0001100663 ist:SAndPTotalMarketIndexMember 2024-03-13 2024-03-13
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR/A
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
Fund Address: c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105
Name and address of agent for service: The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801
Registrant's telephone number, including area code:
Date of reporting period:
Item 1 — Report to Stockholders
Explanatory Note: The Registrant is filing this amendment to its Form N-CSR for the period ended October 31, 2024, filed with the Securities and Exchange Commission on January 3, 2025 (Accession Number 0001193125-25-001344). The sole purpose of this amendment is to update the JPM Emerging Market Bond Index and related returns to the J.P. Morgan EMBI Global Diversified Index. Except for such change, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.
(a) The Report to Shareholders is attached herewith
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares 0-5 Year High Yield Corporate Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 0-5 Year High Yield Corporate Bond ETF |
$33 |
0.31% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 13.78%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Markit iBoxx® USD Liquid High Yield 0-5 Index returned 13.93%.
What contributed to performance?
Short-term high yield bonds were supported during the reporting period by an environment of slowing pricing pressures and steady growth, including the first rate cut by the U.S. Federal Reserve since March 2020. These issues also benefited from declining credit spreads (the difference in the yield between two bonds with similar maturities but different credit qualities) during the reporting period as fundamentals remained resilient. Consumer service bonds within the consumer cyclicals sector were the strongest contributors to the Fund’s return. Within the communications sector, cable and satellite issues also supported performance. Within credit quality, all high yield rating buckets contributed positively to performance.
What detracted from performance?
There were no significant detractors to the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
10 Years |
|
| Fund NAV |
13.78 |
% |
4.39 |
% |
4.20 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.82 |
|
| Markit iBoxx® USD Liquid High Yield 0-5 Index |
13.93 |
|
4.73 |
|
4.53 |
|
| Key Fund statistics |
|
| Net Assets |
$6,003,505,908 |
| Number of Portfolio Holdings |
1,092 |
| Net Investment Advisory Fees |
$17,217,617 |
| Portfolio Turnover Rate |
36% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of Total
Investments(a) |
|
| Baa |
0.8 |
% |
| Ba |
35.9 |
% |
| B |
45.0 |
% |
| Caa |
14.7 |
% |
| Ca |
1.2 |
% |
| Not Rated |
2.4 |
% |
| Maturity |
Percent of Total
Investments(a) |
|
| 0-1 Year |
4.4 |
% |
| 1-2 Years |
12.1 |
% |
| 2-3 Years |
19.0 |
% |
| 3-4 Years |
27.7 |
% |
| 4-5 Years |
36.6 |
% |
| 5-6 Years |
0.2 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, Markit Indices Limited and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares 0-5 Year High Yield Corporate Bond ETF
Annual Shareholder Report — October 31, 2024
SHYG-10/24-AR
iShares 0-5 Year Investment Grade Corporate Bond ETF
SLQD | NASDAQ
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares 0-5 Year Investment Grade Corporate Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 0-5 Year Investment Grade Corporate Bond ETF |
$6 |
0.06% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 8.03%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Markit iBoxx® USD Liquid Investment Grade 0-5 Index returned 8.04%.
What contributed to performance?
Bond returns were supported by an environment of slowing pricing pressures and steady growth in the United States. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by a 50 basis point cut, its first rate reduction since March 2020. Investment-grade corporate bonds with short (zero to three years) to intermediate maturities (three to seven years)benefited from the decrease in yields over the period. The Fund’s allocation to 0-5 year bonds contributed to its positive performance. In terms of credit quality, bonds rated A and Baa by Moody’s, contributed the most to performance. Within sectors, banking aided returns, supported by the prospects of monetary easing.
What detracted from performance?
There were no meaningful detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
10 Years |
|
| Fund NAV |
8.03 |
% |
2.03 |
% |
2.22 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.82 |
|
| Markit iBoxx® USD Liquid Investment Grade 0-5 Index |
8.04 |
|
2.06 |
|
2.28 |
|
| Key Fund statistics |
|
| Net Assets |
$2,116,250,805 |
| Number of Portfolio Holdings |
2,675 |
| Net Investment Advisory Fees |
$1,291,712 |
| Portfolio Turnover Rate |
24% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of Total
Investments(a) |
|
| Aaa |
1.9 |
% |
| Aa |
6.8 |
% |
| A |
46.7 |
% |
| Baa |
41.4 |
% |
| Ba |
2.1 |
% |
| Not Rated |
1.1 |
% |
| Maturity |
Percent of Total
Investments(a) |
|
| 0-1 Year |
18.0 |
% |
| 1-5 Years |
81.9 |
% |
| 5-10 Years |
0.1 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, Markit Indices Limited and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares 0-5 Year Investment Grade Corporate Bond ETF
Annual Shareholder Report — October 31, 2024
SLQD-10/24-AR
iShares 1-3 Year International Treasury Bond ETF
ISHG | NASDAQ
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares 1-3 Year International Treasury Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 1-3 Year International Treasury Bond ETF |
$36 |
0.35% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 6.52%.
-
For the same period, the FTSE World Broad Investment-Grade Bond Index returned 9.98% and the FTSE World Government Bond Index – Developed Markets 1-3 Years Capped Select Index returned 6.76%.
What contributed to performance?
During the reporting period, short-term Treasury returns were supported by an environment of moderating inflationary pressures and stable economic growth. Amid worries about growth prospects, the European Central Bank cut rates three times, while the United States economy stayed strong, prompting the U.S. Federal Reserve Bank to wait until September before decreasing short-term interest rates for the first since 2020. Eurozone bonds were the Fund’s top performers, led by Italian bonds, which benefited from the economic and fiscal approach of Italy’s new government. French Treasury bonds also contributed. Bonds with maturities over 10 years, which are the most sensitive to interest rate changes, were also meaningful contributors.
What detracted from performance?
There were no significant detractors during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
10 Years |
|
| Fund NAV |
6.52 |
% |
(1.62 |
)% |
(1.66 |
)% |
| FTSE World Broad Investment-Grade Bond Index |
9.98 |
|
(1.80 |
) |
0.16 |
|
| FTSE World Government Bond Index – Developed Markets 1-3 Years Capped Select Index |
6.76 |
|
(1.35 |
) |
(1.44 |
) |
| Key Fund statistics |
|
| Net Assets |
$68,083,641 |
| Number of Portfolio Holdings |
140 |
| Net Investment Advisory Fees |
$271,498 |
| Portfolio Turnover Rate |
77% |
The Fund has added the FTSE World Broad Investment-Grade Bond Index in response to new regulatory requirements.
The performance of the FTSE World Government Bond Index – Developed Markets 1-3 Years Capped Select Index in this report reflects the performance of the S&P International Sovereign Ex-U.S. 1-3 Year Bond Index through August 31, 2020 and, beginning on September 1, 2020, the performance of the FTSE World Government Bond Index – Developed Markets 1-3 Years Capped Select Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of Total
Investments(a) |
|
| Aaa |
32.2 |
% |
| Aa |
32.0 |
% |
| A |
15.5 |
% |
| Baa |
14.9 |
% |
| Not Rated |
5.4 |
% |
| Country/Geographic Region |
Percent of Total
Investments(a) |
|
| France |
11.7 |
% |
| Italy |
10.6 |
% |
| Japan |
9.9 |
% |
| Germany |
8.7 |
% |
| Spain |
6.3 |
% |
| Netherlands |
4.7 |
% |
| Singapore |
4.6 |
% |
| Austria |
4.6 |
% |
| Belgium |
4.6 |
% |
| Australia |
4.5 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE Fixed Income LLC, S&P Dow Jones Indices LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares 1-3 Year International Treasury Bond ETF
Annual Shareholder Report — October 31, 2024
ISHG-10/24-AR
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
TLTW | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 20+ Year Treasury Bond BuyWrite Strategy ETF |
$21 |
0.20% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 8.56%.
-
For the same period, the ICE BofA US Broad Market Index returned 10.55% and the Cboe TLT 2% OTM BuyWrite Index returned 9.64%.
What contributed to performance?
U.S. Treasury saw modest gains during the reporting period amid expectations and then the realization of an interest rate cut by the U.S. Federal Reserve. For the first time since March 2020, the central bank lowered short-term interest rates, announcing a 50-basis point cut. Leading up to the rate cut, Treasury yields moved lower, the 10-year note moving from 4.93% to end the reporting period at 4.28%. (Bond prices and yields move in opposite directions).
What detracted from performance?
During the reporting period, writing (selling) one-month covered call options to generate income detracted from the Fund’s performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 18, 2022 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
1 Year |
|
Since Fund
Inception |
|
| Fund NAV |
8.56 |
% |
(5.12 |
)% |
| ICE BofA US Broad Market Index |
10.55 |
|
1.42 |
|
| Cboe TLT 2% OTM BuyWrite Index |
9.64 |
|
(4.36 |
) |
| Key Fund statistics |
|
| Net Assets |
$1,107,436,043 |
| Number of Portfolio Holdings |
3 |
| Net Investment Advisory Fees |
$1,839,621 |
| Portfolio Turnover Rate |
0% |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
The inception date of the Fund was August 18, 2022.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type |
Percent of
Net Assets |
|
| Investment Companies |
99.1 |
% |
| Short-term Investments |
1.3 |
% |
| Options Written |
(0.4 |
)% |
| Maturity allocation (of the underlying fund)(a) |
| Maturity |
Percent of Total
Investments(b) |
|
| 15-20 Years |
2.8 |
% |
| 20-25 Years |
32.8 |
% |
| 25-30 Years |
64.4 |
% |
| (a) |
The underlying fund is iShares 20+ Year Treasury Bond ETF. |
| (b) |
Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC, Cboe Global Indices, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
Annual Shareholder Report — October 31, 2024
TLTW-10/24-AR
iShares Aaa - A Rated Corporate Bond ETF
QLTA | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Aaa - A Rated Corporate Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 Aaa - A Rated Corporate Bond ETF |
$16 |
0.15% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 12.45%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg U.S. Corporate Aaa - A Capped Index returned 12.59%.
What contributed to performance?
Longer-term corporate bonds contributed the most to the Fund’s return during the reporting period, supported by an environment of slowing pricing pressures and steady growth in the United States. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve Bank (“Fed”) lowered short-term interest rates by a 50 basis point cut, its first rate reduction since March 2020. Among sectors, industrial bonds, specifically consumer non-cyclical and technology, contributed positively to performance. Financial sector bonds also contributed positively to performance, driven by the banking sector. By credit quality, the Fund’s allocation to A-rated bonds benefited the Fund’s return.
What detracted from performance?
During the reporting period, there were no significant detractors from the Fund’s return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
10 Years |
|
| Fund NAV |
12.45 |
% |
0.03 |
% |
2.08 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.82 |
|
| Bloomberg U.S. Corporate Aaa - A Capped Index |
12.59 |
|
0.14 |
|
2.19 |
|
| Key Fund statistics |
|
| Net Assets |
$1,651,638,712 |
| Number of Portfolio Holdings |
3,028 |
| Net Investment Advisory Fees |
$1,730,190 |
| Portfolio Turnover Rate |
16% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Maturity |
Percent of Total
Investments(a) |
|
| 1-5 Years |
37.4 |
% |
| 5-10 Years |
27.3 |
% |
| 10-15 Years |
7.3 |
% |
| 15-20 Years |
6.5 |
% |
| More than 20 Years |
21.5 |
% |
| Security |
Percent of Total
Investments(a) |
|
| Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 4.90%, 02/01/46 |
0.3 |
% |
| Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 4.70%, 02/01/36 |
0.2 |
% |
| Comcast Corp., 4.15%, 10/15/28 |
0.2 |
% |
| Pfizer Investment Enterprises Pte Ltd., 5.30%, 05/19/53 |
0.2 |
% |
| Citigroup Inc., 5.17%, 02/13/30 |
0.2 |
% |
| Anheuser-Busch InBev Worldwide Inc., 5.55%, 01/23/49 |
0.2 |
% |
| Wells Fargo & Co., 5.01%, 04/04/51 |
0.2 |
% |
| AbbVie Inc., 4.25%, 11/21/49 |
0.2 |
% |
| Pfizer Investment Enterprises Pte Ltd., 4.75%, 05/19/33 |
0.2 |
% |
| GlaxoSmithKline Capital Inc., 3.88%, 05/15/28 |
0.2 |
% |
| (a) |
Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Aaa - A Rated Corporate Bond ETF
Annual Shareholder Report — October 31, 2024
QLTA-10/24-AR
iShares BB Rated Corporate Bond ETF
HYBB | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares BB Rated Corporate Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
This report describes changes to the Fund that occurred during the reporting period.
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 BB Rated Corporate Bond ETF |
$27 |
0.25% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 14.44%.
-
For the same period, the ICE BofA US Broad Market Index returned 10.55% and the ICE BofA BB US High Yield Constrained Index returned 14.51%.
What contributed to performance?
U.S. intermediate-term bonds (between three and ten years) were the largest contributors to the Fund’s return during the reporting period. Bond prices rose as yields fell (bond yields and prices move in opposite directions) amid an environment of slowing pricing pressures and steady growth in the United States. Expectations for interest rate cuts grew, and those expectations were realized in September 2024 when the U.S. Federal Reserve Bank lowered short term interest rates by 50 basis points, its first-rate reduction since March 2020. Among sectors, notable contributors included consumer cyclical and financial bonds. Additionally, the Fund’s allocation to lower-risk high-yield bonds rated Ba by Moody’s, benefited performance.
What detracted from performance?
During the reporting period, there were no significant detractors from the Fund’s return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: October 6, 2020 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
1 Year |
|
Since Fund
Inception |
|
| Fund NAV |
14.44 |
% |
3.42 |
% |
| ICE BofA US Broad Market Index |
10.55 |
|
(1.84 |
) |
| ICE BofA BB US High Yield Constrained Index |
14.51 |
|
3.54 |
|
| Key Fund statistics |
|
| Net Assets |
$367,444,693 |
| Number of Portfolio Holdings |
961 |
| Net Investment Advisory Fees |
$876,370 |
| Portfolio Turnover Rate |
37% |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
The inception date of the Fund was October 6, 2020.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA BB US High Yield Constrained Index (the “Index”). Index data prior to March 1, 2021 is for the Index's standard pricing time of 3 pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index's new standard pricing time of 4 pm. The change of the Index's standard pricing time from 3 pm to 4 pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Maturity |
Percent of Total
Investments(a) |
|
| 0-1 Year |
0.1 |
% |
| 1-5 Years |
52.0 |
% |
| 5-10 Years |
42.2 |
% |
| 10-15 Years |
1.5 |
% |
| 15-20 Years |
0.6 |
% |
| More than 20 Years |
3.6 |
% |
| Security |
Percent of Total
Investments(a) |
|
| Medline Borrower LP, 3.88%, 04/01/29 |
0.6 |
% |
| Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 |
0.5 |
% |
| Venture Global LNG Inc., 9.50%, 02/01/29 |
0.5 |
% |
| American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 |
0.4 |
% |
| Carnival Corp., 5.75%, 03/01/27 |
0.4 |
% |
| EMRLD Borrower LP/Emerald Co-Issuer Inc., 6.63%, 12/15/30 |
0.4 |
% |
| TransDigm Inc., 6.38%, 03/01/29 |
0.4 |
% |
| Intelsat Jackson Holdings SA, 6.50%, 03/15/30 |
0.4 |
% |
| DaVita Inc., 4.63%, 06/01/30 |
0.4 |
% |
| Venture Global LNG Inc., 8.13%, 06/01/28 |
0.3 |
% |
| (a) |
Excludes money market funds. |
Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
The net expense ratio increased from the prior fiscal year end primarily due to the discontinuation of a voluntary fee waiver.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares BB Rated Corporate Bond ETF
Annual Shareholder Report — October 31, 2024
HYBB-10/24-AR
iShares Broad USD High Yield Corporate Bond ETF
USHY | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Broad USD High Yield Corporate Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
This report describes changes to the Fund that occurred during the reporting period.
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 Broad USD High Yield Corporate Bond ETF |
$10 |
0.09% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 16.68%.
-
For the same period, the ICE BofA US Broad Market Index returned 10.55% and the ICE BofA US High Yield Constrained Index returned 16.49%.
What contributed to performance?
Bond returns in the United States were supported during the reporting period by an environment of slowing pricing pressures and steady growth in the United States. Expectations for interest rate cuts grew, and those hopes were realized in September when the U.S. Federal Reserve lowered interest rates by a 50 basis point cut, its first rate reduction since March 2020. High-yield issues were helped by declining credit spreads (the difference in the yield between two bonds with similar maturities but different credit qualities) as fundamentals remained resilient. By sector, consumer cyclicals contributed the most to performance, as retailers were supported by a resilient consumer, while the consumer non cyclicals space was helped by healthcare issues. Within credit quality, performance was helped by bonds across the high-yield rating spectrum, with those rated BB delivering the strongest performance.
What detracted from performance?
There were no significant detractors to the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: October 25, 2017 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
16.68 |
% |
4.32 |
% |
4.34 |
% |
| ICE BofA US Broad Market Index |
10.55 |
|
(0.24 |
) |
1.18 |
|
| ICE BofA US High Yield Constrained Index |
16.49 |
|
4.37 |
|
4.41 |
|
| Key Fund statistics |
|
| Net Assets |
$20,604,750,693 |
| Number of Portfolio Holdings |
1,896 |
| Net Investment Advisory Fees |
$11,332,904 |
| Portfolio Turnover Rate |
21% |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
The inception date of the Fund was October 25, 2017.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA US High Yield Constrained Index. Index data prior to March 1, 2021 is for the Index's standard pricing time of 3 pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4 pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index's new standard pricing time of 4 pm. The change of the Index's standard pricing time from 3 pm to 4 pm resulted in the discontinuation of the custom 4 pm pricing variant used from March 1, 2021 through November 30, 2023.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of Total
Investments(a) |
|
| Baa |
1.2 |
% |
| Ba |
39.4 |
% |
| B |
43.7 |
% |
| Caa |
12.7 |
% |
| Ca |
0.8 |
% |
| Not Rated |
2.2 |
% |
| Maturity |
Percent of Total
Investments(a) |
|
| 0-1 Year |
0.2 |
% |
| 1-5 Years |
58.2 |
% |
| 5-10 Years |
38.4 |
% |
| 10-15 Years |
0.8 |
% |
| 15-20 Years |
0.3 |
% |
| More than 20 Years |
2.1 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
Effective December 15, 2023, for its investment advisory services to the Fund, BlackRock Fund Advisors ("BFA") is entitled to an annual investment advisory fee of 0.08%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to December 15, 2023, BFA was entitled to an annual investment advisory fee of 0.22%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. The net expense ratio decreased from the prior fiscal year end due to this change.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Broad USD High Yield Corporate Bond ETF
Annual Shareholder Report — October 31, 2024
USHY-10/24-AR
iShares CMBS ETF
CMBS | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares CMBS ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 CMBS ETF |
$26 |
0.25% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 10.38%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg U.S. CMBS (ERISA Only) Index returned 10.75%.
What contributed to performance?
The largest driver of bond prices during the reporting period was the anticipation of easing monetary policy by the U.S. Federal Reserve, which increased optimism in commercial mortgage-backed securities (“CMBS”). The central bank did cut rates in September by 50 basis points amid an environment of slowing pricing pressures and steady growth. Spreads for CMBS over Treasuries have tightened, given the strong demand that absorbed new issue supply, especially for newly issued deals. (A spread is the difference in yield between a U.S. Treasury bond and a specific commercial mortgage-backed security.)
What detracted from performance?
While there were no significant detractors from the Fund’s return during the reporting period, secular challenges in the office sector remain as stalled rent growth, increased financing costs, higher operating expenses, and cap rate resets have raised refinancing hurdles in the commercial real estate market.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
10 Years |
|
| Fund NAV |
10.38 |
% |
0.45 |
% |
1.85 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.82 |
|
| Bloomberg U.S. CMBS (ERISA Only) Index |
10.75 |
|
0.78 |
|
2.16 |
|
| Key Fund statistics |
|
| Net Assets |
$456,012,693 |
| Number of Portfolio Holdings |
484 |
| Net Investment Advisory Fees |
$1,058,365 |
| Portfolio Turnover Rate |
33% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of Total
Investments(a) |
|
| Aaa |
70.1 |
% |
| Aa |
2.7 |
% |
| A |
0.6 |
% |
| Baa |
0.2 |
% |
| Not Rated |
26.4 |
% |
| Maturity |
Percent of Total
Investments(a) |
|
| 1-5 Years |
23.3 |
% |
| 5-10 Years |
25.6 |
% |
| 10-15 Years |
1.0 |
% |
| 15-20 Years |
0.2 |
% |
| 20-25 Years |
5.0 |
% |
| 25-30 Years |
27.0 |
% |
| 30-35 Years |
13.4 |
% |
| 35-40 Years |
4.2 |
% |
| More than 40 Years |
0.3 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares CMBS ETF
Annual Shareholder Report — October 31, 2024
CMBS-10/24-AR
iShares Convertible Bond ETF
ICVT | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Convertible Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 Convertible Bond ETF |
$22 |
0.20% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 20.91%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg U.S. Convertible Cash Pay Bond>$250MM Index returned 21.18%.
What contributed to performance?
Bond returns were supported by an environment of slowing pricing pressures and steady growth in the United States during the reporting period. Growing expectations for interest rate cuts, and the eventual rate cut in September pushed yields down and prices higher. (Bond yields and prices move in opposite directions.) The Fund’s substantial exposure to the consumer cyclicals (supported by robust consumer spending) and information technology sectors meaningfully contributed to performance. Given the hybrid structure of convertible bonds, rising equity prices, particularly among information technology companies, supported the Fund’s return. Convertible bonds are issued by companies with high expectations for future earnings, making them a popular form of financing for many companies. Among credit quality, much of the convertible universe is unrated, and these issues contributed positively to returns.
What detracted from performance?
Bonds rated B, slightly detracted from the Fund’s return during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: June 2, 2015 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
20.91 |
% |
11.20 |
% |
9.31 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.82 |
|
| Bloomberg U.S. Convertible Cash Pay Bond>$250MM Index |
21.18 |
|
11.72 |
|
9.81 |
|
| Key Fund statistics |
|
| Net Assets |
$2,255,834,575 |
| Number of Portfolio Holdings |
336 |
| Net Investment Advisory Fees |
$3,617,350 |
| Portfolio Turnover Rate |
25% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was June 2, 2015.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Maturity |
Percent of Total
Investments(a) |
|
| 0-1 Year |
9.8 |
% |
| 1-5 Years |
76.1 |
% |
| 5-10 Years |
12.3 |
% |
| More than 20 Years |
1.8 |
% |
| Security |
Percent of Total
Investments(a) |
|
| Alibaba Group Holding Ltd., 0.50%, 06/01/31 |
2.4 |
% |
| Palo Alto Networks Inc., 0.38%, 06/01/25 |
1.0 |
% |
| DISH Network Corp., 3.38%, 08/15/26 |
1.0 |
% |
| PG&E Corp., 4.25%, 12/01/27 |
0.9 |
% |
| JD.com Inc., 0.25%, 06/01/29 |
0.9 |
% |
| Western Digital Corp., 3.00%, 11/15/28 |
0.9 |
% |
| Ford Motor Co. , 03/15/26 |
0.9 |
% |
| Booking Holdings Inc., 0.75%, 05/01/25 |
0.9 |
% |
| Carnival Corp., 5.75%, 12/01/27 |
0.9 |
% |
| Uber Technologies Inc., 0.88%, 12/01/28 |
0.8 |
% |
| (a) |
Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Convertible Bond ETF
Annual Shareholder Report — October 31, 2024
ICVT-10/24-AR
iShares Core 1-5 Year USD Bond ETF
ISTB | NASDAQ
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Core 1-5 Year USD Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
This report describes changes to the Fund that occurred during the reporting period.
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 Core 1-5 Year USD Bond ETF |
$6 |
0.06% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 7.81%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg U.S. Universal 1-5 Year Index returned 7.85%.
What contributed to performance?
Bond returns in the United States were supported during the reporting period by an environment of slowing pricing pressures and steady growth, including the first rate cut by the U.S. Federal Reserve Bank (“Fed”) since March 2020. Corporate bonds contributed the most to the Fund’s performance, led by the industrial and financial sector. Treasuries also registered solid gains, as clarity on the Fed’s policy direction drove Treasury yields lower, the 10-year Treasury decreased from 4.93% to 4.29% during the reporting period. (Bond yields and prices move in opposite directions.) Within credit quality, AA rated bonds contributed to performance.
What detracted from performance?
