iShares US ETF Trust
10/05/2026 | Press release | Distributed by Public on 10/05/2026 11:21
Annual Report by Investment Company (Form N-CSR)
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: 07/31/2026
Date of reporting period: 07/31/2026
Item 1 - Reports to Stockholders
(a) The Reports to Shareholders are attached herewith.
iShares U.S. Consumer Focused ETF
IEDI | Cboe BZX Exchange
Annual Shareholder Report - July 31, 2026
This annual shareholder report contains important information about iShares U.S. Consumer Focused ETF (the "Fund") for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Table Summary
|
Fund name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
iShares U.S. Consumer Focused ETF
|
$18
|
0.18%
|
How did the Fund perform last year?
-
For the reporting period ended July 31, 2026, the Fund returned 2.61%.
-
For the same period, the S&P Total Market Index returned 19.67%.
What contributed to performance?
The consumer discretionary sector was the largest contributor to the Fund's return during the reporting period. Value-seeking shoppers drove off-price apparel retailers higher, as they sought branded clothing and home goods at deep discounts amid elevated pricing pressures. In the broadline retail segment, a major online retailer benefited from accelerating growth in its web services division, driven by artificial intelligence demand, strong retail and advertising profits. Consumer staples stocks also contributed, particularly in the consumer staples merchandise retail segment. A major discount retailer was supported by strong e-commerce growth, surging high-margin advertising revenue, market-share gains from upper-income shoppers, and resilient grocery performance.
What detracted from performance?
During the reporting period, home improvement retail stocks detracted from the Fund's return. Amid a stagnant housing market, cautious consumer spending slowed demand for large, big-ticket home renovation projects.
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, 2026
Initial Investment of $10,000
Table Summary
|
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
|
$16,673
|
|
Oct 23
|
$16,691
|
$16,224
|
|
Nov 23
|
$18,148
|
$17,747
|
|
Dec 23
|
$19,458
|
$18,696
|
|
Jan 24
|
$19,625
|
$18,903
|
|
Feb 24
|
$21,358
|
$19,930
|
|
Mar 24
|
$21,916
|
$20,574
|
|
Apr 24
|
$20,534
|
$19,667
|
|
May 24
|
$21,062
|
$20,601
|
|
Jun 24
|
$21,498
|
$21,241
|
|
Jul 24
|
$21,629
|
$21,631
|
|
Aug 24
|
$22,175
|
$22,094
|
|
Sep 24
|
$23,071
|
$22,549
|
|
Oct 24
|
$22,648
|
$22,388
|
|
Nov 24
|
$24,763
|
$23,879
|
|
Dec 24
|
$23,782
|
$23,160
|
|
Jan 25
|
$25,037
|
$23,870
|
|
Feb 25
|
$24,580
|
$23,419
|
|
Mar 25
|
$22,751
|
$22,032
|
|
Apr 25
|
$22,914
|
$21,880
|
|
May 25
|
$23,941
|
$23,282
|
|
Jun 25
|
$24,478
|
$24,475
|
|
Jul 25
|
$24,609
|
$25,033
|
|
Aug 25
|
$25,393
|
$25,602
|
|
Sep 25
|
$25,230
|
$26,486
|
|
Oct 25
|
$24,348
|
$27,068
|
|
Nov 25
|
$24,772
|
$27,111
|
|
Dec 25
|
$24,716
|
$27,109
|
|
Jan 26
|
$25,627
|
$27,532
|
|
Feb 26
|
$25,994
|
$27,381
|
|
Mar 26
|
$24,357
|
$26,029
|
|
Apr 26
|
$25,603
|
$28,743
|
|
May 26
|
$24,646
|
$30,230
|
|
Jun 26
|
$24,714
|
$30,121
|
|
Jul 26
|
$25,251
|
$29,958
|
See "Average annual total returns" for additional information on fund performance.
Average annual total returns
Table Summary
|
Average Annual Total Returns
|
1 Year
|
5 Years
|
Since Fund Inception
|
|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.61%
|
5.86%
|
11.71%
|
|
S&P Total Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
19.67
|
11.74
|
14.03
|
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$27,998,423
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
188
|
|
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$52,202
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0%
|
The inception date of the Fund was March 21, 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, 2026)
Industry allocation
Ten largest holdings
Table Summary
|
Industry
|
Percent of TotaI InvestmentsFootnote Reference(a)
|
|
Specialty Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
36.6%
|
|
Consumer Staples Distribution & Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
22.7
|
|
Hotels, Restaurants & Leisure........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
14.5
|
|
Broadline Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.8
|
|
Textiles, Apparel & Luxury Goods........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.8
|
|
Financial Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.3
|
|
Entertainment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.5
|
|
Ground Transportation........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.4
|
|
Commercial Services & Supplies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.4
|
|
Trading Companies & Distributors........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.2
|
|
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.8
|
Table Summary
|
Security
|
Percent of Total InvestmentsFootnote Reference(a)
|
|
Walmart, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.6%
|
|
Home Depot, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.6
|
|
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.9
|
|
Costco Wholesale Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.0
|
|
TJX Cos., Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
6.5
|
|
Lowe's Cos., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.6
|
|
Ross Stores, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.9
|
|
O'Reilly Automotive, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.0
|
|
Starbucks Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.9
|
|
Chipotle Mexican Grill, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.8
|
| Footnote | Description |
|
Footnote(a)
|
Excludes money market funds. |
|
Footnote(b)
|
Ten largest industries are presented. Additional industries are found in Other. |
Material fund changes
This is a summary of certain changes to the Fund since July 31, 2025.
The Board of Trustees of the Fund approved the liquidation of the Fund. After the close of business on August 12, 2026, the Fund no longer accepted creation orders. Trading in the Fund halted prior to market open on August 13, 2026. Proceeds of the liquidation were sent to shareholders on August 17, 2026.
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.
©2026 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, 2026
IEDI-07/26-AR
iShares U.S. Tech Independence Focused ETF
IETC | Cboe BZX Exchange
Annual Shareholder Report - July 31, 2026
This annual shareholder report contains important information about iShares U.S. Tech Independence Focused ETF (the "Fund") for the period of August 1, 2025 to July 31, 2026. 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)
Table Summary
|
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
|
$18
|
0.18%
|
How did the Fund perform last year?
-
For the reporting period ended July 31, 2026, the Fund returned 5.41%.
-
For the same period, the S&P Total Market Index returned 19.67%.
What contributed to performance?
During the reporting period, information technology stocks contributed the most to the Fund's return. Semiconductors and semiconductor equipment stocks benefited from robust demand for artificial intelligence ("AI"), cloud computing, and data center infrastructure, with high-performance AI chipmakers among the standout performers. Technology hardware, storage, and peripherals companies also advanced, supported by resilient consumer demand, improving pricing trends, and growing enterprise and hyperscale storage needs driven by AI-related data growth. An interactive media and services company in the communication sector gained amid resilient digital advertising demand, continued growth in cloud computing, and expanding monetization of AI across search and other platforms.
What detracted from performance?
During the reporting period, software and services stocks detracted from the Fund's return amid investor concerns that AI tools could disrupt the revenue models of traditional software businesses.
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, 2026
Initial Investment of $10,000
Table Summary
|
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
|
$14,783
|
$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
|
$16,673
|
|
Oct 23
|
$22,314
|
$16,224
|
|
Nov 23
|
$25,093
|
$17,747
|
|
Dec 23
|
$26,411
|
$18,696
|
|
Jan 24
|
$27,471
|
$18,903
|
|
Feb 24
|
$29,432
|
$19,930
|
|
Mar 24
|
$30,041
|
$20,574
|
|
Apr 24
|
$28,216
|
$19,667
|
|
May 24
|
$29,293
|
$20,601
|
|
Jun 24
|
$31,901
|
$21,241
|
|
Jul 24
|
$31,686
|
$21,631
|
|
Aug 24
|
$32,116
|
$22,094
|
|
Sep 24
|
$33,342
|
$22,549
|
|
Oct 24
|
$33,172
|
$22,388
|
|
Nov 24
|
$35,028
|
$23,879
|
|
Dec 24
|
$36,290
|
$23,160
|
|
Jan 25
|
$37,003
|
$23,870
|
|
Feb 25
|
$34,964
|
$23,419
|
|
Mar 25
|
$31,938
|
$22,032
|
|
Apr 25
|
$33,536
|
$21,880
|
|
May 25
|
$37,190
|
$23,282
|
|
Jun 25
|
$40,075
|
$24,475
|
|
Jul 25
|
$41,777
|
$25,033
|
|
Aug 25
|
$41,441
|
$25,602
|
|
Sep 25
|
$43,503
|
$26,486
|
|
Oct 25
|
$45,773
|
$27,068
|
|
Nov 25
|
$43,599
|
$27,111
|
|
Dec 25
|
$43,419
|
$27,109
|
|
Jan 26
|
$41,730
|
$27,532
|
|
Feb 26
|
$38,893
|
$27,381
|
|
Mar 26
|
$37,799
|
$26,029
|
|
Apr 26
|
$43,583
|
$28,743
|
|
May 26
|
$49,200
|
$30,230
|
|
Jun 26
|
$45,986
|
$30,121
|
|
Jul 26
|
$44,038
|
$29,958
|
See "Average annual total returns" for additional information on fund performance.
