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, 2022

Date of reporting period: July 31, 2022

Item 1.

Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.


		JULY 31, 2022

2022 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, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have room to rise before peaking, although investors’ inflation expectations began to decline near the end of the period.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we believe that we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near-term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long-term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of July 31, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(7.81	)%		(4.64	)%

U.S. small cap equities (Russell 2000^® Index)		(6.42	)		(14.29	)

International equities (MSCI Europe, Australasia, Far East Index)		(11.27	)		(14.32	)

Emerging market equities (MSCI Emerging Markets Index)		(16.24	)		(20.09	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.21			0.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.38	)		(10.00	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.14	)		(9.12	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(3.95	)		(6.93	)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(6.58	)		(8.03	)

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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		19
Disclosure of 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		68
Board Review and Approval of Investment Advisory Contract		69
Supplemental Information		71
Trustee and Officer Information		72
General Information		75
Glossary of Terms Used in this Report		76


		3

Market Overview

iShares U.S. ETF Trust

Domestic Market Overview

U.S. stocks declined for the 12 months ended July 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned -7.35%. Equities advanced early in the reporting period as strong household balance sheets and robust job growth supported rising consumer spending. Increased economic activity led to strong corporate earnings as companies reaped the benefits amid a recovery from the effects of the coronavirus pandemic. However, significant challenges emerged as the reporting period continued, including high inflation, rising interest rates, slower economic growth, and the impacts of Russia’s invasion of Ukraine. These factors drove stock prices sharply lower, erasing prior gains and leading to significantly negative performance for the reporting period overall.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, indicators were mixed, showing evidence of a slowdown in some areas while others remained positive. Hiring continued to increase as businesses restored capacity, and unemployment declined substantially, falling to 3.5% in July 2022 — identical to the pre-pandemic rate in February 2020. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to rise.

The rapid increase in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and could not quickly adapt to the rapid rebound in demand. Oil prices also rose significantly as demand increased and a lack of investment constrained the supply of oil. The strong job market led to higher wages, particularly at the lower end of the market. These factors drove prices higher in many areas of the economy.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022.

In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. The effect of higher inflation and interest rates on equities varied significantly based on equity class. Growth stocks, which derive much of their value from expectations of future growth, declined significantly more than value stocks.

Russia’s invasion of Ukraine in late February 2022 led to substantial disruptions to the global economy and increased uncertainty in financial markets, exacerbating inflation and impacting U.S. businesses with operations in Russia. The invasion was met with widespread condemnation, and many countries imposed sanctions on the Russian state, businesses, and individuals. As Russia is a top producer of both oil and natural gas, global supply concerns led to sharp volatility in U.S. energy markets.


4		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 31, 2022		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		4.67	%		10.48	%		4.67	%		54.51	%
Fund Market		4.78			10.48			4.78			54.47
S&P Total Market Index^TM		(7.78	)		11.16			(7.78	)		58.60

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 21, 2018. The first day of secondary market trading was March 23, 2018.

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 999.30	$ 0.89			$ 1,000.00	$ 1,023.90	$ 0.90		0.18	%

^(a)

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


FUND SUMMARY		5


Fund Summary as of July 31, 2022 (continued)		iShares^® Evolved U.S. Consumer Staples ETF

Portfolio Management Commentary

Consumer staples stocks in the U.S. advanced for the reporting period as investors, amid turbulent financial markets, sought equities generally viewed as less volatile than the broader market. Businesses within the sector offer relatively steady income and attractive dividend payouts that further enticed investors amid the increased market and economic uncertainty of early 2022. As a sector, staples outperformed all but two other U.S equity sectors (energy and utilities) for the reporting period, based on S&P Dow Jones Indices.

Large beverage companies Coca-Cola and Pepsico contributed the most to the Fund’s return. The companies benefited as sales volumes at restaurants and other public venues continued to rebound from the coronavirus pandemic. Price increases bolstered revenue gains and partly helped offset higher costs and business disruptions in Russia due to sanctions after the invasion of Ukraine. Pepsico, which has a complementary product line of snacks, benefited by combatting cost inflation for supplies with higher prices and smaller package sizes, which increased revenues.

Prepared food and snacks manufacturer, such as General Mills, also contributed to the Fund’s performance. Sales in the industry increased as companies absorbed rising input costs by increasing prices. Candy makers, including Hershey Foods, also advanced as increased production capacity failed to meet the strong demand for those products. Meanwhile, Archer Daniels Midland and other agricultural commodities processors benefited from tight global grain supplies and corresponding higher market prices, in addition to rising demand for their ingredients.

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 and Chipotle Mexican Grill, which are typically classified as companies in the consumer discretionary sector. These global quick service restaurant companies detracted from the Fund’s return as consumers’ overall discretionary spending declined during the reporting period, while food and ingredient costs rose.

Portfolio Information


INDUSTRY ALLOCATION

Sector	Percent of Total Investments	^(a)

Beverages	32.6	%
Food	24.6
Agriculture	11.8
Cosmetics & Personal Care	9.7
Retail	9.6
Packaging & Containers	2.7
Household Products & Wares	1.9
Chemicals	1.9
Pharmaceuticals	1.7
Biotechnology	1.0
Other (each representing less than 1%)	2.5


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Coca-Cola Co. (The)	12.0	%
PepsiCo Inc.	11.0
Procter & Gamble Co. (The)	7.5
Philip Morris International Inc.	4.8
Mondelez International Inc., Class A	4.6
General Mills Inc.	3.7
Altria Group Inc.	3.7
Starbucks Corp.	3.2
Monster Beverage Corp.	3.0
McDonald’s Corp.	2.8

^(a)

Excludes money market funds.


6		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 31, 2022		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		(12.65	)%		12.30	%		(12.65	)%		65.92	%
Fund Market		(12.63	)		12.30			(12.63	)		65.90
S&P Total Market Index^TM		(7.78	)		11.16			(7.78	)		58.60

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 21, 2018. The first day of secondary market trading was March 23, 2018.

The S&P Total Market Index^TM 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 (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 887.60	$ 0.84			$ 1,000.00	$ 1,023.90	$ 0.90		0.18	%

^(a)


FUND SUMMARY		7


Fund Summary as of July 31, 2022 (continued)		iShares^® Evolved U.S. Discretionary Spending ETF

Portfolio Management Commentary

Stocks related to U.S. discretionary spending declined for the reporting period amid a variety of economic concerns, including rising inflation, Fed interest rate increases, and the war between Russia and Ukraine. As U.S. economic output contracted, consumers contemplated the possibility of a recession. Discretionary spending decreased during the reporting period, and the outlook for a near-term rebound appeared uncertain, weighing on stocks within the sector.

The commerce industry detracted the most from the Fund’s return, driven by internet commerce and direct marketers. Large e-commerce retailer Amazon declined as rising inflation led to increased labor costs and decreasing sales. Supply-chain problems further exacerbated a reduction in profit margins. Amazon’s addition of warehouse space and expansion of transportation networks during the height of the coronavirus pandemic yielded excess capacity that added to expenses when sales declined in the first half of 2022. As many investors associate e-commerce retailers with the information technology sector, that sector’s overall decline in early 2022 also weighed on companies like Amazon.

Traditional in-store retail outlets likewise detracted from the Fund’s performance. Many large chains canceled orders and marked down merchandise they had purchased during the height of the pandemic — merchandise that consumers no longer found attractive as pandemic-related restrictions disappeared and inflation increased. Sales for discount outlets Ross Stores and Burlington Stores, which cater to more cost-conscious consumers, also increasingly declined amid rising inflation, while inventory levels rose substantially. Nike a leading footwear marketer, also detracted amid a withdrawal from Russia, China’s pandemic-related lockdowns, rising freight and logistics costs, questions about the North American market outlook, and concerns about labor practices in western China.

Portfolio Information


INDUSTRY ALLOCATION

Sector	Percent of Total Investments	^(a)

Retail	54.8	%
Internet	21.6
Apparel	6.2
Cosmetics & Personal Care	3.9
Lodging	2.4
Food	1.8
Commercial Services	1.5
Entertainment	1.1
Computers	1.1
Distribution & Wholesale	1.0
Other (each representing less than 1%)	4.6


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Amazon.com Inc.	17.8	%
Home Depot Inc. (The)	8.1
Costco Wholesale Corp.	7.4
Walmart Inc.	6.0
Nike Inc., Class B	3.8
McDonald’s Corp.	3.5
Lowe’s Companies Inc.	3.2
Target Corp.	2.8
Procter & Gamble Co. (The)	2.6
TJX Companies Inc. (The)	2.3

^(a)

Excludes money market funds.


8		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 31, 2022		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		(3.23	)%		6.17	%		(3.23	)%		29.88	%
Fund Market		(3.24	)		6.17			(3.24	)		29.87
S&P Total Market Index^TM		(7.78	)		11.16			(7.78	)		58.60

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 21, 2018. The first day of secondary market trading was March 23, 2018.

The S&P Total Market Index^T^M 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 (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 892.10	$ 0.84			$ 1,000.00	$ 1,023.90	$ 0.90		0.18	%

^(a)


FUND SUMMARY		9


Fund Summary as of July 31, 2022 (continued)		iShares^® Evolved U.S. Financials ETF

Portfolio Management Commentary

U.S. financials stocks declined for the reporting period amid a steep decline in the broader stock market and myriad economic challenges. Rising inflation, Fed interest rate increases, and the war between Russia and Ukraine created significant economic headwinds.

A diverse group of financial services companies, including asset managers, investment banks, and credit ratings agencies detracted from the Fund’s performance. Asset management companies, such as T. Rowe Price Group, declined alongside the broader equity market. Cash inflows into equity investment funds declined considerably in the first half of 2022, and bond funds posted net outflows, reducing fees and profitability. Investment banks Morgan Stanley and Goldman Sachs detracted amid substantial decreases in revenue and in deal-making in capital markets. Investors reacted negatively to the disappointing near-term revenue outlook. In addition, stock underwriting for initial public offerings all but halted. Meanwhile, investment ratings agency Moody’s Corporation declined following a sharp decrease in corporate debt issuance amid a rising interest rate environment, which led to reduced earnings visibility.

Credit card issuers also detracted from the Fund’s return as the U.S. economy slowed. For example, Capital One Financial Corporation declined, despite benefiting both from increased consumer spending in the wake of pent-up, pandemic-induced demand and from assets yielding higher interest income. Investors grew cautious about the uncertain outlook for continued consumer spending amid mounting recession concerns, as credit card fee revenue highly correlates with customer transactions.

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 traditionally have been categorized in other sectors. For example, Fidelity National Information Services, which is traditionally categorized in the information technology sector, declined from relative performance as mobile and e-commerce payment gateway providers faced a challenging business outlook. On the upside, companies in the healthcare sector, such as UnitedHealth Group, a large managed healthcare company, contributed to the Fund’s relative performance. UnitedHealth benefited from lower expenses for coronavirus-related care and increased insurance enrollment.

Portfolio Information


INDUSTRY ALLOCATION

Sector	Percent of Total Investments	^(a)

Banks	40.3	%
Insurance	25.0
Diversified Financial Services	17.1
Commercial Services	4.2
Health Care - Services	4.1
Software	2.5
Pharmaceuticals	1.9
Machinery	1.2
Private Equity	1.2
Other (each representing less than 1%)	2.5


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Wells Fargo & Co.	4.3	%
JPMorgan Chase & Co.	4.0
Bank of America Corp.	3.9
Berkshire Hathaway Inc., Class B	3.3
Goldman Sachs Group Inc. (The)	3.0
Morgan Stanley	2.9
Charles Schwab Corp. (The)	2.8
UnitedHealth Group Inc.	2.8
Citigroup Inc.	2.3
Truist Financial Corp.	2.1

^(a)

Excludes money market funds.


10		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 31, 2022		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		(5.09	)%		13.29	%		(5.09	)%		72.41	%
Fund Market		(5.24	)		13.26			(5.24	)		72.17
S&P Total Market Index^TM		(7.78	)		11.16			(7.78	)		58.60

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 21, 2018. The first day of secondary market trading was March 23, 2018.

The S&P Total Market Index^TM 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 (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 978.00	$ 0.88			$ 1,000.00	$ 1,023.90	$ 0.90		0.18	%

^(a)


FUND SUMMARY		11


Fund Summary as of July 31, 2022 (continued)		iShares^® Evolved U.S. Healthcare Staples ETF

Portfolio Management Commentary

U.S. healthcare staples stocks declined modestly for the reporting period as inflationary pressures, labor shortages, and resurging coronavirus waves outweighed favorable spending trends and pent-up demand for elective surgeries. Healthcare equipment stocks detracted the most from the Fund’s return, due to continuing supply-chain challenges and pandemic-related delays. Medtronic reported lower sales as recurring lockdowns in China constrained supply of raw materials and added to logistics delays. The shortage of nurses in the U.S. further limited the number of medical procedures conducted at hospitals. Deferred procedures due to COVID-19 also lowered sales volumes and increased near-term spending for Intuitive Surgical despite increased adoption of the firm’s robotic surgical platform. Stryker also reported a rise in sales for its surgical robots; however, the company’s revenue growth slowed overall as hospital clients increasingly shifted away from outright purchases in favor of rental or longer-term financing contracts. The resurging COVID-19 waves drove sales higher for at-home antigen tests, but test-maker Abbott Laboratories’ stock declined after a recall of baby formula products halted factory production and exacerbated a nationwide shortage.

Life sciences tools and services stocks also weighed on the Fund’s return. China’s lockdowns led to significantly lowered sales for gene-sequencing supplier Illumina. Regulatory pressure in the U.S. and Europe regarding a recent acquisition also dampened investor enthusiasm for the firm’s stock.

On the upside, managed healthcare companies contributed to the Fund’s performance as investors sought out businesses with less exposure to inflation impacts. UnitedHealth Group was the largest contributor as the managed healthcare conglomerate increased revenue through diversified business strategies, including expanding low-cost telehealth offerings and other non-hospital-based health services.

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 activities. During the reporting period, the evolved process identified several healthcare companies with similar businesses that have traditionally been categorized in other sectors. In the real estate investment trust (“REIT”) industry, Healthpeak Properties, which owns and develops private healthcare facilities, declined due to weakness in its continuing care residential community segment due to a one-time repayment of CARES Act relief funds.

Portfolio Information


INDUSTRY ALLOCATION

Sector	Percent of Total Investments	^(a)

Health Care - Products	43.2	%
Health Care - Services	31.2
Pharmaceuticals	20.0
Biotechnology	1.5
Real Estate Investment Trusts	1.2
Electronics	1.1
Other (each representing less than 1%)	1.8


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

UnitedHealth Group Inc.	16.7	%
Abbott Laboratories	7.5
Danaher Corp.	5.1
Johnson & Johnson	4.8
Medtronic PLC	4.5
Thermo Fisher Scientific Inc.	4.2
Elevance Health Inc.	3.4
CVS Health Corp.	3.4
AbbVie Inc.	3.2
Intuitive Surgical Inc.	3.2

^(a)

Excludes money market funds.


12		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 31, 2022		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		(4.26	)%		9.64	%		(4.26	)%		49.44	%
Fund Market		(4.22	)		9.63			(4.22	)		49.34
S&P Total Market Index^TM		(7.78	)		11.16			(7.78	)		58.60

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 21, 2018. The first day of secondary market trading was March 23, 2018.

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 (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,015.20	$ 0.90			$ 1,000.00	$ 1,023.90	$ 0.90		0.18	%

^(a)


FUND SUMMARY		13


Fund Summary as of July 31, 2022 (continued)		iShares^® Evolved U.S. Innovative Healthcare ETF

Portfolio Management Commentary

U.S. innovative healthcare stocks declined modestly during the reporting period as the rising interest rate environment weighed on high-valuation stocks and cooled capital flows. Recurring COVID-19 outbreaks added to the uncertain market environment as drugmakers struggled with mismatches between vaccine supply and demand. Merger and acquisition activity within the pharmaceutical industry dropped to one of the lowest levels in the last decade amid heightened regulatory scrutiny.

Biotechnology stocks detracted the most from the Fund’s return as declining COVID-19 vaccine sales and research funding pressured the earnings of companies such as Moderna and Novavax. Moderna announced the development of a new vaccine targeting the omicron variant even as declining case rates raised doubts about the necessity of variant-specific vaccines. Competition from the introduction of new treatments for COVID-19 weighed particularly hard on less diversified companies such as Moderna, which derive nearly all their revenue from vaccines.

Other biotechnology companies reported disappointing drug sales. Biogen’s highly anticipated Alzheimer’s treatment, widely criticized for its initial high price point, encountered multiple distribution hurdles with insurance companies and prominent medical centers. Gilead Sciences’ stock also trended lower due to falling sales of its COVID-19 antiviral drug for hospitalized patients, despite increased revenue from its cancer and HIV drug divisions. In addition, clinical-stage oncology company Mirati Therapeutics reported mixed clinical trial results for its new KRAS-mutation targeting cancer drug. Competitive category pressure and management turnover further marred the stock’s performance.

On the upside, pharmaceuticals companies such as Pfizer and Eli Lilly contributed to the Fund’s return. These broadly diversified companies hold large amounts of cash on their balance sheets and generated revenue gains across multiple categories, making them less dependent on COVID-19 related drug sales alone.

Portfolio Information


INDUSTRY ALLOCATION

Sector	Percent of Total Investments	^(a)

Biotechnology	47.7	%
Pharmaceuticals	46.9
Health Care - Products	3.2
Health Care - Services	2.0
Other (each representing less than 1%)	0.2


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Johnson & Johnson	11.2	%
Eli Lilly & Co.	8.2
AbbVie Inc.	6.6
Merck & Co. Inc.	6.3
Bristol-Myers Squibb Co.	5.8
Vertex Pharmaceuticals Inc.	5.6
Amgen Inc.	4.8
Moderna Inc.	4.7
Gilead Sciences Inc.	4.4
Regeneron Pharmaceuticals Inc.	4.3

^(a)

Excludes money market funds.


14		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 31, 2022		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		(29.16	)%		2.93	%		(29.16	)%		13.45	%
Fund Market		(29.13	)		2.91			(29.13	)		13.35
S&P Total Market Index^TM		(7.78	)		11.16			(7.78	)		58.60

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 21, 2018. The first day of secondary market trading was March 23, 2018.

