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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

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, 2016

Date of reporting period: January 31, 2016

Item 1. Reports to Stockholders.

JANUARY 31, 2016

2016 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

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

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

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

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

Table of Contents

Fund Performance Overviews	5
About Fund Performance	9
Shareholder Expenses	9
Schedules of Investments	10
iShares Enhanced International Large-Cap ETF	10
iShares Enhanced International Small-Cap ETF	13
iShares Enhanced U.S. Large-Cap ETF	17
iShares Enhanced U.S. Small-Cap ETF	20
Financial Statements	24
Financial Highlights	30
Notes to Financial Statements	34
Supplemental Information	44

Fund Performance Overview

iSHARES^® ENHANCED INTERNATIONAL LARGE-CAP ETF

Performance as of January 31, 2016

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 six-month reporting period ended January 31, 2016, the total return for the Fund was -11.36%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		(4.58)%		(5.01)%		(4.58)%		(9.46)%
Fund Market		(2.69)%		(4.22)%		(2.69)%		(7.99)%
MSCI World ex USA Index		(9.39)%		(7.87)%		(9.39)%		(14.63)%

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 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/15)		Ending Account Value (1/31/16)		Expenses Paid During  Period a		Beginning Account Value (8/1/15)		Ending Account Value (1/31/16)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	886.40	$	1.66	$	1,000.00	$	1,023.40	$	1.78		0.35%

^a  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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 9 for more information.

ALLOCATION BY SECTOR

As of 1/31/16

Sector Percentage of Total Investments*

Financials	24.99	%
Industrials	19.77
Telecommunication Services	9.89
Consumer Staples	8.36
Materials	6.50
Consumer Discretionary	6.42
Energy	6.25
Health Care	6.12
Utilities	5.92
Information Technology	5.78
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 1/31/16

Country Percentage of Total Investments*

Japan	26.20	%
United Kingdom	13.33
Switzerland	10.68
Canada	9.03
Germany	7.69
Denmark	7.04
Belgium	5.27
Finland	4.87
France	4.05
Australia	3.16
TOTAL	91.32	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® ENHANCED INTERNATIONAL SMALL-CAP ETF

Performance as of January 31, 2016

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 six-month reporting period ended January 31, 2016, the total return for the Fund was -8.27%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		(0.49)%		(5.68)%		(0.49)%		(10.70)%
Fund Market		1.43%		(4.83)%		1.43%		(9.13)%
MSCI World ex USA Small Cap Index		(1.70)%		(5.70)%		(1.70)%		(10.71)%

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.

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 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/15)		Ending Account Value (1/31/16)		Expenses Paid During  Period a		Beginning Account Value (8/1/15)		Ending Account Value (1/31/16)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	917.30	$	2.36	$	1,000.00	$	1,022.70	$	2.49		0.49%

^a  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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 9 for more information.

ALLOCATION BY SECTOR

As of 1/31/16

Sector Percentage of Total Investments*

Consumer Discretionary	20.39	%
Industrials	17.64
Financials	16.13
Information Technology	11.77
Materials	8.60
Consumer Staples	7.94
Energy	6.59
Health Care	5.74
Telecommunication Services	4.19
Utilities	1.01
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 1/31/16

Country Percentage of Total Investments*

Japan	33.29	%
United Kingdom	13.21
Canada	7.52
Denmark	5.69
Australia	5.36
Germany	4.80
Finland	4.62
Belgium	4.01
Israel	3.68
Switzerland	3.65
TOTAL	85.83	%

* Excludes money market funds.

6 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® ENHANCED U.S. LARGE-CAP ETF

Performance as of January 31, 2016

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 six-month reporting period ended January 31, 2016, the total return for the Fund was -7.38%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		(1.62)%		9.35%		(1.62)%		28.41%
Fund Market		(1.62)%		9.36%		(1.62)%		28.45%
Russell 1000 Index		(1.82)%		9.70%		(1.82)%		29.44%

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.

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 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/15)		Ending Account Value (1/31/16)		Expenses Paid During  Period a		Beginning Account Value (8/1/15)		Ending Account Value (1/31/16)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	926.20	$	0.87	$	1,000.00	$	1,024.20	$	0.92		0.18%

^a  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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 9 for more information.

ALLOCATION BY SECTOR

As of 1/31/16

Sector Percentage of Total Investments*

Information Technology	28.03	%
Financials	18.29
Consumer Discretionary	12.92
Health Care	12.77
Utilities	9.62
Consumer Staples	5.73
Industrials	5.51
Energy	5.06
Telecommunication Services	1.99
Materials	0.08
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/16

Security Percentage of Total Investments*

Wal-Mart Stores Inc.	2.32	%
Johnson & Johnson	2.25
Chubb Ltd.	2.21
Microsoft Corp.	2.16
DTE Energy Co.	2.15
Anthem Inc.	2.08
Intuit Inc.	2.05
CR Bard Inc.	2.05
TJX Companies Inc. (The)	2.04
Reinsurance Group of America Inc.	2.03
TOTAL	21.34	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® ENHANCED U.S. SMALL-CAP ETF

Performance as of January 31, 2016

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 six-month reporting period ended January 31, 2016, the total return for the Fund was -11.79%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		(8.27)%		6.08%		(8.27)%		17.96%
Fund Market		(8.29)%		6.12%		(8.29)%		18.09%
Russell 2000 Index		(9.92)%		5.59%		(9.92)%		16.37%

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.

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 9 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (8/1/15)		Ending Account Value (1/31/16)		Expenses Paid During  Period a		Beginning Account Value (8/1/15)		Ending Account Value (1/31/16)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	882.10	$	1.66	$	1,000.00	$	1,023.40	$	1.78		0.35%

^a  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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 9 for more information.

ALLOCATION BY SECTOR

As of 1/31/16

Sector Percentage of Total Investments*

Financials	25.28	%
Information Technology	23.23
Consumer Discretionary	14.67
Industrials	9.57
Health Care	7.71
Utilities	7.16
Consumer Staples	5.36
Energy	3.48
Materials	3.07
Telecommunication Services	0.47
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 1/31/16

Security Percentage of Total Investments*

Cirrus Logic Inc.	2.16	%
Triple-S Management Corp. Class B	2.14
ManTech International Corp./VA Class A	2.10
Advanced Energy Industries Inc.	2.07
Sturm Ruger & Co. Inc.	2.03
Cash America International Inc.	1.97
Children’s Place Inc. (The)	1.97
American National Insurance Co.	1.96
Heritage Insurance Holdings Inc.	1.86
RPX Corp.	1.85
TOTAL	20.11	%

* Excludes money market funds.

8 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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 August 1, 2015 and held through January 31, 2016, 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.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 9

Schedule of Investments (Unaudited)

iSHA RES^® ENHANCED INTERNATIONAL LARGE-CAP ETF

January 31, 2016

Security	Shares		Value
COMMON STOCKS — 99.48%
AUSTRALIA — 3.14%
Aristocrat Leisure Ltd.		15,092	$	109,422
ASX Ltd.		42,896		1,285,005
Brambles Ltd.		13,860		109,117
Caltex Australia Ltd.		5,320		139,799
Dexus Property Group		21,633		112,624
GPT Group (The)		10,836		37,404
Qantas Airways Ltd.		35,785		98,213
				1,891,584
AUSTRIA — 0.47%
OMV AG		11,088		283,807
				283,807
BELGIUM — 5.25%
Ageas		4,200		169,718
bpost SA		7,840		185,360
Colruyt SA		2,100		111,775
Delhaize Group		6,524		680,798
Proximus SADP		11,060		379,967
Solvay SA		13,384		1,101,947
Telenet Group Holding NVa		4,788		248,318
Umicore SA		7,644		279,525
				3,157,408
CANADA — 8.99%
Agrium Inc.		2,352		204,439
Alimentation Couche-Tard Inc. Class B		1,680		72,799
Bank of Montreal		10,332		552,264
Bank of Nova Scotia (The)		3,472		141,594
Canadian Imperial Bank of Commerce/Canada		14,756		956,715
Constellation Software Inc./Canada		3,388		1,227,841
Crescent Point Energy Corp.		38,948		429,819
Empire Co. Ltd. Class A		9,660		181,771
Fairfax Financial Holdings Ltd.		84		43,056
Husky Energy Inc.		7,920		78,454
Intact Financial Corp.		308		18,385
Linamar Corp.		476		18,478
National Bank of Canada		20,160		572,603
Open Text Corp.		1,148		55,913
Rogers Communications Inc. Class B		4,844		165,121
SNC-Lavalin Group Inc.		18,732		533,108
Thomson Reuters Corp.		4,312		160,561
				5,412,921

Security	Shares		Value
DENMARK — 7.01%
AP Moeller – Maersk A/S Class A		224	$	281,914
AP Moeller – Maersk A/S Class B		1,008		1,289,075
Coloplast A/S Class B		9,128		744,470
Danske Bank A/S		5,572		149,220
Jyske Bank A/S Registereda		2,296		100,304
Novo Nordisk A/S Class B		4,592		252,942
TDC A/S		42,653		181,884
Vestas Wind Systems A/S		18,819		1,222,157
				4,221,966
FINLAND — 4.85%
Neste OYJ		5,292		164,800
Nokia OYJ		181,804		1,298,358
Nokian Renkaat OYJ		19,852		670,203
Stora Enso OYJ Class R		36,372		294,188
UPM-Kymmene OYJ		30,240		489,182
				2,916,731
FRANCE — 4.03%
Danone SA		840		57,671
Electricite de France SA		2,744		35,749
Eutelsat Communications SA		1,708		55,010
Numericable-SFR SAS		728		28,792
Peugeot SAa		50,652		748,677
SCOR SE		2,072		72,024
SES SA		15,344		399,550
Total SA		22,652		1,002,973
Veolia Environnement SA		1,176		28,243
				2,428,689
GERMANY — 7.55%
CTS Eventim AG & Co. KGaA		1,036		37,924
Deutsche Boerse AG		1,008		85,740
Deutsche Lufthansa AG Registereda		73,668		1,073,328
GEA Group AG		30,016		1,254,494
Kabel Deutschland Holding AG		4,368		557,714
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		3,192		610,823
Telefonica Deutschland Holding AG		186,928		922,937
				4,542,960
HONG KONG — 0.06%
PCCW Ltd.		56,000		33,386
				33,386
ISRAEL — 0.44%
Bank Hapoalim BM		3,416		15,760

