Fund Description: iShares Commodities Select 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. Due to the Fund's potential use of CFTC-regulated futures, options and swaps above the prescribed levels, it is considered a commodity pool under the Commodity Exchange Act. INVESTMENT OBJECTIVE: The iShares Commodities Select Strategy ETF seeks total return by providing investors with broad commodity exposure. 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. Accordingly, the ETF’s investment advisors has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. FUND STRATEGY: The Fund seeks to achieve its investment objective by investing in a combination of exchange-traded commodity futures contracts, exchange-traded options on commodity-related futures contracts and exchange-cleared commodity-related swaps (together, Commodity-Linked Investments) and commodity-related equity securities (Commodity-Related Equities), thereby obtaining exposure to the commodities markets. The Fund may invest in futures contracts on the 22 commodities that comprise the S&P GSCI Index, including aluminum, cocoa, coffee, copper, corn, cotton, crude oil, feeder cattle, gold, heating oil, lean hogs, lead, live cattle, natural gas, nickel, orange juice, silver, soybeans, sugar, unleaded gasoline, wheat and zinc. Although the Fund generally holds the same futures contracts as the S&P GSCI Index, the Fund is not obligated to invest in such futures contracts and does not seek to track the performance of the S&P GSCI Index. Other Commodity-Linked Investments may also include exchange-cleared swaps on commodities and on futures and exchange-traded options on futures that provide exposure to the investment returns of the commodities markets, without investing directly in physical commodities. Investing in Commodity-Linked Investments may have a leveraging effect on the Fund. Commodity-Related Equities include exchange-traded common stocks of companies that operate in commodities, natural resources and energy businesses, and in associated businesses, as well as companies that provide services to or otherwise have exposure to such businesses. The Fund will invest directly in Commodity-Related Equities and will seek to gain exposure to Commodity-Linked Investments by investing up to 25% of its total assets in a wholly-owned subsidiary organized in the Cayman Islands (the Subsidiary). The Subsidiary is advised by BFA and has the same investment objective as the Fund. The Subsidiary will invest solely in Commodity-Linked Investments and cash. The Fund will not invest more than 25% of its total assets in the Subsidiary. The Fund’s Commodity-Linked Investments in the Subsidiary are intended to provide the Fund with exposure to commodity markets within the limits of current federal income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest directly in Commodity-Linked Investments. The remainder of the Fund’s assets will be invested directly by the Fund and will primarily be invested in cash and cash equivalents, short-term investment-grade fixed-income securities that include U.S. government and agency securities, treasury inflation-protected securities, sovereign debt obligations of non-U.S. countries, repurchase agreements and money market instruments. The Fund uses such instruments as investments and to collateralize the Subsidiary’s Commodity-Linked Investments exposure on a day-to-day basis. The Fund may from time to time invest in other ETFs, exchange-traded notes or commodity-linked notes. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund. BlackRock International Limited (BIL) serves as the Fund's sub-adviser.