The S&P Total Market Index^TM 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 (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period⁽	^a)		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 808.40	$ 0.81			$ 1,000.00	$ 1,023.90	$ 0.90		0.18	%

^(a)


FUND SUMMARY		15


Fund Summary as of July 31, 2022 (continued)		iShares^® Evolved U.S. Media and Entertainment ETF

Portfolio Management Commentary

U.S. media and entertainment stocks declined sharply during the reporting period amid slowing global economic growth and a consumer shift from digital back to in-person experiences. Rising inflation increased costs, and relatively high valuations led investors to closely scrutinize corporate earnings.

Entertainment media companies detracted the most from the Fund’s return. Profits decreased as operating costs increased at Roku, a streaming and television interface company, while revenue from digital advertising declined. Increased competition also weighed on Roku as Microsoft Corporation announced plans to enter the streaming device market. Streaming service Netflix also detracted significantly, losing subscribers as customers in search of new content switched services frequently. Furthermore, Netflix incurred high costs from creating original programming to attract subscribers. The Walt Disney Company, a media conglomerate, also declined as increased competition, slowing growth, and rising costs reduced profits from its Disney Plus streaming media service. While its theme parks showed strength following the loosening of coronavirus-related restrictions, a conflict with Florida’s state government negatively impacted the company.

Broadband service companies also detracted meaningfully from the Fund’s return. New high speed internet options, such as fiberoptic services offered by wireless companies, led to increased competition for broadband service. While revenues rose at Charter Communications, a provider of cable and internet service, subscriber growth slowed markedly. Telecommunications conglomerate Comcast Communications declined due to weak growth in its streaming service, Peacock, and its broadband service, as home buying slowed, and customers switched to mobile broadband services. In the social media industry, uncertainty about billionaire Elon Musk’s plans to purchase microblogging platform Twitter led to significant price volatility for Twitter’s stock.

Portfolio Information


INDUSTRY ALLOCATION

Sector	Percent of Total Investments	^(a)

Media	54.1	%
Internet	14.5
Software	12.7
Entertainment	8.9
Toys, Games & Hobbies	3.3
Commercial Services	2.2
Real Estate Investment Trusts	1.5
Retail	1.0
Other (each representing less than 1%)	1.8


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Fox Corp., Class A	5.1	%
Activision Blizzard Inc.	5.0
Electronic Arts Inc.	4.6
Comcast Corp., Class A	4.6
Nexstar Media Group Inc., Class A	4.5
Walt Disney Co. (The)	4.4
Paramount Global, Class B	4.0
Charter Communications Inc., Class A	3.8
Twitter Inc.	3.7
Warner Bros. Discovery Inc.	3.1

^(a)

Excludes money market funds.


16		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of July 31, 2022		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		(16.02	)%		16.86	%		(16.02	)%		97.39	%
Fund Market		(16.12	)		16.85			(16.12	)		97.28
S&P Total Market Index^TM		(7.78	)		11.16			(7.78	)		58.60

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 21, 2018. The first day of secondary market trading was March 23, 2018.

The S&P Total Market Index^TM 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 (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	��		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period⁽	^a)	Annualized Expense Ratio

	$ 1,000.00	$ 843.30	$ 0.82				$ 1,000.00	$ 1,023.90	$ 0.90		0.18	%

^(a)


FUND SUMMARY		17


Fund Summary as of July 31, 2022 (continued)		iShares^® Evolved U.S. Technology ETF

Portfolio Management Commentary

U.S. technology stocks declined significantly during the reporting period. As in-person work and commerce resumed, demand weakened for certain software and online services that facilitated business during pandemic-related restrictions. Amid rising inflation, higher interest rates negatively impacted the highest valuation growth-oriented technology stocks by lowering the current value of future earnings, decreasing demand and cash flows, and raising financing costs.

The specialized software industry detracted the most from the Fund’s performance as the need for digital solutions for online learning and working diminished. Adobe Incorporated led the decline as growth in sales of its creative software platform declined. The company suspended business in Russia due to that country’s invasion of Ukraine, negatively impacting revenues. Despite strong earnings, cloud-based customer relationship management specialist Salesforce declined as investors generally turned away from high-growth stocks. Docusign Incorporated also detracted as growth in demand for digital signatures slowed sharply with many businesses returning to in-person work.

Technology service providers also detracted substantially from the Fund’s return. Online payment company PayPal declined, reflecting ongoing disruptions to supply chains and a decrease in online shopping. Earnings slowed as the company faced difficulty in growing its active user base. The high interest rate environment weighed on Block, a financial technology company, reducing demand for loans among its small business customers. A sharp decline in the price of Bitcoin also negatively impacted Block’s balance sheet.

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 example, the Fund held positions in Meta and Alphabet Inc., Facebook and Google’s parent companies, respectively, both traditionally classified as communication services companies. Meta’s revenues declined as growth in demand for digital advertisements contracted amid the global economic slowdown and ongoing supply chain disruptions. Although revenue from Google search advertising fared relatively well, Alphabet declined amid disappointing sales in its YouTube and Google Cloud businesses. Currency effects due to the strong U.S. dollar also weighed on Alphabet as the majority of its sales originate outside the U.S.

Portfolio Information


INDUSTRY ALLOCATION

Sector	Percent of Total Investments	^(a)

Software	31.3	%
Internet	22.5
Computers	18.2
Semiconductors	12.5
Diversified Financial Services	5.7
Commercial Services	3.8
Telecommunications	2.1
Other (each representing less than 1%)	3.9


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Microsoft Corp.	15.9	%
Apple Inc.	13.2
Amazon.com Inc.	5.8
Alphabet Inc., Class A	5.1
Alphabet Inc., Class C	5.0
Nvidia Corp.	4.0
Meta Platforms Inc, Class A	3.0
Visa Inc., Class A	2.6
Mastercard Inc., Class A	2.1
Adobe Inc.	1.7

^(a)

Excludes money market funds.


18		2 0 2 2 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 each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Disclosure of Expenses

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

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

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

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


ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES		19

Schedule of Investments

July 31, 2022

iShares^® Evolved U.S. Consumer Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Agriculture — 11.7%
Altria Group Inc.		14,153	$	620,750
Archer-Daniels-Midland Co.		4,818		398,786
Bunge Ltd.		912		84,205
Darling Ingredients Inc.^(a)		870		60,274
Fresh Del Monte Produce Inc.		169		5,021
Philip Morris International Inc.		8,303		806,636
Universal Corp./VA		124		6,933
Vector Group Ltd.		377		4,200


				1,986,805

Beverages — 32.3%
Boston Beer Co. Inc. (The), Class A, NVS^(a)		70		26,630
Brown-Forman Corp., Class A, NVS		372		26,933
Brown-Forman Corp., Class B		2,797		207,593
Celsius Holdings Inc.^(a)		447		39,765
Coca-Cola Co. (The)		31,375		2,013,334
Coca-Cola Consolidated Inc.		51		26,163
Constellation Brands Inc., Class A		982		241,876
Keurig Dr Pepper Inc.		10,314		399,564
MGP Ingredients Inc.		110		11,570
Molson Coors Beverage Co., Class B		1,500		89,625
Monster Beverage Corp.^(a)		5,133		511,349
National Beverage Corp.		300		16,254
PepsiCo Inc.		10,612		1,856,676
Primo Water Corp.		1,508		19,936


				5,487,268

Biotechnology — 1.0%
Corteva Inc.		2,899		166,838


Chemicals — 1.9%
Balchem Corp.		162		21,993
Ecolab Inc.		142		23,454
FMC Corp.		63		7,000
International Flavors & Fragrances Inc.		1,842		228,500
Mosaic Co. (The)		361		19,010
Sensient Technologies Corp.		240		20,635


				320,592

Commercial Services — 0.0%
Medifast Inc.		59		9,923
WW International Inc.^(a)		180		1,195


				11,118

Computers — 0.1%
ExlService Holdings Inc.^(a)		99		16,669


Cosmetics & Personal Care — 9.6%
Colgate-Palmolive Co.		4,372		344,251
Coty Inc., Class A^(a)		1,840		13,469
Edgewell Personal Care Co.		150		5,967
Procter & Gamble Co. (The)		9,107		1,265,054


				1,628,741

Diversified Financial Services — 0.0%
Jefferies Financial Group Inc.		2		65


Electrical Components & Equipment — 0.1%
Energizer Holdings Inc.		380		11,221


Food — 24.3%
B&G Foods Inc.		770		19,027
Beyond Meat Inc.^(a)		389		12,444


Security	Shares		Value

Food (continued)
Calavo Growers Inc.		110	$	4,433
Cal-Maine Foods Inc.		200		10,222
Campbell Soup Co.		2,223		109,705
Conagra Brands Inc.		5,429		185,726
Flowers Foods Inc.		1,190		33,808
General Mills Inc.		8,314		621,804
Hain Celestial Group Inc. (The)^(a)		1,040		23,660
Hershey Co. (The)		1,753		399,614
Hormel Foods Corp.		2,439		120,340
Hostess Brands Inc.^(a)		650		14,703
Ingredion Inc.		504		45,854
J&J Snack Foods Corp.		130		17,616
JM Smucker Co. (The)		1,248		165,135
John B Sanfilippo & Son Inc.		90		6,741
Kellogg Co.		3,153		233,070
Kraft Heinz Co. (The)		6,041		222,490
Kroger Co. (The)		1,836		85,264
Lamb Weston Holdings Inc.		1,198		95,433
Lancaster Colony Corp.		170		22,505
McCormick & Co. Inc./MD, NVS		2,141		187,016
Mondelez International Inc., Class A		11,941		764,702
Performance Food Group Co.^(a)		711		35,344
Pilgrim’s Pride Corp.^(a)		300		9,411
Post Holdings Inc.^(a)		687		59,728
Seaboard Corp.		1		4,061
Simply Good Foods Co. (The)^(a)		718		23,421
Sprouts Farmers Market Inc.^(a)		450		12,438
Sysco Corp.		3,186		270,491
Tootsie Roll Industries Inc.		158		5,549
TreeHouse Foods Inc.^(a)		640		27,789
Tyson Foods Inc., Class A		2,728		240,091
U.S. Foods Holding Corp.^(a)		1,052		33,138
United Natural Foods Inc.^(a)		220		9,352


				4,132,125

Health Care - Products — 0.1%
Neogen Corp.^(a)		540		12,490


Holding Companies - Diversified — 0.0%
Cannae Holdings Inc.^(a)		298		6,291


Household Products & Wares — 1.9%
ACCO Brands Corp.		2		14
Church & Dwight Co. Inc.		1,148		100,990
Clorox Co. (The)		563		79,856
Helen of Troy Ltd.^(a)		50		6,689
Kimberly-Clark Corp.		1,048		138,116
WD-40 Co.		23		4,080


				329,745

Housewares — 0.1%
Newell Brands Inc.		264		5,335
Scotts Miracle-Gro Co. (The)		140		12,453


				17,788

Insurance — 0.1%
Reinsurance Group of America Inc.		158		18,293


Machinery — 0.3%
AGCO Corp.		230		25,052
Middleby Corp. (The)^(a)		170		24,597


				49,649


20		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Consumer Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Manufacturing — 0.1%
John Bean Technologies Corp.		120	$	13,477


Oil & Gas — 0.8%
ConocoPhillips		1,378		134,259


Packaging & Containers — 2.7%
Amcor PLC		1,537		19,904
AptarGroup Inc.		39		4,203
Ball Corp.		2,379		174,666
Berry Global Group Inc.^(a)		619		35,685
Crown Holdings Inc.		911		92,630
Graphic Packaging Holding Co.		1,924		42,809
O-I Glass Inc.^(a)		780		11,474
Packaging Corp. of America		106		14,905
Sealed Air Corp.		243		14,852
Silgan Holdings Inc.		370		16,465
Sonoco Products Co.		420		26,666


				454,259

Pharmaceuticals — 1.7%
BellRing Brands Inc.^(a)		1,148		27,713
Elanco Animal Health Inc.^(a)		1,468		29,742
Herbalife Nutrition Ltd.^(a)		459		11,204
Perrigo Co. PLC		131		5,485
Prestige Consumer Healthcare Inc.^(a)		220		13,268
Zoetis Inc.		1,072		195,693


				283,105

Real Estate — 0.0%
Douglas Elliman Inc.		188		1,128


Real Estate Investment Trusts — 0.6%
Americold Realty Trust Inc.		841		27,543
Equinix Inc.		100		70,374


				97,917

Retail — 9.5%
BJ’s Restaurants Inc.^(a)		61		1,432
BJ’s Wholesale Club Holdings Inc.^(a)		264		17,873
Casey’s General Stores Inc.		110		22,292
Cheesecake Factory Inc. (The)		140		4,092


Security	Shares		Value

Retail (continued)
Chipotle Mexican Grill Inc.^(a)		150	$	234,633
Cracker Barrel Old Country Store Inc.		50		4,754
Darden Restaurants Inc.		177		22,035
Domino’s Pizza Inc.		82		32,153
Freshpet Inc.^(a)		262		14,001
Jack in the Box Inc.		90		6,223
McDonald’s Corp.		1,763		464,321
Shake Shack Inc., Class A^(a)		101		5,197
Starbucks Corp.		6,383		541,151
Texas Roadhouse Inc.		84		7,326
Wendy’s Co. (The)		710		14,931
Wingstop Inc.		90		11,356
Yum China Holdings Inc.		1,341		65,320
Yum! Brands Inc.		1,164		142,637


				1,611,727

Toys, Games & Hobbies — 0.1%
Mattel Inc.^(a)		677		15,706


Total Long-Term Investments — 99.0% (Cost: $15,239,840)				16,807,276


Short-Term Securities

Money Market Funds — 0.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(b)(c)		140,000		140,000


Total Short-Term Securities — 0.8% (Cost: $140,000)				140,000


Total Investments in Securities — 99.8% (Cost: $15,379,840)				16,947,276

Other Assets Less Liabilities — 0.2%				25,684


Net Assets — 100.0%			$	16,972,960

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	15,208	$	—	$	(15,165	)^(b)	$	(39	)	$	(4	)	$	—		—	$	888	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		140,000		—		0	^(b)		—			—			140,000		140,000		326			—


								$	(39	)	$	(4	)	$	140,000			$	1,214		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

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.


SCHEDULE OF INVESTMENTS		21

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Consumer Staples ETF

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	16,807,276	$	—	$	—	$	16,807,276
Money Market Funds		140,000		—		—		140,000


	$	16,947,276	$	—	$	—	$	16,947,276

See notes to financial statements.


22		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

July 31, 2022

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)		431	$	12,874


Airlines — 0.2%
Alaska Air Group Inc.^(a)		208		9,221
JetBlue Airways Corp.^(a)		552		4,648
Southwest Airlines Co.^(a)		260		9,911


				23,780

Apparel — 6.2%
Capri Holdings Ltd.^(a)		526		25,606
Carter’s Inc.		280		22,814
Columbia Sportswear Co.		144		10,658
Crocs Inc.^(a)		272		19,486
Deckers Outdoor Corp.^(a)		129		40,404
Hanesbrands Inc.		1,472		16,457
Kontoor Brands Inc.		173		6,315
Levi Strauss & Co., Class A		263		4,976
Nike Inc., Class B		5,199		597,469
Oxford Industries Inc.		96		9,158
PVH Corp.		340		21,053
Ralph Lauren Corp.		241		23,770
Skechers U.S.A. Inc., Class A^(a)		672		25,509
Steven Madden Ltd.		446		14,138
Tapestry Inc.		1,480		49,772
Under Armour Inc., Class A^(a)		808		7,482
Under Armour Inc., Class C, NVS^(a)		824		6,806
Urban Outfitters Inc.^(a)		400		8,192
VF Corp.		1,149		51,337
Wolverine World Wide Inc.		248		5,573


				966,975

Beverages — 0.2%
Constellation Brands Inc., Class A		156		38,424


Building Materials — 0.1%
American Woodmark Corp.^(a)		32		1,607
Masco Corp.		327		18,109


				19,716

Chemicals — 0.1%
Valvoline Inc.		336		10,826


Commercial Services — 1.4%
Avis Budget Group Inc.^(a)		81		14,744
Block Inc.^(a)(b)		501		38,106
Bright Horizons Family Solutions Inc.^(a)(b)		40		3,747
Cintas Corp.		144		61,271
Euronet Worldwide Inc.^(a)		80		7,862
Grand Canyon Education Inc.^(a)		72		6,917
H&R Block Inc.		448		17,902
ManpowerGroup Inc.		120		9,409
Monro Inc.		136		6,820
PayPal Holdings Inc.^(a)		252		21,806
PROG Holdings Inc.^(a)		268		4,937
Rent-A-Center Inc./TX		231		5,435
Rollins Inc.		360		13,885
Terminix Global Holdings Inc.^(a)		272		12,158
WW International Inc.^(a)(b)		72		478


				225,477

Computers — 1.1%
Apple Inc.		1,025		166,573


Security	Shares		Value

Cosmetics & Personal Care — 3.9%
Colgate-Palmolive Co.		84	$	6,614
Coty Inc., Class A^(a)		319		2,335
Estee Lauder Companies Inc. (The), Class A		715		195,266
Inter Parfums Inc.		62		5,175
Procter & Gamble Co. (The)		2,861		397,422


				606,812

Distribution & Wholesale — 1.0%
Fastenal Co.		747		38,366
G-III Apparel Group Ltd.^(a)		232		5,125
Leslie’s Inc.^(a)(b)		329		4,987
LKQ Corp.		218		11,955
Pool Corp.		76		27,185
SiteOne Landscape Supply Inc.^(a)		72		10,032
WW Grainger Inc.		96		52,179


				149,829

Diversified Financial Services — 0.8%
LendingTree Inc.^(a)		8		364
Mastercard Inc., Class A		163		57,668
Visa Inc., Class A^(b)		300		63,633


				121,665

Entertainment — 1.1%
AMC Entertainment Holdings Inc., Class A^(a)		1,489		21,680
Caesars Entertainment Inc.^(a)		524		23,942
Churchill Downs Inc.		79		16,574
Cinemark Holdings Inc.^(a)		256		4,692
DraftKings Inc., Class A ^(a)		476		6,535
Live Nation Entertainment Inc.^(a)		360		33,836
Madison Square Garden Sports Corp.^(a)		40		6,151
Marriott Vacations Worldwide Corp.		71		9,721
Penn National Gaming Inc.^(a)		267		9,225
Red Rock Resorts Inc., Class A		232		9,125
Scientific Games Corp., Class A^(a)		88		4,483
Six Flags Entertainment Corp.^(a)		136		3,083
Vail Resorts Inc.		104		24,662


