iShares U.S. ETF Trust

iShares ETF

Utilized

Bloomberg Roll Select Commodity Strategy

Commodity Curve Carry Strategy

GSCI Commodity Dynamic Roll Strategy


		OCTOBER 31, 2021

2021 Annual Report

iShares U.S. ETF Trust

iShares Bloomberg Roll Select Commodity Strategy ETF | CMDY | NYSE Arca

iShares Commodity Curve Carry Strategy ETF | CCRV | NYSE Arca

iShares Gold Strategy ETF | IAUF | Cboe BZX

iShares GSCI Commodity Dynamic Roll Strategy ETF | COMT | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, out-paced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2021

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	10.91%	42.91%

U.S. small cap equities (Russell 2000^® Index)	1.85	50.80

International equities (MSCI Europe, Australasia, Far East Index)	4.14	34.18

Emerging market equities (MSCI Emerging Markets Index)	(4.87)	16.96

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.06

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.59	(4.77)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.06	(0.48)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.33	2.76

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.36	10.53

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page

The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		13
Shareholder Expenses		13
Consolidated Schedules of Investments		14
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities		25
Consolidated Statements of Operations		26
Consolidated Statements of Changes in Net Assets		27
Consolidated Financial Highlights		29
Notes to Consolidated Financial Statements		33
Report of Independent Registered Public Accounting Firm		41
Important Tax Information (Unaudited)		42
Board Review and Approval of Investment Advisory Contract		43
Supplemental Information		49
Trustee and Officer Information		50
General Information		52
Glossary of Terms Used in this Report		53

Market Overview

iShares U.S. ETF Trust

Global Market Overview

Most global commodities gained sharply for the 12 months ended October 31, 2021 (“reporting period”). The S&P GSCI Index, a broad measure of global commodities performance, returned 73.68% in U.S. dollar terms for the reporting period. The coronavirus pandemic created significant disruptions to both supply and demand for commodities, and the swift global economic rebound drove the prices of many commodities substantially higher.

The U.S. economy continued to recover from the effects of the coronavirus pandemic, growing at a brisk pace during the reporting period. Driven by strong consumer spending and significant fiscal and monetary stimulus, U.S. growth outpaced most other developed economies. An ongoing COVID-19 vaccination program helped accelerate the easing of pandemic-related restrictions, and consumers returned to activities that were previously curtailed, such as travel, restaurant dining, and in-person shopping. Spending on goods also remained elevated, leading imports to rise to an all-time high.

However, this robust consumer demand combined with continued pandemic-related disruptions to the global supply chain led to significantly higher inflation. Similarly, in the labor market, the reopening economy and pent-up demand meant that hiring accelerated, and the unemployment rate fell substantially. Nonetheless, total employment remained notably below pre-pandemic levels and job openings reached a record high despite rising wages. Elevated demand drove an increase in industrial production, although rising commodities prices and supply delays constrained growth, particularly late in the reporting period. The emergence of the highly contagious Delta variant, which was responsible for a significant rise in cases beginning late in summer 2021, also weighed on the economy.

The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchasing program. The Fed indicated that it would begin slowing its bond buying activities late in 2021 and signaled that an interest rate increase could be possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

The improving economy and increased consumer spending led to higher demand for many commodities, including energy commodities. Oil prices rose steadily throughout the reporting period, and West Texas Intermediate crude prices reached their highest levels in seven years. While demand for oil increased, supply remained constrained, due in part to low levels of investment in new drilling projects. Natural gas prices also rose substantially, driven by low production and diminished inventories.

Industrial metals’ price movements varied depending on specific industrial conditions. Copper prices ended the reporting period significantly higher amid low output and increased demand for copper used in applications such as homebuilding and the production of electric vehicles (“EVs”). High demand for EVs also drove a large increase in the price of lithium, an essential metal used in EV battery production. However, iron ore prices declined amid China’s government-imposed limits on domestic steel production. Precious metal prices also varied, as gold declined slightly despite higher inflation, silver moved marginally higher, and platinum increased notably as demand grew for automobiles with catalytic converters, which use platinum as a component.

Most agricultural commodities rose amid low plantings in the U.S., higher transport costs, and unfavorable weather leading to poor harvests in many parts of the world. Meat prices increased, driven by continued labor shortages at meatpacking plants and higher demand from the rebounding restaurant industry.


4		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2021		iShares^® Bloomberg Roll Select Commodity Strategy ETF

Investment Objective

The iShares Bloomberg Roll Select Commodity Strategy ETF (the “Fund”) seeks to track the investment results of an index composed of a broad range of commodity exposures with enhanced roll selection, on a total return basis, as represented by the Bloomberg Roll Select Commodity Total Return Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Prior to 3/1/21, the Fund operated as a transparent active ETF. On 3/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		42.59	%		6.25	%		42.59	%		24.24	%
Fund Market		42.92			6.37			42.92			24.76
Index		43.98			6.78			43.98			26.42

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 4/3/18. The first day of secondary market trading was 4/5/18.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	1,144.40	$	1.46		$	1,000.00	$	1,023.80	$	1.38		0.27	%

^(a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.


F U N D S U M M A R Y		5


Fund Summary as of October 31, 2021 (continued)		iShares^® Bloomberg Roll Select Commodity Strategy ETF

Portfolio Management Commentary

The Fund advanced significantly for the reporting period, reflecting sharply higher prices for many commodities, particularly in the energy sector. The Fund gains exposure to a mix of commodities futures by investing in index futures designed to provide total returns consistent with investment in a broad variety of commodities. Exposure to the energy sector increased during the reporting period, and natural gas, West Texas Intermediate crude oil, and Brent crude oil futures were among the Fund’s largest investments at the end of the reporting period. Gold futures detracted from the Fund’s return, but, although exposure decreased, investment in gold futures remained substantial.

Natural gas futures contributed to the Fund’s performance amid the highest price levels in 13 years, as producers were slow to resume production despite the recovery in consumer demand. Summer of 2021 was warmer than usual which led to increased usage of air conditioning, stoking demand for natural gas. However, a warm autumn weighed on natural gas prices due to delayed demand for home heating.

Oil futures also contributed to the Fund’s return. Oil prices rose early in the reporting period amid news of successful COVID-19 vaccines. The subsequent global economic recovery and ebbing of pandemic-related disruptions drove further gains as demand rebounded. Toward the end of the reporting period, tightening oil supplies sent prices higher as oil producers rejected appeals to significantly boost production. Coal and gas shortages in China, India, and Europe raised demand for oil used in power generation, further bolstering prices.

In contrast, exposure to gold futures detracted from the Fund’s return as gold prices retreated from record highs attained in August 2020. Perceived as a less risky asset during times of political or economic uncertainty, gold’s allure diminished as COVID-19 vaccines became available, global economies reopened, and equities markets recovered, increasing the appeal of stocks relative to gold.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE


Investment Type	Percent of Net Assets
Commercial Paper		79.1	%
U.S. Treasury Obligations		8.0
Money Market Funds		9.3
Cash		4.5
Futures		5.1
Other assets, less liabilities		(6.0	)

COMMODITIES EXPOSURE


Sector Exposure^(a)	Percent of Exposure
Energy Futures		39.8	%
Agriculture Futures		27.2
Industrial Metals Futures		14.6
Precious Metals Futures		13.6
Livestock Futures		4.8

^(a)

Represents the sector allocation of the Bloomberg Roll Select Commodity Total Return Index.