Average annual total returns
Table Summary
|
Average Annual Total Returns
|
1 Year
|
5 Years
|
Since Fund Inception
|
|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.41%
|
13.38%
|
19.39%
|
|
S&P Total Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
19.67
|
11.74
|
14.03
|
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$668,301,606
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
105
|
|
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$1,503,723
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
32%
|
The inception date of the Fund was March 21, 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, 2026)
Industry allocation
Ten largest holdings
Table Summary
|
Industry
|
Percent of TotaI InvestmentsFootnote Reference(a)
|
|
Semiconductors & Semiconductor Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
38.8%
|
|
Software........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
18.9
|
|
Interactive Media & Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.2
|
|
Technology Hardware, Storage & Peripherals........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.4
|
|
Communications Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.7
|
|
Broadline Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
IT Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.7
|
|
Capital Markets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.4
|
|
Aerospace & Defense........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.5
|
|
Electronic Equipment, Instruments & Components........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.5
|
|
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0
|
Table Summary
|
Security
|
Percent of Total InvestmentsFootnote Reference(a)
|
|
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.2%
|
|
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.0
|
|
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.2
|
|
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Micron Technology, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.0
|
|
Advanced Micro Devices, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.9
|
|
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.6
|
|
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.3
|
|
Palantir Technologies, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
|
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.8
|
| 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.
©2026 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. Tech Independence Focused ETF
Annual Shareholder Report - July 31, 2026
IETC-07/26-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
Laura F. Fergerson
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 seriesof the registrant for which the fiscal year-end is July 31, 2026 (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, 2025 and $26,600 for the fiscal year ended July 31, 2026.
(b) Audit-Related Fees - There were no fees billed for the fiscal years ended July 31, 2025 and July 31, 2026 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, 2025 and $19,400 for the fiscal year ended July 31, 2026. 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, 2025 and July 31, 2026 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, 2025 and $19,400 for the fiscal year ended July 31, 2026.
(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
Richard L. Fagnani
Laura F. Fergerson
John E. Martinez
(b) Not Applicable
Item 6 - Investments
(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant's Financial Statements are attached herewith.
(b) The registrant's Financial Highlights are attached herewith.
July
31,
2026
2026
Annual
Financial
Statements
and
Additional
Information
iShares
U.S.
ETF
Trust
iShares
U.S.
Consumer
Focused
ETF
|
IEDI
|
Cboe
BZX
Exchange
iShares
U.S.
Tech
Independence
Focused
ETF
|
IETC
|
Cboe
BZX
Exchange
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
10
Statements
of
Operations
.................................................................................................
11
Statements
of
Changes
in
Net
Assets
..........................................................................................
12
Financial
Highlights
.....................................................................................................
13
Notes
to
Financial
Statements
...............................................................................................
15
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
22
Important
Tax
Information
.................................................................................................
23
Additional
Information
....................................................................................................
24
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
25
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
28
Schedule
of
Investments
July
31,
2026
iShares
®
U.S.
Consumer
Focused
ETF
Schedule
of
Investments
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Air
Freight
&
Logistics
-
0.3%
FedEx
Corp.
.......................
110
$
33,814
United
Parcel
Service,
Inc.
,
Class
B
.......
393
40,958
74,772
Beverages
-
0.2%
Brown-Forman
Corp.
,
Class
B,
NVS
.......
327
9,394
Constellation
Brands,
Inc.
,
Class
A
........
373
48,576
57,970
Broadline
Retail
-
9.7%
Amazon.com,
Inc.
(a)
..................
9,105
2,472,736
eBay,
Inc.
.........................
1,156
131,796
Kohl's
Corp.
.......................
996
19,063
Macy's,
Inc.
.......................
1,563
38,794
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
......
651
47,829
2,710,218
Building
Products
-
0.1%
Masco
Corp.
.......................
301
21,515
Capital
Markets
-
0.5%
CBOE
Global
Markets,
Inc.
.............
89
27,610
Robinhood
Markets,
Inc.
,
Class
A
(a)
........
1,416
122,569
150,179
Commercial
Services
&
Supplies
-
1.4%
Cintas
Corp.
.......................
1,229
251,490
Copart,
Inc.
(a)
......................
2,561
74,576
RB
Global,
Inc.
.....................
252
27,655
Rollins,
Inc.
........................
1,181
44,843
398,564
Consumer
Finance
-
0.1%
FirstCash
Holdings,
Inc.
...............
172
35,090
Consumer
Staples
Distribution
&
Retail
-
22.4%
Albertsons
Cos.,
Inc.
,
Class
A
...........
2,062
23,878
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
.......
923
90,251
Casey's
General
Stores,
Inc.
............
281
244,751
Costco
Wholesale
Corp.
...............
2,320
2,208,385
Dollar
General
Corp.
.................
1,901
241,522
Dollar
Tree,
Inc.
(a)
....................
1,802
229,232
Kroger
Co.
(The)
....................
3,662
211,444
Performance
Food
Group
Co.
(a)
..........
614
70,235
Sprouts
Farmers
Market,
Inc.
(a)
...........
168
14,643
Sysco
Corp.
.......................
1,243
105,953
Target
Corp.
.......................
415
59,963
US
Foods
Holding
Corp.
(a)
..............
1,052
105,821
Walmart,
Inc.
.......................
24,038
2,673,026
6,279,104
Distributors
-
0.3%
Genuine
Parts
Co.
...................
398
49,499
Pool
Corp.
........................
113
20,985
70,484
Diversified
Consumer
Services
-
0.4%
Bright
Horizons
Family
Solutions,
Inc.
(a)
.....
202
15,057
Duolingo,
Inc.
,
Class
A
(a)
...............
122
16,447
H&R
Block,
Inc.
.....................
575
25,317
Service
Corp.
International
.............
638
54,989
Stride,
Inc.
(a)
.......................
60
4,818
116,628
Entertainment
-
1.5%
Cinemark
Holdings,
Inc.
...............
498
18,222
Electronic
Arts,
Inc.
..................
98
20,566
Security
Shares
Shares
Value
Entertainment
(continued)
Live
Nation
Entertainment,
Inc.
(a)
.........
494
$
86,020
Madison
Square
Garden
Sports
Corp.
(a)
.....
82
32,282
Netflix,
Inc.
(a)
.......................
427
30,620
Take-Two
Interactive
Software,
Inc.
(a)
.......
188
45,669
TKO
Group
Holdings,
Inc.
,
Class
A
........
179
32,544
Walt
Disney
Co.
(The)
................
1,478
142,169
408,092
Financial
Services
-
2.3%
Affirm
Holdings,
Inc.
,
Class
A
(a)
...........
617
44,122
Block,
Inc.
,
Class
A
(a)
.................
1,989
161,586
Corpay,
Inc.
(a)
......................
63
24,073
Fiserv,
Inc.
(a)
.......................
454
24,489
Global
Payments,
Inc.
................
81
6,810
PayPal
Holdings,
Inc.
.................
1,774
101,490
Shift4
Payments,
Inc.
,
Class
A
(a)
..........
181
9,593
Toast,
Inc.
,
Class
A
(a)
.................
500
16,135
Visa,
Inc.
,
Class
A
...................
697
255,193
643,491
Food
Products
-
0.5%
Conagra
Brands,
Inc.
.................
604
8,764
Flowers
Foods,
Inc.
..................
823
5,778
Freshpet,
Inc.
(a)
.....................
261
15,540
J
M
Smucker
Co.
(The)
................
184
21,944
Lamb
Weston
Holdings,
Inc.
............
