iShares Gold Strategy ETF (IAUF) N-CSRCertified 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 BlackRock Fund Advisors

400 Howard Street, San Francisco, CA 94105

(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: October 31, 2023

Date of reporting period: October 31, 2023

(a) The Report to Shareholders is attached herewith.

iShares U.S. ETF Trust

Table of Contents

Market Overview

iShares U.S. ETF Trust

U.S. Bond Market Overview

The U.S. fixed-income market, as measured by the Bloomberg U.S. Aggregate Bond Index, posted a return of 0.36% for the 12 months ended October 31, 2023 (the “reporting period”). The benefit of income outweighed the effect of falling prices, leading to a narrow gain.

Several factors played a role in the weak showing for bonds. When the reporting period began, the market was seeing support from a decline in inflation from the peak reached in the months following the outbreak of war in Ukraine. The easing of price pressures fueled expectations that the U.S. Federal Reserve (Fed) could be nearing the end of its long series of interest rate hikes, leading to positive market performance in late 2022. As 2023 progressed, however, the combination of persistent inflation and communications from Fed officials made it clear that although rate hikes were indeed winding down, interest rates were likely to remain “higher for longer.” Continued strength in economic growth, together with elevated housing prices and robust employment, reinforced the notion that the Fed would need to maintain high rates to prevent a reacceleration of inflation. The Fed ultimately raised rates six times over the course of the 12-month period, bringing the benchmark fed funds rate from a range of 3.0-3.25% to 5.25%-5.50%. More important, however, was the fact that the markets continued to push out expectations for the central bank’s first rate cut. At the beginning of the period, the futures markets were indicating the initial rate reduction would occur in the second half of 2023. In contrast, the expected timing had shifted to late 2024 by the end of October.

In this environment, U.S. Treasury yields moved higher across the maturity spectrum (as prices fell). The two-year note climbed 4.48% to 5.09% over the course of the 12-month period, while the 10-year yield rose from 4.05% to 4.93%. Both issues finished October 2023 near their highest levels since 2007. The government bond market, in addition to being affected by rising interest rates, was further pressured by worries that the need for increased Treasury issuance would create an imbalance of supply and demand in the market.

The volatility in U.S. Treasuries, together with lower mortgage pre-payments and the Fed’s efforts to reduce the fixed-income holdings on its balance sheet, caused mortgage-backed securities to finish with a negative return. Conversely, the other major segments of the securitized category—asset-backed securities and commercial mortgage-backed securities—posted gains. Investment-grade corporate bonds also produced positive returns and outpaced Treasuries. The asset class benefited from a larger contribution from income and a decline in its yield spreads versus government issues.

Bonds with maturities of ten years and above, which are most sensitive to rate movements, trailed the broader market. On the other hand, issues in the three- to- seven-year maturity range outperformed. Higher-rated investment-grade bonds, whose performance is dictated more by interest-rate trends than credit developments, generally lagged lower-rated securities.

Investment Objective

The BlackRock Short Maturity Bond ETF (the “Fund”) seeks to maximize current income by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed income securities and maintain a weighted average maturity that is less than three years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

On September 27, 2023, the Board approved a proposal to change the name of BlackRock Short Maturity Bond ETF to BlackRock Short Duration Bond ETF, the Fund’s index to Bloomberg U.S. 1-3 Year Government/Credit Bond Index, as well as certain changes to the Fund’s investment objective. These changes became effective on November 1, 2023.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

The Bloomberg Short-Term Government/Corporate Index is an unmanaged index that measures the performance of government and corporate securities with less than 1 year remaining to maturity.

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

Portfolio Management Commentary

Short-term bonds posted a gain in the annual period. Although the U.S. Federal Reserve (Fed) continued to raise interest rates, which was detrimental for the market as a whole, shorter-dated issues were relatively insulated from this trend due to their lower degree of interest rate sensitivity. In addition, income—which has risen considerably in the past two years as the Fed has hiked rates—made a meaningful contribution to total returns. Corporate bonds outperformed U.S. Treasuries thanks to their above-average yields and the tailwind from better-than-expected economic growth.

The Fund’s active overweight positions in corporate issues and securitized products contributed to performance. The investment adviser maintained the Fund’s core allocation to corporates, while adjusting its positioning in a tactical fashion based on movements in yield spreads and shifts in fundamentals. The adviser added to the Fund’s weighting in the industrials sector over the course of the year. Within the sector, the adviser added to the consumer industries based on its view that the U.S. consumer remained fundamentally sound. Additionally, it focused on high-quality structured products, such as asset-backed securities (ABS) and collateralized loan obligations. Within ABS, the adviser preferred consumer sectors such as autos and credit cards. These market segments performed well due to a favorable fundamental backdrop and robust demand from investors seeking high-quality yield.

