iShares US ETF Trust
07/02/2026 | Press release | Distributed by Public on 07/02/2026 08:09
Semi-Annual Report by Investment Company (Form N-CSRS)
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: 10/31/2026
Date of reporting period: 04/30/2026
Item 1 - Reports to Stockholders
(a) The Reports to Shareholders are attached herewith.
iShares Short Maturity Municipal Bond Active ETF
MEAR | Cboe BZX Exchange
Semi-Annual Shareholder Report - April 30, 2026
This semi-annual shareholder report contains important information about iShares Short Maturity Municipal Bond Active ETF (the "Fund") for the period of November 1, 2025 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Fund name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
iShares Short Maturity Municipal Bond Active ETF
|
$13
|
0.25%Footnote Reference(a)
|
| Footnote | Description |
|
Footnote(a)
|
Annualized. |
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$1,348,993,578
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
349
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
19%
|
What did the Fund invest in?
(as of April 30, 2026)
Credit quality allocation
Ten largest states
Table Summary
|
S&P Credit RatingFootnote Reference*
|
Percent of Total InvestmentsFootnote Reference(a)
|
|
AAA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
12.0%
|
|
AA+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
17.7
|
|
AA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.4
|
|
AA-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
10.6
|
|
A+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
|
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.3
|
|
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.5
|
|
BBB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.4
|
|
BBB........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.3
|
|
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
29.6
|
Table Summary
|
State
|
Percent of TotaI InvestmentsFootnote Reference(a)
|
|
Texas ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
16.1%
|
|
New York ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.3
|
|
Alabama ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.5
|
|
Georgia ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Iowa ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.1
|
|
Pennsylvania ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.0
|
|
Illinois ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.0
|
|
Louisiana ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.7
|
|
Ohio ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.6
|
|
Florida ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
| Footnote | Description |
|
Footnote*
|
Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
|
Footnote(a)
|
Excludes money market funds. |
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.
©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 Short Maturity Municipal Bond Active ETF
Semi-Annual Shareholder Report - April 30, 2026
MEAR-04/26-SAR
(b) Not Applicable
Item 2 - Code of Ethics - Not Applicable to this semi-annual report
Item 3 - Audit Committee Financial Expert - Not Applicable to this semi-annual report
Item 4 - Principal Accountant Fees and Services - Not Applicable to this semi-annual report
Item 5 - Audit Committee of Listed Registrant - 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.
APRIL
30,
2026
2026
Semi-Annual
Report
Financial
Statements
and
Additional
Information
(Unaudited)
iShares
U.S.
ETF
Trust
iShares
Short
Maturity
Municipal
Bond
Active
ETF
|
MEAR
|
Cboe
BZX
Exchange
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statement
of
Assets
and
Liabilities
............................................................................................
10
Statement
of
Operations
..................................................................................................
11
Statements
of
Changes
in
Net
Assets
..........................................................................................
12
Financial
Highlights
.....................................................................................................
13
Notes
to
Financial
Statements
...............................................................................................
14
Additional
Information
....................................................................................................
18
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
19
Schedule
of
Investments
(unaudited)
April
30,
2026
iShares
®
Short
Maturity
Municipal
Bond
Active
ETF
Schedule
of
Investments
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Municipal
Bonds
Alabama
-
5.4%
Black
Belt
Energy
Gas
District
Series
2023C
,
RB
,
5.50
%
,
06/01/26
.....
USD
1,000
$
1,001,766
Series
2024D
,
RB
,
5.00
%
,
11/01/26
.....
2,000
2,015,609
Series
2024C
,
RB
,
5.00
%
,
07/01/27
.....
935
952,232
Series
2022E
,
RB
,
VRDN,
5.00
%
,
06/01/28
(a)
5,510
5,724,649
Series
2024C
,
RB
,
5.00
%
,
07/01/28
.....
1,480
1,528,507
Series
2023D-1
,
RB
,
VRDN,
5.50
%
,
02/01/29
(a)
...............
2,730
2,865,594
Series
2022C-1
,
RB
,
VRDN,
5.25
%
,
06/01/29
(a)
...............
330
345,745
Series
2024D
,
RB
,
5.00
%
,
11/01/29
.....
3,500
3,651,734
Series
2026E
,
RB
,
5.00
%
,
07/01/30
.....
1,795
1,879,037
Series
2026A
,
RB
,
5.00
%
,
12/01/30
.....
3,000
3,150,934
Series
2026B
,
RB
,
5.00
%
,
12/01/30
.....
400
422,364
Energy
Southeast
A
Cooperative
District
Series
2023B-1
,
RB
,
5.50
%
,
11/01/26
....
800
808,647
Series
2024B
,
RB
,
5.00
%
,
12/01/26
.....
100
100,977
Series
2023B-1
,
RB
,
5.50
%
,
05/01/27
....
1,570
1,602,587
Series
2024B
,
RB
,
5.00
%
,
06/01/27
.....
115
116,991
Series
2024B
,
RB
,
5.00
%
,
12/01/27
.....
100
102,620
Series
2024B
,
RB
,
5.00
%
,
06/01/28
.....
240
247,539
Series
2024B
,
RB
,
5.00
%
,
12/01/28
.....
250
260,023
Series
2023A-1
,
RB
,
VRDN,
5.50
%
,
01/01/31
(a)
...............
5,000
5,370,265
Industrial
Development
Board
of
the
City
of
Mobile
Alabama,
Series
2008,
RB,
VRDN,
2.75%, 03/15/29
(a)
................
4,875
4,829,885
Southeast
Alabama
Gas
Supply
District
(The),
Series
2024B,
RB,
5.00%, 05/01/26
.....
800
800,000
Southeast
Energy
Authority
A
Cooperative
District
Series
2023B
,
RB
,
(
Royal
Bank
of
Canada
LIQ
),
5.00
%
,
06/01/26
............
185
185,273
Series
2024C
,
RB
,
5.00
%
,
11/01/26
.....
1,000
1,008,350
Series
2023B
,
RB
,
(
Royal
Bank
of
Canada
LIQ
),
5.00
%
,
06/01/27
............
1,000
1,018,810
Series
2024C
,
RB
,
5.00
%
,
11/01/27
.....
1,000
1,024,216
Series
2025C
,
RB
,
5.00
%
,
02/01/28
.....
840
863,810
Series
2022B-1
,
RB
,
VRDN,
5.00
%
,
08/01/28
(a)
...............
10,500
10,858,798
Series
2025C
,
RB
,
5.00
%
,
08/01/28
.....
1,100
1,138,543
Series
2024C
,
RB
,
5.00
%
,
11/01/28
.....
1,000
1,038,197
Series
2025B
,
RB
,
5.00
%
,
01/01/29
.....
1,310
1,332,878
Series
2025C
,
RB
,
5.00
%
,
02/01/29
.....
885
921,842
Series
2025A
,
RB
,
5.00
%
,
06/01/29
.....
170
173,300
Series
2025B
,
RB
,
5.00
%
,
07/01/29
.....
1,235
1,259,047
Series
2025C
,
RB
,
5.00
%
,
08/01/29
.....
1,130
1,183,454
Series
2025D
,
RB
,
5.00
%
,
09/01/29
.....
600
628,421
Series
2025F
,
RB
,
5.25
%
,
11/01/29
......
4,460
4,689,664
Series
2025B
,
RB
,
5.00
%
,
01/01/30
.....
1,175
1,199,497
Series
2025D
,
RB
,
5.00
%
,
09/01/30
.....
420
444,319
Series
2025E
,
RB
,
5.00
%
,
10/01/30
.....
6,000
6,412,193
73,158,317
Arizona
-
0.1%
City
of
Phoenix
Civic
Improvement
Corp.,
Series
2017A,
RB,
AMT,
5.00%, 07/01/29
......
1,700
1,739,526
California
-
2.9%
California
Community
Choice
Financing
Authority
Series
2025B
,
RB
,
5.00
%
,
11/01/28
.....
225
234,033
Series
2023B-1
,
RB
,
VRDN,
5.00
%
,
08/01/29
(a)
...............
4,500
4,695,495
Series
2026D
,
RB
,
5.00
%
,
02/01/31
.....
10,000
10,627,144
Security
Par
(000)
Par
(000)
Value
California
(continued)
California
Municipal
Finance
Authority
(a)
Series
2017A
,
RB,
AMT
,
VRDN,
3.45
%
,
12/01/26
................
