iShares U.S. ETF Trust


		OCTOBER 31, 2022



		2022 Annual Report

iShares U.S. ETF Trust

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

iShares Commodity Curve Carry Strategy ETF | CCRV | NYSE Arca

iShares Gold Strategy ETF | IAUF | Cboe BZX

iShares GSCI Commodity Dynamic Roll Strategy ETF | COMT | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(5.50)%	(14.61)%

U.S. small cap equities (Russell 2000^® Index)	(0.20)	(18.54)

International equities (MSCI Europe, Australasia, Far East Index)	(12.70)	(23.00)

Emerging market equities (MSCI Emerging Markets Index)	(19.66)	(31.03)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.72	0.79

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(8.24)	(17.68)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(6.86)	(15.68)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.43)	(11.98)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.71)	(11.76)

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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		13
Disclosure of Expenses		13
Consolidated Schedules of Investments		14
Consolidated Financial Statements:
Consolidated Statements of Assets and Liabilities		26
Consolidated Statements of Operations		27
Consolidated Statements of Changes in Net Assets		28
Consolidated Financial Highlights		30
Notes to Consolidated Financial Statements		34
Report of Independent Registered Public Accounting Firm		42
Important Tax Information		43
Board Review and Approval of Investment Advisory Contract		44
Supplemental Information		50
Trustee and Officer Information		51
General Information		54
Glossary of Terms Used in this Report		55

Market Overview

iShares U.S. ETF Trust

Global Market Overview

Commodities posted solid gains for the 12 months ended October 31, 2022 (the “reporting period”). The S&P GSCI Index, a broad measure of commodity market performance, returned 24.7% in U.S. dollar terms for the reporting period. The strong showing for commodities stands in start contrast to the sizable declines for the global equity and fixed-income markets.

The gain for the index largely reflected the favorable supply-and-demand trends that were in place through the end of May 2022. On the demand side, the reopening of the world economy, together with economic growth that remained in positive territory across much of the globe, provided firm support for prices. With respect to supply, two key factors acted as tailwinds for the market. First, Russia’s invasion of Ukraine in February 2022 led to extreme uncertainty about supply for a wide range of commodities. The conflict also put additional stress on global supply chains, further complicating the outlook. Second, producers continued to exhibit discipline by emphasizing shareholder returns rather than focusing primarily on growth.

These developments helped fuel robust gains for commodities in the first seven months of the period, with prices moving steadily higher from early December 2021 through mid-June 2022. However, the market began to trend lower in the summer as investors gained clarity regarding the outlook for Russian energy supplies. In addition, the aggressive interest-rate increases by global central banks raised the prospect of slowing growth and a possible slowdown in demand. The index declined sharply through June and early July in response, before trading sideways in a fairly narrow range over the final four months of the period.

Energy was the primary driver of the index’s gain, with crude oil and natural gas each delivering positive returns but finishing October well off of their previous highs. Late in the period, however, OPEC+ announced plans to cut oil production by two million barrels per day in an effort to keep prices stable ahead of a possible global recession.

Industrial metals lost ground on the year. After performing well in late 2021 and gaining further strength following the Ukraine invasion, the category subsequently weakened on concerns that China’s slowing economy—together with its continued pursuit of a zero-COVID policy—would crimp demand. The growing odds of a global growth slowdown was an added headwind for performance.

Gold also lagged, due in part to the unusual rally in the U.S. Dollar. Since gold is traded in Dollars worldwide, the currency’s increasing value made the metal more expensive for non-U.S. buyers. Rising real (after-inflation) interest rates were an additional challenge since gold is a non- interest-bearing asset. Other precious metals—silver, platinum, and palladium—generally tracked the decline in industrial metals.

Agricultural commodities were largely flat as a group, with rising demand post-COVID offset by higher-than-expected supply.


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


Fund Summary as of October 31, 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
	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		9.78	%		7.01	%		9.78	%		36.39	%
Fund Market		9.10			6.96			9.10			36.11
Index		10.74			7.63			10.74			39.99

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was April 3, 2018. The first day of secondary market trading was April 5, 2018.

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	882.40	$	1.28		$	1,000.00	$	1,023.80	$	1.38		0.27	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.


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


Fund Summary as of October 31, 2022 (continued)		iShares^® Bloomberg Roll Select Commodity Strategy ETF

Portfolio Management Commentary

The Fund finished the reporting period in positive territory, reflecting higher prices for many commodities against a backdrop of historically high inflation. The Fund uses a mix of commodities futures designed to provide total returns consistent with investment in a broad variety of commodities.

Significant portfolio shifts during the period included increased exposures to soybeans and gold, along with reduced exposure to coffee, West Texas Intermediate crude oil, and aluminum. At the end of the period, the largest exposures were to gold, natural gas, West Texas Intermediate crude oil, and Brent crude oil.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve. Inflation would spike in the wake of Russia’s late-February invasion of Ukraine and subsequent sanctions imposed on Russia’s energy sector which reduced natural gas imports to Europe from Russia via pipelines. The failure of U.S. production to keep up with demand and OPECs announcement of supply cuts also bolstered energy prices. The conflict in Ukraine also exacerbated ongoing supply-chain pressures and led to sharply higher prices for a range of commodities. To illustrate, U.S. consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June.

Energy futures such as natural gas, Brent crude oil and gasoil were the largest positive contributors to performance. Exposure to metals detracted the most from return, as concerns about global consumption and economic activity weighed on prices of industrial metals such as copper and aluminum, while the price of gold was pressure by rising interest rates and the strengthening U.S. dollar.

Portfolio Information

PORTFOLIO COMPOSITION


Investment Type	Percent of Net Assets
Commercial Paper		71.4	%
U.S. Treasury Obligations		8.3
Money Market Funds		10.8
Cash		6.8
Futures		(1.6	)
Other assets, less liabilities		4.3

COMMODITIES EXPOSURE


Sector Exposure^(a)	Percent of Exposure
Energy Futures		37.2	%
Agriculture Futures		28.9
Precious Metals Futures		16.7
Industrial Metals Futures		11.8
Livestock Futures		5.4

^(a)

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


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


Fund Summary as of October 31, 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		15.79	%		25.25	%		15.79	%		62.88	%
Fund Market		14.94			25.09			14.94			62.43
Index		16.69			26.10			16.69			65.17

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was September 1, 2020. The first day of secondary market trading was September 3, 2020.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	890.70	$	1.76		$	1,000.00	$	1,023.30	$	1.89		0.37	%

^(a)


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


Fund Summary as of October 31, 2022 (continued)		iShares^® Commodity Curve Carry Strategy ETF

Portfolio Management Commentary

The Fund finished the reporting period in positive territory, reflecting higher prices for many commodities against a backdrop of historically high inflation. The Fund gains exposure to a concentrated mix of commodities futures exhibiting positive carry (the difference between the price of an expiring futures contract and its replacement) by investing in commodity total return swaps. During the reporting period, the Fund decreased its exposure to industrial metals such as nickel and aluminum, while increasing exposure to soft commodities such as wheat, corn and soybeans. At the end of the reporting period, the Fund’s largest exposures included Brent crude oil, copper, and corn.

