iShares U.S. ETF Trust NCSR Certified annual shareholder report (management investment company)

iShares U.S. ETF Trust N-CSRCertified annual shareholder report (management investment company)

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

iShares U.S. ETF Trust

(Exact name of Registrant as specified in charter)

c/o: State Street Bank and Trust Company

1 Iron Street, Boston, MA 02210

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: July 31, 2015

Date of reporting period: July 31, 2015

Item 1.

Reports to Stockholders.

Copies of the annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are attached.

JULY 31, 2015


2015 ANNUAL REPORT

iShares U.S. ETF Trust

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iShares Enhanced International Large-Cap ETF | IEIL | NYSE Arca

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iShares Enhanced International Small-Cap ETF | IEIS | NYSE Arca

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iShares Enhanced U.S. Large-Cap ETF | IELG | NYSE Arca

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iShares Enhanced U.S. Small-Cap ETF | IESM | NYSE Arca

Table of Contents


Management’s Discussions of Fund Performance			5
About Fund Performance			14
Shareholder Expenses			14
Schedules of Investments			15
iShares Enhanced International Large-Cap ETF			15
iShares Enhanced International Small-Cap ETF			18
iShares Enhanced U.S. Large-Cap ETF			23
iShares Enhanced U.S. Small-Cap ETF			26
Financial Statements			31
Financial Highlights			37
Notes to Financial Statements			41
Report of Independent Registered Public Accounting Firm			51
Tax Information			52
Board Review and Approval of Investment Advisory Contract			53
Supplemental Information			60
Trustee and Officer Information			62

Management’s Discussion of Fund Performance

iSHARES^® U.S. ETF TRUST

GLOBAL MARKET OVERVIEW

Global equity markets produced modestly positive returns for the 12 months ended July 31, 2015 (the “reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 2.83% for the reporting period.

The reporting period was characterized by a continued divergence in economic growth and central bank policy between the U.S. and the rest of the world. Despite a slowdown in early 2015, the U.S. economy remained one of the strongest economies among developed countries, which motivated the U.S. Federal Reserve Bank (the “Fed”) to scale back its economic stimulus measures. The Fed ended a two-year quantitative easing program in October 2014 and signaled its intent to raise its short-term interest rate target sometime in 2015. In contrast, weaker economic growth in most other regions of the globe led many of the world’s central banks to take more aggressive actions to stimulate economic activity.

This divergence contributed to a notably stronger U.S. dollar. For the reporting period, the U.S. dollar appreciated by 21% against both the euro and the Japanese yen, 27% against the Australian dollar, and 8% against the British pound. The stronger U.S. dollar had a meaningful impact on non-U.S. equity returns for U.S. investors. For example, the MSCI ACWI returned 10.51% in local currency terms for the reporting period.

A number of other factors buffeted global equity markets during the reporting period. Geopolitical conflicts, most notably in Ukraine and across the Middle East, continued to have an effect on global equity markets. Energy prices fell sharply during the reporting period amid growing supply — primarily from increased production in the U.S. — and declining global demand. Greece and Puerto Rico wrestled with potential defaults on their sovereign government debt.

On a regional basis, U.S. stocks advanced by approximately 11% for the reporting period as declining interest rates, ongoing economic growth, and low inflation provided a favorable environment for U.S. equity market performance. After generating its fastest quarterly growth rate in 11 years in the third quarter of 2014, the U.S. economy slowed over the next two quarters as the stronger dollar made U.S. goods more expensive overseas, and severe winter weather in many regions of the country led to declines in retail sales and the housing market. Economic activity improved over the last few months of the reporting period, boosted by an increase in consumer spending. However, uncertainty about the timing of an expected interest rate hike from the Fed kept stocks in check.

European stocks declined by 2% in U.S. dollar terms for the reporting period, though they advanced by 13% when measured in local currencies. The European Central Bank initiated quantitative easing measures in early 2015, and signs of economic improvement emerged in the latter half of the reporting period. The top-performing equity markets in Europe included Ireland, Denmark, and the Netherlands, while markets in Norway and Portugal lagged.

Stock markets in the Asia/Pacific region declined by approximately 2% in U.S. dollar terms but gained 11% when measured in local currencies as central banks in Australia, New Zealand, and Japan took aggressive actions to stimulate economic growth. Leading markets in the Asia/Pacific region included Japan and Hong Kong, while Australia and New Zealand posted large declines.

Emerging markets stocks fell by more than 13% in U.S. dollar terms for the reporting period, though the decline was less than 2% when measured in local currencies. Many of the largest emerging economies — including China, Russia, and Brazil — experienced slowing economic growth during the reporting period. The best-performing emerging markets included Hungary, the Philippines, and India, while markets in Greece, Colombia, and Brazil declined the most.


MANAGEMENT’S DISCUSSIONSOF FUND PERFORMANCE			5

Management’s Discussion of Fund Performance

iSHARES^® ENHANCED INTERNATIONAL LARGE-CAP ETF

Performance as of July 31, 2015


	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		(1.59)%		1.50%		(1.59)%		2.15%
Fund Market		(1.44)%		1.52%		(1.44)%		2.18%
MSCI World ex USA Index		(2.04)%		0.15%		(2.04)%		0.22%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 2/25/14. The first day of secondary market trading was 2/27/14.

The MSCI World ex USA Index is an unmanaged broad-based index that measures the performance of the large- and mid-capitalization sectors of developed equity markets, excluding the United States.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.


Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (2/1/15)		Ending Account Value (7/31/15)		Expenses Paid During Period^a		Beginning Account Value (2/1/15)		Ending Account Value (7/31/15)		Expenses Paid During Period^a		Annualized Expense Ratio
$	1,000.00	$	1,076.50	$	1.80	$	1,000.00	$	1,023.10	$	1.76		0.35%

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.


6		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® ENHANCED INTERNATIONAL LARGE-CAP ETF

The iShares Enhanced International Large-Cap ETF (the “Fund”) seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets in equity securities of international large-capitalization issuers. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the 12-month reporting period ended July 31, 2015, the total return for the Fund was -1.59%, net of fees.

The Fund declined modestly for the reporting period but outperformed the MSCI World ex USA Index, a broad measure of large-cap international equity performance, which returned -2.04%. The Fund combines the investment characteristics, or factors, of quality, value, and size exposures based on BlackRock insights. Quality is defined as a company that exhibits positive fundamentals, including high cash earnings, low earnings variability and low debt-to-equity ratio, while value refers to companies with lower relative valuations based on measures such as price-to-earnings and price-to-book ratios. Size refers to relative market capitalization and the Fund attempts to invest in stocks with lower relative market capitalizations.

The Fund’s exposure to size and value aided performance during the reporting period. The Fund was also positioned to have less volatility than the broader international equity markets, and this positioning added value during the reporting. As an example, the MSCI EAFE Minimum Volatility Index returned 6.89%, outpacing broader international market returns. The one factor that detracted from Fund performance during the reporting period was quality, especially in the fourth quarter of 2014.

On a country basis, the Fund’s holdings in Japan — the largest country weight on average during the reporting period — produced the most significant contribution to Fund performance. The Fund’s positions in Sweden and Switzerland also aided performance during the reporting period. Fund holdings in the U.K. and Canada — the second- and third-largest country weights, respectively, on average during the reporting period — detracted the most from performance.

From a sector perspective, the financials sector, the Fund’s largest sector weight on average during the reporting period, generated the greatest positive contribution to Fund performance. The Fund’s information technology and telecommunication services holdings also contributed to returns. On the downside, the energy and utilities sectors declined the most for the reporting period. As of the end of the reporting period, the Fund’s largest sector overweights relative to the MSCI World ex USA Index were telecommunication services and industrials, while the largest underweights were healthcare and consumer discretionary.

ALLOCATION BY SECTOR

As of 7/31/15


Sector		Percentage of Total Investments*


Financials	25.71	%
Industrials	15.95
Materials	10.37
Telecommunication Services	10.00
Consumer Staples	8.69
Consumer Discretionary	7.46
Information Technology	5.57
Utilities	5.43
Health Care	5.41
Energy	5.41

TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 7/31/15


Country		Percentage of Total Investments*


Japan	25.10	%
United Kingdom	13.87
Canada	10.68
Switzerland	9.86
Germany	8.74
Denmark	6.57
Finland	5.64
Belgium	4.34
France	3.99
Sweden	3.62

TOTAL	92.41	%

Excludes money market funds.


MANAGEMENT’S DISCUSSIONSOF FUND PERFORMANCE			7

Management’s Discussion of Fund Performance

iSHARES^® ENHANCED INTERNATIONAL SMALL-CAP ETF

Performance as of July 31, 2015


	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		(2.82)%		(1.86)%		(2.82)%		(2.64)%
Fund Market		(2.55)%		(1.70)%		(2.55)%		(2.42)%
MSCI World ex USA Small Cap Index		(1.55)%		(0.59)%		(1.55)%		(0.85)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 2/25/14. The first day of secondary market trading was 2/27/14.

The MSCI World ex USA Small Cap Index is an unmanaged broad-based index that measures the performance of the small-capitalization sector of developed equity markets, excluding the United States.


Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (2/1/15)		Ending Account Value (7/31/15)		Expenses Paid During Period^a		Beginning Account Value (2/1/15)		Ending Account Value (7/31/15)		Expenses Paid During Period^a		Annualized Expense Ratio
$	1,000.00	$	1,084.90	$	2.53	$	1,000.00	$	1,022.40	$	2.46		0.49%

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days for actual and 181 days for hypothetical expenses) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.


8		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® ENHANCED INTERNATIONAL SMALL-CAP ETF

The iShares Enhanced International Small-Cap ETF (the “Fund”) seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets in equity securities of international small-capitalization issuers. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the 12-month reporting period ended July 31, 2015, the total return for the Fund was -2.82%, net of fees.

The Fund declined modestly for the reporting period and trailed the MSCI World ex USA Small Cap Index, a broad measure of small-cap international equity performance, which returned -1.55%. The Fund combines the investment characteristics, or factors, of quality, value, and size exposures based on BlackRock insights. Quality is defined as a company that exhibits positive fundamentals, including high cash earnings, low earnings variability and low debt-to-equity ratio, while value refers to companies with lower relative valuations based on measures such as price-to-earnings and price-to-book ratios. Size refers to relative market capitalization and the Fund attempts to invest in stocks with lower relative market capitalizations.

The Fund’s exposure to quality and value aided performance during the reporting period. The Fund was also positioned to have less volatility than the broader international equity markets, and this positioning added value during the reporting period. As an example, the MSCI EAFE Minimum Volatility Index returned 6.89%, outpacing broader international market returns. The one factor that detracted from Fund performance during the reporting period was size, especially in the first quarter of 2015.

On a country basis, the Fund’s holdings in Japan — the largest country weight, at approximately 30% of the portfolio on average during the reporting period — produced the most significant contribution to Fund performance. The Fund’s positions in Switzerland and Denmark also aided performance. Fund holdings in Australia, Norway, and Canada detracted the most from performance.

From a sector perspective, the consumer discretionary sector, the Fund’s largest sector weight on average during the reporting period, generated the greatest contribution to Fund performance. Consumer staples and information technology holdings also contributed meaningfully to returns. On the downside, the energy and materials sectors of the Fund declined the most for the reporting period. As of the end of the reporting period, the Fund’s largest sector overweights relative to the MSCI World ex USA Small Cap Index were information technology and consumer discretionary, while the largest underweights were financials and materials.

ALLOCATION BY SECTOR

As of 7/31/15


Sector		Percentage of Total Investments*


Consumer Discretionary	21.31	%
Industrials	18.12
Financials	15.41
Information Technology	15.21
Consumer Staples	9.25
Health Care	6.15
Energy	6.11
Telecommunication Services	4.06
Materials	3.68
Utilities	0.70

TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 7/31/15


Country		Percentage of Total Investments*


Japan	31.40	%
United Kingdom	15.38
Canada	7.98
Germany	6.11
Switzerland	5.62
Belgium	4.89
Denmark	4.30
Netherlands	3.85
Finland	3.73
Norway	3.20

TOTAL	86.46	%

Excludes money market funds.


MANAGEMENT’S DISCUSSIONSOF FUND PERFORMANCE			9

Management’s Discussion of Fund Performance

iSHARES^® ENHANCED U.S. LARGE-CAP ETF

Performance as of July 31, 2015


	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		12.40%		15.31%		12.40%		38.64%
Fund Market		12.36%		15.34%		12.36%		38.72%
Russell 1000 Index		11.24%		16.03%		11.24%		40.53%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.

The Russell 1000^® Index is an unmanaged broad-based index that measures the performance of the large- and mid-capitalization sectors of the U.S. equity market.


Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (2/1/15)		Ending Account Value (7/31/15)		Expenses Paid During Period^a		Beginning Account Value (2/1/15)		Ending Account Value (7/31/15)		Expenses Paid During Period^a		Annualized Expense Ratio
$	1,000.00	$	1,062.10	$	0.92	$	1,000.00	$	1,023.90	$	0.90		0.18%


10		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® ENHANCED U.S. LARGE-CAP ETF

The iShares Enhanced U.S. Large-Cap ETF (the “Fund”) seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets in equity securities of U.S. large-capitalization issuers. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the 12-month reporting period ended July 31, 2015, the total return for the Fund was 12.40%, net of fees.