USD
3,500
$
3,508,461
Series
2026A
,
RB
,
VRDN,
3.00
%
,
02/01/29
5,000
5,008,391
California
Pollution
Control
Financing
Authority,
Series
2023,
RB,
AMT,
VRDN,
2.87%, 08/17/26
(a)
(b)
...............
2,475
2,471,110
City
of
Los
Angeles
Department
of
Airports,
Series
2025A,
RB,
AMT,
5.00%, 05/15/29
.
4,000
4,252,394
San
Diego
County
Water
Authority,
TECP,
2.35%, 06/03/26
.................
5,600
5,598,088
San
Joaquin
Valley
Clean
Energy
Authority,
Series
2025A,
RB,
5.00%, 07/01/28
.....
475
490,769
State
of
California,
GO,
5.00%, 03/01/30
....
2,220
2,417,157
39,303,042
Colorado
-
2.8%
City
&
County
of
Denver
Airport
System
Series
2018A
,
RB,
AMT
,
5.00
%
,
12/01/26
.
5,000
5,054,777
Series
2018A
,
RB,
AMT
,
5.00
%
,
12/01/28
.
4,605
4,841,977
Series
2022A
,
RB,
AMT
,
5.00
%
,
11/15/29
.
3,310
3,536,196
Series
2018A
,
RB,
AMT
,
5.00
%
,
12/01/30
.
5,000
5,397,542
City
of
Colorado
Springs
Utilities
System
(a)
Series
2007A
,
RB
,
VRDN,
(
TD
Bank
NA
SBPA
),
2.90
%
,
05/11/26
...........
2,000
2,000,000
Series
2006B
,
RB
,
VRDN,
(
Barclays
Bank
plc
SBPA
),
3.05
%
,
05/11/26
...........
1,975
1,975,000
Colorado
Housing
&
Finance
Authority,
Series
2020A-1,
RB,
VRDN,
(Federal
Home
Loan
Bank
SBPA),
3.75%, 05/11/26
(a)
........
1,815
1,815,000
Colorado
State
Education
Loan
Program,
RB,
5.00%, 06/30/26
.................
10,000
10,035,115
Denver
City
&
County
Housing
Authority,
TECP,
2.40%, 06/23/26
.................
3,000
2,999,073
37,654,680
Connecticut
-
2.2%
Connecticut
Housing
Finance
Authority
(a)
Series
2020A-3
,
RB
,
VRDN,
(
Sumitomo
Mitsui
Banking
Corp.
SBPA
),
3.07
%
,
05/11/26
................
2,500
2,500,000
Series
2016B,
Sub-Series
B-4
,
RB
,
VRDN,
(
JPMorgan
Chase
Bank
NA
SBPA
),
3.15
%
,
05/11/26
(
GNMA/FNMA/FHLMC
)
17,100
17,100,000
Series
2022,
Sub-Series
C-2
,
RB
,
VRDN,
(
JPMorgan
Chase
Bank
NA
SBPA
),
3.15
%
,
05/11/26
(
GNMA/FNMA/FHLMC
)
7,875
7,875,000
Connecticut
State
Health
&
Educational
Facilities
Authority,
Series
2024A,
RB,
5.00%, 07/01/26
2,050
2,057,245
29,532,245
District
of
Columbia
-
0.7%
District
of
Columbia
Housing
Finance
Agency
(a)
Series
2025B
,
RB
,
VRDN,
5.00
%
,
02/01/28
2,010
2,073,589
Series
2025
,
RB
,
VRDN,
3.15
%
,
11/01/28
.
2,500
2,505,825
Metropolitan
Washington
Airports
Authority
Aviation
Series
2021A
,
RB,
AMT
,
5.00
%
,
10/01/27
.
800
822,667
Series
2025A
,
RB,
AMT
,
5.00
%
,
10/01/28
.
865
906,822
Series
2017A
,
RB,
AMT
,
5.00
%
,
10/01/29
.
530
544,686
Series
2025A
,
RB,
AMT
,
5.00
%
,
10/01/29
.
1,735
1,849,988
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
Short
Maturity
Municipal
Bond
Active
ETF
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
District
of
Columbia
(continued)
Metropolitan
Washington
Airports
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Series
2019-XG0267,
RB,
VRDN,
(Bank
of
America
NA
LOC),
3.14%, 05/11/26
(a)
(
b)
(c)
.........................
USD
220
$
220,000
8,923,577
Florida
-
3.2%
City
of
Port
St.
Lucie
Utility
System,
Series
2016,
RB,
5.00%, 09/01/29
..............
810
816,035
City
of
West
Palm
Beach
Utility
System,
Series
2008C,
RB,
VRDN,
(JPMorgan
Chase
Bank
NA
SBPA),
3.40%, 05/11/26
(a)
.........
5,800
5,800,000
County
of
Broward
Airport
System,
Series
2017,
RB,
AMT,
5.00%, 10/01/29
...........
2,265
2,324,268
County
of
Miami-Dade,
Series
2024A,
RB,
AMT,
5.00%, 10/01/28
.................
1,760
1,845,095
Florida
Development
Finance
Corp.,
Series
2025A,
RB,
AMT,
VRDN,
3.40%, 09/01/28
(a)
1,500
1,505,927
Florida
Housing
Finance
Corp.,
Series
2026A,
RB,
VRDN,
3.00%, 08/01/29
(a)
........
1,900
1,897,681
Hillsborough
County
Aviation
Authority
Series
2022A
,
RB,
AMT
,
5.00
%
,
10/01/27
.
600
616,747
Series
2024B
,
RB,
AMT
,
5.00
%
,
10/01/27
.
330
339,211
Series
2024B
,
RB,
AMT
,
5.00
%
,
10/01/28
.
3,200
3,354,719
Hillsborough
County
Industrial
Development
Authority
(a)
Series
2024E
,
RB
,
VRDN,
(
Royal
Bank
of
Canada
LIQ
),
3.40
%
,
05/04/26
......
8,900
8,900,000
Series
2024F
,
RB
,
VRDN,
(
PNC
Bank
NA
LIQ
),
3.35
%
,
05/11/26
............
6,700
6,700,000
Lee
County
Housing
Finance
Authority,
Series
2026,
RB,
VRDN,
2.65%, 09/01/29
(a)
.....
2,500
2,458,815
Miami-Dade
County
Housing
Finance
Authority,
Series
2025B,
RB,
VRDN,
3.55%, 03/01/28
(a)
3,000
3,030,185
Orange
County
Health
Facilities
Authority,
Series
2009C-1,
RB,
VRDN,
(TD
Bank
NA
LOC),
3.12%, 05/11/26
(a)
................
3,715
3,715,000
43,303,683
Georgia
-
4.9%
Atlanta
Urban
Residential
Finance
Authority,
Series
2025,
RB,
VRDN,
3.15%, 12/01/28
(a)
1,200
1,202,735
City
of
Atlanta
Department
of
Aviation,
Series
2025BB-1,
RB,
AMT,
5.00%, 07/01/30
....
2,450
2,641,994
Development
Authority
of
Burke
County
(The),
Series
2013-1,
RB,
VRDN,
3.38%, 03/12/27
(a)
3,750
3,756,031
Main
Street
Natural
Gas,
Inc.
Series
2019A
,
RB
,
5.00
%
,
05/15/26
.....
5,695
5,699,001
Series
2019C
,
RB
,
VRDN,
4.00
%
,
09/01/26
(a)
8,520
8,542,848
Series
2024B
,
RB
,
5.00
%
,
09/01/26
.....
200
201,207
Series
2023D
,
RB
,
5.00
%
,
12/01/26
.....
1,000
1,010,636
Series
2024B
,
RB
,
5.00
%
,
03/01/27
.....
490
497,178
Series
2022B
,
RB
,
5.00
%
,
06/01/27
.....
1,750
1,781,606
Series
2024C
,
RB
,
5.00
%
,
12/01/27
.....
750
770,000
Series
2024C
,
RB
,
5.00
%
,
12/01/28
.....
925
961,153
Series
2024E
,
RB
,
5.00
%
,
12/01/28
.....
2,220
2,306,768
Series
2022B
,
RB
,
VRDN,
5.00
%
,
06/01/29
(a)
810
843,508
Series
2024E
,
RB
,
5.00
%
,
12/01/29
.....
2,810
2,939,843
Series
2025A
,
RB
,
5.00
%
,
12/01/29
.....
750
788,261
Series
2025B
,
RB
,
5.00
%
,
12/01/29
.....
