N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM N-CSR

 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number
811-22649
 
iShares U.S. ETF Trust
               (Exact name of registrant as specified in charter)
c/o: JPMorgan Chase & Co.
 
383 Madison Avenue, New York, NY
10179
(Address of principal executive offices)
(Zip code)
 
The Corporation Trust Company
1209 Orange Street, Wilmington, DE  19801
 
(Name and address of agent for service)
 
 
 
Registrant’s telephone number, including area code:
(415) 670-2000
 
 
 
 
Date of fiscal year end:
July 31, 2023
 
 
 
 
Date of reporting period:
January 31, 2023
 
 
 
 
Item 1.      Reports to Stockholders.
 
(a) The Report to Shareholders is attached herewith.
JANUARY
31,
2023
2023
Semi-Annual
Report
(Unaudited)
iShares
U.S.
ETF
Trust
iShares
U.S.
Consumer
Focused
ETF
|
IEDI
|
Cboe
BZX
iShares
U.S.
Tech
Independence
Focused
ETF
|
IETC
|
Cboe
BZX
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
January
31,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
a
strong
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
While
the
Fed
suggested
that
additional
rate
hikes
were
likely,
it
also
gave
indications
that
the
pace
of
increases
would
slow
if
inflation
continued
to
subside.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
it
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
While
we
favor
an
overweight
to
equities
in
the
long-term,
several
factors
lead
us
to
take
an
underweight
stance
on
equities
overall
in
the
near
term.
We
believe
that
higher
input
costs
and
a
deteriorating
economic
backdrop
are
likely
to
challenge
corporate
earnings,
while
the
market’s
concerns
over
excessive
rate
hikes
could
remain
until
the
Fed
indicates
that
its
tightening
cycle
has
ended.
Nevertheless,
we
see
opportunities
in
credit,
where
valuations
are
attractive
and
higher
yields
provide
income
opportunities.
We
believe
that
global
investment-
grade
corporates,
global
inflation-linked
bonds,
and
U.S.
mortgage-backed
securities
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
January
31,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(0.44
)%
(8.22
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
3.25
(3.38
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
9.52
(2.83
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.92
(12.12
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.58
1.79
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(5.60
)
(11.62
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(2.37
)
(8.36
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
0.73
(3.25
)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
1.46
(5.22
)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
6
Disclosure
of Expenses
...................................................................................................
6
Schedule
of
Investments
..................................................................................................
7
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
13
Statements
of
Operations
................................................................................................
14
Statements
of
Changes
in
Net
Assets
........................................................................................
15
Financial
Highlights
.....................................................................................................
16
Notes
to
Financial
Statements
...............................................................................................
18
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
24
Supplemental
Information
.................................................................................................
25
General
Information
.....................................................................................................
26
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
27
Fund
Summary
as
of
January
31,
2023
2023
iShares
Semi-Annual
Report
To
Shareholders
4
iShares
®
U.S.
Consumer
Focused
ETF
Investment
Objective
The
iShares
U.S.
Consumer
Focused
ETF
(the
“Fund”)
(formerly
the
iShares
Evolved
U.S.
Discretionary
Spending
ETF)
seeks
to
provide
access
to
U.S.
companies
with
discretionary
spending
exposure,
as
classified
using
a
proprietary
classification
system,
while
targeting
increased
exposure
to
U.S.
companies
with
a
greater
proportion
of
consumer
spending
revenues
and
consumer
goods
and
service
production
in
the
U.S.
relative
to
the
proprietary
classification
system.
The
Fund
is
an
actively
managed
exchange-traded
fund
that
does
not
seek
to
replicate
the
performance
of
a
specified
index.
Performance
The
inception
date
of
the
Fund
was
March
21,
2018.
The
first
day
of
secondary
market
trading
was
March
23,
2018.
The
S&P
Total
Market
Index
TM
is
an
unmanaged
index
designed
to
track
the
broad
equity
market,
including
large-,
mid-,
small-,
and
micro-cap
stocks.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.91‌%
(9.55‌)%
11.39‌%
(9.55‌)%
69.09‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.75‌
(9.66‌)
11.35‌
(9.66‌)
68.81‌
S&P
Total
Market
Index
TM
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.03‌
(8.42‌)
9.97‌
(8.42‌)
58.65‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,019.10‌
$
0.92‌
$
1,000.00‌
$
1,024.30‌
$
0.92‌
0.18‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Specialty
Retail
...................................
34.6‌
%
Food
&
Staples
Retailing
.............................
18.9‌
Hotels,
Restaurants
&
Leisure
.........................
12.1‌
Internet
&
Direct
Marketing
Retail
.......................
10.2‌
Multiline
Retail
....................................
8.3‌
Textiles,
Apparel
&
Luxury
Goods
.......................
5.6‌
IT
Services
......................................
2.9‌
Commercial
Services
&
Supplies
.......................
1.2‌
Other
(each
representing
less
than
1%)
...................
6.2‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Home
Depot,
Inc.
(The)
.............................
11.8‌
%
Amazon.com,
Inc.
.................................
8.9‌
Costco
Wholesale
Corp.
.............................
8.0‌
Walmart,
Inc.
.....................................
7.4‌
Lowe's
Cos.,
Inc.
..................................
4.9‌
TJX
Cos.,
Inc.
(The)
................................
3.9‌
Target
Corp.
.....................................
3.4‌
Dollar
General
Corp.
...............................
2.5‌
NIKE,
Inc.,
Class
B
................................
2.2‌
Ross
Stores,