6		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2021		iShares^® Commodity Curve Carry Strategy ETF

Investment Objective

The iShares Commodity Curve Carry Strategy ETF (the “Fund”) seeks to track the investment results of an index composed of commodities with the top ten highest ranking roll yields, on a total return basis, selected from a broad commodity universe, as represented by the ICE BofA Commodity Enhanced Carry Total Return Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Prior to 3/1/21, the Fund operated as a transparent active ETF. On 3/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		45.81	%		33.97	%		45.81	%		40.67	%
Fund Market		46.40			34.49			46.40			41.32
Index		46.53			34.79			46.53			41.54

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 9/1/20. The first day of secondary market trading was 9/3/20.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	1,153.80	$	2.12		$	1,000.00	$	1,023.20	$	1.99		0.39	%

^(a)


F U N D S U M M A R Y		7


Fund Summary as of October 31, 2021 (continued)		iShares^® Commodity Curve Carry Strategy ETF

Portfolio Management Commentary

The Fund advanced significantly for the reporting period, reflecting sharply higher prices for many commodities. The Fund gains exposure to a concentrated mix of commodities futures exhibiting positive carry (the difference between the price of an expiring futures contract and its replacement) by investing in commodity total return swaps. During the reporting period, the Fund sharply increased its exposure to the energy sector while eliminating its substantial investment in precious metals. At the end of the reporting period, the Fund’s largest exposures included Brent crude oil, copper, and corn.

Energy futures contributed the most to the Fund’s return, particularly Brent crude oil and West Texas Intermediate crude oil. Oil prices rose early in the reporting period amid the successful development of COVID-19 vaccines. The subsequent global economic recovery and ebbing of pandemic-related disruptions drove further gains as energy demand rebounded. Toward the end of the reporting period, tightening oil supplies sent prices higher as oil producers rejected appeals to significantly increase production. Coal and gas shortages in China, India, and Europe increased demand for oil used in power generation, further bolstering prices.

Copper and corn futures also contributed to the Fund’s performance. Copper prices reached record highs as the global economic recovery led to rising demand for industrial metals. Corn prices soared due to strong demand from China coupled with drought in the corn-growing regions of South America. Demand for the corn-based ethanol used in gasoline, increased as the reopening of economies led to increased demand for fuel.

Exposure to precious metals futures, which represented approximately 22% of the Fund on average at the start of the reporting period declined to 0% by the end of the reporting period. The allure of assets like gold, which are perceived as less-risky assets during times of political or economic uncertainty, declined as COVID-19 vaccines spread, global economies recovered, and gold prices retreated from record highs in August 2020.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE


Investment Type	Percent of Net Assets
Commercial Paper	64.6	%
U.S. Treasury Obligations	18.3
Money Market Funds	18.1
Cash	0.0	^(a)
Commodity Swaps	9.7
Other assets, less liabilities	(10.7	)

^(a)

Rounds to less than 0.1%.

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets
U.S. Treasury Bill, 0.06%, 11/30/21	7.5	%
U.S. Treasury Bill, 0.06%, 11/23/21	6.0
Amphenol Corp., 0.10%, 11/10/21	3.8
Banco Santander, 0.07%, 11/01/21	3.5
Sherwin Williams Co., 0.18%, 11/17/21	3.5


8		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2021		iShares^® Gold Strategy ETF

Investment Objective

The iShares Gold Strategy ETF (the “Fund”) seeks to track the investment results of an index that provides exposure, on a total return basis, to the price performance of gold, as represented by the Bloomberg Composite Gold Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Prior to 3/1/21, the Fund operated as a transparent active ETF. On 3/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(6.21	)%		8.24	%		(6.21	)%		30.94	%
Fund Market		(6.18	)		8.23			(6.18	)		30.92
Index		(5.85	)		8.44			(5.85	)		31.73

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 6/6/18. The first day of secondary market trading was 6/8/18.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$1,000.00	$	1,003.50	$	0.71		$	1,000.00	$	1,024.50	$	0.71		0.14	%

^(a)


F U N D S U M M A R Y		9


Fund Summary as of October 31, 2021 (continued)		iShares^® Gold Strategy ETF

Portfolio Management Commentary

The Fund declined during the reporting period, decreasing along with the price of gold. The Fund’s performance was approximately in line with the broader gold market, as represented by the Bloomberg Composite Gold Index, due to its composition as a mix of gold futures and exchange-traded products linked to or backed by gold.

Gold prices declined early in the reporting period as news of the successful development of COVID-19 vaccines raised hopes that coronavirus-related restrictions would ease, and economic activity would normalize. Perceived as a less risky investment during times of political or economic uncertainty, gold became less attractive as global economies recovered and access to vaccines spread. The strong recovery in global equities markets, in tandem with a strong rebound in employment, increased the appeal of stocks relative to gold.

U.S. economic stimulus policies and anticipation of a large infrastructure package boosted U.S. bond yields and weakened gold. The decline in gold prices accelerated after the Fed signaled that, to keep inflation in check, it would shift toward a more restrained monetary policy, possibly raising interest rates sooner than originally projected.

Rising yields on U.S. bonds reduced gold’s relative attractiveness as an investment. Because gold does not pay interest, its appeal decreases when yields rise as its carrying cost relative to bonds increases. Renewed strength in the U.S. dollar also pressured gold, as gold is priced in U.S. dollars, strength in the currency makes it more expensive for foreign investors to purchase gold.

Demand for physical gold generally decreased as investors sold investments in gold-backed exchange-traded funds. While demand for gold jewelry increased, it remained below pre-pandemic levels, particularly in the key Indian market, weighing on gold prices. The emergence of novel investment alternatives such as cryptocurrencies created an additional headwind for gold demand.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE


Investment Type	Percent of Net Assets
Money Market Funds	79.3	%
Grantor Trust	18.5
Cash	3.5
Futures	(1.3	)
Other assets, less liabilities	0.0	^(a)

COMMODITY-LINKED FUTURES


Sector Exposure^(b)	Percent of Net Assets
Gold Futures	75.5	%

^(a)

Rounds to less than 0.1%

^(b)

Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.


10		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2021		iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Investment Objective

The iShares GSCI Commodity Dynamic Roll Strategy ETF (the “Fund”) (formerly the iShares Commodities Select Strategy ETF) seeks to track the investment results of an index composed of a broad range of commodity exposures with enhanced roll selection, on a total return basis, as represented by the S&P GSCI Dynamic Roll (USD) Total Return Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Prior to 3/1/21, the Fund operated as a transparent active ETF. On 3/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		54.75	%		6.93	%		(1.11	)%		54.75	%		39.79	%		(7.54	)%
Fund Market		55.49			6.96			(1.09	)		55.49			39.99			(7.44	)
Index		55.33			6.61			(4.07	)		55.33			37.71			(25.38	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 10/15/14. The first day of secondary market trading was 10/16/14.

Index performance through January 30, 2020 reflects the performance of the S&P GSCI Dynamic Roll Reduced Energy 70/30 Futures/Equity Blend Total Return Index. Index performance beginning on January 31, 2020 reflects the performance of the S&P GSCI Dynamic Roll (USD) Total Return Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	1,163.90	$	2.62		$	1,000.00	$	1,022.80	$	2.45		0.48	%

^(a)


F U N D S U M M A R Y		11


Fund Summary as of October 31, 2021 (continued)		iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Portfolio Management Commentary

The Fund advanced significantly for the reporting period, reflecting sharply higher prices for many commodities. The Fund uses a mix of commodities futures designed to provide total returns consistent with investment in a broad variety of commodities. Some of the Fund’s largest futures investments included energy commodities, such as West Texas Intermediate crude oil, Brent crude oil, and gasoil, as well as copper.

Oil futures contributed to the Fund’s performance, advancing as prices rose early in the reporting period amid the development of successful COVID-19 vaccines, which raised expectations that economies would recover from the pandemic’s disruptions. Supply constraints drove prices higher as OPEC and its allies rejected appeals to significantly increase oil production amid rising demand. A February 2021 winter storm in Texas that froze the state’s oil production exacerbated supply issues and reduced inventory. Although fears that novel coronavirus strains could disrupt the economic recovery occasionally weighed on oil prices, the overall trajectory remained positive. Oil prices reached multi-year highs toward the end of the reporting period.

Natural gas futures contributed to the Fund’s performance as prices reached their highest level in 13 years. Producers were slow to resume production despite the recovery in consumer demand. Summer of 2021 was warmer than usual which led to increased usage of air conditioning, stoking demand for natural gas. However, a warm autumn weighed on natural gas prices due to delayed demand for home heating.