1,175
1,229,294
Series
2023B
,
RB
,
VRDN,
5.00
%
,
03/01/30
(a)
2,205
2,331,096
Series
2023A
,
RB
,
VRDN,
5.00
%
,
06/01/30
(a)
24,915
26,172,993
Security
Par
(000)
Par
(000)
Value
Georgia
(continued)
Metropolitan
Atlanta
Rapid
Transit
Authority,
Series
2021B,
2.40%, 07/07/26
........
USD
2,100
$
2,099,184
65,775,336
Hawaii
-
0.3%
State
of
Hawaii,
Series
EY,
GO,
5.00%, 10/01/27
3,405
3,411,444
Idaho
-
0.0%
Idaho
Health
Facilities
Authority,
Series
2013ID,
RB,
VRDN,
2.62%, 08/03/26
(a)
........
660
660,000
Illinois
-
4.0%
Chicago
Midway
International
Airport
Series
2023C
,
RB,
AMT
,
5.00
%
,
01/01/27
.
1,500
1,520,542
Series
2024A
,
RB,
AMT
,
5.00
%
,
01/01/27
.
1,000
1,013,695
Chicago
O'Hare
International
Airport,
Series
2024C,
RB,
AMT,
5.00%, 01/01/29
......
10,000
10,516,763
City
of
Chicago,
Series
2025B,
RB,
VRDN,
3.40%, 06/01/28
(a)
................
8,000
8,058,784
DeKalb
Park
District
Series
2025
,
GO
,
5.00
%
,
03/01/28
(
BAM
)
.
310
321,477
Series
2025
,
GO
,
5.00
%
,
03/01/29
(
BAM
)
.
325
343,153
DuPage
County
Forest
Preserve
District,
Series
2025,
GO,
5.00%, 11/01/29
..........
700
754,159
Illinois
Finance
Authority
Series
2004
,
RB
,
VRDN,
(
BMO
Harris
Bank
NA
LOC
),
3.40
%
,
05/11/26
(a)
........
2,865
2,865,000
Series
2008C-1
,
RB
,
VRDN,
(
JPMorgan
Chase
Bank
NA
SBPA
),
3.45
%
,
05/11/26
(a)
12,850
12,850,000
Series
2024
,
RB
,
5.00
%
,
08/01/26
......
400
401,535
Series
2019
,
RB,
AMT
,
VRDN,
3.45
%
,
11/02/26
(a)
...............
5,000
5,000,251
Series
2024
,
RB
,
5.00
%
,
08/01/27
......
425
431,401
Series
2025A
,
RB
,
5.00
%
,
07/01/29
.....
1,740
1,868,054
Illinois
Housing
Development
Authority
Series
2023
,
RB
,
VRDN,
2.80
%
,
04/01/28
(a)
3,100
3,082,684
Series
2025D
,
RB
,
3.35
%
,
04/01/30
(
GNMA/
FNMA/FHLMC
)
.................
500
501,702
State
of
Illinois
Series
2024B
,
GO
,
5.00
%
,
05/01/26
.....
2,300
2,300,000
Series
2024B
,
GO
,
5.00
%
,
05/01/28
.....
1,600
1,665,933
53,495,133
Indiana
-
2.1%
Indiana
Finance
Authority
Series
2010A
,
RB,
AMT
,
VRDN,
2.90
%
,
06/01/26
(a)
...............
2,350
2,349,423
Series
2012
,
RB,
AMT
,
VRDN,
2.90
%
,
06/01/26
(a)
...............
1,000
999,754
Series
2021B
,
RB
,
VRDN,
3.94
%
,
03/01/27
(a)
790
787,499
Series
2024
,
RB
,
5.00
%
,
03/01/27
......
275
279,359
Series
2024
,
RB
,
5.00
%
,
03/01/28
......
900
929,294
Series
2024
,
RB
,
5.00
%
,
03/01/29
......
765
802,757
Series
2025D-1
,
RB
,
VRDN,
5.00
%
,
10/01/29
(a)
...............
2,665
2,861,897
Indiana
Moral
Obligation,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2016-
XL0019,
RB,
VRDN,
(Barclays
Bank
plc
LIQ),
3.24%, 05/11/26
(a)
(b)
(c)
..............
6,000
6,000,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Series
2025B-2,
RB,
AMT,
5.00%, 01/01/30
.................
13,000
13,864,406
28,874,389
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
Short
Maturity
Municipal
Bond
Active
ETF
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Iowa
-
4.1%
Iowa
Finance
Authority
Series
2021
,
RB
,
VRDN,
(
Korea
Development
Bank
LOC
),
3.35
%
,
05/11/26
(a)
(b)
......
USD
29,600
$
29,600,000
Series
2016E
,
RB
,
5.00
%
,
08/15/29
.....
795
797,032
PEFA,
Inc.,
Series
2019,
RB,
VRDN,
5.00%, 09/01/26
(a)
................
24,140
24,279,206
54,676,238
Kansas
-
2.3%
City
of
Burlington
(a)
Series
2007A
,
RB
,
VRDN,
3.28
%
,
05/11/26
22,000
22,000,000
Series
2007B
,
RB
,
VRDN,
3.28
%
,
05/11/26
9,000
9,000,000
31,000,000
Kentucky
-
3.0%
Kentucky
Economic
Development
Financing
Authority,
Tender
Option
Bond
Trust
Receipts/
Certificates,
Series
2018-XG0161,
RB,
VRDN,
(Bank
of
America
NA
LOC),
3.17%, 05/11/26
(AGM)
(a)
(b)
(c)
....................
500
500,000
Kentucky
Public
Energy
Authority
Series
2024A
,
RB
,
5.00
%
,
07/01/26
.....
375
376,024
Series
2024A
,
RB
,
5.00
%
,
07/01/27
.....
425
432,344
Series
2024B
,
RB
,
5.00
%
,
08/01/27
.....
865
881,150
Series
2023A-1
,
RB
,
5.00
%
,
08/01/28
....
490
506,523
Series
2024B
,
RB
,
5.00
%
,
08/01/28
.....
920
948,806
Series
2025A
,
RB
,
VRDN,
5.25
%
,
12/01/29
(a)
18,000
19,042,245
Series
2024A
,
RB
,
VRDN,
5.00
%
,
07/01/30
(a)
10,785
11,319,456
Series
2022A-1
,
RB
,
VRDN,
4.00
%
,
08/01/30
(a)
...............
5,830
5,888,631
39,895,179
Louisiana
-
3.6%
(a)
Louisiana
Housing
Corp.,
Series
2025,
RB,
VRDN,
3.15%, 04/01/29
............
3,000
2,997,725
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Series
2001
,
RB
,
VRDN,
3.51
%
,
05/11/26
.
1,500
1,500,000
Series
2002
,
RB
,
VRDN,
3.51
%
,
05/11/26
.
2,000
2,000,000
Louisiana
Public
Facilities
Authority
Series
2009B-1
,
RB
,
VRDN,
(
Sumitomo
Mitsui
Banking
Corp.
LOC
),
2.90
%
,
05/11/26
................
10,250
10,250,000
Series
2009B-3
,
RB
,
VRDN,
(
Sumitomo
Mitsui
Banking
Corp.
LOC
),
3.35
%
,
05/11/26
................
1,800
1,800,000
Parish
of
St.
James,
Series
2010B-1,
RB,
VRDN,
3.44%, 05/11/26
.................
30,500
30,500,000
49,047,725
Maryland
-
1.1%
Maryland
Economic
Development
Corp.,
Series
2008A,
RB,
VRDN,
3.50%, 05/11/26
(a)
....
10,800
10,800,000
Maryland
Health
&
Higher
Educational
Facilities
Authority,
Series
2026A,
RB,
5.00%, 08/15/30
1,325
1,437,822
Montgomery
County
Housing
Opportunities
Commission,
Series
2023A,
RB,
VRDN,
(TD
Bank
NA
LOC),
3.35%, 05/04/26
(FNMA)
(a)
.
3,205
3,205,000
15,442,822
Massachusetts
-
1.6%
City
of
Quincy
Series
2024
,
GO
,
5.00
%
,
05/01/26
......
1,240
1,240,000
Series
2024
,
GO
,
5.00
%
,
05/01/27
......
1,300
1,329,996
Security
Par
(000)
Par
(000)
Value
Massachusetts
(continued)
Series
2024
,
GO
,
5.00
%
,
05/01/28
......
USD
1,370
$
1,443,099
Series
2024
,
GO
,
5.00
%
,
05/01/29
......
