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:
Fund Address: c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105
Name and address of agent for service: The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801
Registrant's telephone number, including area code:
Date of reporting period:
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
iShares Bloomberg Roll Select Commodity Strategy ETF
CMDY | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Bloomberg Roll Select Commodity Strategy ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| iShares Bloomberg Roll Select Commodity Strategy ETF | $28 | 0.28% |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 0.17%.
For the same period, the MSCI All Country World Index returned 32.79% and the Bloomberg Roll Select Commodity Total Return Index returned 0.65%.
What contributed to performance?
The Fund’s exposure to gold was the largest positive performance driver for the reporting period. The period was marked by economic uncertainty, including concerns over a potential recession and fluctuating bond yields. High real yields and a strong U.S. dollar initially pressured gold, but subsequent economic uncertainty and market volatility supported its rise. Central bank purchase activity and interest rate decisions also pushed gold prices higher. Ongoing geopolitical tensions in the Middle East and Russia, as well as global trade and currency shifts, continue to encourage gold buying and restrain gold selling.
What detracted from performance?
Exposure to natural gas was the largest detractor from performance during the reporting period. Unseasonably warm weather in the U.S. during the winter months reduced heating demand, leading to lower prices. High levels of natural gas production, coupled with fluctuating demand, created volatility in the market. Facility maintenance and pipeline disruptions also influenced supply levels. Geopolitical tensions had mixed impacts on natural gas prices as some events led to temporary price spikes due to fears of supply disruptions, other events had limited long-term effects.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: April 3, 2018 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | | | | | | |
| 1 Year | | 5 Years | | Since Fund
Inception | |
| Fund NAV | 0.17 | % | 7.30 | % | 4.09 | % |
| MSCI All Country World Index | 32.79 | | 11.08 | | 9.91 | |
| Bloomberg Roll Select Commodity Total Return Index | 0.65 | | 8.05 | | 4.69 | |
| Key Fund statistics | |
| Net Assets | $282,620,997 |
| Number of Portfolio Holdings | 53 |
| Net Investment Advisory Fees | $702,819 |
| Portfolio Turnover Rate | 0% |
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The inception date of the Fund was April 3, 2018.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type | Percent of
Net Assets | |
| Commercial Paper | 50.4 | % |
| U.S. Treasury Obligations | 41.9 | % |
| Futures | 3.9 | % |
| Money Market Funds | 3.3 | % |
| Cash | 5.2 | % |
| Other assets, less liabilities | (4.7 | )% |
| Sector Exposure(a) | Percent of
Exposure | |
| Energy Futures | 27.6 | % |
| Agriculture Futures | 26.8 | % |
| Precious Metals Futures | 24.0 | % |
| Industrial Metals Futures | 16.0 | % |
| Livestock Futures | 5.6 | % |
(a) | Represents the sector allocation of the Bloomberg Roll Select Commodity Total Return Index. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc., Bloomberg Index Services Limited and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Bloomberg Roll Select Commodity Strategy ETF
Annual Shareholder Report — October 31, 2024
CMDY-10/24-AR
iShares Commodity Curve Carry Strategy ETF
CCRV | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Commodity Curve Carry Strategy ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 Commodity Curve Carry Strategy ETF | $38 | 0.38% |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 1.92%.
For the same period, the ICE BofA US Broad Market Index returned 10.55% and the ICE BofA Commodity Enhanced Carry Total Return Index returned 2.43%.
What contributed to performance?
During the reporting period, the Fund benefited from exposure via futures to copper. Prices of the metal surged due to increased demand from the renewable energy sector and electric vehicles, coupled with supply disruptions in major copper production countries. Renewed industrial activity and investment in green technology were also contributors. Futures exposure to brent crude oil prices experienced notable fluctuations, influenced by factors including global oil production levels, geopolitical events, and market sentiment. The performance of these futures was characterized by periods of both backwardation and contango, indicating shifts in market supply and demand dynamics. (Contango describes an upward-sloping curve where the prices for future delivery are higher than the spot price, while Backwardation describes a downward-sloping curve where the prices for future delivery are lower than the spot price.)
What detracted from performance?
During the reporting period there were no significant detractors from the Fund’s return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2020 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | | | | |
| 1 Year | | Since Fund
Inception | |
| Fund NAV | 1.92 | % | 16.25 | % |
| ICE BofA US Broad Market Index | 10.55 | | (1.89 | ) |
| ICE BofA Commodity Enhanced Carry Total Return Index | 2.43 | | 17.00 | |
| Key Fund statistics | |
| Net Assets | $43,622,270 |
| Number of Portfolio Holdings | 91 |
| Net Investment Advisory Fees | $156,086 |
| Portfolio Turnover Rate | 0% |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
The inception date of the Fund was September 1, 2020.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type | Percent of
Net Assets | |
| Commercial Paper | 55.3 | % |
| Money Market Funds | 25.3 | % |
| U.S. Treasury Obligations | 10.3 | % |
| Certificates of Deposit | 8.8 | % |
| Total Return Commodity Index Swaps | 0.5 | % |
| Cash | 0.2 | % |
| Other assets, less liabilities | (0.4 | )% |
| Security(a) | Percent of
Net Assets | |
| U.S. Treasury Bill, 4.14%, 10/02/25 | 3.3 | % |
| National Bank of Canada, 4.61%, 06/12/25 | 1.3 | % |
| Citigroup Global Markets Inc., 5.02%, 01/24/25 | 1.1 | % |
| Lime Funding LLC, 4.83%, 11/01/24 | 1.1 | % |
| Brookfield Corporate Treasury Ltd., 5.16%, 11/01/24 | 1.1 | % |
(a) | Excludes money market funds. |
Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
The contractual fee waiver has been extended through March 1, 2025.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Commodity Curve Carry Strategy ETF
Annual Shareholder Report — October 31, 2024
CCRV-10/24-AR
iShares GSCI Commodity Dynamic Roll Strategy ETF
COMT | NASDAQ
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares GSCI Commodity Dynamic Roll Strategy ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
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 GSCI Commodity Dynamic Roll Strategy ETF | $46 | 0.47% |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned -2.74%.
