As filed with the U.S. Securities and Exchange Commission on February 23, 2021
File Nos. 333-92935 and 811-09729
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 | ☒ | |
Post-Effective Amendment No. 2,442 | ☒ |
and/or
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940 | ☒ | |
Amendment No. 2,442 | ☒ |
(Check appropriate box or boxes)
iShares Trust
(Exact Name of Registrant as Specified in Charter)
c/o State Street Bank and Trust Company
1 Lincoln Street
Mail Stop SFC0805
Boston, MA 02111
(Address of Principal Executive Office)(Zip Code)
Registrant’s Telephone Number, including Area Code: (415) 670-2000
The Corporation Trust Company
1209 Orange Street
Wilmington, DE 19801
(Name and Address of Agent for Service)
With Copies to:
MARGERY K. NEALE, ESQ. WILLKIE FARR & GALLAGHER LLP 787 SEVENTH AVENUE NEW YORK, NY 10019-6099 |
DEEPA DAMRE SMITH, ESQ. BLACKROCK FUND ADVISORS 400 HOWARD STREET SAN FRANCISCO, CA 94105 |
It is proposed that this filing will become effective (check appropriate box):
☐ |
Immediately upon filing pursuant to paragraph (b) |
☒ |
On March 1, 2021 pursuant to paragraph (b) |
☐ |
60 days after filing pursuant to paragraph (a)(1) |
☐ |
On (date) pursuant to paragraph (a)(1) |
☐ |
75 days after filing pursuant to paragraph (a)(2) |
☐ |
On (date) pursuant to paragraph (a)(2) |
If appropriate, check the following box:
☐ |
This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
March 1, 2021 | |
2021 Prospectus |
• |
iShares 0-5 Year High Yield Corporate Bond ETF | SHYG | NYSE ARCA
|
Ticker: SHYG | Stock Exchange: NYSE Arca |
1 Year | 3 Years | 5 Years | 10 Years | |||
$31 | $97 | $169 | $381 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 10/15/2013) | |||||
Return Before Taxes | 2.92% | 6.06% | 3.92% | ||
Return After Taxes on Distributions1 | 0.73% | 3.65% | 1.68% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.65% | 3.58% | 1.96% | ||
Markit iBoxx USD Liquid High Yield 0-5 Index (Index returns do not reflect deductions for fees, expenses or taxes) | 3.52% | 6.44% | 4.26% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of |
other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. | |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the |
service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. | |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares 0-5 Year High Yield Corporate Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $46.20 | $46.19 | $47.53 | $46.92 | $46.49 | ||||
Net investment income(a) | 2.26 | 2.55 | 2.56 | 2.65 | 2.64 | ||||
Net realized and unrealized gain (loss)(b) | (2.36) | 0.01 | (1.38) | 0.58 | 0.40 | ||||
Net increase (decrease) from investment operations | (0.10) | 2.56 | 1.18 | 3.23 | 3.04 | ||||
Distributions(c) | |||||||||
From net investment income | (2.35) | (2.55) | (2.52) | (2.62) | (2.61) | ||||
Total distributions | (2.35) | (2.55) | (2.52) | (2.62) | (2.61) | ||||
Net asset value, end of year | $43.75 | $46.20 | $46.19 | $47.53 | $46.92 | ||||
Total Return | |||||||||
Based on net asset value | (0.10)% | 5.71% | 2.55% | 7.06% | 6.88% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.30% | 0.30% | 0.30% | 0.30% | 0.44% | ||||
Total expenses after fees waived | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% | ||||
Net investment income | 5.15% | 5.54% | 5.46% | 5.59% | 5.80% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $4,904,298 | $3,349,716 | $3,126,800 | $3,602,986 | $1,229,318 | ||||
Portfolio turnover rate(d) | 45% | 31% | 35% | 35% | 31% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares 0-5 Year Investment Grade Corporate Bond ETF | SLQD | NASDAQ
|
Ticker: SLQD | Stock Exchange: NASDAQ |
1 Year | 3 Years | 5 Years | 10 Years | |||
$6 | $19 | $34 | $77 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 10/15/2013) | |||||
Return Before Taxes | 4.67% | 3.22% | 2.64% | ||
Return After Taxes on Distributions1 | 3.66% | 2.23% | 1.78% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 2.75% | 2.03% | 1.64% | ||
Markit iBoxx USD Liquid Investment Grade 0-5 Index (Index returns do not reflect deductions for fees, expenses or taxes) | 4.79% | 3.31% | 2.75% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, |
layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. | |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares 0-5 Year Investment Grade Corporate Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $51.17 | $49.43 | $50.49 | $50.63 | $50.30 | ||||
Net investment income(a) | 1.27 | 1.48 | 1.27 | 1.02 | 0.92 | ||||
Net realized and unrealized gain (loss)(b) | 0.90 | 1.71 | (1.18) | (0.18) | 0.30 | ||||
Net increase from investment operations | 2.17 | 3.19 | 0.09 | 0.84 | 1.22 | ||||
Distributions(c) | |||||||||
From net investment income | (1.32) | (1.45) | (1.15) | (0.98) | (0.89) | ||||
From net realized gain | (0.01) | — | — | — | — | ||||
Total distributions | (1.33) | (1.45) | (1.15) | (0.98) | (0.89) | ||||
Net asset value, end of year | $52.01 | $51.17 | $49.43 | $50.49 | $50.63 | ||||
Total Return | |||||||||
Based on net asset value | 4.31% | 6.55% | 0.18% | 1.68% | 2.43% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.06% | 0.06% | 0.06% | 0.07% | 0.12% | ||||
Net investment income | 2.48% | 2.95% | 2.56% | 2.02% | 1.83% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $2,062,138 | $1,934,285 | $1,418,761 | $610,937 | $200,004 | ||||
Portfolio turnover rate(d) | 29% | 20% | 15% | 20% | 15% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares 0-5 Year TIPS Bond ETF | STIP | NYSE ARCA
|
Ticker: STIP | Stock Exchange: NYSE Arca |
1 | The expense information in the table has been restated to reflect current fees. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$5 | $16 | $28 | $64 |
One Year | Five Years | Ten Years | |||
(Inception Date: 12/1/2010) | |||||
Return Before Taxes | 5.16% | 2.81% | 1.73% | ||
Return After Taxes on Distributions1 | 4.55% | 2.11% | 1.24% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 3.05% | 1.84% | 1.12% | ||
Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) (Index returns do not reflect deductions for fees, expenses, or taxes) | 5.07% | 2.82% | 1.81% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares 0-5 Year TIPS Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $100.17 | $98.21 | $100.52 | $101.05 | $99.23 | ||||
Net investment income(a) | 1.62 | 2.05 | 2.61 | 1.50 | 0.60 | ||||
Net realized and unrealized gain (loss)(b) | 2.85 | 2.02 | (2.22) | (0.92) | 1.93 | ||||
Net increase from investment operations | 4.47 | 4.07 | 0.39 | 0.58 | 2.53 | ||||
Distributions(c) | |||||||||
From net investment income | (1.32) | (2.11) | (2.70) | (1.11) | (0.56) | ||||
Return of capital | — | — | — | — | (0.15) | ||||
Total distributions | (1.32) | (2.11) | (2.70) | (1.11) | (0.71) | ||||
Net asset value, end of year | $103.32 | $100.17 | $98.21 | $100.52 | $101.05 | ||||
Total Return | |||||||||
Based on net asset value | 4.49% | 4.17% | 0.39% | 0.58% | 2.56% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.06% | 0.06% | 0.06% | 0.09% | 0.17% | ||||
Total expenses after fees waived | 0.06% | 0.06% | 0.06% | 0.09% | 0.10% | ||||
Net investment income | 1.59% | 2.07% | 2.62% | 1.49% | 0.60% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $2,841,229 | $2,343,861 | $2,199,887 | $1,326,873 | $788,179 | ||||
Portfolio turnover rate(d) | 72% | 58% | 40% | 27% | 42% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares 1-3 Year International Treasury Bond ETF | ISHG | NASDAQ
|
Ticker: ISHG | Stock Exchange: NASDAQ |
1 Year | 3 Years | 5 Years | 10 Years | |||
$36 | $113 | $197 | $443 |
One Year | Five Years | Ten Years | |||
(Inception Date: 1/21/2009) | |||||
Return Before Taxes | 7.30% | 2.27% | -1.14% | ||
Return After Taxes on Distributions1 | 7.30% | 2.08% | -1.46% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 4.32% | 1.66% | -0.96% | ||
S&P International Sovereign Ex-U.S. 1-3 Year Bond Index2 (formerly known as S&P/Citigroup International Treasury Bond Ex-US 1-3 Year Index) (Index returns do not reflect deductions for fees, expenses, or taxes) | 7.81% | 2.43% | -0.86% | ||
FTSE World Government Bond Index – Developed Markets 1-3 Years Capped Select Index2 (Index returns do not reflect deductions for fees, expenses, or taxes) | N/A | N/A | N/A |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
2 | On September 1, 2020, the Fund’s Underlying Index changed from the S&P International Sovereign Ex-U.S. 1-3 Year Bond Index to the FTSE World Government Bond Index – Developed Markets 1-3 Years Capped Select Index. The inception date of the FTSE World Government Bond Index – Developed Markets 1-3 Years Capped Select Index was February 28, 2020. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, |
which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares 1-3 Year International Treasury Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $78.93 | $80.16 | $82.78 | $80.72 | $78.95 | ||||
Net investment income (loss)(a) | (0.14) | (0.00)(b) | (0.06) | (0.04) | 0.00(b) | ||||
Net realized and unrealized gain (loss)(c) | 2.55 | 0.20 | (2.17) | 2.10 | 1.77 | ||||
Net increase (decrease) from investment operations | 2.41 | 0.20 | (2.23) | 2.06 | 1.77 | ||||
Distributions(d) | |||||||||
From net investment income | — | (1.43) | (0.39) | — | — | ||||
Total distributions | — | (1.43) | (0.39) | — | — | ||||
Net asset value, end of year | $81.34 | $78.93 | $80.16 | $82.78 | $80.72 | ||||
Total Return | |||||||||
Based on net asset value | 3.05% | 0.25% | (2.71)% | 2.55% | 2.24% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | ||||
Total expenses after fees waived | 0.17% | 0.09% | 0.01% | 0.01% | 0.20% | ||||
Net investment income (loss) | (0.18)% | (0.01)% | (0.07)% | (0.04)% | 0.01% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $56,937 | $67,090 | $76,156 | $78,641 | $84,758 | ||||
Portfolio turnover rate(e) | 71% | 56% | 47% | 48% | 53% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) Rounds to less than $0.01. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares Aaa - A Rated Corporate Bond ETF | QLTA | NYSE ARCA
|
Ticker: QLTA | Stock Exchange: NYSE Arca |
1 Year | 3 Years | 5 Years | 10 Years | |||
$15 | $48 | $85 | $192 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 2/14/2012) | |||||
Return Before Taxes | 9.81% | 5.83% | 4.46% | ||
Return After Taxes on Distributions1 | 8.75% | 4.62% | 3.33% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 5.78% | 3.95% | 2.93% | ||
Bloomberg Barclays U.S. Corporate Aaa - A Capped Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 9.95% | 5.96% | 4.64% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments |
that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares Aaa - A Rated Corporate Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $54.85 | $49.57 | $52.76 | $52.80 | $51.32 | ||||
Net investment income(a) | 1.35 | 1.68 | 1.53 | 1.40 | 1.34 | ||||
Net realized and unrealized gain (loss)(b) | 2.68 | 5.25 | (3.23) | (0.08) | 1.70 | ||||
Net increase (decrease) from investment operations | 4.03 | 6.93 | (1.70) | 1.32 | 3.04 | ||||
Distributions(c) | |||||||||
From net investment income | (1.42) | (1.65) | (1.49) | (1.36) | (1.56) | ||||
Total distributions | (1.42) | (1.65) | (1.49) | (1.36) | (1.56) | ||||
Net asset value, end of year | $57.46 | $54.85 | $49.57 | $52.76 | $52.80 | ||||
Total Return | |||||||||
Based on net asset value | 7.44% | 14.22% | (3.27)% | 2.57% | 6.02% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | ||||
Net investment income | 2.37% | 3.19% | 3.00% | 2.69% | 2.56% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $1,485,423 | $419,610 | $158,621 | $121,345 | $105,609 | ||||
Portfolio turnover rate(d) | 16% | 16% | 15% | 16% | 26% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares BB Rated Corporate Bond ETF | HYBB | NYSE ARCA
|
Ticker: HYBB | Stock Exchange: NYSE Arca |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | |||
$26 | $80 |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in |
valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. | |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain |
issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares Broad USD High Yield Corporate Bond ETF | USHY | CBOE BZX
|
Ticker: USHY | Stock Exchange: Cboe BZX |
1 | The expense information in the table has been restated to reflect current fees. |
2 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$15 | $64 | $117 | $273 |
One Year |
Since Fund
Inception |
||
(Inception Date: 10/25/2017) | |||
Return Before Taxes | 6.02% | 5.45% | |
Return After Taxes on Distributions1 | 3.62% | 3.00% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 3.45% | 3.07% | |
ICE BofA US High Yield Constrained Index2 (Index returns do not reflect deductions for fees, expenses, or taxes) | 6.07% | 5.52% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
2 | On January 1, 2020, the name of the Fund’s Underlying Index changed from the ICE BofAML US High Yield Constrained Index to the ICE BofA US High Yield Constrained Index. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in |
such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares Broad USD High Yield Corporate Bond ETF | |||||||
Year Ended
10/31/20 |
Year Ended
10/31/19(a) |
Year Ended
10/31/18(a) |
Period From
10/25/17(b) to 10/31/17 (a) |
||||
Net asset value, beginning of period | $40.61 | $39.80 | $41.67 | $41.67 | |||
Net investment income(c) | 2.21 | 2.52 | 2.39 | 0.03 | |||
Net realized and unrealized gain (loss)(d) | (1.23) | 0.74 | (2.17) | (0.03) | |||
Net increase from investment operations | 0.98 | 3.26 | 0.22 | 0.00 | |||
Distributions(e) | |||||||
From net investment income | (2.25) | (2.45) | (2.09) | — | |||
Total distributions | (2.25) | (2.45) | (2.09) | — | |||
Net asset value, end of period | $39.34 | $40.61 | $39.80 | $41.67 | |||
Total Return | |||||||
Based on net asset value | 2.61% | 8.48% | 0.55% | 0.00%(f) | |||
Ratios to Average Net Assets | |||||||
Total expenses | 0.22% | 0.22% | 0.22% | 0.22%(g) | |||
Total expenses after fees waived | 0.15% | 0.16% | 0.22% | 0.22%(g) | |||
Net investment income | 5.67% | 6.23% | 5.89% | 3.19%(g) | |||
Supplemental Data | |||||||
Net assets, end of period (000) | $6,194,074 | $2,595,057 | $255,533 | $49,997 | |||
Portfolio turnover rate(h) | 21% | 19% | 15% | 0%(f) | |||
(a) Per share amounts reflect a six-for-five stock split effective after the close of trading on April 18, 2019. |
|||||||
(b) Commencement of operations. | |||||||
(c) Based on average shares outstanding. | |||||||
(d) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||
(e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||
(f) Not annualized. | |||||||
(g) Annualized. | |||||||
(h) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares CMBS ETF | CMBS | NYSE ARCA
|
Ticker: CMBS | Stock Exchange: NYSE Arca |
1 Year | 3 Years | 5 Years | 10 Years | |||
$26 | $80 | $141 | $318 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 2/14/2012) | |||||
Return Before Taxes | 7.84% | 4.48% | 3.68% | ||
Return After Taxes on Distributions1 | 6.65% | 3.35% | 2.64% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 4.69% | 2.94% | 2.37% | ||
Bloomberg Barclays U.S. CMBS (ERISA Only) Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 8.11% | 4.73% | 4.02% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in |
which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. | |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares CMBS ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $53.42 | $49.36 | $51.60 | $52.43 | $51.45 | ||||
Net investment income(a) | 1.39 | 1.45 | 1.37 | 1.28 | 1.20 | ||||
Net realized and unrealized gain (loss)(b) | 1.47 | 4.04 | (2.26) | (0.88) | 0.97 | ||||
Net increase (decrease) from investment operations | 2.86 | 5.49 | (0.89) | 0.40 | 2.17 | ||||
Distributions(c) | |||||||||
From net investment income | (1.40) | (1.43) | (1.35) | (1.23) | (1.19) | ||||
Total distributions | (1.40) | (1.43) | (1.35) | (1.23) | (1.19) | ||||
Net asset value, end of year | $54.88 | $53.42 | $49.36 | $51.60 | $52.43 | ||||
Total Return | |||||||||
Based on net asset value | 5.42% | 11.27% | (1.74)% | 0.80% | 4.27% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | ||||
Net investment income | 2.58% | 2.81% | 2.72% | 2.49% | 2.29% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $491,195 | $422,024 | $310,990 | $250,247 | $246,412 | ||||
Portfolio turnover rate(d) | 26% | 21% | 13% | 19% | 61% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares Convertible Bond ETF | ICVT | CBOE BZX
|
Ticker: ICVT | Stock Exchange: Cboe BZX |
1 Year | 3 Years | 5 Years | 10 Years | |||
$20 | $64 | $113 | $255 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 6/2/2015) | |||||
Return Before Taxes | 61.67% | 20.29% | 16.45% | ||
Return After Taxes on Distributions1 | 59.31% | 18.72% | 14.95% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 36.81% | 15.66% | 12.51% | ||
Bloomberg Barclays U.S. Convertible Cash Pay Bond > $250MM Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 63.83% | 21.00% | 17.14% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its |
market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. | |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, |
and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. | |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares Convertible Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $59.07 | $55.86 | $55.38 | $47.01 | $46.80 | ||||
Net investment income(a) | 0.86 | 0.96 | 0.93 | 1.00 | 0.79 | ||||
Net realized and unrealized gain(b) | 21.90 | 4.74 | 0.87 | 8.57 | 1.02 | ||||
Net increase from investment operations | 22.76 | 5.70 | 1.80 | 9.57 | 1.81 | ||||
Distributions(c) | |||||||||
From net investment income | (1.12) | (2.02) | (1.13) | (1.20) | (1.60) | ||||
From net realized gain | — | (0.47) | (0.19) | — | — | ||||
Total distributions | (1.12) | (2.49) | (1.32) | (1.20) | (1.60) | ||||
Net asset value, end of year | $80.71 | $59.07 | $55.86 | $55.38 | $47.01 | ||||
Total Return | |||||||||
Based on net asset value | 39.02% | 10.55% | 3.26%(d) | 20.63% | 3.98% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.30% | ||||
Net investment income | 1.24% | 1.66% | 1.64% | 1.88% | 1.75% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $851,507 | $404,627 | $259,730 | $354,410 | $14,103 | ||||
Portfolio turnover rate(e) | 33% | 24% | 29% | 14% | 20% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been -1.94%. | |||||||||
(e) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares Core International Aggregate Bond ETF | IAGG | CBOE BZX
|
Ticker: IAGG | Stock Exchange: Cboe BZX |
1 | The expense information in the table has been restated to reflect current fees. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$8 | $26 | $45 | $103 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 11/10/2015) | |||||
Return Before Taxes | 4.51% | 4.60% | 4.58% | ||
Return After Taxes on Distributions1 | 4.21% | 3.81% | 3.80% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 2.67% | 3.20% | 3.19% | ||
Bloomberg Barclays Global Aggregate ex USD 10% Issuer Capped (Hedged) Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 4.70% | 4.72% | 4.68% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
■ | The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used in Russia; |
■ | Risks in connection with the maintenance of the Fund’s portfolio securities and cash with foreign sub-custodians and securities depositories, including the risk that appropriate sub-custody arrangements will not be available to the Fund; |
■ | The risk that the Fund’s ownership rights in portfolio securities could be lost through fraud or negligence because ownership in shares of Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system; |
■ | The risk that the Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government; and |
■ | The risk that various responses by other nation-states to alleged Russian cyber activity will impact Russia’s economy and Russian issuers of securities in which the Fund invests. |
iShares Core International Aggregate Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Period From
11/10/15(a) to 10/31/16 |
|||||
Net asset value, beginning of period | $55.23 | $52.17 | $51.98 | $52.62 | $49.85 | ||||
Net investment income(b) | 0.55 | 0.55 | 0.47 | 0.44 | 0.42 | ||||
Net realized and unrealized gain(c) | 1.17 | 4.80 | 0.44 | 0.30 | 2.67 | ||||
Net increase from investment operations | 1.72 | 5.35 | 0.91 | 0.74 | 3.09 | ||||
Distributions(d) | |||||||||
From net investment income | (0.46) | (2.29) | (0.72) | (0.76) | (0.32) | ||||
From net realized gain | (0.01) | — | — | (0.20) | — | ||||
Return of capital | (0.71) | — | — | (0.42) | — | ||||
Total distributions | (1.18) | (2.29) | (0.72) | (1.38) | (0.32) | ||||
Net asset value, end of period | $55.77 | $55.23 | $52.17 | $51.98 | $52.62 | ||||
Total Return | |||||||||
Based on net asset value | 3.16%(e) | 10.50% | 1.77% | 1.46% | 6.22%(f) | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.09% | 0.09% | 0.09% | 0.11% | 0.15%(g) | ||||
Net investment income | 0.99% | 1.02% | 0.91% | 0.84% | 0.83%(g) | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $3,228,915 | $1,828,114 | $871,318 | $465,235 | $186,791 | ||||
Portfolio turnover rate(h) | 36% | 12% | 11% | 20% | 110%(f) | ||||
(a) Commencement of operations. |
|||||||||
(b) Based on average shares outstanding. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Includes payment received from an affiliate, which had no impact on the Fund’s total return. | |||||||||
(f) Not annualized. | |||||||||
(g) Annualized. | |||||||||
(h) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares Core 1-5 Year USD Bond ETF | ISTB | NASDAQ
|
Ticker: ISTB | Stock Exchange: NASDAQ |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution
and Service (12b-1) Fees |
Other
Expenses |
Acquired Fund
Fees and Expenses1 |
Total Annual
Fund Operating Expenses |
Fee Waiver1 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.06% | None | None | 0.00% | 0.06% | (0.00)% | 0.06% |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$6 | $19 | $34 | $77 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 10/18/2012) | |||||
Return Before Taxes | 4.76% | 3.18% | 2.21% | ||
Return After Taxes on Distributions1 | 3.82% | 2.19% | 1.43% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 2.81% | 2.00% | 1.34% | ||
Bloomberg Barclays U.S. Universal 1-5 Year Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 | 4.90% | 3.26% | 2.31% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
2 | Index returns through June 2, 2014 reflect the performance of the Bloomberg Barclays U.S. Government/Credit 1-5 Year Bond Index. Index returns beginning on June 3, 2014 reflect the performance of the Bloomberg Barclays U.S. Universal 1-5 Year Index, which, effective as of June 3, 2014, replaced the Bloomberg Barclays U.S. Government/Credit 1-5 Year Bond Index as the Underlying Index of the Fund. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for |
high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. | |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares Core 1-5 Year USD Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16(a) |
|||||
Net asset value, beginning of year | $50.50 | $48.79 | $50.08 | $50.44 | $50.00 | ||||
Net investment income(b) | 1.18 | 1.42 | 1.24 | 1.03 | 0.94 | ||||
Net realized and unrealized gain (loss)(c) | 0.92 | 1.68 | (1.37) | (0.38) | 0.43 | ||||
Net increase (decrease) from investment operations | 2.10 | 3.10 | (0.13) | 0.65 | 1.37 | ||||
Distributions(d) | |||||||||
From net investment income | (1.22) | (1.39) | (1.16) | (1.01) | (0.93) | ||||
Total distributions | (1.22) | (1.39) | (1.16) | (1.01) | (0.93) | ||||
Net asset value, end of year | $51.38 | $50.50 | $48.79 | $50.08 | $50.44 | ||||
Total Return | |||||||||
Based on net asset value | 4.22% | 6.43% | (0.25)% | 1.29% | 2.79% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.06% | 0.06% | 0.06% | 0.08% | 0.12% | ||||
Total expenses after fees waived | 0.06% | 0.06% | 0.06% | 0.07% | 0.11% | ||||
Net investment income | 2.32% | 2.85% | 2.53% | 2.06% | 1.87% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $4,700,991 | $2,863,252 | $2,205,285 | $1,156,893 | $580,113 | ||||
Portfolio turnover rate(e)(f) | 77% | 83% | 107% | 124% | 124% | ||||
(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on July 22, 2016. |
|||||||||
(b) Based on average shares outstanding. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(f) Portfolio turnover rate includes to-be-announced (TBA) transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares Core Total USD Bond Market ETF | IUSB | NASDAQ
|
Ticker: IUSB | Stock Exchange: NASDAQ |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution
and Service (12b-1) Fees |
Other
Expenses |
Acquired Fund
Fees and Expenses |
Total Annual
Fund Operating Expenses |
Fee Waiver |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.06% | None | None | 0.01% | 0.07% | (0.01)% | 0.06% |
1 Year | 3 Years | 5 Years | 10 Years | |||
$6 | $19 | $36 | $87 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 6/10/2014) | |||||
Return Before Taxes | 7.59% | 4.81% | 4.05% | ||
Return After Taxes on Distributions1 | 6.42% | 3.60% | 2.91% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 4.49% | 3.16% | 2.60% | ||
Bloomberg Barclays U.S. Universal Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 7.58% | 4.87% | 4.08% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, |
and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. | |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
■ | The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used in Russia; |
■ | Risks in connection with the maintenance of the Fund’s portfolio securities and cash with foreign sub-custodians and securities depositories, including the risk that appropriate sub-custody arrangements will not be available to the Fund; |
■ | The risk that the Fund’s ownership rights in portfolio securities could be lost through fraud or negligence because ownership in shares of Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system; |
■ | The risk that the Fund may not be able to pursue claims on behalf of its shareholders |
■ | The risk that various responses by other nation-states to alleged Russian cyber activity will impact Russia’s economy and Russian issuers of securities in which the Fund invests. |
iShares Core Total USD Bond Market ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16(a) |
|||||
Net asset value, beginning of year | $52.36 | $48.54 | $50.94 | $51.47 | $50.17 | ||||
Net investment income(b) | 1.38 | 1.60 | 1.44 | 1.30 | 1.20 | ||||
Net realized and unrealized gain (loss)(c) | 1.71 | 3.79 | (2.48) | (0.45) | 1.27 | ||||
Net increase (decrease) from investment operations | 3.09 | 5.39 | (1.04) | 0.85 | 2.47 | ||||
Distributions(d) | |||||||||
From net investment income | (1.44) | (1.57) | (1.36) | (1.30) | (1.17) | ||||
From net realized gain | — | — | — | (0.08) | — | ||||
Total distributions | (1.44) | (1.57) | (1.36) | (1.38) | (1.17) | ||||
Net asset value, end of year | $54.01 | $52.36 | $48.54 | $50.94 | $51.47 | ||||
Total Return | |||||||||
Based on net asset value | 5.98% | 11.28% | (2.07)% | 1.70% | 4.97% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.06% | 0.06% | 0.06% | 0.08% | 0.12% | ||||
Total expenses after fees waived | 0.05% | 0.05% | 0.05% | 0.06% | 0.11% | ||||
Net investment income | 2.59% | 3.15% | 2.91% | 2.56% | 2.36% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $5,530,617 | $4,115,831 | $2,286,286 | $1,782,963 | $617,627 | ||||
Portfolio turnover rate(e)(f) | 180% | 172% | 253% | 264% | 234% | ||||
(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on July 22, 2016. |
|||||||||
(b) Based on average shares outstanding. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(f) Portfolio turnover rate includes to-be-announced (TBA) transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares ESG Advanced High Yield Corporate Bond ETF | HYXF | NASDAQ
|
Ticker: HYXF | Stock Exchange: NASDAQ |
1 | The expense information in the table has been restated to reflect current fees. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$36 | $113 | $197 | $443 |
One Year |
Since Fund
Inception |
||
(Inception Date: 6/14/2016) | |||
Return Before Taxes | 5.73% | 7.06% | |
Return After Taxes on Distributions1 | 3.52% | 4.61% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 3.31% | 4.32% | |
Markit iBoxx USD Liquid High Yield ex-Oil and Gas Index2 (Index returns do not reflect deductions for fees, expenses, or taxes) | 6.09% | 7.46% | |
Bloomberg Barclays MSCI US High Yield Choice ESG Screened Index2 (Index returns do not reflect deductions for fees, expenses, or taxes) | 4.39% | N/A |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
2 | On September 15, 2020, the Fund’s Underlying Index changed from the Markit iBoxx USD Liquid High Yield ex-Oil and Gas Index to the Bloomberg Barclays MSCI US High Yield Choice ESG Screened Index. The inception date of the Bloomberg Barclays MSCI US High Yield Choice ESG Screened Index was July 1, 2019. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain |
issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares ESG Advanced High Yield Corporate Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Period From
06/14/16(a) to 10/31/16 |
|||||
Net asset value, beginning of period | $51.81 | $49.54 | $51.90 | $51.28 | $49.48 | ||||
Net investment income(b) | 2.41 | 2.88 | 2.93 | 3.00 | 1.09 | ||||
Net realized and unrealized gain (loss)(c) | (0.73) | 2.34 | (2.37) | 0.54 | 1.64 | ||||
Net increase from investment operations | 1.68 | 5.22 | 0.56 | 3.54 | 2.73 | ||||
Distributions(d) | |||||||||
From net investment income | (2.46) | (2.95) | (2.92) | (2.92) | (0.93) | ||||
Total distributions | (2.46) | (2.95) | (2.92) | (2.92) | (0.93) | ||||
Net asset value, end of period | $51.03 | $51.81 | $49.54 | $51.90 | $51.28 | ||||
Total Return | |||||||||
Based on net asset value | 3.42% | 10.88% | 1.13% | 7.09% | 5.52%(e) | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.47% | 0.50% | 0.50% | 0.50% | 0.50%(f) | ||||
Net investment income | 4.78% | 5.70% | 5.80% | 5.80% | 5.61%(f) | ||||
Supplemental Data | |||||||||
Net assets, end of period (000) | $61,235 | $23,316 | $9,908 | $10,380 | $10,255 | ||||
Portfolio turnover rate(g) | 85% | 24% | 24% | 18% | 7%(e) | ||||
(a) Commencement of operations. |
|||||||||
(b) Based on average shares outstanding. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Not annualized. | |||||||||
(f) Annualized. | |||||||||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares Fallen Angels USD Bond ETF | FALN | NASDAQ
|
Ticker: FALN | Stock Exchange: NASDAQ |
1 Year | 3 Years | 5 Years | 10 Years | |||
$26 | $80 | $141 | $318 |
One Year |
Since Fund
Inception |
||
(Inception Date: 6/14/2016) | |||
Return Before Taxes | 14.43% | 9.87% | |
Return After Taxes on Distributions1 | 11.80% | 7.18% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 8.36% | 6.39% | |
Bloomberg Barclays US High Yield Fallen Angel 3% Capped Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 16.64% | 10.51% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments |
that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares Fallen Angels USD Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Period From
06/14/16(a) to 10/31/16 |
|||||
Net asset value, beginning of period | $26.58 | $25.90 | $27.64 | $26.77 | $25.00 | ||||
Net investment income(b) | 1.54 | 1.50 | 1.50 | 1.62 | 0.60 | ||||
Net realized and unrealized gain (loss)(c) | 0.65 | 0.67 | (1.49) | 0.89 | 1.69 | ||||
Net increase from investment operations | 2.19 | 2.17 | 0.01 | 2.51 | 2.29 | ||||
Distributions(d) | |||||||||
From net investment income | (1.48) | (1.49) | (1.42) | (1.56) | (0.52) | ||||
From net realized gain | — | — | (0.33) | (0.08) | — | ||||
Total distributions | (1.48) | (1.49) | (1.75) | (1.64) | (0.52) | ||||
Net asset value, end of period | $27.29 | $26.58 | $25.90 | $27.64 | $26.77 | ||||
Total Return | |||||||||
Based on net asset value | 8.68% | 8.70% | 0.04% | 9.72% | 9.21%(e) | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.25% | 0.25% | 0.25% | 0.33% | 0.35%(f) | ||||
Net investment income | 5.84% | 5.73% | 5.65% | 5.98% | 6.02%(f) | ||||
Supplemental Data | |||||||||
Net assets, end of period (000) | $321,971 | $143,525 | $67,337 | $15,204 | $10,708 | ||||
Portfolio turnover rate(g) | 51% | 23% | 29% | 31% | 8%(e) | ||||
(a) Commencement of operations. |
|||||||||
(b) Based on average shares outstanding. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Not annualized. | |||||||||
(f) Annualized. | |||||||||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares Floating Rate Bond ETF | FLOT | CBOE BZX
|
Ticker: FLOT | Stock Exchange: Cboe BZX |
1 Year | 3 Years | 5 Years | 10 Years | |||
$20 | $64 | $113 | $255 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 6/14/2011) | |||||
Return Before Taxes | 0.91% | 1.92% | 1.38% | ||
Return After Taxes on Distributions1 | 0.39% | 1.18% | 0.87% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 0.53% | 1.15% | 0.84% | ||
Bloomberg Barclays US Floating Rate Note < 5 Years Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 1.36% | 2.22% | 1.63% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service |
providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. | |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares Floating Rate Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $50.98 | $50.93 | $50.93 | $50.72 | $50.43 | ||||
Net investment income(a) | 0.83 | 1.44 | 1.19 | 0.73 | 0.45 | ||||
Net realized and unrealized gain (loss)(b) | (0.24) | 0.08 | (0.13) | 0.19 | 0.24 | ||||
Net increase from investment operations | 0.59 | 1.52 | 1.06 | 0.92 | 0.69 | ||||
Distributions(c) | |||||||||
From net investment income | (0.87) | (1.47) | (1.06) | (0.71) | (0.40) | ||||
Total distributions | (0.87) | (1.47) | (1.06) | (0.71) | (0.40) | ||||
Net asset value, end of year | $50.70 | $50.98 | $50.93 | $50.93 | $50.72 | ||||
Total Return | |||||||||
Based on net asset value | 1.19% | 3.02% | 2.11% | 1.82% | 1.39% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | ||||
Net investment income | 1.64% | 2.84% | 2.33% | 1.43% | 0.89% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $5,592,224 | $9,940,510 | $11,832,089 | $6,544,454 | $3,185,003 | ||||
Portfolio turnover rate(d) | 29% | 23% | 17% | 21% | 26% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares Global Green Bond ETF | BGRN | NASDAQ
|
Ticker: BGRN | Stock Exchange: NASDAQ |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$20 | $75 | $136 | $313 |
One Year |
Since Fund
Inception |
||
(Inception Date: 11/13/2018) | |||
Return Before Taxes | 6.53% | 8.24% | |
Return After Taxes on Distributions1 | 5.72% | 7.06% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 3.85% | 5.82% | |
Bloomberg Barclays MSCI Global Green Bond Select (USD Hedged) Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 6.68% | 8.34% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
■ | The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used in Russia; |
■ | Risks in connection with the maintenance of the Fund ’s portfolio securities and cash with foreign sub-custodians and securities depositories, including the risk that appropriate sub-custody arrangements will not be available to the Fund ; |
■ | The risk that the Fund ’s ownership rights in portfolio securities could be lost through fraud or negligence because ownership in shares of Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system; |
■ | The risk that the Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government; and |
■ | The risk that various responses by other nation-states to alleged Russian cyber activity will impact Russia’s economy and Russian issuers of securities in which the Fund invests. |
iShares Global Green Bond ETF | |||
Year Ended
10/31/20 |
Period From
11/13/18(a) to 10/31/19 |
||
Net asset value, beginning of period | $55.00 | $50.00 | |
Net investment income(b) | 0.49 | 0.77 | |
Net realized and unrealized gain(c) | 2.10 | 5.19 | |
Net increase from investment operations | 2.59 | 5.96 | |
Distributions(d) | |||
From net investment income | (1.64) | (0.96) | |
From net realized gain | (0.34) | — | |
Total distributions | (1.98) | (0.96) | |
Net asset value, end of period | $55.61 | $55.00 | |
Total Return | |||
Based on net asset value | 4.89%(e) | 11.99%(f) | |
Ratios to Average Net Assets | |||
Total expenses | 0.25% | 0.25%(g) | |
Total expenses after fees waived | 0.20% | 0.20%(g) | |
Net investment income | 0.90% | 1.51%(g) | |
Supplemental Data | |||
Net assets, end of period (000) | $133,471 | $33,001 | |
Portfolio turnover rate(h) | 16% | 21%(f) | |
(a) Commencement of operations. |
|||
(b) Based on average shares outstanding. | |||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Includes payment received from an affiliate, which had no impact on the Fund’s total return. | |||
(f) Not annualized. | |||
(g) Annualized. | |||
(h) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares GNMA Bond ETF | GNMA | NASDAQ
|
Ticker: GNMA | Stock Exchange: NASDAQ |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses |
Acquired Fund Fees
and Expenses |
Total Annual
Fund Operating Expenses |
Fee Waiver |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.15% | None | None | 0.03% | 0.18% | (0.03)% | 0.15% |
1 Year | 3 Years | 5 Years | 10 Years | |||
$15 | $48 | $92 | $220 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 2/14/2012) | |||||
Return Before Taxes | 3.55% | 2.59% | 2.03% | ||
Return After Taxes on Distributions1 | 2.90% | 1.71% | 1.31% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 2.10% | 1.59% | 1.24% | ||
Bloomberg Barclays U.S. GNMA Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 3.68% | 2.78% | 2.34% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the |
service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. | |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares GNMA Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $50.35 | $47.67 | $49.74 | $50.83 | $50.26 | ||||
Net investment income(a) | 0.77 | 1.34 | 1.12 | 0.80 | 0.53 | ||||
Net realized and unrealized gain (loss)(b) | 0.82 | 2.69 | (2.05) | (0.72) | 0.83 | ||||
Net increase (decrease) from investment operations | 1.59 | 4.03 | (0.93) | 0.08 | 1.36 | ||||
Distributions(c) | |||||||||
From net investment income | (0.82) | (1.35) | (1.14) | (0.79) | (0.54) | ||||
From net realized gain | — | — | — | (0.26) | (0.25) | ||||
Return of capital | (0.19) | — | (0.00)(d) | (0.12) | — | ||||
Total distributions | (1.01) | (1.35) | (1.14) | (1.17) | (0.79) | ||||
Net asset value, end of year | $50.93 | $50.35 | $47.67 | $49.74 | $50.83 | ||||
Total Return | |||||||||
Based on net asset value | 3.18% | 8.55% | (1.90)% | 0.18% | 2.71% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | ||||
Total expenses after fees waived | 0.12% | 0.13% | 0.12% | 0.12% | 0.10% | ||||
Net investment income | 1.51% | 2.71% | 2.31% | 1.60% | 1.05% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $481,283 | $178,753 | $102,483 | $126,827 | $175,375 | ||||
Portfolio turnover rate(e)(f) | 699% | 529% | 834% | 917% | 1,233% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Rounds to less than $0.01. | |||||||||
(e) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(f) Portfolio turnover rate includes to-be-announced (TBA) transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds 2021 Term High Yield and Income ETF* | IBHA | CBOE BZX
|
Ticker: IBHA | Stock Exchange: Cboe BZX |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses 1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.35% | None | 0.00% | 0.00% | 0.35% | (0.00)% | 0.35% |
1 | The amount rounded to 0.00%. |
2 |
BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2021. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA.
|
Maturity | ||
$28 |
One Year |
Since Fund
Inception |
||
(Inception Date: 5/7/2019) | |||
Return Before Taxes | 0.62% | 2.03% | |
Return After Taxes on Distributions1 | -0.83% | 0.38% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 0.34% | 0.85% | |
Bloomberg Barclays 2021 Term High Yield and Income Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 0.32% | 1.94% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds |
with lower yields and may lose income. Such use of proceeds will occur when the Fund invests in BBB-rated bonds from the Corporate Index. | |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the |
ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. | |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds 2021 Term High Yield and Income ETF | |||
Year Ended
10/31/20 |
Period From
05/07/19(a) to 10/31/19 |
||
Net asset value, beginning of period | $24.91 | $25.00 | |
Net investment income(b) | 0.88 | 0.58 | |
Net realized and unrealized loss(c) | (0.67) | (0.20) | |
Net increase from investment operations | 0.21 | 0.38 | |
Distributions(d) | |||
From net investment income | (0.96) | (0.47) | |
Total distributions | (0.96) | (0.47) | |
Net asset value, end of period | $24.16 | $24.91 | |
Total Return | |||
Based on net asset value | 0.90% | 1.54%(e) | |
Ratios to Average Net Assets | |||
Total expenses | 0.35% | 0.35%(f) | |
Total expenses after fees waived | 0.35% | 0.35%(f) | |
Net investment income | 3.66% | 4.76%(f) | |
Supplemental Data | |||
Net assets, end of period (000) | $26,580 | $12,454 | |
Portfolio turnover rate(g) | 50% | 17%(e) | |
(a) Commencement of operations. |
|||
(b) Based on average shares outstanding. | |||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Not annualized. | |||
(f) Annualized. | |||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds 2022 Term High Yield and Income ETF* | IBHB | CBOE BZX
|
Ticker: IBHB | Stock Exchange: Cboe BZX |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses 1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.35% | None | 0.00% | 0.00% | 0.35% | (0.00)% | 0.35% |
1 | The amount rounded to 0.00%. |
2 |
BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2022. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA.
|
1 Year | Maturity | |||
$36 | $65 |
One Year |
Since Fund
Inception |
||
(Inception Date: 5/7/2019) | |||
Return Before Taxes | 3.48% | 3.42% | |
Return After Taxes on Distributions1 | 1.15% | 1.15% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.99% | 1.62% | |
Bloomberg Barclays 2022 Term High Yield and Income Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 3.74% | 4.02% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater |
impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. | |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. Such use of proceeds will occur when the Fund invests in BBB-rated bonds from the Corporate Index. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service |
providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. | |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds 2022 Term High Yield and Income ETF | |||
Year Ended
10/31/20 |
Period From
05/07/19(a) to 10/31/19 |
||
Net asset value, beginning of period | $24.59 | $25.00 | |
Net investment income(b) | 1.32 | 0.64 | |
Net realized and unrealized loss(c) | (0.83) | (0.51) | |
Net increase from investment operations | 0.49 | 0.13 | |
Distributions(d) | |||
From net investment income | (1.30) | (0.54) | |
Total distributions | (1.30) | (0.54) | |
Net asset value, end of period | $23.78 | $24.59 | |
Total Return | |||
Based on net asset value | 2.15% | 0.56%(e) | |
Ratios to Average Net Assets | |||
Total expenses | 0.35% | 0.35%(f) | |
Total expenses after fees waived | 0.35% | 0.35%(f) | |
Net investment income | 5.61% | 5.34%(f) | |
Supplemental Data | |||
Net assets, end of period (000) | $19,027 | $9,838 | |
Portfolio turnover rate(g) | 68% | 14%(e) | |
(a) Commencement of operations. |
|||
(b) Based on average shares outstanding. | |||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Not annualized. | |||
(f) Annualized. | |||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds 2023 Term High Yield and Income ETF* | IBHC | CBOE BZX
|
Ticker: IBHC | Stock Exchange: Cboe BZX |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses 1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.35% | None | 0.00% | 0.00% | 0.35% | (0.00)% | 0.35% |
1 | The amount rounded to 0.00%. |
2 |
BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2023. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA.
|
1 Year | Maturity | |||
$36 | $104 |
One Year |
Since Fund
Inception |
||
(Inception Date: 5/7/2019) | |||
Return Before Taxes | 3.18% | 4.04% | |
Return After Taxes on Distributions1 | 0.80% | 1.65% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.79% | 2.04% | |
Bloomberg Barclays 2023 Term High Yield and Income Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 4.85% | 5.48% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. Such use of proceeds will occur when the Fund invests in BBB-rated bonds from the Corporate Index. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its |
investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds 2023 Term High Yield and Income ETF | |||
Year Ended
10/31/20 |
Period From
05/07/19(a) to 10/31/19 |
||
Net asset value, beginning of period | $24.73 | $25.00 | |
Net investment income(b) | 1.33 | 0.69 | |
Net realized and unrealized loss(c) | (1.08) | (0.40) | |
Net increase from investment operations | 0.25 | 0.29 | |
Distributions(d) | |||
From net investment income | (1.36) | (0.56) | |
Total distributions | (1.36) | (0.56) | |
Net asset value, end of period | $23.62 | $24.73 | |
Total Return | |||
Based on net asset value | 1.16% | 1.19%(e) | |
Ratios to Average Net Assets | |||
Total expenses | 0.35% | 0.35%(f) | |
Total expenses after fees waived | 0.35% | 0.35%(f) | |
Net investment income | 5.67% | 5.73%(f) | |
Supplemental Data | |||
Net assets, end of period (000) | $16,533 | $12,364 | |
Portfolio turnover rate(g) | 51% | 9%(e) | |
(a) Commencement of operations. |
|||
(b) Based on average shares outstanding. | |||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Not annualized. | |||
(f) Annualized. | |||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds 2024 Term High Yield and Income ETF* | IBHD | CBOE BZX
|
Ticker: IBHD | Stock Exchange: Cboe BZX |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses 1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.35% | None | 0.00% | 0.00% | 0.35% | (0.00)% | 0.35% |
1 | The amount rounded to 0.00%. |
2 |
BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2024. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA.
|
1 Year | 3 Years | Maturity | ||
$36 | $113 | $145 |
One Year |
Since Fund
Inception |
||
(Inception Date: 5/7/2019) | |||
Return Before Taxes | 1.18% | 3.75% | |
Return After Taxes on Distributions1 | -1.14% | 1.40% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 0.62% | 1.84% | |
Bloomberg Barclays 2024 Term High Yield and Income Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 2.72% | 4.60% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. Such use of proceeds will occur when the Fund invests in BBB-rated bonds from the Corporate Index. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds 2024 Term High Yield and Income ETF | |||
Year Ended
10/31/20 |
Period From
05/07/19(a) to 10/31/19 |
||
Net asset value, beginning of period | $25.21 | $25.00 | |
Net investment income(b) | 1.33 | 0.68 | |
Net realized and unrealized gain (loss)(c) | (1.79) | 0.09 | |
Net increase (decrease) from investment operations | (0.46) | 0.77 | |
Distributions(d) | |||
From net investment income | (1.37) | (0.56) | |
Total distributions | (1.37) | (0.56) | |
Net asset value, end of period | $23.38 | $25.21 | |
Total Return | |||
Based on net asset value | (1.72)% | 3.08%(e) | |
Ratios to Average Net Assets | |||
Total expenses | 0.35% | 0.35%(f) | |
Total expenses after fees waived | 0.35% | 0.35%(f) | |
Net investment income | 5.61% | 5.55%(f) | |
Supplemental Data | |||
Net assets, end of period (000) | $9,354 | $12,604 | |
Portfolio turnover rate(g) | 42% | 10%(e) | |
(a) Commencement of operations. |
|||
(b) Based on average shares outstanding. | |||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Not annualized. | |||
(f) Annualized. | |||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds 2025 Term High Yield and Income ETF* | IBHE | CBOE BZX
|
Ticker: IBHE | Stock Exchange: Cboe BZX |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses 1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.35% | None | 0.00% | 0.00% | 0.35% | (0.00)% | 0.35% |
1 | The amount rounded to 0.00%. |
2 |
BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2025. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA.
|
1 Year | 3 Years | Maturity | ||
$36 | $113 | $188 |
One Year |
Since Fund
Inception |
||
(Inception Date: 5/7/2019) | |||
Return Before Taxes | 3.80% | 5.64% | |
Return After Taxes on Distributions1 | 1.29% | 3.13% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 2.15% | 3.21% | |
Bloomberg Barclays 2025 Term High Yield and Income Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 4.19% | 5.96% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. Such use of proceeds will occur when the Fund invests in BBB-rated bonds from the Corporate Index. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of |
dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds 2025 Term High Yield and Income ETF | |||
Year Ended
10/31/20 |
Period From
05/07/19(a) to 10/31/19 |
||
Net asset value, beginning of period | $25.13 | $25.00 | |
Net investment income(b) | 1.37 | 0.71 | |
Net realized and unrealized loss(c) | (0.99) | 0.00(d) | |
Net increase from investment operations | 0.38 | 0.71 | |
Distributions(e) | |||
From net investment income | (1.44) | (0.58) | |
Total distributions | (1.44) | (0.58) | |
Net asset value, end of period | $24.07 | $25.13 | |
Total Return | |||
Based on net asset value | 1.71% | 2.87%(f) | |
Ratios to Average Net Assets | |||
Total expenses | 0.35% | 0.35%(g) | |
Total expenses after fees waived | 0.35% | 0.35%(g) | |
Net investment income | 5.73% | 5.84%(g) | |
Supplemental Data | |||
Net assets, end of period (000) | $16,847 | $12,565 | |
Portfolio turnover rate(h) | 42% | 5%(f) | |
(a) Commencement of operations. |
|||
(b) Based on average shares outstanding. | |||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Rounds to less than $0.01. | |||
(e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(f) Not annualized. | |||
(g) Annualized. | |||
(h) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds 2026 Term High Yield and Income ETF* | IBHF | CBOE BZX
|
Ticker: IBHF | Stock Exchange: Cboe BZX |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.35% | None | 0.00% | 0.00% | 0.35% | (0.00)% | 0.35% |
1 | The amount rounded to 0.00%. |
2 |
BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2026. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA.