182
9,564
Marzetti
Co.
(The)
...................
84
8,977
McCormick
&
Co.,
Inc.
(Non-Voting)
,
NVS
...
399
20,309
Tyson
Foods,
Inc.
,
Class
A
.............
741
42,948
133,824
Ground
Transportation
-
1.4%
Fedex
Freight
Holding
Co.,
Inc.
(a)
.........
55
7,729
Lyft,
Inc.
,
Class
A
(a)
...................
1,455
23,076
Uber
Technologies,
Inc.
(a)
..............
4,675
328,933
U-Haul
Holding
Co.
,
NVS
..............
293
18,336
XPO,
Inc.
(a)
........................
119
23,916
401,990
Health
Care
Providers
&
Services
-
0.2%
Chemed
Corp.
......................
47
25,016
Henry
Schein,
Inc.
(a)
..................
316
27,097
52,113
Hotel
&
Resort
REITs
-
0.3%
Host
Hotels
&
Resorts,
Inc.
.............
2,297
57,723
Ryman
Hospitality
Properties,
Inc.
........
212
28,334
86,057
Hotels,
Restaurants
&
Leisure
-
14.4%
Airbnb,
Inc.
,
Class
A
(a)
.................
963
145,914
Aramark
..........................
1,054
60,046
Boyd
Gaming
Corp.
..................
404
34,364
Brinker
International,
Inc.
(a)
.............
442
94,455
Caesars
Entertainment,
Inc.
(a)
...........
944
28,084
Carnival
Corp.
Ltd.
...................
2,000
55,620
Cava
Group,
Inc.
(a)
...................
938
61,186
Cheesecake
Factory,
Inc.
(The)
..........
80
8,114
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
......
13,517
503,103
Choice
Hotels
International,
Inc.
..........
184
20,514
Churchill
Downs,
Inc.
.................
388
32,708
Darden
Restaurants,
Inc.
..............
1,185
241,242
Domino's
Pizza,
Inc.
..................
290
100,758
DoorDash,
Inc.
,
Class
A
(a)
..............
1,557
305,421
DraftKings,
Inc.
,
Class
A
(a)
..............
2,587
60,743
Expedia
Group,
Inc.
..................
382
112,591
Hilton
Worldwide
Holdings,
Inc.
..........
1,406
450,609
2026
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
iShares
®
U.S.
Consumer
Focused
ETF
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Hyatt
Hotels
Corp.
,
Class
A
.............
214
$
37,249
Marriott
International,
Inc.
,
Class
A
........
1,228
457,835
McDonald's
Corp.
...................
355
96,077
MGM
Resorts
International
(a)
............
985
43,901
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
......
1,150
21,309
Planet
Fitness,
Inc.
,
Class
A
(a)
...........
225
12,580
Red
Rock
Resorts,
Inc.
,
Class
A
..........
344
22,167
Royal
Caribbean
Cruises
Ltd.
...........
641
204,030
Shake
Shack,
Inc.
,
Class
A
(a)
............
142
8,911
Six
Flags
Entertainment
Corp.
(a)
..........
391
6,776
Starbucks
Corp.
.....................
5,031
529,513
Texas
Roadhouse,
Inc.
,
Class
A
..........
266
54,647
Travel
+
Leisure
Co.
..................
312
23,718
Vail
Resorts,
Inc.
....................
227
33,909
Wendy's
Co.
(The)
...................
1,210
8,906
Wingstop,
Inc.
......................
320
41,437
Wyndham
Hotels
&
Resorts,
Inc.
.........
481
36,008
Yum!
Brands,
Inc.
...................
511
78,326
4,032,771
Household
Durables
-
0.3%
Somnigroup
International,
Inc.
...........
674
44,032
Toll
Brothers,
Inc.
....................
277
40,412
84,444
Household
Products
-
0.4%
Clorox
Co.
(The)
....................
107
10,222
Colgate-Palmolive
Co.
................
390
35,607
Procter
&
Gamble
Co.
(The)
............
384
55,484
101,313
Interactive
Media
&
Services
-
0.3%
Meta
Platforms,
Inc.
,
Class
A
............
81
45,093
Pinterest,
Inc.
,
Class
A
(a)
...............
1,370
32,894
Snap,
Inc.
,
Class
A,
NVS
(a)
.............
1,913
8,972
86,959
IT
Services
-
0.1%
(a)
Gartner,
Inc.
.......................
31
4,682
GoDaddy,
Inc.
,
Class
A
................
207
17,127
21,809
Leisure
Products
-
0.1%
Hasbro,
Inc.
.......................
225
21,137
Media
-
0.2%
New
York
Times
Co.
(The)
,
Class
A
........
278
20,820
Omnicom
Group,
Inc.
.................
572
45,016
65,836
Passenger
Airlines
-
0.4%
Alaska
Air
Group,
Inc.
(a)
................
401
19,028
American
Airlines
Group,
Inc.
(a)
...........
1,188
18,141
Southwest
Airlines
Co.
................
787
35,391
United
Airlines
Holdings,
Inc.
(a)
...........
246
29,847
102,407
Personal
Care
Products
-
0.1%
elf
Beauty,
Inc.
(a)
....................
287
23,789
Professional
Services
-
0.1%
Paychex,
Inc.
......................
288
33,650
Robert
Half,
Inc.
....................
226
8,543
42,193
Real
Estate
Management
&
Development
-
0.2%
(a)
CoStar
Group,
Inc.
...................
830
23,871
Zillow
Group,
Inc.
,
Class
A
..............
90
3,122
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
Zillow
Group,
Inc.
,
Class
C,
NVS
.........
678
$
23,093
50,086
Residential
REITs
-
0.0%
Invitation
Homes,
Inc.
.................
106
3,150
Software
-
0.7%
Agilysys,
Inc.
(a)
.....................
133
13,986
Gen
Digital,
Inc.
.....................
570
15,647
Intuit,
Inc.
.........................
531
167,833
197,466
Specialized
REITs
-
0.1%
Lamar
Advertising
Co.
,
Class
A
..........
111
17,756
Specialty
Retail
-
36.3%
Abercrombie
&
Fitch
Co.
,
Class
A
(a)
........
248
24,686
Academy
Sports
&
Outdoors,
Inc.
.........
630
29,893
American
Eagle
Outfitters,
Inc.
...........
1,327
22,798
Asbury
Automotive
Group,
Inc.
(a)
..........
101
23,402
AutoNation,
Inc.
(a)
....................
155
32,922
AutoZone,
Inc.
(a)
....................
103
310,674
Bath
&
Body
Works,
Inc.
...............
1,670
33,600
Best
Buy
Co.,
Inc.
...................
1,054
90,918
Boot
Barn
Holdings,
Inc.
(a)
..............
278
41,419
Burlington
Stores,
Inc.
(a)
...............
757
278,939
CarMax,
Inc.
(a)
......................
1,079
61,784
Carvana
Co.
,
Class
A
(a)
................
4,745
295,898
Dick's
Sporting
Goods,
Inc.
.............
736
144,190
Five
Below,
Inc.
(a)
....................
553
120,073
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
.....
359
20,668
GameStop
Corp.
,
Class
A
(a)
.............
3,282
71,285
Gap,
Inc.
(The)
.....................
1,898
38,131
Group
1
Automotive,
Inc.
...............
5
1,434
Home
Depot,
Inc.
(The)
...............
7,985
2,650,701
Lithia
Motors,
Inc.
,
Class
A
.............
136
52,417
Lowe's
Cos.,
Inc.
....................
6,115
1,270,758
Murphy
USA,
Inc.
...................
69
41,935
O'Reilly
Automotive,
Inc.
(a)
..............
9,240
825,594
RH
(a)
............................
141
23,338
Ross
Stores,
Inc.
....................
4,269
1,071,818
Signet
Jewelers
Ltd.
..................
288
26,755
TJX
Cos.,
Inc.
(The)
..................
11,435
1,799,183
Tractor
Supply
Co.
...................
4,535
139,542
Ulta
Beauty,
Inc.
(a)
...................
537
275,390
Urban
Outfitters,
Inc.
(a)
................
558
41,392
Valvoline,
Inc.
(a)
.....................
677
26,004
Williams-Sonoma,
Inc.
................
1,180
269,819
10,157,360
Textiles,
Apparel
&
Luxury
Goods
-
2.7%
Capri
Holdings
Ltd.
(a)
.................
748
11,916
Carter's,
Inc.
.......................