Inc.
..................................
2.0‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
January
31,
2023
5
Fund
Summary
iShares
®
U.S.
Tech
Independence
Focused
ETF
Investment
Objective
The
iShares
U.S.
Tech
Independence
Focused
ETF
(the
“Fund”)
(formerly
the
iShares
Evolved
U.S.
Technology
ETF)
seeks
to
provide
access
to
U.S.
companies
with
technology
exposure,
as
classified
using
a
proprietary
classification
system,
while
targeting
increased
exposure
to
U.S.
companies
with
a
greater
proportion
of
technological
capabilities,
revenues,
and
production
in
the
U.S.
and
select
global
markets
relative
to
the
proprietary
classification
system.
The
Fund
is
an
actively
managed
exchange-
traded
fund
that
does
not
seek
to
replicate
the
performance
of
a
specified
index.
Performance
The
inception
date
of
the
Fund
was
March
21,
2018.
The
first
day
of
secondary
market
trading
was
March
23,
2018.
The
S&P
Total
Market
Index
TM
is
an
unmanaged
index
designed
to
track
the
broad
equity
market,
including
large-,
mid-,
small-,
and
micro-cap
stocks.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(6.16‌)%
(20.86‌)%
13.50‌%
(20.86‌)%
85.23‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(6.22‌)
(20.85‌)
13.47‌
(20.85‌)
85.02‌
S&P
Total
Market
Index
TM
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.03‌
(8.42‌)
9.97‌
(8.42‌)
58.65‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
938.40‌
$
0.88‌
$
1,000.00‌
$
1,024.30‌
$
0.92‌
0.18‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Software
.......................................
32.4‌
%
Semiconductors
&
Semiconductor
Equipment
...............
17.6‌
IT
Services
......................................
15.3‌
Internet
&
Direct
Marketing
Retail
.......................
6.1‌
Aerospace
&
Defense
...............................
5.6‌
Communications
Equipment
..........................
4.9‌
Capital
Markets
...................................
3.6‌
Interactive
Media
&
Services
..........................
3.5‌
Technology
Hardware,
Storage
&
Peripherals
...............
2.9‌
Professional
Services
...............................
2.0‌
Electronic
Equipment,
Instruments
&
Components
............
1.3‌
Other
(each
representing
less
than
1%)
...................
4.8‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Microsoft
Corp.
...................................
14.4‌
%
Broadcom,
Inc.
...................................
10.6‌
Oracle
Corp.
.....................................
6.6‌
Amazon.com,
Inc.
.................................
5.8‌
Accenture
plc,
Class
A
..............................
5.5‌
Salesforce,
Inc.
...................................
3.2‌
Boeing
Co.
(The)
..................................
2.9‌
Cisco
Systems,
Inc.
................................
2.7‌
Lockheed
Martin
Corp.
..............................
2.5‌
International
Business
Machines
Corp.
...................
2.3‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
2023
iShares
Semi-Annual
Report
to
Shareholders
6
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Since
shares
of
a
fund
may
not
trade
in
the
secondary
market
until
after
the
fund’s
inception,
for
the
period
from
inception
to
the
first
day
of
secondary
market
trading
in
shares
of
the
fund,
the
NAV
of
the
fund
is
used
as
a
proxy
for
the
Market
Price
to
calculate
market
returns.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
Schedule
of
Investments
(unaudited)
January
31,
2023
iShares
®
U.S.
Consumer
Focused
ETF
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Air
Freight
&
Logistics
—
0.2%
FedEx
Corp.
......................
105
$
20,355
United
Parcel
Service,
Inc.,
Class
B
......
77
14,263
34,618
Beverages
—
0.5%
Brown-Forman
Corp.,
Class
B,
NVS
......
151
10,054
Constellation
Brands,
Inc.,
Class
A
.......
225
52,092
62,146
Building
Products
—
0.2%
Fortune
Brands
Innovations,
Inc.
........
134
8,644
Masco
Corp.
......................
295
15,694
Masterbrand,
Inc.
(a)
.................
134
1,233
25,571
Chemicals
—
0.1%
Valvoline,
Inc.
.....................
323
11,841
Commercial
Services
&
Supplies
—
1.2%
Cintas
Corp.
......................
201
89,192
Copart
,
Inc.
(a)
.....................
564
37,568
Driven
Brands
Holdings,
Inc.
(a)
..........
255
7,443
IAA,
Inc.
(a)
........................
258
10,766
Rollins,
Inc.
.......................
510
18,564
163,533
Consumer
Finance
—
0.1%
FirstCash
Holdings,
Inc.
..............
100
9,218
Distributors
—
0.5%
Genuine
Parts
Co.
..................
235
39,438
Pool
Corp.
.......................
82
31,620
71,058
Diversified
Consumer
Services
—
0.2%
H&R
Block,
Inc.
....................
403
15,709
Service
Corp.
International
............
175
12,976
28,685
Entertainment
—
0.1%
Live
Nation
Entertainment,
Inc.
(a)
........
235
18,915
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.3%
Host
Hotels
&
Resorts,
Inc.
............
560
10,556
Invitation
Homes,
Inc.
................
922
29,965
40,521
Food
&
Staples
Retailing
—
18.8%
Albertsons
Cos.,
Inc.,
Class
A
..........
803
17,024
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
......
774
56,092
Casey's
General
Stores,
Inc.
...........
190
44,823
Costco
Wholesale
Corp.
..............
2,130
1,088,728
Grocery
Outlet
Holding
Corp.
(a)
..........
509
15,468
Kroger
Co.
(The)
...................
3,049
136,077
Performance
Food
Group
Co.
(a)
.........
434
26,613
Sprouts
Farmers
Market,
Inc.
(a)
..........
562
17,956
Sysco
Corp.
......................
700
54,222
United
Natural
Foods,
Inc.
(a)
............
171
7,117
US
Foods
Holding
Corp.
(a)
.............
627
23,907
Walgreens
Boots
Alliance,
Inc.
..........
1,820
67,085
Walmart,
Inc.
......................
6,955
1,000,616
2,555,728
Food
Products
—
0.2%
Flowers
Foods,
Inc.
.................
544
15,064
Freshpet
,
Inc.
(a)
....................
119
7,536
Security
Shares
Shares
Value
Food
Products
(continued)
Lancaster
Colony
Corp.
..............
52
$
9,979
32,579
Health
Care
Providers
&
Services
—
0.1%
McKesson
Corp.
...................
56
21,206
Hotels,
Restaurants
&
Leisure
—
12.1%
Airbnb,
Inc.,
Class
A
(a)
................
388
43,111
Aramark
.........................
565
25,160
Bloomin
'
Brands,
Inc.
................
367
8,900
Boyd
Gaming
Corp.
.................
198
12,337
Brinker
International,
Inc.
(a)
............
248
9,786
Caesars
Entertainment,
Inc.
(a)
..........
405
21,084
Cheesecake
Factory,
Inc.
(The)
.........
211
8,282
Chipotle
Mexican
Grill,
Inc.
(a)
...........
133
218,969
Choice
Hotels
International,
Inc.
.........
112
13,764
Churchill
Downs,
Inc.
