iShares U.S. ETF Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of July 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, 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 notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have room to rise before peaking, although investors’ inflation expectations began to decline near the end of the period.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we believe that we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near-term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long-term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, 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 July 31, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(7.81	)%		(4.64	)%

U.S. small cap equities (Russell 2000^® Index)		(6.42	)		(14.29	)

International equities (MSCI Europe, Australasia, Far East Index)		(11.27	)		(14.32	)

Emerging market equities (MSCI Emerging Markets Index)		(16.24	)		(20.09	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.21			0.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.38	)		(10.00	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.14	)		(9.12	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(3.95	)		(6.93	)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(6.58	)		(8.03	)

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

U.S. stocks declined for the 12 months ended July 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned -7.35%. Equities advanced early in the reporting period as strong household balance sheets and robust job growth supported rising consumer spending. Increased economic activity led to strong corporate earnings as companies reaped the benefits amid a recovery from the effects of the coronavirus pandemic. However, significant challenges emerged as the reporting period continued, including high inflation, rising interest rates, slower economic growth, and the impacts of Russia’s invasion of Ukraine. These factors drove stock prices sharply lower, erasing prior gains and leading to significantly negative performance for the reporting period overall.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, indicators were mixed, showing evidence of a slowdown in some areas while others remained positive. Hiring continued to increase as businesses restored capacity, and unemployment declined substantially, falling to 3.5% in July 2022 — identical to the pre-pandemic rate in February 2020. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to rise.

The rapid increase in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and could not quickly adapt to the rapid rebound in demand. Oil prices also rose significantly as demand increased and a lack of investment constrained the supply of oil. The strong job market led to higher wages, particularly at the lower end of the market. These factors drove prices higher in many areas of the economy.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022.

In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. The effect of higher inflation and interest rates on equities varied significantly based on equity class. Growth stocks, which derive much of their value from expectations of future growth, declined significantly more than value stocks.

Russia’s invasion of Ukraine in late February 2022 led to substantial disruptions to the global economy and increased uncertainty in financial markets, exacerbating inflation and impacting U.S. businesses with operations in Russia. The invasion was met with widespread condemnation, and many countries imposed sanctions on the Russian state, businesses, and individuals. As Russia is a top producer of both oil and natural gas, global supply concerns led to sharp volatility in U.S. energy markets.

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.

The inception date of the Fund was March 21, 2018. The first day of secondary market trading was March 23, 2018.

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Consumer staples stocks in the U.S. advanced for the reporting period as investors, amid turbulent financial markets, sought equities generally viewed as less volatile than the broader market. Businesses within the sector offer relatively steady income and attractive dividend payouts that further enticed investors amid the increased market and economic uncertainty of early 2022. As a sector, staples outperformed all but two other U.S equity sectors (energy and utilities) for the reporting period, based on S&P Dow Jones Indices.

Large beverage companies Coca-Cola and Pepsico contributed the most to the Fund’s return. The companies benefited as sales volumes at restaurants and other public venues continued to rebound from the coronavirus pandemic. Price increases bolstered revenue gains and partly helped offset higher costs and business disruptions in Russia due to sanctions after the invasion of Ukraine. Pepsico, which has a complementary product line of snacks, benefited by combatting cost inflation for supplies with higher prices and smaller package sizes, which increased revenues.

Prepared food and snacks manufacturer, such as General Mills, also contributed to the Fund’s performance. Sales in the industry increased as companies absorbed rising input costs by increasing prices. Candy makers, including Hershey Foods, also advanced as increased production capacity failed to meet the strong demand for those products. Meanwhile, Archer Daniels Midland and other agricultural commodities processors benefited from tight global grain supplies and corresponding higher market prices, in addition to rising demand for their ingredients.

The Fund’s evolved investment process looks beyond the traditional sector definitions by applying machine learning and natural language processing to group individual companies with related business activity. During the reporting period, the evolved process identified several consumer staples companies with similar businesses that have traditionally been categorized in other sectors. For example, the Fund held positions in Starbucks and Chipotle Mexican Grill, which are typically classified as companies in the consumer discretionary sector. These global quick service restaurant companies detracted from the Fund’s return as consumers’ overall discretionary spending declined during the reporting period, while food and ingredient costs rose.


INDUSTRY ALLOCATION

Sector	Percent of Total Investments	^(a)

Beverages	32.6	%
Food	24.6
Agriculture	11.8
Cosmetics & Personal Care	9.7
Retail	9.6
Packaging & Containers	2.7
Household Products & Wares	1.9
Chemicals	1.9
Pharmaceuticals	1.7
Biotechnology	1.0
Other (each representing less than 1%)	2.5


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Coca-Cola Co. (The)	12.0	%
PepsiCo Inc.	11.0
Procter & Gamble Co. (The)	7.5
Philip Morris International Inc.	4.8
Mondelez International Inc., Class A	4.6
General Mills Inc.	3.7
Altria Group Inc.	3.7
Starbucks Corp.	3.2
Monster Beverage Corp.	3.0
McDonald’s Corp.	2.8

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.

The inception date of the Fund was March 21, 2018. The first day of secondary market trading was March 23, 2018.

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

Stocks related to U.S. discretionary spending declined for the reporting period amid a variety of economic concerns, including rising inflation, Fed interest rate increases, and the war between Russia and Ukraine. As U.S. economic output contracted, consumers contemplated the possibility of a recession. Discretionary spending decreased during the reporting period, and the outlook for a near-term rebound appeared uncertain, weighing on stocks within the sector.

The commerce industry detracted the most from the Fund’s return, driven by internet commerce and direct marketers. Large e-commerce retailer Amazon declined as rising inflation led to increased labor costs and decreasing sales. Supply-chain problems further exacerbated a reduction in profit margins. Amazon’s addition of warehouse space and expansion of transportation networks during the height of the coronavirus pandemic yielded excess capacity that added to expenses when sales declined in the first half of 2022. As many investors associate e-commerce retailers with the information technology sector, that sector’s overall decline in early 2022 also weighed on companies like Amazon.

Traditional in-store retail outlets likewise detracted from the Fund’s performance. Many large chains canceled orders and marked down merchandise they had purchased during the height of the pandemic — merchandise that consumers no longer found attractive as pandemic-related restrictions disappeared and inflation increased. Sales for discount outlets Ross Stores and Burlington Stores, which cater to more cost-conscious consumers, also increasingly declined amid rising inflation, while inventory levels rose substantially. Nike a leading footwear marketer, also detracted amid a withdrawal from Russia, China’s pandemic-related lockdowns, rising freight and logistics costs, questions about the North American market outlook, and concerns about labor practices in western China.


INDUSTRY ALLOCATION

Sector	Percent of Total Investments	^(a)

Retail	54.8	%
Internet	21.6
Apparel	6.2
Cosmetics & Personal Care	3.9
Lodging	2.4
Food	1.8
Commercial Services	1.5
Entertainment	1.1
Computers	1.1
Distribution & Wholesale	1.0
Other (each representing less than 1%)	4.6


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Amazon.com Inc.	17.8	%
Home Depot Inc. (The)	8.1
Costco Wholesale Corp.	7.4
Walmart Inc.	6.0
Nike Inc., Class B	3.8
McDonald’s Corp.	3.5
Lowe’s Companies Inc.	3.2
Target Corp.	2.8
Procter & Gamble Co. (The)	2.6
TJX Companies Inc. (The)	2.3

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.

