iShares U.S. ETF Trust (0001524513) (Filer)

UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22649

Name of Fund: iShares U.S. ETF Trust

Fund Address:   c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105

Name and address of agent for service: The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: 07/31/2026

Date of reporting period: 07/31/2026

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

iShares U.S. Consumer Focused ETF

IEDI | Cboe BZX Exchange

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about iShares U.S. Consumer Focused ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

• For the reporting period ended July 31, 2026, the Fund returned 2.61%.

• For the same period, the S&P Total Market Index returned 19.67%.

What contributed to performance?

The consumer discretionary sector was the largest contributor to the Fund’s return during the reporting period. Value-seeking shoppers drove off-price apparel retailers higher, as they sought branded clothing and home goods at deep discounts amid elevated pricing pressures. In the broadline retail segment, a major online retailer benefited from accelerating growth in its web services division, driven by artificial intelligence demand, strong retail and advertising profits. Consumer staples stocks also contributed, particularly in the consumer staples merchandise retail segment. A major discount retailer was supported by strong e-commerce growth, surging high-margin advertising revenue, market-share gains from upper-income shoppers, and resilient grocery performance.

What detracted from performance?

During the reporting period, home improvement retail stocks detracted from the Fund’s return. Amid a stagnant housing market, cautious consumer spending slowed demand for large, big-ticket home renovation projects.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. 

Fund performance

Cumulative performance: March 21, 2018 through July 31, 2026

Initial Investment of $10,000 

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Key Fund statistics

The inception date of the Fund was March 21, 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. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2026) 

Industry allocation

Ten largest holdings

Material fund changes

This is a summary of certain changes to the Fund since July 31, 2025.

The Board of Trustees of the Fund approved the liquidation of the Fund. After the close of business on August 12, 2026, the Fund no longer accepted creation orders. Trading in the Fund halted prior to market open on August 13, 2026. Proceeds of the liquidation were sent to shareholders on August 17, 2026.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

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 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Consumer Focused ETF

Annual Shareholder Report — July 31, 2026

IEDI-07/26-AR

iShares U.S. Tech Independence Focused ETF

IETC | Cboe BZX Exchange

Annual Shareholder Report — July 31, 2026

This annual shareholder report contains important information about iShares U.S. Tech Independence Focused ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

• For the reporting period ended July 31, 2026, the Fund returned 5.41%.

• For the same period, the S&P Total Market Index returned 19.67%.

What contributed to performance?

During the reporting period, information technology stocks contributed the most to the Fund’s return. Semiconductors and semiconductor equipment stocks benefited from robust demand for artificial intelligence (“AI”), cloud computing, and data center infrastructure, with high-performance AI chipmakers among the standout performers. Technology hardware, storage, and peripherals companies also advanced, supported by resilient consumer demand, improving pricing trends, and growing enterprise and hyperscale storage needs driven by AI-related data growth. An interactive media and services company in the communication sector gained amid resilient digital advertising demand, continued growth in cloud computing, and expanding monetization of AI across search and other platforms.

What detracted from performance?

During the reporting period, software and services stocks detracted from the Fund’s return amid investor concerns that AI tools could disrupt the revenue models of traditional software businesses.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. 

Fund performance

Cumulative performance: March 21, 2018 through July 31, 2026

Initial Investment of $10,000 

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Key Fund statistics

The inception date of the Fund was March 21, 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. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2026) 

Industry allocation

Ten largest holdings

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

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 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Tech Independence Focused ETF

Annual Shareholder Report — July 31, 2026

IETC-07/26-AR

(b) Not Applicable

Item 2 – Code of Ethics – The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3 – Audit Committee Financial Expert – The registrant’s board of trustees (the “board of trustees”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Richard L. Fagnani

Laura F. Fergerson

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the two series of the registrant for which the fiscal year-end is July 31, 2026 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $26,600 for the fiscal year ended July 31, 2025 and $26,600 for the fiscal year ended July 31, 2026.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended July 31, 2025 and July 31, 2026 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Funds’ financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $19,400 for the fiscal year ended July 31, 2025 and $19,400 for the fiscal year ended July 31, 2026. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended July 31, 2025 and July 31, 2026 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.      

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $19,400 for the fiscal year ended July 31, 2025 and $19,400 for the fiscal year ended July 31, 2026.

              (h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

               (i) – Not Applicable

               (j) – Not Applicable

Item 5 –  Audit Committee of Listed Registrant

(a)    The following individuals are members of the registrant’s separately designated standing Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Richard L. Fagnani

Laura F. Fergerson

John E. Martinez

(b)    Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies 

              (a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

July

31,

2026

2026

Annual

Financial

Statements

and

Additional

Information

iShares

U.S.

ETF

Trust

iShares

U.S.

Consumer

Focused

ETF

|

IEDI

|

Cboe

BZX

Exchange

iShares

U.S.

Tech

Independence

Focused

ETF

|

IETC

|

Cboe

BZX

Exchange

Table

of

Contents

Page

2

Schedules

of

Investments

.................................................................................................

3

Statements

of

Assets

and

Liabilities

...........................................................................................

10

Statements

of

Operations

.................................................................................................

11

Statements

of

Changes

in

Net

Assets

..........................................................................................

12

Financial

Highlights

.....................................................................................................

13

Notes

to

Financial

Statements

...............................................................................................

15

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

22

Important

Tax

Information

.................................................................................................

23

Additional

Information

....................................................................................................

24

Board

Review

and

Approval

of

Investment

Advisory

Contract

............................................................................

25

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

28

Schedule

of

Investments

July

31,

2026

iShares

®

U.S.

Consumer

Focused

ETF

Schedule

of

Investments

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Air

Freight

&

Logistics

—

0.3%

FedEx

Corp.

.......................

110

$

33,814

United

Parcel

Service,

Inc.

,

Class

B

.......

393

40,958

74,772

Beverages

—

0.2%

Brown-Forman

Corp.

,

Class

B,

NVS

.......

327

9,394

Constellation

Brands,

Inc.

,

Class

A

........

373

48,576

57,970

Broadline

Retail

—

9.7%

Amazon.com,

Inc.

(a)

..................

9,105

2,472,736

eBay,

Inc.

.........................

1,156

131,796

Kohl's

Corp.

.......................

996

19,063

Macy's,

Inc.

.......................

1,563

38,794

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

......

651

47,829

2,710,218

Building

Products

—

0.1%

Masco

Corp.

.......................

301

21,515

Capital

Markets

—

0.5%

CBOE

Global

Markets,

Inc.

.............

89

27,610

Robinhood

Markets,

Inc.

,

Class

A

(a)

........

1,416

122,569

150,179

Commercial

Services

&

Supplies

—

1.4%

Cintas

Corp.

.......................

1,229

251,490

Copart,

Inc.

(a)

......................

2,561

74,576

RB

Global,

Inc.

.....................

252

27,655

Rollins,

Inc.

........................

1,181

44,843

398,564

Consumer

Finance

—

0.1%

FirstCash

Holdings,

Inc.

...............

172

35,090

Consumer

Staples

Distribution

&

Retail

—

22.4%

Albertsons

Cos.,

Inc.

,

Class

A

...........

2,062

23,878

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

.......

923

90,251

Casey's

General

Stores,

Inc.

............

281

244,751

Costco

Wholesale

Corp.

...............

2,320

2,208,385

Dollar

General

Corp.

.................

1,901

241,522

Dollar

Tree,

Inc.

(a)

....................

1,802

229,232

Kroger

Co.

(The)

....................

3,662

211,444

Performance

Food

Group

Co.

(a)

..........

614

70,235

Sprouts

Farmers

Market,

Inc.

(a)

...........

168

14,643

Sysco

Corp.

.......................

1,243

105,953

Target

Corp.

.......................

415

59,963

US

Foods

Holding

Corp.

(a)

..............

1,052

105,821

Walmart,

Inc.

.......................

24,038

2,673,026

6,279,104

Distributors

—

0.3%

Genuine

Parts

Co.

...................

398

49,499

Pool

Corp.

........................

113

20,985

70,484

Diversified

Consumer

Services

—

0.4%

Bright

Horizons

Family

Solutions,

Inc.

(a)

.....

202

15,057

Duolingo,

Inc.

,

Class

A

(a)

...............

122

16,447

H&R

Block,

Inc.

.....................

575

25,317

Service

Corp.

International

.............

638

54,989

Stride,

Inc.

(a)

.......................

60

4,818

116,628

Entertainment

—

1.5%

Cinemark

Holdings,

Inc.

...............

498

18,222

Electronic

Arts,

Inc.

..................

98

20,566

Security

Shares

Shares

Value

Entertainment

(continued)

Live

Nation

Entertainment,

Inc.

(a)

.........

494

$

86,020

Madison

Square

Garden

Sports

Corp.

(a)

.....

82

32,282

Netflix,

Inc.

(a)

.......................

427

30,620

Take-Two

Interactive

Software,

Inc.

(a)

.......

188

45,669

TKO

Group

Holdings,

Inc.

,

Class

A

........

179

32,544

Walt

Disney

Co.

(The)

................

1,478

142,169

408,092

Financial

Services

—

2.3%

Affirm

Holdings,

Inc.

,

Class

A

(a)

...........

617

44,122

Block,

Inc.

,

Class

A

(a)

.................

1,989

161,586

Corpay,

Inc.

(a)

......................

63

24,073

Fiserv,

Inc.

(a)

.......................

454

24,489

Global

Payments,

Inc.

................

81

6,810

PayPal

Holdings,

Inc.

.................

1,774

101,490

Shift4

Payments,

Inc.

,

Class

A

(a)

..........

181

9,593

Toast,

Inc.

,

Class

A

(a)

.................

500

16,135

Visa,

Inc.

,

Class

A

...................

697

255,193

643,491

Food

Products

—

0.5%

Conagra

Brands,

Inc.

.................

604

8,764

Flowers

Foods,

Inc.

..................

823

5,778

Freshpet,

Inc.

(a)

.....................

261

15,540

J

M

Smucker

Co.

(The)

................

184

21,944

Lamb

Weston

Holdings,

Inc.

............

182

9,564

Marzetti

Co.

(The)

...................

84

8,977

McCormick

&

Co.,

Inc.

(Non-Voting)

,

NVS

...

399

20,309

Tyson

Foods,

Inc.

,

Class

A

.............

741

42,948

133,824

Ground

Transportation

—

1.4%

Fedex

Freight

Holding

Co.,

Inc.

(a)

.........

