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(as revised February 17, 2023) |
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2022 Prospectus |
• | iShares 25+ Year Treasury STRIPS Bond ETF | GOVZ | CBOE BZX |
Ticker: GOVZ | Stock Exchange: Cboe BZX |
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses2 |
Total Annual Fund Operating Expenses |
Fee Waiver | Total Annual Fund Operating Expenses After Fee Waiver | |||||
( |
1 | |
2 | |
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
1 |
One Year | Since Fund Inception | ||
(Inception Date: |
|||
Return Before Taxes | - |
- | |
Return After Taxes on Distributions1 | - |
- | |
Return After Taxes on Distributions and Sale of Fund Shares1 | - |
- | |
ICE BofA Long US Treasury Principal STRIPS Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
2 | |
■ | 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, |
iShares 25+ Year Treasury STRIPS Bond ETF | |||
Year Ended 02/28/22 |
Period From 09/22/20(a) to 02/28/21 | ||
Net asset value, beginning of period | $20.61 | $25.06 | |
Net investment income(b) | 0.45 | 0.17 | |
Net realized and unrealized loss(c) | (0.14) | (4.50) | |
Net increase (decrease) from investment operations | 0.31 | (4.33) | |
Distributions(d) | |||
From net investment income | (0.40) | (0.12) | |
Total distributions | (0.40) | (0.12) | |
Net asset value, end of period | $20.52 | $20.61 | |
Total Return(e) | |||
Based on net asset value | 1.44% | (17.33)%(f) | |
Ratios to Average Net Assets(g) | |||
Total expenses | 0.15% | 0.15%(h) | |
Total expenses after fees waived | 0.04% | 0.07%(h) | |
Net investment income | 2.10% | 1.71%(h) | |
Supplemental Data | |||
Net assets, end of period (000) | $324,196 | $28,853 | |
Portfolio turnover rate(i) | 40% | 36%(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. |
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. |
2020-21 |
2021-22 |
2022-23 |
2023-24 |
2024-25 |
2025-26 | ||||||
Personal Income Tax | $128.9 | $136.4 | $137.5 | $143.8 | $148.9 | $156.2 | |||||
Sales and Use Tax | $29.1 | $32.7 | $34.0 | $35.1 | $36.2 | $37.3 | |||||
Corporation Tax | $22.6 | $46.4 | $38.5 | $42.0 | $45.4 | $38.6 | |||||
Total2 | $180.5 | $215.5 | $209.9 | $220.9 | $230.6 | $232.2 | |||||
Growth | 19.4% | -2.6% | 5.3% | 4.4% | 0.7% |
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 | ||||
Independent Trustees: |
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 ETF2 | 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 ETF3 | 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 ETF4 | 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 ETF5 | 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 ETF6 | 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 ETF7 | 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 ETF8,9 | 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 ETF10 | 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 ETF11 | 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 |
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 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 ETF12,13 | 0.04% | 03/13/07 | 10,387,393 | 10,391,914 | 11,981,461 | |||||
iShares National Muni Bond ETF14 | 0.07% | 09/07/07 | 16,265,453 | 12,577,499 | 9,735,281 | |||||
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 ETF15,16 | 0.15% | 01/05/07 | 21,461,175 | 31,357,144 | 32,575,354 | |||||
iShares USD Bond Factor ETF17 | 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 0.04%. 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 | Effective December 16, 2022, the management fee for the iShares 1-5 Year Investment Grade Corporate Bond ETF is 0.04%. For the fiscal year ended February 28, 2022, the management fee for the iShares 1-5 Year Investment Grade Corporate Bond ETF was 0.06%. |
3 | Effective December 16, 2022, the management fee for the iShares 5-10 Year Investment Grade Corporate Bond ETF is 0.04%. For the fiscal year ended February 28, 2022, the management fee for the iShares 5-10 Year Investment Grade Corporate Bond ETF was 0.06%. |
4 | Effective December 16, 2022, the management fee for the iShares 10+ Year Investment Grade Corporate Bond ETF is 0.04%. For the fiscal year ended February 28, 2022, the management fee for the iShares 10+ Year Investment Grade Corporate Bond ETF was 0.06%. |
5 | Effective February 17, 2023, for the iShares 25+ Year Treasury STRIPS 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 0.10% through February 29, 2024. The contractual waiver may be terminated prior to February 29, 2024 only upon written agreement of the Trust and BFA. Prior to September 30, 2021, 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, 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 0.04% and currently intends to keep such voluntary fee waiver for the Fund in place through February 29, 2024. 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. |