Exposure via energy futures to commodities such as Brent crude oil and gasoil were the largest contributors to the Fund’s performance over the 12 months. On the downside, copper prices experienced declines driven by weakened demand from China, new supply projects in the pipeline, and the strengthening dollar.

Portfolio Information

PORTFOLIO COMPOSITION


Investment Type	Percent of Net Assets
Commercial Paper		69.4	%
U.S. Treasury Obligations		8.3
Money Market Funds		24.1
Cash		0.0	^(a)
Commodity Swaps		(1.8	)
Other assets, less liabilities		0.0

^(a)

Rounds to less than 0.1%

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets
U.S. Treasury Bill, 3.36%, 11/22/22		4.1	%
U.S. Treasury Bill, 3.78%, 12/20/22		4.1
MetLife Short Term Funding LLC, 3.48%, 11/08/22		3.6
John Deere Canada ULC, 3.62%, 11/21/22		3.6
DuPont de Nemours Inc., 3.90%, 11/21/22		3.6


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


Fund Summary as of October 31, 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(8.92	)%		4.08	%		(8.92	)%		19.26	%
Fund Market		(9.11	)		4.03			(9.11	)		18.99
Index		(8.60	)		4.31			(8.60	)		20.41

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was June 6, 2018. The first day of secondary market trading was June 8, 2018.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	856.30	$	0.89		$	1,000.00	$	1,024.20	$	0.97		0.19	%

^(a)


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


Fund Summary as of October 31, 2022 (continued)		iShares^® Gold Strategy ETF

Portfolio Management Commentary

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

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia’s late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

The U.S. Treasury yield curve moved dramatically higher in response to the Fed’s policy tightening, with the two-year yield moving from 0.28% to 4.22% over the 12 months, an increase of 394 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.52% to 3.83%, or 231 basis points.

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

From November 2021 through March 8, 2022, gold prices climbed more than 14% to near their all-time high. In mid-March, as the Fed began tightening monetary policy, gold prices began to fall. Gold weakened further as central banks continued to tighten over the period, and the price of the metal finished the period more than 20% below its March high.

Portfolio Information

PORTFOLIO COMPOSITION


Investment Type	Percent of Net Assets
Commercial Paper		71.2	%
Grantor Trust		17.9
U.S. Treasury Obligations		7.1
Money Market Funds		1.0
Cash		5.8
Futures		(4.7	)
Other assets, less liabilities		1.7

COMMODITY-LINKED FUTURES

Sector Exposure^(a)

Percent of

Net Assets

Gold Futures

75.5

^(a)

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


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


Fund Summary as of October 31, 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		19.92	%		8.39	%		1.29	%		19.92	%		49.57	%		10.88	%
Fund Market		19.35			8.31			1.25			19.35			49.07			10.47
Index		20.85			9.18			(1.28	)		20.85			55.13			(9.82	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was October 15, 2014. The first day of secondary market trading was October 16, 2014.

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	908.90	$	2.31		$	1,000.00	$	1,022.80	$	2.45		0.48	%

^(a)


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


Fund Summary as of October 31, 2022 (continued)		iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Portfolio Management Commentary

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve. Inflation would spike in the wake of Russia’s late-February invasion of Ukraine and subsequent sanctions imposed on Russia’s energy sector which reduced natural gas imports to Europe from Russia via pipelines. The failure of U.S. production to keep up with demand and OPEC’s announcement of supply cuts also bolstered energy prices. The conflict in Ukraine exacerbated ongoing supply-chain pressures and led to sharply higher prices for a range of commodities. To illustrate, U.S. consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June.

Exposure via energy futures to commodities such as Brent crude oil, gasoil, West Texas Intermediate crude oil, and heating oil were the largest contributors to the Fund’s performance over the 12 months. Outside of energy, the Fund had notable exposure to corn, which also added to return. Prices for industrial metals such as copper and aluminum declined over the period as recession fears increased, while rising yields on U.S. bonds and strength in the U.S. dollar pressured the price of gold.

Portfolio Information

PORTFOLIO COMPOSITION


Investment Type	Percent of Net Assets
Commercial Paper	70.7	%
U.S. Treasury Obligations	10.2
Certificates of Deposit	4.9
Money Market Funds	8.8
Cash	9.1
Futures	0.4
Other assets, less liabilities	(4.1	)

COMMODITY-LINKED FUTURES


Sector Exposure^(a)	Percent of Net Assets
Energy Futures	62.3	%
Agriculture Futures	18.5
Industrial Metals Futures	9.1
Livestock Futures	6.5
Gold Futures	3.6

^(a)

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


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

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.

Disclosure of 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 the Period.”

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

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


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

Consolidated Schedule of Investments

October 31, 2022

iShares^® Bloomberg Roll Select Commodity Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Paper

American Electric Power Co. Inc., 3.87%, 11/16/22	$	10,000	$	9,982,809
AT&T Inc., 3.99%, 11/28/22		5,000		4,984,522
Banco Santander SA, 3.63%, 11/21/22		6,000		5,987,323
Bell Canada 3.60%, 11/09/22		5,000		4,995,510
3.65%, 11/14/22		5,000		4,992,911
Britannia Funding Co. LLC, 3.61%, 11/15/22		5,000		4,992,492
CenterPoint Energy Resources Corp., 4.01%, 11/28/22		5,000		4,984,452
Collateralized Commercial Paper V Co. LLC, 4.40%, 01/13/23		10,000		9,910,316
DuPont de Nemours Inc., 3.90%, 11/09/22		10,000		9,990,270
DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 3.64%, 11/21/22		6,150		6,136,970
Fiserv Inc., 3.79%, 11/07/22		4,000		3,997,052
Glencove Funding LLC 3.64%, 11/18/22		2,000		1,996,371
3.89%, 12/12/22		12,000		11,945,764
GTA Funding LLC 3.90%, 12/13/22		6,000		5,972,172
3.97%, 12/21/22		5,000		4,972,007
ING U.S. Funding LLC, 3.64%, 11/22/22		7,000		6,984,480
John Deere Canada ULC, 3.62%, 11/21/22		6,700		6,685,891
Lloyds Bank PLC, 3.51%, 11/10/22		12,000		11,988,323
LMA-Americas LLC, 4.53%, 01/18/23		10,000		9,901,491
LVMH Moet Hennessy Louis Vuitton Inc., 3.26%, 11/03/22		11,000		10,997,011
Mackinac Funding Co. LLC, 3.53%, 11/09/22		10,000		9,991,190
Manhattan Asset Funding Co. LLC, 3.28%, 11/04/22		7,000		6,997,451
Nordea Bank Abp, 3.68%, 12/01/22		7,950		7,939,734
Penske Truck Leasing Co. LP, 3.77%, 11/07/22		5,000		4,996,335
PSP Capital Inc., 3.90%, 12/21/22		10,000		9,945,019
Pure Grove Funding, 4.33%, 01/12/23		4,000		3,965,171
Salisbury Receivables Co. LLC, 3.75%, 12/02/22		7,000		6,976,748
Santander U.K. PLC, 3.75%, 12/01/22		6,000		5,980,677