Industrial metals futures such as copper also contributed to the Fund’s performance. Copper prices reached record highs as the global economic recovery led to rising demand for industrial metals. Increased demand for cleaner energy also supported copper prices, as the metal is used heavily in electric vehicles, solar panels, and wind turbines. In contrast, exposure to gold futures detracted from the Fund’s return as the precious metal’s allure diminished amid the strengthening of global economies.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE


Investment Type	Percent of Net Assets
Commercial Paper	74.8	%
U.S. Treasury Obligations	11.2
Certificates of Deposit	1.5
Money Market Funds	8.2
Cash	5.1
Futures	3.0
Other assets, less liabilities	(3.8	)

COMMODITY-LINKED FUTURES


Sector Exposure^(a)	Percent of Net Assets
Energy Futures	58.8	%
Agriculture Futures	18.6
Industrial Metals Futures	11.8
Livestock Futures	6.1
Precious Metals Futures	4.7

^(a)

Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.


12		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		13

Consolidated Schedule of Investments

October 31, 2021

iShares^® Bloomberg Roll Select Commodity Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Paper

Amcor Finance (USA) Inc., 0.13%, 11/15/21^(a)	$	6,000	$	5,999,623
Amcor Flexibles North America, 0.15%, 11/30/21^(a)		8,000		7,998,926
American Honda Finance Corp.
0.13%, 11/18/21^(a)		4,000		3,999,716
0.16%, 12/21/21^(a)		800		799,818
Amphenol Corp., 0.10%, 11/10/21^(a)		5,900		5,899,803
AT&T Inc., 0.13%, 11/09/21^(a)		6,200		6,199,754
Banco Santander
0.07%, 11/01/21^(a)		4,500		4,499,973
0.09%, 12/01/21^(a)		4,650		4,649,616
BASF Aktiengesellsch, 0.11%, 12/03/21^(a)		5,000		4,999,465
BASF SE
0.08%, 11/02/21^(a)		700		699,994
0.11%, 12/06/21^(a)		2,500		2,499,710
Bayerische Landesbank/New York, 0.08%, 12/01/21^(a)		6,500		6,499,511
BPCE SA, 0.07%, 11/23/21^(a)		6,000		5,999,713
Britannia Funding Co. LLC, 0.18%, 01/19/22^(a)		2,500		2,499,078
Charta LLC, 0.13%, 11/23/21^(a)		700		699,954
DBS Bank Ltd., 0.09%, 11/12/21^(a)		1,000		999,965
DNB nor Bank ASA
0.05%, 11/23/21^(a)		1,700		1,699,943
0.05%, 12/06/21^(a)		6,000		5,999,664
Electricite De France SA, 0.11%, 11/10/21^(a)		2,000		1,999,927
Enbridge (US) Inc.
0.13%, 11/02/21^(a)		3,100		3,099,955
0.19%, 01/06/22^(a)		5,000		4,998,218
Federation Des Caisses
0.06%, 11/09/21^(a)		2,800		2,799,951
0.07%, 11/19/21^(a)		7,000		6,999,698
Goldman Sachs International, 0.11%, 12/01/21^(a)		7,050		7,049,289
Jupiter Sect Co. LLC, 0.14%, 12/02/21^(a)		1,000		999,908
Lime Funding, 0.18%, 11/01/21^(a)		2,500		2,499,983
Lime Funding LLC, 0.21%, 01/07/22^(a)		6,500		6,498,357
Macquarie bank Ltd., 0.11%, 11/30/21^(a)		4,300		4,299,576
Macquarie Bank Ltd., 0.13%, 01/05/22^(a)		3,300		3,299,221
Mitsubishi UFJ Trust & Banking Corp., 0.08%, 12/03/21^(a)		6,200		6,199,518
Mizuho Bank, 0.11%, 11/29/21^(a)		2,700		2,699,744
Nationwide Building Society, 0.11%, 01/13/22^(a)		1,400		1,399,687
NextEra Energy Capital Holdings Inc., 0.13%, 11/10/21^(a)		2,400		2,399,899


Security	Par/ Shares (000)		Value

Nieuw Amsterdam, 0.11%, 11/02/21^(a)	$	750	$	749,993
Nutrien Ltd.
0.15%, 11/02/21^(a)		3,500		3,499,940
0.17%, 12/23/21^(a)		5,000		4,998,724
Sherwin Williams Co., 0.18%, 11/17/21^(a)		6,000		5,999,421
Skandin Ens Banken AG
0.07%, 12/03/21^(a)		2,600		2,599,818
0.08%, 12/17/21^(a)		4,000		3,999,586
Suncorp Group Ltd., 0.14%, 11/23/21^(a)		2,000		1,999,800
Swedbank, 0.05%, 12/07/21^(a)		4,000		3,999,770
VW Credit Inc.
0.14%, 11/17/21^(a)		3,000		2,999,783
0.19%, 01/05/22^(a)		4,500		4,498,428


Total Commercial Paper — 79.1% (Cost: $165,231,268)				165,232,420


U.S. Treasury Obligations
U.S. Treasury Bill
0.06%, 11/26/21^(a)		3,400		3,399,868
0.06%, 11/30/21^(a)		13,200		13,199,335


Total U.S. Treasury Obligations — 8.0% (Cost: $16,599,259)				16,599,203


Money Market Funds

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		19,480		19,480,000


Total Money Market Funds — 9.3% (Cost: $19,480,000)				19,480,000


Total Investments in Securities — 96.4% (Cost: $201,310,527)				201,311,623

Other Assets, Less Liabilities — 3.6%				7,532,115


Net Assets — 100.0%			$	208,843,738

^(a)	Rates are discount rates or a range of discount rates as of period end.

^(b)	Affiliate of the Fund.

^(c)	Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	5,970,000	$	13,510,000	^(a)	$	—	$	—	$	—	$	19,480,000		19,480	$	2,137	$	—

^(a)	Represents net amount purchased (sold).


14		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (continued)

October 31, 2021

iShares^® Bloomberg Roll Select Commodity Strategy ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Bloomberg Roll Select Index

7,628

12/15/21

206,581

10,651,076

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:


	Commodity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	10,651,076

^(a)

Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended October 31, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:


	Commodity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	19,938,136


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	10,876,571

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	103,174,430

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated 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.


	Level 1		Level 2		Level 3		Total
Investments
Assets
Commercial Paper	$	—	$	165,232,420	$	—	$	165,232,420
U.S. Treasury Obligations		—		16,599,203		—		16,599,203
Money Market Funds		19,480,000		—		—		19,480,000

	$	19,480,000	$	181,831,623	$	—	$	201,311,623

Derivative financial instruments^(a)
Assets
Futures Contracts	$	10,651,076	$	—	$	—	$	10,651,076

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		15

Consolidated Schedule of Investments

October 31, 2021

iShares^® Commodity Curve Carry Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Commercial Paper

Amcor Flexibles North America Inc., 0.15%, 11/16/21^(a)	$	300	$	300,219
American Honda Finance Corp., 0.16%, 12/21/21^(a)		600		599,863
Amphenol Corp., 0.10%, 11/10/21^(a)		1,500		1,499,950
AT&T Inc., 0.13%, 11/09/21^(a)		1,100		1,099,715
Banco Santander, 0.07%, 11/01/21		1,400		1,399,992
Barton Capital Corp., 0.09%, 11/16/21^(a)		1,000		999,954
BASF Aktiengesellsch, 0.11%, 12/03/21^(a)		1,000		999,893
BASF SE, 0.11%, 12/16/21^(a)		500		499,924
Bayerische Landesbank/New York, 0.08%, 12/01/21^(a)		1,300		1,299,902
BPCE SA, 0.07%, 11/23/21^(a)		1,000		999,952
DBS Bank Ltd., 0.09%, 11/12/21^(a)		1,000		999,965
DNB nor Bank ASA, 0.05%, 12/06/21^(a)		1,300		1,299,927
Enbridge (US) Inc., 0.19%, 01/06/22^(a)		1,000		999,643
Goldman Sachs International, 0.11%, 12/01/21^(a)		1,400		1,399,859
ING (U.S.) Funding LLC, 0.09%, 12/17/21^(a)		600		599,927
La Fayette Asset Sec, 0.12%, 12/08/21^(a)		500		499,945
Lime Funding, 0.18%, 11/01/21		250		249,998
Macquarie bank Ltd., 0.11%, 11/30/21^(a)		500		499,951
Matchpoint Finance PLC, 0.16%, 12/07/21^(a)		1,300		1,299,862
Mitsubishi UFJ Trust & Banking Corp., 0.08%, 12/03/21^(a)		1,300		1,299,899
NextEra Energy Capital Holdings Inc., 0.14%, 11/17/21^(a)		300		299,978
Nieuw Amsterdam, 0.11%, 11/02/21^(a)		1,100		1,099,990
Nutrien Ltd., 0.17%, 12/23/21^(a)		1,000		999,745
Sherwin Williams Co., 0.18%, 11/17/21^(a)		1,400		1,399,865
Skandin Ens Banken AG, 0.08%, 12/17/21^(a)		1,300		1,299,866
Swedbank, 0.05%, 12/07/21^(a)		1,200		1,199,931
VW Credit Inc., 0.14%, 11/17/21^(a)		500		499,964


