iShares U.S. ETF Trust


		APRIL 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares U.S. ETF Trust

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

· iShares Commodity Curve Carry Strategy ETF | CCRV | NYSE Arca

· iShares Gold Strategy ETF | IAUF | Cboe BZX

· iShares GSCI Commodity Dynamic Roll Strategy ETF | COMT | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and 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 invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. 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 during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. 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 in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to 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, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, 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 err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

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 April 30, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(9.65	)%		0.21	%

U.S. small cap equities (Russell 2000^® Index)		(18.38	)		(16.87	)

International equities (MSCI Europe, Australasia, Far East Index)		(11.80	)		(8.15	)

Emerging market equities (MSCI Emerging Markets Index)		(14.15	)		(18.33	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.07			0.08

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.29	)		(8.86	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.47	)		(8.51	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(7.90	)		(7.88	)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.40	)		(5.22	)

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		8
Shareholder Expenses		8
Consolidated Schedules of Investments		9
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities		21
Consolidated Statements of Operations		22
Consolidated Statements of Changes in Net Assets		23
Consolidated Financial Highlights		25
Notes to Consolidated Financial Statements		29
Statement Regarding Liquidity Risk Management Program		36
Supplemental Information		37
General Information		38
Glossary of Terms Used in this Report		39


Fund Summary as of April 30, 2022		iShares^® Bloomberg Roll Select Commodity Strategy ETF

Investment Objective

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

Performance


				Average Annual Total Returns				Cumulative Total Returns

	6 Months			1 Year			Since Inception	1 Year			Since Inception

Fund NAV		24.41	%		42.37	%	11.27%		42.37	%	54.57%
Fund Market		23.21			41.24		11.12		41.24		53.71
Index		25.04			43.62		11.89		43.62		58.08

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,244.10	$ 1.50			$ 1,000.00	$ 1,023.50	$ 1.35		0.27	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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” for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE




Investment Type	Percent of Net Assets

Commercial Paper		70.7	%
U.S. Treasury Obligations		14.7
Money Market Funds		9.2
Cash		6.7
Futures		0.5
Other assets, less liabilities		(1.8	)

COMMODITIES EXPOSURE




Sector Exposure^(a)	Percent of Exposure

Energy Futures		36.2	%
Agriculture Futures		28.8
Precious Metals Futures		16.5
Industrial Metals Futures		14.0
Livestock Futures		4.5

^(a)

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


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 April 30, 2022		iShares^® Commodity Curve Carry Strategy ETF

Investment Objective

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

Performance


				Average Annual Total Returns		Cumulative Total Returns

	6 Months			1 Year	Since Inception	1 Year			Since Inception

Fund NAV		29.99	%	49.98%	43.75%		49.98	%		82.86	%
Fund Market		29.00		49.70	43.49		49.70			82.30
Index		30.35		50.78	44.50		50.78			84.50

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

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,299.90	$ 2.22			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



Investment Type	Percent of Net Assets

Commercial Paper		58.4	%
U.S. Treasury Obligations		11.7
Money Market Funds		31.3
Cash		0.0	^(a)
Commodity Swaps		30.7
Other assets, less liabilities		(32.1	)

FIVE LARGEST HOLDINGS



Security	Percent of Net Assets

U.S. Treasury Bill, 0.29%, 05/24/22		7.4	%
Ecolab Inc., 0.80%, 05/18/22		3.2
Export Development Corp., 0.76%, 06/23/22		3.2
NASDAQ Inc., 1.06%, 06/17/22		3.2
Bayerische Landesbank/New York, 1.08%, 07/07/22		3.2

^(a)

Rounds to less than 0.1%.


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


Fund Summary as of April 30, 2022		iShares^® Gold Strategy ETF

Investment Objective

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

Performance


				Average Annual Total Returns					Cumulative Total Returns



	6 Months			1 Year			Since Inception		1 Year			Since Inception

Fund NAV		6.37	%		6.74	%		8.86%		6.74	%		39.27	%
Fund Market		5.83			6.20			8.72		6.20			38.56
Index		6.62			7.23			9.10		7.23			40.45

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,063.70	$ 0.77			$ 1,000.00	$ 1,024.10	$ 0.75		0.15	%

^(a)

Portfolio Information


ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets

Money Market Funds		76.7	%
Grantor Trust		21.9
Cash		3.2
Futures		(0.6	)
Other assets, less liabilities		(1.2	)


COMMODITY-LINKED FUTURES

Sector Exposure^(a)	Percent of Net Assets

Gold Futures		75.8	%

^(a)

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


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 April 30, 2022		iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		31.95	%		53.58	%		12.36	%		2.67	%		53.58	%		79.10	%		22.00	%
Fund Market		31.19			52.95			12.29			2.61			52.95			78.53			21.43
Index		32.32			54.35			12.80			(0.17	)		54.35			82.59			(1.26	)

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

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,319.50	$ 2.76			$ 1,000.00	$ 1,022.40	$ 2.41		0.48	%

^(a)

Portfolio Information


ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets

Commercial Paper		66.2	%
U.S. Treasury Obligations		12.3
Certificates of Deposit		4.2
Money Market Funds		9.1
Cash		3.5
Futures		5.1
Other assets, less liabilities		(0.4	)


COMMODITY-LINKED FUTURES

Sector Exposure^(a)	Percent of Net Assets

Energy Futures		62.1	%
Agriculture Futures		18.8
Industrial Metals Futures		10.3
Livestock Futures		5.2
Precious Metals Futures		3.6

^(a)

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


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

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 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 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.