Security	Par/ Shares (000)		Value

Spire Inc. 3.43%, 11/02/22	$	1,900	$	1,899,637
3.80%, 11/09/22		4,000		3,996,208
4.04%, 12/01/22		5,000		4,982,657
Toyota Industries Commercial Finance Inc., 3.65%, 11/29/22		5,900		5,882,714
TransCanada PipeLines Ltd., 4.17%, 12/15/22		7,000		6,963,731
Victory Receivables Corp., 4.56%, 01/18/23		2,000		1,980,189


Total Commercial Paper — 71.4% (Cost: $224,931,833)				224,895,598


U.S. Treasury Obligations
U.S. Treasury Bill 3.36%, 11/22/22^(a)		13,000		12,974,924
3.78%, 12/20/22^(a)		13,000		12,934,445


Total U.S. Treasury Obligations — 8.3% (Cost: $25,909,896)				25,909,369


Money Market Funds

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(b)(c)		34,050		34,050,000


Total Money Market Funds — 10.8% (Cost: $34,050,000)				34,050,000


Total Investments — 90.5% (Cost: $284,891,729)				284,854,967

Other Assets Less Liabilities — 9.5%				30,035,381


Net Assets — 100.0%			$	314,890,348

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

^(b)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	19,480,000	$	14,570,000	^(a)	$	—	$	—	$	—	$	34,050,000		34,050	$	321,007	$	—

^(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
Bloomberg Roll Select Index		10,612		12/21/22	$	314,009	$	(4,975,546	)


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

Consolidated Schedule of Investments (continued)

October 31, 2022

iShares^® Bloomberg Roll Select Commodity 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		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	4,975,546	$	—	$	—	$	—	$	—	$	—	$	4,975,546

^(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 October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:



	Commodity Contracts			Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	26,000,796		$	—	$	—	$	—	$	—	$	—	$	26,000,796

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	(15,626,622	)	$	—	$	—	$	—	$	—	$	—	$	(15,626,622	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	315,760,121

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	$	—	$	224,895,598		$	—	$	224,895,598
U.S. Treasury Obligations		—		25,909,369			—		25,909,369
Money Market Funds		34,050,000		—			—		34,050,000

	$	34,050,000	$	250,804,967		$	—	$	284,854,967

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(4,975,546	)	$	—	$	(4,975,546	)

^(a)

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

See notes to Consolidated Financial Statements


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

Consolidated Schedule of Investments

October 31, 2022

iShares^® Commodity Curve Carry Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Paper

Amcor Flexibles North America Inc., 3.62%, 12/01/22	$	1,200	$	1,195,841
Ameren Illinois Co., 3.43%, 11/02/22		750		749,857
American Electric Power Co. Inc., 3.87%, 11/16/22		900		898,453
AT&T Inc., 3.99%, 11/28/22		500		498,452
Banco Santander SA, 3.63%, 11/21/22		500		498,944
Barton Capital SA, 4.25%, 01/06/23		500		496,073
Bell Canada, 3.65%, 11/14/22		1,200		1,198,298
Britannia Funding Co. LLC, 3.71%, 11/22/22		900		897,967
DuPont de Nemours Inc., 3.90%, 11/21/22		1,300		1,296,838
DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 3.64%, 11/21/22		600		598,729
Fiserv Inc., 3.79%, 11/07/22		500		499,632
Glencove Funding LLC 3.64%, 11/18/22		500		499,093
3.89%, 12/12/22		1,000		995,480
GTA Funding LLC, 4.29%, 01/10/23		1,300		1,289,085
John Deere Canada ULC, 3.62%, 11/21/22		1,300		1,297,262
Liberty Street Funding LLC, 3.92%, 12/15/22		400		398,050
LMA-Americas LLC 3.64%, 11/14/22		700		699,009
4.53%, 01/18/23		500		495,075
Mackinac Funding Co. LLC, 3.53%, 11/09/22		1,100		1,099,031
Manhattan Asset Funding Co. LLC, 4.31%, 01/11/23		1,300		1,288,888
MetLife Short Term Funding LLC, 3.48%, 11/08/22		1,300		1,298,994
Mont Blanc Capital Corp., 3.67%, 11/21/22		1,112		1,109,623
Nordea Bank Abp, 3.68%, 12/01/22		700		699,096
Norinchukin BK BR, 2.90%, 11/15/22		700		699,807
PPG Industries Inc., 3.48%, 11/02/22		495		494,904
PSP Capital Inc., 3.90%, 12/21/22		1,200		1,193,402
Salisbury Receivables Co. LLC, 3.75%, 12/02/22		400		398,671


Security	Par/ Shares (000)		Value

Santander U.K. PLC, 3.75%, 12/01/22	$	700	$	697,746
TransCanada PipeLines Ltd., 4.17%, 12/15/22		1,200		1,193,782
Victory Receivables Corp., 3.50%, 11/07/22		500		499,660


Total Commercial Paper — 69.4% (Cost: $25,180,428)				25,175,742


U.S. Treasury Obligations
U.S. Treasury Bill 3.36%, 11/22/22^(a)		1,500		1,497,107
3.78%, 12/20/22^(a)		1,500		1,492,436


Total U.S. Treasury Obligations — 8.3% (Cost: $2,989,604)				2,989,543


Money Market Funds

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(b)(c)		8,760		8,760,000


Total Money Market Funds — 24.1% (Cost: $8,760,000)				8,760,000


Total Investments — 101.8% (Cost: $36,930,032)				36,925,285

Liabilities in Excess of Other Assets — (1.8)%				(661,581	)


Net Assets — 100.0%			$	36,263,704

^(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 Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	7,190,000	$	1,570,000	^(a)	$	—	$	—	$	—	$	8,760,000		8,760	$	115,882	$	—

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


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

Consolidated Schedule of Investments (continued)

October 31, 2022

iShares^® Commodity Curve Carry Strategy ETF

OTC Total Return Swaps


Paid by the Fund		Received by the Fund		Counterparty	Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Rate^(a)	Frequency	Reference^(b)	Frequency	Counterparty	Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
4.07%	At Termination	ICE BofA Commodity Enhanced Carry Total Return Index	At Termination	Citibank N.A.		N/A		08/31/23		13,438		$(321,763	)		$ (81,539	)		$(240,224	)
4.07%	At Termination	ICE BofA Commodity Enhanced Carry Total Return Index	At Termination	Merrill Lynch International		N/A		08/31/23		23,492		(565,318	)		(145,345	)		(419,973	)

												$(887,081	)		$(226,884	)		$(660,197	)

^(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 October 31, 2022.