The inception date of the Fund was March 21, 2018. The first day of secondary market trading was March 23, 2018.

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

U.S. financials stocks declined for the reporting period amid a steep decline in the broader stock market and myriad economic challenges. Rising inflation, Fed interest rate increases, and the war between Russia and Ukraine created significant economic headwinds.

A diverse group of financial services companies, including asset managers, investment banks, and credit ratings agencies detracted from the Fund’s performance. Asset management companies, such as T. Rowe Price Group, declined alongside the broader equity market. Cash inflows into equity investment funds declined considerably in the first half of 2022, and bond funds posted net outflows, reducing fees and profitability. Investment banks Morgan Stanley and Goldman Sachs detracted amid substantial decreases in revenue and in deal-making in capital markets. Investors reacted negatively to the disappointing near-term revenue outlook. In addition, stock underwriting for initial public offerings all but halted. Meanwhile, investment ratings agency Moody’s Corporation declined following a sharp decrease in corporate debt issuance amid a rising interest rate environment, which led to reduced earnings visibility.

Credit card issuers also detracted from the Fund’s return as the U.S. economy slowed. For example, Capital One Financial Corporation declined, despite benefiting both from increased consumer spending in the wake of pent-up, pandemic-induced demand and from assets yielding higher interest income. Investors grew cautious about the uncertain outlook for continued consumer spending amid mounting recession concerns, as credit card fee revenue highly correlates with customer transactions.

The Fund’s evolved investment process looks beyond traditional sector definitions by applying machine learning and natural language processing to group individual companies with related business activity. During the reporting period, the evolved process identified several financials companies with similar businesses that traditionally have been categorized in other sectors. For example, Fidelity National Information Services, which is traditionally categorized in the information technology sector, declined from relative performance as mobile and e-commerce payment gateway providers faced a challenging business outlook. On the upside, companies in the healthcare sector, such as UnitedHealth Group, a large managed healthcare company, contributed to the Fund’s relative performance. UnitedHealth benefited from lower expenses for coronavirus-related care and increased insurance enrollment.


INDUSTRY ALLOCATION

Sector	Percent of Total Investments	^(a)

Banks	40.3	%
Insurance	25.0
Diversified Financial Services	17.1
Commercial Services	4.2
Health Care - Services	4.1
Software	2.5
Pharmaceuticals	1.9
Machinery	1.2
Private Equity	1.2
Other (each representing less than 1%)	2.5


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Wells Fargo & Co.	4.3	%
JPMorgan Chase & Co.	4.0
Bank of America Corp.	3.9
Berkshire Hathaway Inc., Class B	3.3
Goldman Sachs Group Inc. (The)	3.0
Morgan Stanley	2.9
Charles Schwab Corp. (The)	2.8
UnitedHealth Group Inc.	2.8
Citigroup Inc.	2.3
Truist Financial Corp.	2.1

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.

The inception date of the Fund was March 21, 2018. The first day of secondary market trading was March 23, 2018.

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

U.S. healthcare staples stocks declined modestly for the reporting period as inflationary pressures, labor shortages, and resurging coronavirus waves outweighed favorable spending trends and pent-up demand for elective surgeries. Healthcare equipment stocks detracted the most from the Fund’s return, due to continuing supply-chain challenges and pandemic-related delays. Medtronic reported lower sales as recurring lockdowns in China constrained supply of raw materials and added to logistics delays. The shortage of nurses in the U.S. further limited the number of medical procedures conducted at hospitals. Deferred procedures due to COVID-19 also lowered sales volumes and increased near-term spending for Intuitive Surgical despite increased adoption of the firm’s robotic surgical platform. Stryker also reported a rise in sales for its surgical robots; however, the company’s revenue growth slowed overall as hospital clients increasingly shifted away from outright purchases in favor of rental or longer-term financing contracts. The resurging COVID-19 waves drove sales higher for at-home antigen tests, but test-maker Abbott Laboratories’ stock declined after a recall of baby formula products halted factory production and exacerbated a nationwide shortage.

Life sciences tools and services stocks also weighed on the Fund’s return. China’s lockdowns led to significantly lowered sales for gene-sequencing supplier Illumina. Regulatory pressure in the U.S. and Europe regarding a recent acquisition also dampened investor enthusiasm for the firm’s stock.

On the upside, managed healthcare companies contributed to the Fund’s performance as investors sought out businesses with less exposure to inflation impacts. UnitedHealth Group was the largest contributor as the managed healthcare conglomerate increased revenue through diversified business strategies, including expanding low-cost telehealth offerings and other non-hospital-based health services.

The Fund’s evolved investment process looks beyond traditional sector definitions by applying machine learning and natural language processing to group individual companies with related business activities. During the reporting period, the evolved process identified several healthcare companies with similar businesses that have traditionally been categorized in other sectors. In the real estate investment trust (“REIT”) industry, Healthpeak Properties, which owns and develops private healthcare facilities, declined due to weakness in its continuing care residential community segment due to a one-time repayment of CARES Act relief funds.


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

UnitedHealth Group Inc.	16.7	%
Abbott Laboratories	7.5
Danaher Corp.	5.1
Johnson & Johnson	4.8
Medtronic PLC	4.5
Thermo Fisher Scientific Inc.	4.2
Elevance Health Inc.	3.4
CVS Health Corp.	3.4
AbbVie Inc.	3.2
Intuitive Surgical Inc.	3.2

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.

The inception date of the Fund was March 21, 2018. The first day of secondary market trading was March 23, 2018.

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

U.S. innovative healthcare stocks declined modestly during the reporting period as the rising interest rate environment weighed on high-valuation stocks and cooled capital flows. Recurring COVID-19 outbreaks added to the uncertain market environment as drugmakers struggled with mismatches between vaccine supply and demand. Merger and acquisition activity within the pharmaceutical industry dropped to one of the lowest levels in the last decade amid heightened regulatory scrutiny.

Biotechnology stocks detracted the most from the Fund’s return as declining COVID-19 vaccine sales and research funding pressured the earnings of companies such as Moderna and Novavax. Moderna announced the development of a new vaccine targeting the omicron variant even as declining case rates raised doubts about the necessity of variant-specific vaccines. Competition from the introduction of new treatments for COVID-19 weighed particularly hard on less diversified companies such as Moderna, which derive nearly all their revenue from vaccines.

Other biotechnology companies reported disappointing drug sales. Biogen’s highly anticipated Alzheimer’s treatment, widely criticized for its initial high price point, encountered multiple distribution hurdles with insurance companies and prominent medical centers. Gilead Sciences’ stock also trended lower due to falling sales of its COVID-19 antiviral drug for hospitalized patients, despite increased revenue from its cancer and HIV drug divisions. In addition, clinical-stage oncology company Mirati Therapeutics reported mixed clinical trial results for its new KRAS-mutation targeting cancer drug. Competitive category pressure and management turnover further marred the stock’s performance.