There were no significant detractors to the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
10 Years |
|
| Fund NAV |
7.81 |
% |
1.48 |
% |
1.88 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.82 |
|
| Bloomberg U.S. Universal 1-5 Year Index |
7.85 |
|
1.51 |
|
1.93 |
|
| Key Fund statistics |
|
| Net Assets |
$4,090,994,404 |
| Number of Portfolio Holdings |
6,241 |
| Net Investment Advisory Fees |
$2,445,308 |
| Portfolio Turnover Rate |
39% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of Total
Investments(a) |
|
| Aaa |
61.5 |
% |
| Aa |
3.8 |
% |
| A |
12.7 |
% |
| Baa |
11.5 |
% |
| Ba |
3.5 |
% |
| B |
3.4 |
% |
| Caa |
1.1 |
% |
| Ca |
0.1 |
% |
| Not Rated |
2.4 |
% |
| Investment Type |
Percent of Total
Investments(a) |
|
| U.S. Government & Agency Obligations |
55.9 |
% |
| Corporate Bonds & Notes |
35.1 |
% |
| Foreign Government Obligations |
6.2 |
% |
| Collateralized Mortgage Obligations |
1.8 |
% |
| Asset-Backed Securities |
0.9 |
% |
| Municipal Debt Obligations |
0.1 |
% |
| Common Stocks |
0.0 |
%(b) |
| (a) |
Excludes money market funds. |
| (b) |
Rounds to less than 0.1%. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
The contractual fee waiver has been extended through February 28, 2029.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Core 1-5 Year USD Bond ETF
Annual Shareholder Report — October 31, 2024
ISTB-10/24-AR
iShares Core International Aggregate Bond ETF
IAGG | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Core International Aggregate Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 Core International Aggregate Bond ETF |
$7 |
0.07% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 9.61%.
-
For the same period, the Bloomberg Global Aggregate Bond Index returned 9.54% and the Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index returned 9.56%.
What contributed to performance?
Euro bloc bonds were the largest contributors to the Fund’s return during the reporting period as slowing pricing pressures supported longer-term maturity treasury and government-related issues. Bond prices gained, and yields fell as both the European Central Bank (“ECB”) and the U.S. Federal Reserve began to ease monetary policy, with the ECB cutting rates three times. (Bond prices and yields move in opposite directions.) In particular, French debt benefited from the economic and fiscal strategy navigated by the country’s new government. Italian and German bonds were also meaningful contributors. In the Asia bloc, Chinese bonds were supported by government stimulus measures. Longer-term issues, which are more sensitive to interest rate movements, contributed to returns. By credit quality, investment-grade issues rated Aa supported performance.
What detracted from performance?
There were no significant detractors to the Fund’s returns during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 10, 2015 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
9.61 |
% |
0.46 |
% |
2.42 |
% |
| Bloomberg Global Aggregate Bond Index |
9.54 |
|
(1.64 |
) |
0.83 |
|
| Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index |
9.56 |
|
0.58 |
|
2.53 |
|
| Key Fund statistics |
|
| Net Assets |
$6,979,829,949 |
| Number of Portfolio Holdings |
5,827 |
| Net Investment Advisory Fees |
$4,174,830 |
| Portfolio Turnover Rate |
20% |
The Fund has added the Bloomberg Global Aggregate Bond Index in response to new regulatory requirements.
The inception date of the Fund was November 10, 2015.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Investment Type |
Percent of Total
Investments(a) |
|
| Foreign Government Obligations |
81.3 |
% |
| Corporate Bonds & Notes |
18.7 |
% |
| Country/Geographic Region |
Percent of Total
Investments(a) |
|
| China |
18.7 |
% |
| Japan |
11.2 |
% |
| France |
9.7 |
% |
| Germany |
8.5 |
% |
| United Kingdom |
7.2 |
% |
| Italy |
6.2 |
% |
| Canada |
5.7 |
% |
| Spain |
4.3 |
% |
| Supranational |
3.0 |
% |
| Australia |
2.9 |
% |
| (a) |
Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Core International Aggregate Bond ETF
Annual Shareholder Report — October 31, 2024
IAGG-10/24-AR
iShares ESG Advanced High Yield Corporate Bond ETF
HYXF | NASDAQ
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares ESG Advanced High Yield Corporate Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 ESG Advanced High Yield Corporate Bond ETF |
$38 |
0.35% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 17.45%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg MSCI US High Yield Choice ESG Screened Index returned 17.35%.
What contributed to performance?
High-yield corporate bond returns supported Fund performance during the reporting period as credit spreads (the difference in the yield between two bonds with similar maturities but different credit qualities) tightened due to resilient fundamentals. Demand for green bonds, used to finance or refinance environmental or social projects or activities, has steadily increased. Wirelines bonds, as well as cable and satellite, in the communications sector, contributed the most to performance. Among consumer cyclicals bonds, retailers supported performance helped by a resilient consumer. Within credit quality, performance was strong across high-yield ratings.
What detracted from performance?
There were no significant detractors to the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: June 14, 2016 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
17.45 |
% |
3.32 |
% |
4.89 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.50 |
|
| Bloomberg MSCI US High Yield Choice ESG Screened Index |
17.35 |
|
3.45 |
|
5.12 |
|
| Key Fund statistics |
|
| Net Assets |
$158,377,216 |
| Number of Portfolio Holdings |
744 |
| Net Investment Advisory Fees |
$456,864 |
| Portfolio Turnover Rate |
30% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was June 14, 2016.
The performance of the Bloomberg MSCI US High Yield Choice ESG Screened Index in this report reflects the performance of the Markit iBoxx USD Liquid High Yield ex-Oil&Gas Index through September 14, 2020 and, beginning on September 15, 2020, the performance of the Bloomberg MSCI US High Yield Choice ESG Screened Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of Total
Investments(a) |
|
| Baa |
1.5 |
% |
| Ba |
45.7 |
% |
| B |
38.0 |
% |
| Caa |
11.3 |
% |
| Ca |
1.7 |
% |
| Not Rated |
1.8 |
% |
| Maturity |
Percent of Total
Investments(a) |
|
| 1-5 Years |
57.2 |
% |
| 5-10 Years |
40.9 |
% |
| 10-15 Years |
0.6 |
% |
| 15-20 Years |
0.2 |
% |
| More than 20 Years |
1.1 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, Markit Indices Limited and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares ESG Advanced High Yield Corporate Bond ETF
Annual Shareholder Report — October 31, 2024
HYXF-10/24-AR
iShares Fallen Angels USD Bond ETF
FALN | NASDAQ
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Fallen Angels USD Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 Fallen Angels USD Bond ETF |
$27 |
0.25% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 17.00%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg US High Yield Fallen Angel 3% Capped Index returned 16.13%.
What contributed to performance?
Bond returns were supported by an environment of slowing pricing pressures and steady growth in the United States during the reporting period. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by a 50 basis point cut, its first rate reduction since March 2020. By sector, the consumer cyclicals sector led, supported by retailers and communication sectors. Within credit quality, the lowest risk rating of high-yield bonds, rated Ba by Moody’s contributed the most to performance, followed by bonds rated B.
What detracted from performance?
There were no significant detractors to the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: June 14, 2016 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
17.00 |
% |
5.56 |
% |
6.59 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.50 |
|
| Bloomberg US High Yield Fallen Angel 3% Capped Index |
16.13 |
|
5.98 |
|
6.94 |
|
| Key Fund statistics |
|
| Net Assets |
$1,807,553,122 |
| Number of Portfolio Holdings |
180 |
| Net Investment Advisory Fees |
$4,137,917 |
| Portfolio Turnover Rate |
22% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was June 14, 2016.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of Total
Investments(a) |
|
| Baa |
6.1 |
% |
| Ba |
66.9 |
% |
| B |
11.3 |
% |
| Caa |
7.8 |
% |
| Ca |
1.6 |
% |
| Not Rated |
6.3 |
% |
| Maturity |
Percent of Total
Investments(a) |
|
| 0-1 Year |
0.9 |
% |
| 1-5 Years |
41.5 |
% |
| 5-10 Years |
29.8 |
% |
| 10-15 Years |
10.5 |
% |
| 15-20 Years |
6.6 |
% |
| More than 20 Years |
10.7 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Fallen Angels USD Bond ETF
Annual Shareholder Report — October 31, 2024
FALN-10/24-AR
iShares Floating Rate Bond ETF
FLOT | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Floating Rate Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 Floating Rate Bond ETF |
$16 |
0.15% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 6.61%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg US Floating Rate Note<5 Years Index returned 6.62%.
What contributed to performance?
Bond prices gained and yields fell during the reporting period as the U.S. Federal Reserve lowered short-term interest rates by 50 basis point cut, its first-rate reduction since March 2020. The prospect of lower rates put downward pressure on floating-rate bonds as interest rates fell. The European Central Bank began its monetary easing cycle prior to the United States. As such, U.S. rates were higher for longer and U.S. bonds were meaningful contributors to the Fund’s return. Among sectors, financials were the largest contributors, particularly the banking sector, which was supported by the prospect of monetary easing. By credit quality, A-rated bonds were the largest contributors to performance.
What detracted from performance?
There were no significant detractors from the Fund’s return during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
10 Years |
|
| Fund NAV |
6.61 |
% |
2.96 |
% |
2.30 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.82 |
|
| Bloomberg US Floating Rate Note<5 Years Index |
6.62 |
|
3.15 |
|
2.52 |
|
| Key Fund statistics |
|
| Net Assets |
$7,324,115,048 |
| Number of Portfolio Holdings |
372 |
| Net Investment Advisory Fees |
$11,092,590 |
| Portfolio Turnover Rate |
37% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of Total
Investments(a) |
|
| Aaa |
26.6 |
% |
| Aa |
24.0 |
% |
| A |
42.1 |
% |
| Baa |
5.1 |
% |
| Ba |
0.2 |
% |
| Not Rated |
2.0 |
% |
| Maturity |
Percent of Total
Investments(a) |
|
| 0-1 Year |
20.5 |
% |
| 1-5 Years |
79.5 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Floating Rate Bond ETF
Annual Shareholder Report — October 31, 2024
FLOT-10/24-AR
iShares GNMA Bond ETF
GNMA | NASDAQ
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares GNMA Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
This report describes changes to the Fund that occurred during the reporting period.
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 GNMA Bond ETF |
$9 |
0.09% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 10.75%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg U.S. GNMA Bond Index returned 10.69%.
What contributed to performance?
The largest driver of performance during the reporting period was the easing of monetary policy by the U.S. Federal Reserve Bank. The central bank cut rates in September by 50 basis points amid an environment of slowing pricing pressures and steady growth. This was beneficial to mortgage-backed securities, including Government National Mortgage Association (“GNMA”) bonds, as yields fell (bond prices and yields move in opposite directions). The pivot to lower interest rates benefited longer-term issues, which are more sensitive to interest rate movements, and the Fund’s allocation to issues between five and seven years meaningfully contributed to performance.
What detracted from performance?
There were no significant detractors from the Fund’s return during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
10 Years |
|
| Fund NAV |
10.75 |
% |
(0.65 |
)% |
0.76 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.82 |
|
| Bloomberg U.S. GNMA Bond Index |
10.69 |
|
(0.53 |
) |
0.93 |
|
| Key Fund statistics |
|
| Net Assets |
$312,855,028 |
| Number of Portfolio Holdings |
277 |
| Net Investment Advisory Fees |
$317,285 |
| Portfolio Turnover Rate |
283% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Maturity |
Percent of Total
Investments(a) |
|
| 5-10 Years |
0.2 |
% |
| 10-15 Years |
0.3 |
% |
| 15-20 Years |
2.7 |
% |
| 20-25 Years |
17.2 |
% |
| 25-30 Years |
71.9 |
% |
| 30-35 Years |
7.7 |
% |
| Security |
Percent of Total
Investments(a) |
|
| Government National Mortgage Association, 2.00%, 02/20/51 |
4.8 |
% |
| Government National Mortgage Association, 2.00%, 12/20/51 |
3.5 |
% |
| Government National Mortgage Association, 5.50%, 04/20/53 |
3.1 |
% |
| Government National Mortgage Association, 2.50%, 08/20/51 |
3.0 |
% |
| Government National Mortgage Association, 2.50%, 07/20/51 |
2.8 |
% |
| (a) |
Excludes money market funds. |
Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
The contractual fee waiver has been extended through February 28, 2029.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares GNMA Bond ETF
Annual Shareholder Report — October 31, 2024
GNMA-10/24-AR
iShares High Yield Corporate Bond BuyWrite Strategy ETF
HYGW | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares High Yield Corporate Bond BuyWrite Strategy ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 High Yield Corporate Bond BuyWrite Strategy ETF |
$21 |
0.20% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 9.21%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Cboe HYG BuyWrite Index returned 9.23%.
What contributed to performance?
Bond returns were supported by an environment of slowing pricing pressures and steady growth in the United States during the reporting period. Expectations for interest rate cuts grew, and those expectations were realized in September 2024 when the U.S. Federal Open Market Committee lowered short-term interest rates by 50 basis point, its first-rate reduction since March 2020. The healthy economic backdrop further supported high-yield issues, which contributed to the Fund’s returns. During the reporting period, issues in the consumer cyclicals sector benefited performance, most notably among retailers and consumer service companies, supported by robust consumer strength and spending. Cable and satellite issues in the communications sector also registered strong returns. By credit rating, securities considered lower risk high yield, rated Ba and B by Moody’s were additive to performance amid a less risk-averse environment.
What detracted from performance?
During the reporting period, writing (selling) one-month covered call options to generate income detracted from the Fund’s performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 18, 2022 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
1 Year |
|
Since Fund
Inception |
|
| Fund NAV |
9.21 |
% |
5.37 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
2.06 |
|
| Cboe HYG BuyWrite Index |
9.23 |
|
5.76 |
|
| Key Fund statistics |
|
| Net Assets |
$187,589,570 |
| Number of Portfolio Holdings |
3 |
| Net Investment Advisory Fees |
$119,925 |
| Portfolio Turnover Rate |
0% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was August 18, 2022.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type |
Percent of
Net Assets |
|
| Investment Companies |
99.0 |
% |
| Short-term Investments |
0.9 |
% |
| Options Written |
(0.1 |
)% |
| Other assets less liabilities |
0.2 |
% |
| Maturity allocation (of the underlying fund)(a) |
| Maturity |
Percent of Total
Investments(b) |
|
| 0-1 Year |
0.5 |
% |
| 1-5 Years |
57.6 |
% |
| 5-10 Years |
39.5 |
% |
| 10-15 Years |
0.4 |
% |
| More than 20 Years |
2.0 |
% |
| (a) |
The underlying fund is iShares iBoxx $ High Yield Corporate Bond ETF. |
| (b) |
Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, Cboe Global Indices, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares High Yield Corporate Bond BuyWrite Strategy ETF
Annual Shareholder Report — October 31, 2024
HYGW-10/24-AR
iShares iBonds 2024 Term High Yield and Income ETF
IBHD | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds 2024 Term High Yield and Income ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
This report describes changes to the Fund that occurred during the reporting period.
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 iBonds 2024 Term High Yield and Income ETF |
$35 |
0.34% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 7.86%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg 2024 Term High Yield and Income Index returned 7.49%.
What contributed to performance?
U.S. corporate bonds registered solid gains during the reporting period, supported by an environment of slowing pricing pressures and steady growth in the United States. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered interest rates by a 50 basis point cut, its first rate reduction since March 2020. Both Term Maturity Funds with earlier maturity dates and Term Maturity Funds with later maturity dates, consumer cyclicals and consumer non-cyclical bonds in the industrial sector contributed the most to returns. Allocations to financial bonds also contributed to performance.
Additionally, Term Maturity Funds with earlier maturity dates benefited from bonds with credit ratings near the lower range of investment grade and the higher end of high yield (those rated Baa and Ba by Moody’s.) Term Maturity Funds with later maturity dates were supported by bonds with credit ratings that were on the lower risk spectrum of high yield (those rated Ba and B by Moody’s), as credit spreads (the difference in the yield between two bonds with similar maturities but different credit qualities) narrowed during the reporting period.
What detracted from performance?
During the reporting period, there were no significant detractors from the Fund’s performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 7, 2019 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
7.86 |
% |
4.11 |
% |
4.32 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.10 |
|
| Bloomberg 2024 Term High Yield and Income Index |
7.49 |
|
4.34 |
|
4.51 |
|
| Key Fund statistics |
|
| Net Assets |
$336,725,571 |
| Number of Portfolio Holdings |
57 |
| Net Investment Advisory Fees |
$1,485,725 |
| Portfolio Turnover Rate |
9% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was May 7, 2019.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| A |
0.1 |
% |
| Baa |
16.7 |
% |
| Ba |
6.1 |
% |
| B |
5.5 |
% |
| Caa |
5.0 |
% |
| Not Rated |
1.6 |
% |
| Short-Term and Other Assets |
65.0 |
% |
| Security(a) |
Percent of
Net Assets |
|
| DISH DBS Corp., 5.88%, 11/15/24 |
3.1 |
% |
| Live Nation Entertainment Inc., 4.88%, 11/01/24 |
2.9 |
% |
| Perrigo Finance Unlimited Co., 3.90%, 12/15/24 |
2.8 |
% |
| Walgreens Boots Alliance Inc., 3.80%, 11/18/24 |
2.6 |
% |
| Methanex Corp., 4.25%, 12/01/24 |
2.3 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Material Fund Changes
This is a summary of planned changes to the Fund since October 31, 2023.
In connection with the establishment of the Fund, the Board of Trustees of the Fund approved the liquidation of the Fund. After the close of business on December 16, 2024, the Fund no longer accepted creation orders. Trading in the Fund halted prior to market open on December 17, 2024. Proceeds of the liquidation were sent to shareholders on December 19, 2024.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds 2024 Term High Yield and Income ETF
Annual Shareholder Report — October 31, 2024
IBHD-10/24-AR
iShares iBonds 2025 Term High Yield and Income ETF
IBHE | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds 2025 Term High Yield and Income ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 iBonds 2025 Term High Yield and Income ETF |
$37 |
0.35% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 10.44%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg 2025 Term High Yield and Income Index returned 10.88%.
What contributed to performance?
U.S. corporate bonds registered solid gains during the reporting period, supported by an environment of slowing pricing pressures and steady growth in the United States. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered interest rates by a 50 basis point cut, its first rate reduction since March 2020. Both Term Maturity Funds with earlier maturity dates and Term Maturity Funds with later maturity dates, consumer cyclicals and consumer non-cyclical bonds in the industrial sector contributed the most to returns. Allocations to financial bonds also contributed to performance.
Additionally, Term Maturity Funds with earlier maturity dates benefited from bonds with credit ratings near the lower range of investment grade and the higher end of high yield (those rated Baa and Ba by Moody’s.) Term Maturity Funds with later maturity dates were supported by bonds with credit ratings that were on the lower risk spectrum of high yield (those rated Ba and B by Moody’s), as credit spreads (the difference in the yield between two bonds with similar maturities but different credit qualities) narrowed during the reporting period.
What detracted from performance?
During the reporting period, there were no significant detractors from the Fund’s performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 7, 2019 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
10.44 |
% |
4.64 |
% |
4.76 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.10 |
|
| Bloomberg 2025 Term High Yield and Income Index |
10.88 |
|
5.11 |
|
5.20 |
|
| Key Fund statistics |
|
| Net Assets |
$601,619,902 |
| Number of Portfolio Holdings |
397 |
| Net Investment Advisory Fees |
$1,636,476 |
| Portfolio Turnover Rate |
80% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was May 7, 2019.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| A |
0.6 |
% |
| Baa |
24.1 |
% |
| Ba |
37.7 |
% |
| B |
24.6 |
% |
| Caa |
7.5 |
% |
| Not Rated |
2.7 |
% |
| Short-Term and Other Assets |
2.8 |
% |
| Security(a) |
Percent of
Net Assets |
|
| Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 |
3.0 |
% |
| Bausch Health Companies Inc., 5.50%, 11/01/25 |
3.0 |
% |
| Ally Financial Inc., 5.75%, 11/20/25 |
2.4 |
% |
| Gen Digital Inc., 5.00%, 04/15/25 |
2.4 |
% |
| Melco Resorts Finance Ltd., 4.88%, 06/06/25 |
2.4 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds 2025 Term High Yield and Income ETF
Annual Shareholder Report — October 31, 2024
IBHE-10/24-AR
iShares iBonds 2026 Term High Yield and Income ETF
IBHF | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds 2026 Term High Yield and Income ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
This report describes changes to the Fund that occurred during the reporting period.
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 iBonds 2026 Term High Yield and Income ETF |
$37 |
0.35% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 12.58%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg 2026 Term High Yield and Income Index returned 13.04%.
What contributed to performance?
U.S. corporate bonds registered solid gains during the reporting period, supported by an environment of slowing pricing pressures and steady growth in the United States. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered interest rates by a 50 basis point cut, its first rate reduction since March 2020. Both Term Maturity Funds with earlier maturity dates and Term Maturity Funds with later maturity dates, consumer cyclicals and consumer non-cyclical bonds in the industrial sector contributed the most to returns. Allocations to financial bonds also contributed to performance.
Additionally, Term Maturity Funds with earlier maturity dates benefited from bonds with credit ratings near the lower range of investment grade and the higher end of high yield (those rated Baa and Ba by Moody’s.) Term Maturity Funds with later maturity dates were supported by bonds with credit ratings that were on the lower risk spectrum of high yield (those rated Ba and B by Moody’s), as credit spreads (the difference in the yield between two bonds with similar maturities but different credit qualities) narrowed during the reporting period.
What detracted from performance?
During the reporting period, there were no significant detractors from the Fund’s performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 10, 2020 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
1 Year |
|
Since Fund
Inception |
|
| Fund NAV |
12.58 |
% |
4.27 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
(1.29 |
) |
| Bloomberg 2026 Term High Yield and Income Index |
13.04 |
|
4.65 |
|
| Key Fund statistics |
|
| Net Assets |
$555,429,976 |
| Number of Portfolio Holdings |
151 |
| Net Investment Advisory Fees |
$1,255,320 |
| Portfolio Turnover Rate |
53% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was November 10, 2020.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Baa |
1.9 |
% |
| Ba |
41.4 |
% |
| B |
35.3 |
% |
| Caa |
16.9 |
% |
| Not Rated |
0.7 |
% |
| Short-Term and Other Assets |
3.8 |
% |
| Security(a) |
Percent of
Net Assets |
|
| Western Digital Corp., 4.75%, 02/15/26 |
2.4 |
% |
| Newell Brands Inc., 5.70%, 04/01/26 |
2.2 |
% |
| United Airlines Inc., 4.38%, 04/15/26 |
2.1 |
% |
| American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26 |
1.9 |
% |
| OneMain Finance Corp., 7.13%, 03/15/26 |
1.7 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
On November 10, 2023, the Fund changed from non-diversified to diversified under the Investment Company Act of 1940 and removed the Non-Diversification Risk.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds 2026 Term High Yield and Income ETF
Annual Shareholder Report — October 31, 2024
IBHF-10/24-AR
iShares iBonds 2027 Term High Yield and Income ETF
IBHG | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds 2027 Term High Yield and Income ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
This report describes changes to the Fund that occurred during the reporting period.
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 iBonds 2027 Term High Yield and Income ETF |
$37 |
0.35% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 13.78%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg 2027 Term High Yield and Income Index returned 14.01%.
What contributed to performance?
U.S. corporate bonds registered solid gains during the reporting period, supported by an environment of slowing pricing pressures and steady growth in the United States. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered interest rates by a 50 basis point cut, its first rate reduction since March 2020. Both Term Maturity Funds with earlier maturity dates and Term Maturity Funds with later maturity dates, consumer cyclicals and consumer non-cyclical bonds in the industrial sector contributed the most to returns. Allocations to financial bonds also contributed to performance.
Additionally, Term Maturity Funds with earlier maturity dates benefited from bonds with credit ratings near the lower range of investment grade and the higher end of high yield (those rated Baa and Ba by Moody’s.) Term Maturity Funds with later maturity dates were supported by bonds with credit ratings that were on the lower risk spectrum of high yield (those rated Ba and B by Moody’s), as credit spreads (the difference in the yield between two bonds with similar maturities but different credit qualities) narrowed during the reporting period.
What detracted from performance?
During the reporting period, there were no significant detractors from the Fund’s performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: July 7, 2021 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
1 Year |
|
Since Fund
Inception |
|
| Fund NAV |
13.78 |
% |
2.63 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
(1.80 |
) |
| Bloomberg 2027 Term High Yield and Income Index |
14.01 |
|
2.87 |
|
| Key Fund statistics |
|
| Net Assets |
$173,450,510 |
| Number of Portfolio Holdings |
225 |
| Net Investment Advisory Fees |
$384,824 |
| Portfolio Turnover Rate |
17% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was July 7, 2021.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Baa |
0.4 |
% |
| Ba |
34.7 |
% |
| B |
46.1 |
% |
| Caa |
14.0 |
% |
| Not Rated |
2.1 |
% |
| Short-Term and Other Assets |
2.7 |
% |
| Security(a) |
Percent of
Net Assets |
|
| DISH Network Corp., 11.75%, 11/15/27 |
2.3 |
% |
| Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 |
2.2 |
% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/27 |
2.0 |
% |
| Mauser Packaging Solutions Holding Co., 7.88%, 04/15/27 |
1.7 |
% |
| Carnival Corp., 5.75%, 03/01/27 |
1.7 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
On July 8, 2024, the Fund changed from non-diversified to diversified under the Investment Company Act of 1940 and removed the Non-Diversification Risk.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds 2027 Term High Yield and Income ETF
Annual Shareholder Report — October 31, 2024
IBHG-10/24-AR
iShares iBonds 2031 Term High Yield and Income ETF
IBHK | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds 2031 Term High Yield and Income ETF (the “Fund”) for the period of May 22, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the period ?
