Shareholder Report
Jul. 31, 2025
USD ($)
Holding
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares U.S. Consumer Focused ETF | $19 | 0.18% |
How did the Fund perform last year?
For the reporting period ended July 31, 2025, the Fund returned 13.78%.
For the same period, the S&P Total Market Index returned 15.73%.
What contributed to performance?
While U.S. consumer spending remained resilient during the reporting period, consumer patterns began to shift towards prioritizing essentials. The consumer discretionary sector was the largest contributor to the Fund’s return. Notably, a major e-commerce firm in the broadline retail segment saw significant gains due to its expansion into groceries and continued growth of its cloud computing business. Among specialty retail names, automotive retail companies benefited. An online used car platform was supported by an increased demand for used cars, while an auto parts and accessories specialist gained as consumers held onto older vehicles for longer. In the consumer staples sector, a focus on value and affordability helped two large discount retailers, as well as customer loyalty, lower pricing, investments in technology, and e-commerce strength.
What detracted from performance?
There were no meaningful detractors from the Fund’s performance during the reporting period.
Fund performance
Cumulative performance: March 21, 2018 through July 31, 2025
Initial Investment of $10,000
Fund | S&P Total Market Index | |
|---|---|---|
Mar 18 | $9,884 | $9,736 |
Apr 18 | $10,112 | $9,770 |
May 18 | $10,216 | $10,046 |
Jun 18 | $10,538 | $10,113 |
Jul 18 | $10,796 | $10,451 |
Aug 18 | $11,415 | $10,814 |
Sep 18 | $11,506 | $10,832 |
Oct 18 | $10,743 | $10,029 |
Nov 18 | $10,864 | $10,230 |
Dec 18 | $9,978 | $9,276 |
Jan 19 | $10,747 | $10,075 |
Feb 19 | $11,043 | $10,429 |
Mar 19 | $11,391 | $10,579 |
Apr 19 | $11,848 | $11,000 |
May 19 | $11,024 | $10,290 |
Jun 19 | $11,845 | $11,011 |
Jul 19 | $12,062 | $11,173 |
Aug 19 | $12,058 | $10,947 |
Sep 19 | $12,285 | $11,136 |
Oct 19 | $12,350 | $11,373 |
Nov 19 | $12,617 | $11,803 |
Dec 19 | $12,936 | $12,143 |
Jan 20 | $12,849 | $12,128 |
Feb 20 | $11,890 | $11,135 |
Mar 20 | $10,356 | $9,597 |
Apr 20 | $11,984 | $10,870 |
May 20 | $12,810 | $11,453 |
Jun 20 | $13,198 | $11,717 |
Jul 20 | $14,247 | $12,379 |
Aug 20 | $15,637 | $13,269 |
Sep 20 | $15,261 | $12,781 |
Oct 20 | $14,873 | $12,508 |
Nov 20 | $16,399 | $14,037 |
Dec 20 | $16,779 | $14,667 |
Jan 21 | $16,494 | $14,620 |
Feb 21 | $16,637 | $15,088 |
Mar 21 | $17,446 | $15,613 |
Apr 21 | $18,493 | $16,415 |
May 21 | $18,128 | $16,489 |
Jun 21 | $18,709 | $16,907 |
Jul 21 | $18,994 | $17,198 |
Aug 21 | $19,367 | $17,690 |
Sep 21 | $18,514 | $16,887 |
Oct 21 | $19,578 | $18,021 |
Nov 21 | $19,817 | $17,756 |
Dec 21 | $20,371 | $18,430 |
Jan 22 | $18,694 | $17,324 |
Feb 22 | $18,130 | $16,888 |
Mar 22 | $18,525 | $17,435 |
Apr 22 | $17,164 | $15,863 |
May 22 | $16,151 | $15,831 |
Jun 22 | $14,757 | $14,500 |
Jul 22 | $16,592 | $15,860 |
Aug 22 | $16,121 | $15,261 |
Sep 22 | $14,825 | $13,838 |
Oct 22 | $15,824 | $14,968 |
Nov 22 | $16,809 | $15,758 |
Dec 22 | $15,659 | $14,831 |
Jan 23 | $16,909 | $15,865 |
Feb 23 | $16,177 | $15,498 |
Mar 23 | $16,489 | $15,905 |
Apr 23 | $16,903 | $16,065 |
May 23 | $16,391 | $16,135 |
Jun 23 | $17,647 | $17,240 |
Jul 23 | $18,242 | $17,861 |
Aug 23 | $17,873 | $17,511 |
Sep 23 | $16,867 | $16,673 |
Oct 23 | $16,691 | $16,224 |
Nov 23 | $18,148 | $17,747 |
Dec 23 | $19,458 | $18,696 |
Jan 24 | $19,625 | $18,903 |
Feb 24 | $21,358 | $19,930 |
Mar 24 | $21,916 | $20,574 |
Apr 24 | $20,534 | $19,667 |
May 24 | $21,062 | $20,601 |
Jun 24 | $21,498 | $21,241 |
Jul 24 | $21,629 | $21,631 |
Aug 24 | $22,175 | $22,094 |
Sep 24 | $23,071 | $22,549 |
Oct 24 | $22,648 | $22,388 |
Nov 24 | $24,763 | $23,879 |