6 | 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%. |
7 | 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. |
8 | 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. |
9 | 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%. |
10 | 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. | |
11 | 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. |
12 | 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%. |
13 | 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. |
14 | 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. |
15 | 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. |
16 | 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. |
17 | 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 | ||
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 |
James Mauro | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
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 | ||
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 |
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 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 |
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 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 |
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 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 | ||||
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 |
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 |
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 |
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 |
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 |
||||
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Rebates (paid to borrowers) |
35 | 0 | 21 | 1 |
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 |
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 |
Rebates (paid to borrowers) |
76 | 213 | 37 | 0 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
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 |
Fund | iShares MBS ETF | iShares National Muni Bond ETF |
iShares New York Muni Bond ETF |
iShares Short-Term National Muni Bond ETF |
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 |
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 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 | |||
Fund | Issuer | Market Value of Investment | ||
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 | |||
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 |
Fund | Issuer | Market Value of Investment | ||
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 | |||
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 |
Fund | Issuer | Market Value of Investment | ||
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 | |||
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% |
Fund | Fiscal Year Ended February 28, 2022 |
Fiscal Year Ended February 28, 2021 | ||
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% | ||
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 | Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.) | ||
iShares 0-3 Month Treasury Bond ETF | 50,000 | $5,001,805.70 | ||
iShares 1-3 Year Treasury Bond ETF | 100,000 | 8,334,507.10 | ||
iShares 1-5 Year Investment Grade Corporate Bond ETF | 50,000 | 2,582,779.20 | ||
iShares 3-7 Year Treasury Bond ETF | 100,000 | 12,204,220.20 | ||
iShares 5-10 Year Investment Grade Corporate Bond ETF | 50,000 | 2,742,556.30 | ||
iShares 7-10 Year Treasury Bond ETF | 100,000 | 10,737,755.20 | ||
iShares 10+ Year Investment Grade Corporate Bond ETF | 100,000 | 6,143,832.50 | ||
iShares 10-20 Year Treasury Bond ETF | 100,000 | 13,459,599.30 | ||
iShares 20+ Year Treasury Bond ETF | 100,000 | 13,210,554.20 | ||
iShares 25+ Year Treasury STRIPS Bond ETF | 50,000 | 959,184.10 | ||
iShares Agency Bond ETF | 50,000 | 5,612,280.75 | ||
iShares BBB Rated Corporate Bond ETF | 50,000 | 4,671,205.50 | ||
iShares Broad USD Investment Grade Corporate Bond ETF | 50,000 | 2,752,818.90 | ||
iShares California Muni Bond ETF | 50,000 | 2,910,500.90 | ||
iShares Core 5-10 Year USD Bond ETF | 100,000 | 4,732,287.50 | ||
iShares Core 10+ Year USD Bond ETF | 50,000 | 3,201,642.20 | ||
iShares Core U.S. Aggregate Bond ETF | 100,000 | 10,713,825.10 | ||
iShares ESG Advanced Investment Grade Corporate Bond ETF | 50,000 | 4,515,683.40 | ||
iShares ESG Advanced Total USD Bond Market ETF | 100,000 | 4,630,980.80 | ||
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | 50,000 | 1,231,162.60 | ||
iShares ESG Aware U.S. Aggregate Bond ETF | 100,000 | 5,158,253.90 | ||
iShares ESG Aware USD Corporate Bond ETF | 50,000 | 1,257,377.70 | ||