Total Commercial Paper — 64.6% (Cost: $25,647,438)				25,647,679


Security	Par/ Shares (000)		Value


U.S. Treasury Obligations

U.S. Treasury Bill
0.04%, 12/02/21	$	965	$	964,948
0.06%, 11/23/21		2,400		2,399,916
0.06%, 11/26/21		900		899,965
0.06%, 11/30/21		3,000		2,999,849


Total U.S. Treasury Obligations — 18.3% (Cost: $7,264,678)				7,264,678


Money Market Funds

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		7,190		7,190,000


Total Money Market Funds — 18.1% (Cost: $7,190,000)				7,190,000


Total Investments in Securities — 101.0% (Cost: $40,102,116)				40,102,357

Other Assets, Less Liabilities — (1.0)%				(392,754	)


Net Assets — 100.0%			$	39,709,603

^(a)	Rates are discount rates or a range of discount rates as of period end.

^(b)	Affiliate of the Fund.

^(c)	Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	7,190,000	^(a)	$	—	$	—	$	—	$	7,190,000		7,190	$	535	$	—

^(a)

Represents net amount purchased (sold).

OTC Total Return Swaps


Paid by the Fund		Received by the Fund			Counterparty	Effective Date		Termination Date		Notional Amount (000)		Value		Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Rate^(a)	Frequency	Reference^(b)		Frequency	Counterparty	Effective Date		Termination Date		Notional Amount (000)		Value		Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
0.06%	At Termination		ICE BofA Commodity Enhanced Carry Total Return Index	At Termination	Citibank N.A.		N/A		09/01/22		10,289	$	1,102,915	$	(3,232	)	$	1,106,147
0.06%	At Termination		ICE BofA Commodity Enhanced Carry Total Return Index	At Termination	Merrill Lynch International		N/A		09/01/22		25,518		2,732,432		(10,858	)		2,743,290

												$	3,835,347	$	(14,090	)	$	3,849,437

^(a)

Represents 3-month Treasury Bill. Rate shown is the rate in effect as of period-end.

^(b)

Please refer to the reference entity below for more details.


16		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (continued)

October 31, 2021

iShares^® Commodity Curve Carry Strategy ETF

Reference Entity

The ICE BofA Commodity Enhanced Carry Total Return Index consists of futures contracts under each counterparty. The following table represents the individual long positions and related weighting of the future contracts underlying the ICE BofA Commodity Enhanced Carry Total Return Index as of October 31, 2021.



Futures contracts	Maturity date		Weight %
Brent Crude Oil		10/31/2022		24.3	%
Copper		12/20/2022		14.1
Corn		12/14/2022		11.8
Gas Oil		12/12/2022		11.1
Wheat		07/14/2022		7.2
RBOB Gasoline		05/31/2022		6.1
Sugar		09/30/2022		5.9
WTI Crude Oil		11/21/2022		5.5
Aluminum		12/20/2022		4.4
Soybeans		01/14/2022		4.2
Nickel		12/20/2022		3.2
Zinc		10/20/2022		1.4
Natural Gas		11/28/2022		0.9

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps


	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps		$—		$(14,090)		$3,849,437		$—

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:


	Commodity Contracts
Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	3,849,437


Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	14,090

For the period ended October 31, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:


	Commodity Contracts
Net Realized Gain (Loss) from:
Swaps	$	8,349,687


Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	4,878,167

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Total return swaps:
Average notional value	$	30,878,552

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		17

Consolidated Schedule of Investments (continued)

October 31, 2021

iShares^® Commodity Curve Carry Strategy ETF

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets		Liabilities
Derivative Financial Instruments:
Swaps - OTC^(a)	$	3,849,437	$	14,090

Total derivative assets and liabilities in the Statement of Assets and Liabilities		3,849,437		14,090
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—

Total derivative assets and liabilities subject to an MNA		3,849,437		14,090

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:


Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received	^(b)		Net Amount of Derivative Assets
Citibank N.A.	$	1,106,147	$	(3,232	)	$	—	$	(1,102,915	)	$	—
Merrill Lynch International		2,743,290		(10,858	)		—		(2,732,432	)		—

	$	3,849,437	$	(14,090	)	$	—	$	(3,835,347	)	$	—


Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged			Net Amount of Derivative Liabilities
Citibank N.A.	$	3,232	$	(3,232	)	$	—	$	—		$	—
Merrill Lynch International		10,858		(10,858	)		—		—			—

	$	14,090	$	(14,090	)	$	—	$	—		$	—

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Investments
Assets
Commercial Paper	$	—	$	25,647,679	$	—	$	25,647,679
U.S. Treasury Obligations		—		7,264,678		—		7,264,678
Money Market Funds		7,190,000		—		—		7,190,000

	$	7,190,000	$	32,912,357	$	—	$	40,102,357

Derivative financial instruments^(a)
Assets
Swaps	$	—	$	3,849,437	$	—	$	3,849,437

^(a)

Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements


18		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments

October 31, 2021

iShares^® Gold Strategy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Grantor Trust

Grantor Trust — 18.5%
iShares Gold Trust^(a)(b)		163,344	$	5,542,262


Total Grantor Trust (Cost: $5,195,447)				5,542,262


Short-Term Investments

Money Market Funds — 79.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(c)		23,797,000		23,797,000


Total Short-Term Investments — 79.3% (Costs: $23,797,000)				23,797,000


Total Investments in Securities — 97.8% (Cost: $28,992,447)				29,339,262

Other Assets, Less Liabilities — 2.2%				656,386


Net Assets—100.0%			$	29,995,648

^(a)

Affiliate of the Fund.

^(b)

Non-income producing security.

^(c)

Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/21		Shares Held at 10/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	17,047,000	$	6,750,000	^(a)	$	—		$	—		$	—		$	23,797,000		23,797,000	$	2,485	$	—
iShares Gold Trust		3,698,740		9,194,872			(6,929,610	)		(221,953	)		(199,787	)		5,542,262		163,344		—		—

									$	(221,953	)	$	(199,787	)	$	29,339,262			$	2,485	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Gold 100 OZ

127

12/29/21

22,656

(395,092)


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		19

Consolidated Schedule of Investments (continued)

October 31, 2021

iShares^® Gold Strategy ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:


	Commodity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	395,092

^(a)

For the period ended October 31, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:


	Commodity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,570,544	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts.	$	298,874

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	19,209,362

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total
Investments
Assets
Grantor Trust	$	5,542,262		$	—	$	—	$	5,542,262
Money Market Funds		23,797,000			—		—		23,797,000

	$	29,339,262		$	—	$	—	$	29,339,262

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(395,092	)	$	—	$	—	$	(395,092	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements


20		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments

October 31, 2021

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Certificates of Deposit

Bank Of Montreal, 0.16%, 01/03/22	$	6,500	$	6,500,548
Bank of Nova Scotia/Houston, 0.19%, 05/18/22, (SOFR + 0.180%)^(a)		5,000		5,002,082
Credit Suisse AG/New York NY
0.24%, 02/15/22		2,000		2,000,507
0.28%, 04/08/22, (SOFR + 0.220%)^(a)		3,100		3,101,745
0.35%, 05/09/22^(a)		5,000		5,005,045
Natixis/New York, 0.23%, 06/17/22, (SOFR + 0.180%)^(a)		10,000		10,004,052
Sumitomo Mitsui Banking Corp./New York, 0.23%, 07/29/22^(a)		5,000		5,000,453
Toronto-Dominion Bank (The), 0.23%, 05/23/22, (SOFR + 0.180%)^(a)(b)		5,000		5,000,000


