UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22649

Name of Fund: iShares U.S. ETF Trust

Fund Address: c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105

Name and address of agent for service: The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801

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

Date of fiscal year end: 07/31/2024

Date of reporting period: 07/31/2024

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

iShares U.S. Consumer Focused ETF

IEDI | Cboe BZX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares U.S. Consumer Focused ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Consumer Focused ETF	$20	0.18%

How did the Fund perform last year?

The consumer discretionary sector was driven by inflation expectations during the reporting period, beginning with persistent inflation, rapid rate hikes, and the potential for a U.S. recession then rallying on dovish remarks from the U.S. Federal Reserve Bank at the end of 2023.
However, the performance of consumer discretionary stocks lagged that of the broader market as inflation proved to be stickier than expected, and consumer confidence failed to recover in line with investor confidence.
Investors’ persistent enthusiasm for artificial intelligence (“AI”) was the primary driver of market returns. While the enthusiasm may have contributed to broad stock price increases, the largest increases were reserved for big technology companies that were best positioned to harness the new technology, leaving less exposed and smaller-capitalized companies to underperform.

What contributed to performance?

Within consumer discretionary stocks, a preference for experiences over goods led select fast-casual food chains to deliver strong performance. The influence of generative AI helped companies with a greater claim to benefit from the technology regardless of their main business. A large technology company with services ranging from e-commerce to cloud computing particularly gained due to its position as a leader in the AI space.

What detracted from performance?

An athletic gear company was the largest detractor from the Fund’s return during the reporting period. The company’s stock price has been challenged as investors preferred to spend their discretionary dollars on experiences over physical goods. Following similar trends, a budget retailer was the second largest detractor.

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

Fund performance

Cumulative performance: March 21, 2018 through July 31, 2024

Initial investment of $10,000

	Fund	S&P Total Market Index
Mar 18	9,884	9,736
Apr 18	10,112	9,770
May 18	10,216	10,046
Jun 18	10,538	10,113
Jul 18	10,796	10,451
Aug 18	11,415	10,814
Sep 18	11,506	10,832
Oct 18	10,743	10,029
Nov 18	10,864	10,230
Dec 18	9,978	9,276
Jan 19	10,747	10,075
Feb 19	11,043	10,429
Mar 19	11,391	10,579
Apr 19	11,848	11,000
May 19	11,024	10,290
Jun 19	11,845	11,011
Jul 19	12,062	11,173
Aug 19	12,058	10,947
Sep 19	12,285	11,136
Oct 19	12,350	11,373
Nov 19	12,617	11,803
Dec 19	12,936	12,143
Jan 20	12,849	12,128
Feb 20	11,890	11,135
Mar 20	10,356	9,597
Apr 20	11,984	10,870
May 20	12,810	11,453
Jun 20	13,198	11,717
Jul 20	14,247	12,379
Aug 20	15,637	13,269
Sep 20	15,261	12,781
Oct 20	14,873	12,508
Nov 20	16,399	14,037
Dec 20	16,779	14,667
Jan 21	16,494	14,620
Feb 21	16,637	15,088
Mar 21	17,446	15,613
Apr 21	18,493	16,415
May 21	18,128	16,489
Jun 21	18,709	16,907
Jul 21	18,994	17,198
Aug 21	19,367	17,690
Sep 21	18,514	16,887
Oct 21	19,578	18,021
Nov 21	19,817	17,756
Dec 21	20,371	18,430
Jan 22	18,694	17,324
Feb 22	18,130	16,888
Mar 22	18,525	17,435
Apr 22	17,164	15,863
May 22	16,151	15,831
Jun 22	14,757	14,500
Jul 22	16,592	15,860
Aug 22	16,121	15,261
Sep 22	14,825	13,838
Oct 22	15,824	14,968
Nov 22	16,809	15,758
Dec 22	15,659	14,831
Jan 23	16,909	15,865
Feb 23	16,177	15,498
Mar 23	16,489	15,905
Apr 23	16,903	16,065
May 23	16,391	16,135
Jun 23	17,647	17,240
Jul 23	18,242	17,861
Aug 23	17,873	17,511
Sep 23	16,867	16,672
Oct 23	16,691	16,224
Nov 23	18,148	17,747
Dec 23	19,458	18,697
Jan 24	19,625	18,904
Feb 24	21,358	19,933
Mar 24	21,916	20,577
Apr 24	20,534	19,669
May 24	21,062	20,603
Jun 24	21,498	21,244
Jul 24	21,629	21,635

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

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.57%	12.39%	12.89%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.77	12.38	12.88
S&P Total Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.10	14.13	12.90

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$21,997,586
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	203
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$36,584
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15%

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

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

What did the Fund invest in?

(as of July 31, 2024)

Industry allocation

Ten largest holdings

Industry	Percent of TotaI Investments^{Footnote Reference(a)}
Specialty Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	34.7%
Consumer Staples Distribution & Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.8
Hotels, Restaurants & Leisure........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.9
Broadline Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Textiles, Apparel & Luxury Goods........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
Financial Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Commercial Services & Supplies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Trading Companies & Distributors........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
Ground Transportation........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Interactive Media & Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Other^{Footnote Reference(b)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.6

Security	Percent of Total Investments^{Footnote Reference(a)}
Home Depot, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.2%
Costco Wholesale Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.3
Walmart, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.0
Lowe's Cos., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
TJX Cos., Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Chipotle Mexican Grill, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
O'Reilly Automotive, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
Target Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Ross Stores, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1

Footnote	Description
Footnote^(a)	Excludes money market funds.
Footnote^(b)	Ten largest industries are presented. Additional industries are found in Other.

Additional information

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

Householding

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

The Fund is not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

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

iShares U.S. Consumer Focused ETF

Annual Shareholder Report — July 31, 2024

IEDI-07/24-AR

iShares U.S. Tech Independence Focused ETF

IETC | Cboe BZX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about iShares U.S. Tech Independence Focused ETF (the “Fund”) for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Tech Independence Focused ETF	$21	0.18%

How did the Fund perform last year?

Generative artificial intelligence (“AI”) was a significant driver of market returns during the reporting period, particularly among firms providing the hardware or software that empowers AI delivery and utilization. These firms have been led by large technology companies, Mega-cap companies accounted for a vast majority of the sector’s gains relative to mid- and smaller-capitalized companies.
Technology firms continued to receive fiscal support from legislation passed in 2022, empowering the United States to capitalize on the emergence of new technologies and deliver self-sufficiency in innovation and production.
The U.S. Federal Reserve Bank (“Fed”) kept interest rates steady throughout the reporting period. A global risk-on rally started when Chairman Powell signaled rates had peaked at the end of 2023, fueling hopes for a soft landing (an economic outcome in which inflation slows to the Fed’s 2% target while growth remains positive).

What contributed to performance?

The two largest individual contributors to the Fund’s return during the reporting period were U.S. companies offering semiconductor and infrastructure software solutions. Both companies benefited from the ongoing AI trend as developers of the chips and software used in emerging technology development.

What detracted from performance?

Two of the largest individual detractors from the Fund’s return during the reporting period were data storage and management solution providers. Like their peers supplying the tools to harness AI, their stocks traded at high multiples, but weakened earnings guidance provided by the firms during the period caused stock prices to fall.