Futures contracts	Maturity date		Weight%

Brent Crude Oil		10/31/2023		25.8	%
Copper		12/19/2023		16.0
Corn		12/14/2023		12.9
Gas Oil		12/12/2023		9.5
Soybeans		11/14/2023		9.0
RBOB Gasoline		5/31/2023		7.1
WTI Crude Oil		11/20/2023		6.7
Sugar		9/29/2023		6.5
Zinc		12/19/2023		2.8
Coffee		5/18/2023		2.7
Natural Gas		11/28/2023		1.2

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


	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps	$	—	$	(226,884	)	$	—	$	(660,197	)

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		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	887,081	$	—	$	—	$	—	$	—	$	—	$	887,081

For the period ended October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:



	Commodity Contracts			Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Swaps	$	9,107,191		$	—	$	—	$	—	$	—	$	—	$	9,107,191

Net Change in Unrealized Appreciation (Depreciation) on
Swaps	$	(4,509,634	)	$	—	$	—	$	—	$	—	$	—	$	(4,509,634	)


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

Consolidated Schedule of Investments (continued)

October 31, 2022

iShares^® Commodity Curve Carry Strategy ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Total return swaps
Average notional value	$	30,397,428

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)	$	—	$	887,081


Total derivative assets and liabilities in the Statement of Assets and Liabilities		—		887,081
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—


Total derivative assets and liabilities subject to an MNA		—		887,081

^(a)

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

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



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

Citibank N.A.	$	321,763	$	—		$	—	$	(20,000	)	$	301,763
Merrill Lynch International		565,318		—			—		(180,000	)		385,318

	$	887,081	$	—		$	—	$	(200,000	)	$	687,081

^(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 pledged to the individual counterparty is not shown for financial reporting purposes.

^(c)

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2			Level 3		Total

Investments
Assets
Commercial Paper	$	—	$	25,175,742		$	—	$	25,175,742
U.S. Treasury Obligations		—		2,989,543			—		2,989,543
Money Market Funds		8,760,000		—			—		8,760,000

	$	8,760,000	$	28,165,285		$	—	$	36,925,285

Derivative financial instruments^(a)
Liabilities
Swaps	$	—	$	(660,197	)	$	—	$	(660,197	)

^(a)

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

See notes to Consolidated Financial Statements


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

Consolidated Schedule of Investments

October 31, 2022

iShares^® Gold Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Paper

Amcor Flexibles North America Inc., 3.88%, 11/15/22	$	1,300	$	1,297,904
American Electric Power Co. Inc., 3.87%, 11/16/22		1,200		1,197,937
AT&T Inc., 3.99%, 11/28/22		500		498,452
Banco Santander SA, 3.63%, 11/21/22		1,200		1,197,465
Banque et Caisse d’Epargne de l’Etat, 4.25%, 11/16/22		261		260,587
Barton Capital SA, 4.25%, 01/06/23		500		496,073
Bell Canada 3.60%, 11/09/22		600		599,461
3.65%, 11/14/22		500		499,291
CenterPoint Energy Resources Corp., 4.01%, 11/28/22		800		797,512
Credit Agricole Corporate & Investment Bank, 3.20%, 11/03/22		1,200		1,199,680
DuPont de Nemours Inc. 3.53%, 11/07/22		700		699,479
4.12%, 11/17/22		300		299,418
DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 3.64%, 11/21/22		700		698,517
Fidelity National Information Services Inc., 4.02%, 12/01/22		1,000		996,408
Glencove Funding LLC 3.64%, 11/18/22		700		698,730
3.89%, 12/12/22		300		298,644
GTA Funding LLC, 3.90%, 12/13/22		750		746,522
Legacy Capital Co. LLC, 3.75%, 11/23/22		1,300		1,296,896
Liberty Street Funding LLC, 3.97%, 12/19/22		1,000		994,626
Lloyds Bank PLC, 3.51%, 11/10/22		1,300		1,298,735
Mackinac Funding Co. LLC, 3.53%, 11/09/22		350		349,692
Manhattan Asset Funding Co. LLC, 3.28%, 11/04/22		1,200		1,199,563
Mitsubishi UFJ Trust & Banking Corp., 3.25%, 11/04/22		750		749,729
Nordea Bank Abp, 3.68%, 12/01/22		500		499,354
Norinchukin BK BR, 2.90%, 11/15/22		1,000		999,724
Penske Truck Leasing Co. LP, 3.77%, 11/07/22		1,200		1,199,120
PPG Industries Inc., 3.48%, 11/02/22		495		494,904
Salisbury Receivables Co. LLC, 3.75%, 12/02/22		500		498,339
Spire Inc., 4.04%, 12/01/22		1,200		1,195,838
Toronto-Dominion Bank, 0.73%, 01/13/23		400		397,274
Toyota Industries Commercial Finance Inc., 3.65%, 11/29/22		1,100		1,096,777


Total Commercial Paper — 71.2% (Cost: $24,756,214)				24,752,651


Security	Par/ Shares (000)		Value

Grantor Trust

iShares Gold Trust ^(a)(b)	$	201	$	6,213,349


Total Grantor Trust — 17.9% (Cost: $6,549,580)				6,213,349


U.S. Treasury Obligations
U.S. Treasury Bill 3.36%, 11/22/22^(c)		1,250		1,247,589
3.78%, 12/20/22^(c)		1,250		1,243,696


Total U.S. Treasury Obligations — 7.1% (Cost: $2,491,336)				2,491,285


Money Market Funds

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(d)		350		350,000


Total Money Market Funds — 1.0% (Cost: $350,000)				350,000


Total Investments — 97.2% (Cost: $34,147,130)				33,807,285

Other Assets Less Liabilities — 2.8%				966,090


Net Assets — 100.0%			$	34,773,375

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

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

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

Affiliates



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

BlackRock Cash Funds: Treasury, SL Agency Shares	$	23,797,000	$	—	$	(23,447,000	)^(a)	$	—		$	—		$	350,000		350	$	24,915	$	—
iShares Gold Trust		5,542,262		6,905,623		(5,275,097	)		(276,393	)		(683,046	)		6,213,349		201		—		—

								$	(276,393	)	$	(683,046	)	$	6,563,349			$	24,915	$	—

^(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		19

Consolidated Schedule of Investments (continued)

October 31, 2022

iShares^® Gold 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
Gold 100 OZ		160		12/28/22	$	26,251	$	(1,643,214	)

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		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	1,643,214	$	—	$	—	$	—	$	—	$	—	$	1,643,214

^(a)

For the period ended October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:



	Commodity Contracts			Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	(2,129,335	)	$	—	$	—	$	—	$	—	$	—	$	(2,129,335	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	(1,248,122	)	$	—	$	—	$	—	$	—	$	—	$	(1,248,122	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	26,523,475

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


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

Consolidated Schedule of Investments (continued)

October 31, 2022

iShares^® Gold Strategy ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1			Level 2		Level 3		Total

Investments
Assets
Grantor Trust	$	6,213,349		$	—	$	—	$	6,213,349
Commercial Paper		—			24,752,651		—		24,752,651
U.S. Treasury Obligations		—			2,491,285		—		2,491,285
Money Market Funds		350,000			—		—		350,000

	$	6,563,349		$	27,243,936	$	—	$	33,807,285

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,643,214	)	$	—	$	—	$	(1,643,214	)

^(a)