Total Certificates of Deposit — 1.5% (Cost: $41,598,672)				41,614,432


Commercial Paper

Amcor Finance (USA) Inc., 0.13%, 11/15/21		12,300		12,299,227
Amcor Flexibles North America, 0.15%, 11/30/21		42,000		41,994,363
Amcor Flexibles North America Inc., 0.15%, 11/16/21		29,700		29,697,847
American Honda Finance Corp.
0.16%, 12/21/21		22,250		22,244,923
0.17%, 01/11/22		27,395		27,385,202
Amphenol Corp., 0.10%, 11/10/21		31,100		31,098,963
ASB Finance Ltd., 0.02%, 08/01/22		8,000		7,998,564
AT&T Inc.
0.13%, 11/09/21		25,000		24,999,007
0.18%, 02/14/22		50,000		49,972,400
Banco Santander, 0.07%, 11/01/21		5,000		4,999,970
Banco Santander SA
0.07%, 11/04/21		55,650		55,649,314
0.08%, 11/19/21		20,000		19,999,020
BASF Aktiengesellsch
0.11%, 12/03/21		40,000		39,995,722
0.11%, 12/15/21		45,000		44,993,361
BASF SE, 0.11%, 12/16/21		25,000		24,996,200
Bayerische Landesbank/New York
0.08%, 12/01/21		30,000		29,997,745
0.09%, 12/10/21		13,000		12,998,665
Bedford Row Funding Corp., 0.28%, 04/07/22^(a)(b)		5,000		5,002,445
BPCE SA, 0.07%, 11/23/21		50,000		49,997,604
Britannia Funding Co. LLC, 0.18%, 01/19/22		37,750		37,736,070
Cedar Springs Capital Co., 0.17%, 12/01/21		10,000		9,999,111
Charta LLC, 0.13%, 11/23/21		26,600		26,598,245
Danaher Corp., 0.13%, 11/02/21		10,000		9,999,856
DBS Bank Ltd., 0.16%, 03/02/22		30,000		29,983,363
DBS BANK Ltd., 0.10%, 12/01/21		25,000		24,997,708
Dexia Credit Local SA, 0.14%, 03/01/22		13,000		12,993,693
DNB nor Bank ASA
0.05%, 11/23/21		16,550		16,549,448
0.05%, 12/06/21		65,000		64,996,364
Enbridge (US) Inc.
0.13%, 11/02/21		46,900		46,899,323
0.19%, 01/06/22		25,000		24,991,088
Federation Des Caisses, 0.06%, 11/09/21		25,000		24,999,565
Fidelity National Information Services Inc., 0.14%, 11/18/21		30,600		30,597,654
FMS Wertmanagement, 0.09%, 12/10/21		66,000		65,993,070
Goldman Sachs International, 0.11%, 12/01/21		50,000		49,994,958


Security	Par (000)		Value


ING (U.S.) Funding LLC, 0.09%, 12/17/21	$	45,139	$	45,133,470
Ionic Capital II Trust, 0.13%, 02/04/22		71,175		71,149,230
Korea Development Bank (The), 0.14%, 03/14/22		13,300		13,292,915
La Fayette Asset Sec, 0.12%, 12/08/21		15,150		15,148,334
Landesbank Baden-Wuerttemberg
0.11%, 11/19/21		24,000		23,998,516
0.16%, 03/14/22		25,000		24,985,361
Lime Funding, 0.18%, 11/01/21		25,250		25,249,828
Lloyds Bacnk Corp., 0.14%, 03/07/22		18,000		17,990,776
Macquarie Bank Ltd., 0.13%, 01/05/22		99,900		99,876,413
Mitsubishi UFJ Financial Group Inc., 0.08%, 12/07/21		28,900		28,897,495
Mitsubishi UFJ Trust & Banking Corp., 0.08%, 12/03/21		34,750		34,747,297
Mizuho Bank, 0.11%, 11/29/21		47,300		47,295,520
Mont Blanc Capital Corp., 0.18%, 02/10/22		25,291		25,281,137
National Bank of Canada
0.10%, 01/07/22		10,000		9,998,056
0.12%, 01/24/22		25,600		25,592,762
0.12%, 02/07/22		15,000		14,994,782
Nationwide Building Society, 0.11%, 01/13/22		18,900		18,895,771
NextEra Energy Capital Holdings Inc.
0.13%, 11/10/21		35,000		34,998,530
0.14%, 11/17/21		20,000		19,998,554
0.16%, 12/06/21		15,000		14,997,546
Nieuw Amsterdam
0.11%, 11/02/21		30,000		29,999,723
0.11%, 11/12/21		52,850		52,848,171
0.12%, 12/07/21		35,000		34,996,663
Nutrien Ltd.
0.15%, 11/02/21		8,000		7,999,863
0.16%, 12/16/21		25,000		24,994,600
0.17%, 12/23/21		19,000		18,995,152
Royal Bank of Canada, 0.18%, 04/29/22		7,400		7,393,229
Sheffield Receivable, 0.18%, 12/06/21		40,000		39,995,862
Skandin Ens Banken AG
0.08%, 12/16/21		21,450		21,447,826
0.08%, 12/17/21		1,800		1,799,814
0.08%, 12/27/21		25,000		24,996,722
Skandinaviska Enskilda Banken AB, 0.08%, 12/14/21		4,600		4,599,559
Sumitomo Mitsui Trust Bank
0.08%, 12/02/21		40,000		39,996,940
0.11%, 01/12/22		18,950		18,945,855
Swedbank, 0.05%, 12/07/21		52,550		52,546,983
Toronto Dominion Bank, 0.17%, 04/11/22		25,000		24,980,753
Virginia Electric and Power, 0.13%, 11/08/21		25,000		24,999,118
VW Credit Inc.
0.14%, 11/17/21		1,850		1,849,866
0.19%, 01/05/22		45,500		45,484,100
Westpac Banking Corp., 0.28%, 08/30/22		7,000		6,983,454


Total Commercial Paper — 74.8% (Cost: $2,111,993,563)				2,112,026,604


U.S. Treasury Obligations
U.S. Treasury Bill
0.06%, 11/23/21		26,800		26,799,058
0.06%, 11/26/21		21,000		20,999,183
0.06%, 11/30/21		269,850		269,836,413


Total U.S. Treasury Obligations — 11.2% (Cost: $317,635,567)				317,634,654


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		21

Consolidated Schedule of Investments (continued)

October 31, 2021

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value


Money Market Funds

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		233,060	$	233,060,095


Total Money Market Funds — 8.2% (Cost: $233,060,095)				233,060,095


Total Investments in Securities — 95.7% (Cost: $2,704,287,897)				2,704,335,785

Other Assets, Less Liabilities — 4.3%				120,449,617


Net Assets — 100.0%			$	2,824,785,402

^(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)	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.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

Affiliates



Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	10,605,095	$	222,455,000	^(a)	$	—	$	—	$	—	$	233,060,095		233,060	$	9,907	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Gasoline RBOB		1,223		11/30/21	$	121,722	$	2,202,626
LME Lead		293		12/13/21		17,624		1,331,505
LME Nickel		225		12/13/21		26,306		2,105,486
Lean Hogs		1,567		12/14/21		47,684		32,582
Wheat KCBT		1,158		12/14/21		45,495		7,069,677
Silver		115		12/29/21		13,771		(1,869,914	)
Brent Crude Oil		6,035		12/30/21		498,189		5,744,560
Cattle Feeder		364		01/27/22		28,415		(1,010,981	)
Cotton		734		03/09/22		40,818		8,196,938
LME Zinc		367		03/14/22		30,736		1,367,655
Cocoa		318		03/16/22		8,204		41,594
Natural Gas		2,447		03/29/22		99,030		29,451,321
NY Harbor ULSD (Heat Oil)		1,208		03/31/22		120,320		13,377,574
Low Sulphur Gasoil		2,245		05/12/22		151,986		(2,484,069	)
Coffee		358		05/18/22		27,817		2,256,380
WTI Crude		8,969		06/21/22		669,356		(1,465,044	)
Gold 100 OZ		675		06/28/22		120,764		(1,805,335	)
Live Cattle		1,849		06/30/22		97,757		1,331,140
Sugar		2,314		06/30/22		48,413		(175,369	)
Wheat		2,516		07/14/22		97,589		5,834,775
Soybean		1,584		11/14/22		98,248		228,639
Corn		5,740		12/14/22		157,850		8,636,991
Aluminum		1,717		12/19/22		113,730		9,499,446


