Fund Description: iShares Liquidity Income 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 management investment company. INVESTMENT OBJECTIVE: The iShares Liquidity Income ETF seeks to provide current income consistent with preservation of capital. 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 adviser, 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. The advisor may use an Index as a benchmark. FUND STRATEGY: The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed- and floating-rate debt securities that are rated BBB- or higher by Standard & Poor’s Ratings Services and/or Fitch Ratings, Inc., or Baa3 or higher by Moody’s Investors Service, Inc., or, if unrated, determined by the Advisor to be of equivalent quality. Under normal circumstances, the Fund will invest primarily in fixed- and floating-rate securities maturing in three years or less. Short-term investments (generally, securities with original maturities of one year or less) held by the Fund will carry a rating in one of the highest two rating categories. The Fund may invest in corporate and U.S. and non-U.S. government bonds, agency securities, instruments of non-U.S. issuers, privately-issued securities, asset-backed and mortgage-backed securities, structured securities, municipal bonds, repurchase agreements, money market instruments and investment companies. The Fund invests a significant portion of its assets in securities issued by financial institutions, such as banks, broker-dealers and insurance companies. The dollar-weighted average life of the Fund’s portfolio is expected to be one year or less, as calculated by the Advisor. The Fund will also seek to maintain a dollar-weighted average maturity that is less than 180 days. Dollar-weighted average life, or WAL, is the weighted average of the times when principal is to be repaid. Dollar-weighted average maturity, or WAM, is calculated by taking the average length of time to maturity (fixed-rate) or the next interest rate reset (floating-rate) for each underlying instrument held by the Fund, weighted according to the relative holdings per instrument. FUND MANAGEMENT: