30.03			$	24.74			$	26.03				$	24.97

Net investment income^(b)			0.45				0.43				0.37					0.11
Net realized and unrealized gain (loss)^(c)			6.29				5.72				(1.15	)				1.04


Net increase (decrease) from investment operations			6.74				6.15				(0.78	)				1.15


Distributions^(d)
From net investment income			(0.39	)			(0.38	)			(0.36	)				(0.09	)
From net realized gain			(0.56	)			(0.48	)			(0.15	)				—


Total distributions			(0.95	)			(0.86	)			(0.51	)				(0.09	)


Net asset value, end of period		$	35.82			$	30.03			$	24.74				$	26.03


Total Return
Based on net asset value			22.81	%			25.31	%			(3.04	)%				4.62	%^(e)


Ratios to Average Net Assets
Total expenses			0.18	%			0.18	%			0.18	%				0.18	%^(f)


Net investment income			1.37	%			1.53	%			1.45	%				1.25	%^(f)


Supplemental Data
Net assets, end of period (000)		$	39,399			$	21,021			$	4,949				$	5,206


Portfolio turnover rate^(g)			6	%			24	%			8	%				3	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


56		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Evolved U.S. Media and Entertainment ETF


													Period From
	Year Ended				Year Ended				Year Ended						03/21/18	^(a)
	07/31/21				07/31/20				07/31/19				to 07/31/18


Net asset value, beginning of period		$	26.34			$	28.22			$	26.38			$	25.05


Net investment income^(b)			0.23				0.20				0.26				0.10
Net realized and unrealized gain (loss)^(c)			11.05				(0.86	)			1.97				1.29


Net increase (decrease) from investment operations			11.28				(0.66	)			2.23				1.39


Distributions^(d)
From net investment income			(0.23	)			(0.21	)			(0.26	)			(0.06	)
From net realized gain			—				(1.01	)			(0.13	)			—


Total distributions			(0.23	)			(1.22	)			(0.39	)			(0.06	)


Net asset value, end of period		$	37.39			$	26.34			$	28.22			$	26.38


Total Return
Based on net asset value			43.02	%			(2.33	)%			8.64	%			5.54	%^(e)


Ratios to Average Net Assets
Total expenses			0.18	%			0.18	%			0.18	%			0.18	%^(f)


Net investment income			0.67	%			0.79	%			0.99	%			1.04	%^(f)


Supplemental Data
Net assets, end of period (000)		$	18,693			$	9,218			$	7,056			$	5,277


Portfolio turnover rate^(g)			4	%			16	%			10	%			0	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS		57

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Evolved U.S. Technology ETF

													Period From
	Year Ended				Year Ended				Year Ended						03/21/18	^(a)
		07/31/21				07/31/20				07/31/19			to 07/31/18


Net asset value, beginning of period		$	40.70			$	29.95			$	26.33			$	24.89

Net investment income^(b)			0.21				0.24				0.23				0.06
Net realized and unrealized gain^(c)			16.12				10.80				3.73				1.43


Net increase from investment operations			16.33				11.04				3.96				1.49


Distributions^(d)
From net investment income			(0.21	)			(0.24	)			(0.27	)			(0.05	)
From net realized gain			—				(0.05	)			(0.07	)			—


Total distributions			(0.21	)			(0.29	)			(0.34	)			(0.05	)


Net asset value, end of period		$	56.82			$	40.70			$	29.95			$	26.33


Total Return
Based on net asset value			40.24	%			37.15	%			15.27	%			6.00	%^(e)


Ratios to Average Net Assets
Total expenses			0.18	%			0.18	%			0.18	%			0.18	%^(f)


Net investment income			0.44	%			0.72	%			0.85	%			0.70	%^(f)


Supplemental Data
Net assets, end of period (000)		$	130,696			$	79,355			$	16,470			$	5,266


Portfolio turnover rate^(g)			6	%			5	%			7	%			0	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


58		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements

1.	ORGANIZATION

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):



iShares ETF	Diversification Classification

Evolved U.S. Consumer Staples		Non-diversified
Evolved U.S. Discretionary Spending		Non-diversified
Evolved U.S. Financials^(a)		Diversified
Evolved U.S. Healthcare Staples		Non-diversified
Evolved U.S. Innovative Healthcare		Non-diversified
Evolved U.S. Media and Entertainment		Non-diversified
Evolved U.S. Technology		Non-diversified

^(a)

The Fund’s classification changed from non-diversified to diversified during the reporting period.