|
1 Year | 3 Years | |||
$36 | $113 |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. Such use of proceeds will occur when the Fund invests in BBB-rated bonds from the Corporate Index. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2021 Term Corporate ETF* | IBDM | NYSE ARCA
|
Ticker: IBDM | Stock Exchange: NYSE Arca |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.10% | None | 0.00% | 0.00% | 0.10% | (0.00)% | 0.10% |
1 | The amount rounded to 0.00%. |
2 | BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2021. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
Maturity | ||
$8 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 3/10/2015) | |||||
Return Before Taxes | 2.20% | 3.18% | 2.64% | ||
Return After Taxes on Distributions1 | 1.26% | 2.10% | 1.56% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.31% | 1.96% | 1.54% | ||
Bloomberg Barclays December 2021 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 2.34% | 3.29% | 2.77% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments |
that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2021 Term Corporate ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $24.99 | $24.24 | $24.95 | $25.13 | $24.51 | ||||
Net investment income(a) | 0.59 | 0.69 | 0.64 | 0.62 | 0.64 | ||||
Net realized and unrealized gain (loss)(b) | 0.03 | 0.73 | (0.74) | (0.20) | 0.61 | ||||
Net increase (decrease) from investment operations | 0.62 | 1.42 | (0.10) | 0.42 | 1.25 | ||||
Distributions(c) | |||||||||
From net investment income | (0.61) | (0.67) | (0.61) | (0.60) | (0.63) | ||||
Total distributions | (0.61) | (0.67) | (0.61) | (0.60) | (0.63) | ||||
Net asset value, end of year | $25.00 | $24.99 | $24.24 | $24.95 | $25.13 | ||||
Total Return | |||||||||
Based on net asset value | 2.50% | 5.94% | (0.39)% | 1.71% | 5.17% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Net investment income | 2.35% | 2.80% | 2.61% | 2.49% | 2.58% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $1,552,724 | $1,326,881 | $829,159 | $481,607 | $206,029 | ||||
Portfolio turnover rate(d) | 11% | 8% | 6% | 3% | 14% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2021 Term Muni Bond ETF* | IBMJ | NYSE ARCA
|
Ticker: IBMJ | Stock Exchange: NYSE Arca |
Maturity | ||
$15 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 9/1/2015) | |||||
Return Before Taxes | 1.34% | 1.52% | 1.91% | ||
Return After Taxes on Distributions1 | 1.34% | 1.52% | 1.91% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.35% | 1.48% | 1.78% | ||
S&P AMT-Free Municipal Series Dec 2021 IndexTM (Index returns do not reflect deductions for fees, expenses, or taxes) | 1.47% | 1.67% | 1.96% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, |
layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. | |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2021 Term Muni Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $25.79 | $25.22 | $25.76 | $25.84 | $25.47 | ||||
Net investment income(a) | 0.36 | 0.37 | 0.34 | 0.32 | 0.32 | ||||
Net realized and unrealized gain (loss)(b) | 0.03 | 0.57 | (0.55) | (0.10) | 0.37 | ||||
Net increase (decrease) from investment operations | 0.39 | 0.94 | (0.21) | 0.22 | 0.69 | ||||
Distributions(c) | |||||||||
From net investment income | (0.36) | (0.37) | (0.33) | (0.30) | (0.32) | ||||
Total distributions | (0.36) | (0.37) | (0.33) | (0.30) | (0.32) | ||||
Net asset value, end of year | $25.82 | $25.79 | $25.22 | $25.76 | $25.84 | ||||
Total Return | |||||||||
Based on net asset value | 1.53% | 3.74% | (0.83)% | 0.86% | 2.73% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.25% | ||||
Total expenses after fees waived | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% | ||||
Net investment income | 1.39% | 1.46% | 1.34% | 1.24% | 1.23% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $311,172 | $299,204 | $230,760 | $159,735 | $68,483 | ||||
Portfolio turnover rate(d) | 0%(e) | 0%(e) | 0%(e) | 0%(e) | 0%(e) | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(e) Rounds to less than 1%. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2021 Term Treasury ETF* | IBTA | NASDAQ
|
Ticker: IBTA | Stock Exchange: NASDAQ |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.07% | None | None | 0.00% | 0.07% | (0.00)% | 0.07% |
1 | The amount rounded to 0.00%. |
2 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2021. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
Maturity | ||
$6 |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in |
such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2021 Term Treasury ETF | |
Period From
02/25/20(a) to 10/31/20 |
|
Net asset value, beginning of period | $25.03 |
Net investment income(b) | 0.06 |
Net realized and unrealized gain(c) | 0.34 |
Net increase from investment operations | 0.40 |
Distributions(d) | |
From net investment income | (0.07) |
Total distributions | (0.07) |
Net asset value, end of period | $25.36 |
Total Return | |
Based on net asset value | 1.59%(e) |
Ratios to Average Net Assets | |
Total expenses | 0.07%(f) |
Total expenses after fees waived | 0.07%(f) |
Net investment income | 0.33%(f) |
Supplemental Data | |
Net assets, end of period (000) | $10,143 |
Portfolio turnover rate(g) | 32%(e) |
(a) Commencement of operations. |
|
(b) Based on average shares outstanding. | |
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Not annualized. | |
(f) Annualized. | |
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2022 Term Corporate ETF* | IBDN | NYSE ARCA
|
Ticker: IBDN | Stock Exchange: NYSE Arca |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.10% | None | 0.00% | 0.00% | 0.10% | (0.00)% | 0.10% |
1 | The amount rounded to 0.00%. |
2 | BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2022. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | Maturity | |||
$10 | $19 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 3/10/2015) | |||||
Return Before Taxes | 3.45% | 4.03% | 3.33% | ||
Return After Taxes on Distributions1 | 2.47% | 2.85% | 2.14% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 2.03% | 2.57% | 2.02% | ||
Bloomberg Barclays December 2022 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 3.50% | 4.17% | 3.43% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in |
such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2022 Term Corporate ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $25.33 | $24.17 | $25.13 | $25.31 | $24.43 | ||||
Net investment income(a) | 0.62 | 0.74 | 0.70 | 0.70 | 0.74 | ||||
Net realized and unrealized gain (loss)(b) | 0.28 | 1.14 | (0.99) | (0.20) | 0.86 | ||||
Net increase (decrease) from investment operations | 0.90 | 1.88 | (0.29) | 0.50 | 1.60 | ||||
Distributions(c) | |||||||||
From net investment income | (0.63) | (0.72) | (0.67) | (0.68) | (0.72) | ||||
From net realized gain | (0.02) | — | (0.00)(d) | — | — | ||||
Total distributions | (0.65) | (0.72) | (0.67) | (0.68) | (0.72) | ||||
Net asset value, end of year | $25.58 | $25.33 | $24.17 | $25.13 | $25.31 | ||||
Total Return | |||||||||
Based on net asset value | 3.63% | 7.90% | (1.14)% | 2.01% | 6.66% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Net investment income | 2.44% | 2.98% | 2.85% | 2.78% | 2.95% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $1,419,781 | $1,046,218 | $535,445 | $351,807 | $137,958 | ||||
Portfolio turnover rate(e) | 16% | 9% | 2% | 7% | 10% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Rounds to less than $0.01. | |||||||||
(e) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2022 Term Muni Bond ETF* | IBMK | NYSE ARCA
|
Ticker: IBMK | Stock Exchange: NYSE Arca |
1 Year | Maturity | |||
$18 | $34 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 9/1/2015) | |||||
Return Before Taxes | 2.14% | 2.01% | 2.47% | ||
Return After Taxes on Distributions1 | 2.14% | 2.01% | 2.47% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.84% | 1.88% | 2.24% | ||
S&P AMT-Free Municipal Series Dec 2022 IndexTM (Index returns do not reflect deductions for fees, expenses, or taxes) | 2.29% | 2.15% | 2.54% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments |
that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2022 Term Muni Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $26.16 | $25.29 | $25.97 | $26.12 | $25.46 | ||||
Net investment income(a) | 0.38 | 0.41 | 0.39 | 0.37 | 0.35 | ||||
Net realized and unrealized gain (loss)(b) | 0.23 | 0.86 | (0.70) | (0.17) | 0.67 | ||||
Net increase (decrease) from investment operations | 0.61 | 1.27 | (0.31) | 0.20 | 1.02 | ||||
Distributions(c) | |||||||||
From net investment income | (0.38) | (0.40) | (0.37) | (0.35) | (0.36) | ||||
Total distributions | (0.38) | (0.40) | (0.37) | (0.35) | (0.36) | ||||
Net asset value, end of year | $26.39 | $26.16 | $25.29 | $25.97 | $26.12 | ||||
Total Return | |||||||||
Based on net asset value | 2.33% | 5.04% | (1.18)% | 0.78% | 4.02% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.25% | ||||
Total expenses after fees waived | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% | ||||
Net investment income | 1.43% | 1.56% | 1.52% | 1.43% | 1.35% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $356,229 | $329,633 | $232,703 | $153,237 | $56,164 | ||||
Portfolio turnover rate(d) | 0%(e) | 0%(e) | 0%(e) | 1% | 0%(e) | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(e) Rounds to less than 1%. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2022 Term Treasury ETF* | IBTB | NASDAQ
|
Ticker: IBTB | Stock Exchange: NASDAQ |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.07% | None | None | 0.00% | 0.07% | (0.00)% | 0.07% |
1 | The amount rounded to 0.00%. |
2 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2022. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | Maturity | |||
$7 | $13 |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2022 Term Treasury ETF | |
Period From
02/25/20(a) to 10/31/20 |
|
Net asset value, beginning of period | $25.05 |
Net investment income(b) | 0.13 |
Net realized and unrealized gain(c) | 0.47 |
Net increase from investment operations | 0.60 |
Distributions(d) | |
From net investment income | (0.11) |
Total distributions | (0.11) |
Net asset value, end of period | $25.54 |
Total Return | |
Based on net asset value | 2.41%(e) |
Ratios to Average Net Assets | |
Total expenses | 0.07%(f) |
Total expenses after fees waived | 0.07%(f) |
Net investment income | 0.76%(f) |
Supplemental Data | |
Net assets, end of period (000) | $3,832 |
Portfolio turnover rate(g) | 29%(e) |
(a) Commencement of operations. |
|
(b) Based on average shares outstanding. | |
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Not annualized. | |
(f) Annualized. | |
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2023 Term Corporate ETF* | IBDO | NYSE ARCA
|
Ticker: IBDO | Stock Exchange: NYSE Arca |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.10% | None | 0.00% | 0.00% | 0.10% | (0.00)% | 0.10% |
1 | The amount rounded to 0.00%. |
2 | BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2023. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | Maturity | |||
$10 | $30 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 3/11/2015) | |||||
Return Before Taxes | 5.35% | 4.85% | 3.98% | ||
Return After Taxes on Distributions1 | 4.28% | 3.58% | 2.72% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 3.15% | 3.17% | 2.48% | ||
Bloomberg Barclays December 2023 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 5.44% | 4.98% | 4.04% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in |
which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. | |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2023 Term Corporate ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $25.59 | $24.09 | $25.23 | $25.33 | $24.34 | ||||
Net investment income(a) | 0.68 | 0.79 | 0.76 | 0.75 | 0.78 | ||||
Net realized and unrealized gain (loss)(b) | 0.61 | 1.48 | (1.16) | (0.12) | 0.96 | ||||
Net increase (decrease) from investment operations | 1.29 | 2.27 | (0.40) | 0.63 | 1.74 | ||||
Distributions(c) | |||||||||
From net investment income | (0.69) | (0.77) | (0.73) | (0.73) | (0.75) | ||||
From net realized gain | — | — | (0.01) | — | — | ||||
Total distributions | (0.69) | (0.77) | (0.74) | (0.73) | (0.75) | ||||
Net asset value, end of year | $26.19 | $25.59 | $24.09 | $25.23 | $25.33 | ||||
Total Return | |||||||||
Based on net asset value | 5.13% | 9.59% | (1.61)% | 2.57% | 7.27% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Net investment income | 2.62% | 3.18% | 3.12% | 3.00% | 3.10% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $1,306,696 | $872,725 | $478,261 | $216,963 | $86,120 | ||||
Portfolio turnover rate(d) | 12% | 5% | 8% | 8% | 16% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2023 Term Muni Bond ETF* | IBML | CBOE BZX
|
Ticker: IBML | Stock Exchange: Cboe BZX |
1 Year | Maturity | |||
$18 | $54 |
One Year |
Since Fund
Inception |
||
(Inception Date: 4/11/2017) | |||
Return Before Taxes | 2.89% | 2.81% | |
Return After Taxes on Distributions1 | 2.89% | 2.81% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 2.31% | 2.52% | |
S&P AMT-Free Municipal Series Dec 2023 IndexTM (Index returns do not reflect deductions for fees, expenses, or taxes) | 3.03% | 2.88% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments |
that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2023 Term Muni Bond ETF | |||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Period From
04/11/17(a) to 10/31/17 |
||||
Net asset value, beginning of period | $25.79 | $24.68 | $25.41 | $25.00 | |||
Net investment income(b) | 0.39 | 0.45 | 0.43 | 0.20 | |||
Net realized and unrealized gain (loss)(c) | 0.38 | 1.10 | (0.78) | 0.38 | |||
Net increase (decrease) from investment operations | 0.77 | 1.55 | (0.35) | 0.58 | |||
Distributions(d) | |||||||
From net investment income | (0.39) | (0.44) | (0.38) | (0.17) | |||
Total distributions | (0.39) | (0.44) | (0.38) | (0.17) | |||
Net asset value, end of period | $26.17 | $25.79 | $24.68 | $25.41 | |||
Total Return | |||||||
Based on net asset value | 3.02% | 6.31% | (1.37)% | 2.32%(e) | |||
Ratios to Average Net Assets | |||||||
Total expenses | 0.18% | 0.18% | 0.18% | 0.18%(f) | |||
Net investment income | 1.49% | 1.75% | 1.72% | 1.40%(f) | |||
Supplemental Data | |||||||
Net assets, end of period (000) | $276,079 | $215,376 | $115,977 | $25,407 | |||
Portfolio turnover rate(g) | 1% | 0%(h) | 0%(h) | 0%(e) | |||
(a) Commencement of operations. |
|||||||
(b) Based on average shares outstanding. | |||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||
(e) Not annualized. | |||||||
(f) Annualized. | |||||||
(g) Portfolio turnover rate excludes in-kind transactions. | |||||||
(h) Rounds to less than 1%. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2023 Term Treasury ETF* | IBTD | NASDAQ
|
Ticker: IBTD | Stock Exchange: NASDAQ |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.07% | None | None | 0.00% | 0.07% | (0.00)% | 0.07% |
1 | The amount rounded to 0.00%. |
2 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2023. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | Maturity | |||
$7 | $21 |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2023 Term Treasury ETF | |
Period From
02/25/20(a) to 10/31/20 |
|
Net asset value, beginning of period | $24.99 |
Net investment income(b) | 0.11 |
Net realized and unrealized gain(c) | 0.70 |
Net increase from investment operations | 0.81 |
Distributions(d) | |
From net investment income | (0.09) |
Total distributions | (0.09) |
Net asset value, end of period | $25.71 |
Total Return | |
Based on net asset value | 3.25%(e) |
Ratios to Average Net Assets | |
Total expenses | 0.07%(f) |
Total expenses after fees waived | 0.07%(f) |
Net investment income | 0.63%(f) |
Supplemental Data | |
Net assets, end of period (000) | $17,996 |
Portfolio turnover rate(g) | 1%(e) |
(a) Commencement of operations. |
|
(b) Based on average shares outstanding. | |
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Not annualized. | |
(f) Annualized. | |
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2024 Term Corporate ETF* | IBDP | NYSE ARCA
|
Ticker: IBDP | Stock Exchange: NYSE Arca |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.10% | None | 0.00% | 0.00% | 0.10% | (0.00)% | 0.10% |
1 | The amount rounded to 0.00%. |
2 | BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2024. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | 3 Years | Maturity | ||
$10 | $32 | $42 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 3/11/2015) | |||||
Return Before Taxes | 6.16% | 5.43% | 4.38% | ||
Return After Taxes on Distributions1 | 5.05% | 4.08% | 3.03% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 3.62% | 3.57% | 2.75% | ||
Bloomberg Barclays December 2024 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 6.40% | 5.60% | 4.57% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in |
which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. | |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2024 Term Corporate ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $25.71 | $23.84 | $25.13 | $25.22 | $24.18 | ||||
Net investment income(a) | 0.70 | 0.84 | 0.81 | 0.81 | 0.82 | ||||
Net realized and unrealized gain (loss)(b) | 0.67 | 1.85 | (1.32) | (0.11) | 1.02 | ||||
Net increase (decrease) from investment operations | 1.37 | 2.69 | (0.51) | 0.70 | 1.84 | ||||
Distributions(c) | |||||||||
From net investment income | (0.71) | (0.82) | (0.78) | (0.79) | (0.80) | ||||
Total distributions | (0.71) | (0.82) | (0.78) | (0.79) | (0.80) | ||||
Net asset value, end of year | $26.37 | $25.71 | $23.84 | $25.13 | $25.22 | ||||
Total Return | |||||||||
Based on net asset value | 5.44% | 11.48% | (2.06)% | 2.85% | 7.75% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Net investment income | 2.69% | 3.37% | 3.35% | 3.25% | 3.30% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $1,034,878 | $649,122 | $299,203 | $164,584 | $63,053 | ||||
Portfolio turnover rate(d) | 8% | 14% | 6% | 8% | 4% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2024 Term Muni Bond ETF* | IBMM | CBOE BZX
|
Ticker: IBMM | Stock Exchange: Cboe BZX |
1 Year | 3 Years | Maturity | ||
$18 | $58 | $75 |
One Year |
Since Fund
Inception |
||
(Inception Date: 3/20/2018) | |||
Return Before Taxes | 3.72% | 4.58% | |
Return After Taxes on Distributions1 | 3.72% | 4.58% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 2.72% | 3.90% | |
S&P AMT-Free Municipal Series Dec 2024 IndexTM (Index returns do not reflect deductions for fees, expenses, or taxes) | 3.83% | 4.59% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments |
that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2024 Term Muni Bond ETF | |||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Period From
03/20/18(a) to 10/31/18 |
|||
Net asset value, beginning of period | $26.38 | $24.90 | $24.98 | ||
Net investment income(b) | 0.36 | 0.48 | 0.32 | ||
Net realized and unrealized gain (loss)(c) | 0.62 | 1.48 | (0.15) | ||
Net increase from investment operations | 0.98 | 1.96 | 0.17 | ||
Distributions(d) | |||||
From net investment income | (0.36) | (0.48) | (0.25) | ||
From net realized gain | (0.00)(e) | — | — | ||
Total distributions | (0.36) | (0.48) | (0.25) | ||
Net asset value, end of period | $27.00 | $26.38 | $24.90 | ||
Total Return | |||||
Based on net asset value | 3.75% | 7.91% | 0.70%(f) | ||
Ratios to Average Net Assets | |||||
Total expenses | 0.18% | 0.18% | 0.18%(g) | ||
Net investment income | 1.35% | 1.85% | 2.08%(g) | ||
Supplemental Data | |||||
Net assets, end of period (000) | $179,566 | $104,214 | $23,654 | ||
Portfolio turnover rate(h) | 0%(i) | 0%(i) | 0%(f)(i) | ||
(a) Commencement of operations. |
|||||
(b) Based on average shares outstanding. | |||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||
(e) Rounds to less than $0.01. | |||||
(f) Not annualized. | |||||
(g) Annualized. | |||||
(h) Portfolio turnover rate excludes in-kind transactions. | |||||
(i) Rounds to less than 1%. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2024 Term Treasury ETF* | IBTE | NASDAQ
|
Ticker: IBTE | Stock Exchange: NASDAQ |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.07% | None | None | 0.00% | 0.07% | (0.00)% | 0.07% |
1 | The amount rounded to 0.00%. |
2 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2024. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | 3 Years | Maturity | ||
$7 | $23 | $29 |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2024 Term Treasury ETF | |
Period From
02/25/20(a) to 10/31/20 |
|
Net asset value, beginning of period | $25.04 |
Net investment income(b) | 0.12 |
Net realized and unrealized gain(c) | 0.87 |
Net increase from investment operations | 0.99 |
Distributions(d) | |
From net investment income | (0.10) |
Total distributions | (0.10) |
Net asset value, end of period | $25.93 |
Total Return | |
Based on net asset value | 3.95%(e) |
Ratios to Average Net Assets | |
Total expenses | 0.07%(f) |
Total expenses after fees waived | 0.07%(f) |
Net investment income | 0.69%(f) |
Supplemental Data | |
Net assets, end of period (000) | $12,964 |
Portfolio turnover rate(g) | 7%(e) |
(a) Commencement of operations. |
|
(b) Based on average shares outstanding. | |
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Not annualized. | |
(f) Annualized. | |
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2025 Term Corporate ETF* | IBDQ | NYSE ARCA
|
Ticker: IBDQ | Stock Exchange: NYSE Arca |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.10% | None | 0.00% | 0.00% | 0.10% | (0.00)% | 0.10% |
1 | The amount rounded to 0.00%. |
2 | BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2025. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | 3 Years | Maturity | ||
$10 | $32 | $54 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 3/11/2015) | |||||
Return Before Taxes | 8.25% | 6.16% | 5.02% | ||
Return After Taxes on Distributions1 | 7.13% | 4.75% | 3.61% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 4.87% | 4.12% | 3.21% | ||
Bloomberg Barclays December 2025 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 8.05% | 6.22% | 5.08% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in |
such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2025 Term Corporate ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $25.95 | $23.62 | $25.07 | $25.21 | $24.11 | ||||
Net investment income(a) | 0.71 | 0.85 | 0.84 | 0.84 | 0.85 | ||||
Net realized and unrealized gain (loss)(b) | 1.11 | 2.32 | (1.48) | (0.16) | 1.07 | ||||
Net increase (decrease) from investment operations | 1.82 | 3.17 | (0.64) | 0.68 | 1.92 | ||||
Distributions(c) | |||||||||
From net investment income | (0.72) | (0.84) | (0.81) | (0.82) | (0.82) | ||||
Total distributions | (0.72) | (0.84) | (0.81) | (0.82) | (0.82) | ||||
Net asset value, end of year | $27.05 | $25.95 | $23.62 | $25.07 | $25.21 | ||||
Total Return | |||||||||
Based on net asset value | 7.16% | 13.68% | (2.58)% | 2.82% | 8.10% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Net investment income | 2.70% | 3.42% | 3.48% | 3.40% | 3.42% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $845,365 | $508,532 | $330,724 | $235,679 | $69,340 | ||||
Portfolio turnover rate(d) | 14% | 6% | 5% | 5% | 6% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2025 Term Muni Bond ETF* | IBMN | CBOE BZX
|
Ticker: IBMN | Stock Exchange: Cboe BZX |
1 Year | 3 Years | Maturity | ||
$18 | $58 | $97 |
One Year |
Since Fund
Inception |
||
(Inception Date: 11/13/2018) | |||
Return Before Taxes | 4.74% | 7.21% | |
Return After Taxes on Distributions1 | 4.74% | 7.21% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 3.28% | 5.89% | |
S&P AMT-Free Municipal Series Dec 2025 Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 4.73% | 6.74% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments |
that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2025 Term Muni Bond ETF | |||
Year Ended
10/31/20 |
Period From
11/13/18(a) to 10/31/19 |
||
Net asset value, beginning of period | $27.13 | $25.00 | |
Net investment income(b) | 0.34 | 0.46 | |
Net realized and unrealized gain(c) | 0.88 | 2.08 | |
Net increase from investment operations | 1.22 | 2.54 | |
Distributions(d) | |||
From net investment income | (0.35) | (0.41) | |
Total distributions | (0.35) | (0.41) | |
Net asset value, end of period | $28.00 | $27.13 | |
Total Return | |||
Based on net asset value | 4.53% | 10.22%(e) | |
Ratios to Average Net Assets | |||
Total expenses | 0.18% | 0.18%(f) | |
Net investment income | 1.21% | 1.76%(f) | |
Supplemental Data | |||
Net assets, end of period (000) | $119,021 | $43,407 | |
Portfolio turnover rate(g) | 0%(h) | 0%(e)(h) | |
(a) Commencement of operations. |
|||
(b) Based on average shares outstanding. | |||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Not annualized. | |||
(f) Annualized. | |||
(g) Portfolio turnover rate excludes in-kind transactions. | |||
(h) Rounds to less than 1%. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2025 Term Treasury ETF* | IBTF | NASDAQ
|
Ticker: IBTF | Stock Exchange: NASDAQ |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.07% | None | None | 0.00% | 0.07% | (0.00)% | 0.07% |
1 | The amount rounded to 0.00%. |
2 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2025. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | 3 Years | Maturity | ||
$7 | $23 | $38 |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2025 Term Treasury ETF | |
Period From
02/25/20(a) to 10/31/20 |
|
Net asset value, beginning of period | $25.07 |
Net investment income(b) | 0.13 |
Net realized and unrealized gain(c) | 0.97 |
Net increase from investment operations | 1.10 |
Distributions(d) | |
From net investment income | (0.10) |
Total distributions | (0.10) |
Net asset value, end of period | $26.07 |
Total Return | |
Based on net asset value | 4.39%(e) |
Ratios to Average Net Assets | |
Total expenses | 0.07%(f) |
Total expenses after fees waived | 0.07%(f) |
Net investment income | 0.71%(f) |
Supplemental Data | |
Net assets, end of period (000) | $15,642 |
Portfolio turnover rate(g) | 2%(e) |
(a) Commencement of operations. |
|
(b) Based on average shares outstanding. | |
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Not annualized. | |
(f) Annualized. | |
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2026 Term Corporate ETF* | IBDR | NYSE ARCA
|
Ticker: IBDR | Stock Exchange: NYSE Arca |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.10% | None | 0.00% | 0.00% | 0.10% | (0.00)% | 0.10% |
1 | The amount rounded to 0.00%. |
2 | BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2026. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | 3 Years | 5 Years | Maturity | |||
$10 | $32 | $56 | $67 |
One Year |
Since Fund
Inception |
||
(Inception Date: 9/13/2016) | |||
Return Before Taxes | 9.40% | 5.40% | |
Return After Taxes on Distributions1 | 8.21% | 4.01% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 5.54% | 3.51% | |
Bloomberg Barclays December 2026 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 9.51% | 5.52% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2026 Term Corporate ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Period From
09/13/16(a) to 10/31/16 |
|||||
Net asset value, beginning of period | $25.50 | $22.94 | $24.53 | $24.83 | $24.75 | ||||
Net investment income(b) | 0.74 | 0.86 | 0.83 | 0.80 | 0.09 | ||||
Net realized and unrealized gain (loss)(c) | 1.22 | 2.54 | (1.63) | (0.28) | (0.01) | ||||
Net increase (decrease) from investment operations | 1.96 | 3.40 | (0.80) | 0.52 | 0.08 | ||||
Distributions(d) | |||||||||
From net investment income | (0.74) | (0.84) | (0.79) | (0.82) | — | ||||
Total distributions | (0.74) | (0.84) | (0.79) | (0.82) | — | ||||
Net asset value, end of period | $26.72 | $25.50 | $22.94 | $24.53 | $24.83 | ||||
Total Return | |||||||||
Based on net asset value | 7.84% | 15.11% | (3.31)% | 2.20% | 0.32%(e) | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10%(f) | ||||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10%(f) | ||||
Net investment income | 2.84% | 3.53% | 3.54% | 3.30% | 2.85%(f) | ||||
Supplemental Data | |||||||||
Net assets, end of period (000) | $551,858 | $368,465 | $152,530 | $76,055 | $13,658 | ||||
Portfolio turnover rate(g) | 5% | 9% | 3% | 6% | 2%(e) | ||||
(a) Commencement of operations. |
|||||||||
(b) Based on average shares outstanding. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Not annualized. | |||||||||
(f) Annualized. | |||||||||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2026 Term Muni Bond ETF* | IBMO | CBOE BZX
|
Ticker: IBMO | Stock Exchange: Cboe BZX |
1 Year | 3 Years | 5 Years | Maturity | |||
$18 | $58 | $101 | $120 |
One Year |
Since Fund
Inception |
||
(Inception Date: 4/2/2019) | |||
Return Before Taxes | 5.47% | 5.87% | |
Return After Taxes on Distributions1 | 5.47% | 5.87% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 3.68% | 4.78% | |
S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 5.46% | 5.79% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2026 Term Muni Bond ETF | |||
Year Ended
10/31/20 |
Period From
04/02/19(a) to 10/31/19 |
||
Net asset value, beginning of period | $25.89 | $25.00 | |
Net investment income(b) | 0.30 | 0.21 | |
Net realized and unrealized gain(c) | 0.92 | 0.87 | |
Net increase from investment operations | 1.22 | 1.08 | |
Distributions(d) | |||
From net investment income | (0.30) | (0.19) | |
Total distributions | (0.30) | (0.19) | |
Net asset value, end of period | $26.81 | $25.89 | |
Total Return | |||
Based on net asset value | 4.80% | 4.28%(e) | |
Ratios to Average Net Assets | |||
Total expenses | 0.18% | 0.18%(f) | |
Net investment income | 1.13% | 1.42%(f) | |
Supplemental Data | |||
Net assets, end of period (000) | $62,997 | $20,711 | |
Portfolio turnover rate(g) | 0% | 0%(e) | |
(a) Commencement of operations. |
|||
(b) Based on average shares outstanding. | |||
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Not annualized. | |||
(f) Annualized. | |||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2026 Term Treasury ETF* | IBTG | NASDAQ
|
Ticker: IBTG | Stock Exchange: NASDAQ |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.07% | None | None | 0.00% | 0.07% | (0.00)% | 0.07% |
1 | The amount rounded to 0.00%. |
2 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2026. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | 3 Years | 5 Years | Maturity | |||
$7 | $23 | $40 | $47 |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2026 Term Treasury ETF | |
Period From
02/25/20(a) to 10/31/20 |
|
Net asset value, beginning of period | $25.02 |
Net investment income(b) | 0.12 |
Net realized and unrealized gain(c) | 1.11 |
Net increase from investment operations | 1.23 |
Distributions(d) | |
From net investment income | (0.10) |
Total distributions | (0.10) |
Net asset value, end of period | $26.15 |
Total Return | |
Based on net asset value | 4.90%(e) |
Ratios to Average Net Assets | |
Total expenses | 0.07%(f) |
Total expenses after fees waived | 0.07%(f) |
Net investment income | 0.69%(f) |
Supplemental Data | |
Net assets, end of period (000) | $22,230 |
Portfolio turnover rate(g) | 5%(e) |
(a) Commencement of operations. |
|
(b) Based on average shares outstanding. | |
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Not annualized. | |
(f) Annualized. | |
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2027 Term Corporate ETF* | IBDS | NYSE ARCA
|
Ticker: IBDS | Stock Exchange: NYSE Arca |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.10% | None | 0.00% | 0.00% | 0.10% | (0.00)% | 0.10% |
1 | The amount rounded to 0.00%. |
2 | BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2027. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | 3 Years | 5 Years | Maturity | |||
$10 | $32 | $56 | $80 |
One Year |
Since Fund
Inception |
||
(Inception Date: 9/12/2017) | |||
Return Before Taxes | 9.40% | 6.55% | |
Return After Taxes on Distributions1 | 8.17% | 5.13% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 5.53% | 4.39% | |
Bloomberg Barclays December 2027 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 9.42% | 6.61% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may |
no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2027 Term Corporate ETF | |||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Period From
09/12/17(a) to 10/31/17 |
||||
Net asset value, beginning of period | $25.94 | $23.18 | $24.96 | $24.86 | |||
Net investment income(b) | 0.77 | 0.89 | 0.89 | 0.11 | |||
Net realized and unrealized gain (loss)(c) | 1.07 | 2.75 | (1.79) | (0.01) | |||
Net increase (decrease) from investment operations | 1.84 | 3.64 | (0.90) | 0.10 | |||
Distributions(d) | |||||||
From net investment income | (0.78) | (0.88) | (0.88) | — | |||
Total distributions | (0.78) | (0.88) | (0.88) | — | |||
Net asset value, end of period | $27.00 | $25.94 | $23.18 | $24.96 | |||
Total Return | |||||||
Based on net asset value | 7.21% | 16.00% | (3.67)% | 0.40%(e) | |||
Ratios to Average Net Assets | |||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10%(f) | |||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10%(f) | |||
Net investment income | 2.94% | 3.60% | 3.75% | 3.19%(f) | |||
Supplemental Data | |||||||
Net assets, end of period (000) | $337,505 | $250,336 | $136,744 | $9,982 | |||
Portfolio turnover rate(g) | 10% | 4% | 5% | 2%(e) | |||
(a) Commencement of operations. |
|||||||
(b) Based on average shares outstanding. | |||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||
(e) Not annualized. | |||||||
(f) Annualized. | |||||||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2027 Term Muni Bond ETF* | IBMP | CBOE BZX
|
Ticker: IBMP | Stock Exchange: Cboe BZX |
1 Year | 3 Years | 5 Years | Maturity | |||
$18 | $58 | $101 | $144 |
One Year |
Since Fund
Inception |
||
(Inception Date: 4/9/2019) | |||
Return Before Taxes | 6.09% | 6.52% | |
Return After Taxes on Distributions1 | 6.09% | 6.52% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 4.11% | 5.31% | |
S&P AMT-Free Municipal Series Callable-Adjusted Dec 2027 Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 5.96% | 6.50% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2027 Term Muni Bond ETF | |||
Year Ended
10/31/20 |
Period From
04/09/19(a) to 10/31/19 |
||
Net asset value, beginning of period | $25.97 | $25.00 | |
Net investment income(b) | 0.33 | 0.22 | |
Net realized and unrealized gain(c) | 0.95 | 0.95 | |
Net increase from investment operations | 1.28 | 1.17 | |
Distributions(d) | |||
From net investment income | (0.33) | (0.20) | |
Total distributions | (0.33) | (0.20) | |
Net asset value, end of period | $26.92 | $25.97 | |
Total Return | |||
Based on net asset value | 5.00% | 4.63%(e) | |
Ratios to Average Net Assets | |||
Total expenses | 0.18% | 0.18%(f) | |
Net investment income | 1.24% | 1.53%(f) | |
Supplemental Data | |||
Net assets, end of period (000) | $37,687 | $16,877 | |
Portfolio turnover rate(g) | 0% | 0%(e) | |
(a) Commencement of operations. |
|||
(b) Based on average shares outstanding. | |||
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Not annualized. | |||
(f) Annualized. | |||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2027 Term Treasury ETF* | IBTH | NASDAQ
|
Ticker: IBTH | Stock Exchange: NASDAQ |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.07% | None | None | 0.00% | 0.07% | (0.00)% | 0.07% |
1 | The amount rounded to 0.00%. |
2 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2027. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | 3 Years | 5 Years | Maturity | |||
$7 | $23 | $40 | $56 |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2027 Term Treasury ETF | |
Period From
02/25/20(a) to 10/31/20 |
|
Net asset value, beginning of period | $25.05 |
Net investment income(b) | 0.12 |
Net realized and unrealized gain(c) | 1.11 |
Net increase from investment operations | 1.23 |
Distributions(d) | |
From net investment income | (0.09) |
Total distributions | (0.09) |
Net asset value, end of period | $26.19 |
Total Return | |
Based on net asset value | 4.92%(e) |
Ratios to Average Net Assets | |
Total expenses | 0.07%(f) |
Total expenses after fees waived | 0.07%(f) |
Net investment income | 0.66%(f) |
Supplemental Data | |
Net assets, end of period (000) | $14,405 |
Portfolio turnover rate(g) | 45%(e) |
(a) Commencement of operations. |
|
(b) Based on average shares outstanding. | |
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Not annualized. | |
(f) Annualized. | |
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2028 Term Corporate ETF* | IBDT | NYSE ARCA
|
Ticker: IBDT | Stock Exchange: NYSE Arca |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.10% | None | 0.00% | 0.00% | 0.10% | (0.00)% | 0.10% |
1 | The amount rounded to 0.00%. |
2 | BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2028. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | 3 Years | 5 Years | Maturity | |||
$10 | $32 | $56 | $95 |
One Year |
Since Fund
Inception |
||
(Inception Date: 9/18/2018) | |||
Return Before Taxes | 9.72% | 11.23% | |
Return After Taxes on Distributions1 | 8.43% | 9.68% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 5.72% | 7.96% | |
Bloomberg Barclays December 2028 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 9.70% | 11.25% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in |
such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2028 Term Corporate ETF | |||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Period From
09/18/18(a) to 10/31/18 |
|||
Net asset value, beginning of period | $27.76 | $24.77 | $25.00 | ||
Net investment income(b) | 0.86 | 1.01 | 0.12 | ||
Net realized and unrealized gain (loss)(c) | 1.13 | 3.06 | (0.35) | ||
Net increase (decrease) from investment operations | 1.99 | 4.07 | (0.23) | ||
Distributions(d) | |||||
From net investment income | (0.84) | (1.08) | — | ||
From net realized gain | (0.00)(e) | — | — | ||
Total distributions | (0.84) | (1.08) | — | ||
Net asset value, end of period | $28.91 | $27.76 | $24.77 | ||
Total Return | |||||
Based on net asset value | 7.33% | 16.87% | (0.92)%(f) | ||
Ratios to Average Net Assets | |||||
Total expenses | 0.10% | 0.10% | 0.10%(g) | ||
Total expenses after fees waived | 0.10% | 0.10% | 0.10%(g) | ||
Net investment income | 3.04% | 3.79% | 4.22%(g) | ||
Supplemental Data | |||||
Net assets, end of period (000) | $206,673 | $112,437 | $38,399 | ||
Portfolio turnover rate(h) | 7% | 6% | 0%(f) | ||
(a) Commencement of operations. |
|||||
(b) Based on average shares outstanding. | |||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||
(e) Rounds to less than $0.01. | |||||
(f) Not annualized. | |||||
(g) Annualized. | |||||
(h) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2028 Term Muni Bond ETF* | IBMQ | CBOE BZX
|
Ticker: IBMQ | Stock Exchange: Cboe BZX |
1 Year | 3 Years | 5 Years | Maturity | |||
$18 | $58 | $101 | $170 |
One Year |
Since Fund
Inception |
||
(Inception Date: 4/16/2019) | |||
Return Before Taxes | 6.78% | 7.29% | |
Return After Taxes on Distributions1 | 6.78% | 7.29% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 4.55% | 5.91% | |
S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 6.36% | 7.02% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2028 Term Muni Bond ETF | |||
Year Ended
10/31/20 |
Period From
04/16/19(a) to 10/31/19 |
||
Net asset value, beginning of period | $26.10 | $25.00 | |
Net investment income(b) | 0.36 | 0.21 | |
Net realized and unrealized gain(c) | 1.00 | 1.08 | |
Net increase from investment operations | 1.36 | 1.29 | |
Distributions(d) | |||
From net investment income | (0.34) | (0.19) | |
Total distributions | (0.34) | (0.19) | |
Net asset value, end of period | $27.12 | $26.10 | |
Total Return | |||
Based on net asset value | 5.26% | 5.15%(e) | |
Ratios to Average Net Assets | |||
Total expenses | 0.18% | 0.18%(f) | |
Net investment income | 1.33% | 1.49%(f) | |
Supplemental Data | |||
Net assets, end of period (000) | $51,525 | $24,796 | |
Portfolio turnover rate(g) | 0% | 0%(e) | |
(a) Commencement of operations. |
|||
(b) Based on average shares outstanding. | |||
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Not annualized. | |||
(f) Annualized. | |||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2028 Term Treasury ETF* | IBTI | NASDAQ
|
Ticker: IBTI | Stock Exchange: NASDAQ |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.07% | None | None | 0.00% | 0.07% | (0.00)% | 0.07% |
1 | The amount rounded to 0.00%. |
2 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2028. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | 3 Years | 5 Years | Maturity | |||
$7 | $23 | $40 | $66 |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2028 Term Treasury ETF | |
Period From
02/25/20(a) to 10/31/20 |
|
Net asset value, beginning of period | $25.14 |
Net investment income(b) | 0.13 |
Net realized and unrealized gain(c) | 1.13 |
Net increase from investment operations | 1.26 |
Distributions(d) | |
From net investment income | (0.10) |
Total distributions | (0.10) |
Net asset value, end of period | $26.30 |
Total Return | |
Based on net asset value | 5.01%(e) |
Ratios to Average Net Assets | |
Total expenses | 0.07%(f) |
Total expenses after fees waived | 0.07%(f) |
Net investment income | 0.71%(f) |
Supplemental Data | |
Net assets, end of period (000) | $14,467 |
Portfolio turnover rate(g) | 10%(e) |
(a) Commencement of operations. |
|
(b) Based on average shares outstanding. | |
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Not annualized. | |
(f) Annualized. | |
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2029 Term Corporate ETF* | IBDU | NYSE ARCA
|
Ticker: IBDU | Stock Exchange: NYSE Arca |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.10% | None | 0.00% | 0.00% | 0.10% | (0.00)% | 0.10% |
1 | The amount rounded to 0.00%. |
2 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2029. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | 3 Years | 5 Years | Maturity | |||
$10 | $32 | $56 | $109 |
One Year |
Since Fund
Inception |
||
(Inception Date: 9/17/2019) | |||
Return Before Taxes | 10.49% | 10.24% | |
Return After Taxes on Distributions1 | 9.36% | 9.11% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 6.18% | 7.32% | |
Bloomberg Barclays December 2029 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 10.65% | 10.22% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2029 Term Corporate ETF | |||
Year Ended
10/31/20 |
Period From
09/17/19(a) to 10/31/19 |
||
Net asset value, beginning of period | $25.53 | $25.00 | |
Net investment income(b) | 0.70 | 0.09 | |
Net realized and unrealized gain(c) | 1.35 | 0.44 | |
Net increase from investment operations | 2.05 | 0.53 | |
Distributions(d) | |||
From net investment income | (0.70) | — | |
Total distributions | (0.70) | — | |
Net asset value, end of period | $26.88 | $25.53 | |
Total Return | |||
Based on net asset value | 8.17% | 2.12%(e) | |
Ratios to Average Net Assets | |||
Total expenses | 0.10% | 0.10%(f) | |
Total expenses after fees waived | 0.10% | 0.10%(f) | |
Net investment income | 2.69% | 2.84%(f) | |
Supplemental Data | |||
Net assets, end of period (000) | $84,656 | $17,872 | |
Portfolio turnover rate(g) | 9% | 1%(e) | |
(a) Commencement of operations. |
|||
(b) Based on average shares outstanding. | |||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Not annualized. | |||
(f) Annualized. | |||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2029 Term Treasury ETF* | IBTJ | NASDAQ
|
Ticker: IBTJ | Stock Exchange: NASDAQ |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.07% | None | None | 0.00% | 0.07% | (0.00)% | 0.07% |
1 | The amount rounded to 0.00%. |
2 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2029. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | 3 Years | 5 Years | Maturity | |||
$7 | $23 | $40 | $77 |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2029 Term Treasury ETF | |
Period From
02/25/20(a) to 10/31/20 |
|
Net asset value, beginning of period | $25.04 |
Net investment income(b) | 0.14 |
Net realized and unrealized gain(c) | 1.20 |
Net increase from investment operations | 1.34 |
Distributions(d) | |
From net investment income | (0.11) |
Total distributions | (0.11) |
Net asset value, end of period | $26.27 |
Total Return | |
Based on net asset value | 5.35%(e) |
Ratios to Average Net Assets | |
Total expenses | 0.07%(f) |
Total expenses after fees waived | 0.07%(f) |
Net investment income | 0.78%(f) |
Supplemental Data | |
Net assets, end of period (000) | $23,645 |
Portfolio turnover rate(g) | 19%(e) |
(a) Commencement of operations. |
|
(b) Based on average shares outstanding. | |
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Not annualized. | |
(f) Annualized. | |
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2030 Term Corporate ETF* | IBDV | NYSE ARCA
|
Ticker: IBDV | Stock Exchange: NYSE Arca |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses1 |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.10% | None | 0.00% | 0.00% | 0.10% | (0.00)% | 0.10% |
1 | The amount rounded to 0.00%. |
2 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2030. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | 3 Years | |||
$10 | $32 |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the |
ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. | |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2030 Term Corporate ETF | |
Period From
06/23/20(a) to 10/31/20 |
|
Net asset value, beginning of period | $25.17 |
Net investment income(b) | 0.18 |
Net realized and unrealized gain(c) | 0.33 |
Net increase from investment operations | 0.51 |
Distributions(d) | |
From net investment income | (0.12) |
Total distributions | (0.12) |
Net asset value, end of period | $25.56 |
Total Return | |
Based on net asset value | 2.03%(e) |
Ratios to Average Net Assets | |
Total expenses | 0.10%(f) |
Total expenses after fees waived | 0.10%(f) |
Net investment income | 1.93%(f) |
Supplemental Data | |
Net assets, end of period (000) | $35,783 |
Portfolio turnover rate(g) | 4%(e) |
(a) Commencement of operations. |
|
(b) Based on average shares outstanding. | |
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Not annualized. | |
(f) Annualized. | |
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Dec 2030 Term Treasury ETF* | IBTK | NASDAQ
|
Ticker: IBTK | Stock Exchange: NASDAQ |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses |
Acquired Fund Fees
and Expenses1 |
Total Annual
Fund Operating Expenses |
Fee Waiver1 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.07% | None | None | None | 0.07% | (0.00)% | 0.07% |
1 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2030. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | 3 Years | |||
$7 | $23 |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Dec 2030 Term Treasury ETF | |
Period From
07/14/20(a) to 10/31/20 |
|
Net asset value, beginning of period | $25.06 |
Net investment income(b) | 0.04 |
Net realized and unrealized loss(c) | (0.49) |
Net decrease from investment operations | (0.45) |
Distributions(d) | |
From net investment income | (0.03) |
Total distributions | (0.03) |
Net asset value, end of period | $24.58 |
Total Return | |
Based on net asset value | (1.81)%(e) |
Ratios to Average Net Assets | |
Total expenses | 0.07%(f) |
Net investment income | 0.53%(f) |
Supplemental Data | |
Net assets, end of period (000) | $2,458 |
Portfolio turnover rate(g) | 36%(e) |
(a) Commencement of operations. |
|
(b) Based on average shares outstanding. | |
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Not annualized. | |
(f) Annualized. | |
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Mar 2023 Term Corporate ETF* | IBDD | NYSE ARCA
|
|
S-1 |
|
1 |
|
2 |
|
15 |
|
19 |
|
19 |
|
21 |
|
24 |
|
32 |
|
33 |
|
34 |
|
34 |
Ticker: IBDD | Stock Exchange: NYSE Arca |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.10% | None | None | 0.00% | 0.10% | (0.00)% | 0.10% |
1 | The amount rounded to 0.00%. |
2 | BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about March 31, 2023. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | Maturity | |||
$10 | $22 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 7/9/2013) | |||||
Return Before Taxes | 4.20% | 4.28% | 4.21% | ||
Return After Taxes on Distributions1 | 3.13% | 3.05% | 2.91% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 2.48% | 2.74% | 2.65% | ||
Bloomberg Barclays 2023 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses or taxes) | 4.00% | 4.35% | 4.32% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Mar 2023 Term Corporate ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16(a) |
|||||
Net asset value, beginning of year | $26.89 | $25.53 | $26.66 | $26.90 | $25.91 | ||||
Net investment income(b) | 0.70 | 0.76 | 0.76 | 0.77 | 0.79 | ||||
Net realized and unrealized gain (loss)(c) | 0.43 | 1.36 | (1.12) | (0.25) | 0.99 | ||||
Net increase (decrease) from investment operations | 1.13 | 2.12 | (0.36) | 0.52 | 1.78 | ||||
Distributions(d) | |||||||||
From net investment income | (0.71) | (0.76) | (0.77) | (0.76) | (0.79) | ||||
Total distributions | (0.71) | (0.76) | (0.77) | (0.76) | (0.79) | ||||
Net asset value, end of year | $27.31 | $26.89 | $25.53 | $26.66 | $26.90 | ||||
Total Return | |||||||||
Based on net asset value | 4.27% | 8.43% | (1.37)% | 2.01% | 6.99% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses(e) | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Total expenses after fees waived(e) | 0.10% | 0.10% | 0.10% | 0.10% | 0.09% | ||||
Net investment income | 2.59% | 2.89% | 2.95% | 2.92% | 3.01% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $72,383 | $79,335 | $59,995 | $87,963 | $82,041 | ||||
Portfolio turnover rate(f)(g) | 13% | 5% | 3% | 12% | 6% | ||||
(a) Per share amounts reflect a four-for-one stock split effective after the close of trading on July 22, 2016. |
|||||||||
(b) Based on average shares outstanding. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(g) Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund's financial highlights for its respective portfolio turnover rates. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares iBonds Mar 2023 Term Corporate ex-Financials ETF* | IBCE | NYSE ARCA
|
Ticker: IBCE | Stock Exchange: NYSE Arca |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution and
Service (12b-1) Fees |
Other
Expenses |
Acquired Fund Fees
and Expenses1,2 |
Total Annual
Fund Operating Expenses |
Fee Waiver1,2 |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.10% | None | None | 0.00% | 0.10% | (0.00)% | 0.10% |
1 | The amount rounded to 0.00%. |
2 | BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about March 31, 2023. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA. |
1 Year | Maturity | |||
$10 | $22 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 4/17/2013) | |||||
Return Before Taxes | 4.27% | 3.86% | 2.82% | ||
Return After Taxes on Distributions1 | 3.25% | 2.70% | 1.64% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 2.52% | 2.44% | 1.61% | ||
Bloomberg Barclays 2023 Maturity High Quality Corporate Index (Index returns do not reflect deductions for fees, expenses or taxes) | 4.26% | 3.88% | 2.89% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares iBonds Mar 2023 Term Corporate ex-Financials ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16(a) |
|||||
Net asset value, beginning of year | $24.65 | $23.44 | $24.47 | $24.80 | $24.01 | ||||
Net investment income(b) | 0.61 | 0.65 | 0.66 | 0.66 | 0.68 | ||||
Net realized and unrealized gain (loss)(c) | 0.44 | 1.22 | (1.04) | (0.33) | 0.79 | ||||
Net increase (decrease) from investment operations | 1.05 | 1.87 | (0.38) | 0.33 | 1.47 | ||||
Distributions(d) | |||||||||
From net investment income | (0.64) | (0.66) | (0.65) | (0.66) | (0.68) | ||||
Total distributions | (0.64) | (0.66) | (0.65) | (0.66) | (0.68) | ||||
Net asset value, end of year | $25.06 | $24.65 | $23.44 | $24.47 | $24.80 | ||||
Total Return | |||||||||
Based on net asset value | 4.33% | 8.07% | (1.54)% | 1.37% | 6.24% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Net investment income | 2.46% | 2.71% | 2.76% | 2.72% | 2.77% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $27,563 | $25,886 | $44,535 | $47,716 | $42,157 | ||||
Portfolio turnover rate(e) | 9% | 9% | 5% | 10% | 12% | ||||
(a) Per share amounts reflect a four-for-one stock split effective after the close of trading on July 22, 2016. |
|||||||||
(b) Based on average shares outstanding. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares International Treasury Bond ETF | IGOV | NASDAQ
|
Ticker: IGOV | Stock Exchange: NASDAQ |
1 Year | 3 Years | 5 Years | 10 Years | |||
$36 | $113 | $197 | $443 |
One Year | Five Years | Ten Years | |||
(Inception Date: 1/21/2009) | |||||
Return Before Taxes | 10.63% | 4.72% | 1.89% | ||
Return After Taxes on Distributions1 | 10.63% | 4.59% | 1.50% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 6.29% | 3.60% | 1.29% | ||
S&P International Sovereign Ex-U.S. Bond Index2 (formerly known as S&P/Citigroup International Treasury Bond Index Ex-US) (Index returns do not reflect deductions for fees, expenses, or taxes) | 11.16% | 5.15% | 2.27% | ||
FTSE World Government Bond Index – Developed Markets Capped Select Index2 (Index returns do not reflect deductions for fees, expenses, or taxes) | N/A | N/A | N/A |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
2 | On September 1, 2020, the Fund’s Underlying Index changed from the S&P International Sovereign Ex-U.S. Bond Index to the FTSE World Government Bond Index – Developed Markets Capped Select Index. The inception date of the FTSE World Government Bond Index – Developed Markets Capped Select Index was February 28, 2020. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, |
which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares International Treasury Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17(a) |
Year Ended
10/31/16(a) |
|||||
Net asset value, beginning of year | $50.76 | $47.45 | $48.72 | $48.06 | $45.51 | ||||
Net investment income(b) | 0.21 | 0.30 | 0.33 | 0.37 | 0.45 | ||||
Net realized and unrealized gain (loss)(c) | 2.10 | 3.16 | (1.58) | 0.62 | 2.17 | ||||
Net increase (decrease) from investment operations | 2.31 | 3.46 | (1.25) | 0.99 | 2.62 | ||||
Distributions(d) | |||||||||
From net investment income | (0.12) | (0.15) | (0.02) | (0.33) | (0.07) | ||||
Total distributions | (0.12) | (0.15) | (0.02) | (0.33) | (0.07) | ||||
Net asset value, end of year | $52.95 | $50.76 | $47.45 | $48.72 | $48.06 | ||||
Total Return | |||||||||
Based on net asset value | 4.57% | 7.31% | (2.57)% | 2.13% | 5.73% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | ||||
Net investment income | 0.41% | 0.62% | 0.66% | 0.78% | 0.93% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $1,082,929 | $903,457 | $851,684 | $811,247 | $773,704 | ||||
Portfolio turnover rate(e) | 41% | 9% | 10% | 9% | 9% | ||||
(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on August 30, 2017. |
|||||||||
(b) Based on average shares outstanding. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares J.P. Morgan USD Emerging Markets Bond ETF | EMB | NASDAQ
|
Ticker: EMB | Stock Exchange: NASDAQ |
1 Year | 3 Years | 5 Years | 10 Years | |||
$40 | $125 | $219 | $493 |
One Year | Five Years | Ten Years | |||
(Inception Date: 12/17/2007) | |||||
Return Before Taxes | 5.48% | 6.71% | 5.64% | ||
Return After Taxes on Distributions1 | 3.72% | 4.63% | 3.64% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 3.17% | 4.22% | 3.47% | ||
J.P. Morgan EMBI Global Core Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 5.77% | 7.22% | 6.30% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, |
and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. | |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
■ | The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used in Russia; |
■ | Risks in connection with the maintenance of the Fund’s portfolio securities and cash with foreign sub-custodians and securities depositories, including the risk that appropriate sub-custody arrangements will not be available to the Fund; |
■ | The risk that the Fund’s ownership rights in portfolio securities could be lost through fraud or negligence because ownership in shares of Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system; |
■ | The risk that the Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government; and |
■ | The risk that various responses by other nation-states to alleged Russian cyber activity will impact Russia’s economy and Russian issuers of securities in which the Fund invests. |
■ | The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used in certain Eastern European countries; |
■ | Risks in connection with the maintenance of the Fund's portfolio securities and cash with foreign sub-custodians and securities depositories, including the risk that appropriate sub-custody arrangements will not be available to the Fund; |
■ | The risk that the Fund's ownership rights in portfolio securities could be lost through fraud or negligence as a result of the fact that ownership in shares of certain Eastern European companies is recorded by the companies themselves and by registrars, rather than a central registration system; |
■ | The risk that the Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and custody, and because certain Eastern European banking institutions and registrars are not guaranteed by their respective governments; and |
■ | Risks in connection with Eastern European countries' dependence on the economic health of Western European countries and the EU as a whole. |
iShares J.P. Morgan USD Emerging Markets Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $113.14 | $104.57 | $115.92 | $114.74 | $108.36 | ||||
Net investment income(a) | 4.63 | 5.25 | 5.07 | 5.33 | 5.39 | ||||
Net realized and unrealized gain (loss)(b) | (3.39) | 9.44 | (11.50) | 1.02 | 6.57 | ||||
Net increase (decrease) from investment operations | 1.24 | 14.69 | (6.43) | 6.35 | 11.96 | ||||
Distributions(c) | |||||||||
From net investment income | (4.56) | (6.12) | (4.92) | (5.17) | (5.58) | ||||
Total distributions | (4.56) | (6.12) | (4.92) | (5.17) | (5.58) | ||||
Net asset value, end of year | $109.82 | $113.14 | $104.57 | $115.92 | $114.74 | ||||
Total Return | |||||||||
Based on net asset value | 1.20% | 14.50% | (5.68)% | 5.74% | 11.35% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.39% | 0.39% | 0.39% | 0.54% | 0.59% | ||||
Total expenses after fees waived | 0.39% | 0.39% | 0.39% | 0.40% | 0.40% | ||||
Net investment income | 4.22% | 4.81% | 4.60% | 4.69% | 4.81% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $17,208,257 | $14,482,306 | $14,744,730 | $11,928,210 | $9,649,296 | ||||
Portfolio turnover rate(d) | 10% | 11% | 15% | 26% | 32% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares TIPS Bond ETF | TIP | NYSE ARCA
|
Ticker: TIP | Stock Exchange: NYSE Arca |
1 Year | 3 Years | 5 Years | 10 Years | |||
$19 | $61 | $107 | $243 |
One Year | Five Years | Ten Years | |||
(Inception Date: 12/4/2003) | |||||
Return Before Taxes | 10.91% | 4.96% | 3.68% | ||
Return After Taxes on Distributions1 | 10.36% | 4.16% | 2.91% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 6.45% | 3.47% | 2.53% | ||
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (Index returns do not reflect deductions for fees, expenses, or taxes) | 10.99% | 5.08% | 3.81% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares Treasury Floating Rate Bond ETF | TFLO | NYSE ARCA
|
Ticker: TFLO | Stock Exchange: NYSE Arca |
1 Year | 3 Years | 5 Years | 10 Years | |||
$15 | $48 | $85 | $192 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 2/3/2014) | |||||
Return Before Taxes | 0.46% | 1.15% | 0.85% | ||
Return After Taxes on Distributions1 | 0.31% | 0.71% | 0.52% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 0.27% | 0.69% | 0.51% | ||
Bloomberg Barclays U.S. Treasury Floating Rate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 0.61% | 1.28% | 0.95% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of |
dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. | |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares Treasury Floating Rate Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $50.28 | $50.31 | $50.24 | $50.14 | $50.08 | ||||
Net investment income(a) | 0.31 | 1.08 | 0.92 | 0.39 | 0.14 | ||||
Net realized and unrealized gain (loss)(b) | 0.08 | (0.04) | (0.07) | 0.01 | 0.06 | ||||
Net increase from investment operations | 0.39 | 1.04 | 0.85 | 0.40 | 0.20 | ||||
Distributions(c) | |||||||||
From net investment income | (0.38) | (1.07) | (0.78) | (0.30) | (0.14) | ||||
Total distributions | (0.38) | (1.07) | (0.78) | (0.30) | (0.14) | ||||
Net asset value, end of year | $50.29 | $50.28 | $50.31 | $50.24 | $50.14 | ||||
Total Return | |||||||||
Based on net asset value | 0.78% | 2.09% | 1.70% | 0.80% | 0.40% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | ||||
Total expenses after fees waived | 0.15% | 0.15% | 0.15% | 0.15% | 0.11% | ||||
Net investment income | 0.62% | 2.15% | 1.83% | 0.77% | 0.29% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $407,351 | $507,830 | $306,913 | $25,122 | $20,056 | ||||
Portfolio turnover rate(d) | 44% | 20% | 17% | 68% | 25% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares U.S. Fixed Income Balanced Risk Factor ETF | FIBR | CBOE BZX
|
Ticker: FIBR | Stock Exchange: Cboe BZX |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution
and Service (12b-1) Fees |
Other
Expenses |
Acquired Fund
Fees and Expenses |
Total Annual
Fund Operating Expenses |
Fee Waiver |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.25% | None | None | 0.01% | 0.26% | (0.01)% | 0.25% |
1 Year | 3 Years | 5 Years | 10 Years | |||
$26 | $80 | $143 | $328 |
1 | Following the completion of the Reorganization, the Fund employs different investment strategies than the Predecessor Fund in seeking to achieve its investment objective. |
One Year | Five Years |
Since Predecessor
Fund Inception |
|||
(Predecessor Fund Inception Date: 2/24/2015) | |||||
Return Before Taxes | 3.21% | 4.28% | 3.52% | ||
Return After Taxes on Distributions1 | 2.16% | 2.98% | 2.25% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.89% | 2.71% | 2.12% | ||
Bloomberg Barclays U.S. Fixed Income Balanced Risk Index2 (Index returns do not reflect deductions for fees, expenses, or taxes) | 3.14% | 4.42% | 3.65% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
2 | Index returns through February 4, 2018 reflect the performance of the Bloomberg Barclays U.S. Aggregate Bond Index. Index returns beginning on February 5, 2018 reflect the performance of the Bloomberg Barclays U.S. Fixed Income Balanced Risk Index, which, effective as of February 5, 2018, became the Underlying Index of the Fund. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of |
trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. | |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares U.S. Fixed Income Balanced Risk Factor ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $101.55 | $95.83 | $100.57 | $100.60 | $98.33 | ||||
Net investment income(a) | 2.67 | 3.51 | 3.15 | 2.66 | 2.75 | ||||
Net realized and unrealized gain (loss)(b) | 0.11 | 5.73 | (4.88) | 0.09 | 2.40 | ||||
Net increase (decrease) from investment operations | 2.78 | 9.24 | (1.73) | 2.75 | 5.15 | ||||
Distributions(c) | |||||||||
From net investment income | (2.87) | (3.52) | (3.01) | (2.70) | (2.79) | ||||
From net realized gain | — | — | — | (0.05) | — | ||||
Return of capital | (0.08) | — | — | (0.03) | (0.09) | ||||
Total distributions | (2.95) | (3.52) | (3.01) | (2.78) | (2.88) | ||||
Net asset value, end of year | $101.38 | $101.55 | $95.83 | $100.57 | $100.60 | ||||
Total Return | |||||||||
Based on net asset value | 2.79% | 9.82% | (1.73)% | 2.79% | 5.32% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | ||||
Total expenses after fees waived | 0.24% | 0.25% | 0.24% | 0.24% | 0.25% | ||||
Net investment income | 2.65% | 3.55% | 3.22% | 2.66% | 2.78% | ||||
Supplemental Data | |||||||||
Net assets, end of period (000) | $131,792 | $142,173 | $110,203 | $130,741 | $70,418 | ||||
Portfolio turnover rate(d)(e) | 703% | 504% | 633% | 683% | 569% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(e) Portfolio turnover rate includes to-be-announced (TBA) transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares U.S. Treasury Bond ETF | GOVT | CBOE BZX
|
Ticker: GOVT | Stock Exchange: Cboe BZX |
1 Year | 3 Years | 5 Years | 10 Years | |||
$15 | $48 | $85 | $192 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 2/14/2012) | |||||
Return Before Taxes | 7.92% | 3.65% | 2.59% | ||
Return After Taxes on Distributions1 | 7.01% | 2.88% | 1.96% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 4.72% | 2.47% | 1.71% | ||
ICE U.S. Treasury Core Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 | 8.02% | 3.77% | 2.69% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
2 | Index returns through June 30, 2016 reflect the performance of the Bloomberg Barclays U.S. Treasury Bond Index. Index returns beginning on July 1, 2016 reflect the performance of the ICE U.S. Treasury Core Bond Index, which, effective as of July 1, 2016, replaced the Bloomberg Barclays U.S Treasury Bond Index as the Underlying Index of the Fund. The inception date of the ICE U.S. Treasury Core Bond Index was December 31, 2015. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV. |
iShares U.S. Treasury Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $26.28 | $24.17 | $25.16 | $25.74 | $25.28 | ||||
Net investment income(a) | 0.39 | 0.53 | 0.48 | 0.40 | 0.36 | ||||
Net realized and unrealized gain (loss)(b) | 1.40 | 2.10 | (1.00) | (0.61) | 0.45 | ||||
Net increase (decrease) from investment operations | 1.79 | 2.63 | (0.52) | (0.21) | 0.81 | ||||
Distributions(c) | |||||||||
From net investment income | (0.41) | (0.52) | (0.47) | (0.37) | (0.35) | ||||
Total distributions | (0.41) | (0.52) | (0.47) | (0.37) | (0.35) | ||||
Net asset value, end of year | $27.66 | $26.28 | $24.17 | $25.16 | $25.74 | ||||
Total Return | |||||||||
Based on net asset value | 6.84% | 10.99% | (2.10)% | (0.82)% | 3.23% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | ||||
Net investment income | 1.43% | 2.09% | 1.95% | 1.58% | 1.39% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $15,037,638 | $15,219,211 | $6,747,196 | $5,211,634 | $2,635,596 | ||||
Portfolio turnover rate(d) | 91% | 22% | 27% | 47% | 48% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Portfolio turnover rate excludes in-kind transactions. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
March 1, 2021 | |
2021 Prospectus |
• |
iShares Yield Optimized Bond ETF | BYLD | NYSE ARCA
|
|
S-1 |
|
1 |
|
2 |
|
15 |
|
17 |
|
17 |
|
23 |
|
26 |
|
34 |
|
35 |
|
36 |
|
36 |
Ticker: BYLD | Stock Exchange: NYSE Arca |
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a percentage of the value of your investments) |
||||||||||||
Management
Fees |
Distribution
and Service (12b-1) Fees |
Other
Expenses1 |
Acquired Fund
Fees and Expenses |
Total Annual
Fund Operating Expenses |
Fee Waiver |
Total Annual
Fund Operating Expenses After Fee Waiver |
||||||
0.28% | None | 0.00% | 0.20% | 0.48% | (0.28)% | 0.20% |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$20 | $64 | $113 | $452 |
One Year | Five Years |
Since Fund
Inception |
|||
(Inception Date: 4/22/2014) | |||||
Return Before Taxes | 4.22% | 5.04% | 4.00% | ||
Return After Taxes on Distributions1 | 2.77% | 3.50% | 2.51% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 2.48% | 3.18% | 2.39% | ||
Morningstar U.S. Bond Market Yield-Optimized Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 4.30% | 4.93% | 3.90% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund or an Underlying Fund before it matures. If the issuer redeems high yield securities held by the Fund or an Underlying Fund, the |
Fund or an Underlying Fund may have to invest the proceeds in bonds with lower yields and may lose income. | |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund or an Underlying Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | General Impact. This outbreak has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, temporary and permanent closures of stores, restaurants and other commercial establishments, layoffs, defaults and other significant economic impacts, as well as general concern and uncertainty. |
■ | Market Volatility. The outbreak has also resulted in extreme volatility, severe losses, and disruptions in markets which can adversely impact the Fund and its investments, including impairing hedging activity to the extent a Fund engages in such activity, as expected correlations between related markets or instruments may no longer apply. In addition, to the extent the Fund invests in short-term instruments that have negative yields, the Fund’s value may be impaired as a result. Certain issuers of equity securities have cancelled or announced the suspension of dividends. The outbreak has, and may continue to, negatively affect the credit ratings of some fixed income securities and their issuers. |
■ | Market Closures. Certain local markets have been or may be subject to closures, and there can be no assurance that trading will continue in any local markets in which the Fund may invest, when any resumption of trading will occur or, once such markets resume trading, whether they will face further closures. Any suspension of trading in markets in which the Fund invests will have an impact on the Fund and its investments and will impact the Fund’s ability to purchase or sell securities in such markets. |
■ | Operational Risk. The outbreak could also impair the information technology and other operational systems upon which the Fund’s service providers, including BFA, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform critical tasks relating to the Fund, for example, due to the service providers’ employees performing tasks in alternate locations than under normal operating conditions or the illness of certain employees of the Fund’s service providers. |
■ | Governmental Interventions. Governmental and quasi-governmental authorities and regulators throughout the world have responded to the outbreak and the resulting economic disruptions with a variety of fiscal and monetary policy changes, including direct capital infusions into companies and other issuers, new monetary policy tools, and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of such policies, is likely to increase market volatility, which could adversely affect the Fund’s investments. |
■ | Pre-Existing Conditions. Public health crises caused by the outbreak may exacerbate |
Note: The allocation percentages may not add up to, or may appear to exceed, 100% due to rounding. | |
BLOOMBERG® is a trademark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark of Barclays Bank PLC (collectively with its affiliates, “Barclays”), used under license. The “Bloomberg Barclays U.S. Agency Bond Index” and “Bloomberg Barclays U.S. MBS Index” and are trademarks of Bloomberg and its licensors and has been licensed for use for certain purposes by BFA or its affiliates. | |
“ ICE U.S. Treasury 1-3 Year Bond Index,” “ICE BofA 1-5 Year US Corporate Index,” “ICE U.S. Treasury 10-20 Year Bond Index,” and “ICE BofA US High Yield Constrained Index” are trademarks of ICE Data Indices, LLC or its affiliates (“ICE Data”) and have been licensed for use for certain purposes by BFA or its affiliates. | |
“J.P. Morgan” and “J.P. Morgan EMBI® Global Core Index” are trademarks of JPMorgan Chase & Co. and have been licensed for use for certain purposes by BFA or its affiliates. |
Markit® and iBoxx® are registered trademarks of Markit Group Limited and Markit Indices Limited, respectively, and have been licensed for use for certain purposes by BlackRock Fund Advisors or its affiliates. |
• | U.S. government guaranteed securities: corporate and non-U.S. issuances that carry |
• | U.S. government owned, not guaranteed, securities: issuances of quasi-federal corporations (i.e., entities that are partially or wholly-owned by the U.S. government); such issuances generally carry no explicit guarantee of repayment from the U.S. government; and |
• | U.S. government sponsored securities: issuances of U.S. government sponsored entities (including Fannie Mae and Freddie Mac), which are not 100% government owned, but carry out government policies and benefit from implied involvement of the U.S. government, such as by benefiting from certain government subsidies, credit provisions, or other government support; such issuances generally have no guarantees from the U.S. government. |
iShares Yield Optimized Bond ETF | |||||||||
Year Ended
10/31/20 |
Year Ended
10/31/19 |
Year Ended
10/31/18 |
Year Ended
10/31/17 |
Year Ended
10/31/16 |
|||||
Net asset value, beginning of year | $25.60 | $23.77 | $25.08 | $25.05 | $24.72 | ||||
Net investment income(a) | 0.80 | 0.92 | 0.91 | 0.82 | 0.81 | ||||
Net realized and unrealized gain (loss)(b) | 0.04 | 1.94 | (1.33) | 0.04 | 0.33 | ||||
Net increase (decrease) from investment operations | 0.84 | 2.86 | (0.42) | 0.86 | 1.14 | ||||
Distributions(c) | |||||||||
From net investment income | (0.81) | (1.03) | (0.89) | (0.83) | (0.81) | ||||
Total distributions | (0.81) | (1.03) | (0.89) | (0.83) | (0.81) | ||||
Net asset value, end of year | $25.63 | $25.60 | $23.77 | $25.08 | $25.05 | ||||
Total Return | |||||||||
Based on net asset value | 3.33% | 12.31% | (1.70)% | 3.53% | 4.72% | ||||
Ratios to Average Net Assets | |||||||||
Total expenses(d) | 0.28% | 0.28% | 0.28% | 0.28% | 0.28% | ||||
Total expenses after fees waived(d) | 0.00%(e) | 0.00% | 0.00%(e) | 0.00%(e) | 0.01% | ||||
Net investment income | 3.12% | 3.69% | 3.75% | 3.30% | 3.26% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $190,935 | $147,173 | $34,462 | $27,593 | $15,027 | ||||
Portfolio turnover rate(f)(g) | 118% | 58% | 48% | 27% | 47% | ||||
(a) Based on average shares outstanding. |
|||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses. | |||||||||
(e) Rounds to less than 0.01%. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(g) Portfolio turnover rate excludes the portfolio activity of the underlying funds in which the Fund is invested. See each underlying fund's financial highlights for its respective portfolio turnover rates. |
Call: |
1-800-iShares or 1-800-474-2737 (toll free)
Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: |
c/o BlackRock Investments, LLC
1 University Square Drive, Princeton, NJ 08540 |
Fund | Ticker | Listing Exchange | ||
iShares Core Total USD Bond Market ETF (the “Fund”) | IUSB | NASDAQ |
• | High yield bonds may be issued by less creditworthy issuers. These securities are vulnerable to adverse changes in the issuer’s industry or to general economic conditions. Issuers of high yield bonds may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing. |
• | The issuers of high yield bonds may have a larger amount of outstanding debt relative to their assets than issuers of |
investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations. The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their development and/or involved in a reorganization or takeover. | |
• | High yield bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations, which will potentially limit the Fund’s ability to fully recover principal, to receive interest payments when senior securities are in default or to receive restructuring benefits paid to holders of more senior classes of debt. Thus, investors in high yield securities frequently have a lower degree of protection with respect to principal and interest payments than do investors in higher rated securities. |
• | High yield bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If an issuer redeems the high yield bonds, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
• | Prices of high yield bonds are subject to extreme fluctuations. Negative economic developments may have a greater impact on the prices of high yield bonds than on those of other higher rated fixed-income securities. |
• | Under certain economic and/or market conditions, the Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. There are fewer dealers in the high yield bond market, and there may be significant differences in the prices quoted for high yield bonds by dealers, and such quotations may not be the actual prices available for a purchase or sale. Judgment may play a greater role in the prices and values generated for such securities than in the case of securities trading in a more liquid market. |
• | The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated securities. The secondary markets for high yield securities are concentrated in relatively few market makers and, participants in the markets are mostly institutional investors, including insurance companies, banks, other financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower than that for higher rated securities and the secondary markets could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under certain economic and/or market conditions, the Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely affect the market price of the high yield security, which may result in increased difficulty selling the particular issue and obtaining accurate market quotations on the issue when valuing the Fund's assets. Market quotations on high yield securities are available only from a limited number of dealers, and such quotations may not be the actual prices available for a purchase or sale. When the secondary market for high yield securities becomes more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of reliable objective data makes it more difficult to value such securities, and judgment plays a more important role in determining such valuations. |
• | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
• | The high yield bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high yield securities may be affected by legislative and regulatory developments. These developments could adversely affect the Fund’s NAV and investment practices, the secondary market for high yield securities, the financial condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain corporate issuers of high yield bonds adversely affected the market in the past. |
• | Communications of Data Files: The Fund may make available through the facilities of the National Securities Clearing Corporation (“NSCC”) or through posting on the www.iShares.com, prior to the opening of trading on each business day, a list of the Fund’s holdings (generally pro-rata) that Authorized Participants could deliver to the Fund to settle purchases of the Fund (i.e. Deposit Securities) or that Authorized Participants would receive from the Fund to settle redemptions of the Fund (i.e. Fund Securities). These files are known as the Portfolio Composition File and the Fund Data File (collectively, “Files”). The Files are applicable for the next trading day and are provided to the NSCC and/or posted on www.iShares.com after the close of markets in the U.S. |
• | Communications with Authorized Participants and Liquidity Providers: Certain employees of BFA are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an Authorized Participant or liquidity provider the securities the Fund is willing to accept for a creation, and securities that the Fund will provide on a redemption. |
• | Communications with Listing Exchanges: From time to time, employees of BFA may discuss portfolio holdings information with the applicable primary listing exchange for the Fund as needed to meet the exchange listing standards. |
• | Communications with Other Portfolio Managers: Certain information may be provided to employees of BFA who manage funds that invest a significant percentage of their assets in shares of an underlying fund as necessary to manage the fund’s investment objective and strategy. |
• | Communication of Other Information: Certain explanatory information regarding the Files is released to Authorized Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to www.iShares.com. |
• | Third-Party Service Providers: Certain portfolio holdings information may be disclosed to Fund Trustees and their counsel, outside counsel for the Fund, auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service) for which a non-disclosure, confidentiality agreement or other obligation is in place with such service providers, as may be necessary to conduct business in the ordinary course in a manner consistent with applicable policies, agreements with the Fund, the terms of the current registration statements and federal securities laws and regulations thereunder. |
• | Liquidity Metrics: “Liquidity Metrics” seek to ascertain the Fund’s liquidity profile under BlackRock’s global liquidity risk methodology, which include but are not limited to: (a) disclosure regarding the number of days needed to liquidate a portfolio or the portfolio’s underlying investments; and (b) the percentage of the Fund’s NAV invested in a particular liquidity tier under BlackRock’s global liquidity risk methodology. The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to the Liquidity Rule (including SEC liquidity tiering) is not permitted unless pre-approved. Disclosure of portfolio-level liquidity metrics prior to 60 calendar days after calendar quarter-end requires a non-disclosure or confidentiality agreement and approval of the Trust’s Chief Compliance Officer. Portfolio-level liquidity metrics disclosure subsequent to 60 calendar days after calendar quarter-end requires the approval of portfolio management and must be disclosed to all parties requesting the information if disclosed to any party. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
8. | Make any investment inconsistent with the Fund's classification as a diversified company under the Investment Company Act. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Robert S. Kapito1
(64) |
Trustee
(since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Salim Ramji2
(50) |
Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
1 | Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
2 | Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Cecilia H. Herbert
(71) |
Trustee
(since 2005); Independent Board Chair (since 2016). |
Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.