				173,709

Food — 1.8%
Beyond Meat Inc.^(a)(b)		67		2,143
Flowers Foods Inc.		360		10,228
Grocery Outlet Holding Corp.^(a)		450		19,224
Kroger Co. (The)		3,537		164,258
Performance Food Group Co.^(a)		308		15,311
Sprouts Farmers Market Inc.^(a)		504		13,931
Sysco Corp.		559		47,459
U.S. Foods Holding Corp.^(a)		432		13,608


				286,162

Food Service — 0.1%
Aramark		640		21,376


Holding Companies - Diversified — 0.0%
Cannae Holdings Inc.^(a)		120		2,533


Home Builders — 0.1%
Taylor Morrison Home Corp.^(a)		160		4,592
Toll Brothers Inc.		208		10,229


				14,821

Home Furnishings — 0.1%
Sleep Number Corp.^(a)		94		4,236
Tempur Sealy International Inc.		544		14,949


				19,185


SCHEDULE OF INVESTMENTS		23

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Discretionary Spending ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Products & Wares — 0.2%
Helen of Troy Ltd.^(a)		41	$	5,486
Kimberly-Clark Corp.		208		27,412


				32,898

Housewares — 0.1%
Newell Brands Inc.		758		15,319
Scotts Miracle-Gro Co. (The)		64		5,693
Tupperware Brands Corp.^(a)		88		656


				21,668

Internet — 21.4%
Airbnb Inc., Class A^(a)		855		94,888
Amazon.com Inc.^(a)		20,480		2,763,776
Booking Holdings Inc.^(a)		85		164,534
Cars.com Inc.^(a)		120		1,411
Chewy Inc., Class A^(a)		181		7,025
DoorDash Inc., Class A^(a)		618		43,105
eBay Inc.		985		47,900
Etsy Inc.^(a)		232		24,063
Expedia Group Inc.^(a)		297		31,497
Groupon Inc.^(a)		48		509
Just Eat Takeaway.com NV SP ADR^(a)(b)		590		2,136
Lyft Inc., Class A^(a)		394		5,461
Match Group Inc.^(a)		76		5,571
MercadoLibre Inc.^(a)(b)		97		78,930
Overstock.com Inc.^(a)		100		2,900
Pinterest Inc., Class A^(a)		1,181		23,006
Stitch Fix Inc., Class A^(a)(b)		110		657
Uber Technologies Inc.^(a)		1,829		42,890
Wayfair Inc., Class A^(a)(b)		329		17,736


				3,357,995

Leisure Time — 0.6%
Carnival Corp.^(a)		2,092		18,954
Norwegian Cruise Line Holdings Ltd.^(a)		730		8,869
Peloton Interactive Inc., Class A^(a)		581		5,514
Planet Fitness Inc., Class A^(a)		416		32,785
Polaris Inc.		56		6,568
Royal Caribbean Cruises Ltd.^(a)		313		12,116
YETI Holdings Inc.^(a)		196		9,951


				94,757

Lodging — 2.4%
Boyd Gaming Corp.		166		9,215
Choice Hotels International Inc.		128		15,471
Hilton Grand Vacations Inc.^(a)		168		6,849
Hilton Worldwide Holdings Inc.		886		113,470
Hyatt Hotels Corp., Class A^(a)		128		10,592
Las Vegas Sands Corp.^(a)		1,047		39,462
Marriott International Inc./MD, Class A		572		90,845
MGM Resorts International		885		28,966
Travel + Leisure Co.		328		14,140
Wyndham Hotels & Resorts Inc.		383		26,584
Wynn Resorts Ltd.^(a)		200		12,696


				368,290

Oil & Gas — 0.8%
ConocoPhillips		1,260		122,762


Pharmaceuticals — 0.0%
Herbalife Nutrition Ltd.^(a)		190		4,638


Real Estate — 0.0%
RE/MAX Holdings Inc., Class A		84		2,129


Security	Shares		Value

Real Estate Investment Trusts — 0.2%
Apple Hospitality REIT Inc.		336	$	5,604
Host Hotels & Resorts Inc.		1,064		18,950
Macerich Co. (The)		203		2,154
Park Hotels & Resorts Inc.		240		3,742
Ruth’s Hospitality Group Inc.		144		2,527
Ryman Hospitality Properties Inc.^(a)		64		5,667


				38,644

Retail — 54.4%
Abercrombie & Fitch Co., Class A^(a)		415		7,391
Academy Sports & Outdoors Inc.		349		15,017
Advance Auto Parts Inc.		288		55,763
American Eagle Outfitters Inc.		936		11,269
AutoNation Inc.^(a)		168		19,948
AutoZone Inc.^(a)		88		188,090
Bath & Body Works Inc.		1,255		44,603
Bed Bath & Beyond Inc.^(a)(b)		771		3,878
Best Buy Co. Inc.		849		65,364
Big Lots Inc.		248		5,007
BJ’s Restaurants Inc.^(a)		72		1,690
BJ’s Wholesale Club Holdings Inc.^(a)		561		37,980
Bloomin’ Brands Inc.		384		7,830
Boot Barn Holdings Inc.^(a)		173		10,778
Brinker International Inc.^(a)		211		5,855
Buckle Inc. (The)		152		4,590
Burlington Stores Inc.^(a)		363		51,230
CarMax Inc.^(a)(b)		483		48,078
Carvana Co., Class A^(a)		210		6,121
Casey’s General Stores Inc.		168		34,045
Cheesecake Factory Inc. (The)		168		4,911
Chipotle Mexican Grill Inc.^(a)		92		143,908
Costco Wholesale Corp.		2,112		1,143,226
Cracker Barrel Old Country Store Inc.		112		10,648
Darden Restaurants Inc.		536		66,727
Dave & Buster’s Entertainment Inc.^(a)		169		6,314
Dick’s Sporting Goods Inc.		345		32,289
Dollar General Corp.		1,248		310,041
Dollar Tree Inc.^(a)		1,217		201,243
Domino’s Pizza Inc.		166		65,090
FirstCash Holdings Inc.		152		11,135
Five Below Inc.^(a)		312		39,646
Floor & Decor Holdings Inc., Class A^(a)		437		35,209
Foot Locker Inc.		512		14,525
Freshpet Inc.^(a)		79		4,222
GameStop Corp., Class A^(a)(b)		976		33,194
Gap Inc. (The)		1,672		16,085
Genuine Parts Co.		248		37,912
Home Depot Inc. (The)		4,191		1,261,240
Jack in the Box Inc.		90		6,223
Kohl’s Corp.		913		26,605
La-Z-Boy Inc.		144		4,013
Lithia Motors Inc.		56		14,856
Lowe’s Companies Inc.		2,600		497,978
Lululemon Athletica Inc.^(a)		668		207,421
Macy’s Inc.		1,212		21,392
McDonald’s Corp.		2,076		546,756
MSC Industrial Direct Co. Inc., Class A		80		6,613
Murphy USA Inc.		96		27,299
National Vision Holdings Inc.^(a)		200		5,828
Nordstrom Inc.		625		14,694
Ollie’s Bargain Outlet Holdings Inc.^(a)		326		19,218


24		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Discretionary Spending ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Retail (continued)
O’Reilly Automotive Inc.^(a)		319	$	224,445
Papa John’s International Inc.		94		9,014
PriceSmart Inc.		112		7,435
Qurate Retail Inc. Series A		423		1,155
RH^(a)		90		25,149
Ross Stores Inc.		1,884		153,094
Sally Beauty Holdings Inc.^(a)		648		8,281
Shake Shack Inc., Class A^(a)		96		4,940
Signet Jewelers Ltd.		323		19,690
Starbucks Corp.		2,947		249,847
Target Corp.		2,676		437,205
Texas Roadhouse Inc.		288		25,119
TJX Companies Inc. (The)		5,850		357,786
Tractor Supply Co.		551		105,505
Ulta Beauty, Inc.^(a)		307		119,395
Victoria’s Secret & Co.^(a)		419		15,486
Walgreens Boots Alliance Inc.		1,957		77,536
Walmart Inc.		7,028		928,047
Wendy’s Co. (The)		680		14,300
Williams-Sonoma Inc.		364		52,569
Wingstop Inc.		96		12,113
Yum China Holdings Inc.		1,372		66,830
Yum! Brands Inc.		1,183		144,965


				8,520,894

Software — 0.2%
Intuit Inc.		40		18,247
Take-Two Interactive Software Inc.^(a)		38		5,044


				23,291

Textiles — 0.0%
UniFirst Corp./MA		32		6,269


Security	Shares		Value


Toys, Games & Hobbies — 0.2%
Hasbro Inc.		192	$	15,114
Mattel Inc.^(a)		606		14,059


				29,173

Transportation — 0.5%
FedEx Corp.		336		78,318


Total Long-Term Investments — 99.3% (Cost: $16,394,049)				15,562,463


Short-Term Securities

Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%^(c)(d)(e)		298,332		298,302
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(c)(d)		60,000		60,000


Total Short-Term Securities — 2.3% (Cost: $358,255)				358,302


Total Investments in Securities — 101.6% (Cost: $16,752,304)				15,920,765

Liabilities in Excess of Other Assets — (1.6)%				(243,835	)


Net Assets — 100.0%			$	15,676,930

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	168,573	$	129,943	^(a)	$	—		$	(258	)	$	44	$	298,302		298,332	$	2,580	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		205,000		—			(145,000	)^(a)		—			—		60,000		60,000		236			—


									$	(258	)	$	44	$	358,302			$	2,816		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Hierarchy as of Period End


SCHEDULE OF INVESTMENTS		25

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Discretionary Spending ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	15,562,463	$	—	$	—	$	15,562,463
Money Market Funds		358,302		—		—		358,302


	$	15,920,765	$	—	$	—	$	15,920,765

See notes to financial statements.


26		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

July 31, 2022

iShares^® Evolved U.S. Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 39.9%
Ameris Bancorp.		64	$	3,027
Associated Banc-Corp.		521		10,472
Atlantic Union Bankshares Corp.		210		7,264
BancFirst Corp.		70		7,517
Bank of America Corp.		10,235		346,045
Bank of Hawaii Corp.		142		11,376
Bank of New York Mellon Corp. (The)		1,789		77,750
Bank OZK		340		13,634
BankUnited Inc.		187		7,265
Banner Corp.		52		3,223
BOK Financial Corp.		79		6,954
Cathay General Bancorp		270		11,259
Citigroup Inc.		3,929		203,915
Citizens Financial Group Inc.		1,335		50,690
City Holding Co.		40		3,472
Columbia Banking System Inc.		153		4,616
Comerica Inc.		396		30,797
Commerce Bancshares Inc.		318		22,098
Community Bank System Inc.		114		7,676
ConnectOne Bancorp. Inc.		114		3,014
Cullen/Frost Bankers Inc.		178		23,211
CVB Financial Corp.		243		6,481
Eagle Bancorp. Inc.		67		3,285
East West Bancorp. Inc.		396		28,425
Eastern Bankshares Inc.		423		8,629
Enterprise Financial Services Corp.		88		4,139
Fifth Third Bancorp.		1,921		65,545
First BanCorp./Puerto Rico		372		5,613
First Bancorp./Southern Pines NC		71		2,689
First Busey Corp.		168		4,141
First Citizens BancShares Inc./NC, Class A		31		23,457
First Commonwealth Financial Corp.		268		3,972
First Financial Bancorp		210		4,691
First Financial Bankshares Inc.		426		18,821
First Hawaiian Inc.		391		9,967
First Horizon Corp.		1,609		35,977
First Interstate BancSystem Inc., Class A		231		9,420
Flagstar Bancorp. Inc.		62		2,554
FNB Corp.		1,043		12,474
Fulton Financial Corp.		574		9,580
Glacier Bancorp. Inc.		258		12,923
Goldman Sachs Group Inc. (The)		784		261,378
Hancock Whitney Corp.		253		12,349
Hanmi Financial Corp.		78		1,971
Heartland Financial USA Inc.		107		4,804
Heritage Financial Corp./WA		75		1,952
Hilltop Holdings Inc.		240		6,924
Home BancShares Inc./AR		478		11,281
Hope Bancorp Inc.		282		4,241
Huntington Bancshares Inc./OH		3,984		52,947
Independent Bank Corp.		89		7,458
Independent Bank Group Inc.		54		3,819
International Bancshares Corp.		202		8,860
JPMorgan Chase & Co.		3,027		349,195
KeyCorp.		2,758		50,471
Lakeland Bancorp. Inc.		198		3,152
Lakeland Financial Corp.		67		5,213
Live Oak Bancshares Inc.		83		3,124


Security	Shares		Value

Banks (continued)
M&T Bank Corp.		339	$	60,156
Morgan Stanley		3,064		258,295
National Bank Holdings Corp., Class A		71		2,955
NBT Bancorp. Inc.		113		4,581
Northern Trust Corp.		526		52,484
OFG Bancorp		94		2,582
Old National Bancorp./IN		589		10,255
PacWest Bancorp		343		9,614
Park National Corp.		33		4,275
Pathward Financial Inc.		57		1,922
Pinnacle Financial Partners Inc.		221		17,481
Popular Inc.		234		18,175
Prosperity Bancshares Inc.		259		19,189
Regions Financial Corp.		2,663		56,402
Renasant Corp.		114		3,808
S&T Bancorp. Inc.		84		2,599
Sandy Spring Bancorp. Inc.		118		4,873
Seacoast Banking Corp. of Florida		99		3,542
ServisFirst Bancshares Inc.		142		12,134
Silvergate Capital Corp., Class A^(a)		104		9,702
Simmons First National Corp., Class A		177		4,204
Southside Bancshares Inc.		85		3,395
SouthState Corp.		199		16,869
State Street Corp.		895		63,581
SVB Financial Group^(a)		159		64,164
Synovus Financial Corp.		445		17,969
Texas Capital Bancshares Inc.^(a)		82		4,807
Tompkins Financial Corp.		58		4,475
Triumph Bancorp. Inc.^(a)		35		2,543
Truist Financial Corp.		3,562		179,774
Trustmark Corp.		72		2,338
U.S. Bancorp		3,607		170,250
UMB Financial Corp.		142		12,851
Umpqua Holdings Corp.		598		10,531
United Bankshares Inc./WV		363		14,063
United Community Banks Inc./GA		128		4,356
Valley National Bancorp		892		10,428
Veritex Holdings Inc.		64		1,980
Walker & Dunlop Inc.		54		6,083
Webster Financial Corp.		592		27,498
Wells Fargo & Co.		8,574		376,141
WesBanco Inc.		155		5,289
Westamerica Bancorp		61		3,661
Western Alliance Bancorp		203		15,505
Wintrust Financial Corp.		174		14,971
Zions Bancorp. NA		490		26,730


				3,536,677

Commercial Services — 4.2%
Automatic Data Processing Inc.		268		64,620
Equifax Inc.		118		24,651
Euronet Worldwide Inc.^(a)		37		3,636
EVERTEC Inc.		100		3,899
FleetCor Technologies Inc.^(a)		58		12,765
FTI Consulting Inc.^(a)		31		5,070
Global Payments Inc.		235		28,745
Grand Canyon Education Inc.^(a)		35		3,363
Green Dot Corp., Class A^(a)		57		1,602
HealthEquity Inc.^(a)		55		3,199
Insperity Inc.		43		4,719
MarketAxess Holdings Inc.		43		11,644


SCHEDULE OF INVESTMENTS		27

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services (continued)
Moody’s Corp.		196	$	60,809
Morningstar Inc.		25		6,384
S&P Global Inc.		210		79,155
Service Corp. International		167		12,435
Verisk Analytics Inc.		191		36,338
WEX Inc.^(a)		37		6,150


				369,184

Computers — 0.1%
Genpact Ltd.		100		4,808


Diversified Financial Services — 16.9%
Affiliated Managers Group Inc.		91		11,501
Ally Financial Inc.		686		22,686
American Express Co.		1,139		175,429
Ameriprise Financial Inc.		281		75,847
Apollo Global Management Inc.		998		56,986
Ares Management Corp., Class A		207		14,832
Artisan Partners Asset Management Inc., Class A		106		4,215
BGC Partners Inc., Class A		325		1,186
Bread Financial Holdings Inc.		30		1,188
Capital One Financial Corp.		1,006		110,489
Cboe Global Markets Inc.		151		18,630
Charles Schwab Corp. (The)		3,572		246,647
CME Group Inc.		336		67,025
Cohen & Steers Inc.		54		3,979
Credit Acceptance Corp.^(a)		24		13,822
Discover Financial Services		559		56,459
Evercore Inc., Class A		58		5,798
Federated Hermes Inc.		198		6,754
Franklin Resources Inc.		558		15,317
Hamilton Lane Inc., Class A		36		2,720
Houlihan Lokey Inc.		60		5,074
Interactive Brokers Group Inc., Class A		107		6,280
Intercontinental Exchange Inc.		658		67,109
Invesco Ltd.		504		8,941
Janus Henderson Group PLC		418		10,772
Jefferies Financial Group Inc.		367		11,953
KKR & Co. Inc.		1,058		58,677
LendingClub Corp.^(a)		248		3,435
LendingTree Inc.^(a)		7		319
LPL Financial Holdings Inc.		156		32,747
Mastercard Inc., Class A		92		32,549
Moelis & Co., Class A		61		2,841
Mr Cooper Group Inc.^(a)		133		5,992
Nasdaq Inc.		157		28,401
Navient Corp.		407		6,703
OneMain Holdings Inc.		174		6,473
PennyMac Financial Services Inc.		100		5,479
Piper Sandler Cos.		37		4,669
Radian Group Inc.		481		10,760
Raymond James Financial Inc.		466		45,887
SEI Investments Co.		229		12,677
SLM Corp.		931		14,524
SoFi Technologies Inc.^(a)		383		2,417
Stifel Financial Corp.		276		16,508
Synchrony Financial		1,061		35,522
T Rowe Price Group Inc.		407		50,252
Tradeweb Markets Inc., Class A		82		5,783
Upstart Holdings Inc.^(a)		91		2,214
Virtu Financial Inc., Class A		151		3,523


Security	Shares		Value

Diversified Financial Services (continued)
Virtus Investment Partners Inc.		17	$	3,507
Visa Inc., Class A		378		80,178
Western Union Co. (The)		432		7,353