55

7,729

Lyft,

Inc.

,

Class

A

(a)

...................

1,455

23,076

Uber

Technologies,

Inc.

(a)

..............

4,675

328,933

U-Haul

Holding

Co.

,

NVS

..............

293

18,336

XPO,

Inc.

(a)

........................

119

23,916

401,990

Health

Care

Providers

&

Services

—

0.2%

Chemed

Corp.

......................

47

25,016

Henry

Schein,

Inc.

(a)

..................

316

27,097

52,113

Hotel

&

Resort

REITs

—

0.3%

Host

Hotels

&

Resorts,

Inc.

.............

2,297

57,723

Ryman

Hospitality

Properties,

Inc.

........

212

28,334

86,057

Hotels,

Restaurants

&

Leisure

—

14.4%

Airbnb,

Inc.

,

Class

A

(a)

.................

963

145,914

Aramark

..........................

1,054

60,046

Boyd

Gaming

Corp.

..................

404

34,364

Brinker

International,

Inc.

(a)

.............

442

94,455

Caesars

Entertainment,

Inc.

(a)

...........

944

28,084

Carnival

Corp.

Ltd.

...................

2,000

55,620

Cava

Group,

Inc.

(a)

...................

938

61,186

Cheesecake

Factory,

Inc.

(The)

..........

80

8,114

Chipotle

Mexican

Grill,

Inc.

,

Class

A

(a)

......

13,517

503,103

Choice

Hotels

International,

Inc.

..........

184

20,514

Churchill

Downs,

Inc.

.................

388

32,708

Darden

Restaurants,

Inc.

..............

1,185

241,242

Domino's

Pizza,

Inc.

..................

290

100,758

DoorDash,

Inc.

,

Class

A

(a)

..............

1,557

305,421

DraftKings,

Inc.

,

Class

A

(a)

..............

2,587

60,743

Expedia

Group,

Inc.

..................

382

112,591

Hilton

Worldwide

Holdings,

Inc.

..........

1,406

450,609

2026

iShares

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

July

31,

2026

iShares

®

U.S.

Consumer

Focused

ETF

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Hyatt

Hotels

Corp.

,

Class

A

.............

214

$

37,249

Marriott

International,

Inc.

,

Class

A

........

1,228

457,835

McDonald's

Corp.

...................

355

96,077

MGM

Resorts

International

(a)

............

985

43,901

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

......

1,150

21,309

Planet

Fitness,

Inc.

,

Class

A

(a)

...........

225

12,580

Red

Rock

Resorts,

Inc.

,

Class

A

..........

344

22,167

Royal

Caribbean

Cruises

Ltd.

...........

641

204,030

Shake

Shack,

Inc.

,

Class

A

(a)

............

142

8,911

Six

Flags

Entertainment

Corp.

(a)

..........

391

6,776

Starbucks

Corp.

.....................

5,031

529,513

Texas

Roadhouse,

Inc.

,

Class

A

..........

266

54,647

Travel

+

Leisure

Co.

..................

312

23,718

Vail

Resorts,

Inc.

....................

227

33,909

Wendy's

Co.

(The)

...................

1,210

8,906

Wingstop,

Inc.

......................

320

41,437

Wyndham

Hotels

&

Resorts,

Inc.

.........

481

36,008

Yum!

Brands,

Inc.

...................

511

78,326

4,032,771

Household

Durables

—

0.3%

Somnigroup

International,

Inc.

...........

674

44,032

Toll

Brothers,

Inc.

....................

277

40,412

84,444

Household

Products

—

0.4%

Clorox

Co.

(The)

....................

107

10,222

Colgate-Palmolive

Co.

................

390

35,607

Procter

&

Gamble

Co.

(The)

............

384

55,484

101,313

Interactive

Media

&

Services

—

0.3%

Meta

Platforms,

Inc.

,

Class

A

............

81

45,093

Pinterest,

Inc.

,

Class

A

(a)

...............

1,370

32,894

Snap,

Inc.

,

Class

A,

NVS

(a)

.............

1,913

8,972

86,959

IT

Services

—

0.1%

(a)

Gartner,

Inc.

.......................

31

4,682

GoDaddy,

Inc.

,

Class

A

................

207

17,127

21,809

Leisure

Products

—

0.1%

Hasbro,

Inc.

.......................

225

21,137

Media

—

0.2%

New

York

Times

Co.

(The)

,

Class

A

........

278

20,820

Omnicom

Group,

Inc.

.................

572

45,016

65,836

Passenger

Airlines

—

0.4%

Alaska

Air

Group,

Inc.

(a)

................

401

19,028

American

Airlines

Group,

Inc.

(a)

...........

1,188

18,141

Southwest

Airlines

Co.

................

787

35,391

United

Airlines

Holdings,

Inc.

(a)

...........

246

29,847

102,407

Personal

Care

Products

—

0.1%

elf

Beauty,

Inc.

(a)

....................

287

23,789

Professional

Services

—

0.1%

Paychex,

Inc.

......................

288

33,650

Robert

Half,

Inc.

....................

226

8,543

42,193

Real

Estate

Management

&

Development

—

0.2%

(a)

CoStar

Group,

Inc.

...................

830

23,871

Zillow

Group,

Inc.

,

Class

A

..............

90

3,122

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

(continued)

Zillow

Group,

Inc.

