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)		266		14,162
Globus Medical Inc., Class A^(a)		1,121		74,804
Haemonetics Corp.^(a)		456		22,048
Henry Schein Inc.^(a)		1,364		102,709
Hologic Inc.^(a)		2,828		198,639
ICU Medical Inc.^(a)		190		40,538
IDEXX Laboratories Inc.^(a)		757		384,026
Inari Medical Inc.^(a)		344		25,305
Inspire Medical Systems Inc.^(a)		344		76,124
Insulet Corp.^(a)		912		226,176
Integer Holdings Corp.^(a)		285		22,347
Integra LifeSciences Holdings Corp.^(a)		798		51,662
Intersect ENT Inc.^(a)		209		5,727
Intuitive Surgical Inc.^(a)		5,219		1,483,135
iRhythm Technologies Inc.^(a)		358		44,689
LeMaitre Vascular Inc.		209		8,843
LivaNova PLC^(a)		566		42,512
Masimo Corp.^(a)		703		154,569
Medtronic PLC		18,528		1,917,463
Merit Medical Systems Inc.^(a)		646		35,821
NanoString Technologies Inc.^(a)(b)		434		15,068
Natera Inc.^(a)		987		69,731
Neogen Corp.^(a)		342		12,473
Nevro Corp.^(a)		304		19,973
Novocure Ltd.^(a)		649		44,554
NuVasive Inc.^(a)		684		35,575
Omnicell Inc.^(a)		379		56,903
OraSure Technologies Inc.^(a)		663		5,868
Ortho Clinical Diagnostics Holdings PLC^(a)		950		16,492
Orthofix Medical Inc.^(a)		227		6,901
Pacific Biosciences of California Inc.^(a)(b)		1,350		15,093
Patterson Companies Inc.		762		21,862
Penumbra Inc.^(a)		535		120,915
PerkinElmer Inc.		895		154,092
Quanterix Corp.^(a)		300		9,132
Quidel Corp.^(a)(b)		478		49,406
ResMed Inc.		1,880		429,768
Shockwave Medical Inc.^(a)		424		61,467
Silk Road Medical Inc.^(a)		341		11,188
STAAR Surgical Co.^(a)		512		37,233
STERIS PLC		549		123,196
Stryker Corp.		4,654		1,154,425
Tandem Diabetes Care Inc.^(a)		648		76,535
Teleflex Inc.		593		183,943
Thermo Fisher Scientific Inc.		2,633		1,530,563
Waters Corp.^(a)		343		109,801
Zimmer Biomet Holdings Inc.		2,265		278,640


				18,140,572

Health Care - Services — 27.1%
Acadia Healthcare Co. Inc.^(a)		946		49,807
Addus HomeCare Corp.^(a)		154		12,294
agilon health Inc.^(a)		2,006		33,259
Amedisys Inc.^(a)		477		64,443
Anthem Inc.		2,691		1,186,704
Centene Corp.^(a)		6,857		533,200
Charles River Laboratories International Inc.^(a)		171		56,389
Chemed Corp.		134		62,834
Community Health Systems Inc.^(a)		1,541		19,555
DaVita Inc.^(a)		991		107,395


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Evolved U.S. Healthcare Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care - Services (continued)
Encompass Health Corp.		1,555	$	96,472
Ensign Group Inc. (The)		325		24,515
Fulgent Genetics Inc.^(a)		264		16,862
HCA Healthcare Inc.		3,269		784,723
Humana Inc.		1,522		597,385
ICON PLC^(a)(b)		110		29,229
Invitae Corp.^(a)		1,975		22,199
IQVIA Holdings Inc.^(a)		1,255		307,349
Laboratory Corp. of America Holdings^(a)		1,142		309,893
LHC Group Inc.^(a)		400		49,640
MEDNAX Inc.^(a)		1,275		31,174
Medpace Holdings Inc.^(a)		135		23,957
ModivCare Inc.^(a)		134		15,535
Molina Healthcare Inc.^(a)		562		163,250
Oak Street Health Inc.^(a)		1,541		26,783
OPKO Health Inc.^(a)		3,823		11,966
Quest Diagnostics Inc.		1,618		218,462
Select Medical Holdings Corp.		1,672		38,841
Surgery Partners Inc.^(a)		475		20,268
Syneos Health Inc.^(a)		228		20,648
Teladoc Health Inc.^(a)		1,507		115,602
Tenet Healthcare Corp.^(a)		1,387		102,804
U.S. Physical Therapy Inc.		228		22,064
UnitedHealth Group Inc.		11,613		5,487,955
Universal Health Services Inc., Class B		949		123,427


				10,786,883

Household Products & Wares — 0.3%
Church & Dwight Co. Inc.		1,081		110,965


Machinery — 0.1%
Colfax Corp.^(a)		626		25,741


Pharmaceuticals — 20.0%
AbbVie Inc.		8,434		1,154,530
AdaptHealth Corp.^(a)		753		14,232
AmerisourceBergen Corp.		1,296		176,515
Bausch Health Companies Inc.^(a)(b)		1,062		26,093
Becton Dickinson and Co.		3,753		953,787
Cardinal Health Inc.		3,002		154,813
Cigna Corp.		2,908		670,178
Covetrus Inc.^(a)		650		11,746
CVS Health Corp.		13,323		1,419,033
Dexcom Inc.^(a)		1,234		531,212
Eli Lilly & Co.		231		56,685
Johnson & Johnson		10,319		1,777,861
McKesson Corp.		1,346		345,545
Merck & Co. Inc.		721		58,747
Option Care Health Inc.^(a)		1,008		23,557
Owens & Minor Inc.		648		27,274
Perrigo Co. PLC		282		10,736
Pfizer Inc.		8,589		452,554
Premier Inc., Class A		1,404		53,661
Zoetis Inc.		149		29,769


				7,948,528


Security	Shares		Value

Real Estate Investment Trusts — 1.2%
Healthpeak Properties Inc.		1,461	$	51,676
Medical Properties Trust Inc.		4,389		99,894
National Health Investors Inc.		250		14,458
Omega Healthcare Investors Inc.		986		31,039
Physicians Realty Trust		1,558		28,449
Sabra Health Care REIT Inc.		1,520		20,687
Ventas Inc.		2,419		128,255
Welltower Inc.		1,338		115,911


				490,369

Retail — 0.5%
National Vision Holdings Inc.^(a)		362		14,798
Walgreens Boots Alliance Inc.		4,068		202,424


				217,222

Software — 1.0%
Allscripts Healthcare Solutions Inc.^(a)		1,324		26,771
Apollo Medical Holdings Inc.^(a)		445		22,909
Cerner Corp.		2,601		237,211
Change Healthcare Inc.^(a)		1,877		36,939
Evolent Health Inc., Class A^(a)		984		23,331
Nuance Communications Inc.^(a)		243		13,426
Outset Medical Inc.^(a)		498		18,521
Phreesia Inc.^(a)		270		8,421
Tabula Rasa HealthCare Inc.^(a)		190		2,050


				389,579


Total Common Stocks — 99.5% (Cost: $33,527,817)				39,594,406


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		147,977		148,021
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		156,000		156,000


				304,021


Total Short-Term Investments — 0.8% (Cost: $304,021)				304,021


Total Investments in Securities — 100.3% (Cost: $33,831,838)				39,898,427

Other Assets, Less Liabilities — (0.3)%				(118,640	)


Net Assets — 100.0%			$	39,779,787

^(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.


24		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. Healthcare Staples ETF

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	$	175,635	$	—	$	(27,588	)^(a)	$	(24	)	$	(2	)	$	148,021		147,977	$	81	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,006,000		—		(850,000	)^(a)		—			—			156,000		156,000		32			—

								$	(24	)	$	(2	)	$	304,021			$	113		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	39,594,406	$	—	$	—	$	39,594,406
Money Market Funds		304,021		—		—		304,021

	$	39,898,427	$	—	$	—	$	39,898,427

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited)

January 31, 2022

iShares^® Evolved U.S. Innovative Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 45.0%
2seventy bio Inc.^(a)		798	$	14,899
Abeona Therapeutics Inc.^(a)		816		208
ACADIA Pharmaceuticals Inc.^(a)		3,312		74,487
Acorda Therapeutics Inc.^(a)		201		372
Aduro Biotech Inc.^(b)		156		468
Adverum Biotechnologies Inc.^(a)		1,823		3,008
Agenus Inc.^(a)		2,088		5,763
Alaunos Therapeutics Inc.^(a)		3,648		3,940
Albireo Pharma Inc.^(a)		499		14,217
Alder Biopharmaceuticals Inc.^(b)		312		275
Alexion Pharmaceuticals Inc.^(b)(c)		624		287
Allakos Inc.^(a)		815		5,509
Allogene Therapeutics Inc.^(a)		2,090		23,931
Alnylam Pharmaceuticals Inc.^(a)		4,160		572,416
Amgen Inc.		7,110		1,614,965
Amicus Therapeutics Inc.^(a)		7,747		72,899
AnaptysBio Inc.^(a)		408		13,044
Anavex Life Sciences Corp.^(a)		2,160		28,253
ANI Pharmaceuticals Inc.^(a)		168		6,791
Apellis Pharmaceuticals Inc.^(a)		2,418		97,373
Applied Therapeutics Inc.^(a)		427		1,315
Aprea Therapeutics Inc.^(a)		506		1,058
Arcturus Therapeutics Holdings Inc.^(a)		522		13,640
Arcus Biosciences Inc.^(a)		1,709		52,637
Ardelyx Inc.^(a)		2,063		1,704
Arena Pharmaceuticals Inc.^(a)		1,899		174,670
Arrowhead Pharmaceuticals Inc.^(a)		3,245		171,206
Assembly Biosciences Inc.^(a)		528		982
Atara Biotherapeutics Inc.^(a)		2,330		35,789
Athersys Inc.^(a)		5,906		5,847
Avrobio Inc.^(a)		721		1,399
Axsome Therapeutics Inc.^(a)		938		25,739
Beam Therapeutics Inc.^(a)(c)		1,621		112,189
BioCryst Pharmaceuticals Inc.^(a)		5,610		86,675
Biogen Inc.^(a)		4,276		966,376
Biohaven Pharmaceutical Holding Co. Ltd.^(a)(c)		1,723		228,935
BioMarin Pharmaceutical Inc.^(a)		5,875		520,701
Bio-Rad Laboratories Inc., Class A^(a)		48		28,787
Bluebird Bio Inc.^(a)		2,395		18,897
Blueprint Medicines Corp.^(a)		1,703		131,301
Bridgebio Pharma Inc.^(a)		2,670		26,353
C4 Therapeutics Inc.^(a)		794		19,397
Calithera Biosciences Inc.^(a)		2,634		1,712
Cara Therapeutics Inc.^(a)		864		10,005
Cassava Sciences Inc.^(a)(c)		1,269		56,153
Celldex Therapeutics Inc.^(a)		1,189		36,871
Cerevel Therapeutics Holdings Inc.^(a)		1,434		37,341
Certara Inc.^(a)		620		16,573
ChemoCentryx Inc.^(a)		1,769		47,568
Chinook Therapeutics Inc.^(a)		219		2,825
Contra Flexion Therape^(b)		936		580
Cortexyme Inc.^(a)		427		2,596
Crinetics Pharmaceuticals Inc.^(a)		822		15,528
Cue Biopharma Inc.^(a)		986		7,287
Cymabay Therapeutics Inc.^(a)		1,919		5,719
CytomX Therapeutics Inc.^(a)		936		4,306
Deciphera Pharmaceuticals Inc.^(a)		1,345		11,338
Denali Therapeutics Inc.^(a)(c)		2,455		84,010