(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 iBonds 2031 Term High Yield and Income ETF |
$16(a) |
0.35%(b) |
| (a) |
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
| (b) |
Annualized. |
| Key Fund statistics |
|
| Net Assets |
$12,824,066 |
| Number of Portfolio Holdings |
192 |
| Net Investment Advisory Fees |
$16,940 |
| Portfolio Turnover Rate |
16% |
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Baa |
1.0 |
% |
| Ba |
38.9 |
% |
| B |
51.1 |
% |
| Caa |
5.4 |
% |
| Not Rated |
2.3 |
% |
| Short-Term and Other Assets |
1.3 |
% |
| Security(a) |
Percent of
Net Assets |
|
| Panther Escrow Issuer LLC, 7.13%, 06/01/31 |
2.0 |
% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 02/01/31 |
1.7 |
% |
| UKG Inc., 6.88%, 02/01/31 |
1.7 |
% |
| Boost Newco Borrower LLC, 7.50%, 01/15/31 |
1.6 |
% |
| Allied Universal Holdco LLC, 7.88%, 02/15/31 |
1.6 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds 2031 Term High Yield and Income ETF
Annual Shareholder Report — October 31, 2024
IBHK-10/24-AR
iShares iBonds Dec 2024 Term Corporate ETF
IBDP | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2024 Term Corporate ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
This report describes changes to the Fund that occurred during the reporting period.
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 iBonds Dec 2024 Term Corporate ETF |
$9 |
0.09% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 5.90%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg December 2024 Maturity Corporate Index returned 5.24%.
What contributed to performance?
U.S. corporate bond returns were supported by an environment of slowing pricing pressures and steady growth during the reporting period. The yield on the 10-year Treasury was volatile as investors tried to determine the next moves of the U.S. Federal Reserve. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by 50 basis points, its first-rate reduction since March 2020.
Leading up to the interest rate decision meeting, Treasury yields moved lower before trending steadily higher following September’s rate cut. In anticipation of rate cuts, the yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) narrowed. Intermediate maturity issues, those between three and five years for earlier term funds and those between seven and 10 years for later dated Term Funds, contributed to the Fund’s performance during the reporting period. For both earlier and later dated Term Funds, exposure to bonds that are on the lower range of investment grade benefited performance. At the sector level, financial issues performed well across Term Funds, particularly among banking bonds that were supported by hopes of a lower interest rate environment.
What detracted from performance?
There were no notable detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 11, 2015 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
5.90 |
% |
2.31 |
% |
3.15 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.76 |
|
| Bloomberg December 2024 Maturity Corporate Index |
5.24 |
|
2.28 |
|
3.21 |
|
| Key Fund statistics |
|
| Net Assets |
$2,215,468,586 |
| Number of Portfolio Holdings |
83 |
| Net Investment Advisory Fees |
$2,381,529 |
| Portfolio Turnover Rate |
4% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was March 11, 2015.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Aa |
3.0 |
% |
| A |
14.1 |
% |
| Baa |
16.8 |
% |
| Ba |
0.8 |
% |
| Not Rated |
0.4 |
% |
| Short-Term and Other Assets |
64.9 |
% |
| Security(a) |
Percent of
Net Assets |
|
| AbbVie Inc., 2.60%, 11/21/24 |
2.0 |
% |
| Alibaba Group Holding Ltd., 3.60%, 11/28/24 |
1.2 |
% |
| Goldman Sachs Group Inc. (The), 5.70%, 11/01/24 |
1.1 |
% |
| Oracle Corp., 2.95%, 11/15/24 |
1.1 |
% |
| Canadian Pacific Railway Co., 1.35%, 12/02/24 |
0.8 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Material Fund Changes
This is a summary of planned changes to the Fund since October 31, 2023.
In connection with the establishment of the Fund, the Board of Trustees of the Fund approved the liquidation of the Fund. After the close of business on December 16, 2024, the Fund no longer accepted creation orders. Trading in the Fund halted prior to market open on December 17, 2024. Proceeds of the liquidation were sent to shareholders on December 19, 2024.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds Dec 2024 Term Corporate ETF
Annual Shareholder Report — October 31, 2024
IBDP-10/24-AR
iShares iBonds Dec 2025 Term Corporate ETF
IBDQ | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2025 Term Corporate ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 iBonds Dec 2025 Term Corporate ETF |
$10 |
0.10% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 6.73%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg December 2025 Maturity Corporate Index returned 6.80%.
What contributed to performance?
U.S. corporate bond returns were supported by an environment of slowing pricing pressures and steady growth during the reporting period. The yield on the 10-year Treasury was volatile as investors tried to determine the next moves of the U.S. Federal Reserve. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by 50 basis points, its first-rate reduction since March 2020.
Leading up to the interest rate decision meeting, Treasury yields moved lower before trending steadily higher following September’s rate cut. In anticipation of rate cuts, the yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) narrowed. Intermediate maturity issues, those between three and five years for earlier term funds and those between seven and 10 years for later dated Term Funds, contributed to the Fund’s performance during the reporting period. For both earlier and later dated Term Funds, exposure to bonds that are on the lower range of investment grade benefited performance. At the sector level, financial issues performed well across Term Funds, particularly among banking bonds that were supported by hopes of a lower interest rate environment.
What detracted from performance?
There were no notable detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 11, 2015 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
6.73 |
% |
2.09 |
% |
3.19 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.76 |
|
| Bloomberg December 2025 Maturity Corporate Index |
6.80 |
|
2.10 |
|
3.26 |
|
| Key Fund statistics |
|
| Net Assets |
$2,879,621,321 |
| Number of Portfolio Holdings |
664 |
| Net Investment Advisory Fees |
$2,584,655 |
| Portfolio Turnover Rate |
4% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was March 11, 2015.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Aaa |
2.4 |
% |
| Aa |
10.4 |
% |
| A |
40.2 |
% |
| Baa |
42.1 |
% |
| Ba |
1.8 |
% |
| Not Rated |
1.7 |
% |
| Short-Term and Other Assets |
1.4 |
% |
| Security(a) |
Percent of
Net Assets |
|
| Visa Inc., 3.15%, 12/14/25 |
0.7 |
% |
| AbbVie Inc., 3.60%, 05/14/25 |
0.6 |
% |
| Boeing Co. (The), 4.88%, 05/01/25 |
0.6 |
% |
| Goldman Sachs Group Inc. (The), 3.50%, 04/01/25 |
0.6 |
% |
| Oracle Corp., 2.50%, 04/01/25 |
0.5 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds Dec 2025 Term Corporate ETF
Annual Shareholder Report — October 31, 2024
IBDQ-10/24-AR
iShares iBonds Dec 2026 Term Corporate ETF
IBDR | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2026 Term Corporate ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 iBonds Dec 2026 Term Corporate ETF |
$10 |
0.10% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 7.97%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg December 2026 Maturity Corporate Index returned 8.03%.
What contributed to performance?
U.S. corporate bond returns were supported by an environment of slowing pricing pressures and steady growth during the reporting period. The yield on the 10-year Treasury was volatile as investors tried to determine the next moves of the U.S. Federal Reserve. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by 50 basis points, its first-rate reduction since March 2020.
Leading up to the interest rate decision meeting, Treasury yields moved lower before trending steadily higher following September’s rate cut. In anticipation of rate cuts, the yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) narrowed. Intermediate maturity issues, those between three and five years for earlier term funds and those between seven and 10 years for later dated Term Funds, contributed to the Fund’s performance during the reporting period. For both earlier and later dated Term Funds, exposure to bonds that are on the lower range of investment grade benefited performance. At the sector level, financial issues performed well across Term Funds, particularly among banking bonds that were supported by hopes of a lower interest rate environment.
What detracted from performance?
There were no notable detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 13, 2016 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
7.97 |
% |
1.80 |
% |
2.76 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.43 |
|
| Bloomberg December 2026 Maturity Corporate Index |
8.03 |
|
1.89 |
|
2.86 |
|
| Key Fund statistics |
|
| Net Assets |
$2,927,107,603 |
| Number of Portfolio Holdings |
668 |
| Net Investment Advisory Fees |
$2,491,989 |
| Portfolio Turnover Rate |
9% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was September 13, 2016.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Aaa |
2.4 |
% |
| Aa |
9.9 |
% |
| A |
41.5 |
% |
| Baa |
40.3 |
% |
| Ba |
2.4 |
% |
| Not Rated |
1.7 |
% |
| Short-Term and Other Assets |
1.8 |
% |
| Security(a) |
Percent of
Net Assets |
|
| Boeing Co. (The), 2.20%, 02/04/26 |
0.8 |
% |
| Microsoft Corp., 2.40%, 08/08/26 |
0.6 |
% |
| AbbVie Inc., 2.95%, 11/21/26 |
0.6 |
% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26 |
0.6 |
% |
| Wells Fargo & Co., 3.00%, 04/22/26 |
0.6 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds Dec 2026 Term Corporate ETF
Annual Shareholder Report — October 31, 2024
IBDR-10/24-AR
iShares iBonds Dec 2027 Term Corporate ETF
IBDS | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2027 Term Corporate ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 iBonds Dec 2027 Term Corporate ETF |
$10 |
0.10% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 9.40%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg December 2027 Maturity Corporate Index returned 9.46%.
What contributed to performance?
U.S. corporate bond returns were supported by an environment of slowing pricing pressures and steady growth during the reporting period. The yield on the 10-year Treasury was volatile as investors tried to determine the next moves of the U.S. Federal Reserve. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by 50 basis points, its first-rate reduction since March 2020.
Leading up to the interest rate decision meeting, Treasury yields moved lower before trending steadily higher following September’s rate cut. In anticipation of rate cuts, the yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) narrowed. Intermediate maturity issues, those between three and five years for earlier term funds and those between seven and 10 years for later dated Term Funds, contributed to the Fund’s performance during the reporting period. For both earlier and later dated Term Funds, exposure to bonds that are on the lower range of investment grade benefited performance. At the sector level, financial issues performed well across Term Funds, particularly among banking bonds that were supported by hopes of a lower interest rate environment.
What detracted from performance?
There were no notable detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 12, 2017 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
9.40 |
% |
1.65 |
% |
2.80 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.35 |
|
| Bloomberg December 2027 Maturity Corporate Index |
9.46 |
|
1.71 |
|
2.85 |
|
| Key Fund statistics |
|
| Net Assets |
$2,618,618,833 |
| Number of Portfolio Holdings |
661 |
| Net Investment Advisory Fees |
$2,228,401 |
| Portfolio Turnover Rate |
12% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was September 12, 2017.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Aaa |
2.9 |
% |
| Aa |
6.1 |
% |
| A |
36.9 |
% |
| Baa |
48.8 |
% |
| Ba |
2.3 |
% |
| Not Rated |
1.8 |
% |
| Short-Term and Other Assets |
1.2 |
% |
| Security(a) |
Percent of
Net Assets |
|
| T-Mobile USA Inc., 3.75%, 04/15/27 |
0.7 |
% |
| Warnermedia Holdings Inc., 3.76%, 03/15/27 |
0.7 |
% |
| Citigroup Inc., 4.45%, 09/29/27 |
0.7 |
% |
| Microsoft Corp., 3.30%, 02/06/27 |
0.7 |
% |
| Amazon.com Inc., 3.15%, 08/22/27 |
0.6 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds Dec 2027 Term Corporate ETF
Annual Shareholder Report — October 31, 2024
IBDS-10/24-AR
iShares iBonds Dec 2028 Term Corporate ETF
IBDT | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2028 Term Corporate ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 iBonds Dec 2028 Term Corporate ETF |
$11 |
0.10% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 10.43%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg December 2028 Maturity Corporate Index returned 10.50%.
What contributed to performance?
U.S. corporate bond returns were supported by an environment of slowing pricing pressures and steady growth during the reporting period. The yield on the 10-year Treasury was volatile as investors tried to determine the next moves of the U.S. Federal Reserve. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by 50 basis points, its first-rate reduction since March 2020.
Leading up to the interest rate decision meeting, Treasury yields moved lower before trending steadily higher following September’s rate cut. In anticipation of rate cuts, the yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) narrowed. Intermediate maturity issues, those between three and five years for earlier term funds and those between seven and 10 years for later dated Term Funds, contributed to the Fund’s performance during the reporting period. For both earlier and later dated Term Funds, exposure to bonds that are on the lower range of investment grade benefited performance. At the sector level, financial issues performed well across Term Funds, particularly among banking bonds that were supported by hopes of a lower interest rate environment.
What detracted from performance?
There were no notable detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 18, 2018 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
10.43 |
% |
1.36 |
% |
3.57 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.82 |
|
| Bloomberg December 2028 Maturity Corporate Index |
10.50 |
|
1.41 |
|
3.61 |
|
| Key Fund statistics |
|
| Net Assets |
$2,293,054,253 |
| Number of Portfolio Holdings |
602 |
| Net Investment Advisory Fees |
$1,780,668 |
| Portfolio Turnover Rate |
3% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was September 18, 2018.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Aaa |
1.3 |
% |
| Aa |
6.0 |
% |
| A |
32.6 |
% |
| Baa |
55.2 |
% |
| Ba |
2.3 |
% |
| Not Rated |
1.2 |
% |
| Short-Term and Other Assets |
1.4 |
% |
| Security(a) |
Percent of
Net Assets |
|
| CVS Health Corp., 4.30%, 03/25/28 |
0.9 |
% |
| Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/28 |
0.8 |
% |
| Verizon Communications Inc., 4.33%, 09/21/28 |
0.8 |
% |
| Comcast Corp., 4.15%, 10/15/28 |
0.8 |
% |
| Cigna Group (The), 4.38%, 10/15/28 |
0.7 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds Dec 2028 Term Corporate ETF
Annual Shareholder Report — October 31, 2024
IBDT-10/24-AR
iShares iBonds Dec 2029 Term Corporate ETF
IBDU | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2029 Term Corporate ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 iBonds Dec 2029 Term Corporate ETF |
$11 |
0.10% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 11.67%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg December 2029 Maturity Corporate Index returned 11.70%.
What contributed to performance?
U.S. corporate bond returns were supported by an environment of slowing pricing pressures and steady growth during the reporting period. The yield on the 10-year Treasury was volatile as investors tried to determine the next moves of the U.S. Federal Reserve. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by 50 basis points, its first-rate reduction since March 2020.
Leading up to the interest rate decision meeting, Treasury yields moved lower before trending steadily higher following September’s rate cut. In anticipation of rate cuts, the yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) narrowed. Intermediate maturity issues, those between three and five years for earlier term funds and those between seven and 10 years for later dated Term Funds, contributed to the Fund’s performance during the reporting period. For both earlier and later dated Term Funds, exposure to bonds that are on the lower range of investment grade benefited performance. At the sector level, financial issues performed well across Term Funds, particularly among banking bonds that were supported by hopes of a lower interest rate environment.
What detracted from performance?
There were no notable detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 17, 2019 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
11.67 |
% |
1.24 |
% |
1.62 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
0.38 |
|
| Bloomberg December 2029 Maturity Corporate Index |
11.70 |
|
1.32 |
|
1.66 |
|
| Key Fund statistics |
|
| Net Assets |
$1,894,730,607 |
| Number of Portfolio Holdings |
592 |
| Net Investment Advisory Fees |
$1,311,042 |
| Portfolio Turnover Rate |
21% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was September 17, 2019.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Aaa |
0.9 |
% |
| Aa |
4.0 |
% |
| A |
34.7 |
% |
| Baa |
53.6 |
% |
| Ba |
3.4 |
% |
| Not Rated |
2.0 |
% |
| Short-Term and Other Assets |
1.4 |
% |
| Security(a) |
Percent of
Net Assets |
|
| AbbVie Inc., 3.20%, 11/21/29 |
1.1 |
% |
| Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29 |
0.9 |
% |
| Verizon Communications Inc., 4.02%, 12/03/29 |
0.9 |
% |
| Centene Corp., 4.63%, 12/15/29 |
0.7 |
% |
| International Business Machines Corp., 3.50%, 05/15/29 |
0.7 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds Dec 2029 Term Corporate ETF
Annual Shareholder Report — October 31, 2024
IBDU-10/24-AR
iShares iBonds Dec 2030 Term Corporate ETF
IBDV | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2030 Term Corporate ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 iBonds Dec 2030 Term Corporate ETF |
$11 |
0.10% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 13.17%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg December 20 Maturity Corporate Index returned 13.25%.
What contributed to performance?
U.S. corporate bond returns were supported by an environment of slowing pricing pressures and steady growth during the reporting period. The yield on the 10-year Treasury was volatile as investors tried to determine the next moves of the U.S. Federal Reserve. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by 50 basis points, its first-rate reduction since March 2020.
Leading up to the interest rate decision meeting, Treasury yields moved lower before trending steadily higher following September’s rate cut. In anticipation of rate cuts, the yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) narrowed. Intermediate maturity issues, those between three and five years for earlier term funds and those between seven and 10 years for later dated Term Funds, contributed to the Fund’s performance during the reporting period. For both earlier and later dated Term Funds, exposure to bonds that are on the lower range of investment grade benefited performance. At the sector level, financial issues performed well across Term Funds, particularly among banking bonds that were supported by hopes of a lower interest rate environment.
What detracted from performance?
There were no notable detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: June 23, 2020 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
1 Year |
|
Since Fund
Inception |
|
| Fund NAV |
13.17 |
% |
(0.45 |
)% |
| Bloomberg U.S. Universal Index |
11.20 |
|
(0.95 |
) |
| Bloomberg December 2030 Maturity Corporate Index |
13.25 |
|
(0.39 |
) |
| Key Fund statistics |
|
| Net Assets |
$1,395,544,470 |
| Number of Portfolio Holdings |
521 |
| Net Investment Advisory Fees |
$928,005 |
| Portfolio Turnover Rate |
4% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was June 23, 2020.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Aaa |
1.2 |
% |
| Aa |
5.8 |
% |
| A |
34.2 |
% |
| Baa |
54.3 |
% |
| Ba |
2.4 |
% |
| Not Rated |
1.0 |
% |
| Short-Term and Other Assets |
1.1 |
% |
| Security(a) |
Percent of
Net Assets |
|
| T-Mobile USA Inc., 3.88%, 04/15/30 |
1.6 |
% |
| Boeing Co. (The), 5.15%, 05/01/30 |
1.0 |
% |
| Deutsche Telekom International Finance BV, 8.75%, 06/15/30 |
1.0 |
% |
| British Telecommunications PLC, 9.63%, 12/15/30 |
0.8 |
% |
| AT&T Inc., 4.30%, 02/15/30 |
0.7 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds Dec 2030 Term Corporate ETF
Annual Shareholder Report — October 31, 2024
IBDV-10/24-AR
iShares iBonds Dec 2030 Term Muni Bond ETF
IBMS | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2030 Term Muni Bond ETF (the “Fund”) for the period of May 22, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the period ?
(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 iBonds Dec 2030 Term Muni Bond ETF |
$8(a) |
0.18%(b) |
| (a) |
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
| (b) |
Annualized. |
| Key Fund statistics |
|
| Net Assets |
$12,690,982 |
| Number of Portfolio Holdings |
243 |
| Net Investment Advisory Fees |
$4,215 |
| Portfolio Turnover Rate |
0% |
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| S&P Credit Rating(a) |
Percent of
Net Assets |
|
| AAA |
26.7 |
% |
| AA+ |
17.6 |
% |
| AA |
20.0 |
% |
| AA- |
14.3 |
% |
| A+ |
5.0 |
% |
| A |
1.1 |
% |
| A- |
3.6 |
% |
| Not Rated |
9.6 |
% |
| Short-Term and Other Assets |
2.1 |
% |
| State |
Percent of
Net Assets(b) |
|
| Texas |
13.7 |
% |
| New York |
9.7 |
% |
| California |
7.6 |
% |
| Washington |
6.8 |
% |
| Florida |
5.5 |
% |
| Maryland |
4.5 |
% |
| Minnesota |
3.4 |
% |
| Virginia |
3.2 |
% |
| Illinois |
3.1 |
% |
| North Carolina |
2.9 |
% |
| (a) |
Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (b) |
Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds Dec 2030 Term Muni Bond ETF
Annual Shareholder Report — October 31, 2024
IBMS-10/24-AR
iShares iBonds Dec 2031 Term Corporate ETF
IBDW | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2031 Term Corporate ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
This report describes changes to the Fund that occurred during the reporting period.
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 iBonds Dec 2031 Term Corporate ETF |
$11 |
0.10% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 14.65%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg December 2031 Maturity Corporate Index returned 14.64%.
What contributed to performance?
U.S. corporate bond returns were supported by an environment of slowing pricing pressures and steady growth during the reporting period. The yield on the 10-year Treasury was volatile as investors tried to determine the next moves of the U.S. Federal Reserve. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by 50 basis points, its first-rate reduction since March 2020.
Leading up to the interest rate decision meeting, Treasury yields moved lower before trending steadily higher following September’s rate cut. In anticipation of rate cuts, the yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) narrowed. Intermediate maturity issues, those between three and five years for earlier term funds and those between seven and 10 years for later dated Term Funds, contributed to the Fund’s performance during the reporting period. For both earlier and later dated Term Funds, exposure to bonds that are on the lower range of investment grade benefited performance. At the sector level, financial issues performed well across Term Funds, particularly among banking bonds that were supported by hopes of a lower interest rate environment.
What detracted from performance?
There were no notable detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: June 22, 2021 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
1 Year |
|
Since Fund
Inception |
|
| Fund NAV |
14.65 |
% |
(1.84 |
)% |
| Bloomberg U.S. Universal Index |
11.20 |
|
(1.55 |
) |
| Bloomberg December 2031 Maturity Corporate Index |
14.64 |
|
(1.82 |
) |
| Key Fund statistics |
|
| Net Assets |
$1,142,974,611 |
| Number of Portfolio Holdings |
420 |
| Net Investment Advisory Fees |
$814,303 |
| Portfolio Turnover Rate |
16% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was June 22, 2021.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Aaa |
1.3 |
% |
| Aa |
4.4 |
% |
| A |
30.4 |
% |
| Baa |
56.4 |
% |
| Ba |
4.0 |
% |
| Not Rated |
2.5 |
% |
| Short-Term and Other Assets |
1.0 |
% |
| Security(a) |
Percent of
Net Assets |
|
| Verizon Communications Inc., 2.55%, 03/21/31 |
1.1 |
% |
| Oracle Corp., 2.88%, 03/25/31 |
1.0 |
% |
| Orange SA, 9.00%, 03/01/31 |
1.0 |
% |
| AT&T Inc., 2.75%, 06/01/31 |
0.9 |
% |
| Amazon.com Inc., 2.10%, 05/12/31 |
0.8 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
On June 24, 2024, the Fund changed from non-diversified to diversified under the Investment Company Act of 1940 and removed the Non-Diversification Risk.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds Dec 2031 Term Corporate ETF
Annual Shareholder Report — October 31, 2024
IBDW-10/24-AR
iShares iBonds Dec 2034 Term Corporate ETF
IBDZ | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2034 Term Corporate ETF (the “Fund”) for the period of May 22, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the period ?
(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 iBonds Dec 2034 Term Corporate ETF |
$5(a) |
0.10%(b) |
| (a) |
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
| (b) |
Annualized. |
| Key Fund statistics |
|
| Net Assets |
$176,595,498 |
| Number of Portfolio Holdings |
369 |
| Net Investment Advisory Fees |
$40,719 |
| Portfolio Turnover Rate |
0% |
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Aaa |
0.3 |
% |
| Aa |
5.6 |
% |
| A |
30.0 |
% |
| Baa |
58.9 |
% |
| Ba |
2.7 |
% |
| Not Rated |
0.7 |
% |
| Short-Term and Other Assets |
1.8 |
% |
| Security(a) |
Percent of
Net Assets |
|
| AbbVie Inc., 5.05%, 03/15/34 |
1.0 |
% |
| AT&T Inc., 5.40%, 02/15/34 |
0.9 |
% |
| Broadcom Inc., 3.47%, 04/15/34 |
0.9 |
% |
| Boeing Co. (The), 6.53%, 05/01/34 |
0.9 |
% |
| Bristol-Myers Squibb Co., 5.20%, 02/22/34 |
0.9 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds Dec 2034 Term Corporate ETF
Annual Shareholder Report — October 31, 2024
IBDZ-10/24-AR
iShares iBonds Dec 2034 Term Treasury ETF
IBTP | NASDAQ
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2034 Term Treasury ETF (the “Fund”) for the period of June 11, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the period ?