,

Class

C,

NVS

.........

678

$

23,093

50,086

Residential

REITs

—

0.0%

Invitation

Homes,

Inc.

.................

106

3,150

Software

—

0.7%

Agilysys,

Inc.

(a)

.....................

133

13,986

Gen

Digital,

Inc.

.....................

570

15,647

Intuit,

Inc.

.........................

531

167,833

197,466

Specialized

REITs

—

0.1%

Lamar

Advertising

Co.

,

Class

A

..........

111

17,756

Specialty

Retail

—

36.3%

Abercrombie

&

Fitch

Co.

,

Class

A

(a)

........

248

24,686

Academy

Sports

&

Outdoors,

Inc.

.........

630

29,893

American

Eagle

Outfitters,

Inc.

...........

1,327

22,798

Asbury

Automotive

Group,

Inc.

(a)

..........

101

23,402

AutoNation,

Inc.

(a)

....................

155

32,922

AutoZone,

Inc.

(a)

....................

103

310,674

Bath

&

Body

Works,

Inc.

...............

1,670

33,600

Best

Buy

Co.,

Inc.

...................

1,054

90,918

Boot

Barn

Holdings,

Inc.

(a)

..............

278

41,419

Burlington

Stores,

Inc.

(a)

...............

757

278,939

CarMax,

Inc.

(a)

......................

1,079

61,784

Carvana

Co.

,

Class

A

(a)

................

4,745

295,898

Dick's

Sporting

Goods,

Inc.

.............

736

144,190

Five

Below,

Inc.

(a)

....................

553

120,073

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

.....

359

20,668

GameStop

Corp.

,

Class

A

(a)

.............

3,282

71,285

Gap,

Inc.

(The)

.....................

1,898

38,131

Group

1

Automotive,

Inc.

...............

5

1,434

Home

Depot,

Inc.

(The)

...............

7,985

2,650,701

Lithia

Motors,

Inc.

,

Class

A

.............

136

52,417

Lowe's

Cos.,

Inc.

....................

6,115

1,270,758

Murphy

USA,

Inc.

...................

69

41,935

O'Reilly

Automotive,

Inc.

(a)

..............

9,240

825,594

RH

(a)

............................

141

23,338

Ross

Stores,

Inc.

....................

4,269

1,071,818

Signet

Jewelers

Ltd.

..................

288

26,755

TJX

Cos.,

Inc.

(The)

..................

11,435

1,799,183

Tractor

Supply

Co.

...................

4,535

139,542

Ulta

Beauty,

Inc.

(a)

...................

537

275,390

Urban

Outfitters,

Inc.

(a)

................

558

41,392

Valvoline,

Inc.

(a)

.....................

677

26,004

Williams-Sonoma,

Inc.

................

1,180

269,819

10,157,360

Textiles,

Apparel

&

Luxury

Goods

—

2.7%

Capri

Holdings

Ltd.

(a)

.................

748

11,916

Carter's,

Inc.

.......................

262

10,105

Crocs,

Inc.

(a)

.......................

335

42,883

Deckers

Outdoor

Corp.

(a)

...............

770

74,598

Kontoor

Brands,

Inc.

..................

336

28,137

Lululemon

Athletica,

Inc.

(a)

..............

1,175

139,672

NIKE,

Inc.

,

Class

B

..................

3,914

163,253

Ralph

Lauren

Corp.

,

Class

A

............

147

55,910

Steven

Madden

Ltd.

..................

555

25,574

Tapestry,

Inc.

.......................

1,243

189,396

VF

Corp.

.........................

1,797

25,733

767,177

Trading

Companies

&

Distributors

—

1.1%

Fastenal

Co.

.......................

2,175

103,769

Ferguson

Enterprises,

Inc.

..............

620

145,285

Schedule

of

Investments

(continued)

July

31,

2026

iShares

®

U.S.

Consumer

Focused

ETF

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

July

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

QXO,

Inc.

(a)

(b)

.......................

989

$

13,154

SiteOne

Landscape

Supply,

Inc.

(a)

.........

135

12,749

WW

Grainger,

Inc.

...................

33

45,613

320,570

Total

Common

Stocks

—

99

.1

%

(Cost:

$

26,522,481

)

...............................

27,736,314

Rights

Consumer

Staples

Distribution

&

Retail

—

0.0%

Walgreens

Boots

Alliance,

Inc.,

CVR

(a)

(c)

....

2,221

1,177

Total

Rights

—

0.0

%

(Cost:

$

1,177

)

..................................

1,177

Warrants

Specialty

Retail

—

0.0

%

GameStop

Corp.

(

Issued/Exercisable

10/03/25

,

1

Share

for

1

Warrant,

Expires

10/30/26

,

Strike

Price

USD

32.00

)

(a)

................

361

686

Total

Warrants

—

0.0

%

(Cost:

$

—

)

.....................................

686

Total

Long-Term

Investments

—

99.1%

(Cost:

$

26,523,658

)

...............................

27,738,177

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

0.8%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.81

%

(f)

..................

14,257

$

14,261

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.65

%

...................

227,728

227,728

Total

Short-Term

Securities

—

0

.8

%

(Cost:

$

241,978

)

.................................

241,989

Total

Investments

—

99

.9

%

(Cost:

$

26,765,636

)

...............................

