Fund Description: iShares Bloomberg Roll Select Commodity Strategy ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the iShares U.S. ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The iShares Bloomberg Roll Select Commodity Strategy ETF seeks to provide exposure, on a total return basis, to a diversified group of commodities. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective, however, an actively managed ETF may have an index-based benchmark. FUND STRATEGY: The Fund seeks to achieve its investment objective by investing in exchange-traded futures contracts on the Bloomberg Roll Select Commodity Index (the Index Futures). The Fund is expected to roll out of existing positions in Index Futures and establish new positions in Index Futures on an ongoing basis. Index Futures subsequently acquired by the Fund may have terms that differ from those of the Index Futures it currently holds and the purchase and sale of these Index Futures may incur transaction fees. In seeking total return, the Fund also seeks to generate interest income and capital appreciation on the cash balances arising from its investment in Index Futures through a cash management strategy consisting of investments in cash and cash equivalents, short-term government obligations and short-term investment-grade fixed-income securities (collectively, Fixed-Income Investments). The Bloomberg Benchmark is composed of 22 futures contracts across 20 physical agricultural, energy, precious metals and industrial metals commodities. The Fund will invest in financial instruments providing exposure to commodities and not in the physical commodities themselves. The Bloomberg Benchmark employs a contract roll strategy intended to minimize the effects of contango and maximize the effects of backwardation. The Fund may also invest in exchange-traded commodity futures contracts similar to those found in the Bloomberg Benchmark, as well as swaps and options on futures that correlate to the investment returns of commodities without investing directly in physical commodities and over-the counter commodity-linked instruments like commodity-linked notes, swaps and forward contracts (together, the Commodity Investments). Investing in derivative contracts may have a leveraging effect on the Fund. The Fund seeks to gain exposure to Index Futures and other Commodity Investments by investing through a wholly-owned subsidiary organized in the Cayman Islands (the Subsidiary). The Subsidiary invests solely in Commodity Investments and cash and cash equivalents. The Fund will not invest more than 25% of its total assets in the Subsidiary. The remainder of the Fund's assets will be invested directly by the Fund and will primarily be invested in Fixed-Income Investments including repurchase agreements, money market instruments, U.S. government and agency securities, treasury inflation-protected securities, sovereign debt obligations on non-U.S. countries and investment-grade corporate bonds. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serve as the investment advisor to the Fund and The Subsidiary.