UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-22649
 
Name of Fund:  iShares U.S. ETF Trust
 
Fund Address:   c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105
 
Name and address of agent for service:  The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801
 
Registrant’s telephone number, including area code: (415) 670-2000
 
Date of fiscal year end: 10/31/2025
 
Date of reporting period: 04/30/2025
 
Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.
0001524513falseN-CSRSiShares U.S. ETF TrustN-1A2025-04-300001524513ishares:C000148680Member2024-11-012025-04-3000015245132024-11-012025-04-300001524513ishares:C000148680Memberoef:WithoutSalesLoadMember2024-11-012025-04-300001524513ishares:C000148680Memberoef:WithoutSalesLoadMember2024-05-012025-04-300001524513ishares:C000148680Memberoef:WithoutSalesLoadMember2020-05-012025-04-300001524513ishares:C000148680Memberoef:WithoutSalesLoadMember2015-05-012025-04-300001524513ishares:BloombergMunicipalBondIndex31608BroadBasedIndexMember2024-11-012025-04-300001524513ishares:BloombergMunicipalBondIndex31608BroadBasedIndexMember2024-05-012025-04-300001524513ishares:BloombergMunicipalBondIndex31608BroadBasedIndexMember2020-05-012025-04-300001524513ishares:BloombergMunicipalBondIndex31608BroadBasedIndexMember2015-05-012025-04-300001524513ishares:BloombergMunicipalBond1Year1Minus2Index31608AdditionalIndexMember2024-11-012025-04-300001524513ishares:BloombergMunicipalBond1Year1Minus2Index31608AdditionalIndexMember2024-05-012025-04-300001524513ishares:BloombergMunicipalBond1Year1Minus2Index31608AdditionalIndexMember2020-05-012025-04-300001524513ishares:BloombergMunicipalBond1Year1Minus2Index31608AdditionalIndexMember2015-05-012025-04-300001524513ishares:C000148680Member2025-04-300001524513ishares:C000148680Memberishares:AAACTIMember2025-04-300001524513ishares:C000148680Memberishares:AAPlusCTIMember2025-04-300001524513ishares:C000148680Memberishares:AACTIMember2025-04-300001524513ishares:C000148680Memberishares:AAMinusCTIMember2025-04-300001524513ishares:C000148680Memberishares:APlusCTIMember2025-04-300001524513ishares:C000148680Memberishares:ACTIMember2025-04-300001524513ishares:C000148680Memberishares:AMinusCTIMember2025-04-300001524513ishares:C000148680Memberishares:BBBPlusCTIMember2025-04-300001524513ishares:C000148680Memberishares:BBBCTIMember2025-04-300001524513ishares:C000148680Memberishares:DCTIMember2025-04-300001524513ishares:C000148680Memberishares:NotRatedCTIMember2025-04-300001524513ishares:C000148680Memberishares:TexasCTIMember2025-04-300001524513ishares:C000148680Memberishares:NewYorkCTIMember2025-04-300001524513ishares:C000148680Memberishares:IllinoisCTIMember2025-04-300001524513ishares:C000148680Memberishares:IowaCTIMember2025-04-300001524513ishares:C000148680Memberishares:TennesseeCTIMember2025-04-300001524513ishares:C000148680Memberishares:AlabamaCTIMember2025-04-300001524513ishares:C000148680Memberishares:PennsylvaniaCTIMember2025-04-300001524513ishares:C000148680Memberishares:OregonCTIMember2025-04-300001524513ishares:C000148680Memberishares:LouisianaCTIMember2025-04-300001524513ishares:C000148680Memberishares:GeorgiaCTIMember2025-04-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dishares:Holding

iShares Short Maturity Municipal Bond Active ETF

Image

MEAR | Cboe BZX Exchange

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about iShares Short Maturity Municipal Bond Active ETF (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
iShares Short Maturity Municipal Bond Active ETF
$13
0.25%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns
6-Month Total Returns
1 Year
5 Years
10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.33%
3.36%
1.94%
1.51%
Bloomberg Municipal Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.78)
1.66
1.17
2.10
Bloomberg Municipal Bond: 1 Year (1-2) Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.25
3.48
1.51
1.36

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$1,011,074,225
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
298
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
16%

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

What did the Fund invest in?

(as of April 30, 2025) 

Credit quality allocation

Ten largest states

S&P Credit RatingFootnote Reference*
Percent of Total InvestmentsFootnote Reference(a)
AAA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8.2%
AA+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
19.3
AA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.5
AA-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.1
A+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.2
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.4
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.8
BBB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.4
BBB........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.7
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
29.1
State
Percent of TotaI InvestmentsFootnote Reference(a)
Texas ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
12.3%
New York ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.5
Illinois ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.1
Iowa ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.1
Tennessee ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.6
Alabama ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.5
Pennsylvania ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.2
Oregon ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.6
Louisiana ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.6
Georgia ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.4
FootnoteDescription
Footnote*
Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Footnote(a)
Excludes money market funds.

Additional information

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

 

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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iShares Short Maturity Municipal Bond Active ETF

Semi-Annual Shareholder Report — April 30, 2025

MEAR-04/25-SAR

(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 Registrant – Not Applicable
Item 6 – Investments

