THE SECURITIES ACT OF 1933 | ☒ | |||
Post-Effective Amendment No. 2,553 | ☒ |
THE INVESTMENT COMPANY ACT OF 1940 | ☒ | |||
Amendment No. 2,553 | ☒ |
MARGERY K. NEALE, ESQ. WILLKIE FARR & GALLAGHER LLP 787 SEVENTH AVENUE NEW YORK, NY 10019-6099 |
MARISA ROLLAND, ESQ. BLACKROCK FUND ADVISORS 400 HOWARD STREET SAN FRANCISCO, CA 94105 |
☐ | Immediately upon filing pursuant to paragraph (b) |
☒ | On June 29, 2022 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) |
☐ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
June 29, 2022 | |
2022 Prospectus |
• | iShares 0-3 Month Treasury Bond ETF | SGOV | NYSE ARCA |
Ticker: SGOV | Stock Exchange: NYSE Arca |
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 | |||
$5 | $32 | $61 | $147 |
1 | The Fund’s year-to-date return as of March 31, 2022 was 0.04%. |
One Year | Since Fund Inception | ||
(Inception Date: 5/26/2020) | |||
Return Before Taxes | 0.02% | 0.05% | |
Return After Taxes on Distributions1 | 0.01% | 0.03% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | 0.01% | 0.03% | |
ICE 0-3 Month US Treasury Securities Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 0.04% | 0.06% |
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 the 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 0-3 Month Treasury Bond ETF | |||
Year Ended 02/28/22 |
Period From 05/26/20(a) to 02/28/21 | ||
Net asset value, beginning of period | $100.01 | $100.01 | |
Net investment income(b) | 0.04 | 0.05 | |
Net realized and unrealized gain(c) | 0.00 | 0.00(d) | |
Net increase from investment operations | 0.04 | 0.05 | |
Distributions(e) | |||
From net investment income | (0.03) | (0.05) | |
Total distributions | (0.03) | (0.05) | |
Net asset value, end of period | $100.02 | $100.01 | |
Total Return(f) | |||
Based on net asset value | 0.04% | 0.05%(g) | |
Ratios to Average Net Assets(h) | |||
Total expenses | 0.12% | 0.12%(i) | |
Total expenses after fees waived | 0.03% | 0.03%(i) | |
Net investment income | 0.04% | 0.07%(i) | |
Supplemental Data | |||
Net assets, end of period (000) | $1,865,428 | $735,108 | |
Portfolio turnover rate(j) | 0% | 326%(g) | |
(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) Where applicable, assumes the reinvestment of distributions. | |||
(g) Not annualized. | |||
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||
(i) Annualized. | |||
(j) 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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares 1-3 Year Treasury Bond ETF | SHY | NASDAQ |
Ticker: SHY | Stock Exchange: Nasdaq |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$15 | $48 | $85 | $192 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -2.49%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 7/22/2002) | |||||
Return Before Taxes | -0.73% | 1.47% | 0.96% | ||
Return After Taxes on Distributions1 | -0.83% | 0.97% | 0.61% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -0.43% | 0.91% | 0.58% | ||
ICE U.S. Treasury 1-3 Year Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes) 2 | -0.61% | 1.61% | 1.09% |
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 March 31, 2016 reflect the performance of the Bloomberg U.S. 1-3 Year Treasury Bond Index. Index returns from April 1, 2016 through February 28, 2021 reflect the 3pm pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index. Index returns beginning on March 1, 2021 reflect the performance of the 4pm pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index. |
■ | 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 the 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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares 1-5 Year Investment Grade Corporate Bond ETF | IGSB | NASDAQ |
Ticker: IGSB | Stock Exchange: Nasdaq |
1 Year | 3 Years | 5 Years | 10 Years | |||
$6 | $19 | $34 | $77 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -3.82%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 1/5/2007) | |||||
Return Before Taxes | -0.49% | 2.87% | 2.18% | ||
Return After Taxes on Distributions1 | -1.19% | 1.91% | 1.44% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -0.26% | 1.79% | 1.35% | ||
ICE BofA 1-5 Year US Corporate Index2 (Index returns do not reflect deductions for fees, expenses, or taxes) | -0.37% | 3.10% | 2.47% |
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 July 31, 2018 reflect the performance of the Bloomberg U.S. 1-3 Year Credit Bond Index. Index returns from August 1, 2018 through February 28, 2021 reflect the 3pm pricing variant of the ICE BofA 1-5 Year US Corporate Index. Index returns beginning on March 1, 2021 reflect the performance of the 4pm pricing variant of the ICE BofA 1-5 Year US Corporate Index. |
■ | 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 the 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. |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares 3-7 Year Treasury Bond ETF | IEI | NASDAQ |
Ticker: IEI | Stock Exchange: Nasdaq |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$15 | $48 | $85 | $192 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -5.04%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 1/5/2007) | |||||
Return Before Taxes | -2.51% | 2.48% | 1.85% | ||
Return After Taxes on Distributions1 | -2.80% | 1.86% | 1.30% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -1.49% | 1.63% | 1.18% | ||
ICE U.S. Treasury 3-7 Year Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes) 2 | -2.40% | 2.61% | 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. |
2 | Index returns through March 31, 2016 reflect the performance of the Bloomberg U.S. 3-7 Year Treasury Bond Index. Index returns from April 1, 2016 through February 28, 2021 reflect the 3pm pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index. Index returns beginning on March 1, 2021 reflect the performance of the 4pm pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index. |
■ | 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 the 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 3-7 Year Treasury Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18 | |||||
Net asset value, beginning of year | $131.00 | $130.24 | $121.54 | $120.03 | $123.07 | ||||
Net investment income(a) | 0.94 | 1.29 | 2.44 | 2.47 | 1.93 | ||||
Net realized and unrealized gain (loss)(b) | (4.94) | 0.85 | 8.76 | 1.47 | (3.10) | ||||
Net increase (decrease) from investment operations | (4.00) | 2.14 | 11.20 | 3.94 | (1.17) | ||||
Distributions(c) | |||||||||
From net investment income | (0.94) | (1.38) | (2.50) | (2.43) | (1.87) | ||||
Total distributions | (0.94) | (1.38) | (2.50) | (2.43) | (1.87) | ||||
Net asset value, end of year | $126.06 | $131.00 | $130.24 | $121.54 | $120.03 | ||||
Total Return(d) | |||||||||
Based on net asset value | (3.07)% | 1.63% | 9.31% | 3.33% | (0.98)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | ||||
Net investment income | 0.72% | 0.97% | 1.95% | 2.06% | 1.57% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $10,475,559 | $11,227,126 | $9,923,985 | $7,122,486 | $7,069,651 | ||||
Portfolio turnover rate(f) | 62% | 49% | 38% | 41% | 66% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares 5-10 Year Investment Grade Corporate Bond ETF | IGIB | NASDAQ |
Ticker: IGIB | Stock Exchange: Nasdaq |
1 Year | 3 Years | 5 Years | 10 Years | |||
$6 | $19 | $34 | $77 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -7.01%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 1/5/2007) | |||||
Return Before Taxes | -1.65% | 4.89% | 3.96% | ||
Return After Taxes on Distributions1 | -2.61% | 3.63% | 2.76% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -0.94% | 3.21% | 2.53% | ||
ICE BofA 5-10 Year US Corporate Index2 (Index returns do not reflect deductions for fees, expenses, or taxes) | -1.48% | 5.04% | 4.16% |
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 July 31, 2018 reflect the performance of the Bloomberg U.S. Intermediate Credit Bond Index. Index returns from August 1, 2018 through February 28, 2021 reflect the 3pm pricing variant of the ICE BofA 5-10 Year US Corporate Index. Index returns beginning on March 1, 2021 reflect the performance of the 4pm pricing variant of the ICE BofA 5-10 Year US Corporate Index. |
■ | 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 the 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 5-10 Year Investment Grade Corporate Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19(a) |
Year Ended 02/28/18(a) | |||||
Net asset value, beginning of year | $60.34 | $59.76 | $53.88 | $53.64 | $54.53 | ||||
Net investment income(b) | 1.34 | 1.58 | 2.00 | 1.83 | 1.40 | ||||
Net realized and unrealized gain (loss)(c) | (3.49) | 0.65 | 5.86 | 0.26 | (0.91) | ||||
Net increase (decrease) from investment operations | (2.15) | 2.23 | 7.86 | 2.09 | 0.49 | ||||
Distributions(d) | |||||||||
From net investment income | (1.35) | (1.65) | (1.98) | (1.85) | (1.38) | ||||
From net realized gain | (0.13) | — | — | — | — | ||||
Total distributions | (1.48) | (1.65) | (1.98) | (1.85) | (1.38) | ||||
Net asset value, end of year | $56.71 | $60.34 | $59.76 | $53.88 | $53.64 | ||||
Total Return(e) | |||||||||
Based on net asset value | (3.62)% | 3.79% | 14.83% | 4.01% | 0.87% | ||||
Ratios to Average Net Assets(f) | |||||||||
Total expenses | 0.06% | 0.06% | 0.06% | 0.11% | 0.20% | ||||
Total expenses after fees waived | 0.06% | 0.06% | 0.06% | 0.10% | 0.20% | ||||
Net investment income | 2.24% | 2.64% | 3.49% | 3.45% | 2.56% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $11,188,899 | $11,063,433 | $9,387,751 | $5,543,811 | $7,192,788 | ||||
Portfolio turnover rate(g) | 27% | 23% | 26% | 86% | 21% | ||||
(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on August 7, 2018. | |||||||||
(b) Based on average shares outstanding. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||||||
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares 7-10 Year Treasury Bond ETF | IEF | NASDAQ |
Ticker: IEF | Stock Exchange: Nasdaq |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$15 | $48 | $85 | $192 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -6.51%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 7/22/2002) | |||||
Return Before Taxes | -3.27% | 3.54% | 2.65% | ||
Return After Taxes on Distributions1 | -3.60% | 2.84% | 1.91% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -1.94% | 2.41% | 1.71% | ||
ICE U.S. Treasury 7-10 Year Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 | -3.19% | 3.64% | 2.74% |
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. |
2 | Index returns through March 31, 2016 reflect the performance of the Bloomberg U.S. 7-10 Year Treasury Bond Index. Index returns from April 1, 2016 through February 28, 2021 reflect the 3pm pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index. Index returns beginning on March 1, 2021 reflect the performance of the 4pm pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index. |
■ | 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 the 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 7-10 Year Treasury Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18 | |||||
Net asset value, beginning of year | $115.71 | $117.31 | $104.16 | $102.13 | $105.68 | ||||
Net investment income(a) | 1.08 | 1.15 | 2.19 | 2.45 | 1.97 | ||||
Net realized and unrealized gain (loss)(b) | (3.81) | (1.53) | 13.19 | 1.97 | (3.59) | ||||
Net increase (decrease) from investment operations | (2.73) | (0.38) | 15.38 | 4.42 | (1.62) | ||||
Distributions(c) | |||||||||
From net investment income | (0.99) | (1.22) | (2.23) | (2.39) | (1.93) | ||||
Total distributions | (0.99) | (1.22) | (2.23) | (2.39) | (1.93) | ||||
Net asset value, end of year | $111.99 | $115.71 | $117.31 | $104.16 | $102.13 | ||||
Total Return(d) | |||||||||
Based on net asset value | (2.38)% | (0.37)% | 14.94% | 4.40% | (1.59)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | ||||
Net investment income | 0.94% | 0.95% | 1.98% | 2.40% | 1.86% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $17,413,750 | $14,209,563 | $21,480,308 | $13,217,782 | $8,364,365 | ||||
Portfolio turnover rate(f) | 114% | 76% | 57% | 63% | 46% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares 10-20 Year Treasury Bond ETF | TLH | NYSE ARCA |
Ticker: TLH | Stock Exchange: NYSE Arca |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$15 | $48 | $85 | $192 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -9.14%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 1/5/2007) | |||||
Return Before Taxes | -5.34% | 4.38% | 3.27% | ||
Return After Taxes on Distributions1 | -5.92% | 3.51% | 2.39% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -3.16% | 3.01% | 2.14% | ||
ICE U.S. Treasury 10-20 Year Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 | -5.31% | 4.45% | 3.36% |
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 U.S. 10-20 Year Treasury Bond Index. Index returns from July 1, 2016 through February 28, 2021 reflect the 3pm pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index. Index returns beginning on March 1, 2021 reflect the performance of the 4pm pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index. |
■ | 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 the 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 10-20 Year Treasury Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18 | |||||
Net asset value, beginning of year | $146.54 | $158.70 | $132.80 | $130.13 | $134.79 | ||||
Net investment income(a) | 2.41 | 2.04 | 3.18 | 3.10 | 2.53 | ||||
Net realized and unrealized gain (loss)(b) | (4.91) | (10.08) | 26.01 | 2.53 | (4.68) | ||||
Net increase (decrease) from investment operations | (2.50) | (8.04) | 29.19 | 5.63 | (2.15) | ||||
Distributions(c) | |||||||||
From net investment income | (2.25) | (2.80) | (3.29) | (2.96) | (2.51) | ||||
From net realized gain | — | (1.32) | — | — | — | ||||
Total distributions | (2.25) | (4.12) | (3.29) | (2.96) | (2.51) | ||||
Net asset value, end of year | $141.79 | $146.54 | $158.70 | $132.80 | $130.13 | ||||
Total Return(d) | |||||||||
Based on net asset value | (1.74)% | (5.38)% | 22.28% | 4.39% | (1.66)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | ||||
Net investment income | 1.65% | 1.25% | 2.21% | 2.38% | 1.87% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $2,325,430 | $1,186,936 | $1,095,034 | $929,614 | $507,490 | ||||
Portfolio turnover rate(f) | 114% | 214% | 63% | 45% | 27% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares 10+ Year Investment Grade Corporate Bond ETF | IGLB | NYSE ARCA |
Ticker: IGLB | Stock Exchange: NYSE Arca |
1 Year | 3 Years | 5 Years | 10 Years | |||
$6 | $19 | $34 | $77 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -11.21%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 12/8/2009) | |||||
Return Before Taxes | -1.63% | 7.48% | 6.17% | ||
Return After Taxes on Distributions1 | -2.89% | 5.80% | 4.38% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -0.98% | 5.04% | 3.97% | ||
ICE BofA 10+ Year US Corporate Index2 (Index returns do not reflect deductions for fees, expenses, or taxes) | -1.41% | 7.74% | 6.53% |
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 29, 2014 reflect the performance of the ICE BofA 10+ Year US Corporate & Yankees Index. Index returns beginning on June 30, 2014 through July 31, 2018 reflect the performance of the Bloomberg U.S. Long Credit Index. Index returns from August 1, 2018 through February 28, 2021 reflect the 3pm pricing variant of the ICE BofA 10+ Year US Corporate Index. Index returns beginning on March 1, 2021 reflect the performance of the 4pm pricing variant of the ICE BofA 10+ Year US Corporate Index. |
■ | 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 the 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 10+ Year Investment Grade Corporate Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18 | |||||
Net asset value, beginning of year | $68.68 | $70.27 | $57.73 | $60.06 | $59.77 | ||||
Net investment income(a) | 2.18 | 2.31 | 2.54 | 2.56 | 2.48 | ||||
Net realized and unrealized gain (loss)(b) | (5.24) | (1.57) | 12.48 | (2.31) | 0.30 | ||||
Net increase (decrease) from investment operations | (3.06) | 0.74 | 15.02 | 0.25 | 2.78 | ||||
Distributions(c) | |||||||||
From net investment income | (2.20) | (2.33) | (2.48) | (2.58) | (2.49) | ||||
Total distributions | (2.20) | (2.33) | (2.48) | (2.58) | (2.49) | ||||
Net asset value, end of year | $63.42 | $68.68 | $70.27 | $57.73 | $60.06 | ||||
Total Return(d) | |||||||||
Based on net asset value | (4.62)% | 1.05% | 26.50% | 0.53% | 4.65% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.06% | 0.06% | 0.06% | 0.11% | 0.20% | ||||
Total expenses after fees waived | 0.06% | 0.06% | 0.06% | 0.10% | 0.20% | ||||
Net investment income | 3.18% | 3.32% | 3.89% | 4.44% | 4.05% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $1,991,416 | $2,403,908 | $2,122,014 | $588,888 | $714,682 | ||||
Portfolio turnover rate(f) | 9% | 10% | 15% | 24% | 12% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares 20+ Year Treasury Bond ETF | TLT | NASDAQ |
Ticker: TLT | Stock Exchange: Nasdaq |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$15 | $48 | $85 | $192 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -10.56%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 7/22/2002) | |||||
Return Before Taxes | -4.76% | 6.61% | 4.51% | ||
Return After Taxes on Distributions1 | -5.35% | 5.68% | 3.47% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -2.83% | 4.72% | 3.02% | ||
ICE U.S. Treasury 20+ Year Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 | -4.74% | 6.70% | 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. |
2 | Index returns through March 31, 2016 reflect the performance of the Bloomberg U.S. 20+ Year Treasury Bond Index. Index returns from April 1, 2016 through February 28, 2021 reflect the 3pm pricing variant of the ICE U.S. Treasury 20+ Year Bond Index. Index returns beginning on March 1, 2021 reflect the performance of the 4pm pricing variant of the ICE U.S. Treasury 20+ Year Bond Index. |
■ | 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 the 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 20+ Year Treasury Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18 | |||||
Net asset value, beginning of year | $143.12 | $155.13 | $119.95 | $118.70 | $121.65 | ||||
Net investment income(a) | 2.25 | 2.24 | 3.09 | 3.23 | 3.11 | ||||
Net realized and unrealized gain (loss)(b) | (3.26) | (11.95) | 35.13 | 1.24 | (2.98) | ||||
Net increase (decrease) from investment operations | (1.01) | (9.71) | 38.22 | 4.47 | 0.13 | ||||
Distributions(c) | |||||||||
From net investment income | (2.24) | (2.30) | (3.04) | (3.22) | (3.08) | ||||
Total distributions | (2.24) | (2.30) | (3.04) | (3.22) | (3.08) | ||||
Net asset value, end of year | $139.87 | $143.12 | $155.13 | $119.95 | $118.70 | ||||
Total Return(d) | |||||||||
Based on net asset value | (0.72)% | (6.43)% | 32.29% | 3.82% | 0.04% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | ||||
Net investment income | 1.56% | 1.39% | 2.27% | 2.72% | 2.51% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $16,113,367 | $14,783,961 | $21,237,057 | $10,951,502 | $6,718,668 | ||||
Portfolio turnover rate(f) | 43% | 65% | 25% | 17% | 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) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares 25+ Year Treasury STRIPS Bond ETF | GOVZ | CBOE BZX |
Ticker: GOVZ | Stock Exchange: Cboe BZX |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$15 | $48 | $85 | $192 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -12.93%. |
One Year | Since Fund Inception | ||
(Inception Date: 9/22/2020) | |||
Return Before Taxes | -4.99% | -7.76% | |
Return After Taxes on Distributions1 | -5.70% | -8.41% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | -2.97% | -6.17% | |
ICE BofA Long US Treasury Principal STRIPS Index2 (Index returns do not reflect deductions for fees, expenses, or taxes) | -4.99% | -7.81% |
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. |
2 | Index returns through February 28, 2021 reflect the 3pm pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index. Index returns beginning on March 1, 2021 reflect the performance of the 4pm pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index. |
■ | 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 the 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 |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares Agency Bond ETF | AGZ | NYSE ARCA |
Ticker: AGZ | Stock Exchange: NYSE Arca |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$20 | $64 | $113 | $255 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -4.05%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 11/5/2008) | |||||
Return Before Taxes | -1.01% | 2.69% | 1.99% | ||
Return After Taxes on Distributions2 | -1.36% | 1.93% | 1.33% | ||
Return After Taxes on Distributions and Sale of Fund Shares2 | -0.56% | 1.74% | 1.25% | ||
Bloomberg U.S. Agency Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes) | -1.32% | 2.66% | 2.00% |
2 | 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 the 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 Agency Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18 | |||||
Net asset value, beginning of year | $118.50 | $118.95 | $112.08 | $111.42 | $113.11 | ||||
Net investment income(a) | 0.85 | 1.25 | 2.61 | 2.57 | 1.83 | ||||
Net realized and unrealized gain (loss)(b) | (3.24) | 0.87 | 6.89 | 0.57 | (1.70) | ||||
Net increase (decrease) from investment operations | (2.39) | 2.12 | 9.50 | 3.14 | 0.13 | ||||
Distributions(c) | |||||||||
From net investment income | (0.84) | (2.11) | (2.63) | (2.48) | (1.82) | ||||
From net realized gain | (0.30) | (0.46) | — | — | — | ||||
Total distributions | (1.14) | (2.57) | (2.63) | (2.48) | (1.82) | ||||
Net asset value, end of year | $114.97 | $118.50 | $118.95 | $112.08 | $111.42 | ||||
Total Return(d) | |||||||||
Based on net asset value | (2.02)% | 1.77% | 8.57% | 2.86% | 0.10% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | ||||
Net investment income | 0.73% | 1.04% | 2.27% | 2.31% | 1.62% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $712,828 | $788,037 | $594,747 | $627,634 | $445,697 | ||||
Portfolio turnover rate(f) | 146% | 158% | 72% | 69% | 78% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares BBB Rated Corporate Bond ETF | LQDB | NYSE ARCA |
Ticker: LQDB | Stock Exchange: NYSE Arca |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$15 | $48 | $85 | $192 |
■ | 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 the 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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares Broad USD Investment Grade Corporate Bond ETF | USIG | NASDAQ |
Ticker: USIG | Stock Exchange: Nasdaq |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$4 | $13 | $23 | $51 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -7.47%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 1/5/2007) | |||||
Return Before Taxes | -1.29% | 5.01% | 4.31% | ||
Return After Taxes on Distributions1 | -2.22% | 3.70% | 2.95% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -0.77% | 3.28% | 2.72% | ||
ICE BofA US Corporate Index2 (Index returns do not reflect deductions for fees, expenses, or taxes) | -1.08% | 5.21% | 4.53% |
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 July 31, 2018 reflect the performance of the Bloomberg U.S. Credit Bond Index. Index returns from August 1, 2018 through February 28, 2021 reflect the 3pm pricing variant of the ICE BofA US Corporate Index. Index returns beginning on March 1, 2021 reflect the performance of the 4pm pricing variant of the ICE BofA US Corporate Index. |
■ | 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 the 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 Broad USD Investment Grade Corporate Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19(a) |
Year Ended 02/28/18(a) | |||||
Net asset value, beginning of year | $60.09 | $60.20 | $53.97 | $54.46 | $55.09 | ||||
Net investment income(b) | 1.36 | 1.67 | 1.97 | 1.95 | 1.71 | ||||
Net realized and unrealized gain (loss)(c) | (3.43) | (0.06) | 6.21 | (0.59) | (0.65) | ||||
Net increase (decrease) from investment operations | (2.07) | 1.61 | 8.18 | 1.36 | 1.06 | ||||
Distributions(d) | |||||||||
From net investment income | (1.38) | (1.72) | (1.95) | (1.85) | (1.69) | ||||
Total distributions | (1.38) | (1.72) | (1.95) | (1.85) | (1.69) | ||||
Net asset value, end of year | $56.64 | $60.09 | $60.20 | $53.97 | $54.46 | ||||
Total Return(e) | |||||||||
Based on net asset value | (3.51)% | 2.70% | 15.41% | 2.59% | 1.92% | ||||
Ratios to Average Net Assets(f) | |||||||||
Total expenses | 0.04% | 0.06% | 0.06% | 0.08% | 0.15% | ||||
Net investment income | 2.27% | 2.77% | 3.44% | 3.65% | 3.08% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $6,582,071 | $5,913,258 | $4,277,259 | $2,679,484 | $1,475,864 | ||||
Portfolio turnover rate(g) | 12% | 13% | 13% | 27% | 11% | ||||
(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on August 7, 2018. | |||||||||
(b) Based on average shares outstanding. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||||||
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares California Muni Bond ETF | CMF | NYSE ARCA |
Ticker: CMF | Stock Exchange: NYSE Arca |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$26 | $80 | $141 | $318 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -6.16%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 10/4/2007) | |||||
Return Before Taxes | 0.70% | 3.56% | 3.62% | ||
Return After Taxes on Distributions1 | 0.70% | 3.56% | 3.62% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.06% | 3.21% | 3.36% | ||
S&P California AMT-Free Municipal Bond IndexTM (Index returns do not reflect deductions for fees, expenses, or taxes)2 | 1.04% | 3.86% | 3.84% | ||
ICE AMT-Free California Municipal Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 |
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, 2021, the Fund’s Underlying Index changed from the S&P California AMT-Free Municipal Bond Index to the ICE AMT-Free California Municipal Index. The inception date of the ICE AMT-Free California Municipal Index is June 10, 2021. |