Security	Shares		Value

Biotechnology (continued)
Dynavax Technologies Corp.^(a)		2,947	$	38,223
Editas Medicine Inc.^(a)		1,578		30,045
Emergent BioSolutions Inc.^(a)		961		44,975
Epizyme Inc.^(a)		2,279		2,803
Esperion Therapeutics Inc.^(a)		744		3,192
Exelixis Inc.^(a)		8,540		154,574
Fate Therapeutics Inc.^(a)		2,496		103,609
FibroGen Inc.^(a)		2,208		33,319
Frequency Therapeutics Inc.^(a)		796		4,275
Geron Corp.^(a)		2,952		3,306
Gilead Sciences Inc.		26,931		1,849,621
Global Blood Therapeutics Inc.^(a)		1,801		51,959
GlycoMimetics Inc.^(a)		1,105		1,315
Gossamer Bio Inc.^(a)		1,536		14,730
Guardant Health Inc.^(a)		957		66,559
Halozyme Therapeutics Inc.^(a)(c)		3,818		132,141
Homology Medicines Inc.^(a)(c)		1,027		3,820
Horizon Therapeutics PLC^(a)		6,284		586,486
ImmunoGen Inc.^(a)		4,558		25,753
Incyte Corp.^(a)		5,613		417,214
Inhibrx Inc.^(a)		692		18,380
Innoviva Inc.^(a)		1,416		22,698
Inovio Pharmaceuticals Inc.^(a)(c)		5,524		22,869
Insmed Inc.^(a)		3,237		73,415
Instil Bio Inc.^(a)		1,523		17,682
Intercept Pharmaceuticals Inc.^(a)		815		13,358
Intra-Cellular Therapies Inc.^(a)		2,326		110,462
Ionis Pharmaceuticals Inc.^(a)		3,981		126,596
Iovance Biotherapeutics Inc.^(a)		3,999		66,583
IVERIC bio Inc.^(a)		3,022		42,127
Karuna Therapeutics Inc.^(a)		503		55,863
Karyopharm Therapeutics Inc.^(a)		2,252		20,043
Keros Therapeutics Inc.^(a)		351		16,276
Kezar Life Sciences Inc.^(a)		1,124		14,814
Kiniksa Pharmaceuticals Ltd., Class A^(a)		668		7,502
Kodiak Sciences Inc.^(a)		816		47,899
Krystal Biotech Inc.^(a)		334		19,706
Kymera Therapeutics Inc.^(a)		877		36,834
La Jolla Pharmaceutical Co.^(a)		552		2,556
Lexicon Pharmaceuticals Inc.^(a)		1,272		4,032
Ligand Pharmaceuticals Inc.^(a)		504		62,814
MacroGenics Inc.^(a)		1,609		19,871
Maravai LifeSciences Holdings Inc., Class A^(a)		1,561		45,144
MEI Pharma Inc.^(a)		4,028		7,774
Mersana Therapeutics Inc.^(a)		1,916		9,139
Mirati Therapeutics Inc.^(a)		1,595		190,283
Moderna Inc.^(a)		11,008		1,863,985
Molecular Templates Inc.^(a)		1,083		3,336
Myriad Genetics Inc.^(a)		840		22,084
Nektar Therapeutics^(a)		5,688		63,251
NextCure Inc.^(a)		406		2,261
Novavax Inc.^(a)		2,266		212,324
Nurix Therapeutics Inc.^(a)		1,072		19,961
Omeros Corp.^(a)		1,128		6,768
Pieris Pharmaceuticals Inc.^(a)		1,536		5,591
Precigen Inc.^(a)		1,056		2,724
Prothena Corp. PLC^(a)		1,054		35,920
Provention Bio Inc.^(a)(c)		1,218		6,528
PTC Therapeutics Inc.^(a)		1,560		62,743
Puma Biotechnology Inc.^(a)		936		2,303


26		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. Innovative Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Radius Health Inc.^(a)		1,200	$	9,096
Recursion Pharmaceuticals Inc., Class A^(a)		1,511		17,890
Regeneron Pharmaceuticals Inc.^(a)		2,731		1,662,059
REGENXBIO Inc.^(a)		816		21,542
Relay Therapeutics Inc.^(a)		1,886		41,737
Replimune Group Inc.^(a)		701		13,901
REVOLUTION Medicines Inc.^(a)		1,820		39,166
Rigel Pharmaceuticals Inc.^(a)		4,296		10,998
Rocket Pharmaceuticals Inc.^(a)(c)		625		10,400
Royalty Pharma PLC, Class A		7,124		285,031
Rubius Therapeutics Inc.^(a)		983		6,635
Sage Therapeutics Inc.^(a)		1,566		61,732
Sana Biotechnology Inc.^(a)		2,025		17,739
Sangamo Therapeutics Inc.^(a)		3,792		22,866
Scholar Rock Holding Corp.^(a)		790		14,070
Seagen Inc.^(a)		4,074		547,994
Solid Biosciences Inc.^(a)		385		470
Sorrento Therapeutics Inc.^(a)		6,168		21,280
SpringWorks Therapeutics Inc.^(a)		828		46,103
Stoke Therapeutics Inc.^(a)		482		9,134
Syndax Pharmaceuticals Inc.^(a)		1,153		18,840
TG Therapeutics Inc.^(a)		4,131		47,796
Theravance Biopharma Inc.^(a)		1,174		10,695
Travere Therapeutics Inc.^(a)		1,128		31,020
Turning Point Therapeutics Inc.^(a)		1,057		39,352
Twist Bioscience Corp.^(a)		308		18,301
Ultragenyx Pharmaceutical Inc.^(a)		1,868		130,629
United Therapeutics Corp.^(a)		1,128		227,709
UroGen Pharma Ltd.^(a)		385		2,972
Vaxart Inc.^(a)		1,911		9,459
Vericel Corp.^(a)		575		20,459
Vertex Pharmaceuticals Inc.^(a)		7,330		1,781,556
Verve Therapeutics Inc.^(a)		579		16,687
Viking Therapeutics Inc.^(a)		1,558		5,780
Vir Biotechnology Inc.^(a)		2,647		90,872
WaVe Life Sciences Ltd.^(a)		504		1,104
Xencor Inc.^(a)		1,440		49,493
Y-mAbs Therapeutics Inc.^(a)		696		6,883
Zentalis Pharmaceuticals Inc.^(a)		1,056		60,276


				17,901,258
Chemicals — 0.0%
Codexis Inc.^(a)		1,081		22,161


Electrical Components & Equipment — 0.1%
Universal Display Corp.		336		51,579


Health Care - Products — 3.4%
10X Genomics Inc., Class A^(a)		556		53,526
Abbott Laboratories		506		64,495
Adaptive Biotechnologies Corp.^(a)		1,508		26,300
Axogen Inc.^(a)		336		2,927
Baxter International Inc.		2,271		194,034
CareDx Inc.^(a)		410		17,138
Cerus Corp.^(a)		3,620		19,403
Cooper Companies Inc. (The)		211		84,041
Exact Sciences Corp.^(a)		1,637		125,001
Glaukos Corp.^(a)		624		33,222
Haemonetics Corp.^(a)		312		15,085
ICU Medical Inc.^(a)		120		25,603
IDEXX Laboratories Inc.^(a)		78		39,570


Security	Shares		Value

Health Care - Products (continued)
Inspire Medical Systems Inc.^(a)		268	$	59,306
Insulet Corp.^(a)		191		47,368
Integra LifeSciences Holdings Corp.^(a)		408		26,414
Intersect ENT Inc.^(a)		432		11,837
Intuitive Surgical Inc.^(a)		150		42,627
Lantheus Holdings Inc.^(a)		1,246		31,661
Lantheus Holdings Inc. New^(b)(c)		1,001		—
NanoString Technologies Inc.^(a)		428		14,860
Natera Inc.^(a)		456		32,216
Nevro Corp.^(a)		336		22,075
Novocure Ltd.^(a)		1,466		100,641
Penumbra Inc.^(a)		121		27,347
Repligen Corp.^(a)		698		138,441
ResMed Inc.		382		87,325


				1,342,463
Health Care - Services — 2.0%
Catalent Inc.^(a)		1,724		179,175
Charles River Laboratories International Inc.^(a)		505		166,529
ICON PLC^(a)(c)		287		76,262
IQVIA Holdings Inc.^(a)		988		241,961
Medpace Holdings Inc.^(a)		239		42,413
OPKO Health Inc.^(a)		5,496		17,203
Syneos Health Inc.^(a)		672		60,856