For the same period, the S&P Total Market Index returned 37.99% and the S&P GSCI Dynamic Roll (USD) Total Return Index returned -2.49%.
What contributed to performance?
Amid worries about growth prospects, the European Central Bank cut rates three times, while the United States economy stayed strong, prompting the U.S. Federal Reserve Bank to wait until September before decreasing short-term interest rates for the first since 2020. In contrast, Japan ended its negative interest rate regime and raised rates. Exposure via futures to commodities, such as gold and cocoa, had the largest positive impact on the Fund’s performance during the reporting period. Gold futures rose amid inflationary concerns and geopolitical tensions, while weather conditions were the biggest factor supporting cocoa futures.
What detracted from performance?
Exposure to natural gas and corn via futures had the largest negative impact on the Fund’s return during the reporting period. Amid high storage levels and abundant supplies, natural gas prices have trended lower. Corn prices were also under pressure from poor supply-demand dynamics.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | | | | | | |
| 1 Year | | 5 Years | | 10 Years | |
| Fund NAV | (2.74 | )% | 6.42 | % | 0.27 | % |
| S&P Total Market Index | 37.99 | | 14.51 | | 12.37 | |
| S&P GSCI Dynamic Roll (USD) Total Return Index | (2.49 | ) | 6.83 | | (1.69 | ) |
| Key Fund statistics | |
| Net Assets | $858,649,444 |
| Number of Portfolio Holdings | 138 |
| Net Investment Advisory Fees | $3,837,132 |
| Portfolio Turnover Rate | 0% |
The Fund has added the S&P Total Market Index in response to new regulatory requirements.
The performance of the S&P GSCI Dynamic Roll (USD) Total Return Index in this report reflects the performance of the S&P GSCI Dynamic Roll Reduced Energy 70/30 Futures/Equity Blend Total Return Index through January 30, 2020 and, beginning January 31, 2020, the performance of the S&P GSCI Dynamic Roll (USD) Total Return Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type | Percent of
Net Assets | |
| Commercial Paper | 53.1 | % |
| Certificates of Deposit | 16.1 | % |
| U.S. Treasury Obligations | 12.8 | % |
| Money Market Funds | 10.1 | % |
| Cash | 8.7 | % |
| Futures | (3.5 | )% |
| Other assets, less liabilities | 2.7 | % |
| Sector Exposure(a) | Percent of
Net Assets | |
| Energy Futures | 34.0 | % |
| Industrial Metals Futures | 32.3 | % |
| Agriculture Futures | 17.0 | % |
| Livestock Futures | 9.1 | % |
| Gold Futures | 6.9 | % |
| Precious Metals Futures | 0.7 | % |
(a) | Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets. |
Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
The contractual fee waiver has been extended through February 28, 2029.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by 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 GSCI Commodity Dynamic Roll Strategy ETF
Annual Shareholder Report — October 31, 2024
COMT-10/24-AR
iShares Inflation Hedged Corporate Bond ETF
LQDI | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Inflation Hedged Corporate Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| iShares Inflation Hedged Corporate Bond ETF | $5(a) | 0.05%(a) |
(a) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 13.14%.
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the BlackRock Inflation Hedged Corporate Bond Index returned 12.70%.
What contributed to performance?
Bond returns were supported by an environment of slowing pricing pressures and steady growth in the United States during the reporting period. Inflation measures in the United States trended lower toward the Central Banks’s 2% target, leading the U.S. Federal Reserve’s to lower short-term interest rates by a 50 basis point cut, its first rate reduction since March 2020.
What detracted from performance?
The Fund uses zero coupon swaps (no cash flows exchange hands until maturity) across multiple points across the curve. If inflation runs below the fixed rate on the consumer price index (CPI) swaps, the swaps will be ‘out of the money’ and this will flow through to the NAV. During the reporting period, lower-than-expected inflation readings, as measured by the CPI, weighed on the Fund’s return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 8, 2018 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | | | | | | |
| 1 Year | | 5 Years | | Since Fund
Inception | |
| Fund NAV | 13.14 | % | 3.16 | % | 4.06 | % |
| Bloomberg U.S. Universal Index | 11.20 | | 0.18 | | 1.83 | |
| BlackRock Inflation Hedged Corporate Bond Index | 12.70 | | 4.03 | | 5.03 | |
| Markit iBoxx® USD Liquid Investment Grade Index | 15.16 | | 0.27 | | 2.75 | |
| Key Fund statistics | |
| Net Assets | $53,535,218 |
| Number of Portfolio Holdings | 123 |
| Net Investment Advisory Fees | $24,172 |
| Portfolio Turnover Rate | 6% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was May 8, 2018.
The performance of the BlackRock Inflation Hedge Corporate Bond Index in this report reflects the performance of the Markit iBoxx® USD Liquid Investment Grade Inflation Hedged Index through November 30, 2021 and, beginning on December 1, 2021, the performance of the BlackRock Inflation Hedge Corporate Bond Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type | Percent of
Net Assets | |
| Investment Companies | 94.7 | % |
| Short-term Investments | 46.3 | % |
| Swaps, net cumulative appreciation | 4.2 | % |
| Other assets less liabilities | (45.2 | )% |
| Credit quality allocation (of the underlying fund)(a) |
| Credit Rating(b) | Percent of Total
Investments(c) | |
| Aaa | 2.4 | % |
| Aa | 5.8 | % |
| A | 46.7 | % |
| Baa | 42.3 | % |
| Ba | 2.4 | % |
| Not Rated | 0.4 | % |
(a) | The underlying fund is iShares iBoxx $ Investment Grade Corporate Bond ETF. |
(b) | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(c) | Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC, Markit Indices Limited and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited or Markit Indices Limited but is affiliated with BlackRock Index Services, LLC.
©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 Inflation Hedged Corporate Bond ETF
Annual Shareholder Report — October 31, 2024
LQDI-10/24-AR
iShares Inflation Hedged High Yield Bond ETF
HYGI | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Inflation Hedged High Yield 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 Inflation Hedged High Yield Bond ETF | $5(a) | 0.05%(a) |
(a) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 15.24%.
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the BlackRock Inflation Hedged High Yield Bond Index returned 14.76%.