■ | 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 the 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 California Muni Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18(a) | |||||
Net asset value, beginning of year | $61.79 | $62.85 | $58.68 | $58.11 | $58.06 | ||||
Net investment income(b) | 0.98 | 1.10 | 1.25 | 1.28 | 1.25 | ||||
Net realized and unrealized gain (loss)(c) | (1.68) | (1.05) | 4.16 | 0.56 | 0.04 | ||||
Net increase (decrease) from investment operations | (0.70) | 0.05 | 5.41 | 1.84 | 1.29 | ||||
Distributions(d) | |||||||||
From net investment income | (0.98) | (1.11) | (1.24) | (1.27) | (1.24) | ||||
Total distributions | (0.98) | (1.11) | (1.24) | (1.27) | (1.24) | ||||
Net asset value, end of year | $60.11 | $61.79 | $62.85 | $58.68 | $58.11 | ||||
Total Return(e) | |||||||||
Based on net asset value | (1.13)% | 0.06% | 9.30% | 3.22% | 2.21% | ||||
Ratios to Average Net Assets(f) | |||||||||
Total expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | ||||
Net investment income | 1.59% | 1.77% | 2.05% | 2.20% | 2.12% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $1,839,302 | $1,708,487 | $1,580,727 | $1,094,358 | $886,116 | ||||
Portfolio turnover rate(g) | 8% | 8% | 9% | 32% | 32% | ||||
(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on October 17, 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) Where applicable, assumes the reinvestment of distributions. | |||||||||
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares Core 5-10 Year USD Bond ETF | IMTB | NYSE ARCA |
Ticker: IMTB | 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 | ||||||
0.06% | None | 0.00% | 0.01% | 0.07% | (0.01)% | 0.06% |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$6 | $19 | $36 | $86 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -5.77%. |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: 11/1/2016) | |||||
Return Before Taxes | -1.34% | 3.49% | 2.95% | ||
Return After Taxes on Distributions1 | -2.19% | 2.34% | 1.82% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -0.67% | 2.19% | 1.78% | ||
Bloomberg U.S. Universal 5-10 Year Index (Index returns do not reflect deductions for fees, expenses, or taxes) | -1.14% | 3.62% | 3.08% |
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 the 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 Core 5-10 Year USD Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18 | |||||
Net asset value, beginning of year | $51.55 | $51.67 | $48.49 | $48.16 | $49.20 | ||||
Net investment income(a) | 0.91 | 1.09 | 1.49 | 1.54 | 1.24 | ||||
Net realized and unrealized gain (loss)(b) | (2.46) | 0.15 | 3.15 | 0.25 | (0.88) | ||||
Net increase (decrease) from investment operations | (1.55) | 1.24 | 4.64 | 1.79 | 0.36 | ||||
Distributions(c) | |||||||||
From net investment income | (0.86) | (1.36) | (1.46) | (1.46) | (1.35) | ||||
From net realized gain | (0.38) | — | — | — | — | ||||
Return of capital | — | — | — | — | (0.05) | ||||
Total distributions | (1.24) | (1.36) | (1.46) | (1.46) | (1.40) | ||||
Net asset value, end of year | $48.76 | $51.55 | $51.67 | $48.49 | $48.16 | ||||
Total Return(d) | |||||||||
Based on net asset value | (3.07)% | 2.39% | 9.72% | 3.81% | 0.70% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.06% | 0.06% | 0.06% | 0.06% | 0.07% | ||||
Total expenses after fees waived | 0.05% | 0.05% | 0.05% | 0.04% | 0.05% | ||||
Net investment income | 1.79% | 2.09% | 2.97% | 3.22% | 2.51% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $107,265 | $123,730 | $118,852 | $58,187 | $38,526 | ||||
Portfolio turnover rate(f)(g) | 279% | 384% | 377% | 481% | 504% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(g) Includes mortgage dollar roll transactions (“MDRs”). |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares Core 10+ Year USD Bond ETF | ILTB | NYSE ARCA |
Ticker: ILTB | Stock Exchange: NYSE Arca |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$6 | $19 | $34 | $77 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -10.82%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 12/8/2009) | |||||
Return Before Taxes | -2.45% | 7.41% | 5.69% | ||
Return After Taxes on Distributions1 | -3.66% | 5.82% | 4.04% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -1.47% | 5.04% | 3.66% | ||
Bloomberg U.S. Universal 10+ Year Index2 (Index returns do not reflect deductions for fees, expenses, or taxes) | -2.16% | 7.54% | 5.81% | ||
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. |
2 | Index returns through October 22, 2012 reflect the performance of The ICE® BofAML 10+ Year US Corporate & Government IndexSM. Index returns beginning on October 23, 2012 through June 2, 2014 reflect the performance of the Bloomberg U.S. Long Government/Credit Bond Index. Index returns beginning on June 3, 2014 reflect the performance of the Bloomberg U.S. Universal 10+ Year 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, |
■ | 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 the 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 Core 10+ Year USD Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18 | |||||
Net asset value, beginning of year | $71.04 | $73.73 | $59.94 | $61.20 | $61.86 | ||||
Net investment income(a) | 2.17 | 2.24 | 2.37 | 2.39 | 2.39 | ||||
Net realized and unrealized gain (loss)(b) | (4.38) | (2.40) | 13.77 | (1.21) | (0.49) | ||||
Net increase (decrease) from investment operations | (2.21) | (0.16) | 16.14 | 1.18 | 1.90 | ||||
Distributions(c) | |||||||||
From net investment income | (2.19) | (2.23) | (2.35) | (2.44) | (2.56) | ||||
From net realized gain | — | (0.30) | — | — | — | ||||
Total distributions | (2.19) | (2.53) | (2.35) | (2.44) | (2.56) | ||||
Net asset value, end of year | $66.64 | $71.04 | $73.73 | $59.94 | $61.20 | ||||
Total Return(d) | |||||||||
Based on net asset value | (3.23)% | (0.36)% | 27.44% | 2.04% | 3.03% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.06% | 0.06% | 0.06% | 0.06% | 0.07% | ||||
Net investment income | 3.05% | 3.00% | 3.54% | 4.01% | 3.79% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $306,529 | $440,428 | $357,608 | $227,785 | $272,332 | ||||
Portfolio turnover rate(f) | 15% | 17% | 9% | 10% | 11% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares Core U.S. Aggregate Bond ETF | AGG | NYSE ARCA |
Ticker: AGG | Stock Exchange: NYSE Arca |
Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses 2 |
Acquired Fund Fees and Expenses |
Total Annual Fund Operating Expenses |
Fee Waiver | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
0.03% | None | 0.00% | 0.01% | 0.04% | (0.01)% | 0.03% |
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 | |||
$3 | $10 | $18 | $47 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -5.86%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 9/22/2003) | |||||
Return Before Taxes | -1.67% | 3.51% | 2.83% | ||
Return After Taxes on Distributions1 | -2.37% | 2.51% | 1.81% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -0.99% | 2.25% | 1.72% | ||
Bloomberg U.S. Aggregate Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes) | -1.54% | 3.57% | 2.90% |
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. |
■ | 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 the 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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares ESG Advanced Investment Grade Corporate Bond ETF | ELQD | NYSE ARCA |
Ticker: ELQD | Stock Exchange: NYSE Arca |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | |||
$18 | $58 |
■ | 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 the 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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares ESG Advanced Total USD Bond Market ETF | EUSB | NYSE ARCA |
Ticker: EUSB | 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 Expenses |
Total Annual Fund Operating Expenses |
Fee Waiver | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
0.12% | None | None | 0.01% | 0.13% | (0.01)% | 0.12% |
1 Year | 3 Years | 5 Years | 10 Years | |||
$12 | $39 | $70 | $163 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -5.87%. |
One Year | Since Fund Inception | ||
(Inception Date: 6/23/2020) | |||
Return Before Taxes | -1.49% | 0.18% | |
Return After Taxes on Distributions1 | -1.93% | -0.26% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | -0.88% | -0.05% | |
Bloomberg MSCI US Universal Choice ESG Screened Index (Index returns do not reflect deductions for fees, expenses, or taxes) | -1.24% | 0.43% |
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 the 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 ESG Advanced Total USD Bond Market ETF | |||
Year Ended 02/28/22 |
Period From 06/23/20(a) to 02/28/21 | ||
Net asset value, beginning of period | $49.61 | $50.00 | |
Net investment income(b) | 0.60 | 0.35 | |
Net realized and unrealized loss(c) | (2.01) | (0.42) | |
Net decrease from investment operations | (1.41) | (0.07) | |
Distributions(d) | |||
From net investment income | (0.56) | (0.32) | |
Total distributions | (0.56) | (0.32) | |
Net asset value, end of period | $47.64 | $49.61 | |
Total Return(e) | |||
Based on net asset value | (2.85)% | (0.16)%(f) | |
Ratios to Average Net Assets(g) | |||
Total expenses | 0.12% | 0.12%(h) | |
Total expenses after fees waived | 0.11% | 0.11%(h) | |
Net investment income | 1.23% | 1.03%(h) | |
Supplemental Data | |||
Net assets, end of period (000) | $609,795 | $188,521 | |
Portfolio turnover rate(i)(j) | 243% | 216%(f) | |
(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) Where applicable, assumes the reinvestment of distributions. | |||
(f) Not annualized. | |||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||
(h) Annualized. | |||
(i) Portfolio turnover rate excludes in-kind transactions. | |||
(j) Includes mortgage dollar roll transactions (“MDRs”). |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares ESG Aware 1-5 Year USD Corporate Bond ETF | SUSB | NASDAQ |
Ticker: SUSB | Stock Exchange: Nasdaq |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$12 | $39 | $68 | $154 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -3.77%. |
One Year | Since Fund Inception | ||
(Inception Date: 7/11/2017) | |||
Return Before Taxes | -0.65% | 2.76% | |
Return After Taxes on Distributions2 | -1.14% | 1.86% | |
Return After Taxes on Distributions and Sale of Fund Shares2 | -0.36% | 1.73% | |
Bloomberg MSCI US Corporate 1-5 Year ESG Focus Index (Index returns do not reflect deductions for fees, expenses, or taxes) | -0.41% | 3.04% |
2 | 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 the 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 Aware 1-5 Year USD Corporate Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Period From 07/11/17(a) to 02/28/18 | |||||
Net asset value, beginning of period | $26.05 | $25.74 | $24.72 | $24.60 | $25.00 | ||||
Net investment income(b) | 0.27 | 0.44 | 0.70 | 0.72 | 0.35 | ||||
Net realized and unrealized gain (loss)(c) | (0.88) | 0.35 | 1.02 | 0.06 | (0.47) | ||||
Net increase (decrease) from investment operations | (0.61) | 0.79 | 1.72 | 0.78 | (0.12) | ||||
Distributions(d) | |||||||||
From net investment income | (0.29) | (0.47) | (0.70) | (0.66) | (0.28) | ||||
From net realized gain | (0.04) | (0.01) | — | — | — | ||||
Total distributions | (0.33) | (0.48) | (0.70) | (0.66) | (0.28) | ||||
Net asset value, end of period | $25.11 | $26.05 | $25.74 | $24.72 | $24.60 | ||||
Total Return(e) | |||||||||
Based on net asset value | (2.33)% | 3.07% | 7.07% | 3.23% | (0.47)%(f) | ||||
Ratios to Average Net Assets(g) | |||||||||
Total expenses | 0.12% | 0.12% | 0.12% | 0.12% | 0.12%(h) | ||||
Net investment income | 1.06% | 1.68% | 2.75% | 2.93% | 2.20%(h) | ||||
Supplemental Data | |||||||||
Net assets, end of period (000) | $1,032,088 | $652,486 | $271,577 | $70,453 | $24,603 | ||||
Portfolio turnover rate(i) | 37% | 38% | 24% | 29% | 30%(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) Where applicable, assumes the reinvestment of distributions. | |||||||||
(f) Not annualized. | |||||||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(h) Annualized. | |||||||||
(i) 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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares ESG Aware U.S. Aggregate Bond ETF | EAGG | NYSE ARCA |
Ticker: EAGG | 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 | ||||||
0.10% | None | 0.00% | 0.01% | 0.11% | (0.01)% | 0.10% |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$10 | $33 | $60 | $139 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -5.86%. |
One Year | Since Fund Inception | ||
(Inception Date: 10/18/2018) | |||
Return Before Taxes | -1.73% | 5.15% | |
Return After Taxes on Distributions2 | -2.17% | 4.26% | |
Return After Taxes on Distributions and Sale of Fund Shares2 | -1.03% | 3.59% | |
Bloomberg MSCI US Aggregate ESG Focus Index (Index returns do not reflect deductions for fees, expenses, or taxes) | -1.52% | 5.31% |
2 | 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 the 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 Aware U.S. Aggregate Bond ETF | |||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Period From 10/18/18(a) to 02/28/19 | ||||
Net asset value, beginning of period | $55.22 | $55.42 | $51.25 | $50.00 | |||
Net investment income(b) | 0.62 | 0.74 | 1.44 | 0.60 | |||
Net realized and unrealized gain (loss)(c) | (2.15) | 0.04 | 4.38 | 1.12 | |||
Net increase (decrease) from investment operations | (1.53) | 0.78 | 5.82 | 1.72 | |||
Distributions(d) | |||||||
From net investment income | (0.59) | (0.87) | (1.48) | (0.47) | |||
From net realized gain | — | (0.11) | (0.17) | — | |||
Total distributions | (0.59) | (0.98) | (1.65) | (0.47) | |||
Net asset value, end of period | $53.10 | $55.22 | $55.42 | $51.25 | |||
Total Return(e) | |||||||
Based on net asset value | (2.78)% | 1.39% | 11.52% | 3.46%(f) | |||
Ratios to Average Net Assets(g) | |||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10%(h) | |||
Total expenses after fees waived | 0.09% | 0.08% | 0.09% | 0.09%(h) | |||
Net investment income | 1.13% | 1.32% | 2.69% | 3.21%(h) | |||
Supplemental Data | |||||||
Net assets, end of period (000) | $1,985,864 | $1,121,045 | $221,686 | $56,371 | |||
Portfolio turnover rate(i)(j) | 234% | 384% | 266% | 99%(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) Where applicable, assumes the reinvestment of distributions. | |||||||
(f) Not annualized. | |||||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||
(h) Annualized. | |||||||
(i) Portfolio turnover rate excludes in-kind transactions. | |||||||
(j) Includes mortgage dollar roll transactions (“MDRs”). |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares ESG Aware USD Corporate Bond ETF | SUSC | NASDAQ |
Ticker: SUSC | Stock Exchange: Nasdaq |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$18 | $58 | $101 | $230 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -7.61%. |
One Year | Since Fund Inception | ||
(Inception Date: 7/11/2017) | |||
Return Before Taxes | -1.33% | 4.86% | |
Return After Taxes on Distributions2 | -2.19% | 3.69% | |
Return After Taxes on Distributions and Sale of Fund Shares2 | -0.77% | 3.23% | |
Bloomberg MSCI US Corporate ESG Focus Index (Index returns do not reflect deductions for fees, expenses, or taxes) | -0.93% | 5.21% |
2 | 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 the 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 Aware USD Corporate Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Period From 07/11/17(a) to 02/28/18 | |||||
Net asset value, beginning of period | $27.42 | $27.30 | $24.31 | $24.56 | $24.98 | ||||
Net investment income(b) | 0.54 | 0.58 | 0.82 | 0.84 | 0.46 | ||||
Net realized and unrealized gain (loss)(c) | (1.51) | 0.14 | 2.97 | (0.28) | (0.48) | ||||
Net increase (decrease) from investment operations | (0.97) | 0.72 | 3.79 | 0.56 | (0.02) | ||||
Distributions(d) | |||||||||
From net investment income | (0.56) | (0.60) | (0.80) | (0.81) | (0.40) | ||||
From net realized gain | (0.05) | — | — | — | — | ||||
Total distributions | (0.61) | (0.60) | (0.80) | (0.81) | (0.40) | ||||
Net asset value, end of period | $25.84 | $27.42 | $27.30 | $24.31 | $24.56 | ||||
Total Return(e) | |||||||||
Based on net asset value | (3.60)% | 2.64% | 15.85% | 2.35% | (0.11)%(f) | ||||
Ratios to Average Net Assets(g) | |||||||||
Total expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18%(h) | ||||
Net investment income | 2.00% | 2.08% | 3.14% | 3.48% | 2.90%(h) | ||||
Supplemental Data | |||||||||
Net assets, end of period (000) | $898,015 | $827,938 | $126,955 | $25,524 | $12,279 | ||||
Portfolio turnover rate(i) | 17% | 25% | 11% | 20% | 17%(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) Where applicable, assumes the reinvestment of distributions. | |||||||||
(f) Not annualized. | |||||||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(h) Annualized. | |||||||||
(i) 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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares Government/Credit Bond ETF | GBF | NYSE ARCA |
Ticker: GBF | Stock Exchange: NYSE Arca |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$20 | $64 | $113 | $255 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -6.26%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 1/5/2007) | |||||
Return Before Taxes | -2.13% | 3.75% | 2.91% | ||
Return After Taxes on Distributions2 | -2.62% | 2.86% | 2.00% | ||
Return After Taxes on Distributions and Sale of Fund Shares2 | -1.26% | 2.49% | 1.83% | ||
Bloomberg U.S. Government/Credit Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes) | -1.75% | 3.99% | 3.13% |
2 | 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 the 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 Government/Credit Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18 | |||||
Net asset value, beginning of year | $121.96 | $122.67 | $111.23 | $111.13 | $113.20 | ||||
Net investment income(a) | 1.52 | 1.88 | 2.94 | 2.87 | 2.57 | ||||
Net realized and unrealized gain (loss)(b) | (4.87) | (0.63) | 11.59 | 0.13 | (1.99) | ||||
Net increase (decrease) from investment operations | (3.35) | 1.25 | 14.53 | 3.00 | 0.58 | ||||
Distributions(c) | |||||||||
From net investment income | (1.48) | (1.96) | (3.09) | (2.90) | (2.65) | ||||
Total distributions | (1.48) | (1.96) | (3.09) | (2.90) | (2.65) | ||||
Net asset value, end of year | $117.13 | $121.96 | $122.67 | $111.23 | $111.13 | ||||
Total Return(d) | |||||||||
Based on net asset value | (2.76)% | 0.99% | 13.24% | 2.76% | 0.48% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | ||||
Net investment income | 1.26% | 1.51% | 2.52% | 2.60% | 2.26% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $427,541 | $280,502 | $226,938 | $100,108 | $144,464 | ||||
Portfolio turnover rate(f) | 21% | 24% | 16% | 24% | 17% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares High Yield Bond Factor ETF | HYDB | CBOE BZX |
Ticker: HYDB | Stock Exchange: Cboe BZX |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$36 | $113 | $197 | $443 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -4.13%. |
One Year | Since Fund Inception | ||
(Inception Date: 7/11/2017) | |||
Return Before Taxes | 5.27% | 6.42% | |
Return After Taxes on Distributions2 | 3.27% | 3.99% | |
Return After Taxes on Distributions and Sale of Fund Shares2 | 3.10% | 3.84% | |
BlackRock High Yield Defensive Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 5.96% | 6.69% |
2 | 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 the 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 |
■ | 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 High Yield Bond Factor ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Period From 07/11/17(a) to 02/28/18 | |||||
Net asset value, beginning of period | $51.32 | $49.43 | $49.03 | $49.99 | $49.90 | ||||
Net investment income(b) | 2.23 | 2.90 | 2.88 | 2.92 | 1.78 | ||||
Net realized and unrealized gain (loss)(c) | (1.90) | 1.97 | 0.39 | (0.98) | (0.11) | ||||
Net increase from investment operations | 0.33 | 4.87 | 3.27 | 1.94 | 1.67 | ||||
Distributions(d) | |||||||||
From net investment income | (2.38) | (2.98) | (2.87) | (2.90) | (1.58) | ||||
Total distributions | (2.38) | (2.98) | (2.87) | (2.90) | (1.58) | ||||
Net asset value, end of period | $49.27 | $51.32 | $49.43 | $49.03 | $49.99 | ||||
Total Return(e) | |||||||||
Based on net asset value | 0.63% | 10.38% | 6.78% | 4.08% | 3.35%(f) | ||||
Ratios to Average Net Assets(g) | |||||||||
Total expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35%(h) | ||||
Net investment income | 4.37% | 5.97% | 5.77% | 5.99% | 5.55%(h) | ||||
Supplemental Data | |||||||||
Net assets, end of period (000) | $174,913 | $79,541 | $39,545 | $17,162 | $12,497 | ||||
Portfolio turnover rate(i) | 67% | 67% | 46% | 59% | 36%(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) Where applicable, assumes the reinvestment of distributions. | |||||||||
(f) Not annualized. | |||||||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(h) Annualized. | |||||||||
(i) 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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares iBoxx $ High Yield Corporate Bond ETF | HYG | NYSE ARCA |
Ticker: HYG | Stock Exchange: NYSE Arca |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$49 | $154 | $269 | $604 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -4.53%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 4/4/2007) | |||||
Return Before Taxes | 4.12% | 5.20% | 5.48% | ||
Return After Taxes on Distributions1 | 2.43% | 3.08% | 3.15% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 2.42% | 3.04% | 3.17% | ||
Markit iBoxx® USD Liquid High Yield Index (Index returns do not reflect deductions for fees, expenses, or taxes) | 4.48% | 5.60% | 5.91% |
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, |
■ | 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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | NYSE ARCA |
Ticker: LQD | Stock Exchange: NYSE Arca |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$14 | $45 | $79 | $179 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -8.35%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 7/22/2002) | |||||
Return Before Taxes | -1.57% | 5.73% | 5.06% | ||
Return After Taxes on Distributions1 | -2.48% | 4.41% | 3.63% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -0.93% | 3.84% | 3.28% | ||
Markit iBoxx® USD Liquid Investment Grade Index (Index returns do not reflect deductions for fees, expenses, or taxes) | -1.49% | 5.85% | 5.22% |
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 the 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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares Intermediate Government/Credit Bond ETF | GVI | CBOE BZX |
Ticker: GVI | Stock Exchange: Cboe BZX |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$20 | $64 | $113 | $255 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -4.50%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 1/5/2007) | |||||
Return Before Taxes | -1.67% | 2.72% | 2.18% | ||
Return After Taxes on Distributions2 | -2.24% | 1.90% | 1.39% | ||
Return After Taxes on Distributions and Sale of Fund Shares2 | -0.99% | 1.73% | 1.32% | ||
Bloomberg U.S. Intermediate Government/Credit Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes) | -1.44% | 2.91% | 2.38% |
2 | 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 the 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 Intermediate Government/Credit Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18 | |||||
Net asset value, beginning of year | $116.01 | $115.67 | $108.94 | $108.09 | $110.32 | ||||
Net investment income(a) | 1.63 | 2.04 | 2.57 | 2.41 | 2.10 | ||||
Net realized and unrealized gain (loss)(b) | (4.64) | 0.41 | 6.73 | 0.82 | (2.22) | ||||
Net increase (decrease) from investment operations | (3.01) | 2.45 | 9.30 | 3.23 | (0.12) | ||||
Distributions(c) | |||||||||
From net investment income | (1.64) | (2.11) | (2.57) | (2.38) | (2.11) | ||||
Total distributions | (1.64) | (2.11) | (2.57) | (2.38) | (2.11) | ||||
Net asset value, end of year | $111.36 | $116.01 | $115.67 | $108.94 | $108.09 | ||||
Total Return(d) | |||||||||
Based on net asset value | (2.61)% | 2.11% | 8.63% | 3.04% | (0.14)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | ||||
Net investment income | 1.42% | 1.75% | 2.29% | 2.24% | 1.90% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $2,566,956 | $2,314,399 | $2,186,171 | $2,206,040 | $1,902,403 | ||||
Portfolio turnover rate(f) | 30% | 26% | 19% | 21% | 19% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares Investment Grade Bond Factor ETF | IGEB | CBOE BZX |
Ticker: IGEB | Stock Exchange: Cboe BZX |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$18 | $58 | $101 | $230 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -7.42%. |
One Year | Since Fund Inception | ||
(Inception Date: 7/11/2017) | |||
Return Before Taxes | -0.93% | 5.46% | |
Return After Taxes on Distributions1 | -2.25% | 3.79% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | -0.36% | 3.52% | |
BlackRock Investment Grade Enhanced Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes) | -0.76% | 5.61% |
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 the 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 Investment Grade Bond Factor ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Period From 07/11/17(a) to 02/28/18 | |||||
Net asset value, beginning of period | $53.69 | $53.44 | $48.32 | $48.85 | $49.90 | ||||
Net investment income(b) | 1.36 | 1.56 | 1.88 | 1.88 | 1.05 | ||||
Net realized and unrealized gain (loss)(c) | (3.19) | 0.76 | 6.14 | (0.69) | (1.16) | ||||
Net increase (decrease) from investment operations | (1.83) | 2.32 | 8.02 | 1.19 | (0.11) | ||||
Distributions(d) | |||||||||
From net investment income | (1.39) | (1.59) | (1.85) | (1.72) | (0.94) | ||||
From net realized gain | (0.62) | (0.48) | (1.05) | — | — | ||||
Total distributions | (2.01) | (2.07) | (2.90) | (1.72) | (0.94) | ||||
Net asset value, end of period | $49.85 | $53.69 | $53.44 | $48.32 | $48.85 | ||||
Total Return(e) | |||||||||
Based on net asset value | (3.57)% | 4.41% | 16.96% | 2.54% | (0.23)%(f) | ||||
Ratios to Average Net Assets(g) | |||||||||
