UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09729
Name of Fund: iShares Trust
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: (415)
670-2000
Date of fiscal year end: 10/31/2024
Date of reporting period: 10/31/2024
Item 1 – Reports to
Stockholders
(a) The Reports to Shareholders are
attached herewith.
0001100663ishares:C000210858Member2024-02-290001100663ishares:C000110086Member2022-06-300001100663ishares:FRTSRGrowth10kMinusBenchmark14052BroadBasedIndexMember2024-06-30
iShares iBonds Dec 2024 Term Muni Bond ETF
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2024 Term Muni 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 iBonds Dec 2024 Term Muni Bond ETF | $18 | 0.18% |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 3.48%.
For the same period, the S&P Municipal Bond Index returned 9.52% and the S&P AMT-Free Municipal Series Dec 2024 Index™ returned 3.79%.
What contributed to performance?
Municipal bonds gained during the reporting period, supported by an environment of slowing pricing pressures, delayed rate cuts, and steady growth in the United States. Disappointing labor data sparked a bond rally and helped to move the U.S. Federal Reserve off the sidelines, as it cut short-term rates by 50 basis points in September. During the reporting period, municipal investment grade bonds, particularly those rated AA, contributed the most to the Fund’s return, as the continued strength of the U.S. economy helped to keep municipal default rates low.
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.
Cumulative performance: March 20, 2018 through October 31, 2024
Initial Investment of $10,000
| Fund | S&P Municipal Bond Index | S&P AMT-Free Municipal Series Dec 2024 Index™ |
|---|
Mar 18 | $10,012 | $10,030 | $10,008 |
Apr 18 | $9,964 | $9,990 | $9,944 |
May 18 | $10,106 | $10,099 | $10,086 |
Jun 18 | $10,120 | $10,108 | $10,100 |
Jul 18 | $10,171 | $10,132 | $10,149 |
Aug 18 | $10,174 | $10,146 | $10,151 |
Sep 18 | $10,103 | $10,086 | $10,084 |
Oct 18 | $10,070 | $10,024 | $10,052 |
Nov 18 | $10,187 | $10,133 | $10,166 |
Dec 18 | $10,320 | $10,251 | $10,290 |
Jan 19 | $10,437 | $10,327 | $10,408 |
Feb 19 | $10,492 | $10,379 | $10,459 |
Mar 19 | $10,567 | $10,527 | $10,541 |
Apr 19 | $10,567 | $10,561 | $10,542 |
May 19 | $10,699 | $10,702 | $10,674 |
Jun 19 | $10,752 | $10,746 | $10,730 |
Jul 19 | $10,867 | $10,830 | $10,841 |
Aug 19 | $10,912 | $10,980 | $10,893 |
Sep 19 | $10,820 | $10,904 | $10,804 |
Oct 19 | $10,866 | $10,920 | $10,855 |
Nov 19 | $10,884 | $10,937 | $10,871 |
Dec 19 | $10,921 | $10,971 | $10,911 |
Jan 20 | $11,045 | $11,147 | $11,038 |
Feb 20 | $11,092 | $11,277 | $11,088 |
Mar 20 | $10,873 | $10,945 | $10,858 |
Apr 20 | $10,862 | $10,824 | $10,842 |
May 20 | $11,190 | $11,144 | $11,163 |
Jun 20 | $11,211 | $11,210 | $11,188 |
Jul 20 | $11,303 | $11,362 | $11,288 |
Aug 20 | $11,290 | $11,329 | $11,278 |
Sep 20 | $11,297 | $11,330 | $11,286 |
Oct 20 | $11,274 | $11,311 | $11,269 |
Nov 20 | $11,309 | $11,448 | $11,305 |
Dec 20 | $11,328 | $11,505 | $11,328 |
Jan 21 | $11,353 | $11,559 | $11,359 |
Feb 21 | $11,273 | $11,397 | $11,289 |
Mar 21 | $11,303 | $11,458 | $11,320 |
Apr 21 | $11,341 | $11,546 | $11,357 |
May 21 | $11,333 | $11,586 | $11,360 |
Jun 21 | $11,337 | $11,611 | $11,360 |
Jul 21 | $11,374 | $11,690 | $11,403 |
Aug 21 | $11,369 | $11,657 | $11,397 |
Sep 21 | $11,339 | $11,580 | $11,366 |
Oct 21 | $11,322 | $11,570 | $11,358 |
Nov 21 | $11,325 | $11,651 | $11,359 |
Dec 21 | $11,324 | $11,666 | $11,358 |
Jan 22 | $11,151 | $11,389 | $11,189 |
Feb 22 | $11,120 | $11,333 | $11,155 |
Mar 22 | $10,969 | $11,030 | $11,008 |
Apr 22 | $10,880 | $10,740 | $10,920 |
May 22 | $10,993 | $10,896 | $11,035 |
Jun 22 | $10,992 | $10,718 | $11,033 |
Jul 22 | $11,079 | $10,983 | $11,125 |
Aug 22 | $10,953 | $10,731 | $11,001 |
Sep 22 | $10,831 | $10,362 | $10,878 |
Oct 22 | $10,846 | $10,298 | $10,895 |
Nov 22 | $10,984 | $10,767 | $11,035 |
Dec 22 | $10,978 | $10,772 | $11,032 |
Jan 23 | $11,066 | $11,063 | $11,123 |
Feb 23 | $10,976 | $10,810 | $11,031 |
Mar 23 | $11,077 | $11,042 | $11,138 |
