Fund Description: iShares Evolved U.S. Discretionary Spending 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 Evolved U.S. Discretionary Spending ETF seeks to provide access to U.S. companies with discretionary spending exposure, as classified using a proprietary classification system. 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, under normal circumstances, at least 80% of its net assets in U.S. listed common stock of large-, mid- and small-capitalization discretionary spending companies. The classification process, which uses data analysis tools consisting, in part, of machine learning, natural language processing (NLP) and clustering algorithms to allocate companies to one or more sectors according to a new classification system, is forward looking and evolves as companies evolve. Based on data and information in the company’s public filings a company is classified in one or more of the twelve defined sectors (each an Evolved Sector). Currently these public filings consist of several years of a company’s 10-Ks and S-1s. The classification system allows for a company to be classified into multiple sectors rather than being assigned solely to a single sector. There were twelve Evolved Sectors: Consumer Staples, Discretionary Spending, Energy, Financials, Healthcare Staples, Industrials, Innovative Healthcare, Media and Entertainment, Real Estate, Technology, Telecommunications and Utilities. Sector classifications are reviewed on a quarterly basis and may evolve over time. The Fund will hold common stock of those companies that fall into the Discretionary Spending Evolved Sector which have economic characteristics that have been historically correlated with companies traditionally defined as consumer discretionary companies. The Fund may also invest in other securities, including but not limited to, cash and cash equivalents, including shares of money market funds. FUND MANAGEMENT: BlackRock Fund Advisors serves as the investment adviser to the Fund.