				784,399
Pharmaceuticals — 48.4%
AbbVie Inc.		17,004		2,327,678
Aclaris Therapeutics Inc.^(a)		816		8,911
Aeglea BioTherapeutics Inc.^(a)		1,561		6,712
Aerie Pharmaceuticals Inc.^(a)		1,080		7,949
Agios Pharmaceuticals Inc.^(a)		1,942		59,988
Akebia Therapeutics Inc.^(a)		4,920		9,791
Alector Inc.^(a)		1,922		30,483
Alkermes PLC^(a)		4,033		102,842
AmerisourceBergen Corp.		474		64,559
Amneal Pharmaceuticals Inc.^(a)		3,217		14,251
Amphastar Pharmaceuticals Inc.^(a)		792		18,287
Anika Therapeutics Inc.^(a)		240		7,632
Antares Pharma Inc.^(a)		3,552		11,970
Arvinas Inc.^(a)		1,278		91,364
AstraZeneca PLC		4,238		246,694
Athenex Inc.^(a)		1,945		1,984
Bausch Health Companies Inc.^(a)(c)		5,328		130,909
Bioxcel Therapeutics Inc.^(a)		390		6,591
Bristol-Myers Squibb Co.		29,159		1,892,128
Catalyst Pharmaceuticals Inc.^(a)		1,801		10,374
Clovis Oncology Inc.^(a)		1,392		2,840
Coherus Biosciences Inc.^(a)		1,847		22,829
Collegium Pharmaceutical Inc.^(a)		648		11,567
Concert Pharmaceuticals Inc.^(a)		576		1,745
Contra Adamas Pharmace		552		33
Contra Adamas Pharmace		552		33
Corbus Pharmaceuticals Holdings Inc.^(a)(c)		1,344		591
Corcept Therapeutics Inc.^(a)		2,640		49,553
Cyclerion Therapeutics Inc.^(a)		360		475
Cytokinetics Inc.^(a)(c)		2,329		77,300
Dexcom Inc.^(a)		435		187,259
Eagle Pharmaceuticals Inc./DE^(a)		336		15,436
Elanco Animal Health Inc.^(a)		4,965		129,289
Eli Lilly & Co.		9,180		2,252,680


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Evolved U.S. Innovative Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Enanta Pharmaceuticals Inc.^(a)		408	$	24,243
Endo International PLC^(a)		3,580		11,420
G1 Therapeutics Inc.^(a)		528		5,322
Harmony Biosciences Holdings Inc.^(a)		402		14,416
Heron Therapeutics Inc.^(a)		1,968		17,141
Intellia Therapeutics Inc.^(a)		2,264		214,107
Ironwood Pharmaceuticals Inc.^(a)		3,600		40,140
Jazz Pharmaceuticals PLC^(a)		1,612		223,923
Johnson & Johnson		23,552		4,057,774
Jounce Therapeutics Inc.^(a)		432		3,231
Kala Pharmaceuticals Inc.^(a)		1,468		1,299
Kura Oncology Inc.^(a)		1,747		24,615
Lannett Co. Inc.^(a)		696		1,065
Madrigal Pharmaceuticals Inc.^(a)		238		13,704
MediciNova Inc.^(a)		984		2,381
Merck & Co. Inc.		25,931		2,112,858
Morphic Holding Inc.^(a)		316		13,408
Neurocrine Biosciences Inc.^(a)		2,735		216,120
Ocugen Inc.^(a)		5,388		19,127
Ocular Therapeutix Inc.^(a)		1,949		11,031
Odonate Therapeutics Inc.^(a)		384		465
Organon & Co.		3,105		99,081
Pacira BioSciences Inc.^(a)		912		57,246
Paratek Pharmaceuticals Inc.^(a)		744		3,013
Perrigo Co. PLC		1,892		72,028
Pfizer Inc.		46,715		2,461,413
Prestige Consumer Healthcare Inc.^(a)		384		21,677
Protagonist Therapeutics Inc.^(a)		1,104		32,336
Reata Pharmaceuticals Inc., Class A^(a)		745		20,949
Relmada Therapeutics Inc.^(a)		384		7,062
Revance Therapeutics Inc.^(a)		1,877		25,020
Rhythm Pharmaceuticals Inc.^(a)		1,054		7,810
Sarepta Therapeutics Inc.^(a)		2,396		171,482
Seres Therapeutics Inc.^(a)		1,422		11,860
Spectrum Pharmaceuticals Inc.^(a)		2,681		1,880
Supernus Pharmaceuticals Inc.^(a)(c)		1,320		40,722
Synergy Pharmaceuticals Inc.^(a)(c)		1,136		7
Syros Pharmaceuticals Inc.^(a)		1,389		2,750
TherapeuticsMD Inc.^(a)		3,840		1,165
Tricida Inc.^(a)		768		7,795


Security	Shares		Value

Pharmaceuticals (continued)
Vanda Pharmaceuticals Inc.^(a)		1,344	$	20,375
Viatris Inc.		15,646		234,221
Voyager Therapeutics Inc.^(a)		768		2,197
Zoetis Inc.		5,453		1,089,455
Zogenix Inc.^(a)		1,728		44,945


				19,267,006
Software — 0.1%
Schrodinger Inc.^(a)		1,012		28,690


Telecommunications — 0.0%
InterDigital Inc.		216		14,910


Total Common Stocks — 99.0% (Cost: $35,893,867)				39,412,466


Short-Term Investments

Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(d)(e)(f)		514,495		514,649
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		322,000		322,000


				836,649


Total Short-Term Investments — 2.1% (Cost: $836,584)				836,649


Total Investments in Securities — 101.1% (Cost: $36,730,451)				40,249,115

Other Assets, Less Liabilities — (1.1)%				(439,198	)


Net Assets — 100.0%			$	39,809,917

^(a)	Non-income producing security.

^(b)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

^(d)	Affiliate of the Fund.

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

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

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	$	370,601		$144,154	^(a)	$	—		$	(77	)	$	(29	)	$	514,649		514,495	$	624	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		592,000		—			(270,000	)^(a)		—			—			322,000		322,000		20			—

									$	(77	)	$	(29	)	$	836,649			$	644		$	—

^(a)

Represents net amount purchased (sold).

^(b)


28		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. Innovative Healthcare ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	39,410,790	$	66	$	1,610	$	39,412,466
Money Market Funds		836,649		—		—		836,649

	$	40,247,439	$	66	$	1,610	$	40,249,115

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited)

January 31, 2022

iShares^® Evolved U.S. Media and Entertainment ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Advertising — 0.1%
Clear Channel Outdoor Holdings Inc.^(a)		4,389	$	13,430
National CineMedia Inc.		2,410		6,363


				19,793
Commercial Services — 1.5%
Graham Holdings Co., Class B		120		71,415
John Wiley & Sons Inc., Class A		509		25,832
Nielsen Holdings PLC		7,619		143,694
Viad Corp.^(a)		160		6,027


				246,968
Entertainment — 8.9%
AMC Entertainment Holdings Inc., Class A^(a)		9,888		158,801
Caesars Entertainment Inc.^(a)		1,013		77,130
Churchill Downs Inc.		430		90,429
Cinemark Holdings Inc.^(a)		3,110		46,961
DraftKings Inc., Class A^(a)		5,361		118,425
IMAX Corp.^(a)		1,920		33,120
Lions Gate Entertainment Corp., Class A^(a)		4,030		63,190
Lions Gate Entertainment Corp., Class B, NVS^(a)		7,597		110,764
Live Nation Entertainment Inc.^(a)		2,711		296,882
Madison Square Garden Entertainment Corp.^(a)		594		42,073
Madison Square Garden Sports Corp.^(a)		480		79,714
Penn National Gaming Inc.^(a)		607		27,685
Reading International Inc., Class A, NVS^(a)		450		2,003
Scientific Games Corp./DE, Class A^(a)		1,322		76,279
SeaWorld Entertainment Inc.^(a)		1,190		70,900
Six Flags Entertainment Corp.^(a)		1,870		73,846
Warner Music Group Corp., Class A		1,748		74,290


				1,442,492
Home Furnishings — 0.8%
Dolby Laboratories Inc., Class A		1,410		123,869


Internet — 16.9%
Alphabet Inc., Class A^(a)		139		376,144
Alphabet Inc., Class C, NVS^(a)		139		377,242
fuboTV Inc.^(a)		4,848		52,067
IAC/InterActiveCorp.^(a)(b)		1,419		193,750
Match Group Inc.^(a)		897		101,092
Netflix Inc.^(a)		1,692		722,721
Roku Inc., Class A^(a)		2,897		475,253
Twitter Inc.^(a)		11,604		435,266
Vimeo Inc.^(a)		814		11,925


				2,745,460
Leisure Time — 0.1%
Carnival Corp.^(a)		471		9,330
Liberty TripAdvisor Holdings Inc., Class A^(a)		871		1,960


				11,290
Lodging — 0.2%
Las Vegas Sands Corp.^(a)		635		27,813
Marcus Corp. (The)^(a)		300		5,055


				32,868
Media — 54.4%
Altice USA Inc., Class A^(a)		6,608		95,287
AMC Networks Inc., Class A^(a)		1,884		80,315
Audacy Inc^(a)		6,620		16,020
Cable One Inc.		162		250,246
Charter Communications Inc., Class A^(a)		1,138		675,221
Comcast Corp., Class A		15,969		798,290


Security	Shares		Value

Media (continued)
Discovery Inc., Class A^(a)(b)		8,361	$	233,356
Discovery Inc., Class C, NVS^(a)		17,997		492,218
DISH Network Corp., Class A^(a)		6,944		218,042
Endeavor Group Holdings Inc.^(a)		3,930		123,284
Entravision Communications Corp., Class A		1,518		9,199
EW Scripps Co. (The), Class A^(a)		4,122		84,501
Fox Corp., Class A, NVS		19,818		804,809
Fox Corp., Class B		11,160		414,929
Gannett Co. Inc.^(a)		2,169		10,541
Gray Television Inc.		5,738		119,637
Hemisphere Media Group Inc.^(a)		1,030		6,685
iHeartMedia Inc., Class A^(a)		2,255		45,438
Liberty Broadband Corp., Class A^(a)		767		112,250
Liberty Broadband Corp., Class C, NVS^(a)		3,679		546,000
Liberty Global PLC, Class A^(a)		3,110		84,343
Liberty Global PLC, Class C, NVS^(a)		8,980		242,819
Liberty Latin America Ltd., Class A^(a)		388		4,245
Liberty Latin America Ltd., Class C, NVS^(a)		2,280		24,647
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		720		33,300
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		827		38,480
New York Times Co. (The), Class A		1,182		47,315
News Corp., Class A, NVS		14,599		324,682
News Corp., Class B		4,320		96,077
Nexstar Media Group Inc., Class A		3,047		503,913
Saga Communications Inc., Class A		270		5,989
Scholastic Corp.		540		22,151
Sinclair Broadcast Group Inc., Class A		3,629		99,725
Sirius XM Holdings Inc.^(b)		37,721		239,906
TEGNA Inc.		14,208		275,067
ViacomCBS Inc., Class A		329		12,035
ViacomCBS Inc., Class B, NVS		21,652		724,259
Walt Disney Co. (The)^(a)		5,379		769,036
World Wrestling Entertainment Inc., Class A		2,722		135,937