What contributed to performance?
Bond returns were supported by an environment of slowing pricing pressures and steady growth in the United States during the reporting period. Inflation measures in the United States trended lower toward the U.S. Federal Reserve Bank’s 2% target, leading the U.S. Federal Reserve to lower short-term interest rates by a 50 basis point cut, its first rate reduction since March 2020.
What detracted from performance?
The Fund uses zero coupon swaps (no cash flows exchange hands until maturity) across multiple points across the curve. If inflation runs below the fixed rate on the consumer price index (CPI) swaps, the swaps will be ‘out of the money’ and this will flow through to the NAV. During the reporting period, lower-than-expected inflation readings, as measured by the CPI, weighed on the Fund’s return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: June 22, 2022 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | | | | |
| 1 Year | | Since Fund
Inception | |
| Fund NAV | 15.24 | % | 9.09 | % |
| Bloomberg U.S. Universal Index | 11.20 | | 2.90 | |
| BlackRock Inflation Hedged High Yield Bond Index | 14.76 | | 8.63 | |
| Markit iBoxx® USD Liquid High Yield Index | 16.41 | | 9.55 | |
| Key Fund statistics | |
| Net Assets | $2,666,893 |
| Number of Portfolio Holdings | 41 |
| Net Investment Advisory Fees | $1,303 |
| Portfolio Turnover Rate | 0% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was June 22, 2022.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type | Percent of
Net Assets | |
| Investment Companies | 95.2 | % |
| Short-term Investments | 48.6 | % |
| Swaps, net cumulative appreciation | 0.4 | % |
| Other assets less liabilities | (44.2 | )% |
| Credit quality allocation (of the underlying fund)(a) |
| Credit Rating(b) | Percent of Total
Investments(c) | |
| Baa | 1.0 | % |
| Ba | 40.5 | % |
| B | 42.8 | % |
| Caa | 12.8 | % |
| Ca | 1.1 | % |
| Not Rated | 1.8 | % |
(a) | The underlying fund is iShares iBoxx $ High Yield Corporate Bond ETF. |
(b) | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(c) | Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC, Markit Indices Limited and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited or Markit Indices Limited but is affiliated with BlackRock Index Services, LLC.
©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 Inflation Hedged High Yield Bond ETF
Annual Shareholder Report — October 31, 2024
HYGI-10/24-AR
iShares Inflation Hedged U.S. Aggregate Bond ETF
AGIH | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Inflation Hedged U.S. Aggregate Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| iShares Inflation Hedged U.S. Aggregate Bond ETF | $10(a) | 0.10%(a) |
(a) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 9.29%.
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the BlackRock Inflation Hedged U.S. Aggregate Bond Index returned 9.18%.
What contributed to performance?
Bond returns were supported by an environment of slowing pricing pressures and steady growth in the United States during the reporting period. Inflation measures in the United States trended lower toward the U.S. Federal Reserve Bank’s 2% target, leading the U.S. Federal Reserve to lower short-term interest rates by a 50 basis point cut, its first-rate reduction since March 2020.
What detracted from performance?
The Fund uses zero coupon swaps (no cash flows exchange hands until maturity) across multiple points across the curve. If inflation runs below the fixed rate on the consumer price index (CPI) swaps, the swaps will be ‘out of the money’ and this will flow through to the NAV. During the reporting period, lower-than-expected inflation readings, as measured by the CPI, weighed on the Fund’s return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: June 22, 2022 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | | | | |
| 1 Year | | Since Fund
Inception | |
| Fund NAV | 9.29 | % | 2.11 | % |
| Bloomberg U.S. Universal Index | 11.20 | | 2.90 | |
| BlackRock Inflation Hedged U.S. Aggregate Bond Index | 9.18 | | 2.12 | |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | | 2.15 | |
| Key Fund statistics | |
| Net Assets | $2,462,635 |
| Number of Portfolio Holdings | 49 |
| Net Investment Advisory Fees | $2,447 |
| Portfolio Turnover Rate | 2% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was June 22, 2022.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type | Percent of
Net Assets | |
| Investment Companies | 95.8 | % |
| Short-term Investments | 1.2 | % |
| Swaps, net cumulative appreciation | 0.6 | % |
| Other assets less liabilities | 2.4 | % |
| Credit quality allocation (of the underlying fund)(a) |
| Credit Rating(b) | Percent of Total
Investments(c) | |
| Aaa | 70.8 | % |
| Aa | 2.3 | % |
| A | 13.6 | % |
| Baa | 11.9 | % |
| Ba | 0.5 | % |
| Not Rated | 0.9 | % |
(a) | The underlying fund is iShares Core U.S. Aggregate Bond ETF. |
(b) | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(c) | Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited but is affiliated with BlackRock Index Services, LLC.
©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 Inflation Hedged U.S. Aggregate Bond ETF
Annual Shareholder Report — October 31, 2024
AGIH-10/24-AR
iShares Interest Rate Hedged Corporate Bond ETF
LQDH | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Interest Rate Hedged Corporate Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| iShares Interest Rate Hedged Corporate Bond ETF | $11(a) | 0.10%(a) |
(a) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 9.91%.
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the BlackRock Interest Rate Hedged Corporate Bond Index returned 9.58%.
What contributed to performance?
Bond returns were supported by an environment of slowing pricing pressures and steady growth in the United States during the reporting period. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by a 50 basis point cut, its first-rate reduction since March 2020. In anticipation of rate cuts, the yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the 2-year Treasury note and the 10-year Treasury note) steepened during the reporting period. Bond yields and prices move in opposite directions.
What detracted from performance?