On the upside, pharmaceuticals companies such as Pfizer and Eli Lilly contributed to the Fund’s return. These broadly diversified companies hold large amounts of cash on their balance sheets and generated revenue gains across multiple categories, making them less dependent on COVID-19 related drug sales alone.


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Johnson & Johnson	11.2	%
Eli Lilly & Co.	8.2
AbbVie Inc.	6.6
Merck & Co. Inc.	6.3
Bristol-Myers Squibb Co.	5.8
Vertex Pharmaceuticals Inc.	5.6
Amgen Inc.	4.8
Moderna Inc.	4.7
Gilead Sciences Inc.	4.4
Regeneron Pharmaceuticals Inc.	4.3

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.

The inception date of the Fund was March 21, 2018. The first day of secondary market trading was March 23, 2018.

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

U.S. media and entertainment stocks declined sharply during the reporting period amid slowing global economic growth and a consumer shift from digital back to in-person experiences. Rising inflation increased costs, and relatively high valuations led investors to closely scrutinize corporate earnings.

Entertainment media companies detracted the most from the Fund’s return. Profits decreased as operating costs increased at Roku, a streaming and television interface company, while revenue from digital advertising declined. Increased competition also weighed on Roku as Microsoft Corporation announced plans to enter the streaming device market. Streaming service Netflix also detracted significantly, losing subscribers as customers in search of new content switched services frequently. Furthermore, Netflix incurred high costs from creating original programming to attract subscribers. The Walt Disney Company, a media conglomerate, also declined as increased competition, slowing growth, and rising costs reduced profits from its Disney Plus streaming media service. While its theme parks showed strength following the loosening of coronavirus-related restrictions, a conflict with Florida’s state government negatively impacted the company.

Broadband service companies also detracted meaningfully from the Fund’s return. New high speed internet options, such as fiberoptic services offered by wireless companies, led to increased competition for broadband service. While revenues rose at Charter Communications, a provider of cable and internet service, subscriber growth slowed markedly. Telecommunications conglomerate Comcast Communications declined due to weak growth in its streaming service, Peacock, and its broadband service, as home buying slowed, and customers switched to mobile broadband services. In the social media industry, uncertainty about billionaire Elon Musk’s plans to purchase microblogging platform Twitter led to significant price volatility for Twitter’s stock.


INDUSTRY ALLOCATION

Sector	Percent of Total Investments	^(a)

Media	54.1	%
Internet	14.5
Software	12.7
Entertainment	8.9
Toys, Games & Hobbies	3.3
Commercial Services	2.2
Real Estate Investment Trusts	1.5
Retail	1.0
Other (each representing less than 1%)	1.8


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Fox Corp., Class A	5.1	%
Activision Blizzard Inc.	5.0
Electronic Arts Inc.	4.6
Comcast Corp., Class A	4.6
Nexstar Media Group Inc., Class A	4.5
Walt Disney Co. (The)	4.4
Paramount Global, Class B	4.0
Charter Communications Inc., Class A	3.8
Twitter Inc.	3.7
Warner Bros. Discovery Inc.	3.1

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.

The inception date of the Fund was March 21, 2018. The first day of secondary market trading was March 23, 2018.

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

U.S. technology stocks declined significantly during the reporting period. As in-person work and commerce resumed, demand weakened for certain software and online services that facilitated business during pandemic-related restrictions. Amid rising inflation, higher interest rates negatively impacted the highest valuation growth-oriented technology stocks by lowering the current value of future earnings, decreasing demand and cash flows, and raising financing costs.

The specialized software industry detracted the most from the Fund’s performance as the need for digital solutions for online learning and working diminished. Adobe Incorporated led the decline as growth in sales of its creative software platform declined. The company suspended business in Russia due to that country’s invasion of Ukraine, negatively impacting revenues. Despite strong earnings, cloud-based customer relationship management specialist Salesforce declined as investors generally turned away from high-growth stocks. Docusign Incorporated also detracted as growth in demand for digital signatures slowed sharply with many businesses returning to in-person work.

Technology service providers also detracted substantially from the Fund’s return. Online payment company PayPal declined, reflecting ongoing disruptions to supply chains and a decrease in online shopping. Earnings slowed as the company faced difficulty in growing its active user base. The high interest rate environment weighed on Block, a financial technology company, reducing demand for loans among its small business customers. A sharp decline in the price of Bitcoin also negatively impacted Block’s balance sheet.

The Fund’s evolved investment process looks beyond the traditional sector definitions by applying machine learning and natural language processing to group individual companies with related business activity. During the reporting period, the evolved process identified several technology companies with similar businesses that have traditionally been categorized in other sectors. For example, the Fund held positions in Meta and Alphabet Inc., Facebook and Google’s parent companies, respectively, both traditionally classified as communication services companies. Meta’s revenues declined as growth in demand for digital advertisements contracted amid the global economic slowdown and ongoing supply chain disruptions. Although revenue from Google search advertising fared relatively well, Alphabet declined amid disappointing sales in its YouTube and Google Cloud businesses. Currency effects due to the strong U.S. dollar also weighed on Alphabet as the majority of its sales originate outside the U.S.


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Microsoft Corp.	15.9	%
Apple Inc.	13.2
Amazon.com Inc.	5.8
Alphabet Inc., Class A	5.1
Alphabet Inc., Class C	5.0
Nvidia Corp.	4.0
Meta Platforms Inc, Class A	3.0
Visa Inc., Class A	2.6
Mastercard Inc., Class A	2.1
Adobe Inc.	1.7

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

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

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

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

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

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


Security	Shares		Value

Common Stocks

Agriculture — 11.7%
Altria Group Inc.		14,153	$	620,750
Archer-Daniels-Midland Co.		4,818		398,786
Bunge Ltd.		912		84,205
Darling Ingredients Inc.^(a)		870		60,274
Fresh Del Monte Produce Inc.		169		5,021
Philip Morris International Inc.		8,303		806,636
Universal Corp./VA		124		6,933
Vector Group Ltd.		377		4,200


				1,986,805

Beverages — 32.3%
Boston Beer Co. Inc. (The), Class A, NVS^(a)		70		26,630
Brown-Forman Corp., Class A, NVS		372		26,933
Brown-Forman Corp., Class B		2,797		207,593
Celsius Holdings Inc.^(a)		447		39,765
Coca-Cola Co. (The)		31,375		2,013,334
Coca-Cola Consolidated Inc.		51		26,163
Constellation Brands Inc., Class A		982		241,876
Keurig Dr Pepper Inc.		10,314		399,564
MGP Ingredients Inc.		110		11,570
Molson Coors Beverage Co., Class B		1,500		89,625
Monster Beverage Corp.^(a)		5,133		511,349
National Beverage Corp.		300		16,254
PepsiCo Inc.		10,612		1,856,676
Primo Water Corp.		1,508		19,936


				5,487,268

Biotechnology — 1.0%
Corteva Inc.		2,899		166,838


Chemicals — 1.9%
Balchem Corp.		162		21,993
Ecolab Inc.		142		23,454
FMC Corp.		63		7,000
International Flavors & Fragrances Inc.		1,842		228,500
Mosaic Co. (The)		361		19,010
Sensient Technologies Corp.		240		20,635