Total expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18%(h) | ||||
Net investment income | 2.57% | 2.90% | 3.67% | 3.95% | 3.29%(h) | ||||
Supplemental Data | |||||||||
Net assets, end of period (000) | $162,009 | $158,379 | $93,520 | $96,648 | $9,771 | ||||
Portfolio turnover rate(i) | 59% | 46% | 75% | 63% | 36%(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) Where applicable, assumes the reinvestment of distributions. | |||||||||
(f) Not annualized. | |||||||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(h) Annualized. | |||||||||
(i) 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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares MBS ETF | MBB | NASDAQ |
Ticker: MBB | 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 1 |
Acquired Fund Fees and Expenses |
Total Annual Fund Operating Expenses |
Fee Waiver | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
0.04% | None | 0.00% | 0.02% | 0.06% | (0.02)% | 0.04% |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$4 | $13 | $23 | $59 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -5.01%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 3/13/2007) | |||||
Return Before Taxes | -1.27% | 2.41% | 2.09% | ||
Return After Taxes on Distributions1 | -1.62% | 1.52% | 1.22% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -0.75% | 1.46% | 1.22% | ||
Bloomberg U.S. MBS Index (Index returns do not reflect deductions for fees, expenses, or taxes) | -1.04% | 2.50% | 2.28% |
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 the 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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares National Muni Bond ETF | MUB | NYSE ARCA |
Ticker: MUB | 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 1 |
Acquired Fund Fees and Expenses1 |
Total Annual Fund Operating Expenses |
Fee Waiver1 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
0.07% | None | 0.00% | 0.00% | 0.07% | (0.00)% | 0.07% |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$7 | $23 | $40 | $90 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -5.60%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 9/7/2007) | |||||
Return Before Taxes | 1.24% | 3.75% | 3.28% | ||
Return After Taxes on Distributions1 | 1.24% | 3.75% | 3.28% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.47% | 3.42% | 3.11% | ||
S&P National AMT-Free Municipal Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 | 1.55% | 3.98% | 3.52% | ||
ICE AMT-Free US National Municipal Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 |
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, 2021, the Fund’s Underlying Index changed from the S&P National AMT-Free Municipal Bond Index to the ICE AMT-Free US National Municipal Index. The inception date of the ICE AMT-Free US National Municipal Index is June 10, 2021. |
■ | 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 the 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 National Muni Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18 | |||||
Net asset value, beginning of year | $115.31 | $117.12 | $109.84 | $108.64 | $108.92 | ||||
Net investment income(a) | 2.07 | 2.42 | 2.75 | 2.77 | 2.51 | ||||
Net realized and unrealized gain (loss)(b) | (2.69) | (1.79) | 7.27 | 1.14 | (0.29) | ||||
Net increase (decrease) from investment operations | (0.62) | 0.63 | 10.02 | 3.91 | 2.22 | ||||
Distributions(c) | |||||||||
From net investment income | (2.08) | (2.44) | (2.74) | (2.71) | (2.50) | ||||
Total distributions | (2.08) | (2.44) | (2.74) | (2.71) | (2.50) | ||||
Net asset value, end of year | $112.61 | $115.31 | $117.12 | $109.84 | $108.64 | ||||
Total Return(d) | |||||||||
Based on net asset value | (0.54)% | 0.55% | 9.21% | 3.67% | 2.04% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.07% | 0.07% | 0.07% | 0.12% | 0.25% | ||||
Total expenses after fees waived | 0.07% | 0.07% | 0.07% | 0.11% | 0.25% | ||||
Net investment income | 1.78% | 2.10% | 2.42% | 2.55% | 2.28% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $24,188,200 | $20,814,111 | $16,548,522 | $11,412,142 | $9,082,004 | ||||
Portfolio turnover rate(f) | 9% | 10% | 8% | 10% | 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) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares New York Muni Bond ETF | NYF | NYSE ARCA |
Ticker: NYF | Stock Exchange: NYSE Arca |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$26 | $80 | $141 | $318 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -5.74%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 10/4/2007) | |||||
Return Before Taxes | 1.39% | 3.43% | 3.25% | ||
Return After Taxes on Distributions1 | 1.39% | 3.42% | 3.24% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.58% | 3.16% | 3.09% | ||
S&P New York AMT-Free Municipal Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 | 1.80% | 3.64% | 3.46% | ||
ICE AMT-Free New York Municipal Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 |
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, 2021, the Fund’s Underlying Index changed from the S&P New York AMT-Free Municipal Bond Index to the ICE AMT-Free New York Municipal Index. The inception date of the ICE AMT-Free New York Municipal Index is June 10, 2021. |
■ | 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 the 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 New York Muni Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18(a) | |||||
Net asset value, beginning of year | $57.48 | $58.43 | $55.12 | $54.66 | $55.04 | ||||
Net investment income(b) | 1.06 | 1.15 | 1.24 | 1.36 | 1.34 | ||||
Net realized and unrealized gain (loss)(c) | (1.39) | (0.96) | 3.31 | 0.46 | (0.35) | ||||
Net increase (decrease) from investment operations | (0.33) | 0.19 | 4.55 | 1.82 | 0.99 | ||||
Distributions(d) | |||||||||
From net investment income | (1.06) | (1.14) | (1.24) | (1.36) | (1.32) | ||||
From net realized gain | — | — | — | — | (0.05) | ||||
Total distributions | (1.06) | (1.14) | (1.24) | (1.36) | (1.37) | ||||
Net asset value, end of year | $56.09 | $57.48 | $58.43 | $55.12 | $54.66 | ||||
Total Return(e) | |||||||||
Based on net asset value | (0.57)% | 0.34% | 8.33% | 3.39% | 1.79% | ||||
Ratios to Average Net Assets(f) | |||||||||
Total expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | ||||
Net investment income | 1.83% | 2.00% | 2.18% | 2.49% | 2.40% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $544,101 | $497,241 | $487,913 | $344,518 | $295,157 | ||||
Portfolio turnover rate(g) | 8% | 5% | 7% | 19% | 31% | ||||
(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on October 17, 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) Where applicable, assumes the reinvestment of distributions. | |||||||||
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares Short-Term National Muni Bond ETF | SUB | NYSE ARCA |
Ticker: SUB | Stock Exchange: NYSE Arca |
1 Year | 3 Years | 5 Years | 10 Years | |||
$7 | $23 | $40 | $90 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -2.54%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 11/5/2008) | |||||
Return Before Taxes | 0.19% | 1.60% | 1.08% | ||
Return After Taxes on Distributions1 | 0.19% | 1.60% | 1.08% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 0.41% | 1.50% | 1.06% | ||
S&P Short Term National AMT-Free Municipal Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 |
0.34% | 1.81% | 1.33% | ||
ICE Short Maturity AMT-Free US National Municipal Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 |
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, 2021, the Fund’s Underlying Index changed from the S&P Short Term National AMT-Free Municipal Bond Index to the ICE Short Maturity AMT-Free US National Municipal Index. The inception date of the ICE Short Maturity AMT-Free US National Municipal Index is June 10, 2021. |
■ | 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 the 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 Short-Term National Muni Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18 | |||||
Net asset value, beginning of year | $107.39 | $107.38 | $105.70 | $104.90 | $105.74 | ||||
Net investment income(a) | 0.70 | 1.25 | 1.69 | 1.52 | 1.03 | ||||
Net realized and unrealized gain (loss)(b) | (1.84) | 0.05 | 1.67 | 0.72 | (0.86) | ||||
Net increase (decrease) from investment operations | (1.14) | 1.30 | 3.36 | 2.24 | 0.17 | ||||
Distributions(c) | |||||||||
From net investment income | (0.73) | (1.29) | (1.68) | (1.44) | (1.01) | ||||
Total distributions | (0.73) | (1.29) | (1.68) | (1.44) | (1.01) | ||||
Net asset value, end of year | $105.52 | $107.39 | $107.38 | $105.70 | $104.90 | ||||
Total Return(d) | |||||||||
Based on net asset value | (1.03)% | 1.19% | 3.19% | 2.15% | 0.16% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.07% | 0.07% | 0.07% | 0.12% | 0.25% | ||||
Total expenses after fees waived | 0.07% | 0.07% | 0.07% | 0.11% | 0.25% | ||||
Net investment income | 0.65% | 1.16% | 1.59% | 1.45% | 0.97% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $7,518,569 | $4,386,876 | $3,103,353 | $2,172,034 | $1,536,791 | ||||
Portfolio turnover rate(f) | 16% | 18% | 19% | 24% | 21% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares Short Treasury Bond ETF | SHV | NASDAQ |
Ticker: SHV | 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 1 |
Acquired Fund Fees and Expenses1 |
Total Annual Fund Operating Expenses |
Fee Waiver1 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
0.15% | None | 0.00% | 0.00% | 0.15% | (0.00)% | 0.15% |
1 | The amount rounded to 0.00%. |
1 Year | 3 Years | 5 Years | 10 Years | |||
$15 | $48 | $85 | $192 |
1 | The Fund’s year-to-date return as of March 31, 2022 was -0.15%. |
One Year | Five Years | Ten Years | |||
(Inception Date: 1/5/2007) | |||||
Return Before Taxes | -0.11% | 1.09% | 0.59% | ||
Return After Taxes on Distributions1 | -0.11% | 0.64% | 0.35% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | -0.06% | 0.64% | 0.35% | ||
ICE Short US Treasury Securities Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 | 0.05% | 1.23% | 0.72% |
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 U.S. Short Treasury Bond Index. Index returns beginning on July 1, 2016 through April 30, 2020 reflect the performance of the ICE U.S. Treasury Short Bond Index. Index returns from May 1, 2020 through February 28, 2021 reflect the 3pm pricing variant of the ICE Short US Treasury Securities Index. Index returns beginning on March 1, 2021 reflect the performance of the 4pm pricing variant of the ICE Short US Treasury Securities Index. |
■ | 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 the 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 Short Treasury Bond ETF | |||||||||
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
Year Ended 02/28/18 | |||||
Net asset value, beginning of year | $110.52 | $110.68 | $110.52 | $110.29 | $110.36 | ||||
Net investment income (loss)(a) | (0.07) | 0.40 | 2.28 | 2.16 | 1.01 | ||||
Net realized and unrealized gain (loss)(b) | (0.16) | 0.10 | 0.25 | 0.01 | (0.22) | ||||
Net increase (decrease) from investment operations | (0.23) | 0.50 | 2.53 | 2.17 | 0.79 | ||||
Distributions(c) | |||||||||
From net investment income | — | (0.50) | (2.37) | (1.94) | (0.86) | ||||
From net realized gain | — | (0.16) | — | — | — | ||||
Total distributions | — | (0.66) | (2.37) | (1.94) | (0.86) | ||||
Net asset value, end of year | $110.29 | $110.52 | $110.68 | $110.52 | $110.29 | ||||
Total Return(d) | |||||||||
Based on net asset value | (0.19)% | 0.45% | 2.31% | 1.98% | 0.71% | ||||
Ratios to Average Net Assets(e) | |||||||||
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% | 0.15% | ||||
Net investment income (loss) | (0.06)% | 0.36% | 2.06% | 1.95% | 0.91% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $15,779,285 | $16,193,171 | $20,276,511 | $19,131,299 | $9,506,603 | ||||
Portfolio turnover rate(f) | 86% | 115% | 42% | 73% | 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) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
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 |
June 29, 2022 | |
2022 Prospectus |
• | iShares USD Bond Factor ETF | USBF | NASDAQ |
Ticker: USBF | 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 | ||||||
0.18% | None | None | 0.02% | 0.20% | (0.02)% | 0.18% |
1 Year | 3 Years | |||
$18 | $58 |
■ | 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 the 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 |
Fund | Ticker | Listing Exchange | ||
iShares 0-3 Month Treasury Bond ETF | SGOV | NYSE Arca | ||
iShares 1-3 Year Treasury Bond ETF | SHY | Nasdaq | ||
iShares 1-5 Year Investment Grade Corporate Bond ETF | IGSB | Nasdaq | ||
iShares 3-7 Year Treasury Bond ETF | IEI | Nasdaq | ||
iShares 5-10 Year Investment Grade Corporate Bond ETF | IGIB | Nasdaq | ||
iShares 7-10 Year Treasury Bond ETF | IEF | Nasdaq | ||
iShares 10+ Year Investment Grade Corporate Bond ETF | IGLB | NYSE Arca | ||
iShares 10-20 Year Treasury Bond ETF | TLH | NYSE Arca | ||
iShares 20+ Year Treasury Bond ETF | TLT | Nasdaq | ||
iShares 25+ Year Treasury STRIPS Bond ETF | GOVZ | Cboe BZX | ||
iShares Agency Bond ETF | AGZ | NYSE Arca | ||
iShares BBB Rated Corporate Bond ETF | LQDB | NYSE Arca | ||
iShares Broad USD Investment Grade Corporate Bond ETF | USIG | Nasdaq | ||
iShares California Muni Bond ETF | CMF | NYSE Arca | ||
iShares Core 5-10 Year USD Bond ETF | IMTB | NYSE Arca | ||
iShares Core 10+ Year USD Bond ETF | ILTB | NYSE Arca | ||
iShares Core U.S. Aggregate Bond ETF | AGG | NYSE Arca | ||
iShares ESG Advanced Investment Grade Corporate Bond ETF | ELQD | NYSE Arca | ||
iShares ESG Advanced Total USD Bond Market ETF | EUSB | NYSE Arca | ||
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | SUSB | Nasdaq | ||
iShares ESG Aware U.S. Aggregate Bond ETF | EAGG | NYSE Arca | ||
iShares ESG Aware USD Corporate Bond ETF | SUSC | Nasdaq | ||
iShares Government/Credit Bond ETF | GBF | NYSE Arca | ||
iShares High Yield Bond Factor ETF | HYDB | Cboe BZX | ||
iShares iBoxx $ High Yield Corporate Bond ETF | HYG | NYSE Arca | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | NYSE Arca | ||
iShares Intermediate Government/Credit Bond ETF | GVI | Cboe BZX | ||
iShares Investment Grade Bond Factor ETF | IGEB | Cboe BZX | ||
iShares MBS ETF | MBB | Nasdaq | ||
iShares National Muni Bond ETF | MUB | NYSE Arca | ||
iShares New York Muni Bond ETF | NYF | NYSE Arca | ||
iShares Short-Term National Muni Bond ETF | SUB | NYSE Arca | ||
iShares Short Treasury Bond ETF | SHV | Nasdaq | ||
iShares USD Bond Factor ETF | USBF | Nasdaq |
• | iShares 0-3 Month 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 Agency Bond ETF1 |
• | iShares BBB Rated Corporate Bond ETF |
• | iShares Broad USD Investment Grade Corporate Bond ETF |
• | iShares California Muni Bond ETF2 |
• | iShares Core 5-10 Year USD Bond ETF3 |
• | iShares Core 10+ Year USD Bond ETF4 |
• | iShares Core U.S. Aggregate Bond ETF5 |
• | iShares ESG Advanced Investment Grade Corporate Bond ETF |
• | iShares ESG Advanced Total USD Bond Market ETF6 |
• | iShares ESG Aware 1-5 Year USD Corporate Bond ETF7 |
• | iShares ESG Aware U.S. Aggregate Bond ETF8 |
• | iShares ESG Aware USD Corporate Bond ETF9 |
• | iShares Government/Credit Bond ETF10 |
• | iShares High Yield Bond Factor ETF |
• | iShares iBoxx $ High Yield Corporate Bond ETF |
• | iShares iBoxx $ Investment Grade Corporate Bond ETF |
• | iShares Intermediate Government/Credit Bond ETF11 |
• | iShares Investment Grade Bond Factor ETF |
• | iShares MBS ETF12 |
• | iShares National Muni Bond ETF13 |
• | iShares New York Muni Bond ETF14 |
• | iShares Short-Term National Muni Bond ETF15 |
• | iShares Short Treasury Bond ETF |
• | iShares USD Bond Factor ETF |
1 | On August 24, 2021, the name of the Fund’s underlying index changed from the Bloomberg Barclays U.S. Agency Bond Index to the Bloomberg U.S. Agency Bond Index. |
2 | On September 15, 2021, the Fund’s Underlying Index changed from the S&P California AMT-Free Municipal Bond Index to the ICE AMT-Free California Municipal Index. |
3 | On August 24, 2021, the name of the Fund’s underlying index changed from the Bloomberg Barclays U.S. Universal 5-10 Year Index to the Bloomberg U.S. Universal 5-10 Year Index. |
4 | On August 24, 2021, the name of the Fund’s underlying index changed from the Bloomberg Barclays U.S. Universal 10+ Year Index to the Bloomberg U.S. Universal 10+ Year Index. |
5 | On August 24, 2021, the name of the Fund’s underlying index changed from the Bloomberg Barclays U.S. Aggregate Bond Index to the Bloomberg U.S. Aggregate Bond Index. |
6 | On August 24, 2021, the name of the Fund’s underlying index changed from the Bloomberg Barclays MSCI US Universal Choice ESG Screened Index to the Bloomberg MSCI US Universal Choice ESG Screened Index. |
7 | On August 24, 2021, the name of the Fund’s underlying index changed from the Bloomberg Barclays MSCI US Corporate 1-5 Year ESG Focus Index to the Bloomberg MSCI US Corporate 1-5 Year ESG Focus Index. |
8 | On August 24, 2021, the name of the Fund’s underlying index changed from the Bloomberg Barclays MSCI US Aggregate ESG Focus Index to the Bloomberg MSCI US Aggregate ESG Focus Index. |
9 | On August 24, 2021, the name of the Fund’s underlying index changed from the Bloomberg Barclays MSCI US Corporate ESG Focus Index to the Bloomberg MSCI US Corporate ESG Focus Index. |
10 | On August 24, 2021, the name of the Fund’s underlying index changed from the Bloomberg Barclays U.S. Government/Credit Bond Index to the Bloomberg U.S. Government/Credit Bond Index. |
11 | On August 24, 2021, the name of the Fund’s underlying index changed from the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index to the Bloomberg U.S. Intermediate Government/Credit Bond Index. |
12 | On August 24, 2021, the name of the Fund’s underlying index changed from the Bloomberg Barclays U.S. MBS Index to the Bloomberg U.S. MBS Index. |
13 | On September 15, 2021, the Fund’s Underlying Index changed from the S&P National AMT-Free Municipal Bond Index to the ICE AMT-Free US National Municipal Index. |
14 | On September 15, 2021, the Fund’s Underlying Index changed from the S&P New York AMT-Free Municipal Bond Index to the ICE AMT-Free New York Municipal Index. |
15 | On September 15, 2021, the Fund’s Underlying Index changed from the S&P Short Term National AMT-Free Municipal Bond Index to the ICE Short Maturity AMT-Free US National Municipal Index. |
Diversified Funds | Non-Diversified Funds | |
iShares 0-3 Month Treasury Bond ETF | iShares BBB Rated Corporate Bond ETF | |
iShares 1-3 Year Treasury Bond ETF | iShares California Muni Bond ETF | |
iShares 1-5 Year Investment Grade Corporate Bond ETF | iShares ESG Advanced Investment Grade Corporate Bond ETF | |
iShares 3-7 Year Treasury Bond ETF | iShares ESG Advanced Total USD Bond Market ETF | |
iShares 5-10 Year Investment Grade Corporate Bond ETF | iShares New York Muni Bond ETF | |
iShares 7-10 Year Treasury Bond ETF | iShares USD Bond Factor 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 Agency Bond ETF | ||
iShares Broad USD Investment Grade Corporate Bond ETF | ||
iShares Core 5-10 Year USD Bond ETF | ||
iShares Core 10+ Year USD Bond ETF | ||
iShares Core U.S. Aggregate Bond ETF | ||
iShares ESG Aware 1-5 Year USD Corporate Bond ETF |
Diversified Funds | Non-Diversified Funds | |
iShares ESG Aware USD Corporate Bond ETF | ||
iShares ESG Aware U.S. Aggregate Bond ETF | ||
iShares Government/Credit Bond ETF | ||
iShares High Yield Bond Factor ETF | ||
iShares iBoxx $ High Yield Corporate Bond ETF | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | ||
iShares Intermediate Government/Credit Bond ETF | ||
iShares Investment Grade Bond Factor ETF | ||
iShares MBS ETF | ||
iShares National Muni Bond ETF | ||
iShares Short-Term National Muni Bond ETF | ||
iShares Short 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. |
1 | From the May Revision to the 2022-23 Governor’s Budget. |
2 | Totals may not add due to rounding. |
CalPERS Return on Investments for Fiscal Years 2017 through 2021 | ||
Fiscal Year | Return on Investments | |
2016-17 | 11.2% | |
2017-18 | 8.6% | |
2018-19 | 6.7% | |
2019-20 | 4.7% | |
2020-21 | 21.3% |
CalSTRS Return on Investments for Fiscal Years 2017 through 2021 | ||
Fiscal Year | Return on Investments | |
2016-17 | 13.4% | |
2017-18 | 9.0% | |
2018-19 | 6.8% | |
2019-20 | 3.9% | |
2020-21 | 27.2% |
May Revision | |||||
Revised 2021-222 |
Revised 2022-233 |
Percent Change | |||
Prior-year General Fund balance | $ 37,698 | $15,425 | (59.1)% | ||
Revenues and transfers | 226,956 | 219,632 | (3.2)% | ||
Expenditures | (249,229) | (227,363) | (8.8)% | ||
Ending General Fund Balance | $ 15,425 | $ 7,694 | |||
Encumbrances | (4,276) | (4,276) | |||
SFEU balance | $ 11,149 | $ 3,418 | |||
BSA balance | $ 20,325 | $ 23,283 | |||
Safety Net Reserve | 900 | 900 |
May Revision | |||||
Revised 2021-222 |
Revised 2022-233 |
Percent Change | |||
Public School System Stabilization Account | $ 7,293 | $ 9,519 |
1 | Totals may not add-up due to rounding. |
2 | From the 2022-23 Governor’s Budget. |
3 | From the May Revision to the 2022-23 Governor’s Budget. |
Moody’s | S&P | Fitch | ||
Aa2 | AA- | AA |
• | General Economic Conditions. The Financial Plan assumes an increase in economic activity in calendar year 2021 compared to calendar year 2020. |
• | Real Estate Tax. Projections of real estate tax revenues are based on a number of assumptions, including, among others, assumptions relating to the tax rate, the assessed valuation of the City’s taxable real estate, the delinquency rate, debt service needs, a reserve for uncollectible taxes, the operating limit and the impact of the outbreak of COVID-19. Real Estate Tax revenue projections for fiscal years 2023 through 2026 reflect certain City tax programs proposed by the Mayor and adopted by the New York State legislature. The adoption of such proposals is estimated to reduce real estate tax revenues by $25 million per fiscal year, starting in fiscal year 2023. |
• | Other Taxes. The Financial Plan reflects the following assumptions regarding projected baseline revenues from Other Taxes: (i) with respect to the personal income tax, a 2.5 percent decline in fiscal year 2022 revenues reflecting the end of federal stimulus programs available in fiscal year 2021, a decline in 2023 as Wall Street profits drop back to historical averages from the high levels and continued moderate growth on average in fiscal years 2024 through 2026; (ii) with respect to the business corporation tax, a drop in revenue in fiscal year 2022 following the abnormally strong year before it, and a decline in 2023 reflecting economic headwinds from the Russia-Ukraine conflict, a less stellar outlook for Wall Street profits followed by a moderate growth in fiscal years 2024 through 2026; (iii) with respect to the unincorporated business income tax, growth similar to last year in fiscal year 2022 reflecting improved economic conditions in the City, a decline in 2023 reflecting slower economic growth and a return to moderate growth in fiscal years 2024 through 2026; (iv) with respect to the sales tax, a strong rebound in growth in fiscal year 2022 from increased consumer spending due to pent-up demand and a strong growth in the tourism, hospitality and entertainment industries recover in fiscal years 2023 through 2026; (v) with respect to the real property transfer tax, a very strong rebound in fiscal year 2022 for the residential activity from the pent-up demand from prior year’s lost sales as well as a surge in commercial transactions towards the end of calendar year 2021, dampened growth in 2023 reflecting forecasted rising interest rates, with growth returning in fiscal years 2024 to 2026 reflecting steady economic growth; (vi) with respect to the mortgage recording tax, a strong rebound in fiscal year 2022, with rising interest rates dampening growth in 2023 before growth returns to the long-term trend in fiscal years 2024 through 2026 reflecting steady economic growth; and (vii) with respect to the |
commercial rent tax, decline in 2022 reflecting high vacancy rates for commercial office space in Manhattan and flat growth from fiscal years 2023 through 2026, as uncertainties remain about office space use. | |
• | Miscellaneous Revenues. The Financial Plan reflects collections from Miscellaneous Revenues in the amounts of $7.4 billion in fiscal year 2022, $7.2 billion in fiscal year 2023 and $7.3 billion in each of fiscal years 2024 through 2026. |
• | Intergovernmental Aid. The Financial Plan assumes that all existing federal and State categorical grant programs will continue, unless specific legislation provides for their termination or adjustment, and assumes increases in aid where increased costs are projected for existing grant programs. |
• | Administrative OTPS and Energy. The Financial Plan contains estimates of the City’s administrative OTPS expenditures for general supplies and materials, equipment and selected contractual services, and the impact of agency gap-closing actions relating to such expenditures in the 2022 fiscal year. Thereafter, to account for inflation, administrative OTPS expenditures are projected to rise by 2.5% annually in fiscal years 2024 through 2026. Energy costs for each of the 2022 through 2026 fiscal years are assumed to vary annually, with total energy expenditures projected at $1.05 billion in fiscal year 2022 and increasing to $1.20 billion by fiscal year 2026. |
• | Public Assistance. Of total cash assistance expenditures in the City, the City-funded portion is projected to be $891 million in each of fiscal years 2022 through 2026. |
• | Medical Assistance. Medical assistance payments projected in the Financial Plan consist of payments to voluntary hospitals, skilled nursing facilities, intermediate care facilities, home care providers, pharmacies, managed care organizations, physicians and other medical practitioners. The City-funded portion of medical assistance payments is estimated at $6.3 billion for the 2022 fiscal year. The City-funded portion of medical assistance payments is expected to be $6.4 billion in each of fiscal years 2023 through 2026. Such payments include the City’s capped share of local Medicaid expenditures as well as Supplemental Medicaid payments to NYCHH. |