Apr 23 | $11,038 | $11,021 | $11,103 |
May 23 | $11,038 | $10,935 | $11,105 |
Jun 23 | $11,085 | $11,025 | $11,153 |
Jul 23 | $11,101 | $11,052 | $11,173 |
Aug 23 | $11,120 | $10,929 | $11,194 |
Sep 23 | $11,106 | $10,641 | $11,183 |
Oct 23 | $11,141 | $10,529 | $11,220 |
Nov 23 | $11,219 | $11,142 | $11,297 |
Dec 23 | $11,259 | $11,399 | $11,341 |
Jan 24 | $11,278 | $11,374 | $11,363 |
Feb 24 | $11,297 | $11,375 | $11,385 |
Mar 24 | $11,310 | $11,365 | $11,408 |
Apr 24 | $11,340 | $11,244 | $11,439 |
May 24 | $11,372 | $11,208 | $11,476 |
Jun 24 | $11,407 | $11,383 | $11,512 |
Jul 24 | $11,444 | $11,479 | $11,548 |
Aug 24 | $11,472 | $11,572 | $11,581 |
Sep 24 | $11,499 | $11,685 | $11,610 |
Oct 24 | $11,529 | $11,531 | $11,646 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | Since Fund
Inception |
|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.48% | 1.19% | 2.17% |
S&P Municipal Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.52 | 1.09 | 2.18 |
S&P AMT-Free Municipal Series Dec 2024 Index™........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.79 | 1.42 | 2.33 |
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $391,768,694 |
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 373 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $832,653 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 22% |
The Fund has added the S&P Municipal Bond Index in response to new regulatory requirements.
The inception date of the Fund was March 20, 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?
Credit quality allocation
S&P Credit RatingFootnote Reference* | Percent of
Net Assets |
AAA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 21.7% |
AA+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44.0 |
AA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 21.6 |
AA-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.6 |
A+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.9 |
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1 |
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.9 |
Short-Term and Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | (6.0) |
StateFootnote Reference(a) | Percent of
Net Assets |
|---|
New York........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18.7% |
California........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 17.8 |
Pennsylvania........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.6 |
Massachusetts........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.3 |
Florida........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.0 |
Washington........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.5 |
Ohio........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.3 |
Connecticut........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.1 |
Rhode Island........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.6 |
Colorado........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.7 |
|
| Footnote | Description |
Footnote* | 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.
|
Footnote(a) | Excludes money market funds. |
This is a summary of certain changes to the Fund since July 31, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
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 2, 2024, the Fund no longer accepted creation orders. Trading in the Fund halted prior to market open on December 3, 2024. Proceeds of the liquidation were sent to shareholders on December 5, 2024.
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 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 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 Muni Bond ETF
Annual Shareholder Report — October 31, 2024
iShares iBonds Dec 2025 Term Muni Bond ETF
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2025 Term Muni 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 iBonds Dec 2025 Term Muni Bond ETF | $18 | 0.18% |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 4.09%.
For the same period, the S&P Municipal Bond Index returned 9.52% and the S&P AMT-Free Municipal Series Dec 2025 Index™ returned 4.35%.