The Fund produced a solid return for the reporting period and outperformed the Russell 1000^® Index, a broad measure of large-cap U.S. equity performance, which returned 11.24%. The Fund combines the investment characteristics, or factors, of quality, value, and size exposures based on BlackRock insights. Quality is defined as a company that exhibits positive fundamentals, including high cash earnings, low earnings variability and low debt-to-equity ratio, while value refers to companies with lower relative valuations based on measures such as price-to-earnings and price-to-book ratios. Size refers to relative market capitalization and the Fund attempts to invest in stocks with lower relative market capitalizations.

The Fund’s exposure to size aided performance as smaller-company stocks outperformed during the reporting period. The Fund was also positioned to have less volatility than the broader market, and this positioning added value during the reporting period. As an example, the MSCI USA Minimum Volatility Index returned 16.76%, which outpaced the return of the broad domestic market.

The Fund’s exposure to value detracted from performance during the reporting period as the Russell 1000^® Value Index returned 6.40%, compared with the 16.08% return of the Russell 1000^® Growth Index. In addition, the Fund’s exposure to quality weighed on performance.

From a sector perspective, the consumer discretionary and healthcare sectors of the Fund generated the largest contributions to Fund performance during the reporting period. The Fund’s financials and information technology holdings, the two largest sector weights in the Fund on average during the reporting period, also contributed meaningfully to returns. On the downside, the energy sector was the only sector to decline for the reporting period. As of the end of the reporting period, the Fund’s largest sector overweights relative to the Russell 1000^® Index were information technology and utilities, while the largest underweights were consumer staples and energy.

ALLOCATION BY SECTOR

As of 7/31/15


Sector		Percentage of Total Investments*


Information Technology	28.62	%
Financials	17.71
Consumer Discretionary	14.81
Health Care	12.78
Utilities	8.56
Industrials	7.14
Consumer Staples	5.64
Energy	2.98
Telecommunication Services	1.76

TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 7/31/15


Security		Percentage of Total Investments*


Allegiant Travel Co.	2.24	%
General Dynamics Corp.	2.15
Reinsurance Group of America Inc.	2.13
Western Digital Corp.	2.12
TJX Companies Inc. (The)	2.12
Microsoft Corp.	2.08
O’Reilly Automotive Inc.	2.00
EMC Corp./MA	1.98
Johnson & Johnson	1.98
DTE Energy Co.	1.95

TOTAL	20.75	%

Excludes money market funds.


MANAGEMENT’S DISCUSSIONSOF FUND PERFORMANCE			11

Management’s Discussion of Fund Performance

iSHARES^® ENHANCED U.S. SMALL-CAP ETF

Performance as of July 31, 2015


	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		10.78%		13.51%		10.78%		33.73%
Fund Market		10.74%		13.51%		10.74%		33.73%
Russell 2000 Index		12.03%		15.18%		12.03%		38.20%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.

The Russell 2000^® Index is an unmanaged broad-based index that measures the performance of the small-capitalization sector of the U.S. equity market.


Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (2/1/15)		Ending Account Value (7/31/15)		Expenses Paid During Period^a		Beginning Account Value (2/1/15)		Ending Account Value (7/31/15)		Expenses Paid During Period^a		Annualized Expense Ratio
$	1,000.00	$	1,039.90	$	1.77	$	1,000.00	$	1,023.10	$	1.76		0.35%


12		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® ENHANCED U.S. SMALL-CAP ETF

The iShares Enhanced U.S. Small-Cap ETF (the “Fund”) seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets in equity securities of U.S. small-capitalization issuers. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the 12-month reporting period ended July 31, 2015, the total return for the Fund was 10.78%, net of fees.

The Fund produced a solid return for the reporting period but trailed the performance of the Russell 2000^® Index, a broad measure of small-cap U.S. equity performance, which returned 12.03%. The Fund combines the investment characteristics, or factors, of quality, value, and size exposures based on BlackRock insights. Quality is defined as a company that exhibits positive fundamentals, including high cash earnings, low earnings variability and low debt-to-equity ratio, while value refers to companies with lower relative valuations based on measures such as price-to-earnings and price-to-book ratios. Size refers to relative market capitalization and the Fund attempts to invest in stocks with lower relative market capitalizations.

The Fund’s exposure to quality and value aided performance during the reporting period. The Fund was also positioned to have less volatility than the broader market, and this positioning added value during the reporting period. As an example, the MSCI USA Minimum Volatility Index returned 16.76%, which outpaced the return of the broad domestic market. The one factor that detracted from Index performance during the reporting period was size, especially in the first quarter of 2015.

From a sector perspective, healthcare stocks generated the largest contribution to Fund performance during the reporting period. The Fund’s financials and information technology holdings, the two largest sector weights in the Index on average for the reporting period, were also among the leading contributors to returns. On the downside, the energy and materials sectors declined for the reporting period. As of the end of the reporting period, the Fund’s largest sector overweights relative to the Russell 2000^® Index were information technology and financials, while the largest underweights were healthcare and materials.

ALLOCATION BY SECTOR

As of 7/31/15


Sector		Percentage of Total Investments*


Financials	29.33	%
Information Technology	21.25
Consumer Discretionary	15.39
Industrials	10.79
Health Care	9.30
Consumer Staples	5.23
Utilities	4.66
Energy	3.22
Telecommunication Services	0.42
Materials	0.41

TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 7/31/15


Security		Percentage of Total Investments*


LogMeIn Inc.	2.31	%
Molina Healthcare Inc.	2.22
Cash America International Inc.	2.18
Buffalo Wild Wings Inc.	2.11
1-800-Flowers.com Inc. Class A	2.06
First Interstate BancSystem Inc.	2.05
RPX Corp.	2.05
Symetra Financial Corp.	2.05
Heritage Insurance Holdings Inc.	1.99
Argan Inc.	1.99

TOTAL	21.01	%

Excludes money market funds.


MANAGEMENT’S DISCUSSIONSOF FUND PERFORMANCE			13

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on February 1, 2015 and held through July 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number corresponding to your Fund under the heading entitled “Expenses Paid During Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


14		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

iSHARES^® ENHANCED INTERNATIONAL LARGE-CAP ETF

July 31, 2015


Security	Shares		Value
COMMON STOCKS — 99.29%

AUSTRALIA — 2.07%
Aristocrat Leisure Ltd.		18,326	$	115,334
ASX Ltd.		19,924		650,357
Brambles Ltd.		16,830		134,467
Dexus Property Group		26,265		150,058
GPT Group (The)		13,158		44,545
Qantas Airways Ltd.^a		15,504		42,695
Scentre Group		23,772		69,130
South32 Ltd.^a		82,552		108,210
Tatts Group Ltd.		13,532		39,550
Telstra Corp. Ltd.		76,806		366,052

				1,720,398
AUSTRIA — 0.43%
OMV AG		13,464		360,364

				360,364
BELGIUM — 4.32%
Ageas		1,598		66,199
bpost SA		1,666		47,407
Colruyt SA		2,550		124,500
Delhaize Group		7,922		718,503
Proximus		8,432		319,449
Solvay SA		11,730		1,577,867
Telenet Group Holding NV^a		5,814		329,916
Umicore SA		9,282		408,773

				3,592,614
CANADA — 10.64%
Agrium Inc.		14,076		1,447,687
Alimentation Couche-Tard Inc. Class B		2,040		91,529
Bank of Montreal		13,192		740,038
Bank of Nova Scotia (The)		4,216		208,021
Canadian Imperial Bank of Commerce/Canada		17,918		1,287,226
Constellation Software Inc./Canada		4,216		1,884,537
Crescent Point Energy Corp.		47,294		720,162
Empire Co. Ltd. Class A		3,536		240,272
Fairfax Financial Holdings Ltd.		272		131,874
Husky Energy Inc.		7,820		143,542
Intact Financial Corp.		816		56,576
Linamar Corp.		578		35,459
Magna International Inc. Class A		1,462		79,857
Methanex Corp.		1,224		55,454
National Bank of Canada		24,480		860,690
Open Text Corp.		1,394		63,606


Security	Shares		Value
Peyto Exploration & Development Corp.		2,380	$	51,773
Rogers Communications Inc. Class B		5,882		207,347
Shaw Communications Inc. Class B		5,984		127,642
Thomson Reuters Corp.		5,236		213,111
Valeant Pharmaceuticals International Inc.^a		782		201,561

				8,847,964
DENMARK — 6.55%
AP Moeller–Maersk A/S Class B		884		1,514,445
Coloplast A/S Class B		8,738		633,980
Danske Bank A/S		33,252		1,044,795
Jyske Bank A/S Registered^a		2,788		146,468
Novo Nordisk A/S Class B		7,378		435,237
TDC A/S		51,034		387,277
Vestas Wind Systems A/S		23,290		1,279,070

				5,441,272
FINLAND — 5.62%
Elisa OYJ		918		31,107
Neste OYJ		9,044		252,904
Nokia OYJ		243,712		1,731,376
Nokian Renkaat OYJ		27,846		841,749
Stora Enso OYJ Class R		53,448		505,190
UPM-Kymmene OYJ		70,618		1,310,775

				4,673,101
FRANCE — 3.98%
Danone SA		1,802		122,821
Electricite de France SA		3,332		79,849
Eutelsat Communications SA		2,074		63,588
Numericable-SFR SAS^a		884		48,488
Peugeot SA^a		23,222		468,109
SCOR SE		2,516		97,071
SES SA		29,308		912,009
STMicroelectronics NV		14,042		110,353
Total SA		27,506		1,369,830
Veolia Environnement SA		1,428		32,067

				3,304,185
GERMANY — 8.37%
Commerzbank AG^a		4,726		61,536
Deutsche Boerse AG		1,224		111,744
Deutsche Lufthansa AG Registered^a		113,322		1,546,267
Dialog Semiconductor PLC^a		4,896		245,152
GEA Group AG		13,770		586,492
Hannover Rueck SE		6,256		667,555
Kabel Deutschland Holding AG^a		3,332		454,648


SCHEDULESOF INVESTMENTS			15

Schedule of Investments (Continued)

iSHARES^® ENHANCED INTERNATIONAL LARGE-CAP ETF

July 31, 2015


Security	Shares		Value
Merck KGaA		2,550	$	260,945
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		4,046		747,868
ProSiebenSat.1 Media SE Registered		11,118		571,807
Telefonica Deutschland Holding AG		251,532		1,571,554
ThyssenKrupp AG		2,040		52,031
Volkswagen AG		374		76,052

				6,953,651
ISRAEL — 0.22%
Bezeq The Israeli Telecommunication Corp. Ltd.		97,410		180,026

				180,026
ITALY — 0.36%
EXOR SpA		3,298		167,105
Mediaset SpA		26,724		136,233

				303,338
JAPAN — 25.00%
Aeon Co. Ltd.		17,000		260,224
Aisin Seiki Co. Ltd.		3,400		138,036
ANA Holdings Inc.		136,000		433,593
Aozora Bank Ltd.		136,000		522,507
Asahi Kasei Corp.		68,000		517,128
Canon Inc.		10,200		327,006
Chubu Electric Power Co. Inc.		6,800		115,533
Eisai Co. Ltd.		13,600		888,591
Fuji Heavy Industries Ltd.		10,200		377,473
Hoya Corp.		3,400		144,019
ITOCHU Corp.		13,600		166,961
Japan Airlines Co. Ltd.		44,200		1,669,607
Japan Exchange Group Inc.		3,400		118,552
JFE Holdings Inc.		6,800		127,636
JX Holdings Inc.		81,600		348,477
Kansai Electric Power Co. Inc. (The)^a		6,800		92,317
Kawasaki Heavy Industries Ltd.		340,000		1,492,877
Kuraray Co. Ltd.		6,800		80,242
Lawson Inc.		3,400		253,295
Marubeni Corp.		102,000		568,062
Mitsubishi Corp.		6,800		147,065
Mitsubishi UFJ Financial Group Inc.		81,600		592,760
Mitsui & Co. Ltd.		47,600		619,132
Mitsui OSK Lines Ltd.		34,000		102,087
Mizuho Financial Group Inc.		792,200		1,712,986
Nexon Co. Ltd.		13,600		186,719
Nippon Telegraph & Telephone Corp.		27,200		1,045,782


Security	Shares		Value
Nippon Yusen KK		34,000	$	93,030
NTT DOCOMO Inc.		81,600		1,721,968
Resona Holdings Inc.		214,200		1,179,444
Shinsei Bank Ltd.		68,000		148,739
Sompo Japan Nipponkoa Holdings Inc.		3,400		119,979
Sumitomo Chemical Co. Ltd.		34,000		194,294
Sumitomo Corp.		13,600		154,831
Sumitomo Mitsui Financial Group Inc.		27,200		1,217,134
Sumitomo Rubber Industries Ltd.		3,400		51,318
Suntory Beverage & Food Ltd.		6,800		287,598
Tokyo Electric Power Co. Inc.^a		119,000		854,837
Tokyo Gas Co. Ltd.		136,000		735,022
West Japan Railway Co.		13,600		977,944