2.	SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2021, if any, are disclosed in the statements of assets and liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The statements of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.


NOTES TO FINANCIAL STATEMENTS		59

Notes to Financial Statements (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s schedule of investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When


60		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


Evolved U.S. Consumer Staples
Citigroup Global Markets Inc.	$	4,918	$	4,918		$	—	$	—
JPMorgan Securities LLC		9,829		9,829			—		—


	$	14,747	$	14,747		$	—	$	—


Evolved U.S. Discretionary Spending
Citigroup Global Markets Inc.	$	14,515	$	14,515		$	—	$	—
Morgan Stanley & Co. LLC		52,667		52,667			—		—
Scotia Capital (USA) Inc.		91,798		91,798			—		—
TD Prime Services LLC		241		241			—		—


	$	159,221	$	159,221		$	—	$	—


Evolved U.S. Financials
Morgan Stanley & Co. LLC	$	4,363	$	4,363		$	—	$	—


Evolved U.S. Healthcare Staples
Barclays Capital Inc.	$	11,055	$	11,055		$	—	$	—
Virtu Americas LLC		160,626		160,626			—		—


	$	171,681	$	171,681		$	—	$	—


Evolved U.S. Innovative Healthcare
Barclays Capital Inc.	$	115,058	$	115,058		$	—	$	—
Citigroup Global Markets Inc.		57,628		57,628			—		—
Credit Suisse Securities (USA) LLC		276		276			—		—
Jefferies LLC		2,928		2,928			—		—
Morgan Stanley & Co. LLC		140,232		140,232			—		—
TD Prime Services LLC		20,659		20,659			—		—
UBS AG		16,205		16,205			—		—


	$	352,986	$	352,986		$	—	$	—


Evolved U.S. Media and Entertainment
Citigroup Global Markets Inc.	$	701,651	$	701,651		$	—	$	—
Morgan Stanley & Co. LLC		111,804		111,804			—		—
Scotia Capital (USA) Inc.		50,862		50,862			—		—
UBS AG		31,214		31,214			—		—
Virtu Americas LLC		11,558		11,558			—		—


	$	907,089	$	907,089		$	—	$	—


Evolved U.S. Technology
Citigroup Global Markets Inc.	$	22,189	$	22,189		$	—	$	—
Morgan Stanley & Co. LLC		48,997		48,997			—		—
Nomura Securities International Inc.		19,228		19,228			—		—
Scotia Capital (USA) Inc.		11,718		11,718			—		—


	$	102,132	$	102,132		$	—	$	—

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.


NOTES TO FINANCIAL STATEMENTS		61

Notes to Financial Statements (continued)

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:



iShares ETF	Investment Advisory Fee

Evolved U.S. Consumer Staples		0.18	%
Evolved U.S. Discretionary Spending		0.18
Evolved U.S. Financials		0.18
Evolved U.S. Healthcare Staples		0.18
Evolved U.S. Innovative Healthcare		0.18
Evolved U.S. Media and Entertainment		0.18
Evolved U.S. Technology		0.18

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2021, each Fund retained 75% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statements of operations. For the year ended July 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC

Evolved U.S. Consumer Staples	$	324
Evolved U.S. Discretionary Spending		134
Evolved U.S. Financials		13
Evolved U.S. Healthcare Staples		123
Evolved U.S. Innovative Healthcare		3,285
Evolved U.S. Media and Entertainment		716
Evolved U.S. Technology		334

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.


62		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended July 31, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Evolved U.S. Consumer Staples	$	491,271	$	158,798	$	(4,503	)
Evolved U.S. Discretionary Spending		366,662		324,118		7,488
Evolved U.S. Healthcare Staples		108,881		155,657		4,771
Evolved U.S. Innovative Healthcare		1,355,588		60,352		3,031
Evolved U.S. Technology		2,260,211		881,077		(12,811	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statements of operations.