27,980,166

Other

Assets

Less

Liabilities

—

0.1

%

....................

18,257

Net

Assets

—

100.0%

...............................

$

27,998,423

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

07/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

07/31/26

Shares

Held

at

07/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

61,097

$

—

$

(

46,699

)

(a)

$

(

113

)

$

(

24

)

$

14,261

14,257

$

3,868

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

159,837

67,891

(a)

—

—

—

227,728

227,728

8,299

—

$

(

113

)

$

(

24

)

$

241,989

$

12,167

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

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

S&P

500

Micro

E-Mini

Index

...................................................

6

09/18/26

$

226

$

(

3,258

)

2026

iShares

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

July

31,

2026

iShares

®

U.S.

Consumer

Focused

ETF

6

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

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)

......

$

—

$

—

$

3,258

$

—

$

—

$

—

$

3,258

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

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

July

31,

2026,

the

effect

of

derivative

financial

instruments

in

the

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

c

ontracts

.......................

$

—

$

—

$

17,740

$

—

$

—

$

—

$

17,740

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

c

ontracts

.......................

$

—

$

—

$

(

3,258

)

$

—

$

—

$

—

$

(

3,258

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

110,723

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

27,736,314

$

—

$

—

$

27,736,314

Rights

................................................

—

—

1,177

1,177

Warrants

..............................................

686

—

—

686

Short-Term

Securities

Money

Market

Funds

......................................

241,989

—

—

241,989

$

27,978,989

$

—

$

1,177

$

27,980,166

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(

3,258

)

$

—

$

—

$

(

3,258

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

July

31,

2026

iShares

®

U.S.

Tech

Independence

Focused

ETF

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.5%

(a)

Axon

Enterprise,

Inc.

.................

277

$

146,189

Boeing

Co.

(The)

....................

46,685

10,090,496

10,236,685

Automobiles

—

0.0%

Rivian

Automotive,

Inc.

,

Class

A

(a)

.........

3,995

60,804

Biotechnology

—

0.0%

GRAIL,

Inc.

(a)

(b)

.....................

375

25,710

Broadline

Retail

—

4.9%

Amazon.com,

Inc.

(a)

..................

119,932

32,571,133

Capital

Markets

—

3.4%

Coinbase

Global,

Inc.

,

Class

A

(a)

..........

3,194

467,154

Intercontinental

Exchange,

Inc.

..........

65,431

9,976,919

Moody's

Corp.

......................

21,773

10,415,768

Robinhood

Markets,

Inc.

,

Class

A

(a)

........

17,563

1,520,253

22,380,094

Communications

Equipment

—

5.7%

Arista

Networks,

Inc.

(a)

................

85,430

15,407,300

Ciena

Corp.

(a)

......................

4,351

1,640,545

Cisco

Systems,

Inc.

..................

145,049

16,824,233

Motorola

Solutions,

Inc.

...............

9,553

4,162,720

38,034,798

Diversified

Telecommunication

Services

—

0.5%

Space

Exploration

Technologies

Corp.

,

Class

A

(a)

(b)

..........................

30,990

3,358,386

Electrical

Equipment

—

0.6%

Innio

NV

(a)

.........................

58,212

1,421,537

Vertiv

Holdings

Co.

,

Class

A

............

8,960

2,164,467

3,586,004

Electronic

Equipment,

Instruments

&

Components

—

1.5%

CDW

Corp.

........................

19,655

2,905,206

Flex

Ltd.

(a)

.........................

4,495

511,306

Keysight

Technologies,

Inc.

(a)

............

21,347

6,811,401

10,227,913

Entertainment

—

0.1%

ROBLOX

Corp.

,

Class

A

(a)

..............

13,230

470,988

Financial

Services

—

0.6%

Block,

Inc.

,

Class

A

(a)

.................

28,011

2,275,614

Fidelity

National

Information

Services,

Inc.

...

43,194

1,933,795

Visa,

Inc.

,

Class

A

...................

24

8,787

4,218,196

Ground

Transportation

—

0.7%

Uber

Technologies,

Inc.

(a)

..............

67,120

4,722,563

Hotels,

Restaurants

&

Leisure

—

0.1%

DoorDash,

Inc.

,

Class

A

(a)

..............

4,191

822,107

Interactive

Media

&

Services

—

8.2%

Alphabet,

Inc.

,

Class

A

................

61,569

21,926,568

Alphabet,

Inc.

,

Class

C,

NVS

............

51,483

18,361,412

Meta

Platforms,

Inc.

,

Class

A

............

25,151

14,001,813

Reddit,

Inc.

,

Class

A

(a)

.................

3,479

489,391

Snap,

Inc.

,

Class

A,

NVS

(a)

.............

44,293

207,734

54,986,918

IT

Services

—

4.6%

Accenture

plc

,

Class

A

................

3,956

656,380

Cloudflare,

Inc.

,

Class

A

(a)

..............

12,740

3,554,205

Security

Shares

Shares

Value

IT

Services

(continued)

Cognizant

Technology

Solutions

Corp.

,

Class

A

11,571

$

640,455

DigitalOcean

Holdings,

Inc.

(a)

............

51

5,993

Gartner,

Inc.

(a)

......................

6,255

944,630

International

Business

Machines

Corp.

.....

57,641

12,891,410

MongoDB,

Inc.

,

Class

A

(a)

..............