................
74
18,359
Cracker
Barrel
Old
Country
Store,
Inc.
.....
119
13,278
Darden
Restaurants,
Inc.
.............
592
87,598
Dave
&
Buster's
Entertainment,
Inc.
(a)
.....
218
9,450
Domino's
Pizza,
Inc.
.................
164
57,892
DraftKings
,
Inc.,
Class
A
(a)
.............
883
13,236
Expedia
Group,
Inc.
(a)
................
231
26,403
Hilton
Grand
Vacations,
Inc.
(a)(b)
.........
182
8,620
Hilton
Worldwide
Holdings,
Inc.
.........
811
117,668
Hyatt
Hotels
Corp.,
Class
A
(a)
...........
100
10,912
Marriott
International,
Inc.,
Class
A
.......
632
110,082
Marriott
Vacations
Worldwide
Corp.
.......
81
12,963
McDonald's
Corp.
..................
698
186,645
MGM
Resorts
International
............
571
23,645
Norwegian
Cruise
Line
Holdings
Ltd.
(a)(b)
...
816
12,411
Papa
John's
International,
Inc.
..........
228
20,449
Penn
Entertainment,
Inc.
(a)(b)
...........
297
10,529
Planet
Fitness,
Inc.,
Class
A
(a)
..........
470
39,786
Royal
Caribbean
Cruises
Ltd.
(a)
.........
215
13,962
Starbucks
Corp.
....................
2,370
258,662
Texas
Roadhouse,
Inc.
...............
331
33,242
Travel
+
Leisure
Co.
.................
214
9,067
Vail
Resorts,
Inc.
...................
111
29,120
Wendy's
Co.
(The)
..................
638
14,227
Wingstop
,
Inc.
.....................
159
25,197
Wyndham
Hotels
&
Resorts,
Inc.
........
275
21,315
Yum!
Brands,
Inc.
..................
742
96,839
1,642,950
Household
Durables
—
0.3%
DR
Horton,
Inc.
....................
139
13,718
Tempur
Sealy
International,
Inc.
.........
412
16,789
Toll
Brothers,
Inc.
...................
165
9,816
40,323
Household
Products
—
0.8%
Clorox
Co.
(The)
...................
140
20,257
Colgate-Palmolive
Co.
...............
297
22,135
Procter
&
Gamble
Co.
(The)
...........
457
65,068
107,460
Interactive
Media
&
Services
—
0.2%
(a)
Match
Group,
Inc.
..................
164
8,876
Pinterest,
Inc.,
Class
A
...............
748
19,665
28,541
Internet
&
Direct
Marketing
Retail
—
10.1%
Amazon.com,
Inc.
(a)
.................
11,728
1,209,509
Chewy,
Inc.,
Class
A
(a)(b)
..............
176
7,931
Coupang
,
Inc.
(a)(b)
...................
1,873
31,635
DoorDash
,
Inc.,
Class
A
(a)
.............
968
56,067
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
U.S.
Consumer
Focused
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Internet
&
Direct
Marketing
Retail
(continued)
eBay,
Inc.
........................
542
$
26,829
Etsy,
Inc.
(a)
.......................
199
27,378
Wayfair,
Inc.,
Class
A
(a)(b)
..............
349
21,114
1,380,463
IT
Services
—
2.9%
Accenture
plc,
Class
A
...............
66
18,417
Block,
Inc.,
Class
A
(a)(b)
...............
1,042
85,152
GoDaddy
,
Inc.,
Class
A
(a)
..............
163
13,387
Mastercard
,
Inc.,
Class
A
..............
199
73,750
PayPal
Holdings,
Inc.
(a)
...............
802
65,355
Toast,
Inc.,
Class
A
(a)(b)
...............
610
13,609
Visa,
Inc.,
Class
A
..................
557
128,227
397,897
Leisure
Products
—
0.1%
YETI
Holdings,
Inc.
(a)
................
225
10,071
Machinery
—
0.2%
Parker-Hannifin
Corp.
................
94
30,644
Media
—
0.1%
Interpublic
Group
of
Cos.,
Inc.
(The)
......
384
14,001
Multiline
Retail
—
8.3%
Dillard's,
Inc.,
Class
A
................
27
10,619
Dollar
General
Corp.
................
1,475
344,560
Dollar
Tree,
Inc.
(a)
...................
1,448
217,461
Kohl's
Corp.
......................
784
25,378
Macy's,
Inc.
......................
1,405
33,200
Nordstrom,
Inc.
....................
648
12,662
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.....
419
22,945
Target
Corp.
......................
2,687
462,540
1,129,365
Oil,
Gas
&
Consumable
Fuels
—
0.1%
Texas
Pacific
Land
Corp.
..............
4
7,983
Personal
Products
—
0.1%
Coty,
Inc.,
Class
A
(a)(b)
................
1,220
12,151
Real
Estate
Management
&
Development
—
0.1%
Zillow
Group,
Inc.,
Class
C,
NVS
(a)
.......
286
12,644
Road
&
Rail
—
0.8%
(a)
Avis
Budget
Group,
Inc.
..............
36
7,201
Lyft,
Inc.,
Class
A
...................
754
12,253
Uber
Technologies,
Inc.
...............
2,713
83,913
103,367
Specialty
Retail
—
34.4%
Academy
Sports
&
Outdoors,
Inc.
........
551
32,189
Advance
Auto
Parts,
Inc.
..............
330
50,252
American
Eagle
Outfitters,
Inc.
..........
848
13,687
Asbury
Automotive
Group,
Inc.
(a)
.........
49
10,780
AutoNation,
Inc.
(a)
...................
101
12,799
AutoZone,
Inc.
(a)
...................
100
243,885
Bath
&
Body
Works,
Inc.
..............
1,053
48,449
Best
Buy
Co.,
Inc.
..................
552
48,973
Boot
Barn
Holdings,
Inc.
(a)
.............
157
13,108
Burlington
Stores,
Inc.
(a)
..............
449
103,194
CarMax,
Inc.
(a)(b)
....................
649
45,722
Dick's
Sporting
Goods,
Inc.
............
385
50,343
Five
Below,
Inc.
(a)
...................
378
74,515
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
...
570
51,739
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Foot
Locker,
Inc.
...................
386
$
16,795
GameStop
Corp.,
Class
A
(a)(b)
...........
842
18,415
Gap,
Inc.
(The)
....................
1,355
18,387
Home
Depot,
Inc.
(The)
..............
4,942
1,602,048
Leslie's,
Inc.
(a)
.....................
621
9,619
Lithia
Motors,
Inc.
..................
79
20,793
Lowe's
Cos.,
Inc.
...................
3,186
663,484
Murphy
USA,
Inc.
..................
72
19,586
National
Vision
Holdings,
Inc.
(a)
.........
311
12,782
O'Reilly
Automotive,
Inc.
(a)
.............
297
235,328
RH
(a)
...........................
112
34,943
Ross
Stores,
Inc.
...................
2,245
265,337
Signet
Jewelers
Ltd.
.................
205
15,746
TJX
Cos.,
Inc.
(The)
.................
6,486
530,944
Tractor
Supply
Co.
..................
685
156,173
Ulta
Beauty,
Inc.
(a)
..................
346
177,830
Urban
Outfitters,
Inc.
(a)(b)
..............
347
9,504
Victoria's
Secret
&
Co.
(a)
..............
362
15,258
Williams-Sonoma,
Inc.
...............
418
56,405
4,679,012
Textiles,
Apparel
&
Luxury
Goods
—
5.6%
Capri
Holdings
Ltd.
(a)
................
601
39,961
Carter's,
Inc.
......................
222
18,508
Columbia
Sportswear
Co.
.............
98
9,398
Crocs,
Inc.
(a)
......................
247
30,077
Deckers
Outdoor
Corp.
(a)
..............
99
42,321
Kontoor
Brands,
Inc.
.................
263
12,561
Lululemon
Athletica
,
Inc.
(a)
.............
618
189,652
NIKE,
Inc.,
Class
B
.................
2,343
298,334
Oxford
Industries,
Inc.
...............
79
9,260
Ralph
Lauren
Corp.
.................
112
13,871
Skechers
USA,
Inc.,
Class
A
(a)
..........
326
15,697
Steven
Madden
Ltd.
.................
353
12,655