• | New York City Health and Hospitals. NYCHH, which provides essential services to over 1.1 million New Yorkers annually, faces near- and long-term financial challenges resulting from, among other things, changes in hospital reimbursement under the Affordable Care Act and the statewide transition to managed care. On April 26, 2016, the City released “One New York: Health Care for Our Neighborhoods,” a report outlining the City’s plan to address NYCHH’s financial shortfall. |
• | Other. The projections set forth in the Financial Plan for OTPS-Other include the City’s contributions to New York City Transit (“NYCT”), NYCHA, City University of New York (“CUNY”) and subsidies to libraries and various cultural institutions. They also include projections for the cost of future judgments and claims, which are discussed below under “Judgments and Claims.” “In the past, the City has provided additional assistance to certain State governmental agencies, public authorities or public benefit corporations which receive or may receive monies from the City directly, indirectly or contingently (“Covered Organizations”) that had exhausted their financial resources prior to the end of the fiscal year No assurance can be given that similar additional assistance will not be required in the future. |
• | New York City Transit. NYCT operates under its own section of the Financial Plan as a Covered Organization. An accrual-based financial plan for NYCT covering its 2021 through 2025 fiscal years was published in February 2022 (the “2022 NYCT Financial Plan”). The NYCT fiscal year coincides with the calendar year. The 2022 NYCT Financial Plan reflects the negative impacts of the COVID-19 outbreak on MTA costs, ridership, and farebox revenue. The 2022 NYCT Financial Plan reflects City assistance to the NYCT operating budget of $461.0 million in 2021, increasing to $524.5 million in 2025. In addition, the 2022 NYCT Financial Plan projects real estate transfer tax revenue dedicated for NYCT use of $492.6 million in 2022, increasing to $614.9 million in 2025. The 2022 NYCT Financial Plan includes decreased expected farebox revenue based on projected lower ridership. The 2022 NYCT Financial Plan reflects $10.2 billion in revenues and $16.5 billion in expenses for 2022, leaving a budget gap of $6.4 billion. After accounting for accrual adjustments and cash carried over from 2021, operating budget gaps of $4.1 billion in 2022, $6.9 billion in 2023, $10.0 billion in 2024, and $13.5 billion in 2025 are projected. These figures do not reflect the receipt of over $6.4 billion in federal aid for the ARPA, which is expected largely to offset the projected 2022 and outyear deficits. |
• | Department of Education. State law requires the City to provide City funds for the Department of Education (“DOE”) each year in an amount not less than the amount appropriated for the preceding fiscal year, excluding amounts for debt service and pensions for the DOE. Such City funding must be maintained, unless total City funds for the fiscal year are estimated to be lower than in the preceding fiscal year, in which case the mandated City funding for the DOE may be reduced by an amount up to the percentage reduction in total City funds. |
• | Judgments and Claims. In the fiscal year ended on June 30, 2021, the City expended $617.9 million for judgments and claims. The Financial Plan includes provisions for judgments and claims of $1.3 billion, $1.1 billion, $1.1 billion, $877.2 million and $823.2 million for the 2022 through 2026 fiscal years, respectively. These projections incorporate a |
substantial amount of claims costs attributed to NYCHH, estimated to be $140 million in each year of the Financial Plan, for which NYCHH reimburses the City unless otherwise forgiven by the City, which was the case in fiscal years 2013 and 2016. The City is a party to numerous lawsuits and is the subject of numerous claims and investigations. The City has estimated that its potential future liability on account of outstanding claims against it as of June 30, 2021 amounted to approximately $6.9 billion. This estimate was made by categorizing the various claims and applying a statistical model, based primarily on actual settlements by type of claim during the preceding ten fiscal years, and by supplementing the estimated liability with information supplied by the City’s Corporation Counsel. |
1 | The State fiscal year is identified by the calendar year in which it ends. For example, fiscal year 2022 (FY 2022) is the fiscal year that began on April 1, 2021 and will end on March 31, 2022. |
• | Homeowner Tax Rebate Credit. The proposed rebate program will provide low- and middle-income homeowners, as well as senior homeowners, with a rebate in the fall of 2022 to offset property taxes at a one-time State cost of $2.2 billion. |
• | Middle-Class Tax Credit Acceleration. The Executive Budget accelerates the phase-in of the middle-class tax cut, which began in 2018 and was scheduled to fully phase in over eight years by 2025. The lower tax rates will now be fully phased in by 2023 which decreases tax receipts by $162 million in FY 2023. |
• | Small Business Tax Relief Credit. The Executive Budget provides recurring tax relief to businesses through a revision to the income exclusion and expands the benefit to include pass-through entities with less than $1.5 million in NY-source gross income. Small Business Tax Relief Credit for COVID-19 Expenses. A new, one-time, capped refundable tax relief program will provide relief to businesses for eligible capital expenses. |
• | NYC Musical and Theatrical Tax Credit Extension. The initial application deadline is extended to June 30, 2023 and the cap is doubled from $100 million to $200 million to provide one-time aid to eligible productions and revitalize tourism in New York City. |
• | Other Tax Actions. The Executive Budget increases and extends existing tax credits, including credits for low income housing, clean energy, youth employment, and hiring veterans. It also proposes new tax credits to farmers to support and sustain food production. Other new tax actions include the imposition of sales tax on vacation rentals, as well as certain enforcement initiatives and reforms. |
2 | The Tax Stabilization Reserve was created pursuant to State law to provide a reserve to finance a cash-basis operating deficit in the General Fund at the end of the fiscal year, and to make temporary loans to the General Fund during the year. Annual deposits may not exceed 0.2 percent of General Fund spending, and the balance may not exceed 2 percent of General Fund spending. These amounts may be borrowed by the General Fund temporarily and repaid within the same fiscal year. They may also be borrowed to cover an operating. |
3 | The Rainy Day Reserve was created pursuant to State law to account for funds set aside for use during economic downturns or in response to a catastrophic event, as defined in the law. The economic downturn clause is triggered after five consecutive months of decline in the State's composite index of business cycle indicators. The reserve may have a maximum balance equal to 5 percent of projected General Fund spending during the fiscal year immediately following the then-current fiscal year. |
4 | PTET is received by the Department of Taxation and Finance (DTF) in the first instance and then processed and recorded as a State receipt by OSC. Through December 31, 2021, DTF receipts totaled $11 billion and recorded receipts reported in the Comptroller’s Monthly Report on State Funds Cash Basis of Accounting totaled $10.2 billion. |
• | Short-Term Financing. In FY 2021, the State issued short-term PIT notes to manage the impact of the April 15, 2020 tax filing extension on monthly cash flows. The note proceeds were recorded as a miscellaneous receipt and the notes were repaid in full by the end of FY 2021. For the General Fund, the proceeds increased miscellaneous receipts and the repayment reduced PIT receipts. This transaction had no impact on operations or total receipts but does distort the |
annual change for both miscellaneous receipts and tax receipts. The tables and discussions herein adjust for this distortion in FY 2021 by subtracting the note proceeds from miscellaneous receipts and adding them to PIT receipts. | |
• | Pass-Through Entity Tax. The tables and discussions below show the impact of PTET on business taxes and PIT receipts distinctly, which are removed from total tax receipts to adjust for this distortion. |
5 | Foundation Aid is formula-based, unrestricted aid provided to school districts. It is the largest aid category within School Aid and is projected to total $21.4 billion in SY 2023. The Foundation Aid formula consists of four components: a State-specified expected expenditure per pupil to which the State and districts will contribute, a State-specified expected minimum local contribution per pupil, the number of aid-eligible pupil units in the district, and additional adjustments based on phase-in factors and minimum or maximum increases. |
• | Medicaid/Health. Funding shared by the Federal government helps support health care costs for more than seven million New Yorkers, including more than two million children. Medicaid is the single largest category of Federal funding. The Federal government also provides support for several health programs administered by DOH, including the EP, which provides health care coverage for low-income individuals who do not qualify for Medicaid or CHP. |
• | Social Welfare. Funding provides assistance for several programs managed by the Office of Temporary and Disability Assistance (OTDA), including TANF-funded public assistance benefits and the Flexible Fund for Family Services, Home Energy Assistance Program (HEAP), Supplemental Nutrition Assistance Program (SNAP), and Child Support. Support from the Federal government also supports programs managed by the Office of Children and Family Services (OCFS), including Child Care, Child Welfare Services, Adult Protective & Domestic Violence Services, Foster Care, and Adoption Subsidies. |
• | Education. Funding supports K-12 education and special education. Like Medicaid and the social welfare programs, significant portions of Federal education funding are directed toward vulnerable New Yorkers, such as students in schools with high poverty levels, students with disabilities, and higher education students that qualify for programs such as Pell grants and Work-Study. |
• | Public Protection. Federal funding supports various programs and operations of the State Police, the Department of Corrections and Community Supervision (DOCCS), the Office of Victim Services, the Division of Homeland Security and Emergency Services (DHSES), and the Division of Military and Naval Affairs (DMNA). Federal funds are also passed on to municipalities to support a variety of public safety programs. |
• | Transportation. Federal resources support infrastructure investments in highway and transit systems throughout the State, including funding participation in ongoing transportation capital plans. The recently enacted Infrastructure Investment and Jobs Act (P.L. 117-58) will increase Federal funds for transportation capital costs significantly. |
• | All Other Funding. Other programs supported by Federal resources include housing, economic development, mental hygiene, parks and environmental conservation, and general government uses. |
• | Education ARP Funds. The ARP granted additional education funding for Elementary and Secondary School Emergency Relief (ESSER) and Emergency Assistance for Nonpublic Schools (EANS) programs, as well as funding for homeless education, IDEA, library services and the arts. |
• | eFMAP. In response to the COVID-19 pandemic, the Federal government increased its share of Medicaid funding (eFMAP) by 6.2 percent for each calendar quarter occurring during the public health emergency. The enhanced funding began January 1, 2020 and is currently expected to continue through June 2022, providing over $3.6 billion in additional Federal resources in FY 2022 that are anticipated to reduce State and local government costs by approximately $3.0 billion and $600 million, respectively. Due to the timing of reconciliations, March FY 2022 eFMAP State and Local share offsets will be realized in FY 2023. An additional quarter of eFMAP has been assumed in FY 2023 as a result of the extension of the Public Health Emergency (PHE) increasing the projected FY 2023 benefit to $1.2 billion. |
• | HCBS eFMAP. The ARP provided a temporary 10 percentage point increase to the FMAP for certain Medicaid HCBS through March 31, 2022. CMS guidelines require the use of additional funding to supplement existing State funding, not supplant existing resources. The State is estimated to receive $2.2 billion in enhanced FMAP for HCBS expenditures across health and mental hygiene programs. |
• | CRF. Established in the CARES Act, the CRF provides funding for states and local governments to respond to the COVID-19 pandemic. The State received $5.1 billion in FY 2021 to fund eligible costs incurred through December 31, 2021. These funds have been used in FY 2021 and FY 2022 for eligible payroll costs ($4.4 billion), primarily for public health and safety employees, as well as other pandemic response costs incurred by the State (roughly $600 mi lion). DOB expects to charge additional eligible costs incurred by the State for pandemic response efforts and will fully expend the CRF balance in FY 2022. |
• | Education Supplemental Appropriations Act. As part of the Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act, additional funding for education was provided through the ESSER Fund and the GEER Fund, including dedicated GEER funds to support pandemic-related services and assistance to nonpublic schools through the EANS program. |
• | Lost Wages Assistance (LWA) Program. This program provided grants to eligible claimants that were unemployed or partially unemployed due to the pandemic. This consisted of a supplemental payment of $300 per week through December 27, 2020 or when funding limits were reached, which occurred on September 6, 2020, in addition to their unemployment benefits. |
• | Emergency Rental Assistance Program. The CRRSA Act established the Emergency Rental Assistance program to assist households that are unable to pay rent and utilities due to the COVID-19 pandemic. The ARP provided additional funding for the program. |
• | Education CARES Act Funds. Additional education support provided through the CARES Act included funding to school districts and charter schools. |
• | SUNY State-Operated Campuses Federal Stimulus Spending. Funding provided through various Federal stimulus bills resulted in greater Federal spending projections for SUNY State-Operated campuses. |
• | FEMA Reimbursement of Eligible Pandemic Expenses. The State has applied for FEMA reimbursement for expenses incurred to date related to emergency protective measures due to the COVID-19 pandemic. The Updated Executive Budget Financial Plan assumes reimbursement of $800 million in FY 2023, and $200 million in FY 2024. However, there is no assurance that FEMA will approve claims for the State to receive reimbursement in the amounts or State fiscal years as projected in the Updated Executive Budget Financial Plan. |
• | Coronavirus Local Fiscal Recovery Fund Non-Entitlement Pass-Through. The ARP requires states to pass-through the allocations to non-entitlement cities, towns, and villages. The State distributed $387 million to local governments in FY 2022 and is expected to distribute an additional $387 million to local governments in FY 2023, for a total of $774 million overall. |
• | Homeowner Relief and Protection Program. This program provides services to ensure that homeowners experiencing economic hardships associated with the pandemic can stay in their homes. |
• | Home Energy Assistance Program. The ARP provided supplemental funding to the existing Home Energy Assistance program that helps low-income households pay the cost of heating, cooling, and weatherizing their homes. |
• | Coronavirus Capital Projects Fund. The ARP created the Coronavirus Capital Projects Fund to provide funding to carry out critical capital projects that directly enable work, education, and health monitoring, including remote options, in response to the COVID-19 public health emergency. The State has been allocated $346 million for the program. |
• | Federal Highway Administration (FHWA) Surface Transportation Block Grant. This emergency funding was provided under the CRRSA Act to address COVID-19 impacts related to Highway Infrastructure Programs. |
• | Federal Highway Administration (FHWA) Surface Transportation Block Grant. This emergency funding was provided under the CRRSA Act to address COVID-19 impacts related to Highway Infrastructure Programs. |
• | The CARES Act provides aid for Federal agencies, individuals, businesses, states, and localities, as well as $100 billion for hospitals and health care providers, to respond to the COVID-19 pandemic. |
• | FFCRA provides aid through paid sick leave, free testing, expanded food assistance and unemployment benefits, protections for health care workers, and increased Medicaid funding through the emergency 6.2 percent increase to the Medicaid eFMAP during the public health emergency in response to the COVID-19 pandemic. |
• | The ARP Act of 2021 provides aid for Federal agencies, individuals, businesses, states and localities, and others, to respond to the COVID-19 pandemic. The ARP has provided the State with $12.75 billion in general aid (“recovery aid”) and $18.9 billion in categorical aid for schools, universities, childcare, housing, and other purposes. The ARP also provides $10 billion in recovery aid to localities in New York State and an estimated $6.4 billion directly to the MTA. The State aid provided through the ARP is included in the Updated Executive Budget Financial Plan as a transfer of Federal aid to the General Fund. Finally, the ARP established a Capital Projects Fund to provide funding to states, territories, and Tribal governments to carry out critical capital projects directly enabling work, education, and health monitoring, including remote options, in response to the public health emergency. The State has also been allocated $346 million from the Coronavirus Capital Projects Fund. |
• | The CRRSA Act of 2021 provides funding for education, testing, tracing, vaccine distribution, unemployment assistance, small business programs, and housing. |
• | FEMA Lost Wages provided grants to eligible claimants that were unemployed or partially unemployed due to the pandemic. |
• | The Paycheck Protection Program (PPP) and Health Care Enhancement Act provides funding for small business programs, and healthcare programs, including $75 billion for hospitals, health care providers, and testing and tracing activities. |
• | The Coronavirus Preparedness and Response Supplemental Appropriations Act (CPRSA) of 2020 provides emergency funding to respond to the COVID-19 pandemic, including support for vaccine development, the Public Health Emergency Preparedness program, and small businesses. |
• | Johnson & Johnson (J&J), the parent company of Janssen Pharmaceuticals, Inc., is expected to pay the State and its subdivisions up to $230 million. The settlement established a multi-year payout structure of up to ten years commencing in 2021. |
• | On September 17, 2021, a Bankruptcy Court in the Southern District of New York entered an Order confirming a plan, including provisions releasing and barring further litigation against Purdue Pharma’s executives and directors. Pursuant to that plan, the owners of Purdue Pharma, the Sackler family, were to pay the State and its subdivisions at least $200 million as part of a $4.5 billion bankruptcy plan over a nine-year period commencing in 2022. The settlement between the State and Purdue Pharma would shut down Purdue Pharma, prevent the Sackler family from participating in the opioids business prospectively, and establish a substantial document repository of 30 million plus documents. Following an appeal, on December 16, 2021, the U.S. District Court for the Southern District of New York vacated the confirmation of Purdue’s plan. In re: Purdue Pharma L.P., Case No. 21-cv-07532-CM (S.D.N.Y. Dec. 16, 2021). The District Court held that the law does not allow a bankruptcy plan to give releases to individuals who are not bankrupt. The Debtors subsequently filed an appeal to the Second Circuit. Additional significant developments relating to the Sackler and Purdue defendants are anticipated. |
• | Drug distributors McKesson Corporation, Cardinal Health Inc., and Amerisource Bergen Drug Corporation will pay the State and its subdivisions up to $1.0 billion over 18 years and develop a monitoring mechanism to collect and analyze opioid drug distribution. Settlement payments are expected to start before the end of 2021 and continue over the next 17 years. |
• | Drug manufacturer Endo Health Solutions (Endo) settled for $50 million with New York State (AG only) and the counties of Nassau and Suffolk, divided $22.3 million to the State and $27.7 million split evenly between Nassau and Suffolk Counties. Of the portion payable to the State, $11.96 million will be distributed to subdivisions (excluding Nassau and Suffolk) and $10.34 million will be deposited to the newly created New York State Opioid Settlement Fund (Opioid Settlement Fund). Additionally, if Endo files for bankruptcy or a global settlement is reached between the company and a larger group of plaintiffs, neither the State nor Nassau or Suffolk Counties will be precluded from receiving any appropriate share they would be entitled to under such a bankruptcy or global settlement. |
• | Allergan Finance, LLC and its affiliates will pay the State and its subdivisions up to $200 million. This payment is expected by mid-2022 if certain conditions are met, and over $150 million of these funds will be dedicated to opioid abatement. The settlement between the State and Allergan Finance, LLC and its affiliates also prevents them from participating in the opioid business. |
6 | The State’s aggregate pension costs also include State employees in the Teachers’ Retirement System (TRS) for both the SUNY and the State Education Department (SED), the Optional Retirement Program (ORP) for both SUNY and SED, and the New York State Voluntary Defined Contribution Plan (VDC). |
• | 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,” which seek to ascertain a Fund’s liquidity profile under BlackRock’s global liquidity risk methodology, 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. |
• | tobacco producers or companies with 15% or more of their revenue derived from tobacco products; |
• | civilian firearms producers or retailers that derive 5% or more of their revenue, or more than $20 million in revenue, from civilian firearms-related products; |
• | cluster bomb, landmine, depleted uranium, or chemical/biological weapon systems or components manufacturers; and |
• | any issuer with 5% or more revenue derived from thermal coal (power and heat) or oil sands. |
• | tobacco producers or companies with 15% or more of their revenue derived from tobacco products; |
• | civilian firearms producers or retailers that derive 5% or more of their revenue, or more than $20 million in revenue, from civilian firearms-related products; |
• | cluster bomb, landmine, depleted uranium, or chemical/biological weapon systems or components manufacturers; and |
• | any issuer with 5% or more revenue derived from thermal coal (power and heat) or oil sands. |
• | tobacco producers or companies with 15% or more of their revenue derived from tobacco products; |
• | civilian firearms producers or retailers that derive 5% or more of their revenue, or more than $20 million in revenue, from civilian firearms-related products; |
• | cluster bomb, landmine, depleted uranium, or chemical/biological weapon systems or components manufacturers; and |
• | any issuer with 5% or more revenue derived from thermal coal (power and heat) or oil sands. |
• | U.S. government guaranteed securities: corporate and non-U.S. issuances that carry direct guarantees from the U.S. government; |
• | 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 central governments, 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. |
• | 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; |
• | 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; |
• | 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; |
• | 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; |
• | All companies deriving revenue from genetically modifying plants, such as seeds and crops, and other organisms intended for agricultural use or human consumption; |
• | 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; |
• | 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; | |
• | 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; |
• | 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; |
• | 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; |
• | All companies deriving 5% or more revenue from products and services associated with certain controversial lending practices; |
• | All companies deriving revenue from cultivating oil palm trees and harvesting fresh fruit bunches (FFBs) used to produce palm oil products; |
• | All companies that own or operate nuclear power plants, own or operate active uranium mines, are involved in uranium enrichment and processing, are involved in the design and engineering of nuclear power reactors, or derive 15% or more aggregate revenue from ownership or operation of nuclear power plants and supply of key nuclear-specific products or services; and |
• | All companies that belong to the Bloomberg Energy Fixed Income Sector and all companies with an industry tie to fossil fuels (thermal coal, oil and gas) - in particular, reserve ownership, related revenues and power generation, but not including companies providing evidence of owning metallurgical coal reserves. |
• | Health, Hospital, Single-Family Housing, Multi-Family Housing and Tobacco sector bonds |