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

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies 
 
              (a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.
April
30,
2025
2025
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
iShares
U.S.
ETF
Trust
iShares
Short
Maturity
Municipal
Bond
Active
ETF
|
MEAR
|
Cboe
BZX
Exchange
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statement
of
Assets
and
Liabilities
............................................................................................
10
Statement
of
Operations
..................................................................................................
11
Statements
of
Changes
in
Net
Assets
..........................................................................................
12
Financial
Highlights
.....................................................................................................
13
Notes
to
Financial
Statements
...............................................................................................
14
Additional
Information
....................................................................................................
18
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
19
Schedule
of
Investments
(unaudited)
April
30,
2025
iShares
®
Short
Maturity
Municipal
Bond
Active
ETF
Schedule
of
Investments
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Municipal
Bonds
Alabama
—
5.5%
Black
Belt
Energy
Gas
District
Series
2022C-1
,
RB
,
5.25
%
,
06/01/25
....
USD
615‌
$
615,525‌
Series
2023C
,
RB
,
5.50
%
,
06/01/26
.....
1,000‌
1,017,363‌
Series
2024D
,
RB
,
5.00
%
,
11/01/26
.....
2,000‌
2,028,718‌
Series
2024C
,
RB
,
5.00
%
,
07/01/27
.....
935‌
953,769‌
Series
2024C
,
RB
,
5.00
%
,
07/01/28
.....
1,480‌
1,517,808‌
Series
2024D
,
RB
,
5.00
%
,
11/01/29
.....
3,500‌
3,637,700‌
Series
2023D-1
,
RB
,
VRDN
5.50
%
,
02/01/29
(a)
...............
2,730‌
2,866,504‌
Series
2022E
,
RB
,
VRDN
5.00
%
,
06/01/28
(a)
5,000‌
5,135,359‌
Energy
Southeast
A
Cooperative
District
Series
2023B-1
,
RB
,
5.50
%
,
11/01/26
....
800‌
817,859‌
Series
2024B
,
RB
,
5.00
%
,
12/01/26
.....
100‌
101,584‌
Series
2023B-1
,
RB
,
5.50
%
,
05/01/27
....
1,570‌
1,615,622‌
Series
2024B
,
RB
,
5.00
%
,
06/01/27
.....
115‌
117,329‌
Series
2024B
,
RB
,
5.00
%
,
12/01/27
.....
100‌
102,466‌
Series
2024B
,
RB
,
5.00
%
,
06/01/28
.....
240‌
246,956‌
Series
2024B
,
RB
,
5.00
%
,
12/01/28
.....
250‌
258,403‌
Industrial
Development
Board
of
the
City
of
Mobile
Alabama,
Series
2008,
RB,
VRDN,
3.30%, 03/12/26
(a)
................
9,000‌
8,983,382‌
Southeast
Alabama
Gas
Supply
District
(The)
Series
2024B
,
RB
,
5.00
%
,
05/01/25
.....
965‌
965,018‌
Series
2024B
,
RB
,
5.00
%
,
05/01/26
.....
800‌
807,316‌
Southeast
Energy
Authority
A
Cooperative
District
Series
2023B
,
RB
,
(
Royal
Bank
of
Canada
LIQ
),
5.00
%
,
06/01/25
............
170‌
170,132‌
Series
2023A
,
RB
,
5.00
%
,
07/01/25
.....
650‌
650,793‌
Series
2023B
,
RB
,
(
Royal
Bank
of
Canada
LIQ
),
5.00
%
,
06/01/26
............
185‌
187,259‌
Series
2024C
,
RB
,
5.00
%
,
11/01/26
.....
1,000‌
1,018,181‌
Series
2023B
,
RB
,
(
Royal
Bank
of
Canada
LIQ
),
5.00
%
,
06/01/27
............
1,000‌
1,021,693‌
Series
2024C
,
RB
,
5.00
%
,
11/01/27
.....
1,000‌
1,028,136‌
Series
2025C
,
RB
,
5.00
%
,
02/01/28
(b)
....
840‌
862,476‌
Series
2025C
,
RB
,
5.00
%
,
08/01/28
.....
1,100‌
1,133,342‌
Series
2024C
,
RB
,
5.00
%
,
11/01/28
.....
1,000‌
1,034,445‌
Series
2025B
,
RB
,
5.00
%
,
01/01/29
(b)
....
1,310‌
1,353,179‌
Series
2025C
,
RB
,
5.00
%
,
02/01/29
(b)
....
885‌
914,867‌
Series
2025A
,
RB
,
5.00
%
,
06/01/29
.....
170‌
176,255‌
Series
2025B
,
RB
,
5.00
%
,
07/01/29
.....
1,235‌
1,280,961‌
Series
2025C
,
RB
,
5.00
%
,
08/01/29
(b)
....
1,130‌
1,171,678‌
Series
2025B
,
RB
,
5.00
%
,
01/01/30
(b)
....
1,175‌
1,221,466‌
Series
2022B-1
,
RB
,
VRDN
5.00
%
,
08/01/28
(a)
...............
10,500‌
10,773,309‌
55,786,853‌
Arizona
—
0.5%
Arizona
Health
Facilities
Authority
Series
2015B
,
RB
,
VRDN
3.87
%
,
05/01/25
(a)
3,600‌
3,569,247‌
City
of
Phoenix
Civic
Improvement
Corp.,
Series
2017A,
RB,
AMT,
5.00%, 07/01/29
......
1,700‌
1,735,153‌
5,304,400‌
California
—
1.7%
City
of
Los
Angeles,
Series
2024,
RB,
5.00%, 06/26/25
.................
10,000‌
10,017,122‌
City
of
Los
Angeles
Department
of
Airports,
Series
2025A,
RB,
AMT,
5.00%, 05/15/29
(b)
4,000‌
4,163,351‌
San
Joaquin
Valley
Clean
Energy
Authority,
Series
2025A,
RB,
5.00%, 07/01/28
.....
475‌
488,599‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
State
of
California,
GO,
5.00%, 03/01/30
....
USD
2,220‌
$
2,405,581‌
17,074,653‌
Colorado
—
2.1%
City
&
County
of
Denver
Airport
System
Series
2018A
,
RB,
AMT
,
5.00
%
,
12/01/26
.
5,000‌
5,105,114‌
Series
2018A
,
RB,
AMT
,
5.00
%
,
12/01/28
.
4,605‌
4,807,089‌
Colorado
Health
Facilities
Authority,
Series
2018B,
RB,
VRDN,
5.00%, 11/20/25
(a)
....
1,000‌
1,007,580‌
Colorado
School
of
Mines,
Series
2022D,
RB,
VRDN,
4.49%, 05/01/25
(a)
...........
4,715‌
4,731,114‌
University
of
Colorado
Hospital
Authority,
Series
2018B,
RB,
VRDN
(TD
Bank
NA
SBPA),
2.50%, 05/01/25
(a)
................
6,000‌
6,000,000‌
21,650,897‌
Connecticut
—
0.7%
Connecticut
State
Health
&
Educational