262
10,105
Crocs,
Inc.
(a)
.......................
335
42,883
Deckers
Outdoor
Corp.
(a)
...............
770
74,598
Kontoor
Brands,
Inc.
..................
336
28,137
Lululemon
Athletica,
Inc.
(a)
..............
1,175
139,672
NIKE,
Inc.
,
Class
B
..................
3,914
163,253
Ralph
Lauren
Corp.
,
Class
A
............
147
55,910
Steven
Madden
Ltd.
..................
555
25,574
Tapestry,
Inc.
.......................
1,243
189,396
VF
Corp.
.........................
1,797
25,733
767,177
Trading
Companies
&
Distributors
-
1.1%
Fastenal
Co.
.......................
2,175
103,769
Ferguson
Enterprises,
Inc.
..............
620
145,285
Schedule
of
Investments
(continued)
July
31,
2026
iShares
®
U.S.
Consumer
Focused
ETF
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
July
31,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
QXO,
Inc.
(a)
(b)
.......................
989
$
13,154
SiteOne
Landscape
Supply,
Inc.
(a)
.........
135
12,749
WW
Grainger,
Inc.
...................
33
45,613
320,570
Total
Common
Stocks
-
99
.1
%
(Cost:
$
26,522,481
)
...............................
27,736,314
Rights
Consumer
Staples
Distribution
&
Retail
-
0.0%
Walgreens
Boots
Alliance,
Inc.,
CVR
(a)
(c)
....
2,221
1,177
Total
Rights
-
0.0
%
(Cost:
$
1,177
)
..................................
1,177
Warrants
Specialty
Retail
-
0.0
%
GameStop
Corp.
(
Issued/Exercisable
10/03/25
,
1
Share
for
1
Warrant,
Expires
10/30/26
,
Strike
Price
USD
32.00
)
(a)
................
361
686
Total
Warrants
-
0.0
%
(Cost:
$
-
)
.....................................
686
Total
Long-Term
Investments
-
99.1%
(Cost:
$
26,523,658
)
...............................
27,738,177
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
-
0.8%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.81
%
(f)
..................
14,257
$
14,261
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.65
%
...................
227,728
227,728
Total
Short-Term
Securities
-
0
.8
%
(Cost:
$
241,978
)
.................................
241,989
Total
Investments
-
99
.9
%
(Cost:
$
26,765,636
)
...............................
27,980,166
Other
Assets
Less
Liabilities
-
0.1
%
....................
18,257
Net
Assets
-
100.0%
...............................
$
27,998,423
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
07/31/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/26
Shares
Held
at
07/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
61,097
$
-
$
(
46,699
)
(a)
$
(
113
)
$
(
24
)
$
14,261
14,257
$
3,868
(b)
$
-
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
159,837
67,891
(a)
-
-
-
227,728
227,728
8,299
-
$
(
113
)
$
(
24
)
$
241,989
$
12,167
$
-
-
-
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
Micro
E-Mini
Index
...................................................
6
09/18/26
$
226
$
(
3,258
)
2026
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
iShares
®
U.S.
Consumer
Focused
ETF
6
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund's
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund's
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
-
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
-
$
-
$
3,258
$
-
$
-
$
-
$
3,258
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
July
31,
2026,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
c
ontracts
.......................
$
-
$
-
$
17,740
$
-
$
-
$
-
$
17,740
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
c
ontracts
.......................
$
-
$
-
$
(
3,258
)
$
-
$
-
$
-
$
(
3,258
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
-
long
..................................................................................
$
110,723
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
27,736,314
$
-
$
-
$
27,736,314
Rights
................................................
-
-
1,177
1,177
Warrants
..............................................
686
-
-
686
Short-Term
Securities
Money
Market
Funds
......................................
241,989
-
-
241,989
$
27,978,989
$
-
$
1,177
$
27,980,166
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(
3,258
)
$
-
$
-
$
(
3,258
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
July
31,
2026
iShares
®
U.S.
Tech
Independence
Focused
ETF
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
-
1.5%
(a)
Axon
Enterprise,
Inc.
.................
277
$
146,189
Boeing
Co.
(The)
....................
46,685
10,090,496
10,236,685
Automobiles
-
0.0%
Rivian
Automotive,
Inc.
,
Class
A
(a)
.........
3,995
60,804
Biotechnology
-
0.0%
GRAIL,
Inc.
(a)
(b)
.....................
375
25,710
Broadline
Retail
-
4.9%
Amazon.com,
Inc.
(a)
..................
119,932
32,571,133
Capital
Markets
-
3.4%
Coinbase
Global,
Inc.
,
Class
A
(a)
..........
3,194
467,154
Intercontinental
Exchange,
Inc.
..........
65,431
9,976,919
Moody's
Corp.
......................
21,773
10,415,768
Robinhood
Markets,
Inc.
,
Class
A
(a)
........
17,563
1,520,253
22,380,094
Communications
Equipment
-
5.7%
Arista
Networks,
Inc.
(a)
................
85,430
15,407,300
Ciena
Corp.
(a)
......................
4,351
1,640,545
Cisco
Systems,
Inc.
..................
145,049
16,824,233
Motorola
Solutions,
Inc.
...............
9,553
4,162,720
38,034,798
Diversified
Telecommunication
Services
-
0.5%
Space
Exploration
Technologies
Corp.
,
Class
A
(a)
(b)
..........................
30,990
3,358,386
Electrical
Equipment
-
0.6%
Innio
NV
(a)
.........................
58,212
1,421,537
Vertiv
Holdings
Co.
,
Class
A
............
8,960
2,164,467
3,586,004
Electronic
Equipment,
Instruments
&
Components
-
1.5%
CDW
Corp.
........................
19,655
2,905,206
Flex
Ltd.
(a)
.........................
4,495
511,306
Keysight
Technologies,
Inc.
(a)
............
21,347
6,811,401
10,227,913
Entertainment
-
0.1%
ROBLOX
Corp.
,
Class
A
(a)
..............
13,230
470,988
Financial
Services
-
0.6%
Block,
Inc.
,
Class
A
(a)
.................
28,011
2,275,614
Fidelity
National
Information
Services,
Inc.
...
43,194
1,933,795
Visa,
Inc.
,
Class
A
...................
24
8,787
4,218,196
Ground
Transportation
-
0.7%
Uber
Technologies,
Inc.
(a)
..............
67,120
4,722,563
Hotels,
Restaurants
&
Leisure
-
0.1%
DoorDash,
Inc.
,
Class
A
(a)
..............
4,191
822,107
Interactive
Media
&
Services
-
8.2%
Alphabet,
Inc.
,
Class
A
................
61,569
21,926,568
Alphabet,
Inc.
,
Class
C,
NVS
............
51,483
18,361,412
Meta
Platforms,
Inc.
,
Class
A
............
25,151
14,001,813
Reddit,
Inc.
,
Class
A
(a)
.................
3,479
489,391
Snap,
Inc.
,
Class
A,
NVS
(a)
.............
44,293
207,734
54,986,918
IT
Services
-
4.6%
Accenture
plc
,
Class
A
................
3,956
656,380
Cloudflare,
Inc.
,
Class
A
(a)
..............
12,740
3,554,205
Security
Shares
Shares
Value
IT
Services
(continued)
Cognizant
Technology
Solutions
Corp.
,
Class
A
11,571
$
640,455
DigitalOcean
Holdings,
Inc.
(a)
............
51
5,993
Gartner,
Inc.
(a)
......................
6,255
944,630
International
Business
Machines
Corp.
.....
57,641
12,891,410
MongoDB,
Inc.
,
Class
A
(a)
..............
813
274,371
Quantinuum,
Inc.
,
Class
A
(a)
(b)
............
12,425
638,769
Snowflake,
Inc.
,
Class
A
(a)
..............
666
195,324
VeriSign,
Inc.
......................
38,535
11,175,921
30,977,458
Life
Sciences
Tools
&
Services
-
0.2%
(a)
Illumina,
Inc.
.......................
32
6,563
IQVIA
Holdings,
Inc.
..................
4,337
1,019,282
1,025,845
Media
-
0.2%
AppLovin
Corp.
,
Class
A
(a)
..............
1,908
755,377
Omnicom
Group,
Inc.
.................
5,725
450,557
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
.........
17,163
309,621
1,515,555
Professional
Services
-
1.3%
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
..
8,270
576,584
Paychex,
Inc.
......................