Tapestry,
Inc.
......................
804
36,638
VF
Corp.
........................
880
27,227
756,160
Trading
Companies
&
Distributors
—
0.8%
Fastenal
Co.
......................
925
46,759
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
90
7,443
SiteOne
Landscape
Supply,
Inc.
(a)(b)
.......
101
15,302
WW
Grainger,
Inc.
..................
66
38,906
108,410
Total
Long-Term
Investments
—
99.5%
(Cost:
$13,534,792)
..............................
13,537,061
Short-Term
Securities
Money
Market
Funds
—
2.9%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
4.56%
(e)
............
325,746
325,941
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.18%
..................
67,615
67,615
Total
Short-Term
Securities
—
2.9%
(Cost:
$393,424)
................................
393,556
Total
Investments
—
102.4%
(Cost:
$13,928,216
)
..............................
13,930,617
Liabilities
in
Excess
of
Other
Assets
—
(2.4)%
............
(320,849)
Net
Assets
—
100.0%
..............................
$
13,609,768
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
U.S.
Consumer
Focused
ETF
Schedule
of
Investments
9
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
(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
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
Shares
Held
at
01/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
298,302
$
26,582
(a)
$
—
$
972
$
85
$
325,941
325,746
$
2,292
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
60,000
7,615
(a)
—
—
—
67,615
67,615
1,648
—
$
972
85
$
393,556
$
3,940
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
13,537,061
$
—
$
—
$
13,537,061
Short-Term
Securities
Money
Market
Funds
......................................
393,556
—
—
393,556
$
13,930,617
$
—
$
—
$
13,930,617
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
January
31,
2023
iShares
®
U.S.
Tech
Independence
Focused
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
5.6%
Boeing
Co.
(The)
(a)
..................
16,283
$
3,468,279
General
Dynamics
Corp.
..............
759
176,892
Lockheed
Martin
Corp.
...............
6,606
3,060,296
Mercury
Systems,
Inc.
(a)(b)
.............
1,731
86,524
6,791,991
Building
Products
—
0.2%
Allegion
plc
.......................
847
99,565
Fortune
Brands
Innovations,
Inc.
........
1,794
115,731
Masterbrand,
Inc.
(a)
.................
1,794
16,505
231,801
Capital
Markets
—
3.5%
CBOE
Global
Markets,
Inc.
............
639
78,520
CME
Group,
Inc.
...................
2,092
369,573
Coinbase
Global,
Inc.,
Class
A
(a)(b)
........
5,094
297,897
FactSet
Research
Systems,
Inc.
.........
237
100,237
Intercontinental
Exchange,
Inc.
.........
20,118
2,163,691
LPL
Financial
Holdings,
Inc.
............
402
95,322
Moody's
Corp.
.....................
1,482
478,315
Morningstar,
Inc.
...................
378
91,809
MSCI,
Inc.
.......................
393
208,903
Nasdaq,
Inc.
......................
2,129
128,145
S&P
Global,
Inc.
...................
748
280,455
4,292,867
Commercial
Services
&
Supplies
—
0.2%
Tetra
Tech,
Inc.
....................
1,774
275,892
Communications
Equipment
—
4.8%
Arista
Networks,
Inc.
(a)
...............
1,537
193,693
Cisco
Systems,
Inc.
.................
67,748
3,297,295
Juniper
Networks,
Inc.
...............
3,137
101,325
Motorola
Solutions,
Inc.
..............
8,844
2,272,996
5,865,309
Construction
&
Engineering
—
0.2%
Ameresco
,
Inc.,
Class
A
(a)(b)
............
2,862
184,513
Containers
&
Packaging
—
0.1%
Sealed
Air
Corp.
...................
1,820
99,663
Electrical
Equipment
—
0.2%
Rockwell
Automation,
Inc.
.............
503
141,861
Vertiv
Holdings
Co.
.................
6,408
91,122
232,983
Electronic
Equipment,
Instruments
&
Components
—
1.3%
CDW
Corp.
.......................
5,430
1,064,443
Keysight
Technologies,
Inc.
(a)
...........
2,224
398,874
Trimble,
Inc.
(a)
.....................
2,793
162,162
1,625,479
Entertainment
—
0.3%
Activision
Blizzard,
Inc.
...............
1,318
100,919
Electronic
Arts,
Inc.
.................
2,066
265,853
366,772
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.8%
Digital
Realty
Trust,
Inc.
..............
978
112,098
Equinix
,
Inc.
......................
875
645,864
Iron
Mountain,
Inc.
..................
3,082
168,216
926,178
Health
Care
Technology
—
0.1%
Veeva
Systems,
Inc.,
Class
A
(a)
.........
902
153,836
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
—
0.4%
(a)
Airbnb,
Inc.,
Class
A
.................
1,835
$
203,887
Booking
Holdings,
Inc.
...............
122
296,960
500,847
Insurance
—
0.6%
Aon
plc,
Class
A
...................
596
189,933
Marsh
&
McLennan
Cos.,
Inc.
..........
2,049
358,391
Willis
Towers
Watson
plc
..............
492
125,061
673,385
Interactive
Media
&
Services
—
3.5%
(a)
Alphabet,
Inc.,
Class
A
...............
16,099
1,591,225
Alphabet,
Inc.,
Class
C,
NVS
...........
14,055
1,403,673
Meta
Platforms,
Inc.,
Class
A
...........
5,507
820,378
Snap,
Inc.,
Class
A,
NVS
..............
28,837
333,356
ZoomInfo
Technologies,
Inc.
...........
3,709
104,705
4,253,337
Internet
&
Direct
Marketing
Retail
—
6.1%
Amazon.com,
Inc.
(a)
.................
67,816
6,993,865
Coupang
,
Inc.
(a)
....................
4,562
77,052
DoorDash
,
Inc.,
Class
A
(a)
.............
2,437
141,151
eBay,
Inc.
........................
4,208
208,296
7,420,364
IT
Services
—
15.2%
Accenture
plc,
Class
A
...............
23,774
6,634,135
Akamai
Technologies,
Inc.
(a)
............
3,083
274,233
Automatic
Data
Processing,
Inc.
.........
4,684
1,057,694
Block,
Inc.,
Class
A
(a)
................
3,198
261,340
Broadridge
Financial
Solutions,
Inc.
......
641
96,381
Cloudflare
,
Inc.,
Class
A
(a)(b)
............
8,830
467,195
Cognizant
Technology
Solutions
Corp.,
Class
A
3,813
254,518
DXC
Technology
Co.
(a)
...............
4,170
119,804
EPAM
Systems,
Inc.
(a)
................
226
75,179
Fidelity
National
Information
Services,
Inc.
..
7,580
568,803
Fiserv,
Inc.
(a)
......................
9,409
1,003,752
FleetCor
Technologies,
Inc.
(a)
...........
1,642
342,866
Gartner,
Inc.
(a)
.....................
2,005
677,971
Genpact
Ltd.
......................
2,637
124,677
Global
Payments,
Inc.
...............
3,142
354,166
International
Business
Machines
Corp.
....
20,981
2,826,770
Jack
Henry
&
Associates,
Inc.
..........
1,811
326,143
Mastercard
,
Inc.,
Class
A
..............
1,143
423,596
Maximus,
Inc.
.....................
1,209
90,494
Paychex,
Inc.
.....................
2,617
303,206
PayPal
Holdings,
Inc.
(a)
...............
5,054
411,850
Snowflake,
Inc.,
Class
A
(a)
.............
2,054
321,328
SS&C
Technologies