22		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (continued)

October 31, 2021

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Futures Contracts (continued)


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
LME Copper		615		12/19/22	$	144,118	$	(6,398,701	)

							$	83,499,476

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:


	Commodity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	98,708,889


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	15,209,413

^(a)

For the period ended October 31, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:


	Commodity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	350,512,061


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	88,272,742

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,322,910,532

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Fair Value Hierarchy as of Period End


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		23

Consolidated Schedule of Investments (continued)

October 31, 2021

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2		Level 3		Total
Investments
Assets
Certificates of Deposit	$	—		$	41,614,432	$	—	$	41,614,432
Commercial Paper		—			2,112,026,604		—		2,112,026,604
U.S. Treasury Obligations		—			317,634,654		—		317,634,654
Money Market Funds		233,060,095			—		—		233,060,095

	$	233,060,095		$	2,471,275,690	$	—	$	2,704,335,785

Derivative financial instruments^(a)
Assets
Futures Contracts	$	98,708,889		$	—	$	—	$	98,708,889
Liabilities
Futures Contracts		(15,209,413	)		—		—		(15,209,413	)

	$	83,499,476		$	—	$	—	$	83,499,476

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements


24		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Statements of Assets and Liabilities

October 31, 2021


	iShares Bloomberg Roll Select Commodity Strategy ETF		iShares Commodity Curve Carry Strategy ETF		iShares Gold Strategy ETF			iShares GSCI Commodity Dynamic Roll Strategy ETF


ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	181,831,623	$	32,912,357	$	—		$	2,471,275,690
Affiliated^(b)		19,480,000		7,190,000		29,339,262			233,060,095
Cash		2,899,286		14,974		—			—
Cash pledged:
Futures contracts		6,587,000		—		1,059,000			144,442,640
Receivables:
Variation margin on futures contracts		—		—		—			5,525,746
Dividends		77		32		93			18,861
Unrealized appreciation on:
OTC swaps		—		3,849,437		—			—

Total assets		210,797,986		43,966,800		30,398,355			2,854,323,032


LIABILITIES
Bank overdraft		—		—		161,278			5,794,741
Cash received:
Collateral — OTC derivatives		—		4,230,000		—			—
Payables:
Variation margin on futures contracts		1,908,731		—		237,499			—
Capital shares redeemed		—		—		—			22,544,490
Investment advisory fees		45,517		13,107		3,930			1,198,399
Swap premiums received		—		14,090		—			—

Total liabilities		1,954,248		4,257,197		402,707			29,537,630


NET ASSETS	$	208,843,738	$	39,709,603	$	29,995,648		$	2,824,785,402


NET ASSETS CONSIST OF:
Paid-in capital	$	167,538,270	$	27,606,668	$	30,086,618		$	2,362,128,096
Accumulated earnings (loss)		41,305,468		12,102,935		(90,970	)		462,657,306

NET ASSETS	$	208,843,738	$	39,709,603	$	29,995,648		$	2,824,785,402


Shares outstanding		3,500,000		1,400,000		550,000			75,500,000


Net asset value	$	59.67	$	28.36	$	54.54		$	37.41


Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited


Par value		None		None		None			None


^(a) Investments, at cost — Unaffiliated	$	181,830,527	$	32,912,116	$	—		$	2,471,227,802
^(b) Investments, at cost — Affiliated	$	19,480,000	$	7,190,000	$	28,992,447		$	233,060,095

See notes to Consolidated Financial Statements


C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S		25

Consolidated Statements of Operations

Year Ended October 31, 2021


	iShares Bloomberg Roll Select Commodity Strategy ETF			iShares Commodity Curve Carry Strategy ETF			iShares Gold Strategy ETF			iShares GSCI Commodity Dynamic Roll Strategy ETF


INVESTMENT INCOME
Dividends — Affiliated	$	2,137		$	535		$	2,485		$	9,907
Interest — Unaffiliated		105,742			38,293			—			1,372,458

Total investment income		107,879			38,828			2,485			1,382,365


EXPENSES
Investment advisory fees		277,677			139,899			62,820			6,422,250
Miscellaneous		—			—			—			173

Total expenses		277,677			139,899			62,820			6,422,423

Less:
Investment advisory fees waived		(8,682	)		(4,433	)		(29,651	)		(7,517	)

Total expenses after fees waived		268,995			135,466			33,169			6,414,906

Net investment loss		(161,116	)		(96,638	)		(30,684	)		(5,032,541	)


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		442			274			—			599,035
Investments — Affiliated		—			—			(221,953	)		—
In-kind redemptions — Unaffiliated		—			—			—			266
Futures contracts		19,938,136			—			(1,570,544	)		350,512,061
Foreign currency transactions		—			—			—			14
Swaps		—			8,349,687			—			—

Net realized gain (loss)		19,938,578			8,349,961			(1,792,497	)		351,111,376

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		22			(433	)		—			32,603
Investments — Affiliated		—			—			(199,787	)		—
Futures contracts		10,876,571			—			298,874			88,272,742
Foreign currency translations		—			—			—			2
Swaps		—			4,878,167			—			—

Net change in unrealized appreciation (depreciation)		10,876,593			4,877,734			99,087			88,305,347

Net realized and unrealized gain (loss)		30,815,171			13,227,695			(1,693,410	)		439,416,723

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	30,654,055		$	13,131,057		$	(1,724,094	)	$	434,384,182

See notes to Consolidated Financial Statements


26		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Statements of Changes in Net Assets


	iShares Bloomberg Roll Select Commodity Strategy ETF						iShares Commodity Curve Carry Strategy ETF
		Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/21			Period From 09/01/20 to 10/31/20	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(161,116	)	$	157,227		$	(96,638	)	$	(13,804	)
Net realized gain (loss)		19,938,578			(63,206	)		8,349,961			(15,238	)
Net change in unrealized appreciation (depreciation)		10,876,593			(413,028	)		4,877,734			(1,028,056	)

Net increase (decrease) in net assets resulting from operations		30,654,055			(319,007	)		13,131,057			(1,057,098	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(69,482	)		(598,892	)		—			—


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		136,346,700			15,826,208			(2,599,830	)		30,235,474


NET ASSETS
Total increase in net assets		166,931,273			14,908,309			10,531,227			29,178,376
Beginning of period		41,912,465			27,004,156			29,178,376			—

End of period	$	208,843,738		$	41,912,465		$	39,709,603		$	29,178,376

^(a)	Commencement of operations.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to Consolidated Financial Statements


C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S		27

Consolidated Statements of Changes in Net Assets (continued)


	iShares Gold Strategy ETF						iShares GSCI Commodity Dynamic Roll Strategy ETF
	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/21			Year Ended 10/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(30,684	)	$	28,490		$	(5,032,541	)	$	2,710,649
Net realized gain (loss)		(1,792,497	)		2,412,979			351,111,376			(101,668,924	)
Net change in unrealized appreciation (depreciation)		99,087			(494,137	)		88,305,347			1,292,070

Net increase (decrease) in net assets resulting from operations		(1,724,094	)		1,947,332			434,384,182			(97,666,205	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,564,719	)		(788,999	)		(799,124	)		(8,490,082	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		11,320,515			12,193,568			2,194,642,007			(215,658,235	)