27,237
3,182,371
SS&C
Technologies
Holdings,
Inc.
........
64,498
4,969,571
8,728,526
Real
Estate
Management
&
Development
-
0.2%
CoStar
Group,
Inc.
(a)
..................
52,989
1,523,964
Semiconductors
&
Semiconductor
Equipment
-
38.8%
Advanced
Micro
Devices,
Inc.
(a)
..........
55,066
26,219,676
Aehr
Test
Systems
(a)
..................
8,567
685,189
Applied
Materials,
Inc.
................
844
428,474
Astera
Labs,
Inc.
(a)
...................
14,231
4,429,114
Broadcom,
Inc.
.....................
154,521
60,151,935
Credo
Technology
Group
Holding
Ltd.
(a)
.....
8,121
1,680,966
Everspin
Technologies,
Inc.
(a)
............
15,629
227,089
Ichor
Holdings
Ltd.
(a)
..................
2,437
183,433
Intel
Corp.
(a)
.......................
66,109
5,963,032
Lam
Research
Corp.
.................
58,799
17,229,283
Marvell
Technology,
Inc.
...............
39,058
7,325,718
MaxLinear,
Inc.
,
Class
A
(a)
..............
3,910
261,266
Microchip
Technology,
Inc.
..............
14,115
1,048,603
Micron
Technology,
Inc.
................
32,787
26,984,685
Monolithic
Power
Systems,
Inc.
..........
7,096
10,119,109
NVIDIA
Corp.
......................
437,365
87,801,024
QUALCOMM,
Inc.
...................
15,013
2,216,069
Semtech
Corp.
(a)
....................
2,219
261,443
SiTime
Corp.
(a)
......................
1,482
793,166
Teradyne,
Inc.
......................
8,305
3,053,665
Texas
Instruments,
Inc.
................
7,218
1,990,291
Ultra
Clean
Holdings,
Inc.
(a)
.............
1,982
165,120
259,218,350
Software
-
18.9%
Adobe,
Inc.
(a)
.......................
19,175
4,801,612
Atlassian
Corp.
,
Class
A
(a)
..............
9,844
994,392
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......
45,944
8,768,872
DocuSign,
Inc.
,
Class
A
(a)
..............
80,748
4,427,413
Dynatrace,
Inc.
(a)
....................
102,375
4,537,260
Fortinet,
Inc.
(a)
......................
80,109
12,973,653
HubSpot,
Inc.
(a)
.....................
6,397
1,518,392
Intuit,
Inc.
.........................
250
79,017
Microsoft
Corp.
.....................
74,116
34,443,187
Nutanix,
Inc.
,
Class
A
(a)
................
13,841
816,757
Oracle
Corp.
.......................
120,296
15,622,842
2026
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
iShares
®
U.S.
Tech
Independence
Focused
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
July
31,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Software
(continued)
Palantir
Technologies,
Inc.
,
Class
A
(a)
......
175,955
$
21,653,022
Rubrik,
Inc.
,
Class
A
(a)
.................
16,496
1,193,651
Salesforce,
Inc.
.....................
4,872
896,545
ServiceNow,
Inc.
(a)
...................
46,155
5,133,821
Strategy,
Inc.
,
Class
A
(a)
...............
7,823
729,729
Synopsys,
Inc.
(a)
....................
18,013
7,002,734
Zscaler,
Inc.
(a)
......................
3,312
500,774
126,093,673
Specialized
REITs
-
0.4%
Digital
Realty
Trust,
Inc.
...............
7,350
1,385,622
Equinix,
Inc.
.......................
511
520,852
Iron
Mountain,
Inc.
...................
7,415
907,003
2,813,477
Specialty
Retail
-
0.1%
Carvana
Co.
,
Class
A
(a)
................
10,810
674,112
Technology
Hardware,
Storage
&
Peripherals
-
7.4%
Apple,
Inc.
........................
78,841
24,354,773
Dell
Technologies,
Inc.
,
Class
C
..........
5,202
2,108,735
Everpure,
Inc.
,
Class
A
(a)
...............
65,710
5,070,841
Hewlett
Packard
Enterprise
Co.
..........
43,741
2,095,194
NetApp,
Inc.
.......................
20,565
3,670,853
Sandisk
Corp.
(a)
.....................
5,043
6,126,388
Seagate
Technology
Holdings
plc
.........
1,115
954,585
Super
Micro
Computer,
Inc.
(a)
............
6,171
175,256
Security
Shares
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
Western
Digital
Corp.
.................
8,511
$
4,637,133
49,193,758
Total
Long-Term
Investments
-
99
.9
%
(Cost:
$
602,540,674
)
..............................
667,467,017
Short-Term
Securities
Money
Market
Funds
-
0.6%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.81
%
(e)
..................
3,649,071
3,650,166
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.65
%
...................
828,622
828,622
Total
Short-Term
Securities
-
0
.6
%
(Cost:
$
4,478,750
)
...............................
4,478,788
Total
Investments
-
100
.5
%
(Cost:
$
607,019,424
)
..............................
671,945,805
Liabilities
in
Excess
of
Other
Assets
-
(
0.5
)
%
.............
(
3,644,199
)
Net
Assets
-
100.0%
...............................
$
668,301,606
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
07/31/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/26
Shares
Held
at
07/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
6,703,448
$
-
$
(
3,052,264
)
(a)
$
(
1,032
)
$
14
$
3,650,166
3,649,071
$
12,379
(b)
$
-
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
3,832,010
-
(
3,003,388
)
(a)
-
-
828,622
828,622
81,941
-
$
(
1,032
)
$
14
$
4,478,788
$
94,320
$
-
-
-
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
.......................................................
2
09/18/26
$
752
$
(
6,521
)
Schedule
of
Investments
(continued)
July
31,
2026
iShares
®
U.S.
Tech
Independence
Focused
ETF
Schedule
of
Investments
9
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund's
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund's
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
-
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
-
$
-
$
6,521
$
-
$
-
$
-
$
6,521
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
July
31,
2026,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
c
ontracts
.......................
$
-
$
-
$
95,626
$
-
$
-
$
-
$
95,626
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
c
ontracts
.......................
$
-
$
-
$
(
6,521
)
$
-
$
-
$
-
$
(
6,521
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
-
long
..................................................................................
$
459,622
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
667,467,017
$
-
$
-
$
667,467,017
Short-Term
Securities
Money
Market
Funds
......................................
4,478,788
-
-
4,478,788
$
671,945,805
$
-
$
-
$
671,945,805
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(
6,521
)
$
-
$
-
$
(
6,521
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities

July
31,
2026
2026
iShares
Annual
Financial
Statements
and
Additional
Information
10
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Focused
ETF
iShares
U.S.
Tech
Independence
Focused
ETF
ASSETS
Investments,
at
value
-
unaffiliated
(a)
(b)
........................................................................
$
27,738,177
$
667,467,017
Investments,
at
value
-
affiliated
(c)
...........................................................................
241,989
4,478,788
Cash
pledged:
Futures
contracts
.....................................................................................
17,000
56,000
Receivables:
-
-
Securities
lending
income
-
affiliated
.......................................................................
159
3,190
Dividends
-
unaffiliated
................................................................................
16,527
49,994
Dividends
-
affiliated
..................................................................................
687
2,305
Variation
margin
on
futures
contracts
........................................................................
1,412
4,724
Total
a
ssets
..........................................................................................
28,015,951
672,062,018
LIABILITIES
Collateral
on
securities
loaned
..............................................................................
13,324
3,650,344
Payables:
-
-
Investment
advisory
fees
................................................................................
4,204
110,068
Total
li
abilities
.........................................................................................
17,528
3,760,412
Commitments
and
contingent
liabilities
-
-
NET
ASSETS
.........................................................................................
$
27,998,423
$
668,301,606
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
28,761,367
$
663,842,745
Accumulated
earnings
(loss)
...............................................................................
(
762,944
)
4,458,861
NET
ASSETS
.........................................................................................
$
27,998,423
$
668,301,606
NET
ASSET
VALUE
Shares
outstanding
.....................................................................................
500,000
6,500,000
Net
asset
value
........................................................................................
$
56.00
$
102.82
Shares
authorized
......................................................................................
Unlimited
Unlimited
Par
value
............................................................................................
None
None
(a)
Investments,
at
cost
-
unaffiliated
...................................................................
$
26,523,658
$
602,540,674
(b)
Securities
loaned,
at
value
........................................................................