Fund performance

Cumulative performance: March 21, 2018 through July 31, 2024

Initial investment of $10,000

	Fund	S&P Total Market Index
Mar 18	9,598	9,736
Apr 18	9,699	9,770
May 18	10,321	10,046
Jun 18	10,351	10,113
Jul 18	10,600	10,451
Aug 18	11,418	10,814
Sep 18	11,379	10,832
Oct 18	10,277	10,029
Nov 18	10,237	10,230
Dec 18	9,396	9,276
Jan 19	10,283	10,075
Feb 19	10,762	10,429
Mar 19	11,222	10,579
Apr 19	11,951	11,000
May 19	11,042	10,290
Jun 19	11,828	11,011
Jul 19	12,219	11,173
Aug 19	11,942	10,947
Sep 19	11,959	11,136
Oct 19	12,331	11,373
Nov 19	12,949	11,803
Dec 19	13,378	12,143
Jan 20	13,985	12,128
Feb 20	13,079	11,135
Mar 20	11,949	9,597
Apr 20	13,796	10,870
May 20	14,782	11,453
Jun 20	15,717	11,717
Jul 20	16,759	12,379
Aug 20	18,509	13,269
Sep 20	17,484	12,781
Oct 20	16,977	12,508
Nov 20	18,758	14,037
Dec 20	19,606	14,667
Jan 21	19,503	14,620
Feb 21	19,849	15,088
Mar 21	20,044	15,613
Apr 21	21,498	16,415
May 21	21,234	16,489
Jun 21	22,729	16,907
Jul 21	23,503	17,198
Aug 21	24,541	17,690
Sep 21	23,063	16,887
Oct 21	24,802	18,021
Nov 21	25,042	17,756
Dec 21	25,444	18,430
Jan 22	23,406	17,324
Feb 22	22,268	16,888
Mar 22	22,963	17,435
Apr 22	19,863	15,863
May 22	19,365	15,831
Jun 22	17,673	14,500
Jul 22	19,739	15,860
Aug 22	18,686	15,261
Sep 22	16,522	13,838
Oct 22	17,194	14,968
Nov 22	18,198	15,758
Dec 22	17,122	14,831
Jan 23	18,523	15,865
Feb 23	18,302	15,498
Mar 23	19,831	15,905
Apr 23	19,806	16,065
May 23	21,876	16,135
Jun 23	23,214	17,240
Jul 23	23,964	17,861
Aug 23	24,019	17,511
Sep 23	22,509	16,672
Oct 23	22,314	16,224
Nov 23	25,093	17,747
Dec 23	26,411	18,697
Jan 24	27,471	18,904
Feb 24	29,432	19,933
Mar 24	30,041	20,577
Apr 24	28,216	19,669
May 24	29,293	20,603
Jun 24	31,901	21,244
Jul 24	31,686	21,635

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

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32.22%	20.99%	19.87%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32.51	20.97	19.88
S&P Total Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.10	14.13	12.90

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$276,246,175
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	126
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$364,005
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31%

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

What did the Fund invest in?

(as of July 31, 2024)

Industry allocation

Ten largest holdings

Industry	Percent of TotaI Investments^{Footnote Reference(a)}
Software........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.6%
Semiconductors & Semiconductor Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.2
IT Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.9
Broadline Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.5
Interactive Media & Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3
Communications Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Capital Markets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Technology Hardware, Storage & Peripherals........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Financial Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
Professional Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Other^{Footnote Reference(b)}........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.9

Security	Percent of Total Investments^{Footnote Reference(a)}
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4%
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.3
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
Salesforce, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
Accenture plc, Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2
Oracle Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
Cisco Systems, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3

Footnote	Description
Footnote^(a)	Excludes money market funds.
Footnote^(b)	Ten largest industries are presented. Additional industries are found in Other.

Additional information

Householding

iShares U.S. Tech Independence Focused ETF

Annual Shareholder Report — July 31, 2024

IETC-07/24-AR

(b) Not Applicable

Item 2 – Code of Ethics – The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3 – Audit Committee Financial Expert – The registrant’s board of trustees (the “board of trustees”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Richard L. Fagnani
Madhav V. Rajan

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the two series of the registrant for which the fiscal year-end is July 31, 2024 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $26,600 for the fiscal year ended July 31, 2023 and $26,600 for the fiscal year ended July 31, 2024.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended July 31, 2023 and July 31, 2024 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Funds’ financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $19,400 for the fiscal year ended July 31, 2023 and $19,400 for the fiscal year ended July 31, 2024. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended July 31, 2023 and July 31, 2024 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $19,400 for the fiscal year ended July 31, 2023 and $19,400 for the fiscal year ended July 31, 2024.

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

(i) – Not Applicable

(j) – Not Applicable

Item 5 – Audit Committee of Listed Registrant

(a) The following individuals are members of the registrant’s separately designated standing Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Richard L. Fagnani

Laura F. Fergerson

Cecilia H. Herbert

Madhav V. Rajan

(b) Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies –

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

JULY

31,

2024

Annual

Financial

Statements

iShares

U.S.

ETF

Trust

iShares

U.S.

Consumer

Focused

ETF

IEDI

Cboe

BZX

iShares

U.S.

Tech

Independence

Focused

ETF

IETC

Cboe

BZX

Table

Contents

Page

Schedules

Investments

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

Statements

Assets

and

Liabilities

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

Statements

Operations

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

Statements

Changes

Net

Assets

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

Financial

Highlights

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

Notes

Financial

Statements

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

Report

Independent

Registered

Public

Accounting

Firm

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

Important

Tax

Information

(unaudited)

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

Additional

Information

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

Board

Review

and

Approval

Investment

Advisory

Contract

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

Glossary

Terms

Used

this

Report

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

Schedule

Investments

July

31,

2024

iShares

U.S.

Consumer

Focused

ETF

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Air

Freight

Logistics

—

0.3%

FedEx

Corp.

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

119

35,968

United

Parcel

Service,

Inc.

Class

.......

287

37,416

73,384

Beverages

—

0.4%

Brown-Forman

Corp.

Class

NVS

.......

236

10,658

Constellation

Brands,

Inc.

Class

........

299

73,303

83,961

Broadline

Retail

—

9.2%

Amazon.com,

Inc.

(a)

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

9,747

1,822,494

Dillard's,

Inc.

Class

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

6,377

eBay,

Inc.

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

762

42,375

Etsy,

Inc.

(a)

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

307

19,998

Kohl's

Corp.

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

835

18,086

Macy's,

Inc.

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

1,855

32,054

Nordstrom,

Inc.

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

862

19,680

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

......

568

55,460

2,016,524

Building

Products

—

0.1%

Masco

Corp.

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

353

27,481

Capital

Markets

—

0.0%

Robinhood

Markets,

Inc.

Class

(a)

........

314

6,459

Commercial

Services

Supplies

—

1.3%

Cintas

Corp.

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

243

185,637

Copart,

Inc.

(a)

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

1,640

85,821

Driven

Brands

Holdings,

Inc.

(a)

...........

327

4,395

Rollins,

Inc.

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

250

11,978

Vestis

Corp.

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

362

4,695

292,526

Consumer

Finance

—

0.1%

FirstCash

Holdings,

Inc.

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

156

17,410

Consumer

Staples

Distribution

Retail

—

22.7%

Albertsons

Cos.,

Inc.

Class

...........

1,943

38,530

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

.......

813

71,511

Casey's

General

Stores,

Inc.

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

290

112,474

Costco

Wholesale

Corp.

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

2,272

1,867,584

Dollar

General

Corp.

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

1,838

221,277

Dollar

Tree,

Inc.

(a)

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

1,724

179,882

Grocery

Outlet

Holding

Corp.

(a)

...........

789

15,433

Kroger

Co.

(The)

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

4,051

220,780

Performance

Food

Group

Co.

(a)

..........

610

42,090

Sprouts

Farmers

Market,

Inc.

(a)

...........

772

77,115

Sysco

Corp.

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

992

76,037

Target

Corp.

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

3,135

471,535

Foods

Holding

Corp.

(a)

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

882

47,972

Walgreens

Boots

Alliance,

Inc.

...........

2,081

24,701

Walmart,

Inc.

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

22,292

1,530,123

4,997,044

Distributors

—

0.3%

Genuine

Parts

Co.

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

179

26,333

Pool

Corp.

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

115

43,014

69,347

Diversified

Consumer

Services

—

0.5%

Bright

Horizons

Family

Solutions,

Inc.

(a)

.....

173

20,803

Duolingo,

Inc.

Class

(a)

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

13,584

Grand

Canyon

Education,

Inc.

(a)

..........

5,614

H&R

Block,

Inc.

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

623

36,097

Security

Value

Diversified

Consumer

Services

(continued)

Service

Corp.

International

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

331

26,450

102,548

Entertainment

—

0.7%

Live

Nation

Entertainment,

Inc.

(a)

.........

349

33,570

Madison

Square

Garden

Sports

Corp.

(a)

.....

12,626

Netflix,

Inc.

(a)

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

21,992

Take-Two

Interactive

Software,

Inc.

(a)

.......

6,473

TKO

Group

Holdings,

Inc.

Class

........

8,858

Walt

Disney

Co.

(The)

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

755

70,736

154,255

Financial

Services

—

2.1%

Block,

Inc.

Class

(a)

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

1,518

93,934

Mastercard,

Inc.

Class

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

181

83,932

PayPal

Holdings,

Inc.

(a)

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

1,126

74,068

Shift4

Payments,

Inc.

Class

(a)

(b)

.........

6,191

Toast,

Inc.