The yield on the 10-year Treasury decreased from 4.93% to 4.28% during the reporting period, leading the Fund’s hedged interest rate positions to detract from performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | | | | | | |
| 1 Year | | 5 Years | | 10 Years | |
| Fund NAV | 9.91 | % | 4.34 | % | 3.30 | % |
| Bloomberg U.S. Universal Index | 11.20 | | 0.18 | | 1.82 | |
| BlackRock Interest Rate Hedged Corporate Bond Index | 9.58 | | 4.04 | | 3.51 | |
| Markit iBoxx® USD Liquid Investment Grade Index | 15.16 | | 0.27 | | 2.66 | |
| Key Fund statistics | |
| Net Assets | $427,186,829 |
| Number of Portfolio Holdings | 186 |
| Net Investment Advisory Fees | $331,843 |
| Portfolio Turnover Rate | 9% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The performance of the BlackRock Interest Rate Hedged Corporate Bond Index in this report reflects the performance of the Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps Index through November 30, 2021 and, beginning on December 1, 2021, the performance of the BlackRock Interest Rate Hedged Corporate Bond Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type | Percent of
Net Assets | |
| Investment Companies | 94.6 | % |
| Short-term Investments | 51.4 | % |
| Swaps, net cumulative appreciation | 3.4 | % |
| Other assets less liabilities | (49.4 | )% |
| Credit quality allocation (of the underlying fund)(a) |
| Credit Rating(b) | Percent of Total
Investments(c) | |
| Aaa | 2.4 | % |
| Aa | 5.8 | % |
| A | 46.7 | % |
| Baa | 42.3 | % |
| Ba | 2.4 | % |
| Not Rated | 0.4 | % |
(a) | The underlying fund is iShares iBoxx $ Investment Grade Corporate Bond ETF. |
(b) | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(c) | Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC, Markit Indices Limited and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited or Markit Indices Limited but is affiliated with BlackRock Index Services, LLC.
©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 Interest Rate Hedged Corporate Bond ETF
Annual Shareholder Report — October 31, 2024
LQDH-10/24-AR
iShares Interest Rate Hedged High Yield Bond ETF
HYGH | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Interest Rate Hedged High Yield 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 Interest Rate Hedged High Yield Bond ETF | $5(a) | 0.05%(a) |
(a) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 13.99%.
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the BlackRock Interest Rate Hedged High Yield Bond Index returned 13.41%.
What contributed to performance?
Bond returns were supported by an environment of slowing pricing pressures and steady growth in the United States during the reporting period. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by a 50 basis point cut, its first rate reduction since March 2020. In anticipation of rate cuts, the yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the 2-year Treasury note and the 10-year Treasury note) steepened during the reporting period. Bond yields and prices move in opposite directions.
What detracted from performance?
The yield on the 10-year Treasury declined from 4.93% to 4.28% during the reporting period, and the impact of hedging interest rates negatively affected the Fund’s total return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | | | | | | |
| 1 Year | | 5 Years | | 10 Years | |
| Fund NAV | 13.99 | % | 5.82 | % | 4.56 | % |
| Bloomberg U.S. Universal Index | 11.20 | | 0.18 | | 1.82 | |
| BlackRock Interest Rate Hedged High Yield Bond Index | 13.41 | | 5.41 | | 4.62 | |
| Markit iBoxx® USD Liquid High Yield Index | 16.41 | | 3.87 | | 4.28 | |
| Key Fund statistics | |
| Net Assets | $335,786,291 |
| Number of Portfolio Holdings | 150 |
| Net Investment Advisory Fees | $124,033 |
| Portfolio Turnover Rate | 1% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The performance of the BlackRock Interest Rate Hedged High Yield Bond Index in this report reflects the performance of the Markit iBoxx® USD Liquid High Yield Interest Rate Hedged Swaps Index through November 30, 2021 and, beginning on December 1, 2021, the performance of the BlackRock Interest Rate Hedged High Yield Bond Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type | Percent of
Net Assets | |
| Investment Companies | 94.3 | % |
| Short-term Investments | 47.7 | % |
| Swaps, net cumulative appreciation | 0.6 | % |
| Other assets less liabilities | (42.6 | )% |
| Credit quality allocation (of the underlying fund)(a) |
| Credit Rating(b) | Percent of Total
Investments(c) | |
| Baa | 1.0 | % |
| Ba | 40.5 | % |
| B | 42.8 | % |
| Caa | 12.8 | % |
| Ca | 1.1 | % |
| Not Rated | 1.8 | % |
(a) | The underlying fund is iShares iBoxx $ High Yield Corporate Bond ETF. |
(b) | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(c) | Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC, Markit Indices Limited and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited or Markit Indices Limited but is affiliated with BlackRock Index Services, LLC.
©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 Interest Rate Hedged High Yield Bond ETF
Annual Shareholder Report — October 31, 2024
HYGH-10/24-AR
iShares Interest Rate Hedged Long-Term Corporate Bond ETF
IGBH | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Interest Rate Hedged Long-Term Corporate Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| iShares Interest Rate Hedged Long-Term Corporate Bond ETF | $11(a) | 0.10%(a) |
(a) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 10.15%.
For the same period, the ICE BofA US Broad Market Index returned 10.55% and the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index returned 10.48%.
What contributed to performance?
Bond returns were supported by an environment of slowing pricing pressures and steady growth in the United States during the reporting period. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by a 50 basis point cut, its first rate reduction since March 2020. In anticipation of rate cuts, the yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the 2-year Treasury note and the 10-year Treasury note) steepened during the reporting period. Bond yields and prices move in opposite directions.
What detracted from performance?
The yield on the 10-year Treasury declined from 4.93% to 4.28% during the reporting period, leading the Fund’s hedged interest rate positions to detract from performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: July 22, 2015 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | | | | | | |
| 1 Year | | 5 Years | | Since Fund
Inception | |
| Fund NAV | 10.15 | % | 4.57 | % | 3.83 | % |
| ICE BofA US Broad Market Index | 10.55 | | (0.24 | ) | 1.53 | |
| BlackRock Interest Rate Hedged Long-Term Corporate Bond Index | 10.48 | | 3.97 | | 3.80 | |
| ICE BofA 10+ Year US Corporate Index | 19.68 | | (1.14 | ) | 3.11 | |
| Key Fund statistics | |
| Net Assets | $93,279,495 |
| Number of Portfolio Holdings | 128 |
| Net Investment Advisory Fees | $106,085 |
| Portfolio Turnover Rate | 13% |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
The inception date of the Fund was July 22, 2015.