Facilities
Authority
Series
2024A
,
RB
,
5.00
%
,
07/01/25
.....
550‌
551,505‌
Series
2024A
,
RB
,
5.00
%
,
07/01/26
.....
2,050‌
2,093,027‌
State
of
Connecticut,
Series
2023B,
GO,
5.00%, 08/01/25
.................
4,575‌
4,593,294‌
7,237,826‌
District
of
Columbia
—
1.4%
District
of
Columbia,
Series
A,
RB,
VRDN
(TD
Bank
NA
LOC),
2.45%, 05/01/25
(a)
......
8,125‌
8,125,000‌
District
of
Columbia
Housing
Finance
Agency
(a)
Series
2025B
,
RB
,
VRDN
5.00
%
,
02/01/28
2,010‌
2,075,259‌
Series
2025
,
RB
,
VRDN
3.15
%
,
11/01/28
(b)
2,500‌
2,485,287‌
Metropolitan
Washington
Airports
Authority
Aviation,
Series
2021A,
RB,
AMT,
5.00%, 10/01/27
.................
800‌
824,626‌
Metropolitan
Washington
Airports
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Series
2019-XG0267,
RB,
VRDN
(Bank
of
America
NA
LOC),
3.67%, 05/01/25
(a)
(c)
(d)
.........................
220‌
220,000‌
13,730,172‌
Florida
—
1.8%
City
of
Port
St
Lucie,
Series
2016,
RB,
5.00%, 09/01/29
.................
810‌
827,482‌
County
of
Miami-Dade,
Series
2024A,
RB,
AMT,
5.00%, 10/01/28
.................
1,760‌
1,828,526‌
County
of
Miami-Dade
Water
&
Sewer
System,
Series
2015,
RB,
5.00%, 10/01/26
......
1,515‌
1,525,213‌
Hillsborough
County
Aviation
Authority
Series
2022A
,
RB,
AMT
,
5.00
%
,
10/01/27
.
600‌
618,890‌
Series
2024B
,
RB,
AMT
,
5.00
%
,
10/01/27
.
330‌
340,390‌
Series
2024B
,
RB,
AMT
,
5.00
%
,
10/01/28
.
3,200‌
3,330,847‌
Miami-Dade
County
Housing
Finance
Authority,
Series
2025B,
RB,
VRDN,
3.55%, 03/01/28
(a)
3,000‌
2,995,833‌
Monroe
County
School
District,
RB,
4.00%, 05/29/25
.................
7,000‌
7,004,262‌
18,471,443‌
Georgia
—
3.4%
Development
Authority
of
Burke
County
(The),
Series
2013-1,
RB,
VRDN,
3.38%, 03/12/27
(a)
3,750‌
3,715,966‌
Main
Street
Natural
Gas,
Inc.
Series
2023A
,
RB
,
5.00
%
,
06/01/25
.....
750‌
750,698‌
Series
2024B
,
RB
,
5.00
%
,
09/01/25
.....
245‌
245,969‌
Series
2023B
,
RB
,
5.00
%
,
09/01/25
.....
260‌
261,029‌
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
Short
Maturity
Municipal
Bond
Active
ETF
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Georgia
(continued)
Series
2024A
,
RB
,
5.00
%
,
09/01/25
.....
USD
500‌
$
501,978‌
Series
2023D
,
RB
,
5.00
%
,
12/01/25
.....
550‌
554,220‌
Series
2024A
,
RB
,
5.00
%
,
03/01/26
.....
680‌
687,331‌
Series
2024B
,
RB
,
5.00
%
,
03/01/26
.....
350‌
353,773‌
Series
2019A
,
RB
,
5.00
%
,
05/15/26
.....
5,695‌
5,761,009‌
Series
2024B
,
RB
,
5.00
%
,
09/01/26
.....
200‌
203,370‌
Series
2023D
,
RB
,
5.00
%
,
12/01/26
.....
1,000‌
1,019,190‌
Series
2024B
,
RB
,
5.00
%
,
03/01/27
.....
490‌
500,978‌
Series
2022B
,
RB
,
5.00
%
,
06/01/27
.....
1,750‌
1,791,214‌
Series
2024C
,
RB
,
5.00
%
,
12/01/27
.....
750‌
769,994‌
Series
2024C
,
RB
,
5.00
%
,
12/01/28
.....
925‌
954,107‌
Series
2024E
,
RB
,
5.00
%
,
12/01/28
.....
2,220‌
2,289,856‌
Series
2024E
,
RB
,
5.00
%
,
12/01/29
.....
2,810‌
2,908,851‌
Series
2025A
,
RB
,
5.00
%
,
12/01/29
(b)
....
750‌
779,883‌
Series
2019C
,
RB
,
VRDN
4.00
%
,
09/01/26
(a)
8,520‌
8,531,162‌
Series
2023B
,
RB
,
VRDN
5.00
%
,
03/01/30
(a)
2,175‌
2,264,045‌
34,844,623‌
Hawaii
—
0.3%
State
of
Hawaii,
Series
EY,
GO,
5.00%, 10/01/27
3,405‌
3,427,064‌
Idaho
—
0.6%
Idaho
Health
Facilities
Authority,
Series
2025D,
RB,
VRDN
(TD
Bank
NA
LOC),
2.50%, 05/01/25
(a)
................
6,000‌
6,000,000‌
Illinois
—
7.2%
Chicago
Midway
International
Airport
Series
2024A
,
RB,
AMT
,
5.00
%
,
01/01/26
.
1,350‌
1,360,958‌
Series
2023C
,
RB,
AMT
,
5.00
%
,
01/01/27
.
1,500‌
1,528,733‌
Series
2024A
,
RB,
AMT
,
5.00
%
,
01/01/27
.
1,000‌
1,018,906‌
Chicago
O'Hare
International
Airport
Series
2022C
,
RB,
AMT
,
5.00
%
,
01/01/26
.
1,400‌
1,416,708‌
Series
2024C
,
RB,
AMT
,
5.00
%
,
01/01/26
.
6,000‌
6,063,936‌
Series
2024C
,
RB,
AMT
,
5.00
%
,
01/01/29
.
10,000‌
10,427,278‌
City
of
Chicago,
Series
2025B,
RB,
VRDN,
3.40%, 06/01/28
(a)
................
8,000‌
7,907,510‌
DeKalb
Park
District
Series
2025
,
GO
,
5.00
%
,
03/01/28
(
BAM
)
.
310‌
323,051‌
Series
2025
,
GO
,
5.00
%
,
03/01/29
(
BAM
)
.
325‌
342,872‌
DuPage
County
Forest
Preserve
District,
Series
2025,
GO,
5.00%, 11/01/29
..........
700‌
750,679‌
Illinois
Finance
Authority
Series
2024
,
RB
,
5.00
%
,
08/01/25
......
325‌
325,806‌
Series
2024
,
RB
,
5.00
%
,
08/01/26
......
400‌
405,724‌
Series
2024
,
RB
,
5.00
%
,
08/01/27
......
425‌
435,085‌
Series
2025A
,
RB
,
5.00
%
,
07/01/29
(b)
....
1,740‌
1,861,121‌
Series
2018C
,
RB
,
VRDN
(
PNC
Bank
NA
LOC
),
3.00
%
,
05/01/25
(a)
...........
20,000‌
20,000,000‌
Series
2020B
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
2.25
%
,
05/01/25
(a)
...
13,200‌
13,200,000‌
State
of
Illinois
Series
2024B
,
GO
,
5.00
%
,
05/01/25
.....
1,000‌
1,000,035‌
Series
2024B
,
GO
,
5.00
%
,
05/01/26
.....
2,300‌
2,333,857‌
Series
2024B
,
GO
,
5.00
%
,
05/01/28
.....
1,600‌
1,663,352‌
72,365,611‌
Indiana
—
1.4%
Indiana
Finance
Authority
Series
2024
,
RB
,
5.00
%
,
03/01/27
......
275‌
281,732‌
Series
2024
,
RB
,
5.00
%
,
03/01/28
......
900‌
932,325‌
Series
2024
,
RB
,
5.00
%
,
03/01/29
......
765‌
800,622‌
Series
2010A
,
RB,
AMT
,
VRDN
3.85
%
,
06/02/25
(a)
...............
3,000‌
2,990,090‌
Series
2021B
,
RB
,
VRDN
3.92
%
,
03/01/27
(a)
835‌
814,360‌
Security
Par
(000)
Par