Class

(a)

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

1,303

34,086

Visa,

Inc.

Class

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

640

170,029

462,240

Food

Products

—

0.5%

Flowers

Foods,

Inc.

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

844

19,007

Freshpet,

Inc.

(a)

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

204

24,827

General

Mills,

Inc.

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

6,580

Lancaster

Colony

Corp.

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

15,831

McCormick

Co.,

Inc.

(Non-Voting)

NVS

...

4,928

Tyson

Foods,

Inc.

Class

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

567

34,530

105,703

Ground

Transportation

—

1.0%

Avis

Budget

Group,

Inc.

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

4,646

Lyft,

Inc.

Class

(a)

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

1,119

13,484

Uber

Technologies,

Inc.

(a)

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

3,122

201,275

U-Haul

Holding

Co.

NVS

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

5,545

224,950

Health

Care

Providers

Services

—

0.3%

Chemed

Corp.

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

6,272

McKesson

Corp.

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

48,744

55,016

Hotel

Resort

REITs

—

0.3%

Apple

Hospitality

REIT,

Inc.

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

546

8,075

Host

Hotels

Resorts,

Inc.

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

1,882

32,954

Park

Hotels

Resorts,

Inc.

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

297

4,473

Ryman

Hospitality

Properties,

Inc.

........

169

16,986

62,488

Hotels,

Restaurants

Leisure

—

16.8%

Airbnb,

Inc.

Class

(a)

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

784

109,415

Aramark

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

855

29,301

Bloomin'

Brands,

Inc.

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

600

12,510

Boyd

Gaming

Corp.

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

386

23,496

Brinker

International,

Inc.

(a)

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

380

25,388

Caesars

Entertainment,

Inc.

(a)

...........

817

32,639

Carnival

Corp.

(a)

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

2,322

38,685

Cava

Group,

Inc.

(a)

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

488

41,099

Cheesecake

Factory,

Inc.

(The)

..........

359

13,962

Chipotle

Mexican

Grill,

Inc.

(a)

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

13,633

740,545

Choice

Hotels

International,

Inc.

(b)

.........

180

22,941

Churchill

Downs,

Inc.

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

451

64,746

Cracker

Barrel

Old

Country

Store,

Inc.

......

213

9,762

Darden

Restaurants,

Inc.

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

1,050

153,604

Domino's

Pizza,

Inc.

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

246

105,460

DoorDash,

Inc.

Class

(a)

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

1,254

138,843

DraftKings,

Inc.

Class

(a)

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

1,663

61,448

2024

iShares

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

iShares

U.S.

Consumer

Focused

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Hotels,

Restaurants

Leisure

(continued)

Expedia

Group,

Inc.

(a)

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

378

48,259

Hilton

Grand

Vacations,

Inc.

(a)

...........

305

13,179

Hilton

Worldwide

Holdings,

Inc.

..........

1,063

228,194

Hyatt

Hotels

Corp.

Class

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

150

22,099

Jack

the

Box,

Inc.

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

141

8,381

Light

Wonder,

Inc.

Class

(a)

...........

164

17,581

Marriott

International,

Inc.

Class

........

1,065

242,074

Marriott

Vacations

Worldwide

Corp.

........

146

12,349

McDonald's

Corp.

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

1,273

337,854

MGM

Resorts

International

(a)

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

1,045

44,904

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

......

1,428

26,318

Papa

John's

International,

Inc.

...........

349

15,436

Planet

Fitness,

Inc.

Class

(a)

...........

776

57,191

Red

Rock

Resorts,

Inc.

Class

..........

285

16,245

Royal

Caribbean

Cruises

Ltd.

(a)

..........

556

87,136

Shake

Shack,

Inc.

Class

(a)

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

250

21,905

Starbucks

Corp.

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

4,416

344,227

Texas

Roadhouse,

Inc.

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

576

100,575

Travel

Leisure

Co.

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

348

16,039

United

Parks

Resorts,

Inc.

(a)

(b)

..........

152

8,003

Vail

Resorts,

Inc.

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

181

32,944

Wendy's

Co.

(The)

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

1,164

19,707

Wingstop,

Inc.

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

304

113,660

Wyndham

Hotels

Resorts,

Inc.

.........

520

39,374

Wynn

Resorts

Ltd.

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

290

24,018

Yum!

Brands,

Inc.

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

1,376

182,774

3,704,270

Household

Durables

—

0.4%

Horton,

Inc.

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

106

19,073

Tempur

Sealy

International,

Inc.

..........

611

31,986

Toll

Brothers,

Inc.

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

234

33,394

TopBuild

Corp.

(a)

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

5,742

90,195

Household

Products

—

0.6%

Clorox

Co.

(The)

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

3,826

Colgate-Palmolive

Co.

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

241

23,905

Procter

Gamble

Co.

(The)

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

711

114,300

142,031

Industrial

Conglomerates

—

0.1%

Honeywell

International,

Inc.

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

11,466

Interactive

Media

Services

—

0.9%

IAC,

Inc.

(a)

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

223

11,777

Match

Group,

Inc.

(a)

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

377

14,379

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Affiliated

Issuer

Value

07/31/23

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/24

Held

07/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

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

955,490

1,283,526

(a)

—

244

2,239,349

2,238,454

34,200

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

870,651

442,329

(a)

—

1,312,980

64,714

—

244

3,552,329

98,914

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

fees

and

collateral

investment

expenses,

and

other

payments

and

from

borrowers

securities.

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

274,900,814

—

274,900,814

Short-Term

Securities

Money

Market

Funds

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

3,552,329

—

3,552,329

278,453,143

—

278,453,143

Statements

Assets

and

Liabilities

July

31,

2024

iShares

Annual

Financial

Statements

See

notes

financial

statements.

iShares

U.S.

Consumer

Focused

ETF

iShares

U.S.

Tech

Independence

Focused

ETF

ASSETS

Investments,

value

—

unaffiliated

(a)

(b)

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

21,929,308‌

274,900,814‌

Investments,

value

—

affiliated

(c)

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

782,383‌

3,552,329‌

Receivables:

–‌

Securities

lending

income

—

affiliated

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

118‌

203‌

Dividends

—

unaffiliated

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

10,690‌

67,952‌

Dividends

—

affiliated

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

351‌

5,440‌

Total

ssets

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

22,722,850‌

278,526,738‌

LIABILITIES

Collateral

securities

loaned

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

721,936‌

2,238,098‌

Payables:

–‌

Investment

advisory

fees

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

3,328‌

42,465‌

Total

abilities

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

725,264‌

2,280,563‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

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

21,997,586‌

276,246,175‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

24,591,726‌

221,192,868‌

Accumulated

earnings

(loss)

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

(

2,594,140‌

)

55,053,307‌

NET

ASSETS

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

21,997,586‌

276,246,175‌

NET

ASSET

VALUE

outstanding

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

450,000‌

3,700,000‌

Net

asset

value

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

48.88‌

74.66‌

authorized

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

Unlimited

Par

value

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

None

(a)

Investments,

cost

—

unaffiliated

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

23,032,790‌

216,545,024‌

(b)

Securities

loaned,

value

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

703,432‌

2,183,566‌

(c)

Investments,

cost

—

affiliated

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

782,334‌

3,552,160‌

Statements

Operations

Year

Ended

July

31,

2024

Statements

Operations

See

notes

financial

statements.

iShares

U.S.

Consumer

Focused

ETF

iShares

U.S.

Tech

Independence

Focused

ETF

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

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

243,511‌

1,734,392‌

Dividends

—

affiliated

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

5,603‌

64,714‌

Interest

—

unaffiliated

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

—‌

123‌

Securities

lending

income

—

affiliated

—

net

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

990‌

34,200‌

Foreign

taxes

withheld

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

—‌

(

733‌

)

Total

investment

income

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

250,104‌

1,832,696‌

EXPENSES

Investment

advisory

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

36,584‌

364,005‌

Total

expenses

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

36,584‌

364,005‌

Net

investment

income

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

213,520‌

1,468,691‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

453,284‌

54,212,667‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

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

(

176,991‌

)

7,837,076‌

Investments

—

affiliated

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

(

38‌

)

244‌

In-kind

redemptions

—

unaffiliated

(a)

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

2,836,012‌

25,001,439‌

2,658,983‌

32,838,759‌

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

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

(

2,205,716‌

)

21,373,817‌

Investments

—

affiliated

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

18‌

89‌

(2,205,698‌)

21,373,906‌

Net

realized

and

unrealized

gain

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

453,285‌

54,212,665‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

666,805‌

55,681,356‌

(a)

See

Note

the

Notes

Financial

Statements.

