iShares U.S. ETF Trust


		JANUARY 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares U.S. ETF Trust

iShares Evolved U.S. Consumer Staples ETF | IECS | Cboe BZX

iShares Evolved U.S. Discretionary Spending ETF | IEDI | Cboe BZX

iShares Evolved U.S. Financials ETF | IEFN | Cboe BZX

iShares Evolved U.S. Healthcare Staples ETF | IEHS | Cboe BZX

iShares Evolved U.S. Innovative Healthcare ETF | IEIH | Cboe BZX

iShares Evolved U.S. Media and Entertainment ETF | IEME | Cboe BZX

iShares Evolved U.S. Technology ETF | IETC | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. 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. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. 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 January 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	3.44%	23.29%
U.S. small cap equities (Russell 2000^® Index)	(8.41)	(1.21)
International equities (MSCI Europe, Australasia, Far East Index)	(3.43)	7.03
Emerging market equities (MSCI Emerging Markets Index)	(4.59)	(7.23)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.87)	(4.43)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(3.17)	(2.97)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(2.56)	(1.22)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(1.55)	2.05
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
Fund Summary		4
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements:
Statements of Assets and Liabilities		36
Statements of Operations		38
Statements of Changes in Net Assets		40
Financial Highlights		44
Notes to Financial Statements		51
Statement Regarding Liquidity Risk Management Program		59
Supplemental Information		60
General Information		61
Glossary of Terms Used in this Report		62


		3


Fund Summary as of January 31, 2022		iShares^® Evolved U.S. Consumer Staples ETF

Investment Objective

The iShares Evolved U.S. Consumer Staples ETF (the “Fund”) seeks to provide access to U.S. companies with consumer staples exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		4.75	%		19.06	%		11.92	%		19.06	%		54.62	%
Fund Market		4.87			18.70			11.92			18.70			54.60
S&P Total Market Index^TM		0.73			18.50			15.31			18.50			73.24

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market Index^TM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

Past performance is 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 11 for more information.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,047.50	$	0.93		$	1,000.00	$	1,024.30	$	0.92		0.18	%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Beverages	30.7	%
Food	24.0
Agriculture	12.3
Cosmetics & Personal Care	10.8
Retail	10.0
Packaging & Containers	3.0
Household Products & Wares	2.2
Chemicals	2.0
Pharmaceuticals	1.7
Other (each representing less than 1%)	3.3

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Coca-Cola Co. (The)	11.2	%
PepsiCo Inc.	10.8
Procter & Gamble Co. (The)	8.6
Philip Morris International Inc.	5.0
Mondelez International Inc., Class A	4.7
Altria Group Inc.	4.2
Starbucks Corp.	3.7
General Mills Inc.	3.4
McDonald’s Corp.	2.7
Monster Beverage Corp.	2.6


4		2 0 2 2 I S H A R E S S E M I - 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 January 31, 2022		iShares^® Evolved U.S. Discretionary Spending ETF

Investment Objective

The iShares Evolved U.S. Discretionary Spending ETF (the “Fund”) seeks to provide access to U.S. companies with discretionary spending exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


				Average Annual Total Returns						Cumulative Total Returns

	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(1.58	)%		13.34	%		17.55	%		13.34	%		86.94	%
Fund Market		(1.60	)		13.03			17.54			13.03			86.85
S&P Total Market Index^TM		0.73			18.50			15.31			18.50			73.24

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market Index^TM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	984.20	$	0.90		$	1,000.00	$	1,024.30	$	0.92		0.18	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Retail	53.2	%
Internet	22.3
Apparel	7.2
Cosmetics & Personal Care	4.0
Lodging	2.4
Commercial Services	1.5
Food	1.5
Entertainment	1.2
Computers	1.0
Other (each representing less than 1%)	5.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Amazon.com Inc.	17.4	%
Home Depot Inc. (The)	8.7
Costco Wholesale Corp.	6.0
Walmart Inc.	5.6
Nike Inc., Class B	4.4
Lowe’s Companies Inc.	3.5
Target Corp.	3.3
McDonald’s Corp.	3.1
Procter & Gamble Co. (The)	2.6
TJX Companies Inc. (The)	2.4


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


Fund Summary as of January 31, 2022		iShares^® Evolved U.S. Financials ETF

Investment Objective

The iShares Evolved U.S. Financials ETF (the “Fund”) seeks to provide access to U.S. companies with financials exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		8.47	%		36.49	%		10.20	%		36.49	%		45.59	%
Fund Market		8.53			36.19			10.21			36.19			45.66
S&P Total Market Index^TM		0.73			18.50			15.31			18.50			73.24

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

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.

The S&P Total Market Index^TM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,084.70	$	1.00		$	1,000.00	$	1,024.20	$	0.97		0.19	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Banks	42.5	%
Insurance	23.0
Diversified Financial Services	17.9
Commercial Services	3.9
Health Care - Services	3.2
Software	2.4
Pharmaceuticals	1.8
Private Equity	1.4
Machinery	1.1
Savings & Loans	1.1
Other (each representing less than 1%)	1.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Bank of America Corp.	4.7	%
Wells Fargo & Co.	4.6
JPMorgan Chase & Co.	4.5
Morgan Stanley	3.2
Charles Schwab Corp. (The)	3.1
Berkshire Hathaway Inc., Class B	3.0
Goldman Sachs Group Inc. (The)	2.8
Citigroup Inc.	2.6
Truist Financial Corp.	2.2
UnitedHealth Group Inc.	2.1


6		2 0 2 2 I S H A R E S S E M I - 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 January 31, 2022		iShares^® Evolved U.S. Healthcare Staples ETF

Investment Objective

The iShares Evolved U.S. Healthcare Staples ETF (the “Fund”) seeks to provide access to U.S. companies with healthcare staples exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(2.95	)%		11.24	%		15.79	%		11.24	%		76.29	%
Fund Market		(2.98	)		10.86			15.78			10.86			76.29
S&P Total Market Index^TM		0.73			18.50			15.31			18.50			73.24

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market Index^TM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	970.50	$	0.89		$	1,000.00	$	1,024.30	$	0.92		0.18	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Health Care - Products	45.8	%
Health Care - Services	27.2
Pharmaceuticals	20.1
Biotechnology	1.9
Real Estate Investment Trusts	1.2
Electronics	1.1
Software	1.0
Other (each representing less than 1%)	1.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
UnitedHealth Group Inc.	13.9	%
Abbott Laboratories	8.4
Medtronic PLC	4.8
Danaher Corp.	4.8
Johnson & Johnson	4.5
Thermo Fisher Scientific Inc.	3.9
Intuitive Surgical Inc.	3.7
CVS Health Corp.	3.6
Anthem Inc.	3.0
AbbVie Inc.	2.9