Holdings,
Inc.
.......
1,624
98,008
VeriSign,
Inc.
(a)
....................
3,058
666,797
Visa,
Inc.,
Class
A
..................
2,903
668,300
18,449,206
Life
Sciences
Tools
&
Services
—
0.6%
Agilent
Technologies,
Inc.
.............
1,312
199,529
Charles
River
Laboratories
International,
Inc.
(a)
387
94,138
Illumina,
Inc.
(a)
.....................
692
148,226
IQVIA
Holdings,
Inc.
(a)
................
1,223
280,569
722,462
Machinery
—
0.2%
Parker-Hannifin
Corp.
................
844
275,144
Media
—
0.6%
Interpublic
Group
of
Cos.,
Inc.
(The)
......
7,413
270,278
Omnicom
Group,
Inc.
................
3,535
303,975
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
U.S.
Tech
Independence
Focused
ETF
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Media
(continued)
Trade
Desk,
Inc.
(The),
Class
A
(a)(b)
.......
3,983
$
201,938
776,191
Professional
Services
—
2.0%
ASGN,
Inc.
(a)
......................
1,684
153,160
Booz
Allen
Hamilton
Holding
Corp.
.......
2,613
247,294
CACI
International,
Inc.,
Class
A
(a)
.......
599
184,546
CoStar
Group,
Inc.
(a)
.................
6,182
481,578
Equifax,
Inc.
......................
1,672
371,518
Exponent,
Inc.
.....................
822
84,288
FTI
Consulting,
Inc.
(a)
................
536
85,503
Jacobs
Solutions,
Inc.
................
815
100,693
Science
Applications
International
Corp.
...
802
83,232
TransUnion
.......................
3,436
246,533
Verisk
Analytics,
Inc.
.................
2,203
400,483
2,438,828
Real
Estate
Management
&
Development
—
0.1%
Jones
Lang
LaSalle,
Inc.
(a)
.............
485
89,662
Road
&
Rail
—
0.2%
Uber
Technologies,
Inc.
(a)
.............
6,063
187,529
Semiconductors
&
Semiconductor
Equipment
—
17.5%
Advanced
Micro
Devices,
Inc.
(a)
.........
6,186
464,878
Applied
Materials,
Inc.
...............
1,587
176,935
Broadcom,
Inc.
....................
21,861
12,788,904
Enphase
Energy,
Inc.
(a)
...............
674
149,210
Intel
Corp.
.......................
33,531
947,586
KLA
Corp.
........................
505
198,202
Lam
Research
Corp.
................
416
208,042
Marvell
Technology,
Inc.
..............
26,121
1,127,121
Microchip
Technology,
Inc.
.............
6,557
508,954
Micron
Technology,
Inc.
...............
4,292
258,807
Monolithic
Power
Systems,
Inc.
.........
270
115,171
NVIDIA
Corp.
.....................
12,393
2,421,220
NXP
Semiconductors
NV
.............
1,067
196,659
ON
Semiconductor
Corp.
(a)
............
1,469
107,898
Qorvo
,
Inc.
(a)
......................
2,903
315,440
QUALCOMM,
Inc.
..................
2,993
398,697
Silicon
Laboratories,
Inc.
(a)
.............
1,103
173,072
Teradyne,
Inc.
.....................
1,848
187,942
Texas
Instruments,
Inc.
...............
2,827
500,973
21,245,711
Software
—
32.3%
Adobe,
Inc.
(a)
......................
3,895
1,442,474
ANSYS,
Inc.
(a)
.....................
2,251
599,576
Appian
Corp.,
Class
A
(a)
..............
2,056
85,046
Autodesk,
Inc.
(a)
....................
1,020
219,463
Bentley
Systems,
Inc.,
Class
B
(b)
.........
6,669
260,424
Bill.com
Holdings,
Inc.
(a)
..............
1,018
117,701
Cadence
Design
Systems,
Inc.
(a)
........
4,162
760,939
Ceridian
HCM
Holding,
Inc.
(a)
...........
1,720
124,322
Confluent,
Inc.,
Class
A
(a)
.............
6,755
156,041
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
1,629
172,511
Datadog
,
Inc.,
Class
A
(a)
..............
2,400
179,544
Security
Shares
Shares
Value
Software
(continued)
DocuSign,
Inc.
(a)
...................
2,026
$
122,857
Fair
Isaac
Corp.
(a)
...................
140
93,233
Fortinet,
Inc.
(a)
.....................
4,764
249,348
HubSpot
,
Inc.
(a)
....................
384
133,252
Intuit,
Inc.
........................
2,661
1,124,725
Microsoft
Corp.
....................
70,136
17,380,401
Nutanix
,
Inc.,
Class
A
(a)
...............
2,503
69,759
Oracle
Corp.
......................
90,740
8,026,860
Palantir
Technologies,
Inc.,
Class
A
(a)
.....
13,433
104,509
Palo
Alto
Networks,
Inc.
(a)
.............
3,821
606,163
Paycom
Software,
Inc.
(a)
..............
683
221,251
Paylocity
Holding
Corp.
(a)
.............
453
94,355
Qualys
,
Inc.
(a)
.....................
2,482
286,324
Salesforce,
Inc.
(a)
...................
23,201
3,897,072
ServiceNow
,
Inc.
(a)
..................
2,317
1,054,536
Splunk
,
Inc.
(a)
.....................
1,217
116,552
Synopsys,
Inc.
(a)
...................
689
243,734
Tyler
Technologies,
Inc.
(a)
.............
1,729
558,069
VMware,
Inc.,
Class
A
(a)
..............
1,421
174,030
Workday,
Inc.,
Class
A
(a)
..............
1,396
253,276
Zoom
Video
Communications,
Inc.,
Class
A
(a)
2,073
155,475
Zscaler
,
Inc.
(a)
.....................
629
78,097
39,161,919
Specialty
Retail
—
0.1%
Best
Buy
Co.,
Inc.
..................
1,462
129,709
Technology
Hardware,
Storage
&
Peripherals
—
2.9%
Apple,
Inc.
.......................
15,848
2,286,708
Dell
Technologies,
Inc.,
Class
C
.........
7,923
321,832
Hewlett
Packard
Enterprise
Co.
.........
22,750
366,958
HP,
Inc.
.........................
9,860
287,320
NetApp,
Inc.
......................
2,960
196,041
Pure
Storage,
Inc.,
Class
A
(a)
...........
3,247
93,968
3,552,827
Total
Long-Term
Investments
—
99.6%
(Cost:
$117,429,717)
.............................
120,924,405
Short-Term
Securities
Money
Market
Funds
—
1.2%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
4.56%
(e)
............
932,933
933,493
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.18%
..................
489,521
489,521
Total
Short-Term
Securities
—
1.2%
(Cost:
$1,422,724)
..............................
1,423,014
Total
Investments
—
100.8%
(Cost:
$118,852,441
)
.............................
122,347,419
Liabilities
in
Excess
of
Other
Assets
—
(0.8)%
............
(911,782)
Net
Assets
—
100.0%
..............................
$
121,435,637
(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.
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
U.S.
Tech
Independence
Focused
ETF
12
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
Shares
Held
at
01/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
1,184,151
$
—
$
(251,830)
(a)
$
952
$
220
$
933,493
932,933
$
3,882
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
1,310,000
—
(820,479)
(a)
—
—
489,521
489,521
19,350
—
$
952
220
$
1,423,014
$
23,232
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
120,924,405
$
—
$
—
$
120,924,405
Short-Term
Securities
Money
Market
Funds
......................................
1,423,014
—
—
1,423,014
$
122,347,419
$
—
$
—
$
122,347,419
Statements
of
Assets
and
Liabilities
(unaudited)