• | Securities issued for purposes of student loans, charter schools, prepaid gas or electric contracts, as well as for-profit industrial development or pollution control |
• | Securities supporting private activities, including convention centers, stadiums, cultural facilities, parks, recreation, housing and industrial development, that are not a general obligation of a state or municipality |
• | Securities issued for conduit obligors with use of proceeds related to student housing, waste removal, office buildings, shopping centers, airlines, hotels, telephone, electricity, private services and economic development |
• | Cash flow financing notes (BANs), other than grant anticipation notes |
• | Limited placement securities prior to the first settlement date |
• | Securities issued by U.S. territories (but debt issued by the District of Columbia is included) |
• | Taxable municipal securities |
• | Floating rate notes and variable rate demand obligations or notes |
• | Secondarily insured securities |
• | Custodial receipts |
• | Municipal commercial paper and auction-rate notes or bonds |
• | Private placements, 144A securities and securities issued under the Municipal Liquidity Facility |
• | Securities in legal default |
• | For each of the ICE AMT-Free US National Municipal Index and ICE Short Maturity AMT-Free US National Municipal Index, individual issuers are capped at 10% of the index, with any excess redistributed across the uncapped issuers of the index on a pro rata basis. For each of the ICE AMT-Free California Municipal Index and ICE AMT-Free New York Municipal Index, individual issuers are capped at 25% of the index, with any excess redistributed across the uncapped issuers of the index on a pro rata basis. |
• | After applying the caps in step 1, the index is segmented into a large cap group, consisting of issuers with index weights greater than or equal to 5%, and a small cap group consisting of issuers with less than 5% weight in the index. |
• | Issuer weights in the small cap group are capped at 4.85%, with any excess redistributed across the remaining uncapped issuers’ securities in the small cap group on a pro rata basis. |
• | For each of the ICE AMT-Free US National Municipal Index and ICE Short Maturity AMT-Free US National Municipal Index, if the combined weight of the large cap group is greater than 25% of the index, the weight of the group is reduced to 25%, with the weights of all issuers in the group reduced on a pro rata basis, provided no issuer is reduced below 5%. For each of the ICE AMT-Free California Municipal Index and ICE AMT-Free New York Municipal Index, if the combined weight of the large cap group is greater than 50% of the index, the weight of the group is reduced to 50%, with the weights of all issuers in the group reduced on a pro rata basis, provided no issuer is reduced below 5%. |
• | Any excess weight resulting from the reduction of the large cap group weight in step 4 is redistributed across all issuers in the small cap group on a pro-rata basis, provided no issuer exceeds 4.85%. |
• | If all small cap issuers reach the 4.85% cap, any remaining excess weight is redistributed across all index issuers on a pro rata basis. |
• | Adult Entertainment |
• | all companies that produce, direct, or publish adult entertainment materials that fall into the following categories: producer of X-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. |
• | all companies deriving 5% or more aggregate revenue from the production, distribution and retail of adult entertainment materials. |
• | Alcohol |
• | all companies classified as a “Producer” that derive 5% or more in revenue from manufacturing, distributing, retailing, licensing, and supplying alcoholic products. |
• | all companies classified as a “Producer” that derive USD 500 million or more in revenue from manufacturing, distributing, retailing, licensing, and supplying alcoholic products. |
• | all companies deriving 15% or more aggregate revenue from the manufacture, distribution, retailing, licensing, and supply of alcoholic products. |
• | Civilian Firearms |
• | all companies that manufacture firearms and small arms ammunitions for civilian markets. It does not include 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. |
• | all companies deriving USD 20 million or more revenue from the production and distribution (wholesale or retail) of firearms or small arms ammunition intended for civilian use. |
• | Controversial Weapons |
• | all companies that manufacture cluster munitions whole weapons systems, components, or delivery platforms. |
• | all companies that manufacture landmines whole systems or components. |
• | 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. |
• | 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 Profit Prisons |
• | all companies deriving 50% or more revenue from involvement in the operation of “For Profit Prisons” or the provision of integral services to these types of facilities. These facilities may be alternatively known as private prisons. Only excluded starting from March 31, 2020. Prior to March 31, 2020, exclusions were supplemented historically by using the March 31, 2020 starting universe of constituents to conservatively remove any issuers involved in the screen. |
• | Gambling |
• | all companies classified as involved in “Operations” that derive 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. |
• | all companies classified as involved in “Operations” that derive USD 500 million 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. |
• | 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. |
• | Genetically Modified Organisms |
• | all companies deriving more than 0% revenue from genetically modifying plants, such as seeds and crops, and other organisms intended for agricultural use or human consumption. |
• | Nuclear Power |
• | all companies that own or operate nuclear power plants. |
• | all companies that own or operate active uranium mines. |
• | all companies that are involved in uranium enrichment and processing. |
• | all companies that are involved in the design and engineering of nuclear power reactors. |
• | 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. |
• | Nuclear Weapons |
• | all companies that manufacture nuclear warheads and/or whole nuclear missiles. It includes 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). It includes 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. |
• | all companies that manufacture components for dual-use delivery platforms. |
• | 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. Only excluded starting from March 31, 2020. Prior to March 31, 2020, exclusions were supplemented historically by using the March 31, 2020 starting universe of constituents to conservatively remove any issuers involved in the screen. |
• | Predatory Lending |
• | all companies deriving 5% or more revenue from products and services associated with certain controversial lending practice. |
• | 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. It includes companies that grow or process raw tobacco leaves. |
• | all companies deriving 5% or more aggregate revenue from the manufacture, distribution, retailing, licensing, and supply of tobacco products. |
• | Fossil Fuels |
• | all companies that have an industry tie to fossil fuels (thermal coal, oil and gas) – in particular, reserve ownership, related revenues and power generation. This list does not include companies providing evidence of owning metallurgical coal reserves. |
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 a 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, real estate mortgages, 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). (Notwithstanding the foregoing, the iShares Core U.S. Aggregate Bond ETF may purchase or sell MBS, commercial MBS and real estate mortgages.) |
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 a 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 amended, and 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 in a particular industry, as that term is used in the 1940 Act, except that a 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 1940 Act. |
3. | Issue senior securities to the extent such issuance would violate the 1940 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 1940 Act. |
7. | Make loans to the extent prohibited by the 1940 Act. |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito1 (65) |
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 (51) |
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 | |||
John E. Kerrigan (66) |
Trustee (since 2005); Independent Board Chair (since 2022). |
Chief Investment Officer, Santa Clara University (since 2002). | 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 2022). | |||
Jane D. Carlin (66) |
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), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Richard L. Fagnani (67) |
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). | |||
Cecilia H. Herbert (73) |
Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). |
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 the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019). | |||
Drew E. Lawton (63) |
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 (61) |
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). |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Madhav V. Rajan (57) |
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); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; 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 (51) |
President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latin America 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 (48) |
Treasurer and Chief Financial Officer (since 2020). |
Managing Director of BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); 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 (54) |
Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Deepa Damre Smith (47) |
Secretary (since 2019). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). | ||
Rachel Aguirre (40) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). | ||
Jennifer Hsui (46) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||
James Mauro (51) |
Executive Vice President (since 2021). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |
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 | Over $100,000 | Over $100,000 | |||
iShares Commodity Curve Carry Strategy ETF | $50,001-$100,000 | |||||
iShares Core Dividend Growth ETF | Over $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 | Over $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 | $50,001-$100,000 | |||||
iShares MSCI USA ESG Select ETF | $1-$10,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $50,001-$100,000 | |||||
John E. Kerrigan | iShares Core S&P 500 ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P Small-Cap ETF | $50,001-$100,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EAFE 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 | |||
iShares ESG Aware MSCI EM ETF | $50,001-$100,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $10,001-$50,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Genomics Immunology and Healthcare ETF | $10,001-$50,000 | |||||
iShares Global Clean Energy ETF | Over $100,000 | |||||
iShares Global Infrastructure ETF | Over $100,000 | |||||
iShares Global Tech ETF | $10,001-$50,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | Over $100,000 | |||||
iShares MSCI EAFE Value 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 Value Factor ETF | $50,001-$100,000 | |||||
iShares U.S. Energy ETF | $10,001-$50,000 | |||||
iShares U.S. Financial Services 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 | Over $100,000 | |||||
iShares Core S&P Mid-Cap ETF | $10,001-$50,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Global Clean Energy ETF | $10,001-$50,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI Global Metals & Mining Producers ETF | $10,001-$50,000 | |||||
iShares Select Dividend ETF | $10,001-$50,000 | |||||
Richard L. Fagnani | iShares 0-5 Year TIPS Bond ETF | $10,001-$50,000 | Over $100,000 | |||
iShares China Large-Cap ETF | $50,001-$100,000 | |||||
iShares Core Dividend Growth ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | $50,001-$100,000 | |||||
iShares Core U.S. REIT ETF | $10,001-$50,000 | |||||
iShares Exponential Technologies ETF | $10,001-$50,000 | |||||
iShares Global Clean Energy 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 | |||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI All Country Asia ex Japan 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 TIPS Bond ETF | $10,001-$50,000 | |||||
iShares U.S. Infrastructure ETF | $10,001-$50,000 | |||||
iShares U.S. Regional Banks ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | Over $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 | $1-$10,000 | |||||
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 | |||||
Drew E. Lawton | BlackRock Ultra Short-Term Bond ETF | Over $100,000 | Over $100,000 | |||
iShares 0-5 Year High Yield Corporate Bond ETF | $50,001-$100,000 | |||||
iShares Biotechnology ETF | Over $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 Global Financials 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 | |||
iShares U.S. Financial Services ETF | Over $100,000 | |||||
iShares U.S. Financials ETF | $50,001-$100,000 | |||||
iShares U.S. Healthcare ETF | Over $100,000 | |||||
John E. Martinez | iShares 1-5 Year Investment Grade Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
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 | None | None | None |
Name | iShares 0-3 Month 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 | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $359 | $4,127 | $4,313 | $2,013 | ||||
Richard L. Fagnani | 370 | 4,247 | 4,439 | 2,072 |
Name | iShares 0-3 Month 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 | ||||
Cecilia H. Herbert | 399 | 4,585 | 4,792 | 2,237 | ||||
John E. Kerrigan | 382 | 4,392 | 4,590 | 2,143 | ||||
Drew E. Lawton | 357 | 4,103 | 4,288 | 2,001 | ||||
John E. Martinez | 357 | 4,103 | 4,288 | 2,001 | ||||
Madhav V. Rajan | 357 | 4,103 | 4,288 | 2,001 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name | 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 | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $2,153 | $3,352 | $294 | $443 | ||||
Richard L. Fagnani | 2,216 | 3,450 | 303 | 456 | ||||
Cecilia H. Herbert | 2,392 | 3,725 | 327 | 493 | ||||
John E. Kerrigan | 2,291 | 3,568 | 313 | 472 | ||||
Drew E. Lawton | 2,140 | 3,333 | 293 | 441 | ||||
John E. Martinez | 2,140 | 3,333 | 293 | 441 | ||||
Madhav V. Rajan | 2,140 | 3,333 | 293 | 441 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name | iShares 20+ Year Treasury Bond ETF |
iShares 25+ Year Treasury STRIPS Bond ETF |
iShares Agency Bond ETF |
iShares BBB Rated Corporate Bond ETF1 | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $3,099 | $62 | $137 | $14 | ||||
Richard L. Fagnani | 3,189 | 64 | 141 | 14 | ||||
Cecilia H. Herbert | 3,443 | 69 | 152 | 15 | ||||
John E. Kerrigan | 3,298 | 66 | 146 | 15 | ||||
Drew E. Lawton | 3,080 | 62 | 136 | 14 | ||||
John E. Martinez | 3,080 | 62 | 136 | 14 | ||||
Madhav V. Rajan | 3,080 | 62 | 136 | 14 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name | iShares Broad USD Investment Grade Corporate Bond ETF |
iShares California Muni Bond ETF |
iShares Core 5-10 Year USD Bond ETF |
iShares Core 10+ Year USD Bond ETF | ||||
Jane D. Carlin | $1,256 | $354 | $21 | $59 | ||||
Richard L. Fagnani | 1,293 | 364 | 21 | 61 | ||||
Cecilia H. Herbert | 1,396 | 393 | 23 | 66 | ||||
John E. Kerrigan | 1,337 | 377 | 22 | 63 | ||||
Drew E. Lawton | 1,249 | 352 | 21 | 59 | ||||
John E. Martinez | 1,249 | 352 | 21 | 59 | ||||
Madhav V. Rajan | 1,249 | 352 | 21 | 59 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name | iShares Core U.S. Aggregate Bond ETF |
iShares ESG Advanced Investment Grade Corporate Bond ETF2 |
iShares ESG Advanced Total USD Bond Market ETF |
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $16,925 | $4 | $117 | $199 | ||||
Richard L. Fagnani | 17,420 | 4 | 121 | 204 | ||||
Cecilia H. Herbert | 18,806 | 4 | 130 | 221 | ||||
John E. Kerrigan | 18,014 | 4 | 125 | 211 | ||||
Drew E. Lawton | 16,826 | 4 | 117 | 198 | ||||
John E. Martinez | 16,826 | 4 | 117 | 198 | ||||
Madhav V. Rajan | 16,826 | 4 | 117 | 198 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name | iShares ESG Aware U.S. Aggregate Bond ETF |
iShares ESG Aware USD Corporate Bond ETF |
iShares Government/Credit Bond ETF |
iShares High Yield Bond Factor ETF | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $374 | $173 | $82 | $34 | ||||
Richard L. Fagnani | 385 | 178 | 85 | 35 | ||||
Cecilia H. Herbert | 416 | 192 | 91 | 37 | ||||
John E. Kerrigan | 398 | 184 | 88 | 36 | ||||
Drew E. Lawton | 372 | 172 | 82 | 33 | ||||
John E. Martinez | 372 | 172 | 82 | 33 | ||||
Madhav V. Rajan | 372 | 172 | 82 | 33 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name | iShares iBoxx $ High Yield Corporate Bond ETF |
iShares iBoxx $ Investment Grade Corporate Bond ETF |
iShares Intermediate Government/Credit Bond ETF |
iShares Investment Grade Bond Factor ETF | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $3,144 | $6,570 | $494 | $31 | ||||
Richard L. Fagnani | 3,236 | 6,762 | 509 | 32 | ||||
Cecilia H. Herbert | 3,494 | 7,299 | 549 | 35 | ||||
John E. Kerrigan | 3,346 | 6,992 | 526 | 33 | ||||
Drew E. Lawton | 3,126 | 6,531 | 491 | 31 | ||||
John E. Martinez | 3,126 | 6,531 | 491 | 31 | ||||
Madhav V. Rajan | 3,126 | 6,531 | 491 | 31 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name | iShares MBS ETF | iShares National Muni Bond ETF |
iShares New York Muni Bond ETF |
iShares Short-Term National Muni Bond ETF | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $4,626 | $4,656 | $105 | $1,447 | ||||
Richard L. Fagnani | 4,761 | 4,792 | 108 | 1,489 | ||||
Cecilia H. Herbert | 5,140 | 5,173 | 116 | 1,608 | ||||
John E. Kerrigan | 4,923 | 4,955 | 111 | 1,540 | ||||
Drew E. Lawton | 4,599 | 4,628 | 104 | 1,439 | ||||
John E. Martinez | 4,599 | 4,628 | 104 | 1,439 | ||||
Madhav V. Rajan | 4,599 | 4,628 | 104 | 1,439 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name | iShares Short Treasury Bond ETF |
iShares USD Bond Factor ETF3 | ||
Independent Trustees: | ||||
Jane D. Carlin | $3,039 | $4 | ||
Richard L. Fagnani | 3,127 | 4 | ||
Cecilia H. Herbert | 3,376 | 4 | ||
John E. Kerrigan | 3,234 | 4 | ||
Drew E. Lawton | 3,021 | 4 | ||
John E. Martinez | 3,021 | 4 | ||
Madhav V. Rajan | 3,021 | 4 | ||
Interested Trustees: | ||||
Robert S. Kapito | $0 | $0 | ||
Salim Ramji | 0 | 0 |
Name | Pension or Retirement Benefits Accrued As Part of Trust Expenses4 |
Estimated Annual Benefits Upon Retirement4 |
Total Compensation From the Funds and Fund Complex5 | |||
Independent Trustees: | ||||||
Jane D. Carlin | Not Applicable | Not Applicable | $ 420,000 | |||
Richard L. Fagnani | Not Applicable | Not Applicable | 446,764 | |||
Cecilia H. Herbert | Not Applicable | Not Applicable | 475,000 | |||
John E. Kerrigan | Not Applicable | Not Applicable | 445,000 | |||
Drew E. Lawton | Not Applicable | Not Applicable | 431,764 | |||
John E. Martinez | Not Applicable | Not Applicable | 420,000 | |||
Madhav V. Rajan | Not Applicable | Not Applicable | 420,000 | |||
Interested Trustees: | ||||||
Robert S. Kapito | Not Applicable | Not Applicable | $0 | |||
Salim Ramji | Not Applicable | Not Applicable | 0 |
1 | Compensation is reported from the Fund’s inception date May 18, 2021 to February 28, 2022. |
2 | Compensation is reported from the Fund’s inception date November 8, 2021 to February 28, 2022. |
3 | Compensation is reported from the Fund’s inception date October 12, 2021 to February 28, 2022. |
4 | No Trustee or officer is entitled to any pension or retirement benefits from the Trust. |
5 | 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 0-3 Month Treasury Bond ETF | Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
35.28% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
25.24% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
14.22% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
9.40% | |||
iShares 1-3 Year Treasury Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
17.87% |
Fund | Name | Percentage of Ownership | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
10.18% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
8.37% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
6.12% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
5.76% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
5.64% | |||
iShares 1-5 Year Investment Grade Corporate Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
16.85% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
15.30% | |||
Northern Trust Company (The) 801 South Canal Street Chicago, IL 60607 |
10.37% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
5.83% | |||
iShares 3-7 Year Treasury Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
20.77% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
10.76% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
9.08% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
8.34% | |||
iShares 5-10 Year Investment Grade Corporate Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
19.94% | ||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
11.98% |
Fund | Name | Percentage of Ownership | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
10.85% | |||
JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 |
6.02% | |||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
5.80% | |||
Northern Trust Company (The) 801 South Canal Street Chicago, IL 60607 |
5.14% | |||
iShares 7-10 Year Treasury Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
16.51% | ||
Ameriprise Enterprise Investment Services, Inc. 901 3rd Avenue South Minneapolis, MN 55474 |
14.43% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
9.36% | |||
JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 |
8.14% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.67% | |||
iShares 10+ Year Investment Grade Corporate Bond ETF | The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
16.31% | ||
BlackRock Institutional Trust Company, N.A. 400 Howard Street San Francisco, CA 94105 |
11.99% | |||
JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 |
9.21% | |||
Northern Trust Company (The) 801 South Canal Street Chicago, IL 60607 |
8.21% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
7.02% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
6.71% |
Fund | Name | Percentage of Ownership | ||
Ameriprise Enterprise Investment Services, Inc. 901 3rd Avenue South Minneapolis, MN 55474 |
6.22% | |||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
6.16% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
5.78% | |||
iShares 10-20 Year Treasury Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
21.82% | ||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
17.96% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.80% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
7.68% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
7.57% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
7.02% | |||
iShares 20+ Year Treasury Bond ETF | Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
12.25% | ||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
9.05% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
8.03% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
5.91% | |||
Mellon Trust of New England, National Association Three Mellon Bank Center Floor 1533700 Pittsburgh, PA 15259 |
5.62% |
Fund | Name | Percentage of Ownership | ||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.34% | |||
iShares 25+ Year Treasury STRIPS Bond ETF | The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
91.59% | ||
iShares Agency Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
15.55% | ||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
12.31% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
10.73% | |||
Stifel, Nicolaus & Company Incorporated 501 N. Broadway St. Louis, MO 63102 |
5.49% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
5.25% | |||
iShares BBB Rated Corporate Bond ETF | Morgan Stanley & Co. Incorporated One Pierrepont Plaza 8th Floor Brooklyn, NY 11201 |
23.08% | ||
Citigroup Global Markets Inc. 333 W 34th Street New York, NY 10001-2402 |
23.08% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
23.08% | |||
Goldman, Sachs & Co. 30 Hudson Street 16th Floor Jersey City, NJ 07302 |
19.23% | |||
Northern Trust Company (The) 801 South Canal Street Chicago, IL 60607 |
10.31% | |||
iShares Broad USD Investment Grade Corporate Bond ETF | UBS Financial Services Inc. 1000 Harbor Blvd. Weehawken, NJ 07086 |
25.94% |
Fund | Name | Percentage of Ownership | ||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
24.66% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
8.75% | |||
iShares California Muni Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
41.31% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
13.75% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
7.60% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.01% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
5.12% | |||
iShares Core 5-10 Year USD Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
59.34% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
12.49% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
6.96% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.27% | |||
iShares Core 10+ Year USD Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
21.72% | ||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
20.42% |
Fund | Name | Percentage of Ownership | ||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
11.50% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
10.96% | |||
iShares Core U.S. Aggregate Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
11.97% | ||
Edward D. Jones & Co. 12555 Manchester Road Saint Louis, MO 63131 |
11.80% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
9.01% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
6.56% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.26% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