Statements

Changes

Net

Assets

2024

iShares

Annual

Financial

Statements

See

notes

financial

statements.

iShares

U.S.

Consumer

Focused

ETF

iShares

U.S.

Tech

Independence

Focused

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/24

Year

Ended

07/31/23

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

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

213,520‌

159,272‌

1,468,691‌

1,185,787‌

Net

realized

gain

(loss)

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

2,658,983‌

(

839,297‌

)

32,838,759‌

(

2,113,700‌

)

Net

change

unrealized

appreciation

(depreciation)

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

(

2,205,698‌

)

1,933,804‌

21,373,906‌

31,888,230‌

Net

increase

net

assets

resulting

from

operations

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

666,805‌

1,253,779‌

55,681,356‌

30,960,317‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Decrease

net

assets

resulting

from

distributions

shareholders

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

(205,083‌)

(438,384‌)

(1,394,072‌)

(1,198,551‌)

CAPITAL

TRANSACTIONS

Net

increase

(decrease)

net

assets

derived

from

capital

transactions

.........

6,936,199‌

(1,892,660‌)

65,502,583‌

10,705,075‌

NET

ASSETS

Total

increase

(decrease)

net

assets

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

7,397,921‌

(

1,077,265‌

)

119,789,867‌

40,466,841‌

Beginning

year

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

14,599,665‌

15,676,930‌

156,456,308‌

115,989,467‌

End

year

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

21,997,586‌

14,599,665‌

276,246,175‌

156,456,308‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

outstanding

throughout

each

period)

Financial

Highlights

iShares

U.S.

Consumer

Focused

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

year

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

41.71

‌

39.19

‌

45.26

‌

34.23

‌

29.47

‌

Net

investment

income

(a)

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

.48

‌

.44

‌

.38

‌

.35

‌

.35

‌

Net

realized

and

unrealized

gain

(loss)

(b)

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

7.21

‌

3.30

‌

(6.07

)

11.01

‌

4.90

‌

Net

increase

(decrease)

from

investment

operations

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

7.69

‌

3.74

‌

(5.69

)

11.36

‌

5.25

‌

Distributions

(c)

–

From

net

investment

income

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

(

.52

)

(

.44

)

(

.38

)

(

.33

)

(

.33

)

From

net

realized

gain

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

—

‌

(

.78

)

—

‌

—

‌

(

.16

)

Total

distributions

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

(0.52

)

(1.22

)

(0.38

)

(0.33

)

(0.49

)

Net

asset

value,

end

year

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

48.88

‌

41.71

‌

39.19

‌

45.26

‌

34.23

‌

Total

Return

(d)

—

Based

net

asset

value

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

18.57

9.94

(12.65

33.32

18.11

Ratios

Average

Net

Assets

(e)

Total

expen

ses

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

0.18

Net

investment

income

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

1.05

1.14

0.88

0.86

1.16

Supplemental

Data

Net

assets,

end

year

(000)

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

21,998

‌

14,600

‌

15,677

‌

22,632

‌

11,981

‌

Portfolio

turnover

rate

(f)

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

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

2024

iShares

Annual

Financial

Statements

iShares

U.S.

Tech

Independence

Focused

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

year

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

56.89

‌

47.34

‌

56.82

‌

40.70

‌

29.95

‌

Net

investment

income

(a)

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

.47

‌

.45

‌

.23

‌

.21

‌

.24

‌

Net

realized

and

unrealized

gain

(loss)

(b)

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

17.76

‌

9.55

‌

(9.25

)

16.12

‌

10.80

‌

Net

increase

(decrease)

from

investment

operations

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

18.23

‌

10.00

‌

(9.02

)

16.33

‌

11.04

‌

Distributions

(c)

–

From

net

investment

income

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

(

.46

)

(

.38

)

(

.25

)

(

.21

)

(

.24

)

From

net

realized

gain

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

—

‌

(

.07

)

(

.21

)

—

‌

(

.05

)

Total

distributions

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

(0.46

)

(0.45

)

(0.46

)

(0.21

)

(0.29

)

Net

asset

value,

end

year

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

74.66

‌

56.89

‌

47.34

‌

56.82

‌

40.70

‌

Total

Return

(d)

—

Based

net

asset

value

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

32.22

21.41

(16.02

40.24

37.15

Ratios

Average

Net

Assets

(e)

Total

expen

ses

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

0.18

Net

investment

income

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

0.73

0.98

0.43

0.44

0.72

Supplemental

Data

Net

assets,

end

year

(000)

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

276,246

‌

156,456

‌

115,989

‌

130,696

‌

79,355

‌

Portfolio

turnover

rate

(f)

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

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

See

notes

financial

statements.

Notes

Financial

Statements

Notes

Financial

Statements

ORGANIZATION

iShares

U.S.

ETF

Trust

(the

“Trust”)

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company.

The

Trust

organized

Delaware

statutory

trust

and

authorized

have

multiple

series

portfolios.

These

financial

statements

relate

only

the

following

funds

(each,

“Fund”

and

collectively,

the

“Funds”):

Significant

Accounting

Policies

The

financial

statements

are

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”),

which

may

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

financial

statements,

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Below

summary

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

any,

are

recorded

the

ex-dividend

date.

Non-cash

dividends,

any,

are

recorded

the

ex-dividend

date

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

withholding

tax

various

rates

may

imposed

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers

estimated

management,

portion

the

dividend

income

received

from

real

estate

investment

trust

may

redesignated

reduction

cost

the

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

premiums

and

discounts

debt

securities,

recognized

daily

accrual

basis.

Foreign

Taxes:

Certain

Funds

may

subject

foreign

taxes

portion

which

may

reclaimable)

income,

stock

dividends,

capital

gains

investments,

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

the

foreign

jurisdictions

which

each

Fund

invests.

These

foreign

taxes,

any,

are

paid

each

Fund

and

are

reflected

its Statements

Operations

follows:

foreign

taxes

withheld

source

are

presented

reduction

income,

foreign

taxes

securities

lending

income

are

presented

reduction

securities

lending

income,

foreign

taxes

stock

dividends

are

presented

“Other

foreign

taxes”,

and

foreign

taxes

capital

gains

from

sales

investments

and

foreign

taxes

foreign

currency

transactions

are

included

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

deferred

July

31,

2024

any,

are

disclosed

the Statements

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

certain

jurisdictions

recover

portion

amounts

previously

withheld.

The

Funds

may

record

reclaim

receivable

based

collectability,

which

includes

factors

such

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

Operations

include

tax

reclaims

recorded

well

professional

and

other

fees,

any,

associated

with

recovery

foreign

withholding

taxes.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

sales

securities

resulting

realized

capital

gains

losses

the

Funds.

Because

such

gains

losses

are

not

taxable

the

Funds

and

are

not

distributed

existing

Fund

shareholders,

the

gains

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

paid-in

capital

the

end

the

Funds’

tax

year.

These

reclassifications

have

effect

net

assets

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

each

Fund

are

recorded

the

ex-dividend

dates.

Distributions

are

determined

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

U.S.

dollars

and

cannot

automatically

reinvested

additional

the

Funds.

Indemnifications:

the

normal

course

business,

each

Fund

enters

into

contracts

that

contain

variety

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

unknown

because

involves

future

potential

claims

against

the

Funds,

which

cannot

predicted

with

any

certainty.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

fair

value

(also

referred

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

open

and,

for

financial

reporting

purposes,

the

report

date.

U.S.

GAAP

defines

fair

value

the

price

fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Board

Trustees

the

Trust

(the

“Board”)

of each

Fund

has

approved

the

designation

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

its

financial

instruments

using

various

independent

dealers

pricing

services

under

BFA’s

policies.

security’s

market

price

not

readily

available

does

not

otherwise

accurately

represent

the

fair

value

the

security,

the

security

will

valued

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

formed

committee

(the

“Valuation

Committee”)

develop pricing

policies

and

procedures

and

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

establish

the

fair

value

each

Fund’s

assets

and

liabilities:

Equity

investments

traded

recognized

securities

exchange

are

valued

that

day’s

official

closing

price,

applicable,

the

exchange

where

the

stock

primarily

traded.

Equity

investments

traded

recognized

exchange

for

which

there

were

sales

that

day

are valued

the

last

traded

price.