6.	PURCHASES AND SALES

For the year ended July 31, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Evolved U.S. Consumer Staples	$	825,768	$	950,201
Evolved U.S. Discretionary Spending		850,942		974,194
Evolved U.S. Financials		110,309		144,959
Evolved U.S. Healthcare Staples		507,898		743,184
Evolved U.S. Innovative Healthcare		1,960,743		2,723,555
Evolved U.S. Media and Entertainment		627,997		626,079
Evolved U.S. Technology		6,353,868		6,548,632

For the year ended July 31, 2021, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Evolved U.S. Consumer Staples	$	13,226,874	$	10,408,904
Evolved U.S. Discretionary Spending		9,242,971		4,114,071
Evolved U.S. Healthcare Staples		14,929,351		2,077,590
Evolved U.S. Innovative Healthcare		12,603,225		—
Evolved U.S. Media and Entertainment		10,664,132		5,146,053
Evolved U.S. Technology		39,472,611		20,893,214

7.	INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2021, the following permanent differences attributable to certain deemed distributions, realized gains (losses) from in-kind redemptions and undistributed capital gains were reclassified to the following accounts:



iShares ETF	Paid-in Capital		Accumulated Earnings

Evolved U.S. Consumer Staples	$	1,854,156	$	(1,854,156	)
Evolved U.S. Discretionary Spending		1,759,581		(1,759,581	)
Evolved U.S. Healthcare Staples		944,599		(944,599	)
Evolved U.S. Media and Entertainment		2,184,520		(2,184,520	)
Evolved U.S. Technology		9,804,410		(9,804,410	)


NOTES TO FINANCIAL STATEMENTS		63

Notes to Financial Statements (continued)

The tax character of distributions was as follows:




iShares ETF	Year Ended 07/31/21		Year Ended 07/31/20


Evolved U.S. Consumer Staples
Ordinary income	$	377,726	$	191,747


Evolved U.S. Discretionary Spending
Ordinary income	$	182,616	$	128,050
Long-term capital gains		—		40,904


	$	182,616	$	168,954


Evolved U.S. Financials
Ordinary income	$	109,149	$	112,279


Evolved U.S. Healthcare Staples^(a)
Ordinary income	$	168,715	$	157,162
Long-term capital gains^(b)		2,462		1,480


	$	171,177	$	158,642


Evolved U.S. Innovative Healthcare
Ordinary income	$	706,851	$	132,150
Long-term capital gains^(b)		178,835		68,177


	$	885,686	$	200,327


Evolved U.S. Media and Entertainment^(a)
Ordinary income	$	106,942	$	235,056
Long-term capital gains		—		16,940


	$	106,942	$	251,996


Evolved U.S. Technology^(a)
Ordinary income	$	464,897	$	207,812
Long-term capital gains		—		12,785


	$	464,897	$	220,597

^(a)

Distribution amounts may include a portion of the proceeds from redeemed shares.

^(b)

The Fund designates these amounts paid during the fiscal year ended July 31, 2021 as capital gain dividends, subject to a long-term capital gains tax rate of not greater than 20%.

As of July 31, 2021, the tax components of accumulated net earnings (losses) were as follows:



iShares ETF		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total

Evolved U.S. Consumer Staples	$	50,993	$	—	$	(89,251	)	$	1,296,871		$	1,258,613
Evolved U.S. Discretionary Spending		8,943		—		(25,529	)		5,277,002			5,260,416
Evolved U.S. Financials		13,839		—		(21,832	)		1,298,029			1,290,036
Evolved U.S. Healthcare Staples		66,702		20,772		—			7,369,926			7,457,400
Evolved U.S. Innovative Healthcare		333,060		173,339		—			6,818,806			7,325,205
Evolved U.S. Media and Entertainment		26,051		—		—			2,205,104			2,231,155
Evolved U.S. Technology		291,541		—		—			36,979,972			37,271,513

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and characterization of corporate actions.

For the year ended July 31, 2021, the Funds utilized the following amounts of their respective capital loss carryforwards:



iShares ETF	Utilized

Evolved U.S. Financials	$	3,644
Evolved U.S. Healthcare Staples		20,446
Evolved U.S. Technology		32,554