$
12,888
$
3,458,189
(c)
Investments,
at
cost
-
affiliated
.....................................................................
$
241,978
$
4,478,750
Statements
of
Operations

Year
Ended
July
31,
2026
11
Statements
of
Operations
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Focused
ETF
iShares
U.S.
Tech
Independence
Focused
ETF
INVESTMENT
INCOME
-
-
Dividends
-
unaffiliated
.............................................................................
$
321,198
$
4,713,204
Dividends
-
affiliated
...............................................................................
8,299
81,941
Interest
-
unaffiliated
...............................................................................
217
1,085
Securities
lending
income
-
affiliated
-
net
...............................................................
3,868
12,379
Foreign
taxes
withheld
..............................................................................
(
57
)
-
Total
investment
income
...............................................................................
333,525
4,808,609
EXPENSES
Investment
advisory
................................................................................
52,202
1,503,723
Interest
expense
..................................................................................
-
217
Total
expenses
.....................................................................................
52,202
1,503,940
Net
investment
income
................................................................................
281,323
3,304,669
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
489,864
$
23,590,865
Net
realized
gain
(loss)
from:
Investments
-
unaffiliated
.........................................................................
(
47,813
)
(
43,558,076
)
Investments
-
affiliated
...........................................................................
(
113
)
(
1,032
)
Futures
contracts
................................................................................
17,740
95,626
In-kind
redemptions
-
unaffiliated
(a)
...................................................................
429,236
146,010,551
399,050
102,547,069
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
.........................................................................
94,097
(
78,949,697
)
Investments
-
affiliated
...........................................................................
(
24
)
14
Futures
contracts
................................................................................
(
3,258
)
(
6,521
)
90,815
(78,956,204)
Net
realized
and
unrealized
gain
.........................................................................
489,865
23,590,865
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
................................................
$
771,188
$
26,895,534
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets

2026
iShares
Annual
Financial
Statements
and
Additional
Information
12
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Focused
ETF
iShares
U.S.
Tech
Independence
Focused
ETF
Year
Ended
07/31/26
Year
Ended
07/31/25
Year
Ended
07/31/26
Year
Ended
07/31/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
281,323
$
287,871
$
3,304,669
$
2,283,675
Net
realized
gain
................................................
399,050
836,496
102,547,069
42,193,196
Net
change
in
unrealized
appreciation
(depreciation)
........................
90,815
2,223,890
(
78,956,204
)
85,520,105
Net
increase
in
net
assets
resulting
from
operations
...........................
771,188
3,348,257
26,895,534
129,996,976
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(276,314)
(282,794)
(3,551,897)
(2,072,337)
CAPITAL
SHARE
TRANSACTIONS
$
-
$
-
$
-
$
-
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
(2,794,545)
5,235,045
(109,150,317)
349,937,472
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
(
2,299,671
)
8,300,508
(
85,806,680
)
477,862,111
Beginning
of
year
..................................................
30,298,094
21,997,586
754,108,286
276,246,175
End
of
year
......................................................
$
27,998,423
$
30,298,094
$
668,301,606
$
754,108,286
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
13
Financial
Highlights
iShares
U.S.
Consumer
Focused
ETF
Year
Ended
07/31/26
Year
Ended
07/31/25
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Net
asset
value,
beginning
of
year
................................
$
55.09
$
48.88
$
41.71
$
39.19
$
45.26
Net
investment
income
(a)
.......................................
0
.54
0
.52
0
.48
0
.44
0
.38
Net
realized
and
unrealized
gain
(loss)
(b)
.............................
0.90
6.20
7.21
3.30
(6.07
)
Net
increase
(decrease)
from
investment
operations
......................
1.44
6.72
7.69
3.74
(5.69
)
Distributions
(c)
-
-
-
-
-
From
net
investment
income
....................................
(
0
.53
)
(
0
.51
)
(
0
.52
)
(
0
.44
)
(
0
.38
)
From
net
realized
gain
.........................................
-
-
-
(
0
.78
)
-
Total
distributions
.............................................
(0.53
)
(0.51
)
(0.52
)
(1.22
)
(0.38
)
Net
asset
value,
end
of
year
.....................................
$
56.00
$
55.09
$
48.88
$
41.71
$
39.19
Total
Return
(d)
Based
on
net
asset
value
........................................
2.61
%
13.78
%
18.57
%
9.94
%
(12.65
)%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...............................................
0.18
%
0.18
%
0.18
%
0.18
%
0.18
%
Net
investment
income
..........................................
0.97
%
0.98
%
1.05
%
1.14
%
0.88
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
27,998
$
30,298
$
21,998
$
14,600
$
15,677
Portfolio
turnover
rate
(f)
..........................................
0
%
(g)
18
%
15
%
18
%
7
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund's
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
(g)
Rounds
to
less
than
0.5%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2026
iShares
Annual
Financial
Statements
and
Additional
Information
14
iShares
U.S.
Tech
Independence
Focused
ETF
Year
Ended
07/31/26
Year
Ended
07/31/25
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Net
asset
value,
beginning
of
year
.................................
$
97.94
$
74.66
$
56.89
$
47.34
$
56.82
Net
investment
income
(a)
........................................
0
.40
0
.44
0
.47
0
.45
0
.23
Net
realized
and
unrealized
gain
(loss)
(b)
..............................
4.90
23.26
17.76
9.55
(9.25
)
Net
increase
(decrease)
from
investment
operations
.......................
5.30
23.70
18.23
10.00
(9.02
)
Distributions
(c)
-
-
-
-
-
From
net
investment
income
.....................................
(
0
.42
)
(
0
.42
)
(
0
.46
)
(
0
.38
)
(
0
.25
)
From
net
realized
gain
..........................................
-
-
-
(
0
.07
)
(
0
.21
)
Total
distributions
..............................................
(0.42
)
(0.42
)
(0.46
)
(0.45
)
(0.46
)
Net
asset
value,
end
of
year
......................................
$
102.82
$
97.94
$
74.66
$
56.89
$
47.34
Total
Return
(d)
Based
on
net
asset
value
.........................................
5.41
%
31.85
%
32.22
%
21.41
%
(16.02
)%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
................................................
0.18
%
0.18
%
0.18
%
0.18
%
0.18
%
Net
investment
income
...........................................
0.40
%
0.53
%
0.73
%
0.98
%
0.43
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
668,302
$
754,108
$
276,246
$
156,456
$
115,989
Portfolio
turnover
rate
(f)
...........................................
32
%
43
%
31
%
44
%
7
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund's
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
15
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
U.S.
ETF
Trust
(the
"Trust")
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
"Fund"
and
collectively,
the
"Funds"):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("U.S.
GAAP"),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
"Foreign
taxes
withheld",
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
July
31,
2026
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction's
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Cash:
The
Funds
may
maintain
cash
at
their
custodian,
which
at
times
may
exceed
United
States
federally
insured
limits.
The
Funds
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds'
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
("NAV")
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds'
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
Segment
Reporting:
The
Chief
Financial
Officer
acts
as
the
Funds'
Chief
Operating
Decision
Maker
("CODM")
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
each
Fund.
The
CODM
has
concluded
that
each
Fund
operates
as
a
single
operating
segment
since each
Fund has
a
single
investment
strategy
as
disclosed
in its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within each Fund's
financial
statements.
Recent
Accounting
Standard:
The
Funds
adopted
Financial
Accounting
Standards
Board
Update
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Tax
Disclosures
("ASU
2023-09")
during
the
period.
ASU
2023-09
enhances
income
tax
disclosures,
including
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
Funds'
adoption
of
the
new
standard
did
not
have
a
material
impact
on
financial
statement
disclosures
and
did
not
affect
each
Fund's
financial
position
or
results
of
operations.
iShares
ETF
Diversification
Classification
U.S.
Consumer
Focused
................................................................................................
Non-diversified
U.S.
Tech
Independence
Focused
.........................................................................................
Non-diversified
Notes
to
Financial
Statements
(continued)
2026
iShares
Annual
Financial
Statements
and
Additional
Information
16
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund's
investments
are
valued
at
fair
value
(also
referred
to
as
"market
value"
within
the
financial
statements)
each
day
that
the
Fund's
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
"Board")
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
("BFA"),
the
Funds'
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA's
policies.