				8,820,194
Real Estate Investment Trusts — 1.2%
Lamar Advertising Co., Class A		1,150		127,374
Ryman Hospitality Properties Inc.^(a)		802		70,897


				198,271
Retail — 1.0%
GameStop Corp., Class A^(a)		719		78,321
Qurate Retail Inc. Series A		11,813		83,045


				161,366
Software — 10.9%
Activision Blizzard Inc.		8,041		635,319
Daily Journal Corp.^(a)		20		6,480
Electronic Arts Inc.		4,569		606,124
Playtika Holding Corp.^(a)		698		11,887
Take-Two Interactive Software Inc.^(a)		2,160		352,814
Xperi Holding Corp.		1,069		18,034
Zynga Inc., Class A^(a)		14,219		128,966


				1,759,624
Telecommunications — 0.5%
AT&T Inc.		2,181		55,615
Harmonic Inc.^(a)(b)		1,160		12,482
Shenandoah Telecommunications Co.		752		17,123


				85,220
Toys, Games & Hobbies — 2.9%
Hasbro Inc.		4,098		378,983


30		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. Media and Entertainment ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Toys, Games & Hobbies (continued)
Mattel Inc.^(a)		4,571	$	95,625


				474,608

Total Common Stocks — 99.4% (Cost: $16,048,874)				16,122,023


Short-Term Investments

Money Market Funds — 5.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		644,773		644,966
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		158,000		158,000


				802,966


Total Short-Term Investments — 5.0% (Cost: $802,957)				802,966


Total Investments in Securities — 104.4% (Cost: $16,851,831)				16,924,989

Other Assets, Less Liabilities — (4.4)%				(710,138	)


Net Assets — 100.0%			$	16,214,851

^(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	$	924,521	$	—		$	(279,422	)^(a)	$	(131	)	$	(2	)	$	644,966		644,773	$	1,020	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		118,000		40,000	^(a)		—			—			—			158,000		158,000		4			—

									$	(131	)	$	(2	)	$	802,966			$	1,024		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	16,122,023	$	—	$	—	$	16,122,023
Money Market Funds		802,966		—		—		802,966

	$	16,924,989	$	—	$	—	$	16,924,989

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited)

January 31, 2022

iShares^® Evolved U.S. Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Advertising — 0.3%
Interpublic Group of Companies Inc. (The)		3,063	$	108,859
Omnicom Group Inc.		1,508		113,643
Trade Desk Inc. (The), Class A^(a)		4,203		292,276


				514,778
Aerospace & Defense — 0.0%
L3Harris Technologies Inc.		307		64,252


Banks — 0.3%
JPMorgan Chase & Co.		2,964		440,450


Biotechnology — 0.2%
Illumina Inc.^(a)		569		198,479
Incyte Corp.^(a)		531		39,469


				237,948
Commercial Services — 3.9%
2U Inc.^(a)		364		5,875
Automatic Data Processing Inc.		3,882		800,352
Block Inc.^(a)		3,732		456,386
Booz Allen Hamilton Holding Corp.		680		52,176
Chegg Inc.^(a)		1,401		37,084
CoStar Group Inc.^(a)		3,153		221,215
Equifax Inc.		728		174,545
FleetCor Technologies Inc.^(a)		520		123,895
Gartner Inc.^(a)		832		244,517
Global Payments Inc.		1,713		256,744
IHS Markit Ltd.		2,341		273,405
Korn Ferry		416		27,614
LiveRamp Holdings Inc.^(a)		52		2,322
MarketAxess Holdings Inc.		156		53,739
Moody’s Corp.		676		231,868
Nielsen Holdings PLC		1,766		33,307
Paylocity Holding Corp.^(a)		515		105,050
PayPal Holdings Inc.^(a)		9,817		1,687,935
Robert Half International Inc.		572		64,785
S&P Global Inc.		1,248		518,195
Sabre Corp.^(a)		1,612		14,750
TransUnion		1,248		128,694
Verisk Analytics Inc.		780		152,981


				5,667,434
Computers — 16.5%
Accenture PLC, Class A		5,557		1,964,844
Apple Inc.		98,754		17,260,224
CACI International Inc., Class A^(a)		156		38,604
Cognizant Technology Solutions Corp., Class A		4,995		426,673
Crowdstrike Holdings Inc., Class A^(a)		2,129		384,582
Dell Technologies Inc., Class C^(a)		2,080		118,165
DXC Technology Co.^(a)		2,912		87,593
EPAM Systems Inc.^(a)		416		198,074
Fortinet Inc.^(a)		1,664		494,607
Genpact Ltd.		1,196		59,501
Hewlett Packard Enterprise Co.		13,106		214,021
HP Inc.		8,574		314,923
International Business Machines Corp.		10,798		1,442,289
Kyndryl Holdings Inc.^(a)		2,159		36,444
Lumentum Holdings Inc.^(a)		312		31,662
NCR Corp.^(a)		832		31,666
NetApp Inc.		2,810		243,093
Pure Storage Inc., Class A^(a)		1,144		30,305


Security	Shares		Value

Computers (continued)
Qualys Inc.^(a)		416	$	53,306
Rapid7 Inc.^(a)		680		65,504
Seagate Technology Holdings PLC		1,872		200,585
Varonis Systems Inc.^(a)		1,447		53,915
Western Digital Corp.^(a)		2,496		129,143
Zscaler Inc.^(a)		989		254,282


				24,134,005
Cosmetics & Personal Care — 0.2%
Procter & Gamble Co. (The)		1,539		246,933


Distribution & Wholesale — 0.1%
Copart Inc.^(a)		624		80,652
KAR Auction Services Inc.^(a)		468		6,655


				87,307
Diversified Financial Services — 5.3%
Cboe Global Markets Inc.		520		61,636
CME Group Inc.		1,768		405,756
Coinbase Global Inc., Class A^(a)		1,520		289,028
Discover Financial Services		416		48,152
Interactive Brokers Group Inc., Class A		312		21,275
Intercontinental Exchange Inc.		3,016		382,006
Invesco Ltd.		1,146		25,968
Mastercard Inc., Class A		7,192		2,778,845
Nasdaq Inc.		572		102,508
SEI Investments Co.		624		36,573
Tradeweb Markets Inc., Class A		1,510		128,003
Visa Inc., Class A		15,092		3,413,358
Western Union Co. (The)		2,028		38,349


				7,731,457
Electronics — 0.5%
Agilent Technologies Inc.		830		115,636
Allegion PLC		317		38,905
Coherent Inc.^(a)		104		26,882
Flex Ltd.^(a)		3,015		48,783
Garmin Ltd.		469		58,353
Keysight Technologies Inc.^(a)		1,092		184,351
Mettler-Toledo International Inc.^(a)		51		75,107
National Instruments Corp.		988		40,725
TD SYNNEX Corp.		208		21,751
Trimble Inc.^(a)		1,352		97,560


				708,053
Energy - Alternate Sources — 0.1%
Enphase Energy Inc.^(a)		734		103,105
SolarEdge Technologies Inc.^(a)		275		65,511
Sunrun Inc.^(a)(b)		1,082		28,056


				196,672
Health Care - Products — 0.2%
10X Genomics Inc., Class A^(a)		406		39,086
Align Technology Inc.^(a)		322		159,377
Avantor Inc.^(a)		3,204		119,605


				318,068
Health Care - Services — 0.2%
Charles River Laboratories International Inc.^(a)		304		100,247
IQVIA Holdings Inc.^(a)		572		140,083
Teladoc Health Inc.^(a)		849		65,127


				305,457
Insurance — 0.3%
Aon PLC, Class A		677		187,150


32		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. Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Marsh & McLennan Companies Inc.		1,404	$	215,710
Willis Towers Watson PLC		454		106,218


				509,078
Internet — 24.4%
Airbnb Inc., Class A^(a)		2,319		357,056
Alphabet Inc., Class A^(a)		2,653		7,179,204
Alphabet Inc., Class C, NVS^(a)		2,588		7,023,754
Amazon.com Inc.^(a)		2,618		7,831,669
Anaplan Inc.^(a)		1,399		67,544
Booking Holdings Inc.^(a)		212		520,700
CDW Corp./DE		1,144		216,273
DoorDash Inc., Class A^(a)		2,301		261,141
eBay Inc.		5,530		332,187
Etsy Inc.^(a)		903		141,843
Expedia Group Inc.^(a)		676		123,904
F5 Inc.^(a)		676		140,351
GoDaddy Inc., Class A^(a)		1,196		90,549
IAC/InterActiveCorp.^(a)		561		76,599
Lyft Inc., Class A^(a)		1,980		76,270
Mandiant Inc.^(a)		1,612		24,325
Match Group Inc.^(a)		1,601		180,433
MercadoLibre Inc.^(a)(b)		297		336,222
Meta Platforms Inc, Class A^(a)		23,147		7,251,029
Mimecast Ltd.^(a)		648		51,652
Netflix Inc.^(a)		1,286		549,302
NortonLifeLock Inc.		5,146		133,847
Okta Inc.^(a)		2,025		400,727
Palo Alto Networks Inc.^(a)		1,040		538,096
Pinterest Inc., Class A^(a)		2,879		85,103
Q2 Holdings Inc.^(a)		518		33,800
Robinhood Markets Inc., Class A^(a)		4,267		60,378
Roku Inc., Class A^(a)		693		113,687
Snap Inc., Class A, NVS^(a)		11,469		373,201
Twitter Inc.^(a)		5,981		224,347
Uber Technologies Inc.^(a)		11,436		427,706
Upwork Inc.^(a)		2,798		76,106
VeriSign Inc.^(a)		932		202,412
Zendesk Inc.^(a)		884		87,083
Zillow Group Inc., Class C, NVS^(a)		728		36,749