10 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ENHANCED INTERNATIONAL LARGE-CAP ETF

January 31, 2016

Security	Shares		Value
Bank Leumi le-Israel BMa		5,628	$	18,482
Bezeq The Israeli Telecommunication Corp. Ltd.		108,892		233,467
				267,709
ITALY — 0.27%
EXOR SpA		2,716		87,960
Mediaset SpA		22,008		73,441
				161,401
JAPAN — 26.09%
Aeon Co. Ltd.		8,400		110,807
Aisin Seiki Co. Ltd.		2,800		116,797
ANA Holdings Inc.		56,000		162,359
Aozora Bank Ltd.		112,000		370,974
Canon Inc.		8,400		231,882
Chubu Electric Power Co. Inc.		5,600		70,934
Daiichi Sankyo Co. Ltd.		11,200		229,569
Eisai Co. Ltd.		11,200		665,163
ITOCHU Corp.		11,200		129,286
Japan Airlines Co. Ltd.		36,400		1,345,776
Japan Exchange Group Inc.		5,600		77,988
JFE Holdings Inc.		5,600		74,287
JX Holdings Inc.		249,200		938,630
Kansai Electric Power Co. Inc. (The)a		5,600		59,925
Kawasaki Heavy Industries Ltd.		280,000		848,800
KDDI Corp.		5,600		139,139
Kuraray Co. Ltd.		2,800		33,304
Lawson Inc.		2,800		218,329
Marubeni Corp.		84,000		395,906
Mitsubishi UFJ Financial Group Inc.		67,200		338,262
Mitsui & Co. Ltd.		39,200		438,901
Mixi Inc.		2,800		88,118
Mizuho Financial Group Inc.		652,400		1,109,023
Nexon Co. Ltd.		8,400		134,467
Nippon Telegraph & Telephone Corp.		22,400		930,304
Nippon Yusen KK		56,000		118,416
Nomura Real Estate Master Fund Inc.a		28		34,230
NTT DOCOMO Inc.		50,400		1,052,003
Oracle Corp. Japan		5,600		251,171
Park24 Co. Ltd.		2,800		77,363
Resona Holdings Inc.		187,600		848,396
Shinsei Bank Ltd.		56,000		86,036
Sompo Japan Nipponkoa Holdings Inc.		2,800		81,388
Sumitomo Chemical Co. Ltd.		28,000		139,462
Sumitomo Corp.		11,200		109,905
Sumitomo Mitsui Financial Group Inc.		22,400		736,398

Security	Shares		Value
Sumitomo Rubber Industries Ltd.		8,400	$	104,978
Suntory Beverage & Food Ltd.		5,600		255,334
Takeda Pharmaceutical Co. Ltd.		2,800		133,518
Tohoku Electric Power Co. Inc.		5,600		69,292
Tokyo Electric Power Co. Inc.a		226,800		1,124,024
Tokyo Gas Co. Ltd.		112,000		508,448
West Japan Railway Co.		11,200		716,045
				15,705,337
NETHERLANDS — 2.48%
Aegon NV		86,604		487,385
AerCap Holdings NVa		1,792		55,032
Altice NV Class Aa		4,704		67,391
Altice NV Class Ba		812		11,971
Boskalis Westminster		4,424		173,768
Koninklijke Ahold NV		5,603		126,256
NN Group NV		17,024		573,993
				1,495,796
NORWAY — 0.12%
Orkla ASA		9,100		73,091
				73,091
SINGAPORE — 1.57%
ComfortDelGro Corp. Ltd.		36,400		72,375
Singapore Airlines Ltd.		56,000		433,977
Singapore Exchange Ltd.		13,000		64,667
StarHub Ltd.		156,800		372,363
				943,382
SPAIN — 0.10%
Mediaset Espana Comunicacion SA		6,048		58,447
				58,447
SWEDEN — 3.14%
Boliden AB		59,108		816,832
ICA Gruppen AB		28,056		990,391
Millicom International Cellular SA SDR		1,848		81,205
				1,888,428
SWITZERLAND — 10.64%
Aryzta AG		4,144		188,869
Baloise Holding AG Registered		4,536		553,360
Banque Cantonale Vaudoise Registered		168		101,326
Barry Callebaut AG Registered		308		351,390
Credit Suisse Group AG Registered		21,188		372,209
Helvetia Holding AG Registered		280		145,377
Lonza Group AG Registered		504		76,880
PSP Swiss Property AG Registered		588		49,925

SCHEDULESOF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ENHANCED INTERNATIONAL LARGE-CAP ETF

January 31, 2016

Security	Shares		Value
Swiss Life Holding AG Registered		4,788	$	1,213,063
Swiss Prime Site AG Registered		416		33,210
Swiss Re AG		12,516		1,157,973
Swisscom AG Registered		2,464		1,220,397
Zurich Insurance Group AG		4,256		937,886
				6,401,865
UNITED KINGDOM — 13.28%
3i Group PLC		35,868		224,884
Ashtead Group PLC		8,148		103,906
AstraZeneca PLC		20,256		1,289,400
BP PLC		93,156		496,985
BT Group PLC		31,724		218,185
Centrica PLC		334,236		970,985
GlaxoSmithKline PLC		13,552		276,626
Imperial Tobacco Group PLC		9,324		500,740
Investec PLC		6,580		41,432
J Sainsbury PLC		314,104		1,092,059
Just Eat PLCa		7,588		40,191
Marks & Spencer Group PLC		23,828		143,346
Micro Focus International PLC		2,632		51,746
Old Mutual PLC		40,152		96,654
Rentokil Initial PLC		233,660		519,377
Rexam PLC		54,012		459,696
Rightmove PLC		1,540		87,008
Royal Dutch Shell PLC Class A		9,828		211,625
Royal Mail PLC		16,128		105,054
RSA Insurance Group PLC		36,708		216,821
Sky PLC		10,892		167,172
SSE PLC		33,068		680,151
				7,994,043
TOTAL COMMON STOCKS
(Cost: $68,025,098)				59,878,951
PREFERRED STOCKS — 0.11%
GERMANY — 0.11%
Bayerische Motoren Werke AG		1,008		68,867
				68,867
TOTAL PREFERRED STOCKS
(Cost: $92,849)				68,867

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.12%
MONEY MARKET FUNDS — 0.12%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.24%b,c		70,980	$	70,980
				70,980
TOTAL SHORT-TERM INVESTMENTS
(Cost: $70,980)				70,980
TOTAL INVESTMENTS IN SECURITIES — 99.71%
(Cost: $68,188,927)				60,018,798
Other Assets, Less Liabilities — 0.29%				174,610
NET ASSETS — 100.00%			$	60,193,408

SDR  —  Swedish Depositary Receipts

^a  Non-income earning security.

^b  Affiliated issuer. See Note 2.

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

See notes to financial statements.

12 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® ENHANCED INTERNATIONAL SMALL-CAP ETF

January 31, 2016

Security	Shares		Value
COMMON STOCKS — 98.03%
AUSTRALIA — 5.35%
Cabcharge Australia Ltd.		8,316	$	18,294
Estia Health Ltd.		16,401		78,889
Evolution Mining Ltd.		264,222		271,001
FlexiGroup Ltd./Australia		10,451		20,773
Independence Group NL		6,566		10,171
McMillan Shakespeare Ltd.		8,211		73,762
Mineral Resources Ltd.		7,716		20,249
Northern Star Resources Ltd.		120,974		253,290
OZ Minerals Ltd.		3,255		8,680
Pact Group Holdings Ltd.		2,443		8,606
Sandfire Resources NL		9,080		32,114
				795,829
AUSTRIA — 0.43%
Austria Technologie & Systemtechnik AG		2,023		26,159
EVN AG		1,890		20,839
S IMMO AG		1,100		9,117
UNIQA Insurance Group AG		1,351		8,512
				64,627
BELGIUM — 4.00%
AGFA-Gevaert NVa		35,371		150,796
Cie. d’Entreprises CFE		735		75,045
Gimv NV		336		16,142
Intervest Offices & Warehouses NVa		364		9,146
Mobistar SAa		14,763		305,509
Nyrstar NVa,b		26,103		38,046
				594,684
CANADA — 7.50%
Amaya Inc.a,b		4,398		46,848
Artis REIT		1,442		12,378
Cogeco Communications Inc.		2,487		111,780
Dominion Diamond Corp.		7,637		81,132
Dream Office REIT		1,526		17,459
Granite REIT		310		8,294
Intertain Group Ltd. (The)a		1,288		7,761
Laurentian Bank of Canada		4,776		161,887
Mainstreet Equity Corp.a		987		21,252
Manitoba Telecom Services Inc.		12,698		272,322
Milestone Apartments REIT		3,241		34,730
Morguard REIT		1,311		12,232
NorthWest Healthcare Properties REIT		1,876		11,638
Spin Master Corp.a,c		504		7,159