(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 iBonds Dec 2034 Term Treasury ETF |
$3(a) |
0.07%(b) |
| (a) |
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
| (b) |
Annualized. |
| Key Fund statistics |
|
| Net Assets |
$34,327,345 |
| Number of Portfolio Holdings |
4 |
| Net Investment Advisory Fees |
$4,662 |
| Portfolio Turnover Rate |
61% |
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Aaa |
98.5 |
% |
| Short-Term and Other Assets |
1.5 |
% |
| Security(a) |
Percent of
Net Assets |
|
| U.S. Treasury Note/Bond, 4.38%, 05/15/34 |
33.6 |
% |
| U.S. Treasury Note/Bond, 4.00%, 02/15/34 |
32.6 |
% |
| U.S. Treasury Note/Bond, 3.88%, 08/15/34 |
32.3 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds Dec 2034 Term Treasury ETF
Annual Shareholder Report — October 31, 2024
IBTP-10/24-AR
iShares iBonds Dec 2044 Term Treasury ETF
IBGA | NASDAQ
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2044 Term Treasury ETF (the “Fund”) for the period of June 11, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the period ?
(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 iBonds Dec 2044 Term Treasury ETF |
$3(a) |
0.07%(b) |
| (a) |
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
| (b) |
Annualized. |
| Key Fund statistics |
|
| Net Assets |
$15,213,536 |
| Number of Portfolio Holdings |
8 |
| Net Investment Advisory Fees |
$2,930 |
| Portfolio Turnover Rate |
51% |
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Aaa |
98.1 |
% |
| Short-Term and Other Assets |
1.9 |
% |
| Security(a) |
Percent of
Net Assets |
|
| U.S. Treasury Note/Bond, 4.63%, 05/15/44 |
22.8 |
% |
| U.S. Treasury Note/Bond, 4.50%, 02/15/44 |
19.4 |
% |
| U.S. Treasury Note/Bond, 3.13%, 08/15/44 |
12.5 |
% |
| U.S. Treasury Note/Bond, 4.13%, 08/15/44 |
11.3 |
% |
| U.S. Treasury Note/Bond, 3.63%, 02/15/44 |
11.3 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds Dec 2044 Term Treasury ETF
Annual Shareholder Report — October 31, 2024
IBGA-10/24-AR
iShares iBonds Dec 2054 Term Treasury ETF
IBGK | NASDAQ
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2054 Term Treasury ETF (the “Fund”) for the period of June 11, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the period ?
(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 iBonds Dec 2054 Term Treasury ETF |
$3(a) |
0.07%(b) |
| (a) |
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
| (b) |
Annualized. |
| Key Fund statistics |
|
| Net Assets |
$2,526,742 |
| Number of Portfolio Holdings |
3 |
| Net Investment Advisory Fees |
$839 |
| Portfolio Turnover Rate |
104% |
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Aaa |
98.3 |
% |
| Short-Term and Other Assets |
1.7 |
% |
| Security(a) |
Percent of
Net Assets |
|
| U.S. Treasury Note/Bond, 4.63%, 05/15/54 |
34.1 |
% |
| U.S. Treasury Note/Bond, 4.25%, 08/15/54 |
32.1 |
% |
| U.S. Treasury Note/Bond, 4.25%, 02/15/54 |
32.1 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds Dec 2054 Term Treasury ETF
Annual Shareholder Report — October 31, 2024
IBGK-10/24-AR
iShares iBonds Oct 2034 Term TIPS ETF
IBIK | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Oct 2034 Term TIPS ETF (the “Fund”) for the period of May 22, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the period ?
(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 iBonds Oct 2034 Term TIPS ETF |
$4(a) |
0.10%(b) |
| (a) |
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
| (b) |
Annualized. |
| Key Fund statistics |
|
| Net Assets |
$8,872,207 |
| Number of Portfolio Holdings |
2 |
| Net Investment Advisory Fees |
$2,180 |
| Portfolio Turnover Rate |
50% |
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of
Net Assets |
|
| Aaa |
99.4 |
% |
| Short-Term and Other Assets |
0.6 |
% |
| Security(a) |
Percent of
Net Assets |
|
| U.S. Treasury Inflation Indexed Bonds, 1.75%, 01/15/34 |
57.9 |
% |
| U.S. Treasury Inflation Indexed Bonds, 1.88%, 07/15/34 |
41.5 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares iBonds Oct 2034 Term TIPS ETF
Annual Shareholder Report — October 31, 2024
IBIK-10/24-AR
iShares International Treasury Bond ETF
IGOV | NASDAQ
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares International Treasury Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 International Treasury Bond ETF |
$37 |
0.35% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 9.14%.
-
For the same period, the FTSE World Broad Investment-Grade Bond Index returned 9.98% and the FTSE World Government Bond Index - Developed Markets Capped Select Index returned 9.39%.
What contributed to performance?
Treasury returns were supported during the reporting period by an environment of slowing pricing pressures. Amid worries about growth prospects, the European Central Bank cut rates three times, while the United States economy stayed strong, prompting the U.S. Federal Reserve Bank to wait until September before decreasing short-term interest rates for the first time since 2020. Euro bloc bonds were the Fund’s strongest performers, led by Italy. Italian government debt benefited from the economic and fiscal strategy implemented by the country’s new government. France’s Treasury bonds were also meaningful contributors. By maturity, bonds over 10 years, which are the most sensitive to interest rate changes, registered the largest returns.
What detracted from performance?
During the reporting period, Japanese Treasuries slightly detracted from the Fund’s performance. The country’s government bonds declined as the Bank of Japan raised interest rates in March 2024, for the first time since 2007, ending a period of negative rates. The central bank then raised rates in July 2024 again, which pushed yields higher (bond prices and yields move in opposite directions).
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
10 Years |
|
| Fund NAV |
9.14 |
% |
(4.44 |
)% |
(1.80 |
)% |
| FTSE World Broad Investment-Grade Bond Index |
9.98 |
|
(1.80 |
) |
0.16 |
|
| FTSE World Government Bond Index - Developed Markets Capped Select Index |
9.39 |
|
(4.16 |
) |
(1.47 |
) |
| Key Fund statistics |
|
| Net Assets |
$515,847,041 |
| Number of Portfolio Holdings |
825 |
| Net Investment Advisory Fees |
$2,066,440 |
| Portfolio Turnover Rate |
27% |
The Fund has added the FTSE World Broad Investment-Grade Bond Index in response to new regulatory requirements.
The performance of the FTSE World Government Bond Index – Developed Markets Capped Select Index in this report reflects the performance of the S&P International Sovereign Ex-U.S. Bond Index through August 31, 2020 and, beginning on September 1, 2020, the performance of the FTSE World Government Bond Index – Developed Markets Capped Select Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of Total
Investments(a) |
|
| Aaa |
33.1 |
% |
| Aa |
32.2 |
% |
| A |
16.2 |
% |
| Baa |
12.3 |
% |
| Not Rated |
6.2 |
% |
| Country/Geographic Region |
Percent of Total
Investments(a) |
|
| Japan |
12.9 |
% |
| France |
8.5 |
% |
| Italy |
8.0 |
% |
| Germany |
6.7 |
% |
| United Kingdom |
5.8 |
% |
| Spain |
5.2 |
% |
| Finland |
4.6 |
% |
| Ireland |
4.6 |
% |
| Portugal |
4.6 |
% |
| Netherlands |
4.6 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE Fixed Income LLC, S&P Dow Jones Indices LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares International Treasury Bond ETF
Annual Shareholder Report — October 31, 2024
IGOV-10/24-AR
iShares Investment Grade Corporate Bond BuyWrite Strategy ETF
LQDW | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Investment Grade Corporate Bond BuyWrite Strategy ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 Investment Grade Corporate Bond BuyWrite Strategy ETF |
$21 |
0.20% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 5.55%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Cboe LQD BuyWrite Index returned 6.05%.
What contributed to performance?
Bond returns were supported by an environment of slowing pricing pressures and steady growth in the United States during the reporting period. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by a 50 basis point cut, its first rate reduction since March 2020. During the reporting period, the strategy posted positive returns by seeking to track the investment results of an investment grade corporate index that reflects the iShares iBoxx $ Investment Grade Corporate Bond ETF while writing (selling) one-month covered call options to generate income. Over the reporting period, the financial sector contributed to the Fund’s return, led by the banking sector which benefited from the prospect of lower interest rates. By credit rating, investment-grade securities, particularly those rated A by Moody’s, were additive to performance. However, Baa-rated issues also contributed due to investors' increased risk appetite during the reporting period.
What detracted from performance?
During the reporting period, writing (selling) one-month covered call options to generate income detracted from the Fund’s performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 18, 2022 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
1 Year |
|
Since Fund
Inception |
|
| Fund NAV |
5.55 |
% |
(0.70 |
)% |
| Bloomberg U.S. Universal Index |
11.20 |
|
2.06 |
|
| Cboe LQD BuyWrite Index |
6.05 |
|
(0.27 |
) |
| Key Fund statistics |
|
| Net Assets |
$212,107,331 |
| Number of Portfolio Holdings |
3 |
| Net Investment Advisory Fees |
$355,152 |
| Portfolio Turnover Rate |
0% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was August 18, 2022.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type |
Percent of
Net Assets |
|
| Investment Companies |
99.5 |
% |
| Short-term Investments |
0.7 |
% |
| Options Written |
(0.1 |
)% |
| Other assets less liabilities |
(0.1 |
)% |
| Credit quality allocation (of the underlying fund)(a) |
| Credit Rating(b) |
Percent of Total
Investments(c) |
|
| Aaa |
2.4 |
% |
| Aa |
5.8 |
% |
| A |
46.7 |
% |
| Baa |
42.3 |
% |
| Ba |
2.4 |
% |
| Not Rated |
0.4 |
% |
| (a) |
The underlying fund is iShares iBoxx $ Investment Grade Corporate Bond ETF. |
| (b) |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (c) |
Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, Cboe Global Indices, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Investment Grade Corporate Bond BuyWrite Strategy ETF
Annual Shareholder Report — October 31, 2024
LQDW-10/24-AR
iShares J.P. Morgan Broad USD Emerging Markets Bond ETF
BEMB | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares J.P. Morgan Broad USD Emerging Markets Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
This report describes changes to the Fund that occurred during the reporting period.
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 J.P. Morgan Broad USD Emerging Markets Bond ETF |
$20 |
0.18% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 17.10%.
-
For the same period, the J.P. Morgan EMBI Global Diversified Index returned 18.16% and the J.P. Morgan EM Sovereign and Corporate Credit Core Index returned 17.36%.
What contributed to performance?
Emerging market bonds delivered strong returns during the reporting period, particularly among sovereign bond issuers, which were leading contributors to the Fund’s return. U.S. dollar-denominated emerging market debt is sensitive to rate changes in the United States, as many of these countries borrow in U.S. dollars and must repay the principal and interest in U.S. dollars. Expectations of interest rate cuts and then a cut by the U.S. Federal Reserve in September helped these bonds move higher. Across emerging markets, all regions gained, led by Latin America. In particular, efforts by Argentina’s new administration to lower inflation improved investor sentiment and bolstered local bond markets. Longer-term duration bonds, those over 10 years, outpaced their shorter-term counterparts during the reporting period, followed by intermediate maturity bonds. While bonds of all credit ratings delivered positive performance, investment-grade bonds rated BBB had the greatest positive impact.
What detracted from performance?
There were no detractors from the Fund’s return during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: February 22, 2023 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
1 Year |
|
Since Fund
Inception |
|
| Fund NAV |
17.10 |
% |
9.48 |
% |
| J.P. Morgan EMBI Global Diversified Index |
18.16 |
|
10.39 |
|
| J.P. Morgan EM Sovereign and Corporate Credit Core Index |
17.36 |
|
9.65 |
|
| Key Fund statistics |
|
| Net Assets |
$47,366,459 |
| Number of Portfolio Holdings |
294 |
| Net Investment Advisory Fees |
$75,810 |
| Portfolio Turnover Rate |
11% |
The Fund has added the J.P. Morgan EMBI Global Diversified Index in response to new regulatory requirements.
The inception date of the Fund was February 22, 2023.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of Total
Investments(a) |
|
| Aaa |
0.5 |
% |
| Aa |
7.4 |
% |
| A |
17.7 |
% |
| Baa |
33.2 |
% |
| Ba |
15.6 |
% |
| B |
8.5 |
% |
| Caa |
6.0 |
% |
| Ca |
0.5 |
% |
| C |
0.1 |
% |
| Not Rated |
10.5 |
% |
| Country/Geographic Region |
Percent of Total
Investments(a) |
|
| China |
6.2 |
% |
| Saudi Arabia |
5.2 |
% |
| Mexico |
5.0 |
% |
| United Arab Emirates |
4.4 |
% |
| Turkey |
4.0 |
% |
| Brazil |
3.9 |
% |
| Indonesia |
3.7 |
% |
| Qatar |
3.1 |
% |
| Chile |
3.0 |
% |
| India |
2.9 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
The contractual fee waiver was extended through February 28, 2029 and subsequently discontinued as of June 28, 2024.
Effective June 28, 2024, for its investment advisory services to the Fund, BlackRock Fund Advisors ("BFA") is entitled to an annual investment advisory fee of 0.18%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to June 28, 2024, BFA was entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by JPMorgan Chase & Co. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares J.P. Morgan Broad USD Emerging Markets Bond ETF
Annual Shareholder Report — October 31, 2024
BEMB-10/24-AR
iShares J.P. Morgan USD Emerging Markets Bond ETF
EMB | NASDAQ
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares J.P. Morgan USD Emerging Markets Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 J.P. Morgan USD Emerging Markets Bond ETF |
$43 |
0.39% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 18.36%.
-
For the same period, the J.P. Morgan EMBI Global Diversified Index returned 18.16% and the J.P. Morgan EMBI® Global Core Index returned 18.68%.
What contributed to performance?
Emerging market sovereign bonds were leading contributors to the Fund’s return during the reporting period. Expectations of interest rate cuts and then a cut by the U.S. Federal Reserve in September helped these bonds move higher. Across emerging markets, all regions gained, led by Latin America. In particular, efforts by Argentina’s new administration to lower inflation improved investor sentiment and bolstered local bond markets. In the Middle East, Egyptian bonds were bolstered on expectations that the country would receive billions in foreign loans and investments, potentially offsetting dismal economic growth and the threat of spillover from the war in Gaza. Longer-term duration bonds, those over 10 years, outpaced their shorter-term counterparts during the reporting period. While bonds of all credit ratings delivered positive performance, investment-grade bonds had the greatest positive impact.
What detracted from performance?
Venezuelan bonds detracted slightly from the Fund’s performance during the reporting period, as the country’s highly contested presidential election and economic crisis put downward pressure on bonds.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
10 Years |
|
| Fund NAV |
18.36 |
% |
0.20 |
% |
2.48 |
% |
| J.P. Morgan EMBI Global Diversified Index |
18.16 |
|
0.47 |
|
2.92 |
|
| J.P. Morgan EMBI® Global Core Index |
18.68 |
|
0.33 |
|
2.80 |
|
| Key Fund statistics |
|
| Net Assets |
$14,884,578,836 |
| Number of Portfolio Holdings |
638 |
| Net Investment Advisory Fees |
$58,337,323 |
| Portfolio Turnover Rate |
12% |
The Fund has added the J.P. Morgan EMBI Global Diversified Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of Total
Investments(a) |
|
| Aaa |
1.0 |
% |
| Aa |
7.2 |
% |
| A |
15.7 |
% |
| Baa |
31.8 |
% |
| Ba |
17.5 |
% |
| B |
9.9 |
% |
| Caa |
8.6 |
% |
| Ca |
0.9 |
% |
| C |
0.1 |
% |
| Not Rated |
7.3 |
% |
| Country/Geographic Region |
Percent of Total
Investments(a) |
|
| Saudi Arabia |
5.9 |
% |
| Mexico |
5.7 |
% |
| Turkey |
4.9 |
% |
| Indonesia |
4.8 |
% |
| United Arab Emirates |
4.7 |
% |
| Qatar |
3.9 |
% |
| Brazil |
3.6 |
% |
| Philippines |
3.4 |
% |
| Poland |
3.4 |
% |
| Chile |
3.3 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by JPMorgan Chase & Co. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares J.P. Morgan USD Emerging Markets Bond ETF
Annual Shareholder Report — October 31, 2024
EMB-10/24-AR
iShares Russell 2000 BuyWrite ETF
IWMW | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Russell 2000 BuyWrite ETF (the “Fund”) for the period of March 14, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the period ?
(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 Russell 2000 BuyWrite ETF |
$13(a) |
0.20%(b) |
| (a) |
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
| (b) |
Annualized. |
How did the Fund perform during the period?
-
For the reporting period ended October 31, 2024, the Fund returned 2.26%.
-
For the same period, the iShares Russell 2000 ETF returned 8.92% and the Cboe FTSE Russell IWM 2% OTM BuyWrite Index returned 1.94%.
What contributed to performance?
During the reporting period, equity markets registered remarkably strong gains and contributed to the Fund’s return amid increasing investor confidence, limited volatility, and slowing inflation. Declining yields and solid economic growth resulted in a broad equity rally that extended to include small-cap stocks, which have historically done well in periods of moderating inflation. Investor appetite for equities continued to increase when the U.S. Federal Reserve Bank lowered short-term interest rates by 50 basis points in September, a larger-than-expected rate cut and the first since March 2020.
By selling monthly options, the Fund generates option premium, which it distributes to investors monthly. The level of this premium is influenced by market-implied volatility.
What detracted from performance?
Against this backdrop, the Russell 2000 Index rallied in the second half of the year, and the iShares Russell 2000 BuyWrite ETF participated in a portion of these gains. However, as the Fund sells monthly call options approximately 2% out of the money, its price returns were capped, limiting participation in upside beyond the 2% call strike.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 14, 2024 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
As of the date of this report, the Fund does not have a full fiscal year of performance information to report.
| Key Fund statistics |
|
| Net Assets |
$18,975,919 |
| Number of Portfolio Holdings |
3 |
| Net Investment Advisory Fees |
$21,022 |
| Portfolio Turnover Rate |
3% |
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
The inception date of the Fund was March 14, 2024.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type |
Percent of
Net Assets |
|
| Investment Companies |
99.4 |
% |
| Short-term Investments |
1.1 |
% |
| Options Written |
(0.5 |
)% |
| Sector allocation (of the underlying fund)(a) |
| Sector |
Percent of Total
Investments(b) |
|
| Financials |
18.7 |
% |
| Health Care |
17.4 |
% |
| Industrials |
17.1 |
% |
| Information Technology |
12.6 |
% |
| Consumer Discretionary |
9.8 |
% |
| Real Estate |
6.3 |
% |
| Energy |
5.2 |
% |
| Materials |
4.6 |
% |
| Consumer Staples |
2.8 |
% |
| Utilities |
2.8 |
% |
| Communication Services |
2.7 |
% |
| (a) |
The underlying fund is iShares Russell 2000 ETF. |
| (b) |
Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE Russell, Cboe Global Indices, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Russell 2000 BuyWrite ETF
Annual Shareholder Report — October 31, 2024
IWMW-10/24-AR
iShares S&P 500 BuyWrite ETF
IVVW | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares S&P 500 BuyWrite ETF (the “Fund”) for the period of March 14, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the period ?
(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 S&P 500 BuyWrite ETF |
$14(a) |
0.22%(b) |
| (a) |
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
| (b) |
Annualized. |
How did the Fund perform during the period?
-
For the reporting period ended October 31, 2024, the Fund returned 7.66%.
-
For the same period, the iShares Core S&P 500 ETF returned 11.65% and the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index returned 7.75%.
What contributed to performance?
During the reporting period, equity markets registered remarkably strong gains and contributed to the Fund’s return amid increasing investor confidence, solid economic growth, limited volatility, and slowing inflation. For most of the reporting period, higher interest rates benefited mega- and large-cap stocks due to their less cyclical and rate-sensitive nature as well as their higher quality. Investor appetite for equities continued to increase when the U.S. Federal Reserve Bank lowered short-term interest rates by 50 basis points in September, a larger-than-expected rate cut and the first since March 2020.
By selling monthly options, the Fund generates option premium, which it distributes to investors monthly. The level of this premium is influenced by market-implied volatility.
What detracted from performance?
Against this backdrop, the S&P 500 Index rallied throughout much of the year, and the iShares S&P 500 BuyWrite ETF participated in a portion of these gains. However, as the Fund sells monthly call options approximately 1% out of the money, its price returns were capped, limiting participation in S&P 500 upside beyond the 1% call strike.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 14, 2024 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
As of the date of this report, the Fund does not have a full fiscal year of performance information to report.
| Key Fund statistics |
|
| Net Assets |
$26,400,497 |
| Number of Portfolio Holdings |
3 |
| Net Investment Advisory Fees |
$27,096 |
| Portfolio Turnover Rate |
1% |
The Fund has added the S&P Total Market Index in response to new regulatory requirements.
The inception date of the Fund was March 14, 2024.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type |
Percent of
Net Assets |
|
| Investment Companies |
99.5 |
% |
| Short-term Investments |
0.8 |
% |
| Options Written |
(0.3 |
)% |
| Sector allocation (of the underlying fund)(a) |
| Sector |
Percent of Total
Investments(b) |
|
| Information Technology |
31.8 |
% |
| Financials |
13.1 |
% |
| Health Care |
11.2 |
% |
| Consumer Discretionary |
10.1 |
% |
| Communication Services |
9.1 |
% |
| Industrials |
8.5 |
% |
| Consumer Staples |
5.8 |
% |
| Energy |
3.4 |
% |
| Utilities |
2.5 |
% |
| Real Estate |
2.3 |
% |
| Materials |
2.2 |
% |
| (a) |
The underlying fund is iShares Core S&P 500 ETF. |
| (b) |
Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC, Cboe Global Indices, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares S&P 500 BuyWrite ETF
Annual Shareholder Report — October 31, 2024
IVVW-10/24-AR
iShares Treasury Floating Rate Bond ETF
TFLO | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Treasury Floating Rate Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 Treasury Floating Rate Bond ETF |
$15 |
0.15% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 5.29%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg U.S. Treasury Floating Rate Index returned 5.45%.
What contributed to performance?
U.S. Treasury saw modest gains during the reporting period amid expectations and then the realization of an interest rate cut by the U.S. Federal Reserve. For the first time since March 2020, the central bank lowered short-term interest rates, announcing a 50-basis point cut. Leading up to the interest rate decision meeting, Treasury yields moved lower but have trended steadily higher following September’s rate cut, and the 10-year Treasury ultimately ending the period at 4.28%, down from 4.93%, while the yield on the three-month Treasury note sank to 4.54% from 5.46% a year earlier. (Bond prices and yields move in opposite directions.) Treasury floating rate notes are issued with maturities of two years and coupons that reset periodically based on the three-month Treasury bill rate.
What detracted from performance?
There were no significant detractors from the Fund’s return during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
10 Years |
|
| Fund NAV |
5.29 |
% |
2.44 |
% |
1.72 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.82 |
|
| Bloomberg U.S. Treasury Floating Rate Index |
5.45 |
|
2.59 |
|
1.84 |
|
| Key Fund statistics |
|
| Net Assets |
$6,998,857,593 |
| Number of Portfolio Holdings |
9 |
| Net Investment Advisory Fees |
$12,258,350 |
| Portfolio Turnover Rate |
28% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Maturity |
Percent of Total
Investments(a) |
|
| 0-1 Year |
49.0 |
% |
| 1-2 Years |
51.0 |
% |
| Security |
Percent of Total
Investments(a) |
|
| U.S. Treasury Floating Rate Note, 4.69%, 07/31/25 |
14.6 |
% |
| U.S. Treasury Floating Rate Note, 4.77%, 10/31/26 |
14.4 |
% |
| U.S. Treasury Floating Rate Note, 4.73%, 10/31/25 |
13.6 |
% |
| U.S. Treasury Floating Rate Note, 4.81%, 01/31/26 |
13.1 |
% |
| U.S. Treasury Floating Rate Note, 4.71%, 04/30/26 |
12.4 |
% |
| (a) |
Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Treasury Floating Rate Bond ETF
Annual Shareholder Report — October 31, 2024
TFLO-10/24-AR
iShares U.S. Fixed Income Balanced Risk Systematic ETF
FIBR | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares U.S. Fixed Income Balanced Risk Systematic ETF (the “Fund”) (formerly known as iShares U.S. Fixed Income Balanced Risk Factor ETF) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
This report describes changes to the Fund that occurred during the reporting period.