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


Fund Summary as of January 31, 2022		iShares^® Evolved U.S. Innovative Healthcare ETF

Investment Objective

The iShares Evolved U.S. Innovative Healthcare ETF (the “Fund”) seeks to provide access to U.S. companies with innovative healthcare exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(5.69	)%		1.06	%		10.51	%		1.06	%		47.21	%
Fund Market		(5.59	)		0.73			10.51			0.73			47.20
S&P Total Market Index^TM		0.73			18.50			15.31			18.50			73.24

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market Index^TM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	943.10	$	0.88		$	1,000.00	$	1,024.30	$	0.92		0.18	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Pharmaceuticals	48.9	%
Biotechnology	45.4
Health Care - Products	3.4
Health Care - Services	2.0
Other (each representing less than 1%)	0.3

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Johnson & Johnson	10.3	%
Pfizer Inc.	6.3
AbbVie Inc.	5.9
Eli Lilly & Co.	5.7
Merck & Co. Inc.	5.4
Bristol-Myers Squibb Co.	4.8
Moderna Inc.	4.7
Gilead Sciences Inc.	4.7
Vertex Pharmaceuticals Inc.	4.5
Regeneron Pharmaceuticals Inc.	4.2


8		2 0 2 2 I S H A R E S S E M I - 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 January 31, 2022		iShares^® Evolved U.S. Media and Entertainment ETF

Investment Objective

The iShares Evolved U.S. Media and Entertainment ETF (the “Fund”) seeks to provide access to U.S. companies with media and entertainment exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(12.37	)%		(5.69	)%		9.16	%		(5.69	)%		40.34	%
Fund Market		(12.33	)		(5.97	)		9.13			(5.97	)		40.21
S&P Total Market Index^TM		0.73			18.50			15.31			18.50			73.24

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market Index^TM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	876.30	$	0.85		$	1,000.00	$	1,024.30	$	0.92		0.18	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Media	54.7	%
Internet	17.0
Software	10.9
Entertainment	9.0
Toys, Games & Hobbies	3.0
Commercial Services	1.5
Real Estate Investment Trusts	1.2
Retail	1.0
Other (each representing less than 1%)	1.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Fox Corp., Class A	5.0	%
Comcast Corp., Class A	5.0
Walt Disney Co. (The)	4.8
ViacomCBS Inc., Class B	4.5
Netflix Inc.	4.5
Charter Communications Inc., Class A	4.2
Activision Blizzard Inc.	3.9
Electronic Arts Inc.	3.8
Liberty Broadband Corp., Class C	3.4
Nexstar Media Group Inc., Class A	3.1


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


Fund Summary as of January 31, 2022		iShares^® Evolved U.S. Technology ETF

Investment Objective

The iShares Evolved U.S. Technology ETF (the “Fund”) seeks to provide access to U.S. companies with technology exposure, as classified using a proprietary classification system. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(0.41	)%		20.02	%		24.59	%		20.02	%		134.06	%
Fund Market		(0.61	)		19.84			24.55			19.84			133.76
S&P Total Market Index^TM		0.73			18.50			15.31			18.50			73.24

The inception date of the Fund was 3/21/18. The first day of secondary market trading was 3/23/18.

The S&P Total Market Index^TM is an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	995.90	$	0.91		$	1,000.00	$	1,024.30	$	0.92		0.18	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Software	31.0	%
Internet	24.5
Computers	16.6
Semiconductors	12.8
Diversified Financial Services	5.3
Commercial Services	3.9
Telecommunications	2.1
Other (each representing less than 1%)	3.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Microsoft Corp.	14.8	%
Apple Inc.	11.9
Amazon.com Inc.	5.4
Meta Platforms Inc, Class A	5.0
Alphabet Inc., Class A	4.9
Alphabet Inc., Class C	4.8
NVIDIA Corp.	4.5
Visa Inc., Class A	2.3
Mastercard Inc., Class A	1.9
Adobe Inc.	1.9


10		2 0 2 2 I S H A R E S S E M I - 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

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


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		11

Schedule of Investments (unaudited)

January 31, 2022

iShares^® Evolved U.S. Consumer Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Agriculture — 12.2%
Altria Group Inc.		14,153	$	720,105
Archer-Daniels-Midland Co.		4,818		361,350
Bunge Ltd.		912		90,160
Darling Ingredients Inc.^(a)		870		55,480
Fresh Del Monte Produce Inc.		169		4,703
Philip Morris International Inc.		8,303		853,964
Universal Corp./VA		124		6,749
Vector Group Ltd.		377		4,188

				2,096,699

Beverages — 30.5%
Boston Beer Co. Inc. (The), Class A, NVS^(a)		70		29,458
Brown-Forman Corp., Class A		372		23,302
Brown-Forman Corp., Class B, NVS		2,797		188,602
Celsius Holdings Inc.^(a)		447		21,335
Coca-Cola Co. (The)		31,375		1,914,189
Coca-Cola Consolidated Inc.		51		29,223
Constellation Brands Inc., Class A		982		233,470
Keurig Dr Pepper Inc.		10,314		391,416
MGP Ingredients Inc.		110		8,323
Molson Coors Beverage Co., Class B		1,500		71,490
Monster Beverage Corp.^(a)		5,133		445,134
National Beverage Corp.		300		13,401
PepsiCo Inc.		10,612		1,841,394
Primo Water Corp.		1,508		25,184

				5,235,921

Biotechnology — 0.8%
Corteva Inc.		2,899		139,384


Chemicals — 2.0%
Balchem Corp.		162		23,804
Ecolab Inc.		142		26,902
FMC Corp.		63		6,953
International Flavors & Fragrances Inc.		1,842		242,997
Mosaic Co. (The)		361		14,422
Sensient Technologies Corp.		240		20,338

				335,416

Commercial Services — 0.1%
Medifast Inc.		59		11,724
WW International Inc.^(a)(b)		180		2,268

				13,992

Computers — 0.1%
ExlService Holdings Inc.^(a)		99		11,932


Cosmetics & Personal Care — 10.8%
Colgate-Palmolive Co.		4,372		360,472
Coty Inc., Class A^(a)		1,840		15,603
Edgewell Personal Care Co.		150		6,870
Procter & Gamble Co. (The)		9,107		1,461,218

				1,844,163

Diversified Financial Services — 0.0%
Jefferies Financial Group Inc.		2		73


Electrical Components & Equipment — 0.1%
Energizer Holdings Inc.		380		14,292


Food — 23.8%
B&G Foods Inc.		770		23,947
BellRing Brands Inc., Class A^(a)		278		6,772