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

See notes to Consolidated Financial Statements


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

Consolidated Schedule of Investments

October 31, 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, 5.40%, 10/13/23	$	10,000	$	9,992,864
Barclays Bank PLC/NY, 3.70%, 06/08/23, (SOFR + 0.650%)^(a)		11,250		11,237,767
Canadian Imperial Bank of Commerce/New York NY, 0.35%, 11/03/22		11,000		10,997,386
Credit Suisse AG/NY, 1.10%, 02/02/23		5,000		4,952,413
Landesbank Baden-Wuerttemberg, 3.53%, 02/03/23, (SOFR + 0.490%)^(a)		25,000		24,995,204
Mizuho Bank Ltd./New York NY, 3.61%, 02/01/23, (SOFR + 0.570%)^(a)		14,700		14,701,770
MUFG Bank Ltd./New York NY, 3.35%, 03/13/23, (SOFR + 0.300%)^(a)		22,000		21,973,311
Royal Bank of Canada, 4.08%, 07/14/23		10,000		9,910,231
Svenska Handelsbanken/New York NY, 3.50%, 02/06/23^(a)		5,715		5,713,787


Total Certificates of Deposit — 4.9% (Cost: $114,665,000)				114,474,733


Commercial Paper

ABN AMRO Funding USA LLC, 4.78%, 03/20/23		8,100		7,952,265
Amcor Finance USA Inc., 3.57%, 11/04/22		29,500		29,488,301
Amcor Flexibles North America Inc., 3.88%, 11/15/22		28,700		28,653,721
Ameren Illinois Co., 3.43%, 11/02/22		4,500		4,499,141
American Electric Power Co. Inc. 3.86%, 11/15/22		29,900		29,851,948
3.87%, 11/16/22		34,000		33,941,550
Antalis SA, 4.20%, 01/06/23		49,800		49,413,325
AT&T Inc. 3.99%, 11/28/22		50,000		49,845,222
4.02%, 12/01/22		30,000		29,896,512
Banco Santander SA, 3.63%, 11/21/22		42,300		42,210,627
Bank of Montreal, 4.05%, 01/18/23		15,000		14,867,708
Barton Capital SA, 3.67%, 11/18/22		25,000		24,954,263
Bell Canada, 3.65%, 11/14/22		12,450		12,432,347
Britannia Funding Co. LLC, 3.61%, 11/15/22		17,900		17,873,120
CenterPoint Energy Resources Corp., 4.01%, 11/28/22		7,600		7,576,367
Citigroup Global Markets Inc., 3.64%, 09/21/23^(a)(b)		10,000		9,982,261
Collateralized Commercial Paper V Co. LLC, 4.40%, 01/13/23		35,000		34,686,106
Commonwealth Bank of Australia, 3.48%, 04/03/23, (SOFR + 0.430%)^(a)(b)		24,200		24,186,338
DNB Bank ASA, 3.54%, 05/31/23, (SOFR + 0.490%)^(a)(b)		11,600		11,597,982
Duke Energy Corp., 3.48%, 11/03/22		14,900		14,895,678
DuPont de Nemours Inc. 3.90%, 11/09/22		6,213		6,206,955
3.90%, 11/21/22		24,700		24,639,917
4.12%, 11/17/22		13,250		13,224,284
Enbridge US Inc, 3.70%, 11/03/22		31,360		31,350,339
Federation des Caisses Desjardins du Quebec 3.78%, 12/06/22		35,000		34,868,050
3.85%, 12/13/22		35,000		34,839,968
Fidelity National Information Services Inc., 4.02%, 12/01/22		34,584		34,459,786
Fiserv Inc., 3.79%, 11/07/22		4,975		4,971,334
Glencove Funding LLC 3.64%, 11/18/22		21,800		21,760,444
3.89%, 12/12/22		28,000		27,873,449


Security	Par (000)		Value

GTA Funding LLC 3.90%, 12/13/22	$	22,550	$	22,445,412
3.97%, 12/21/22		25,000		24,860,033
Hyundai Capital America, 3.90%, 11/18/22		35,000		34,931,925
John Deere Canada ULC, 3.62%, 11/21/22		17,000		16,964,201
Kookmin Bank, 5.08%, 04/25/23		13,300		12,977,555
Korea Development Bank/New York NY, 3.79%, 12/07/22		15,000		14,941,756
Landesbank Baden-Wuerttemberg, 4.86%, 03/22/23		14,000		13,736,424
Legacy Capital Co. LLC, 3.75%, 11/23/22		37,050		36,961,518
Liberty Street Funding LLC 3.97%, 12/19/22		15,000		14,919,395
4.60%, 01/20/23		32,000		31,671,968
Lloyds Bank PLC 3.51%, 11/10/22		26,000		25,974,700
4.68%, 02/07/23		15,000		14,809,219
LMA-Americas LLC 3.56%, 11/09/22		15,000		14,986,646
4.53%, 01/18/23		22,300		22,080,326
4.67%, 01/27/23		9,000		8,898,338
4.91%, 02/16/23		5,000		4,927,460
Mackinac Funding Co. LLC 3.51%, 11/08/22		30,000		29,976,587
3.53%, 11/09/22		17,550		17,534,538
Macquarie Bank Ltd., 5.19%, 05/12/23		10,000		9,729,318
Manhattan Asset Funding Co. LLC 3.28%, 11/04/22		28,800		28,789,514
3.92%, 12/15/22		20,000		19,902,500
Mont Blanc Capital Corp., 3.67%, 11/21/22		47,000		46,899,546
Nieuw Amsterdam Receivables Corp. BV 3.63%, 11/16/22		34,750		34,693,952
3.86%, 12/05/22		25,000		24,906,594
Nordea Bank Abp, 3.68%, 12/01/22		7,000		6,990,961
Penske Truck Leasing Co. LP, 3.77%, 11/07/22		3,250		3,247,618
PPG Industries Inc., 3.48%, 11/02/22		9,901		9,899,084
PSP Capital Inc., 3.90%, 12/21/22		60,000		59,670,115
Pure Grove Funding 4.33%, 01/12/23		25,000		24,782,318
4.86%, 02/27/23		15,000		14,762,744
5.44%, 08/25/23		6,650		6,363,314
Salisbury Receivables Co. LLC, 3.75%, 12/02/22		25,000		24,916,956
Skandinaviska Enskilda Banken AB, 3.71%, 12/05/22, (SOFR + 0.340%)		24,350		24,262,573
Spire Inc. 3.80%, 11/09/22		30,000		29,971,560
4.04%, 12/01/22		29,000		28,899,412
Standard Chartered Bank/New York, 3.52%, 11/14/22		10,000		9,986,315
Starbird Funding Corp., 3.20%, 11/03/22		31,300		31,291,645
Sumitomo Mitsui Banking Corp., 3.65%, 04/18/23, (SOFR + 0.630%)^(a)		15,000		14,991,739
Svenska Handelsbanken, 3.60%, 09/01/23, (SOFR + 0.560%)^(a)		10,000		9,981,428
Swedbank AB, 4.90%, 03/28/23		10,500		10,292,843
Toronto-Dominion Bank, 3.55%, 03/31/23		24,300		24,287,140
TransCanada PipeLines Ltd., 4.17%, 12/15/22		3,950		3,929,534
USAA Capital Corp., 3.20%, 11/03/22		15,000		14,995,996
Victory Receivables Corp. 4.54%, 01/17/23		7,953		7,875,562
4.56%, 01/18/23		46,600		46,138,393


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

Consolidated Schedule of Investments (continued)

October 31, 2022

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Wells Fargo Bank NA, 3.34%, 03/23/23, (SOFR + 0.350%)^(a)	$	20,000	$	19,988,307