				1,501,029

Electric — 0.1%
Hawaiian Electric Industries Inc.		209		8,841


Engineering & Construction — 0.0%
frontdoor Inc.^(a)		83		2,222


Forest Products & Paper — 0.2%
International Paper Co.		329		14,071
Sylvamo Corp.		29		1,138


				15,209

Health Care - Services — 4.1%
Centene Corp.^(a)		163		15,154
Elevance Health Inc.		180		85,878
Humana Inc.		7		3,374
Molina Healthcare Inc.^(a)		42		13,764
UnitedHealth Group Inc.		445		241,342


				359,512

Home Builders — 0.2%
MDC Holdings Inc.		76		2,755
NVR Inc.^(a)		4		17,572


				20,327

Household Products & Wares — 0.0%
Spectrum Brands Holdings Inc.		12		835


Insurance — 24.7%
Aflac Inc.		1,692		96,952
Alleghany Corp.^(a)		40		33,499
Allstate Corp. (The)		714		83,517
American Financial Group Inc./OH		209		27,939
American International Group Inc.		2,236		115,758
Aon PLC, Class A		259		75,379
Arch Capital Group Ltd.		845		37,518
Argo Group International Holdings Ltd.		84		2,754
Arthur J Gallagher & Co.		413		73,923
Assurant Inc.		89		15,644
Assured Guaranty Ltd.		127		7,416
Axis Capital Holdings Ltd.		202		10,199
Berkshire Hathaway Inc., Class B^(a)		965		290,079
Brighthouse Financial Inc.^(a)		232		10,073
Brown & Brown Inc.		497		32,355
Cincinnati Financial Corp.		415		40,396
CNA Financial Corp.		100		4,242
CNO Financial Group Inc.		313		5,869
Employers Holdings Inc.		56		2,224
Enstar Group Ltd.^(a)		29		5,740
Equitable Holdings Inc.		904		25,701
Erie Indemnity Co., Class A, NVS		41		8,338
Essent Group Ltd.		275		11,484
Everest Re Group Ltd.		107		27,964
Fidelity National Financial Inc.		624		24,935
First American Financial Corp.		286		16,588
Genworth Financial Inc., Class A^(a)		1,014		4,310
Globe Life Inc.		280		28,204
Hanover Insurance Group Inc. (The)		121		16,513
Hartford Financial Services Group Inc. (The)		955		61,569
Horace Mann Educators Corp.		85		2,911


28		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Insurance (continued)
James River Group Holdings Ltd.		48	$	1,140
Kemper Corp.		181		8,471
Kinsale Capital Group Inc.		59		14,349
Lincoln National Corp.		510		26,183
Loews Corp.		319		18,582
Markel Corp.^(a)		29		37,617
Marsh & McLennan Companies Inc.		947		155,270
Mercury General Corp.		90		3,774
MetLife Inc.		1,090		68,943
MGIC Investment Corp.		979		13,843
NMI Holdings Inc., Class A^(a)		209		3,958
Old Republic International Corp.		569		13,241
Palomar Holdings Inc.^(a)		59		3,680
Primerica Inc.		84		10,810
Principal Financial Group Inc.		755		50,540
ProAssurance Corp.		105		2,324
Progressive Corp. (The)		1,529		175,927
Prudential Financial Inc.		1,066		106,589
RenaissanceRe Holdings Ltd.		113		14,612
RLI Corp.		136		14,957
Safety Insurance Group Inc.		33		2,856
Selective Insurance Group Inc.		168		13,080
Travelers Companies Inc. (The)		655		103,949
Trupanion Inc.^(a)		37		2,332
Universal Insurance Holdings Inc.		64		810
Unum Group		592		19,056
Voya Financial Inc.		319		19,191
W R Berkley Corp.		591		36,955
White Mountains Insurance Group Ltd.		10		12,394
Willis Towers Watson PLC		182		37,663


				2,193,089

Leisure Time — 0.0%
Harley-Davidson Inc.		119		4,499


Machinery — 1.2%
Caterpillar Inc.		518		102,694
Vertiv Holdings Co.		294		3,357


				106,051

Media — 0.2%
FactSet Research Systems Inc.		24		10,312
New York Times Co. (The), Class A		218		6,965


				17,277

Packaging & Containers — 0.1%
Berry Global Group Inc.^(a)		99		5,707


Pharmaceuticals — 1.9%
Cigna Corp.		275		75,724
CVS Health Corp.		844		80,754
Viatris Inc.		1,467		14,215


				170,693

Private Equity — 1.2%
Blackstone Inc., NVS		920		93,904
Carlyle Group Inc. (The)		306		11,907


				105,811


Security	Shares		Value


Real Estate Investment Trusts — 0.5%
AGNC Investment Corp.		319	$	4,023
Annaly Capital Management Inc.		1,396		9,605
New Residential Investment Corp.		402		4,386
Two Harbors Investment Corp.		188		1,011
Weyerhaeuser Co.		738		26,804


				45,829

Retail — 0.3%
FirstCash Holdings Inc.		46		3,370
McDonald’s Corp.		101		26,600


				29,970

Savings & Loans — 0.6%
Axos Financial Inc.^(a)		95		3,967
Berkshire Hills Bancorp. Inc.		75		2,113
Brookline Bancorp. Inc.		175		2,420
Capitol Federal Financial Inc.		292		2,800
New York Community Bancorp. Inc.		1,405		14,921
Northwest Bancshares Inc.		224		3,221
OceanFirst Financial Corp.		145		2,981
Pacific Premier Bancorp. Inc.		95		3,196
Provident Financial Services Inc.		140		3,411
Washington Federal Inc.		262		8,942
WSFS Financial Corp.		189		9,019


				56,991

Software — 2.5%
Avalara Inc.^(a)		29		2,535
Black Knight Inc.^(a)		72		4,729
Broadridge Financial Solutions Inc.		136		21,835
Fidelity National Information Services Inc.		744		76,007
Fiserv Inc.^(a)		415		43,857
Loyalty Ventures Inc.^(a)		18		53
MSCI Inc.		66		31,769
Paychex Inc.		233		29,889
SS&C Technologies Holdings Inc.		137		8,106


				218,780


Total Long-Term Investments — 98.9% (Cost: $8,173,688)				8,773,341


Short-Term Securities

Money Market Funds — 0.9%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(b)(c)		80,000		80,000


Total Short-Term Securities — 0.9% (Cost: $80,000)				80,000


Total Investments in Securities — 99.8% (Cost: $8,253,688)				8,853,341

Other Assets Less Liabilities — 0.2%				20,902


Net Assets — 100.0%			$	8,874,243

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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


SCHEDULE OF INVESTMENTS		29

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Financials ETF

Affiliates




Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	4,412	$	—		$	(4,355	)^(b)	$	(57	)	$	—	$	—		—	$	136	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		20,000	^(b)		—			—			—		80,000		80,000		255			—


									$	(57	)	$	—	$	80,000			$	391		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	8,773,341	$	—	$	—	$	8,773,341
Money Market Funds		80,000		—		—		80,000


	$	8,853,341	$	—	$	—	$	8,853,341

See notes to financial statements.


30		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

July 31, 2022

iShares^® Evolved U.S. Healthcare Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 1.4%
Amgen Inc.		365	$	90,327
Bio-Rad Laboratories Inc., Class A^(a)		190		107,019
Guardant Health Inc.^(a)		892		44,752
Illumina Inc.^(a)		1,215		263,266
Myriad Genetics Inc.^(a)		874		23,056
NeoGenomics Inc.^(a)		1,404		14,208
Veracyte Inc.^(a)		665		17,516


				560,144

Commercial Services — 0.4%
AMN Healthcare Services Inc.^(a)		476		53,521
Bright Horizons Family Solutions Inc.^(a)		304		28,476
Grand Canyon Education Inc.^(a)		287		27,572
Progyny Inc.^(a)		498		15,204
R1 RCM Inc.^(a)		928		23,200
Strategic Education Inc.		95		6,824


				154,797

Computers — 0.1%
Maximus Inc.		403		26,941


Cosmetics & Personal Care — 0.1%
Procter & Gamble Co. (The)		228		31,671


Electrical Components & Equipment — 0.1%
Novanta Inc.^(a)		341		52,582


Electronics — 1.0%
Agilent Technologies Inc.		2,112		283,219
Fortive Corp.		1,758		113,303
OSI Systems Inc.^(a)		81		7,831


				404,353

Environmental Control — 0.0%
Stericycle Inc.^(a)		265		12,421


Food Service — 0.0%
Healthcare Services Group Inc.		683		9,794


Health Care - Products — 42.1%
10X Genomics Inc., Class A^(a)		248		9,957
Abbott Laboratories		25,993		2,829,078
Abiomed Inc.^(a)		589		172,583
Adaptive Biotechnologies Corp.^(a)		552		5,056
Align Technology Inc.^(a)		402		112,950
AngioDynamics Inc.^(a)		456		10,347
AtriCure Inc.^(a)		456		22,531
Avanos Medical Inc.^(a)		380		10,781
Avantor Inc.^(a)		1,395		40,483
Axogen Inc.^(a)		209		1,948
Baxter International Inc.		3,572		209,534
Bio-Techne Corp.		321		123,675
Boston Scientific Corp.^(a)		19,857		815,130
Bruker Corp.		722		49,493
Cardiovascular Systems Inc.^(a)		399		6,149
CareDx Inc.^(a)		515		12,252
Cooper Companies Inc. (The)		627		205,029
Cutera Inc.^(a)		133		6,174
Danaher Corp.		6,635		1,933,903
DENTSPLY SIRONA Inc.		1,595		57,675
Edwards Lifesciences Corp.^(a)		8,721		876,809
Envista Holdings Corp.^(a)		1,080		43,902


Security	Shares		Value

Health Care - Products (continued)
Exact Sciences Corp.^(a)		1,885	$	85,013
Glaukos Corp.^(a)		266		14,324
Globus Medical Inc., Class A^(a)		1,121		65,791
Haemonetics Corp.^(a)		456		31,687
Henry Schein Inc.^(a)		1,364		107,524
Hologic Inc.^(a)		2,828		201,863
ICU Medical Inc.^(a)		190		33,662
IDEXX Laboratories Inc.^(a)		757		302,179
Inari Medical Inc.^(a)		344		26,688
Inspire Medical Systems Inc.^(a)		344		71,893
Insulet Corp.^(a)		912		225,994
Integer Holdings Corp.^(a)		285		19,919
Integra LifeSciences Holdings Corp.^(a)		798		43,922
Intuitive Surgical Inc.^(a)		5,219		1,201,257
iRhythm Technologies Inc.^(a)		358		55,358
LeMaitre Vascular Inc.		209		10,523
LivaNova PLC^(a)		566		36,037
Masimo Corp.^(a)		703		101,640
Medtronic PLC		18,528		1,714,211
Merit Medical Systems Inc.^(a)		646		37,132
NanoString Technologies Inc.^(a)		434		5,555
Natera Inc.^(a)		987		46,389
Neogen Corp.^(a)		342		7,910
Nevro Corp.^(a)		304		13,178
Novocure Ltd.^(a)		649		44,126
NuVasive Inc.^(a)		684		35,924
Omnicell Inc.^(a)		379		41,735
OraSure Technologies Inc.^(a)		663		2,029
Orthofix Medical Inc.^(a)		227		5,823
Pacific Biosciences of California Inc.^(a)		1,350		5,899
Patterson Companies Inc.		762		23,668
Penumbra Inc.^(a)		535		74,568
PerkinElmer Inc.		895		137,087
Quanterix Corp.^(a)		300		4,797
QuidelOrtho Corp.^(a)		578		58,979
ResMed Inc.		1,880		452,178
Shockwave Medical Inc.^(a)		424		89,434
Silk Road Medical Inc.^(a)		341		15,519
STAAR Surgical Co.^(a)		512		41,318
STERIS PLC		549		123,882
Stryker Corp.		4,654		999,446
Tandem Diabetes Care Inc.^(a)		648		42,904
Teleflex Inc.		593		142,593
Thermo Fisher Scientific Inc.		2,633		1,575,614
Waters Corp.^(a)		343		124,862
Zimmer Biomet Holdings Inc.		2,265		250,033
Zimvie Inc.^(a)		226		4,389


				16,311,895

Health Care - Services — 30.4%
Acadia Healthcare Co. Inc.^(a)		946		78,433
Addus HomeCare Corp.^(a)		154		14,293
agilon health Inc.^(a)		2,006		50,210
Amedisys Inc.^(a)		477		57,168
Centene Corp.^(a)		6,857		637,495
Charles River Laboratories International Inc.^(a)		171		42,842
Chemed Corp.		134		64,466
Community Health Systems Inc.^(a)		1,541		4,592
DaVita Inc.^(a)		991		83,403
Elevance Health Inc.		2,691		1,283,876
Encompass Health Corp.		1,555		78,714


SCHEDULE OF INVESTMENTS		31

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Healthcare Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Health Care - Services (continued)
Enhabit Inc.		777	$	13,605
Ensign Group Inc. (The)		325		25,899
Fulgent Genetics Inc.^(a)		264		15,774
HCA Healthcare Inc.		3,269		694,401
Humana Inc.		1,522		733,604
ICON PLC^(a)		110		26,538
Invitae Corp.^(a)		1,975		3,753
IQVIA Holdings Inc.^(a)		1,255		301,539
Laboratory Corp. of America Holdings		1,142		299,421
LHC Group Inc.^(a)		400		65,224
Medpace Holdings Inc.^(a)		135		22,887
ModivCare Inc.^(a)		134		13,373
Molina Healthcare Inc.^(a)		562		184,179
Oak Street Health Inc.^(a)		1,541		44,612
OPKO Health Inc.^(a)		3,823		9,022
Pediatrix Medical Group Inc.^(a)		1,275		28,891
Quest Diagnostics Inc.		1,618		220,970
Select Medical Holdings Corp.		1,672		49,525
Surgery Partners Inc.^(a)		475		18,706
Syneos Health Inc.^(a)		228		18,044
Teladoc Health Inc.^(a)		1,507		55,533
Tenet Healthcare Corp.^(a)		1,387		91,708
U.S. Physical Therapy Inc.		228		29,590
UnitedHealth Group Inc.		11,613		6,298,194
Universal Health Services Inc., Class B		949		106,734


				11,767,218

Household Products & Wares — 0.2%
Church & Dwight Co. Inc.		1,081		95,096


Machinery — 0.1%
Enovis Corp.^(a)		208		12,421
Esab Corp.		208		8,574


				20,995

Pharmaceuticals — 19.5%
AbbVie Inc.		8,434		1,210,363
AdaptHealth Corp.^(a)		753		16,649
AmerisourceBergen Corp.		1,296		189,125
Bausch Health Companies Inc.^(a)		1,062		4,906
Becton Dickinson and Co.		3,753		916,895
Cardinal Health Inc.		3,002		178,799
Cigna Corp.		2,763		760,820
Covetrus Inc.^(a)		650		13,501
CVS Health Corp.		13,323		1,274,745
Dexcom Inc.^(a)		4,936		405,147
Eli Lilly & Co.		231		76,158
Embecta Corp.^(a)		750		22,072
Johnson & Johnson		10,319		1,800,872
McKesson Corp.		1,346		459,767
Merck & Co. Inc.		721		64,414
Option Care Health Inc.^(a)		1,008		33,869


Security	Shares		Value


Pharmaceuticals (continued)
Owens & Minor Inc.		648	$	22,946
Perrigo Co. PLC		282		11,807
Premier Inc., Class A		1,404		53,998
Zoetis Inc.		149		27,200


				7,544,053

Real Estate Investment Trusts — 1.2%
Healthpeak Properties Inc.		1,461		40,367
Medical Properties Trust Inc.		4,389		75,666
National Health Investors Inc.		250		16,210
Omega Healthcare Investors Inc.		986		30,566
Physicians Realty Trust		1,558		27,686
Sabra Health Care REIT Inc.		1,520		23,393
Ventas Inc.		2,419		130,094
Welltower Inc.		1,338		115,523


				459,505

Retail — 0.4%
National Vision Holdings Inc.^(a)		362		10,549
Walgreens Boots Alliance Inc.		4,068		161,174


				171,723

Software — 0.4%
Allscripts Healthcare Solutions Inc.^(a)		1,258		19,902
Apollo Medical Holdings Inc.^(a)		445		23,598
Change Healthcare Inc.^(a)		1,877		45,555
Evolent Health Inc., Class A^(a)		984		33,446
Outset Medical Inc.^(a)		498		7,694
Phreesia Inc.^(a)		270		6,342
Tabula Rasa HealthCare Inc.^(a)		190		846


				137,383


Total Long-Term Investments — 97.4% (Cost: $33,673,872)				37,760,571


Short-Term Securities

Money Market Funds — 2.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(b)(c)		986,000		986,000


Total Short-Term Securities — 2.5% (Cost: $986,000)				986,000


Total Investments in Securities — 99.9% (Cost: $34,659,872)				38,746,571

Other Assets Less Liabilities — 0.1%				28,892


Net Assets — 100.0%			$	38,775,463

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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


32		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Healthcare Staples ETF

Affiliates




Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	175,635	$	—	$	(175,405	)^(b)	$	(228	)	$	(2	)	$	—		—	$	271	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,006,000		—		(20,000	)^(b)		—			—			986,000		986,000		1,483			—


								$	(228	)	$	(2	)	$	986,000			$	1,754		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	37,760,571	$	—	$	—	$	37,760,571
Money Market Funds		986,000		—		—		986,000


	$	38,746,571	$	—	$	—	$	38,746,571

See notes to financial statements.