Security	Shares		Value

Food (continued)
Beyond Meat Inc.^(a)(b)		389	$	25,336
Calavo Growers Inc.		110		4,555
Cal-Maine Foods Inc.		200		7,800
Campbell Soup Co.		2,223		98,079
Conagra Brands Inc.		5,429		188,712
Flowers Foods Inc.		1,190		33,475
General Mills Inc.		8,314		571,005
Hain Celestial Group Inc. (The)^(a)		1,040		37,991
Hershey Co. (The)		1,753		345,464
Hormel Foods Corp.		2,439		115,779
Hostess Brands Inc.^(a)		650		13,338
Ingredion Inc.		504		47,729
J&J Snack Foods Corp.		130		19,720
JM Smucker Co. (The)		1,248		175,444
John B Sanfilippo & Son Inc.		90		7,119
Kellogg Co.		3,153		198,639
Kraft Heinz Co. (The)		6,041		216,268
Kroger Co. (The)		1,836		80,031
Lamb Weston Holdings Inc.		1,198		76,924
Lancaster Colony Corp.		170		26,991
McCormick & Co. Inc./MD, NVS		2,141		214,764
Mondelez International Inc., Class A		11,941		800,405
Performance Food Group Co.^(a)		711		29,997
Pilgrim’s Pride Corp.^(a)		300		8,391
Post Holdings Inc.^(a)		687		72,698
Sanderson Farms Inc.		120		22,080
Seaboard Corp.		1		3,820
Simply Good Foods Co. (The)^(a)		718		25,295
Sprouts Farmers Market Inc.^(a)		450		12,213
Sysco Corp.		3,186		248,986
Tootsie Roll Industries Inc.		154		5,228
TreeHouse Foods Inc.^(a)		640		24,787
Tyson Foods Inc., Class A		2,728		247,948
U.S. Foods Holding Corp.^(a)		1,052		37,093
United Natural Foods Inc.^(a)		220		8,532

				4,083,355

Health Care - Products — 0.1%
Neogen Corp.^(a)		540		19,694


Holding Companies - Diversified — 0.0%
Cannae Holdings Inc.^(a)		298		8,901


Household Products & Wares — 2.2%
ACCO Brands Corp.		2		16
Church & Dwight Co. Inc.		1,148		117,842
Clorox Co. (The)		563		94,505
Helen of Troy Ltd.^(a)		50		10,467
Kimberly-Clark Corp.		1,048		144,257
WD-40 Co.		23		5,112

				372,199

Housewares — 0.2%
Newell Brands Inc.		264		6,127
Scotts Miracle-Gro Co. (The)		140		21,168

				27,295

Insurance — 0.1%
Reinsurance Group of America Inc.		158		18,143


Machinery — 0.3%
AGCO Corp.		230		26,956


12		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Evolved U.S. Consumer Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Middleby Corp. (The)^(a)		170	$	31,484

				58,440

Manufacturing — 0.1%
John Bean Technologies Corp.		120		16,200


Oil & Gas — 0.7%
ConocoPhillips		1,378		122,118


Packaging & Containers — 3.0%
Amcor PLC		1,537		18,459
AptarGroup Inc.		39		4,575
Ball Corp.		2,379		231,001
Berry Global Group Inc.^(a)		619		41,733
Crown Holdings Inc.		911		104,218
Graphic Packaging Holding Co.		1,924		36,383
O-I Glass Inc.^(a)		780		10,382
Packaging Corp. of America		106		15,967
Sealed Air Corp.		243		16,504
Silgan Holdings Inc.		370		16,569
Sonoco Products Co.		420		23,789

				519,580

Pharmaceuticals — 1.7%
Elanco Animal Health Inc.^(a)		1,468		38,227
Herbalife Nutrition Ltd.^(a)		459		19,512
Perrigo Co. PLC		131		4,987
Prestige Consumer Healthcare Inc.^(a)		220		12,419
Zoetis Inc.		1,072		214,175

				289,320

Real Estate Investment Trusts — 0.6%
Americold Realty Trust		841		23,926
Douglas Elliman Inc., NVS		188		1,459
Equinix Inc.		100		72,490

				97,875

Retail — 10.0%
BJ’s Restaurants Inc.^(a)		61		1,835
BJ’s Wholesale Club Holdings Inc.^(a)		264		16,228
Casey’s General Stores Inc.		110		20,659
Cheesecake Factory Inc. (The)^(a)		140		4,995
Chipotle Mexican Grill Inc.^(a)		150		222,837
Cracker Barrel Old Country Store Inc.		50		5,957
Darden Restaurants Inc.		177		24,757


Security	Shares		Value

Retail (continued)
Domino’s Pizza Inc.		82	$	37,281
Freshpet Inc.^(a)		262		24,374
Jack in the Box Inc.		90		8,195
McDonald’s Corp.		1,763		457,410
Shake Shack Inc., Class A^(a)		101		6,673
Starbucks Corp.		6,383		627,577
Texas Roadhouse Inc.		84		7,173
Wendy’s Co. (The)		710		16,351
Wingstop Inc.		90		13,793
Yum China Holdings Inc.		1,341		64,596
Yum! Brands Inc.		1,164		145,698

				1,706,389

Toys, Games & Hobbies — 0.1%
Mattel Inc.^(a)		677		14,163


Total Common Stocks — 99.5% (Cost: $15,257,566)				17,045,544


Short-Term Investments

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		6,122		6,124
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		70,000		70,000

				76,124


Total Short-Term Investments — 0.4% (Cost: $76,121)				76,124


Total Investments in Securities — 99.9% (Cost: $15,333,687)				17,121,668

Other Assets, Less Liabilities — 0.1%				13,224


Net Assets — 100.0%			$	17,134,892

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

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

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Evolved U.S. Consumer Staples ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	15,208	$	—	$	(9,077	)^(a)	$	(6	)	$	(1	)	$	6,124		6,122	$	178	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		140,000		—		(70,000	)^(a)		—			—			70,000		70,000		3			—

								$	(6	)	$	(1	)	$	76,124			$	181		$	—

^(a)

Represents net amount purchased (sold).

^(b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	17,045,544	$	—	$	—	$	17,045,544
Money Market Funds		76,124		—		—		76,124

	$	17,121,668	$	—	$	—	$	17,121,668

See notes to financial statements.