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

Consolidated Schedule of Investments (unaudited)

April 30, 2022

iShares^® Bloomberg Roll Select Commodity Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Commercial Paper
ANZ New Zealand International Ltd.
0.46%, 05/09/22^(a)	$	7,000	$	6,999,113
1.15%, 07/19/22^(a)		6,000		5,984,569
AT & T Inc., 0.56%, 05/02/22^(a)		1,950		1,949,909
Banco Santander SA, 0.39%, 05/04/22^(a)		2,000		1,999,891
Barton Capital Corp., 1.07%, 07/05/22^(a)		6,000		5,988,074
Bayerische Landesbank/New York, 1.08%, 07/07/22^(a)		12,000		11,975,160
BNP Paribas SA, 0.88%, 06/16/22^(a)		10,000		9,988,347
Brighthouse Financial Short Term Funding
0.71%, 05/23/22^(a)		3,000		2,998,574
0.75%, 06/01/22^(a)		4,000		3,997,252
Britannia Funding Co.
0.81%, 06/07/22^(a)		1,750		1,748,358
1.02%, 06/27/22^(a)		5,000		4,991,699
Ecolab Inc., 0.80%, 05/18/22^(a)		10,000		9,995,804
ENGIE SA, 0.90%, 06/08/22^(a)		5,800		5,794,039
Export Development Corp., 0.76%, 06/23/22^(a)		13,000		12,984,866
Federation des Caisses, 0.79%, 06/06/22^(a)		12,500		12,489,603
Fidelity National Information Services, 0.89%, 05/23/22^(a)		11,333		11,326,291
Ionic Capital II Trust, 0.80%, 05/27/22^(a)		10,000		9,994,190
Korea Development Bank (The), 0.71%, 05/25/22^(a)		4,000		3,997,952
Landesbank Baden-Wuerttemberg, 0.95%, 06/21/22^(a)		10,000		9,985,984
Lime Funding LLC, 0.59%, 05/04/22^(a)		8,377		8,376,547
Lloyds Bank PLC
0.95%, 07/01/22^(a)		5,000		4,991,688
1.13%, 07/19/22^(a)		10,000		9,974,575
Mitsubishi HC Capital America Inc., 0.82%, 05/17/22^(a)		6,000		5,997,537
Mitsubishi UFJ Financial Group
0.73%, 05/31/22^(a)		7,000		6,995,439
1.10%, 07/06/22^(a)		4,000		3,991,689
Mizuho Bank Ltd.
0.86%, 06/14/22^(a)		8,000		7,991,260
0.87%, 06/15/22^(a)		4,000		3,995,478
Mont Blanc Capital Corp., 0.83%, 06/10/22^(a)		7,000		6,992,993
NASDAQ Inc., 1.06%, 06/17/22^(a)		8,350		8,338,021
Nieuw Amsterdam Recv
0.64%, 05/11/22^(a)		5,000		4,999,078
0.81%, 06/06/22^(a)		5,000		4,995,334
Nutrien Ltd.
0.85%, 05/19/22^(a)		7,000		6,996,683
1.20%, 06/28/22^(a)		2,300		2,295,400


Security	Par/ Shares (000)		Value


Regatta Funding Co., 1.43%, 07/25/22^(a)	$	12,000	$	11,963,112
Sherwin Williams Co., 0.47%, 05/03/22^(a)		6,000		5,999,684
ST Engineering
0.43%, 05/09/22^(a)		11,000		10,998,689
0.91%, 07/13/22^(a)		3,000		2,994,300
Starbird Funding Corp., 0.62%, 05/16/22^(a)		2,000		1,999,412
Verizon Communications Inc., 0.89%, 05/23/22^(a)		9,000		8,994,672
Victory Receivables
0.46%, 05/04/22^(a)		1,000		999,946
1.03%, 06/28/22^(a)		2,000		1,996,400
VW CR Inc., 0.89%, 05/23/22^(a)		4,500		4,497,336


Total Commercial Paper — 70.7% (Cost: $272,579,676)				272,564,948


U.S. Treasury Obligations
U.S. Treasury Bill
0.09%, 05/03/22^(a)		550		549,999
0.11%, 05/10/22^(a)		8,600		8,599,785
0.19%, 05/17/22^(a)		1,100		1,099,914
0.29%, 05/24/22^(a)		24,700		24,695,660
0.45%, 06/16/22^(a)		21,850		21,837,863


Total U.S. Treasury Obligations — 14.7% (Cost: $56,779,855)				56,783,221


Money Market Funds

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(b)(c)		35,520		35,520,000


Total Money Market Funds — 9.2% (Cost: $35,520,000)				35,520,000


Total Investments in Securities — 94.6% (Cost: $364,879,531)				364,868,169

Other Assets, Less Liabilities — 5.4%				20,652,583


Net Assets — 100.0%			$	385,520,752

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

^(b)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	19,480,000	$	16,040,000	^(a)	$	—	$	—	$	—	$	35,520,000		35,520	$	12,765	$	—

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


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		9

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® Bloomberg Roll Select Commodity Strategy ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

Bloomberg Roll Select Index

11,283

06/15/22

381,523

1,825,199

Derivative Financial Instruments Categorized by Risk Exposure

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




	Commodity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	1,825,199

^(a)

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

For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:




	Commodity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	70,472,970


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(8,825,877	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	278,737,369

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

Fair Value Hierarchy as of Period End

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

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




	Level 1		Level 2		Level 3		Total


Investments
Assets
Commercial Paper	$	—	$	272,564,948	$	—	$	272,564,948
U.S. Treasury Obligations		—		56,783,221		—		56,783,221
Money Market Funds		35,520,000		—		—		35,520,000


	$	35,520,000	$	329,348,169	$	—	$	364,868,169

Derivative financial instruments^(a)
Assets
Futures Contracts	$	1,825,199	$	—	$	—	$	1,825,199

^(a)

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

See notes to Consolidated Financial Statements


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

Consolidated Schedule of Investments (unaudited)

April 30, 2022

iShares^® Commodity Curve Carry Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Paper