January
31,
2023
13
Financial
Statements
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)
........................................................................
$
13,537,061‌
$
120,924,405‌
Investments,
at
value
—
affiliated
(c)
...........................................................................
393,556‌
1,423,014‌
Cash  
..............................................................................................
7‌
—‌
Receivables:
–‌
–‌
Securities
lending
income
—
affiliated
.......................................................................
268‌
1,099‌
Dividends
—
unaffiliated
................................................................................
5,507‌
35,897‌
Dividends
—
affiliated
..................................................................................
233‌
1,539‌
Total
assets
..........................................................................................
13,936,632‌
122,385,954‌
LIABILITIES
Collateral
on
securities
loaned
..............................................................................
324,859‌
932,483‌
Payables:
–‌
–‌
Investment
advisory
fees
................................................................................
2,005‌
17,834‌
Total
liabilities
.........................................................................................
326,864‌
950,317‌
NET
ASSETS
.........................................................................................
$
13,609,768‌
$
121,435,637‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
14,327,508‌
$
121,028,037‌
Accumulated
earnings
(loss)
...............................................................................
(717,740‌)
407,600‌
NET
ASSETS
.........................................................................................
$
13,609,768‌
$
121,435,637‌
NET
ASSET
VALUE
Shares
outstanding
.....................................................................................
350,000‌
2,750,000‌
Net
asset
value
........................................................................................
$
38.89‌
$
44.16‌
Shares
authorized
......................................................................................
Unlimited
Unlimited
Par
value
............................................................................................
None
None
(a)
  Investments,
at
cost
—
unaffiliated
.........................................................................
$
13,534,792‌
$
117,429,717‌
(b)
  Securities
loaned,
at
value
...............................................................................
$
331,347‌
$
954,046‌
(c)
  Investments,
at
cost
—
affiliated
...........................................................................
$
393,424‌
$
1,422,724‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
January
31,
2023
2023
iShares
Semi-Annual
Report
to
Shareholders
14
iShares
U.S.
Consumer
Focused
ETF
iShares
U.S.
Tech
Independence
Focused
ETF
INVESTMENT
INCOME
–
–
Dividends
—
unaffiliated
................................................................................
$
91,585‌
$
576,179‌
Dividends
—
affiliated
..................................................................................
1,648‌
19,350‌
Securities
lending
income
—
affiliated
—
net
..................................................................
2,292‌
3,882‌
Foreign
taxes
withheld
.................................................................................
—‌
(359‌)
Total
investment
income
..................................................................................
95,525‌
599,052‌
EXPENSES
Investment
advisory
...................................................................................
13,028‌
97,710‌
Total
expenses
........................................................................................
13,028‌
97,710‌
Net
investment
income
...................................................................................
82,497‌
501,342‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
107,477‌
$
(4,764,416‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
............................................................................
$
(1,225,871‌)
$
(10,905,304‌)
Investments
—
affiliated
..............................................................................
972‌
952‌
In-kind
redemptions
—
unaffiliated
(a)
......................................................................
498,435‌
7,738,782‌
(726,464‌)
(3,165,570‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
............................................................................
833,855‌
(1,599,065‌)
Investments
—
affiliated
..............................................................................
85‌
220‌
833,940‌
(1,598,845‌)
Net
realized
and
unrealized
gain
(loss)
........................................................................
107,476‌
(4,764,415‌)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.........................................
$
189,973‌
$
(4,263,073‌)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