1,435
1,547,712
Massachusetts
Bay
Transportation
Authority,
Series
B,
2.40%, 06/02/26
...........
3,500
3,499,083
Massachusetts
Bay
Transportation
Authority
Sales
Tax,
Series
C,
TECP,
2.39%, 05/07/26
2,000
1,999,745
Massachusetts
Water
Resources
Authority
Series
1999B
,
RB
,
VRDN,
(
TD
Bank
NA
LOC
),
2.92
%
,
05/11/26
(a)
...........
900
900,000
TECP
,
2.35
%
,
07/14/26
.............
10,000
9,995,724
21,955,359
Michigan
-
0.5%
Michigan
State
Housing
Development
Authority
Series
2023
,
RB
,
VRDN,
2.67
%
,
10/01/26
(a)
2,500
2,497,177
Michigan
Strategic
Fund,
Series
2001,
RB,
4.13%, 08/01/27
.................
2,700
2,715,840
Okemos
Public
Schools,
Series
2024II,
GO,
5.00%, 05/01/26
(Q-SBLF)
..........
1,200
1,200,000
Walled
Lake
Consolidated
School
District,
Series
2024,
GO,
5.00%, 05/01/26
(Q-SBLF)
....
475
475,000
6,888,017
Minnesota
-
0.9%
City
of
Rochester,
Series
2008B,
RB,
VRDN,
(Northern
Trust
Co.
(The)
SBPA),
2.90%, 05/11/26
(a)
................
3,900
3,900,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Series
2024B,
RB,
AMT,
5.00%, 01/01/28
.................
2,850
2,943,455
Minnesota
Housing
Finance
Agency,
Series
2017F,
RB,
VRDN,
(Royal
Bank
of
Canada
SBPA),
3.05%, 05/11/26
(GNMA/FNMA/
FHLMC)
(a)
.....................
4,265
4,265,000
Sartell-St
Stephen
Independent
School
District
No.
748
Series
2025A
,
GO
,
5.00
%
,
02/01/28
(
SD
CRED
PROG
)
..................
490
509,961
Series
2025A
,
GO
,
5.00
%
,
02/01/29
(
SD
CRED
PROG
)
..................
290
308,445
11,926,861
Mississippi
-
3.1%
Mississippi
Business
Finance
Corp.
(a)
Series
2007B
,
RB
,
VRDN,
3.40
%
,
05/04/26
6,290
6,290,000
Series
2009F
,
RB
,
VRDN,
3.40
%
,
05/04/26
12,400
12,400,000
Series
2010I
,
RB
,
VRDN,
3.40
%
,
05/04/26
.
8,160
8,160,000
Series
2010K
,
RB
,
VRDN,
3.40
%
,
05/04/26
13,310
13,310,000
Series
2010F
,
RB
,
VRDN,
3.17
%
,
05/11/26
1,250
1,250,000
41,410,000
Missouri
-
0.5%
City
of
Kansas
City
Series
2025C
,
RB
,
5.00
%
,
04/01/29
.....
2,185
2,325,346
Series
2025C
,
RB
,
5.00
%
,
04/01/30
.....
1,215
1,313,982
Industrial
Development
Authority
of
the
City
of
St.
Louis
Missouri
(The),
Series
2025,
RB,
VRDN,
3.15%, 04/01/28
(a)
...........
1,500
1,502,512
Missouri
State
Health
&
Education
Facilities
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2018C-16,
RB,
VRDN,
(Royal
Bank
of
Canada
LOC),
3.14%, 05/11/26
(a)
(b)
(c)
..............
2,000
2,000,000
7,141,840
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
Short
Maturity
Municipal
Bond
Active
ETF
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Nebraska
-
1.3%
Lincoln
Nebraska
Electric,
Series
1995,
TECP,
2.45%, 05/07/26
.................
USD
3,500
$
3,499,553
Nebraska
Public
Power
District
TECP
,
2.45
%
,
05/21/26
.............
8,300
8,297,821
TECP
,
2.47
%
,
05/21/26
.............
5,200
5,198,639
16,996,013
Nevada
-
0.3%
Reno-Tahoe
Airport
Authority,
Series
2024A,
RB,
AMT,
5.00%, 07/01/29
.............
1,260
1,322,135
State
of
Nevada
Department
of
Business
&
Industry,
Series
2001,
RB,
AMT,
VRDN,
3.45%, 06/01/26
(a)
(b)
...............
2,500
2,500,181
3,822,316
New
Hampshire
-
0.5%
New
Hampshire
Business
Finance
Authority,
Series
2018A,
RB,
AMT,
VRDN,
4.00%, 07/01/26
(a)
................
5,195
5,200,054
State
of
New
Hampshire,
Series
2025A,
GO,
5.00%, 04/01/27
.................
1,600
1,635,621
6,835,675
New
Jersey
-
1.0%
Borough
of
Oradell,
GO,
4.00%, 07/21/26
...
4,156
4,163,177
Borough
of
Pompton
Lakes,
GO,
4.00%, 06/05/26
.................
3,288
3,291,312
New
Jersey
Higher
Education
Student
Assistance
Authority
Series
2025-2
,
RB,
AMT
,
VRDN,
5.00
%
,
06/02/26
(a)
...............
2,700
2,703,958
Series
2024B
,
RB,
AMT
,
5.00
%
,
12/01/27
.
1,600
1,646,966
New
Jersey
Housing
&
Mortgage
Finance
Agency
Series
2025E
,
RB
,
VRDN,
3.15
%
,
12/01/28
(a)
1,100
1,102,253
Series
2025M
,
RB
,
3.38
%
,
04/01/29
.....
290
291,627
Series
2025M
,
RB
,
3.45
%
,
10/01/29
.....
465
468,231
Series
2025M
,
RB
,
3.55
%
,
04/01/30
.....
245
246,993
13,914,517
New
Mexico
-
1.2%
New
Mexico
Mortgage
Finance
Authority,
Series
2023,
RB,
VRDN,
2.92%, 09/01/26
(a)
.....
1,240
1,239,996
New
Mexico
Municipal
Energy
Acquisition
Authority
Series
2025
,
RB
,
5.00
%
,
05/01/27
......
435
442,682
Series
2025
,
RB
,
5.00
%
,
05/01/28
......
480
495,372
Series
2025
,
RB
,
5.00
%
,
05/01/29
......
635
663,275
Series
2025
,
RB
,
VRDN,
5.00
%
,
11/01/30
(a)
12,805
13,611,015
16,452,340
New
York
-
7.3%
City
of
New
York
(a)
Series
2025,
Sub-Series
G-3
,
GO
,
VRDN,
(
TD
Bank
NA
SBPA
),
3.35
%
,
05/04/26
.
1,800
1,800,000
Series
2016A-5
,
GO
,
VRDN,
(
JPMorgan
Chase
Bank
NA
SBPA
),
3.40
%
,
05/04/26
6,525
6,525,000
Empire
State
Development
Corp.,
Series
2004A-3-C,
RB,
VRDN,
(JPMorgan
Chase
Bank
NA
SBPA),
3.15%, 05/11/26
(a)
.....
1,395
1,395,000
Honeoye
Falls-Lima
Central
School
District,
GO,
4.00%, 06/25/26
(SAW)
............
5,600
5,608,855
Long
Island
Power
Authority,
Series
2015,
TECP,
2.55%, 06/04/26
.................
7,000
6,999,999
Security
Par
(000)
Par
(000)
Value
New
York
(continued)
Metropolitan
Transportation
Authority,
Series
2005D2,
RB,
VRDN,
(Bank
of
America
NA
LOC),
3.45%, 05/04/26
(a)
............
USD
4,500
$
4,500,000
Monroe
County
Industrial
Development
Corp.,
Series
2023B-1,
RB,
VRDN,
5.00%, 07/01/27
(a)
................
4,000
4,089,464
New
York
City
Housing
Development
Corp.
(a)
Series
2006A
,
RB
,
VRDN,
(
Federal
National
Mortgage
Association
LOC
),
3.30
%
,
05/11/26
................
5,500
5,500,000
Series
2006A
,
RB
,
VRDN,
(
Federal
National
Mortgage
Association
LOC
),
3.70
%
,
05/11/26
................