				20,784,805
NETHERLANDS — 1.88%
Aegon NV		105,162		813,782
Altice SA^a,b		986		125,279
Delta Lloyd NV		4,692		83,799
Heineken Holding NV		1,904		133,034
Koninklijke Ahold NV		6,803		136,233
NN Group NV		8,738		271,234

				1,563,361
NORWAY — 1.03%
Orkla ASA		107,134		859,302

				859,302
SINGAPORE — 1.23%
ComfortDelGro Corp. Ltd.		44,200		97,232
Noble Group Ltd.^b		295,800		98,362
Singapore Airlines Ltd.		57,800		453,681
Singapore Exchange Ltd.		13,000		75,722
StarHub Ltd.		105,400		295,024

				1,020,021
SPAIN — 0.33%
CaixaBank SA		41,072		184,191
Mediaset Espana Comunicacion SA		7,344		92,865

				277,056
SWEDEN — 3.61%
Boliden AB		77,350		1,436,884
ICA Gruppen AB		37,230		1,366,701
Millicom International Cellular SA SDR		2,244		165,119
Volvo AB Class B		2,618		31,170

				2,999,874


16		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® ENHANCED INTERNATIONAL LARGE-CAP ETF

July 31, 2015


Security	Shares		Value
SWITZERLAND — 9.83%
Baloise Holding AG Registered		3,842	$	492,492
Banque Cantonale Vaudoise Registered		204		132,979
Clariant AG Registered		9,894		198,477
Credit Suisse Group AG Registered		22,406		663,951
Helvetia Holding AG Registered		340		187,847
Lonza Group AG Registered		612		89,212
PSP Swiss Property AG Registered		714		64,446
Swiss Life Holding AG Registered		5,746		1,364,309
Swiss Prime Site AG Registered		416		33,329
Swiss Re AG		17,034		1,541,939
Swisscom AG Registered		2,924		1,709,799
Transocean Ltd.		13,838		191,207
Zurich Insurance Group AG		4,896		1,499,212

				8,169,199
UNITED KINGDOM — 13.82%
3i Group PLC		43,554		376,192
Ashtead Group PLC		9,894		151,540
AstraZeneca PLC		21,794		1,469,212
BP PLC		113,118		698,051
BT Group PLC		38,522		279,198
Centrica PLC		393,278		1,635,539
GlaxoSmithKline PLC		16,456		358,487
Imperial Tobacco Group PLC		11,322		594,528
Investec PLC		7,990		73,002
J Sainsbury PLC		439,178		1,815,459
Just Eat PLC^a		9,214		62,690
Marks & Spencer Group PLC		28,934		245,624
Old Mutual PLC		48,756		161,374
Rentokil Initial PLC		283,730		650,416
Rexam PLC		65,586		569,561
Rightmove PLC		1,870		106,337
Royal Dutch Shell PLC Class A		11,934		342,663
Royal Mail PLC		19,584		154,332
RSA Insurance Group PLC		44,574		357,527
Sky PLC		13,226		235,287
SSE PLC		40,154		949,304
Tesco PLC		58,752		197,759

				11,484,082

TOTAL COMMON STOCKS
(Cost: $81,859,160)				82,534,613


Security	Shares		Value
PREFERRED STOCKS — 0.35%

GERMANY — 0.35%
Bayerische Motoren Werke AG		1,224	$	96,367
Porsche Automobil Holding SE		2,550		192,962

				289,329

TOTAL PREFERRED STOCKS
(Cost: $344,728)				289,329

SHORT-TERM INVESTMENTS — 0.26%

MONEY MARKET FUNDS — 0.26%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%^c,d,e		132,164		132,164
BlackRock Cash Funds: Prime, SL Agency Shares
0.17%^c,d,e		7,302		7,302
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%^c,d		79,206		79,206

				218,672

TOTAL SHORT-TERM INVESTMENTS
(Cost: $218,672)				218,672

TOTAL INVESTMENTS IN SECURITIES — 99.90%
(Cost: $82,422,560)				83,042,614
Other Assets, Less Liabilities — 0.10%				80,391

NET ASSETS — 100.00%			$	83,123,005

SDR — Swedish Depositary Receipts

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 1.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 1.

See notes to financial statements.


SCHEDULESOF INVESTMENTS			17

Schedule of Investments

iSHARES^® ENHANCED INTERNATIONAL SMALL-CAP ETF

July 31, 2015


Security	Shares		Value
COMMON STOCKS — 99.55%

AUSTRALIA — 3.09%
Atlas Iron Ltd.		73,045	$	1,877
Aveo Group		15,780		31,983
Cabcharge Australia Ltd.		7,128		17,483
Drillsearch Energy Ltd.^a		13,674		8,887
Evolution Mining Ltd.		72,690		53,380
Iluka Resources Ltd.		1,008		5,833
McMillan Shakespeare Ltd.		7,038		73,649
Mineral Resources Ltd.		51,128		203,498
OZ Minerals Ltd.		4,266		11,654
Sandfire Resources NL		5,689		25,150

				433,394
AUSTRIA — 0.52%
Austria Technologie & Systemtechnik AG		1,734		29,551
Oesterreichische Post AG		642		28,834
S IMMO AG		943		8,450
UNIQA Insurance Group AG		696		6,613

				73,448
BELGIUM — 4.87%
AGFA-Gevaert NV^a		40,626		122,852
Barco NV		282		18,763
Cie. d’Entreprises CFE		630		84,640
Fagron		1,224		57,826
Gimv NV		288		14,303
Intervest Offices & Warehouses NV		312		7,658
Mobistar SA^a		12,654		275,281
Nyrstar NV^a		13,350		39,426
Tessenderlo Chemie NV^a		1,561		61,536

				682,285
CANADA — 7.94%
Amaya Inc.^a		3,804		93,744
Artis REIT		1,236		12,503
Baytex Energy Corp.		2,226		19,267
Cogeco Cable Inc.		2,132		119,944
Dominion Diamond Corp.		6,546		81,916
Granite REIT		266		8,238
Intertain Group Ltd. (The)^a		666		9,138
Laurentian Bank of Canada		4,776		181,649
Liquor Stores N.A. Ltd.		708		7,167
Mainstreet Equity Corp.^a,b		846		22,370
Manitoba Telecom Services Inc.		10,008		223,169
Morguard REIT		692		8,740


Security	Shares		Value
NorthWest Healthcare Properties REIT		1,608	$	9,752
TMX Group Ltd.		6,403		242,251
Total Energy Services Inc.		804		9,140
Transcontinental Inc. Class A		1,284		14,518
Valener Inc.		792		10,325
Wajax Corp.		577		8,973
Yellow Pages Ltd./Canada^a		2,124		29,649

				1,112,453
DENMARK — 4.28%
Bavarian Nordic A/S^a		804		38,215
DFDS A/S		1,518		209,711
IC Group A/S		1,188		32,543
Matas A/S		3,942		81,717
NKT Holding A/S		186		10,485
Rockwool International A/S Class B		104		15,599
Royal Unibrew A/S		2,304		75,668
Schouw & Co.		2,472		135,065

				599,003
FINLAND — 3.72%
Atria OYJ		3,024		29,769
Cramo OYJ		2,526		51,212
HKScan OYJ Class A		6,957		38,432
Orion OYJ Class B		1,668		70,085
PKC Group OYJ		618		13,601
Ramirent OYJ		4,231		33,611
Sanoma OYJ		15,378		56,578
Sponda OYJ		4,686		18,742
Tieto OYJ		6,212		159,916
Valmet OYJ		1,626		19,330
YIT OYJ^b		4,818		29,118

				520,394
FRANCE — 2.64%
Assystem		492		9,768
Cegedim SA^a		540		23,859
Cegid Group SA		918		39,921
Cellectis SA^a		1,242		44,693
Cie. des Alpes		1,100		22,180
MPI		22,603		65,679
Seche Environnement SA		288		10,898
Solocal Group^a		15,390		6,972
UBISOFT Entertainment^a		7,482		146,234

				370,204
GERMANY — 6.08%
Bauer AG		804		15,416
Borussia Dortmund GmbH & Co. KGaA		28,970		131,007


18		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® ENHANCED INTERNATIONAL SMALL-CAP ETF

July 31, 2015


Security	Shares		Value
CENTROTEC Sustainable AG		1,230	$	20,181
CTS Eventim AG & Co. KGaA		3,630		137,624
Deutsche Beteiligungs AG		852		27,642
DIC Asset AG		1,176		10,346
Draegerwerk AG & Co. KGaA		138		11,307
Gesco AG		180		14,102
Grammer AG		354		9,966
Kontron AG^a		3,348		13,217
KUKA AG		666		57,439
Manz AG^a,b		66		4,947
MLP AG		3,096		14,298
OHB SE		498		10,330
PATRIZIA Immobilien AG^a		3,072		82,816
RHOEN-KLINIKUM AG		9,780		273,486
VTG AG		702		16,885

				851,009
HONG KONG — 0.25%
SmarTone Telecommunications Holdings Ltd.		12,000		24,550
United Photovoltaics Group Ltd.^a		96,000		10,526

				35,076
ISRAEL — 0.87%
Delek Automotive Systems Ltd.		3,606		40,243
Ituran Location and Control Ltd.		1,884		48,292
Tower Semiconductor Ltd.^a		2,424		33,053

				121,588
ITALY — 1.37%
Intesa Sanpaolo SpA RSP		53,622		180,221
Juventus Football Club SpA^a		35,106		11,132

				191,353
JAPAN — 31.25%
Achilles Corp.		6,000		7,458
Aderans Co. Ltd.		1,200		9,724
Aichi Corp.		3,600		21,764
Arcland Sakamoto Co. Ltd.		1,200		29,105
Asahi Diamond Industrial Co. Ltd.		1,200		11,507
Asahi Holdings Inc.		2,400		36,360
Avex Group Holdings Inc.		1,200		20,185
Capcom Co. Ltd.		1,200		26,267
Cawachi Ltd.		1,800		28,795
CKD Corp.		1,200		11,913
COLOPL Inc.^b		4,800		93,369
Comforia Residential REIT Inc.		48		92,478
Cosmo Oil Co. Ltd.^a		12,000		19,468


Security	Shares		Value
Create Restaurants Holdings Inc.		600	$	14,175
Dip Corp.		1,200		141,507
Doshisha Co. Ltd.		600		11,138
Dydo Drinco Inc.		1,200		50,171
Enplas Corp.		1,200		48,428
Foster Electric Co. Ltd.		4,800		98,832
France Bed Holdings Co. Ltd.		12,000		18,500
Fuji Soft Inc.		1,200		25,115
Fujibo Holdings Inc.		12,000		23,149
G-Tekt Corp.		3,400		31,532
Geo Holdings Corp.		21,600		297,600
Godo Steel Ltd.	��	6,000		10,896
Heiwa Corp.		1,200		26,374
Heiwado Co. Ltd.		1,200		25,996
Hitachi Maxell Ltd.		9,400		155,535
Hokuetsu Bank Ltd. (The)		6,000		12,107
Hokuetsu Kishu Paper Co. Ltd.		6,000		35,837
Hokuto Corp.		1,200		23,991
Hosiden Corp.		3,600		22,199
Ines Corp.		4,200		41,188
IT Holdings Corp.		600		13,754
IwaiCosmo Holdings Inc.		2,400		31,226
J-Oil Mills Inc.		12,000		40,680
Japan Petroleum Exploration Co. Ltd.		1,200		37,629
Japan Rental Housing Investments Inc.		12		7,952
Juki Corp.		1,200		13,841
JVC Kenwood Corp.		5,400		12,683
Kamei Corp.		4,600		43,069
Kanamoto Co. Ltd.		600		14,577
Kanematsu Corp.		12,000		21,889
Keiyo Co. Ltd.		3,000		13,875
Kenedix Residential Investment Corp.		19		48,154
KEY Coffee Inc.		1,200		20,892
Kinugawa Rubber Industrial Co. Ltd.		12,000		66,153
Kohnan Shoji Co. Ltd.		19,200		261,124
Kura Corp.		600		18,500
Kurita Water Industries Ltd.		1,200		26,258
Maruha Nichiro Corp.		15,200		249,908
MCUBS MidCity Investment Corp.		6		15,279
Megachips Corp.		4,800		53,968
Mimasu Semiconductor Industry Co. Ltd.		1,200		10,741
Ministop Co. Ltd.		1,200		24,873
Mitsubishi Steel Manufacturing Co. Ltd.		12,000		24,601
Morinaga & Co. Ltd./Japan		6,000		26,200
Morinaga Milk Industry Co. Ltd.		12,000		49,106