813

274,371

Quantinuum,

Inc.

,

Class

A

(a)

(b)

............

12,425

638,769

Snowflake,

Inc.

,

Class

A

(a)

..............

666

195,324

VeriSign,

Inc.

......................

38,535

11,175,921

30,977,458

Life

Sciences

Tools

&

Services

—

0.2%

(a)

Illumina,

Inc.

.......................

32

6,563

IQVIA

Holdings,

Inc.

..................

4,337

1,019,282

1,025,845

Media

—

0.2%

AppLovin

Corp.

,

Class

A

(a)

..............

1,908

755,377

Omnicom

Group,

Inc.

.................

5,725

450,557

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

.........

17,163

309,621

1,515,555

Professional

Services

—

1.3%

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

..

8,270

576,584

Paychex,

Inc.

......................

27,237

3,182,371

SS&C

Technologies

Holdings,

Inc.

........

64,498

4,969,571

8,728,526

Real

Estate

Management

&

Development

—

0.2%

CoStar

Group,

Inc.

(a)

..................

52,989

1,523,964

Semiconductors

&

Semiconductor

Equipment

—

38.8%

Advanced

Micro

Devices,

Inc.

(a)

..........

55,066

26,219,676

Aehr

Test

Systems

(a)

..................

8,567

685,189

Applied

Materials,

Inc.

................

844

428,474

Astera

Labs,

Inc.

(a)

...................

14,231

4,429,114

Broadcom,

Inc.

.....................

154,521

60,151,935

Credo

Technology

Group

Holding

Ltd.

(a)

.....

8,121

1,680,966

Everspin

Technologies,

Inc.

(a)

............

15,629

227,089

Ichor

Holdings

Ltd.

(a)

..................

2,437

183,433

Intel

Corp.

(a)

.......................

66,109

5,963,032

Lam

Research

Corp.

.................

58,799

17,229,283

Marvell

Technology,

Inc.

...............

39,058

7,325,718

MaxLinear,

Inc.

,

Class

A

(a)

..............

3,910

261,266

Microchip

Technology,

Inc.

..............

14,115

1,048,603

Micron

Technology,

Inc.

................

32,787

26,984,685

Monolithic

Power

Systems,

Inc.

..........

7,096

10,119,109

NVIDIA

Corp.

......................

437,365

87,801,024

QUALCOMM,

Inc.

...................

15,013

2,216,069

Semtech

Corp.

(a)

....................

2,219

261,443

SiTime

Corp.

(a)

......................

1,482

793,166

Teradyne,

Inc.

......................

8,305

3,053,665

Texas

Instruments,

Inc.

................

7,218

1,990,291

Ultra

Clean

Holdings,

Inc.

(a)

.............

1,982

165,120

259,218,350

Software

—

18.9%

Adobe,

Inc.

(a)

.......................

19,175

4,801,612

Atlassian

Corp.

,

Class

A

(a)

..............

9,844

994,392

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

.......

45,944

8,768,872

DocuSign,

Inc.

,

Class

A

(a)

..............

80,748

4,427,413

Dynatrace,

Inc.

(a)

....................

102,375

4,537,260

Fortinet,

Inc.

(a)

......................

80,109

12,973,653

HubSpot,

Inc.

(a)

.....................

6,397

1,518,392

Intuit,

Inc.

.........................

250

79,017

Microsoft

Corp.

.....................

74,116

34,443,187

Nutanix,

Inc.

,

Class

A

(a)

................

13,841

816,757

Oracle

Corp.

.......................

120,296

15,622,842

2026

iShares

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

July

31,

2026

iShares

®

U.S.

Tech

Independence

Focused

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

July

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Software

(continued)

Palantir

Technologies,

Inc.

,

Class

A

(a)

......

175,955

$

21,653,022

Rubrik,

Inc.

,

Class

A

(a)

.................

16,496

1,193,651

Salesforce,

Inc.

.....................

4,872

896,545

ServiceNow,

Inc.

(a)

...................

46,155

5,133,821

Strategy,

Inc.

,

Class

A

(a)

...............

7,823

729,729

Synopsys,

Inc.

(a)

....................

18,013

7,002,734

Zscaler,

Inc.

(a)

......................

3,312

500,774

126,093,673

Specialized

REITs

—

0.4%

Digital

Realty

Trust,

Inc.

...............

7,350

1,385,622

Equinix,

Inc.

.......................

511

520,852

Iron

Mountain,

Inc.

...................

7,415

907,003

2,813,477

Specialty

Retail

—

0.1%

Carvana

Co.

,

Class

A

(a)

................

10,810

674,112

Technology

Hardware,

Storage

&

Peripherals

—

7.4%

Apple,

Inc.

........................

78,841

24,354,773

Dell

Technologies,

Inc.

,

Class

C

..........

5,202

2,108,735

Everpure,

Inc.

,

Class

A

(a)

...............

65,710

5,070,841

Hewlett

Packard

Enterprise

Co.

..........

43,741

2,095,194

NetApp,

Inc.

.......................

20,565

3,670,853

Sandisk

Corp.

(a)

.....................

5,043

6,126,388

Seagate

Technology

Holdings

plc

.........

1,115

954,585

Super

Micro

Computer,

Inc.

(a)

............

6,171

175,256

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

Western

Digital

Corp.

.................