ANZ New Zealand International Ltd., 1.15%, 07/19/22^(a)	$	1,000	$	997,428
AT & T Inc., 0.56%, 05/02/22^(a)		250		249,988
Bayerische Landesbank/New York, 1.08%, 07/07/22^(a)		1,300		1,297,309
BNP Paribas SA, 0.88%, 06/16/22^(a)		300		299,650
Britannia Funding Co., 0.81%, 06/07/22^(a)		500		499,531
Caisse d’Amortissement de la Dette Sociale, 0.87%, 06/15/22^(a)		1,000		998,863
Ecolab Inc., 0.80%, 05/18/22^(a)		1,300		1,299,454
ENGIE SA, 0.90%, 06/08/22^(a)		500		499,486
Export Development Corp., 0.76%, 06/23/22^(a)		1,300		1,298,487
Federation des Caisses, 0.79%, 06/06/22^(a)		700		699,418
Ionic Capital II Trust, 0.80%, 05/27/22^(a)		1,000		999,419
Korea Development Bank (The), 0.71%, 05/25/22^(a)		1,000		999,488
Landesbank Baden-Wuerttemberg, 0.95%, 06/21/22^(a)		1,000		998,598
Lime Funding LLC, 0.59%, 05/04/22^(a)		1,000		999,946
Lloyds Bank PLC, 1.13%, 07/19/22^(a)		1,000		997,457
Matchpoint Finance PLC, 0.59%, 05/18/22^(a)		800		799,728
Mitsubishi HC Capital America Inc., 0.82%, 05/17/22^(a)		750		749,692
Mitsubishi UFJ Financial Group, 1.10%, 07/06/22^(a)		1,200		1,197,507
NASDAQ Inc., 1.06%, 06/17/22^(a)		1,300		1,298,135
Nieuw Amsterdam Recv
0.64%, 05/11/22^(a)		500		499,908
0.81%, 06/06/22^(a)		500		499,533
Nutrien Ltd.
0.85%, 05/19/22^(a)		1,100		1,099,479
1.20%, 06/28/22^(a)		300		299,400
Regatta Funding Co., 1.43%, 07/25/22^(a)		1,300		1,296,004
Sherwin Williams Co., 0.47%, 05/03/22^(a)		500		499,974
ST Engineering, 0.43%, 05/09/22^(a)		1,100		1,099,869


Security	Par/ Shares (000)		Value


Starbird Funding Corp., 0.62%, 05/16/22^(a)	$	300	$	299,912
Verizon Communications Inc., 0.89%, 05/23/22^(a)		1,000		999,408


Total Commercial Paper — 58.4% (Cost: $23,774,893)				23,773,071


U.S. Treasury Obligations
U.S. Treasury Bill
0.11%, 05/10/22^(a)		1,150		1,149,971
0.29%, 05/24/22^(a)		3,000		2,999,473
0.45%, 06/16/22^(a)		600		599,667


Total U.S. Treasury Obligations — 11.7% (Cost: $4,748,849)				4,749,111


Money Market Funds

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(b)(c)		12,750		12,750,000


Total Money Market Funds — 31.3% (Cost: $12,750,000)				12,750,000


Total Investments in Securities — 101.4% (Cost: $41,273,742)				41,272,182

Other Assets, Less Liabilities — (1.4)%				(560,402	)


Net Assets — 100.0%			$	40,711,780

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

^(b)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	7,190,000	$	5,560,000	^(a)	$	—	$	—	$	—	$	12,750,000		12,750	$	5,627	$	—

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


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		11

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® Commodity Curve Carry Strategy ETF

OTC Total Return Swaps

Paid by the Fund

Received by the Fund

Upfront

Rate^(a)

Frequency

Reference^(b)

Frequency

Counterparty

Effective

Date

Termination

Date

Notional
Amount (000)

Value

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.07%

At Termination

ICE BofA Commodity Enhanced Carry Total Return Index

At Termination

Citibank N.A.

N/A

09/01/22

10,289

$ 4,538,021

$(26,062

)

$ 4,564,083

0.07%

At Termination

ICE BofA Commodity Enhanced Carry Total Return Index

At Termination

Merrill Lynch
International

N/A

09/01/22

17,931

7,899,848

(53,673

)

7,953,521

$12,437,869

$(79,735

)

$12,517,604

^(a)

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

^(b)

Please refer to the Reference Entity below for more details.

Reference Entity

The ICE BofA Commodity Enhanced Carry Total Return Index consists of futures contracts under each counterparty. The following table represents the individual long positions and related weighting of the future contracts underlying the ICE BofA Commodity Enhanced Carry Total Return Index as of April 30, 2022.




Futures contracts	Maturity date		Weight %


Brent Crude Oil		10/31/2022		28.2	%
Corn		12/14/2022		14.7
Gas Oil		12/12/2022		11.3
RBOB Gasoline		11/30/2022		10.3
Soybeans		11/14/2022		9.6
Wheat		12/14/2022		7.4
WTI Crude Oil		11/21/2022		7.3
Coffee		12/19/2022		3.2
Zinc		10/20/2022		3.2
Lean Hogs		10/14/2022		2.6
Aluminum		12/20/2022		2.3

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




	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation


Total Return Swaps		$—		$(79,735	)		$12,517,604		$—

Derivative Financial Instruments Categorized by Risk Exposure

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




	Commodity Contracts


Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	12,517,604


Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	79,735

For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:




	Commodity Contracts


Net Realized Gain (Loss) from:
Swaps	$	616,436

Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	8,668,167


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

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® Commodity Curve Carry Strategy ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Total return swaps:
Average notional value	$	30,749,078

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

Derivative Financial Instruments - Offsetting as of Period End

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




	Assets		Liabilities


Derivative Financial Instruments:
Swaps - OTC^(a)	$	12,517,604	$	79,735


Total derivative assets and liabilities in the Statement of Assets and Liabilities		12,517,604		79,735
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—


Total derivative assets and liabilities subject to an MNA		12,517,604		79,735

^(a)

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

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




Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received	^(b)		Net Amount of Derivative Assets	^(c)


Citibank N.A.	$	4,564,083	$	(26,062	)	$	—	$	(4,538,021	)	$	—
Merrill Lynch International		7,953,521		(53,673	)		—		(7,870,000	)		29,848


	$	12,517,604	$	(79,735	)	$	—	$	(12,408,021	)	$	29,848




	Derivative Liabilities Subject to an MNA by			Derivatives Available				Non-Cash Collateral			Cash Collateral			Net Amount of Derivative
Counterparty	Counterparty					for Offset	^(a)	Pledged			Pledged					Liabilities	^(d)