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. Fixed Income Balanced Risk Systematic ETF |
$27 |
0.25% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 12.04%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg U.S. Fixed Income Balanced Risk Index returned 12.16%.
What contributed to performance?
Bond returns were supported by an environment of slowing pricing pressures and steady growth in the United States. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reverse lowered short-term interest rates by a 50 basis point cut, its first rate reduction since March 2020. By sector, industrial bonds, supported by consumer cyclical and communication, and banking bonds contributed to performance. Investment-grade bonds rated A and Baa by Moody’s were meaningful contributors.
What detracted from performance?
There were no significant detractors to the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: February 24, 2015 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
12.04 |
% |
0.29 |
% |
1.82 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.71 |
|
| Bloomberg U.S. Fixed Income Balanced Risk Index |
12.16 |
|
0.49 |
|
2.00 |
|
| Key Fund statistics |
|
| Net Assets |
$69,760,430 |
| Number of Portfolio Holdings |
940 |
| Net Investment Advisory Fees |
$160,858 |
| Portfolio Turnover Rate |
453% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was February 24, 2015.
The performance of the Bloomberg U.S. Fixed Income Balanced Risk Index in this report reflects the performance of the Bloomberg Barclays U.S. Aggregate Bond Index through February 4, 2018 and, beginning on February 5, 2018, the performance of the Bloomberg U.S. Fixed Income Balanced Risk Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of Total
Investments(a) |
|
| Aaa |
5.9 |
% |
| Aa |
0.9 |
% |
| A |
40.3 |
% |
| Baa |
33.4 |
% |
| Ba |
8.0 |
% |
| B |
8.5 |
% |
| Caa |
2.0 |
% |
| Ca |
0.2 |
% |
| Not Rated |
0.8 |
% |
| Maturity |
Percent of Total
Investments(a) |
|
| 0-1 Year |
3.0 |
% |
| 1-5 Years |
42.7 |
% |
| 5-10 Years |
32.1 |
% |
| 10-15 Years |
1.0 |
% |
| 15-20 Years |
2.4 |
% |
| More than 20 Years |
18.8 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
Effective January 26, 2024, the name of the Fund was changed from iShares U.S. Fixed Income Balanced Risk Factor ETF to iShares U.S. Fixed Income Balanced Risk Systematic ETF.
BlackRock Fund Advisors ("BFA") has contractually agreed to waive a portion of its investment advisory fee for the Fund in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates. The contractual fee waiver has been extended through February 28, 2029.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares U.S. Fixed Income Balanced Risk Systematic ETF
Annual Shareholder Report — October 31, 2024
FIBR-10/24-AR
iShares USD Green Bond ETF
BGRN | NASDAQ
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares USD Green Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
This report describes changes to the Fund that occurred during the reporting period.
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 USD Green Bond ETF |
$21 |
0.20% |
How did the Fund perform last year?
-
For the reporting period ended October 31, 2024, the Fund returned 10.74%.
-
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg MSCI USD Green Bond Select Index returned 10.87%.
What contributed to performance?
Longer-term green bonds meaningfully contributed to the Fund’s return during the reporting period. Bond returns were supported by an environment of slowing pricing pressures and steady growth in the United States as expectations for interest rate cuts grew. In September 2024, the U.S. Federal Reserve lowered short-term interest rates by 50 basis point cut, its first-rate reduction since March 2020. In terms of credit quality, A and BBB rated bonds were the largest contributors. Utility corporate bonds had a positive impact on performance, as did real estate investment trusts (“REITs”) and banking in the financial sector.
What detracted from performance?
During the reporting period, there were no meaningful detractors from the Fund’s return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 13, 2018 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns |
|
|
|
|
|
|
|
1 Year |
|
5 Years |
|
Since Fund
Inception |
|
| Fund NAV |
10.74 |
% |
(0.27 |
)% |
1.68 |
% |
| Bloomberg U.S. Universal Index |
11.20 |
|
0.18 |
|
1.95 |
|
| Bloomberg MSCI USD Green Bond Select Index |
10.87 |
|
(0.09 |
) |
1.84 |
|
| Key Fund statistics |
|
| Net Assets |
$387,179,813 |
| Number of Portfolio Holdings |
351 |
| Net Investment Advisory Fees |
$703,264 |
| Portfolio Turnover Rate |
21% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was November 13, 2018.
The performance of the Bloomberg MSCI USD Green Bond Select Index in this report reflects the performance of the Bloomberg MSCI Global Green Bond Select (USD Hedged) Index through February 28, 2022 and, beginning on March 1, 2022, the performance of the Bloomberg MSCI USD Green Bond Select Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
Credit quality allocation
| Moody's Credit Rating* |
Percent of Total
Investments(a) |
|
| Aaa |
14.8 |
% |
| Aa |
14.9 |
% |
| A |
30.3 |
% |
| Baa |
31.8 |
% |
| Ba |
1.6 |
% |
| Not Rated |
6.6 |
% |
| Maturity |
Percent of Total
Investments(a) |
|
| 0-1 Year |
9.2 |
% |
| 1-5 Years |
42.6 |
% |
| 5-10 Years |
33.3 |
% |
| 10-15 Years |
1.9 |
% |
| 15-20 Years |
0.7 |
% |
| More than 20 Years |
12.3 |
% |
| (a) |
Excludes money market funds. |
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
The net expense ratio increased from the prior fiscal year end primarily due to the discontinuation of a voluntary fee waiver during the prior fiscal year.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares USD Green Bond ETF
Annual Shareholder Report — October 31, 2024
BGRN-10/24-AR
(b) Not applicable
| Item 2 – |
Code of Ethics – The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737. |
| Item 3 – |
Audit Committee Financial Expert –The registrant’s board of trustees (the “board of trustees”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: |
Richard L. Fagnani
Madhav V. Rajan
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.
| Item 4 – |
Principal Accountant Fees and Services. |
The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the forty-four series of the registrant for which the fiscal year-end is October 31, 2024 (the “Funds”), and whose annual financial statements are reported in Item 7.
(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $1,000,950 for the fiscal year ended October 31, 2023 and $608,550 for the fiscal year ended October 31, 2024.
(b) Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2023 and October 31, 2024 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Funds’ financial statements and are not reported under (a) of this Item.
(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $717,800 for the fiscal year ended October 31, 2023 and $426,800 for the fiscal year ended October 31, 2024. These services related to the review of the Funds’ tax returns and excise tax calculations.
(d) All Other Fees – There were no other fees billed in each of the fiscal years ended October 31, 2023 and October 31, 2024 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.
(e)(1) Audit Committee Pre-Approval Policies and Procedures – The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable
(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $717,800 for the fiscal year ended October 31, 2023 and $426,800 for the fiscal year ended October 31, 2024.
(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.
(i) Not applicable
(j) Not applicable
| Item 5 – |
Audit Committee of Listed Registrant |
(a) The following individuals are members of the registrant’s separately designated standing Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):
Richard L. Fagnani
Laura F. Fergerson
Cecilia H. Herbert
Madhav V. Rajan
(b) Not applicable
2
(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
(b) Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
| Item 7 – |
Financial Statements and Financial Highlights for Open-End Management Investment Companies |
(a) The registrant’s Financial Statements are attached herewith.
(b) The registrant’s Financial Highlights are attached herewith.
3
2024 Annual Financial Statements and Additional Information |
| |
• iShares iBonds 2024 Term High Yield and Income ETF | IBHD | Cboe BZX Exchange |
• iShares iBonds 2025 Term High Yield and Income ETF | IBHE | Cboe BZX Exchange |
• iShares iBonds 2026 Term High Yield and Income ETF | IBHF | Cboe BZX Exchange |
• iShares iBonds 2027 Term High Yield and Income ETF | IBHG | Cboe BZX Exchange |
• iShares iBonds 2031 Term High Yield and Income ETF | IBHK | Cboe BZX Exchange |
| |
Schedule of Investments
October 31, 2024
iShares® iBonds® 2024 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
| |
| |
Omnicom Group Inc./Omnicom Capital Inc., 3.65%, 11/01/24 |
|
|
Auto Manufacturers — 1.5% |
Ford Motor Credit Co. LLC, 4.06%, 11/01/24 |
|
|
General Motors Financial Co. Inc., 3.50%, 11/07/24 |
|
|
| |
|
|
| |
Lloyds Banking Group PLC, 4.50%, 11/04/24 |
|
|
| |
Constellation Brands Inc., 4.75%, 11/15/24 |
|
|
Building Materials — 0.2% |
Owens Corning, 4.20%, 12/01/24 |
|
|
Trane Technologies Financing Ltd., 3.55%, 11/01/24 |
|
|
| |
|
|
| |
Methanex Corp., 4.25%, 12/01/24(a) |
|
|
Nutrien Ltd., 5.90%, 11/07/24 |
|
|
| |
|
|
Commercial Services — 0.7% |
Equifax Inc., 2.60%, 12/01/24 |
|
|
Global Payments Inc., 1.50%, 11/15/24 |
|
|
| |
|
|
| |
Genpact Luxembourg SARL, 3.38%, 12/01/24 |
|
|
Cosmetics & Personal Care — 2.8% |
Perrigo Finance Unlimited Co., 3.90%, 12/15/24 |
|
|
Distribution & Wholesale — 0.0% |
Wesco Aircraft Holdings Inc., 8.50%, 11/15/24(b)(c)(d) |
|
|
Diversified Financial Services — 0.6% |
Discover Financial Services, 3.95%, 11/06/24 |
|
|
ORIX Corp., 3.25%, 12/04/24 |
|
|
| |
|
|
| |
Avangrid Inc., 3.15%, 12/01/24 |
|
|
DTE Energy Co., 4.22%, 11/01/24(e) |
|
|
Edison International, 3.55%, 11/15/24 |
|
|
Interstate Power & Light Co., 3.25%, 12/01/24(a) |
|
|
| |
|
|
| |
Trimble Inc., 4.75%, 12/01/24(a) |
|
|
Engineering & Construction — 1.3% |
Fluor Corp., 3.50%, 12/15/24(a) |
|
|
| |
Live Nation Entertainment Inc., 4.88%, 11/01/24(b) |
|
|
Health Care - Products — 2.2% |
Baxter International Inc., 1.32%, 11/29/24 |
|
|
GE HealthCare Technologies Inc., 5.55%, 11/15/24 |
|
|
Zimmer Biomet Holdings Inc., 1.45%, 11/22/24 |
|
|
| |
|
|
Health Care - Services — 1.1% |
Aetna Inc., 3.50%, 11/15/24 |
|
|
Elevance Health Inc., 3.35%, 12/01/24 |
|
|
| |
|
|
Health Care - Services (continued) |
Laboratory Corp. of America Holdings, 2.30%, 12/01/24 |
|
|
| |
|
|
Holding Companies - Diversified — 0.7% |
Blackstone Private Credit Fund, 2.35%, 11/22/24 |
|
|
Sixth Street Specialty Lending Inc., 3.88%, 11/01/24 |
|
|
| |
|
|
| |
Leggett & Platt Inc., 3.80%, 11/15/24 |
|
|
| |
First American Financial Corp., 4.60%, 11/15/24 |
|
|
| |
Rakuten Group Inc., 10.25%, 11/30/24(b) |
|
|
| |
Steel Dynamics Inc., 2.80%, 12/15/24 |
|
|
| |
NCL Corp. Ltd., 3.63%, 12/15/24(a)(b) |
|
|
| |
Carlisle Companies Inc., 3.50%, 12/01/24 |
|
|
Parker-Hannifin Corp., 3.30%, 11/21/24 |
|
|
| |
|
|
| |
DISH DBS Corp., 5.88%, 11/15/24 |
|
|
| |
Freeport-McMoRan Inc., 4.55%, 11/14/24 |
|
|
| |
Becton Dickinson & Co., 3.73%, 12/15/24 |
|
|
Cardinal Health Inc., 3.50%, 11/15/24 |
|
|
| |
|
|
| |
Boardwalk Pipelines LP, 4.95%, 12/15/24 |
|
|
Eastern Energy Gas Holdings LLC |
|
|
| |
|
|
Series A, 2.50%, 11/15/24 |
|
|
| |
|
|
Plains All American Pipeline LP/PAA Finance Corp., 3.60%, 11/01/24 |
|
|
| |
|
|
Real Estate Investment Trusts — 0.8% |
Equinix Inc., 2.63%, 11/18/24 |
|
|
Kilroy Realty LP, 3.45%, 12/15/24 |
|
|
| |
|
|
| |
AutoNation Inc., 3.50%, 11/15/24 |
|
|
Walgreens Boots Alliance Inc., 3.80%, 11/18/24 |
|
|
| |
|
|
| |
Oracle Corp., 2.95%, 11/15/24 |
|
|
Telecommunications — 0.8% |
Verizon Communications Inc., 3.50%, 11/01/24 |
|
|
Toys, Games & Hobbies — 0.1% |
Hasbro Inc., 3.00%, 11/19/24 |
|
|
3 2024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2024 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
| |
Canadian Pacific Railway Co., 1.35%, 12/02/24 |
|
|
Total Long-Term Investments — 35.0%
(Cost: $118,493,958) |
|
| |
|
|
| |
Money Market Funds — 67.3% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(f)(g)(h) |
|
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.83%(f)(g) |
|
|
Total Short-Term Securities — 67.3%
(Cost: $226,577,882) |
|
Total Investments — 102.3%
(Cost: $345,071,840) |
|
Liabilities in Excess of Other Assets — (2.3)% |
|
| |
|
| |
All or a portion of this security is on loan. |
| |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| |
Issuer filed for bankruptcy and/or is in default. |
| |
Non-income producing security. |
| |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| |
|
| |
Annualized 7-day yield as of period end. |
| |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| |
|
|
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
|
|
Capital
Gain
Distributions
from
Underlying
Funds |
BlackRock Cash Funds: Institutional, SL Agency Shares |
|
|
|
|
|
|
|
|
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Represents net amount purchased (sold). |
| |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Schedule of Investments
4
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2024 Term High Yield and Income ETF
Fair Value Hierarchy as of Period End (continued)
See notes to financial statements.
5 2024 iShares Annual Financial Statements and Additional Information
Schedule of Investments
October 31, 2024
iShares® iBonds® 2025 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
| |
Aerospace & Defense — 0.8% |
| |
|
|
| |
|
|
| |
|
|
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/25 |
|
|
Hexcel Corp., 4.95%, 08/15/25 |
|
|
L3Harris Technologies Inc., 3.83%, 04/27/25 |
|
|
Northrop Grumman Corp., 2.93%, 01/15/25 |
|
|
RTX Corp., 3.95%, 08/16/25(a) |
|
|
| |
|
|
| |
Altria Group Inc., 2.35%, 05/06/25 |
|
|
Bunge Ltd. Finance Corp., 1.63%, 08/17/25 |
|
|
Reynolds American Inc., 4.45%, 06/12/25 |
|
|
| |
|
|
| |
American Airlines Group Inc., 3.75%, 03/01/25(a)(b) |
|
|
Southwest Airlines Co., 5.25%, 05/04/25 |
|
|
United Airlines Holdings Inc., 4.88%, 01/15/25 |
|
|
United Airlines Pass-Through Trust, Series 2013-1, Class A, 4.30%, 08/15/25 |
|
|
| |
|
|
| |
PVH Corp., 4.63%, 07/10/25(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
VF Corp., 2.40%, 04/23/25 |
|
|
| |
|
|
Auto Manufacturers — 3.2% |
Ford Motor Credit Co. LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
General Motors Financial Co. Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Jaguar Land Rover Automotive PLC, 7.75%, 10/15/25(b) |
|
|
| |
|
|
Auto Parts & Equipment — 3.5% |
BorgWarner Inc., 3.38%, 03/15/25 |
|
|
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/25 |
|
|
ZF North America Capital Inc., 4.75%, 04/29/25(b) |
|
|
| |
|
|
| |
Associated Banc-Corp, 4.25%, 01/15/25(a) |
|
|
Banco Santander SA, 5.18%, 11/19/25 |
|
|
| |
|
|
| |
BankUnited Inc., 4.88%, 11/17/25 |
|
|
Barclays PLC, 3.65%, 03/16/25 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Citizens Bank NA, 2.25%, 04/28/25 |
|
|
Citizens Financial Group Inc., 4.30%, 12/03/25 |
|
|
Comerica Bank, 4.00%, 07/27/25 |
|
|
Cooperatieve Rabobank UA, 4.38%, 08/04/25 |
|
|
Deutsche Bank AG, 4.50%, 04/01/25 |
|
|
Fifth Third Bancorp, 2.38%, 01/28/25 |
|
|
FNB Corp., 5.15%, 08/25/25 |
|
|
Goldman Sachs Group Inc. (The), 4.25%, 10/21/25 |
|
|
HSBC Holdings PLC, 4.25%, 08/18/25 |
|
|
Huntington Bancshares Inc./Ohio, 4.00%, 05/15/25 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Lloyds Banking Group PLC, 4.58%, 12/10/25 |
|
|
Manufacturers & Traders Trust Co., 5.40%, 11/21/25 |
|
|
Morgan Stanley, 5.00%, 11/24/25 |
|
|
Regions Financial Corp., 2.25%, 05/18/25(a) |
|
|
Santander Holdings USA Inc. |
|
|
| |
|
|
| |
|
|
Synchrony Bank, 5.40%, 08/22/25 |
|
|
Synovus Financial Corp., 5.20%, 08/11/25 |
|
|
| |
|
|
| |
Coca-Cola Consolidated Inc., 3.80%, 11/25/25 |
|
|
Constellation Brands Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Baxalta Inc., 4.00%, 06/23/25 |
|
|
Biogen Inc., 4.05%, 09/15/25 |
|
|
Gilead Sciences Inc., 3.50%, 02/01/25 |
|
|
Illumina Inc., 5.80%, 12/12/25 |
|
|
Royalty Pharma PLC, 1.20%, 09/02/25 |
|
|
| |
|
|
Building Materials — 0.2% |
Carrier Global Corp., 2.24%, 02/15/25 |
|
|
Fortune Brands Innovations Inc., 4.00%, 06/15/25 |
|
|
Lennox International Inc., 1.35%, 08/01/25 |
|
|
Vulcan Materials Co., 4.50%, 04/01/25 |
|
|
| |
|
|
| |
Celanese U.S. Holdings LLC, 6.05%, 03/15/25 |
|
|
DuPont de Nemours Inc., 4.49%, 11/15/25(a) |
|
|
Eastman Chemical Co., 3.80%, 03/15/25 |
|
|
Schedule of Investments
6
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2025 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
| |
LYB International Finance III LLC, 1.25%, 10/01/25 |
|
|
| |
|
|
| |
|
|
| |
|
|
Sherwin-Williams Co. (The) |
|
|
| |
|
|
| |
|
|
| |
|
|
Commercial Services — 1.3% |
Block Financial LLC, 5.25%, 10/01/25(a) |
|
|
Equifax Inc., 2.60%, 12/15/25 |
|
|
Global Payments Inc., 2.65%, 02/15/25 |
|
|
Moody's Corp., 3.75%, 03/24/25 |
|
|
Verisk Analytics Inc., 4.00%, 06/15/25 |
|
|
Williams Scotsman Inc., 6.13%, 06/15/25(a)(b) |
|
|
| |
|
|
| |
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 |
|
|
| |
|
|
Leidos Inc., 3.63%, 05/15/25 |
|
|
NetApp Inc., 1.88%, 06/22/25 |
|
|
Seagate HDD Cayman, 4.75%, 01/01/25(a) |
|
|
| |
|
|
Cosmetics & Personal Care — 0.1% |
Haleon U.K. Capital PLC, 3.13%, 03/24/25 |
|
|
Diversified Financial Services — 9.8% |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|
|
| |
|
|
| |
|
|
| |
|
|
Affiliated Managers Group Inc., 3.50%, 08/01/25 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Capital One Financial Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
Discover Financial Services, 3.75%, 03/04/25 |
|
|
Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 |
|
|
Nasdaq Inc., 5.65%, 06/28/25 |
|
|
Navient Corp., 6.75%, 06/25/25 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
PennyMac Financial Services Inc., 5.38%, 10/15/25(b) |
|
|
SLM Corp., 4.20%, 10/29/25(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
United Wholesale Mortgage LLC, 5.50%, 11/15/25(b) |
|
|
| |
|
|
Diversified Financial Services (continued) |
Western Union Co. (The), 2.85%, 01/10/25 |
|
|
| |
|
|
| |
American Electric Power Co. Inc. |
|
|
| |
|
|
Series N, 1.00%, 11/01/25 |
|
|
Appalachian Power Co., 3.40%, 06/01/25 |
|
|
Arizona Public Service Co., 3.15%, 05/15/25(a) |
|
|
Avangrid Inc., 3.20%, 04/15/25 |
|
|
Constellation Energy Generation LLC, 3.25%, 06/01/25 |
|
|
| |
|
|
| |
|
|
Series A, 3.30%, 03/15/25 |
|
|
DPL Inc., 4.13%, 07/01/25(a) |
|
|
DTE Energy Co., Series F, 1.05%, 06/01/25 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Entergy Corp., 0.90%, 09/15/25 |
|
|
| |
|
|
Series H, 3.15%, 01/15/25 |
|
|
Series Q, 0.80%, 08/15/25(a) |
|
|
Exelon Corp., 3.95%, 06/15/25(a) |
|
|
Iberdrola International BV, 5.81%, 03/15/25 |
|
|
NextEra Energy Capital Holdings Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
Pacific Gas and Electric Co. |
|
|
| |
|
|
| |
|
|
| |
|
|
Pinnacle West Capital Corp., 1.30%, 06/15/25(a) |
|
|
Public Service Enterprise Group Inc., 0.80%, 08/15/25 |
|
|
Puget Energy Inc., 3.65%, 05/15/25 |
|
|
| |
|
|
Southern Co. (The), 5.15%, 10/06/25 |
|
|
Southern Power Co., 4.15%, 12/01/25(a) |
|
|
WEC Energy Group Inc., 5.00%, 09/27/25 |
|
|
Xcel Energy Inc., 3.30%, 06/01/25 |
|
|
| |
|
|
| |
Amphenol Corp., 2.05%, 03/01/25 |
|
|
Arrow Electronics Inc., 4.00%, 04/01/25(a) |
|
|
Flex Ltd., 4.75%, 06/15/25 |
|
|
| |
|
|
| |
Warnermedia Holdings Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
Environmental Control — 1.9% |
GFL Environmental Inc., 3.75%, 08/01/25(b) |
|
|
7 2024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2025 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
Environmental Control (continued) |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
Conagra Brands Inc., 4.60%, 11/01/25 |
|
|
| |
|
|
| |
|
|
| |
|
|
J.M. Smucker Co. (The), 3.50%, 03/15/25 |
|
|
Mondelez International Inc., 1.50%, 05/04/25 |
|
|
Sysco Corp., 3.75%, 10/01/25 |
|
|
| |
|
|
| |
Aramark Services Inc., 5.00%, 04/01/25(a)(b) |
|
|
Forest Products & Paper — 0.0% |
Suzano International Finance BV, 4.00%, 01/14/25 |