SCHEDULESOF INVESTMENTS			19

Schedule of Investments (Continued)

iSHARES^® ENHANCED INTERNATIONAL SMALL-CAP ETF

July 31, 2015


Security	Shares		Value
Musashi Seimitsu Industry Co. Ltd.		1,200	$	21,870
NEC Capital Solutions Ltd.		600		8,882
Nichiha Corp.		1,200		17,880
Nichii Gakkan Co.		1,200		10,519
Nippon Chemi-Con Corp.		12,000		32,641
Nippon Coke & Engineering Co. Ltd.		23,400		21,720
Nippon Koei Co. Ltd.		6,000		22,180
Nippon Konpo Unyu Soko Co. Ltd.		1,200		20,766
Nippon Signal Co. Ltd.		1,200		12,717
Nishimatsuya Chain Co. Ltd.		600		5,777
Nissha Printing Co. Ltd.		1,200		21,473
Nisshin OilliO Group Ltd. (The)		12,000		51,915
Okinawa Electric Power Co. Inc. (The)		1,800		45,038
Pacific Industrial Co. Ltd.		3,600		35,217
Press Kogyo Co. Ltd.		12,000		52,496
Prima Meat Packers Ltd.		12,000		39,420
Riso Kagaku Corp.		1,200		22,887
Saizeriya Co. Ltd.		2,400		55,944
Sanyo Shokai Ltd.		18,000		49,397
Senshu Ikeda Holdings Inc.		9,600		43,856
Shinko Electric Industries Co. Ltd.		12,000		89,786
Showa Corp.		1,200		11,071
Tachi-S Co. Ltd.		1,200		16,630
Taiho Kogyo Co. Ltd.		1,800		23,362
Taikisha Ltd.		1,200		26,723
Takeuchi Manufacturing Co. Ltd.		600		36,951
Tamron Co. Ltd.		1,200		25,105
Tatsuta Electric Wire and Cable Co. Ltd.		2,400		9,782
TOKAI Holdings Corp.		4,800		19,952
TOKO Inc.		12,000		31,963
Tokyo Seimitsu Co. Ltd.		600		11,923
Tokyo TY Financial Group Inc.		1,400		44,522
Tomy Co. Ltd.		3,600		19,875
TOPY Industries Ltd.		12,000		28,282
Toridoll.corp.		1,200		17,240
Towa Bank Ltd. (The)		150,000		142,863
TPR Co. Ltd.		1,200		35,207
Tsukuba Bank Ltd.		4,200		13,729
UKC Holdings Corp.		6,400		135,185
Unipres Corp.		5,800		111,323
United Super Markets Holdings Inc.^a		2,400		22,529
Warabeya Nichiyo Co. Ltd.		1,800		48,452
WATAMI Co. Ltd.^a,b		1,200		9,870
Yahagi Construction Co. Ltd.		1,200		8,107


Security	Shares		Value
Yellow Hat Ltd.		1,200	$	24,379
Yokohama Reito Co. Ltd.		1,800		14,180
Yorozu Corp.		6,600		136,427

				4,377,608
NETHERLANDS — 3.83%
ASM International NV		4,818		218,170
Fugro NV CVA^a,b		8,155		171,867
Kendrion NV		3,090		92,861
Koninklijke BAM Groep NV^a		2,856		13,322
Wessanen		3,762		40,629

				536,849
NEW ZEALAND — 1.01%
Air New Zealand Ltd.		4,200		7,366
Ryman Healthcare Ltd.		24,048		134,190

				141,556
NORWAY — 3.19%
Akastor ASA^a		2,598		3,532
BW Offshore Ltd.		30,048		18,113
Det Norske Oljeselskap ASA^a		7,452		45,928
DNO ASA^a,b		36,240		33,860
Fred Olsen Energy ASA^a		13,788		64,489
Petroleum Geo-Services ASA		5,550		25,453
TGS Nopec Geophysical Co. ASA^b		12,036		255,116

				446,491
SINGAPORE — 1.84%
AIMS AMP Capital Industrial REIT		36,000		39,465
Cambridge Industrial Trust		150,000		73,449
Far East Hospitality Trust		30,000		15,347
First REIT		18,000		18,549
Hong Fok Corp. Ltd.		12,000		7,367
k1 Ventures Ltd.		55,200		8,068
Perennial Real Estate Holdings Ltd.^a,b		106,400		81,260
STATS ChipPAC Ltd.^b		42,000		14,120

				257,625
SPAIN — 0.20%
Duro Felguera SA		4,800		19,251
Tubacex SA		3,072		8,417

				27,668
SWEDEN — 1.69%
Bure Equity AB		3,060		19,001
Gunnebo AB		4,584		20,955
Haldex AB		1,440		17,758
Hemfosa Fastigheter AB		1,368		14,876
Industrial & Financial Systems Class B		552		18,603


20		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® ENHANCED INTERNATIONAL SMALL-CAP ETF

July 31, 2015


Security	Shares		Value
Industrivarden AB Class C		2,148	$	40,854
NetEnt AB		282		13,203
Nolato AB Class B		2,674		66,106
Tethys Oil AB		4,194		25,065

				236,421
SWITZERLAND — 5.60%
Autoneum Holding AG		630		130,838
BKW AG		1,164		42,389
Cosmo Pharmaceuticals SA^a		84		14,430
EFG International AG		516		6,040
Emmi AG		150		49,943
Forbo Holding AG Registered		7		8,580
Huber & Suhner AG Registered		264		11,468
Implenia AG Registered		1,002		60,468
Intershop Holdings AG		132		55,006
Komax Holding AG Registered		528		92,459
Kudelski SA Bearer		2,370		37,729
Mobilezone Holding AG		7,940		137,965
Rieter Holding AG Registered		126		19,101
St Galler Kantonalbank AG Registered		96		36,308
Swissquote Group Holding SA Registered		360		9,308
Vetropack Holding AG Bearer		12		20,014
Vontobel Holding AG Registered		230		12,324
Walter Meier AG		358		14,974
Zehnder Group AG		648		24,576

				783,920
UNITED KINGDOM — 15.31%
Bank of Georgia Holdings PLC		420		13,082
Beazley PLC		13,548		71,438
Berendsen PLC		5,202		83,044
Big Yellow Group PLC		1,644		18,074
Cape PLC		5,418		19,721
Carillion PLC		2,460		13,275
Centamin PLC		69,288		59,901
Chesnara PLC		2,568		13,565
COLT Group SA^a		10,182		29,871
CSR PLC		954		13,369
Dairy Crest Group PLC		7,080		63,859
Dart Group PLC		15,672		109,074
De La Rue PLC		1,824		14,388
Debenhams PLC		178,962		245,339
Devro PLC		2,922		13,828
EnQuest PLC^a		13,167		7,294
Entertainment One Ltd.		2,217		11,545


Security	Shares		Value
Fenner PLC		3,438	$	8,960
FirstGroup PLC^a		17,424		31,377
Globo PLC^a,b		58,128		35,376
Go-Ahead Group PLC		432		17,190
Greencore Group PLC		3,654		18,041
Greggs PLC		4,266		90,204
GVC Holdings PLC		1,371		8,911
Halfords Group PLC		1,992		16,910
Innovation Group PLC		62,520		31,464
Intermediate Capital Group PLC		1,912		17,410
Interserve PLC		1,584		15,956
Kcom Group PLC		9,066		13,369
Laird PLC		2,772		17,048
Lancashire Holdings Ltd.		18,492		185,838
LondonMetric Property PLC		9,426		23,800
Mitie Group PLC		20,670		103,863
Moneysupermarket.com Group PLC		5,082		23,260
Morgan Advanced Materials PLC		2,712		15,007
Northgate PLC		28,309		242,086
Ophir Energy PLC^a		7,302		13,252
Optimal Payments PLC^a		10,134		41,749
Pace PLC		20,022		113,729
Paragon Group of Companies PLC (The)		4,218		26,947
Premier Farnell PLC		6,864		14,524
QinetiQ Group PLC		6,132		22,698
Restaurant Group PLC (The)		1,416		14,904
Shanks Group PLC		11,298		17,586
SOCO International PLC		2,688		6,628
Speedy Hire PLC		14,286		11,537
Spirent Communications PLC		8,634		12,598
Synergy Health PLC		2,076		56,369
Trinity Mirror PLC		9,150		18,990
TT electronics PLC		13,620		31,562
Vesuvius PLC		2,076		13,253
Xchanging PLC		7,044		10,690

				2,143,753

TOTAL COMMON STOCKS
(Cost: $13,761,485)				13,942,098

RIGHTS — 0.00%

FRANCE — 0.00%
Euro Disney SCA^a		2,236		—

				—


SCHEDULESOF INVESTMENTS			21

Schedule of Investments (Continued)

iSHARES^® ENHANCED INTERNATIONAL SMALL-CAP ETF

July 31, 2015


Security	Shares		Value
SINGAPORE — 0.00%
STATS ChipPAC Ltd.^a		3	$	—

				—

TOTAL RIGHTS (Cost: $0)				—

SHORT-TERM INVESTMENTS — 4.66%

MONEY MARKET FUNDS — 4.66%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%^c,d,e		608,018		608,018
BlackRock Cash Funds: Prime, SL Agency Shares
0.17%^c,d,e		33,591		33,591
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%^c,d		11,319		11,319

				652,928

TOTAL SHORT-TERM INVESTMENTS
(Cost: $652,928)				652,928

TOTAL INVESTMENTS IN SECURITIES — 104.21% (Cost: $14,414,413)				14,595,026
Other Assets, Less Liabilities — (4.21)%				(588,960	)

NET ASSETS — 100.00%			$	14,006,066

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 1.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 1.

See notes to financial statements.


22		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

iSHARES^® ENHANCED U.S. LARGE-CAP ETF

July 31, 2015


Security	Shares		Value
COMMON STOCKS — 99.73%

AEROSPACE & DEFENSE — 2.67%
General Dynamics Corp.		11,180	$	1,667,050
L-3 Communications Holdings Inc.		3,532		407,805

				2,074,855
AIR FREIGHT & LOGISTICS — 1.65%
FedEx Corp.		7,482		1,282,564

				1,282,564
AIRLINES — 2.24%
Allegiant Travel Co.		8,180		1,740,131

				1,740,131
BANKS — 1.43%
JPMorgan Chase & Co.		16,278		1,115,531

				1,115,531
BEVERAGES — 0.06%
Molson Coors Brewing Co. Class B		708		50,367

				50,367
COMMUNICATIONS EQUIPMENT — 2.90%
Brocade Communications Systems Inc.		1,665		17,082
Cisco Systems Inc.		52,484		1,491,596
F5 Networks Inc.^a		5,566		746,623

				2,255,301
DIVERSIFIED FINANCIAL SERVICES — 1.81%
CBOE Holdings Inc.		16,455		1,019,881
CME Group Inc./IL		2,510		241,060
NASDAQ OMX Group Inc. (The)		2,901		148,038

				1,408,979
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.75%
AT&T Inc.		39,239		1,363,163

				1,363,163
ELECTRIC UTILITIES — 2.01%
Eversource Energy		1,229		61,106
Great Plains Energy Inc.		3,431		89,583
Pinnacle West Capital Corp.		21,052		1,299,119
Xcel Energy Inc.		3,392		117,601

				1,567,409
ELECTRICAL EQUIPMENT — 0.07%
Regal Beloit Corp.		786		54,572

				54,572
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.69%
Avnet Inc.		2,263		94,435


Security	Shares		Value
Corning Inc.		73,021	$	1,364,032
Ingram Micro Inc. Class A^a		14,273		388,654
Jabil Circuit Inc.		12,150		246,038

				2,093,159
ENERGY EQUIPMENT & SERVICES — 1.57%
National Oilwell Varco Inc.		28,935		1,219,032

				1,219,032
FOOD & STAPLES RETAILING — 2.32%
Costco Wholesale Corp.		842		122,343
CVS Health Corp.		1,833		206,157
Wal-Mart Stores Inc.		20,544		1,478,757

				1,807,257
FOOD PRODUCTS — 2.45%
Archer-Daniels-Midland Co.		29,842		1,415,107
Bunge Ltd.		3,375		269,494
Hormel Foods Corp.		2,084		123,394
JM Smucker Co. (The)		857		95,718

				1,903,713
GAS UTILITIES — 0.42%
Atmos Energy Corp.		5,455		301,661
Piedmont Natural Gas Co. Inc.		598		22,730

				324,391
HEALTH CARE EQUIPMENT & SUPPLIES — 5.10%
Abbott Laboratories		20,280		1,027,993
Becton Dickinson and Co.		2,048		311,603
CR Bard Inc.		7,586		1,491,787
Medtronic PLC		1,266		99,242
Stryker Corp.		10,137		1,036,711

				3,967,336
HEALTH CARE PROVIDERS & SERVICES — 4.07%
Aetna Inc.		1,060		119,748
AmerisourceBergen Corp.		11,384		1,203,858
Anthem Inc.		9,321		1,437,951
Cardinal Health Inc.		1,177		100,021
Centene Corp.^a,b		2,698		189,211
Cigna Corp.		325		46,819
Humana Inc.		374		68,102

				3,165,710
HOTELS, RESTAURANTS & LEISURE — 1.86%
Carnival Corp.		23,417		1,247,892
Panera Bread Co. Class A^a		975		199,017

				1,446,909


SCHEDULESOF INVESTMENTS			23

Schedule of Investments (Continued)

iSHARES^® ENHANCED U.S. LARGE-CAP ETF

July 31, 2015


Security	Shares		Value
HOUSEHOLD PRODUCTS — 0.79%
Procter & Gamble Co. (The)		8,005	$	613,984