Citibank N.A.		$	26,062		$	(26,062	)		$	—		$	—		$	—
Merrill Lynch International			53,673			(53,673	)			—			—			—


		$	79,735		$	(79,735	)		$	—		$	—		$	—

^(a)

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

^(b)

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

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End


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

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® Commodity Curve Carry Strategy ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Investments
Assets
Commercial Paper	$	—	$	23,773,071	$	—	$	23,773,071
U.S. Treasury Obligations		—		4,749,111		—		4,749,111
Money Market Funds		12,750,000		—		—		12,750,000


	$	12,750,000	$	28,522,182	$	—	$	41,272,182

Derivative financial instruments^(a)
Assets

Swaps	$	—	$	12,517,604	$	—	$	12,517,604

^(a)

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

See notes to Consolidated 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

Consolidated Schedule of Investments (unaudited)

April 30, 2022

iShares^® Gold Strategy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Grantor Trust

Grantor Trust — 21.9%
iShares Gold Trust^(a)(b)		211,472	$	7,621,451


Total Grantor Trust (Cost: $6,834,680)				7,621,451


Short-Term Investments

Money Market Funds — 76.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(a)(c)		26,707,000		26,707,000


Total Short-Term Investments — 76.7% (Costs: $26,707,000)				26,707,000


Total Investments in Securities — 98.6% (Cost: $33,541,680)				34,328,451

Other Assets, Less Liabilities — 1.4%				478,505


Net Assets — 100.0%			$	34,806,956

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

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

Affiliates




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	23,797,000	$	2,910,000	^(a)	$	—		$	—		$	—	$	26,707,000		26,707,000	$	11,097	$	—
iShares Gold Trust		5,542,262		3,331,543			(1,665,762	)		(26,548	)		439,956		7,621,451		211,472		—		—


									$	(26,548	)	$	439,956	$	34,328,451			$	11,097	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
Gold 100 OZ		138		06/28/22	$	26,381	$	(201,231	)


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

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® Gold Strategy ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




	Commodity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	201,231

^(a)

For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:




	Commodity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	1,262,105


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	193,861

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	23,950,423

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

Fair Value Hierarchy as of Period End




		Level 1			Level 2		Level 3		Total


Investments
Assets
Grantor Trust	$	7,621,451		$	—	$	—	$	7,621,451
Money Market Funds		26,707,000			—		—		26,707,000


	$	34,328,451		$	—	$	—	$	34,328,451

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(201,231	)	$	—	$	—	$	(201,231	)

^(a)

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

See notes to Consolidated Financial Statements


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

Consolidated Schedule of Investments (unaudited)

April 30, 2022

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Certificates of Deposit

Bank of Montreal, 1.23%, 08/09/22	$	700	$	697,965
Bank of Nova Scotia, 0.45%, 05/18/22, (SOFR + 0.180%)^(a)		5,000		5,000,150
Bayerische Landesbank/New York, 0.50%, 05/09/22		32,750		32,748,714
Canadian Imperial Bank of Commerce, 1.96%, 11/03/22		11,000		10,908,430
Cooperatieve Centrale, 1.05%, 07/18/22		10,000		9,984,013
Credit Suisse AG/New York NY
0.41%, 05/09/22, (SOFR + 0.300%)^(a)		5,000		5,000,301
2.45%, 02/02/23		5,000		4,948,383
Landesbank Baden-Wuerttemberg, 0.81%, 06/03/22, (SOFR + 0.28000%)		10,000		9,995,016
Landesbank Hessen-Thueringen, 0.47%, 05/09/22		18,000		17,999,283
MUFG Bank Ltd./New York NY, 0.77%, 03/13/23, (SOFR + 0.300%)^(a)		22,000		21,972,508
Natix NY, 0.56%, 06/17/22, (SOFR + 0.180%)^(a)		10,000		9,999,302
Sumitomo Mitsui Banking Corp./New York, 0.64%, 07/29/22, (SOFR + 0.180%)^(a)		5,000		4,998,345
Svenska Handelsbanken/New York NY, 0.72%, 10/27/22, (SOFR + 0.190%)^(a)		12,350		12,337,544
Swedbank AB, 0.39%, 05/09/22		25,000		24,999,616
Toronto Dominion Bank, 0.67%, 05/23/22, (SOFR + 0.180%)^(a)(b)		5,000		5,000,000


Total Certificates of Deposit — 4.2% (Cost: $176,798,183)				176,589,570


Commercial Paper

Amcor Flexibles North America, 0.80%, 05/17/22		50,000		49,980,100
ANZ New Zealand International Ltd.
0.46%, 05/09/22		25,000		24,996,833
1.15%, 07/19/22		100,000		99,742,825
ASB Finance Ltd., 1.22%, 08/01/22		8,000		7,974,495
AT&T Inc., 0.78%, 05/17/22		35,000		34,986,420
Banco Santander SA, 0.39%, 05/04/22		35,750		35,748,049
Bank of Montreal, 0.98%, 07/08/22		1,500		1,497,142
Bank of Nova Scotia, 1.39%, 09/06/22		13,000		12,934,888
Barton Capital Corp., 1.07%, 07/05/22		44,000		43,912,543
Base Aktiengesellsch, 2.14%, 10/03/22		17,450		17,288,589
Bayerische Landesbank/New York
0.95%, 06/21/22		100,000		99,860,875
1.08%, 07/07/22		18,350		18,312,016
Bennington Sark Cap Co., 0.47%, 05/06/22		60,000		59,994,983
BNP Paribas SA, 0.88%, 06/16/22		26,350		26,319,294
Brighthouse Financial Short Term Funding
0.71%, 05/23/22		59,175		59,146,872
0.75%, 06/01/22		36,000		35,975,268
Britannia Funding Co.
0.81%, 06/07/22		54,600		54,548,776
1.02%, 06/27/22		60,100		60,000,223
Caisse d’Amortissement de la Dette Sociale, 0.87%, 06/15/22		38,525		38,481,192
Collateralized Commercial Paper V Co. LLC, 0.71%, 05/24/22		20,000		19,990,097
Commonwealth Bank of Australia, 0.78%, 04/03/23, (SOFR + 0.430%)^(a)(b)		24,200		24,196,594
Ecolab Inc., 0.80%, 05/18/22		11,650		11,645,112
ENGIE SA, 0.90%, 06/08/22		6,000		5,993,833
Evergy Missouri, 0.89%, 05/23/22		30,000		29,982,240
Export Development Corp., 0.76%, 06/23/22		37,000		36,956,926