64		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

As of July 31, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Evolved U.S. Consumer Staples	$	13,637,550	$	1,459,721	$	(162,850	)	$	1,296,871
Evolved U.S. Discretionary Spending		17,507,619		5,474,437		(197,435	)		5,277,002
Evolved U.S. Financials		4,919,035		1,463,651		(165,622	)		1,298,029
Evolved U.S. Healthcare Staples		27,451,918		7,523,817		(153,891	)		7,369,926
Evolved U.S. Innovative Healthcare		32,888,383		8,741,455		(1,922,649	)		6,818,806
Evolved U.S. Media and Entertainment		17,409,146		2,797,003		(591,899	)		2,205,104
Evolved U.S. Technology		93,819,391		37,288,524		(308,552	)		36,979,972

8.	PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the statements of assets and liabilities, less any collateral held by the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition


NOTES TO FINANCIAL STATEMENTS		65

Notes to Financial Statements (continued)

process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9.	CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:




	Year Ended 07/31/21						Year Ended 07/31/20


iShares ETF	Shares			Amount			Shares			Amount


Evolved U.S. Consumer Staples
Shares sold		450,000		$	13,332,379			200,000		$	5,356,261
Shares redeemed		(350,000	)		(10,575,934	)		—			—


Net increase		100,000		$	2,756,445			200,000		$	5,356,261

Evolved U.S. Discretionary Spending
Shares sold		250,000		$	9,369,893			300,000		$	8,824,906
Shares redeemed		(100,000	)		(4,205,196	)		(150,000	)		(4,347,317	)


Net increase		150,000		$	5,164,697			150,000		$	4,477,589

Evolved U.S. Healthcare Staples
Shares sold		400,000		$	15,662,808			250,000		$	7,330,427
Shares redeemed		(50,000	)		(2,148,102	)		(50,000	)		(1,298,075	)


Net increase		350,000		$	13,514,706			200,000		$	6,032,352

Evolved U.S. Innovative Healthcare
Shares sold		400,000		$	12,756,828			500,000		$	14,398,781

Evolved U.S. Media and Entertainment
Shares sold		300,000		$	10,739,995			150,000		$	3,548,987
Shares redeemed		(150,000	)		(5,188,356	)		(50,000	)		(1,361,022	)


Net increase		150,000		$	5,551,639			100,000		$	2,187,965

Evolved U.S. Technology
Shares sold		800,000		$	39,917,886			1,400,000		$	49,763,348
Shares redeemed		(450,000	)		(21,130,178	)		—			—


Net increase		350,000		$	18,787,708			1,400,000		$	49,763,348

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statements of assets and liabilities.

10.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


66		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares U.S. ETF Trust and

Shareholders of iShares Evolved U.S. Consumer Staples ETF,

iShares Evolved U.S. Discretionary Spending ETF, iShares Evolved U.S. Financials ETF,

iShares Evolved U.S. Healthcare Staples ETF, iShares Evolved U.S. Innovative Healthcare ETF,

iShares Evolved U.S. Media and Entertainment ETF and iShares Evolved U.S. Technology ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Evolved U.S. Consumer Staples ETF, iShares Evolved U.S. Discretionary Spending ETF, iShares Evolved U.S. Financials ETF, iShares Evolved U.S. Healthcare Staples ETF, iShares Evolved U.S. Innovative Healthcare ETF, iShares Evolved U.S. Media and Entertainment ETF and iShares Evolved U.S. Technology ETF (seven of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2021, the related statements of operations for the year ended July 31, 2021, the statements of changes in net assets for each of the two years in the period ended July 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2021 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

September 21, 2021

We have served as the auditor of one or more BlackRock investment companies since 2000.


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		67

Important Tax Information (unaudited)

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2021 qualified for the dividends-received deduction for corporate shareholders:



iShares ETF	Dividends-Received Deduction

Evolved U.S. Consumer Staples		100.00	%
Evolved U.S. Discretionary Spending		100.00	%
Evolved U.S. Financials		100.00	%
Evolved U.S. Healthcare Staples		100.00	%
Evolved U.S. Innovative Healthcare		57.54	%
Evolved U.S. Media and Entertainment		100.00	%
Evolved U.S. Technology		78.10	%

The following amount(s), or maximum amount(s) allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2021:



iShares ETF	Qualified Dividend Income

Evolved U.S. Consumer Staples	$	413,153
Evolved U.S. Discretionary Spending		227,134
Evolved U.S. Financials		119,303
Evolved U.S. Healthcare Staples		243,745
Evolved U.S. Innovative Healthcare		534,249
Evolved U.S. Media and Entertainment		129,371
Evolved U.S. Technology		601,365