Security	Shares		Value
TMX Group Ltd.		8,184	$	236,462
Transcontinental Inc. Class A		1,498		19,629
Valener Inc.		924		12,607
Wajax Corp.		1,093		12,109
Yellow Pages Ltd./Canadaa		2,478		27,998
				1,115,677
DENMARK — 5.68%
Bavarian Nordic A/Sa		1,862		77,349
Dfds A/S		8,855		313,020
IC Group A/S		287		9,238
NKT Holding A/S		217		11,991
Rockwool International A/S Class B		2,221		334,912
Schouw & Co.		1,498		88,075
Torm A/Sa,b		847		9,628
				844,213
FINLAND — 4.60%
Atria OYJ		1,505		14,477
Cramo OYJ		2,947		56,378
HKScan OYJ Class A		4,014		15,245
PKC Group OYJ		721		11,172
Ramirent OYJ		4,936		32,740
Sanoma OYJ		29,547		135,878
Sponda OYJ		43,239		176,199
Tieto OYJ		7,247		194,002
Valmet OYJ		1,897		18,751
YIT OYJb		5,621		29,815
				684,657
FRANCE — 2.65%
Assystem		560		13,573
Cegedim SAa		406		12,037
Cegid Group SA		686		37,115
Cellectis SAa		1,449		32,267
Cie. des Alpes		1,100		16,735
Solocal Groupa,b		1,664		11,199
UBISOFT Entertainmenta		9,884		271,064
				393,990
GERMANY — 4.79%
ADLER Real Estate AGa		833		11,330
Bauer AG		938		14,372
Borussia Dortmund GmbH & Co. KGaA		18,951		80,670
CENTROTEC Sustainable AG		1,435		19,595
CTS Eventim AG & Co. KGaA		2,877		105,315
Deutsche Beteiligungs AG		994		29,449
DIC Asset AG		932		9,016

SCHEDULESOF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ENHANCED INTERNATIONAL SMALL-CAP ETF

January 31, 2016

Security	Shares		Value
Draegerwerk AG & Co. KGaA		161	$	9,831
MLP AG		7,280		23,939
PATRIZIA Immobilien AGa		4,432		112,865
RHOEN-KLINIKUM AG		10,234		295,668
				712,050
HONG KONG — 0.18%
SmarTone Telecommunications Holdings Ltd.b		17,500		26,938
				26,938
ISRAEL — 3.67%
Delek Automotive Systems Ltd.		13,867		123,433
Harel Insurance Investments & Financial Services Ltd.		2,107		7,825
Ituran Location and Control Ltd.		889		15,835
Migdal Insurance & Financial Holding Ltd.		18,781		12,202
Oil Refineries Ltd.a		484,274		200,166
Tower Semiconductor Ltd.a		15,099		186,044
				545,505
ITALY — 0.08%
Juventus Football Club SpAa		40,957		11,212
				11,212
JAPAN — 33.21%
Achilles Corp.		7,000		8,384
Aderans Co. Ltd.		1,400		6,927
Aichi Corp.		4,200		27,650
Arcland Sakamoto Co. Ltd.		1,400		29,211
Asahi Diamond Industrial Co. Ltd.		1,400		13,646
Asahi Holdings Inc.		2,800		40,266
Ashikaga Holdings Co. Ltd.		4,200		13,981
Avex Group Holdings Inc.		1,400		15,565
Cawachi Ltd.		2,100		34,952
CKD Corp.		1,400		12,836
Comforia Residential REIT Inc.		56		100,098
Cosmo Energy Holdings Co. Ltd.a		8,400		91,310
Create Restaurants Holdings Inc.		700		17,433
DCM Holdings Co. Ltd.		1,400		10,014
Dip Corp.		7,000		147,326
Doshisha Co. Ltd.		700		13,796
Dydo Drinco Inc.		1,400		62,908
Enplas Corp.		1,400		48,453
Foster Electric Co. Ltd.		5,600		118,508
France Bed Holdings Co. Ltd.		2,800		22,203
Fuji Soft Inc.		1,400		31,130

Security	Shares		Value
Fujibo Holdings Inc.		14,000	$	23,591
G-Tekt Corp.		3,900		48,643
Geo Holdings Corp.		21,000		320,208
Godo Steel Ltd.		7,000		13,010
Heiwa Corp.		1,400		26,944
Heiwado Co. Ltd.		1,400		28,216
Hitachi Maxell Ltd.		10,900		157,200
Hokkaido Electric Power Co. Inc.a		2,100		19,289
Hokuetsu Bank Ltd. (The)		7,000		13,588
Hokuetsu Kishu Paper Co. Ltd.		7,000		41,977
Hokuto Corp.		1,400		26,574
Idemitsu Kosan Co. Ltd.		19,600		288,985
IwaiCosmo Holdings Inc.		2,800		29,789
J-Oil Mills Inc.		14,000		40,012
Japan Petroleum Exploration Co. Ltd.		1,400		35,675
Japan Rental Housing Investments Inc.		14		9,425
Juki Corp.b		1,400		11,044
JVC Kenwood Corp.		2,100		4,840
Kamei Corp.		4,200		38,543
Kanamoto Co. Ltd.		2,100		50,616
Kanematsu Corp.		14,000		21,972
Kasai Kogyo Co. Ltd.		700		8,968
Kenedix Residential Investment Corp.		22		50,954
Kenedix Retail REIT Corp.		21		42,498
KEY Coffee Inc.		700		11,188
Kinugawa Rubber Industrial Co. Ltd.		14,000		72,160
Kohnan Shoji Co. Ltd.		18,200		258,572
Kura Corp.		700		29,199
Life Corp.		700		15,241
Maruha Nichiro Corp.		17,700		333,049
MCUBS MidCity Investment Corp.		7		20,555
Megachips Corp.b		5,600		48,153
Mimasu Semiconductor Industry Co. Ltd.		1,400		11,969
Ministop Co. Ltd.		1,400		24,631
Mitsubishi Steel Manufacturing Co. Ltd.		14,000		24,284
Mixi Inc.		3,500		110,147
Morinaga Milk Industry Co. Ltd.		14,000		63,140
Musashi Seimitsu Industry Co. Ltd.		1,400		27,754
NEC Capital Solutions Ltd.		700		9,853
Nichiha Corp.		1,400		19,971
Nikkon Holdings Co. Ltd.		1,400		24,886
Nippon Chemi-Con Corp.		14,000		21,278
Nippon Coke & Engineering Co. Ltd.		27,300		18,942
Nippon Koei Co. Ltd.		7,000		24,574

14 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ENHANCED INTERNATIONAL SMALL-CAP ETF

January 31, 2016

Security	Shares		Value
Nippon Signal Co. Ltd.		1,400	$	13,229
Nishimatsuya Chain Co. Ltd.		5,600		47,644
Nissha Printing Co. Ltd.		1,400		24,920
Nisshin OilliO Group Ltd. (The)		14,000		57,936
Nisshin Steel Co. Ltd.		1,400		13,033
Okinawa Electric Power Co. Inc. (The)		2,100		50,668
Pacific Industrial Co. Ltd.		4,200		42,394
Park24 Co. Ltd.		700		19,341
Pioneer Corp.a		3,500		8,037
Press Kogyo Co. Ltd.		14,000		55,970
Prima Meat Packers Ltd.		14,000		37,121
Riso Kagaku Corp.		1,400		19,046
Round One Corp.		2,100		10,165
Saizeriya Co. Ltd.		2,100		43,677
Sanyo Shokai Ltd.		14,000		34,923
Senshu Ikeda Holdings Inc.		16,100		65,030
Shinko Electric Industries Co. Ltd.		14,000		83,955
Showa Corp.		1,400		12,119
Tachi-S Co. Ltd.		1,400		21,139
Taiho Kogyo Co. Ltd.		2,100		22,411
Taikisha Ltd.		1,400		29,592
Takata Corp.a,b		4,900		26,753
Tamron Co. Ltd.		1,400		19,705
Tatsuta Electric Wire and Cable Co. Ltd.		2,800		9,344
TOKAI Holdings Corp.		5,600		26,042
TOKO Inc.		14,000		44,290
Tokyo Seimitsu Co. Ltd.		700		14,733
Tokyo TY Financial Group Inc.		1,600		48,239
TOPY Industries Ltd.		14,000		27,407
Toridoll.corp.		1,400		25,163
Towa Bank Ltd. (The)		105,000		81,526
TPR Co. Ltd.		1,400		36,542
Tsukuba Bank Ltd.		4,900		15,016
UKC Holdings Corp.		4,200		86,453
Unipres Corp.		6,700		138,687
United Super Markets Holdings Inc.		2,800		25,533
Warabeya Nichiyo Co. Ltd.		2,100		43,434
Yahagi Construction Co. Ltd.		1,400		8,650
Yellow Hat Ltd.		1,400		26,771
Yorozu Corp.		6,300		132,697
				4,938,039
NEW ZEALAND — 3.15%
Air New Zealand Ltd.		13,671		26,093
Fletcher Building Ltd.		66,647		297,101