8,511

$

4,637,133

49,193,758

Total

Long-Term

Investments

—

99

.9

%

(Cost:

$

602,540,674

)

..............................

667,467,017

Short-Term

Securities

Money

Market

Funds

—

0.6%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.81

%

(e)

..................

3,649,071

3,650,166

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.65

%

...................

828,622

828,622

Total

Short-Term

Securities

—

0

.6

%

(Cost:

$

4,478,750

)

...............................

4,478,788

Total

Investments

—

100

.5

%

(Cost:

$

607,019,424

)

..............................

671,945,805

Liabilities

in

Excess

of

Other

Assets

—

(

0.5

)

%

.............

(

3,644,199

)

Net

Assets

—

100.0%

...............................

$

668,301,606

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

07/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

07/31/26

Shares

Held

at

07/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

6,703,448

$

—

$

(

3,052,264

)

(a)

$

(

1,032

)

$

14

$

3,650,166

3,649,071

$

12,379

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

3,832,010

—

(

3,003,388

)

(a)

—

—

828,622

828,622

81,941

—

$

(

1,032

)

$

14

$

4,478,788

$

94,320

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

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

S&P

500

E-Mini

Index

.......................................................

2

09/18/26

$

752

$

(

6,521

)

Schedule

of

Investments

(continued)

July

31,

2026

iShares

®

U.S.

Tech

Independence

Focused

ETF

Schedule

of

Investments

9

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

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)

......

$

—

$

—

$

6,521

$

—

$

—

$

—

$

6,521

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

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

July

31,

2026,

the

effect

of

derivative

financial

instruments

in

the

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

c

ontracts

.......................

$

—

$

—

$

95,626

$

—

$

—

$

—

$

95,626

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

c

ontracts

.......................

$

—

$

—

$

(

6,521

)

$

—

$

—

$

—

$

(

6,521

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

459,622

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

667,467,017

$

—

$

—

$

667,467,017

Short-Term

Securities

Money

Market

Funds

......................................

4,478,788

—

—

4,478,788

$

671,945,805

$

—

$

—

$

671,945,805

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(

6,521

)

$

—

$

—

$

(

6,521

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

July

31,

2026

2026

iShares

Annual

Financial

Statements

and

Additional

Information

10

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Focused

ETF

iShares

U.S.

Tech

Independence

Focused

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

27,738,177‌

$

667,467,017‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

241,989‌

4,478,788‌

Cash

pledged:

Futures

contracts

.....................................................................................

17,000‌

56,000‌

Receivables:

–‌

–‌

Securities

lending

income

—

affiliated

.......................................................................

159‌

3,190‌

Dividends

—

unaffiliated

................................................................................

16,527‌

49,994‌

Dividends

—

affiliated

..................................................................................

687‌

2,305‌

Variation

margin

on

futures

contracts

........................................................................

1,412‌

4,724‌

Total

a

ssets

..........................................................................................

28,015,951‌

672,062,018‌

LIABILITIES

Collateral

on

securities

loaned

..............................................................................

13,324‌

3,650,344‌

Payables:

–‌

–‌

Investment

advisory

fees

................................................................................

4,204‌

110,068‌

Total

li

abilities

.........................................................................................

17,528‌

3,760,412‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

27,998,423‌

$

668,301,606‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

28,761,367‌

$

663,842,745‌

Accumulated

earnings

(loss)

...............................................................................

(

762,944‌

)

4,458,861‌

NET

ASSETS

.........................................................................................

$

27,998,423‌

$

668,301,606‌

NET

ASSET

VALUE

Shares

outstanding

.....................................................................................

500,000‌

6,500,000‌

Net

asset

value

........................................................................................

$

56.00‌

$

102.82‌

Shares

authorized

......................................................................................

Unlimited

Unlimited

Par

value

............................................................................................

None

None

(a)

  Investments,

at

cost

—

unaffiliated

...................................................................

$

26,523,658‌

$

602,540,674‌

(b)

  Securities

loaned,

at

value

........................................................................

$

12,888‌

$

3,458,189‌

(c)

  Investments,

at

cost

—

affiliated

.....................................................................

$

241,978‌

$

4,478,750‌

Statements

of

Operations

Year

Ended

July

31,

2026

11

Statements

of

Operations

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Focused

ETF

iShares

U.S.

Tech

Independence

Focused

ETF

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

.............................................................................

$

321,198‌

$

4,713,204‌

Dividends

—

affiliated

...............................................................................

8,299‌

81,941‌

Interest

—

unaffiliated

...............................................................................

217‌

1,085‌

Securities

lending

income

—

affiliated

—

net

...............................................................

3,868‌

12,379‌

Foreign

taxes

withheld

..............................................................................

(

57‌

)

—‌

Total

investment

income

...............................................................................

333,525‌

4,808,609‌

EXPENSES

Investment

advisory

................................................................................

52,202‌

1,503,723‌

Interest

expense

..................................................................................

—‌

217‌

Total

expenses

.....................................................................................

52,202‌

1,503,940‌

Net

investment

income

................................................................................

281,323‌

3,304,669‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

489,864‌

$

23,590,865‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

47,813‌

)

(

43,558,076‌

)

Investments

—

affiliated

...........................................................................

(

113‌

)

(

1,032‌

)

Futures

contracts

................................................................................