15
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Focused
ETF
iShares
U.S.
Tech
Independence
Focused
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
82,497‌
$
198,091‌
$
501,342‌
$
576,525‌
Net
realized
gain
(loss)
....................................................
(726,464‌)
2,862,596‌
(3,165,570‌)
8,228,341‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
833,940‌
(6,108,541‌)
(1,598,845‌)
(31,887,833‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
189,973‌
(3,047,854‌)
(4,263,073‌)
(23,082,967‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(364,475‌)
(192,387‌)
(664,200‌)
(1,164,175‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(1,892,660‌)
(3,715,086‌)
10,373,443‌
9,540,195‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(2,067,162‌)
(6,955,327‌)
5,446,170‌
(14,706,947‌)
Beginning
of
period
........................................................
15,676,930‌
22,632,257‌
115,989,467‌
130,696,414‌
End
of
period
............................................................
$
13,609,768‌
$
15,676,930‌
$
121,435,637‌
$
115,989,467‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Semi-Annual
Report
to
Shareholders
16
iShares
U.S.
Consumer
Focused
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Period
from
03/21/18
(a)
to
07/31/18
Net
asset
value,
beginning
of
period
................
$
39.19
‌
$
45.26
‌
$
34.23
‌
$
29.47
‌
$
26.84
‌
$
24.95
‌
Net
investment
income
(b)
........................
0.22
‌
0.38
‌
0.35
‌
0.35
‌
0.39
‌
0.12
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............
0.49
‌
(6.07
)
11.01
‌
4.90
‌
2.70
‌
1.86
‌
Net
increase
(decrease)
from
investment
operations
.......
0.71
‌
(5.69
)
11.36
‌
5.25
‌
3.09
‌
1.98
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.23
)
(0.38
)
(0.33
)
(0.33
)
(0.41
)
(0.09
)
From
net
realized
gain
..........................
(0.78
)
—
‌
—
‌
(0.16
)
(0.05
)
—
‌
Total
distributions
..............................
(1.01
)
(0.38
)
(0.33
)
(0.49
)
(0.46
)
(0.09
)
Net
asset
value,
end
of
period
.....................
$
38.89
‌
$
39.19
‌
$
45.26
‌
$
34.23
‌
$
29.47
‌
$
26.84
‌
Total
Return
(e)
1.91%
—
—
—
—
—
Based
on
net
asset
value
.........................
1.91
%
(f)
(12.65
)%
33.32
%
18.11
%
11.73
%
7.96
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.18
%
(h)
0.18
%
0.18
%
0.18
%
0.18
%
0.18
%
(h)
Net
investment
income
...........................
1.14
%
(h)
0.88
%
0.86
%
1.16
%
1.42
%
1.25
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
13,610
‌
$
15,677
‌
$
22,632
‌
$
11,981
‌
$
5,895
‌
$
5,369
‌
Portfolio
turnover
rate
(i)
...........................
12
%
7
%
4
%
10
%
11
%
0
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
17
Financial
Highlights
iShares
U.S.
Tech
Independence
Focused
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Period
from
03/21/18
(a)
to
07/31/18
Net
asset
value,
beginning
of
period
................
$
47.34
‌
$
56.82
‌
$
40.70
‌
$
29.95
‌
$
26.33
‌
$
24.89
‌
Net
investment
income
(b)
........................
0.20
‌
0.23
‌
0.21
‌
0.24
‌
0.23
‌
0.06
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............
(3.12
)
(9.25
)
16.12
‌
10.80
‌
3.73
‌
1.43
‌
Net
increase
(decrease)
from
investment
operations
.......
(2.92
)
(9.02
)
16.33
‌
11.04
‌
3.96
‌
1.49
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.19
)
(0.25
)
(0.21
)
(0.24
)
(0.27
)
(0.05
)
From
net
realized
gain
..........................
(0.07
)
(0.21
)
—
‌
(0.05
)
(0.07
)
—
‌
Total
distributions
..............................
(0.26
)
(0.46
)
(0.21
)
(0.29
)
(0.34
)
(0.05
)
Net
asset
value,
end
of
period
.....................
$
44.16
‌
$
47.34
‌
$
56.82
‌
$
40.70
‌
$
29.95
‌
$
26.33
‌
Total
Return
(e)
(6.16)%
—
—
—
—
—
Based
on
net
asset
value
.........................
(6.16
)%
(f)
(16.02
)%
40.24
%
37.15
%
15.27
%
6.00
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.18
%
(h)
0.18
%
0.18
%
0.18
%
0.18
%
0.18
%
(h)
Net
investment
income
...........................
0.92
%
(h)
0.43
%
0.44
%
0.72
%
0.85
%
0.70
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
121,436
‌
$
115,989
‌
$
130,696
‌
$
79,355
‌
$
16,470
‌
$
5,266
‌
Portfolio
turnover
rate
(i)
...........................
42
%
7
%
6
%
5
%
7
%
0
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2023
iShares
Semi-
Annual
Report
To
Shareholders
18
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. 
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
January
31,
2023
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes. 
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
 Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
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:
iShares
ETF
Diversification
Classification
U.S.
Consumer
Focused
(a)
...............................................................................................
Non-diversified
U.S.
Tech
Independence
Focused
(b)
........................................................................................
Non-diversified
(a)
Formerly
the
iShares
Evolved
U.S.
Discretionary
Spending
ETF.
(b)
Formerly
the
iShares
Evolved
U.S.
Technology
ETF.
Notes
to
Financial
Statements
(unaudited)
(continued)
19
Notes
to
Financial
Statements
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the 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.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the 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
Securities
Lending:
 Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
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. 
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-
Annual
Report
To
Shareholders
20
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the 
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
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
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
U.S.
Consumer
Focused
BMO
Capital
Markets
Corp.
...............................
$
6,804‌
$
(6,704‌)
$
–‌
$
100‌
Citadel
Clearing
LLC
....................................
10,422‌
(10,398‌)
–‌
24‌
Citigroup
Global
Markets,
Inc.
..............................
84,253‌
(84,203‌)
–‌
50‌
HSBC
Bank
PLC
......................................
12,022‌
(12,022‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
66,107‌
(66,107‌)
–‌
–‌
Morgan
Stanley
.......................................
47,253‌
(42,691‌)
–‌
4,562‌
SG
Americas
Securities
LLC
..............................
39,839‌
(39,839‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
51,194‌
(49,232‌)
–‌
1,962‌
UBS
Securities
LLC
....................................
13,453‌
(13,453‌)
–‌
–‌
$
331,347‌
$
(324,649‌)
$
–‌
$
6,698‌
U.S.
Tech
Independence
Focused
Morgan
Stanley
.......................................
$
198,216‌
$
(195,198‌)
$
–‌
$
3,018‌
RBC
Capital
Markets
LLC
................................
462,486‌
(446,274‌)
–‌
16,212‌
SG
Americas
Securities
LLC
..............................
199,910‌
(198,350‌)
–‌
1,560‌
UBS
Securities
LLC
....................................
93,434‌
(93,434‌)
–‌
–‌
$
954,046‌
$
(933,256‌)
$
–‌
$
20,790‌
(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
Fund’s
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
January
31,
2023.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
iShares
ETF
Investment
Advisory
Fees
U.S.
Consumer
Focused
.............................................................................................
0.18‌
%
U.S.
Tech
Independence
Focused
......................................................................................
0.18‌
Notes
to
Financial
Statements
(unaudited)
(continued)
21
Notes
to
Financial
Statements
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
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 six
months ended
January
31,
2023,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or 
trustees
of
the 
Trust
are
officers
and/or 
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the six
months ended January
31,
2023,
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.
6.
Purchases
and
Sales
For
the six
months ended
January
31,
2023,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
January
31,
2023,
in-kind
transactions
were
as
follows:
7.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
January
31,
2023,
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.
As
of
January
31,
2023,
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
Amounts
U.S.
Consumer
Focused
....................................................................................................
$
618‌
U.S.
Tech
Independence
Focused
.............................................................................................
1,118‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
U.S.
Consumer
Focused
.................................................................
$
164,907‌
$
872,642‌
$
(605,200‌)
U.S.
Tech
Independence
Focused
..........................................................
1,618,420‌
14,786,848‌
(2,523,078‌)
iShares
ETF
Purchases
Sales
U.S.
Consumer
Focused
.................................................................................
$
1,752,641‌
$
1,977,147‌
U.S.
Tech
Independence
Focused
..........................................................................
46,507,028‌
45,439,449‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
U.S.
Consumer
Focused
.................................................................................
$
3,679,417‌
$
5,586,676‌
U.S.
Tech
Independence
Focused
..........................................................................
41,772,336‌
31,739,200‌
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
U.S.
Consumer
Focused
............................................
$
13,928,216‌
$
1,060,988‌
$
(1,058,587‌)
$
2,401‌
U.S.
Tech
Independence
Focused
......................................
118,853,978‌
8,966,027‌
(5,472,586‌)
3,493,441‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-
Annual
Report
To
Shareholders
22
8.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
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.
Concentration
Risk:
 A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
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.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a
phase
out
of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31, 2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
9.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
Six
Months
Ended
01/31/23
Year
Ended
07/31/22
iShares
ETF
Shares
Amount
Shares
Amount
U.S.
Consumer
Focused
Shares
sold
100,000‌
$
3,714,150‌
100,000‌
$
4,731,128‌
Shares
redeemed
(150,000‌)
(5,606,810‌)
(200,000‌)
(8,446,214‌)
(50,000‌)
$
(1,892,660‌)
(100,000‌)
$
(3,715,086‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
23
Notes
to
Financial
Statements
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
10.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
01/31/23
Year
Ended
07/31/22
iShares
ETF
Shares
Amount
Shares
Amount
U.S.
Tech
Independence
Focused
Shares
sold
1,050,000‌
$
42,681,869‌
550,000‌
$
29,635,752‌
Shares
redeemed
(750,000‌)
(32,308,426‌)
(400,000‌)
(20,095,557‌)
300,000‌
$
10,373,443‌
150,000‌
$
9,540,195‌
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
24
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
U.S.
ETF
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
U.S.
Consumer
Focused
ETF
and
iShares
U.S.
Tech
Independence
Focused
ETF (the
“Funds”
or
“ETFs”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
December
9,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays, the
imposition
of
capital
controls
in
certain
non-U.S.
countries,
Russian
sanctions
and
the
closure
of
the
Russian
securities
market.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
(“RATS”).
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
25
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
the
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
Jan
31,
2023
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
U.S.
Consumer
Focused
.................
$
0.228587‌
$
0.781872‌
$
—‌
$
1.010459‌
23‌%
77‌%
—‌%
100‌%
U.S.
Tech
Independence
Focused
..........
0.190218‌
0.066801‌
—‌
0.257019‌
74‌
26‌
—‌
100‌
General
Information
2023
BlackRock
Semi-Annual
Report
to
Shareholders
26
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•  
Go
to
icsdelivery.com
.
• 
 If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
27
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
MSCI
Morgan
Stanley
Capital
International
NVS
Non-Voting
Shares
S&P
Standard
&
Poor's
iS-SAR-715-0123
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”).
©2023
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.
(b) Not Applicable
 