SCHEDULE OF INVESTMENTS		33

Schedule of Investments

July 31, 2022

iShares^® Evolved U.S. Innovative Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 43.8%
2seventy bio Inc.^(a)		732	$	10,533
Abeona Therapeutics Inc.		29		115
ACADIA Pharmaceuticals Inc.^(a)		3,036		44,599
Achillion Pharmaceuticals, Inc.^(b)(c)		624		287
Acorda Therapeutics Inc.^(a)		189		82
Aduro Biotech Inc., NVS^(b)		156		396
Adverum Biotechnologies Inc.^(a)		1,671		2,440
Agenus Inc.^(a)		1,914		4,938
Alaunos Therapeutics Inc.^(a)		3,344		3,912
Albireo Pharma Inc.^(a)		457		9,501
Allakos Inc.^(a)		747		2,413
Allogene Therapeutics Inc.^(a)		1,916		24,870
Alnylam Pharmaceuticals Inc.^(a)		3,814		541,741
Amgen Inc.		6,518		1,613,009
Amicus Therapeutics Inc.^(a)		7,101		70,726
AnaptysBio Inc.^(a)		374		7,832
Anavex Life Sciences Corp.^(a)		1,980		20,315
ANI Pharmaceuticals Inc.^(a)		154		5,274
Apellis Pharmaceuticals Inc.^(a)		2,216		124,716
Applied Therapeutics Inc.^(a)		391		422
Aprea Therapeutics Inc.^(a)		464		445
Arcturus Therapeutics Holdings Inc.^(a)		478		8,389
Arcus Biosciences Inc.^(a)		1,567		41,667
Ardelyx Inc.^(a)		1,891		1,320
Arrowhead Pharmaceuticals Inc.^(a)		2,975		126,527
Assembly Biosciences Inc.^(a)		484		1,002
Atara Biotherapeutics Inc.^(a)		2,136		6,472
Athersys Inc.^(a)		5,414		1,349
Avrobio Inc.^(a)		661		602
Axsome Therapeutics Inc.^(a)		860		33,187
Beam Therapeutics Inc.^(a)		1,481		93,273
BioCryst Pharmaceuticals Inc.^(a)		5,142		56,665
Biogen Inc.^(a)		3,920		843,035
Biohaven Pharmaceutical Holding Co. Ltd.^(a)		1,579		230,566
BioMarin Pharmaceutical Inc.^(a)		5,385		463,379
Bio-Rad Laboratories Inc., Class A^(a)		44		24,783
Bluebird Bio Inc.^(a)		2,195		8,890
Blueprint Medicines Corp.^(a)		1,561		79,705
Bridgebio Pharma Inc.^(a)		2,448		21,200
C4 Therapeutics Inc.^(a)		728		7,018
Calithera Biosciences Inc., NVS^(a)		120		382
Cara Therapeutics Inc.^(a)		792		6,922
Cassava Sciences Inc.^(a)		1,163		18,992
Celldex Therapeutics Inc.^(a)		1,307		40,151
Cerevel Therapeutics Holdings Inc.^(a)		1,314		34,545
Certara Inc.^(a)		568		13,058
ChemoCentryx Inc.^(a)		1,621		38,288
Chinook Therapeutics Inc.^(a)		201		3,721
Contra Flexion Therape^(b)		936		580
Cortexyme Inc.^(a)		391		762
Crinetics Pharmaceuticals Inc.^(a)		754		14,484
Cue Biopharma Inc.^(a)		904		2,459
Cymabay Therapeutics Inc.^(a)		1,759		5,506
Cytokinetics Inc.^(a)		2,135		90,375
CytomX Therapeutics Inc.^(a)		858		1,227
Deciphera Pharmaceuticals Inc.^(a)		1,233		15,647
Denali Therapeutics Inc.^(a)		2,251		76,579
Dynavax Technologies Corp.^(a)		2,701		38,840


Security	Shares		Value

Biotechnology (continued)
Editas Medicine Inc.^(a)		1,446	$	23,006
Emergent BioSolutions Inc.^(a)		881		30,518
Epizyme Inc.^(a)		2,089		3,092
Esperion Therapeutics Inc.^(a)		682		3,935
Exelixis Inc.^(a)		7,828		163,762
Fate Therapeutics Inc.^(a)		2,288		69,853
FibroGen Inc.^(a)		2,024		25,462
Frequency Therapeutics Inc.^(a)		730		1,460
Geron Corp.^(a)		2,706		5,141
Gilead Sciences Inc.		24,687		1,475,048
Global Blood Therapeutics Inc.^(a)		1,651		54,021
GlycoMimetics Inc.^(a)		1,013		693
Gossamer Bio Inc.^(a)		1,408		15,812
Guardant Health Inc.^(a)		877		43,999
Halozyme Therapeutics Inc.^(a)		3,500		171,150
Homology Medicines Inc.^(a)		941		2,023
Horizon Therapeutics PLC^(a)		5,760		477,907
ImmunoGen Inc.^(a)		4,178		19,804
Incyte Corp.^(a)		5,145		399,664
Inhibrx Inc.^(a)		634		10,994
Innoviva Inc.^(a)		1,298		18,613
Inovio Pharmaceuticals Inc.^(a)		5,064		10,027
Insmed Inc.^(a)		2,967		65,630
Instil Bio Inc.^(a)		1,401		7,902
Intellia Therapeutics Inc.^(a)		2,076		134,442
Intercept Pharmaceuticals Inc.^(a)		747		9,532
Intra-Cellular Therapies Inc.^(a)		2,132		115,384
Ionis Pharmaceuticals Inc.^(a)		3,649		137,056
Iovance Biotherapeutics Inc.^(a)		3,665		42,697
IVERIC bio Inc.^(a)		2,770		29,611
Karuna Therapeutics Inc.^(a)		461		60,045
Karyopharm Therapeutics Inc.^(a)		2,064		8,772
Keros Therapeutics Inc.^(a)		321		10,298
Kezar Life Sciences Inc.^(a)		1,030		10,063
Kiniksa Pharmaceuticals Ltd., Class A^(a)		612		6,065
Kodiak Sciences Inc.^(a)		748		7,443
Krystal Biotech Inc.^(a)		306		22,209
Kymera Therapeutics Inc.^(a)		799		17,602
La Jolla Pharmaceutical Co.^(a)		506		3,142
Lexicon Pharmaceuticals Inc.^(a)		1,166		2,775
Ligand Pharmaceuticals Inc.^(a)		462		42,518
MacroGenics Inc.^(a)		1,475		4,617
Maravai LifeSciences Holdings Inc., Class A^(a)		1,431		37,335
MEI Pharma Inc.^(a)		3,692		1,787
Mersana Therapeutics Inc.^(a)		1,756		8,903
Mirati Therapeutics Inc.^(a)		1,467		94,475
Moderna Inc.^(a)		9,700		1,591,673
Molecular Templates Inc.^(a)		993		836
Myriad Genetics Inc.^(a)		770		20,313
Nektar Therapeutics^(a)		5,214		20,647
NextCure Inc.^(a)		372		1,600
Novavax Inc.^(a)		2,082		113,490
Nurix Therapeutics Inc.^(a)		982		15,673
Omeros Corp.^(a)		1,034		5,149
Pieris Pharmaceuticals Inc.^(a)		1,408		2,478
Precigen Inc.^(a)		968		1,520
Prothena Corp. PLC^(a)		966		30,004
Provention Bio Inc.^(a)		1,116		4,263
PTC Therapeutics Inc.^(a)		1,430		62,276
Puma Biotechnology Inc.^(a)		858		2,514


34		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Innovative Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Radius Health Inc.^(a)		1,100	$	11,088
Recursion Pharmaceuticals Inc., Class A^(a)		1,385		11,717
Regeneron Pharmaceuticals Inc.^(a)		2,503		1,455,970
REGENXBIO Inc.^(a)		748		23,465
Relay Therapeutics Inc.^(a)		1,724		32,790
Replimune Group Inc.^(a)		643		12,397
REVOLUTION Medicines Inc.^(a)		1,668		37,680
Rigel Pharmaceuticals Inc.^(a)		3,938		4,686
Rocket Pharmaceuticals Inc.^(a)		573		8,308
Royalty Pharma PLC, Class A		6,530		283,990
Rubius Therapeutics Inc.^(a)		901		633
Sage Therapeutics Inc.^(a)		1,436		49,413
Sana Biotechnology Inc.^(a)		1,861		12,431
Sangamo Therapeutics Inc.^(a)		3,476		14,912
Sarepta Therapeutics Inc.^(a)		2,196		204,118
Scholar Rock Holding Corp.^(a)		724		4,967
Seagen Inc.^(a)		3,734		672,045
Solid Biosciences Inc.^(a)		353		238
Sorrento Therapeutics Inc.^(a)		5,654		14,700
SpringWorks Therapeutics Inc.^(a)		763		22,798
Stoke Therapeutics Inc.^(a)		442		6,537
Syndax Pharmaceuticals Inc.^(a)		1,057		21,531
TG Therapeutics Inc.^(a)		3,787		22,684
Theravance Biopharma Inc.^(a)		1,076		9,458
Travere Therapeutics Inc.^(a)		1,034		24,340
Twist Bioscience Corp.^(a)		282		12,335
Ultragenyx Pharmaceutical Inc.^(a)		1,712		91,215
United Therapeutics Corp.^(a)		1,034		238,926
UroGen Pharma Ltd.^(a)		353		2,768
Vaxart Inc.^(a)		1,751		6,444
Vericel Corp.^(a)		527		17,149
Vertex Pharmaceuticals Inc.^(a)		6,724		1,885,477
Verve Therapeutics Inc.^(a)		531		13,073
Viking Therapeutics Inc.^(a)		1,428		4,298
Vir Biotechnology Inc.^(a)		2,427		67,495
WaVe Life Sciences Ltd.^(a)		462		1,173
Xencor Inc.^(a)		1,320		37,871
Zentalis Pharmaceuticals Inc.^(a)		968		28,266


				16,088,222

Chemicals — 0.0%
Codexis Inc.^(a)		991		6,798


Electrical Components & Equipment — 0.1%
Universal Display Corp		308		35,562


Health Care - Products — 2.9%
10X Genomics Inc., Class A^(a)		510		20,477
Abbott Laboratories		464		50,502
Adaptive Biotechnologies Corp.^(a)		1,382		12,659
Axogen Inc.^(a)		308		2,871
Baxter International Inc.		2,081		122,071
CareDx Inc.^(a)		376		8,945
Cerus Corp.^(a)		3,318		17,917
Cooper Companies Inc. (The)		193		63,111
Exact Sciences Corp.^(a)		1,501		67,695
Glaukos Corp.^(a)		572		30,802
Haemonetics Corp.^(a)		286		19,874
ICU Medical Inc.^(a)		110		19,489
IDEXX Laboratories Inc.^(a)		72		28,741
Inspire Medical Systems Inc.^(a)		246		51,412


Security	Shares		Value

Health Care - Products (continued)
Insulet Corp.^(a)		175	$	43,365
Integra LifeSciences Holdings Corp.^(a)		374		20,585
Intuitive Surgical Inc.^(a)		138		31,763
Lantheus Holdings Inc.^(a)		1,142		87,614
NanoString Technologies Inc.^(a)		392		5,018
Natera Inc.^(a)		418		19,646
Nevro Corp.^(a)		308		13,352
Novocure Ltd.^(a)		1,344		91,379
Penumbra Inc.^(a)		111		15,471
Progenics Pharmaceuticals, Inc., NVS^(b)		1,001		—
Repligen Corp.^(a)		640		136,550
ResMed Inc		350		84,182


				1,065,491

Health Care - Services — 1.8%
Catalent Inc.^(a)		1,580		178,698
Charles River Laboratories International Inc.^(a)		463		116,000
ICON PLC^(a)		263		63,449
IQVIA Holdings Inc.^(a)		906		217,684
Medpace Holdings Inc.^(a)		219		37,127
OPKO Health Inc.^(a)		5,038		11,890
Syneos Health Inc.^(a)		616		48,750


				673,598

Pharmaceuticals — 43.1%
AbbVie Inc.		15,591		2,237,464
Aclaris Therapeutics Inc.^(a)		748		11,527
Aeglea BioTherapeutics Inc.^(a)		1,431		594
Aerie Pharmaceuticals Inc.^(a)		990		6,940
Agios Pharmaceuticals Inc.^(a)		1,780		38,395
Akebia Therapeutics Inc.^(a)		4,510		1,763
Alector Inc.^(a)		1,762		18,008
Alkermes PLC^(a)		3,697		94,643
AmerisourceBergen Corp.		434		63,334
Amneal Pharmaceuticals Inc.^(a)		2,949		10,439
Amphastar Pharmaceuticals Inc.^(a)		726		27,145
Anika Therapeutics Inc.^(a)		220		5,139
Arvinas Inc.^(a)		1,172		62,245
AstraZeneca PLC		3,880		256,972
Athenex Inc.^(a)		1,783		904
Bausch Health Companies Inc.^(a)		4,884		22,564
Bioxcel Therapeutics Inc.^(a)		358		5,528
Bristol-Myers Squibb Co.		26,729		1,972,066
Catalyst Pharmaceuticals Inc.^(a)		1,651		16,906
Clovis Oncology Inc.^(a)		1,276		2,131
Coherus Biosciences Inc.^(a)		1,693		14,340
Collegium Pharmaceutical Inc.^(a)		594		10,211
Concert Pharmaceuticals Inc.^(a)		528		2,957
Contra Adamas Pharmace^(b)(c)		552		33
Contra Adamas Pharmace^(b)(c)		552		33
Corbus Pharmaceuticals Holdings Inc.^(a)		1,232		312
Corcept Therapeutics Inc.^(a)		2,420		69,357
Cyclerion Therapeutics Inc.^(a)		330		317
Dexcom Inc.^(a)		1,596		131,000
Eagle Pharmaceuticals Inc./DE^(a)		308		12,228
Elanco Animal Health Inc.^(a)		4,551		92,203
Eli Lilly & Co.		8,419		2,775,660
Enanta Pharmaceuticals Inc.^(a)		374		20,626
Endo International PLC^(a)		3,424		1,815
G1 Therapeutics Inc.^(a)		484		4,032
Harmony Biosciences Holdings Inc.^(a)		368		18,669


SCHEDULE OF INVESTMENTS		35

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Innovative Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Pharmaceuticals (continued)
Heron Therapeutics Inc.^(a)		1,804	$	5,015
Ironwood Pharmaceuticals Inc.^(a)		3,300		37,785
Jazz Pharmaceuticals PLC^(a)		1,478		230,657
Johnson & Johnson		21,590		3,767,887
Jounce Therapeutics Inc.^(a)		396		1,216
Kala Pharmaceuticals Inc.^(a)		1,346		444
Kura Oncology Inc.^(a)		1,601		24,511
Lannett Co. Inc.^(a)		638		370
Madrigal Pharmaceuticals Inc.^(a)		218		13,695
MediciNova Inc.^(a)		902		2,084
Merck & Co. Inc.		23,775		2,124,058
Morphic Holding Inc.^(a)		290		7,676
Neurocrine Biosciences Inc.^(a)		2,507		235,984
Ocugen Inc.^(a)		4,943		12,753
Ocular Therapeutix Inc.^(a)		1,787		8,006
Organon & Co.		2,851		90,434
Pacira BioSciences Inc.^(a)		836		47,284
Paratek Pharmaceuticals Inc.^(a)		682		1,562
Perrigo Co. PLC		1,734		72,603
Prestige Consumer Healthcare Inc.^(a)		352		21,229
Protagonist Therapeutics Inc.^(a)		1,012		10,069
Reata Pharmaceuticals Inc., Class A^(a)		683		20,954
Relmada Therapeutics Inc.^(a)		352		9,011
Revance Therapeutics Inc.^(a)		1,721		26,710
Rhythm Pharmaceuticals Inc.^(a)		966		12,172
Seres Therapeutics Inc.^(a)		1,304		5,359
Spectrum Pharmaceuticals Inc.^(a)		2,457		1,998
Supernus Pharmaceuticals Inc.^(a)		1,210		38,418
Synergy Pharmaceuticals Inc.^(a)(b)(c)		1,136		7
Syros Pharmaceuticals Inc.^(a)		1,273		999
TherapeuticsMD Inc.^(a)		70		436
Tricida Inc.^(a)		704		6,449
Vanda Pharmaceuticals Inc.^(a)		1,232		13,281
Viatris Inc.		5,216		50,543
Voyager Therapeutics Inc.^(a)		704		4,717
Y-mAbs Therapeutics Inc.^(a)		638		9,946


Security	Shares		Value


Pharmaceuticals (continued)
Zoetis Inc.		4,999	$	912,567


				15,837,389

Software — 0.1%
Contra Zogenix Inc., NVS^(b)		1,728		1,175
Schrodinger Inc.^(a)		928		29,046


				30,221

Telecommunications — 0.0%
InterDigital Inc.		198		12,155


Total Long-Term Investments — 91.8% (Cost: $33,474,264)				33,749,436


Short-Term Securities

Money Market Funds — 7.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%^(d)(e)(f)		78,449		78,441
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(d)(e)		2,842,000		2,842,000


Total Short-Term Securities — 7.9% (Cost: $2,920,412)				2,920,441


Total Investments in Securities — 99.7% (Cost: $36,394,676)				36,669,877

Other Assets Less Liabilities — 0.3%				114,989


Net Assets — 100.0%			$	36,784,866

^(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 the cash collateral from loaned securities.

Affiliates




Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	370,601	$	—		$	(291,770	)^(a)	$	(325	)	$	(65	)	$	78,441		78,449	$	5,277	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		592,000		2,250,000	^(a)		—			—			—			2,842,000		2,842,000		2,125			—


									$	(325	)	$	(65	)	$	2,920,441			$	7,402		$	—

^(a)

Represents net amount purchased (sold).

^(b)


36		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Innovative Healthcare ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	33,746,925	$	—	$	2,511	$	33,749,436
Money Market Funds		2,920,441		—		—		2,920,441


	$	36,667,366	$	—	$	2,511	$	36,669,877

See notes to financial statements.


