Fund Description: iShares Gold 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 Gold Strategy ETF seeks to provide exposure, on a total return basis, to the price performance of gold. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specified index. FUND STRATEGY: The Fund seeks to achieve its investment objective by investing primarily in a combination of (i) exchange-traded gold futures contracts and other exchange-traded or over-the-counter (OTC) derivatives (i.e., forward contracts, futures, options and swaps) that correlate to the investment returns of physical gold, based on the notional value of such derivative instruments; and (ii) exchange-traded products (ETPs) backed by or linked to physical gold, which may include the iShares Gold Trust (the Gold Trust) ((i) and (ii) together, the Gold Investments). The Fund may invest up to 20% of the Fund’s assets in OTC derivatives. In seeking total return, the Fund additionally aims to generate interest income and capital appreciation through a cash management strategy consisting primarily of cash and cash equivalents and short-term government obligations (collectively, Fixed-Income Investments). While the Fund is not an index fund, the Fund’s investment strategy related to the Gold Investments seeks to maximize correlation with the Bloomberg Composite Gold Index, which is comprised of exchange-traded gold futures contracts and one or more ETPs backed by or linked to physical gold. The Index is designed to track the price performance of gold. Although the Fund generally holds, among other instruments, the same futures contracts under the same futures rolling schedule, and the same ETPs backed by or linked to physical gold, as those included in the Index, the Fund is not obligated to invest in any such futures contracts or ETPs included in, and does not seek to track the performance of, the Index. The ETPs held by the Fund may invest in physical gold bullion or OTC or exchange-traded derivatives on gold bullion, such as forward contracts, futures, options and swaps. The Fund seeks to gain exposure to the Gold Investments by investing through 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. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act. The Subsidiary invests solely in the Gold Investments and cash and cash equivalents. The Fund may invest up to 25% of its total assets in the Subsidiary. The remainder of the Fund’s assets will be invested directly by the Fund, primarily in Fixed-Income Investments, including repurchase agreements, money market instruments, U.S. government and agency securities, treasury inflation-protected securities and sovereign debt obligations of non-U.S. countries. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the Investment Adviser to the Fund.