14		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited)

January 31, 2022

iShares^® Evolved U.S. Discretionary Spending ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Advertising — 0.1%
Interpublic Group of Companies Inc. (The)		647	$	22,994


Airlines — 0.2%
Alaska Air Group Inc.^(a)		312		17,079
JetBlue Airways Corp.^(a)(b)		828		12,114
Southwest Airlines Co.^(a)		390		17,456

				46,649

Apparel — 7.1%
Capri Holdings Ltd.^(a)		790		47,455
Carter’s Inc.		420		39,111
Columbia Sportswear Co.		216		20,060
Crocs Inc.^(a)		408		41,869
Deckers Outdoor Corp.^(a)		193		61,804
Hanesbrands Inc.		2,208		35,549
Kontoor Brands Inc.		261		12,865
Levi Strauss & Co., Class A		395		8,662
Nike Inc., Class B		7,799		1,154,798
Oxford Industries Inc.		144		11,864
PVH Corp.		512		48,645
Ralph Lauren Corp.		361		40,013
Skechers U.S.A. Inc., Class A^(a)		1,008		42,336
Steven Madden Ltd.		670		27,564
Tapestry Inc.		2,220		84,249
Under Armour Inc., Class A^(a)		1,212		22,822
Under Armour Inc., Class C, NVS^(a)		1,236		19,764
Urban Outfitters Inc.^(a)		600		17,232
VF Corp.		2,305		150,309
Wolverine World Wide Inc.		372		9,854

				1,896,825

Beverages — 0.2%
Constellation Brands Inc., Class A		234		55,633


Building Materials — 0.1%
American Woodmark Corp.^(a)		48		2,877
Masco Corp.		491		31,095

				33,972

Chemicals — 0.1%
Valvoline Inc.		504		16,602


Commercial Services — 1.5%
Avis Budget Group Inc.^(a)		121		21,318
Block Inc.^(a)		753		92,084
Bright Horizons Family Solutions Inc.^(a)		60		7,705
Cintas Corp.		216		84,570
Euronet Worldwide Inc.^(a)		120		16,067
Grand Canyon Education Inc.^(a)		108		9,037
H&R Block Inc.		672		15,362
ManpowerGroup Inc.		180		18,877
Monro Inc.		204		10,145
PayPal Holdings Inc.^(a)		380		65,337
PROG Holdings Inc.^(a)		403		16,043
Rent-A-Center Inc./TX		347		14,626
Rollins Inc.		540		16,659
Terminix Global Holdings Inc.^(a)		408		17,601
WW International Inc.^(a)(b)		108		1,361

				406,792

Computers — 1.0%
Apple Inc.		1,537		268,637


Security	Shares		Value

Cosmetics & Personal Care — 3.9%
Colgate-Palmolive Co.		127	$	10,471
Coty Inc., Class A^(a)		359		3,045
Estee Lauder Companies Inc. (The), Class A		1,071		333,927
Inter Parfums Inc.		94		9,303
Procter & Gamble Co. (The)		4,293		688,812

				1,045,558

Distribution & Wholesale — 0.9%
Fastenal Co.		1,119		63,425
G-III Apparel Group Ltd.^(a)		348		9,455
Leslie’s Inc.^(a)		493		10,269
LKQ Corp.		326		17,894
Pool Corp.		115		54,769
SiteOne Landscape Supply Inc.^(a)		108		19,453
WW Grainger Inc.		144		71,296

				246,561

Diversified Financial Services — 0.7%
LendingTree Inc.^(a)		12		1,462
Mastercard Inc., Class A		243		93,890
Visa Inc., Class A		451		102,003

				197,355

Entertainment — 1.2%
AMC Entertainment Holdings Inc., Class A^(a)		2,233		35,862
Caesars Entertainment Inc.^(a)		788		59,998
Churchill Downs Inc.		119		25,026
Cinemark Holdings Inc.^(a)		384		5,798
DraftKings Inc., Class A^(a)		713		15,750
Live Nation Entertainment Inc.^(a)		540		59,136
Madison Square Garden Sports Corp.^(a)		60		9,964
Marriott Vacations Worldwide Corp.		107		17,375
Penn National Gaming Inc.^(a)		399		18,198
Red Rock Resorts Inc., Class A		348		15,493
Scientific Games Corp./DE, Class A^(a)		132		7,616
Six Flags Entertainment Corp.^(a)		204		8,056
Vail Resorts Inc.		156		43,228

				321,500

Food — 1.5%
Beyond Meat Inc.^(a)(b)		99		6,448
Flowers Foods Inc.		540		15,190
Grocery Outlet Holding Corp.^(a)(b)		674		17,106
Kroger Co. (The)		5,305		231,245
Performance Food Group Co.^(a)		463		19,534
Sprouts Farmers Market Inc.^(a)		756		20,518
Sysco Corp.		839		65,568
U.S. Foods Holding Corp.^(a)		648		22,848

				398,457

Food Service — 0.1%
Aramark		960		32,918


Holding Companies - Diversified — 0.0%
Cannae Holdings Inc.^(a)		180		5,377


Home Builders — 0.1%
Taylor Morrison Home Corp.^(a)		240		7,365
Toll Brothers Inc.		312		18,399

				25,764

Home Furnishings — 0.2%
Sleep Number Corp.^(a)(b)		142		10,153
Tempur Sealy International Inc.		816		32,485

				42,638


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Evolved U.S. Discretionary Spending ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Products & Wares — 0.2%
Helen of Troy Ltd.^(a)		61	$	12,769
Kimberly-Clark Corp.		312		42,947

				55,716

Housewares — 0.2%
Newell Brands Inc.		1,138		26,413
Scotts Miracle-Gro Co. (The)		96		14,515
Tupperware Brands Corp.^(a)		132		2,036

				42,964

Internet — 22.2%
Airbnb Inc., Class A^(a)		1,283		197,543
Amazon.com Inc.^(a)		1,536		4,594,898
Booking Holdings Inc.^(a)		129		316,841
Cars.com Inc.^(a)		180		2,804
Chewy Inc., Class A^(a)(b)		273		12,998
DoorDash Inc., Class A^(a)		926		105,092
eBay Inc.		1,477		88,723
Etsy Inc.^(a)		348		54,664
Expedia Group Inc.^(a)		445		81,564
Groupon Inc.^(a)		72		2,199
Just Eat Takeaway.com NV SP ADR^(a)(b)		886		8,771
Lyft Inc., Class A^(a)		590		22,727
Match Group Inc.^(a)		115		12,960
MercadoLibre Inc.^(a)(b)		145		164,149
Overstock.com Inc.^(a)		151		7,239
Pinterest Inc., Class A^(a)		1,773		52,410
Stitch Fix Inc., Class A^(a)		166		2,727
Uber Technologies Inc.^(a)		2,745		102,663
Wayfair Inc., Class A^(a)(b)		493		76,869