Security	Par (000)		Value

Federation des Caisses, 0.79%, 06/06/22	$	143,000	$	142,881,055
Fidelity National Information Services, 0.89%, 05/23/22		56,667		56,633,453
FMS Wertmanagement, 0.63%, 05/17/22		50,000		49,984,150
Ionic Capital II Trust, 0.80%, 05/27/22		60,550		60,514,820
Kookmin Bank, 2.63%, 04/25/23		13,300		12,957,641
Korea Development Bank (The), 0.71%, 05/25/22		50,000		49,974,397
La Fayette Asset Security, 0.77%, 06/08/22		41,000		40,961,597
Landesbank Baden- Wuerttemberg, 0.95%, 06/21/22		75,000		74,894,883
Legacy Capital Co., 1.09%, 06/21/22		61,700		61,614,705
Lime Funding LLC, 0.59%, 05/04/22		62,550		62,546,620
Lloyds Bank PLC
0.95%, 07/01/22		52,700		52,612,386
1.13%, 07/19/22		125,000		124,682,187
Macquarie Bank Ltd.
0.54%, 05/09/22		35,400		35,394,651
1.50%, 08/15/22		15,000		14,932,680
1.99%, 10/28/22		22,300		22,084,892
Matchpoint Finance PLC
0.59%, 05/18/22		25,000		24,991,489
0.72%, 05/31/22		36,850		36,824,287
Mitsubishi HC Capital America Inc.
0.82%, 05/17/22		52,250		52,228,551
1.05%, 06/06/22		20,000		19,977,770
Mitsubishi UFJ Financial Group
0.41%, 05/04/22		25,000		24,998,590
0.73%, 05/31/22		75,000		74,951,133
Mizuho Bank Ltd.
0.86%, 06/14/22		64,200		64,129,861
0.87%, 06/15/22		72,100		72,018,483
Mont Blanc Capital Corp., 0.83%, 06/10/22		14,748		14,733,237
National Australia Bank Ltd., 0.62%, 08/10/22, (SOFR + 0.150%)^(a)(b)		10,000		9,995,908
Natix NY, 1.25%, 08/01/22		7,000		6,977,244
Nieuw Amsterdam Recv
0.64%, 05/11/22		15,000		14,997,235
0.81%, 06/06/22		16,000		15,985,070
Nutrien Ltd.
0.85%, 05/19/22		11,900		11,894,361
1.20%, 06/28/22		20,400		20,359,200
Regatta Funding Co., 1.43%, 07/25/22		50,000		49,846,300
Santander UK PLC, 1.03%, 07/11/22		15,000		14,968,853
Sherwin Williams Co.
0.47%, 05/03/22		25,500		25,498,657
0.61%, 05/09/22		8,500		8,498,562
0.79%, 05/18/22		25,000		24,989,616
Spire Inc., 0.70%, 05/12/22		40,000		39,989,961
ST Engineering
0.43%, 05/09/22		100,000		99,988,083
0.91%, 07/13/22		32,000		31,939,200
Starbird Funding Corp., 0.62%, 05/16/22		12,475		12,471,330
Toronto Dominion Bank, 1.24%, 07/29/22		10,000		9,968,681
Toronto-Dominion Bank, 0.80%, 03/31/23^(a)		24,300		24,307,425
United Overseas Bank Ltd., 1.19%, 07/26/22		3,950		3,938,500
Verizon Communications Inc.
0.89%, 05/23/22		14,013		14,004,704
1.29%, 07/11/22		50,000		49,869,512
Versailles CDS LLC
1.38%, 08/03/22		19,000		18,933,424
1.38%, 08/04/22		38,250		38,114,164
Victory Receivables, 1.03%, 06/28/22		25,000		24,955,000
VW CR Inc., 0.89%, 05/23/22		40,500		40,476,024


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

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Westpac Banking Corp., 1.37%, 08/30/22	$	7,000	$	6,967,354
Westpac Securities NZ Ltd., 1.00%, 07/01/22		13,000		12,977,387


Total Commercial Paper — 66.2% (Cost: $2,791,262,997)				2,790,901,458


U.S. Treasury Obligations
U.S. Treasury Bill
0.29%, 05/24/22^(c)		374,000		373,934,292
0.45%, 06/16/22^(c)		66,500		66,463,061
0.57%, 06/21/22^(c)		80,000		79,937,593


Total U.S. Treasury Obligations — 12.3% (Cost: $520,325,287)				520,334,946


Money Market Funds

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(d)(e)		386,590		386,590,095


Total Money Market Funds — 9.1% (Cost: $386,590,095)				386,590,095


Total Investments in Securities — 91.8% (Cost: $3,874,976,562)				3,874,416,069

Other Assets, Less Liabilities — 8.2%				344,618,685


Net Assets — 100.0%			$	4,219,034,754

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

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	233,060,095	$	153,530,000	^(a)	$	—	$	—	$	—	$	386,590,095		386,590	$	122,227	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
Brent Crude Oil		7,719		05/31/22	$	827,014	$	34,502,163
NY Harbor ULSD (Heat Oil)		1,300		05/31/22		219,339		35,721,904
Gas Oil		2,634		06/10/22		307,256		51,918,348
LME Lead		340		06/13/22		19,206		(1,204,951	)
Gold 100 OZ		788		06/28/22		150,642		(6,690,244	)
Live Cattle		2,126		06/30/22		112,805		(3,652,780	)
Sugar		2,671		06/30/22		57,288		(2,809,399	)
Silver		135		07/27/22		15,582		(1,526,329	)
WTI Crude		9,543		08/22/22		941,799		25,799,500


