Fund Description: iShares Interest Rate Hedged Long-Term Corporate Bond ETF, formerly iShares Interest Rate Hedged 10 Year Credit 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 Long-Term Corporate Bond ETF seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities greater than ten years. 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 investment-grade U.S. corporate bonds and U.S. dollar-denominated bonds, including those of non-U.S. corporations and governments, with remaining maturities greater than ten years, in one or more underlying funds that principally invest in investment-grade bonds and in U.S. Treasury securities (or cash equivalents). As of its inception date, the Fund intends to initially invest a substantial portion of its assets in the iShares 10+ Year Credit Bond ETF, the Underlying Fund. The Fund will attempt to mitigate the interest rate risk of the underlying securities and/or the Underlying Fund (as determined by BFA, the Fund's adviser, primarily through the use of short positions in both U.S. Treasury futures contracts and interest rate swaps. The bonds in which the Fund and/or the Underlying Fund invest may include investment-grade bonds and generally have at least ten years until maturity at the time of investment. 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 are not intended to mitigate credit risk or other factors influencing the price of investment-grade 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. The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received). FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment advisor for the Fund.