				5,907,841

Leisure Time — 0.9%
Carnival Corp.^(a)		3,139		62,184
Norwegian Cruise Line Holdings Ltd.^(a)		1,094		22,788
Peloton Interactive Inc., Class A^(a)		873		23,859
Planet Fitness Inc., Class A^(a)		624		55,311
Polaris Inc.		84		9,458
Royal Caribbean Cruises Ltd.^(a)		469		36,493
YETI Holdings Inc.^(a)		295		19,346

				229,439

Lodging — 2.4%
Boyd Gaming Corp.^(a)		250		14,865
Choice Hotels International Inc.		192		27,533
Hilton Grand Vacations Inc.^(a)		252		12,313
Hilton Worldwide Holdings Inc.^(a)		1,330		192,996
Hyatt Hotels Corp., Class A^(a)		192		17,589
Las Vegas Sands Corp.^(a)		1,571		68,810
Marriott International Inc./MD, Class A^(a)		859		138,402
MGM Resorts International		1,329		56,775
Travel + Leisure Co.		492		27,946
Wyndham Hotels & Resorts Inc.		575		48,271
Wynn Resorts Ltd.^(a)		300		25,635

				631,135

Oil & Gas — 0.6%
ConocoPhillips		1,890		167,492


Pharmaceuticals — 0.0%
Herbalife Nutrition Ltd.^(a)		286		12,158


Real Estate — 0.0%
RE/MAX Holdings Inc., Class A		84		2,500


Security	Shares		Value

Real Estate Investment Trusts — 0.2%
Apple Hospitality REIT Inc.		504	$	8,130
Host Hotels & Resorts Inc.^(a)		1,596		27,675
Macerich Co. (The)		272		4,499
Park Hotels & Resorts Inc.^(a)		360		6,552
Ruth’s Hospitality Group Inc.^(a)		216		4,326
Ryman Hospitality Properties Inc.^(a)		96		8,486

				59,668

Retail — 52.9%
Abercrombie & Fitch Co., Class A^(a)		623		24,297
Academy Sports & Outdoors Inc.^(a)		525		20,422
Advance Auto Parts Inc.		432		100,012
American Eagle Outfitters Inc.		1,404		32,053
AutoNation Inc.^(a)(b)		252		27,468
AutoZone Inc.^(a)		132		262,198
Bath & Body Works Inc.		1,883		105,580
Bed Bath & Beyond Inc.^(a)(b)		1,029		16,711
Best Buy Co. Inc.		1,273		126,383
Big Lots Inc.		372		15,591
BJ’s Restaurants Inc.^(a)		108		3,250
BJ’s Wholesale Club Holdings Inc.^(a)		841		51,696
Bloomin’ Brands Inc.^(a)		576		11,710
Boot Barn Holdings Inc.^(a)		261		24,004
Brinker International Inc.^(a)		315		10,461
Buckle Inc. (The)		228		8,582
Burlington Stores Inc.^(a)		543		128,653
CarMax Inc.^(a)		723		80,376
Carvana Co., Class A^(a)(b)		314		50,887
Casey’s General Stores Inc.		252		47,328
Cheesecake Factory Inc. (The)^(a)		252		8,991
Chipotle Mexican Grill Inc.^(a)		140		207,981
Costco Wholesale Corp.		3,168		1,600,252
Cracker Barrel Old Country Store Inc.		168		20,016
Darden Restaurants Inc.		804		112,455
Dave & Buster’s Entertainment Inc.^(a)		253		9,055
Dick’s Sporting Goods Inc.		517		59,662
Dollar General Corp.		1,872		390,275
Dollar Tree Inc.^(a)		1,825		239,476
Domino’s Pizza Inc.		250		113,662
FirstCash Holdings Inc.		228		15,892
Five Below Inc.^(a)		468		76,752
Floor & Decor Holdings Inc., Class A^(a)		657		71,429
Foot Locker Inc.		768		34,314
Freshpet Inc.^(a)		119		11,071
GameStop Corp., Class A^(a)		365		39,759
Gap Inc. (The)		2,508		45,320
Genuine Parts Co.		372		49,562
Home Depot Inc. (The)		6,287		2,307,203
Jack in the Box Inc.		134		12,201
Kohl’s Corp.		1,369		81,743
La-Z-Boy Inc.		216		7,929
Lithia Motors Inc.		84		24,539
Lowe’s Companies Inc.		3,900		925,665
Lululemon Athletica Inc.^(a)		1,002		334,428
Macy’s Inc.		1,817		46,515
McDonald’s Corp.		3,115		808,187
MSC Industrial Direct Co. Inc., Class A		120		9,797
Murphy USA Inc.		144		28,319
National Vision Holdings Inc.^(a)		300		12,264
Nordstrom Inc.^(a)		937		21,082
Ollie’s Bargain Outlet Holdings Inc.^(a)		490		23,491


16		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Evolved U.S. Discretionary Spending ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Retail (continued)
O’Reilly Automotive Inc.^(a)		479	$	312,188
Papa John’s International Inc.		142		17,530
PriceSmart Inc.		168		11,997
Qurate Retail Inc. Series A		635		4,464
RH^(a)		134		53,978
Ross Stores Inc.		2,824		276,046
Sally Beauty Holdings Inc.^(a)		972		16,689
Shake Shack Inc., Class A^(a)		144		9,514
Signet Jewelers Ltd.		431		37,122
Starbucks Corp.		4,419		434,476
Target Corp.		4,013		884,586
Texas Roadhouse Inc.		432		36,888
TJX Companies Inc. (The)		8,774		631,465
Tractor Supply Co.		827		180,542
Ulta Beauty Inc.^(a)		459		166,957
Victoria’s Secret & Co.^(a)		627		35,005
Walgreens Boots Alliance Inc.		2,937		146,145
Walmart Inc.		10,543		1,474,017
Wendy’s Co. (The)		1,020		23,491
Williams-Sonoma Inc.		548		87,976
Wingstop Inc.		144		22,068
Yum China Holdings Inc.		2,056		99,038
Yum! Brands Inc.		1,775		222,177

				14,081,308

Software — 0.2%
Intuit Inc.		60		33,314
Take-Two Interactive Software Inc.^(a)		58		9,474

				42,788

Textiles — 0.0%
UniFirst Corp./MA		48		9,124


Toys, Games & Hobbies — 0.2%
Hasbro Inc.		288		26,634


Security	Shares		Value

Toys, Games & Hobbies (continued)
Mattel Inc.^(a)		910	$	19,037

				45,671

Transportation — 0.5%
FedEx Corp.		504		123,913


Total Common Stocks — 99.4% (Cost: $22,393,566)				26,475,949


Short-Term Investments

Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		348,320		348,424
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		145,000		145,000

				493,424


Total Short-Term Investments — 1.9% (Cost: $493,422)				493,424


Total Investments in Securities — 101.3% (Cost: $22,886,988)				26,969,373

Other Assets, Less Liabilities — (1.3)%				(341,343	)


Net Assets — 100.0%			$	26,628,030

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

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

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates


Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	168,573	$	179,908	^(a)	$	—		$	(56	)	$	(1	)	$	348,424		348,320	$	212	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		205,000		—			(60,000	)^(a)		—			—			145,000		145,000		7			—

									$	(56	)	$	(1	)	$	493,424			$	219		$	—

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

^(b)	All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Evolved U.S. Discretionary Spending ETF

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	26,475,949	$	—	$	—	$	26,475,949
Money Market Funds		493,424		—		—		493,424

	$	26,969,373	$	—	$	—	$	26,969,373

See notes to financial statements.