Dec 24 | $23,782 | $23,160 |
Jan 25 | $25,037 | $23,870 |
Feb 25 | $24,580 | $23,419 |
Mar 25 | $22,751 | $22,032 |
Apr 25 | $22,914 | $21,880 |
May 25 | $23,941 | $23,282 |
Jun 25 | $24,478 | $24,475 |
Jul 25 | $24,609 | $25,033 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | Since Fund
Inception |
|---|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.78% | 11.55% | 13.01% |
S&P Total Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 15.73 | 15.12 | 13.28 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $30,298,094 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 189 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $52,906 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18% |
Industry allocation
Ten largest holdings
Industry | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
Specialty Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 36.0% |
Consumer Staples Distribution & Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 21.2 |
Hotels, Restaurants & Leisure........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 14.8 |
Broadline Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.6 |
Textiles, Apparel & Luxury Goods........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.4 |
Financial Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.5 |
Commercial Services & Supplies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.8 |
Ground Transportation........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 |
Software........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.6 |
Entertainment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.9 |
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Home Depot, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 10.7% |
Walmart, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 8.6 |
Costco Wholesale Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 8.0 |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 7.8 |
TJX Cos., Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.2 |
Lowe's Cos., Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.0 |
O'Reilly Automotive, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.3 |
Ross Stores, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.1 |
Chipotle Mexican Grill, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.1 |
Starbucks Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.6 |
| Footnote | Description |
Footnote(a) | Excludes money market funds. |
Footnote(b) | Ten largest industries are presented. Additional industries are found in Other. |
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares U.S. Tech Independence Focused ETF | $21 | 0.18% |
How did the Fund perform last year?
For the reporting period ended July 31, 2025, the Fund returned 31.85%.
For the same period, the S&P Total Market Index returned 15.73%.
What contributed to performance?
Companies across the information technology sector contributed to the Fund’s return during the reporting period. Semiconductor stocks gained amid unprecedented demand for artificial intelligence (“AI”) and generative AI, data center expansions, and continued innovation in chips and network solutions. An application software company specializing in data analysis and artificial intelligence experienced robust growth across its government and commercial sectors. Meanwhile, systems software firms benefited from strong demand in cloud-delivered businesses, including cybersecurity, and increasing adoption of AI technologies. In the consumer discretionary sector, a major e-commerce firm in the broadline retail segment saw significant gains due to its expansion into groceries and continued growth of its cloud computing business.
What detracted from performance?
There were no meaningful detractors from the Fund’s return during the reporting period.