Security	Shares		Value
Ryman Healthcare Ltd.		28,056	$	145,944
				469,138
NORWAY — 2.02%
BW LPG Ltd.c		1,113		8,455
BW Offshore Ltd.		35,056		8,515
Fred Olsen Energy ASAa		16,086		63,403
TGS Nopec Geophysical Co. ASAb		15,291		219,353
				299,726
SINGAPORE — 2.26%
AIMS AMP Capital Industrial REIT		34,300		32,654
Cambridge Industrial Trust		102,200		37,339
Far East Hospitality Trust		35,000		15,738
First REIT		21,000		17,263
k1 Ventures Ltd.		12,840		8,570
Noble Group Ltd.b		984,200		214,362
Perennial Real Estate Holdings Ltd.a,b		16,100		9,559
				335,485
SPAIN — 0.07%
Tubacex SA		5,782		10,354
				10,354
SWEDEN — 1.58%
Bure Equity AB		3,570		26,541
Haldex AB		1,680		14,449
Hemfosa Fastigheter AB		1,253		12,347
Industrial & Financial Systems Class B		644		27,300
Industrivarden AB Class C		2,506		39,541
NetEnt AB		329		16,398
Nolato AB Class B		2,447		64,493
Tethys Oil AB		4,893		33,524
				234,593
SWITZERLAND — 3.64%
Autoneum Holding AG		735		159,101
BKW AG		1,253		45,674
Cosmo Pharmaceuticals SAa		329		48,099
Emmi AG		133		61,266
Intershop Holdings AG		98		39,596
Mobilezone Holding AG		6,498		91,003
St Galler Kantonalbank AG Registered		112		39,623
Swissquote Group Holding SA Registered		420		10,780
Vetropack Holding AG Bearer		14		19,470
Zehnder Group AG		756		26,598
				541,210

SCHEDULESOF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ENHANCED INTERNATIONAL SMALL-CAP ETF

January 31, 2016

Security	Shares		Value
UNITED KINGDOM — 13.17%
Beazley PLC		15,806	$	84,078
Berendsen PLC		6,069		93,665
BGEO Group PLC		490		12,337
Big Yellow Group PLC		1,918		20,881
Cape PLC		6,321		20,152
Carillion PLCb		2,870		11,208
Centamin PLC		80,836		77,801
Chesnara PLC		2,996		13,844
Dairy Crest Group PLC		8,260		76,394
Dart Group PLC		19,726		154,877
Debenhams PLC		208,789		232,195
Devro PLC		3,409		14,459
Entertainment One Ltd.		17,189		36,696
Fenner PLC		4,011		6,031
FirstGroup PLCa		20,328		26,817
Globo PLCa		58,128		1
Go-Ahead Group PLC		4,599		159,765
Greencore Group PLC		4,263		23,511
Greggs PLC		4,977		73,564
GVC Holdings PLCb		1,599		9,889
Halfords Group PLC		2,324		12,497
Intermediate Capital Group PLC		2,230		18,410
Interserve PLC		1,848		12,226
Kcom Group PLC		10,577		17,404
Laird PLC		3,234		16,285
Lancashire Holdings Ltd.b		21,574		190,502
LondonMetric Property PLC		10,997		25,255
Mitie Group PLC		24,115		96,669
Moneysupermarket.com Group PLC		5,929		28,461
Morgan Advanced Materials PLC		3,164		9,564
Northgate PLC		35,799		169,608
Paragon Group of Companies PLC (The)		4,921		22,030
Paysafe Group PLCa		9,058		51,459
QinetiQ Group PLC		7,154		23,574
Restaurant Group PLC (The)		1,652		12,490
Savills PLC		651		6,972
Shanks Group PLC		13,181		16,594
Speedy Hire PLC		16,667		9,693
Trinity Mirror PLC		10,675		22,941
TT electronics PLC		8,225		18,609
Vesuvius PLC		2,422		10,365

Security	Shares		Value
Xchanging PLC		7,044	$	18,935
				1,958,708
TOTAL COMMON STOCKS
(Cost: $15,258,754)				14,576,635
PREFERRED STOCKS — 1.72%
ITALY — 1.72%
Intesa Sanpaolo SpA		96,859		255,098
				255,098
TOTAL PREFERRED STOCKS
(Cost: $311,474)				255,098
SHORT-TERM INVESTMENTS — 5.92%
MONEY MARKET FUNDS — 5.92%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.45%d,e,f		831,632		831,632
BlackRock Cash Funds: Prime, SL Agency Shares
0.43%d,e,f		43,769		43,769
BlackRock Cash Funds: Treasury, SL Agency Shares
0.24%d,e		4,500		4,500
				879,901
TOTAL SHORT-TERM INVESTMENTS
(Cost: $879,901)				879,901
TOTAL INVESTMENTS IN SECURITIES — 105.67% (Cost: $16,450,129)				15,711,634
Other Assets, Less Liabilities — (5.67)%				(842,398	)
NET ASSETS — 100.00%			$	14,869,236

^a  Non-income earning security.

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

^c  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^d  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

16 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® ENHANCED U.S. LARGE-CAP ETF

January 31, 2016

Security	Shares		Value
COMMON STOCKS — 99.71%
AEROSPACE & DEFENSE — 2.04%
General Dynamics Corp.		8,130	$	1,087,550
L-3 Communications Holdings Inc.		3,682		430,205
				1,517,755
AIR FREIGHT & LOGISTICS — 1.39%
FedEx Corp.		7,800		1,036,464
				1,036,464
AIRLINES — 1.58%
Allegiant Travel Co.		7,301		1,171,591
				1,171,591
BANKS — 1.41%
Commerce Bancshares Inc./MO		1,014		41,706
JPMorgan Chase & Co.		16,970		1,009,715
				1,051,421
BEVERAGES — 0.20%
Molson Coors Brewing Co. Class B		738		66,774
PepsiCo Inc.		839		83,313
				150,087
CHEMICALS — 0.09%
Mosaic Co. (The)		2,599		62,636
				62,636
COMMUNICATIONS EQUIPMENT — 2.48%
Cisco Systems Inc.		54,718		1,301,741
F5 Networks Inc.a		5,802		544,112
				1,845,853
CONSTRUCTION & ENGINEERING — 0.10%
Jacobs Engineering Group Inc.a		1,960		76,891
				76,891
DIVERSIFIED FINANCIAL SERVICES — 2.42%
Berkshire Hathaway Inc. Class Ba		967		125,488
CBOE Holdings Inc.		18,061		1,203,224
CME Group Inc./IL		2,616		235,048
FactSet Research Systems Inc.		335		50,484
Nasdaq Inc.		3,025		187,550
				1,801,794
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.98%
AT&T Inc.		40,909		1,475,179
				1,475,179
ELECTRIC UTILITIES — 2.27%
Great Plains Energy Inc.		3,577		99,727
Pinnacle West Capital Corp.		21,948		1,455,372
Xcel Energy Inc.		3,536		135,146
				1,690,245

Security	Shares		Value
ELECTRICAL EQUIPMENT — 0.06%
Regal Beloit Corp.		820	$	46,092
				46,092
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.13%
Arrow Electronics Inc.a		1,321		68,164
Avnet Inc.		2,359		94,171
Corning Inc.		76,129		1,416,761
Ingram Micro Inc. Class A		17,685		498,717
Jabil Circuit Inc.		12,664		252,140
				2,329,953
ENERGY EQUIPMENT & SERVICES — 4.11%
Helmerich & Payne Inc.		8,015		407,162
National Oilwell Varco Inc.		36,639		1,192,233
Schlumberger Ltd.		20,208		1,460,432
				3,059,827
FOOD & STAPLES RETAILING — 2.57%
CVS Health Corp.		1,911		184,584
Wal-Mart Stores Inc.		25,973		1,723,568
				1,908,152
FOOD PRODUCTS — 2.03%
Archer-Daniels-Midland Co.		31,112		1,099,809
Hormel Foods Corp.		2,172		174,651
JM Smucker Co. (The)		893		114,590
Tyson Foods Inc. Class A		2,201		117,445
				1,506,495
GAS UTILITIES — 0.58%
Atmos Energy Corp.		5,687		393,654
Piedmont Natural Gas Co. Inc.		624		36,966
				430,620
HEALTH CARE EQUIPMENT & SUPPLIES — 4.53%
Abbott Laboratories		18,081		684,366
Becton Dickinson and Co.		1,771		257,450
CR Bard Inc.		8,285		1,518,392
Medtronic PLC		1,320		100,214
Stryker Corp.		8,190		812,039
				3,372,461
HEALTH CARE PROVIDERS & SERVICES — 4.44%
Aetna Inc.		1,106	$	112,635
AmerisourceBergen Corp.		13,731		1,229,748
Anthem Inc.		11,834		1,544,219
Cardinal Health Inc.		1,227		99,841
Centene Corp.a,b		2,698		167,438
Cigna Corp.		339		45,290

SCHEDULESOF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ENHANCED U.S. LARGE-CAP ETF

January 31, 2016

Security	Shares		Value
UnitedHealth Group Inc.		891	$	102,608
				3,301,779
HOTELS, RESTAURANTS & LEISURE — 1.85%
Carnival Corp.		24,413		1,174,998
Panera Bread Co. Class Aa		1,017		197,298
				1,372,296
HOUSEHOLD PRODUCTS — 0.92%
Procter & Gamble Co. (The)		8,345		681,703
				681,703
INSURANCE — 14.40%
Aflac Inc.		24,108		1,397,300
Allied World Assurance Co. Holdings AG		25,492		932,752
American Financial Group Inc./OH		3,838		272,421
Axis Capital Holdings Ltd.		21,000		1,132,110
Chubb Ltd.		14,473		1,636,462
Lincoln National Corp.		5,890		232,419
Loews Corp.		29,158		1,079,138
MetLife Inc.		7,932		354,164
PartnerRe Ltd.		3,370		473,148
Principal Financial Group Inc.		5,834		221,692
Prudential Financial Inc.		8,514		596,661
Reinsurance Group of America Inc.		17,831		1,501,905
Torchmark Corp.		7,611		413,582
Travelers Companies Inc. (The)		3,200		342,528
Validus Holdings Ltd.		2,788		123,341
				10,709,623
INTERNET & CATALOG RETAIL — 1.85%
Amazon.com Inc.a		2,346		1,377,102
				1,377,102
INTERNET SOFTWARE & SERVICES — 3.39%
Akamai Technologies Inc.a		1,666		76,003
Alphabet Inc. Class Aa		1,195		909,813
Alphabet Inc. Class Ca		1,253		930,916
eBay Inc.a		25,869		606,887
				2,523,619
IT SERVICES — 3.80%
Amdocs Ltd.		16,736		916,129
Automatic Data Processing Inc.		2,224		184,792
Jack Henry & Associates Inc.		395		32,066
PayPal Holdings Inc.a		24,118		871,625
Teradata Corp.a		4,447		108,240
Total System Services Inc.		13,965		560,834