18		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited)

January 31, 2022

iShares^® Evolved U.S. Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 42.2%
Ameris Bancorp		64	$	3,156
Associated Banc-Corp.		521		12,452
Atlantic Union Bankshares Corp.		210		8,551
BancFirst Corp.		70		5,246
Bank of America Corp.		10,235		472,243
Bank of Hawaii Corp.		142		12,222
Bank of New York Mellon Corp. (The)		1,789		106,016
Bank OZK		340		15,929
BankUnited Inc.		187		7,807
Banner Corp.		52		3,230
BOK Financial Corp.		79		8,101
Cathay General Bancorp		270		12,193
Citigroup Inc.		3,929		255,856
Citizens Financial Group Inc.		1,187		61,095
City Holding Co.		40		3,208
Columbia Banking System Inc.		153		5,320
Comerica Inc.		396		36,741
Commerce Bancshares Inc.		318		21,913
Community Bank System Inc.		114		8,142
ConnectOne Bancorp. Inc.		114		3,649
Cullen/Frost Bankers Inc.		178		25,100
CVB Financial Corp.		243		5,353
Eagle Bancorp. Inc.		67		4,018
East West Bancorp. Inc.		396		34,191
Eastern Bankshares Inc.		423		9,006
Enterprise Financial Services Corp.		88		4,360
Fifth Third Bancorp		1,921		85,734
First BanCorp./Puerto Rico		372		5,413
First Bancorp./Southern Pines NC		71		3,118
First Busey Corp.		168		4,684
First Citizens BancShares Inc./NC, Class A		31		24,151
First Commonwealth Financial Corp.		268		4,438
First Financial Bancorp		210		5,294
First Financial Bankshares Inc.		426		20,018
First Hawaiian Inc.		391		11,085
First Horizon Corp.		1,609		27,530
First Interstate BancSystem Inc., Class A		125		4,594
First Midwest Bancorp. Inc.		230		4,777
Flagstar Bancorp. Inc.		62		2,806
FNB Corp.		1,043		13,476
Fulton Financial Corp.		574		10,303
Glacier Bancorp. Inc.		258		13,398
Goldman Sachs Group Inc. (The)		784		278,069
Great Western Bancorp. Inc.		127		3,922
Hancock Whitney Corp.		253		13,338
Hanmi Financial Corp.		78		2,097
Heartland Financial USA Inc.		107		5,567
Heritage Financial Corp./WA		75		1,820
Hilltop Holdings Inc.		240		7,927
Home BancShares Inc./AR		478		11,262
Hope Bancorp Inc.		282		4,723
Huntington Bancshares Inc./OH		3,984		59,999
Independent Bank Corp.		89		7,507
Independent Bank Group Inc.		54		4,100
International Bancshares Corp.		202		8,490
JPMorgan Chase & Co.		3,027		449,812
KeyCorp		2,758		69,115
Lakeland Bancorp. Inc.		198		3,748


Security	Shares		Value

Banks (continued)
Lakeland Financial Corp.		67	$	5,355
Live Oak Bancshares Inc.		83		4,885
M&T Bank Corp.		205		34,723
Meta Financial Group Inc.		57		3,389
Morgan Stanley		3,064		314,183
National Bank Holdings Corp., Class A		71		3,223
NBT Bancorp. Inc.		113		4,371
Northern Trust Corp.		526		61,353
OFG Bancorp		94		2,601
Old National Bancorp./IN		329		6,031
PacWest Bancorp		343		15,925
Park National Corp.		33		4,470
Pinnacle Financial Partners Inc.		221		21,373
Popular Inc.		234		20,866
Prosperity Bancshares Inc.		259		18,972
Regions Financial Corp.		2,663		61,089
Renasant Corp.		114		4,193
S&T Bancorp. Inc.		84		2,588
Sandy Spring Bancorp. Inc.		118		5,583
Seacoast Banking Corp. of Florida		99		3,613
ServisFirst Bancshares Inc.		142		12,052
Silvergate Capital Corp., Class A^(a)		104		11,205
Simmons First National Corp., Class A		177		5,062
South State Corp.		199		16,798
Southside Bancshares Inc.		85		3,561
State Street Corp.		895		84,577
SVB Financial Group^(a)		159		92,840
Synovus Financial Corp.		445		22,143
Texas Capital Bancshares Inc.^(a)		82		5,141
Tompkins Financial Corp.		58		4,614
Triumph Bancorp. Inc.^(a)(b)		35		3,062
Truist Financial Corp.		3,562		223,765
Trustmark Corp.		72		2,346
U.S. Bancorp		3,607		209,891
UMB Financial Corp.		142		13,980
Umpqua Holdings Corp.		598		12,127
United Bankshares Inc./WV		363		12,825
United Community Banks Inc./GA		128		4,530
Valley National Bancorp		892		12,417
Veritex Holdings Inc.		64		2,570
Walker & Dunlop Inc.		54		7,150
Webster Financial Corp.		280		15,907
Wells Fargo & Co.		8,574		461,281
WesBanco Inc.		155		5,501
Westamerica Bancorp		61		3,543
Western Alliance Bancorp		203		20,136
Wintrust Financial Corp.		174		17,064
Zions Bancorp. NA		490		33,232

				4,235,519

Commercial Services — 3.9%
Automatic Data Processing Inc.		268		55,254
Equifax Inc.		118		28,292
Euronet Worldwide Inc.^(a)		37		4,954
EVERTEC Inc.		100		4,364
FleetCor Technologies Inc.^(a)		58		13,819
FTI Consulting Inc.^(a)		31		4,520
Global Payments Inc.		235		35,222
Grand Canyon Education Inc.^(a)		35		2,929
Green Dot Corp., Class A^(a)		57		1,807
HealthEquity Inc.^(a)		55		2,939