17,740‌

95,626‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

429,236‌

146,010,551‌

399,050‌

102,547,069‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

94,097‌

(

78,949,697‌

)

Investments

—

affiliated

...........................................................................

(

24‌

)

14‌

Futures

contracts

................................................................................

(

3,258‌

)

(

6,521‌

)

90,815‌

(78,956,204‌)

Net

realized

and

unrealized

gain

.........................................................................

489,865‌

23,590,865‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

................................................

$

771,188‌

$

26,895,534‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

2026

iShares

Annual

Financial

Statements

and

Additional

Information

12

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Focused

ETF

iShares

U.S.

Tech

Independence

Focused

ETF

Year

Ended

07/31/26

Year

Ended

07/31/25

Year

Ended

07/31/26

Year

Ended

07/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

281,323‌

$

287,871‌

$

3,304,669‌

$

2,283,675‌

Net

realized

gain

................................................

399,050‌

836,496‌

102,547,069‌

42,193,196‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

90,815‌

2,223,890‌

(

78,956,204‌

)

85,520,105‌

Net

increase

in

net

assets

resulting

from

operations

...........................

771,188‌

3,348,257‌

26,895,534‌

129,996,976‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(276,314‌)

(282,794‌)

(3,551,897‌)

(2,072,337‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(2,794,545‌)

5,235,045‌

(109,150,317‌)

349,937,472‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

(

2,299,671‌

)

8,300,508‌

(

85,806,680‌

)

477,862,111‌

Beginning

of

year

..................................................

30,298,094‌

21,997,586‌

754,108,286‌

276,246,175‌

End

of

year

......................................................

$

27,998,423‌

$

30,298,094‌

$

668,301,606‌

$

754,108,286‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

13

Financial

Highlights

iShares

U.S.

Consumer

Focused

ETF

Year

Ended

07/31/26

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Net

asset

value,

beginning

of

year

................................

$

55.09

‌

$

48.88

‌

$

41.71

‌

$

39.19

‌

$

45.26

‌

Net

investment

income

(a)

.......................................

0

.54

‌

0

.52

‌

0

.48

‌

0

.44

‌

0

.38

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.............................

0.90

‌

6.20

‌

7.21

‌

3.30

‌

(6.07

)

Net

increase

(decrease)

from

investment

operations

......................

1.44

‌

6.72

‌

7.69

‌

3.74

‌

(5.69

)

Distributions

(c)

–

–

–

–

–

From

net

investment

income

....................................

(

0

.53

)

(

0

.51

)

(

0

.52

)

(

0

.44

)

(

0

.38

)

From

net

realized

gain

.........................................

—

‌

—

‌

—

‌

(

0

.78

)

—

‌

Total

distributions

.............................................

(0.53

)

(0.51

)

(0.52

)

(1.22

)

(0.38

)

Net

asset

value,

end

of

year

.....................................

$

56.00

‌

$

55.09

‌

$

48.88

‌

$

41.71

‌

$

39.19

‌

Total

Return

(d)

Based

on

net

asset

value

........................................

2.61

%

13.78

%

18.57

%

9.94

%

(12.65

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...............................................

0.18

%

0.18

%

0.18

%

0.18

%

0.18

%

Net

investment

income

..........................................

0.97

%

0.98

%

1.05

%

1.14

%

0.88

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

27,998

‌

$

30,298

‌

$

21,998

‌

$

14,600

‌

$

15,677

‌

Portfolio

turnover

rate

(f)

..........................................

0

%

(g)

18

%

15

%

18

%

7

%

(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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

(g)

Rounds

to

less

than

0.5%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

iShares

Annual

Financial

Statements

and

Additional

Information

14

iShares

U.S.

Tech

Independence

Focused

ETF

Year

Ended

07/31/26

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Net

asset

value,

beginning

of

year

.................................

$

97.94

‌

$

74.66

‌

$

56.89

‌

$

47.34

‌

$

56.82

‌

Net

investment

income

(a)

........................................

0

.40

‌

0

.44

‌

0

.47

‌

0

.45

‌

0

.23

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

4.90

‌

23.26

‌

17.76

‌

9.55

‌

(9.25

)

Net

increase

(decrease)

from

investment

operations

.......................

5.30

‌

23.70

‌

18.23

‌

10.00

‌

(9.02

)

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.....................................

(

0

.42

)

(

0

.42

)

(

0

.46

)

(

0

.38

)

(

0

.25

)

From

net

realized

gain

..........................................

—

‌

—

‌

—

‌

(

0

.07

)

(

0

.21

)

Total

distributions

..............................................

(0.42

)

(0.42

)

(0.46

)

(0.45

)

(0.46

)

Net

asset

value,

end

of

year

......................................

$

102.82

‌

$

97.94

‌

$

74.66

‌

$

56.89

‌

$

47.34

‌

Total

Return

(d)

Based

on

net

asset

value

.........................................

5.41

%

31.85

%

32.22

%

21.41

%

(16.02

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

................................................

0.18

%

0.18

%

0.18

%

0.18

%

0.18

%

Net

investment

income

...........................................

0.40

%

0.53

%

0.73

%

0.98

%

0.43

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

668,302

‌

$

754,108

‌

$

276,246

‌

$

156,456

‌

$

115,989

‌

Portfolio

turnover

rate

(f)

...........................................

32

%

43

%

31

%

44

%

7

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may