(000)
Value
Indiana
(continued)
Series
2009D
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
2.50
%
,
05/01/25
(a)
...........
USD
2,400‌
$
2,400,000‌
Indiana
Moral
Obligation,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2016-
XL0019,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
3.77%, 05/01/25
(a)
(c)
(d)
..............
6,000‌
6,000,000‌
14,219,129‌
Iowa
—
6.1%
Iowa
Finance
Authority
Series
2016E
,
RB
,
5.00
%
,
08/15/29
.....
795‌
802,375‌
Series
2021
,
RB
,
VRDN
(
Korea
Development
Bank
LOC
),
3.90
%
,
05/01/25
(a)
(d)
.....
29,600‌
29,600,000‌
Series
2021
,
RB,
AMT
,
VRDN
(
Citibank
NA
LOC
),
3.88
%
,
04/01/26
(a)
...........
7,000‌
6,973,929‌
PEFA,
Inc.,
Series
2019,
RB,
VRDN,
5.00%, 09/01/26
(a)
................
24,140‌
24,404,716‌
61,781,020‌
Kansas
—
1.3%
City
of
Burlington
(a)
Series
2007A
,
RB
,
VRDN
3.43
%
,
05/08/25
4,000‌
4,000,000‌
Series
2007B
,
RB
,
VRDN
3.43
%
,
05/08/25
9,000‌
9,000,000‌
13,000,000‌
Kentucky
—
3.3%
Kentucky
Economic
Development
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Series
2018-XG0161,
RB,
VRDN
(Bank
of
America
NA
LOC),
3.65%, 05/08/25
(AGM)
(a)
(c)
(d)
....................
500‌
500,000‌
Kentucky
Public
Energy
Authority
Series
2024A
,
RB
,
5.00
%
,
07/01/25
.....
315‌
315,419‌
Series
2024B
,
RB
,
5.00
%
,
08/01/25
.....
375‌
375,866‌
Series
2024A
,
RB
,
5.00
%
,
07/01/26
.....
375‌
379,238‌
Series
2024A
,
RB
,
5.00
%
,
07/01/27
.....
425‌
433,144‌
Series
2024B
,
RB
,
5.00
%
,
08/01/27
.....
865‌
884,031‌
Series
2023A-1
,
RB
,
5.00
%
,
08/01/28
....
490‌
504,343‌
Series
2024B
,
RB
,
5.00
%
,
08/01/28
.....
920‌
946,929‌
Series
2018C-1
,
RB
,
VRDN
4.00
%
,
06/01/25
(a)
...............
4,000‌
3,999,722‌
Series
2025A
,
RB
,
VRDN
5.25
%
,
12/01/29
(a)
(b)
18,000‌
18,873,369‌
Kentucky
State
Property
&
Building
Commission
Series
2024B
,
RB
,
5.00
%
,
11/01/25
.....
5,250‌
5,293,398‌
Series
A
,
RB
,
5.00
%
,
11/01/25
.........
375‌
378,100‌
32,883,559‌
Louisiana
—
3.6%
(a)
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Series
2001
,
RB
,
VRDN
4.12
%
,
05/08/25
.
4,000‌
4,000,000‌
Series
2002
,
RB
,
VRDN
4.12
%
,
05/01/25
.
6,000‌
6,000,000‌
Parish
of
St
James,
Series
2010B-1,
RB,
VRDN,
2.96%, 05/07/25
.................
26,500‌
26,500,000‌
36,500,000‌
Maine
—
1.0%
Maine
State
Housing
Authority,
Series
2024E,
RB,
VRDN,
3.25%, 11/15/25
(a)
.........
10,000‌
10,003,127‌
Maryland
—
0.2%
Maryland
Health
&
Higher
Educational
Facilities
Authority,
Series
1985A,
RB,
VRDN
(TD
Bank
NA
LOC),
3.32%, 05/08/25
(a)
.........
2,400‌
2,400,000‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
Short
Maturity
Municipal
Bond
Active
ETF
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Massachusetts
—
1.6%
City
of
Quincy
Series
2024
,
GO
,
5.00
%
,
05/01/25
......
USD
1,180‌
$
1,180,052‌
Series
2024
,
GO
,
5.00
%
,
05/01/26
......
1,240‌
1,262,299‌
Series
2024
,
GO
,
5.00
%
,
05/01/27
......
1,300‌
1,345,267‌
Series
2024
,
GO
,
5.00
%
,
05/01/28
......
1,370‌
1,439,329‌
Series
2024
,
GO
,
5.00
%
,
05/01/29
......
1,435‌
1,529,929‌
Massachusetts
Bay
Transportation
Authority,
TECP
(TD
Bank
NA
SBPA),
2.86%, 05/06/25
5,200‌
5,199,389‌
Massachusetts
Water
Resources
Authority
(TD
Bank
NA
LOC),
2.85%, 05/07/25
.......
4,000‌
3,999,478‌
15,955,743‌
Michigan
—
0.5%
Michigan
Strategic
Fund,
Series
2001,
RB,
4.13%, 08/01/27
.................
2,700‌
2,672,915‌
Okemos
Public
Schools,
Series
2024II,
GO,
5.00%, 05/01/26
(Q-SBLF)
..........
1,200‌
1,221,756‌
Walled
Lake
Consolidated
School
District
Series
2024
,
GO
,
5.00
%
,
05/01/25
(
Q-SBLF
)
405‌
405,018‌
Series
2024
,
GO
,
5.00
%
,
05/01/26
(
Q-SBLF
)
475‌
483,612‌
4,783,301‌
Minnesota
—
0.8%
Minneapolis-St
Paul
Metropolitan
Airports
Commission,
Series
2024B,
RB,
AMT,
5.00%, 01/01/28
.................
2,850‌
2,958,125‌
Minnesota
Housing
Finance
Agency,
Series
2017F,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
3.62%, 05/01/25
(GNMA/FNMA/
FHLMC)
(a)
.....................
4,000‌
4,000,000‌
Sartell-St
Stephen
Independent
School
District
No.
748
Series
2025A
,
GO
,
5.00
%
,
02/01/28
(
SD
CRED
PROG
)
..................
490‌
514,546‌
Series
2025A
,
GO
,
5.00
%
,
02/01/29
(
SD
CRED
PROG
)
..................
290‌
309,171‌
7,781,842‌
Missouri
—
0.7%
City
of
Kansas
City
Series
2025C
,
RB
,
5.00
%
,
04/01/29
.....
2,185‌
2,320,085‌
Series
2025C
,
RB
,
5.00
%
,
04/01/30
.....
1,215‌
1,304,902‌
Industrial
Development
Authority
of
the
City
of
St
Louis
Missouri
(The),
Series
2025,
RB,
VRDN,
3.15%, 04/01/28
(a)
(b)
...............
1,500‌
1,475,169‌
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2018C-16,
RB,
VRDN
(Royal
Bank
of
Canada
LOC),
3.67%, 05/01/25
(a)
(c)
(d)
..............
2,000‌
2,000,000‌
7,100,156‌
Nebraska
—
1.7%
County
of
Douglas,
Series
2021B,
RB,
VRDN,
4.15%, 05/01/25
(a)
(d)
...............
3,400‌
3,395,750‌
Lincoln
Nebraska
Electric,
TECP
(JPMorgan
Chase
Bank
NA
SBPA),
3.25%, 05/08/25
..
3,500‌
3,499,483‌
Omaha
Nebraska
Airport
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2024-XG0593,
RB,
VRDN
(Bank
of
America
NA
LIQ),
3.82%, 05/08/25
(AGC)
(a)
(c)
(d)
10,000‌
10,000,000‌
16,895,233‌
Security
Par
(000)
Par
(000)
Value
Nevada
—
0.1%
Reno-Tahoe
Airport
Authority,
Series
2024A,
RB,
AMT,
5.00%, 07/01/29