Total Commercial Paper — 70.7% (Cost: $1,669,932,517)				1,669,044,290


U.S. Treasury Obligations
U.S. Treasury Bill 2.36%, 11/01/22^(c)		60,000		60,000,000
3.36%, 11/22/22^(c)		3,500		3,493,249
3.78%, 12/20/22^(c)		60,000		59,697,439
4.19%, 02/07/23^(c)		40,000		39,554,808
4.21%, 02/14/23^(c)		40,000		39,520,908
4.33%, 02/28/23^(c)		40,000		39,443,873


Total U.S. Treasury Obligations — 10.2% (Cost: $241,753,676)				241,710,277


Money Market Funds

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(d)(e)		207,400		207,400,095


Total Money Market Funds — 8.8% (Cost: $207,400,095)				207,400,095


Total Investments — 94.6% (Cost: $2,233,751,288)				2,232,629,395

Other Assets Less Liabilities — 5.4%				126,519,039


Net Assets — 100.0%			$	2,359,148,434

^(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 Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	233,060,095	$	—	$	(25,660,000	)^(a)	$	—	$	—	$	207,400,095		207,400	$	2,099,349	$	1

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Gasoline RBOB		1,029		11/30/22	$	109,156	$	571,561
Cotton		550		12/07/22		19,800		(9,427,327	)
Low Sulphur Gasoil		1,729		12/12/22		176,315		6,905,940
Lean Hogs		1,193		12/14/22		40,526		417,833
LME Copper		477		12/19/22		89,425		(921,508	)
LME Lead		224		12/19/22		11,058		(385,086	)


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

Consolidated Schedule of Investments (continued)

October 31, 2022

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Futures Contracts (continued)



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

LME Nickel		170		12/19/22	$	22,187	$	(1,903,742	)
LME PRI Aluminum		1,332		12/19/22		74,126		(2,072,033	)
Gold 100 OZ		517		12/28/22		84,824		(5,422,233	)
Silver		90		12/28/22		8,603		(639,350	)
Brent Crude Oil		5,067		12/29/22		461,198		8,329,787
LME Zinc		273		01/16/23		18,448		(3,218,769	)
Cattle Feeder		299		01/26/23		26,828		482,759
WTI Crude		6,263		02/21/23		519,077		(4,740,111	)
Wheat KCBT		797		03/14/23		38,824		3,997,743
Cocoa		255		03/16/23		5,975		(189,637	)
Natural Gas		1,903		03/29/23		91,211		20,637,144
NY Harbor ULSD (Heat Oil)		853		03/31/23		112,698		835,766
Sugar		1,756		04/28/23		33,218		(3,891,760	)
Coffee		279		05/18/23		18,095		(3,318,985	)
Live Cattle		1,398		06/30/23		86,326		(202,709	)
Wheat		1,967		07/14/23		88,884		6,636,698
Soybean		1,240		11/14/23		85,157		846,792
Corn		4,364		12/14/23		136,539		(3,627,519	)

							$	9,701,254

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		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	49,662,023	$	—	$	—	$	—	$	—	$	—	$	49,662,023

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	39,960,769	$	—	$	—	$	—	$	—	$	—	$	39,960,769


^(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 October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

		Commodity Contracts			Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


	Net Realized Gain (Loss) from
	Futures contracts	$	684,909,176		$	—	$	—	$	—	$	—	$	—	$	684,909,176

	Net Change in Unrealized Appreciation (Depreciation) on
	Futures contracts	$	(73,798,222	)	$	—	$	—	$	—	$	—	$	—	$	(73,798,222	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	2,991,800,590

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


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

Consolidated Schedule of Investments (continued)

October 31, 2022

iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total

Investments
Assets
Certificates of Deposit	$	—		$	114,474,733	$	—	$	114,474,733
Commercial Paper		—			1,669,044,290		—		1,669,044,290
U.S. Treasury Obligations		—			241,710,277		—		241,710,277
Money Market Funds		207,400,095			—		—		207,400,095

	$	207,400,095		$	2,025,229,300	$	—	$	2,232,629,395

Derivative financial instruments^(a)
Assets
Futures Contracts	$	49,662,023		$	—	$	—	$	49,662,023
Liabilities
Futures Contracts		(39,960,769	)		—		—		(39,960,769	)

	$	9,701,254		$	—	$	—	$	9,701,254

^(a)

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

See notes to Consolidated Financial Statements


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

Consolidated Statements of Assets and Liabilities

October 31, 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, at value — unaffiliated^(a)	$	250,804,967	$	28,165,285	$	27,243,936		$	2,025,229,300
Investments, at value — affiliated^(b)		34,050,000		8,760,000		6,563,349			207,400,095
Cash		16,274		10,110		1,009,640			8,187,355
Cash pledged:
Futures contracts		21,421,000		—		1,014,000			206,336,115
Collateral — OTC derivatives		—		200,000		—			—
Receivables:
Variation margin on futures contracts		2,889,841		—		—			—
Capital shares sold		5,623,042		—		—			—
Dividends — affiliated		155,651		27,104		10,192			1,301,538

Total assets		314,960,775		37,162,499		35,841,117			2,448,454,403


LIABILITIES
Payables:
Investments purchased		—		—		996,409			73,903,659
Variation margin on futures contracts		—		—		65,609			14,439,480
Capital shares redeemed		—		—		—			1
Investment advisory fees		70,427		11,714		5,724			962,829
Swap premiums received		—		226,884		—			—
Unrealized depreciation on OTC swaps		—		660,197		—			—

Total liabilities		70,427		898,795		1,067,742			89,305,969


NET ASSETS	$	314,890,348	$	36,263,704	$	34,773,375		$	2,359,148,434


NET ASSETS CONSIST OF
Paid-in capital	$	309,143,102	$	27,606,668	$	36,657,605		$	1,895,003,783
Accumulated earnings (loss)		5,747,246		8,657,036		(1,884,230	)		464,144,651

NET ASSETS	$	314,890,348	$	36,263,704	$	34,773,375		$	2,359,148,434


NET ASSETVALUE
Shares outstanding		5,600,000		1,400,000		700,000			62,200,000


Net asset value	$	56.23	$	25.90	$	49.68		$	37.93


Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited


Par value		None		None		None			None


^(a)Investments, at cost — unaffiliated	$	250,841,729	$	28,170,032	$	27,247,550		$	2,026,351,193
^(b)Investments, at cost — affiliated	$	34,050,000	$	8,760,000	$	6,899,580		$	207,400,095

See notes to Consolidated Financial Statements


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

Consolidated Statements of Operations

Year Ended October 31, 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	$	321,007		$	115,882		$	24,915		$	2,099,349
Interest — unaffiliated		3,324,927			242,287			283,848			27,957,638

Total investment income		3,645,934			358,169			308,763			30,056,987


EXPENSES
Investment advisory		865,498			150,280			89,258			14,130,843
Professional		—			—			—			217

Total expenses		865,498			150,280			89,258			14,131,060

Less:
Investment advisory fees waived		(21,919	)		(7,893	)		(28,400	)		(27,090	)