If
a
security's
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA's policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
"Valuation
Committee")
to
develop pricing
policies
and
procedures
and
to
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
to
establish
the
fair
value
of
each
Fund's
assets
and
liabilities:
Equity
investments
(except
ETF
options,
equity
index
options
or
those
that
are
customized)
traded
on
a
recognized
securities
exchange
are
valued
at
that
day's
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded
or,
if
a
reported
closing
price
is
not
available,
the
last
traded
price
on
the
exchange
or
market
on
which
the
security
or
instrument
is
primarily
traded
at
the
time
of
valuation
or
last
available
bid
(long
positions)
or
ask
(short
positions)
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day's
NAV.
Futures
contracts
are
valued
based
on
that
day's
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
("NYSE").
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
("Systematic
Fair
Value
Price").
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
occurs
after
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee
in
accordance
with
BFA's
policies
and
procedures as
reflecting
fair
value
("Fair
Valued
Investments").
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm's-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
-
Unadjusted
price
quotations
in
active
markets/exchanges
that each
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
-
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
-
Inputs
that
are
unobservable
and
significant
to
the entire
fair
value
measurement
for
the
asset
or
liability
(including
the Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock.
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
Notes
to
Financial
Statements
(continued)
17
Notes
to
Financial
Statements
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund's
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
"MSLA")
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty's
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties'
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party's
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
tables are
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock
Finance,
Inc.
BlackRock
Finance,
Inc.'s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
The
Funds
engage
in
various
portfolio
investment
strategies
using
derivative
contracts
to
increase
the
returns
of
the
Funds
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedules
of
Investments.
These
contracts
may
be
transacted
on
an
exchange
or over-the-counter.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract's
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
("variation
margin").
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
U.S.
Consumer
Focused
Morgan
Stanley
.......................................
$
12,888
$
(
12,888
)
$
-
$
-
m
U.S.
Tech
Independence
Focused
BofA
Securities,
Inc.
....................................
$
77,115
$
(
77,115
)
$
-
$
-
Citigroup
Global
Markets,
Inc.
..............................
25,436
(
25,436
)
-
-
SG
Americas
Securities
LLC
..............................
30,846
(
30,846
)
-
-
TD
Securities
(USA)
LLC
.................................
3,324,792
(
3,324,792
)
-
-
$
3,458,189
$
(
3,458,189
)
$
-
$
-
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds'
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(continued)
2026
iShares
Annual
Financial
Statements
and
Additional
Information
18
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust
,
BFA
manages
the
investment
of each
Fund's
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock,
Inc.
("BlackRock"). Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to
each
Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee
of
0.18%,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of
each
Fund.
Distributor:
BlackRock
Investments,
LLC
("BRIL"),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
("ETF
Services").
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
("SEC")
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
("BTC"),
an
affiliate
of BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
"collateral
investment
fees").
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
BlackRock
Cash
Funds:
Institutional
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
on
all
redemptions.
Discretionary
liquidity
fees
may
be
imposed
or
terminated
at
any
time
at
the
discretion
of
the
board
of
directors
of
the
money
market
fund,
or
its
delegate,
if
it
is
determined
that
such
fee
would
be,
or
would
not
be,
respectively,
in
the
best
interest
of
the
money
market
fund.
Additionally,
BlackRock
Cash
Funds:
Institutional
will
impose
a
mandatory
liquidity
fee
if
the
money
market
fund's
total
net
redemptions
on
a
single
day
exceed
5%
of
the
money
market
fund's
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
BlackRock
Cash
Funds:
Institutional
will
determine
the
size
of
the
mandatory
liquidity
fee
by
making
a
good
faith
estimate
of
certain
costs
the
money
market
fund
would
incur
if
it
were
to
sell
a
pro
rata
amount
of
each
security
in
the
portfolio
to
satisfy
the
amount
of
net
redemptions
on
that
day.
There
is
no
limit
to
the
size
of
a
mandatory
liquidity
fee.
If
BlackRock
Cash
Funds:
Institutional
cannot
estimate
the
costs
of
selling
a
pro
rata
amount
of
each
portfolio
security
in
good
faith
and
supported
by
data,
it
is
required
to
apply
a
default
liquidity
fee
of
1%
on
the
value
of
shares
redeemed
on
that
day.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities.
Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex
in
that
calendar
year
exceeds
a
specific
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
84%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
-
affiliated
-
net
in
its
Statements
of
Operations.
For
the year ended
July
31,
2026,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Trustees and
Officers:
Certain
trustees
and/or
officers of
the
Trust
are directors
and/or
officers
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the year ended July
31,
2026,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
-
affiliated
in
the
Statements
of
Operations.
iShares
ETF
Amounts
U.S.
Consumer
Focused
....................................................................................................
$
1,046
U.S.
Tech
Independence
Focused
.............................................................................................
4,028
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
U.S.
Tech
Independence
Focused
..........................................................
$
98,820,854
$
54,603,753
$
(
4,167,444
)
Notes
to
Financial
Statements
(continued)
19
Notes
to
Financial
Statements
7.
Purchases
and
Sales
For
the year ended
July
31,
2026,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
July
31,
2026,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust's other
funds
for
federal
income
tax
purposes.
It
is
each
Fund's
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
July
31,
2026,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds'
financial
statements.
Management's
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Funds'
NAV.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of July
31,
2026,
permanent
differences
attributable
to
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
July
31,
2026,
the
tax
components
of
accumulated
earnings
(loss)
were
as
follows:
As
of
July
31,
2026,
the
tax
components
of
accumulated
earnings
(loss)
were
as
follows:
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
were
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales
and
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts.
As
of
July
31,
2026,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
iShares
ETF
Purchases
Sales
U.S.
Consumer
Focused
.................................................................................
$
21,098
$
113,623
U.S.
Tech
Independence
Focused
..........................................................................
267,900,428
266,914,890
iShares
ETF
In-kind
Purchases
In-kind
Sales
U.S.
Consumer
Focused
.................................................................................
$
-
$
2,771,141
U.S.
Tech
Independence
Focused
..........................................................................
348,220,047
455,461,289
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
U.S.
Consumer
Focused
......................................................................
$
429,236
$
(
429,236
)
U.S.
Tech
Independence
Focused
...............................................................
145,957,258
(
145,957,258
)
iShares
ETF
Year
Ended
07/31/26
Year
Ended
07/31/25
U.S.
Consumer
Focused
Ordinary
income
...........................................................................................
$
276,314
$
282,794
U.S.
Tech
Independence
Focused
Ordinary
income
...........................................................................................
$
3,551,897
$
2,072,337
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
U.S.
Consumer
Focused
....................................................
$
27,713
$
(2,005,187
)
$
1,214,530
$
(762,944
)
U.S.
Tech
Independence
Focused
.............................................
275,812
(59,773,161
)
63,956,210
4,458,861
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
U.S.
Consumer
Focused
............................................
$
26,765,636
$
4,637,227
$
(
3,422,697
)
$
1,214,530
U.S.
Tech
Independence
Focused
......................................
607,989,595
120,011,936
(
56,055,726
)
63,956,210
Notes
to
Financial
Statements
(continued)
2026
iShares
Annual
Financial
Statements
and
Additional
Information
20
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund's
prospectus
provides
details
of
the
risks
to
which each
Fund
is
subject.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
mandatory
and
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause each
Fund's
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests. A
Fund's
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/
or
errors
by
pricing
services
or
other
third-party
service
providers.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund's
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
each
Fund's
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
each
Fund,
and
each
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds'
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker's
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker's
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund's
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
"debt
ceiling."
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the Funds
invest.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund's
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund's
NAV,
increase
the
fund's
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
Notes
to
Financial
Statements
(continued)
21
Notes
to
Financial
Statements
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
("Creation
Units")
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars. Authorized
Participants purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Funds,
at their
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
each
Fund's
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Funds
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management's
evaluation
of
the
impact
of
all
subsequent
events
on
the
Funds'
financial
statements
was
completed
through
the
date
the
financial
statements
were
available
to
be
issued
and
the
following
item
was
noted:
Planned
Fund
Liquidation:
The
Board
of
Trustees
of
the
iShares
U.S.
Consumer
Focused
ETF
approved
the
liquidation
of
the
Fund.
After
the
close
of
business
on
August
12,
2026,
the
Fund
no
longer
accepted
creation
orders.
Trading
in
the
Fund
halted
prior
to
market
open
on
August
13,
2026.
Proceeds
of
the
liquidation
were
sent
to
shareholders
on
August
17,
2026.