The following amount(s), or maximum amount(s) allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2021:



iShares ETF	Qualified Business Income

Evolved U.S. Consumer Staples	$	1,088
Evolved U.S. Financials		202
Evolved U.S. Healthcare Staples		2,110
Evolved U.S. Media and Entertainment		625
Evolved U.S. Technology		1,607

The Fund hereby designates the following amount(s), or maximum amount(s) allowable by law, as qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended July 31, 2021:



iShares ETF	Qualified Short-Term Capital Gain

Evolved U.S. Innovative Healthcare	$	323,396


68		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

iShares Evolved U.S. Consumer Staples ETF, iShares Evolved U.S. Discretionary Spending ETF, iShares Evolved U.S. Financials ETF, iShares Evolved U.S. Healthcare Staples ETF, iShares Evolved U.S. Innovative Healthcare ETF, iShares Evolved U.S. Media And Entertainment ETF, iShares Evolved U.S. Technology ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares


BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT		69

Board Review and Approval of Investment Advisory Contract (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.


70		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

July 31, 2021



	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year


iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

Evolved U.S. Consumer Staples^(a)	$	0.745288	$	—	$	0.000898	$	0.746186		100	%		—	%		0	%^(b)		100	%
Evolved U.S. Discretionary Spending^(a)		0.328626		—		0.001079		0.329705		100			—			0	^(b)		100
Evolved U.S. Financials^(a)		0.543626		—		0.002121		0.545747		100			—			0	^(b)		100
Evolved U.S. Healthcare Staples^(a)		0.299033		—		0.003608		0.302641		99			—			1			100
Evolved U.S. Innovative Healthcare		0.388554		0.558035		—		0.946589		41			59			—			100
Evolved U.S. Media and Entertainment^(a)		0.229960		—		0.001559		0.231519		99			—			1			100
Evolved U.S. Technology^(a)		0.208075		—		0.000533		0.208608		100			—			0	^(b)		100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b)

Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.


SUPPLEMENTAL INFORMATION		71

Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 381 funds as of July 31, 2021. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a) (64)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).

Salim Ramji^(b)(51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares Trust (since 2019).

^(a)	Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)	Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.


Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (72)	Trustee (since 2011); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (65)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since (2016).

Richard L. Fagnani (66)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).


72		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (66)	Trustee (since 2011); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).

Drew E. Lawton (62)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

John E. Martinez (60)	Trustee (since 2011); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).

Madhav V. Rajan (56)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (53)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (52)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (60)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (58)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


TRUSTEE AND OFFICER INFORMATION		73

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

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 and Rule 30e-3 notices 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.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


74		2 0 2 1 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity



ADR		American Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


GLOSSARY OF TERMS USED IN THIS REPORT		75

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

iS-AR-715-0721

(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 code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. During the period covered by this report, 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 has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani, John E. Kerrigan, and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

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 seven series of the registrant for which the fiscal year-end is July 31, 2021 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a)

Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $88,900 for the fiscal year ended July 31, 2020 and $102,800 for the fiscal year ended July 31, 2021.

(b)

Audit-Related Fees – There were no fees billed for the fiscal years ended July 31, 2020 and July 31, 2021 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 Funds were $26,467 for the fiscal year ended July 31, 2020 and $67,900 for the fiscal year ended July 31, 2021. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d)

All Other Fees – There were no other fees billed in each of the fiscal years ended July 31, 2020 and July 31, 2021 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)

(1) 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.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended July 31, 2021 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)

The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $26,467 for the fiscal year ended July 31, 2020 and $67,900 for the fiscal year ended July 31, 2021.

(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.

Item 5.

Audit Committee of Listed Registrants

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, John E. Kerrigan, and Madhav V. Rajan.

(b) Not applicable.

Item 6.

Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10.

Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.

Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) 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 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.

Exhibits.

(a) (1) Code of Ethics is not filed as an exhibit; please refer to Item 2.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable.

(a) (4) Not applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

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/ Armando Senra
				Armando Senra, President (Principal Executive Officer)

Date: October 01, 2021

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/ Armando Senra
				Armando Senra, President (Principal Executive Officer)

Date: October 01, 2021


		By:		/s/ Trent Walker
				Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: October 01, 2021

iShares Gold Strategy ETF (IAUF) N-CSRCertified annual shareholder report (management investment company)