The performance of the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index in this report reflects the performance of the ICE Q70A Custom Index through November 30, 2021 and, beginning on December 1, 2021, the performance of the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type | Percent of
Net Assets | |
| Investment Companies | 91.5 | % |
| Short-term Investments | 45.2 | % |
| Swaps, net cumulative appreciation | 4.2 | % |
| Other assets less liabilities | (40.9 | )% |
| Credit quality allocation (of the underlying fund)(a) |
| Credit Rating(b) | Percent of Total
Investments(c) | |
| Aaa | 3.0 | % |
| Aa | 9.0 | % |
| A | 42.6 | % |
| Baa | 42.5 | % |
| Ba | 1.5 | % |
| Not Rated | 1.4 | % |
(a) | The underlying fund is iShares 10+ Year Investment Grade Corporate Bond ETF. |
(b) | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(c) | Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC, BlackRock Index Services, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with ICE Data Indices, LLC but is affiliated with BlackRock Index Services, LLC.
©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 Interest Rate Hedged Long-Term Corporate Bond ETF
Annual Shareholder Report — October 31, 2024
IGBH-10/24-AR
iShares Interest Rate Hedged U.S. Aggregate Bond ETF
AGRH | NYSE Arca
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Interest Rate Hedged U.S. Aggregate Bond ETF (the “Fund”) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| iShares Interest Rate Hedged U.S. Aggregate Bond ETF | $10(a) | 0.10%(a) |
(a) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 7.10%.
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the BlackRock Interest Rate Hedged U.S. Aggregate Bond Index returned 6.95%.
What contributed to performance?
Bond returns were supported by an environment of slowing pricing pressures and steady growth in the United States during the reporting period. Expectations for interest rate cuts grew, and those hopes were realized in September 2024 when the U.S. Federal Reserve lowered short-term interest rates by a 50 basis point cut, its first-rate reduction since March 2020. In anticipation of rate cuts, the yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the 2-year Treasury note and the 10-year Treasury note) steepened during the reporting period. The two-year U.S. Treasury note fell from 5.09% to 4.17%, while the ten-year Treasury decreased from 4.93% to 4.28% during the reporting period. (Bond yields and prices move in opposite directions.)
What detracted from performance?
As the yield on the 10-year Treasury declined during the reporting period, the Fund’s hedged interest rate positions detracted from performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: June 22, 2022 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | | | | |
| 1 Year | | Since Fund
Inception | |
| Fund NAV | 7.10 | % | 5.50 | % |
| Bloomberg U.S. Universal Index | 11.20 | | 2.90 | |
| BlackRock Interest Rate Hedged U.S. Aggregate Bond Index | 6.95 | | 5.34 | |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | | 2.15 | |
| Key Fund statistics | |
| Net Assets | $5,178,765 |
| Number of Portfolio Holdings | 87 |
| Net Investment Advisory Fees | $5,169 |
| Portfolio Turnover Rate | 2% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was June 22, 2022.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type | Percent of
Net Assets | |
| Investment Companies | 92.7 | % |
| Short-term Investments | 3.7 | % |
| Swaps, net cumulative appreciation | 2.7 | % |
| Other assets less liabilities | 0.9 | % |
| Credit quality allocation (of the underlying fund)(a) |
| Credit Rating(b) | Percent of Total
Investments(c) | |
| Aaa | 70.8 | % |
| Aa | 2.3 | % |
| A | 13.6 | % |
| Baa | 11.9 | % |
| Ba | 0.5 | % |
| Not Rated | 0.9 | % |
(a) | The underlying fund is iShares Core U.S. Aggregate Bond ETF. |
(b) | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(c) | Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited but is affiliated with BlackRock Index Services, LLC.
©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 Interest Rate Hedged U.S. Aggregate Bond ETF
Annual Shareholder Report — October 31, 2024
AGRH-10/24-AR
iShares Short Duration Bond Active ETF
NEAR | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Short Duration Bond Active ETF (the “Fund”) (formerly known as BlackRock Short Maturity Bond ETF) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| iShares Short Duration Bond Active ETF | $26 | 0.25% |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 7.10%.
For the same period, the Bloomberg U.S. Universal Index returned 11.20% and the Bloomberg U.S. 1-3 Year Government/Credit Bond Index returned 6.25%.
What contributed to performance?
During the reporting period, the largest contributors to the Fund’s performance were allocations to asset-backed securities, primarily auto and student loans. Also contributing positively to performance was an allocation to investment grade credit, specifically the banking sector. Additionally, commercial mortgage-backed securities, collateralized loan obligations, non-agency mortgages, U.S. high-yield credit, and agency residential mortgage-back securities allocations were additive. The Fund’s duration and curve positioning also contributed positively to performance. (Duration is a measure of a bond's interest rate risk, or how sensitive a bond's price is to changes in interest rates.)
What detracted from performance?
During the reporting period, there were no significant detractors from the Fund’s returns.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | | | | | | |
| 1 Year | | 5 Years | | 10 Years | |
| Fund NAV | 7.10 | % | 2.80 | % | 2.24 | % |
| Bloomberg U.S. Universal Index | 11.20 | | 0.18 | | 1.82 | |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 6.25 | | 1.51 | | 1.56 | |
| Key Fund statistics | |
| Net Assets | $2,915,952,889 |
| Number of Portfolio Holdings | 1,040 |
| Net Investment Advisory Fees | $7,450,565 |
| Portfolio Turnover Rate | 164% |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Investment Type | Percent of Total
Investments(a) | |
| U.S. Government & Agency Obligations | 40.8 | % |
| Corporate Bonds & Notes | 28.9 | % |
| Asset-Backed Securities | 17.5 | % |
| Collateralized Mortgage Obligations | 12.7 | % |
| Municipal Debt Obligations | 0.1 | % |
Credit quality allocation
| Moody's Credit Rating* | Percent of Total
Investments(a) | |
| Aaa | 55.0 | % |
| Aa | 1.3 | % |
| A | 13.8 | % |
| Baa | 13.5 | % |
| Ba | 2.8 | % |
| B | 1.2 | % |
| Caa | 0.1 | % |
| Not Rated | 12.3 | % |
(a) | Excludes money market funds. |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
Effective November 1, 2023, the Fund: (i) changed its name from BlackRock Short Maturity Bond ETF to BlackRock Short Duration Bond ETF; (ii) revised its investment objective to provide that the Fund seeks total return in excess of the reference benchmark; (iii) updated its principal investment strategy, establishing that the effective duration of the Fund's portfolio is expected to be three years or less; (iv) replaced its current benchmark with a new reference benchmark, the Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and (v) added a prospectus risk factor related to the Fund’s use of derivatives.