6.05% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
5.14% | |||
iShares ESG Advanced Investment Grade Corporate Bond ETF | State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
75.00% | ||
J.P. Morgan Securities, LLC/JPMC 383 Madison Avenue New York, NY 10179 |
22.81% | |||
iShares ESG Advanced Total USD Bond Market ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
40.96% | ||
Northern Trust Company (The) 801 South Canal Street Chicago, IL 60607 |
23.92% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
11.23% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
9.18% |
Fund | Name | Percentage of Ownership | ||
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
23.80% | ||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
15.19% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
13.92% | |||
Ameriprise Enterprise Investment Services, Inc. 901 3rd Avenue South Minneapolis, MN 55474 |
5.76% | |||
iShares ESG Aware U.S. Aggregate Bond ETF | Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
26.11% | ||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
16.20% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
11.24% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
6.82% | |||
Goldman, Sachs & Co. 30 Hudson Street 16th Floor Jersey City, NJ 07302 |
5.88% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.29% | |||
iShares ESG Aware USD Corporate Bond ETF | Ameriprise Enterprise Investment Services, Inc. 901 3rd Avenue South Minneapolis, MN 55474 |
40.95% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
14.66% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
10.28% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
7.29% | |||
Fund | Name | Percentage of Ownership | ||
iShares Government/Credit Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
55.31% | ||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
16.80% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
6.41% | |||
iShares High Yield Bond Factor ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
24.59% | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
21.38% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
11.97% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
7.25% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
6.06% | |||
iShares iBoxx $ High Yield Corporate Bond ETF | The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
11.75% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
9.42% | |||
Northern Trust Company (The) 801 South Canal Street Chicago, IL 60607 |
5.98% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
5.49% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
5.48% | |||
iShares iBoxx $ Investment Grade Corporate Bond ETF | Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
11.58% |
Fund | Name | Percentage of Ownership | ||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
8.92% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
8.13% | |||
JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 |
7.37% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
7.10% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.34% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
6.20% | |||
iShares Intermediate Government/Credit Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
16.73% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
9.93% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
7.25% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.13% | |||
Stifel, Nicolaus & Company Incorporated 501 N. Broadway St. Louis, MO 63102 |
6.41% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.35% | |||
U.S. Bank N.A. 1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
6.19% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
6.00% | |||
Reliance Trust Company, FIS TrustDesk MKE 11277 West Park Place, Suite 300 Milwaukee, WI 53224 |
5.37% |
Fund | Name | Percentage of Ownership | ||
iShares Investment Grade Bond Factor ETF | TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
49.04% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
17.48% | |||
J.P. Morgan Securities, LLC/JPMC 383 Madison Avenue New York, NY 10179 |
7.16% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
6.40% | |||
iShares MBS ETF | Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
30.36% | ||
J.P. Morgan Securities, LLC/JPMC 383 Madison Avenue New York, NY 10179 |
11.70% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
9.24% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
8.68% | |||
Ameriprise Enterprise Investment Services, Inc. 901 3rd Avenue South Minneapolis, MN 55474 |
5.51% | |||
iShares National Muni Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
19.27% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
19.05% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.83% | |||
JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 |
5.38% | |||
iShares New York Muni Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
18.62% |
Fund | Name | Percentage of Ownership | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
16.38% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
9.09% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
8.54% | |||
J.P. Morgan Securities, LLC/JPMC 383 Madison Avenue New York, NY 10179 |
6.46% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
5.95% | |||
iShares Short-Term National Muni Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
17.13% | ||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
12.90% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
12.67% | |||
Northern Trust Company (The) 801 South Canal Street Chicago, IL 60607 |
7.49% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.61% | |||
SEI Private Trust Company/C/O GWP 1 Freedom Valley Drive Oaks, PA 19456 |
5.21% | |||
iShares Short Treasury Bond ETF | Citibank, N.A. S.D. Indeval Institucion 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
27.74% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
12.79% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
12.53% |
Fund | Name | Percentage of Ownership | ||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
5.65% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
5.23% | |||
iShares USD Bond Factor ETF | State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
75.00% | ||
J.P. Morgan Securities, LLC/JPMC 383 Madison Avenue New York, NY 10179 |
24.40% | |||
Fund | Management Fee |
Fund Inception Date |
Management Fees Paid Net of Waivers for Fiscal Year Ended February 28, 2022 |
Management Fees Paid Net of Waivers for Fiscal Year Ended February 28, 2021 |
Management Fees Paid Net of Waivers for Fiscal Year Ended February 29, 2020 | |||||
iShares 0-3 Month Treasury Bond ETF1 | 0.12% | 05/26/20 | $219,282 | $162,126 | N/A | |||||
iShares 1-3 Year Treasury Bond ETF | 0.15% | 07/22/02 | 29,945,144 | 32,106,936 | $27,203,599 | |||||
iShares 1-5 Year Investment Grade Corporate Bond ETF | 0.06% | 01/05/07 | 13,551,064 | 10,705,449 | 7,161,508 | |||||
iShares 3-7 Year Treasury Bond ETF | 0.15% | 01/05/07 | 16,244,679 | 17,168,658 | 12,312,560 | |||||
iShares 5-10 Year Investment Grade Corporate Bond ETF | 0.06% | 01/05/07 | 6,406,219 | 5,827,292 | 4,405,430 | |||||
iShares 7-10 Year Treasury Bond ETF | 0.15% | 07/22/02 | 22,158,598 | 28,670,072 | 25,057,814 | |||||
iShares 10+ Year Investment Grade Corporate Bond ETF | 0.06% | 12/08/09 | 1,386,564 | 1,169,310 | 821,007 | |||||
iShares 10-20 Year Treasury Bond ETF | 0.15% | 01/05/07 | 2,050,536 | 1,958,386 | 1,604,008 | |||||
iShares 20+ Year Treasury Bond ETF | 0.15% | 07/22/02 | 23,523,424 | 27,770,333 | 23,317,479 | |||||
iShares 25+ Year Treasury STRIPS Bond ETF2 | 0.15% | 09/22/20 | 122,500 | 4,960 | N/A | |||||
iShares Agency Bond ETF | 0.20% | 11/05/08 | 1,579,828 | 1,610,512 | 1,097,360 | |||||
iShares BBB Rated Corporate Bond ETF | 0.15% | 05/18/21 | 89,307 | N/A | N/A | |||||
iShares Broad USD Investment Grade Corporate Bond ETF3 | 0.04% | 01/05/07 | 2,574,479 | 3,098,584 | 2,140,943 | |||||
iShares California Muni Bond ETF | 0.25% | 10/04/07 | 4,634,842 | 3,911,631 | 3,294,707 | |||||
iShares Core 5-10 Year USD Bond ETF4 | 0.06% | 11/01/16 | 62,677 | 57,076 | 38,240 | |||||
iShares Core 10+ Year USD Bond ETF | 0.06% | 12/08/09 | 232,367 | 241,944 | 179,158 | |||||
iShares Core U.S. Aggregate Bond ETF5,6 | 0.03% | 09/22/03 | 28,768,959 | 26,526,094 | 29,892,747 | |||||
iShares ESG Advanced Investment Grade Corporate Bond ETF | 0.18% | 11/08/21 | 10,689 | N/A | N/A | |||||
iShares ESG Advanced Total USD Bond Market ETF7 | 0.12% | 06/23/20 | 463,035 | 71,650 | N/A | |||||
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | 0.12% | 07/11/17 | 1,152,913 | 468,841 | 157,596 | |||||
iShares ESG Aware U.S. Aggregate Bond ETF8 | 0.10% | 10/18/18 | 1,330,990 | 437,376 | 88,365 | |||||
iShares ESG Aware USD Corporate Bond ETF | 0.18% | 07/11/17 | 1,509,984 | 823,272 | 106,337 | |||||
iShares Government/Credit Bond ETF | 0.20% | 01/05/07 | 689,717 | 444,376 | 449,460 | |||||
iShares High Yield Bond Factor ETF | 0.35% | 07/11/17 | 516,377 | 144,014 | 95,106 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | 0.48% | 04/04/07 | 97,173,850 | 118,223,615 | 85,967,152 | |||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.14% | 07/22/02 | 55,071,034 | 72,561,952 | 49,932,021 | |||||
iShares Intermediate Government/Credit Bond ETF | 0.20% | 01/05/07 | 4,912,048 | 4,506,647 | 4,114,455 | |||||
iShares Investment Grade Bond Factor ETF | 0.18% | 07/11/17 | 292,204 | 256,032 | 167,005 | |||||
iShares MBS ETF9,10 | 0.04% | 03/13/07 | 10,387,393 | 10,391,914 | 11,981,461 | |||||
iShares National Muni Bond ETF11 | 0.07% | 09/07/07 | 16,265,453 | 12,577,499 | 9,735,281 |
Fund | Management Fee |
Fund Inception Date |
Management Fees Paid Net of Waivers for Fiscal Year Ended February 28, 2022 |
Management Fees Paid Net of Waivers for Fiscal Year Ended February 28, 2021 |
Management Fees Paid Net of Waivers for Fiscal Year Ended February 29, 2020 | |||||
iShares New York Muni Bond ETF | 0.25% | 10/04/07 | 1,329,048 | 1,176,607 | 1,035,392 | |||||
iShares Short-Term National Muni Bond ETF | 0.07% | 11/05/08 | 4,024,798 | 2,497,984 | 1,730,249 | |||||
iShares Short Treasury Bond ETF12,13 | 0.15% | 01/05/07 | 21,461,175 | 31,357,144 | 32,575,354 | |||||
iShares USD Bond Factor ETF14 | 0.18% | 10/12/21 | 11,968 | N/A | N/A |
1 | Effective June 29, 2022, for the iShares 0-3 Month Treasury Bond ETF, 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 0.05% through June 30, 2023. The contractual waiver may be terminated prior to June 30, 2023 only upon written agreement of the Trust and BFA. Prior to June 29, 2022, BFA had contractually agreed to waive a portion of its management fee so that the Fund’s total annual fund operating expenses after the fee waiver would not exceed 0.03%. The contractual waiver was discontinued as of June 29, 2022, by written agreement of the Trust and BFA. Prior to September 30, 2020, BFA had contractually agreed to waive a portion of its management fee so that the Fund's total annual fund operating expenses after the fee waiver would not exceed 0.07%. The contractual waiver was discontinued as of September 30, 2020, by 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 voluntary waiver or reimbursement implemented by BFA may be eliminated by BFA at any time. Prior to September 30, 2020, BFA had implemented a voluntary fee waiver at an annual rate of four basis points. As of September 30, 2020, the voluntary waiver is no longer in effect. For the fiscal years ended February 28, 2022 and February 28, 2021, BFA waived $768,551 and $557,585 of management fees, respectively. |
2 | For the iShares 25+ Year Treasury STRIPS Bond ETF, BFA contractually agreed to waive a portion of its management fee so that the Fund’s total annual fund operating expenses after the fee waiver would not exceed 0.07% through September 30, 2021. The contractual waiver was discontinued as of September 30, 2021, by written agreement of the Trust and BFA. In addition, 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). Effective May 20, 2021, BFA has elected to implement a voluntary fee waiver in order to limit the Fund’s total annual operating expenses after the fee waiver to four basis points and currently intends to keep such voluntary fee waiver for the Fund in place through June 30, 2023. Any voluntary waiver or reimbursement implemented by BFA may be eliminated by BFA at any time. For the fiscal years ended February 28, 2022 and February 28, 2021, BFA waived $330,046 and $5,669 of management fees, respectively. |
3 | Effective April 1, 2021, the management fee for the iShares Broad USD Investment Grade Corporate Bond ETF is 0.04%. From June 26, 2018 to March 31, 2021, the management fee for the iShares Broad USD Investment Grade Corporate Bond ETF was 0.06%. |
4 | For the iShares Core 5-10 Year USD Bond 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 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 February 28, 2022, February 28, 2021 and February 29, 2020, BFA waived $13,938, $18,174 and $12,130 of management fees, respectively. |
5 | For the iShares Core U.S. Aggregate 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 advised by BFA, or its affiliates, through June 30, 2026. The contractual waiver may be terminated prior to June 30, 2026 only upon written agreement of the Trust and BFA. For the fiscal years ended February 28, 2022, February 28, 2021 and February 29, 2020, BFA waived $6,674,326, $5,419,096 and $2,632,257 of management fees, respectively. |
6 | Effective March 31, 2022, the management fee for the iShares Core U.S. Aggregate Bond ETF is 0.03%. From March 27, 2020 to March 31, 2022, the management fee for the iShares Core U.S. Aggregate Bond ETF was 0.04%. Prior to March 27, 2020, the management fee for the iShares Core U.S. Aggregate Bond ETF was 0.05%. |
7 | For the iShares ESG Advanced Total USD Bond Market 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 June 30, 2025. The contractual waiver may be terminated prior to June 30, 2025 only upon written agreement of the Trust and BFA. For the fiscal years ended February 28, 2022 and February 28, 2021, BFA waived $44,901 and $9,318 of management fees, respectively. |
8 | For the iShares ESG Aware U.S. Aggregate Bond 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 June 30, 2024. The contractual waiver may be terminated prior to June 30, 2024 only upon written agreement of the Trust and BFA. For the fiscal years ended February 28, 2022, February 28, 2021 and February 29, 2020, BFA waived $162,985, $84,769 and $11,106 of management fees, respectively. |
9 | Effective January 5, 2022, the management fee for the iShares MBS ETF is 0.04%. From December 13, 2019 to January 4, 2022, the management fee for the iShares MBS ETF was 0.06%. From June 20, 2019 to December 13, 2019, the management fee for the iShares MBS ETF was 0.07%. Prior to June 20, 2019 the management fee for the iShares MBS ETF was 0.09%. |
10 | Effective January 5, 2022, for the iShares MBS ETF, BFA has contractually agreed to waive a portion of its management fee such that the Fund’s total annual fund operating expenses after the fee waiver will not exceed 0.04% through February 28, 2027. The contractual waiver may be terminated prior to February 28, 2027 only upon written agreement of the Trust and BFA. BFA contractually agreed to waive a portion of its management fee such that the Fund’s total annual fund operating expenses after the fee waiver would not exceed 0.06% through February 29, 2024 effective December 13, 2019 through January 4, 2022. BFA contractually agreed to waive a portion of its management fee such that the Fund’s total annual |
fund operating expenses after the fee waiver would not exceed 0.07% through February 29, 2024 effective June 20, 2019 through December 12, 2019. BFA contractually agreed to waive a portion of its management fee such that the Fund’s total annual fund operating expenses after the fee waiver would not exceed 0.09% through February 28, 2023 effective July 13, 2017 through June 19, 2019. For the fiscal years ended February 28, 2022, February 28, 2021 and February 29, 2020, BFA waived $3,050,045, $2,679,408 and $1,082,076 of management fees, respectively. | |
11 | For the iShares National Muni 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 series of iShares Trust and iShares, Inc. through June 30, 2026. The contractual waiver may be terminated prior to June 30, 2026 only upon written agreement of the Trust and BFA. For the fiscal years ended February 28, 2022, February 28, 2021 and February 29, 2020, BFA waived $0, $0 and $0 of management fees, respectively. |
12 | For the iShares Short Treasury Bond ETF, for the fiscal years ended February 28, 2021 and February 29, 2020, BFA waived $0 of its management fees. The voluntary waiver was discontinued beginning on June 15, 2020. |
13 | Effective October 20, 2021, for the iShares Short Treasury Bond 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 funds advised by BFA or its affiliates, through June 30, 2026. The contractual waiver may be terminated prior to June 30, 2026 only upon written agreement of the Trust and BFA. For the fiscal year ended February 28, 2022, BFA waived $83,242 of its management fees. |
14 | Effective October 28, 2021, for the iShares USD Bond 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 funds advised by BFA, or its affiliates, through June 30, 2026. The contractual waiver may be terminated prior to June 30, 2026 only upon written agreement of the Trust and BFA. For the fiscal year ended February 28, 2022, BFA waived $1,568 of its management fees. |
James Mauro | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 79 | $173,229,000,000 | ||
Other Pooled Investment Vehicles | 15 | 40,007,000,000 | ||
Other Accounts | 5 | 8,343,000,000 |
Scott Radell* | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 84 | $275,833,000,000 | ||
Other Pooled Investment Vehicles | 48 | 55,774,000,000 | ||
Other Accounts | 13 | 8,133,000,000 |
* | Portfolio Manager for iShares ESG Aware 1-5 Year USD Corporate Bond ETF, iShares ESG Aware U.S. Aggregate Bond ETF, iShares ESG Aware USD Corporate Bond ETF, iShares High Yield Bond Factor ETF, iShares Investment Grade Bond Factor ETF and iShares USD Bond Factor ETF only. |
Karen Uyehara* | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 17 | $52,786,000,000 | ||
Other Pooled Investment Vehicles | 21 | 9,774,000,000 |
Karen Uyehara* | ||||
Types of Accounts | Number | Total Assets | ||
Other Accounts | 14 | 7,983,000,000 |
* | Portfolio Manager for all Funds except iShares ESG Aware 1-5 Year USD Corporate Bond ETF, iShares ESG Aware U.S. Aggregate Bond ETF, iShares ESG Aware USD Corporate Bond ETF, iShares High Yield Bond Factor ETF, iShares Investment Grade Bond Factor ETF and iShares USD Bond 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 | 2 | $94,000,000 |
Scott Radell* | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Other Accounts | 3 | 2,379,000,000 |
* | Portfolio Manager for iShares ESG Aware 1-5 Year USD Corporate Bond ETF, iShares ESG Aware U.S. Aggregate Bond ETF, iShares ESG Aware USD Corporate Bond ETF, iShares High Yield Bond Factor ETF, iShares Investment Grade Bond Factor ETF and iShares USD Bond Factor 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 | 4 | $1,485,000,000 | ||
Other Accounts | 4 | 2,872,000,000 |
* | Portfolio Manager for all Funds except iShares ESG Aware 1-5 Year USD Corporate Bond ETF, iShares ESG Aware U.S. Aggregate Bond ETF, iShares ESG Aware USD Corporate Bond ETF, iShares High Yield Bond Factor ETF , iShares Investment Grade Bond Factor ETF and iShares USD Bond 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 0-3 Month Treasury Bond ETF | X | ||||||||||||||
iShares 1-3 Year Treasury Bond ETF | X | ||||||||||||||
iShares 1-5 Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 3-7 Year Treasury Bond ETF | X | ||||||||||||||
iShares 5-10 Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 7-10 Year Treasury Bond ETF | X | ||||||||||||||
iShares 10+ Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 10-20 Year Treasury Bond ETF | X | ||||||||||||||
iShares 20+ Year Treasury Bond ETF | X | ||||||||||||||
iShares 25+ Year Treasury STRIPS Bond ETF | X | ||||||||||||||
iShares Agency Bond ETF | X | ||||||||||||||
iShares BBB Rated Corporate Bond ETF | X | ||||||||||||||
iShares Broad USD Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares California Muni Bond ETF | X | ||||||||||||||
iShares Core 5-10 Year USD Bond ETF | X | ||||||||||||||
iShares Core 10+ Year USD Bond ETF | X | ||||||||||||||
iShares Core U.S. Aggregate Bond ETF | X | ||||||||||||||
iShares ESG Advanced Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares ESG Advanced Total USD Bond Market ETF | X | ||||||||||||||
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | X | ||||||||||||||
iShares ESG Aware U.S. Aggregate Bond ETF | X | ||||||||||||||
iShares ESG Aware USD Corporate Bond ETF | X | ||||||||||||||
iShares Government/Credit Bond ETF | X | ||||||||||||||
iShares High Yield Bond Factor ETF | X | ||||||||||||||
iShares iBoxx $ High Yield Corporate Bond ETF | X | ||||||||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares Intermediate Government/Credit Bond ETF | X | ||||||||||||||
iShares Investment Grade Bond Factor ETF | X | ||||||||||||||
iShares MBS ETF | X | ||||||||||||||
iShares National Muni Bond ETF | X | ||||||||||||||
iShares New York Muni Bond ETF | X | ||||||||||||||
iShares Short-Term National Muni Bond ETF | X | ||||||||||||||
iShares Short Treasury Bond ETF | X | ||||||||||||||
iShares USD Bond Factor 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 0-3 Month Treasury Bond ETF | X | ||||||||||||||
iShares 1-3 Year Treasury Bond ETF | X | ||||||||||||||
iShares 1-5 Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 3-7 Year Treasury Bond ETF | X | ||||||||||||||
iShares 5-10 Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 7-10 Year Treasury Bond ETF | X | ||||||||||||||
iShares 10+ Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 10-20 Year Treasury Bond ETF | X | ||||||||||||||
iShares 20+ Year Treasury Bond ETF | X | ||||||||||||||
iShares 25+ Year Treasury STRIPS Bond ETF | X | ||||||||||||||
iShares Agency Bond ETF | X | ||||||||||||||
iShares BBB Rated Corporate Bond ETF | X | ||||||||||||||
iShares Broad USD Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares California Muni Bond ETF | X | ||||||||||||||
iShares Core 5-10 Year USD Bond ETF | X | ||||||||||||||
iShares Core 10+ Year USD Bond ETF | X | ||||||||||||||
iShares Core U.S. Aggregate Bond ETF | X | ||||||||||||||
iShares ESG Advanced Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares ESG Advanced Total USD Bond Market ETF | X | ||||||||||||||
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | X | ||||||||||||||
iShares ESG Aware U.S. Aggregate Bond ETF | X | ||||||||||||||
iShares ESG Aware USD Corporate Bond ETF | X | ||||||||||||||
iShares Government/Credit Bond ETF | X | ||||||||||||||
iShares High Yield Bond Factor ETF | X | ||||||||||||||
iShares iBoxx $ High Yield Corporate Bond ETF | X | ||||||||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares Intermediate Government/Credit Bond ETF | X | ||||||||||||||
iShares Investment Grade Bond Factor ETF | X | ||||||||||||||
iShares MBS ETF | X | ||||||||||||||
iShares National Muni Bond ETF | X | ||||||||||||||
iShares New York Muni Bond ETF | X | ||||||||||||||
iShares Short-Term National Muni Bond ETF | X | ||||||||||||||
iShares Short Treasury Bond ETF | X | ||||||||||||||
iShares USD Bond Factor ETF | X |
Karen Uyehara | |||||||||||||||
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 0-3 Month Treasury Bond ETF | X | ||||||||||||||
iShares 1-3 Year Treasury Bond ETF | X | ||||||||||||||
iShares 1-5 Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 3-7 Year Treasury Bond ETF | X | ||||||||||||||
iShares 5-10 Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 7-10 Year Treasury Bond ETF | X | ||||||||||||||
iShares 10+ Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 10-20 Year Treasury Bond ETF | X | ||||||||||||||
iShares 20+ Year Treasury Bond ETF | X | ||||||||||||||
iShares 25+ Year Treasury STRIPS Bond ETF | X | ||||||||||||||
iShares Agency Bond ETF | X | ||||||||||||||
iShares BBB Rated Corporate Bond ETF | X | ||||||||||||||
iShares Broad USD Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares California Muni Bond ETF | X | ||||||||||||||
iShares Core 5-10 Year USD Bond ETF | X | ||||||||||||||
iShares Core 10+ Year USD Bond ETF | X | ||||||||||||||
iShares Core U.S. Aggregate Bond ETF | X | ||||||||||||||
iShares ESG Advanced Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares ESG Advanced Total USD Bond Market ETF | X | ||||||||||||||
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | X | ||||||||||||||
iShares ESG Aware U.S. Aggregate Bond ETF | X | ||||||||||||||
iShares ESG Aware USD Corporate Bond ETF | X | ||||||||||||||
iShares Government/Credit Bond ETF | X | ||||||||||||||
iShares High Yield Bond Factor ETF | X | ||||||||||||||
iShares iBoxx $ High Yield Corporate Bond ETF | X | ||||||||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares Intermediate Government/Credit Bond ETF | X | ||||||||||||||
iShares Investment Grade Bond Factor ETF | X | ||||||||||||||
iShares MBS ETF | X | ||||||||||||||
iShares National Muni Bond ETF | X | ||||||||||||||
iShares New York Muni Bond ETF | X | ||||||||||||||
iShares Short-Term National Muni Bond ETF | X | ||||||||||||||
iShares Short Treasury Bond ETF | X | ||||||||||||||
iShares USD Bond Factor ETF | X |
Fund | Fund Inception Date | Administration, Custodian & Transfer Agency Expenses Paid During Fiscal Year Ended February 28, 2022 |
Administration, Custodian & Transfer Agency Expenses Paid During Fiscal Year Ended February 28, 2021 |
Administration, Custodian & Transfer Agency Expenses Paid During Fiscal Year Ended February 29, 2020 | ||||
iShares 0-3 Month Treasury Bond ETF | 05/26/20 | $ 29,235 | $ 18,453 | N/A | ||||
iShares 1-3 Year Treasury Bond ETF | 07/22/02 | 260,406 | 293,086 | $254,730 | ||||