NET ASSETS
Total increase (decrease) in net assets		8,031,702			13,351,901			2,628,227,065			(321,814,522	)
Beginning of period		21,963,946			8,612,045			196,558,337			518,372,859


End of period	$	29,995,648		$	21,963,946		$	2,824,785,402		$	196,558,337

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to Consolidated Financial Statements


28		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Financial Highlights

(For a share outstanding throughout each period)


	iShares Bloomberg Roll Select Commodity Strategy ETF
		Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Period From 04/03/18 to 10/31/18	^(a)


Net asset value, beginning of period	$	41.91		$	45.01		$	47.77		$	50.00

Net investment income (loss)^(b)		(0.09	)		0.23			1.05			0.58
Net realized and unrealized gain (loss)^(c)		17.92			(2.33	)		(3.05	)		(2.81	)

Net increase (decrease) from investment operations		17.83			(2.10	)		(2.00	)		(2.23	)


Distributions^(d)
From net investment income		(0.07	)		(1.00	)		(0.76	)		—

Total distributions		(0.07	)		(1.00	)		(0.76	)		—


Net asset value, end of period	$	59.67		$	41.91		$	45.01		$	47.77


Total Return^(e)
Based on net asset value		42.59	%		(4.81	)%		(4.19	)%		(4.46	)%^(f)


Ratios to Average Net Assets
Total expenses		0.28	%		0.28	%		0.28	%		0.28	%^(g)

Total expenses after fees waived		0.27	%		0.27	%		0.19	%		0.10	%^(g)

Net investment income (loss)		(0.16	)%		0.55	%		2.30	%		2.01	%^(g)


Supplemental Data
Net assets, end of period (000)	$	208,844		$	41,912		$	27,004		$	40,607

Portfolio turnover rate^(h)		0	%		0	%		0	%		0	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to Consolidated Financial Statements


C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S		29

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Commodity Curve Carry Strategy ETF
		Year Ended 10/31/21			Period From 09/01/20 to 10/31/20	^(a)


Net asset value, beginning of period	$	19.45		$	20.16

Net investment loss^(b)		(0.07	)		(0.01	)
Net realized and unrealized gain (loss)^(c)		8.98			(0.70	)

Net increase (decrease) from investment operations		8.91			(0.71	)


Net asset value, end of period	$	28.36		$	19.45


Total Return^(d)
Based on net asset value		45.81	%		(3.52	)%^(e)


Ratios to Average Net Assets
Total expenses		0.40	%		0.40	%^(f)

Total expenses after fees waived		0.39	%		0.00	%^(f)

Net investment loss		(0.28	)%		(0.28	)%^(f)


Supplemental Data
Net assets, end of period (000)	$	39,710		$	29,178

Portfolio turnover rate^(g)		0	%		0	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Annualized.

^(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to Consolidated Financial Statements


30		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Gold Strategy ETF
		Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Period From 06/06/18 to 10/31/18	^(a)


Net asset value, beginning of period	$	62.75		$	57.41		$	46.76		$	50.00

Net investment income (loss)^(b)		(0.07	)		0.13			0.82			0.27
Net realized and unrealized gain (loss)^(c)		(3.67	)		10.47			10.20			(3.51	)

Net increase (decrease) from investment operations		(3.74	)		10.60			11.02			(3.24	)


Distributions^(d)
From net investment income		(4.47	)		(5.26	)		(0.37	)		—

Total distributions		(4.47	)		(5.26	)		(0.37	)		—


Net asset value, end of period	$	54.54		$	62.75		$	57.41		$	46.76


Total Return^(e)
Based on net asset value		(6.21	)%		20.64	%		23.74	%		(6.48	)%^(f)


Ratios to Average Net Assets
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%^(g)

Total expenses after fees waived		0.13	%		0.13	%		0.18	%		0.19	%^(g)

Net investment income (loss)		(0.12	)%		0.22	%		1.58	%		1.45	%^(g)


Supplemental Data
Net assets, end of period (000)	$	29,996		$	21,964		$	8,612		$	4,676

Portfolio turnover rate^(h)		121	%		77	%		47	%		13	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to Consolidated Financial Statements


C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S		31

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares GSCI Commodity Dynamic Roll Strategy ETF
	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17


Net asset value, beginning of year	$	24.27		$	31.80		$	37.18		$	35.97		$	32.41

Net investment income (loss)^(a)		(0.13	)		0.26			0.76			0.63			0.31
Net realized and unrealized gain (loss)^(b)		13.37			(6.93	)		(3.04	)		2.62			3.58

Net increase (decrease) from investment operations		13.24			(6.67	)		(2.28	)		3.25			3.89


Distributions^(c)
From net investment income		(0.10	)		(0.86	)		(3.10	)		(2.04	)		(0.33	)

Total distributions		(0.10	)		(0.86	)		(3.10	)		(2.04	)		(0.33	)


Net asset value, end of year	$	37.41		$	24.27		$	31.80		$	37.18		$	35.97


Total Return^(d)
Based on net asset value		54.75	%		(21.66	)%		(5.87	)%		9.29	%^(e)		12.08	%


Ratios to Average Net Assets
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%

Total expenses after fees waived		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%

Net investment income (loss)		(0.38	)%		0.95	%		2.32	%		1.66	%		0.93	%


Supplemental Data
Net assets, end of year (000)	$	2,824,785		$	196,558		$	518,373		$	728,739		$	258,956

Portfolio turnover rate^(f)		0	%		5	%		32	%		167	%		44	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 9.06%.

^(f)	Portfolio turnover rate excludes in-kind transactions.

See notes to Consolidated Financial Statements


32		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Consolidated Financial Statements

1. ORGANIZATION

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These consolidated financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):


iShares ETF	Diversification Classification
Bloomberg Roll Select Commodity Strategy		Non-diversified
Commodity Curve Carry Strategy		Non-diversified
Gold Strategy		Non-diversified
GSCI Commodity Dynamic Roll Strategy		Diversified

Basis of Consolidation: The accompanying consolidated financial statements for each Fund include the accounts of its wholly-owned subsidiary in the Cayman Islands (each, a “Subsidiary”) that invests in certain “commodity-linked instruments” and cash and cash equivalents in accordance with each Fund’s investment objective. In compliance with Sub-chapter M of the Internal Revenue Code of 1986, as amended, each Fund may invest up to 25% of its total assets in its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. Each Fund’s commodity-linked instruments held in its Subsidiary are intended to provide the Fund with exposure to applicable commodity markets or commodities consistent with current U.S. federal income tax laws applicable to investment companies such as the Fund. Each Subsidiary has the same investment objective as its 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. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Consolidated Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Consolidated Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2021, if any, are disclosed in the Consolidated Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Consolidated Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or


N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S		33

Notes to Consolidated Financial Statements (continued)

counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Net income and realized gains from investments held by each Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations 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 may trade at lower prices than institutional round lots. 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 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 the Manager determines such method does not represent fair value.

•

Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.


34		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Consolidated Financial Statements (continued)

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global 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 Global 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.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) or to the applicable commodities market (commodities price risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Consolidated Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the statement of assets and liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the statement of assets and liabilities. Payments received or paid are recorded in the statement of operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the statement of operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the iShares Commodity Curve Carry Strategy ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.


N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S		35

Notes to Consolidated Financial Statements (continued)

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:


iShares ETF	Investment Advisory Fee
Bloomberg Roll Select Commodity Strategy		0.28	%
Commodity Curve Carry Strategy		0.40
Gold Strategy		0.25
GSCI Commodity Dynamic Roll Strategy		0.48

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF and iShares GSCI Commodities Dynamic Roll Strategy ETF through February 28, 2025, March 1, 2024 and February 29, 2024, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.

BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Gold Strategy ETF through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other exchange-traded products sponsored by BFA or its affiliates, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.25%.