|
|
| |
National Fuel Gas Co., 5.20%, 07/15/25 |
|
|
NiSource Inc., 0.95%, 08/15/25 |
|
|
| |
|
|
Hand & Machine Tools — 0.0% |
Stanley Black & Decker Inc., 2.30%, 02/24/25 |
|
|
Health Care - Products — 0.8% |
Boston Scientific Corp., 1.90%, 06/01/25 |
|
|
GE HealthCare Technologies Inc., 5.60%, 11/15/25(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
Zimmer Biomet Holdings Inc., 3.55%, 04/01/25(a) |
|
|
| |
|
|
Health Care - Services — 0.8% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Humana Inc., 4.50%, 04/01/25 |
|
|
Laboratory Corp. of America Holdings, 3.60%, 02/01/25 |
|
|
Quest Diagnostics Inc., 3.50%, 03/30/25 |
|
|
| |
|
|
Holding Companies - Diversified — 0.6% |
| |
|
|
| |
|
|
| |
|
|
Blackstone Private Credit Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Holding Companies - Diversified (continued) |
| |
|
|
| |
|
|
| |
|
|
Blue Owl Credit Income Corp., 5.50%, 03/21/25 |
|
|
FS KKR Capital Corp., 4.13%, 02/01/25 |
|
|
Goldman Sachs BDC Inc., 3.75%, 02/10/25(a) |
|
|
Oaktree Specialty Lending Corp., 3.50%, 02/25/25(a) |
|
|
| |
|
|
| |
DR Horton Inc., 2.60%, 10/15/25(a) |
|
|
Lennar Corp., 4.75%, 05/30/25 |
|
|
Toll Brothers Finance Corp., 4.88%, 11/15/25 |
|
|
| |
|
|
| |
Whirlpool Corp., 3.70%, 05/01/25 |
|
|
| |
Newell Brands Inc., 4.88%, 06/01/25 |
|
|
| |
Allstate Corp. (The), 0.75%, 12/15/25 |
|
|
Aon Global Ltd., 3.88%, 12/15/25(a) |
|
|
CNO Financial Group Inc., 5.25%, 05/30/25 |
|
|
Corebridge Financial Inc., 3.50%, 04/04/25 |
|
|
Kemper Corp., 4.35%, 02/15/25 |
|
|
Lincoln National Corp., 3.35%, 03/09/25 |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
Gen Digital Inc., 5.00%, 04/15/25(b) |
|
|
Netflix Inc., 5.88%, 02/15/25 |
|
|
VeriSign Inc., 5.25%, 04/01/25 |
|
|
| |
|
|
| |
Reliance Inc., 1.30%, 08/15/25 |
|
|
Steel Dynamics Inc., 2.40%, 06/15/25 |
|
|
| |
|
|
| |
Harley-Davidson Inc., 3.50%, 07/28/25 |
|
|
Viking Cruises Ltd., 6.25%, 05/15/25(a)(b) |
|
|
| |
|
|
| |
Hilton Domestic Operating Co. Inc., 5.38%, 05/01/25(b) |
|
|
Hyatt Hotels Corp., 5.38%, 04/23/25 |
|
|
Las Vegas Sands Corp., 2.90%, 06/25/25 |
|
|
Marriott International Inc./MD |
|
|
| |
|
|
| |
|
|
Series EE, 5.75%, 05/01/25 |
|
|
Melco Resorts Finance Ltd., 4.88%, 06/06/25(c) |
|
|
MGM China Holdings Ltd., 5.25%, 06/18/25(b) |
|
|
Sands China Ltd., 5.13%, 08/08/25 |
|
|
Studio City Finance Ltd., 6.00%, 07/15/25(b) |
|
|
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25(a)(b) |
|
|
Travel & Leisure Co., 6.60%, 10/01/25 |
|
|
| |
|
|
Schedule of Investments
8
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2025 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
| |
CNH Industrial Capital LLC |
|
|
| |
|
|
| |
|
|
Dover Corp., 3.15%, 11/15/25 |
|
|
Otis Worldwide Corp., 2.06%, 04/05/25 |
|
|
Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/25 |
|
|
| |
|
|
| |
Textron Inc., 3.88%, 03/01/25 |
|
|
| |
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25 |
|
|
Discovery Communications LLC |
|
|
| |
|
|
| |
|
|
Fox Corp., 3.05%, 04/07/25 |
|
|
| |
|
|
| |
Southern Copper Corp., 3.88%, 04/23/25 |
|
|
Office & Business Equipment — 0.9% |
Xerox Holdings Corp., 5.00%, 08/15/25(a)(b) |
|
|
| |
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25(b) |
|
|
Canadian Natural Resources Ltd. |
|
|
| |
|
|
| |
|
|
Devon Energy Corp., 5.85%, 12/15/25 |
|
|
Expand Energy Corp., 5.70%, 01/23/25 |
|
|
Marathon Petroleum Corp., 4.70%, 05/01/25 |
|
|
Occidental Petroleum Corp. |
|
|
| |
|
|
| |
|
|
Ovintiv Inc., 5.65%, 05/15/25 |
|
|
Phillips 66, 3.85%, 04/09/25 |
|
|
Phillips 66 Co., 3.61%, 02/15/25 |
|
|
Range Resources Corp., 4.88%, 05/15/25 |
|
|
Vermilion Energy Inc., 5.63%, 03/15/25(a)(b) |
|
|
| |
|
|
Oil & Gas Services — 1.2% |
Halliburton Co., 3.80%, 11/15/25 |
|
|
KCA Deutag UK Finance PLC, 9.88%, 12/01/25(b) |
|
|
| |
|
|
Packaging & Containers — 0.0% |
Amcor Flexibles North America Inc., 4.00%, 05/17/25 |
|
|
Sonoco Products Co., 1.80%, 02/01/25 |
|
|
WRKCo Inc., 3.75%, 03/15/25 |
|
|
| |
|
|
| |
Bausch Health Companies Inc., 5.50%, 11/01/25(b) |
|
|
Cardinal Health Inc., 3.75%, 09/15/25 |
|
|
Cencora Inc., 3.25%, 03/01/25(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Pharmaceuticals (continued) |
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25(a)(b) |
|
|
P&L Development LLC/PLD Finance Corp. |
|
|
| |
|
|
12.00%, 12/02/24, 9.00% Cash and 3.50% PIK or 12.00% Cash(b)(d) |
|
|
Viatris Inc., 1.65%, 06/22/25(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Buckeye Partners LP, 4.13%, 03/01/25(a)(b) |
|
|
Columbia Pipeline Group Inc., 4.50%, 06/01/25(a) |
|
|
DCP Midstream Operating LP, 5.38%, 07/15/25 |
|
|
Enbridge Energy Partners LP, 5.88%, 10/15/25(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
EnLink Midstream Partners LP, 4.15%, 06/01/25 |
|
|
EQM Midstream Partners LP, 6.00%, 07/01/25(b) |
|
|
Kinder Morgan Inc., 4.30%, 06/01/25 |
|
|
| |
|
|
| |
|
|
| |
|
|
New Fortress Energy Inc., 6.75%, 09/15/25(b) |
|
|
NuStar Logistics LP, 5.75%, 10/01/25 |
|
|
ONEOK Inc., 2.20%, 09/15/25 |
|
|
ONEOK Partners LP, 4.90%, 03/15/25 |
|
|
Plains All American Pipeline LP/PAA Finance Corp., 4.65%, 10/15/25 |
|
|
Rockies Express Pipeline LLC, 3.60%, 05/15/25(b) |
|
|
Sabine Pass Liquefaction LLC, 5.63%, 03/01/25(a) |
|
|
Spectra Energy Partners LP, 3.50%, 03/15/25 |
|
|
TC PipeLines LP, 4.38%, 03/13/25 |
|
|
Western Midstream Operating LP |
|
|
| |
|
|
| |
|
|
Williams Companies Inc. (The) |
|
|
| |
|
|
| |
|
|
| |
|
|
Real Estate Investment Trusts — 7.0% |
Alexandria Real Estate Equities Inc., 3.45%, 04/30/25 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Boston Properties LP, 3.20%, 01/15/25 |
|
|
Brixmor Operating Partnership LP, 3.85%, 02/01/25 |
|
|
Crown Castle Inc., 1.35%, 07/15/25 |
|
|
CubeSmart LP, 4.00%, 11/15/25(a) |
|
|
Diversified Healthcare Trust, 9.75%, 06/15/25 |
|
|
EPR Properties, 4.50%, 04/01/25(a) |
|
|
9 2024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2025 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
Real Estate Investment Trusts (continued) |
| |
|
|
| |
|
|
| |
|
|
Essex Portfolio LP, 3.50%, 04/01/25(a) |
|
|
GLP Capital LP/GLP Financing II Inc., 5.25%, 06/01/25 |
|
|
| |
|
|
| |
|
|
| |
|
|
Host Hotels & Resorts LP, Series E, 4.00%, 06/15/25 |
|
|
Kilroy Realty LP, 4.38%, 10/01/25 |
|
|
Kimco Realty OP LLC, 3.30%, 02/01/25 |
|
|
Kite Realty Group Trust, 4.00%, 03/15/25(a) |
|
|
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25(b) |
|
|
NNN REIT Inc., 4.00%, 11/15/25 |
|
|
Omega Healthcare Investors Inc., 4.50%, 01/15/25 |
|
|
Rithm Capital Corp., 6.25%, 10/15/25(b) |
|
|
Starwood Property Trust Inc., 4.75%, 03/15/25(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
VICI Properties LP, 4.38%, 05/15/25 |
|
|
Vornado Realty LP, 3.50%, 01/15/25(a) |
|
|
Welltower OP LLC, 4.00%, 06/01/25 |
|
|
WP Carey Inc., 4.00%, 02/01/25 |
|
|
XHR LP, 6.38%, 08/15/25(a)(b) |
|
|
| |
|
|
| |
AutoNation Inc., 4.50%, 10/01/25(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
Bath & Body Works Inc., 9.38%, 07/01/25(b) |
|
|
Dave & Buster's Inc., 7.63%, 11/01/25(a)(b) |
|
|
Dollar General Corp., 4.15%, 11/01/25(a) |
|
|
Dollar Tree Inc., 4.00%, 05/15/25 |
|
|
Genuine Parts Co., 1.75%, 02/01/25 |
|
|
Kohl's Corp., 4.25%, 07/17/25 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Penske Automotive Group Inc., 3.50%, 09/01/25(a) |
|
|
QVC Inc., 4.45%, 02/15/25(a) |
|
|
Ross Stores Inc., 4.60%, 04/15/25 |
|
|
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25(b) |
|
|
Starbucks Corp., 3.80%, 08/15/25(a) |
|
|
| |
|
|
| |
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/25 |
|
|
Broadcom Inc., 3.15%, 11/15/25 |
|
|
| |
|
|
| |
|
|
| |
|
|
Semiconductors (continued) |
| |
|
|
Microchip Technology Inc., 4.25%, 09/01/25 |
|
|
NXP BV/NXP Funding LLC/NXP USA Inc., 2.70%, 05/01/25 |
|
|
| |
|
|
| |
Huntington Ingalls Industries Inc., 3.84%, 05/01/25(a) |
|
|
| |
Autodesk Inc., 4.38%, 06/15/25 |
|
|
Fiserv Inc., 3.85%, 06/01/25(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
PTC Inc., 3.63%, 02/15/25(b) |
|
|
| |
|
|
| |
|
|
| |
|
|
Take-Two Interactive Software Inc., 3.55%, 04/14/25 |
|
|
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(b) |
|
|
VMware LLC, 4.50%, 05/15/25 |
|
|
| |
|
|
Telecommunications — 3.2% |
Juniper Networks Inc., 1.20%, 12/10/25 |
|
|
Qwest Corp., 7.25%, 09/15/25(a) |
|
|
Rogers Communications Inc. |
|
|
| |
|
|
| |
|
|
Sprint LLC, 7.63%, 02/15/25 |
|
|
T-Mobile USA Inc., 3.50%, 04/15/25 |
|
|
Verizon Communications Inc. |
|
|
| |
|
|
| |
|
|
ViaSat Inc., 5.63%, 09/15/25(a)(b) |
|
|
Vodafone Group PLC, 4.13%, 05/30/25(a) |
|
|
| |
|
|
| |
Canadian Pacific Railway Co., 2.90%, 02/01/25 |
|
|
Norfolk Southern Corp., 3.65%, 08/01/25 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Trucking & Leasing — 0.0% |
GATX Corp., 3.25%, 03/30/25 |
|
|
| |
American Water Capital Corp., 3.40%, 03/01/25 |
|
|
Total Corporate Bonds & Notes — 97.2%
(Cost: $582,352,830) |
|
Schedule of Investments
10
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2025 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
| |
| |
Office Properties Income Trust, NVS |
|
|
Total Common Stocks — 0.0%
(Cost $0) |
|
Total Long-Term Investments — 97.2%
(Cost: $582,352,830) |
|
| |
Money Market Funds — 9.9% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(e)(f)(g) |
|
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.83%(e)(f) |
|
|
Total Short-Term Securities — 9.9%
(Cost: $59,569,117) |
|
Total Investments — 107.1%
(Cost: $641,921,947) |
|
Liabilities in Excess of Other Assets — (7.1)% |
|
| |
|
| |
All or a portion of this security is on loan. |
| |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| |
|
| |
Annualized 7-day yield as of period end. |
| |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| |
|
|
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
|
|
Capital
Gain
Distributions
from
Underlying
Funds |
BlackRock Cash Funds: Institutional, SL Agency Shares |
|
|
|
|
|
|
|
|
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Represents net amount purchased (sold). |
| |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
11 2024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2025 Term High Yield and Income ETF
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
See notes to financial statements.
Schedule of Investments
12
Schedule of Investments
October 31, 2024
iShares® iBonds® 2026 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
| |
| |
Summer BC Bidco B LLC, 5.50%, 10/31/26(a) |
|
|
Aerospace & Defense — 0.8% |
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(a) |
|
|
Spirit AeroSystems Inc., 3.85%, 06/15/26 |
|
|
| |
|
|
| |
Turning Point Brands Inc., 5.63%, 02/15/26(a)(b) |
|
|
Vector Group Ltd., 10.50%, 11/01/26(a) |
|
|
| |
|
|
| |
Air Canada, 3.88%, 08/15/26(a) |
|
|
Air Canada Pass Through Trust, Series 2020-1, Class C, 10.50%, 07/15/26(a)(b) |
|
|
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26(a) |
|
|
United Airlines Inc., 4.38%, 04/15/26(a) |
|
|
| |
|
|
| |
Hanesbrands Inc., 4.88%, 05/15/26(a) |
|
|
Under Armour Inc., 3.25%, 06/15/26 |
|
|
| |
|
|
Auto Parts & Equipment — 2.6% |
Adient Global Holdings Ltd., 4.88%, 08/15/26(a)(b) |
|
|
Clarios Global LP/Clarios U.S. Finance Co., 6.25%, 05/15/26(a)(b) |
|
|
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/26(b) |
|
|
| |
|
|
| |
Freedom Mortgage Corp., 7.63%, 05/01/26(a) |
|
|
Intesa Sanpaolo SpA, 5.71%, 01/15/26(a) |
|
|
| |
|
|
| |
GPD Companies Inc., 10.13%, 04/01/26(a)(b) |
|
|
Rayonier AM Products Inc., 7.63%, 01/15/26(a) |
|
|
SCIL IV LLC/SCIL USA Holdings LLC, Class-H, 5.38%, 11/01/26(a) |
|
|
| |
|
|
Commercial Services — 5.2% |
Albion Financing 1 SARL/Aggreko Holdings Inc., 6.13%, 10/15/26(a) |
|
|
Block Inc., 2.75%, 06/01/26 |
|
|
Graham Holdings Co., 5.75%, 06/01/26(a) |
|
|
Hertz Corp. (The), 4.63%, 12/01/26(a)(b) |
|
|
Prime Security Services Borrower LLC/Prime Finance Inc., 5.75%, 04/15/26(a) |
|
|
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26(a) |
|
|
WASH Multifamily Acquisition Inc., 5.75%, 04/15/26(a)(b) |
|
|
| |
|
|
| |
Western Digital Corp., 4.75%, 02/15/26 |
|
|
Distribution & Wholesale — 0.0% |
Wesco Aircraft Holdings Inc., 9.00%, 11/15/26(a)(c)(d) |
|
|
| |
|
|
Diversified Financial Services — 7.0% |
Brightsphere Investment Group Inc., 4.80%, 07/27/26(b) |
|
|
Credit Acceptance Corp., 6.63%, 03/15/26 |
|
|
GGAM Finance Ltd., 7.75%, 05/15/26(a) |
|
|
goeasy Ltd., 4.38%, 05/01/26(a)(b) |
|
|
Jefferson Capital Holdings LLC, 6.00%, 08/15/26(a)(b) |
|
|
LFS Topco LLC, 5.88%, 10/15/26(a)(b) |
|
|
Nationstar Mortgage Holdings Inc., 5.00%, 02/01/26(a) |
|
|
Navient Corp., 6.75%, 06/15/26(b) |
|
|
OneMain Finance Corp., 7.13%, 03/15/26(b) |
|
|
PHH Mortgage Corp., 7.88%, 03/15/26(a)(b) |
|
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 2.88%, 10/15/26(a) |
|
|
SLM Corp., 3.13%, 11/02/26(b) |
|
|
World Acceptance Corp., 7.00%, 11/01/26(a) |
|
|
| |
|
|
| |
Calpine Corp., 5.25%, 06/01/26(a)(b) |
|
|
NextEra Energy Operating Partners LP, 3.88%, 10/15/26(a)(b) |
|
|
Terraform Global Operating LP, 6.13%, 03/01/26(a) |
|
|
Vistra Operations Co. LLC, 5.50%, 09/01/26(a) |
|
|
| |
|
|
Energy - Alternate Sources — 0.4% |
Sunnova Energy Corp., 5.88%, 09/01/26(a)(b) |
|
|
Engineering & Construction — 0.6% |
Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26(a)(b) |
|
|
INNOVATE Corp., 8.50%, 02/01/26(a) |
|
|
| |
|
|
| |
AMC Entertainment Holdings Inc., 10.00%, 06/15/26, (10.00% Cash or 12.00% PIK)(a)(b)(e) |
|
|
CCM Merger Inc., 6.38%, 05/01/26(a)(b) |
|
|
Empire Resorts Inc., 7.75%, 11/01/26(a)(b) |
|
|
International Game Technology PLC, 4.13%, 04/15/26(a) |
|
|
Live Nation Entertainment Inc., 5.63%, 03/15/26(a) |
|
|
Merlin Entertainments Ltd., 5.75%, 06/15/26(a) |
|
|
Mohegan Tribal Gaming Authority, 8.00%, 02/01/26(a)(b) |
|
|
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26(a) |
|
|
| |
|
|
Environmental Control — 1.0% |
GFL Environmental Inc., 5.13%, 12/15/26(a) |
|
|
Waste Pro USA Inc., 5.50%, 02/15/26(a) |
|
|
| |
|
|
| |
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC |
|
|
| |
|
|
| |
|
|
Sigma Holdco BV, 7.88%, 05/15/26(a)(b) |
|
|
| |
|
|
Forest Products & Paper — 0.3% |
Mercer International Inc., 5.50%, 01/15/26 |
|
|
13 2024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2026 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
| |
AmeriGas Partners LP/AmeriGas Finance Corp., 5.88%, 08/20/26 |
|
|
Health Care - Services — 2.4% |
IQVIA Inc., 5.00%, 10/15/26(a) |
|
|
Select Medical Corp., 6.25%, 08/15/26(a)(b) |
|
|
| |
|
|
Holding Companies - Diversified — 1.3% |
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 05/15/26 |
|
|
| |
Forestar Group Inc., 3.85%, 05/15/26(a) |
|
|
| |
Newell Brands Inc., 5.70%, 04/01/26 |
|
|
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/26 |
|
|
| |
|
|
| |
Cogent Communications Group LLC, 3.50%, 05/01/26(a) |
|
|
Millennium Escrow Corp., 6.63%, 08/01/26(a) |
|
|
| |
|
|
| |
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26(a) |
|
|
| |
Carnival Corp., 7.63%, 03/01/26(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
NCL Corp. Ltd., 5.88%, 03/15/26(a)(b) |
|
|
Royal Caribbean Cruises Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Melco Resorts Finance Ltd., 5.25%, 04/26/26(b)(f) |
|
|
MGM China Holdings Ltd., 5.88%, 05/15/26(a)(b) |
|
|
MGM Resorts International, 4.63%, 09/01/26 |
|
|
Travel & Leisure Co., 6.63%, 07/31/26(a)(b) |
|
|
Wynn Macau Ltd., 5.50%, 01/15/26(a) |
|
|
| |
|
|
| |
Enpro Inc., 5.75%, 10/15/26(b) |
|
|
| |
|
|
| |
|
|
| |
|
|
Hillenbrand Inc., 5.00%, 09/15/26 |
|
|
| |
|
|
| |
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/26(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
iHeartCommunications Inc., 6.38%, 05/01/26 |
|
|
Radiate Holdco LLC/Radiate Finance Inc., 4.50%, 09/15/26(a) |
|
|
Sirius XM Radio Inc., 3.13%, 09/01/26(a) |
|
|
| |
|
|
| |
TEGNA Inc., 4.75%, 03/15/26(a)(b) |
|
|
Townsquare Media Inc., 6.88%, 02/01/26(a)(b) |
|
|
| |
|
|
| |
Hudbay Minerals Inc., 4.50%, 04/01/26(f) |
|
|
JW Aluminum Continuous Cast Co., 10.25%, 06/01/26(a) |
|
|
Novelis Corp., 3.25%, 11/15/26(a) |
|
|
| |
|
|
| |
Berry Petroleum Co. LLC, 7.00%, 02/15/26(a)(b) |
|
|
California Resources Corp., 7.13%, 02/01/26(a)(b) |
|
|
Chord Energy Corp., 6.38%, 06/01/26(a) |
|
|
Civitas Resources Inc., 5.00%, 10/15/26(a) |
|
|
Expand Energy Corp., 5.50%, 02/01/26(a) |
|
|
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(a) |
|
|
Permian Resources Operating LLC, 5.38%, 01/15/26(a)(b) |
|
|
SM Energy Co., 6.75%, 09/15/26 |
|
|
Strathcona Resources Ltd., 6.88%, 08/01/26(a) |
|
|
W&T Offshore Inc., 11.75%, 02/01/26(a)(b) |
|
|
| |
|
|
Oil & Gas Services — 0.6% |
Solaris Midstream Holdings LLC, 7.63%, 04/01/26(a) |
|
|
Welltec International ApS, 8.25%, 10/15/26(a) |
|
|
| |
|
|
Packaging & Containers — 4.0% |
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 4.13%, 08/15/26(a) |
|
|
Ball Corp., 4.88%, 03/15/26(b) |
|
|
Berry Global Inc., 4.50%, 02/15/26(a)(b) |
|
|
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |
|
|
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 |
|
|
Crown Cork & Seal Co. Inc., 7.38%, 12/15/26 |
|
|
Trivium Packaging Finance BV, 5.50%, 08/15/26(a) |
|
|
| |
|
|
| |
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/26(a) |
|
|
Buckeye Partners LP, 3.95%, 12/01/26 |
|
|
EQM Midstream Partners LP, 4.13%, 12/01/26(b) |
|
|
Hess Midstream Operations LP, 5.63%, 02/15/26(a) |
|
|
New Fortress Energy Inc., 6.50%, 09/30/26(a) |
|
|
NuStar Logistics LP, 6.00%, 06/01/26 |
|
|
TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/26 |
|
|
| |
|
|
Real Estate Investment Trusts — 4.3% |
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 5.75%, 05/15/26(a)(b) |
|
|
Diversified Healthcare Trust, 0.00%, 01/15/26(a)(g) |
|
|
MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 08/01/26(b) |
|
|
RLJ Lodging Trust LP, 3.75%, 07/01/26(a)(b) |
|
|
Schedule of Investments
14
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2026 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
Real Estate Investment Trusts (continued) |
| |
|
|
| |
|
|
| |
|
|
Starwood Property Trust Inc., 3.63%, 07/15/26(a) |
|
|
Vornado Realty LP, 2.15%, 06/01/26 |
|
|
| |
|
|
| |
Advance Auto Parts Inc., 5.90%, 03/09/26(b) |
|
|
Beacon Roofing Supply Inc., 4.50%, 11/15/26(a)(b) |
|
|
CEC Entertainment LLC, 6.75%, 05/01/26(a) |
|
|
Ferrellgas LP/Ferrellgas Finance Corp., 5.38%, 04/01/26(a) |
|
|
Guitar Center Inc., 8.50%, 01/15/26(a) |
|
|
NMG Holding Co. Inc./Neiman Marcus Group LLC, 8.50%, 04/01/26(a) |
|
|
Walgreens Boots Alliance Inc., 3.45%, 06/01/26 |
|
|
White Cap Parent LLC, 8.25%, 03/15/26, (9.00% PIK)(a)(b)(e) |
|
|
| |
|
|
| |
ACI Worldwide Inc., 5.75%, 08/15/26(a)(b) |
|
|
Camelot Finance SA, 4.50%, 11/01/26(a)(b) |
|
|
Consensus Cloud Solutions Inc., 6.00%, 10/15/26(a)(b) |
|
|
Fair Isaac Corp., 5.25%, 05/15/26(a)(b) |
|
|
| |
|
|
Telecommunications — 3.6% |
CommScope LLC, 6.00%, 03/01/26(a) |
|
|
Hughes Satellite Systems Corp. |
|
|
| |
|
|
| |
|
|
Iliad Holding SASU, 6.50%, 10/15/26(a) |
|
|
| |
|
|
Trucking & Leasing — 0.4% |
NAC Aviation 29 DAC, 4.75%, 06/30/26(b) |
|
|
Total Long-Term Investments — 96.2%
(Cost: $530,548,956) |
|
| |
|
|
| |
Money Market Funds — 9.8% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(h)(i)(j) |
|
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.83%(h)(i) |
|
|
Total Short-Term Securities — 9.8%
(Cost: $54,087,869) |
|
Total Investments — 106.0%
(Cost: $584,636,825) |
|
Liabilities in Excess of Other Assets — (6.0)% |
|
| |
|
| |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| |
All or a portion of this security is on loan. |
| |
Issuer filed for bankruptcy and/or is in default. |
| |
Non-income producing security. |
| |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| |
|
| |
|
| |
Annualized 7-day yield as of period end. |
| |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| |
|
|
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
|
|
Capital
Gain
Distributions
from
Underlying
Funds |
BlackRock Cash Funds: Institutional, SL Agency Shares |
|
|
|
|
|
|
|
|
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Represents net amount purchased (sold). |
| |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
15 2024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2026 Term High Yield and Income ETF
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
See notes to financial statements.