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

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Futures Contracts (continued)




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Cattle Feeder		454		08/25/22	$	38,198	$	(3,535,586	)
Corn		6,648		09/14/22		255,283		54,201,146
KCBT Wheat		1,216		09/14/22		67,427		(1,684,289	)
Wheat		2,997		09/14/22		158,579		(3,141,318	)
LME Nickel		259		09/19/22		49,410		(2,033,784	)
Gasoline RBOB		1,572		09/30/22		193,114		9,683,156
Lean Hogs		1,827		10/14/22		68,293		(631,766	)
LME Copper		728		10/17/22		177,955		(9,575,028	)
Soybean		1,895		11/14/22		143,522		14,215,164
Cotton		831		12/07/22		50,720		6,859,050
Cocoa		389		12/14/22		10,048		(338,135	)
LME Zinc		414		12/19/22		41,581		5,428,578
Coffee		424		03/21/23		35,028		(1,069,303	)
Natural Gas		2,894		03/29/23		131,330		31,861,320
LME PRI Aluminum		2,026		12/18/23		149,190		(16,147,204	)


							$	216,150,213

Derivative Financial Instruments Categorized by Risk Exposure

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




	Commodity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	270,190,329


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	54,040,116

^(a)

For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:




	Commodity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	729,376,924


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	132,650,737

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	3,261,027,299

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

Fair Value Hierarchy as of Period End


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

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Fair Value Hierarchy as of Period End (continued)




		Level 1			Level 2		Level 3		Total


Investments
Assets
Certificates of Deposit	$	—		$	176,589,570	$	—	$	176,589,570
Commercial Paper		—			2,790,901,458		—		2,790,901,458
U.S. Treasury Obligations		—			520,334,946		—		520,334,946
Money Market Funds		386,590,095			—		—		386,590,095


	$	386,590,095		$	3,487,825,974	$	—	$	3,874,416,069

Derivative financial instruments^(a)
Assets
Futures Contracts	$	270,190,329		$	—	$	—	$	270,190,329
Liabilities
Futures Contracts		(54,040,116	)		—		—		(54,040,116	)


	$	216,150,213		$	—	$	—	$	216,150,213

^(a)

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

See notes to Consolidated Financial Statements


20		2 0 2 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

Consolidated Statements of Assets and Liabilities (unaudited)

April 30, 2022


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

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	329,348,169	$	28,522,182	$	—	$	3,487,825,974
Affiliated^(b)		35,520,000		12,750,000		34,328,451		386,590,095
Cash		12,556		10,533		—		7,423,562
Cash pledged:
Futures contracts		25,812,000		—		1,098,000		142,021,415
Receivables:
Variation margin on futures contracts		699,401		—		281,510		216,283,439
Capital shares sold		—		—		—		8,346,370
Dividends		6,873		3,362		7,270		232,474
Unrealized appreciation on:
OTC swaps		—		12,517,604		—		—


Total assets		391,398,999		53,803,681		35,715,231		4,248,723,329


LIABILITIES
Bank overdraft		—		—		904,017		—
Cash received:
Collateral — OTC derivatives		—		12,500,000		—		—
Payables:
Investments purchased		5,794,039		499,486		—		28,078,725
Investment advisory fees		84,208		12,680		4,258		1,609,850
Swap premiums received		—		79,735		—		—


Total liabilities		5,878,247		13,091,901		908,275		29,688,575


NET ASSETS	$	385,520,752	$	40,711,780	$	34,806,956	$	4,219,034,754


NET ASSETS CONSIST OF:
Paid-in capital	$	313,217,305	$	27,606,668	$	33,041,349	$	3,324,375,711
Accumulated earnings		72,303,447		13,105,112		1,765,607		894,659,043


NET ASSETS	$	385,520,752	$	40,711,780	$	34,806,956	$	4,219,034,754


Shares outstanding		6,050,000		1,400,000		600,000		101,100,000


Net asset value	$	63.72	$	29.08	$	58.01	$	41.73


Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited


Par value		None		None		None		None


^(a)Investments, at cost — Unaffiliated	$	329,359,531	$	28,523,742	$	—	$	3,488,386,467
^(b)Investments, at cost — Affiliated	$	35,520,000	$	12,750,000	$	33,541,680	$	386,590,095

See notes to Consolidated Financial Statements


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

Consolidated Statements of Operations (unaudited)

Six Months Ended April 30, 2022


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


INVESTMENT INCOME
Dividends — Affiliated	$	12,765		$	5,627		$	11,097		$	122,227
Interest — Unaffiliated		376,285			37,137			—			4,178,800


Total investment income		389,050			42,764			11,097			4,301,027


EXPENSES
Investment advisory fees		379,801			72,791			39,483			7,392,924
Professional fees		—			—			—			217


Total expenses		379,801			72,791			39,483			7,393,141

Less:
Investment advisory fees waived		(7,388	)		(2,604	)		(15,589	)		(9,516	)


Total expenses after fees waived		372,413			70,187			23,894			7,383,625


Net investment income (loss)		16,637			(27,423	)		(12,797	)		(3,082,598	)


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		299			56			—			9,776
Investments — Affiliated		—			—			(26,548	)		—
Futures contracts		70,472,970			—			1,262,105			729,376,924
Swaps		—			616,436			—			—


Net realized gain		70,473,269			616,492			1,235,557			729,386,700


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(12,458	)		(1,801	)		—			(608,381	)
Investments — Affiliated		—			—			439,956			—
Futures contracts		(8,825,877	)		—			193,861			132,650,737
Swaps		—			8,668,167			—			—


Net change in unrealized appreciation (depreciation)		(8,838,335	)		8,666,366			633,817			132,042,356


Net realized and unrealized gain		61,634,934			9,282,858			1,869,374			861,429,056


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	61,651,571		$	9,255,435		$	1,856,577		$	858,346,458

See notes to Consolidated 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

Consolidated Statements of Changes in Net Assets


	iShares Bloomberg Roll Select Commodity Strategy ETF								iShares Commodity Curve Carry Strategy ETF