SCHEDULE OF INVESTMENTS		37

Schedule of Investments

July 31, 2022

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)		3,511	$	5,442
Entravision Communications Corp., Class A		1,214		6,507
National CineMedia Inc.		1,928		2,815


				14,764

Commercial Services — 2.2%
Graham Holdings Co., Class B		96		57,071
John Wiley & Sons Inc., Class A		407		21,253
Nielsen Holdings PLC		6,095		145,975
Viad Corp.^(a)		128		4,323


				228,622

Entertainment — 8.8%
AMC Entertainment Holdings Inc., Class A^(a)		7,910		115,170
Caesars Entertainment Inc.^(a)		811		37,055
Churchill Downs Inc.		344		72,171
Cinemark Holdings Inc.^(a)		2,488		45,605
DraftKings Inc., Class A ^(a)		4,289		58,888
IMAX Corp.^(a)		1,536		25,820
Lions Gate Entertainment Corp., Class A^(a)		3,224		28,242
Lions Gate Entertainment Corp., Class B, NVS^(a)		6,077		50,500
Live Nation Entertainment Inc.^(a)		2,169		203,864
Madison Square Garden Entertainment Corp.^(a)		476		27,717
Madison Square Garden Sports Corp.^(a)		384		59,051
Penn National Gaming Inc.^(a)		485		16,757
Reading International Inc., Class A, NVS^(a)		360		1,678
Scientific Games Corp., Class A^(a)		1,058		53,895
SeaWorld Entertainment Inc.^(a)		952		45,439
Six Flags Entertainment Corp.^(a)		1,496		33,914
Warner Music Group Corp., Class A		1,398		41,940


				917,706

Home Furnishings — 0.8%
Dolby Laboratories Inc., Class A		1,128		87,307


Internet — 14.3%
Alphabet Inc., Class A^(a)		2,220		258,230
Alphabet Inc., Class C, NVS^(a)		2,220		258,941
fuboTV Inc.^(a)		3,878		9,734
IAC/InterActiveCorp.^(a)		1,135		77,747
Match Group Inc.^(a)		717		52,563
Netflix Inc.^(a)		1,354		304,515
Roku Inc.^(a)		2,317		151,810
Twitter Inc.^(a)		9,284		386,307


				1,499,847

Leisure Time — 0.0%
Carnival Corp.^(a)		377		3,416
Liberty TripAdvisor Holdings Inc., Class A^(a)		697		477


				3,893

Lodging — 0.2%
Las Vegas Sands Corp.^(a)		508		19,147
Marcus Corp. (The)^(a)		240		3,943


				23,090

Media — 53.3%
Altice USA Inc., Class A^(a)		5,286		55,556
AMC Networks Inc., Class A^(a)		1,508		46,024
Audacy Inc^(a)		5,296		3,374
Cable One Inc.		130		178,968
Charter Communications Inc., Class A^(a)		910		393,211
Comcast Corp., Class A		12,775		479,318


Security	Shares		Value

Media (continued)
DISH Network Corp., Class A^(a)		5,556	$	96,508
Endeavor Group Holdings Inc.^(a)		3,144		71,652
EW Scripps Co. (The), Class A, NVS^(a)		3,298		47,029
Fox Corp., Class A, NVS		15,854		524,926
Fox Corp., Class B		8,928		275,875
Gannett Co. Inc.^(a)		1,735		5,222
Gray Television Inc.		4,590		85,236
Hemisphere Media Group Inc.^(a)		824		6,411
iHeartMedia Inc., Class A^(a)		1,804		13,494
Liberty Broadband Corp., Class A, NVS^(a)		613		66,161
Liberty Broadband Corp., Class C ^(a)		2,943		320,581
Liberty Global PLC, Class A^(a)		2,488		54,139
Liberty Global PLC, Class C, NVS^(a)		7,184		164,442
Liberty Latin America Ltd., Class A^(a)		310		2,285
Liberty Latin America Ltd., Class C, NVS^(a)		1,824		13,388
Liberty Media Corp.-Liberty SiriusXM, Class A, NVS^(a)		576		22,954
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		661		26,321
New York Times Co. (The), Class A		946		30,225
News Corp., Class A, NVS		11,679		200,178
News Corp., Class B		3,456		59,720
Nexstar Media Group Inc., Class A		2,437		459,058
Paramount Global, Class A, NVS		263		7,112
Paramount Global, Class B, NVS		17,322		409,665
Saga Communications Inc., Class A		216		5,057
Scholastic Corp., NVS		432		20,334
Sinclair Broadcast Group Inc., Class A		2,903		63,401
Sirius XM Holdings Inc.		30,177		201,582
TEGNA Inc.		11,366		238,004
Walt Disney Co. (The)^(a)		4,303		456,548
Warner Bros. Discovery Inc.^(a)		21,508		322,620
World Wrestling Entertainment Inc., Class A		2,178		150,957


				5,577,536

Real Estate Investment Trusts — 1.4%
Lamar Advertising Co., Class A		920		92,975
Ryman Hospitality Properties Inc.^(a)		642		56,843


				149,818

Retail — 1.0%
GameStop Corp., Class A^(a)		2,300		78,223
Qurate Retail Inc. Series A		9,451		25,801


				104,024

Software — 12.6%
Activision Blizzard Inc.		6,433		514,318
Daily Journal Corp.^(a)		16		4,325
Electronic Arts Inc.		3,655		479,645
Playtika Holding Corp.^(a)		558		6,847
Take-Two Interactive Software Inc.^(a)		2,189		290,546
Vimeo Inc.^(a)		652		3,625
Xperi Holding Corp.		855		14,330


				1,313,636

Telecommunications — 0.5%
AT&T Inc.		1,745		32,771
Harmonic Inc.^(a)		928		10,134
Shenandoah Telecommunications Co.		602		13,425


				56,330

Toys, Games & Hobbies — 3.3%
Hasbro Inc.		3,278		258,044


38		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

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

(Percentages shown are based on Net Assets)


Security	Shares		Value


Toys, Games & Hobbies (continued)
Mattel Inc.^(a)		3,657	$	84,843


				342,887


Total Long-Term Investments — 98.5% (Cost: $13,664,223)				10,319,460


Short-Term Securities

Money Market Funds — 1.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(b)(c)		148,000		148,000


Total Short-Term Securities — 1.4% (Cost: $148,000)				148,000


Total Investments in Securities — 99.9% (Cost: $13,812,223)				10,467,460

Other Assets Less Liabilities — 0.1%				5,618


Net Assets — 100.0%			$	10,473,078

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	924,521	$	—		$	(923,644	)^(b)	$	(866	)	$	(11	)	$	—		—	$	7,283	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		118,000		30,000	^(b)		—			—			—			148,000		148,000		424			—


									$	(866	)	$	(11	)	$	148,000			$	7,707		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	10,319,460	$	—	$	—	$	10,319,460
Money Market Funds		148,000		—		—		148,000


	$	10,467,460	$	—	$	—	$	10,467,460

See notes to financial statements.


SCHEDULE OF INVESTMENTS		39

Schedule of Investments

July 31, 2022

iShares^® Evolved U.S. Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Advertising — 0.3%
Interpublic Group of Companies Inc. (The)		2,886	$	86,205
Omnicom Group Inc.		1,421		99,242
Trade Desk Inc. (The), Class A^(a)		3,960		178,200


				363,647

Aerospace & Defense — 0.1%
L3Harris Technologies Inc.		289		69,351


Banks — 0.3%
JPMorgan Chase & Co.		2,793		322,201


Biotechnology — 0.1%
Illumina Inc.^(a)		536		116,140
Incyte Corp.^(a)		501		38,918


				155,058

Commercial Services — 3.7%
2U Inc.^(a)		343		3,358
Automatic Data Processing Inc.		3,657		881,776
Block Inc.^(a)		3,516		267,427
Booz Allen Hamilton Holding Corp.		641		61,523
Chegg Inc.^(a)		1,320		28,116
Clarivate PLC^(a)		3,214		46,571
CoStar Group Inc.^(a)(b)		2,970		215,592
Equifax Inc.		686		143,312
FleetCor Technologies Inc.^(a)		490		107,844
Gartner Inc.^(a)		784		208,136
Global Payments Inc.		1,614		197,425
Korn Ferry		392		25,680
LiveRamp Holdings Inc.^(a)		52		1,384
MarketAxess Holdings Inc.		147		39,805
Moody’s Corp.		637		197,629
Nielsen Holdings PLC		1,664		39,853
Paylocity Holding Corp.^(a)		485		99,876
PayPal Holdings Inc.^(a)		9,250		800,403
Robert Half International Inc.		539		42,656
S&P Global Inc.		1,801		678,851
Sabre Corp.^(a)(b)		1,519		9,342
TransUnion		1,176		93,174
Verisk Analytics Inc.^(b)		735		139,834


				4,329,567

Computers — 18.0%
Accenture PLC, Class A		5,236		1,603,577
Apple Inc.		93,057		15,122,693
CACI International Inc., Class A^(a)		147		44,437
Cognizant Technology Solutions Corp., Class A		4,707		319,888
Crowdstrike Holdings Inc., Class A^(a)		2,006		368,302
Dell Technologies Inc., Class C		1,960		88,318
DXC Technology Co.^(a)		2,744		86,710
EPAM Systems Inc.^(a)		392		136,906
Fortinet Inc.^(a)		7,840		467,656
Genpact Ltd.		1,127		54,186
Hewlett Packard Enterprise Co.		12,350		175,864
HP Inc.		8,079		269,758
International Business Machines Corp.		10,174		1,330,657
Kyndryl Holdings Inc.^(a)		2,031		21,265
Lumentum Holdings Inc.^(a)		294		26,595
NCR Corp.^(a)		784		25,441
NetApp Inc.		2,648		188,882
Pure Storage Inc., Class A^(a)		1,078		30,561


Security	Shares		Value

Computers (continued)
Qualys Inc.^(a)		392	$	47,949
Rapid7 Inc.^(a)		641		41,005
Seagate Technology Holdings PLC		1,764		141,085
Varonis Systems Inc.^(a)		1,363		34,661
Western Digital Corp.^(a)		2,352		115,483
Zscaler Inc.^(a)		932		144,516


				20,886,395

Cosmetics & Personal Care — 0.2%
Procter & Gamble Co. (The)		1,449		201,281


Distribution & Wholesale — 0.1%
Copart Inc.^(a)		588		75,323
KAR Auction Services Inc.^(a)		441		7,541


				82,864

Diversified Financial Services — 5.6%
Cboe Global Markets Inc.		490		60,456
CME Group Inc.		1,666		332,334
Coinbase Global Inc., Class A^(a)(b)		1,433		90,222
Discover Financial Services		392		39,592
Interactive Brokers Group Inc., Class A		294		17,255
Intercontinental Exchange Inc.		2,842		289,855
Invesco Ltd.		1,080		19,159
Mastercard Inc., Class A		6,778		2,397,989
Nasdaq Inc.		539		97,505
SEI Investments Co.		588		32,552
Tradeweb Markets Inc., Class A		1,423		100,350
Visa Inc., Class A		14,222		3,016,628
Western Union Co. (The)		1,911		32,525


				6,526,422

Electronics — 0.5%
Agilent Technologies Inc.		782		104,866
Allegion PLC		299		31,604
Flex Ltd.^(a)(b)		2,841		47,729
Garmin Ltd.		442		43,148
II-VI Inc.^(a)		89		4,685
Keysight Technologies Inc.^(a)		1,029		167,316
Mettler-Toledo International Inc.^(a)		48		64,787
National Instruments Corp.		931		35,378
TD SYNNEX Corp.		196		19,682
Trimble Inc.^(a)		1,274		88,454


				607,649

Energy - Alternate Sources — 0.3%
Enphase Energy Inc.^(a)		692		196,652
SolarEdge Technologies Inc.^(a)(b)		260		93,634
Sunrun Inc.^(a)		1,019		33,311


				323,597

Health Care - Products — 0.2%
10X Genomics Inc., Class A^(a)(b)		382		15,337
Align Technology Inc.^(a)		304		85,415
Avantor Inc.^(a)		3,018		87,583


				188,335

Health Care - Services — 0.2%
Charles River Laboratories International Inc.^(a)		286		71,654
IQVIA Holdings Inc.^(a)		539		129,506
Teladoc Health Inc.^(a)(b)		801		29,517


				230,677

Insurance — 0.4%
Aon PLC, Class A		638		185,684


40		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Marsh & McLennan Companies Inc.		1,323	$	216,919
Willis Towers Watson PLC		400		82,776


				485,379

Internet — 22.2%
Airbnb Inc., Class A^(a)		2,184		242,380
Alphabet Inc., Class A^(a)		50,000		5,816,000
Alphabet Inc., Class C, NVS^(a)		48,740		5,685,034
Amazon.com Inc.^(a)		49,384		6,664,371
Booking Holdings Inc.^(a)		200		387,138
CDW Corp./DE		1,078		195,689
DoorDash Inc., Class A^(a)		2,169		151,288
eBay Inc.		5,212		253,460
Etsy Inc.^(a)		852		88,369
Expedia Group Inc.^(a)		637		67,554
F5 Inc.^(a)		637		106,608
GoDaddy Inc., Class A^(a)		1,127		83,601
IAC/InterActiveCorp.^(a)		528		36,168
Lyft Inc., Class A^(a)		1,866		25,863
Mandiant Inc.^(a)		1,519		34,603
Match Group Inc.^(a)		1,508		110,551
MercadoLibre Inc.^(a)		279		227,025
Meta Platforms Inc, Class A^(a)		21,812		3,470,289
Netflix Inc.^(a)		1,211		272,354
NortonLifeLock Inc.		4,849		118,946
Okta Inc.^(a)		1,908		187,843
Palo Alto Networks Inc.^(a)		980		489,118
Pinterest Inc., Class A^(a)		2,714		52,869
Q2 Holdings Inc.^(a)		488		21,423
Robinhood Markets Inc., Class A^(a)(b)		4,021		36,390
Roku Inc.^(a)(b)		654		42,850
Snap Inc., Class A, NVS^(a)		8,483		83,812
Twitter Inc.^(a)		5,636		234,514
Uber Technologies Inc.^(a)		10,776		252,697
Upwork Inc.^(a)		2,636		48,924
VeriSign Inc.^(a)		878		166,082
Zendesk Inc.^(a)		833		62,825
Zillow Group Inc., Class C ^(a)		686		23,928


				25,740,566

Leisure Time — 0.0%
Peloton Interactive Inc., Class A^(a)		1,312		12,451


Machinery — 0.1%
Cognex Corp.		980		49,960
Rockwell Automation Inc.		196		50,035


				99,995

Manufacturing — 0.0%
Axon Enterprise Inc.^(a)(b)		407		44,847


Media — 0.1%
FactSet Research Systems Inc.		245		105,272


Office & Business Equipment — 0.1%
Zebra Technologies Corp., Class A^(a)		392		140,214


Pharmaceuticals — 0.1%
Zoetis Inc.		391		71,377


Private Equity — 0.1%
Blackstone Inc., NVS		913		93,190


Security	Shares		Value

Real Estate — 0.1%
CBRE Group Inc., Class A^(a)		1,024	$	87,675
Jones Lang LaSalle Inc.^(a)		196		37,371


				125,046

Real Estate Investment Trusts — 0.4%
Digital Realty Trust Inc.		928		122,914
Equinix Inc.		383		269,532
Iron Mountain Inc.		1,323		64,152


				456,598

Retail — 0.1%
Best Buy Co. Inc.		686		52,815
Carvana Co., Class A^(a)(b)		332		9,678
Home Depot Inc. (The)		360		108,338


				170,831

Semiconductors — 12.4%
Advanced Micro Devices Inc.^(a)		14,526		1,372,271
Analog Devices Inc.		3,079		529,465
Applied Materials Inc.		4,223		447,553
Broadcom Inc.		3,158		1,691,046
Intel Corp.		23,199		842,356
KLA Corp.		833		319,489
Lam Research Corp.		694		347,354
Lattice Semiconductor Corp.^(a)		1,194		73,431
Marvell Technology Inc.		7,105		395,606
Microchip Technology Inc.		3,136		215,945
Micron Technology Inc.		7,505		464,259
Monolithic Power Systems Inc.		294		136,628
Nvidia Corp.		24,914		4,525,130
NXP Semiconductors NV		1,857		341,465
ON Semiconductor Corp.^(a)		2,645		176,633
Qorvo Inc.^(a)		738		76,804
Qualcomm Inc.		7,528		1,092,012
Silicon Laboratories Inc.^(a)(b)		343		50,586
Skyworks Solutions Inc.		1,083		117,917
Synaptics Inc.^(a)(b)		610		88,419
Teradyne Inc.		1,122		113,199
Texas Instruments Inc.		4,806		859,745
Wolfspeed Inc.^(a)		833		69,389


				14,346,702

Software — 30.9%
ACI Worldwide Inc.^(a)		980		27,959
Activision Blizzard Inc.		4,787		382,721
Adobe Inc.^(a)		4,857		1,991,953
Akamai Technologies Inc.^(a)		1,470		141,443
Alteryx Inc., Class A^(a)		736		35,644
Ansys Inc.^(a)		686		191,387
Appian Corp.^(a)		580		28,147
Aspen Technology Inc.^(a)		205		41,838
Autodesk Inc.^(a)		2,055		444,538
Avalara Inc.^(a)(b)		638		55,774
Bentley Systems Inc., Class B		1,470		58,212
Bill.com Holdings Inc.^(a)		999		134,945
Black Knight Inc.^(a)		686		45,057
Blackbaud Inc.^(a)		441		27,042
Blackline Inc.^(a)		784		49,565
Box Inc., Class A^(a)		1,323		37,626
Broadridge Financial Solutions Inc.		686		110,137
Cadence Design Systems Inc.^(a)		2,401		446,778
Ceridian HCM Holding Inc.^(a)		1,371		75,090
Citrix Systems Inc.		1,372		139,135


SCHEDULE OF INVESTMENTS		41

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Software (continued)
Cloudflare Inc., Class A^(a)		1,861	$	93,646
CommVault Systems Inc.^(a)		441		24,736
Concentrix Corp.		310		41,466
Consensus Cloud Solutions Inc.^(a)		115		6,213
Coupa Software Inc.^(a)		784		51,289
Datadog Inc., Class A^(a)		3,296		336,225
DocuSign Inc.^(a)		1,913		122,394
Dropbox Inc., Class A^(a)		2,937		66,787
Dynatrace Inc.^(a)		2,213		83,275
Elastic NV^(a)		637		50,890
Electronic Arts Inc.		1,813		237,920
Everbridge Inc.^(a)		442		11,112
Fair Isaac Corp.^(a)		245		113,197
Fidelity National Information Services Inc.		3,579		365,631
Fiserv Inc.^(a)		4,251		449,246
Five9 Inc.^(a)		731		79,036
Guidewire Software Inc.^(a)(b)		637		49,508
HubSpot Inc.^(a)		493		151,844
Intuit Inc.		2,331		1,063,332
Jack Henry & Associates Inc.		588		122,169
Manhattan Associates Inc.^(a)		637		89,607
Microsoft Corp.		65,045		18,260,733
MicroStrategy Inc., Class A^(a)(b)		148		42,337
MongoDB Inc. ^(a)		488		152,485
MSCI Inc.		588		283,028
New Relic Inc.^(a)		441		26,755
Nutanix Inc., Class A^(a)		2,203		33,331
Oracle Corp.		20,357		1,584,589
Palantir Technologies Inc., Class A^(a)		20,381		210,943
Paychex Inc.		2,252		288,887
Paycom Software Inc.^(a)		441		145,746
Pegasystems Inc.		392		15,739
PTC Inc.^(a)		1,176		145,095
RingCentral Inc., Class A^(a)		682	��	33,752
Roper Technologies Inc.		146		63,754
SailPoint Technologies Holdings Inc.^(a)		1,212		77,289
Salesforce Inc.^(a)		10,639		1,957,789
ServiceNow Inc.^(a)		2,160		964,786
Smartsheet Inc., Class A^(a)		1,474		44,308
Snowflake Inc., Class A^(a)		3,713		556,616
Splunk Inc.^(a)		1,818		188,908
SPS Commerce Inc.^(a)		773		92,575
SS&C Technologies Holdings Inc.		1,274		75,383
Synopsys Inc.^(a)		1,372		504,210
Take-Two Interactive Software Inc.^(a)		804		106,715
Teradata Corp.^(a)		2,303		88,182
Twilio Inc., Class A^(a)		2,188		185,542
Tyler Technologies Inc.^(a)		294		117,306
UiPath Inc., Class A^(a)		2,967		54,385