				613,984
INSURANCE — 14.41%
ACE Ltd.		13,293		1,445,880
Aflac Inc.		20,841		1,334,866
Allied World Assurance Co. Holdings AG		24,452		1,033,341
American Financial Group Inc./OH		3,682		253,874
Axis Capital Holdings Ltd.		20,142		1,159,373
Chubb Corp. (The)		900		111,897
Hanover Insurance Group Inc. (The)		216		17,464
HCC Insurance Holdings Inc.		3,778		291,510
Lincoln National Corp.		2,057		115,850
Loews Corp.		20,470		780,112
PartnerRe Ltd.		5,103		693,804
Principal Financial Group Inc.		5,596		310,634
Prudential Financial Inc.		10,990		971,076
Reinsurance Group of America Inc.		17,103		1,650,781
Torchmark Corp.		7,301		449,815
Travelers Companies Inc. (The)		3,964		420,660
Validus Holdings Ltd.		3,716		172,237

				11,213,174
INTERNET & CATALOG RETAIL — 1.81%
Amazon.com Inc.^a		2,547		1,365,574
Expedia Inc.		374		45,419

				1,410,993
INTERNET SOFTWARE & SERVICES — 3.36%
Akamai Technologies Inc.^a		1,598		122,583
eBay Inc.^a		24,813		697,742
Google Inc. Class A^a		1,380		907,350
Google Inc. Class C^a		1,414		884,612

				2,612,287
IT SERVICES — 3.65%
Amdocs Ltd.		15,329		899,046
Automatic Data Processing Inc.		2,134		170,229
Jack Henry & Associates Inc.		379		26,477
PayPal Holdings Inc.^a		24,813		960,263
Total System Services Inc.		13,395		619,117
Xerox Corp.		14,728		162,303

				2,837,435
MACHINERY — 0.33%
AGCO Corp.		4,674		257,117

				257,117


Security	Shares		Value
MULTI-UTILITIES — 6.10%
Alliant Energy Corp.		3,713	$	228,387
Consolidated Edison Inc.		18,970		1,206,302
DTE Energy Co.		18,809		1,513,372
PG&E Corp.		24,485		1,285,707
Public Service Enterprise Group Inc.		12,370		515,458

				4,749,226
MULTILINE RETAIL — 1.39%
Kohl’s Corp.		6,901		423,169
Target Corp.		8,075		660,939

				1,084,108
OIL, GAS & CONSUMABLE FUELS — 1.41%
Chevron Corp.		5,347		473,103
EOG Resources Inc.		8,069		622,846

				1,095,949
PHARMACEUTICALS — 3.58%
Eli Lilly & Co.		3,328		281,249
Johnson & Johnson		15,328		1,536,019
Pfizer Inc.		26,788		965,975

				2,783,243
ROAD & RAIL — 0.17%
Ryder System Inc.		1,471		133,155

				133,155
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.83%
Broadcom Corp. Class A		14,269		722,154
Intel Corp.		51,007		1,476,653
Maxim Integrated Products Inc.		1,786		60,795
Skyworks Solutions Inc.		15,641		1,496,375

				3,755,977
SOFTWARE — 5.16%
Citrix Systems Inc.^a		6,299		476,267
FactSet Research Systems Inc.		321		53,177
Intuit Inc.		2,533		267,915
Microsoft Corp.		34,644		1,617,875
Oracle Corp.		8,298		331,422
Red Hat Inc.^a		960		75,917
Synopsys Inc.^a,b		465		23,641
VMware Inc. Class A^a,b		13,134		1,170,633

				4,016,847
SPECIALTY RETAIL — 8.37%
Bed Bath & Beyond Inc.^a		12,030		784,717
GameStop Corp. Class A^b		24,828		1,138,364
Gap Inc. (The)		30,162		1,100,310


24		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® ENHANCED U.S. LARGE-CAP ETF

July 31, 2015


Security	Shares		Value
O’Reilly Automotive Inc.^a,b		6,466	$	1,553,844
Ross Stores Inc.		5,480		291,317
TJX Companies Inc. (The)		23,549		1,644,191

				6,512,743
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.96%
Apple Inc.		12,015		1,457,419
EMC Corp./MA		57,145		1,536,629
Western Digital Corp.		19,112		1,644,779

				4,638,827
TEXTILES, APPAREL & LUXURY GOODS — 1.34%
Coach Inc.		7,675		239,460
NIKE Inc. Class B		6,943		799,973

				1,039,433

TOTAL COMMON STOCKS (Cost: $68,237,816)				77,594,877


SHORT-TERM INVESTMENTS — 2.35%

MONEY MARKET FUNDS — 2.35%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%^c,d,e		1,575,072		1,575,072
BlackRock Cash Funds: Prime, SL Agency Shares
0.17%^c,d,e		87,018		87,018
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%^c,d		168,135		168,135

				1,830,225

TOTAL SHORT-TERM INVESTMENTS (Cost: $1,830,225)				1,830,225

TOTAL INVESTMENTS IN SECURITIES — 102.08% (Cost: $70,068,041)				79,425,102
Other Assets, Less Liabilities — (2.08)%				(1,618,318	)

NET ASSETS — 100.00%			$	77,806,784

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 1.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 1.

See notes to financial statements.


SCHEDULESOF INVESTMENTS			25

Schedule of Investments

iSHARES^® ENHANCED U.S. SMALL-CAP ETF

July 31, 2015


Security	Shares		Value
COMMON STOCKS — 99.77%

AEROSPACE & DEFENSE — 0.33%
National Presto Industries Inc.		1,053	$	83,355

				83,355
BANKS — 5.28%
1st Source Corp.		596		20,258
American National Bankshares Inc.		944		22,354
Arrow Financial Corp.		1,198		32,993
BancFirst Corp.		260		16,539
Bank of Marin Bancorp		480		23,362
Camden National Corp.		534		21,499
Century Bancorp Inc./MA Class A		526		21,908
City Holding Co.		458		22,085
CNB Financial Corp./PA		944		16,407
Community Trust Bancorp Inc.		1,423		49,819
First Financial Corp./IN		1,152		38,223
First Interstate BancSystem Inc.		18,838		522,378
First of Long Island Corp. (The)		672		18,305
Great Southern Bancorp Inc.		528		21,912
Great Western Bancorp Inc.		1,158		30,409
Heritage Financial Corp./WA		2,609		46,179
Horizon Bancorp/IN		805		19,529
Lakeland Financial Corp.		822		34,968
Merchants Bancshares Inc./VT		528		16,685
Renasant Corp.		750		24,113
S&T Bancorp Inc.		576		17,810
Simmons First National Corp. Class A		1,603		72,856
State Bank Financial Corp.		1,945		39,386
Stock Yards Bancorp Inc.		879		32,400
Suffolk Bancorp		1,025		29,540
Tompkins Financial Corp.		390		21,080
Triumph Bancorp Inc.^a,b		1,553		21,835
Trustmark Corp.		2,223		53,441
Univest Corp. of Pennsylvania		784		15,625
WesBanco Inc.		724		24,051

				1,347,949
BIOTECHNOLOGY — 1.18%
Anacor Pharmaceuticals Inc.^a		1,014		151,279
Ardelyx Inc.^a		2,548		50,247
Kite Pharma Inc.^a,b		1,078		78,446
Ophthotech Corp.^a		302		20,442

				300,414


Security	Shares			Value
BUILDING PRODUCTS — 0.05%
AAON Inc.		602		$	13,358

					13,358
CAPITAL MARKETS — 3.63%
Artisan Partners Asset Management Inc.		1,216			58,064
Diamond Hill Investment Group Inc.		867			166,889
GAMCO Investors Inc. Class A		229			15,723
Greenhill & Co. Inc.		430			16,912
Moelis & Co. Class A		15,658			468,487
WisdomTree Investments Inc.		8,082			201,242

					927,317
CHEMICALS — 0.13%
Hawkins Inc.		930			33,926

					33,926
COMMERCIAL SERVICES & SUPPLIES — 1.77%
Ennis Inc.		20,366			341,741
Kimball International Inc. Class B		4,736			53,612
McGrath RentCorp		704			17,853
Quad/Graphics Inc.		965			15,874
UniFirst Corp./MA		218			24,159
			��
					453,239
COMMUNICATIONS EQUIPMENT — 1.61%
Black Box Corp.		1,033			16,177
EchoStar Corp. Class A^a		8,498			394,477

					410,654
CONSTRUCTION & ENGINEERING — 2.14%
Argan Inc.		13,030			506,606
MasTec Inc.^a		2,121			39,090

					545,696
CONSUMER FINANCE — 3.55%
Cash America International Inc.		20,066			556,430
Ezcorp Inc. Class A^a,b		8,362			59,287
World Acceptance Corp.^a,b		5,329			290,004

					905,721
DISTRIBUTORS — 0.25%
Core-Mark Holding Co. Inc.		684			43,482
VOXX International Corp.^a		2,443			19,544

					63,026
DIVERSIFIED CONSUMER SERVICES — 0.92%
Apollo Education Group Inc.^a		6,219			79,665
Capella Education Co.		2,178			112,189
Steiner Leisure Ltd.^a		272			15,695
Strayer Education Inc.^a		469			26,081

					233,630


26		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® ENHANCED U.S. SMALL-CAP ETF

July 31, 2015


Security	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.13%
Inteliquent Inc.		1,892	$	34,434

				34,434
ELECTRIC UTILITIES — 2.33%
ALLETE Inc.		350		16,901
El Paso Electric Co.		6,847		249,436
Empire District Electric Co. (The)		5,884		135,391
MGE Energy Inc.		3,129		124,159
Unitil Corp.		1,914		68,043

				593,930
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.17%
AVX Corp.		1,762		23,734
Benchmark Electronics Inc.^a		4,762		105,050
Dolby Laboratories Inc. Class A		5,019		176,418
Mesa Laboratories Inc.		155		16,049
Methode Electronics Inc.		1,615		43,331
Multi-Fineline Electronix Inc.^a		719		12,841
PC Connection Inc.		876		19,438
ScanSource Inc.^a		969		36,657
Tech Data Corp.^a		1,794		104,644
TTM Technologies Inc.^a		1,632		14,900

				553,062
ENERGY EQUIPMENT & SERVICES — 2.79%
Atwood Oceanics Inc.		7,601		158,101
Matrix Service Co.^a		4,880		94,574
Natural Gas Services Group Inc.^a		1,056		21,247
Oil States International Inc.^a		7,330		220,706
Patterson-UTI Energy Inc.		1,074		17,705
Rowan Companies PLC Class A		1,855		31,962
Unit Corp.^a		8,555		168,790

				713,085
FOOD & STAPLES RETAILING — 2.16%
Fresh Market Inc. (The)^a,b		13,869		423,004
SpartanNash Co.		2,720		87,611
Village Super Market Inc. Class A		432		12,390
Weis Markets Inc.		705		29,730

				552,735
FOOD PRODUCTS — 0.91%
Fresh Del Monte Produce Inc.		3,748		148,121
John B Sanfilippo & Son Inc.		841		43,724
Omega Protein Corp.^a,b		2,865		40,740

				232,585


Security	Shares		Value
GAS UTILITIES — 1.27%
Chesapeake Utilities Corp.		3,007	$	154,620
New Jersey Resources Corp.		1,614		46,645
Northwest Natural Gas Co.		2,867		124,112

				325,377
HEALTH CARE EQUIPMENT & SUPPLIES — 1.64%
CryoLife Inc.		1,552		16,994
Cyberonics Inc.^a		561		34,445
Exactech Inc.^a		780		15,584
ICU Medical Inc.^a		1,969		196,743
Natus Medical Inc.^a		628		28,361
Second Sight Medical Products Inc.^a,b		1,699		23,973
Vascular Solutions Inc.^a		2,790		103,872

				419,972
HEALTH CARE PROVIDERS & SERVICES — 5.44%
Addus HomeCare Corp.^a		1,392		37,779
Almost Family Inc.^a		1,248		54,612
BioTelemetry Inc.^a		2,259		27,628
LHC Group Inc.^a		1,888		76,067
Magellan Health Inc.^a		2,235		135,419
Molina Healthcare Inc.^a		7,507		566,253
Triple-S Management Corp. Class B^a		21,398		461,769
U.S. Physical Therapy Inc.		544		28,756

				1,388,283
HEALTH CARE TECHNOLOGY — 0.06%
Quality Systems Inc.		1,233		15,721

				15,721
HOTELS, RESTAURANTS & LEISURE — 5.79%
Bob Evans Farms Inc./DE		1,422		70,986
Buffalo Wild Wings Inc.^a,b		2,746		537,063
Cheesecake Factory Inc. (The)		2,483		143,369
Hyatt Hotels Corp. Class A^a,b		8,916		497,780
Red Robin Gourmet Burgers Inc.^a		172		15,764
Texas Roadhouse Inc.		5,390		212,312