2,600
2,600,000
Series
2024F-2
,
RB
,
VRDN,
3.40
%
,
01/02/29
10,000
10,037,549
Series
2025C-2
,
RB
,
VRDN,
3.75
%
,
07/02/29
1,925
1,946,425
Series
2026A-2
,
RB
,
VRDN,
3.25
%
,
02/01/30
12,780
12,828,274
New
York
City
Municipal
Water
Finance
Authority,
Series
2026CC,
RB,
VRDN,
(TD
Bank
NA
SBPA),
3.35%, 05/04/26
(a)
.....
1,700
1,700,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Series
2025D
,
RB
,
5.00
%
,
05/01/26
.....
400
400,000
Series
2019C-4
,
RB
,
VRDN,
(
Barclays
Bank
plc
SBPA
),
3.45
%
,
05/04/26
(a)
.......
6,800
6,800,000
Series
2025D
,
RB
,
5.00
%
,
05/01/29
.....
80
85,474
New
York
State
Housing
Finance
Agency,
Series
2025D-2,
RB,
VRDN,
3.15%, 11/01/29
(SONYMA)
(a)
...................
14,000
14,021,809
Onondaga
County
Resource
Recovery
Agency,
Series
2015A,
RB,
AMT,
5.00%, 05/01/27
(AGM)
.......................
2,830
2,833,297
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage,
Series
247,
RB,
VRDN,
(TD
Bank
NA
SBPA),
3.45%, 05/11/26
(SONYMA)
(a)
(b)
8,500
8,500,000
98,171,146
North
Carolina
-
1.4%
Durham
Capital
Financing
Corp.,
Series
2016,
RB,
5.00%, 12/01/28
..............
1,000
1,014,574
Inlivian
(a)
Series
2025
,
RB
,
VRDN,
3.63
%
,
11/01/27
.
4,000
4,030,283
Series
2025
,
RB
,
VRDN,
3.30
%
,
11/01/28
.
3,150
3,171,828
North
Carolina
Medical
Care
Commission,
Series
2025B,
RB,
VRDN,
5.00%, 06/04/30
(a)
3,200
3,429,669
State
of
North
Carolina,
Series
2025,
RB,
5.00%, 03/01/27
.................
5,000
5,097,529
University
of
North
Carolina
at
Chapel
Hill,
Series
2003B,
RB,
VRDN,
(TD
Bank
NA
SBPA),
3.12%, 05/11/26
(a)
...........
2,520
2,520,000
19,263,883
Ohio
-
3.6%
City
of
Columbus
Sewerage,
Series
2008B,
RB,
VRDN,
3.00%, 05/11/26
(a)
...........
4,000
4,000,000
City
of
Miamisburg,
GO,
3.75%, 10/21/26
(ST
STANDBY
NT
PURCHASE)
..........
2,800
2,811,447
Columbus
Regional
Airport
Authority,
Series
2025A,
RB,
AMT,
5.00%, 01/01/30
......
1,675
1,782,783
County
of
Allen,
Series
2025C,
RB,
VRDN,
(PNC
Bank
NA
LOC),
3.12%, 05/11/26
(a)
......
20,200
20,200,000
County
of
Franklin
(a)
Series
1998B
,
RB
,
VRDN,
(
Northern
Trust
Co.
(The)
LOC
),
2.90
%
,
05/11/26
.....
3,100
3,100,000
Series
2013OH
,
RB
,
VRDN,
2.62
%
,
08/03/26
1,740
1,740,000
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
Short
Maturity
Municipal
Bond
Active
ETF
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ohio
(continued)
Lancaster
Port
Authority,
Series
2024A,
RB,
VRDN,
5.00%, 08/01/30
(a)
...........
USD
2,225
$
2,359,148
Ohio
Air
Quality
Development
Authority,
Series
2005C,
RB,
AMT,
3.70%, 04/01/28
......
3,250
3,270,735
Ohio
Higher
Educational
Facility
Commission,
Series
2021B,
RB,
VRDN,
3.32%, 12/01/26
(a)
6,500
6,473,882
State
of
Ohio,
Series
2026-1,
RB,
5.00%, 12/15/26
(d)
................
2,400
2,433,930
48,171,925
Oklahoma
-
0.4%
Garfield
County
Industrial
Authority,
Series
2024A,
RB,
VRDN,
3.15%, 05/11/26
(a)
....
5,500
5,500,000
Oregon
-
2.7%
Oregon
State
Lottery
Series
2025A
,
RB
,
5.00
%
,
04/01/27
.....
9,875
10,091,230
Series
2025A
,
RB
,
5.00
%
,
04/01/28
.....
6,900
7,225,847
State
of
Oregon,
Series
2025E,
GO,
5.00%, 05/15/28
.................
4,555
4,783,893
State
of
Oregon
Department
of
Transportation,
Series
B,
RB,
5.00%, 11/15/29
........
2,235
2,292,349
State
of
Oregon
Housing
&
Community
Services
Department,
Series
2024R,
RB,
VRDN,
4.00%, 01/01/29
(a)
................
12,000
12,253,168
36,646,487
Pennsylvania
-
4.0%
Allegheny
County
Airport
Authority
Series
2025A
,
RB,
AMT
,
5.00
%
,
01/01/29
(
AGC
)
.......................
5,215
5,484,492
Series
2025A
,
RB,
AMT
,
5.00
%
,
01/01/30
.
5,410
5,781,357
Allegheny
County
Hospital
Development
Authority,
Series
2017D-2
,
Sub-Series
D,
RB,
VRDN,
3.67%, 05/11/26
(a)
...........
1,000
996,584
City
of
Philadelphia,
Series
2017B,
RB,
AMT,
5.00%, 07/01/29
.................
2,000
2,045,806
Pennsylvania
Economic
Development
Financing
Authority
(a)
Series
2021A
,
RB,
AMT
,
VRDN,
4.00
%
,
07/01/26
................
5,225
5,228,011
Series
2019B-2
,
RB,
AMT
,
VRDN,
3.25
%
,
07/15/26
................
1,800
1,799,325
Series
2019A
,
RB,
AMT
,
VRDN,
3.88
%
,
08/03/26
................
10,500
10,514,215
Series
2025A
,
RB
,
VRDN,
5.00
%
,
03/15/30
12,000
12,831,444
Pennsylvania
Housing
Finance
Agency
Series
2026
,
RB
,
VRDN,
2.65
%
,
09/01/28
(a)
1,175
1,160,730
Series
2025-149A
,
RB
,
5.00
%
,
04/01/29
..
400
424,340
Series
2025-149A
,
RB
,
5.00
%
,
10/01/29
..
500
535,037
Series
2025-149A
,
RB
,
5.25
%
,
04/01/30
..
200
215,462
Sports
&
Exhibition
Authority
of
Pittsburgh
&
Allegheny
County,
Series
2007-A,
RB,
VRDN,
(PNC
Bank
NA
SBPA),
3.12%, 05/11/26
(AGM)
(a)
......................
4,700
4,700,000
State
Public
School
Building
Authority,
Series
2025,
RB,
5.00%, 05/01/28
..........
1,870
1,952,952
53,669,755
South
Carolina
-
0.2%
South
Carolina
Public
Service
Authority
Series
2024A
,
RB
,
5.00
%
,
12/01/26
.....
675
683,494
Series
2024A
,
RB
,
5.00
%
,
12/01/27
.....
485
502,996
Series
2024A
,
RB
,
5.00
%
,
12/01/28
.....
485
513,822
Security
Par
(000)
Par
(000)
Value
South
Carolina
(continued)
South
Carolina
Public
Service
Authority,
Tender
Option
Bond
Trust
Receipts/Certificates,
Series
2022-XG0398,
RB,
VRDN,
(Barclays
Bank
plc
LIQ),
3.21%, 05/11/26
(BAM-
TCRS)
(a)
(b)
(c)
....................
USD
700
$
700,000
2,400,312
South
Dakota
-
1.2%
South
Dakota
Housing
Development
Authority
Series
2025G
,
RB
,
VRDN,
(
Bank
of
America
NA
SBPA
),
3.45
%
,
05/04/26
(
GNMA/
FNMA/FHLMC
)
(a)
................
15,500
15,500,000
Series
2026A
,
RB
,
2.80
%
,
11/01/29
(
GNMA/
FNMA/FHLMC
)
.................
325
323,103
Series
2026A
,
RB
,
2.85
%
,
05/01/30
(
GNMA/
FNMA/FHLMC
)
.................
300
298,538
16,121,641
Tennessee
-
3.1%
Lewisburg
Industrial
Development
Board,
Series
2012,
RB,
AMT,
VRDN,
3.00%, 08/03/26
(a)
.