Security	Shares		Value


Software (continued)
Unity Software Inc.^(a)(b)		2,373	$	88,726
Veeva Systems Inc., Class A^(a)		1,312		293,337
Verint Systems Inc.^(a)		588		26,854
VMware Inc., Class A		2,186		254,013
Workday Inc., Class A^(a)		2,303		357,195
Workiva Inc.^(a)		828		54,234
Ziff Davis Inc.^(a)(b)		343		28,088
Zoom Video Communications Inc., Class A^(a)		2,374		246,564
ZoomInfo Technologies Inc.^(a)(b)		2,889		109,464


				35,834,157

Telecommunications — 2.1%
Arista Networks Inc.^(a)		2,352		274,314
Ciena Corp.^(a)		1,176		60,682
Cisco Systems Inc.		39,182		1,777,687
CommScope Holding Co. Inc.^(a)(b)		784		7,079
Juniper Networks Inc.		3,479		97,516
Motorola Solutions Inc.		784		187,055


				2,404,333

Transportation — 0.1%
Expeditors International of Washington Inc.^(b)		637		67,681
FedEx Corp.		445		103,725


				171,406


Total Long-Term Investments — 98.8% (Cost: $109,495,655)				114,589,408


Short-Term Securities

Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%^(c)(d)(e)		1,184,269		1,184,151
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(c)(d)		1,310,000		1,310,000


Total Short-Term Securities — 2.1% (Cost: $2,494,081)				2,494,151


Total Investments in Securities — 100.9% (Cost: $111,989,736)				117,083,559

Liabilities in Excess of Other Assets — (0.9)%				(1,094,092	)


Net Assets — 100.0%			$	115,989,467

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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


42		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

July 31, 2022

iShares^® Evolved U.S. Technology ETF

Affiliates




Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	105,468	$	1,079,190	^(a)	$	—	$	(577	)	$	70	$	1,184,151		1,184,269	$	1,518	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		890,000		420,000	^(a)		—		—			—		1,310,000		1,310,000		3,539			—


								$	(577	)	$	70	$	2,494,151			$	5,057		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	114,589,408	$	—	$	—	$	114,589,408
Money Market Funds		2,494,151		—		—		2,494,151


	$	117,083,559	$	—	$	—	$	117,083,559

See notes to financial statements.


SCHEDULE OF INVESTMENTS		43

Statements of Assets and Liabilities

July 31, 2022



	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, at value — unaffiliated^(a)(b)		$	16,807,276		$	15,562,463			$	8,773,341		$	37,760,571
Investments, at value — affiliated^(c)			140,000			358,302				80,000			986,000
Cash			9,544			6,795				9,050			1,092
Receivables:
Investments sold			—			39,957				—			—
Securities lending income — affiliated			37			875				7			—
Dividends — unaffiliated			18,488			9,086				13,041			32,864
Dividends — affiliated			145			81				102			786


Total assets			16,975,490			15,977,559				8,875,541			38,781,313


LIABILITIES
Collateral on securities loaned, at value			—			298,278				—			—
Payables:
Investment advisory fees			2,530			2,351				1,298			5,850


Total liabilities			2,530			300,629				1,298			5,850


NET ASSETS		$	16,972,960		$	15,676,930			$	8,874,243		$	38,775,463


NET ASSETS CONSIST OF
Paid-in capital		$	15,417,748		$	16,220,168			$	8,269,925		$	34,527,651
Accumulated earnings (loss)			1,555,212			(543,238	)			604,318			4,247,812


NET ASSETS		$	16,972,960		$	15,676,930			$	8,874,243		$	38,775,463


NET ASSET VALUE
Shares outstanding			500,000			400,000				300,000			950,000


Net asset value		$	33.95		$	39.19			$	29.58		$	40.82


Shares authorized			Unlimited			Unlimited				Unlimited			Unlimited


Par value			None			None				None			None


^(a) Investments, at cost — unaffiliated		$	15,239,840		$	16,394,049			$	8,173,688		$	33,673,872
^(b) Securities loaned, at value		$	—		$	287,322			$	—		$	—
^(c) Investments, at cost — affiliated		$	140,000		$	358,255			$	80,000		$	986,000

See notes to financial statements.


44		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (continued)

July 31, 2022



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


ASSETS
Investments, at value — unaffiliated^(a)(b)		$	33,749,436		$	10,319,460			$	114,589,408
Investments, at value — affiliated^(c)			2,920,441			148,000				2,494,151
Cash			8,004			3,712				1,756
Receivables:
Investments sold			152,162			—				22,582
Securities lending income — affiliated			262			371				498
Capital shares sold			—			—				59,859
Dividends — unaffiliated			38,266			2,931				19,535
Dividends — affiliated			1,141			182				1,570


Total assets			36,869,712			10,474,656				117,189,359


LIABILITIES
Collateral on securities loaned, at value			79,179			—				1,184,313
Payables:
Investment advisory fees			5,667			1,578				15,579


Total liabilities			84,846			1,578				1,199,892


NET ASSETS		$	36,784,866		$	10,473,078			$	115,989,467


NET ASSETS CONSIST OF
Paid-in capital		$	35,617,069		$	14,079,435			$	110,654,594
Accumulated earnings (loss)			1,167,797			(3,606,357	)			5,334,873


NET ASSETS		$	36,784,866		$	10,473,078			$	115,989,467


NET ASSET VALUE
Shares outstanding			1,100,000			400,000				2,450,000


Net asset value		$	33.44		$	26.18			$	47.34


Shares authorized			Unlimited			Unlimited				Unlimited


Par value			None			None				None


^(a) Investments, at cost — unaffiliated		$	33,474,264		$	13,664,223			$	109,495,655
^(b) Securities loaned, at value		$	72,614		$	—			$	1,164,368
^(c) Investments, at cost — affiliated		$	2,920,412		$	148,000			$	2,494,081

See notes to financial statements.


FINANCIAL STATEMENTS		45

Statements of Operations

Year Ended July 31, 2022


	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		$	400,430			$	235,688			$	174,222			$	382,253
Dividends — affiliated			328				251				256				1,496
Securities lending income — affiliated — net			886				2,565				135				258
Foreign taxes withheld			(56	)			—				(60	)			—


Total investment income			401,588				238,504				174,553				384,007


EXPENSES
Investment advisory fees			28,790				40,413				14,736				68,353
Professional fees			217				—				217				217


Total expenses			29,007				40,413				14,953				68,570


Net investment income			372,581				198,091				159,600				315,437


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated			16,799				417,270				11,876				77,062
Investments — affiliated			(39	)			(258	)			(57	)			(228	)
In-kind redemptions — unaffiliated^(a)			1,097				2,445,584				—				694,138
Payments by affiliate			—				—				1,864				—


			17,857				2,862,596				13,683				770,972


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated			267,376				(6,108,585	)			(706,265	)			(3,284,653	)
Investments — affiliated			(4	)			44				—				(2	)


			267,372				(6,108,541	)			(706,265	)			(3,284,655	)


Net realized and unrealized gain (loss)			285,229				(3,245,945	)			(692,582	)			(2,513,683	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	657,810			$	(3,047,854	)		$	(532,982	)		$	(2,198,246	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


46		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (continued)

Year Ended July 31, 2022


	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		$	530,333			$	55,133			$	811,882
Dividends — affiliated			2,167				515				3,576
Securities lending income — affiliated — net			5,235				7,192				1,481
Foreign taxes withheld			—				—				(461	)


Total investment income			537,735				62,840				816,478


EXPENSES
Investment advisory fees			69,136				27,558				239,736
Professional fees			—				217				217


Total expenses			69,136				27,775				239,953


Net investment income			468,599				35,065				576,525


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated			1,052,572				(148,257	)			576,646
Investments — affiliated			(325	)			(866	)			(577	)
In-kind redemptions — unaffiliated^(a)			2,525,635				663,785				7,652,272


			3,577,882				514,662				8,228,341


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated			(6,572,693	)			(5,550,584	)			(31,887,903	)
Investments — affiliated			(65	)			(11	)			70


			(6,572,758	)			(5,550,595	)			(31,887,833	)


Net realized and unrealized loss			(2,994,876	)			(5,035,933	)			(23,659,492	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(2,526,277	)		$	(5,000,868	)		$	(23,082,967	)

^(a)	See Note 2 of the Notes to Financial Statements.

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 07/31/22			Year Ended 07/31/21				Year Ended 07/31/22			Year Ended 07/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	372,581			$	391,716		$	198,091			$	187,745
Net realized gain		17,857				1,823,303			2,862,596				1,792,839
Net change in unrealized appreciation (depreciation)		267,372				480,418			(6,108,541	)			3,689,056


Net increase (decrease) in net assets resulting from operations		657,810				2,695,437			(3,047,854	)			5,669,640


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(360,114	)			(377,726	)		(192,387	)			(182,616	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,741,757				2,756,445			(3,715,086	)			5,164,697


NET ASSETS
Total increase (decrease) in net assets		2,039,453				5,074,156			(6,955,327	)			10,651,721
Beginning of year		14,933,507				9,859,351			22,632,257				11,980,536


End of year	$	16,972,960			$	14,933,507		$	15,676,930			$	22,632,257

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

See notes to financial statements.


48		2 0 2 2 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 07/31/22			Year Ended 07/31/21			Year Ended 07/31/22			Year Ended 07/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	159,600		$	111,485		$	315,437		$	194,707
Net realized gain		13,683			3,090			770,972			1,001,141
Net change in unrealized appreciation (depreciation)		(706,265	)		2,107,873			(3,284,655	)		5,124,434


Net increase (decrease) in net assets resulting from operations		(532,982	)		2,222,448			(2,198,246	)		6,320,282


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(152,736	)		(109,149	)		(291,853	)		(166,995	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,331,765			—			6,590,917			13,514,706


NET ASSETS
Total increase in net assets		2,646,047			2,113,299			4,100,818			19,667,993
Beginning of year		6,228,196			4,114,897			34,674,645			15,006,652


End of year	$	8,874,243		$	6,228,196		$	38,775,463		$	34,674,645

^(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 07/31/22			Year Ended 07/31/21			Year Ended 07/31/22			Year Ended 07/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	468,599		$	435,435		$	35,065		$	105,029
Net realized gain		3,577,882			785,765			514,662			2,196,957
Net change in unrealized appreciation (depreciation)		(6,572,758	)		5,285,722			(5,550,595	)		1,724,157


Net increase (decrease) in net assets resulting from operations		(2,526,277	)		6,506,922			(5,000,868	)		4,026,143


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(985,796	)		(885,686	)		(185,782	)		(103,291	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		897,869			12,756,828			(3,033,254	)		5,551,639


NET ASSETS
Total increase (decrease) in net assets		(2,614,204	)		18,378,064			(8,219,904	)		9,474,491
Beginning of year		39,399,070			21,021,006			18,692,982			9,218,491


End of year	$	36,784,866		$	39,399,070		$	10,473,078		$	18,692,982

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

See notes to financial statements.


50		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares Evolved U.S. Technology ETF
	Year Ended 07/31/22			Year Ended 07/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	576,525		$	437,300
Net realized gain		8,228,341			10,101,984
Net change in unrealized appreciation (depreciation)		(31,887,833	)		22,445,624


Net increase (decrease) in net assets resulting from operations		(23,082,967	)		32,984,908


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,164,175	)		(431,621	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		9,540,195			18,787,708


NET ASSETS
Total increase (decrease) in net assets		(14,706,947	)		51,340,995
Beginning of year		130,696,414			79,355,419


End of year	$	115,989,467		$	130,696,414

^(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				Year Ended						03/21/18	^(a)
		07/31/22				07/31/21				07/31/20				07/31/19				to 07/31/18


Net asset value, beginning of period			$	33.19			$	28.17			$	27.58			$	25.03			$	24.62


Net investment income^(b)				0.78				0.74				0.70				0.66				0.31	^(c)
Net realized and unrealized gain^(d)				0.75				5.03				0.51				2.80				0.26


Net increase from investment operations				1.53				5.77				1.21				3.46				0.57


Distributions^(e)
From net investment income				(0.77	)			(0.75	)			(0.62	)			(0.85	)			(0.16	)
From net realized gain				—				—				—				(0.06	)			—


Total distributions				(0.77	)			(0.75	)			(0.62	)			(0.91	)			(0.16	)


Net asset value, end of period			$	33.95			$	33.19			$	28.17			$	27.58			$	25.03


Total Return^(f)
Based on net asset value				4.67	%			20.76	%			4.56	%			14.23	%			2.34	%^(g)


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


Net investment income				2.33	%			2.39	%			2.58	%			2.59	%			3.58	%^(c)(i)


Supplemental Data

Net assets, end of period (000)			$	16,973			$	14,934			$	9,859			$	4,137			$	3,755


Portfolio turnover rate^(j)				5	%			5	%			13	%			9	%			0	%^(g)

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


52		2 0 2 2 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				Year Ended						03/21/18	^(a)
		07/31/22				07/31/21				07/31/20				07/31/19				to 07/31/18


Net asset value, beginning of period			$	45.26			$	34.23			$	29.47			$	26.84			$	24.95


Net investment income^(b)				0.38				0.35				0.35				0.39				0.12
Net realized and unrealized gain (loss)^(c)				(6.07	)			11.01				4.90				2.70				1.86


Net increase (decrease) from investment operations				(5.69	)			11.36				5.25				3.09				1.98


Distributions^(d)
From net investment income				(0.38	)			(0.33	)			(0.33	)			(0.41	)			(0.09	)
From net realized gain				—				—				(0.16	)			(0.05	)			—


Total distributions				(0.38	)			(0.33	)			(0.49	)			(0.46	)			(0.09	)


Net asset value, end of period			$	39.19			$	45.26			$	34.23			$	29.47			$	26.84


Total Return^(e)
Based on net asset value				(12.65	)%			33.32	%			18.11	%			11.73	%			7.96	%^(f)


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


Net investment income				0.88	%			0.86	%			1.16	%			1.42	%			1.25	%^(h)


Supplemental Data

Net assets, end of period (000)			$	15,677			$	22,632			$	11,981			$	5,895			$	5,369


Portfolio turnover rate⁽ⁱ⁾				7	%			4	%			10	%			11	%			0	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	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.

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	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				Year Ended						03/21/18	^(a)

		07/31/22				07/31/21				07/31/20				07/31/19				to 07/31/18


Net asset value, beginning of period			$	31.14			$	20.57			$	24.86			$	24.59			$	24.98


Net investment income^(b)				0.62				0.56				0.56				0.50				0.15
Net realized and unrealized gain (loss)^(c)				(1.59	)			10.56				(4.29	)			0.27				(0.43	)


Net increase (decrease) from investment operations				(0.97	)			11.12				(3.73	)			0.77				(0.28	)


Distributions from net investment income^(d)				(0.59	)			(0.55	)			(0.56	)			(0.50	)			(0.11	)


Net asset value, end of period			$	29.58			$	31.14			$	20.57			$	24.86			$	24.59


Total Return^(e)
Based on net asset value				(3.25	)%^(f)			54.68	%			(15.10	)%			3.35	%			(1.11	)%^(f)(g)


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


Net investment income				1.95	%			2.10	%			2.47	%			2.15	%			1.65	%⁽ⁱ⁾


Supplemental Data

Net assets, end of period (000)			$	8,874			$	6,228			$	4,115			$	4,971			$	4,919


Portfolio turnover rate^(j)				3	%			2	%			8	%			10	%			13	%^(g)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	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.

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

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

^(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 -3.23% for the year ended 2022 and -1.40% for the year ended 2018.

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


54		2 0 2 2 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				Year Ended						03/21/18	^(a)
		07/31/22				07/31/21				07/31/20				07/31/19				to 07/31/18


Net asset value, beginning of period			$	43.34			$	33.35			$	29.46			$	27.48			$	24.86


Net investment income^(b)				0.35				0.33				0.31				0.27				0.08
Net realized and unrealized gain (loss)^(c)				(2.54	)			9.96				4.07				2.11				2.60


Net increase (decrease) from investment operations				(2.19	)			10.29				4.38				2.38				2.68


Distributions^(d)
From net investment income				(0.33	)			(0.30	)			(0.25	)			(0.28	)			(0.06	)
From net realized gain				—				—				(0.24	)			(0.12	)			—


Total distributions				(0.33	)			(0.30	)			(0.49	)			(0.40	)			(0.06	)


Net asset value, end of period			$	40.82			$	43.34			$	33.35			$	29.46			$	27.48


Total Return^(e)
Based on net asset value				(5.09	)%			31.06	%			15.04	%			8.77	%			10.77	%^(f)


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


Net investment income				0.83	%			0.86	%			1.02	%			0.95	%			0.87	%^(h)


Supplemental Data

Net assets, end of period (000)			$	38,775			$	34,675			$	15,007			$	7,365			$	5,495


Portfolio turnover rate⁽ⁱ⁾				5	%			2	%			12	%			12	%			0	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	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.