On the other hand, the Fund’s longer duration stance (interest-rate sensitivity that was above that of the Index) detracted from performance in the third calendar quarter of 2023. As the market began to price in a “higher for longer” interest-rate scenario, as well as expectations that the Fed was nearing the end of its hiking cycle, the adviser believed it was appropriate to maintain a long duration position.

The adviser continued to prioritize quality in the Fund, and it sought to decrease risk at the margin. As part of this process, it reduced the Fund’s allocation to commercial mortgage-backed securities in response to the unique headwinds facing the asset class.

Portfolio Information

Investment Objective

The BlackRock Short Maturity Municipal Bond ETF (the “Fund”) seeks to maximize tax-free current income by investing, under normal circumstances, at least 80% of its net assets in municipal securities such that the interest on each bond is exempt from U.S. federal income taxes and the federal alternative minimum tax. Under normal circumstances, the effective duration of the Fund’s portfolio is expected to be 1.2 years or less, as calculated by the management team, and is not expected to exceed 1.5 years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was March 3, 2015. The first day of secondary market trading was March 5, 2015.

The Bloomberg Municipal Bond: 1 Year (1-2) Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years.

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

Portfolio Management Commentary

The combination of elevated inflation and a tight labor market prompted the U.S. Federal Reserve (Fed) to tighten monetary policy over the course of the 12-month period. As a result, the investment adviser’s decision to keep duration below that of the benchmark through the use of variable rate demand notes (VRDNs) made a positive contribution to performance. (Duration is a measure of interest rate sensitivity.) VRDNs trade at par and capture increases in yields with daily or weekly rate adjustments, which provided protection against adverse price movements. The adviser’s decision to add floating rate notes that offered a yield spread over VRDNs was an additional contributor. Holdings in non-rated municipal one-year operating notes added value, as well. On the other hand, positions in securities that were purchased prior to the point at which the Fed began raising rates detracted.

In terms of portfolio activity, the adviser added short-term bonds at attractive levels as yields rose. In addition, as municipalities addressed their annual operating financing needs for the 2024 fiscal year, the adviser took advantage of offerings with elevated yields. With the Fed approaching the end of its tightening cycle, the adviser selectively increased the Fund’s duration closer to a neutral stance in relation to the benchmark. It achieved this through purchases of higher yielding municipal bonds and notes, together with a reduction in its VRDN holdings.

Portfolio Information

Investment Objective

The BlackRock Ultra Short-Term Bond ETF (the “Fund”) seeks to provide current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed- and floating-rate debt securities and maintain a dollar-weighted average maturity that is less than 180 days. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was December 11, 2013. The first day of secondary market trading was December 13, 2013.

On 3/1/2021 the Fund began referencing the 4pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index.

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

Portfolio Management Commentary

Ultra short-term bonds posted a gain in the annual period. Although the U.S. Federal Reserve (Fed) continued to raise interest rates, which was a headwind for the market as a whole, shorter-dated issues were relatively insulated from this trend due to their lower degree of interest rate sensitivity. In addition, income—which has risen considerably in the past two years as the Fed has hiked rates—made a meaningful contribution to total returns.

In this environment, the Fund’s benchmark—the ICE BofA US 6-Month Treasury Bill Index—returned 4.88% and strongly outpaced the -0.36% return for the overall fixed-income market, as represented by the Bloomberg U.S. Aggregate Bond Index.

The Fund’s allocation to credit was the primary reason for its outperformance. In particular, the adviser focused on short-dated Tier 2 commercial paper, Tier 1 bank commercial paper, and certificates of deposit with maturities of less than a year, all of which outperformed the benchmark Index due to their higher yields. The Fund’s duration strategy detracted, primarily as a result of a slight long position against the benchmark in February and March. (Duration is a measure of interest rate sensitivity.)

Despite the long duration positioning in the first calendar quarter, the investment adviser’s intended strategy over the first nine months of the period was to maintain a short duration bias given the Fed’s aggressive interest rate hikes. In July, as core inflation began to moderate and the Fed signaled its tightening cycle was nearing an end, the adviser shifted to a long-duration bias. The adviser believed that although inflation was likely to remain elevated, the potential for additional policy tightening was limited. In addition, yields were attractive on a historical basis. The adviser also maintained a “barbell” strategy throughout the period, adding short-dated credit and laddering two-to three-year investment-grade corporate bonds as a way to capitalize on the compelling yields for higher-quality issues.

Portfolio Information

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 the 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.