				35,625,249
Leisure Time — 0.0%
Peloton Interactive Inc., Class A^(a)		1,393		38,071


Machinery — 0.1%
Cognex Corp.		1,040		69,118
Rockwell Automation Inc.		208		60,158


				129,276
Manufacturing — 0.0%
Axon Enterprise Inc.^(a)		431		60,310


Media — 0.1%
FactSet Research Systems Inc.		260		109,691


Office & Business Equipment — 0.1%
Zebra Technologies Corp., Class A^(a)		416		211,794


Pharmaceuticals — 0.1%
Zoetis Inc.		415		82,913


Private Equity — 0.1%
Blackstone Inc., NVS		970		128,011


Security	Shares		Value

Real Estate — 0.1%
CBRE Group Inc., Class A^(a)		1,087	$	110,157
Jones Lang LaSalle Inc.^(a)		208		52,164


				162,321
Real Estate Investment Trusts — 0.3%
Digital Realty Trust Inc.		985		146,992
Equinix Inc.		407		295,034
Iron Mountain Inc.		1,404		64,472


				506,498
Retail — 0.2%
Best Buy Co. Inc.		728		72,276
Carvana Co., Class A^(a)		353		57,207
Home Depot Inc. (The)		381		139,819


				269,302
Semiconductors — 12.7%
Advanced Micro Devices Inc.^(a)		11,651		1,331,127
Analog Devices Inc.		3,268		535,854
Applied Materials Inc.		4,481		619,185
Broadcom Inc.		3,357		1,966,799
Intel Corp.		24,625		1,202,193
KLA Corp.		884		344,115
Lam Research Corp.		736		434,181
Lattice Semiconductor Corp.^(a)		1,266		69,909
Marvell Technology Inc.		7,540		538,356
Microchip Technology Inc.		3,328		257,853
Micron Technology Inc.		7,964		655,198
Monolithic Power Systems Inc.		312		125,714
NVIDIA Corp.		26,445		6,475,323
NXP Semiconductors NV		1,971		404,922
ON Semiconductor Corp.^(a)		2,807		165,613
Qorvo Inc.^(a)		783		107,490
QUALCOMM Inc.		7,990		1,404,322
Silicon Laboratories Inc.^(a)		364		60,129
Skyworks Solutions Inc.		1,149		168,351
Synaptics Inc.^(a)		653		137,359
Teradyne Inc.		1,191		139,859
Texas Instruments Inc.		5,100		915,399
Wolfspeed Inc.^(a)		884		83,308
Xilinx Inc.		2,184		422,713


				18,565,272
Software — 30.9%
ACI Worldwide Inc.^(a)		1,040		35,745
Activision Blizzard Inc.		5,081		401,450
Adobe Inc.^(a)		5,154		2,753,782
Akamai Technologies Inc.^(a)		1,560		178,698
Alteryx Inc., Class A^(a)		781		44,572
ANSYS Inc.^(a)		728		247,527
Appian Corp.^(a)		616		34,724
Aspen Technology Inc.^(a)		520		78,083
Autodesk Inc.^(a)		2,181		544,792
Avalara Inc.^(a)		677		74,213
Bentley Systems Inc., Class B		1,560		62,665
Bill.com Holdings Inc.^(a)		1,059		199,314
Black Knight Inc.^(a)		728		54,309
Blackbaud Inc.^(a)		468		31,890
Blackline Inc.^(a)		832		76,436
Box Inc., Class A^(a)		1,404		36,687
Broadridge Financial Solutions Inc.		728		115,912
Cadence Design Systems Inc.^(a)		2,548		387,653
CDK Global Inc.		988		42,454


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Evolved U.S. Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Ceridian HCM Holding Inc.^(a)		1,455	$	110,318
Cerner Corp.		1,508		137,530
Citrix Systems Inc.		1,456		148,425
Clarivate PLC^(a)		3,412		56,161
Cloudflare Inc., Class A^(a)		1,975		190,390
CommVault Systems Inc.^(a)		468		31,571
Concentrix Corp.		328		65,925
Consensus Cloud Solutions Inc.^(a)		121		6,861
Coupa Software Inc.^(a)		832		111,713
Datadog Inc., Class A^(a)		3,497		510,947
DocuSign Inc.^(a)		2,030		255,313
Dropbox Inc., Class A^(a)		3,117		77,146
Dynatrace Inc.^(a)		2,348		128,811
Elastic NV^(a)		676		63,037
Electronic Arts Inc.		1,924		255,238
Everbridge Inc.^(a)		469		23,975
Fair Isaac Corp.^(a)		260		128,697
Fidelity National Information Services Inc.		3,798		455,456
Fiserv Inc.^(a)		4,512		476,918
Five9 Inc.^(a)		776		97,543
Guidewire Software Inc.^(a)(b)		676		68,168
HubSpot Inc.^(a)		523		255,642
Intuit Inc.		2,475		1,374,194
Jack Henry & Associates Inc.		624		104,713
Manhattan Associates Inc.^(a)		676		90,496
Microsoft Corp.		69,033		21,467,882
MicroStrategy Inc., Class A^(a)		157		57,778
MongoDB Inc.^(a)		518		209,847
MSCI Inc.		624		334,539
New Relic Inc.^(a)		468		49,205
Nuance Communications Inc.^(a)		2,451		135,418
Nutanix Inc., Class A^(a)		2,338		63,921
Oracle Corp.		21,602		1,753,218
Palantir Technologies Inc., Class A^(a)		21,629		296,534
Paychex Inc.		2,390		281,446
Paycom Software Inc.^(a)		468		156,920
Pegasystems Inc.		416		41,276
PTC Inc.^(a)		1,248		145,092
RingCentral Inc., Class A^(a)		724		127,779
Roper Technologies Inc.		155		67,760
SailPoint Technologies Holdings Inc.^(a)		1,287		49,794
salesforce.com Inc.^(a)		11,290		2,626,393
ServiceNow Inc.^(a)		2,292		1,342,608
Smartsheet Inc., Class A^(a)		1,564		97,312
Snowflake Inc., Class A^(a)		3,941		1,087,322
Splunk Inc.^(a)		1,929		239,042
SPS Commerce Inc.^(a)		821		101,681
SS&C Technologies Holdings Inc.		1,352		107,984
Synopsys Inc.^(a)		1,456		452,088
Take-Two Interactive Software Inc.^(a)		625		102,087
Teradata Corp.^(a)		2,444		98,591
Twilio Inc., Class A^(a)		2,323		478,817


Security	Shares		Value

Software (continued)
Tyler Technologies Inc.^(a)		312	$	147,826
UiPath Inc., Class A^(a)		3,150		115,069
Unity Software Inc.^(a)		2,517		264,663
Veeva Systems Inc., Class A^(a)		1,393		329,500
Verint Systems Inc.^(a)		624		32,030
VMware Inc., Class A		2,321		298,202
Workday Inc., Class A^(a)		2,444		618,356
Workiva Inc.^(a)		879		103,968
Ziff Davis Inc.^(a)		364		38,242
Zoom Video Communications Inc., Class A^(a)		2,525		389,557
ZoomInfo Technologies Inc.^(a)		3,066		162,069
Zynga Inc., Class A^(a)		5,668		51,409


				45,149,319
Telecommunications — 2.1%
Arista Networks Inc.^(a)		2,496		310,278
Ciena Corp.^(a)		1,248		82,755
Cisco Systems Inc.		41,582		2,314,870
CommScope Holding Co. Inc.^(a)		832		7,813
Juniper Networks Inc.		3,692		128,555
Motorola Solutions Inc.		832		192,974


				3,037,245
Transportation — 0.1%
Expeditors International of Washington Inc.		676		77,388
FedEx Corp.		472		116,046


			193,434


Total Common Stocks — 99.4% (Cost: $111,761,876)				145,430,598


Short-Term Investments

Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(c)(d)(e)		406,106		406,228
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		860,000		860,000


				1,266,228


Total Short-Term Investments — 0.9% (Cost: $1,266,228)				1,266,228


Total Investments in Securities — 100.3% (Cost: $113,028,104)				146,696,826

Other Assets, Less Liabilities — (0.3)%				(403,319	)


Net Assets — 100.0%			$	146,293,507

^(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.


34		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. Technology ETF

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	$	105,468	$	300,822	^(a)	$	—		$	(62	)	$	—	$	406,228		406,106	$	220	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		890,000		—			(30,000	)^(a)		—			—		860,000		860,000		19			—

									$	(62	)	$	—	$	1,266,228			$	239		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	145,430,598	$	—	$	—	$	145,430,598
Money Market Funds		1,266,228		—		—		1,266,228

	$	146,696,826	$	—	$	—	$	146,696,826

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		35

Statements of Assets and Liabilities (unaudited)

January 31, 2022


	iShares Evolved U.S. Consumer Staples ETF			iShares Evolved U.S. Discretionary Spending ETF			iShares Evolved U.S. Financials ETF			iShares Evolved U.S. Healthcare Staples ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)		$	17,045,544		$	26,475,949		$	9,959,005		$	39,594,406
Affiliated^(c)			76,124			493,424			62,903			304,021
Cash			3,886			1,088			5,990			6,322
Receivables:
Investments sold			—			—			4,565			—
Securities lending income — Affiliated			45			32			1			19
Dividends			18,001			9,942			6,288			29,201


Total assets			17,143,600			26,980,435			10,038,752			39,933,969


LIABILITIES
Collateral on securities loaned, at value			6,122			348,242			2,904			148,037
Payables:
Investment advisory fees			2,586			4,163			1,377			6,145


Total liabilities			8,708			352,405			4,281			154,182


NET ASSETS		$	17,134,892		$	26,628,030		$	10,034,471		$	39,779,787


NET ASSETS CONSIST OF:
Paid-in capital		$	15,416,651		$	22,102,969		$	8,269,925		$	33,757,115
Accumulated earnings			1,718,241			4,525,061			1,764,546			6,022,672


NET ASSETS		$	17,134,892		$	26,628,030		$	10,034,471		$	39,779,787


Shares outstanding			500,000			600,000			300,000			950,000


Net asset value		$	34.27		$	44.38		$	33.45		$	41.87


Shares authorized			Unlimited			Unlimited			Unlimited			Unlimited


Par value			None			None			None			None


^(a)Securities loaned, at value		$	6,640		$	364,193		$	2,974		$	150,227
^(b)Investments, at cost — Unaffiliated		$	15,257,566		$	22,393,566		$	8,182,420		$	33,527,817
^(c)Investments, at cost — Affiliated		$	76,121		$	493,422		$	62,903		$	304,021

See notes to financial statements.