Effective October 10, 2024, the name of the Fund was changed from BlackRock Short Duration Bond ETF to iShares Short Duration Bond Active ETF.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Short Duration Bond Active ETF
Annual Shareholder Report — October 31, 2024
NEAR-10/24-AR
iShares Transition-Enabling Metals ETF
TMET | NASDAQ
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Transition-Enabling Metals 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 Transition-Enabling Metals ETF | $50 | 0.46% |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 19.36%.
For the same period, the ICE BofA US Broad Market Index returned 10.55% and the ICE Clean Energy Transition Metals Index returned 20.02%.
What contributed to performance?
Commodity futures in silver, copper, and aluminum were the largest contributors to the Fund’s performance during the reporting period. Amid worries about growth prospects, the European Central Bank cut rates three times, while the United States economy stayed strong, prompting the U.S. Federal Reserve Bank to wait until September before decreasing short-term interest rates for the first since 2020. Exposure to copper and aluminum via futures benefited from both interest rate cuts and from China’s efforts to stimulate their lagging economy during the reporting period. Silver futures were driven higher as inflation remained elevated in certain regions.
What detracted from performance?
Exposure to nickel futures had the largest negative impact on the Fund’s performance during the reporting period. Nickel is a major component for low carbon technologies; however, the metal suffered from oversupply and weak demand, particularly from China.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 26, 2023 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | | | | |
| 1 Year | | Since Fund
Inception | |
| Fund NAV | 19.36 | % | 17.12 | % |
| ICE BofA US Broad Market Index | 10.55 | | 7.89 | |
| ICE Clean Energy Transition Metals Index | 20.02 | | 17.90 | |
| Key Fund statistics | |
| Net Assets | $11,773,901 |
| Number of Portfolio Holdings | 47 |
| Net Investment Advisory Fees | $56,800 |
| Portfolio Turnover Rate | 0% |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
The inception date of the Fund was September 26, 2023.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Asset Type | Percent of
Net Assets | |
| Commercial Paper | 54.6 | % |
| Certificates of Deposit | 21.3 | % |
| Money Market Funds | 10.9 | % |
| U.S. Treasury Obligations | 8.3 | % |
| Cash | 4.1 | % |
| Futures | (0.6 | )% |
| Other assets, less liabilities | 1.4 | % |
| Sector Exposure(a) | Percent of
Net Assets | |
| Industrial Metals Futures | 73.0 | % |
| Precious Metals Futures | 27.3 | % |
(a) | Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Transition-Enabling Metals ETF
Annual Shareholder Report — October 31, 2024
TMET-10/24-AR
iShares Ultra Short-Term Bond Active ETF
ICSH | Cboe BZX Exchange
Annual Shareholder Report — October 31, 2024
This annual shareholder report contains important information about iShares Ultra Short-Term Bond Active ETF (the “Fund”) (formerly known as BlackRock Ultra Short-Term Bond ETF) for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| iShares Ultra Short-Term Bond Active ETF | $8 | 0.08% |
How did the Fund perform last year?
For the reporting period ended October 31, 2024, the Fund returned 6.02%.
For the same period, the ICE BofA US Broad Market Index returned 10.55% and the ICE® BofA® 6-Month US Treasury Bill Index returned 5.60%.
What contributed to performance?
During the reporting period, duration and curve positioning contributed to the Fund’s return, supported by the expected path of the U.S. Federal Reserve Bank’s monetary policy and the commencement of the easing cycle. (Duration is a measure of a bond's interest rate risk, or how sensitive a bond's price is to changes in interest rates.) Sector allocation positively contributed to the Fund’s performance, particularly among financial bonds which were supported by the prospect of lower interest rates. Commercial paper, high credit quality investment-grade bonds (rated Aa by Moody’s), and certificates of deposit also contributed to the Fund’s return during the reporting period.
What detracted from performance?
During the reporting period, the Fund’s maximum average maturity of 180 days, which is shorter than the benchmarks average maturity, detracted from the Fund’s return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 1, 2014 through October 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | | | | | | |
| 1 Year | | 5 Years | | 10 Years | |
| Fund NAV | 6.03 | % | 2.66 | % | 2.12 | % |
| ICE BofA US Broad Market Index | 10.55 | | (0.24 | ) | 1.52 | |
| ICE® BofA® 6-Month US Treasury Bill Index | 5.60 | | 2.46 | | 1.83 | |
| Key Fund statistics | |
| Net Assets | $5,521,604,891 |
| Number of Portfolio Holdings | 358 |
| Net Investment Advisory Fees | $4,570,473 |
| Portfolio Turnover Rate | 59% |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE® BofA® 6-Month US Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index's standard pricing time of 3 pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index's new standard pricing time of 4 pm. The change of the Index's standard pricing time from 3 pmto 4 pmresulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of October 31, 2024)
| Investment Type | Percent of Total
Investments(a) | |
| Corporate Bonds & Notes | 35.9 | % |
| Commercial Paper | 34.3 | % |
| Certificates of Deposit | 14.7 | % |
| Repurchase Agreements | 7.5 | % |
| Asset-Backed Securities | 4.9 | % |
| U.S. Government & Agency Obligations | 2.5 | % |
| Municipal Debt Obligations | 0.2 | % |
Credit quality allocation
| Moody's Credit Rating* | Percent of Total
Investments(a) | |
| Aaa | 6.9 | % |
| Aa | 29.6 | % |
| A | 32.7 | % |
| Baa | 6.2 | % |
| Not Rated | 24.6 | % |
(a) | Excludes money market funds. |
* | Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
Effective October 10, 2024, the name of the Fund was changed from BlackRock Ultra Short-Term Bond ETF to iShares Ultra Short-Term Bond Active ETF.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Ultra Short-Term Bond Active ETF
Annual Shareholder Report — October 31, 2024
ICSH-10/24-AR
(b) Not applicable
| Item 2 – | Code of Ethics – The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737. |
| Item 3 – | Audit Committee Financial Expert – The registrant’s board of trustees (the “board of trustees”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: |
Richard L. Fagnani
Madhav V. Rajan
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.
| Item 4 – | Principal Accountant Fees and Services. |
The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the thirteen series of the registrant for which the fiscal year-end is October 31, 2024 (the “Funds”), and whose annual financial statements are reported in Item 7.