1,175
1,175,000
Metropolitan
Government
of
Nashville
&
Davidson
County
TECP
,
2.47
%
,
05/14/26
.............
5,000
4,999,657
2.52
%
,
06/09/26
..................
7,000
6,997,642
Metropolitan
Nashville
Airport
Authority
(The),
Series
2026B,
RB,
AMT,
5.00%, 07/01/30
.
1,350
1,453,049
Rutherford
County
Health
&
Educational
Facilities
Board,
Series
2025B1,
RB,
VRDN,
5.00%, 11/15/30
(a)
................
4,600
4,971,070
Tennergy
Corp.
Series
2024A
,
RB
,
5.00
%
,
06/01/28
.....
210
216,896
Series
2021A
,
RB
,
VRDN,
4.00
%
,
09/01/28
(a)
3,610
3,657,421
Series
2024A
,
RB
,
5.00
%
,
06/01/29
.....
625
653,285
Series
2022A
,
RB
,
VRDN,
5.50
%
,
12/01/30
(a)
5,000
5,313,285
Tennessee
Energy
Acquisition
Corp.
Series
2006A
,
RB
,
5.25
%
,
09/01/26
.....
1,850
1,861,691
Series
2006B
,
RB
,
5.63
%
,
09/01/26
.....
5,925
5,968,138
Series
2023A-1
,
RB
,
VRDN,
5.00
%
,
05/01/28
(a)
...............
5,000
5,146,358
42,413,492
Texas
-
16.0%
Allen
Independent
School
District,
Series
2025A,
GO,
5.00%, 02/15/27
(PSF)
..........
2,000
2,037,449
Bexar
Management
&
Development
Corp.,
Series
2026,
RB,
VRDN,
2.65%, 03/01/28
(a)
1,600
1,586,269
Board
of
Regents
of
the
University
of
Texas
System
TECP
,
2.58
%
,
06/09/26
.............
6,500
6,499,128
TECP
,
2.45
%
,
08/17/26
.............
500
499,772
Series
C-2
,
2.40
%
,
08/26/26
..........
10,000
9,994,959
Series
2025A
,
RB
,
5.00
%
,
08/15/28
.....
10,000
10,541,578
City
of
Austin,
Series
A,
TECP,
2.58%, 06/24/26
1,700
1,699,996
City
of
Galveston
Series
2024A
,
RB,
AMT
,
5.00
%
,
08/01/26
.
625
626,847
Series
2024A
,
RB,
AMT
,
5.00
%
,
08/01/27
.
650
660,267
Series
2024A
,
RB,
AMT
,
5.00
%
,
08/01/28
.
725
748,192
City
of
Houston
Airport
System,
Series
2025A,
RB,
AMT,
5.00%, 07/01/30
...........
5,000
5,361,408
City
of
Lubbock
Water
&
Wastewater
Series
2024
,
RB
,
5.00
%
,
02/15/27
......
5,620
5,720,799
Series
2024
,
RB
,
5.00
%
,
02/15/28
......
2,250
2,343,233
City
of
San
Antonio,
Series
A,
2.68%, 05/12/26
12,300
12,298,059
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
Short
Maturity
Municipal
Bond
Active
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
Clifton
Higher
Education
Finance
Corp.
Series
2025
,
RB
,
5.00
%
,
08/15/28
(
PSF
)
..
USD
1,850
$
1,939,154
Series
2025
,
RB
,
5.00
%
,
08/15/29
(
PSF
)
..
1,850
1,974,548
Dallas
Fort
Worth
International
Airport
Series
II
,
2.50
%
,
05/07/26
............
3,150
3,149,597
Series
2023C
,
RB,
AMT
,
5.00
%
,
11/01/28
.
6,930
7,276,042
Series
2025A-1
,
RB,
AMT
,
5.00
%
,
11/01/29
10,000
10,673,603
El
Paso
Electric
Co.
TECP
,
2.68
%
,
07/15/26
.............
6,500
6,499,976
TECP
,
2.70
%
,
07/15/26
.............
9,000
8,999,973
Fort
Bend
Independent
School
District,
Series
2025A,
GO,
5.00%, 08/15/26
(PSF)
.....
1,950
1,962,764
Harris
County
Cultural
Education
Facilities
Finance
Corp.
(a)
Series
2015-3
,
RB
,
VRDN,
(
TD
Bank
NA
LOC
),
3.50
%
,
05/08/26
............
5,195
5,195,000
Series
2024F
,
RB
,
VRDN,
2.85
%
,
05/11/26
8,700
8,700,000
Leander
Independent
School
District
Series
2025A
,
GO
,
5.00
%
,
08/15/28
(
PSF
)
590
622,196
Series
2025A
,
GO
,
5.00
%
,
08/15/29
(
PSF
)
680
731,321
Lewisville
Independent
School
District,
Series
2025,
GO,
5.00%, 08/15/29
(PSF)
......
1,750
1,883,222
Love
Field
Airport
Modernization
Corp.,
Series
2021,
RB,
AMT,
5.00%, 11/01/30
.......
2,500
2,686,322
Lower
Colorado
River
Authority,
Series
2021,
RB,
5.00%, 05/15/28
..............
1,270
1,327,542
Mission
Economic
Development
Corp.,
Series
2020A,
RB,
AMT,
VRDN,
3.00%, 08/03/26
(a)
5,000
5,000,000
Palestine
Independent
School
District,
Series
2026,
GO,
5.00%, 02/15/31
(PSF)
(d)
.....
740
810,185
Plano
Independent
School
District,
Series
2025,
GO,
5.00%, 02/15/29
(PSF)
..........
4,500
4,802,137
San
Antonio
Water
System,
Series
2016A,
RB,
5.00%, 05/15/29
.................
1,010
1,011,790
State
of
Texas
(a)
Series
2011C
,
GO
,
VRDN,
(
Federal
Home
Loan
Bank
SBPA
),
2.90
%
,
05/11/26
...
3,100
3,100,000
Series
2025B
,
GO
,
VRDN,
(
Federal
Home
Loan
Bank
SBPA
),
3.45
%
,
05/11/26
...
10,100
10,100,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Series
2025E-1
,
RB
,
VRDN,
2.90
%
,
05/11/26
(a)
...............
10,100
10,100,000
Series
2024B
,
RB
,
5.00
%
,
07/01/26
.....
875
877,855
Series
2025B
,
RB
,
VRDN,
5.00
%
,
11/15/29
(a)
10,000
10,679,478
Series
2026F
,
RB
,
VRDN,
5.00
%
,
05/01/30
(a)
2,450
2,662,479
Tarrant
County
Housing
Finance
Corp.,
Series
2025,
RB,
VRDN,
3.60%, 02/01/28
(a)
.....
3,000
3,022,520
Tarrant
Regional
Water
District
Water
Supply
System,
Series
2015,
RB,
5.00%, 03/01/28
1,260
1,263,343
Texas
A&M
University,
TECP,
2.28%, 05/19/26
7,000
6,997,937
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III,
Series
2021,
RB,
5.00%, 12/15/26
....
1,850
1,872,055
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV,
Series
2023A,
RB,
VRDN,
5.50%, 01/01/30
(a)
................
22,235
23,515,256
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
V
Series
2024
,
RB
,
5.00
%
,
01/01/28
......
750
769,478
Series
2024
,
RB
,
5.00
%
,
01/01/29
......
1,050
1,091,688
Texas
Transportation
Commission,
Series
2026,
GO,
5.00%, 04/01/31
(d)
.............
3,000
3,301,689
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
University
of
North
Texas
System,
Series
2025A,
RB,
5.00%, 04/15/30
..............
USD
890
$
966,326
216,183,432
Utah
-
0.5%
City
of
Salt
Lake
City,
Series
2018A,
RB,
AMT,
5.00%, 07/01/29
.................
1,000
1,041,093
County
of
Utah,
Series
2018C,
RB,
VRDN,
(TD
Bank
NA
SBPA),
3.35%, 05/04/26
(a)
.....
5,760
5,760,000
6,801,093
Virginia
-
1.9%
Loudoun
County
Economic
Development
Authority,
Series
2013A,
RB,
VRDN,
3.50%, 05/11/26
(a)
................
16,795
16,795,000
Virginia
Housing
Development
Authority
Series
2024H
,
RB
,
3.60
%
,
12/01/28
.....
1,450
1,450,170
Series
2024H
,
RB
,
3.63
%
,
06/01/29
.....
3,965
3,966,266
Series
2025A
,
RB
,
3.25
%
,
09/01/29
.....