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)		$	16,637			$	(161,116	)		$	(27,423	)		$	(96,638	)
Net realized gain			70,473,269				19,938,578				616,492				8,349,961
Net change in unrealized appreciation (depreciation)			(8,838,335	)			10,876,593				8,666,366				4,877,734


Net increase in net assets resulting from operations			61,651,571				30,654,055				9,255,435				13,131,057


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(30,653,592	)			(69,482	)			(8,253,258	)			—


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			145,679,035				136,346,700				—				(2,599,830	)


NET ASSETS
Total increase in net assets			176,677,014				166,931,273				1,002,177				10,531,227
Beginning of period			208,843,738				41,912,465				39,709,603				29,178,376


End of period		$	385,520,752			$	208,843,738			$	40,711,780			$	39,709,603

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

See notes to Consolidated Financial Statements


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

Consolidated Statements of Changes in Net Assets (continued)


	iShares Gold Strategy ETF							iShares GSCI Commodity Dynamic Roll Strategy ETF


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment loss		$	(12,797	)	$	(30,684	)		$	(3,082,598	)		$	(5,032,541	)
Net realized gain (loss)			1,235,557			(1,792,497	)			729,386,700				351,111,376
Net change in unrealized appreciation (depreciation)			633,817			99,087				132,042,356				88,305,347


Net increase (decrease) in net assets resulting from operations			1,856,577			(1,724,094	)			858,346,458				434,384,182


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			—			(1,564,719	)			(426,344,721	)			(799,124	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			2,954,731			11,320,515				962,247,615				2,194,642,007


NET ASSETS
Total increase in net assets			4,811,308			8,031,702				1,394,249,352				2,628,227,065
Beginning of period			29,995,648			21,963,946				2,824,785,402				196,558,337


End of period		$	34,806,956		$	29,995,648			$	4,219,034,754			$	2,824,785,402

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

See notes to Consolidated Financial Statements


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

Consolidated Financial Highlights

(For a share outstanding throughout each period)


	iShares Bloomberg Roll Select Commodity Strategy ETF


		Six Months Ended																Period From
		04/30/22				Year Ended				Year Ended				Year Ended						04/03/18	^(a)
		(unaudited)				10/31/21				10/31/20				10/31/19				to 10/31/18


Net asset value, beginning of period			$	59.67			$	41.91			$	45.01			$	47.77			$	50.00


Net investment income (loss)^(b)				0.00	^(c)			(0.09	)			0.23				1.05				0.58
Net realized and unrealized gain (loss)^(d)				12.01				17.92				(2.33	)			(3.05	)			(2.81	)


Net increase (decrease) from investment operations				12.01				17.83				(2.10	)			(2.00	)			(2.23	)


Distributions^(e)
From net investment income				(7.96	)			(0.07	)			(1.00	)			(0.76	)			—


Total distributions				(7.96	)			(0.07	)			(1.00	)			(0.76	)			—


Net asset value, end of period			$	63.72			$	59.67			$	41.91			$	45.01			$	47.77


Total Return^(f)
Based on net asset value				24.41	%^(g)			42.59	%			(4.81	)%			(4.19	)%			(4.46	)%^(g)


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


Total expenses after fees waived				0.27	%⁽ⁱ⁾			0.27	%			0.27	%			0.19	%			0.10	%⁽ⁱ⁾


Net investment income (loss)				0.01	%⁽ⁱ⁾			(0.16	)%			0.55	%			2.30	%			2.01	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)			$	385,521			$	208,844			$	41,912			$	27,004			$	40,607


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

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	Rounds to less than $0.01.

^(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 Consolidated Financial Statements


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

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Commodity Curve Carry Strategy ETF


		Six Months Ended								Period From
		04/30/22				Year Ended						09/01/20	^(a)
		(unaudited)				10/31/21				to 10/31/20


Net asset value, beginning of period			$	28.36			$	19.45			$	20.16


Net investment loss^(b)				(0.02	)			(0.07	)			(0.01	)
Net realized and unrealized gain (loss)^(c)				6.64				8.98				(0.70	)


Net increase (decrease) from investment operations				6.62				8.91				(0.71	)


Distributions
From net investment income				(5.90	)			—				—


Total distributions				(5.90	)			—				—


Net asset value, end of period			$	29.08			$	28.36			$	19.45


Total Return^(d)
Based on net asset value				29.99	%^(e)			45.81	%			(3.52	)%^(e)


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


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


Net investment loss				(0.15	)%^(g)			(0.28	)%			(0.28	)%^(g)


Supplemental Data
Net assets, end of period (000)			$	40,712			$	39,710			$	29,178


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

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to Consolidated Financial Statements


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

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Gold Strategy ETF


		Six Months Ended																Period From
		04/30/22				Year Ended				Year Ended				Year Ended						06/06/18	^(a)
		(unaudited)				10/31/21				10/31/20				10/31/19				to 10/31/18


Net asset value, beginning of period			$	54.54			$	62.75			$	57.41			$	46.76			$	50.00


Net investment income (loss)^(b)				(0.02	)			(0.07	)			0.13				0.82				0.27
Net realized and unrealized gain (loss)^(c)				3.49				(3.67	)			10.47				10.20				(3.51	)


Net increase (decrease) from investment operations				3.47				(3.74	)			10.60				11.02				(3.24	)


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


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


Net asset value, end of period			$	58.01			$	54.54			$	62.75			$	57.41			$	46.76


Total Return^(e)
Based on net asset value				6.37	%^(f)			(6.21	)%			20.64	%			23.74	%			(6.48	)%^(f)


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


Total expenses after fees waived				0.15	%^(h)			0.13	%			0.13	%			0.18	%			0.19	%^(h)


Net investment income (loss)				(0.08	)%^(h)			(0.12	)%			0.22	%			1.58	%			1.45	%^(h)


Supplemental Data
Net assets, end of period (000)			$	34,807			$	29,996			$	21,964			$	8,612			$	4,676


Portfolio turnover rate⁽ⁱ⁾				23	%^(f)			121	%			77	%			47	%			13	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

^(g)	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 Consolidated Financial Statements