(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $227,200 for the fiscal year ended October 31, 2023 and $187,300 for the fiscal year ended October 31, 2024.
(b) Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2023 and October 31, 2024 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Funds’ financial statements and are not reported under (a) of this Item.
(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $145,500 for the fiscal year ended October 31, 2023 and $126,100 for the fiscal year ended October 31, 2024. These services related to the review of the Funds’ tax returns and excise tax calculations.
(d) All Other Fees – There were no other fees billed in each of the fiscal years ended October 31, 2023 and October 31, 2024 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.
(e)(1) Audit Committee Pre-Approval Policies and Procedures – The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable
(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $145,500 for the fiscal year ended October 31, 2023 and $126,100 for the fiscal year ended October 31, 2024.
(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.
(i) Not applicable
(j) Not applicable
| Item 5 – | Audit Committee of Listed Registrant |
(a) The following individuals are members of the registrant’s separately designated standing Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):
Richard L. Fagnani
Laura F. Fergerson
Cecilia H. Herbert
Madhav V. Rajan
(b) Not applicable
(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
(b) Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
| Item 7 – | Financial Statements and Financial Highlights for Open-End Management Investment Companies |
(a) The registrant’s Financial Statements are attached herewith.
(b) The registrant’s Financial Highlights are attached herewith.
2024 Annual Financial Statements and Additional Information |
|
• iShares Inflation Hedged Corporate Bond ETF | LQDI | Cboe BZX Exchange |
• iShares Inflation Hedged High Yield Bond ETF | HYGI | NYSE Arca |
• iShares Inflation Hedged U.S. Aggregate Bond ETF | AGIH | NYSE Arca |
• iShares Interest Rate Hedged Corporate Bond ETF | LQDH | NYSE Arca |
• iShares Interest Rate Hedged High Yield Bond ETF | HYGH | NYSE Arca |
• iShares Interest Rate Hedged Long-Term Corporate Bond ETF | IGBH | NYSE Arca |
• iShares Interest Rate Hedged U.S. Aggregate Bond ETF | AGRH | NYSE Arca |
|
Schedule of InvestmentsOctober 31, 2024
iShares® Inflation Hedged Corporate Bond ETF(Percentages shown are based on Net Assets)
| | |
|
Exchange-Traded Funds — 94.7% |
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)(b) | | |
Total Investment Companies
(Cost: $53,517,459) | |
|
Money Market Funds — 46.3% |
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.01%(a)(c)(d) | | |
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.83%(a)(c) | | |
Total Short-Term Securities — 46.3%
(Cost: $24,799,892) | |
Total Investments in Securities — 141.0%
(Cost: $78,317,351) | |
Liabilities in Excess of Other Assets — (41.0)% | |
| |
| |
| All or a portion of this security is on loan. |
| Annualized 7-day yield as of period end. |
| All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | Change in
Unrealized
Appreciation
(Depreciation) | | | | Capital
Gain
Distributions
from
Underlying
Funds |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | | |
iShares iBoxx $ Investment Grade Corpo- rate Bond ETF | | | | | | | | | |
| | | | | | | | | |
| Represents net amount purchased (sold). |
| All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
32024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)October 31, 2024
iShares® Inflation Hedged Corporate Bond ETF
Derivative Financial Instruments Outstanding as of Period End
Centrally Cleared Inflation Swaps
| | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
Schedule of Investments (continued)October 31, 2024
iShares® Inflation Hedged Corporate Bond ETF
Centrally Cleared Inflation Swaps (continued)
| | | | | | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) |
| | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
52024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)October 31, 2024
iShares® Inflation Hedged Corporate Bond ETF
Centrally Cleared Inflation Swaps (continued)
| | | | | | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) |
| | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
Schedule of Investments (continued)October 31, 2024
iShares® Inflation Hedged Corporate Bond ETF
Centrally Cleared Inflation Swaps (continued)
| | | | | | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) |
| | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
72024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)October 31, 2024
iShares® Inflation Hedged Corporate Bond ETF
Centrally Cleared Inflation Swaps (continued)
| | | | | | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) |
| | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
Schedule of Investments (continued)October 31, 2024
iShares® Inflation Hedged Corporate Bond ETF
Centrally Cleared Inflation Swaps (continued)
| | | | | | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) |
| | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | | | | | | | | | |
92024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)October 31, 2024
iShares® Inflation Hedged Corporate Bond ETF
Centrally Cleared Interest Rate Swaps
| | | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps
| | | | |
Centrally Cleared Swaps(a) | | | | |
| Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| | | | Foreign
Currency
Exchange
Contracts | | | |
Assets—Derivative Financial Instruments | | | | | | | |
Swaps — centrally cleared | | | | | | | |
Unrealized appreciation on centrally cleared swaps(a) | | | | | | | |
Liabilities—Derivative Financial Instruments | | | | | | | |
Swaps — centrally cleared | | | | | | | |
Unrealized depreciation on centrally cleared swaps(a) | | | | | | | |
| Net cumulative unrealized appreciation (depreciation) on centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Schedule of Investments10
Schedule of Investments (continued)October 31, 2024
iShares® Inflation Hedged Corporate Bond ETF
For the period ended October 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
| | | | Foreign
Currency
Exchange
Contracts | | | |
Net Realized Gain (Loss) from | | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on | | | | | | | |
| | | | | | | |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| |
Average notional value — pays fixed rate | |
Average notional value — receives fixed rate | |
| |
Average notional value – pays fixed rate | |
Average notional value – receives fixed rate | |
| Derivative not held at quarter-end. The risk expoure table serves as an indicator of activity during the period. |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Derivative Financial Instruments(a) | | | | |