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	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				Year Ended						03/21/18	^(a)
		07/31/22				07/31/21				07/31/20				07/31/19				to 07/31/18


Net asset value, beginning of period			$	35.82			$	30.03			$	24.74			$	26.03			$	24.97


Net investment income^(b)				0.42				0.45				0.43				0.37				0.11
Net realized and unrealized gain (loss)^(c)				(1.93	)			6.29				5.72				(1.15	)			1.04


Net increase (decrease) from investment operations				(1.51	)			6.74				6.15				(0.78	)			1.15


Distributions^(d)
From net investment income				(0.46	)			(0.39	)			(0.38	)			(0.36	)			(0.09	)
From net realized gain				(0.41	)			(0.56	)			(0.48	)			(0.15	)			—


Total distributions				(0.87	)			(0.95	)			(0.86	)			(0.51	)			(0.09	)


Net asset value, end of period			$	33.44			$	35.82			$	30.03			$	24.74			$	26.03


Total Return^(e)
Based on net asset value				(4.26	)%			22.81	%			25.31	%			(3.04	)%			4.62	%^(f)


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


Net investment income				1.22	%			1.37	%			1.53	%			1.45	%			1.25	%^(h)


Supplemental Data

Net assets, end of period (000)			$	36,785			$	39,399			$	21,021			$	4,949			$	5,206


Portfolio turnover rate⁽ⁱ⁾				7	%			6	%			24	%			8	%			3	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	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.

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


56		2 0 2 2 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				Year Ended						03/21/18	^(a)
		07/31/22				07/31/21				07/31/20				07/31/19				to 07/31/18


Net asset value, beginning of period			$	37.39			$	26.34			$	28.22			$	26.38			$	25.05


Net investment income^(b)				0.07				0.23				0.20				0.26				0.10
Net realized and unrealized gain (loss)^(c)				(10.90	)			11.05				(0.86	)			1.97				1.29


Net increase (decrease) from investment operations				(10.83	)			11.28				(0.66	)			2.23				1.39


Distributions^(d)
From net investment income				(0.35	)			(0.23	)			(0.21	)			(0.26	)			(0.06	)
From net realized gain				(0.03	)			—				(1.01	)			(0.13	)			—


Total distributions				(0.38	)			(0.23	)			(1.22	)			(0.39	)			(0.06	)


Net asset value, end of period			$	26.18			$	37.39			$	26.34			$	28.22			$	26.38


Total Return^(e)
Based on net asset value				(29.16	)%			43.02	%			(2.33	)%			8.64	%			5.54	%^(f)


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


Net investment income				0.23	%			0.67	%			0.79	%			0.99	%			1.04	%^(h)


Supplemental Data

Net assets, end of period (000)			$	10,473			$	18,693			$	9,218			$	7,056			$	5,277


Portfolio turnover rate⁽ⁱ⁾				6	%			4	%			16	%			10	%			0	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	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.

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	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				Year Ended						03/21/18	^(a)
		07/31/22				07/31/21				07/31/20				07/31/19				to 07/31/18


Net asset value, beginning of period			$	56.82			$	40.70			$	29.95			$	26.33			$	24.89


Net investment income^(b)				0.23				0.21				0.24				0.23				0.06
Net realized and unrealized gain (loss)^(c)				(9.25	)			16.12				10.80				3.73				1.43


Net increase (decrease) from investment operations				(9.02	)			16.33				11.04				3.96				1.49


Distributions^(d)
From net investment income				(0.25	)			(0.21	)			(0.24	)			(0.27	)			(0.05	)
From net realized gain				(0.21	)			—				(0.05	)			(0.07	)			—


Total distributions				(0.46	)			(0.21	)			(0.29	)			(0.34	)			(0.05	)


Net asset value, end of period			$	47.34			$	56.82			$	40.70			$	29.95			$	26.33


Total Return^(e)
Based on net asset value				(16.02	)%			40.24	%			37.15	%			15.27	%			6.00	%^(f)


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


Net investment income				0.43	%			0.44	%			0.72	%			0.85	%			0.70	%^(h)


Supplemental Data

Net assets, end of period (000)			$	115,989			$	130,696			$	79,355			$	16,470			$	5,266


Portfolio turnover rate⁽ⁱ⁾				7	%			6	%			5	%			7	%			0	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	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.

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


58		2 0 2 2 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		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

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, 2022, 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.

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


NOTES TO FINANCIAL STATEMENTS		59

Notes to Financial Statements (continued)

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 Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral


60		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


Evolved U.S. Discretionary Spending
Citigroup Global Markets, Inc.	$	48,007	$	(48,007	)	$	—		$	—
HSBC Bank PLC		63,359		(63,359	)		—			—
J.P. Morgan Securities LLC		37,650		(37,650	)		—			—
Morgan Stanley		39,824		(39,824	)		—			—
SG Americas Securities LLC		1,448		(1,438	)		—			10	^(b)
UBS AG		4,483		(4,483	)		—			—
UBS Securities LLC		92,551		(92,551	)		—			—


	$	287,322	$	(287,312	)	$	—		$	10


Evolved U.S. Innovative Healthcare
Credit Suisse Securities (USA) LLC	$	276	$	(276	)	$	—		$	—
Morgan Stanley		2		(2	)		—			—
UBS Securities LLC		72,336		(72,336	)		—			—


	$	72,614	$	(72,614	)	$	—		$	—


Evolved U.S. Technology
Barclays Capital, Inc.	$	17,747	$	(17,747	)	$	—		$	—
Citigroup Global Markets, Inc.		267,817		(267,817	)		—			—
HSBC Bank PLC		91,420		(91,420	)		—			—
J.P. Morgan Securities LLC		99,499		(99,499	)		—			—
Jefferies LLC		328,314		(324,556	)		—			3,758	^(b)
Morgan Stanley		124,695		(124,695	)		—			—
RBC Capital Markets LLC		45,866		(45,866	)		—			—
Scotia Capital (USA), Inc.		13,892		(13,892	)		—			—
SG Americas Securities LLC		45,310		(45,169	)		—			141	^(b)
Toronto-Dominion Bank		213		(213	)		—			—
UBS AG		89,688		(89,688	)		—			—
UBS Securities LLC		24,321		(24,021	)		—			300	^(b)
Virtu Americas LLC		15,586		(15,586	)		—			—


	$	1,164,368	$	(1,160,169	)	$	—		$	4,199

^(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.

^(b)

The market value of the loaned securities is determined as of July 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.18%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

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


NOTES TO FINANCIAL STATEMENTS		61

Notes to Financial Statements (continued)

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, 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 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, 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, 2022, each Fund retained 77% 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 81% 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, 2022, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC

Evolved U.S. Consumer Staples	$	232
Evolved U.S. Discretionary Spending		696
Evolved U.S. Financials		37
Evolved U.S. Healthcare Staples		112
Evolved U.S. Innovative Healthcare		1,415
Evolved U.S. Media and Entertainment		1,974
Evolved U.S. Technology		327

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

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, 2022, 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	$	—	$	410,147	$	23,901
Evolved U.S. Discretionary Spending		118,453		721,570		358,884
Evolved U.S. Healthcare Staples		1,163,867		184,558		(56,026	)
Evolved U.S. Innovative Healthcare		163,550		2,006,117		278,338
Evolved U.S. Media and Entertainment		133,264		—		—
Evolved U.S. Technology		957,795		3,692,425		39,328


62		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

During the year ended July 31, 2022, iShares Evolved U.S. Financials ETF received reimbursement of $1,864 from an affiliate, which is included in payment by affiliate in the statements of operations, related to an operating event.

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, 2022, 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	$ 786,095	$	766,330
Evolved U.S. Discretionary Spending	1,648,200		1,530,961
Evolved U.S. Financials	525,504		274,153
Evolved U.S. Healthcare Staples	2,294,737		1,802,721
Evolved U.S. Innovative Healthcare	2,819,018		5,688,145
Evolved U.S. Media and Entertainment	919,400		998,469
Evolved U.S. Technology	9,558,479		10,542,911

For the year ended July 31, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases	In-kind Sales

Evolved U.S. Consumer Staples	$ 1,724,833	$	—
Evolved U.S. Discretionary Spending	4,642,967		8,362,805
Evolved U.S. Financials	3,067,118		—
Evolved U.S. Healthcare Staples	7,986,511		1,838,595
Evolved U.S. Innovative Healthcare	10,347,101		9,477,944
Evolved U.S. Media and Entertainment	—		3,008,350
Evolved U.S. Technology	29,380,445		19,932,406

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, 2022, 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, 2022, permanent differences attributable to certain deemed distributions, distributions paid in excess of taxable income, undistributed capital gains and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:



iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)

Evolved U.S. Consumer Staples	$	1,097	$	(1,097	)
Evolved U.S. Discretionary Spending		2,563,413		(2,563,413	)
Evolved U.S. Healthcare Staples		719,489		(719,489	)
Evolved U.S. Innovative Healthcare		2,645,335		(2,645,335	)
Evolved U.S. Media and Entertainment		650,862		(650,862	)
Evolved U.S. Technology		7,689,498		(7,689,498	)

The tax character of distributions paid was as follows:




iShares ETF	Year Ended 07/31/22		Year Ended 07/31/21


Evolved U.S. Consumer Staples
Ordinary income	$	360,114	$	377,726


Evolved U.S. Discretionary Spending
Ordinary income	$	192,387	$	182,616


NOTES TO FINANCIAL STATEMENTS		63

Notes to Financial Statements (continued)




iShares ETF	Year Ended 07/31/22		Year Ended 07/31/21


Evolved U.S. Financials
Ordinary income	$	152,736	$	109,149


Evolved U.S. Healthcare Staples
Ordinary income	$	291,853	$	168,715
Long-term capital gains		—		2,462

	$	291,853	$	171,177


Evolved U.S. Innovative Healthcare
Ordinary income	$	760,862	$	706,851
Long-term capital gains		224,934		178,835

	$	985,796	$	885,686


Evolved U.S. Media and Entertainment
Ordinary income	$	185,782	$	106,942


Evolved U.S. Technology
Ordinary income	$	1,129,839	$	464,897
Long-term capital gains		34,336		—

	$	1,164,175	$	464,897

As of July 31, 2022, 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)		Qualified Late-Year Losses	^(c)		Total
Evolved U.S. Consumer Staples	$	64,228	$	—	$	(73,259	)	$	1,564,243		$	—		$	1,555,212
Evolved U.S. Discretionary Spending		33,052		255,249		—			(831,539	)		—			(543,238	)
Evolved U.S. Financials		20,892		—		(7,332	)		590,758			—			604,318
Evolved U.S. Healthcare Staples		86,508		76,043		—			4,085,261			—			4,247,812
Evolved U.S. Innovative Healthcare		127,069		817,637		—			223,091			—			1,167,797
Evolved U.S. Media and Entertainment		—		—		(229,502	)		(3,345,047	)		(31,808	)		(3,606,357	)
Evolved U.S. Technology		156,011		86,576		—			5,092,286			—			5,334,873

^(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, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended July 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:



iShares ETF	Utilized

Evolved U.S. Consumer Staples	$	15,992
Evolved U.S. Discretionary Spending		25,528
Evolved U.S. Financials		14,500

As of July 31, 2022, 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	$	15,383,033	$	2,055,046	$	(490,803	)	$	1,564,243
Evolved U.S. Discretionary Spending		16,752,304		1,192,579		(2,024,118	)		(831,539	)
Evolved U.S. Financials		8,262,583		1,041,963		(451,205	)		590,758
Evolved U.S. Healthcare Staples		34,661,310		6,243,410		(2,158,149	)		4,085,261
Evolved U.S. Innovative Healthcare		36,446,786		4,322,613		(4,099,522	)		223,091
Evolved U.S. Media and Entertainment		13,812,507		496,841		(3,841,888	)		(3,345,047	)
Evolved U.S. Technology		111,991,273		17,213,827		(12,121,541	)		5,092,286


64		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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. Although vaccines have been developed and approved for use by various governments, 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.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

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 ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 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 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.


NOTES TO FINANCIAL STATEMENTS		65

Notes to Financial Statements (continued)

Transactions in capital shares were as follows:




	Year Ended 07/31/22							Year Ended 07/31/21


iShares ETF	Shares				Amount			Shares				Amount


Evolved U.S. Consumer Staples
Shares sold		50,000		$		1,741,757			450,000		$		13,332,379
Shares redeemed		—				—			(350,000	)			(10,575,934	)


		50,000		$		1,741,757			100,000		$		2,756,445


Evolved U.S. Discretionary Spending
Shares sold		100,000		$		4,731,128			250,000		$		9,369,893
Shares redeemed		(200,000	)			(8,446,214	)		(100,000	)			(4,205,196	)


		(100,000	)	$		(3,715,086	)		150,000		$		5,164,697


Evolved U.S. Financials
Shares sold		100,000		$		3,331,765			—		$		—


Evolved U.S. Healthcare Staples
Shares sold		200,000		$		8,526,112			400,000		$		15,662,808
Shares redeemed		(50,000	)			(1,935,195	)		(50,000	)			(2,148,102	)


		150,000		$		6,590,917			350,000		$		13,514,706


Evolved U.S. Innovative Healthcare
Shares sold		300,000		$		10,512,475			400,000		$		12,756,828
Shares redeemed		(300,000	)			(9,614,606	)		—				—


		—		$		897,869			400,000		$		12,756,828


Evolved U.S. Media and Entertainment
Shares sold		—		$		—			300,000		$		10,739,995
Shares redeemed		(100,000	)			(3,033,254	)		(150,000	)			(5,188,356	)


		(100,000	)	$		(3,033,254	)		150,000		$		5,551,639


Evolved U.S. Technology
Shares sold		550,000		$		29,635,752			800,000		$		39,917,886
Shares redeemed		(400,000	)			(20,095,557	)		(450,000	)			(21,130,178	)


		150,000		$		9,540,195			350,000		$		18,787,708

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 BRIL, 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’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

On June 15, 2022, the Board approved the liquidation of iShares Evolved U.S. Healthcare Staples ETF, iShares Evolved U.S. Innovative Healthcare ETF, iShares Evolved U.S. Consumer Staples ETF, iShares Evolved U.S. Media and Entertainment ETF and iShares Evolved U.S. Financials ETF. After the close of business on August 22, 2022, each Fund no longer accepts creation orders. Trading in each Fund halted prior to market open on August 23, 2022. Proceeds of the liquidation were sent to shareholders on August 25, 2022.


66		2 0 2 2 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 each of the seven funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2022, the related statements of operations for the year ended July 31, 2022, the statements of changes in net assets for each of the two years in the period ended July 31, 2022, 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, 2022, 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, 2022 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.

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

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, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

September 23, 2022

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 amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2022:



iShares ETF	Qualified Dividend Income

Evolved U.S. Consumer Staples	$	397,108
Evolved U.S. Discretionary Spending		235,004
Evolved U.S. Financials		170,302
Evolved U.S. Healthcare Staples		370,349
Evolved U.S. Innovative Healthcare		527,738
Evolved U.S. Media and Entertainment		178,757
Evolved U.S. Technology		816,020

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2022:



iShares ETF	Qualified Business Income

Evolved U.S. Consumer Staples	$	1,630
Evolved U.S. Healthcare Staples		2,835
Evolved U.S. Media and Entertainment		2,301
Evolved U.S. Technology		1,761

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended July 31, 2022:



iShares ETF	20% Rate Long-Term Capital Gain Dividends

Evolved U.S. Discretionary Spending	$	109,905
Evolved U.S. Healthcare Staples		831
Evolved U.S. Innovative Healthcare		345,560
Evolved U.S. Technology		53,597

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2022 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		98.77	%
Evolved U.S. Innovative Healthcare		92.60	%
Evolved U.S. Media and Entertainment		100.00	%
Evolved U.S. Technology		77.63	%

The Funds hereby designate 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, 2022:



iShares ETF	Qualified Short-Term Capital Gain

Evolved U.S. Innovative Healthcare	$	269,534
Evolved U.S. Media and Entertainment		15,717
Evolved U.S. Technology		514,598


68		2 0 2 2 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”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; 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 3, 2022 and May 18, 2022, 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 13-15, 2022, 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, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall 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 enhancements and initiatives with respect 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, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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.


BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT		69

Board Review and Approval of Investment Advisory Contract (continued)

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

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, 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 received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board 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 considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (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 an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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


70		2 0 2 2 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, 2022



	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	$	0.767882	$	—	$	—	$	0.767882		100	%		—	%		—	%		100	%
Evolved U.S. Discretionary Spending		0.377488		—		—		0.377488		100			—			—			100
Evolved U.S. Financials		0.589728		—		—		0.589728		100			—			—			100
Evolved U.S. Healthcare Staples		0.329926		—		—		0.329926		100			—			—			100
Evolved U.S. Innovative Healthcare		0.453457		0.412057		—		0.865514		52			48			—			100
Evolved U.S. Media and Entertainment^(a)		0.326750		0.031434		0.020105		0.378289		87			8			5			100
Evolved U.S. Technology		0.248471		0.207145		—		0.455616		55			45			—			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.

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 (unaudited)

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 384 funds as of July 31, 2022. 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)(65)	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) (52)	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

John E. Kerrigan (67)	Trustee (since 2011); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust.

Jane D. Carlin (66)	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 (67)	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 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (unaudited) (continued)


		Independent Trustees (continued)

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

Cecilia H. Herbert (73)	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).

Drew E. Lawton (63)	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 (61)	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 (57)	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 (51)	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 (48)	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 (54)	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).

Marisa Rolland (41)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).


TRUSTEE AND OFFICER INFORMATION		73

Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.


74		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

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


GENERAL INFORMATION		75

Glossary of Terms Used in this Report


Portfolio Abbreviations

ADR		American Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


76		2 0 2 2 I SHARES ANNUAL REPORT TO SHAREHOLDERS

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-715-0722

(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 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, 2022 (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 $102,800 for the fiscal year ended July 31, 2021 and $88,900 for the fiscal year ended July 31, 2022.

(b)

Audit-Related Fees – There were no fees billed for the fiscal years ended July 31, 2021 and July 31, 2022 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 $67,900 for the fiscal year ended July 31, 2021 and $67,900 for the fiscal year ended July 31, 2022. 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, 2021 and July 31, 2022 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, 2022 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 $67,900 for the fiscal year ended July 31, 2021 and $67,900 for the fiscal year ended July 31, 2022.

(h)

The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i)

Not Applicable

(j)

Not Applicable

Item 5.

Audit Committee of Listed 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, Cecilia H. Herbert 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) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a) (4) Change in Registrant’s independent public accountant – 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: September 23, 2022

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: September 23, 2022


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

Date: September 23, 2022

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