|
Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Jane D. Carlin
(65) |
Trustee
(since 2015); Risk Committee Chair (since 2016). |
Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani
(66) |
Trustee
(since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Kerrigan
(65) |
Trustee
(since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019). |
Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton
(61) |
Trustee
(since 2017); 15(c) Committee Chair (since 2017). |
Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Martinez
(59) |
Trustee
(since 2003); Securities Lending Committee Chair (since 2019). |
Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav V. Rajan
(56) |
Trustee
(since 2011); Fixed Income Plus Committee Chair (since 2019). |
Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). |
Director of iShares, Inc. (since 2011);
Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
||
Armando Senra
(49) |
President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||
Trent Walker
(46) |
Treasurer and Chief Financial Officer
(since 2020). |
Managing Director of BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||
Charles Park
(53) |
Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Deepa Damre Smith
(45) |
Secretary (since 2019). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). | ||
Scott Radell
(52) |
Executive Vice President
(since 2012). |
Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). | ||
Alan Mason
(60) |
Executive Vice President
(since 2016). |
Managing Director, BlackRock, Inc. (since 2009). | ||
Marybeth Leithead
(58) |
Executive Vice President
(since 2019). |
Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016). |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
Robert S. Kapito | None | None | None | |||
Salim Ramji | iShares Broad USD Investment Grade Corporate Bond ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Commodity Curve Carry Strategy ETF | $50,001-$100,000 | |||||
iShares Core MSCI Emerging Markets ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $1-$10,000 | |||||
iShares Core S&P 500 ETF | $1-$10,000 | |||||
iShares Core S&P Mid-Cap ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $50,001-$100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI USA ESG Select ETF | $1-$10,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
iShares Core MSCI Emerging Markets ETF | $1-$10,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P U.S. Growth ETF | Over $100,000 | |||||
iShares Core S&P U.S. Value ETF | Over $100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | $10,001-$50,000 | |||||
iShares International Select Dividend ETF | $50,001-$100,000 | |||||
iShares MSCI EAFE ETF | $1-$10,000 | |||||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares MSCI USA Value Factor ETF | Over $100,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $10,001-$50,000 | |||||
Jane D. Carlin | iShares Core MSCI EAFE ETF | Over $100,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P Mid-Cap ETF | $10,001-$50,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core U.S. Aggregate Bond ETF | $50,001-$100,000 | |||||
iShares Global Tech ETF | $50,001-$100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | Over $100,000 | |||||
iShares MSCI ACWI ETF | Over $100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI USA Min Vol Factor ETF | $50,001-$100,000 | |||||
iShares Select Dividend ETF | $10,001-$50,000 | |||||
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
Richard L. Fagnani | iShares Core Dividend Growth ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares Exponential Technologies ETF | $10,001-$50,000 | |||||
iShares Global Clean Energy ETF | $10,001-$50,000 | |||||
iShares MBS ETF | $10,001-$50,000 | |||||
iShares MSCI All Country Asia ex Japan ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE Value ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Multifactor ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares MSCI Singapore ETF | $10,001-$50,000 | |||||
iShares MSCI USA Equal Weighted ETF | $10,001-$50,000 | |||||
iShares MSCI USA Quality Factor ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $10,001-$50,000 | |||||
iShares U.S. Infrastructure ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares Core MSCI EAFE ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EM ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $1-$10,000 | |||||
iShares Global Clean Energy ETF | Over $100,000 | |||||
iShares Global Infrastructure ETF | Over $100,000 | |||||
iShares Global Tech ETF | $50,001-$100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | Over $100,000 | |||||
iShares MSCI KLD 400 Social ETF | $10,001-$50,000 | |||||
iShares MSCI USA ESG Select ETF | $1-$10,000 | |||||
iShares MSCI USA Min Vol Factor ETF | $10,001-$50,000 | |||||
iShares MSCI USA Quality Factor ETF | $10,001-$50,000 | |||||
iShares MSCI USA Value Factor ETF | $50,001-$100,000 | |||||
iShares U.S. Medical Devices ETF | $10,001-$50,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
Drew E. Lawton | BlackRock Short Maturity Bond ETF | Over $100,000 | Over $100,000 | |||
BlackRock Ultra Short-Term Bond ETF | Over $100,000 | |||||
iShares 0-5 Year High Yield Corporate Bond ETF | $50,001-$100,000 | |||||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Expanded Tech Sector ETF | Over $100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Nasdaq Biotechnology ETF | $50,001-$100,000 | |||||
John E. Martinez | iShares 1-5 Year Investment Grade Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core 5-10 Year USD Bond ETF | Over $100,000 | |||||
iShares Core International Aggregate Bond ETF | Over $100,000 | |||||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Global Consumer Staples ETF | Over $100,000 | |||||
iShares Russell 1000 ETF | Over $100,000 | |||||
iShares Russell 1000 Value ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
Madhav V. Rajan | BlackRock Short Maturity Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Broad USD High Yield Corporate Bond ETF | Over $100,000 | |||||
iShares Mortgage Real Estate ETF | Over $100,000 | |||||
iShares Preferred and Income Securities ETF | Over $100,000 |
Name |
iShares Core Total USD
Bond Market ETF |
Pension or
Retirement Benefits Accrued As Part of Trust Expenses1 |
Estimated Annual
Benefits Upon Retirement1 |
Total
Compensation From the Fund and Fund Complex2 |
||||
Independent Trustees: | ||||||||
Jane D. Carlin | $1,681 | Not Applicable | Not Applicable | $350,000 | ||||
Richard L. Fagnani | 1,752 | Not Applicable | Not Applicable | 366,421 | ||||
Cecilia H. Herbert | 1,909 | Not Applicable | Not Applicable | 395,833 | ||||
John E. Kerrigan | 1,784 | Not Applicable | Not Applicable | 370,833 | ||||
Drew E. Lawton | 1,690 | Not Applicable | Not Applicable | 353,921 | ||||
John E. Martinez | 1,681 | Not Applicable | Not Applicable | 350,000 | ||||
Madhav V. Rajan | 1,681 | Not Applicable | Not Applicable | 350,000 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | Not Applicable | Not Applicable | $0 | ||||
Salim Ramji | 0 | Not Applicable | Not Applicable | 0 |
1 | No Trustee or officer is entitled to any pension or retirement benefits from the Trust. |
2 | Also includes compensation for service on the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. |
Name and Address |
Percentage
of Ownership |
|
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
21.99% | |
BlackRock Institutional Trust Company, N.A.
400 Howard Street San Francisco, CA 94105 |
18.32% | |
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
10.88% | |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
6.51% | |
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.01% | |
Edward D. Jones & Co.
12555 Manchester Road Saint Louis, MO 63131 |
5.87% |
Management
Fee for Fiscal Year Ended Oct. 31, 2020 |
Fund
Inception Date |
Management
Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2020 |
Management
Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2019 |
Management
Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2018 |
||||
0.06%1 | 06/10/14 | $2,548,727 | $1,781,469 | $1,060,059 |
1 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA, or its affiliates, through February 29, 2024. The contractual waiver may be terminated prior to February 29, 2024 only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA waived $338,040, $226,033 and $221,835 of its management fees, respectively. To adjust to low interest rate conditions, minimize tracking error at initial assets under management levels, or for other purposes, BFA may from time to time voluntarily waive and/or reimburse fees or expenses to reduce the Fund’s Total Annual Fund Operating Expense. Such voluntary waivers or reimbursements, if employed, would occur within the first year from inception, and would not exceed ten basis points. Any such voluntary waiver or reimbursement may be eliminated by BFA at any time. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA voluntarily waived $0, $0 and $0 of its management fees, respectively. |
James Mauro | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 98 | $462,481,000,000 | ||
Other Pooled Investment Vehicles | 30 | 122,075,000,000 | ||
Other Accounts | 25 | 18,490,000,000 |
Karen Uyehara | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 48 | $248,512,000,000 | ||
Other Pooled Investment Vehicles | 36 | 96,823,000,000 | ||
Other Accounts | 36 | 70,094,000,000 |
James Mauro | ||||
Types of Accounts |
Number of Other
Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Karen Uyehara | ||||
Types of Accounts |
Number of Other
Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
James Mauro | |||||||||||||||
Dollar Range | |||||||||||||||
None | $1 to $10k |
$10,001
to $50k |
$50,001
to $100k |
$100,001
to $500k |
$500,001
to $1m |
over
$1m |
|||||||||
X |
Karen Uyehara | |||||||||||||||
Dollar Range | |||||||||||||||
None | $1 to $10k |
$10,001
to $50k |
$50,001
to $100k |
$100,001
to $500k |
$500,001
to $1m |
over
$1m |
|||||||||
X |
Fund
Inception Date |
Administration, Custody
& Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 |
Administration, Custody
& Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2019 |
Administration, Custody
& Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2018 |
|||
06/10/14 | $154,614 | $122,394 | $115,419 |
Fund |
iShares Core Total USD
Bond Market ETF |
Gross income from
securities lending activities |
$477,510 |
Fees and/or compensation
for securities lending activities and related services |
Fund |
iShares Core Total USD
Bond Market ETF |
Securities lending
income paid to BTC for services as securities lending agent |
53,506 |
Cash collateral
management expenses not included in securities lending income paid to BTC |
17,722 |
Administrative fees not
included in securities lending income paid to BTC |
0 |
Indemnification fees not
included in securities lending income paid to BTC |
0 |
Rebates (paid to
borrowers) |
162,053 |
Other fees not
included in securities lending income paid to BTC |
0 |
Aggregate
fees/compensation for securities lending activities |
$233,281 |
Net income from securities
lending activities |
$244,229 |
Fund
Inception Date |
Brokerage
Commissions Paid During Fiscal Year Ended October 31, 2020 |
Brokerage
Commissions Paid During Fiscal Year Ended October 31, 2019 |
Brokerage
Commissions Paid During Fiscal Year Ended October 31, 2018 |
|||
06/10/14 | $8 | $0 | $1 |
Issuer |
Market Value
of Investment |
|
Bank of America Corp. | $29,935,735 | |
JPMorgan Chase & Co. | 26,366,343 | |
Wells Fargo & Co. | 21,854,771 | |
Citigroup, Inc. | 20,203,035 | |
Goldman Sachs Group Inc. (The) | 17,952,270 | |
Morgan Stanley | 16,405,252 | |
Barclays PLC | 6,086,474 | |
Credit Suisse AG | 6,052,851 | |
Deutsche Bank AG | 3,742,930 | |
Nomura Holdings Inc. | 753,215 |
Fiscal Year ended Oct. 31, 2020 | Fiscal Year ended Oct. 31, 2019 | ||
180% | 172% |
Shares Per
Creation Unit |
Approximate
Value Per Creation Unit (U.S.$) |
|
100,000 | $5,461,000 |
Standard Creation
Transaction Fee |
Maximum Additional
Charge* |
|
$1,000 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Standard Redemption
Transaction Fee |
Maximum Additional
Charge* |
|
$1,000 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long -term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public
Company CEO |
# Outside
Public Boards* |
Total # of
Public Boards |
|||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined
Chair / CEO Model |
Separate
Chair Model |
||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors |
Attends full meetings of the board of directors
Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
Fund | Ticker | Listing Exchange | ||
iShares iBonds 2021 Term High Yield and Income ETF1 | IBHA | Cboe BZX | ||
iShares iBonds 2022 Term High Yield and Income ETF2 | IBHB | Cboe BZX | ||
iShares iBonds 2023 Term High Yield and Income ETF3 | IBHC | Cboe BZX | ||
iShares iBonds 2024 Term High Yield and Income ETF4 | IBHD | Cboe BZX | ||
iShares iBonds 2025 Term High Yield and Income ETF5 | IBHE | Cboe BZX | ||
iShares iBonds 2026 Term High Yield and Income ETF6 | IBHF | Cboe BZX | ||
iShares iBonds Dec 2021 Term Corporate ETF7 | IBDM | NYSE Arca | ||
iShares iBonds Dec 2022 Term Corporate ETF8 | IBDN | NYSE Arca | ||
iShares iBonds Dec 2023 Term Corporate ETF9 | IBDO | NYSE Arca | ||
iShares iBonds Dec 2024 Term Corporate ETF10 | IBDP | NYSE Arca | ||
iShares iBonds Dec 2025 Term Corporate ETF11 | IBDQ | NYSE Arca | ||
iShares iBonds Dec 2026 Term Corporate ETF12 | IBDR | NYSE Arca | ||
iShares iBonds Dec 2027 Term Corporate ETF13 | IBDS | NYSE Arca | ||
iShares iBonds Dec 2028 Term Corporate ETF14 | IBDT | NYSE Arca | ||
iShares iBonds Dec 2029 Term Corporate ETF15 | IBDU | NYSE Arca | ||
iShares iBonds Dec 2030 Term Corporate ETF16 | IBDV | NYSE Arca | ||
iShares iBonds Dec 2021 Term Treasury ETF17 | IBTA | NASDAQ | ||
iShares iBonds Dec 2022 Term Treasury ETF18 | IBTB | NASDAQ | ||
iShares iBonds Dec 2023 Term Treasury ETF19 | IBTD | NASDAQ | ||
iShares iBonds Dec 2024 Term Treasury ETF20 | IBTE | NASDAQ | ||
iShares iBonds Dec 2025 Term Treasury ETF21 | IBTF | NASDAQ | ||
iShares iBonds Dec 2026 Term Treasury ETF22 | IBTG | NASDAQ | ||
iShares iBonds Dec 2027 Term Treasury ETF23 | IBTH | NASDAQ | ||
iShares iBonds Dec 2028 Term Treasury ETF24 | IBTI | NASDAQ | ||
iShares iBonds Dec 2029 Term Treasury ETF25 | IBTJ | NASDAQ | ||
iShares iBonds Dec 2030 Term Treasury ETF26 | IBTK | NASDAQ | ||
iShares iBonds Mar 2023 Term Corporate ETF27 | IBDD | NYSE Arca |
4 | The iShares iBonds 2024 Term High Yield and Income ETF may also conduct business as the iBonds 2024 Term High Yield and Income ETF. |
5 | The iShares iBonds 2025 Term High Yield and Income ETF may also conduct business as the iBonds 2025 Term High Yield and Income ETF. |
6 | The iShares iBonds 2026 Term High Yield and Income ETF may also conduct business as the iBonds 2026 Term High Yield and Income ETF. |
7 | The iShares iBonds Dec 2021 Term Corporate ETF may also conduct business as the iBonds Dec 2021 Term Corporate ETF. |
8 | The iShares iBonds Dec 2022 Term Corporate ETF may also conduct business as the iBonds Dec 2022 Term Corporate ETF. |
9 | The iShares iBonds Dec 2023 Term Corporate ETF may also conduct business as the iBonds Dec 2023 Term Corporate ETF. |
10 | The iShares iBonds Dec 2024 Term Corporate ETF may also conduct business as the iBonds Dec 2024 Term Corporate ETF. |
11 | The iShares iBonds Dec 2025 Term Corporate ETF may also conduct business as the iBonds Dec 2025 Term Corporate ETF. |
12 | The iShares iBonds Dec 2026 Term Corporate ETF may also conduct business as the iBonds Dec 2026 Term Corporate ETF. |
13 | The iShares iBonds Dec 2027 Term Corporate ETF may also conduct business as the iBonds Dec 2027 Term Corporate ETF. |
14 | The iShares iBonds Dec 2028 Term Corporate ETF may also conduct business as the iBonds Dec 2028 Term Corporate ETF. |
15 | The iShares iBonds Dec 2029 Term Corporate ETF may also conduct business as the iBonds Dec 2029 Term Corporate ETF. |
16 | The iShares iBonds Dec 2030 Term Corporate ETF may also conduct business as the iBonds Dec 2030 Term Corporate ETF. |
17 | The iShares iBonds Dec 2021 Term Treasury ETF may also conduct business as the iBonds Dec 2021 Term Treasury ETF. |
18 | The iShares iBonds Dec 2022 Term Treasury ETF may also conduct business as the iBonds Dec 2022 Term Treasury ETF. |
19 | The iShares iBonds Dec 2023 Term Treasury ETF may also conduct business as the iBonds Dec 2023 Term Treasury ETF. |
20 | The iShares iBonds Dec 2024 Term Treasury ETF may also conduct business as the iBonds Dec 2024 Term Treasury ETF. |
21 | The iShares iBonds Dec 2025 Term Treasury ETF may also conduct business as the iBonds Dec 2025 Term Treasury ETF. |
22 | The iShares iBonds Dec 2026 Term Treasury ETF may also conduct business as the iBonds Dec 2026 Term Treasury ETF. |
23 | The iShares iBonds Dec 2027 Term Treasury ETF may also conduct business as the iBonds Dec 2027 Term Treasury ETF. |
24 | The iShares iBonds Dec 2028 Term Treasury ETF may also conduct business as the iBonds Dec 2028 Term Treasury ETF. |
25 | The iShares iBonds Dec 2029 Term Treasury ETF may also conduct business as the iBonds Dec 2029 Term Treasury ETF. |
26 | The iShares iBonds Dec 2030 Term Treasury ETF may also conduct business as the iBonds Dec 2030 Term Treasury ETF. |
27 |
• | iShares iBonds 2021 Term High Yield and Income ETF |
• | iShares iBonds 2022 Term High Yield and Income ETF |
• | iShares iBonds 2023 Term High Yield and Income ETF |
• | iShares iBonds 2024 Term High Yield and Income ETF |
• | iShares iBonds 2025 Term High Yield and Income ETF |
• | iShares iBonds 2026 Term High Yield and Income ETF |
• | iShares iBonds Dec 2021 Term Corporate ETF |
• | iShares iBonds Dec 2022 Term Corporate ETF |
• | iShares iBonds Dec 2023 Term Corporate ETF |
• | iShares iBonds Dec 2024 Term Corporate ETF |
• | iShares iBonds Dec 2025 Term Corporate ETF |
• | iShares iBonds Dec 2026 Term Corporate ETF |
• | iShares iBonds Dec 2027 Term Corporate ETF |
• | iShares iBonds Dec 2028 Term Corporate ETF |
• | iShares iBonds Dec 2029 Term Corporate ETF |
• | iShares iBonds Dec 2030 Term Corporate ETF |
• | iShares iBonds Dec 2021 Term Treasury ETF |
• | iShares iBonds Dec 2022 Term Treasury ETF |
• | iShares iBonds Dec 2023 Term Treasury ETF |
• | iShares iBonds Dec 2024 Term Treasury ETF |
• | iShares iBonds Dec 2025 Term Treasury ETF |
• | iShares iBonds Dec 2026 Term Treasury ETF |
• | iShares iBonds Dec 2027 Term Treasury ETF |
• | iShares iBonds Dec 2028 Term Treasury ETF |
• | iShares iBonds Dec 2029 Term Treasury ETF |
• | iShares iBonds Dec 2030 Term Treasury ETF |
• | iShares iBonds Mar 2023 Term Corporate ETF |
Diversified Funds | Non-Diversified Funds | |
iShares iBonds Dec 2021 Term Corporate ETF | iShares iBonds 2021 Term High Yield and Income ETF | |
iShares iBonds Dec 2022 Term Corporate ETF | iShares iBonds 2022 Term High Yield and Income ETF | |
iShares iBonds Dec 2023 Term Corporate ETF | iShares iBonds 2023 Term High Yield and Income ETF | |
iShares iBonds Dec 2024 Term Corporate ETF | iShares iBonds 2024 Term High Yield and Income ETF | |
iShares iBonds Dec 2025 Term Corporate ETF | iShares iBonds 2025 Term High Yield and Income ETF | |
iShares iBonds Dec 2026 Term Corporate ETF | iShares iBonds 2026 Term High Yield and Income ETF | |
iShares iBonds Dec 2027 Term Corporate ETF | iShares iBonds Dec 2028 Term Corporate ETF | |
iShares iBonds Dec 2030 Term Treasury ETF | iShares iBonds Dec 2029 Term Corporate ETF | |
iShares iBonds Mar 2023 Term Corporate ETF | iShares iBonds Dec 2030 Term Corporate ETF |
Diversified Funds | Non-Diversified Funds | |
iShares iBonds Dec 2021 Term Treasury ETF | ||
iShares iBonds Dec 2022 Term Treasury ETF | ||
iShares iBonds Dec 2023 Term Treasury ETF | ||
iShares iBonds Dec 2024 Term Treasury ETF | ||
iShares iBonds Dec 2025 Term Treasury ETF | ||
iShares iBonds Dec 2026 Term Treasury ETF | ||
iShares iBonds Dec 2027 Term Treasury ETF | ||
iShares iBonds Dec 2028 Term Treasury ETF | ||
iShares iBonds Dec 2029 Term Treasury ETF | ||
• | High yield bonds may be issued by less creditworthy issuers. These securities are vulnerable to adverse changes in the issuer’s industry or to general economic conditions. Issuers of high yield bonds may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing. |
• | The issuers of high yield bonds may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations. The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their development and/or involved in a reorganization or takeover. |
• | High yield bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability to fully recover principal, to receive interest payments when senior securities are in default or to receive restructuring benefits paid to holders of more senior classes of debt. Thus, investors in high yield securities frequently have a lower degree of protection with respect to principal and interest payments than do investors in higher rated securities. |
• | High yield bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund before it matures. If an issuer redeems the high yield bonds, a Fund may have to invest the proceeds in bonds with lower yields and may lose income. Such use of proceeds will occur when a Fund invests in BBB-rated bonds from the Bloomberg Barclays U.S. Corporate Index (the “Corporate Index”). |
• | Prices of high yield bonds are subject to extreme fluctuations. Negative economic developments may have a greater impact on the prices of high yield bonds than on those of other higher rated fixed-income securities. |
• | Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. There are fewer dealers in the high yield bond market, and there may be significant differences in the prices quoted for high yield bonds by dealers, and such quotations may not be the actual prices available for a purchase or sale. Judgment may play a greater role in the prices and values generated for such securities than in the case of securities trading in a more liquid market. |
• | The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated securities. The secondary markets for high yield securities are concentrated in relatively few market makers and, participants in the markets are mostly institutional investors, including insurance companies, banks, other financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower than that for higher rated securities and the secondary markets could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely affect the market price of the high yield security, which may result in increased difficulty selling the particular issue and obtaining accurate market quotations on the issue when valuing a Fund's assets. Market quotations on high yield securities are available only from a limited number of dealers, and such quotations may not be the actual prices available for a purchase or sale. When the secondary market for high yield securities becomes more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of reliable objective data makes it more difficult to value such securities, and judgment plays a more important role in determining such valuations. |
• | A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
• | The high yield bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices |
for high yield securities may be affected by legislative and regulatory developments. These developments could adversely affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain corporate issuers of high yield bonds adversely affected the market in the past. |
• | Communications of Data Files: A Fund may make available through the facilities of the National Securities Clearing Corporation (“NSCC”) or through posting on the www.iShares.com, prior to the opening of trading on each business day, a list of a Fund’s holdings (generally pro-rata) that Authorized Participants could deliver to a Fund to settle purchases of a Fund (i.e. Deposit Securities) or that Authorized Participants would receive from a Fund to settle redemptions of a Fund (i.e. Fund Securities). These files are known as the Portfolio Composition File and the Fund Data File (collectively, “Files”). The Files are applicable for the next trading day and are provided to the NSCC and/or posted on www.iShares.com after the close of markets in the U.S. |
• | Communications with Authorized Participants and Liquidity Providers: Certain employees of BFA are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an Authorized Participant or liquidity provider the securities a Fund is willing to accept for a creation, and securities that a Fund will provide on a redemption. |
• | Communications with Listing Exchanges: From time to time, employees of BFA may discuss portfolio holdings information with the applicable primary listing exchange for a Fund as needed to meet the exchange listing standards. |
• | Communications with Other Portfolio Managers: Certain information may be provided to employees of BFA who manage funds that invest a significant percentage of their assets in shares of an underlying fund as necessary to manage the fund’s investment objective and strategy. |
• | Communication of Other Information: Certain explanatory information regarding the Files is released to Authorized Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to www.iShares.com. |
• | Third-Party Service Providers: Certain portfolio holdings information may be disclosed to Fund Trustees and their counsel, outside counsel for the Funds, auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service) for which a non-disclosure, confidentiality agreement or other obligation is in place with such service providers, as may be necessary to conduct business in the ordinary course in a manner consistent with applicable policies, agreements with the Funds, the terms of the current registration statements and federal securities laws and regulations thereunder. |
• | Liquidity Metrics: “Liquidity Metrics” seek to ascertain a Fund’s liquidity profile under BlackRock’s global liquidity risk methodology, which include but are not limited to: (a) disclosure regarding the number of days needed to liquidate a portfolio or the portfolio’s underlying investments; and (b) the percentage of a Fund’s NAV invested in a particular liquidity tier under BlackRock’s global liquidity risk methodology. The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to the Liquidity Rule (including SEC liquidity tiering) is not permitted unless pre-approved. Disclosure of portfolio-level liquidity metrics prior to 60 calendar days after calendar quarter-end requires a non-disclosure or confidentiality agreement and approval of the Trust’s Chief Compliance Officer. Portfolio-level liquidity metrics disclosure subsequent to 60 calendar days after calendar quarter-end requires the approval of portfolio management and must be disclosed to all parties requesting the information if disclosed to any party. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Robert S. Kapito1
(64) |
Trustee
(since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Salim Ramji2
(50) |
Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
1 | Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
2 | Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Cecilia H. Herbert
(71) |
Trustee
(since 2005); Independent Board Chair (since 2016). |
Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.
|
Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019). | |||
Jane D. Carlin
(65) |
Trustee
(since 2015); Risk Committee Chair (since 2016). |
Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani
(66) |
Trustee
(since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Kerrigan
(65) |
Trustee
(since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019). |
Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Drew E. Lawton
(61) |
Trustee
(since 2017); 15(c) Committee Chair (since 2017). |
Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Martinez
(59) |
Trustee
(since 2003); Securities Lending Committee Chair (since 2019). |
Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav V. Rajan
(56) |
Trustee
(since 2011); Fixed Income Plus Committee Chair (since 2019). |
Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). |
Director of iShares, Inc. (since 2011);
Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
||
Armando Senra
(49) |
President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||
Trent Walker
(46) |
Treasurer and Chief Financial Officer
(since 2020). |
Managing Director of BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
||
Charles Park
(53) |
Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Deepa Damre Smith
(45) |
Secretary (since 2019). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). | ||
Scott Radell
(52) |
Executive Vice President
(since 2012). |
Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). | ||
Alan Mason
(60) |
Executive Vice President
(since 2016). |
Managing Director, BlackRock, Inc. (since 2009). | ||
Marybeth Leithead
(58) |
Executive Vice President
(since 2019). |
Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016). |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
Robert S. Kapito | None | None | None | |||
Salim Ramji | iShares Broad USD Investment Grade Corporate Bond ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Commodity Curve Carry Strategy ETF | $50,001-$100,000 | |||||
iShares Core MSCI Emerging Markets ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $1-$10,000 | |||||
iShares Core S&P 500 ETF | $1-$10,000 | |||||
iShares Core S&P Mid-Cap ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $50,001-$100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI USA ESG Select ETF | $1-$10,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
iShares Core MSCI Emerging Markets ETF | $1-$10,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P U.S. Growth ETF | Over $100,000 | |||||
iShares Core S&P U.S. Value ETF | Over $100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | $10,001-$50,000 | |||||
iShares International Select Dividend ETF | $50,001-$100,000 | |||||
iShares MSCI EAFE ETF | $1-$10,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares MSCI USA Value Factor ETF | Over $100,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $10,001-$50,000 | |||||
Jane D. Carlin | iShares Core MSCI EAFE ETF | Over $100,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P Mid-Cap ETF | $10,001-$50,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core U.S. Aggregate Bond ETF | $50,001-$100,000 | |||||
iShares Global Tech ETF | $50,001-$100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | Over $100,000 | |||||
iShares MSCI ACWI ETF | Over $100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI USA Min Vol Factor ETF | $50,001-$100,000 | |||||
iShares Select Dividend ETF | $10,001-$50,000 | |||||
Richard L. Fagnani | iShares Core Dividend Growth ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares Exponential Technologies ETF | $10,001-$50,000 | |||||
iShares Global Clean Energy ETF | $10,001-$50,000 | |||||
iShares MBS ETF | $10,001-$50,000 | |||||
iShares MSCI All Country Asia ex Japan ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE Value ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Multifactor ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares MSCI Singapore ETF | $10,001-$50,000 | |||||
iShares MSCI USA Equal Weighted ETF | $10,001-$50,000 | |||||
iShares MSCI USA Quality Factor ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $10,001-$50,000 | |||||
iShares U.S. Infrastructure ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares Core MSCI EAFE ETF | $10,001-$50,000 | Over $100,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EM ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $1-$10,000 | |||||
iShares Global Clean Energy ETF | Over $100,000 | |||||
iShares Global Infrastructure ETF | Over $100,000 | |||||
iShares Global Tech ETF | $50,001-$100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | Over $100,000 | |||||
iShares MSCI KLD 400 Social ETF | $10,001-$50,000 | |||||
iShares MSCI USA ESG Select ETF | $1-$10,000 | |||||
iShares MSCI USA Min Vol Factor ETF | $10,001-$50,000 | |||||
iShares MSCI USA Quality Factor ETF | $10,001-$50,000 | |||||
iShares MSCI USA Value Factor ETF | $50,001-$100,000 | |||||
iShares U.S. Medical Devices ETF | $10,001-$50,000 | |||||
Drew E. Lawton | BlackRock Short Maturity Bond ETF | Over $100,000 | Over $100,000 | |||
BlackRock Ultra Short-Term Bond ETF | Over $100,000 | |||||
iShares 0-5 Year High Yield Corporate Bond ETF | $50,001-$100,000 | |||||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Expanded Tech Sector ETF | Over $100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Nasdaq Biotechnology ETF | $50,001-$100,000 | |||||
John E. Martinez | iShares 1-5 Year Investment Grade Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core 5-10 Year USD Bond ETF | Over $100,000 | |||||
iShares Core International Aggregate Bond ETF | Over $100,000 | |||||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Global Consumer Staples ETF | Over $100,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares Russell 1000 ETF | Over $100,000 | |||||
iShares Russell 1000 Value ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
Madhav V. Rajan | BlackRock Short Maturity Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Broad USD High Yield Corporate Bond ETF | Over $100,000 | |||||
iShares Mortgage Real Estate ETF | Over $100,000 | |||||
iShares Preferred and Income Securities ETF | Over $100,000 |
Name |
iShares iBonds 2021 Term
High Yield and Income ETF |
iShares iBonds 2022 Term High
Yield and Income ETF |
iShares iBonds 2023 Term High
Yield and Income ETF |
|||
Independent Trustees: | ||||||
Jane D. Carlin | $12 | $9 | $7 | |||
Richard L. Fagnani | 12 | 9 | 8 | |||
Cecilia H. Herbert | 14 | 10 | 8 | |||
John E. Kerrigan | 13 | 9 | 8 | |||
Drew E. Lawton | 12 | 9 | 7 | |||
John E. Martinez | 12 | 9 | 7 | |||
Madhav V. Rajan | 12 | 9 | 7 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name |
iShares iBonds 2024 Term
High Yield and Income ETF |
iShares iBonds 2025 Term High
Yield and Income ETF |
iShares iBonds 2026 Term High
Yield and Income ETF1 |
|||
Independent Trustees: | ||||||
Jane D. Carlin | $4 | $8 | $0 | |||
Richard L. Fagnani | 4 | 8 | 0 | |||
Cecilia H. Herbert | 5 | 9 | 0 | |||
John E. Kerrigan | 4 | 8 | 0 | |||
Drew E. Lawton | 4 | 8 | 0 | |||
John E. Martinez | 4 | 8 | 0 | |||
Madhav V. Rajan | 4 | 8 | 0 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name |
iShares iBonds Dec 2021
Term Corporate ETF |
iShares iBonds Dec 2022
Term Corporate ETF |
iShares iBonds Dec 2023
Term Corporate ETF |
|||
Independent Trustees: | ||||||
Jane D. Carlin | $692 | $633 | $581 | |||
Richard L. Fagnani | 721 | 659 | 606 | |||
Cecilia H. Herbert | 786 | 718 | 660 | |||
John E. Kerrigan | 735 | 671 | 617 | |||
Drew E. Lawton | 696 | 636 | 584 | |||
John E. Martinez | 692 | 633 | 581 | |||
Madhav V. Rajan | 692 | 633 | 581 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name |
iShares iBonds Dec 2024
Term Corporate ETF |
iShares iBonds Dec 2025
Term Corporate ETF |
iShares iBonds Dec 2026
Term Corporate ETF |
|||
Independent Trustees: | ||||||
Jane D. Carlin | $459 | $379 | $247 | |||
Richard L. Fagnani | 479 | 395 | 257 | |||
Cecilia H. Herbert | 522 | 430 | 280 | |||
John E. Kerrigan | 488 | 402 | 262 | |||
Drew E. Lawton | 462 | 381 | 248 | |||
John E. Martinez | 459 | 379 | 247 | |||
Madhav V. Rajan | 459 | 379 | 247 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name |
iShares iBonds Dec 2027
Term Corporate ETF |
iShares iBonds Dec 2028
Term Corporate ETF |
iShares iBonds Dec 2029
Term Corporate ETF |
|||
Independent Trustees: | ||||||
Jane D. Carlin | $150 | $92 | $37 | |||
Richard L. Fagnani | 157 | 96 | 38 | |||
Cecilia H. Herbert | 171 | 104 | 42 | |||
John E. Kerrigan | 160 | 97 | 39 | |||
Drew E. Lawton | 151 | 92 | 37 | |||
John E. Martinez | 150 | 92 | 37 | |||
Madhav V. Rajan | 150 | 92 | 37 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name |
iShares iBonds Dec 2030
Term Corporate ETF1 |
iShares iBonds Dec 2021
Term Treasury ETF1 |
iShares iBonds Dec 2022
Term Treasury ETF1 |
|||
Independent Trustees: | ||||||
Jane D. Carlin | $16 | $5 | $2 | |||
Richard L. Fagnani | 17 | 5 | 2 | |||
Cecilia H. Herbert | 18 | 5 | 2 | |||
John E. Kerrigan | 17 | 5 | 2 | |||
Drew E. Lawton | 16 | 5 | 2 | |||
John E. Martinez | 16 | 5 | 2 | |||
Madhav V. Rajan | 16 | 5 | 2 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name |
iShares iBonds Dec 2023
Term Treasury ETF1 |
iShares iBonds Dec 2024
Term Treasury ETF1 |
iShares iBonds Dec 2025
Term Treasury ETF1 |
|||
Independent Trustees: | ||||||
Jane D. Carlin | $8 | $6 | $7 | |||
Richard L. Fagnani | 8 | 6 | 7 | |||
Cecilia H. Herbert | 9 | 7 | 8 | |||
John E. Kerrigan | 9 | 6 | 7 | |||
Drew E. Lawton | 8 | 6 | 7 | |||
John E. Martinez | 8 | 6 | 7 | |||
Madhav V. Rajan | 8 | 6 | 7 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name |
iShares iBonds Dec 2026
Term Treasury ETF1 |
iShares iBonds Dec 2027
Term Treasury ETF1 |
iShares iBonds Dec 2028
Term Treasury ETF1 |
|||
Independent Trustees: | ||||||
Jane D. Carlin | $10 | $6 | $7 | |||
Richard L. Fagnani | 10 | 7 | 7 | |||
Cecilia H. Herbert | 11 | 7 | 7 | |||
John E. Kerrigan | 11 | 7 | 7 | |||
Drew E. Lawton | 10 | 7 | 7 | |||
John E. Martinez | 10 | 6 | 7 | |||
Madhav V. Rajan | 10 | 6 | 7 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name |
iShares iBonds Dec 2029
Term Treasury ETF1 |
iShares iBonds Dec 2030
Term Treasury ETF1 |
iShares iBonds Mar 2023
Term Corporate ETF |
|||
Independent Trustees: | ||||||
Jane D. Carlin | $11 | $1 | $33 | |||
Richard L. Fagnani | 11 | 1 | 34 | |||
Cecilia H. Herbert | 12 | 1 | 37 | |||
John E. Kerrigan | 11 | 1 | 35 | |||
Drew E. Lawton | 11 | 1 | 33 | |||
John E. Martinez | 11 | 1 | 33 | |||
Madhav V. Rajan | 11 | 1 | 33 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name |
Pension or
Retirement Benefits Accrued As Part of Trust Expenses2 |
Estimated Annual
Benefits Upon Retirement2 |
Total
Compensation From the Funds and Fund Complex3 |
|||
Independent Trustees: | ||||||
Jane D. Carlin | Not Applicable | Not Applicable | $350,000 | |||
Richard L. Fagnani | Not Applicable | Not Applicable | 366,421 | |||
Cecilia H. Herbert | Not Applicable | Not Applicable | 395,833 | |||
John E. Kerrigan | Not Applicable | Not Applicable | 370,833 | |||
Drew E. Lawton | Not Applicable | Not Applicable | 353,921 | |||
John E. Martinez | Not Applicable | Not Applicable | 350,000 | |||
Madhav V. Rajan | Not Applicable | Not Applicable | 350,000 | |||
Interested Trustees: | ||||||
Robert S. Kapito | Not Applicable | Not Applicable | $0 | |||
Salim Ramji | Not Applicable | Not Applicable | $0 |
1 | Compensation reported is from the Fund’s inception to October 31, 2020. |
2 | No Trustee or officer is entitled to any pension or retirement benefits from the Trust. |
3 | Also includes compensation for service on the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. |
Fund | Name |
Percentage of
Ownership |
||
iShares iBonds 2021 Term High Yield and Income ETF |
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
20.50% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
20.43% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
14.64% | |||
J.P. Morgan Securities, LLC/JPMC
500 Stanton Christiana Road Newark, DE 19713 |
6.75% | |||
Goldman, Sachs & Co.
30 Hudson Street 16th Floor Jersey City, NJ 07302 |
5.74% | |||
Raymond, James & Associates, Inc.
880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
5.70% | |||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
5.18% | |||
Citibank, N.A.
3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
5.16% | |||
iShares iBonds 2022 Term High Yield and Income ETF |
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
22.20% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
16.09% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
15.21% |
Fund | Name |
Percentage of
Ownership |
||
RBC Capital Markets, LLC
3 World Financial Center 200 Vesey Street New York, NY 10281-8098 |
7.06% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.44% | |||
J.P. Morgan Securities, LLC/JPMC
500 Stanton Christiana Road Newark, DE 19713 |
5.91% | |||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
5.36% | |||
iShares iBonds 2023 Term High Yield and Income ETF |
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
29.60% | ||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
13.46% | |||
RBC Capital Markets, LLC
3 World Financial Center 200 Vesey Street New York, NY 10281-8098 |
11.41% | |||
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
9.63% | |||
iShares iBonds 2024 Term High Yield and Income ETF |
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
25.15% | ||
RBC Capital Markets, LLC
3 World Financial Center 200 Vesey Street New York, NY 10281-8098 |
18.69% | |||
J.P. Morgan Securities, LLC/JPMC
500 Stanton Christiana Road Newark, DE 19713 |
17.18% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
7.85% | |||
State Street Bank and Trust Company
1776 Heritage Drive North Quincy, MA 02171 |
6.91% | |||
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
6.43% | |||
Goldman, Sachs & Co.
30 Hudson Street 16th Floor Jersey City, NJ 07302 |
6.20% |
Fund | Name |
Percentage of
Ownership |
||
iShares iBonds 2025 Term High Yield and Income ETF |
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
35.14% | ||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
11.27% | |||
State Street Bank and Trust Company
1776 Heritage Drive North Quincy, MA 02171 |
8.13% | |||
RBC Capital Markets, LLC
3 World Financial Center 200 Vesey Street New York, NY 10281-8098 |
7.67% | |||
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
7.25% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.13% | |||
iShares iBonds 2026 Term High Yield and Income ETF |
State Street Bank and Trust Company
1776 Heritage Drive North Quincy, MA 02171 |
50.00% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
27.88% | |||
Goldman Sachs & Co. LLC
200 West Street New York, NY 10282-2198 |
10.77% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
6.47% | |||
iShares iBonds Dec 2021 Term Corporate ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
19.33% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
13.48% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.82% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
6.78% | |||
UBS Financial Services Inc.
1000 Harbor Blvd. Weehawken, NJ 07086 |
6.04% |
Fund | Name |
Percentage of
Ownership |
||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
5.15% | |||
iShares iBonds Dec 2022 Term Corporate ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
18.61% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
13.54% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
8.42% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.64% | |||
U.S. BANK N.A./ETF
1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
6.55% | |||
UBS Financial Services Inc.
1000 Harbor Blvd. Weehawken, NJ 07086 |
6.49% | |||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
6.38% | |||
iShares iBonds Dec 2023 Term Corporate ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
17.19% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
14.35% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
8.81% | |||
U.S. Bank N.A.
1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
7.60% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.12% | |||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
6.08% | |||
Fund | Name |
Percentage of
Ownership |
||
iShares iBonds Dec 2024 Term Corporate ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
18.79% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
12.54% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
8.90% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
8.24% | |||
U.S. BANK N.A./ETF
1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
7.59% | |||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
6.07% | |||
iShares iBonds Dec 2025 Term Corporate ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
19.17% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
15.02% | |||
U.S. BANK N.A./ETF
1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
9.13% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.30% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.27% | |||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
6.34% | |||
iShares iBonds Dec 2026 Term Corporate ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
21.91% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
20.96% |
Fund | Name |
Percentage of
Ownership |
||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
5.74% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
5.74% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.58% | |||
iShares iBonds Dec 2027 Term Corporate ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
18.29% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
17.75% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
6.72% | |||
Citibank, N.A.
3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
5.85% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.63% | |||
BB&T Securities, LLC
7401 Beaufont Drive Suite 401 Richmond, VA 23225 |
5.57% | |||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
5.03% | |||
iShares iBonds Dec 2028 Term Corporate ETF |
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
20.47% | ||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
13.89% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
9.80% |
Fund | Name |
Percentage of
Ownership |
||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.55% | |||
Citibank, N.A.
3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
6.36% | |||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
5.90% | |||
iShares iBonds Dec 2029 Term Corporate ETF |
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
12.82% | ||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
10.45% | |||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
9.42% | |||
State Street Bank and Trust Company
1776 Heritage Drive North Quincy, MA 02171 |
8.82% | |||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
7.70% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
7.46% | |||
iShares iBonds Dec 2030 Term Corporate ETF |
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
18.79% | ||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
16.33% | |||
Stifel, Nicolaus & Company Incorporated
501 N. Broadway St. Louis, MO 63102 |
13.82% | |||
State Street Bank and Trust Company
1776 Heritage Drive North Quincy, MA 02171 |
12.00% | |||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
7.19% |
Fund | Name |
Percentage of
Ownership |
||
Robert W. Baird & Co., Incorporated
777 E. Wisconsin Ave 9th Floor Milwaukee, WI 53202 |
5.05% | |||
iShares iBonds Dec 2021 Term Treasury ETF |
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
23.61% | ||
Wells Fargo Bank, National Association
733 Marquette Ave 4th Floor Minneapolis, MN 55402 |
21.04% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
16.18% | |||
Goldman, Sachs & Co.
30 Hudson Street 16th Floor Jersey City, NJ 07302 |
10.26% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
8.00% | |||
J.P. Morgan Securities, LLC/JPMC
500 Stanton Christiana Road Newark, DE 19713 |
7.56% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
5.54% | |||
iShares iBonds Dec 2022 Term Treasury ETF |
Stifel, Nicolaus & Company Incorporated
501 N. Broadway St. Louis, MO 63102 |
45.32% | ||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
24.04% | |||
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
6.67% | |||
iShares iBonds Dec 2023 Term Treasury ETF |
Stifel, Nicolaus & Company Incorporated
501 N. Broadway St. Louis, MO 63102 |
40.24% | ||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
21.90% |
Fund | Name |
Percentage of
Ownership |
||
Merrill Lynch, Pierce, Fenner & Smith Incorporated
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
9.90% | |||
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
5.32% | |||
iShares iBonds Dec 2024 Term Treasury ETF |
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
31.02% | ||
Stifel, Nicolaus & Company Incorporated
501 N. Broadway St. Louis, MO 63102 |
27.35% | |||
Robert W. Baird & Co., Incorporated
777 E. Wisconsin Ave 9th Floor Milwaukee, WI 53202 |
9.10% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.03% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
5.02% | |||
iShares iBonds Dec 2025 Term Treasury ETF |
Stifel, Nicolaus & Company Incorporated
501 N. Broadway St. Louis, MO 63102 |
39.93% | ||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
26.86% | |||
Robert W. Baird & Co., Incorporated
777 E. Wisconsin Ave 9th Floor Milwaukee, WI 53202 |
8.08% | |||
iShares iBonds Dec 2026 Term Treasury ETF |
Stifel, Nicolaus & Company Incorporated
501 N. Broadway St. Louis, MO 63102 |
28.81% | ||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
24.19% | |||
J.P. Morgan Securities, LLC/JPMC
500 Stanton Christiana Road Newark, DE 19713 |
14.62% |
Fund | Name |
Percentage of
Ownership |
||
Merrill Lynch, Pierce, Fenner & Smith Incorporated
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
9.25% | |||
Robert W. Baird & Co., Incorporated
777 E. Wisconsin Ave 9th Floor Milwaukee, WI 53202 |
6.94% | |||
iShares iBonds Dec 2027 Term Treasury ETF |
Merrill Lynch, Pierce, Fenner & Smith Incorporated
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
46.67% | ||
Stifel, Nicolaus & Company Incorporated
501 N. Broadway St. Louis, MO 63102 |
30.02% | |||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
9.48% | |||
iShares iBonds Dec 2028 Term Treasury ETF |
Stifel, Nicolaus & Company Incorporated
501 N. Broadway St. Louis, MO 63102 |
28.26% | ||
Merrill Lynch, Pierce, Fenner & Smith Incorporated
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
25.50% | |||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
22.31% | |||
Robert W. Baird & Co., Incorporated
777 E. Wisconsin Ave 9th Floor Milwaukee, WI 53202 |
7.23% | |||
J.P. Morgan Securities, LLC/JPMC
500 Stanton Christiana Road Newark, DE 19713 |
5.64% | |||
iShares iBonds Dec 2029 Term Treasury ETF |
Stifel, Nicolaus & Company Incorporated
501 N. Broadway St. Louis, MO 63102 |
30.02% | ||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
18.76% |
Fund | Name |
Percentage of
Ownership |
||
Merrill Lynch, Pierce, Fenner & Smith Incorporated
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
15.86% | |||
Goldman, Sachs & Co.