Investments

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

that

day’s

published

NAV.

iShares

ETF

Diversification

Classification

U.S.

Consumer

Focused

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

Non-diversified

U.S.

Tech

Independence

Focused

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

Non-diversified

Notes

Financial

Statements

(continued)

2024

iShares

Annual

Financial

Statements

Generally,

trading

foreign

instruments

substantially

completed

each

day

various

times

prior

the

trading

the

New

York

Stock

Exchange

("NYSE").

Each

business

day,

the

Funds

use

current

market

factors

supplied

independent

pricing

services

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

designed

value

such

foreign

securities

fair

value

the

trading

the

NYSE,

which

follows

the

local

markets.

events

(e.g.,

market

volatility,

company

announcement

natural

disaster)

occur

that

are

expected

materially

affect

the

value

such

investment,

the

event

that

application

these

methods

valuation

results

price

for

investment

that

deemed

not

representative

the

market

value

such

investment,

price

not

available,

the

investment

will

valued

the Valuation

Committee,

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

used

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

discounted

cash

flow,

use

market

comparables

and

matrix

pricing

are

types

valuation

approaches

and

are

typically

used

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

determine

the

price

that each

Fund

might

reasonably

expect

receive

pay

from

the

current

sale

purchase

that

asset

liability

arm’s-length

transaction.

Fair

value

determinations

shall

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

fair

value

measurement.

Fair

Value

Hierarchy:

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

–

Unadjusted

price

quotations

active

markets/exchanges

for

identical

assets

liabilities

that each

Fund

has

the

ability

access;

Level

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

liabilities

(such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

other

market-corroborated

inputs);

and

Level

–

Unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds

that

may

not

have

secondary

market

and/or

may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

approved

borrowers,

such

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

cash,

irrevocable

letter

credit

issued

approved

bank,

securities

issued

guaranteed

the

U.S.

government.

The

initial

collateral

received

each

Fund

required

have

value

least

102%

the

current

market

value

the

loaned

securities

for

securities

traded

U.S.

exchanges

and

value

least

105%

for

all

other

securities.

The

collateral

maintained

thereafter

value

equal

least

100%

the

current

value

the

securities

loan.

The

market

value

the

loaned

securities

determined

the

each

business

day

the

Fund

and

any

additional

required

collateral

delivered

the

Fund

excess

collateral

returned

the

Fund,

the

business

day.

During

the

term

the

loan,

each

Fund

entitled

all

distributions

made

respect

the

loaned

securities

but

does

not

receive

interest

income

securities

received

collateral.

Loans

securities

are

terminable

any

time

and

the

borrower,

after

notice,

required

return

borrowed

securities

within

the

standard

time

period

for

settlement

securities

transactions.

period

end,

any

securities

loan

were

collateralized

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

money

market

funds

managed

BFA,

its

affiliates

disclosed

the

Schedule

Investments.

Any

non-cash

collateral

received

cannot

sold,

re-invested

pledged

the

Fund,

except

the

event

borrower

default.

The

securities

loan,

any,

are

also

disclosed

each

Fund’s

Schedule

Investments.

The

market

value

any

securities

loan

and

the

value

any

cash

collateral

are

disclosed

the

Statements

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

the

Funds

under

Master

Securities

Lending

Agreements

(each,

“MSLA”)

which

provide

the

right,

the

event

default

(including

bankruptcy

insolvency)

for

the

non-defaulting

party

liquidate

the

collateral

and

calculate

net

exposure

the

defaulting

party

request

additional

collateral.

the

event

that

borrower

defaults,

the

Funds,

lender,

would

offset

the

market

value

the

collateral

received

against

the

market

value

the

securities

loaned.

When

the

value

the

collateral

greater

than

that

the

market

value

the

securities

loaned,

the

lender

left

with

net

amount

payable

the

defaulting

party.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

such

right

offset

the

event

MSLA

counterparty’s

bankruptcy

insolvency.

Under

the

MSLA,

absent

event

default,

the

borrower

can

resell

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

connection

with

loaned

securities.

Upon

event

default,

the

parties’

obligations

return

the

securities

collateral

the

other

party

are

extinguished,

and

the

parties

can

resell

re-pledge

the

loaned

securities

the

collateral

received

connection

with

the

loaned

securities

order

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

period

end,

the

following

table

summary

the

securities

loan

counterparty

which

are

subject

offset

under

MSLA:

The

risks

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

may

not

return

the

securities

when

due.

mitigate

these

risks,

each

Fund

benefits

from

borrower

default

indemnity

provided

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

the

securities

loaned

the

extent

the

collateral

received

does

not

cover

the

value

the

securities

loaned

the

event

borrower

default.

Each

Fund

could

incur

loss

the

value

investment

purchased

with

cash

collateral

falls

below

the

market

value

the

loaned

securities

the

value

investment

purchased

with

cash

collateral

falls

below

the

value

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

each

Fund.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

Investment

Advisory

Agreement

with

the

Trust

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

California

corporation

indirectly owned

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

responsible

for

substantially

all

expenses

the

Funds,

except

(

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

determined

majority

the

independent

trustees

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

entitled

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

the

Funds,

based

the

average

daily

net

assets

of each

Fund

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

the

distributor

for

each

Fund.

Pursuant

the

distribution

agreement,

BFA

responsible

for

any

fees

expenses

for

distribution

services

provided

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

ETF

Services

Agreement

with

BRIL

perform

certain

order

processing,

Authorized

Participant

communications,

and

services

connection

with

the

issuance

and

redemption

Creation

Units

(“ETF

Services”).

BRIL

entitled

transaction

fee

from

Authorized

Participants

each

creation

redemption

order

for

the

ETF

Services

provided. The Funds

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

affiliate

BFA,

serve

securities

lending

agent

for

the

Funds,

subject

applicable

conditions.

securities

lending

agent,

BTC

bears

all

operational

costs

directly

securities

lending,

including

any

custodial

costs.

Each

Fund

responsible

for

fees

connection

with

the

investment

cash

collateral

received

for

securities

loan

(the

“collateral

investment

fees”).

The

cash

collateral

invested

money

market

fund,

BlackRock

Cash

Funds:

Institutional

BlackRock

Cash

Funds:

Treasury,

managed

BFA,

its

affiliates.

However,

BTC

has

agreed

reduce

the

amount

securities

lending

income

receives

order

effectively

limit

the

collateral

investment

fees

each

Fund

bears

annual

rate

0.04%.

The

Agency

such

money

market

fund

will

not

subject

sales

load,

redemption

fee,

distribution

fee

service

fee.

The

money

market

fund

which

the

cash

collateral

has

been

invested

may

impose

discretionary

liquidity

fee

the

value

redeemed,

such

fee

determined

the

best

interests

such

money

market

fund.

Securities

lending

income

generally

equal

the

total

income

earned

from

the

reinvestment

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

other

payments

and

from

borrowers

securities.

Each

Fund

retains

portion

the

securities

lending

income

and

remits

the

remaining

portion

BTC

compensation

for

its

services

securities

lending

agent.

Pursuant

the

current

securities

lending

agreement,

each

Fund

retains

81%

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

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”)

that

calendar

year

exceeds

specified

threshold,

each

Fund,

pursuant

the

securities

lending

agreement,

iShares

ETF

and

Counterparty

Securities

Loaned

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

Fair

Value

(a)

Net

Amount

U.S.

Consumer

Focused

HSBC

Bank

plc

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

24,984‌

(24,005‌)

–‌

979‌

(b)

J.P.

Morgan

Securities

LLC

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

39,462‌

(39,462‌)

–‌

Morgan

Stanley

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

79,987‌

(79,987‌)

–‌

Toronto-Dominion

Bank

(The)

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

558,999‌

(558,999‌)

–‌

703,432‌

(702,453‌)

–‌

979‌

U.S.

Tech

Independence

Focused

BofA

Securities,

Inc.

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

26,699‌

(26,699‌)

–‌

Citigroup

Global

Markets,

Inc.

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

17,736‌

(17,736‌)

–‌

Morgan

Stanley

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

2,116,905‌

(2,116,905‌)

–‌

State

Street

Bank

Trust

Co.

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

22,226‌

(22,226‌)

–‌

2,183,566‌

(2,183,566‌)

–‌

(a)

Collateral

received,

any,

excess

the

market

value

securities

loan

not

presented

this

table.