Schedule of Investments
16
Schedule of Investments
October 31, 2024
iShares® iBonds® 2027 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
| |
| |
Clear Channel Outdoor Holdings Inc., 5.13%, 08/15/27(a) |
|
|
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27(a) |
|
|
| |
|
|
Aerospace & Defense — 2.5% |
Bombardier Inc., 7.88%, 04/15/27(a) |
|
|
Moog Inc., 4.25%, 12/15/27(a) |
|
|
TransDigm Inc., 5.50%, 11/15/27 |
|
|
| |
|
|
| |
Darling Ingredients Inc., 5.25%, 04/15/27(a) |
|
|
| |
Allegiant Travel Co., 7.25%, 08/15/27(a)(b) |
|
|
VistaJet Malta Finance PLC/Vista Management Holding Inc., 7.88%, 05/01/27(a) |
|
|
| |
|
|
| |
VF Corp., 2.80%, 04/23/27(b) |
|
|
William Carter Co. (The), 5.63%, 03/15/27(a) |
|
|
| |
|
|
Auto Manufacturers — 0.5% |
Allison Transmission Inc., 4.75%, 10/01/27(a) |
|
|
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27(a) |
|
|
| |
|
|
Auto Parts & Equipment — 2.4% |
American Axle & Manufacturing Inc., 6.50%, 04/01/27(b) |
|
|
Clarios Global LP/Clarios U.S. Finance Co., 8.50%, 05/15/27(a) |
|
|
Cooper-Standard Automotive Inc., 10.63%, 05/15/27, (10.63% PIK)(a)(b)(c) |
|
|
Dana Inc., 5.38%, 11/15/27 |
|
|
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/27(b) |
|
|
| |
|
|
| |
Freedom Mortgage Corp., 6.63%, 01/15/27(a) |
|
|
Building Materials — 1.3% |
Eco Material Technologies Inc., 7.88%, 01/31/27(a) |
|
|
Jeld-Wen Inc., 4.88%, 12/15/27(a)(b) |
|
|
Standard Industries Inc./New York, 5.00%, 02/15/27(a) |
|
|
Summit Materials LLC/Summit Materials Finance Corp., 6.50%, 03/15/27(a) |
|
|
| |
|
|
| |
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27(a) |
|
|
Chemours Co. (The), 5.38%, 05/15/27(b) |
|
|
HB Fuller Co., 4.00%, 02/15/27 |
|
|
Methanex Corp., 5.13%, 10/15/27 |
|
|
Olin Corp., 5.13%, 09/15/27 |
|
|
Olympus Water U.S. Holding Corp., 7.13%, 10/01/27(a) |
|
|
SNF Group SACA, 3.13%, 03/15/27(a) |
|
|
| |
|
|
| |
WR Grace Holdings LLC, 4.88%, 06/15/27(a) |
|
|
| |
|
|
Commercial Services — 6.0% |
Albion Financing 2 SARL, 8.75%, 04/15/27(a) |
|
|
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27(a) |
|
|
AMN Healthcare Inc., 4.63%, 10/01/27(a)(b) |
|
|
Avis Budget Car Rental LLC/Avis Budget Finance Inc. |
|
|
| |
|
|
| |
|
|
Brink's Co. (The), 4.63%, 10/15/27(a)(b) |
|
|
Garda World Security Corp. |
|
|
| |
|
|
| |
|
|
Herc Holdings Inc., 5.50%, 07/15/27(a) |
|
|
Korn Ferry, 4.63%, 12/15/27(a) |
|
|
Matthews International Corp., 8.63%, 10/01/27(a)(b) |
|
|
Prime Security Services Borrower LLC/Prime Finance Inc., 3.38%, 08/31/27(a) |
|
|
Service Corp. International/U.S., 4.63%, 12/15/27 |
|
|
Sotheby's, 7.38%, 10/15/27(a) |
|
|
United Rentals North America Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Seagate HDD Cayman, 4.88%, 06/01/27 |
|
|
Unisys Corp., 6.88%, 11/01/27(a)(b) |
|
|
| |
|
|
Distribution & Wholesale — 0.4% |
BCPE Empire Holdings Inc., 7.63%, 05/01/27(a) |
|
|
Diversified Financial Services — 3.9% |
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27(a) |
|
|
Castlelake Aviation Finance DAC, 5.00%, 04/15/27(a)(b) |
|
|
GGAM Finance Ltd., 8.00%, 02/15/27(a) |
|
|
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(a) |
|
|
LD Holdings Group LLC, 8.75%, 11/01/27(a) |
|
|
Nationstar Mortgage Holdings Inc., 6.00%, 01/15/27(a) |
|
|
Navient Corp., 5.00%, 03/15/27(b) |
|
|
OneMain Finance Corp., 3.50%, 01/15/27 |
|
|
Osaic Holdings Inc., 10.75%, 08/01/27(a)(b) |
|
|
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 02/01/27(a) |
|
|
United Wholesale Mortgage LLC, 5.75%, 06/15/27(a) |
|
|
| |
|
|
| |
NextEra Energy Operating Partners LP, 4.50%, 09/15/27(a)(b) |
|
|
Vistra Operations Co. LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
Electrical Components & Equipment — 0.2% |
EnerSys, 4.38%, 12/15/27(a) |
|
|
Engineering & Construction — 0.6% |
| |
|
|
17 2024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2027 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
| |
Affinity Interactive, 6.88%, 12/15/27(a) |
|
|
Caesars Entertainment Inc., 8.13%, 07/01/27(a)(b) |
|
|
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op, 5.38%, 04/15/27(b) |
|
|
Churchill Downs Inc., 5.50%, 04/01/27(a) |
|
|
International Game Technology PLC, 6.25%, 01/15/27(a) |
|
|
Live Nation Entertainment Inc. |
|
|
| |
|
|
| |
|
|
Mohegan Tribal Gaming Authority, 13.25%, 12/15/27(a) |
|
|
Motion Bondco DAC, 6.63%, 11/15/27(a)(b) |
|
|
Odeon Finco PLC, 12.75%, 11/01/27(a) |
|
|
Penn Entertainment Inc., 5.63%, 01/15/27(a) |
|
|
Six Flags Entertainment Corp./DE, 5.50%, 04/15/27(a) |
|
|
Speedway Motorsports LLC/Speedway Funding II Inc., 4.88%, 11/01/27(a) |
|
|
| |
|
|
Environmental Control — 0.6% |
Clean Harbors Inc., 4.88%, 07/15/27(a) |
|
|
Enviri Corp., 5.75%, 07/31/27(a)(b) |
|
|
| |
|
|
| |
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 4.63%, 01/15/27(a) |
|
|
B&G Foods Inc., 5.25%, 09/15/27(b) |
|
|
Performance Food Group Inc., 5.50%, 10/15/27(a) |
|
|
| |
|
|
| |
AmeriGas Partners LP/AmeriGas Finance Corp., 5.75%, 05/20/27 |
|
|
Health Care - Products — 0.3% |
Teleflex Inc., 4.63%, 11/15/27 |
|
|
Health Care - Services — 4.7% |
Catalent Pharma Solutions Inc., 5.00%, 07/15/27(a) |
|
|
CHS/Community Health Systems Inc. |
|
|
| |
|
|
| |
|
|
IQVIA Inc., 5.00%, 05/15/27(a) |
|
|
LifePoint Health Inc., 4.38%, 02/15/27(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Holding Companies - Diversified — 0.8% |
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 05/15/27 |
|
|
| |
Beazer Homes USA Inc., 5.88%, 10/15/27(b) |
|
|
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 6.25%, 09/15/27(a)(b) |
|
|
Century Communities Inc., 6.75%, 06/01/27 |
|
|
KB Home, 6.88%, 06/15/27(b) |
|
|
Mattamy Group Corp., 5.25%, 12/15/27(a) |
|
|
Taylor Morrison Communities Inc., 5.88%, 06/15/27(a) |
|
|
| |
|
|
Home Builders (continued) |
Tri Pointe Homes Inc., 5.25%, 06/01/27 |
|
|
| |
|
|
| |
Newell Brands Inc., 6.38%, 09/15/27(b) |
|
|
| |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Cablevision Lightpath LLC, 3.88%, 09/15/27(a) |
|
|
Cogent Communications Group Inc./Cogent Communications Finance Inc., 7.00%, 06/15/27(a) |
|
|
Cogent Communications Group LLC, 7.00%, 06/15/27(a) |
|
|
Gen Digital Inc., 6.75%, 09/30/27(a) |
|
|
Getty Images Inc., 9.75%, 03/01/27(a) |
|
|
Go Daddy Operating Co. LLC/GD Finance Co. Inc., 5.25%, 12/01/27(a) |
|
|
GrubHub Holdings Inc., 5.50%, 07/01/27(a) |
|
|
Match Group Holdings II LLC, 5.00%, 12/15/27(a) |
|
|
Rakuten Group Inc., 11.25%, 02/15/27(a)(b) |
|
|
| |
|
|
| |
ATI Inc., 5.88%, 12/01/27 |
|
|
Cleveland-Cliffs Inc., 5.88%, 06/01/27(b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Carnival Corp., 5.75%, 03/01/27(a) |
|
|
Lindblad Expeditions LLC, 6.75%, 02/15/27(a) |
|
|
NCL Corp. Ltd., 5.88%, 02/15/27(a) |
|
|
Royal Caribbean Cruises Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Viking Cruises Ltd., 5.88%, 09/15/27(a) |
|
|
| |
|
|
| |
Boyd Gaming Corp., 4.75%, 12/01/27 |
|
|
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 |
|
|
Melco Resorts Finance Ltd., 5.63%, 07/17/27(d) |
|
|
MGM China Holdings Ltd., 4.75%, 02/01/27(a)(b) |
|
|
MGM Resorts International, 5.50%, 04/15/27(b) |
|
|
Studio City Co. Ltd., 7.00%, 02/15/27(a) |
|
|
Travel & Leisure Co., 6.00%, 04/01/27 |
|
|
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(a) |
|
|
Wynn Macau Ltd., 5.50%, 10/01/27(a)(b) |
|
|
| |
|
|
| |
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27(a) |
|
|
Schedule of Investments
18
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2027 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
| |
Amsted Industries Inc., 5.63%, 07/01/27(a) |
|
|
| |
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/27(a) |
|
|
CSC Holdings LLC, 5.50%, 04/15/27(a) |
|
|
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27(a) |
|
|
DISH Network Corp., 11.75%, 11/15/27(a) |
|
|
Gray Television Inc., 7.00%, 05/15/27(a)(b) |
|
|
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(a) |
|
|
Nexstar Media Inc., 5.63%, 07/15/27(a) |
|
|
Scripps Escrow Inc., 5.88%, 07/15/27(a)(b) |
|
|
Sinclair Television Group Inc., 5.13%, 02/15/27(a)(b) |
|
|
Sirius XM Radio Inc., 5.00%, 08/01/27(a) |
|
|
Univision Communications Inc., 6.63%, 06/01/27(a) |
|
|
Ziggo Bond Co. BV, 6.00%, 01/15/27(a)(b) |
|
|
| |
|
|
Metal Fabricate & Hardware — 0.4% |
Advanced Drainage Systems Inc., 5.00%, 09/30/27(a) |
|
|
Park-Ohio Industries Inc., 6.63%, 04/15/27(b) |
|
|
| |
|
|
| |
Alcoa Nederland Holding BV, 5.50%, 12/15/27(a)(b) |
|
|
Compass Minerals International Inc., 6.75%, 12/01/27(a)(b) |
|
|
FMG Resources August 2006 Pty. Ltd., 4.50%, 09/15/27(a) |
|
|
New Gold Inc., 7.50%, 07/15/27(a) |
|
|
| |
|
|
Office & Business Equipment — 0.2% |
Pitney Bowes Inc., 6.88%, 03/15/27(a) |
|
|
| |
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/27(a) |
|
|
Calumet Specialty Products Partners LP/Calumet Finance Corp., 8.13%, 01/15/27(a)(b) |
|
|
EnQuest PLC, 11.63%, 11/01/27(a) |
|
|
Nabors Industries Inc., 7.38%, 05/15/27(a) |
|
|
Parkland Corp., 5.88%, 07/15/27(a) |
|
|
Permian Resources Operating LLC, 8.00%, 04/15/27(a) |
|
|
SM Energy Co., 6.63%, 01/15/27 |
|
|
Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27 |
|
|
Transocean Inc., 8.00%, 02/01/27(a)(b) |
|
|
Transocean Poseidon Ltd., 6.88%, 02/01/27(a) |
|
|
Viper Energy Inc., 5.38%, 11/01/27(a) |
|
|
| |
|
|
Oil & Gas Services — 1.3% |
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27(a) |
|
|
Enerflex Ltd., 9.00%, 10/15/27(a)(b) |
|
|
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 09/01/27(b) |
|
|
Viridien, 8.75%, 04/01/27(a)(b) |
|
|
| |
|
|
| |
|
|
Packaging & Containers — 5.5% |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/27(a) |
|
|
Berry Global Inc., 5.63%, 07/15/27(a) |
|
|
Graphic Packaging International LLC, 4.75%, 07/15/27(a) |
|
|
LABL Inc., 10.50%, 07/15/27(a)(b) |
|
|
Mauser Packaging Solutions Holding Co. |
|
|
| |
|
|
| |
|
|
Owens-Brockway Glass Container Inc., 6.63%, 05/13/27(a) |
|
|
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/27(a)(b) |
|
|
Sealed Air Corp., 4.00%, 12/01/27(a) |
|
|
Trivium Packaging Finance BV, 8.50%, 08/15/27(a)(b) |
|
|
| |
|
|
| |
Bausch Health Companies Inc. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 03/01/27(a) |
|
|
Buckeye Partners LP, 4.13%, 12/01/27 |
|
|
EQM Midstream Partners LP |
|
|
| |
|
|
| |
|
|
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27(a) |
|
|
Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 01/15/27 |
|
|
Global Partners LP/GLP Finance Corp., 7.00%, 08/01/27(b) |
|
|
NuStar Logistics LP, 5.63%, 04/28/27 |
|
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 03/01/27(a) |
|
|
| |
|
|
Real Estate Investment Trusts — 5.2% |
Blackstone Mortgage Trust Inc., 3.75%, 01/15/27(a)(b) |
|
|
Brandywine Operating Partnership LP, 3.95%, 11/15/27 |
|
|
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(a) |
|
|
Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(a) |
|
|
Hudson Pacific Properties LP, 3.95%, 11/01/27 |
|
|
Iron Mountain Inc., 4.88%, 09/15/27(a) |
|
|
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27(a) |
|
|
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27(b) |
|
|
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27 |
|
|
SBA Communications Corp., 3.88%, 02/15/27 |
|
|
| |
|
|
| |
|
|
| |
|
|
Starwood Property Trust Inc., 4.38%, 01/15/27(a) |
|
|
| |
|
|
19 2024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2027 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
| |
Academy Ltd., 6.00%, 11/15/27(a) |
|
|
Advance Auto Parts Inc., 1.75%, 10/01/27 |
|
|
Bath & Body Works Inc., 6.69%, 01/15/27 |
|
|
BCPE Ulysses Intermediate Inc., 7.75%, 04/01/27, (7.75% PIK)(a)(c) |
|
|
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27(a) |
|
|
Lithia Motors Inc., 4.63%, 12/15/27(a)(b) |
|
|
Murphy Oil USA Inc., 5.63%, 05/01/27(b) |
|
|
Nordstrom Inc., 4.00%, 03/15/27(b) |
|
|
Patrick Industries Inc., 7.50%, 10/15/27(a) |
|
|
QVC Inc., 6.88%, 04/15/29(a) |
|
|
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/27 |
|
|
| |
|
|
| |
Amkor Technology Inc., 6.63%, 09/15/27(a) |
|
|
| |
SS&C Technologies Inc., 5.50%, 09/30/27(a) |
|
|
West Technology Group LLC, 8.50%, 04/10/27(a) |
|
|
| |
|
|
Telecommunications — 3.0% |
Altice Financing SA, 9.63%, 07/15/27(a) |
|
|
Altice France SA, 8.13%, 02/01/27(a) |
|
|
Frontier Communications Holdings LLC, 5.88%, 10/15/27(a) |
|
|
ViaSat Inc., 5.63%, 04/15/27(a)(b) |
|
|
Zayo Group Holdings Inc., 4.00%, 03/01/27(a)(b) |
|
|
| |
|
|
| |
RXO Inc., 7.50%, 11/15/27(a)(b) |
|
|
Total Long-Term Investments — 97.3%
(Cost: $165,929,691) |
|
| |
|
|
| |
Money Market Funds — 14.5% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(e)(f)(g) |
|
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.83%(e)(f) |
|
|
Total Short-Term Securities — 14.5%
(Cost: $25,190,485) |
|
Total Investments — 111.8%
(Cost: $191,120,176) |
|
Liabilities in Excess of Other Assets — (11.8)% |
|
| |
|
| |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| |
All or a portion of this security is on loan. |
| |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| |
|
| |
Annualized 7-day yield as of period end. |
| |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| |
|
|
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
|
|
Capital
Gain
Distributions
from
Underlying
Funds |
BlackRock Cash Funds: Institutional, SL Agency Shares |
|
|
|
|
|
|
|
|
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Represents net amount purchased (sold). |
| |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Schedule of Investments
20
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2027 Term High Yield and Income ETF
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
See notes to financial statements.