30 Hudson Street 16th Floor Jersey City, NJ 07302 |
14.01% | |||
Robert W. Baird & Co., Incorporated
777 E. Wisconsin Ave 9th Floor Milwaukee, WI 53202 |
5.88% | |||
iShares iBonds Dec 2030 Term Treasury ETF |
State Street Bank and Trust Company
1776 Heritage Drive North Quincy, MA 02171 |
50.00% | ||
J.P. Morgan Securities, LLC/JPMC
500 Stanton Christiana Road Newark, DE 19713 |
22.95% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
19.44% | |||
iShares iBonds Mar 2023 Term Corporate ETF |
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
34.70% | ||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
11.41% | |||
Stifel, Nicolaus & Company Incorporated
501 N. Broadway St. Louis, MO 63102 |
9.20% | |||
U.S. Bank N.A.
1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
8.97% | |||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
7.09% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
6.30% |
Fund |
Management
Fee for the Fiscal Year Ended Oct. 31, 2020 |
Fund Inception
Date |
Management
Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2020 |
Management
Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2019 |
Management
Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2018 |
|||||
iShares iBonds 2021 Term High Yield and Income ETF1 | 0.35% | 05/07/19 | $60,228 | $20,969 | N/A | |||||
iShares iBonds 2022 Term High Yield and Income ETF2 | 0.35% | 05/07/19 | 48,329 | 16,843 | N/A | |||||
iShares iBonds 2023 Term High Yield and Income ETF3 | 0.35% | 05/07/19 | 46,609 | 20,875 | N/A | |||||
iShares iBonds 2024 Term High Yield and Income ETF4 | 0.35% | 05/07/19 | 38,955 | 21,150 | N/A | |||||
iShares iBonds 2025 Term High Yield and Income ETF5 | 0.35% | 05/07/19 | 48,331 | 21,060 | N/A | |||||
iShares iBonds 2026 Term High Yield and Income ETF6 | 0.35% | 11/10/20 | N/A | N/A | N/A | |||||
iShares iBonds Dec 2021 Term Corporate ETF7 | 0.10% | 03/10/15 | 1,392,700 | 1,078,756 | 651,609 | |||||
iShares iBonds Dec 2022 Term Corporate ETF8 | 0.10% | 03/10/15 | 1,213,232 | 785,339 | 434,461 | |||||
iShares iBonds Dec 2023 Term Corporate ETF9 | 0.10% | 03/11/15 | 1,066,658 | 665,539 | 365,801 | |||||
iShares iBonds Dec 2024 Term Corporate ETF10 | 0.10% | 03/11/15 | 835,673 | 459,365 | 231,838 | |||||
iShares iBonds Dec 2025 Term Corporate ETF11 | 0.10% | 03/11/15 | 641,658 | 407,883 | 293,673 | |||||
iShares iBonds Dec 2026 Term Corporate ETF12 | 0.10% | 09/13/16 | 447,378 | 248,763 | 116,824 | |||||
iShares iBonds Dec 2027 Term Corporate ETF13 | 0.10% | 09/12/17 | 289,803 | 169,231 | 94,371 | |||||
iShares iBonds Dec 2028 Term Corporate ETF14 | 0.10% | 09/18/18 | 150,962 | 62,181 | 1,950 | |||||
iShares iBonds Dec 2029 Term Corporate ETF15 | 0.10% | 09/17/19 | 54,591 | 1,511 | N/A | |||||
iShares iBonds Dec 2030 Term Corporate ETF16 | 0.10% | 06/23/20 | 9,801 | N/A | N/A | |||||
iShares iBonds Dec 2021 Term Treasury ETF17 | 0.07% | 02/25/20 | 3,245 | N/A | N/A | |||||
iShares iBonds Dec 2022 Term Treasury ETF18 | 0.07% | 02/25/20 | 1,783 | N/A | N/A | |||||
iShares iBonds Dec 2023 Term Treasury ETF19 | 0.07% | 02/25/20 | 6,213 | N/A | N/A | |||||
iShares iBonds Dec 2024 Term Treasury ETF20 | 0.07% | 02/25/20 | 5,289 | N/A | N/A | |||||
iShares iBonds Dec 2025 Term Treasury ETF21 | 0.07% | 02/25/20 | 6,891 | N/A | N/A | |||||
iShares iBonds Dec 2026 Term Treasury ETF22 | 0.07% | 02/25/20 | 8,741 | N/A | N/A | |||||
iShares iBonds Dec 2027 Term Treasury ETF23 | 0.07% | 02/25/20 | 5,338 | N/A | N/A | |||||
iShares iBonds Dec 2028 Term Treasury ETF24 | 0.07% | 02/25/20 | 5,602 | N/A | N/A | |||||
iShares iBonds Dec 2029 Term Treasury ETF25 | 0.07% | 02/25/20 | 8,756 | N/A | N/A | |||||
iShares iBonds Dec 2030 Term Treasury ETF26 | 0.07% | 07/14/20 | 520 | N/A | N/A | |||||
iShares iBonds Mar 2023 Term Corporate ETF27 | 0.10% | 07/09/13 | 78,117 | 68,684 | 74,460 |
1 | Effective June 30, 2020, BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2021. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $139 of its management fees. |
2 | Effective June 30, 2020, BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2022. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $95 of its management fees. |
3 | Effective June 30, 2020, BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2023. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $96 of its management fees. |
4 | Effective June 30, 2020, BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and |
Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2024. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $59 of its management fees. | |
5 | Effective June 30, 2020, BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2025. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $60 of its management fees. |
6 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2026. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. |
7 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2021. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA waived $31,499, $5,305 and $5,681 of its management fees, respectively. |
8 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2022. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA waived $10,810, $4,046 and $2,980 of its management fees, respectively. |
9 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2023. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA waived $4,383, $2,235 and $1,482 of its management fees, respectively. |
10 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2024. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA waived $3,239, $1,361 and $1,379 of its management fees, respectively. |
11 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2025. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA waived $2,529, $1,963 and $1,312 of its management fees, respectively. |
12 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2026. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA waived $1,712, $1,143 and $596 of its management fees, respectively. |
13 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2027. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA waived $846, $760 and $572 of its management fees, respectively. |
14 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2028. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA waived $692, $290 and $14 of its management fees, respectively. |
15 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2029. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020 and October 31, 2019, BFA waived $ 279 and $9 of its management fees, respectively. |
16 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2030. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $34 of its management fees. |
17 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2021. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $140 of its management fees. |
18 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2022. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $11 of its management fees. |
19 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2023. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $245 of its management fees. |
20 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2024. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $45 of its management fees. |
21 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2025. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $77 of its management fees. |
22 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2026. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $71 of its management fees. |
23 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2027. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $58 of its management fees. |
24 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2028. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $85 of its management fees. |
25 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2029. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $119 of its management fees. |
26 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about December 15, 2030. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2020, BFA waived $0 of its management fees. |
27 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its Affiliates through the termination date of the Fund, on or about March 31, 2023. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA waived $4,065, $3,648 and $3,359 of its management fees, respectively. |
James Mauro | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 72 | $460,337,000,000 | ||
Other Pooled Investment Vehicles | 30 | 122,075,000,000 | ||
Other Accounts | 25 | 18,490,000,000 |
Karen Uyehara | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 22 | $246,368,000,000 | ||
Other Pooled Investment Vehicles | 36 | 96,823,000,000 |
Karen Uyehara | ||||
Types of Accounts | Number | Total Assets | ||
Other Accounts | 36 | 70,094,000,000 |
James Mauro | ||||
Types of Accounts |
Number of Other
Accounts with Performance-Based Fees Managed by Portfolio Manager |
Aggregate
of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Karen Uyehara | ||||
Types of Accounts |
Number of Other
Accounts with Performance-Based Fees Managed by Portfolio Manager |
Aggregate
of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Fund | Fund Inception Date |
Administration,
Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 |
Administration,
Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2019 |
Administration,
Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2018 |
||||
iShares iBonds 2021 Term High Yield and Income ETF | 05/07/19 | $18,057 | $9,440 | N/A | ||||
iShares iBonds 2022 Term High Yield and Income ETF | 05/07/19 | 18,011 | 9,767 | N/A | ||||
iShares iBonds 2023 Term High Yield and Income ETF | 05/07/19 | 18,013 | 9,906 | N/A | ||||
iShares iBonds 2024 Term High Yield and Income ETF | 05/07/19 | 18,873 | 9,010 | N/A | ||||
iShares iBonds 2025 Term High Yield and Income ETF | 05/07/19 | 19,460 | 8,999 | N/A | ||||
iShares iBonds 2026 Term High Yield and Income ETF | 11/10/20 | N/A | N/A | N/A | ||||
iShares iBonds Dec 2021 Term Corporate ETF | 03/10/15 | 27,441 | 22,959 | 20,367 | ||||
iShares iBonds Dec 2022 Term Corporate ETF | 03/10/15 | 26,304 | 21,296 | 18,855 | ||||
iShares iBonds Dec 2023 Term Corporate ETF | 03/11/15 | 26,022 | 22,065 | 18,053 | ||||
iShares iBonds Dec 2024 Term Corporate ETF | 03/11/15 | 24,272 | 21,464 | 16,505 | ||||
iShares iBonds Dec 2025 Term Corporate ETF | 03/11/15 | 23,050 | 20,766 | 17,233 | ||||
iShares iBonds Dec 2026 Term Corporate ETF | 09/13/16 | 21,160 | 19,790 | 15,163 | ||||
iShares iBonds Dec 2027 Term Corporate ETF | 09/12/17 | 20,154 | 19,173 | 14,039 | ||||
iShares iBonds Dec 2028 Term Corporate ETF | 09/18/18 | 18,701 | 18,328 | 2,435 | ||||
iShares iBonds Dec 2029 Term Corporate ETF | 09/17/19 | 18,201 | 2,793 | N/A | ||||
iShares iBonds Dec 2030 Term Corporate ETF | 06/23/20 | 6,943 | N/A | N/A | ||||
iShares iBonds Dec 2021 Term Treasury ETF | 02/25/20 | 12,417 | N/A | N/A | ||||
iShares iBonds Dec 2022 Term Treasury ETF | 02/25/20 | 12,378 | N/A | N/A | ||||
iShares iBonds Dec 2023 Term Treasury ETF | 02/25/20 | 12,313 | N/A | N/A | ||||
iShares iBonds Dec 2024 Term Treasury ETF | 02/25/20 | 12,298 | N/A | N/A | ||||
iShares iBonds Dec 2025 Term Treasury ETF | 02/25/20 | 12,312 | N/A | N/A | ||||
iShares iBonds Dec 2026 Term Treasury ETF | 02/25/20 | 12,297 | N/A | N/A | ||||
iShares iBonds Dec 2027 Term Treasury ETF | 02/25/20 | 12,270 | N/A | N/A | ||||
iShares iBonds Dec 2028 Term Treasury ETF | 02/25/20 | 12,228 | N/A | N/A | ||||
iShares iBonds Dec 2029 Term Treasury ETF | 02/25/20 | 12,311 | N/A | N/A | ||||
iShares iBonds Dec 2030 Term Treasury ETF | 07/14/20 | 5,421 | N/A | N/A | ||||
iShares iBonds Mar 2023 Term Corporate ETF | 07/09/13 | 18,121 | 17,608 | 15,115 |
Fund |
iShares iBonds 2021 Term High
Yield and Income ETF |
iShares iBonds 2022 Term High
Yield and Income ETF |
iShares iBonds 2023 Term High
Yield and Income ETF |
Gross income from
securities lending activities |
$ 17,653 | $ 10,995 | $ 22,997 |
Fees and/or compensation
for securities lending activities and related services |
|||
Securities lending
income paid to BTC for services as securities lending agent |
2,551 | 1,269 | 2,566 |
Cash collateral
management expenses not included in securities lending income paid to BTC |
387 | 332 | 583 |
Administrative fees not
included in securities lending income paid to BTC |
0 | 0 | 0 |
Indemnification fees not
included in securities lending income paid to BTC |
0 | 0 | 0 |
Fund |
iShares iBonds 2021 Term High
Yield and Income ETF |
iShares iBonds 2022 Term High
Yield and Income ETF |
iShares iBonds 2023 Term High
Yield and Income ETF |
Rebates (paid to
borrowers) |
3,096 | 3,615 | 8,159 |
Other fees not
included in securities lending income paid to BTC |
0 | 0 | 0 |
Aggregate
fees/compensation for securities lending activities |
$ 6,034 | $ 5,216 | $ 11,308 |
Net income from securities
lending activities |
$ 11,619 | $ 5,779 | $ 11,689 |
Fund |
iShares iBonds 2024 Term High
Yield and Income ETF |
iShares iBonds 2025 Term High
Yield and Income ETF |
iShares iBonds 2026 Term High
Yield and Income ETF |
Gross income from
securities lending activities |
$ 17,496 | $ 22,470 | N/A |
Fees and/or compensation
for securities lending activities and related services |
|||
Securities lending
income paid to BTC for services as securities lending agent |
1,591 | 2,151 | N/A |
Cash collateral
management expenses not included in securities lending income paid to BTC |
454 | 624 | N/A |
Administrative fees not
included in securities lending income paid to BTC |
0 | 0 | N/A |
Indemnification fees not
included in securities lending income paid to BTC |
0 | 0 | N/A |
Fund |
iShares iBonds 2024 Term High
Yield and Income ETF |
iShares iBonds 2025 Term High
Yield and Income ETF |
iShares iBonds 2026 Term High
Yield and Income ETF |
Rebates (paid to
borrowers) |
8,201 | 9,894 | N/A |
Other fees not
included in securities lending income paid to BTC |
0 | 0 | N/A |
Aggregate
fees/compensation for securities lending activities |
$ 10,246 | $ 12,669 | N/A |
Net income from securities
lending activities |
$ 7,250 | $ 9,801 | N/A |
Fund |
iShares iBonds Dec 2021
Term Corporate ETF |
iShares iBonds Dec 2022
Term Corporate ETF |
iShares iBonds Dec 2023
Term Corporate ETF |
Gross income from
securities lending activities |
$500,709 | $440,958 | $452,882 |
Fees and/or compensation
for securities lending activities and related services |
|||
Securities lending
income paid to BTC for services as securities lending agent |
50,999 | 41,723 | 45,043 |
Cash collateral
management expenses not included in securities lending income paid to BTC |
18,395 | 14,995 | 16,568 |
Administrative fees not
included in securities lending income paid to BTC |
0 | 0 | 0 |
Indemnification fees not
included in securities lending income paid to BTC |
0 | 0 | 0 |
Fund |
iShares iBonds Dec 2021
Term Corporate ETF |
iShares iBonds Dec 2022
Term Corporate ETF |
iShares iBonds Dec 2023
Term Corporate ETF |
Rebates (paid to
borrowers) |
198,982 | 194,120 | 186,020 |
Other fees not
included in securities lending income paid to BTC |
0 | 0 | 0 |
Aggregate
fees/compensation for securities lending activities |
$268,376 | $250,838 | $247,631 |
Net income from securities
lending activities |
$232,333 | $190,120 | $205,251 |
Fund |
iShares iBonds Dec 2024
Term Corporate ETF |
iShares iBonds Dec 2025
Term Corporate ETF |
iShares iBonds Dec 2026
Term Corporate ETF |
Gross income from
securities lending activities |
$410,423 | $262,151 | $224,689 |
Fees and/or compensation
for securities lending activities and related services |
|||
Securities lending
income paid to BTC for services as securities lending agent |
36,902 | 25,539 | 19,915 |
Cash collateral
management expenses not included in securities lending income paid to BTC |
14,209 | 9,389 | 7,533 |
Administrative fees not
included in securities lending income paid to BTC |
0 | 0 | 0 |
Indemnification fees not
included in securities lending income paid to BTC |
0 | 0 | 0 |
Rebates (paid to
borrowers) |
191,154 | 110,847 | 106,490 |
Fund |
iShares iBonds Dec 2024
Term Corporate ETF |
iShares iBonds Dec 2025
Term Corporate ETF |
iShares iBonds Dec 2026
Term Corporate ETF |
Other fees not
included in securities lending income paid to BTC |
0 | 0 | 0 |
Aggregate
fees/compensation for securities lending activities |
$242,265 | $145,775 | $133,938 |
Net income from securities
lending activities |
$168,158 | $116,376 | $ 90,751 |
Fund |
iShares iBonds Dec 2027
Term Corporate ETF |
iShares iBonds Dec 2028
Term Corporate ETF |
iShares iBonds Dec 2029
Term Corporate ETF |
Gross income from
securities lending activities |
$316,187 | $107,057 | $ 57,061 |
Fees and/or compensation
for securities lending activities and related services |
|||
Securities lending
income paid to BTC for services as securities lending agent |
30,469 | 11,277 | 6,817 |
Cash collateral
management expenses not included in securities lending income paid to BTC |
9,603 | 3,795 | 2,485 |
Administrative fees not
included in securities lending income paid to BTC |
0 | 0 | 0 |
Indemnification fees not
included in securities lending income paid to BTC |
0 | 0 | 0 |
Rebates (paid to
borrowers) |
137,294 | 40,614 | 16,701 |
Other fees not
included in securities lending income paid to BTC |
0 | 0 | 0 |
Fund |
iShares iBonds Dec 2027
Term Corporate ETF |
iShares iBonds Dec 2028
Term Corporate ETF |
iShares iBonds Dec 2029
Term Corporate ETF |
Aggregate
fees/compensation for securities lending activities |
$177,366 | $ 55,686 | $ 26,003 |
Net income from securities
lending activities |
$138,821 | $ 51,371 | $ 31,058 |
Fund |
iShares iBonds Dec 2030
Term Corporate ETF |
iShares iBonds Dec 2021
Term Treasury ETF |
iShares iBonds Dec 2022
Term Treasury ETF |
Gross income from
securities lending activities |
N/A | N/A | N/A |
Fees and/or compensation
for securities lending activities and related services |
|||
Securities lending
income paid to BTC for services as securities lending agent |
N/A | N/A | N/A |
Cash collateral
management expenses not included in securities lending income paid to BTC |
N/A | N/A | N/A |
Administrative fees not
included in securities lending income paid to BTC |
N/A | N/A | N/A |
Indemnification fees not
included in securities lending income paid to BTC |
N/A | N/A | N/A |
Rebates (paid to
borrowers) |
N/A | N/A | N/A |
Other fees not
included in securities lending income paid to BTC |
N/A | N/A | N/A |
Aggregate
fees/compensation for securities lending activities |
N/A | N/A | N/A |
Fund |
iShares iBonds Dec 2030
Term Corporate ETF |
iShares iBonds Dec 2021
Term Treasury ETF |
iShares iBonds Dec 2022
Term Treasury ETF |
Net income from securities
lending activities |
N/A | N/A | N/A |
Fund |
iShares iBonds Dec 2023
Term Treasury ETF |
iShares iBonds Dec 2024
Term Treasury ETF |
iShares iBonds Dec 2025
Term Treasury ETF |
Gross income from
securities lending activities |
N/A | N/A | N/A |
Fees and/or compensation
for securities lending activities and related services |
|||
Securities lending
income paid to BTC for services as securities lending agent |
N/A | N/A | N/A |
Cash collateral
management expenses not included in securities lending income paid to BTC |
N/A | N/A | N/A |
Administrative fees not
included in securities lending income paid to BTC |
N/A | N/A | N/A |
Indemnification fees not
included in securities lending income paid to BTC |
N/A | N/A | N/A |
Rebates (paid to
borrowers) |
N/A | N/A | N/A |
Other fees not
included in securities lending income paid to BTC |
N/A | N/A | N/A |
Aggregate
fees/compensation for securities lending activities |
N/A | N/A | N/A |
Net income from securities
lending activities |
N/A | N/A | N/A |
Fund |
iShares iBonds Dec 2026
Term Treasury ETF |
iShares iBonds Dec 2027
Term Treasury ETF |
iShares iBonds Dec 2028
Term Treasury ETF |
Gross income from
securities lending activities |
N/A | N/A | N/A |
Fees and/or compensation
for securities lending activities and related services |
|||
Securities lending
income paid to BTC for services as securities lending agent |
N/A | N/A | N/A |
Cash collateral
management expenses not included in securities lending income paid to BTC |
N/A | N/A | N/A |
Administrative fees not
included in securities lending income paid to BTC |
N/A | N/A | N/A |
Indemnification fees not
included in securities lending income paid to BTC |
N/A | N/A | N/A |
Rebates (paid to
borrowers) |
N/A | N/A | N/A |
Other fees not
included in securities lending income paid to BTC |
N/A | N/A | N/A |
Aggregate
fees/compensation for securities lending activities |
N/A | N/A | N/A |
Net income from securities
lending activities |
N/A | N/A | N/A |
Fund |
iShares iBonds Dec 2029
Term Treasury ETF |
iShares iBonds Dec 2030
Term Treasury ETF |
iShares iBonds Mar 2023
Term Corporate ETF |
Gross income from
securities lending activities |
$239 | N/A | $ 36,858 |
Fund |
iShares iBonds Dec 2029
Term Treasury ETF |
iShares iBonds Dec 2030
Term Treasury ETF |
iShares iBonds Mar 2023
Term Corporate ETF |
Fees and/or compensation
for securities lending activities and related services |
|||
Securities lending
income paid to BTC for services as securities lending agent |
23 | N/A | 3,421 |
Cash collateral
management expenses not included in securities lending income paid to BTC |
42 | N/A | 1,208 |
Administrative fees not
included in securities lending income paid to BTC |
0 | N/A | 0 |
Indemnification fees not
included in securities lending income paid to BTC |
0 | N/A | 0 |
Rebates (paid to
borrowers) |
17 | N/A | 16,638 |
Other fees not
included in securities lending income paid to BTC |
0 | N/A | 0 |
Aggregate
fees/compensation for securities lending activities |
$82 | N/A | $ 21,267 |
Net income from securities
lending activities |
$157 | N/A | $ 15,591 |
Fund | Issuer |
Market Value of
Investment |
||
iShares iBonds 2022 Term High Yield and Income ETF | Morgan Stanley | $54,132 | ||
iShares iBonds Dec 2021 Term Corporate ETF | Morgan Stanley | $45,125,827 | ||
Wells Fargo & Co. | 44,585,342 | |||
Citigroup, Inc. | 31,264,954 | |||
Goldman Sachs Group Inc. (The) | 31,120,101 | |||
JPMorgan Chase & Co. | 26,513,962 | |||
Bank of New York Mellon Corp. (The) | 16,614,995 | |||
Barclays PLC | 16,044,714 | |||
Bank of America Corp. | 13,147,909 | |||
iShares iBonds Dec 2022 Term Corporate ETF | Goldman Sachs Group Inc. (The) | $23,918,117 | ||
Wells Fargo & Co. | 19,681,363 | |||
JPMorgan Chase & Co. | 18,696,065 | |||
Morgan Stanley | 17,037,109 | |||
Bank of America Corp. | 11,343,532 | |||
Bank of New York Mellon Corp. (The) | 7,207,038 | |||
Barclays PLC | 6,439,925 | |||
Credit Suisse AG | 5,183,280 | |||
iShares iBonds Dec 2023 Term Corporate ETF | JPMorgan Chase & Co. | $21,995,312 | ||
Morgan Stanley | 18,980,169 | |||
Bank of America Corp. | 17,788,526 | |||
Bank of New York Mellon Corp. (The) | 12,648,938 | |||
Goldman Sachs Group Inc. (The) | 12,547,453 | |||
Citigroup, Inc. | 9,054,531 | |||
Credit Suisse AG | 4,854,266 | |||
Barclays PLC | 4,578,529 | |||
BNP Paribas SA | 3,292,117 | |||
Fund | Issuer |
Market Value of
Investment |
||
iShares iBonds Dec 2024 Term Corporate ETF | Bank of America Corp. | $19,389,712 | ||
Goldman Sachs Group Inc. (The) | 17,696,620 | |||
JPMorgan Chase & Co. | 16,672,938 | |||
Morgan Stanley | 15,881,659 | |||
Bank of New York Mellon Corp. (The) | 7,588,627 | |||
Mitsubishi UFJ Financial Group, Inc. | 5,941,016 | |||
Citigroup, Inc. | 4,308,954 | |||
Barclays PLC | 3,980,759 | |||
iShares iBonds Dec 2025 Term Corporate ETF | Goldman Sachs Group Inc. (The) | $17,216,420 | ||
Bank of America Corp. | 12,298,686 | |||
Citigroup, Inc. | 11,709,372 | |||
JPMorgan Chase & Co. | 9,795,442 | |||
Morgan Stanley | 9,695,452 | |||
Barclays PLC | 3,848,516 | |||
Bank of New York Mellon Corp. (The) | 3,533,238 | |||
iShares iBonds Dec 2026 Term Corporate ETF | JPMorgan Chase & Co. | $13,717,071 | ||
Citigroup, Inc. | 13,309,087 | |||
Morgan Stanley | 12,803,265 | |||
Bank of America Corp. | 10,370,183 | |||
Barclays PLC | 6,629,538 | |||
Goldman Sachs Group Inc. (The) | 6,590,421 | |||
Bank of New York Mellon Corp. (The) | 2,445,534 | |||
iShares iBonds Dec 2027 Term Corporate ETF | Morgan Stanley | $5,347,759 | ||
Bank of America Corp. | 4,818,725 | |||
Citigroup, Inc. | 4,287,776 | |||
JPMorgan Chase & Co. | 3,463,987 | |||
Goldman Sachs Group Inc. (The) | 3,357,318 | |||
U.S. Bancorp | 1,576,382 | |||
Jefferies Group LLC | 1,296,991 | |||
Bank of New York Mellon Corp. (The) | 946,764 | |||
iShares iBonds Dec 2028 Term Corporate ETF | Barclays PLC | $2,661,135 | ||
Citigroup, Inc. | 2,091,885 | |||
Bank of New York Mellon Corp. (The) | 1,539,549 | |||
U.S. Bancorp | 778,279 | |||
iShares iBonds Dec 2029 Term Corporate ETF | Wells Fargo & Co. | $978,608 | ||
Bank of New York Mellon Corp. (The) | 328,053 | |||
iShares iBonds Dec 2030 Term Corporate ETF | Goldman Sachs Group Inc. (The) | $472,299 | ||
U.S. Bancorp | 59,141 | |||
iShares iBonds Mar 2023 Term Corporate ETF | Morgan Stanley | $1,702,012 | ||
Wells Fargo & Co. | 1,442,882 | |||
Goldman Sachs Group Inc. (The) | 1,187,912 |
Fund | Issuer |
Market Value of
Investment |
||
JPMorgan Chase & Co. | 1,119,168 | |||
Bank of America Corp. | 1,080,932 | |||
Citigroup, Inc. | 803,147 | |||
Barclays PLC | 492,630 | |||
Bank of New York Mellon Corp. (The) | 408,379 | |||
U.S. Bancorp | 291,763 | |||
Fund |
Fiscal Year Ended
Oct. 31, 2020 |
Fiscal Year Ended
Oct. 31, 2019 |
||
iShares iBonds 2021 Term High Yield and Income ETF | 50% | 17%1, 2 | ||
iShares iBonds 2022 Term High Yield and Income ETF | 68% | 14%1, 2 | ||
iShares iBonds 2023 Term High Yield and Income ETF | 51% | 9%1, 2 | ||
iShares iBonds 2024 Term High Yield and Income ETF | 42% | 10%1, 2 | ||
iShares iBonds 2025 Term High Yield and Income ETF | 42% | 5%1, 2 | ||
iShares iBonds 2026 Term High Yield and Income ETF | N/A | N/A | ||
iShares iBonds Dec 2021 Term Corporate ETF | 11% | 8% | ||
iShares iBonds Dec 2022 Term Corporate ETF | 16% | 9% | ||
iShares iBonds Dec 2023 Term Corporate ETF | 12% | 5% | ||
iShares iBonds Dec 2024 Term Corporate ETF | 8% | 14% | ||
iShares iBonds Dec 2025 Term Corporate ETF | 14% | 6% | ||
iShares iBonds Dec 2026 Term Corporate ETF | 5% | 9% | ||
iShares iBonds Dec 2027 Term Corporate ETF | 10% | 4% | ||
iShares iBonds Dec 2028 Term Corporate ETF | 7% | 6% | ||
iShares iBonds Dec 2029 Term Corporate ETF | 9% | 1% | ||
iShares iBonds Dec 2030 Term Corporate ETF | 4%3, 4 | N/A | ||
iShares iBonds Dec 2021 Term Treasury ETF | 32%5, 6 | N/A | ||
iShares iBonds Dec 2022 Term Treasury ETF | 29%5, 6 | N/A | ||
iShares iBonds Dec 2023 Term Treasury ETF | 1%5, 6 | N/A | ||
iShares iBonds Dec 2024 Term Treasury ETF | 7%5, 6 | N/A | ||
iShares iBonds Dec 2025 Term Treasury ETF | 2%5, 6 | N/A | ||
iShares iBonds Dec 2026 Term Treasury ETF | 5%5, 6 | N/A | ||
iShares iBonds Dec 2027 Term Treasury ETF | 45%5, 6 | N/A | ||
iShares iBonds Dec 2028 Term Treasury ETF | 10%5, 6 | N/A | ||
iShares iBonds Dec 2029 Term Treasury ETF | 19%5, 6 | N/A |
Fund |
Fiscal Year Ended
Oct. 31, 2020 |
Fiscal Year Ended
Oct. 31, 2019 |
||
iShares iBonds Dec 2030 Term Treasury ETF | 36%7, 8 | N/A | ||
iShares iBonds Mar 2023 Term Corporate ETF | 13% | 5% |
1 | The portfolio turnover for the iShares iBonds 2021 Term High Yield and Income ETF, iShares iBonds 2022 Term High Yield and Income ETF, iShares iBonds 2023 Term High Yield and Income ETF, iShares iBonds 2024 Term High Yield and Income ETF, and iShares iBonds 2025 Term High Yield and Income ETF relates to the period from May 7, 2019 to October 31, 2019 and is not annualized. |
2 | The inception date for the iShares iBonds 2021 Term High Yield and Income ETF, iShares iBonds 2022 Term High Yield and Income ETF, iShares iBonds 2023 Term High Yield and Income ETF, iShares iBonds 2024 Term High Yield and Income ETF, and iShares iBonds 2025 Term High Yield and Income ETF was May 7, 2019. |
3 | The portfolio turnover for the iShares iBonds Dec 2030 Term Corporate ETF relates to the period of June 23, 2020 to October 31, 2020 and is not annualized. |
4 | The inception date for the iShares iBonds Dec 2030 Term Corporate ETF was June 23, 2020. |
5 | The portfolio turnover for the iShares iBonds Dec 2021 Term Treasury ETF, iShares iBonds Dec 2022 Term Treasury ETF, iShares iBonds Dec 2023 Term Treasury ETF, iShares iBonds Dec 2024 Term Treasury ETF, iShares iBonds Dec 2025 Term Treasury ETF, iShares iBonds Dec 2026 Term Treasury ETF, iShares iBonds Dec 2027 Term Treasury ETF, iShares iBonds Dec 2028 Term Treasury ETF and iShares iBonds Dec 2029 Term Treasury ETF relates to the period of February 25, 2020 to October 31, 2020 and is not annualized. |
6 | The inception date for the iShares iBonds Dec 2021 Term Treasury ETF, iShares iBonds Dec 2022 Term Treasury ETF, iShares iBonds Dec 2023 Term Treasury ETF, iShares iBonds Dec 2024 Term Treasury ETF, iShares iBonds Dec 2025 Term Treasury ETF, iShares iBonds Dec 2026 Term Treasury ETF, iShares iBonds Dec 2027 Term Treasury ETF, iShares iBonds Dec 2028 Term Treasury ETF and iShares iBonds Dec 2029 Term Treasury ETF was February 25, 2020. |
7 | The portfolio turnover for the iShares iBonds Dec 2030 Term Treasury ETF relates to the period of July 14, 2020 to October 31, 2020 and is not annualized. |
8 | The inception date for the iShares iBonds Dec 2030 Term Treasury ETF was July 14, 2020. |
Fund |
Shares Per
Creation Unit |
Approximate
Value Per Creation Unit (U.S.$) |
||
iShares iBonds 2021 Term High Yield and Income ETF | 100,000 | $2,424,000 | ||
iShares iBonds 2022 Term High Yield and Income ETF | 100,000 | 2,414,000 | ||
iShares iBonds 2023 Term High Yield and Income ETF | 100,000 | 2,417,000 | ||
iShares iBonds 2024 Term High Yield and Income ETF | 100,000 | 2,407,000 |
Fund |
Shares Per
Creation Unit |
Approximate
Value Per Creation Unit (U.S.$) |
||
iShares iBonds 2025 Term High Yield and Income ETF | 100,000 | 2,473,000 | ||
iShares iBonds 2026 Term High Yield and Income ETF | 100,000 | 2,512,000 | ||
iShares iBonds Dec 2021 Term Corporate ETF | 100,000 | 2,497,000 | ||
iShares iBonds Dec 2022 Term Corporate ETF | 100,000 | 2,558,000 | ||
iShares iBonds Dec 2023 Term Corporate ETF | 50,000 | 1,312,000 | ||
iShares iBonds Dec 2024 Term Corporate ETF | 50,000 | 1,325,000 | ||
iShares iBonds Dec 2025 Term Corporate ETF | 50,000 | 1,362,500 | ||
iShares iBonds Dec 2026 Term Corporate ETF | 50,000 | 1,349,500 | ||
iShares iBonds Dec 2027 Term Corporate ETF | 50,000 | 1,371,500 | ||
iShares iBonds Dec 2028 Term Corporate ETF | 50,000 | 1,471,000 | ||
iShares iBonds Dec 2029 Term Corporate ETF | 50,000 | 1,369,500 | ||
iShares iBonds Dec 2030 Term Corporate ETF | 50,000 | 1,308,000 | ||
iShares iBonds Dec 2021 Term Treasury ETF | 50,000 | 1,268,500 | ||
iShares iBonds Dec 2022 Term Treasury ETF | 50,000 | 1,277,000 | ||
iShares iBonds Dec 2023 Term Treasury ETF | 50,000 | 1,285,500 | ||
iShares iBonds Dec 2024 Term Treasury ETF | 50,000 | 1,297,000 | ||
iShares iBonds Dec 2025 Term Treasury ETF | 50,000 | 1,304,500 | ||
iShares iBonds Dec 2026 Term Treasury ETF | 50,000 | 1,310,000 | ||
iShares iBonds Dec 2027 Term Treasury ETF | 50,000 | 1,312,000 | ||
iShares iBonds Dec 2028 Term Treasury ETF | 50,000 | 1,318,000 | ||
iShares iBonds Dec 2029 Term Treasury ETF | 50,000 | 1,316,500 | ||
iShares iBonds Dec 2030 Term Treasury ETF | 50,000 | 1,232,000 | ||
iShares iBonds Mar 2023 Term Corporate ETF | 50,000 | 1,366,000 |
Fund |
Standard Creation
Transaction Fee |
Maximum Additional
Charge for Creations* |
||
iShares iBonds 2021 Term High Yield and Income ETF | $650 | 3.0% | ||
iShares iBonds 2022 Term High Yield and Income ETF | 825 | 3.0% | ||
iShares iBonds 2023 Term High Yield and Income ETF | 925 | 3.0% | ||
iShares iBonds 2024 Term High Yield and Income ETF | 900 | 3.0% | ||
iShares iBonds 2025 Term High Yield and Income ETF | 975 | 3.0% | ||
iShares iBonds 2026 Term High Yield and Income ETF | 800 | 3.0% | ||
iShares iBonds Dec 2021 Term Corporate ETF | 375 | 3.0% | ||
iShares iBonds Dec 2022 Term Corporate ETF | 625 | 3.0% | ||
iShares iBonds Dec 2023 Term Corporate ETF | 600 | 3.0% | ||
iShares iBonds Dec 2024 Term Corporate ETF | 600 | 3.0% | ||
iShares iBonds Dec 2025 Term Corporate ETF | 250 | 3.0% | ||
iShares iBonds Dec 2026 Term Corporate ETF | 375 | 3.0% | ||
iShares iBonds Dec 2027 Term Corporate ETF | 300 | 3.0% | ||
iShares iBonds Dec 2028 Term Corporate ETF | 650 | 3.0% | ||
iShares iBonds Dec 2029 Term Corporate ETF | 350 | 3.0% | ||
iShares iBonds Dec 2030 Term Corporate ETF | 425 | 3.0% | ||
iShares iBonds Dec 2021 Term Treasury ETF | 250 | 3.0% | ||
iShares iBonds Dec 2022 Term Treasury ETF | 200 | 3.0% | ||
iShares iBonds Dec 2023 Term Treasury ETF | 175 | 3.0% | ||
iShares iBonds Dec 2024 Term Treasury ETF | 175 | 3.0% | ||
iShares iBonds Dec 2025 Term Treasury ETF | 150 | 3.0% | ||
iShares iBonds Dec 2026 Term Treasury ETF | 150 | 3.0% | ||
iShares iBonds Dec 2027 Term Treasury ETF | 125 | 3.0% | ||
iShares iBonds Dec 2028 Term Treasury ETF | 125 | 3.0% | ||
iShares iBonds Dec 2029 Term Treasury ETF | 125 | 3.0% | ||
iShares iBonds Dec 2030 Term Treasury ETF | 125 | 3.0% | ||
iShares iBonds Mar 2023 Term Corporate ETF | 150 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Fund |
Standard Redemption
Transaction Fee |
Maximum Additional
Charge for Redemptions* |
||
iShares iBonds 2021 Term High Yield and Income ETF | $650 | 2.0% |
Fund |
Standard Redemption
Transaction Fee |
Maximum Additional
Charge for Redemptions* |
||
iShares iBonds 2022 Term High Yield and Income ETF | 825 | 2.0% | ||
iShares iBonds 2023 Term High Yield and Income ETF | 925 | 2.0% | ||
iShares iBonds 2024 Term High Yield and Income ETF | 900 | 2.0% | ||
iShares iBonds 2025 Term High Yield and Income ETF | 975 | 2.0% | ||
iShares iBonds 2026 Term High Yield and Income ETF | 800 | 2.0% | ||
iShares iBonds Dec 2021 Term Corporate ETF | 375 | 2.0% | ||
iShares iBonds Dec 2022 Term Corporate ETF | 625 | 2.0% | ||
iShares iBonds Dec 2023 Term Corporate ETF | 600 | 2.0% | ||
iShares iBonds Dec 2024 Term Corporate ETF | 600 | 2.0% | ||
iShares iBonds Dec 2025 Term Corporate ETF | 250 | 2.0% | ||
iShares iBonds Dec 2026 Term Corporate ETF | 375 | 2.0% | ||
iShares iBonds Dec 2027 Term Corporate ETF | 300 | 2.0% | ||
iShares iBonds Dec 2028 Term Corporate ETF | 650 | 2.0% | ||
iShares iBonds Dec 2029 Term Corporate ETF | 350 | 2.0% | ||
iShares iBonds Dec 2030 Term Corporate ETF | 425 | 2.0% | ||
iShares iBonds Dec 2021 Term Treasury ETF | 250 | 2.0% | ||
iShares iBonds Dec 2022 Term Treasury ETF | 200 | 2.0% | ||
iShares iBonds Dec 2023 Term Treasury ETF | 175 | 2.0% | ||
iShares iBonds Dec 2024 Term Treasury ETF | 175 | 2.0% | ||
iShares iBonds Dec 2025 Term Treasury ETF | 150 | 2.0% | ||
iShares iBonds Dec 2026 Term Treasury ETF | 150 | 2.0% | ||
iShares iBonds Dec 2027 Term Treasury ETF | 125 | 2.0% | ||
iShares iBonds Dec 2028 Term Treasury ETF | 125 | 2.0% | ||
iShares iBonds Dec 2029 Term Treasury ETF | 125 | 2.0% | ||
iShares iBonds Dec 2030 Term Treasury ETF | 125 | 2.0% | ||
iShares iBonds Mar 2023 Term Corporate ETF | 150 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
Fund | Non-Expiring Capital Loss Carryforward | |
iShares iBonds 2021 Term High Yield and Income ETF | $652,399 | |
iShares iBonds 2022 Term High Yield and Income ETF | 735,106 | |
iShares iBonds 2023 Term High Yield and Income ETF | 906,272 | |
iShares iBonds 2024 Term High Yield and Income ETF | 922,647 | |
iShares iBonds 2025 Term High Yield and Income ETF | 938,284 | |
iShares iBonds Dec 2022 Term Corporate ETF | 1,360,903 | |
iShares iBonds Dec 2023 Term Corporate ETF | 1,514,006 | |
iShares iBonds Dec 2024 Term Corporate ETF | 6,523,551 | |
iShares iBonds Dec 2026 Term Corporate ETF | 3,168,781 | |
iShares iBonds Dec 2027 Term Corporate ETF | 2,268,146 |
Fund | Non-Expiring Capital Loss Carryforward | |
iShares iBonds Dec 2028 Term Corporate ETF | 1,279,019 | |
iShares iBonds Dec 2029 Term Corporate ETF | 503,660 | |
iShares iBonds Dec 2026 Term Treasury ETF | 832 | |
iShares iBonds Dec 2027 Term Treasury ETF | 7,740 | |
iShares iBonds Dec 2028 Term Treasury ETF | 4,232 | |
iShares iBonds Dec 2029 Term Treasury ETF | 4,834 | |
iShares iBonds Dec 2030 Term Treasury ETF | 12,075 | |
iShares iBonds Mar 2023 Term Corporate ETF | 573,177 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long -term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public
Company CEO |
# Outside
Public Boards* |
Total # of
Public Boards |
|||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined
Chair / CEO Model |
Separate
Chair Model |
||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors |
Attends full meetings of the board of directors
Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
Fund | Ticker | Listing Exchange | ||
iShares iBonds Mar 2023 Term Corporate ex-Financials ETF1 (the “Fund”) | IBCE | NYSE Arca |
1 | The iShares iBonds Mar 2023 Term Corporate ex-Financials ETF may also conduct business as the iBonds Mar 2023 Term Corporate ex-Financials ETF. |
• | Communications of Data Files: The Fund may make available through the facilities of the National Securities Clearing Corporation (“NSCC”) or through posting on the www.iShares.com, prior to the opening of trading on each business day, a list of the Fund’s holdings (generally pro-rata) that Authorized Participants could deliver to the Fund to settle purchases of the Fund (i.e. Deposit Securities) or that Authorized Participants would receive from the Fund to settle redemptions of the Fund (i.e. Fund Securities). These files are known as the Portfolio Composition File and the Fund Data File (collectively, “Files”). The Files are applicable for the next trading day and are provided to the NSCC and/or posted on www.iShares.com after the close of markets in the U.S. |
• | Communications with Authorized Participants and Liquidity Providers: Certain employees of BFA are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an Authorized Participant or liquidity provider the securities the Fund is willing to accept for a creation, and securities that the Fund will provide on a redemption. |
• | Communications with Listing Exchanges: From time to time, employees of BFA may discuss portfolio holdings information with the applicable primary listing exchange for the Fund as needed to meet the exchange listing standards. |
• | Communications with Other Portfolio Managers: Certain information may be provided to employees of BFA who manage funds that invest a significant percentage of their assets in shares of an underlying fund as necessary to manage the fund’s investment objective and strategy. |
• | Communication of Other Information: Certain explanatory information regarding the Files is released to Authorized Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to www.iShares.com. |
• | Third-Party Service Providers: Certain portfolio holdings information may be disclosed to Fund Trustees and their counsel, outside counsel for the Fund, auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service) for which a non-disclosure, confidentiality agreement or other obligation is in place with such service providers, as may be necessary to conduct business in the ordinary course in a manner consistent with applicable policies, agreements with the Fund, the terms of the current registration statements and federal securities laws and regulations thereunder. |
• | Liquidity Metrics: “Liquidity Metrics” seek to ascertain the Fund’s liquidity profile under BlackRock’s global liquidity risk methodology, which include but are not limited to: (a) disclosure regarding the number of days needed to liquidate a portfolio or the portfolio’s underlying investments; and (b) the percentage of the Fund’s NAV invested in a particular liquidity tier under BlackRock’s global liquidity risk methodology. The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to the Liquidity Rule (including SEC liquidity tiering) is not permitted unless pre-approved. Disclosure of portfolio-level liquidity metrics prior to 60 calendar days after calendar quarter-end requires a non-disclosure or confidentiality agreement and approval of the Trust’s Chief Compliance Officer. Portfolio-level liquidity metrics disclosure subsequent to 60 calendar days after calendar quarter-end requires the approval of portfolio management and must be disclosed to all parties requesting the information if disclosed to any party. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Robert S. Kapito1
(64) |
Trustee
(since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Salim Ramji2
(50) |
Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
1 | Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
2 | Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Cecilia H. Herbert
(71) |
Trustee
(since 2005); Independent Board Chair (since 2016). |
Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.
|
Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019). | |||
Jane D. Carlin
(65) |
Trustee
(since 2015); Risk Committee Chair (since 2016). |
Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani
(66) |
Trustee
(since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Kerrigan
(65) |
Trustee
(since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019). |
Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Drew E. Lawton
(61) |
Trustee
(since 2017); 15(c) Committee Chair (since 2017). |
Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Martinez
(59) |
Trustee
(since 2003); Securities Lending Committee Chair (since 2019). |
Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav V. Rajan
(56) |
Trustee
(since 2011); Fixed Income Plus Committee Chair (since 2019). |
Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). |
Director of iShares, Inc. (since 2011);
Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
||
Armando Senra
(49) |
President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||
Trent Walker
(46) |
Treasurer and Chief Financial Officer
(since 2020). |
Managing Director of BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
||
Charles Park
(53) |
Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Deepa Damre Smith
(45) |
Secretary (since 2019). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). | ||
Scott Radell
(52) |
Executive Vice President
(since 2012). |
Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). | ||
Alan Mason
(60) |
Executive Vice President
(since 2016). |
Managing Director, BlackRock, Inc. (since 2009). | ||
Marybeth Leithead
(58) |
Executive Vice President
(since 2019). |
Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016). |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
Robert S. Kapito | None | None | None | |||
Salim Ramji | iShares Broad USD Investment Grade Corporate Bond ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Commodity Curve Carry Strategy ETF | $50,001-$100,000 | |||||
iShares Core MSCI Emerging Markets ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $1-$10,000 | |||||
iShares Core S&P 500 ETF | $1-$10,000 | |||||
iShares Core S&P Mid-Cap ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $50,001-$100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI USA ESG Select ETF | $1-$10,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
iShares Core MSCI Emerging Markets ETF | $1-$10,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P U.S. Growth ETF | Over $100,000 | |||||
iShares Core S&P U.S. Value ETF | Over $100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | $10,001-$50,000 | |||||
iShares International Select Dividend ETF | $50,001-$100,000 | |||||
iShares MSCI EAFE ETF | $1-$10,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares MSCI USA Value Factor ETF | Over $100,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $10,001-$50,000 | |||||
Jane D. Carlin | iShares Core MSCI EAFE ETF | Over $100,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P Mid-Cap ETF | $10,001-$50,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core U.S. Aggregate Bond ETF | $50,001-$100,000 | |||||
iShares Global Tech ETF | $50,001-$100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | Over $100,000 | |||||
iShares MSCI ACWI ETF | Over $100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI USA Min Vol Factor ETF | $50,001-$100,000 | |||||
iShares Select Dividend ETF | $10,001-$50,000 | |||||
Richard L. Fagnani | iShares Core Dividend Growth ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares Exponential Technologies ETF | $10,001-$50,000 | |||||
iShares Global Clean Energy ETF | $10,001-$50,000 | |||||
iShares MBS ETF | $10,001-$50,000 | |||||
iShares MSCI All Country Asia ex Japan ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE Value ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Multifactor ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares MSCI Singapore ETF | $10,001-$50,000 | |||||
iShares MSCI USA Equal Weighted ETF | $10,001-$50,000 | |||||
iShares MSCI USA Quality Factor ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $10,001-$50,000 | |||||
iShares U.S. Infrastructure ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares Core MSCI EAFE ETF | $10,001-$50,000 | Over $100,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EM ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $1-$10,000 | |||||
iShares Global Clean Energy ETF | Over $100,000 | |||||
iShares Global Infrastructure ETF | Over $100,000 | |||||
iShares Global Tech ETF | $50,001-$100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | Over $100,000 | |||||
iShares MSCI KLD 400 Social ETF | $10,001-$50,000 | |||||
iShares MSCI USA ESG Select ETF | $1-$10,000 | |||||
iShares MSCI USA Min Vol Factor ETF | $10,001-$50,000 | |||||
iShares MSCI USA Quality Factor ETF | $10,001-$50,000 | |||||
iShares MSCI USA Value Factor ETF | $50,001-$100,000 | |||||
iShares U.S. Medical Devices ETF | $10,001-$50,000 | |||||
Drew E. Lawton | BlackRock Short Maturity Bond ETF | Over $100,000 | Over $100,000 | |||
BlackRock Ultra Short-Term Bond ETF | Over $100,000 | |||||
iShares 0-5 Year High Yield Corporate Bond ETF | $50,001-$100,000 | |||||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Expanded Tech Sector ETF | Over $100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Nasdaq Biotechnology ETF | $50,001-$100,000 | |||||
John E. Martinez | iShares 1-5 Year Investment Grade Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core 5-10 Year USD Bond ETF | Over $100,000 | |||||
iShares Core International Aggregate Bond ETF | Over $100,000 | |||||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Global Consumer Staples ETF | Over $100,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares Russell 1000 ETF | Over $100,000 | |||||
iShares Russell 1000 Value ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
Madhav V. Rajan | BlackRock Short Maturity Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Broad USD High Yield Corporate Bond ETF | Over $100,000 | |||||
iShares Mortgage Real Estate ETF | Over $100,000 | |||||
iShares Preferred and Income Securities ETF | Over $100,000 |
Name |
iShares iBonds
Mar 2023 Term Corporate ex-Financials ETF |
Pension or
Retirement Benefits Accrued As Part of Trust Expenses1 |
Estimated Annual
Benefits Upon Retirement1 |
Total
Compensation From the Fund and Fund Complex2 |
||||
Independent Trustees: | ||||||||
Jane D. Carlin | $11 | Not Applicable | Not Applicable | $350,000 | ||||
Richard L. Fagnani | 11 | Not Applicable | Not Applicable | 366,421 | ||||
Cecilia H. Herbert | 12 | Not Applicable | Not Applicable | 395,833 | ||||
John E. Kerrigan | 12 | Not Applicable | Not Applicable | 370,833 | ||||
Drew E. Lawton | 11 | Not Applicable | Not Applicable | 353,921 | ||||
John E. Martinez | 11 | Not Applicable | Not Applicable | 350,000 | ||||
Madhav V. Rajan | 11 | Not Applicable | Not Applicable | 350,000 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | Not Applicable | Not Applicable | $0 |
Name |
iShares iBonds
Mar 2023 Term Corporate ex-Financials ETF |
Pension or
Retirement Benefits Accrued As Part of Trust Expenses1 |
Estimated Annual
Benefits Upon Retirement1 |
Total
Compensation From the Fund and Fund Complex2 |
||||
Salim Ramji | 0 | Not Applicable | Not Applicable | 0 |
1 | No Trustee or officer is entitled to any pension or retirement benefits from the Trust. |
2 | Also includes compensation for service on the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. |
Name |
Percentage of
Ownership |
|
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
29.37%
|
|
BlackRock Institutional Trust Company, N.A.
400 Howard Street San Francisco, CA 94105 |
11.73%
|
|
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
8.72%
|
|
Raymond, James & Associates, Inc.
