Fund Description: iShares Interest Rate Hedged High Yield Bond 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 Interest Rate Hedged High Yield Bond ETF seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds. 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. Accordingly, the ETF’s investment advisor, BlackRock Fund Advisors (BFA), has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in U.S. dollar-denominated high yield bonds, in U.S. Treasury securities (or cash equivalents) and in one or more underlying funds that principally invest in high yield bonds. As of its inception date, the Fund intends to initially invest a substantial portion of its assets in one underlying fund, iShares iBoxx $ High Yield Corporate Bond ETF, which invests in U.S. dollar-denominated high yield bonds issued by companies domiciled in countries classified as developed markets by the Underlying Fund’s index provider and that have at least one year to maturity. The Fund will attempt to mitigate the interest rate risk of the underlying securities or the Underlying Fund (as determined by BFA) primarily through the use of U.S. Treasury futures contracts. The Fund may also invest in other interest rate futures contracts, including but not limited to, Eurodollar and Federal Funds futures. The Fund’s short positions in U.S. Treasury futures are not intended to mitigate credit risk or other factors influencing the price of high yield corporate bonds, which may have a greater impact than interest rates. The Fund may also invest in other ETFs (including other iShares funds), U.S. government securities, options and swap contracts, short-term paper, cash and cash equivalents, including shares of money market funds. FUND MANAGEMENT: BlackRock Fund Advisors serves as the investment advisor for the Fund.