.............
USD
1,260‌
$
1,309,336‌
New
Hampshire
—
2.5%
New
Hampshire
Business
Finance
Authority,
Series
2018A,
RB,
AMT,
VRDN,
4.50%, 07/01/25
(a)
................
15,000‌
15,001,922‌
New
Hampshire
Housing
Finance
Authority,
Series
2024D,
RB,
VRDN,
3.58%, 07/01/25
(GNMA/FNMA/FHLMC)
(a)
...........
5,950‌
5,951,888‌
State
of
New
Hampshire
(b)
Series
2025A
,
GO
,
5.00
%
,
04/01/26
.....
2,460‌
2,505,646‌
Series
2025A
,
GO
,
5.00
%
,
04/01/27
.....
1,600‌
1,658,608‌
25,118,064‌
New
Jersey
—
3.3%
Borough
of
Haledon,
Series
2024A,
GO,
4.00%, 09/25/25
.................
3,338‌
3,340,553‌
Borough
of
Manasquan,
GO,
4.00%, 10/01/25
2,711‌
2,719,399‌
Borough
of
Pompton
Lakes,
GO,
4.50%, 06/06/25
.................
700‌
701,076‌
Essex
County
Improvement
Authority,
Series
2024,
RB,
5.00%, 06/18/25
(GTD)
......
8,295‌
8,307,738‌
Jersey
City
Municipal
Utilities
Authority,
Series
2024B,
RB,
5.00%, 05/01/25
(GTD)
.....
3,550‌
3,550,097‌
New
Jersey
Higher
Education
Student
Assistance
Authority,
Series
2024B,
RB,
AMT,
5.00%, 12/01/27
.................
1,600‌
1,645,084‌
Township
of
Egg
Harbor,
GO,
4.00%, 08/07/25
900‌
901,317‌
Township
of
Maplewood,
GO,
4.00%, 10/07/25
5,100‌
5,110,418‌
Township
of
Mount
Holly,
Series
2024A,
GO,
4.00%, 09/24/25
.................
3,417‌
3,425,647‌
Township
of
Pemberton,
GO,
4.50%, 05/27/25
3,477‌
3,480,012‌
33,181,341‌
New
Mexico
—
0.3%
New
Mexico
Mortgage
Finance
Authority,
Series
2023,
RB,
VRDN,
5.00%, 09/01/25
(a)
.....
970‌
972,592‌
New
Mexico
Municipal
Energy
Acquisition
Authority
Series
2025
,
RB
,
5.00
%
,
05/01/27
......
435‌
445,427‌
Series
2025
,
RB
,
5.00
%
,
05/01/28
(b)
.....
480‌
495,645‌
Series
2025
,
RB
,
5.00
%
,
05/01/29
......
635‌
659,396‌
2,573,060‌
New
York
—
9.6%
Babylon
Union
Free
School
District,
GO,
4.00%, 06/24/25
(SAW)
............
3,100‌
3,102,055‌
City
of
New
York
(a)
Series
2015F-6
,
GO
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
2.50
%
,
05/01/25
5,700‌
5,700,000‌
Series
B-5
,
GO
,
VRDN
(
Barclays
Bank
plc
SBPA
),
2.55
%
,
05/01/25
...........
9,750‌
9,750,000‌
Hempstead
Town
Local
Development
Corp.,
Series
2021A,
RB,
5.00%, 07/01/25
.....
520‌
521,445‌
Lafayette
Central
School
District,
Series
2024,
GO,
4.50%, 06/20/25
(SAW)
.........
1,000‌
1,001,335‌
Monroe
County
Industrial
Development
Corp.,
Series
2023B-1,
RB,
VRDN,
5.00%, 07/01/27
(a)
................
4,000‌
4,120,045‌
New
York
City
Housing
Development
Corp.,
Series
2024F-2,
RB,
VRDN,
3.40%, 01/02/29
(a)
................
10,000‌
9,913,402‌
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
Short
Maturity
Municipal
Bond
Active
ETF
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
New
York
City
Municipal
Water
Finance
Authority
(a)
Series
2010CC
,
RB
,
VRDN
(
State
Street
Bank
&
Trust
Co.
SBPA
),
2.50
%
,
05/01/25
USD
5,700‌
$
5,700,000‌
Series
2023,
Sub-Series
B-1
,
RB
,
VRDN
(
Mizuho
Bank
Ltd.
SBPA
),
2.55
%
,
05/01/25
................
2,500‌
2,500,000‌
Series
AA-2
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
2.50
%
,
05/01/25
....
1,700‌
1,700,000‌
New
York
City
Transitional
Finance
Authority
Series
2025D
,
RB
,
5.00
%
,
05/01/26
.....
4,450‌
4,536,640‌
Series
2025D
,
RB
,
5.00
%
,
05/01/29
.....
2,500‌
2,676,021‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
(a)
Series
2019C-4
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
),
2.55
%
,
05/01/25
........
5,100‌
5,100,000‌
Series
2019A-4
,
RB
,
VRDN
(
JPMorgan
Chase
Bank
NA
SBPA
),
2.50
%
,
05/01/25
8,200‌
8,200,000‌
Onondaga
County
Resource
Recovery
Agency,
Series
2015A,
RB,
AMT,
5.00%, 05/01/27
(AGM)
.......................
2,830‌
2,833,247‌
Palmyra
Macedon
Central
School
District,
GO,
4.50%, 06/17/25
(SAW)
............
4,320‌
4,324,610‌
Schodack
Central
School
District,
GO,
4.00%, 07/15/25
(SAW)
............
1,200‌
1,201,423‌
Town
of
Ossining,
GO,
4.50%, 08/01/25
....
3,536‌
3,548,954‌
Triborough
Bridge
&
Tunnel
Authority,
Series
2022E-2A,
RB,
VRDN,
3.97%, 05/01/25
,(1-
day
SOFR
+
1.05%)
(a)
.............
11,000‌
10,996,719‌
Union
Endicott
Central
School
District,
GO,
4.50%, 06/27/25
(SAW)
............
4,800‌
4,807,580‌
Webutuck
Central
School
District,
GO,
4.50%, 06/20/25
(SAW)
............
4,700‌
4,704,965‌
96,938,441‌
North
Carolina
—
2.5%
Cumberland
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority,
Series
2024,
RB,
AMT,
VRDN,
3.75%, 11/01/25
(a)
.
15,000‌
14,963,650‌
Durham
Capital
Financing
Corp.,
Series
2016,
RB,
5.00%, 12/01/28
..............
1,000‌
1,025,739‌
Inlivian,
Series
2025,
RB,
VRDN,
3.63%, 11/01/27
(a)
................
4,000‌
4,018,712‌
State
of
North
Carolina,
Series
2025,
RB,
5.00%, 03/01/27
(b)
................
5,000‌
5,151,424‌
25,159,525‌
Ohio
—
2.1%
Akron
Bath
Copley
Joint
Township
Hospital
District,
Series
2017C,
RB,
VRDN
(BMO
Harris
Bank
NA
LOC),
3.35%, 05/01/25
(a)
..
5,030‌
5,030,000‌
City
of
Hamilton,
Series
2024,
GO,
4.00%, 12/17/25
(ST
STANDBY
NT
PURCHASE)
...................
2,900‌
2,912,575‌
City
of
Miamisburg,
Series
2025,
GO,
3.75%, 02/10/26
(ST
STANDBY
NT
PURCHASE)
...................
2,000‌
2,008,299‌
Columbus
Regional
Airport
Authority,
Series
2025A,
RB,
AMT,
5.00%, 01/01/30
......
1,675‌
1,740,251‌
Ohio
Air
Quality
Development
Authority,
Series
2005C,
RB,
AMT,