880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
7.02%
|
|
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
6.65%
|
|
LPL Financial Corporation
9785 Towne Centre Drive San Diego, CA 92121-1968 |
5.16%
|
Management Fee
for Fiscal Year Ended Oct. 31, 2020 |
Fund Inception
Date |
Management
Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2020 |
Management
Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2019 |
Management
Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2018 |
||||
0.10%1 | 04/17/13 | $26,093 | $31,910 | $45,080 |
1 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about March 31, 2023. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA waived $225, $266 and $299 of its management fees, respectively. |
James Mauro | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 98 | $467,984,000,000 | ||
Other Pooled Investment Vehicles | 30 | 122,075,000,000 | ||
Other Accounts | 25 | 18,490,000,000 |
Karen Uyehara | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 48 | $254,015,000,000 | ||
Other Pooled Investment Vehicles | 36 | 96,823,000,000 | ||
Other Accounts | 36 | 70,094,000,000 |
James Mauro | ||||
Types of Accounts |
Number of Other
Accounts with Performance-Based Fees Managed by Portfolio Manager |
Aggregate
of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Karen Uyehara | ||||
Types of Accounts |
Number of Other
Accounts with Performance-Based Fees Managed by Portfolio Manager |
Aggregate
of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Fund Inception Date |
Administration, Custody
& Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 |
Administration, Custody
& Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2019 |
Administration, Custody
& Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2018 |
|||
04/17/13 | $17,589 | 17,503 | 14,276 |
Fund |
iShares iBonds
Mar 2023 Term Corporate ex-Financials ETF |
Gross income from
securities lending activities |
$19,629 |
Fees and/or compensation
for securities lending activities and related services |
|
Securities lending
income paid to BTC for services as securities lending agent |
1,779 |
Cash collateral
management expenses not included in securities lending income paid to BTC |
631 |
Administrative fees not
included in securities lending income paid to BTC |
0 |
Indemnification fees not
included in securities lending income paid to BTC |
0 |
Fund |
iShares iBonds
Mar 2023 Term Corporate ex-Financials ETF |
Rebates (paid to
borrowers) |
9,112 |
Other fees not
included in securities lending income paid to BTC |
0 |
Aggregate
fees/compensation for securities lending activities |
$11,522 |
Net income from securities
lending activities |
$8,107 |
Fiscal Year Ended
Oct. 31, 2020 |
Fiscal Year Ended
Oct. 31, 2019 |
||
9% | 9% |
Shares Per
Creation Unit |
Approximate
Value Per Creation Unit (U.S.$) |
|
50,000 | $1,252,500 |
Standard Creation
Transaction Fee |
Maximum Additional
Charge for Creations* |
|
$150 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Standard Redemption
Transaction Fee |
Maximum Additional
Charge for Redemptions* |
|
$150 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long -term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public
Company CEO |
# Outside
Public Boards* |
Total # of
Public Boards |
|||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined
Chair / CEO Model |
Separate
Chair Model |
||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors |
Attends full meetings of the board of directors
Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
Fund | Ticker | Listing Exchange | ||
iShares iBonds Dec 2021 Term Muni Bond ETF1 | IBMJ | NYSE Arca | ||
iShares iBonds Dec 2022 Term Muni Bond ETF2 | IBMK | NYSE Arca | ||
iShares iBonds Dec 2023 Term Muni Bond ETF3 | IBML | Cboe BZX | ||
iShares iBonds Dec 2024 Term Muni Bond ETF4 | IBMM | Cboe BZX | ||
iShares iBonds Dec 2025 Term Muni Bond ETF5 | IBMN | Cboe BZX | ||
iShares iBonds Dec 2026 Term Muni Bond ETF6 | IBMO | Cboe BZX | ||
iShares iBonds Dec 2027 Term Muni Bond ETF7 | IBMP | Cboe BZX | ||
iShares iBonds Dec 2028 Term Muni Bond ETF8 | IBMQ | Cboe BZX |
1 | The iShares iBonds Dec 2021 Term Muni Bond ETF may also conduct business as the iBonds Dec 2021 Term Muni Bond ETF. |
2 | The iShares iBonds Dec 2022 Term Muni Bond ETF may also conduct business as the iBonds Dec 2022 Term Muni Bond ETF. |
3 | The iShares iBonds Dec 2023 Term Muni Bond ETF may also conduct business as the iBonds Dec 2023 Term Muni Bond ETF. |
4 | The iShares iBonds Dec 2024 Term Muni Bond ETF may also conduct business as the iBonds Dec 2024 Term Muni Bond ETF. |
5 | The iShares iBonds Dec 2025 Term Muni Bond ETF may also conduct business as the iBonds Dec 2025 Term Muni Bond ETF. |
6 | The iShares iBonds Dec 2026 Term Muni Bond ETF may also conduct business as the iBonds Dec 2026 Term Muni Bond ETF. |
7 | The iShares iBonds Dec 2027 Term Muni Bond ETF may also conduct business as the iBonds Dec 2027 Term Muni Bond ETF. |
8 | The iShares iBonds Dec 2028 Term Muni Bond ETF may also conduct business as the iBonds Dec 2028 Term Muni Bond ETF. |
Page | |
Appendix A3 – BlackRock U.S. Proxy Voting Policies | A-13 |
Appendix B – Description of Fixed-Income Ratings | B-1 |
• | iShares iBonds Dec 2021 Term Muni Bond ETF |
• | iShares iBonds Dec 2022 Term Muni Bond ETF |
• | iShares iBonds Dec 2023 Term Muni Bond ETF |
• | iShares iBonds Dec 2024 Term Muni Bond ETF |
• | iShares iBonds Dec 2025 Term Muni Bond ETF |
• | iShares iBonds Dec 2026 Term Muni Bond ETF |
• | iShares iBonds Dec 2027 Term Muni Bond ETF |
• | iShares iBonds Dec 2028 Term Muni Bond ETF |
Diversified Funds | Non-Diversified Funds | |
iShares iBonds Dec 2021 Term Muni Bond ETF | iShares iBonds Dec 2026 Term Muni Bond ETF | |
iShares iBonds Dec 2022 Term Muni Bond ETF | iShares iBonds Dec 2027 Term Muni Bond ETF | |
iShares iBonds Dec 2023 Term Muni Bond ETF | iShares iBonds Dec 2028 Term Muni Bond ETF | |
iShares iBonds Dec 2024 Term Muni Bond ETF | ||
iShares iBonds Dec 2025 Term Muni Bond ETF |
• | Communications of Data Files: A Fund may make available through the facilities of the National Securities Clearing Corporation (“NSCC”) or through posting on the www.iShares.com, prior to the opening of trading on each business day, a list of a Fund’s holdings (generally pro-rata) that Authorized Participants could deliver to a Fund to settle purchases of a Fund (i.e. Deposit Securities) or that Authorized Participants would receive from a Fund to settle redemptions of a Fund (i.e. Fund Securities). These files are known as the Portfolio Composition File and the Fund Data File (collectively, “Files”). The Files are applicable for the next trading day and are provided to the NSCC and/or posted on www.iShares.com after the close of markets in the U.S. |
• | Communications with Authorized Participants and Liquidity Providers: Certain employees of BFA are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an Authorized Participant or liquidity provider the securities a Fund is willing to accept for a creation, and securities that a Fund will provide on a redemption. |
• | Communications with Listing Exchanges: From time to time, employees of BFA may discuss portfolio holdings information with the applicable primary listing exchange for a Fund as needed to meet the exchange listing standards. |
• | Communications with Other Portfolio Managers: Certain information may be provided to employees of BFA who manage funds that invest a significant percentage of their assets in shares of an underlying fund as necessary to manage the fund’s investment objective and strategy. |
• | Communication of Other Information: Certain explanatory information regarding the Files is released to Authorized Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to www.iShares.com. |
• | Third-Party Service Providers: Certain portfolio holdings information may be disclosed to Fund Trustees and their counsel, outside counsel for the Funds, auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service) for which a non-disclosure, confidentiality agreement or other obligation is in place with such service providers, as may be necessary to conduct business in the ordinary course in a manner consistent with applicable policies, agreements with the Funds, the terms of the current registration statements and federal securities laws and regulations thereunder. |
• | Liquidity Metrics: “Liquidity Metrics” seek to ascertain a Fund’s liquidity profile under BlackRock’s global liquidity risk methodology, which include but are not limited to: (a) disclosure regarding the number of days needed to liquidate a portfolio or the portfolio’s underlying investments; and (b) the percentage of a Fund’s NAV invested in a particular liquidity tier under BlackRock’s global liquidity risk methodology. The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to the Liquidity Rule (including SEC liquidity tiering) is not permitted unless pre-approved. Disclosure of portfolio-level liquidity metrics prior to 60 calendar days after calendar quarter-end requires a non-disclosure or confidentiality agreement and approval of the Trust’s Chief Compliance Officer. Portfolio-level liquidity metrics disclosure subsequent to 60 calendar days after calendar quarter-end requires the approval of portfolio management and must be disclosed to all parties requesting the information if disclosed to any party. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Robert S. Kapito1
(64) |
Trustee
(since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Salim Ramji2
(50) |
Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
1 | Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
2 | Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Cecilia H. Herbert
(71) |
Trustee
(since 2005); Independent Board Chair (since 2016). |
Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.
|
Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019). | |||
Jane D. Carlin
(65) |
Trustee
(since 2015); Risk Committee Chair (since 2016). |
Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani
(66) |
Trustee
(since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Kerrigan
(65) |
Trustee
(since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019). |
Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Drew E. Lawton
(61) |
Trustee
(since 2017); 15(c) Committee Chair (since 2017). |
Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Martinez
(59) |
Trustee
(since 2003); Securities Lending Committee Chair (since 2019). |
Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav V. Rajan
(56) |
Trustee
(since 2011); Fixed Income Plus Committee Chair (since 2019). |
Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). |
Director of iShares, Inc. (since 2011);
Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
||
Armando Senra
(49) |
President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||
Trent Walker
(46) |
Treasurer and Chief Financial Officer
(since 2020). |
Managing Director of BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
||
Charles Park
(53) |
Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Deepa Damre Smith
(45) |
Secretary (since 2019). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). | ||
Scott Radell
(52) |
Executive Vice President
(since 2012). |
Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). | ||
Alan Mason
(60) |
Executive Vice President
(since 2016). |
Managing Director, BlackRock, Inc. (since 2009). | ||
Marybeth Leithead
(58) |
Executive Vice President
(since 2019). |
Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016). |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
Robert S. Kapito | None | None | None | |||
Salim Ramji | iShares Broad USD Investment Grade Corporate Bond ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Commodity Curve Carry Strategy ETF | $50,001-$100,000 | |||||
iShares Core MSCI Emerging Markets ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $1-$10,000 | |||||
iShares Core S&P 500 ETF | $1-$10,000 | |||||
iShares Core S&P Mid-Cap ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $50,001-$100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI USA ESG Select ETF | $1-$10,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
iShares Core MSCI Emerging Markets ETF | $1-$10,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P U.S. Growth ETF | Over $100,000 | |||||
iShares Core S&P U.S. Value ETF | Over $100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | $10,001-$50,000 | |||||
iShares International Select Dividend ETF | $50,001-$100,000 | |||||
iShares MSCI EAFE ETF | $1-$10,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares MSCI USA Value Factor ETF | Over $100,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $10,001-$50,000 | |||||
Jane D. Carlin | iShares Core MSCI EAFE ETF | Over $100,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P Mid-Cap ETF | $10,001-$50,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core U.S. Aggregate Bond ETF | $50,001-$100,000 | |||||
iShares Global Tech ETF | $50,001-$100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | Over $100,000 | |||||
iShares MSCI ACWI ETF | Over $100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI USA Min Vol Factor ETF | $50,001-$100,000 | |||||
iShares Select Dividend ETF | $10,001-$50,000 | |||||
Richard L. Fagnani | iShares Core Dividend Growth ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares Exponential Technologies ETF | $10,001-$50,000 | |||||
iShares Global Clean Energy ETF | $10,001-$50,000 | |||||
iShares MBS ETF | $10,001-$50,000 | |||||
iShares MSCI All Country Asia ex Japan ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE Value ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Multifactor ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares MSCI Singapore ETF | $10,001-$50,000 | |||||
iShares MSCI USA Equal Weighted ETF | $10,001-$50,000 | |||||
iShares MSCI USA Quality Factor ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $10,001-$50,000 | |||||
iShares U.S. Infrastructure ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares Core MSCI EAFE ETF | $10,001-$50,000 | Over $100,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EM ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $1-$10,000 | |||||
iShares Global Clean Energy ETF | Over $100,000 | |||||
iShares Global Infrastructure ETF | Over $100,000 | |||||
iShares Global Tech ETF | $50,001-$100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | Over $100,000 | |||||
iShares MSCI KLD 400 Social ETF | $10,001-$50,000 | |||||
iShares MSCI USA ESG Select ETF | $1-$10,000 | |||||
iShares MSCI USA Min Vol Factor ETF | $10,001-$50,000 | |||||
iShares MSCI USA Quality Factor ETF | $10,001-$50,000 | |||||
iShares MSCI USA Value Factor ETF | $50,001-$100,000 | |||||
iShares U.S. Medical Devices ETF | $10,001-$50,000 | |||||
Drew E. Lawton | BlackRock Short Maturity Bond ETF | Over $100,000 | Over $100,000 | |||
BlackRock Ultra Short-Term Bond ETF | Over $100,000 | |||||
iShares 0-5 Year High Yield Corporate Bond ETF | $50,001-$100,000 | |||||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Expanded Tech Sector ETF | Over $100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Nasdaq Biotechnology ETF | $50,001-$100,000 | |||||
John E. Martinez | iShares 1-5 Year Investment Grade Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core 5-10 Year USD Bond ETF | Over $100,000 | |||||
iShares Core International Aggregate Bond ETF | Over $100,000 | |||||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Global Consumer Staples ETF | Over $100,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares Russell 1000 ETF | Over $100,000 | |||||
iShares Russell 1000 Value ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
Madhav V. Rajan | BlackRock Short Maturity Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Broad USD High Yield Corporate Bond ETF | Over $100,000 | |||||
iShares Mortgage Real Estate ETF | Over $100,000 | |||||
iShares Preferred and Income Securities ETF | Over $100,000 |
Name |
iShares iBonds
Dec 2021 Term Muni Bond ETF |
iShares iBonds
Dec 2022 Term Muni Bond ETF |
iShares iBonds
Dec 2023 Term Muni Bond ETF |
iShares iBonds
Dec 2024 Term Muni Bond ETF |
||||
Independent Trustees: | ||||||||
Jane D. Carlin | $139 | $160 | $124 | $81 | ||||
Richard L. Fagnani | 145 | 167 | 129 | 84 | ||||
Cecilia H. Herbert | 158 | 182 | 141 | 92 | ||||
John E. Kerrigan | 148 | 170 | 132 | 86 | ||||
Drew E. Lawton | 140 | 161 | 125 | 81 | ||||
John E. Martinez | 139 | 160 | 124 | 81 | ||||
Madhav V. Rajan | 139 | 160 | 124 | 81 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name |
iShares iBonds
Dec 2025 Term Muni Bond ETF |
iShares iBonds
Dec 2026 Term Muni Bond ETF |
iShares iBonds
Dec 2027 Term Muni Bond ETF |
iShares iBonds
Dec 2028 Term Muni Bond ETF |
||||
Independent Trustees: | ||||||||
Jane D. Carlin | $54 | $28 | $17 | $23 | ||||
Richard L. Fagnani | 56 | 30 | 18 | 24 | ||||
Cecilia H. Herbert | 61 | 32 | 19 | 26 | ||||
John E. Kerrigan | 57 | 30 | 18 | 25 | ||||
Drew E. Lawton | 54 | 28 | 17 | 23 | ||||
John E. Martinez | 54 | 28 | 17 | 23 | ||||
Madhav V. Rajan | 54 | 28 | 17 | 23 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name |
Pension or
Retirement Benefits Accrued As Part of Trust Expenses1 |
Estimated Annual
Benefits Upon Retirement1 |
Total
Compensation From the Funds and Fund Complex2 |
|||
Independent Trustees: | ||||||
Jane D. Carlin | Not Applicable | Not Applicable | $350,000 | |||
Richard L. Fagnani | Not Applicable | Not Applicable | 366,421 | |||
Cecilia H. Herbert | Not Applicable | Not Applicable | 395,833 | |||
John E. Kerrigan | Not Applicable | Not Applicable | 370,833 | |||
Drew E. Lawton | Not Applicable | Not Applicable | 353,921 | |||
John E. Martinez | Not Applicable | Not Applicable | 350,000 | |||
Madhav V. Rajan | Not Applicable | Not Applicable | 350,000 | |||
Interested Trustees: | ||||||
Robert S. Kapito | Not Applicable | Not Applicable | $0 | |||
Salim Ramji | Not Applicable | Not Applicable | 0 |
1 | No Trustee or officer is entitled to any pension or retirement benefits from the Trust. |
2 | Also includes compensation for service on the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. |
Fund | Name |
Percentage of
Ownership |
||
iShares iBonds Dec 2021 Term Muni Bond ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
23.33% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
13.69% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.67% | |||
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
7.40% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.51% | |||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
5.83% | |||
LPL Financial Corporation
9785 Towne Centre Drive San Diego, CA 92121-1968 |
5.08% | |||
iShares iBonds Dec 2022 Term Muni Bond ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
21.60% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
15.59% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.33% | |||
U.S. Bank N.A.
1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
7.10% | |||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
6.96% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.95% | |||
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
5.73% | |||
Fund | Name |
Percentage of
Ownership |
||
iShares iBonds Dec 2023 Term Muni Bond ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
25.61% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
14.55% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.31% | |||
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
6.84% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.93% | |||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
5.46% | |||
iShares iBonds Dec 2024 Term Muni Bond ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
21.60% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
18.05% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
9.21% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
6.77% | |||
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
6.23% | |||
iShares iBonds Dec 2025 Term Muni Bond ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
23.36% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
16.02% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
9.16% | |||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
8.03% |
Fund | Name |
Percentage of
Ownership |
||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
5.43% | |||
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
5.30% | |||
iShares iBonds Dec 2026 Term Muni Bond ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
27.20% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
15.19% | |||
RBC Capital Markets, LLC
3 World Financial Center 200 Vesey Street New York, NY 10281-8098 |
8.20% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.63% | |||
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
6.38% | |||
iShares iBonds Dec 2027 Term Muni Bond ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
12.22% | ||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
10.08% | |||
U.S. Bank N.A.
1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
9.19% | |||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
8.51% | |||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
7.27% | |||
J.P. Morgan Securities, LLC/JPMC
500 Stanton Christiana Road Newark, DE 19713 |
7.25% | |||
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
7.17% | |||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
5.19% |
Fund | Name |
Percentage of
Ownership |
||
iShares iBonds Dec 2028 Term Muni Bond ETF |
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
24.24% | ||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
16.34% | |||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
7.97% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.88% | |||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
6.16% | |||
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
5.14% | |||
U.S. Bank N.A.
1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
5.01% |
Fund |
Management
Fee for Fiscal Year Ended October 31, 2020 |
Fund
Inception Date |
Management
Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2020 |
Management
Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2019 |
Management
Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2018 |
|||||
iShares iBonds Dec 2021 Term Muni Bond ETF | 0.18% | 09/01/15 | $544,466 | $487,347 | $336,148 | |||||
iShares iBonds Dec 2022 Term Muni Bond ETF | 0.18% | 09/01/15 | 614,632 | 503,409 | 346,729 | |||||
iShares iBonds Dec 2023 Term Muni Bond ETF | 0.18% | 04/11/17 | 432,177 | 293,338 | 114,323 | |||||
iShares iBonds Dec 2024 Term Muni Bond ETF | 0.18% | 03/20/18 | 247,403 | 105,314 | 12,025 | |||||
iShares iBonds Dec 2025 Term Muni Bond ETF | 0.18% | 11/13/18 | 131,884 | 37,810 | N/A | |||||
iShares iBonds Dec 2026 Term Muni Bond ETF | 0.18% | 04/02/19 | 60,933 | 8,813 | N/A |
Fund |
Management
Fee for Fiscal Year Ended October 31, 2020 |
Fund
Inception Date |
Management
Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2020 |
Management
Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2019 |
Management
Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2018 |
|||||
iShares iBonds Dec 2027 Term Muni Bond ETF | 0.18% | 04/09/19 | 43,131 | 7,864 | N/A | |||||
iShares iBonds Dec 2028 Term Muni Bond ETF | 0.18% | 04/16/19 | 68,615 | 9,012 | N/A |
James Mauro | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 91 | $466,617,000,000 | ||
Other Pooled Investment Vehicles | 30 | 122,075,000,000 | ||
Other Accounts | 25 | 18,490,000,000 |
Karen Uyehara | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 41 | $252,648,000,000 | ||
Other Pooled Investment Vehicles | 36 | 96,823,000,000 | ||
Other Accounts | 36 | 70,094,000,000 |
James Mauro | ||||
Types of Accounts |
Number of Other
Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Karen Uyehara | ||||
Types of Accounts |
Number of Other
Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Fund |
Fund
Inception Date |
Administration, Custody
& Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 |
Administration, Custody
& Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2019 |
Administration, Custody
& Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2018 |
||||
iShares iBonds Dec 2021 Term Muni Bond ETF | 09/01/15 | $20,204 | $21,192 | $16,658 | ||||
iShares iBonds Dec 2022 Term Muni Bond ETF | 09/01/15 | 21,496 | 21,536 | 17,067 | ||||
iShares iBonds Dec 2023 Term Muni Bond ETF | 04/11/17 | 21,074 | 21,016 | 15,679 | ||||
iShares iBonds Dec 2024 Term Muni Bond ETF | 03/20/18 | 20,875 | 20,748 | 9,966 | ||||
iShares iBonds Dec 2025 Term Muni Bond ETF | 11/13/18 | 21,047 | 19,084 | N/A | ||||
iShares iBonds Dec 2026 Term Muni Bond ETF | 04/02/19 | 19,100 | 10,731 | N/A | ||||
iShares iBonds Dec 2027 Term Muni Bond ETF | 04/09/19 | 18,382 | 10,136 | N/A | ||||
iShares iBonds Dec 2028 Term Muni Bond ETF | 04/16/19 | 18,598 | 10,201 | N/A |
Fund |
Fiscal Year Ended
Oct. 31, 2020 |
Fiscal Year Ended
Oct. 31, 2019 |
||
iShares iBonds Dec 2021 Term Muni Bond ETF | 0% | 0% | ||
iShares iBonds Dec 2022 Term Muni Bond ETF | 0% | 0% | ||
iShares iBonds Dec 2023 Term Muni Bond ETF | 1% | 0% | ||
iShares iBonds Dec 2024 Term Muni Bond ETF | 0% | 0% | ||
iShares iBonds Dec 2025 Term Muni Bond ETF | 0% | 0%1, 2 | ||
iShares iBonds Dec 2026 Term Muni Bond ETF | 0% | 0%3, 4 | ||
iShares iBonds Dec 2027 Term Muni Bond ETF | 0% | 0%5, 6 | ||
iShares iBonds Dec 2028 Term Muni Bond ETF | 0% | 0%7, 8 |
1 | The portfolio turnover for the iShares iBonds Dec 2025 Term Muni Bond ETF relates to the period of November 13, 2018 to October 31, 2019 and is not annualized. |
2 | The inception date for the iShares iBonds Dec 2025 Term Muni Bond ETF was November 13, 2018. |
3 | The portfolio turnover for the iShares iBonds Dec 2026 Term Muni Bond ETF relates to the period of April 2, 2019 to October 31, 2019 and is not annualized. |
4 | The inception date for the iShares iBonds Dec 2026 Term Muni Bond ETF was April 2, 2019. |
5 | The portfolio turnover for the iShares iBonds Dec 2027 Term Muni Bond ETF relates to the period of April 9, 2019 to October 31, 2019 and is not annualized. |
6 | The inception date for the iShares iBonds Dec 2027 Term Muni Bond ETF was April 9, 2019. |
7 | The portfolio turnover for the iShares iBonds Dec 2028 Term Muni Bond ETF relates to the period of April 16, 2019 to October 31, 2019 and is not annualized. |
8 | The inception date for the iShares iBonds Dec 2028 Term Muni Bond ETF was April 16, 2019. |
Fund |
Shares Per
Creation Unit |
Approximate
Value Per Creation Unit (U.S.$) |
||
iShares iBonds Dec 2021 Term Muni Bond ETF | 50,000 | $1,290,500 | ||
iShares iBonds Dec 2022 Term Muni Bond ETF | 50,000 | 1,320,000 | ||
iShares iBonds Dec 2023 Term Muni Bond ETF | 50,000 | 1,310,000 | ||
iShares iBonds Dec 2024 Term Muni Bond ETF | 50,000 | 1,353,000 |
Fund |
Shares Per
Creation Unit |
Approximate
Value Per Creation Unit (U.S.$) |
||
iShares iBonds Dec 2025 Term Muni Bond ETF | 50,000 | 1,406,500 | ||
iShares iBonds Dec 2026 Term Muni Bond ETF | 50,000 | 1,350,500 | ||
iShares iBonds Dec 2027 Term Muni Bond ETF | 50,000 | 1,361,000 | ||
iShares iBonds Dec 2028 Term Muni Bond ETF | 50,000 | 1,374,000 |
Fund |
Standard Creation
Transaction Fee |
Maximum Additional
Charge* |
||
iShares iBonds Dec 2021 Term Muni Bond ETF | $150 | 3.0% | ||
iShares iBonds Dec 2022 Term Muni Bond ETF | 150 | 3.0% | ||
iShares iBonds Dec 2023 Term Muni Bond ETF | 150 | 3.0% | ||
iShares iBonds Dec 2024 Term Muni Bond ETF | 275 | 3.0% | ||
iShares iBonds Dec 2025 Term Muni Bond ETF | 300 | 3.0% | ||
iShares iBonds Dec 2026 Term Muni Bond ETF | 300 | 3.0% | ||
iShares iBonds Dec 2027 Term Muni Bond ETF | 300 | 3.0% |
Fund |
Standard Creation
Transaction Fee |
Maximum Additional
Charge* |
||
iShares iBonds Dec 2028 Term Muni Bond ETF | 300 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Fund |
Standard Redemption
Transaction Fee |
Maximum Additional
Charge* |
||
iShares iBonds Dec 2021 Term Muni Bond ETF | $150 | 2.0% | ||
iShares iBonds Dec 2022 Term Muni Bond ETF | 150 | 2.0% | ||
iShares iBonds Dec 2023 Term Muni Bond ETF | 150 | 2.0% | ||
iShares iBonds Dec 2024 Term Muni Bond ETF | 275 | 2.0% | ||
iShares iBonds Dec 2025 Term Muni Bond ETF | 300 | 2.0% | ||
iShares iBonds Dec 2026 Term Muni Bond ETF | 300 | 2.0% | ||
iShares iBonds Dec 2027 Term Muni Bond ETF | 300 | 2.0% | ||
iShares iBonds Dec 2028 Term Muni Bond ETF | 300 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard transaction fee. |
Fund | Non-Expiring Capital Loss Carryforward | |
iShares iBonds Dec 2021 Term Muni Bond ETF | $15,148 | |
iShares iBonds Dec 2022 Term Muni Bond ETF | 15,797 | |
iShares iBonds Dec 2023 Term Muni Bond ETF | 1,361 | |
iShares iBonds Dec 2024 Term Muni Bond ETF | 176 | |
iShares iBonds Dec 2026 Term Muni Bond ETF | 10 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long -term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public
Company CEO |
# Outside
Public Boards* |
Total # of
Public Boards |
|||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined
Chair / CEO Model |
Separate
Chair Model |
||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors |
Attends full meetings of the board of directors
Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
Fund | Ticker | Listing Exchange | ||
iShares 0-5 Year High Yield Corporate Bond ETF | SHYG | NYSE Arca | ||
iShares 0-5 Year Investment Grade Corporate Bond ETF | SLQD | NASDAQ | ||
iShares 0-5 Year TIPS Bond ETF | STIP | NYSE Arca | ||
iShares 1-3 Year International Treasury Bond ETF | ISHG | NASDAQ | ||
iShares Aaa - A Rated Corporate Bond ETF | QLTA | NYSE Arca | ||
iShares BB Rated Corporate Bond ETF | HYBB | NYSE Arca | ||
iShares Broad USD High Yield Corporate Bond ETF | USHY | Cboe BZX | ||
iShares CMBS ETF | CMBS | NYSE Arca | ||
iShares Convertible Bond ETF | ICVT | Cboe BZX | ||
iShares Core 1-5 Year USD Bond ETF | ISTB | NASDAQ | ||
iShares Core International Aggregate Bond ETF | IAGG | Cboe BZX | ||
iShares ESG Advanced High Yield Corporate Bond ETF | HYXF | NASDAQ | ||
iShares Fallen Angels USD Bond ETF | FALN | NASDAQ | ||
iShares Floating Rate Bond ETF | FLOT | Cboe BZX | ||
iShares Global Green Bond ETF | BGRN | NASDAQ | ||
iShares GNMA Bond ETF | GNMA | NASDAQ | ||
iShares International Treasury Bond ETF | IGOV | NASDAQ | ||
iShares J.P. Morgan USD Emerging Markets Bond ETF | EMB | NASDAQ | ||
iShares TIPS Bond ETF | TIP | NYSE Arca | ||
iShares Treasury Floating Rate Bond ETF | TFLO | NYSE Arca | ||
iShares U.S. Fixed Income Balanced Risk Factor ETF | FIBR | Cboe BZX | ||
iShares U.S. Treasury Bond ETF | GOVT | Cboe BZX |
• | iShares 0-5 Year High Yield Corporate Bond ETF |
• | iShares 0-5 Year Investment Grade Corporate Bond ETF |
• | iShares 0-5 Year TIPS Bond ETF |
• | iShares 1-3 Year International Treasury Bond ETF1 |
• | iShares Aaa - A Rated Corporate Bond ETF |
• | iShares BB Rated Corporate Bond ETF |
• | iShares Broad USD High Yield Corporate Bond ETF |
• | iShares CMBS ETF |
• | iShares Convertible Bond ETF |
• | iShares Core 1-5 Year USD Bond ETF |
• | iShares Core International Aggregate Bond ETF |
• | iShares ESG Advanced High Yield Corporate Bond ETF2 |
• | iShares Fallen Angels USD Bond ETF |
• | iShares Floating Rate Bond ETF |
• | iShares Global Green Bond ETF |
• | iShares GNMA Bond ETF |
• | iShares International Treasury Bond ETF3 |
• | iShares J.P. Morgan USD Emerging Markets Bond ETF |
• | iShares TIPS Bond ETF |
• | iShares Treasury Floating Rate Bond ETF |
• | iShares U.S. Fixed Income Balanced Risk Factor ETF4,5 |
• | iShares U.S. Treasury Bond ETF |
2 | On September 15, 2020, the name of the Fund changed from the iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF to the iShares ESG Advanced High Yield Corporate Bond ETF, and the Fund’s Underlying Index changed from the Markit iBoxx USD Liquid High Yield ex-Oil and Gas Index to the Bloomberg Barclays MSCI US High Yield Choice ESG Screened Index. |
4 | The iShares U.S. Fixed Income Balanced Risk Factor ETF previously operated as a series of iShares U.S. ETF Trust (the “Predecessor Fund”). Before the Fund commenced operations, all of the assets and liabilities of the Predecessor Fund were transferred to the Fund in a reorganization (the “Reorganization”), which was tax-free for U.S. federal income tax purposes. The Reorganization occurred on February 5, 2018. As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund, which was actively managed by BlackRock Fund Advisors (“BFA”) using an investment strategy substantially similar to the methodology of the Underlying Index. A portion of the financial and performance information included in this SAI is that of the Predecessor Fund. |
5 | On August 17, 2020, the name of the Fund changed from the iShares Edge U.S. Fixed Income Balanced Risk ETF to the iShares U.S. Fixed Income Balanced Risk Factor ETF. |
Diversified Funds | Non-Diversified Funds | |
iShares 0-5 Year High Yield Corporate Bond ETF | iShares 1-3 Year International Treasury Bond ETF | |
iShares 0-5 Year Investment Grade Corporate Bond ETF | iShares Core International Aggregate Bond ETF | |
iShares 0-5 Year TIPS Bond ETF | iShares Global Green Bond ETF | |
iShares Aaa - A Rated Corporate Bond ETF | iShares International Treasury Bond ETF | |
iShares BB Rated Corporate Bond ETF | ||
iShares Broad USD High Yield Corporate Bond ETF | ||
iShares CMBS ETF | ||
iShares Convertible Bond ETF | ||
iShares Core 1-5 Year USD Bond ETF | ||
iShares ESG Advanced High Yield Corporate Bond ETF | ||
iShares Fallen Angels USD Bond ETF | ||
iShares Floating Rate Bond ETF | ||
iShares GNMA Bond ETF | ||
iShares J.P. Morgan USD Emerging Markets Bond ETF | ||
iShares TIPS Bond ETF | ||
iShares Treasury Floating Rate Bond ETF | ||
iShares U.S. Fixed Income Balanced Risk Factor ETF | ||
iShares U.S. Treasury Bond ETF |
• | High yield bonds may be issued by less creditworthy issuers. These securities are vulnerable to adverse changes in the issuer’s industry or to general economic conditions. Issuers of high yield bonds may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing. |
• | The issuers of high yield bonds may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations. The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their development and/or involved in a reorganization or takeover. |
• | High yield bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability to fully recover principal, to receive interest payments when senior securities are in default or to receive restructuring benefits paid to holders of more senior classes of debt. Thus, investors in high yield securities frequently have a lower degree of protection with respect to principal and interest payments than do investors in higher rated securities. |
• | High yield bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund before it matures. If an issuer redeems the high yield bonds, a Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
• | Prices of high yield bonds are subject to extreme fluctuations. Negative economic developments may have a greater impact on the prices of high yield bonds than on those of other higher rated fixed-income securities. |
• | Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. There are fewer dealers in the high yield bond market, and there may be significant differences in the prices quoted for high yield bonds by dealers, and such quotations may not be the actual prices available for a purchase or sale. Judgment may play a greater role in the prices and values generated for such securities than in the case of securities trading in a more liquid market. |
• | The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated securities. The secondary markets for high yield securities are concentrated in relatively few market makers and, participants in the markets are mostly institutional investors, including insurance companies, banks, other financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower than that for higher rated securities and the secondary markets could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely affect the market price of the high yield security, which may result in increased difficulty selling the particular issue and obtaining accurate market quotations on the issue when valuing a Fund's assets. Market quotations on high yield securities are available only from a limited number of dealers, and such quotations may not be the actual prices available for a purchase or sale. When the secondary market for high yield securities becomes more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of reliable objective data makes it more difficult to value such securities, and judgment plays a more important role in determining such valuations. |
• | A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
• | The high yield bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high yield securities may be affected by legislative and regulatory developments. These developments could adversely affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain corporate issuers of high yield bonds adversely affected the market in the past. |
• | Communications of Data Files: A Fund may make available through the facilities of the National Securities Clearing Corporation (“NSCC”) or through posting on the www.iShares.com, prior to the opening of trading on each business day, a list of a Fund’s holdings (generally pro-rata) that Authorized Participants could deliver to a Fund to settle purchases of a Fund (i.e. Deposit Securities) or that Authorized Participants would receive from a Fund to settle redemptions of a Fund (i.e. Fund Securities). These files are known as the Portfolio Composition File and the Fund Data File (collectively, “Files”). The Files are applicable for the next trading day and are provided to the NSCC and/or posted on www.iShares.com after the close of markets in the U.S. |
• | Communications with Authorized Participants and Liquidity Providers: Certain employees of BFA are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an Authorized Participant or liquidity provider the securities a Fund is willing to accept for a creation, and securities that a Fund will provide on a redemption. |
• | Communications with Listing Exchanges: From time to time, employees of BFA may discuss portfolio holdings information with the applicable primary listing exchange for a Fund as needed to meet the exchange listing standards. |
• | Communications with Other Portfolio Managers: Certain information may be provided to employees of BFA who manage funds that invest a significant percentage of their assets in shares of an underlying fund as necessary to manage the fund’s investment objective and strategy. |
• | Communication of Other Information: Certain explanatory information regarding the Files is released to Authorized Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to www.iShares.com. |
• | Third-Party Service Providers: Certain portfolio holdings information may be disclosed to Fund Trustees and their counsel, outside counsel for the Funds, auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service) for which a non-disclosure, confidentiality agreement or other obligation is in place with such service providers, as may be necessary to conduct business in the ordinary course in a manner consistent with applicable policies, agreements with the Funds, the terms of the current registration statements and federal securities laws and regulations thereunder. |
• | Liquidity Metrics: “Liquidity Metrics” seek to ascertain a Fund’s liquidity profile under BlackRock’s global liquidity risk methodology, which include but are not limited to: (a) disclosure regarding the number of days needed to liquidate a portfolio or the portfolio’s underlying investments; and (b) the percentage of a Fund’s NAV invested in a particular liquidity tier under BlackRock’s global liquidity risk methodology. The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to the Liquidity Rule (including SEC liquidity tiering) is not permitted unless pre-approved. Disclosure of portfolio-level liquidity metrics prior to 60 calendar days after calendar quarter-end requires a non-disclosure or confidentiality agreement and approval of the Trust’s Chief Compliance Officer. Portfolio-level liquidity metrics disclosure subsequent to 60 calendar days after calendar quarter-end requires the approval of portfolio management and must be disclosed to all parties requesting the information if disclosed to any party. |
• | Where a bond’s guarantee comes from if the issuer is backed by a government or parent corporate entity. |
• | Where the largest source of revenue, operations or cash flows is generated by the issuer. |
• | Where an issuer is headquartered or its centralized decision-making occurs. |
• | Additional criteria may be used in the evaluation of a bond’s country of risk, including, but not limited to: |
• | Where the issuer is incorporated, legally domiciled and regulated. |
• | Where an issuer’s stock is listed and traded. |
• | Where existing issuers within the index that are similarly structured or organized are classified. |
• | Adult Entertainment: All companies that derive 5% or more aggregate revenue from the production, distribution and retail, and all companies that produce, direct, or publish adult entertainment materials that fall into the following categories: producer of NC-17- rated films, pay-per-view programming or channels, sexually explicit video games, books or magazines with adult content, live entertainment of an adult nature, adults-only material on the internet; |
• | Alcohol: All companies classified as a “producer” that derive $500 million or 5% or more in revenue from manufacturing, distributing, retailing, licensing, and supplying alcoholic products, and all companies deriving 15% or more aggregate revenue from the manufacture, distribution, retailing, licensing, and supply of alcoholic products; |
• | Gambling: All companies classified as involved in “operations” that derive $500 million or 5% or more in revenue from ownership or operation of gambling facilities, provision of key products or services fundamental to gambling operations, and licensing of gambling products, and all companies deriving 15% or more aggregate revenue from ownership or operation of gambling facilities, provision of key products or services fundamental to gambling operations, and licensing of gambling products; |
• | Tobacco: All companies that manufacture tobacco products, such as cigars, blunts, cigarettes, e-cigarettes, inhalers, beedis, kreteks, smokeless tobacco, snuff, snus, dissolvable and chewing tobacco (including companies that grow or process raw tobacco leaves), and all companies deriving 5% or more aggregate revenue from the manufacture, distribution, retailing, licensing, and supply of tobacco products; |
• | Genetically Modified Organisms (GMO): All companies deriving revenue from genetically modifying plants, such as seeds and crops, and other organisms intended for agricultural use or human consumption; |
• | Controversial Weapons: All companies that manufacture cluster munitions whole weapons systems, components, or delivery platforms, all companies involved in the production of depleted uranium (DU) weapons, ammunition, and armor, including companies that manufacture armor piercing, fin stabilized, discarding sabot tracing rounds (APFSDS-T), kinetic Energy Missiles made with DU penetrators, and DU-enhanced armor, including composite tank armor, and all companies that manufacture landmines whole systems or components; |
• | Nuclear Weapons: All companies that manufacture nuclear warheads and/or whole nuclear missiles (including assembly and integration of warhead and missile body, as well as companies with contracts to operate/manage government-owned facilities that manufacture nuclear warheads and missiles), all companies that manufacture components that were developed or are significantly modified for exclusive use in nuclear weapons (warheads and missiles) (including companies with contracts to operate/manage government-owned facilities that manufacture components for nuclear warheads and missiles), all companies that manufacture or assemble delivery platforms that were developed or significantly modified for the exclusive delivery of nuclear weapons, all companies that manufacture components that were not developed or not significantly modified for exclusive use in nuclear weapons (warheads and missiles) but can be used in nuclear weapons, all companies that manufacture or assemble delivery platforms that were not developed or not significantly modified for the exclusive delivery of nuclear weapons but have the capability to deliver nuclear weapons, all companies that manufacture components for nuclear-exclusive delivery platforms, and all companies that manufacture components for dual-use delivery platforms; |
• | Civilian Weapons: All companies that manufacture firearms and small arms ammunitions for civilian markets (but not including companies that cater to the military, government, and law enforcement markets), all companies deriving 5% or more aggregate revenue from the production and distribution (wholesale or retail) of firearms or small arms ammunition intended for civilian use, and all companies deriving $20 million or more revenue from the production and distribution (wholesale or retail) of firearms or small arms ammunition intended for civilian use; |
• | Conventional Weapons: All companies deriving 5% or more revenue from the production of conventional weapons and components, all companies deriving 10% or more aggregate revenue from weapons systems, components, and support systems and services for conventional weapons; |
• | For Profit Prisons: All companies deriving 50% or more revenue from involvement in the operation of “for profit prisons” (also known as “private prisons”) or the provision of integral services to these types of facilities; |
• | Predatory Lending: All companies deriving 5% or more revenue from products and services associated with certain controversial lending practices; |
• | Palm Oil: All companies deriving more than 0% revenue from cultivating oil palm trees and harvesting fresh fruit bunches (FFBs) used to produce palm oil products; |
• | Nuclear Power: All companies that own or operate nuclear power plants, or own or operate active uranium mines, or involved in uranium enrichment and processing or the design and engineering of nuclear power reactors, and all companies deriving 15% or more aggregate revenue from ownership or operation of nuclear power plants and supply of key nuclear-specific products or services; and |
• | Fossil Fuel: All companies that belong to the Bloomberg Barclays Energy Fixed Income Sector or all companies that have an industry tie to fossil fuels (thermal coal, oil and gas) – in particular, reserve ownership, related revenues and power generation. Companies are not excluded from the Underlying Index solely on the basis of metallurgical coal reserve ownership. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that each Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except each Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by each Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
1. | Concentrate its investments (i.e., invest 25% or more of its total assets in the securities of a particular industry or group of industries), except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of such particular industry or group of industries. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. |
2. | Borrow money, except that (i) the Fund may borrow from banks for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of securities; and (ii) the Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it |
engages in transactions described in (i) and (ii), the Fund will be limited so that no more than 33 1/3% of the value of its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to exceed this amount will be reduced in accordance with applicable law. | |
3. | Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
4. | Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
5. | Purchase or sell real estate, real estate mortgages, commodities or commodity contracts, but this restriction shall not prevent the Fund from trading in futures contracts and options on futures contracts (including options on currencies to the extent consistent with the Fund’s investment objective and policies). |
6. | Engage in the business of underwriting securities issued by other persons, except to the extent that the Fund may technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities. |
1. | Concentrate its investments (i.e., invest 25% or more of its total assets in the securities of a particular industry or group of industries), except that each Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of such particular industry or group of industries. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. |
2. | Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of securities, and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it engages in transactions described in (i) and (ii), each Fund will be limited so that no more than 33 1/3% of the value of its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to exceed this amount will be reduced in accordance with applicable law. |
3. | Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
4. | Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
5. | Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this restriction shall not prevent each Fund from investing in securities of companies engaged in the real estate business or securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this restriction shall not prevent each Fund from trading in futures contracts and options on futures contracts, including options on currencies to the extent consistent with each Fund’s investment objective and policies). |
6. | Engage in the business of underwriting securities issued by other persons, except to the extent that each Fund may technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities. |
1. | Concentrate its investments (i.e., invest 25% or more of its total assets in the securities of a particular industry or group of industries), except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of such particular industry or group of industries. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. |
2. | Borrow money, except that (i) the Fund may borrow from banks for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of securities; and (ii) the Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse |
repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it engages in transactions described in (i) and (ii), the Fund will be limited so that no more than 33 1/3% of the value of its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to exceed this amount will be reduced in accordance with applicable law. | |
3. | Issue “senior securities” as defined in the 1940 Act and the rules, regulations and orders thereunder, except as permitted under the 1940 Act and the rules, regulation and orders thereunder. |
4. | Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
5. | Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this restriction shall not prevent the Fund from investing in securities of companies engaged in the real estate business or securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this restriction shall not prevent the Fund from trading in futures contracts and options on futures contracts, including options on currencies to the extent consistent with the Fund’s investment objective and policies). |
6. | Engage in the business of underwriting securities issued by other persons, except to the extent that the Fund may technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Robert S. Kapito1
(64) |
Trustee
(since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Salim Ramji2
(50) |
Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
1 | Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
2 | Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Cecilia H. Herbert
(71) |
Trustee
(since 2005); Independent Board Chair (since 2016). |
Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.
|
Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019). | |||
Jane D. Carlin
(65) |
Trustee
(since 2015); Risk Committee Chair (since 2016). |
Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani
(66) |
Trustee
(since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Kerrigan
(65) |
Trustee
(since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019). |
Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Drew E. Lawton
(61) |
Trustee
(since 2017); 15(c) Committee Chair (since 2017). |
Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Martinez
(59) |
Trustee
(since 2003); Securities Lending Committee Chair (since 2019). |
Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav V. Rajan
(56) |
Trustee
(since 2011); Fixed Income Plus Committee Chair (since 2019). |
Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). |
Director of iShares, Inc. (since 2011);
Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
||
Armando Senra
(49) |
President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||
Trent Walker
(46) |
Treasurer and Chief Financial Officer
(since 2020). |
Managing Director of BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
||
Charles Park
(53) |
Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Deepa Damre Smith
(45) |
Secretary (since 2019). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). | ||
Scott Radell
(52) |
Executive Vice President
(since 2012). |
Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). | ||
Alan Mason
(60) |
Executive Vice President
(since 2016). |
Managing Director, BlackRock, Inc. (since 2009). | ||
Marybeth Leithead
(58) |
Executive Vice President
(since 2019). |
Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016). |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
Robert S. Kapito | None | None | None | |||
Salim Ramji | iShares Broad USD Investment Grade Corporate Bond ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Commodity Curve Carry Strategy ETF | $50,001-$100,000 | |||||
iShares Core MSCI Emerging Markets ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $1-$10,000 | |||||
iShares Core S&P 500 ETF | $1-$10,000 | |||||
iShares Core S&P Mid-Cap ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $50,001-$100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI USA ESG Select ETF | $1-$10,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
iShares Core MSCI Emerging Markets ETF | $1-$10,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P U.S. Growth ETF | Over $100,000 | |||||
iShares Core S&P U.S. Value ETF | Over $100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | $10,001-$50,000 | |||||
iShares International Select Dividend ETF | $50,001-$100,000 | |||||
iShares MSCI EAFE ETF | $1-$10,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares MSCI USA Value Factor ETF | Over $100,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $10,001-$50,000 | |||||
Jane D. Carlin | iShares Core MSCI EAFE ETF | Over $100,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P Mid-Cap ETF | $10,001-$50,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core U.S. Aggregate Bond ETF | $50,001-$100,000 | |||||
iShares Global Tech ETF | $50,001-$100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | Over $100,000 | |||||
iShares MSCI ACWI ETF | Over $100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI USA Min Vol Factor ETF | $50,001-$100,000 | |||||
iShares Select Dividend ETF | $10,001-$50,000 | |||||
Richard L. Fagnani | iShares Core Dividend Growth ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares Exponential Technologies ETF | $10,001-$50,000 | |||||
iShares Global Clean Energy ETF | $10,001-$50,000 | |||||
iShares MBS ETF | $10,001-$50,000 | |||||
iShares MSCI All Country Asia ex Japan ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE Value ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Multifactor ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares MSCI Singapore ETF | $10,001-$50,000 | |||||
iShares MSCI USA Equal Weighted ETF | $10,001-$50,000 | |||||
iShares MSCI USA Quality Factor ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $10,001-$50,000 | |||||
iShares U.S. Infrastructure ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares Core MSCI EAFE ETF | $10,001-$50,000 | Over $100,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EM ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $1-$10,000 | |||||
iShares Global Clean Energy ETF | Over $100,000 | |||||
iShares Global Infrastructure ETF | Over $100,000 | |||||
iShares Global Tech ETF | $50,001-$100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | Over $100,000 | |||||
iShares MSCI KLD 400 Social ETF | $10,001-$50,000 | |||||
iShares MSCI USA ESG Select ETF | $1-$10,000 | |||||
iShares MSCI USA Min Vol Factor ETF | $10,001-$50,000 | |||||
iShares MSCI USA Quality Factor ETF | $10,001-$50,000 | |||||
iShares MSCI USA Value Factor ETF | $50,001-$100,000 | |||||
iShares U.S. Medical Devices ETF | $10,001-$50,000 | |||||
Drew E. Lawton | BlackRock Short Maturity Bond ETF | Over $100,000 | Over $100,000 | |||
BlackRock Ultra Short-Term Bond ETF | Over $100,000 | |||||
iShares 0-5 Year High Yield Corporate Bond ETF | $50,001-$100,000 | |||||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Expanded Tech Sector ETF | Over $100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Nasdaq Biotechnology ETF | $50,001-$100,000 | |||||
John E. Martinez | iShares 1-5 Year Investment Grade Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core 5-10 Year USD Bond ETF | Over $100,000 | |||||
iShares Core International Aggregate Bond ETF | Over $100,000 | |||||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Global Consumer Staples ETF | Over $100,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares Russell 1000 ETF | Over $100,000 | |||||
iShares Russell 1000 Value ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
Madhav V. Rajan | BlackRock Short Maturity Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Broad USD High Yield Corporate Bond ETF | Over $100,000 | |||||
iShares Mortgage Real Estate ETF | Over $100,000 | |||||
iShares Preferred and Income Securities ETF | Over $100,000 |
Name |
iShares 0-5 Year
High Yield Corporate Bond ETF |
iShares 0-5 Year
Investment Grade Corporate Bond ETF |
iShares 0-5 Year
TIPS Bond ETF |
iShares 1-3 Year
International Treasury Bond ETF |
||||
Independent Trustees: | ||||||||
Jane D. Carlin | $1,675 | $902 | $1,277 | $26 | ||||
Richard L. Fagnani | 1,745 | 940 | 1,330 | 27 | ||||
Cecilia H. Herbert | 1,902 | 1,024 | 1,449 | 29 | ||||
John E. Kerrigan | 1,778 | 957 | 1,355 | 27 | ||||
Drew E. Lawton | 1,684 | 907 | 1,283 | 26 | ||||
John E. Martinez | 1,675 | 902 | 1,277 | 26 | ||||
Madhav V. Rajan | 1,675 | 902 | 1,277 | 26 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name |
iShares Aaa - A
Rated Corporate Bond ETF |
iShares BB Rated
Corporate Bond ETF1 |
iShares Broad USD
High Yield Corporate Bond ETF |
iShares
CMBS ETF |
||||
Independent Trustees: | ||||||||
Jane D. Carlin | $668 | $32 | $2,660 | $220 | ||||
Richard L. Fagnani | 696 | 34 | 2,772 | 229 | ||||
Cecilia H. Herbert | 758 | 37 | 3,020 | 249 | ||||
John E. Kerrigan | 709 | 34 | 2,824 | 233 | ||||
Drew E. Lawton | 671 | 33 | 2,674 | 221 | ||||
John E. Martinez | 668 | 32 | 2,660 | 220 | ||||
Madhav V. Rajan | 668 | 32 | 2,660 | 220 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name |
iShares Convertible
Bond ETF |
iShares Core
1-5 Year USD Bond ETF |
iShares Core
International Aggregate Bond ETF |
iShares ESG
Advanced High Yield Corporate Bond ETF |
||||
Independent Trustees: | ||||||||
Jane D. Carlin | $382 | $2,113 | $1,182 | $28 | ||||
Richard L. Fagnani | 398 | 2,202 | 1,232 | 29 | ||||
Cecilia H. Herbert | 434 | 2,399 | 1,343 | 31 | ||||
John E. Kerrigan | 405 | 2,243 | 1,255 | 29 | ||||
Drew E. Lawton | 384 | 2,124 | 1,189 | 28 | ||||
John E. Martinez | 382 | 2,113 | 1,182 | 28 | ||||
Madhav V. Rajan | 382 | 2,113 | 1,182 | 28 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name |
iShares Fallen
Angels USD Bond ETF |
iShares Floating
Rate Bond ETF |
iShares Global
Green Bond ETF |
iShares GNMA
Bond ETF |
||||
Independent Trustees: | ||||||||
Jane D. Carlin | $145 | $2,348 | $60 | $217 | ||||
Richard L. Fagnani | 151 | 2,447 | 63 | 226 | ||||
Cecilia H. Herbert | 164 | 2,666 | 68 | 246 | ||||
John E. Kerrigan | 154 | 2,493 | 64 | 230 | ||||
Drew E. Lawton | 146 | 2,360 | 60 | 218 | ||||
John E. Martinez | 145 | 2,348 | 60 | 217 | ||||
Madhav V. Rajan | 145 | 2,348 | 60 | 217 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name |
iShares
International Treasury Bond ETF |
iShares J.P. Morgan
USD Emerging Markets Bond ETF |
iShares TIPS
Bond ETF |
iShares Treasury
Floating Rate Bond ETF |
||||
Independent Trustees: | ||||||||
Jane D. Carlin | $459 | $7,444 | $9,716 | $183 | ||||
Richard L. Fagnani | 479 | 7,758 | 10,126 | 191 | ||||
Cecilia H. Herbert | 521 | 8,451 | 11,031 | 208 | ||||
John E. Kerrigan | 488 | 7,902 | 10,314 | 194 | ||||
Drew E. Lawton | 462 | 7,483 | 9,767 | 184 | ||||
John E. Martinez | 459 | 7,444 | 9,716 | 183 | ||||
Madhav V. Rajan | 459 | 7,444 | 9,716 | 183 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name |
iShares U.S. Fixed
Income Balanced Risk Factor ETF |
iShares
U.S. Treasury Bond ETF |
Pension or
Retirement Benefits Accrued As Part of Trust Expenses2 |
Estimated Annual
Benefits Upon Retirement2 |
Total
Compensation From the Funds and Fund Complex3 |
|||||
Independent Trustees: | ||||||||||
Jane D. Carlin | $58 | $5,529 | Not Applicable | Not Applicable | $350,000 | |||||
Richard L. Fagnani | 60 | 5,762 | Not Applicable | Not Applicable | 366,421 | |||||
Cecilia H. Herbert | 66 | 6,277 | Not Applicable | Not Applicable | 395,833 | |||||
John E. Kerrigan | 61 | 5,869 | Not Applicable | Not Applicable | 370,833 | |||||
Drew E. Lawton | 58 | 5,558 | Not Applicable | Not Applicable | 353,921 | |||||
John E. Martinez | 58 | 5,529 | Not Applicable | Not Applicable | 350,000 | |||||
Madhav V. Rajan | 58 | 5,529 | Not Applicable | Not Applicable | 350,000 | |||||
Interested Trustees: | ||||||||||
Robert S. Kapito | $0 | $0 | Not Applicable | Not Applicable | $0 | |||||
Salim Ramji | 0 | 0 | Not Applicable | Not Applicable | 0 |
2 | No Trustee or officer is entitled to any pension or retirement benefits from the Trust. |
3 | Also includes compensation for service on the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. |
Fund | Name |
Percentage of
Ownership |
||
iShares 0-5 Year High Yield Corporate Bond ETF |
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
15.68% | ||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
10.98% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
8.48% | |||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
7.81% | |||
Northern Trust Company (The)
801 South Canal Street Chicago, IL 60607 |
6.70% | |||
The Bank of New York Mellon
111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
6.16% | |||
JPMorgan Chase Bank, National Association
500 Stanton Christiana Road Newark, DE 19713 |
5.17% | |||
iShares 0-5 Year Investment Grade Corporate Bond ETF |
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
18.35% | ||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
11.91% | |||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
7.76% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.52% | |||
The Bank of New York Mellon
111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
5.44% | |||
iShares 0-5 Year TIPS Bond ETF |
Ameriprise Enterprise Investment Services, Inc.
901 3rd Avenue South Minneapolis, MN 55474 |
16.94% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
15.88% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
13.92% |
Fund | Name |
Percentage of
Ownership |
||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
8.08% | |||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
7.48% | |||
The Bank of New York Mellon
111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
7.12% | |||
iShares 1-3 Year International Treasury Bond ETF |
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
16.37% | ||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
14.18% | |||
Brown Brothers Harriman & Co.
525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
13.95% | |||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
11.13% | |||
UBS Financial Services Inc.
1000 Harbor Blvd. Weehawken, NJ 07086 |
6.47% | |||
J.P. Morgan Securities, LLC/JPMC
500 Stanton Christiana Road Newark, DE 19713 |
5.40% | |||
iShares Aaa - A Rated Corporate Bond ETF |
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
15.45% | ||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
13.47% | |||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
9.51% | |||
JPMorgan Chase Bank, National Association
500 Stanton Christiana Road Newark, DE 19713 |
8.01% | |||
Ameriprise Enterprise Investment Services, Inc.
901 3rd Avenue South Minneapolis, MN 55474 |
6.94% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.43% |
Fund | Name |
Percentage of
Ownership |
||
HSBC Bank USA, NA/Clearing
452 Fifth Avenue New York, NY 10018 |
5.05% | |||
iShares BB Rated Corporate Bond ETF |
The Bank of New York Mellon
111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
79.10% | ||
Northern Trust Company (The)
801 South Canal Street Chicago, IL 60607 |
5.41% | |||
J.P. Morgan Securities, LLC/JPMC
500 Stanton Christiana Road Newark, DE 19713 |
5.08% | |||
iShares Broad USD High Yield Corporate Bond ETF |
State Street Bank and Trust Company
1776 Heritage Drive North Quincy, MA 02171 |
17.32% | ||
UBS Financial Services Inc.
1000 Harbor Blvd. Weehawken, NJ 07086 |
9.65% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
8.61% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.82% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
7.55% | |||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
6.63% | |||
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
6.60% | |||
LPL Financial Corporation
9785 Towne Centre Drive San Diego, CA 92121-1968 |
6.59% | |||
Raymond, James & Associates, Inc.
880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
5.79% | |||
Northern Trust Company (The)
801 South Canal Street Chicago, IL 60607 |
5.43% | |||
Fund | Name |
Percentage of
Ownership |
||
iShares CMBS ETF |
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
12.34% | ||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
12.00% | |||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
10.40% | |||
Reliance Trust Company, FIS TrustDesk MKE
11277 West Park Place, Suite 300 Milwaukee, WI 53224 |
9.80% | |||
UBS Financial Services Inc.
1000 Harbor Blvd. Weehawken, NJ 07086 |
9.44% | |||
LPL Financial Corporation
9785 Towne Centre Drive San Diego, CA 92121-1968 |
9.02% | |||
The Bank of New York Mellon
111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
8.23% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
5.79% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
5.38% | |||
iShares Convertible Bond ETF |
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
15.28% | ||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
13.64% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
13.62% | |||
Goldman, Sachs & Co.
30 Hudson Street 16th Floor Jersey City, NJ 07302 |
7.84% | |||
Brown Brothers Harriman & Co.
525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
6.51% |
Fund | Name |
Percentage of
Ownership |
||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
5.14% | |||
iShares Core 1-5 Year USD Bond ETF |
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
23.45% | ||
Raymond, James & Associates, Inc.
880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
18.40% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
12.76% | |||
Edward D. Jones & Co.
12555 Manchester Road Saint Louis, MO 63131 |
7.55% | |||
RBC Capital Markets, LLC
3 World Financial Center 200 Vesey Street New York, NY 10281-8098 |
5.05% | |||
iShares Core International Aggregate Bond ETF |
JPMorgan Chase Bank, National Association
500 Stanton Christiana Road Newark, DE 19713 |
14.96% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
12.38% | |||
U.S. Bank N.A.
1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
11.76% | |||
The Bank of New York Mellon
111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
11.52% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
10.40% | |||
BlackRock Institutional Trust Company, N.A.
400 Howard Street San Francisco, CA 94105 |
9.83% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
6.99% | |||
iShares ESG Advanced High Yield Corporate Bond ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
21.72% |
Fund | Name |
Percentage of
Ownership |
||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
19.10% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
15.04% | |||
UBS Financial Services Inc.
1000 Harbor Blvd. Weehawken, NJ 07086 |
10.33% | |||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
5.87% | |||
iShares Fallen Angels USD Bond ETF |
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
27.15% | ||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
15.33% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
10.16% | |||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
8.31% | |||
The Bank of New York Mellon
111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
6.94% | |||
LPL Financial Corporation
9785 Towne Centre Drive San Diego, CA 92121-1968 |
5.10% | |||
iShares Floating Rate Bond ETF |
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
15.28% | ||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
9.63% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.20% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
5.41% |
Fund | Name |
Percentage of
Ownership |
||
Bank of America, National Association
GWIM TRUST OPERATIONS 411 N. Akard Street 5th Floor Dallas, TX 75201 |
5.28% | |||
iShares Global Green Bond ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
22.10% | ||
Apex Clearing Corporation
One Dallas Center 350 M. St. Paul Suite 1300 Dallas, TX 75201 |
8.41% | |||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
8.27% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.37% | |||
UBS Financial Services Inc.
1000 Harbor Blvd. Weehawken, NJ 07086 |
7.06% | |||
J.P. Morgan Securities, LLC/JPMC
500 Stanton Christiana Road Newark, DE 19713 |
5.51% | |||
Northern Trust Company (The)
801 South Canal Street Chicago, IL 60607 |
5.49% | |||
iShares GNMA Bond ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
23.86% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
20.21% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
9.08% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
8.17% | |||
Brown Brothers Harriman & Co.
525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
6.51% | |||
iShares International Treasury Bond ETF |
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
24.68% |
Fund | Name |
Percentage of
Ownership |
||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
16.32% | |||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
11.12% | |||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
8.38% | |||
iShares J.P. Morgan USD Emerging Markets Bond ETF |
Wells Fargo Clearing Services LLC
2801 Market Street St Louis, MO 63103 |
7.09% | ||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
7.08% | |||
The Bank of New York Mellon
111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
6.66% | |||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
6.25% | |||
Citibank, N.A.
3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
5.58% | |||
UBS Financial Services Inc.
1000 Harbor Blvd. Weehawken, NJ 07086 |
5.37% | |||
iShares TIPS Bond ETF |
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
10.90% | ||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
9.96% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
9.37% | |||
BlackRock Institutional Trust Company, N.A.
400 Howard Street San Francisco, CA 94105 |
8.61% | |||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
6.51% | |||
J.P. Morgan Securities, LLC/JPMC
500 Stanton Christiana Road Newark, DE 19713 |
6.23% |
Fund | Name |
Percentage of
Ownership |
||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
5.72% | |||
iShares Treasury Floating Rate Bond ETF |
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
22.24% | ||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
11.51% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.08% | |||
Raymond, James & Associates, Inc.
880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
6.57% | |||
Morgan Stanley Smith Barney LLC
One New York Plaza New York, NY 10004 |
6.31% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.69% | |||
Northern Trust Company (The)
801 South Canal Street Chicago, IL 60607 |
5.31% | |||
iShares U.S. Fixed Income Balanced Risk Factor ETF |
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
22.03% | ||
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
21.57% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
10.26% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.14% | |||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
5.89% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
5.60% |
Fund | Name |
Percentage of
Ownership |
||
Ameriprise Enterprise Investment Services, Inc.