What contributed to performance?
Municipal bonds gained during the reporting period, supported by an environment of slowing pricing pressures, delayed rate cuts, and steady growth in the United States. Disappointing labor data sparked a bond rally and helped to move the U.S. Federal Reserve off the sidelines, as it cut short-term rates by 50 basis points in September. During the reporting period, municipal investment grade bonds, particularly those rated AA, contributed the most to the Fund’s return, as the continued strength of the U.S. economy helped to keep municipal default rates low.
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.
Cumulative performance: November 13, 2018 through October 31, 2024
Initial Investment of $10,000
| Fund | S&P Municipal Bond Index | S&P AMT-Free Municipal Series Dec 2025 Index™ |
|---|
Nov 18 | $10,172 | $10,094 | $10,114 |
Dec 18 | $10,331 | $10,211 | $10,249 |
Jan 19 | $10,492 | $10,288 | $10,386 |
Feb 19 | $10,563 | $10,339 | $10,446 |
Mar 19 | $10,662 | $10,487 | $10,547 |
Apr 19 | $10,675 | $10,521 | $10,561 |
May 19 | $10,828 | $10,661 | $10,718 |
Jun 19 | $10,873 | $10,705 | $10,763 |
Jul 19 | $10,994 | $10,788 | $10,883 |
Aug 19 | $11,090 | $10,938 | $10,981 |
Sep 19 | $10,973 | $10,863 | $10,866 |
Oct 19 | $11,022 | $10,878 | $10,915 |
Nov 19 | $11,036 | $10,895 | $10,929 |
Dec 19 | $11,076 | $10,929 | $10,971 |
Jan 20 | $11,251 | $11,105 | $11,146 |
Feb 20 | $11,309 | $11,233 | $11,207 |
Mar 20 | $11,036 | $10,903 | $10,918 |
Apr 20 | $11,009 | $10,783 | $10,875 |
May 20 | $11,398 | $11,102 | $11,251 |
Jun 20 | $11,418 | $11,167 | $11,279 |
Jul 20 | $11,549 | $11,318 | $11,413 |
Aug 20 | $11,531 | $11,286 | $11,404 |
Sep 20 | $11,541 | $11,287 | $11,414 |
Oct 20 | $11,521 | $11,268 | $11,401 |
Nov 20 | $11,583 | $11,404 | $11,460 |
Dec 20 | $11,601 | $11,461 | $11,490 |
Jan 21 | $11,626 | $11,514 | $11,520 |
Feb 21 | $11,485 | $11,353 | $11,389 |
Mar 21 | $11,522 | $11,414 | $11,427 |
Apr 21 | $11,575 | $11,502 | $11,483 |
May 21 | $11,566 | $11,542 | $11,485 |
Jun 21 | $11,572 | $11,567 | $11,491 |
Jul 21 | $11,633 | $11,645 | $11,556 |
Aug 21 | $11,623 | $11,613 | $11,546 |
Sep 21 | $11,567 | $11,535 | $11,495 |
Oct 21 | $11,548 | $11,526 | $11,480 |
Nov 21 | $11,562 | $11,606 | $11,494 |
Dec 21 | $11,562 | $11,621 | $11,497 |
Jan 22 | $11,313 | $11,345 | $11,252 |
Feb 22 | $11,273 | $11,289 | $11,208 |
Mar 22 | $11,064 | $10,988 | $11,005 |
Apr 22 | $10,922 | $10,698 | $10,866 |
May 22 | $11,068 | $10,854 | $11,010 |
Jun 22 | $11,052 | $10,677 | $10,994 |
Jul 22 | $11,200 | $10,941 | $11,142 |
Aug 22 | $11,018 | $10,689 | $10,966 |
Sep 22 | $10,817 | $10,323 | $10,766 |
Oct 22 | $10,820 | $10,258 | $10,771 |
Nov 22 | $11,027 | $10,725 | $10,976 |
Dec 22 | $11,047 | $10,730 | $10,998 |
Jan 23 | $11,176 | $11,021 | $11,127 |
Feb 23 | $10,998 | $10,768 | $10,951 |
Mar 23 | $11,165 | $10,999 | $11,121 |
Apr 23 | $11,106 | $10,979 | $11,068 |
May 23 | $11,054 | $10,893 | $11,019 |
Jun 23 | $11,107 | $10,983 | $11,072 |
Jul 23 | $11,122 | $11,010 | $11,091 |
Aug 23 | $11,119 | $10,887 | $11,091 |
Sep 23 | $11,054 | $10,600 | $11,028 |
Oct 23 | $11,081 | $10,488 | $11,055 |
Nov 23 | $11,250 | $11,100 | $11,224 |
Dec 23 | $11,323 | $11,355 | $11,300 |
Jan 24 | $11,324 | $11,330 | $11,303 |
Feb 24 | $11,330 | $11,331 | $11,309 |
Mar 24 | $11,322 | $11,322 | $11,309 |
Apr 24 | $11,325 | $11,201 | $11,310 |
May 24 | $11,351 | $11,165 | $11,341 |
Jun 24 | $11,404 | $11,339 | $11,397 |
Jul 24 | $11,469 | $11,435 | $11,463 |
Aug 24 | $11,521 | $11,528 | $11,517 |
Sep 24 | $11,537 | $11,640 | $11,534 |
Oct 24 | $11,534 | $11,487 | $11,536 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | Since Fund