36		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Consolidated Financial Statements (continued)

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:


iShares ETF	Amounts waived
Bloomberg Roll Select Commodity Strategy	$	8,682
Commodity Curve Carry Strategy		4,433
Gold Strategy		29,651
GSCI Commodity Dynamic Roll Strategy		7,517

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the iShares GSCI Commodity Dynamic Roll Strategy ETF and its Subsidiary.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the Consolidated Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

6.	PURCHASES AND SALES

For the year ended October 31, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Gold Strategy	$	6,473,355	$	6,929,610

For the year ended October 31, 2021, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Gold Strategy	$	2,721,519	$	—

7.	INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2021, permanent differences attributable to net operating loss, realized gains (losses) from in-kind redemptions and the character of income (losses) from a wholly-owned subsidiary were reclassified to the following accounts:


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
Bloomberg Roll Select Commodity Strategy	$	(10,876,571	)	$	10,876,571
Gold Strategy		(1,780,575	)		1,780,575
GSCI Commodity Dynamic Roll Strategy		(80,864,909	)		80,864,909


N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S		37

Notes to Consolidated Financial Statements (continued)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 10/31/21		Year Ended 10/31/20
Bloomberg Roll Select Commodity Strategy
Ordinary income	$	69,482	$	598,892

Gold Strategy
Ordinary income	$	1,564,719	$	788,999

GSCI Commodity Dynamic Roll Strategy
Ordinary income	$	799,124	$	8,490,082

As of October 31, 2021, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)			Qualified Late-Year Losses	^(b)		Total
Bloomberg Roll Select Commodity Strategy	$	30,653,591	$	(295	)	$	10,652,172		$	—		$	41,305,468
Commodity Curve Carry Strategy		8,253,257		—			3,849,678			—			12,102,935
Gold Strategy		—		—			(48,277	)		(42,693	)		(90,970	)
GSCI Commodity Dynamic Roll Strategy		426,344,708		(47,234,783	)		83,547,381			—			462,657,306

^(a)

Amounts available to offset future realized capital gains.

^(b)

The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended October 31, 2021, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of October 31, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Bloomberg Roll Select Commodity Strategy	$	201,310,527	$	10,653,004	$	(832	)	$	10,652,172
Commodity Curve Carry Strategy		40,102,116		3,849,788		(14,200	)		3,835,588
Gold Strategy		28,992,447		346,815		(395,092	)		(48,277	)
GSCI Commodity Dynamic Roll Strategy		2,704,287,897		98,775,353		(15,227,989	)		83,547,364

8.	PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Each 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 each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.


38		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Consolidated Financial Statements (continued)

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Consolidated Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Consolidated Schedule of Investments.

Certain Funds a significant portion of their assets in fixed-income securities and/or use 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 increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

Certain Funds have substantial exposure to certain commodity markets through investments in commodity-linked instruments and through commodity-related equities. Any negative changes in commodity markets that may be due to changes in supply and demand for the commodities, market events, regulatory developments or other factors that the Funds cannot control could have an adverse impact on the Funds’ portfolios.

The iShares Gold Strategy ETF has substantial exposure to gold through its investments in gold investments and the Fund’s portfolio may be adversely affected by changes or trends in the price of gold, which historically has been volatile. Governments, central banks, or other large holders can influence the production and sale of gold, which may adversely affect the performance of the Fund.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9.	CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.


N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S		39

Notes to Consolidated Financial Statements (continued)

Transactions in capital shares were as follows:



	Year Ended 10/31/21				Year Ended 10/31/20
iShares ETF	Shares		Amount		Shares			Amount
Bloomberg Roll Select Commodity Strategy
Shares sold		2,500,000	$	136,346,700		500,000		$	19,721,031
Shares redeemed		—		—		(100,000	)		(3,894,823	)

Net increase		2,500,000	$	136,346,700		400,000		$	15,826,208



	Year Ended 10/31/21						Period Ended 10/31/20
iShares ETF	Shares			Amount			Shares		Amount
Commodity Curve Carry Strategy
Shares sold		—		$	—			1,500,000	$	30,235,474
Shares redeemed		(100,000	)		(2,599,830	)		—		—

Net increase (decrease)		(100,000	)	$	(2,599,830	)		1,500,000	$	30,235,474



	Year Ended 10/31/21						Year Ended 10/31/20
iShares ETF	Shares			Amount			Shares			Amount
Gold Strategy
Shares sold		200,000		$	11,320,515			300,000		$	17,435,063
Shares redeemed		—			—			(100,000	)		(5,241,495	)

Net increase		200,000		$	11,320,515			200,000		$	12,193,568


GSCI Commodity Dynamic Roll Strategy
Shares sold		80,000,000		$	2,645,593,591			7,700,000		$	244,234,738
Shares redeemed		(12,600,000	)		(450,951,584	)		(15,900,000	)		(459,892,973	)

Net increase (decrease)		67,400,000		$	2,194,642,007			(8,200,000	)	$	(215,658,235	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Consolidated Statements of Assets and Liabilities.

10.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the consolidated financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.


40		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares U.S. ETF Trust and Shareholders of iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF, iShares Gold Strategy ETF and iShares GSCI Commodity Dynamic Roll Strategy ETF

Opinions on the Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF, iShares Gold Strategy ETF and iShares GSCI Commodity Dynamic Roll Strategy ETF and their subsidiaries (four of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related consolidated statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Gold Strategy ETF and iShares GSCI Commodity Dynamic Roll Strategy ETF: consolidated statements of operations for the year ended October 31, 2021 and consolidated statements of changes in net assets for each of the two years in the period ended October 31, 2021.

iShares Commodity Curve Carry Strategy ETF: consolidated statement of operations for the year ended October 31, 2021, and consolidated statement of changes in net assets for the year ended October 31, 2021 and the period September 1, 2020 (commencement of operations) to October 31, 2020.

Basis for Opinions

These consolidated financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 21, 2021

We have served as the auditor of one or more BlackRock investment companies since 2000.


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		41


Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2021:


iShares ETF	Interest Dividends
Bloomberg Roll Select Commodity Strategy	$	113,285
Commodity Curve Carry Strategy		54,874
GSCI Commodity Dynamic Roll Strategy		1,412,942

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2021:


iShares ETF	Interest-Related Dividends
Bloomberg Roll Select Commodity Strategy	$	111,166
Commodity Curve Carry Strategy		40,793
GSCI Commodity Dynamic Roll Strategy		1,398,132

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2021:


iShares ETF	Federal Obligation Interest
Bloomberg Roll Select Commodity Strategy	$	3,160
Commodity Curve Carry Strategy		1,326
GSCI Commodity Dynamic Roll Strategy		35,668

The law varies in each state as to whether and what percent of ordinary income dividends attribute to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.


42		2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract

iShares Bloomberg Roll Select Commodity Strategy ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund was, during the periods under review, an actively managed ETF that did not seek to track the performance of a specified index and that the management team for the Fund managed the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		43

Board Review and Approval of Investment Advisory Contract (continued)

that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Commodity Curve Carry Strategy ETF, iShares Gold Strategy ETF (each the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		45

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

iShares GSCI Commodity Dynamic Roll Strategy ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited (BIL), (together the Advisory Agreements”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.


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Board Review and Approval of Investment Advisory Contract (continued)

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited (BIL); (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited (BIL) for sub-advisory services, and there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited (BIL) under the Advisory Agreements for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited (BIL), which were provided at the May 7, 2021 meeting and throughout the year and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.


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Board Review and Approval of Investment Advisory Contract (continued)

Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board further noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2021


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Gold Strategy^(a)	$	3.921371	$	—	$	0.549255	$	4.470626		88	%		—	%		12	%		100	%

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.


S U P P L E M E N T A L I N F O R M A T I O N		49

Trustee and Officer Information

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 375 funds as of October 31, 2021. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a) (64)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).

Salim Ramji^(b)(51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares Trust (since 2019).

^(a)Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
^(b)Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.


Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (72)	Trustee (since 2011); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (65)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since (2016).

Richard L. Fagnani (66)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).


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Trustee and Officer Information (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (66)	Trustee (since 2011); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).

Drew E. Lawton (62)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

John E. Martinez (60)	Trustee (since 2011); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).

Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (50)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (47)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (54)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre Smith (46)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (52)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (60)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (58)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		51

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’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 at iShares.com.


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Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income



SOFR		Secured Overnight Financing Rate


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		53

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iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, S&P Dow Jones Indices LLC, or ICE Data Indices, LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

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