3.70%, 04/01/28
......
3,250‌
3,203,804‌
Ohio
Higher
Educational
Facility
Commission,
Series
2021B,
RB,
VRDN,
3.85%, 05/01/25
(a)
6,500‌
6,365,827‌
21,260,756‌
Security
Par
(000)
Par
(000)
Value
Oklahoma
—
0.6%
Garfield
County
Industrial
Authority,
Series
2024A,
RB,
VRDN,
2.90%, 05/08/25
(a)
....
USD
5,400‌
$
5,400,000‌
Oklahoma
Industries
Authority,
Series
2024,
RB,
5.00%, 04/01/26
.................
400‌
406,559‌
University
of
Oklahoma
(The),
Series
2024A,
RB,
5.00%, 07/01/25
(BAM)
..........
300‌
300,806‌
6,107,365‌
Oregon
—
3.6%
Oregon
State
Lottery
(b)
Series
2025A
,
RB
,
5.00
%
,
04/01/27
.....
9,875‌
10,191,891‌
Series
2025A
,
RB
,
5.00
%
,
04/01/28
.....
6,900‌
7,277,789‌
State
of
Oregon,
Series
2025E,
GO,
5.00%, 05/15/28
(b)
................
4,555‌
4,805,479‌
State
of
Oregon
Department
of
Transportation,
Series
B,
RB,
5.00%, 11/15/29
........
2,235‌
2,310,439‌
State
of
Oregon
Housing
&
Community
Services
Department,
Series
2024R,
RB,
VRDN,
4.00%, 01/01/29
(a)
................
12,000‌
12,040,261‌
36,625,859‌
Pennsylvania
—
4.2%
Allegheny
County
Airport
Authority
Series
2025A
,
RB,
AMT
,
5.00
%
,
01/01/29
(
AGC
)
(b)
......................
5,215‌
5,419,255‌
Series
2025A
,
RB,
AMT
,
5.00
%
,
01/01/30
(
AGC
)
.......................
5,410‌
5,651,067‌
Allegheny
County
Hospital
Development
Authority,
Series
2017D-2
,
Sub-Series
D,
RB,
VRDN,
4.20%, 02/06/25
(a)
...........
1,000‌
997,848‌
Allegheny
County
Sanitary
Authority,
Series
2024,
RB,
5.00%, 12/01/25
..........
1,650‌
1,667,733‌
City
of
Philadelphia,
Series
2017B,
RB,
AMT,
5.00%, 07/01/29
.................
2,000‌
2,042,442‌
General
Authority
of
Southcentral
Pennsylvania,
Series
2015,
RB,
5.00%, 12/01/25
......
1,530‌
1,543,941‌
Luzerne
County
Industrial
Development
Authority,
Series
2017,
RB,
5.00%, 12/15/27
(AGM)
.......................
1,000‌
1,009,602‌
Pennsylvania
Economic
Development
Financing
Authority
(a)
Series
2019A
,
RB,
AMT
,
VRDN
4.25
%
,
08/01/25
................
7,000‌
6,997,368‌
Series
2019B-2
,
RB,
AMT
,
VRDN
4.20
%
,
07/15/25
................
2,780‌
2,758,402‌
Series
2025A
,
RB
,
VRDN
5.00
%
,
03/15/30
12,000‌
12,644,633‌
State
Public
School
Building
Authority,
Series
2025,
RB,
5.00%, 05/01/28
(AGC)
......
1,870‌
1,962,131‌
42,694,422‌
South
Carolina
—
0.2%
South
Carolina
Public
Service
Authority
Series
2024A
,
RB
,
5.00
%
,
12/01/26
.....
675‌
694,110‌
Series
2024A
,
RB
,
5.00
%
,
12/01/27
.....
485‌
506,370‌
Series
2024A
,
RB
,
5.00
%
,
12/01/28
.....
485‌
513,367‌
South
Carolina
Public
Service
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2022-XG0398,
RB,
VRDN
(Barclays
Bank
plc
LIQ),
3.74%, 05/08/25
(BAM-
TCRS)
(a)
(c)
(d)
....................
700‌
700,000‌
2,413,847‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
Short
Maturity
Municipal
Bond
Active
ETF
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Tennessee
—
5.6%
Metropolitan
Government
of
Nashville
&
Davidson
County
TECP
,
3.05
%
,
05/07/25
.............
USD
20,000‌
$
19,997,482‌
TECP
,
3.90
%
,
05/08/25
.............
4,000‌
3,999,905‌
TECP
,
3.65
%
,
05/15/25
.............
10,000‌
10,001,425‌
Tennergy
Corp.
Series
2022A
,
RB
,
5.25
%
,
12/01/25
.....
575‌
577,113‌
Series
2024A
,
RB
,
5.00
%
,
06/01/28
.....
210‌
216,669‌
Series
2024A
,
RB
,
5.00
%
,
06/01/29
.....
625‌
648,134‌
Series
2021A
,
RB
,
VRDN
4.00
%
,
09/01/28
(a)
3,435‌
3,421,635‌
Tennessee
Energy
Acquisition
Corp.
Series
2006A
,
RB
,
5.25
%
,
09/01/26
.....
3,355‌
3,385,257‌
Series
2006B
,
RB
,
5.63
%
,
09/01/26
.....
5,925‌
6,026,522‌
Series
2023A-1
,
RB
,
VRDN
5.00
%
,
05/01/28
(a)
...............
5,000‌
5,125,679‌
Tennessee
Housing
Development
Agency,
Series
2024-3C,
RB,
VRDN,
3.50%, 10/01/25
(a)
................
3,520‌
3,513,266‌
56,913,087‌
Texas
—
12.4%
Board
of
Regents
of
the
University
of
Texas
System
TECP
,
3.12
%
,
05/12/25
.............
6,500‌
6,499,050‌
2.83
%
,
05/14/25
..................
5,000‌
4,998,615‌
TECP
,
2.85
%
,
05/22/25
.............
3,200‌
3,198,888‌
TECP
,
2.85
%
,
07/01/25
.............
10,000‌
9,990,788‌
Series
2025A
,
RB
,
5.00
%
,
08/15/28
.....
10,000‌
10,577,208‌
Bowie
County
Industrial
Development
Corp.,
Series
1985,
RB,
VRDN
(JPMorgan
Chase
Bank
NA
LOC),
2.55%, 05/01/25
(a)
......
3,500‌
3,500,000‌
City
of
Austin
(JPMorgan
Chase
Bank
NA
SBPA),
2.90%, 06/16/25
............
5,000‌
4,996,378‌
City
of
Galveston
Series
2024A
,
RB,
AMT
,
5.00
%
,
08/01/26
.
625‌
634,814‌
Series
2024A
,
RB,
AMT
,
5.00
%
,
08/01/27
.
650‌
666,601‌
Series
2024A
,
RB,
AMT
,
5.00
%
,
08/01/28
.
725‌
749,160‌
City
of
Lubbock
Water
&
Wastewater
Series
2024
,
RB
,
5.00
%
,
02/15/26
......
2,200‌
2,232,294‌
Series
2024
,
RB
,
5.00
%
,
02/15/27
......
5,620‌
5,800,292‌
Series
2024
,
RB
,
5.00
%
,
02/15/28
......
2,250‌
2,357,582‌
Comal
Independent
School
District,
Series
2024,
GO,
5.00%, 02/15/26
(PSF)
..........
2,500‌
2,538,344‌
Dallas
Fort
Worth
International
Airport,
Series
2023C,
RB,
AMT,
5.00%, 11/01/28
......
6,930‌
7,205,423‌
El
Paso
Electric
Co.
TECP
,
3.05
%
,
06/20/25
.............
17,000‌
16,987,683‌
Fort
Bend
Independent
School
District,
Series
2025A,
GO,
5.00%, 08/15/26
(PSF)
(b)
....
1,950‌
1,993,217‌
Lamar
Consolidated
Independent
School
District,
Series
2024A,
GO,
5.00%, 02/15/26