				320,592

Commercial Services — 0.0%
Medifast Inc.		59		9,923
WW International Inc.^(a)		180		1,195


				11,118

Computers — 0.1%
ExlService Holdings Inc.^(a)		99		16,669


Cosmetics & Personal Care — 9.6%
Colgate-Palmolive Co.		4,372		344,251
Coty Inc., Class A^(a)		1,840		13,469
Edgewell Personal Care Co.		150		5,967
Procter & Gamble Co. (The)		9,107		1,265,054


				1,628,741

Diversified Financial Services — 0.0%
Jefferies Financial Group Inc.		2		65


Electrical Components & Equipment — 0.1%
Energizer Holdings Inc.		380		11,221


Food — 24.3%
B&G Foods Inc.		770		19,027
Beyond Meat Inc.^(a)		389		12,444


Security	Shares		Value

Food (continued)
Calavo Growers Inc.		110	$	4,433
Cal-Maine Foods Inc.		200		10,222
Campbell Soup Co.		2,223		109,705
Conagra Brands Inc.		5,429		185,726
Flowers Foods Inc.		1,190		33,808
General Mills Inc.		8,314		621,804
Hain Celestial Group Inc. (The)^(a)		1,040		23,660
Hershey Co. (The)		1,753		399,614
Hormel Foods Corp.		2,439		120,340
Hostess Brands Inc.^(a)		650		14,703
Ingredion Inc.		504		45,854
J&J Snack Foods Corp.		130		17,616
JM Smucker Co. (The)		1,248		165,135
John B Sanfilippo & Son Inc.		90		6,741
Kellogg Co.		3,153		233,070
Kraft Heinz Co. (The)		6,041		222,490
Kroger Co. (The)		1,836		85,264
Lamb Weston Holdings Inc.		1,198		95,433
Lancaster Colony Corp.		170		22,505
McCormick & Co. Inc./MD, NVS		2,141		187,016
Mondelez International Inc., Class A		11,941		764,702
Performance Food Group Co.^(a)		711		35,344
Pilgrim’s Pride Corp.^(a)		300		9,411
Post Holdings Inc.^(a)		687		59,728
Seaboard Corp.		1		4,061
Simply Good Foods Co. (The)^(a)		718		23,421
Sprouts Farmers Market Inc.^(a)		450		12,438
Sysco Corp.		3,186		270,491
Tootsie Roll Industries Inc.		158		5,549
TreeHouse Foods Inc.^(a)		640		27,789
Tyson Foods Inc., Class A		2,728		240,091
U.S. Foods Holding Corp.^(a)		1,052		33,138
United Natural Foods Inc.^(a)		220		9,352


				4,132,125

Health Care - Products — 0.1%
Neogen Corp.^(a)		540		12,490


Holding Companies - Diversified — 0.0%
Cannae Holdings Inc.^(a)		298		6,291


Household Products & Wares — 1.9%
ACCO Brands Corp.		2		14
Church & Dwight Co. Inc.		1,148		100,990
Clorox Co. (The)		563		79,856
Helen of Troy Ltd.^(a)		50		6,689
Kimberly-Clark Corp.		1,048		138,116
WD-40 Co.		23		4,080


				329,745

Housewares — 0.1%
Newell Brands Inc.		264		5,335
Scotts Miracle-Gro Co. (The)		140		12,453


				17,788

Insurance — 0.1%
Reinsurance Group of America Inc.		158		18,293


Machinery — 0.3%
AGCO Corp.		230		25,052
Middleby Corp. (The)^(a)		170		24,597


				49,649


Security	Shares		Value

Manufacturing — 0.1%
John Bean Technologies Corp.		120	$	13,477


Oil & Gas — 0.8%
ConocoPhillips		1,378		134,259


Packaging & Containers — 2.7%
Amcor PLC		1,537		19,904
AptarGroup Inc.		39		4,203
Ball Corp.		2,379		174,666
Berry Global Group Inc.^(a)		619		35,685
Crown Holdings Inc.		911		92,630
Graphic Packaging Holding Co.		1,924		42,809
O-I Glass Inc.^(a)		780		11,474
Packaging Corp. of America		106		14,905
Sealed Air Corp.		243		14,852
Silgan Holdings Inc.		370		16,465
Sonoco Products Co.		420		26,666


				454,259

Pharmaceuticals — 1.7%
BellRing Brands Inc.^(a)		1,148		27,713
Elanco Animal Health Inc.^(a)		1,468		29,742
Herbalife Nutrition Ltd.^(a)		459		11,204
Perrigo Co. PLC		131		5,485
Prestige Consumer Healthcare Inc.^(a)		220		13,268
Zoetis Inc.		1,072		195,693


				283,105

Real Estate — 0.0%
Douglas Elliman Inc.		188		1,128


Real Estate Investment Trusts — 0.6%
Americold Realty Trust Inc.		841		27,543
Equinix Inc.		100		70,374


				97,917

Retail — 9.5%
BJ’s Restaurants Inc.^(a)		61		1,432
BJ’s Wholesale Club Holdings Inc.^(a)		264		17,873
Casey’s General Stores Inc.		110		22,292
Cheesecake Factory Inc. (The)		140		4,092


Security	Shares		Value

Retail (continued)
Chipotle Mexican Grill Inc.^(a)		150	$	234,633
Cracker Barrel Old Country Store Inc.		50		4,754
Darden Restaurants Inc.		177		22,035
Domino’s Pizza Inc.		82		32,153
Freshpet Inc.^(a)		262		14,001
Jack in the Box Inc.		90		6,223
McDonald’s Corp.		1,763		464,321
Shake Shack Inc., Class A^(a)		101		5,197
Starbucks Corp.		6,383		541,151
Texas Roadhouse Inc.		84		7,326
Wendy’s Co. (The)		710		14,931
Wingstop Inc.		90		11,356
Yum China Holdings Inc.		1,341		65,320
Yum! Brands Inc.		1,164		142,637


				1,611,727

Toys, Games & Hobbies — 0.1%
Mattel Inc.^(a)		677		15,706


Total Long-Term Investments — 99.0% (Cost: $15,239,840)				16,807,276


Short-Term Securities

Money Market Funds — 0.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(b)(c)		140,000		140,000


Total Short-Term Securities — 0.8% (Cost: $140,000)				140,000


Total Investments in Securities — 99.8% (Cost: $15,379,840)				16,947,276

Other Assets Less Liabilities — 0.2%				25,684


Net Assets — 100.0%			$	16,972,960

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

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

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.