1,750
1,751,601
Virginia
Public
School
Authority,
Series
2017C,
RB,
5.00%, 08/01/29
(ST
INTERCEPT)
...
685
705,550
Winchester
Economic
Development
Authority,
Series
2024A,
RB,
5.00%, 01/01/28
.....
1,090
1,131,157
25,799,744
Washington
-
1.7%
County
of
King,
Series
2025B,
RB,
VRDN,
(Bank
of
America
NA
SBPA),
3.35%, 05/04/26
(a)
..
3,275
3,275,000
County
of
Spokane
Series
2024B
,
RB,
AMT
,
5.00
%
,
01/01/27
.
1,600
1,620,423
Series
2024B
,
RB,
AMT
,
5.00
%
,
01/01/28
.
1,625
1,678,286
Series
2024B
,
RB,
AMT
,
5.00
%
,
01/01/29
.
1,760
1,842,651
Port
of
Seattle
Series
2018
,
RB,
AMT
,
5.00
%
,
05/01/28
..
2,905
2,964,227
Series
2024B
,
RB,
AMT
,
5.00
%
,
07/01/28
.
6,250
6,529,291
State
of
Washington
Series
R-2024C
,
GO
,
5.00
%
,
08/01/29
...
2,370
2,551,665
Series
2019B
,
GO
,
5.00
%
,
06/01/30
.....
555
582,766
Washington
State
Housing
Finance
Commission,
Series
2025,
RB,
VRDN,
2.70%, 10/01/27
(a)
1,825
1,808,305
Whatcom
County
Public
Utility
District
No.
1,
Series
2025A,
GO,
AMT,
5.00%, 12/01/29
(BAM)
.......................
525
554,867
23,407,481
West
Virginia
-
0.1%
West
Virginia
Economic
Development
Authority,
Series
2015A,
RB,
VRDN,
3.38%, 06/15/28
(a)
1,000
1,009,764
Wisconsin
-
1.1%
Public
Finance
Authority,
Series
2017A-3,
RB,
AMT,
VRDN,
3.00%, 08/03/26
(a)
........
3,325
3,325,000
State
of
Wisconsin,
Series
2024-2,
GO,
5.00%, 05/01/26
.................
7,000
7,000,000
Wisconsin
Health
&
Educational
Facilities
Authority
(a)
Series
2008B
,
RB
,
VRDN,
(
TD
Bank
NA
LOC
),
3.35
%
,
05/04/26
............
1,965
1,965,000
Series
2018C-2
,
RB
,
VRDN,
3.27
%
,
07/01/26
2,000
1,997,223
14,287,223
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
Short
Maturity
Municipal
Bond
Active
ETF
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
April
30,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
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.
Security
Par
(000)
Par
(000)
Value
Wyoming
-
0.7%
Wyoming
Community
Development
Authority,
Series
2022-2,
RB,
VRDN,
(Barclays
Bank
plc
SBPA),
2.90%, 05/11/26
(GNMA/FNMA/
FHLMC)
(a)
.....................
USD
9,000
$
9,000,000
Total
Long-Term
Investments
-
99
.5
%
(Cost:
$
1,338,175,155
)
............................
1,342,083,652
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
-
0.0%
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
,
3.31
%
(e)
(f)
.........
106,764
$
106,775
Total
Short-Term
Securities
-
0.0
%
(Cost:
$
106,775
)
.................................
106,775
Total
Investments
-
99
.5
%
(Cost:
$
1,338,281,930
)
............................
1,342,190,427
Other
Assets
Less
Liabilities
-
0.5
%
....................
6,803,151
Net
Assets
-
100.0%
...............................
$
1,348,993,578
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(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)
These
securities
are
short-term
floating
rate
certificates
issued
by
tender
option
bond
trusts
and
are
secured
by
the
underlying
municipal
bond
securities.
(d)
When-issued
security.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
10/31/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/26
Shares
Held
at
04/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
MuniCash
Funds:
Institutional
Shares
$
18,482
$
88,293
(a)
$
-
$
-
$
-
$
106,775
106,764
$
13,768
$
-
-
-
(a)
Represents
net
amount
purchased
(sold).
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Municipal
Bonds
.........................................
$
-
$
1,342,083,652
$
-
$
1,342,083,652
Short-Term
Securities
Money
Market
Funds
......................................
106,775
-
-
106,775
$
106,775
$
1,342,083,652
$
-
$
1,342,190,427
Statement
of
Assets
and
Liabilities
(unaudited)

April
30,
2026
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
10
See
notes
to
financial
statements.
iShares
Short
Maturity
Municipal
Bond
Active
ETF
ASSETS
Investments,
at
value
-
unaffiliated
(a)
........................................................................................
$
1,342,083,652
Investments,
at
value
-
affiliated
(b)
..........................................................................................
106,775
Cash
.............................................................................................................
3
Receivables:
-
Dividends
-
affiliated
.................................................................................................
717
Interest
-
unaffiliated
.................................................................................................
13,648,069
Total
a
ssets
.........................................................................................................
1,355,839,216
LIABILITIES
Payables:
-
Investments
purchased
................................................................................................
6,564,980
Investment
advisory
fees
...............................................................................................
280,658
Total
li
abilities
........................................................................................................
6,845,638
Commitments
and
contingent
liabilities
-
NET
ASSETS
........................................................................................................
$
1,348,993,578
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
1,341,381,760
Accumulated
earnings
..................................................................................................
7,611,818
NET
ASSETS
........................................................................................................
$
1,348,993,578
NET
ASSET
VALUE
Shares
outstanding
....................................................................................................
26,800,000
Net
asset
value
.......................................................................................................
$
50.34
Shares
authorized
.....................................................................................................
Unlimited
Par
value
...........................................................................................................
None
(a)
Investments,
at
cost
-
unaffiliated
.................................................................................
$
1,338,175,155
(b)
Investments,
at
cost
-
affiliated
...................................................................................
$
106,775
Statement
of
Operations
(unaudited)

Six
Months
Ended
April
30,
2026
11
Statement
of
Operations
iShares
Short
Maturity
Municipal
Bond
Active
ETF
INVESTMENT
INCOME
-
Dividends
-
affiliated
................................................................................................
$
13,768
Interest
-
unaffiliated
................................................................................................
20,590,252
Total
investment
income
................................................................................................
20,604,020
EXPENSES
Investment
advisory
.................................................................................................
1,665,562
Interest
expense
...................................................................................................
18,640
Total
expenses
......................................................................................................
1,684,202
Net
investment
income
.................................................................................................
18,919,818
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(
2,245,025
)
Net
realized
gain
from:
Investments
-
unaffiliated
..........................................................................................
$
171,829
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
..........................................................................................
(
2,416,853
)
Net
realized
and
unrealized
loss
...........................................................................................
(2,245,024)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
16,674,794
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
12
See
notes
to
financial
statements.
iShares
Short
Maturity
Municipal
Bond
Active
ETF
Six
Months
Ended
04/30/26
(unaudited)
Year
Ended
10/31/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
18,919,818
$
30,127,503
Net
realized
gain
..................................................................................
171,829
16,833
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(
2,416,853
)
4,794,226
Net
increase
in
net
assets
resulting
from
operations
.............................................................
16,674,794
34,938,562
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(18,454,797)
(b)
(29,011,673)
CAPITAL
SHARE
TRANSACTIONS
$
-
$
-
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
80,600,900
581,962,909
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
78,820,897
587,889,798
Beginning
of
period
..................................................................................
1,270,172,681
682,282,883
End
of
period
......................................................................................
$
1,348,993,578
$
1,270,172,681
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
13
Financial
Highlights
iShares
Short
Maturity
Municipal
Bond
Active
ETF
Six
Months
Ended
04/30/26
(unaudited)
Year
Ended
10/31/25
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Net
asset
value,
beginning
of
period
.................
$
50.40
$
50.17
$
49.81
$
49.62
$
50.11
$
50.19
Net
investment
income
(a)
.........................
0
.71
1
.54
1
.75
1
.51
0
.37
0
.17
Net
realized
and
unrealized
gain
(loss)
(b)
...............
(0.07
)
0.22
0.36
0.11
(0.62
)
(0.07
)
Net
increase
(decrease)
from
investment
operations
........
0.64
1.76
2.11
1.62
(0.25
)
0.10
Distributions
from
net
investment
income
(c)
............
(0.70
)
(d)
(1.53
)
(1.75
)
(1.43
)
(0.24
)
(0.18
)
Net
asset
value,
end
of
period
......................