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Evolved U.S. Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services (continued)
Insperity Inc.		43	$	4,624
MarketAxess Holdings Inc.		43		14,813
Moody’s Corp.		196		67,228
Morningstar Inc.		25		7,185
S&P Global Inc.		210		87,196
Service Corp. International		167		10,307
Verisk Analytics Inc.		191		37,461
WEX Inc.^(a)		37		5,956

				388,870

Computers — 0.0%
Genpact Ltd.		100		4,975


Diversified Financial Services — 17.8%
Affiliated Managers Group Inc.		91		13,305
Alliance Data Systems Corp.		30		2,071
Ally Financial Inc.		686		32,736
American Express Co.		1,139		204,815
Ameriprise Financial Inc.		281		85,511
Apollo Global Management Inc.		998		69,860
Ares Management Corp., Class A		207		16,502
Artisan Partners Asset Management Inc., Class A		106		4,580
BGC Partners Inc., Class A		325		1,372
Capital One Financial Corp.		1,006		147,610
Cboe Global Markets Inc.		151		17,898
Charles Schwab Corp. (The)		3,572		313,264
CME Group Inc.		336		77,112
Cohen & Steers Inc.		54		4,511
Credit Acceptance Corp.^(a)		24		12,949
Discover Financial Services		559		64,704
Evercore Inc., Class A		58		7,240
Federated Hermes Inc.		198		6,556
Franklin Resources Inc.		558		17,839
Hamilton Lane Inc., Class A		36		3,257
Houlihan Lokey Inc.		60		6,377
Interactive Brokers Group Inc., Class A		107		7,296
Intercontinental Exchange Inc.		658		83,342
Invesco Ltd.		504		11,421
Janus Henderson Group PLC		418		15,424
Jefferies Financial Group Inc.		367		13,447
KKR & Co. Inc.		1,058		75,287
LendingClub Corp.^(a)		248		4,653
LendingTree Inc.^(a)		7		853
LPL Financial Holdings Inc.		156		26,882
Mastercard Inc., Class A		92		35,547
Moelis & Co., Class A		61		3,445
Mr Cooper Group Inc.^(a)		133		5,340
Nasdaq Inc.		157		28,136
Navient Corp.		407		7,094
OneMain Holdings Inc.		174		8,989
PennyMac Financial Services Inc.		100		6,270
Piper Sandler Cos		37		5,706
Raymond James Financial Inc.		466		49,335
SEI Investments Co.		229		13,422
SLM Corp.		931		17,075
SoFi Technologies Inc.^(a)		383		4,780
Stifel Financial Corp.		276		20,672
Synchrony Financial		1,061		45,188
T Rowe Price Group Inc.		407		62,853
Tradeweb Markets Inc., Class A		82		6,951
Upstart Holdings Inc.^(a)		91		9,920


Security	Shares		Value

Diversified Financial Services (continued)
Virtu Financial Inc., Class A		151	$	4,670
Virtus Investment Partners Inc.		17		4,449
Visa Inc., Class A		378		85,492
Western Union Co. (The)		432		8,169

				1,782,177

Electric — 0.1%
Hawaiian Electric Industries Inc.		209		8,882


Engineering & Construction — 0.0%
frontdoor Inc.^(a)		83		3,013


Forest Products & Paper — 0.2%
International Paper Co.		329		15,874
Sylvamo Corp.^(a)		29		864

				16,738

Health Care - Services — 3.2%
Anthem Inc.		180		79,378
Centene Corp.^(a)		163		12,675
Humana Inc.		7		2,747
Molina Healthcare Inc.^(a)		42		12,200
UnitedHealth Group Inc.		445		210,294

				317,294

Home Builders — 0.2%
MDC Holdings Inc.		76		3,852
NVR Inc.^(a)		4		21,309

				25,161

Household Products & Wares — 0.0%
Spectrum Brands Holdings Inc.		12		1,073


Insurance — 22.9%
Aflac Inc.		1,692		106,291
Alleghany Corp.^(a)		40		26,560
Allstate Corp. (The)		714		86,158
American Financial Group Inc./OH		209		27,229
American International Group Inc.		2,236		129,129
American National Group Inc.		34		6,419
Aon PLC, Class A		259		71,598
Arch Capital Group Ltd.^(a)		845		39,140
Argo Group International Holdings Ltd.		84		4,770
Arthur J Gallagher & Co.		413		65,229
Assurant Inc.		89		13,573
Assured Guaranty Ltd.		127		6,768
Axis Capital Holdings Ltd.		202		11,510
Berkshire Hathaway Inc., Class B^(a)		965		302,064
Brighthouse Financial Inc.^(a)		232		12,632
Brown & Brown Inc.		497		32,941
Cincinnati Financial Corp.		415		48,899
CNA Financial Corp.		100		4,591
CNO Financial Group Inc.		313		7,806
Employers Holdings Inc.		56		2,190
Enstar Group Ltd.^(a)		29		7,687
Equitable Holdings Inc.		904		30,411
Erie Indemnity Co., Class A, NVS		41		7,548
Essent Group Ltd.		275		12,551
Everest Re Group Ltd.		107		30,324
Fidelity National Financial Inc.		624		31,418
First American Financial Corp.		286		21,310
Genworth Financial Inc., Class A^(a)		1,014		3,955
Globe Life Inc.		280		28,644
Hanover Insurance Group Inc. (The)		121		16,693


20		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Evolved U.S. Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Hartford Financial Services Group Inc. (The)		955	$	68,636
Horace Mann Educators Corp.		85		3,231
James River Group Holdings Ltd.		48		1,359
Kemper Corp.		181		10,856
Kinsale Capital Group Inc.		59		11,819
Lincoln National Corp.		510		35,690
Loews Corp.		319		19,032
Markel Corp.^(a)		29		35,750
Marsh & McLennan Companies Inc.		947		145,497
Mercury General Corp.		90		4,919
MetLife Inc.		1,090		73,095
MGIC Investment Corp.		979		14,861
NMI Holdings Inc., Class A^(a)		209		5,171
Old Republic International Corp.		569		14,584
Palomar Holdings Inc.^(a)		59		3,112
Primerica Inc.		84		12,965
Principal Financial Group Inc.		755		55,160
ProAssurance Corp.		105		2,516
Progressive Corp. (The)		1,529		166,141
Prudential Financial Inc.		1,066		118,934
Radian Group Inc.		481		10,770
RenaissanceRe Holdings Ltd.		113		17,760
RLI Corp.		136		14,250
Safety Insurance Group Inc.		33		2,717
Selective Insurance Group Inc.		168		13,255
Travelers Companies Inc. (The)		655		108,848
Trupanion Inc.^(a)		37		3,524
Universal Insurance Holdings Inc.		64		1,103
Unum Group		592		15,025
Voya Financial Inc.		319		21,679
W R Berkley Corp.		394		33,293
White Mountains Insurance Group Ltd.		10		10,410
Willis Towers Watson PLC		182		42,581