iShares Government/Credit Bond ETF | 50,000 | 5,683,589.40 | ||
iShares High Yield Bond Factor ETF | 50,000 | 2,435,341.85 | ||
iShares iBoxx $ High Yield Corporate Bond ETF | 100,000 | 8,236,169.90 | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 100,000 | 12,110,533.80 | ||
iShares Intermediate Government/Credit Bond ETF | 50,000 | 5,425,454.80 | ||
iShares Investment Grade Bond Factor ETF | 50,000 | 2,424,944.80 | ||
iShares MBS ETF | 100,000 | 10,192,137.70 | ||
iShares National Muni Bond ETF | 100,000 | 10,933,264.90 | ||
iShares New York Muni Bond ETF | 50,000 | 2,719,795.05 | ||
iShares Short-Term National Muni Bond ETF | 50,000 | 5,214,026.60 | ||
iShares Short Treasury Bond ETF | 10,000 | 1,102,234.43 | ||
iShares USD Bond Factor ETF | 50,000 | 4,650,314.50 |
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% | ||
iShares 10+ Year Investment Grade Corporate Bond ETF | $300 | 3.0% | ||
iShares 10-20 Year Treasury Bond ETF | $500 | 3.0% | ||
iShares 20+ Year Treasury Bond ETF | N/A | 3.0% | ||
iShares 25+ Year Treasury STRIPS Bond ETF | $150 | 3.0% | ||
iShares Agency Bond ETF | $100 | 3.0% | ||
iShares BBB Rated Corporate Bond ETF | $1,100 | 3.0% | ||
iShares Broad USD Investment Grade Corporate Bond ETF | $500 | 3.0% | ||
iShares California Muni Bond ETF | $250 | 3.0% | ||
iShares Core 5-10 Year USD Bond ETF | $275 | 3.0% | ||
iShares Core 10+ Year USD Bond ETF | $300 | 3.0% | ||
iShares Core U.S. Aggregate Bond ETF | $500 | 3.0% | ||
iShares ESG Advanced Investment Grade Corporate Bond ETF | $900 | 3.0% | ||
iShares ESG Advanced Total USD Bond Market ETF | $775 | 3.0% | ||
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | $150 | 3.0% | ||
iShares ESG Aware U.S. Aggregate Bond ETF | $1,275 | 3.0% | ||
iShares ESG Aware USD Corporate Bond ETF | $150 | 3.0% | ||
iShares Government/Credit Bond ETF | $500 | 3.0% | ||
iShares High Yield Bond Factor ETF | $550 | 3.0% | ||
iShares iBoxx $ High Yield Corporate Bond ETF | $500 | 3.0% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | $500 | 3.0% | ||
iShares Intermediate Government/Credit Bond ETF | $500 | 3.0% | ||
iShares Investment Grade Bond Factor ETF | $875 | 3.0% | ||
iShares MBS ETF | $300 | 3.0% | ||
iShares National Muni Bond ETF | $400 | 3.0% | ||
iShares New York Muni Bond ETF | $250 | 3.0% | ||
iShares Short-Term National Muni Bond ETF | $100 | 3.0% | ||
iShares Short Treasury Bond ETF | $250 | 3.0% | ||
iShares USD Bond Factor ETF | $1,455 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Fund | Standard Redemption Transaction Fee |
Maximum Additional Charge* | ||
iShares 0-3 Month Treasury Bond ETF | $125 | 2.0% | ||
iShares 1-3 Year Treasury Bond ETF | N/A | 2.0% | ||
iShares 1-5 Year Investment Grade Corporate Bond ETF | $500 | 2.0% | ||
iShares 3-7 Year Treasury Bond ETF | $500 | 2.0% | ||
iShares 5-10 Year Investment Grade Corporate Bond ETF | $500 | 2.0% | ||
iShares 7-10 Year Treasury Bond ETF | N/A | 2.0% | ||
iShares 10+ Year Investment Grade Corporate Bond ETF | $300 | 2.0% | ||
iShares 10-20 Year Treasury Bond ETF | $500 | 2.0% | ||
iShares 20+ Year Treasury Bond ETF | N/A | 2.0% | ||
iShares 25+ Year Treasury STRIPS Bond ETF | $150 | 2.0% | ||
iShares Agency Bond ETF | $100 | 2.0% | ||
iShares BBB Rated Corporate Bond ETF | $1,100 | 2.0% | ||
iShares Broad USD Investment Grade Corporate Bond ETF | $500 | 2.0% | ||
iShares California Muni Bond ETF | $250 | 2.0% | ||
iShares Core 5-10 Year USD Bond ETF | $275 | 2.0% | ||
iShares Core 10+ Year USD Bond ETF | $300 | 2.0% | ||
iShares Core U.S. Aggregate Bond ETF | $500 | 2.0% | ||
iShares ESG Advanced Investment Grade Corporate Bond ETF | $900 | 2.0% | ||
iShares ESG Advanced Total USD Bond Market ETF | $775 | 2.0% | ||
iShares ESG Aware 1-5 Year USD Corporate Bond ETF | $150 | 2.0% | ||
iShares ESG Aware U.S. Aggregate Bond ETF | $1,275 | 2.0% | ||
iShares ESG Aware USD Corporate Bond ETF | $150 | 2.0% | ||
iShares Government/Credit Bond ETF | $500 | 2.0% | ||
iShares High Yield Bond Factor ETF | $550 | 2.0% | ||
iShares iBoxx $ High Yield Corporate Bond ETF | $500 | 2.0% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | $500 | 2.0% | ||
iShares Intermediate Government/Credit Bond ETF | $500 | 2.0% | ||
iShares Investment Grade Bond Factor ETF | $875 | 2.0% | ||
iShares MBS ETF | $300 | 2.0% | ||
iShares National Muni Bond ETF | $400 | 2.0% | ||
iShares New York Muni Bond ETF | $250 | 2.0% | ||
iShares Short-Term National Muni Bond ETF | $100 | 2.0% | ||
iShares Short Treasury Bond ETF | $250 | 2.0% | ||
iShares USD Bond Factor ETF | $1,455 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
Fund | Non-Expiring Capital Loss Carryforward | |
iShares 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 |