Security	Shares		Value

Common Stocks

Advertising — 0.1%
Interpublic Group of Companies Inc. (The)		431	$	12,874


Airlines — 0.2%
Alaska Air Group Inc.^(a)		208		9,221
JetBlue Airways Corp.^(a)		552		4,648
Southwest Airlines Co.^(a)		260		9,911


				23,780

Apparel — 6.2%
Capri Holdings Ltd.^(a)		526		25,606
Carter’s Inc.		280		22,814
Columbia Sportswear Co.		144		10,658
Crocs Inc.^(a)		272		19,486
Deckers Outdoor Corp.^(a)		129		40,404
Hanesbrands Inc.		1,472		16,457
Kontoor Brands Inc.		173		6,315
Levi Strauss & Co., Class A		263		4,976
Nike Inc., Class B		5,199		597,469
Oxford Industries Inc.		96		9,158
PVH Corp.		340		21,053
Ralph Lauren Corp.		241		23,770
Skechers U.S.A. Inc., Class A^(a)		672		25,509
Steven Madden Ltd.		446		14,138
Tapestry Inc.		1,480		49,772
Under Armour Inc., Class A^(a)		808		7,482
Under Armour Inc., Class C, NVS^(a)		824		6,806
Urban Outfitters Inc.^(a)		400		8,192
VF Corp.		1,149		51,337
Wolverine World Wide Inc.		248		5,573


				966,975

Beverages — 0.2%
Constellation Brands Inc., Class A		156		38,424


Building Materials — 0.1%
American Woodmark Corp.^(a)		32		1,607
Masco Corp.		327		18,109


				19,716

Chemicals — 0.1%
Valvoline Inc.		336		10,826


Commercial Services — 1.4%
Avis Budget Group Inc.^(a)		81		14,744
Block Inc.^(a)(b)		501		38,106
Bright Horizons Family Solutions Inc.^(a)(b)		40		3,747
Cintas Corp.		144		61,271
Euronet Worldwide Inc.^(a)		80		7,862
Grand Canyon Education Inc.^(a)		72		6,917
H&R Block Inc.		448		17,902
ManpowerGroup Inc.		120		9,409
Monro Inc.		136		6,820
PayPal Holdings Inc.^(a)		252		21,806
PROG Holdings Inc.^(a)		268		4,937
Rent-A-Center Inc./TX		231		5,435
Rollins Inc.		360		13,885
Terminix Global Holdings Inc.^(a)		272		12,158
WW International Inc.^(a)(b)		72		478


				225,477

Computers — 1.1%
Apple Inc.		1,025		166,573


Security	Shares		Value

Cosmetics & Personal Care — 3.9%
Colgate-Palmolive Co.		84	$	6,614
Coty Inc., Class A^(a)		319		2,335
Estee Lauder Companies Inc. (The), Class A		715		195,266
Inter Parfums Inc.		62		5,175
Procter & Gamble Co. (The)		2,861		397,422


				606,812

Distribution & Wholesale — 1.0%
Fastenal Co.		747		38,366
G-III Apparel Group Ltd.^(a)		232		5,125
Leslie’s Inc.^(a)(b)		329		4,987
LKQ Corp.		218		11,955
Pool Corp.		76		27,185
SiteOne Landscape Supply Inc.^(a)		72		10,032
WW Grainger Inc.		96		52,179


				149,829

Diversified Financial Services — 0.8%
LendingTree Inc.^(a)		8		364
Mastercard Inc., Class A		163		57,668
Visa Inc., Class A^(b)		300		63,633


				121,665

Entertainment — 1.1%
AMC Entertainment Holdings Inc., Class A^(a)		1,489		21,680
Caesars Entertainment Inc.^(a)		524		23,942
Churchill Downs Inc.		79		16,574
Cinemark Holdings Inc.^(a)		256		4,692
DraftKings Inc., Class A ^(a)		476		6,535
Live Nation Entertainment Inc.^(a)		360		33,836
Madison Square Garden Sports Corp.^(a)		40		6,151
Marriott Vacations Worldwide Corp.		71		9,721
Penn National Gaming Inc.^(a)		267		9,225
Red Rock Resorts Inc., Class A		232		9,125
Scientific Games Corp., Class A^(a)		88		4,483
Six Flags Entertainment Corp.^(a)		136		3,083
Vail Resorts Inc.		104		24,662


				173,709

Food — 1.8%
Beyond Meat Inc.^(a)(b)		67		2,143
Flowers Foods Inc.		360		10,228
Grocery Outlet Holding Corp.^(a)		450		19,224
Kroger Co. (The)		3,537		164,258
Performance Food Group Co.^(a)		308		15,311
Sprouts Farmers Market Inc.^(a)		504		13,931
Sysco Corp.		559		47,459
U.S. Foods Holding Corp.^(a)		432		13,608


				286,162

Food Service — 0.1%
Aramark		640		21,376


Holding Companies - Diversified — 0.0%
Cannae Holdings Inc.^(a)		120		2,533


Home Builders — 0.1%
Taylor Morrison Home Corp.^(a)		160		4,592
Toll Brothers Inc.		208		10,229


				14,821

Home Furnishings — 0.1%
Sleep Number Corp.^(a)		94		4,236
Tempur Sealy International Inc.		544		14,949


				19,185


Security	Shares		Value

Household Products & Wares — 0.2%
Helen of Troy Ltd.^(a)		41	$	5,486
Kimberly-Clark Corp.		208		27,412


				32,898

Housewares — 0.1%
Newell Brands Inc.		758		15,319
Scotts Miracle-Gro Co. (The)		64		5,693
Tupperware Brands Corp.^(a)		88		656


				21,668

Internet — 21.4%
Airbnb Inc., Class A^(a)		855		94,888
Amazon.com Inc.^(a)		20,480		2,763,776
Booking Holdings Inc.^(a)		85		164,534
Cars.com Inc.^(a)		120		1,411
Chewy Inc., Class A^(a)		181		7,025
DoorDash Inc., Class A^(a)		618		43,105
eBay Inc.		985		47,900
Etsy Inc.^(a)		232		24,063
Expedia Group Inc.^(a)		297		31,497
Groupon Inc.^(a)		48		509
Just Eat Takeaway.com NV SP ADR^(a)(b)		590		2,136
Lyft Inc., Class A^(a)		394		5,461
Match Group Inc.^(a)		76		5,571
MercadoLibre Inc.^(a)(b)		97		78,930
Overstock.com Inc.^(a)		100		2,900
Pinterest Inc., Class A^(a)		1,181		23,006
Stitch Fix Inc., Class A^(a)(b)		110		657
Uber Technologies Inc.^(a)		1,829		42,890
Wayfair Inc., Class A^(a)(b)		329		17,736


				3,357,995

Leisure Time — 0.6%
Carnival Corp.^(a)		2,092		18,954
Norwegian Cruise Line Holdings Ltd.^(a)		730		8,869
Peloton Interactive Inc., Class A^(a)		581		5,514
Planet Fitness Inc., Class A^(a)		416		32,785
Polaris Inc.		56		6,568
Royal Caribbean Cruises Ltd.^(a)		313		12,116
YETI Holdings Inc.^(a)		196		9,951


				94,757

Lodging — 2.4%
Boyd Gaming Corp.		166		9,215
Choice Hotels International Inc.		128		15,471
Hilton Grand Vacations Inc.^(a)		168		6,849
Hilton Worldwide Holdings Inc.		886		113,470
Hyatt Hotels Corp., Class A^(a)		128		10,592
Las Vegas Sands Corp.^(a)		1,047		39,462
Marriott International Inc./MD, Class A		572		90,845
MGM Resorts International		885		28,966
Travel + Leisure Co.		328		14,140
Wyndham Hotels & Resorts Inc.		383		26,584
Wynn Resorts Ltd.^(a)		200		12,696