(PSF)
.
5,000‌
5,072,438‌
Lower
Colorado
River
Authority,
Series
2021,
RB,
5.00%, 05/15/28
..............
1,270‌
1,334,859‌
Mission
Economic
Development
Corp.,
Series
2020A,
RB,
AMT,
VRDN,
3.70%, 05/01/25
(a)
6,500‌
6,439,866‌
Plano
Independent
School
District,
Series
2025,
GO,
5.00%, 02/15/29
(PSF)
..........
4,500‌
4,794,246‌
San
Antonio
Water
System,
Series
2016A,
RB,
5.00%, 05/15/29
.................
1,010‌
1,026,418‌
State
of
Texas,
Series
2011C,
GO,
VRDN
(Federal
Home
Loan
Bank
SBPA),
2.85%, 05/08/25
(a)
................
2,400‌
2,400,000‌
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.,
Series
2024B,
RB,
5.00%, 07/01/26
.................
875‌
891,342‌
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Tarrant
County
Housing
Finance
Corp.,
Series
2025,
RB,
VRDN,
3.60%, 02/01/28
(a)
.....
USD
3,000‌
$
2,977,970‌
Tarrant
Regional
Water
District
Water
Supply
System,
Series
2015,
RB,
5.00%, 03/01/28
1,260‌
1,261,695‌
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Series
2021
,
RB
,
5.00
%
,
12/15/25
......
4,690‌
4,722,729‌
Series
2021
,
RB
,
5.00
%
,
12/15/26
......
1,850‌
1,882,035‌
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
V
Series
2024
,
RB
,
5.00
%
,
01/01/26
......
550‌
552,195‌
Series
2024
,
RB
,
5.00
%
,
01/01/28
......
750‌
760,304‌
Series
2024
,
RB
,
5.00
%
,
01/01/29
......
1,050‌
1,070,406‌
Tomball
Independent
School
District,
Series
2024,
GO,
5.00%, 02/15/26
(PSF)
......
4,250‌
4,313,368‌
University
of
North
Texas
System,
Series
2025A,
RB,
5.00%, 04/15/30
(b)
.............
890‌
957,337‌
125,383,545‌
Utah
—
0.5%
City
of
Salt
Lake
City,
Series
2018A,
RB,
AMT,
5.00%, 07/01/29
.................
1,000‌
1,037,653‌
Utah
County
Hospital,
Series
2018C,
RB,
VRDN
(TD
Bank
NA
SBPA),
2.40%, 05/01/25
(a)
..
3,700‌
3,700,000‌
4,737,653‌
Virginia
—
0.9%
Virginia
Housing
Development
Authority
Series
2024H
,
RB
,
3.60
%
,
12/01/28
.....
1,450‌
1,450,003‌
Series
2024H
,
RB
,
3.63
%
,
06/01/29
.....
3,965‌
3,960,424‌
Series
2025A
,
RB
,
3.25
%
,
09/01/29
.....
1,750‌
1,722,256‌
Virginia
Public
School
Authority,
Series
2017C,
RB,
5.00%, 08/01/29
(ST
INTERCEPT)
...
685‌
709,365‌
Winchester
Economic
Development
Authority,
Series
2024A,
RB,
5.00%, 01/01/28
.....
1,090‌
1,131,233‌
8,973,281‌
Washington
—
2.8%
County
of
Spokane
Series
2024B
,
RB,
AMT
,
5.00
%
,
01/01/26
.
720‌
725,638‌
Series
2024B
,
RB,
AMT
,
5.00
%
,
01/01/27
.
1,600‌
1,629,376‌
Series
2024B
,
RB,
AMT
,
5.00
%
,
01/01/28
.
1,625‌
1,668,019‌
Series
2024B
,
RB,
AMT
,
5.00
%
,
01/01/29
.
1,760‌
1,818,733‌
Port
of
Seattle,
Series
2024B,
RB,
AMT,
5.00%, 07/01/28
.................
6,250‌
6,478,096‌
State
of
Washington
Series
R-2024C
,
GO
,
5.00
%
,
08/01/25
...
8,000‌
8,034,553‌
Series
R-2024C
,
GO
,
5.00
%
,
08/01/29
...
2,370‌
2,547,886‌
Washington
Health
Care
Facilities
Authority,
Series
2019B-2,
RB,
VRDN,
5.00%, 08/01/25
(a)
................
800‌
800,850‌
Washington
State
Housing
Finance
Commission,
Series
2016VR-1N,
RB,
VRDN
(Royal
Bank
of
Canada
SBPA),
3.62%, 05/08/25
(a)
......
3,700‌
3,700,000‌
Whatcom
County
Public
Utility
District
No.
1,
Series
2025A,
GO,
AMT,
5.00%, 12/01/29
(BAM)
.......................
525‌
549,118‌
27,952,269‌
West
Virginia
—
0.1%
West
Virginia
Economic
Development
Authority,
Series
2015A,
RB,
VRDN,
3.38%, 06/15/28
(a)
1,000‌
990,194‌
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
Short
Maturity
Municipal
Bond
Active
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
Wisconsin
—
1.9%
State
of
Wisconsin,
Series
2024-2,
GO,
5.00%, 05/01/26
.................
USD
7,000‌
$
7,137,136‌
Wisconsin
Health
&
Educational
Facilities
Authority
(a)
Series
2008B
,
RB
,
VRDN
(
TD
Bank
NA
LOC
),
2.50
%
,
05/01/25
............
10,355‌
10,355,000‌
Series
2018C-2
,
RB
,
VRDN
3.80
%
,
07/01/26
2,000‌
1,988,821‌
19,480,957‌
Total
Long-Term
Investments
—
100
.6
%
(Cost:
$
1,018,190,821
)
............................
1,017,009,654‌
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
1.1%
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
,
3.05
%
(e)
(f)
.........
10,830,701
10,831,785‌
Total
Short-Term
Securities
—
1
.1
%
(Cost:
$
10,831,785
)
...............................
10,831,785‌
Total
Investments
—
101
.7
%
(Cost:
$
1,029,022,606
)
............................
1,027,841,439‌
Liabilities
in
Excess
of
Other
Assets
—
(
1.7
)
%
.............
(
16,767,214‌
)
Net
Assets
—
100.0%
...............................
$
1,011,074,225‌
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(b)
When-issued
security.
(c)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(d)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
10/31/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
$
192,950
$
10,638,835
(a)
$
—
$
—
$
—
$
10,831,785
10,830,701
$
90,663
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
Short
Maturity
Municipal
Bond
Active
ETF
Schedule
of
Investments
9
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Municipal
Bonds
.........................................
$
—
$
1,017,009,654
$
—
$
1,017,009,654
Short-Term
Securities
Money
Market
Funds
......................................
10,831,785
—
—
10,831,785
$
10,831,785
$
1,017,009,654
$
—
$
1,027,841,439
Statement
of
Assets
and
Liabilities
(unaudited)