Year
Ended
07/31/26
Year
Ended
07/31/25
iShares
ETF
Shares
Amount
Shares
Amount
U.S.
Consumer
Focused
Shares
sold
-
$
-
250,000
$
13,383,695
Shares
redeemed
(
50,000
)
(
2,794,545
)
(
150,000
)
(
8,148,650
)
(
50,000
)
$
(
2,794,545
)
100,000
$
5,235,045
U.S.
Tech
Independence
Focused
Shares
sold
3,400,000
$
349,836,370
5,600,000
$
488,389,922
Shares
redeemed
(
4,600,000
)
(
458,986,687
)
(
1,600,000
)
(
138,452,450
)
(
1,200,000
)
$
(
109,150,317
)
4,000,000
$
349,937,472
Report
of
Independent
Registered
Public
Accounting
Firm
2026
iShares
Annual
Financial
Statements
and
Additional
Information
22
To
the
Board
of
Trustees
of
iShares
U.S.
ETF
Trust
and
Shareholders
of
each
of
the two
funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(two
of
the
funds
constituting
iShares
U.S.
ETF
Trust,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
July
31,
2026,
the
related
statements
of
operations
for
the
year
ended
July
31,
2026,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2026,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2026
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
listed
in
the
table
below
as
of
July
31,
2026,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2026
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2026
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds'
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds'
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2026
by
correspondence
with
the
custodian,
transfer
agent
and
brokers.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
September
23,
2026
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
U.S.
Consumer
Focused
ETF
iShares
U.S.
Tech
Independence
Focused
ETF
Important
Tax
Information
(unaudited)
23
Important
Tax
Information
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
July
31,
2026:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified business
income
for
individuals
for
the
fiscal
year
ended
July
31,
2026:
The
Funds hereby
designate the
following
amounts,
or
maximum
amounts
allowable
by
law,
of
distributions
from
direct
federal
obligation
interest
for
the
fiscal
year
ended July
31,
2026:
The
law
varies
in
each
state
as
to
whether
and
what
percent
of
ordinary
income
dividends
attributable
to
federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
check
with
their
tax
advisers
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
tax.
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended July
31,
2026
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year ended
July
31,
2026:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest-related
dividends
eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal year ended July
31,
2026:
iShares
ETF
Qualified
Dividend
Income
U.S.
Consumer
Focused
..............................................................................................
$
311,158
U.S.
Tech
Independence
Focused
.......................................................................................
4,568,540
iShares
ETF
Qualified
Business
Income
U.S.
Consumer
Focused
..............................................................................................
$
4,205
U.S.
Tech
Independence
Focused
.......................................................................................
81,909
iShares
ETF
Federal
Obligation
Interest
U.S.
Consumer
Focused
..............................................................................................
$
3,913
U.S.
Tech
Independence
Focused
.......................................................................................
38,635
iShares
ETF
Dividends-Received
Deduction
U.S.
Consumer
Focused
..............................................................................................
100
.00
%
U.S.
Tech
Independence
Focused
.......................................................................................
100
.00
iShares
ETF
Interest
Dividends
U.S.
Consumer
Focused
..............................................................................................
$
8,284
U.S.
Tech
Independence
Focused
.......................................................................................
81,794
iShares
ETF
Interest-Related
Dividends
U.S.
Consumer
Focused
..............................................................................................
$
8,299
U.S.
Tech
Independence
Focused
.......................................................................................
81,941
Additional
Information
2026
iShares
Annual
Financial
Statements
and
Additional
Information
24
Premium/Discount
Information
Information
on
the
Fund's
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•
Go
to
icsdelivery.com
.
•
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed
in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions
as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent
Trustee
for
services
to
the
Funds
from
BFA's
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust's
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund's
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets,
when
available,
at
iShares.com
.
Board
Review
and
Approval
of
Investment
Advisory
Contract
25
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
U.S.
Consumer
Focused
ETF,
iShares
U.S.
Tech
Independence
Focused
ETF
(each
the
"Fund")
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
"1940
Act"),
the
Trust's
Board
of
Trustees
(the
"Board"),
including
a
majority
of
Board
Members
who
are
not
"interested
persons"
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
"Independent
Board
Members"),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
"Advisory
Agreement")
on
behalf
of
the
Fund.
The
Board's
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
the
services
of
BFA
and
its
affiliates
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund's
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
11,
2026
and
May
21,
2026,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
"15(c)
Committee"),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meetings,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
10-11,
2026,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates
if
any;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
("Broadridge"),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund's
applicable
expense
peer
group
pursuant
to
Broadridge's
proprietary
ETF
methodology
(the
"Peer
Group").The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund's
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge's
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
The
Board
noted
that
the
Fund
is
an
actively
managed
ETF
that
does
not
seek
to
track
the
performance
of
a
specified
index
and
that
the
management
team
for
the
Fund
manages
the
Fund's
portfolio
in
accordance
with
its
investment
objective.
The
Board
further
noted
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund's
short-
and
longer-term
performance
in
comparison
with
its
reference
benchmark.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
expectations
relative
to
the
Fund's
peer
group
(where
applicable)
and
reference
benchmark
or
stated
investment
objective.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board's
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management's
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
platform
and
BFA's
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA's
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
ETF
business.
The
Board
also
considered
BFA's
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
the
investment
performance
of
iShares
funds,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
11,
2026
meeting
and
throughout
the
year,
and
matters
related
to
BFA's
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock's
continued
investments
in
its
ETF
business
and
ETF
platform.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board's
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2026
iShares
Annual
Financial
Statements
and
Additional
Information
26
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund's
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock's
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
(including
refinements
to
the
methodology
from
prior
years)
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA's
estimated
profit
margin
as
reflected
in
the
Fund's
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board's
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock's
historical
estimated
profitability
(as
discussed
above),
including
BFA's
and
its
affiliates'
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
ETF
business
by
BFA
and
its
affiliates,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
to
further
improve
product
quality,
enhance
and
strengthen
the
ETF
ecosystem
and
the
ETF
platform
and
to
pursue
continual
advancement
of
the
overall
investor
experience.
With
respect
to
applicable
funds,
the
15(c)
Committee
and
the
Board
reviewed
information
with
respect
to
management
fees
having
been
set
at
levels
that
anticipate
scale
over
time.
In
addition,
the
15(c)
Committee
and
the
Board
reviewed
information
with
respect
to
certain
benefits
to
iShares
funds'
shareholders
as
a
result
of
BlackRock's
overall
size
and
global
platform.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund's
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board's
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
"Other
Accounts").
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA's
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
a
similar
investment
strategy
or
investment
mandate
as
the
Fund.
The
Board
also
acknowledged
management's
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
"all-inclusive"
nature
of
the
Fund's
advisory
fee
structure,
and
the
Fund's
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund's
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA's
estimated
profitability
methodology),
and
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund's
expenses
that
are
borne
by
BFA
under
the
"all-inclusive"
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA's
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
("BRIL"),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Solutions
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock's
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
further
noted
that
certain
index
providers
pay
a
fee
or
reimburse
a
portion
of
the
costs
of
BFA
and/or
its
affiliates
of
certain
co-marketing
activities
that
promote
products
and
strategic
initiatives
that
incorporate
the
index
providers'
logos
and
branding.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
also
considered
other
indirect
and
intangible
benefits
to
BlackRock
as
a
result
of
its
advisory
relationships
with
the
Fund,
including
without
limitation,
BlackRock's
potential
benefits
to
its
profile
and
standing
in
the
investment
community
as
a
result
of
providing
investment
advisory
services
to
the
iShares
funds.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
27
Board
Review
and
Approval
of
Investment
Advisory
Contract
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board's
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund's
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm's-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Glossary
of
Terms
Used
in
these
Financial
Statements
2026
iShares
Annual
Financial
Statements
and
Additional
Information
28
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
CVR
Contingent
Value
Rights
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds'
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
"BlackRock").
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by S&P
Dow
Jones
Indices
LLC,
nor
do
these
companies
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
companies
listed
above.
©2026
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
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 (the "Exchange Act").
(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 Trust
Date: September 23, 2026
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, 2026
By: /s/ Trent Walker
Trent Walker
Treasurer and Chief Financial Officer (principal financial officer) of
iShares U.S. ETF Trust
Date: September 23, 2026
iShares US ETF Trust published this content on October 05, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 05, 2026 at 17:21 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]