901 3rd Avenue South Minneapolis, MN 55474 |
5.41% | |||
iShares U.S. Treasury Bond ETF |
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
27.28% | ||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
11.85% | |||
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
9.71% | |||
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
9.09% | |||
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
6.63% |
Fund |
Management
Fees for Fiscal Year Ended Oct. 31, 2020 |
Fund Inception
Date |
Management
Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2020 |
Management
Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2019 |
Management
Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2018 |
|||||
iShares 0-5 Year High Yield Corporate Bond ETF | 0.30% | 10/15/13 | $12,674,255 | $8,586,927 | $9,879,442 | |||||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 0.06% | 10/15/13 | 1,205,059 | 1,010,028 | 565,546 | |||||
iShares 0-5 Year TIPS Bond ETF1 | 0.06% | 12/01/10 | 1,431,764 | 1,384,635 | 1,052,016 | |||||
iShares 1-3 Year International Treasury Bond ETF2 | 0.35% | 01/21/09 | 97,722 | 63,382 | 4,992 | |||||
iShares Aaa - A Rated Corporate Bond ETF | 0.15% | 02/14/12 | 1,364,157 | 458,469 | 212,050 | |||||
iShares BB Rated Corporate Bond ETF3 | 0.25% | 10/06/20 | 4,234 | N/A | N/A | |||||
iShares Broad USD High Yield Corporate Bond ETF4 | 0.22% | 10/25/17 | 6,680,494 | 1,787,852 | 459,322 | |||||
iShares CMBS ETF | 0.25% | 02/14/12 | 1,108,066 | 886,494 | 672,122 | |||||
iShares Convertible Bond ETF | 0.20% | 06/02/15 | 1,242,706 | 672,542 | 577,532 | |||||
iShares Core 1-5 Year USD Bond ETF5 | 0.06% | 10/18/12 | 2,210,965 | 1,445,209 | 996,525 | |||||
iShares Core International Aggregate Bond ETF6 | 0.09% | 11/10/15 | 2,218,613 | 1,221,433 | 652,372 | |||||
iShares ESG Advanced High Yield Corporate Bond ETF7 | 0.35% | 06/14/16 | 192,350 | 58,399 | 50,466 | |||||
iShares Fallen Angels USD Bond ETF | 0.25% | 06/14/16 | 496,670 | 217,824 | 139,169 | |||||
iShares Floating Rate Bond ETF | 0.20% | 06/14/11 | 15,148,880 | 20,992,540 | 17,758,331 | |||||
iShares Global Green Bond ETF8 | 0.25% | 11/13/18 | 147,331 | 51,818 | N/A | |||||
iShares GNMA Bond ETF9 | 0.15% | 02/14/12 | 372,927 | 167,362 | 132,405 | |||||
iShares International Treasury Bond ETF | 0.35% | 01/21/09 | 3,177,070 | 3,225,458 | 3,250,431 | |||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 0.39% | 12/17/07 | 58,033,230 | 60,648,321 | 49,813,146 | |||||
iShares TIPS Bond ETF | 0.19% | 12/04/03 | 40,449,923 | 40,445,166 | 46,697,755 | |||||
iShares Treasury Floating Rate Bond ETF10 | 0.15% | 02/03/14 | 704,942 | 837,656 | 178,778 | |||||
iShares U.S. Fixed Income Balanced Risk Factor ETF11 | 0.25% | 02/24/15 | 368,027 | 291,842 | 309,697 | |||||
iShares U.S. Treasury Bond ETF | 0.15% | 02/14/12 | 22,882,172 | 15,215,302 | 8,719,187 |
1 | Effective December 17, 2020, the management fee for the iShares 0-5 Year TIPS Bond ETF is 0.05%. Prior to December 17, 2020, the management fee for the iShares 0-5 Year TIPS Bond ETF was 0.06%. |
2 | For the iShares 1-3 Year International Treasury Bond ETF, for the fiscal years ended October 31, 2020, October 31, 2019, and October 31, 2018, BFA voluntarily waived $108,799, $188,754 and $278,214 of its management fees, respectively. The voluntary waiver was discontinued beginning on June 15, 2020. |
3 | For the iShares BB Rated Corporate Bond ETF, BFA has elected to implement a voluntary fee waiver at an annual rate of ten basis points and currently intends to keep such voluntary fee waiver for the Fund in place for a one-year period through October 31, 2021. Any voluntary waiver or reimbursement implemented by BFA may be eliminated by BFA at any time. For the fiscal year ended October 31, 2020, BFA voluntarily waived $2,823 of its management fees. |
4 | For the iShares Broad USD High Yield Corporate Bond ETF, effective February 28, 2020, BFA has contractually agreed to waive a portion of its management fee so that the Fund’s total annual fund operating expenses after the fee waiver will not exceed 0.15% through February 28, 2022. The contractual waiver may be terminated prior to February 28, 2022 only upon written agreement of the Trust and BFA. BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). Any such voluntary waiver or reimbursement implemented by BFA may be eliminated by BFA at any time. BFA previously voluntarily agreed to waive a portion of its management fee. As of February 28, 2020, the voluntary waiver is no longer in effect. For the fiscal years ended October 31, 2020 and October 31, 2019, BFA waived $3,117,565 and $706,834 of its management fees, respectively. |
5 | For the iShares Core 1-5 Year USD Bond ETF, BFA has contractually agreed to waive its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA, or its affiliates, through February 29, 2024. The contractual waiver may be terminated prior to February 29, 2024 only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA waived $99,941, $67,927 and $76,603 of its management fees, respectively. |
6 | Effective December 17, 2020, the management fee for the iShares Core International Aggregate Bond ETF is 0.08%. Prior to December 17, 2020, the management fee for the iShares Core International Aggregate Bond ETF was 0.09%. |
7 | Effective September 15, 2020, the management fee for the iShares ESG Advanced High Yield Corporate Bond ETF is 0.35%. Prior to September 15, 2020, the management fee for the iShares ESG Advanced High Yield Corporate Bond ETF was 0.50%. |
8 | For the iShares Global Green Bond ETF, BFA has contractually agreed to waive a portion of its management fee such that the Fund's total annual fund operating expenses after fee waiver will not exceed 0.20% through March 1, 2022. The contractual waiver may be terminated prior to March 1, 2022 only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020 and October 31, 2019, BFA waived $36,833 and $12,954 of its management fees, respectively. |
9 | For the iShares GNMA Bond ETF, BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment companies through February 29, 2024. The contractual waiver may be terminated prior to February 29, 2024 only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA waived $87,285, $28,318 and $39,590 of its management fees, respectively. |
10 | For the iShares Treasury Floating Rate Bond ETF, for the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA voluntarily waived $0, $0 and $0 of its management fees, respectively. The voluntary waiver was discontinued beginning on June 15, 2020. |
11 | For the iShares U.S. Fixed Income Balanced Risk Factor ETF, BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA, or its affiliates, through February 29, 2024. The contractual waiver may be terminated prior to February 29, 2024 only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA contractually waived $12,533, $3,879 and $11,412 of its management fees, respectively. |
James Mauro | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 77 | $376,708,000,000 | ||
Other Pooled Investment Vehicles | 30 | 122,075,000,000 | ||
Other Accounts | 25 | 18,490,000,000 |
Scott Radell* | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 109 | $472,797,000,000 | ||
Other Pooled Investment Vehicles | 26 | 30,630,000,000 | ||
Other Accounts | 9 | 4,826,000,000 |
* | Portfolio Manager for iShares U.S. Fixed Income Balanced Risk Factor ETF only |
Sid Swaminathan* | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 2 | $224,000,000 | ||
Other Pooled Investment Vehicles | 8 | 7,459,000,000 | ||
Other Accounts | 7 | 4,349,000,000 |
* | Portfolio Manager for iShares 1-3 Year International Treasury Bond ETF, iShares Core International Aggregate Bond ETF, iShares Global Green Bond ETF and iShares International Treasury Bond ETF only |
Karen Uyehara* | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 32 | $167,214,000,000 | ||
Other Pooled Investment Vehicles | 36 | 96,823,000,000 | ||
Other Accounts | 36 | 70,094,000,000 |
* | Portfolio Manager for all Funds except iShares 1-3 Year International Treasury Bond ETF, iShares Core International Aggregate Bond ETF, iShares Global Green Bond ETF, iShares International Treasury Bond ETF and iShares U.S. Fixed Income Balanced Risk Factor ETF |
James Mauro | ||||
Types of Accounts |
Number of Other
Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Scott Radell* | ||||
Types of Accounts |
Number of Other
Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 1 | $205,000,000 |
* | Portfolio Manager for iShares U.S. Fixed Income Balanced Risk Factor ETF only |
Sid Swaminathan* | ||||
Types of Accounts |
Number of Other
Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 1 | $43,000,000 |
* | Portfolio Manager for iShares 1-3 Year International Treasury Bond ETF, iShares Core International Aggregate Bond ETF, iShares Global Green Bond ETF and iShares International Treasury Bond ETF only |
Karen Uyehara* | ||||
Types of Accounts |
Number of Other
Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
* | Portfolio Manager for all Funds except iShares 1-3 Year International Treasury Bond ETF, iShares Core International Aggregate Bond ETF, iShares Global Green Bond ETF, iShares International Treasury Bond ETF and iShares U.S. Fixed Income Balanced Risk Factor ETF |
James Mauro | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k |
$10,001
to $50k |
$50,001
to $100k |
$100,001
to $500k |
$500,001
to $1m |
over
$1m |
||||||||
iShares 0-5 Year High Yield Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year TIPS Bond ETF | X | ||||||||||||||
iShares 1-3 Year International Treasury Bond ETF | X | ||||||||||||||
iShares Aaa - A Rated Corporate Bond ETF | X | ||||||||||||||
iShares BB Rated Corporate Bond ETF | X | ||||||||||||||
iShares Broad USD High Yield Corporate Bond ETF | X | ||||||||||||||
iShares CMBS ETF | X | ||||||||||||||
iShares Convertible Bond ETF | X | ||||||||||||||
iShares Core 1-5 Year USD Bond ETF | X | ||||||||||||||
iShares Core International Aggregate Bond ETF | X | ||||||||||||||
iShares ESG Advanced High Yield Corporate Bond ETF | X | ||||||||||||||
iShares Fallen Angels USD Bond ETF | X | ||||||||||||||
iShares Floating Rate Bond ETF | X | ||||||||||||||
iShares Global Green Bond ETF | X |
James Mauro | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k |
$10,001
to $50k |
$50,001
to $100k |
$100,001
to $500k |
$500,001
to $1m |
over
$1m |
||||||||
iShares GNMA Bond ETF | X | ||||||||||||||
iShares International Treasury Bond ETF | X | ||||||||||||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | X | ||||||||||||||
iShares TIPS Bond ETF | X | ||||||||||||||
iShares Treasury Floating Rate Bond ETF | X | ||||||||||||||
iShares U.S. Fixed Income Balanced Risk Factor ETF | X | ||||||||||||||
iShares U.S. Treasury Bond ETF | X |
Scott Radell | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k |
$10,001
to $50k |
$50,001
to $100k |
$100,001
to $500k |
$500,001
to $1m |
over
$1m |
||||||||
iShares 0-5 Year High Yield Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year TIPS Bond ETF | X | ||||||||||||||
iShares 1-3 Year International Treasury Bond ETF | X | ||||||||||||||
iShares Aaa - A Rated Corporate Bond ETF | X | ||||||||||||||
iShares BB Rated Corporate Bond ETF | X | ||||||||||||||
iShares Broad USD High Yield Corporate Bond ETF | X | ||||||||||||||
iShares CMBS ETF | X | ||||||||||||||
iShares Convertible Bond ETF | X | ||||||||||||||
iShares Core 1-5 Year USD Bond ETF | X | ||||||||||||||
iShares Core International Aggregate Bond ETF | X | ||||||||||||||
iShares ESG Advanced High Yield Corporate Bond ETF | X | ||||||||||||||
iShares Fallen Angels USD Bond ETF | X | ||||||||||||||
iShares Floating Rate Bond ETF | X | ||||||||||||||
iShares Global Green Bond ETF | X | ||||||||||||||
iShares GNMA Bond ETF | X | ||||||||||||||
iShares International Treasury Bond ETF | X | ||||||||||||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | X | ||||||||||||||
iShares TIPS Bond ETF | X | ||||||||||||||
iShares Treasury Floating Rate Bond ETF | X | ||||||||||||||
iShares U.S. Fixed Income Balanced Risk Factor ETF | X | ||||||||||||||
iShares U.S. Treasury Bond ETF | X |
Sid Swaminathan | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k |
$10,001
to $50k |
$50,001
to $100k |
$100,001
to $500k |
$500,001
to $1m |
over
$1m |
||||||||
iShares 0-5 Year High Yield Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year TIPS Bond ETF | X | ||||||||||||||
iShares 1-3 Year International Treasury Bond ETF | X | ||||||||||||||
iShares Aaa - A Rated Corporate Bond ETF | X | ||||||||||||||
iShares BB Rated Corporate Bond ETF | X | ||||||||||||||
iShares Broad USD High Yield Corporate Bond ETF | X | ||||||||||||||
iShares CMBS ETF | X | ||||||||||||||
iShares Convertible Bond ETF | X | ||||||||||||||
iShares Core 1-5 Year USD Bond ETF | X | ||||||||||||||
iShares Core International Aggregate Bond ETF | X | ||||||||||||||
iShares ESG Advanced High Yield Corporate Bond ETF | X | ||||||||||||||
iShares Fallen Angels USD Bond ETF | X | ||||||||||||||
iShares Floating Rate Bond ETF | X | ||||||||||||||
iShares Global Green Bond ETF | X | ||||||||||||||
iShares GNMA Bond ETF | X | ||||||||||||||
iShares International Treasury Bond ETF | X | ||||||||||||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | X | ||||||||||||||
iShares TIPS Bond ETF | X | ||||||||||||||
iShares Treasury Floating Rate Bond ETF | X | ||||||||||||||
iShares U.S. Fixed Income Balanced Risk Factor ETF | X | ||||||||||||||
iShares U.S. Treasury Bond ETF | X |
Karen Uyehara (As of January 29, 2021) | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k |
$10,001
to $50k |
$50,001
to $100k |
$100,001
to $500k |
$500,001
to $1m |
over
$1m |
||||||||
iShares 0-5 Year High Yield Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year TIPS Bond ETF | X | ||||||||||||||
iShares 1-3 Year International Treasury Bond ETF | X | ||||||||||||||
iShares Aaa - A Rated Corporate Bond ETF | X | ||||||||||||||
iShares BB Rated Corporate Bond ETF | X | ||||||||||||||
iShares Broad USD High Yield Corporate Bond ETF | X | ||||||||||||||
iShares CMBS ETF | X | ||||||||||||||
iShares Convertible Bond ETF | X | ||||||||||||||
iShares Core 1-5 Year USD Bond ETF | X | ||||||||||||||
iShares Core International Aggregate Bond ETF | X | ||||||||||||||
iShares ESG Advanced High Yield Corporate Bond ETF | X | ||||||||||||||
iShares Fallen Angels USD Bond ETF | X |
Karen Uyehara (As of January 29, 2021) | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k |
$10,001
to $50k |
$50,001
to $100k |
$100,001
to $500k |
$500,001
to $1m |
over
$1m |
||||||||
iShares Floating Rate Bond ETF | X | ||||||||||||||
iShares Global Green Bond ETF | X | ||||||||||||||
iShares GNMA Bond ETF | X | ||||||||||||||
iShares International Treasury Bond ETF | X | ||||||||||||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | X | ||||||||||||||
iShares TIPS Bond ETF | X | ||||||||||||||
iShares Treasury Floating Rate Bond ETF | X | ||||||||||||||
iShares U.S. Fixed Income Balanced Risk Factor ETF | X | ||||||||||||||
iShares U.S. Treasury Bond ETF | X |
Fund |
Fund
Inception Date |
Custody,
Administration & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 |
Custody,
Administration & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2019 |
Custody,
Administration & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2018 |
||||
iShares 0-5 Year High Yield Corporate Bond ETF | 10/15/13 | $46,675 | $22,323 | $34,174 | ||||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 10/15/13 | 32,395 | 24,929 | 25,380 | ||||
iShares 0-5 Year TIPS Bond ETF | 12/01/10 | 37,564 | 38,840 | 27,699 | ||||
iShares 1-3 Year International Treasury Bond ETF | 01/21/09 | 28,478 | 26,378 | 24,589 | ||||
iShares Aaa - A Rated Corporate Bond ETF | 02/14/12 | 26,916 | 21,098 | 19,541 | ||||
iShares BB Rated Corporate Bond ETF | 10/06/20 | 3,004 | N/A | N/A | ||||
iShares Broad USD High Yield Corporate Bond ETF | 10/25/17 | 63,850 | 25,253 | 16,471 | ||||
iShares CMBS ETF | 02/14/12 | 21,861 | 20,537 | 17,966 | ||||
iShares Convertible Bond ETF | 06/02/15 | 23,133 | 21,304 | 15,670 | ||||
iShares Core 1-5 Year USD Bond ETF | 10/18/12 | 144,683 | 115,158 | 110,721 | ||||
iShares Core International Aggregate Bond ETF | 11/10/15 | 318,362 | 166,465 | 111,955 | ||||
iShares ESG Advanced High Yield Corporate Bond ETF | 06/14/16 | 21,534 | 18,037 | 14,311 | ||||
iShares Fallen Angels USD Bond ETF | 06/14/16 | 20,952 | 18,236 | 15,503 | ||||
iShares Floating Rate Bond ETF | 06/14/11 | 86,715 | 104,638 | 109,655 | ||||
iShares Global Green Bond ETF | 11/13/18 | 33,564 | 25,504 | N/A | ||||
iShares GNMA Bond ETF | 02/14/12 | 74,134 | 72,609 | 69,936 | ||||
iShares International Treasury Bond ETF | 01/21/09 | 115,449 | 90,060 | 104,267 | ||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 12/17/07 | 1,615,504 | 1,619,309 | 1,345,282 | ||||
iShares TIPS Bond ETF | 12/04/03 | 290,169 | 289,813 | 334,181 | ||||
iShares Treasury Floating Rate Bond ETF | 02/03/14 | 21,176 | 20,315 | 13,541 | ||||
iShares U.S. Fixed Income Balanced Risk Factor ETF | 02/24/15 | 75,330 | 74,107 | 72,150 | ||||
iShares U.S. Treasury Bond ETF | 02/14/12 | 209,502 | 142,976 | 81,928 |
Fund |
iShares 0-5 Year
High Yield Corporate Bond ETF |
iShares 0-5 Year
Investment Grade Corporate Bond ETF |
iShares 0-5 Year
TIPS Bond ETF |
iShares 1-3 Year
International Treasury Bond ETF |
Gross income from
securities lending activities |
$6,559,016 | $824,809 | $64,062 | N/A |
Fees and/or compensation
for securities lending activities and related services |
||||
Securities lending
income paid to BTC for services as securities lending agent |
802,125 | 72,429 | 748 | N/A |
Cash collateral
management expenses not included in securities lending income paid to BTC |
155,840 | 26,310 | 1,622 | N/A |
Administrative fees not
included in securities lending income paid to BTC |
0 | 0 | 0 | N/A |
Indemnification fees not
included in securities lending income paid to BTC |
0 | 0 | 0 | N/A |
Rebates (paid to
borrowers) |
1,946,927 | 396,048 | 54,895 | N/A |
Other fees not
included in securities lending income paid to BTC |
0 | 0 | 0 | N/A |
Aggregate
fees/compensation for securities lending activities |
$2,904,892 | $494,787 | $57,265 | N/A |
Fund |
iShares 0-5 Year
High Yield Corporate Bond ETF |
iShares 0-5 Year
Investment Grade Corporate Bond ETF |
iShares 0-5 Year
TIPS Bond ETF |
iShares 1-3 Year
International Treasury Bond ETF |
Net income from securities
lending activities |
$3,654,124 | $330,022 | $ 6,797 | N/A |
Fund |
iShares Aaa - A
Rated Corporate Bond ETF |
iShares BB Rated
Corporate Bond ETF |
iShares Broad USD
High Yield Corporate Bond ETF |
iShares
CMBS ETF |
Gross income from
securities lending activities |
$375,738 | N/A | $7,396,019 | N/A |
Fees and/or compensation
for securities lending activities and related services |
||||
Securities lending
income paid to BTC for services as securities lending agent |
40,588 | N/A | 830,792 | N/A |
Cash collateral
management expenses not included in securities lending income paid to BTC |
15,017 | N/A | 226,446 | N/A |
Administrative fees not
included in securities lending income paid to BTC |
0 | N/A | 0 | N/A |
Indemnification fees not
included in securities lending income paid to BTC |
0 | N/A | 0 | N/A |
Rebates (paid to
borrowers) |
135,213 | N/A | 2,554,061 | N/A |
Other fees not
included in securities lending income paid to BTC |
0 | N/A | 0 | N/A |
Fund |
iShares Aaa - A
Rated Corporate Bond ETF |
iShares BB Rated
Corporate Bond ETF |
iShares Broad USD
High Yield Corporate Bond ETF |
iShares
CMBS ETF |
Aggregate
fees/compensation for securities lending activities |
$190,818 | N/A | $3,611,299 | N/A |
Net income from securities
lending activities |
$184,920 | N/A | $3,784,720 | N/A |
Fund |
iShares Convertible
Bond ETF |
iShares Core
1-5 Year USD Bond ETF |
iShares Core
International Aggregate Bond ETF |
iShares ESG
Advanced High Yield Corporate Bond ETF |
Gross income from
securities lending activities |
$ 379 | $343,837 | N/A | 27,978 |
Fees and/or compensation
for securities lending activities and related services |
||||
Securities lending
income paid to BTC for services as securities lending agent |
59 | 42,753 | N/A | 3,145 |
Cash collateral
management expenses not included in securities lending income paid to BTC |
10 | 9,761 | N/A | 1,008 |
Administrative fees not
included in securities lending income paid to BTC |
0 | 0 | N/A | 0 |
Indemnification fees not
included in securities lending income paid to BTC |
0 | 0 | N/A | 0 |
Rebates (paid to
borrowers) |
42 | 96,393 | N/A | 9,495 |
Fund |
iShares Convertible
Bond ETF |
iShares Core
1-5 Year USD Bond ETF |
iShares Core
International Aggregate Bond ETF |
iShares ESG
Advanced High Yield Corporate Bond ETF |
Other fees not
included in securities lending income paid to BTC |
0 | 0 | N/A | 0 |
Aggregate
fees/compensation for securities lending activities |
$ 111 | $148,907 | N/A | $13,648 |
Net income from securities
lending activities |
$ 268 | $194,930 | N/A | $14,330 |
Fund |
iShares Fallen
Angels USD Bond ETF |
iShares Floating
Rate Bond ETF |
iShares Global
Green Bond ETF |
iShares GNMA
Bond ETF |
Gross income from
securities lending activities |
$427,021 | $2,234,983 | $ 14,961 | N/A |
Fees and/or compensation
for securities lending activities and related services |
||||
Securities lending
income paid to BTC for services as securities lending agent |
47,805 | 191,478 | 1,638 | N/A |
Cash collateral
management expenses not included in securities lending income paid to BTC |
11,452 | 70,624 | 533 | N/A |
Administrative fees not
included in securities lending income paid to BTC |
0 | 0 | 0 | N/A |
Indemnification fees not
included in securities lending income paid to BTC |
0 | 0 | 0 | N/A |
Fund |
iShares Fallen
Angels USD Bond ETF |
iShares Floating
Rate Bond ETF |
iShares Global
Green Bond ETF |
iShares GNMA
Bond ETF |
Rebates (paid to
borrowers) |
149,986 | 1,100,412 | 5,322 | N/A |
Other fees not
included in securities lending income paid to BTC |
0 | 0 | 0 | N/A |
Aggregate
fees/compensation for securities lending activities |
$209,243 | $1,362,514 | $ 7,493 | N/A |
Net income from securities
lending activities |
$217,778 | $ 872,469 | $ 7,468 | N/A |
Fund |
iShares
International Treasury Bond ETF |
iShares J.P. Morgan
USD Emerging Markets Bond ETF |
iShares TIPS
Bond ETF |
iShares Treasury
Floating Rate Bond ETF |
Gross income from
securities lending activities |
N/A | N/A | $335,905 | $35,367 |
Fees and/or compensation
for securities lending activities and related services |
||||
Securities lending
income paid to BTC for services as securities lending agent |
N/A | N/A | 40,232 | 2,128 |
Cash collateral
management expenses not included in securities lending income paid to BTC |
N/A | N/A | 11,152 | 5,375 |
Administrative fees not
included in securities lending income paid to BTC |
N/A | N/A | 0 | 0 |
Fund |
iShares
International Treasury Bond ETF |
iShares J.P. Morgan
USD Emerging Markets Bond ETF |
iShares TIPS
Bond ETF |
iShares Treasury
Floating Rate Bond ETF |
Indemnification fees not
included in securities lending income paid to BTC |
N/A | N/A | 0 | 0 |
Rebates (paid to
borrowers) |
N/A | N/A | 96,659 | 9,180 |
Other fees not
included in securities lending income paid to BTC |
N/A | N/A | 0 | 0 |
Aggregate
fees/compensation for securities lending activities |
N/A | N/A | $148,043 | $16,683 |
Net income from securities
lending activities |
N/A | N/A | $187,862 | $18,684 |
Fund |
iShares U.S. Fixed
Income Balanced Risk Factor ETF |
iShares
U.S. Treasury Bond ETF |
Gross income from
securities lending activities |
$64,840 | $ 95,518 |
Fees and/or compensation
for securities lending activities and related services |
||
Securities lending
income paid to BTC for services as securities lending agent |
5,086 | 14,770 |
Cash collateral
management expenses not included in securities lending income paid to BTC |
1,833 | 8,389 |
Fund |
iShares U.S. Fixed
Income Balanced Risk Factor ETF |
iShares
U.S. Treasury Bond ETF |
Administrative fees not
included in securities lending income paid to BTC |
0 | 0 |
Indemnification fees not
included in securities lending income paid to BTC |
0 | 0 |
Rebates (paid to
borrowers) |
34,749 | 3,317 |
Other fees not
included in securities lending income paid to BTC |
0 | 0 |
Aggregate
fees/compensation for securities lending activities |
$41,668 | $ 26,476 |
Net income from securities
lending activities |
$23,172 | $ 69,042 |
Fund |
Fund
Inception Date |
Brokerage
Commissions Paid During Fiscal Year Ended Oct. 31, 2020 |
Brokerage
Commissions Paid During Fiscal Year Ended Oct. 31, 2019 |
Brokerage
Commissions Paid During Fiscal Year Ended Oct. 31, 2018 |
||||
iShares 0-5 Year High Yield Corporate Bond ETF | 10/15/13 | $0 | $0 | $0 | ||||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 10/15/13 | 0 | 0 | 0 | ||||
iShares 0-5 Year TIPS Bond ETF | 12/01/10 | 0 | 0 | 0 | ||||
iShares 1-3 Year International Treasury Bond ETF | 01/21/09 | 440 | 318 | 0 | ||||
iShares Aaa - A Rated Corporate Bond ETF | 02/14/12 | 0 | 0 | 0 | ||||
iShares BB Rated Corporate Bond ETF | 10/06/20 | 0 | ||||||
iShares Broad USD High Yield Corporate Bond ETF | 10/25/17 | 127 | 0 | 0 | ||||
iShares CMBS ETF | 02/14/12 | 0 | 0 | 0 | ||||
iShares Convertible Bond ETF | 06/02/15 | 1,516 | 1,364 | 1,679 | ||||
iShares Core 1-5 Year USD Bond ETF | 10/18/12 | 3 | 0 | 1 | ||||
iShares Core International Aggregate Bond ETF | 11/10/15 | 0 | 0 | 0 | ||||
iShares ESG Advanced High Yield Corporate Bond ETF | 06/14/16 | 0 | 0 | 0 | ||||
iShares Fallen Angels USD Bond ETF | 06/14/16 | 0 | 0 | 71 | ||||
iShares Floating Rate Bond ETF | 06/14/11 | 0 | 0 | 0 | ||||
iShares Global Green Bond ETF | 11/13/18 | 97 | 0 | N/A | ||||
iShares GNMA Bond ETF | 02/14/12 | 0 | 0 | 0 | ||||
iShares International Treasury Bond ETF | 01/21/09 | 11,056 | 7,137 | 0 | ||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 12/17/07 | 0 | 0 | 0 | ||||
iShares TIPS Bond ETF | 12/04/03 | 0 | 0 | 0 | ||||
iShares Treasury Floating Rate Bond ETF | 02/03/14 | 0 | 0 | 0 | ||||
iShares U.S. Fixed Income Balanced Risk Factor ETF | 02/24/15 | 3,942 | 1,575 | 1,736 | ||||
iShares U.S. Treasury Bond ETF | 02/14/12 | 319 | 0 | 0 |
Fund | Issuer |
Market Value of
Investment |
||
iShares 0-5 Year Investment Grade Corporate Bond ETF | Bank of America Corp. | $58,836,371 | ||
JPMorgan Chase & Co. | 55,576,891 | |||
Goldman Sachs Group Inc. (The) | 53,446,792 | |||
Morgan Stanley | 39,905,176 | |||
Citigroup, Inc. | 39,897,756 | |||
Wells Fargo & Co. | 37,813,258 |
Fund | Issuer |
Market Value of
Investment |
||
Barclays PLC | 17,849,430 | |||
Bank of New York Mellon Corp. (The) | 16,252,510 | |||
iShares Aaa - A Rated Corporate Bond ETF | Bank of America Corp. | $46,967,145 | ||
Wells Fargo & Co. | 43,308,975 | |||
JPMorgan Chase & Co. | 42,211,582 | |||
Morgan Stanley | 37,373,166 | |||
Citigroup, Inc. | 36,305,699 | |||
Goldman Sachs Group Inc. (The) | 35,436,131 | |||
Bank of New York Mellon Corp. (The) | 12,323,533 | |||
Royal Bank of Canada | 7,027,332 | |||
Barclays PLC | 342,857 | |||
iShares Broad USD High Yield Corporate Bond ETF | Deutsche Bank AG | $13,348,239 | ||
iShares Convertible Bond ETF | Barclays PLC | $933,570 | ||
iShares Core 1-5 Year USD Bond ETF | Bank of America Corp. | $36,066,577 | ||
JPMorgan Chase & Co. | 23,618,934 | |||
Goldman Sachs Group Inc. (The) | 20,812,883 | |||
Wells Fargo & Co. | 19,843,375 | |||
Citigroup, Inc. | 17,715,787 | |||
Morgan Stanley | 14,832,682 | |||
Credit Suisse AG | 8,533,021 | |||
Bank of New York Mellon Corp. (The) | 6,403,074 | |||
Barclays PLC | 5,930,287 | |||
National Bank of Canada | 1,452,221 | |||
iShares Core International Aggregate Bond ETF | BNP Paribas SA | $5,170,879 | ||
Goldman Sachs Group Inc. (The) | 2,924,734 | |||
HSBC Holdings PLC | 2,798,023 | |||
JPMorgan Chase & Co. | 2,682,359 | |||
Morgan Stanley | 2,666,063 | |||
Standared Chartered PLC | 1,102,069 | |||
Bank of China Ltd. | 467,181 | |||
iShares ESG Advanced High Yield Corporate Bond ETF | Morgan Stanley | $55,079 | ||
iShares Fallen Angels USD Bond ETF | Deutsche Bank AG | $4,907,159 | ||
Barclays PLC | 336,198 | |||
iShares Floating Rate Bond ETF | Goldman Sachs Group Inc. (The) | $218,816,736 | ||
Morgan Stanley | 184,788,498 | |||
Citigroup, Inc. | 178,455,601 | |||
Mizuho Financial Group, Inc. | 155,450,013 | |||
JPMorgan Chase & Co. | 149,453,213 | |||
Bank of America Corp. | 135,562,230 | |||
Royal Bank of Canada | 73,677,873 |
Fund | Issuer |
Market Value of
Investment |
||
Barclays PLC | 63,416,591 | |||
Bank of New York Mellon Corp. (The) | 12,406,233 | |||
iShares Global Green Bond ETF | Bank of America Corp. | $1,063,576 | ||
BNP Paribas SA | 829,940 | |||
JPMorgan Chase & Co. | 500,620 | |||
Citigroup, Inc. | 491,200 | |||
HSBC Holdings PLC | 363,304 | |||
Deutsche Bank AG | 122,150 | |||
Barclays PLC | 117,245 | |||
iShares U.S. Fixed Income Balanced Risk Factor ETF | Bank of America Corp. | $2,042,061 | ||
Citigroup, Inc. | 1,911,856 | |||
Goldman Sachs Group Inc. (The) | 1,510,348 | |||
Morgan Stanley | 1,411,115 | |||
JPMorgan Chase & Co. | 851,965 | |||
Wells Fargo & Co. | 518,320 | |||
Barclays PLC | 420,888 | |||
Nomura Holdings Inc. | 315,825 | |||
Credit Suisse AG | 253,090 |
Fund |
Fiscal Year Ended
Oct. 31, 2020 |
Fiscal Year Ended
Oct. 31, 2019 |
||
iShares 0-5 Year High Yield Corporate Bond ETF | 45% | 31% | ||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 29% | 20% | ||
iShares 0-5 Year TIPS Bond ETF | 72% | 58% | ||
iShares 1-3 Year International Treasury Bond ETF | 71% | 56% | ||
iShares Aaa - A Rated Corporate Bond ETF | 16% | 16% | ||
iShares BB Rated Corporate Bond ETF | 0% | N/A |
Fund |
Fiscal Year Ended
Oct. 31, 2020 |
Fiscal Year Ended
Oct. 31, 2019 |
||
iShares Broad USD High Yield Corporate Bond ETF | 21% | 19% | ||
iShares CMBS ETF | 26% | 21% | ||
iShares Convertible Bond ETF | 33% | 24% | ||
iShares Core 1-5 Year USD Bond ETF1 | 77% | 83% | ||
iShares Core International Aggregate Bond ETF | 36% | 12% | ||
iShares ESG Advanced High Yield Corporate Bond ETF | 85% | 24% | ||
iShares Fallen Angels USD Bond ETF | 51% | 23% | ||
iShares Floating Rate Bond ETF | 29% | 23% | ||
iShares Global Green Bond ETF | 16% | 21% | ||
iShares GNMA Bond ETF1 | 699% | 529% | ||
iShares International Treasury Bond ETF | 41% | 9% | ||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 10% | 11% | ||
iShares TIPS Bond ETF | 53% | 17% | ||
iShares Treasury Floating Rate Bond ETF | 44% | 20% | ||
iShares U.S. Fixed Income Balanced Risk Factor ETF1 | 703% | 504% | ||
iShares U.S. Treasury Bond ETF | 91% | 22% |
1 | Portfolio turnover rates include TBA transactions, as described above. |
Fund |
Shares Per
Creation Unit |
Approximate
Value Per Creation Unit (U.S.$) |
||
iShares 0-5 Year High Yield Corporate Bond ETF | 100,000 | $4,495,000 | ||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 50,000 | 2,607,500 | ||
iShares 0-5 Year TIPS Bond ETF | 50,000 | 5,183,500 | ||
iShares 1-3 Year International Treasury Bond ETF | 50,000 | 4,166,500 | ||
iShares Aaa - A Rated Corporate Bond ETF | 50,000 | 2,934,000 | ||
iShares BB Rated Corporate Bond ETF | 50,000 | 2,574,000 | ||
iShares Broad USD High Yield Corporate Bond ETF | 50,000 | 2,034,000 | ||
iShares CMBS ETF | 50,000 | 2,759,500 | ||
iShares Convertible Bond ETF | 50,000 | 4,625,000 | ||
iShares Core 1-5 Year USD Bond ETF | 100,000 | 5,155,000 | ||
iShares Core International Aggregate Bond ETF | 50,000 | 2,793,000 | ||
iShares ESG Advanced High Yield Corporate Bond ETF | 50,000 | 2,619,000 | ||
iShares Fallen Angels USD Bond ETF | 50,000 | 1,434,500 | ||
iShares Floating Rate Bond ETF | 100,000 | 5,073,000 | ||
iShares Global Green Bond ETF | 50,000 | 2,789,000 |
Fund |
Shares Per
Creation Unit |
Approximate
Value Per Creation Unit (U.S.$) |
||
iShares GNMA Bond ETF | 50,000 | 2,547,000 | ||
iShares International Treasury Bond ETF | 50,000 | 2,715,000 | ||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 100,000 | 11,388,000 | ||
iShares TIPS Bond ETF | 100,000 | 12,639,000 | ||
iShares Treasury Floating Rate Bond ETF | 100,000 | 5,028,000 | ||
iShares U.S. Fixed Income Balanced Risk Factor ETF | 50,000 | 5,109,500 | ||
iShares U.S. Treasury Bond ETF | 100,000 | 2,773,000 |
Fund |
Standard Creation
Transaction Fee |
Maximum Additional
Charge* |
||
iShares 0-5 Year High Yield Corporate Bond ETF | $200 | 3.0% | ||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 100 | 3.0% | ||
iShares 0-5 Year TIPS Bond ETF | N/A | 3.0% | ||
iShares 1-3 Year International Treasury Bond ETF | 700 | 3.0% | ||
iShares Aaa - A Rated Corporate Bond ETF | 300 | 3.0% | ||
iShares BB Rated Corporate Bond ETF | 875 | 3.0% | ||
iShares Broad USD High Yield Corporate Bond ETF | 200 | 3.0% | ||
iShares CMBS ETF | 400 | 3.0% | ||
iShares Convertible Bond ETF | 475 | 3.0% | ||
iShares Core 1-5 Year USD Bond ETF | 250 | 3.0% | ||
iShares Core International Aggregate Bond ETF | 650 | 3.0% | ||
iShares ESG Advanced High Yield Corporate Bond ETF | 900 | 3.0% | ||
iShares Fallen Angels USD Bond ETF | 450 | 3.0% | ||
iShares Floating Rate Bond ETF | 200 | 3.0% | ||
iShares Global Green Bond ETF | 850 | 3.0% | ||
iShares GNMA Bond ETF | 200 | 3.0% | ||
iShares International Treasury Bond ETF | 1,200 | 3.0% | ||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 700 | 3.0% | ||
iShares TIPS Bond ETF | N/A | 3.0% | ||
iShares Treasury Floating Rate Bond ETF | 100 | 3.0% | ||
iShares U.S. Fixed Income Balanced Risk Factor ETF | 500 | 3.0% | ||
iShares U.S. Treasury Bond ETF | 250 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Fund |
Standard Redemption
Transaction Fee |
Maximum Additional
Charge* |
||
iShares 0-5 Year High Yield Corporate Bond ETF | $200 | 2.0% | ||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 100 | 2.0% | ||
iShares 0-5 Year TIPS Bond ETF | N/A | 2.0% | ||
iShares 1-3 Year International Treasury Bond ETF | 700 | 2.0% | ||
iShares Aaa - A Rated Corporate Bond ETF | 300 | 2.0% | ||
iShares BB Rated Corporate Bond ETF | 875 | 2.0% | ||
iShares Broad USD High Yield Corporate Bond ETF | 200 | 2.0% | ||
iShares CMBS ETF | 400 | 2.0% | ||
iShares Convertible Bond ETF | 475 | 2.0% | ||
iShares Core 1-5 Year USD Bond ETF | 250 | 2.0% | ||
iShares Core International Aggregate Bond ETF | 650 | 2.0% | ||
iShares ESG Advanced High Yield Corporate Bond ETF | 900 | 2.0% | ||
iShares Fallen Angels USD Bond ETF | 450 | 2.0% | ||
iShares Floating Rate Bond ETF | 200 | 2.0% | ||
iShares Global Green Bond ETF | 850 | 2.0% | ||
iShares GNMA Bond ETF | 200 | 2.0% | ||
iShares International Treasury Bond ETF | 1,200 | 2.0% | ||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 700 | 2.0% | ||
iShares TIPS Bond ETF | N/A | 2.0% | ||
iShares Treasury Floating Rate Bond ETF | 100 | 2.0% | ||
iShares U.S. Fixed Income Balanced Risk Factor ETF | 500 | 2.0% | ||
iShares U.S. Treasury Bond ETF | 250 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
Fund |
Non-Expiring Capital Loss
Carryforward |
|
iShares 0-5 Year High Yield Corporate Bond ETF | $316,460,424 | |
iShares 0-5 Year TIPS Bond ETF | 5,855,465 | |
iShares 1-3 Year International Treasury Bond ETF | 8,085,801 | |
iShares Broad USD High Yield Corporate Bond ETF | 102,418,819 | |
iShares Core 1-5 Year USD Bond ETF | 1,758,779 | |
iShares Core International Aggregate Bond ETF | 414,990 | |
iShares Fallen Angels USD Bond ETF | 16,342,830 | |
iShares Floating Rate Bond ETF | 67,052,163 | |
iShares GNMA Bond ETF | 2,436,184 | |
iShares International Treasury Bond ETF | 6,161,140 | |
iShares J.P. Morgan USD Emerging Markets Bond ETF | 874,175,731 | |
iShares TIPS Bond ETF | 100,559,932 | |
iShares Treasury Floating Rate Bond ETF | 20,703 | |
iShares U.S. Fixed Income Balanced Risk Factor ETF | 2,109,584 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long -term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public
Company CEO |
# Outside
Public Boards* |
Total # of
Public Boards |
|||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined
Chair / CEO Model |
Separate
Chair Model |
||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors |
Attends full meetings of the board of directors
Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
Fund | Ticker | Listing Exchange | ||
iShares Yield Optimized Bond ETF (the “Fund”) | BYLD | NYSE Arca |
• | High yield bonds may be issued by less creditworthy issuers. These securities are vulnerable to adverse changes in the issuer’s industry or to general economic conditions. Issuers of high yield bonds may be unable to meet their |
interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing. | |
• | The issuers of high yield bonds may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations. The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their development and/or involved in a reorganization or takeover. |
• | High yield bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations, which will potentially limit an Underlying Fund’s ability to fully recover principal, to receive interest payments when senior securities are in default or to receive restructuring benefits paid to holders of more senior classes of debt. Thus, investors in high yield securities frequently have a lower degree of protection with respect to principal and interest payments than do investors in higher rated securities. |
• | High yield bonds frequently have redemption features that permit an issuer to repurchase the security from an Underlying Fund before it matures. If an issuer redeems the high yield bonds, an Underlying Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
• | Prices of high yield bonds are subject to extreme fluctuations. Negative economic developments may have a greater impact on the prices of high yield bonds than on those of other higher rated fixed-income securities. |
• | Under certain economic and/or market conditions, an Underlying Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. There are fewer dealers in the high yield bond market, and there may be significant differences in the prices quoted for high yield bonds by dealers, and such quotations may not be the actual prices available for a purchase or sale. Judgment may play a greater role in the prices and values generated for such securities than in the case of securities trading in a more liquid market. |
• | The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated securities. The secondary markets for high yield securities are concentrated in relatively few market makers and, participants in the markets are mostly institutional investors, including insurance companies, banks, other financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower than that for higher rated securities and the secondary markets could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under certain economic and/or market conditions, an Underlying Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely affect the market price of the high yield security, which may result in increased difficulty selling the particular issue and obtaining accurate market quotations on the issue when valuing an Underlying Fund's assets. Market quotations on high yield securities are available only from a limited number of dealers, and such quotations may not be the actual prices available for a purchase or sale. When the secondary market for high yield securities becomes more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of reliable objective data makes it more difficult to value such securities, and judgment plays a more important role in determining such valuations. |
• | An Underlying Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
• | The high yield bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high yield securities may be affected by legislative and regulatory developments. These developments could adversely affect an Underlying Fund’s NAV and investment practices, the secondary market for high yield securities, the financial condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain corporate issuers of high yield bonds adversely affected the market in the past. |
• | Communications of Data Files: The Fund may make available through the facilities of the National Securities Clearing Corporation (“NSCC”) or through posting on the www.iShares.com, prior to the opening of trading on each business day, a list of the Fund’s holdings (generally pro-rata) that Authorized Participants could deliver to the Fund to settle purchases of the Fund (i.e. Deposit Securities) or that Authorized Participants would receive from the Fund to settle redemptions of the Fund (i.e. Fund Securities). These files are known as the Portfolio Composition File and the Fund Data File (collectively, “Files”). The Files are applicable for the next trading day and are provided to the NSCC and/or posted on www.iShares.com after the close of markets in the U.S. |
• | Communications with Authorized Participants and Liquidity Providers: Certain employees of BFA are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an Authorized Participant or liquidity provider the securities the Fund is willing to accept for a creation, and securities that the Fund will provide on a redemption. |
• | Communications with Listing Exchanges: From time to time, employees of BFA may discuss portfolio holdings information with the applicable primary listing exchange for the Fund as needed to meet the exchange listing standards. |
• | Communications with Other Portfolio Managers: Certain information may be provided to employees of BFA who manage funds that invest a significant percentage of their assets in shares of an underlying fund as necessary to manage the fund’s investment objective and strategy. |
• | Communication of Other Information: Certain explanatory information regarding the Files is released to Authorized Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to www.iShares.com. |
• | Third-Party Service Providers: Certain portfolio holdings information may be disclosed to Fund Trustees and their counsel, outside counsel for the Fund, auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service) for which a non-disclosure, confidentiality agreement or other obligation is in place with such service providers, as may be necessary to conduct business in the ordinary course in a manner consistent with applicable policies, agreements with the Fund, the terms of the current registration statements and federal securities laws and regulations thereunder. |
• | Liquidity Metrics: “Liquidity Metrics” seek to ascertain the Fund’s liquidity profile under BlackRock’s global liquidity risk methodology, which include but are not limited to: (a) disclosure regarding the number of days needed to liquidate a portfolio or the portfolio’s underlying investments; and (b) the percentage of the Fund’s NAV invested in a particular |
liquidity tier under BlackRock’s global liquidity risk methodology. The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to the Liquidity Rule (including SEC liquidity tiering) is not permitted unless pre-approved. Disclosure of portfolio-level liquidity metrics prior to 60 calendar days after calendar quarter-end requires a non-disclosure or confidentiality agreement and approval of the Trust’s Chief Compliance Officer. Portfolio-level liquidity metrics disclosure subsequent to 60 calendar days after calendar quarter-end requires the approval of portfolio management and must be disclosed to all parties requesting the information if disclosed to any party. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
8. | Make any investment inconsistent with the Fund's classification as a diversified company under the Investment Company Act. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Robert S. Kapito1
(64) |
Trustee
(since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Salim Ramji2
(50) |
Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
1 | Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
2 | Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Cecilia H. Herbert
(71) |
Trustee
(since 2005); Independent Board Chair (since 2016). |
Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.
|
Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019). | |||
Jane D. Carlin
(65) |
Trustee
(since 2015); Risk Committee Chair (since 2016). |
Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani
(66) |
Trustee
(since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Kerrigan
(65) |
Trustee
(since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019). |
Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
Other Directorships
Held by Trustee |
|||
Drew E. Lawton
(61) |
Trustee
(since 2017); 15(c) Committee Chair (since 2017). |
Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Martinez
(59) |
Trustee
(since 2003); Securities Lending Committee Chair (since 2019). |
Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav V. Rajan
(56) |
Trustee
(since 2011); Fixed Income Plus Committee Chair (since 2019). |
Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). |
Director of iShares, Inc. (since 2011);
Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
||
Armando Senra
(49) |
President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||
Trent Walker
(46) |
Treasurer and Chief Financial Officer
(since 2020). |
Managing Director of BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
Name (Age) | Position |
Principal Occupation(s)
During the Past 5 Years |
||
Charles Park
(53) |
Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Deepa Damre Smith
(45) |
Secretary (since 2019). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). | ||
Scott Radell
(52) |
Executive Vice President
(since 2012). |
Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). | ||
Alan Mason
(60) |
Executive Vice President
(since 2016). |
Managing Director, BlackRock, Inc. (since 2009). | ||
Marybeth Leithead
(58) |
Executive Vice President
(since 2019). |
Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016). |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
Robert S. Kapito | None | None | None | |||
Salim Ramji | iShares Broad USD Investment Grade Corporate Bond ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Commodity Curve Carry Strategy ETF | $50,001-$100,000 | |||||
iShares Core MSCI Emerging Markets ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $1-$10,000 | |||||
iShares Core S&P 500 ETF | $1-$10,000 | |||||
iShares Core S&P Mid-Cap ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $50,001-$100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI USA ESG Select ETF | $1-$10,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
iShares Core MSCI Emerging Markets ETF | $1-$10,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P U.S. Growth ETF | Over $100,000 | |||||
iShares Core S&P U.S. Value ETF | Over $100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | $10,001-$50,000 | |||||
iShares International Select Dividend ETF | $50,001-$100,000 | |||||
iShares MSCI EAFE ETF | $1-$10,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares MSCI USA Value Factor ETF | Over $100,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $10,001-$50,000 | |||||
Jane D. Carlin | iShares Core MSCI EAFE ETF | Over $100,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P Mid-Cap ETF | $10,001-$50,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core U.S. Aggregate Bond ETF | $50,001-$100,000 | |||||
iShares Global Tech ETF | $50,001-$100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | Over $100,000 | |||||
iShares MSCI ACWI ETF | Over $100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI USA Min Vol Factor ETF | $50,001-$100,000 | |||||
iShares Select Dividend ETF | $10,001-$50,000 | |||||
Richard L. Fagnani | iShares Core Dividend Growth ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares Exponential Technologies ETF | $10,001-$50,000 | |||||
iShares Global Clean Energy ETF | $10,001-$50,000 | |||||
iShares MBS ETF | $10,001-$50,000 | |||||
iShares MSCI All Country Asia ex Japan ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE Value ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Multifactor ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares MSCI Singapore ETF | $10,001-$50,000 | |||||
iShares MSCI USA Equal Weighted ETF | $10,001-$50,000 | |||||
iShares MSCI USA Quality Factor ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $10,001-$50,000 | |||||
iShares U.S. Infrastructure ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares Core MSCI EAFE ETF | $10,001-$50,000 | Over $100,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EM ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $1-$10,000 | |||||
iShares Global Clean Energy ETF | Over $100,000 | |||||
iShares Global Infrastructure ETF | Over $100,000 | |||||
iShares Global Tech ETF | $50,001-$100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | Over $100,000 | |||||
iShares MSCI KLD 400 Social ETF | $10,001-$50,000 | |||||
iShares MSCI USA ESG Select ETF | $1-$10,000 | |||||
iShares MSCI USA Min Vol Factor ETF | $10,001-$50,000 | |||||
iShares MSCI USA Quality Factor ETF | $10,001-$50,000 | |||||
iShares MSCI USA Value Factor ETF | $50,001-$100,000 | |||||
iShares U.S. Medical Devices ETF | $10,001-$50,000 | |||||
Drew E. Lawton | BlackRock Short Maturity Bond ETF | Over $100,000 | Over $100,000 | |||
BlackRock Ultra Short-Term Bond ETF | Over $100,000 | |||||
iShares 0-5 Year High Yield Corporate Bond ETF | $50,001-$100,000 | |||||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Expanded Tech Sector ETF | Over $100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Nasdaq Biotechnology ETF | $50,001-$100,000 | |||||
John E. Martinez | iShares 1-5 Year Investment Grade Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core 5-10 Year USD Bond ETF | Over $100,000 | |||||
iShares Core International Aggregate Bond ETF | Over $100,000 | |||||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Global Consumer Staples ETF | Over $100,000 |
Name | Fund |
Dollar Range of Equity
Securities in Named Fund |
Aggregate Dollar Range
of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
|||
iShares Russell 1000 ETF | Over $100,000 | |||||
iShares Russell 1000 Value ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
Madhav V. Rajan | BlackRock Short Maturity Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Broad USD High Yield Corporate Bond ETF | Over $100,000 | |||||
iShares Mortgage Real Estate ETF | Over $100,000 | |||||
iShares Preferred and Income Securities ETF | Over $100,000 |
Name |
iShares Yield
Optimized Bond ETF |
Pension or
Retirement Benefits Accrued As Part of Trust Expenses1 |
Estimated Annual
Benefits Upon Retirement1 |
Total
Compensation From the Fund and Fund Complex2 |
||||
Independent Trustees: | ||||||||
Jane D. Carlin | $86 | Not Applicable | Not Applicable | $350,000 | ||||
Richard L. Fagnani | 89 | Not Applicable | Not Applicable | 366,421 | ||||
Cecilia H. Herbert | 97 | Not Applicable | Not Applicable | 395,833 | ||||
John E. Kerrigan | 91 | Not Applicable | Not Applicable | 370,833 | ||||
Drew E. Lawton | 86 | Not Applicable | Not Applicable | 353,921 | ||||
John E. Martinez | 86 | Not Applicable | Not Applicable | 350,000 | ||||
Madhav V. Rajan | 86 | Not Applicable | Not Applicable | 350,000 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | Not Applicable | Not Applicable | $0 |
Name |
iShares Yield
Optimized Bond ETF |
Pension or
Retirement Benefits Accrued As Part of Trust Expenses1 |
Estimated Annual
Benefits Upon Retirement1 |
Total
Compensation From the Fund and Fund Complex2 |
||||
Salim Ramji | 0 | Not Applicable | Not Applicable | 0 |
1 | No Trustee or officer is entitled to any pension or retirement benefits from the Trust. |
2 | Also includes compensation for service on the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. |
Name and Address |
Percentage
of Ownership |
|
Charles Schwab & Co., Inc.
101 Montgomery Street San Francisco, CA 94014 |
22.46% | |
National Financial Services LLC
499 Washington Blvd Jersey City, NJ 07310 |
21.74% | |
TD Ameritrade Clearing, Inc.
4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
15.01% | |
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub
101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.65% | |
The Bank of New York Mellon
111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
6.41% | |
Raymond, James & Associates, Inc.
880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
5.18% | |
Pershing LLC
One Pershing Plaza Jersey City, NJ 07399 |
5.07% |
Management
Fee for Fiscal Year Ended October 31, 2020 |
Fund
Inception Date |
Management
Fees Paid Net of Waivers for Fiscal Year Ended October 31, 2020 |
Management
Fees Paid Net of Waivers for Fiscal Year Ended October 31, 2019 |
Management
Fees Paid Net of Waivers for Fiscal Year Ended October 31, 2018 |
||||
0.28%1 | 04/22/14 | $0 | $0 | $0 |
1 | BFA has contractually agreed to waive its management fee through February 28, 2026. The contractual waiver may be terminated prior to February 28, 2026 only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2020, October 31, 2019 and October 31, 2018, BFA waived $522,417, $164,997 and $101,167 of its management fees, respectively. |
James Mauro | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 98 | $467,820,000,000 | ||
Other Pooled Investment Vehicles | 30 | 122,075,000,000 | ||
Other Accounts | 25 | 18,490,000,000 |
Karen Uyehara | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 48 | $253,852,000,000 | ||
Other Pooled Investment Vehicles | 36 | 96,823,000,000 | ||
Other Accounts | 36 | 70,094,000,000 |
James Mauro | ||||
Types of Accounts |
Number of Other
Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Karen Uyehara | ||||
Types of Accounts |
Number of Other
Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Fund
Inception Date |
Administration, Custody
& Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 |
Administration, Custody
& Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2019 |
Administration, Custody
& Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2018 |
|||
04/22/14 | $15,997 | $15,375 | $12,158 |
Fund |
iShares Yield
Optimized Bond ETF |
Gross income from
securities lending activities |
$428,300 |
Fees and/or compensation
for securities lending activities and related services |
|
Securities lending
income paid to BTC for services as securities lending agent |
48,871 |
Cash collateral
management expenses not included in securities lending income paid to BTC |
12,469 |
Administrative fees not
included in securities lending income paid to BTC |
0 |
Indemnification fees not
included in securities lending income paid to BTC |
0 |
Rebates (paid to
borrowers) |
144,326 |
Fund |
iShares Yield
Optimized Bond ETF |
Other fees not
included in securities lending income paid to BTC |
0 |
Aggregate
fees/compensation for securities lending activities |
$205,666 |
Net income from securities
lending activities |
$222,634 |
Fund
Inception Date |
Brokerage
Commissions Paid During Fiscal Year Ended October 31, 2020 |
Brokerage
Commissions Paid During Fiscal Year Ended October 31, 2019 |
Brokerage
Commissions Paid During Fiscal Year Ended October 31, 2018 |
|||
04/22/14 | $47,240 | $ 7,239 | $4,001 |
Fiscal Year ended
Oct. 31, 2020 |
Fiscal Year ended
Oct. 31, 2019 |
||
118% | 58% |
Shares Per
Creation Unit |
Approximate
Value Per Creation Unit (U.S.$) |
|
50,000 | $1,295,500 |
Standard Creation
Transaction Fee |
Maximum Additional
Charge* |
|
$100 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Standard Redemption
Transaction Fee |
Maximum Additional
Charge* |
|
$100 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long -term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public
Company CEO |
# Outside
Public Boards* |
Total # of
Public Boards |
|||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined
Chair / CEO Model |
Separate
Chair Model |
||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors |
Attends full meetings of the board of directors
Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
iShares Trust
File Nos. 333-92935 and 811-09729
Part C
Other Information
Item 28. |
Exhibits: |
PEA # 2,442
- 2 -
- 3 -
- 4 -
Item 29. |
Persons Controlled By or Under Common Control with Registrant: |
None.
Item 30. |
Indemnification: |
The Trust (also referred to in this section as the “Fund”) is organized as a Delaware statutory trust and is operated pursuant to an Amended and Restated Agreement and Declaration of Trust (the “Declaration of Trust”) that permits the Trust to indemnify its trustees and officers under certain circumstances. Such indemnification, however, is subject to the limitations imposed by the Securities Act of 1933, as amended (the “1933 Act”), and the Investment Company Act of 1940, as amended (the “1940 Act”).