Inception |
|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.09% | 0.91% | 2.42% |
S&P Municipal Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.52 | 1.09 | 2.35 |
S&P AMT-Free Municipal Series Dec 2025 Index™........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.35 | 1.11 | 2.42 |
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $487,361,804 |
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1,332 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $952,346 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0% |
The Fund has added the S&P Municipal Bond Index in response to new regulatory requirements.
The inception date of the Fund was November 13, 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?
Credit quality allocation
S&P Credit RatingFootnote Reference* | Percent of
Net Assets |
AAA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 32.4% |
AA+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 21.9 |
AA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.5 |
AA-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 12.2 |
A+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.8 |
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.6 |
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.1 |
BBB........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.3 |
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.8 |
Short-Term and Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.4 |
StateFootnote Reference(a) | Percent of
Net Assets |
|---|
California........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.1% |
Texas........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.7 |
New York........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.5 |
Washington........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.7 |
Illinois........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
Virginia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
Massachusetts........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
Ohio........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.0 |
Pennsylvania........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.0 |
Georgia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.9 |
|
| Footnote | Description |
Footnote* | 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.
|
Footnote(a) | Excludes money market funds. |
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 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 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 Muni Bond ETF
Annual Shareholder Report — October 31, 2024
iShares iBonds Dec 2026 Term Muni Bond ETF
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares iBonds Dec 2026 Term Muni 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 iBonds Dec 2026 Term Muni Bond ETF | $18 | 0.18% |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 5.04%.
For the same period, the S&P Municipal Bond Index returned 9.52% and the S&P AMT-Free Municipal Series Dec 2026 Index™ returned 5.38%.
What contributed to performance?
Municipal bonds gained during the reporting period, supported by an environment of slowing pricing pressures, delayed rate cuts, and steady growth in the United States. Disappointing labor data sparked a bond rally and helped to move the U.S. Federal Reserve off the sidelines, as it cut short-term rates by 50 basis points in September. During the reporting period, municipal investment grade bonds, particularly those rated AA, contributed the most to the Fund’s return, as the continued strength of the U.S. economy helped to keep municipal default rates low.
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.