Security	Shares		Value
Xerox Corp.		15,354	$	149,701
				2,823,387
MACHINERY — 0.32%
AGCO Corp.		4,872		237,607
				237,607
MULTI-UTILITIES — 6.74%
Alliant Energy Corp.		3,871		252,931
Consolidated Edison Inc.		18,429		1,278,788
DTE Energy Co.		18,746		1,593,597
PG&E Corp.		24,726		1,357,705
Public Service Enterprise Group Inc.		12,896		532,605
				5,015,626
MULTILINE RETAIL — 1.78%
Nordstrom Inc.		14,610		717,351
Target Corp.		8,419		609,704
				1,327,055
OIL, GAS & CONSUMABLE FUELS — 0.93%
Chevron Corp.		4,595		397,329
EOG Resources Inc.		2,438		173,147
Occidental Petroleum Corp.		1,802		124,032
				694,508
PHARMACEUTICALS — 3.76%
Eli Lilly & Co.		3,470		274,477
Johnson & Johnson		15,980		1,668,951
Pfizer Inc.		27,928		851,525
				2,794,953
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.42%
Broadcom Corp. Class A		14,877		813,325
Intel Corp.		47,214		1,464,578
Maxim Integrated Products Inc.		1,862		62,191
Skyworks Solutions Inc.		13,755		947,995
				3,288,089
SOFTWARE — 5.76%
Citrix Systems Inc.a		6,567		462,711
Intuit Inc.		15,900		1,518,609
Microsoft Corp.		29,092		1,602,678
Red Hat Inc.a		1,000		70,050
VMware Inc. Class Aa		13,692		626,409
				4,280,457
SPECIALTY RETAIL — 5.80%
Bed Bath & Beyond Inc.a		7,299		315,098
GameStop Corp. Class Ab		25,884		678,419

18 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ENHANCED U.S. LARGE-CAP ETF

January 31, 2016

Security	Shares		Value
O’Reilly Automotive Inc.a		5,687	$	1,483,738
Ross Stores Inc.		5,714		321,470
TJX Companies Inc. (The)		21,278		1,515,845
				4,314,570
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 4.97%
Apple Inc.		13,706		1,334,142
EMC Corp./MA		59,577		1,475,722
Western Digital Corp.		18,507		887,966
				3,697,830
TEXTILES, APPAREL & LUXURY GOODS — 1.61%
Coach Inc.		8,001		296,437
NIKE Inc. Class B		14,479		897,843
				1,194,280
TOTAL COMMON STOCKS (Cost: $72,040,891)				74,168,000
SHORT-TERM INVESTMENTS — 1.35%
MONEY MARKET FUNDS — 1.35%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.45%c,d,e		800,816		800,816
BlackRock Cash Funds: Prime, SL Agency Shares
0.43%c,d,e		42,148		42,148
BlackRock Cash Funds: Treasury, SL Agency Shares
0.24%c,d		162,265		162,265
				1,005,229
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,005,229)				1,005,229
TOTAL INVESTMENTS IN SECURITIES — 101.06%
(Cost: $73,046,120)				75,173,229
Other Assets, Less Liabilities — (1.06)%				(786,812	)
NET ASSETS — 100.00%			$	74,386,417

^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 19

Schedule of Investments (Unaudited)

iSHARES^® ENHANCED U.S. SMALL-CAP ETF

January 31, 2016

Security	Shares		Value
COMMON STOCKS — 99.78%
AEROSPACE & DEFENSE — 1.67%
BWX Technologies Inc.		7,314	$	218,981
KLX Inc.a,b		1,812		52,965
National Presto Industries Inc.		987		78,062
				350,008
BANKS — 4.84%
1st Source Corp.		614		18,555
American National Bankshares Inc.		885		22,125
Arrow Financial Corp.		1,145		31,510
BancFirst Corp.		244		13,649
Bank of Marin Bancorp.		450		24,291
Camden National Corp.		501		21,027
City Holding Co.		429		19,073
CNB Financial Corp./PA		885		16,098
Community Trust Bancorp. Inc.		1,334		46,477
First Financial Corp./IN		1,080		35,694
First Interstate BancSystem Inc.		14,139		381,046
First of Long Island Corp. (The)		630		18,289
Great Southern Bancorp. Inc.		495		19,637
Great Western Bancorp. Inc.		1,086		28,366
Heritage Financial Corp./WA		2,446		44,297
Horizon Bancorp./IN		755		19,381
Lakeland Financial Corp.		771		33,762
Merchants Bancshares Inc./VT		495		14,410
S&T Bancorp. Inc.		540		14,585
State Bank Financial Corp.		1,392		26,810
Stock Yards Bancorp. Inc.		824		32,202
Suffolk Bancorp.		382		10,692
Tompkins Financial Corp.		366		20,503
Triumph Bancorp. Inc.a		1,456		20,573
Trustmark Corp.		2,084		45,098
Univest Corp. of Pennsylvania		735		14,465
WesBanco Inc.		679		19,705
				1,012,320
BIOTECHNOLOGY — 0.06%
Kite Pharma Inc.a		252		11,967
				11,967
BUILDING PRODUCTS — 0.06%
AAON Inc.		564		12,143
				12,143
CAPITAL MARKETS — 3.47%
Artisan Partners Asset Management Inc.		1,140		35,682

Security	Shares		Value
Diamond Hill Investment Group Inc.		813	$	137,437
GAMCO Investors Inc. Class A		414		12,039
Greenhill & Co. Inc.		647		15,386
Houlihan Lokey Inc.		559		13,500
Moelis & Co. Class A		12,957		329,626
WisdomTree Investments Inc.		15,256		183,072
				726,742
CHEMICALS — 1.15%
Cabot Corp.		5,155		207,953
Hawkins Inc.		872		32,674
				240,627
COMMERCIAL SERVICES & SUPPLIES — 2.44%
Ennis Inc.		19,093		381,287
Kimball International Inc. Class B		4,440		42,802
McGrath RentCorp		660		16,111
Quad/Graphics Inc.		1,628		16,410
UniFirst Corp./MA		204		21,481
VSE Corp.		555		33,300
				511,391
COMMUNICATIONS EQUIPMENT — 1.52%
Black Box Corp.		1,633		12,444
EchoStar Corp. Class Aa		8,148		286,239
NETGEAR Inc.a		527		19,694
				318,377
CONSTRUCTION & ENGINEERING — 0.15%
MasTec Inc.a,b		1,988		30,695
				30,695
CONSUMER FINANCE — 2.08%
Cash America International Inc.		13,755		411,825
Ezcorp Inc. Class Aa		7,839		23,830
				435,655
DISTRIBUTORS — 0.22%
Core-Mark Holding Co. Inc.		555		45,116
				45,116
DIVERSIFIED CONSUMER SERVICES — 1.06%
Apollo Education Group Inc.a		5,830		46,290
Capella Education Co.		2,042		89,664
LifeLock Inc.a		5,207		62,380
Strayer Education Inc.a,b		440		23,492
				221,826
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.15%
Inteliquent Inc.		1,774		30,477
				30,477

20 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ENHANCED U.S. SMALL-CAP ETF

January 31, 2016

Security	Shares		Value
ELECTRIC UTILITIES — 3.19%
ALLETE Inc.		328	$	17,351
El Paso Electric Co.		6,419		262,730
Empire District Electric Co. (The)		5,516		161,839
IDACORP Inc.		1,212		84,343
MGE Energy Inc.		2,933		142,104
				668,367
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.39%
AVX Corp.		1,652		18,965
Benchmark Electronics Inc.a,b		4,464		93,744
Dolby Laboratories Inc. Class A		4,922		177,241
Mesa Laboratories Inc.		145		15,080
Methode Electronics Inc.		1,029		26,816
Multi-Fineline Electronix Inc.a		674		11,276
PC Connection Inc.		821		18,530
ScanSource Inc.a		613		19,236
Tech Data Corp.a		1,682		104,957
TTM Technologies Inc.a,b		2,534		14,773
				500,618
ENERGY EQUIPMENT & SERVICES — 3.13%
Diamond Offshore Drilling Inc.		3,239		60,213
Matrix Service Co.a		4,575		86,742
Natural Gas Services Group Inc.a		990		18,731
Oil States International Inc.a		7,380		208,337
Patterson-UTI Energy Inc.		1,007		14,481
Rowan Companies PLC Class A		1,739		21,998
RPC Inc.		6,038		75,294
Superior Energy Services Inc.		8,361		86,202
Unit Corp.a		8,020		83,649
				655,647
FOOD & STAPLES RETAILING — 1.57%
Fresh Market Inc. (The)a,b		13,002		249,118
SpartanNash Co.		2,550		52,326
Weis Markets Inc.		661		26,850
				328,294
FOOD PRODUCTS — 1.11%
Fresh Del Monte Produce Inc.b		3,514		143,406
John B Sanfilippo & Son Inc.		458		27,476
Omega Protein Corp.a		2,686		60,677
				231,559
GAS UTILITIES — 2.16%
Chesapeake Utilities Corp.		2,819		177,512
New Jersey Resources Corp.		1,513		53,288