36		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

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2022


	iShares Evolved U.S. Innovative Healthcare ETF			iShares Evolved U.S. Media and Entertainment ETF				iShares Evolved U.S. Technology ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)		$	39,412,466		$	16,122,023			$	145,430,598
Affiliated^(c)			836,649			802,966				1,266,228
Cash			9,062			—				7,861
Receivables:
Securities lending income — Affiliated			157			423				63
Dividends			72,835			3,956				17,676


Total assets			40,331,169			16,929,368				146,722,426


LIABILITIES
Bank overdraft			—			66,739				—
Collateral on securities loaned, at value			515,103			645,277				406,272
Payables:
Investment advisory fees			6,149			2,501				22,647


Total liabilities			521,252			714,517				428,919


NET ASSETS		$	39,809,917		$	16,214,851			$	146,293,507


NET ASSETS CONSIST OF:
Paid-in capital		$	35,745,039		$	16,461,827			$	110,790,112
Accumulated earnings (loss)			4,064,878			(246,976	)			35,503,395


NET ASSETS		$	39,809,917		$	16,214,851			$	146,293,507


Shares outstanding			1,200,000			500,000				2,600,000


Net asset value		$	33.17		$	32.43			$	56.27


Shares authorized			Unlimited			Unlimited				Unlimited


Par value			None			None				None


^(a)Securities loaned, at value		$	522,154		$	654,222			$	428,058
^(b)Investments, at cost — Unaffiliated		$	35,893,867		$	16,048,874			$	111,761,876
^(c)Investments, at cost — Affiliated		$	836,584		$	802,957			$	1,266,228

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended January 31, 2022


	iShares Evolved U.S. Consumer Staples ETF				iShares Evolved U.S. Discretionary Spending ETF				iShares Evolved U.S. Financials ETF				iShares Evolved U.S. Healthcare Staples ETF


INVESTMENT INCOME
Dividends — Unaffiliated		$	191,380			$	117,990			$	71,454			$	159,728
Dividends — Affiliated			3				7				4				32
Securities lending income — Affiliated — net			178				212				8				81
Foreign taxes withheld			(24	)			—				(23	)			—


Total investment income			191,537				118,209				71,443				159,841


EXPENSES
Investment advisory fees			13,792				22,941				6,511				33,325
Miscellaneous			218				—				217				217


Total expenses			14,010				22,941				6,728				33,542


Net investment income			177,527				95,268				64,715				126,299


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated			8,631				459,355				9,899				(91,957	)
Investments — Affiliated			(6	)			(56	)			—				(24	)


Net realized gain (loss)			8,625				459,299				9,899				(91,981	)


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated			487,918				(1,194,616	)			470,667				(1,304,763	)
Investments — Affiliated			(1	)			(1	)			—				(2	)


Net change in unrealized appreciation (depreciation)			487,917				(1,194,617	)			470,667				(1,304,765	)


Net realized and unrealized gain (loss)			496,542				(735,318	)			480,566				(1,396,746	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	674,069			$	(640,050	)		$	545,281			$	(1,270,447	)

See notes to financial statements.


38		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

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2022


	iShares Evolved U.S. Innovative Healthcare ETF				iShares Evolved U.S. Media and Entertainment ETF				iShares Evolved U.S. Technology ETF


INVESTMENT INCOME
Dividends — Unaffiliated		$	269,454			$	39,662		$	412,346
Dividends — Affiliated			20				4			19
Securities lending income — Affiliated — net			624				1,020			220


Total investment income			270,098				40,686			412,585


EXPENSES
Investment advisory fees			37,679				16,049			134,133
Miscellaneous			—				217			218


Total expenses			37,679				16,266			134,351


Net investment income			232,419				24,420			278,234


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated			598,491				(197,412	)		573,361
Investments — Affiliated			(77	)			(131	)		(62	)
In-kind redemptions — Unaffiliated			—				—			1,576,636


Net realized gain (loss)			598,414				(197,543	)		2,149,935


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated			(3,329,266	)			(2,132,672	)		(3,312,934	)
Investments — Affiliated			(29	)			(2	)		—


Net change in unrealized appreciation (depreciation)			(3,329,295	)			(2,132,674	)		(3,312,934	)


Net realized and unrealized loss			(2,730,881	)			(2,330,217	)		(1,162,999	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(2,498,462	)		$	(2,305,797	)	$	(884,765	)

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares Evolved U.S. Consumer Staples ETF						iShares Evolved U.S. Discretionary Spending ETF


	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	177,527		$	391,716		$	95,268		$	187,745
Net realized gain		8,625			1,823,303			459,299			1,792,839
Net change in unrealized appreciation (depreciation)		487,917			480,418			(1,194,617	)		3,689,056


Net increase (decrease) in net assets resulting from operations		674,069			2,695,437			(640,050	)		5,669,640


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(214,441	)		(377,726	)		(95,305	)		(182,616	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,741,757			2,756,445			4,731,128			5,164,697


NET ASSETS
Total increase in net assets		2,201,385			5,074,156			3,995,773			10,651,721
Beginning of period		14,933,507			9,859,351			22,632,257			11,980,536


End of period	$	17,134,892		$	14,933,507		$	26,628,030		$	22,632,257

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

See notes to financial statements.


40		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

Statements of Changes in Net Assets (continued)


	iShares Evolved U.S. Financials ETF						iShares Evolved U.S. Healthcare Staples ETF


	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	64,715		$	111,485		$	126,299		$	194,707
Net realized gain (loss)		9,899			3,090			(91,981	)		1,001,141
Net change in unrealized appreciation (depreciation)		470,667			2,107,873			(1,304,765	)		5,124,434


Net increase (decrease) in net assets resulting from operations		545,281			2,222,448			(1,270,447	)		6,320,282


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(70,771	)		(109,149	)		(164,281	)		(166,995	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,331,765			—			6,539,870			13,514,706


NET ASSETS
Total increase in net assets		3,806,275			2,113,299			5,105,142			19,667,993
Beginning of period		6,228,196			4,114,897			34,674,645			15,006,652


End of period	$	10,034,471		$	6,228,196		$	39,779,787		$	34,674,645

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		41

Statements of Changes in Net Assets (continued)


	iShares Evolved U.S. Innovative Healthcare ETF						iShares Evolved U.S. Media and Entertainment ETF


	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	232,419		$	435,435		$	24,420		$	105,029
Net realized gain (loss)		598,414			785,765			(197,543	)		2,196,957
Net change in unrealized appreciation (depreciation)		(3,329,295	)		5,285,722			(2,132,674	)		1,724,157


Net increase (decrease) in net assets resulting from operations		(2,498,462	)		6,506,922			(2,305,797	)		4,026,143


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(761,865	)		(885,686	)		(172,334	)		(103,291	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,671,174			12,756,828			—			5,551,639


NET ASSETS
Total increase (decrease) in net assets		410,847			18,378,064			(2,478,131	)		9,474,491
Beginning of period		39,399,070			21,021,006			18,692,982			9,218,491


End of period	$	39,809,917		$	39,399,070		$	16,214,851		$	18,692,982

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

See notes to financial statements.


42		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

Statements of Changes in Net Assets (continued)


	iShares Evolved U.S. Technology ETF


	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	278,234		$	437,300
Net realized gain		2,149,935			10,101,984
Net change in unrealized appreciation (depreciation)		(3,312,934	)		22,445,624


Net increase (decrease) in net assets resulting from operations		(884,765	)		32,984,908


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(883,353	)		(431,621	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		17,365,211			18,787,708


NET ASSETS
Total increase in net assets		15,597,093			51,340,995
Beginning of period		130,696,414			79,355,419


End of period	$	146,293,507		$	130,696,414

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		43

Financial Highlights

(For a share outstanding throughout each period)


		iShares Evolved U.S. Consumer Staples ETF

	Six Months Ended																			Period From
	01/31/22					Year Ended					Year Ended					Year Ended						03/21/18	^(a)
	(unaudited)				07/31/21					07/31/20					07/31/19					to 07/31/18


Net asset value, beginning of period		$	33.19				$	28.17				$	27.58				$	25.03			$	24.62

Net investment income^(b)			0.39					0.74					0.70					0.66				0.31	^(c)
Net realized and unrealized gain^(d)			1.17					5.03					0.51					2.80				0.26


Net increase from investment operations			1.56					5.77					1.21					3.46				0.57


Distributions^(e)
From net investment income			(0.48	)				(0.75	)				(0.62	)				(0.85	)			(0.16	)
From net realized gain			—					—					—					(0.06	)			—


Total distributions			(0.48	)				(0.75	)				(0.62	)				(0.91	)			(0.16	)


Net asset value, end of period		$	34.27				$	33.19				$	28.17				$	27.58			$	25.03


Total Return^(f)
Based on net asset value			4.75	%^(g)				20.76	%				4.56	%				14.23	%			2.34	%^(g)


Ratios to Average Net Assets^(h)
Total expenses			0.18	%⁽ⁱ⁾				0.18	%				0.18	%				0.18	%			0.18	%⁽ⁱ⁾


Net investment income			2.32	%⁽ⁱ⁾				2.39	%				2.58	%				2.59	%			3.58	%^(c)(i)


Supplemental Data
Net assets, end of period (000)		$	17,135				$	14,934				$	9,859				$	4,137			$	3,755


Portfolio turnover rate^(j)			5	%^(g)				5	%				13	%				9	%			0	%^(g)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)

Includes a special distribution from Dr Pepper Snapple Group Inc. Excluding such special distribution, the net investment income would have been $0.21 per share and 2.39% of average net assets.