				368,290

Oil & Gas — 0.8%
ConocoPhillips		1,260		122,762


Pharmaceuticals — 0.0%
Herbalife Nutrition Ltd.^(a)		190		4,638


Real Estate — 0.0%
RE/MAX Holdings Inc., Class A		84		2,129


Security	Shares		Value

Real Estate Investment Trusts — 0.2%
Apple Hospitality REIT Inc.		336	$	5,604
Host Hotels & Resorts Inc.		1,064		18,950
Macerich Co. (The)		203		2,154
Park Hotels & Resorts Inc.		240		3,742
Ruth’s Hospitality Group Inc.		144		2,527
Ryman Hospitality Properties Inc.^(a)		64		5,667


				38,644

Retail — 54.4%
Abercrombie & Fitch Co., Class A^(a)		415		7,391
Academy Sports & Outdoors Inc.		349		15,017
Advance Auto Parts Inc.		288		55,763
American Eagle Outfitters Inc.		936		11,269
AutoNation Inc.^(a)		168		19,948
AutoZone Inc.^(a)		88		188,090
Bath & Body Works Inc.		1,255		44,603
Bed Bath & Beyond Inc.^(a)(b)		771		3,878
Best Buy Co. Inc.		849		65,364
Big Lots Inc.		248		5,007
BJ’s Restaurants Inc.^(a)		72		1,690
BJ’s Wholesale Club Holdings Inc.^(a)		561		37,980
Bloomin’ Brands Inc.		384		7,830
Boot Barn Holdings Inc.^(a)		173		10,778
Brinker International Inc.^(a)		211		5,855
Buckle Inc. (The)		152		4,590
Burlington Stores Inc.^(a)		363		51,230
CarMax Inc.^(a)(b)		483		48,078
Carvana Co., Class A^(a)		210		6,121
Casey’s General Stores Inc.		168		34,045
Cheesecake Factory Inc. (The)		168		4,911
Chipotle Mexican Grill Inc.^(a)		92		143,908
Costco Wholesale Corp.		2,112		1,143,226
Cracker Barrel Old Country Store Inc.		112		10,648
Darden Restaurants Inc.		536		66,727
Dave & Buster’s Entertainment Inc.^(a)		169		6,314
Dick’s Sporting Goods Inc.		345		32,289
Dollar General Corp.		1,248		310,041
Dollar Tree Inc.^(a)		1,217		201,243
Domino’s Pizza Inc.		166		65,090
FirstCash Holdings Inc.		152		11,135
Five Below Inc.^(a)		312		39,646
Floor & Decor Holdings Inc., Class A^(a)		437		35,209
Foot Locker Inc.		512		14,525
Freshpet Inc.^(a)		79		4,222
GameStop Corp., Class A^(a)(b)		976		33,194
Gap Inc. (The)		1,672		16,085
Genuine Parts Co.		248		37,912
Home Depot Inc. (The)		4,191		1,261,240
Jack in the Box Inc.		90		6,223
Kohl’s Corp.		913		26,605
La-Z-Boy Inc.		144		4,013
Lithia Motors Inc.		56		14,856
Lowe’s Companies Inc.		2,600		497,978
Lululemon Athletica Inc.^(a)		668		207,421
Macy’s Inc.		1,212		21,392
McDonald’s Corp.		2,076		546,756
MSC Industrial Direct Co. Inc., Class A		80		6,613
Murphy USA Inc.		96		27,299
National Vision Holdings Inc.^(a)		200		5,828
Nordstrom Inc.		625		14,694
Ollie’s Bargain Outlet Holdings Inc.^(a)		326		19,218


Security	Shares		Value


Retail (continued)
O’Reilly Automotive Inc.^(a)		319	$	224,445
Papa John’s International Inc.		94		9,014
PriceSmart Inc.		112		7,435
Qurate Retail Inc. Series A		423		1,155
RH^(a)		90		25,149
Ross Stores Inc.		1,884		153,094
Sally Beauty Holdings Inc.^(a)		648		8,281
Shake Shack Inc., Class A^(a)		96		4,940
Signet Jewelers Ltd.		323		19,690
Starbucks Corp.		2,947		249,847
Target Corp.		2,676		437,205
Texas Roadhouse Inc.		288		25,119
TJX Companies Inc. (The)		5,850		357,786
Tractor Supply Co.		551		105,505
Ulta Beauty, Inc.^(a)		307		119,395
Victoria’s Secret & Co.^(a)		419		15,486
Walgreens Boots Alliance Inc.		1,957		77,536
Walmart Inc.		7,028		928,047
Wendy’s Co. (The)		680		14,300
Williams-Sonoma Inc.		364		52,569
Wingstop Inc.		96		12,113
Yum China Holdings Inc.		1,372		66,830
Yum! Brands Inc.		1,183		144,965


				8,520,894

Software — 0.2%
Intuit Inc.		40		18,247
Take-Two Interactive Software Inc.^(a)		38		5,044


				23,291

Textiles — 0.0%
UniFirst Corp./MA		32		6,269


Security	Shares		Value


Toys, Games & Hobbies — 0.2%
Hasbro Inc.		192	$	15,114
Mattel Inc.^(a)		606		14,059


				29,173

Transportation — 0.5%
FedEx Corp.		336		78,318


Total Long-Term Investments — 99.3% (Cost: $16,394,049)				15,562,463


Short-Term Securities

Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%^(c)(d)(e)		298,332		298,302
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(c)(d)		60,000		60,000


Total Short-Term Securities — 2.3% (Cost: $358,255)				358,302


Total Investments in Securities — 101.6% (Cost: $16,752,304)				15,920,765

Liabilities in Excess of Other Assets — (1.6)%				(243,835	)


Net Assets — 100.0%			$	15,676,930

^(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.