The

total

cash

collateral

received

each

Fund

disclosed

the

Fund’s

Statements

Assets

and

Liabilities.

(b)

The

market

value

the

loaned

securities

determined

July

31,

2024.

Additional

collateral

delivered

the

Fund

the

business

day

accordance

with

the

MSLA.

The

net

amount

would

subject

the

borrower

default

indemnity

the

event

default

the

counterparty.

iShares

ETF

Investment

Advisory

Fees

U.S.

Consumer

Focused

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

0.18‌

U.S.

Tech

Independence

Focused

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

0.18‌

Notes

Financial

Statements

(continued)

2024

iShares

Annual

Financial

Statements

will

retain

for

the

remainder

that

calendar

year

81%

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

The

securities

lending

income

earned

by each

Fund

shown

securities

lending

income

–

affiliated

–

net

its

Statements

Operations.

For

the year ended

July

31,

2024,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or

trustees

the

Trust

are

officers

and/or

trustees

BlackRock

its

affiliates.

Each

Fund

may

invest

its

positive

cash

balances

certain

money

market

funds

managed

BFA

affiliate.

The

income

earned

these

temporary

cash

investments

shown

dividends

–

affiliated

the

Statements

Operations.

Other

Transactions:

Cross

trading

the

buying

selling

portfolio

securities

between

funds

which

BFA

(or

affiliate)

serves

investment

adviser.

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

Rule

17a-7.

For

the year ended July

31,

2024,

transactions

executed

the

Funds

pursuant

Rule

17a-7

under

the

1940

Act

were

follows:

Each

Fund

may

invest

its

positive

cash

balances

certain

money

market

funds

managed

BFA

affiliate.

The

income

earned

these

temporary

cash

investments

shown

dividends

–

affiliated

the

Statements

Operations.

fund,

order

improve

its

portfolio

liquidity

and

its

ability

track

its

underlying

index,

may

invest

other

iShares

funds

that

invest

securities

the

fund’s

underlying

index.

Purchases

and

Sales

For

the year ended

July

31,

2024,

purchases

and

sales

investments,

excluding

short-term securities

and

in-kind

transactions,

were

follows:

For

the year ended

July

31,

2024,

in-kind

transactions

were

follows:

Income

Tax

Information

Each

Fund

treated

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

each

Fund’s

policy

comply

with

the

requirements

the

Internal

Revenue

Code

1986,

amended,

applicable

regulated

investment

companies,

and

distribute

substantially

all

its

taxable

income

its

shareholders.

Therefore,

U.S.

federal

income

tax

provision

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

the

Funds

July

31,

2024,

inclusive

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

tax

liability

the

Funds’

financial

statements.

U.S.

GAAP

requires

that

certain

components

net

assets

adjusted

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

effect

net

assets

NAV

per

share.

July

31,

2024,

permanent

differences

attributable

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

the

following

accounts:

iShares

ETF

Amounts

U.S.

Consumer

Focused

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

343‌

U.S.

Tech

Independence

Focused

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

8,568‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

U.S.

Consumer

Focused

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

78,459‌

1,428,876‌

107,082‌

U.S.

Tech

Independence

Focused

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

6,862,100‌

15,372,882‌

595,969‌

iShares

ETF

Purchases

Sales

U.S.

Consumer

Focused

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

3,308,478‌

3,265,215‌

U.S.

Tech

Independence

Focused

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

61,214,674‌

62,521,003‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

U.S.

Consumer

Focused

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

44,664,867‌

37,753,278‌

U.S.

Tech

Independence

Focused

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

107,494,765‌

41,058,780‌

iShares

ETF

Paid-in

Capital

Accumulated

Earnings

(Loss)

U.S.

Consumer

Focused

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

2,835,142‌

(2,835,142‌)

U.S.

Tech

Independence

Focused

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

25,001,439‌

(25,001,439‌)

Notes

Financial

Statements

(continued)

Notes

Financial

Statements

The

tax

character

distributions

paid

was

follows:

July

31,

2024,

the

tax

components

accumulated

net

earnings

(losses)

were

follows:

July

31,

2024,

gross

unrealized

appreciation

and

depreciation

based

cost

investments

(including

short

positions

and

derivatives,

any)

for

U.S.

federal

income

tax

purposes

were

follows:

Principal

Risks

the

normal

course

business,

each

Fund

invests

securities

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

various

risks,

including,

among

others,

fluctuations

the

market

(market

risk)

failure

issuer

meet

all

its

obligations.

The

value

securities

other

instruments

may

also

affected

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

well

local,

regional

global

political

and/or

social

instability;

(iii)

regulation,

taxation

international

tax

treaties

between

various

countries;

(iv)

currency,

interest

rate

price

fluctuations.

Local,

regional

global

events

such

war,

acts

terrorism,

the

spread

infectious

illness

other

public

health

issues,

recessions,

other

events

could

have

significant

impact

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

the

risks

which

the

Fund

subject.

The

Funds

may

exposed

additional

risks

when

reinvesting

cash

collateral

money

market

funds

that

not

seek

maintain

stable

NAV

per

$1.00,

which

may

subject

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

equities,

such

common

stocks

and

preferred

securities

equity

investments,

such

futures

and

options,

may

decline

due

general

market

conditions

which

are

not

specifically

particular

company.

They

may

also

decline

due

factors

which

affect

particular

industry

industries.

fund

may

invest

illiquid

investments.

illiquid

investment

any

investment

that

fund

reasonably

expects

cannot

sold

disposed

current

market

conditions

seven

calendar

days

less

without

the

sale

disposition

significantly

changing

the

market

value

the

investment.

fund

may

experience

difficulty

selling

illiquid

investments

timely

manner

the

price

that

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

extended

periods

response

company,

market

economic

news.

Markets

also

tend

move

cycles,

with

periods

rising

and

falling

prices.

This

volatility

may

cause

fund’s

NAV

experience

significant

increases

decreases

over

short

periods

time.

there

general

decline

the

securities

and

other

markets,

the

NAV

fund

may

lose

value,

regardless

the

individual

results

the

securities

and

other

instruments

which

fund

invests.

Counterparty

Credit

Risk:

The

Funds

may

exposed

counterparty

credit

risk,

the

risk

that

entity

may

fail

unable

perform

its

commitments

unsettled

open

transactions,

including

making

timely

interest

and/or

principal

payments

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

honor

their

obligations

and

monitoring

the

financial

stability

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

market,

issuer

and

counterparty

credit

risks,

consist

principally

financial

instruments

and

receivables

due

from

counterparties.

The

extent

the

Funds’

exposure

market,

issuer

and

counterparty

credit

risks

with

respect

these

financial

assets

approximately

their

value

recorded

the

Statements

Assets

and

Liabilities,

less

any

collateral

held

the

Funds.

Geographic/Asset

Class

Risk:

diversified

portfolio,

where

this

appropriate

and

consistent

with

fund’s

objectives,

minimizes

the

risk

that

price

change

particular

investment

will

have

material

impact

the

NAV

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

its

Schedule

Investments.

The

Funds

invest

significant

portion

their

assets

securities

issuers

located

the

United

States.

decrease

imports

exports,

changes

trade

regulations,

inflation

and/or

economic

recession

the

United

States

may

have

material

adverse

effect

the

U.S.

economy

and

the

securities

listed

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

the

United

States

may

also

have

significant

effect

U.S.

markets

generally,

well

the

value

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

iShares

ETF

Year

Ended

07/31/24

Year

Ended

07/31/23

U.S.

Consumer

Focused

Ordinary

income

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

205,083‌

183,134‌

Long-term

capital

gains

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

—‌

255,250‌

205,083‌

438,384‌

U.S.

Tech

Independence

Focused

Ordinary

income

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

1,394,072‌

1,110,931‌

Long-term

capital

gains

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

—‌

87,620‌

1,394,072‌

1,198,551‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

U.S.

Consumer

Focused

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

17,627‌

(1,508,334‌)

(1,103,433‌)

(2,594,140‌)

U.S.

Tech

Independence

Focused

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

311,702‌

(3,612,299‌)

58,353,904‌

55,053,307‌

(a)

Amounts

available

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

were

attributable

primarily

the

tax

deferral

losses

wash

sales.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

U.S.

Consumer

Focused

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

23,815,124‌

805,047‌

(1,908,480‌)

(1,103,433‌)

U.S.