				1,477,274
HOUSEHOLD DURABLES — 0.26%
CSS Industries Inc.		2,351		66,745

				66,745
HOUSEHOLD PRODUCTS — 0.05%
Oil-Dri Corp. of America		528		13,865

				13,865
INSURANCE — 12.65%
American National Insurance Co.		3,920		419,244
AMERISAFE Inc.		335		16,767


SCHEDULESOF INVESTMENTS			27

Schedule of Investments (Continued)

iSHARES^® ENHANCED U.S. SMALL-CAP ETF

July 31, 2015


Security	Shares		Value
Aspen Insurance Holdings Ltd.		5,706	$	274,402
EMC Insurance Group Inc.		1,937		46,720
Endurance Specialty Holdings Ltd.^b		1,813		125,985
FBL Financial Group Inc. Class A		1,405		80,099
Federated National Holding Co.		2,369		55,885
Fidelity & Guaranty Life		1,105		28,763
HCI Group Inc.		732		32,852
Heritage Insurance Holdings Inc.^a		20,511		507,032
Horace Mann Educators Corp.		8,626		303,980
Kansas City Life Insurance Co.		1,987		93,568
Maiden Holdings Ltd.		11,312		187,100
National Western Life Insurance Co. Class A		844		203,396
Navigators Group Inc. (The)^a		1,190		93,034
OneBeacon Insurance Group Ltd. Class A		901		13,064
Symetra Financial Corp.		20,822		521,383
United Fire Group Inc.		1,742		60,204
Universal Insurance Holdings Inc.		6,093		167,070

				3,230,548
INTERNET & CATALOG RETAIL — 3.38%
1-800-Flowers.com Inc. Class A^a		52,811		525,470
NutriSystem Inc.		8,610		258,731
Overstock.com Inc.^a		901		19,065
PetMed Express Inc.		3,517		59,261

				862,527
INTERNET SOFTWARE & SERVICES — 3.49%
Carbonite Inc.^a		1,398		16,692
comScore Inc.^a,b		566		33,111
Envestnet Inc.^a,b		1,622		73,461
Liquidity Services Inc.^a		6,539		58,720
LogMeIn Inc.^a		8,016		589,817
Shutterstock Inc.^a		1,904		101,731
Wix.com Ltd.^a		651		18,228

				891,760
IT SERVICES — 2.30%
CACI International Inc. Class A^a		436		35,809
CSG Systems International Inc.		1,712		53,243
ManTech International Corp./VA Class A		16,221		483,548
Sykes Enterprises Inc.^a		591		14,408

				587,008
LEISURE PRODUCTS — 0.07%
Johnson Outdoors Inc. Class A		851		17,956

				17,956


Security	Shares		Value
MACHINERY — 2.22%
Briggs & Stratton Corp.		947	$	17,501
Chart Industries Inc.^a		386		10,538
Kennametal Inc.		14,397		456,241
LB Foster Co. Class A		2,773		81,387

				565,667
MEDIA — 1.16%
Harte-Hanks Inc.		4,416		20,711
Martha Stewart Living Omnimedia Inc. Class A^a		19,599		118,966
Rentrak Corp.^a,b		1,105		75,659
Scholastic Corp.		1,513		65,195
Sizmek Inc.^a		1,881		14,597

				295,128
METALS & MINING — 0.28%
Kaiser Aluminum Corp.		618		52,190
Schnitzer Steel Industries Inc. Class A		1,155		18,145

				70,335
MULTILINE RETAIL — 0.24%
Big Lots Inc.		492		21,244
Fred’s Inc. Class A		2,240		40,410

				61,654
OIL, GAS & CONSUMABLE FUELS — 0.42%
Denbury Resources Inc.		13,023		51,310
Energy XXI Ltd.^b		14,358		25,414
Matador Resources Co.^a		870		19,166
Noble Energy Inc.		347		12,225

				108,115
PERSONAL PRODUCTS — 2.09%
Medifast Inc.^a		5,254		162,191
Nutraceutical International Corp.^a		848		20,496
USANA Health Sciences Inc.^a		2,814		350,765

				533,452
PHARMACEUTICALS — 0.96%
SciClone Pharmaceuticals Inc.^a		26,970		245,697

				245,697
PROFESSIONAL SERVICES — 2.89%
Barrett Business Services Inc.		1,630		67,482
CRA International Inc.^a		1,307		30,505
ICF International Inc.^a,b		1,376		50,444
Navigant Consulting Inc.^a		2,466		38,766
RPX Corp.^a		33,696		521,614
VSE Corp.		592		28,061

				736,872


28		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® ENHANCED U.S. SMALL-CAP ETF

July 31, 2015


Security	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.36%
Agree Realty Corp.		820	$	25,412
Chesapeake Lodging Trust		732		23,475
Dynex Capital Inc.		6,734		49,630
MFA Financial Inc.		55,577		418,495
Select Income REIT		17,044		342,073

				859,085
ROAD & RAIL — 1.37%
Knight Transportation Inc.		754		20,388
Marten Transport Ltd.		6,511		126,248
Werner Enterprises Inc.		7,232		204,232

				350,868
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.79%
Alpha & Omega Semiconductor Ltd.^a		3,933		30,874
Cirrus Logic Inc.^a		14,141		466,795
Integrated Silicon Solution Inc.		928		20,351
PMC-Sierra Inc.^a		28,698		195,433

				713,453
SOFTWARE — 6.16%
AVG Technologies NV^a		11,509		330,769
Gigamon Inc.^a		4,411		118,568
Imperva Inc.^a		4,201		276,006
Infoblox Inc.^a		779		18,306
Pegasystems Inc.		15,801		428,049
TeleCommunication Systems Inc. Class A^a		13,839		50,789
VirnetX Holding Corp.^a,b		7,150		33,104
Zendesk Inc.^a,b		15,420		318,115

				1,573,706
SPECIALTY RETAIL — 3.17%
Children’s Place Inc. (The)		7,393		428,055
Kirkland’s Inc.		1,696		46,267
Select Comfort Corp.^a		6,303		164,130
Stage Stores Inc.		2,370		41,712
Tilly’s Inc. Class A^a		12,748		115,369
Winmark Corp.		127		12,873

				808,406
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.68%
Lexmark International Inc. Class A		5,957		202,478
Nimble Storage Inc.^a,b		14,985		413,886
Stratasys Ltd.^a,b		2,221		68,251

				684,615


Security	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS — 0.14%
Culp Inc.		764	$	23,111
Perry Ellis International Inc.^a		528		12,720

				35,831
THRIFTS & MORTGAGE FINANCE — 0.79%
First Defiance Financial Corp.		1,584		60,905
Meta Financial Group Inc.		1,104		55,818
Territorial Bancorp Inc.		2,531		64,060
United Financial Bancorp Inc.		1,594		21,503

				202,286
WATER UTILITIES — 1.04%
American States Water Co.		3,292		126,907
Artesian Resources Corp. Class A		1,248		26,919
California Water Service Group		1,938		41,725
Connecticut Water Service Inc.		549		18,688
Middlesex Water Co.		960		21,830
York Water Co. (The)		1,440		30,730

				266,799
WIRELESS TELECOMMUNICATION SERVICES — 0.28%
U.S. Cellular Corp.^a		1,938		72,132

				72,132

TOTAL COMMON STOCKS (Cost: $23,306,910)				25,479,253

SHORT-TERM INVESTMENTS — 8.19%

MONEY MARKET FUNDS — 8.19%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%^c,d,e		1,938,692		1,938,692
BlackRock Cash Funds: Prime, SL Agency Shares
0.17%^c,d,e		107,107		107,107
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%^c,d		44,472		44,472

				2,090,271

TOTAL SHORT-TERM INVESTMENTS (Cost: $2,090,271)				2,090,271


SCHEDULESOF INVESTMENTS			29

Schedule of Investments (Continued)

iSHARES^® ENHANCED U.S. SMALL-CAP ETF

July 31, 2015


	Value
TOTAL INVESTMENTS IN SECURITIES — 107.96% (Cost: $25,397,181)	$	27,569,524
Other Assets, Less Liabilities — (7.96)%		(2,032,400	)

NET ASSETS — 100.00%	$	25,537,124

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 1.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 1.

See notes to financial statements.


30		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities

iSHARES^® U.S. ETF TRUST

July 31, 2015


	iShares Enhanced International Large-Cap ETF			iShares Enhanced International Small-Cap ETF			iShares Enhanced U.S. Large-Cap ETF

ASSETS
Investments, at cost:
Unaffiliated	$	82,203,888		$	13,761,485		$	68,237,816
Affiliated (Note 2)		218,672			652,928			1,830,225

Total cost of investments	$	82,422,560		$	14,414,413		$	70,068,041

Investments in securities, at fair value (including securities on loan^a) (Note 1):
Unaffiliated	$	82,823,942		$	13,942,098		$	77,594,877
Affiliated (Note 2)		218,672			652,928			1,830,225

Total fair value of investments		83,042,614			14,595,026			79,425,102
Foreign currency, at value^b		93,339			13,780			—
Receivables:
Due from custodian (Note 4)		—			1,005,937			—
Dividends and interest		150,956			21,967			55,391
Capital shares sold		—			21,780			—

Total Assets		83,286,909			15,658,490			79,480,493


LIABILITIES
Payables:
Investment securities purchased		—			1,005,937			—
Collateral for securities on loan (Note 1)		139,466			641,609			1,662,090
Investment advisory fees (Note 2)		24,438			4,878			11,619

Total Liabilities		163,904			1,652,424			1,673,709


NET ASSETS	$	83,123,005		$	14,006,066		$	77,806,784


Net assets consist of:
Paid-in capital	$	84,826,361		$	14,518,092		$	68,911,976
Undistributed (distributions in excess of) net investment income		46,307			(6,885	)		117,966
Accumulated net realized loss		(2,367,563	)		(685,253	)		(580,219	)
Net unrealized appreciation		617,900			180,112			9,357,061

NET ASSETS	$	83,123,005		$	14,006,066		$	77,806,784


Shares outstanding^c		3,400,000			600,000			2,350,000


Net asset value per share	$	24.45		$	23.34		$	33.11

^a	Securities on loan with values of $133,213, $597,426 and $1,620,073, respectively. See Note 1.

^b	Cost of foreign currency: $93,199, $13,823 and $ —, respectively.

^c	No par value, unlimited number of shares authorized.

See notes to financial statements.


FINANCIAL STATEMENTS			31

Statements of Assets and Liabilities (Continued)

iSHARES^® U.S. ETF TRUST

July 31, 2015


	iShares Enhanced U.S. Small-Cap ETF

ASSETS
Investments, at cost:
Unaffiliated	$	23,306,910
Affiliated (Note 2)		2,090,271

Total cost of investments	$	25,397,181

Investments in securities, at fair value (including securities on loan^a) (Note 1):
Unaffiliated	$	25,479,253
Affiliated (Note 2)		2,090,271

Total fair value of investments		27,569,524
Receivables:
Dividends and interest		20,222

Total Assets		27,589,746


LIABILITIES
Payables:
Collateral for securities on loan (Note 1)		2,045,799
Investment advisory fees (Note 2)		6,823

Total Liabilities		2,052,622


NET ASSETS	$	25,537,124


Net assets consist of:
Paid-in capital	$	23,951,041
Undistributed net investment income		27,000
Accumulated net realized loss		(613,260	)
Net unrealized appreciation		2,172,343

NET ASSETS	$	25,537,124


Shares outstanding^b		800,000


Net asset value per share	$	31.92

^a	Securities on loan with a value of $2,024,563. See Note 1.

^b	No par value, unlimited number of shares authorized.

See notes to financial statements.


32		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations

iSHARES^® U.S. ETF TRUST

Year ended July 31, 2015


	iShares Enhanced International Large-Cap ETF			iShares Enhanced International Small-Cap ETF			iShares Enhanced U.S. Large-Cap ETF

NET INVESTMENT INCOME
Dividends — unaffiliated^a	$	2,173,244		$	302,129		$	1,479,094
Interest — affiliated (Note 2)		5			—			12
Securities lending income — affiliated — net (Note 2)		18,610			8,792			33,634

Total investment income		2,191,859			310,921			1,512,740


EXPENSES
Investment advisory fees (Note 2)		221,595			49,755			128,218

Total expenses		221,595			49,755			128,218

Net investment income		1,970,264			261,166			1,384,522


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,285,707	)		(623,079	)		(301,743	)
In-kind redemptions — unaffiliated		—			—			1,688,976
Foreign currency transactions		(23,532	)		(6,440	)		—

Net realized gain (loss)		(2,309,239	)		(629,519	)		1,387,233

Net change in unrealized appreciation/depreciation on:
Investments		11,921			217,084			5,474,233
Translation of assets and liabilities in foreign currencies		(904	)		(209	)		—

Net change in unrealized appreciation/depreciation		11,017			216,875			5,474,233

Net realized and unrealized gain (loss)		(2,298,222	)		(412,644	)		6,861,466

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(327,958	)	$	(151,478	)	$	8,245,988

^a	Net of foreign withholding tax of $235,624, $30,200 and $ —, respectively.

See notes to financial statements.