$
50.34
$
50.40
$
50.17
$
49.81
$
49.62
$
50.11
Total
Return
(e)
Based
on
net
asset
value
..........................
1.25
%
(f)
3.58
%
4.30
%
3.32
%
(0.51
)%
0.19
%
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
.................................
0.25
%
(h)
0.26
%
0.25
%
0.25
%
0.25
%
0.25
%
Net
investment
income
............................
2.84
%
(h)
3.07
%
3.49
%
3.04
%
0.75
%
0.34
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
1,348,994
$
1,270,173
$
682,283
$
605,203
$
520,960
$
293,169
Portfolio
turnover
rate
(i)
............................
19
%
37
%
91
%
195
%
98
%
52
%
(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)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(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,
if
any.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
14
1.
ORGANIZATION
iShares
U.S.
ETF
Trust
(the
"Trust")
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
fund
(the
"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.
The
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.
Cash:
The
Fund
may
maintain
cash
at
its
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Fund
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Fund
is
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statement
of
Operations.
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
Fund.
Because
such
gains
or
losses
are
not
taxable
to
the
Fund
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
Fund's
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
("NAV")
per
share.
Distributions:
Dividends
and
distributions
paid
by
the
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
Fund.
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Segment
Reporting:
The
Chief
Financial
Officer
acts
as
the
Fund's
Chief
Operating
Decision
Maker
("CODM")
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
the
Fund.
The
CODM
has
concluded
that the
Fund
operates
as
a
single
operating
segment
since the
Fund
has
a
single
investment
strategy
as
disclosed
in
its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Fund's
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
The
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
the
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
("BFA"),
the
Fund's
investment
adviser,
as
the
valuation
designee
for
the
Fund.
The
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
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
the
Fund's
assets
and
liabilities:
Fixed-income
investments and
certain
derivative
instruments for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
(including
evaluated
prices)
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
of
securities
in
certain
asset
classes
may
trade
at
lower
prices
than
institutional
round
lots,
and
the
value
ultimately
realized
when
the
securities
are
sold
could
differ
from
the
prices
used
by
a fund.
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
iShares
ETF
Diversification
Classification
Short
Maturity
Municipal
Bond
Active
........................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
15
Notes
to
Financial
Statements
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day's
NAV.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the 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
the
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
as
of
the
measurement
date.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
-
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
-
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for
the
asset
or
liability
(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.
4.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust
,
BFA
manages
the
investment
of
the
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
Fund,
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 the
Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of the
Fund
as
follows:
Distributor:
BlackRock
Investments,
LLC
("BRIL"),
an
affiliate
of
BFA,
is
the
distributor
for
the
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Fund.
ETF
Servicing
Fees:
The
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
("ETF
Services").
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
The
Fund
does
not
pay
BRIL
for
ETF
Services.
Trustees and
Officers:
Certain
trustees
and/or
officers of
the
Trust
are directors
and/or
officers
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the six
months ended April
30,
2026,
transactions
executed
by
the
Fund
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
The
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
Statement
of
Operations.
iShares
ETF
Investment
Advisory
Fees
Short
Maturity
Municipal
Bond
Active
.....................................................................................
0
.25
%
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Short
Maturity
Municipal
Bond
Active
.........................................................
$
25,796,758
$
26,182,491
$
-
Notes
to
Financial
Statements
(unaudited)
(continued)
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
16
5.
Purchases
and
Sales
For
the six
months ended
April
30,
2026,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
There
were
no
in-kind
transactions
for
the six
months ended
April
30,
2026.
6.
Income
Tax
Information
The
Fund
is
treated
as
an
entity
separate
from
the Trust's
other
funds
for
federal
income
tax
purposes.
It
is
the
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
Fund
as
of
April
30,
2026,
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
Fund's
financial
statements.
Management's
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Fund's
NAV.
As
of
October
31,
2025,
the
Fund
had
non-expiring
capital
loss
carryforwards
of
$15,982
available
to
offset
future
realized
capital
gains.
As
of
April
30,
2026,
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:
7.
Principal
Risks
In
the
normal
course
of
business,
the
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,
tariffs 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
Fund
and
its
investments.
The
Fund's
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
Market
Risk:
The
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 the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from the
Fund's
portfolio
will
decline
if the
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below the
Fund
portfolio's
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer's
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
Counterparty
Credit
Risk:
The
Fund
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
Fund
manages
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
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund's
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund.
Geographic/Asset
Class
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
the
Fund's
portfolio
are
disclosed
in
its
Schedule
of
Investments
.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
"debt
ceiling."
Such
iShares
ETF
Purchases
Sales
Short
Maturity
Municipal
Bond
Active
.........................................................................
$
167,465,876
$
146,280,937
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Short
Maturity
Municipal
Bond
Active
....................................
$
1,338,281,930
$
4,885,306
$
(
976,809
)
$
3,908,497
Notes
to
Financial
Statements
(unaudited)
(continued)
17
Notes
to
Financial
Statements
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
The
Fund
invests
a
significant
portion
of
its
assets
in
fixed-income
securities
and/or
uses
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
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
during
a
period
of
historically
low
interest
rates.
Changing
interest
rates
may
have
unpredictable
effects
on
markets,
may
result
in
heightened
market
volatility,
and
could
negatively
impact
the
Fund's
performance.
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.
8.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
the
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
the
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
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. Authorized
Participants purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
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.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Fund
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Fund,
at
its
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
the
Fund's
custodian,
and
the
Fund.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Fund
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
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
Statement
of
Assets
and
Liabilities.
9.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
04/30/26
Year
Ended
10/31/25
iShares
ETF
Shares
Amount
Shares
Amount
Short
Maturity
Municipal
Bond
Active
Shares
sold
2,700,000
$
135,993,015
12,550,000
$
629,688,815
Shares
redeemed
(
1,100,000
)
(
55,392,115
)
(
950,000
)
(
47,725,906
)
1,600,000
$
80,600,900
11,600,000
$
581,962,909
Additional
Information
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
18
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.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed
in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions
as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent
Trustee
for
services
to
the
Funds
from
BFA's
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
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,
when
available, at
iShares.com
.
Glossary
of
Terms
Used
in
these
Financial
Statements
19
Glossary
of
Terms
Used
in
these
Financial
Statements
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
AGC
Assured
Guaranty
Corp.
AGM
Assured
Guaranty
Municipal
Corp.
AMT
Alternative
Minimum
Tax
BAM
Build
America
Mutual
Assurance
Co.
BAM-TCRS
Build
America
Mutual
Assurance
Co.
-
Transferable
Custodial
Receipts
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
Bonds
LIQ
Liquidity
Agreement
LOC
Letter
of
Credit
PSF
Permanent
School
Fund
Q-SBLF
Qualified
School
Bond
Loan
Fund
RB
Revenue
Bonds
SAW
State
Aid
Withholding
SBPA
Standby
Bond
Purchase
Agreement
TECP
Tax-Exempt
Commercial
Paper
VRDN
Variable
Rate
Demand
Notes
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Fund's
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").
©2026
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - See Item 7
Item 9 - Proxy Disclosures for Open-End Management Investment Companies - See Item 7
Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - See Item 7
Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract - See Item 7
Item 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - Not Applicable
Item 13 - Portfolio Managers of Closed-End Management Investment Companies - Not Applicable
Item 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers - Not Applicable
Item 15 - Submission of Matters to a Vote of Security Holders - There have been no material changes to these procedures.
Item 16 - Controls and Procedures
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies - Not Applicable
Item 18 - Recovery of Erroneously Awarded Compensation - Not Applicable
Item 19 - Exhibits attached hereto
(a)(1) Code of Ethics - Not Applicable to this semi-annual report
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed - Not Applicable
(a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 - Not Applicable
(a)(5) Change in registrant's independent public accountant - Not Applicable
(b) Section 906 Certifications are attached
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares U.S. ETF Trust
By: /s/ Jessica Tan
Jessica Tan
President (principal executive officer) of
iShares U.S. ETF Trust
Date: June 22, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Jessica Tan
Jessica Tan
President (principal executive officer) of
iShares U.S. ETF Trust
Date: June 22, 2026
By: /s/ Trent Walker
Trent Walker
Treasurer and Chief Financial Officer (principal financial officer) of
iShares U.S. ETF Trust
Date: June 22, 2026
iShares US ETF Trust published this content on July 02, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 02, 2026 at 14:09 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]