Security	Shares		Value
Northwest Natural Gas Co.		2,688	$	139,642
ONE Gas Inc.		1,457		82,408
				452,850
HEALTH CARE EQUIPMENT & SUPPLIES — 3.07%
CryoLife Inc.		1,455		14,302
Exactech Inc.a		731		14,627
Halyard Health Inc.a		2,641		65,497
Hill-Rom Holdings Inc.		6,817		333,215
ICU Medical Inc.a		1,499		144,279
Vascular Solutions Inc.a		2,616		71,574
				643,494
HEALTH CARE PROVIDERS & SERVICES — 3.53%
Addus HomeCare Corp.a		1,305		27,679
Almost Family Inc.a,b		994		38,011
BioTelemetry Inc.a		2,118		19,994
LHC Group Inc.a		1,770		67,118
Magellan Health Inc.a		1,964		111,948
Triple-S Management Corp. Class Ba		20,061		447,160
U.S. Physical Therapy Inc.		510		26,086
				737,996
HEALTH CARE TECHNOLOGY — 0.07%
Quality Systems Inc.		1,156		15,155
				15,155
HOTELS, RESTAURANTS & LEISURE — 3.50%
Bob Evans Farms Inc./DE		1,333		54,573
Cheesecake Factory Inc. (The)		2,748		132,728
Hyatt Hotels Corp. Class Aa		8,861		342,744
Red Robin Gourmet Burgers Inc.a		268		16,546
Texas Roadhouse Inc.		5,053		186,102
				732,693
HOUSEHOLD DURABLES — 0.29%
CSS Industries Inc.		2,204		61,734
				61,734
INSURANCE — 9.87%
American National Insurance Co.		4,218		409,905
Aspen Insurance Holdings Ltd.		5,038		234,317
EMC Insurance Group Inc.		1,816		42,240
FBL Financial Group Inc. Class A		1,081		66,006
Federated National Holding Co.		1,913		47,328
Fidelity & Guaranty Life		764		19,138
HCI Group Inc.		494		16,426
Heritage Insurance Holdings Inc.		19,588		388,234
Horace Mann Educators Corp.		8,087		248,433
Kansas City Life Insurance Co.		1,863		69,862

SCHEDULESOF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ENHANCED U.S. SMALL-CAP ETF

January 31, 2016

Security	Shares		Value
Maiden Holdings Ltd.		11,057	$	141,530
National Western Life Group Inc.		539		124,363
Navigators Group Inc. (The)a		810		70,964
OneBeacon Insurance Group Ltd. Class A		1,355		17,398
United Fire Group Inc.		1,633		63,083
Universal Insurance Holdings Inc.b		5,712		107,043
				2,066,270
INTERNET & CATALOG RETAIL — 3.15%
1-800-Flowers.com Inc. Class Aa,b		48,314		343,271
NutriSystem Inc.		8,072		159,906
PetMed Express Inc.		3,297		59,412
Wayfair Inc. Class Aa,b		2,154		97,361
				659,950
INTERNET SOFTWARE & SERVICES — 2.46%
Carbonite Inc.a		2,101		18,846
comScore Inc.a		531		20,459
Liquidity Services Inc.a		4,415		28,742
LogMeIn Inc.a		6,519		340,552
Marketo Inc.a,b		880		16,729
Shutterstock Inc.a,b		1,785		51,569
Stamps.com Inc.a		269		25,238
Wix.com Ltd.a		610		12,456
				514,591
IT SERVICES — 2.55%
CACI International Inc. Class Aa		276		22,927
CSG Systems International Inc.		1,605		56,079
ManTech International Corp./VA Class A		15,207		438,418
Sykes Enterprises Inc.a		554		16,310
				533,734
LEISURE PRODUCTS — 2.22%
Johnson Outdoors Inc. Class A		798		17,157
Sturm Ruger & Co. Inc.		7,206		424,073
Vista Outdoor Inc.a		476		22,948
				464,178
MACHINERY — 1.30%
Briggs & Stratton Corp.		888		17,458
Kennametal Inc.		14,391		254,721
				272,179
MEDIA — 0.38%
Harte-Hanks Inc.		6,436		22,011
Rentrak Corp.a		294		13,074
Time Inc.		2,907		43,605
				78,690

Security	Shares		Value
METALS & MINING — 1.91%
Kaiser Aluminum Corp.		4,887	$	379,915
Schnitzer Steel Industries Inc. Class A		1,489		20,027
				399,942
MULTI-UTILITIES — 0.33%
Unitil Corp.		1,794		69,518
				69,518
MULTILINE RETAIL — 0.25%
Big Lots Inc.		461		17,878
Fred’s Inc. Class A		2,100		34,650
				52,528
OIL, GAS & CONSUMABLE FUELS — 0.34%
Carrizo Oil & Gas Inc.a		1,679		45,551
Denbury Resources Inc.b		7,544		11,769
Matador Resources Co.a,b		816		13,080
				70,400
PERSONAL PRODUCTS — 2.37%
Medifast Inc.		4,926		143,002
Nutraceutical International Corp.a		795		18,841
USANA Health Sciences Inc.a,b		2,638		334,762
				496,605
PHARMACEUTICALS — 0.96%
SciClone Pharmaceuticals Inc.a		25,284		202,019
				202,019
PROFESSIONAL SERVICES — 2.51%
Barrett Business Services Inc.		1,267		49,628
CRA International Inc.a		564		10,507
ICF International Inc.a		1,290		44,131
Navigant Consulting Inc.a		2,312		36,507
RPX Corp.a		33,279		385,371
				526,144
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.16%
Agree Realty Corp.		769		28,391
Care Capital Properties Inc.		3,433		102,784
Dynex Capital Inc.		6,313		37,878
Gyrodyne LLCa		17		451
MFA Financial Inc.		59,133		375,495
Select Income REIT		17,261		326,233
				871,232
ROAD & RAIL — 1.35%
Knight Transportation Inc.		707		17,300
Marten Transport Ltd.		6,104		102,425
Werner Enterprises Inc.		6,780		163,737
				283,462

22 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ENHANCED U.S. SMALL-CAP ETF

January 31, 2016

Security	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.43%
Advanced Energy Industries Inc.a		15,418	$	432,937
Alpha & Omega Semiconductor Ltd.a		3,687		35,211
Cirrus Logic Inc.a		12,982		450,735
Integrated Device Technology Inc.a		6,336		161,441
Microsemi Corp.a		504		15,977
Synaptics Inc.a		3,409		249,914
				1,346,215
SOFTWARE — 6.34%
AVG Technologies NVa		10,380		195,871
Gigamon Inc.a		4,135		108,130
HubSpot Inc.a,b		1,358		55,121
Imperva Inc.a,b		4,094		211,087
Infoblox Inc.a,b		730		11,782
Pegasystems Inc.		13,787		323,994
Proofpoint Inc.a,b		1,052		52,979
Take-Two Interactive Software Inc.a		700		24,290
VirnetX Holding Corp.a,b		6,703		26,678
Zendesk Inc.a,b		14,456		318,177
				1,328,109
SPECIALTY RETAIL — 3.48%
Ascena Retail Group Inc.a,b		15,202		112,191
Children’s Place Inc. (The)		6,323		411,627
Kirkland’s Inc.		1,590		18,810
Select Comfort Corp.a		5,909		124,443
Stage Stores Inc.		2,222		18,443
Tilly’s Inc. Class Aa		6,671		43,295
				728,809
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.49%
Lexmark International Inc. Class A		5,585		157,553
Nimble Storage Inc.a		14,712		96,658
Stratasys Ltd.a,b		3,499		57,033
				311,244
TEXTILES, APPAREL & LUXURY GOODS — 0.09%
Culp Inc.		716		18,129
				18,129
THRIFTS & MORTGAGE FINANCE — 0.80%
First Defiance Financial Corp.		1,485		57,811
Meta Financial Group Inc.		697		30,222
Territorial Bancorp. Inc.		2,373		63,241
United Financial Bancorp. Inc.		1,494		16,882
				168,156

Security	Shares		Value
TOBACCO — 0.31%
Universal Corp./VA		1,173	$	64,198
				64,198
TRADING COMPANIES & DISTRIBUTORS — 0.06%
NOW Inc.a		928		12,584
				12,584
WATER UTILITIES — 1.46%
American States Water Co.		3,086		140,104
Artesian Resources Corp. Class A		1,170		35,463
California Water Service Group		1,817		45,589
Connecticut Water Service Inc.		515		22,109
Middlesex Water Co.		900		26,100
York Water Co. (The)		1,350		36,004
				305,369
WIRELESS TELECOMMUNICATION SERVICES — 0.33%
U.S. Cellular Corp.a		1,817		68,392
				68,392
TOTAL COMMON STOCKS
(Cost: $22,292,810)				20,888,398
SHORT-TERM INVESTMENTS — 9.89%
MONEY MARKET FUNDS — 9.89%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.45%c,d,e		1,937,774		1,937,774
BlackRock Cash Funds: Prime, SL Agency Shares
0.43%c,d,e		101,986		101,986
BlackRock Cash Funds: Treasury, SL Agency Shares
0.24%c,d		31,274		31,274
				2,071,034
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,071,034)				2,071,034
TOTAL INVESTMENTS IN SECURITIES — 109.67%
(Cost: $24,363,844)				22,959,432
Other Assets, Less Liabilities — (9.67)%				(2,023,829	)
NET ASSETS — 100.00%			$	20,935,603