21 2024 iShares Annual Financial Statements and Additional Information
Schedule of Investments
October 31, 2024
iShares® iBonds® 2031 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
| |
| |
Lamar Media Corp., 3.63%, 01/15/31 |
|
|
Outfront Media Capital LLC/Outfront Media Capital Corp., 7.38%, 02/15/31(a) |
|
|
| |
|
|
Aerospace & Defense — 1.3% |
Bombardier Inc., 7.25%, 07/01/31(a)(b) |
|
|
TransDigm Inc., 7.13%, 12/01/31(a) |
|
|
| |
|
|
| |
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31(a) |
|
|
| |
Crocs Inc., 4.13%, 08/15/31(a)(b) |
|
|
Hanesbrands Inc., 9.00%, 02/15/31(a)(b) |
|
|
Levi Strauss & Co., 3.50%, 03/01/31(a) |
|
|
S&S Holdings LLC, 8.38%, 10/01/31(a) |
|
|
| |
|
|
Auto Manufacturers — 1.1% |
Allison Transmission Inc., 3.75%, 01/30/31(a) |
|
|
JB Poindexter & Co. Inc., 8.75%, 12/15/31(a) |
|
|
| |
|
|
Auto Parts & Equipment — 1.1% |
Adient Global Holdings Ltd., 8.25%, 04/15/31(a)(b) |
|
|
Goodyear Tire & Rubber Co. (The) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Dresdner Funding Trust I, 8.15%, 06/30/31(a) |
|
|
Building Materials — 2.6% |
EMRLD Borrower LP/Emerald Co-Issuer Inc., 6.75%, 07/15/31(a) |
|
|
Knife River Corp., 7.75%, 05/01/31(a) |
|
|
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31(a) |
|
|
Standard Industries Inc./New York, 3.38%, 01/15/31(a) |
|
|
Summit Materials LLC/Summit Materials Finance Corp., 7.25%, 01/15/31(a) |
|
|
| |
|
|
| |
Ashland Inc., 3.38%, 09/01/31(a) |
|
|
Avient Corp., 6.25%, 11/01/31(a) |
|
|
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31(a) |
|
|
Consolidated Energy Finance SA, 12.00%, 02/15/31(a) |
|
|
Olympus Water U.S. Holding Corp., 7.25%, 06/15/31(a) |
|
|
WR Grace Holdings LLC, 7.38%, 03/01/31(a) |
|
|
| |
|
|
Commercial Services — 8.5% |
Allied Universal Holdco LLC, 7.88%, 02/15/31(a) |
|
|
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 8.00%, 02/15/31(a) |
|
|
Block Inc., 3.50%, 06/01/31(b) |
|
|
Boost Newco Borrower LLC, 7.50%, 01/15/31(a) |
|
|
GEO Group Inc. (The), 10.25%, 04/15/31 |
|
|
Raven Acquisition Holdings LLC, 6.88%, 11/15/31(a) |
|
|
RRD Parent Inc., 10.00%, 10/15/31, (10.00% PIK)(a)(c) |
|
|
| |
|
|
Commercial Services (continued) |
Service Corp. International/U.S., 4.00%, 05/15/31 |
|
|
TriNet Group Inc., 7.13%, 08/15/31(a) |
|
|
United Rentals North America Inc., 3.88%, 02/15/31 |
|
|
Valvoline Inc., 3.63%, 06/15/31(a) |
|
|
Williams Scotsman Inc., 7.38%, 10/01/31(a) |
|
|
| |
|
|
| |
Fortress Intermediate 3 Inc., 7.50%, 06/01/31(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Cosmetics & Personal Care — 0.4% |
Prestige Brands Inc., 3.75%, 04/01/31(a)(b) |
|
|
Distribution & Wholesale — 0.6% |
Ritchie Bros Holdings Inc., 7.75%, 03/15/31(a) |
|
|
Diversified Financial Services — 6.7% |
Burford Capital Global Finance LLC, 9.25%, 07/01/31(a) |
|
|
Coinbase Global Inc., 3.63%, 10/01/31(a)(b) |
|
|
Focus Financial Partners LLC, 6.75%, 09/15/31(a) |
|
|
Freedom Mortgage Holdings LLC, 9.13%, 05/15/31(a) |
|
|
Jane Street Group/JSG Finance Inc., 7.13%, 04/30/31(a) |
|
|
Nationstar Mortgage Holdings Inc., 5.75%, 11/15/31(a) |
|
|
Navient Corp., 11.50%, 03/15/31 |
|
|
| |
|
|
| |
|
|
| |
|
|
PennyMac Financial Services Inc., 5.75%, 09/15/31(a) |
|
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 3.88%, 03/01/31(a) |
|
|
StoneX Group Inc., 7.88%, 03/01/31(a) |
|
|
VFH Parent LLC / Valor Co-Issuer Inc., 7.50%, 06/15/31(a) |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
Clearway Energy Operating LLC, 3.75%, 02/15/31(a) |
|
|
NRG Energy Inc., 3.63%, 02/15/31(a) |
|
|
Pike Corp., 8.63%, 01/31/31(a) |
|
|
Vistra Operations Co. LLC, 7.75%, 10/15/31(a) |
|
|
| |
|
|
| |
Atkore Inc., 4.25%, 06/01/31(a) |
|
|
Sensata Technologies Inc., 3.75%, 02/15/31(a) |
|
|
| |
|
|
Engineering & Construction — 0.4% |
Artera Services LLC, 8.50%, 02/15/31(a) |
|
|
| |
Churchill Downs Inc., 6.75%, 05/01/31(a)(b) |
|
|
Light & Wonder International Inc., 7.50%, 09/01/31(a)(b) |
|
|
Merlin Entertainments Group U.S. Holdings Inc., 7.38%, 02/15/31(a) |
|
|
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 09/01/31(a) |
|
|
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/06/31(a) |
|
|
Schedule of Investments
22
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2031 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
Entertainment (continued) |
Six Flags Entertainment Corp./DE, 7.25%, 05/15/31(a)(b) |
|
|
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, 02/15/31(a) |
|
|
| |
|
|
Environmental Control — 1.0% |
Clean Harbors Inc., 6.38%, 02/01/31(a) |
|
|
GFL Environmental Inc., 6.75%, 01/15/31(a) |
|
|
| |
|
|
| |
Fiesta Purchaser Inc., 7.88%, 03/01/31(a) |
|
|
Ingles Markets Inc., 4.00%, 06/15/31(a)(b) |
|
|
Post Holdings Inc., 4.50%, 09/15/31(a) |
|
|
Safeway Inc., 7.25%, 02/01/31 |
|
|
Viking Baked Goods Acquisition Corp., 8.63%, 11/01/31(a) |
|
|
| |
|
|
Forest Products & Paper — 0.2% |
Glatfelter Corp., 7.25%, 11/15/31(a) |
|
|
| |
South Jersey Industries Inc., 5.02%, 04/15/31 |
|
|
Health Care - Products — 0.5% |
Sotera Health Holdings LLC, 7.38%, 06/01/31(a) |
|
|
Health Care - Services — 3.7% |
Charles River Laboratories International Inc., 4.00%, 03/15/31(a) |
|
|
CHS/Community Health Systems Inc., 4.75%, 02/15/31(a) |
|
|
DaVita Inc., 3.75%, 02/15/31(a) |
|
|
Encompass Health Corp., 4.63%, 04/01/31 |
|
|
HAH Group Holding Co. LLC, 9.75%, 10/01/31(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Holding Companies - Diversified — 0.8% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Beazer Homes USA Inc., 7.50%, 03/15/31(a) |
|
|
| |
|
|
| |
|
|
| |
Tempur Sealy International Inc., 3.88%, 10/15/31(a) |
|
|
Household Products & Wares — 0.6% |
Central Garden & Pet Co., 4.13%, 04/30/31(a) |
|
|
Kronos Acquisition Holdings Inc., 8.25%, 06/30/31(a) |
|
|
| |
|
|
| |
Scotts Miracle-Gro Co. (The), 4.00%, 04/01/31 |
|
|
| |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Ardonagh Finco Ltd., 7.75%, 02/15/31(a) |
|
|
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/31(a) |
|
|
Constellation Insurance Inc., 6.63%, 05/01/31(a) |
|
|
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC, 7.25%, 02/15/31(a) |
|
|
Panther Escrow Issuer LLC, 7.13%, 06/01/31(a) |
|
|
| |
|
|
| |
Match Group Holdings II LLC, 3.63%, 10/01/31(a)(b) |
|
|
| |
ATI Inc., 5.13%, 10/01/31 |
|
|
Cleveland-Cliffs Inc., 4.88%, 03/01/31(a)(b) |
|
|
Commercial Metals Co., 3.88%, 02/15/31 |
|
|
| |
|
|
| |
Amer Sports Co., 6.75%, 02/16/31(a)(b) |
|
|
Life Time Inc., 6.00%, 11/15/31(a) |
|
|
Royal Caribbean Cruises Ltd., 5.63%, 09/30/31(a) |
|
|
Viking Cruises Ltd., 9.13%, 07/15/31(a) |
|
|
| |
|
|
| |
Boyd Gaming Corp., 4.75%, 06/15/31(a) |
|
|
Hilton Domestic Operating Co. Inc., 4.00%, 05/01/31(a) |
|
|
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 4.88%, 07/01/31(a) |
|
|
MGM China Holdings Ltd., 7.13%, 06/26/31(a) |
|
|
Station Casinos LLC, 4.63%, 12/01/31(a) |
|
|
| |
|
|
| |
Chart Industries Inc., 9.50%, 01/01/31(a) |
|
|
Manitowoc Co. Inc. (The), 9.25%, 10/01/31(a)(b) |
|
|
| |
|
|
| |
Hillenbrand Inc., 3.75%, 03/01/31(b) |
|
|
| |
CCO Holdings LLC/CCO Holdings Capital Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
McGraw-Hill Education Inc., 7.38%, 09/01/31(a) |
|
|
Sirius XM Radio Inc., 3.88%, 09/01/31(a)(b) |
|
|
Sunrise FinCo I BV, 4.88%, 07/15/31(a) |
|
|
Univision Communications Inc., 8.50%, 07/31/31(a) |
|
|
| |
|
|
| |
Alcoa Nederland Holding BV, 7.13%, 03/15/31(a) |
|
|
Arsenal AIC Parent LLC, 11.50%, 10/01/31(a) |
|
|
FMG Resources August 2006 Pty. Ltd., 4.38%, 04/01/31(a) |
|
|
Kaiser Aluminum Corp., 4.50%, 06/01/31(a) |
|
|
Novelis Corp., 3.88%, 08/15/31(a) |
|
|
| |
|
|
23 2024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2031 Term High Yield and Income ETF
(Percentages shown are based on Net Assets)
| |
|
|
| |
Civitas Resources Inc., 8.75%, 07/01/31(a) |
|
|
CNX Resources Corp., 7.38%, 01/15/31(a)(b) |
|
|
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31(a) |
|
|
Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 02/01/31(a) |
|
|
Moss Creek Resources Holdings Inc., 8.25%, 09/01/31(a)(b) |
|
|
Nabors Industries Inc., 8.88%, 08/15/31(a)(b) |
|
|
Northern Oil & Gas Inc., 8.75%, 06/15/31(a) |
|
|
Permian Resources Operating LLC, 9.88%, 07/15/31(a) |
|
|
Talos Production Inc., 9.38%, 02/01/31(a) |
|
|
| |
|
|
| |
|
|
| |
|
|
Viper Energy Inc., 7.38%, 11/01/31(a) |
|
|
| |
|
|
Oil & Gas Services — 0.2% |
Star Holding LLC, 8.75%, 08/01/31(a) |
|
|
Packaging & Containers — 1.9% |
Ball Corp., 3.13%, 09/15/31 |
|
|
LABL Inc., 8.63%, 10/01/31(a) |
|
|
Owens-Brockway Glass Container Inc., 7.25%, 05/15/31(a) |
|
|
Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, 02/15/31(a) |
|
|
| |
|
|
| |
Endo Finance Holdings Inc., 8.50%, 04/15/31(a) |
|
|
Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, 04/30/31(a) |
|
|
| |
|
|
| |
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(a) |
|
|
DT Midstream Inc., 4.38%, 06/15/31(a) |
|
|
EQM Midstream Partners LP, 4.75%, 01/15/31(a) |
|
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 09/01/31(a) |
|
|
Venture Global Calcasieu Pass LLC, 4.13%, 08/15/31(a) |
|
|
Venture Global LNG Inc., 8.38%, 06/01/31(a) |
|
|
| |
|
|
| |
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31(a) |
|
|
Howard Hughes Corp. (The), 4.38%, 02/01/31(a) |
|
|
Kennedy-Wilson Inc., 5.00%, 03/01/31(b) |
|
|
| |
|
|
Real Estate Investment Trusts — 2.9% |
Diversified Healthcare Trust, 4.38%, 03/01/31 |
|
|
Iron Mountain Inc., 4.50%, 02/15/31(a) |
|
|
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 07/15/31(a) |
|
|
MPT Operating Partnership LP/MPT Finance Corp., 3.50%, 03/15/31 |
|
|
Service Properties Trust, 8.63%, 11/15/31(a) |
|
|
Vornado Realty LP, 3.40%, 06/01/31 |
|
|
| |
|
|
| |
|
|
| |
Carvana Co., 14.00%, 06/01/31, (14.00% PIK)(a)(c) |
|
|
Gap Inc. (The), 3.88%, 10/01/31(a)(b) |
|
|
Kohl's Corp., 4.63%, 05/01/31 |
|
|
LCM Investments Holdings II LLC, 8.25%, 08/01/31(a) |
|
|
Lithia Motors Inc., 4.38%, 01/15/31(a)(b) |
|
|
Murphy Oil USA Inc., 3.75%, 02/15/31(a) |
|
|
Nordstrom Inc., 4.25%, 08/01/31 |
|
|
Sonic Automotive Inc., 4.88%, 11/15/31(a)(b) |
|
|
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(a) |
|
|
Yum! Brands Inc., 3.63%, 03/15/31 |
|
|
| |
|
|
| |
Open Text Holdings Inc., 4.13%, 12/01/31(a)(b) |
|
|
Twilio Inc., 3.88%, 03/15/31(b) |
|
|
UKG Inc., 6.88%, 02/01/31(a) |
|
|
| |
|
|
Telecommunications — 3.5% |
Frontier Communications Holdings LLC, 8.63%, 03/15/31(a) |
|
|
Iliad Holding SASU, 8.50%, 04/15/31(a) |
|
|
Level 3 Financing Inc., 4.00%, 04/15/31(a) |
|
|
Viasat Inc., 7.50%, 05/30/31(a) |
|
|
Vmed O2 U.K. Financing I PLC |
|
|
| |
|
|
| |
|
|
Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31(a) |
|
|
| |
|
|
| |
GN Bondco LLC, 9.50%, 10/15/31(a)(b) |
|
|
XPO Inc., 7.13%, 06/01/31(a) |
|
|
| |
|
|
Trucking & Leasing — 0.5% |
Fortress Transportation and Infrastructure Investors LLC, 7.00%, 05/01/31(a) |
|
|
Total Long-Term Investments — 98.7%
(Cost: $12,539,489) |
|
| |
|
|
| |
Money Market Funds — 9.4% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f) |
|
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.83%(d)(e) |
|
|
Total Short-Term Securities — 9.4%
(Cost: $1,207,065) |
|
Total Investments — 108.1%
(Cost: $13,746,554) |
|
Liabilities in Excess of Other Assets — (8.1)% |
|
| |
|
Schedule of Investments
24
Schedule of Investments (continued)
October 31, 2024
iShares® iBonds® 2031 Term High Yield and Income ETF
| |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| |
All or a portion of this security is on loan. |
| |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| |
|
| |
Annualized 7-day yield as of period end. |
| |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| |
|
|
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
|
|
Capital
Gain
Distributions
from
Underlying
Funds |
BlackRock Cash Funds: Institutional, SL Agency Shares |
|
|
|
|
|
|
|
|
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Commencement of operations. |
| |
Represents net amount purchased (sold). |
| |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
See notes to financial statements.
25 2024 iShares Annual Financial Statements and Additional Information
Statements of Assets and Liabilities
October 31, 2024
| |
iShares
iBonds 2024 Term High Yield and Income ETF |
iShares
iBonds 2025 Term High Yield and Income ETF |
iShares
iBonds 2026 Term High Yield and Income ETF |
iShares
iBonds 2027 Term High Yield and Income ETF |
| |
|
|
|
|
Investments, at value—unaffiliated(a)(b) |
|
|
|
|
Investments, at value—affiliated(c) |
|
|
|
|
| |
|
|
|
|
Foreign currency, at value(d) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Securities lending income—affiliated |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Collateral on securities loaned, at value |
|
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|
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|
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|
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|
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|
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|
| |
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|
|
Commitments and contingent liabilities |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
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| |
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| |
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|
| |
|
|
|
|
(a) Investments, at cost—unaffiliated |
|
|
|
|
(b) Securities loaned, at value |
|
|
|
|
(c) Investments, at cost—affiliated |
|
|
|
|
(d) Foreign currency, at cost |
|
|
|
|
See notes to financial statements.
Statements of Assets and Liabilities
26
Statements of Assets and Liabilities (continued)
October 31, 2024
| |
iShares
iBonds 2031 Term High Yield and Income ETF |
| |
|
Investments, at value—unaffiliated(a)(b) |
|
Investments, at value—affiliated(c) |
|
| |
|
| |
|
| |
|
Securities lending income—affiliated |
|
| |
|
| |
|
| |
|
| |
|
Collateral on securities loaned, at value |
|
| |
|
| |
|
| |
|
| |
|
Commitments and contingent liabilities |
|
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|
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|
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|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
(a) Investments, at cost—unaffiliated |
|
(b) Securities loaned, at value |
|
(c) Investments, at cost—affiliated |
|
See notes to financial statements.
27 2024 iShares Annual Financial Statements and Additional Information
Statements of Operations
Year Ended October 31, 2024
| |
iShares
iBonds 2024 Term High Yield and Income ETF |
iShares
iBonds 2025 Term High Yield and Income ETF |
iShares
iBonds 2026 Term High Yield and Income ETF |
iShares
iBonds 2027 Term High Yield and Income ETF |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Securities lending income—affiliated—net |
|
|
|
|
Other income—unaffiliated |
|
|
|
|
| |
|
|
|
|
| |
|
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| |
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|
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|
|
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|
| |
|
|
|
|
| |
|
|
|
|
Investment advisory fees waived |
|
|
|
|
Total expenses after fees waived |
|
|
|
|
| |
|
|
|
|
REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
| |
|
|
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|
| |
|
|
|
|
In-kind redemptions—unaffiliated(a) |
|
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| |
|
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|
|
Net change in unrealized appreciation (depreciation) on: |
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| |
|
|
|
|
| |
|
|
|
|
Foreign currency translations |
|
|
|
|
| |
|
|
|
|
Net realized and unrealized gain |
|
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
(a) See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
Statements of Operations
28
Statements of Operations (continued)
Year Ended October 31, 2024
| |
iShares
iBonds 2031 Term High Yield and Income |
| |
|
| |
|
| |
|
Securities lending income—affiliated—net |
|
| |
|
| |
|
| |
|
| |
|
| |
|
Investment advisory fees waived |
|
Total expenses after fees waived |
|
| |
|
REALIZED AND UNREALIZED GAIN (LOSS) |
|
Net realized gain (loss) from: |
|
| |
|
| |
|
| |
|
Net change in unrealized appreciation (depreciation) on: |
|
| |
|
| |
|
| |
|
Net realized and unrealized gain |
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
(a) For the period from May 22, 2024 (commencement of operations) to October 31, 2024. |
See notes to financial statements.
29 2024 iShares Annual Financial Statements and Additional Information
Statements of Changes in Net Assets
| |
iShares
iBonds 2024 Term High Yield and Income ETF |
iShares
iBonds 2025 Term High Yield and Income ETF |
| |
|
|
|
|
INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Net change in unrealized appreciation (depreciation) |
|
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|
|
Net increase in net assets resulting from operations |
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
|
|
|
|
Decrease in net assets resulting from distributions to shareholders |
|
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|
|
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
Net increase (decrease) in net assets derived from capital share transactions |
|
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|
| |
|
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|
|
Total increase (decrease) in net assets |
|
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|
|
| |
|
|
|
|
| |
|
|
|
|
| |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
Statements of Changes in Net Assets
30
Statements of Changes in Net Assets(continued)
| |
iShares
iBonds 2026 Term High Yield and Income ETF |
iShares
iBonds 2027 Term High Yield and Income ETF |
| |
|
|
|
|
INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Net change in unrealized appreciation (depreciation) |
|
|
|
|
Net increase in net assets resulting from operations |
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
|
|
|
|
Decrease in net assets resulting from distributions to shareholders |
|
|
|
|
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
Net increase in net assets derived from capital share transactions |
|
|
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|
| |
|
|
|
|
Total increase in net assets |
|
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|
|
| |
|
|
|
|
| |
|
|
|
|
| |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
31 2024 iShares Annual Financial Statements and Additional Information
Statements of Changes in Net Assets(continued)
| |
iShares
iBonds 2031 Term High Yield and Income ETF |
| |
|
INCREASE (DECREASE) IN NET ASSETS |
|
| |
|
| |
|
| |
|
Net change in unrealized appreciation (depreciation) |
|
Net increase in net assets resulting from operations |
|
DISTRIBUTIONS TO SHAREHOLDERS(b) |
|
Decrease in net assets resulting from distributions to shareholders |
|
CAPITAL SHARE TRANSACTIONS |
|
Net increase in net assets derived from capital share transactions |
|
| |
|
Total increase in net assets |
|
| |
|
| |
|
| |
Commencement of operations. |
| |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
Statements of Changes in Net Assets
32
Financial Highlights
(For a share outstanding throughout each period)
| |
iShares iBonds 2024 Term High Yield and Income ETF |
| |
|
|
|
|
|
Net asset value, beginning of year |
|
|
|
|
|
| |
|
|
|
|
|
Net realized and unrealized gain (loss)(b) |
|
|
|
|
|
Net increase (decrease) from investment operations |
|
|
|
|
|
Distributions from net investment income(c) |
|
|
|
|
|
Net asset value, end of year |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
Ratios to Average Net Assets(e) |
|
|
|
|
|
| |
|
|
|
|
|
Total expenses after fees waived |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
Net assets, end of year (000) |
|
|
|
|
|
Portfolio turnover rate(f) |
|
|
|
|
|
(a) Based on average shares outstanding. |
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) Where applicable, assumes the reinvestment of distributions. |
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) Portfolio turnover rate excludes in-kind transactions, if any. |
See notes to financial statements.
33 2024 iShares Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
| |
iShares iBonds 2025 Term High Yield and Income ETF |
| |
|
|
|
|
|
Net asset value, beginning of year |
|
|
|
|
|
| |
|
|
|
|
|
Net realized and unrealized gain (loss)(b) |
|
|
|
|
|
Net increase (decrease) from investment operations |
|
|
|
|
|
Distributions from net investment income(c) |
|
|
|
|
|
Net asset value, end of year |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
Ratios to Average Net Assets(e) |
|
|
|
|
|
| |
|
|
|
|
|
Total expenses after fees waived |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
Net assets, end of year (000) |
|
|
|
|
|
Portfolio turnover rate(f) |
|
|
|
|
|
(a) Based on average shares outstanding. |
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) Where applicable, assumes the reinvestment of distributions. |
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) Portfolio turnover rate excludes in-kind transactions, if any. |
See notes to financial statements.
Financial Highlights(continued)
(For a share outstanding throughout each period)
| |
iShares iBonds 2026 Term High Yield and Income ETF |
| |
|
|
|
|
Net asset value, beginning of period |
|
|
|
|
| |
|
|
|
|
Net realized and unrealized gain (loss)(c) |
|
|
|
|
Net increase (decrease) from investment operations |
|
|
|
|
Distributions from net investment income(d) |
|
|
|
|
Net asset value, end of period |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Ratios to Average Net Assets(g) |
|
|
|
|
| |
|
|
|
|
Total expenses after fees waived |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Net assets, end of period (000) |
|
|
|
|
Portfolio turnover rate(i) |
|
|
|
|
(a) Commencement of operations. |
(b) Based on average shares outstanding. |
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) Where applicable, assumes the reinvestment of distributions. |
| |
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| |
(i) Portfolio turnover rate excludes in-kind transactions, if any. |
See notes to financial statements.
35 2024 iShares Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
| |
iShares iBonds 2027 Term High Yield and Income ETF |
| |
|
|
|
|
Net asset value, beginning of period |
|
|
|
|
| |
|
|
|
|
Net realized and unrealized gain (loss)(c) |
|
|
|
|
Net increase (decrease) from investment operations |
|
|
|
|
Distributions from net investment income(d) |
|
|
|
|
Net asset value, end of period |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Ratios to Average Net Assets(g) |
|
|
|
|
| |
|
|
|
|
Total expenses after fees waived |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Net assets, end of period (000) |
|
|
|
|
Portfolio turnover rate(i) |
|
|
|
|
(a) Commencement of operations. |
(b) Based on average shares outstanding. |
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) Where applicable, assumes the reinvestment of distributions. |
| |
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| |
(i) Portfolio turnover rate excludes in-kind transactions, if any. |
See notes to financial statements.
Financial Highlights(continued)
(For a share outstanding throughout the period)
| |
iShares iBonds 2031 Term High Yield and Income ETF |
| |
|
Net asset value, beginning of period |
|
| |
|
Net realized and unrealized gain(c) |
|
Net increase from investment operations |
|
Distributions from net investment income(d) |
|
Net asset value, end of period |
|
| |
|
| |
|
Ratios to Average Net Assets(g) |
|
| |
|
Total expenses after fees waived |
|
| |
|
| |
|
Net assets, end of period (000) |
|
Portfolio turnover rate(i) |
|
(a) Commencement of operations. |
(b) Based on average shares outstanding. |
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) Where applicable, assumes the reinvestment of distributions. |
| |
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| |
(i) Portfolio turnover rate excludes in-kind transactions, if any. |
See notes to financial statements.
37 2024 iShares Annual Financial Statements and Additional Information
Notes to Financial Statements
1. ORGANIZATION
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
| |
Diversification
Classification |
iBonds 2024 Term High Yield and Income |
|
iBonds 2025 Term High Yield and Income |
|
iBonds 2026 Term High Yield and Income |
|
iBonds 2027 Term High Yield and Income |
|
iBonds 2031 Term High Yield and Income(b) |
|
| |
The Fund's classification changed from non-diversified to diversified during the reporting period. |
| |
The Fund commenced operations on May 22, 2024. |
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
Notes to Financial Statements
38
Notes to Financial Statements (continued)
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. SECURITIES AND OTHER INVESTMENTS
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
39 2024 iShares Annual Financial Statements and Additional Information
Notes to Financial Statements (continued)
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
iShares ETF and Counterparty |
Securities Loaned
at Value |
|
Non-Cash Collateral
Received, at Fair Value(a) |
|
iBonds 2024 Term High Yield and Income |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
J.P. Morgan Securities LLC |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
iBonds 2025 Term High Yield and Income |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Citigroup Global Markets, Inc. |
|
|
|
|
| |
|
|
|
|
J.P. Morgan Securities LLC |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Scotia Capital (USA), Inc. |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Wells Fargo Securities LLC |
|
|
|
|
| |
|
|
|
|
Notes to Financial Statements
40
Notes to Financial Statements (continued)
iShares ETF and Counterparty |
Securities Loaned at Value |
Cash Collateral Received(a) |
Non-Cash Collateral Received, at Fair Value(a) |
|
iBonds 2026 Term High Yield and Income |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
BMO Capital Markets Corp. |
|
|
|
|
| |
|
|
|
|
Citigroup Global Markets, Inc. |
|
|
|
|
| |
|
|
|
|
J.P. Morgan Securities LLC |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Nomura Securities International, Inc. |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
iBonds 2027 Term High Yield and Income |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
J.P. Morgan Securities LLC |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Nomura Securities International, Inc. |
|
|
|
|
| |
|
|
|
|
Scotia Capital (USA), Inc. |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Wells Fargo Securities LLC |
|
|
|
|
| |
|
|
|
|
iBonds 2031 Term High Yield and Income |
|
|
|
|
| |
|
|
|
|
J.P. Morgan Securities LLC |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Wells Fargo Bank, National Association |
|
|
|
|
Wells Fargo Securities LLC |
|
|
|
|
| |
|
|
|
|
| |
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.
41 2024 iShares Annual Financial Statements and Additional Information
Notes to Financial Statements (continued)
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.
BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund's investments in other funds advised by BFA or its affiliates.
These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2024, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:
| |
|
iBonds 2024 Term High Yield and Income |
|
iBonds 2025 Term High Yield and Income |
|
iBonds 2026 Term High Yield and Income |
|
iBonds 2027 Term High Yield and Income |
|
iBonds 2031 Term High Yield and Income |
|
Distributor: BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.
Prior to January 26, 2024 (date of conversion for respective funds), ETF Services were performed by State Street Bank and Trust Company.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:
| |
|
iBonds 2024 Term High Yield and Income |
|
iBonds 2025 Term High Yield and Income |
|
iBonds 2026 Term High Yield and Income |
|
iBonds 2027 Term High Yield and Income |
|
iBonds 2031 Term High Yield and Income |
|
Notes to Financial Statements
42
Notes to Financial Statements (continued)
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Other Transactions: Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
For the year ended October 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
| |
|
|
iBonds 2024 Term High Yield and Income |
|
|
iBonds 2025 Term High Yield and Income |
|
|
iBonds 2026 Term High Yield and Income |
|
|
iBonds 2027 Term High Yield and Income |
|
|
iBonds 2031 Term High Yield and Income |
|
|
For the year ended October 31, 2024, in-kind transactions were as follows:
| |
|
|
iBonds 2024 Term High Yield and Income |
|
|
iBonds 2025 Term High Yield and Income |
|
|
iBonds 2026 Term High Yield and Income |
|
|
iBonds 2027 Term High Yield and Income |
|
|
iBonds 2031 Term High Yield and Income |
|
|
7. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2024, permanent differences attributable to certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:
| |
|
Accumulated
Earnings (Loss) |
iBonds 2024 Term High Yield and Income |
|
|
iBonds 2025 Term High Yield and Income |
|
|
iBonds 2026 Term High Yield and Income |
|
|
The tax character of distributions paid was as follows:
| |
|
|
iBonds 2024 Term High Yield and Income |
|
|
| |
|
|
iBonds 2025 Term High Yield and Income |
|
|
| |
|
|
iBonds 2026 Term High Yield and Income |
|
|
| |
|
|
43 2024 iShares Annual Financial Statements and Additional Information
Notes to Financial Statements (continued)
| |
|
|
iBonds 2027 Term High Yield and Income |
|
|
| |
|
|
| |
|
iBonds 2031 Term High Yield and Income |
|
| |
|
As of October 31, 2024, the tax components of accumulated net earnings (losses) were as follows:
| |
Undistributed
Ordinary Income |
Undistributed
Long-Term Capital Gains |
Non-expiring
Capital Loss
|
|
|
iBonds 2024 Term High Yield and Income |
|
|
|
|
|
iBonds 2025 Term High Yield and Income |
|
|
|
|
|
iBonds 2026 Term High Yield and Income |
|
|
|
|
|
iBonds 2027 Term High Yield and Income |
|
|
|
|
|
iBonds 2031 Term High Yield and Income |
|
|
|
|
|
| |
Amounts available to offset future realized capital gains. |
| |
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and amortization methods for premiums and discounts on fixed income securities. |
For the year ended October 31, 2024, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:
| |
|
iBonds 2024 Term High Yield and Income |
|
iBonds 2026 Term High Yield and Income |
|
As of October 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
| |
|
Gross Unrealized
Appreciation |
Gross Unrealized
Depreciation |
Net Unrealized
Appreciation
(Depreciation) |
iBonds 2024 Term High Yield and Income |
|
|
|
|
iBonds 2025 Term High Yield and Income |
|
|
|
|
iBonds 2026 Term High Yield and Income |
|
|
|
|
iBonds 2027 Term High Yield and Inc |