| | | | |
Inflation Linked Contracts | | | | |
| | | | |
| | | | |
Inflation Linked Contracts | | | | |
| | | | |
| | | | |
| Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
112024 iShares Annual Financial Statements and Additional Information
Schedule of InvestmentsOctober 31, 2024
iShares® Inflation Hedged High Yield Bond ETF(Percentages shown are based on Net Assets)
| | |
|
Exchange-Traded Funds — 95.2% |
iShares iBoxx $ High Yield Corporate Bond ETF(a)(b) | | |
Total Investment Companies
(Cost: $2,372,166) | |
|
Money Market Funds — 48.6% |
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.01%(a)(c)(d) | | |
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.83%(a)(c) | | |
Total Short-Term Securities — 48.6%
(Cost: $1,297,246) | |
Total Investments in Securities — 143.8%
(Cost: $3,669,412) | |
Liabilities in Excess of Other Assets — (43.8)% | |
| |
| |
| All or a portion of this security is on loan. |
| Annualized 7-day yield as of period end. |
| All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | Change in
Unrealized
Appreciation
(Depreciation) | | | | Capital
Gain
Distributions
from
Underlying
Funds |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | | |
iShares iBoxx $ High Yield Corporate Bond ETF | | | | | | | | | |
| | | | | | | | | |
| Represents net amount purchased (sold). |
| All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Schedule of Investments12
Schedule of Investments (continued)October 31, 2024
iShares® Inflation Hedged High Yield Bond ETF
Derivative Financial Instruments Outstanding as of Period End
Centrally Cleared Inflation Swaps
| | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
132024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)October 31, 2024
iShares® Inflation Hedged High Yield Bond ETF
Centrally Cleared Inflation Swaps (continued)
| | | | | | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) |
| | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | | | | | | | | | |
Schedule of Investments14
Schedule of Investments (continued)October 31, 2024
iShares® Inflation Hedged High Yield Bond ETF
Centrally Cleared Interest Rate Swaps
| | | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | |
| | | | | | | | | | |
| | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | |
| | U.S. CPI Urban Consumers NAS | | Goldman Sachs International | | | | | | |
| | U.S. CPI Urban Consumers NAS | | Goldman Sachs International | | | | | | |
| | | | | | | | | | |
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps
| | | | |
Centrally Cleared Swaps(a) | | | | |
| | | | |
| Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| | | | Foreign
Currency
Exchange
Contracts | | | |
Assets—Derivative Financial Instruments | | | | | | | |
Swaps — centrally cleared | | | | | | | |
Unrealized appreciation on centrally cleared swaps(a) | | | | | | | |
| | | | | | | |
Unrealized appreciation on OTC swaps; Swap premiums paid | | | | | | | |
| | | | | | | |
Liabilities—Derivative Financial Instruments | | | | | | | |
Swaps — centrally cleared | | | | | | | |
Unrealized depreciation on centrally cleared swaps(a) | | | | | | | |
| | | | | | | |
Unrealized depreciation on OTC swaps; Swap premiums received | | | | | | | |
| | | | | | | |
| Net cumulative unrealized appreciation (depreciation) on centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
152024 iShares Annual Financial Statements and Additional Information
Schedule of Investments (continued)October 31, 2024
iShares® Inflation Hedged High Yield Bond ETF
For the period ended October 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
| | | | Foreign
Currency
Exchange
Contracts | | | |
Net Realized Gain (Loss) from | | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on | | | | | | | |
| | | | | | | |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| |
Average notional value — pays fixed rate | |
| |
Average notional value – pays fixed rate | |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows:
| | |
Derivative Financial Instruments: | | |
Swaps - centrally cleared | | |
| | |
Total derivative assets and liabilities in the Statement of Assets and Liabilities | | |
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | | |
Total derivative assets and liabilities subject to an MNA | | |
| Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities. |
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
| Derivative
Assets
Subject to
an MNA by
Counterparty | | Non-Cash
Collateral
Received | | |
Goldman Sachs International | | | | | |
| Derivative
Liabilities
Subject to
an MNA by
Counterparty | | Non-Cash
Collateral
Pledged | | Net Amount
of Derivative
Liabilities |
Goldman Sachs International | | | | | |
| The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
| Net amount represents the net amount receivable from the counterparty in the event of default. |
Schedule of Investments16
Schedule of Investments (continued)October 31, 2024
iShares® Inflation Hedged High Yield Bond ETF
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Derivative Financial Instruments(a) | | | | |
| | | | |
Inflation Linked Contracts | | | | |
| | | | |
| | | | |
Inflation Linked Contracts | | | | |
| | | | |
| Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
172024 iShares Annual Financial Statements and Additional Information
Schedule of InvestmentsOctober 31, 2024
iShares® Inflation Hedged U.S. Aggregate Bond ETF(Percentages shown are based on Net Assets)
| | |
|
Exchange-Traded Funds — 95.8% |
iShares Core U.S. Aggregate Bond ETF(a) | | |
Total Investment Companies
(Cost: $2,407,629) | |
|
Money Market Funds — 1.2% |
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.83%(a)(b) | | |
Total Short-Term Securities — 1.2%
(Cost: $30,000) | |
Total Investments in Securities — 97.0%
(Cost: $2,437,629) | |
Other Assets Less Liabilities — 3.0% | |
| |
| |
| Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | Change in
Unrealized
Appreciation
(Depreciation) | | | | Capital
Gain
Distributions
from
Underlying
Funds |
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | | | | | | | | | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | | |
iShares Core U.S. Aggregate Bond ETF | | | | | | | | | |
| | | | | | | | | |
| As of period end, the entity is no longer held. |
| Represents net amount purchased (sold). |
| All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Centrally Cleared Inflation Swaps
| | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
Schedule of Investments18
Schedule of Investments (continued)October 31, 2024
iShares® Inflation Hedged U.S. Aggregate Bond ETF
Centrally Cleared Inflation Swaps (continued)
| | | | | | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) |
| | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | | | |
| | U.S. CPI Urban Consumers NSA | | | | | | |