Cumulative performance: April 2, 2019 through October 31, 2024
Initial Investment of $10,000
| Fund | S&P Municipal Bond Index | S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index™ |
|---|
Apr 19 | $10,052 | $10,044 | $10,041 |
May 19 | $10,228 | $10,178 | $10,208 |
Jun 19 | $10,273 | $10,220 | $10,251 |
Jul 19 | $10,373 | $10,300 | $10,352 |
Aug 19 | $10,535 | $10,443 | $10,506 |
Sep 19 | $10,414 | $10,370 | $10,391 |
Oct 19 | $10,428 | $10,386 | $10,407 |
Nov 19 | $10,443 | $10,402 | $10,421 |
Dec 19 | $10,478 | $10,434 | $10,461 |
Jan 20 | $10,684 | $10,602 | $10,662 |
Feb 20 | $10,780 | $10,725 | $10,760 |
Mar 20 | $10,459 | $10,409 | $10,420 |
Apr 20 | $10,414 | $10,294 | $10,351 |
May 20 | $10,787 | $10,599 | $10,717 |
Jun 20 | $10,810 | $10,661 | $10,755 |
Jul 20 | $10,959 | $10,806 | $10,914 |
Aug 20 | $10,940 | $10,775 | $10,901 |
Sep 20 | $10,953 | $10,776 | $10,912 |
Oct 20 | $10,928 | $10,758 | $10,891 |
Nov 20 | $11,017 | $10,887 | $10,989 |
Dec 20 | $11,051 | $10,942 | $11,032 |
Jan 21 | $11,079 | $10,993 | $11,073 |
Feb 21 | $10,914 | $10,839 | $10,913 |
Mar 21 | $10,954 | $10,897 | $10,961 |
Apr 21 | $11,017 | $10,981 | $11,026 |
May 21 | $11,015 | $11,019 | $11,036 |
Jun 21 | $11,024 | $11,043 | $11,046 |
Jul 21 | $11,099 | $11,118 | $11,123 |
Aug 21 | $11,079 | $11,087 | $11,107 |
Sep 21 | $11,011 | $11,013 | $11,039 |
Oct 21 | $10,987 | $11,004 | $11,021 |
Nov 21 | $11,017 | $11,080 | $11,052 |
Dec 21 | $11,029 | $11,094 | $11,062 |
Jan 22 | $10,749 | $10,831 | $10,786 |
Feb 22 | $10,707 | $10,778 | $10,742 |
Mar 22 | $10,471 | $10,490 | $10,510 |
Apr 22 | $10,294 | $10,214 | $10,330 |
May 22 | $10,450 | $10,363 | $10,479 |
Jun 22 | $10,413 | $10,194 | $10,437 |
Jul 22 | $10,603 | $10,446 | $10,628 |
Aug 22 | $10,410 | $10,205 | $10,441 |
Sep 22 | $10,161 | $9,855 | $10,187 |
Oct 22 | $10,158 | $9,793 | $10,179 |
Nov 22 | $10,403 | $10,240 | $10,428 |
Dec 22 | $10,440 | $10,244 | $10,464 |
Jan 23 | $10,610 | $10,522 | $10,636 |
Feb 23 | $10,402 | $10,280 | $10,429 |
Mar 23 | $10,595 | $10,501 | $10,624 |
Apr 23 | $10,522 | $10,482 | $10,560 |
May 23 | $10,446 | $10,400 | $10,484 |
Jun 23 | $10,500 | $10,486 | $10,540 |
Jul 23 | $10,515 | $10,511 | $10,558 |
Aug 23 | $10,493 | $10,394 | $10,537 |
Sep 23 | $10,383 | $10,120 | $10,427 |
Oct 23 | $10,395 | $10,013 | $10,437 |
Nov 23 | $10,646 | $10,597 | $10,689 |
Dec 23 | $10,744 | $10,841 | $10,790 |
Jan 24 | $10,731 | $10,817 | $10,778 |
Feb 24 | $10,735 | $10,818 | $10,783 |
Mar 24 | $10,711 | $10,809 | $10,769 |
Apr 24 | $10,682 | $10,694 | $10,739 |
May 24 | $10,685 | $10,660 | $10,745 |
Jun 24 | $10,755 | $10,826 | $10,821 |
Jul 24 | $10,837 | $10,917 | $10,907 |
Aug 24 | $10,923 | $11,006 | $10,996 |
Sep 24 | $10,963 | $11,113 | $11,038 |
Oct 24 | $10,918 | $10,966 | $10,998 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | Since Fund
Inception |
|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.04% | 0.92% | 1.59% |
S&P Municipal Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.52 | 1.09 | 1.67 |
S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index™........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.38 | 1.11 | 1.72 |
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $493,194,363 |
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1,411 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $798,184 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5% |
The Fund has added the S&P Municipal Bond Index in response to new regulatory requirements.
The inception date of the Fund was April 2, 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?
Credit quality allocation
S&P Credit RatingFootnote Reference* | Percent of
Net Assets |
AAA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 29.6% |
AA+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 20.8 |
AA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 16.4 |
AA-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.2 |
A+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.6 |
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.8 |
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.5 |
BBB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.0Footnote Reference(a) |
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.1 |
Short-Term and Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1. |