^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 23

Statements of Assets and Liabilities (Unaudited)

iSHARES^® U.S. ETF TRUST

January 31, 2016

	iShares Enhanced International Large-Cap ETF			iShares Enhanced International Small-Cap ETF			iShares Enhanced U.S. Large-Cap ETF
ASSETS
Investments, at cost:
Unaffiliated	$	68,117,947		$	15,570,228		$	72,040,891
Affiliated (Note 2)		70,980			879,901			1,005,229
Total cost of investments	$	68,188,927		$	16,450,129		$	73,046,120
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	59,947,818		$	14,831,733		$	74,168,000
Affiliated (Note 2)		70,980			879,901			1,005,229
Total fair value of investments		60,018,798			15,711,634			75,173,229
Foreign currency, at valueb		74,422			18,049			—
Cash		—			58			—
Receivables:
Dividends and interest		46,401			15,259			67,484
Tax reclaims		71,856			5,859			—
Total Assets		60,211,477			15,750,859			75,240,713
LIABILITIES
Payables:
Collateral for securities on loan (Note 1)		—			875,401			842,964
Investment advisory fees (Note 2)		18,069			6,222			11,332
Total Liabilities		18,069			881,623			854,296
NET ASSETS	$	60,193,408		$	14,869,236		$	74,386,417
Net assets consist of:
Paid-in capital	$	71,621,600		$	16,800,632		$	72,378,887
Undistributed (distributions in excess of) net investment income		(23,464	)		(29,395	)		94,110
Accumulated net realized loss		(3,228,881	)		(1,162,843	)		(213,689	)
Net unrealized appreciation (depreciation)		(8,175,847	)		(739,158	)		2,127,109
NET ASSETS	$	60,193,408		$	14,869,236		$	74,386,417
Shares outstandingc		2,800,000			700,000			2,450,000
Net asset value per share	$	21.50		$	21.24		$	30.36

^a  Securities on loan with values of $  —, $815,275 and $824,741, respectively. See Note 1.

^b  Cost of foreign currency: $76,028, $18,105 and $  —, respectively.

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

See notes to financial statements.

24 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

January 31, 2016

	iShares Enhanced U.S. Small-Cap ETF
ASSETS
Investments, at cost:
Unaffiliated	$	22,292,810
Affiliated (Note 2)		2,071,034
Total cost of investments	$	24,363,844
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	20,888,398
Affiliated (Note 2)		2,071,034
Total fair value of investments		22,959,432
Cash		93
Receivables:
Dividends and interest		21,968
Total Assets		22,981,493
LIABILITIES
Payables:
Collateral for securities on loan (Note 1)		2,039,760
Investment advisory fees (Note 2)		6,130
Total Liabilities		2,045,890
NET ASSETS	$	20,935,603
Net assets consist of:
Paid-in capital	$	22,434,314
Unistributed net investment income		14,893
Accumulated net realized loss		(109,192	)
Net unrealized depreciation		(1,404,412	)
NET ASSETS	$	20,935,603
Shares outstandingb		750,000
Net asset value per share	$	27.91

^a  Securities on loan with values of $1,986,296. See Note 1.

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

See notes to financial statements.

FINANCIAL STATEMENTS 25

Statements of Operations (Unaudited)

iSHARES^® U.S. ETF TRUST

Six months ended January 31, 2016

	iShares Enhanced International Large-Cap ETF			iShares Enhanced International Small-Cap ETF			iShares Enhanced U.S. Large-Cap ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	548,050		$	125,208		$	802,276
Interest — affiliated (Note 2)		38			10			71
Securities lending income — affiliated — net (Note 2)		794			11,898			13,588
Total investment income		548,882			137,116			815,935
EXPENSES
Investment advisory fees (Note 2)		112,102			34,653			67,876
Total expenses		112,102			34,653			67,876
Net investment income		436,780			102,463			748,059
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,075,189	)		(471,683	)		(361,586	)
In-kind redemptions — unaffiliated		224,227			—			728,116
Foreign currency transactions		(10,356	)		(5,907	)		—
Net realized gain (loss)		(861,318	)		(477,590	)		366,530
Net change in unrealized appreciation/depreciation on:
Investments		(8,790,183	)		(919,108	)		(7,229,952	)
Translation of assets and liabilities in foreign currencies		(3,564	)		(162	)		—
Net change in unrealized appreciation/depreciation		(8,793,747	)		(919,270	)		(7,229,952	)
Net realized and unrealized loss		(9,655,065	)		(1,396,860	)		(6,863,422	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,218,285	)	$	(1,294,397	)	$	(6,115,363	)

^a  Net of foreign withholding tax of $53,258, $12,101 and $  —, respectively.

See notes to financial statements.

26 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

Six months ended January 31, 2016

	iShares Enhanced U.S. Small-Cap ETF
NET INVESTMENT INCOME
Dividends — unaffiliated	$	218,502
Interest — affiliated (Note 2)		33
Securities lending income — affiliated — net (Note 2)		11,774
Total investment income		230,309
EXPENSES
Investment advisory fees (Note 2)		40,665
Total expenses		40,665
Net investment income		189,644
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		251,856
In-kind redemptions — unaffiliated		252,212
Net realized gain		504,068
Net change in unrealized appreciation/depreciation		(3,576,755	)
Net realized and unrealized loss		(3,072,687	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,883,043	)

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Changes in Net Assets

iSHARES^® U.S. ETF TRUST

	iShares Enhanced International Large-Cap ETF						iShares Enhanced International Small-Cap ETF
	Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015			Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	436,780		$	1,970,264		$	102,463		$	261,166
Net realized loss		(861,318	)		(2,309,239	)		(477,590	)		(629,519	)
Net change in unrealized appreciation/depreciation		(8,793,747	)		11,017			(919,270	)		216,875
Net decrease in net assets resulting from operations		(9,218,285	)		(327,958	)		(1,294,397	)		(151,478	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(506,551	)		(1,946,711	)		(124,973	)		(287,196	)
Total distributions to shareholders		(506,551	)		(1,946,711	)		(124,973	)		(287,196	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		7,015,594			54,822,179			2,282,540			4,567,025
Cost of shares redeemed		(20,220,355	)		—			—			—
Net increase (decrease) in net assets from capital share transactions		(13,204,761	)		54,822,179			2,282,540			4,567,025
INCREASE (DECREASE) IN NET ASSETS		(22,929,597	)		52,547,510			863,170			4,128,351
NET ASSETS
Beginning of period		83,123,005			30,575,495			14,006,066			9,877,715
End of period	$	60,193,408		$	83,123,005		$	14,869,236		$	14,006,066
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(23,464	)	$	46,307		$	(29,395	)	$	(6,885	)
SHARES ISSUED AND REDEEMED
Shares sold		300,000			2,200,000			100,000			200,000
Shares redeemed		(900,000	)		—			—			—
Net increase (decrease) in shares outstanding		(600,000	)		2,200,000			100,000			200,000

See notes to financial statements.

28 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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
	Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015			Six months ended January 31, 2016 (Unaudited)			Year ended July 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	748,059		$	1,384,522		$	189,644		$	361,722
Net realized gain (loss)		366,530			1,387,233			504,068			(563,172	)
Net change in unrealized appreciation/depreciation		(7,229,952	)		5,474,233			(3,576,755	)		2,127,663
Net increase (decrease) in net assets resulting from operations		(6,115,363	)		8,245,988			(2,883,043	)		1,926,213
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(771,915	)		(1,346,033	)		(201,751	)		(344,193	)
Total distributions to shareholders		(771,915	)		(1,346,033	)		(201,751	)		(344,193	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		8,062,505			21,862,919			—			10,767,793
Cost of shares redeemed		(4,595,594	)		(7,983,323	)		(1,516,727	)		—
Net increase (decrease) in net assets from capital share transactions		3,466,911			13,879,596			(1,516,727	)		10,767,793
INCREASE (DECREASE) IN NET ASSETS		(3,420,367	)		20,779,551			(4,601,521	)		12,349,813
NET ASSETS
Beginning of period		77,806,784			57,027,233			25,537,124			13,187,311
End of period	$	74,386,417		$	77,806,784		$	20,935,603		$	25,537,124
Undistributed net investment income included in net assets at end of period	$	94,110		$	117,966		$	14,893		$	27,000
SHARES ISSUED AND REDEEMED
Shares sold		250,000			700,000			—			350,000
Shares redeemed		(150,000	)		(250,000	)		(50,000	)		—
Net increase (decrease) in shares outstanding		100,000			450,000			(50,000	)		350,000

See notes to financial statements.

FINANCIAL STATEMENTS 29

Financial Highlights

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

iShares Enhanced International Large-Cap  ETF

	Six months ended Jan. 31, 2016 (Unaudited)			Year ended Jul. 31, 2015			Period from Feb. 25, 2014a to Jul. 31, 2014
Net asset value, beginning of period	$	24.45		$	25.48		$	24.90
Income from investment operations:
Net investment incomeb		0.16			0.75			0.56
Net realized and unrealized gain (loss)c		(2.93	)		(1.17	)		0.40
Total from investment operations		(2.77	)		(0.42	)		0.96
Less distributions from:
Net investment income		(0.18	)		(0.61	)		(0.38	)
Total distributions		(0.18	)		(0.61	)		(0.38	)
Net asset value, end of period	$	21.50		$	24.45		$	25.48
Total return		(11.36	)%d		(1.59	)%		3.80	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	60,193		$	83,123		$	30,575
Ratio of expenses to average net assetse		0.35	%		0.35	%		0.35	%
Ratio of net investment income to average net assetse		1.36	%		3.11	%		5.04	%
Portfolio turnover ratef		16	%		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.