Fund performance
Cumulative performance: March 21, 2018 through July 31, 2025
Initial Investment of $10,000
Fund | S&P Total Market Index | |
|---|---|---|
Mar 18 | $9,598 | $9,736 |
Apr 18 | $9,699 | $9,770 |
May 18 | $10,321 | $10,046 |
Jun 18 | $10,351 | $10,113 |
Jul 18 | $10,600 | $10,451 |
Aug 18 | $11,418 | $10,814 |
Sep 18 | $11,379 | $10,832 |
Oct 18 | $10,277 | $10,029 |
Nov 18 | $10,237 | $10,230 |
Dec 18 | $9,396 | $9,276 |
Jan 19 | $10,283 | $10,075 |
Feb 19 | $10,762 | $10,429 |
Mar 19 | $11,222 | $10,579 |
Apr 19 | $11,951 | $11,000 |
May 19 | $11,042 | $10,290 |
Jun 19 | $11,828 | $11,011 |
Jul 19 | $12,219 | $11,173 |
Aug 19 | $11,942 | $10,947 |
Sep 19 | $11,959 | $11,136 |
Oct 19 | $12,331 | $11,373 |
Nov 19 | $12,949 | $11,803 |
Dec 19 | $13,378 | $12,143 |
Jan 20 | $13,985 | $12,128 |
Feb 20 | $13,079 | $11,135 |
Mar 20 | $11,949 | $9,597 |
Apr 20 | $13,796 | $10,870 |
May 20 | $14,782 | $11,453 |
Jun 20 | $15,717 | $11,717 |
Jul 20 | $16,759 | $12,379 |
Aug 20 | $18,509 | $13,269 |
Sep 20 | $17,484 | $12,781 |
Oct 20 | $16,977 | $12,508 |
Nov 20 | $18,758 | $14,037 |
Dec 20 | $19,606 | $14,667 |
Jan 21 | $19,503 | $14,620 |
Feb 21 | $19,849 | $15,088 |
Mar 21 | $20,044 | $15,613 |
Apr 21 | $21,498 | $16,415 |
May 21 | $21,234 | $16,489 |
Jun 21 | $22,729 | $16,907 |
Jul 21 | $23,503 | $17,198 |
Aug 21 | $24,541 | $17,690 |
Sep 21 | $23,063 | $16,887 |
Oct 21 | $24,802 | $18,021 |
Nov 21 | $25,042 | $17,756 |
Dec 21 | $25,444 | $18,430 |
Jan 22 | $23,406 | $17,324 |
Feb 22 | $22,268 | $16,888 |
Mar 22 | $22,963 | $17,435 |
Apr 22 | $19,863 | $15,863 |
May 22 | $19,365 | $15,831 |
Jun 22 | $17,673 | $14,500 |
Jul 22 | $19,739 | $15,860 |
Aug 22 | $18,686 | $15,261 |
Sep 22 | $16,522 | $13,838 |
Oct 22 | $17,194 | $14,968 |
Nov 22 | $18,198 | $15,758 |
Dec 22 | $17,122 | $14,831 |
Jan 23 | $18,523 | $15,865 |
Feb 23 | $18,302 | $15,498 |
Mar 23 | $19,831 | $15,905 |
Apr 23 | $19,806 | $16,065 |
May 23 | $21,876 | $16,135 |
Jun 23 | $23,214 | $17,240 |
Jul 23 | $23,964 | $17,861 |
Aug 23 | $24,019 | $17,511 |
Sep 23 | $22,509 | $16,673 |
Oct 23 | $22,314 | $16,224 |
Nov 23 | $25,093 | $17,747 |
Dec 23 | $26,411 | $18,696 |
Jan 24 | $27,471 | $18,903 |
Feb 24 | $29,432 | $19,930 |
Mar 24 | $30,041 | $20,574 |
Apr 24 | $28,216 | $19,667 |
May 24 | $29,293 | $20,601 |
Jun 24 | $31,901 | $21,241 |
Jul 24 | $31,686 | $21,631 |
Aug 24 | $32,116 | $22,094 |
Sep 24 | $33,342 | $22,549 |
Oct 24 | $33,172 | $22,388 |
Nov 24 | $35,028 | $23,879 |
Dec 24 | $36,290 | $23,160 |
Jan 25 | $37,003 | $23,870 |
Feb 25 | $34,964 | $23,419 |
Mar 25 | $31,938 | $22,032 |
Apr 25 | $33,536 | $21,880 |
May 25 | $37,190 | $23,282 |
Jun 25 | $40,075 | $24,475 |
Jul 25 | $41,777 | $25,033 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | Since Fund
Inception |
|---|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 31.85% | 20.04% | 21.43% |
S&P Total Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 15.73 | 15.12 | 13.28 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $754,108,286 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 103 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $780,463 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 43% |
Industry allocation
Ten largest holdings
Industry | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
Software........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 34.9% |
Semiconductors & Semiconductor Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 23.6 |
Broadline Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.6 |
IT Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.9 |
Interactive Media & Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.8 |
Capital Markets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.0 |
Communications Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.9 |
Technology Hardware, Storage & Peripherals........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.9 |
Electronic Equipment, Instruments & Components........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.9 |
Aerospace & Defense........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.8 |
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.7 |
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 11.5% |
Palantir Technologies, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 10.4 |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 9.0 |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 7.6 |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 6.9 |
Salesforce, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.2 |
Oracle Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.0 |
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.8 |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.5 |
Accenture plc, Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.3 |
| Footnote | Description |
Footnote(a) | Excludes money market funds. |
Footnote(b) | Ten largest industries are presented. Additional industries are found in Other. |