Tech

Independence

Focused

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

220,099,239‌

60,732,239‌

(2,378,335‌)

58,353,904‌

Notes

Financial

Statements

(continued)

2024

iShares

Annual

Financial

Statements

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

interest

principal

U.S.

government

debt,

such

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

U.S.

relations

with

certain

countries

deteriorate,

could

adversely

affect

issuers

that

rely

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

these

trends

were

continue,

they

may

have

adverse

impact

the

U.S.

economy

and

the

issuers

which

the Funds

invest.

The

Funds

invest

significant

portion

their

assets

securities

within

single

limited

number

market

sectors.

When

fund

concentrates

its

investments

this

manner,

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

significant

impact

the

Fund

and

could

affect

the

income

from,

the

value

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

specific

sectors

are

presented

the

Schedule

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

manage

substantial

amount

fund

and/or

hold

their

fund

investments

for

limited

period

time.

Large

redemptions

fund

these

shareholders

may

force

fund

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

taxable

income/gains

and

cause

the

fund

make

additional

taxable

distributions

shareholders.

Capital

Transactions

Capital

are

issued

and

redeemed

each

Fund

only

aggregations

specified

number

multiples

thereof

(“Creation

Units”)

NAV.

Except

when

aggregated

Creation

Units,

each

Fund

are

not

redeemable.

Transactions

capital

were

follows:

The

consideration

for

the

purchase

Creation

Units

fund

the Trust

generally

consists

the

in-kind

deposit

designated

portfolio

securities

and

specified

amount

cash.

Certain

funds

the Trust

may

offered

Creation

Units

solely

partially

for

cash

U.S.

dollars. Authorized

Participants purchasing

and

redeeming

Creation

Units

may

pay

purchase

transaction

fee

and

redemption

transaction

fee

directly

BRIL,

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

Creation

Units

for

cash

may

also

pay

additional

variable

charge

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

currency

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

investing

portfolio

securities.

Such

variable

charges,

any,

are

included

sold

the

table

above.

the

extent

applicable,

facilitate

the

timely

settlement

orders

for

Funds

using

clearing

facility

outside

the

continuous

net

settlement

process,

the

Fund,

its

sole

discretion,

may

permit

Authorized

Participant

post

cash

collateral

anticipation

the

delivery

all

portion

the

applicable

Deposit

Securities

Fund

Securities,

further

described

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

subject

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

the

event

that

the

Authorized

Participant

fails

deliver

all

portion

the

applicable

Deposit

Securities

Fund

Securities,

the

Fund

may

exercise

control

over

such

collateral

pursuant

the

terms

the

Control

Agreement

order

purchase

the

applicable

Deposit

Securities

Fund

Securities.

From

time

time,

settlement

securities

in-kind

contributions

in-kind

redemptions

may

delayed.

such

cases,

securities

in-kind

transactions

are

reflected

receivable

payable

the

Statements

Assets

and

Liabilities.

10.

Subsequent

Events

Management

has

evaluated

the

impact

all

subsequent

events

the

Funds

through

the

date

the

financial

statements

were

available

issued

and

has

determined

that

there

were

subsequent

events

requiring

adjustment

additional

disclosure

the

financial

statements.

Year

Ended

07/31/24

Year

Ended

07/31/23

iShares

ETF

Amount

U.S.

Consumer

Focused

sold

900,000‌

44,920,044‌

100,000‌

3,714,150‌

redeemed

(800,000‌)

(37,983,845‌)

(150,000‌)

(5,606,810‌)

100,000‌

6,936,199‌

(50,000‌)

(1,892,660‌)

U.S.

Tech

Independence

Focused

sold

1,550,000‌

108,273,539‌

1,150,000‌

47,941,540‌

redeemed

(600,000‌)

(42,770,956‌)

(850,000‌)

(37,236,465‌)

950,000‌

65,502,583‌

300,000‌

10,705,075‌

Report

Independent

Registered

Public

Accounting

Firm

Report

Independent

Registered

Public

Accounting

Firm

the

Board

Trustees

iShares

U.S.

ETF

Trust

and

Shareholders

each

the two

funds

listed

the

table

below

Opinions

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities,

including

the

schedules

investments,

each

the

funds

listed in

the

table

below

(two

the

funds

constituting

iShares

U.S.

ETF

Trust,

hereafter

collectively

referred

the “Funds”)

July

31,

2024,

the

statements

operations

for

the

year

ended

July

31,

2024,

the

statements

changes

net

assets

for

each

the

two

years

the

period

ended

July

31,

2024,

including

the

notes,

and

the

financial

highlights

for

each

the

five

years

the

period

ended

July

31,

2024 (collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

each

the

Funds listed

the

table

below

July

31,

2024,

the

results

each

their

operations

for

the

year

then

ended,

the

changes

each

their

net

assets

for

each

the

two

years

the

period

ended

July

31,

2024

and

each

the

financial

highlights

for

each

the

five

years

the

period

ended

July

31,

2024 in

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

the

Funds’

management.

Our

responsibility

express

opinion

the

Funds’

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

these

financial

statements

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

July

31,

2024

correspondence

with

the

custodian

and

transfer

agent.

believe

that

our

audits

provide

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

September

23,

2024

have

served

the

auditor

one

BlackRock

investment

companies

since

2000.

iShares

U.S.

Consumer

Focused

ETF

iShares

U.S.

Tech

Independence

Focused

ETF

Important

Tax

Information

(unaudited)

2023

iShares

Annual

Report

Shareholders

The

following

amounts,

maximum

amounts

allowable

law,

are

hereby

designated

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

July

31,

2024:

The

following

amounts,

maximum

amounts

allowable

law,

are

hereby

designated

qualified business

income

for

individuals

for

the

fiscal

year

ended

July

31,

2024:

The

following

percentages,

maximum

percentages

allowable

law,

ordinary

income

distributions

paid

during

the

fiscal

year

ended July

31,

2024

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

U.S.

Consumer

Focused

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

223,474‌

U.S.

Tech

Independence

Focused

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

1,687,064‌

iShares

ETF

Qualified

Business

Income

U.S.

Consumer

Focused

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

3,346‌

U.S.

Tech

Independence

Focused

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

31,722‌

iShares

ETF

Dividends-Received

Deduction

U.S.

Consumer

Focused

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

100.00‌

U.S.

Tech

Independence

Focused

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

100.00‌

Additional

Information

Additional

Information

Premium/Discount

Information

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

found

iShares.com

Regulation

under

the

Alternative

Investment

Fund

Managers

Directive

Not

applicable.

Electronic

Delivery

Shareholders

can

sign

for

e-mail

notifications

announcing

that

the

shareholder

report

prospectus

has

been

posted

the

iShares

website

iShares.com

Once

you

have

enrolled,

you

will

longer

receive

prospectuses

and

shareholder

reports

the

mail.

enroll

electronic

delivery:

•

icsdelivery.com

•

your

brokerage

firm

not

listed,

electronic

delivery

may

not

available.

Please

contact

your

broker-dealer

financial

advisor.

Changes

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

Trustees,

Officers,

and

Others

Because

BFA

has

agreed

the

Investment

Advisory

Agreements

cover

all

operating

expenses

the

Funds,

subject

certain

exclusions

provided

for

therein,

BFA

pays

the

compensation

each

Independent

Trustee]

for

services

the

Funds

from

BFA's

investment

advisory

fees.

Availability

Portfolio

Holdings

Information

description

the

Trust’s

policies

and

procedures

with

respect

the

disclosure

the

Fund’s

portfolio

securities

available

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

Fund

fact

sheets

iShares.com

Board

Review

and

Approval

Investment

Advisory

Contract

2024

iShares

Annual

Financial

Statements

iShares

U.S.

Consumer

Focused

ETF,

iShares

U.S.

Tech

Independence

Focused

ETF

(each

the

“Fund”)

Under

Section

15(c)

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Trust's

Board

Trustees

(the

“Board”),

including

majority

Board

Members

who

are

not

“interested

persons”

the

Trust

(as

that

term

defined

the

1940

Act)

(the

“Independent

Board

Members”),

required

annually

consider

the

approval

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

behalf

the

Fund.

The

Board’s

consideration

entails

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

Independent

Board

Members)

assess

BlackRock’s

services

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

evaluate

the

Advisory

Agreement.

meetings

held

May

2024

and

May

17,

2024,

committee

composed

all

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

response

initial

requests

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

and

preparation

for

the

meeting,

the

Board

received

and

reviewed

materials

specifically

relating

matters

relevant

the

renewal

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

provide.

meeting

held

June

4-5,

2024,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

management

response

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

the

Independent

Board

Members,

approved

the

continuance

the

Advisory

Agreement

for

the

Fund,

based

review

qualitative

and

quantitative

information

provided

BFA

and

their

cumulative

experience

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

information

provided

and

its

frequent

interactions

with

management,

well

the

detailed

responses

and

other

information

provided

BFA.