Security	Shares		Value

Common Stocks

Banks — 39.9%
Ameris Bancorp.		64	$	3,027
Associated Banc-Corp.		521		10,472
Atlantic Union Bankshares Corp.		210		7,264
BancFirst Corp.		70		7,517
Bank of America Corp.		10,235		346,045
Bank of Hawaii Corp.		142		11,376
Bank of New York Mellon Corp. (The)		1,789		77,750
Bank OZK		340		13,634
BankUnited Inc.		187		7,265
Banner Corp.		52		3,223
BOK Financial Corp.		79		6,954
Cathay General Bancorp		270		11,259
Citigroup Inc.		3,929		203,915
Citizens Financial Group Inc.		1,335		50,690
City Holding Co.		40		3,472
Columbia Banking System Inc.		153		4,616
Comerica Inc.		396		30,797
Commerce Bancshares Inc.		318		22,098
Community Bank System Inc.		114		7,676
ConnectOne Bancorp. Inc.		114		3,014
Cullen/Frost Bankers Inc.		178		23,211
CVB Financial Corp.		243		6,481
Eagle Bancorp. Inc.		67		3,285
East West Bancorp. Inc.		396		28,425
Eastern Bankshares Inc.		423		8,629
Enterprise Financial Services Corp.		88		4,139
Fifth Third Bancorp.		1,921		65,545
First BanCorp./Puerto Rico		372		5,613
First Bancorp./Southern Pines NC		71		2,689
First Busey Corp.		168		4,141
First Citizens BancShares Inc./NC, Class A		31		23,457
First Commonwealth Financial Corp.		268		3,972
First Financial Bancorp		210		4,691
First Financial Bankshares Inc.		426		18,821
First Hawaiian Inc.		391		9,967
First Horizon Corp.		1,609		35,977
First Interstate BancSystem Inc., Class A		231		9,420
Flagstar Bancorp. Inc.		62		2,554
FNB Corp.		1,043		12,474
Fulton Financial Corp.		574		9,580
Glacier Bancorp. Inc.		258		12,923
Goldman Sachs Group Inc. (The)		784		261,378
Hancock Whitney Corp.		253		12,349
Hanmi Financial Corp.		78		1,971
Heartland Financial USA Inc.		107		4,804
Heritage Financial Corp./WA		75		1,952
Hilltop Holdings Inc.		240		6,924
Home BancShares Inc./AR		478		11,281
Hope Bancorp Inc.		282		4,241
Huntington Bancshares Inc./OH		3,984		52,947
Independent Bank Corp.		89		7,458
Independent Bank Group Inc.		54		3,819
International Bancshares Corp.		202		8,860
JPMorgan Chase & Co.		3,027		349,195
KeyCorp.		2,758		50,471
Lakeland Bancorp. Inc.		198		3,152
Lakeland Financial Corp.		67		5,213
Live Oak Bancshares Inc.		83		3,124


Security	Shares		Value

Banks (continued)
M&T Bank Corp.		339	$	60,156
Morgan Stanley		3,064		258,295
National Bank Holdings Corp., Class A		71		2,955
NBT Bancorp. Inc.		113		4,581
Northern Trust Corp.		526		52,484
OFG Bancorp		94		2,582
Old National Bancorp./IN		589		10,255
PacWest Bancorp		343		9,614
Park National Corp.		33		4,275
Pathward Financial Inc.		57		1,922
Pinnacle Financial Partners Inc.		221		17,481
Popular Inc.		234		18,175
Prosperity Bancshares Inc.		259		19,189
Regions Financial Corp.		2,663		56,402
Renasant Corp.		114		3,808
S&T Bancorp. Inc.		84		2,599
Sandy Spring Bancorp. Inc.		118		4,873
Seacoast Banking Corp. of Florida		99		3,542
ServisFirst Bancshares Inc.		142		12,134
Silvergate Capital Corp., Class A^(a)		104		9,702
Simmons First National Corp., Class A		177		4,204
Southside Bancshares Inc.		85		3,395
SouthState Corp.		199		16,869
State Street Corp.		895		63,581
SVB Financial Group^(a)		159		64,164
Synovus Financial Corp.		445		17,969
Texas Capital Bancshares Inc.^(a)		82		4,807
Tompkins Financial Corp.		58		4,475
Triumph Bancorp. Inc.^(a)		35		2,543
Truist Financial Corp.		3,562		179,774
Trustmark Corp.		72		2,338
U.S. Bancorp		3,607		170,250
UMB Financial Corp.		142		12,851
Umpqua Holdings Corp.		598		10,531
United Bankshares Inc./WV		363		14,063
United Community Banks Inc./GA		128		4,356
Valley National Bancorp		892		10,428
Veritex Holdings Inc.		64		1,980
Walker & Dunlop Inc.		54		6,083
Webster Financial Corp.		592		27,498
Wells Fargo & Co.		8,574		376,141
WesBanco Inc.		155		5,289
Westamerica Bancorp		61		3,661
Western Alliance Bancorp		203		15,505
Wintrust Financial Corp.		174		14,971
Zions Bancorp. NA		490		26,730


				3,536,677

Commercial Services — 4.2%
Automatic Data Processing Inc.		268		64,620
Equifax Inc.		118		24,651
Euronet Worldwide Inc.^(a)		37		3,636
EVERTEC Inc.		100		3,899
FleetCor Technologies Inc.^(a)		58		12,765
FTI Consulting Inc.^(a)		31		5,070
Global Payments Inc.		235		28,745
Grand Canyon Education Inc.^(a)		35		3,363
Green Dot Corp., Class A^(a)		57		1,602
HealthEquity Inc.^(a)		55		3,199
Insperity Inc.		43		4,719
MarketAxess Holdings Inc.		43		11,644


Security	Shares		Value

Commercial Services (continued)
Moody’s Corp.		196	$	60,809
Morningstar Inc.		25		6,384
S&P Global Inc.		210		79,155
Service Corp. International		167		12,435
Verisk Analytics Inc.		191		36,338
WEX Inc.^(a)		37		6,150


				369,184

Computers — 0.1%
Genpact Ltd.		100		4,808


Diversified Financial Services — 16.9%
Affiliated Managers Group Inc.		91		11,501
Ally Financial Inc.		686		22,686
American Express Co.		1,139		175,429
Ameriprise Financial Inc.		281		75,847
Apollo Global Management Inc.		998		56,986
Ares Management Corp., Class A		207		14,832
Artisan Partners Asset Management Inc., Class A		106		4,215
BGC Partners Inc., Class A		325		1,186
Bread Financial Holdings Inc.		30		1,188
Capital One Financial Corp.		1,006		110,489
Cboe Global Markets Inc.		151		18,630
Charles Schwab Corp. (The)		3,572		246,647
CME Group Inc.		336		67,025
Cohen & Steers Inc.		54		3,979
Credit Acceptance Corp.^(a)		24		13,822
Discover Financial Services		559		56,459
Evercore Inc., Class A		58		5,798
Federated Hermes Inc.		198		6,754
Franklin Resources Inc.		558		15,317
Hamilton Lane Inc., Class A		36		2,720
Houlihan Lokey Inc.		60		5,074
Interactive Brokers Group Inc., Class A		107		6,280
Intercontinental Exchange Inc.		658		67,109
Invesco Ltd.		504		8,941
Janus Henderson Group PLC		418		10,772
Jefferies Financial Group Inc.		367		11,953
KKR & Co. Inc.		1,058		58,677
LendingClub Corp.^(a)		248		3,435
LendingTree Inc.^(a)		7		319
LPL Financial Holdings Inc.		156		32,747
Mastercard Inc., Class A		92		32,549
Moelis & Co., Class A		61		2,841
Mr Cooper Group Inc.^(a)		133		5,992
Nasdaq Inc.		157		28,401
Navient Corp.		407		6,703
OneMain Holdings Inc.		174		6,473
PennyMac Financial Services Inc.		100		5,479
Piper Sandler Cos.		37		4,669
Radian Group Inc.		481		10,760
Raymond James Financial Inc.		466		45,887
SEI Investments Co.		229		12,677
SLM Corp.		931		14,524
SoFi Technologies Inc.^(a)		383		2,417
Stifel Financial Corp.		276		16,508
Synchrony Financial		1,061		35,522
T Rowe Price Group Inc.		407		50,252
Tradeweb Markets Inc., Class A		82		5,783
Upstart Holdings Inc.^(a)		91		2,214
Virtu Financial Inc., Class A		151		3,523