iShares 1-5 Year Investment Grade Corporate Bond ETF | 01/05/07 | 320,682 | 259,137 | 155,480 | ||||
iShares 3-7 Year Treasury Bond ETF | 01/05/07 | 144,480 | 157,721 | 118,004 | ||||
iShares 5-10 Year Investment Grade Corporate Bond ETF | 01/05/07 | 158,762 | 147,375 | 111,040 | ||||
iShares 7-10 Year Treasury Bond ETF | 07/22/02 | 194,148 | 259,581 | 231,727 | ||||
iShares 10+ Year Investment Grade Corporate Bond ETF | 12/08/09 | 40,685 | 36,954 | 29,045 | ||||
iShares 10-20 Year Treasury Bond ETF | 01/05/07 | 27,979 | 28,196 | 26,006 | ||||
iShares 20+ Year Treasury Bond ETF | 07/22/02 | 205,197 | 251,775 | 216,528 | ||||
iShares 25+ Year Treasury STRIPS Bond ETF | 09/22/20 | 19,909 | 8,110 | N/A |
Fund | Fund Inception Date | Administration, Custodian & Transfer Agency Expenses Paid During Fiscal Year Ended February 28, 2022 |
Administration, Custodian & Transfer Agency Expenses Paid During Fiscal Year Ended February 28, 2021 |
Administration, Custodian & Transfer Agency Expenses Paid During Fiscal Year Ended February 29, 2020 | ||||
iShares Agency Bond ETF | 11/05/08 | 24,769 | 25,162 | 21,925 | ||||
iShares BBB Rated Corporate Bond ETF | 05/18/21 | 15,202 | N/A | N/A | ||||
iShares Broad USD Investment Grade Corporate Bond ETF | 01/05/07 | 91,883 | 81,315 | 54,985 | ||||
iShares California Muni Bond ETF | 10/04/07 | 31,846 | 30,586 | 28,578 | ||||
iShares Core 5-10 Year USD Bond ETF | 11/01/16 | 73,663 | 53,340 | 48,814 | ||||
iShares Core 10+ Year USD Bond ETF | 12/08/09 | 23,556 | 24,041 | 21,538 | ||||
iShares Core U.S. Aggregate Bond ETF | 09/22/03 | 1,266,564 | 1,101,230 | 892,266 | ||||
iShares ESG Advanced Investment Grade Corporate Bond ETF | 11/08/21 | 7,400 | N/A | N/A | ||||
iShares ESG Advanced Total USD Bond Market ETF | 06/23/20 | 57,688 | 34,188 | N/A | ||||
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | 07/11/17 | 26,903 | 21,850 | 18,937 | ||||
iShares ESG Aware U.S. Aggregate Bond ETF | 10/18/18 | 54,796 | 27,685 | 33,033 | ||||
iShares ESG Aware USD Corporate Bond ETF | 07/11/17 | 26,579 | 23,974 | 18,407 | ||||
iShares Government/Credit Bond ETF | 01/05/07 | 21,142 | 21,031 | 20,178 | ||||
iShares High Yield Bond Factor ETF | 07/11/17 | 19,666 | 18,621 | 19,229 | ||||
iShares iBoxx $ High Yield Corporate Bond ETF | 04/04/07 | 268,125 | 327,838 | 157,481 | ||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 07/22/02 | 509,691 | 681,410 | 447,603 | ||||
iShares Intermediate Government/Credit Bond ETF | 01/05/07 | 42,013 | 40,864 | 36,208 | ||||
iShares Investment Grade Bond Factor ETF | 07/11/17 | 20,499 | 23,273 | 22,456 | ||||
iShares MBS ETF | 03/13/07 | 821,939 | 366,128 | 306,162 | ||||
iShares National Muni Bond ETF | 09/07/07 | 304,972 | 248,725 | 184,212 | ||||
iShares New York Muni Bond ETF | 10/04/07 | 21,496 | 21,220 | 20,656 | ||||
iShares Short-Term National Muni Bond ETF | 11/05/08 | 101,382 | 63,452 | 41,223 | ||||
iShares Short Treasury Bond ETF | 01/05/07 | 199,139 | 262,116 | 87,648 | ||||
iShares USD Bond Factor ETF | 10/12/21 | 20,052 | N/A | N/A |
Fund | iShares 0-3 Month 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 |
Gross income from securities lending activities |
$37,156 | $1,846,817 | $2,772,891 | $217,532 |
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
3,168 | 146,619 | 380,899 | 12,962 |
Cash collateral management expenses not included in securities lending income paid to BTC |
7,737 | 392,882 | 450,547 | 51,720 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Rebates (paid to borrowers) |
0 | 3 | 105 | 207 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$10,905 | $539,504 | $831,551 | $64,889 |
Net income from securities lending activities |
$26,251 | $1,307,313 | $1,941,340 | $152,643 |
Fund | 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 |
Gross income from securities lending activities |
$2,708,889 | $2,477,747 | $435,772 | $48,778 |
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
377,675 | 101,722 | 61,997 | 2,077 |
Cash collateral management expenses not included in securities lending income paid to BTC |
432,830 | 638,444 | 67,634 | 12,373 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Rebates (paid to borrowers) |
109 | 0 | 0 | 596 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$810,614 | $740,166 | $129,631 | $15,046 |
Net income from securities lending activities |
$1,898,275 | $1,737,581 | $306,141 | $33,732 |
Fund | iShares 20+ Year Treasury Bond ETF |
iShares 25+ Year Treasury STRIPS Bond ETF |
iShares Agency Bond ETF |
iShares BBB Rated Corporate Bond ETF |
Gross income from securities lending activities |
$694,746 | $3 | $8,331 | $4,842 |
Fees and/or compensation for securities lending activities and related services |
Fund | iShares 20+ Year Treasury Bond ETF |
iShares 25+ Year Treasury STRIPS Bond ETF |
iShares Agency Bond ETF |
iShares BBB Rated Corporate Bond ETF |
Securities lending income paid to BTC for services as securities lending agent |
21,948 | 0 | 673 | 613 |
Cash collateral management expenses not included in securities lending income paid to BTC |
186,475 | 1 | 1,793 | 837 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Rebates (paid to borrowers) |
2 | 0 | 0 | 1 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$208,425 | $1 | $2,466 | $1,451 |
Net income from securities lending activities |
$486,321 | $2 | $5,865 | $3,391 |
Fund | iShares Broad USD Investment Grade Corporate Bond ETF |
iShares California Muni Bond ETF |
iShares Core 5-10 Year USD Bond ETF |
iShares Core 10+ Year USD Bond ETF |
Gross income from securities lending activities |
$1,269,969 | N/A | $5,476 | $34,708 |
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
178,701 | N/A | 645 | 5,710 |
Fund | iShares Broad USD Investment Grade Corporate Bond ETF |
iShares California Muni Bond ETF |
iShares Core 5-10 Year USD Bond ETF |
iShares Core 10+ Year USD Bond ETF |
Cash collateral management expenses not included in securities lending income paid to BTC |
201,013 | N/A | 929 | 2,753 |
Administrative fees not included in securities lending income paid to BTC |
0 | N/A | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | N/A | 0 | 0 |
Rebates (paid to borrowers) |
31 | N/A | 0 | 24 |
Other fees not included in securities lending income paid to BTC |
0 | N/A | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$379,745 | N/A | $1,574 | $8,487 |
Net income from securities lending activities |
$890,224 | N/A | $3,902 | $26,221 |
Fund | iShares Core U.S. Aggregate Bond ETF |
iShares ESG Advanced Investment Grade Corporate Bond ETF |
iShares ESG Advanced Total USD Bond Market ETF |
iShares ESG Aware1-5 Year USD Corporate Bond ETF |
Gross income from securities lending activities |
$3,320,094 | $55 | $15,717 | $77,901 |
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
354,734 | 7 | 1,949 | 9,637 |
Cash collateral management expenses not included in securities lending income paid to BTC |
625,040 | 9 | 2,503 | 13,734 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Fund | iShares Core U.S. Aggregate Bond ETF |
iShares ESG Advanced Investment Grade Corporate Bond ETF |
iShares ESG Advanced Total USD Bond Market ETF |
iShares ESG Aware1-5 Year USD Corporate Bond ETF |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Rebates (paid to borrowers) |
1,085 | 1 | 1 | 0 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$980,859 | $17 | $4,453 | $23,371 |
Net income from securities lending activities |
$2,339,235 | $38 | $11,264 | $54,530 |
Fund | iShares ESG Aware U.S. Aggregate Bond ETF |
iShares ESG Aware USD Corporate Bond ETF |
iShares Government/Credit Bond ETF |
iShares High Yield Bond Factor ETF |
Gross income from securities lending activities |
$49,248 | $108,655 | $17,022 | $69,934 |
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
3,725 | 15,007 | 1,887 | 11,326 |
Cash collateral management expenses not included in securities lending income paid to BTC |
10,767 | 17,435 | 2,910 | 6,919 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Rebates (paid to borrowers) |
35 | 0 | 21 | 1 |
Fund | iShares ESG Aware U.S. Aggregate Bond ETF |
iShares ESG Aware USD Corporate Bond ETF |
iShares Government/Credit Bond ETF |
iShares High Yield Bond Factor ETF |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$14,527 | $32,442 | $4,818 | $18,246 |
Net income from securities lending activities |
$34,721 | $76,213 | $12,204 | $51,688 |
Fund | iShares iBoxx $ High Yield Corporate Bond ETF |
iShares iBoxx $ Investment Grade Corporate Bond ETF |
iShares Intermediate Government/Credit Bond ETF |
iShares Investment Grade Bond Factor ETF |
Gross income from securities lending activities |
$9,902,998 | $5,430,466 | $151,227 | $10,820 |
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
1,584,208 | 698,611 | 12,995 | 1,330 |
Cash collateral management expenses not included in securities lending income paid to BTC |
1,101,760 | 930,277 | 31,195 | 1,914 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Rebates (paid to borrowers) |
76 | 213 | 37 | 0 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Fund | iShares iBoxx $ High Yield Corporate Bond ETF |
iShares iBoxx $ Investment Grade Corporate Bond ETF |
iShares Intermediate Government/Credit Bond ETF |
iShares Investment Grade Bond Factor ETF |
Aggregate fees/compensation for securities lending activities |
$2,686,044 | $1,629,101 | $44,227 | $3,244 |
Net income from securities lending activities |
$7,216,954 | $3,801,365 | $107,000 | $7,576 |
Fund | iShares MBS ETF | iShares National Muni Bond ETF |
iShares New York Muni Bond ETF |
iShares Short-Term National Muni Bond ETF |
Gross income from securities lending activities |
N/A | 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 | N/A |
Cash collateral management expenses not included in securities lending income paid to BTC |
N/A | N/A | N/A | N/A |
Administrative fees not included in securities lending income paid to BTC |
N/A | N/A | N/A | N/A |
Indemnification fees not included in securities lending income paid to BTC |
N/A | N/A | N/A | N/A |
Rebates (paid to borrowers) |
N/A | N/A | N/A | N/A |
Other fees not included in securities lending income paid to BTC |
N/A | N/A | N/A | N/A |
Aggregate fees/compensation for securities lending activities |
N/A | N/A | N/A | N/A |
Net income from securities lending activities |
N/A | N/A | N/A | N/A |
Fund | iShares Short Treasury Bond ETF |
iShares USD Bond Factor ETF |
Gross income from securities lending activities |
$228,348 | $20 |
Fees and/or compensation for securities lending activities and related services |
||
Securities lending income paid to BTC for services as securities lending agent |
5,653 | 2 |
Cash collateral management expenses not included in securities lending income paid to BTC |
61,118 | 4 |
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) |
4,866 | 0 |
Other fees not included in securities lending income paid to BTC |
0 | 0 |
Aggregate fees/compensation for securities lending activities |
$71,637 | $6 |
Net income from securities lending activities |
$156,711 | $14 |
Fund | Fund Inception Date |
Brokerage Commissions Paid During Fiscal Year Ended Feb. 28, 2022 |
Brokerage Commissions Paid During Fiscal Year Ended Feb. 28, 2021 |
Brokerage Commissions Paid During Fiscal Year Ended Feb. 29, 2020 | ||||
iShares 0-3 Month Treasury Bond ETF | 05/26/20 | $0 | $0 | N/A | ||||
iShares 1-3 Year Treasury Bond ETF | 07/22/02 | 0 | 0 | $0 | ||||
iShares 1-5 Year Investment Grade Corporate Bond ETF | 01/05/07 | 0 | 0 | 0 | ||||
iShares 3-7 Year Treasury Bond ETF | 01/05/07 | 0 | 0 | 0 | ||||
iShares 5-10 Year Investment Grade Corporate Bond ETF | 01/05/07 | 0 | 0 | 0 | ||||
iShares 7-10 Year Treasury Bond ETF | 07/22/02 | 0 | 0 | 0 | ||||
iShares 10+ Year Investment Grade Corporate Bond ETF | 12/08/09 | 0 | 0 | 0 | ||||
iShares 10-20 Year Treasury Bond ETF | 01/05/07 | 0 | 0 | 0 | ||||
iShares 20+ Year Treasury Bond ETF | 07/22/02 | 0 | 0 | 0 | ||||
iShares 25+ Year Treasury STRIPS Bond ETF | 09/22/20 | 0 | 0 | N/A | ||||
iShares Agency Bond ETF | 11/05/08 | 0 | 0 | 0 | ||||
iShares BBB Rated Corporate Bond ETF | 05/18/21 | 0 | N/A | N/A | ||||
iShares Broad USD Investment Grade Corporate Bond ETF | 01/05/07 | 0 | 0 | 0 | ||||
iShares California Muni Bond ETF | 10/04/07 | 0 | 0 | 0 | ||||
iShares Core 5-10 Year USD Bond ETF | 11/01/16 | 5 | 4 | 0 | ||||
iShares Core 10+ Year USD Bond ETF | 12/08/09 | 0 | 0 | 0 | ||||
iShares Core U.S. Aggregate Bond ETF | 09/22/03 | 0 | 0 | 0 | ||||
iShares ESG Advanced Investment Grade Corporate Bond ETF | 11/08/21 | 0 | N/A | N/A | ||||
iShares ESG Advanced Total USD Bond Market ETF | 06/23/20 | 0 | 0 | N/A | ||||
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | 07/11/17 | 0 | 0 | 0 | ||||
iShares ESG Aware U.S. Aggregate Bond ETF | 10/18/18 | 0 | 0 | 0 | ||||
iShares ESG Aware USD Corporate Bond ETF | 07/11/17 | 0 | 0 | 0 | ||||
iShares Government/Credit Bond ETF | 01/05/07 | 0 | 0 | 0 | ||||
iShares High Yield Bond Factor ETF | 07/11/17 | 0 | 0 | 0 | ||||
iShares iBoxx $ High Yield Corporate Bond ETF | 04/04/07 | 7,819 | 5,494 | 0 | ||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 07/22/02 | 0 | 0 | 0 | ||||
iShares Intermediate Government/Credit Bond ETF | 01/05/07 | 0 | 0 | 0 | ||||
iShares Investment Grade Bond Factor ETF | 07/11/17 | 0 | 0 | 0 | ||||
iShares MBS ETF | 03/13/07 | 0 | 0 | 0 | ||||
iShares National Muni Bond ETF | 09/07/07 | 0 | 0 | 0 | ||||
iShares New York Muni Bond ETF | 10/04/07 | 0 | 0 | 0 | ||||
iShares Short-Term National Muni Bond ETF | 11/05/08 | 0 | 0 | 0 | ||||
iShares Short Treasury Bond ETF | 01/05/07 | 0 | 0 | 0 | ||||
iShares USD Bond Factor ETF | 10/12/21 | 41 | N/A | N/A |
Fund | Issuer | Market Value of Investment | ||
iShares 1-5 Year Investment Grade Corporate Bond ETF | Bank of America Corp. | $592,501,065 | ||
JPMorgan Chase & Co. | 572,357,591 | |||
Morgan Stanley | 452,259,026 | |||
Goldman Sachs Group Inc. (The) | 382,407,147 | |||
Citigroup, Inc. | 342,184,546 | |||
Wells Fargo & Co. | 299,738,762 | |||
Royal Bank of Canada | 170,752,971 | |||
Barclays PLC | 134,558,417 | |||
Bank of New York Mellon Corp. (The) | 100,722,671 | |||
iShares 5-10 Year Investment Grade Corporate Bond ETF | Bank of America Corp. | $285,860,302 | ||
JPMorgan Chase & Co. | 233,097,012 | |||
Citigroup, Inc. | 172,036,482 | |||
Morgan Stanley | 160,130,611 | |||
Goldman Sachs Group Inc. (The) | 142,467,186 | |||
Wells Fargo & Co. | 111,720,547 | |||
Barclays PLC | 53,930,314 | |||
Credit Suisse AG | 49,907,357 | |||
U.S. Bancorp. | 33,942,786 | |||
Bank of New York Mellon Corp. (The) | 30,659,013 | |||
iShares 10+ Year Investment Grade Corporate Bond ETF | Bank of America Corp. | $25,846,586 | ||
JPMorgan Chase & Co. | 24,935,735 | |||
Goldman Sachs Group Inc. (The) | 20,800,335 | |||
Wells Fargo & Co. | 17,739,465 | |||
Citigroup, Inc. | 14,998,440 | |||
Morgan Stanley | 12,849,748 | |||
Barclays PLC | 3,911,260 | |||
BNP Paribas SA | 516,927 | |||
iShares BBB Rated Corporate Bond ETF | Barclays PLC | $812,234 | ||
Citigroup, Inc. | 797,243 | |||
Wells Fargo & Co. | 581,411 | |||
Deutsche Bank AG | 547,109 | |||
Goldman Sachs Group Inc. (The) | 502,175 | |||
Morgan Stanley | 215,008 | |||
iShares Broad USD Investment Grade Corporate Bond ETF | Bank of America Corp. | $130,226,997 | ||
JPMorgan Chase & Co. | 119,967,535 | |||
Goldman Sachs Group Inc. (The) | 86,812,896 | |||
Morgan Stanley | 83,215,638 | |||
Citigroup, Inc. | 78,964,106 | |||
Wells Fargo & Co. | 67,711,449 | |||
Barclays PLC | 25,842,471 | |||
Bank of New York Mellon Corp. (The) | 16,267,398 | |||
iShares Core 5-10 Year USD Bond ETF | Bank of America Corp. | $648,646 | ||
JPMorgan Chase & Co. | 443,410 |
Fund | Issuer | Market Value of Investment | ||
Citigroup, Inc. | 371,957 | |||
Morgan Stanley | 300,976 | |||
Goldman Sachs Group Inc. (The) | 287,171 | |||
Wells Fargo & Co. | 249,161 | |||
Credit Suisse AG | 219,009 | |||
Barclays PLC | 184,770 | |||
Bank of New York Mellon Corp. (The) | 98,928 | |||
iShares Core 10+ Year USD Bond ETF | Bank of America Corp. | $2,058,532 | ||
JPMorgan Chase & Co. | 1,894,714 | |||
Goldman Sachs Group Inc. (The) | 1,608,885 | |||
Wells Fargo & Co. | 1,349,266 | |||
Citigroup, Inc. | 1,091,862 | |||
Morgan Stanley | 859,231 | |||
Barclays PLC | 293,730 | |||
iShares Core U.S. Aggregate Bond ETF | Bank of America Corp. | $585,930,217 | ||
JPMorgan Chase & Co. | 533,418,979 | |||
Goldman Sachs Group Inc. (The) | 365,949,714 | |||
Morgan Stanley | 356,451,762 | |||
Citigroup, Inc. | 350,610,646 | |||
Wells Fargo & Co. | 302,602,163 | |||
HSBC Holdings PLC | 223,868,940 | |||
Barclays PLC | 110,472,877 | |||
Credit Suisse AG | 59,434,707 | |||
Nomura Holdings Inc. | 35,509,871 | |||
iShares ESG Advanced Investment Grade Corporate Bond ETF | Bank of America Corp. | $428,607 | ||
JPMorgan Chase & Co. | 372,728 | |||
Morgan Stanley | 366,375 | |||
Goldman Sachs Group Inc. (The) | 366,327 | |||
Citigroup, Inc. | 285,822 | |||
Deutsche Bank AG | 192,379 | |||
Bank of New York Mellon Corp. (The) | 151,733 | |||
Royal Bank of Canada | 47,315 | |||
iShares ESG Advanced Total USD Bond Market ETF | Morgan Stanley | $5,025,204 | ||
Nomura Holdings Inc. | 310,349 | |||
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | Morgan Stanley | $32,610,082 | ||
Bank of America Corp. | 20,643,629 | |||
JPMorgan Chase & Co. | 18,040,669 | |||
Citigroup, Inc. | 17,798,504 | |||
Goldman Sachs Group Inc. (The) | 15,589,066 | |||
Deutsche Bank AG | 12,304,077 | |||
Bank of New York Mellon Corp. (The) | 11,057,867 | |||
Barclays PLC | 10,896,941 | |||
Fund | Issuer | Market Value of Investment | ||
iShares ESG Aware U.S. Aggregate Bond ETF | Morgan Stanley | $7,846,263 | ||
JPMorgan Chase & Co. | 6,172,835 | |||
Citigroup, Inc. | 5,974,685 | |||
Bank of America Corp. | 5,716,265 | |||
Goldman Sachs Group Inc. (The) | 5,132,277 | |||
Barclays PLC | 2,259,620 | |||
Nomura Holdings Inc. | 1,333,942 | |||
Credit Suisse AG | 672,867 | |||
iShares ESG Aware USD Corporate Bond ETF | JPMorgan Chase & Co. | $12,322,727 | ||
Morgan Stanley | 11,946,821 | |||
Bank of America Corp. | 10,835,849 | |||
Bank of New York Mellon Corp. (The) | 10,574,452 | |||
Goldman Sachs Group Inc. (The) | 10,018,714 | |||
Citigroup, Inc. | 9,011,231 | |||
Barclays PLC | 6,763,467 | |||
Deutsche Bank AG | 2,305,171 | |||
iShares Government/Credit Bond ETF | Bank of America Corp. | $3,365,994 | ||
Morgan Stanley | 2,561,751 | |||
JPMorgan Chase & Co. | 2,514,539 | |||
Citigroup, Inc. | 1,726,049 | |||
Goldman Sachs Group Inc. (The) | 1,662,494 | |||
HSBC Holdings PLC | 1,115,665 | |||
Bank of New York Mellon Corp. (The) | 649,743 | |||
iShares iBoxx $ High Yield Corporate Bond ETF | Deutsche Bank AG | $102,825,138 | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | JPMorgan Chase & Co. | $1,057,456,560 | ||
Bank of America Corp. | 1,039,453,076 | |||
Goldman Sachs Group Inc. (The) | 847,821,830 | |||
Citigroup, Inc. | 808,848,662 | |||
Morgan Stanley | 784,630,189 | |||
Wells Fargo & Co. | 620,672,896 | |||
Barclays PLC | 226,080,327 | |||
Royal Bank of Canada | 112,807,440 | |||
Deutsche Bank AG | 88,997,195 | |||
Bank of New York Mellon Corp. (The) | 60,838,897 | |||
iShares Intermediate Government/Credit Bond ETF | JPMorgan Chase & Co. | $24,602,154 | ||
Bank of America Corp. | 24,419,627 | |||
Morgan Stanley | 16,676,816 | |||
Citigroup, Inc. | 16,012,758 | |||
Goldman Sachs Group Inc. (The) | 14,559,322 | |||
Wells Fargo & Co. | 11,815,621 | |||
HSBC Holdings PLC | 11,555,738 | |||
Royal Bank of Canada | 3,390,018 | |||
Fund | Issuer | Market Value of Investment | ||
iShares Investment Grade Bond Factor ETF | Citigroup, Inc. | $1,136,119 | ||
Bank of America Corp. | 258,169 | |||
Morgan Stanley | 37,222 | |||
iShares USD Bond Factor ETF | Citigroup, Inc. | $101,241 | ||
Morgan Stanley | 93,617 | |||
Bank of America Corp. | 93,330 | |||
Fund | Fiscal Year Ended February 28, 2022 |
Fiscal Year Ended February 28, 2021 | ||
iShares 0-3 Month Treasury Bond ETF | 0% | 326%1,2 | ||
iShares 1-3 Year Treasury Bond ETF | 148% | 79% | ||
iShares 1-5 Year Investment Grade Corporate Bond ETF | 30% | 29% | ||
iShares 3-7 Year Treasury Bond ETF | 62% | 49% | ||
iShares 5-10 Year Investment Grade Corporate Bond ETF | 27% | 23% | ||
iShares 7-10 Year Treasury Bond ETF | 114% | 76% | ||
iShares 10+ Year Investment Grade Corporate Bond ETF | 9% | 10% | ||
iShares 10-20 Year Treasury Bond ETF | 114% | 214%3 | ||
iShares 20+ Year Treasury Bond ETF | 43% | 65% | ||
iShares 25+ Year Treasury STRIPS Bond ETF | 40% | 36%4,5 | ||
iShares Agency Bond ETF | 146% | 158% | ||
iShares BBB Rated Corporate Bond ETF | 19%6,7 | N/A | ||
iShares Broad USD Investment Grade Corporate Bond ETF | 12% | 13% | ||
iShares California Muni Bond ETF | 8% | 8% | ||
iShares Core 5-10 Year USD Bond ETF16 | 279% | 384% | ||
iShares Core 10+ Year USD Bond ETF | 15% | 17% | ||
iShares Core U.S. Aggregate Bond ETF16 | 163% | 179% |
Fund | Fiscal Year Ended February 28, 2022 |
Fiscal Year Ended February 28, 2021 | ||
iShares ESG Advanced Investment Grade Corporate Bond ETF | 7%8,9 | N/A | ||
iShares ESG Advanced Total USD Bond Market ETF16 | 243% | 216%10,11 | ||
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | 37% | 38% | ||
iShares ESG Aware U.S. Aggregate Bond ETF16 | 234% | 384%12 | ||
iShares ESG Aware USD Corporate Bond ETF | 17% | 25% | ||
iShares Government/Credit Bond ETF | 21% | 24% | ||
iShares High Yield Bond Factor ETF | 67% | 67% | ||
iShares iBoxx $ High Yield Corporate Bond ETF | 19% | 20% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 14% | 14% | ||
iShares Intermediate Government/Credit Bond ETF | 30% | 26% | ||
iShares Investment Grade Bond Factor ETF | 59% | 46% | ||
iShares MBS ETF16 | 349% | 405%13 | ||
iShares National Muni Bond ETF | 9% | 10% | ||
iShares New York Muni Bond ETF | 8% | 5% | ||
iShares Short-Term National Muni Bond ETF | 16% | 18% | ||
iShares Short Treasury Bond ETF | 86% | 115% | ||
iShares USD Bond Factor ETF16 | 243%14,15 | N/A |
1 | The portfolio turnover for the iShares 0-3 Month Treasury Bond ETF relates to the period of May 26, 2020 to February 28, 2021 and is not annualized. |
2 | The inception date for the iShares 0-3 Month Treasury Bond ETF was May 26, 2020. |
3 | The variation in the portfolio turnover rate in the fiscal year ended February 28, 2021 when compared to the prior fiscal year was primarily due to changes in the Fund’s Underlying Index resulting from the introduction of 20-year bonds into the Underlying Index and rebalancing by the Fund. |
4 | The portfolio turnover for the iShares 25+ Year Treasury STRIPS Bond ETF relates to the period of September 22, 2020 to February 28, 2021 and is not annualized. |
5 | The inception date for the iShares 25+ Year Treasury STRIPS Bond ETF was September 22, 2020. |
6 | The portfolio turnover for the iShares BBB Rated Corporate Bond ETF relates to the period of May 18, 2021 to February 28, 2022 and is not annualized. |
7 | The inception date for the iShares BBB Rated Corporate Bond ETF was May 18, 2021. |
8 | The portfolio turnover for the iShares ESG Advanced Investment Grade Corporate Bond ETF relates to the period of November 8, 2021 to February 28, 2022 and is not annualized. |
9 | The inception date for the iShares ESG Advanced Investment Grade Corporate Bond ETF was November 8, 2021. |
10 | The portfolio turnover for the iShares ESG Advanced Total USD Bond Market ETF relates to the period of June 23, 2020 to February 28, 2021 and is not annualized. |
11 | The inception date for the iShares ESG Advanced Total USD Bond Market ETF was June 23, 2020. |
12 | The variation in the portfolio turnover rate in the fiscal year ended February 28, 2021 when compared to the prior fiscal year was primarily due to significant inflows to the Fund by Fund shareholders. |
13 | The variation in the portfolio turnover rate in the fiscal year ended February 28, 2021 when compared to the prior fiscal year was primarily due to increased inflows to and outflows from the Fund by Fund shareholders and volatility in the mortgage-backed securities market. |
14 | The portfolio turnover for the iShares USD Bond Factor ETF relates to the period of October 12, 2021 to February 28, 2022 and is not annualized. |
15 | The inception date for the iShares USD Bond Factor ETF was October 12, 2021. |
16 | Portfolio turnover rate includes TBA transactions, as described above. |
Fund | Standard Creation Transaction Fee |
Maximum Additional Charge* | ||
iShares 0-3 Month Treasury Bond ETF | $125 | 3.0% | ||
iShares 1-3 Year Treasury Bond ETF | N/A | 3.0% | ||
iShares 1-5 Year Investment Grade Corporate Bond ETF | $500 | 3.0% | ||
iShares 3-7 Year Treasury Bond ETF | $500 | 3.0% | ||
iShares 5-10 Year Investment Grade Corporate Bond ETF | $500 | 3.0% | ||
iShares 7-10 Year Treasury Bond ETF | N/A | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
* | 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 1-3 Year Treasury Bond ETF | $42,610,037 | |
iShares 3-7 Year Treasury Bond ETF | 39,554,644 | |
iShares 7-10 Year Treasury Bond ETF | 413,135,943 | |
iShares 10-20 Year Treasury Bond ETF | 97,165,427 | |
iShares 10+ Year Investment Grade Corporate Bond ETF | 16,762,665 | |
iShares 20+ Year Treasury Bond ETF | 664,062,295 | |
iShares Agency Bond ETF | 1,289,974 | |
iShares Broad USD Investment Grade Corporate Bond ETF | 1,833,750 | |
iShares California Muni Bond ETF | 2,293,834 | |
iShares Core 10+ Year USD Bond ETF | 336,057 | |
iShares Core U.S. Aggregate Bond ETF | 184,632,391 | |
iShares ESG Advanced Investment Grade Corporate Bond ETF | 17,125 | |
iShares ESG Advanced Total USD Bond Market ETF | 2,571,066 | |
iShares ESG Aware U.S. Aggregate Bond ETF | 7,634,554 | |
iShares Government/Credit Bond ETF | 1,879,693 | |
iShares High Yield Bond Factor ETF | 2,281,744 | |
iShares iBoxx $ High Yield Corporate Bond ETF | 1,538,239,704 | |
iShares iBoxx $ Investment Grade Corporate Bond ETF | 81,641,410 | |
iShares Intermediate Government/Credit Bond ETF | 817,609 | |
iShares MBS ETF | 244,387,410 | |
iShares National Muni Bond ETF | 49,759,615 | |
iShares New York Muni Bond ETF | 112,358 | |
iShares Short-Term National Muni Bond ETF | 2,280,448 | |
iShares USD Bond Factor ETF | 200,842 |
• | 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 # 2,553
- 1 -
- 2 -
AllianceBernstein Global High Income Fund, Inc.