				2,294,581

Leisure Time — 0.0%
Harley-Davidson Inc.		119		4,114


Machinery — 1.1%
Caterpillar Inc.		518		104,408
Vertiv Holdings Co.		294		6,133

				110,541

Media — 0.2%
FactSet Research Systems Inc.		24		10,125
New York Times Co. (The), Class A		218		8,727

				18,852

Packaging & Containers — 0.1%
Berry Global Group Inc.^(a)		99		6,675


Pharmaceuticals — 1.7%
Cigna Corp.		275		63,377
CVS Health Corp.		844		89,894
Viatris Inc.		1,467		21,961

				175,232

Private Equity — 1.4%
Blackstone Inc., NVS		920		121,413
Carlyle Group Inc. (The)		306		15,621

				137,034

Real Estate Investment Trusts — 0.5%
AGNC Investment Corp.		319		4,750


Security	Shares		Value

Real Estate Investment Trusts (continued)
Annaly Capital Management Inc.		1,396	$	11,029
New Residential Investment Corp.		402		4,281
Two Harbors Investment Corp.		188		1,081
Weyerhaeuser Co.		738		29,837

				50,978

Retail — 0.3%
FirstCash Holdings Inc.		46		3,206
McDonald’s Corp.		101		26,205

				29,411

Savings & Loans — 1.1%
Axos Financial Inc.^(a)		95		4,892
Berkshire Hills Bancorp. Inc.		75		2,219
Brookline Bancorp. Inc.		175		2,993
Capitol Federal Financial Inc.		292		3,250
Investors Bancorp. Inc.		501		8,176
New York Community Bancorp. Inc.		1,405		16,382
Northwest Bancshares Inc.		224		3,161
OceanFirst Financial Corp.		145		3,291
Pacific Premier Bancorp. Inc.		95		3,634
People’s United Financial Inc.		1,139		22,074
Provident Financial Services Inc.		140		3,384
Sterling Bancorp./DE		676		17,772
Washington Federal Inc.		262		9,175
WSFS Financial Corp.		189		9,900

				110,303

Software — 2.4%
Avalara Inc.^(a)		29		3,179
Black Knight Inc.^(a)		72		5,371
Broadridge Financial Solutions Inc.		136		21,654
Fidelity National Information Services Inc.		744		89,220
Fiserv Inc.^(a)		415		43,866
Loyalty Ventures Inc.^(a)		18		528
MSCI Inc.		66		35,384
Paychex Inc.		233		27,438
SS&C Technologies Holdings Inc.		137		10,942

				237,582


Total Common Stocks — 99.3% (Cost: $8,182,420)				9,959,005


Short-Term Investments

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		2,902		2,903
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		60,000		60,000

				62,903


Total Short-Term Investments — 0.6% (Cost: $62,903)				62,903


Total Investments in Securities — 99.9% (Cost: $8,245,323)				10,021,908

Other Assets, Less Liabilities — 0.1%				12,563


Net Assets — 100.0%			$	10,034,471

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Evolved U.S. Financials ETF

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

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates


Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,412	$	—		$	(1,509	)^(a)	$	—	$	—	$	2,903		2,902	$	8	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		0	^(a)		—			—		—		60,000		60,000		4			—

									$	—	$	—	$	62,903			$	12		$	—

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

^(b)	All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	9,959,005	$	—	$	—	$	9,959,005
Money Market Funds		62,903		—		—		62,903

	$	10,021,908	$	—	$	—	$	10,021,908

See notes to financial statements.


22		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited)

January 31, 2022

iShares^® Evolved U.S. Healthcare Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 1.9%
Amgen Inc.		365	$	82,906
Bio-Rad Laboratories Inc., Class A^(a)		190		113,949
Guardant Health Inc.^(a)		892		62,039
Illumina Inc.^(a)		1,215		423,816
Myriad Genetics Inc.^(a)		874		22,977
NeoGenomics Inc.^(a)		1,404		31,646
Veracyte Inc.^(a)		665		20,223


				757,556

Commercial Services — 0.4%
AMN Healthcare Services Inc.^(a)		476		48,238
Bright Horizons Family Solutions Inc.^(a)		304		39,036
Grand Canyon Education Inc.^(a)		287		24,016
Progyny Inc.^(a)		498		20,169
R1 RCM Inc.^(a)		928		22,068
Strategic Education Inc.		95		5,668


				159,195

Computers — 0.1%
Maximus Inc.		403		31,160


Cosmetics & Personal Care — 0.1%
Procter & Gamble Co. (The)		228		36,583


Electrical Components & Equipment — 0.1%
Novanta Inc.^(a)		341		47,092


Electronics — 1.1%
Agilent Technologies Inc.		2,112		294,244
Fortive Corp.		1,758		124,009
OSI Systems Inc.^(a)		81		6,718


				424,971

Environmental Control — 0.0%
Stericycle Inc.^(a)		265		15,566


Food Service — 0.0%
Healthcare Services Group Inc.		683		12,424


Health Care - Products — 45.6%
10X Genomics Inc., Class A^(a)		248		23,875
Abbott Laboratories		25,993		3,313,068
ABIOMED Inc.^(a)		589		174,267
Adaptive Biotechnologies Corp.^(a)		552		9,627
Align Technology Inc.^(a)		402		198,974
AngioDynamics Inc.^(a)		456		9,863
AtriCure Inc.^(a)		456		29,932
Avanos Medical Inc.^(a)		380		11,499
Avantor Inc.^(a)		1,395		52,075
Axogen Inc.^(a)		209		1,820
Baxter International Inc.		3,572		305,192
Bio-Techne Corp.		321		120,828
Boston Scientific Corp.^(a)		19,857		851,865
Bruker Corp.		722		48,085
Cardiovascular Systems Inc.^(a)		399		7,010
CareDx Inc.^(a)(b)		515		21,527
Cooper Companies Inc. (The)		627		249,734
Cutera Inc.^(a)		133		4,842
Danaher Corp.		6,635		1,896,217
DENTSPLY SIRONA Inc.		1,595		85,205
Edwards Lifesciences Corp.^(a)		8,721		952,333
Envista Holdings Corp.^(a)		1,080		46,699


Security	Shares		Value

Health Care - Products (continued)
Exact Sciences Corp.^(a)		1,885	$	143,939
Glaukos Corp.^(a)