FINANCIAL STATEMENTS			33

Statements of Operations (Continued)

iSHARES^® U.S. ETF TRUST

Year ended July 31, 2015


	iShares Enhanced U.S. Small-Cap ETF

NET INVESTMENT INCOME
Dividends — unaffiliated	$	419,737	^a
Interest — affiliated (Note 2)		4
Securities lending income — affiliated — net (Note 2)		11,614

Total investment income		431,355


EXPENSES
Investment advisory fees (Note 2)		69,633

Total expenses		69,633

Net investment income		361,722


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(563,177	)
In-kind redemptions — unaffiliated		5

Net realized loss		(563,172	)

Net change in unrealized appreciation/depreciation		2,127,663

Net realized and unrealized gain		1,564,491

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,926,213

^a	Includes $102,654 related to a special distribution from Engility Holdings Inc.

See notes to financial statements.


34		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® U.S. ETF TRUST


	iShares Enhanced International Large-Cap ETF						iShares Enhanced International Small-Cap ETF
	Year ended July 31, 2015			Period from February 25, 2014^a to July 31, 2014			Year ended July 31, 2015			Period from February 25, 2014^a to July 31, 2014

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	1,970,264		$	460,520		$	261,166		$	83,059
Net realized loss		(2,309,239	)		(82,583	)		(629,519	)		(51,028	)
Net change in unrealized appreciation/depreciation		11,017			606,883			216,875			(36,763	)

Net increase (decrease) in net assets resulting from operations		(327,958	)		984,820			(151,478	)		(4,732	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,946,711	)		(413,507	)		(287,196	)		(68,620	)

Total distributions to shareholders		(1,946,711	)		(413,507	)		(287,196	)		(68,620	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		54,822,179			30,004,182			4,567,025			9,951,067

Net increase in net assets from capital share transactions		54,822,179			30,004,182			4,567,025			9,951,067

INCREASE IN NET ASSETS		52,547,510			30,575,495			4,128,351			9,877,715

NET ASSETS
Beginning of period		30,575,495			—			9,877,715			—

End of period	$	83,123,005		$	30,575,495		$	14,006,066		$	9,877,715

Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	46,307		$	44,852		$	(6,885	)	$	13,638


SHARES ISSUED
Shares sold		2,200,000			1,200,000			200,000			400,000

Net increase in shares outstanding		2,200,000			1,200,000			200,000			400,000

^a	Commencement of operations.

See notes to financial statements.


FINANCIAL STATEMENTS			35

Statements of Changes in Net Assets (Continued)

iSHARES^® U.S. ETF TRUST



	iShares Enhanced U.S. Large-Cap ETF						iShares Enhanced U.S. Small-Cap ETF
	Year ended July 31, 2015			Year ended July 31, 2014			Year ended July 31, 2015			Year ended July 31, 2014

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	1,384,522		$	674,455		$	361,722		$	84,408
Net realized gain (loss)		1,387,233			248,938			(563,172	)		275,035
Net change in unrealized appreciation/depreciation		5,474,233			3,481,645			2,127,663			(269,800	)

Net increase in net assets resulting from operations		8,245,988			4,405,038			1,926,213			89,643


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,346,033	)		(617,533	)		(344,193	)		(77,481	)

Total distributions to shareholders		(1,346,033	)		(617,533	)		(344,193	)		(77,481	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		21,862,919			44,156,247			10,767,793			11,924,754
Cost of shares redeemed		(7,983,323	)		(2,959,531	)		—			(1,507,846	)

Net increase in net assets from capital share transactions		13,879,596			41,196,716			10,767,793			10,416,908

INCREASE IN NET ASSETS		20,779,551			44,984,221			12,349,813			10,429,070

NET ASSETS
Beginning of year		57,027,233			12,043,012			13,187,311			2,758,241

End of year	$	77,806,784		$	57,027,233		$	25,537,124		$	13,187,311

Undistributed net investment income included in net assets at end of year	$	117,966		$	79,477		$	27,000		$	9,471


SHARES ISSUED AND REDEEMED
Shares sold		700,000			1,550,000			350,000			400,000
Shares redeemed		(250,000	)		(100,000	)		—			(50,000	)

Net increase in shares outstanding		450,000			1,450,000			350,000			350,000

See notes to financial statements.


36		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)


		iShares Enhanced International Large-Cap ETF


	Year ended Jul. 31, 2015				Period from Feb. 25, 2014^a to Jul. 31, 2014
Net asset value, beginning of period	$	25.48			$	24.90

Income from investment operations:
Net investment income^b		0.75				0.56
Net realized and unrealized gain (loss)^c		(1.17	)			0.40

Total from investment operations		(0.42	)			0.96

Less distributions from:
Net investment income		(0.61	)			(0.38	)

Total distributions		(0.61	)			(0.38	)

Net asset value, end of period	$	24.45			$	25.48


Total return		(1.59	)%			3.80	%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	83,123			$	30,575
Ratio of expenses to average net assets^e		0.35	%			0.35	%
Ratio of net investment income to average net assets^e		3.11	%	��		5.04	%
Portfolio turnover rate^f		41	%			20	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout each period.

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

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			37

Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)


		iShares Enhanced International Small-Cap ETF


	Year ended Jul. 31, 2015			Period from Feb. 25, 2014^a to Jul. 31, 2014
Net asset value, beginning of period	$	24.69		$	24.87

Income from investment operations:
Net investment income^b		0.60			0.34
Net realized and unrealized loss^c		(1.32	)		(0.29	)

Total from investment operations		(0.72	)		0.05

Less distributions from:
Net investment income		(0.63	)		(0.23	)

Total distributions		(0.63	)		(0.23	)

Net asset value, end of period	$	23.34		$	24.69


Total return		(2.82	)%		0.18	%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	14,006		$	9,878
Ratio of expenses to average net assets^e		0.49	%		0.49	%
Ratio of net investment income to average net assets^e		2.57	%		3.20	%
Portfolio turnover rate^f		61	%		17	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout each period.

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

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


38		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)


		iShares Enhanced U.S. Large-Cap ETF


	Year ended Jul. 31, 2015			Year ended Jul. 31, 2014			Period from Apr. 16, 2013^a to Jul. 31, 2013
Net asset value, beginning of period	$	30.01		$	26.76		$	24.79

Income from investment operations:
Net investment income^b		0.62			0.54			0.14
Net realized and unrealized gain^c		3.08			3.19			1.89

Total from investment operations		3.70			3.73			2.03

Less distributions from:
Net investment income		(0.60	)		(0.48	)		(0.06	)

Total distributions		(0.60	)		(0.48	)		(0.06	)

Net asset value, end of period	$	33.11		$	30.01		$	26.76


Total return		12.40	%		14.00	%		8.19	%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	77,807		$	57,027		$	12,043
Ratio of expenses to average net assets^e		0.18	%		0.18	%		0.18	%
Ratio of net investment income to average net assets^e		1.94	%		1.87	%		1.90	%
Portfolio turnover rate^f		44	%		20	%		5	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout each period.

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

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			39

Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)


		iShares Enhanced U.S. Small-Cap ETF


	Year ended Jul. 31, 2015			Year ended Jul. 31, 2014			Period from Apr. 16, 2013^a to Jul. 31, 2013
Net asset value, beginning of period	$	29.31		$	27.58		$	24.67

Income from investment operations:
Net investment income^b		0.57	^c		0.33			0.16
Net realized and unrealized gain^d		2.58			1.73			2.88

Total from investment operations		3.15			2.06			3.04

Less distributions from:
Net investment income		(0.54	)		(0.33	)		(0.13	)

Total distributions		(0.54	)		(0.33	)		(0.13	)

Net asset value, end of period	$	31.92		$	29.31		$	27.58


Total return		10.78	%		7.43	%		12.37	%^e


Ratios/Supplemental data:
Net assets, end of period (000s)	$	25,537		$	13,187		$	2,758
Ratio of expenses to average net assets^f		0.35	%		0.35	%		0.35	%
Ratio of net investment income to average net assets^f		1.82	%^c		1.13	%		2.09	%
Portfolio turnover rate^g		53	%		39	%		9	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout each period.

^c	Includes a special distribution from Engility Holdings Inc. Excluding such special distribution, the net investment income would have been $0.41 per share and 1.30% of average net assets.

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

^e	Not annualized.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


40		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements

iSHARES^® U.S. ETF TRUST

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 was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated June 21, 2011.

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


iShares ETF		Diversification Classification
Enhanced International Large-Cap		Non-diversified
Enhanced International Small-Cap		Non-diversified
Enhanced U.S. Large-Cap		Diversified
Enhanced U.S. Small-Cap		Diversified

Pursuant to the Trust’s organizational documents, the Funds’ officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

1.	*SIGNIFICANT ACCOUNTING POLICIES*

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. 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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of Trustees of the Trust (the “Board”).

•

Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Open-end U.S. mutual funds are valued at that day’s published net asset value (“NAV”).

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These


NOTESTO FINANCIAL STATEMENTS			41

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices, reviews of large movements in market values, and reviews of market related activity.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

•

Level 1 — Unadjusted quoted prices in active markets 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, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

•

Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of July 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.


	Investments
iShares ETF and Investment Type	Level 1		Level 2		Level 3		Total
Enhanced International Large-Cap
Assets:
Common Stocks	$	82,534,613	$	—	$	—	$	82,534,613
Preferred Stocks		289,329		—		—		289,329
Money Market Funds		218,672		—		—		218,672

	$	83,042,614	$	—	$	—	$	83,042,614


42		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST


	Investments
iShares ETF and Investment Type	Level 1		Level 2			Level 3			Total
Enhanced International Small-Cap
Assets:
Common Stocks	$	13,942,098	$	—		$	—		$	13,942,098
Rights		—	$	0	^a	$	0	^a		0	^a
Money Market Funds		652,928		—			—			652,928

	$	14,595,026	$	0	^a	$	0	^a	$	14,595,026

Enhanced U.S. Large-Cap
Assets:
Common Stocks	$	77,594,877	$	—		$	—		$	77,594,877
Money Market Funds		1,830,225		—			—			1,830,225

	$	79,425,102	$	—		$	—		$	79,425,102

Enhanced U.S. Small-Cap
Assets:
Common Stocks	$	25,479,253	$	—		$	—		$	25,479,253
Money Market Funds		2,090,271		—			—			2,090,271

	$	27,569,524	$	—		$	—		$	27,569,524

Rounds to less than $1.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of July 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.


NOTESTO FINANCIAL STATEMENTS			43

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

FOREIGN TAXES

Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of July 31, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of July 31, 2015 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount


44		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of July 31, 2015:


iShares ETF	Market Value of Securities on Loan		Cash Collateral Received^a		Net Amount
Enhanced International Large-Cap	$	133,213	$	133,213	$	—
Enhanced International Small-Cap		597,426		597,426		—
Enhanced U.S. Large-Cap		1,620,073		1,620,073		—
Enhanced U.S. Small-Cap		2,024,563		2,024,563		—

Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management does not expect the guidance to have a material impact on the Funds’ financial statements and disclosures.

2.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

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


iShares ETF	Investment Advisory Fee
Enhanced International Large-Cap		0.35	%
Enhanced International Small-Cap		0.49
Enhanced U.S. Large-Cap		0.18
Enhanced U.S. Small-Cap		0.35

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal


NOTESTO FINANCIAL STATEMENTS			45

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, the iShares Enhanced U.S. Large-Cap ETF and iShares Enhanced U.S. Small-Cap ETF (the “Group 1 Funds”), retain 71.5% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees.

Pursuant to a securities lending agreement, the iShares Enhanced International Large-Cap ETF and iShares Enhanced International Small-Cap ETF (the “Group 2 Funds”), retain 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, each Group 1 Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 75% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund will receive for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2015, each Group 1 Fund retained 70% of securities lending income and each Group 2 Fund retained 75% of securities lending income, and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in the calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013 and pursuant to a securities lending agreement, each Group 1 Fund retained for the remainder of the calendar year 2014, 75% of securities lending income and each Group 2 Fund retained 80% of securities lending income, and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the year ended July 31, 2015, the total of securities lending agent services and collateral investment fees paid were as follows:


iShares ETF	Fees Paid to BTC
Enhanced International Large-Cap	$	5,537
Enhanced International Small-Cap		2,494
Enhanced U.S. Large-Cap		14,303
Enhanced U.S. Small-Cap		5,392

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

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest – affiliated” in the statements of operations.

The PNC Financial Services Group, Inc. is the largest stockholder of BlackRock and is considered to be an affiliate of the Funds for 1940 Act purposes.


46		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

Certain trustees and officers of the Trust are also officers of BTC and/or BFA.

3.	*INVESTMENT PORTFOLIO TRANSACTIONS*

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended July 31, 2015 were as follows:


iShares ETF	Purchases		Sales
Enhanced International Large-Cap	$	26,562,251	$	26,042,568
Enhanced International Small-Cap		6,358,182		6,273,320
Enhanced U.S. Large-Cap		30,983,428		30,791,690
Enhanced U.S. Small-Cap		10,806,679		10,499,617

In-kind transactions (see Note 4) for the year ended July 31, 2015 were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Enhanced International Large-Cap	$	53,901,858	$	—
Enhanced International Small-Cap		4,495,828		—
Enhanced U.S. Large-Cap		21,555,217		7,879,810
Enhanced U.S. Small-Cap		10,467,952		—

4.	*CAPITAL SHARE TRANSACTIONS*

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the statements of changes in net assets.