AllianceBernstein National Municipal Income Fund, Inc.
AB Multi-Manager Alternative Fund
AB Bond Fund, Inc.
AB Cap Fund, Inc.
AB Core Opportunities Fund, Inc.
AB Corporate Shares
AB Discovery Growth Fund, Inc.
AB Equity Income Fund, Inc.
AB Fixed-Income Shares, Inc.
AB Global Bond Fund, Inc.
AB Global Real Estate Investment Fund, Inc.
AB Global Risk Allocation Fund, Inc. |
Franklin Fund Allocator Series
Franklin Templeton ETF Trust
Franklin Templeton Variable Insurance Products Trust
Legg Mason Partners Variable Equity Trust
FundX Investment Trust
The Glenmede Fund, Inc.
GMO Trust
GMO Benchmark-Free Fund
GMO Emerging Domestic Opportunities Fund
GMO Climate Change Fund
GMO Tax-Managed International Equities Fund
GMO Strategic Opportunities Allocation Fund
GPS Funds I | |
AB High Income Fund, Inc. |
GPS Funds II | |
AB Institutional Funds, Inc. |
Savos Investments Trust | |
AB Large Cap Growth Fund, Inc. | Goldman Sachs Trust |
- 3 -
AB Municipal Income Fund, Inc.
AB Municipal Income Fund II
AB Relative Value Fund, Inc.
AB Sustainable Global Thematic Fund, Inc.
AB Sustainable International Thematic Fund, Inc.
AB Trust
AB Variable Products Series Fund, Inc.
Sanford C. Bernstein Fund, Inc.
Sanford C. Bernstein Fund II, Inc.
Bernstein Fund, Inc.
The AB Portfolios
Allspring Funds Trust
Alpha Architect ETF Trust
American Century Strategic Asset Allocations, Inc.
AMG Funds
AMG Funds I
AMG Funds II
AMG Funds III
AMG Funds IV Series
ETF Series Solutions
Aspiriant Trust
Old Westbury Funds, Inc.
BlackRock Allocation Target Shares
BlackRock Balanced Capital Fund, Inc.
BlackRock Funds II
BlackRock Funds III
BlackRock Variable Series Funds, Inc.
BNY Mellon Absolute Insight Funds, Inc.
Brighthouse Funds Trust I
Calamos Investment Trust
Calamos Long/Short Equity & Dynamic Income Trust
Calvert Variable Products, Inc.
Calvert Social Investment Fund
Cambria ETF Trust
AdvisorOne Funds
Columbia Funds Series Trust
Columbia Funds Series Trust I |
Goldman Sachs Variable Insurance Trust
Goldman Sachs Trust II
Goldman Sachs ETF Trust
Goldman Sachs ETF Trust II
Goldman Sachs MLP and Energy Renaissance Fund
Rydex Dynamic Funds
Rydex Series Funds
Rydex Variable Trust
Guggenheim Funds Trust
Guggenheim Variable Funds Trust
Guggenheim Strategy Funds Trust
Transparent Value Trust
Guggenheim Active Allocation Fund
Guggenheim Energy & Income Fund
Guggenheim Strategic Opportunities Fund
Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust
Guggenheim Unit Investment Trusts (Guggenheim Defined Portfolios)
Horizon Funds
INDEXIQ ETF TRUST
Innealta Capital, LLC on behalf of Northern Lights Fund Trust II
Invesco Growth Series
Invesco Investment Funds
Invesco Unit Trusts
JNL Series Trust
James Advantage Funds
Janus Henderson Clayton Street Trust
Janus Investment Fund
John Hancock Variable Insurance Trust
John Hancock Funds II
JPMorgan Trust I
JPMorgan Trust II
J.P. Morgan Fleming Mutual Fund Group, Inc.
JPMorgan Institutional Trust
JPMorgan Insurance Trust
J.P. Morgan Mutual Fund Investment Trust
Undiscovered Managers Funds |
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Columbia Funds Series Trust II
Columbia Funds Variable Series Trust II
Columbia Funds Variable Insurance Trust
Direxion Shares ETF Trus
Direxion Funds
Eaton Vance Growth Trust
Eaton Vance Mutual Funds Trust
EQ ADVISORS TRUST
1290 FUNDS
Exchange Listed Funds Trust
ETF Series Solutions
E-Valuator Funds Trust
Fidelity Advisor Series
Fidelity Advisor Series VI
Fidelity Advisor Series VII
Fidelity Beacon Street Trust
Fidelity Capital Trust
Fidelity Central Investment Portfolios LLC
Fidelity Concord Street Trust
Fidelity Congress Street Fund
Fidelity Contrafund
Fidelity Commonwealth Trust
Fidelity Commonwealth Trust I
Fidelity Covington Trust
Fidelity Destiny Portfolios
Fidelity Devonshire Trust
Fidelity Exchange Fund
Fidelity Financial Trust
Fidelity Hanover Street Trust
Fidelity Hastings Street Trust
Fidelity Investment Trust
Fidelity Magellan Fund
Fidelity Mt. Vernon Street Trust
Fidelity Puritan Trust
Fidelity Securities Fund
Fidelity Select Portfolios
Fidelity Summer Street Trust |
J.P. Morgan Exchange-Traded Fund Trust
JPMorgan Trust IV
The Lazard Funds, Inc.
Lincoln Variable Insurance Products Trust
Litman Gregory Funds Trust
Delaware Group Equity Funds IV
Delaware Group Equity Funds V
Delaware Group Foundation Funds
Delaware Pooled Trust
Delaware VIP Trust
Ivy Variable Insurance Portfolio
InvestEd Portfolios
Ivy Funds
Madison Funds
Ultra Series Fund
Northern Lights Fund Trust II
MML Series Investment Fund II
Morningstar Funds Trust
Milliman Variable Insurance Trust
Nationwide Mutual Funds
Nationwide Variable Insurance Trust
Natixis Funds Trust IV
Natixis Funds Trust II
Neuberger Berman Alternative Funds
Neuberger Berman Equity Funds
Neuberger Berman Income Funds
Neuberger Berman Advisers Management Trust
Neuberger Berman ETF Trust
North Square Funds
Northern Lights Fund Trust III
Northwestern Mutual Series Fund, Inc.
FlexShares Trust
Northern Funds
MainStay Funds Trust
MainStay VP Funds Trust
Ohio National Fund, Inc.
Pax World Funds Series Trust I and Pax World Funds Series Trust III |
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Fidelity Trend Fund
Variable Insurance Products Fund
Variable Insurance Products Fund II
Variable Insurance Products Fund III
Variable Insurance Products Fund IV
Fidelity Aberdeen Street Trust
Fidelity Advisor Series II
Fidelity Advisor Series IV
Fidelity Boylston Street Trust
Fidelity California Municipal Trust
Fidelity California Municipal Trust II
Fidelity Central Investment Portfolios II LLC
Fidelity Charles Street Trust
Fidelity Colchester Street Trust
Fidelity Court Street Trust
Fidelity Court Street Trust II
Fidelity Garrison Street Trust
Fidelity Hereford Street Trust
Fidelity Income Fund
Fidelity Massachusetts Municipal Trust
Fidelity Merrimack Street Trust
Fidelity Money Market Trust
Fidelity Municipal Trust
Fidelity Municipal Trust II
Fidelity Newbury Street Trust
Fidelity New York Municipal Trust
Fidelity New York Municipal Trust II
Fidelity Oxford Street Trust
Fidelity Oxford Street Trust II
Fidelity Phillips Street Trust
Fidelity Revere Street Trust
Fidelity Salem Street Trust
Fidelity School Street Trust
Fidelity Union Street Trust
Fidelity Union Street Trust II
Variable Insurance Products Fund V
Federated Hermes Fixed Income Securities, Inc. |
PFM Multi-Manager Series Trust
PIMCO Equity Series
PIMCO Funds
PIMCO Variable Insurance Trust
Principal Variable Contracts Funds, Inc.
Principal Funds, Inc.
ProFunds
ProShares Trust
Prudential Investment Portfolios 3
Prudential Investment Portfolios 16
Advanced Series Trust
Salient MF Trust
Forward Funds
Salient Midstream & MLP Fund
Schwab Capital Trust
Schwab Annuity Portfolios
Securian Funds Trust
SEI Institutional Managed Trust
SEI Institutional Investments Trust
SEI Institutional International Trust
Adviser Managed Trust
SSGA Active Trust
Sterling Capital Funds
SunAmerica Series Trust
Symmetry Panoramic Trust
Thrivent Mutual Funds
Thrivent Series Fund, Inc.
Thrivent Core Funds
Transamerica Funds
Transamerica Series Trust
Transamerica ETF Trust
Northern Lights Fund Trust
Northern Lights Variable Trust
VanEck ETF Trust
Victory Portfolios
Victory Portfolios II
Victory Variable Insurance Funds |
- 6 -
Federated Hermes MDT Series
Federated Hermes Global Allocation Fund
Federated Hermes Insurance Series
Fidelity Rutland Square Trust II
FT Series
First Trust Exchange-Traded Fund
First Trust Exchange-Traded Fund II
First Trust Exchange-Traded Fund III
First Trust Exchange-Traded Fund IV
First Trust Exchange-Traded Fund V
First Trust Exchange-Traded Fund VI
First Trust Exchange-Traded Fund VII
First Trust Exchange-Traded Fund VIII
First Trust Series Fund
First Trust Variable Insurance Trust |
USAA Mutual Funds Trust
Virtus Strategy Trust
Voya Balanced Portfolio, Inc.
Voya Equity Trust
Voya Investors Trust
Voya Mutual Funds
Voya Partners, Inc.
Voya Separate Portfolios Trust
Voya Strategic Allocation Portfolios, Inc.
The Arbitrage Funds
AltShares Trust
Absolute Shares Trust
WesMark Funds
William Blair Funds
Wilmington Funds |
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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
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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, 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
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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.
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 Fifth Amended and Restated Securities Lending Agency Agreement:
The Fifth 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 Fifth 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.
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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.
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. |
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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.
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. | ||
ARCHIBALD, ARTHUR, BENJAMIN | 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. |
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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 Large Cap Series Funds, Inc. | |
BlackRock Advantage SMID Cap Fund, Inc. | BlackRock Latin America Fund, Inc. | |
BlackRock Allocation Target Shares | BlackRock Liquidity Funds | |
BlackRock Bond Fund, Inc. | BlackRock Mid-Cap Value Series, Inc. | |
BlackRock California Municipal Series Trust | BlackRock Multi-State Municipal Series Trust | |
BlackRock Capital Appreciation Fund, Inc. | BlackRock Municipal Bond Fund, Inc. | |
BlackRock Emerging Markets Fund, Inc. | BlackRock Municipal Series Trust | |
BlackRock Equity Dividend Fund | BlackRock Natural Resources Trust | |
BlackRock ETF Trust | BlackRock Series Fund, Inc. | |
BlackRock ETF Trust II | BlackRock Series Fund II, Inc. | |
BlackRock EuroFund | BlackRock Series, Inc. | |
BlackRock Financial Institutions Series Trust | BlackRock Strategic Global Bond Fund, Inc. | |
BlackRock FundsSM | BlackRock Sustainable Balanced Fund, Inc. | |
BlackRock Funds II | BlackRock Unconstrained Equity Fund | |
BlackRock Funds III | BlackRock Variable Series Funds, Inc. | |
BlackRock Funds IV | BlackRock Variable Series Funds II, Inc. | |
BlackRock Funds V | iShares, Inc. | |
BlackRock Funds VI | iShares U.S. ETF Trust | |
BlackRock Funds VII, Inc. | Managed Account Series | |
BlackRock Global Allocation Fund, Inc. | Managed Account Series II | |
BlackRock Index Funds, Inc. | Master Bond LLC | |
BlackRock Large Cap Focus Growth Fund, Inc. | Master Investment Portfolio | |
BlackRock Large Cap Focus Value Fund, Inc. | Master Investment Portfolio II | |
Master Large Cap Series LLC | ||
Quantitative Master Series LLC |
BRIL also acts as the distributor or placement agent for the following closed-end registered investment companies:
BlackRock Core Bond Trust |
BlackRock Corporate High Yield Fund, Inc. |
BlackRock Credit Strategies Fund |
BlackRock Health Sciences Trust |
BlackRock Hedge Fund Guided Portfolio Solution |
BlackRock MuniAssets Fund, Inc. |
BlackRock Municipal Income Trust II |
BlackRock Private Investments Fund |
BlackRock Science and Technology Trust |
BlackRock Taxable Municipal Bond 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 |
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Terri Slane | Assistant Secretary and Director | None | ||
Anne Ackerley | Member, Board of Managers, and Managing Director | None | ||
Michael Bishopp | 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 |
(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 BlackRock, 60 State Street, Boston, MA 02109. |
(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.
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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. 2,553 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 22nd day of June, 2022.
iSHARES TRUST | ||
By: |
| |
Armando Senra* | ||
President | ||
Date: | June 22, 2022 |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 2,553 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: | June 22, 2022 |
| ||
John E. Martinez* | ||
Trustee | ||
Date: | June 22, 2022 |
| ||
Cecilia H. Herbert* | ||
Trustee | ||
Date: | June 22, 2022 |
| ||
John E. Kerrigan* | ||
Trustee | ||
Date: | June 22, 2022 |
| ||
Robert S. Kapito* | ||
Trustee | ||
Date: | June 22, 2022 |
- 15 -
| ||
Madhav V. Rajan* | ||
Trustee | ||
Date: | June 22, 2022 |
| ||
Jane D. Carlin* | ||
Trustee | ||
Date: | June 22, 2022 |
| ||
Drew E. Lawton* | ||
Trustee | ||
Date: | June 22, 2022 | |
| ||
Richard L. Fagnani* | ||
Trustee | ||
Date: | June 22, 2022 | |
/s/ Trent W. Walker | ||
Trent W. Walker* | ||
Treasurer and Chief Financial Officer | ||
Date: | June 22, 2022 |
/s/ Trent W. Walker | ||
* | By: Trent W. Walker | |
Attorney-in-fact | ||
Date: | June 22, 2022 |
* |
- 16 -
Exhibit Index
(h.22) | Exhibit A to the MSCI Sublicense Agreement. | |
(i) | Legal Opinion and Consent of Richards, Layton & Finger, P.A. | |
(j) | Consent of PricewaterhouseCoopers LLP. |
- 17 -
Exhibit (h.22)
Exhibit A
iShares Trust
Bloomberg MSCI Global Green Bond Select (USD Hedged) Index
Bloomberg MSCI US Aggregate ESG Focus Index
Bloomberg MSCI US Corporate 1-5 Year ESG Focus Index
Bloomberg MSCI US Corporate ESG Focus Index
Bloomberg MSCI US Universal Choice ESG Screened Index
MSCI AC Asia ex Japan Index
MSCI ACWI
MSCI ACWI Diversified Multiple-Factor Index
MSCI ACWI ex USA 100% Hedged to USD Index
MSCI ACWI ex USA IMI
MSCI ACWI ex USA Index
MSCI ACWI Low Carbon Target Index
MSCI ACWI Sustainable Impact Index
MSCI All Argentina 25/50 Index
MSCI All Ireland Capped Index
MSCI All Kuwait Select Size Liquidity Capped Index
MSCI All Peru Capped Index
MSCI All Qatar Capped Index
MSCI All UAE Capped Index
MSCI Australia 100% Hedged to USD Index
MSCI Brazil Small Cap Index
MSCI Canada 100% Hedged to USD Index
MSCI China A Inclusion Index
MSCI China Index
MSCI China Small Cap Index
MSCI China Technology Sub-Industries Select Capped Index
MSCI Denmark Investable Market Index (IMI) 25/50
MSCI EAFE Choice ESG Screened Index
MSCI EAFE Extended ESG Focus Index
MSCI EAFE Minimum Volatility (USD) Index
MSCI EAFE Small Cap 100% Hedged to USD Index
MSCI EAFE® 100% Hedged to USD Index
MSCI EAFE® Growth Index
MSCI EAFE® IMI
MSCI EAFE® Index
MSCI EAFE® Small Cap Index
MSCI EAFE® Value Index
MSCI EM Extended ESG Leaders 5% Issuer Capped Index
MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index
MSCI EMU 100% Hedged to USD Index
MSCI Europe Financials Index
MSCI Europe Investable Market Index (IMI)
MSCI Europe Minimum Volatility (USD) Index
MSCI Europe Small Cap Index
MSCI Finland Investable Market Index (IMI) 25/50
MSCI Germany 100% Hedged to USD Index
MSCI Germany Small Cap Index
MSCI India Index
MSCI India Small Cap Index
MSCI Indonesia IMI 25/50 Index
MSCI Italy 25/50 100% Hedged to USD Index
MSCI Japan 100% Hedged to USD Index
MSCI Japan Equal Weighted Index (USD)
MSCI Japan Minimum Volatility (USD) Index
MSCI Japan Value Index (USD)
MSCI KLD 400 Social Index MSCI Kokusai Index
MSCI Korea 25/50 100% Hedged to USD Index
MSCI New Zealand Investable Market Index (IMI) 25/50
MSCI Norway Investable Market Index (IMI) 25/50
MSCI Pacific Investable Market Index (IMI)
MSCI Philippines IMI 25/50 Index
MSCI Poland Investable Market Index (IMI) 25/50
MSCI Saudi Arabia Investable Market Index (IMI) 25/50
MSCI Spain 25/50 100% Hedged to USD Index
MSCI Switzerland 25/50 100% Hedged to USD Index
MSCI United Kingdom 100% Hedged to USD Index
MSCI United Kingdom Index
MSCI United Kingdom Small Cap Index
MSCI USA Climate Paris Aligned Benchmark Extended Select Index
MSCI USA Choice ESG Screened Index
MSCI USA Enhanced Value Index
MSCI USA Extended ESG Focus Index
MSCI USA Extended ESG Leaders Index
MSCI USA Extended ESG Select Index
MSCI USA Low Size Index
MSCI USA Mid Cap Diversified Multiple-Factor Index
MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index
MSCI USA Minimum Volatility (USD) Index
MSCI USA Momentum SR Variant Index
MSCI USA Sector Neutral Quality Index
MSCI USA Small Cap Diversified Multiple-Factor Index
MSCI USA Small Cap Extended ESG Focus Index
MSCI USA Small Cap Minimum Volatility (USD) Index
MSCI World ex USA Enhanced Value Index
MSCI World ex USA Investable Market Index
MSCI World ex USA Low Size Index
MSCI World ex USA Momentum Index
MSCI World ex USA Sector Neutral Quality Index
MSCI World ex USA Small Cap Diversified Multiple-Factor Index
iShares, Inc.
MSCI ACWI Minimum Volatility (USD) Index
MSCI ACWI Select Agriculture Producers Investable Market Index (IMI)
MSCI ACWI Select Energy Producers Investable Market Index (IMI)
MSCI ACWI Select Gold Miners Investable Market Index (IMI)
MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market Index (IMI)
MSCI ACWI Select Silver Miners Investable Market Index (IMI)
MSCI All Colombia Capped Index
MSCI Australia Index
MSCI Austria Investable Market Index (IMI) 25/50
MSCI Belgium Investable Market Index (IMI) 25/50
MSCI Brazil 25/50 Index
MSCI BRIC Index
MSCI Canada Custom Capped Index
MSCI Chile Investable Market Index (IMI) 25/50
MSCI EM Asia Custom Capped Index
MSCI Emerging Markets 100% Hedged to USD Index
MSCI Emerging Markets Diversified Multiple-Factor Index
MSCI Emerging Markets Extended ESG Focus Index
MSCI Emerging Markets IMI
MSCI Emerging Markets Index
MSCI Emerging Markets Minimum Volatility (USD) Index
MSCI Emerging Markets Small Cap Index
MSCI EMU Index
MSCI France Index
MSCI Frontier and Emerging Markets Select Index
MSCI Germany Index
MSCI Hong Kong 25/50 Index
MSCI Israel Capped Investable Market Index (IMI)
MSCI Italy 25/50 Index
MSCI Japan Index
MSCI Japan Small Cap Index
MSCI Korea 25/50 Index
MSCI Malaysia Index
MSCI Mexico Investable Market Index (IMI) 25/50
MSCI Netherlands IMI 25/50 Index
MSCI Pacific ex Japan Index
MSCI Russia 25/50 Index
MSCI Singapore 25/50 Index
MSCI South Africa 25/50 Index
MSCI Spain 25/50 Index
MSCI Sweden 25/50 Index
MSCI Switzerland 25/50 Index
MSCI Taiwan 25/50 Index
MSCI Thailand Investable Market Index (IMI) 25/50
MSCI Turkey IMI 25/50 Index
MSCI USA Equal Weighted Index
MSCI World Index
Exhibit (i)
June 22, 2022
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; |
iShares Trust
June 22, 2022
Page 2
(c) | Post-Effective Amendment No. 2,553 (the Amendment), to be filed with the U.S. Securities and Exchange Commission (the SEC), 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); |
(d) | The Amended and Restated By-Laws of the Trust, as approved by the Board of Trustees of the Trust (the Board) on April 22, 2005, as further amended and restated by the Amended and Restated By-Laws of the Trust, as approved by 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 such Fund (each, a Share and collectively, the Shares); |
(g) | A certificate of an officer of the Trust, dated as of June 22, 2021, relating to the filing of Post-Effective Amendment 2,473 with the SEC; |
(h) | A certificate of an officer of the Trust with respect to certain matters, dated June 22, 2022; and |
(i) | A Certificate of Good Standing for the Trust, dated June 17, 2022, 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.
- 2 -
iShares Trust
June 22, 2022
Page 3
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.
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 and 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.
- 3 -
iShares Trust
June 22, 2022
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/MMK
- 4 -
iShares Trust
June 22, 2022
Page 5
EXHIBIT A
iShares 0-3 Month Treasury Bond ETF
iShares 10+ Year Investment Grade Corporate Bond ETF
iShares 10-20 Year Treasury Bond ETF
iShares 1-3 Year Treasury Bond ETF
iShares 1-5 Year Investment Grade Corporate Bond ETF
iShares 20+ Year Treasury Bond ETF
iShares 25+ Year Treasury STRIPS 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 Agency Bond ETF
iShares BBB Rated Corporate Bond ETF
iShares Broad USD Investment Grade Corporate Bond ETF
iShares California Muni Bond ETF
iShares Core 10+ Year USD Bond ETF
iShares Core 5-10 Year USD Bond ETF
iShares Core U.S. Aggregate Bond ETF
iShares ESG Advanced Investment Grade Corporate Bond ETF
iShares ESG Advanced Total USD Bond Market ETF
iShares ESG Aware 1-5 Year USD Corporate Bond ETF
iShares ESG Aware U.S. Aggregate Bond ETF
iShares ESG Aware USD Corporate Bond ETF
iShares Government/Credit Bond ETF
iShares High Yield Bond Factor ETF
iShares iBoxx $ High Yield Corporate Bond ETF
iShares iBoxx $ Investment Grade Corporate Bond ETF
iShares Intermediate Government/Credit Bond ETF
iShares Investment Grade Bond Factor ETF
iShares MBS ETF
iShares National Muni Bond ETF
iShares New York Muni Bond ETF
iShares Short Treasury Bond ETF
iShares Short-Term National Muni Bond ETF
iShares USD Bond Factor ETF
- 5 -
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 April 21, 2022, relating to the financial statements and financial highlights, which appear in iShares 0-3 Month Treasury Bond ETF, iShares 1-3 Year Treasury Bond ETF, iShares 1-5 Year Investment Grade Corporate Bond ETF, iShares 10-20 Year Treasury Bond ETF, iShares 10+ Year Investment Grade Corporate Bond ETF, iShares 20+ Year Treasury Bond ETF, iShares 25+ Year Treasury STRIPS 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 Agency Bond ETF, iShares Broad USD Investment Grade Corporate Bond ETF, iShares California Muni Bond ETF, iShares Core 10+ Year USD Bond ETF, iShares Core 5-10 Year USD Bond ETF, iShares Core U.S. Aggregate Bond ETF, iShares ESG Advanced Total USD Bond Market ETF, iShares ESG Aware 1-5 Year USD Corporate Bond ETF, iShares ESG Aware U.S. Aggregate Bond ETF, iShares ESG Aware USD Corporate Bond ETF, iShares Government/Credit Bond ETF, iShares High Yield Bond Factor ETF, iShares iBoxx $ High Yield Corporate Bond ETF, iShares iBoxx $ Investment Grade Corporate Bond ETF, iShares Intermediate Government/Credit Bond ETF, iShares Investment Grade Bond Factor ETF, iShares MBS ETF, iShares National Muni Bond ETF, iShares New York Muni Bond ETF, iShares Short Treasury Bond ETF, iShares Short-Term National Muni Bond ETF, iShares BBB Rated Corporate Bond ETF, iShares USD Bond Factor ETF and iShares ESG Advanced Investment Grade Corporate Bond ETFs Annual Reports on Form N-CSR for the year ended February 28, 2022. 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 |
June 21, 2022 |