30 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

iShares Enhanced International Small-Cap  ETF

	Six months ended Jan. 31, 2016 (Unaudited)			Year ended Jul. 31, 2015			Period from Feb. 25, 2014a to Jul. 31, 2014
Net asset value, beginning of period	$	23.34		$	24.69		$	24.87
Income from investment operations:
Net investment incomeb		0.16			0.60			0.34
Net realized and unrealized lossc		(2.08	)		(1.32	)		(0.29	)
Total from investment operations		(1.92	)		(0.72	)		0.05
Less distributions from:
Net investment income		(0.18	)		(0.63	)		(0.23	)
Total distributions		(0.18	)		(0.63	)		(0.23	)
Net asset value, end of period	$	21.24		$	23.34		$	24.69
Total return		(8.27	)%d		(2.82	)%		0.18	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	14,869		$	14,006		$	9,878
Ratio of expenses to average net assetse		0.49	%		0.49	%		0.49	%
Ratio of net investment income to average net assetse		1.45	%		2.57	%		3.20	%
Portfolio turnover ratef		25	%		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.

FINANCIAL HIGHLIGHTS 31

Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

	iShares Enhanced U.S. Large-Cap ETF
	Six months ended Jan. 31, 2016 (Unaudited)			Year ended Jul. 31, 2015			Year ended Jul. 31, 2014			Period from Apr. 16, 2013a to Jul. 31, 2013
Net asset value, beginning of period	$	33.11		$	30.01		$	26.76		$	24.79
Income from investment operations:
Net investment incomeb		0.31			0.62			0.54			0.14
Net realized and unrealized gain (loss)c		(2.74	)		3.08			3.19			1.89
Total from investment operations		(2.43	)		3.70			3.73			2.03
Less distributions from:
Net investment income		(0.32	)		(0.60	)		(0.48	)		(0.06	)
Total distributions		(0.32	)		(0.60	)		(0.48	)		(0.06	)
Net asset value, end of period	$	30.36		$	33.11		$	30.01		$	26.76
Total return		(7.38	)%d		12.40	%		14.00	%		8.19	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	74,386		$	77,807		$	57,027		$	12,043
Ratio of expenses to average net assetse		0.18	%		0.18	%		0.18	%		0.18	%
Ratio of net investment income to average net assetse		1.98	%		1.94	%		1.87	%		1.90	%
Portfolio turnover ratef		10	%		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.

32 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

	iShares Enhanced U.S. Small-Cap ETF
	Six months ended Jan. 31, 2016 (Unaudited)			Year ended Jul. 31, 2015			Year ended Jul. 31, 2014			Period from Apr. 16, 2013a to Jul. 31, 2013
Net asset value, beginning of period	$	31.92		$	29.31		$	27.58		$	24.67
Income from investment operations:
Net investment incomeb		0.25			0.57	c		0.33			0.16
Net realized and unrealized gain (loss)d		(4.00	)		2.58			1.73			2.88
Total from investment operations		(3.75	)		3.15			2.06			3.04
Less distributions from:
Net investment income		(0.26	)		(0.54	)		(0.33	)		(0.13	)
Total distributions		(0.26	)		(0.54	)		(0.33	)		(0.13	)
Net asset value, end of period	$	27.91		$	31.92		$	29.31		$	27.58
Total return		(11.79	)%e		10.78	%		7.43	%		12.37	%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	20,936		$	25,537		$	13,187		$	2,758
Ratio of expenses to average net assetsf		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income to average net assetsf		1.63	%		1.82	%c		1.13	%		2.09	%
Portfolio turnover rateg		22	%		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.

FINANCIAL HIGHLIGHTS 33

Notes to Financial Statements (Unaudited)

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

34 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (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 January 31, 2016. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF	Level 1		Level 2		Level 3		Total
Enhanced International Large-Cap
Investments:
Assets:
Common Stocks	$	59,878,951	$	—	$	—	$	59,878,951
Preferred Stocks		68,867		—		—		68,867
Money Market Funds		70,980		—		—		70,980
Total	$	60,018,798	$	—	$	—	$	60,018,798

NOTESTO FINANCIAL STATEMENTS 35

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

iShares ETF	Level 1		Level 2		Level 3		Total
Enhanced International Small-Cap
Investments:
Assets:
Common Stocks	$	14,576,634	$	—	$	1	$	14,576,635
Preferred Stocks		255,098		—		—		255,098
Money Market Funds		879,901		—		—		879,901
Total	$	15,711,633	$	—	$	1	$	15,711,634
Enhanced U.S. Large-Cap
Investments:
Assets:
Common Stocks	$	73,354,675	$	813,325	$	—	$	74,168,000
Money Market Funds		1,005,229		—		—		1,005,229
Total	$	74,359,904	$	813,325	$	—	$	75,173,229
Enhanced U.S. Small-Cap
Investments:
Assets:
Common Stocks	$	20,888,398	$	—	$	—	$	20,888,398
Money Market Funds		2,071,034		—		—		2,071,034
Total	$	22,959,432	$	—	$	—	$	22,959,432

The iShares Enhanced U.S. Large-Cap ETF had transfers from Level 1 to Level 2 during the period ended January 31, 2016 in the amount of $722,154, resulting from a corporate action.

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 January 31, 2016 are reflected in tax reclaims 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.

36 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (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 January 31, 2016, 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. Any additional required collateral is delivered to the Funds and any excess collateral is returned by 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 January 31, 2016, 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 securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of January 31, 2016 and the total 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

NOTESTO FINANCIAL STATEMENTS 37

Notes to Financial Statements (Unaudited) (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 January 31, 2016:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Enhanced International Small-Cap
Citigroup Global Markets Inc.	$	9,482	$	9,482	$	—
Credit Suisse Securities (USA) LLC		388,031		388,031		—
Deutsche Bank Securities Inc.		55,597		55,597		—
JPMorgan Clearing Corp.		266,154		266,154		—
Merrill Lynch, Pierce, Fenner & Smith		96,011		96,011		—
	$	815,275	$	815,275	$	—
Enhanced U.S. Large-Cap
Deutsche Bank Securities Inc.	$	533,405	$	533,405	$	—
Goldman Sachs & Co.		159,263		159,263		—
JPMorgan Clearing Corp.		84,252		84,252		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		47,821		47,821		—
	$	824,741	$	824,741	$	—
Enhanced U.S. Small-Cap
BNP Paribas Prime Brokerage Inc.	$	211,167	$	211,167	$	—
Credit Suisse Securities (USA) LLC		71,198		71,198		—
Deutsche Bank Securities Inc.		360,150		360,150		—
JPMorgan Clearing Corp.		352,198		352,198		—
Merrill Lynch, Pierce, Fenner & Smith		418,608		418,608		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		572,975		572,975		—
	$	1,986,296	$	1,986,296	$	—

^a  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.

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.

38 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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 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.

NOTESTO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

For the six months ended January 31, 2016, 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	$	183
Enhanced International Small-Cap		2,833
Enhanced U.S. Large-Cap		5,403
Enhanced U.S. Small-Cap		4,873

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.

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 six months ended January 31, 2016 were as follows:

iShares ETF	Purchases		Sales
Enhanced International Large-Cap	$	10,212,915	$	10,602,310
Enhanced International Small-Cap		3,629,648		3,561,040
Enhanced U.S. Large-Cap		7,659,908		7,783,140
Enhanced U.S. Small-Cap		5,071,244		5,075,402

In-kind transactions (see Note 4) for the six months ended January 31, 2016 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Enhanced International Large-Cap	$	6,914,580	$	19,760,166
Enhanced International Small-Cap		2,211,818		—
Enhanced U.S. Large-Cap		7,995,286		4,435,509
Enhanced U.S. Small-Cap		—		1,514,010

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.

40 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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.

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.

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

NOTESTO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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.

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

The tax character of current year distributions will be determined at the end of the current fiscal year.

As of July 31, 2015, the Funds’ fiscal year end, 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 January 31, 2016, 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	$	68,365,006	$	2,475,049	$	(10,821,257	)	$	(8,346,208	)
Enhanced International Small-Cap		16,527,958		1,139,360		(1,955,684	)		(816,324	)
Enhanced U.S. Large-Cap		73,120,918		7,420,736		(5,368,425	)		2,052,311
Enhanced U.S. Small-Cap		24,377,266		1,748,406		(3,166,240	)		(1,417,834	)

42 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2016, 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.

NOTESTO FINANCIAL STATEMENTS 43

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-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Enhanced International Large-Cap	$	0.179246	$	—	$	0.001665	$	0.180911		99	%		—	%		1	%		100	%
Enhanced International Small-Cap		0.163167		—		0.015366		0.178533		91			—			9			100
Enhanced U.S. Large-Cap		0.301806		—		0.015739		0.317545		95			—			5			100
Enhanced U.S. Small-Cap		0.233203		—		0.028940		0.262143		89			—			11			100

44 2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 45

Notes:

46 2016 iSHARES SEMI-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.

©2016 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-712-0116

Item 2. Code of Ethics.

Not applicable to this semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual filing.

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) Not applicable to this semi-annual filing.

(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: April 5, 2016

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: April 5, 2016

By: /s/ Jack Gee

Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: April 5, 2016