^(d)

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.

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

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

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


44		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares Evolved U.S. Discretionary Spending ETF

	Six Months Ended																			Period From
	01/31/22					Year Ended					Year Ended					Year Ended						03/21/18	^(a)
	(unaudited)				07/31/21					07/31/20					07/31/19					to 07/31/18


Net asset value, beginning of period		$	45.26				$	34.23				$	29.47				$	26.84			$	24.95

Net investment income^(b)			0.17					0.35					0.35					0.39				0.12
Net realized and unrealized gain (loss)^(c)			(0.88	)				11.01					4.90					2.70				1.86


Net increase (decrease) from investment operations			(0.71	)				11.36					5.25					3.09				1.98


Distributions^(d)
From net investment income			(0.17	)				(0.33	)				(0.33	)				(0.41	)			(0.09	)
From net realized gain			—					—					(0.16	)				(0.05	)			—


Total distributions			(0.17	)				(0.33	)				(0.49	)				(0.46	)			(0.09	)


Net asset value, end of period		$	44.38				$	45.26				$	34.23				$	29.47			$	26.84


Total Return^(e)
Based on net asset value			(1.58	)%^(f)				33.32	%				18.11	%				11.73	%			7.96	%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.18	%^(h)				0.18	%				0.18	%				0.18	%			0.18	%^(h)


Net investment income			0.75	%^(h)				0.86	%				1.16	%				1.42	%			1.25	%^(h)


Supplemental Data
Net assets, end of period (000)		$	26,628				$	22,632				$	11,981				$	5,895			$	5,369


Portfolio turnover rate⁽ⁱ⁾			6	%^(f)				4	%				10	%				11	%			0	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)

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

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

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		45

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares Evolved U.S. Financials ETF

	Six Months Ended																			Period From
	01/31/22					Year Ended					Year Ended					Year Ended						03/21/18	^(a)
	(unaudited)				07/31/21					07/31/20					07/31/19					to 07/31/18


Net asset value, beginning of period		$	31.14				$	20.57				$	24.86				$	24.59			$	24.98

Net investment income^(b)			0.30					0.56					0.56					0.50				0.15
Net realized and unrealized gain (loss)^(c)			2.33					10.56					(4.29	)				0.27				(0.43	)


Net increase (decrease) from investment operations			2.63					11.12					(3.73	)				0.77				(0.28	)


Distributions^(d)
From net investment income			(0.32	)				(0.55	)				(0.56	)				(0.50	)			(0.11	)


Total distributions			(0.32	)				(0.55	)				(0.56	)				(0.50	)			(0.11	)


Net asset value, end of period		$	33.45				$	31.14				$	20.57				$	24.86			$	24.59


Total Return^(e)
Based on net asset value			8.47	%^(f)				54.68	%				(15.10	)%				3.35	%			(1.11	)%^(f)(g)


Ratios to Average Net Assets^(h)
Total expenses			0.19	%⁽ⁱ⁾				0.18	%				0.19	%				0.18	%			0.18	%⁽ⁱ⁾


Net investment income			1.79	%⁽ⁱ⁾				2.10	%				2.47	%				2.15	%			1.65	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)		$	10,034				$	6,228				$	4,115				$	4,971			$	4,919


Portfolio turnover rate^(j)			4	%^(f)				2	%				8	%				10	%			13	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)

^(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)	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 -1.40%.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


46		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares Evolved U.S. Healthcare Staples ETF

	Six Months Ended																			Period From
	01/31/22					Year Ended					Year Ended					Year Ended						03/21/18	^(a)
	(unaudited)				07/31/21					07/31/20					07/31/19					to 07/31/18


Net asset value, beginning of period		$	43.34				$	33.35				$	29.46				$	27.48			$	24.86

Net investment income^(b)			0.15					0.33					0.31					0.27				0.08
Net realized and unrealized gain (loss)^(c)			(1.42	)				9.96					4.07					2.11				2.60


Net increase (decrease) from investment operations			(1.27	)				10.29					4.38					2.38				2.68


Distributions^(d)
From net investment income			(0.20	)				(0.30	)				(0.25	)				(0.28	)			(0.06	)
From net realized gain			—					—					(0.24	)				(0.12	)			—


Total distributions			(0.20	)				(0.30	)				(0.49	)				(0.40	)			(0.06	)


Net asset value, end of period		$	41.87				$	43.34				$	33.35				$	29.46			$	27.48


Total Return^(e)
Based on net asset value			(2.95	)%^(f)				31.06	%				15.04	%				8.77	%			10.77	%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.18	%^(h)				0.18	%				0.18	%				0.18	%			0.18	%^(h)


Net investment income			0.68	%^(h)				0.86	%				1.02	%				0.95	%			0.87	%^(h)


Supplemental Data
Net assets, end of period (000)		$	39,780				$	34,675				$	15,007				$	7,365			$	5,495


Portfolio turnover rate⁽ⁱ⁾			3	%^(f)				2	%				12	%				12	%			0	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)

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

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

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		47

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares Evolved U.S. Innovative Healthcare ETF

	Six Months Ended																			Period From
	01/31/22					Year Ended					Year Ended					Year Ended						03/21/18	^(a)
	(unaudited)				07/31/21					07/31/20					07/31/19					to 07/31/18


Net asset value, beginning of period		$	35.82				$	30.03				$	24.74				$	26.03			$	24.97

Net investment income^(b)			0.20					0.45					0.43					0.37				0.11
Net realized and unrealized gain (loss)^(c)			(2.22	)				6.29					5.72					(1.15	)			1.04


Net increase (decrease) from investment operations			(2.02	)				6.74					6.15					(0.78	)			1.15


Distributions^(d)
From net investment income			(0.22	)				(0.39	)				(0.38	)				(0.36	)			(0.09	)
From net realized gain			(0.41	)				(0.56	)				(0.48	)				(0.15	)			—


Total distributions			(0.63	)				(0.95	)				(0.86	)				(0.51	)			(0.09	)


Net asset value, end of period		$	33.17				$	35.82				$	30.03				$	24.74			$	26.03


Total Return^(e)
Based on net asset value			(5.69	)%^(f)				22.81	%				25.31	%				(3.04	)%			4.62	%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.18	%^(h)				0.18	%				0.18	%				0.18	%			0.18	%^(h)


Net investment income			1.11	%^(h)				1.37	%				1.53	%				1.45	%			1.25	%^(h)


Supplemental Data
Net assets, end of period (000)		$	39,810				$	39,399				$	21,021				$	4,949			$	5,206


Portfolio turnover rate⁽ⁱ⁾			7	%^(f)				6	%				24	%				8	%			3	%^(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


48		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares Evolved U.S. Media and Entertainment ETF

	Six Months Ended																			Period From
	01/31/22					Year Ended					Year Ended					Year Ended						03/21/18	^(a)
	(unaudited)				07/31/21					07/31/20					07/31/19					to 07/31/18


Net asset value, beginning of period		$	37.39				$	26.34				$	28.22				$	26.38			$	25.05

Net investment income^(b)			0.05					0.23					0.20					0.26				0.10
Net realized and unrealized gain (loss)^(c)			(4.67	)				11.05					(0.86	)				1.97				1.29


Net increase (decrease) from investment operations			(4.62	)				11.28					(0.66	)				2.23				1.39


Distributions^(d)
From net investment income			(0.31	)				(0.23	)				(0.21	)				(0.26	)			(0.06	)
From net realized gain			(0.03	)				—					(1.01	)				(0.13	)			—


Total distributions			(0.34	)				(0.23	)				(1.22	)				(0.39	)			(0.06	)


Net asset value, end of period		$	32.43				$	37.39				$	26.34				$	28.22			$	26.38


Total Return^(e)
Based on net asset value			(12.37	)%^(f)				43.02	%				(2.33	)%				8.64	%			5.54	%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.18	%^(h)				0.18	%				0.18	%				0.18	%			0.18	%^(h)


Net investment income			0.27	%^(h)				0.67	%				0.79	%				0.99	%			1.04	%^(h)


Supplemental Data
Net assets, end of period (000)		$	16,215				$	18,693				$	9,218				$	7,056			$	5,277


Portfolio turnover rate⁽ⁱ⁾			5	%^(f)				4	%				16	%				10	%			0	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)

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

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

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		49

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares Evolved U.S. Technology ETF

	Six Months Ended																			Period From
	01/31/22					Year Ended					Year Ended					Year Ended						03/21/18	^(a)
	(unaudited)				07/31/21					07/31/20					07/31/19					to 07/31/18


Net asset value, beginning of period		$	56.82				$	40.70				$	29.95				$	26.33			$	24.89

Net investment income^(b)			0.11					0.21					0.24					0.23				0.06
Net realized and unrealized gain (loss)^(c)			(0.32	)				16.12					10.80					3.73				1.43


Net increase (decrease) from investment operations			(0.21	)				16.33					11.04					3.96				1.49


Distributions^(d)
From net investment income			(0.13	)				(0.21	)				(0.24	)				(0.27	)			(0.05	)
From net realized gain			(0.21	)				—					(0.05	)				(0.07	)			—


Total distributions			(0.34	)				(0.21	)				(0.29	)				(0.34	)			(0.05	)


Net asset value, end of period		$	56.27				$	56.82				$	40.70				$	29.95			$	26.33


Total Return^(e)
Based on net asset value			(0.41	)%^(f)				40.24	%				37.15	%				15.27	%			6.00	%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.18	%^(h)				0.18	%				0.18	%				0.18	%			0.18	%^(h)


Net investment income			0.37	%^(h)				0.44	%				0.72	%				0.85	%			0.70	%^(h)


Supplemental Data
Net assets, end of period (000)		$	146,294				$	130,696				$	79,355				$	16,470			$	5,266


Portfolio turnover rate⁽ⁱ⁾			6	%^(f)				6	%				5	%				7	%			0	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)

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

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

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


50		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

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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



iShares ETF	Diversification Classification

Evolved U.S. Consumer Staples		Non-diversified
Evolved U.S. Discretionary Spending		Non-diversified
Evolved U.S. Financials		Diversified
Evolved U.S. Healthcare Staples		Non-diversified
Evolved U.S. Innovative Healthcare		Non-diversified
Evolved U.S. Media and Entertainment		Non-diversified
Evolved U.S. Technology		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. 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


N O T E S T O F I N A N C I A L S T A T E M E N T S		51

Notes to Financial Statements (unaudited) (continued)

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.