April
30,
2025
2025
I
Shares
Semi-Annual
Financial
Statements
and
Additional
Information
10
See
notes
to
financial
statements.
iShares
Short
Maturity
Municipal
Bond
Active
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
1,017,009,654‌
Investments,
at
value
—
affiliated
(b)
..........................................................................................
10,831,785‌
Receivables:
–‌
Capital
shares
sold
...................................................................................................
2,503,908‌
Dividends
—
affiliated
.................................................................................................
22,191‌
Interest
—
unaffiliated
.................................................................................................
11,228,055‌
Total
a
ssets
.........................................................................................................
1,041,595,593‌
LIABILITIES
Bank
overdraft
........................................................................................................
7,871‌
Payables:
–‌
Investments
purchased
................................................................................................
30,316,074‌
Investment
advisory
fees
...............................................................................................
197,423‌
Total
li
abilities
........................................................................................................
30,521,368‌
Commitments
and
contingent
liabilities
—‌
NET
ASSETS
........................................................................................................
$
1,011,074,225‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
1,009,511,074‌
Accumulated
earnings
..................................................................................................
1,563,151‌
NET
ASSETS
........................................................................................................
$
1,011,074,225‌
NET
ASSET
VALUE
Shares
outstanding
....................................................................................................
20,200,000‌
Net
asset
value
.......................................................................................................
$
50.05‌
Shares
authorized
.....................................................................................................
Unlimited
Par
value
...........................................................................................................
None
(a)
  Investments,
at
cost
—
unaffiliated
.................................................................................
$
1,018,190,821‌
(b)
  Investments,
at
cost
—
affiliated
...................................................................................
$
10,831,785‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
April
30,
2025
11
Statement
of
Operations
iShares
Short
Maturity
Municipal
Bond
Active
ETF
INVESTMENT
INCOME
–
Dividends
—
affiliated
................................................................................................
$
90,663‌
Interest
—
unaffiliated
................................................................................................
13,728,413‌
Total
investment
income
................................................................................................
13,819,076‌
EXPENSES
Investment
advisory
.................................................................................................
985,981‌
Interest
expense
...................................................................................................
18,810‌
Total
expenses
......................................................................................................
1,004,791‌
Net
investment
income
.................................................................................................
12,814,285‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(
2,710,323‌
)
Net
realized
gain
from:
Investments
—
unaffiliated
..........................................................................................
$
1,967‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
..........................................................................................
(
2,712,291‌
)
Net
realized
and
unrealized
loss
...........................................................................................
(2,710,324‌)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
10,103,961‌
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2025
I
Shares
Semi-Annual
Financial
Statements
and
Additional
Information
12
See
notes
to
financial
statements.
iShares
Short
Maturity
Municipal
Bond
Active
ETF
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
12,814,285‌
$
22,748,363‌
Net
realized
gain
..................................................................................
1,967‌
87,059‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(
2,712,291‌
)
4,310,450‌
Net
increase
in
net
assets
resulting
from
operations
.............................................................
10,103,961‌
27,145,872‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(12,005,742‌)
(b)
(22,639,189‌)
CAPITAL
SHARE
TRANSACTIONS
$
–‌
$
–‌
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
330,693,123‌
72,573,365‌
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
328,791,342‌
77,080,048‌
Beginning
of
period
..................................................................................
682,282,883‌
605,202,835‌
End
of
period
......................................................................................
$
1,011,074,225‌
$
682,282,883‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
13
Financial
Highlights
iShares
Short
Maturity
Municipal
Bond
Active
ETF
Six
Months
Ended
04/30/25
(unaudited)
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Net
asset
value,
beginning
of
period
.................
$
50.17
‌
$
49.81
‌
$
49.62
‌
$
50.11
‌
$
50.19
‌
$
50.13
‌
Net
investment
income
(a)
.........................
0
.81
‌
1
.75
‌
1
.51
‌
0
.37
‌
0
.17
‌
0
.51
‌
Net
realized
and
unrealized
gain
(loss)
(b)
...............
(0.15
)
0.36
‌
0.11
‌
(0.62
)
(0.07
)
0.13
‌
Net
increase
(decrease)
from
investment
operations
........
0.66
‌
2.11
‌
1.62
‌
(0.25
)
0.10
‌
0.64
‌
Distributions
from
net
investment
income
(c)
............
(0.78
)
(d)
(1.75
)
(1.43
)
(0.24
)
(0.18
)
(0.58
)
Net
asset
value,
end
of
period
......................
$
50.05
‌
$
50.17
‌
$
49.81
‌
$
49.62
‌
$
50.11
‌
$
50.19
‌
Total
Return
(e)
Based
on
net
asset
value
..........................
1.33
%
(f)
4.30
%
3.32
%
(0.51
)%
0.19
%
1.29
%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
.................................
0.25
%
(h)
0.25
%
0.25
%
0.25
%
0.25
%
0.25
%
Net
investment
income
............................
3.25
%
(h)
3.49
%
3.04
%
0.75
%
0.34
%
1.02
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
1,011,074
‌
$
682,283
‌
$
605,203
‌
$
520,960
‌
$
293,169
‌
$
291,091
‌
Portfolio
turnover
rate
(i)
............................
16
%
91
%
195
%
98
%
52
%
108
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(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,
if
any.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
14
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
fund
(the
“Fund”):
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.
The
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.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Cash:
The
Fund
may
maintain
cash
at
its
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Fund
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Fund
is
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statement
of
Operations. 
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
Fund.
Because
such
gains
or
losses
are
not
taxable
to
the
Fund
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
Fund’s
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
the
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
Fund.
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Segment
Reporting:
The
Fund
adopted
Financial
Accounting
Standards
Board
Update
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
("ASU
2023-07")
during
the
period.
The
Fund's
adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund's
financial
position
or
results
of
operations.
The
Chief
Financial
Officer
acts
as
the
Fund's
Chief
Operating
Decision
Maker
("CODM")
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
the
Fund.
The
CODM
has
concluded
that the
Fund
operates
as
a
single
operating
segment
since the
Fund
has
a
single
investment
strategy
as
disclosed
in
its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Fund's
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
The
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
the
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Fund’s
investment
adviser,
as
the
valuation
designee
for
the
Fund.
The
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
the
Fund’s
assets
and
liabilities:
Fixed-income
investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
provided
by
independent
dealers
or
third-party
pricing
services.
Pricing
services
generally
value
fixed
income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
of
securities
in
certain
asset
classes
may
trade
at
lower
prices
than
institutional
round
lots,
and
the
value
ultimately
realized
when
the
securities
are
sold
could
differ
from
the
prices
used
by
a fund.
The pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data,
credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
iShares
ETF
Diversification
Classification
Short
Maturity
Municipal
Bond
Active
........................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
15
Notes
to
Financial
Statements
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless BFA
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
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
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
–
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
–
Inputs
that
are
unobservable
and
significant
to
entire
fair
value
measurement
for
the
asset
or
liability
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
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
the
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by
BlackRock,
Inc.
("BlackRock"). Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Fund,
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 the
Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of the
Fund
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
the
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Fund.
ETF
Servicing
Fees:
The
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
Fund
does
not
pay
BRIL
for
ETF
Services.
Trustees and
Officers:
Certain
trustees
 and/or
officers of
the 
Trust
 are directors
and/or
officers
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the six
months ended April
30,
2025,
transactions
executed
by
the
Fund
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
The
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
Statement
of
Operations.
iShares
ETF
Investment
Advisory
Fees
Short
Maturity
Municipal
Bond
Active
.....................................................................................
0
.25‌
%
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Short
Maturity
Municipal
Bond
Active
.........................................................
$
107,631,749‌
$
83,088,389‌
$
—‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
16
5.
Purchases
and
Sales
For
the six
months ended
April
30,
2025,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
There
were
no
in-kind
transactions
for
the six
months ended
April
30,
2025.
6.
Income
Tax
Information
The
Fund
is
treated
as
an
entity
separate
from
the Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
the
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
Fund
as
of
April
30,
2025,
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
Fund’s
financial
statements.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Fund’s
NAV.
As
of
October
31,
2024,
the
Fund
had
non-expiring
capital
loss
carryforwards
of
$32,764
available
to
offset
future
realized
capital
gains.
As
of
April
30,
2025
,
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:
7.
Principal
Risks
In
the
normal
course
of
business,
the
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,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and
its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
Market
Risk: 
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from the
Fund’s
portfolio
will
decline
if the
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below the
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer’s
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
Counterparty
Credit
Risk:
The
Fund
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
Fund
manages
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
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments
.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
iShares
ETF
Purchases
Sales
Short
Maturity
Municipal
Bond
Active
.........................................................................
$
330,647,589‌
$
83,220,000‌
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Short
Maturity
Municipal
Bond
Active
....................................
$
1,029,022,657‌
$
1,055,500‌
$
(
2,236,718‌
)
$
(
1,181,218‌
)
Notes
to
Financial
Statements
(unaudited)
(continued)
17
Notes
to
Financial
Statements
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests. 
The
Fund
invests
a
significant
portion
of
its
assets
in
fixed-income
securities
and/or
uses
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
during
a
period
of
historically
low
interest
rates.
Changing
interest
rates
may
have
unpredictable
effects
on
markets,
may
result
in
heightened
market
volatility,
and
could
negatively
impact
the
Fund's
performance.
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.
8.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
the
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
the
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars. Authorized
Participants purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Fund
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Fund,
at
its
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
the
Fund’s
custodian,
and
the
Fund.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Fund
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statement
of
Assets
and
Liabilities.
9.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
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
04/30/25
Year
Ended
10/31/24
iShares
ETF
Shares
Amount
Shares
Amount
Short
Maturity
Municipal
Bond
Active
Shares
sold
7,050,000‌
$
353,207,909‌
3,800,000‌
$
190,315,274‌
Shares
redeemed
(
450,000‌
)
(
22,514,786‌
)
(
2,350,000‌
)
(
117,741,909‌
)
6,600,000‌
$
330,693,123‌
1,450,000‌
$
72,573,365‌
Additional
Information
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
18
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•  
Go
to
icsdelivery.com
.
• 
 If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed
in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions
as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent
Trustee
for
services
to
the
Funds
from
BFA's
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust's
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets,
when
available, at
iShares.com
.
Glossary
of
Terms
Used
in
these
Financial
Statements
19
Glossary
of
Terms
Used
in
these
Financial
Statements
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
AGC
Assured
Guaranty
Corp.
AGM
Assured
Guaranty
Municipal
Corp.
AMT
Alternative
Minimum
Tax
BAM
Build
America
Mutual
Assurance
Co.
BAM-TCRS
Build
America
Mutual
Assurance
Co.
-
Transferable
Custodial
Receipts
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
Bonds
GTD
Guaranteed
LIQ
Liquidity
Agreement
LOC
Letter
of
Credit
PSF
Permanent
School
Fund
Q-SBLF
Qualified
School
Bond
Loan
Fund
RB
Revenue
Bonds
SAW
State
Aid
Withholding
SBPA
Stand-by-Bond
Purchase
Agreement
SOFR
Secured
Overnight
Financing
Rate
TECP
Tax-Exempt
Commercial
Paper
VRDN
Variable
Rate
Demand
Notes
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Fund’s
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”).
©2025
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7
Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7
 
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7
 
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7
 
Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 16 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable
Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 19 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report
              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
              (a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares U.S. ETF Trust
 
By:     /s/ Jessica Tan                         
Jessica Tan
President (principal executive officer) of
          iShares U.S. ETF Trust
 
Date: June 24, 2025
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ Jessica Tan                         
Jessica Tan
President (principal executive officer) of
          iShares U.S. ETF Trust
 
Date: June 24, 2025
 
By:     /s/ Trent Walker                      
          Trent Walker
Treasurer and Chief Financial Officer (principal financial officer) of
iShares U.S. ETF Trust
 
Date: June 24, 2025