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

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 contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the statements of assets and liabilities.

5.	*PRINCIPAL RISKS*

In the normal course of business, each Fund’s investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks each Fund is exposed to include market risk and credit risk. Each Fund’s prospectus provides details of these and other types of risk.


NOTESTO FINANCIAL STATEMENTS			47

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

MARKET RISK

Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss each Fund may suffer through holding market positions in the face of market movements. Each Fund is exposed to market risk by virtue of its investment in equity instruments. The fair value of securities held by the Funds may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of each Fund’s exposure to market risk is the market value of the investments held as shown in the Fund’s schedule of investments.

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

The iShares Enhanced International Large-Cap ETF and iShares Enhanced International Small-Cap ETF each invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.

CREDIT RISK

Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

6.	*INCOME TAX INFORMATION*

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of


48		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

July 31, 2015, attributable to passive foreign investment companies, foreign currency transactions and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:


iShares ETF	Paid-in Capital		Undistributed Net Investment Income/Distributions in Excess of Net Investment Income			Undistributed Net Realized Gain/Accumulated Net Realized Loss
Enhanced International Large-Cap	$	—	$	(22,098	)	$	22,098
Enhanced International Small-Cap		—		5,507			(5,507	)
Enhanced U.S. Large-Cap		1,670,296		—			(1,670,296	)
Enhanced U.S. Small-Cap		5		—			(5	)

The tax character of distributions paid during the years ended July 31, 2015 and July 31, 2014 was as follows:


iShares ETF	2015		2014
Enhanced International Large-Cap
Ordinary income	$	1,946,711	$	413,507


Enhanced International Small-Cap
Ordinary income	$	287,196	$	68,620


Enhanced U.S. Large-Cap
Ordinary income	$	1,346,033	$	617,533


Enhanced U.S. Small-Cap
Ordinary income	$	344,193	$	77,481

As of July 31, 2015, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF	Undistributed Ordinary Income		Capital Loss Carryforwards			Net Unrealized Gains (Losses)^a		Qualified Late-Year Losses ^b			Total
Enhanced International Large-Cap	$	132,153	$	(207,438	)	$	441,821	$	(2,069,892	)	$	(1,703,356	)
Enhanced International Small-Cap		24,643		(133,357	)		102,341		(505,653	)		(512,026	)
Enhanced U.S. Large-Cap		117,966		(237,466	)		9,282,263		(267,955	)		8,894,808
Enhanced U.S. Small-Cap		27,000		(93,329	)		2,158,921		(506,509	)		1,586,083

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.


NOTESTO FINANCIAL STATEMENTS			49

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

As of July 31, 2015, the following Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non- Expiring
Enhanced International Large-Cap	$	207,438
Enhanced International Small-Cap		133,357
Enhanced U.S. Large-Cap		237,466
Enhanced U.S. Small-Cap		93,329

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

As of July 31, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Enhanced International Large-Cap	$	82,598,639	$	6,147,160	$	(5,703,185	)	$	443,975
Enhanced International Small-Cap		14,492,184		1,129,951		(1,027,109	)		102,842
Enhanced U.S. Large-Cap		70,142,839		10,333,460		(1,051,197	)		9,282,263
Enhanced U.S. Small-Cap		25,410,603		3,145,554		(986,633	)		2,158,921

Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7.	*SUBSEQUENT EVENTS*

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


50		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

iShares U.S. ETF Trust:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares Enhanced International Large-Cap ETF, iShares Enhanced International Small-Cap ETF, iShares Enhanced U.S. Large-Cap ETF and iShares Enhanced U.S. Small-Cap ETF (the “Funds”) at July 31, 2015, the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at July 31, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

September 22, 2015


REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			51

Tax Information (Unaudited)

iSHARES^® U.S. ETF TRUST

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the following maximum amounts are hereby designated as qualified dividend income for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended July 31, 2015:


iShares ETF	Qualified Dividend Income
Enhanced International Large-Cap	$	2,363,405
Enhanced International Small-Cap		260,274
Enhanced U.S. Large-Cap		1,428,684
Enhanced U.S. Small-Cap		356,370

In February 2016, shareholders will receive Form 1099-DIV which will include their share of qualified dividend income distributed during the calendar year 2015. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their income tax returns.

For corporate shareholders, the percentages of income dividends paid during the fiscal year ended July 31, 2015 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends- Received Deduction
Enhanced U.S. Large-Cap		93.15	%
Enhanced U.S. Small-Cap		68.49

For the fiscal year ended July 31, 2015, the following Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders pursuant to Section 853 of the Code:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
Enhanced International Large-Cap	$	2,408,868	$	235,624
Enhanced International Small-Cap		332,329		29,605


52		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract

iSHARES^® U.S. ETF TRUST

I. iShares Enhanced International Large-Cap ETF, iShares Enhanced U.S. Large – Cap ETF and iShares Enhanced U.S. Small-Cap ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Trustees required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Funds — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising such Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Groups. The Board further noted that due to the limitations in providing comparable funds in the various Lipper Groups, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of each Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as any particular Fund, Lipper also provided, and the Board reviewed, a comparison of such Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Funds generally performed in line with their respective performance benchmark indexes over the relevant periods.


BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT			53

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

In considering this information, the Board noted that the Lipper Group may include funds that have different investment objectives and/or benchmarks from the Funds. In addition, the Board noted that each Fund seeks to track its own investment strategy or investment mandate and that, during the prior year, the Board received periodic reports on the Funds’ performance in comparison with their relevant investment strategy or investment mandate. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

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

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective inception date.

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

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Funds based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Funds’ assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information


54		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Funds did not provide for any breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Funds may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with similar investment strategies or investment mandates as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different, generally more extensive services provided to the Funds, as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds were generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.


BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT			55

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

Based on the considerations described above, the Board determined that each Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of each Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

II. iShares Enhanced International Small-Cap ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Trustees required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a


56		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own investment strategy or investment mandate and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its investment strategy or investment mandate. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

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

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.


BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT			57

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as


58		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.


BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT			59

Supplemental Information (Unaudited)

iSHARES^® U.S. ETF TRUST

Section 19(a) Notices

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


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Enhanced International Large-Cap	$	0.612103	$	—	$	—	$	0.612103		100	%		—	%		—	%		100	%
Enhanced International Small-Cap		0.632237		—		—		0.632237		100			—			—			100
Enhanced U.S. Large-Cap		0.597277		—		—		0.597277		100			—			—			100
Enhanced U.S. Small-Cap		0.520336		—		0.014877		0.535213		97			—			3			100

Premium/Discount Information

The tables that follow present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that a fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for each of the Funds included in this report. The information shown for each Fund is for five calendar years (or for each full calendar quarter completed after the inception date of such Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for each Fund are disclosed in the table for such Fund.


60		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares Enhanced International Large-Cap ETF

Period Covered: April 1, 2014 through June 30, 2015


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.5% and Less than 2.0%		2		0.63	%
Greater than 1.0% and Less than 1.5%		4		1.27
Greater than 0.5% and Less than 1.0%		81		25.71
Between 0.5% and –0.5%		214		67.94
Less than –0.5% and Greater than –1.0%		13		4.13
Less than –1.0% and Greater than –1.5%		1		0.32

		315		100.00	%

iShares Enhanced International Small-Cap ETF

Period Covered: April 1, 2014 through June 30, 2015


Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.5% and Less than 3.0%		1		0.32	%
Greater than 2.0% and Less than 2.5%		1		0.32
Greater than 1.5% and Less than 2.0%		3		0.95
Greater than 1.0% and Less than 1.5%		30		9.52
Greater than 0.5% and Less than 1.0%		151		47.94
Between 0.5% and –0.5%		123		39.05
Less than –0.5% and Greater than –1.0%		6		1.90

		315		100.00	%

iShares Enhanced U.S. Large-Cap ETF

Period Covered: July 1, 2013 through June 30, 2015


Premium/Discount Range	Number of Days		Percentage of Total Days
Between 0.5% and –0.5%		504		100.00	%

iShares Enhanced U.S. Small-Cap ETF

Period Covered: July 1, 2013 through June 30, 2015


Premium/Discount Range	Number of Days		Percentage of Total Days
Between 0.5% and –0.5%		504		100.00	%


SUPPLEMENTAL INFORMATION			61

Trustee and Officer Information

iSHARES^® U.S. ETF TRUST

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

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust and, as a result, oversees a total of 335 funds (as of July 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Trustee and Officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

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

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


62		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees



Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert H. Silver (60)	Trustee (since 2011); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Director of iShares, Inc. (since 2007); Independent Chairman of iShares, Inc. and iShares Trust (since 2012).

Jane D. Carlin (59)	Trustee (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Director of iShares, Inc. (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).

Cecilia H. Herbert (66)	Trustee (since 2011); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005); Director of Forward Funds (34 portfolios) (since 2009).

Charles A. Hurty (71)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).


TRUSTEEAND OFFICER INFORMATION			63

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees (Continued)



Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (60)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005).

John E. Martinez (54)	Trustee (since 2011); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Director of iShares, Inc. (since 2003).

Madhav V. Rajan (50)	Trustee (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Director of iShares, Inc. (since 2011); Director, Cavium, Inc. (since 2013).


64		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Officers



Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).

Jack Gee (55)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).

Benjamin Archibald (40)	Secretary (since 2015).	Managing Director of BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director of BlackRock, Inc. (2010-2013).

Charles Park (47)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).

Amy Schioldager (52)	Executive Vice President (since 2011).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).


TRUSTEEAND OFFICER INFORMATION			65

Notes:


66		2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

A description of the policies that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request, by calling toll-free 1-800-474-2737; on the Funds’ website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds also disclose their complete schedules of portfolio holdings on a daily basis on the Funds’ website.

iS-AR-712-0715

Item 2.

Code of Ethics.

iShares U.S. ETF Trust (the “Registrant”) adopted a new code of ethics on July 1, 2015 that applies to persons appointed by the Registrant’s Board of Trustees as the President and/or Chief Financial Officer, and any persons performing similar functions. For the fiscal year ended July 31, 2015, there were no amendments to any provision of the former and new codes of ethics, nor were there any waivers granted from any provision of the former and new codes of ethics. A copy of the new code of ethics is filed with this Form N-CSR under Item 12(a)(1).

Item 3.

Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that the Registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the Registrant’s audit committee are Charles A. Hurty, John E. Kerrigan, Robert H. Silver and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4.

Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the four series of the Registrant for which the fiscal year-end is July 31, 2015 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a)

Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years, were $52,400 for the fiscal year ended July 31, 2014 and $56,200 for the fiscal year ended July 31, 2015.

(b)

Audit-Related Fees – There were no fees billed for the fiscal years ended July 31, 2014 and July 31, 2015 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c)

Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for the review of the Funds’ tax returns and excise tax calculations were $14,708 for the fiscal year ended July 31, 2014 and $14,928 for the fiscal year ended July 31, 2015.

(d)

All Other Fees – There were no other fees billed for the fiscal years ended July 31, 2014 and July 31, 2015 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)

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

(2) There were no services described in (b) through (d) above (including services required by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended July 31, 2015 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)

The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the Funds, and rendered to the Registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the Registrant for the last two fiscal years were $3,331,359 for the fiscal year ended July 31, 2014 and $3,956,652 for the fiscal year ended July 31, 2015.

(h)

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

Item 5.

Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Jane D. Carlin, Cecilia H. Herbert, Charles A. Hurty, John E. Kerrigan, Robert H. Silver, John E. Martinez and Madhav V. Rajan.

Item 6.

Investments.

(a)

Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10.

Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11.

Controls and Procedures.

(a) The President (the Registrant’s Principal Executive Officer) and Chief Financial Officer (the Registrant’s Principal Financial Officer) have concluded that, based on their evaluation as of a date within 90 days of the filing date of this report, the disclosure controls and procedures of the Registrant (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are reasonably designed to achieve the purposes described in Section 4(a) of the attached certification.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of 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 12. Exhibits.

(a) (1) Code of Ethics for Senior Officers that is the subject of Item 2 is attached.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable to the Registrant.

(b) Section 906 Certifications are attached.

SIGNATURES

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/ Manish Mehta
Manish Mehta, President (Principal Executive Officer)

Date: September 24, 2015

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/ Manish Mehta
Manish Mehta, President (Principal Executive Officer)

Date:		September 24, 2015

By:		/s/ Jack Gee
Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date:		September 24, 2015

Name (Age)

Position(s)

Principal Occupation(s)
During the Past 5 Years

Other Directorships Held by Trustee

Robert S. Kapito^a (58)

Trustee (since 2011).

President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).

Trustee of iShares Trust (since 2009); Director of iShares, Inc. (since 2009); Director of BlackRock, Inc. (since 2006).

Mark Wiedman^b (44)

Trustee (since 2013)

Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).

Trustee of iShares Trust (since 2013); Director of iShares, Inc. (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).