•

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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 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.	SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.


52		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

Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Evolved U.S. Consumer Staples
Citigroup Global Markets, Inc.	$	4,556	$	4,275		$	—	$	(281	)^(b)
Morgan Stanley		2,084		1,848			—		(236	)^(b)


	$	6,640	$	6,123		$	—	$	(517	)

Evolved U.S. Discretionary Spending
Citigroup Global Markets, Inc.	$	680	$	680		$	—	$	—
Morgan Stanley		57,394		53,779			—		(3,615	)^(b)
Scotia Capital (USA), Inc.		24,437		23,660			—		(777	)^(b)
SG Americas Securities LLC		19,615		19,005			—		(610	)^(b)
Toronto Dominion Bank		27,141		27,141			—		—
UBS AG		57,534		55,305			—		(2,229	)^(b)
UBS Securities LLC		15,507		15,283			—		(224	)^(b)
Virtu Americas LLC		161,885		153,054			—		(8,831	)^(b)


	$	364,193	$	347,907		$	—	$	(16,286	)

Evolved U.S. Financials
UBS Securities LLC	$	2,974	$	2,903		$	—	$	(71	)^(b)


Evolved U.S. Healthcare Staples
Credit Suisse Securities (USA) LLC	$	13,332	$	12,671		$	—	$	(661	)^(b)
HSBC Bank PLC		23,096		23,096			—		—
Morgan Stanley		14,936		14,026			—		(910	)^(b)
RBC Capital Markets LLC		28,698		28,698			—		—
UBS AG		48,889		48,889			—		—
UBS Securities LLC		21,276		20,002			—		(1,274	)^(b)


	$	150,227	$	147,382		$	—	$	(2,845	)

Evolved U.S. Innovative Healthcare
Citigroup Global Markets, Inc.	$	1,747	$	1,689		$	—	$	(58	)^(b)
Credit Suisse Securities (USA) LLC		114,199		114,199			—		—
HSBC Bank PLC		28,501		28,501			—		—
Jefferies LLC		22,638		21,853			—		(785	)^(b)
Morgan Stanley		135,607		132,394			—		(3,213	)^(b)
RBC Capital Markets LLC		51,018		51,018			—		—
Scotia Capital (USA), Inc.		15,988		15,117			—		(871	)^(b)
UBS AG		76,503		74,156			—		(2,347	)^(b)
UBS Securities LLC		75,953		71,879			—		(4,074	)^(b)


	$	522,154	$	510,806		$	—	$	(11,348	)

Evolved U.S. Media and Entertainment
Citigroup Global Markets, Inc.	$	415,484	$	401,196		$	—	$	(14,288	)^(b)
Morgan Stanley		232,540		232,540			—		—
Scotia Capital (USA), Inc.		1,237		1,236			—		(1	)^(b)
UBS Securities LLC		4,961		4,961			—		—


	$	654,222	$	639,933		$	—	$	(14,289	)

Evolved U.S. Technology
Morgan Stanley	$	67,462	$	66,057		$	—	$	(1,405	)^(b)
SG Americas Securities LLC		27,771		25,701			—		(2,070	)^(b)
UBS AG		61,131		57,758			—		(3,373	)^(b)
Virtu Americas LLC		271,694		256,713			—		(14,981	)^(b)


	$	428,058	$	406,229		$	—	$	(21,829	)

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)

The market value of the loaned securities is determined as of January 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the


N O T E S T O F I N A N C I A L S T A T E M E N T S		53

Notes to Financial Statements (unaudited) (continued)

value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each 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

Evolved U.S. Consumer Staples		0.18	%
Evolved U.S. Discretionary Spending		0.18
Evolved U.S. Financials		0.18
Evolved U.S. Healthcare Staples		0.18
Evolved U.S. Innovative Healthcare		0.18
Evolved U.S. Media and Entertainment		0.18
Evolved U.S. Technology		0.18

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.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2022, each Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.


54		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

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC

Evolved U.S. Consumer Staples	$	58
Evolved U.S. Discretionary Spending		89
Evolved U.S. Financials		3
Evolved U.S. Healthcare Staples		36
Evolved U.S. Innovative Healthcare		250
Evolved U.S. Media and Entertainment		354
Evolved U.S. Technology		95

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

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Evolved U.S. Consumer Staples	$	—	$	410,147	$	23,901
Evolved U.S. Discretionary Spending		118,453		721,570		358,884
Evolved U.S. Healthcare Staples		1,163,867		184,558		(56,026	)
Evolved U.S. Innovative Healthcare		163,550		2,006,117		278,338
Evolved U.S. Media and Entertainment		133,264		—		—
Evolved U.S. Technology		957,795		3,692,425		39,328

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

6.	PURCHASES AND SALES

For the six months ended January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Evolved U.S. Consumer Staples	$	780,209	$	735,258
Evolved U.S. Discretionary Spending		1,648,200		1,491,004
Evolved U.S. Financials		519,232		260,563
Evolved U.S. Healthcare Staples		2,284,545		1,072,999
Evolved U.S. Innovative Healthcare		2,816,668		3,018,824
Evolved U.S. Media and Entertainment		849,641		888,793
Evolved U.S. Technology		9,489,459		9,923,847

For the six months ended January 31, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Evolved U.S. Consumer Staples	$	1,724,833	$	—
Evolved U.S. Discretionary Spending		4,642,967		—
Evolved U.S. Financials		3,067,118		—
Evolved U.S. Healthcare Staples		6,139,370		—
Evolved U.S. Innovative Healthcare		3,600,809		—
Evolved U.S. Technology		20,219,838		2,982,016

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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		55

Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring

Evolved U.S. Consumer Staples	$	89,251
Evolved U.S. Discretionary Spending		25,529
Evolved U.S. Financials		21,832

As of January 31, 2022, 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)

Evolved U.S. Consumer Staples	$	15,336,880	$	2,016,615	$	(231,827	)	$	1,784,788
Evolved U.S. Discretionary Spending		22,886,988		4,531,937		(449,552	)		4,082,385
Evolved U.S. Financials		8,253,212		1,862,838		(94,142	)		1,768,696
Evolved U.S. Healthcare Staples		33,833,266		6,914,988		(849,827	)		6,065,161
Evolved U.S. Innovative Healthcare		36,759,604		6,424,732		(2,935,221	)		3,489,511
Evolved U.S. Media and Entertainment		16,852,559		1,390,084		(1,317,654	)		72,430
Evolved U.S. Technology		113,029,788		36,477,060		(2,810,022	)		33,667,038

8.	PRINCIPAL RISKS

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

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: 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.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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 Statements of Assets and Liabilities, less any collateral held by the Funds.


56		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

Notes to Financial Statements (unaudited) (continued)

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

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9.	CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:




	Six Months Ended 01/31/22						Year Ended 07/31/21


iShares ETF	Shares			Amount			Shares			Amount


Evolved U.S. Consumer Staples
Shares sold		50,000		$	1,741,757			450,000		$	13,332,379
Shares redeemed		—			—			(350,000	)		(10,575,934	)


Net increase		50,000		$	1,741,757			100,000		$	2,756,445

Evolved U.S. Discretionary Spending
Shares sold		100,000		$	4,731,128			250,000		$	9,369,893
Shares redeemed		—			—			(100,000	)		(4,205,196	)


Net increase		100,000		$	4,731,128			150,000		$	5,164,697

Evolved U.S. Financials
Shares sold		100,000		$	3,331,765			—		$	—

Evolved U.S. Healthcare Staples
Shares sold		150,000		$	6,539,870			400,000		$	15,662,808
Shares redeemed		—			—			(50,000	)		(2,148,102	)


Net increase		150,000		$	6,539,870			350,000		$	13,514,706

Evolved U.S. Innovative Healthcare
Shares sold		100,000		$	3,671,174			400,000		$	12,756,828

Evolved U.S. Media and Entertainment
Shares sold		—		$	—			300,000		$	10,739,995
Shares redeemed		—			—			(150,000	)		(5,188,356	)


Net increase		—		$	—			150,000		$	5,551,639

Evolved U.S. Technology
Shares sold		350,000		$	20,355,339			800,000		$	39,917,886
Shares redeemed		(50,000	)		(2,990,128	)		(450,000	)		(21,130,178	)


Net increase		300,000		$	17,365,211			350,000		$	18,787,708

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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		57

Notes to Financial Statements (unaudited) (continued)

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

10.

SUBSEQUENT EVENTS

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


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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Evolved U.S. Consumer Staples ETF, iShares Evolved U.S. Discretionary Spending ETF, iShares Evolved U.S. Financials ETF, iShares Evolved U.S. Healthcare Staples ETF, iShares Evolved U.S. Innovative Healthcare ETF, iShares Evolved U.S. Media and Entertainment ETF and iShares Evolved U.S. Technology ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		59

Supplemental Information (unaudited)

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.

January 31, 2022



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date


iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

Evolved U.S. Consumer Staples^(a)	$	0.407524	$	—	$	0.069011	$	0.476535		86	%		—	%		14	%		100	%
Evolved U.S. Discretionary Spending^(a)		0.172782		—		0.000992		0.173774		99			—			1			100
Evolved U.S. Financials^(a)		0.303587		—		0.012924		0.316511		96			—			4			100
Evolved U.S. Healthcare Staples^(a)		0.164509		—		0.034587		0.199096		83			—			17			100
Evolved U.S. Innovative Healthcare^(a)		0.181875		0.412057		0.040956		0.634888		29			65			6			100
Evolved U.S. Media and Entertainment^(a)		0.301077		0.031434		0.012157		0.344668		87			9			4			100
Evolved U.S. Technology^(a)		0.129135		0.207145		0.002691		0.338971		38			61			1			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.


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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 Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


G E N E R A L I N F O R M A T I O N		61

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity



ADR		American Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-SAR-111-0122