Section 10.2 of the Declaration of Trust:
The Declaration of Trust provides that every person who is, or has been, a trustee or officer of the Trust (a “Covered Person”) shall be indemnified by the Trust to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid in connection with any claim, action, suit, proceeding in which he or she becomes involved as a party or otherwise by virtue of being or having been a trustee or officer and against amounts paid as incurred in the settlement thereof. However, no indemnification shall be provided to a Covered Person:
(i) who shall have been adjudicated by a court or body before which the proceeding was brought (a) to be liable to the Trust or its shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office or (b) not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust; or
(ii) in the event of a settlement, unless there has been a determination that such trustee or officer did not engage in willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office: (a) by the court or other body approving the settlement; (b) by at least a majority of those trustees who neither are “interested persons” (as defined in the 1940 Act) of the Trust nor are parties to the matter based upon a review of readily-available facts (as opposed to a full trial-type inquiry); or (c) by written opinion of independent legal counsel based upon a review of readily-available facts (as opposed to a full trial-type inquiry); provided, however, that any shareholder, by appropriate legal proceedings, may challenge any such determination by the trustees or by independent counsel.
Article IX of the Registrant’s Amended and Restated By-Laws:
The Amended and Restated By-Laws provides that the Trust may purchase and maintain insurance on behalf of any Covered Person or employee of the Trust, including any Covered Person or employee of the Trust who is or was serving at the request of the Trust as a trustee, officer, or employee of a corporation, partnership, association, joint venture, trust, or other enterprise, against any liability asserted against and incurred by such Covered Person or employee in any such capacity or arising out of his or her status as such, whether or not the trustees would have the power to indemnify him or her against such liability. The Trust may not acquire or obtain a contract for insurance that protects or purports to protect any trustee or officer of the Trust against any liability to the Trust or its Shareholders to which such trustee or officer otherwise would be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.
1933 Act:
Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers and controlling persons of the Fund pursuant to the foregoing provisions, or otherwise, the Fund has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Fund of expenses incurred or paid by a director, officer or controlling person of the Fund in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Fund will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.
Section 17 of the Master Services Agreement between Registrant and State Street:
The Master Services Agreement provides that State Street will indemnify, defend and hold harmless the applicable Fund, its Affiliates, and its respective officers, directors, employees, agents and permitted successors and assigns from any and all damages, fines,
- 5 -
penalties, deficiencies, losses, liabilities (including judgments and amounts reasonably paid in settlement) and expenses (including interest, court costs, reasonable fees and expenses of attorneys, accountants and other experts or other reasonable fees and expenses of litigation or other proceedings or of any claim, default or assessment) (“Losses”) arising from or in connection with any third party claim or threatened third party claim to the extent that such Losses are based on or arising out of any of the following: (a) breach by State Street or any State Street Personnel of any of its data protection, information security or confidentiality obligations hereunder or under a Service Module to which such Fund is a signatory; (b) any claim of infringement or misappropriation of any Intellectual Property Right alleged to have occurred because of systems or other Intellectual Property provided by or on behalf of State Street or based upon the performance of the Services (collectively, the “State Street Infringement Items”), except to the extent that such infringement or misappropriation relates to or results from; (i) changes made by any Fund or by a third party at the direction of a Fund to the State Street Infringement Items; (ii) changes to the State Street Infringement Items recommended by State Street and not made due to a request from any Fund, provided that State Street has notified such Fund that failure to implement such recommendation would result in infringement within a reasonable amount of time for such Fund to so implement following such notification; (iii) any Fund’s combination of the State Street Infringement Items with products or services not provided or approved in writing by State Street, except to the extent such combination arises out of any Fund’s use of the State Street Infringement Items in a manner consistent with the applicable business requirements documentation; (iv) designs or specifications that in themselves infringe and that are provided by or at the direction of any Fund (except in the event of a knowing infringement by State Street); or (v) use by a Fund of any of the State Street Infringement Items in a manner that is not consistent with the applicable business requirements documentation or otherwise not permitted under the Master Services Agreement or any Service Module; (c) any claim or action by, on behalf of, or related to, any prospective, then-current or former employees of State Street, arising from or in connection with a Service Module to which a Fund is a signatory, including: (i) any claim arising under occupational health and safety, worker’s compensation, ERISA or other applicable Law; (ii) any claim arising from the interview or hiring practices, actions or omissions of employees of State Street; (iii) any claim relating to any violation by employees of State Street, or its respective officers, directors, employees, representatives or agents, of any Law or any common law protecting persons or members of protected classes or categories, such laws or regulations prohibiting discrimination or harassment on the basis of a protected characteristic; and (iv) any claim based on a theory that such Fund is an employer or joint employer of any such prospective, then-current or former employees of State Street; (d) the failure by State Street to obtain, maintain, or comply with any governmental approvals as required under the Master Services Agreement and/or a Service Module to which such Fund is a signatory or such other failures as otherwise agreed by the Parties from time to time; (e) claims by third parties arising from claims by governmental authorities against such Customer for fines, penalties, sanctions, late fees or other remedies to the extent arising from or in connection with State Street’s failure to perform its responsibilities under the Master Services Agreement or any Service Module (except to the extent a Fund is not permitted as a matter of public policy to have such an indemnity for financial penalties arising from criminal actions); (f) claims by clients of State Street relating to services, products or systems provided by State Street or a Subcontractor to such client(s) in a shared or leveraged environment; (g) any claim initiated by an Affiliate or potential or actual Subcontractor of State Street asserting rights in connection with a Service Module to which such Fund is a signatory; or (h) other claims as otherwise agreed by the Parties from time to time.
Each Party will indemnify, defend and hold harmless the other Party and their respective officers, directors, employees, agents, successors and assigns from any and all Losses arising from or in connection with any of the following, including Losses arising from or in connection with any third party claim or threatened third party claim: (a) the death or bodily injury of an agent, employee, customer, business invitee or business visitor or other person caused by the tortious or criminal conduct of the other Party; or (b) the damage, loss or destruction of real or tangible personal property caused by the tortious or criminal conduct of the other Party.
Section 8.02 of the Distribution Agreement between Registrant and BRIL:
The Distribution Agreement provides that the Trust agrees to indemnify, defend and hold harmless, BRIL, each of its directors, officers, principals, representatives, employees and each person, if any, who controls BRIL within the meaning of Section 15 of the 1933 Act (collectively, the “BRIL Indemnified Parties”) on an as-incurred basis from and against any and all losses, claims, damages or liabilities whatsoever (including any investigation, legal or other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) (collectively, “Losses”) to which the BRIL Indemnified Parties become subject, arising out of or based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading and (ii) any breach of any representation, warranty or covenant made by the Trust in this Agreement; provided, however, that the Trust shall not be liable in any such case to the extent that any Loss arises out of or is based upon (A) an untrue statement or alleged untrue statement or omission or alleged omission made in the Prospectus about BRIL in reliance upon and in conformity with written information furnished to the Trust by BRIL expressly for use therein; (B) BRIL’s own willful misfeasance, willful misconduct or gross negligence or BRIL’s reckless disregard of its obligations under this Agreement or arising out of the failure of BRIL to deliver a current Prospectus; or (C) BRIL’s material breach of this Agreement.
- 6 -
The Distribution Agreement also provides that BRIL agrees to indemnify and hold harmless the Trust, each of its trustees, officers, employees and each person, if any, who controls the Trust within the meaning of Section 15 of the 1933 Act (collectively, the “Trust Indemnified Parties”) from and against any and all losses to which the Trust Indemnified Parties become subject, arising out of or based upon (i) any untrue statement or alleged untrue statement of a material fact contained in the Prospectus or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, in reliance upon and in conformity with written information furnished to the Trust by BRIL about BRIL expressly for use therein; (ii) any breach of any representation, warranty or covenant made by BRIL in the Distribution Agreement; and (iii) the actions or omissions of any person acting under the supervision of BRIL in providing services under the Distribution Agreement; provided, however, that BRIL shall not be liable in any such case to the extent that any loss arises out of or is based upon (A) the Trust’s own willful misfeasance, willful misconduct or gross negligence or the Trust’s reckless disregard of its obligations under the Distribution Agreement or (B) the Trust’s material breach of the Distribution Agreement.
The Authorized Participant Agreement:
The Authorized Participant Agreement provides that the Authorized Participant (the “Participant”) agrees to indemnify and hold harmless the Fund and its respective subsidiaries, affiliates, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each an “Indemnified Party”) from and against any loss, liability, cost and expense (including attorneys’ fees) incurred by such Indemnified Party as a result of (i) any breach by the Participant of any provision of the Authorized Participant Agreement that relates to the Participant; (ii) any failure on the part of the Participant to perform any of its obligations set forth in the Authorized Participant Agreement; (iii) any failure by the Participant to comply with applicable laws, including rules and regulations of self-regulatory organizations; or (iv) actions of such Indemnified Party in reliance upon any instructions issued in accordance with Annex II, III or IV (as each may be amended from time to time) of the Authorized Participant Agreement reasonably believed by the distributor and/or the transfer agent to be genuine and to have been given by the Participant.
Section 5.1 of the Third Amended and Restated Securities Lending Agency Agreement:
The Third Amended and Restated Securities Lending Agency Agreement provides that the Trust on behalf of each Fund agrees to indemnify BTC and to hold it harmless from and against any and all costs, expenses, damages, liabilities or claims (including reasonable fees and expenses of counsel) which BTC may sustain or incur or which may be asserted against BTC by reason of or as a result of any action taken or omitted by BTC in connection with or arising out of BTC’s operating under and in compliance with this Agreement, except those costs, expenses, damages, liabilities or claims arising out of BTC’s negligence, bad faith, willful misconduct, or reckless disregard of its obligations and duties hereunder. Actions taken or omitted in reasonable reliance upon Oral Instructions or Written Instructions, any Certificate, or upon any information, order, indenture, stock certificate, power of attorney, assignment, affidavit or other instrument reasonably believed by BTC to be genuine or bearing the signature of a person or persons reasonably believed by BTC to be genuine or bearing the signature of a person or persons reasonably believed to be authorized to sign, countersign or execute the same, shall be presumed to have been taken or omitted in good faith.
The Third Amended and Restated Securities Lending Agency Agreement also provides that BTC shall indemnify and hold harmless the Trust and each Fund, its Board of Trustees and its agents and BFA and any investment adviser for the Funds from any and all loss, liability, costs, damages, actions, and claims (“Loss”) to the extent that any such Loss arises out of the material breach of this Agreement by or negligent acts or omissions or willful misconduct of BTC, its officers, directors or employees or any of its agents or subcustodians in connection with the securities lending activities undertaken pursuant to this Agreement, provided that BTC’s indemnification obligation with respect to the acts or omissions of its subcustodians shall not exceed the indemnification provided by the applicable subcustodian to BTC.
The Participation Agreement:
The Form of Participation Agreement generally provides that each Investing Fund agrees to hold harmless and indemnify the iShares Funds, including any of their principals, directors or trustees, officers, employees and agents, against and from any and all losses, expenses or liabilities incurred by or claims or actions (“Claims”) asserted against the iShares Funds, including any of their principals, directors or trustees, officers, employees and agents, to the extent such Claims result from (i) a violation or alleged violation by such Investing Fund of any provision of this Agreement or (ii) a violation or alleged violation by such Investing Fund of the terms and conditions of the iShares Order, such indemnification to include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending such Claims.
- 7 -
The iShares Funds agree to hold harmless and indemnify an Investing Fund, including any of its directors or trustees, officers, employees and agents, against and from any Claims asserted against the Investing Fund, including any of its directors or trustees, officers, employees and agents, to the extent such Claims result from (i) a violation or alleged violation by the iShares Fund of any provision of this Agreement or (ii) a violation or alleged violation by the iShares Fund of the terms and conditions of the iShares Order, such indemnification to include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending such Claims; provided that no iShares Fund shall be liable for indemnifying any Investing Fund for any Claims resulting from violations that occur as a result of incomplete or inaccurate information provided by the Investing Fund to such iShares Fund pursuant to terms and conditions of the iShares Order or this Agreement.
Sublicense Agreements between the Registrant and BFA:
The Sublicense Agreements generally provide that the Trust shall indemnify and hold harmless BFA, its officers, employees, agents, successors, and assigns against all judgments, damages, costs or losses of any kind (including reasonable attorneys’ and experts’ fees) resulting from any claim, action or proceeding (collectively “claims”) that arises out of or relates to (a) the creation, marketing, advertising, selling, and operation of the Trust or interests therein, (b) any breach by BFA of its covenants, representations, and warranties under the “License Agreement” caused by the actions or inactions of the Trust, or (c) any violation of applicable laws (including, but not limited to, banking, commodities, and securities laws) arising out of the offer, sale, operation, or trading of the Trust or interests therein, except to the extent such claims result from the negligence, gross negligence or willful misconduct of BFA or an affiliate of BFA. The provisions of this section shall survive termination of this Sublicense Agreement.
Item 31. |
Business and Other Connections of the Investment Adviser: |
The Trust is advised by BFA, an indirect wholly owned subsidiary of BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. BFA’s business is that of a registered investment adviser to certain open-end, management investment companies and various other institutional investors.
The directors and officers of BFA consist primarily of persons who during the past two years have been active in the investment management business. To the knowledge of the Registrant, except as set forth below, none of the directors or executive officers of BFA is or has been at any time during the past two fiscal years engaged in any other business, profession, vocation or employment of a substantial nature. Information as to the executive officers and directors of BFA is included in its Form ADV filed with the SEC (File No. 801-22609) and is incorporated herein by reference.
Director or Officer | Capacity with BFA |
Principal Business(es) During Last Two Fiscal Years |
||
FINK, LAURENCE DOUGLAS | CHIEF EXECUTIVE OFFICER | Chairman and Chief Executive Officer of BlackRock, Inc. | ||
GOLDSTEIN, ROBERT LAWRENCE | CHIEF OPERATING OFFICER AND DIRECTOR | Senior Managing Director and Chief Operating Officer of BlackRock, Inc. | ||
KAPITO, ROBERT STEVEN | PRESIDENT | President and Director of BlackRock, Inc. | ||
MEADE, CHRISTOPHER JOSEPH | GENERAL COUNSEL AND CHIEF LEGAL OFFICER | Senior Managing Director and Chief Legal Officer of BlackRock, Inc. | ||
PARK, CHARLES CHOON SIK | CHIEF COMPLIANCE OFFICER | Managing Director of BlackRock, Inc. and Chief Compliance Officer of BlackRock’s registered investment companies | ||
SHEDLIN, GARY STEPHEN | CHIEF FINANCIAL OFFICER AND DIRECTOR | Senior Managing Director and Chief Financial Officer of BlackRock Inc. | ||
WALTCHER, DANIEL RUSSELL | DIRECTOR | Managing Director and Deputy General Counsel of BlackRock, Inc. |
BIL acts as sub-adviser for a number of affiliated registered investment companies advised by BFA. The address of each of these registered investment companies is 400 Howard Street, San Francisco, CA 94105. The address of BIL is Exchange Place One, 1 Semple Street, Edinburgh, EH3 8BL, United Kingdom. To the knowledge of the Registrant, except as set forth below, none of the directors or executive officers of BIL is or has been at any time during the past two fiscal years engaged in any other business, profession, vocation or employment of a substantial nature. Information as to the executive officers and directors of BIL is included in its Form ADV filed with the SEC (File No. 801-51087) and is incorporated herein by reference.
- 8 -
Director or Officer | Capacity with BIL |
Principal Business(es) During Last Two Fiscal
Years |
||
CHARRINGTON, NICHOLAS JAMES | DIRECTOR | Senior Adviser and Non-Executive Chairman of EMEA of BlackRock, Inc., Non-Executive Director of BlackRock Group Limited BlackRock Investment Management (UK) Limited, BlackRock Advisors (UK) Limited and BIL (collectively, the “Joint Boards”) | ||
CLAUSEN, CHRISTIAN | DIRECTOR | Senior Advisor of BlackRock, Inc. | ||
DE FREITAS, ELEANOR JUDITH | DIRECTOR | Managing Director of BlackRock, Inc. | ||
FISHWICK, JAMES EDWARD | DIRECTOR | Managing Director of BlackRock, Inc. | ||
HANDLING, ERICA LOUISE | GENERAL COUNSEL | Managing Director of BlackRock, Inc. | ||
LORD, RACHEL | CHIEF EXECUTIVE OFFICER AND DIRECTOR | Senior Managing Director of BlackRock, Inc. | ||
GIBSON, NICHOLAS, JOHN | CHIEF COMPLIANCE OFFICER | Managing Director of BlackRock, Inc. | ||
MULLIN, STACEY JANE | CHIEF OPERATING OFFICER AND DIRECTOR | Managing Director of BlackRock, Inc. | ||
MCDONALD, COLIN, ALISTAIR | CHIEF FINANCIAL OFFICER | Managing Director of BlackRock, Inc., Director of BlackRock Inc. | ||
YOUNG, MARGARET ANNE | DIRECTOR | Non-Executive Director of the Joint Boards |
Item 32. |
Principal Underwriters: |
(a) |
Furnish the name of each investment company (other than the Registrant) for which each principal underwriter currently distributing the securities of the Registrant also acts as a principal underwriter, distributor or investment adviser. |
BRIL, the distributor of certain funds, acts as the principal underwriter or placement agent, as applicable, for each of the following open-end registered investment companies including certain funds of the Registrant:
BlackRock Advantage Global Fund, Inc. | BlackRock Liquidity Funds | |
BlackRock Advantage U.S. Total Market Fund, Inc. | BlackRock Long-Horizon Equity Fund | |
BlackRock Allocation Target Shares | BlackRock Mid Cap Dividend Series, Inc. | |
BlackRock Asian Dragon Fund, Inc. | BlackRock Multi-State Municipal Series Trust | |
BlackRock Balanced Capital Fund, Inc. | BlackRock Municipal Bond Fund, Inc. | |
BlackRock Basic Value Fund, Inc. | BlackRock Municipal Series Trust | |
BlackRock Bond Fund, Inc. | BlackRock Natural Resources Trust | |
BlackRock California Municipal Series Trust | BlackRock Series Fund, Inc. | |
BlackRock Capital Appreciation Fund, Inc. | BlackRock Series Fund II, Inc | |
BlackRock Emerging Markets Fund, Inc. | BlackRock Series, Inc. | |
BlackRock Equity Dividend Fund | BlackRock Strategic Global Bond Fund, Inc. | |
BlackRock ETF Trust | BlackRock Variable Series Funds, Inc. |
- 9 -
BlackRock EuroFund | BlackRock Variable Series Funds II, Inc. | |
BlackRock Financial Institutions Series Trust | iShares, Inc. | |
BlackRock FundsSM | iShares U.S. ETF Trust | |
BlackRock Funds II | Managed Account Series | |
BlackRock Funds III | Managed Account Series II | |
BlackRock Funds IV | Master Advantage U.S. Total Market LLC | |
BlackRock Funds V | Master Bond LLC | |
BlackRock Funds VI | Master Focus Growth LLC | |
BlackRock Global Allocation Fund, Inc. | Master Investment Portfolio | |
BlackRock Index Funds, Inc. | Master Investment Portfolio II | |
BlackRock Large Cap Focus Growth Fund, Inc. | Master Large Cap Series LLC | |
BlackRock Large Cap Series Funds, Inc. | Quantitative Master Series LLC | |
BlackRock Latin America Fund, Inc. | Ready Assets Government Liquidity Fund |
BRIL also acts as the distributor or placement agent for the following closed-end registered investment companies:
BlackRock Credit Strategies Fund |
BlackRock Health Sciences Trust |
BlackRock MuniAssets Fund, Inc. |
BlackRock Science and Technology Trust |
BlackRock Utilities, Infrastructure & Power Opportunities Trust |
BRIL provides numerous financial services to BlackRock-advised funds and is the distributor of BlackRock’s open-end funds. These services include coordinating and executing Authorized Participation Agreements, preparing, reviewing and providing advice with respect to all sales literature and responding to Financial Industry Regulatory Authority comments on marketing materials.
(b) |
Set forth below is information concerning each director and officer of BRIL. The principal business address for each such person is 55 East 52nd Street, New York, NY 10055. |
Name |
Position(s) and Office(s) with BRIL |
Position(s) and Office(s) with Registrant |
||
Abigail Reynolds | Chairman and Member, Board of Managers, and Chief Executive Officer | None | ||
Christopher Meade | Chief Legal Officer, General Counsel and Senior Managing Director | None | ||
Lauren Bradley | Chief Financial Officer and Vice President | None | ||
Gregory Rosta | Chief Compliance Officer and Director | None | ||
Jon Maro | Chief Operating Officer and Director | None | ||
Andrew Dickson | Secretary and Managing Director | None | ||
Terri Slane | Assistant Secretary and Director | None | ||
Anne Ackerley | Member, Board of Managers, and Managing Director | None | ||
Michael Bishopp | Managing Director | None | ||
Thomas Callahan | Member, Board of Managers, and Managing Director | None | ||
Samara Cohen | Managing Director | None | ||
Jonathan Diorio | Managing Director | None | ||
Lisa Hill | Managing Director | None | ||
Brendan Kyne | Managing Director | None | ||
Paul Lohrey | Managing Director | None | ||
Martin Small | Member, Board of Managers, and Managing Director | None | ||
Jonathan Steel | Managing Director | None | ||
Ariana Brown | Director | None | ||
Chris Nugent | Director | None | ||
Lourdes Sanchez | Vice President | None | ||
Lisa Belle | Anti-Money Laundering Officer | Anti-Money Laundering Compliance Officer | ||
Zach Buchwald | Member, Board of Managers | None | ||
Gerald Pucci | Member, Board of Managers | None | ||
Philip Vasan | Member, Board of Managers | None |
- 10 -
(c) |
Not applicable. |
Item 33. |
Location of Accounts and Records: |
(a) |
The Trust maintains accounts, books and other documents required by Section 31(a) of the 1940 Act and the rules thereunder (collectively, the “Records”) at the offices of State Street, 1 Lincoln Street, Mail Stop SFC0805, Boston, MA 02111. |
(b) |
BFA and/or its affiliates maintains all Records relating to its services as investment adviser at 400 Howard Street, San Francisco, CA 94105. |
(c) |
BRIL maintains all Records relating to its services as distributor of certain Funds at 1 University Square Drive, Princeton, NJ 08540. |
(d) |
State Street maintains all Records relating to its services as transfer agent at 1 Heritage Drive, North Quincy, MA 02171. State Street maintains all Records relating to its services as fund accountant and custodian at 1 Lincoln Street, Mail Stop SFC0805, Boston, MA 02111. |
(e) |
BlackRock International Limited maintains all Records relating to its functions as current or former sub-adviser at Exchange Place One, 1 Semple Street, Edinburgh, EH3 8BL, United Kingdom. |
Item 34. |
Management Services: |
Not applicable.
Item 35. |
Undertakings: |
Not applicable.
- 11 -
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all the requirements for the effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 2,442 to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of San Francisco and the State of California on the 23rd day of February, 2021.
iSHARES TRUST | ||
By: |
|
|
Armando Senra* | ||
President | ||
Date: | February 23, 2021 |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 2,442 to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
By: |
|
|
Salim Ramji* | ||
Trustee | ||
Date: | February 23, 2021 | |
|
||
John E. Martinez* | ||
Trustee | ||
Date: | February 23, 2021 | |
|
||
Cecilia H. Herbert* | ||
Trustee | ||
Date: | February 23, 2021 | |
|
||
John E. Kerrigan* | ||
Trustee | ||
Date: | February 23, 2021 | |
|
||
Robert S. Kapito* | ||
Trustee | ||
Date: | February 23, 2021 |
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* |
- 13 -
Exhibit Index
- 14 -
Exhibit (h.2)
EXHIBIT A
LIST OF BFA RECIPIENTS
LIST OF BFA RECIPIENTS
iShares, Inc.
iShares Asia/Pacific Dividend ETF |
iShares Core MSCI Emerging Markets ETF |
iShares Currency Hedged MSCI Emerging Markets ETF |
iShares Emerging Markets Dividend ETF |
iShares ESG Aware MSCI EM ETF |
iShares International High Yield Bond ETF |
iShares J.P. Morgan EM Corporate Bond ETF iShares J.P. Morgan EM High Yield Bond ETF |
iShares J.P. Morgan EM Local Currency Bond ETF |
iShares MSCI Australia ETF |
iShares MSCI Austria ETF |
iShares MSCI Belgium ETF |
iShares MSCI Brazil ETF |
iShares MSCI BRIC ETF |
iShares MSCI Canada ETF |
iShares MSCI Chile ETF iShares MSCI Colombia ETF iShares MSCI Emerging Markets Asia ETF |
iShares MSCI Emerging Markets ETF |
iShares MSCI Emerging Markets ex China ETF iShares MSCI Emerging Markets Min Vol Factor ETF iShares MSCI Emerging Markets Multifactor ETF |
iShares MSCI Emerging Markets Small-Cap ETF |
iShares MSCI Eurozone ETF |
iShares MSCI France ETF |
iShares MSCI Frontier 100 ETF |
iShares MSCI Germany ETF iShares MSCI Global Agriculture Producers ETF iShares MSCI Global Energy Producers ETF iShares MSCI Global Gold Miners ETF iShares MSCI Global Metals & Mining Producers ETF iShares MSCI Global Min Vol Factor ETF iShares MSCI Global Silver and Metals Miners ETF |
iShares MSCI Hong Kong ETF |
iShares MSCI Israel ETF |
iShares MSCI Italy ETF |
iShares MSCI Japan ETF |
iShares MSCI Japan Small-Cap ETF |
iShares MSCI Malaysia ETF |
iShares MSCI Mexico ETF |
iShares MSCI Netherlands ETF |
iShares MSCI Pacific ex Japan ETF iShares MSCI Russia ETF |
iShares MSCI Singapore ETF |
iShares MSCI South Africa ETF |
iShares MSCI South Korea ETF |
iShares MSCI Spain ETF |
iShares MSCI Sweden ETF |
iShares MSCI Switzerland ETF |
iShares MSCI Taiwan ETF |
iShares MSCI Thailand ETF |
iShares MSCI Turkey ETF |
iShares MSCI USA Equal Weighted ETF iShares MSCI World ETF |
iShares US & Intl High Yield Corp Bond ETF |
iShares Trust
iShares 0-3 Month Treasury Bond ETF iShares 0-5 Year High Yield Corporate Bond ETF iShares 0-5 Year Investment Grade Corporate Bond ETF iShares 0-5 Year TIPS Bond ETF iShares 1-3 Year International Treasury Bond ETF iShares 1-3 Year Treasury Bond ETF iShares 1-5 Year Investment Grade Corporate Bond ETF iShares 3-7 Year Treasury Bond ETF iShares 5-10 Year Investment Grade Corporate Bond ETF iShares 7-10 Year Treasury Bond ETF iShares 10+ Year Investment Grade Corporate Bond ETF iShares 10-20 Year Treasury Bond ETF iShares 20+ Year Treasury Bond ETF iShares 25+ Year Treasury STRIPS Bond ETF iShares Aaa - A Rated Corporate Bond ETF iShares Adaptive Currency Hedged MSCI EAFE ETF iShares Agency Bond ETF iShares Asia 50 ETF iShares BB Rated Corporate Bond ETF iShares Broad USD High Yield Corporate Bond ETF iShares Broad USD Investment Grade Corporate Bond ETF iShares California Muni Bond ETF iShares China Large-Cap ETF iShares CMBS ETF iShares Cohen & Steers REIT ETF iShares Convertible Bond ETF iShares Core 1-5 Year USD Bond ETF iShares Core 5-10 Year USD Bond ETF iShares Core 10+ Year USD Bond ETF iShares Core Aggressive Allocation ETF iShares Core Conservative Allocation ETF iShares Core Dividend Growth ETF iShares Core Growth Allocation ETF iShares Core High Dividend ETF |
iShares Core International Aggregate Bond ETF |
iShares Core Moderate Allocation ETF |
iShares Core MSCI EAFE ETF |
iShares Core MSCI Europe ETF |
iShares Core MSCI International Developed Markets ETF |
iShares Core MSCI Pacific ETF |
iShares Core MSCI Total International Stock ETF |
iShares Core S&P 500 ETF |
iShares Core S&P Mid-Cap ETF |
iShares Core S&P Small-Cap ETF |
iShares Core S&P Total U.S. Stock Market ETF |
iShares Core S&P U.S. Growth ETF |
iShares Core S&P U.S. Value ETF |
iShares Core Total USD Bond Market ETF |
iShares Core U.S. Aggregate Bond ETF |
iShares Core U.S. REIT ETF |
iShares Currency Hedged JPX-Nikkei 400 ETF |
iShares Currency Hedged MSCI ACWI ex U.S. ETF |
iShares Currency Hedged MSCI Canada ETF |
iShares Currency Hedged MSCI EAFE ETF |
iShares Currency Hedged MSCI EAFE Small-Cap ETF |
iShares Currency Hedged MSCI Eurozone ETF |
iShares Currency Hedged MSCI Germany ETF |
iShares Currency Hedged MSCI Japan ETF |
iShares Currency Hedged MSCI Mexico ETF |
iShares Currency Hedged MSCI United Kingdom ETF |
iShares Cybersecurity and Tech ETF |
iShares Dow Jones U.S. ETF |
iShares Emerging Markets Infrastructure ETF |
iShares ESG Advanced High Yield Corporate Bond ETF |
iShares ESG Advanced MSCI EAFE ETF |
iShares ESG Advanced MSCI EM ETF |
iShares ESG Advanced MSCI USA ETF |
iShares ESG Advanced Total USD Bond Market ETF |
iShares ESG Aware 1-5 Year USD Corporate Bond ETF |
iShares ESG Aware Aggressive Allocation ETF |
iShares ESG Aware Conservative Allocation ETF |
iShares ESG Aware Growth Allocation ETF |
iShares ESG Aware Moderate Allocation ETF |
iShares ESG Aware MSCI EAFE ETF |
iShares ESG Aware MSCI USA ETF |
iShares ESG Aware MSCI USA Small-Cap ETF |
iShares ESG Aware U.S. Aggregate Bond ETF |
iShares ESG Aware USD Corporate Bond ETF |
iShares ESG MSCI EM Leaders ETF |
iShares ESG MSCI USA Leaders ETF |
iShares ESG Screened S&P 500 ETF |
iShares ESG Screened S&P Mid-Cap ETF |
iShares ESG Screened S&P Small-Cap ETF |
iShares Europe ETF |
iShares Expanded Tech Sector ETF |
iShares Expanded Tech-Software Sector ETF |
iShares Exponential Technologies ETF |
iShares Factors US Blend Style ETF |
iShares Factors US Growth Style ETF |
iShares Factors US Mid Blend Style ETF |
iShares Factors US Small Blend Style ETF |
iShares Factors US Value Style ETF |
iShares Fallen Angels USD Bond ETF |
iShares Floating Rate Bond ETF |
iShares Focused Value Factor ETF |
iShares Genomics Immunology and Healthcare ETF |
iShares Global 100 ETF |
iShares Global Clean Energy ETF |
iShares Global Comm Services ETF |
iShares Global Consumer Discretionary ETF |
iShares Global Consumer Staples ETF |
iShares Global Energy ETF |
iShares Global Financials ETF |
iShares Global Green Bond ETF |
iShares Global Healthcare ETF |
iShares Global Industrials ETF |
iShares Global Infrastructure ETF |
iShares Global Materials ETF |
iShares Global REIT ETF |
iShares Global Tech ETF |
iShares Global Timber & Forestry ETF |
iShares Global Utilities ETF |
iShares GNMA Bond ETF |
iShares Government/Credit Bond ETF |
iShares High Yield Bond Factor ETF |
iShares iBonds 2021 Term High Yield and Income ETF |
iShares iBonds 2022 Term High Yield and Income ETF |
iShares iBonds 2023 Term High Yield and Income ETF |
iShares iBonds 2024 Term High Yield and Income ETF |
iShares iBonds 2025 Term High Yield and Income ETF |
iShares iBonds 2026 Term High Yield and Income ETF |
iShares iBonds Dec 2021 Term Corporate ETF |
iShares iBonds Dec 2021 Term Muni Bond ETF |
iShares iBonds Dec 2021 Term Treasury ETF |
iShares iBonds Dec 2022 Term Corporate ETF |
iShares iBonds Dec 2022 Term Muni Bond ETF |
iShares iBonds Dec 2022 Term Treasury ETF |
iShares iBonds Dec 2023 Term Corporate ETF |
iShares iBonds Dec 2023 Term Muni Bond ETF |
iShares iBonds Dec 2023 Term Treasury ETF |
iShares iBonds Dec 2024 Term Corporate ETF |
iShares iBonds Dec 2024 Term Muni Bond ETF |
iShares iBonds Dec 2024 Term Treasury ETF |
iShares iBonds Dec 2025 Term Corporate ETF |
iShares iBonds Dec 2025 Term Muni Bond ETF |
iShares iBonds Dec 2025 Term Treasury ETF |
iShares iBonds Dec 2026 Term Corporate ETF |
iShares iBonds Dec 2026 Term Muni Bond ETF |
iShares iBonds Dec 2026 Term Treasury ETF |
iShares iBonds Dec 2027 Term Corporate ETF |
iShares iBonds Dec 2027 Term Muni Bond ETF |
iShares iBonds Dec 2027 Term Treasury ETF |
iShares iBonds Dec 2028 Term Corporate ETF |
iShares iBonds Dec 2028 Term Muni Bond ETF |
iShares iBonds Dec 2028 Term Treasury ETF |
iShares iBonds Dec 2029 Term Corporate ETF |
iShares iBonds Dec 2029 Term Treasury ETF |
iShares iBonds Dec 2030 Term Corporate ETF |
iShares iBonds Dec 2030 Term Treasury ETF |
iShares iBonds Mar 2023 Term Corporate ETF |
iShares iBonds Mar 2023 Term Corporate ex-Financials ETF |
iShares iBoxx $ High Yield Corporate Bond ETF |
iShares iBoxx $ Investment Grade Corporate Bond ETF |
iShares India 50 ETF |
iShares Intermediate Government/Credit Bond ETF |
iShares International Developed Property ETF |
iShares International Developed Real Estate ETF |
iShares International Dividend Growth ETF |
iShares International Preferred Stock ETF |
iShares International Select Dividend ETF |
iShares International Treasury Bond ETF |
iShares Investment Grade Bond Factor ETF |
iShares J.P. Morgan USD Emerging Markets Bond ETF |
iShares JPX-Nikkei 400 ETF |
iShares Latin America 40 ETF |
iShares MBS ETF |
iShares Micro-Cap ETF |
iShares Morningstar Large-Cap ETF |
iShares Morningstar Large-Cap Growth ETF |
iShares Morningstar Large-Cap Value ETF |
iShares Morningstar Mid-Cap ETF |
iShares Morningstar Mid-Cap Growth ETF |
iShares Morningstar Mid-Cap Value ETF |
iShares Morningstar Multi-Asset Income ETF |
iShares Morningstar Small-Cap ETF |
iShares Morningstar Small-Cap Growth ETF |
iShares Morningstar Small-Cap Value ETF |
iShares Mortgage Real Estate ETF |
iShares MSCI ACWI ETF |
iShares MSCI ACWI ex U.S. ETF |
iShares MSCI ACWI Low Carbon Target ETF |
iShares MSCI All Country Asia ex Japan ETF |
iShares MSCI Argentina and Global Exposure ETF |
iShares MSCI Brazil Small-Cap ETF |
iShares MSCI China A ETF |
iShares MSCI China ETF |
iShares MSCI China Small-Cap ETF |
iShares MSCI Denmark ETF |
iShares MSCI EAFE ETF |
iShares MSCI EAFE Growth ETF |
iShares MSCI EAFE Min Vol Factor ETF |
iShares MSCI EAFE Small-Cap ETF |
iShares MSCI EAFE Value ETF |
iShares MSCI Europe Financials ETF |
iShares MSCI Europe Small-Cap ETF |
iShares MSCI Finland ETF |
iShares MSCI Germany Small-Cap ETF |
iShares MSCI Global Impact ETF |
iShares MSCI Global Multifactor ETF |
iShares MSCI India ETF |
iShares MSCI India Small-Cap ETF |
iShares MSCI Indonesia ETF |
iShares MSCI Intl Momentum Factor ETF |
iShares MSCI Intl Multifactor ETF |
iShares MSCI Intl Quality Factor ETF |
iShares MSCI Intl Size Factor ETF |
iShares MSCI Intl Small-Cap Multifactor ETF |
iShares MSCI Intl Value Factor ETF |
iShares MSCI Ireland ETF |
iShares MSCI Japan Equal Weighted ETF |
iShares MSCI Japan Value ETF |
iShares MSCI KLD 400 Social ETF |
iShares MSCI Kokusai ETF |
iShares MSCI Kuwait ETF |
iShares MSCI New Zealand ETF |
iShares MSCI Norway ETF |
iShares MSCI Peru ETF |
iShares MSCI Philippines ETF |
iShares MSCI Poland ETF |
iShares MSCI Qatar ETF |
iShares MSCI Saudi Arabia ETF |
iShares MSCI UAE ETF |
iShares MSCI United Kingdom ETF |
iShares MSCI United Kingdom Small-Cap ETF |
iShares MSCI USA ESG Select ETF |
iShares MSCI USA Mid-Cap Multifactor ETF |
iShares MSCI USA Min Vol Factor ETF |
iShares MSCI USA Momentum Factor ETF |
iShares MSCI USA Multifactor ETF |
iShares MSCI USA Quality Factor ETF |
iShares MSCI USA Size Factor ETF |
iShares MSCI USA Small-Cap Min Vol Factor ETF |
iShares MSCI USA Small-Cap Multifactor ETF |
iShares MSCI USA Value Factor ETF |
iShares Nasdaq Biotechnology ETF |
iShares National Muni Bond ETF |
iShares New York Muni Bond ETF |
iShares North American Natural Resources ETF |
iShares North American Tech-Multimedia Networking ETF |
iShares PHLX Semiconductor ETF |
iShares Preferred and Income Securities ETF |
iShares Residential and Multisector Real Estate ETF |
iShares Robotics and Artificial Intelligence Multisector ETF |
iShares Russell 1000 ETF |
iShares Russell 1000 Growth ETF |
iShares Russell 1000 Pure U.S. Revenue ETF |
iShares Russell 1000 Value ETF |
iShares Russell 2000 ETF |
iShares Russell 2000 Growth ETF |
iShares Russell 2000 Value ETF |
iShares Russell 2500 ETF |
iShares Russell 3000 ETF |
iShares Russell Mid-Cap ETF |
iShares Russell Mid-Cap Growth ETF |
iShares Russell Mid-Cap Value ETF |
iShares Russell Top 200 ETF |
iShares Russell Top 200 Growth ETF |
iShares Russell Top 200 Value ETF |
iShares S&P 100 ETF |
iShares S&P 500 Growth ETF |
iShares S&P 500 Value ETF |
iShares S&P Mid-Cap 400 Growth ETF |
iShares S&P Mid-Cap 400 Value ETF |
iShares S&P Small-Cap 600 Growth ETF |
iShares S&P Small-Cap 600 Value ETF |
iShares Select Dividend ETF |
iShares Self-Driving EV and Tech ETF |
iShares Short-Term National Muni Bond ETF |
iShares Short Treasury Bond ETF |
iShares TIPS Bond ETF |
iShares Transportation Average ETF |
iShares Treasury Floating Rate Bond ETF |
iShares U.S. Aerospace & Defense ETF |
iShares U.S. Basic Materials ETF |
iShares U.S. Broker-Dealers & Securities Exchanges ETF |
iShares U.S. Consumer Goods ETF |
iShares U.S. Consumer Services ETF |
iShares U.S. Dividend and Buyback ETF |
iShares U.S. Energy ETF |
iShares U.S. Financial Services ETF |
iShares U.S. Financials ETF |
iShares U.S. Fixed Income Balanced Risk Factor ETF |
iShares U.S. Healthcare ETF |
iShares U.S. Healthcare Providers ETF |
iShares U.S. Home Construction ETF |
iShares U.S. Industrials ETF |
iShares U.S. Infrastructure ETF |
iShares U.S. Insurance ETF |
iShares U.S. Medical Devices ETF |
iShares U.S. Oil & Gas Exploration & Production ETF |
iShares U.S. Oil Equipment & Services ETF |
iShares U.S. Pharmaceuticals ETF |
iShares U.S. Real Estate ETF |
iShares U.S. Regional Banks ETF |
iShares U.S. Technology ETF |
iShares U.S. Tech Breakthrough Multisector ETF |
iShares U.S. Telecommunications ETF |
iShares U.S. Treasury Bond ETF |
iShares U.S. Utilities ETF |
iShares US Small Cap Value Factor ETF |
iShares Virtual Work and Life Multisector ETF |
iShares Yield Optimized Bond ETF |
iShares U.S. ETF Trust
|
BlackRock Short Maturity Bond ETF |
BlackRock Short Maturity Municipal Bond ETF |
BlackRock Ultra Short-Term Bond ETF |
iShares Bloomberg Roll Select Commodity Strategy ETF |
iShares Commodity Curve Carry Strategy ETF |
iShares Evolved U.S. Consumer Staples ETF |
iShares Evolved U.S. Discretionary Spending ETF |
iShares Evolved U.S. Financials ETF |
iShares Evolved U.S. Healthcare Staples ETF |
iShares Evolved U.S. Innovative Healthcare ETF |
iShares Evolved U.S. Media and Entertainment ETF |
iShares Evolved U.S. Technology ETF |
iShares Gold Strategy ETF |
iShares GSCI Commodity Dynamic Roll Strategy ETF |
iShares Inflation Hedged Corporate Bond ETF |
iShares Interest Rate Hedged Corporate Bond ETF |
iShares Interest Rate Hedged Emerging Markets Bond ETF |
iShares Interest Rate Hedged High Yield Bond ETF |
iShares Interest Rate Hedged Long-Term Corporate Bond ETF |
Exhibit (h.5)
FOURTH AMENDED AND RESTATED
SECURITIES LENDING AGENCY AGREEMENT
AGREEMENT, dated as of January 1, 2021, between iShares, Inc., a Maryland corporation, iShares U.S. ETF Company, Inc., a Maryland corporation, iShares U.S. ETF Trust, a Delaware statutory trust, and iShares Trust, a Delaware statutory trust (each singly and together, the Company), each acting on behalf of the funds listed on Schedule A hereto and any future series or portfolio of the Company (each, a Fund and collectively, the Funds), and BlackRock Institutional Trust Company, N.A., a national banking association (BTC) and its successors.
WHEREAS, the Company is registered as an open-end investment company under the Investment Company Act of 1940, as amended (the 1940 Act);
WHEREAS, BTC acts as the agent for the Company and its corresponding Funds for the purpose of lending Securities (as defined below) in the Accounts (as defined below) pursuant to a Third Amended and Restated Securities Lending Agency Agreement dated as of January 1, 2020; and
WHEREAS, the parties to this Agreement desire to amend and restate such agreement on the terms set forth herein;
NOW, THEREFORE, for and in consideration of the mutual promises set forth herein, the parties hereto agree as follows:
1. Definitions.
Whenever used in this Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below. Capitalized terms used but not defined herein shall have the meaning assigned to them in the applicable Securities Lending Agreement.
1.1 Account shall mean an account maintained under the supervision of the applicable Funds custodian or any sub-custodian on behalf of such Fund.
1.2 Approved Investment shall mean any type of investment permitted for Cash Collateral under the Securities Lending Guidelines.
1.3 Authorized Person shall mean any officer of the Company and any other person, whether or not any such person is an officer or employee of the Company, duly authorized by resolutions of the Company to give Oral Instructions and/or Written Instructions on behalf of the Company, such persons to be designated in a Certificate which contains a specimen signature of such person.
1.4 Book-Entry System shall mean the Federal Reserve/Treasury book-entry system for receiving and delivering Government Securities (as defined herein), its successors or equivalent and nominees.
1.5 Borrower shall mean any entity which is permitted to borrow Securities from the Company pursuant to then applicable law, regulation, and/or interpretation and pursuant to the Securities Lending Guidelines, and which has a valid Securities Lending Agreement in place with BTC.
1.6 Business Day shall mean, with respect to a Fund for which Securities loans are outstanding pursuant to this Agreement, a day on which both such Fund and BTC are open for business.
1.7 Cash Collateral shall mean either Fed funds or New York Clearing House funds or their equivalent if denominated in U.S. dollars, or the equivalent if the Cash Collateral is denominated in a currency other than U.S. dollars, as applicable for a particular loan of Securities.
1.8 Cash Management Costs shall mean the expenses incurred in connection with the management and investment of a Funds Cash Collateral, including fees and expenses payable to BTC, BlackRock Fund Advisors (BFA) or any other affiliate of BTC (or its successors) as a result of the investment of Cash Collateral in any joint account, fund or similar vehicle.
1.9 Certificate shall mean any notice, instruction, schedule or other instrument in writing, authorized or required by this Agreement to be given to BTC, which is actually received by BTC and signed on behalf of the Company by an Authorized Person or a person reasonably believed by BTC to be an Authorized Person.
1.10 Collateral shall mean Cash Collateral and Non-Cash Collateral, as applicable.
1.11 Collateral Account shall mean an account established and maintained by the Custodian for the purpose of holding Collateral, which in the case of Non-Cash Collateral may be an Account or other account established for the purpose of holding Non-Cash Collateral. A Collateral Account may include a joint account as permitted by the Securities Lending Guidelines.
1.12 Custodian shall mean State Street Bank and Trust Company, a trust company organized and existing under the laws of the Commonwealth of Massachusetts, or such other company that may from time to time be retained as custodian by the Company with respect to one or more Funds.
1.13 Depository shall mean the Depository Trust Company, Euroclear, and any other securities depository, sub-depository or clearing agency (and their respective successors and nominees) authorized under applicable law or regulation to act as a securities depository, sub-depository or clearing agency, including any foreign securities depository or sub-depository for the Company.
1.14 Distributions means interest, dividends and other payments and distributions, including non-cash distributions, received with respect to Collateral and Approved Investments.
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1.15 Government Security shall mean book-entry Treasury securities (as defined in Subpart 0 of Treasury Department Circular No. 300, 31 C.F.R. 306) and any other securities issued or guaranteed by the United States government or any agency or instrumentality of the United States government.
1.16 Lending Complex shall mean the Funds as defined in the preamble to this Agreement.
1.17 Lending Income and iShares Complex Breakpoint have the meanings set forth in Section 5.6(a)(i) of this Agreement.
1.18 Letter of Credit shall mean an unconditional and irrevocable letter of credit in favor of BTC as agent for a Fund issued by a bank other than the Borrower, the creditworthiness of which has been deemed to be acceptable by BTC and which meets any applicable requirements in the Securities Lending Guidelines.
1.19 Non-Cash Collateral means Government Securities and Letters of Credit, plus such other non-cash collateral as may be then permitted by applicable law, regulation and/or interpretation, and the Securities Lending Guidelines.
1.20 Oral Instructions shall mean verbal instructions actually received by BTC from an Authorized Person or from a person reasonably believed by BTC to be an Authorized Person.
1.21 Rebate shall mean the amount payable by a Fund to a Borrower in connection with Securities loans at any time collateralized by Cash Collateral.
1.22 Securities Lending Agreement shall mean with respect to any Borrower, the agreement pursuant to which BTC lends securities on behalf of its customers (including the Funds) to such Borrower, as amended from time to time, which agreement shall meet any applicable requirements in the Securities Lending Guidelines. The Securities Lending Agreement may be in the form of a master agreement covering a series of Securities lending transactions from multiple lenders, including the Company.
1.23 Securities Lending Guidelines shall mean guidelines governing the Companys Securities lending program adopted by the Company and provided to BTC from time to time. The Securities Lending Guidelines may address any aspect of the Companys Securities lending program, including without limitation the kinds of Securities that may be lent, permissible forms of Collateral, permissible Approved Investments, the selection of Borrowers, and regular reporting to the Company.
1.24 Securities Loan Fee shall mean the amount payable by a Borrower to BTC, as agent for the Funds, pursuant to the applicable Securities Lending Agreement in connection with Securities loans, if any, collateralized by Non-Cash Collateral.
1.25 Security shall mean any Government Securities, non-U.S. securities, U.S. common stock and other equity securities, bonds, debentures, corporate debt securities, notes, mortgages, other obligations and financial assets, and any certificates, warrants or other instruments representing rights to receive, purchase, or subscribe for the same, or evidencing or representing any other rights or interests therein, which are available for lending pursuant to Section 2.2 of this Agreement.
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1.26 Written Instructions shall mean written communications actually received by BTC from an Authorized Person or from a person reasonably believed by BTC to be an Authorized Person by letter, memorandum, telecopy facsimile, computer, video (CRT) terminal or other on-line system, or any other method whereby BTC is able to verify with a reasonable degree of certainty the identity of the sender.
2. Appointment; Scope of Agency Authority.
2.1 Appointment. The Company, on behalf of each Fund, hereby appoints BTC as its agent to lend Securities in the Accounts to Borrowers from time to time as hereinafter set forth, and BTC hereby accepts appointment as such agent and agrees to so act.
2.2 Securities Subject to Lending. Unless the Company provides BTC with Written Instructions to the contrary or otherwise agreed by the Company and BTC, all Securities maintained in the Accounts shall be available for lending pursuant to this Agreement.
2.3 Securities Lending Agreement.
(a) Attached hereto as Exhibit A are the standard forms of Securities Lending Agreements in effect between BTC and the Borrowers as of the date hereof. BTC shall provide the Company with any proposed material amendments or changes, and notify the Company of any such amendments or changes, to any form of Securities Lending Agreement to be used prior to their effectiveness. The Company may elect, without penalty, to terminate any Borrower if it opposes the change.
(b) BTC is hereby authorized to lend Securities in the Accounts to Borrowers pursuant to the Securities Lending Agreements, this Agreement and the Securities Lending Guidelines.
2.4 Loan Opportunities. The Company on behalf of each Fund acknowledges and agrees that BTC shall have the right to decline to make any loans of Securities under any Securities Lending Agreement, to discontinue lending or to terminate any loans of Securities under any Securities Lending Agreement in its sole discretion. The Company on behalf of each Fund agrees that it shall have no claim against BTC based on, or relating to, loans made for other customers, or loan opportunities refused hereunder, whether or not BTC has made fewer or more loans for any other customer than for a Fund, and whether or not any loan for another customer, or the opportunity refused, could have resulted in loans made hereunder.
2.5 Use of Book-Entry System and Depositories. The Company on behalf of each Fund hereby authorizes BTC on a continuous and on-going basis, to deposit in the Book-Entry System and any Depositories all Securities eligible for deposit therein and to utilize the Book-Entry System and Depositories to the extent possible in connection with its receipt and delivery of Securities, Collateral, Approved Investments and monies under this Agreement. Where Securities, Non-Cash Collateral and Approved Investments eligible for deposit in the Book-Entry System or a Depository are transferred to the applicable Account or Collateral Account, BTC
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shall identify or cause to be identified as belonging to the applicable Fund a quantity of Securities in a fungible bulk of Securities shown on BTCs account on the books of the Book-Entry System or the applicable Depository. Securities, Collateral and Approved Investments deposited in the Book-Entry System or a Depository will be commingled in accounts which include assets held by BTC for customers, including but not limited to accounts in which BTC acts in a fiduciary or agency capacity, as well as assets held by or on behalf of other clients or participants of the Book-Entry System or Depository.
2.6 Use of Third-Party Service Providers. The Company on behalf of each Fund hereby acknowledges and agrees that BTC may utilize third-party service providers to perform or analyze the functions described herein, including service providers in which BTC may have an ownership interest. As permitted by Section 5.8 below, these services may require the transmission, use or sharing of data created in Securities lending transactions involving the Funds. BTC shall bear the cost of any such service providers out of its portion of the proceeds from Securities lending.
2.7 Further Action. The Company authorizes and empowers BTC to execute in the Companys name all agreements and documents as may be necessary or appropriate in BTCs judgment to carry out the purposes of this Agreement.
3. Representations and Warranties.
3.1 Companys Representations. The Company hereby represents and warrants to BTC, which representations and warranties shall be deemed to be continuing and to be reaffirmed on any day that a Securities loan hereunder is outstanding, that:
(a) this Agreement and the Securities Lending Guidelines have been approved by the Board of Trustees or Board of Directors of the Company (as applicable); this Agreement is, and, if properly entered into under the terms of this Agreement and the Securities Lending Guidelines, each Securities loan and Approved Investment will be, legally and validly entered into by the Company on behalf of each Fund, does not, and will not, violate any statute, regulation, rule, order or judgment binding on the Fund, or any provision of the Companys charter or by-laws, or any agreement binding on the Company or affecting its property, and is enforceable against the Company and each Fund in accordance with its terms, except as may be limited by bankruptcy, insolvency or similar laws, or by equitable principles relating to or limiting creditors rights generally;
(b) the person executing this Agreement and all Authorized Persons acting on behalf of the Company or any Fund has and have been duly and properly authorized to do so;
(c) each Fund is lending Securities as principal for its own account and it will not transfer, assign or encumber its interest in, or rights with respect to, any Securities loans; and
(d) all Securities available for lending pursuant to this Agreement are free and clear of all liens, claims, security interests and encumbrances that would preclude their being lent as contemplated by this Agreement. The Company shall promptly notify BTC in the manner agreed between the parties from time to time when any Securities are no longer subject to the representations contained in this sub-paragraph (d).
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3.2 BTCs Representations. BTC hereby represents and warrants to the Company, which representations and warranties shall be deemed to be continuing and to be reaffirmed on any day that a Securities loan hereunder is outstanding, that:
(a) this Agreement is legally and validly entered into by BTC, does not and will not, violate any statute, regulation, rule, order or, judgment binding on BTC, or any provision of BTCs charter or by-laws, or any agreement binding on BTC or affecting its property, and is enforceable against BTC in accordance with its terms, except as may be limited by bankruptcy, insolvency or similar laws, or by equitable principles relating to or limiting creditors rights generally;
(b) both the person or persons executing this Agreement on behalf of BTC and all persons acting on BTCs behalf pursuant to this Agreement have been duly and properly authorized to do so; and
(c) it will comply with all laws, rules and regulations, including without limitation the conditions of any exemptive orders granted to the Company by the Securities and Exchange Commission with respect to securities lending transactions, if required, applicable to the Securities lending transactions contemplated by this Agreement.
4. Securities Lending Transactions.
4.1 Compliance with Securities Lending Guidelines. BTC hereby acknowledges receipt of the current Securities Lending Guidelines. The Company shall promptly notify BTC of any changes to the Securities Lending Guidelines. BTC acknowledges and agrees that it shall only lend Securities on behalf of the Funds in accordance with the conditions of the Securities Lending Guidelines applicable to the Funds lending agent.
4.2 Loan Initiation. From time to time BTC may lend Securities to Borrowers and deliver such Securities against receipt of Collateral in accordance with the applicable Securities Lending Agreement and the Securities Lending Guidelines. If instructed by the Company in writing, BTC shall refrain from lending a particular Security or from making loans to a particular Borrower.
4.3 Receipt of Collateral; Approved Investments.
(a) With respect to any Securities loan entered into on behalf of a Fund, BTC shall require that the Borrower deliver and maintain Collateral that is equal at all times during the term of the loan to at least the market value of the Securities loaned and any accrued interest thereon. If Cash Collateral is received, BTC is hereby authorized and directed, without obtaining any further approval from the Fund, to invest and reinvest all or substantially all of the Cash Collateral received in any Approved Investments, including in the name of and on behalf of the Fund to redeem, withdraw or sell the same, and to receive distributions in the name of and on behalf of the Fund in accordance with the Securities Lending Guidelines. The Company hereby agrees to execute all necessary documents and take all necessary actions reasonably requested by BTC in order to permit BTC to so act with regard to Approved Investments. BTC shall instruct the Custodian to credit all Collateral, Approved Investments and Distributions received with respect to Collateral and Approved Investments to the applicable Collateral Account or Account, as the case may be, and mark its books and records to identify the Funds ownership thereof as appropriate.
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(b) All Approved Investments shall be for the account and risk of the Fund. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of Collateral available for return to a Borrower pursuant to the Securities Lending Agreement, the Fund agrees to pay BTC on demand cash in an amount equal to such deficiency.
(c) Except as otherwise provided herein, all Collateral, Approved Investments and Distributions credited to the applicable Collateral Account or Account, as the case may be, shall be controlled by, and subject only to the instructions of, BTC, and BTC shall not be required to comply with any instructions of the Company with respect to the same. BTC acknowledges that it has control of the Cash Collateral and the security entitlements relating to the Non-Cash Collateral on behalf of the Fund. The Fund has a perfected security interest in the Cash Collateral pursuant to UCC Section 9-104(a)(5) and the security entitlements relating to the Non-Cash Collateral pursuant to UCC Section 8-106(d)(3). UCC means the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law any or all of the perfection or priority of BTCs security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term UCC shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions relating to such perfection or priority and for purposes of definitions relating to such provisions.
4.4 Distributions on Loaned Securities. Except as provided in the next sentence, all amounts received from the Borrower equivalent to all interest, dividends, and other distributions which the owner of the loaned Securities is entitled to receive shall be credited to the Funds Account on the date such amounts are delivered by the Borrower to the Custodian. Any non-cash distribution on loaned Securities which is in the nature of a stock split or a stock dividend shall be added to the applicable loan (and shall be considered to constitute loaned Securities) as of the date such non-cash distribution is declared payable whether or not it has been received by the Borrower, provided that any such addition shall be conditional upon the actual receipt of such non-cash distribution and may be reversed by the Custodian to the extent that such non-cash distribution is not received.
4.5 Mark to Market. BTC shall on each Business Day mark to market in U.S. dollars the value of all Collateral (other than Cash Collateral) and Securities loaned hereunder and accordingly receive and release Collateral in accordance with the applicable Securities Lending Agreement.