Item 2.      Code of Ethics.
 
Not applicable to this semi-annual report.
 
Item 3.      Audit Committee Financial Expert.
 
Not applicable to this semi-annual report.
 
Item 4.      Principal Accountant Fees and Services.
 
Not applicable to this semi-annual report.
 

Item 5.      Audit Committee of Listed Registrants.

 
Not applicable to this semi-annual report.
 

Item 6.      Investments.

 
(a)
    
Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.
 
(b)
   
Not applicable.
 
Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
      Not applicable to the registrant.
 

Item 8.      Portfolio Managers of Closed-End Management Investment Companies.

 
      Not applicable to the registrant.

 

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 
      Not applicable to the registrant.
 
Item 10.    Submission of Matters to a Vote of Security Holders.
 
      There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.
 
Item 11.    Controls and Procedures.
 
(a)
    
The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.
 
(b)
   
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
 
     
Not applicable to the registrant.
 
Item 13.    Exhibits.
 
(a) (1) Not applicable to this semi-annual report.
 
 
      (a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
 
      (a) (4) Change in Registrant’s independent public accountant – Not Applicable
 

SIGNATURES

 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
iShares U.S. ETF Trust
 
 
 
By: /s/ Dominik Rohe
 
Dominik Rohe, President (Principal Executive Officer)
 
 
Date:
March 31, 2023
 
 
 
 
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/ Dominik Rohe
 
Dominik Rohe, President (Principal Executive Officer)
 
 
Date:
March 31, 2023
 
 
 
By: /s/
Trent Walker
 
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
 
 
Date:
March 31, 2023