Total expenses after fees waived		843,579			142,387			60,858			14,103,970

Net investment income		2,802,355			215,782			247,905			15,953,017


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(5,923	)		(992	)		(261	)		(49,193	)
Investments — affiliated		—			—			(353,010	)		—
Futures contracts		26,000,796			—			(2,129,335	)		684,909,176
In-kind redemptions — affiliated^(a)		—			—			76,617			—
Swaps		—			9,107,191			—			—

		25,994,873			9,106,199			(2,405,989	)		684,859,983

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(37,858	)		(4,988	)		(3,614	)		(1,169,781	)
Investments — affiliated		—			—			(683,046	)		—
Futures contracts		(15,626,622	)		—			(1,248,122	)		(73,798,222	)
Swaps		—			(4,509,634	)		—			—

		(15,664,480	)		(4,514,622	)		(1,934,782	)		(74,968,003	)

Net realized and unrealized gain (loss)		10,330,393			4,591,577			(4,340,771	)		609,891,980

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	13,132,748		$	4,807,359		$	(4,092,866	)	$	625,844,997

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to Consolidated Financial Statements


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

Consolidated Statements of Changes in Net Assets


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

			Year Ended 10/31/22			Year Ended 10/31/21				Year Ended 10/31/22			Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)		$	2,802,355		$	(161,116	)		$	215,782		$	(96,638	)
Net realized gain			25,994,873			19,938,578				9,106,199			8,349,961
Net change in unrealized appreciation (depreciation)			(15,664,480	)		10,876,593				(4,514,622	)		4,877,734

Net increase in net assets resulting from operations			13,132,748			30,654,055				4,807,359			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			123,567,454			136,346,700				—			(2,599,830	)


NET ASSETS
Total increase (decrease) in net assets			106,046,610			166,931,273				(3,445,899	)		10,531,227
Beginning of period			208,843,738			41,912,465				39,709,603			29,178,376

End of period		$	314,890,348		$	208,843,738			$	36,263,704		$	39,709,603

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

See notes to Consolidated Financial Statements


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

Consolidated Statements of Changes in Net Assets (continued)


	iShares Gold Strategy ETF							iShares GSCI Commodity Dynamic Roll Strategy ETF

	Year Ended 10/31/22				Year Ended 10/31/21			Year Ended 10/31/22				Year Ended 10/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)		$	247,905		$	(30,684	)		$	15,953,017			$	(5,032,541	)
Net realized gain (loss)			(2,405,989	)		(1,792,497	)			684,859,983				351,111,376
Net change in unrealized appreciation (depreciation)			(1,934,782	)		99,087				(74,968,003	)			88,305,347

Net increase (decrease) in net assets resulting from operations			(4,092,866	)		(1,724,094	)			625,844,997				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 (decrease) in net assets derived from capital share transactions			8,870,593			11,320,515				(665,137,244	)			2,194,642,007


NET ASSETS
Total increase (decrease) in net assets			4,777,727			8,031,702				(465,636,968	)			2,628,227,065
Beginning of period			29,995,648			21,963,946				2,824,785,402				196,558,337


End of period		$	34,773,375		$	29,995,648			$	2,359,148,434			$	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


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		29

Consolidated Financial Highlights

(For a share outstanding throughout each period)


	iShares Bloomberg Roll Select Commodity Strategy ETF


																	Period From
	Year Ended				Year Ended				Year Ended				Year Ended						04/03/18	^(a)
	10/31/22				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)			0.53				(0.09	)			0.23				1.05				0.58
Net realized and unrealized gain (loss)^(c)			3.99				17.92				(2.33	)			(3.05	)			(2.81	)

Net increase (decrease) from investment operations			4.52				17.83				(2.10	)			(2.00	)			(2.23	)

Distributions from net investment income^(d)			(7.96	)			(0.07	)			(1.00	)			(0.76	)			—

Net asset value, end of period		$	56.23			$	59.67			$	41.91			$	45.01			$	47.77


Total Return^(e)
Based on net asset value			9.78	%			42.59	%			(4.81	)%			(4.19	)%			(4.46	)%^(f)


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

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

Net investment income (loss)			0.91	%			(0.16	)%			0.55	%			2.30	%			2.01	%^(h)


Supplemental Data
Net assets, end of period (000)		$	314,890			$	208,844			$	41,912			$	27,004			$	40,607

Portfolio turnover rate⁽ⁱ⁾			0	%			0	%			0	%			0	%			0	%

^(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


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

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Commodity Curve Carry Strategy ETF


									Period From
	Year Ended				Year Ended						09/01/20	^(a)
	10/31/22				10/31/21				to 10/31/20


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

Net investment income (loss)^(b)			0.15				(0.07	)			(0.01	)
Net realized and unrealized gain (loss)^(c)			3.29				8.98				(0.70	)

Net increase (decrease) from investment operations			3.44				8.91				(0.71	)

Distributions from net investment income^(d)			(5.90	)			—				—

Net asset value, end of period		$	25.90			$	28.36			$	19.45


Total Return^(e)
Based on net asset value			15.79	%			45.81	%			(3.52	)%^(f)


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

Total expenses after fees waived			0.38	%			0.39	%			0.00	%^(h)

Net investment income (loss)			0.57	%			(0.28	)%			(0.28	)%^(h)


Supplemental Data
Net assets, end of period (000)		$	36,264			$	39,710			$	29,178

Portfolio turnover rate⁽ⁱ⁾			0	%			0	%			0	%

^(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		31

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Gold Strategy ETF


																					Period From
	Year Ended					Year Ended					Year Ended					Year Ended							06/06/18	^(a)
	10/31/22				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)			0.38					(0.07	)				0.13					0.82					0.27
Net realized and unrealized gain (loss)^(c)			(5.24	)				(3.67	)				10.47					10.20					(3.51	)

Net increase (decrease) from investment operations			(4.86	)				(3.74	)				10.60					11.02					(3.24	)

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

Net asset value, end of period		$	49.68				$	54.54				$	62.75				$	57.41				$	46.76


Total Return^(e)
Based on net asset value			(8.92	)%				(6.21	)%				20.64	%				23.74	%				(6.48	)%^(f)


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

Total expenses after fees waived			0.17	%				0.13	%				0.13	%				0.18	%				0.19	%^(h)

Net investment income (loss)			0.69	%				(0.12	)%				0.22	%				1.58	%				1.45	%^(h)


Supplemental Data
Net assets, end of period (000)		$	34,773				$	29,996				$	21,964				$	8,612				$	4,676

Portfolio turnover rate⁽ⁱ⁾			52	%				121	%				77	%				47	%				13	%

^(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


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

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares GSCI Commodity Dynamic Roll Strategy ETF
	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18


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

Net investment income (loss)^(a)		0.21			(0.13	)			0.26				0.76				0.63
Net realized and unrealized gain (loss)^(b)		5.80			13.37				(6.93	)			(3.04	)			2.62

Net increase (decrease) from investment operations		6.01			13.24				(6.67	)			(2.28	)			3.25

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

Net asset value, end of year	$	37.93		$	37.41			$	24.27			$	31.80			$	37.18


Total Return^(d)
Based on net asset value		19.92	%		54.75	%			(21.66	)%			(5.87	)%			9.29	%^(e)


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

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

Net investment income (loss)		0.54	%		(0.38	)%			0.95	%			2.32	%			1.66	%


Supplemental Data
Net assets, end of year (000)	$	2,359,148		$	2,824,785			$	196,558			$	518,373			$	728,739

Portfolio turnover rate^(g)		0	%		0	%			5	%			32	%			167	%

^(a)	Based on average shares outstanding.