4.6 Collateral Substitutions. BTC may accept substitutions of Collateral in accordance with the applicable Securities Lending Agreement and the Securities Lending Guidelines and shall credit all such substitutions to the Collateral Account; provided, however, that unless other Collateral has been mutually agreed upon in writing by BTC and the Fund (including by means of the Securities Lending Guidelines), no other Collateral may be substituted for Cash Collateral.
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4.7 Termination of Loans. In addition to BTCs authority to terminate a loan of Securities pursuant to the terms of the applicable Securities Lending Agreement as described in Section 2.4 above, BTC shall terminate any Securities loan to a Borrower in accordance with the applicable Securities Lending Agreement promptly:
(a) upon receipt by BTC of Oral Instructions or Written Instructions instructing it to terminate a Securities loan; provided that the Company may require that each Security must be returned to the Fund by no later than the date which is the standard settlement date for trades of such Security entered into on the date such Oral Instruction or Written Instruction is received by BTC;
(b) upon receipt by BTC of Oral Instructions or Written Instructions pursuant to the Securities Lending Guidelines to no longer lend to a particular Borrower;
(c) upon receipt of written notice from the Company terminating this Agreement with respect to one or more Funds in accordance with Section 6; or
(d) as contemplated by the Securities Lending Guidelines.
4.8 Securities Loan Fee. BTC shall receive, hold and administer any applicable Securities Loan Fee paid by any Borrower pursuant to a Securities Lending Agreement and credit all such amounts received to the applicable Account of the lending Fund.
4.9 Borrowers Financial Condition. BTC has delivered to BFA, the investment adviser to the Funds, each Borrowers most recent statements required to be furnished to customers by Rule 17a-5(c) of the Securities and Exchange Commission under the Securities Exchange Act of 1934, or such other documents as may be required, as have been made available to BTC pursuant to the Securities Lending Agreements. BTC shall promptly deliver to any investment adviser for the Funds all statements and financial information subsequently delivered to BTC and required to be furnished to BTC under the Securities Lending Agreements.
4.10 Transfer Taxes and Necessary Costs. All transfer taxes and necessary costs with respect to the transfer of the loaned Securities by the Fund to the Borrower and the Borrower to the Fund upon the termination of the loan shall be paid by the Borrower in accordance with the applicable Securities Lending Agreement.
4.11 BTCs Obligation. Except as specifically set forth herein, or in any applicable Securities Lending Agreement, BTC shall have no duty or obligation to take action to effect payment by a Borrower of any amounts owed by such Borrower pursuant to the Securities Lending Agreement.
4.12 Loans to Affiliated Borrowers. The Company and BTC have obtained an exemptive order from the Securities and Exchange Commission that permits BTC to lend Securities on behalf of the Funds to Affiliated Borrowers, provided that such loans are made in accordance with the conditions and procedures outlined in the exemptive order. BTC shall only make loans to Affiliated Borrowers in accordance with such conditions and procedures, as they may be amended from time to time, and only so long as they remain applicable, and in accordance with the Securities Lending Guidelines.
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5. Concerning BTC.
5.1 Standard of Care: Indemnification.
(a) It is expressly understood and agreed that in exercising its rights and performing its obligations hereunder, BTC owes no fiduciary duty to the Fund. BTC shall not be liable for any costs, expenses, damages, liabilities or claims (including reasonable attorneys and accountants fees) incurred by the Fund, except to the extent those costs, expenses, damages, liabilities or claims result from BTCs material breach of this Agreement or BTCs negligence, willful misconduct, bad faith, or reckless disregard of its obligations and duties hereunder.
Neither the Company nor BTC shall have any obligation hereunder for costs, expenses, damages, liabilities or claims (including reasonable attorneys and accountants fees), which are sustained or incurred by reason of any action or inaction by the Book-Entry System or any Depository or their respective successors or nominees. In no event shall either party be liable to the other for special, punitive or consequential damages, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages.
(b) The Company on behalf of each Fund agrees to indemnify BTC and to hold it harmless from and against any and all costs, expenses, damages, liabilities or claims (including reasonable fees and expenses of counsel) which BTC may sustain or incur or which may be asserted against BTC by reason of or as a result of any action taken or omitted by BTC in connection with or arising out of BTCs operating under and in compliance with this Agreement, except those costs, expenses, damages, liabilities or claims arising out of BTCs negligence, bad faith, willful misconduct, or reckless disregard of its obligations and duties hereunder. Actions taken or omitted in reasonable reliance upon Oral Instructions or Written Instructions, any Certificate, or upon any information, order, indenture, stock certificate, power of attorney, assignment, affidavit or other instrument reasonably believed by BTC to be genuine or bearing the signature of a person or persons reasonably believed by BTC to be genuine or bearing the signature of a person or persons reasonably believed to be authorized to sign, countersign or execute the same, shall be presumed to have been taken or omitted in good faith.
(c) BTC shall indemnify and hold harmless the Company and each Fund, its Board of Trustees or Board of Directors (as applicable) and its agents, BFA and any investment adviser for the Funds from any and all loss, liability, costs, damages, actions, and claims (Loss) to the extent that any such Loss arises out of the material breach of this Agreement by or negligent acts or omissions, bad faith or willful misconduct of BTC, its officers, directors or employees or any of its agents or subcustodians in connection with the Securities lending activities undertaken pursuant to this Agreement, provided that BTCs indemnification obligation with respect to the acts or omissions of its subcustodians shall not exceed the indemnification provided by the applicable subcustodian to BTC.
(d) Prior to lending on behalf of any Fund, BTC shall have obtained a Guaranty and Indemnity from BlackRock, Inc. or another entity, the creditworthiness of which is reasonably satisfactory to the Board of Trustees or Board of Directors (as applicable) of the Company, in favor of such Fund or Funds. Upon the termination of that guaranty, BTC shall obtain, and bear the costs of obtaining, a guaranty from BlackRock, Inc. or another entity, the
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creditworthiness of which is reasonably satisfactory to the Board of Trustees or Board of Directors (as applicable) of the Company, pursuant to which the guarantor will indemnify the Funds for losses due to a Borrower default on terms that are consistent in all material respects with the existing Guaranty and Indemnity by BlackRock, Inc. The Funds and/or Company, at their expense, may obtain further indemnification against losses due to a Borrower default from a third party to which BTC is not a party.
5.2 No Obligation to Inquire. Without limiting the generality of the foregoing, BTC shall be under no obligation to inquire into, and shall not be liable for, the validity of the issue of any Securities or Approved Investments credited to any Account or Collateral Account.
5.3 Advice of Counsel. BTC may, with respect to questions of law, apply for and obtain the advice and opinion of counsel which may be counsel to the Company, provided that the foregoing shall not be deemed to be a waiver by the Company of any conflict of such counsel.
5.4 No Collection Obligations. BTC shall be under no obligation or duty to take action to effect collection from the issuer of any amounts payable in respect of Securities or Approved Investments if the issuer of such Securities or Approved Investments is in default, or if payment is refused after due demand and presentation.
5.5 Pricing Methods. BTC is authorized to utilize any recognized pricing information service or any other means of valuation specified in the applicable Securities Lending Agreement (Pricing Methods) in order to perform its valuation responsibilities with respect to loaned Securities, Collateral and Approved Investments, and the Fund agrees to hold BTC harmless from and against any loss or damage suffered or incurred as a result of errors or omissions of any such Pricing Methods.
5.6 BTCs Fee as Securities Lending Agent, etc.
(a) (i) In the case of a Fund identified as a Fund of Funds in accordance with the methodology agreed between BTC and the Company, in connection with each Securities loan hereunder, the Fund shall, subject to Section 5.6(a)(ii) and 5.6(f), pay to BTC a percentage (the BTC Fund of Funds Fee Percentage) of Lending Income (as defined herein). As used herein, Lending Income means (A) amounts earned from securities lending activities (for the avoidance of doubt, prior to payment of compensation to BTC), consisting of income earned on the investment and reinvestment of Cash Collateral plus any Securities Loan Fees paid by the Borrowers after deducting (B) the sum of (x) any Rebate due to the Borrowers under the applicable Securities Lending Agreement with the Borrowers and (y) applicable Cash Management Costs, if any. BTC has agreed to cap Cash Management Costs on an annualized basis to 0.04% of the daily value of the Cash Collateral; such cap, which may be raised or reduced upon mutual agreement between BTC and the Board of the Company, may be effected through caps of expenses incurred by a joint account, fund or similar vehicle in which Cash Collateral is invested or, to the extent such cap does not reduce Cash Management Costs to the agreed-upon percentage, through a waiver of fees received by BTC pursuant to this Agreement. The BTC Fund of Funds Fee Percentage shall be such percentage as may from time to time be agreed upon by the Board of the Company and BTC and shall be set forth in writing. Effective
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as of January 1, 2021, the BTC Fund of Funds Fee Percentage is eighteen percent (18%); provided, however, that if at any point during a calendar year, the sum of the (A) Lending Income earned by a Fund and the other Funds in the Lending Complex from the lending of their securities plus (B) aggregate Cash Management Costs paid by the Fund and the other Funds in the Lending Complex (collectively, the Aggregate Lending Income and Cash Management Costs), exceeds $540,000,000 (the iShares Complex Breakpoint), from the next Business Day after the date that the Aggregate Lending Income and Cash Management Costs exceeds the iShares Complex Breakpoint until December 31 of such calendar year, the BTC Fund of Funds Fee Percentage shall be reduced to fifteen percent (15%).
(ii) Notwithstanding the provisions of Section 5.6(a)(i), for any Fund that has been identified as a Fund of Funds, if the fee calculated pursuant to such Section 5.6(a)(i) would result in an effective fee split for the Fund of less than seventy percent (70%) of the sum of the relevant Funds Lending Income and the applicable Cash Management Costs for any day (the Fund of Funds Effective Fee Split Floor), then BTCs fees for such day shall be reduced to the extent necessary to provide the relevant Fund with the Fund of Funds Effective Fee Split Floor.
(b) (i) In the case of a Fund identified as a US Equity Fund in accordance with the methodology agreed between BTC and the Company, in connection with each Securities loan hereunder, the Fund shall, subject to Section 5.6(b)(ii) and 5.6(f), pay to BTC a percentage (the BTC US Equity Fee Percentage) of the Lending Income. BTC has agreed to cap Cash Management Costs on an annualized basis to 0.04% of the daily value of the Cash Collateral; such cap, which may be raised or reduced upon mutual agreement between BTC and the Board of the Company, may be effected through caps of expenses incurred by a joint account, fund or similar vehicle in which Cash Collateral is invested or, to the extent such cap does not reduce Cash Management Costs to the agreed-upon percentage, through a waiver of fees received by BTC pursuant to this Agreement. The BTC US Equity Fee Percentage shall be such percentage as may from time to time be agreed upon by the Board of the Company and BTC and shall be set forth in writing. Effective as of January 1, 2021, the BTC US Equity Fee Percentage is twenty three percent (23%); provided, however, that if at any point during a calendar year, the Aggregate Lending Income and Cash Management Costs exceeds the iShares Complex Breakpoint, from the next Business Day after the date that the Aggregate Lending Income and Cash Management Costs exceeds the iShares Complex Breakpoint until December 31 of such calendar year, the BTC US Equity Fee Percentage shall be reduced to nineteen percent (19%).
(ii) Notwithstanding the provisions of Section 5.6(b)(i), for any Fund that has been identified as a US Equity Fund, if the fee calculated pursuant to such Section 5.6(b)(i) would result in an effective fee split for the Fund of less than seventy percent (70%) of the sum of the relevant Funds Lending Income and the applicable Cash Management Costs for any day (the US Equity Effective Fee Split Floor), then BTCs fees for such day shall be reduced to the extent necessary to provide the relevant Fund with the US Equity Effective Fee Split Floor.
(c) (i) In the case of a Fund identified as an International Equity Fund in accordance with the methodology agreed between BTC and the Company, in connection with each Securities loan hereunder, the Fund shall, subject to Section 5.6(c)(ii) and 5.6(f), pay to BTC a percentage (the BTC International Equity Fee Percentage) of the Lending Income. BTC has agreed to cap Cash Management Costs on an annualized basis to 0.04% of the daily
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value of the Cash Collateral; such cap, which may be raised or reduced upon mutual agreement between BTC and the Board of the Trust, may be effected through caps of expenses incurred by a joint account, fund or similar vehicle in which Cash Collateral is invested or, to the extent such cap does not reduce Cash Management Costs to the agreed-upon percentage, through a waiver of fees received by BTC pursuant to this Agreement. The BTC International Equity Fee Percentage shall be such percentage as may from time to time be agreed upon by the Board of the Company and BTC and shall be set forth in writing. Effective as of January 1, 2021, the BTC International Equity Fee Percentage is eighteen percent (18%); provided, however, if at any point during a calendar year, the Aggregate Lending Income and Cash Management Costs exceeds the iShares Complex Breakpoint, from the next Business Day after the date that the Aggregate Lending Income and Cash Management Costs exceeds the iShares Complex Breakpoint until December 31 of such calendar year, the BTC International Equity Fee Percentage shall be reduced to fifteen percent (15%).
(ii) Notwithstanding the provisions of Section 5.6(c)(i), for any Fund that has been identified as an International Equity Fund, if the fee calculated pursuant to such Section 5.6(c)(i) would result in an effective fee split for the Fund of less than seventy percent (70%) of the sum of the relevant Funds Lending Income and the applicable Cash Management Costs for any day (the International Equity Effective Fee Split Floor), then BTCs fees for such day shall be reduced to the extent necessary to provide the relevant Fund with the International Equity Effective Fee Split Floor.
(d) (i) In the case of a Fund identified as a Fixed Income Fund in accordance with the methodology agreed between BTC and the Company, in connection with each Securities loan hereunder, the Fund shall, subject to Section 5.6(d)(ii) and 5.6(f), pay to BTC a percentage (the BTC Fixed Income Fee Percentage) of the Lending Income. BTC has agreed to cap Cash Management Costs on an annualized basis to 0.04% of the daily value of the Cash Collateral; such cap, which may be raised or reduced upon mutual agreement between BTC and the Board of the Trust, may be effected through caps of expenses incurred by a joint account, fund or similar vehicle in which Cash Collateral is invested or, to the extent such cap does not reduce Cash Management Costs to the agreed-upon percentage, through a waiver of fees received by BTC pursuant to this Agreement. The BTC Fixed Income Fee Percentage shall be such percentage as may from time to time be agreed upon by the Board of the Company and BTC and shall be set forth in writing. Effective as of January 1, 2021, the BTC Fixed Income Fee Percentage is eighteen (18%); provided, however, that if at any point during a calendar year, the Aggregate Lending Income and Cash Management Costs exceeds the iShares Complex Breakpoint, from the next Business Day after the date that the Aggregate Lending Income and Cash Management Costs exceeds the iShares Complex Breakpoint until December 31 of such calendar year, the BTC Fixed Income Fee Percentage shall be reduced to fifteen percent (15%).
(ii) Notwithstanding the provisions of Section 5.6(d)(i), for any Fund that has been identified as a Fixed Income Fund, if the fee calculated pursuant to such Section 5.6(d)(i) would result in an effective fee split for the Fund of less than seventy percent (70%) of the sum of the relevant Funds Lending Income and the applicable Cash Management Costs for any day (Fixed Income Effective Fee Split Floor), then BTCs fees for such day shall be reduced to the extent necessary to provide the relevant Fund with the Fixed Income Effective Fee Split Floor.
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(e) BTC is authorized on a monthly basis to charge the fee owed to it by a Fund under this Section 5.6 against the applicable Account. Such fee shall be charged and paid at the end of each month. Subject to Section 5.6(f), BTC shall simultaneously therewith direct the Custodian to pay to the applicable Fund the net amount earned from Securities lending activities, as described in Sections 5.6(a)(i) through 5.6(d)(ii), that is not paid to BTC as its fee.
(f) BTC shall be responsible for all transaction fees and all other operational costs relating to Securities lending activities, other than Cash Management Costs to the extent borne by the Fund as provided in Sections 5.6(a), 5.6(b), 5.6(c) and 5.6(d) above, as applicable, and extraordinary expenses (e.g., litigation and indemnification expenses), each to be borne by the respective Fund.
5.7 Reliance on Certificates and Instructions. The Company agrees to furnish to BTC a new Certificate whenever any then Authorized Person ceases to be an Authorized Person or additional Authorized Persons are appointed and authorized. BTC shall be entitled to rely, and shall be fully protected in acting, upon any Certificate, any information contained on any schedule hereto as may be amended in accordance with the terms hereof, and any Written or Oral Instruction actually received by BTC and reasonably believed by BTC to be duly authorized and delivered. The Company agrees to forward to BTC Written Instructions confirming Oral Instructions in such manner so that such Written Instructions are received by BTC by the close of business of the same day that such Oral Instructions are given to BTC. The Company agrees that the fact that such confirming Written Instructions are not received on a timely basis or that contrary instructions are received by BTC shall in no way affect the validity or enforceability of the transactions authorized by the Company. BTC shall use reasonable efforts to report any subsequently received contrary instructions. In this regard, the records of BTC shall be presumed to reflect accurately any Oral Instructions given by an Authorized Person or a person reasonably believed by BTC to be an Authorized Person.
5.8 Disclosure of Information. BTC may not disclose or supply any information regarding the Company or Fund unless required by any law or governmental regulation now or hereafter in effect or requested to do so by Company; provided that BTC may disclose or supply information regarding the Company and/or Fund and any transactions authorized by this Agreement as necessary in the sole discretion of BTC in order to facilitate, effect or continue any Securities loans hereunder or to assist in the analysis of the performance of the Securities lending program.
5.9 Reports. BTC shall furnish the Company and the Fund with reports relating to loans hereunder and other information requested by the Company and shall provide such reports to the Companys Board of Trustees or Board of Directors (as applicable) upon request or as may be required by the Securities Lending Guidelines.
5.10 Force Majeure. Notwithstanding anything to the contrary in this Agreement, in no event shall a party to this Agreement be liable to the other party or any third party for losses resulting from (i) any acts of God, fires, floods, or other disturbances of nature, epidemics, strikes, riots, nationalization, expropriation, currency restrictions, terrorist activity, or insurrection, or (ii) other happenings or events beyond the reasonable control or anticipation of the party affected, provided that (A) the affected party has in place appropriate business continuity procedures, systems and facilities and (B) the affected party uses its best efforts to avoid or remove the cause of such losses.
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5.11 No Implied Duties.
(a) BTC shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and in the applicable Securities Lending Agreement, and no covenant or obligation shall be implied against BTC in connection with this Agreement.
(b) Neither the Company nor any Fund shall have any duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement, and no covenant or obligation shall be implied against the Company or any Fund in connection with this Agreement.
(c) Nothing in this Agreement shall be understood to imply that in performing the functions described herein, BTC is acting in the capacity of an investment adviser or is providing advice as to the value of Securities or as to the advisability of investing in, purchasing, or selling Securities.
6. Termination.
6.1 Termination. This Agreement may be terminated at any time with respect to one or more Funds by either party upon delivery to the other party of a written notice specifying the date of such termination, which shall be not less than 60 days after the date of receipt of such notice.
6.2 Cooperation. Both parties shall take all commercially reasonable steps to cooperate to provide a smooth transition in the event of a termination.
6.3 Termination of Loans, etc. upon Termination of Agreement. Notwithstanding any such notice, this Agreement shall continue in full force and effect with respect to any loans of Securities that remain outstanding as of the date of termination; provided, however, that BTC shall promptly terminate all loans of Securities made pursuant to this Agreement and shall not make any further loans of Securities pursuant to this Agreement.
7. Miscellaneous.
7.1 Exclusivity. During the term of this Agreement, the Company agrees that it shall not enter into any other agreement with any third party whereby such third party is permitted to make loans on behalf of any Fund of any Securities held by BTC in an Account from time to time; provided, however, that nothing in this provision shall prevent the Company from terminating this Agreement and/or hiring a securities lending agent other than BTC. The parties agree that this provision does not prohibit the Company from maintaining this Agreement during any transition period to another securities lending agent.
- 14 -
7.2 Notices.
(a) Any notice or other instrument in writing, authorized or required by this Agreement to be given to BTC, shall be sufficiently given if addressed to BTC and received by it at its offices at 400 Howard Street, San Francisco, CA 94105, Attention: Securities Lending Department, with a copy to the General Counsel or at such other place as BTC may from time to time designate in writing.
(b) Any notice or other instrument in writing, authorized or required by this Agreement to be given to the Company shall be sufficiently given if addressed to the Fund and/or Company and received by - Mutual Fund Administration, c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, California 94105, with a copy to: Legal Department, or at such other place as the Company may from time to time designate in writing.
7.3 Cumulative Rights and No Waiver. Each and every right granted to a party hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of a party to exercise, and no delay in exercising, any right shall operate as a waiver thereof, nor shall any single or partial exercise by a party of any right preclude any other or future exercise thereof or the exercise of any other right.
7.4 Severability. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other persons and circumstances.
7.5 Amendments. This Agreement may not be amended or modified in any manner except by a written agreement executed by all parties.
7.6 Successors and Assigns. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by either party without the written consent of the other.
7.7 Governing Law. This Agreement shall be construed in accordance with the laws of the State of California without regard to conflict of laws principles thereof.
7.8 No Third Party Beneficiaries. In performing hereunder, BTC is acting solely on behalf of the Company and, except as specifically provided herein, no contractual or service relationship shall be deemed to be established hereby between BTC and any other person.
7.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument.
7.10 SIPA Notice. THE PARTIES ACKNOWLEDGE THAT THE PROVISIONS OF THE SECURITIES INVESTOR PROTECTION ACT OF 1970 (SIPA) OR THE DODD-FRANK ACT OF 2010 (DFA) MAY NOT PROTECT THE FUND WITH RESPECT TO
- 15 -
THE SECURITIES LOAN TRANSACTION AND THAT, THEREFORE, THE COLLATERAL DELIVERED BY AN APPROVED BORROWER TO THE FUND MAY CONSTITUTE THE ONLY SOURCE OF SATISFACTION OF THE OBLIGATION OF THE APPROVED BORROWER IN THE EVENT THE APPROVED BORROWER (OR ITS AGENT) FAILS TO RETURN THE SECURITIES. BTC SHALL NOT BE RESPONSIBLE FOR ANY LOSSES INCURRED OR LIABILITIES WHICH ARISE SOLELY DUE TO THE APPLICATION OF SIPA OR DFA TO THE SECURITIES LENDING TRANSACTIONS DESCRIBED HEREIN.
7.11 Survival of Indemnification. The indemnifications provided by a party hereunder shall be a continuing obligation of such party, its successors and assigns, notwithstanding the termination of any loans hereunder or of this Agreement.
7.12 No Personal Liability. It is understood and agreed that none of the shareholders, officers, agents, Directors or Trustees (as applicable) of the Company or any Fund shall be personally liable hereunder. All persons contracting with or having a claim against the Company with respect to a Fund shall look solely to the assets of such Fund for payment of such contract or claim, and no Fund shall be liable for the obligations of any other Fund.
7.13 Separate Agreement. Execution of this Agreement by more than one Company or on behalf of more than one Fund shall not create any contractual or other obligation between or among such Companies or Funds, and this Agreement shall constitute a separate agreement and between BTC and each Company on behalf of each respective Fund. Every reference to a Company or Fund shall be construed to be a reference solely to the particular Company or Fund that is a party to the relevant transaction. Each of the parties agrees that under no circumstances shall any rights, obligations, remedies or liabilities of a particular Company or Fund, or with respect to transactions to which a particular Company or Fund is a party, be deemed to constitute rights, obligations, remedies or liabilities applicable to any other Company or Fund or to transactions to which other Companies or Funds are parties, and BTC shall have no right to set off claims of any Company or Fund against property or liabilities of any other Company or Fund. All transactions are entered into in reliance on the fact that this Agreement constitutes a separate agreement between BTC and the Company or Fund.
[End of Text]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers, thereunto duly authorized, as of the day and year first above written.
iSHARES, INC. | ||||
By: |
/s/ Trent Walker |
|||
Name: | Trent Walker | |||
Title: | Treasurer and Chief Financial Officer | |||
iSHARES TRUST | ||||
By: |
/s/ Trent Walker |
|||
Name: | Trent Walker | |||
Title: | Treasurer and Chief Financial Officer | |||
iSHARES U.S. ETF COMPANY, INC. | ||||
By: |
/s/ Trent Walker |
|||
Name: | Trent Walker | |||
Title: | Treasurer and Chief Financial Officer | |||
iSHARES U.S. ETF TRUST | ||||
By: |
/s/ Trent Walker |
|||
Name: | Trent Walker | |||
Title: | Treasurer and Chief Financial Officer |
BLACKROCK INSTITUTIONAL TRUST COMPANY, N.A. |
||||
By: |
/s/ Jason Strofs |
|||
Name: | Jason Strofs | |||
Title: | Managing Director |
Approved by the Board of Trustees of iShares Trust, the Board of Directors of iShares, Inc., the Board of Directors of iShares U.S. ETF Company, Inc., and the Board of Trustees of iShares U.S. ETF Trust as of January 1, 2021.
[Signature page to Securities Lending Agency Agreement]
Schedule A
[List of Funds on File with BFA]
Exhibit A
[Forms of Securities Lending Agreements]
Exhibit (h.6)
Schedule A
Funds
iShares, Inc.
iShares Asia/Pacific Dividend ETF |
iShares Core MSCI Emerging Markets ETF |
iShares Currency Hedged MSCI Emerging Markets ETF |
iShares Emerging Markets Dividend ETF |
iShares ESG Aware MSCI EM ETF |
iShares International High Yield Bond ETF |
iShares J.P. Morgan EM Corporate Bond ETF |
iShares J.P. Morgan EM High Yield Bond ETF |
iShares J.P. Morgan EM Local Currency Bond ETF |
iShares MSCI Australia ETF |
iShares MSCI Austria ETF |
iShares MSCI Belgium ETF |
iShares MSCI Brazil ETF |
iShares MSCI BRIC ETF |
iShares MSCI Canada ETF |
iShares MSCI Chile ETF |
iShares MSCI Colombia ETF |
iShares MSCI Emerging Markets Asia ETF |
iShares MSCI Emerging Markets ETF |
iShares MSCI Emerging Markets ex China ETF |
iShares MSCI Emerging Markets Min Vol Factor ETF |
iShares MSCI Emerging Markets Multifactor ETF |
iShares MSCI Emerging Markets Small-Cap ETF |
iShares MSCI Eurozone ETF |
iShares MSCI France ETF |
iShares MSCI Frontier 100 ETF |
iShares MSCI Germany ETF |
iShares MSCI Global Agriculture Producers ETF |
iShares MSCI Global Energy Producers ETF |
iShares MSCI Global Gold Miners ETF |
iShares MSCI Global Metals & Mining Producers ETF |
iShares MSCI Global Min Vol Factor ETF |
iShares MSCI Global Silver and Metals Miners ETF |
iShares MSCI Hong Kong ETF |
iShares MSCI Israel ETF |
iShares MSCI Italy ETF |
iShares MSCI Japan ETF |
iShares MSCI Japan Small-Cap ETF |
iShares MSCI Malaysia ETF |
iShares MSCI Mexico ETF |
iShares MSCI Netherlands ETF |
iShares MSCI Pacific ex Japan ETF |
iShares MSCI Russia ETF |
iShares MSCI Singapore ETF |
iShares MSCI South Africa ETF |
iShares MSCI South Korea ETF |
iShares MSCI Spain ETF |
iShares MSCI Sweden ETF |
iShares MSCI Switzerland ETF |
iShares MSCI Taiwan ETF |
iShares MSCI Thailand ETF |
iShares MSCI Turkey ETF |
iShares MSCI USA Equal Weighted ETF |
iShares MSCI World ETF |
iShares US & Intl High Yield Corp Bond ETF |
iShares Trust
iShares 0-3 Month Treasury Bond ETF |
iShares 0-5 Year High Yield Corporate Bond ETF |
iShares 0-5 Year Investment Grade Corporate Bond ETF |
iShares 0-5 Year TIPS Bond ETF |
iShares 1-3 Year International Treasury Bond ETF |
iShares 1-3 Year Treasury Bond ETF |
iShares 1-5 Year Investment Grade Corporate Bond ETF |
iShares 3-7 Year Treasury Bond ETF |
iShares 5-10 Year Investment Grade Corporate Bond ETF |
iShares 7-10 Year Treasury Bond ETF |
iShares 10+ Year Investment Grade Corporate Bond ETF |
iShares 10-20 Year Treasury Bond ETF |
iShares 20+ Year Treasury Bond ETF |
iShares 25+ Year Treasury STRIPS Bond ETF |
iShares Aaa - A Rated Corporate Bond ETF |
iShares Adaptive Currency Hedged MSCI EAFE ETF |
iShares Agency Bond ETF |
iShares Asia 50 ETF |
iShares BB Rated Corporate Bond ETF |
iShares Broad USD High Yield Corporate Bond ETF |
iShares Broad USD Investment Grade Corporate Bond ETF |
iShares California Muni Bond ETF |
iShares China Large-Cap ETF |
iShares CMBS ETF |
iShares Cohen & Steers REIT ETF |
iShares Convertible Bond ETF |
iShares Core 1-5 Year USD Bond ETF |
iShares Core 5-10 Year USD Bond ETF |
iShares Core 10+ Year USD Bond ETF |
iShares Core Aggressive Allocation ETF |
iShares Core Conservative Allocation ETF |
iShares Core Dividend Growth ETF |
iShares Core Growth Allocation ETF |
iShares Core High Dividend ETF |
iShares Core International Aggregate Bond ETF |
iShares Core Moderate Allocation ETF |
iShares Core MSCI EAFE ETF |
iShares Core MSCI Europe ETF |
iShares Core MSCI International Developed Markets ETF |
iShares Core MSCI Pacific ETF |
iShares Core MSCI Total International Stock ETF |
iShares Core S&P 500 ETF |
iShares Core S&P Mid-Cap ETF |
iShares Core S&P Small-Cap ETF |
iShares Core S&P Total U.S. Stock Market ETF |
iShares Core S&P U.S. Growth ETF |
iShares Core S&P U.S. Value ETF |
iShares Core Total USD Bond Market ETF |
iShares Core U.S. Aggregate Bond ETF |
iShares Core U.S. REIT ETF |
iShares Currency Hedged JPX-Nikkei 400 ETF |
iShares Currency Hedged MSCI ACWI ex U.S. ETF |
iShares Currency Hedged MSCI Canada ETF |
iShares Currency Hedged MSCI EAFE ETF |
iShares Currency Hedged MSCI EAFE Small-Cap ETF |
iShares Currency Hedged MSCI Eurozone ETF |
iShares Currency Hedged MSCI Germany ETF |
iShares Currency Hedged MSCI Japan ETF |
iShares Currency Hedged MSCI Mexico ETF |
iShares Currency Hedged MSCI United Kingdom ETF |
iShares Cybersecurity and Tech ETF |
iShares Dow Jones U.S. ETF |
iShares Emerging Markets Infrastructure ETF |
iShares ESG Advanced High Yield Corporate Bond ETF |
iShares ESG Advanced MSCI EAFE ETF |
iShares ESG Advanced MSCI EM ETF |
iShares ESG Advanced MSCI USA ETF |
iShares ESG Advanced Total USD Bond Market ETF |
iShares ESG Aware 1-5 Year USD Corporate Bond ETF |
iShares ESG Aware Aggressive Allocation ETF |
iShares ESG Aware Conservative Allocation ETF |
iShares ESG Aware Growth Allocation ETF |
iShares ESG Aware Moderate Allocation ETF |
iShares ESG Aware MSCI EAFE ETF |
iShares ESG Aware MSCI USA ETF |
iShares ESG Aware MSCI USA Small-Cap ETF |
iShares ESG Aware U.S. Aggregate Bond ETF |
iShares ESG Aware USD Corporate Bond ETF |
iShares ESG MSCI EM Leaders ETF |
iShares ESG MSCI USA Leaders ETF |
iShares ESG Screened S&P 500 ETF |
iShares ESG Screened S&P Mid-Cap ETF |
iShares ESG Screened S&P Small-Cap ETF |
iShares Europe ETF |
iShares Expanded Tech Sector ETF |
iShares Expanded Tech-Software Sector ETF |
iShares Exponential Technologies ETF |
iShares Factors US Blend Style ETF |
iShares Factors US Growth Style ETF |
iShares Factors US Mid Blend Style ETF |
iShares Factors US Small Blend Style ETF |
iShares Factors US Value Style ETF |
iShares Fallen Angels USD Bond ETF |
iShares Floating Rate Bond ETF |
iShares Focused Value Factor ETF |
iShares Genomics Immunology and Healthcare ETF |
iShares Global 100 ETF |
iShares Global Clean Energy ETF |
iShares Global Comm Services ETF |
iShares Global Consumer Discretionary ETF |
iShares Global Consumer Staples ETF |
iShares Global Energy ETF |
iShares Global Financials ETF |
iShares Global Green Bond ETF |
iShares Global Healthcare ETF |
iShares Global Industrials ETF |
iShares Global Infrastructure ETF |
iShares Global Materials ETF |
iShares Global REIT ETF |
iShares Global Tech ETF |
iShares Global Timber & Forestry ETF |
iShares Global Utilities ETF |
iShares GNMA Bond ETF |
iShares Government/Credit Bond ETF |
iShares High Yield Bond Factor ETF |
iShares iBonds 2021 Term High Yield and Income ETF |
iShares iBonds 2022 Term High Yield and Income ETF |
iShares iBonds 2023 Term High Yield and Income ETF |
iShares iBonds 2024 Term High Yield and Income ETF |
iShares iBonds 2025 Term High Yield and Income ETF |
iShares iBonds 2026 Term High Yield and Income ETF |
iShares iBonds Dec 2021 Term Corporate ETF |
iShares iBonds Dec 2021 Term Muni Bond ETF |
iShares iBonds Dec 2021 Term Treasury ETF |
iShares iBonds Dec 2022 Term Corporate ETF |
iShares iBonds Dec 2022 Term Muni Bond ETF |
iShares iBonds Dec 2022 Term Treasury ETF |
iShares iBonds Dec 2023 Term Corporate ETF |
iShares iBonds Dec 2023 Term Muni Bond ETF |
iShares iBonds Dec 2023 Term Treasury ETF |
iShares iBonds Dec 2024 Term Corporate ETF |
iShares iBonds Dec 2024 Term Muni Bond ETF |
iShares iBonds Dec 2024 Term Treasury ETF |
iShares iBonds Dec 2025 Term Corporate ETF |
iShares iBonds Dec 2025 Term Muni Bond ETF |
iShares iBonds Dec 2025 Term Treasury ETF |
iShares iBonds Dec 2026 Term Corporate ETF |
iShares iBonds Dec 2026 Term Muni Bond ETF |
iShares iBonds Dec 2026 Term Treasury ETF |
iShares iBonds Dec 2027 Term Corporate ETF |
iShares iBonds Dec 2027 Term Muni Bond ETF |
iShares iBonds Dec 2027 Term Treasury ETF |
iShares iBonds Dec 2028 Term Corporate ETF |
iShares iBonds Dec 2028 Term Muni Bond ETF |
iShares iBonds Dec 2028 Term Treasury ETF |
iShares iBonds Dec 2029 Term Corporate ETF |
iShares iBonds Dec 2029 Term Treasury ETF |
iShares iBonds Dec 2030 Term Corporate ETF |
iShares iBonds Dec 2030 Term Treasury ETF |
iShares iBonds Mar 2023 Term Corporate ETF |
iShares iBonds Mar 2023 Term Corporate ex-Financials ETF |
iShares iBoxx $ High Yield Corporate Bond ETF |
iShares iBoxx $ Investment Grade Corporate Bond ETF |
iShares India 50 ETF |
iShares Intermediate Government/Credit Bond ETF |
iShares International Developed Property ETF |
iShares International Developed Real Estate ETF |
iShares International Dividend Growth ETF |
iShares International Preferred Stock ETF |
iShares International Select Dividend ETF |
iShares International Treasury Bond ETF |
iShares Investment Grade Bond Factor ETF |
iShares J.P. Morgan USD Emerging Markets Bond ETF |
iShares JPX-Nikkei 400 ETF |
iShares Latin America 40 ETF |
iShares MBS ETF |
iShares Micro-Cap ETF |
iShares Morningstar Large-Cap ETF |
iShares Morningstar Large-Cap Growth ETF |
iShares Morningstar Large-Cap Value ETF |
iShares Morningstar Mid-Cap ETF |
iShares Morningstar Mid-Cap Growth ETF |
iShares Morningstar Mid-Cap Value ETF |
iShares Morningstar Multi-Asset Income ETF |
iShares Morningstar Small-Cap ETF |
iShares Morningstar Small-Cap Growth ETF |
iShares Morningstar Small-Cap Value ETF |
iShares Mortgage Real Estate ETF |
iShares MSCI ACWI ETF |
iShares MSCI ACWI ex U.S. ETF |
iShares MSCI ACWI Low Carbon Target ETF |
iShares MSCI All Country Asia ex Japan ETF |
iShares MSCI Argentina and Global Exposure ETF |
iShares MSCI Brazil Small-Cap ETF |
iShares MSCI China A ETF |
iShares MSCI China ETF |
iShares MSCI China Small-Cap ETF |
iShares MSCI Denmark ETF |
iShares MSCI EAFE ETF |
iShares MSCI EAFE Growth ETF |
iShares MSCI EAFE Min Vol Factor ETF |
iShares MSCI EAFE Small-Cap ETF |
iShares MSCI EAFE Value ETF |
iShares MSCI Europe Financials ETF |
iShares MSCI Europe Small-Cap ETF |
iShares MSCI Finland ETF |
iShares MSCI Germany Small-Cap ETF |
iShares MSCI Global Impact ETF |
iShares MSCI Global Multifactor ETF |
iShares MSCI India ETF |
iShares MSCI India Small-Cap ETF |
iShares MSCI Indonesia ETF |
iShares MSCI Intl Momentum Factor ETF |
iShares MSCI Intl Multifactor ETF |
iShares MSCI Intl Quality Factor ETF |
iShares MSCI Intl Size Factor ETF |
iShares MSCI Intl Small-Cap Multifactor ETF |
iShares MSCI Intl Value Factor ETF |
iShares MSCI Ireland ETF |
iShares MSCI Japan Equal Weighted ETF |
iShares MSCI Japan Value ETF |
iShares MSCI KLD 400 Social ETF |
iShares MSCI Kokusai ETF |
iShares MSCI Kuwait ETF |
iShares MSCI New Zealand ETF |
iShares MSCI Norway ETF |
iShares MSCI Peru ETF |
iShares MSCI Philippines ETF |
iShares MSCI Poland ETF |
iShares MSCI Qatar ETF |
iShares MSCI Saudi Arabia ETF |
iShares MSCI UAE ETF |
iShares MSCI United Kingdom ETF |
iShares MSCI United Kingdom Small-Cap ETF |
iShares MSCI USA ESG Select ETF |
iShares MSCI USA Mid-Cap Multifactor ETF |
iShares MSCI USA Min Vol Factor ETF |
iShares MSCI USA Momentum Factor ETF |
iShares MSCI USA Multifactor ETF |
iShares MSCI USA Quality Factor ETF |
iShares MSCI USA Size Factor ETF |
iShares MSCI USA Small-Cap Min Vol Factor ETF |
iShares MSCI USA Small-Cap Multifactor ETF |
iShares MSCI USA Value Factor ETF |
iShares Nasdaq Biotechnology ETF |
iShares National Muni Bond ETF |
iShares New York Muni Bond ETF |
iShares North American Natural Resources ETF |
iShares North American Tech-Multimedia Networking ETF |
iShares PHLX Semiconductor ETF |
iShares Preferred and Income Securities ETF |
iShares Residential and Multisector Real Estate ETF |
iShares Robotics and Artificial Intelligence Multisector ETF |
iShares Russell 1000 ETF |
iShares Russell 1000 Growth ETF |
iShares Russell 1000 Pure U.S. Revenue ETF |
iShares Russell 1000 Value ETF |
iShares Russell 2000 ETF |
iShares Russell 2000 Growth ETF |
iShares Russell 2000 Value ETF |
iShares Russell 2500 ETF |
iShares Russell 3000 ETF |
iShares Russell Mid-Cap ETF |
iShares Russell Mid-Cap Growth ETF |
iShares Russell Mid-Cap Value ETF |
iShares Russell Top 200 ETF |
iShares Russell Top 200 Growth ETF |
iShares Russell Top 200 Value ETF |
iShares S&P 100 ETF |
iShares S&P 500 Growth ETF |
iShares S&P 500 Value ETF |
iShares S&P Mid-Cap 400 Growth ETF |
iShares S&P Mid-Cap 400 Value ETF |
iShares S&P Small-Cap 600 Growth ETF |
iShares S&P Small-Cap 600 Value ETF |
iShares Select Dividend ETF |
iShares Self-Driving EV and Tech ETF |
iShares Short-Term National Muni Bond ETF |
iShares Short Treasury Bond ETF |
iShares TIPS Bond ETF |
iShares Transportation Average ETF |
iShares Treasury Floating Rate Bond ETF |
iShares U.S. Aerospace & Defense ETF |
iShares U.S. Basic Materials ETF |
iShares U.S. Broker-Dealers & Securities Exchanges ETF |
iShares U.S. Consumer Goods ETF |
iShares U.S. Consumer Services ETF |
iShares U.S. Dividend and Buyback ETF |
iShares U.S. Energy ETF |
iShares U.S. Financial Services ETF |
iShares U.S. Financials ETF |
iShares U.S. Fixed Income Balanced Risk Factor ETF |
iShares U.S. Healthcare ETF |
iShares U.S. Healthcare Providers ETF |
iShares U.S. Home Construction ETF |
iShares U.S. Industrials ETF |
iShares U.S. Infrastructure ETF |
iShares U.S. Insurance ETF |
iShares U.S. Medical Devices ETF |
iShares U.S. Oil & Gas Exploration & Production ETF |
iShares U.S. Oil Equipment & Services ETF |
iShares U.S. Pharmaceuticals ETF |
iShares U.S. Real Estate ETF |
iShares U.S. Regional Banks ETF |
iShares U.S. Technology ETF |
iShares U.S. Tech Breakthrough Multisector ETF |
iShares U.S. Telecommunications ETF |
iShares U.S. Treasury Bond ETF |
iShares U.S. Utilities ETF |
iShares US Small Cap Value Factor ETF |
iShares Virtual Work and Life Multisector ETF |
iShares Yield Optimized Bond ETF |
iShares U.S. ETF Trust
BlackRock Short Maturity Bond ETF |
BlackRock Short Maturity Municipal Bond ETF |
BlackRock Ultra Short-Term Bond ETF |
iShares Bloomberg Roll Select Commodity Strategy ETF |
iShares Commodity Curve Carry Strategy ETF |
iShares Evolved U.S. Consumer Staples ETF |
iShares Evolved U.S. Discretionary Spending ETF |
iShares Evolved U.S. Financials ETF |
iShares Evolved U.S. Healthcare Staples ETF |
iShares Evolved U.S. Innovative Healthcare ETF |
iShares Evolved U.S. Media and Entertainment ETF |
iShares Evolved U.S. Technology ETF |
iShares Gold Strategy ETF |
iShares GSCI Commodity Dynamic Roll Strategy ETF |
iShares Inflation Hedged Corporate Bond ETF |
iShares Interest Rate Hedged Corporate Bond ETF |
iShares Interest Rate Hedged Emerging Markets Bond ETF |
iShares Interest Rate Hedged High Yield Bond ETF |
iShares Interest Rate Hedged Long-Term Corporate Bond ETF |
Approved by the Board of Trustees of iShares Trust on December 10-11, 2020 and the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. on September 16-17, 2020.
Exhibit (h.12)
Exhibit A
iShares Trust
Dow Jones EPAC Select Dividend IndexTM
Dow Jones Transportation Average IndexTM
Dow Jones U.S. Basic Materials IndexTM
Dow Jones U.S. Consumer Goods IndexTM
Dow Jones U.S. Consumer Services Capped IndexTM
Dow Jones U.S. Financials Capped IndexTM
Dow Jones U.S. Financial Services IndexTM
Dow Jones U.S. Health Care IndexTM
Dow Jones U.S. IndexTM
Dow Jones U.S. Industrials IndexTM
Dow Jones U.S. Oil & Gas IndexTM
Dow Jones U.S. Real Estate Capped IndexTM
Dow Jones U.S. Select Aerospace & Defense IndexTM
Dow Jones U.S. Select Dividend IndexTM
Dow Jones U.S. Select Health Care Providers IndexTM
Dow Jones U.S. Select Home Construction IndexTM
Dow Jones U.S. Select Insurance IndexTM
Dow Jones U.S. Select Investment Services IndexTM
Dow Jones U.S. Select Medical Equipment IndexTM
Dow Jones U.S. Select Oil Exploration & Production IndexTM
Dow Jones U.S. Select Oil Equipment & Services IndexTM
Dow Jones U.S. Select Pharmaceuticals IndexTM
Dow Jones U.S. Select Regional Banks IndexTM
Dow Jones U.S. Select Telecommunications IndexTM
Dow Jones U.S. Technology Capped IndexTM
Dow Jones U.S. Utilities IndexTM
iShares, Inc.
Dow Jones Asia/Pacific Select Dividend 50 IndexTM
Dow Jones Emerging Markets Select Dividend IndexTM
Exhibit (i)
February 23, 2021
iShares Trust
c/o BlackRock Fund Advisors
400 Howard Street
San Francisco, CA 94105
Re: |
iShares Trust Funds Identified on Exhibit A |
Ladies and Gentlemen:
We have acted as special Delaware counsel for iShares Trust, a Delaware statutory trust (the Trust), in connection with the matters set forth herein. At your request, this opinion is being furnished to you.
For purposes of giving the opinions hereinafter set forth, our examination of documents has been limited to the examination of originals or copies of the following:
(a) |
The Certificate of Trust of the Trust, as filed with the office of the Secretary of State of the State of Delaware (the Secretary of State) on December 16, 1999, as amended and restated by the Restated Certificate of Trust of the Trust (as amended and restated, the Certificate of Trust), as filed with the Secretary of State on September 15, 2006; |
(b) |
The Agreement and Declaration of Trust, dated December 16, 1999, made by the trustee named therein, as amended and restated by the Agreement and Declaration of Trust, dated September 13, 2006, made by the trustees named therein, as further amended and restated by the Amended and Restated Agreement and Declaration of Trust, dated September 24, 2008, made by the trustees named therein, as further amended and restated by the Amended and Restated Agreement and Declaration of Trust, dated September 17, 2009 (as amended and restated on such date, the Trust Instrument), made by the trustees named therein; |
(c) |
Post-Effective Amendment No. 2,442 (the Amendment), to be filed with the U.S. Securities and Exchange Commission (the SEC) on or about the date hereof, to the Trusts Registration Statement on Form N-1A (File Nos. 333-92935 and 811-09729), filed with the SEC on December 16, 1999 (as amended by the Amendment, the Registration Statement); |
iShares Trust
February 23, 2021
Page 2
(d) |
The Amended and Restated By-Laws of the Trust, as approved by the Board of Trustees of the Trust (the Board) on December 8, 2006, as further amended and restated by the Amended and Restated By-Laws of the Trust, as approved by the Board on August 13, 2009, as further amended and restated by the Amended and Restated By-Laws of the Trust in effect on the date hereof as approved by the Board on April 20, 2010 (as amended and restated on such date, the By-laws); |
(e) |
The Policy and Procedures Regarding the Naming of iShares Funds delegating naming determinations for series of the Trust to BlackRock Fund Advisors and its affiliated investment advisors; |
(f) |
Copies of certain resolutions adopted by the Board with respect to the creation of certain series of the Trust (each, a Fund, as identified on Exhibit A attached hereto) and the issuance of certain shares of beneficial interest in each Fund (each, a Share and collectively, the Shares); |
(g) |
A certificate of an officer of the Trust, dated as of February 25, 2020, relating to the filing of Post-Effective Amendment 2,299 with the SEC; |
(h) |
A certificate of an officer of the Trust with respect to certain matters, dated on or about the date hereof; and |
(i) |
A Certificate of Good Standing for the Trust, dated February 22, 2021, obtained from the Secretary of State. |
Initially capitalized terms used herein and not otherwise defined are used as defined in the Trust Instrument. The resolutions identified in paragraph (f) and in the officers certificates described in (g) and (h) above are collectively referred to herein as the Resolutions.
For purposes of this opinion, we have not reviewed any documents other than the documents listed in paragraphs (a) through (i) above. In particular, we have not reviewed any document (other than the documents listed in paragraphs (a) through (i) above) that is referred to in or incorporated by reference into the documents reviewed by us. We have assumed that there exists no provision in any document that we have not reviewed that is inconsistent with the opinions stated herein. We have conducted no independent factual investigation of our own but rather have relied solely upon the foregoing documents, the statements and information set forth therein and the additional matters recited or assumed herein, all of which we have assumed to be true, complete and accurate in all material respects.
With respect to all documents examined by us, we have assumed (i) the authenticity of all documents submitted to us as authentic originals, (ii) the conformity with the originals of all documents submitted to us as copies or forms, and (iii) the genuineness of all signatures.
iShares Trust
February 23, 2021
Page 3
For purposes of this opinion, we have assumed (i) that the Trust Instrument constitutes the entire agreement among the parties thereto with respect to the subject matter thereof, including with respect to the creation, operation and termination of the Trust, and that the Trust Instrument, the By-laws and the Certificate of Trust are in full force and effect and will not be amended, (ii) except to the extent provided in paragraph 1 below, the due organization or due formation, as the case may be, and valid existence in good standing of each party to the documents examined by us under the laws of the jurisdiction governing its organization or formation, (iii) the legal capacity of natural persons who are parties to the documents examined by us, (iv) that each of the parties (other than the Trust) to the documents examined by us has the power and authority to execute and deliver, and to perform its obligations under, such documents, (v) the due authorization, execution and delivery by all parties thereto of all documents examined by us, (vi) the payment by each Person to whom a Share has been or is to be issued by the Trust (collectively, the Shareholders) for such Share, in accordance with the Trust Instrument, the Resolutions and as contemplated by the Registration Statement, (vii) that the officers of the Trust acted within their authority when registering the names of the Funds as such names appear in the Registration Statement, and (viii) that the Shares have been and are issued and sold to the Shareholders in accordance with the Trust Instrument and the Resolutions and as contemplated by the Registration Statement. We have not participated in the preparation of the Registration Statement and assume no responsibility for its contents.
This opinion is limited to the laws of the State of Delaware (excluding the securities laws of the State of Delaware), and we have not considered and express no opinion on the laws of any other jurisdiction, including federal laws and rules and regulations relating thereto. Our opinions are rendered only with respect to Delaware laws and rules, regulations and orders thereunder which are currently in effect.
Based upon the foregoing, and upon our examination of such questions of law and statutes of the State of Delaware as we have considered necessary or appropriate, and subject to the assumptions, qualifications, limitations and exceptions set forth herein, we are of the opinion that:
1. The Trust has been duly created and is validly existing in good standing as a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. § 3801, et. seq.
2. The Shares of the Trust have been duly authorized and, when issued, will be validly issued, fully paid and nonassessable beneficial interests in the Trust.
iShares Trust
February 23, 2021
Page 4
We consent to the filing of this opinion with the SEC as an exhibit to the Registration Statement. In giving the foregoing consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the SEC thereunder.
Very truly yours, |
/s/ Richards, Layton & Finger, P.A. |
RJF/SS
EXHIBIT A
iShares Trust
Funds
iShares 0-5 Year High Yield Corporate Bond ETF
iShares 0-5 Year Investment Grade Corporate Bond ETF
iShares 0-5 Year TIPS Bond ETF
iShares 1-3 Year International Treasury Bond ETF
iShares Aaa - A Rated Corporate Bond ETF
iShares BB Rated Corporate Bond ETF
iShares Broad USD High Yield Corporate Bond ETF
iShares CMBS ETF
iShares Convertible Bond ETF
iShares Core 1-5 Year USD Bond ETF
iShares Core International Aggregate Bond ETF
iShares Core Total USD Bond Market ETF
iShares Fallen Angels USD Bond ETF
iShares Floating Rate Bond ETF
iShares Global Green Bond ETF
iShares GNMA Bond ETF
iShares ESG Advanced High Yield Corporate Bond ETF
iShares iBonds 2021 Term High Yield and Income ETF
iShares iBonds 2022 Term High Yield and Income ETF
iShares iBonds 2023 Term High Yield and Income ETF
iShares iBonds 2024 Term High Yield and Income ETF
iShares iBonds 2025 Term High Yield and Income ETF
iShares iBonds 2026 Term High Yield and Income ETF
iShares iBonds Dec 2021 Term Corporate ETF
iShares iBonds Dec 2021 Term Muni Bond ETF
iShares iBonds Dec 2021 Term Treasury ETF
iShares iBonds Dec 2022 Term Corporate ETF
iShares iBonds Dec 2022 Term Muni Bond ETF
iShares iBonds Dec 2022 Term Treasury ETF
iShares iBonds Dec 2023 Term Corporate ETF
iShares iBonds Dec 2023 Term Muni Bond ETF
iShares iBonds Dec 2023 Term Treasury ETF
iShares iBonds Dec 2024 Term Corporate ETF
iShares iBonds Dec 2024 Term Muni Bond ETF
iShares iBonds Dec 2024 Term Treasury ETF
iShares iBonds Dec 2025 Term Corporate ETF
iShares iBonds Dec 2025 Term Muni Bond ETF
iShares iBonds Dec 2025 Term Treasury ETF
iShares iBonds Dec 2026 Term Corporate ETF
iShares iBonds Dec 2026 Term Muni Bond ETF
iShares iBonds Dec 2026 Term Treasury ETF
iShares iBonds Dec 2027 Term Corporate ETF
iShares iBonds Dec 2027 Term Muni Bond ETF
iShares iBonds Dec 2027 Term Treasury ETF
iShares iBonds Dec 2028 Term Corporate ETF
iShares iBonds Dec 2028 Term Muni Bond ETF
iShares iBonds Dec 2028 Term Treasury ETF
iShares iBonds Dec 2029 Term Corporate ETF
iShares iBonds Dec 2029 Term Treasury ETF
iShares iBonds Dec 2030 Term Corporate ETF
iShares iBonds Dec 2030 Term Treasury ETF
iShares iBonds Mar 2023 Term Corporate ETF
iShares iBonds Mar 2023 Term Corporate ex-Financials ETF
iShares International Treasury Bond ETF
iShares J.P. Morgan USD Emerging Markets Bond ETF
iShares TIPS Bond ETF
iShares Treasury Floating Rate Bond ETF
iShares U.S. Fixed Income Balanced Risk Factor ETF
iShares U.S. Treasury Bond ETF
iShares Yield Optimized Bond ETF
Exhibit (j)
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of iShares Trust of our reports dated December 22, 2020, relating to the financial statements and financial highlights, which appear in iShares 0-5 Year TIPS Bond ETF, iShares 0-5 Year High Yield Corporate Bond ETF, iShares 0-5 Year Investment Grade Corporate Bond ETF, iShares 1-3 Year International Treasury Bond ETF, iShares Aaa - A Rated Corporate Bond ETF, iShares BB Rated Corporate Bond ETF, iShares Broad USD High Yield Corporate Bond ETF, iShares CMBS ETF, iShares Convertible Bond ETF, iShares Core 1-5 Year USD Bond ETF, iShares Core International Aggregate Bond ETF, iShares Core Total USD Bond Market ETF, iShares ESG Advanced High Yield Corporate Bond ETF, iShares Fallen Angels USD Bond ETF, iShares Floating Rate Bond ETF, iShares Global Green Bond ETF, iShares GNMA Bond ETF, iShares iBonds 2021 Term High Yield and Income ETF, iShares iBonds 2022 Term High Yield and Income ETF, iShares iBonds 2023 Term High Yield and Income ETF, iShares iBonds 2024 Term High Yield and Income ETF, iShares iBonds 2025 Term High Yield and Income ETF, iShares iBonds Dec 2021 Term Corporate ETF, iShares iBonds Dec 2021 Term Muni Bond ETF, iShares iBonds Dec 2022 Term Corporate ETF, iShares iBonds Dec 2022 Term Muni Bond ETF, iShares iBonds Dec 2023 Term Corporate ETF, iShares iBonds Dec 2023 Term Muni Bond ETF, iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec 2024 Term Muni Bond ETF, iShares iBonds Dec 2025 Term Corporate ETF, iShares iBonds Dec 2025 Term Muni Bond ETF, iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2026 Term Muni Bond ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2027 Term Muni Bond ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2028 Term Muni Bond ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2030 Term Corporate ETF, iShares iBonds Dec 2021 Term Treasury ETF, iShares iBonds Dec 2022 Term Treasury ETF, iShares iBonds Dec 2023 Term Treasury ETF, iShares iBonds Dec 2024 Term Treasury ETF, iShares iBonds Dec 2025 Term Treasury ETF, iShares iBonds Dec 2026 Term Treasury ETF, iShares iBonds Dec 2027 Term Treasury ETF, iShares iBonds Dec 2028 Term Treasury ETF, iShares iBonds Dec 2029 Term Treasury ETF, iShares iBonds Dec 2030 Term Treasury ETF, iShares iBonds Mar 2023 Term Corporate ETF, iShares iBonds Mar 2023 Term Corporate ex-Financials ETF, iShares International Treasury Bond ETF, iShares J.P. Morgan USD Emerging Markets Bond ETF, iShares TIPS Bond ETF, iShares Treasury Floating Rate Bond ETF, iShares U.S. Fixed Income Balanced Risk Factor ETF, iShares U.S. Treasury Bond ETF and iShares Yield Optimized Bond ETFs Annual Reports on Form N-CSR for the year ended October 31, 2020. We also consent to the references to us under the headings Financial Statements, Independent Registered Public Accounting Firm and Financial Highlights in such Registration Statement.
/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 23, 2021