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

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares GSCI Commodity Dynamic Roll Strategy ETF


		Six Months Ended 04/30/22 (unaudited)					Year Ended 10/31/21		Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17


Net asset value, beginning of period			$	37.41		$	24.27			$	31.80			$	37.18			$	35.97			$	32.41


Net investment income (loss)^(a)				(0.04	)		(0.13	)			0.26				0.76				0.63				0.31
Net realized and unrealized gain (loss)^(b)				9.85			13.37				(6.93	)			(3.04	)			2.62				3.58


Net increase (decrease) from investment operations				9.81			13.24				(6.67	)			(2.28	)			3.25				3.89


Distributions^(c)
From net investment income				(5.49	)		(0.10	)			(0.86	)			(3.10	)			(2.04	)			(0.33	)


Total distributions				(5.49	)		(0.10	)			(0.86	)			(3.10	)			(2.04	)			(0.33	)


Net asset value, end of period			$	41.73		$	37.41			$	24.27			$	31.80			$	37.18			$	35.97


Total Return^(d)
Based on net asset value				31.95	%^(e)		54.75	%			(21.66	)%			(5.87	)%			9.29	%^(f)			12.08	%


Ratios to Average Net Assets^(g)
Total expenses				0.48	%^(h)		0.48	%			0.48	%			0.48	%			0.48	%			0.48	%


Total expenses after fees waived				0.48	%^(h)		0.48	%			0.48	%			0.48	%			0.48	%			0.48	%


Net investment income (loss)				(0.20	)%^(h)		(0.38	)%			0.95	%			2.32	%			1.66	%			0.93	%


Supplemental Data
Net assets, end of period (000)			$	4,219,035		$	2,824,785			$	196,558			$	518,373			$	728,739			$	258,956


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

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(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 Consolidated Financial Statements


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

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



iShares ETF	Diversification Classification

Bloomberg Roll Select Commodity Strategy		Non-diversified
Commodity Curve Carry Strategy		Non-diversified
Gold Strategy		Non-diversified
GSCI Commodity Dynamic Roll Strategy		Diversified

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

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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

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

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

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily


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Notes to Consolidated 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.

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

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

•

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

•

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

•

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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

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

•

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

•

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

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	DERIVATIVE FINANCIAL INSTRUMENTS

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

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment


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

Notes to Consolidated Financial Statements (unaudited) (continued)

of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities.

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

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

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

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

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

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

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

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

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

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day.


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

Notes to Consolidated Financial Statements (unaudited) (continued)

Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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



iShares ETF	Investment Advisory Fee

Bloomberg Roll Select Commodity Strategy		0.28	%
Commodity Curve Carry Strategy		0.40
Gold Strategy		0.25
GSCI Commodity Dynamic Roll Strategy		0.48

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

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

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

These amounts are included in investment advisory fees waived in the Consolidated Statements of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts waived

Bloomberg Roll Select Commodity Strategy	$	7,388
Commodity Curve Carry Strategy		2,604
Gold Strategy		15,589
GSCI Commodity Dynamic Roll Strategy		9,516

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

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

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

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

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


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

Notes to Consolidated Financial Statements (unaudited) (continued)

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

6.	PURCHASES AND SALES

For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Gold Strategy	$	2,620,670	$	1,665,762

For the six months ended April 30, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Gold Strategy	$	710,874	$	—

7.	INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 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’ consolidated financial statements.

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



iShares ETF	Non-Expiring

Bloomberg Roll Select Commodity Strategy	$	295
GSCI Commodity Dynamic Roll Strategy		47,234,783

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

As of April 30, 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)

Bloomberg Roll Select Commodity Strategy	$	364,879,531	$	1,835,416	$	(21,579	)	$	1,813,837
Commodity Curve Carry Strategy		41,273,742		12,518,388		(2,344	)		12,516,044
Gold Strategy		33,541,680		786,771		(201,231	)		585,540
GSCI Commodity Dynamic Roll Strategy		3,874,976,562		270,296,527		(54,706,790	)		215,589,737

8.	PRINCIPAL RISKS

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

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

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the


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

Notes to Consolidated Financial Statements (unaudited) (continued)

risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

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. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

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

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

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

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

Certain Funds a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

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

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

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.


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Notes to Consolidated Financial Statements (unaudited) (continued)

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 04/30/22						Year Ended 10/31/21


iShares ETF	Shares			Amount			Shares			Amount


Bloomberg Roll Select Commodity Strategy
Shares sold		2,950,000		$	168,887,510			2,500,000		$	136,346,700
Shares redeemed		(400,000	)		(23,208,475	)		—			—


Net increase		2,550,000		$	145,679,035			2,500,000		$	136,346,700


Commodity Curve Carry Strategy
Shares redeemed		—		$	—			(100,000	)	$	(2,599,830	)


Gold Strategy
Shares sold		50,000		$	2,954,731			200,000		$	11,320,515


GSCI Commodity Dynamic Roll Strategy
Shares sold		27,800,000		$	1,037,030,433			80,000,000		$	2,645,593,591
Shares redeemed		(2,200,000	)		(74,782,818	)		(12,600,000	)		(450,951,584	)


Net increase		25,600,000		$	962,247,615			67,400,000		$	2,194,642,007

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

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

10.

SUBSEQUENT EVENTS

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


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

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


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

April 30, 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

Bloomberg Roll Select Commodity Strategy^(a)	$	7.951997	$	—	$	0.009975	$	7.961972		100	%		—	%		0	%^(b)		100	%
Commodity Curve Carry Strategy^(a)		5.886339		—		0.008845		5.895184		100			—			0	^(b)		100
GSCI Commodity Dynamic Roll Strategy^(a)		5.480819		—		0.013314		5.494133		100			—			0	^(b)		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.

^(b)

Rounds to less than 1%.


S U P P L E M E N T A L I N F O R M A T I O N		37

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

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.


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Glossary of Terms Used in this Report


Portfolio Abbreviations - Fixed Income

SOFR		Secured Overnight Financing Rate


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		39

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”).

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

iS-SAR-1011-0422