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

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

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

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

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

^(g)	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		33

Notes to Consolidated Financial Statements

1. ORGANIZATION

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

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


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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Collateralization: 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.

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. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has


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

Notes to Consolidated Financial Statements (continued)

formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 BFA 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 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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 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 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.


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

Notes to Consolidated Financial Statements (continued)

4.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

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

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

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

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

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

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


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

Notes to Consolidated Financial Statements (continued)

the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

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

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

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Consolidated 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 of the following Funds, 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 Fees

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 Statements 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 year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:



iShares ETF		Amounts Waived

Bloomberg Roll Select Commodity Strategy		$ 21,919
Commodity Curve Carry Strategy		7,893
Gold Strategy		28,400
GSCI Commodity Dynamic Roll Strategy		27,090

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.


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

Notes to Consolidated Financial Statements (continued)

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

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

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

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

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

6.	*PURCHASES AND SALES*

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Gold Strategy	$	4,139,547	$	4,646,297

For the year ended October 31, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Gold Strategy	$	2,766,077	$	628,800

7.	*INCOME TAX INFORMATION*

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

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:



iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)

Bloomberg Roll Select Commodity Strategy	$	18,037,378		$	(18,037,378	)
Gold Strategy		(2,299,606	)		2,299,606
GSCI Commodity Dynamic Roll Strategy		198,012,931			(198,012,931	)

The tax character of distributions paid was as follows:




iShares ETF	Year Ended 10/31/22		Year Ended 10/31/21

Bloomberg Roll Select Commodity Strategy
Ordinary income	$	30,653,592	$	69,482

Commodity Curve Carry Strategy
Ordinary income	$	8,253,258	$	—

Gold Strategy
Ordinary income	$	—	$	1,564,719

GSCI Commodity Dynamic Roll Strategy
Ordinary income	$	426,344,721	$	799,124


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

Notes to Consolidated Financial Statements (continued)

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)			Total
Bloomberg Roll Select Commodity Strategy	$	10,765,772	$	(6,218	)	$	(5,012,308	)	$	5,747,246
Commodity Curve Carry Strategy		9,322,972		(992	)		(664,944	)		8,657,036
Gold Strategy		175,707		(76,878	)		(1,983,059	)		(1,884,230	)
GSCI Commodity Dynamic Roll Strategy		502,849,249		(47,283,976	)		8,579,378			464,144,651

^(a)

Amounts available to offset future realized capital gains.

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

As of October 31, 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	$	284,891,729	$	2,733	$	(39,495	)	$	(36,762	)
Commodity Curve Carry Strategy		36,930,032		50,687		(715,631	)		(664,944	)
Gold Strategy		34,147,130		475		(340,320	)		(339,845	)
GSCI Commodity Dynamic Roll Strategy		2,233,751,288		17,447		(9,640,478	)		(9,623,031	)

8.	*PRINCIPAL RISKS*

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

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

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

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 BFA 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


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

Notes to Consolidated Financial Statements (continued)

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 decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

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.

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:



	Year Ended 10/31/22						Year Ended 10/31/21


iShares ETF	Shares			Amount			Shares			Amount


Bloomberg Roll Select Commodity Strategy

Shares sold		4,400,000		$	256,785,591			2,500,000		$	136,346,700

Shares redeemed		(2,300,000	)		(133,218,137	)		—			—


		2,100,000		$	123,567,454			2,500,000		$	136,346,700


Commodity Curve Carry Strategy

Shares redeemed		—		$	—			(100,000	)	$	(2,599,830	)


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

Notes to Consolidated Financial Statements (continued)



	Year Ended 10/31/22						Year Ended 10/31/21
iShares ETF	Shares			Amount			Shares			Amount

Gold Strategy
Shares sold		200,000		$	11,484,407			200,000		$	11,320,515
Shares redeemed		(50,000	)		(2,613,814	)		—			—

		150,000		$	8,870,593			200,000		$	11,320,515


GSCI Commodity Dynamic Roll Strategy
Shares sold		32,700,000		$	1,230,993,779			80,000,000		$	2,645,593,591
Shares redeemed		(46,000,000	)		(1,896,131,023	)		(12,600,000	)		(450,951,584	)

		(13,300,000	)	$	(665,137,244	)		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		41

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares U.S. ETF Trust and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of each of the funds listed in the table below and their subsidiaries (four of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related consolidated statements of operations for the year ended October 31, 2022, the consolidated statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

iShares Bloomberg Roll Select Commodity Strategy ETF

iShares Commodity Curve Carry Strategy ETF

iShares Gold Strategy ETF

iShares GSCI Commodity Dynamic Roll Strategy ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

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


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


Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:


iShares ETF	Federal Obligation Interest
Bloomberg Roll Select Commodity Strategy	$	416,791
Commodity Curve Carry Strategy		49,578
Gold Strategy		28,095
GSCI Commodity Dynamic Roll Strategy		3,211,399

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

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:


iShares ETF	Interest Dividends
Bloomberg Roll Select Commodity Strategy	$	3,070,859
Commodity Curve Carry Strategy		309,224
Gold Strategy		220,181
GSCI Commodity Dynamic Roll Strategy		25,855,979

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:


iShares ETF	Interest-Related Dividends
Bloomberg Roll Select Commodity Strategy	$	3,005,707
Commodity Curve Carry Strategy		302,909
Gold Strategy		217,628
GSCI Commodity Dynamic Roll Strategy		24,676,991


I M P O R T A N T T A X I N F O R M A T I O N		43

Board Review and Approval of Investment Advisory Contract

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

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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


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Board Review and Approval of Investment Advisory Contract (continued)

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

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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

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

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

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

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

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

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

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


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

Board Review and Approval of Investment Advisory Contract (continued)

Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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


46		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

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

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


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		47

Board Review and Approval of Investment Advisory Contract (continued)

regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited under the Advisory Agreements for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited, which were provided at the May 3, 2022 meeting and throughout the year and matters related to BFA’s portfolio compliance program.

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


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Board Review and Approval of Investment Advisory Contract (continued)

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

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

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

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

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

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


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		49

Supplemental Information (unaudited)

Section 19(a) Notices

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

October 31, 2022


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
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%.

Premium/Discount Information

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


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Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


		Interested Trustees

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

Robert S. Kapito^(a)(65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).

Salim Ramji^(b)(52)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares Trust (since 2019).

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


		Independent Trustees

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

John E. Kerrigan (67)	Trustee (since 2011); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2022).

Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since (2016).

Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).


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

Trustee and Officer Information (unaudited) (continued)


		Independent Trustees (continued)

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

Cecilia H. Herbert (73)	Trustee (since 2011); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).

John E. Martinez (61)	Trustee (since 2011); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003).

Madhav V. Rajan (58)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011).


Officers

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

Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (55)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James Mauro (52)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).


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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		53

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 Abbreviation


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		55

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-AR-1011-1022