The

Independent

Board

Members

were

advised

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

their

review.

approving

the

continuance

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

the

Fund;

(ii)

the

nature,

extent

and

quality

the

services

provided

BFA;

(iii)

the

costs

services

provided

the

Fund

and

profits

realized

BFA

and

its

affiliates;

(iv)

potential

economies

scale

and

the

sharing

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

BFA

and

its

affiliates;

and

(vi)

other

benefits

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

any

single

factor

determinative,

and

each

Board

Member

may

have

attributed

different

weights

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

approve

the

continuance

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

the

Fund:

The

Board

reviewed

statistical

information

prepared

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

independent

provider

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

other

fund(s)

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

the

Fund

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

Broadridge

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

detailed

description

the

proprietary

ETF

methodology

used

Broadridge

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

the

limitations

providing

comparable

funds

the

Peer

Group,

the

statistical

information

provided

Broadridge’s

report

may

not

provide

meaningful

direct

comparisons

the

Fund

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

the

investment

advisory

fee

rates

and

overall

expenses

(net

any

waivers

and

reimbursements)

the

funds

its

Peer

Group,

excluding

iShares

funds.

The

Board

noted

that

the

Fund

actively

managed

ETF

that

does

not

seek

track

the

performance

specified

index

and

that

the

management

team

for

the

Fund

manages

the

Fund’s

portfolio

accordance

with

its

investment

objective.

The

Board

further

noted

that,

during

the

year,

the

Board

received

periodic

reports

the

Fund’s

short-

and

longer-term

performance

comparison

with

its

reference

benchmark.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

requested

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

line

with

expectations

relative

the

Fund’s

peer

group

(where

applicable)

and

reference

benchmark

stated

investment

objective.

Based

this

review,

the

other

relevant

factors

and

information

considered

the

meeting,

and

their

general

knowledge

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

the

Fund

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

Services

Provided:

Based

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

the

iShares

product

line

and

BFA’s

business,

including

with

respect

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

diminution

the

scope

services

required

provided

BFA

under

the

Advisory

Agreement

for

the

coming

year

compared

with

the

scope

services

provided

BFA

during

prior

years.

reviewing

the

scope

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

the

Fund,

including

programs

implemented

pursuant

regulatory

requirements.

that

regard,

the

Board

noted

that

BFA

reports

the

Board

about

portfolio

management

and

compliance

matters

periodic

basis

connection

with

regularly

scheduled

meetings

the

Board,

and

other

occasions

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

BFA

(and

its

affiliates)

available

needed

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

the

persons

responsible

for

the

day-to-day

management

the

Fund,

well

the

resources

available

them

managing

the

Fund.

addition

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

the

May

2024

meeting

and

throughout

the

year,

and

matters

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

well

BlackRock’s

continued

investments

its

ETF

business.

Based

review

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

services

provided

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Costs

Services

Provided

the

Fund

and

Profits

Realized

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

BlackRock

managing

the

Fund,

based

the

fees

payable

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

revenue

and

expense

BFA

Board

Review

and

Approval

Investment

Advisory

Contract

(continued)

Board

Review

and

Approval

Investment

Advisory

Contract

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

affected

numerous

factors,

including,

among

other

things,

fee

waivers

BFA,

the

types

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

individual

fund

levels

challenging.

The

Board

discussed

with

management

the

sources

direct

and

ancillary

revenue,

including

the

revenues

BTC,

BlackRock

affiliate,

from

securities

lending

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

reflected

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

scale

(as

discussed

below).

Based

this

review,

the

Board

concluded

that

the

information

considered

with

respect

the

profits

realized

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

any,

and

costs

the

services

provided

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Economies

Scale:

The

Board

reviewed

information

and

considered

the

extent

which

economies

scale

might

realized

the

assets

the

Fund

increase,

noting

that

the

issue

potential

economies

scale

had

been

focused

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

fixed

and

variable

costs

may

impact

the

existence

size

scale

benefits,

with

the

Board

recognizing

that

potential

economies

scale

are

difficult

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

BFA

regarding

the

sharing

scale

benefits

with

the

iShares

funds

through

various

means,

including,

applicable,

through

breakpoints,

waivers,

other

fee

reductions,

well

through

additional

investment

the

iShares

business,

including

enhancements

the

provision

additional

infrastructure

and

services

the

iShares

funds

and

their

shareholders

and,

with

respect

New

Funds,

set

management

fees

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

the

Fund’s

investment

advisory

fee

rate

the

assets

the

Fund

increase.

However,

the

Board

noted

that

would

continue

assess

the

appropriateness

adding

breakpoints

the

future.

The

Board

concluded

that

this

review

potential

economies

scale

and

the

sharing

benefits,

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

terms

the

types

services

and

generally

extensive

character

and

scope

services

provided

the

Fund,

well

other

significant

differences.

that

regard,

the

Board

considered

that

the

pricing

services

institutional

clients

typically

based

number

factors

beyond

the

nature

and

extent

the

specific

services

provided

and

often

depends

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

managing

and

providing

other

services

the

Fund,

publicly

traded

investment

vehicle,

compared

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

light

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

its

consideration

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

not

manage

Other

Accounts

with

similar

investment

strategy

investment

mandate

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

iShares

fund

that

may

provide

similar

investment

exposure

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

consistent

with

the

factors

discussed.

Other

Benefits

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

ancillary

revenue

received

BFA

and/or

its

affiliates

connection

with

the

services

provided

the

Fund

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

revenue

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

applicable

(which

was

included

the

profit

margins

reviewed

the

Board

pursuant

BFA’s

estimated

profitability

methodology),

payment

advisory

fees

other

fees

BFA

(or

its

affiliates)

connection

with

any

investments

the

Fund

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

other

services,

and

BlackRock’s

profile

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

BFA,

including

actual

and

potential

reductions

the

Fund’s

expenses

that

are

borne

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

part

the

size

and

scope

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

the

iShares

complex)

well

response

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

and

paid

for

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

BFA

and/or

its

affiliates

pursuant

agreement

that

permits

service

provider

use

certain

portions

BlackRock’s

technology

platform

service

accounts

managed

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

consider

the

value

research

other

services

that

may

provided

BFA

(including

its

affiliates)

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

disadvantageous

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

the

appropriateness

approving

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

review

the

factors

described

above,

well

such

other

factors

deemed

appropriate

the

Board,

the

Board,

including

all

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

fee

that

disproportionately

large

bear

reasonable

relationship

the

services

rendered

and

that

could

not

have

been

the

product

arm’s-length

bargaining,

and

concluded

approve

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Glossary

Terms

Used

this

Report

2024

iShares

Semi-Annual

Report

Shareholders

Portfolio

Abbreviation

MSCI

Morgan

Stanley

Capital

International

NVS

Non-Voting

REIT

Real

Estate

Investment

Trust

Want

know

more?

iShares.com

1-800-474-2737

This

report

intended

for

the

Funds’

shareholders.

may

not

distributed

prospective

investors

unless

preceded

accompanied

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

principal.

The

iShares

Funds

are

distributed

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

BlackRock,

Inc.

its

subsidiaries.

All

other

marks

are

the

property

their

respective

owners.

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares U.S. ETF Trust

By: /s/ Jessica Tan

Jessica Tan

President (principal executive officer) of

iShares U.S. ETF Trust

Date: September 23, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Jessica Tan

Jessica Tan

President (principal executive officer) of

iShares U.S. ETF Trust

Date: September 23, 2024

By: /s/ Trent Walker

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares U.S. ETF Trust

Date: September 23, 2024

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

What were the Fund costs for the last year?

How did the Fund perform last year?

What contributed to performance?

What detracted from performance?

Fund performance

Cumulative performance: March 21, 2018 through July 31, 2024

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Industry allocation

Ten largest holdings

Additional information

Householding

What were the Fund costs for the last year?

How did the Fund perform last year?

What contributed to performance?

What detracted from performance?

Fund performance

Cumulative performance: March 21, 2018 through July 31, 2024

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Industry allocation

Ten largest holdings

Additional information

Householding