Security	Shares		Value

Diversified Financial Services (continued)
Virtus Investment Partners Inc.		17	$	3,507
Visa Inc., Class A		378		80,178
Western Union Co. (The)		432		7,353


				1,501,029

Electric — 0.1%
Hawaiian Electric Industries Inc.		209		8,841


Engineering & Construction — 0.0%
frontdoor Inc.^(a)		83		2,222


Forest Products & Paper — 0.2%
International Paper Co.		329		14,071
Sylvamo Corp.		29		1,138


				15,209

Health Care - Services — 4.1%
Centene Corp.^(a)		163		15,154
Elevance Health Inc.		180		85,878
Humana Inc.		7		3,374
Molina Healthcare Inc.^(a)		42		13,764
UnitedHealth Group Inc.		445		241,342


				359,512

Home Builders — 0.2%
MDC Holdings Inc.		76		2,755
NVR Inc.^(a)		4		17,572


				20,327

Household Products & Wares — 0.0%
Spectrum Brands Holdings Inc.		12		835


Insurance — 24.7%
Aflac Inc.		1,692		96,952
Alleghany Corp.^(a)		40		33,499
Allstate Corp. (The)		714		83,517
American Financial Group Inc./OH		209		27,939
American International Group Inc.		2,236		115,758
Aon PLC, Class A		259		75,379
Arch Capital Group Ltd.		845		37,518
Argo Group International Holdings Ltd.		84		2,754
Arthur J Gallagher & Co.		413		73,923
Assurant Inc.		89		15,644
Assured Guaranty Ltd.		127		7,416
Axis Capital Holdings Ltd.		202		10,199
Berkshire Hathaway Inc., Class B^(a)		965		290,079
Brighthouse Financial Inc.^(a)		232		10,073
Brown & Brown Inc.		497		32,355
Cincinnati Financial Corp.		415		40,396
CNA Financial Corp.		100		4,242
CNO Financial Group Inc.		313		5,869
Employers Holdings Inc.		56		2,224
Enstar Group Ltd.^(a)		29		5,740
Equitable Holdings Inc.		904		25,701
Erie Indemnity Co., Class A, NVS		41		8,338
Essent Group Ltd.		275		11,484
Everest Re Group Ltd.		107		27,964
Fidelity National Financial Inc.		624		24,935
First American Financial Corp.		286		16,588
Genworth Financial Inc., Class A^(a)		1,014		4,310
Globe Life Inc.		280		28,204
Hanover Insurance Group Inc. (The)		121		16,513
Hartford Financial Services Group Inc. (The)		955		61,569
Horace Mann Educators Corp.		85		2,911


Security	Shares		Value


Insurance (continued)
James River Group Holdings Ltd.		48	$	1,140
Kemper Corp.		181		8,471
Kinsale Capital Group Inc.		59		14,349
Lincoln National Corp.		510		26,183
Loews Corp.		319		18,582
Markel Corp.^(a)		29		37,617
Marsh & McLennan Companies Inc.		947		155,270
Mercury General Corp.		90		3,774
MetLife Inc.		1,090		68,943
MGIC Investment Corp.		979		13,843
NMI Holdings Inc., Class A^(a)		209		3,958
Old Republic International Corp.		569		13,241
Palomar Holdings Inc.^(a)		59		3,680
Primerica Inc.		84		10,810
Principal Financial Group Inc.		755		50,540
ProAssurance Corp.		105		2,324
Progressive Corp. (The)		1,529		175,927
Prudential Financial Inc.		1,066		106,589
RenaissanceRe Holdings Ltd.		113		14,612
RLI Corp.		136		14,957
Safety Insurance Group Inc.		33		2,856
Selective Insurance Group Inc.		168		13,080
Travelers Companies Inc. (The)		655		103,949
Trupanion Inc.^(a)		37		2,332
Universal Insurance Holdings Inc.		64		810
Unum Group		592		19,056
Voya Financial Inc.		319		19,191
W R Berkley Corp.		591		36,955
White Mountains Insurance Group Ltd.		10		12,394
Willis Towers Watson PLC		182		37,663


				2,193,089

Leisure Time — 0.0%
Harley-Davidson Inc.		119		4,499


Machinery — 1.2%
Caterpillar Inc.		518		102,694
Vertiv Holdings Co.		294		3,357


				106,051

Media — 0.2%
FactSet Research Systems Inc.		24		10,312
New York Times Co. (The), Class A		218		6,965


				17,277

Packaging & Containers — 0.1%
Berry Global Group Inc.^(a)		99		5,707


	Average Annual Total Returns						Cumulative Total Returns

	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		4.67	%		10.48	%		4.67	%		54.51	%
Fund Market		4.78			10.48			4.78			54.47
S&P Total Market Index^TM		(7.78	)		11.16			(7.78	)		58.60


Actual					Hypothetical 5% Return


	Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 999.30	$ 0.89			$ 1,000.00	$ 1,023.90	$ 0.90		0.18	%


	Average Annual Total Returns						Cumulative Total Returns

	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(12.65	)%		12.30	%		(12.65	)%		65.92	%
Fund Market		(12.63	)		12.30			(12.63	)		65.90
S&P Total Market Index^TM		(7.78	)		11.16			(7.78	)		58.60


Actual					Hypothetical 5% Return


	Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 887.60	$ 0.84			$ 1,000.00	$ 1,023.90	$ 0.90		0.18	%


	Average Annual Total Returns						Cumulative Total Returns

	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(3.23	)%		6.17	%		(3.23	)%		29.88	%
Fund Market		(3.24	)		6.17			(3.24	)		29.87
S&P Total Market Index^TM		(7.78	)		11.16			(7.78	)		58.60


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


	Page

The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		19
Disclosure of Expenses		19
Schedules of Investments		20
Financial Statements:
Statements of Assets and Liabilities		44
Statements of Operations		46
Statements of Changes in Net Assets		48
Financial Highlights		52
Notes to Financial Statements		59
Report of Independent Registered Public Accounting Firm		67
Important Tax Information		68
Board Review and Approval of Investment Advisory Contract		69
Supplemental Information		71
Trustee and Officer Information		72
General Information		75
Glossary of Terms Used in this Report		76


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


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


Fund Summary as of July 31, 2022 (continued)		iShares^® Evolved U.S. Consumer Staples ETF


Fund Summary as of July 31, 2022		iShares^® Evolved U.S. Discretionary Spending ETF


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


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


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


Fund Summary as of July 31, 2022		iShares^® Evolved U.S. Media and Entertainment ETF


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


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		19




Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	15,208	$	—	$	(15,165	)^(b)	$	(39	)	$	(4	)	$	—		—	$	888	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		140,000		—		0	^(b)		—			—			140,000		140,000		326			—


								$	(39	)	$	(4	)	$	140,000			$	1,214		$	—




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	16,807,276	$	—	$	—	$	16,807,276
Money Market Funds		140,000		—		—		140,000


	$	16,947,276	$	—	$	—	$	16,947,276




Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	168,573	$	129,943	^(a)	$	—		$	(258	)	$	44	$	298,302		298,332	$	2,580	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		205,000		—			(145,000	)^(a)		—			—		60,000		60,000		236			—


									$	(258	)	$	44	$	358,302			$	2,816		$	—